# EDGAR Filing Document

**Accession Number:** 0000904333
**File Stem:** 0001193125-26-000822
**Filing Date:** 2026-1
**Character Count:** 2226791
**Document Hash:** b22b3c1b4eab6aa6195e9495a0c5fc08
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-000822.hdr.sgml**: 20260102

**ACCESSION NUMBER**: 0001193125-26-000822

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 173

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260102

**DATE AS OF CHANGE**: 20260102

**EFFECTIVENESS DATE**: 20260102

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SCHWAB CAPITAL TRUST
- **CENTRAL INDEX KEY:** 0000904333

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031
- **LEGAL ENTITY IDENTIFIER:** 549300PEK1H7N1HLC797

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07704
- **FILM NUMBER:** 26502021

**BUSINESS ADDRESS:**
- **STREET 1:** 9800 SCHWAB WAY
- **CITY:** LONE TREE
- **STATE:** CO
- **ZIP:** 80124
- **BUSINESS PHONE:** 800-648-5300

**MAIL ADDRESS:**
- **STREET 1:** 9800 SCHWAB WAY
- **CITY:** LONE TREE
- **STATE:** CO
- **ZIP:** 80124

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Schwab Fundamental U.S. Large Company Index Fund (Series ID: S000016766)

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

### Schwab Fundamental U.S. Small Company Index Fund (Series ID: S000016767)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

------

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07704

------

Schwab Capital Trust

(Exact name of registrant as specified in charter)

------

9800 Schwab Way, Lone Tree, Colorado 80124

(Address of principal executive offices) (Zip code)

------

**Omar Aguilar**

**Schwab Capital Trust**

**9800 Schwab Way, Lone Tree, Colorado 80124**

(Name and address of agent for service)

------

Registrant's telephone number, including area code: (800) 648-5300

Date of fiscal year end: October 31

Date of reporting period: October 31, 2025

------

Item 1: Report(s) to Shareholders.

------

![](g77953g2img9aeac94b1.jpg)

Annual Report \| October 31, 2025

Schwab International Opportunities Fund

Ticker Symbol: SWMIX

------

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

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com. If you purchase

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

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

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

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab International Opportunities Fund | $94 | &nbsp;&nbsp;0.84% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month period ended October 31, 2025, the fund returned 23.82%. The MSCI EAFE<sup>®</sup>

Index (Net)<sup>1</sup>

returned 23.03%. Over

the 12-month reporting period, all four of the fund's active subadvisers posted positive returns.

Columbia Management Investment Advisers, LLC (Columbia)

outperformed its comparative index. As of October 31, 2025,

Columbia managed 27.6% of the fund's net assets.

■

Contributed to total return:

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

● Japanese securities, including Mitsubishi UFJ Financial

Group, Inc.

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

● Securities from the Netherlands

■

Detracted from total return:

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

● Danish securities, including Class B holdings of Novo

Nordisk AS

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

● Securities from Kazakhstan

■

From an individual security perspective:

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

● Class A holdings of Societe Generale SA were the largest

contributor to total return (Columbia's position was sold

prior to the end of the reporting period)

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

● Class B holdings of Novo Nordisk AS were the largest

detractor from total return

American Century Investment Management, Inc. (American

Century) outperformed its comparative index. As of October 31,

2025, American Century managed 19.5% of the fund's net

assets.

■

Contributed to total return:

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

● Japanese securities, including Ryohin Keikaku Co. Ltd.

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

● Canadian securities

■

Detracted from total return:

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

● Indian securities, including KEI Industries Ltd. (American

Century's position was sold prior to the end of the reporting

period)

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

● Swedish securities

■

From an individual security perspective:

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

● Lundin Gold, Inc. was the largest contributor to total return

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

● NEXTDC Ltd. was the largest detractor from total return

Baillie Gifford Overseas Limited (Baillie Gifford) outperformed its

comparative index. As of October 31, 2025, Baillie Gifford

managed 10.6% of the fund's net assets.

■

Contributed to total return:

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

● Swedish securities, including Spotify Technology SA

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

● Securities from the United States

■

Detracted from total return:

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

● German securities, including Delivery Hero SE

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

● Chinese securities

■

From an individual security perspective:

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

● Spotify Technology SA was the largest contributor to total

return

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

● Class B holdings of Meituan were the largest detractor from

total return

Schwab International Opportunities Fund \| Annual Report

REG125980-01 00319703

------

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

(continued)

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

Harris Associates L.P. (Harris) underperformed its comparative

index. As of October 31, 2025, Harris managed 8.7% of the

fund's net assets.

■

Detracted from total return:

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

● Indonesian securities, including Bank Mandiri Persero Tbk.

PT

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

● Danish securities

■

Contributed to total return:

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

● German securities, including Continental AG

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

● French securities

■

From an individual security perspective:

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

● WPP PLC was the largest detractor from total return

(Harris' position was sold prior to the end of the reporting

period)

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

● Continental AG was the largest contributor to total return

Schwab Asset Management seeks to track the performance of

the FTSE Developed ex US Quality Factor Index. The fund's

allocation to Schwab Asset Management performed in line with

this objective, generally tracking its comparative index. As of

October 31, 2025, Schwab Asset Management managed 33.6%

of the fund's net assets.

■

Contributed to total return:

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

● Securities from the United Kingdom, including Rolls-Royce

Holdings PLC

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

● Securities from the Republic of Korea

■

Detracted from total return:

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

● Danish securities, including Class B holdings of Novo

Nordisk AS

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

● Italian securities

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

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

Portfolio holdings may have changed since the report date.

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

2Schwab International Opportunities Fund \| Annual Report

------

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

1,2,3,4

![](g77953g2lg_2m6c.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab International Opportunities Fund (04/02/2004)<br>1,2,3<br>| 23.82% | &nbsp;&nbsp;&nbsp;&nbsp;6.87% | &nbsp;&nbsp;&nbsp;&nbsp;6.69% |
| <br>MSCI EAFE<br>®<br> Index (Net)<br>4<br>| 23.03% | &nbsp;&nbsp;&nbsp;&nbsp;12.33% | &nbsp;&nbsp;&nbsp;&nbsp;7.48% |

---

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

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

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

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

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

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

The fund commenced operations on October 16, 1996 which became the Schwab International Opportunities Fund Investor Shares. The Investor Shares were consolidated

into Select Shares on February 26, 2019. The performance presented is that of the former Select Shares which commenced operations on April 2, 2004.

The fund's performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations.

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

Schwab International Opportunities Fund \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $1173 |
| Number of Holdings<br>(excludes derivatives)<br>| 1024 |
| Portfolio Turnover Rate | 69% |
| Advisory Fees Paid by the Fund | $6848933 |
| Weighted Average Market Cap (millions) | $151283 |
| Price/Earnings Ratio (P/E) | 21.4 |
| Price/Book Ratio (P/B) | 3.2 |
| Foreign Tax Paid and Passed Through | $2639734 |
| Gross Income From Foreign Sources | $29247426 |
| Qualified Dividend Income | $20037277 |

---

Sector Weightings % of Investments

![](g77953g2img261912cd2.jpg)

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

Top Equity Holdings % of Net Assets

![](g77953g2img076178c03.jpg)

Top Country Weightings % of Investments

![](g77953g2img682973034.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

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

4Schwab International Opportunities Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab International Opportunities Fund \| Annual Report

------

![](g77953g3img27e7875c1.jpg)

Annual Report \| October 31, 2025

Schwab Core Equity Fund

Ticker Symbol: SWANX

------

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

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

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Core Equity Fund | $79 | &nbsp;&nbsp;0.73% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 16.89%. The S&P 500<sup>®</sup>

Index returned 21.45%.

Top detractors from total return:

■

Health care sector securities, including UnitedHealth Group, Inc.

■

Financials sector securities

Top contributors to total return:

■

Information technology sector securities, including NVIDIA Corp.

■

Communication services sector securities

From an individual security perspective:

■

Fidelity National Information Services, Inc. was the largest detractor from total return

■

NVIDIA Corp. was the largest contributor to total return

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

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

Portfolio holdings may have changed since the report date.

Schwab Core Equity Fund \| Annual Report

REG125967-01 00319723

------

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

![](g77953g3lg_2m33.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Core Equity Fund (07/01/1996)<br>1<br>| 16.89% | &nbsp;&nbsp;&nbsp;&nbsp;15.73% | &nbsp;&nbsp;&nbsp;&nbsp;12.10% |
| <br>S&P 500<br>®<br> Index<br>| 21.45% | &nbsp;&nbsp;&nbsp;&nbsp;17.64% | &nbsp;&nbsp;&nbsp;&nbsp;14.64% |

---

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

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

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

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

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

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

2Schwab Core Equity Fund \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $1549 |
| Number of Holdings | 54 |
| Portfolio Turnover Rate | 20% |
| Advisory Fees Paid by the Fund | $6903533 |
| Weighted Average Market Cap (millions) | $1762005 |
| Price/Earnings Ratio (P/E) | 31.1 |
| Price/Book Ratio (P/B) | 6.3 |
| Dividends Received Deduction | 100.00% |
| Qualified Dividend Income | $14423421 |
| Long Term Capital Gain Distribution | $101266284 |

---

Sector Weightings % of Investments

![](g77953g3imgab40a58e2.jpg)

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

Top Equity Holdings % of Net Assets

![](g77953g3imgb12ed5803.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

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

Schwab Core Equity Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Core Equity Fund \| Annual Report

------

![](g77953g4img9a0124641.jpg)

Annual Report \| October 31, 2025

Schwab Dividend Equity Fund

Ticker Symbol: SWDSX

------

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

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Dividend Equity Fund | $94 | &nbsp;&nbsp;0.89% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 10.73%. The S&P 500<sup>®</sup>

Index, which serves as the

fund's regulatory index and provides a broad measure of market performance, returned 21.45%. The Russell 1000<sup>®</sup>

Value Index,

which returned 11.15%, is the fund's additional index, and is more representative of the fund's investment universe than the

regulatory index.

■

Lower yielding dividend stocks drove returns of the fund and the Russell 1000<sup>®</sup>

Value Index with performance driven by

advancements in artificial intelligence (AI) within the information technology and communications services sectors

■

As of October 31, 2025, the fund's dividend yield was 2.36%, higher than the 1.92% dividend yield of the index. As of October 31,

2025, the fund's 30-Day SEC yield was 1.62%.

■

Top detractors from total return:

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

● Health care sector securities, including UnitedHealth Group, Inc. (which was sold prior to the end of the reporting period)

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

● Real estate sector securities

■

Top contributors to total return:

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

● Information technology sector securities, including Broadcom, Inc.

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

● Financials sector securities

■

From an individual security perspective:

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

● UnitedHealth Group, Inc. was the largest detractor from total return

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

● Broadcom, Inc. was the largest contributor to total return

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

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

Portfolio holdings may have changed since the report date.

Schwab Dividend Equity Fund \| Annual Report

REG125970-01 00319722

------

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

1,2

![](g77953g4lg_2m34.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Dividend Equity Fund (09/02/2003)<br>1,2<br>| 10.73% | &nbsp;&nbsp;&nbsp;&nbsp;14.34% | &nbsp;&nbsp;&nbsp;&nbsp;8.33% |
| <br>S&P 500<br>®<br> Index<br>3<br>| 21.45% | &nbsp;&nbsp;&nbsp;&nbsp;17.64% | &nbsp;&nbsp;&nbsp;&nbsp;14.64% |
| <br>Russell 1000<br>®<br> Value Index<br>| 11.15% | &nbsp;&nbsp;&nbsp;&nbsp;14.28% | &nbsp;&nbsp;&nbsp;&nbsp;9.97% |

---

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

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

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

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

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

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

The fund's performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations.

The S&P 500®

Index serves as the fund's regulatory index and provides a broad measure of market performance. The Russell 1000®

Value Index is the fund's additional

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

2Schwab Dividend Equity Fund \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $583 |
| Number of Holdings | 63 |
| Portfolio Turnover Rate | 8% |
| Advisory Fees Paid by the Fund | $3413302 |
| Weighted Average Market Cap (millions) | $552481 |
| Price/Earnings Ratio (P/E) | 20.8 |
| Price/Book Ratio (P/B) | 3.4 |
| 30-Day SEC Yield | 1.62% |
| Dividends Received Deduction | 100.00% |
| Qualified Dividend Income | $9694895 |
| Long Term Capital Gain Distribution | $3811691 |

---

Sector Weightings % of Investments

![](g77953g4imgfff9053b2.jpg)

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

Top Equity Holdings % of Net Assets

![](g77953g4img6dfd75333.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Schwab Dividend Equity Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Dividend Equity Fund \| Annual Report

------

![](g77953g5imga87f268a1.jpg)

Annual Report \| October 31, 2025

Schwab Large-Cap Growth Fund

Ticker Symbol: SWLSX

------

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

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Large-Cap Growth Fund\* | $114 | &nbsp;&nbsp;0.99% |

---

\*

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

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 29.65%. The S&P 500<sup>®</sup>

Index, which serves as the

fund's regulatory index and provides a broad measure of market performance, returned 21.45%. The Russell 1000<sup>®</sup>

Growth Index,

which returned 30.52%, is the fund's additional index, and is more representative of the fund's investment universe than the

regulatory index.

■

Large-cap growth stocks outperformed the broader market primarily driven by advancements in artificial intelligence (AI) within the

information technology sector and strong sales and earnings growth of mega-capitalization companies

■

Top detractors from total return:

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

● Health care sector securities, including Thermo Fisher Scientific, Inc. (which was sold prior to the end of the reporting period)

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

● Energy sector securities

■

Top contributors to total return:

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

● Information technology sector securities, including NVIDIA Corp.

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

● Communication services sector securities

■

From an individual security perspective:

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

● Class A holdings of Accenture PLC were the largest detractor from total return

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

● NVIDIA Corp. was the largest contributor to total return

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

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

Portfolio holdings may have changed since the report date.

Schwab Large-Cap Growth Fund \| Annual Report

REG125981-01 00319702

------

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

![](g77953g5lg_2m39.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Large-Cap Growth Fund (10/03/2005)<br>1<br>| 29.65% | &nbsp;&nbsp;&nbsp;&nbsp;18.74% | &nbsp;&nbsp;&nbsp;&nbsp;15.79% |
| <br>S&P 500<br>®<br> Index<br>2<br>| 21.45% | &nbsp;&nbsp;&nbsp;&nbsp;17.64% | &nbsp;&nbsp;&nbsp;&nbsp;14.64% |
| <br>Russell 1000<br>®<br> Growth Index<br>| 30.52% | &nbsp;&nbsp;&nbsp;&nbsp;19.24% | &nbsp;&nbsp;&nbsp;&nbsp;18.28% |

---

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

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

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

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

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

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

The S&P 500®

Index serves as the fund's regulatory index and provides a broad measure of market performance. The Russell 1000®

Growth Index is the fund's additional

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

2Schwab Large-Cap Growth Fund \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $617 |
| Number of Holdings | 58 |
| Portfolio Turnover Rate | 22% |
| Advisory Fees Paid by the Fund | $3685561 |
| Weighted Average Market Cap (millions) | $1887334 |
| Price/Earnings Ratio (P/E) | 42.9 |
| Price/Book Ratio (P/B) | 13.4 |
| Long Term Capital Gain Distribution | $562663 |

---

Sector Weightings % of Investments

![](g77953g5img4c13e2cd2.jpg)

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

Top Equity Holdings % of Net Assets

![](g77953g5img6e7ee7a93.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Schwab Large-Cap Growth Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Large-Cap Growth Fund \| Annual Report

------

![](g77953g6img2ff0baad1.jpg)

Annual Report \| October 31, 2025

Schwab Small-Cap Equity Fund

Ticker Symbol: SWSCX

------

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

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Small-Cap Equity Fund | $116 | &nbsp;&nbsp;1.09% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 12.59%. The S&P 500<sup>®</sup>

Index, which serves as the

fund's regulatory index and provides a broad measure of market performance, returned 21.45%. The Russell 2000<sup>®</sup>

Index, which

returned 14.41%, is the fund's additional index, and is more representative of the fund's investment universe than the regulatory

index.

■

Small-cap stocks underperformed the broader market primarily driven by advancements in artificial intelligence (AI) within the

information technology sector and strong sales and earnings growth of mega-capitalization companies

■

Top detractors from total return:

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

● Real estate sector securities, including Innovative Industrial Properties, Inc. (which was sold prior to the end of the reporting

period)

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

● Communication services sector securities

■

Top contributors to total return:

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

● Industrials sector securities, including Class A holdings of Bloom Energy Corp.

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

● Health care sector securities

■

From an individual security perspective:

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

● Vaxcyte, Inc. was the largest detractor from total return (which was sold prior to the end of the reporting period)

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

● Class A holdings of Bloom Energy Corp. were the largest contributor to total return

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

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

Portfolio holdings may have changed since the report date.

Schwab Small-Cap Equity Fund \| Annual Report

REG125988-01 00319696

------

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

![](g77953g6lg_2m35.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Small-Cap Equity Fund (07/01/2003)<br>1<br>| 12.59% | &nbsp;&nbsp;&nbsp;&nbsp;15.31% | &nbsp;&nbsp;&nbsp;&nbsp;9.07% |
| <br>S&P 500<br>®<br> Index<br>2<br>| 21.45% | &nbsp;&nbsp;&nbsp;&nbsp;17.64% | &nbsp;&nbsp;&nbsp;&nbsp;14.64% |
| Russell 2000<sup>®</sup> Index | 14.41% | &nbsp;&nbsp;&nbsp;&nbsp;11.50% | &nbsp;&nbsp;&nbsp;&nbsp;9.36% |

---

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

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

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

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

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

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

The S&P 500®

Index serves as the fund's regulatory index and provides a broad measure of market performance. The Russell 2000®

Index is the fund's additional index and

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

2Schwab Small-Cap Equity Fund \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $646 |
| Number of Holdings<br>(excludes derivatives)<br>| 340 |
| Portfolio Turnover Rate | 108% |
| Advisory Fees Paid by the Fund | $4957681 |
| Weighted Average Market Cap (millions) | $4952 |
| Price/Earnings Ratio (P/E) | 16.7 |
| Price/Book Ratio (P/B) | 2.1 |
| Dividends Received Deduction | 44.12% |
| Qualified Dividend Income | $5902952 |
| Long Term Capital Gain Distribution | $63985427 |
| Qualified Business Income (199A) | $798017 |

---

Sector Weightings % of Investments

![](g77953g6imgb40bdf922.jpg)

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

Top Equity Holdings % of Net Assets

![](g77953g6img5088b7723.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

Less than 0.05%.

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

Schwab Small-Cap Equity Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Small-Cap Equity Fund \| Annual Report

------

![](g77953g7img9c6aa3971.jpg)

Annual Report \| October 31, 2025

Schwab Health Care Fund

Ticker Symbol: SWHFX

------

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

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Health Care Fund | $80 | &nbsp;&nbsp;0.80% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 0.20%. The S&P 500<sup>®</sup>

Index, which serves as the

fund's regulatory index and provides a broad measure of market performance, returned 21.45%. The Dow Jones Global Health Care

Index, which returned 0.93%, is the fund's additional index, and is more representative of the fund's investment universe than the

regulatory index.

■

Health care stocks underperformed the broader market as the health care sector is typically more defensive and has lower volatility

than the broader market and tends to underperform in periods of strong growth

■

Top detractors from total return:

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

● Managed health care sub-industry securities, including UnitedHealth Group, Inc.

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

● Health care services sub-industry securities

■

Top contributors to total return:

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

● Health care distributors sub-industry securities, including McKesson Corp.

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

● Biotechnology sub-industry securities

■

From an individual security perspective:

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

● UnitedHealth Group, Inc. was the largest detractor from total return

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

● Johnson & Johnson was the largest contributor to total return

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

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

Portfolio holdings may have changed since the report date.

Schwab Health Care Fund \| Annual Report

REG125977-01 00319715

------

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

1,2

![](g77953g7lg_2m42.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Health Care Fund (07/03/2000)<sup>1,2</sup> <br>| 0.20% | &nbsp;&nbsp;&nbsp;&nbsp;7.19% | &nbsp;&nbsp;&nbsp;&nbsp;7.47% |
| <br>S&P 500<br>®<br> Index<br>3<br>| 21.45% | &nbsp;&nbsp;&nbsp;&nbsp;17.64% | &nbsp;&nbsp;&nbsp;&nbsp;14.64% |
| Dow Jones Global Health Care Index | 0.93% | &nbsp;&nbsp;&nbsp;&nbsp;6.34% | &nbsp;&nbsp;&nbsp;&nbsp;7.47% |

---

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

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

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

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

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

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

The fund's performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations.

The S&P 500®

Index serves as the fund's regulatory index and provides a broad measure of market performance. The Dow Jones Global Health Care Index is the fund's

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

2Schwab Health Care Fund \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $640 |
| Number of Holdings | 83 |
| Portfolio Turnover Rate | 41% |
| Advisory Fees Paid by the Fund | $3649317 |
| Weighted Average Market Cap (millions) | $239029 |
| Price/Earnings Ratio (P/E) | 24.3 |
| Price/Book Ratio (P/B) | 4.4 |
| Dividends Received Deduction | 100.00% |
| Qualified Dividend Income | $5048204 |
| Long Term Capital Gain Distribution | $57382957 |

---

Industry Weightings % of Investments

![](g77953g7img4d4c34b42.jpg)

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

Top Equity Holdings % of Net Assets

![](g77953g7img6b3ae3ed3.jpg)

Top Country Weightings % of Investments

![](g77953g7imgd8f1bffb4.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Schwab Health Care Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Health Care Fund \| Annual Report

------

![](g77953g8img62bebfaf1.jpg)

Annual Report \| October 31, 2025

Schwab International Core Equity Fund

Ticker Symbol: SICNX

------

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

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

.

You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

.

If you purchase

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

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

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

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab International Core Equity Fund\* | $98 | &nbsp;&nbsp;0.86% |

---

\*

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

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 28.77%. The MSCI EAFE<sup>®</sup>

Index (Net)<sup>1</sup>

which

returned 23.03%.

Top contributors to total return:

■

Securities from the United Kingdom, including HSBC Holdings PLC

■

Japanese securities

Top detractors from total return:

■

Danish securities, including Class B holdings of Novo Nordisk AS

■

Belgian securities

From an individual security perspective:

■

Heidelberg Materials AG was the largest contributor to total return

■

Class B holdings of Novo Nordisk AS were the largest detractor from total return

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

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

Portfolio holdings may have changed since the report date.

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

Schwab International Core Equity Fund \| Annual Report

REG125978-01 00319714

------

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

1,2,3

![](g77953g8lg_2mc9.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab International Core Equity Fund (05/30/2008)<br>1,2<br>| 28.77% | &nbsp;&nbsp;&nbsp;&nbsp;13.52% | &nbsp;&nbsp;&nbsp;&nbsp;7.40% |
| <br>MSCI EAFE<br>®<br> Index (Net)<br>3<br>| 23.03% | &nbsp;&nbsp;&nbsp;&nbsp;12.33% | &nbsp;&nbsp;&nbsp;&nbsp;7.48% |

---

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

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

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

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

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

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

The fund's performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations.

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

2Schwab International Core Equity Fund \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $831 |
| Number of Holdings | 146 |
| Portfolio Turnover Rate | 76% |
| Advisory Fees Paid by the Fund | $4081658 |
| Weighted Average Market Cap (millions) | $125533 |
| Price/Earnings Ratio (P/E) | 13.9 |
| Price/Book Ratio (P/B) | 2.2 |
| Foreign Tax Paid and Passed Through | $1601232 |
| Gross Income From Foreign Sources | $24947891 |
| Qualified Dividend Income | $16664601 |

---

Sector Weightings % of Investments

![](g77953g8imgf364da1b2.jpg)

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

Top Equity Holdings % of Net Assets

![](g77953g8img70d98c2d3.jpg)

Top Country Weightings % of Investments

![](g77953g8img38867a834.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Schwab International Core Equity Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab International Core Equity Fund \| Annual Report

------

![](g77953g9imgbe51ce481.jpg)

Annual Report \| October 31, 2025

Schwab S&P 500 Index Fund

Ticker Symbol: SWPPX

------

This annual shareholder report contains important information about the fund for the period of November 1, 2024, to October 31, 2025.

You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

This report describes changes to the fund that occurred during the reporting period.

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

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab S&P 500 Index Fund | $2 | &nbsp;&nbsp;0.02% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 21.43%. The S&P 500<sup>®</sup>

Index returned 21.45%

during the same period. Differences between the return of the fund and the return of the S&P 500<sup>®</sup>

Index may be attributable to,

among other things, the operational and transactional costs incurred by the fund and not the index.

Top detractors from total return:

■

Health care sector securities, including UnitedHealth Group, Inc.

■

Materials sector securities

Top contributors to total return:

■

Information technology sector securities, including NVIDIA Corp.

■

Communication services sector securities

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

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

Portfolio holdings may have changed since the report date.

Schwab S&P 500 Index Fund \| Annual Report

REG125987-01 00319697

------

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

![](g77953g9lg_2m32.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab S&P 500 Index Fund (05/19/1997)<br>1<br>| 21.43% | &nbsp;&nbsp;&nbsp;&nbsp;17.61% | &nbsp;&nbsp;&nbsp;&nbsp;14.59% |
| <br>S&P 500<br>®<br> Index<br>| 21.45% | &nbsp;&nbsp;&nbsp;&nbsp;17.64% | &nbsp;&nbsp;&nbsp;&nbsp;14.64% |

---

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

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

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

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

Index ownership – "Standard & Poor's®

," "S&P®

," and "S&P 500®

" are registered trademarks of Standard & Poor's Financial Services LLC (S&P), and "Dow Jones®

" is a

registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones) and have been licensed for use by S&P Dow Jones Indices LLC and its affiliates and sublicensed for

certain purposes by Charles Schwab Investment Management, Inc. The "S&P 500®

Index" is a product of S&P Dow Jones Indices LLC or its affiliates, and has been licensed for

use by Charles Schwab Investment Management, Inc. The Schwab S&P 500 Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow

Jones, S&P, or their respective affiliates, and neither S&P Dow Jones Indices LLC, Dow Jones, S&P, nor their respective affiliates make any representation regarding the

advisability of investing in the fund.

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

2Schwab S&P 500 Index Fund \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $130454 |
| Number of Holdings<br>(excludes derivatives)<br>| 502 |
| Portfolio Turnover Rate | 3% |
| Advisory Fees Paid by the Fund | $22994531 |
| Weighted Average Market Cap (millions) | $1497042 |
| Price/Earnings Ratio (P/E) | 28.5 |
| Price/Book Ratio (P/B) | 5.2 |
| Dividends Received Deduction | 92.25% |
| Qualified Dividend Income | $1270950224 |
| Qualified Business Income (199A) | $51137635 |

---

Sector Weightings % of Investments

![](g77953g9img0047f5662.jpg)

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

Top Equity Holdings % of Net Assets

![](g77953g9imgf553720f3.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

Less than 0.05%.

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

Schwab S&P 500 Index Fund \| Annual Report

------

FUND CHANGES

This is a summary of certain changes to the fund since November 1, 2024. For more complete information, you may review the

fund's prospectus at

www.schwabassetmanagement.com/prospectus

or upon request by calling

1-866-414-6349

or by sending

an email request to

orders@mysummaryprospectus.com

.

■

On June 5, 2025, the Board of Trustees authorized a 6-for-1 share split for the fund, which applied to shareholders of record as of

the close of U.S. markets on August 14, 2025. Certain of the fund's financial statements were retroactively adjusted for the period

ended October 31, 2025, and all prior periods, to reflect the share split.

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

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the SEC's

website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab S&P 500 Index Fund \| Annual Report

------

![](g77953g10img5453bebe1.jpg)

Annual Report \| October 31, 2025

Schwab Small-Cap Index Fund

Ticker Symbol: SWSSX

------

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

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com. If you purchase

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

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

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

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Small-Cap Index Fund | $4 | &nbsp;&nbsp;0.04% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 14.50%. The S&P 500<sup>®</sup>

Index, which serves as the

fund's regulatory index and provides a broad measure of market performance, returned 21.45%. The fund generally invests in

securities that are included in the Russell 2000<sup>®</sup>

Index, which returned 14.41% during the same period. The fund does not seek to

track the regulatory index.

Top contributors to total return:

■

Industrials sector securities, including Class A holdings of Bloom Energy Corp.

■

Information technology sector securities

Top detractors from total return:

■

Real estate sector securities, including Innovative Industrial Properties, Inc.

■

While there were no additional sectors that detracted from the total return of the fund, consumer staples sector securities were

the smallest contributors to total return

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

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

Portfolio holdings may have changed since the report date.

Schwab Small-Cap Index Fund \| Annual Report

REG125989-01 00319695

------

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

![](g77953g10lg_2m27.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Small-Cap Index Fund (05/19/1997)<br>1<br>| 14.50% | &nbsp;&nbsp;&nbsp;&nbsp;11.55% | &nbsp;&nbsp;&nbsp;&nbsp;9.42% |
| <br>S&P 500<br>®<br> Index<br>2<br>| 21.45% | &nbsp;&nbsp;&nbsp;&nbsp;17.64% | &nbsp;&nbsp;&nbsp;&nbsp;14.64% |
| <br>Russell 2000<br>®<br> Index<br>| 14.41% | &nbsp;&nbsp;&nbsp;&nbsp;11.50% | &nbsp;&nbsp;&nbsp;&nbsp;9.36% |

---

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

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

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

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

Index ownership – "Russell 2000®

" is a registered mark of the Frank Russell Company (Russell) and has been licensed for use by the Schwab Small-Cap Index Fund. The

Schwab Small-Cap Index Fund is not sponsored, endorsed, sold or promoted by Russell and Russell makes no representation regarding the advisability of investing in the

fund.

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

The S&P 500®

Index serves as the fund's regulatory index and provides a broad measure of market performance. The fund generally invests in securities that are included in

the Russell 2000®

Index. The fund does not seek to track the regulatory index.

2Schwab Small-Cap Index Fund \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $7193 |
| Number of Holdings<br>(excludes derivatives)<br>| 1962 |
| Portfolio Turnover Rate<br>(excludes in-kind transactions)<br>| 12% |
| Advisory Fees Paid by the Fund | $2624440 |
| Weighted Average Market Cap (millions) | $4875 |
| Price/Earnings Ratio (P/E) | 18.1 |
| Price/Book Ratio (P/B) | 2.0 |
| Dividends Received Deduction | 56.59% |
| Qualified Dividend Income | $62974278 |
| Qualified Business Income (199A) | $14342702 |

---

Sector Weightings % of Investments

![](g77953g10img242eba1f2.jpg)

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

Top Equity Holdings % of Net Assets

![](g77953g10img8d2542fa3.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

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

Schwab Small-Cap Index Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Small-Cap Index Fund \| Annual Report

------

![](g77953g11img8591147d1.jpg)

Annual Report \| October 31, 2025

Schwab Total Stock Market Index Fund

Ticker Symbol: SWTSX

------

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

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

This report describes changes to the fund that occurred during the reporting period.

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

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Total Stock Market Index Fund | $3 | &nbsp;&nbsp;0.03% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 20.85%. The Dow Jones U.S. Total Stock Market

Index<sup>SM</sup>

returned 20.90% during the same period. Differences between the return of the fund and the return of the Dow Jones

U.S. Total Stock Market Index<sup>SM</sup>

may be attributable to, among other things, the operational and transactional costs incurred by the

fund and not the index.

Top detractors from total return:

■

Health care sector securities, including UnitedHealth Group, Inc.

■

Real estate sector securities

Top contributors to total return:

■

Information technology sector securities, including NVIDIA Corp.

■

Communication services sector securities

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

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

Portfolio holdings may have changed since the report date.

Schwab Total Stock Market Index Fund \| Annual Report

REG126002-01 00319682

------

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

![](g77953g11lg_2m40.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Total Stock Market Index Fund (06/01/1999)<br>1<br>| 20.85% | &nbsp;&nbsp;&nbsp;&nbsp;16.67% | &nbsp;&nbsp;&nbsp;&nbsp;13.99% |
| <br>Dow Jones U.S. Total Stock Market Index<br>SM<br>| 20.90% | &nbsp;&nbsp;&nbsp;&nbsp;16.69% | &nbsp;&nbsp;&nbsp;&nbsp;14.02% |

---

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

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

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

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

Index ownership – "Standard & Poor's®

" and "S&P®

" are registered trademarks of Standard & Poor's Financial Services LLC (S&P), and "Dow Jones®

" is a registered trademark

of Dow Jones Trademark Holdings LLC (Dow Jones) and have been licensed for use by S&P Dow Jones Indices LLC and its affiliates and sublicensed for certain purposes by

Charles Schwab Investment Management, Inc. The "Dow Jones U.S. Total Stock Market Index

SM

" is a product of S&P Dow Jones Indices LLC or its affiliates, and has been

licensed for use by Charles Schwab Investment Management, Inc. The Schwab Total Stock Market Index Fund is not sponsored, endorsed, sold or promoted by S&P Dow

Jones Indices LLC, Dow Jones, S&P, or their respective affiliates, and neither S&P Dow Jones Indices LLC, Dow Jones, S&P, nor their respective affiliates make any

representation regarding the advisability of investing in the fund.

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

2Schwab Total Stock Market Index Fund \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $31970 |
| Number of Holdings<br>(excludes derivatives)<br>| 3018 |
| Portfolio Turnover Rate | 3% |
| Advisory Fees Paid by the Fund | $8471431 |
| Weighted Average Market Cap (millions) | $1320594 |
| Price/Earnings Ratio (P/E) | 27.6 |
| Price/Book Ratio (P/B) | 4.6 |
| Dividends Received Deduction | 89.32% |
| Qualified Dividend Income | $303045509 |
| Qualified Business Income (199A) | $19174053 |

---

Sector Weightings % of Investments

![](g77953g11img2c2bc7f92.jpg)

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

Top Equity Holdings % of Net Assets

![](g77953g11img03e96e893.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

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

Schwab Total Stock Market Index Fund \| Annual Report

------

FUND CHANGES

This is a summary of certain changes to the fund since November 1, 2024. For more complete information, you may review the

fund's Annual Holdings and Financial Statements at

www.schwabassetmanagement.com/prospectus

or upon request by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

.

■

On June 5, 2025, the Board of Trustees authorized a 7-for-1 share split for the fund, which applied to shareholders of record as of

the close of U.S. markets on August 14, 2025. Certain of the fund's financial statements were retroactively adjusted for the period

ended October 31, 2025, and all prior periods, to reflect the share split.

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

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the SEC's

website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Total Stock Market Index Fund \| Annual Report

------

![](g77953g12img64bea18d1.jpg)

Annual Report \| October 31, 2025

Schwab U.S. Large-Cap Growth Index Fund

Ticker Symbol: SWLGX

------

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

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

This report describes changes to the fund that occurred during the reporting period.

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

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab U.S. Large-Cap Growth Index Fund | $4 | &nbsp;&nbsp;0.035% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 30.44%. The S&P 500<sup>®</sup>

Index, which serves as the

fund's regulatory index and provides a broad measure of market performance, returned 21.45%. The fund generally invests in

securities that are included in the Russell 1000<sup>®</sup>

Growth Index, which returned 30.52% during the same period. The fund does not

seek to track the regulatory index. Differences between the return of the fund and the return of the Russell 1000<sup>®</sup>

Growth Index may

be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.

Top detractors from total return:

■

Real estate sector securities, including American Tower Corp.

■

Consumer staples sector securities

Top contributors to total return:

■

Information technology sector securities, including NVIDIA Corp.

■

Communication services sector securities

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

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

Portfolio holdings may have changed since the report date.

Schwab U.S. Large-Cap Growth Index Fund \| Annual Report

REG126003-01 00319681

------

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (December 20, 2017 - October 31, 2025)

![](g77953g12lg_2mu3.jpg)

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

Average Annual Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | Since Inception |
| Fund: Schwab U.S. Large-Cap Growth Index Fund (12/20/2017)<br>1<br>| 30.44% | &nbsp;&nbsp;&nbsp;&nbsp;19.19% | &nbsp;&nbsp;&nbsp;&nbsp;18.70% |
| <br>S&P 500<br>®<br> Index<br>2<br>| 21.45% | &nbsp;&nbsp;&nbsp;&nbsp;17.64% | &nbsp;&nbsp;&nbsp;&nbsp;14.51% |
| <br>Russell 1000<br>®<br> Growth Index<br>| 30.52% | &nbsp;&nbsp;&nbsp;&nbsp;19.24% | &nbsp;&nbsp;&nbsp;&nbsp;18.75% |

---

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

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

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

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

Index ownership – The Russell 1000®

Growth Index is a registered mark of the Frank Russell Company (Russell) and has been licensed for use by the Schwab U.S. Large-Cap

Growth Index Fund. The Schwab U.S. Large-Cap Growth Index Fund is not sponsored, endorsed, sold or promoted by Russell and Russell makes no representation regarding

the advisability of investing in the fund.

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

The S&P 500®

Index serves as the fund's regulatory index and provides a broad measure of market performance. The fund generally invests in securities that are included in

the Russell 1000®

Growth Index. The fund does not seek to track the regulatory index.

2Schwab U.S. Large-Cap Growth Index Fund \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $4565 |
| Number of Holdings<br>(excludes derivatives)<br>| 388 |
| Portfolio Turnover Rate<br>(excludes in-kind transactions)<br>| 16% |
| Advisory Fees Paid by the Fund | $1235933 |
| Weighted Average Market Cap (millions) | $2180540 |
| Price/Earnings Ratio (P/E) | 41.0 |
| Price/Book Ratio (P/B) | 14.6 |
| Dividends Received Deduction | 97.17% |
| Qualified Dividend Income | $16354834 |
| Qualified Business Income (199A) | $329453 |

---

Sector Weightings % of Investments

![](g77953g12img592799c22.jpg)

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

Top Equity Holdings % of Net Assets

![](g77953g12imgadeb1aba3.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

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

Schwab U.S. Large-Cap Growth Index Fund \| Annual Report

------

FUND CHANGES

This is a summary of certain changes to the fund since November 1, 2024. For more complete information, you may review the

fund's Annual Holdings and Financial Statements at

www.schwabassetmanagement.com/prospectus

or upon request by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

.

■

On June 5, 2025, the Board of Trustees authorized a 8-for-1 share split for the fund, which applied to shareholders of record as of

the close of U.S. markets on August 14, 2025. Certain of the fund's financial statements were retroactively adjusted for the period

ended October 31, 2025, and all prior periods, to reflect the share split.

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

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the SEC's

website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab U.S. Large-Cap Growth Index Fund \| Annual Report

------

![](g77953g13imge2c785351.jpg)

Annual Report \| October 31, 2025

Schwab U.S. Large-Cap Value Index Fund

Ticker Symbol: SWLVX

------

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

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

This report describes changes to the fund that occurred during the reporting period.

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

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab U.S. Large-Cap Value Index Fund | $4 | &nbsp;&nbsp;0.035% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 11.13%. The S&P 500<sup>®</sup>

Index, which serves as the

fund's regulatory index and provides a broad measure of market performance, returned 21.45%. The fund generally invests in

securities that are included in the Russell 1000<sup>®</sup>

Value Index, which returned 11.15% during the same period. The fund does not

seek to track the regulatory index. Differences between the return of the fund and the return of the Russell 1000<sup>®</sup>

Value Index may

be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.

Top detractors from total return:

■

Health care sector securities, including UnitedHealth Group, Inc.

■

Materials sector securities

Top contributors to total return:

■

Financials sector securities, including JPMorgan Chase & Co.

■

Industrials sector securities

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

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

Portfolio holdings may have changed since the report date.

Schwab U.S. Large-Cap Value Index Fund \| Annual Report

REG126004-01 00319679

------

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (December 20, 2017 - October 31, 2025)

![](g77953g13lg_2mu4.jpg)

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

Average Annual Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | Since Inception |
| Fund: Schwab U.S. Large-Cap Value Index Fund (12/20/2017)<br>1<br>| 11.13% | &nbsp;&nbsp;&nbsp;&nbsp;14.25% | &nbsp;&nbsp;&nbsp;&nbsp;9.01% |
| <br>S&P 500<br>®<br> Index<br>2<br>| 21.45% | &nbsp;&nbsp;&nbsp;&nbsp;17.64% | &nbsp;&nbsp;&nbsp;&nbsp;14.51% |
| <br>Russell 1000<br>®<br> Value Index<br>| 11.15% | &nbsp;&nbsp;&nbsp;&nbsp;14.28% | &nbsp;&nbsp;&nbsp;&nbsp;9.07% |

---

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

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

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

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

Index ownership – The Russell 1000®

Value Index is a registered mark of the Frank Russell Company (Russell) and has been licensed for use by the Schwab U.S. Large-Cap

Value Index Fund. The Schwab U.S. Large-Cap Value Index Fund is not sponsored, endorsed, sold or promoted by Russell and Russell makes no representation regarding the

advisability of investing in the fund.

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

The S&P 500®

Index serves as the fund's regulatory index and provides a broad measure of market performance. The fund generally invests in securities that are included in

the Russell 1000®

Value Index. The fund does not seek to track the regulatory index.

2Schwab U.S. Large-Cap Value Index Fund \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $919 |
| Number of Holdings<br>(excludes derivatives)<br>| 860 |
| Portfolio Turnover Rate<br>(excludes in-kind transactions)<br>| 16% |
| Advisory Fees Paid by the Fund | $290473 |
| Weighted Average Market Cap (millions) | $374344 |
| Price/Earnings Ratio (P/E) | 20.4 |
| Price/Book Ratio (P/B) | 2.7 |
| Dividends Received Deduction | 85.35% |
| Qualified Dividend Income | $13841446 |
| Long Term Capital Gain Distribution | $4943466 |
| Qualified Business Income (199A) | $1007357 |

---

Sector Weightings % of Investments

![](g77953g13img7c7655f72.jpg)

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

Top Equity Holdings % of Net Assets

![](g77953g13imgc96054973.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

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

Schwab U.S. Large-Cap Value Index Fund \| Annual Report

------

FUND CHANGES

This is a summary of certain changes to the fund since November 1, 2024. For more complete information, you may review the

fund's Annual Holdings and Financial Statements at

www.schwabassetmanagement.com/prospectus

or upon request by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

.

■

On June 5, 2025, the Board of Trustees authorized a 4-for-1 share split for the fund, which applied to shareholders of record as of

the close of U.S. markets on August 14, 2025. Certain of the fund's financial statements were retroactively adjusted for the period

ended October 31, 2025, and all prior periods, to reflect the share split.

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

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the SEC's

website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab U.S. Large-Cap Value Index Fund \| Annual Report

------

![](g77953g14img95c1afb01.jpg)

Annual Report \| October 31, 2025

Schwab U.S. Mid-Cap Index Fund

Ticker Symbol: SWMCX

------

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

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

This report describes changes to the fund that occurred during the reporting period.

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

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

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

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 10.68%. The S&P 500<sup>®</sup>

Index, which serves as the

fund's regulatory index and provides a broad measure of market performance, returned 21.45%. The fund generally invests in

securities that are included in the Russell Midcap<sup>®</sup>

Index, which returned 10.79% during the same period. The fund does not seek

to track the regulatory index. Differences between the return of the fund and the return of the Russell Midcap<sup>®</sup>

Index may be

attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.

Top detractors from total return:

■

Materials sector securities, including Dow, Inc.

■

Real estate sector securities

Top contributors to total return:

■

Information technology sector securities, including Class A holdings of Palantir Technologies, Inc. (which was sold prior to the

end of the reporting period)

■

Financials sector securities

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

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

Portfolio holdings may have changed since the report date.

Schwab U.S. Mid-Cap Index Fund \| Annual Report

REG126005-01 00319680

------

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (December 20, 2017 - October 31, 2025)

![](g77953g14lg_2mu5.jpg)

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

Average Annual Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | Since Inception |
| Fund: Schwab U.S. Mid-Cap Index Fund (12/20/2017)<br>1<br>| 10.68% | &nbsp;&nbsp;&nbsp;&nbsp;12.29% | &nbsp;&nbsp;&nbsp;&nbsp;9.80% |
| <br>S&P 500<br>®<br> Index<br>2<br>| 21.45% | &nbsp;&nbsp;&nbsp;&nbsp;17.64% | &nbsp;&nbsp;&nbsp;&nbsp;14.51% |
| <br>Russell Midcap<br>®<br> Index<br>| 10.79% | &nbsp;&nbsp;&nbsp;&nbsp;12.33% | &nbsp;&nbsp;&nbsp;&nbsp;9.86% |

---

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

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

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

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

Index ownership – The Russell Midcap®

Index is a registered mark of the Frank Russell Company (Russell) and has been licensed for use by the Schwab U.S. Mid-Cap Index

Fund. The Schwab U.S. Mid-Cap Index Fund is not sponsored, endorsed, sold or promoted by Russell and Russell makes no representation regarding the advisability of

investing in the fund.

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

The S&P 500®

Index serves as the fund's regulatory index and provides a broad measure of market performance. The fund generally invests in securities that are included in

the Russell Midcap®

Index. The fund does not seek to track the regulatory index.

2Schwab U.S. Mid-Cap Index Fund \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $2209 |
| Number of Holdings<br>(excludes derivatives)<br>| 801 |
| Portfolio Turnover Rate<br>(excludes in-kind transactions)<br>| 11% |
| Advisory Fees Paid by the Fund | $773313 |
| Weighted Average Market Cap (millions) | $30631 |
| Price/Earnings Ratio (P/E) | 22.0 |
| Price/Book Ratio (P/B) | 2.9 |
| Dividends Received Deduction | 65.49% |
| Qualified Dividend Income | $18786739 |
| Long Term Capital Gain Distribution | $14697002 |
| Qualified Business Income (199A) | $3034173 |

---

Sector Weightings % of Investments

![](g77953g14img5ef1c5fe2.jpg)

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

Top Equity Holdings % of Net Assets

![](g77953g14img5e1ddc783.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

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

Schwab U.S. Mid-Cap Index Fund \| Annual Report

------

FUND CHANGES

This is a summary of certain changes to the fund since November 1, 2024. For more complete information, you may review the

fund's Annual Holdings and Financial Statements at

www.schwabassetmanagement.com/prospectus

or upon request by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

.

■

On June 5, 2025, the Board of Trustees authorized a 5-for-1 share split for the fund, which applied to shareholders of record as of

the close of U.S. markets on August 14, 2025. Certain of the fund's financial statements were retroactively adjusted for the period

ended October 31, 2025, and all prior periods, to reflect the share split.

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

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the SEC's

website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab U.S. Mid-Cap Index Fund \| Annual Report

------

![](g77953g15img3317ca491.jpg)

Annual Report \| October 31, 2025

Schwab International Index Fund

Ticker Symbol: SWISX

------

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

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

.

You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

.

If you purchase

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

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

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

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab International Index Fund | $7 | &nbsp;&nbsp;0.06% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 23.33%. The MSCI EAFE<sup>®</sup>

Index (Net)<sup>1</sup>

returned

23.03% during the same period.

Top contributors to total return:

■

Japanese securities, including SoftBank Group Corp.

■

Securities from the United Kingdom

Top detractors from total return:

■

Danish securities, including Class B holdings of Novo Nordisk AS

■

Securities from New Zealand

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

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

Portfolio holdings may have changed since the report date.

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

Schwab International Index Fund \| Annual Report

REG125979-01 00319704

------

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

1,2,3

![](g77953g15lg_2m26.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab International Index Fund (05/19/1997)<br>1,2<br>| 23.33% | &nbsp;&nbsp;&nbsp;&nbsp;12.39% | &nbsp;&nbsp;&nbsp;&nbsp;7.64% |
| <br>MSCI EAFE<br>®<br> Index<br> (Net)<br>3<br>| 23.03% | &nbsp;&nbsp;&nbsp;&nbsp;12.33% | &nbsp;&nbsp;&nbsp;&nbsp;7.48% |

---

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

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

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

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

Index ownership – "MSCI EAFE®

" is a registered mark of MSCI and has been licensed for use by the Schwab International Index Fund. The Schwab International Index Fund is

not sponsored, endorsed, sold or promoted by MSCI and MSCI bears no liability with respect to the fund. The Statement of Additional Information contains a more detailed

description of the limited relationship MSCI has with the fund.

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

The fund's performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations.

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

2Schwab International Index Fund \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $12402 |
| Number of Holdings<br>(excludes derivatives)<br>| 695 |
| Portfolio Turnover Rate | 10% |
| Advisory Fees Paid by the Fund | $6571561 |
| Weighted Average Market Cap (millions) | $101449 |
| Price/Earnings Ratio (P/E) | 17.4 |
| Price/Book Ratio (P/B) | 2.1 |
| Foreign Tax Paid and Passed Through | $23062027 |
| Gross Income From Foreign Sources | $350504344 |
| Qualified Dividend Income | $267299603 |

---

Sector Weightings % of Investments

![](g77953g15imgff41b6fb2.jpg)

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

Top Equity Holdings % of Net Assets

![](g77953g15imgdc4421703.jpg)

Top Country Weightings % of Investments

![](g77953g15img611b63034.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

Less than 0.05%.

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

Schwab International Index Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab International Index Fund \| Annual Report

------

![](g77953g16imgfc029cd61.jpg)

Annual Report \| October 31, 2025

Schwab Fundamental U.S. Large Company Index Fund

(formerly Schwab Fundamental US Large Company Index Fund)

Ticker Symbol: SFLNX

------

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

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Fundamental U.S. Large Company Index Fund | $27 | &nbsp;&nbsp;0.25% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 14.48%. The Russell 1000<sup>®</sup>

Index, which serves as

the fund's regulatory index and provides a broad measure of market performance, returned 21.14%. The fund generally invests in

securities that are included in the RAFI Fundamental High Liquidity US Large Index which returned 14.72% during the same period.

The fund does not seek to track the regulatory index. Differences between the return of the fund and the return of the RAFI

Fundamental High Liquidity US Large Index may be attributable to, among other things, the operational and transactional costs

incurred by the fund and not the index.

Top detractors from total return:

■

Health care sector securities, including UnitedHealth Group, Inc.

■

Materials sector securities

Top contributors to total return:

■

Information technology sector securities, including Microsoft Corp.

■

Financials sector securities

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

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

Portfolio holdings may have changed since the report date.

Schwab Fundamental U.S. Large Company Index Fund \| Annual Report

REG125975-01 00319718

------

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

![](g77953g16lg_2mb1.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Fundamental U.S. Large Company Index Fund (04/02/2007)<br>1<br>| 14.48% | &nbsp;&nbsp;&nbsp;&nbsp;18.08% | &nbsp;&nbsp;&nbsp;&nbsp;12.84% |
| <br>Russell 1000<br>®<br> Index<br>2<br>| 21.14% | &nbsp;&nbsp;&nbsp;&nbsp;17.05% | &nbsp;&nbsp;&nbsp;&nbsp;14.39% |
| RAFI Fundamental High Liquidity US Large Index<br>3<br>| 14.72% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| <br>Russell RAFI<br>TM<br> US Large Company Index<br>| 14.64% | &nbsp;&nbsp;&nbsp;&nbsp;18.36% | &nbsp;&nbsp;&nbsp;&nbsp;13.11% |
| Fundamental US Large Spliced Index | 14.72% | &nbsp;&nbsp;&nbsp;&nbsp;18.36% | &nbsp;&nbsp;&nbsp;&nbsp;13.11% |

---

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

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

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

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

Index ownership – The RAFI Fundamental High Liquidity US Large Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and has been

licensed for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The Schwab

Fundamental U.S. Large Company Index Fund is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The RAFI

Parties: (i) make no representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in negligence or

otherwise) to any person for any error in the Index. For full disclaimer, please see the fund's statement of additional information.

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

The Russell 1000®

Index serves as the fund's regulatory index and provides a broad measure of market performance. The fund generally invests in securities that are

included in the RAFI Fundamental High Liquidity US Large Index. The fund does not seek to track the regulatory index.

Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ US Large Company Index to the RAFI Fundamental High Liquidity US Large Index in

connection with a change to the fund's investment objective and investment strategy to invest its assets in accordance with the index. The inception date of the RAFI

Fundamental High Liquidity US Large Index is January 31, 2024. The fund began tracking the index after the close of business on June 21, 2024.

2Schwab Fundamental U.S. Large Company Index Fund \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $10559 |
| Number of Holdings<br>(excludes derivatives)<br>| 731 |
| Portfolio Turnover Rate<br>(excludes in-kind transactions)<br>| 10% |
| Advisory Fees Paid by the Fund | $24530589 |
| Weighted Average Market Cap (millions) | $698559 |
| Price/Earnings Ratio (P/E) | 20.1 |
| Price/Book Ratio (P/B) | 2.6 |
| Dividends Received Deduction | 100.00% |
| Qualified Dividend Income | $165577503 |

---

Sector Weightings % of

Investments

![](g77953g16imge38dca0d2.jpg)

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

Top Equity Holdings % of Net Assets

![](g77953g16imgb1635a0d3.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

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

Schwab Fundamental U.S. Large Company Index Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Fundamental U.S. Large Company Index Fund \| Annual Report

------

![](g77953g17img44a674151.jpg)

Annual Report \| October 31, 2025

Schwab Fundamental U.S. Small Company Index Fund

(formerly Schwab Fundamental US Small Company Index Fund)

Ticker Symbol: SFSNX

------

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

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

.

You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Fundamental U.S. Small Company Index Fund | $26 | &nbsp;&nbsp;0.25% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 6.16%. The S&P 500<sup>®</sup>

Index, which serves as the

fund's regulatory index and provides a broad measure of market performance, returned 21.45%. The fund generally invests in

securities that are included in the RAFI Fundamental High Liquidity US Small Index which returned 6.32% during the same period.

The fund does not seek to track the regulatory index. Differences between the return of the fund and the return of the RAFI

Fundamental High Liquidity US Small Index may be attributable to, among other things, the operational and transactional costs

incurred by the fund and not the index.

Top detractors from total return:

■

Consumer staples sector securities, including Spectrum Brands Holdings, Inc.

■

Health care sector securities

Top contributors to total return:

■

Information technology sector securities, including ViaSat, Inc.

■

Industrials sector securities

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

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

Portfolio holdings may have changed since the report date.

Schwab Fundamental U.S. Small Company Index Fund \| Annual Report

REG125976-01 00319716

------

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

![](g77953g17lg_2mb2.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Fundamental U.S. Small Company Index Fund (04/02/2007)<sup>1</sup> <br>| 6.16% | &nbsp;&nbsp;&nbsp;&nbsp;14.23% | &nbsp;&nbsp;&nbsp;&nbsp;9.34% |
| <br>S&P 500<br>®<br> Index<br>2<br>| 21.45% | &nbsp;&nbsp;&nbsp;&nbsp;17.64% | &nbsp;&nbsp;&nbsp;&nbsp;14.64% |
| RAFI Fundamental High Liquidity US Small Index<br>3<br>| 6.32% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| <br>Russell RAFI<br>TM<br> US Small Company Index<br>| 6.75% | &nbsp;&nbsp;&nbsp;&nbsp;14.54% | &nbsp;&nbsp;&nbsp;&nbsp;9.58% |
| Fundamental US Small Spliced Index | 6.32% | &nbsp;&nbsp;&nbsp;&nbsp;14.43% | &nbsp;&nbsp;&nbsp;&nbsp;9.52% |
| <br>Russell 2000<br>®<br> Index<br>| 14.41% | &nbsp;&nbsp;&nbsp;&nbsp;11.50% | &nbsp;&nbsp;&nbsp;&nbsp;9.36% |

---

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

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

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

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

Index ownership – The RAFI Fundamental High Liquidity US Small Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and has been

licensed for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The Schwab

Fundamental U.S. Small Company Index Fund is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The RAFI

Parties: (i) make no representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in negligence or

otherwise) to any person for any error in the Index. For full disclaimer, please see the fund's statement of additional information.

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

The S&P 500®

Index serves as the fund's regulatory index and provides a broad measure of market performance. The fund generally invests in securities that are included in

the RAFI Fundamental High Liquidity US Small Index. The fund does not seek to track the regulatory index.

Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ US Small Company Index to the RAFI Fundamental High Liquidity US Small Index in

connection with a change to the fund's investment objective and investment strategy to invest its assets in accordance with the index. The inception date of the RAFI

Fundamental High Liquidity US Small Index is January 31, 2024. The fund began tracking the index after the close of business on June 21, 2024.

2Schwab Fundamental U.S. Small Company Index Fund \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $1747 |
| Number of Holdings<br>(excludes derivatives)<br>| 969 |
| Portfolio Turnover Rate<br>(excludes in-kind transactions)<br>| 30% |
| Advisory Fees Paid by the Fund | $4371488 |
| Weighted Average Market Cap (millions) | $8777 |
| Price/Earnings Ratio (P/E) | 18.0 |
| Price/Book Ratio (P/B) | 1.6 |
| Dividends Received Deduction | 74.72% |
| Qualified Dividend Income | $22978092 |
| Qualified Business Income (199A) | $4673931 |

---

Sector Weightings % of Investments

![](g77953g17img96b26b402.jpg)

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

Top Equity Holdings % of Net Assets

![](g77953g17img45646d0b3.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

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

Schwab Fundamental U.S. Small Company Index Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Fundamental U.S. Small Company Index Fund \| Annual Report

------

![](g77953g18img8efcf2c21.jpg)

Annual Report \| October 31, 2025

Schwab Fundamental International Equity Index Fund

(formerly Schwab Fundamental International Large Company Index Fund)

Ticker Symbol: SFNNX

------

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

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Fundamental International Equity Index Fund | $29 | &nbsp;&nbsp;0.25% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 28.74%. The MSCI EAFE<sup>®</sup>

Index (Net)<sup>1</sup>

, which serves

as the fund's regulatory index and provides a broad measure of market performance, returned 23.03%. The fund generally invests in

securities that are included in the RAFI Fundamental High Liquidity Developed ex US Large Index (Net)<sup>1</sup>

which returned 28.47%

during the same period. The fund does not seek to track the regulatory index.

Top contributors to total return:

■

Japanese securities, including SoftBank Group Corp.

■

Securities from the United Kingdom

Top detractors from total return:

■

Danish securities, including Class B holdings of Novo Nordisk AS

■

Securities from New Zealand

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

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

Portfolio holdings may have changed since the report date.

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

Schwab Fundamental International Equity Index Fund \| Annual Report

REG125973-01 00319720

------

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

1,2,3

![](g77953g18lg_2mb3.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Fundamental International Equity Index Fund (04/02/2007)<br>1,2<br>| 28.74% | &nbsp;&nbsp;&nbsp;&nbsp;16.62% | &nbsp;&nbsp;&nbsp;&nbsp;8.77% |
| <br>MSCI EAFE<br>®<br> Index (Net)<br>3,4<br>| 23.03% | &nbsp;&nbsp;&nbsp;&nbsp;12.33% | &nbsp;&nbsp;&nbsp;&nbsp;7.48% |
| RAFI Fundamental High Liquidity Developed ex US Large Index (Net)<br>3,5<br>| 28.47% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| <br>Russell RAFI<br>TM<br> Developed ex US Large Company Index (Net)<br>3<br>| 28.52% | &nbsp;&nbsp;&nbsp;&nbsp;16.90% | &nbsp;&nbsp;&nbsp;&nbsp;8.87% |
| Fundamental Developed ex US Large Spliced Index | 28.47% | &nbsp;&nbsp;&nbsp;&nbsp;16.88% | &nbsp;&nbsp;&nbsp;&nbsp;8.86% |

---

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

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

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

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

Index ownership – The RAFI Fundamental High Liquidity Developed ex US Large Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and

has been licensed for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The

Schwab Fundamental International Equity Index Fund is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The

RAFI Parties: (i) make no representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in negligence

or otherwise) to any person for any error in the Index. For full disclaimer, please see the fund's statement of additional information.

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

The fund's performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations.

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

The MSCI EAFE®

Index (Net) serves as the fund's regulatory index and provides a broad measure of market performance. The fund generally invests in securities that are

included in the RAFI Fundamental High Liquidity Developed ex US Large Index (Net). The fund does not seek to track the regulatory index.

Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ Developed ex US Large Company Index (Net) to the RAFI Fundamental High

Liquidity Developed ex US Large Index (Net) in connection with a change to the fund's investment objective and investment strategy to invest its assets in accordance with

the index. The inception date of the RAFI Fundamental High Liquidity Developed ex US Large Index (Net) is January 31, 2024. The fund began tracking the index after the

close of business on June 21, 2024.

2Schwab Fundamental International Equity Index Fund \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $3824 |
| Number of Holdings<br>(excludes derivatives)<br>| 925 |
| Portfolio Turnover Rate | 20% |
| Advisory Fees Paid by the Fund | $8247882 |
| Weighted Average Market Cap (millions) | $89682 |
| Price/Earnings Ratio (P/E) | 14.5 |
| Price/Book Ratio (P/B) | 1.3 |
| Foreign Tax Paid and Passed Through | $9984292 |
| Gross Income From Foreign Sources | $127604875 |
| Qualified Dividend Income | $93713959 |

---

Sector Weightings % of Investments

![](g77953g18imgfb89a6492.jpg)

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

Top Equity Holdings % of Net Assets

![](g77953g18imgd32a9de83.jpg)

Top Country Weightings % of Investments

![](g77953g18img1b9b011b4.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

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

Schwab Fundamental International Equity Index Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Fundamental International Equity Index Fund \| Annual Report

------

![](g77953g19imga51079ed1.jpg)

Annual Report \| October 31, 2025

Schwab Fundamental International Small Equity Index Fund

(formerly Schwab Fundamental International Small Company Index Fund)

Ticker Symbol: SFILX

------

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

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Fundamental International Small Equity Index Fund | $44 | &nbsp;&nbsp;0.39% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 27.67%. The MSCI EAFE<sup>®</sup>

Index (Net)<sup>1</sup>

, which serves

as the fund's regulatory index and provides a broad measure of market performance, returned 23.03%. The fund generally invests in

securities that are included in the RAFI Fundamental High Liquidity Developed ex US Small Index (Net)<sup>1</sup>

which returned 27.92%

during the same period. The fund does not seek to track the regulatory index. Differences between the return of the fund and the

return of the RAFI Fundamental High Liquidity Developed ex US Small Index (Net)<sup>1</sup>

may be attributable to, among other things, the

operational and transactional costs incurred by the fund and not the index.

Over the reporting period, no sectors detracted from the return of the fund. However, the smallest contributors to total return were:

■

Peruvian securities, including Hochschild Mining PLC (which was sold prior to the end of the reporting period)

■

Bermudian securities

Top contributors to total return:

■

Japanese securities, including Ibiden Co. Ltd.

■

Canadian securities

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

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

Portfolio holdings may have changed since the report date.

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

Schwab Fundamental International Small Equity Index Fund \| Annual Report

REG125974-01 00319719

------

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

1,2,3

![](g77953g19lg_2mc6.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Fundamental International Small Equity Index Fund (01/31/2008)<br>1,2<br>| 27.67% | &nbsp;&nbsp;&nbsp;&nbsp;11.57% | &nbsp;&nbsp;&nbsp;&nbsp;7.62% |
| <br>MSCI EAFE<br>®<br> Index (Net)<br>3,4<br>| 23.03% | &nbsp;&nbsp;&nbsp;&nbsp;12.33% | &nbsp;&nbsp;&nbsp;&nbsp;7.48% |
| RAFI Fundamental High Liquidity Developed ex US Small Index (Net)<br>3,5<br>| 27.92% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| <br>Russell RAFI<br>TM<br> Developed ex US Small Company Index (Net)<br>3<br>| 28.47% | &nbsp;&nbsp;&nbsp;&nbsp;12.08% | &nbsp;&nbsp;&nbsp;&nbsp;7.93% |
| Fundamental Developed ex US Small Spliced Index | 27.92% | &nbsp;&nbsp;&nbsp;&nbsp;12.01% | &nbsp;&nbsp;&nbsp;&nbsp;7.90% |
| S&P Developed ex-U.S. Small Cap Index (Net)<br>3<br>| 24.65% | &nbsp;&nbsp;&nbsp;&nbsp;8.82% | &nbsp;&nbsp;&nbsp;&nbsp;6.86% |

---

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

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

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

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

Index ownership – The RAFI Fundamental High Liquidity Developed ex US Small Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and

has been licensed for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The

Schwab Fundamental International Small Equity Index Fund is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI

Parties). The RAFI Parties: (i) make no representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in

negligence or otherwise) to any person for any error in the Index. For full disclaimer, please see the fund's statement of additional information.

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

The fund's performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations.

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

The MSCI EAFE®

Index (Net) serves as the fund's regulatory index and provides a broad measure of market performance. The fund generally invests in securities that are

included in the RAFI Fundamental High Liquidity Developed ex US Small Index (Net). The fund does not seek to track the regulatory index.

Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ Developed ex US Small Company Index (Net) to the RAFI Fundamental High

Liquidity Developed ex US Small Index (Net) in connection with a change to the fund's investment objective and investment strategy to invest its assets in accordance with

the index. The inception date of the RAFI Fundamental High Liquidity Developed ex US Small Index (Net) is January 31, 2024. The fund began tracking the index after the

close of business on June 21, 2024.

2Schwab Fundamental International Small Equity Index Fund \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $666 |
| Number of Holdings<br>(excludes derivatives)<br>| 1695 |
| Portfolio Turnover Rate | 27% |
| Advisory Fees Paid by the Fund | $2365972 |
| Weighted Average Market Cap (millions) | $5687 |
| Price/Earnings Ratio (P/E) | 14.7 |
| Price/Book Ratio (P/B) | 1.2 |
| Foreign Tax Paid and Passed Through | $1843067 |
| Gross Income From Foreign Sources | $21024534 |
| Qualified Dividend Income | $15691131 |
| Long Term Capital Gain Distribution | $6121382 |

---

Sector Weightings % of Investments

![](g77953g19img127bdad22.jpg)

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

Top Equity Holdings % of Net Assets

![](g77953g19img014cbe3d3.jpg)

Top Country Weightings % of Investments

![](g77953g19img248aa1464.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

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

Schwab Fundamental International Small Equity Index Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Fundamental International Small Equity Index Fund \| Annual Report

------

![](g77953g20img5f539acf1.jpg)

Annual Report \| October 31, 2025

Schwab Fundamental Emerging Markets Equity Index Fund

(formerly Schwab Fundamental Emerging Markets Large Company Index Fund)

Ticker Symbol: SFENX

------

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

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Fundamental Emerging Markets Equity Index Fund | $44 | &nbsp;&nbsp;0.39% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 23.27%. The MSCI Emerging Markets Index (Net)<sup>1</sup>

,

which serves as the fund's regulatory index and provides a broad measure of market performance, returned 27.91%. The fund

generally invests in securities that are included in the RAFI Fundamental High Liquidity Emerging Markets Index (Net)<sup>1</sup>

which

returned 23.42% during the same period. The fund does not seek to track the regulatory index. Differences between the return of

the fund and the return of the RAFI Fundamental High Liquidity Emerging Markets Index (Net)<sup>1</sup>

may be attributable to, among other

things, the operational and transactional costs incurred by the fund and not the index.

Top detractors from total return:

■

Indian securities, including Infosys Ltd.

■

Indonesian securities

Top contributors to total return:

■

Chinese securities, including Alibaba Group Holding Ltd.

■

Taiwanese securities

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

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

Portfolio holdings may have changed since the report date.

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

Schwab Fundamental Emerging Markets Equity Index Fund \| Annual Report

REG125971-01 00319721

------

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

1,2,3

![](g77953g20lg_2mc5.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Fundamental Emerging Markets Equity Index Fund (01/31/2008)<br>1,2<br>| 23.27% | &nbsp;&nbsp;&nbsp;&nbsp;14.13% | &nbsp;&nbsp;&nbsp;&nbsp;9.66% |
| MSCI Emerging Markets Index (Net)<br>3,4<br>| 27.91% | &nbsp;&nbsp;&nbsp;&nbsp;7.46% | &nbsp;&nbsp;&nbsp;&nbsp;7.69% |
| RAFI Fundamental High Liquidity Emerging Markets Index (Net)<br>3,5<br>| 23.42% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| <br>Russell RAFI<br>TM<br> Emerging Markets Large Company Index (Net)<br>3<br>| 24.50% | &nbsp;&nbsp;&nbsp;&nbsp;14.90% | &nbsp;&nbsp;&nbsp;&nbsp;10.35% |
| Fundamental Emerging Markets Spliced Index | 23.42% | &nbsp;&nbsp;&nbsp;&nbsp;14.73% | &nbsp;&nbsp;&nbsp;&nbsp;10.26% |

---

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

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

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

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

Index ownership – The RAFI Fundamental High Liquidity Emerging Markets Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and has

been licensed for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The Schwab

Fundamental Emerging Markets Equity Index Fund is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The

RAFI Parties: (i) make no representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in negligence

or otherwise) to any person for any error in the Index. For full disclaimer, please see the fund's statement of additional information.

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

The fund's performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations.

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

The MSCI Emerging Markets Index (Net) serves as the fund's regulatory index and provides a broad measure of market performance. The fund generally invests in securities

that are included in the RAFI Fundamental High Liquidity Emerging Markets Index (Net). The fund does not seek to track the regulatory index.

Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ Emerging Markets Large Company Index (Net) to the RAFI Fundamental High

Liquidity Emerging Markets Index (Net) in connection with a change to the fund's investment objective and investment strategy to invest its assets in accordance with the

index. The inception date of the RAFI Fundamental High Liquidity Emerging Markets Index (Net) is January 31, 2024. The fund began tracking the index after the close of

business on June 21, 2024.

2Schwab Fundamental Emerging Markets Equity Index Fund \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $1340 |
| Number of Holdings<br>(excludes derivatives)<br>| 365 |
| Portfolio Turnover Rate | 21% |
| Advisory Fees Paid by the Fund | $4125808 |
| Weighted Average Market Cap (millions) | $168083 |
| Price/Earnings Ratio (P/E) | 10.6 |
| Price/Book Ratio (P/B) | 1.3 |
| Foreign Tax Paid and Passed Through | $6336151 |
| Gross Income From Foreign Sources | $53479779 |
| Qualified Dividend Income | $19238158 |

---

Sector Weightings % of Investments

![](g77953g20imgb080aa192.jpg)

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

Top Equity Holdings % of Net Assets

![](g77953g20img912301d63.jpg)

Top Country Weightings % of Investments

![](g77953g20imgf7493d654.jpg)

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

Portfolio holdings may have changed since the report date.

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc.

(MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Charles Schwab & Co., Inc.

Excludes derivatives.

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

Schwab Fundamental Emerging Markets Equity Index Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Fundamental Emerging Markets Equity Index Fund \| Annual Report

------

![](g77953g21img0c0a38ed1.jpg)

Annual Report \| October 31, 2025

Schwab Balanced Fund

Ticker Symbol: SWOBX

------

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

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Balanced Fund\* | $0 | &nbsp;&nbsp;0.00% |

---

\*

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

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 14.27%. The S&P 500<sup>®</sup>

Index, which provides a

broad measure of equity market performance, and the Bloomberg US Aggregate Bond Index, which provides a broad measure of

bond market performance, returned 21.45% and 6.16%, respectively. The fund's internally calculated comparative index, the

Balanced Blended Index (the composite index), returned 14.90%.

■

Asset allocations were broadly in line with those of the composite index

■

Top contributors to total return:

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

● Schwab Core Equity Fund

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

● Schwab Select Large Cap Growth Fund

■

Over the reporting period, there were no detractors from the return of the fund. However, the smallest contributors to total return

were:

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

● Schwab Small-Cap Equity Fund

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

● Schwab International Opportunities Fund

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

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

Portfolio holdings may have changed since the report date.

Schwab Balanced Fund \| Annual Report

REG125966-01 00319724

------

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

![](g77953g21lg_2m8c.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Balanced Fund (11/18/1996)<br>1<br>| 14.27% | &nbsp;&nbsp;&nbsp;&nbsp;8.85% | &nbsp;&nbsp;&nbsp;&nbsp;8.25% |
| <br>S&P 500<br>®<br> Index<br>| 21.45% | &nbsp;&nbsp;&nbsp;&nbsp;17.64% | &nbsp;&nbsp;&nbsp;&nbsp;14.64% |
| Bloomberg US Aggregate Bond Index | 6.16% | &nbsp;&nbsp;&nbsp;&nbsp;-0.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| Balanced Blended Index | 14.90% | &nbsp;&nbsp;&nbsp;&nbsp;9.76% | &nbsp;&nbsp;&nbsp;&nbsp;9.07% |

---

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

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

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

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

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

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

2Schwab Balanced Fund \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $738 |
| Number of Holdings | 7 |
| Portfolio Turnover Rate | 12% |
| Advisory Fees Paid by the Fund | $0 |
| Foreign Tax Paid and Passed Through | $200468 |
| Gross Income From Foreign Sources | $1293278 |
| Dividends Received Deduction | 15.56% |
| Qualified Dividend Income | $3692305 |
| Long Term Capital Gain Distribution | $17717414 |
| Qualified Business Income (199A) | $33180 |
| Business Interest Deduction (163j) | 65.89% |

---

Asset Class Weightings % of Investments

![](g77953g21img336642b22.jpg)

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

Top Holdings % of Net Assets

![](g77953g21img1189cf383.jpg)

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

Portfolio holdings may have changed since the report date.

The holdings listed exclude any temporary liquidity investments.

Schwab Balanced Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Balanced Fund \| Annual Report

------

![](g77953g22imgf5ec17e61.jpg)

Annual Report \| October 31, 2025

Schwab MarketTrack All Equity Portfolio™

Ticker Symbol: SWEGX

------

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

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab MarketTrack All Equity Porfolio | $42 | &nbsp;&nbsp;0.38% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 19.80%. The S&P 500<sup>®</sup>

Index, which provides a

broad measure of equity market performance, returned 21.45%. The fund's custom blended comparative index, the All Equity

Composite Index (the composite index), returned 20.32%.

■

Asset allocations were broadly in line with those of the composite index

■

Top contributors to total return:

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

● Schwab S&P 500 Index Fund

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

● Schwab International Index Fund

■

Top detractors from total return:

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

● Schwab U.S. REIT ETF

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

● While there were no additional underlying funds that detracted from the total return of the fund, Schwab Emerging Markets

Equity ETF was the smallest contributor to total return

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

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

Portfolio holdings may have changed since the report date.

Schwab MarketTrack All Equity Portfolio™ \| Annual Report

REG125982-01 00319701

------

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

![](g77953g22lg_2m31.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab MarketTrack All Equity Portfolio (05/19/1998)<br>1<br>| 19.80% | &nbsp;&nbsp;&nbsp;&nbsp;15.09% | &nbsp;&nbsp;&nbsp;&nbsp;10.96% |
| <br>S&P 500<br>®<br> Index<br>| 21.45% | &nbsp;&nbsp;&nbsp;&nbsp;17.64% | &nbsp;&nbsp;&nbsp;&nbsp;14.64% |
| All Equity Composite Index | 20.32% | &nbsp;&nbsp;&nbsp;&nbsp;15.64% | &nbsp;&nbsp;&nbsp;&nbsp;11.49% |

---

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

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

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

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

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

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

2Schwab MarketTrack All Equity Portfolio™ \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $1079 |
| Number of Holdings | 11 |
| Portfolio Turnover Rate | 20% |
| Advisory Fees Paid by the Fund | $1268642 |
| Foreign Tax Paid and Passed Through | $1080192 |
| Gross Income From Foreign Sources | $9901343 |
| Dividends Received Deduction | 31.36% |
| Qualified Dividend Income | $14991758 |
| Long Term Capital Gain Distribution | $44920103 |
| Qualified Business Income (199A) | $1667277 |

---

Asset Class Weightings % of Investments

![](g77953g22imgb921bd6e2.jpg)

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

Top Holdings % of Net Assets

![](g77953g22img1ef3eb463.jpg)

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

Portfolio holdings may have changed since the report date.

Schwab MarketTrack All Equity Portfolio™ \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab MarketTrack All Equity Portfolio™ \| Annual Report

------

![](g77953g23imgd9e318ad1.jpg)

Annual Report \| October 31, 2025

Schwab MarketTrack Growth Portfolio™

Ticker Symbol: SWHGX

------

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

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab MarketTrack Growth Porfolio | $41 | &nbsp;&nbsp;0.38% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 16.79%. The S&P 500<sup>®</sup>

Index, which provides a

broad measure of equity market performance, and the Bloomberg US Aggregate Bond Index, which provides a broad measure of

bond market performance, returned 21.45% and 6.16%, respectively. The fund's custom blended comparative index, the Growth

Composite Index (the composite index), returned 17.30%.

■

Asset allocations were broadly in line with those of the composite index

■

Top contributors to total return:

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

● Schwab S&P 500 Index Fund

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

● Schwab International Index Fund

■

Top detractors from total return:

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

● Schwab U.S. REIT ETF

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

● While there were no additional underlying funds that detracted from the total return of the fund, Schwab Emerging Markets

Equity ETF was the smallest contributor to total return

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

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

Portfolio holdings may have changed since the report date.

Schwab MarketTrack Growth Portfolio™ \| Annual Report

REG125985-01 00319698

------

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

![](g77953g23lg_2m28.jpg)

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

Average Annual Total Returns

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

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab MarketTrack Growth Portfolio (11/20/1995)<br>1<br>| 16.79% | &nbsp;&nbsp;&nbsp;&nbsp;12.22% | &nbsp;&nbsp;&nbsp;&nbsp;9.40% |
| <br>S&P 500<br>®<br> Index<br>| 21.45% | &nbsp;&nbsp;&nbsp;&nbsp;17.64% | &nbsp;&nbsp;&nbsp;&nbsp;14.64% |
| Bloomberg US Aggregate Bond Index | 6.16% | &nbsp;&nbsp;&nbsp;&nbsp;-0.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| Growth Composite Index | 17.30% | &nbsp;&nbsp;&nbsp;&nbsp;12.77% | &nbsp;&nbsp;&nbsp;&nbsp;9.92% |

---

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

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

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

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

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

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

2Schwab MarketTrack Growth Portfolio™ \| Annual Report

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $1050 |
| Number of Holdings | 13 |
| Portfolio Turnover Rate | 18% |
| Advisory Fees Paid by the Fund | $1278492 |
| Foreign Tax Paid and Passed Through | $788311 |
| Gross Income From Foreign Sources | $7348294 |
| Dividends Received Deduction | 25.50% |
| Qualified Dividend Income | $12342268 |
| Long Term Capital Gain Distribution | $77081686 |
| Qualified Business Income (199A) | $1397390 |
| Business Interest Deduction (163j) | 28.01% |

---

Asset Class Weightings % of Investments

![](g77953g23img5e88437d2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g77953g23img561ea75f3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab MarketTrack Growth Portfolio™ \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab MarketTrack Growth Portfolio™ \| Annual Report

------

![](g77953g24img68aa48201.jpg)

Annual Report \| October 31, 2025

Schwab MarketTrack Balanced Portfolio™

Ticker Symbol: SWBGX

------

This annual shareholder report contains important information about the fund for the period of November 1, 2024, to October 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab MarketTrack Balanced Portfolio | $42 | &nbsp;&nbsp;0.39% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 13.97%. The S&P 500<sup>®</sup>

Index, which provides a

broad measure of equity market performance, and the Bloomberg US Aggregate Bond Index, which provides a broad measure of

bond market performance, returned 21.45% and 6.16%, respectively. The fund's custom blended comparative index, the Balanced

Composite Index (the composite index), returned 14.49%.

■

Asset allocations were broadly in line with those of the composite index

■

Top contributors to total return:

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab S&P 500 Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab U.S. Aggregate Bond Index Fund

■

Top detractors from total return:

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab U.S. REIT ETF

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab High Yield Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab MarketTrack Balanced Portfolio™ \| Annual Report

REG125983-01 00319700

------

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (October 31, 2015 - October 31, 2025)

![](g77953g24lg_2m29.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab MarketTrack Balanced Portfolio (11/20/1995)<br>1<br>| 13.97% | &nbsp;&nbsp;&nbsp;&nbsp;9.03% | &nbsp;&nbsp;&nbsp;&nbsp;7.50% |
| S&P 500<br>®<br> Index<br>| 21.45% | &nbsp;&nbsp;&nbsp;&nbsp;17.64% | &nbsp;&nbsp;&nbsp;&nbsp;14.64% |
| Bloomberg US Aggregate Bond Index | 6.16% | &nbsp;&nbsp;&nbsp;&nbsp;-0.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| Balanced Composite Index | 14.49% | &nbsp;&nbsp;&nbsp;&nbsp;9.56% | &nbsp;&nbsp;&nbsp;&nbsp;8.02% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

2Schwab MarketTrack Balanced Portfolio™ \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $627 |
| Number of Holdings | 14 |
| Portfolio Turnover Rate | 21% |
| Advisory Fees Paid by the Fund | $775672 |
| Foreign Tax Paid and Passed Through | $359140 |
| Gross Income From Foreign Sources | $3348440 |
| Dividends Received Deduction | 17.89% |
| Qualified Dividend Income | $5690484 |
| Long Term Capital Gain Distribution | $40873640 |
| Qualified Business Income (199A) | $643768 |
| Business Interest Deduction (163j) | 50.32% |

---

Asset Class Weightings % of Investments

![](g77953g24img32f098cc2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g77953g24imgd4c9218c3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab MarketTrack Balanced Portfolio™ \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab MarketTrack Balanced Portfolio™ \| Annual Report

------

![](g77953g25imgb3a17c681.jpg)

Annual Report \| October 31, 2025

Schwab MarketTrack Conservative Portfolio™

Ticker Symbol: SWCGX

------

This annual shareholder report contains important information about the fund for the period of November 1, 2024, to October 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

.

If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab MarketTrack Conservative Portfolio | $43 | &nbsp;&nbsp;0.41% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 11.12%. The S&P 500<sup>®</sup>

Index, which provides a

broad measure of equity market performance, and the Bloomberg US Aggregate Bond Index, which provides a broad measure of

bond market performance, returned 21.45% and 6.16%, respectively. The fund's custom blended comparative index, the

Conservative Composite Index (the composite index), returned 11.59%.

■

Asset allocations were broadly in line with those of the composite index

■

Top contributors to total return:

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab U.S. Aggregate Bond Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab S&P 500 Index Fund

■

Top detractors from total return:

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab U.S. REIT ETF

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab High Yield Bond ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab MarketTrack Conservative Portfolio™ \| Annual Report

REG125984-01 00319699

------

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (October 31, 2015 - October 31, 2025)

![](g77953g25lg_2m30.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab MarketTrack Conservative Portfolio (11/20/1995)<br>1<br>| 11.12% | &nbsp;&nbsp;&nbsp;&nbsp;5.77% | &nbsp;&nbsp;&nbsp;&nbsp;5.46% |
| <br>S&P 500<br>®<br> Index<br>| 21.45% | &nbsp;&nbsp;&nbsp;&nbsp;17.64% | &nbsp;&nbsp;&nbsp;&nbsp;14.64% |
| Bloomberg US Aggregate Bond Index | 6.16% | &nbsp;&nbsp;&nbsp;&nbsp;-0.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| Conservative Composite Index | 11.59% | &nbsp;&nbsp;&nbsp;&nbsp;6.30% | &nbsp;&nbsp;&nbsp;&nbsp;6.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

2Schwab MarketTrack Conservative Portfolio™ \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $206 |
| Number of Holdings | 14 |
| Portfolio Turnover Rate | 23% |
| Advisory Fees Paid by the Fund | $259762 |
| Foreign Tax Paid and Passed Through | $81226 |
| Gross Income From Foreign Sources | $757033 |
| Dividends Received Deduction | 10.21% |
| Qualified Dividend Income | $1249590 |
| Long Term Capital Gain Distribution | $12878284 |
| Qualified Business Income (199A) | $134321 |
| Business Interest Deduction (163j) | 69.53% |

---

Asset Class Weightings % of Investments

![](g77953g25img2a9bb04f2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g77953g25img8f3b341e3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab MarketTrack Conservative Portfolio™ \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab MarketTrack Conservative Portfolio™ \| Annual Report

------

![](g77953g26img9a738f191.jpg)

Annual Report \| October 31, 2025

Schwab Target 2010 Fund

Ticker Symbol: SWBRX

------

This annual shareholder report contains important information about the fund for the period of November 1, 2024, to October 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2010 Fund\* | $0 | &nbsp;&nbsp;0.00% |

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund. This agreement to limit the total annual

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the 2010 Fund returned 10.75%. The Dow Jones U.S. Total Stock

Market Index<sup>SM</sup>

, which provides a broad measure of equity market performance, and the Bloomberg US Aggregate Bond Index,

which provides a broad measure of bond market performance, returned 20.90% and 6.16%, respectively. The 2010 Fund's internally

calculated comparative index, the Target 2010 Composite Index (the composite index), returned 10.76%.

■

Asset allocations were broadly in line with those of the composite index

■

Top contributors to total return:

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab S&P 500 Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab U.S. Aggregate Bond Index Fund

■

Over the reporting period, there were no detractors from the return of the fund. However, the smallest contributors to total return

were:

&nbsp;&nbsp;&nbsp;&nbsp;

● ClearBridge Small Cap Growth Fund (Class IS) (which was sold prior to the end of the reporting period)

&nbsp;&nbsp;&nbsp;&nbsp;

● Loomis Sayles Investment Grade Bond Fund (Class Y)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2010 Fund \| Annual Report

REG125990-01 00319694

------

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (October 31, 2015 - October 31, 2025)

![](g77953g26lg_2mp5.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Target 2010 Fund (07/01/2005)<br>1<br>| 10.75% | &nbsp;&nbsp;&nbsp;&nbsp;5.40% | &nbsp;&nbsp;&nbsp;&nbsp;5.47% |
| Dow Jones U.S. Total Stock Market Index<br>SM<br>| 20.90% | &nbsp;&nbsp;&nbsp;&nbsp;16.69% | &nbsp;&nbsp;&nbsp;&nbsp;14.02% |
| Bloomberg US Aggregate Bond Index | 6.16% | &nbsp;&nbsp;&nbsp;&nbsp;-0.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| Target 2010 Composite Index | 10.76% | &nbsp;&nbsp;&nbsp;&nbsp;5.66% | &nbsp;&nbsp;&nbsp;&nbsp;5.67% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

2Schwab Target 2010 Fund \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $43 |
| Number of Holdings | 21 |
| Portfolio Turnover Rate | 16% |
| Advisory Fees Paid by the Fund | $0 |
| Foreign Tax Paid and Passed Through | $9134 |
| Gross Income From Foreign Sources | $71418 |
| Dividends Received Deduction | 8.99% |
| Qualified Dividend Income | $216294 |
| Long Term Capital Gain Distribution | $1338322 |
| Qualified Business Income (199A) | $22589 |
| Business Interest Deduction (163j) | 57.44% |

---

Asset Class Weightings % of Investments

![](g77953g26imgd164eb1c2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g77953g26img346cec883.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2010 Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Target 2010 Fund \| Annual Report

------

![](g77953g27img065dbb8b1.jpg)

Annual Report \| October 31, 2025

Schwab Target 2015 Fund

Ticker Symbol: SWGRX

------

This annual shareholder report contains important information about the fund for the period of November 1, 2024, to October 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

.

If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2015 Fund\* | $0 | &nbsp;&nbsp;0.00% |

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund. This agreement to limit the total annual

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the 2015 Fund returned 11.39%. The Dow Jones U.S. Total Stock

Market Index<sup>SM</sup>

, which provides a broad measure of equity market performance, and the Bloomberg US Aggregate Bond Index,

which provides a broad measure of bond market performance, returned 20.90% and 6.16%, respectively. The 2015 Fund's internally

calculated comparative index, the Target 2015 Composite Index (the composite index), returned 11.37%.

■

Asset allocations were broadly in line with those of the composite index

■

Top contributors to total return:

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab S&P 500 Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab U.S. Aggregate Bond Index Fund

■

Over the reporting period, there were no detractors from the return of the fund. However, the smallest contributors to total return

were:

&nbsp;&nbsp;&nbsp;&nbsp;

● ClearBridge Small Cap Growth Fund (Class IS) (which was sold prior to the end of the reporting period)

&nbsp;&nbsp;&nbsp;&nbsp;

● Driehaus Small Cap Growth Fund (Institutional Shares)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2015 Fund \| Annual Report

REG125991-01 00319693

------

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (October 31, 2015 - October 31, 2025)

![](g77953g27lg_2mq1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Target 2015 Fund (03/12/2008)<br>1<br>| 11.39% | &nbsp;&nbsp;&nbsp;&nbsp;5.81% | &nbsp;&nbsp;&nbsp;&nbsp;5.72% |
| Dow Jones U.S. Total Stock Market Index<br>SM<br>| 20.90% | &nbsp;&nbsp;&nbsp;&nbsp;16.69% | &nbsp;&nbsp;&nbsp;&nbsp;14.02% |
| Bloomberg US Aggregate Bond Index | 6.16% | &nbsp;&nbsp;&nbsp;&nbsp;-0.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| Target 2015 Composite Index | 11.37% | &nbsp;&nbsp;&nbsp;&nbsp;6.15% | &nbsp;&nbsp;&nbsp;&nbsp;5.97% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

2Schwab Target 2015 Fund \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $47 |
| Number of Holdings | 21 |
| Portfolio Turnover Rate | 17% |
| Advisory Fees Paid by the Fund | $0 |
| Foreign Tax Paid and Passed Through | $12832 |
| Gross Income From Foreign Sources | $99890 |
| Dividends Received Deduction | 10.20% |
| Qualified Dividend Income | $278188 |
| Long Term Capital Gain Distribution | $2220953 |
| Qualified Business Income (199A) | $29237 |
| Business Interest Deduction (163j) | 56.92% |

---

Asset Class Weightings % of Investments

![](g77953g27img10d160482.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g77953g27img765dcba73.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2015 Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Target 2015 Fund \| Annual Report

------

![](g77953g28img23da31cc1.jpg)

Annual Report \| October 31, 2025

Schwab Target 2020 Fund

Ticker Symbol: SWCRX

------

This annual shareholder report contains important information about the fund for the period of November 1, 2024, to October 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2020 Fund\* | $0 | &nbsp;&nbsp;0.00% |

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund. This agreement to limit the total annual

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the 2020 Fund returned 11.79%. The Dow Jones U.S. Total Stock

Market Index<sup>SM</sup>

, which provides a broad measure of equity market performance, and the Bloomberg US Aggregate Bond Index,

which provides a broad measure of bond market performance, returned 20.90% and 6.16%, respectively. The 2020 Fund's internally

calculated comparative index, the Target 2020 Composite Index (the composite index), returned 11.78%.

■

Asset allocations were broadly in line with those of the composite index

■

Top contributors to total return:

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab S&P 500 Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab U.S. Aggregate Bond Index Fund

■

Over the reporting period, there were no detractors from the return of the fund. However, the smallest contributors to total return

were:

&nbsp;&nbsp;&nbsp;&nbsp;

● Driehaus Small Cap Growth Fund (Institutional Shares)

&nbsp;&nbsp;&nbsp;&nbsp;

● ClearBridge Small Cap Growth Fund (Class IS) (which was sold prior to the end of the reporting period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2020 Fund \| Annual Report

REG125992-01 00319692

------

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (October 31, 2015 - October 31, 2025)

![](g77953g28lg_2mp6.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Target 2020 Fund (07/01/2005)<br>1<br>| 11.79% | &nbsp;&nbsp;&nbsp;&nbsp;6.14% | &nbsp;&nbsp;&nbsp;&nbsp;6.11% |
| Dow Jones U.S. Total Stock Market Index<br>SM<br>| 20.90% | &nbsp;&nbsp;&nbsp;&nbsp;16.69% | &nbsp;&nbsp;&nbsp;&nbsp;14.02% |
| Bloomberg US Aggregate Bond Index | 6.16% | &nbsp;&nbsp;&nbsp;&nbsp;-0.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| Target 2020 Composite Index | 11.78% | &nbsp;&nbsp;&nbsp;&nbsp;6.48% | &nbsp;&nbsp;&nbsp;&nbsp;6.40% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

2Schwab Target 2020 Fund \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $296 |
| Number of Holdings | 21 |
| Portfolio Turnover Rate | 9% |
| Advisory Fees Paid by the Fund | $0 |
| Foreign Tax Paid and Passed Through | $86233 |
| Gross Income From Foreign Sources | $674670 |
| Dividends Received Deduction | 10.96% |
| Qualified Dividend Income | $1912500 |
| Long Term Capital Gain Distribution | $15898463 |
| Qualified Business Income (199A) | $202639 |
| Business Interest Deduction (163j) | 55.79% |

---

Asset Class Weightings % of Investments

![](g77953g28imgaa29d4fd2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g77953g28img0c93001d3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2020 Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Target 2020 Fund \| Annual Report

------

![](g77953g29imgcd938e171.jpg)

Annual Report \| October 31, 2025

Schwab Target 2025 Fund

Ticker Symbol: SWHRX

------

This annual shareholder report contains important information about the fund for the period of November 1, 2024, to October 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

.

If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2025 Fund\* | $0 | &nbsp;&nbsp;0.00% |

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund. This agreement to limit the total annual

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the 2025 Fund returned 12.30%. The Dow Jones U.S. Total Stock

Market Index<sup>SM</sup>

, which provides a broad measure of equity market performance, and the Bloomberg US Aggregate Bond Index,

which provides a broad measure of bond market performance, returned 20.90% and 6.16%, respectively. The 2025 Fund's internally

calculated comparative index, the Target 2025 Composite Index (the composite index), returned 12.19%.

■

Asset allocations were broadly in line with those of the composite index

■

Top contributors to total return:

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab S&P 500 Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab U.S. Aggregate Bond Index Fund

■

Top detractors from total return:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Goldman Sachs Emerging Markets Equity Insights Fund (Institutional Class) (which was sold prior to the end of the reporting

period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● While there were no additional underlying funds that detracted from the total return of the fund, ClearBridge Small Cap Growth

Fund (Class IS) was the smallest contributor to total return (which was sold prior to the end of the reporting period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2025 Fund \| Annual Report

REG125993-01 00319691

------

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (October 31, 2015 - October 31, 2025)

![](g77953g29lg_2mq2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Target 2025 Fund (03/12/2008)<br>1<br>| 12.30% | &nbsp;&nbsp;&nbsp;&nbsp;7.24% | &nbsp;&nbsp;&nbsp;&nbsp;6.88% |
| <br>Dow Jones U.S. Total Stock Market Index<br>SM<br>| 20.90% | &nbsp;&nbsp;&nbsp;&nbsp;16.69% | &nbsp;&nbsp;&nbsp;&nbsp;14.02% |
| Bloomberg US Aggregate Bond Index | 6.16% | &nbsp;&nbsp;&nbsp;&nbsp;-0.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| Target 2025 Composite Index | 12.19% | &nbsp;&nbsp;&nbsp;&nbsp;7.69% | &nbsp;&nbsp;&nbsp;&nbsp;7.26% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

2Schwab Target 2025 Fund \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $425 |
| Number of Holdings | 21 |
| Portfolio Turnover Rate | 13% |
| Advisory Fees Paid by the Fund | $0 |
| Foreign Tax Paid and Passed Through | $154072 |
| Gross Income From Foreign Sources | $1163736 |
| Dividends Received Deduction | 12.06% |
| Qualified Dividend Income | $3068673 |
| Long Term Capital Gain Distribution | $18704502 |
| Qualified Business Income (199A) | $314658 |
| Business Interest Deduction (163j) | 61.52% |

---

Asset Class Weightings % of Investments

![](g77953g29imge1b729c12.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g77953g29img62c17f9b3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2025 Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Target 2025 Fund \| Annual Report

------

![](g77953g30img7b43a0811.jpg)

Annual Report \| October 31, 2025

Schwab Target 2030 Fund

Ticker Symbol: SWDRX

------

This annual shareholder report contains important information about the fund for the period of November 1, 2024, to October 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2030 Fund\* | $0 | &nbsp;&nbsp;0.00% |

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund. This agreement to limit the total annual

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the 2030 Fund returned 14.42%. The Dow Jones U.S. Total Stock

Market Index<sup>SM</sup>

, which provides a broad measure of equity market performance, and the Bloomberg US Aggregate Bond Index,

which provides a broad measure of bond market performance, returned 20.90% and 6.16%, respectively. The 2030 Fund's internally

calculated comparative index, the Target 2030 Composite Index (the composite index), returned 14.30%.

■

Asset allocations were broadly in line with those of the composite index

■

Top contributors to total return:

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab S&P 500 Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab International Opportunities Fund

■

Over the reporting period, there were no detractors from the return of the fund. However, the smallest contributors to total return

were:

&nbsp;&nbsp;&nbsp;&nbsp;

● ClearBridge Small Cap Growth Fund (Class IS) (which was sold prior to the end of the reporting period)

&nbsp;&nbsp;&nbsp;&nbsp;

● Driehaus Small Cap Growth Fund (Institutional Shares)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2030 Fund \| Annual Report

REG125994-01 00319690

------

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (October 31, 2015 - October 31, 2025)

![](g77953g30lg_2mp7.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Target 2030 Fund (07/01/2005)<br>1<br>| 14.42% | &nbsp;&nbsp;&nbsp;&nbsp;8.83% | &nbsp;&nbsp;&nbsp;&nbsp;7.83% |
| Dow Jones U.S. Total Stock Market Index<br>SM<br>| 20.90% | &nbsp;&nbsp;&nbsp;&nbsp;16.69% | &nbsp;&nbsp;&nbsp;&nbsp;14.02% |
| Bloomberg US Aggregate Bond Index | 6.16% | &nbsp;&nbsp;&nbsp;&nbsp;-0.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| Target 2030 Composite Index | 14.30% | &nbsp;&nbsp;&nbsp;&nbsp;9.39% | &nbsp;&nbsp;&nbsp;&nbsp;8.28% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

2Schwab Target 2030 Fund \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $1031 |
| Number of Holdings | 22 |
| Portfolio Turnover Rate | 14% |
| Advisory Fees Paid by the Fund | $0 |
| Foreign Tax Paid and Passed Through | $549280 |
| Gross Income From Foreign Sources | $3492314 |
| Dividends Received Deduction | 15.64% |
| Qualified Dividend Income | $8193550 |
| Long Term Capital Gain Distribution | $33458443 |
| Qualified Business Income (199A) | $875429 |
| Business Interest Deduction (163j) | 42.48% |

---

Asset Class Weightings % of Investments

![](g77953g30img6945abbd2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g77953g30img5edd494c3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2030 Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Target 2030 Fund \| Annual Report

------

![](g77953g31imgdae7923c1.jpg)

Annual Report \| October 31, 2025

Schwab Target 2035 Fund

Ticker Symbol: SWIRX

------

This annual shareholder report contains important information about the fund for the period of November 1, 2024, to October 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2035 Fund\* | $0 | &nbsp;&nbsp;0.00% |

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund. This agreement to limit the total annual

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the 2035 Fund returned 15.99%. The Dow Jones U.S. Total Stock

Market Index<sup>SM</sup>

, which provides a broad measure of equity market performance, and the Bloomberg US Aggregate Bond Index,

which provides a broad measure of bond market performance, returned 20.90% and 6.16%, respectively. The 2035 Fund's internally

calculated comparative index, the Target 2035 Composite Index (the composite index), returned 15.87%.

■

Asset allocations were broadly in line with those of the composite index

■

Top contributors to total return:

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab S&P 500 Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab International Opportunities Fund

■

Over the reporting period, there were no detractors from the return of the fund. However, the smallest contributors to total return

were:

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab Treasury Inflation Protected Securities Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;

● ClearBridge Small Cap Growth Fund (Class IS) (which was sold prior to the end of the reporting period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2035 Fund \| Annual Report

REG125995-01 00319689

------

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (October 31, 2015 - October 31, 2025)

![](g77953g31lg_2mq3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Target 2035 Fund (03/12/2008)<br>1<br>| 15.99% | &nbsp;&nbsp;&nbsp;&nbsp;10.00% | &nbsp;&nbsp;&nbsp;&nbsp;8.51% |
| Dow Jones U.S. Total Stock Market Index<br>SM<br>| 20.90% | &nbsp;&nbsp;&nbsp;&nbsp;16.69% | &nbsp;&nbsp;&nbsp;&nbsp;14.02% |
| Bloomberg US Aggregate Bond Index | 6.16% | &nbsp;&nbsp;&nbsp;&nbsp;-0.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| Target 2035 Composite Index | 15.87% | &nbsp;&nbsp;&nbsp;&nbsp;10.64% | &nbsp;&nbsp;&nbsp;&nbsp;9.03% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

2Schwab Target 2035 Fund \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $670 |
| Number of Holdings | 22 |
| Portfolio Turnover Rate | 15% |
| Advisory Fees Paid by the Fund | $0 |
| Foreign Tax Paid and Passed Through | $454821 |
| Gross Income From Foreign Sources | $2571257 |
| Dividends Received Deduction | 18.76% |
| Qualified Dividend Income | $5605920 |
| Long Term Capital Gain Distribution | $9096227 |
| Qualified Business Income (199A) | $622222 |
| Business Interest Deduction (163j) | 34.73% |

---

Asset Class Weightings % of Investments

![](g77953g31img2bfd4ad92.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g77953g31img3788b47e3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2035 Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Target 2035 Fund \| Annual Report

------

![](g77953g32img13ca93211.jpg)

Annual Report \| October 31, 2025

Schwab Target 2040 Fund

Ticker Symbol: SWERX

------

This annual shareholder report contains important information about the fund for the period of November 1, 2024, to October 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2040 Fund\* | $0 | &nbsp;&nbsp;0.00% |

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund. This agreement to limit the total annual

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the 2040 Fund returned 17.14%. The Dow Jones U.S. Total Stock

Market Index<sup>SM</sup>

, which provides a broad measure of equity market performance, and the Bloomberg US Aggregate Bond Index,

which provides a broad measure of bond market performance, returned 20.90% and 6.16%, respectively. The 2040 Fund's internally

calculated comparative index, the Target 2040 Composite Index (the composite index), returned 17.12%.

■

Asset allocations were broadly in line with those of the composite index

■

Top contributors to total return:

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab S&P 500 Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab International Opportunities Fund

■

Over the reporting period, there were no detractors from the return of the fund. However, the smallest contributors to total return

were:

&nbsp;&nbsp;&nbsp;&nbsp;

● Allspring Core Plus Bond Fund (Class R6)

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab Short-Term Bond Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2040 Fund \| Annual Report

REG125996-01 00319688

------

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (October 31, 2015 - October 31, 2025)

![](g77953g32lg_2mp8.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Target 2040 Fund (07/01/2005)<br>1<br>| 17.14% | &nbsp;&nbsp;&nbsp;&nbsp;10.93% | &nbsp;&nbsp;&nbsp;&nbsp;9.05% |
| <br>Dow Jones U.S. Total Stock Market Index<br>SM<br>| 20.90% | &nbsp;&nbsp;&nbsp;&nbsp;16.69% | &nbsp;&nbsp;&nbsp;&nbsp;14.02% |
| Bloomberg US Aggregate Bond Index | 6.16% | &nbsp;&nbsp;&nbsp;&nbsp;-0.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| Target 2040 Composite Index | 17.12% | &nbsp;&nbsp;&nbsp;&nbsp;11.63% | &nbsp;&nbsp;&nbsp;&nbsp;9.65% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

2Schwab Target 2040 Fund \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $1313 |
| Number of Holdings | 21 |
| Portfolio Turnover Rate | 12% |
| Advisory Fees Paid by the Fund | $0 |
| Foreign Tax Paid and Passed Through | $1090468 |
| Gross Income From Foreign Sources | $5728871 |
| Dividends Received Deduction | 21.84% |
| Qualified Dividend Income | $12039196 |
| Long Term Capital Gain Distribution | $31472514 |
| Qualified Business Income (199A) | $1333736 |
| Business Interest Deduction (163j) | 26.58% |

---

Asset Class Weightings % of Investments

![](g77953g32img049619742.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g77953g32imge1b0505d3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2040 Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Target 2040 Fund \| Annual Report

------

![](g77953g33img9996509f1.jpg)

Annual Report \| October 31, 2025

Schwab Target 2045 Fund

Ticker Symbol: SWMRX

------

This annual shareholder report contains important information about the fund for the period of November 1, 2024, to October 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2045 Fund\* | $0 | &nbsp;&nbsp;0.00% |

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund. This agreement to limit the total annual

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the 2045 Fund returned 18.24%. The Dow Jones U.S. Total Stock

Market Index<sup>SM</sup>

, which provides a broad measure of equity market performance, and the Bloomberg US Aggregate Bond Index,

which provides a broad measure of bond market performance, returned 20.90% and 6.16%, respectively. The 2045 Fund's internally

calculated comparative index, the Target 2045 Composite Index (the composite index), returned 18.20%.

■

Asset allocations were broadly in line with those of the composite index

■

Top contributors to total return:

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab S&P 500 Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab International Opportunities Fund

■

Over the reporting period, there were no detractors from the return of the fund. However, the smallest contributors to total return

were:

&nbsp;&nbsp;&nbsp;&nbsp;

● Allspring Core Plus Bond Fund (Class R6)

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab Short-Term Bond Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2045 Fund \| Annual Report

REG125997-01 00319687

------

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (October 31, 2015 - October 31, 2025)

![](g77953g33lg_2mr1.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Target 2045 Fund (01/23/2013)<br>1<br>| 18.24% | &nbsp;&nbsp;&nbsp;&nbsp;11.70% | &nbsp;&nbsp;&nbsp;&nbsp;9.48% |
| Dow Jones U.S. Total Stock Market Index<br>SM<br>| 20.90% | &nbsp;&nbsp;&nbsp;&nbsp;16.69% | &nbsp;&nbsp;&nbsp;&nbsp;14.02% |
| Bloomberg US Aggregate Bond Index | 6.16% | &nbsp;&nbsp;&nbsp;&nbsp;-0.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| Target 2045 Composite Index | 18.20% | &nbsp;&nbsp;&nbsp;&nbsp;12.50% | &nbsp;&nbsp;&nbsp;&nbsp;10.13% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

2Schwab Target 2045 Fund \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $367 |
| Number of Holdings | 21 |
| Portfolio Turnover Rate | 9% |
| Advisory Fees Paid by the Fund | $0 |
| Foreign Tax Paid and Passed Through | $335361 |
| Gross Income From Foreign Sources | $1658317 |
| Dividends Received Deduction | 24.78% |
| Qualified Dividend Income | $3358409 |
| Long Term Capital Gain Distribution | $3434223 |
| Qualified Business Income (199A) | $388187 |
| Business Interest Deduction (163j) | 21.46% |

---

Asset Class Weightings % of Investments

![](g77953g33imgcb130c802.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g77953g33imgc4c5c1313.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2045 Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Target 2045 Fund \| Annual Report

------

![](g77953g34img0bc98a2c1.jpg)

Annual Report \| October 31, 2025

Schwab Target 2050 Fund

Ticker Symbol: SWNRX

------

This annual shareholder report contains important information about the fund for the period of November 1, 2024, to October 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2050 Fund\* | $0 | &nbsp;&nbsp;0.00% |

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund. This agreement to limit the total annual

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the 2050 Fund returned 18.96%. The Dow Jones U.S. Total Stock

Market Index<sup>SM</sup>

, which provides a broad measure of equity market performance, and the Bloomberg US Aggregate Bond Index,

which provides a broad measure of bond market performance, returned 20.90% and 6.16%, respectively. The 2050 Fund's internally

calculated comparative index, the Target 2050 Composite Index (the composite index), returned 18.98%.

■

Asset allocations were broadly in line with those of the composite index

■

Top contributors to total return:

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab S&P 500 Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab International Opportunities Fund

■

Over the reporting period, there were no detractors from the return of the fund. However, the smallest contributors to total return

were:

&nbsp;&nbsp;&nbsp;&nbsp;

● Allspring Core Plus Bond Fund (Class R6)

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab Short-Term Bond Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2050 Fund \| Annual Report

REG125998-01 00319686

------

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (October 31, 2015 - October 31, 2025)

![](g77953g34lg_2mr2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Target 2050 Fund (01/23/2013)<br>1<br>| 18.96% | &nbsp;&nbsp;&nbsp;&nbsp;12.24% | &nbsp;&nbsp;&nbsp;&nbsp;9.77% |
| Dow Jones U.S. Total Stock Market Index<br>SM<br>| 20.90% | &nbsp;&nbsp;&nbsp;&nbsp;16.69% | &nbsp;&nbsp;&nbsp;&nbsp;14.02% |
| Bloomberg US Aggregate Bond Index | 6.16% | &nbsp;&nbsp;&nbsp;&nbsp;-0.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| Target 2050 Composite Index | 18.98% | &nbsp;&nbsp;&nbsp;&nbsp;13.03% | &nbsp;&nbsp;&nbsp;&nbsp;10.42% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

2Schwab Target 2050 Fund \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $376 |
| Number of Holdings | 21 |
| Portfolio Turnover Rate | 7% |
| Advisory Fees Paid by the Fund | $0 |
| Foreign Tax Paid and Passed Through | $382420 |
| Gross Income From Foreign Sources | $1780230 |
| Dividends Received Deduction | 26.91% |
| Qualified Dividend Income | $3596470 |
| Long Term Capital Gain Distribution | $4453557 |
| Qualified Business Income (199A) | $429665 |
| Business Interest Deduction (163j) | 15.29% |

---

Asset Class Weightings % of Investments

![](g77953g34img520aa1ae2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g77953g34img1362352d3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2050 Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Target 2050 Fund \| Annual Report

------

![](g77953g35img35cb44601.jpg)

Annual Report \| October 31, 2025

Schwab Target 2055 Fund

Ticker Symbol: SWORX

------

This annual shareholder report contains important information about the fund for the period of November 1, 2024, to October 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2055 Fund\* | $0 | &nbsp;&nbsp;0.00% |

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund. This agreement to limit the total annual

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the 2055 Fund returned 19.44%. The Dow Jones U.S. Total Stock

Market Index<sup>SM</sup>

, which provides a broad measure of equity market performance, and the Bloomberg US Aggregate Bond Index,

which provides a broad measure of bond market performance, returned 20.90% and 6.16%, respectively. The 2055 Fund's internally

calculated comparative index, the Target 2055 Composite Index (the composite index), returned 19.43%.

■

Asset allocations were broadly in line with those of the composite index

■

Top contributors to total return:

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab S&P 500 Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab International Opportunities Fund

■

Over the reporting period, there were no detractors from the return of the fund. However, the smallest contributors to total return

were:

&nbsp;&nbsp;&nbsp;&nbsp;

● Baird Aggregate Bond Fund (Institutional Class)

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab Short-Term Bond Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2055 Fund \| Annual Report

REG125999-01 00319685

------

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (October 31, 2015 - October 31, 2025)

![](g77953g35lg_2mr3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Target 2055 Fund (01/23/2013)<br>1<br>| 19.44% | &nbsp;&nbsp;&nbsp;&nbsp;12.46% | &nbsp;&nbsp;&nbsp;&nbsp;9.90% |
| Dow Jones U.S. Total Stock Market Index<br>SM<br>| 20.90% | &nbsp;&nbsp;&nbsp;&nbsp;16.69% | &nbsp;&nbsp;&nbsp;&nbsp;14.02% |
| Bloomberg US Aggregate Bond Index | 6.16% | &nbsp;&nbsp;&nbsp;&nbsp;-0.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.90% |
| Target 2055 Composite Index | 19.43% | &nbsp;&nbsp;&nbsp;&nbsp;13.35% | &nbsp;&nbsp;&nbsp;&nbsp;10.62% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

2Schwab Target 2055 Fund \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $273 |
| Number of Holdings | 20 |
| Portfolio Turnover Rate | 6% |
| Advisory Fees Paid by the Fund | $0 |
| Foreign Tax Paid and Passed Through | $295932 |
| Gross Income From Foreign Sources | $1335096 |
| Dividends Received Deduction | 27.62% |
| Qualified Dividend Income | $2646823 |
| Long Term Capital Gain Distribution | $3467066 |
| Qualified Business Income (199A) | $323196 |
| Business Interest Deduction (163j) | 11.48% |

---

Asset Class Weightings % of Investments

![](g77953g35img12361dde2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g77953g35img405f48a53.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2055 Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Target 2055 Fund \| Annual Report

------

![](g77953g36img603764951.jpg)

Annual Report \| October 31, 2025

Schwab Target 2060 Fund

Ticker Symbol: SWPRX

------

This annual shareholder report contains important information about the fund for the period of November 1, 2024, to October 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2060 Fund\* | $0 | &nbsp;&nbsp;0.00% |

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund. This agreement to limit the total annual

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the 2060 Fund returned 19.90%. The Dow Jones U.S. Total Stock

Market Index<sup>SM</sup>

, which provides a broad measure of equity market performance, and the Bloomberg US Aggregate Bond Index,

which provides a broad measure of bond market performance, returned 20.90% and 6.16%, respectively. The 2060 Fund's internally

calculated comparative index, the Target 2060 Composite Index (the composite index), returned 19.74%.

■

Asset allocations were broadly in line with those of the composite index

■

Top contributors to total return:

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab S&P 500 Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab International Opportunities Fund

■

Over the reporting period, there were no detractors from the return of the fund. However, the smallest contributors to total return

were:

&nbsp;&nbsp;&nbsp;&nbsp;

● Allspring Core Plus Bond Fund (Class R6)

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab Short-Term Bond Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2060 Fund \| Annual Report

REG126000-01 00319684

------

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (August 25, 2016 - October 31, 2025)

![](g77953g36lg_2mv3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | Since Inception |
| Fund: Schwab Target 2060 Fund (08/25/2016)<br>1<br>| 19.90% | &nbsp;&nbsp;&nbsp;&nbsp;12.74% | &nbsp;&nbsp;&nbsp;&nbsp;10.63% |
| Dow Jones U.S. Total Stock Market Index<br>SM<br>| 20.90% | &nbsp;&nbsp;&nbsp;&nbsp;16.69% | &nbsp;&nbsp;&nbsp;&nbsp;14.59% |
| Bloomberg US Aggregate Bond Index | 6.16% | &nbsp;&nbsp;&nbsp;&nbsp;-0.24% | &nbsp;&nbsp;&nbsp;&nbsp;1.51% |
| Target 2060 Composite Index | 19.74% | &nbsp;&nbsp;&nbsp;&nbsp;13.63% | &nbsp;&nbsp;&nbsp;&nbsp;11.18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

2Schwab Target 2060 Fund \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $120 |
| Number of Holdings | 19 |
| Portfolio Turnover Rate | 5% |
| Advisory Fees Paid by the Fund | $0 |
| Foreign Tax Paid and Passed Through | $125724 |
| Gross Income From Foreign Sources | $551435 |
| Dividends Received Deduction | 28.23% |
| Qualified Dividend Income | $1045133 |
| Long Term Capital Gain Distribution | $1166977 |
| Qualified Business Income (199A) | $130985 |
| Business Interest Deduction (163j) | 8.96% |

---

Asset Class Weightings % of Investments

![](g77953g36img8597f2d52.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g77953g36img62d8b8bf3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2060 Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Target 2060 Fund \| Annual Report

------

![](g77953g37imgcafea3891.jpg)

Annual Report \| October 31, 2025

Schwab Target 2065 Fund

Ticker Symbol: SWQRX

------

This annual shareholder report contains important information about the fund for the period of November 1, 2024, to October 31,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com.

If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST year ENDED October 31, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2065 Fund\* | $0 | &nbsp;&nbsp;0.00% |

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund. This agreement to limit the total annual

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the 2065 Fund returned 20.09%. The Dow Jones U.S. Total Stock

Market Index<sup>SM</sup>

, which provides a broad measure of equity market performance, and the Bloomberg US Aggregate Bond Index,

which provides a broad measure of bond market performance, returned 20.90% and 6.16%, respectively. The 2065 Fund's internally

calculated comparative index, the Target 2065 Composite Index (the composite index), returned 20.05%.

■

Asset allocations were broadly in line with those of the composite index

■

Top contributors to total return:

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab S&P 500 Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab International Opportunities Fund

■

Over the reporting period, there were no detractors from the return of the fund. However, the smallest contributors to total return

were:

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab U.S. Aggregate Bond Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;

● Schwab Short-Term Bond Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2065 Fund \| Annual Report

REG126001-01 00319683

------

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

Performance of Hypothetical $10,000 Investment (February 25, 2021 - October 31, 2025)

![](g77953g37lg_2mr0.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Fund and Inception Date | 1 Year | Since Inception |
| Fund: Schwab Target 2065 Fund (02/25/2021)<br>1<br>| 20.09% | &nbsp;&nbsp;&nbsp;&nbsp;9.27% |
| Dow Jones U.S. Total Stock Market Index<br>SM<br>| 20.90% | &nbsp;&nbsp;&nbsp;&nbsp;13.23% |
| Bloomberg US Aggregate Bond Index | 6.16% | &nbsp;&nbsp;&nbsp;&nbsp;0.15% |
| Target 2065 Composite Index | 20.05% | &nbsp;&nbsp;&nbsp;&nbsp;10.07% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

2Schwab Target 2065 Fund \| Annual Report

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (millions) | $40 |
| Number of Holdings | 18 |
| Portfolio Turnover Rate | 4% |
| Advisory Fees Paid by the Fund | $0 |
| Foreign Tax Paid and Passed Through | $37608 |
| Gross Income From Foreign Sources | $161578 |
| Dividends Received Deduction | 28.44% |
| Qualified Dividend Income | $300045 |
| Long Term Capital Gain Distribution | $281510 |
| Qualified Business Income (199A) | $37391 |
| Business Interest Deduction (163j) | 5.24% |

---

Asset Class Weightings % of Investments

![](g77953g37imgd858ceca2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g77953g37imgc362da533.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

Schwab Target 2065 Fund \| Annual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

4Schwab Target 2065 Fund \| Annual Report

------

#### Item 2: Code of Ethics.
(a) Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other persons who perform a similar function, regardless of whether these individuals are employed by Registrant or a third party.

(c) During the period covered by the report, no amendments were made to the provisions of this code of ethics.

(d) During the period covered by the report, Registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics.

(e) Not applicable.

(f)(1) Registrant has filed this code of ethics as an exhibit pursuant to Item 19(a)(1) of Form N-CSR.

#### Item 3: Audit Committee Financial Expert.
Registrant's Board of Trustees has determined that Kimberly S. Patmore, Michael J. Beer and J. Derek Penn, each currently serving on its audit, compliance and valuation committee, are each an "audit committee financial expert," as such term is defined in Item 3 of Form N-CSR. Each member of Registrant's audit, compliance and valuation committee is "independent" under the standards set forth in Item 3 of Form N-CSR.

The designation of each of Ms. Patmore, Mr. Beer and Mr. Penn as an "audit committee financial expert" pursuant to Item 3 of Form N-CSR does not (i) impose upon such individual any duties, obligations, or liability that are greater than the duties, obligations and liability imposed upon such individual as a member of Registrant's audit, compliance and valuation committee or Board of Trustees in the absence of such designation; and (ii) affect the duties, obligations or liability of any other member of Registrant's audit, compliance and valuation committee or Board of Trustees.

#### Item 4: Principal Accountant Fees and Services.
Registrant is composed of fifty-two operational series. Thirty-six series have a fiscal year-end of October 31, whose annual financial statements are reported in Item 1, three series have a fiscal year-end of December 31, twelve series have a fiscal year-end of March 31, and one series has a fiscal year-end of the last day of February. Principal accountant fees disclosed in Items 4(a)-(d) and 4(g) include fees billed for services rendered to the fifty-two operational series during 2025/2026 and 2024/2025, based on their respective 2025/2026 and 2024/2025 fiscal years, as applicable.

The following table presents fees billed by the principal accountant in each of the last two fiscal years for the services rendered to the Funds:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (a) Audit Fees<sup>1</sup> | (a) Audit Fees<sup>1</sup> | (b) Audit-Related Fees<sup>2</sup> | (b) Audit-Related Fees<sup>2</sup> | (c) Tax Fees<sup>3</sup> | (c) Tax Fees<sup>3</sup> | (d) All Other Fees | (d) All Other Fees |
| Fiscal Year<br>2025/2026 | Fiscal Year<br>2024/2025 | Fiscal Year<br>2025/2026 | Fiscal Year<br>2024/2025 | Fiscal Year<br>2025/2026 | Fiscal Year<br>2024/2025 | Fiscal Year<br>2025/2026 | Fiscal Year<br>2024/2025 |
| $1292600 | $1292600 | $95400 | $95400 | $170820 | $170820 | $0 | $0 |

---

<sup>1</sup> The nature of the services includes audit of the registrant's annual financial statements and normally provided services in connection with regulatory filings for those fiscal years.

<sup>2</sup> The nature of the services includes assurance and related services reasonably related to the performance of the audit for compliance with Rule 17f-2 under the Investment Company Act of 1940.

<sup>3</sup> The tax fees consist of professional services relating to tax compliance, tax advice, and the preparation of the Registrant's tax returns.

------

---

| | | |
|:---|:---|:---|
| **(e)** | **(1)** | Registrant's audit, compliance and valuation committee does not have pre-approval policies and procedures as described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. |
|  | **(2)** | There were no services described in each of paragraphs (b) through (d) above that were approved by Registrant's audit, compliance and valuation committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |

---

**(f)** Not applicable.

**(g)** Below are the aggregate non-audit fees billed in each of the last two fiscal years by Registrant's principal accountant for services rendered to Registrant, to Registrant's investment adviser, and to any entity controlling, controlled by, or under common control with Registrant's investment adviser that provides ongoing services to Registrant.

---

| | |
|:---|:---|
| 2024/2025: $2,012,853 | 2023/2024: $2,549,698 |

---

**(h)** During the past fiscal year, all non-audit services provided by Registrant's principal accountant to either Registrant's investment adviser or to any entity controlling, controlled by, or under common control with Registrant's investment adviser that provides ongoing services to Registrant were pre-approved. Included in the audit, compliance and valuation committee's pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant's independence.

**(i)** Not applicable.

**(j)** Not applicable.

#### Item 5: Audit Committee of Listed Registrants.
Not applicable.

#### Item 6: Schedule of Investments.
The schedules of investments are included under Item 7 of this Form.

#### Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g20045img07b12b291.jpg)

**Annual Holdings and Financial Statements** \| October 31, 2025

Schwab International Opportunities Fund

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_021bdb16-21fb-4d31-bf04-ceab1ed549cf_1)**<br> **[Management Investment Companies](#xx_021bdb16-21fb-4d31-bf04-ceab1ed549cf_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_021bdb16-21fb-4d31-bf04-ceab1ed549cf_1) | 2 |
| [Financial Notes](#xx_934715bc-43e6-42fa-9b2b-62d3903ae8d7_1) | 19 |
| [Report of Independent Registered Public Accounting Firm](#xx_7d0f58e3-7b15-4be2-8312-d22889e0c276_1) | 30 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_406b560f-ce6c-4b3d-8c41-c8595ba6655b_1)**<br> **[Management Investment Companies](#xx_406b560f-ce6c-4b3d-8c41-c8595ba6655b_1)**<br>| 31 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_605e59d8-9b16-4f33-ab26-2225ee4efdd6_1)**<br> **[Companies](#xx_605e59d8-9b16-4f33-ab26-2225ee4efdd6_1)**<br>| 32 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_f4f2aecb-e871-4a61-96f3-df021422505b_1)**<br> **[Management Investment Companies](#xx_f4f2aecb-e871-4a61-96f3-df021422505b_1)**<br>| 33 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_f6ea6fa0-c07a-4b44-9d31-8b1eec24b786_1)**<br> **[Contract](#xx_f6ea6fa0-c07a-4b44-9d31-8b1eec24b786_1)** <br>|  |
| [Investment Advisory and Sub-Advisory Agreement Approval](#xx_f6ea6fa0-c07a-4b44-9d31-8b1eec24b786_1) | 34  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: Charles Schwab & Co., Inc. (Schwab)

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc. (MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Schwab.

Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

**1**

------

Schwab International Opportunities Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $20.75 | &nbsp;&nbsp; $17.49 | &nbsp;&nbsp; $16.90 | &nbsp;&nbsp; $30.60 | &nbsp;&nbsp; $24.37 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.35 | 0.32 | 0.33 | 0.26 | 0.01 |
| Net realized and unrealized gains (losses) | 4.49 | 3.28 | 0.91 | &nbsp;&nbsp; (9.58)<br>| 7.94 |
| Total from investment operations | 4.84 | 3.60 | 1.24 | &nbsp;&nbsp; (9.32)<br>| 7.95 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; — |
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (4.10)<br>| &nbsp;&nbsp; (1.72)<br>|
| Total distributions | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (4.38)<br>| &nbsp;&nbsp; (1.72)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $25.19 | &nbsp;&nbsp; $20.75 | &nbsp;&nbsp; $17.49 | &nbsp;&nbsp; $16.90 | &nbsp;&nbsp; $30.60 |
| Total return | 23.82<br> %<br>| 20.75<br> %<br>| 7.09<br> %<br>| &nbsp;&nbsp; (34.79<br> %)<br>| 33.50<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses | 0.84 %<sup>2</sup><br>| 0.85 %<sup>2</sup><br>| 0.85 %<sup>2</sup><br>| 0.99 %<sup>3,4</sup><br>| 1.25<br> %<br>|
| Total expenses | 0.84 %<sup>2</sup><br>| 0.85 %<sup>2</sup><br>| 0.85 %<sup>2</sup><br>| 1.08 %<sup>4</sup><br>| 1.47<br> %<br>|
| Net investment income (loss) | 1.59<br> %<br>| 1.58<br> %<br>| 1.70<br> %<br>| 1.24<br> %<br>| 0.05<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 69<br> %<br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp; 59<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $1173 | &nbsp;&nbsp; $1025 | &nbsp;&nbsp; $927 | &nbsp;&nbsp; $982 | &nbsp;&nbsp; $1495 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio excludes less than 0.01% of acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds and are subject to a contractual expense limitation (see financial note 3, Expense Limitation, for additional information). 

<sup>3</sup> Effective February 25, 2022, the net operating expense limitation was lowered from 1.25% to 0.86%. The ratio presented for the period ended October 31, 2022, is a blended ratio. 

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**2**Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Portfolio Holdings as of October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 94.1% OF NET ASSETS | **COMMON STOCKS** 94.1% OF NET ASSETS | **COMMON STOCKS** 94.1% OF NET ASSETS |
| **Australia 4.5%** | **Australia 4.5%** | **Australia 4.5%** |
| AGL Energy Ltd.  | 10155 | 61516 |
| ALS Ltd.  | 198835 | 2822007 |
| Ansell Ltd.  | 2589 | 61852 |
| Aristocrat Leisure Ltd.  | 13797 | 570853 |
| Atlas Arteria Ltd.  | 13930 | 44253 |
| Aurizon Holdings Ltd.  | 36313 | 81468 |
| Beach Energy Ltd.  | 41569 | 33776 |
| BHP Group Ltd.  | 120890 | 3446356 |
| BlueScope Steel Ltd.  | 10437 | 156149 |
| Brambles Ltd.  | 36954 | 600486 |
| CAR Group Ltd.  | 24449 | 570870 |
| Charter Hall Group  | 13184 | 193630 |
| Cleanaway Waste Management Ltd.  | 41610 | 69365 |
| Cochlear Ltd.  | 1873 | 351637 |
| Coles Group Ltd.  | 25273 | 364501 |
| Computershare Ltd.  | 37981 | 907349 |
| CSL Ltd.  | 9610 | 1119914 |
| Downer EDI Ltd.  | 13477 | 68073 |
| Dyno Nobel Ltd.  | 39764 | 83678 |
| Endeavour Group Ltd.  | 22185 | 53077 |
| Evolution Mining Ltd.  | 59891 | 423823 |
| Fortescue Ltd.  | 45687 | 635380 |
| Genesis Minerals Ltd. \* | 308257 | 1172794 |
| Goodman Group  | 54500 | 1175465 |
| Harvey Norman Holdings Ltd.  | 9200 | 43480 |
| HUB24 Ltd.  | 30369 | 2262978 |
| IGO Ltd. \* | 19370 | 67919 |
| Iluka Resources Ltd.  | 6549 | 29609 |
| Insurance Australia Group Ltd.  | 125504 | 645196 |
| JB Hi-Fi Ltd.  | 18363 | 1256145 |
| Lottery Corp. Ltd.  | 39729 | 142906 |
| Lynas Rare Earths Ltd. \* | 117815 | 1174541 |
| Magellan Financial Group Ltd.  | 11754 | 73878 |
| Medibank Pvt Ltd.  | 198469 | 633412 |
| Netwealth Group Ltd.  | 8713 | 175375 |
| New Hope Corp. Ltd.  | 12131 | 32923 |
| NEXTDC Ltd. \* | 440510 | 4528855 |
| Northern Star Resources Ltd.  | 396633 | 6395641 |
| Origin Energy Ltd.  | 28231 | 226238 |
| Paladin Energy Ltd. \* | 550537 | 3453632 |
| Pro Medicus Ltd.  | 1623 | 278677 |
| Qantas Airways Ltd.  | 17797 | 118566 |
| QBE Insurance Group Ltd.  | 67393 | 874395 |
| Qube Holdings Ltd.  | 27911 | 79991 |
| REA Group Ltd.  | 1546 | 215415 |
| Reece Ltd.  | 3757 | 28680 |
| Region Group  | 25568 | 40838 |
| Rio Tinto Ltd.  | 10264 | 891185 |
| Santos Ltd.  | 902635 | 3728004 |
| SEEK Ltd.  | 6753 | 119508 |
| SGH Ltd.  | 2866 | 90810 |
| Silex Systems Ltd. \* | 94698 | 638348 |
| Sims Ltd.  | 4265 | 44492 |
| Sonic Healthcare Ltd.  | 7647 | 105839 |
| South32 Ltd.  | 128977 | 266736 |
| Steadfast Group Ltd.  | 59770 | 218956 |
| Stockland  | 53236 | 220098 |
| Technology One Ltd.  | 6322 | 152259 |
| Telix Pharmaceuticals Ltd. \* | 3511 | 37152 |
| Telstra Group Ltd.  | 87262 | 278788 |
| Temple & Webster Group Ltd. \* | 121548 | 1889068 |
| TPG Telecom Ltd.  | 5818 | 21045 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Transurban Group  | 49057 | 464162 |
| Treasury Wine Estates Ltd.  | 13671 | 53548 |
| Vicinity Ltd.  | 109146 | 180317 |
| Washington H Soul Pattinson & Co. Ltd.  | 4982 | 122414 |
| Wesfarmers Ltd.  | 26733 | 1467266 |
| Whitehaven Coal Ltd.  | 21232 | 99793 |
| WiseTech Global Ltd.  | 4160 | 187624 |
| Woodside Energy Group Ltd.  | 30076 | 487395 |
| Woolworths Group Ltd.  | 26101 | 484930 |
| Worley Ltd.  | 7258 | 67782 |
| Yancoal Australia Ltd.  | 9038 | 32885 |
| Zip Co. Ltd. \* | 1232094 | 3096025 |
|  |  | **53293991** |
| **Austria 0.4%** | **Austria 0.4%** | **Austria 0.4%** |
| ANDRITZ AG  | 1683 | 127245 |
| DO & Co. AG  | 6533 | 1558426 |
| Kontron AG  | 89929 | 2350611 |
| Strabag SE  | 485 | 37958 |
| Telekom Austria AG  | 2400 | 25534 |
| Verbund AG  | 2152 | 166092 |
|  |  | **4265866** |
| **Belgium 0.2%** | **Belgium 0.2%** | **Belgium 0.2%** |
| D'ieteren Group  | 644 | 117641 |
| Galapagos NV, ADR \* | 34035 | 1081632 |
| Lotus Bakeries NV  | 10 | 87247 |
| Sofina SA  | 1077 | 296019 |
| UCB SA  | 2434 | 625884 |
| Warehouses De Pauw CVA  | 4207 | 106835 |
|  |  | **2315258** |
| **Brazil 1.5%** | **Brazil 1.5%** | **Brazil 1.5%** |
| Direcional Engenharia SA  | 926600 | 2924501 |
| Embraer SA, ADR  | 78628 | 5069933 |
| Inter & Co., Inc., Class A  | 137854 | 1262743 |
| Itau Unibanco Holding SA, ADR  | 592830 | 4363229 |
| NU Holdings Ltd., Class A \* | 284166 | 4577914 |
|  |  | **18198320** |
| **Cambodia 0.0%** | **Cambodia 0.0%** | **Cambodia 0.0%** |
| NagaCorp Ltd.  | 22000 | 14751 |
| **Canada 6.5%** | **Canada 6.5%** | **Canada 6.5%** |
| Agnico Eagle Mines Ltd.  | 10478 | 1685236 |
| Alamos Gold, Inc., Class A  | 36494 | 1125094 |
| Alimentation Couche-Tard, Inc.  | 19422 | 987059 |
| ARC Resources Ltd.  | 12919 | 238291 |
| Aritzia, Inc. \* | 70456 | 4921446 |
| AtkinsRealis Group, Inc.  | 43655 | 3078618 |
| Badger Infrastructure Solutions Ltd.  | 54684 | 2869199 |
| BCE, Inc.  | 7049 | 161129 |
| Bombardier, Inc., Class B \* | 1365 | 190723 |
| BOYD GROUP, Inc.  | 7214 | 1152296 |
| Brookfield Asset Management Ltd., <br> Class A <br>| 29888 | 1616771 |
| BRP, Inc.  | 33366 | 2093002 |
| CAE, Inc. \* | 5079 | 142605 |
| Canadian National Railway Co.  | 12325 | 1181840 |
| Canadian Natural Resources Ltd.  | 36081 | 1154294 |
| Canadian Tire Corp. Ltd., Class A *(a)* | 786 | 90142 |
| Capstone Copper Corp. \* | 329367 | 2940127 |
| Celestica, Inc. \* | 2951 | 1015970 |

---

*See financial notes*

Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

**3**

------

Schwab International Opportunities Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cenovus Energy, Inc.  | 28277 | 477819 |
| CGI, Inc.  | 3642 | 316953 |
| Chartwell Retirement Residences  | 192939 | 2843427 |
| Descartes Systems Group, Inc. \* | 1368 | 120819 |
| DPM Metals, Inc.  | 140838 | 3012470 |
| Energy Fuels, Inc. \* | 54309 | 1113878 |
| Finning International, Inc.  | 102945 | 5567273 |
| Franco-Nevada Corp.  | 3623 | 676760 |
| George Weston Ltd.  | 2765 | 168122 |
| Gildan Activewear, Inc.  | 3825 | 223056 |
| Hudbay Minerals, Inc.  | 186220 | 2984725 |
| Hydro One Ltd.  | 6327 | 233358 |
| Imperial Oil Ltd.  | 4280 | 378549 |
| Kinaxis, Inc. \* | 4188 | 507140 |
| Kinross Gold Corp.  | 27721 | 644725 |
| Loblaw Cos. Ltd.  | 10975 | 436167 |
| Lundin Gold, Inc.  | 44004 | 2991538 |
| Magna International, Inc.  | 6236 | 294604 |
| Metro, Inc.  | 4599 | 306556 |
| NexGen Energy Ltd. \* | 230081 | 2245591 |
| Pan American Silver Corp. *(b)* | 9291 | 327244 |
| Pan American Silver Corp. *(b)* | 76792 | 2703846 |
| RB Global, Inc.  | 3260 | 323455 |
| Saputo, Inc.  | 5881 | 142103 |
| Shopify, Inc., Class A *\*(b)* | 28332 | 4926057 |
| Shopify, Inc., Class A *\*(b)* | 32234 | 5604203 |
| Stantec, Inc.  | 2452 | 271537 |
| Suncor Energy, Inc.  | 33045 | 1315863 |
| TELUS Corp.  | 9831 | 143762 |
| Thomson Reuters Corp.  | 3362 | 514985 |
| Tourmaline Oil Corp.  | 6968 | 306482 |
| Vermilion Energy, Inc.  | 169222 | 1264088 |
| Waste Connections, Inc.  | 4516 | 757373 |
| Wheaton Precious Metals Corp.  | 9901 | 956180 |
| Whitecap Resources, Inc.  | 588322 | 4379225 |
|  |  | **76123775** |
| **China 2.7%** | **China 2.7%** | **China 2.7%** |
| AAC Technologies Holdings, Inc.  | 503500 | 2588188 |
| Alibaba Group Holding Ltd.  | 94740 | 2015947 |
| Atour Lifestyle Holdings Ltd., ADR  | 64680 | 2519933 |
| Bosideng International Holdings Ltd.  | 3234000 | 1978929 |
| Budweiser Brewing Co. APAC Ltd.  | 42200 | 42805 |
| BYD Co. Ltd., H Shares  | 203200 | 2625341 |
| Chow Tai Fook Jewellery Group Ltd.  | 31200 | 61065 |
| GDS Holdings Ltd., ADR \* | 61544 | 2197121 |
| Meituan, B Shares \* | 232890 | 3065473 |
| Nexteer Automotive Group Ltd.  | 21000 | 18204 |
| PDD Holdings, Inc., ADR \* | 24318 | 3279769 |
| Ping An Insurance Group Co. of China <br> Ltd., H Shares <br>| 834000 | 6025092 |
| Shenzhou International Group Holdings <br> Ltd. <br>| 16300 | 140698 |
| SITC International Holdings Co. Ltd.  | 33000 | 121544 |
| Tencent Holdings Ltd.  | 66600 | 5409765 |
| Xinyi Glass Holdings Ltd.  | 34839 | 40745 |
|  |  | **32130619** |
| **Denmark 1.3%** | **Denmark 1.3%** | **Denmark 1.3%** |
| AP Moller - Maersk AS, Class A  | 60 | 123669 |
| AP Moller - Maersk AS, Class B  | 90 | 185033 |
| Carlsberg AS, Class B  | 1669 | 196240 |
| Coloplast AS, Class B  | 2912 | 263374 |
| Demant AS \* | 1486 | 49439 |
| DSV AS  | 10720 | 2287737 |
| FLSmidth & Co. AS  | 30053 | 2340517 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Genmab AS \* | 1881 | 536514 |
| Novo Nordisk AS, Class B  | 161321 | 7942102 |
| Pandora AS  | 2411 | 322613 |
| Rockwool AS, B Shares  | 2446 | 83814 |
| Tryg AS  | 11376 | 280407 |
| Vestas Wind Systems AS  | 24094 | 492773 |
|  |  | **15104232** |
| **Finland 1.0%** | **Finland 1.0%** | **Finland 1.0%** |
| Elisa OYJ  | 3158 | 139155 |
| Fortum OYJ  | 7105 | 158441 |
| Hiab OYJ, B shares  | 20472 | 1133745 |
| Kesko OYJ, B Shares  | 3714 | 78345 |
| Kone OYJ, B Shares  | 8347 | 557688 |
| Konecranes OYJ  | 15612 | 1541023 |
| Nokia OYJ  | 433606 | 2957755 |
| Orion OYJ, B Shares  | 2987 | 208591 |
| Sampo OYJ, A Shares  | 84171 | 938197 |
| UPM-Kymmene OYJ  | 148402 | 3981967 |
| Valmet OYJ  | 2378 | 77377 |
| Wartsila OYJ Abp  | 12234 | 400261 |
|  |  | **12172545** |
| **France 6.7%** | **France 6.7%** | **France 6.7%** |
| Accor SA  | 42511 | 2162656 |
| Air Liquide SA  | 10294 | 1992289 |
| AXA SA  | 112810 | 4894646 |
| BioMerieux  | 1340 | 172526 |
| BNP Paribas SA  | 35803 | 2773227 |
| Bollore SE  | 20323 | 113166 |
| Bouygues SA  | 3104 | 140109 |
| Bureau Veritas SA  | 7329 | 240849 |
| Capgemini SE  | 13595 | 2091528 |
| Carrefour SA  | 11014 | 165881 |
| Cie de Saint-Gobain SA  | 36656 | 3557905 |
| Cie Generale des Etablissements <br> Michelin SCA <br>| 14622 | 467106 |
| Danone SA  | 15700 | 1386571 |
| Dassault Aviation SA  | 544 | 175301 |
| Dassault Systemes SE  | 81351 | 2315065 |
| Edenred SE  | 60807 | 1747846 |
| Eiffage SA  | 33637 | 4139024 |
| Hermes International SCA  | 2952 | 7304603 |
| Ipsen SA  | 1100 | 154584 |
| Kering SA  | 14860 | 5277037 |
| Klepierre SA  | 4770 | 182293 |
| L'Oreal SA  | 10099 | 4214427 |
| LVMH Moet Hennessy Louis Vuitton SE  | 8187 | 5786757 |
| Nexans SA  | 8233 | 1159224 |
| Orange SA  | 39339 | 629281 |
| Pernod Ricard SA  | 25910 | 2537639 |
| Publicis Groupe SA  | 21961 | 2201132 |
| Safran SA  | 10601 | 3766729 |
| Sanofi SA  | 74335 | 7519935 |
| Schneider Electric SE  | 10183 | 2901440 |
| SEB SA  | 339 | 18758 |
| Sodexo SA  | 2175 | 120431 |
| SPIE SA  | 12983 | 660735 |
| Teleperformance SE  | 1401 | 100043 |
| Thales SA  | 1985 | 566028 |
| TotalEnergies SE  | 38140 | 2381272 |
| VusionGroup  | 7375 | 2049890 |
|  |  | **78067933** |

---

*See financial notes*

**4**Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Germany 5.3%** | **Germany 5.3%** | **Germany 5.3%** |
| adidas AG  | 17691 | 3345056 |
| Allianz SE  | 2960 | 1189451 |
| Aumovio SE \* | 16153 | 694480 |
| Auto1 Group SE \* | 130915 | 4600688 |
| Bayer AG  | 68305 | 2124592 |
| Bayerische Motoren Werke AG  | 24500 | 2284499 |
| Beiersdorf AG  | 3465 | 367339 |
| BioNTech SE, ADR \* | 12602 | 1309474 |
| Brenntag SE  | 35800 | 1988287 |
| Carl Zeiss Meditec AG, Bearer Shares  | 764 | 38751 |
| Continental AG  | 25981 | 1985257 |
| CTS Eventim AG & Co. KGaA  | 1761 | 157770 |
| Daimler Truck Holding AG  | 47931 | 1921202 |
| Delivery Hero SE \* | 78373 | 1990654 |
| Deutsche Post AG  | 16994 | 780812 |
| Deutsche Telekom AG  | 59964 | 1857395 |
| Duerr AG  | 48241 | 1125203 |
| DWS Group GmbH & Co. KGaA  | 1482 | 94877 |
| Evonik Industries AG  | 4206 | 70484 |
| Fielmann Group AG  | 368 | 20098 |
| flatexDEGIRO AG  | 73344 | 2782081 |
| Fresenius Medical Care AG  | 81566 | 4379054 |
| Fresenius SE & Co. KGaA  | 28200 | 1622711 |
| Friedrich Vorwerk Group SE  | 20103 | 2164437 |
| FUCHS SE  | 909 | 32244 |
| GEA Group AG  | 4735 | 338683 |
| Henkel AG & Co. KGaA  | 2293 | 171226 |
| IONOS Group SE \* | 19064 | 677081 |
| KION Group AG  | 49481 | 3515844 |
| Knorr-Bremse AG  | 1262 | 117427 |
| Lanxess AG  | 35809 | 852739 |
| Merck KGaA  | 2344 | 307049 |
| MTU Aero Engines AG  | 1109 | 484661 |
| Rational AG  | 154 | 112974 |
| RENK Group AG  | 16545 | 1259674 |
| Rheinmetall AG  | 1302 | 2559451 |
| RWE AG  | 16001 | 787738 |
| SAP SE  | 19987 | 5198066 |
| Scout24 SE  | 2224 | 257197 |
| Siemens Energy AG \* | 16822 | 2095774 |
| Siemens Healthineers AG  | 28075 | 1573602 |
| Symrise AG  | 2598 | 214852 |
| TeamViewer SE \* | 103914 | 764875 |
| thyssenkrupp AG  | 106900 | 1120241 |
| Tkms AG& Co. KGaA \* | 4075 | 383984 |
| Traton SE  | 755 | 24252 |
| Zalando SE \* | 4176 | 117022 |
|  |  | **61861308** |
| **Greece 1.1%** | **Greece 1.1%** | **Greece 1.1%** |
| Jumbo SA  | 136101 | 4320388 |
| National Bank of Greece SA  | 598034 | 8790212 |
|  |  | **13110600** |
| **Guernsey 0.2%** | **Guernsey 0.2%** | **Guernsey 0.2%** |
| Burford Capital Ltd.  | 209609 | 2085610 |
| **Hong Kong 1.0%** | **Hong Kong 1.0%** | **Hong Kong 1.0%** |
| BOC Hong Kong Holdings Ltd.  | 929500 | 4567301 |
| Cathay Pacific Airways Ltd.  | 26000 | 37012 |
| CK Infrastructure Holdings Ltd.  | 10000 | 65044 |
| CLP Holdings Ltd.  | 30500 | 260146 |
| Galaxy Entertainment Group Ltd.  | 56000 | 279010 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Hong Kong & China Gas Co. Ltd.  | 164000 | 152627 |
| Hong Kong Exchanges & Clearing Ltd.  | 40400 | 2201917 |
| Johnson Electric Holdings Ltd.  | 9500 | 44577 |
| Lenovo Group Ltd.  | 104000 | 151720 |
| Man Wah Holdings Ltd.  | 29200 | 17826 |
| MTR Corp. Ltd.  | 22500 | 82545 |
| Orient Overseas International Ltd.  | 3500 | 60571 |
| Power Assets Holdings Ltd.  | 35500 | 225522 |
| Swire Pacific Ltd., A Shares  | 4000 | 33037 |
| Techtronic Industries Co. Ltd.  | 37000 | 431568 |
| United Energy Group Ltd.  | 328000 | 20928 |
| VTech Holdings Ltd.  | 3700 | 30176 |
| WH Group Ltd.  | 2829150 | 2721406 |
| Yue Yuen Industrial Holdings Ltd.  | 16000 | 29343 |
|  |  | **11412276** |
| **India 1.2%** | **India 1.2%** | **India 1.2%** |
| Amber Enterprises India Ltd. \* | 13522 | 1222788 |
| Anant Raj Ltd.  | 219645 | 1594184 |
| APL Apollo Tubes Ltd.  | 94952 | 1915150 |
| Axis Bank Ltd.  | 97132 | 1347950 |
| BlackBuck Ltd. \* | 167281 | 1287185 |
| ITC Hotels Ltd. \* | 748365 | 1826832 |
| Max Healthcare Institute Ltd.  | 162204 | 2097275 |
| Radico Khaitan Ltd.  | 69854 | 2462390 |
| Rainbow Children's Medicare Ltd.  | 22532 | 347336 |
|  |  | **14101090** |
| **Indonesia 0.2%** | **Indonesia 0.2%** | **Indonesia 0.2%** |
| Bank Mandiri Persero Tbk. PT  | 6370200 | 1804764 |
| First Pacific Co. Ltd.  | 26000 | 20992 |
| Jardine Matheson Holdings Ltd.  | 2800 | 164401 |
|  |  | **1990157** |
| **Ireland 1.2%** | **Ireland 1.2%** | **Ireland 1.2%** |
| AIB Group PLC  | 481216 | 4435044 |
| Flutter Entertainment PLC \* | 22486 | 5230019 |
| James Hardie Industries PLC, CDI \* | 14086 | 296661 |
| Jazz Pharmaceuticals PLC \* | 20663 | 2844055 |
| Kerry Group PLC, Class A  | 2994 | 273121 |
| Ryanair Holdings PLC  | 1811 | 54829 |
| Ryanair Holdings PLC, ADR  | 14302 | 893589 |
|  |  | **14027318** |
| **Isle Of Man 0.0%** | **Isle Of Man 0.0%** | **Isle Of Man 0.0%** |
| Entain PLC  | 8718 | 90804 |
| **Israel 1.5%** | **Israel 1.5%** | **Israel 1.5%** |
| Amot Investments Ltd.  | 6617 | 52241 |
| Azrieli Group Ltd.  | 674 | 71108 |
| Bezeq The Israeli Telecommunication <br> Corp. Ltd. <br>| 60420 | 123758 |
| Big Shopping Centers Ltd.  | 386 | 86352 |
| Camtek Ltd. \* | 516 | 64484 |
| Cellebrite DI Ltd. \* | 31253 | 533176 |
| Check Point Software Technologies Ltd. \* | 30525 | 5973132 |
| Delek Group Ltd.  | 224 | 58893 |
| Elbit Systems Ltd.  | 628 | 297470 |
| Energix-Renewable Energies Ltd.  | 7040 | 32515 |
| Enlight Renewable Energy Ltd. \* | 2063 | 71709 |
| Fattal Holdings 1998 Ltd. \* | 111 | 20147 |
| FIBI Holdings Ltd.  | 276 | 21203 |
| ICL Group Ltd.  | 20622 | 135084 |

---

*See financial notes*

Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

**5**

------

Schwab International Opportunities Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Israel Corp. Ltd.  | 81 | 28678 |
| Melisron Ltd.  | 643 | 83696 |
| Menora Mivtachim Holdings Ltd.  | 588 | 58571 |
| Migdal Insurance & Financial Holdings <br> Ltd. <br>| 8129 | 29171 |
| Mivne Real Estate KD Ltd.  | 11489 | 50727 |
| Next Vision Stabilized Systems Ltd.  | 1963 | 86183 |
| Nice Ltd. \* | 1408 | 192062 |
| Nova Ltd. *\*(b)* | 663 | 230300 |
| Nova Ltd. *\*(b)* | 4508 | 1553637 |
| OPC Energy Ltd. \* | 1707 | 30795 |
| Phoenix Financial Ltd.  | 70162 | 2701028 |
| Shufersal Ltd.  | 5601 | 69609 |
| Strauss Group Ltd.  | 1188 | 33454 |
| Teva Pharmaceutical Industries Ltd. \* | 25554 | 523254 |
| Tower Semiconductor Ltd. *\*(b)* | 1777 | 146877 |
| Tower Semiconductor Ltd. *\*(b)* | 46883 | 3993025 |
|  |  | **17352339** |
| **Italy 1.2%** | **Italy 1.2%** | **Italy 1.2%** |
| Amplifon SpA  | 2092 | 35752 |
| BPER Banca SpA  | 147690 | 1769606 |
| Buzzi SpA  | 87229 | 5254953 |
| DiaSorin SpA  | 338 | 29938 |
| Infrastrutture Wireless Italiane SpA  | 6422 | 70567 |
| Interpump Group SpA  | 1333 | 68797 |
| Intesa Sanpaolo SpA  | 128400 | 827581 |
| Italgas SpA  | 11596 | 121676 |
| Leonardo SpA  | 6968 | 409960 |
| Moncler SpA  | 7068 | 424005 |
| Pirelli & C SpA  | 6490 | 45560 |
| PRADA SpA  | 492200 | 2904602 |
| Recordati Industria Chimica e <br> Farmaceutica SpA <br>| 1992 | 118567 |
| Reply SpA  | 692 | 97119 |
| Technogym SpA  | 89240 | 1616409 |
| Telecom Italia SpA \* | 277376 | 163553 |
| Terna - Rete Elettrica Nazionale  | 29253 | 299962 |
|  |  | **14258607** |
| **Japan 17.4%** | **Japan 17.4%** | **Japan 17.4%** |
| ABC-Mart, Inc.  | 2800 | 47969 |
| Acom Co. Ltd.  | 5800 | 16534 |
| Advantest Corp.  | 24200 | 3623848 |
| Aica Kogyo Co. Ltd.  | 1500 | 35324 |
| Air Water, Inc.  | 3000 | 41896 |
| Aisin Corp.  | 11200 | 201266 |
| Ajinomoto Co., Inc.  | 18800 | 533211 |
| Alps Alpine Co. Ltd.  | 3000 | 37788 |
| ALSOK Co. Ltd.  | 9500 | 64931 |
| Amada Co. Ltd.  | 9800 | 116861 |
| Amano Corp.  | 64500 | 1711297 |
| Appier Group, Inc.  | 68900 | 578353 |
| Asahi Group Holdings Ltd.  | 147800 | 1593553 |
| Asahi Intecc Co. Ltd.  | 6400 | 101487 |
| Asics Corp.  | 143400 | 3651561 |
| Azbil Corp.  | 16400 | 161661 |
| Bandai Namco Holdings, Inc.  | 17200 | 535305 |
| BayCurrent, Inc.  | 4500 | 206388 |
| Bic Camera, Inc.  | 1500 | 15121 |
| BIPROGY, Inc.  | 2100 | 84822 |
| Blue Zones Holdings Co. Ltd.  | 500 | 25447 |
| Bridgestone Corp.  | 9500 | 414724 |
| Brother Industries Ltd.  | 5400 | 91912 |
| Calbee, Inc.  | 1900 | 35360 |
| Canon Marketing Japan, Inc.  | 1500 | 62461 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Canon, Inc.  | 18400 | 528408 |
| Capcom Co. Ltd.  | 10800 | 282022 |
| Casio Computer Co. Ltd.  | 2200 | 17247 |
| Chugai Pharmaceutical Co. Ltd.  | 15300 | 700246 |
| Chugoku Electric Power Co., Inc.  | 3500 | 19472 |
| COMSYS Holdings Corp.  | 3300 | 83218 |
| Cosmo Energy Holdings Co. Ltd.  | 2000 | 45671 |
| Cosmos Pharmaceutical Corp.  | 700 | 31319 |
| Dai Nippon Printing Co. Ltd.  | 12200 | 203623 |
| Daicel Corp.  | 4900 | 42160 |
| Daido Steel Co. Ltd.  | 2600 | 24601 |
| Daifuku Co. Ltd.  | 11726 | 373787 |
| Daikin Industries Ltd.  | 6100 | 708698 |
| Daito Trust Construction Co. Ltd.  | 10000 | 186961 |
| Denso Corp.  | 59300 | 828527 |
| Dentsu Soken, Inc.  | 500 | 24761 |
| Dexerials Corp.  | 4200 | 67746 |
| DIC Corp.  | 900 | 21175 |
| Disco Corp.  | 2400 | 796999 |
| Ebara Corp.  | 12000 | 320008 |
| Electric Power Development Co. Ltd.  | 2500 | 47514 |
| ENEOS Holdings, Inc.  | 44500 | 280738 |
| Ezaki Glico Co. Ltd.  | 1000 | 31956 |
| FANUC Corp.  | 29500 | 984457 |
| Fast Retailing Co. Ltd.  | 5500 | 2019159 |
| Food & Life Cos. Ltd.  | 1800 | 87792 |
| Frontier Real Estate Investment Corp.  | 30 | 17621 |
| Fuji Electric Co. Ltd.  | 4000 | 285685 |
| Fujikura Ltd.  | 8200 | 1116627 |
| Fujitec Co. Ltd.  | 2000 | 73385 |
| Fujitsu Ltd.  | 82700 | 2155198 |
| Furukawa Electric Co. Ltd.  | 40400 | 2859740 |
| Furuno Electric Co. Ltd.  | 21700 | 1258937 |
| GMO Payment Gateway, Inc.  | 1400 | 76370 |
| Goldwin, Inc.  | 2700 | 44598 |
| GS Yuasa Corp.  | 1000 | 27925 |
| Hakuhodo DY Holdings, Inc.  | 4400 | 31849 |
| Harmonic Drive Systems, Inc.  | 1300 | 23936 |
| Hirose Electric Co. Ltd.  | 700 | 93777 |
| Hisamitsu Pharmaceutical Co., Inc.  | 1100 | 28593 |
| Hitachi Construction Machinery Co. Ltd.  | 1200 | 39056 |
| Hitachi Ltd.  | 236290 | 8071425 |
| Horiba Ltd.  | 900 | 83617 |
| Hoshizaki Corp.  | 2700 | 95000 |
| House Foods Group, Inc.  | 1700 | 31857 |
| Hoya Corp.  | 10600 | 1721779 |
| Idemitsu Kosan Co. Ltd.  | 21500 | 149506 |
| IHI Corp.  | 92600 | 1917199 |
| Inpex Corp.  | 16100 | 297079 |
| Internet Initiative Japan, Inc.  | 3400 | 61344 |
| Invincible Investment Corp.  | 124 | 55402 |
| Isetan Mitsukoshi Holdings Ltd.  | 8400 | 131830 |
| Isuzu Motors Ltd.  | 8700 | 106751 |
| ITOCHU Corp.  | 95120 | 5509660 |
| Iwatani Corp.  | 3500 | 36438 |
| Japan Airlines Co. Ltd.  | 2300 | 41435 |
| Japan Airport Terminal Co. Ltd.  | 1700 | 52821 |
| Japan Elevator Service Holdings Co. Ltd.  | 49100 | 578012 |
| Japan Hotel REIT Investment Corp.  | 67 | 39030 |
| Japan Logistics Fund, Inc.  | 30 | 19425 |
| Jeol Ltd.  | 1500 | 50411 |
| JGC Holdings Corp.  | 6400 | 64733 |
| JMDC, Inc.  | 600 | 19015 |
| JTEKT Corp.  | 3300 | 33013 |
| Justsystems Corp.  | 600 | 19379 |
| JX Advanced Metals Corp.  | 9200 | 122252 |
| Kakaku.com, Inc.  | 121200 | 2154634 |
| Kamigumi Co. Ltd.  | 2700 | 81049 |

---

*See financial notes*

**6**Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kandenko Co. Ltd.  | 2600 | 79462 |
| Kaneka Corp.  | 700 | 19313 |
| Kansai Paint Co. Ltd.  | 2500 | 40126 |
| Kao Corp.  | 9900 | 418964 |
| Kawasaki Kisen Kaisha Ltd.  | 11100 | 159036 |
| KDDI Corp.  | 48100 | 766731 |
| KDX Realty Investment Corp.  | 89 | 98537 |
| Keihan Holdings Co. Ltd.  | 900 | 18233 |
| Kewpie Corp.  | 2000 | 55441 |
| Keyence Corp.  | 5800 | 2152580 |
| Kikkoman Corp.  | 21000 | 167224 |
| Kinden Corp.  | 118127 | 4731830 |
| Kioxia Holdings Corp. \* | 1500 | 104616 |
| Kobayashi Pharmaceutical Co. Ltd.  | 800 | 26600 |
| Kobe Bussan Co. Ltd.  | 3300 | 76574 |
| Koei Tecmo Holdings Co. Ltd.  | 3500 | 47110 |
| Koito Manufacturing Co. Ltd.  | 5400 | 80407 |
| Kokusai Electric Corp.  | 52900 | 1933042 |
| Kokuyo Co. Ltd.  | 10600 | 60827 |
| Komatsu Ltd.  | 172400 | 5766943 |
| Konami Group Corp.  | 2900 | 482952 |
| Kose Corp.  | 700 | 26817 |
| Kotobuki Spirits Co. Ltd.  | 3000 | 35967 |
| Kraftia Corp.  | 700 | 37029 |
| K's Holdings Corp.  | 3000 | 29740 |
| Kuraray Co. Ltd.  | 5700 | 61768 |
| Kurita Water Industries Ltd.  | 3300 | 125017 |
| Kyushu Electric Power Co., Inc.  | 7900 | 77533 |
| LaSalle Logiport REIT  | 15 | 14524 |
| Lasertec Corp.  | 2600 | 527884 |
| Lifedrink Co., Inc.  | 120700 | 1570577 |
| Lion Corp.  | 5500 | 54197 |
| M3, Inc.  | 95000 | 1331411 |
| Mabuchi Motor Co. Ltd.  | 2900 | 51231 |
| Macnica Holdings, Inc.  | 230203 | 3277340 |
| Makita Corp.  | 7300 | 220689 |
| Maruichi Steel Tube Ltd.  | 5100 | 43122 |
| Maruwa Co. Ltd.  | 4900 | 1385411 |
| MatsukiyoCocokara & Co.  | 259303 | 4698615 |
| McDonald's Holdings Co. Japan Ltd.  | 2200 | 86064 |
| Medipal Holdings Corp.  | 4600 | 74844 |
| MEIJI Holdings Co. Ltd.  | 6300 | 121275 |
| Metaplanet, Inc. \* | 50700 | 159818 |
| MISUMI Group, Inc.  | 9200 | 143437 |
| Mitsubishi Chemical Group Corp.  | 23200 | 121187 |
| Mitsubishi Corp.  | 70900 | 1702497 |
| Mitsubishi Electric Corp.  | 58900 | 1672323 |
| Mitsubishi Estate Co. Ltd.  | 33900 | 718405 |
| Mitsubishi Gas Chemical Co., Inc.  | 2500 | 46253 |
| Mitsubishi Heavy Industries Ltd.  | 70000 | 2113277 |
| Mitsubishi Logistics Corp.  | 7200 | 52207 |
| Mitsubishi Materials Corp.  | 1800 | 34657 |
| Mitsubishi Motors Corp.  | 10900 | 26562 |
| Mitsubishi UFJ Financial Group, Inc.  | 367044 | 5544298 |
| Mitsui & Co. Ltd.  | 52200 | 1283683 |
| Mitsui Chemicals, Inc.  | 3000 | 70827 |
| Mitsui Fudosan Accommodations Fund, <br> Inc. <br>| 25 | 21068 |
| Mitsui Kinzoku Co. Ltd.  | 1300 | 132415 |
| Miura Co. Ltd.  | 1100 | 21300 |
| Modec, Inc.  | 1400 | 90817 |
| Monogatari Corp.  | 39600 | 990098 |
| MonotaRO Co. Ltd.  | 7500 | 104641 |
| Morinaga & Co. Ltd.  | 2000 | 34462 |
| Murata Manufacturing Co. Ltd.  | 42800 | 922807 |
| Nabtesco Corp.  | 1600 | 40079 |
| Nagase & Co. Ltd.  | 1600 | 34941 |
| Nankai Electric Railway Co. Ltd.  | 1100 | 19870 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Nexon Co. Ltd.  | 10200 | 208024 |
| NGK Insulators Ltd.  | 5100 | 86045 |
| NH Foods Ltd.  | 1500 | 55399 |
| NHK Spring Co. Ltd.  | 4200 | 78741 |
| Nichias Corp.  | 1600 | 59703 |
| Nichirei Corp.  | 2800 | 33145 |
| NIDEC Corp.  | 20600 | 250636 |
| Nifco, Inc.  | 2100 | 60857 |
| Nihon M&A Center Holdings, Inc.  | 22500 | 105970 |
| Nikkon Holdings Co. Ltd.  | 1300 | 29320 |
| Nintendo Co. Ltd.  | 21000 | 1791088 |
| Nippon Electric Glass Co. Ltd.  | 900 | 30300 |
| Nippon Kayaku Co. Ltd.  | 3500 | 32005 |
| Nippon Sanso Holdings Corp.  | 3300 | 109599 |
| Nippon Shinyaku Co. Ltd.  | 1100 | 23016 |
| Nippon Shokubai Co. Ltd.  | 3600 | 41711 |
| Nippon Television Holdings, Inc.  | 1200 | 29115 |
| Nippon Yusen KK  | 11400 | 393680 |
| Nissan Chemical Corp.  | 4314 | 145751 |
| Nisshin Seifun Group, Inc.  | 4800 | 54266 |
| Nissin Foods Holdings Co. Ltd.  | 3100 | 55961 |
| Niterra Co. Ltd.  | 120100 | 4926872 |
| Nitto Denko Corp.  | 22800 | 567831 |
| NOF Corp.  | 7000 | 124562 |
| NOK Corp.  | 2200 | 39064 |
| Nomura Holdings, Inc.  | 374700 | 2673896 |
| NS Solutions Corp.  | 1900 | 47874 |
| NSK Ltd.  | 5400 | 27211 |
| Obayashi Corp.  | 14000 | 236844 |
| OBIC Business Consultants Co. Ltd.  | 600 | 34338 |
| Obic Co. Ltd.  | 9000 | 279190 |
| OKUMA Corp.  | 1300 | 28942 |
| Olympus Corp.  | 22700 | 279368 |
| Omron Corp.  | 3200 | 89231 |
| Open House Group Co. Ltd.  | 2200 | 105870 |
| Oracle Corp. Japan  | 1100 | 101409 |
| Organo Corp.  | 700 | 60073 |
| Oriental Land Co. Ltd.  | 28200 | 570702 |
| Otsuka Corp.  | 157714 | 3118015 |
| Otsuka Holdings Co. Ltd.  | 8200 | 446277 |
| PALTAC Corp.  | 800 | 23594 |
| Park24 Co. Ltd.  | 2400 | 28048 |
| PeptiDream, Inc. \* | 3300 | 33413 |
| Persol Holdings Co. Ltd.  | 52100 | 86427 |
| Pola Orbis Holdings, Inc.  | 2400 | 20678 |
| Rakuten Bank Ltd. \* | 55100 | 3024292 |
| Recruit Holdings Co. Ltd.  | 47000 | 2330633 |
| Relo Group, Inc.  | 3500 | 37677 |
| Resonac Holdings Corp.  | 67500 | 2629781 |
| Resorttrust, Inc.  | 4600 | 54207 |
| Rinnai Corp.  | 2900 | 65730 |
| Rorze Corp.  | 2900 | 40384 |
| Round One Corp.  | 2500 | 17951 |
| Ryohin Keikaku Co. Ltd.  | 74600 | 1534017 |
| Sankyo Co. Ltd.  | 317720 | 5511601 |
| Sankyu, Inc.  | 900 | 45954 |
| Sanrio Co. Ltd.  | 42632 | 1972939 |
| Santen Pharmaceutical Co. Ltd.  | 9000 | 88180 |
| Sanwa Holdings Corp.  | 97616 | 2662155 |
| Sawai Group Holdings Co. Ltd.  | 2200 | 26273 |
| SCREEN Holdings Co. Ltd.  | 2600 | 246474 |
| Secom Co. Ltd.  | 11800 | 398897 |
| Seibu Holdings, Inc.  | 5400 | 189799 |
| Seino Holdings Co. Ltd.  | 2000 | 28264 |
| Sekisui Chemical Co. Ltd.  | 11100 | 192300 |
| SG Holdings Co. Ltd.  | 7400 | 68017 |
| SHIFT, Inc. \* | 3900 | 26883 |
| Shikoku Electric Power Co., Inc.  | 2700 | 24107 |

---

*See financial notes*

Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

**7**

------

Schwab International Opportunities Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Shimadzu Corp.  | 7800 | 209707 |
| Shimamura Co. Ltd.  | 58910 | 3797909 |
| Shimano, Inc.  | 1900 | 199055 |
| Shin-Etsu Chemical Co. Ltd.  | 56900 | 1710353 |
| Shionogi & Co. Ltd.  | 16000 | 268362 |
| Ship Healthcare Holdings, Inc.  | 112995 | 1690341 |
| SHO-BOND Holdings Co. Ltd.  | 1400 | 44424 |
| Simplex Holdings, Inc.  | 82800 | 2308768 |
| Sinfonia Technology Co. Ltd.  | 39400 | 2711785 |
| SKY Perfect JSAT Holdings, Inc.  | 4300 | 42312 |
| SMC Corp.  | 8000 | 2738579 |
| Socionext, Inc.  | 3900 | 87768 |
| Sojitz Corp.  | 101700 | 2698146 |
| Sony Financial Group, Inc. \* | 104800 | 105677 |
| Sony Group Corp.  | 104800 | 2918636 |
| Square Enix Holdings Co. Ltd.  | 6300 | 121872 |
| Stanley Electric Co. Ltd.  | 2800 | 54998 |
| Subaru Corp.  | 12600 | 268041 |
| Sumitomo Bakelite Co. Ltd.  | 1500 | 49893 |
| Sumitomo Chemical Co. Ltd.  | 32800 | 96475 |
| Sumitomo Corp.  | 71500 | 2080002 |
| Sumitomo Electric Industries Ltd.  | 14400 | 524987 |
| Sumitomo Forestry Co. Ltd.  | 118500 | 1232728 |
| Sumitomo Metal Mining Co. Ltd.  | 85500 | 2796913 |
| Sundrug Co. Ltd.  | 1700 | 45889 |
| Suntory Beverage & Food Ltd.  | 2700 | 81728 |
| Suruga Bank Ltd.  | 235000 | 2352376 |
| Suzuken Co. Ltd.  | 105500 | 4006525 |
| Suzuki Motor Corp.  | 33400 | 498624 |
| SWCC Corp.  | 33400 | 1622766 |
| Sysmex Corp.  | 10700 | 119279 |
| Taisei Corp.  | 2600 | 189179 |
| Taiyo Holdings Co. Ltd.  | 700 | 37445 |
| Takasago Thermal Engineering Co. Ltd.  | 1600 | 47479 |
| TBS Holdings, Inc.  | 131700 | 4547282 |
| TDK Corp.  | 48700 | 850896 |
| TechnoPro Holdings, Inc.  | 700 | 21940 |
| Teijin Ltd.  | 4200 | 36744 |
| Terumo Corp.  | 35500 | 573002 |
| TIS, Inc.  | 3700 | 127468 |
| Toda Corp.  | 2300 | 15495 |
| Toei Animation Co. Ltd.  | 1300 | 24365 |
| Toho Co. Ltd.  | 3000 | 175851 |
| Toho Gas Co. Ltd.  | 2100 | 62706 |
| Tokai Carbon Co. Ltd.  | 2400 | 16077 |
| Tokyo Electron Ltd.  | 14500 | 3196818 |
| Tokyo Ohka Kogyo Co. Ltd.  | 92300 | 3368352 |
| Tokyo Seimitsu Co. Ltd.  | 1100 | 75673 |
| Tomy Co. Ltd.  | 2600 | 53487 |
| TOPPAN Holdings, Inc.  | 154889 | 3788249 |
| Toray Industries, Inc.  | 31000 | 189795 |
| Toridoll Holdings Corp.  | 700 | 20275 |
| Tosoh Corp.  | 6700 | 95526 |
| TOTO Ltd.  | 4100 | 103995 |
| Toyo Seikan Group Holdings Ltd.  | 1900 | 42655 |
| Toyo Suisan Kaisha Ltd.  | 2900 | 210206 |
| Toyo Tire Corp.  | 1900 | 51927 |
| Toyoda Gosei Co. Ltd.  | 1300 | 30088 |
| Toyota Boshoku Corp.  | 1800 | 27369 |
| Toyota Industries Corp.  | 3100 | 336977 |
| Toyota Tsusho Corp.  | 11700 | 357625 |
| Trend Micro, Inc.  | 4100 | 209233 |
| TS Tech Co. Ltd.  | 1900 | 22518 |
| Tsuruha Holdings, Inc.  | 171500 | 2979077 |
| UBE Corp.  | 1700 | 24992 |
| Ulvac, Inc.  | 800 | 36287 |
| Unicharm Corp.  | 25600 | 158391 |
| USS Co. Ltd.  | 245152 | 2705957 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Visional, Inc. \* | 800 | 55546 |
| Welcia Holdings Co. Ltd.  | 1400 | 27926 |
| Workman Co. Ltd.  | 600 | 22568 |
| Yakult Honsha Co. Ltd.  | 4800 | 71860 |
| Yamaha Corp.  | 12300 | 77619 |
| Yamato Kogyo Co. Ltd.  | 900 | 56728 |
| Yamazaki Baking Co. Ltd.  | 2500 | 49132 |
| Yaskawa Electric Corp.  | 70800 | 1941924 |
| Yokogawa Electric Corp.  | 7800 | 233333 |
| Zenkoku Hosho Co. Ltd.  | 8500 | 174700 |
| Zeon Corp.  | 4100 | 42068 |
| ZOZO, Inc.  | 13300 | 114972 |
|  |  | **203669541** |
| **Jersey 0.6%** | **Jersey 0.6%** | **Jersey 0.6%** |
| CVC Capital Partners PLC  | 10834 | 180945 |
| Experian PLC  | 19581 | 913359 |
| Glencore PLC \* | 526623 | 2522821 |
| TP ICAP Group PLC  | 1049358 | 3619199 |
| WPP PLC  | 16315 | 61649 |
|  |  | **7297973** |
| **Kazakhstan 0.2%** | **Kazakhstan 0.2%** | **Kazakhstan 0.2%** |
| Kaspi.KZ JSC, ADR  | 30974 | 2316545 |
| **Luxembourg 1.1%** | **Luxembourg 1.1%** | **Luxembourg 1.1%** |
| Allegro.eu SA \* | 18654 | 174188 |
| Eurofins Scientific SE  | 21727 | 1532394 |
| InPost SA \* | 3754 | 47287 |
| RTL Group SA  | 750 | 28958 |
| Samsonite Group SA  | 17100 | 35757 |
| Spotify Technology SA \* | 15887 | 10411069 |
| Tenaris SA  | 8129 | 161563 |
|  |  | **12391216** |
| **Macau 0.0%** | **Macau 0.0%** | **Macau 0.0%** |
| MGM China Holdings Ltd.  | 20400 | 39075 |
| Sands China Ltd.  | 26800 | 69848 |
| Wynn Macau Ltd.  | 30800 | 26189 |
|  |  | **135112** |
| **Malaysia 0.1%** | **Malaysia 0.1%** | **Malaysia 0.1%** |
| Gamuda Bhd.  | 1046700 | 1257097 |
| **Mexico 0.2%** | **Mexico 0.2%** | **Mexico 0.2%** |
| Fomento Economico Mexicano SAB de <br> CV, ADR <br>| 16500 | 1556940 |
| Gentera SAB de CV  | 558620 | 1329010 |
|  |  | **2885950** |
| **Netherlands 8.1%** | **Netherlands 8.1%** | **Netherlands 8.1%** |
| Adyen NV \* | 5615 | 9621214 |
| Airbus SE  | 19138 | 4718876 |
| Akzo Nobel NV  | 30490 | 2014936 |
| Arcadis NV  | 24677 | 1178493 |
| Argenx SE \* | 1659 | 1357837 |
| ASM International NV  | 9544 | 6192573 |
| ASML Holding NV  | 20495 | 21669555 |
| ASML Holding NV, Registry Shares  | 1380 | 1461737 |
| ASR Nederland NV  | 94023 | 6274967 |
| CNH Industrial NV  | 237992 | 2496536 |

---

*See financial notes*

**8**Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| CTP NV  | 3584 | 74737 |
| EXOR NV  | 7671 | 664768 |
| Ferrari NV  | 19367 | 7755717 |
| Heineken Holding NV  | 2071 | 139857 |
| Heineken NV  | 5369 | 415734 |
| IMCD NV  | 3425 | 354911 |
| ING Groep NV, Series N  | 306041 | 7641741 |
| JBS NV, Class A \* | 161684 | 2135846 |
| Koninklijke Ahold Delhaize NV  | 109746 | 4491970 |
| Koninklijke KPN NV  | 85632 | 396259 |
| Koninklijke Vopak NV  | 874 | 39607 |
| Pepco Group NV  | 233600 | 1759485 |
| Prosus NV \* | 140586 | 9717087 |
| Qiagen NV  | 4524 | 212945 |
| SBM Offshore NV  | 75819 | 1960605 |
| Wolters Kluwer NV  | 6548 | 802690 |
|  |  | **95550683** |
| **New Zealand 0.1%** | **New Zealand 0.1%** | **New Zealand 0.1%** |
| a2 Milk Co. Ltd.  | 19132 | 119163 |
| Contact Energy Ltd.  | 22542 | 120167 |
| Fisher & Paykel Healthcare Corp. Ltd.  | 20058 | 425841 |
| Mainfreight Ltd.  | 2056 | 70887 |
| Mercury NZ Ltd.  | 12530 | 46449 |
| Ryman Healthcare Ltd. \* | 9483 | 15529 |
| Spark New Zealand Ltd.  | 41374 | 58004 |
|  |  | **856040** |
| **Norway 0.7%** | **Norway 0.7%** | **Norway 0.7%** |
| Aker ASA, A Shares  | 1318 | 102415 |
| Aker BP ASA  | 5953 | 154283 |
| DOF Group ASA  | 285664 | 2560901 |
| Equinor ASA  | 15382 | 368419 |
| Kitron ASA  | 222812 | 1656509 |
| Kongsberg Gruppen ASA  | 13329 | 339800 |
| Norsk Hydro ASA  | 23030 | 155696 |
| Orkla ASA  | 15070 | 153055 |
| Salmar ASA  | 48845 | 2742847 |
| Telenor ASA  | 10797 | 160568 |
| Var Energi ASA  | 11674 | 39223 |
| Vend Marketplaces ASA, B Shares  | 4379 | 150877 |
|  |  | **8584593** |
| **Panama 0.2%** | **Panama 0.2%** | **Panama 0.2%** |
| Intercorp Financial Services, Inc.  | 59033 | 2540190 |
| **Poland 0.5%** | **Poland 0.5%** | **Poland 0.5%** |
| Dino Polska SA \* | 12327 | 147238 |
| KGHM Polska Miedz SA \* | 3313 | 173777 |
| LPP SA  | 20 | 97084 |
| Powszechna Kasa Oszczednosci Bank <br> Polski SA <br>| 272002 | 5576928 |
|  |  | **5995027** |
| **Portugal 0.0%** | **Portugal 0.0%** | **Portugal 0.0%** |
| EDP SA  | 51994 | 258469 |
| Galp Energia SGPS SA  | 9212 | 185079 |
| Jeronimo Martins SGPS SA  | 5798 | 149328 |
|  |  | **592876** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Republic of Korea 4.3%** | **Republic of Korea 4.3%** | **Republic of Korea 4.3%** |
| Alteogen, Inc. \* | 767 | 262272 |
| Amorepacific Corp.  | 847 | 71739 |
| BGF retail Co. Ltd.  | 224 | 16276 |
| Celltrion Pharm, Inc. \* | 503 | 22475 |
| Celltrion, Inc.  | 3572 | 439662 |
| Cheil Worldwide, Inc.  | 2093 | 29869 |
| CJ Corp.  | 236 | 28232 |
| Coupang, Inc., Class A \* | 153869 | 4919192 |
| Coway Co. Ltd.  | 17132 | 1071260 |
| DB Insurance Co. Ltd.  | 1507 | 133948 |
| Dongsuh Cos., Inc.  | 927 | 17545 |
| Doosan Bobcat, Inc. \* | 391 | 16505 |
| F&F Co. Ltd.  | 281 | 12081 |
| GS Holdings Corp.  | 567 | 19058 |
| Hanjin Kal Corp.  | 476 | 34936 |
| Hankook Tire & Technology Co. Ltd.  | 1570 | 50974 |
| Hanmi Pharm Co. Ltd.  | 137 | 40772 |
| Hanmi Semiconductor Co. Ltd.  | 1364 | 136403 |
| Hanwha Corp.  | 278 | 18594 |
| Hanwha Systems Co. Ltd.  | 1026 | 43136 |
| Hanwha Vision Co. Ltd. \* | 744 | 26180 |
| HD Hyundai Co. Ltd.  | 680 | 97670 |
| HD Hyundai Electric Co. Ltd.  | 717 | 435611 |
| HD Hyundai Heavy Industries Co. Ltd.  | 700 | 294789 |
| HD Hyundai Marine Solution Co. Ltd.  | 292 | 49250 |
| HD Hyundai Mipo  | 709 | 120178 |
| HD Korea Shipbuilding & Offshore <br> Engineering Co. Ltd. <br>| 1385 | 460347 |
| HMM Co. Ltd.  | 8065 | 116126 |
| Hugel, Inc. \* | 3270 | 600002 |
| HYBE Co. Ltd. \* | 10628 | 2538788 |
| Hyundai Autoever Corp.  | 172 | 24480 |
| Hyundai Engineering & Construction Co. <br> Ltd. <br>| 1013 | 49771 |
| Hyundai Glovis Co. Ltd.  | 927 | 122516 |
| Hyundai Marine & Fire Insurance Co. <br> Ltd. \*<br>| 1222 | 23382 |
| Hyundai Mobis Co. Ltd.  | 1318 | 291459 |
| Hyundai Rotem Co. Ltd.  | 20372 | 3295839 |
| Hyundai Steel Co.  | 868 | 20053 |
| Kakaopay Corp. \* | 914 | 33464 |
| Kangwon Land, Inc.  | 3463 | 40999 |
| KB Financial Group, Inc.  | 26072 | 2128351 |
| KCC Corp.  | 61 | 18785 |
| KEPCO Plant Service & Engineering Co. <br> Ltd. <br>| 694 | 24617 |
| Kia Corp.  | 6620 | 555276 |
| KIWOOM Securities Co. Ltd.  | 2176 | 451983 |
| Korea Zinc Co. Ltd.  | 111 | 80404 |
| Krafton, Inc. \* | 838 | 162193 |
| KT&G Corp.  | 2918 | 274618 |
| Kumho Petrochemical Co. Ltd.  | 347 | 28206 |
| LG CNS Co. Ltd.  | 1099 | 51050 |
| LG Corp.  | 2708 | 152300 |
| LG H&H Co. Ltd.  | 305 | 60812 |
| LG Innotek Co. Ltd.  | 154 | 25979 |
| LG Uplus Corp.  | 4054 | 43364 |
| LIG Nex1 Co. Ltd.  | 365 | 132960 |
| LS Corp.  | 233 | 33956 |
| NAVER Corp.  | 2744 | 514270 |
| NCSoft Corp.  | 332 | 51245 |
| NH Investment & Securities Co. Ltd.  | 2190 | 31221 |
| NongShim Co. Ltd.  | 81 | 24767 |
| Orion Corp.  | 628 | 43731 |
| Posco DX Co. Ltd.  | 1546 | 28428 |
| S-1 Corp.  | 589 | 30973 |

---

*See financial notes*

Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

**9**

------

Schwab International Opportunities Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Samsung Biologics Co. Ltd. *\*(c)* | 561 | 479623 |
| Samsung C&T Corp.  | 2467 | 390406 |
| Samsung Card Co. Ltd.  | 643 | 22338 |
| Samsung E&A Co. Ltd.  | 4725 | 85902 |
| Samsung Electro-Mechanics Co. Ltd.  | 1263 | 216504 |
| Samsung Electronics Co. Ltd.  | 216239 | 16277646 |
| Samsung Heavy Industries Co. Ltd. \* | 12508 | 259422 |
| Samsung SDS Co. Ltd.  | 886 | 113643 |
| Samyang Foods Co. Ltd.  | 1947 | 1838670 |
| SK Biopharmaceuticals Co. Ltd. \* | 803 | 64928 |
| SK Hynix, Inc.  | 17242 | 6708749 |
| SK Square Co. Ltd. \* | 7102 | 1289124 |
| Youngone Corp.  | 47103 | 1909911 |
| Yuhan Corp.  | 1015 | 83972 |
|  |  | **50716160** |
| **Singapore 1.1%** | **Singapore 1.1%** | **Singapore 1.1%** |
| BOC Aviation Ltd.  | 2600 | 22791 |
| CapitaLand Ascendas REIT  | 69900 | 151336 |
| CapitaLand Ascott Trust  | 28600 | 20740 |
| CapitaLand Integrated Commercial Trust  | 97700 | 177618 |
| ComfortDelGro Corp. Ltd.  | 39900 | 44739 |
| Frasers Logistics & Commercial Trust  | 26400 | 19360 |
| Genting Singapore Ltd.  | 152400 | 85428 |
| Hutchison Port Holdings Trust, U Shares  | 91900 | 19299 |
| Jardine Cycle & Carriage Ltd.  | 900 | 22473 |
| Keppel DC REIT  | 51147 | 93851 |
| Keppel Ltd.  | 21300 | 166573 |
| Mapletree Industrial Trust  | 35900 | 58711 |
| Mapletree Pan Asia Commercial Trust  | 41500 | 45914 |
| Netlink NBN Trust  | 53300 | 40125 |
| SATS Ltd.  | 15900 | 41757 |
| Sea Ltd., ADR \* | 45657 | 7133906 |
| Seatrium Ltd.  | 28700 | 47878 |
| SIA Engineering Co. Ltd.  | 6500 | 17633 |
| Singapore Airlines Ltd.  | 21000 | 106901 |
| Singapore Exchange Ltd.  | 55000 | 713655 |
| Singapore Technologies Engineering Ltd.  | 31800 | 207179 |
| Singapore Telecommunications Ltd.  | 123300 | 402457 |
| Venture Corp. Ltd.  | 252536 | 2889969 |
|  |  | **12530293** |
| **South Africa 0.2%** | **South Africa 0.2%** | **South Africa 0.2%** |
| Impala Platinum Holdings Ltd.  | 175389 | 1879642 |
| **Spain 1.3%** | **Spain 1.3%** | **Spain 1.3%** |
| Acciona SA  | 426 | 94292 |
| ACS Actividades de Construccion y <br> Servicios SA <br>| 3893 | 319653 |
| Aena SME SA  | 17445 | 473827 |
| Amadeus IT Group SA  | 11782 | 900624 |
| Endesa SA  | 143349 | 5137039 |
| Fluidra SA  | 70140 | 2030161 |
| Iberdrola SA  | 118842 | 2408480 |
| Industria de Diseno Textil SA  | 36561 | 2018912 |
| International Consolidated Airlines Group <br> SA <br>| 35865 | 197171 |
| Naturgy Energy Group SA  | 1876 | 56827 |
| Redeia Corp. SA  | 7435 | 133844 |
| Tecnicas Reunidas SA \* | 42015 | 1503798 |
| Telefonica SA  | 84570 | 428869 |
|  |  | **15703497** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Sweden 1.8%** | **Sweden 1.8%** | **Sweden 1.8%** |
| AAK AB  | 2179 | 60931 |
| AddTech AB, B Shares  | 3995 | 134594 |
| Alfa Laval AB  | 5749 | 273237 |
| Asmodee Group AB, Class B \* | 100535 | 1295586 |
| Atlas Copco AB, A Shares  | 54605 | 914964 |
| Atlas Copco AB, B Shares  | 127830 | 1912229 |
| Boliden AB \* | 5937 | 266230 |
| Epiroc AB, A Shares  | 7487 | 157870 |
| Epiroc AB, B Shares  | 4771 | 89039 |
| EQT AB  | 28867 | 997574 |
| Essity AB, B Shares  | 10692 | 293684 |
| Evolution AB  | 3245 | 216206 |
| H & M Hennes & Mauritz AB, B Shares  | 6423 | 121306 |
| Hexagon AB, B Shares  | 135800 | 1655350 |
| Holmen AB, B Shares  | 1663 | 62838 |
| Industrivarden AB, A Shares  | 5976 | 248482 |
| Industrivarden AB, C Shares  | 7567 | 313888 |
| Investment AB Latour, B Shares  | 1762 | 44895 |
| Investor AB, A Shares  | 28045 | 922521 |
| Investor AB, B Shares  | 100348 | 3304142 |
| Kinnevik AB, Class B \* | 102734 | 969565 |
| Lifco AB, B Shares  | 2765 | 106755 |
| NOBA Bank Group AB \* | 145588 | 1466569 |
| RaySearch Laboratories AB  | 27765 | 651719 |
| Saab AB, B Shares  | 6318 | 347657 |
| Sagax AB, B Shares  | 4308 | 96674 |
| Sandvik AB  | 39463 | 1193340 |
| Skanska AB, B Shares  | 4930 | 134254 |
| SSAB AB, A Shares  | 5273 | 33355 |
| SSAB AB, B Shares  | 8080 | 50030 |
| Sweco AB, B Shares  | 3284 | 59173 |
| Swedish Orphan Biovitrum AB \* | 2529 | 87132 |
| Tele2 AB, B Shares  | 8984 | 142719 |
| Telefonaktiebolaget LM Ericsson, <br> B Shares <br>| 60055 | 609310 |
| Telia Co. AB  | 30103 | 118506 |
| Trelleborg AB, B Shares  | 2535 | 105791 |
| Volvo AB, B Shares  | 45800 | 1254693 |
| Volvo Car AB, B Shares *\*(a)* | 11145 | 38619 |
|  |  | **20751427** |
| **Switzerland 4.2%** | **Switzerland 4.2%** | **Switzerland 4.2%** |
| ABB Ltd.  | 40256 | 2992934 |
| Bachem Holding AG  | 610 | 44257 |
| Belimo Holding AG  | 1899 | 2048915 |
| BKW AG  | 425 | 95118 |
| Chocoladefabriken Lindt & Spruengli AG  | 3 | 459556 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates <br>| 26 | 399681 |
| Cie Financiere Richemont SA, Class A  | 8310 | 1643764 |
| Coca-Cola HBC AG \* | 4897 | 222216 |
| DKSH Holding AG  | 446 | 31102 |
| DSM-Firmenich AG  | 4150 | 338262 |
| Emmi AG  | 33 | 29323 |
| EMS-Chemie Holding AG  | 229 | 156849 |
| Flughafen Zurich AG  | 394 | 116382 |
| Geberit AG  | 965 | 705438 |
| Givaudan SA  | 134 | 548951 |
| Holcim AG \* | 9642 | 857185 |
| Kardex Holding AG  | 5611 | 2110527 |
| Kuehne & Nagel International AG  | 1257 | 241151 |
| Kuros Biosciences AG \* | 28892 | 1081538 |
| Landis & Gyr Group AG \* | 28040 | 2031350 |
| Logitech International SA  | 4695 | 564426 |
| Nestle SA  | 65178 | 6227656 |

---

*See financial notes*

**10**Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Novartis AG  | 77569 | 9600068 |
| Partners Group Holding AG  | 1664 | 2037762 |
| Roche Holding AG  | 26619 | 8622431 |
| Roche Holding AG, Bearer Shares  | 663 | 224932 |
| Schindler Holding AG  | 580 | 196063 |
| Schindler Holding AG, Participation <br> Certificates <br>| 1167 | 415686 |
| SGS SA  | 2701 | 304591 |
| Siegfried Holding AG \* | 5861 | 565350 |
| SIG Group AG \* | 5005 | 55960 |
| SMG Swiss Marketplace Group AG \* | 7502 | 414369 |
| Sonova Holding AG  | 1262 | 344236 |
| Straumann Holding AG  | 3208 | 403251 |
| Swatch Group AG  | 1268 | 53764 |
| Swatch Group AG, Bearer Shares  | 585 | 122257 |
| Swissquote Group Holding SA  | 3700 | 2350767 |
| Temenos AG  | 1130 | 106692 |
| VAT Group AG  | 871 | 380642 |
|  |  | **49145402** |
| **Taiwan 3.0%** | **Taiwan 3.0%** | **Taiwan 3.0%** |
| ASPEED Technology, Inc.  | 15000 | 2660146 |
| AURAS Technology Co. Ltd.  | 76000 | 2587362 |
| Bizlink Holding, Inc.  | 78434 | 3525475 |
| Elite Material Co. Ltd.  | 31000 | 1362006 |
| King Yuan Electronics Co. Ltd.  | 581000 | 4073635 |
| Parade Technologies Ltd.  | 118000 | 2599801 |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd. <br>| 373000 | 18038156 |
|  |  | **34846581** |
| **Thailand 0.0%** | **Thailand 0.0%** | **Thailand 0.0%** |
| Thai Beverage PCL  | 146500 | 53992 |
| **United Arab Emirates 0.4%** | **United Arab Emirates 0.4%** | **United Arab Emirates 0.4%** |
| Emaar Properties PJSC  | 1181899 | 4573528 |
| **United Kingdom 8.5%** | **United Kingdom 8.5%** | **United Kingdom 8.5%** |
| 3i Group PLC  | 71228 | 4122006 |
| Admiral Group PLC  | 18623 | 801854 |
| Airtel Africa PLC  | 6527 | 23737 |
| Antofagasta PLC  | 6342 | 232766 |
| Ashtead Group PLC  | 47334 | 3161664 |
| Associated British Foods PLC  | 8580 | 258915 |
| AstraZeneca PLC  | 33745 | 5566188 |
| AstraZeneca PLC, ADR  | 93853 | 7733487 |
| Auto Trader Group PLC  | 26939 | 276369 |
| BAE Systems PLC  | 48616 | 1197581 |
| Balfour Beatty PLC  | 508695 | 4495883 |
| Beazley PLC  | 40440 | 494734 |
| Berkeley Group Holdings PLC  | 1470 | 77873 |
| British American Tobacco PLC  | 35620 | 1824296 |
| BT Group PLC  | 91956 | 224425 |
| Bunzl PLC  | 38000 | 1155113 |
| CK Hutchison Holdings Ltd.  | 38000 | 251996 |
| Coca-Cola Europacific Partners PLC  | 4611 | 412643 |
| Compass Group PLC  | 39603 | 1310852 |
| Convatec Group PLC  | 29547 | 94893 |
| Croda International PLC  | 2874 | 109100 |
| Diageo PLC  | 92289 | 2122808 |
| Diploma PLC  | 17437 | 1286380 |
| Endeavour Mining PLC  | 4745 | 192046 |
| Fresnillo PLC  | 4879 | 142677 |
| GSK PLC  | 86220 | 2018707 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Haleon PLC  | 147123 | 684156 |
| Halma PLC  | 9941 | 463235 |
| Hikma Pharmaceuticals PLC  | 2847 | 68868 |
| Hiscox Ltd.  | 16901 | 305541 |
| Howden Joinery Group PLC  | 11565 | 131354 |
| ICG PLC  | 11471 | 291408 |
| IMI PLC  | 5984 | 188131 |
| Imperial Brands PLC  | 97198 | 3862093 |
| InterContinental Hotels Group PLC  | 3386 | 408444 |
| Intertek Group PLC  | 17790 | 1184957 |
| J Sainsbury PLC  | 34471 | 154692 |
| JD Sports Fashion PLC  | 2173664 | 2663575 |
| Kingfisher PLC  | 37098 | 150454 |
| Marks & Spencer Group PLC  | 1212248 | 6334988 |
| Metlen Energy & Metals PLC \* | 1731 | 88090 |
| Mondi PLC  | 8847 | 98890 |
| Next PLC  | 3379 | 634880 |
| Ocado Group PLC \* | 358272 | 1031838 |
| Pearson PLC  | 12900 | 179542 |
| Persimmon PLC  | 8902 | 141480 |
| Prudential PLC  | 129900 | 1806660 |
| Reckitt Benckiser Group PLC  | 49332 | 3773358 |
| RELX PLC  | 41982 | 1855452 |
| Rentokil Initial PLC  | 178419 | 995836 |
| Rightmove PLC  | 26763 | 234991 |
| Rio Tinto PLC  | 31062 | 2239258 |
| Rolls-Royce Holdings PLC  | 209443 | 3223075 |
| Sage Group PLC  | 26675 | 403202 |
| Schroders PLC  | 32735 | 163352 |
| Shell PLC  | 285368 | 10698277 |
| Smith & Nephew PLC  | 15768 | 291172 |
| Smiths Group PLC  | 9339 | 309252 |
| Spirax Group PLC  | 1317 | 122840 |
| SSE PLC  | 17673 | 445232 |
| St. James's Place PLC  | 161932 | 2762891 |
| Taylor Wimpey PLC  | 94022 | 130055 |
| TechnipFMC PLC  | 20881 | 863429 |
| Tesco PLC  | 167055 | 1008122 |
| Unilever PLC  | 52615 | 3157127 |
| UNITE Group PLC  | 12246 | 91346 |
| United Utilities Group PLC  | 11331 | 178763 |
| Vodafone Group PLC  | 392903 | 475638 |
| Weir Group PLC  | 76833 | 2990947 |
| Wise PLC, Class A \* | 223054 | 2836361 |
|  |  | **99712245** |
| **United States 2.4%** | **United States 2.4%** | **United States 2.4%** |
| ACADIA Pharmaceuticals, Inc. \* | 26918 | 611039 |
| GQG Partners, Inc., Class A  | 44974 | 46036 |
| Insmed, Inc. \* | 5061 | 959566 |
| MercadoLibre, Inc. \* | 5689 | 13239782 |
| Moderna, Inc. \* | 27014 | 733700 |
| NVIDIA Corp.  | 35111 | 7109626 |
| Primo Brands Corp.  | 236803 | 5202562 |
|  |  | **27902311** |
| **Total Common Stocks** <br>**(Cost $859,562,841)** | **Total Common Stocks** <br>**(Cost $859,562,841)** | **1103865320** |
| **PREFERRED STOCKS** 0.3% OF NET ASSETS | **PREFERRED STOCKS** 0.3% OF NET ASSETS | **PREFERRED STOCKS** 0.3% OF NET ASSETS |
| **Germany 0.0%** | **Germany 0.0%** | **Germany 0.0%** |
| FUCHS SE  | 1810 | 81024 |
| Henkel AG & Co. KGaA  | 3647 | 295454 |
|  |  | **376478** |

---

*See financial notes*

Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

**11**

------

Schwab International Opportunities Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Telecom Italia SpA - RSP \* | 155511 | 103397 |
| **Republic of Korea 0.3%** | **Republic of Korea 0.3%** | **Republic of Korea 0.3%** |
| Samsung Electronics Co. Ltd.  | 53761 | 3172703 |
| Samsung Fire & Marine Insurance Co. <br> Ltd. <br>| 74 | 17547 |
|  |  | **3190250** |
| **Total Preferred Stocks** <br>**(Cost $2,729,379)** | **Total Preferred Stocks** <br>**(Cost $2,729,379)** | **3670125** |
| **RIGHTS** 0.0% OF NET ASSETS | **RIGHTS** 0.0% OF NET ASSETS | **RIGHTS** 0.0% OF NET ASSETS |
| **Norway 0.0%** | **Norway 0.0%** | **Norway 0.0%** |
| Vend Marketplaces ASA | Vend Marketplaces ASA | Vend Marketplaces ASA |
| expires 11/13/25, strike NOK <br> 0.50 *\*(c)*<br>| 2134 | 4752 |
| **Total Rights** <br>**(Cost $0)** | **Total Rights** <br>**(Cost $0)** | **4752** |
| **WARRANTS** 0.0% OF NET ASSETS | **WARRANTS** 0.0% OF NET ASSETS | **WARRANTS** 0.0% OF NET ASSETS |
| **Canada 0.0%** | **Canada 0.0%** | **Canada 0.0%** |
| Constellation Software, Inc. | Constellation Software, Inc. | Constellation Software, Inc. |
| expires 03/31/40 *\*(c)* | 344 | 1702 |
| **Total Warrants** <br>**(Cost $0)** | **Total Warrants** <br>**(Cost $0)** | **1702** |
| **INVESTMENT COMPANIES** 2.2% OF NET ASSETS | **INVESTMENT COMPANIES** 2.2% OF NET ASSETS | **INVESTMENT COMPANIES** 2.2% OF NET ASSETS |
| **United States 2.2%** | **United States 2.2%** | **United States 2.2%** |
| Schwab Emerging Markets Equity ETF *(d)* | 747230 | 25301208 |
| **Total Investment Companies** <br>**(Cost $22,777,321)** | **Total Investment Companies** <br>**(Cost $22,777,321)** | **25301208** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **SHORT-TERM INVESTMENTS** 2.8% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 2.8% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 2.8% OF NET ASSETS |
| **Money Market Funds 2.8%** | **Money Market Funds 2.8%** | **Money Market Funds 2.8%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(e)*<br>| 33173305 | 33173305 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(e)(f)*<br>| 130512 | 130512 |
|  |  | **33303817** |
| **Total Short-Term Investments** <br>**(Cost $33,303,817)** | **Total Short-Term Investments** <br>**(Cost $33,303,817)** | **33303817** |
| **Total Investments in Securities** <br>**(Cost $918,373,358)** | **Total Investments in Securities** <br>**(Cost $918,373,358)** | **1166146924** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| MSCI EAFE Index, expires <br> 12/19/25<br>| 209 | 29334195 | **178040** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See financial notes*

**12**Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SETTLEMENT<br> DATE<br>| COUNTERPARTY | &nbsp;&nbsp; CURRENCY<br> TO BE<br> RECEIVED <br>| &nbsp;&nbsp; AMOUNT OF<br> CURRENCY<br> TO BE<br> RECEIVED<br>| &nbsp;&nbsp; CURRENCY<br> TO BE<br> DELIVERED<br>| &nbsp;&nbsp; AMOUNT OF<br> CURRENCY<br> TO BE<br> DELIVERED<br>| &nbsp;&nbsp; UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>($)<br>|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |
| 11/10/25 | HSBC Bank USA | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp; 10192000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 6731276 | &nbsp;&nbsp;&nbsp; (62184)<br>|
| 11/10/25 | Barclays Capital | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 523169 | &nbsp;&nbsp;&nbsp; (6236)<br>|
| 11/10/25 | Wells Fargo Bank NA | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp; 1337000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 870076 | &nbsp;&nbsp;&nbsp; 4785 |
| 11/10/25 | Barclays Capital | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp; 903000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 585812 | &nbsp;&nbsp;&nbsp; 5062 |
| 11/10/25 | Wells Fargo Bank NA | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp; 821000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 587280 | &nbsp;&nbsp;&nbsp; (1709)<br>|
| 11/10/25 | Citibank N.A. | &nbsp;&nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp; 5143000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 6476759 | &nbsp;&nbsp;&nbsp; (81508)<br>|
| 11/10/25 | Wells Fargo Bank NA | &nbsp;&nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp; 1157000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1455301 | &nbsp;&nbsp;&nbsp; (16587)<br>|
| 11/10/25 | Barclays Capital | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 6410000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 7520099 | &nbsp;&nbsp;&nbsp; (129118)<br>|
| 11/10/25 | Wells Fargo Bank NA | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 666000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 783590 | &nbsp;&nbsp;&nbsp; (15665)<br>|
| 11/10/25 | JP Morgan Chase Bank | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 758000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 881207 | &nbsp;&nbsp;&nbsp; (7204)<br>|
| 11/10/25 | UBS AG | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 4986000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 6745250 | &nbsp;&nbsp;&nbsp; (195058)<br>|
| 11/10/25 | Barclays Capital | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 1088000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1456192 | &nbsp;&nbsp;&nbsp; (26869)<br>|
| 11/10/25 | Wells Fargo Bank NA | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 387000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 521922 | &nbsp;&nbsp;&nbsp; (13513)<br>|
| 11/10/25 | State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp; 77995000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 526402 | &nbsp;&nbsp;&nbsp; (20046)<br>|
| 11/10/25 | UBS AG | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp; 53143000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 5696996 | &nbsp;&nbsp;&nbsp; (101095)<br>|
| 11/10/25 | Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 526073 | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp; 799000 | &nbsp;&nbsp;&nbsp; 3251 |
| 11/10/25 | UBS AG | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1450672 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp; 2036000 | &nbsp;&nbsp;&nbsp; (1486)<br>|
| 11/10/25 | Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 8551684 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp; 11843000 | &nbsp;&nbsp;&nbsp; 104773 |
| 11/10/25 | Wells Fargo Bank NA | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 527071 | &nbsp;&nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp; 417000 | &nbsp;&nbsp;&nbsp; 8538 |
| 11/10/25 | HSBC Bank USA | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 518255 | &nbsp;&nbsp;&nbsp; DKK | &nbsp;&nbsp;&nbsp; 3298000 | &nbsp;&nbsp;&nbsp; 9015 |
| 11/10/25 | HSBC Bank USA | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 790916 | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 672000 | &nbsp;&nbsp;&nbsp; 16073 |
| 11/10/25 | JP Morgan Chase Bank | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 1162144 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp; 175412000 | &nbsp;&nbsp;&nbsp; 23341 |
| 11/10/25 | Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 782761 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp; 114676000 | &nbsp;&nbsp;&nbsp; 38265 |
| 11/10/25 | Citibank N.A. | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 10378810 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp; 1522670000 | &nbsp;&nbsp;&nbsp; 493392 |
| 11/10/25 | Wells Fargo Bank NA | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 785266 | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp; 7339000 | &nbsp;&nbsp;&nbsp; 12477 |
| 11/10/25 | HSBC Bank USA | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 2075104 | &nbsp;&nbsp;&nbsp; SGD | &nbsp;&nbsp;&nbsp; 2653000 | &nbsp;&nbsp;&nbsp; 35880 |
| **Net Unrealized Appreciation on Forward Foreign Currency Exchange Contracts** | **Net Unrealized Appreciation on Forward Foreign Currency Exchange Contracts** | **Net Unrealized Appreciation on Forward Foreign Currency Exchange Contracts** | **Net Unrealized Appreciation on Forward Foreign Currency Exchange Contracts** | **Net Unrealized Appreciation on Forward Foreign Currency Exchange Contracts** | **Net Unrealized Appreciation on Forward Foreign Currency Exchange Contracts** | &nbsp;&nbsp;&nbsp; **76574** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $122,240.

*(b)* Security is traded on separate exchanges for the same issuer.

*(c)* Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information).

*(d)* Issuer is affiliated with the fund's investment adviser.

*(e)* The rate shown is the annualized 7-day yield.

*(f)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ADR — | American Depositary Receipt |
| CDI — | CHESS Depositary Interest |
| CVA — | Dutch Certificate |
| ETF — | Exchange-Traded Fund |
| REIT — | Real Estate Investment Trust |
| RSP — | Risparmio (Savings Shares) |
| AUD — | Australian Dollar |
| CAD — | Canadian Dollar |
| CHF — | Swiss Franc |
| DKK — | Danish Krone |
| EUR — | Euro |
| GBP — | British Pound |
| JPY — | Japanese Yen |
| NOK — | Norwegian Krone |
| SEK — | Swedish Krona |
| SGD — | Singapore Dollar |
| USD — | U.S. Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See financial notes*

Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

**13**

------

Schwab International Opportunities Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | |
|:---|:---|
|  | % OF NET ASSETS |
| **SECTOR WEIGHTINGS *(a)*** | **SECTOR WEIGHTINGS *(a)*** |
| Industrials | 17.8<br> %<br>|
| Information Technology | 16.5<br> %<br>|
| Consumer Discretionary | 15.7<br> %<br>|
| Financials | 13.2<br> %<br>|
| Health Care | 8.4<br> %<br>|
| Consumer Staples | 7.1<br> %<br>|
| Materials | 6.5<br> %<br>|
| Energy | 3.8<br> %<br>|
| Communication Services | 3.5<br> %<br>|
| Utilities | 1.0<br> %<br>|
| Other *(b)* | 0.9<br> %<br>|
| Investment Companies | 2.2<br> %<br>|
| Short-Term Investments | 2.8<br> %<br>|
| **Total** | **99.4%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Excludes derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Includes holdings within sectors that are less than 1.0% of net assets.

Below is a summary of the fund's transactions with affiliated issuers during the period ended October 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DIVIDENDS<br> RECEIVED<sup>(a)</sup> <br>|
| **INVESTMENT COMPANIES** 2.2% OF NET ASSETS | **INVESTMENT COMPANIES** 2.2% OF NET ASSETS | **INVESTMENT COMPANIES** 2.2% OF NET ASSETS | **INVESTMENT COMPANIES** 2.2% OF NET ASSETS | **INVESTMENT COMPANIES** 2.2% OF NET ASSETS | **INVESTMENT COMPANIES** 2.2% OF NET ASSETS | **INVESTMENT COMPANIES** 2.2% OF NET ASSETS | **INVESTMENT COMPANIES** 2.2% OF NET ASSETS | **INVESTMENT COMPANIES** 2.2% OF NET ASSETS |
| **United States 2.2%** | **United States 2.2%** | **United States 2.2%** | **United States 2.2%** | **United States 2.2%** | **United States 2.2%** | **United States 2.2%** | **United States 2.2%** | **United States 2.2%** |
| Schwab Emerging Markets Equity ETF | $18816840 | $17536505 | ($14062297)<br>| ($123778)<br>| $3133938 | $25301208 | 747230 | $655097 |
| **Total** | **$18816840** | **$17536505** | **($14062297)**<br>| **($123778)**<br>| **$3133938** | **$25301208** |  | **$655097** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying fund.

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $— | &nbsp;&nbsp; $243022373 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $243022373 |
| Austria | 63492 | &nbsp;&nbsp; 4202374 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4265866 |
| Belgium | 1081632 | &nbsp;&nbsp; 1233626 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2315258 |
| Brazil | 18198320 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18198320 |
| Cambodia | 14751 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 14751 |
| Canada | 76123775 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 76123775 |
| China | 8118367 | &nbsp;&nbsp; 24012252 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32130619 |
| Germany | 2387938 | &nbsp;&nbsp; 59473370 | &nbsp;&nbsp; — | &nbsp;&nbsp; 61861308 |
| Greece | 4320388 | &nbsp;&nbsp; 8790212 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13110600 |
| Guernsey | 2085610 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2085610 |
| India | 2097275 | &nbsp;&nbsp; 12003815 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14101090 |
| Ireland | 8967663 | &nbsp;&nbsp; 5059655 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14027318 |
| Israel | 12052970 | &nbsp;&nbsp; 5299369 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17352339 |
| Japan | 9673050 | &nbsp;&nbsp; 193996491 | &nbsp;&nbsp; — | &nbsp;&nbsp; 203669541 |
| Kazakhstan | 2316545 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2316545 |
| Luxembourg | 10411069 | &nbsp;&nbsp; 1980147 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12391216 |

---

*See financial notes*

**14**Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT<br> UNOBSERVABLE INPUTS<br> (LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** (continued) |  |  |  |  |
| Mexico | $2885950 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2885950 |
| Netherlands | 10586089 | &nbsp;&nbsp; 84964594 | &nbsp;&nbsp; — | &nbsp;&nbsp; 95550683 |
| New Zealand | 496728 | &nbsp;&nbsp; 359312 | &nbsp;&nbsp; — | &nbsp;&nbsp; 856040 |
| Norway | 150877 | &nbsp;&nbsp; 8433716 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8584593 |
| Panama | 2540190 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2540190 |
| Republic of Korea | 9108880 | &nbsp;&nbsp; 41127657 | &nbsp;&nbsp; 479623 | &nbsp;&nbsp; 50716160 |
| Singapore | 7153205 | &nbsp;&nbsp; 5377088 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12530293 |
| Spain | 5193866 | &nbsp;&nbsp; 10509631 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15703497 |
| Sweden | 1466569 | &nbsp;&nbsp; 19284858 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20751427 |
| Switzerland | 414369 | &nbsp;&nbsp; 48731033 | &nbsp;&nbsp; — | &nbsp;&nbsp; 49145402 |
| United Kingdom | 8839698 | &nbsp;&nbsp; 90872547 | &nbsp;&nbsp; — | &nbsp;&nbsp; 99712245 |
| United States | 27856275 | &nbsp;&nbsp; 46036 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27902311 |
| Preferred Stocks<sup>1</sup> <br>|  | &nbsp;&nbsp; 3670125 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3670125 |
| Rights |  |  |  |  |
| Norway |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 4752 | &nbsp;&nbsp; 4752 |
| Warrants |  |  |  |  |
| Canada |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1702 | &nbsp;&nbsp; 1702 |
| Investment Companies<sup>1</sup> <br>| 25301208 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25301208 |
| Short-Term Investments<sup>1</sup> <br>| 33303817 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33303817 |
| Futures Contracts<sup>2</sup> <br>| 178040 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 178040 |
| Forward Foreign Currency Exchange Contracts<sup>2</sup> <br>|  | &nbsp;&nbsp; 754852 | &nbsp;&nbsp; — | &nbsp;&nbsp; 754852 |
| **<u>Liabilities</u>** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts<sup>2</sup> <br>|  | &nbsp;&nbsp; (678278)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (678278)<br>|
| **Total** | **$293388606** | &nbsp;&nbsp; **$872526855** | &nbsp;&nbsp; **$486077** | &nbsp;&nbsp; **$1166401538** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts and forward foreign currency exchange contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

**15**

------

Schwab International Opportunities Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $22,777,321)  |  | $25301208 |
| Investments in securities, at value - unaffiliated issuers (cost $895,596,037) including securities on loan of $122,240 |  | 1140845716 |
| Cash |  | 1554887 |
| Foreign currency, at value (cost $651,439) |  | 649480 |
| Deposit with broker for futures contracts |  | 4561919 |
| Receivables: |  |  |
| Investments sold |  | 4005539 |
| Dividends |  | 2140723 |
| Foreign tax reclaims |  | 1441399 |
| Fund shares sold |  | 247957 |
| Income from securities on loan |  | 78 |
| Unrealized appreciation on forward foreign currency exchange contracts |  | 754852 |
| Prepaid expenses | + | 18022 |
| **Total assets** |  | **1181521780** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 130512 |
| Payables: |  |  |
| Investments bought |  | 4743831 |
| Due to custodian  |  | 1554887 |
| Investment adviser and administrator fees |  | 664625 |
| Foreign capital gains tax |  | 324646 |
| Shareholder service fees |  | 154237 |
| Variation margin on futures contracts |  | 80465 |
| Fund shares redeemed |  | 15992 |
| Independent trustees' fees |  | 39 |
| Unrealized depreciation on forward foreign currency exchange contracts |  | 678278 |
| Accrued expenses | + | 286584 |
| **Total liabilities** |  | **8634096** |
| **Net assets** |  | **$1172887684** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $880131123 |
| Total distributable earnings | + | 292756561 |
| **Net assets** |  | **$1172887684** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $1172887684 |  | &nbsp;&nbsp;&nbsp;&nbsp; 46566941 |  | &nbsp;&nbsp;&nbsp;&nbsp; $25.19 |

---

*See financial notes*

**16**Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $2,098,028) |  | $25407294 |
| Dividends received from securities - affiliated issuers |  | 655097 |
| Other Interest |  | 176652 |
| Securities on loan, net | + | 12148 |
| **Total investment income**  |  | **26251191** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | 6848933 |
| Shareholder service fees |  | 1597515 |
| Custodian fees |  | 238707 |
| Portfolio accounting fees |  | 220702 |
| Professional fees |  | 50053 <br><sup>1</sup><br>|
| Registration fees |  | 31166 |
| Shareholder reports |  | 13982 |
| Independent trustees' fees |  | 7799 |
| Transfer agent fees  |  | 2584 |
| Other expenses | + | 78914 |
| **Total expenses** |  | **9090355** |
| Expense reduction | – | 2613 <br><sup>1</sup><br>|
| **Net expenses** | – | **9087742** |
| **Net investment income** |  | **17163449** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers  |  | (123778)<br>|
| Net realized gains on sales of securities - unaffiliated issuers (net of foreign capital gains tax paid of $500,281) |  | 82606849 |
| Net realized gains on futures contracts |  | 2312158 |
| Net realized gains on forward foreign currency exchange contracts |  | 1369520 |
| Net realized losses on foreign currency transactions | + | (260217)<br>|
| **Net realized gains** |  | **85904532** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 3133938 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers (net of change in foreign capital gains tax of <br> $906,947)<br>|  | 126112025 |
| Net change in unrealized appreciation (depreciation) on futures contracts |  | 962653 |
| Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts |  | 250371 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 109427 |
| **Net change in unrealized appreciation (depreciation)** |  | **130568414** |
| **Net realized and unrealized gains** |  | **216472946** |
| **Increase in net assets resulting from operations** |  | **$233636395** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Includes professional fees of $2,613 associated with the filing of foreign withholding tax claims in the European Union. Fees are deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d) and 3 for additional information). 

*See financial notes*

Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

**17**

------

Schwab International Opportunities Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $17163449 | &nbsp;&nbsp;&nbsp; $16304711 |
| Net realized gains |  | 85904532 | &nbsp;&nbsp;&nbsp; 40063574 |
| Net change in unrealized appreciation (depreciation) | + | 130568414 | &nbsp;&nbsp;&nbsp; 132113769 |
| **Increase in net assets resulting from operations** |  | **$233636395** | &nbsp;&nbsp;&nbsp; **$188482054** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($20313965)**<br>| &nbsp;&nbsp;&nbsp; **($18123990)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 4073517 | &nbsp;&nbsp;&nbsp; $88353903 | &nbsp;&nbsp;&nbsp; 2166582 | &nbsp;&nbsp;&nbsp; $44317575 |
| Shares reinvested |  | 769217 | &nbsp;&nbsp;&nbsp; 15576629 | &nbsp;&nbsp;&nbsp; 734414 | &nbsp;&nbsp;&nbsp; 14225597 |
| Shares redeemed | + | (7665891)<br>| &nbsp;&nbsp;&nbsp; (169186854)<br>| &nbsp;&nbsp;&nbsp; (6514006)<br>| &nbsp;&nbsp;&nbsp; (131336256)<br>|
| **Net transactions in fund shares**  |  | **(2823157)**<br>| &nbsp;&nbsp;&nbsp; **($65256322)**<br>| &nbsp;&nbsp;&nbsp; **(3613010)**<br>| &nbsp;&nbsp;&nbsp; **($72793084)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 49390098 | &nbsp;&nbsp;&nbsp; $1024821576 | &nbsp;&nbsp;&nbsp; 53003108 | &nbsp;&nbsp;&nbsp; $927256596 |
| Total increase (decrease) | + | (2823157)<br>| &nbsp;&nbsp;&nbsp; 148066108 | &nbsp;&nbsp;&nbsp; (3613010)<br>| &nbsp;&nbsp;&nbsp; 97564980 |
| **End of period** |  | **46566941** | &nbsp;&nbsp;&nbsp; **$1172887684** | &nbsp;&nbsp;&nbsp; **49390098** | &nbsp;&nbsp;&nbsp; **$1024821576** |

---

*See financial notes*

**18**Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Financial Notes

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Business Structure of the Fund:**

The fund in this report is a series of Schwab Capital Trust (the trust), a no-load, open-end management investment company. The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the fund discussed in this report, which is highlighted:

---

| | |
|:---|:---|
| **SCHWAB CAPITAL TRUST** | **SCHWAB CAPITAL TRUST** |
| **Schwab International Opportunities Fund** | Schwab Target 2045 Fund |
| Schwab S&P 500 Index Fund | Schwab Target 2050 Fund |
| Schwab Small-Cap Index Fund | Schwab Target 2055 Fund |
| Schwab Total Stock Market Index Fund | Schwab Target 2060 Fund |
| Schwab U.S. Large-Cap Growth Index Fund | Schwab Target 2065 Fund |
| Schwab U.S. Large-Cap Value Index Fund | Schwab Fundamental U.S. Large Company Index Fund |
| Schwab U.S. Mid-Cap Index Fund | Schwab Fundamental U.S. Small Company Index Fund |
| Schwab International Index Fund | Schwab Fundamental International Equity Index Fund |
| Schwab MarketTrack All Equity Portfolio™ | Schwab Fundamental International Small Equity Index Fund |
| Schwab MarketTrack Growth Portfolio™ | Schwab Fundamental Emerging Markets Equity Index Fund |
| Schwab MarketTrack Balanced Portfolio™ | Schwab Fundamental Global Real Estate Index Fund |
| Schwab MarketTrack Conservative Portfolio™ | Schwab Target 2010 Index Fund |
| Schwab Balanced Fund | Schwab Target 2015 Index Fund |
| Schwab Core Equity Fund | Schwab Target 2020 Index Fund |
| Schwab Dividend Equity Fund | Schwab Target 2025 Index Fund |
| Schwab Large-Cap Growth Fund | Schwab Target 2030 Index Fund |
| Schwab Small-Cap Equity Fund | Schwab Target 2035 Index Fund |
| Schwab Health Care Fund | Schwab Target 2040 Index Fund |
| Schwab International Core Equity Fund | Schwab Target 2045 Index Fund |
| Schwab Target 2010 Fund | Schwab Target 2050 Index Fund |
| Schwab Target 2015 Fund | Schwab Target 2055 Index Fund |
| Schwab Target 2020 Fund | Schwab Target 2060 Index Fund |
| Schwab Target 2025 Fund | Schwab Target 2065 Index Fund |
| Schwab Target 2030 Fund | Schwab Monthly Income Fund – Target Payout |
| Schwab Target 2035 Fund | Schwab Monthly Income Fund – Flexible Payout |
| Schwab Target 2040 Fund | Schwab Monthly Income Fund – Income Payout |

---

The fund offers one share class. Shares are bought and sold at closing net asset value per share, which is the price for all outstanding shares of the fund. Each share has a par value of 1/1,000 of a cent, and the fund's Board of Trustees may authorize the issuance of as many shares as necessary.

The fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, the fund may also keep certain assets in segregated accounts, as required by securities law. The "Schwab Funds Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

**Investment Objective** 

The **Schwab International Opportunities Fund** seeks long-term capital appreciation.

------

**2. Significant Accounting Policies:**

The following is a summary of the significant accounting policies the fund uses in its preparation of financial statements. The fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, ASC Topic 280 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The

Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

**19**

------

Schwab International Opportunities Fund

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

management committee of the fund's investment adviser acts as the fund's CODM. The CODM has determined that the fund operates as a single operating segment given the fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of the fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the fund, is presented within the fund's financial statements.

The fund may invest in mutual funds and exchange-traded funds, which are referred to as "underlying funds." For more information about the underlying funds' operations and policies, please refer to those funds' semiannual and annual reports and holdings and financial statements, which are filed in Form N-CSR with the U.S. Securities and Exchange Commission (SEC) and available on the SEC's website at www.sec.gov.

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees has designated authority to a Valuation Designee, the fund's investment adviser, to make fair valuation determinations under adopted procedures, subject to Board of Trustees 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 fund's portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities traded on an exchange or over-the-counter:** Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign equity security fair valuation:** The Valuation Designee has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the valuation of the fund's holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the Valuation Designee seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter "arbitrage" market timers, who seek to exploit delays between the change in the value of the fund's portfolio holdings and the net asset value of the fund's shares and seeks to help ensure that the prices at which the fund's shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of the fund and that of its comparative index or benchmark.

&nbsp;&nbsp;&nbsp;&nbsp;● **Futures contracts:** Futures contracts are valued at their settlement prices as of the close of their exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Forward foreign currency exchange contracts:** Forward foreign currency exchange contracts are valued based on that day's forward exchange rates or by using an interpolated forward exchange rate for contracts with interim settlement dates.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mutual funds:** Mutual funds are valued at their respective net asset values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities for which no quoted value is available:** The Valuation Designee has adopted procedures to fair value the fund's securities when market prices are not "readily available" or are unreliable. For example, a security may be fair valued when it's de-listed or its trading is halted or suspended; when a security's primary pricing source is unable or unwilling to provide a price; or when a security's primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that the fund could obtain the fair value assigned to the security upon the sale of such security.

**20**Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the fund discloses the fair value of its investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee's judgment will be required to estimate fair value.

The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, exchange-traded funds and futures contracts. Mutual funds and exchange-traded funds 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. In addition, international securities whose markets close hours before the valuation of the fund's holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of foreign markets. The Valuation Designee has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Valuation Designee's assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore the fund's results of operations.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The levels associated with valuing the fund's investments as of October 31, 2025, are disclosed in the fund's Portfolio Holdings.

**(b) Accounting Policies for certain Portfolio Investments (if held):**

**Futures Contracts:** Futures contracts are instruments that represent an agreement between two parties that obligates one party to buy, and the other party to sell, specific instruments at an agreed upon price on a stipulated future date. The fund must give the broker a deposit of cash and/or securities (initial margin) whenever it enters into a futures contract. The amount of the deposit may vary from one contract to another. Subsequent payments (variation margin) are made or received by the fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized appreciation or depreciation until the contract is closed, at which time the gains or losses are realized. Futures contracts are traded publicly on exchanges, and their value may change daily.

**Forward Foreign Currency Exchange Contracts:** Forward foreign currency exchange contracts are contracts to buy and sell a currency at a set price on a future date. The value of the forward foreign currency exchange contracts is accounted for as unrealized appreciation or depreciation until the contracts settle, at which time the gains or losses are realized.

**Securities Lending:** Under the trust's Securities Lending Program, the fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the

Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

**21**

------

Schwab International Opportunities Fund

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides the fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. The fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the fund or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in the fund's Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between the fund and the lending agent. The aggregate market value of securities loaned will not at any time exceed one-third of the total assets of the fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agent start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.

As of October 31, 2025, the fund had securities on loan, all of which were classified as common stocks. The value of securities on loan and the related collateral as of October 31, 2025, are disclosed in the fund's Portfolio Holdings and Statement of Assets and Liabilities.

**Passive Foreign Investment Companies:** The fund may own shares in certain foreign corporations that meet the Internal Revenue Code, as amended, definition of a Passive Foreign Investment Company (PFIC). The fund may elect for tax purposes to mark-to-market annually the shares of each PFIC lot held and would be required to distribute as ordinary income to shareholders any such marked-to-market gains (as well as any gains realized on sale).

**Central Securities Depositories Regulation**: The Central Securities Depositories Regulation (CSDR) introduced measures for the authorization and supervision of European Union Central Security Depositories and created a common set of prudential, organizational, and conduct of business standards at a European level. CSDR is designed to support securities settlement and operational aspects of securities settlement, including the provision of shorter settlement periods; mandatory buy-ins; and cash penalties, to prevent and address settlement fails. CSDR measures are aimed to prevent settlement fails by ensuring that all transaction details are provided to facilitate settlement, as well as further incentivizing timely settlement by imposing cash penalty fines and buy-ins. The fund may be subject to pay cash penalties and may also receive cash penalties with certain counterparties in instances where there are settlement fails. These cash penalties are included in net realized gains (losses) on sales of securities - unaffiliated issuers in the fund's Statement of Operations, if any.

**(c) Security Transactions:** 

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

Assets and liabilities denominated in foreign currencies are reported in U.S. dollars. For assets and liabilities held on a given date, the dollar value is based on market exchange rates in effect on that date. Transactions involving foreign currencies, including purchases, sales, income receipts and expense payments, are calculated using exchange rates in effect on the transaction date. Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the differences between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange appreciation or depreciation arises from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period. These realized and unrealized foreign exchange gains or losses are reported in foreign currency transactions or translations, if any, in the fund's Statement of Operations. The fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments, if any.

Gains realized by the fund on the sale of securities in certain foreign countries may be subject to non-U.S. taxes. In those instances, the fund records a liability based on unrealized appreciation to provide for potential non-U.S. taxes payable upon the sale of these securities.

When the fund closes out a futures contract position, it calculates the difference between the value of the position at the beginning and at the end of the contract, and records a realized gain or loss accordingly.

**22**Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

When the fund closes out a forward foreign currency contract position, it calculates the difference between the value of the position at the beginning and at the end of the settlement of the contract, and records a realized gain or loss accordingly.

**(d) Investment Income:**

Interest income is recorded as it accrues. Dividends and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date), although the fund records certain foreign security dividends on the date the ex-dividend date is confirmed. Non-cash dividends in the form of additional securities are recorded on the ex-dividend date at fair value, if any. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities and there are no significant uncertainties on collectibility in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.

The fund filed claims to recover taxes previously withheld in certain European Union countries on the basis that those countries had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. These filings are subject to various administrative and judicial proceedings within these countries, and all professional fees associated with these filings have been paid by the investment adviser. The professional fees related to European Union foreign withholding tax claims are non-contingent and non-routine expenses which are subject to repayment to the investment adviser (see financial note 3 for additional information).

For U.S. income tax purposes, European Union reclaims received reduce the amounts of foreign taxes that the fund passes through to its shareholders. If European Union reclaims received exceed foreign withholding taxes paid, the fund will evaluate the requirements for entering into a closing agreement with the Internal Revenue Service (IRS) to address any prior years' U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by fund shareholders on their tax returns in prior years. During the period ended October 31, 2025, the fund did not incur any compliance fees.

**(e) Expenses:**

Expenses that are specific to the fund are charged directly to the fund. Expenses that are common to more than one fund in the Schwab Funds Complex generally are allocated among those funds in proportion to their average daily net assets.

**(f) Distributions to Shareholders:**

The fund makes distributions from net investment income and net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(g) Accounting Estimates:**

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It's possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

**(h) Federal Income Taxes:**

The fund intends to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the fund distributes substantially all of its net investment income and net realized capital gains, if any, to its shareholders each year. As long as the fund meets the tax requirements, it is not required to pay federal income tax.

**(i) Foreign Taxes:**

The fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, foreign currency exchanges and capital gains on investments. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in foreign markets in which the fund invests. These foreign taxes, if any, are paid by the fund and are disclosed in the fund's Statement of Operations. Foreign taxes accrued as of October 31, 2025, if any, are reflected in the fund's Statement of Assets and Liabilities.

Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

**23**

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Schwab International Opportunities Fund

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(j) Indemnification:**

Under the fund's organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business the fund enters into contracts with its vendors and others that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the fund. However, based on experience, the fund expects the risk of loss attributable to these arrangements to be remote.

**(k) Recent Accounting Pronouncements:**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024, and with early adoption permitted. At this time, management is evaluating the impact of this amendment but believes it will not have a material impact on the financial statements and income tax disclosures.

------

**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as the fund's investment adviser and administrator pursuant to the Amended and Restated Investment Advisory and Administration Agreement between the investment adviser and the trust. American Century Investment Management, Inc., Baillie Gifford Overseas Limited, Columbia Management Investment Advisers, LLC and Harris Associates L.P., the fund's subadvisers, provide day-to-day portfolio management services to the fund, subject to the supervision of the investment adviser.

For its advisory and administrative services to the fund, the investment adviser is entitled to receive an annual fee, payable monthly, equal to 0.63% of the fund's average daily net assets.

The investment adviser (not the fund) pays a portion of the advisory fees it receives to the subadvisers in return for their portfolio management services.

**Shareholder Servicing**

The Board of Trustees has adopted a Shareholder Servicing Plan (the Plan) on behalf of the fund. The Plan enables the fund to bear expenses relating to the provision by financial intermediaries, including Charles Schwab & Co., Inc. (Schwab), a broker-dealer affiliate of the investment adviser, (together, service providers), of certain account maintenance, customer liaison and shareholder services to the current shareholders of the fund.

Pursuant to the Plan, the fund's shares are subject to an annual shareholder servicing fee up to 0.20%. The shareholder servicing fee paid to a particular service provider is made pursuant to its written agreement with Schwab, as distributor of the fund (or, in the case of payments made to Schwab acting as a service provider, pursuant to Schwab's written agreement with the fund). Payments under the Plan are made as described above without regard to whether the fee is more or less than the service provider's actual cost of providing the services, and if more, such excess may be retained as profit by the service provider.

**Expense Limitation**

The investment adviser and its affiliates have agreed, for so long as the investment adviser serves as the investment adviser to the fund, in which the agreement may only be amended or terminated with the approval of the Board of Trustees, to limit the total annual fund operating expenses charged (including acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds), excluding interest, taxes and certain non-routine expenses to 0.86%.

**24**Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

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Schwab International Opportunities Fund

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

**Investments from Affiliates**

Funds in the Schwab Funds Complex may own shares of other funds in the Schwab Funds Complex. The table below reflects the percentage of shares of the fund in this report that is owned by other funds in the Schwab Funds Complex as of October 31, 2025, as applicable:

---

| | |
|:---|:---|
| Schwab Balanced Fund | 6.2<br> %<br>|
| Schwab Target 2010 Fund | 0.1<br> %<br>|
| Schwab Target 2015 Fund | 0.2<br> %<br>|
| Schwab Target 2020 Fund | 1.3<br> %<br>|
| Schwab Target 2025 Fund | 2.1<br> %<br>|
| Schwab Target 2030 Fund | 7.5<br> %<br>|
| Schwab Target 2035 Fund | 5.7<br> %<br>|
| Schwab Target 2040 Fund | 13.0<br> %<br>|
| Schwab Target 2045 Fund | 3.9<br> %<br>|
| Schwab Target 2050 Fund | 4.4<br> %<br>|
| Schwab Target 2055 Fund | 3.2<br> %<br>|
| Schwab Target 2060 Fund | 1.4<br> %<br>|
| Schwab Target 2065 Fund | 0.5<br> %<br>|

---

**Investments in Affiliates**

The fund may engage in certain transactions involving affiliated parties. Pursuant to an exemptive order issued by the SEC, the fund may invest in affiliated funds. As of October 31, 2025, the fund's ownership percentage of affiliated fund's shares is as follows:

---

| | |
|:---|:---|
| Schwab Emerging Markets Equity ETF | 0.2<br> %<br>|

---

**Other Affiliated Transactions**

The professional fees related to European Union foreign withholding tax claims discussed in financial note 2(d) are non-contingent and non-routine expenses. The investment adviser agreed to pay these professional fees, on behalf of the fund, subject to reimbursement by the fund to the investment adviser to the extent the fund is able to successfully recover tax claims in the future.

During the period ended October 31, 2025, the professional fees incurred by the fund and paid by the investment adviser were $2,613, as shown as Professional fees in the fund's Statement of Operations.

During the period ended October 31, 2025, the fund recovered previously withheld foreign taxes from Finland and France. The payments received by the fund amounted to $432,769 which includes $6,259 of interest income and is recorded as Dividends received from securities — unaffiliated issuers in the fund's Statement of Operations. The investment adviser paid upfront professional fees associated with recovering these foreign taxes in the amount of $16,257, which was reimbursed to the investment adviser by the fund and is also recorded as Dividends received from securities — unaffiliated issuers in the fund's Statement of Operations.

As of October 31, 2025, the fund had no balance of professional fees related to foreign withholding tax claims subject to future reimbursement by the fund to the investment adviser.

No other amounts for additional foreign withholding tax claims are reflected in the financial statements due to the uncertainty surrounding the ultimate resolution of proceedings, the likelihood of receipt of these claims, and the potential timing of payment.

**Interfund Transactions**

The fund's investment adviser or subadvisers may engage in direct transactions with other funds they manage in accordance with procedures adopted by the Board of Trustees pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment adviser or subadvisers. The net realized gains or losses on sales of interfund transactions, are recorded in Net realized

Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

**25**

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Schwab International Opportunities Fund

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

gains (losses) on sales of securities — unaffiliated issuers in the Statement of Operations. For the period ended October 31, 2025, the fund's purchases and sales of securities with other funds managed by the investment adviser or subadvisers was $53,050,731 and $27,314,224, respectively, and includes net realized losses of $1,959,519.

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the fund may enter into interfund borrowing and lending transactions with other funds in the Schwab Funds Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board of Trustees. The fund had no interfund borrowing or lending activity during the period.

------

**4. Board of Trustees:**

The Board of Trustees may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trust was in compliance with these limitations throughout the report period. The fund did not pay any of these interested persons for their services as trustees, but did pay non-interested persons (independent trustees), as noted in the fund's Statement of Operations.

------

**5. Borrowing from Banks:**

During the period, the fund was a participant with other funds in the Schwab Funds Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), which matured on September 25, 2025. On September 25, 2025, the Syndicated Credit Facility was amended to run for a new 28 day period with the line of credit amount remaining unchanged, maturing on October 23, 2025. On October 23, 2025, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on October 22, 2026. Under the terms of the Syndicated Credit Facility, in addition to the interest charged on any borrowings by the fund, the fund paid a commitment fee of 0.15% per annum on the fund's proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the fund was a participant with other funds in the Schwab Funds Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, which matured on September 25, 2025. On September 25, 2025, the Uncommitted Credit Facility was amended to run for a new 28 day period with the line of credit amount remaining unchanged, maturing on October 23, 2025. On October 23, 2025, the Uncommitted Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on October 22, 2026. Under the terms of the Uncommitted Credit Facility, the fund pays interest on the amount the fund borrows. There were no borrowings by the fund from either line of credit during the period.

The fund also has access to custodian overdraft facilities. The fund may have utilized the overdraft facility and incurred an interest expense, which is disclosed in the fund's Statement of Operations, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

------

**6. Derivatives:**

The fund entered into futures contracts during the report period to equitize available cash. The fund also invested in forward foreign currency exchange contracts to minimize the uncertainty of changes in future foreign currency exchange rates and to hedge exposure to certain currencies.

**26**Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

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Schwab International Opportunities Fund

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Derivatives (continued):** 

As of October 31, 2025, the Statement of Assets and Liabilities included the following financial derivative instrument fair values held at period end:

---

| | | | |
|:---|:---|:---|:---|
|  | EQUITY CONTRACTS | FOREIGN <br>CURRENCY <br>EXCHANGE <br>CONTRACTS<br>| TOTAL |
| **Asset Derivatives** |  |  |  |
| Futures Contracts<sup>1</sup> <br>| $178040 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $178040 |
| Forward Foreign Currency Exchange Contracts<sup>2</sup> <br>|  | &nbsp;&nbsp; 754852 | &nbsp;&nbsp; 754852 |
| **Liability Derivatives** |  |  |  |
| Forward Foreign Currency Exchange Contracts<sup>2</sup> <br>| $— | &nbsp;&nbsp; ($678278)<br>| &nbsp;&nbsp; ($678278)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Includes cumulative unrealized appreciation of futures contracts as reported in the fund's Portfolio Holdings. Only current day's variation margin on futures contracts is reported in the Statement of Assets and Liabilities. 

<sup>2</sup> Statement of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts and Unrealized depreciation on forward foreign currency exchange contracts. 

The effects of the derivative contracts in the Statement of Operations for the period ended October 31, 2025, were:

---

| | | | |
|:---|:---|:---|:---|
|  | EQUITY CONTRACTS | FOREIGN <br>CURRENCY <br>EXCHANGE <br>CONTRACTS<br>| TOTAL |
| **Net Realized Gains (Losses)** |  |  |  |
| Futures Contracts<sup>1</sup> <br>| $2312158 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2312158 |
| Forward Foreign Currency Exchange Contracts<sup>1</sup> <br>|  | &nbsp;&nbsp; 1369520 | &nbsp;&nbsp; 1369520 |
| **Net Change in Unrealized Appreciation (Depreciation)** |  |  |  |
| Futures Contracts<sup>2</sup> <br>| $962653 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $962653 |
| Forward Foreign Currency Exchange Contracts<sup>2</sup> <br>|  | &nbsp;&nbsp; 250371 | &nbsp;&nbsp; 250371 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Statement of Operations location: Net realized gains (losses) on futures contracts and net realized gains (losses) on forward foreign currency exchange contracts.

<sup>2</sup> Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts and net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts. 

During the period ended October 31, 2025, the month-end average notional amounts of futures contracts held by the fund and the month-end average number of contracts held were as follows:

---

| | |
|:---|:---|
| NOTIONAL AMOUNT | NUMBER OF CONTRACTS |
| $20956198 | 166 |

---

During the period ended October 31, 2025, the month-end average notional amounts of forward foreign currency exchange contracts held by the fund and the month-end average unrealized appreciation (depreciation) were as follows:

---

| | |
|:---|:---|
| NOTIONAL AMOUNT | UNREALIZED APPRECIATION (DEPRECIATION) |
| $85519504 | $26329 |

---

The fund's forward foreign currency exchange contracts are entered into pursuant to International Swaps and Derivatives Association, Inc. (ISDA) agreements which govern certain terms of derivative transactions. ISDA agreements typically contain, among other things, master netting provisions in the event of a default or other termination event. Master netting provisions allow the fund and the counterparty, in the event of a default or other termination event, to offset payable and receivable amounts for each party related to derivative contracts to one net amount payable by either the fund or the counterparty. The fund's forward foreign currency exchange contracts, which are reported gross in the Statement of Assets and Liabilities, are presented in the table

Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

**27**

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Schwab International Opportunities Fund

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Derivatives (continued):** 

below. The following table presents the fund's forward foreign currency exchange contracts, net of amounts available for offset under a master netting agreement and net of any related collateral received by the fund for assets and pledged by the fund for liabilities as of October 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| COUNTERPARTY | GROSS AMOUNTS OF ASSETS<br> PRESENTED IN THE<br> STATEMENT OF ASSETS AND LIABILITIES<br>| &nbsp;&nbsp; FINANCIAL<br> INSTRUMENTS<br> AVAILABLE FOR OFFSET<br>| &nbsp;&nbsp; CASH COLLATERAL<br> PLEDGED<br>| &nbsp;&nbsp; NET<br> AMOUNT<sup>(a)</sup> <br>|
| Barclays Capital | $5062 | &nbsp;&nbsp; ($5062)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Citibank N.A. | 493392 | &nbsp;&nbsp; (81508)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 411884 |
| HSBC Bank USA | 60968 | &nbsp;&nbsp; (60968)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| JP Morgan Chase Bank | 23341 | &nbsp;&nbsp; (7204)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 16137 |
| Morgan Stanley & Co. | 146289 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 146289 |
| Wells Fargo Bank NA | 25800 | &nbsp;&nbsp; (25800)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total** | **$754852** | &nbsp;&nbsp; **($180542)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$574310** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| COUNTERPARTY | GROSS AMOUNTS OF LIABILITIES<br> PRESENTED IN THE<br> STATEMENT OF ASSETS AND LIABILITIES<br>| &nbsp;&nbsp; FINANCIAL<br> INSTRUMENTS<br> AVAILABLE FOR OFFSET<br>| &nbsp;&nbsp; CASH COLLATERAL<br> RECEIVED<br>| &nbsp;&nbsp; NET<br> AMOUNT<sup>(a)</sup> <br>|
| Barclays Capital | ($162223)<br>| &nbsp;&nbsp; $5062 | &nbsp;&nbsp; $— | &nbsp;&nbsp; ($157161)<br>|
| Citibank N.A. | (81508)<br>| &nbsp;&nbsp; 81508 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| HSBC Bank USA | (62184)<br>| &nbsp;&nbsp; 60968 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1216)<br>|
| JP Morgan Chase Bank | (7204)<br>| &nbsp;&nbsp; 7204 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| State Street Bank & Trust Co. | (20046)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (20046)<br>|
| UBS AG | (297639)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (297639)<br>|
| Wells Fargo Bank NA | (47474)<br>| &nbsp;&nbsp; 25800 | &nbsp;&nbsp; — | &nbsp;&nbsp; (21674)<br>|
| **Total** | **($678278)**<br>| &nbsp;&nbsp; **$180542** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **($497736)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents the net amount due from/due to the counterparty in the event of default.

------

**7. Purchases and Sales of Investment Securities:**

For the period ended October 31, 2025, purchases and sales of securities (excluding short-term obligations) were as follows:

---

| | |
|:---|:---|
| PURCHASES <br>OF SECURITIES <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SALES <br>OF SECURITIES<br>|
| $726427901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $799460295 |

---

------

**8. Federal Income Taxes:**

As of October 31, 2025, the tax basis cost of the fund's investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | |
|:---|:---|:---|:---|
| TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| &nbsp;&nbsp; $943316373 | &nbsp;&nbsp; $283971963 | &nbsp;&nbsp; ($60886798)<br>| &nbsp;&nbsp; $223085165 |

---

The primary differences between book basis and tax basis unrealized appreciation or unrealized depreciation of investments are the tax deferral of losses on wash sales, the realization for tax purposes of unrealized appreciation or depreciation on futures contracts, the realization for tax purposes of unrealized appreciation on investments in PFICs and partnership investments. The tax cost of the fund's investments, disclosed above, have been adjusted from its book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

**28**Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Federal Income Taxes (continued):** 

As of October 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| UNDISTRIBUTED <br>ORDINARY <br>INCOME <br>| UNDISTRIBUTED <br>LONG-TERM <br>CAPITAL GAINS <br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>ON INVESTMENTS <br>| NET OTHER UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>| TOTAL  |
| $28604525 | &nbsp;&nbsp; $41319738 | &nbsp;&nbsp; $223085165 | &nbsp;&nbsp; ($252867)<br>| &nbsp;&nbsp; $292756561 |

---

As of October 31, 2025, the fund had no capital loss carryforwards available to offset future realized capital gains for federal income tax purposes.

For the fiscal year ended October 31, 2025, the fund had capital loss carryforwards utilized of $35,748,733.

The tax basis components of distributions paid during the current and prior fiscal years were as follows:

---

| | |
|:---|:---|
| CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ORDINARY <br>INCOME<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ORDINARY <br>INCOME <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20313965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18123990 |

---

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Permanent book and tax basis differences may result in reclassifications between components of net assets as required. The adjustments will have no impact on net assets or the results of operations.

As of October 31, 2025, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the fund, and has determined that no provision for income tax is required in the fund's financial statements. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the fund's Statement of Operations. During the fiscal year ended October 31, 2025, the fund did not incur any interest or penalties.

------

**9. Subsequent Events:**

Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

**29**

------

Schwab International Opportunities Fund

Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of Schwab Capital Trust and Shareholders of Schwab International Opportunities Fund:

***Opinion on the Financial Statements and Financial Highlights***

We have audited the accompanying statement of assets and liabilities, including the portfolio holdings, of Schwab International Opportunities Fund (the "Fund"), one of the funds constituting Schwab Capital Trust, as of October 31, 2025, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**Deloitte & Touche LLP**

Denver, Colorado

December 16, 2025

We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.

**30**Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

**31**

------

Proxy Disclosures for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

**32**Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

------

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The remuneration paid to directors, officers and others are included under Item 7 (Financial Statements and Financial Highlights for Open-End Management Investment Companies).

Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

**33**

------

Schwab International Opportunities Fund

Investment Advisory and Sub-Advisory Agreement Approval

------

The Investment Company Act of 1940, as amended (the 1940 Act), requires that the initial approval and/or continuation of a fund's investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or "interested persons" of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund's trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory and administration agreement between Schwab Capital Trust (the Trust) and Charles Schwab Investment Management, Inc. (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab International Opportunities Fund (the Fund), and the individual sub-advisory agreements between the investment adviser and American Century Investment Management, Inc., Baillie Gifford Overseas Limited (Baillie Gifford), Columbia Management Investment Advisers, LLC (Columbia) and Harris Associates L.P. (Harris) relating to the Fund (each, a Sub-Adviser and collectively, the Sub-Advisers). Such investment advisory and administration agreement and sub-advisory agreements are collectively referred to herein as the Agreements. The Trustees also review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser and the Sub-Advisers, including information about their affiliates, personnel, business goals and priorities, profitability, oversight of third-party service providers, corporate structure and operations. As part of the renewal process, the Independent Trustees' legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser and the investment adviser sends an information request letter to each of the Sub-Advisers seeking certain relevant information. The responses by the investment adviser and the Sub-Advisers are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Fund that the Board reviews during the course of each year, including information that relates to the Fund's operations and

performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees' legal counsel, including a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management. The Board also discusses with the investment adviser the Fund's operations and the investment adviser's ability, consistent with the "manager of managers" structure of the Fund, to (i) identify and recommend to the Trustees sub-advisers for the Fund, (ii) monitor and oversee the performance and investment capabilities of each Sub-Adviser, and (iii) recommend the termination and/or replacement of a Sub-Adviser when appropriate.

The Board, including a majority of the Independent Trustees, considered information relating specifically to the continuance of the Agreements with respect to the Fund at meetings held on May 7, 2025 and June 5, 2025, and approved the renewal of the Agreements with respect to the Fund for an additional one-year term at the meeting on June 5, 2025 called for the purpose of voting on such approval.

The Board's approval of the continuance of the Agreements with respect to the Fund was based on consideration and evaluation of a variety of specific factors discussed at these meetings and at prior meetings, including:

1. the nature, extent and quality of the services provided to the Fund under the Agreements, including the resources of the investment adviser and its affiliates, and the Sub-Advisers, dedicated to the Fund;

2. the Fund's investment performance and how it compared to that of certain other comparable mutual funds and benchmark data;

3. the Fund's expenses and how those expenses compared to those of certain other similar mutual funds;

4. the profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to the Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates, as well as the profitability of the Sub-Advisers; and

5. the extent to which economies of scale would be realized as the Fund grows and whether fee levels in the Agreements reflect those economies of scale for the benefit of Fund investors.

**Nature, Extent and Quality of Services.** The Board considered the nature, extent and quality of the services provided to the Fund and the resources of the investment adviser and its

**34**Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

------

Schwab International Opportunities Fund

affiliates and the Sub-Advisers dedicated to the Fund. In this regard, the Trustees evaluated, among other things, the investment adviser's and the Sub-Advisers' experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser and the Sub-Advisers relating to the services and support provided with respect to the Fund's portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also considered the investment adviser's continued investment in its infrastructure, including the investment adviser's technology and use of data, business continuity, cybersecurity, due diligence, risk management processes, and information security programs. The Trustees considered Schwab's overall financial condition and its reputation as a full service brokerage firm as well as the wide range of products, services and account features that benefit Funds shareholders who are brokerage clients of Schwab. The Board also considered the nature, extent and quality of the sub-advisory services provided by the Sub-Advisers to the Fund and the resources each dedicates to the Fund. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser and the Sub-Advisers to the Fund and the resources of the investment adviser, its affiliates, and the Sub-Advisers dedicated to the Fund supported renewal of the Agreements with respect to the Fund.

**Fund Performance.** The Board considered the Fund's performance in determining whether to renew the Agreements with respect to the Fund. Specifically, the Trustees considered the Fund's performance relative to a peer category of other mutual funds and an applicable benchmark index, in light of total return and the market environment, as well as in consideration of the Fund's investment style and strategy. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In addition, the Trustees considered whether irrespective of relative performance, each Sub-Adviser's absolute performance was consistent with expectations for such Sub-Adviser's unique investment methodology. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and adviser and Sub-Adviser profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of the Fund supported renewal of the Agreements with respect to the Fund.

**Fund Expenses.** With respect to the Fund's expenses, the Trustees considered the rate of compensation called for by the

Agreement and the Fund's net operating expense ratio, in each case, in comparison to those of other similar mutual funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Fund and provision of services as well as the competitive marketplace for financial products. The Trustees considered the effects of the investment adviser's and Schwab's practice of waiving certain fees to prevent total annual operating expenses of the Fund from exceeding a specified cap. The Trustees also considered the investment adviser's contractual commitment to limit the total annual operating expenses of the Fund for so long as the investment adviser serves as the adviser to the Fund. The Trustees also considered fees charged by the investment adviser and the Sub-Advisers to other mutual funds and to other types of accounts, but, with respect to such other types of accounts, accorded less weight to such comparisons due to the different legal, regulatory, compliance and operating features of mutual funds as compared to these other types of accounts, and any differences in the nature and scope of the services the investment adviser provides to these other accounts, as well as differences in the market for these types of accounts. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of the Fund are reasonable and supported renewal of the Agreement with respect to the Fund.

**Profitability.** The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or indirectly and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees reviewed the profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Fund and other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Fund, such as whether, by virtue of its management of the Fund, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. The Trustees considered whether the compensation and profitability with respect to the Fund under the Agreements and other service agreements were reasonable in light of the quality of all services rendered to the Fund by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services and systems to benefit the Fund.

In addition, the Trustees also considered the compensation received by each Sub-Adviser, directly or indirectly. The Trustees also considered any other benefits derived by each Sub-Adviser from its relationship with the Fund, such as whether, by virtue of its management of the Fund, such

Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

**35**

------

Schwab International Opportunities Fund

Sub-Adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. With respect to each Sub-Adviser, the Trustees considered whether the compensation and profitability under the applicable Agreement were reasonable and justified in light of the quality of all services rendered to the Fund by such Sub-Adviser, and its affiliates. The Board also considered the profitability of each Sub-Adviser with respect to the sub-advisory services it provides to the Fund, although, when doing so, the Board took into account the fact that the Sub-Advisers are compensated by the investment adviser, and not by the Fund directly, and such compensation with respect to any Sub-Adviser reflects an arms-length negotiation between the Sub-Adviser and the investment adviser. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser and the Sub-Advisers is reasonable and supported renewal of the Agreements.

**Economies of Scale.** Although the Trustees recognized the difficulty of determining economies of scale with precision, and although the Fund does not have breakpoints in its advisory fees, the Trustees considered the potential existence of any economies of scale and whether those are passed along to the Fund's shareholders through (i) the enhancement of services provided to the Fund in return for fees paid, including through the investment adviser's continued investment in its infrastructure, and use of data and technology, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity,

cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Fund and its shareholders; (ii) graduated investment advisory fee schedules or unitary fee structures, fee waivers, or expense caps by the investment adviser and its affiliates for those funds in the Schwab fund complex with such features; and (iii) pricing the Fund to scale and keeping overall expenses down as the Fund grows. The Trustees considered that the investment adviser and its affiliates employ contractual expense caps to protect shareholders from higher fees, including, for example, when fund assets are relatively small. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the Fund obtains reasonable benefits from economies of scale.

\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreements with respect to the Fund and concluded that the compensation under the Agreements with respect to the Fund is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

**36**Schwab International Opportunities Fund \| Annual Holdings and Financial Statements

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g20045img07b12b291.jpg)

MFR13812-28

00319727

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g20748imgd4f493841.jpg)

**Annual Holdings and Financial Statements** \| October 31, 2025

Schwab Active Equity Funds

------

Schwab Core Equity Fund

Schwab Dividend Equity Fund

Schwab Large-Cap Growth Fund

Schwab Small-Cap Equity Fund

Schwab Health Care Fund

Schwab International Core Equity Fund

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_e021f218-12ce-4347-95b3-4d84f6c64974_1)**<br> **[Management Investment Companies](#xx_e021f218-12ce-4347-95b3-4d84f6c64974_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_e021f218-12ce-4347-95b3-4d84f6c64974_1) <br>|  |
| [Schwab Core Equity Fund](#xx_e021f218-12ce-4347-95b3-4d84f6c64974_1) | 2 |
| [Schwab Dividend Equity Fund](#xx_d34b9dff-bf27-4f89-bbef-6c25699c8358_1) | 8 |
| [Schwab Large-Cap Growth Fund](#xx_391dee23-cee6-431d-aa45-e76d20a3390f_1) | 14 |
| [Schwab Small-Cap Equity Fund](#xx_2ad29512-3f7c-4a56-9280-7a20e4e49c0f_1) | 20 |
| [Schwab Health Care Fund](#xx_128061a6-58ad-4b0b-8020-76c5748bb4a5_1) | 29 |
| [Schwab International Core Equity Fund](#xx_18e043e0-1c58-4751-bef0-7c2ebe425b72_1) | 35 |
| [Financial Notes](#xx_b6041d6a-987f-41e2-a8de-c9495b46e91d_1) | 42 |
| [Report of Independent Registered Public Accounting Firm](#xx_d8bbfb2b-5b05-485b-ba7c-e89fdac49203_1) | 54 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_e010b599-7bd1-452b-bfff-8f552af72ec2_1)**<br> **[Management Investment Companies](#xx_e010b599-7bd1-452b-bfff-8f552af72ec2_1)**<br>| 55 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_628e51ab-a82d-4fa1-8985-b2be38a3a854_1)**<br> **[Companies](#xx_628e51ab-a82d-4fa1-8985-b2be38a3a854_1)**<br>| 56 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_0b967a20-aa64-4a2f-b3e7-4f1613bf1bb0_1)**<br> **[Management Investment Companies](#xx_0b967a20-aa64-4a2f-b3e7-4f1613bf1bb0_1)**<br>| 57 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_dd32610b-b074-4eb9-a1c2-f08d79965768_1)**<br> **[Contract](#xx_dd32610b-b074-4eb9-a1c2-f08d79965768_1)** <br>|  |
| [Investment Advisory Agreement Approval](#xx_dd32610b-b074-4eb9-a1c2-f08d79965768_1) | 58  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: Charles Schwab & Co., Inc. (Schwab)

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc. (MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Schwab. The Industry classifications used in the Portfolio Holdings are sub-categories of Sector classifications.

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**1**

------

Schwab Core Equity Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $24.41 | &nbsp;&nbsp; $18.45 | &nbsp;&nbsp; $19.46 | &nbsp;&nbsp; $29.22 | &nbsp;&nbsp; $22.24 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.09 | 0.13 | 0.21 | 0.26 | 0.21 |
| Net realized and unrealized gains (losses) | 3.85 | 6.41 | 1.57 | &nbsp;&nbsp; (3.16)<br>| 7.90 |
| Total from investment operations | 3.94 | 6.54 | 1.78 | &nbsp;&nbsp; (2.90)<br>| 8.11 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.20)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (2.52)<br>| &nbsp;&nbsp; (6.60)<br>| &nbsp;&nbsp; (0.93)<br>|
| Total distributions | &nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (6.86)<br>| &nbsp;&nbsp; (1.13)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $26.39 | &nbsp;&nbsp; $24.41 | &nbsp;&nbsp; $18.45 | &nbsp;&nbsp; $19.46 | &nbsp;&nbsp; $29.22 |
| Total return | 16.89<br> %<br>| 36.17<br> %<br>| 9.99<br> %<br>| &nbsp;&nbsp; (13.84<br> %)<br>| 37.62<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | 0.73 %<sup>2</sup><br>| 0.73 %<sup>2</sup><br>| 0.73<br> %<br>|
| Total expenses | 0.73<br> %<br>| 0.72<br> %<br>| 0.73 %<sup>2</sup><br>| 0.73 %<sup>2</sup><br>| 0.73<br> %<br>|
| Net investment income (loss) | 0.39<br> %<br>| 0.57<br> %<br>| 1.11<br> %<br>| 1.18<br> %<br>| 0.81<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 86<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $1549 | &nbsp;&nbsp; $1463 | &nbsp;&nbsp; $1199 | &nbsp;&nbsp; $1268 | &nbsp;&nbsp; $1860 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**2**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

------

Schwab Core Equity Fund

Portfolio Holdings as of October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 100.1% OF NET ASSETS  | **COMMON STOCKS** 100.1% OF NET ASSETS  | **COMMON STOCKS** 100.1% OF NET ASSETS  |
| **Capital Goods 5.3%** | **Capital Goods 5.3%** | **Capital Goods 5.3%** |
| A.O. Smith Corp.  | 43716 | 2884819 |
| Caterpillar, Inc.  | 45737 | 26402141 |
| CNH Industrial NV  | 670153 | 7029905 |
| Deere & Co.  | 24325 | 11229150 |
| Fastenal Co.  | 158636 | 6527871 |
| Parker-Hannifin Corp.  | 12337 | 9534404 |
| Rockwell Automation, Inc.  | 49912 | 18385584 |
|  |  | **81993874** |
| **Commercial & Professional Services 2.0%** | **Commercial & Professional Services 2.0%** | **Commercial & Professional Services 2.0%** |
| Republic Services, Inc., Class A  | 80544 | 16772482 |
| Rollins, Inc.  | 238162 | 13720513 |
|  |  | **30492995** |
| **Consumer Discretionary Distribution & Retail 5.6%** | **Consumer Discretionary Distribution & Retail 5.6%** | **Consumer Discretionary Distribution & Retail 5.6%** |
| Amazon.com, Inc. \* | 239000 | 58368580 |
| TJX Cos., Inc.  | 198528 | 27821714 |
|  |  | **86190294** |
| **Consumer Staples Distribution & Retail 1.4%** | **Consumer Staples Distribution & Retail 1.4%** | **Consumer Staples Distribution & Retail 1.4%** |
| Walmart, Inc.  | 218272 | 22084761 |
| **Energy 3.9%** | **Energy 3.9%** | **Energy 3.9%** |
| EOG Resources, Inc.  | 161844 | 17129569 |
| Exxon Mobil Corp.  | 377413 | 43160951 |
|  |  | **60290520** |
| **Equity Real Estate Investment Trusts (REITs) 0.5%** | **Equity Real Estate Investment Trusts (REITs) 0.5%** | **Equity Real Estate Investment Trusts (REITs) 0.5%** |
| Public Storage  | 26907 | 7495214 |
| **Financial Services 9.1%** | **Financial Services 9.1%** | **Financial Services 9.1%** |
| Blackrock, Inc.  | 11812 | 12790152 |
| CME Group, Inc.  | 41495 | 11016508 |
| Fidelity National Information Services, <br> Inc. <br>| 710504 | 44420710 |
| Morgan Stanley  | 81764 | 13409296 |
| MSCI, Inc., Class A  | 16026 | 9432102 |
| PayPal Holdings, Inc. \* | 156631 | 10849829 |
| Visa, Inc., Class A  | 114272 | 38937041 |
|  |  | **140855638** |
| **Food, Beverage & Tobacco 0.9%** | **Food, Beverage & Tobacco 0.9%** | **Food, Beverage & Tobacco 0.9%** |
| Constellation Brands, Inc., Class A  | 109687 | 14410678 |
| **Health Care Equipment & Services 5.8%** | **Health Care Equipment & Services 5.8%** | **Health Care Equipment & Services 5.8%** |
| Becton Dickinson & Co.  | 104044 | 18593703 |
| Boston Scientific Corp. \* | 185329 | 18666337 |
| Intuitive Surgical, Inc. \* | 28025 | 14973197 |
| UnitedHealth Group, Inc.  | 110406 | 37710274 |
|  |  | **89943511** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Household & Personal Products 1.9%** | **Household & Personal Products 1.9%** | **Household & Personal Products 1.9%** |
| L'Oreal SA, Sponsored ADR *(a)* | 141090 | 11778193 |
| Procter & Gamble Co.  | 120494 | 18118683 |
|  |  | **29896876** |
| **Insurance 2.8%** | **Insurance 2.8%** | **Insurance 2.8%** |
| Marsh & McLennan Cos., Inc.  | 34710 | 6183587 |
| Old Republic International Corp.  | 372146 | 14684881 |
| Progressive Corp.  | 111528 | 22974768 |
|  |  | **43843236** |
| **Materials 1.0%** | **Materials 1.0%** | **Materials 1.0%** |
| Linde PLC  | 38378 | 16053517 |
| **Media & Entertainment 10.6%** | **Media & Entertainment 10.6%** | **Media & Entertainment 10.6%** |
| Alphabet, Inc., Class A  | 360614 | 101401051 |
| Meta Platforms, Inc., Class A  | 96988 | 62882170 |
|  |  | **164283221** |
| **Pharmaceuticals, Biotechnology & Life Sciences 6.3%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.3%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.3%** |
| Eli Lilly & Co.  | 42701 | 36844985 |
| Johnson & Johnson  | 28529 | 5388272 |
| Thermo Fisher Scientific, Inc.  | 61626 | 34965976 |
| Zoetis, Inc.  | 137201 | 19769292 |
|  |  | **96968525** |
| **Semiconductors & Semiconductor Equipment 16.7%** | **Semiconductors & Semiconductor Equipment 16.7%** | **Semiconductors & Semiconductor Equipment 16.7%** |
| ASML Holding NV, Registry Shares  | 20750 | 21979022 |
| Broadcom, Inc.  | 178658 | 66037357 |
| NVIDIA Corp.  | 813380 | 164701316 |
| Texas Instruments, Inc.  | 37756 | 6096084 |
|  |  | **258813779** |
| **Software & Services 15.1%** | **Software & Services 15.1%** | **Software & Services 15.1%** |
| Accenture PLC, Class A  | 37155 | 9292466 |
| International Business Machines Corp.  | 80986 | 24895906 |
| Microsoft Corp.  | 292866 | 151648943 |
| Palo Alto Networks, Inc. \* | 78684 | 17329364 |
| Salesforce, Inc.  | 117073 | 30486980 |
|  |  | **233653659** |
| **Technology Hardware & Equipment 7.4%** | **Technology Hardware & Equipment 7.4%** | **Technology Hardware & Equipment 7.4%** |
| Apple, Inc.  | 387826 | 104856516 |
| Motorola Solutions, Inc.  | 21898 | 8906135 |
|  |  | **113762651** |
| **Utilities 3.8%** | **Utilities 3.8%** | **Utilities 3.8%** |
| Duke Energy Corp.  | 119908 | 14904564 |
| NextEra Energy, Inc.  | 213529 | 17381261 |
| WEC Energy Group, Inc.  | 235695 | 26334202 |
|  |  | **58620027** |
| **Total Common Stocks** <br>**(Cost $771,228,096)** | **Total Common Stocks** <br>**(Cost $771,228,096)** | **1549652976** |

---

*See financial notes*

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**3**

------

Schwab Core Equity Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **SHORT-TERM INVESTMENTS** 0.3% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.3% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.3% OF NET ASSETS  |
| **Money Market Funds 0.3%** | **Money Market Funds 0.3%** | **Money Market Funds 0.3%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(b)*<br>| 3036086 | 3036086 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(b)(c)*<br>| 2151400 | 2151400 |
|  |  | **5187486** |
| **Total Short-Term Investments** <br>**(Cost $5,187,486)** | **Total Short-Term Investments** <br>**(Cost $5,187,486)** | **5187486** |
| **Total Investments in Securities** <br>**(Cost $776,415,582)** | **Total Investments in Securities** <br>**(Cost $776,415,582)** | **1554840462** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $2,070,304. 

*(b)* The rate shown is the annualized 7-day yield.

*(c)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR — American Depositary Receipt

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $1549652976 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1549652976 |
| Short-Term Investments<sup>1</sup> <br>| 5187486 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5187486 |
| **Total** | **$1554840462** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1554840462** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

**4**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

------

Schwab Core Equity Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $776,415,582) including securities on loan of $2,070,304 |  | $1554840462 |
| Receivables: |  |  |
| Dividends |  | 698921 |
| Foreign tax reclaims |  | 375164 |
| Fund shares sold |  | 58162 |
| Income from securities on loan |  | 1167 |
| Prepaid expenses | + | 14339 |
| **Total assets** |  | **1555988215** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 2151400 |
| Payables: |  |  |
| Fund shares redeemed |  | 3839830 |
| Investment adviser and administrator fees |  | 652992 |
| Shareholder service fees |  | 329871 |
| Independent trustees' fees |  | 41 |
| Accrued expenses | + | 162818 |
| **Total liabilities** |  | **7136952** |
| **Net assets** |  | **$1548851263** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $677616670 |
| Total distributable earnings | + | 871234593 |
| **Net assets** |  | **$1548851263** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $1548851263 |  | &nbsp;&nbsp;&nbsp;&nbsp; 58681537 |  | &nbsp;&nbsp;&nbsp;&nbsp; $26.39 |

---

*See financial notes*

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**5**

------

Schwab Core Equity Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $48,987) |  | $16333873 |
| Securities on loan, net | + | 37331 |
| **Total investment income**  |  | **16371204** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | 6903533 |
| Shareholder service fees |  | 3504696 |
| Portfolio accounting fees |  | 54863 |
| Professional fees |  | 34340 |
| Registration fees |  | 31665 |
| Shareholder reports |  | 22814 |
| Custodian fees |  | 17941 |
| Independent trustees' fees |  | 8416 |
| Transfer agent fees  |  | 3704 |
| Other expenses | + | 23352 |
| **Total expenses** | – | **10605324** |
| **Net investment income** |  | **5765880** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| **Net realized gains on sales of securities - unaffiliated issuers**  |  | **88649162** |
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | + | **136645975** |
| **Net realized and unrealized gains** |  | **225295137** |
| **Increase in net assets resulting from operations** |  | **$231061017** |

---

*See financial notes*

**6**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

------

Schwab Core Equity Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $5765880 | &nbsp;&nbsp;&nbsp; $7888514 |
| Net realized gains |  | 88649162 | &nbsp;&nbsp;&nbsp; 108830479 |
| Net change in unrealized appreciation (depreciation) | + | 136645975 | &nbsp;&nbsp;&nbsp; 295962604 |
| **Increase in net assets resulting from operations** |  | **$231061017** | &nbsp;&nbsp;&nbsp; **$412681597** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($115689705)**<br>| &nbsp;&nbsp;&nbsp; **($37066028)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 1738249 | &nbsp;&nbsp;&nbsp; $41404229 | &nbsp;&nbsp;&nbsp; 1649682 | &nbsp;&nbsp;&nbsp; $36951425 |
| Shares reinvested |  | 4287657 | &nbsp;&nbsp;&nbsp; 103032405 | &nbsp;&nbsp;&nbsp; 1672817 | &nbsp;&nbsp;&nbsp; 33188680 |
| Shares redeemed | + | (7263001)<br>| &nbsp;&nbsp;&nbsp; (173787664)<br>| &nbsp;&nbsp;&nbsp; (8407499)<br>| &nbsp;&nbsp;&nbsp; (182375446)<br>|
| **Net transactions in fund shares**  |  | **(1237095)**<br>| &nbsp;&nbsp;&nbsp; **($29351030)**<br>| &nbsp;&nbsp;&nbsp; **(5085000)**<br>| &nbsp;&nbsp;&nbsp; **($112235341)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 59918632 | &nbsp;&nbsp;&nbsp; $1462830981 | &nbsp;&nbsp;&nbsp; 65003632 | &nbsp;&nbsp;&nbsp; $1199450753 |
| Total increase (decrease) | + | (1237095)<br>| &nbsp;&nbsp;&nbsp; 86020282 | &nbsp;&nbsp;&nbsp; (5085000)<br>| &nbsp;&nbsp;&nbsp; 263380228 |
| **End of period** |  | **58681537** | &nbsp;&nbsp;&nbsp; **$1548851263** | &nbsp;&nbsp;&nbsp; **59918632** | &nbsp;&nbsp;&nbsp; **$1462830981** |

---

*See financial notes*

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**7**

------

Schwab Dividend Equity Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $16.46 | &nbsp;&nbsp; $12.80 | &nbsp;&nbsp; $13.92 | &nbsp;&nbsp; $16.92 | &nbsp;&nbsp; $12.14 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.30 | 0.30 | 0.29 | 0.29 | 0.31 |
| Net realized and unrealized gains (losses) | 1.44 | 3.68 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.81)<br>| 4.80 |
| Total from investment operations | 1.74 | 3.98 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.52)<br>| 5.11 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.33)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (2.48)<br>| &nbsp;&nbsp; (0.33)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $17.78 | &nbsp;&nbsp; $16.46 | &nbsp;&nbsp; $12.80 | &nbsp;&nbsp; $13.92 | &nbsp;&nbsp; $16.92 |
| Total return | 10.73<br> %<br>| 31.34<br> %<br>| &nbsp;&nbsp; (1.74<br> %)<br>| &nbsp;&nbsp; (3.96<br> %)<br>| 42.38<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | 0.88<br> %<br>| 0.89 %<sup>2</sup><br>| 0.89<br> %<br>|
| Total expenses | 0.89<br> %<br>| 0.89<br> %<br>| 0.88<br> %<br>| 0.90 %<sup>2</sup><br>| 0.90<br> %<br>|
| Net investment income (loss) | 1.78<br> %<br>| 2.00<br> %<br>| 2.17<br> %<br>| 1.99<br> %<br>| 2.01<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 83<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $583 | &nbsp;&nbsp; $550 | &nbsp;&nbsp; $446 | &nbsp;&nbsp; $524 | &nbsp;&nbsp; $671 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**8**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

------

Schwab Dividend Equity Fund

Portfolio Holdings as of October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.1% OF NET ASSETS  | **COMMON STOCKS** 99.1% OF NET ASSETS  | **COMMON STOCKS** 99.1% OF NET ASSETS  |
| **Banks 8.0%** | **Banks 8.0%** | **Banks 8.0%** |
| Bank of America Corp.  | 240000 | 12828000 |
| JPMorgan Chase & Co.  | 90000 | 28000800 |
| Truist Financial Corp.  | 130000 | 5801900 |
|  |  | **46630700** |
| **Capital Goods 10.3%** | **Capital Goods 10.3%** | **Capital Goods 10.3%** |
| Caterpillar, Inc.  | 10000 | 5772600 |
| CNH Industrial NV  | 200000 | 2098000 |
| Fastenal Co.  | 124000 | 5102600 |
| General Dynamics Corp.  | 15000 | 5173500 |
| Illinois Tool Works, Inc.  | 18500 | 4512520 |
| Lockheed Martin Corp.  | 27000 | 13280760 |
| Parker-Hannifin Corp.  | 13000 | 10046790 |
| Rockwell Automation, Inc.  | 9750 | 3591510 |
| RTX Corp.  | 43000 | 7675500 |
| Watsco, Inc.  | 8000 | 2944080 |
|  |  | **60197860** |
| **Consumer Discretionary Distribution & Retail 5.0%** | **Consumer Discretionary Distribution & Retail 5.0%** | **Consumer Discretionary Distribution & Retail 5.0%** |
| Genuine Parts Co.  | 35000 | 4455850 |
| Home Depot, Inc.  | 30150 | 11444638 |
| TJX Cos., Inc.  | 95000 | 13313300 |
|  |  | **29213788** |
| **Consumer Services 2.0%** | **Consumer Services 2.0%** | **Consumer Services 2.0%** |
| McDonald's Corp.  | 39000 | 11638770 |
| **Consumer Staples Distribution & Retail 3.2%** | **Consumer Staples Distribution & Retail 3.2%** | **Consumer Staples Distribution & Retail 3.2%** |
| Walmart, Inc.  | 185000 | 18718300 |
| **Energy 7.5%** | **Energy 7.5%** | **Energy 7.5%** |
| Chevron Corp.  | 85000 | 13406200 |
| EOG Resources, Inc.  | 60000 | 6350400 |
| Exxon Mobil Corp.  | 150000 | 17154000 |
| Kinder Morgan, Inc.  | 260000 | 6809400 |
|  |  | **43720000** |
| **Equity Real Estate Investment Trusts (REITs) 2.6%** | **Equity Real Estate Investment Trusts (REITs) 2.6%** | **Equity Real Estate Investment Trusts (REITs) 2.6%** |
| AvalonBay Communities, Inc.  | 20000 | 3478400 |
| Lamar Advertising Co., Class A  | 40000 | 4743600 |
| Public Storage  | 25000 | 6964000 |
|  |  | **15186000** |
| **Financial Services 9.7%** | **Financial Services 9.7%** | **Financial Services 9.7%** |
| Blackrock, Inc.  | 14000 | 15159340 |
| Fidelity National Information Services, Inc.  | 155000 | 9690600 |
| Morgan Stanley  | 140000 | 22960000 |
| Visa, Inc., Class A  | 25000 | 8518500 |
|  |  | **56328440** |
| **Food, Beverage & Tobacco 6.6%** | **Food, Beverage & Tobacco 6.6%** | **Food, Beverage & Tobacco 6.6%** |
| Altria Group, Inc.  | 85000 | 4792300 |
| Coca-Cola Co.  | 245000 | 16880500 |
| Constellation Brands, Inc., Class A  | 15000 | 1970700 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Philip Morris International, Inc.  | 105000 | 15154650 |
|  |  | **38798150** |
| **Health Care Equipment & Services 5.6%** | **Health Care Equipment & Services 5.6%** | **Health Care Equipment & Services 5.6%** |
| Abbott Laboratories  | 72000 | 8900640 |
| Becton Dickinson & Co.  | 31000 | 5540010 |
| CVS Health Corp.  | 50000 | 3907500 |
| Elevance Health, Inc.  | 20000 | 6344000 |
| Medtronic PLC  | 85000 | 7709500 |
|  |  | **32401650** |
| **Household & Personal Products 2.8%** | **Household & Personal Products 2.8%** | **Household & Personal Products 2.8%** |
| Kenvue, Inc.  | 280000 | 4023600 |
| Procter & Gamble Co.  | 82000 | 12330340 |
|  |  | **16353940** |
| **Insurance 3.0%** | **Insurance 3.0%** | **Insurance 3.0%** |
| Allstate Corp.  | 40000 | 7660800 |
| Cincinnati Financial Corp.  | 30000 | 4637700 |
| Progressive Corp.  | 25000 | 5150000 |
|  |  | **17448500** |
| **Materials 0.6%** | **Materials 0.6%** | **Materials 0.6%** |
| PPG Industries, Inc.  | 35000 | 3421250 |
| **Media & Entertainment 3.7%** | **Media & Entertainment 3.7%** | **Media & Entertainment 3.7%** |
| Alphabet, Inc., Class A  | 45000 | 12653550 |
| Comcast Corp., Class A  | 260000 | 7237100 |
| Omnicom Group, Inc.  | 20000 | 1500400 |
|  |  | **21391050** |
| **Pharmaceuticals, Biotechnology & Life Sciences 5.8%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.8%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.8%** |
| AbbVie, Inc.  | 60000 | 13082400 |
| Bristol-Myers Squibb Co.  | 60000 | 2764200 |
| Johnson & Johnson  | 72310 | 13657190 |
| Pfizer, Inc.  | 170000 | 4190500 |
|  |  | **33694290** |
| **Semiconductors & Semiconductor Equipment 4.9%** | **Semiconductors & Semiconductor Equipment 4.9%** | **Semiconductors & Semiconductor Equipment 4.9%** |
| Broadcom, Inc.  | 64000 | 23656320 |
| Texas Instruments, Inc.  | 30000 | 4843800 |
|  |  | **28500120** |
| **Software & Services 7.0%** | **Software & Services 7.0%** | **Software & Services 7.0%** |
| Accenture PLC, Class A  | 20000 | 5002000 |
| International Business Machines Corp.  | 55000 | 16907550 |
| Microsoft Corp.  | 36000 | 18641160 |
|  |  | **40550710** |
| **Technology Hardware & Equipment 3.1%** | **Technology Hardware & Equipment 3.1%** | **Technology Hardware & Equipment 3.1%** |
| Apple, Inc.  | 26000 | 7029620 |
| Cisco Systems, Inc.  | 150000 | 10966500 |
|  |  | **17996120** |
| **Telecommunication Services 1.9%** | **Telecommunication Services 1.9%** | **Telecommunication Services 1.9%** |
| Verizon Communications, Inc.  | 275000 | 10928500 |

---

*See financial notes*

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**9**

------

Schwab Dividend Equity Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Transportation 0.7%** | **Transportation 0.7%** | **Transportation 0.7%** |
| Union Pacific Corp.  | 20000 | 4407400 |
| **Utilities 5.1%** | **Utilities 5.1%** | **Utilities 5.1%** |
| Duke Energy Corp.  | 127500 | 15848250 |
| Eversource Energy  | 80000 | 5904800 |
| NextEra Energy, Inc.  | 100000 | 8140000 |
|  |  | **29893050** |
| **Total Common Stocks** <br>**(Cost $372,070,242)** | **Total Common Stocks** <br>**(Cost $372,070,242)** | **577418588** |
| **Total Investments in Securities** <br>**(Cost $372,070,242)** | **Total Investments in Securities** <br>**(Cost $372,070,242)** | **577418588** |

---

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $577418588 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $577418588 |
| **Total** | **$577418588** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$577418588** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

**10**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

------

Schwab Dividend Equity Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $372,070,242) |  | $577418588 |
| Cash |  | 5012834 |
| Foreign currency, at value (cost $37,911) |  | 37647 |
| Receivables: |  |  |
| Dividends |  | 783118 |
| Foreign tax reclaims |  | 261596 |
| Fund shares sold |  | 112759 |
| Prepaid expenses | + | 17753 |
| **Total assets** |  | **583644295** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Fund shares redeemed |  | 407288 |
| Investment adviser and administrator fees |  | 329315 |
| Shareholder service fees |  | 123097 |
| Independent trustees' fees |  | 35 |
| Accrued expenses | + | 72687 |
| **Total liabilities** |  | **932422** |
| **Net assets** |  | **$582711873** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $366482677 |
| Total distributable earnings | + | 216229196 |
| **Net assets** |  | **$582711873** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $582711873 |  | &nbsp;&nbsp;&nbsp;&nbsp; 32771007 |  | &nbsp;&nbsp;&nbsp;&nbsp; $17.78 |

---

*See financial notes*

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**11**

------

Schwab Dividend Equity Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $2,934) |  | $14523613 |
| Other Interest | + | 79428 |
| **Total investment income**  |  | **14603041** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | 3413302 |
| Shareholder service fees |  | 1295481 |
| Portfolio accounting fees |  | 60156 |
| Professional fees |  | 33053 |
| Registration fees |  | 29858 |
| Shareholder reports |  | 21425 |
| Independent trustees' fees |  | 6978 |
| Transfer agent fees  |  | 3133 |
| Custodian fees |  | 2464 |
| Other expenses | + | 13267 |
| **Total expenses** | – | **4879117** |
| **Net investment income** |  | **9723924** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 10425701 |
| Net realized gains on foreign currency transactions | + | 5093 |
| **Net realized gains** |  | **10430794** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 37024292 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 14400 |
| **Net change in unrealized appreciation (depreciation)** |  | **37038692** |
| **Net realized and unrealized gains** |  | **47469486** |
| **Increase in net assets resulting from operations** |  | **$57193410** |

---

*See financial notes*

**12**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

------

Schwab Dividend Equity Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $9723924 | &nbsp;&nbsp;&nbsp; $10193485 |
| Net realized gains |  | 10430794 | &nbsp;&nbsp;&nbsp; 4380939 |
| Net change in unrealized appreciation (depreciation) | + | 37038692 | &nbsp;&nbsp;&nbsp; 121118911 |
| **Increase in net assets resulting from operations** |  | **$57193410** | &nbsp;&nbsp;&nbsp; **$135693335** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($13506586)**<br>| &nbsp;&nbsp;&nbsp; **($10796286)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 4730046 | &nbsp;&nbsp;&nbsp; $80061778 | &nbsp;&nbsp;&nbsp; 3364755 | &nbsp;&nbsp;&nbsp; $50029779 |
| Shares reinvested |  | 613052 | &nbsp;&nbsp;&nbsp; 10339697 | &nbsp;&nbsp;&nbsp; 532844 | &nbsp;&nbsp;&nbsp; 7968286 |
| Shares redeemed | + | (6001694)<br>| &nbsp;&nbsp;&nbsp; (101586069)<br>| &nbsp;&nbsp;&nbsp; (5321829)<br>| &nbsp;&nbsp;&nbsp; (78769369)<br>|
| **Net transactions in fund shares**  |  | **(658596)**<br>| &nbsp;&nbsp;&nbsp; **($11184594)**<br>| &nbsp;&nbsp;&nbsp; **(1424230)**<br>| &nbsp;&nbsp;&nbsp; **($20771304)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 33429603 | &nbsp;&nbsp;&nbsp; $550209643 | &nbsp;&nbsp;&nbsp; 34853833 | &nbsp;&nbsp;&nbsp; $446083898 |
| Total increase (decrease) | + | (658596)<br>| &nbsp;&nbsp;&nbsp; 32502230 | &nbsp;&nbsp;&nbsp; (1424230)<br>| &nbsp;&nbsp;&nbsp; 104125745 |
| **End of period** |  | **32771007** | &nbsp;&nbsp;&nbsp; **$582711873** | &nbsp;&nbsp;&nbsp; **33429603** | &nbsp;&nbsp;&nbsp; **$550209643** |

---

*See financial notes*

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**13**

------

Schwab Large-Cap Growth Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $34.09 | &nbsp;&nbsp; $24.35 | &nbsp;&nbsp; $20.80 | &nbsp;&nbsp; $28.96 | &nbsp;&nbsp; $20.85 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.05)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.06)<br>|
| Net realized and unrealized gains (losses) | 10.24 | 9.80 | 3.95 | &nbsp;&nbsp; (5.97)<br>| 8.42 |
| Total from investment operations | 10.10 | 9.75 | 3.96 | &nbsp;&nbsp; (5.98)<br>| 8.36 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions from net realized gains  | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (0.25)<br>|
| Total distributions | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (0.25)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $44.15 | &nbsp;&nbsp; $34.09 | &nbsp;&nbsp; $24.35 | &nbsp;&nbsp; $20.80 | &nbsp;&nbsp; $28.96 |
| Total return | 29.65<br> %<br>| 40.05<br> %<br>| 19.37<br> %<br>| &nbsp;&nbsp; (22.45<br> %)<br>| 40.41<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses | 0.99<br> %<br>| 0.99<br> %<br>| 0.99<br> %<br>| 0.99 %<sup>3</sup><br>| 0.99<br> %<br>|
| Total expenses | 1.00<br> %<br>| 1.00<br> %<br>| 1.01<br> %<br>| 1.02 %<sup>3</sup><br>| 1.02<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp; (0.37<br> %)<br>| &nbsp;&nbsp; (0.16<br> %)<br>| 0.02<br> %<br>| &nbsp;&nbsp; (0.05<br> %)<br>| &nbsp;&nbsp; (0.23<br> %)<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 42<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $617 | &nbsp;&nbsp; $465 | &nbsp;&nbsp; $282 | &nbsp;&nbsp; $218 | &nbsp;&nbsp; $292 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Per-share amount was less than $0.005.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**14**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

------

Schwab Large-Cap Growth Fund

Portfolio Holdings as of October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.4% OF NET ASSETS  | **COMMON STOCKS** 99.4% OF NET ASSETS  | **COMMON STOCKS** 99.4% OF NET ASSETS  |
| **Automobiles & Components 3.2%** | **Automobiles & Components 3.2%** | **Automobiles & Components 3.2%** |
| Tesla, Inc. \* | 42749 | 19517484 |
| **Capital Goods 5.3%** | **Capital Goods 5.3%** | **Capital Goods 5.3%** |
| Caterpillar, Inc.  | 11998 | 6925965 |
| GE Vernova, Inc.  | 7142 | 4179070 |
| General Electric Co.  | 16124 | 4981510 |
| Parker-Hannifin Corp.  | 7152 | 5527280 |
| Quanta Services, Inc.  | 9885 | 4439650 |
| Vertiv Holdings Co., Class A  | 35646 | 6874688 |
|  |  | **32928163** |
| **Commercial & Professional Services 0.3%** | **Commercial & Professional Services 0.3%** | **Commercial & Professional Services 0.3%** |
| Republic Services, Inc., Class A  | 9999 | 2082192 |
| **Consumer Discretionary Distribution & Retail 8.2%** | **Consumer Discretionary Distribution & Retail 8.2%** | **Consumer Discretionary Distribution & Retail 8.2%** |
| Amazon.com, Inc. \* | 131419 | 32095148 |
| Home Depot, Inc.  | 18915 | 7179945 |
| O'Reilly Automotive, Inc. \* | 43967 | 4152243 |
| TJX Cos., Inc.  | 48942 | 6858732 |
|  |  | **50286068** |
| **Consumer Services 1.7%** | **Consumer Services 1.7%** | **Consumer Services 1.7%** |
| Booking Holdings, Inc.  | 681 | 3457941 |
| DoorDash, Inc., Class A \* | 11758 | 2990882 |
| Royal Caribbean Cruises Ltd.  | 14407 | 4132360 |
|  |  | **10581183** |
| **Consumer Staples Distribution & Retail 1.8%** | **Consumer Staples Distribution & Retail 1.8%** | **Consumer Staples Distribution & Retail 1.8%** |
| Costco Wholesale Corp.  | 8843 | 8059952 |
| Walmart, Inc.  | 28014 | 2834457 |
|  |  | **10894409** |
| **Financial Services 5.0%** | **Financial Services 5.0%** | **Financial Services 5.0%** |
| American Express Co.  | 18405 | 6639236 |
| Blackrock, Inc.  | 2062 | 2232754 |
| Blackstone, Inc.  | 12491 | 1831680 |
| Interactive Brokers Group, Inc., Class A  | 51824 | 3646337 |
| Mastercard, Inc., Class A  | 14854 | 8199259 |
| Visa, Inc., Class A  | 24440 | 8327686 |
|  |  | **30876952** |
| **Food, Beverage & Tobacco 0.8%** | **Food, Beverage & Tobacco 0.8%** | **Food, Beverage & Tobacco 0.8%** |
| Philip Morris International, Inc.  | 34383 | 4962498 |
| **Health Care Equipment & Services 1.8%** | **Health Care Equipment & Services 1.8%** | **Health Care Equipment & Services 1.8%** |
| Boston Scientific Corp. \* | 49610 | 4996719 |
| Intuitive Surgical, Inc. \* | 11622 | 6209402 |
|  |  | **11206121** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Media & Entertainment 13.0%** | **Media & Entertainment 13.0%** | **Media & Entertainment 13.0%** |
| Alphabet, Inc., Class A  | 133454 | 37525930 |
| Meta Platforms, Inc., Class A  | 42692 | 27679358 |
| Netflix, Inc. \* | 10788 | 12070262 |
| Spotify Technology SA \* | 4421 | 2897170 |
|  |  | **80172720** |
| **Pharmaceuticals, Biotechnology & Life Sciences 4.9%** | **Pharmaceuticals, Biotechnology & Life Sciences 4.9%** | **Pharmaceuticals, Biotechnology & Life Sciences 4.9%** |
| AbbVie, Inc.  | 38851 | 8471072 |
| Alnylam Pharmaceuticals, Inc. \* | 3809 | 1737056 |
| Eli Lilly & Co.  | 18561 | 16015544 |
| Vertex Pharmaceuticals, Inc. \* | 9008 | 3833535 |
|  |  | **30057207** |
| **Semiconductors & Semiconductor Equipment 20.0%** | **Semiconductors & Semiconductor Equipment 20.0%** | **Semiconductors & Semiconductor Equipment 20.0%** |
| Advanced Micro Devices, Inc. \* | 35376 | 9060501 |
| Broadcom, Inc.  | 99786 | 36883899 |
| KLA Corp.  | 2590 | 3130637 |
| Lam Research Corp.  | 43231 | 6807153 |
| NVIDIA Corp.  | 322560 | 65315174 |
| Texas Instruments, Inc.  | 13210 | 2132887 |
|  |  | **123330251** |
| **Software & Services 21.3%** | **Software & Services 21.3%** | **Software & Services 21.3%** |
| AppLovin Corp., Class A \* | 2944 | 1876300 |
| Cadence Design Systems, Inc. \* | 11933 | 4041588 |
| Crowdstrike Holdings, Inc., Class A \* | 10692 | 5805863 |
| Datadog, Inc., Class A \* | 31836 | 5183219 |
| International Business Machines Corp.  | 19008 | 5843249 |
| Intuit, Inc.  | 12612 | 8419141 |
| Microsoft Corp.  | 99364 | 51451673 |
| Oracle Corp.  | 34209 | 8983625 |
| Palantir Technologies, Inc., Class A \* | 35355 | 7087617 |
| Palo Alto Networks, Inc. \* | 43500 | 9580440 |
| Salesforce, Inc.  | 33051 | 8606811 |
| ServiceNow, Inc. \* | 9192 | 8450022 |
| Snowflake, Inc., Class A \* | 5564 | 1529432 |
| Synopsys, Inc. \* | 10311 | 4679338 |
|  |  | **131538318** |
| **Technology Hardware & Equipment 11.3%** | **Technology Hardware & Equipment 11.3%** | **Technology Hardware & Equipment 11.3%** |
| Amphenol Corp., Class A  | 74208 | 10340143 |
| Apple, Inc.  | 186176 | 50336405 |
| Arista Networks, Inc. \* | 57793 | 9113378 |
|  |  | **69789926** |
| **Transportation 0.8%** | **Transportation 0.8%** | **Transportation 0.8%** |
| Uber Technologies, Inc. \* | 52644 | 5080146 |
| **Total Common Stocks** <br>**(Cost $238,053,998)** | **Total Common Stocks** <br>**(Cost $238,053,998)** | **613303638** |
| **Total Investments in Securities** <br>**(Cost $238,053,998)** | **Total Investments in Securities** <br>**(Cost $238,053,998)** | **613303638** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*See financial notes*

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**15**

------

Schwab Large-Cap Growth Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $613303638 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $613303638 |
| **Total** | **$613303638** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$613303638** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

**16**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

------

Schwab Large-Cap Growth Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $238,053,998) |  | $613303638 |
| Cash |  | 3943107 |
| Receivables: |  |  |
| Fund shares sold |  | 793205 |
| Dividends |  | 128188 |
| Foreign tax reclaims |  | 3415 |
| Prepaid expenses | + | 22787 |
| **Total assets** |  | **618194340** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Fund shares redeemed |  | 623843 |
| Investment adviser and administrator fees |  | 360974 |
| Shareholder service fees |  | 126898 |
| Independent trustees' fees |  | 35 |
| Accrued expenses | + | 63304 |
| **Total liabilities** |  | **1175054** |
| **Net assets** |  | **$617019286** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $236626530 |
| Total distributable earnings | + | 380392756 |
| **Net assets** |  | **$617019286** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $617019286 |  | &nbsp;&nbsp;&nbsp;&nbsp; 13975414 |  | &nbsp;&nbsp;&nbsp;&nbsp; $44.15 |

---

*See financial notes*

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**17**

------

Schwab Large-Cap Growth Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $842) |  | $3014267 |
| Other Interest | + | 146024 |
| **Total investment income**  |  | **3160291** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | 3719291 |
| Shareholder service fees |  | 1227924 |
| Portfolio accounting fees |  | 50487 |
| Registration fees |  | 45502 |
| Professional fees |  | 35825 |
| Shareholder reports |  | 17611 |
| Independent trustees' fees |  | 6913 |
| Transfer agent fees  |  | 3870 |
| Custodian fees |  | 3153 |
| Other expenses | + | 9353 |
| **Total expenses** |  | **5119929** |
| Expense reduction | – | 33730 |
| **Net expenses** | – | **5086199** |
| **Net investment loss** |  | **(1925908)**<br>|
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 7629228 |
| Net realized losses on futures contracts | + | (704396)<br>|
| **Net realized gains** |  | **6924832** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 132840804 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | (47813)<br>|
| **Net change in unrealized appreciation (depreciation)** |  | **132792991** |
| **Net realized and unrealized gains** |  | **139717823** |
| **Increase in net assets resulting from operations** |  | **$137791915** |

---

*See financial notes*

**18**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

------

Schwab Large-Cap Growth Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment loss |  | ($1925908)<br>| &nbsp;&nbsp;&nbsp; ($641673)<br>|
| Net realized gains |  | 6924832 | &nbsp;&nbsp;&nbsp; 3484145 |
| Net change in unrealized appreciation (depreciation) | + | 132792991 | &nbsp;&nbsp;&nbsp; 115526918 |
| **Increase in net assets resulting from operations** |  | **$137791915** | &nbsp;&nbsp;&nbsp; **$118369390** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($562663)**<br>| &nbsp;&nbsp;&nbsp; **($115375)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 3489505 | &nbsp;&nbsp;&nbsp; $129785614 | &nbsp;&nbsp;&nbsp; 4195809 | &nbsp;&nbsp;&nbsp; $131271986 |
| Shares reinvested |  | 12993 | &nbsp;&nbsp;&nbsp; 483853 | &nbsp;&nbsp;&nbsp; 3498 | &nbsp;&nbsp;&nbsp; 97193 |
| Shares redeemed | + | (3155910)<br>| &nbsp;&nbsp;&nbsp; (115078615)<br>| &nbsp;&nbsp;&nbsp; (2134726)<br>| &nbsp;&nbsp;&nbsp; (66664088)<br>|
| **Net transactions in fund shares**  |  | **346588** | &nbsp;&nbsp;&nbsp; **$15190852** | &nbsp;&nbsp;&nbsp; **2064581** | &nbsp;&nbsp;&nbsp; **$64705091** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 13628826 | &nbsp;&nbsp;&nbsp; $464599182 | &nbsp;&nbsp;&nbsp; 11564245 | &nbsp;&nbsp;&nbsp; $281640076 |
| Total increase | + | 346588 | &nbsp;&nbsp;&nbsp; 152420104 | &nbsp;&nbsp;&nbsp; 2064581 | &nbsp;&nbsp;&nbsp; 182959106 |
| **End of period** |  | **13975414** | &nbsp;&nbsp;&nbsp; **$617019286** | &nbsp;&nbsp;&nbsp; **13628826** | &nbsp;&nbsp;&nbsp; **$464599182** |

---

*See financial notes*

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**19**

------

Schwab Small-Cap Equity Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $21.85 | &nbsp;&nbsp; $16.60 | &nbsp;&nbsp; $18.94 | &nbsp;&nbsp; $23.77 | &nbsp;&nbsp; $15.02 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.04 | 0.06 | 0.07 | 0.03 | 0.02 |
| Net realized and unrealized gains (losses) | 2.52 | 5.26 | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (2.27)<br>| 8.76 |
| Total from investment operations | 2.56 | 5.32 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (2.24)<br>| 8.78 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (2.56)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (2.74)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (0.03)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $21.67 | &nbsp;&nbsp; $21.85 | &nbsp;&nbsp; $16.60 | &nbsp;&nbsp; $18.94 | &nbsp;&nbsp; $23.77 |
| Total return | 12.59<br> %<br>| 32.12<br> %<br>| &nbsp;&nbsp; (3.68<br> %)<br>| &nbsp;&nbsp; (10.25<br> %)<br>| 58.55<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | 1.09 %<sup>2</sup><br>| 1.09 %<sup>2</sup><br>| 1.08<br> %<br>|
| Total expenses | 1.09<br> %<br>| 1.08<br> %<br>| 1.09 %<sup>2</sup><br>| 1.09 %<sup>2</sup><br>| 1.08<br> %<br>|
| Net investment income (loss) | 0.18<br> %<br>| 0.31<br> %<br>| 0.37<br> %<br>| 0.13<br> %<br>| 0.11<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 108<br> %<br>| &nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp; 84<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $646 | &nbsp;&nbsp; $620 | &nbsp;&nbsp; $482 | &nbsp;&nbsp; $543 | &nbsp;&nbsp; $669 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**20**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

------

Schwab Small-Cap Equity Fund

Portfolio Holdings as of October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 95.7% OF NET ASSETS  | **COMMON STOCKS** 95.7% OF NET ASSETS  | **COMMON STOCKS** 95.7% OF NET ASSETS  |
| **Automobiles & Components 1.1%** | **Automobiles & Components 1.1%** | **Automobiles & Components 1.1%** |
| Adient PLC \* | 72158 | 1673344 |
| Cooper-Standard Holdings, Inc. \* | 11139 | 336621 |
| Dorman Products, Inc. \* | 6128 | 821949 |
| Garrett Motion, Inc.  | 84236 | 1426958 |
| Modine Manufacturing Co. \* | 11736 | 1798072 |
| Strattec Security Corp. \* | 21584 | 1324394 |
|  |  | **7381338** |
| **Banks 7.8%** | **Banks 7.8%** | **Banks 7.8%** |
| Ameris Bancorp  | 14020 | 1004112 |
| Associated Banc-Corp.  | 201487 | 4990833 |
| Axos Financial, Inc. \* | 34780 | 2712144 |
| BankUnited, Inc.  | 179792 | 7206063 |
| Customers Bancorp, Inc. \* | 40387 | 2710776 |
| Enterprise Financial Services Corp.  | 28708 | 1503438 |
| First Financial Corp.  | 48814 | 2602763 |
| Hancock Whitney Corp.  | 104007 | 5939840 |
| Hanmi Financial Corp.  | 95592 | 2523629 |
| Hope Bancorp, Inc.  | 117821 | 1235942 |
| International Bancshares Corp.  | 71879 | 4771328 |
| Northrim BanCorp, Inc.  | 41413 | 910258 |
| OceanFirst Financial Corp.  | 77494 | 1408841 |
| Texas Capital Bancshares, Inc. \* | 16619 | 1393337 |
| Trustmark Corp.  | 119436 | 4445408 |
| UMB Financial Corp.  | 14617 | 1562265 |
| Valley National Bancorp  | 296444 | 3222346 |
|  |  | **50143323** |
| **Capital Goods 13.6%** | **Capital Goods 13.6%** | **Capital Goods 13.6%** |
| AAR Corp. \* | 13033 | 1097509 |
| Allient, Inc.  | 51351 | 2807873 |
| American Superconductor Corp. \* | 18214 | 1078815 |
| Applied Industrial Technologies, Inc.  | 4840 | 1244316 |
| Argan, Inc.  | 5803 | 1776937 |
| Array Technologies, Inc. \* | 63230 | 547572 |
| Astronics Corp. \* | 29375 | 1444663 |
| Atkore, Inc.  | 18747 | 1298230 |
| Atmus Filtration Technologies, Inc.  | 61378 | 2791471 |
| Bloom Energy Corp., Class A \* | 51725 | 6835976 |
| Comfort Systems USA, Inc.  | 3855 | 3722311 |
| Ducommun, Inc. \* | 21448 | 1967854 |
| Dycom Industries, Inc. \* | 4456 | 1282392 |
| EnerSys  | 41016 | 5174579 |
| ESCO Technologies, Inc.  | 5069 | 1112493 |
| Federal Signal Corp.  | 12774 | 1507715 |
| Franklin Electric Co., Inc.  | 8588 | 813885 |
| Griffon Corp.  | 36339 | 2689449 |
| Herc Holdings, Inc.  | 8307 | 1180009 |
| Hyster-Yale, Inc.  | 7246 | 260421 |
| IES Holdings, Inc. \* | 4610 | 1806567 |
| Leonardo DRS, Inc.  | 26379 | 964416 |
| LSI Industries, Inc.  | 15852 | 362852 |
| Mercury Systems, Inc. \* | 22807 | 1765490 |
| Moog, Inc., Class A  | 16392 | 3357901 |
| Mueller Industries, Inc.  | 17750 | 1879193 |
| Mueller Water Products, Inc., Class A  | 91899 | 2358128 |
| NEXTracker, Inc., Class A \* | 46641 | 4721002 |
| Powell Industries, Inc.  | 7549 | 2894211 |
| Power Solutions International, Inc. \* | 15214 | 1302623 |
| Preformed Line Products Co.  | 5110 | 1083882 |
| Primoris Services Corp.  | 29923 | 4234703 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Resideo Technologies, Inc. \* | 60364 | 2583579 |
| REV Group, Inc.  | 76509 | 3922616 |
| SPX Technologies, Inc. \* | 15769 | 3530521 |
| Sterling Infrastructure, Inc. \* | 10969 | 4145185 |
| Thermon Group Holdings, Inc. \* | 74160 | 2130617 |
| Tutor Perini Corp. \* | 8321 | 560503 |
| Watts Water Technologies, Inc., Class A  | 13862 | 3778781 |
|  |  | **88017240** |
| **Commercial & Professional Services 2.5%** | **Commercial & Professional Services 2.5%** | **Commercial & Professional Services 2.5%** |
| Brink's Co.  | 17809 | 1979649 |
| Cimpress PLC \* | 20313 | 1405863 |
| ExlService Holdings, Inc. \* | 20242 | 791462 |
| Huron Consulting Group, Inc. \* | 6585 | 1082837 |
| IBEX Holdings Ltd. \* | 151743 | 5670636 |
| Interface, Inc., Class A  | 44936 | 1118906 |
| Maximus, Inc.  | 15122 | 1256941 |
| Verra Mobility Corp., Class A \* | 87549 | 2032012 |
| Willdan Group, Inc. \* | 8284 | 782921 |
|  |  | **16121227** |
| **Consumer Discretionary Distribution & Retail 2.4%** | **Consumer Discretionary Distribution & Retail 2.4%** | **Consumer Discretionary Distribution & Retail 2.4%** |
| Build-A-Bear Workshop, Inc.  | 21264 | 1152934 |
| Group 1 Automotive, Inc.  | 8952 | 3558778 |
| Kohl's Corp.  | 72221 | 1175036 |
| National Vision Holdings, Inc. \* | 17539 | 451629 |
| Revolve Group, Inc. \* | 37951 | 839476 |
| Sally Beauty Holdings, Inc. \* | 124334 | 1878687 |
| Sonic Automotive, Inc., Class A  | 39596 | 2515534 |
| ThredUp, Inc., Class A \* | 55500 | 487845 |
| Urban Outfitters, Inc. \* | 36533 | 2360397 |
| Victoria's Secret & Co. \* | 26064 | 918756 |
|  |  | **15339072** |
| **Consumer Durables & Apparel 1.8%** | **Consumer Durables & Apparel 1.8%** | **Consumer Durables & Apparel 1.8%** |
| Champion Homes, Inc. \* | 11267 | 768747 |
| Green Brick Partners, Inc. \* | 16577 | 1073195 |
| JAKKS Pacific, Inc.  | 40204 | 683468 |
| Kontoor Brands, Inc.  | 8114 | 656585 |
| M/I Homes, Inc. \* | 16818 | 2105445 |
| Peloton Interactive, Inc., Class A \* | 306053 | 2221945 |
| Taylor Morrison Home Corp., Class A \* | 56148 | 3327892 |
| YETI Holdings, Inc. \* | 24838 | 844244 |
|  |  | **11681521** |
| **Consumer Services 3.2%** | **Consumer Services 3.2%** | **Consumer Services 3.2%** |
| Adtalem Global Education, Inc. \* | 9630 | 943933 |
| American Public Education, Inc. \* | 32705 | 1095291 |
| BJ's Restaurants, Inc. \* | 65919 | 2238609 |
| Brinker International, Inc. \* | 20102 | 2184283 |
| Cheesecake Factory, Inc. *(a)* | 30856 | 1536629 |
| Coursera, Inc. \* | 143248 | 1206148 |
| Frontdoor, Inc. \* | 31956 | 2122837 |
| Life Time Group Holdings, Inc. \* | 75602 | 1869638 |
| Monarch Casino & Resort, Inc.  | 30777 | 2772084 |
| Perdoceo Education Corp.  | 15187 | 482339 |
| Red Rock Resorts, Inc., Class A  | 8392 | 447378 |
| Rush Street Interactive, Inc. \* | 65540 | 1111558 |
| Stride, Inc. \* | 13160 | 895406 |
| Udemy, Inc. \* | 208533 | 1187595 |
| Universal Technical Institute, Inc. \* | 13557 | 402914 |
|  |  | **20496642** |

---

*See financial notes*

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**21**

------

Schwab Small-Cap Equity Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Consumer Staples Distribution & Retail 0.5%** | **Consumer Staples Distribution & Retail 0.5%** | **Consumer Staples Distribution & Retail 0.5%** |
| Sprouts Farmers Market, Inc. \* | 18271 | 1442678 |
| United Natural Foods, Inc. \* | 40868 | 1538680 |
|  |  | **2981358** |
| **Energy 4.5%** | **Energy 4.5%** | **Energy 4.5%** |
| California Resources Corp.  | 61790 | 2914634 |
| Centrus Energy Corp., Class A \* | 4305 | 1581915 |
| CVR Energy, Inc. \* | 62647 | 2229607 |
| Gulfport Energy Corp. \* | 10196 | 1896558 |
| Helix Energy Solutions Group, Inc. \* | 217781 | 1463488 |
| National Energy Services Reunited Corp. \* | 35904 | 453109 |
| Navigator Holdings Ltd.  | 77851 | 1279871 |
| Oceaneering International, Inc. \* | 91563 | 2132502 |
| Oil States International, Inc. \* | 81880 | 488824 |
| Par Pacific Holdings, Inc. \* | 83430 | 3335531 |
| PBF Energy, Inc., Class A  | 45602 | 1558220 |
| Peabody Energy Corp.  | 67497 | 1850768 |
| ProFrac Holding Corp., Class A \* | 169943 | 929588 |
| ProPetro Holding Corp. \* | 219307 | 2276407 |
| Riley Exploration Permian, Inc.  | 33053 | 860039 |
| Scorpio Tankers, Inc.  | 24330 | 1501161 |
| Teekay Corp. Ltd.  | 79984 | 769446 |
| Tidewater, Inc. \* | 24925 | 1260956 |
|  |  | **28782624** |
| **Equity Real Estate Investment Trusts (REITs) 3.8%** | **Equity Real Estate Investment Trusts (REITs) 3.8%** | **Equity Real Estate Investment Trusts (REITs) 3.8%** |
| Alexander & Baldwin, Inc.  | 390735 | 6240038 |
| DiamondRock Hospitality Co.  | 838520 | 6557226 |
| Global Net Lease, Inc.  | 182153 | 1388006 |
| LTC Properties, Inc.  | 90061 | 3159340 |
| Piedmont Realty Trust, Inc., Class A  | 81184 | 654343 |
| Ryman Hospitality Properties, Inc.  | 5067 | 440373 |
| Sabra Health Care REIT, Inc.  | 115133 | 2051670 |
| SL Green Realty Corp.  | 40318 | 2070329 |
| Xenia Hotels & Resorts, Inc.  | 150536 | 1851593 |
|  |  | **24412918** |
| **Financial Services 6.3%** | **Financial Services 6.3%** | **Financial Services 6.3%** |
| Acadian Asset Management, Inc.  | 21774 | 1047329 |
| Atlanticus Holdings Corp. \* | 11685 | 643960 |
| BGC Group, Inc., Class A  | 262779 | 2401800 |
| Bread Financial Holdings, Inc.  | 70759 | 4433051 |
| Enova International, Inc. \* | 60540 | 7238768 |
| Essent Group Ltd.  | 9876 | 598189 |
| EVERTEC, Inc.  | 95450 | 2717462 |
| Green Dot Corp., Class A \* | 33945 | 394102 |
| Jackson Financial, Inc., Class A  | 65517 | 6604769 |
| LendingTree, Inc. \* | 8524 | 545536 |
| Marex Group PLC  | 26531 | 805216 |
| NCR Atleos Corp. \* | 69485 | 2563997 |
| NMI Holdings, Inc., Class A \* | 44510 | 1621499 |
| Pagseguro Digital Ltd., Class A  | 245751 | 2356752 |
| PROG Holdings, Inc.  | 59573 | 1723447 |
| Regional Management Corp.  | 20875 | 821431 |
| Virtus Investment Partners, Inc.  | 17377 | 2829323 |
| World Acceptance Corp. \* | 12591 | 1604975 |
|  |  | **40951606** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Food, Beverage & Tobacco 0.7%** | **Food, Beverage & Tobacco 0.7%** | **Food, Beverage & Tobacco 0.7%** |
| Cal-Maine Foods, Inc.  | 41730 | 3663894 |
| Seneca Foods Corp., Class A \* | 9705 | 1046539 |
|  |  | **4710433** |
| **Health Care Equipment & Services 3.3%** | **Health Care Equipment & Services 3.3%** | **Health Care Equipment & Services 3.3%** |
| AtriCure, Inc. \* | 23507 | 812167 |
| Avanos Medical, Inc. \* | 64720 | 719039 |
| Aveanna Healthcare Holdings, Inc. \* | 45421 | 411060 |
| Axogen, Inc. \* | 24326 | 540524 |
| Bioventus, Inc., Class A \* | 71532 | 468535 |
| BrightSpring Health Services, Inc. \* | 66206 | 2188108 |
| Ensign Group, Inc.  | 5572 | 1003517 |
| GeneDx Holdings Corp. \* | 7545 | 1032986 |
| HealthEquity, Inc. \* | 21506 | 2034037 |
| Hims & Hers Health, Inc. \* | 29581 | 1344752 |
| iRhythm Technologies, Inc. \* | 5160 | 966468 |
| LivaNova PLC \* | 28590 | 1504692 |
| Novocure Ltd. \* | 59207 | 758442 |
| OmniAb, Inc., Class A *\*(b)* | 5508 | 0 |
| OmniAb, Inc., Class B *\*(b)* | 5508 | 0 |
| OptimizeRx Corp. \* | 33905 | 694713 |
| Option Care Health, Inc. \* | 113818 | 2962683 |
| Phreesia, Inc. \* | 42528 | 962834 |
| QuidelOrtho Corp. \* | 13681 | 369250 |
| Teladoc Health, Inc. \* | 107024 | 923617 |
| Tenet Healthcare Corp. \* | 4984 | 1029146 |
| TruBridge, Inc. \* | 19265 | 370273 |
| UFP Technologies, Inc. \* | 1898 | 365631 |
|  |  | **21462474** |
| **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** |
| Nu Skin Enterprises, Inc., Class A  | 28559 | 306153 |
| **Insurance 2.6%** | **Insurance 2.6%** | **Insurance 2.6%** |
| CNO Financial Group, Inc.  | 130088 | 5206122 |
| Donegal Group, Inc., Class A  | 28397 | 532444 |
| Fidelis Insurance Holdings Ltd.  | 90289 | 1623396 |
| Genworth Financial, Inc., Class A \* | 170057 | 1435281 |
| Heritage Insurance Holdings, Inc. \* | 70061 | 1655541 |
| Palomar Holdings, Inc. \* | 12643 | 1441428 |
| Selective Insurance Group, Inc.  | 29122 | 2194052 |
| Skyward Specialty Insurance Group, Inc. \* | 38981 | 1777144 |
| Slide Insurance Holdings, Inc. \* | 40945 | 654711 |
|  |  | **16520119** |
| **Materials 4.7%** | **Materials 4.7%** | **Materials 4.7%** |
| Alpha Metallurgical Resources, Inc. \* | 6779 | 1174530 |
| Caledonia Mining Corp. PLC  | 62391 | 1754435 |
| Century Aluminum Co. \* | 14356 | 425225 |
| Chemours Co.  | 177460 | 2376189 |
| Coeur Mining, Inc. \* | 171054 | 2936997 |
| Commercial Metals Co.  | 55515 | 3295370 |
| Constellium SE, Class A \* | 80697 | 1269364 |
| HB Fuller Co.  | 21970 | 1260419 |
| Hecla Mining Co.  | 84987 | 1093783 |
| Ingevity Corp. \* | 40465 | 2173780 |
| Koppers Holdings, Inc.  | 101269 | 2857811 |
| Materion Corp.  | 21522 | 2467067 |
| Mativ Holdings, Inc.  | 208231 | 2223907 |
| Minerals Technologies, Inc.  | 51958 | 2948616 |
| O-I Glass, Inc. \* | 71357 | 805621 |

---

*See financial notes*

**22**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

------

Schwab Small-Cap Equity Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| SSR Mining, Inc. \* | 48027 | 1083489 |
|  |  | **30146603** |
| **Media & Entertainment 1.4%** | **Media & Entertainment 1.4%** | **Media & Entertainment 1.4%** |
| AMC Networks, Inc., Class A \* | 159656 | 1210193 |
| Cargurus, Inc. \* | 68362 | 2400873 |
| CuriosityStream, Inc.  | 29828 | 129454 |
| Gray Media, Inc.  | 193978 | 886479 |
| Magnite, Inc. \* | 24922 | 445605 |
| Nexxen International Ltd. \* | 48812 | 401235 |
| Playtika Holding Corp.  | 263242 | 966098 |
| QuinStreet, Inc. \* | 45051 | 666304 |
| Thryv Holdings, Inc. \* | 75056 | 578682 |
| Yelp, Inc., Class A \* | 35947 | 1185532 |
|  |  | **8870455** |
| **Pharmaceuticals, Biotechnology & Life Sciences 14.5%** | **Pharmaceuticals, Biotechnology & Life Sciences 14.5%** | **Pharmaceuticals, Biotechnology & Life Sciences 14.5%** |
| 10X Genomics, Inc., Class A \* | 208078 | 2838184 |
| Adaptive Biotechnologies Corp. \* | 96602 | 1677011 |
| Alkermes PLC \* | 57722 | 1772065 |
| Amicus Therapeutics, Inc. \* | 251485 | 2270910 |
| Amneal Pharmaceuticals, Inc. \* | 304651 | 3296324 |
| AnaptysBio, Inc. \* | 37119 | 1357813 |
| Arbutus Biopharma Corp. \* | 216119 | 1022243 |
| Arcus Biosciences, Inc. \* | 159874 | 3152715 |
| Arcutis Biotherapeutics, Inc. \* | 86745 | 2195516 |
| Ardelyx, Inc. \* | 200097 | 1212588 |
| Arrowhead Pharmaceuticals, Inc. \* | 68743 | 2914016 |
| Aurinia Pharmaceuticals, Inc. \* | 150410 | 1980900 |
| Axsome Therapeutics, Inc. \* | 21257 | 2869482 |
| Beam Therapeutics, Inc. \* | 30161 | 754327 |
| BioCryst Pharmaceuticals, Inc. \* | 246056 | 1801130 |
| Bridgebio Pharma, Inc. \* | 59501 | 3727143 |
| CareDx, Inc. \* | 75347 | 1130205 |
| Catalyst Pharmaceuticals, Inc. \* | 98432 | 2093649 |
| Cidara Therapeutics, Inc. \* | 2594 | 283369 |
| Cogent Biosciences, Inc. \* | 63328 | 1032246 |
| Collegium Pharmaceutical, Inc. \* | 29892 | 1076112 |
| Dianthus Therapeutics, Inc. \* | 19329 | 676128 |
| GRAIL, Inc. \* | 11262 | 1035316 |
| Harmony Biosciences Holdings, Inc. \* | 42611 | 1217396 |
| Indivior PLC \* | 142699 | 4191070 |
| Kiniksa Pharmaceuticals International PLC \* | 63530 | 2351245 |
| Kodiak Sciences, Inc. \* | 38179 | 691994 |
| Krystal Biotech, Inc. \* | 3482 | 687730 |
| Madrigal Pharmaceuticals, Inc. \* | 3441 | 1441435 |
| Medpace Holdings, Inc. \* | 3362 | 1966467 |
| Mesa Laboratories, Inc.  | 13225 | 950745 |
| Mirum Pharmaceuticals, Inc. \* | 37672 | 2736871 |
| Myriad Genetics, Inc. \* | 212431 | 1707945 |
| Niagen Bioscience, Inc. \* | 49843 | 375816 |
| Nurix Therapeutics, Inc. \* | 304055 | 3934472 |
| Organogenesis Holdings, Inc., Class A \* | 209646 | 890995 |
| Organon & Co.  | 79615 | 537401 |
| ORIC Pharmaceuticals, Inc. \* | 59592 | 784231 |
| Pacira BioSciences, Inc. \* | 66435 | 1420380 |
| Phathom Pharmaceuticals, Inc. \* | 21925 | 297084 |
| Phibro Animal Health Corp., Class A  | 64556 | 2715225 |
| Praxis Precision Medicines, Inc. \* | 3360 | 667834 |
| Prestige Consumer Healthcare, Inc. \* | 30263 | 1833938 |
| PTC Therapeutics, Inc. \* | 33461 | 2285721 |
| Rhythm Pharmaceuticals, Inc. \* | 26646 | 3031249 |
| Supernus Pharmaceuticals, Inc. \* | 43251 | 2384428 |
| Tarsus Pharmaceuticals, Inc. \* | 5755 | 396002 |
| Taysha Gene Therapies, Inc. \* | 51219 | 254046 |
| TG Therapeutics, Inc. \* | 24301 | 845189 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Travere Therapeutics, Inc. \* | 93387 | 3283487 |
| Twist Bioscience Corp. \* | 59795 | 1966658 |
| Veracyte, Inc. \* | 67731 | 2443734 |
| Vir Biotechnology, Inc. \* | 108462 | 646433 |
| Xeris Biopharma Holdings, Inc. \* | 106962 | 1037531 |
| Zymeworks, Inc. \* | 88897 | 1696599 |
|  |  | **93840743** |
| **Real Estate Management & Development 0.4%** | **Real Estate Management & Development 0.4%** | **Real Estate Management & Development 0.4%** |
| Cushman & Wakefield PLC \* | 127899 | 2008014 |
| Newmark Group, Inc., Class A  | 35032 | 624621 |
|  |  | **2632635** |
| **Semiconductors & Semiconductor Equipment 4.2%** | **Semiconductors & Semiconductor Equipment 4.2%** | **Semiconductors & Semiconductor Equipment 4.2%** |
| ACM Research, Inc., Class A \* | 15439 | 640101 |
| Ambarella, Inc. \* | 25957 | 2212315 |
| Axcelis Technologies, Inc. \* | 17099 | 1360397 |
| Credo Technology Group Holding Ltd. \* | 42203 | 7918127 |
| Impinj, Inc. \* | 2245 | 453849 |
| Penguin Solutions, Inc. \* | 120801 | 2690238 |
| Photronics, Inc. \* | 46791 | 1118305 |
| Rigetti Computing, Inc. \* | 58985 | 2611266 |
| Semtech Corp. \* | 42164 | 2861249 |
| Silicon Laboratories, Inc. \* | 12036 | 1577679 |
| SiTime Corp. \* | 5200 | 1506128 |
| Synaptics, Inc. \* | 31414 | 2228509 |
|  |  | **27178163** |
| **Software & Services 5.7%** | **Software & Services 5.7%** | **Software & Services 5.7%** |
| 8x8, Inc. \* | 264099 | 485942 |
| ACI Worldwide, Inc. \* | 21312 | 1015091 |
| Alarm.com Holdings, Inc. \* | 23037 | 1133881 |
| Appfolio, Inc., Class A \* | 6672 | 1697557 |
| Asana, Inc., Class A \* | 136185 | 1913399 |
| Backblaze, Inc., Class A \* | 7013 | 72304 |
| Blackbaud, Inc. \* | 44190 | 2829928 |
| Commerce.com, Inc. \* | 209198 | 968587 |
| Commvault Systems, Inc. \* | 11069 | 1541026 |
| Domo, Inc., Class B \* | 79903 | 1094671 |
| D-Wave Quantum, Inc. \* | 52690 | 1952691 |
| DXC Technology Co. \* | 176660 | 2508572 |
| eGain Corp. \* | 86480 | 1247042 |
| Five9, Inc. \* | 62657 | 1521312 |
| Freshworks, Inc., Class A \* | 56865 | 631201 |
| Intapp, Inc. \* | 30477 | 1169707 |
| Mitek Systems, Inc. \* | 73057 | 672855 |
| PagerDuty, Inc. \* | 108415 | 1741145 |
| Porch Group, Inc. \* | 19897 | 299450 |
| Q2 Holdings, Inc. \* | 33405 | 2063093 |
| Qualys, Inc. \* | 12988 | 1600901 |
| Red Violet, Inc.  | 23862 | 1279719 |
| RingCentral, Inc., Class A \* | 142045 | 4278395 |
| Sprout Social, Inc., Class A \* | 127586 | 1310308 |
| SPS Commerce, Inc. \* | 7254 | 596569 |
| Yext, Inc. \* | 128285 | 1086574 |
| Zeta Global Holdings Corp., Class A \* | 19916 | 358289 |
|  |  | **37070209** |
| **Technology Hardware & Equipment 6.2%** | **Technology Hardware & Equipment 6.2%** | **Technology Hardware & Equipment 6.2%** |
| ADTRAN Holdings, Inc. \* | 64379 | 670829 |
| Advanced Energy Industries, Inc.  | 20810 | 4218811 |
| Arlo Technologies, Inc. \* | 71983 | 1392151 |
| Belden, Inc.  | 27682 | 3373052 |
| CommScope Holding Co., Inc. \* | 49386 | 854378 |

---

*See financial notes*

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**23**

------

Schwab Small-Cap Equity Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Daktronics, Inc. \* | 58490 | 1099027 |
| Extreme Networks, Inc. \* | 222182 | 4225902 |
| Fabrinet \* | 12130 | 5344114 |
| IonQ, Inc. \* | 56969 | 3553726 |
| Itron, Inc. \* | 13400 | 1344422 |
| OSI Systems, Inc. \* | 12049 | 3355165 |
| Plexus Corp. \* | 15175 | 2122982 |
| Sanmina Corp. \* | 35560 | 4873498 |
| TTM Technologies, Inc. \* | 46459 | 3122045 |
| Xerox Holdings Corp.  | 58491 | 194190 |
|  |  | **39744292** |
| **Telecommunication Services 1.4%** | **Telecommunication Services 1.4%** | **Telecommunication Services 1.4%** |
| Bandwidth, Inc., Class A \* | 68488 | 1106081 |
| IDT Corp., Class B  | 68750 | 3482875 |
| Liberty Latin America Ltd., Class A \* | 45282 | 353200 |
| Lumen Technologies, Inc. \* | 377545 | 3881162 |
|  |  | **8823318** |
| **Transportation 1.0%** | **Transportation 1.0%** | **Transportation 1.0%** |
| Costamare Bulkers Holdings Ltd. \* | 35459 | 458839 |
| Costamare, Inc.  | 44339 | 541823 |
| Hertz Global Holdings, Inc. *\*(a)* | 183527 | 941493 |
| Matson, Inc.  | 9864 | 995771 |
| SkyWest, Inc. \* | 33010 | 3316845 |
| Sun Country Airlines Holdings, Inc. \* | 37121 | 455846 |
|  |  | **6710617** |
| **Utilities 2.1%** | **Utilities 2.1%** | **Utilities 2.1%** |
| Hallador Energy Co. \* | 63150 | 1365934 |
| Hawaiian Electric Industries, Inc. \* | 101214 | 1176107 |
| Middlesex Water Co.  | 28836 | 1657205 |
| Oklo, Inc. \* | 20459 | 2716341 |
| Portland General Electric Co.  | 118444 | 5410522 |
| Southwest Gas Holdings, Inc.  | 15740 | 1251330 |
|  |  | **13577439** |
| **Total Common Stocks** <br>**(Cost $518,515,059)** | **Total Common Stocks** <br>**(Cost $518,515,059)** | **617902522** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **SHORT-TERM INVESTMENTS** 0.3% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.3% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.3% OF NET ASSETS  |
| **Money Market Funds 0.3%** | **Money Market Funds 0.3%** | **Money Market Funds 0.3%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(c)(d)*<br>| 2207396 | 2207396 |
| **Total Short-Term Investments** <br>**(Cost $2,207,396)** | **Total Short-Term Investments** <br>**(Cost $2,207,396)** | **2207396** |
| **Total Investments in Securities** <br>**(Cost $520,722,455)** | **Total Investments in Securities** <br>**(Cost $520,722,455)** | **620109918** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| Russell 2000 Index, e-mini, <br> expires 12/19/25<br>| 240 | 29878800 | **885156** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $2,153,880. 

*(b)* Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). 

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers and companies which are or were affiliates during the period ended October 31, 2025. An affiliated company is a company in which the investment adviser has or had an ownership of at least 5% of the voting securities of a security issue during the report period. A dash in the Value at October 31, 2024, and/or Value and Balance of Shares Held at October 31, 2025, columns means either the issuer was not held or not held as an affiliate on the stated date.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS |
| **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** |
| EW Scripps Co. | $— | $— | ($125362)<br>| ($193838)<br>| $174398 | **$—** |  | $— |

---

*See financial notes*

**24**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

------

Schwab Small-Cap Equity Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $596440048 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $596440048 |
| Health Care Equipment & Services | 21462474 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 21462474 |
| Short-Term Investments<sup>1</sup> <br>| 2207396 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2207396 |
| Futures Contracts<sup>2</sup> <br>| 885156 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 885156 |
| **Total** | **$620995074** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$620995074** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Level 3 amount shown includes securities determined to have no value at October 31, 2025.

<sup>1</sup> As categorized in the Portfolio Holdings. 

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**25**

------

Schwab Small-Cap Equity Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $520,722,455) including securities on loan of $2,153,880 |  | $620109918 |
| Cash |  | 26359447 |
| Deposit with broker for futures contracts |  | 2244973 |
| Receivables: |  |  |
| Variation margin on future contracts |  | 171600 |
| Dividends |  | 162843 |
| Fund shares sold |  | 33272 |
| Income from securities on loan |  | 896 |
| Prepaid expenses | + | 14976 |
| **Total assets** |  | **649097925** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 2207396 |
| Payables: |  |  |
| Investment adviser and administrator fees |  | 469026 |
| Fund shares redeemed |  | 257291 |
| Shareholder service fees |  | 139601 |
| Investments bought |  | 62017 |
| Independent trustees' fees |  | 36 |
| Accrued expenses | + | 73955 |
| **Total liabilities** |  | **3209322** |
| **Net assets** |  | **$645888603** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $497006168 |
| Total distributable earnings | + | 148882435 |
| **Net assets** |  | **$645888603** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $645888603 |  | &nbsp;&nbsp;&nbsp;&nbsp; 29806569 |  | &nbsp;&nbsp;&nbsp;&nbsp; $21.67 |

---

*See financial notes*

**26**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

------

Schwab Small-Cap Equity Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $3,505) |  | $7097251 |
| Other Interest |  | 590560 |
| Securities on loan, net | + | 39982 |
| **Total investment income**  |  | **7727793** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | 4957681 |
| Shareholder service fees |  | 1493855 |
| Portfolio accounting fees |  | 54046 |
| Professional fees |  | 36316 |
| Registration fees |  | 33662 |
| Shareholder reports |  | 16890 |
| Custodian fees |  | 16694 |
| Independent trustees' fees |  | 7084 |
| Transfer agent fees  |  | 2243 |
| Other expenses | + | 10706 |
| **Total expenses** | – | **6629177** |
| **Net investment income** |  | **1098616** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers  |  | (193838)<br>|
| Net realized gains on sales of securities - unaffiliated issuers  |  | 44630477 |
| Net realized gains on futures contracts | + | 4017528 |
| **Net realized gains** |  | **48454167** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 174398 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 25212650 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 859200 |
| **Net change in unrealized appreciation (depreciation)** |  | **26246248** |
| **Net realized and unrealized gains** |  | **74700415** |
| **Increase in net assets resulting from operations** |  | **$75799031** |

---

*See financial notes*

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**27**

------

Schwab Small-Cap Equity Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $1098616 | &nbsp;&nbsp;&nbsp; $1800130 |
| Net realized gains |  | 48454167 | &nbsp;&nbsp;&nbsp; 77856085 |
| Net change in unrealized appreciation (depreciation) | + | 26246248 | &nbsp;&nbsp;&nbsp; 72997282 |
| **Increase in net assets resulting from operations** |  | **$75799031** | &nbsp;&nbsp;&nbsp; **$152653497** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($77173565)**<br>| &nbsp;&nbsp;&nbsp; **($2107396)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 3562037 | &nbsp;&nbsp;&nbsp; $68640188 | &nbsp;&nbsp;&nbsp; 2757497 | &nbsp;&nbsp;&nbsp; $57435040 |
| Shares reinvested |  | 2866426 | &nbsp;&nbsp;&nbsp; 58073813 | &nbsp;&nbsp;&nbsp; 82244 | &nbsp;&nbsp;&nbsp; 1578256 |
| Shares redeemed | + | (4999601)<br>| &nbsp;&nbsp;&nbsp; (99530658)<br>| &nbsp;&nbsp;&nbsp; (3507338)<br>| &nbsp;&nbsp;&nbsp; (71759542)<br>|
| **Net transactions in fund shares**  |  | **1428862** | &nbsp;&nbsp;&nbsp; **$27183343** | &nbsp;&nbsp;&nbsp; **(667597)**<br>| &nbsp;&nbsp;&nbsp; **($12746246)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 28377707 | &nbsp;&nbsp;&nbsp; $620079794 | &nbsp;&nbsp;&nbsp; 29045304 | &nbsp;&nbsp;&nbsp; $482279939 |
| Total increase (decrease) | + | 1428862 | &nbsp;&nbsp;&nbsp; 25808809 | &nbsp;&nbsp;&nbsp; (667597)<br>| &nbsp;&nbsp;&nbsp; 137799855 |
| **End of period** |  | **29806569** | &nbsp;&nbsp;&nbsp; **$645888603** | &nbsp;&nbsp;&nbsp; **28377707** | &nbsp;&nbsp;&nbsp; **$620079794** |

---

*See financial notes*

**28**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

------

Schwab Health Care Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $27.31 | &nbsp;&nbsp; $24.05 | &nbsp;&nbsp; $26.08 | &nbsp;&nbsp; $30.58 | &nbsp;&nbsp; $26.27 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.22 | 0.17 | 0.20 | 0.20 | 0.21 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.28)<br>| 4.00 | &nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp; (1.13)<br>| 7.09 |
| Total from investment operations | &nbsp;&nbsp; (0.06)<br>| 4.17 | &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.93)<br>| 7.30 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.23)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (3.34)<br>| &nbsp;&nbsp; (2.76)<br>|
| Total distributions | &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (2.99)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $25.04 | &nbsp;&nbsp; $27.31 | &nbsp;&nbsp; $24.05 | &nbsp;&nbsp; $26.08 | &nbsp;&nbsp; $30.58 |
| Total return | 0.20<br> %<br>| 17.67<br> %<br>| &nbsp;&nbsp; (4.04<br> %)<br>| &nbsp;&nbsp; (3.82<br> %)<br>| 30.02<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | 0.79 %<sup>2</sup><br>| 0.80 %<sup>2</sup><br>| 0.80<br> %<br>|
| Total expenses | 0.80<br> %<br>| 0.79<br> %<br>| 0.79 %<sup>2</sup><br>| 0.80 %<sup>2</sup><br>| 0.80<br> %<br>|
| Net investment income (loss) | 0.89<br> %<br>| 0.62<br> %<br>| 0.79<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 41<br> %<br>| &nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp; 70<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $640 | &nbsp;&nbsp; $792 | &nbsp;&nbsp; $733 | &nbsp;&nbsp; $829 | &nbsp;&nbsp; $902 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**29**

------

Schwab Health Care Fund

Portfolio Holdings as of October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.8% OF NET ASSETS | **COMMON STOCKS** 99.8% OF NET ASSETS | **COMMON STOCKS** 99.8% OF NET ASSETS |
| **Australia 0.1%** | **Australia 0.1%** | **Australia 0.1%** |
| CSL Ltd.  | 3510 | 409042 |
| **Belgium 0.6%** | **Belgium 0.6%** | **Belgium 0.6%** |
| UCB SA  | 16173 | 4158757 |
| **China 0.7%** | **China 0.7%** | **China 0.7%** |
| Consun Pharmaceutical Group Ltd.  | 730000 | 1412063 |
| Hansoh Pharmaceutical Group Co. Ltd.  | 600000 | 2754422 |
| Livzon Pharmaceutical Group, Inc., <br> H Shares <br>| 62300 | 250625 |
|  |  | **4417110** |
| **Denmark 2.0%** | **Denmark 2.0%** | **Denmark 2.0%** |
| Genmab AS \* | 15835 | 4516582 |
| Novo Nordisk AS, Class B  | 172226 | 8478974 |
|  |  | **12995556** |
| **France 0.9%** | **France 0.9%** | **France 0.9%** |
| Ipsen SA  | 25718 | 3614181 |
| Sanofi SA  | 19920 | 2015163 |
|  |  | **5629344** |
| **Germany 0.1%** | **Germany 0.1%** | **Germany 0.1%** |
| Eckert & Ziegler SE  | 24891 | 486440 |
| **Hong Kong 0.2%** | **Hong Kong 0.2%** | **Hong Kong 0.2%** |
| United Laboratories International Holdings <br> Ltd. <br>| 844000 | 1366472 |
| **Ireland 2.9%** | **Ireland 2.9%** | **Ireland 2.9%** |
| Medtronic PLC  | 202879 | 18401125 |
| **Italy 0.3%** | **Italy 0.3%** | **Italy 0.3%** |
| Recordati Industria Chimica e <br> Farmaceutica SpA <br>| 35845 | 2133557 |
| **Japan 3.3%** | **Japan 3.3%** | **Japan 3.3%** |
| As One Corp.  | 50000 | 816194 |
| Asahi Intecc Co. Ltd.  | 40000 | 634292 |
| Astellas Pharma, Inc.  | 200000 | 2093526 |
| Daiichi Sankyo Co. Ltd.  | 167000 | 3989315 |
| Hoya Corp.  | 50800 | 8251546 |
| Kissei Pharmaceutical Co. Ltd.  | 14100 | 368209 |
| Otsuka Holdings Co. Ltd.  | 23000 | 1251752 |
| Shionogi & Co. Ltd.  | 108000 | 1811440 |
| Takeda Pharmaceutical Co. Ltd.  | 69000 | 1862137 |
|  |  | **21078411** |
| **New Zealand 0.3%** | **New Zealand 0.3%** | **New Zealand 0.3%** |
| Fisher & Paykel Healthcare Corp. Ltd.  | 75402 | 1600820 |
| **Republic of Korea 0.4%** | **Republic of Korea 0.4%** | **Republic of Korea 0.4%** |
| Hugel, Inc. \* | 13409 | 2460375 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Sweden 0.2%** | **Sweden 0.2%** | **Sweden 0.2%** |
| Ambea AB  | 94458 | 1273583 |
| **Switzerland 5.1%** | **Switzerland 5.1%** | **Switzerland 5.1%** |
| Galenica AG  | 11187 | 1205641 |
| Novartis AG  | 160712 | 19889983 |
| Roche Holding AG  | 35909 | 11631650 |
|  |  | **32727274** |
| **United Kingdom 4.1%** | **United Kingdom 4.1%** | **United Kingdom 4.1%** |
| AstraZeneca PLC  | 110405 | 18211142 |
| GSK PLC  | 345985 | 8100699 |
|  |  | **26311841** |
| **United States 78.6%** | **United States 78.6%** | **United States 78.6%** |
| Abbott Laboratories  | 96067 | 11875803 |
| AbbVie, Inc.  | 184034 | 40126773 |
| ADMA Biologics, Inc. \* | 70905 | 1097609 |
| Alnylam Pharmaceuticals, Inc. \* | 6108 | 2785492 |
| Amgen, Inc.  | 71152 | 21233891 |
| ANI Pharmaceuticals, Inc. \* | 65056 | 5894074 |
| Axsome Therapeutics, Inc. \* | 5502 | 742715 |
| Becton Dickinson & Co.  | 33373 | 5964089 |
| Biogen, Inc. \* | 23973 | 3698315 |
| Bio-Techne Corp.  | 35888 | 2245512 |
| Boston Scientific Corp. \* | 240914 | 24264858 |
| BrightSpring Health Services, Inc. \* | 78481 | 2593797 |
| Bristol-Myers Squibb Co.  | 70915 | 3267054 |
| Cardinal Health, Inc.  | 44228 | 8437376 |
| Catalyst Pharmaceuticals, Inc. \* | 118347 | 2517241 |
| Cencora, Inc.  | 22944 | 7750713 |
| Cigna Group  | 38516 | 9413696 |
| CVS Health Corp.  | 29319 | 2291280 |
| Danaher Corp.  | 19100 | 4113758 |
| Elevance Health, Inc.  | 5168 | 1639290 |
| Eli Lilly & Co.  | 81838 | 70614737 |
| Encompass Health Corp.  | 40593 | 4621513 |
| Envista Holdings Corp. \* | 67600 | 1375660 |
| Exelixis, Inc. \* | 158852 | 6142807 |
| GE HealthCare Technologies, Inc.  | 56155 | 4208817 |
| Gilead Sciences, Inc.  | 161184 | 19308231 |
| Halozyme Therapeutics, Inc. \* | 4183 | 272690 |
| HCA Healthcare, Inc.  | 6463 | 2970912 |
| HealthEquity, Inc. \* | 48095 | 4548825 |
| Incyte Corp. \* | 29705 | 2776823 |
| Innoviva, Inc. \* | 46504 | 846373 |
| Intuitive Surgical, Inc. \* | 7152 | 3821171 |
| IQVIA Holdings, Inc. \* | 47285 | 10235311 |
| Johnson & Johnson  | 196037 | 37025508 |
| McKesson Corp.  | 14760 | 11975378 |
| Medpace Holdings, Inc. \* | 2167 | 1267500 |
| Merck & Co., Inc.  | 231951 | 19943147 |
| Mettler-Toledo International, Inc. \* | 6884 | 9749740 |
| Mirum Pharmaceuticals, Inc. \* | 8191 | 595076 |
| Natera, Inc. \* | 11800 | 2347374 |
| Pfizer, Inc.  | 372864 | 9191098 |
| Prestige Consumer Healthcare, Inc. \* | 77273 | 4682744 |
| Regeneron Pharmaceuticals, Inc.  | 2131 | 1388986 |
| ResMed, Inc.  | 11713 | 2891705 |
| STERIS PLC  | 27020 | 6368614 |
| Stryker Corp.  | 62185 | 22152784 |
| Thermo Fisher Scientific, Inc.  | 46409 | 26332002 |
| United Therapeutics Corp. \* | 11322 | 5043158 |
| UnitedHealth Group, Inc.  | 86073 | 29399094 |

---

*See financial notes*

**30**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

------

Schwab Health Care Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Veracyte, Inc. \* | 94965 | 3426337 |
| Vertex Pharmaceuticals, Inc. \* | 15396 | 6552076 |
| Waters Corp. \* | 12906 | 4511938 |
| Zoetis, Inc.  | 30349 | 4372987 |
|  |  | **502914452** |
| **Total Common Stocks** <br>**(Cost $405,965,740)** | **Total Common Stocks** <br>**(Cost $405,965,740)** | **638364159** |
| **Total Investments in Securities** <br>**(Cost $405,965,740)** | **Total Investments in Securities** <br>**(Cost $405,965,740)** | **638364159** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | % OF NET ASSETS |
| **INDUSTRY WEIGHTINGS** | **INDUSTRY WEIGHTINGS** |
| Pharmaceuticals  | 39.4<br> %<br>|
| Biotechnology  | 19.8<br> %<br>|
| Health Care Equipment  | 16.2<br> %<br>|
| Life Sciences Tools & Services  | 9.1<br> %<br>|
| Managed Health Care  | 5.6<br> %<br>|
| Health Care Distributors  | 4.7<br> %<br>|
| Health Care Services  | 2.2<br> %<br>|
| Health Care Supplies  | 1.4<br> %<br>|
| Health Care Facilities  | 1.4<br> %<br>|
| **Total** | **99.8%**<br>|

---

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $522916397 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $522916397 |
| Australia |  | &nbsp;&nbsp; 409042 | &nbsp;&nbsp; — | &nbsp;&nbsp; 409042 |
| Belgium |  | &nbsp;&nbsp; 4158757 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4158757 |
| China | 250625 | &nbsp;&nbsp; 4166485 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4417110 |
| Denmark |  | &nbsp;&nbsp; 12995556 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12995556 |
| France |  | &nbsp;&nbsp; 5629344 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5629344 |
| Germany |  | &nbsp;&nbsp; 486440 | &nbsp;&nbsp; — | &nbsp;&nbsp; 486440 |
| Hong Kong |  | &nbsp;&nbsp; 1366472 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1366472 |
| Italy |  | &nbsp;&nbsp; 2133557 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2133557 |
| Japan |  | &nbsp;&nbsp; 21078411 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21078411 |
| Republic of Korea |  | &nbsp;&nbsp; 2460375 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2460375 |
| Sweden |  | &nbsp;&nbsp; 1273583 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1273583 |
| Switzerland |  | &nbsp;&nbsp; 32727274 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32727274 |
| United Kingdom |  | &nbsp;&nbsp; 26311841 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26311841 |
| **Total** | **$523167022** | &nbsp;&nbsp; **$115197137** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$638364159** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**31**

------

Schwab Health Care Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $405,965,740) |  | $638364159 |
| Cash |  | 360564 |
| Foreign currency, at value (cost $23,085) |  | 23065 |
| Receivables: |  |  |
| Foreign tax reclaims |  | 1480535 |
| Dividends |  | 632671 |
| Fund shares sold |  | 26046 |
| Prepaid expenses | + | 12236 |
| **Total assets** |  | **640899276** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Fund shares redeemed |  | 555402 |
| Investment adviser and administrator fees |  | 313743 |
| Shareholder service fees |  | 137183 |
| Independent trustees' fees |  | 34 |
| Accrued expenses | + | 71589 |
| **Total liabilities** |  | **1077951** |
| **Net assets** |  | **$639821325** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $373764240 |
| Total distributable earnings | + | 266057085 |
| **Net assets** |  | **$639821325** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $639821325 |  | &nbsp;&nbsp;&nbsp;&nbsp; 25547215 |  | &nbsp;&nbsp;&nbsp;&nbsp; $25.04 |

---

*See financial notes*

**32**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

------

Schwab Health Care Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $336,486) |  | $11516712 |
| Other Interest |  | 10648 |
| Securities on loan, net | + | 639 |
| **Total investment income**  |  | **11527999** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | 3649317 |
| Shareholder service fees |  | 1598701 |
| Portfolio accounting fees |  | 58738 |
| Professional fees |  | 33544 |
| Registration fees |  | 32995 |
| Shareholder reports |  | 19343 |
| Custodian fees |  | 7385 |
| Independent trustees' fees |  | 7204 |
| Transfer agent fees  |  | 3352 |
| Other expenses | + | 29300 |
| **Total expenses** | – | **5439879** |
| **Net investment income** |  | **6088120** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 29086504 |
| Net realized losses on foreign currency transactions | + | (120397)<br>|
| **Net realized gains** |  | **28966107** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | (40496978)<br>|
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 126217 |
| **Net change in unrealized appreciation (depreciation)** |  | **(40370761)**<br>|
| **Net realized and unrealized losses** |  | **(11404654)**<br>|
| **Decrease in net assets resulting from operations** |  | **($5316534)**<br>|

---

*See financial notes*

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**33**

------

Schwab Health Care Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $6088120 | &nbsp;&nbsp;&nbsp; $5016695 |
| Net realized gains |  | 28966107 | &nbsp;&nbsp;&nbsp; 57872039 |
| Net change in unrealized appreciation (depreciation) | + | (40370761)<br>| &nbsp;&nbsp;&nbsp; 64245495 |
| **Increase (decrease) in net assets resulting from operations** |  | **($5316534)**<br>| &nbsp;&nbsp;&nbsp; **$127134229** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($62431161)**<br>| &nbsp;&nbsp;&nbsp; **($27546281)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 1379892 | &nbsp;&nbsp;&nbsp; $33655131 | &nbsp;&nbsp;&nbsp; 1798834 | &nbsp;&nbsp;&nbsp; $49025672 |
| Shares reinvested |  | 2227054 | &nbsp;&nbsp;&nbsp; 52870270 | &nbsp;&nbsp;&nbsp; 936699 | &nbsp;&nbsp;&nbsp; 23623551 |
| Shares redeemed | + | (7046735)<br>| &nbsp;&nbsp;&nbsp; (170495729)<br>| &nbsp;&nbsp;&nbsp; (4236872)<br>| &nbsp;&nbsp;&nbsp; (113983157)<br>|
| **Net transactions in fund shares**  |  | **(3439789)**<br>| &nbsp;&nbsp;&nbsp; **($83970328)**<br>| &nbsp;&nbsp;&nbsp; **(1501339)**<br>| &nbsp;&nbsp;&nbsp; **($41333934)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 28987004 | &nbsp;&nbsp;&nbsp; $791539348 | &nbsp;&nbsp;&nbsp; 30488343 | &nbsp;&nbsp;&nbsp; $733285334 |
| Total increase (decrease) | + | (3439789)<br>| &nbsp;&nbsp;&nbsp; (151718023)<br>| &nbsp;&nbsp;&nbsp; (1501339)<br>| &nbsp;&nbsp;&nbsp; 58254014 |
| **End of period** |  | **25547215** | &nbsp;&nbsp;&nbsp; **$639821325** | &nbsp;&nbsp;&nbsp; **28987004** | &nbsp;&nbsp;&nbsp; **$791539348** |

---

*See financial notes*

**34**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

------

Schwab International Core Equity Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $12.08 | &nbsp;&nbsp; $9.84 | &nbsp;&nbsp; $8.71 | &nbsp;&nbsp; $11.55 | &nbsp;&nbsp; $9.11 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.33 | 0.26 | 0.27 | 0.34 | 0.21 |
| Net realized and unrealized gains (losses) | 3.06 | 2.27 | 1.18 | &nbsp;&nbsp; (2.86)<br>| 2.34 |
| Total from investment operations | 3.39 | 2.53 | 1.45 | &nbsp;&nbsp; (2.52)<br>| 2.55 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.11)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $15.17 | &nbsp;&nbsp; $12.08 | &nbsp;&nbsp; $9.84 | &nbsp;&nbsp; $8.71 | &nbsp;&nbsp; $11.55 |
| Total return | 28.77<br> %<br>| 26.12<br> %<br>| 16.74<br> %<br>| &nbsp;&nbsp; (22.40<br> %)<br>| 28.12<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses | 0.86<br> %<br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.86 %<sup>2</sup><br>| 0.86<br> %<br>|
| Total expenses | 0.87<br> %<br>| 0.87<br> %<br>| 0.87<br> %<br>| 0.89 %<sup>2</sup><br>| 0.86<br> %<br>|
| Net investment income (loss) | 2.50<br> %<br>| 2.20<br> %<br>| 2.65<br> %<br>| 3.40<br> %<br>| 1.93<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 76<br> %<br>| &nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 94<br> %<br>| &nbsp;&nbsp; 103<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $831 | &nbsp;&nbsp; $611 | &nbsp;&nbsp; $511 | &nbsp;&nbsp; $507 | &nbsp;&nbsp; $693 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**35**

------

Schwab International Core Equity Fund

Portfolio Holdings as of October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.3% OF NET ASSETS | **COMMON STOCKS** 99.3% OF NET ASSETS | **COMMON STOCKS** 99.3% OF NET ASSETS |
| **Australia 4.4%** | **Australia 4.4%** | **Australia 4.4%** |
| ANZ Group Holdings Ltd.  | 24622 | 589739 |
| Aristocrat Leisure Ltd.  | 239145 | 9894655 |
| BHP Group Ltd.  | 167183 | 4766086 |
| Fortescue Ltd.  | 227600 | 3165285 |
| JB Hi-Fi Ltd.  | 41158 | 2815468 |
| Northern Star Resources Ltd.  | 266644 | 4299590 |
| QBE Insurance Group Ltd.  | 327147 | 4244593 |
| Suncorp Group Ltd.  | 125879 | 1615896 |
| Telstra Group Ltd.  | 1632195 | 5214594 |
|  |  | **36605906** |
| **Belgium 0.5%** | **Belgium 0.5%** | **Belgium 0.5%** |
| Anheuser-Busch InBev SA  | 65332 | 3983762 |
| **Brazil 0.5%** | **Brazil 0.5%** | **Brazil 0.5%** |
| BB Seguridade Participacoes SA  | 663800 | 4053166 |
| **Canada 1.9%** | **Canada 1.9%** | **Canada 1.9%** |
| Constellation Software, Inc.  | 300 | 789508 |
| Hudbay Minerals, Inc.  | 340677 | 5460354 |
| Suncor Energy, Inc.  | 37800 | 1505208 |
| Toronto-Dominion Bank  | 102000 | 8374974 |
|  |  | **16130044** |
| **China 3.2%** | **China 3.2%** | **China 3.2%** |
| Aluminum Corp. of China Ltd., H Shares  | 4074000 | 5180165 |
| China Hongqiao Group Ltd.  | 293500 | 1114359 |
| China Life Insurance Co. Ltd., H Shares  | 983000 | 3099881 |
| NetEase, Inc.  | 136300 | 3824676 |
| New China Life Insurance Co. Ltd., <br> H Shares <br>| 181200 | 1145113 |
| PetroChina Co. Ltd., H Shares  | 5998000 | 6200242 |
| Sino Biopharmaceutical Ltd.  | 2260000 | 2058706 |
| Tencent Holdings Ltd.  | 52000 | 4223840 |
|  |  | **26846982** |
| **Denmark 1.8%** | **Denmark 1.8%** | **Denmark 1.8%** |
| Genmab AS \* | 5172 | 1475198 |
| Novo Nordisk AS, Class B  | 100640 | 4954676 |
| Pandora AS  | 33446 | 4475365 |
| Rockwool AS, B Shares  | 119920 | 4109140 |
|  |  | **15014379** |
| **Finland 1.8%** | **Finland 1.8%** | **Finland 1.8%** |
| Konecranes OYJ  | 19984 | 1972573 |
| Nordea Bank Abp  | 353215 | 6035616 |
| Wartsila OYJ Abp  | 216880 | 7095684 |
|  |  | **15103873** |
| **France 8.8%** | **France 8.8%** | **France 8.8%** |
| AXA SA  | 22475 | 975154 |
| BNP Paribas SA  | 169753 | 13148720 |
| Capgemini SE  | 16942 | 2606449 |
| Christian Dior SE  | 3013 | 1972512 |
| Cie Generale des Etablissements Michelin <br> SCA <br>| 69428 | 2217906 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Credit Agricole SA  | 612550 | 11057366 |
| Eiffage SA  | 11616 | 1429346 |
| Engie SA  | 91651 | 2145820 |
| Ipsen SA  | 67349 | 9464636 |
| LVMH Moet Hennessy Louis Vuitton SE  | 10058 | 7109222 |
| Safran SA  | 24800 | 8811894 |
| Sanofi SA  | 82841 | 8380426 |
| Societe Generale SA  | 60184 | 3816906 |
|  |  | **73136357** |
| **Germany 7.9%** | **Germany 7.9%** | **Germany 7.9%** |
| Allianz SE  | 21277 | 8549984 |
| Continental AG  | 154834 | 11831156 |
| Deutsche Telekom AG  | 399848 | 12385360 |
| Fresenius Medical Care AG  | 26210 | 1407143 |
| Heidelberg Materials AG  | 42496 | 9969710 |
| Henkel AG & Co. KGaA  | 9744 | 727619 |
| IONOS Group SE \* | 17983 | 638688 |
| Mercedes-Benz Group AG  | 47724 | 3096549 |
| Muenchener <br> Rueckversicherungs-Gesellschaft AG in <br> Muenchen <br>| 8256 | 5107937 |
| SAP SE  | 33062 | 8598512 |
| Siemens AG  | 11887 | 3368742 |
|  |  | **65681400** |
| **Greece 1.0%** | **Greece 1.0%** | **Greece 1.0%** |
| Hellenic Telecommunications Organization <br> SA <br>| 106738 | 2004411 |
| OPAP SA  | 189185 | 3914250 |
| Piraeus Financial Holdings SA \* | 307458 | 2401312 |
|  |  | **8319973** |
| **Hong Kong 0.6%** | **Hong Kong 0.6%** | **Hong Kong 0.6%** |
| AIA Group Ltd.  | 176400 | 1716501 |
| Hong Kong Exchanges & Clearing Ltd.  | 24600 | 1340771 |
| WH Group Ltd.  | 1677000 | 1613134 |
|  |  | **4670406** |
| **Indonesia 0.5%** | **Indonesia 0.5%** | **Indonesia 0.5%** |
| Jardine Matheson Holdings Ltd.  | 63600 | 3734247 |
| **Ireland 0.3%** | **Ireland 0.3%** | **Ireland 0.3%** |
| Ryanair Holdings PLC  | 87474 | 2648329 |
| **Italy 2.1%** | **Italy 2.1%** | **Italy 2.1%** |
| Enel SpA  | 754675 | 7634109 |
| Poste Italiane SpA  | 42461 | 1023730 |
| UniCredit SpA  | 113094 | 8374230 |
|  |  | **17032069** |
| **Japan 19.6%** | **Japan 19.6%** | **Japan 19.6%** |
| Asics Corp.  | 253700 | 6460259 |
| Central Japan Railway Co.  | 299000 | 7320032 |
| Daiwa House Industry Co. Ltd.  | 170000 | 5767768 |
| Daiwa Securities Group, Inc.  | 253000 | 1947076 |
| Fast Retailing Co. Ltd.  | 2900 | 1064647 |
| Hitachi Ltd.  | 283000 | 9666991 |
| Honda Motor Co. Ltd.  | 236000 | 2385309 |
| Hoya Corp.  | 30503 | 4954664 |
| Hulic Co. Ltd.  | 220800 | 2281164 |

---

*See financial notes*

**36**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

------

Schwab International Core Equity Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Inpex Corp.  | 477372 | 8808526 |
| Japan Airlines Co. Ltd.  | 412800 | 7436755 |
| Japan Post Holdings Co. Ltd.  | 222900 | 2088807 |
| Japan Post Insurance Co. Ltd.  | 58200 | 1505187 |
| Japan Tobacco, Inc.  | 293400 | 10219968 |
| KDDI Corp.  | 117700 | 1876179 |
| MatsukiyoCocokara & Co.  | 192400 | 3486321 |
| Mitsubishi Corp.  | 134900 | 3239306 |
| Mitsubishi Heavy Industries Ltd.  | 92000 | 2777450 |
| Mitsubishi UFJ Financial Group, Inc.  | 208400 | 3147938 |
| Nomura Holdings, Inc.  | 370800 | 2646065 |
| Open House Group Co. Ltd.  | 21400 | 1029831 |
| Oracle Corp. Japan  | 7500 | 691424 |
| ORIX Corp.  | 356800 | 8728053 |
| Otsuka Holdings Co. Ltd.  | 138300 | 7526838 |
| Recruit Holdings Co. Ltd.  | 168200 | 8340690 |
| Sanrio Co. Ltd.  | 62900 | 2910909 |
| SCREEN Holdings Co. Ltd.  | 28000 | 2654335 |
| Seibu Holdings, Inc.  | 40200 | 1412951 |
| Shionogi & Co. Ltd.  | 171500 | 2876500 |
| SoftBank Corp.  | 2705600 | 3844652 |
| Sony Group Corp.  | 712000 | 19828901 |
| Sumitomo Mitsui Financial Group, Inc.  | 195500 | 5292926 |
| Tokio Marine Holdings, Inc.  | 171500 | 6395778 |
| Tokyo Electron Ltd.  | 4900 | 1080304 |
| ZOZO, Inc.  | 139400 | 1205044 |
|  |  | **162899548** |
| **Luxembourg 0.3%** | **Luxembourg 0.3%** | **Luxembourg 0.3%** |
| Spotify Technology SA \* | 3500 | 2293620 |
| **Netherlands 5.0%** | **Netherlands 5.0%** | **Netherlands 5.0%** |
| ABN AMRO Bank NV, GDR  | 296764 | 8866911 |
| ASML Holding NV  | 16979 | 17952056 |
| Koninklijke Ahold Delhaize NV  | 185901 | 7609040 |
| Wolters Kluwer NV  | 59360 | 7276677 |
|  |  | **41704684** |
| **Norway 1.1%** | **Norway 1.1%** | **Norway 1.1%** |
| DNB Bank ASA  | 151346 | 3863171 |
| Kongsberg Gruppen ASA  | 196116 | 4999639 |
|  |  | **8862810** |
| **Republic of Korea 2.2%** | **Republic of Korea 2.2%** | **Republic of Korea 2.2%** |
| Samsung Electronics Co. Ltd.  | 101477 | 7638801 |
| SK Hynix, Inc.  | 28060 | 10917962 |
|  |  | **18556763** |
| **Singapore 0.8%** | **Singapore 0.8%** | **Singapore 0.8%** |
| DBS Group Holdings Ltd.  | 32000 | 1324880 |
| Yangzijiang Shipbuilding Holdings Ltd.  | 1935800 | 5228124 |
|  |  | **6553004** |
| **South Africa 0.5%** | **South Africa 0.5%** | **South Africa 0.5%** |
| Harmony Gold Mining Co. Ltd.  | 237242 | 3947367 |
| **Spain 4.7%** | **Spain 4.7%** | **Spain 4.7%** |
| Aena SME SA  | 432582 | 11749432 |
| Banco Bilbao Vizcaya Argentaria SA  | 382141 | 7698640 |
| Banco Santander SA  | 1078329 | 10988373 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| International Consolidated Airlines Group <br> SA <br>| 1604175 | 8819101 |
|  |  | **39255546** |
| **Sweden 2.3%** | **Sweden 2.3%** | **Sweden 2.3%** |
| Atlas Copco AB, A Shares  | 423670 | 7099037 |
| Telefonaktiebolaget LM Ericsson, B Shares  | 858268 | 8707868 |
| Volvo AB, B Shares  | 124682 | 3415669 |
|  |  | **19222574** |
| **Switzerland 10.3%** | **Switzerland 10.3%** | **Switzerland 10.3%** |
| ABB Ltd.  | 183387 | 13634368 |
| Amrize Ltd. \* | 38664 | 2000704 |
| Geberit AG  | 908 | 663770 |
| Holcim AG \* | 125065 | 11118429 |
| Logitech International SA  | 78964 | 9492934 |
| Nestle SA  | 114343 | 10925295 |
| Novartis AG  | 152840 | 18915732 |
| Roche Holding AG  | 50387 | 16321366 |
| Schindler Holding AG, Participation <br> Certificates <br>| 7141 | 2543625 |
|  |  | **85616223** |
| **Taiwan 1.7%** | **Taiwan 1.7%** | **Taiwan 1.7%** |
| MediaTek, Inc.  | 67000 | 2841431 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd. <br>| 238000 | 11509601 |
|  |  | **14351032** |
| **United Kingdom 15.5%** | **United Kingdom 15.5%** | **United Kingdom 15.5%** |
| AstraZeneca PLC  | 86621 | 14288007 |
| BAE Systems PLC  | 69024 | 1700301 |
| Barclays PLC  | 578066 | 3100526 |
| British American Tobacco PLC  | 78675 | 4029379 |
| Fresnillo PLC  | 157185 | 4596585 |
| Games Workshop Group PLC  | 44267 | 9269872 |
| GSK PLC  | 416253 | 9745914 |
| Howden Joinery Group PLC  | 82152 | 933071 |
| HSBC Holdings PLC  | 1266263 | 17726975 |
| IMI PLC  | 127553 | 4010135 |
| Imperial Brands PLC  | 279572 | 11108594 |
| NatWest Group PLC  | 902369 | 6946899 |
| Rightmove PLC  | 929235 | 8159104 |
| Rolls-Royce Holdings PLC  | 994026 | 15296862 |
| Shell PLC  | 412231 | 15454296 |
| Unilever PLC  | 40339 | 2420514 |
|  |  | **128787034** |
| **Total Common Stocks** <br>**(Cost $629,645,267)** | **Total Common Stocks** <br>**(Cost $629,645,267)** | **825011098** |
| **Total Investments in Securities** <br>**(Cost $629,645,267)** | **Total Investments in Securities** <br>**(Cost $629,645,267)** | **825011098** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

GDR — Global Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See financial notes*

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**37**

------

Schwab International Core Equity Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | |
|:---|:---|
|  | % OF NET ASSETS |
| **SECTOR WEIGHTINGS** | **SECTOR WEIGHTINGS** |
| Financials | 21.5<br> %<br>|
| Industrials | 19.3<br> %<br>|
| Health Care | 12.3<br> %<br>|
| Consumer Discretionary | 11.0<br> %<br>|
| Information Technology | 10.4<br> %<br>|
| Consumer Staples | 6.8<br> %<br>|
| Materials | 6.7<br> %<br>|
| Communication Services | 5.3<br> %<br>|
| Energy | 3.8<br> %<br>|
| Utilities | 1.2<br> %<br>|
| Real Estate | 1.0<br> %<br>|
| **Total** | **99.3%**<br>|

---

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $— | &nbsp;&nbsp; $589610063 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $589610063 |
| Brazil | 4053166 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4053166 |
| Canada | 16130044 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16130044 |
| Greece | 3914250 | &nbsp;&nbsp; 4405723 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8319973 |
| Japan | 3486321 | &nbsp;&nbsp; 159413227 | &nbsp;&nbsp; — | &nbsp;&nbsp; 162899548 |
| Luxembourg | 2293620 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2293620 |
| Netherlands | 7609040 | &nbsp;&nbsp; 34095644 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41704684 |
| **Total** | **$37486441** | &nbsp;&nbsp; **$787524657** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$825011098** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

**38**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

------

Schwab International Core Equity Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $629,645,267) |  | $825011098 |
| Foreign currency, at value (cost $8,249,225) |  | 8240114 |
| Receivables: |  |  |
| Investments sold |  | 7228410 |
| Foreign tax reclaims |  | 1677238 |
| Dividends |  | 1425046 |
| Fund shares sold |  | 648947 |
| Prepaid expenses | + | 23214 |
| **Total assets** |  | **844254067** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 10470745 |
| Due to custodian  |  | 1827893 |
| Investment adviser and administrator fees |  | 441340 |
| Shareholder service fees |  | 174297 |
| Fund shares redeemed |  | 99998 |
| Independent trustees' fees |  | 37 |
| Accrued expenses | + | 125372 |
| **Total liabilities** |  | **13139682** |
| **Net assets** |  | **$831114385** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $595723558 |
| Total distributable earnings | + | 235390827 |
| **Net assets** |  | **$831114385** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $831114385 |  | &nbsp;&nbsp;&nbsp;&nbsp; 54785802 |  | &nbsp;&nbsp;&nbsp;&nbsp; $15.17 |

---

*See financial notes*

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**39**

------

Schwab International Core Equity Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $1,856,727) |  | $23552986 |
| Securities on loan, net | + | 36673 |
| **Total investment income**  |  | **23589659** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | 4089181 |
| Shareholder service fees |  | 1730224 |
| Portfolio accounting fees |  | 71284 |
| Custodian fees |  | 58349 |
| Professional fees |  | 44881 <br><sup>1</sup><br>|
| Registration fees |  | 32533 |
| Shareholder reports |  | 16382 |
| Transfer agent fees  |  | 9623 |
| Independent trustees' fees |  | 7190 |
| Other expenses | + | 24788 |
| **Total expenses** |  | **6084435** |
| Expense reduction | – | 10988 <br><sup>1</sup><br>|
| **Net expenses** | – | **6073447** |
| **Net investment income** |  | **17516212** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 82959611 |
| Net realized gains on foreign currency transactions | + | 146591 |
| **Net realized gains** |  | **83106202** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 78596920 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 132607 |
| **Net change in unrealized appreciation (depreciation)** |  | **78729527** |
| **Net realized and unrealized gains** |  | **161835729** |
| **Increase in net assets resulting from operations** |  | **$179351941** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Includes professional fees of $3,465 associated with the filing of foreign withholding tax claims in the European Union. Fees are deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d) and 3 for additional information). 

*See financial notes*

**40**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

------

Schwab International Core Equity Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $17516212 | &nbsp;&nbsp;&nbsp; $13084452 |
| Net realized gains |  | 83106202 | &nbsp;&nbsp;&nbsp; 48548012 |
| Net change in unrealized appreciation (depreciation) | + | 78729527 | &nbsp;&nbsp;&nbsp; 69198213 |
| **Increase in net assets resulting from operations** |  | **$179351941** | &nbsp;&nbsp;&nbsp; **$130830677** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($15343968)**<br>| &nbsp;&nbsp;&nbsp; **($14962629)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 10698961 | &nbsp;&nbsp;&nbsp; $144524302 | &nbsp;&nbsp;&nbsp; 3780391 | &nbsp;&nbsp;&nbsp; $44409332 |
| Shares reinvested |  | 1151053 | &nbsp;&nbsp;&nbsp; 13651480 | &nbsp;&nbsp;&nbsp; 1254919 | &nbsp;&nbsp;&nbsp; 13302138 |
| Shares redeemed | + | (7643978)<br>| &nbsp;&nbsp;&nbsp; (102145916)<br>| &nbsp;&nbsp;&nbsp; (6395731)<br>| &nbsp;&nbsp;&nbsp; (73647131)<br>|
| **Net transactions in fund shares**  |  | **4206036** | &nbsp;&nbsp;&nbsp; **$56029866** | &nbsp;&nbsp;&nbsp; **(1360421)**<br>| &nbsp;&nbsp;&nbsp; **($15935661)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 50579766 | &nbsp;&nbsp;&nbsp; $611076546 | &nbsp;&nbsp;&nbsp; 51940187 | &nbsp;&nbsp;&nbsp; $511144159 |
| Total increase (decrease) | + | 4206036 | &nbsp;&nbsp;&nbsp; 220037839 | &nbsp;&nbsp;&nbsp; (1360421)<br>| &nbsp;&nbsp;&nbsp; 99932387 |
| **End of period** |  | **54785802** | &nbsp;&nbsp;&nbsp; **$831114385** | &nbsp;&nbsp;&nbsp; **50579766** | &nbsp;&nbsp;&nbsp; **$611076546** |

---

*See financial notes*

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**41**

------

Schwab Active Equity Funds

Financial Notes

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Business Structure of the Funds:**

Each of the funds in this report is a series of Schwab Capital Trust (the trust), a no-load, open-end management investment company. The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the funds discussed in this report, which are highlighted:

---

| | |
|:---|:---|
| **SCHWAB CAPITAL TRUST** | **SCHWAB CAPITAL TRUST** |
| **Schwab Core Equity Fund** | Schwab Target 2045 Fund |
| **Schwab Dividend Equity Fund** | Schwab Target 2050 Fund |
| **Schwab Large-Cap Growth Fund** | Schwab Target 2055 Fund |
| **Schwab Small-Cap Equity Fund** | Schwab Target 2060 Fund |
| **Schwab Health Care Fund** | Schwab Target 2065 Fund |
| **Schwab International Core Equity Fund** | Schwab Fundamental U.S. Large Company Index Fund |
| Schwab S&P 500 Index Fund | Schwab Fundamental U.S. Small Company Index Fund |
| Schwab Small-Cap Index Fund | Schwab Fundamental International Equity Index Fund |
| Schwab Total Stock Market Index Fund | Schwab Fundamental International Small Equity Index Fund |
| Schwab U.S. Large-Cap Growth Index Fund | Schwab Fundamental Emerging Markets Equity Index Fund |
| Schwab U.S. Large-Cap Value Index Fund | Schwab Fundamental Global Real Estate Index Fund |
| Schwab U.S. Mid-Cap Index Fund | Schwab Target 2010 Index Fund |
| Schwab International Index Fund | Schwab Target 2015 Index Fund |
| Schwab MarketTrack All Equity Portfolio™ | Schwab Target 2020 Index Fund |
| Schwab MarketTrack Growth Portfolio™ | Schwab Target 2025 Index Fund |
| Schwab MarketTrack Balanced Portfolio™ | Schwab Target 2030 Index Fund |
| Schwab MarketTrack Conservative Portfolio™ | Schwab Target 2035 Index Fund |
| Schwab International Opportunities Fund | Schwab Target 2040 Index Fund |
| Schwab Balanced Fund | Schwab Target 2045 Index Fund |
| Schwab Target 2010 Fund | Schwab Target 2050 Index Fund |
| Schwab Target 2015 Fund | Schwab Target 2055 Index Fund |
| Schwab Target 2020 Fund | Schwab Target 2060 Index Fund |
| Schwab Target 2025 Fund | Schwab Target 2065 Index Fund |
| Schwab Target 2030 Fund | Schwab Monthly Income Fund - Target Payout |
| Schwab Target 2035 Fund | Schwab Monthly Income Fund - Flexible Payout |
| Schwab Target 2040 Fund | Schwab Monthly Income Fund - Income Payout |

---

Each fund offers one share class. Shares are bought and sold at closing net asset value per share, which is the price for all outstanding shares of a fund. Each share has a par value of 1/1,000 of a cent, and the funds' Board of Trustees may authorize the issuance of as many shares as necessary.

Each fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each fund may also keep certain assets in segregated accounts, as required by securities law. The "Schwab Funds Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

**Investment Objectives** 

The **Schwab Core Equity Fund** seeks long-term capital growth.

The **Schwab Dividend Equity Fund** seeks current income and capital appreciation.

The **Schwab Large-Cap Growth Fund** seeks long-term capital growth.

The **Schwab Small-Cap Equity Fund** seeks long-term capital growth.

The **Schwab Health Care Fund** seeks long-term capital growth.

The **Schwab International Core Equity Fund** seeks long-term capital growth.

**42**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

------

Schwab Active Equity Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies:**

The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

In this reporting period, the funds adopted FASB Accounting Standards Update 2023-07, ASC Topic 280 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the funds' financial position or the results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management committee of each fund's investment adviser acts as the funds' CODM. The CODM has determined that each fund operates as a single operating segment given each fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of each fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the funds, is presented within each of the fund's financial statements.

The funds may invest in mutual funds and exchange-traded funds, which are referred to as "underlying funds." For more information about the underlying funds' operations and policies, please refer to those funds' semiannual and annual reports and holdings and financial statements, which are filed in Form N-CSR with the U.S. Securities and Exchange Commission (SEC) and available on the SEC's website at www.sec.gov.

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees has designated authority to a Valuation Designee, the funds' investment adviser, to make fair valuation determinations under adopted procedures, subject to Board of Trustees 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 each fund's portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities traded on an exchange or over-the-counter:** Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign equity security fair valuation:** The Valuation Designee has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the valuation of a fund's holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the Valuation Designee seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter "arbitrage" market timers, who seek to exploit delays between the change in the value of a fund's portfolio holdings and the net asset value of a fund's shares and seeks to help ensure that the prices at which a fund's shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of a fund and that of its comparative index or benchmark.

&nbsp;&nbsp;&nbsp;&nbsp;● **Futures contracts:** Futures contracts are valued at their settlement prices as of the close of their exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mutual funds:** Mutual funds are valued at their respective net asset values.

&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

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**43**

------

Schwab Active Equity Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security.

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee's judgment will be required to estimate fair value.

The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, exchange-traded funds and futures contracts. Mutual funds and exchange-traded funds 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. In addition, international securities whose markets close hours before the valuation of a fund's holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of foreign markets. The Valuation Designee has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Valuation Designee's assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund's results of operations.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The levels associated with valuing the funds' investments as of October 31, 2025, are disclosed in each fund's Portfolio Holdings.

**(b) Accounting Policies for certain Portfolio Investments (if held):**

**Futures Contracts:** Futures contracts are instruments that represent an agreement between two parties that obligates one party to buy, and the other party to sell, specific instruments at an agreed upon price on a stipulated future date. A fund must give the broker a deposit of cash and/or securities (initial margin) whenever it enters into a futures contract. The amount of the deposit may vary from one contract to another. Subsequent payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized appreciation or depreciation until the contract is closed, at which time the gains or losses are realized. Futures contracts are traded publicly on exchanges, and their value may change daily.

**44**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

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Schwab Active Equity Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**Cash Investments:** The funds, except for Schwab Core Equity Fund and Schwab International Core Equity Fund, may invest a portion of their assets in cash. Cash includes cash bank balances in an interest-bearing demand deposit account with maturity on demand by the funds.

**Securities Lending:** Under the trust's Securities Lending Program, a fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides a fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. Each fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the funds or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in each fund's Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between a fund and the lending agent. The aggregate market value of securities loaned will not at any time exceed one-third of the total assets of a fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agent start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.

As of October 31, 2025, Schwab Core Equity Fund and Schwab Small-Cap Equity Fund had securities on loan, all of which were classified as common stocks. The value of securities on loan and the related collateral as of October 31, 2025, are disclosed in each fund's Portfolio Holdings and Statement of Assets and Liabilities.

**Passive Foreign Investment Companies:** Certain funds may own shares in certain foreign corporations that meet the Internal Revenue Code, as amended, definition of a Passive Foreign Investment Company (PFIC). The funds may elect for tax purposes to mark-to-market annually the shares of each PFIC lot held and would be required to distribute as ordinary income to shareholders any such marked-to-market gains (as well as any gains realized on sale).

**Central Securities Depositories Regulation:** The Central Securities Depositories Regulation (CSDR) introduced measures for the authorization and supervision of European Union Central Security Depositories and created a common set of prudential, organizational, and conduct of business standards at a European level. CSDR is designed to support securities settlement and operational aspects of securities settlement, including the provision of shorter settlement periods; mandatory buy-ins; and cash penalties, to prevent and address settlement fails. CSDR measures are aimed to prevent settlement fails by ensuring that all transaction details are provided to facilitate settlement, as well as further incentivizing timely settlement by imposing cash penalty fines and buy-ins. Certain funds may be subject to pay cash penalties and may also receive cash penalties with certain counterparties in instances where there are settlement fails. These cash penalties are included in net realized gains (losses) on sales of securities — unaffiliated issuers in each fund's Statement of Operations, if any.

**(c) Security Transactions:** 

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

Assets and liabilities denominated in foreign currencies are reported in U.S. dollars. For assets and liabilities held on a given date, the dollar value is based on market exchange rates in effect on that date. Transactions involving foreign currencies, including purchases, sales, income receipts and expense payments, are calculated using exchange rates in effect on the transaction date. Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the differences between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange appreciation or depreciation arises from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period. These realized and unrealized foreign exchange gains or losses are

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**45**

------

Schwab Active Equity Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

reported in foreign currency transactions or translations, if any, in each fund's Statement of Operations. The funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments, if any.

Gains realized by the funds on the sale of securities in certain foreign countries may be subject to non-U.S. taxes. In those instances, the funds record a liability based on unrealized appreciation to provide for potential non-U.S. taxes payable upon the sale of these securities.

When a fund closes out a futures contract position, it calculates the difference between the value of the position at the beginning and at the end of the contract, and records a realized gain or loss accordingly.

**(d) Investment Income:**

Interest income is recorded as it accrues. Dividends and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date), although the funds record certain foreign security dividends on the date the ex-dividend date is confirmed. Non-cash dividends in the form of additional securities are recorded on the ex-dividend date at fair value, if any. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities and there are no significant uncertainties on collectibility in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.

The Schwab International Core Equity Fund filed claims to recover taxes previously withheld in certain European Union countries on the basis that those countries had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. These filings are subject to various administrative and judicial proceedings within these countries, and all professional fees associated with these filings have been paid by the investment adviser. The professional fees related to European Union foreign withholding tax claims are non-contingent and non-routine expenses which are subject to repayment to the investment adviser (see financial note 3 for additional information).

For U.S. income tax purposes, European Union reclaims received reduce the amounts of foreign taxes that the fund passes through to its shareholders. If European Union reclaims received exceed foreign withholding taxes paid, the Schwab International Core Equity Fund will evaluate the requirements for entering into a closing agreement with the Internal Revenue Service (IRS) to address any prior years' U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by fund shareholders on their tax returns in prior years. During the period ended October 31, 2025, the Schwab International Core Equity Fund did not incur any compliance fees.

**(e) Expenses:**

Expenses that are specific to a fund are charged directly to the fund. Expenses that are common to more than one fund in the Schwab Funds Complex generally are allocated among those funds in proportion to their average daily net assets.

**(f) Distributions to Shareholders:**

The funds make distributions from net investment income and net realized capital gains, if any, once a year, except for the Schwab Dividend Equity Fund which typically makes distributions from net investment income at the end of each calendar quarter. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(g) Accounting Estimates:**

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It's possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

**46**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

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Schwab Active Equity Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(h) Federal Income Taxes:**

The funds intend to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the funds distribute substantially all of their net investment income and net realized capital gains, if any, to their shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.

**(i) Foreign Taxes:**

Certain funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, foreign currency exchanges and capital gains on investments. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in foreign markets in which a fund invests. These foreign taxes, if any, are paid by the funds and are disclosed in each fund's Statement of Operations. Foreign taxes accrued as of October 31, 2025, if any, are reflected in each fund's Statement of Assets and Liabilities.

**(j) Indemnification:**

Under the funds' organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business the funds enter into contracts with their vendors and others that provide general indemnifications. The funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. However, based on experience, the funds expect the risk of loss attributable to these arrangements to be remote.

**(k) Recent Accounting Pronouncements:**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024, and with early adoption permitted. At this time, management is evaluating the impact of this amendment but believes it will not have a material impact on the financial statements and income tax disclosures.

------

**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as each fund's investment adviser and administrator pursuant to the Amended and Restated Investment Advisory and Administration Agreement between the investment adviser and the trust.

For its advisory and administrative services to the funds, the investment adviser is entitled to receive an annual fee, payable monthly, based on a percentage of each fund's average daily net assets as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| % OF AVERAGE DAILY NET ASSETS | SCHWAB<br> CORE<br> EQUITY FUND<br>| SCHWAB<br> DIVIDEND<br> EQUITY FUND<br>| SCHWAB<br> LARGE-CAP<br> GROWTH FUND<br>| SCHWAB<br> SMALL-CAP<br> EQUITY FUND<br>| SCHWAB<br> INTERNATIONAL<br> CORE<br> EQUITY FUND<br>|
| Flat rate | 0.47<br> %<br>| 0.62<br> %<br>| 0.72<br> %<br>| 0.81<br> %<br>| 0.58<br> %<br>|

---

For its advisory and administrative services to the fund, the investment adviser is entitled to receive an annual fee, payable monthly, based on a percentage of the fund's average daily net assets as follows:

---

| | |
|:---|:---|
| % OF AVERAGE DAILY NET ASSETS | SCHWAB<br> HEALTH CARE<br> FUND<br>|
| First $500 million | 0.54<br> %<br>|
| $500 million to $1 billion | 0.515<br> %<br>|
| Over $1 billion | 0.49<br> %<br>|

---

For the period ended October 31, 2025, the aggregate net advisory fee paid to the investment adviser by the Schwab Health Care Fund was 0.54% (annualized), as a percentage of the fund's average daily net assets.

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**47**

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Schwab Active Equity Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

**Shareholder Servicing**

The Board of Trustees has adopted a Shareholder Servicing Plan (the Plan) on behalf of the funds. The Plan enables each fund to bear expenses relating to the provision by financial intermediaries, including Charles Schwab & Co., Inc. (Schwab), a broker-dealer affiliate of the investment adviser, (together, service providers), of certain account maintenance, customer liaison and shareholder services to the current shareholders of the funds.

Pursuant to the Plan, each fund's shares are subject to an annual shareholder servicing fee up to 0.25%. The shareholder servicing fee paid to a particular service provider is made pursuant to its written agreement with Schwab, as distributor of the funds (or, in the case of payments made to Schwab acting as a service provider, pursuant to Schwab's written agreement with the funds). Payments under the Plan are made as described above without regard to whether the fee is more or less than the service provider's actual cost of providing the services, and if more, such excess may be retained as profit by the service provider.

**Expense Limitation**

The investment adviser and its affiliates have agreed with the trust, for so long as the investment adviser serves as the investment adviser to the funds, in which the agreement may only be amended or terminated with the approval of the Board of Trustees, to limit the total annual fund operating expenses charged, excluding interest, taxes and certain non-routine expenses.

The agreement to limit the funds' total expenses charged is limited to each fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses, which are indirect expenses incurred by a fund through its investments in underlying funds. The expense limitation is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| SCHWAB<br> CORE<br> EQUITY FUND<br>| SCHWAB<br> DIVIDEND<br> EQUITY FUND<br>| SCHWAB<br> LARGE-CAP<br> GROWTH FUND<br>| SCHWAB<br> SMALL-CAP<br> EQUITY FUND<br>| SCHWAB<br> HEALTH CARE<br> FUND<br>| SCHWAB<br> INTERNATIONAL<br> CORE<br> EQUITY FUND<br>|
| 0.75<br> %<br>| 0.89<br> %<br>| 0.99<br> %<br>| 1.12<br> %<br>| 0.82<br> %<br>| 0.86<br> %<br>|

---

**Investments from Affiliates**

Funds in the Schwab Funds Complex may own shares of other funds in the Schwab Funds Complex. The table below reflects the percentage of shares of each fund in this report that is owned by other funds in the Schwab Funds Complex as of October 31, 2025, as applicable:

---

| | | | |
|:---|:---|:---|:---|
|  | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS |
|  | SCHWAB<br> CORE<br> EQUITY FUND<br>| SCHWAB<br> SMALL-CAP<br> EQUITY FUND<br>| SCHWAB<br> INTERNATIONAL<br> CORE<br> EQUITY FUND<br>|
| Schwab Balanced Fund | 12.7<br> %<br>| 10.0<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2010 Fund | 0.0<br> %\*<br>| 0.1<br> %<br>| 0.2<br> %<br>|
| Schwab Target 2015 Fund | 0.1<br> %<br>| 0.1<br> %<br>| 0.2<br> %<br>|
| Schwab Target 2020 Fund | 0.4<br> %<br>| 0.9<br> %<br>| 1.4<br> %<br>|
| Schwab Target 2025 Fund | 0.5<br> %<br>| 1.1<br> %<br>| 2.2<br> %<br>|
| Schwab Target 2030 Fund | 2.1<br> %<br>| 4.5<br> %<br>| 7.7<br> %<br>|
| Schwab Target 2035 Fund | 1.6<br> %<br>| 3.4<br> %<br>| 6.1<br> %<br>|
| Schwab Target 2040 Fund | 3.4<br> %<br>| 8.4<br> %<br>| 13.3<br> %<br>|
| Schwab Target 2045 Fund | 1.0<br> %<br>| 2.5<br> %<br>| 4.1<br> %<br>|
| Schwab Target 2050 Fund | 1.1<br> %<br>| 2.8<br> %<br>| 4.5<br> %<br>|
| Schwab Target 2055 Fund | 0.8<br> %<br>| 2.3<br> %<br>| 3.3<br> %<br>|
| Schwab Target 2060 Fund | 0.4<br> %<br>| 1.0<br> %<br>| 1.5<br> %<br>|
| Schwab Target 2065 Fund | 0.1<br> %<br>| 0.4<br> %<br>| 0.5<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

**48**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

------

Schwab Active Equity Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

**Other Affiliated Transactions**

The professional fees related to European Union foreign withholding tax claims discussed in financial note 2(d) are non-contingent and non-routine expenses. The investment adviser agreed to pay these professional fees, on behalf of the Schwab International Core Equity Fund, subject to reimbursement by the fund to the investment adviser to the extent the fund is able to successfully recover tax claims in the future.

During the period ended October 31, 2025, the professional fees incurred by the Schwab International Core Equity Fund and paid by the investment adviser were $3,465, as shown as Professional fees in the fund's Statement of Operations.

During the period ended October 31, 2025, the Schwab International Core Equity Fund recovered previously withheld foreign taxes from Finland. The payment received by the fund amounted to $350,673 which includes $15,682 of interest income and is recorded as Dividends received from securities — unaffiliated issuers in the fund's Statement of Operations. The investment adviser paid upfront professional fees associated with recovering these foreign taxes in the amount of $23,975, which was reimbursed to the investment adviser by the fund and is also recorded as Dividends received from securities — unaffiliated issuers in the fund's Statement of Operations.

As of October 31, 2025, the Schwab International Core Equity Fund had no balance of professional fees related to foreign withholding tax claims subject to future reimbursement by the fund to the investment adviser.

No other amounts for additional foreign withholding tax claims are reflected in the financial statements due to the uncertainty surrounding the ultimate resolution of proceedings, the likelihood of receipt of these claims, and the potential timing of payment.

**Interfund Transactions**

The funds may engage in direct transactions with other funds in the Schwab Funds Complex in accordance with procedures adopted by the Board of Trustees pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment adviser. The net realized gains or losses on sales of interfund transactions, if any, are recorded in Net realized gains (losses) on sales of securities — unaffiliated issuers in the Statement of Operations. For the period ended October 31, 2025, each fund's purchases and sales of securities with other funds in the Schwab Funds Complex as well as any net realized gains (losses) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | PURCHASE COST | SALE PROCEEDS | NET REALIZED GAINS (LOSSES) |
| Schwab Core Equity Fund | $— | &nbsp;&nbsp; $413680 | &nbsp;&nbsp; ($193127)<br>|
| Schwab Dividend Equity Fund |  | &nbsp;&nbsp; 4518 | &nbsp;&nbsp; 1502 |
| Schwab Large-Cap Growth Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Schwab Small-Cap Equity Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Schwab Health Care Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Schwab International Core Equity Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the Schwab Funds Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board of Trustees. The funds had no interfund borrowing or lending activity during the period.

------

**4. Board of Trustees:**

The Board of Trustees may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trust was in compliance with these limitations throughout the report period. The funds did not pay any of these interested persons for their services as trustees, but did pay non-interested persons (independent trustees), as noted in each fund's Statement of Operations.

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**49**

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Schwab Active Equity Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Borrowing from Banks:**

During the period, the funds were participants with other funds in the Schwab Funds Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), which matured on September 25, 2025. On September 25, 2025, the Syndicated Credit Facility was amended to run for a new 28 day period with the line of credit amount remaining unchanged, maturing on October 23, 2025. On October 23, 2025, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on October 22, 2026. Under the terms of the Syndicated Credit Facility, in addition to the interest charged on any borrowings by a fund, each fund paid a commitment fee of 0.15% per annum on the funds' proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the funds were participants with other funds in the Schwab Funds Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, which matured on September 25, 2025. On September 25, 2025, the Uncommitted Credit Facility was amended to run for a new 28 day period with the line of credit amount remaining unchanged, maturing on October 23, 2025. On October 23, 2025, the Uncommitted Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on October 22, 2026. Under the terms of the Uncommitted Credit Facility, each fund pays interest on the amount a fund borrows. There were no borrowings by any of the funds from either line of credit during the period.

The funds also have access to custodian overdraft facilities. A fund may have utilized the overdraft facility and incurred an interest expense, which is disclosed in each fund's Statement of Operations, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

------

**6. Derivatives:**

Certain funds entered into futures contracts during the report period to equitize available cash.

As of October 31, 2025, the Statement of Assets and Liabilities included the following financial derivative instrument fair values held at period end:

---

| | | |
|:---|:---|:---|
|  | EQUITY CONTRACTS | TOTAL |
| **Asset Derivatives** |  |  |
| Schwab Small-Cap Equity Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| $885156 | &nbsp;&nbsp; $885156 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Includes cumulative unrealized appreciation of futures contracts as reported in each fund's Portfolio Holdings. Only current day's variation margin on futures contracts is reported in the Statement of Assets and Liabilities.

The effects of the derivative contracts in the Statement of Operations for the period ended October 31, 2025, were:

---

| | | |
|:---|:---|:---|
|  | EQUITY CONTRACTS | TOTAL |
| **Net Realized Gains (Losses)** |  |  |
| Schwab Large-Cap Growth Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| ($704396)<br>| &nbsp;&nbsp; ($704396)<br>|
| Schwab Small-Cap Equity Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 4017528 | &nbsp;&nbsp; 4017528 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Statement of Operations location: Net realized gains (losses) on futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation)** |  |  |
| Schwab Large-Cap Growth Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| ($47813)<br>| &nbsp;&nbsp; ($47813)<br>|
| Schwab Small-Cap Equity Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 859200 | &nbsp;&nbsp; 859200 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts.

**50**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

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Schwab Active Equity Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Derivatives (continued):** 

During the period ended October 31, 2025, the month-end average notional amounts of futures contracts held by the funds and the month-end average number of contracts held were as follows:

---

| | | |
|:---|:---|:---|
|  | NOTIONAL AMOUNTS  | NUMBER OF CONTRACTS  |
| Schwab Core Equity Fund | $— | &nbsp;&nbsp; — |
| Schwab Dividend Equity Fund |  | &nbsp;&nbsp; — |
| Schwab Large-Cap Growth Fund | 2723808 | &nbsp;&nbsp; 9 |
| Schwab Small-Cap Equity Fund | 24056708 | &nbsp;&nbsp; 214 |
| Schwab Health Care Fund |  | &nbsp;&nbsp; — |
| Schwab International Core Equity Fund |  | &nbsp;&nbsp; — |

---

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**7. Purchases and Sales of Investment Securities:**

For the period ended October 31, 2025, purchases and sales of securities (excluding short-term obligations) were as follows:

---

| | | |
|:---|:---|:---|
|  | PURCHASES <br>OF SECURITIES <br>| SALES <br>OF SECURITIES<br>|
| Schwab Core Equity Fund | $287623913 | &nbsp;&nbsp; $423513907 |
| Schwab Dividend Equity Fund | 44531919 | &nbsp;&nbsp; 62026900 |
| Schwab Large-Cap Growth Fund | 128584523 | &nbsp;&nbsp; 110127250 |
| Schwab Small-Cap Equity Fund | 631041205 | &nbsp;&nbsp; 670115699 |
| Schwab Health Care Fund | 282390912 | &nbsp;&nbsp; 421627449 |
| Schwab International Core Equity Fund | 590897142 | &nbsp;&nbsp; 527676411 |

---

------

**8. Federal Income Taxes:**

As of October 31, 2025, the tax basis cost of the funds' investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| Schwab Core Equity Fund | $776438499 | &nbsp;&nbsp; $813327608 | &nbsp;&nbsp; ($34925645)<br>| &nbsp;&nbsp; $778401963 |
| Schwab Dividend Equity Fund | 372503528 | &nbsp;&nbsp; 217167050 | &nbsp;&nbsp; (12251990)<br>| &nbsp;&nbsp; 204915060 |
| Schwab Large-Cap Growth Fund | 238053998 | &nbsp;&nbsp; 376740396 | &nbsp;&nbsp; (1490756)<br>| &nbsp;&nbsp; 375249640 |
| Schwab Small-Cap Equity Fund | 523856783 | &nbsp;&nbsp; 126581514 | &nbsp;&nbsp; (29443223)<br>| &nbsp;&nbsp; 97138291 |
| Schwab Health Care Fund | 407495695 | &nbsp;&nbsp; 239076180 | &nbsp;&nbsp; (8207716)<br>| &nbsp;&nbsp; 230868464 |
| Schwab International Core Equity Fund | 633443416 | &nbsp;&nbsp; 202032740 | &nbsp;&nbsp; (10465058)<br>| &nbsp;&nbsp; 191567682 |

---

The primary differences between book basis and tax basis unrealized appreciation or unrealized depreciation of investments are the tax deferral of losses on wash sales, the realization for tax purposes of unrealized appreciation or depreciation on futures contracts, the realization for tax purposes of unrealized appreciation on investments in PFICs and partnership investments. The tax cost of the funds' investments, disclosed above, have been adjusted from their book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**51**

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Schwab Active Equity Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Federal Income Taxes (continued):** 

As of October 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | UNDISTRIBUTED <br>ORDINARY <br>INCOME <br>| UNDISTRIBUTED <br>LONG-TERM <br>CAPITAL GAINS <br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>ON INVESTMENTS <br>| NET OTHER UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>| CAPITAL LOSS <br>CARRYFORWARDS <br>AND OTHER LOSSES <br>| TOTAL  |
| Schwab Core Equity Fund | $4185949 | &nbsp;&nbsp; $88646681 | &nbsp;&nbsp; $778401963 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $871234593 |
| Schwab Dividend Equity Fund | 877598 | &nbsp;&nbsp; 10405603 | &nbsp;&nbsp; 204915060 | &nbsp;&nbsp; 30935 | &nbsp;&nbsp; — | &nbsp;&nbsp; 216229196 |
| Schwab Large-Cap Growth Fund |  | &nbsp;&nbsp; 6876314 | &nbsp;&nbsp; 375249640 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1733198)<br>| &nbsp;&nbsp; 380392756 |
| Schwab Small-Cap Equity Fund | 867599 | &nbsp;&nbsp; 50876545 | &nbsp;&nbsp; 97138291 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 148882435 |
| Schwab Health Care Fund | 6036495 | &nbsp;&nbsp; 29001325 | &nbsp;&nbsp; 230868464 | &nbsp;&nbsp; 150801 | &nbsp;&nbsp; — | &nbsp;&nbsp; 266057085 |
| Schwab International Core Equity Fund | 20446756 | &nbsp;&nbsp; 23274737 | &nbsp;&nbsp; 191567682 | &nbsp;&nbsp; 101652 | &nbsp;&nbsp; — | &nbsp;&nbsp; 235390827 |

---

As of October 31, 2025, the funds had no capital loss carryforwards available to offset future realized capital gains for federal income tax purposes.

For tax purposes, late-year ordinary losses may be deferred and treated as occurring on the first day of the following fiscal year. For the fiscal year ended October 31, 2025, the Schwab Large-Cap Growth Fund had late-year ordinary losses deferred of $1,733,198.

For the fiscal year ended October 31, 2025, the funds had capital loss carryforwards utilized as follows:

---

| | |
|:---|:---|
| Schwab Core Equity Fund | $— |
| Schwab Dividend Equity Fund |  |
| Schwab Large-Cap Growth Fund |  |
| Schwab Small-Cap Equity Fund |  |
| Schwab Health Care Fund |  |
| Schwab International Core Equity Fund | 57692555 |

---

The tax basis components of distributions paid during the current and prior fiscal years were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | CURRENT FISCAL YEAR END DISTRIBUTIONS | CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | ORDINARY <br>INCOME<br>| LONG-TERM <br>CAPITAL <br>GAINS<br>| ORDINARY <br>INCOME <br>| LONG-TERM <br>CAPITAL <br>GAINS <br>|
| Schwab Core Equity Fund | $14423421 | &nbsp;&nbsp; $101266284 | &nbsp;&nbsp; $13254300 | &nbsp;&nbsp; $23811728 |
| Schwab Dividend Equity Fund | 9694895 | &nbsp;&nbsp; 3811691 | &nbsp;&nbsp; 10178461 | &nbsp;&nbsp; 617825 |
| Schwab Large-Cap Growth Fund |  | &nbsp;&nbsp; 562663 | &nbsp;&nbsp; 115375 | &nbsp;&nbsp; — |
| Schwab Small-Cap Equity Fund | 13188138 | &nbsp;&nbsp; 63985427 | &nbsp;&nbsp; 2107396 | &nbsp;&nbsp; — |
| Schwab Health Care Fund | 5048204 | &nbsp;&nbsp; 57382957 | &nbsp;&nbsp; 6726032 | &nbsp;&nbsp; 20820249 |
| Schwab International Core Equity Fund | 15343968 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14962629 | &nbsp;&nbsp; — |

---

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Permanent book and tax basis differences may result in reclassifications between components of net assets as required. The adjustments will have no impact on net assets or the results of operations.

As of October 31, 2025, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds' financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in each fund's Statement of Operations. During the fiscal year ended October 31, 2025, the funds did not incur any interest or penalties.

**52**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

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Schwab Active Equity Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. Subsequent Events:**

Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**53**

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Schwab Active Equity Funds

Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of Schwab Capital Trust and Shareholders of Schwab Core Equity Fund, Schwab Dividend Equity Fund, Schwab Large-Cap Growth Fund, Schwab Small-Cap Equity Fund, Schwab Health Care Fund, and Schwab International Core Equity Fund:

***Opinion on the Financial Statements and Financial Highlights***

We have audited the accompanying statements of assets and liabilities, including the portfolio holdings, of Schwab Core Equity Fund, Schwab Dividend Equity Fund, Schwab Large-Cap Growth Fund, Schwab Small-Cap Equity Fund, Schwab Health Care Fund, and Schwab International Core Equity Fund (the "Funds"), six of the Funds constituting Schwab Capital Trust, as of October 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**Deloitte & Touche LLP**

Denver, Colorado

December 16, 2025

We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.

**54**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**55**

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Proxy Disclosures for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

**56**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

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Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The remuneration paid to directors, officers and others are included under Item 7 (Financial Statements and Financial Highlights for Open-End Management Investment Companies).

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**57**

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Schwab Active Equity Funds

Investment Advisory Agreement Approval

------

The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund's investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or "interested persons" of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund's trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory and administration agreement (the Agreement) between Schwab Capital Trust (the Trust) and Charles Schwab Investment Management, Inc. (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab Core Equity Fund, Schwab Dividend Equity Fund, Schwab Large-Cap Growth Fund, Schwab Small-Cap Equity Fund, Schwab Health Care Fund and Schwab International Core Equity Fund (each, a Fund and collectively, the Funds), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser's affiliates, personnel, business goals and priorities, profitability, oversight of third-party service providers, corporate structure and operations. As part of the renewal process, the Independent Trustees' legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to the Funds' operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees' legal counsel, including a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer

sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Funds at meetings held on May 7, 2025 and June 5, 2025, and approved the renewal of the Agreement with respect to the Funds for an additional one-year term at the meeting on June 5, 2025 called for the purpose of voting on such approval.

The Board's approval of the continuance of the Agreement with respect to the Funds was based on consideration and evaluation of a variety of specific factors discussed at these meetings and at prior meetings, including:

1. the nature, extent and quality of the services provided to each Fund under the Agreement, including the resources of the investment adviser and its affiliates dedicated to the Funds;

2. each Fund's investment performance and how it compared to that of certain other comparable mutual funds and benchmark data;

3. each Fund's expenses and how those expenses compared to those of certain other similar mutual funds;

4. the profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to each Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and

5. the extent to which economies of scale would be realized as each Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.

**Nature, Extent and Quality of Services.** The Board considered the nature, extent and quality of the services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, the investment adviser's experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support provided with respect to each Fund's portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also considered the investment adviser's continued investment in its infrastructure, including the investment adviser's

**58**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

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Schwab Active Equity Funds

technology and use of data, business continuity, cybersecurity, due diligence, risk management processes, and information security programs. The Trustees considered Schwab's overall financial condition and its reputation as a full service brokerage firm, as well as the wide range of products, services and account features that benefit Fund shareholders who are brokerage clients of Schwab. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds supported renewal of the Agreement with respect to the Funds.

**Fund Performance.** The Board considered each Fund's performance in determining whether to renew the Agreement with respect to such Fund. Specifically, the Trustees considered each Fund's performance relative to a peer category of other mutual funds and applicable indices/benchmarks, in light of total return and the market environment, as well as in consideration of each Fund's investment style and strategy. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of each Fund, the Trustees considered the risk profile for such Fund and the appropriateness of the benchmark used to compare the performance of each Fund. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser's profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of each Fund supported renewal of the Agreement with respect to such Fund.

**Fund Expenses.** With respect to each Fund's expenses, the Trustees considered the rate of compensation called for by the Agreement and each Fund's net operating expense ratio, in each case, in comparison to those of other similar mutual funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Funds and provision of services as well as the competitive marketplace for financial products. The Trustees also considered the investment adviser's contractual commitment to limit the total annual operating expenses of each Fund for so long as the investment adviser serves as the adviser to the Fund. The Trustees also considered fees charged by the investment adviser to other mutual funds and to other types of accounts, but, with respect to such other types of accounts, accorded less weight to such comparisons due to the different legal, regulatory, compliance and operating features of mutual funds

as compared to these other types of accounts, and any differences in the nature and scope of the services the investment adviser provides to these other accounts, and any differences in the market for these types of accounts. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of each Fund are reasonable and supported renewal of the Agreement with respect to such Fund.

**Profitability.** The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or indirectly and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees reviewed the profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Funds and other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Funds, such as whether, by virtue of its management of the Funds, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. The Trustees considered whether the compensation and profitability with respect to the Funds under the Agreement and other service agreements were reasonable in light of the quality of all services rendered to the Funds by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services, and systems to benefit the Funds. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser with respect to each Fund is reasonable and supported renewal of the Agreement with respect to such Fund.

**Economies of Scale.** Although the Trustees recognized the difficulty of determining economies of scale with precision, and although the Funds do not have breakpoints in their advisory fees, the Trustees considered the potential existence of any economies of scale and whether those are passed along to a Fund's shareholders through (i) the enhancement of services provided to the Funds in return for fees paid, including through the investment adviser's continued investment in its infrastructure, and use of data and technology, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Funds and their shareholders; and (ii) pricing a fund to scale and keeping overall expenses down as the fund grows. The Trustees considered that the investment adviser and its affiliates may employ contractual expense caps to protect shareholders from higher fees, including for example, when fund assets are relatively small. Based on this evaluation, the

Schwab Active Equity Funds \| Annual Holdings and Financial Statements

**59**

------

Schwab Active Equity Funds

Board concluded, within the context of its full deliberations, that each Fund obtains reasonable benefits from economies of scale.

\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation

and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreement with respect to the Funds and concluded that the compensation under the Agreement with respect to the Funds is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

**60**Schwab Active Equity Funds \| Annual Holdings and Financial Statements

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g20748imgd4f493841.jpg)

MFR26298-22

00319730

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g20940imga77453c81.jpg)

**Annual Holdings and Financial Statements** \| October 31, 2025

Schwab Equity Index Funds<sup>®</sup>

------

Schwab S&P 500 Index Fund

Schwab 1000 Index<sup>®</sup> Fund

Schwab Small-Cap Index Fund

Schwab Total Stock Market Index Fund

Schwab U.S. Large-Cap Growth

Index Fund

Schwab U.S. Large-Cap Value

Index Fund

Schwab U.S. Mid-Cap Index Fund

Schwab International Index Fund

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_9087a00f-ae5a-4492-ae7b-11961c44dfb6_1)**<br> **[Management Investment Companies](#xx_9087a00f-ae5a-4492-ae7b-11961c44dfb6_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_9087a00f-ae5a-4492-ae7b-11961c44dfb6_1) <br>|  |
| [Schwab S&P 500 Index Fund](#xx_9087a00f-ae5a-4492-ae7b-11961c44dfb6_1) | 2 |
| [Schwab 1000 Index Fund](#xx_8bc50529-db31-4e6b-9118-f79f4bc79f22_1) | 12 |
| [Schwab Small-Cap Index Fund](#xx_1f48e85d-04e1-467a-a69a-2a9c187a7049_1) | 26 |
| [Schwab Total Stock Market Index Fund](#xx_306d9e7b-f06e-4e77-9686-cee4fb9cac5a_1) | 47 |
| [Schwab U.S.](#xx_5ae9ba8b-23a2-426c-959e-8ef813bd0f63_1)[Large-Cap Growth Index Fund](#xx_5ae9ba8b-23a2-426c-959e-8ef813bd0f63_1) | 77 |
| [Schwab U.S.](#xx_5bcc6884-8a46-4bf2-8b80-df1fe93cb2fa_1)[Large-Cap Value Index Fund](#xx_5bcc6884-8a46-4bf2-8b80-df1fe93cb2fa_1) | 86 |
| [Schwab U.S.](#xx_dc8351c6-55a4-4512-a54c-fb1329596050_1)[Mid-Cap Index Fund](#xx_dc8351c6-55a4-4512-a54c-fb1329596050_1) | 99 |
| [Schwab International Index Fund](#xx_6185e41e-a2f2-41b8-8584-de5f6e082555_1) | 111 |
| [Financial Notes](#xx_d54bacd2-e86c-49c9-81f6-1ee5391a9e5d_1) | 123 |
| [Report of Independent Registered Public Accounting Firm](#xx_2898c3f2-487a-4f52-98d9-785695db39b7_1) | 137 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_e05fb7eb-a96f-41f2-bdf5-a15615dd36ac_1)**<br> **[Management Investment Companies](#xx_e05fb7eb-a96f-41f2-bdf5-a15615dd36ac_1)**<br>| 138 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_5b5d9054-7efa-4751-819b-77fc2d2422e5_1)**<br> **[Companies](#xx_5b5d9054-7efa-4751-819b-77fc2d2422e5_1)**<br>| 139 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_d4ffeb0c-21a0-4763-bdf7-55bd56bd320f_1)**<br> **[Management Investment Companies](#xx_d4ffeb0c-21a0-4763-bdf7-55bd56bd320f_1)**<br>| 140 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_ff25fdb4-f533-433b-8aab-b7521f097890_1)**<br> **[Contract](#xx_ff25fdb4-f533-433b-8aab-b7521f097890_1)** <br>|  |
| [Investment Advisory Agreement Approval](#xx_ff25fdb4-f533-433b-8aab-b7521f097890_1) | 141  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: Charles Schwab & Co., Inc. (Schwab)

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc. (MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Schwab. The Industry classifications used in the Portfolio Holdings are sub-categories of Sector classifications.

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**1**

------

Schwab S&P 500 Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<sup>1</sup> <br>| 11/1/23– <br>10/31/24<sup>1</sup> <br>| 11/1/22– <br>10/31/23<sup>1</sup> <br>| 11/1/21– <br>10/31/22<sup>1</sup> <br>| 11/1/20– <br>10/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $14.73 | &nbsp;&nbsp; $10.84 | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp; $11.87 | &nbsp;&nbsp; $8.46 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.19 | 0.19 | 0.18 | 0.16 | 0.15 |
| Net realized and unrealized gains (losses) | 2.94 | 3.88 | 0.82 | &nbsp;&nbsp; (1.88)<br>| 3.43 |
| Total from investment operations | 3.13 | 4.07 | 1.00 | &nbsp;&nbsp; (1.72)<br>| 3.58 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.17)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $17.68 | &nbsp;&nbsp; $14.73 | &nbsp;&nbsp; $10.84 | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp; $11.87 |
| Total return | 21.43<br> %<br>| 37.95<br> %<br>| 10.11<br> %<br>| &nbsp;&nbsp; (14.63<br> %)<br>| 42.89<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.02<br> %<br>| 0.02<br> %<br>| 0.02 %<sup>3</sup><br>| 0.02 %<sup>3</sup><br>| 0.02<br> %<br>|
| Net investment income (loss) | 1.25<br> %<br>| 1.41<br> %<br>| 1.63<br> %<br>| 1.49<br> %<br>| 1.42<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 2 %<sup>4</sup><br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 3<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $130454 | &nbsp;&nbsp; $104140 | &nbsp;&nbsp; $70062 | &nbsp;&nbsp; $61068 | &nbsp;&nbsp; $67401 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per-Share Data has been retroactively adjusted to reflect a 6-for-1 share split effective after the close of U.S. markets on August 15, 2025 (see financial note 9 for additional information). 

<sup>2</sup> Calculated based on the average shares outstanding during the period.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>4</sup> Portfolio turnover rate excludes in-kind transactions.

*See financial notes*

**2**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab S&P 500 Index Fund

Portfolio Holdings as of October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.7% OF NET ASSETS  | **COMMON STOCKS** 99.7% OF NET ASSETS  | **COMMON STOCKS** 99.7% OF NET ASSETS  |
| **Automobiles & Components 2.4%** | **Automobiles & Components 2.4%** | **Automobiles & Components 2.4%** |
| Aptiv PLC \* | 487079 | 39502107 |
| Ford Motor Co.  | 8716521 | 114447921 |
| General Motors Co.  | 2127470 | 146986902 |
| Tesla, Inc. \* | 6257384 | 2856871239 |
|  |  | **3157808169** |
| **Banks 3.5%** | **Banks 3.5%** | **Banks 3.5%** |
| Bank of America Corp.  | 15195340 | 812190923 |
| Citigroup, Inc.  | 4104999 | 415549049 |
| Citizens Financial Group, Inc.  | 958025 | 48734732 |
| Fifth Third Bancorp  | 1480537 | 61619950 |
| Huntington Bancshares, Inc.  | 3517268 | 54306618 |
| JPMorgan Chase & Co.  | 6131648 | 1907678326 |
| KeyCorp  | 2081395 | 36611738 |
| M&T Bank Corp.  | 349183 | 64204278 |
| PNC Financial Services Group, Inc.  | 877014 | 160098905 |
| Regions Financial Corp.  | 1993735 | 48248387 |
| Truist Financial Corp.  | 2867998 | 127998751 |
| U.S. Bancorp  | 3465787 | 161782937 |
| Wells Fargo & Co.  | 7143320 | 621254540 |
|  |  | **4520279134** |
| **Capital Goods 5.9%** | **Capital Goods 5.9%** | **Capital Goods 5.9%** |
| 3M Co.  | 1187433 | 197707594 |
| A.O. Smith Corp.  | 255747 | 16876745 |
| Allegion PLC  | 192840 | 31967087 |
| AMETEK, Inc.  | 513563 | 103796218 |
| Axon Enterprise, Inc. \* | 174714 | 127930832 |
| Boeing Co. \* | 1686149 | 338949672 |
| Builders FirstSource, Inc. \* | 245960 | 28573173 |
| Carrier Global Corp.  | 1786997 | 106308452 |
| Caterpillar, Inc.  | 1044656 | 603038123 |
| Cummins, Inc.  | 306632 | 134206694 |
| Deere & Co.  | 561640 | 259269873 |
| Dover Corp.  | 307190 | 55742697 |
| Eaton Corp. PLC  | 868096 | 331230710 |
| EMCOR Group, Inc.  | 100172 | 67694234 |
| Emerson Electric Co.  | 1253986 | 175018826 |
| Fastenal Co.  | 2567080 | 105635342 |
| Fortive Corp.  | 749159 | 37712664 |
| GE Vernova, Inc.  | 607029 | 355196949 |
| Generac Holdings, Inc. \* | 131648 | 22119497 |
| General Dynamics Corp.  | 563748 | 194436685 |
| General Electric Co.  | 2364662 | 730562325 |
| Honeywell International, Inc.  | 1415750 | 285032947 |
| Howmet Aerospace, Inc.  | 898642 | 185075320 |
| Hubbell, Inc., Class B  | 118857 | 55862790 |
| Huntington Ingalls Industries, Inc.  | 87528 | 28185767 |
| IDEX Corp.  | 167035 | 28639821 |
| Illinois Tool Works, Inc.  | 590905 | 144133548 |
| Ingersoll Rand, Inc.  | 809080 | 61757076 |
| Johnson Controls International PLC  | 1458432 | 166830036 |
| L3Harris Technologies, Inc.  | 416193 | 120321396 |
| Lennox International, Inc.  | 71469 | 36091845 |
| Lockheed Martin Corp.  | 458129 | 225344493 |
| Masco Corp.  | 468169 | 30318624 |
| Nordson Corp.  | 120513 | 27952990 |
| Northrop Grumman Corp.  | 300099 | 175092762 |
| Otis Worldwide Corp.  | 877894 | 81433447 |
| PACCAR, Inc.  | 1172426 | 115366718 |
| Parker-Hannifin Corp.  | 284931 | 220203225 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Pentair PLC  | 363073 | 38612814 |
| Quanta Services, Inc.  | 331709 | 148980463 |
| Rockwell Automation, Inc.  | 251135 | 92508089 |
| RTX Corp.  | 2984801 | 532786978 |
| Snap-on, Inc.  | 115729 | 38832866 |
| Stanley Black & Decker, Inc.  | 348014 | 23567508 |
| Textron, Inc.  | 394202 | 31855464 |
| Trane Technologies PLC  | 496184 | 222612952 |
| TransDigm Group, Inc.  | 125639 | 164399888 |
| United Rentals, Inc.  | 143274 | 124817443 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 382188 | 78134515 |
| WW Grainger, Inc.  | 98068 | 96008572 |
| Xylem, Inc.  | 543276 | 81953185 |
|  |  | **7686687934** |
| **Commercial & Professional Services 0.9%** | **Commercial & Professional Services 0.9%** | **Commercial & Professional Services 0.9%** |
| Automatic Data Processing, Inc.  | 903201 | 235103220 |
| Broadridge Financial Solutions, Inc.  | 260259 | 57361084 |
| Cintas Corp.  | 762809 | 139800006 |
| Copart, Inc. \* | 1979195 | 85125177 |
| Dayforce, Inc. \* | 354958 | 24399813 |
| Equifax, Inc.  | 276598 | 58389838 |
| Jacobs Solutions, Inc.  | 266499 | 41523209 |
| Leidos Holdings, Inc.  | 286398 | 54550227 |
| Paychex, Inc.  | 721131 | 84393961 |
| Paycom Software, Inc.  | 111993 | 20952770 |
| Republic Services, Inc., Class A  | 452137 | 94153009 |
| Rollins, Inc.  | 632351 | 36429741 |
| Veralto Corp.  | 553615 | 54630728 |
| Verisk Analytics, Inc., Class A  | 311482 | 68139802 |
| Waste Management, Inc.  | 826036 | 165017212 |
|  |  | **1219969797** |
| **Consumer Discretionary Distribution & Retail 5.8%** | **Consumer Discretionary Distribution & Retail 5.8%** | **Consumer Discretionary Distribution & Retail 5.8%** |
| Amazon.com, Inc. \* | 21641235 | 5285222412 |
| AutoZone, Inc. \* | 37249 | 136868843 |
| Best Buy Co., Inc.  | 439137 | 36070713 |
| eBay, Inc.  | 1022284 | 83121912 |
| Genuine Parts Co.  | 311511 | 39658466 |
| Home Depot, Inc.  | 2218580 | 842150782 |
| LKQ Corp.  | 568168 | 18158649 |
| Lowe's Cos., Inc.  | 1249715 | 297594633 |
| O'Reilly Automotive, Inc. \* | 1891182 | 178603228 |
| Pool Corp.  | 73285 | 19571492 |
| Ross Stores, Inc.  | 731288 | 116216289 |
| TJX Cos., Inc.  | 2487701 | 348626418 |
| Tractor Supply Co.  | 1176356 | 63652623 |
| Ulta Beauty, Inc. \* | 100487 | 52241182 |
| Williams-Sonoma, Inc.  | 275244 | 53490919 |
|  |  | **7571248561** |
| **Consumer Durables & Apparel 0.5%** | **Consumer Durables & Apparel 0.5%** | **Consumer Durables & Apparel 0.5%** |
| Deckers Outdoor Corp. \* | 331575 | 27023362 |
| DR Horton, Inc.  | 616520 | 91910802 |
| Garmin Ltd.  | 365962 | 78293910 |
| Hasbro, Inc.  | 298736 | 22796544 |
| Lennar Corp., Class A  | 508959 | 62993855 |
| Lululemon Athletica, Inc. \* | 242988 | 41439174 |
| Mohawk Industries, Inc. \* | 116800 | 13273152 |
| NIKE, Inc., Class B  | 2647641 | 171011132 |
| NVR, Inc. \* | 6419 | 46286254 |
| PulteGroup, Inc.  | 441246 | 52892158 |
| Ralph Lauren Corp., Class A  | 86302 | 27587297 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**3**

------

Schwab S&P 500 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Tapestry, Inc.  | 464140 | 50971855 |
|  |  | **686479495** |
| **Consumer Services 1.8%** | **Consumer Services 1.8%** | **Consumer Services 1.8%** |
| Airbnb, Inc., Class A \* | 954942 | 120838361 |
| Booking Holdings, Inc.  | 72271 | 366973347 |
| Carnival Corp. \* | 2427730 | 69991456 |
| Chipotle Mexican Grill, Inc., Class A \* | 2983959 | 94561661 |
| Darden Restaurants, Inc.  | 261772 | 47158226 |
| Domino's Pizza, Inc.  | 69852 | 27833228 |
| DoorDash, Inc., Class A \* | 825443 | 209967936 |
| Expedia Group, Inc.  | 264315 | 58149300 |
| Hilton Worldwide Holdings, Inc.  | 523726 | 134576633 |
| Las Vegas Sands Corp.  | 690880 | 41003728 |
| Marriott International, Inc., Class A  | 501501 | 130681131 |
| McDonald's Corp.  | 1591258 | 474879125 |
| MGM Resorts International \* | 460875 | 14761826 |
| Norwegian Cruise Line Holdings Ltd. \* | 996379 | 22338817 |
| Royal Caribbean Cruises Ltd.  | 563034 | 161495042 |
| Starbucks Corp.  | 2534695 | 204980785 |
| Wynn Resorts Ltd.  | 188851 | 22471380 |
| Yum! Brands, Inc.  | 618080 | 85424837 |
|  |  | **2288086819** |
| **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** |
| Costco Wholesale Corp.  | 988905 | 901337462 |
| Dollar General Corp.  | 493645 | 48703016 |
| Dollar Tree, Inc. \* | 434187 | 43036615 |
| Kroger Co.  | 1360649 | 86578096 |
| Sysco Corp.  | 1067213 | 79272582 |
| Target Corp.  | 1011339 | 93771352 |
| Walmart, Inc.  | 9787498 | 990299048 |
|  |  | **2242998171** |
| **Energy 2.8%** | **Energy 2.8%** | **Energy 2.8%** |
| APA Corp.  | 800254 | 18125753 |
| Baker Hughes Co., Class A  | 2203278 | 106660688 |
| Chevron Corp.  | 4291535 | 676860900 |
| ConocoPhillips  | 2783581 | 247349008 |
| Coterra Energy, Inc.  | 1696679 | 40143425 |
| Devon Energy Corp.  | 1420042 | 46137165 |
| Diamondback Energy, Inc.  | 421141 | 60303180 |
| EOG Resources, Inc.  | 1217718 | 128883273 |
| EQT Corp.  | 1393961 | 74688430 |
| Expand Energy Corp.  | 531487 | 54907922 |
| Exxon Mobil Corp.  | 9506570 | 1087171345 |
| Halliburton Co.  | 1897343 | 50924686 |
| Kinder Morgan, Inc.  | 4364682 | 114311022 |
| Marathon Petroleum Corp.  | 679517 | 132444658 |
| Occidental Petroleum Corp.  | 1607182 | 66215898 |
| ONEOK, Inc.  | 1399975 | 93798325 |
| Phillips 66  | 902993 | 122933467 |
| SLB Ltd.  | 3330892 | 120111966 |
| Targa Resources Corp.  | 481387 | 74152854 |
| Texas Pacific Land Corp.  | 43166 | 40721941 |
| Valero Energy Corp.  | 694234 | 117714317 |
| Williams Cos., Inc.  | 2721383 | 157486434 |
|  |  | **3632046657** |
| **Equity Real Estate Investment Trusts (REITs) 1.7%** | **Equity Real Estate Investment Trusts (REITs) 1.7%** | **Equity Real Estate Investment Trusts (REITs) 1.7%** |
| Alexandria Real Estate Equities, Inc.  | 348571 | 20293804 |
| American Tower Corp.  | 1044076 | 186868722 |
| AvalonBay Communities, Inc.  | 318752 | 55437348 |
| BXP, Inc.  | 330122 | 23501385 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Camden Property Trust  | 240143 | 23889426 |
| Crown Castle, Inc.  | 968641 | 87390791 |
| Digital Realty Trust, Inc.  | 716758 | 122142731 |
| Equinix, Inc.  | 218136 | 184545237 |
| Equity Residential  | 774074 | 46010959 |
| Essex Property Trust, Inc.  | 142715 | 35931356 |
| Extra Space Storage, Inc.  | 474741 | 63396913 |
| Federal Realty Investment Trust  | 173095 | 16650008 |
| Healthpeak Properties, Inc.  | 1540670 | 27655026 |
| Host Hotels & Resorts, Inc.  | 1425627 | 22838545 |
| Invitation Homes, Inc.  | 1256634 | 35374247 |
| Iron Mountain, Inc.  | 658593 | 67802149 |
| Kimco Realty Corp.  | 1516463 | 31330126 |
| Mid-America Apartment Communities, <br> Inc. <br>| 260011 | 33341210 |
| Prologis, Inc.  | 2069478 | 256801525 |
| Public Storage  | 352633 | 98229448 |
| Realty Income Corp.  | 2043195 | 118464446 |
| Regency Centers Corp.  | 360605 | 24863715 |
| SBA Communications Corp., Class A  | 238070 | 45585644 |
| Simon Property Group, Inc.  | 729292 | 128180362 |
| UDR, Inc.  | 673475 | 22689373 |
| Ventas, Inc.  | 1015674 | 74946584 |
| VICI Properties, Inc., Class A  | 2376891 | 71282961 |
| Welltower, Inc.  | 1491408 | 270004504 |
| Weyerhaeuser Co.  | 1598304 | 36760992 |
|  |  | **2232209537** |
| **Financial Services 7.7%** | **Financial Services 7.7%** | **Financial Services 7.7%** |
| American Express Co.  | 1210357 | 436612081 |
| Ameriprise Financial, Inc.  | 210587 | 95347476 |
| Apollo Global Management, Inc.  | 1023803 | 127268951 |
| Bank of New York Mellon Corp.  | 1571760 | 169640057 |
| Berkshire Hathaway, Inc., Class B \* | 4089026 | 1952673476 |
| Blackrock, Inc.  | 321134 | 347727107 |
| Blackstone, Inc.  | 1643634 | 241022490 |
| Block, Inc. \* | 1229276 | 93351219 |
| Capital One Financial Corp.  | 1426014 | 313708820 |
| Cboe Global Markets, Inc.  | 233156 | 57272440 |
| Charles Schwab Corp. *(a)* | 3785146 | 357772000 |
| CME Group, Inc.  | 803601 | 213348029 |
| Coinbase Global, Inc., Class A \* | 503923 | 173238649 |
| Corpay, Inc. \* | 157432 | 40987421 |
| FactSet Research Systems, Inc.  | 84114 | 22441615 |
| Fidelity National Information Services, <br> Inc. <br>| 1168377 | 73046930 |
| Fiserv, Inc. \* | 1210932 | 80757055 |
| Franklin Resources, Inc.  | 678833 | 15348414 |
| Global Payments, Inc.  | 542615 | 42193742 |
| Goldman Sachs Group, Inc.  | 675034 | 532851589 |
| Interactive Brokers Group, Inc., Class A  | 995729 | 70059492 |
| Intercontinental Exchange, Inc.  | 1276440 | 186730408 |
| Invesco Ltd.  | 1004598 | 23808973 |
| Jack Henry & Associates, Inc.  | 162879 | 24259198 |
| KKR & Co., Inc.  | 1529101 | 180938521 |
| Mastercard, Inc., Class A  | 1840756 | 1016078904 |
| Moody's Corp.  | 343754 | 165105046 |
| Morgan Stanley  | 2705336 | 443675104 |
| MSCI, Inc., Class A  | 172325 | 101421879 |
| Nasdaq, Inc.  | 1013753 | 86665744 |
| Northern Trust Corp.  | 427710 | 55033446 |
| PayPal Holdings, Inc. \* | 2127622 | 147380376 |
| Raymond James Financial, Inc.  | 397055 | 63000717 |
| Robinhood Markets, Inc., Class A \* | 1725854 | 253320850 |
| S&P Global, Inc.  | 696841 | 339507904 |
| State Street Corp.  | 633915 | 73318609 |
| Synchrony Financial  | 832559 | 61925738 |

---

*See financial notes*

**4**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab S&P 500 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| T. Rowe Price Group, Inc.  | 492628 | 50509149 |
| Visa, Inc., Class A  | 3787876 | 1290680868 |
|  |  | **10020030487** |
| **Food, Beverage & Tobacco 2.0%** | **Food, Beverage & Tobacco 2.0%** | **Food, Beverage & Tobacco 2.0%** |
| Altria Group, Inc.  | 3745971 | 211197845 |
| Archer-Daniels-Midland Co.  | 1072031 | 64890037 |
| Brown-Forman Corp., Class B  | 381958 | 10400716 |
| Bunge Global SA  | 313140 | 29623044 |
| Campbell's Co.  | 440063 | 13259098 |
| Coca-Cola Co.  | 8637032 | 595091505 |
| Conagra Brands, Inc.  | 1071271 | 18415149 |
| Constellation Brands, Inc., Class A  | 319329 | 41953444 |
| General Mills, Inc.  | 1194044 | 55654391 |
| Hershey Co.  | 329634 | 55915815 |
| Hormel Foods Corp.  | 652341 | 14084042 |
| J.M. Smucker Co.  | 240169 | 24869500 |
| Kellanova  | 597940 | 49664896 |
| Keurig Dr. Pepper, Inc.  | 3020089 | 82025617 |
| Kraft Heinz Co.  | 1903572 | 47075336 |
| Lamb Weston Holdings, Inc.  | 311678 | 19239883 |
| McCormick & Co., Inc. - Non Voting <br> Shares <br>| 564928 | 36245781 |
| Molson Coors Beverage Co., Class B  | 370145 | 16182739 |
| Mondelez International, Inc., Class A  | 2883624 | 165693035 |
| Monster Beverage Corp. \* | 1585171 | 105936978 |
| PepsiCo, Inc.  | 3052891 | 445996846 |
| Philip Morris International, Inc.  | 3471022 | 500972605 |
| Tyson Foods, Inc., Class A  | 635956 | 32694498 |
|  |  | **2637082800** |
| **Health Care Equipment & Services 3.6%** | **Health Care Equipment & Services 3.6%** | **Health Care Equipment & Services 3.6%** |
| Abbott Laboratories  | 3881031 | 479773052 |
| Align Technology, Inc. \* | 151803 | 20930598 |
| Baxter International, Inc.  | 1135822 | 20978632 |
| Becton Dickinson & Co.  | 639147 | 114221960 |
| Boston Scientific Corp. \* | 3304143 | 332793283 |
| Cardinal Health, Inc.  | 531790 | 101449578 |
| Cencora, Inc.  | 431613 | 145803188 |
| Centene Corp. \* | 1044424 | 36941277 |
| Cigna Group  | 595220 | 145477720 |
| Cooper Cos., Inc. \* | 445037 | 31112537 |
| CVS Health Corp.  | 2831670 | 221295011 |
| DaVita, Inc. \* | 80417 | 9571231 |
| Dexcom, Inc. \* | 877168 | 51068721 |
| Edwards Lifesciences Corp. \* | 1305752 | 107659252 |
| Elevance Health, Inc.  | 502114 | 159270561 |
| GE HealthCare Technologies, Inc.  | 1020996 | 76523650 |
| HCA Healthcare, Inc.  | 365208 | 167878813 |
| Henry Schein, Inc. \* | 232019 | 14663601 |
| Hologic, Inc. \* | 496225 | 36675990 |
| Humana, Inc.  | 268577 | 74715436 |
| IDEXX Laboratories, Inc. \* | 178926 | 112635706 |
| Insulet Corp. \* | 156779 | 49073395 |
| Intuitive Surgical, Inc. \* | 799364 | 427084198 |
| Labcorp Holdings, Inc.  | 184789 | 46929014 |
| McKesson Corp.  | 277363 | 225035696 |
| Medtronic PLC  | 2857080 | 259137156 |
| Molina Healthcare, Inc. \* | 120600 | 18459036 |
| Quest Diagnostics, Inc.  | 248241 | 43678004 |
| ResMed, Inc.  | 326411 | 80584348 |
| Solventum Corp. \* | 328089 | 22651265 |
| STERIS PLC  | 219715 | 51786826 |
| Stryker Corp.  | 767252 | 273325852 |
| UnitedHealth Group, Inc.  | 2019553 | 689798523 |
| Universal Health Services, Inc., Class B  | 126523 | 27456756 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Zimmer Biomet Holdings, Inc.  | 438861 | 44131862 |
|  |  | **4720571728** |
| **Household & Personal Products 0.9%** | **Household & Personal Products 0.9%** | **Household & Personal Products 0.9%** |
| Church & Dwight Co., Inc.  | 544928 | 47784736 |
| Clorox Co.  | 271194 | 30498477 |
| Colgate-Palmolive Co.  | 1798919 | 138606709 |
| Estee Lauder Cos., Inc., Class A  | 523895 | 50655408 |
| Kenvue, Inc.  | 4262014 | 61245141 |
| Kimberly-Clark Corp.  | 740035 | 88589590 |
| Procter & Gamble Co.  | 5223229 | 785416945 |
|  |  | **1202797006** |
| **Insurance 1.7%** | **Insurance 1.7%** | **Insurance 1.7%** |
| Aflac, Inc.  | 1076200 | 115357878 |
| Allstate Corp.  | 588743 | 112756059 |
| American International Group, Inc.  | 1236845 | 97661281 |
| Aon PLC, Class A  | 480484 | 163691289 |
| Arch Capital Group Ltd.  | 829491 | 71593368 |
| Arthur J Gallagher & Co.  | 571176 | 142502700 |
| Assurant, Inc.  | 111775 | 23665003 |
| Brown & Brown, Inc.  | 654516 | 52191106 |
| Chubb Ltd.  | 826380 | 228857677 |
| Cincinnati Financial Corp.  | 350232 | 54142365 |
| Erie Indemnity Co., Class A  | 57588 | 16852552 |
| Everest Group Ltd.  | 93380 | 29369878 |
| Globe Life, Inc.  | 181047 | 23809491 |
| Hartford Insurance Group, Inc.  | 628447 | 78040549 |
| Loews Corp.  | 380482 | 37880788 |
| Marsh & McLennan Cos., Inc.  | 1097868 | 195585184 |
| MetLife, Inc.  | 1248320 | 99640903 |
| Principal Financial Group, Inc.  | 452798 | 38053144 |
| Progressive Corp.  | 1307179 | 269278874 |
| Prudential Financial, Inc.  | 785973 | 81741192 |
| Travelers Cos., Inc.  | 502966 | 135106727 |
| W.R. Berkley Corp.  | 665371 | 47467567 |
| Willis Towers Watson PLC  | 217823 | 68200381 |
|  |  | **2183445956** |
| **Materials 1.7%** | **Materials 1.7%** | **Materials 1.7%** |
| Air Products & Chemicals, Inc.  | 495108 | 120108250 |
| Albemarle Corp.  | 260633 | 25601980 |
| Amcor PLC  | 5126120 | 40496348 |
| Avery Dennison Corp.  | 174199 | 30465663 |
| Ball Corp.  | 607200 | 28538400 |
| CF Industries Holdings, Inc.  | 361623 | 30119580 |
| Corteva, Inc.  | 1518536 | 93298852 |
| Dow, Inc.  | 1594985 | 38040392 |
| DuPont de Nemours, Inc.  | 937226 | 76524503 |
| Eastman Chemical Co.  | 260565 | 15508829 |
| Ecolab, Inc.  | 568210 | 145689044 |
| Freeport-McMoRan, Inc.  | 3194564 | 133213319 |
| International Flavors & Fragrances, Inc.  | 571508 | 35987859 |
| International Paper Co.  | 1178060 | 45520238 |
| Linde PLC  | 1045618 | 437382009 |
| LyondellBasell Industries NV, Class A  | 573539 | 26623680 |
| Martin Marietta Materials, Inc.  | 134287 | 82331360 |
| Mosaic Co.  | 710205 | 19495127 |
| Newmont Corp.  | 2449422 | 198329699 |
| Nucor Corp.  | 513309 | 77022015 |
| Packaging Corp. of America  | 198835 | 38923940 |
| PPG Industries, Inc.  | 503763 | 49242833 |
| Sherwin-Williams Co.  | 517066 | 178356746 |
| Smurfit WestRock PLC  | 1168196 | 43129796 |
| Solstice Advanced Materials, Inc. \* | 353937 | 15951941 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**5**

------

Schwab S&P 500 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Steel Dynamics, Inc.  | 308044 | 48301299 |
| Vulcan Materials Co.  | 293566 | 84987357 |
|  |  | **2159191059** |
| **Media & Entertainment 9.3%** | **Media & Entertainment 9.3%** | **Media & Entertainment 9.3%** |
| Alphabet, Inc., Class A  | 12971268 | 3647390849 |
| Alphabet, Inc., Class C  | 10413138 | 2934630551 |
| Charter Communications, Inc., Class A \* | 207783 | 48587977 |
| Comcast Corp., Class A  | 8212153 | 228585279 |
| Electronic Arts, Inc.  | 500587 | 100147435 |
| Fox Corp., Class A  | 769705 | 49761428 |
| Interpublic Group of Cos., Inc.  | 827231 | 21226747 |
| Live Nation Entertainment, Inc. \* | 349926 | 52324435 |
| Match Group, Inc.  | 528008 | 17075779 |
| Meta Platforms, Inc., Class A  | 4836546 | 3135774599 |
| Netflix, Inc. \* | 947538 | 1060162367 |
| News Corp., Class A  | 1150057 | 30476511 |
| Omnicom Group, Inc.  | 432876 | 32474358 |
| Paramount Skydance Corp., Class B *(b)* | 693329 | 10670333 |
| Take-Two Interactive Software, Inc. \* | 387886 | 99442334 |
| TKO Group Holdings, Inc.  | 154301 | 29070308 |
| Trade Desk, Inc., Class A \* | 991262 | 49840653 |
| Walt Disney Co.  | 4009194 | 451515428 |
| Warner Bros Discovery, Inc. \* | 5506674 | 123624831 |
|  |  | **12122782202** |
| **Pharmaceuticals, Biotechnology & Life Sciences 5.3%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.3%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.3%** |
| AbbVie, Inc.  | 3939229 | 858909491 |
| Agilent Technologies, Inc.  | 634491 | 92864103 |
| Amgen, Inc.  | 1200488 | 358261634 |
| Biogen, Inc. \* | 328675 | 50704692 |
| Bio-Techne Corp.  | 350277 | 21916832 |
| Bristol-Myers Squibb Co.  | 4538350 | 209081785 |
| Charles River Laboratories International, <br> Inc. \*<br>| 109177 | 19659502 |
| Danaher Corp.  | 1421078 | 306071780 |
| Eli Lilly & Co.  | 1772815 | 1529691151 |
| Gilead Sciences, Inc.  | 2766863 | 331442519 |
| Incyte Corp. \* | 368868 | 34481781 |
| IQVIA Holdings, Inc. \* | 380218 | 82301988 |
| Johnson & Johnson  | 5370330 | 1014294227 |
| Merck & Co., Inc.  | 5569780 | 478889684 |
| Mettler-Toledo International, Inc. \* | 46008 | 65160670 |
| Moderna, Inc. \* | 766725 | 20824251 |
| Pfizer, Inc.  | 12678151 | 312516422 |
| Regeneron Pharmaceuticals, Inc.  | 226786 | 147819115 |
| Revvity, Inc.  | 256390 | 23995540 |
| Thermo Fisher Scientific, Inc.  | 842033 | 477761104 |
| Vertex Pharmaceuticals, Inc. \* | 571724 | 243308583 |
| Viatris, Inc.  | 2625765 | 27202925 |
| Waters Corp. \* | 131798 | 46076581 |
| West Pharmaceutical Services, Inc.  | 159981 | 45125841 |
| Zoetis, Inc.  | 986783 | 142185562 |
|  |  | **6940547763** |
| **Real Estate Management & Development 0.1%** | **Real Estate Management & Development 0.1%** | **Real Estate Management & Development 0.1%** |
| CBRE Group, Inc., Class A \* | 651907 | 99370184 |
| CoStar Group, Inc. \* | 944696 | 65004532 |
|  |  | **164374716** |
| **Semiconductors & Semiconductor Equipment 14.9%** | **Semiconductors & Semiconductor Equipment 14.9%** | **Semiconductors & Semiconductor Equipment 14.9%** |
| Advanced Micro Devices, Inc. \* | 3618763 | 926837580 |
| Analog Devices, Inc.  | 1106578 | 259083107 |
| Applied Materials, Inc.  | 1789482 | 417128254 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Broadcom, Inc.  | 10488221 | 3876761128 |
| First Solar, Inc. \* | 239037 | 63808537 |
| Intel Corp. \* | 9760227 | 390311478 |
| KLA Corp.  | 294258 | 355681415 |
| Lam Research Corp.  | 2822195 | 444382825 |
| Microchip Technology, Inc.  | 1206946 | 75337569 |
| Micron Technology, Inc.  | 2495525 | 558423629 |
| Monolithic Power Systems, Inc.  | 106511 | 107043555 |
| NVIDIA Corp.  | 54409306 | 11017340372 |
| NXP Semiconductors NV  | 560985 | 117313183 |
| ON Semiconductor Corp. \* | 914523 | 45799312 |
| QUALCOMM, Inc.  | 2404989 | 435062510 |
| Skyworks Solutions, Inc.  | 326998 | 25414285 |
| Teradyne, Inc.  | 354756 | 64480451 |
| Texas Instruments, Inc.  | 2027275 | 327323821 |
|  |  | **19507533011** |
| **Software & Services 12.1%** | **Software & Services 12.1%** | **Software & Services 12.1%** |
| Accenture PLC, Class A  | 1388893 | 347362139 |
| Adobe, Inc. \* | 945919 | 321905695 |
| Akamai Technologies, Inc. \* | 320692 | 24083969 |
| AppLovin Corp., Class A \* | 603675 | 384740188 |
| Autodesk, Inc. \* | 476716 | 143653599 |
| Cadence Design Systems, Inc. \* | 607623 | 205795834 |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 1092623 | 79630364 |
| Crowdstrike Holdings, Inc., Class A \* | 555796 | 301802786 |
| Datadog, Inc., Class A \* | 719015 | 117062832 |
| EPAM Systems, Inc. \* | 126051 | 20614381 |
| Fair Isaac Corp. \* | 53699 | 89115102 |
| Fortinet, Inc. \* | 1449574 | 125286681 |
| Gartner, Inc. \* | 169401 | 42069044 |
| Gen Digital, Inc.  | 1254186 | 33060343 |
| GoDaddy, Inc., Class A \* | 309681 | 41227832 |
| International Business Machines Corp.  | 2077185 | 638547441 |
| Intuit, Inc.  | 622021 | 415230119 |
| Microsoft Corp.  | 16575140 | 8582773243 |
| Oracle Corp.  | 3695399 | 970448731 |
| Palantir Technologies, Inc., Class A \* | 5071353 | 1016654136 |
| Palo Alto Networks, Inc. \* | 1489424 | 328030742 |
| PTC, Inc. \* | 266083 | 52828119 |
| Roper Technologies, Inc.  | 239605 | 106899771 |
| Salesforce, Inc.  | 2131774 | 555135267 |
| ServiceNow, Inc. \* | 463817 | 426377692 |
| Synopsys, Inc. \* | 412004 | 186975655 |
| Tyler Technologies, Inc. \* | 96316 | 45871458 |
| VeriSign, Inc.  | 187569 | 44979046 |
| Workday, Inc., Class A \* | 482886 | 115854009 |
|  |  | **15764016218** |
| **Technology Hardware & Equipment 9.0%** | **Technology Hardware & Equipment 9.0%** | **Technology Hardware & Equipment 9.0%** |
| Amphenol Corp., Class A  | 2722519 | 379355797 |
| Apple, Inc.  | 33092431 | 8947200570 |
| Arista Networks, Inc. \* | 2298190 | 362401581 |
| CDW Corp.  | 291838 | 46510222 |
| Cisco Systems, Inc.  | 8830358 | 645587473 |
| Corning, Inc.  | 1735532 | 154601191 |
| Dell Technologies, Inc., Class C  | 674008 | 109196036 |
| F5, Inc. \* | 128549 | 32529324 |
| Hewlett Packard Enterprise Co.  | 2932966 | 71623030 |
| HP, Inc.  | 2096897 | 58021140 |
| Jabil, Inc.  | 239396 | 52880182 |
| Keysight Technologies, Inc. \* | 384475 | 70343546 |
| Motorola Solutions, Inc.  | 370920 | 150856873 |
| NetApp, Inc.  | 447292 | 52682052 |
| Seagate Technology Holdings PLC  | 475669 | 121714184 |

---

*See financial notes*

**6**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab S&P 500 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Super Micro Computer, Inc. \* | 1121189 | 58256980 |
| TE Connectivity PLC  | 657841 | 162493305 |
| Teledyne Technologies, Inc. \* | 104868 | 55246560 |
| Trimble, Inc. \* | 532456 | 42463366 |
| Western Digital Corp.  | 775794 | 116532017 |
| Zebra Technologies Corp., Class A \* | 113795 | 30639304 |
|  |  | **11721134733** |
| **Telecommunication Services 0.8%** | **Telecommunication Services 0.8%** | **Telecommunication Services 0.8%** |
| AT&T, Inc.  | 15944569 | 394628083 |
| T-Mobile U.S., Inc.  | 1079111 | 226667265 |
| Verizon Communications, Inc.  | 9401939 | 373633056 |
|  |  | **994928404** |
| **Transportation 1.3%** | **Transportation 1.3%** | **Transportation 1.3%** |
| CH Robinson Worldwide, Inc.  | 262153 | 40368940 |
| CSX Corp.  | 4151104 | 149522766 |
| Delta Air Lines, Inc.  | 1450703 | 83241338 |
| Expeditors International of Washington, <br> Inc. <br>| 300246 | 36599987 |
| FedEx Corp.  | 485379 | 123198898 |
| JB Hunt Transport Services, Inc.  | 170739 | 28830988 |
| Norfolk Southern Corp.  | 499554 | 141563613 |
| Old Dominion Freight Line, Inc.  | 413575 | 58074201 |
| Southwest Airlines Co.  | 1174687 | 35593016 |
| Uber Technologies, Inc. \* | 4650254 | 448749511 |
| Union Pacific Corp.  | 1322414 | 291420373 |
| United Airlines Holdings, Inc. \* | 724089 | 68093330 |
| United Parcel Service, Inc., Class B  | 1643210 | 158438308 |
|  |  | **1663695269** |
| **Utilities 2.3%** | **Utilities 2.3%** | **Utilities 2.3%** |
| AES Corp.  | 1567426 | 21740199 |
| Alliant Energy Corp.  | 572271 | 38239148 |
| Ameren Corp.  | 603849 | 61604675 |
| American Electric Power Co., Inc.  | 1190831 | 143209336 |
| American Water Works Co., Inc.  | 435755 | 55964015 |
| Atmos Energy Corp.  | 358225 | 61514397 |
| CenterPoint Energy, Inc.  | 1460291 | 55841528 |
| CMS Energy Corp.  | 670258 | 49297476 |
| Consolidated Edison, Inc.  | 803462 | 78265233 |
| Constellation Energy Corp.  | 696631 | 262629887 |
| Dominion Energy, Inc.  | 1901082 | 111574502 |
| DTE Energy Co.  | 462305 | 62660820 |
| Duke Energy Corp.  | 1733049 | 215417991 |
| Edison International  | 863321 | 47810717 |
| Entergy Corp.  | 995205 | 95629248 |
| Evergy, Inc.  | 508881 | 39087149 |
| Eversource Energy  | 825727 | 60946910 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Exelon Corp.  | 2251312 | 103830509 |
| FirstEnergy Corp.  | 1157590 | 53052350 |
| NextEra Energy, Inc.  | 4591996 | 373788474 |
| NiSource, Inc.  | 1048524 | 44153346 |
| NRG Energy, Inc.  | 432612 | 74348698 |
| PG&E Corp.  | 4923273 | 78575437 |
| Pinnacle West Capital Corp.  | 265796 | 23528262 |
| PPL Corp.  | 1658409 | 60565097 |
| Public Service Enterprise Group, Inc.  | 1112850 | 89651196 |
| Sempra  | 1454653 | 133740797 |
| Southern Co.  | 2451943 | 230580720 |
| Vistra Corp.  | 708960 | 133497168 |
| WEC Energy Group, Inc.  | 717726 | 80191526 |
| Xcel Energy, Inc.  | 1321246 | 107245538 |
|  |  | **3048182349** |
| **Total Common Stocks** <br>**(Cost $46,212,523,678)** | **Total Common Stocks** <br>**(Cost $46,212,523,678)** | **130088127975** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.0% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.0% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.0% OF NET ASSETS  |
| **Money Market Funds 0.0%** | **Money Market Funds 0.0%** | **Money Market Funds 0.0%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(c)(d)*<br>| 9128124 | 9128124 |
| **Total Short-Term Investments** <br>**(Cost $9,128,124)** | **Total Short-Term Investments** <br>**(Cost $9,128,124)** | **9128124** |
| **Total Investments in Securities** <br>**(Cost $46,221,651,802)** | **Total Investments in Securities** <br>**(Cost $46,221,651,802)** | **130097256099** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| S&P 500 Index, e-mini, <br> expires 12/19/25<br>| 1062 | 365009400 | **7732431** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* Issuer is affiliated with the fund's investment adviser.

*(b)* All or a portion of this security is on loan. Securities on loan were valued at $8,444,278. 

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers during the period ended October 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS |
| **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** |
| Charles Schwab Corp. | $225922626 | $53034492 | ($4345674)<br>| $873 | $83159683 | **$357772000** | 3785146 | $3848445 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**7**

------

Schwab S&P 500 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $130088127975 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $130088127975 |
| Short-Term Investments<sup>1</sup> <br>| 9128124 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9128124 |
| Futures Contracts<sup>2</sup> <br>| 7732431 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7732431 |
| **Total** | **$130104988530** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$130104988530** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

**8**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab S&P 500 Index Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $162,513,919)  |  | $357772000 |
| Investments in securities, at value - unaffiliated issuers (cost $46,059,137,883) including securities on loan of $8,444,278 |  | 129739484099 |
| Cash |  | 297242941 |
| Deposit with broker for futures contracts |  | 22618509 |
| Receivables: |  |  |
| Fund shares sold |  | 78157664 |
| Dividends |  | 59724804 |
| Variation margin on future contracts |  | 982347 |
| Income from securities on loan | + | 8271 |
| **Total assets** |  | **130555990635** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 9128124 |
| Payables: |  |  |
| Fund shares redeemed |  | 90592344 |
| Investment adviser fees | + | 2326150 |
| **Total liabilities** |  | **102046618** |
| **Net assets** |  | **$130453944017** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $46590296399 |
| Total distributable earnings | + | 83863647618 |
| **Net assets** |  | **$130453944017** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $130453944017 |  | &nbsp;&nbsp;&nbsp;&nbsp; 7379552413 |  | &nbsp;&nbsp;&nbsp;&nbsp; $17.68 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**9**

------

Schwab S&P 500 Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $345,515) |  | $1435227449 |
| Other Interest |  | 7934634 |
| Dividends received from securities - affiliated issuers |  | 3848445 |
| Securities on loan, net | + | 46967 |
| **Total investment income**  |  | **1447057495** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 22994531 |
| **Total expenses** | – | **22994531** |
| **Net investment income** |  | **1424062964** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - affiliated issuers  |  | 873 |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (299781531)<br>|
| Net realized gains on futures contracts | + | 58241475 |
| **Net realized losses** |  | **(241539183)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 83159683 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 21599979947 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 15983636 |
| **Net change in unrealized appreciation (depreciation)** |  | **21699123266** |
| **Net realized and unrealized gains** |  | **21457584083** |
| **Increase in net assets resulting from operations** |  | **$22881647047** |

---

*See financial notes*

**10**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab S&P 500 Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $1424062964 | &nbsp;&nbsp;&nbsp; $1282136668 |
| Net realized losses |  | (241539183)<br>| &nbsp;&nbsp;&nbsp; (132774728)<br>|
| Net change in unrealized appreciation (depreciation) | + | 21699123266 | &nbsp;&nbsp;&nbsp; 26189344946 |
| **Increase in net assets resulting from operations** |  | **$22881647047** | &nbsp;&nbsp;&nbsp; **$27338706886** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($1322087859)**<br>| &nbsp;&nbsp;&nbsp; **($1135808670)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 1437555005 | &nbsp;&nbsp;&nbsp; $22265827045 | &nbsp;&nbsp;&nbsp; 1411567470 | &nbsp;&nbsp;&nbsp; $18780662028 |
| Shares reinvested |  | 69303333 | &nbsp;&nbsp;&nbsp; 1072236167 | &nbsp;&nbsp;&nbsp; 78616830 | &nbsp;&nbsp;&nbsp; 923878716 |
| Shares redeemed | + | (1195570783)<br>| &nbsp;&nbsp;&nbsp; (18583827000)<br>| &nbsp;&nbsp;&nbsp; (886680138)<br>| &nbsp;&nbsp;&nbsp; (11829511743)<br>|
| **Net transactions in fund shares**  |  | **311287555** | &nbsp;&nbsp;&nbsp; **$4754236212** | &nbsp;&nbsp;&nbsp; **603504162** | &nbsp;&nbsp;&nbsp; **$7875029001** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 7068264858 | &nbsp;&nbsp;&nbsp; $104140148617 | &nbsp;&nbsp;&nbsp; 6464760696 | &nbsp;&nbsp;&nbsp; $70062221400 |
| Total increase | + | 311287555 | &nbsp;&nbsp;&nbsp; 26313795400 | &nbsp;&nbsp;&nbsp; 603504162 | &nbsp;&nbsp;&nbsp; 34077927217 |
| **End of period** |  | **7379552413** | &nbsp;&nbsp;&nbsp; **$130453944017** | &nbsp;&nbsp;&nbsp; **7068264858** | &nbsp;&nbsp;&nbsp; **$104140148617** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the period ended October 31, 2025, and the prior report period, transactions in fund shares have been retroactively adjusted to reflect a 6-for-1 share split effective after the close of U.S. markets on August 15, 2025. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 9 for additional information). 

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**11**

------

Schwab 1000 Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<sup>1</sup> <br>| 11/1/23– <br>10/31/24<sup>1</sup> <br>| 11/1/22– <br>10/31/23<sup>1</sup> <br>| 11/1/21– <br>10/31/22<sup>1</sup> <br>| 11/1/20– <br>10/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $12.32 | &nbsp;&nbsp; $9.05 | &nbsp;&nbsp; $8.40 | &nbsp;&nbsp; $10.27 | &nbsp;&nbsp; $7.37 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.16 | 0.15 | 0.14 | 0.13 | 0.12 |
| Net realized and unrealized gains (losses) | 2.43 | 3.26 | 0.64 | &nbsp;&nbsp; (1.82)<br>| 3.01 |
| Total from investment operations | 2.59 | 3.41 | 0.78 | &nbsp;&nbsp; (1.69)<br>| 3.13 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.14)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.09)<br>|
| Total distributions | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $14.75 | &nbsp;&nbsp; $12.32 | &nbsp;&nbsp; $9.05 | &nbsp;&nbsp; $8.40 | &nbsp;&nbsp; $10.27 |
| Total return | 21.18<br> %<br>| 38.17<br> %<br>| 9.35<br> %<br>| &nbsp;&nbsp; (16.73<br> %)<br>| 43.16<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.05<br> %<br>| 0.05<br> %<br>| 0.05<br> %<br>| 0.05 %<sup>3</sup><br>| 0.05<br> %<br>|
| Net investment income (loss) | 1.21<br> %<br>| 1.36<br> %<br>| 1.57<br> %<br>| 1.40<br> %<br>| 1.36<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 3 %<sup>4</sup><br>| &nbsp;&nbsp; 3 %<sup>4</sup><br>| &nbsp;&nbsp; 3 %<sup>4</sup><br>| &nbsp;&nbsp; 2 %<sup>4</sup><br>| &nbsp;&nbsp; 5 %<sup>4</sup><br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $20543 | &nbsp;&nbsp; $17357 | &nbsp;&nbsp; $12811 | &nbsp;&nbsp; $11888 | &nbsp;&nbsp; $14222 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per-Share Data has been retroactively adjusted to reflect a 10-for-1 share split effective after the close of U.S. markets on August 15, 2025 (see financial note 9 for additional information). 

<sup>2</sup> Calculated based on the average shares outstanding during the period.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>4</sup> Portfolio turnover rate excludes in-kind transactions.

*See financial notes*

**12**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab 1000 Index Fund

Portfolio Holdings as of October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.9% OF NET ASSETS  | **COMMON STOCKS** 99.9% OF NET ASSETS  | **COMMON STOCKS** 99.9% OF NET ASSETS  |
| **Automobiles & Components 2.3%** | **Automobiles & Components 2.3%** | **Automobiles & Components 2.3%** |
| Aptiv PLC \* | 69899 | 5668809 |
| Autoliv, Inc.  | 22454 | 2622627 |
| BorgWarner, Inc.  | 68653 | 2949333 |
| Ford Motor Co.  | 1260128 | 16545481 |
| General Motors Co.  | 306838 | 21199437 |
| Gentex Corp.  | 72704 | 1704909 |
| Lear Corp.  | 17523 | 1833782 |
| Lucid Group, Inc. *\*(a)* | 37127 | 659004 |
| Modine Manufacturing Co. \* | 16474 | 2523981 |
| Rivian Automotive, Inc., Class A \* | 257124 | 3489173 |
| Tesla, Inc. \* | 902487 | 412039465 |
| Thor Industries, Inc.  | 17156 | 1790229 |
|  |  | **473026230** |
| **Banks 3.5%** | **Banks 3.5%** | **Banks 3.5%** |
| Bank of America Corp.  | 2191586 | 117140272 |
| Bank OZK  | 33894 | 1524891 |
| BOK Financial Corp.  | 7325 | 766049 |
| Cadence Bank  | 59141 | 2231981 |
| Citigroup, Inc.  | 592054 | 59933626 |
| Citizens Financial Group, Inc.  | 138946 | 7068183 |
| Columbia Banking System, Inc.  | 97347 | 2608900 |
| Comerica, Inc.  | 41344 | 3162816 |
| Commerce Bancshares, Inc.  | 39771 | 2093148 |
| Cullen/Frost Bankers, Inc.  | 20482 | 2522153 |
| East West Bancorp, Inc.  | 44244 | 4495190 |
| Fifth Third Bancorp  | 212777 | 8855779 |
| First Citizens BancShares, Inc., <br> Class A <br>| 3373 | 6155118 |
| First Financial Bankshares, Inc.  | 41597 | 1284931 |
| First Horizon Corp.  | 160590 | 3430202 |
| Flagstar Bank NA  | 96247 | 1099141 |
| FNB Corp.  | 114185 | 1794988 |
| Glacier Bancorp, Inc.  | 41422 | 1692089 |
| Hancock Whitney Corp.  | 26894 | 1535916 |
| Home BancShares, Inc.  | 58471 | 1561760 |
| Huntington Bancshares, Inc.  | 506520 | 7820669 |
| JPMorgan Chase & Co.  | 884352 | 275139594 |
| KeyCorp  | 299906 | 5275347 |
| M&T Bank Corp.  | 50254 | 9240203 |
| Old National Bancorp  | 111555 | 2279069 |
| Pinnacle Financial Partners, Inc.  | 25092 | 2138089 |
| PNC Financial Services Group, Inc.  | 126793 | 23146062 |
| Popular, Inc.  | 21304 | 2374757 |
| Prosperity Bancshares, Inc.  | 29804 | 1961699 |
| Regions Financial Corp.  | 286310 | 6928702 |
| Southstate Bank Corp.  | 31949 | 2832279 |
| Synovus Financial Corp.  | 44119 | 1969472 |
| Truist Financial Corp.  | 415059 | 18524083 |
| U.S. Bancorp  | 500778 | 23376317 |
| UMB Financial Corp.  | 23269 | 2486991 |
| United Bankshares, Inc.  | 44349 | 1587251 |
| Valley National Bancorp  | 153346 | 1666871 |
| Webster Financial Corp.  | 53190 | 3033958 |
| Wells Fargo & Co.  | 1030263 | 89601973 |
| Western Alliance Bancorp  | 33346 | 2579313 |
| Wintrust Financial Corp.  | 21741 | 2826765 |
| Zions Bancorp NA  | 47112 | 2455006 |
|  |  | **720201603** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Capital Goods 6.8%** | **Capital Goods 6.8%** | **Capital Goods 6.8%** |
| 3M Co.  | 171559 | 28564574 |
| A.O. Smith Corp.  | 37247 | 2457930 |
| AAON, Inc.  | 21436 | 2109088 |
| Acuity, Inc.  | 9777 | 3569094 |
| Advanced Drainage Systems, Inc.  | 22786 | 3191179 |
| AECOM  | 42050 | 5649418 |
| AeroVironment, Inc. \* | 10380 | 3839666 |
| AGCO Corp.  | 19628 | 2024824 |
| Air Lease Corp., Class A  | 33839 | 2160959 |
| Allegion PLC  | 27710 | 4593487 |
| Allison Transmission Holdings, Inc.  | 26351 | 2175275 |
| AMETEK, Inc.  | 74390 | 15034963 |
| API Group Corp. \* | 118039 | 4346196 |
| Applied Industrial Technologies, Inc.  | 12027 | 3092021 |
| Archer Aviation, Inc., Class A \* | 170008 | 1907490 |
| Armstrong World Industries, Inc.  | 13979 | 2662021 |
| ATI, Inc. \* | 44400 | 4394268 |
| Axon Enterprise, Inc. \* | 25285 | 18514436 |
| Bloom Energy Corp., Class A \* | 69312 | 9160274 |
| Boeing Co. \* | 243086 | 48865148 |
| Builders FirstSource, Inc. \* | 35226 | 4092204 |
| BWX Technologies, Inc.  | 29619 | 6326915 |
| Carlisle Cos., Inc.  | 13682 | 4447334 |
| Carpenter Technology Corp.  | 15891 | 5019967 |
| Carrier Global Corp.  | 257566 | 15322601 |
| Caterpillar, Inc.  | 150668 | 86974610 |
| Chart Industries, Inc. \* | 14216 | 2837798 |
| CNH Industrial NV  | 285348 | 2993301 |
| Comfort Systems USA, Inc.  | 11288 | 10899467 |
| Construction Partners, Inc., Class A \* | 15236 | 1742237 |
| Core & Main, Inc., Class A \* | 61255 | 3196286 |
| Crane Co.  | 15635 | 2970650 |
| Cummins, Inc.  | 44385 | 19426427 |
| Curtiss-Wright Corp.  | 12048 | 7177355 |
| Deere & Co.  | 80926 | 37357869 |
| Donaldson Co., Inc.  | 37102 | 3125844 |
| Dover Corp.  | 44067 | 7996398 |
| Dycom Industries, Inc. \* | 9317 | 2681339 |
| Eaton Corp. PLC  | 125108 | 47736208 |
| EMCOR Group, Inc.  | 14419 | 9744072 |
| Emerson Electric Co.  | 181275 | 25300552 |
| Esab Corp.  | 18535 | 2165259 |
| ESCO Technologies, Inc.  | 8372 | 1837403 |
| Fastenal Co.  | 369674 | 15212085 |
| Federal Signal Corp.  | 19668 | 2321414 |
| Ferguson Enterprises, Inc.  | 63556 | 15793666 |
| Flowserve Corp.  | 41348 | 2822001 |
| Fluor Corp. \* | 51735 | 2523116 |
| Fortive Corp.  | 108975 | 5485802 |
| Fortune Brands Innovations, Inc.  | 37523 | 1906168 |
| FTAI Aviation Ltd.  | 32786 | 5668699 |
| Gates Industrial Corp. PLC \* | 82479 | 1821136 |
| GATX Corp.  | 11668 | 1830126 |
| GE Vernova, Inc.  | 87531 | 51217889 |
| Generac Holdings, Inc. \* | 18892 | 3174234 |
| General Dynamics Corp.  | 81105 | 27973115 |
| General Electric Co.  | 341049 | 105367089 |
| Graco, Inc.  | 52817 | 4318846 |
| HEICO Corp.  | 32496 | 10326254 |
| Hexcel Corp.  | 25747 | 1838336 |
| Honeywell International, Inc.  | 204396 | 41151047 |
| Howmet Aerospace, Inc.  | 129845 | 26741578 |
| Hubbell, Inc., Class B  | 17039 | 8008330 |
| Huntington Ingalls Industries, Inc.  | 12553 | 4042317 |
| IDEX Corp.  | 24250 | 4157905 |
| IES Holdings, Inc. \* | 2814 | 1102750 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**13**

------

Schwab 1000 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Illinois Tool Works, Inc.  | 85241 | 20791985 |
| Ingersoll Rand, Inc.  | 116451 | 8888705 |
| ITT, Inc.  | 25087 | 4642851 |
| JBT Marel Corp.  | 16726 | 2109149 |
| Johnson Controls International PLC  | 210746 | 24107235 |
| Karman Holdings, Inc. \* | 24414 | 2056635 |
| Kratos Defense & Security Solutions, <br> Inc. \*<br>| 54367 | 4925650 |
| L3Harris Technologies, Inc.  | 60270 | 17424057 |
| Lennox International, Inc.  | 10247 | 5174735 |
| Leonardo DRS, Inc.  | 25809 | 943577 |
| Lincoln Electric Holdings, Inc.  | 17776 | 4167583 |
| Loar Holdings, Inc. \* | 11330 | 896543 |
| Lockheed Martin Corp.  | 66174 | 32549667 |
| Masco Corp.  | 66936 | 4334775 |
| MasTec, Inc. \* | 19933 | 4069521 |
| Middleby Corp. \* | 15019 | 1865810 |
| Moog, Inc., Class A  | 9170 | 1878475 |
| Mueller Industries, Inc.  | 35138 | 3720060 |
| NEXTracker, Inc., Class A \* | 46714 | 4728391 |
| Nordson Corp.  | 17291 | 4010647 |
| Northrop Grumman Corp.  | 43306 | 25266886 |
| nVent Electric PLC  | 51841 | 5928018 |
| Oshkosh Corp.  | 20812 | 2565911 |
| Otis Worldwide Corp.  | 126377 | 11722731 |
| Owens Corning  | 26936 | 3429222 |
| PACCAR, Inc.  | 168950 | 16624680 |
| Parker-Hannifin Corp.  | 41157 | 31807364 |
| Pentair PLC  | 52637 | 5597945 |
| Primoris Services Corp.  | 17397 | 2462023 |
| Quanta Services, Inc.  | 47996 | 21556443 |
| QXO, Inc. \* | 157385 | 2780993 |
| RBC Bearings, Inc. \* | 10215 | 4377434 |
| Regal Rexnord Corp.  | 21589 | 3041674 |
| Resideo Technologies, Inc. \* | 44083 | 1886752 |
| Rocket Lab Corp. \* | 136677 | 8607917 |
| Rockwell Automation, Inc.  | 36214 | 13339789 |
| RTX Corp.  | 430490 | 76842465 |
| Simpson Manufacturing Co., Inc.  | 13349 | 2356099 |
| SiteOne Landscape Supply, Inc. \* | 14138 | 1834688 |
| Snap-on, Inc.  | 16770 | 5627174 |
| SPX Technologies, Inc. \* | 15563 | 3484400 |
| StandardAero, Inc. \* | 43914 | 1268675 |
| Stanley Black & Decker, Inc.  | 49235 | 3334194 |
| Sterling Infrastructure, Inc. \* | 9781 | 3696240 |
| Symbotic, Inc. \* | 14674 | 1187860 |
| Textron, Inc.  | 56614 | 4574977 |
| Timken Co.  | 20293 | 1593203 |
| Toro Co.  | 32150 | 2402570 |
| Trane Technologies PLC  | 71624 | 32134108 |
| TransDigm Group, Inc.  | 18152 | 23752074 |
| Trex Co., Inc. \* | 33153 | 1601953 |
| UFP Industries, Inc.  | 18578 | 1711591 |
| United Rentals, Inc.  | 20712 | 18043880 |
| Valmont Industries, Inc.  | 6318 | 2612051 |
| Vertiv Holdings Co., Class A  | 123018 | 23725251 |
| Watsco, Inc.  | 11333 | 4170657 |
| Watts Water Technologies, Inc., <br> Class A <br>| 8665 | 2362079 |
| WESCO International, Inc.  | 15649 | 4061385 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 55078 | 11260146 |
| Woodward, Inc.  | 19471 | 5103544 |
| WW Grainger, Inc.  | 14153 | 13855787 |
| Xylem, Inc.  | 78368 | 11821813 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Zurn Elkay Water Solutions Corp.  | 47777 | 2250774 |
|  |  | **1405439781** |
| **Commercial & Professional Services 1.1%** | **Commercial & Professional Services 1.1%** | **Commercial & Professional Services 1.1%** |
| Amentum Holdings, Inc. \* | 49366 | 1106292 |
| Automatic Data Processing, Inc.  | 130115 | 33868934 |
| Booz Allen Hamilton Holding Corp., <br> Class A <br>| 39687 | 3459119 |
| Broadridge Financial Solutions, Inc.  | 37774 | 8325390 |
| CACI International, Inc., Class A \* | 7108 | 3996473 |
| Casella Waste Systems, Inc., Class A \* | 19029 | 1685399 |
| Cintas Corp.  | 110328 | 20219813 |
| Clean Harbors, Inc. \* | 16224 | 3415314 |
| Copart, Inc. \* | 285667 | 12286538 |
| Dayforce, Inc. \* | 51335 | 3528768 |
| Equifax, Inc.  | 39879 | 8418457 |
| ExlService Holdings, Inc. \* | 51627 | 2018616 |
| FTI Consulting, Inc. \* | 10226 | 1687392 |
| Genpact Ltd.  | 50135 | 1912650 |
| Jacobs Solutions, Inc.  | 38464 | 5993076 |
| KBR, Inc.  | 42568 | 1823613 |
| Leidos Holdings, Inc.  | 41326 | 7871363 |
| MSA Safety, Inc.  | 11776 | 1849185 |
| Parsons Corp. \* | 17003 | 1413629 |
| Paychex, Inc.  | 104136 | 12187036 |
| Paycom Software, Inc.  | 15941 | 2982402 |
| Paylocity Holding Corp. \* | 14139 | 1997416 |
| RB Global, Inc.  | 59795 | 5932860 |
| Republic Services, Inc., Class A  | 65367 | 13612024 |
| Rollins, Inc.  | 89865 | 5177123 |
| SS&C Technologies Holdings, Inc.  | 67642 | 5744159 |
| Tetra Tech, Inc.  | 85788 | 2743500 |
| TransUnion  | 63116 | 5123757 |
| Veralto Corp.  | 79811 | 7875749 |
| Verisk Analytics, Inc., Class A  | 44937 | 9830418 |
| Waste Management, Inc.  | 119195 | 23811585 |
|  |  | **221898050** |
| **Consumer Discretionary Distribution & Retail 5.7%** | **Consumer Discretionary Distribution & Retail 5.7%** | **Consumer Discretionary Distribution & Retail 5.7%** |
| Amazon.com, Inc. \* | 3121261 | 762274361 |
| AutoNation, Inc. \* | 9042 | 1807225 |
| AutoZone, Inc. \* | 5372 | 19739038 |
| Bath & Body Works, Inc.  | 68217 | 1669952 |
| Best Buy Co., Inc.  | 62722 | 5151985 |
| Boot Barn Holdings, Inc. \* | 9800 | 1858570 |
| Burlington Stores, Inc. \* | 19880 | 5438969 |
| CarMax, Inc. \* | 47445 | 1988420 |
| Carvana Co., Class A \* | 44472 | 13632447 |
| Chewy, Inc., Class A \* | 71739 | 2419039 |
| Coupang, Inc., Class A \* | 434446 | 13889239 |
| Dick's Sporting Goods, Inc.  | 21102 | 4673038 |
| Dillard's, Inc., Class A  | 957 | 574277 |
| eBay, Inc.  | 147265 | 11974117 |
| Etsy, Inc. \* | 31937 | 1980094 |
| Five Below, Inc. \* | 17732 | 2788712 |
| Floor & Decor Holdings, Inc., Class A \* | 35004 | 2187050 |
| GameStop Corp., Class A \* | 132496 | 2953336 |
| Gap, Inc.  | 72258 | 1651095 |
| Genuine Parts Co.  | 44672 | 5687192 |
| Group 1 Automotive, Inc.  | 4056 | 1612422 |
| Home Depot, Inc.  | 319980 | 121461208 |
| Lithia Motors, Inc., Class A  | 8419 | 2644240 |
| LKQ Corp.  | 83198 | 2659008 |
| Lowe's Cos., Inc.  | 180063 | 42878402 |
| Murphy USA, Inc.  | 5553 | 1989085 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 19604 | 2368359 |

---

*See financial notes*

**14**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab 1000 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| O'Reilly Automotive, Inc. \* | 273342 | 25814418 |
| Penske Automotive Group, Inc.  | 5885 | 942012 |
| Pool Corp.  | 10566 | 2821756 |
| Ross Stores, Inc.  | 105275 | 16730303 |
| TJX Cos., Inc.  | 358795 | 50281531 |
| Tractor Supply Co.  | 170763 | 9239986 |
| Ulta Beauty, Inc. \* | 14471 | 7523183 |
| Urban Outfitters, Inc. \* | 17303 | 1117947 |
| Wayfair, Inc., Class A \* | 33802 | 3498845 |
| Williams-Sonoma, Inc.  | 39620 | 7699751 |
|  |  | **1165620612** |
| **Consumer Durables & Apparel 0.6%** | **Consumer Durables & Apparel 0.6%** | **Consumer Durables & Apparel 0.6%** |
| Deckers Outdoor Corp. \* | 47684 | 3886246 |
| DR Horton, Inc.  | 89005 | 13268865 |
| Garmin Ltd.  | 52723 | 11279559 |
| Hasbro, Inc.  | 41786 | 3188690 |
| Installed Building Products, Inc.  | 7209 | 1789490 |
| Lennar Corp., Class A  | 73265 | 9068009 |
| Lululemon Athletica, Inc. \* | 35097 | 5985442 |
| Mattel, Inc. \* | 99602 | 1830685 |
| Meritage Homes Corp.  | 22145 | 1496116 |
| Mohawk Industries, Inc. \* | 17002 | 1932107 |
| NIKE, Inc., Class B  | 382068 | 24677772 |
| NVR, Inc. \* | 923 | 6655587 |
| PulteGroup, Inc.  | 63531 | 7615461 |
| Ralph Lauren Corp., Class A  | 12440 | 3976570 |
| SharkNinja, Inc. \* | 22717 | 1942304 |
| Somnigroup International, Inc.  | 67210 | 5332441 |
| Tapestry, Inc.  | 66871 | 7343773 |
| Taylor Morrison Home Corp., Class A \* | 32191 | 1907961 |
| Toll Brothers, Inc.  | 31987 | 4316646 |
| TopBuild Corp. \* | 8989 | 3797673 |
| VF Corp.  | 107006 | 1502364 |
| Whirlpool Corp.  | 17651 | 1264341 |
|  |  | **124058102** |
| **Consumer Services 1.9%** | **Consumer Services 1.9%** | **Consumer Services 1.9%** |
| ADT, Inc.  | 165904 | 1466591 |
| Airbnb, Inc., Class A \* | 138094 | 17474415 |
| Aramark  | 84923 | 3216883 |
| Booking Holdings, Inc.  | 10420 | 52910051 |
| Boyd Gaming Corp.  | 19549 | 1522281 |
| Bright Horizons Family Solutions, <br> Inc. \*<br>| 18573 | 2028729 |
| Brinker International, Inc. \* | 14311 | 1555033 |
| Caesars Entertainment, Inc. \* | 66825 | 1343182 |
| Carnival Corp. \* | 349489 | 10075768 |
| Cava Group, Inc. \* | 32068 | 1723014 |
| Chipotle Mexican Grill, Inc., Class A \* | 431763 | 13682569 |
| Choice Hotels International, Inc.  | 6658 | 618928 |
| Churchill Downs, Inc.  | 21407 | 2123574 |
| Darden Restaurants, Inc.  | 37606 | 6774721 |
| Domino's Pizza, Inc.  | 10049 | 4004125 |
| DoorDash, Inc., Class A \* | 119234 | 30329553 |
| DraftKings, Inc., Class A \* | 159806 | 4888466 |
| Duolingo, Inc. \* | 12813 | 3467710 |
| Dutch Bros, Inc., Class A \* | 40853 | 2268976 |
| Expedia Group, Inc.  | 38076 | 8376720 |
| Flutter Entertainment PLC \* | 56656 | 13177619 |
| Grand Canyon Education, Inc. \* | 8898 | 1675493 |
| H&R Block, Inc.  | 43091 | 2143346 |
| Hilton Worldwide Holdings, Inc.  | 75672 | 19444677 |
| Hyatt Hotels Corp., Class A  | 13015 | 1788391 |
| Las Vegas Sands Corp.  | 99531 | 5907165 |
| Life Time Group Holdings, Inc. \* | 48702 | 1204400 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Light & Wonder, Inc. \* | 26411 | 1920080 |
| Marriott International, Inc., Class A  | 72457 | 18880845 |
| McDonald's Corp.  | 229503 | 68490580 |
| MGM Resorts International \* | 67215 | 2152896 |
| Norwegian Cruise Line Holdings Ltd. \* | 145564 | 3263545 |
| Planet Fitness, Inc., Class A \* | 27546 | 2498147 |
| Royal Caribbean Cruises Ltd.  | 81322 | 23325589 |
| Service Corp. International  | 45200 | 3774652 |
| Starbucks Corp.  | 366208 | 29615241 |
| Stride, Inc. \* | 13855 | 942694 |
| Texas Roadhouse, Inc., Class A  | 21093 | 3450393 |
| Vail Resorts, Inc.  | 12178 | 1806363 |
| Viking Holdings Ltd. \* | 58652 | 3568974 |
| Wingstop, Inc.  | 9110 | 1973499 |
| Wyndham Hotels & Resorts, Inc.  | 24367 | 1789269 |
| Wynn Resorts Ltd.  | 27186 | 3234862 |
| Yum! Brands, Inc.  | 89393 | 12355007 |
|  |  | **398235016** |
| **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** |
| Albertsons Cos., Inc., Class A  | 127657 | 2258252 |
| BJ's Wholesale Club Holdings, Inc. \* | 42118 | 3717335 |
| Casey's General Stores, Inc.  | 11981 | 6148529 |
| Costco Wholesale Corp.  | 142627 | 129997379 |
| Dollar General Corp.  | 70777 | 6982859 |
| Dollar Tree, Inc. \* | 62564 | 6201344 |
| Kroger Co.  | 195998 | 12471353 |
| Maplebear, Inc. \* | 59395 | 2189300 |
| Performance Food Group Co. \* | 49717 | 4809622 |
| Sprouts Farmers Market, Inc. \* | 31977 | 2524904 |
| Sysco Corp.  | 153601 | 11409482 |
| Target Corp.  | 146305 | 13565399 |
| U.S. Foods Holding Corp. \* | 72435 | 5260230 |
| Walmart, Inc.  | 1411626 | 142828319 |
|  |  | **350364307** |
| **Energy 2.8%** | **Energy 2.8%** | **Energy 2.8%** |
| Antero Midstream Corp.  | 107769 | 1859015 |
| Antero Resources Corp. \* | 94326 | 2915617 |
| APA Corp.  | 114689 | 2597706 |
| Baker Hughes Co., Class A  | 317639 | 15376904 |
| Cheniere Energy, Inc.  | 70765 | 15002180 |
| Chevron Corp.  | 618957 | 97621898 |
| Chord Energy Corp.  | 18708 | 1697190 |
| ConocoPhillips  | 401094 | 35641213 |
| Coterra Energy, Inc.  | 244328 | 5780800 |
| Devon Energy Corp.  | 204124 | 6631989 |
| Diamondback Energy, Inc.  | 60469 | 8658556 |
| DT Midstream, Inc.  | 32724 | 3582951 |
| EOG Resources, Inc.  | 175651 | 18590902 |
| EQT Corp.  | 201042 | 10771830 |
| Expand Energy Corp.  | 76695 | 7923360 |
| Exxon Mobil Corp.  | 1371109 | 156800025 |
| Halliburton Co.  | 273913 | 7351825 |
| HF Sinclair Corp.  | 50726 | 2617462 |
| Kinder Morgan, Inc.  | 630189 | 16504650 |
| Marathon Petroleum Corp.  | 97906 | 19082858 |
| Matador Resources Co.  | 38552 | 1521262 |
| Occidental Petroleum Corp.  | 231376 | 9532691 |
| ONEOK, Inc.  | 202307 | 13554569 |
| Ovintiv, Inc.  | 83417 | 3128972 |
| Permian Resources Corp., Class A  | 225220 | 2828763 |
| Phillips 66  | 130175 | 17722025 |
| Range Resources Corp.  | 74980 | 2665539 |
| SLB Ltd.  | 480240 | 17317454 |
| Targa Resources Corp.  | 69339 | 10680980 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**15**

------

Schwab 1000 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| TechnipFMC PLC  | 132573 | 5481894 |
| Texas Pacific Land Corp.  | 6126 | 5779146 |
| Valero Energy Corp.  | 100011 | 16957865 |
| Venture Global, Inc., Class A  | 147754 | 1266252 |
| Viper Energy, Inc., Class A  | 53881 | 2023770 |
| Williams Cos., Inc.  | 391883 | 22678269 |
|  |  | **570148382** |
| **Equity Real Estate Investment Trusts (REITs) 1.9%** | **Equity Real Estate Investment Trusts (REITs) 1.9%** | **Equity Real Estate Investment Trusts (REITs) 1.9%** |
| Agree Realty Corp.  | 35708 | 2607041 |
| Alexandria Real Estate Equities, Inc.  | 49794 | 2899007 |
| American Healthcare REIT, Inc.  | 54705 | 2479231 |
| American Homes 4 Rent, Class A  | 102700 | 3245320 |
| American Tower Corp.  | 150384 | 26915728 |
| AvalonBay Communities, Inc.  | 45790 | 7963797 |
| Brixmor Property Group, Inc.  | 98553 | 2578146 |
| BXP, Inc.  | 47347 | 3370633 |
| Camden Property Trust  | 34508 | 3432856 |
| CareTrust REIT, Inc.  | 70850 | 2454953 |
| Crown Castle, Inc.  | 140521 | 12677805 |
| CubeSmart  | 72575 | 2733900 |
| Digital Realty Trust, Inc.  | 102957 | 17544902 |
| EastGroup Properties, Inc.  | 16995 | 2966137 |
| Equinix, Inc.  | 31527 | 26672157 |
| Equity LifeStyle Properties, Inc.  | 62569 | 3819837 |
| Equity Residential  | 111379 | 6620368 |
| Essential Properties Realty Trust, Inc.  | 65011 | 1942529 |
| Essex Property Trust, Inc.  | 20913 | 5265266 |
| Extra Space Storage, Inc.  | 68312 | 9122384 |
| Federal Realty Investment Trust  | 25288 | 2432453 |
| First Industrial Realty Trust, Inc.  | 42795 | 2365708 |
| Gaming & Leisure Properties, Inc.  | 90335 | 4034361 |
| Healthcare Realty Trust, Inc., Class A  | 113306 | 2007782 |
| Healthpeak Properties, Inc.  | 222403 | 3992134 |
| Host Hotels & Resorts, Inc.  | 204875 | 3282098 |
| Invitation Homes, Inc.  | 181974 | 5122568 |
| Iron Mountain, Inc.  | 94885 | 9768411 |
| Kimco Realty Corp.  | 219446 | 4533754 |
| Lamar Advertising Co., Class A  | 28236 | 3348507 |
| Lineage, Inc.  | 19172 | 755377 |
| Mid-America Apartment <br> Communities, Inc. <br>| 37245 | 4775926 |
| Millrose Properties, Inc., Class A  | 40099 | 1291589 |
| NNN REIT, Inc.  | 60552 | 2449934 |
| Omega Healthcare Investors, Inc.  | 94685 | 3979611 |
| Prologis, Inc.  | 298137 | 36995820 |
| Public Storage  | 50852 | 14165333 |
| Realty Income Corp.  | 294756 | 17089953 |
| Regency Centers Corp.  | 51641 | 3560647 |
| Rexford Industrial Realty, Inc.  | 74996 | 3098835 |
| Ryman Hospitality Properties, Inc.  | 19484 | 1693354 |
| SBA Communications Corp., Class A  | 34623 | 6629612 |
| Simon Property Group, Inc.  | 105121 | 18476067 |
| STAG Industrial, Inc.  | 57640 | 2205883 |
| Sun Communities, Inc.  | 37895 | 4797507 |
| Terreno Realty Corp.  | 33832 | 1932822 |
| UDR, Inc.  | 97969 | 3300576 |
| Ventas, Inc.  | 145791 | 10757918 |
| VICI Properties, Inc., Class A  | 344677 | 10336863 |
| Vornado Realty Trust  | 51931 | 1970262 |
| Welltower, Inc.  | 214928 | 38910565 |
| Weyerhaeuser Co.  | 232775 | 5353825 |
| WP Carey, Inc.  | 71057 | 4689762 |
|  |  | **387417814** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Financial Services 7.7%** | **Financial Services 7.7%** | **Financial Services 7.7%** |
| Affiliated Managers Group, Inc.  | 9156 | 2178762 |
| Affirm Holdings, Inc. \* | 90759 | 6523757 |
| AGNC Investment Corp.  | 333292 | 3332920 |
| Ally Financial, Inc.  | 91399 | 3561819 |
| American Express Co.  | 174497 | 62946303 |
| Ameriprise Financial, Inc.  | 30386 | 13757869 |
| Annaly Capital Management, Inc.  | 206794 | 4377829 |
| Apollo Global Management, Inc.  | 147785 | 18371153 |
| ARES Management Corp., Class A  | 66109 | 9831069 |
| Bank of New York Mellon Corp.  | 226379 | 24433085 |
| Berkshire Hathaway, Inc., Class B \* | 589750 | 281629215 |
| Blackrock, Inc.  | 46316 | 50151428 |
| Blackstone, Inc.  | 237008 | 34754853 |
| Block, Inc. \* | 176974 | 13439406 |
| Blue Owl Capital, Inc., Class A  | 199231 | 3141873 |
| Capital One Financial Corp.  | 205464 | 45200025 |
| Carlyle Group, Inc.  | 83913 | 4474241 |
| Cboe Global Markets, Inc.  | 33723 | 8283718 |
| Charles Schwab Corp. *(b)* | 545414 | 51552531 |
| CME Group, Inc.  | 115771 | 30736043 |
| Coinbase Global, Inc., Class A \* | 72853 | 25045404 |
| Corebridge Financial, Inc.  | 87795 | 2858605 |
| Corpay, Inc. \* | 22634 | 5892762 |
| Credit Acceptance Corp. \* | 1984 | 887523 |
| Enact Holdings, Inc.  | 9991 | 356879 |
| Equitable Holdings, Inc.  | 96813 | 4782562 |
| Essent Group Ltd.  | 31597 | 1913830 |
| Evercore, Inc., Class A  | 12415 | 3656962 |
| FactSet Research Systems, Inc.  | 12092 | 3226146 |
| Fidelity National Information Services, <br> Inc. <br>| 168315 | 10523054 |
| FirstCash Holdings, Inc.  | 12765 | 2023253 |
| Fiserv, Inc. \* | 175121 | 11678819 |
| Franklin Resources, Inc.  | 99212 | 2243183 |
| Global Payments, Inc.  | 78041 | 6068468 |
| Goldman Sachs Group, Inc.  | 97359 | 76852274 |
| Hamilton Lane, Inc., Class A  | 13029 | 1484785 |
| Houlihan Lokey, Inc., Class A  | 17512 | 3136049 |
| Interactive Brokers Group, Inc., <br> Class A <br>| 143448 | 10093001 |
| Intercontinental Exchange, Inc.  | 183867 | 26897903 |
| Invesco Ltd.  | 142368 | 3374122 |
| Jack Henry & Associates, Inc.  | 23621 | 3518112 |
| Jackson Financial, Inc., Class A  | 22362 | 2254313 |
| Janus Henderson Group PLC  | 39124 | 1704241 |
| Jefferies Financial Group, Inc.  | 53200 | 2810556 |
| KKR & Co., Inc.  | 221017 | 26152942 |
| Lazard, Inc.  | 34874 | 1701851 |
| LPL Financial Holdings, Inc.  | 25627 | 9669323 |
| MarketAxess Holdings, Inc.  | 11837 | 1894630 |
| Mastercard, Inc., Class A  | 265488 | 146546721 |
| MGIC Investment Corp.  | 73644 | 2019318 |
| Moelis & Co., Class A  | 23828 | 1509027 |
| Moody's Corp.  | 49687 | 23864666 |
| Morgan Stanley  | 390184 | 63990176 |
| Morningstar, Inc.  | 7803 | 1656577 |
| MSCI, Inc., Class A  | 24900 | 14654895 |
| Nasdaq, Inc.  | 146192 | 12497954 |
| Northern Trust Corp.  | 61630 | 7929932 |
| OneMain Holdings, Inc.  | 37750 | 2234423 |
| PayPal Holdings, Inc. \* | 307769 | 21319159 |
| PennyMac Financial Services, Inc.  | 9275 | 1166888 |
| Piper Sandler Cos.  | 5357 | 1710276 |
| Raymond James Financial, Inc.  | 57207 | 9077035 |
| Rithm Capital Corp.  | 170210 | 1867204 |
| Robinhood Markets, Inc., Class A \* | 248555 | 36482903 |

---

*See financial notes*

**16**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab 1000 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Rocket Cos., Inc., Class A  | 310835 | 5178511 |
| S&P Global, Inc.  | 100452 | 48941219 |
| SEI Investments Co.  | 30059 | 2423056 |
| Shift4 Payments, Inc., Class A \* | 21575 | 1490833 |
| SLM Corp.  | 67287 | 1806656 |
| SoFi Technologies, Inc. \* | 386534 | 11472329 |
| Starwood Property Trust, Inc.  | 108325 | 1969349 |
| State Street Corp.  | 91477 | 10580230 |
| Stifel Financial Corp.  | 32549 | 3854778 |
| StoneX Group, Inc. \* | 14982 | 1377145 |
| Synchrony Financial  | 119769 | 8908418 |
| T. Rowe Price Group, Inc.  | 70692 | 7248051 |
| Toast, Inc., Class A \* | 149477 | 5402099 |
| TPG, Inc.  | 40067 | 2205288 |
| Tradeweb Markets, Inc., Class A  | 37360 | 3937370 |
| Upstart Holdings, Inc. \* | 27252 | 1295015 |
| Visa, Inc., Class A  | 546316 | 186151714 |
| Voya Financial, Inc.  | 30676 | 2284135 |
| WEX, Inc. \* | 10839 | 1581193 |
|  |  | **1582013994** |
| **Food, Beverage & Tobacco 1.9%** | **Food, Beverage & Tobacco 1.9%** | **Food, Beverage & Tobacco 1.9%** |
| Altria Group, Inc.  | 540916 | 30496844 |
| Archer-Daniels-Midland Co.  | 153999 | 9321560 |
| Brown-Forman Corp., Class B  | 56568 | 1540347 |
| Bunge Global SA  | 45020 | 4258892 |
| Cal-Maine Foods, Inc.  | 14578 | 1279948 |
| Campbell's Co.  | 64545 | 1944741 |
| Celsius Holdings, Inc. \* | 50653 | 3050830 |
| Coca-Cola Co.  | 1245697 | 85828523 |
| Coca-Cola Consolidated, Inc.  | 19220 | 2505904 |
| Conagra Brands, Inc.  | 154301 | 2652434 |
| Constellation Brands, Inc., Class A  | 45968 | 6039276 |
| General Mills, Inc.  | 171565 | 7996645 |
| Hershey Co.  | 47656 | 8083887 |
| Hormel Foods Corp.  | 93138 | 2010849 |
| Ingredion, Inc.  | 20986 | 2421994 |
| J.M. Smucker Co.  | 34892 | 3613067 |
| Kellanova  | 86452 | 7180703 |
| Keurig Dr. Pepper, Inc.  | 437701 | 11887959 |
| Kraft Heinz Co.  | 274273 | 6782771 |
| Lamb Weston Holdings, Inc.  | 44780 | 2764269 |
| McCormick & Co., Inc. - Non Voting <br> Shares <br>| 80519 | 5166099 |
| Molson Coors Beverage Co., Class B  | 53776 | 2351087 |
| Mondelez International, Inc., Class A  | 416657 | 23941111 |
| Monster Beverage Corp. \* | 228765 | 15288365 |
| PepsiCo, Inc.  | 440236 | 64314077 |
| Philip Morris International, Inc.  | 500617 | 72254052 |
| Pilgrim's Pride Corp.  | 13039 | 496786 |
| Post Holdings, Inc. \* | 15653 | 1626816 |
| Primo Brands Corp.  | 81452 | 1789501 |
| Smithfield Foods, Inc.  | 7132 | 158045 |
| Tyson Foods, Inc., Class A  | 91295 | 4693476 |
|  |  | **393740858** |
| **Health Care Equipment & Services 3.6%** | **Health Care Equipment & Services 3.6%** | **Health Care Equipment & Services 3.6%** |
| Abbott Laboratories  | 559751 | 69196419 |
| Align Technology, Inc. \* | 21522 | 2967453 |
| Baxter International, Inc.  | 163246 | 3015154 |
| Becton Dickinson & Co.  | 92319 | 16498328 |
| Boston Scientific Corp. \* | 476078 | 47950576 |
| Cardinal Health, Inc.  | 76979 | 14685284 |
| Cencora, Inc.  | 62403 | 21080357 |
| Centene Corp. \* | 150071 | 5308011 |
| Chemed Corp.  | 4666 | 2012446 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cigna Group  | 85898 | 20994330 |
| Cooper Cos., Inc. \* | 64229 | 4490249 |
| CVS Health Corp.  | 408434 | 31919117 |
| DaVita, Inc. \* | 11409 | 1357899 |
| Dexcom, Inc. \* | 125759 | 7321689 |
| Doximity, Inc., Class A \* | 43881 | 2896146 |
| Edwards Lifesciences Corp. \* | 188940 | 15578103 |
| Elevance Health, Inc.  | 72480 | 22990656 |
| Encompass Health Corp.  | 32070 | 3651170 |
| Ensign Group, Inc.  | 18496 | 3331130 |
| GE HealthCare Technologies, Inc.  | 147015 | 11018774 |
| Glaukos Corp. \* | 18780 | 1653955 |
| Globus Medical, Inc., Class A \* | 35541 | 2146321 |
| Guardant Health, Inc. \* | 40160 | 3735683 |
| HCA Healthcare, Inc.  | 52716 | 24232491 |
| HealthEquity, Inc. \* | 28099 | 2657603 |
| Henry Schein, Inc. \* | 32980 | 2084336 |
| Hims & Hers Health, Inc. \* | 66561 | 3025863 |
| Hologic, Inc. \* | 70604 | 5218342 |
| Humana, Inc.  | 38716 | 10770404 |
| IDEXX Laboratories, Inc. \* | 25768 | 16221214 |
| Insulet Corp. \* | 22742 | 7118473 |
| Intuitive Surgical, Inc. \* | 115401 | 61656446 |
| iRhythm Technologies, Inc. \* | 10338 | 1936307 |
| Labcorp Holdings, Inc.  | 26662 | 6771082 |
| Masimo Corp. \* | 14339 | 2016780 |
| McKesson Corp.  | 39939 | 32404108 |
| Medtronic PLC  | 411589 | 37331122 |
| Merit Medical Systems, Inc. \* | 18622 | 1630170 |
| Molina Healthcare, Inc. \* | 17682 | 2706407 |
| Penumbra, Inc. \* | 12511 | 2844626 |
| Quest Diagnostics, Inc.  | 35728 | 6286342 |
| RadNet, Inc. \* | 22148 | 1683027 |
| ResMed, Inc.  | 47133 | 11636195 |
| Solventum Corp. \* | 47377 | 3270908 |
| STERIS PLC  | 31807 | 7496910 |
| Stryker Corp.  | 110735 | 39448236 |
| Teleflex, Inc.  | 14258 | 1774693 |
| Tenet Healthcare Corp. \* | 28385 | 5861219 |
| UnitedHealth Group, Inc.  | 291275 | 99487889 |
| Universal Health Services, Inc., <br> Class B <br>| 18164 | 3941770 |
| Veeva Systems, Inc., Class A \* | 48393 | 14092042 |
| Waystar Holding Corp. \* | 37041 | 1327920 |
| Zimmer Biomet Holdings, Inc.  | 63717 | 6407382 |
|  |  | **739139557** |
| **Household & Personal Products 0.9%** | **Household & Personal Products 0.9%** | **Household & Personal Products 0.9%** |
| Church & Dwight Co., Inc.  | 78210 | 6858235 |
| Clorox Co.  | 39248 | 4413830 |
| Colgate-Palmolive Co.  | 259958 | 20029764 |
| elf Beauty, Inc. \* | 19287 | 2355714 |
| Estee Lauder Cos., Inc., Class A  | 75128 | 7264126 |
| Kenvue, Inc.  | 618470 | 8887414 |
| Kimberly-Clark Corp.  | 106822 | 12787662 |
| Procter & Gamble Co.  | 753333 | 113278683 |
|  |  | **175875428** |
| **Insurance 1.8%** | **Insurance 1.8%** | **Insurance 1.8%** |
| Aflac, Inc.  | 155106 | 16625812 |
| Allstate Corp.  | 84914 | 16262729 |
| American Financial Group, Inc.  | 22272 | 2932777 |
| American International Group, Inc.  | 178580 | 14100677 |
| Aon PLC, Class A  | 69440 | 23656819 |
| Arch Capital Group Ltd.  | 119641 | 10326215 |
| Arthur J Gallagher & Co.  | 82561 | 20598144 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**17**

------

Schwab 1000 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Assurant, Inc.  | 16273 | 3445320 |
| Axis Capital Holdings Ltd.  | 25225 | 2362573 |
| Brown & Brown, Inc.  | 94315 | 7520678 |
| Chubb Ltd.  | 119421 | 33072452 |
| Cincinnati Financial Corp.  | 50368 | 7786389 |
| CNA Financial Corp.  | 6753 | 300846 |
| Erie Indemnity Co., Class A  | 8119 | 2375944 |
| Everest Group Ltd.  | 13483 | 4240673 |
| Fidelity National Financial, Inc.  | 82328 | 4547799 |
| First American Financial Corp.  | 32652 | 2041077 |
| Globe Life, Inc.  | 26010 | 3420575 |
| Hanover Insurance Group, Inc.  | 11702 | 1999638 |
| Hartford Insurance Group, Inc.  | 90611 | 11252074 |
| Kinsale Capital Group, Inc.  | 7207 | 2878980 |
| Lincoln National Corp.  | 53945 | 2265690 |
| Loews Corp.  | 54723 | 5448222 |
| Markel Group, Inc. \* | 4077 | 8050159 |
| Marsh & McLennan Cos., Inc.  | 158248 | 28191881 |
| MetLife, Inc.  | 179791 | 14350918 |
| Old Republic International Corp.  | 72800 | 2872688 |
| Primerica, Inc.  | 10616 | 2758780 |
| Principal Financial Group, Inc.  | 65174 | 5477223 |
| Progressive Corp.  | 188359 | 38801954 |
| Prudential Financial, Inc.  | 113325 | 11785800 |
| Reinsurance Group of America, Inc.  | 21350 | 3895521 |
| RenaissanceRe Holdings Ltd.  | 15138 | 3846414 |
| RLI Corp.  | 29310 | 1728118 |
| Ryan Specialty Holdings, Inc., Class A  | 36659 | 2008913 |
| Travelers Cos., Inc.  | 72533 | 19483814 |
| Unum Group  | 50489 | 3706902 |
| W.R. Berkley Corp.  | 96497 | 6884096 |
| Willis Towers Watson PLC  | 31448 | 9846369 |
|  |  | **363151653** |
| **Materials 2.0%** | **Materials 2.0%** | **Materials 2.0%** |
| Air Products & Chemicals, Inc.  | 71693 | 17392005 |
| Albemarle Corp.  | 37918 | 3724685 |
| Alcoa Corp.  | 81367 | 2993492 |
| Amcor PLC  | 743935 | 5877086 |
| Amrize Ltd. \* | 165512 | 8580142 |
| Anglogold Ashanti PLC  | 136880 | 9307840 |
| AptarGroup, Inc.  | 21345 | 2476233 |
| Avery Dennison Corp.  | 24889 | 4352837 |
| Axalta Coating Systems Ltd. \* | 70587 | 2009612 |
| Balchem Corp.  | 10157 | 1557982 |
| Ball Corp.  | 87663 | 4120161 |
| Celanese Corp., Class A  | 35470 | 1363467 |
| CF Industries Holdings, Inc.  | 51709 | 4306843 |
| Cleveland-Cliffs, Inc. \* | 183219 | 2277412 |
| Coeur Mining, Inc. \* | 206987 | 3553967 |
| Commercial Metals Co.  | 36121 | 2144143 |
| Corteva, Inc.  | 218808 | 13443564 |
| CRH PLC  | 216501 | 25785269 |
| Crown Holdings, Inc.  | 36271 | 3524816 |
| Dow, Inc.  | 227738 | 5431551 |
| DuPont de Nemours, Inc.  | 134941 | 11017933 |
| Eagle Materials, Inc.  | 10561 | 2242312 |
| Eastman Chemical Co.  | 37642 | 2240452 |
| Ecolab, Inc.  | 82277 | 21095823 |
| Element Solutions, Inc.  | 69683 | 1861930 |
| Freeport-McMoRan, Inc.  | 462662 | 19293005 |
| Graphic Packaging Holding Co.  | 97603 | 1560672 |
| Hecla Mining Co.  | 212979 | 2741040 |
| International Flavors & Fragrances, <br> Inc. <br>| 81893 | 5156802 |
| International Paper Co.  | 169855 | 6563197 |
| Linde PLC  | 150757 | 63061653 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Louisiana-Pacific Corp.  | 20450 | 1781400 |
| LyondellBasell Industries NV, Class A  | 82135 | 3812707 |
| Martin Marietta Materials, Inc.  | 19365 | 11872681 |
| Mosaic Co.  | 103329 | 2836381 |
| MP Materials Corp. \* | 43429 | 2739936 |
| NewMarket Corp.  | 2590 | 1988861 |
| Newmont Corp.  | 353829 | 28649534 |
| Nucor Corp.  | 73829 | 11078041 |
| Packaging Corp. of America  | 28603 | 5599323 |
| PPG Industries, Inc.  | 72539 | 7090687 |
| Reliance, Inc.  | 16754 | 4731832 |
| Royal Gold, Inc.  | 26017 | 4547511 |
| RPM International, Inc.  | 41229 | 4505505 |
| Sherwin-Williams Co.  | 74688 | 25762879 |
| Smurfit WestRock PLC  | 167516 | 6184691 |
| Solstice Advanced Materials, Inc. \* | 51099 | 2303032 |
| Steel Dynamics, Inc.  | 44228 | 6934950 |
| Vulcan Materials Co.  | 42439 | 12286090 |
| Westlake Corp.  | 10192 | 701312 |
|  |  | **406465279** |
| **Media & Entertainment 8.8%** | **Media & Entertainment 8.8%** | **Media & Entertainment 8.8%** |
| Alphabet, Inc., Class A  | 1870813 | 526053908 |
| Alphabet, Inc., Class C  | 1501861 | 423254467 |
| Charter Communications, Inc., <br> Class A \*<br>| 29911 | 6994388 |
| Comcast Corp., Class A  | 1185550 | 32999784 |
| EchoStar Corp., Class A \* | 43274 | 3239924 |
| Electronic Arts, Inc.  | 72586 | 14521555 |
| Fox Corp., Class A  | 110847 | 7166259 |
| Interpublic Group of Cos., Inc.  | 117950 | 3026597 |
| Liberty Broadband Corp., Class C \* | 38026 | 2046559 |
| Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 71639 | 7153154 |
| Liberty Media Corp.-Liberty Live, <br> Class C \*<br>| 16272 | 1471152 |
| Live Nation Entertainment, Inc. \* | 50753 | 7589096 |
| Match Group, Inc.  | 75548 | 2443222 |
| Meta Platforms, Inc., Class A  | 697563 | 452264971 |
| Netflix, Inc. \* | 136661 | 152904527 |
| New York Times Co., Class A  | 50865 | 2898796 |
| News Corp., Class A  | 165622 | 4388983 |
| Nexstar Media Group, Inc., Class A  | 9077 | 1776641 |
| Omnicom Group, Inc.  | 62280 | 4672246 |
| Paramount Skydance Corp., Class B  | 100910 | 1553005 |
| Pinterest, Inc., Class A \* | 192390 | 6368109 |
| Reddit, Inc., Class A \* | 39879 | 8332717 |
| ROBLOX Corp., Class A \* | 207804 | 23631471 |
| Roku, Inc. \* | 41478 | 4402060 |
| Sirius XM Holdings, Inc.  | 60640 | 1315282 |
| Snap, Inc., Class A \* | 349378 | 2725148 |
| Take-Two Interactive Software, Inc. \* | 55854 | 14319290 |
| TKO Group Holdings, Inc.  | 21973 | 4139713 |
| Trade Desk, Inc., Class A \* | 143555 | 7217946 |
| Walt Disney Co.  | 578236 | 65120938 |
| Warner Bros Discovery, Inc. \* | 796901 | 17890428 |
|  |  | **1813882336** |
| **Pharmaceuticals, Biotechnology & Life Sciences 5.5%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.5%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.5%** |
| AbbVie, Inc.  | 568145 | 123878336 |
| Agilent Technologies, Inc.  | 91558 | 13400429 |
| Alnylam Pharmaceuticals, Inc. \* | 42231 | 19259025 |
| Amgen, Inc.  | 173143 | 51671065 |
| Avantor, Inc. \* | 221897 | 2622823 |
| Avidity Biosciences, Inc. \* | 43494 | 3038056 |
| Axsome Therapeutics, Inc. \* | 13552 | 1829384 |

---

*See financial notes*

**18**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab 1000 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Biogen, Inc. \* | 46900 | 7235263 |
| BioMarin Pharmaceutical, Inc. \* | 61704 | 3305483 |
| Bio-Rad Laboratories, Inc., Class A \* | 5849 | 1869048 |
| Bio-Techne Corp.  | 50514 | 3160661 |
| Bridgebio Pharma, Inc. \* | 54322 | 3402730 |
| Bristol-Myers Squibb Co.  | 653489 | 30106238 |
| Charles River Laboratories <br> International, Inc. \*<br>| 15857 | 2855370 |
| Corcept Therapeutics, Inc. \* | 30200 | 2218794 |
| Cytokinetics, Inc. \* | 38382 | 2440711 |
| Danaher Corp.  | 204788 | 44107239 |
| Elanco Animal Health, Inc. \* | 161938 | 3586927 |
| Eli Lilly & Co.  | 255689 | 220623811 |
| Exact Sciences Corp. \* | 60219 | 3895567 |
| Exelixis, Inc. \* | 86081 | 3328752 |
| Gilead Sciences, Inc.  | 399012 | 47797647 |
| Halozyme Therapeutics, Inc. \* | 37648 | 2454273 |
| Illumina, Inc. \* | 49509 | 6116342 |
| Incyte Corp. \* | 52673 | 4923872 |
| Insmed, Inc. \* | 68112 | 12914035 |
| Ionis Pharmaceuticals, Inc. \* | 51551 | 3830239 |
| IQVIA Holdings, Inc. \* | 54758 | 11852917 |
| Jazz Pharmaceuticals PLC \* | 19849 | 2732016 |
| Johnson & Johnson  | 774549 | 146289070 |
| Madrigal Pharmaceuticals, Inc. \* | 5889 | 2466902 |
| Medpace Holdings, Inc. \* | 7152 | 4183276 |
| Merck & Co., Inc.  | 803315 | 69069024 |
| Mettler-Toledo International, Inc. \* | 6650 | 9418329 |
| Moderna, Inc. \* | 110385 | 2998057 |
| Natera, Inc. \* | 44077 | 8768238 |
| Neurocrine Biosciences, Inc. \* | 31790 | 4552646 |
| Nuvalent, Inc., Class A \* | 15168 | 1506486 |
| Pfizer, Inc.  | 1827236 | 45041367 |
| Regeneron Pharmaceuticals, Inc.  | 32816 | 21389469 |
| Repligen Corp. \* | 17121 | 2552056 |
| Revolution Medicines, Inc. \* | 57345 | 3374180 |
| Revvity, Inc.  | 37387 | 3499049 |
| Rhythm Pharmaceuticals, Inc. \* | 19470 | 2214907 |
| Roivant Sciences Ltd. \* | 141227 | 2823128 |
| Royalty Pharma PLC, Class A  | 122532 | 4599851 |
| Summit Therapeutics, Inc. *\*(a)* | 45071 | 852293 |
| Tempus AI, Inc. \* | 32067 | 2881220 |
| Thermo Fisher Scientific, Inc.  | 121439 | 68903274 |
| United Therapeutics Corp. \* | 14551 | 6481452 |
| Vertex Pharmaceuticals, Inc. \* | 82338 | 35040583 |
| Viatris, Inc.  | 372727 | 3861452 |
| Waters Corp. \* | 19063 | 6664425 |
| West Pharmaceutical Services, Inc.  | 23033 | 6496918 |
| Zoetis, Inc.  | 142742 | 20567695 |
|  |  | **1126952400** |
| **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** |
| CBRE Group, Inc., Class A \* | 94357 | 14382838 |
| CoStar Group, Inc. \* | 136515 | 9393597 |
| Jones Lang LaSalle, Inc. \* | 15177 | 4630351 |
| Zillow Group, Inc., Class C \* | 56281 | 4219949 |
|  |  | **32626735** |
| **Semiconductors & Semiconductor Equipment 14.1%** | **Semiconductors & Semiconductor Equipment 14.1%** | **Semiconductors & Semiconductor Equipment 14.1%** |
| Advanced Micro Devices, Inc. \* | 521925 | 133675431 |
| Allegro MicroSystems, Inc. \* | 39941 | 1195035 |
| Amkor Technology, Inc.  | 37312 | 1204431 |
| Analog Devices, Inc.  | 159439 | 37329453 |
| Applied Materials, Inc.  | 258083 | 60159147 |
| Astera Labs, Inc. \* | 41756 | 7795010 |
| Broadcom, Inc.  | 1512690 | 559135605 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cirrus Logic, Inc. \* | 16446 | 2181562 |
| Credo Technology Group Holding <br> Ltd. \*<br>| 48644 | 9126587 |
| Enphase Energy, Inc. \* | 40748 | 1243221 |
| Entegris, Inc.  | 49191 | 4504420 |
| First Solar, Inc. \* | 34472 | 9201956 |
| GLOBALFOUNDRIES, Inc. \* | 33807 | 1203529 |
| Impinj, Inc. \* | 8336 | 1685206 |
| Intel Corp. \* | 1407399 | 56281886 |
| KLA Corp.  | 42422 | 51277168 |
| Lam Research Corp.  | 407038 | 64092204 |
| Lattice Semiconductor Corp. \* | 43609 | 3181713 |
| MACOM Technology Solutions <br> Holdings, Inc. \*<br>| 20630 | 3055922 |
| Marvell Technology, Inc.  | 277763 | 26037504 |
| Microchip Technology, Inc.  | 173894 | 10854463 |
| Micron Technology, Inc.  | 359923 | 80539970 |
| MKS, Inc.  | 21823 | 3136183 |
| Monolithic Power Systems, Inc.  | 15418 | 15495090 |
| NVIDIA Corp.  | 7847318 | 1589003422 |
| NXP Semiconductors NV  | 81326 | 17006893 |
| ON Semiconductor Corp. \* | 131700 | 6595536 |
| Qorvo, Inc. \* | 27194 | 2581254 |
| QUALCOMM, Inc.  | 346814 | 62738653 |
| Rambus, Inc. \* | 34613 | 3559601 |
| Semtech Corp. \* | 27900 | 1893294 |
| SiTime Corp. \* | 7032 | 2036748 |
| Skyworks Solutions, Inc.  | 47741 | 3710431 |
| Teradyne, Inc.  | 51236 | 9312655 |
| Texas Instruments, Inc.  | 292291 | 47193305 |
| Universal Display Corp.  | 14402 | 2121127 |
|  |  | **2891345615** |
| **Software & Services 12.2%** | **Software & Services 12.2%** | **Software & Services 12.2%** |
| Accenture PLC, Class A  | 200138 | 50054514 |
| ACI Worldwide, Inc. \* | 33990 | 1618944 |
| Adobe, Inc. \* | 136307 | 46386635 |
| Akamai Technologies, Inc. \* | 45741 | 3435149 |
| Amdocs Ltd.  | 36266 | 3055773 |
| Appfolio, Inc., Class A \* | 7137 | 1815867 |
| AppLovin Corp., Class A \* | 87038 | 55471929 |
| Atlassian Corp., Class A \* | 52969 | 8974008 |
| Aurora Innovation, Inc. \* | 368809 | 1932559 |
| Autodesk, Inc. \* | 68881 | 20756601 |
| Bentley Systems, Inc., Class B  | 47981 | 2438874 |
| Bill Holdings, Inc. \* | 30358 | 1507578 |
| Cadence Design Systems, Inc. \* | 87763 | 29724450 |
| CCC Intelligent Solutions Holdings, <br> Inc. \*<br>| 176031 | 1534990 |
| Circle Internet Group, Inc. *\*(a)* | 17176 | 2181008 |
| Clearwater Analytics Holdings, Inc., <br> Class A \*<br>| 92039 | 1694438 |
| Cloudflare, Inc., Class A \* | 100401 | 25431573 |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 157198 | 11456590 |
| Commvault Systems, Inc. \* | 13902 | 1935436 |
| Confluent, Inc., Class A \* | 93717 | 2190166 |
| CoreWeave, Inc., Class A \* | 70418 | 9415591 |
| Crowdstrike Holdings, Inc., Class A \* | 80080 | 43484241 |
| Datadog, Inc., Class A \* | 103740 | 16889909 |
| Docusign, Inc., Class A \* | 64885 | 4745689 |
| Dropbox, Inc., Class A \* | 59176 | 1716104 |
| D-Wave Quantum, Inc. \* | 109130 | 4044358 |
| Dynatrace, Inc. \* | 96131 | 4861345 |
| Elastic NV \* | 28783 | 2568019 |
| EPAM Systems, Inc. \* | 17902 | 2927693 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**19**

------

Schwab 1000 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Fair Isaac Corp. \* | 7729 | 12826507 |
| Figma, Inc., Class A *\*(a)* | 11871 | 591651 |
| Fortinet, Inc. \* | 209669 | 18121692 |
| Gartner, Inc. \* | 24373 | 6052791 |
| Gen Digital, Inc.  | 180528 | 4758718 |
| Gitlab, Inc., Class A \* | 44400 | 2164500 |
| GoDaddy, Inc., Class A \* | 44548 | 5930675 |
| Guidewire Software, Inc. \* | 27042 | 6318093 |
| HubSpot, Inc. \* | 16950 | 8338044 |
| Informatica, Inc., Class A \* | 35080 | 872440 |
| InterDigital, Inc.  | 8315 | 3009697 |
| International Business Machines <br> Corp. <br>| 299587 | 92096040 |
| Intuit, Inc.  | 89707 | 59883908 |
| Kyndryl Holdings, Inc. \* | 75092 | 2171661 |
| Life360, Inc. \* | 24992 | 2466960 |
| Manhattan Associates, Inc. \* | 19477 | 3546177 |
| MARA Holdings, Inc. \* | 119164 | 2177126 |
| Microsoft Corp.  | 2390591 | 1237871926 |
| MongoDB, Inc., Class A \* | 26226 | 9436639 |
| Nutanix, Inc., Class A \* | 86254 | 6144735 |
| Okta, Inc. \* | 53361 | 4884132 |
| Oracle Corp.  | 532978 | 139965353 |
| Palantir Technologies, Inc., Class A \* | 731429 | 146629572 |
| Palo Alto Networks, Inc. \* | 215033 | 47358868 |
| Pegasystems, Inc.  | 28860 | 1836939 |
| Procore Technologies, Inc. \* | 37145 | 2742044 |
| PTC, Inc. \* | 38464 | 7636643 |
| Roper Technologies, Inc.  | 34660 | 15463559 |
| Rubrik, Inc., Class A \* | 42913 | 3230062 |
| SailPoint, Inc. \* | 23111 | 501046 |
| Salesforce, Inc.  | 307460 | 80065659 |
| Samsara, Inc., Class A \* | 96415 | 3872991 |
| SentinelOne, Inc., Class A \* | 104082 | 1857864 |
| ServiceNow, Inc. \* | 66874 | 61475931 |
| ServiceTitan, Inc., Class A \* | 17637 | 1664227 |
| Snowflake, Inc., Class A \* | 107463 | 29539429 |
| SoundHound AI, Inc., Class A \* | 120860 | 2129553 |
| Strategy, Inc., Class A \* | 85023 | 22914549 |
| Synopsys, Inc. \* | 59611 | 27052664 |
| Twilio, Inc., Class A \* | 49740 | 6708931 |
| Tyler Technologies, Inc. \* | 13863 | 6602392 |
| UiPath, Inc., Class A \* | 131824 | 2090729 |
| Unity Software, Inc. \* | 108864 | 4125946 |
| Varonis Systems, Inc., Class B \* | 36538 | 1287234 |
| VeriSign, Inc.  | 26929 | 6457574 |
| Workday, Inc., Class A \* | 69507 | 16676119 |
| Zoom Communications, Inc. \* | 83837 | 7313102 |
| Zscaler, Inc. \* | 32088 | 10625620 |
|  |  | **2511738743** |
| **Technology Hardware & Equipment 8.6%** | **Technology Hardware & Equipment 8.6%** | **Technology Hardware & Equipment 8.6%** |
| Advanced Energy Industries, Inc.  | 12054 | 2443707 |
| Amphenol Corp., Class A  | 392895 | 54745989 |
| Apple, Inc.  | 4772838 | 1290432210 |
| Arista Networks, Inc. \* | 331320 | 52245851 |
| Arrow Electronics, Inc. \* | 16003 | 1785135 |
| Badger Meter, Inc.  | 9639 | 1739358 |
| Belden, Inc.  | 12798 | 1559436 |
| CDW Corp.  | 42229 | 6730036 |
| Ciena Corp. \* | 45465 | 8634713 |
| Cisco Systems, Inc.  | 1273294 | 93090524 |
| Cognex Corp.  | 54624 | 2260887 |
| Coherent Corp. \* | 49998 | 6597736 |
| Corning, Inc.  | 250222 | 22289776 |
| Dell Technologies, Inc., Class C  | 97734 | 15833885 |
| F5, Inc. \* | 18205 | 4606775 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Fabrinet \* | 11551 | 5089024 |
| Flex Ltd. \* | 121319 | 7584864 |
| Hewlett Packard Enterprise Co.  | 420822 | 10276473 |
| HP, Inc.  | 302749 | 8377065 |
| IonQ, Inc. \* | 95604 | 5963778 |
| Itron, Inc. \* | 14805 | 1485386 |
| Jabil, Inc.  | 34601 | 7643015 |
| Keysight Technologies, Inc. \* | 55496 | 10153548 |
| Littelfuse, Inc.  | 7881 | 1917526 |
| Lumentum Holdings, Inc. \* | 22495 | 4534092 |
| Mirion Technologies, Inc., Class A \* | 77087 | 2264045 |
| Motorola Solutions, Inc.  | 53491 | 21755325 |
| NetApp, Inc.  | 64442 | 7589979 |
| Pure Storage, Inc., Class A \* | 99998 | 9869803 |
| Sandisk Corp. \* | 44712 | 8912443 |
| Sanmina Corp. \* | 17202 | 2357534 |
| Seagate Technology Holdings PLC  | 68522 | 17533409 |
| Super Micro Computer, Inc. \* | 161513 | 8392216 |
| TD SYNNEX Corp.  | 24774 | 3876883 |
| TE Connectivity PLC  | 95246 | 23526714 |
| Teledyne Technologies, Inc. \* | 14979 | 7891237 |
| Trimble, Inc. \* | 76731 | 6119297 |
| Ubiquiti, Inc.  | 1380 | 1086308 |
| Vontier Corp.  | 46491 | 1789904 |
| Western Digital Corp.  | 111776 | 16789873 |
| Zebra Technologies Corp., Class A \* | 16440 | 4426470 |
|  |  | **1772202229** |
| **Telecommunication Services 0.7%** | **Telecommunication Services 0.7%** | **Telecommunication Services 0.7%** |
| AST SpaceMobile, Inc. \* | 75430 | 6053258 |
| AT&T, Inc.  | 2299645 | 56916214 |
| Frontier Communications Parent, <br> Inc. \*<br>| 80450 | 3037792 |
| GCI Liberty, Inc. *\*(c)* | 32171 | 0 |
| T-Mobile U.S., Inc.  | 155878 | 32742174 |
| Verizon Communications, Inc.  | 1356018 | 53888155 |
|  |  | **152637593** |
| **Transportation 1.3%** | **Transportation 1.3%** | **Transportation 1.3%** |
| Alaska Air Group, Inc. \* | 36813 | 1536206 |
| American Airlines Group, Inc. \* | 214308 | 2813864 |
| Avis Budget Group, Inc. \* | 5429 | 738724 |
| CH Robinson Worldwide, Inc.  | 38037 | 5857318 |
| CSX Corp.  | 600124 | 21616466 |
| Delta Air Lines, Inc.  | 208734 | 11977157 |
| Expeditors International of <br> Washington, Inc. <br>| 43716 | 5328980 |
| FedEx Corp.  | 69841 | 17727043 |
| GXO Logistics, Inc. \* | 35623 | 2002369 |
| JB Hunt Transport Services, Inc.  | 24487 | 4134875 |
| Joby Aviation, Inc. \* | 168182 | 2916276 |
| Knight-Swift Transportation Holdings, <br> Inc. <br>| 51247 | 2312265 |
| Lyft, Inc., Class A \* | 127980 | 2618471 |
| Norfolk Southern Corp.  | 72221 | 20465987 |
| Old Dominion Freight Line, Inc.  | 59575 | 8365522 |
| Ryder System, Inc.  | 13003 | 2200498 |
| Saia, Inc. \* | 8642 | 2527785 |
| Southwest Airlines Co.  | 169161 | 5125578 |
| Uber Technologies, Inc. \* | 670666 | 64719269 |
| U-Haul Holding Co., Non Voting <br> Shares <br>| 32569 | 1579271 |
| Union Pacific Corp.  | 190909 | 42070616 |
| United Airlines Holdings, Inc. \* | 104233 | 9802071 |
| United Parcel Service, Inc., Class B  | 237044 | 22855782 |

---

*See financial notes*

**20**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab 1000 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| XPO, Inc. \* | 37931 | 5457133 |
|  |  | **266749526** |
| **Utilities 2.3%** | **Utilities 2.3%** | **Utilities 2.3%** |
| AES Corp.  | 231207 | 3206841 |
| Alliant Energy Corp.  | 81410 | 5439816 |
| Ameren Corp.  | 86927 | 8868293 |
| American Electric Power Co., Inc.  | 172198 | 20708531 |
| American Water Works Co., Inc.  | 62811 | 8066817 |
| Atmos Energy Corp.  | 51154 | 8784165 |
| CenterPoint Energy, Inc.  | 210081 | 8033497 |
| CMS Energy Corp.  | 96157 | 7072347 |
| Consolidated Edison, Inc.  | 116173 | 11316412 |
| Constellation Energy Corp.  | 100376 | 37841752 |
| Dominion Energy, Inc.  | 274892 | 16133411 |
| DTE Energy Co.  | 66763 | 9049057 |
| Duke Energy Corp.  | 250456 | 31131681 |
| Edison International  | 123865 | 6859644 |
| Entergy Corp.  | 143818 | 13819472 |
| Essential Utilities, Inc.  | 89994 | 3512466 |
| Evergy, Inc.  | 74630 | 5732330 |
| Eversource Energy  | 119386 | 8811881 |
| Exelon Corp.  | 325260 | 15000991 |
| FirstEnergy Corp.  | 167285 | 7666672 |
| IDACORP, Inc.  | 17459 | 2252560 |
| National Fuel Gas Co.  | 28075 | 2215398 |
| NextEra Energy, Inc.  | 662069 | 53892417 |
| NiSource, Inc.  | 151410 | 6375875 |
| NRG Energy, Inc.  | 62316 | 10709628 |
| OGE Energy Corp.  | 63821 | 2817059 |
| Oklo, Inc. \* | 37556 | 4986310 |
| Ormat Technologies, Inc.  | 19465 | 2070492 |
| PG&E Corp.  | 707456 | 11290998 |
| Pinnacle West Capital Corp.  | 39013 | 3453431 |
| PPL Corp.  | 238063 | 8694061 |
| Public Service Enterprise Group, Inc.  | 160734 | 12948731 |
| Sempra  | 210002 | 19307584 |
| Southern Co.  | 354221 | 33310943 |
| Southwest Gas Holdings, Inc.  | 19799 | 1574021 |
| Talen Energy Corp. \* | 14718 | 5883962 |
| TXNM Energy, Inc.  | 30483 | 1731434 |
| UGI Corp.  | 68844 | 2301455 |
| Vistra Corp.  | 102605 | 19320521 |
| WEC Energy Group, Inc.  | 103399 | 11552770 |
| Xcel Energy, Inc.  | 190296 | 15446326 |
|  |  | **469192052** |
| **Total Common Stocks** <br>**(Cost $3,514,421,880)** | **Total Common Stocks** <br>**(Cost $3,514,421,880)** | **20514123895** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS  |
| **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.01% *(d)*<br>| 18948568 | 18948568 |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.01% *(d)(e)*<br>| 4047415 | 4047415 |
|  |  | **22995983** |
| **Total Short-Term Investments** <br>**(Cost $22,995,983)** | **Total Short-Term Investments** <br>**(Cost $22,995,983)** | **22995983** |
| **Total Investments in Securities** <br>**(Cost $3,537,417,863)** | **Total Investments in Securities** <br>**(Cost $3,537,417,863)** | **20537119878** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| S&P 400 Mid-Cap Index, <br> e-mini, expires 12/19/25<br>| 9 | 2931930 | (25330)<br>|
| S&P 500 Index, e-mini, expires <br> 12/19/25<br>| 78 | 26808600 | 361886 |
|  |  |  | **336556** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $3,963,256. 

*(b)* Issuer is affiliated with the fund's investment adviser.

*(c)* Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). 

*(d)* The rate shown is the annualized 7-day yield.

*(e)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers during the period ended October 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS |
| **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** |
| Charles Schwab Corp. | $34260471 | $5967763 | ($979020)<br>| $97063 | $12206254 | **$51552531** | 545414 | $568315 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**21**

------

Schwab 1000 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $20361486302 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20361486302 |
| Telecommunication Services | 152637593 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 152637593 |
| Short-Term Investments<sup>1</sup> <br>| 22995983 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22995983 |
| Futures Contracts<sup>2</sup> <br>| 361886 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 361886 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (25330)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (25330)<br>|
| **Total** | **$20537456434** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$20537456434** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Level 3 amount shown includes securities determined to have no value at October 31, 2025.

<sup>1</sup> As categorized in the Portfolio Holdings. 

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

**22**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab 1000 Index Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $9,371,386)  |  | $51552531 |
| Investments in securities, at value - unaffiliated issuers (cost $3,528,046,477) including securities on loan of $3,963,256 |  | 20485567347 |
| Deposit with broker for futures contracts |  | 3197851 |
| Receivables: |  |  |
| Dividends |  | 9079919 |
| Fund shares sold |  | 3677018 |
| Variation margin on future contracts |  | 89610 |
| Income from securities on loan | + | 25653 |
| **Total assets** |  | **20553189929** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 4047415 |
| Payables: |  |  |
| Fund shares redeemed |  | 5102985 |
| Investment adviser fees |  | 915495 |
| Investments bought | + | 191239 |
| **Total liabilities** |  | **10257134** |
| **Net assets** |  | **$20542932795** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $3300048771 |
| Total distributable earnings | + | 17242884024 |
| **Net assets** |  | **$20542932795** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $20542932795 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1393010921 |  | &nbsp;&nbsp;&nbsp;&nbsp; $14.75 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**23**

------

Schwab 1000 Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $67,502) |  | $230947106 |
| Dividends received from securities - affiliated issuers |  | 568315 |
| Other Interest |  | 148662 |
| Securities on loan, net | + | 208042 |
| **Total investment income**  |  | **231872125** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 9255701 |
| **Total expenses** | – | **9255701** |
| **Net investment income** |  | **222616424** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - affiliated issuers  |  | 97063 |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 139084696 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 111566934 |
| Net realized gains on futures contracts | + | 6446645 |
| **Net realized gains** |  | **257195338** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 12206254 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 3123836837 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 985806 |
| **Net change in unrealized appreciation (depreciation)** |  | **3137028897** |
| **Net realized and unrealized gains** |  | **3394224235** |
| **Increase in net assets resulting from operations** |  | **$3616840659** |

---

*See financial notes*

**24**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab 1000 Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $222616424 | &nbsp;&nbsp;&nbsp; $215942227 |
| Net realized gains |  | 257195338 | &nbsp;&nbsp;&nbsp; 192063037 |
| Net change in unrealized appreciation (depreciation) | + | 3137028897 | &nbsp;&nbsp;&nbsp; 4452269453 |
| **Increase in net assets resulting from operations** |  | **$3616840659** | &nbsp;&nbsp;&nbsp; **$4860274717** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($218384415)**<br>| &nbsp;&nbsp;&nbsp; **($204576918)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 111974742 | &nbsp;&nbsp;&nbsp; $1450290800 | &nbsp;&nbsp;&nbsp; 111384560 | &nbsp;&nbsp;&nbsp; $1240390357 |
| Shares reinvested |  | 13121300 | &nbsp;&nbsp;&nbsp; 170314465 | &nbsp;&nbsp;&nbsp; 16383070 | &nbsp;&nbsp;&nbsp; 161356836 |
| Shares redeemed | + | (141165651)<br>| &nbsp;&nbsp;&nbsp; (1833422360)<br>| &nbsp;&nbsp;&nbsp; (134787170)<br>| &nbsp;&nbsp;&nbsp; (1510750063)<br>|
| **Net transactions in fund shares**  |  | **(16069609)**<br>| &nbsp;&nbsp;&nbsp; **($212817095)**<br>| &nbsp;&nbsp;&nbsp; **(7019540)**<br>| &nbsp;&nbsp;&nbsp; **($109002870)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 1409080530 | &nbsp;&nbsp;&nbsp; $17357293646 | &nbsp;&nbsp;&nbsp; 1416100070 | &nbsp;&nbsp;&nbsp; $12810598717 |
| Total increase (decrease) | + | (16069609)<br>| &nbsp;&nbsp;&nbsp; 3185639149 | &nbsp;&nbsp;&nbsp; (7019540)<br>| &nbsp;&nbsp;&nbsp; 4546694929 |
| **End of period** |  | **1393010921** | &nbsp;&nbsp;&nbsp; **$20542932795** | &nbsp;&nbsp;&nbsp; **1409080530** | &nbsp;&nbsp;&nbsp; **$17357293646** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the period ended October 31, 2025, and the prior report period, transactions in fund shares have been retroactively adjusted to reflect a 10-for-1 share split effective after the close of U.S. markets on August 15, 2025. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 9 for additional information). 

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**25**

------

Schwab Small-Cap Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $35.63 | &nbsp;&nbsp; $26.99 | &nbsp;&nbsp; $29.87 | &nbsp;&nbsp; $39.97 | &nbsp;&nbsp; $27.18 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.45 | 0.47 | 0.47 | 0.40 | 0.37 |
| Net realized and unrealized gains (losses) | 4.67 | 8.66 | &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (7.31)<br>| 13.29 |
| Total from investment operations | 5.12 | 9.13 | &nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp; (6.91)<br>| 13.66 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.38)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; (0.49)<br>|
| Total distributions | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (3.19)<br>| &nbsp;&nbsp; (0.87)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $40.16 | &nbsp;&nbsp; $35.63 | &nbsp;&nbsp; $26.99 | &nbsp;&nbsp; $29.87 | &nbsp;&nbsp; $39.97 |
| Total return | 14.50<br> %<br>| 34.14<br> %<br>| &nbsp;&nbsp; (8.47<br> %)<br>| &nbsp;&nbsp; (18.53<br> %)<br>| 50.82<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.04<br> %<br>| 0.04<br> %<br>| 0.04<br> %<br>| 0.04 %<sup>2</sup><br>| 0.04<br> %<br>|
| Net investment income (loss) | 1.24<br> %<br>| 1.42<br> %<br>| 1.60<br> %<br>| 1.25<br> %<br>| 0.98<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 12 %<sup>3</sup><br>| &nbsp;&nbsp; 15 %<sup>3</sup><br>| &nbsp;&nbsp; 10 %<sup>3</sup><br>| &nbsp;&nbsp; 16 %<sup>3</sup><br>| &nbsp;&nbsp; 19 %<sup>3</sup><br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $7193 | &nbsp;&nbsp; $6330 | &nbsp;&nbsp; $4881 | &nbsp;&nbsp; $5372 | &nbsp;&nbsp; $6587 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>3</sup> Portfolio turnover rate excludes in-kind transactions.

*See financial notes*

**26**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.6% OF NET ASSETS  | **COMMON STOCKS** 99.6% OF NET ASSETS  | **COMMON STOCKS** 99.6% OF NET ASSETS  |
| **Automobiles & Components 1.4%** | **Automobiles & Components 1.4%** | **Automobiles & Components 1.4%** |
| Adient PLC \* | 210475 | 4880915 |
| American Axle & Manufacturing <br> Holdings, Inc. \*<br>| 289476 | 1794751 |
| Cooper-Standard Holdings, Inc. \* | 41698 | 1260114 |
| Dana, Inc.  | 330811 | 6715463 |
| Dorman Products, Inc. \* | 68840 | 9233509 |
| Faraday Future Intelligent Electric, <br> Inc. *\*(a)*<br>| 223151 | 307948 |
| Fox Factory Holding Corp. \* | 104416 | 2308638 |
| Garrett Motion, Inc.  | 335892 | 5690010 |
| Gentherm, Inc. \* | 75730 | 2786864 |
| Goodyear Tire & Rubber Co. \* | 652850 | 4498137 |
| Holley, Inc. \* | 147662 | 423790 |
| LCI Industries  | 61601 | 6375088 |
| Livewire Group, Inc., Class A \* | 92162 | 505048 |
| Luminar Technologies, Inc. *\*(a)* | 115724 | 134240 |
| Modine Manufacturing Co. \* | 130763 | 20034199 |
| Motorcar Parts of America, Inc. \* | 33114 | 564925 |
| Patrick Industries, Inc.  | 81099 | 8464303 |
| Phinia, Inc.  | 96129 | 4990056 |
| Solid Power, Inc. \* | 380821 | 2391556 |
| Standard Motor Products, Inc.  | 52613 | 1953521 |
| Strattec Security Corp. \* | 9742 | 597769 |
| Visteon Corp.  | 68608 | 7352033 |
| Winnebago Industries, Inc.  | 68378 | 2578534 |
| XPEL, Inc. \* | 60423 | 2060424 |
|  |  | **97901835** |
| **Banks 9.3%** | **Banks 9.3%** | **Banks 9.3%** |
| 1st Source Corp.  | 46028 | 2735904 |
| ACNB Corp.  | 25694 | 1160855 |
| Amalgamated Financial Corp.  | 58690 | 1599889 |
| Amerant Bancorp, Inc.  | 92955 | 1558855 |
| Ameris Bancorp  | 164944 | 11813289 |
| Ames National Corp.  | 22707 | 473668 |
| Arrow Financial Corp.  | 41009 | 1143741 |
| Associated Banc-Corp.  | 415142 | 10283067 |
| Atlantic Union Bankshares Corp.  | 355410 | 11557933 |
| Axos Financial, Inc. \* | 135665 | 10579157 |
| Banc of California, Inc.  | 320393 | 5437069 |
| BancFirst Corp.  | 52140 | 5675960 |
| Bancorp, Inc. \* | 113739 | 7435118 |
| Bank First Corp.  | 22572 | 2756493 |
| Bank of Hawaii Corp.  | 98333 | 6384762 |
| Bank of Marin Bancorp  | 37031 | 953548 |
| Bank of NT Butterfield & Son Ltd.  | 103870 | 4805026 |
| Bank7 Corp.  | 10305 | 427761 |
| BankFinancial Corp.  | 27849 | 307731 |
| BankUnited, Inc.  | 188331 | 7548306 |
| Bankwell Financial Group, Inc.  | 17843 | 773494 |
| Banner Corp.  | 84994 | 5132788 |
| Bar Harbor Bankshares  | 37239 | 1092220 |
| BayCom Corp.  | 26209 | 714457 |
| BCB Bancorp, Inc.  | 40445 | 321133 |
| Beacon Financial Corp.  | 208191 | 5067369 |
| Blue Foundry Bancorp \* | 48725 | 401494 |
| Blue Ridge Bankshares, Inc. \* | 169764 | 760543 |
| Bridgewater Bancshares, Inc. \* | 51245 | 843493 |
| Burke & Herbert Financial Services <br> Corp. <br>| 33460 | 1969456 |
| Business First Bancshares, Inc.  | 71604 | 1755730 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| BV Financial, Inc. \* | 21674 | 353286 |
| Byline Bancorp, Inc.  | 77866 | 2082137 |
| C&F Financial Corp.  | 7616 | 521011 |
| Cadence Bank  | 465984 | 17586236 |
| California BanCorp \* | 56119 | 1037640 |
| Camden National Corp.  | 41892 | 1598180 |
| Capital Bancorp, Inc.  | 29526 | 820675 |
| Capital City Bank Group, Inc.  | 34327 | 1335320 |
| Capitol Federal Financial, Inc.  | 304622 | 1839917 |
| Carter Bankshares, Inc. \* | 57656 | 984764 |
| Cathay General Bancorp  | 168210 | 7645145 |
| CB Financial Services, Inc.  | 11554 | 374003 |
| Central Pacific Financial Corp.  | 66728 | 1902415 |
| CF Bankshares, Inc.  | 9542 | 221374 |
| Chain Bridge Bancorp, Inc., Class A \* | 5770 | 171023 |
| Chemung Financial Corp.  | 10395 | 526715 |
| ChoiceOne Financial Services, Inc.  | 36045 | 1032329 |
| Citizens & Northern Corp.  | 38412 | 743656 |
| Citizens Community Bancorp, Inc.  | 23893 | 373925 |
| Citizens Financial Services, Inc.  | 11422 | 625811 |
| City Holding Co.  | 35055 | 4132283 |
| Civista Bancshares, Inc.  | 47356 | 1019575 |
| CNB Financial Corp.  | 69931 | 1720303 |
| Coastal Financial Corp. \* | 32174 | 3426531 |
| CoastalSouth Bancshares, Inc. \* | 11582 | 246465 |
| Colony Bankcorp, Inc.  | 43089 | 688993 |
| Columbia Financial, Inc. \* | 67808 | 1000168 |
| Community Financial System, Inc.  | 132208 | 7334900 |
| Community Trust Bancorp, Inc.  | 39861 | 2040684 |
| Community West Bancshares  | 41830 | 885959 |
| ConnectOne Bancorp, Inc.  | 118098 | 2841438 |
| Customers Bancorp, Inc. \* | 73879 | 4958758 |
| CVB Financial Corp.  | 330116 | 6064231 |
| Dime Community Bancshares, Inc.  | 99193 | 2603816 |
| Eagle Bancorp Montana, Inc.  | 18515 | 300498 |
| Eagle Bancorp, Inc.  | 70283 | 1177240 |
| Eagle Financial Services, Inc.  | 11615 | 420579 |
| Eastern Bankshares, Inc.  | 490813 | 8603952 |
| ECB Bancorp, Inc. \* | 19368 | 310469 |
| Enterprise Financial Services Corp.  | 91569 | 4795469 |
| Equity Bancshares, Inc., Class A  | 35101 | 1421942 |
| Esquire Financial Holdings, Inc.  | 17690 | 1659322 |
| Farmers & Merchants Bancorp, Inc.  | 32158 | 768576 |
| Farmers National Banc Corp.  | 90761 | 1178078 |
| FB Bancorp, Inc. \* | 44391 | 538019 |
| FB Financial Corp.  | 103411 | 5585228 |
| Fidelity D&D Bancorp, Inc.  | 11926 | 520928 |
| Financial Institutions, Inc.  | 48884 | 1389772 |
| Finward Bancorp *(a)* | 8575 | 301411 |
| Finwise Bancorp \* | 22856 | 438607 |
| First BanCorp  | 403623 | 7866612 |
| First Bancorp, Inc.  | 27330 | 677511 |
| First Bancorp/Southern Pines NC  | 100953 | 4900259 |
| First Bank  | 53540 | 836295 |
| First Busey Corp.  | 214053 | 4786225 |
| First Business Financial Services, Inc.  | 19430 | 983352 |
| First Capital, Inc.  | 8187 | 352450 |
| First Commonwealth Financial Corp.  | 260005 | 3975476 |
| First Community Bankshares, Inc.  | 39150 | 1266111 |
| First Community Corp.  | 18504 | 496092 |
| First Financial Bancorp  | 238449 | 5582091 |
| First Financial Bankshares, Inc.  | 335466 | 10362545 |
| First Financial Corp.  | 28448 | 1516847 |
| First Foundation, Inc. \* | 155231 | 844457 |
| First Internet Bancorp  | 19480 | 345575 |
| First Interstate BancSystem, Inc., <br> Class A <br>| 223412 | 6981625 |
| First Merchants Corp.  | 145674 | 5168514 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**27**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| First Mid Bancshares, Inc.  | 54026 | 1930349 |
| First National Corp.  | 19604 | 441482 |
| First Savings Financial Group, Inc.  | 13887 | 411055 |
| First United Corp.  | 15125 | 522266 |
| First Western Financial, Inc. \* | 21232 | 490247 |
| Firstsun Capital Bancorp \* | 31661 | 1077740 |
| Five Star Bancorp  | 39224 | 1392844 |
| Flagstar Bank NA  | 758153 | 8658107 |
| Flushing Financial Corp.  | 79712 | 1089663 |
| Franklin Financial Services Corp.  | 10523 | 476692 |
| FS Bancorp, Inc.  | 16721 | 646936 |
| Fulton Financial Corp.  | 455694 | 7915405 |
| FVCBankcorp, Inc.  | 38451 | 469871 |
| GBank Financial Holdings, Inc. \* | 22473 | 815096 |
| German American Bancorp, Inc.  | 90292 | 3479854 |
| Glacier Bancorp, Inc.  | 319836 | 13065301 |
| Great Southern Bancorp, Inc.  | 20922 | 1165355 |
| Greene County Bancorp, Inc.  | 16941 | 371855 |
| Hancock Whitney Corp.  | 214690 | 12260946 |
| Hanmi Financial Corp.  | 75359 | 1989478 |
| Hanover Bancorp, Inc.  | 10484 | 217124 |
| HarborOne Bancorp, Inc.  | 93944 | 1136722 |
| Hawthorn Bancshares, Inc.  | 14633 | 442063 |
| HBT Financial, Inc.  | 28230 | 688530 |
| Heritage Commerce Corp.  | 148796 | 1547478 |
| Heritage Financial Corp.  | 84933 | 1884663 |
| Hilltop Holdings, Inc.  | 111280 | 3594344 |
| Hingham Institution For Savings  | 4164 | 1225299 |
| Home Bancorp, Inc.  | 17108 | 909290 |
| Home BancShares, Inc.  | 469502 | 12540398 |
| HomeTrust Bancshares, Inc.  | 39570 | 1555497 |
| Hope Bancorp, Inc.  | 308237 | 3233406 |
| Horizon Bancorp, Inc.  | 109131 | 1702444 |
| Independent Bank Corp.  | 121672 | 8187309 |
| Independent Bank Corp. MI  | 49687 | 1501541 |
| International Bancshares Corp.  | 136063 | 9031862 |
| Investar Holding Corp.  | 22575 | 536382 |
| John Marshall Bancorp, Inc.  | 31897 | 609233 |
| Kearny Financial Corp.  | 145059 | 926927 |
| Lakeland Financial Corp.  | 62714 | 3577834 |
| Landmark Bancorp, Inc.  | 11381 | 292378 |
| LCNB Corp.  | 33401 | 513039 |
| LINKBANCORP, Inc.  | 54708 | 384597 |
| Live Oak Bancshares, Inc.  | 87779 | 2733438 |
| MainStreet Bancshares, Inc.  | 17565 | 325831 |
| Mechanics Bancorp, Class A \* | 44700 | 598533 |
| Mercantile Bank Corp.  | 39585 | 1735802 |
| Meridian Corp.  | 22740 | 324955 |
| Metrocity Bankshares, Inc.  | 49405 | 1265262 |
| Metropolitan Bank Holding Corp.  | 22819 | 1512215 |
| Mid Penn Bancorp, Inc.  | 48614 | 1383068 |
| Middlefield Banc Corp.  | 17952 | 585235 |
| Midland States Bancorp, Inc.  | 50932 | 745644 |
| MidWestOne Financial Group, Inc.  | 40840 | 1510672 |
| MVB Financial Corp.  | 29223 | 747524 |
| National Bank Holdings Corp., Class A  | 94446 | 3367944 |
| National Bankshares, Inc.  | 15544 | 445025 |
| NB Bancorp, Inc.  | 88131 | 1592527 |
| NBT Bancorp, Inc.  | 127806 | 5172309 |
| Nicolet Bankshares, Inc.  | 33712 | 3982736 |
| Northeast Bank  | 19535 | 1685480 |
| Northeast Community Bancorp, Inc.  | 30892 | 606719 |
| Northfield Bancorp, Inc.  | 91299 | 933076 |
| Northpointe Bancshares, Inc.  | 26348 | 417616 |
| Northrim BanCorp, Inc.  | 53536 | 1176721 |
| Northwest Bancshares, Inc.  | 362063 | 4239758 |
| Norwood Financial Corp.  | 21226 | 564824 |
| Oak Valley Bancorp  | 17326 | 472653 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| OceanFirst Financial Corp.  | 141565 | 2573652 |
| OFG Bancorp  | 111109 | 4295474 |
| Ohio Valley Banc Corp.  | 9555 | 334425 |
| Old National Bancorp  | 874090 | 17857659 |
| Old Second Bancorp, Inc.  | 125196 | 2247268 |
| OP Bancorp  | 29441 | 393037 |
| Orange County Bancorp, Inc.  | 29088 | 711202 |
| Origin Bancorp, Inc.  | 73950 | 2563107 |
| Orrstown Financial Services, Inc.  | 46416 | 1544724 |
| Park National Corp.  | 37029 | 5635444 |
| Parke Bancorp, Inc.  | 24273 | 524540 |
| Pathward Financial, Inc.  | 59111 | 4023095 |
| Patriot National Bancorp, Inc. \* | 126158 | 150128 |
| PCB Bancorp  | 27645 | 582480 |
| Peapack-Gladstone Financial Corp.  | 40288 | 1019286 |
| Peoples Bancorp of North Carolina, Inc.  | 10577 | 311281 |
| Peoples Bancorp, Inc.  | 87230 | 2494778 |
| Peoples Financial Services Corp.  | 22847 | 1017605 |
| Pioneer Bancorp, Inc. \* | 28152 | 369917 |
| Plumas Bancorp  | 15391 | 631647 |
| Ponce Financial Group, Inc. \* | 49070 | 692378 |
| Preferred Bank  | 28988 | 2616167 |
| Primis Financial Corp.  | 55569 | 604869 |
| Princeton Bancorp, Inc.  | 13483 | 419052 |
| Provident Bancorp, Inc. \* | 40385 | 514909 |
| Provident Financial Services, Inc.  | 321665 | 5883253 |
| QCR Holdings, Inc.  | 41294 | 3071861 |
| RBB Bancorp  | 42037 | 783149 |
| Red River Bancshares, Inc.  | 11632 | 768410 |
| Renasant Corp.  | 235367 | 7915392 |
| Republic Bancorp, Inc., Class A  | 20698 | 1363998 |
| Rhinebeck Bancorp, Inc. \* | 11327 | 113157 |
| Richmond Mutual BanCorp, Inc. *(a)* | 22767 | 303484 |
| Riverview Bancorp, Inc.  | 51020 | 264284 |
| S&T Bancorp, Inc.  | 95352 | 3493697 |
| SB Financial Group, Inc.  | 14854 | 290544 |
| Seacoast Banking Corp. of Florida  | 212357 | 6434417 |
| ServisFirst Bancshares, Inc.  | 128733 | 9046068 |
| Shore Bancshares, Inc.  | 76876 | 1200034 |
| Sierra Bancorp  | 31541 | 907750 |
| Simmons First National Corp., Class A  | 353876 | 6150365 |
| SmartFinancial, Inc.  | 36644 | 1281441 |
| Sound Financial Bancorp, Inc.  | 5316 | 237306 |
| South Plains Financial, Inc.  | 32314 | 1179461 |
| Southern First Bancshares, Inc. \* | 19415 | 851154 |
| Southern Missouri Bancorp, Inc.  | 24005 | 1258822 |
| Southside Bancshares, Inc.  | 72249 | 2031642 |
| SR Bancorp, Inc.  | 19131 | 281608 |
| Stellar Bancorp, Inc.  | 117329 | 3452992 |
| Sterling Bancorp, Inc. *\*(b)* | 46061 | 6474 |
| Stock Yards Bancorp, Inc.  | 65691 | 4271229 |
| Texas Capital Bancshares, Inc. \* | 113521 | 9517601 |
| Third Coast Bancshares, Inc. \* | 32471 | 1193309 |
| Timberland Bancorp, Inc.  | 18808 | 604113 |
| Tompkins Financial Corp.  | 33387 | 2118739 |
| Towne Bank  | 183171 | 5954889 |
| TriCo Bancshares  | 75385 | 3334279 |
| Triumph Financial, Inc. \* | 56338 | 3068167 |
| TrustCo Bank Corp.  | 46468 | 1752308 |
| Trustmark Corp.  | 142013 | 5285724 |
| UMB Financial Corp.  | 181320 | 19379482 |
| Union Bankshares, Inc.  | 9085 | 207320 |
| United Bankshares, Inc.  | 352835 | 12627965 |
| United Community Banks, Inc.  | 305547 | 8921972 |
| United Security Bancshares  | 33990 | 311518 |
| Unity Bancorp, Inc.  | 18252 | 828823 |
| Univest Financial Corp.  | 71389 | 2095981 |
| USCB Financial Holdings, Inc.  | 26395 | 455578 |

---

*See financial notes*

**28**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Valley National Bancorp  | 1209116 | 13143091 |
| Virginia National Bankshares Corp.  | 12048 | 479269 |
| WaFd, Inc.  | 196886 | 5715601 |
| Washington Trust Bancorp, Inc.  | 47944 | 1305995 |
| WesBanco, Inc.  | 236472 | 7117807 |
| West BanCorp, Inc.  | 38011 | 808494 |
| Westamerica BanCorp  | 61718 | 2940863 |
| Western New England Bancorp, Inc.  | 46061 | 523714 |
| WSFS Financial Corp.  | 139777 | 7280984 |
|  |  | **667540273** |
| **Capital Goods 13.8%** | **Capital Goods 13.8%** | **Capital Goods 13.8%** |
| 3D Systems Corp. \* | 323023 | 923846 |
| AAR Corp. \* | 89170 | 7509006 |
| Aebi Schmidt Holding AG  | 92525 | 1031654 |
| AeroVironment, Inc. \* | 79638 | 29458893 |
| AerSale Corp. \* | 79856 | 592531 |
| AirJoule Technologies Corp. *\*(a)* | 61105 | 315302 |
| AIRO Group Holdings, Inc. \* | 17450 | 285482 |
| Alamo Group, Inc.  | 25846 | 4619197 |
| Albany International Corp., Class A  | 75477 | 4270489 |
| Allient, Inc.  | 36136 | 1975916 |
| Alta Equipment Group, Inc.  | 50650 | 309978 |
| Ameresco, Inc., Class A \* | 80166 | 3168160 |
| American Superconductor Corp. \* | 109190 | 6467324 |
| American Woodmark Corp. \* | 35829 | 2283382 |
| Amprius Technologies, Inc. \* | 230911 | 3253536 |
| Apogee Enterprises, Inc.  | 52515 | 1922574 |
| Archer Aviation, Inc., Class A \* | 1374761 | 15424818 |
| Arcosa, Inc.  | 121069 | 12349038 |
| Argan, Inc.  | 33080 | 10129427 |
| Array Technologies, Inc. \* | 379168 | 3283595 |
| Astec Industries, Inc.  | 56755 | 2640810 |
| Astronics Corp. \* | 75560 | 3716041 |
| Atkore, Inc.  | 83994 | 5816584 |
| Atmus Filtration Technologies, Inc.  | 208320 | 9474394 |
| AZZ, Inc.  | 74141 | 7402979 |
| Bloom Energy Corp., Class A \* | 535619 | 70787407 |
| Blue Bird Corp. \* | 79246 | 3959130 |
| BlueLinx Holdings, Inc. \* | 19041 | 1246043 |
| Boise Cascade Co.  | 94406 | 6654679 |
| Bowman Consulting Group Ltd., <br> Class A \*<br>| 35309 | 1528527 |
| Brookfield Business Corp., Class A  | 58179 | 2121206 |
| Byrna Technologies, Inc. \* | 45585 | 923096 |
| Cadre Holdings, Inc.  | 70624 | 2998695 |
| Centuri Holdings, Inc. \* | 175680 | 3546979 |
| Chart Industries, Inc. \* | 112862 | 22529512 |
| Columbus McKinnon Corp.  | 70698 | 1147429 |
| Concrete Pumping Holdings, Inc.  | 54532 | 348459 |
| Construction Partners, Inc., Class A \* | 116941 | 13372203 |
| CSW Industrials, Inc.  | 40653 | 10180324 |
| Custom Truck One Source, Inc. \* | 151506 | 892370 |
| Distribution Solutions Group, Inc. \* | 24546 | 671088 |
| DNOW, Inc. \* | 259591 | 3815988 |
| Douglas Dynamics, Inc.  | 56779 | 1716429 |
| Ducommun, Inc. \* | 34325 | 3149319 |
| DXP Enterprises, Inc. \* | 32444 | 3881925 |
| Dycom Industries, Inc. \* | 69943 | 20128896 |
| Eastern Co.  | 14235 | 303917 |
| Energy Recovery, Inc. \* | 132888 | 2273714 |
| Enerpac Tool Group Corp., Class A  | 135225 | 5549634 |
| EnerSys  | 95863 | 12094076 |
| Enovix Corp. \* | 410537 | 4922339 |
| Enpro, Inc.  | 52689 | 12224375 |
| Eos Energy Enterprises, Inc. *\*(a)* | 635119 | 10180958 |
| ESCO Technologies, Inc.  | 64868 | 14236580 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Eve Holding, Inc. \* | 130028 | 566922 |
| EVI Industries, Inc.  | 12531 | 337585 |
| Federal Signal Corp.  | 149877 | 17689982 |
| Fluence Energy, Inc. \* | 189999 | 3989979 |
| Fluor Corp. \* | 409269 | 19960049 |
| Franklin Electric Co., Inc.  | 99628 | 9441746 |
| GATX Corp.  | 89585 | 14051407 |
| Gencor Industries, Inc. \* | 25595 | 347836 |
| Gibraltar Industries, Inc. \* | 74572 | 4652547 |
| Global Industrial Co.  | 36072 | 1025166 |
| Gorman-Rupp Co.  | 52515 | 2361600 |
| Graham Corp. \* | 26110 | 1626392 |
| Granite Construction, Inc.  | 109134 | 11230980 |
| Great Lakes Dredge & Dock Corp. \* | 165568 | 1879197 |
| Greenbrier Cos., Inc.  | 75366 | 3148038 |
| Griffon Corp.  | 95806 | 7090602 |
| Helios Technologies, Inc.  | 82831 | 4585524 |
| Herc Holdings, Inc.  | 81493 | 11576081 |
| Hillenbrand, Inc.  | 176000 | 5561600 |
| Hillman Solutions Corp. \* | 494428 | 4558626 |
| Hudson Technologies, Inc. \* | 97424 | 884123 |
| Hyliion Holdings Corp. \* | 307289 | 728275 |
| Hyster-Yale, Inc.  | 29282 | 1052395 |
| IES Holdings, Inc. \* | 22543 | 8834151 |
| Insteel Industries, Inc.  | 46147 | 1441632 |
| Intuitive Machines, Inc., Class A \* | 272899 | 3255685 |
| Janus International Group, Inc. \* | 337808 | 3242957 |
| JBT Marel Corp.  | 130389 | 16442053 |
| JELD-WEN Holding, Inc. \* | 212036 | 920236 |
| Kadant, Inc.  | 29402 | 8134357 |
| Karat Packaging, Inc.  | 21329 | 512323 |
| Kennametal, Inc.  | 189753 | 4165078 |
| Kratos Defense & Security Solutions, <br> Inc. \*<br>| 416016 | 37691050 |
| KULR Technology Group, Inc. *\*(a)* | 89369 | 342283 |
| L.B. Foster Co., Class A \* | 25520 | 699248 |
| Limbach Holdings, Inc. \* | 26572 | 2510523 |
| Lindsay Corp.  | 27084 | 3012824 |
| LSI Industries, Inc.  | 66811 | 1529304 |
| Luxfer Holdings PLC  | 66698 | 813716 |
| Manitowoc Co., Inc. \* | 86106 | 875698 |
| Masterbrand, Inc. \* | 317207 | 4006324 |
| Matrix Service Co. \* | 67576 | 1014991 |
| Mayville Engineering Co., Inc. \* | 35804 | 638027 |
| McGrath RentCorp  | 61314 | 6587576 |
| Mercury Systems, Inc. \* | 129851 | 10051766 |
| Microvast Holdings, Inc. \* | 496206 | 2704323 |
| Miller Industries, Inc.  | 27811 | 1116334 |
| Moog, Inc., Class A  | 70195 | 14379446 |
| MRC Global, Inc. \* | 208838 | 2913290 |
| Mueller Water Products, Inc., Class A  | 389178 | 9986307 |
| MYR Group, Inc. \* | 38489 | 8379055 |
| NANO Nuclear Energy, Inc. *\*(a)* | 77717 | 3694666 |
| National Presto Industries, Inc.  | 12918 | 1381838 |
| Net Power, Inc. *\*(a)* | 84845 | 324108 |
| NEXTracker, Inc., Class A \* | 364060 | 36850153 |
| NPK International, Inc. \* | 196190 | 2413137 |
| NuScale Power Corp. *\*(a)* | 315761 | 14168196 |
| NWPX Infrastructure, Inc. \* | 24383 | 1466881 |
| Omega Flex, Inc.  | 8273 | 228748 |
| Orion Group Holdings, Inc. \* | 95283 | 1026198 |
| Palladyne AI Corp. *\*(a)* | 59484 | 497881 |
| Park Aerospace Corp.  | 45377 | 869423 |
| Park-Ohio Holdings Corp.  | 24654 | 508612 |
| Plug Power, Inc. \* | 2722452 | 7323396 |
| Powell Industries, Inc.  | 23825 | 9134267 |
| Power Solutions International, Inc. \* | 16166 | 1384133 |
| Preformed Line Products Co.  | 6030 | 1279023 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**29**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Primoris Services Corp.  | 135014 | 19107181 |
| Proto Labs, Inc. \* | 59407 | 2956092 |
| Quanex Building Products Corp.  | 115079 | 1635273 |
| Redwire Corp. *\*(a)* | 123581 | 972582 |
| Resideo Technologies, Inc. \* | 344261 | 14734371 |
| REV Group, Inc.  | 121054 | 6206439 |
| Richtech Robotics, Inc., Class B *\*(a)* | 172669 | 832265 |
| Rush Enterprises, Inc., Class A  | 175731 | 8682869 |
| Satellogic, Inc., Class A \* | 173457 | 331303 |
| Shoals Technologies Group, Inc., <br> Class A \*<br>| 417321 | 4386044 |
| SKYX Platforms Corp. \* | 153913 | 270887 |
| Southland Holdings, Inc. \* | 31438 | 140528 |
| SPX Technologies, Inc. \* | 120321 | 26938669 |
| Standex International Corp.  | 30011 | 6999465 |
| Sterling Infrastructure, Inc. \* | 74437 | 28129742 |
| SunPower, Inc. *\*(a)* | 150675 | 271215 |
| Sunrun, Inc. \* | 522838 | 10854117 |
| T1 Energy, Inc. \* | 276372 | 1028104 |
| Tecnoglass, Inc.  | 60661 | 3617215 |
| Tennant Co.  | 46930 | 3754400 |
| Terex Corp.  | 160880 | 7403698 |
| Thermon Group Holdings, Inc. \* | 81805 | 2350258 |
| Titan International, Inc. \* | 122356 | 923788 |
| Titan Machinery, Inc. \* | 51993 | 852685 |
| Transcat, Inc. \* | 22875 | 1661869 |
| Trinity Industries, Inc.  | 204097 | 5586135 |
| Tutor Perini Corp. \* | 111184 | 7489354 |
| UFP Industries, Inc.  | 150503 | 13865841 |
| V2X, Inc. \* | 48357 | 2760701 |
| Vicor Corp. \* | 58231 | 5283299 |
| Voyager Technologies, Inc., Class A \* | 34312 | 1049261 |
| VSE Corp.  | 56428 | 10195411 |
| Wabash National Corp.  | 103222 | 827840 |
| Watts Water Technologies, Inc., Class A  | 68531 | 18681551 |
| Willis Lease Finance Corp.  | 7093 | 910599 |
| Worthington Enterprises, Inc.  | 78598 | 4408562 |
| Xometry, Inc., Class A \* | 108708 | 5292992 |
| Zurn Elkay Water Solutions Corp.  | 375160 | 17673788 |
|  |  | **992174515** |
| **Commercial & Professional Services 3.2%** | **Commercial & Professional Services 3.2%** | **Commercial & Professional Services 3.2%** |
| ABM Industries, Inc.  | 154607 | 6648101 |
| ACCO Brands Corp.  | 218608 | 821966 |
| Acme United Corp.  | 8194 | 311454 |
| ACV Auctions, Inc., Class A \* | 419986 | 3809273 |
| Alight, Inc., Class A  | 1076068 | 3099076 |
| Asure Software, Inc. \* | 63421 | 561276 |
| Barrett Business Services, Inc.  | 62357 | 2523588 |
| BlackSky Technology, Inc. \* | 77505 | 1636906 |
| BrightView Holdings, Inc. \* | 179033 | 2205686 |
| Brink's Co.  | 104946 | 11665797 |
| Casella Waste Systems, Inc., Class A \* | 156672 | 13876439 |
| CBIZ, Inc. \* | 123436 | 6788980 |
| CECO Environmental Corp. \* | 73039 | 3570877 |
| Cimpress PLC \* | 37247 | 2577865 |
| CompX International, Inc.  | 3107 | 69876 |
| Conduent, Inc. \* | 374586 | 891515 |
| CoreCivic, Inc. \* | 269792 | 4999246 |
| CRA International, Inc.  | 16478 | 3138894 |
| CSG Systems International, Inc.  | 69209 | 5416988 |
| Deluxe Corp.  | 109477 | 1982628 |
| Ennis, Inc.  | 60898 | 998727 |
| Enviri Corp. \* | 188517 | 2301793 |
| Exponent, Inc.  | 126860 | 8982957 |
| First Advantage Corp. \* | 196766 | 2485155 |
| Forrester Research, Inc. \* | 29599 | 211041 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Franklin Covey Co. \* | 27533 | 467510 |
| GEO Group, Inc. \* | 337541 | 5728071 |
| Healthcare Services Group, Inc. \* | 182107 | 3254252 |
| Heidrick & Struggles International, Inc.  | 51098 | 2982590 |
| HireQuest, Inc.  | 14505 | 123728 |
| HNI Corp.  | 113055 | 4626211 |
| Huron Consulting Group, Inc. \* | 42541 | 6995442 |
| IBEX Holdings Ltd. \* | 26883 | 1004618 |
| ICF International, Inc.  | 45871 | 3682524 |
| Innodata, Inc. \* | 76803 | 5730272 |
| Insperity, Inc.  | 90152 | 3977506 |
| Interface, Inc., Class A  | 144394 | 3595411 |
| Kelly Services, Inc., Class A  | 74357 | 833542 |
| Kforce, Inc.  | 44115 | 1116109 |
| Korn Ferry  | 128895 | 8339506 |
| Legalzoom.com, Inc. \* | 296275 | 2953862 |
| Liquidity Services, Inc. \* | 57276 | 1371187 |
| Maximus, Inc.  | 141080 | 11726570 |
| MillerKnoll, Inc.  | 168255 | 2628143 |
| Mistras Group, Inc. \* | 41215 | 393191 |
| Mobile Infrastructure Corp. \* | 36151 | 123636 |
| Montrose Environmental Group, Inc. \* | 79993 | 2070219 |
| NL Industries, Inc.  | 19332 | 116959 |
| OPENLANE, Inc. \* | 265602 | 7017205 |
| Perma-Fix Environmental Services, Inc. \* | 43197 | 591367 |
| Pitney Bowes, Inc.  | 430735 | 4255662 |
| Planet Labs PBC \* | 583005 | 7841417 |
| Quad/Graphics, Inc.  | 71919 | 396274 |
| RCM Technologies, Inc. \* | 12263 | 283275 |
| Resolute Holdings Management, Inc. \* | 10610 | 781533 |
| Resources Connection, Inc.  | 82771 | 364192 |
| Skillsoft Corp. \* | 11108 | 145848 |
| Spire Global, Inc., Class A *\*(a)* | 69168 | 752548 |
| Steelcase, Inc., Class A  | 209014 | 3335863 |
| TIC Solutions, Inc. \* | 425084 | 5156269 |
| TriNet Group, Inc.  | 74786 | 4487160 |
| TrueBlue, Inc. *\*(c)* | 70857 | 335862 |
| TTEC Holdings, Inc. \* | 49634 | 173223 |
| UniFirst Corp.  | 37695 | 5818223 |
| Upwork, Inc. \* | 307523 | 4901917 |
| Verra Mobility Corp., Class A \* | 398473 | 9248558 |
| Vestis Corp.  | 288080 | 1512420 |
| Virco Mfg. Corp.  | 26407 | 193299 |
| Willdan Group, Inc. \* | 34692 | 3278741 |
|  |  | **226288019** |
| **Consumer Discretionary Distribution & Retail 2.2%** | **Consumer Discretionary Distribution & Retail 2.2%** | **Consumer Discretionary Distribution & Retail 2.2%** |
| 1-800-Flowers.com, Inc., Class A *\*(a)* | 53747 | 193489 |
| Abercrombie & Fitch Co., Class A \* | 117619 | 8533258 |
| Academy Sports & Outdoors, Inc.  | 165587 | 7929961 |
| Advance Auto Parts, Inc.  | 149789 | 7059556 |
| A-Mark Precious Metals, Inc.  | 47650 | 1266537 |
| American Eagle Outfitters, Inc.  | 405976 | 6783859 |
| America's Car-Mart, Inc. \* | 19012 | 422827 |
| Arhaus, Inc. \* | 126386 | 1266388 |
| Arko Corp.  | 193272 | 851363 |
| Asbury Automotive Group, Inc. \* | 48964 | 11486954 |
| BARK, Inc. \* | 224163 | 203495 |
| Barnes & Noble Education, Inc. \* | 41542 | 379278 |
| Bed Bath & Beyond, Inc. \* | 138299 | 1066285 |
| Boot Barn Holdings, Inc. \* | 76838 | 14572327 |
| Buckle, Inc.  | 79021 | 4330351 |
| Build-A-Bear Workshop, Inc.  | 30824 | 1671277 |
| Caleres, Inc.  | 83625 | 923220 |
| Camping World Holdings, Inc., Class A  | 149237 | 1963959 |
| Citi Trends, Inc. \* | 11954 | 428192 |
| Designer Brands, Inc., Class A  | 82004 | 302595 |

---

*See financial notes*

**30**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Envela Corp. \* | 15964 | 145113 |
| EVgo, Inc., Class A \* | 321015 | 1319372 |
| Genesco, Inc. \* | 24353 | 706481 |
| GigaCloud Technology, Inc., Class A \* | 62007 | 1734956 |
| Group 1 Automotive, Inc.  | 31405 | 12484744 |
| Groupon, Inc., Class A \* | 62542 | 1258970 |
| Haverty Furniture Cos., Inc.  | 33342 | 727189 |
| J Jill, Inc.  | 18892 | 284702 |
| Kohl's Corp.  | 272430 | 4432436 |
| Lands' End, Inc. \* | 29613 | 466109 |
| MarineMax, Inc. \* | 47577 | 1178482 |
| Monro, Inc.  | 74604 | 1092949 |
| National Vision Holdings, Inc. \* | 194844 | 5017233 |
| ODP Corp. \* | 69149 | 1927874 |
| OneWater Marine, Inc., Class A \* | 27791 | 431594 |
| Petco Health & Wellness Co., Inc., <br> Class A \*<br>| 196967 | 626355 |
| RealReal, Inc. \* | 236369 | 2886065 |
| Revolve Group, Inc. \* | 100563 | 2224454 |
| Sally Beauty Holdings, Inc. \* | 252384 | 3813522 |
| Savers Value Village, Inc. \* | 95753 | 881885 |
| Shoe Carnival, Inc.  | 44572 | 817005 |
| Signet Jewelers Ltd.  | 99911 | 9876202 |
| Sleep Number Corp. \* | 47771 | 262741 |
| Sonic Automotive, Inc., Class A  | 37101 | 2357027 |
| Stitch Fix, Inc., Class A \* | 268962 | 1126951 |
| ThredUp, Inc., Class A \* | 230772 | 2028486 |
| Tile Shop Holdings, Inc. \* | 72599 | 454470 |
| Torrid Holdings, Inc. *\*(a)* | 84585 | 105731 |
| Upbound Group, Inc.  | 130299 | 2525195 |
| Urban Outfitters, Inc. \* | 152640 | 9862070 |
| Victoria's Secret & Co. \* | 172408 | 6077382 |
| Warby Parker, Inc., Class A \* | 245746 | 4814164 |
| Weyco Group, Inc.  | 14683 | 420962 |
| Winmark Corp.  | 7399 | 2983055 |
| Zumiez, Inc. \* | 35645 | 771714 |
|  |  | **159758811** |
| **Consumer Durables & Apparel 2.7%** | **Consumer Durables & Apparel 2.7%** | **Consumer Durables & Apparel 2.7%** |
| Acushnet Holdings Corp.  | 68845 | 5323784 |
| American Outdoor Brands, Inc. \* | 30672 | 210717 |
| Bassett Furniture Industries, Inc.  | 19997 | 294956 |
| Beazer Homes USA, Inc. \* | 69945 | 1566768 |
| Capri Holdings Ltd. \* | 290621 | 6030386 |
| Carter's, Inc.  | 89093 | 2797520 |
| Cavco Industries, Inc. \* | 19028 | 10081034 |
| Century Communities, Inc.  | 65064 | 3864802 |
| Champion Homes, Inc. \* | 142913 | 9750954 |
| Clarus Corp.  | 70655 | 235988 |
| Cricut, Inc., Class A  | 115852 | 615174 |
| Dream Finders Homes, Inc., Class A \* | 74578 | 1476644 |
| Ermenegildo Zegna NV  | 154091 | 1573269 |
| Escalade, Inc.  | 24983 | 287554 |
| Ethan Allen Interiors, Inc.  | 57447 | 1388494 |
| Figs, Inc., Class A \* | 222117 | 1656993 |
| Flexsteel Industries, Inc.  | 9324 | 318788 |
| Funko, Inc., Class A \* | 88899 | 277365 |
| G-III Apparel Group Ltd. \* | 96456 | 2589844 |
| Green Brick Partners, Inc. \* | 78033 | 5051856 |
| Hamilton Beach Brands Holding Co., <br> Class A <br>| 17997 | 253218 |
| Hanesbrands, Inc. \* | 878201 | 5804909 |
| Helen of Troy Ltd. \* | 56835 | 1058836 |
| Hovnanian Enterprises, Inc., Class A \* | 11872 | 1427371 |
| Installed Building Products, Inc.  | 58521 | 14526668 |
| JAKKS Pacific, Inc.  | 22505 | 382585 |
| Johnson Outdoors, Inc., Class A  | 13544 | 551647 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| KB Home  | 165527 | 10332195 |
| Kontoor Brands, Inc.  | 137336 | 11113229 |
| Lakeland Industries, Inc.  | 22664 | 373049 |
| Latham Group, Inc. \* | 112951 | 818895 |
| La-Z-Boy, Inc.  | 103066 | 3267192 |
| Legacy Housing Corp. \* | 21265 | 477506 |
| Leggett & Platt, Inc.  | 331434 | 3095593 |
| LGI Homes, Inc. \* | 51565 | 2104368 |
| Lovesac Co. \* | 32081 | 444963 |
| M/I Homes, Inc. \* | 65110 | 8151121 |
| Malibu Boats, Inc., Class A \* | 46030 | 1282856 |
| Marine Products Corp.  | 20561 | 173740 |
| MasterCraft Boat Holdings, Inc. \* | 40620 | 814837 |
| Meritage Homes Corp.  | 177124 | 11966497 |
| Movado Group, Inc.  | 37268 | 678650 |
| Outdoor Holding Co. \* | 208396 | 333434 |
| Oxford Industries, Inc.  | 35446 | 1306185 |
| Peloton Interactive, Inc., Class A \* | 942187 | 6840278 |
| Polaris, Inc.  | 133037 | 8793746 |
| Rocky Brands, Inc.  | 17067 | 481119 |
| Smith & Wesson Brands, Inc.  | 109341 | 1048033 |
| Sonos, Inc. \* | 293858 | 5045542 |
| Steven Madden Ltd.  | 179367 | 6082335 |
| Sturm Ruger & Co., Inc.  | 39718 | 1684440 |
| Superior Group of Cos., Inc.  | 28560 | 266750 |
| Taylor Morrison Home Corp., Class A \* | 242543 | 14375524 |
| Topgolf Callaway Brands Corp. \* | 329588 | 3101423 |
| Traeger, Inc. \* | 82940 | 76305 |
| Tri Pointe Homes, Inc. \* | 215502 | 6863739 |
| Wolverine World Wide, Inc.  | 201509 | 4574254 |
|  |  | **195365922** |
| **Consumer Services 2.7%** | **Consumer Services 2.7%** | **Consumer Services 2.7%** |
| Accel Entertainment, Inc., Class A \* | 133849 | 1363921 |
| Adtalem Global Education, Inc. \* | 88439 | 8668791 |
| American Public Education, Inc. \* | 43643 | 1461604 |
| Bally's Corp. *\*(a)* | 18267 | 332642 |
| Biglari Holdings, Inc., Class B \* | 1679 | 606640 |
| BJ's Restaurants, Inc. \* | 50343 | 1709648 |
| Bloomin' Brands, Inc.  | 209258 | 1429232 |
| Brightstar Lottery PLC  | 278957 | 4647424 |
| Brinker International, Inc. \* | 110322 | 11987589 |
| Carriage Services, Inc., Class A  | 35524 | 1587923 |
| Cheesecake Factory, Inc.  | 115503 | 5752049 |
| Coursera, Inc. \* | 345944 | 2912848 |
| Cracker Barrel Old Country Store, Inc.  | 55239 | 1861554 |
| Dave & Buster's Entertainment, Inc. \* | 67980 | 998626 |
| Denny's Corp. \* | 124060 | 485075 |
| Dine Brands Global, Inc.  | 38379 | 948729 |
| Driven Brands Holdings, Inc. \* | 148028 | 2124202 |
| El Pollo Loco Holdings, Inc. \* | 66683 | 681500 |
| European Wax Center, Inc., Class A \* | 71928 | 280519 |
| First Watch Restaurant Group, Inc. \* | 113330 | 1868812 |
| Frontdoor, Inc. \* | 185451 | 12319510 |
| Genius Sports Ltd. \* | 546584 | 6154536 |
| Global Business Travel Group I \* | 234105 | 1840065 |
| Golden Entertainment, Inc.  | 49337 | 996607 |
| Graham Holdings Co., Class B  | 8016 | 8113234 |
| Hilton Grand Vacations, Inc. \* | 144050 | 5970873 |
| Inspired Entertainment, Inc. \* | 61860 | 467043 |
| Jack in the Box, Inc.  | 46792 | 750544 |
| KinderCare Learning Cos., Inc. \* | 78725 | 464478 |
| Krispy Kreme, Inc.  | 194744 | 699131 |
| Kura Sushi USA, Inc., Class A \* | 15808 | 899949 |
| Laureate Education, Inc. \* | 321083 | 9321040 |
| Life Time Group Holdings, Inc. \* | 338766 | 8377683 |
| Lincoln Educational Services Corp. \* | 73977 | 1436633 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**31**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Lindblad Expeditions Holdings, Inc. \* | 92340 | 1113620 |
| Marriott Vacations Worldwide Corp.  | 69599 | 4592142 |
| Matthews International Corp., Class A  | 74394 | 1742307 |
| McGraw Hill, Inc. \* | 58250 | 650070 |
| Mister Car Wash, Inc. \* | 248164 | 1387237 |
| Monarch Casino & Resort, Inc.  | 31834 | 2867288 |
| Nathan's Famous, Inc.  | 7226 | 764728 |
| Nerdy, Inc. \* | 145277 | 143810 |
| OneSpaWorld Holdings Ltd.  | 237013 | 5515293 |
| Papa John's International, Inc.  | 81530 | 4142539 |
| Perdoceo Education Corp.  | 153700 | 4881512 |
| Portillo's, Inc., Class A \* | 149029 | 797305 |
| Pursuit Attractions & Hospitality, Inc. \* | 52633 | 1867419 |
| RCI Hospitality Holdings, Inc.  | 19729 | 491449 |
| Red Rock Resorts, Inc., Class A  | 122005 | 6504087 |
| Rush Street Interactive, Inc. \* | 222010 | 3765290 |
| Sabre Corp. \* | 903703 | 1848073 |
| Serve Robotics, Inc. *\*(a)* | 117634 | 1556298 |
| Shake Shack, Inc., Class A \* | 97020 | 9363400 |
| Six Flags Entertainment Corp. \* | 239662 | 5507433 |
| Strategic Education, Inc.  | 58338 | 4432521 |
| Stride, Inc. \* | 106657 | 7256942 |
| Super Group SGHC Ltd.  | 398440 | 4303152 |
| Sweetgreen, Inc., Class A \* | 258373 | 1625166 |
| Target Hospitality Corp. \* | 78102 | 600604 |
| Udemy, Inc. \* | 239370 | 1363212 |
| United Parks & Resorts, Inc. \* | 67497 | 3266855 |
| Universal Technical Institute, Inc. \* | 116499 | 3462350 |
| Xponential Fitness, Inc., Class A \* | 68995 | 463646 |
| Zspace, Inc. \* | 5265 | 4998 |
|  |  | **195801400** |
| **Consumer Staples Distribution & Retail 0.5%** | **Consumer Staples Distribution & Retail 0.5%** | **Consumer Staples Distribution & Retail 0.5%** |
| Andersons, Inc.  | 81341 | 3766902 |
| Chefs' Warehouse, Inc. \* | 91053 | 5372127 |
| Grocery Outlet Holding Corp. \* | 236702 | 3221514 |
| Guardian Pharmacy Services, Inc., <br> Class A \*<br>| 48745 | 1366810 |
| HF Foods Group, Inc. \* | 99321 | 214533 |
| Ingles Markets, Inc., Class A  | 36409 | 2515862 |
| Natural Grocers by Vitamin Cottage, Inc.  | 31867 | 1022612 |
| PriceSmart, Inc.  | 64086 | 7366045 |
| United Natural Foods, Inc. \* | 149290 | 5620768 |
| Village Super Market, Inc., Class A  | 22326 | 700367 |
| Weis Markets, Inc.  | 41037 | 2599284 |
|  |  | **33766824** |
| **Energy 5.0%** | **Energy 5.0%** | **Energy 5.0%** |
| Archrock, Inc.  | 412585 | 10426023 |
| Ardmore Shipping Corp.  | 86141 | 1084515 |
| Atlas Energy Solutions, Inc., Class A  | 191702 | 2373271 |
| Berry Corp.  | 188318 | 634632 |
| BKV Corp. \* | 42056 | 992101 |
| Borr Drilling Ltd. \* | 617688 | 1914833 |
| Bristow Group, Inc. \* | 70652 | 2875536 |
| Cactus, Inc., Class A  | 171184 | 7561197 |
| California Resources Corp.  | 169121 | 7977438 |
| Calumet, Inc. \* | 171621 | 3356907 |
| Centrus Energy Corp., Class A \* | 39236 | 14417661 |
| Clean Energy Fuels Corp. \* | 437137 | 1250212 |
| CNX Resources Corp. \* | 341387 | 11491086 |
| Comstock Resources, Inc. \* | 185315 | 3474656 |
| Core Laboratories, Inc.  | 117158 | 1867499 |
| Core Natural Resources, Inc.  | 130053 | 10274187 |
| Crescent Energy Co., Class A  | 446004 | 3759814 |
| CVR Energy, Inc. \* | 77169 | 2746445 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Delek U.S. Holdings, Inc.  | 149030 | 5627373 |
| DHT Holdings, Inc.  | 318086 | 4224182 |
| Diversified Energy Co. PLC  | 144411 | 1826799 |
| DMC Global, Inc. \* | 49852 | 401807 |
| Dorian LPG Ltd.  | 93133 | 2686887 |
| Empire Petroleum Corp. \* | 39376 | 118522 |
| Encore Energy Corp. \* | 455723 | 1408184 |
| Energy Fuels, Inc. \* | 535266 | 10978306 |
| Energy Services of America Corp.  | 29397 | 322191 |
| Epsilon Energy Ltd.  | 47659 | 228763 |
| Evolution Petroleum Corp.  | 79550 | 348429 |
| Excelerate Energy, Inc., Class A  | 57736 | 1495940 |
| Expro Group Holdings NV \* | 257471 | 3496456 |
| FLEX LNG Ltd. *\*(a)* | 78015 | 2026050 |
| Flowco Holdings, Inc., Class A  | 49992 | 809870 |
| Forum Energy Technologies, Inc. \* | 28085 | 752116 |
| FutureFuel Corp.  | 62845 | 246981 |
| Gevo, Inc. *\*(a)* | 582902 | 1363991 |
| Golar LNG Ltd.  | 249329 | 10234955 |
| Granite Ridge Resources, Inc.  | 132994 | 702208 |
| Green Plains, Inc. \* | 158946 | 1633965 |
| Gulfport Energy Corp. \* | 39720 | 7388317 |
| Helix Energy Solutions Group, Inc. \* | 346270 | 2326934 |
| Helmerich & Payne, Inc.  | 241246 | 6335120 |
| HighPeak Energy, Inc. *(a)* | 45703 | 303925 |
| Infinity Natural Resources, Inc., Class A \* | 39316 | 451348 |
| Innovex International, Inc. \* | 96816 | 1943097 |
| International Seaways, Inc.  | 100390 | 5142980 |
| Kinetik Holdings, Inc., Class A *(a)* | 110818 | 4267601 |
| Kodiak Gas Services, Inc.  | 168241 | 6204728 |
| Kolibri Global Energy, Inc. \* | 74565 | 325849 |
| Kosmos Energy Ltd. \* | 1171708 | 1839582 |
| Liberty Energy, Inc., Class A  | 394085 | 7136879 |
| Lightbridge Corp. \* | 52691 | 1413700 |
| Magnolia Oil & Gas Corp., Class A  | 464817 | 10439790 |
| Mammoth Energy Services, Inc. \* | 59935 | 122267 |
| Murphy Oil Corp.  | 337252 | 9544232 |
| Nabors Industries Ltd. \* | 38093 | 1848272 |
| NACCO Industries, Inc., Class A  | 9700 | 410116 |
| National Energy Services Reunited <br> Corp. \*<br>| 153095 | 1932059 |
| Natural Gas Services Group, Inc.  | 25655 | 714235 |
| Navigator Holdings Ltd.  | 81906 | 1346535 |
| New Fortress Energy, Inc. *\*(a)* | 420837 | 542880 |
| NextDecade Corp. \* | 331609 | 1966441 |
| NextNRG, Inc. \* | 43775 | 87112 |
| Noble Corp. PLC  | 315084 | 9247715 |
| Nordic American Tankers Ltd.  | 513944 | 1891314 |
| Northern Oil & Gas, Inc.  | 242164 | 5359089 |
| Oceaneering International, Inc. \* | 235051 | 5474338 |
| Oil States International, Inc. \* | 146374 | 873853 |
| OPAL Fuels, Inc., Class A \* | 53148 | 128087 |
| Par Pacific Holdings, Inc. \* | 126461 | 5055911 |
| Patterson-UTI Energy, Inc.  | 880681 | 5521870 |
| PBF Energy, Inc., Class A  | 209367 | 7154070 |
| Peabody Energy Corp.  | 305398 | 8374013 |
| Prairie Operating Co. *\*(a)* | 54175 | 111059 |
| PrimeEnergy Resources Corp. \* | 830 | 112249 |
| ProFrac Holding Corp., Class A \* | 30866 | 168837 |
| ProPetro Holding Corp. \* | 199533 | 2071153 |
| Ranger Energy Services, Inc., Class A  | 49881 | 685365 |
| REX American Resources Corp. \* | 73414 | 2351450 |
| Riley Exploration Permian, Inc.  | 32842 | 854549 |
| RPC, Inc.  | 226042 | 1175418 |
| Sable Offshore Corp. \* | 188128 | 1967819 |
| SandRidge Energy, Inc.  | 90383 | 1076462 |
| Scorpio Tankers, Inc.  | 111102 | 6854993 |
| SEACOR Marine Holdings, Inc. \* | 50925 | 323883 |

---

*See financial notes*

**32**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Seadrill Ltd. \* | 156765 | 4947503 |
| Select Water Solutions, Inc.  | 232700 | 2690012 |
| SFL Corp. Ltd.  | 302559 | 2257090 |
| SM Energy Co.  | 284986 | 5953358 |
| Solaris Energy Infrastructure, Inc.  | 90749 | 4830569 |
| Summit Midstream Corp. \* | 23260 | 509859 |
| Talos Energy, Inc. \* | 298857 | 2931787 |
| Teekay Corp. Ltd.  | 130246 | 1252967 |
| Teekay Tankers Ltd., Class A  | 59878 | 3652558 |
| TETRA Technologies, Inc. \* | 317889 | 2244296 |
| Tidewater, Inc. \* | 122995 | 6222317 |
| Transocean Ltd. \* | 2122900 | 8151936 |
| Uranium Energy Corp. \* | 1061802 | 16065064 |
| VAALCO Energy, Inc.  | 259493 | 1019807 |
| Valaris Ltd. \* | 158999 | 8923024 |
| Verde Clean Fuels, Inc. \* | 5783 | 19200 |
| Vital Energy, Inc. \* | 73196 | 1149909 |
| Vitesse Energy, Inc.  | 74176 | 1613328 |
| W&T Offshore, Inc.  | 252324 | 529880 |
| World Kinect Corp.  | 137247 | 3547835 |
| XCF Global, Inc., Class A \* | 89675 | 79049 |
|  |  | **358870832** |
| **Equity Real Estate Investment Trusts (REITs) 4.9%** | **Equity Real Estate Investment Trusts (REITs) 4.9%** | **Equity Real Estate Investment Trusts (REITs) 4.9%** |
| Acadia Realty Trust  | 329887 | 6290945 |
| Alexander & Baldwin, Inc.  | 182077 | 2907770 |
| Alexander's, Inc.  | 5341 | 1179987 |
| Alpine Income Property Trust, Inc.  | 31918 | 468556 |
| American Assets Trust, Inc.  | 130373 | 2491428 |
| American Healthcare REIT, Inc.  | 397314 | 18006271 |
| Apartment Investment & Management <br> Co., Class A <br>| 327041 | 1739858 |
| Apple Hospitality REIT, Inc.  | 558783 | 6252782 |
| Armada Hoffler Properties, Inc.  | 201428 | 1317339 |
| Braemar Hotels & Resorts, Inc.  | 147833 | 376974 |
| Brandywine Realty Trust  | 434028 | 1488716 |
| Broadstone Net Lease, Inc.  | 473428 | 8483830 |
| BRT Apartments Corp.  | 26586 | 391080 |
| CareTrust REIT, Inc.  | 531744 | 18424930 |
| CBL & Associates Properties, Inc.  | 45890 | 1356967 |
| Centerspace  | 42189 | 2499698 |
| Chatham Lodging Trust  | 115507 | 739245 |
| City Office REIT, Inc.  | 96003 | 662421 |
| Clipper Realty, Inc.  | 32924 | 128074 |
| Community Healthcare Trust, Inc.  | 67464 | 989022 |
| COPT Defense Properties  | 284326 | 8009463 |
| CTO Realty Growth, Inc.  | 76965 | 1283776 |
| Curbline Properties Corp.  | 243286 | 5610175 |
| DiamondRock Hospitality Co.  | 512767 | 4009838 |
| Diversified Healthcare Trust  | 551109 | 2347724 |
| Douglas Emmett, Inc.  | 404486 | 5234049 |
| Easterly Government Properties, Inc.  | 103187 | 2230903 |
| Elme Communities  | 219492 | 3610643 |
| Empire State Realty Trust, Inc., Class A  | 343190 | 2536174 |
| Essential Properties Realty Trust, Inc.  | 496173 | 14825649 |
| Farmland Partners, Inc.  | 104149 | 1044614 |
| Four Corners Property Trust, Inc.  | 248932 | 5884752 |
| Franklin Street Properties Corp.  | 191734 | 230081 |
| FrontView REIT, Inc.  | 48367 | 643281 |
| Getty Realty Corp.  | 132297 | 3628907 |
| Gladstone Commercial Corp.  | 117130 | 1338796 |
| Gladstone Land Corp.  | 83666 | 758014 |
| Global Medical REIT, Inc.  | 31739 | 974387 |
| Global Net Lease, Inc.  | 497511 | 3791034 |
| Hudson Pacific Properties, Inc. \* | 929240 | 2267346 |
| Independence Realty Trust, Inc.  | 587039 | 9351531 |
| Industrial Logistics Properties Trust  | 133541 | 705096 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Innovative Industrial Properties, Inc.  | 69310 | 3475897 |
| InvenTrust Properties Corp.  | 194311 | 5324121 |
| JBG SMITH Properties  | 155717 | 3034924 |
| Kite Realty Group Trust  | 550512 | 12188336 |
| LTC Properties, Inc.  | 113080 | 3966846 |
| LXP Industrial Trust  | 727810 | 6906917 |
| Macerich Co.  | 633284 | 10860821 |
| Modiv Industrial, Inc.  | 23147 | 333780 |
| National Health Investors, Inc.  | 115367 | 8595995 |
| NET Lease Office Properties  | 36880 | 1082428 |
| NETSTREIT Corp.  | 236781 | 4408862 |
| NexPoint Diversified Real Estate Trust  | 90606 | 288127 |
| NexPoint Residential Trust, Inc.  | 56143 | 1721906 |
| One Liberty Properties, Inc.  | 45582 | 915742 |
| Outfront Media, Inc.  | 347728 | 6151308 |
| Paramount Group, Inc. \* | 465894 | 3046947 |
| Peakstone Realty Trust  | 92307 | 1247068 |
| Pebblebrook Hotel Trust  | 292152 | 3055910 |
| Phillips Edison & Co., Inc.  | 314854 | 10654659 |
| Piedmont Realty Trust, Inc., Class A  | 311715 | 2512423 |
| Plymouth Industrial REIT, Inc.  | 101767 | 2238874 |
| Postal Realty Trust, Inc., Class A  | 55399 | 820459 |
| PotlatchDeltic Corp.  | 195562 | 7822480 |
| RLJ Lodging Trust  | 367892 | 2501666 |
| Ryman Hospitality Properties, Inc.  | 153921 | 13377274 |
| Sabra Health Care REIT, Inc.  | 592885 | 10565211 |
| Safehold, Inc.  | 139033 | 2006246 |
| Saul Centers, Inc.  | 30200 | 894222 |
| Service Properties Trust *(c)* | 387943 | 830198 |
| Sila Realty Trust, Inc.  | 138697 | 3287119 |
| SITE Centers Corp.  | 126344 | 926102 |
| SL Green Realty Corp.  | 179284 | 9206233 |
| Smartstop Self Storage REIT, Inc.  | 77713 | 2669442 |
| Strawberry Fields REIT, Inc.  | 17949 | 208747 |
| Summit Hotel Properties, Inc.  | 270951 | 1392688 |
| Sunstone Hotel Investors, Inc.  | 474855 | 4202467 |
| Tanger, Inc.  | 278875 | 9080170 |
| Terreno Realty Corp.  | 255381 | 14589917 |
| UMH Properties, Inc.  | 198730 | 2889534 |
| Universal Health Realty Income Trust  | 32190 | 1230302 |
| Urban Edge Properties  | 317950 | 6114179 |
| Veris Residential, Inc.  | 198141 | 2845305 |
| Whitestone REIT  | 113172 | 1419177 |
| Xenia Hotels & Resorts, Inc.  | 246410 | 3030843 |
|  |  | **350433998** |
| **Financial Services 5.6%** | **Financial Services 5.6%** | **Financial Services 5.6%** |
| Acacia Research Corp. \* | 85241 | 295786 |
| Acadian Asset Management, Inc.  | 66910 | 3218371 |
| ACRES Commercial Realty Corp. \* | 15291 | 321111 |
| Adamas Trust, Inc.  | 214139 | 1428307 |
| Advanced Flower Capital, Inc.  | 43805 | 142366 |
| AG Mortgage Investment Trust, Inc.  | 67243 | 480115 |
| Alerus Financial Corp.  | 58903 | 1244031 |
| AlTi Global, Inc. \* | 106775 | 420694 |
| Angel Oak Mortgage REIT, Inc.  | 30456 | 276236 |
| Apollo Commercial Real Estate Finance, <br> Inc. <br>| 347110 | 3398207 |
| Arbor Realty Trust, Inc. *(a)* | 476625 | 4809146 |
| Ares Commercial Real Estate Corp.  | 128335 | 572374 |
| ARMOUR Residential REIT, Inc.  | 277431 | 4499931 |
| Artisan Partners Asset Management, <br> Inc., Class A <br>| 156381 | 6827594 |
| Atlanticus Holdings Corp. \* | 13418 | 739466 |
| Bakkt Holdings, Inc. \* | 27632 | 764577 |
| Banco Latinoamericano de Comercio <br> Exterior SA, Class E <br>| 71105 | 3058226 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**33**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Better Home & Finance Holding Co. *\*(a)* | 12778 | 935477 |
| BGC Group, Inc., Class A  | 904862 | 8270439 |
| Blackstone Mortgage Trust, Inc., Class A  | 405897 | 7500977 |
| Bread Financial Holdings, Inc.  | 116544 | 7301482 |
| BrightSpire Capital, Inc., Class A  | 324568 | 1674771 |
| Burford Capital Ltd.  | 502988 | 5004731 |
| Cannae Holdings, Inc.  | 143824 | 2571573 |
| Cantaloupe, Inc. \* | 147102 | 1553397 |
| Cass Information Systems, Inc.  | 29789 | 1177559 |
| Chicago Atlantic Real Estate Finance, <br> Inc. <br>| 45322 | 582841 |
| Chimera Investment Corp.  | 197343 | 2518097 |
| Claros Mortgage Trust, Inc. \* | 231577 | 741046 |
| Cohen & Steers, Inc.  | 69257 | 4731638 |
| Compass Diversified Holdings  | 165739 | 1057415 |
| Consumer Portfolio Services, Inc. \* | 22997 | 193175 |
| Dave, Inc. \* | 23138 | 5537386 |
| Diamond Hill Investment Group, Inc.  | 6225 | 798979 |
| DigitalBridge Group, Inc.  | 428114 | 5064589 |
| Donnelley Financial Solutions, Inc. \* | 66129 | 3038628 |
| Dynex Capital, Inc.  | 324221 | 4292686 |
| Ellington Financial, Inc.  | 229953 | 3062974 |
| Enact Holdings, Inc.  | 71688 | 2560695 |
| Encore Capital Group, Inc. \* | 56923 | 2366858 |
| Enova International, Inc. \* | 60229 | 7201582 |
| Essent Group Ltd.  | 243566 | 14752793 |
| EVERTEC, Inc.  | 160815 | 4578403 |
| Federal Agricultural Mortgage Corp., <br> Class C <br>| 23315 | 3698692 |
| Finance of America Cos., Inc., Class A \* | 11121 | 244662 |
| FirstCash Holdings, Inc.  | 98934 | 15681039 |
| Flywire Corp. \* | 292939 | 3901947 |
| Forge Global Holdings, Inc. \* | 25607 | 561818 |
| Franklin BSP Realty Trust, Inc.  | 202252 | 2050835 |
| GCM Grosvenor, Inc., Class A  | 121532 | 1398833 |
| Green Dot Corp., Class A \* | 133345 | 1548135 |
| HA Sustainable Infrastructure Capital, <br> Inc. <br>| 299263 | 8292578 |
| International Money Express, Inc. \* | 67825 | 1009914 |
| Invesco Mortgage Capital, Inc.  | 165786 | 1248369 |
| Jackson Financial, Inc., Class A  | 178914 | 18036320 |
| Jefferson Capital, Inc.  | 28656 | 541025 |
| KKR Real Estate Finance Trust, Inc.  | 142606 | 1160813 |
| Ladder Capital Corp., Class A  | 283509 | 2996690 |
| LendingClub Corp. \* | 282793 | 4917770 |
| LendingTree, Inc. \* | 27549 | 1763136 |
| loanDepot, Inc., Class A \* | 210927 | 637000 |
| Lument Finance Trust, Inc.  | 112249 | 175108 |
| Marex Group PLC  | 134497 | 4081984 |
| MarketWise, Inc.  | 4889 | 83015 |
| Marqeta, Inc., Class A \* | 961843 | 4357149 |
| Medallion Financial Corp.  | 40740 | 400474 |
| Merchants Bancorp  | 64072 | 1998406 |
| MFA Financial, Inc.  | 258315 | 2322252 |
| Moelis & Co., Class A  | 185229 | 11730553 |
| Navient Corp.  | 172131 | 2105162 |
| NCR Atleos Corp. \* | 182963 | 6751335 |
| Nelnet, Inc., Class A  | 32166 | 4151022 |
| NerdWallet, Inc., Class A \* | 103884 | 1212326 |
| NewtekOne, Inc.  | 61876 | 643510 |
| Nexpoint Real Estate Finance, Inc.  | 20651 | 269289 |
| NMI Holdings, Inc., Class A \* | 195191 | 7110808 |
| Onity Group, Inc. \* | 16676 | 624850 |
| Open Lending Corp., Class A \* | 249017 | 473132 |
| Oportun Financial Corp. \* | 97718 | 520837 |
| OppFi, Inc.  | 61062 | 595355 |
| Orchid Island Capital, Inc.  | 319867 | 2312638 |
| P10, Inc., Class A  | 144954 | 1472733 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Pagseguro Digital Ltd., Class A  | 446420 | 4281168 |
| Patria Investments Ltd., Class A  | 161564 | 2353987 |
| Payoneer Global, Inc. \* | 695737 | 4028317 |
| Paysafe Ltd. \* | 79796 | 878554 |
| Paysign, Inc. \* | 86767 | 448152 |
| PennyMac Financial Services, Inc.  | 72947 | 9177462 |
| PennyMac Mortgage Investment Trust  | 216026 | 2600953 |
| Perella Weinberg Partners, Class A  | 155033 | 2896016 |
| Piper Sandler Cos.  | 43679 | 13944958 |
| PJT Partners, Inc., Class A  | 57329 | 9236275 |
| PRA Group, Inc. \* | 99084 | 1358442 |
| Priority Technology Holdings, Inc. \* | 62786 | 436991 |
| PROG Holdings, Inc.  | 98119 | 2838583 |
| Radian Group, Inc.  | 338010 | 11472059 |
| Ready Capital Corp.  | 409865 | 1200904 |
| Redwood Trust, Inc.  | 330580 | 1755380 |
| Regional Management Corp.  | 23138 | 910480 |
| Remitly Global, Inc. \* | 417109 | 6690428 |
| Repay Holdings Corp., Class A \* | 195386 | 838206 |
| Rithm Property Trust, Inc.  | 102610 | 273969 |
| Security National Financial Corp., <br> Class A \*<br>| 38642 | 307977 |
| Seven Hills Realty Trust *\*(a)* | 37275 | 352622 |
| Sezzle, Inc. \* | 39786 | 2607972 |
| Siebert Financial Corp. \* | 35189 | 98881 |
| Silvercrest Asset Management Group, <br> Inc., Class A <br>| 19509 | 275857 |
| StepStone Group, Inc., Class A  | 173944 | 10589711 |
| StoneCo Ltd., Class A \* | 626173 | 11903549 |
| StoneX Group, Inc. \* | 114510 | 10525759 |
| Sunrise Realty Trust, Inc.  | 25253 | 249500 |
| SWK Holdings Corp.  | 7589 | 122866 |
| TPG RE Finance Trust, Inc.  | 168214 | 1455051 |
| Triller Group, Inc. \* | 256394 | 147042 |
| Two Harbors Investment Corp.  | 258352 | 2511181 |
| Upstart Holdings, Inc. \* | 210032 | 9980721 |
| Value Line, Inc.  | 1716 | 62909 |
| Velocity Financial, Inc. \* | 23595 | 439339 |
| Victory Capital Holdings, Inc., Class A  | 110567 | 6885007 |
| Virtus Investment Partners, Inc.  | 16313 | 2656083 |
| Vroom, Inc. \* | 2462 | 58029 |
| Walker & Dunlop, Inc.  | 82360 | 6582211 |
| Waterstone Financial, Inc.  | 39311 | 601458 |
| Westwood Holdings Group, Inc.  | 18344 | 307262 |
| WisdomTree, Inc.  | 300065 | 3588777 |
| World Acceptance Corp. \* | 6467 | 824349 |
|  |  | **405403640** |
| **Food, Beverage & Tobacco 0.9%** | **Food, Beverage & Tobacco 0.9%** | **Food, Beverage & Tobacco 0.9%** |
| Alico, Inc.  | 13149 | 462976 |
| B&G Foods, Inc.  | 191221 | 764884 |
| Beyond Meat, Inc. *\*(a)* | 184932 | 306063 |
| BRC, Inc., Class A \* | 241483 | 306683 |
| Calavo Growers, Inc.  | 41418 | 919894 |
| Cal-Maine Foods, Inc.  | 114519 | 10054768 |
| Dole PLC  | 175471 | 2235501 |
| Forafric Global PLC \* | 7732 | 72217 |
| Fresh Del Monte Produce, Inc.  | 82562 | 2918567 |
| Hain Celestial Group, Inc. \* | 222907 | 258572 |
| Ispire Technology, Inc. \* | 46503 | 86961 |
| J&J Snack Foods Corp.  | 38555 | 3263681 |
| John B Sanfilippo & Son, Inc.  | 19613 | 1231304 |
| Lifeway Foods, Inc. \* | 13039 | 312806 |
| Limoneira Co.  | 41908 | 592160 |
| Mama's Creations, Inc. \* | 85292 | 903242 |
| Marzetti Co.  | 50158 | 7864273 |
| MGP Ingredients, Inc.  | 35654 | 862827 |

---

*See financial notes*

**34**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Mission Produce, Inc. \* | 106372 | 1225405 |
| National Beverage Corp. \* | 59883 | 2052190 |
| Seneca Foods Corp., Class A \* | 11574 | 1248082 |
| Simply Good Foods Co. \* | 234699 | 4593059 |
| SunOpta, Inc. \* | 236522 | 1234645 |
| Tootsie Roll Industries, Inc.  | 45166 | 1593908 |
| TreeHouse Foods, Inc. \* | 126031 | 2293764 |
| Turning Point Brands, Inc.  | 42750 | 3843225 |
| Universal Corp.  | 60171 | 3049466 |
| Utz Brands, Inc.  | 182007 | 1916534 |
| Vita Coco Co., Inc. \* | 109979 | 4528935 |
| Vital Farms, Inc. \* | 86046 | 2826611 |
| Westrock Coffee Co. *\*(a)* | 92006 | 405747 |
| Zevia PBC, Class A \* | 79369 | 187311 |
|  |  | **64416261** |
| **Health Care Equipment & Services 6.1%** | **Health Care Equipment & Services 6.1%** | **Health Care Equipment & Services 6.1%** |
| Accuray, Inc. \* | 242969 | 342586 |
| AdaptHealth Corp., Class A \* | 254107 | 2284422 |
| Addus HomeCare Corp. \* | 45232 | 5287168 |
| agilon health, Inc. \* | 756434 | 602500 |
| AirSculpt Technologies, Inc. *\*(a)* | 41020 | 427018 |
| Alignment Healthcare, Inc. \* | 364973 | 6153445 |
| Alphatec Holdings, Inc. \* | 289489 | 5497396 |
| AMN Healthcare Services, Inc. \* | 94923 | 1869034 |
| AngioDynamics, Inc. \* | 97087 | 1167957 |
| Anteris Technologies Global Corp. \* | 84911 | 381250 |
| Ardent Health, Inc. \* | 58530 | 852197 |
| Artivion, Inc. \* | 95132 | 4316139 |
| Astrana Health, Inc. \* | 101857 | 3178957 |
| AtriCure, Inc. \* | 120751 | 4171947 |
| Avanos Medical, Inc. \* | 111888 | 1243076 |
| Aveanna Healthcare Holdings, Inc. \* | 121709 | 1101466 |
| Axogen, Inc. \* | 109216 | 2426780 |
| Beta Bionics, Inc. *\*(a)* | 95694 | 2604791 |
| Bioventus, Inc., Class A \* | 115127 | 754082 |
| BrightSpring Health Services, Inc. \* | 266539 | 8809114 |
| Brookdale Senior Living, Inc. \* | 572159 | 5303914 |
| Butterfly Network, Inc. \* | 483219 | 1299859 |
| CapsoVision, Inc. \* | 14091 | 68764 |
| Carlsmed, Inc. \* | 16775 | 216230 |
| Castle Biosciences, Inc. \* | 71402 | 1820751 |
| Ceribell, Inc. \* | 62211 | 709205 |
| Cerus Corp. \* | 447425 | 657715 |
| Claritev Corp. \* | 18906 | 1230781 |
| ClearPoint Neuro, Inc. \* | 65540 | 1521839 |
| Clover Health Investments Corp., <br> Class A \*<br>| 1003315 | 3541702 |
| Community Health Systems, Inc. \* | 326312 | 1266091 |
| Concentra Group Holdings Parent, Inc.  | 291522 | 5807118 |
| CONMED Corp.  | 77516 | 3410704 |
| CorVel Corp. \* | 72609 | 5369436 |
| Cross Country Healthcare, Inc. \* | 78029 | 956636 |
| CVRx, Inc. \* | 40122 | 408843 |
| Definitive Healthcare Corp. \* | 88985 | 246488 |
| Delcath Systems, Inc. \* | 72644 | 714091 |
| DocGo, Inc. \* | 229986 | 250685 |
| Electromed, Inc. \* | 17266 | 415420 |
| Embecta Corp.  | 146161 | 1949788 |
| Enhabit, Inc. \* | 123710 | 1005762 |
| Enovis Corp. \* | 142302 | 4445514 |
| Ensign Group, Inc.  | 140145 | 25240114 |
| Evolent Health, Inc., Class A \* | 290192 | 1935581 |
| Fulgent Genetics, Inc. \* | 51192 | 1149260 |
| GeneDx Holdings Corp. \* | 46833 | 6411906 |
| Glaukos Corp. \* | 139305 | 12268591 |
| Guardant Health, Inc. \* | 297867 | 27707588 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Haemonetics Corp. \* | 120381 | 6020254 |
| Health Catalyst, Inc. \* | 169948 | 548932 |
| HealthEquity, Inc. \* | 212877 | 20133907 |
| HealthStream, Inc.  | 61032 | 1501387 |
| Hims & Hers Health, Inc. \* | 475418 | 21612502 |
| ICU Medical, Inc. \* | 60367 | 7249473 |
| Innovage Holding Corp. \* | 52185 | 234311 |
| Inogen, Inc. \* | 60805 | 501033 |
| Integer Holdings Corp. \* | 86183 | 5564836 |
| Integra LifeSciences Holdings Corp. \* | 166524 | 1999953 |
| iRadimed Corp.  | 20318 | 1560626 |
| iRhythm Technologies, Inc. \* | 79415 | 14874429 |
| Joint Corp. \* | 35328 | 278738 |
| Kestra Medical Technologies Ltd. \* | 32829 | 898858 |
| KORU Medical Systems, Inc. \* | 107851 | 427090 |
| Lantheus Holdings, Inc. \* | 170082 | 9812031 |
| LeMaitre Vascular, Inc.  | 52088 | 4511342 |
| LENSAR, Inc. \* | 23620 | 290526 |
| LifeMD, Inc. \* | 93087 | 550144 |
| LifeStance Health Group, Inc. \* | 328026 | 1607327 |
| LivaNova PLC \* | 136126 | 7164311 |
| Lucid Diagnostics, Inc. \* | 174868 | 211590 |
| Merit Medical Systems, Inc. \* | 145871 | 12769547 |
| Myomo, Inc. \* | 81566 | 75530 |
| Nano-X Imaging Ltd. \* | 161467 | 586125 |
| National HealthCare Corp.  | 31555 | 3768929 |
| National Research Corp.  | 31549 | 421495 |
| Neogen Corp. \* | 544405 | 3358979 |
| NeoGenomics, Inc. \* | 320836 | 3134568 |
| Neuronetics, Inc. \* | 91129 | 241492 |
| NeuroPace, Inc. \* | 60493 | 601300 |
| Novocure Ltd. \* | 251959 | 3227595 |
| Nutex Health, Inc. \* | 8640 | 1063238 |
| Omada Health, Inc. \* | 22886 | 562309 |
| OmniAb, Inc., Class A *\*(b)* | 12825 | 0 |
| OmniAb, Inc., Class B *\*(b)* | 12825 | 0 |
| Omnicell, Inc. \* | 115580 | 3880021 |
| Oncology Institute, Inc. \* | 147534 | 658002 |
| OPKO Health, Inc. \* | 1024609 | 1393468 |
| OptimizeRx Corp. \* | 39424 | 807798 |
| Option Care Health, Inc. \* | 411017 | 10698773 |
| OraSure Technologies, Inc. \* | 181209 | 496513 |
| Orthofix Medical, Inc. \* | 97375 | 1503470 |
| OrthoPediatrics Corp. \* | 42576 | 716980 |
| Outset Medical, Inc. \* | 41162 | 540045 |
| Owens & Minor, Inc. \* | 188222 | 747241 |
| PACS Group, Inc. \* | 109996 | 1328752 |
| Pediatrix Medical Group, Inc. \* | 212831 | 3611742 |
| Pennant Group, Inc. \* | 84181 | 2081796 |
| Phreesia, Inc. \* | 142105 | 3217257 |
| Premier, Inc., Class A  | 205796 | 5786984 |
| Privia Health Group, Inc. \* | 287143 | 6977575 |
| PROCEPT BioRobotics Corp. \* | 131259 | 4466744 |
| Pro-Dex, Inc. \* | 5295 | 191891 |
| Progyny, Inc. \* | 187634 | 3510632 |
| Pulmonx Corp. \* | 107958 | 215916 |
| Pulse Biosciences, Inc. \* | 44746 | 757550 |
| QuidelOrtho Corp. \* | 169210 | 4566978 |
| RadNet, Inc. \* | 170118 | 12927267 |
| RxSight, Inc. \* | 87000 | 764730 |
| Sanara Medtech, Inc. \* | 7567 | 221713 |
| SANUWAVE Health, Inc. \* | 17672 | 511428 |
| SBC Medical Group Holdings, Inc. \* | 14267 | 46510 |
| Schrodinger, Inc. \* | 139859 | 2942633 |
| Select Medical Holdings Corp.  | 279814 | 3869828 |
| Semler Scientific, Inc. \* | 30018 | 794276 |
| Shoulder Innovations, Inc. *\*(a)* | 11779 | 138050 |
| SI-BONE, Inc. \* | 95386 | 1414574 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**35**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sight Sciences, Inc. \* | 103559 | 524009 |
| Simulations Plus, Inc. \* | 41901 | 719859 |
| Sonida Senior Living, Inc. \* | 13712 | 355141 |
| STAAR Surgical Co. \* | 123835 | 3203611 |
| Stereotaxis, Inc. \* | 147583 | 429467 |
| Surgery Partners, Inc. \* | 193008 | 4232665 |
| Surmodics, Inc. \* | 34709 | 952241 |
| Tactile Systems Technology, Inc. \* | 56337 | 848999 |
| Talkspace, Inc. \* | 358271 | 1157215 |
| Tandem Diabetes Care, Inc. \* | 166671 | 2333394 |
| Teladoc Health, Inc. \* | 438480 | 3784082 |
| TransMedics Group, Inc. \* | 82904 | 10905192 |
| Treace Medical Concepts, Inc. \* | 120000 | 766800 |
| TruBridge, Inc. \* | 25033 | 481134 |
| U.S. Physical Therapy, Inc.  | 37771 | 3258504 |
| UFP Technologies, Inc. \* | 18781 | 3617972 |
| Utah Medical Products, Inc.  | 7844 | 455736 |
| Varex Imaging Corp. \* | 103410 | 1208863 |
| Viemed Healthcare, Inc. \* | 88215 | 569869 |
| Waystar Holding Corp. \* | 272858 | 9781959 |
|  |  | **439540257** |
| **Household & Personal Products 0.5%** | **Household & Personal Products 0.5%** | **Household & Personal Products 0.5%** |
| Beauty Health Co. \* | 287460 | 411068 |
| Central Garden & Pet Co. \* | 20890 | 640696 |
| Central Garden & Pet Co., Class A \* | 126508 | 3518187 |
| Edgewell Personal Care Co.  | 113711 | 2204856 |
| Energizer Holdings, Inc.  | 165520 | 3845030 |
| FitLife Brands, Inc. \* | 9738 | 186191 |
| Herbalife Ltd. \* | 254001 | 2032008 |
| Honest Co., Inc. \* | 235104 | 801705 |
| Interparfums, Inc.  | 45754 | 4078969 |
| Lifevantage Corp.  | 26548 | 217428 |
| Medifast, Inc. *\*(c)* | 27945 | 335899 |
| Nature's Sunshine Products, Inc. \* | 43428 | 585409 |
| Nu Skin Enterprises, Inc., Class A  | 121637 | 1303949 |
| Oil-Dri Corp. of America  | 24732 | 1369905 |
| Olaplex Holdings, Inc. \* | 341149 | 354795 |
| Spectrum Brands Holdings, Inc.  | 59439 | 3202573 |
| USANA Health Sciences, Inc. \* | 27895 | 589979 |
| Waldencast PLC, Class A \* | 106148 | 192128 |
| WD-40 Co.  | 33999 | 6605326 |
|  |  | **32476101** |
| **Insurance 1.9%** | **Insurance 1.9%** | **Insurance 1.9%** |
| Abacus Global Management, Inc. \* | 100895 | 506493 |
| Ambac Financial Group, Inc. \* | 107836 | 885334 |
| American Coastal Insurance Corp., <br> Class C <br>| 59830 | 708387 |
| American Integrity Insurance Group, <br> Inc. \*<br>| 19802 | 471882 |
| AMERISAFE, Inc.  | 47023 | 1884682 |
| Aspen Insurance Holdings Ltd., <br> Class A *\*(a)*<br>| 38198 | 1403776 |
| Ategrity Specialty Holdings LLC \* | 15549 | 302117 |
| Baldwin Insurance Group, Inc., Class A \* | 175947 | 3888429 |
| Bowhead Specialty Holdings, Inc. \* | 39347 | 942754 |
| Citizens, Inc. *\*(a)* | 113268 | 630903 |
| CNO Financial Group, Inc.  | 240081 | 9608042 |
| Crawford & Co., Class A  | 42596 | 461315 |
| Donegal Group, Inc., Class A  | 41119 | 770981 |
| eHealth, Inc. \* | 71975 | 373550 |
| Employers Holdings, Inc.  | 60264 | 2297866 |
| F&G Annuities & Life, Inc.  | 52681 | 1561992 |
| Fidelis Insurance Holdings Ltd.  | 145475 | 2615640 |
| Genworth Financial, Inc., Class A \* | 1027881 | 8675316 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| GoHealth, Inc., Class A \* | 12060 | 47758 |
| Goosehead Insurance, Inc., Class A  | 60291 | 4140183 |
| Greenlight Capital Re Ltd., Class A \* | 65308 | 791533 |
| Hamilton Insurance Group Ltd., Class B \* | 114560 | 2711635 |
| HCI Group, Inc.  | 25776 | 5258562 |
| Heritage Insurance Holdings, Inc. \* | 56538 | 1335993 |
| Hippo Holdings, Inc. \* | 45059 | 1657270 |
| Horace Mann Educators Corp.  | 101634 | 4544056 |
| Investors Title Co.  | 3593 | 929114 |
| James River Group Holdings Ltd.  | 91276 | 465508 |
| Kestrel Group Ltd. \* | 6756 | 134039 |
| Kingstone Cos., Inc.  | 27773 | 404930 |
| Kingsway Financial Services, Inc. \* | 52737 | 750975 |
| Lemonade, Inc. \* | 138884 | 8344151 |
| MBIA, Inc. \* | 112147 | 765964 |
| Mercury General Corp.  | 67314 | 5203372 |
| NI Holdings, Inc. \* | 16317 | 215384 |
| Oscar Health, Inc., Class A \* | 484219 | 8715942 |
| Palomar Holdings, Inc. \* | 65842 | 7506646 |
| ProAssurance Corp. \* | 127037 | 3042536 |
| Root, Inc., Class A \* | 28700 | 2310924 |
| Safety Insurance Group, Inc.  | 36919 | 2537443 |
| Selective Insurance Group, Inc.  | 151583 | 11420263 |
| Selectquote, Inc. \* | 348726 | 725350 |
| SiriusPoint Ltd. \* | 255655 | 4652921 |
| Skyward Specialty Insurance Group, <br> Inc. \*<br>| 89225 | 4067768 |
| Slide Insurance Holdings, Inc. \* | 66524 | 1063719 |
| Stewart Information Services Corp.  | 69459 | 4741966 |
| Tiptree, Inc.  | 57630 | 1020627 |
| Trupanion, Inc. \* | 92594 | 3702834 |
| United Fire Group, Inc.  | 52472 | 1586228 |
| Universal Insurance Holdings, Inc.  | 63447 | 1955436 |
|  |  | **134740489** |
| **Materials 4.0%** | **Materials 4.0%** | **Materials 4.0%** |
| AdvanSix, Inc.  | 65561 | 1218779 |
| Alpha Metallurgical Resources, Inc. \* | 29248 | 5067508 |
| American Battery Technology Co. \* | 221817 | 1137921 |
| American Vanguard Corp. \* | 60383 | 269912 |
| Ardagh Metal Packaging SA  | 347836 | 1241775 |
| Arq, Inc. \* | 76316 | 506738 |
| Ascent Industries Co. \* | 19308 | 234785 |
| ASP Isotopes, Inc. \* | 191100 | 1935843 |
| Aspen Aerogels, Inc. \* | 166552 | 1355733 |
| Avient Corp.  | 229569 | 7362278 |
| Balchem Corp.  | 81838 | 12553131 |
| Cabot Corp.  | 135315 | 9131056 |
| Caledonia Mining Corp. PLC  | 40582 | 1141166 |
| Century Aluminum Co. \* | 131792 | 3903679 |
| Chemours Co.  | 374038 | 5008369 |
| Clearwater Paper Corp. \* | 39455 | 696381 |
| Coeur Mining, Inc. \* | 1597663 | 27431874 |
| Commercial Metals Co.  | 283047 | 16801670 |
| Compass Minerals International, Inc. \* | 85252 | 1478270 |
| Constellium SE, Class A \* | 355268 | 5588366 |
| Contango ORE, Inc. \* | 21508 | 461562 |
| Core Molding Technologies, Inc. \* | 21614 | 387107 |
| Critical Metals Corp. *\*(a)* | 80774 | 1045216 |
| Dakota Gold Corp. \* | 216723 | 884230 |
| Ecovyst, Inc. \* | 292252 | 2393544 |
| Ferroglobe PLC  | 299858 | 1454311 |
| Flotek Industries, Inc. \* | 35803 | 619750 |
| Friedman Industries, Inc.  | 16812 | 357087 |
| Greif, Inc., Class A  | 75322 | 4285069 |
| Hawkins, Inc.  | 48733 | 6912776 |
| HB Fuller Co.  | 136524 | 7832382 |

---

*See financial notes*

**36**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Hecla Mining Co.  | 1496929 | 19265476 |
| Idaho Strategic Resources, Inc. \* | 32488 | 1074053 |
| Ingevity Corp. \* | 91115 | 4894698 |
| Innospec, Inc.  | 62706 | 4613907 |
| Intrepid Potash, Inc. \* | 26842 | 714802 |
| Ivanhoe Electric, Inc. \* | 213383 | 3155935 |
| Kaiser Aluminum Corp.  | 40063 | 3626903 |
| Knife River Corp. \* | 142726 | 8629214 |
| Koppers Holdings, Inc.  | 48581 | 1370956 |
| Kronos Worldwide, Inc.  | 52547 | 258531 |
| Lifezone Metals Ltd. \* | 69596 | 345892 |
| LSB Industries, Inc. \* | 135629 | 1143352 |
| Magnera Corp. \* | 83613 | 760042 |
| Materion Corp.  | 51656 | 5921327 |
| Mativ Holdings, Inc.  | 135775 | 1450077 |
| Metallus, Inc. \* | 90351 | 1589274 |
| Minerals Technologies, Inc.  | 78843 | 4474340 |
| Myers Industries, Inc.  | 93320 | 1617236 |
| NioCorp Developments Ltd. \* | 173423 | 1278128 |
| Novagold Resources, Inc. \* | 757234 | 6277470 |
| O-I Glass, Inc. \* | 384126 | 4336783 |
| Olympic Steel, Inc.  | 24671 | 912827 |
| Orion SA  | 138222 | 732577 |
| Perimeter Solutions, Inc. \* | 347535 | 8170548 |
| Perpetua Resources Corp. \* | 187321 | 4501324 |
| PureCycle Technologies, Inc. \* | 324361 | 3756100 |
| Quaker Chemical Corp.  | 34900 | 4847261 |
| Ramaco Resources, Inc., Class A \* | 72316 | 2195514 |
| Ranpak Holdings Corp., Class A \* | 119111 | 631288 |
| Rayonier Advanced Materials, Inc. \* | 159671 | 1109713 |
| Ryerson Holding Corp.  | 67337 | 1485454 |
| Sensient Technologies Corp.  | 105471 | 9944861 |
| Smith-Midland Corp. \* | 6775 | 247017 |
| Solesence, Inc. \* | 47387 | 154955 |
| SSR Mining, Inc. \* | 507565 | 11450666 |
| Stepan Co.  | 53738 | 2329542 |
| SunCoke Energy, Inc.  | 209095 | 1674851 |
| Sylvamo Corp.  | 85257 | 3461434 |
| Titan America SA \* | 59757 | 882013 |
| Tredegar Corp. \* | 67997 | 469859 |
| TriMas Corp.  | 82391 | 2927352 |
| Trinseo PLC  | 85028 | 124141 |
| Tronox Holdings PLC  | 296439 | 1037537 |
| U.S. Antimony Corp. \* | 230737 | 1862048 |
| U.S. Gold Corp. \* | 30625 | 469175 |
| U.S. Goldmining, Inc. \* | 4106 | 47424 |
| U.S. Lime & Minerals, Inc.  | 26998 | 3164706 |
| Valhi, Inc.  | 6412 | 88934 |
| Vox Royalty Corp.  | 112860 | 481912 |
| Warrior Met Coal, Inc.  | 130090 | 8825306 |
| Worthington Steel, Inc.  | 82061 | 2625131 |
|  |  | **288108134** |
| **Media & Entertainment 2.0%** | **Media & Entertainment 2.0%** | **Media & Entertainment 2.0%** |
| Advantage Solutions, Inc. \* | 235258 | 301130 |
| Altice USA, Inc., Class A \* | 654761 | 1460117 |
| AMC Entertainment Holdings, Inc., <br> Class A \*<br>| 1082861 | 2804610 |
| AMC Networks, Inc., Class A \* | 79753 | 604528 |
| Angi, Inc. \* | 101485 | 1346706 |
| Arena Group Holdings, Inc. \* | 32213 | 179426 |
| Atlanta Braves Holdings, Inc., Class C \* | 133214 | 5424474 |
| Boston Omaha Corp., Class A \* | 54422 | 692248 |
| Bumble, Inc., Class A \* | 183016 | 1015739 |
| Cable One, Inc.  | 12798 | 1901143 |
| Cargurus, Inc. \* | 205483 | 7216563 |
| Cars.com, Inc. \* | 143547 | 1541695 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cinemark Holdings, Inc.  | 259683 | 7014038 |
| CuriosityStream, Inc.  | 80383 | 348862 |
| EchoStar Corp., Class A \* | 338338 | 25331366 |
| Emerald Holding, Inc.  | 34750 | 152553 |
| Entravision Communications Corp., <br> Class A <br>| 160520 | 332276 |
| Eventbrite, Inc., Class A \* | 186520 | 430861 |
| EverQuote, Inc., Class A \* | 69269 | 1492054 |
| EW Scripps Co., Class A *\*(c)* | 151062 | 367081 |
| fuboTV, Inc. \* | 828971 | 3133510 |
| Gaia, Inc. \* | 42547 | 212310 |
| Gambling.com Group Ltd. \* | 41763 | 297770 |
| Gannett Co., Inc. \* | 346132 | 1834500 |
| Getty Images Holdings, Inc. *\*(a)* | 266092 | 500253 |
| Golden Matrix Group, Inc. \* | 54047 | 55668 |
| Gray Media, Inc.  | 220015 | 1005469 |
| Grindr, Inc. \* | 83310 | 1154677 |
| Ibotta, Inc., Class A *\*(a)* | 34851 | 1124293 |
| iHeartMedia, Inc., Class A \* | 297721 | 884231 |
| IMAX Corp. \* | 109334 | 3552262 |
| Integral Ad Science Holding Corp. \* | 188985 | 1929537 |
| John Wiley & Sons, Inc., Class A  | 102866 | 3792669 |
| Lionsgate Studios Corp. \* | 512514 | 3295465 |
| Madison Square Garden Entertainment <br> Corp., Class A \*<br>| 99039 | 4373562 |
| Magnite, Inc. \* | 349684 | 6252350 |
| Marcus Corp.  | 57528 | 828403 |
| MediaAlpha, Inc., Class A \* | 83148 | 1060137 |
| National CineMedia, Inc.  | 161398 | 713379 |
| Newsmax, Inc. *\*(a)* | 27546 | 275460 |
| Nextdoor Holdings, Inc. \* | 532035 | 1037468 |
| Nexxen International Ltd. \* | 95026 | 781114 |
| Playstudios, Inc. \* | 223185 | 207562 |
| Playtika Holding Corp.  | 140419 | 515338 |
| PubMatic, Inc., Class A \* | 105108 | 878703 |
| QuinStreet, Inc. \* | 135429 | 2002995 |
| Reservoir Media, Inc. \* | 52271 | 397260 |
| Rumble, Inc. *\*(a)* | 266580 | 1828739 |
| Scholastic Corp.  | 50614 | 1451103 |
| Shutterstock, Inc.  | 61293 | 1534164 |
| Sinclair, Inc.  | 96461 | 1317657 |
| Sphere Entertainment Co. \* | 69417 | 4753676 |
| Stagwell, Inc., Class A \* | 283647 | 1347323 |
| Starz Entertainment Corp. \* | 28741 | 302068 |
| Teads Holding Co. \* | 90114 | 133369 |
| TechTarget, Inc. \* | 72676 | 398991 |
| TEGNA, Inc.  | 401547 | 7898429 |
| Thryv Holdings, Inc. \* | 91223 | 703329 |
| Travelzoo \* | 15929 | 134122 |
| TripAdvisor, Inc. \* | 290827 | 4670682 |
| TrueCar, Inc. \* | 203987 | 448771 |
| Vimeo, Inc. \* | 369822 | 2884612 |
| Vivid Seats, Inc., Class A \* | 8227 | 102097 |
| Webtoon Entertainment, Inc. *\*(a)* | 45321 | 794477 |
| WideOpenWest, Inc. \* | 123850 | 635351 |
| Yelp, Inc., Class A \* | 154193 | 5085285 |
| Ziff Davis, Inc. \* | 104378 | 3538414 |
| ZipRecruiter, Inc., Class A \* | 169730 | 789245 |
|  |  | **142805719** |
| **Pharmaceuticals, Biotechnology & Life Sciences 10.8%** | **Pharmaceuticals, Biotechnology & Life Sciences 10.8%** | **Pharmaceuticals, Biotechnology & Life Sciences 10.8%** |
| 10X Genomics, Inc., Class A \* | 268283 | 3659380 |
| 4D Molecular Therapeutics, Inc. \* | 100782 | 1158993 |
| Aardvark Therapeutics, Inc. \* | 14240 | 152226 |
| Abeona Therapeutics, Inc. \* | 109034 | 524454 |
| Absci Corp. *\*(a)* | 328121 | 1404358 |
| ACADIA Pharmaceuticals, Inc. \* | 310691 | 7052686 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**37**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Aclaris Therapeutics, Inc. \* | 208877 | 526370 |
| Actuate Therapeutics, Inc. *\*(a)* | 14765 | 98335 |
| Adaptive Biotechnologies Corp. \* | 372880 | 6473197 |
| ADC Therapeutics SA \* | 182012 | 811774 |
| ADMA Biologics, Inc. \* | 578193 | 8950428 |
| Agios Pharmaceuticals, Inc. \* | 140903 | 6092646 |
| Akebia Therapeutics, Inc. \* | 626235 | 1383979 |
| Akero Therapeutics, Inc. \* | 174293 | 9446681 |
| Aldeyra Therapeutics, Inc. \* | 131344 | 665914 |
| Alector, Inc. \* | 172462 | 253519 |
| Alkermes PLC \* | 404186 | 12408510 |
| Allogene Therapeutics, Inc. \* | 380073 | 471291 |
| Alpha Teknova, Inc. \* | 27270 | 143168 |
| Altimmune, Inc. \* | 204446 | 828006 |
| Alumis, Inc. \* | 139202 | 661209 |
| Amicus Therapeutics, Inc. \* | 694537 | 6271669 |
| Amneal Pharmaceuticals, Inc. \* | 375025 | 4057770 |
| Amphastar Pharmaceuticals, Inc. \* | 92344 | 2354772 |
| Amylyx Pharmaceuticals, Inc. \* | 172247 | 2399401 |
| AnaptysBio, Inc. \* | 49083 | 1795456 |
| Anavex Life Sciences Corp. *\*(a)* | 205980 | 1641661 |
| ANI Pharmaceuticals, Inc. \* | 45367 | 4110250 |
| Anika Therapeutics, Inc. \* | 30467 | 297053 |
| Annexon, Inc. \* | 234908 | 742309 |
| Apogee Therapeutics, Inc. \* | 81522 | 4613330 |
| Aquestive Therapeutics, Inc. \* | 215267 | 1468121 |
| Arbutus Biopharma Corp. \* | 377914 | 1787533 |
| Arcellx, Inc. \* | 85472 | 7713848 |
| Arcturus Therapeutics Holdings, Inc. \* | 63187 | 629974 |
| Arcus Biosciences, Inc. \* | 172639 | 3404441 |
| Arcutis Biotherapeutics, Inc. \* | 267076 | 6759694 |
| Ardelyx, Inc. \* | 588610 | 3566977 |
| ArriVent Biopharma, Inc. *\*(a)* | 61614 | 1154030 |
| Arrowhead Pharmaceuticals, Inc. \* | 300820 | 12751760 |
| ARS Pharmaceuticals, Inc. *\*(a)* | 147221 | 1319100 |
| Arvinas, Inc. \* | 163861 | 1661551 |
| Astria Therapeutics, Inc. \* | 91576 | 1156605 |
| Atea Pharmaceuticals, Inc. \* | 193033 | 627357 |
| Atlantic International Corp. \* | 26705 | 73973 |
| aTyr Pharma, Inc. \* | 218862 | 189534 |
| Aura Biosciences, Inc. \* | 109586 | 671762 |
| Aurinia Pharmaceuticals, Inc. \* | 290602 | 3827228 |
| Avadel Pharmaceuticals PLC \* | 223079 | 4213962 |
| Avidity Biosciences, Inc. \* | 254036 | 17744415 |
| Avita Medical, Inc. *\*(a)* | 30634 | 118554 |
| Axsome Therapeutics, Inc. \* | 100801 | 13607127 |
| Azenta, Inc. \* | 101928 | 3078226 |
| Beam Therapeutics, Inc. \* | 238683 | 5969462 |
| Benitec Biopharma, Inc. \* | 36274 | 593443 |
| Bicara Therapeutics, Inc. \* | 86105 | 1399206 |
| BioAge Labs, Inc. \* | 59549 | 450786 |
| BioCryst Pharmaceuticals, Inc. \* | 523281 | 3830417 |
| Biohaven Ltd. \* | 225447 | 3877688 |
| BioLife Solutions, Inc. \* | 94725 | 2639986 |
| Biote Corp., Class A \* | 65711 | 188591 |
| Bridgebio Pharma, Inc. \* | 389928 | 24425090 |
| Bright Minds Biosciences, Inc. \* | 11604 | 635319 |
| Candel Therapeutics, Inc. *\*(a)* | 106001 | 570285 |
| Capricor Therapeutics, Inc. *\*(a)* | 97049 | 631789 |
| Cardiff Oncology, Inc. *\*(a)* | 160214 | 376503 |
| CareDx, Inc. \* | 136321 | 2044815 |
| Cartesian Therapeutics, Inc. \* | 24889 | 203343 |
| Catalyst Pharmaceuticals, Inc. \* | 288729 | 6141266 |
| Celcuity, Inc. \* | 73671 | 5684454 |
| Celldex Therapeutics, Inc. \* | 163447 | 4368938 |
| CG oncology, Inc. \* | 139484 | 6035473 |
| Cidara Therapeutics, Inc. \* | 38592 | 4215790 |
| Codexis, Inc. \* | 204375 | 484369 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cogent Biosciences, Inc. \* | 324264 | 5285503 |
| Coherus Oncology, Inc. *\*(a)* | 258830 | 434834 |
| Collegium Pharmaceutical, Inc. \* | 79913 | 2876868 |
| Compass Therapeutics, Inc. \* | 247897 | 927135 |
| CorMedix, Inc. \* | 175790 | 1956543 |
| Corvus Pharmaceuticals, Inc. \* | 147820 | 1188473 |
| Crinetics Pharmaceuticals, Inc. \* | 225486 | 9808641 |
| CRISPR Therapeutics AG \* | 206112 | 13189107 |
| CryoPort, Inc. \* | 121974 | 1127040 |
| Cullinan Therapeutics, Inc. \* | 128792 | 1115339 |
| Cytek Biosciences, Inc. \* | 291904 | 1138426 |
| Cytokinetics, Inc. \* | 291358 | 18527455 |
| Day One Biopharmaceuticals, Inc. \* | 181218 | 1348262 |
| Denali Therapeutics, Inc. \* | 330341 | 5377951 |
| Design Therapeutics, Inc. \* | 59501 | 398657 |
| DiaMedica Therapeutics, Inc. \* | 79176 | 558983 |
| Dianthus Therapeutics, Inc. \* | 40993 | 1433935 |
| Disc Medicine, Inc. \* | 57529 | 4960150 |
| Dynavax Technologies Corp. \* | 256895 | 2635743 |
| Dyne Therapeutics, Inc. \* | 272045 | 6142776 |
| Edgewise Therapeutics, Inc. \* | 168492 | 3080034 |
| Editas Medicine, Inc. \* | 210656 | 648820 |
| Eledon Pharmaceuticals, Inc. \* | 143144 | 618382 |
| Emergent BioSolutions, Inc. \* | 135537 | 1691502 |
| Enanta Pharmaceuticals, Inc. \* | 49270 | 539999 |
| Enliven Therapeutics, Inc. \* | 104862 | 2455868 |
| Entrada Therapeutics, Inc. \* | 70446 | 489600 |
| Erasca, Inc. \* | 433351 | 1048709 |
| Esperion Therapeutics, Inc. \* | 502439 | 1492244 |
| Eton Pharmaceuticals, Inc. \* | 63990 | 1152460 |
| Evolus, Inc. \* | 146248 | 944762 |
| EyePoint Pharmaceuticals, Inc. \* | 146458 | 1917135 |
| Fate Therapeutics, Inc. \* | 271470 | 366485 |
| Fennec Pharmaceuticals, Inc. \* | 57249 | 469442 |
| Foghorn Therapeutics, Inc. \* | 82203 | 362515 |
| Fortrea Holdings, Inc. \* | 226245 | 2366523 |
| Fulcrum Therapeutics, Inc. \* | 107588 | 941395 |
| Geron Corp. \* | 1363940 | 1718564 |
| Ginkgo Bioworks Holdings, Inc. \* | 97624 | 1268136 |
| Gossamer Bio, Inc. \* | 465881 | 1141408 |
| GRAIL, Inc. \* | 77452 | 7120162 |
| Greenwich Lifesciences, Inc. *\*(a)* | 16290 | 150031 |
| Gyre Therapeutics, Inc. \* | 22358 | 173275 |
| Harmony Biosciences Holdings, Inc. \* | 109061 | 3115873 |
| Harrow, Inc. \* | 78669 | 2971328 |
| Heron Therapeutics, Inc. *\*(a)* | 384594 | 446129 |
| Humacyte, Inc. *\*(a)* | 314911 | 525901 |
| Ideaya Biosciences, Inc. \* | 200270 | 6380602 |
| ImmunityBio, Inc. *\*(a)* | 575935 | 1382244 |
| Immunome, Inc. \* | 192682 | 3096400 |
| Immunovant, Inc. \* | 170976 | 4219688 |
| Indivior PLC \* | 302789 | 8892913 |
| Inhibikase Therapeutics, Inc. \* | 152298 | 223878 |
| Inhibrx Biosciences, Inc. \* | 22793 | 1861276 |
| Inmune Bio, Inc. *\*(a)* | 41825 | 76540 |
| Innoviva, Inc. \* | 156345 | 2845479 |
| Intellia Therapeutics, Inc. \* | 247224 | 3119967 |
| Iovance Biotherapeutics, Inc. \* | 645250 | 1271142 |
| Ironwood Pharmaceuticals, Inc., <br> Class A \*<br>| 398908 | 765903 |
| Jade Biosciences, Inc.  | 81618 | 799856 |
| Janux Therapeutics, Inc. \* | 97486 | 2798823 |
| Journey Medical Corp. \* | 30451 | 247262 |
| KalVista Pharmaceuticals, Inc. \* | 92410 | 1008193 |
| Keros Therapeutics, Inc. \* | 84608 | 1287734 |
| Kodiak Sciences, Inc. \* | 82029 | 1486776 |
| Korro Bio, Inc. \* | 16310 | 667242 |
| Krystal Biotech, Inc. \* | 61828 | 12211648 |

---

*See financial notes*

**38**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kura Oncology, Inc. \* | 199429 | 2048136 |
| Kymera Therapeutics, Inc. \* | 125830 | 7781327 |
| Larimar Therapeutics, Inc. \* | 117274 | 456196 |
| LENZ Therapeutics, Inc. \* | 40341 | 1198935 |
| Lexeo Therapeutics, Inc. \* | 64131 | 641951 |
| Lifecore Biomedical, Inc. \* | 69255 | 497943 |
| Ligand Pharmaceuticals, Inc. \* | 47575 | 9101573 |
| Liquidia Corp. \* | 159936 | 3896041 |
| Madrigal Pharmaceuticals, Inc. \* | 46386 | 19431095 |
| MannKind Corp. \* | 755710 | 4224419 |
| Maravai LifeSciences Holdings, Inc., <br> Class A \*<br>| 272451 | 855496 |
| MaxCyte, Inc. \* | 252206 | 388397 |
| Maze Therapeutics, Inc. \* | 48713 | 1603145 |
| MBX Biosciences, Inc. \* | 38074 | 836105 |
| MediWound Ltd. *\*(a)* | 19358 | 354832 |
| MeiraGTx Holdings PLC \* | 104030 | 944592 |
| Mesa Laboratories, Inc.  | 13244 | 952111 |
| Metsera, Inc. \* | 133296 | 8402980 |
| MiMedx Group, Inc. \* | 293290 | 2243668 |
| Mind Medicine MindMed, Inc. \* | 188380 | 2674996 |
| Mineralys Therapeutics, Inc. \* | 97466 | 3982461 |
| Mirum Pharmaceuticals, Inc. \* | 100777 | 7321449 |
| Monopar Therapeutics, Inc. \* | 8797 | 757950 |
| Monte Rosa Therapeutics, Inc. \* | 116434 | 1496177 |
| Myriad Genetics, Inc. \* | 225073 | 1809587 |
| Neurogene, Inc. \* | 24720 | 846907 |
| Niagen Bioscience, Inc. \* | 127901 | 964374 |
| Nkarta, Inc. \* | 106644 | 225019 |
| Novavax, Inc. \* | 374085 | 3142314 |
| Nurix Therapeutics, Inc. \* | 188474 | 2438854 |
| Nuvalent, Inc., Class A \* | 107163 | 10643429 |
| Nuvation Bio, Inc. *\*(a)* | 623854 | 3256518 |
| Nuvectis Pharma, Inc. *\*(a)* | 32382 | 217283 |
| Ocular Therapeutix, Inc. \* | 432281 | 5040396 |
| Olema Pharmaceuticals, Inc. \* | 150061 | 1346047 |
| Omeros Corp., Class B \* | 162287 | 1189564 |
| OmniAb, Inc. \* | 233766 | 362337 |
| Organogenesis Holdings, Inc., Class A \* | 171895 | 730554 |
| ORIC Pharmaceuticals, Inc. \* | 144888 | 1906726 |
| Oruka Therapeutics, Inc. \* | 67857 | 1911532 |
| Pacific Biosciences of California, Inc. *\*(a)* | 685060 | 1603040 |
| Pacira BioSciences, Inc. \* | 114534 | 2448737 |
| Palvella Therapeutics, Inc. \* | 17226 | 1375324 |
| Personalis, Inc. \* | 125201 | 1206938 |
| Perspective Therapeutics, Inc. \* | 148768 | 406137 |
| Phathom Pharmaceuticals, Inc. \* | 105923 | 1435257 |
| Phibro Animal Health Corp., Class A  | 50746 | 2134377 |
| Praxis Precision Medicines, Inc. \* | 51600 | 10256016 |
| Precigen, Inc. \* | 376231 | 1557596 |
| Prestige Consumer Healthcare, Inc. \* | 123485 | 7483191 |
| Prime Medicine, Inc. \* | 187814 | 927801 |
| Protagonist Therapeutics, Inc. \* | 145159 | 11412401 |
| Protalix BioTherapeutics, Inc. \* | 175070 | 414916 |
| Protara Therapeutics, Inc. \* | 80774 | 418409 |
| Prothena Corp. PLC \* | 101730 | 1093597 |
| PTC Therapeutics, Inc. \* | 193594 | 13224406 |
| Puma Biotechnology, Inc. \* | 105919 | 540187 |
| Quanterix Corp. \* | 103311 | 551681 |
| Quantum-Si, Inc. *\*(a)* | 391443 | 841602 |
| Rapport Therapeutics, Inc. \* | 43767 | 1266179 |
| Recursion Pharmaceuticals, Inc., <br> Class A *\*(a)*<br>| 915140 | 5051573 |
| REGENXBIO, Inc. \* | 116524 | 1488011 |
| Relay Therapeutics, Inc. \* | 330848 | 2362255 |
| Replimune Group, Inc. \* | 172627 | 1679661 |
| Rezolute, Inc. \* | 192946 | 1798257 |
| Rhythm Pharmaceuticals, Inc. \* | 130408 | 14835214 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Rigel Pharmaceuticals, Inc. \* | 43259 | 1366119 |
| Rocket Pharmaceuticals, Inc. \* | 211740 | 798260 |
| Sana Biotechnology, Inc. *\*(a)* | 331405 | 1640455 |
| Savara, Inc. \* | 284913 | 1182389 |
| Scholar Rock Holding Corp. \* | 202865 | 6008861 |
| SELLAS Life Sciences Group, Inc. *\*(a)* | 256407 | 466661 |
| Septerna, Inc. \* | 53774 | 1107744 |
| SIGA Technologies, Inc.  | 103165 | 854206 |
| Sionna Therapeutics, Inc. \* | 31026 | 1185503 |
| Soleno Therapeutics, Inc. \* | 104265 | 7002437 |
| Solid Biosciences, Inc. \* | 147212 | 793473 |
| Spyre Therapeutics, Inc. \* | 123522 | 3021348 |
| Standard BioTools, Inc. \* | 731026 | 877231 |
| Stoke Therapeutics, Inc. \* | 111985 | 3364029 |
| Supernus Pharmaceuticals, Inc. \* | 134555 | 7418017 |
| Syndax Pharmaceuticals, Inc. \* | 212981 | 2917840 |
| Tango Therapeutics, Inc. \* | 178967 | 1451422 |
| Tarsus Pharmaceuticals, Inc. \* | 97500 | 6708975 |
| Taysha Gene Therapies, Inc. \* | 530167 | 2629628 |
| Tectonic Therapeutic, Inc. \* | 27647 | 504558 |
| Terns Pharmaceuticals, Inc. \* | 181547 | 1499578 |
| Tevogen Bio Holdings, Inc. \* | 76475 | 48057 |
| TG Therapeutics, Inc. \* | 361786 | 12582917 |
| Theravance Biopharma, Inc. \* | 94550 | 1386103 |
| Third Harmonic Bio, Inc. *\*(b)* | 63409 | 1268 |
| Tonix Pharmaceuticals Holding Corp. \* | 22089 | 411297 |
| Travere Therapeutics, Inc. \* | 219911 | 7732071 |
| Trevi Therapeutics, Inc. \* | 218101 | 2543058 |
| TriSalus Life Sciences, Inc. \* | 47305 | 224226 |
| TuHURA Biosciences, Inc. \* | 64032 | 163282 |
| Tvardi Therapeutics, Inc. *\*(a)* | 11773 | 54744 |
| Twist Bioscience Corp. \* | 146838 | 4829502 |
| Tyra Biosciences, Inc. \* | 60564 | 959334 |
| Upstream Bio, Inc. \* | 81881 | 2116624 |
| UroGen Pharma Ltd. \* | 91038 | 1863548 |
| Vanda Pharmaceuticals, Inc. \* | 139069 | 604950 |
| Vaxcyte, Inc. \* | 285220 | 12914762 |
| Vera Therapeutics, Inc., Class A \* | 128416 | 3654719 |
| Veracyte, Inc. \* | 195713 | 7061325 |
| Verastem, Inc. \* | 114115 | 1078387 |
| Vericel Corp. \* | 125485 | 4399504 |
| Vir Biotechnology, Inc. \* | 223945 | 1334712 |
| Viridian Therapeutics, Inc. \* | 174944 | 4133927 |
| Voyager Therapeutics, Inc. \* | 114888 | 536527 |
| WaVe Life Sciences Ltd. \* | 279873 | 2530052 |
| Xencor, Inc. \* | 176086 | 2590225 |
| Xenon Pharmaceuticals, Inc. \* | 189599 | 7947990 |
| Xeris Biopharma Holdings, Inc. \* | 383239 | 3717418 |
| XOMA Royalty Corp. \* | 23488 | 774634 |
| Zenas Biopharma, Inc. *\*(a)* | 40633 | 1269781 |
| Zevra Therapeutics, Inc. \* | 134418 | 1368375 |
| Zymeworks, Inc. \* | 123425 | 2355566 |
|  |  | **779959447** |
| **Real Estate Management & Development 0.6%** | **Real Estate Management & Development 0.6%** | **Real Estate Management & Development 0.6%** |
| American Realty Investors, Inc. \* | 3281 | 51676 |
| Anywhere Real Estate, Inc. \* | 263875 | 2651944 |
| Compass, Inc., Class A \* | 1165529 | 8986229 |
| Cushman & Wakefield PLC \* | 577568 | 9067818 |
| Douglas Elliman, Inc. \* | 184323 | 455278 |
| eXp World Holdings, Inc.  | 219914 | 2251919 |
| Forestar Group, Inc. \* | 47742 | 1241769 |
| FRP Holdings, Inc. \* | 29321 | 694908 |
| Kennedy-Wilson Holdings, Inc.  | 300501 | 2271788 |
| Logistic Properties of The Americas, <br> Class A \*<br>| 7814 | 26489 |
| Marcus & Millichap, Inc.  | 60006 | 1752775 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**39**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Maui Land & Pineapple Co., Inc. \* | 16141 | 258256 |
| Newmark Group, Inc., Class A  | 388305 | 6923478 |
| RE/MAX Holdings, Inc., Class A \* | 47268 | 374835 |
| Real Brokerage, Inc. \* | 267424 | 994817 |
| RMR Group, Inc., Class A  | 37895 | 586236 |
| Seaport Entertainment Group, Inc. \* | 18541 | 446282 |
| St. Joe Co.  | 95053 | 5397109 |
| Stratus Properties, Inc. \* | 16706 | 313906 |
| Tejon Ranch Co. \* | 52220 | 826120 |
| Transcontinental Realty Investors, Inc. \* | 4778 | 214150 |
|  |  | **45787782** |
| **Semiconductors & Semiconductor Equipment 3.9%** | **Semiconductors & Semiconductor Equipment 3.9%** | **Semiconductors & Semiconductor Equipment 3.9%** |
| ACM Research, Inc., Class A \* | 126165 | 5230801 |
| Aehr Test Systems \* | 70699 | 1837467 |
| Aeluma, Inc. \* | 24227 | 395142 |
| Alpha & Omega Semiconductor Ltd. \* | 62500 | 1753750 |
| Ambarella, Inc. \* | 101616 | 8660732 |
| Ambiq Micro, Inc. \* | 11595 | 354343 |
| Atomera, Inc. *\*(a)* | 73502 | 232266 |
| Axcelis Technologies, Inc. \* | 80529 | 6406887 |
| Blaize Holdings, Inc. *\*(a)* | 183327 | 716809 |
| CEVA, Inc. \* | 58138 | 1581935 |
| Cohu, Inc. \* | 114222 | 2717341 |
| Credo Technology Group Holding Ltd. \* | 369584 | 69341350 |
| Diodes, Inc. \* | 114551 | 6112441 |
| FormFactor, Inc. \* | 194369 | 10680577 |
| Ichor Holdings Ltd. \* | 84161 | 1908771 |
| Impinj, Inc. \* | 64689 | 13077528 |
| indie Semiconductor, Inc., Class A *\*(a)* | 486491 | 2617322 |
| Kopin Corp. \* | 397043 | 1373769 |
| Kulicke & Soffa Industries, Inc.  | 128614 | 5135557 |
| MaxLinear, Inc. \* | 203771 | 3087131 |
| Navitas Semiconductor Corp., <br> Class A *\*(a)*<br>| 332591 | 4476675 |
| NVE Corp.  | 12067 | 833226 |
| PDF Solutions, Inc. \* | 79283 | 2309514 |
| Penguin Solutions, Inc. \* | 129897 | 2892806 |
| Photronics, Inc. \* | 144944 | 3464162 |
| Power Integrations, Inc.  | 141453 | 5925466 |
| Rambus, Inc. \* | 269233 | 27687922 |
| Rigetti Computing, Inc. \* | 797095 | 35287396 |
| Semtech Corp. \* | 217707 | 14773597 |
| Silicon Laboratories, Inc. \* | 80442 | 10544337 |
| SiTime Corp. \* | 53254 | 15424489 |
| SkyWater Technology, Inc. \* | 64411 | 1126226 |
| Synaptics, Inc. \* | 95790 | 6795343 |
| Ultra Clean Holdings, Inc. \* | 111403 | 3053556 |
| Veeco Instruments, Inc. \* | 142407 | 4094201 |
|  |  | **281910835** |
| **Software & Services 7.0%** | **Software & Services 7.0%** | **Software & Services 7.0%** |
| 8x8, Inc. \* | 338209 | 622305 |
| A10 Networks, Inc.  | 179670 | 3205313 |
| ACI Worldwide, Inc. \* | 262854 | 12519736 |
| Adeia, Inc.  | 271209 | 4621401 |
| Agilysys, Inc. \* | 64574 | 8101454 |
| Airship AI Holdings, Inc., Class A *\*(a)* | 49951 | 237267 |
| Alarm.com Holdings, Inc. \* | 118981 | 5856245 |
| Alkami Technology, Inc. \* | 170481 | 3459060 |
| Amplitude, Inc., Class A \* | 223040 | 2241552 |
| Appian Corp., Class A \* | 97867 | 2929159 |
| Applied Digital Corp. \* | 534492 | 18525493 |
| Arteris, Inc. \* | 69808 | 950087 |
| Asana, Inc., Class A \* | 216348 | 3039689 |
| ASGN, Inc. \* | 106994 | 4789052 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| AudioEye, Inc. \* | 20864 | 320680 |
| AvePoint, Inc. \* | 331801 | 4668440 |
| Backblaze, Inc., Class A \* | 133702 | 1378468 |
| BigBear.ai Holdings, Inc. \* | 721315 | 4991500 |
| Bit Digital, Inc. \* | 794940 | 2909480 |
| Bitdeer Technologies Group, Class A \* | 223857 | 4969625 |
| Blackbaud, Inc. \* | 95706 | 6129012 |
| BlackLine, Inc. \* | 130060 | 7445935 |
| Blend Labs, Inc., Class A \* | 519447 | 1719370 |
| Box, Inc., Class A \* | 350263 | 11239940 |
| Braze, Inc., Class A \* | 199438 | 5715893 |
| C3.ai, Inc., Class A \* | 304985 | 5361636 |
| Cerence, Inc. \* | 101110 | 1084910 |
| Cipher Mining, Inc. \* | 660677 | 12321626 |
| Cleanspark, Inc. \* | 691428 | 12307418 |
| Clear Secure, Inc., Class A  | 209066 | 6370241 |
| Clearwater Analytics Holdings, Inc., <br> Class A \*<br>| 615108 | 11324138 |
| Commerce.com, Inc. \* | 164132 | 759931 |
| Commvault Systems, Inc. \* | 111582 | 15534446 |
| Consensus Cloud Solutions, Inc. \* | 48744 | 1429174 |
| Core Scientific, Inc. \* | 708343 | 15257708 |
| Crexendo, Inc. \* | 36277 | 234712 |
| CS Disco, Inc. \* | 58837 | 371850 |
| CSP, Inc.  | 17269 | 230369 |
| Daily Journal Corp. \* | 3148 | 1275066 |
| Digimarc Corp. \* | 38990 | 379373 |
| Digital Turbine, Inc. \* | 262689 | 1639179 |
| DigitalOcean Holdings, Inc. \* | 170808 | 6945053 |
| Domo, Inc., Class B \* | 80963 | 1109193 |
| D-Wave Quantum, Inc. \* | 770780 | 28565107 |
| eGain Corp. \* | 43103 | 621545 |
| EverCommerce, Inc. \* | 36080 | 418167 |
| Expensify, Inc., Class A \* | 149882 | 244308 |
| Fastly, Inc., Class A \* | 342054 | 2835628 |
| Five9, Inc. \* | 191035 | 4638330 |
| Freshworks, Inc., Class A \* | 502433 | 5577006 |
| Grid Dynamics Holdings, Inc. \* | 164986 | 1540969 |
| Hackett Group, Inc.  | 62947 | 1139970 |
| Hut 8 Corp. \* | 234887 | 11899375 |
| I3 Verticals, Inc., Class A \* | 57255 | 1760591 |
| Information Services Group, Inc.  | 85994 | 473827 |
| Intapp, Inc. \* | 141353 | 5425128 |
| InterDigital, Inc.  | 64636 | 23395647 |
| Jamf Holding Corp. \* | 180250 | 2316213 |
| Kaltura, Inc. \* | 226391 | 350906 |
| Life360, Inc. \* | 40220 | 3970116 |
| LiveRamp Holdings, Inc. \* | 161179 | 4406634 |
| MARA Holdings, Inc. \* | 927436 | 16944256 |
| Mercurity Fintech Holding, Inc. \* | 79651 | 831556 |
| Mitek Systems, Inc. \* | 111788 | 1029568 |
| N-able, Inc. \* | 177774 | 1391970 |
| NCR Voyix Corp. \* | 347442 | 3964313 |
| NextNav, Inc. \* | 219734 | 2933449 |
| ON24, Inc. \* | 92995 | 513332 |
| OneSpan, Inc.  | 90039 | 1026445 |
| Ooma, Inc. \* | 63482 | 712903 |
| Pagaya Technologies Ltd., Class A \* | 115096 | 3094932 |
| PagerDuty, Inc. \* | 212115 | 3406567 |
| PAR Technology Corp. \* | 100296 | 3544461 |
| Porch Group, Inc. \* | 200135 | 3012032 |
| Progress Software Corp. \* | 107024 | 4563503 |
| PROS Holdings, Inc. \* | 109241 | 2518005 |
| Q2 Holdings, Inc. \* | 155237 | 9587437 |
| Qualys, Inc. \* | 91097 | 11228616 |
| Rackspace Technology, Inc. \* | 208157 | 333051 |
| Rapid7, Inc. \* | 158473 | 2933335 |
| Red Violet, Inc.  | 28135 | 1508880 |

---

*See financial notes*

**40**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| ReposiTrak, Inc.  | 29236 | 438832 |
| Rezolve AI PLC *\*(a)* | 366408 | 1571890 |
| Rimini Street, Inc. \* | 121828 | 484875 |
| Riot Platforms, Inc. \* | 870075 | 17210084 |
| Sapiens International Corp. NV  | 77849 | 3351400 |
| SEMrush Holdings, Inc., Class A \* | 128080 | 929861 |
| Silvaco Group, Inc. \* | 20263 | 119349 |
| SoundHound AI, Inc., Class A \* | 914040 | 16105385 |
| SoundThinking, Inc. \* | 23980 | 224213 |
| Sprinklr, Inc., Class A \* | 281164 | 2170586 |
| Sprout Social, Inc., Class A \* | 129444 | 1329390 |
| SPS Commerce, Inc. \* | 95039 | 7816007 |
| Synchronoss Technologies, Inc. \* | 25653 | 134550 |
| Telos Corp. \* | 131840 | 904422 |
| Tenable Holdings, Inc. \* | 303001 | 8793089 |
| Terawulf, Inc. \* | 707838 | 10971489 |
| TSS, Inc. \* | 45911 | 930157 |
| Tucows, Inc., Class A \* | 17011 | 325931 |
| Unisys Corp. \* | 169105 | 603705 |
| Varonis Systems, Inc., Class B \* | 275485 | 9705337 |
| Verint Systems, Inc. \* | 150485 | 3051836 |
| Vertex, Inc., Class A \* | 161616 | 3701006 |
| Viant Technology, Inc., Class A \* | 33616 | 298510 |
| VTEX, Class A \* | 144196 | 647440 |
| Weave Communications, Inc. \* | 146684 | 1086928 |
| WM Technology, Inc. \* | 218931 | 229878 |
| Workiva, Inc., Class A \* | 125317 | 10653198 |
| Xperi, Inc. \* | 108531 | 729328 |
| Yext, Inc. \* | 253513 | 2147255 |
| Zeta Global Holdings Corp., Class A \* | 464855 | 8362742 |
|  |  | **506208930** |
| **Technology Hardware & Equipment 5.4%** | **Technology Hardware & Equipment 5.4%** | **Technology Hardware & Equipment 5.4%** |
| 908 Devices, Inc. \* | 68459 | 546303 |
| ADTRAN Holdings, Inc. \* | 183948 | 1916738 |
| Advanced Energy Industries, Inc.  | 94061 | 19068987 |
| Aeva Technologies, Inc. \* | 76019 | 1242150 |
| Applied Optoelectronics, Inc. \* | 135176 | 4806859 |
| Arlo Technologies, Inc. \* | 248228 | 4800730 |
| Aviat Networks, Inc. \* | 28635 | 714730 |
| Badger Meter, Inc.  | 73940 | 13342473 |
| Bel Fuse, Inc., Class B  | 29608 | 4559336 |
| Belden, Inc.  | 98758 | 12033662 |
| Benchmark Electronics, Inc.  | 88813 | 3891786 |
| BK Technologies Corp. \* | 7494 | 559877 |
| Calix, Inc. \* | 147116 | 10065677 |
| Clearfield, Inc. \* | 29135 | 1028466 |
| Climb Global Solutions, Inc.  | 9750 | 1083030 |
| CommScope Holding Co., Inc. \* | 532424 | 9210935 |
| CompoSecure, Inc., Class A \* | 109149 | 2167699 |
| Corsair Gaming, Inc. \* | 114628 | 934218 |
| CPI Card Group, Inc. \* | 14680 | 229595 |
| CTS Corp.  | 72830 | 3023173 |
| Daktronics, Inc. \* | 96326 | 1809966 |
| Diebold Nixdorf, Inc. \* | 63423 | 3751470 |
| Digi International, Inc. \* | 90979 | 3337110 |
| Eastman Kodak Co. \* | 160092 | 1014983 |
| ePlus, Inc.  | 65887 | 4820293 |
| Evolv Technologies Holdings, Inc. \* | 288064 | 2229615 |
| Extreme Networks, Inc. \* | 329515 | 6267375 |
| Fabrinet \* | 90141 | 39713420 |
| Frequency Electronics, Inc. \* | 16461 | 604448 |
| Harmonic, Inc. \* | 281939 | 3016747 |
| Immersion Corp.  | 68023 | 455074 |
| Inseego Corp. \* | 30694 | 510748 |
| Insight Enterprises, Inc. \* | 72198 | 7219800 |
| IonQ, Inc. \* | 689859 | 43033404 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Itron, Inc. \* | 113450 | 11382438 |
| Kimball Electronics, Inc. \* | 61156 | 1778111 |
| Knowles Corp. \* | 213046 | 5030016 |
| Methode Electronics, Inc.  | 84915 | 571478 |
| MicroVision, Inc. *\*(a)* | 622976 | 728882 |
| Mirion Technologies, Inc., Class A \* | 586815 | 17234757 |
| M-Tron Industries, Inc. \* | 6125 | 337610 |
| Napco Security Technologies, Inc.  | 86229 | 3807010 |
| Neonode, Inc. \* | 26356 | 80122 |
| NETGEAR, Inc. \* | 69342 | 2407554 |
| NetScout Systems, Inc. \* | 173779 | 4831056 |
| nLight, Inc. \* | 119576 | 3947204 |
| Novanta, Inc. \* | 90063 | 11438902 |
| OSI Systems, Inc. \* | 40008 | 11140628 |
| Ouster, Inc. \* | 126781 | 4229414 |
| PC Connection, Inc.  | 27735 | 1691003 |
| Plexus Corp. \* | 67049 | 9380155 |
| Powerfleet, Inc. NJ \* | 313035 | 1596479 |
| Quantum Computing, Inc. *\*(a)* | 333551 | 5573637 |
| Red Cat Holdings, Inc. *\*(a)* | 213325 | 2399906 |
| Ribbon Communications, Inc. \* | 233194 | 783532 |
| Richardson Electronics Ltd.  | 29832 | 321589 |
| Rogers Corp. \* | 46173 | 4041984 |
| Sanmina Corp. \* | 130425 | 17874746 |
| ScanSource, Inc. \* | 52240 | 2241357 |
| TTM Technologies, Inc. \* | 251488 | 16899994 |
| Turtle Beach Corp. \* | 37774 | 638381 |
| Viasat, Inc. \* | 294015 | 11707677 |
| Viavi Solutions, Inc. \* | 552564 | 9780383 |
| Vishay Intertechnology, Inc.  | 301640 | 5121847 |
| Vishay Precision Group, Inc. \* | 29547 | 1106831 |
| Vuzix Corp. *\*(a)* | 161100 | 539685 |
| Xerox Holdings Corp.  | 290122 | 963205 |
|  |  | **384618450** |
| **Telecommunication Services 0.8%** | **Telecommunication Services 0.8%** | **Telecommunication Services 0.8%** |
| Anterix, Inc. \* | 28130 | 568789 |
| ATN International, Inc.  | 25681 | 373145 |
| Bandwidth, Inc., Class A \* | 68091 | 1099670 |
| Cogent Communications Holdings, Inc.  | 112362 | 4634933 |
| Globalstar, Inc. \* | 125081 | 6805657 |
| Gogo, Inc. \* | 192861 | 1755035 |
| IDT Corp., Class B  | 40393 | 2046309 |
| Liberty Latin America Ltd., Class C \* | 387590 | 3065837 |
| Lumen Technologies, Inc. \* | 2379898 | 24465351 |
| Shenandoah Telecommunications Co.  | 127447 | 1570147 |
| Spok Holdings, Inc.  | 50891 | 727232 |
| Telephone & Data Systems, Inc.  | 248311 | 9639433 |
| Uniti Group, Inc.  | 353804 | 2037911 |
|  |  | **58789449** |
| **Transportation 1.1%** | **Transportation 1.1%** | **Transportation 1.1%** |
| Allegiant Travel Co. \* | 35851 | 2229215 |
| ArcBest Corp.  | 56895 | 4228436 |
| Arrive AI, Inc. \* | 9211 | 46147 |
| Costamare Bulkers Holdings Ltd. \* | 21909 | 283502 |
| Costamare, Inc.  | 110548 | 1350897 |
| Covenant Logistics Group, Inc., Class A  | 40918 | 825316 |
| flyExclusive, Inc. \* | 12799 | 49532 |
| Forward Air Corp. \* | 52921 | 995444 |
| Frontier Group Holdings, Inc. \* | 211309 | 815653 |
| FTAI Infrastructure, Inc.  | 269871 | 1441111 |
| Genco Shipping & Trading Ltd.  | 84291 | 1436319 |
| Heartland Express, Inc.  | 110022 | 858172 |
| Hertz Global Holdings, Inc. *\*(a)* | 295452 | 1515669 |
| Himalaya Shipping Ltd. \* | 73705 | 577847 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**41**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Hub Group, Inc., Class A  | 149311 | 5499124 |
| JetBlue Airways Corp. \* | 825427 | 3466793 |
| Joby Aviation, Inc. \* | 1151347 | 19964357 |
| Marten Transport Ltd.  | 144405 | 1480151 |
| Matson, Inc.  | 81179 | 8195020 |
| PAMT Corp. \* | 15938 | 160496 |
| Pangaea Logistics Solutions Ltd.  | 74107 | 366830 |
| Proficient Auto Logistics, Inc. \* | 61478 | 459855 |
| Radiant Logistics, Inc. \* | 80776 | 488695 |
| RXO, Inc. \* | 405913 | 7196838 |
| Safe Bulkers, Inc.  | 135748 | 636658 |
| Sky Harbour Group Corp. \* | 53606 | 529627 |
| SkyWest, Inc. \* | 100947 | 10143155 |
| Strata Critical Medical, Inc. \* | 161882 | 814266 |
| Sun Country Airlines Holdings, Inc. \* | 128530 | 1578348 |
| Universal Logistics Holdings, Inc.  | 16781 | 271517 |
| Werner Enterprises, Inc.  | 144069 | 3774608 |
|  |  | **81679598** |
| **Utilities 3.3%** | **Utilities 3.3%** | **Utilities 3.3%** |
| ALLETE, Inc.  | 145982 | 9828968 |
| American States Water Co.  | 96625 | 6890329 |
| Avista Corp.  | 200716 | 7637244 |
| Black Hills Corp.  | 181396 | 11505948 |
| Brookfield Infrastructure Corp., Class A  | 300206 | 13602334 |
| Cadiz, Inc. \* | 138243 | 732688 |
| California Water Service Group  | 149336 | 6627532 |
| Chesapeake Utilities Corp.  | 57036 | 7259542 |
| Consolidated Water Co. Ltd.  | 37330 | 1269593 |
| Genie Energy Ltd., Class B  | 53543 | 805822 |
| Global Water Resources, Inc.  | 29891 | 296519 |
| H2O America  | 79352 | 3670030 |
| Hallador Energy Co. \* | 77964 | 1686361 |
| Hawaiian Electric Industries, Inc. \* | 435589 | 5061544 |
| MGE Energy, Inc.  | 92149 | 7636388 |
| Middlesex Water Co.  | 44463 | 2555289 |
| Montauk Renewables, Inc. \* | 173221 | 351639 |
| New Jersey Resources Corp.  | 252105 | 11168251 |
| Northwest Natural Holding Co.  | 101339 | 4613965 |
| Northwestern Energy Group, Inc.  | 153941 | 9185659 |
| Oklo, Inc. \* | 271193 | 36006295 |
| ONE Gas, Inc.  | 149301 | 11972447 |
| Ormat Technologies, Inc.  | 152447 | 16215787 |
| Otter Tail Corp.  | 96225 | 7430494 |
| Portland General Electric Co.  | 274835 | 12554463 |
| Pure Cycle Corp. \* | 50167 | 552339 |
| RGC Resources, Inc.  | 20545 | 425487 |
| Southwest Gas Holdings, Inc.  | 161378 | 12829551 |
| Spire, Inc.  | 145442 | 12566189 |
| TXNM Energy, Inc.  | 243513 | 13831538 |
| Unitil Corp.  | 40233 | 1961359 |
| York Water Co.  | 35813 | 1112710 |
|  |  | **239844304** |
| **Total Common Stocks** <br>**(Cost $4,599,431,112)** | **Total Common Stocks** <br>**(Cost $4,599,431,112)** | **7164191825** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **RIGHTS** 0.0% OF NET ASSETS  | **RIGHTS** 0.0% OF NET ASSETS  | **RIGHTS** 0.0% OF NET ASSETS  |
| **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** |
| Aduro Biotech, Inc. CVR *\*(b)* | 27867 | 56835 |
| Cartesian Therapeutics, Inc. CVR *\*(b)* | 265512 | 531853 |
| GTx, Inc. CVR *\*(b)* | 592 | 0 |
| Tobira Therapeutics, Inc. CVR *\*(b)* | 14029 | 26796 |
|  |  | **615484** |
| **Total Rights** <br>**(Cost $44,006)** | **Total Rights** <br>**(Cost $44,006)** | **615484** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 1.3% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 1.3% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 1.3% OF NET ASSETS  |
| **Money Market Funds 1.3%** | **Money Market Funds 1.3%** | **Money Market Funds 1.3%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(d)(e)*<br>| 92712007 | 92712007 |
| **Total Short-Term Investments** <br>**(Cost $92,712,007)** | **Total Short-Term Investments** <br>**(Cost $92,712,007)** | **92712007** |
| **Total Investments in Securities** <br>**(Cost $4,692,187,125)** | **Total Investments in Securities** <br>**(Cost $4,692,187,125)** | **7257519316** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>DEPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| Russell 2000 Index, e-mini, <br> expires 12/19/25<br>| 200 | 24899000 | **(20375)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $91,693,646. 

*(b)* Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). 

*(c)* Issuer is an affiliated company, as the investment adviser owns at least 5% of the voting securities of such company. 

*(d)* The rate shown is the annualized 7-day yield.

*(e)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CVR — Contingent Value Rights <br> REIT — Real Estate Investment Trust

*See financial notes*

**42**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

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Below is a summary of the fund's transactions with affiliated issuers and affiliated companies which are or were affiliates during the period ended October 31, 2025. An affiliated company is a company in which the investment adviser has or had an ownership of at least 5% of the voting securities of a security issue during the report period. A dash in the Value at October 31, 2024, and/or Value and Balance of Shares Held at October 31, 2025, columns means either the issuer was not held or not held as an affiliate on the stated date.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS |
| **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** |
| TrueBlue, Inc. | $— | $31913 | ($32616)<br>| ($36345)<br>| ($157330)<br>| $335862 | 70857 | $— |
| **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** |
| Cracker Barrel Old Country Store, Inc. |  | 181205 | (65279)<br>| (131369)<br>| (645497)<br>|  |  | 54969 |
| **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** |
| Diversified Healthcare Trust | 1878473 | 122325 | (92117)<br>| (62729)<br>| 501772 |  |  | 21664 |
| Service Properties Trust |  | 65909 | (307263)<br>| (126529)<br>| (68690)<br>| 830198 | 387943 | 15789 |
|  |  |  |  |  |  | **830198** |  |  |
| **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** |
| Medifast, Inc. |  | 63199 | (32530)<br>| (237555)<br>| 66927 | 335899 | 27945 |  |
| **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** |
| EW Scripps Co. |  | 96498 | (68044)<br>| (293332)<br>| 150761 | 367081 | 151062 |  |
| **Total** | **$1878473** | **$561049** | **($597849)**<br>| **($887859)**<br>| **($152057)**<br>| **$1869040** |  | **$92422** |

---

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $5277151848 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5277151848 |
| Banks | 667533799 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6474 | &nbsp;&nbsp; 667540273 |
| Health Care Equipment & Services | 439540257 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 439540257 |
| Pharmaceuticals, Biotechnology & Life Sciences | 779958179 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1268 | &nbsp;&nbsp; 779959447 |
| Rights |  |  |  |  |
| Pharmaceuticals, Biotechnology & Life Sciences |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 615,484<br> \*<br>| &nbsp;&nbsp; 615484 |
| Short-Term Investments<sup>1</sup> <br>| 92712007 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 92712007 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (20375)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (20375)<br>|
| **Total** | **$7256875715** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$623226** | &nbsp;&nbsp; **$7257498941** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Level 3 amount shown includes securities determined to have no value at October 31, 2025.

<sup>1</sup> As categorized in the Portfolio Holdings. 

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**43**

------

Schwab Small-Cap Index Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $4,256,268)  |  | $1869040 |
| Investments in securities, at value - unaffiliated issuers (cost $4,687,930,857) including securities on loan of $91,693,646 |  | 7255650276 |
| Cash |  | 22026843 |
| Deposit with broker for futures contracts |  | 1917137 |
| Receivables: |  |  |
| Fund shares sold |  | 6095273 |
| Dividends |  | 1493893 |
| Income from securities on loan |  | 355422 |
| Investments sold |  | 335989 |
| Variation margin on future contracts | + | 148412 |
| **Total assets** |  | **7289892285** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 92712007 |
| Payables: |  |  |
| Fund shares redeemed |  | 4075004 |
| Investment adviser fees |  | 259454 |
| Investments bought | + | 5329 |
| **Total liabilities** |  | **97051794** |
| **Net assets** |  | **$7192840491** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $5089003096 |
| Total distributable earnings | + | 2103837395 |
| **Net assets** |  | **$7192840491** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $7192840491 |  | &nbsp;&nbsp;&nbsp;&nbsp; 179105765 |  | &nbsp;&nbsp;&nbsp;&nbsp; $40.16 |

---

*See financial notes*

**44**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

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Schwab Small-Cap Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $226,739) |  | $78515643 |
| Other Interest |  | 504803 |
| Dividends received from securities - affiliated issuers |  | 92422 |
| Securities on loan, net | + | 4614573 |
| **Total investment income**  |  | **83727441** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 2624440 |
| **Total expenses** | – | **2624440** |
| **Net investment income** |  | **81103001** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers |  | (887859)<br>|
| Net realized losses on sales of securities - unaffiliated issuers  |  | (39893160)<br>|
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 171449297 |
| Net realized losses on futures contracts | + | (613114)<br>|
| **Net realized gains** |  | **130055164** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (152057)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 730156567 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 290852 |
| **Net change in unrealized appreciation (depreciation)** |  | **730295362** |
| **Net realized and unrealized gains** |  | **860350526** |
| **Increase in net assets resulting from operations** |  | **$941453527** |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**45**

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Schwab Small-Cap Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $81103001 | &nbsp;&nbsp;&nbsp; $83748510 |
| Net realized gains |  | 130055164 | &nbsp;&nbsp;&nbsp; 228783465 |
| Net change in unrealized appreciation (depreciation) | + | 730295362 | &nbsp;&nbsp;&nbsp; 1335031226 |
| **Increase in net assets resulting from operations** |  | **$941453527** | &nbsp;&nbsp;&nbsp; **$1647563201** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($105904769)**<br>| &nbsp;&nbsp;&nbsp; **($86736454)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 39249825 | &nbsp;&nbsp;&nbsp; $1379447819 | &nbsp;&nbsp;&nbsp; 38304539 | &nbsp;&nbsp;&nbsp; $1258012921 |
| Shares reinvested |  | 2137076 | &nbsp;&nbsp;&nbsp; 80247227 | &nbsp;&nbsp;&nbsp; 2232953 | &nbsp;&nbsp;&nbsp; 67256541 |
| Shares redeemed | + | (39904477)<br>| &nbsp;&nbsp;&nbsp; (1431987871)<br>| &nbsp;&nbsp;&nbsp; (43772659)<br>| &nbsp;&nbsp;&nbsp; (1437652600)<br>|
| **Net transactions in fund shares**  |  | **1482424** | &nbsp;&nbsp;&nbsp; **$27707175** | &nbsp;&nbsp;&nbsp; **(3235167)**<br>| &nbsp;&nbsp;&nbsp; **($112383138)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 177623341 | &nbsp;&nbsp;&nbsp; $6329584558 | &nbsp;&nbsp;&nbsp; 180858508 | &nbsp;&nbsp;&nbsp; $4881140949 |
| Total increase (decrease) | + | 1482424 | &nbsp;&nbsp;&nbsp; 863255933 | &nbsp;&nbsp;&nbsp; (3235167)<br>| &nbsp;&nbsp;&nbsp; 1448443609 |
| **End of period** |  | **179105765** | &nbsp;&nbsp;&nbsp; **$7192840491** | &nbsp;&nbsp;&nbsp; **177623341** | &nbsp;&nbsp;&nbsp; **$6329584558** |

---

*See financial notes*

**46**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

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Schwab Total Stock Market Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<sup>1</sup> <br>| 11/1/23– <br>10/31/24<sup>1</sup> <br>| 11/1/22– <br>10/31/23<sup>1</sup> <br>| 11/1/21– <br>10/31/22<sup>1</sup> <br>| 11/1/20– <br>10/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $13.85 | &nbsp;&nbsp; $10.18 | &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; $11.66 | &nbsp;&nbsp; $8.23 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.18 | 0.17 | 0.16 | 0.15 | 0.14 |
| Net realized and unrealized gains (losses) | 2.69 | 3.66 | 0.62 | &nbsp;&nbsp; (2.09)<br>| 3.44 |
| Total from investment operations | 2.87 | 3.83 | 0.78 | &nbsp;&nbsp; (1.94)<br>| 3.58 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.15)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.15)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $16.54 | &nbsp;&nbsp; $13.85 | &nbsp;&nbsp; $10.18 | &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; $11.66 |
| Total return | 20.85<br> %<br>| 37.98<br> %<br>| 8.38<br> %<br>| &nbsp;&nbsp; (16.94<br> %)<br>| 44.01<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.03<br> %<br>| 0.03<br> %<br>| 0.03 %<sup>3</sup><br>| 0.03 %<sup>3</sup><br>| 0.03<br> %<br>|
| Net investment income (loss) | 1.22<br> %<br>| 1.39<br> %<br>| 1.58<br> %<br>| 1.44<br> %<br>| 1.37<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 3<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $31970 | &nbsp;&nbsp; $25665 | &nbsp;&nbsp; $17787 | &nbsp;&nbsp; $16046 | &nbsp;&nbsp; $18232 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per-Share Data has been retroactively adjusted to reflect a 7-for-1 share split effective after the close of U.S. markets on August 15, 2025 (see financial note 9 for additional information). 

<sup>2</sup> Calculated based on the average shares outstanding during the period.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**47**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.7% OF NET ASSETS  | **COMMON STOCKS** 99.7% OF NET ASSETS  | **COMMON STOCKS** 99.7% OF NET ASSETS  |
| **Automobiles & Components 2.3%** | **Automobiles & Components 2.3%** | **Automobiles & Components 2.3%** |
| Adient PLC \* | 41000 | 950790 |
| American Axle & Manufacturing <br> Holdings, Inc. \*<br>| 60450 | 374790 |
| Aptiv PLC \* | 104781 | 8497739 |
| Autoliv, Inc.  | 33936 | 3963725 |
| BorgWarner, Inc.  | 105903 | 4549593 |
| Cooper-Standard Holdings, Inc. \* | 8444 | 255178 |
| Dana, Inc.  | 64236 | 1303991 |
| Dorman Products, Inc. \* | 13391 | 1796135 |
| Empery Digital, Inc. \* | 23000 | 160310 |
| Faraday Future Intelligent Electric, <br> Inc. *\*(a)*<br>| 60000 | 82800 |
| Ford Motor Co.  | 1881098 | 24698817 |
| Fox Factory Holding Corp. \* | 18351 | 405741 |
| Garrett Motion, Inc.  | 70894 | 1200944 |
| General Motors Co.  | 457656 | 31619453 |
| Gentex Corp.  | 108849 | 2552509 |
| Gentherm, Inc. \* | 14378 | 529110 |
| Goodyear Tire & Rubber Co. \* | 138485 | 954162 |
| Harley-Davidson, Inc.  | 56117 | 1514037 |
| Holley, Inc. \* | 27094 | 77760 |
| LCI Industries  | 11790 | 1220147 |
| Lear Corp.  | 26114 | 2732830 |
| Lucid Group, Inc. *\*(a)* | 56720 | 1006780 |
| Mobileye Global, Inc., Class A \* | 82607 | 1086282 |
| Modine Manufacturing Co. \* | 25419 | 3894445 |
| Motorcar Parts of America, Inc. \* | 10000 | 170600 |
| Patrick Industries, Inc.  | 15969 | 1666684 |
| Phinia, Inc.  | 20144 | 1045675 |
| QuantumScape Corp., Class A \* | 212718 | 3922520 |
| Rivian Automotive, Inc., Class A \* | 383226 | 5200377 |
| Solid Power, Inc. \* | 81166 | 509722 |
| Standard Motor Products, Inc.  | 9698 | 360087 |
| Stoneridge, Inc. \* | 11655 | 79370 |
| Strattec Security Corp. \* | 1500 | 92040 |
| Tesla, Inc. \* | 1350789 | 616716226 |
| Thor Industries, Inc.  | 25361 | 2646420 |
| Visteon Corp.  | 12757 | 1367040 |
| Winnebago Industries, Inc.  | 13059 | 492455 |
| XPEL, Inc. \* | 14044 | 478900 |
|  |  | **730176184** |
| **Banks 3.7%** | **Banks 3.7%** | **Banks 3.7%** |
| 1st Source Corp.  | 8134 | 483485 |
| ACNB Corp.  | 5076 | 229334 |
| Affinity Bancshares, Inc.  | 1146 | 21740 |
| Amalgamated Financial Corp.  | 11518 | 313981 |
| Amerant Bancorp, Inc.  | 19131 | 320827 |
| Ameris Bancorp  | 30743 | 2201814 |
| Ames National Corp.  | 4056 | 84608 |
| Arrow Financial Corp.  | 6961 | 194142 |
| Associated Banc-Corp.  | 77934 | 1930425 |
| Atlantic Union Bankshares Corp.  | 69229 | 2251327 |
| Auburn National BanCorp, Inc.  | 800 | 20752 |
| Avidbank Holdings, Inc. \* | 3500 | 91455 |
| Avidia Bancorp, Inc. \* | 10000 | 148700 |
| Axos Financial, Inc. \* | 27066 | 2110607 |
| Banc of California, Inc.  | 65552 | 1112417 |
| BancFirst Corp.  | 9480 | 1031993 |
| Bancorp, Inc. \* | 21677 | 1417025 |
| Bank First Corp.  | 4459 | 544533 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Bank of America Corp.  | 3279230 | 175274843 |
| Bank of Hawaii Corp.  | 18380 | 1193413 |
| Bank of Marin Bancorp  | 6631 | 170748 |
| Bank of the James Financial Group, <br> Inc. <br>| 2744 | 46511 |
| Bank OZK  | 50011 | 2249995 |
| Bank7 Corp.  | 2054 | 85262 |
| BankFinancial Corp.  | 3213 | 35504 |
| BankUnited, Inc.  | 36102 | 1446968 |
| Bankwell Financial Group, Inc.  | 2376 | 103000 |
| Banner Corp.  | 17160 | 1036292 |
| Bar Harbor Bankshares  | 5903 | 173135 |
| BayCom Corp.  | 4901 | 133601 |
| BCB Bancorp, Inc.  | 7033 | 55842 |
| Beacon Financial Corp.  | 40671 | 989932 |
| Blue Foundry Bancorp \* | 9742 | 80274 |
| Blue Ridge Bankshares, Inc. \* | 40597 | 181875 |
| BOK Financial Corp.  | 10921 | 1142118 |
| Bridgewater Bancshares, Inc. \* | 8542 | 140601 |
| Broadway Financial Corp. \* | 2507 | 15594 |
| Burke & Herbert Financial Services <br> Corp. <br>| 6104 | 359281 |
| Business First Bancshares, Inc.  | 15152 | 371527 |
| BV Financial, Inc. \* | 5000 | 81500 |
| Byline Bancorp, Inc.  | 14729 | 393853 |
| C&F Financial Corp.  | 1200 | 82092 |
| Cadence Bank  | 91418 | 3450115 |
| California BanCorp \* | 8995 | 166318 |
| Camden National Corp.  | 8027 | 306230 |
| Capital Bancorp, Inc.  | 5770 | 160377 |
| Capital City Bank Group, Inc.  | 5558 | 216206 |
| Capitol Federal Financial, Inc.  | 63473 | 383377 |
| Carter Bankshares, Inc. \* | 9825 | 167811 |
| Catalyst Bancorp, Inc. \* | 1959 | 27720 |
| Cathay General Bancorp  | 32083 | 1458172 |
| CB Financial Services, Inc.  | 2090 | 67653 |
| Central Pacific Financial Corp.  | 11311 | 322477 |
| CF Bankshares, Inc.  | 2505 | 58116 |
| Chemung Financial Corp.  | 1306 | 66175 |
| ChoiceOne Financial Services, Inc.  | 7247 | 207554 |
| Citigroup, Inc.  | 885879 | 89677531 |
| Citizens & Northern Corp.  | 5947 | 115134 |
| Citizens Community Bancorp, Inc.  | 3309 | 51786 |
| Citizens Financial Group, Inc.  | 208606 | 10611787 |
| Citizens Financial Services, Inc.  | 2033 | 111388 |
| City Holding Co.  | 6963 | 820798 |
| Civista Bancshares, Inc.  | 9755 | 210025 |
| CNB Financial Corp.  | 14433 | 355052 |
| Coastal Financial Corp. \* | 6270 | 667755 |
| CoastalSouth Bancshares, Inc. \* | 4000 | 85120 |
| Colony Bankcorp, Inc.  | 7200 | 115128 |
| Columbia Banking System, Inc.  | 144622 | 3875870 |
| Columbia Financial, Inc. \* | 14396 | 212341 |
| Comerica, Inc.  | 62348 | 4769622 |
| Commerce Bancshares, Inc.  | 59510 | 3132011 |
| Community Financial System, Inc.  | 25119 | 1393602 |
| Community Trust Bancorp, Inc.  | 7370 | 377307 |
| Community West Bancshares  | 6826 | 144575 |
| ConnectOne Bancorp, Inc.  | 21937 | 527804 |
| Cullen/Frost Bankers, Inc.  | 31149 | 3835688 |
| Customers Bancorp, Inc. \* | 14966 | 1004518 |
| CVB Financial Corp.  | 61166 | 1123619 |
| Dime Community Bancshares, Inc.  | 18909 | 496361 |
| Eagle Bancorp Montana, Inc.  | 2563 | 41597 |
| Eagle Bancorp, Inc.  | 13609 | 227951 |
| Eagle Financial Services, Inc.  | 2313 | 83754 |
| East West Bancorp, Inc.  | 66299 | 6735978 |
| Eastern Bankshares, Inc.  | 94248 | 1652167 |

---

*See financial notes*

**48**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| ECB Bancorp, Inc. \* | 4412 | 70724 |
| Enterprise Financial Services Corp.  | 16939 | 887095 |
| Equity Bancshares, Inc., Class A  | 6351 | 257279 |
| Esquire Financial Holdings, Inc.  | 3256 | 305413 |
| Farmers & Merchants Bancorp, Inc.  | 6004 | 143496 |
| Farmers National Banc Corp.  | 14833 | 192532 |
| FB Bancorp, Inc. \* | 10000 | 121200 |
| FB Financial Corp.  | 19553 | 1056058 |
| Fidelity D&D Bancorp, Inc.  | 1779 | 77707 |
| Fifth Third Bancorp  | 319377 | 13292471 |
| Financial Institutions, Inc.  | 9261 | 263290 |
| Finward Bancorp *(a)* | 1806 | 63481 |
| Finwise Bancorp \* | 4562 | 87545 |
| First BanCorp  | 76777 | 1496384 |
| First Bancorp, Inc.  | 3588 | 88947 |
| First Bancorp/Southern Pines NC  | 20264 | 983615 |
| First Bank  | 9056 | 141455 |
| First Busey Corp.  | 43051 | 962620 |
| First Business Financial Services, Inc.  | 2713 | 137305 |
| First Capital, Inc.  | 1074 | 46236 |
| First Citizens BancShares, Inc., <br> Class A <br>| 5046 | 9208042 |
| First Commonwealth Financial Corp.  | 47600 | 727804 |
| First Community Bankshares, Inc.  | 8451 | 273305 |
| First Community Corp.  | 3520 | 94371 |
| First Financial Bancorp  | 44725 | 1047012 |
| First Financial Bankshares, Inc.  | 62840 | 1941128 |
| First Financial Corp.  | 9045 | 482279 |
| First Foundation, Inc. \* | 42399 | 230651 |
| First Hawaiian, Inc.  | 61009 | 1496551 |
| First Horizon Corp.  | 244932 | 5231748 |
| First Internet Bancorp  | 3435 | 60937 |
| First Interstate BancSystem, Inc., <br> Class A <br>| 43857 | 1370531 |
| First Merchants Corp.  | 28372 | 1006639 |
| First Mid Bancshares, Inc.  | 9125 | 326036 |
| First National Corp.  | 2648 | 59633 |
| First Northwest Bancorp  | 3416 | 30983 |
| First Savings Financial Group, Inc.  | 2389 | 70714 |
| First Seacoast Bancorp, Inc. \* | 3389 | 39312 |
| First U.S. Bancshares, Inc.  | 4841 | 62304 |
| First United Corp.  | 2849 | 98376 |
| First Western Financial, Inc. \* | 2786 | 64329 |
| Firstsun Capital Bancorp \* | 5528 | 188173 |
| Five Star Bancorp  | 9216 | 327260 |
| Flagstar Bank NA  | 144343 | 1648397 |
| Flushing Financial Corp.  | 16608 | 227031 |
| FNB Corp.  | 171097 | 2689645 |
| Franklin Financial Services Corp.  | 1992 | 90238 |
| FS Bancorp, Inc.  | 3171 | 122686 |
| Fulton Financial Corp.  | 85085 | 1477926 |
| FVCBankcorp, Inc.  | 8954 | 109418 |
| GBank Financial Holdings, Inc. \* | 5604 | 203257 |
| German American Bancorp, Inc.  | 17793 | 685742 |
| Glacier Bancorp, Inc.  | 61079 | 2495077 |
| Great Southern Bancorp, Inc.  | 4013 | 223524 |
| Greene County Bancorp, Inc.  | 3212 | 70503 |
| Hancock Whitney Corp.  | 41248 | 2355673 |
| Hanmi Financial Corp.  | 13522 | 356981 |
| Hanover Bancorp, Inc.  | 2522 | 52231 |
| HarborOne Bancorp, Inc.  | 18808 | 227577 |
| Hawthorn Bancshares, Inc.  | 2065 | 62384 |
| HBT Financial, Inc.  | 5821 | 141974 |
| Heritage Commerce Corp.  | 26186 | 272334 |
| Heritage Financial Corp.  | 14372 | 318915 |
| Hilltop Holdings, Inc.  | 24556 | 793159 |
| Hingham Institution For Savings *(a)* | 707 | 208042 |
| Home Bancorp, Inc.  | 3387 | 180019 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Home BancShares, Inc.  | 88010 | 2350747 |
| HomeTrust Bancshares, Inc.  | 6363 | 250130 |
| Hope Bancorp, Inc.  | 59050 | 619434 |
| Horizon Bancorp, Inc.  | 20544 | 320486 |
| Huntington Bancshares, Inc.  | 757073 | 11689207 |
| Independent Bank Corp.  | 23428 | 1576470 |
| Independent Bank Corp. MI  | 9444 | 285398 |
| International Bancshares Corp.  | 25869 | 1717184 |
| Investar Holding Corp.  | 3333 | 79192 |
| Isabella Bank Corp.  | 3500 | 125090 |
| John Marshall Bancorp, Inc.  | 4443 | 84861 |
| JPMorgan Chase & Co.  | 1323511 | 411770742 |
| Kearny Financial Corp.  | 30246 | 193272 |
| KeyCorp  | 448517 | 7889414 |
| Lakeland Financial Corp.  | 12289 | 701087 |
| Landmark Bancorp, Inc.  | 2179 | 55979 |
| LCNB Corp.  | 4732 | 72684 |
| LINKBANCORP, Inc.  | 12773 | 89794 |
| Live Oak Bancshares, Inc.  | 16949 | 527792 |
| M&T Bank Corp.  | 75622 | 13904617 |
| Magyar Bancorp, Inc.  | 1051 | 18130 |
| MainStreet Bancshares, Inc.  | 3000 | 55650 |
| Mechanics Bancorp, Class A \* | 8389 | 112329 |
| Mercantile Bank Corp.  | 7502 | 328963 |
| Meridian Corp.  | 3846 | 54959 |
| Metrocity Bankshares, Inc.  | 7678 | 196634 |
| Metropolitan Bank Holding Corp.  | 4799 | 318030 |
| Mid Penn Bancorp, Inc.  | 7934 | 225722 |
| Middlefield Banc Corp.  | 3452 | 112535 |
| Midland States Bancorp, Inc.  | 8785 | 128612 |
| MidWestOne Financial Group, Inc.  | 9344 | 345635 |
| MVB Financial Corp.  | 4605 | 117796 |
| National Bank Holdings Corp., <br> Class A <br>| 16969 | 605115 |
| National Bankshares, Inc.  | 2506 | 71747 |
| NB Bancorp, Inc.  | 18000 | 325260 |
| NBT Bancorp, Inc.  | 24035 | 972696 |
| Nicolet Bankshares, Inc.  | 6917 | 817174 |
| Northeast Bank  | 3001 | 258926 |
| Northeast Community Bancorp, Inc.  | 5675 | 111457 |
| Northfield Bancorp, Inc.  | 18804 | 192177 |
| Northpointe Bancshares, Inc.  | 5000 | 79250 |
| Northrim BanCorp, Inc.  | 10384 | 228240 |
| Northwest Bancshares, Inc.  | 64761 | 758351 |
| Norwood Financial Corp.  | 3060 | 81427 |
| NSTS Bancorp, Inc. \* | 1610 | 17952 |
| Oak Valley Bancorp  | 3707 | 101127 |
| OceanFirst Financial Corp.  | 25110 | 456500 |
| OFG Bancorp  | 23182 | 896216 |
| Ohio Valley Banc Corp.  | 1400 | 49000 |
| Old National Bancorp  | 166962 | 3411034 |
| Old Second Bancorp, Inc.  | 25972 | 466197 |
| OP Bancorp  | 5203 | 69460 |
| Orange County Bancorp, Inc.  | 3324 | 81272 |
| Origin Bancorp, Inc.  | 14052 | 487042 |
| Orrstown Financial Services, Inc.  | 8410 | 279885 |
| Park National Corp.  | 7007 | 1066395 |
| Parke Bancorp, Inc.  | 4518 | 97634 |
| Pathward Financial, Inc.  | 11847 | 806307 |
| PB Bankshares, Inc. \* | 2277 | 45176 |
| PCB Bancorp  | 4081 | 85987 |
| Peapack-Gladstone Financial Corp.  | 6657 | 168422 |
| Peoples Bancorp of North Carolina, <br> Inc. <br>| 1896 | 55799 |
| Peoples Bancorp, Inc.  | 15377 | 439782 |
| Peoples Financial Services Corp.  | 3954 | 176111 |
| Pinnacle Financial Partners, Inc.  | 36894 | 3143738 |
| Pioneer Bancorp, Inc. \* | 2717 | 35701 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**49**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Plumas Bancorp  | 2267 | 93038 |
| PNC Financial Services Group, Inc.  | 189508 | 34594685 |
| Ponce Financial Group, Inc. \* | 10983 | 154970 |
| Popular, Inc.  | 32139 | 3582534 |
| Preferred Bank  | 5696 | 514064 |
| Primis Financial Corp.  | 10278 | 111876 |
| Princeton Bancorp, Inc.  | 1590 | 49417 |
| Prosperity Bancshares, Inc.  | 45716 | 3009027 |
| Provident Bancorp, Inc. \* | 6035 | 76946 |
| Provident Financial Holdings, Inc.  | 3562 | 55638 |
| Provident Financial Services, Inc.  | 62095 | 1135718 |
| QCR Holdings, Inc.  | 8130 | 604791 |
| RBB Bancorp  | 6055 | 112805 |
| Red River Bancshares, Inc.  | 1974 | 130402 |
| Regions Financial Corp.  | 431684 | 10446753 |
| Renasant Corp.  | 44575 | 1499057 |
| Republic Bancorp, Inc., Class A  | 4781 | 315068 |
| Richmond Mutual BanCorp, Inc. *(a)* | 4348 | 57959 |
| Riverview Bancorp, Inc.  | 6215 | 32194 |
| S&T Bancorp, Inc.  | 19181 | 702792 |
| SB Financial Group, Inc.  | 3301 | 64568 |
| Seacoast Banking Corp. of Florida  | 40295 | 1220938 |
| ServisFirst Bancshares, Inc.  | 23675 | 1663642 |
| Shore Bancshares, Inc.  | 11833 | 184713 |
| Sierra Bancorp  | 5854 | 168478 |
| Simmons First National Corp., <br> Class A <br>| 68364 | 1188166 |
| SmartFinancial, Inc.  | 6197 | 216709 |
| Sound Financial Bancorp, Inc.  | 1096 | 48925 |
| South Plains Financial, Inc.  | 5663 | 206700 |
| Southern First Bancshares, Inc. \* | 2967 | 130073 |
| Southern Missouri Bancorp, Inc.  | 4045 | 212120 |
| Southside Bancshares, Inc.  | 12464 | 350488 |
| Southstate Bank Corp.  | 48698 | 4317078 |
| SR Bancorp, Inc.  | 3800 | 55936 |
| Stellar Bancorp, Inc.  | 23106 | 680010 |
| Sterling Bancorp, Inc. *\*(b)* | 9738 | 1369 |
| Stock Yards Bancorp, Inc.  | 13389 | 870553 |
| Synovus Financial Corp.  | 68172 | 3043198 |
| Texas Capital Bancshares, Inc. \* | 21446 | 1798033 |
| TFS Financial Corp.  | 26645 | 354379 |
| Third Coast Bancshares, Inc. \* | 6287 | 231047 |
| Timberland Bancorp, Inc.  | 3571 | 114701 |
| Tompkins Financial Corp.  | 5291 | 335767 |
| Towne Bank  | 34866 | 1133494 |
| TriCo Bancshares  | 17078 | 755360 |
| Triumph Financial, Inc. \* | 10188 | 554838 |
| Truist Financial Corp.  | 620086 | 27674438 |
| TrustCo Bank Corp.  | 7608 | 286898 |
| Trustmark Corp.  | 28468 | 1059579 |
| U.S. Bancorp  | 748871 | 34957298 |
| UMB Financial Corp.  | 34584 | 3696338 |
| Union Bankshares, Inc.  | 2125 | 48493 |
| United Bancorp, Inc.  | 3371 | 44160 |
| United Bankshares, Inc.  | 67922 | 2430928 |
| United Community Banks, Inc.  | 58201 | 1699469 |
| United Security Bancshares  | 6461 | 59215 |
| Unity Bancorp, Inc.  | 2383 | 108212 |
| Univest Financial Corp.  | 12810 | 376102 |
| USCB Financial Holdings, Inc.  | 5422 | 93584 |
| Valley National Bancorp  | 231446 | 2515818 |
| Virginia National Bankshares Corp.  | 2256 | 89744 |
| WaFd, Inc.  | 37211 | 1080235 |
| Washington Trust Bancorp, Inc.  | 9175 | 249927 |
| Webster Financial Corp.  | 79314 | 4524071 |
| Wells Fargo & Co.  | 1541564 | 134069821 |
| WesBanco, Inc.  | 47799 | 1438750 |
| West BanCorp, Inc.  | 6294 | 133873 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Westamerica BanCorp  | 11179 | 532679 |
| Western Alliance Bancorp  | 50051 | 3871445 |
| Western New England Bancorp, Inc.  | 10349 | 117668 |
| Wintrust Financial Corp.  | 31927 | 4151149 |
| WSFS Financial Corp.  | 28278 | 1473001 |
| Zions Bancorp NA  | 70968 | 3698142 |
|  |  | **1180912386** |
| **Capital Goods 6.9%** | **Capital Goods 6.9%** | **Capital Goods 6.9%** |
| 3D Systems Corp. \* | 66133 | 189140 |
| 3M Co.  | 256087 | 42638485 |
| A.O. Smith Corp.  | 55293 | 3648785 |
| AAON, Inc.  | 32610 | 3208498 |
| AAR Corp. \* | 18492 | 1557211 |
| Acuity, Inc.  | 14783 | 5396534 |
| Advanced Drainage Systems, Inc.  | 34039 | 4767162 |
| AECOM  | 63607 | 8545600 |
| AeroVironment, Inc. \* | 15244 | 5638908 |
| AerSale Corp. \* | 13422 | 99591 |
| AGCO Corp.  | 30702 | 3167218 |
| Air Lease Corp., Class A  | 50788 | 3243322 |
| AirJoule Technologies Corp. *\*(a)* | 15696 | 80991 |
| Alamo Group, Inc.  | 4923 | 879839 |
| Albany International Corp., Class A  | 14231 | 805190 |
| Allegion PLC  | 41328 | 6850943 |
| Allient, Inc.  | 6061 | 331415 |
| Allison Transmission Holdings, Inc.  | 40814 | 3369196 |
| Alpha Pro Tech Ltd. \* | 5970 | 27164 |
| Alta Equipment Group, Inc.  | 10115 | 61904 |
| Ameresco, Inc., Class A \* | 15500 | 612560 |
| American Infrastructure Corp. *\*(a)(b)* | 6920 | 42 |
| American Superconductor Corp. \* | 22971 | 1360572 |
| American Woodmark Corp. \* | 7275 | 463636 |
| AMETEK, Inc.  | 110851 | 22404096 |
| Amprius Technologies, Inc. \* | 64868 | 913990 |
| API Group Corp. \* | 178301 | 6565043 |
| Apogee Enterprises, Inc.  | 9815 | 359327 |
| Applied Industrial Technologies, Inc.  | 18256 | 4693435 |
| Archer Aviation, Inc., Class A \* | 257003 | 2883574 |
| Arcosa, Inc.  | 23068 | 2352936 |
| Argan, Inc.  | 6694 | 2049770 |
| Armstrong World Industries, Inc.  | 20728 | 3947233 |
| Array Technologies, Inc. \* | 69065 | 598103 |
| Astec Industries, Inc.  | 9833 | 457529 |
| Astronics Corp. \* | 14113 | 694077 |
| ATI, Inc. \* | 66612 | 6592590 |
| Atkore, Inc.  | 16714 | 1157445 |
| Atmus Filtration Technologies, Inc.  | 39240 | 1784635 |
| Axon Enterprise, Inc. \* | 37914 | 27761768 |
| AZZ, Inc.  | 14026 | 1400496 |
| Babcock & Wilcox Enterprises, Inc. \* | 51145 | 184633 |
| Blink Charging Co. \* | 89323 | 151849 |
| Bloom Energy Corp., Class A \* | 103668 | 13700763 |
| Blue Bird Corp. \* | 15059 | 752348 |
| BlueLinx Holdings, Inc. \* | 3850 | 251944 |
| Boeing Co. \* | 363879 | 73146957 |
| Boise Cascade Co.  | 17823 | 1256343 |
| Bowman Consulting Group Ltd., <br> Class A \*<br>| 6300 | 272727 |
| Broadwind, Inc. \* | 7298 | 17077 |
| Builders FirstSource, Inc. \* | 53945 | 6266791 |
| BWX Technologies, Inc.  | 43780 | 9351846 |
| Byrna Technologies, Inc. \* | 8100 | 164025 |
| Cadre Holdings, Inc.  | 13121 | 557118 |
| Carlisle Cos., Inc.  | 20590 | 6692779 |
| Carpenter Technology Corp.  | 23796 | 7517156 |
| Carrier Global Corp.  | 384952 | 22900794 |

---

*See financial notes*

**50**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Caterpillar, Inc.  | 225442 | 130138649 |
| Centuri Holdings, Inc. \* | 35481 | 716361 |
| ChargePoint Holdings, Inc. \* | 14308 | 154526 |
| Chart Industries, Inc. \* | 21508 | 4293427 |
| CNH Industrial NV  | 427342 | 4482818 |
| Columbus McKinnon Corp.  | 13948 | 226376 |
| Comfort Systems USA, Inc.  | 16913 | 16330855 |
| Concrete Pumping Holdings, Inc.  | 9442 | 60334 |
| Construction Partners, Inc., Class A \* | 22641 | 2588998 |
| Core & Main, Inc., Class A \* | 91133 | 4755320 |
| CPI Aerostructures, Inc. \* | 9173 | 22841 |
| Crane Co.  | 23480 | 4461200 |
| CSW Industrials, Inc.  | 7896 | 1977316 |
| Cummins, Inc.  | 66493 | 29102656 |
| Curtiss-Wright Corp.  | 18079 | 10770203 |
| Custom Truck One Source, Inc. \* | 24214 | 142620 |
| Deere & Co.  | 121205 | 55951864 |
| Distribution Solutions Group, Inc. \* | 4920 | 134513 |
| DNOW, Inc. \* | 54266 | 797710 |
| Donaldson Co., Inc.  | 56818 | 4786916 |
| Douglas Dynamics, Inc.  | 10577 | 319743 |
| Dover Corp.  | 66559 | 12077796 |
| Ducommun, Inc. \* | 6692 | 613991 |
| DXP Enterprises, Inc. \* | 6811 | 814936 |
| Dycom Industries, Inc. \* | 13950 | 4014670 |
| Eastern Co.  | 1809 | 38622 |
| Eaton Corp. PLC  | 187339 | 71481069 |
| EMCOR Group, Inc.  | 21630 | 14617121 |
| Emerson Electric Co.  | 270831 | 37799883 |
| Energy Recovery, Inc. \* | 27634 | 472818 |
| Energy Vault Holdings, Inc. \* | 72860 | 257924 |
| Enerpac Tool Group Corp., Class A  | 25676 | 1053743 |
| EnerSys  | 18659 | 2354019 |
| Enovix Corp. \* | 93280 | 1118427 |
| Enpro, Inc.  | 10347 | 2400607 |
| Eos Energy Enterprises, Inc. *\*(a)* | 129793 | 2080582 |
| Esab Corp.  | 27079 | 3163369 |
| ESCO Technologies, Inc.  | 12466 | 2735913 |
| Eve Holding, Inc. \* | 39143 | 170663 |
| Everus Construction Group, Inc. \* | 24427 | 2220170 |
| EVI Industries, Inc.  | 2765 | 74489 |
| Fastenal Co.  | 552273 | 22726034 |
| Federal Signal Corp.  | 29964 | 3536651 |
| Ferguson Enterprises, Inc.  | 94859 | 23572461 |
| Firefly Aerospace, Inc. \* | 10110 | 245269 |
| Flowserve Corp.  | 62253 | 4248767 |
| Fluence Energy, Inc. \* | 30000 | 630000 |
| Fluor Corp. \* | 78897 | 3847807 |
| Fortive Corp.  | 162997 | 8205269 |
| Fortune Brands Innovations, Inc.  | 57316 | 2911653 |
| Franklin Electric Co., Inc.  | 18479 | 1751255 |
| FreightCar America, Inc. \* | 5033 | 44743 |
| FTAI Aviation Ltd.  | 49279 | 8520339 |
| Gates Industrial Corp. PLC \* | 121819 | 2689764 |
| GATX Corp.  | 16926 | 2654843 |
| GE Vernova, Inc.  | 131000 | 76653340 |
| Gencor Industries, Inc. \* | 3418 | 46451 |
| Generac Holdings, Inc. \* | 28164 | 4732115 |
| General Dynamics Corp.  | 121496 | 41903970 |
| General Electric Co.  | 510306 | 157659039 |
| Gibraltar Industries, Inc. \* | 14337 | 894485 |
| Global Industrial Co.  | 11750 | 333935 |
| Gorman-Rupp Co.  | 9748 | 438368 |
| Graco, Inc.  | 80310 | 6566949 |
| GrafTech International Ltd. \* | 8800 | 118800 |
| Graham Corp. \* | 4043 | 251838 |
| Granite Construction, Inc.  | 20835 | 2144130 |
| Great Lakes Dredge & Dock Corp. \* | 30154 | 342248 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Greenbrier Cos., Inc.  | 15526 | 648521 |
| Griffon Corp.  | 19552 | 1447044 |
| Hayward Holdings, Inc. \* | 97611 | 1656459 |
| HEICO Corp.  | 48382 | 15374348 |
| Helios Technologies, Inc.  | 16121 | 892459 |
| Herc Holdings, Inc.  | 14360 | 2039838 |
| Hexcel Corp.  | 39351 | 2809661 |
| Hillenbrand, Inc.  | 34666 | 1095446 |
| Hillman Solutions Corp. \* | 92449 | 852380 |
| Honeywell International, Inc.  | 305526 | 61511550 |
| Howmet Aerospace, Inc.  | 194378 | 40032149 |
| Hubbell, Inc., Class B  | 25479 | 11975130 |
| Hudson Technologies, Inc. \* | 17443 | 158295 |
| Huntington Ingalls Industries, Inc.  | 18681 | 6015656 |
| Hurco Cos., Inc. \* | 3214 | 57691 |
| Hyliion Holdings Corp. \* | 54325 | 128750 |
| Hyster-Yale, Inc.  | 5997 | 215532 |
| IDEX Corp.  | 36033 | 6178218 |
| IES Holdings, Inc. \* | 4300 | 1685084 |
| Illinois Tool Works, Inc.  | 127651 | 31136632 |
| Ingersoll Rand, Inc.  | 174049 | 13285160 |
| Innovative Solutions & Support, Inc. \* | 6865 | 64531 |
| Insteel Industries, Inc.  | 8973 | 280317 |
| Intuitive Machines, Inc., Class A \* | 51479 | 614144 |
| ITT, Inc.  | 37822 | 6999718 |
| Janus International Group, Inc. \* | 71323 | 684701 |
| JBT Marel Corp.  | 25361 | 3198022 |
| JELD-WEN Holding, Inc. \* | 40500 | 175770 |
| Johnson Controls International PLC  | 314463 | 35971423 |
| Kadant, Inc.  | 5773 | 1597158 |
| Karat Packaging, Inc.  | 3014 | 72396 |
| Karman Holdings, Inc. \* | 37613 | 3168519 |
| Kennametal, Inc.  | 36795 | 807650 |
| Kratos Defense & Security Solutions, <br> Inc. \*<br>| 81901 | 7420231 |
| L.B. Foster Co., Class A \* | 5290 | 144946 |
| L3Harris Technologies, Inc.  | 90003 | 26019867 |
| Lennox International, Inc.  | 15514 | 7834570 |
| Leonardo DRS, Inc.  | 35510 | 1298246 |
| Limbach Holdings, Inc. \* | 4683 | 442450 |
| Lincoln Electric Holdings, Inc.  | 26902 | 6307174 |
| Lindsay Corp.  | 5079 | 564988 |
| Loar Holdings, Inc. \* | 17275 | 1366971 |
| Lockheed Martin Corp.  | 98867 | 48630700 |
| LSI Industries, Inc.  | 12912 | 295556 |
| Luxfer Holdings PLC  | 12212 | 148986 |
| Masco Corp.  | 100698 | 6521202 |
| MasTec, Inc. \* | 29646 | 6052527 |
| Masterbrand, Inc. \* | 61652 | 778665 |
| Matrix Service Co. \* | 10847 | 162922 |
| Mayville Engineering Co., Inc. \* | 3327 | 59287 |
| McGrath RentCorp  | 11733 | 1260594 |
| Mercury Systems, Inc. \* | 25375 | 1964279 |
| Microvast Holdings, Inc. \* | 110747 | 603571 |
| Middleby Corp. \* | 22655 | 2814431 |
| Miller Industries, Inc.  | 5104 | 204875 |
| Moog, Inc., Class A  | 13459 | 2757076 |
| MRC Global, Inc. \* | 40400 | 563580 |
| MSC Industrial Direct Co., Inc., <br> Class A <br>| 21543 | 1829216 |
| Mueller Industries, Inc.  | 52986 | 5609628 |
| Mueller Water Products, Inc., Class A  | 73402 | 1883495 |
| MYR Group, Inc. \* | 7578 | 1649731 |
| NANO Nuclear Energy, Inc. *\*(a)* | 16124 | 766535 |
| National Presto Industries, Inc.  | 2215 | 236939 |
| NeoVolta, Inc. *\*(a)* | 12964 | 57042 |
| NEXTracker, Inc., Class A \* | 71872 | 7274884 |
| NN, Inc. \* | 28401 | 48566 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**51**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Nordson Corp.  | 25970 | 6023741 |
| Northrop Grumman Corp.  | 64769 | 37789473 |
| NPK International, Inc. \* | 41111 | 505665 |
| NuScale Power Corp. *\*(a)* | 64057 | 2874238 |
| nVent Electric PLC  | 77171 | 8824504 |
| NWPX Infrastructure, Inc. \* | 4286 | 257846 |
| Ocean Power Technologies, Inc. \* | 50000 | 25275 |
| Omega Flex, Inc.  | 1422 | 39318 |
| Optex Systems Holdings, Inc. \* | 1633 | 28137 |
| Orion Group Holdings, Inc. \* | 16674 | 179579 |
| Oshkosh Corp.  | 30889 | 3808305 |
| Otis Worldwide Corp.  | 188862 | 17518839 |
| Owens Corning  | 39884 | 5077632 |
| PACCAR, Inc.  | 252480 | 24844032 |
| Palladyne AI Corp. *\*(a)* | 16115 | 134883 |
| Park Aerospace Corp.  | 8310 | 159220 |
| Parker-Hannifin Corp.  | 61490 | 47521317 |
| Park-Ohio Holdings Corp.  | 3931 | 81097 |
| Pentair PLC  | 78861 | 8386867 |
| Perma-Pipe International Holdings, <br> Inc. \*<br>| 3363 | 93222 |
| Plug Power, Inc. \* | 587914 | 1581489 |
| Powell Industries, Inc.  | 4603 | 1764744 |
| Power Solutions International, Inc. \* | 3000 | 256860 |
| Preformed Line Products Co.  | 1284 | 272349 |
| Primoris Services Corp.  | 25678 | 3633951 |
| Proto Labs, Inc. \* | 11556 | 575027 |
| Quanex Building Products Corp.  | 20402 | 289912 |
| Quanta Services, Inc.  | 71642 | 32176571 |
| QXO, Inc. \* | 238781 | 4219260 |
| RBC Bearings, Inc. \* | 14941 | 6402667 |
| Redwire Corp. *\*(a)* | 37798 | 297470 |
| Regal Rexnord Corp.  | 31788 | 4478611 |
| Resideo Technologies, Inc. \* | 65509 | 2803785 |
| REV Group, Inc.  | 23688 | 1214484 |
| Richtech Robotics, Inc., Class B *\*(a)* | 54064 | 260588 |
| Rocket Lab Corp. \* | 204039 | 12850376 |
| Rockwell Automation, Inc.  | 54184 | 19959218 |
| RTX Corp.  | 644135 | 114978097 |
| Rush Enterprises, Inc., Class A  | 34390 | 1699210 |
| Satellogic, Inc., Class A \* | 22000 | 42020 |
| Sensata Technologies Holding PLC  | 71760 | 2284121 |
| SES AI Corp. \* | 162323 | 383082 |
| Shoals Technologies Group, Inc., <br> Class A \*<br>| 76337 | 802302 |
| Simpson Manufacturing Co., Inc.  | 19849 | 3503349 |
| SiteOne Landscape Supply, Inc. \* | 21182 | 2748788 |
| Snap-on, Inc.  | 24971 | 8379019 |
| Southland Holdings, Inc. \* | 4155 | 18573 |
| Spirit AeroSystems Holdings, Inc., <br> Class A \*<br>| 59024 | 2165591 |
| SPX Technologies, Inc. \* | 23638 | 5292312 |
| StandardAero, Inc. \* | 69632 | 2011668 |
| Standex International Corp.  | 5702 | 1329877 |
| Stanley Black & Decker, Inc.  | 74885 | 5071212 |
| Stem, Inc. \* | 4000 | 78440 |
| Sterling Infrastructure, Inc. \* | 14438 | 5456120 |
| Sunrun, Inc. \* | 112000 | 2325120 |
| Symbotic, Inc. \* | 22854 | 1850031 |
| T1 Energy, Inc. \* | 80000 | 297600 |
| Taylor Devices, Inc. \* | 2017 | 92318 |
| TechPrecision Corp. \* | 4478 | 22077 |
| Tecnoglass, Inc.  | 13125 | 782644 |
| Tecogen, Inc. \* | 12000 | 119760 |
| Tennant Co.  | 8760 | 700800 |
| Terex Corp.  | 30889 | 1421512 |
| Textron, Inc.  | 85232 | 6887598 |
| Thermon Group Holdings, Inc. \* | 14491 | 416326 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Timken Co.  | 30576 | 2400522 |
| Titan International, Inc. \* | 20997 | 158527 |
| Titan Machinery, Inc. \* | 8199 | 134464 |
| Toro Co.  | 48190 | 3601239 |
| Trane Technologies PLC  | 106971 | 47992539 |
| Transcat, Inc. \* | 4012 | 291472 |
| TransDigm Group, Inc.  | 27075 | 35427908 |
| Trex Co., Inc. \* | 52765 | 2549605 |
| Trinity Industries, Inc.  | 38655 | 1057987 |
| Tutor Perini Corp. \* | 21007 | 1415032 |
| Twin Disc, Inc.  | 5599 | 87680 |
| UFP Industries, Inc.  | 28160 | 2594381 |
| Ultralife Corp. \* | 6691 | 47038 |
| United Rentals, Inc.  | 31043 | 27044041 |
| V2X, Inc. \* | 9769 | 557712 |
| Valmont Industries, Inc.  | 9518 | 3935027 |
| Vertiv Holdings Co., Class A  | 183763 | 35440532 |
| Vicor Corp. \* | 11782 | 1068981 |
| Virgin Galactic Holdings, Inc. *\*(a)* | 40128 | 158104 |
| VirTra, Inc. \* | 3586 | 21803 |
| Voyager Technologies, Inc., Class A \* | 6200 | 189596 |
| VSE Corp.  | 11084 | 2002657 |
| Wabash National Corp.  | 19725 | 158195 |
| Watsco, Inc.  | 16929 | 6230041 |
| Watts Water Technologies, Inc., <br> Class A <br>| 12974 | 3536712 |
| WESCO International, Inc.  | 23598 | 6124389 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 82138 | 16792293 |
| Willis Lease Finance Corp.  | 1159 | 148792 |
| WillScot Holdings Corp.  | 88444 | 1923657 |
| Woodward, Inc.  | 28597 | 7495560 |
| Worthington Enterprises, Inc.  | 14782 | 829122 |
| WW Grainger, Inc.  | 21167 | 20722493 |
| Xometry, Inc., Class A \* | 21139 | 1029258 |
| Xylem, Inc.  | 117601 | 17740111 |
| Zurn Elkay Water Solutions Corp.  | 72736 | 3426593 |
|  |  | **2215299948** |
| **Commercial & Professional Services 1.2%** | **Commercial & Professional Services 1.2%** | **Commercial & Professional Services 1.2%** |
| ABM Industries, Inc.  | 31067 | 1335881 |
| ACCO Brands Corp.  | 38516 | 144820 |
| Acme United Corp.  | 1454 | 55267 |
| ACV Auctions, Inc., Class A \* | 83473 | 757100 |
| Alight, Inc., Class A  | 200000 | 576000 |
| Amentum Holdings, Inc. \* | 71704 | 1606887 |
| Asure Software, Inc. \* | 7413 | 65605 |
| Automatic Data Processing, Inc.  | 194915 | 50736375 |
| Barrett Business Services, Inc.  | 12336 | 499238 |
| BGSF, Inc.  | 6465 | 21658 |
| BlackSky Technology, Inc. \* | 16866 | 356210 |
| Booz Allen Hamilton Holding Corp., <br> Class A <br>| 59145 | 5155078 |
| Brady Corp., Class A  | 21188 | 1608381 |
| Bridger Aerospace Group Holdings, <br> Inc. \*<br>| 12500 | 21500 |
| BrightView Holdings, Inc. \* | 33240 | 409517 |
| Brink's Co.  | 20025 | 2225979 |
| Broadridge Financial Solutions, Inc.  | 56258 | 12399263 |
| CACI International, Inc., Class A \* | 10564 | 5939609 |
| Casella Waste Systems, Inc., Class A \* | 30614 | 2711482 |
| CBIZ, Inc. \* | 23132 | 1272260 |
| CECO Environmental Corp. \* | 15800 | 772462 |
| Cimpress PLC \* | 8208 | 568076 |
| Cintas Corp.  | 165310 | 30296364 |
| Clarivate PLC \* | 210356 | 715210 |
| Clean Harbors, Inc. \* | 24091 | 5071396 |

---

*See financial notes*

**52**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Concentrix Corp.  | 22073 | 889763 |
| Conduent, Inc. \* | 70351 | 167435 |
| Copart, Inc. \* | 427266 | 18376711 |
| CoreCivic, Inc. \* | 52808 | 978532 |
| CRA International, Inc.  | 3254 | 619854 |
| CSG Systems International, Inc.  | 12935 | 1012422 |
| Dayforce, Inc. \* | 78254 | 5379180 |
| Deluxe Corp.  | 19740 | 357491 |
| DLH Holdings Corp. \* | 3968 | 24681 |
| Ennis, Inc.  | 10401 | 170576 |
| Enviri Corp. \* | 39233 | 479035 |
| Equifax, Inc.  | 59547 | 12570372 |
| ExlService Holdings, Inc. \* | 77835 | 3043349 |
| Exponent, Inc.  | 23887 | 1691438 |
| Falcon's Beyond Global, Inc., Class A \* | 8000 | 87040 |
| First Advantage Corp. \* | 41008 | 517931 |
| Franklin Covey Co. \* | 5263 | 89366 |
| FTI Consulting, Inc. \* | 15242 | 2515082 |
| Genpact Ltd.  | 79488 | 3032467 |
| GEO Group, Inc. \* | 65932 | 1118866 |
| Healthcare Services Group, Inc. \* | 33424 | 597287 |
| Heidrick & Struggles International, <br> Inc. <br>| 9808 | 572493 |
| HireQuest, Inc.  | 1724 | 14706 |
| HNI Corp.  | 22682 | 928147 |
| Huron Consulting Group, Inc. \* | 7782 | 1279672 |
| ICF International, Inc.  | 8748 | 702289 |
| Innodata, Inc. \* | 15604 | 1164214 |
| Insperity, Inc.  | 16996 | 749864 |
| Interface, Inc., Class A  | 28517 | 710073 |
| Jacobs Solutions, Inc.  | 57184 | 8909839 |
| KBR, Inc.  | 63193 | 2707188 |
| Kelly Services, Inc., Class A  | 14539 | 162982 |
| Kforce, Inc.  | 8111 | 205208 |
| Korn Ferry  | 24435 | 1580945 |
| Legalzoom.com, Inc. \* | 58398 | 582228 |
| Leidos Holdings, Inc.  | 61497 | 11713334 |
| Liquidity Services, Inc. \* | 10485 | 251011 |
| ManpowerGroup, Inc.  | 22276 | 682982 |
| Mastech Digital, Inc. \* | 3073 | 21204 |
| Maximus, Inc.  | 28019 | 2328939 |
| MillerKnoll, Inc.  | 32897 | 513851 |
| Mistras Group, Inc. \* | 7028 | 67047 |
| Mobile Infrastructure Corp. \* | 22500 | 76950 |
| Montrose Environmental Group, Inc. \* | 15161 | 392367 |
| MSA Safety, Inc.  | 17724 | 2783200 |
| NL Industries, Inc.  | 5834 | 35296 |
| OPENLANE, Inc. \* | 52761 | 1393946 |
| Parsons Corp. \* | 26047 | 2165548 |
| Paychex, Inc.  | 156426 | 18306535 |
| Paycom Software, Inc.  | 24157 | 4519533 |
| Paylocity Holding Corp. \* | 21739 | 3071069 |
| Perma-Fix Environmental Services, <br> Inc. \*<br>| 5410 | 74063 |
| Pitney Bowes, Inc.  | 72387 | 715184 |
| Planet Labs PBC \* | 123221 | 1657322 |
| Quad/Graphics, Inc.  | 10911 | 60120 |
| RB Global, Inc.  | 89029 | 8833457 |
| RCM Technologies, Inc. \* | 3160 | 72996 |
| Republic Services, Inc., Class A  | 97659 | 20336510 |
| Resolute Holdings Management, Inc. \* | 836 | 61580 |
| Robert Half, Inc.  | 47490 | 1243763 |
| Rollins, Inc.  | 136081 | 7839626 |
| Science Applications International <br> Corp. <br>| 22526 | 2110911 |
| Spire Global, Inc., Class A *\*(a)* | 13858 | 150775 |
| SS&C Technologies Holdings, Inc.  | 100913 | 8569532 |
| Steelcase, Inc., Class A  | 50524 | 806363 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| TaskUS, Inc., Class A \* | 9000 | 120060 |
| Team, Inc. \* | 2284 | 35402 |
| Tetra Tech, Inc.  | 127881 | 4089634 |
| TIC Solutions, Inc. \* | 78728 | 954971 |
| TransUnion  | 94109 | 7639769 |
| TriNet Group, Inc.  | 14580 | 874800 |
| TrueBlue, Inc. *\*(c)* | 18000 | 85320 |
| UL Solutions, Inc., Class A  | 29949 | 2332129 |
| UniFirst Corp.  | 7337 | 1132466 |
| Upwork, Inc. \* | 67845 | 1081449 |
| Veralto Corp.  | 118771 | 11720322 |
| Verisk Analytics, Inc., Class A  | 67274 | 14716860 |
| Verra Mobility Corp., Class A \* | 78130 | 1813397 |
| Vestis Corp.  | 59168 | 310632 |
| Virco Mfg. Corp.  | 8190 | 59951 |
| Waste Management, Inc.  | 178342 | 35627381 |
| Willdan Group, Inc. \* | 7231 | 683402 |
|  |  | **383443303** |
| **Consumer Discretionary Distribution & Retail 5.5%** | **Consumer Discretionary Distribution & Retail 5.5%** | **Consumer Discretionary Distribution & Retail 5.5%** |
| Abercrombie & Fitch Co., Class A \* | 22745 | 1650150 |
| Academy Sports & Outdoors, Inc.  | 33263 | 1592965 |
| Advance Auto Parts, Inc.  | 28924 | 1363188 |
| A-Mark Precious Metals, Inc.  | 8227 | 218674 |
| Amazon.com, Inc. \* | 4671079 | 1140770913 |
| American Eagle Outfitters, Inc.  | 78036 | 1303982 |
| America's Car-Mart, Inc. \* | 3851 | 85646 |
| Arhaus, Inc. \* | 27308 | 273626 |
| Arko Corp.  | 30423 | 134013 |
| Asbury Automotive Group, Inc. \* | 9720 | 2280312 |
| AutoNation, Inc. \* | 13438 | 2685853 |
| AutoZone, Inc. \* | 8042 | 29549766 |
| Barnes & Noble Education, Inc. \* | 12663 | 115613 |
| Bath & Body Works, Inc.  | 103146 | 2525014 |
| Bed Bath & Beyond, Inc. \* | 37842 | 291762 |
| Best Buy Co., Inc.  | 94859 | 7791718 |
| Boot Barn Holdings, Inc. \* | 14735 | 2794493 |
| Buckle, Inc.  | 14381 | 788079 |
| Build-A-Bear Workshop, Inc.  | 7407 | 401608 |
| Burlington Stores, Inc. \* | 29877 | 8174048 |
| Caleres, Inc.  | 20958 | 231376 |
| Camping World Holdings, Inc., <br> Class A <br>| 28282 | 372191 |
| CarMax, Inc. \* | 73648 | 3086588 |
| Carvana Co., Class A \* | 66260 | 20311340 |
| Chewy, Inc., Class A \* | 108516 | 3659160 |
| Citi Trends, Inc. \* | 3328 | 119209 |
| Coupang, Inc., Class A \* | 650778 | 20805373 |
| Designer Brands, Inc., Class A  | 22662 | 83623 |
| Dick's Sporting Goods, Inc.  | 32242 | 7139991 |
| Dillard's, Inc., Class A  | 1584 | 950527 |
| eBay, Inc.  | 219918 | 17881533 |
| Envela Corp. \* | 4047 | 36787 |
| Etsy, Inc. \* | 47480 | 2943760 |
| EVgo, Inc., Class A \* | 64643 | 265683 |
| Five Below, Inc. \* | 26465 | 4162151 |
| Floor & Decor Holdings, Inc., Class A \* | 51823 | 3237901 |
| GameStop Corp., Class A *\*(a)* | 199033 | 4436446 |
| Gap, Inc.  | 107935 | 2466315 |
| Genesco, Inc. \* | 5301 | 153782 |
| Genuine Parts Co.  | 67393 | 8579803 |
| GigaCloud Technology, Inc., Class A \* | 13833 | 387047 |
| Group 1 Automotive, Inc.  | 6053 | 2406310 |
| Groupon, Inc., Class A \* | 14848 | 298890 |
| GrowGeneration Corp. \* | 28000 | 42560 |
| Guess?, Inc.  | 12378 | 210178 |
| Haverty Furniture Cos., Inc.  | 5993 | 130707 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**53**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Home Depot, Inc.  | 478781 | 181740480 |
| J Jill, Inc.  | 6517 | 98211 |
| Kohl's Corp.  | 55000 | 894850 |
| Lands' End, Inc. \* | 8000 | 125920 |
| Lithia Motors, Inc., Class A  | 12499 | 3925686 |
| LKQ Corp.  | 123531 | 3948051 |
| Lowe's Cos., Inc.  | 269695 | 64222470 |
| Macy's, Inc.  | 132008 | 2572836 |
| MarineMax, Inc. \* | 9973 | 247031 |
| Murphy USA, Inc.  | 8321 | 2980582 |
| National Vision Holdings, Inc. \* | 38236 | 984577 |
| ODP Corp. \* | 14773 | 411871 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 29621 | 3578513 |
| OneWater Marine, Inc., Class A \* | 4282 | 66499 |
| O'Reilly Automotive, Inc. \* | 408367 | 38566179 |
| Penske Automotive Group, Inc.  | 9206 | 1473604 |
| Petco Health & Wellness Co., Inc., <br> Class A \*<br>| 38893 | 123680 |
| PetMed Express, Inc. \* | 10000 | 25700 |
| Pool Corp.  | 16090 | 4296995 |
| RealReal, Inc. \* | 43796 | 534749 |
| Revolve Group, Inc. \* | 18087 | 400084 |
| RH \* | 7607 | 1312131 |
| Ross Stores, Inc.  | 157119 | 24969351 |
| Sally Beauty Holdings, Inc. \* | 52790 | 797657 |
| Savers Value Village, Inc. \* | 22816 | 210135 |
| Shoe Carnival, Inc.  | 7662 | 140444 |
| Signet Jewelers Ltd.  | 20487 | 2025140 |
| Sleep Number Corp. \* | 9204 | 50622 |
| Sonic Automotive, Inc., Class A  | 6954 | 441788 |
| Stitch Fix, Inc., Class A \* | 56716 | 237640 |
| ThredUp, Inc., Class A \* | 49831 | 438015 |
| Tile Shop Holdings, Inc. \* | 15152 | 94852 |
| TJX Cos., Inc.  | 536858 | 75235280 |
| Tractor Supply Co.  | 254070 | 13747728 |
| Ulta Beauty, Inc. \* | 21582 | 11220050 |
| Upbound Group, Inc.  | 25070 | 485857 |
| Urban Outfitters, Inc. \* | 25860 | 1670815 |
| Valvoline, Inc. \* | 60919 | 2010936 |
| Victoria's Secret & Co. \* | 38345 | 1351661 |
| Warby Parker, Inc., Class A \* | 47940 | 939145 |
| Wayfair, Inc., Class A \* | 50854 | 5263898 |
| Weyco Group, Inc.  | 3125 | 89594 |
| Williams-Sonoma, Inc.  | 59400 | 11543796 |
| Winmark Corp.  | 1442 | 581371 |
| Zumiez, Inc. \* | 6961 | 150706 |
|  |  | **1775417834** |
| **Consumer Durables & Apparel 0.7%** | **Consumer Durables & Apparel 0.7%** | **Consumer Durables & Apparel 0.7%** |
| Acushnet Holdings Corp.  | 13529 | 1046198 |
| American Outdoor Brands, Inc. \* | 6310 | 43350 |
| Bassett Furniture Industries, Inc.  | 4101 | 60490 |
| Beazer Homes USA, Inc. \* | 12137 | 271869 |
| Brunswick Corp.  | 30997 | 2049212 |
| Capri Holdings Ltd. \* | 59911 | 1243153 |
| Carter's, Inc.  | 19464 | 611170 |
| Cavco Industries, Inc. \* | 3805 | 2015889 |
| Century Communities, Inc.  | 12966 | 770180 |
| Champion Homes, Inc. \* | 27776 | 1895156 |
| Clarus Corp.  | 14055 | 46944 |
| Columbia Sportswear Co.  | 12409 | 615859 |
| Cricut, Inc., Class A  | 25000 | 132750 |
| Crocs, Inc. \* | 26679 | 2179407 |
| Crown Crafts, Inc.  | 5621 | 16188 |
| Culp, Inc. \* | 2586 | 10396 |
| Deckers Outdoor Corp. \* | 71427 | 5821300 |
| DR Horton, Inc.  | 132995 | 19826895 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Dream Finders Homes, Inc., Class A \* | 16669 | 330046 |
| Escalade, Inc.  | 3803 | 43773 |
| Ethan Allen Interiors, Inc.  | 10573 | 255549 |
| Figs, Inc., Class A \* | 74500 | 555770 |
| Flexsteel Industries, Inc.  | 2656 | 90809 |
| Fossil Group, Inc. \* | 25000 | 52000 |
| Garmin Ltd.  | 78815 | 16861681 |
| G-III Apparel Group Ltd. \* | 17626 | 473258 |
| GoPro, Inc., Class A \* | 64829 | 127713 |
| Green Brick Partners, Inc. \* | 14150 | 916071 |
| Hamilton Beach Brands Holding Co., <br> Class A <br>| 3706 | 52143 |
| Hanesbrands, Inc. \* | 171255 | 1131996 |
| Hasbro, Inc.  | 63410 | 4838817 |
| Helen of Troy Ltd. \* | 11000 | 204930 |
| Hovnanian Enterprises, Inc., Class A \* | 2031 | 244187 |
| Installed Building Products, Inc.  | 11091 | 2753119 |
| JAKKS Pacific, Inc.  | 5309 | 90253 |
| Johnson Outdoors, Inc., Class A  | 2681 | 109197 |
| KB Home  | 32712 | 2041883 |
| Kontoor Brands, Inc.  | 25379 | 2053669 |
| Lakeland Industries, Inc.  | 3608 | 59388 |
| Latham Group, Inc. \* | 20641 | 149647 |
| La-Z-Boy, Inc.  | 19021 | 602966 |
| Legacy Housing Corp. \* | 4652 | 104461 |
| Leggett & Platt, Inc.  | 65000 | 607100 |
| Lennar Corp., Class A  | 113613 | 14061881 |
| Levi Strauss & Co., Class A  | 49226 | 998303 |
| LGI Homes, Inc. \* | 9867 | 402672 |
| Lovesac Co. \* | 6528 | 90543 |
| Lululemon Athletica, Inc. \* | 52385 | 8933738 |
| M/I Homes, Inc. \* | 12695 | 1589287 |
| Malibu Boats, Inc., Class A \* | 8904 | 248154 |
| Marine Products Corp.  | 5165 | 43644 |
| MasterCraft Boat Holdings, Inc. \* | 7841 | 157290 |
| Mattel, Inc. \* | 152567 | 2804181 |
| Meritage Homes Corp.  | 34368 | 2321902 |
| Mohawk Industries, Inc. \* | 24918 | 2831681 |
| Movado Group, Inc.  | 6936 | 126305 |
| Newell Brands, Inc.  | 165000 | 561000 |
| NIKE, Inc., Class B  | 570890 | 36873785 |
| NVR, Inc. \* | 1390 | 10023040 |
| Outdoor Holding Co. \* | 42500 | 68000 |
| Oxford Industries, Inc.  | 7014 | 258466 |
| Peloton Interactive, Inc., Class A \* | 187824 | 1363602 |
| Polaris, Inc.  | 26806 | 1771877 |
| PulteGroup, Inc.  | 94948 | 11381417 |
| PVH Corp.  | 24051 | 1883915 |
| Ralph Lauren Corp., Class A  | 18620 | 5952069 |
| Rocky Brands, Inc.  | 2880 | 81187 |
| Smith & Wesson Brands, Inc.  | 20549 | 196962 |
| Smith Douglas Homes Corp. \* | 4614 | 80607 |
| Somnigroup International, Inc.  | 101977 | 8090855 |
| Sonos, Inc. \* | 60399 | 1037051 |
| Steven Madden Ltd.  | 36680 | 1243819 |
| Sturm Ruger & Co., Inc.  | 7968 | 337923 |
| Superior Group of Cos., Inc.  | 5398 | 50417 |
| Tapestry, Inc.  | 100027 | 10984965 |
| Taylor Morrison Home Corp., Class A \* | 48752 | 2889531 |
| Toll Brothers, Inc.  | 47011 | 6344134 |
| TopBuild Corp. \* | 13390 | 5657007 |
| Topgolf Callaway Brands Corp. \* | 68746 | 646900 |
| Traeger, Inc. \* | 23917 | 22004 |
| Tri Pointe Homes, Inc. \* | 43323 | 1379838 |
| Under Armour, Inc., Class A \* | 150126 | 692081 |
| VF Corp.  | 161817 | 2271911 |
| Whirlpool Corp.  | 27336 | 1958078 |
| Wolverine World Wide, Inc.  | 37597 | 853452 |

---

*See financial notes*

**54**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| YETI Holdings, Inc. \* | 40379 | 1372482 |
|  |  | **224344788** |
| **Consumer Services 2.0%** | **Consumer Services 2.0%** | **Consumer Services 2.0%** |
| Accel Entertainment, Inc., Class A \* | 29774 | 303397 |
| ADT, Inc.  | 244990 | 2165712 |
| Adtalem Global Education, Inc. \* | 17401 | 1705646 |
| Airbnb, Inc., Class A \* | 207070 | 26202638 |
| American Public Education, Inc. \* | 8505 | 284832 |
| Aramark  | 126086 | 4776138 |
| Bally's Corp. \* | 3500 | 63735 |
| Biglari Holdings, Inc., Class B \* | 514 | 185713 |
| BJ's Restaurants, Inc. \* | 10196 | 346256 |
| Bloomin' Brands, Inc.  | 37776 | 258010 |
| Booking Holdings, Inc.  | 15596 | 79192433 |
| Boyd Gaming Corp.  | 29360 | 2286263 |
| Bright Horizons Family Solutions, <br> Inc. \*<br>| 27445 | 2997817 |
| Brinker International, Inc. \* | 21173 | 2300658 |
| Caesars Entertainment, Inc. \* | 100088 | 2011769 |
| Canterbury Park Holding Corp.  | 1452 | 23014 |
| Carnival Corp. \* | 522136 | 15053181 |
| Carriage Services, Inc., Class A  | 9313 | 416291 |
| Cava Group, Inc. \* | 48090 | 2583876 |
| Cheesecake Factory, Inc. *(a)* | 22932 | 1142014 |
| Chegg, Inc. \* | 60000 | 63600 |
| Chipotle Mexican Grill, Inc., Class A \* | 645215 | 20446863 |
| Choice Hotels International, Inc.  | 10433 | 969852 |
| Churchill Downs, Inc.  | 32413 | 3215370 |
| Coursera, Inc. \* | 71705 | 603756 |
| Cracker Barrel Old Country Store, <br> Inc. *(a)*<br>| 11203 | 377541 |
| Darden Restaurants, Inc.  | 56369 | 10154875 |
| Dave & Buster's Entertainment, Inc. \* | 14984 | 220115 |
| Denny's Corp. \* | 24016 | 93903 |
| Dine Brands Global, Inc.  | 7136 | 176402 |
| Domino's Pizza, Inc.  | 15001 | 5977298 |
| DoorDash, Inc., Class A \* | 178125 | 45309656 |
| DraftKings, Inc., Class A \* | 238851 | 7306452 |
| Driven Brands Holdings, Inc. \* | 31309 | 449284 |
| Duolingo, Inc. \* | 19326 | 5230389 |
| Dutch Bros, Inc., Class A \* | 60721 | 3372444 |
| El Pollo Loco Holdings, Inc. \* | 9086 | 92859 |
| European Wax Center, Inc., Class A \* | 22075 | 86093 |
| Expedia Group, Inc.  | 56877 | 12512940 |
| First Watch Restaurant Group, Inc. \* | 25923 | 427470 |
| Flutter Entertainment PLC \* | 84403 | 19631294 |
| Frontdoor, Inc. \* | 35506 | 2358664 |
| Global Business Travel Group I \* | 59046 | 464102 |
| Golden Entertainment, Inc.  | 9398 | 189840 |
| Graham Holdings Co., Class B  | 1610 | 1629529 |
| Grand Canyon Education, Inc. \* | 13051 | 2457503 |
| H&R Block, Inc.  | 63984 | 3182564 |
| Hilton Grand Vacations, Inc. \* | 29359 | 1216931 |
| Hilton Worldwide Holdings, Inc.  | 113030 | 29044189 |
| Hyatt Hotels Corp., Class A  | 20348 | 2796019 |
| Inspired Entertainment, Inc. \* | 10938 | 82582 |
| Jack in the Box, Inc.  | 8973 | 143927 |
| Krispy Kreme, Inc.  | 48000 | 172320 |
| Kura Sushi USA, Inc., Class A \* | 2756 | 156899 |
| Las Vegas Sands Corp.  | 148437 | 8809736 |
| Laureate Education, Inc. \* | 63773 | 1851330 |
| Life Time Group Holdings, Inc. \* | 73247 | 1811398 |
| Light & Wonder, Inc. \* | 40187 | 2921595 |
| Lincoln Educational Services Corp. \* | 14839 | 288173 |
| Lindblad Expeditions Holdings, Inc. \* | 24542 | 295977 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Lucky Strike Entertainment Corp., <br> Class A *(a)*<br>| 14987 | 125591 |
| Marriott International, Inc., Class A  | 108424 | 28253126 |
| Marriott Vacations Worldwide Corp.  | 12803 | 844742 |
| Matthews International Corp., Class A  | 14759 | 345656 |
| McDonald's Corp.  | 343401 | 102481160 |
| McGraw Hill, Inc. \* | 12000 | 133920 |
| MGM Resorts International \* | 97818 | 3133111 |
| Mister Car Wash, Inc. \* | 47073 | 263138 |
| Monarch Casino & Resort, Inc.  | 5776 | 520244 |
| Nathan's Famous, Inc.  | 1235 | 130700 |
| Nerdy, Inc. \* | 39000 | 38606 |
| Norwegian Cruise Line Holdings Ltd. \* | 217254 | 4870835 |
| OneSpaWorld Holdings Ltd.  | 50012 | 1163779 |
| Papa John's International, Inc.  | 16061 | 816059 |
| Penn Entertainment, Inc. \* | 65304 | 1074904 |
| Perdoceo Education Corp.  | 29123 | 924947 |
| Planet Fitness, Inc., Class A \* | 40412 | 3664964 |
| Portillo's, Inc., Class A \* | 34000 | 181900 |
| Pursuit Attractions & Hospitality, Inc. \* | 9565 | 339366 |
| Rave Restaurant Group, Inc. \* | 10012 | 25631 |
| RCI Hospitality Holdings, Inc.  | 3668 | 91370 |
| Red Rock Resorts, Inc., Class A  | 23238 | 1238818 |
| Royal Caribbean Cruises Ltd.  | 121830 | 34944499 |
| Rush Street Interactive, Inc. \* | 48975 | 830616 |
| Sabre Corp. \* | 189849 | 388241 |
| Serve Robotics, Inc. *\*(a)* | 26785 | 354366 |
| Service Corp. International  | 67989 | 5677761 |
| Shake Shack, Inc., Class A \* | 19290 | 1861678 |
| Sharplink Gaming, Inc. \* | 82998 | 1148692 |
| Six Flags Entertainment Corp. \* | 50227 | 1154216 |
| Soho House & Co., Inc. \* | 16810 | 149609 |
| Starbucks Corp.  | 547004 | 44236214 |
| Strategic Education, Inc.  | 12183 | 925664 |
| Stride, Inc. \* | 20383 | 1386859 |
| Sweetgreen, Inc., Class A \* | 37000 | 232730 |
| Target Hospitality Corp. \* | 21320 | 163951 |
| Texas Roadhouse, Inc., Class A  | 31769 | 5196773 |
| Travel & Leisure Co.  | 30366 | 1906378 |
| Udemy, Inc. \* | 45337 | 258194 |
| United Parks & Resorts, Inc. \* | 14466 | 700154 |
| Universal Technical Institute, Inc. \* | 24431 | 726089 |
| Vail Resorts, Inc.  | 18259 | 2708358 |
| Venu Holding Corp. \* | 16934 | 235044 |
| Wendy's Co.  | 78650 | 671671 |
| Wingstop, Inc.  | 13753 | 2979312 |
| WW International, Inc. \* | 4893 | 170374 |
| Wyndham Hotels & Resorts, Inc.  | 36751 | 2698626 |
| Wynn Resorts Ltd.  | 40657 | 4837776 |
| Xponential Fitness, Inc., Class A \* | 19583 | 131598 |
| Yum! Brands, Inc.  | 133530 | 18455181 |
|  |  | **626684318** |
| **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** |
| Albertsons Cos., Inc., Class A  | 194525 | 3441147 |
| Andersons, Inc.  | 15277 | 707478 |
| BJ's Wholesale Club Holdings, Inc. \* | 63732 | 5624986 |
| Casey's General Stores, Inc.  | 17758 | 9113228 |
| Chefs' Warehouse, Inc. \* | 16784 | 990256 |
| Costco Wholesale Corp.  | 213411 | 194513456 |
| Dollar General Corp.  | 105745 | 10432802 |
| Dollar Tree, Inc. \* | 93634 | 9281002 |
| Grocery Outlet Holding Corp. \* | 47258 | 643181 |
| Guardian Pharmacy Services, Inc., <br> Class A \*<br>| 11616 | 325713 |
| Ingles Markets, Inc., Class A  | 7246 | 500699 |
| Kroger Co.  | 292162 | 18590268 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**55**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Maplebear, Inc. \* | 88325 | 3255659 |
| Natural Grocers by Vitamin Cottage, <br> Inc. <br>| 4452 | 142865 |
| Performance Food Group Co. \* | 75233 | 7278040 |
| PriceSmart, Inc.  | 12274 | 1410774 |
| Sprouts Farmers Market, Inc. \* | 47419 | 3744204 |
| Sysco Corp.  | 229707 | 17062636 |
| Target Corp.  | 218651 | 20273321 |
| U.S. Foods Holding Corp. \* | 108435 | 7874550 |
| United Natural Foods, Inc. \* | 27992 | 1053899 |
| Village Super Market, Inc., Class A  | 6411 | 201113 |
| Walmart, Inc.  | 2112191 | 213711485 |
| Weis Markets, Inc.  | 4525 | 286614 |
|  |  | **530459376** |
| **Energy 2.9%** | **Energy 2.9%** | **Energy 2.9%** |
| Aemetis, Inc. \* | 26000 | 55380 |
| Amplify Energy Corp. \* | 16372 | 74329 |
| Antero Midstream Corp.  | 159669 | 2754290 |
| Antero Resources Corp. \* | 142291 | 4398215 |
| APA Corp.  | 171988 | 3895528 |
| Archrock, Inc.  | 82999 | 2097385 |
| Atlas Energy Solutions, Inc., Class A  | 33548 | 415324 |
| Baker Hughes Co., Class A  | 473824 | 22937820 |
| Berry Corp.  | 67374 | 227050 |
| BKV Corp. \* | 8423 | 198699 |
| Bristow Group, Inc. \* | 13008 | 529426 |
| Cactus, Inc., Class A  | 33094 | 1461762 |
| California Resources Corp.  | 34515 | 1628073 |
| Calumet, Inc. \* | 34512 | 675055 |
| Centrus Energy Corp., Class A \* | 8511 | 3127452 |
| Cheniere Energy, Inc.  | 105757 | 22420484 |
| Chevron Corp.  | 926135 | 146070012 |
| Chord Energy Corp.  | 27856 | 2527096 |
| Civitas Resources, Inc.  | 41746 | 1203537 |
| Clean Energy Fuels Corp. \* | 64632 | 184848 |
| CNX Resources Corp. \* | 70699 | 2379728 |
| Comstock Resources, Inc. \* | 38020 | 712875 |
| ConocoPhillips  | 601018 | 53406459 |
| Core Laboratories, Inc.  | 22510 | 358809 |
| Core Natural Resources, Inc.  | 25610 | 2023190 |
| Coterra Energy, Inc.  | 366485 | 8671035 |
| Crescent Energy Co., Class A  | 86529 | 729439 |
| CVR Energy, Inc. \* | 13209 | 470108 |
| Delek U.S. Holdings, Inc.  | 28941 | 1092812 |
| Devon Energy Corp.  | 304366 | 9888851 |
| Diamondback Energy, Inc.  | 90085 | 12899271 |
| DMC Global, Inc. \* | 8283 | 66761 |
| Dorian LPG Ltd.  | 17028 | 491258 |
| DT Midstream, Inc.  | 49204 | 5387346 |
| Empire Petroleum Corp. \* | 14255 | 42908 |
| Energy Services of America Corp.  | 8556 | 93774 |
| EOG Resources, Inc.  | 263604 | 27899847 |
| Epsilon Energy Ltd.  | 5425 | 26040 |
| EQT Corp.  | 300301 | 16090128 |
| Evolution Petroleum Corp.  | 15426 | 67566 |
| Excelerate Energy, Inc., Class A  | 11119 | 288093 |
| Expand Energy Corp.  | 114427 | 11821453 |
| Expro Group Holdings NV \* | 50353 | 683794 |
| Exxon Mobil Corp.  | 2051565 | 234616973 |
| Flowco Holdings, Inc., Class A  | 10000 | 162000 |
| Forum Energy Technologies, Inc. \* | 4222 | 113065 |
| Geospace Technologies Corp. \* | 10335 | 261889 |
| Gevo, Inc. *\*(a)* | 99561 | 232973 |
| Granite Ridge Resources, Inc.  | 22980 | 121334 |
| Green Plains, Inc. \* | 31000 | 318680 |
| Gulf Island Fabrication, Inc. \* | 6007 | 46915 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Gulfport Energy Corp. \* | 7296 | 1357129 |
| Halliburton Co.  | 410290 | 11012184 |
| Helix Energy Solutions Group, Inc. \* | 70570 | 474230 |
| Helmerich & Payne, Inc.  | 47141 | 1237923 |
| HF Sinclair Corp.  | 75977 | 3920413 |
| Infinity Natural Resources, Inc., <br> Class A \*<br>| 6300 | 72324 |
| Innovex International, Inc. \* | 17876 | 358771 |
| International Seaways, Inc.  | 19219 | 984589 |
| Kinder Morgan, Inc.  | 940994 | 24644633 |
| Kinetik Holdings, Inc., Class A  | 19852 | 764501 |
| Kodiak Gas Services, Inc.  | 33526 | 1236439 |
| Kosmos Energy Ltd. \* | 230000 | 361100 |
| Liberty Energy, Inc., Class A  | 76251 | 1380906 |
| Lightbridge Corp. \* | 11562 | 310208 |
| Magnolia Oil & Gas Corp., Class A  | 90844 | 2040356 |
| Mammoth Energy Services, Inc. \* | 10739 | 21908 |
| Marathon Petroleum Corp.  | 146301 | 28515528 |
| Matador Resources Co.  | 57502 | 2269029 |
| Murphy Oil Corp.  | 64275 | 1818983 |
| Nabors Industries Ltd. \* | 7500 | 363900 |
| NACCO Industries, Inc., Class A  | 1966 | 83122 |
| Natural Gas Services Group, Inc.  | 4213 | 117290 |
| New Fortress Energy, Inc. *\*(a)* | 54415 | 70195 |
| NextDecade Corp. \* | 65662 | 389376 |
| Noble Corp. PLC  | 62160 | 1824396 |
| Northern Oil & Gas, Inc.  | 46016 | 1018334 |
| NOV, Inc.  | 180928 | 2641549 |
| Occidental Petroleum Corp.  | 346883 | 14291580 |
| Oceaneering International, Inc. \* | 48506 | 1129705 |
| Oil States International, Inc. \* | 29052 | 173440 |
| ONEOK, Inc.  | 304330 | 20390110 |
| Ovintiv, Inc.  | 122628 | 4599776 |
| Par Pacific Holdings, Inc. \* | 24479 | 978670 |
| Patterson-UTI Energy, Inc.  | 167426 | 1049761 |
| PBF Energy, Inc., Class A  | 41255 | 1409683 |
| Peabody Energy Corp.  | 61147 | 1676651 |
| Permian Resources Corp., Class A  | 336470 | 4226063 |
| Phillips 66  | 194586 | 26490938 |
| Prairie Operating Co. *\*(a)* | 25000 | 51250 |
| PrimeEnergy Resources Corp. \* | 362 | 48957 |
| ProFrac Holding Corp., Class A \* | 11000 | 60170 |
| ProPetro Holding Corp. \* | 39887 | 414027 |
| Range Resources Corp.  | 114590 | 4073675 |
| Ranger Energy Services, Inc., Class A  | 5075 | 69731 |
| REX American Resources Corp. \* | 14502 | 464499 |
| Riley Exploration Permian, Inc.  | 5555 | 144541 |
| Ring Energy, Inc. \* | 96457 | 92107 |
| RPC, Inc.  | 36343 | 188984 |
| Sable Offshore Corp. \* | 40792 | 426684 |
| SandRidge Energy, Inc.  | 12685 | 151078 |
| SEACOR Marine Holdings, Inc. \* | 10252 | 65203 |
| Seadrill Ltd. \* | 28900 | 912084 |
| Select Water Solutions, Inc.  | 48335 | 558753 |
| SLB Ltd.  | 717961 | 25889674 |
| SM Energy Co.  | 55363 | 1156533 |
| Smart Sand, Inc.  | 17439 | 37494 |
| Solaris Energy Infrastructure, Inc.  | 20993 | 1117457 |
| Summit Midstream Corp. \* | 4783 | 104843 |
| Talos Energy, Inc. \* | 63295 | 620924 |
| Targa Resources Corp.  | 104255 | 16059440 |
| TechnipFMC PLC  | 197790 | 8178617 |
| TETRA Technologies, Inc. \* | 64233 | 453485 |
| Texas Pacific Land Corp.  | 9308 | 8780981 |
| Tidewater, Inc. \* | 22190 | 1122592 |
| Transocean Ltd. \* | 463483 | 1779775 |
| Uranium Energy Corp. \* | 215360 | 3258397 |
| Ur-Energy, Inc. \* | 175000 | 301000 |

---

*See financial notes*

**56**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| VAALCO Energy, Inc.  | 43433 | 170692 |
| Valaris Ltd. \* | 31641 | 1775693 |
| Valero Energy Corp.  | 149477 | 25345320 |
| Venture Global, Inc., Class A  | 221290 | 1896455 |
| Viper Energy, Inc., Class A  | 81065 | 3044801 |
| Vital Energy, Inc. \* | 10527 | 165379 |
| Vitesse Energy, Inc.  | 13373 | 290863 |
| W&T Offshore, Inc.  | 50000 | 105000 |
| Weatherford International PLC  | 35131 | 2588803 |
| Williams Cos., Inc.  | 588877 | 34078312 |
| World Kinect Corp.  | 27459 | 709815 |
|  |  | **920806920** |
| **Equity Real Estate Investment Trusts (REITs) 2.0%** | **Equity Real Estate Investment Trusts (REITs) 2.0%** | **Equity Real Estate Investment Trusts (REITs) 2.0%** |
| Acadia Realty Trust  | 65151 | 1242430 |
| Agree Realty Corp.  | 53772 | 3925894 |
| Alexander & Baldwin, Inc.  | 35571 | 568069 |
| Alexander's, Inc.  | 964 | 212977 |
| Alexandria Real Estate Equities, Inc.  | 75406 | 4390137 |
| Alpine Income Property Trust, Inc.  | 4623 | 67866 |
| American Assets Trust, Inc.  | 21772 | 416063 |
| American Healthcare REIT, Inc.  | 82287 | 3729247 |
| American Homes 4 Rent, Class A  | 156781 | 4954280 |
| American Tower Corp.  | 225332 | 40329921 |
| Americold Realty Trust, Inc.  | 142720 | 1839661 |
| Apartment Investment & Management <br> Co., Class A <br>| 63000 | 335160 |
| Apple Hospitality REIT, Inc.  | 105963 | 1185726 |
| Armada Hoffler Properties, Inc.  | 38123 | 249324 |
| AvalonBay Communities, Inc.  | 68475 | 11909172 |
| Bluerock Homes Trust, Inc.  | 1536 | 15114 |
| Braemar Hotels & Resorts, Inc.  | 24766 | 63153 |
| Brandywine Realty Trust  | 80539 | 276249 |
| Brixmor Property Group, Inc.  | 147200 | 3850752 |
| Broadstone Net Lease, Inc.  | 89652 | 1606564 |
| BRT Apartments Corp.  | 5530 | 81346 |
| BXP, Inc.  | 70570 | 5023878 |
| Camden Property Trust  | 51989 | 5171866 |
| CareTrust REIT, Inc.  | 106992 | 3707273 |
| CBL & Associates Properties, Inc.  | 5626 | 166361 |
| Centerspace  | 8509 | 504158 |
| Chatham Lodging Trust  | 21672 | 138701 |
| City Office REIT, Inc.  | 16407 | 113208 |
| Clipper Realty, Inc.  | 5283 | 20551 |
| Community Healthcare Trust, Inc.  | 16827 | 246684 |
| COPT Defense Properties  | 55553 | 1564928 |
| Cousins Properties, Inc.  | 81130 | 2103701 |
| Crown Castle, Inc.  | 209057 | 18861123 |
| CTO Realty Growth, Inc.  | 15942 | 265913 |
| CubeSmart  | 109166 | 4112283 |
| Curbline Properties Corp.  | 44358 | 1022895 |
| DiamondRock Hospitality Co.  | 99179 | 775580 |
| Digital Realty Trust, Inc.  | 154721 | 26366006 |
| Diversified Healthcare Trust  | 100000 | 426000 |
| Douglas Emmett, Inc.  | 82507 | 1067641 |
| Easterly Government Properties, Inc.  | 19370 | 418779 |
| EastGroup Properties, Inc.  | 25902 | 4520676 |
| Elme Communities  | 40011 | 658181 |
| Empire State Realty Trust, Inc., <br> Class A <br>| 64131 | 473928 |
| EPR Properties  | 36814 | 1804622 |
| Equinix, Inc.  | 47094 | 39841995 |
| Equity LifeStyle Properties, Inc.  | 93783 | 5725452 |
| Equity Residential  | 167641 | 9964581 |
| Essential Properties Realty Trust, Inc.  | 97090 | 2901049 |
| Essex Property Trust, Inc.  | 31016 | 7808898 |
| Extra Space Storage, Inc.  | 101997 | 13620679 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Farmland Partners, Inc.  | 21207 | 212706 |
| Federal Realty Investment Trust  | 37667 | 3623189 |
| First Industrial Realty Trust, Inc.  | 63730 | 3522994 |
| Four Corners Property Trust, Inc.  | 48097 | 1137013 |
| Franklin Street Properties Corp.  | 38431 | 46117 |
| FrontView REIT, Inc.  | 7000 | 93100 |
| Gaming & Leisure Properties, Inc.  | 136430 | 6092964 |
| Getty Realty Corp.  | 23634 | 648281 |
| Gladstone Commercial Corp.  | 22360 | 255575 |
| Gladstone Land Corp.  | 14746 | 133599 |
| Global Medical REIT, Inc.  | 5219 | 160223 |
| Global Net Lease, Inc.  | 94810 | 722452 |
| Healthcare Realty Trust, Inc., Class A  | 169248 | 2999075 |
| Healthpeak Properties, Inc.  | 333411 | 5984727 |
| Highwoods Properties, Inc.  | 52859 | 1513353 |
| Host Hotels & Resorts, Inc.  | 307660 | 4928713 |
| Hudson Pacific Properties, Inc. \* | 172995 | 422108 |
| Independence Realty Trust, Inc.  | 113856 | 1813726 |
| Industrial Logistics Properties Trust  | 24875 | 131340 |
| Innovative Industrial Properties, Inc.  | 13677 | 685902 |
| InvenTrust Properties Corp.  | 38416 | 1052598 |
| Invitation Homes, Inc.  | 270718 | 7620712 |
| Iron Mountain, Inc.  | 141982 | 14617047 |
| JBG SMITH Properties  | 32784 | 638960 |
| Kilroy Realty Corp.  | 51804 | 2188719 |
| Kimco Realty Corp.  | 327056 | 6756977 |
| Kite Realty Group Trust  | 105603 | 2338050 |
| Lamar Advertising Co., Class A  | 42157 | 4999399 |
| Lineage, Inc.  | 26567 | 1046740 |
| LTC Properties, Inc.  | 22499 | 789265 |
| LXP Industrial Trust  | 139647 | 1325250 |
| Macerich Co.  | 124219 | 2130356 |
| Medical Properties Trust, Inc. *(a)* | 242764 | 1255090 |
| Mid-America Apartment <br> Communities, Inc. <br>| 56889 | 7294876 |
| Millrose Properties, Inc., Class A *(a)* | 58990 | 1900068 |
| Modiv Industrial, Inc.  | 3196 | 46086 |
| National Health Investors, Inc.  | 22914 | 1707322 |
| National Storage Affiliates Trust  | 32938 | 958166 |
| NET Lease Office Properties  | 6279 | 184289 |
| NETSTREIT Corp.  | 38339 | 713872 |
| NexPoint Diversified Real Estate Trust  | 447 | 1421 |
| NexPoint Residential Trust, Inc.  | 9644 | 295781 |
| NNN REIT, Inc.  | 90810 | 3674173 |
| Omega Healthcare Investors, Inc.  | 142846 | 6003817 |
| One Liberty Properties, Inc.  | 6163 | 123815 |
| Orion Properties, Inc.  | 25500 | 62985 |
| Outfront Media, Inc.  | 74427 | 1316614 |
| Paramount Group, Inc. \* | 85678 | 560334 |
| Park Hotels & Resorts, Inc.  | 97416 | 1002411 |
| Peakstone Realty Trust  | 19131 | 258460 |
| Pebblebrook Hotel Trust  | 56936 | 595551 |
| Phillips Edison & Co., Inc.  | 61483 | 2080585 |
| Piedmont Realty Trust, Inc., Class A  | 59125 | 476548 |
| Plymouth Industrial REIT, Inc.  | 23365 | 514030 |
| Postal Realty Trust, Inc., Class A  | 13537 | 200483 |
| PotlatchDeltic Corp.  | 35748 | 1429920 |
| Prologis, Inc.  | 446604 | 55419090 |
| Public Storage  | 75945 | 21155239 |
| Rayonier, Inc.  | 66636 | 1470657 |
| Realty Income Corp.  | 439406 | 25476760 |
| Regency Centers Corp.  | 79093 | 5453462 |
| Rexford Industrial Realty, Inc.  | 113692 | 4697753 |
| RLJ Lodging Trust  | 69831 | 474851 |
| Ryman Hospitality Properties, Inc.  | 30495 | 2650320 |
| Sabra Health Care REIT, Inc.  | 112814 | 2010345 |
| Safehold, Inc.  | 21044 | 303665 |
| Saul Centers, Inc.  | 5768 | 170790 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**57**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| SBA Communications Corp., Class A  | 51520 | 9865050 |
| Service Properties Trust *(c)* | 79200 | 169488 |
| Sila Realty Trust, Inc.  | 26410 | 625917 |
| Simon Property Group, Inc.  | 157094 | 27610841 |
| SITE Centers Corp.  | 22400 | 164192 |
| SL Green Realty Corp.  | 34202 | 1756273 |
| Smartstop Self Storage REIT, Inc.  | 15266 | 524387 |
| STAG Industrial, Inc.  | 88709 | 3394893 |
| Summit Hotel Properties, Inc.  | 47221 | 242716 |
| Sun Communities, Inc.  | 56608 | 7166573 |
| Sunstone Hotel Investors, Inc.  | 91945 | 813713 |
| Tanger, Inc.  | 55925 | 1820918 |
| Terreno Realty Corp.  | 50238 | 2870097 |
| UDR, Inc.  | 146019 | 4919380 |
| UMH Properties, Inc.  | 39350 | 572149 |
| Universal Health Realty Income Trust  | 5432 | 207611 |
| Urban Edge Properties  | 61172 | 1176338 |
| Ventas, Inc.  | 217925 | 16080686 |
| Veris Residential, Inc.  | 37721 | 541674 |
| VICI Properties, Inc., Class A  | 511375 | 15336136 |
| Vornado Realty Trust  | 76652 | 2908177 |
| Welltower, Inc.  | 321853 | 58268267 |
| Weyerhaeuser Co.  | 346790 | 7976170 |
| Whitestone REIT  | 20066 | 251628 |
| WP Carey, Inc.  | 105678 | 6974748 |
| Xenia Hotels & Resorts, Inc.  | 45844 | 563881 |
|  |  | **646019457** |
| **Financial Services 7.6%** | **Financial Services 7.6%** | **Financial Services 7.6%** |
| Acacia Research Corp. \* | 29703 | 103069 |
| Acadian Asset Management, Inc.  | 14000 | 673400 |
| ACRES Commercial Realty Corp. \* | 3144 | 66024 |
| Adamas Trust, Inc.  | 40532 | 270348 |
| Affiliated Managers Group, Inc.  | 13909 | 3309786 |
| Affirm Holdings, Inc. \* | 134992 | 9703225 |
| AG Mortgage Investment Trust, Inc.  | 14032 | 100188 |
| AGNC Investment Corp.  | 500812 | 5008120 |
| Alerus Financial Corp.  | 11281 | 238255 |
| Ally Financial, Inc.  | 134867 | 5255767 |
| AlTi Global, Inc. \* | 40478 | 159483 |
| American Express Co.  | 261201 | 94223037 |
| Ameriprise Financial, Inc.  | 45283 | 20502784 |
| Angel Oak Mortgage REIT, Inc.  | 9942 | 90174 |
| Annaly Capital Management, Inc.  | 307205 | 6503530 |
| Apollo Commercial Real Estate <br> Finance, Inc. <br>| 61373 | 600842 |
| Apollo Global Management, Inc.  | 221180 | 27494886 |
| Arbor Realty Trust, Inc. *(a)* | 92240 | 930702 |
| ARES Management Corp., Class A  | 99269 | 14762293 |
| ARMOUR Residential REIT, Inc.  | 54206 | 879221 |
| Artisan Partners Asset Management, <br> Inc., Class A <br>| 32819 | 1432878 |
| Atlanticus Holdings Corp. \* | 2144 | 118156 |
| Bakkt Holdings, Inc. \* | 4920 | 136136 |
| Bank of New York Mellon Corp.  | 339107 | 36599818 |
| Berkshire Hathaway, Inc., Class B \* | 882726 | 421536974 |
| Better Home & Finance Holding <br> Co. *\*(a)*<br>| 3600 | 263556 |
| BGC Group, Inc., Class A  | 172212 | 1574018 |
| Blackrock, Inc.  | 69302 | 75040899 |
| Blackstone Mortgage Trust, Inc., <br> Class A <br>| 78316 | 1447280 |
| Blackstone, Inc.  | 354704 | 52013795 |
| Block, Inc. \* | 264108 | 20056361 |
| Blue Owl Capital, Inc., Class A  | 297653 | 4693988 |
| Bread Financial Holdings, Inc.  | 22422 | 1404738 |
| BrightSpire Capital, Inc., Class A  | 69114 | 356628 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cannae Holdings, Inc.  | 25712 | 459731 |
| Cantaloupe, Inc. \* | 26721 | 282174 |
| Capital One Financial Corp.  | 307741 | 67699943 |
| Carlyle Group, Inc.  | 125156 | 6673318 |
| Cass Information Systems, Inc.  | 5702 | 225400 |
| Cboe Global Markets, Inc.  | 50431 | 12387871 |
| Charles Schwab Corp. *(d)* | 815807 | 77110078 |
| Chicago Atlantic Real Estate Finance, <br> Inc. <br>| 9254 | 119006 |
| Chime Financial, Inc., Class A *\*(a)* | 17000 | 291890 |
| Chimera Investment Corp.  | 41204 | 525763 |
| Claros Mortgage Trust, Inc. \* | 61707 | 197462 |
| CME Group, Inc.  | 173421 | 46041541 |
| Cohen & Steers, Inc.  | 14837 | 1013664 |
| Coinbase Global, Inc., Class A \* | 108832 | 37414265 |
| Consumer Portfolio Services, Inc. \* | 5099 | 42832 |
| Corebridge Financial, Inc.  | 129469 | 4215511 |
| Corpay, Inc. \* | 33836 | 8809203 |
| Credit Acceptance Corp. \* | 3048 | 1363492 |
| Dave, Inc. \* | 5360 | 1282755 |
| DeFi Development Corp. *\*(a)* | 4500 | 49635 |
| Diamond Hill Investment Group, Inc.  | 1364 | 175069 |
| DigitalBridge Group, Inc.  | 75000 | 887250 |
| Donnelley Financial Solutions, Inc. \* | 12417 | 570561 |
| Dynex Capital, Inc.  | 62224 | 823846 |
| Ellington Financial, Inc.  | 43305 | 576823 |
| Enact Holdings, Inc.  | 14940 | 533657 |
| Encore Capital Group, Inc. \* | 12761 | 530602 |
| Enova International, Inc. \* | 12373 | 1479440 |
| Equitable Holdings, Inc.  | 145242 | 7174955 |
| Essent Group Ltd.  | 47237 | 2861145 |
| Euronet Worldwide, Inc. \* | 19264 | 1461367 |
| Evercore, Inc., Class A  | 18572 | 5470568 |
| EVERTEC, Inc.  | 29799 | 848378 |
| EZCORP, Inc., Class A \* | 25151 | 459006 |
| FactSet Research Systems, Inc.  | 18069 | 4820809 |
| Federal Agricultural Mortgage Corp., <br> Class C <br>| 4622 | 733234 |
| Federated Hermes, Inc.  | 35278 | 1710277 |
| Fidelity National Information Services, <br> Inc. <br>| 252792 | 15804556 |
| Finance of America Cos., Inc., <br> Class A \*<br>| 5723 | 125906 |
| FirstCash Holdings, Inc.  | 18911 | 2997393 |
| Fiserv, Inc. \* | 261351 | 17429498 |
| Flywire Corp. \* | 51215 | 682184 |
| Forge Global Holdings, Inc. \* | 3010 | 66039 |
| Franklin BSP Realty Trust, Inc.  | 44583 | 452072 |
| Franklin Resources, Inc.  | 148573 | 3359236 |
| Galaxy Digital, Inc., Class A \* | 84000 | 2940840 |
| GCM Grosvenor, Inc., Class A  | 25770 | 296613 |
| Global Payments, Inc.  | 117222 | 9115183 |
| Goldman Sachs Group, Inc.  | 145676 | 114992264 |
| Granite Point Mortgage Trust, Inc.  | 23221 | 62232 |
| Great Elm Group, Inc. \* | 9772 | 24430 |
| Green Dot Corp., Class A \* | 26000 | 301860 |
| Guild Holdings Co., Class A  | 4604 | 91528 |
| HA Sustainable Infrastructure Capital, <br> Inc. <br>| 62554 | 1733371 |
| Hamilton Lane, Inc., Class A  | 19596 | 2233160 |
| Heritage Global, Inc. \* | 16791 | 24683 |
| Houlihan Lokey, Inc., Class A  | 26194 | 4690821 |
| Innventure, Inc. *\*(a)* | 15812 | 45855 |
| Interactive Brokers Group, Inc., <br> Class A <br>| 215452 | 15159203 |
| Intercontinental Exchange, Inc.  | 275462 | 40297336 |
| International Money Express, Inc. \* | 18445 | 274646 |

---

*See financial notes*

**58**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Invesco Ltd.  | 216773 | 5137520 |
| Invesco Mortgage Capital, Inc. *(a)* | 28900 | 217617 |
| Jack Henry & Associates, Inc.  | 34966 | 5207836 |
| Jackson Financial, Inc., Class A  | 33011 | 3327839 |
| Janus Henderson Group PLC  | 59917 | 2609984 |
| Jefferies Financial Group, Inc.  | 78640 | 4154551 |
| Jefferson Capital, Inc.  | 5000 | 94400 |
| KKR & Co., Inc.  | 330133 | 39064638 |
| KKR Real Estate Finance Trust, Inc.  | 24272 | 197574 |
| Ladder Capital Corp., Class A  | 54768 | 578898 |
| Lazard, Inc.  | 55551 | 2710889 |
| LendingClub Corp. \* | 52098 | 905984 |
| LendingTree, Inc. \* | 6556 | 419584 |
| loanDepot, Inc., Class A \* | 36984 | 111692 |
| LPL Financial Holdings, Inc.  | 38606 | 14566430 |
| Lument Finance Trust, Inc.  | 24035 | 37495 |
| Manhattan Bridge Capital, Inc.  | 7727 | 38017 |
| MarketAxess Holdings, Inc.  | 18220 | 2916293 |
| Marqeta, Inc., Class A \* | 195000 | 883350 |
| Mastercard, Inc., Class A  | 397244 | 219274716 |
| Medallion Financial Corp.  | 6557 | 64455 |
| Merchants Bancorp  | 12767 | 398203 |
| MFA Financial, Inc.  | 47437 | 426459 |
| MGIC Investment Corp.  | 112975 | 3097774 |
| Miami International Holdings, Inc. \* | 7300 | 319010 |
| Moelis & Co., Class A  | 36239 | 2295016 |
| Moody's Corp.  | 74245 | 35659873 |
| Morgan Stanley  | 583825 | 95747300 |
| Morningstar, Inc.  | 11843 | 2514269 |
| MSCI, Inc., Class A  | 37330 | 21970571 |
| Nasdaq, Inc.  | 219357 | 18752830 |
| Navient Corp.  | 37356 | 456864 |
| NCR Atleos Corp. \* | 35791 | 1320688 |
| Nelnet, Inc., Class A  | 6753 | 871475 |
| NerdWallet, Inc., Class A \* | 22319 | 260463 |
| NewtekOne, Inc.  | 11192 | 116397 |
| Nexpoint Real Estate Finance, Inc.  | 5703 | 74367 |
| NMI Holdings, Inc., Class A \* | 38589 | 1405797 |
| Northern Trust Corp.  | 92541 | 11907250 |
| Old Market Capital Corp. \* | 6032 | 32573 |
| OneMain Holdings, Inc.  | 56769 | 3360157 |
| Onity Group, Inc. \* | 3090 | 115782 |
| Open Lending Corp., Class A \* | 50000 | 95000 |
| Oportun Financial Corp. \* | 16000 | 85280 |
| Oppenheimer Holdings, Inc., Class A  | 3500 | 244160 |
| OppFi, Inc.  | 17756 | 173121 |
| Orchid Island Capital, Inc.  | 69453 | 502145 |
| P10, Inc., Class A  | 37410 | 380086 |
| Paymentus Holdings, Inc., Class A \* | 20360 | 582296 |
| Payoneer Global, Inc. \* | 141097 | 816952 |
| PayPal Holdings, Inc. \* | 459748 | 31846744 |
| Paysign, Inc. \* | 26608 | 137430 |
| PennyMac Financial Services, Inc.  | 13935 | 1753162 |
| PennyMac Mortgage Investment Trust  | 41298 | 497228 |
| Perella Weinberg Partners, Class A  | 32601 | 608987 |
| Piper Sandler Cos.  | 7959 | 2540990 |
| PJT Partners, Inc., Class A  | 11852 | 1909476 |
| PRA Group, Inc. \* | 21991 | 301497 |
| Priority Technology Holdings, Inc. \* | 9469 | 65904 |
| PROG Holdings, Inc.  | 19924 | 576401 |
| Radian Group, Inc.  | 64043 | 2173619 |
| Raymond James Financial, Inc.  | 85340 | 13540898 |
| Ready Capital Corp.  | 81000 | 237330 |
| Redwood Trust, Inc.  | 69393 | 368477 |
| Regional Management Corp.  | 3411 | 134223 |
| Remitly Global, Inc. \* | 82935 | 1330277 |
| Repay Holdings Corp., Class A \* | 35500 | 152295 |
| Rithm Capital Corp.  | 253381 | 2779590 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Rithm Property Trust, Inc.  | 21615 | 57712 |
| Robinhood Markets, Inc., Class A \* | 372448 | 54667917 |
| Rocket Cos., Inc., Class A  | 461762 | 7692955 |
| S&P Global, Inc.  | 150382 | 73267614 |
| Security National Financial Corp., <br> Class A \*<br>| 7773 | 61951 |
| SEI Investments Co.  | 45864 | 3697097 |
| Seven Hills Realty Trust *\*(a)* | 5666 | 53600 |
| Sezzle, Inc. \* | 7900 | 517845 |
| Shift4 Payments, Inc., Class A \* | 33081 | 2285897 |
| Silvercrest Asset Management Group, <br> Inc., Class A <br>| 3213 | 45432 |
| SLM Corp.  | 101185 | 2716817 |
| SoFi Technologies, Inc. \* | 575110 | 17069265 |
| Starwood Property Trust, Inc.  | 168739 | 3067675 |
| State Street Corp.  | 137253 | 15874682 |
| StepStone Group, Inc., Class A  | 34609 | 2106996 |
| Stifel Financial Corp.  | 49495 | 5861693 |
| StoneX Group, Inc. \* | 22698 | 2086400 |
| Sunrise Realty Trust, Inc.  | 2814 | 27802 |
| SWK Holdings Corp.  | 1451 | 23492 |
| Synchrony Financial  | 180461 | 13422689 |
| T. Rowe Price Group, Inc.  | 105320 | 10798460 |
| Toast, Inc., Class A \* | 223632 | 8082060 |
| TPG RE Finance Trust, Inc.  | 31952 | 276385 |
| TPG, Inc.  | 59557 | 3278017 |
| Tradeweb Markets, Inc., Class A  | 56783 | 5984360 |
| Triller Group, Inc. \* | 65000 | 37277 |
| Two Harbors Investment Corp.  | 51925 | 504711 |
| Upstart Holdings, Inc. \* | 40477 | 1923467 |
| UWM Holdings Corp.  | 98027 | 551892 |
| Velocity Financial, Inc. \* | 5032 | 93696 |
| Victory Capital Holdings, Inc., Class A  | 23325 | 1452448 |
| Virtu Financial, Inc., Class A  | 38843 | 1353290 |
| Virtus Investment Partners, Inc.  | 2856 | 465014 |
| Visa, Inc., Class A  | 817599 | 278588683 |
| Voya Financial, Inc.  | 46953 | 3496120 |
| Walker & Dunlop, Inc.  | 16462 | 1315643 |
| Waterstone Financial, Inc.  | 8861 | 135573 |
| Western Union Co.  | 160667 | 1499023 |
| WEX, Inc. \* | 16578 | 2418399 |
| WisdomTree, Inc.  | 59234 | 708439 |
| World Acceptance Corp. \* | 1349 | 171957 |
|  |  | **2433270682** |
| **Food, Beverage & Tobacco 1.9%** | **Food, Beverage & Tobacco 1.9%** | **Food, Beverage & Tobacco 1.9%** |
| Alico, Inc.  | 2213 | 77920 |
| Altria Group, Inc.  | 808399 | 45577536 |
| Archer-Daniels-Midland Co.  | 230331 | 13941935 |
| B&G Foods, Inc.  | 36000 | 144000 |
| Beyond Meat, Inc. *\*(a)* | 37000 | 61235 |
| Boston Beer Co., Inc., Class A \* | 3638 | 753030 |
| BRC, Inc., Class A \* | 48000 | 60960 |
| Brown-Forman Corp., Class B  | 113189 | 3082137 |
| Bunge Global SA  | 66982 | 6336497 |
| Calavo Growers, Inc.  | 7291 | 161933 |
| Cal-Maine Foods, Inc.  | 21931 | 1925542 |
| Campbell's Co.  | 96046 | 2893866 |
| Celsius Holdings, Inc. \* | 78075 | 4702457 |
| Coca-Cola Co.  | 1863915 | 128423744 |
| Coca-Cola Consolidated, Inc.  | 29278 | 3817266 |
| Conagra Brands, Inc.  | 230683 | 3965441 |
| Constellation Brands, Inc., Class A  | 68898 | 9051819 |
| Darling Ingredients, Inc. \* | 76145 | 2440447 |
| Flowers Foods, Inc.  | 103373 | 1233240 |
| Fresh Del Monte Produce, Inc.  | 17575 | 621276 |
| Freshpet, Inc. \* | 23189 | 1141131 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**59**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| General Mills, Inc.  | 258888 | 12066770 |
| Hain Celestial Group, Inc. \* | 73232 | 84949 |
| Hershey Co.  | 71427 | 12116162 |
| Hormel Foods Corp.  | 142595 | 3078626 |
| Ingredion, Inc.  | 31040 | 3582326 |
| J&J Snack Foods Corp.  | 7548 | 638938 |
| J.M. Smucker Co.  | 52087 | 5393609 |
| John B Sanfilippo & Son, Inc.  | 3955 | 248295 |
| Kellanova  | 129063 | 10719973 |
| Keurig Dr. Pepper, Inc.  | 653868 | 17759055 |
| Kraft Heinz Co.  | 411059 | 10165489 |
| Lamb Weston Holdings, Inc.  | 66093 | 4079921 |
| Lifeway Foods, Inc. \* | 2366 | 56760 |
| Limoneira Co.  | 7226 | 102103 |
| Mama's Creations, Inc. \* | 16154 | 171071 |
| Marzetti Co.  | 9487 | 1487467 |
| McCormick & Co., Inc. - Non Voting <br> Shares <br>| 120883 | 7755853 |
| Mission Produce, Inc. \* | 18304 | 210862 |
| Molson Coors Beverage Co., Class B  | 82203 | 3593915 |
| Mondelez International, Inc., Class A  | 622674 | 35778848 |
| Monster Beverage Corp. \* | 343034 | 22924962 |
| National Beverage Corp. \* | 13198 | 452295 |
| PepsiCo, Inc.  | 658829 | 96248329 |
| Philip Morris International, Inc.  | 749064 | 108112407 |
| Pilgrim's Pride Corp.  | 19693 | 750303 |
| Post Holdings, Inc. \* | 23145 | 2405460 |
| Primo Brands Corp.  | 120787 | 2653690 |
| Seaboard Corp.  | 139 | 468427 |
| Seneca Foods Corp., Class A \* | 2612 | 281665 |
| Simply Good Foods Co. \* | 46953 | 918870 |
| SunOpta, Inc. \* | 43000 | 224460 |
| Tootsie Roll Industries, Inc.  | 7873 | 277838 |
| TreeHouse Foods, Inc. \* | 21000 | 382200 |
| Turning Point Brands, Inc.  | 8413 | 756329 |
| Tyson Foods, Inc., Class A  | 137179 | 7052372 |
| Universal Corp.  | 12751 | 646221 |
| Utz Brands, Inc.  | 34013 | 358157 |
| Vita Coco Co., Inc. \* | 22425 | 923462 |
| Vital Farms, Inc. \* | 18421 | 605130 |
| Westrock Coffee Co. *\*(a)* | 15240 | 67208 |
| Zevia PBC, Class A \* | 20011 | 47226 |
|  |  | **606061415** |
| **Health Care Equipment & Services 3.7%** | **Health Care Equipment & Services 3.7%** | **Health Care Equipment & Services 3.7%** |
| Abbott Laboratories  | 837546 | 103537437 |
| Acadia Healthcare Co., Inc. \* | 43513 | 935529 |
| Accuray, Inc. \* | 138517 | 195309 |
| AdaptHealth Corp., Class A \* | 56230 | 505508 |
| Addus HomeCare Corp. \* | 8798 | 1028398 |
| agilon health, Inc. \* | 125000 | 99563 |
| Align Technology, Inc. \* | 32669 | 4504402 |
| Alignment Healthcare, Inc. \* | 71414 | 1204040 |
| Alphatec Holdings, Inc. \* | 58192 | 1105066 |
| AMN Healthcare Services, Inc. \* | 17098 | 336660 |
| AngioDynamics, Inc. \* | 16851 | 202718 |
| Anteris Technologies Global Corp. \* | 16000 | 71840 |
| Ardent Health, Inc. \* | 12542 | 182612 |
| Artivion, Inc. \* | 21300 | 966381 |
| Astrana Health, Inc. \* | 19744 | 616210 |
| AtriCure, Inc. \* | 23192 | 801284 |
| Avanos Medical, Inc. \* | 20000 | 222200 |
| Aveanna Healthcare Holdings, Inc. \* | 42117 | 381159 |
| Axogen, Inc. \* | 20819 | 462598 |
| Baxter International, Inc.  | 246772 | 4557879 |
| Becton Dickinson & Co.  | 138484 | 24748476 |
| Beta Bionics, Inc. *\*(a)* | 20552 | 559425 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Bioventus, Inc., Class A \* | 20832 | 136450 |
| Boston Scientific Corp. \* | 713051 | 71818497 |
| BrightSpring Health Services, Inc. \* | 50027 | 1653392 |
| Brookdale Senior Living, Inc. \* | 121029 | 1121939 |
| Butterfly Network, Inc. \* | 142130 | 382330 |
| Cardinal Health, Inc.  | 115280 | 21991966 |
| Castle Biosciences, Inc. \* | 13247 | 337798 |
| Cencora, Inc.  | 93345 | 31532874 |
| Centene Corp. \* | 223732 | 7913401 |
| Certara, Inc. \* | 50000 | 581500 |
| Cerus Corp. \* | 240718 | 353855 |
| Chemed Corp.  | 7177 | 3095440 |
| Cigna Group  | 128340 | 31367579 |
| Claritev Corp. \* | 4000 | 260400 |
| ClearPoint Neuro, Inc. \* | 13369 | 310428 |
| Clover Health Investments Corp., <br> Class A \*<br>| 212274 | 749327 |
| Community Health Systems, Inc. \* | 50191 | 194741 |
| Concentra Group Holdings Parent, <br> Inc. <br>| 61313 | 1221355 |
| CONMED Corp.  | 15031 | 661364 |
| Cooper Cos., Inc. \* | 96010 | 6712059 |
| CorVel Corp. \* | 16296 | 1205089 |
| Cross Country Healthcare, Inc. \* | 14884 | 182478 |
| CVRx, Inc. \* | 5810 | 59204 |
| CVS Health Corp.  | 610346 | 47698540 |
| DaVita, Inc. \* | 17204 | 2047620 |
| Definitive Healthcare Corp. \* | 24978 | 69189 |
| Delcath Systems, Inc. \* | 12977 | 127564 |
| Dentsply Sirona, Inc.  | 95723 | 1207067 |
| Dexcom, Inc. \* | 188713 | 10986871 |
| DocGo, Inc. \* | 45000 | 49050 |
| Doximity, Inc., Class A \* | 66170 | 4367220 |
| Edwards Lifesciences Corp. \* | 282883 | 23323703 |
| Electromed, Inc. \* | 3594 | 86472 |
| Elevance Health, Inc.  | 108360 | 34371792 |
| Embecta Corp.  | 27343 | 364756 |
| Encompass Health Corp.  | 48343 | 5503851 |
| Enhabit, Inc. \* | 23015 | 187112 |
| Enovis Corp. \* | 29799 | 930921 |
| Ensign Group, Inc.  | 27338 | 4923574 |
| Envista Holdings Corp. \* | 78739 | 1602339 |
| Evolent Health, Inc., Class A \* | 60209 | 401594 |
| FONAR Corp. \* | 3312 | 49812 |
| Fulgent Genetics, Inc. \* | 9036 | 202858 |
| GE HealthCare Technologies, Inc.  | 221025 | 16565824 |
| GeneDx Holdings Corp. \* | 10756 | 1472604 |
| Glaukos Corp. \* | 28066 | 2471773 |
| Globus Medical, Inc., Class A \* | 53888 | 3254296 |
| GoodRx Holdings, Inc., Class A \* | 51094 | 172187 |
| Guardant Health, Inc. \* | 61458 | 5716823 |
| Haemonetics Corp. \* | 24730 | 1236747 |
| HCA Healthcare, Inc.  | 78822 | 36232897 |
| Health Catalyst, Inc. \* | 26200 | 84626 |
| HealthEquity, Inc. \* | 41817 | 3955052 |
| HealthStream, Inc.  | 11829 | 290993 |
| HeartBeam, Inc. \* | 14543 | 26905 |
| HeartFlow, Inc. \* | 9700 | 360452 |
| Henry Schein, Inc. \* | 50045 | 3162844 |
| Hims & Hers Health, Inc. \* | 99605 | 4528043 |
| Hinge Health, Inc., Class A \* | 9035 | 449582 |
| Hologic, Inc. \* | 108189 | 7996249 |
| Humana, Inc.  | 57736 | 16061578 |
| ICU Medical, Inc. \* | 12135 | 1457292 |
| IDEXX Laboratories, Inc. \* | 38446 | 24202141 |
| InfuSystem Holdings, Inc. \* | 10655 | 110386 |
| Inogen, Inc. \* | 16555 | 136413 |
| Inspire Medical Systems, Inc. \* | 14056 | 1013156 |

---

*See financial notes*

**60**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Insulet Corp. \* | 33804 | 10580990 |
| Integer Holdings Corp. \* | 17370 | 1121581 |
| Integra LifeSciences Holdings Corp. \* | 31364 | 376682 |
| Intuitive Surgical, Inc. \* | 172507 | 92167040 |
| iRadimed Corp.  | 4278 | 328593 |
| iRhythm Technologies, Inc. \* | 15645 | 2930308 |
| Kestra Medical Technologies Ltd. \* | 6000 | 164280 |
| Kewaunee Scientific Corp. \* | 1200 | 50184 |
| Kindly MD, Inc. \* | 186203 | 173094 |
| KORU Medical Systems, Inc. \* | 12813 | 50739 |
| Labcorp Holdings, Inc.  | 40254 | 10222906 |
| Lantheus Holdings, Inc. \* | 33429 | 1928519 |
| LeMaitre Vascular, Inc.  | 9838 | 852069 |
| LENSAR, Inc. \* | 4846 | 59606 |
| LifeMD, Inc. \* | 20209 | 119435 |
| LifeStance Health Group, Inc. \* | 88312 | 432729 |
| LivaNova PLC \* | 26525 | 1396011 |
| Masimo Corp. \* | 22928 | 3224823 |
| McKesson Corp.  | 59856 | 48563567 |
| Medtronic PLC  | 616572 | 55923080 |
| Merit Medical Systems, Inc. \* | 29482 | 2580854 |
| Milestone Scientific, Inc. \* | 34400 | 14431 |
| Molina Healthcare, Inc. \* | 25905 | 3965019 |
| National HealthCare Corp.  | 6222 | 743156 |
| Neogen Corp. \* | 105023 | 647992 |
| NeoGenomics, Inc. \* | 50000 | 488500 |
| Neuronetics, Inc. \* | 15000 | 39750 |
| NeuroPace, Inc. \* | 8356 | 83059 |
| Novocure Ltd. \* | 49100 | 628971 |
| Nutex Health, Inc. \* | 1600 | 196896 |
| Omada Health, Inc. \* | 6858 | 168501 |
| OmniAb, Inc., Class A *\*(b)* | 2395 | 0 |
| OmniAb, Inc., Class B *\*(b)* | 2395 | 0 |
| Omnicell, Inc. \* | 21903 | 735284 |
| Oncology Institute, Inc. \* | 40000 | 178400 |
| OPKO Health, Inc. \* | 277893 | 377934 |
| OptimizeRx Corp. \* | 8000 | 163920 |
| Option Care Health, Inc. \* | 77815 | 2025524 |
| OraSure Technologies, Inc. \* | 35000 | 95900 |
| Orthofix Medical, Inc. \* | 22050 | 340452 |
| OrthoPediatrics Corp. \* | 7124 | 119968 |
| Outset Medical, Inc. \* | 11149 | 146275 |
| Owens & Minor, Inc. \* | 30000 | 119100 |
| PACS Group, Inc. \* | 22000 | 265760 |
| Pediatrix Medical Group, Inc. \* | 44894 | 761851 |
| Pennant Group, Inc. \* | 17830 | 440936 |
| Penumbra, Inc. \* | 18742 | 4261369 |
| Phreesia, Inc. \* | 26389 | 597447 |
| Premier, Inc., Class A  | 40368 | 1135148 |
| Privia Health Group, Inc. \* | 58873 | 1430614 |
| PROCEPT BioRobotics Corp. \* | 26802 | 912072 |
| Pro-Dex, Inc. \* | 1916 | 69436 |
| Progyny, Inc. \* | 36695 | 686563 |
| Pulse Biosciences, Inc. \* | 9273 | 156992 |
| Quest Diagnostics, Inc.  | 53700 | 9448515 |
| QuidelOrtho Corp. \* | 32759 | 884165 |
| RadNet, Inc. \* | 33538 | 2548553 |
| ResMed, Inc.  | 70262 | 17346283 |
| RxSight, Inc. \* | 17500 | 153825 |
| Sanara Medtech, Inc. \* | 1654 | 48462 |
| SANUWAVE Health, Inc. \* | 5591 | 161804 |
| Schrodinger, Inc. \* | 20000 | 420800 |
| Select Medical Holdings Corp.  | 53777 | 743736 |
| Semler Scientific, Inc. \* | 8674 | 229514 |
| Senseonics Holdings, Inc. \* | 15765 | 111143 |
| SI-BONE, Inc. \* | 19218 | 285003 |
| Simulations Plus, Inc. \* | 7000 | 120260 |
| Solventum Corp. \* | 70917 | 4896110 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sonida Senior Living, Inc. \* | 3855 | 99845 |
| STAAR Surgical Co. \* | 24350 | 629934 |
| Stereotaxis, Inc. \* | 42696 | 124245 |
| STERIS PLC  | 47431 | 11179487 |
| Stryker Corp.  | 165577 | 58985150 |
| Surgery Partners, Inc. \* | 37410 | 820401 |
| Surmodics, Inc. \* | 7188 | 197203 |
| Tactile Systems Technology, Inc. \* | 11000 | 165770 |
| Talkspace, Inc. \* | 88164 | 284770 |
| Tandem Diabetes Care, Inc. \* | 25000 | 350000 |
| Teladoc Health, Inc. \* | 82002 | 707677 |
| Teleflex, Inc.  | 21353 | 2657808 |
| Tenet Healthcare Corp. \* | 42516 | 8779129 |
| TransMedics Group, Inc. \* | 16324 | 2147259 |
| Treace Medical Concepts, Inc. \* | 31516 | 201387 |
| TruBridge, Inc. \* | 6539 | 125680 |
| U.S. Physical Therapy, Inc.  | 7360 | 634947 |
| UFP Technologies, Inc. \* | 3930 | 757075 |
| UnitedHealth Group, Inc.  | 435830 | 148862095 |
| Universal Health Services, Inc., <br> Class B <br>| 27134 | 5888349 |
| Utah Medical Products, Inc.  | 2665 | 154836 |
| Varex Imaging Corp. \* | 17095 | 199841 |
| Veeva Systems, Inc., Class A \* | 72236 | 21035123 |
| Viemed Healthcare, Inc. \* | 16000 | 103360 |
| Vivani Medical, Inc. \* | 30016 | 48326 |
| Waystar Holding Corp. \* | 55337 | 1983831 |
| Zimmer Biomet Holdings, Inc.  | 96323 | 9686241 |
|  |  | **1169981180** |
| **Household & Personal Products 0.8%** | **Household & Personal Products 0.8%** | **Household & Personal Products 0.8%** |
| Beauty Health Co. \* | 59555 | 85164 |
| BellRing Brands, Inc. \* | 61798 | 1861974 |
| Central Garden & Pet Co. \* | 4564 | 139978 |
| Central Garden & Pet Co., Class A \* | 25542 | 710323 |
| Church & Dwight Co., Inc.  | 117144 | 10272357 |
| Clorox Co.  | 59411 | 6681361 |
| Colgate-Palmolive Co.  | 388284 | 29917282 |
| Coty, Inc., Class A \* | 175000 | 694750 |
| Edgewell Personal Care Co.  | 22085 | 428228 |
| elf Beauty, Inc. \* | 28621 | 3495769 |
| Energizer Holdings, Inc.  | 31376 | 728864 |
| Estee Lauder Cos., Inc., Class A  | 112856 | 10912047 |
| Herbalife Ltd. \* | 54075 | 432600 |
| Honest Co., Inc. \* | 49277 | 168034 |
| Interparfums, Inc.  | 8472 | 755279 |
| Kenvue, Inc.  | 927830 | 13332917 |
| Kimberly-Clark Corp.  | 159660 | 19112898 |
| Lifevantage Corp.  | 7299 | 59779 |
| Medifast, Inc. *\*(c)* | 8935 | 107399 |
| Natural Health Trends Corp.  | 6750 | 29767 |
| Nature's Sunshine Products, Inc. \* | 4762 | 64192 |
| Nu Skin Enterprises, Inc., Class A  | 23590 | 252885 |
| Oil-Dri Corp. of America  | 4984 | 276064 |
| Olaplex Holdings, Inc. \* | 49924 | 51921 |
| Procter & Gamble Co.  | 1127199 | 169496914 |
| Reynolds Consumer Products, Inc.  | 26473 | 647000 |
| Spectrum Brands Holdings, Inc.  | 12510 | 674039 |
| United-Guardian, Inc.  | 3342 | 23962 |
| Upexi, Inc. *\*(a)* | 37310 | 166776 |
| USANA Health Sciences, Inc. \* | 4815 | 101837 |
| WD-40 Co.  | 6485 | 1259906 |
|  |  | **272942266** |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**61**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Insurance 1.8%** | **Insurance 1.8%** | **Insurance 1.8%** |
| Abacus Global Management, Inc. \* | 12400 | 62248 |
| Aflac, Inc.  | 231426 | 24806553 |
| Allstate Corp.  | 126739 | 24273053 |
| Ambac Financial Group, Inc. \* | 26370 | 216498 |
| American Coastal Insurance Corp., <br> Class C <br>| 16093 | 190541 |
| American Financial Group, Inc.  | 34132 | 4494502 |
| American International Group, Inc.  | 266599 | 21050657 |
| AMERISAFE, Inc.  | 9109 | 365089 |
| Aon PLC, Class A  | 103764 | 35350320 |
| Arch Capital Group Ltd.  | 178520 | 15408061 |
| Arthur J Gallagher & Co.  | 123367 | 30778833 |
| Assurant, Inc.  | 24413 | 5168720 |
| Assured Guaranty Ltd.  | 22422 | 1806765 |
| Axis Capital Holdings Ltd.  | 37763 | 3536883 |
| Baldwin Insurance Group, Inc., <br> Class A \*<br>| 35057 | 774760 |
| Bowhead Specialty Holdings, Inc. \* | 9325 | 223427 |
| Brighthouse Financial, Inc. \* | 27922 | 1593509 |
| Brown & Brown, Inc.  | 141034 | 11246051 |
| Chubb Ltd.  | 178428 | 49413850 |
| Cincinnati Financial Corp.  | 75690 | 11700917 |
| Citizens, Inc. *\*(a)* | 24606 | 137055 |
| CNA Financial Corp.  | 11874 | 528987 |
| CNO Financial Group, Inc.  | 47869 | 1915717 |
| Crawford & Co., Class A  | 10215 | 110628 |
| Donegal Group, Inc., Class A  | 6507 | 122006 |
| eHealth, Inc. \* | 13577 | 70465 |
| Employers Holdings, Inc.  | 11659 | 444558 |
| Erie Indemnity Co., Class A  | 12211 | 3573427 |
| Everest Group Ltd.  | 20129 | 6330973 |
| F&G Annuities & Life, Inc.  | 11227 | 332881 |
| Fidelity National Financial, Inc.  | 123874 | 6842800 |
| First American Financial Corp.  | 49299 | 3081680 |
| Genworth Financial, Inc., Class A \* | 204265 | 1723997 |
| Globe Life, Inc.  | 38845 | 5108506 |
| Goosehead Insurance, Inc., Class A  | 12865 | 883440 |
| Greenlight Capital Re Ltd., Class A \* | 9834 | 119188 |
| Hagerty, Inc., Class A \* | 15234 | 170925 |
| Hanover Insurance Group, Inc.  | 17134 | 2927858 |
| Hartford Insurance Group, Inc.  | 136089 | 16899532 |
| HCI Group, Inc.  | 5357 | 1092882 |
| Heritage Insurance Holdings, Inc. \* | 10125 | 239254 |
| Hippo Holdings, Inc. \* | 12999 | 478103 |
| Horace Mann Educators Corp.  | 19846 | 887315 |
| Investors Title Co.  | 697 | 180237 |
| James River Group Holdings Ltd.  | 17990 | 91749 |
| Kemper Corp.  | 30177 | 1357663 |
| Kestrel Group Ltd. \* | 3500 | 69440 |
| Kingstone Cos., Inc.  | 5000 | 72900 |
| Kingsway Financial Services, Inc. \* | 5983 | 85198 |
| Kinsale Capital Group, Inc.  | 10806 | 4316673 |
| Lemonade, Inc. \* | 30870 | 1854670 |
| Lincoln National Corp.  | 80886 | 3397212 |
| Loews Corp.  | 81592 | 8123300 |
| Markel Group, Inc. \* | 6085 | 12015015 |
| Marsh & McLennan Cos., Inc.  | 236580 | 42146727 |
| MBIA, Inc. \* | 22069 | 150731 |
| Mercury General Corp.  | 13587 | 1050275 |
| MetLife, Inc.  | 268647 | 21443404 |
| NI Holdings, Inc. \* | 3782 | 49922 |
| Old Republic International Corp.  | 109761 | 4331169 |
| Oscar Health, Inc., Class A \* | 99206 | 1785708 |
| Palomar Holdings, Inc. \* | 12717 | 1449865 |
| Primerica, Inc.  | 15826 | 4112703 |
| Principal Financial Group, Inc.  | 98854 | 8307690 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| ProAssurance Corp. \* | 24020 | 575279 |
| Progressive Corp.  | 282096 | 58111776 |
| Prudential Financial, Inc.  | 170269 | 17707976 |
| Reinsurance Group of America, Inc.  | 31988 | 5836530 |
| RenaissanceRe Holdings Ltd.  | 22669 | 5759966 |
| RLI Corp.  | 43574 | 2569123 |
| Root, Inc., Class A \* | 6804 | 547858 |
| Ryan Specialty Holdings, Inc., Class A  | 54232 | 2971914 |
| Safety Insurance Group, Inc.  | 7104 | 488258 |
| Selective Insurance Group, Inc.  | 28795 | 2169415 |
| Selectquote, Inc. \* | 82616 | 171841 |
| SiriusPoint Ltd. \* | 51279 | 933278 |
| Skyward Specialty Insurance Group, <br> Inc. \*<br>| 18704 | 852715 |
| Slide Insurance Holdings, Inc. \* | 13264 | 212091 |
| Stewart Information Services Corp.  | 13159 | 898365 |
| Tiptree, Inc.  | 9652 | 170937 |
| Travelers Cos., Inc.  | 108339 | 29102022 |
| Trupanion, Inc. \* | 16359 | 654196 |
| TWFG, Inc. \* | 5800 | 141288 |
| United Fire Group, Inc.  | 9091 | 274821 |
| Universal Insurance Holdings, Inc.  | 15138 | 466553 |
| Unum Group  | 75069 | 5511566 |
| W.R. Berkley Corp.  | 145001 | 10344371 |
| White Mountains Insurance Group <br> Ltd. <br>| 1229 | 2340704 |
| Willis Towers Watson PLC  | 47001 | 14716013 |
|  |  | **576404521** |
| **Materials 2.0%** | **Materials 2.0%** | **Materials 2.0%** |
| AdvanSix, Inc.  | 11778 | 218953 |
| Air Products & Chemicals, Inc.  | 107469 | 26070905 |
| Albemarle Corp.  | 56491 | 5549111 |
| Alcoa Corp.  | 126124 | 4640102 |
| Alpha Metallurgical Resources, Inc. \* | 5295 | 917412 |
| Alto Ingredients, Inc. \* | 33727 | 34064 |
| Amcor PLC  | 1109380 | 8764102 |
| American Battery Technology Co. \* | 44330 | 227413 |
| Amrize Ltd. \* | 246900 | 12799296 |
| AptarGroup, Inc.  | 31707 | 3678329 |
| Arq, Inc. \* | 12500 | 83000 |
| Ascent Industries Co. \* | 4646 | 56495 |
| Ashland, Inc.  | 21414 | 1047145 |
| ASP Isotopes, Inc. \* | 38711 | 392142 |
| Aspen Aerogels, Inc. \* | 36945 | 300732 |
| Avery Dennison Corp.  | 37527 | 6563097 |
| Avient Corp.  | 42722 | 1370095 |
| Axalta Coating Systems Ltd. \* | 103891 | 2957777 |
| Balchem Corp.  | 15726 | 2412211 |
| Ball Corp.  | 132253 | 6215891 |
| Cabot Corp.  | 25607 | 1727960 |
| Celanese Corp., Class A  | 52246 | 2008336 |
| Century Aluminum Co. \* | 22913 | 678683 |
| CF Industries Holdings, Inc.  | 77601 | 6463387 |
| Chemours Co.  | 74926 | 1003259 |
| Clearwater Paper Corp. \* | 7639 | 134828 |
| Cleveland-Cliffs, Inc. \* | 274203 | 3408343 |
| Coeur Mining, Inc. \* | 313983 | 5391088 |
| Commercial Metals Co.  | 53599 | 3181637 |
| Compass Minerals International, Inc. \* | 18363 | 318414 |
| Contango ORE, Inc. \* | 6450 | 138417 |
| Core Molding Technologies, Inc. \* | 2885 | 51670 |
| Corteva, Inc.  | 326457 | 20057518 |
| CRH PLC  | 323175 | 38490142 |
| Crown Holdings, Inc.  | 55405 | 5384258 |
| Dakota Gold Corp. \* | 58026 | 236746 |
| Dow, Inc.  | 345829 | 8248022 |

---

*See financial notes*

**62**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| DuPont de Nemours, Inc.  | 201844 | 16480563 |
| Eagle Materials, Inc.  | 15593 | 3310706 |
| Eastman Chemical Co.  | 56069 | 3337227 |
| Ecolab, Inc.  | 122789 | 31483100 |
| Ecovyst, Inc. \* | 62976 | 515773 |
| Element Solutions, Inc.  | 106288 | 2840015 |
| Flotek Industries, Inc. \* | 5068 | 87727 |
| FMC Corp.  | 60478 | 917451 |
| Freeport-McMoRan, Inc.  | 690925 | 28811572 |
| Friedman Industries, Inc.  | 2834 | 60194 |
| Graphic Packaging Holding Co.  | 141605 | 2264264 |
| Greif, Inc., Class A  | 14564 | 828546 |
| Hawkins, Inc.  | 10210 | 1448289 |
| HB Fuller Co.  | 26013 | 1492366 |
| Hecla Mining Co.  | 317745 | 4089378 |
| Huntsman Corp.  | 81401 | 674000 |
| Hycroft Mining Holding Corp., <br> Class A \*<br>| 30213 | 229619 |
| Idaho Strategic Resources, Inc. \* | 8743 | 289044 |
| Ingevity Corp. \* | 17756 | 953852 |
| Innospec, Inc.  | 11817 | 869495 |
| International Flavors & Fragrances, <br> Inc. <br>| 123331 | 7766153 |
| International Paper Co.  | 254901 | 9849375 |
| Intrepid Potash, Inc. \* | 3965 | 105588 |
| Ivanhoe Electric, Inc. \* | 44102 | 652269 |
| Kaiser Aluminum Corp.  | 7681 | 695361 |
| Knife River Corp. \* | 27236 | 1646689 |
| Koppers Holdings, Inc.  | 10777 | 304127 |
| Kronos Worldwide, Inc.  | 9190 | 45215 |
| Linde PLC  | 225649 | 94388977 |
| Louisiana-Pacific Corp.  | 30130 | 2624624 |
| LSB Industries, Inc. \* | 21659 | 182585 |
| LyondellBasell Industries NV, Class A  | 123167 | 5717412 |
| Magnera Corp. \* | 15392 | 139913 |
| Martin Marietta Materials, Inc.  | 29014 | 17788483 |
| Materion Corp.  | 9668 | 1108243 |
| Mativ Holdings, Inc.  | 29717 | 317378 |
| McEwen, Inc. \* | 18704 | 342844 |
| Metallus, Inc. \* | 16743 | 294509 |
| Minerals Technologies, Inc.  | 15242 | 864984 |
| Mosaic Co.  | 153175 | 4204654 |
| MP Materials Corp. \* | 66025 | 4165517 |
| Myers Industries, Inc.  | 15888 | 275339 |
| NewMarket Corp.  | 3802 | 2919556 |
| Newmont Corp.  | 528598 | 42800580 |
| Northern Technologies International <br> Corp. <br>| 2657 | 19742 |
| Novusterra, Inc. *\*(b)* | 3229 | 0 |
| Nucor Corp.  | 110343 | 16556967 |
| O-I Glass, Inc. \* | 72227 | 815443 |
| Olin Corp.  | 57735 | 1195115 |
| Olympic Steel, Inc.  | 4090 | 151330 |
| Orion SA  | 27306 | 144722 |
| Packaging Corp. of America  | 43073 | 8431970 |
| Perimeter Solutions, Inc. \* | 64240 | 1510282 |
| PPG Industries, Inc.  | 108612 | 10616823 |
| PureCycle Technologies, Inc. \* | 76295 | 883496 |
| Quaker Chemical Corp.  | 6333 | 879590 |
| Ramaco Resources, Inc., Class A \* | 20435 | 620407 |
| Ranpak Holdings Corp., Class A \* | 15372 | 81472 |
| Rayonier Advanced Materials, Inc. \* | 47920 | 333044 |
| Reliance, Inc.  | 25588 | 7226819 |
| Royal Gold, Inc.  | 39006 | 6817859 |
| RPM International, Inc.  | 61858 | 6759842 |
| Ryerson Holding Corp.  | 12949 | 285655 |
| Scotts Miracle-Gro Co.  | 23197 | 1241503 |
| Sealed Air Corp.  | 70919 | 2376496 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sensient Technologies Corp.  | 20316 | 1915596 |
| Sherwin-Williams Co.  | 111460 | 38447012 |
| Silgan Holdings, Inc.  | 43633 | 1685106 |
| Smith-Midland Corp. \* | 1800 | 65628 |
| Smurfit WestRock PLC  | 250920 | 9263966 |
| Solitario Resources Corp. \* | 44899 | 30693 |
| Solstice Advanced Materials, Inc. \* | 76381 | 3442492 |
| Sonoco Products Co.  | 47045 | 1908616 |
| Steel Dynamics, Inc.  | 66266 | 10390509 |
| Stepan Co.  | 11705 | 507412 |
| SunCoke Energy, Inc.  | 44951 | 360058 |
| Sylvamo Corp.  | 15710 | 637826 |
| TriMas Corp.  | 17344 | 616232 |
| Tronox Holdings PLC  | 42731 | 149559 |
| U.S. Antimony Corp. \* | 47359 | 382187 |
| U.S. Gold Corp. \* | 7270 | 111376 |
| U.S. Lime & Minerals, Inc.  | 4810 | 563828 |
| USA Rare Earth, Inc. *\*(a)* | 29528 | 574320 |
| Valhi, Inc.  | 1628 | 22580 |
| Vulcan Materials Co.  | 63627 | 18420016 |
| Warrior Met Coal, Inc.  | 24646 | 1671985 |
| Westlake Corp.  | 17445 | 1200390 |
| Worthington Steel, Inc.  | 16439 | 525884 |
|  |  | **641246384** |
| **Media & Entertainment 8.6%** | **Media & Entertainment 8.6%** | **Media & Entertainment 8.6%** |
| Advantage Solutions, Inc. \* | 79487 | 101743 |
| Alphabet, Inc., Class A  | 2799681 | 787242300 |
| Alphabet, Inc., Class C  | 2247598 | 633418068 |
| Altice USA, Inc., Class A \* | 117818 | 262734 |
| AMC Entertainment Holdings, Inc., <br> Class A \*<br>| 269257 | 697376 |
| AMC Networks, Inc., Class A \* | 15598 | 118233 |
| Angi, Inc. \* | 22390 | 297115 |
| Arena Group Holdings, Inc. \* | 13000 | 72410 |
| Atlanta Braves Holdings, Inc., <br> Class C \*<br>| 27292 | 1111330 |
| Boston Omaha Corp., Class A \* | 8359 | 106326 |
| Bumble, Inc., Class A \* | 43000 | 238650 |
| Cable One, Inc.  | 2299 | 341516 |
| Cargurus, Inc. \* | 42540 | 1494005 |
| Cars.com, Inc. \* | 26286 | 282312 |
| Charter Communications, Inc., <br> Class A \*<br>| 44494 | 10404477 |
| Cinemark Holdings, Inc.  | 49363 | 1333295 |
| Clear Channel Outdoor Holdings, <br> Inc. \*<br>| 153084 | 277082 |
| Comcast Corp., Class A  | 1772224 | 49329855 |
| CuriosityStream, Inc.  | 23041 | 99998 |
| DHI Group, Inc. \* | 17605 | 34154 |
| DoubleVerify Holdings, Inc. \* | 69812 | 794461 |
| EchoStar Corp., Class A \* | 64696 | 4843790 |
| Electronic Arts, Inc.  | 108055 | 21617483 |
| Emerald Holding, Inc.  | 6732 | 29553 |
| Entravision Communications Corp., <br> Class A <br>| 34841 | 72121 |
| Eventbrite, Inc., Class A \* | 44108 | 101889 |
| EverQuote, Inc., Class A \* | 12961 | 279180 |
| EW Scripps Co., Class A *\*(c)* | 29000 | 70470 |
| Fox Corp., Class A  | 165601 | 10706105 |
| fuboTV, Inc. \* | 161375 | 609998 |
| Gaia, Inc. \* | 10263 | 51212 |
| Gannett Co., Inc. \* | 69602 | 368891 |
| Gray Media, Inc.  | 43415 | 198407 |
| Grindr, Inc. \* | 22844 | 316618 |
| IAC, Inc. \* | 32254 | 1039224 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**63**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Ibotta, Inc., Class A *\*(a)* | 7000 | 225820 |
| iHeartMedia, Inc., Class A \* | 47000 | 139590 |
| Integral Ad Science Holding Corp. \* | 33997 | 347109 |
| Interpublic Group of Cos., Inc.  | 179127 | 4596399 |
| IZEA Worldwide, Inc. \* | 6054 | 31178 |
| John Wiley & Sons, Inc., Class A  | 20346 | 750157 |
| Liberty Broadband Corp., Class C \* | 64880 | 3491842 |
| Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 118660 | 11848201 |
| Liberty Media Corp.-Liberty Live, <br> Class C \*<br>| 33561 | 3034250 |
| Lionsgate Studios Corp. \* | 105765 | 680069 |
| Live Nation Entertainment, Inc. \* | 76288 | 11407345 |
| LiveOne, Inc. \* | 3979 | 22282 |
| Madison Square Garden <br> Entertainment Corp., Class A \*<br>| 19650 | 867744 |
| Madison Square Garden Sports <br> Corp. \*<br>| 8628 | 1849757 |
| Magnite, Inc. \* | 69956 | 1250813 |
| Marchex, Inc., Class B \* | 24313 | 42548 |
| Marcus Corp.  | 10398 | 149731 |
| Match Group, Inc.  | 115791 | 3744681 |
| MediaAlpha, Inc., Class A \* | 18518 | 236105 |
| Meta Platforms, Inc., Class A  | 1044033 | 676898796 |
| MNTN, Inc., Class A \* | 2088 | 34619 |
| National CineMedia, Inc.  | 44303 | 195819 |
| Netflix, Inc. \* | 204483 | 228787849 |
| New York Times Co., Class A  | 77548 | 4419461 |
| News Corp., Class A  | 247433 | 6556975 |
| Nexstar Media Group, Inc., Class A  | 13766 | 2694419 |
| Nextdoor Holdings, Inc. \* | 113778 | 221867 |
| NIQ Global Intelligence PLC \* | 24100 | 298840 |
| Omnicom Group, Inc.  | 93334 | 7001917 |
| Paramount Skydance Corp., <br> Class B *(a)*<br>| 148585 | 2286723 |
| Pinterest, Inc., Class A \* | 287146 | 9504533 |
| Playstudios, Inc. \* | 52000 | 48360 |
| Playtika Holding Corp.  | 28775 | 105604 |
| PubMatic, Inc., Class A \* | 16000 | 133760 |
| QuinStreet, Inc. \* | 28747 | 425168 |
| Reddit, Inc., Class A \* | 59489 | 12430227 |
| Reservoir Media, Inc. \* | 14527 | 110405 |
| ROBLOX Corp., Class A \* | 309902 | 35242055 |
| Roku, Inc. \* | 62662 | 6650318 |
| Rumble, Inc. *\*(a)* | 54011 | 370515 |
| Saga Communications, Inc., Class A  | 1989 | 24365 |
| Scholastic Corp.  | 12861 | 368725 |
| Shutterstock, Inc.  | 11000 | 275330 |
| Sinclair, Inc.  | 23794 | 325026 |
| Sirius XM Holdings, Inc.  | 90978 | 1973313 |
| Skillz, Inc., Class A \* | 6303 | 42104 |
| Snap, Inc., Class A \* | 531978 | 4149428 |
| Sphere Entertainment Co. \* | 13111 | 897841 |
| Stagwell, Inc., Class A \* | 53700 | 255075 |
| Starz Entertainment Corp. \* | 5995 | 63007 |
| Take-Two Interactive Software, Inc. \* | 83580 | 21427405 |
| Teads Holding Co. \* | 10250 | 15170 |
| TechTarget, Inc. \* | 37506 | 205908 |
| TEGNA, Inc.  | 77571 | 1525822 |
| Thryv Holdings, Inc. \* | 20334 | 156775 |
| TKO Group Holdings, Inc.  | 33173 | 6249793 |
| Townsquare Media, Inc., Class A  | 6366 | 39978 |
| Trade Desk, Inc., Class A \* | 214104 | 10765149 |
| Travelzoo \* | 4020 | 33848 |
| TripAdvisor, Inc. \* | 56355 | 905061 |
| TrueCar, Inc. \* | 117370 | 258214 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Trump Media & Technology Group <br> Corp. \*<br>| 78643 | 1205204 |
| Vimeo, Inc. \* | 75022 | 585172 |
| Walt Disney Co.  | 865204 | 97439274 |
| Warner Bros Discovery, Inc. \* | 1188184 | 26674731 |
| Warner Music Group Corp., Class A  | 69159 | 2210322 |
| Webtoon Entertainment, Inc. *\*(a)* | 10247 | 179630 |
| WideOpenWest, Inc. \* | 23881 | 122510 |
| Yelp, Inc., Class A \* | 28856 | 951671 |
| Zedge, Inc., Class B  | 11319 | 28524 |
| Ziff Davis, Inc. \* | 20342 | 689594 |
| ZipRecruiter, Inc., Class A \* | 25000 | 116250 |
| ZoomInfo Technologies, Inc., Class A \* | 125000 | 1402500 |
|  |  | **2749058951** |
| **Pharmaceuticals, Biotechnology & Life Sciences 5.7%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.7%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.7%** |
| 10X Genomics, Inc., Class A \* | 54632 | 745180 |
| 4D Molecular Therapeutics, Inc. \* | 16050 | 184575 |
| AbbVie, Inc.  | 850105 | 185356894 |
| Abeona Therapeutics, Inc. \* | 23850 | 114719 |
| Absci Corp. *\*(a)* | 69263 | 296446 |
| ACADIA Pharmaceuticals, Inc. \* | 59762 | 1356597 |
| Achieve Life Sciences, Inc. *\*(a)* | 20000 | 102400 |
| Aclaris Therapeutics, Inc. \* | 33079 | 83359 |
| Adaptive Biotechnologies Corp. \* | 57118 | 991568 |
| ADMA Biologics, Inc. \* | 115884 | 1793884 |
| Agenus, Inc. \* | 15000 | 59550 |
| Agilent Technologies, Inc.  | 136496 | 19977555 |
| Agios Pharmaceuticals, Inc. \* | 27110 | 1172236 |
| Akebia Therapeutics, Inc. \* | 119804 | 264767 |
| Akero Therapeutics, Inc. \* | 35820 | 1941444 |
| Aldeyra Therapeutics, Inc. \* | 19049 | 96578 |
| Alector, Inc. \* | 50000 | 73500 |
| Alkermes PLC \* | 78524 | 2410687 |
| Allogene Therapeutics, Inc. \* | 60000 | 74400 |
| Alnylam Pharmaceuticals, Inc. \* | 63270 | 28853651 |
| Alpha Teknova, Inc. \* | 7000 | 36750 |
| ALT5 Sigma Corp. \* | 60000 | 151200 |
| Altimmune, Inc. \* | 40000 | 162000 |
| Alumis, Inc. \* | 23226 | 110324 |
| Amgen, Inc.  | 259071 | 77314559 |
| Amicus Therapeutics, Inc. \* | 143560 | 1296347 |
| Amneal Pharmaceuticals, Inc. \* | 88719 | 959940 |
| Amphastar Pharmaceuticals, Inc. \* | 19039 | 485495 |
| Amylyx Pharmaceuticals, Inc. \* | 35499 | 494501 |
| AnaptysBio, Inc. \* | 10000 | 365800 |
| Anavex Life Sciences Corp. *\*(a)* | 46710 | 372279 |
| ANI Pharmaceuticals, Inc. \* | 8569 | 776351 |
| Anixa Biosciences, Inc. \* | 12785 | 52802 |
| Annexon, Inc. \* | 45000 | 142200 |
| Apellis Pharmaceuticals, Inc. \* | 51868 | 1113606 |
| Apogee Therapeutics, Inc. \* | 22884 | 1295006 |
| Aquestive Therapeutics, Inc. \* | 43867 | 299173 |
| Arbutus Biopharma Corp. \* | 68681 | 324861 |
| Arcellx, Inc. \* | 20001 | 1805090 |
| Arcturus Therapeutics Holdings, Inc. \* | 10730 | 106978 |
| Arcus Biosciences, Inc. \* | 32993 | 650622 |
| Arcutis Biotherapeutics, Inc. \* | 51056 | 1292227 |
| Ardelyx, Inc. \* | 111347 | 674763 |
| ArriVent Biopharma, Inc. \* | 15269 | 285988 |
| Arrowhead Pharmaceuticals, Inc. \* | 67794 | 2873788 |
| ARS Pharmaceuticals, Inc. \* | 27670 | 247923 |
| Arvinas, Inc. \* | 43476 | 440847 |
| Assembly Biosciences, Inc. \* | 6704 | 208159 |
| Astria Therapeutics, Inc. \* | 18061 | 228110 |
| Atara Biotherapeutics, Inc. \* | 1643 | 24399 |
| Atea Pharmaceuticals, Inc. \* | 35000 | 113750 |

---

*See financial notes*

**64**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Atossa Therapeutics, Inc. \* | 80000 | 71168 |
| aTyr Pharma, Inc. \* | 39689 | 34371 |
| Aura Biosciences, Inc. \* | 25362 | 155469 |
| Avadel Pharmaceuticals PLC \* | 46726 | 882654 |
| Avantor, Inc. \* | 326942 | 3864454 |
| Avidity Biosciences, Inc. \* | 64978 | 4538713 |
| Avita Medical, Inc. *\*(a)* | 15000 | 58050 |
| Axsome Therapeutics, Inc. \* | 20149 | 2719914 |
| Azenta, Inc. \* | 18572 | 560874 |
| Beam Therapeutics, Inc. \* | 50189 | 1255227 |
| Benitec Biopharma, Inc. \* | 9000 | 147240 |
| Bicara Therapeutics, Inc. \* | 17159 | 278834 |
| BioAge Labs, Inc. \* | 7000 | 52990 |
| BioCryst Pharmaceuticals, Inc. \* | 103077 | 754524 |
| Biogen, Inc. \* | 70668 | 10901952 |
| Biohaven Ltd. \* | 40846 | 702551 |
| BioLife Solutions, Inc. \* | 17453 | 486415 |
| BioMarin Pharmaceutical, Inc. \* | 93278 | 4996902 |
| Bio-Rad Laboratories, Inc., Class A \* | 8784 | 2806927 |
| Biote Corp., Class A \* | 7115 | 20420 |
| Bio-Techne Corp.  | 76030 | 4757197 |
| Black Diamond Therapeutics, Inc. \* | 14484 | 56053 |
| BridgeBio Oncology Therapeutics, <br> Inc. \*<br>| 22000 | 262680 |
| Bridgebio Pharma, Inc. \* | 82476 | 5166297 |
| Bristol-Myers Squibb Co.  | 979495 | 45125335 |
| Bruker Corp.  | 52861 | 2058407 |
| C4 Therapeutics, Inc. \* | 40958 | 106900 |
| Cabaletta Bio, Inc. \* | 50606 | 182688 |
| Candel Therapeutics, Inc. *\*(a)* | 15000 | 80700 |
| Capricor Therapeutics, Inc. *\*(a)* | 23201 | 151039 |
| Cardiff Oncology, Inc. *\*(a)* | 29101 | 68387 |
| CareDx, Inc. \* | 26640 | 399600 |
| Caribou Biosciences, Inc. \* | 46922 | 113551 |
| Cassava Sciences, Inc. \* | 25000 | 81500 |
| Catalyst Pharmaceuticals, Inc. \* | 55477 | 1179996 |
| Celcuity, Inc. \* | 16665 | 1285871 |
| Celldex Therapeutics, Inc. \* | 33071 | 883988 |
| CG oncology, Inc. \* | 30341 | 1312855 |
| Champions Oncology, Inc. \* | 6854 | 46813 |
| Charles River Laboratories <br> International, Inc. \*<br>| 23897 | 4303133 |
| Cidara Therapeutics, Inc. \* | 9513 | 1039200 |
| Codexis, Inc. \* | 45863 | 108695 |
| Cogent Biosciences, Inc. \* | 68686 | 1119582 |
| Cognition Therapeutics, Inc. \* | 84940 | 152043 |
| Coherus Oncology, Inc. *\*(a)* | 39420 | 66226 |
| Collegium Pharmaceutical, Inc. \* | 15803 | 568908 |
| Compass Therapeutics, Inc. \* | 87353 | 326700 |
| Contineum Therapeutics, Inc., <br> Class A \*<br>| 15969 | 175819 |
| Corbus Pharmaceuticals Holdings, <br> Inc. \*<br>| 4813 | 58478 |
| Corcept Therapeutics, Inc. \* | 45877 | 3370583 |
| CorMedix, Inc. *\*(a)* | 33604 | 374013 |
| Corvus Pharmaceuticals, Inc. \* | 29968 | 240943 |
| Coya Therapeutics, Inc. \* | 10000 | 63200 |
| Crinetics Pharmaceuticals, Inc. \* | 48010 | 2088435 |
| CRISPR Therapeutics AG \* | 44932 | 2875199 |
| CryoPort, Inc. \* | 30567 | 282439 |
| Cullinan Therapeutics, Inc. \* | 24598 | 213019 |
| Cytek Biosciences, Inc. \* | 55000 | 214500 |
| Cytokinetics, Inc. \* | 58366 | 3711494 |
| CytomX Therapeutics, Inc. \* | 88535 | 316070 |
| Danaher Corp.  | 306676 | 66051877 |
| Day One Biopharmaceuticals, Inc. \* | 30778 | 228988 |
| Denali Therapeutics, Inc. \* | 67056 | 1091672 |
| Design Therapeutics, Inc. \* | 15000 | 100500 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| DiaMedica Therapeutics, Inc. \* | 13251 | 93552 |
| Dianthus Therapeutics, Inc. \* | 15414 | 539182 |
| Disc Medicine, Inc. \* | 15179 | 1308733 |
| Dynavax Technologies Corp. \* | 43496 | 446269 |
| Dyne Therapeutics, Inc. \* | 60059 | 1356132 |
| Edgewise Therapeutics, Inc. \* | 32789 | 599383 |
| Editas Medicine, Inc. \* | 39120 | 120490 |
| Elanco Animal Health, Inc. \* | 239041 | 5294758 |
| Eledon Pharmaceuticals, Inc. \* | 29987 | 129544 |
| Eli Lilly & Co.  | 382582 | 330114705 |
| Emergent BioSolutions, Inc. \* | 27070 | 337834 |
| Enanta Pharmaceuticals, Inc. \* | 8754 | 95944 |
| Enliven Therapeutics, Inc. \* | 21677 | 507675 |
| Erasca, Inc. \* | 139232 | 336941 |
| Esperion Therapeutics, Inc. \* | 95770 | 284437 |
| Ethzilla Corp. *\*(a)* | 9594 | 188426 |
| Eton Pharmaceuticals, Inc. \* | 13239 | 238434 |
| Evolus, Inc. \* | 31279 | 202062 |
| Exact Sciences Corp. \* | 90961 | 5884267 |
| Exelixis, Inc. \* | 132215 | 5112754 |
| EyePoint Pharmaceuticals, Inc. \* | 39768 | 520563 |
| Foghorn Therapeutics, Inc. \* | 15974 | 70445 |
| Fortrea Holdings, Inc. \* | 49284 | 515511 |
| Fulcrum Therapeutics, Inc. \* | 20522 | 179568 |
| Galectin Therapeutics, Inc. *\*(a)* | 44970 | 261276 |
| Genelux Corp. *\*(a)* | 25000 | 202000 |
| Geron Corp. \* | 246465 | 310546 |
| Gilead Sciences, Inc.  | 597103 | 71526968 |
| Ginkgo Bioworks Holdings, Inc. \* | 26924 | 349743 |
| Gossamer Bio, Inc. \* | 98778 | 242006 |
| GRAIL, Inc. \* | 13655 | 1255304 |
| Greenwich Lifesciences, Inc. *\*(a)* | 2671 | 24600 |
| Halozyme Therapeutics, Inc. \* | 56287 | 3669350 |
| Harmony Biosciences Holdings, Inc. \* | 22945 | 655539 |
| Harrow, Inc. \* | 18653 | 704524 |
| Heron Therapeutics, Inc. *\*(a)* | 69211 | 80285 |
| Humacyte, Inc. *\*(a)* | 50000 | 83500 |
| Ideaya Biosciences, Inc. \* | 41060 | 1308172 |
| Illumina, Inc. \* | 74247 | 9172474 |
| Immuneering Corp., Class A *\*(a)* | 22344 | 153503 |
| Immunic, Inc. \* | 25000 | 19470 |
| ImmunityBio, Inc. *\*(a)* | 140694 | 337666 |
| Immunome, Inc. \* | 37004 | 594654 |
| Immunovant, Inc. \* | 36372 | 897661 |
| Incyte Corp. \* | 78886 | 7374263 |
| Indivior PLC \* | 61161 | 1796299 |
| Inhibrx Biosciences, Inc. \* | 5000 | 408300 |
| Innoviva, Inc. \* | 26927 | 490071 |
| Inovio Pharmaceuticals, Inc. *\*(a)* | 11075 | 26026 |
| Insmed, Inc. \* | 102185 | 19374276 |
| Instil Bio, Inc. *\*(a)* | 2981 | 52585 |
| Intellia Therapeutics, Inc. \* | 51339 | 647898 |
| Ionis Pharmaceuticals, Inc. \* | 76376 | 5674737 |
| Iovance Biotherapeutics, Inc. \* | 174059 | 342896 |
| IQVIA Holdings, Inc. \* | 81887 | 17725260 |
| Ironwood Pharmaceuticals, Inc., <br> Class A \*<br>| 150118 | 288227 |
| Jade Biosciences, Inc.  | 11607 | 113749 |
| Janux Therapeutics, Inc. \* | 24967 | 716803 |
| Jazz Pharmaceuticals PLC \* | 29249 | 4025832 |
| Johnson & Johnson  | 1158944 | 218889753 |
| KalVista Pharmaceuticals, Inc. \* | 18163 | 198158 |
| Karyopharm Therapeutics, Inc. \* | 3400 | 19720 |
| Keros Therapeutics, Inc. \* | 17000 | 258740 |
| Kodiak Sciences, Inc. \* | 15730 | 285106 |
| Korro Bio, Inc. \* | 2931 | 119907 |
| Krystal Biotech, Inc. \* | 12541 | 2476973 |
| Kura Oncology, Inc. \* | 46794 | 480574 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**65**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kymera Therapeutics, Inc. \* | 25920 | 1602893 |
| Larimar Therapeutics, Inc. \* | 44839 | 174424 |
| LENZ Therapeutics, Inc. \* | 9817 | 291761 |
| Lexeo Therapeutics, Inc. \* | 19230 | 192492 |
| Lexicon Pharmaceuticals, Inc. \* | 90000 | 124200 |
| Lifecore Biomedical, Inc. \* | 18427 | 132490 |
| Ligand Pharmaceuticals, Inc. \* | 9605 | 1837533 |
| Lineage Cell Therapeutics, Inc. *\*(a)* | 218183 | 418911 |
| Lipocine, Inc. \* | 2942 | 7973 |
| Liquidia Corp. \* | 34328 | 836230 |
| Lyell Immunopharma, Inc. \* | 8143 | 135662 |
| MacroGenics, Inc. \* | 30000 | 49800 |
| Madrigal Pharmaceuticals, Inc. \* | 8863 | 3712711 |
| MannKind Corp. \* | 153864 | 860100 |
| Maravai LifeSciences Holdings, Inc., <br> Class A \*<br>| 69631 | 218641 |
| Maze Therapeutics, Inc. \* | 10000 | 329100 |
| MBX Biosciences, Inc. \* | 10803 | 237234 |
| MediciNova, Inc. \* | 71506 | 118700 |
| Medpace Holdings, Inc. \* | 10628 | 6216424 |
| Merck & Co., Inc.  | 1201986 | 103346756 |
| Merrimack Pharmaceuticals, Inc. *\*(b)* | 5681 | 0 |
| Mesa Laboratories, Inc.  | 2600 | 186914 |
| Metsera, Inc. \* | 31704 | 1998620 |
| Mettler-Toledo International, Inc. \* | 9882 | 13995778 |
| MiMedx Group, Inc. \* | 65801 | 503378 |
| Mind Medicine MindMed, Inc. \* | 45467 | 645631 |
| Mineralys Therapeutics, Inc. \* | 24872 | 1016270 |
| Mirum Pharmaceuticals, Inc. \* | 20308 | 1475376 |
| Moderna, Inc. \* | 166389 | 4519125 |
| Monopar Therapeutics, Inc. \* | 3000 | 258480 |
| Monte Rosa Therapeutics, Inc. \* | 17000 | 218450 |
| Myriad Genetics, Inc. \* | 45000 | 361800 |
| Natera, Inc. \* | 65752 | 13080045 |
| Nektar Therapeutics \* | 10738 | 697218 |
| Neumora Therapeutics, Inc. \* | 42000 | 126840 |
| Neurocrine Biosciences, Inc. \* | 47933 | 6864485 |
| Neurogene, Inc. \* | 5239 | 179488 |
| Niagen Bioscience, Inc. \* | 24667 | 185989 |
| Nkarta, Inc. \* | 22478 | 47429 |
| Novavax, Inc. \* | 80744 | 678250 |
| Nurix Therapeutics, Inc. \* | 45666 | 590918 |
| Nuvalent, Inc., Class A \* | 22211 | 2205997 |
| Nuvation Bio, Inc. *\*(a)* | 134296 | 701025 |
| Nuvectis Pharma, Inc. *\*(a)* | 5600 | 37576 |
| Ocugen, Inc. \* | 170254 | 265596 |
| Ocular Therapeutix, Inc. \* | 81575 | 951165 |
| Olema Pharmaceuticals, Inc. \* | 26228 | 235265 |
| Omeros Corp., Class B *\*(a)* | 26846 | 196781 |
| OmniAb, Inc. \* | 48133 | 74606 |
| Organogenesis Holdings, Inc., <br> Class A \*<br>| 29326 | 124636 |
| Organon & Co.  | 136705 | 922759 |
| ORIC Pharmaceuticals, Inc. \* | 41888 | 551246 |
| Oruka Therapeutics, Inc. \* | 15609 | 439706 |
| Pacific Biosciences of California, <br> Inc. *\*(a)*<br>| 118754 | 277884 |
| Pacira BioSciences, Inc. \* | 23777 | 508352 |
| Palvella Therapeutics, Inc. \* | 3787 | 302354 |
| Perrigo Co. PLC  | 66322 | 1375518 |
| Personalis, Inc. \* | 32941 | 317551 |
| Perspective Therapeutics, Inc. \* | 33471 | 91376 |
| Pfizer, Inc.  | 2736008 | 67442597 |
| Phathom Pharmaceuticals, Inc. \* | 20962 | 284035 |
| Phibro Animal Health Corp., Class A  | 12247 | 515109 |
| Praxis Precision Medicines, Inc. \* | 10927 | 2171851 |
| Precigen, Inc. \* | 67713 | 280332 |
| Prestige Consumer Healthcare, Inc. \* | 23985 | 1453491 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Prime Medicine, Inc. \* | 31500 | 155610 |
| ProKidney Corp. *\*(a)* | 49000 | 149940 |
| Protagonist Therapeutics, Inc. \* | 27910 | 2194284 |
| Protara Therapeutics, Inc. \* | 15000 | 77700 |
| Prothena Corp. PLC \* | 20000 | 215000 |
| PTC Therapeutics, Inc. \* | 38428 | 2625017 |
| Puma Biotechnology, Inc. \* | 19453 | 99210 |
| Quanterix Corp. \* | 18993 | 101423 |
| Quantum-Si, Inc. *\*(a)* | 76645 | 164787 |
| Rapport Therapeutics, Inc. \* | 16710 | 483420 |
| RAPT Therapeutics, Inc. \* | 10000 | 302100 |
| Recursion Pharmaceuticals, Inc., <br> Class A *\*(a)*<br>| 216429 | 1194688 |
| Regeneron Pharmaceuticals, Inc.  | 48954 | 31908217 |
| REGENXBIO, Inc. \* | 22786 | 290977 |
| Relay Therapeutics, Inc. \* | 70432 | 502884 |
| RenovoRx, Inc. \* | 49232 | 54648 |
| Repligen Corp. \* | 25233 | 3761231 |
| Replimune Group, Inc. \* | 20000 | 194600 |
| Revolution Medicines, Inc. \* | 84061 | 4946149 |
| Revvity, Inc.  | 56433 | 5281564 |
| Rezolute, Inc. \* | 35257 | 328595 |
| Rhythm Pharmaceuticals, Inc. \* | 29561 | 3362859 |
| Rigel Pharmaceuticals, Inc. \* | 8579 | 270925 |
| Rocket Pharmaceuticals, Inc. \* | 50000 | 188500 |
| Roivant Sciences Ltd. \* | 207765 | 4153222 |
| Royalty Pharma PLC, Class A  | 184931 | 6942310 |
| Sagimet Biosciences, Inc., Class A \* | 15000 | 127800 |
| Sana Biotechnology, Inc. \* | 89715 | 444089 |
| Sangamo Therapeutics, Inc. \* | 80106 | 47903 |
| Sarepta Therapeutics, Inc. \* | 42000 | 1008420 |
| Savara, Inc. \* | 55048 | 228449 |
| Scholar Rock Holding Corp. \* | 38693 | 1146087 |
| Seer, Inc., Class A \* | 17867 | 39486 |
| SELLAS Life Sciences Group, Inc. *\*(a)* | 54238 | 98713 |
| Septerna, Inc. \* | 13690 | 282014 |
| Sera Prognostics, Inc., Class A \* | 12000 | 39360 |
| Shattuck Labs, Inc. \* | 20881 | 40092 |
| SIGA Technologies, Inc.  | 17097 | 141563 |
| Sionna Therapeutics, Inc. \* | 5054 | 193113 |
| Soleno Therapeutics, Inc. \* | 23691 | 1591088 |
| Solid Biosciences, Inc. \* | 14847 | 80025 |
| Sotera Health Co. \* | 83583 | 1387478 |
| Spero Therapeutics, Inc. \* | 28565 | 69413 |
| Spyre Therapeutics, Inc. \* | 31985 | 782353 |
| Standard BioTools, Inc. \* | 150000 | 180000 |
| Stoke Therapeutics, Inc. \* | 24208 | 727208 |
| Summit Therapeutics, Inc. *\*(a)* | 69091 | 1306511 |
| Supernus Pharmaceuticals, Inc. \* | 26488 | 1460283 |
| Syndax Pharmaceuticals, Inc. \* | 39996 | 547945 |
| Tango Therapeutics, Inc. \* | 48653 | 394576 |
| Tarsus Pharmaceuticals, Inc. \* | 18777 | 1292045 |
| Taysha Gene Therapies, Inc. \* | 122352 | 606866 |
| Tectonic Therapeutic, Inc. \* | 4711 | 85976 |
| Tempus AI, Inc. \* | 48229 | 4333376 |
| Tenaya Therapeutics, Inc. \* | 50000 | 72000 |
| Terns Pharmaceuticals, Inc. \* | 37305 | 308139 |
| TG Therapeutics, Inc. \* | 64928 | 2258196 |
| Theravance Biopharma, Inc. \* | 21449 | 314442 |
| Thermo Fisher Scientific, Inc.  | 181715 | 103103274 |
| Third Harmonic Bio, Inc. *\*(b)* | 11232 | 225 |
| Tonix Pharmaceuticals Holding Corp. \* | 4700 | 87514 |
| Travere Therapeutics, Inc. \* | 45040 | 1583606 |
| Trevi Therapeutics, Inc. \* | 53588 | 624836 |
| TriSalus Life Sciences, Inc. \* | 10000 | 47400 |
| TuHURA Biosciences, Inc. \* | 15000 | 38250 |
| Tvardi Therapeutics, Inc. *\*(a)* | 3500 | 16275 |
| Twist Bioscience Corp. \* | 30306 | 996764 |

---

*See financial notes*

**66**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Tyra Biosciences, Inc. \* | 9880 | 156499 |
| Ultragenyx Pharmaceutical, Inc. \* | 46083 | 1594472 |
| uniQure NV \* | 29188 | 1975736 |
| United Therapeutics Corp. \* | 21832 | 9724628 |
| Upstream Bio, Inc. \* | 18905 | 488694 |
| Vanda Pharmaceuticals, Inc. \* | 20000 | 87000 |
| Vaxcyte, Inc. \* | 58294 | 2639552 |
| Ventyx Biosciences, Inc. \* | 30926 | 263799 |
| Vera Therapeutics, Inc., Class A \* | 26354 | 750035 |
| Veracyte, Inc. \* | 37583 | 1355995 |
| Verastem, Inc. \* | 29159 | 275553 |
| Vericel Corp. \* | 23544 | 825453 |
| Vertex Pharmaceuticals, Inc. \* | 123381 | 52507252 |
| Veru, Inc. \* | 6500 | 19175 |
| Viatris, Inc.  | 566662 | 5870618 |
| Vigil Neuroscience, Inc. *\*(b)* | 20643 | 1032 |
| Viking Therapeutics, Inc. \* | 53100 | 2022048 |
| Vir Biotechnology, Inc. \* | 49897 | 297386 |
| Viridian Therapeutics, Inc. \* | 35105 | 829531 |
| Vistagen Therapeutics, Inc. \* | 23302 | 91810 |
| Voyager Therapeutics, Inc. \* | 23000 | 107410 |
| Waters Corp. \* | 28644 | 10013942 |
| WaVe Life Sciences Ltd. \* | 56206 | 508102 |
| West Pharmaceutical Services, Inc.  | 34892 | 9841986 |
| Xencor, Inc. \* | 34518 | 507760 |
| Xeris Biopharma Holdings, Inc. \* | 82840 | 803548 |
| XOMA Royalty Corp. \* | 5843 | 192702 |
| Zenas Biopharma, Inc. *\*(a)* | 13951 | 435969 |
| Zentalis Pharmaceuticals, Inc. \* | 41861 | 62792 |
| Zevra Therapeutics, Inc. \* | 22339 | 227411 |
| Zoetis, Inc.  | 213390 | 30747365 |
|  |  | **1840029648** |
| **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** |
| AMREP Corp. \* | 2361 | 50714 |
| Anywhere Real Estate, Inc. \* | 50250 | 505013 |
| CBRE Group, Inc., Class A \* | 141021 | 21495831 |
| Compass, Inc., Class A \* | 225257 | 1736731 |
| CoStar Group, Inc. \* | 204907 | 14099651 |
| Cushman & Wakefield PLC \* | 111185 | 1745604 |
| Douglas Elliman, Inc. \* | 40000 | 98800 |
| eXp World Holdings, Inc.  | 42778 | 438047 |
| Forestar Group, Inc. \* | 9724 | 252921 |
| FRP Holdings, Inc. \* | 5956 | 141157 |
| Howard Hughes Holdings, Inc. \* | 14474 | 1147499 |
| Jones Lang LaSalle, Inc. \* | 22960 | 7004866 |
| Kennedy-Wilson Holdings, Inc.  | 57369 | 433710 |
| Marcus & Millichap, Inc.  | 11056 | 322946 |
| Maui Land & Pineapple Co., Inc. \* | 3498 | 55968 |
| Newmark Group, Inc., Class A  | 71820 | 1280551 |
| Opendoor Technologies, Inc. \* | 322893 | 2508879 |
| RE/MAX Holdings, Inc., Class A \* | 14967 | 118688 |
| RMR Group, Inc., Class A  | 3800 | 58786 |
| Seaport Entertainment Group, Inc. \* | 4108 | 98880 |
| Seritage Growth Properties, Class A \* | 31941 | 129680 |
| St. Joe Co.  | 19358 | 1099147 |
| Star Holdings \* | 6000 | 43920 |
| Stratus Properties, Inc. \* | 3398 | 63848 |
| Tejon Ranch Co. \* | 11108 | 175729 |
| Zillow Group, Inc., Class C \* | 107963 | 8095066 |
|  |  | **63202632** |
| **Semiconductors & Semiconductor Equipment 13.6%** | **Semiconductors & Semiconductor Equipment 13.6%** | **Semiconductors & Semiconductor Equipment 13.6%** |
| ACM Research, Inc., Class A \* | 24388 | 1011126 |
| Advanced Micro Devices, Inc. \* | 780947 | 200016146 |
| Aehr Test Systems \* | 15743 | 409161 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Aeluma, Inc. \* | 6000 | 97860 |
| Allegro MicroSystems, Inc. \* | 57363 | 1716301 |
| Alpha & Omega Semiconductor Ltd. \* | 10813 | 303413 |
| Ambarella, Inc. \* | 18585 | 1584000 |
| Amkor Technology, Inc.  | 53364 | 1722590 |
| Analog Devices, Inc.  | 238805 | 55911415 |
| Applied Materials, Inc.  | 386179 | 90018325 |
| Astera Labs, Inc. \* | 63048 | 11769801 |
| Axcelis Technologies, Inc. \* | 15374 | 1223155 |
| AXT, Inc. \* | 20000 | 159000 |
| Blaize Holdings, Inc. *\*(a)* | 27000 | 105570 |
| Broadcom, Inc.  | 2263968 | 836830492 |
| CEVA, Inc. \* | 10247 | 278821 |
| Cirrus Logic, Inc. \* | 24868 | 3298740 |
| Cohu, Inc. \* | 25139 | 598057 |
| Credo Technology Group Holding <br> Ltd. \*<br>| 72648 | 13630218 |
| Diodes, Inc. \* | 23096 | 1232403 |
| Enphase Energy, Inc. \* | 62575 | 1909163 |
| Entegris, Inc.  | 73387 | 6720048 |
| Everspin Technologies, Inc. \* | 8698 | 92199 |
| First Solar, Inc. \* | 51862 | 13844042 |
| FormFactor, Inc. \* | 37142 | 2040953 |
| Ichor Holdings Ltd. \* | 16163 | 366577 |
| Impinj, Inc. \* | 12585 | 2544184 |
| indie Semiconductor, Inc., Class A *\*(a)* | 95547 | 514043 |
| Intel Corp. \* | 2106306 | 84231177 |
| inTEST Corp. \* | 4591 | 38932 |
| KLA Corp.  | 63502 | 76757407 |
| Kopin Corp. \* | 78341 | 271060 |
| Kulicke & Soffa Industries, Inc.  | 25712 | 1026680 |
| Lam Research Corp.  | 609044 | 95900068 |
| Lattice Semiconductor Corp. \* | 66212 | 4830827 |
| MACOM Technology Solutions <br> Holdings, Inc. \*<br>| 30777 | 4558997 |
| Marvell Technology, Inc.  | 414829 | 38886070 |
| MaxLinear, Inc. \* | 36453 | 552263 |
| Microchip Technology, Inc.  | 259899 | 16222896 |
| Micron Technology, Inc.  | 538547 | 120510662 |
| MKS, Inc.  | 32627 | 4688826 |
| Monolithic Power Systems, Inc.  | 23047 | 23162235 |
| Navitas Semiconductor Corp., <br> Class A *\*(a)*<br>| 88455 | 1190604 |
| NVE Corp.  | 2299 | 158746 |
| NVIDIA Corp.  | 11744191 | 2378081236 |
| NXP Semiconductors NV  | 121323 | 25371066 |
| ON Semiconductor Corp. \* | 197443 | 9887945 |
| Onto Innovation, Inc. \* | 23662 | 3193424 |
| PDF Solutions, Inc. \* | 14956 | 435668 |
| Penguin Solutions, Inc. \* | 23108 | 514615 |
| Photronics, Inc. \* | 31345 | 749145 |
| Power Integrations, Inc.  | 27802 | 1164626 |
| Qorvo, Inc. \* | 41057 | 3897130 |
| QUALCOMM, Inc.  | 519009 | 93888728 |
| QuickLogic Corp. *\*(a)* | 7578 | 59866 |
| Rambus, Inc. \* | 52576 | 5406916 |
| Rigetti Computing, Inc. \* | 157982 | 6993863 |
| Semtech Corp. \* | 41125 | 2790742 |
| Silicon Laboratories, Inc. \* | 15681 | 2055465 |
| SiTime Corp. \* | 10693 | 3097121 |
| SkyWater Technology, Inc. \* | 12405 | 216901 |
| Skyworks Solutions, Inc.  | 71867 | 5585503 |
| SolarEdge Technologies, Inc. \* | 28622 | 1004346 |
| Synaptics, Inc. \* | 19574 | 1388580 |
| Teradyne, Inc.  | 76545 | 13912819 |
| Texas Instruments, Inc.  | 437496 | 70638104 |
| Ultra Clean Holdings, Inc. \* | 21314 | 584217 |
| Universal Display Corp.  | 21706 | 3196860 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**67**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Veeco Instruments, Inc. \* | 27406 | 787922 |
|  |  | **4357838061** |
| **Software & Services 12.0%** | **Software & Services 12.0%** | **Software & Services 12.0%** |
| 8x8, Inc. \* | 70702 | 130092 |
| A10 Networks, Inc.  | 35602 | 635140 |
| Accenture PLC, Class A  | 299730 | 74962473 |
| ACI Worldwide, Inc. \* | 49858 | 2374737 |
| Adeia, Inc.  | 52866 | 900837 |
| Adobe, Inc. \* | 204134 | 69468841 |
| Agilysys, Inc. \* | 12370 | 1551940 |
| Airship AI Holdings, Inc., Class A \* | 10000 | 47500 |
| Akamai Technologies, Inc. \* | 70146 | 5267965 |
| Alarm.com Holdings, Inc. \* | 23883 | 1175521 |
| Alkami Technology, Inc. \* | 39733 | 806183 |
| Amplitude, Inc., Class A \* | 47091 | 473265 |
| Appfolio, Inc., Class A \* | 11277 | 2869207 |
| Appian Corp., Class A \* | 21338 | 638646 |
| Applied Digital Corp. \* | 113648 | 3939040 |
| AppLovin Corp., Class A \* | 130276 | 83028803 |
| Arteris, Inc. \* | 9920 | 135011 |
| Asana, Inc., Class A \* | 45781 | 643223 |
| ASGN, Inc. \* | 21209 | 949315 |
| Atlassian Corp., Class A \* | 79535 | 13474820 |
| AudioEye, Inc. \* | 4308 | 66214 |
| Aurora Innovation, Inc. \* | 555989 | 2913382 |
| Autodesk, Inc. \* | 102931 | 31017228 |
| AvePoint, Inc. \* | 64507 | 907613 |
| Backblaze, Inc., Class A \* | 28678 | 295670 |
| Bentley Systems, Inc., Class B  | 71238 | 3621028 |
| BigBear.ai Holdings, Inc. \* | 184616 | 1277543 |
| Bill Holdings, Inc. \* | 43658 | 2168056 |
| Bit Digital, Inc. \* | 167651 | 613603 |
| BitMine Immersion Technologies, <br> Inc. \*<br>| 84356 | 3935207 |
| Blackbaud, Inc. \* | 18090 | 1158484 |
| BlackLine, Inc. \* | 26758 | 1531895 |
| Blend Labs, Inc., Class A \* | 109476 | 362366 |
| Box, Inc., Class A \* | 67799 | 2175670 |
| Braze, Inc., Class A \* | 40071 | 1148435 |
| C3.ai, Inc., Class A \* | 58976 | 1036798 |
| Cadence Design Systems, Inc. \* | 131128 | 44411742 |
| CCC Intelligent Solutions Holdings, <br> Inc. \*<br>| 268259 | 2339218 |
| Cerence, Inc. \* | 24000 | 257520 |
| Cipher Mining, Inc. \* | 143252 | 2671650 |
| Circle Internet Group, Inc. *\*(a)* | 25896 | 3288274 |
| Cleanspark, Inc. \* | 133128 | 2369678 |
| Clear Secure, Inc., Class A  | 41065 | 1251251 |
| Clearwater Analytics Holdings, Inc., <br> Class A \*<br>| 137116 | 2524306 |
| Cloudflare, Inc., Class A \* | 151025 | 38254632 |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 234489 | 17089558 |
| Commerce.com, Inc. \* | 30500 | 141215 |
| Commvault Systems, Inc. \* | 21577 | 3003950 |
| Confluent, Inc., Class A \* | 138561 | 3238171 |
| Consensus Cloud Solutions, Inc. \* | 8336 | 244411 |
| Core Scientific, Inc. \* | 144565 | 3113930 |
| CoreWeave, Inc., Class A \* | 105309 | 14080866 |
| Crowdstrike Holdings, Inc., Class A \* | 119943 | 65130248 |
| CS Disco, Inc. \* | 11500 | 72680 |
| CSP, Inc.  | 5818 | 77612 |
| Daily Journal Corp. \* | 412 | 166876 |
| Datadog, Inc., Class A \* | 155306 | 25285370 |
| Digital Turbine, Inc. \* | 52036 | 324705 |
| DigitalOcean Holdings, Inc. \* | 34660 | 1409276 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Docusign, Inc., Class A \* | 98507 | 7204802 |
| Dolby Laboratories, Inc., Class A  | 29612 | 1963868 |
| Domo, Inc., Class B \* | 16000 | 219200 |
| Dropbox, Inc., Class A \* | 88206 | 2557974 |
| D-Wave Quantum, Inc. \* | 164315 | 6089514 |
| DXC Technology Co. \* | 88666 | 1259057 |
| Dynatrace, Inc. \* | 144853 | 7325216 |
| eGain Corp. \* | 7634 | 110082 |
| Elastic NV \* | 44972 | 4012402 |
| EPAM Systems, Inc. \* | 26517 | 4336590 |
| EverCommerce, Inc. \* | 12868 | 149140 |
| Exodus Movement, Inc., Class A \* | 2623 | 64237 |
| Expensify, Inc., Class A \* | 35000 | 57050 |
| Fair Isaac Corp. \* | 11552 | 19170891 |
| Fastly, Inc., Class A \* | 69803 | 578667 |
| Five9, Inc. \* | 37138 | 901711 |
| Fortinet, Inc. \* | 313368 | 27084396 |
| Freshworks, Inc., Class A \* | 95972 | 1065289 |
| Gartner, Inc. \* | 36408 | 9041563 |
| Gen Digital, Inc.  | 273230 | 7202343 |
| Gitlab, Inc., Class A \* | 67948 | 3312465 |
| GoDaddy, Inc., Class A \* | 66447 | 8846089 |
| Grid Dynamics Holdings, Inc. \* | 20000 | 186800 |
| Guidewire Software, Inc. \* | 40561 | 9476672 |
| Hackett Group, Inc.  | 12220 | 221304 |
| HubSpot, Inc. \* | 25396 | 12492800 |
| Hut 8 Corp. \* | 45045 | 2281980 |
| I3 Verticals, Inc., Class A \* | 10325 | 317494 |
| Informatica, Inc., Class A \* | 53856 | 1339399 |
| Information Services Group, Inc.  | 16112 | 88777 |
| Intapp, Inc. \* | 26069 | 1000528 |
| Intellicheck, Inc. \* | 12962 | 59496 |
| InterDigital, Inc.  | 12428 | 4498439 |
| International Business Machines <br> Corp. <br>| 448267 | 137801758 |
| Intuit, Inc.  | 134235 | 89608574 |
| Jamf Holding Corp. \* | 25000 | 321250 |
| Kaltura, Inc. \* | 33164 | 51404 |
| Klaviyo, Inc., Class A \* | 60020 | 1560520 |
| Kyndryl Holdings, Inc. \* | 111992 | 3238809 |
| Life360, Inc. \* | 37854 | 3736568 |
| LivePerson, Inc. \* | 3333 | 21031 |
| LiveRamp Holdings, Inc. \* | 30335 | 829359 |
| Manhattan Associates, Inc. \* | 29619 | 5392731 |
| MARA Holdings, Inc. \* | 179383 | 3277327 |
| Microsoft Corp.  | 3577791 | 1852615958 |
| Mitek Systems, Inc. \* | 18641 | 171684 |
| MongoDB, Inc., Class A \* | 39323 | 14149202 |
| N-able, Inc. \* | 50700 | 396981 |
| nCino, Inc. \* | 51712 | 1379676 |
| NCR Voyix Corp. \* | 66187 | 755194 |
| NextNav, Inc. \* | 44657 | 596171 |
| Nutanix, Inc., Class A \* | 128778 | 9174145 |
| Okta, Inc. \* | 80135 | 7334757 |
| ON24, Inc. \* | 18000 | 99360 |
| OneSpan, Inc.  | 17440 | 198816 |
| Onestream, Inc. \* | 37646 | 711133 |
| Ooma, Inc. \* | 9711 | 109054 |
| Oracle Corp.  | 797769 | 209502117 |
| PagerDuty, Inc. \* | 42859 | 688316 |
| Palantir Technologies, Inc., Class A \* | 1094423 | 219398979 |
| Palo Alto Networks, Inc. \* | 321425 | 70790642 |
| PAR Technology Corp. \* | 18480 | 653083 |
| Pegasystems, Inc.  | 45399 | 2889646 |
| Pivotal Software, Inc. *\*(b)* | 31626 | 0 |
| Porch Group, Inc. \* | 52923 | 796491 |
| Procore Technologies, Inc. \* | 55592 | 4103801 |
| Progress Software Corp. \* | 20511 | 874589 |

---

*See financial notes*

**68**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| PROS Holdings, Inc. \* | 21484 | 495206 |
| PTC, Inc. \* | 57901 | 11495665 |
| Q2 Holdings, Inc. \* | 30358 | 1874910 |
| Qualys, Inc. \* | 17368 | 2140780 |
| Rackspace Technology, Inc. \* | 28860 | 46176 |
| Rapid7, Inc. \* | 25000 | 462750 |
| Red Violet, Inc.  | 5306 | 284561 |
| Rekor Systems, Inc. \* | 96549 | 244269 |
| ReposiTrak, Inc.  | 6299 | 94548 |
| Research Solutions, Inc. \* | 18069 | 58544 |
| Rimini Street, Inc. \* | 21843 | 86935 |
| RingCentral, Inc., Class A \* | 38341 | 1154831 |
| Riot Platforms, Inc. \* | 153227 | 3030830 |
| Roper Technologies, Inc.  | 51927 | 23167231 |
| Rubrik, Inc., Class A \* | 64347 | 4843399 |
| SailPoint, Inc. \* | 37348 | 809705 |
| Salesforce, Inc.  | 460048 | 119801100 |
| Samsara, Inc., Class A \* | 145075 | 5827663 |
| SEMrush Holdings, Inc., Class A \* | 17212 | 124959 |
| SentinelOne, Inc., Class A \* | 152980 | 2730693 |
| ServiceNow, Inc. \* | 100094 | 92014412 |
| ServiceTitan, Inc., Class A \* | 26642 | 2513939 |
| Snowflake, Inc., Class A \* | 160563 | 44135557 |
| SoundHound AI, Inc., Class A \* | 183068 | 3225658 |
| SoundThinking, Inc. \* | 4200 | 39270 |
| Sprinklr, Inc., Class A \* | 57049 | 440418 |
| Sprout Social, Inc., Class A \* | 25000 | 256750 |
| SPS Commerce, Inc. \* | 18139 | 1491751 |
| SRAX, Inc. *\*(b)* | 9789 | 34 |
| Strategy, Inc., Class A \* | 127001 | 34228039 |
| Synopsys, Inc. \* | 89047 | 40411310 |
| Telos Corp. \* | 25409 | 174306 |
| Tenable Holdings, Inc. \* | 57298 | 1662788 |
| Teradata Corp. \* | 45373 | 946027 |
| Terawulf, Inc. \* | 152220 | 2359410 |
| TON Strategy Co. \* | 29096 | 125404 |
| TSS, Inc. \* | 12157 | 246301 |
| Tucows, Inc., Class A \* | 5000 | 95800 |
| Twilio, Inc., Class A \* | 73693 | 9939712 |
| Tyler Technologies, Inc. \* | 20785 | 9899064 |
| UiPath, Inc., Class A \* | 210808 | 3343415 |
| Unisys Corp. \* | 39083 | 139526 |
| Unity Software, Inc. \* | 162796 | 6169968 |
| Upland Software, Inc. \* | 22775 | 47372 |
| Varonis Systems, Inc., Class B \* | 54574 | 1922642 |
| Verint Systems, Inc. \* | 32647 | 662081 |
| VeriSign, Inc.  | 40195 | 9638761 |
| Veritone, Inc. \* | 20000 | 125200 |
| Vertex, Inc., Class A \* | 35910 | 822339 |
| Viant Technology, Inc., Class A \* | 10390 | 92263 |
| Weave Communications, Inc. \* | 33621 | 249132 |
| Whitefiber, Inc. \* | 4600 | 156354 |
| WM Technology, Inc. \* | 40927 | 42973 |
| Workday, Inc., Class A \* | 103656 | 24869147 |
| Workiva, Inc., Class A \* | 25143 | 2137406 |
| Xperi, Inc. \* | 25000 | 168000 |
| Yext, Inc. \* | 46726 | 395769 |
| Zeta Global Holdings Corp., Class A \* | 91633 | 1648478 |
| Zoom Communications, Inc. \* | 126173 | 11006071 |
| Zscaler, Inc. \* | 47965 | 15883130 |
|  |  | **3838694983** |
| **Technology Hardware & Equipment 8.5%** | **Technology Hardware & Equipment 8.5%** | **Technology Hardware & Equipment 8.5%** |
| 908 Devices, Inc. \* | 20374 | 162585 |
| ADTRAN Holdings, Inc. \* | 33081 | 344704 |
| Advanced Energy Industries, Inc.  | 18358 | 3721717 |
| Aeva Technologies, Inc. \* | 13355 | 218221 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Airgain, Inc. \* | 7096 | 30513 |
| Amphenol Corp., Class A  | 587533 | 81866848 |
| Apple, Inc.  | 7142947 | 1931238580 |
| Applied Optoelectronics, Inc. \* | 28519 | 1014136 |
| Arista Networks, Inc. \* | 495961 | 78208090 |
| Arlo Technologies, Inc. \* | 48708 | 942013 |
| Arrow Electronics, Inc. \* | 24411 | 2723047 |
| AstroNova, Inc. \* | 4083 | 37074 |
| Aviat Networks, Inc. \* | 4936 | 123203 |
| Avnet, Inc.  | 41153 | 1993863 |
| Badger Meter, Inc.  | 13974 | 2521608 |
| Bel Fuse, Inc., Class B  | 5365 | 826156 |
| Belden, Inc.  | 19416 | 2365840 |
| Benchmark Electronics, Inc.  | 17566 | 769742 |
| BK Technologies Corp. \* | 2000 | 149420 |
| Calix, Inc. \* | 27533 | 1883808 |
| CDW Corp.  | 63368 | 10098958 |
| Ciena Corp. \* | 68132 | 12939629 |
| Cisco Systems, Inc.  | 1905636 | 139321048 |
| Clearfield, Inc. \* | 5453 | 192491 |
| Climb Global Solutions, Inc.  | 1603 | 178061 |
| Cognex Corp.  | 79200 | 3278088 |
| Coherent Corp. \* | 74757 | 9864934 |
| CommScope Holding Co., Inc. \* | 106638 | 1844837 |
| CompoSecure, Inc., Class A \* | 22126 | 439422 |
| Corning, Inc.  | 375123 | 33415957 |
| Corsair Gaming, Inc. \* | 23511 | 191615 |
| CPI Card Group, Inc. \* | 1805 | 28230 |
| Crane NXT Co.  | 24246 | 1533559 |
| CTS Corp.  | 13417 | 556940 |
| Daktronics, Inc. \* | 24125 | 453309 |
| Dell Technologies, Inc., Class C  | 145906 | 23638231 |
| Diebold Nixdorf, Inc. \* | 17287 | 1022526 |
| Digi International, Inc. \* | 17947 | 658296 |
| Eastman Kodak Co. \* | 24964 | 158272 |
| ePlus, Inc.  | 12538 | 917280 |
| Evolv Technologies Holdings, Inc. \* | 65781 | 509145 |
| Extreme Networks, Inc. \* | 65060 | 1237441 |
| F5, Inc. \* | 27474 | 6952296 |
| Fabrinet \* | 17284 | 7614812 |
| Flex Ltd. \* | 179933 | 11249411 |
| Frequency Electronics, Inc. \* | 4719 | 173282 |
| Genasys, Inc. \* | 20918 | 48948 |
| Harmonic, Inc. \* | 56948 | 609344 |
| Hewlett Packard Enterprise Co.  | 630038 | 15385528 |
| HP, Inc.  | 451406 | 12490404 |
| Identiv, Inc. \* | 8288 | 33152 |
| Immersion Corp.  | 13101 | 87646 |
| Inseego Corp. \* | 4205 | 69971 |
| Insight Enterprises, Inc. \* | 15209 | 1520900 |
| IonQ, Inc. \* | 143110 | 8927202 |
| IPG Photonics Corp. \* | 13344 | 1135841 |
| Itron, Inc. \* | 22107 | 2217995 |
| Jabil, Inc.  | 51642 | 11407201 |
| Keysight Technologies, Inc. \* | 83021 | 15189522 |
| Kimball Electronics, Inc. \* | 10963 | 318749 |
| Knowles Corp. \* | 40205 | 949240 |
| KVH Industries, Inc. \* | 5414 | 32322 |
| LightPath Technologies, Inc., Class A \* | 24173 | 209822 |
| Lightwave Logic, Inc. \* | 60000 | 282600 |
| Littelfuse, Inc.  | 11851 | 2883467 |
| Lumentum Holdings, Inc. \* | 33925 | 6837923 |
| MicroVision, Inc. *\*(a)* | 167237 | 195667 |
| Mirion Technologies, Inc., Class A \* | 115753 | 3399666 |
| Motorola Solutions, Inc.  | 80173 | 32607161 |
| M-Tron Industries, Inc. \* | 2643 | 145682 |
| Napco Security Technologies, Inc.  | 18552 | 819071 |
| Neonode, Inc. \* | 4440 | 13498 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**69**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| NetApp, Inc.  | 96148 | 11324311 |
| NETGEAR, Inc. \* | 13065 | 453617 |
| NetScout Systems, Inc. \* | 34140 | 949092 |
| nLight, Inc. \* | 22673 | 748436 |
| Novanta, Inc. \* | 17211 | 2185969 |
| Ondas Holdings, Inc. \* | 160746 | 1035204 |
| One Stop Systems, Inc. \* | 12911 | 64555 |
| OSI Systems, Inc. \* | 7329 | 2040833 |
| Ouster, Inc. \* | 29221 | 974813 |
| PC Connection, Inc.  | 5698 | 347407 |
| Plexus Corp. \* | 12972 | 1814783 |
| Powerfleet, Inc. NJ \* | 54255 | 276701 |
| Pure Storage, Inc., Class A \* | 150029 | 14807862 |
| Quantum Computing, Inc. *\*(a)* | 67084 | 1120974 |
| Ralliant Corp.  | 54017 | 2372427 |
| Red Cat Holdings, Inc. *\*(a)* | 47671 | 536299 |
| ReElement Technologies LLC *\*(a)(b)* | 12919 | 0 |
| Research Frontiers, Inc. \* | 21870 | 42428 |
| RF Industries Ltd. \* | 7044 | 55084 |
| Ribbon Communications, Inc. \* | 38255 | 128537 |
| Richardson Electronics Ltd.  | 5554 | 59872 |
| Rogers Corp. \* | 8205 | 718266 |
| Sandisk Corp. \* | 67030 | 13361090 |
| Sanmina Corp. \* | 25660 | 3516703 |
| ScanSource, Inc. \* | 10228 | 438832 |
| Seagate Technology Holdings PLC  | 102789 | 26301649 |
| SmartRent, Inc. \* | 80000 | 111200 |
| Super Micro Computer, Inc. \* | 241077 | 12526361 |
| TD SYNNEX Corp.  | 36971 | 5785592 |
| TE Connectivity PLC  | 142244 | 35135690 |
| Teledyne Technologies, Inc. \* | 22660 | 11937742 |
| TransAct Technologies, Inc. \* | 3397 | 16000 |
| Trimble, Inc. \* | 114103 | 9099714 |
| TTM Technologies, Inc. \* | 50171 | 3371491 |
| Turtle Beach Corp. \* | 7827 | 132276 |
| Ubiquiti, Inc.  | 2068 | 1627888 |
| Unusual Machines, Inc. \* | 12500 | 187125 |
| Viasat, Inc. \* | 64631 | 2573606 |
| Viavi Solutions, Inc. \* | 109669 | 1941141 |
| Vishay Intertechnology, Inc.  | 64041 | 1087416 |
| Vishay Precision Group, Inc. \* | 5394 | 202059 |
| Vontier Corp.  | 72249 | 2781586 |
| Vuzix Corp. *\*(a)* | 48683 | 163088 |
| Western Digital Corp.  | 167372 | 25140948 |
| Wrap Technologies, Inc. *\*(a)* | 21515 | 60457 |
| Xerox Holdings Corp.  | 56000 | 185920 |
| Zebra Technologies Corp., Class A \* | 24552 | 6610626 |
|  |  | **2703781430** |
| **Telecommunication Services 0.8%** | **Telecommunication Services 0.8%** | **Telecommunication Services 0.8%** |
| Anterix, Inc. \* | 8567 | 173225 |
| Array Digital Infrastructure, Inc.  | 6696 | 328908 |
| AST SpaceMobile, Inc. \* | 113464 | 9105486 |
| AT&T, Inc.  | 3440918 | 85162720 |
| ATN International, Inc.  | 5256 | 76370 |
| Bandwidth, Inc., Class A \* | 15306 | 247192 |
| Cogent Communications Holdings, <br> Inc. <br>| 24608 | 1015080 |
| Frontier Communications Parent, <br> Inc. \*<br>| 121570 | 4590483 |
| GCI Liberty, Inc. *\*(b)* | 35715 | 0 |
| GCI Liberty, Inc., Class C \* | 12332 | 451660 |
| Globalstar, Inc. \* | 26231 | 1427229 |
| Gogo, Inc. \* | 42437 | 386177 |
| IDT Corp., Class B  | 9928 | 502952 |
| Iridium Communications, Inc.  | 51747 | 990955 |
| Liberty Global Ltd., Class C \* | 151474 | 1688935 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Liberty Latin America Ltd., Class C \* | 78742 | 622849 |
| Lumen Technologies, Inc. \* | 454297 | 4670173 |
| NII Holdings, Inc. Escrow *\*(b)* | 28127 | 14485 |
| Shenandoah Telecommunications Co.  | 21835 | 269007 |
| Spok Holdings, Inc.  | 9849 | 140742 |
| Telephone & Data Systems, Inc.  | 47678 | 1850860 |
| T-Mobile U.S., Inc.  | 232842 | 48908462 |
| Uniti Group, Inc.  | 92988 | 535611 |
| Verizon Communications, Inc.  | 2028986 | 80631904 |
|  |  | **243791465** |
| **Transportation 1.3%** | **Transportation 1.3%** | **Transportation 1.3%** |
| Alaska Air Group, Inc. \* | 55631 | 2321482 |
| Allegiant Travel Co. \* | 6715 | 417539 |
| American Airlines Group, Inc. \* | 322070 | 4228779 |
| ArcBest Corp.  | 11604 | 862409 |
| Avis Budget Group, Inc. \* | 8421 | 1145845 |
| CH Robinson Worldwide, Inc.  | 56604 | 8716450 |
| Covenant Logistics Group, Inc., <br> Class A <br>| 6788 | 136914 |
| CSX Corp.  | 897130 | 32314623 |
| Delta Air Lines, Inc.  | 311761 | 17888846 |
| Expeditors International of <br> Washington, Inc. <br>| 65761 | 8016266 |
| FedEx Corp.  | 104463 | 26514799 |
| Forward Air Corp. \* | 10889 | 204822 |
| Frontier Group Holdings, Inc. \* | 34441 | 132942 |
| FTAI Infrastructure, Inc.  | 59598 | 318253 |
| Genco Shipping & Trading Ltd.  | 21083 | 359254 |
| GXO Logistics, Inc. \* | 54730 | 3076373 |
| Heartland Express, Inc.  | 26008 | 202862 |
| Hertz Global Holdings, Inc. *\*(a)* | 61544 | 315721 |
| Hub Group, Inc., Class A  | 28838 | 1062104 |
| JB Hunt Transport Services, Inc.  | 36913 | 6233129 |
| JetBlue Airways Corp. \* | 147083 | 617749 |
| Joby Aviation, Inc. \* | 256386 | 4445733 |
| Kirby Corp. \* | 27367 | 2831937 |
| Knight-Swift Transportation Holdings, <br> Inc. <br>| 77736 | 3507448 |
| Landstar System, Inc.  | 16676 | 2141699 |
| Lyft, Inc., Class A \* | 193268 | 3954263 |
| Marten Transport Ltd.  | 24450 | 250613 |
| Matson, Inc.  | 16186 | 1633977 |
| Norfolk Southern Corp.  | 107873 | 30569051 |
| Old Dominion Freight Line, Inc.  | 88907 | 12484321 |
| Pangaea Logistics Solutions Ltd.  | 13298 | 65825 |
| Proficient Auto Logistics, Inc. \* | 9150 | 68442 |
| Radiant Logistics, Inc. \* | 16850 | 101943 |
| RXO, Inc. \* | 79105 | 1402532 |
| Ryder System, Inc.  | 19907 | 3368862 |
| Saia, Inc. \* | 12708 | 3717090 |
| Schneider National, Inc., Class B  | 23306 | 498049 |
| Sky Harbour Group Corp. \* | 9000 | 88920 |
| SkyWest, Inc. \* | 19023 | 1911431 |
| Southwest Airlines Co.  | 253161 | 7670778 |
| Strata Critical Medical, Inc. \* | 26008 | 130820 |
| Sun Country Airlines Holdings, Inc. \* | 33059 | 405965 |
| Uber Technologies, Inc. \* | 1003548 | 96842382 |
| U-Haul Holding Co., Non Voting <br> Shares <br>| 53498 | 2594118 |
| Union Pacific Corp.  | 285384 | 62890072 |
| United Airlines Holdings, Inc. \* | 155562 | 14629050 |
| United Parcel Service, Inc., Class B  | 354200 | 34151964 |
| Universal Logistics Holdings, Inc.  | 3300 | 53394 |
| Werner Enterprises, Inc.  | 29435 | 771197 |
| Wheels Up Experience, Inc. \* | 55298 | 75758 |

---

*See financial notes*

**70**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| XPO, Inc. \* | 56375 | 8110671 |
|  |  | **416455466** |
| **Utilities 2.3%** | **Utilities 2.3%** | **Utilities 2.3%** |
| AES Corp.  | 347851 | 4824693 |
| ALLETE, Inc.  | 27530 | 1853595 |
| Alliant Energy Corp.  | 124307 | 8306194 |
| Ameren Corp.  | 129956 | 13258111 |
| American Electric Power Co., Inc.  | 257355 | 30949512 |
| American States Water Co.  | 17953 | 1280228 |
| American Water Works Co., Inc.  | 94371 | 12120068 |
| Artesian Resources Corp., Class A  | 5123 | 165114 |
| Atmos Energy Corp.  | 76975 | 13218147 |
| Avista Corp.  | 39141 | 1489315 |
| Black Hills Corp.  | 34857 | 2210980 |
| Cadiz, Inc. \* | 22878 | 121253 |
| California Water Service Group  | 27919 | 1239045 |
| CenterPoint Energy, Inc.  | 313926 | 12004530 |
| Chesapeake Utilities Corp.  | 10866 | 1383025 |
| Clearway Energy, Inc., Class C  | 54942 | 1754298 |
| CMS Energy Corp.  | 143566 | 10559279 |
| Consolidated Edison, Inc.  | 173339 | 16884952 |
| Consolidated Water Co. Ltd.  | 7055 | 239941 |
| Constellation Energy Corp.  | 150336 | 56676672 |
| Dominion Energy, Inc.  | 410635 | 24100168 |
| DTE Energy Co.  | 99877 | 13537329 |
| Duke Energy Corp.  | 374209 | 46514179 |
| Edison International  | 186407 | 10323220 |
| Entergy Corp.  | 214690 | 20629562 |
| Essential Utilities, Inc.  | 134994 | 5268816 |
| Evergy, Inc.  | 110313 | 8473142 |
| Eversource Energy  | 178615 | 13183573 |
| Exelon Corp.  | 486027 | 22415565 |
| FirstEnergy Corp.  | 251909 | 11544990 |
| Genie Energy Ltd., Class B  | 9550 | 143728 |
| Global Water Resources, Inc.  | 4694 | 46565 |
| H2O America  | 15143 | 700364 |
| Hallador Energy Co. \* | 16191 | 350211 |
| Hawaiian Electric Industries, Inc. \* | 81641 | 948668 |
| IDACORP, Inc.  | 26498 | 3418772 |
| MDU Resources Group, Inc.  | 96911 | 1858753 |
| MGE Energy, Inc.  | 17135 | 1419977 |
| Middlesex Water Co.  | 9717 | 558436 |
| National Fuel Gas Co.  | 43902 | 3464307 |
| New Jersey Resources Corp.  | 48098 | 2130741 |
| NextEra Energy, Inc.  | 990976 | 80665446 |
| NiSource, Inc.  | 227236 | 9568908 |
| Northwest Natural Holding Co.  | 19065 | 868029 |
| Northwestern Energy Group, Inc.  | 29338 | 1750598 |
| NRG Energy, Inc.  | 93083 | 15997244 |
| OGE Energy Corp.  | 96452 | 4257391 |
| Oklo, Inc. \* | 56297 | 7474553 |
| ONE Gas, Inc.  | 29379 | 2355902 |
| Ormat Technologies, Inc.  | 30216 | 3214076 |
| Otter Tail Corp.  | 20403 | 1575520 |
| PG&E Corp.  | 1057646 | 16880030 |
| Pinnacle West Capital Corp.  | 57402 | 5081225 |
| Portland General Electric Co.  | 53974 | 2465532 |
| PPL Corp.  | 355870 | 12996372 |
| Public Service Enterprise Group, Inc.  | 240168 | 19347934 |
| Pure Cycle Corp. \* | 8445 | 92979 |
| RGC Resources, Inc.  | 3883 | 80417 |
| Sempra  | 313623 | 28834499 |
| Southern Co.  | 529366 | 49781579 |
| Southwest Gas Holdings, Inc.  | 31618 | 2513631 |
| Spire, Inc.  | 28415 | 2455056 |
| Talen Energy Corp. \* | 21918 | 8762378 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| TXNM Energy, Inc.  | 45676 | 2594397 |
| UGI Corp.  | 104341 | 3488120 |
| Unitil Corp.  | 7063 | 344321 |
| Vistra Corp.  | 153153 | 28838710 |
| WEC Energy Group, Inc.  | 154889 | 17305748 |
| Xcel Energy, Inc.  | 285669 | 23187753 |
| York Water Co.  | 6196 | 192510 |
|  |  | **734540876** |
| **Total Common Stocks** <br>**(Cost $12,146,419,075)** | **Total Common Stocks** <br>**(Cost $12,146,419,075)** | **31880864474** |
| **RIGHTS** 0.0% OF NET ASSETS  | **RIGHTS** 0.0% OF NET ASSETS  | **RIGHTS** 0.0% OF NET ASSETS  |
| **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** |
| Aduro Biotech, Inc. CVR *\*(b)* | 5747 | 11721 |
| Cartesian Therapeutics, Inc. CVR *\*(b)* | 59796 | 119779 |
| Checkpoint Therapeutics, Inc. CVR <br> *\*(b)*<br>| 20000 | 2400 |
| Cyteir Therapeutics, Inc. CVR *\*(b)* | 15972 | 0 |
| Frequency Therapeutics, Inc. CVR *\*(b)* | 23364 | 899 |
| F-star Therapeutics, Inc. Agonist CVR <br> *\*(b)*<br>| 975 | 0 |
| F-star Therapeutics, Inc. Antagonist <br> CVR *\*(b)*<br>| 975 | 0 |
| Homology Medicines, Inc. CVR *\*(b)* | 21971 | 0 |
| IMARA, Inc. CVR *\*(b)* | 11519 | 0 |
| Magenta Therapeutics, Inc. CVR *\*(b)* | 27369 | 0 |
| Miromatrix Medical, Inc. CVR *\*(b)* | 11036 | 11591 |
| Pardes Biosciences, Inc. CVR *\*(b)* | 19235 | 0 |
| Sesen Bio CVR *\*(b)* | 67895 | 0 |
| Surface Oncology, Inc. CVR *\*(b)* | 44721 | 463 |
| Tectonic Therapeutic, Inc. CVR *\*(b)* | 816 | 0 |
| Zynerba Pharmaceuticals, Inc. CVR <br> *\*(b)*<br>| 37596 | 0 |
|  |  | **146853** |
| **Total Rights** <br>**(Cost $31,744)** | **Total Rights** <br>**(Cost $31,744)** | **146853** |
| **WARRANTS** 0.0% OF NET ASSETS  | **WARRANTS** 0.0% OF NET ASSETS  | **WARRANTS** 0.0% OF NET ASSETS  |
| **Software & Services 0.0%** | **Software & Services 0.0%** | **Software & Services 0.0%** |
| DeFi Development Corp. expires <br> 01/21/28, *\*(a)(b)*<br>| 449 | 2000 |
| **Total Warrants** <br>**(Cost $0)** | **Total Warrants** <br>**(Cost $0)** | **2000** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS  |
| **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.01% *(e)(f)*<br>| 34130714 | 34130714 |
| **Total Short-Term Investments** <br>**(Cost $34,130,714)** | **Total Short-Term Investments** <br>**(Cost $34,130,714)** | **34130714** |
| **Total Investments in Securities** <br>**(Cost $12,180,581,533)** | **Total Investments in Securities** <br>**(Cost $12,180,581,533)** | **31915144041** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**71**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| Russell 2000 Index, e-mini, <br> expires 12/19/25<br>| 73 | 9088135 | 47643 |
| S&P 500 Index, e-mini, expires <br> 12/19/25<br>| 230 | 79051000 | 1335381 |
|  |  |  | **1383024** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $33,194,524. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information).

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Issuer is an affiliated company, as the investment adviser owns at least 5% of the voting securities of such company.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* Issuer is affiliated with the fund's investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* The rate shown is the annualized 7-day yield.

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CVR — Contingent Value Rights <br> REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers and affiliated companies which are or were affiliates during the period ended October 31, 2025. An affiliated company is a company in which the investment adviser has or had an ownership of at least 5% of the voting securities of a security issue during the report period. A dash in the Value at October 31, 2024, and/or Value and Balance of Shares Held at October 31, 2025, columns means either the issuer was not held or not held as an affiliate on the stated date.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS |
| **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** |
| TrueBlue, Inc. | $— | $122850 | ($80037)<br>| ($257680)<br>| $195200 | $85320 | 18000 | $— |
| **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** |
| QVC Group, Inc. |  |  | (13910)<br>| (84562)<br>| 19448 |  |  |  |
| **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** |
| Fossil Group, Inc. |  | 75125 |  |  | (23125)<br>|  |  |  |
| **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** |
| Cracker Barrel Old Country Store, Inc. |  |  |  |  | (155386)<br>|  |  | 11203 |
| **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** |
| Diversified Healthcare Trust | 357000 |  | (4000)<br>|  | 73000 |  |  | 4000 |
| Service Properties Trust |  | 214435 | (216316)<br>| (1131607)<br>| 1023859 | 169488 | 79200 | 3167 |
|  |  |  |  |  |  | **169488** |  |  |
| **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** |
| Charles Schwab Corp. | 48402176 | 12110033 | (1233633)<br>| (33625)<br>| 17865127 | 77110078 | 815807 | 825595 |
| **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** |
| Medifast, Inc. |  | 140734 | (80006)<br>| (332543)<br>| 292277 | 107399 | 8935 |  |
| **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** |
| EW Scripps Co. |  | 94685 |  |  | (24215)<br>| 70470 | 29000 |  |
| **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** |
| Emergent BioSolutions, Inc. | 245254 |  |  |  | 92580 |  |  |  |
| **Total** | **$49004430** | **$12757862** | **($1627902)**<br>| **($1840017)**<br>| **$19358765** | **$77542755** |  | **$843965** |

---

*See financial notes*

**72**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $18047127050 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18047127050 |
| Banks | 1180911017 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1369 | &nbsp;&nbsp; 1180912386 |
| Capital Goods | 2215299906 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 2215299948 |
| Health Care Equipment & Services | 1169981180 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 1169981180 |
| Materials | 641246384 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 641246384 |
| Pharmaceuticals, Biotechnology & Life Sciences | 1840028391 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1,257<br> \*<br>| &nbsp;&nbsp; 1840029648 |
| Software & Services | 3838694949 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34<br> \*<br>| &nbsp;&nbsp; 3838694983 |
| Technology Hardware & Equipment | 2703781430 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 2703781430 |
| Telecommunication Services | 243776980 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14,485<br> \*<br>| &nbsp;&nbsp; 243791465 |
| Rights |  |  |  |  |
| Pharmaceuticals, Biotechnology & Life Sciences |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 146,853<br> \*<br>| &nbsp;&nbsp; 146853 |
| Warrants |  |  |  |  |
| Software & Services |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2000 |
| Short-Term Investments<sup>1</sup> <br>| 34130714 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34130714 |
| Futures Contracts<sup>2</sup> <br>| 1383024 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1383024 |
| **Total** | **$31916361025** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$166040** | &nbsp;&nbsp; **$31916527065** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Level 3 amount shown includes securities determined to have no value at October 31, 2025.

<sup>1</sup> As categorized in the Portfolio Holdings. 

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**73**

------

Schwab Total Stock Market Index Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $38,396,513)  |  | $77542755 |
| Investments in securities, at value - unaffiliated issuers (cost $12,142,185,020) including securities on loan of $33,194,524 |  | 31837601286 |
| Cash |  | 68782861 |
| Deposit with broker for futures contracts |  | 9949713 |
| Receivables: |  |  |
| Fund shares sold |  | 16815720 |
| Dividends |  | 13930178 |
| Variation margin on future contracts |  | 264944 |
| Income from securities on loan | + | 98482 |
| **Total assets** |  | **32024985939** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 34130714 |
| Payables: |  |  |
| Fund shares redeemed |  | 19413781 |
| Investment adviser fees |  | 856052 |
| Investments bought | + | 333429 |
| **Total liabilities** |  | **54733976** |
| **Net assets** |  | **$31970251963** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $12538856267 |
| Total distributable earnings | + | 19431395696 |
| **Net assets** |  | **$31970251963** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $31970251963 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1932636105 |  | &nbsp;&nbsp;&nbsp;&nbsp; $16.54 |

---

*See financial notes*

**74**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $116,493) |  | $347037638 |
| Other Interest |  | 2135192 |
| Dividends received from securities - affiliated issuers |  | 843965 |
| Securities on loan, net | + | 1983925 |
| **Total investment income**  |  | **352000720** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 8471431 |
| **Total expenses** | – | **8471431** |
| **Net investment income** |  | **343529289** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers  |  | (1840017)<br>|
| Net realized losses on sales of securities - unaffiliated issuers  |  | (182910676)<br>|
| Net realized gains on futures contracts | + | 12468105 |
| **Net realized losses** |  | **(172282588)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 19358765 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 5272136599 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 2520858 |
| **Net change in unrealized appreciation (depreciation)** |  | **5294016222** |
| **Net realized and unrealized gains** |  | **5121733634** |
| **Increase in net assets resulting from operations** |  | **$5465262923** |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**75**

------

Schwab Total Stock Market Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $343529289 | &nbsp;&nbsp;&nbsp; $317220234 |
| Net realized losses |  | (172282588)<br>| &nbsp;&nbsp;&nbsp; (104509067)<br>|
| Net change in unrealized appreciation (depreciation) | + | 5294016222 | &nbsp;&nbsp;&nbsp; 6686608505 |
| **Increase in net assets resulting from operations** |  | **$5465262923** | &nbsp;&nbsp;&nbsp; **$6899319672** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($327953620)**<br>| &nbsp;&nbsp;&nbsp; **($286776664)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 313249102 | &nbsp;&nbsp;&nbsp; $4567271506 | &nbsp;&nbsp;&nbsp; 276659369 | &nbsp;&nbsp;&nbsp; $3428570833 |
| Shares reinvested |  | 18388742 | &nbsp;&nbsp;&nbsp; 268554434 | &nbsp;&nbsp;&nbsp; 21238875 | &nbsp;&nbsp;&nbsp; 235903178 |
| Shares redeemed | + | (252116422)<br>| &nbsp;&nbsp;&nbsp; (3668379809)<br>| &nbsp;&nbsp;&nbsp; (191352826)<br>| &nbsp;&nbsp;&nbsp; (2398427249)<br>|
| **Net transactions in fund shares**  |  | **79521422** | &nbsp;&nbsp;&nbsp; **$1167446131** | &nbsp;&nbsp;&nbsp; **106545418** | &nbsp;&nbsp;&nbsp; **$1266046762** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 1853114683 | &nbsp;&nbsp;&nbsp; $25665496529 | &nbsp;&nbsp;&nbsp; 1746569265 | &nbsp;&nbsp;&nbsp; $17786906759 |
| Total increase | + | 79521422 | &nbsp;&nbsp;&nbsp; 6304755434 | &nbsp;&nbsp;&nbsp; 106545418 | &nbsp;&nbsp;&nbsp; 7878589770 |
| **End of period** |  | **1932636105** | &nbsp;&nbsp;&nbsp; **$31970251963** | &nbsp;&nbsp;&nbsp; **1853114683** | &nbsp;&nbsp;&nbsp; **$25665496529** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the period ended October 31, 2025, and the prior report period, transactions in fund shares have been retroactively adjusted to reflect a 7-for-1 share split effective after the close of U.S. markets on August 15, 2025. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 9 for additional information). 

*See financial notes*

**76**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Growth Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<sup>1</sup> <br>| 11/1/23– <br>10/31/24<sup>1</sup> <br>| 11/1/22– <br>10/31/23<sup>1</sup> <br>| 11/1/21– <br>10/31/22<sup>1</sup> <br>| 11/1/20– <br>10/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $13.90 | &nbsp;&nbsp; $9.74 | &nbsp;&nbsp; $8.26 | &nbsp;&nbsp; $11.15 | &nbsp;&nbsp; $7.85 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.09 | 0.09 | 0.08 | 0.08 | 0.07 |
| Net realized and unrealized gains (losses) | 4.13 | 4.15 | 1.47 | &nbsp;&nbsp; (2.78)<br>| 3.29 |
| Total from investment operations | 4.22 | 4.24 | 1.55 | &nbsp;&nbsp; (2.70)<br>| 3.36 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.06)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.06)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $18.04 | &nbsp;&nbsp; $13.90 | &nbsp;&nbsp; $9.74 | &nbsp;&nbsp; $8.26 | &nbsp;&nbsp; $11.15 |
| Total return | 30.44<br> %<br>| 43.77<br> %<br>| 18.89<br> %<br>| &nbsp;&nbsp; (24.63<br> %)<br>| 43.14<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.035<br> %<br>| 0.035<br> %<br>| 0.035<br> %<br>| 0.035 %<sup>3</sup><br>| 0.035<br> %<br>|
| Net investment income (loss) | 0.57<br> %<br>| 0.69<br> %<br>| 0.91<br> %<br>| 0.86<br> %<br>| 0.73<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 16 %<sup>4</sup><br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 20 %<sup>4</sup><br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 18<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $4565 | &nbsp;&nbsp; $2899 | &nbsp;&nbsp; $1352 | &nbsp;&nbsp; $929 | &nbsp;&nbsp; $881 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per-Share Data has been retroactively adjusted to reflect a 8-for-1 share split effective after the close of U.S. markets on August 15, 2025 (see financial note 9 for additional information). 

<sup>2</sup> Calculated based on the average shares outstanding during the period.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>4</sup> Portfolio turnover rate excludes in-kind transactions.

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**77**

------

Schwab U.S. Large-Cap Growth Index Fund

Portfolio Holdings as of October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.6% OF NET ASSETS  | **COMMON STOCKS** 99.6% OF NET ASSETS  | **COMMON STOCKS** 99.6% OF NET ASSETS  |
| **Automobiles & Components 3.9%** | **Automobiles & Components 3.9%** | **Automobiles & Components 3.9%** |
| Tesla, Inc. \* | 388337 | 177299141 |
| **Banks 0.4%** | **Banks 0.4%** | **Banks 0.4%** |
| Bank of America Corp.  | 75188 | 4018799 |
| Citigroup, Inc.  | 45915 | 4647975 |
| NU Holdings Ltd., Class A \* | 469458 | 7562968 |
| Pinnacle Financial Partners, Inc.  | 646 | 55046 |
| Popular, Inc.  | 800 | 89176 |
| Western Alliance Bancorp  | 3148 | 243498 |
|  |  | **16617462** |
| **Capital Goods 3.8%** | **Capital Goods 3.8%** | **Capital Goods 3.8%** |
| 3M Co.  | 11968 | 1992672 |
| AAON, Inc.  | 9372 | 922111 |
| Allison Transmission Holdings, Inc.  | 1922 | 158661 |
| Armstrong World Industries, Inc.  | 1706 | 324874 |
| Axon Enterprise, Inc. \* | 10468 | 7664984 |
| Boeing Co. \* | 14404 | 2895492 |
| BWX Technologies, Inc.  | 2301 | 491517 |
| Carlisle Cos., Inc.  | 718 | 233386 |
| Carpenter Technology Corp.  | 1201 | 379396 |
| Caterpillar, Inc.  | 7993 | 4614039 |
| Comfort Systems USA, Inc.  | 4879 | 4711065 |
| Core & Main, Inc., Class A \* | 15368 | 801902 |
| EMCOR Group, Inc.  | 2164 | 1462388 |
| Fastenal Co.  | 132478 | 5451470 |
| Ferguson Enterprises, Inc.  | 1664 | 413504 |
| FTAI Aviation Ltd.  | 14207 | 2456390 |
| GE Vernova, Inc.  | 38515 | 22536667 |
| General Electric Co.  | 148228 | 45795041 |
| HEICO Corp.  | 14186 | 4507885 |
| Howmet Aerospace, Inc.  | 56401 | 11615786 |
| Illinois Tool Works, Inc.  | 13492 | 3290969 |
| Karman Holdings, Inc. \* | 3662 | 308487 |
| Lennox International, Inc.  | 4429 | 2236645 |
| Leonardo DRS, Inc.  | 4093 | 149640 |
| Loar Holdings, Inc. \* | 5449 | 431179 |
| Lockheed Martin Corp.  | 8158 | 4012757 |
| MasTec, Inc. \* | 1791 | 365651 |
| Quanta Services, Inc.  | 16016 | 7193266 |
| RBC Bearings, Inc. \* | 864 | 370250 |
| Rocket Lab Corp. \* | 58039 | 3655296 |
| Rockwell Automation, Inc.  | 1291 | 475553 |
| Simpson Manufacturing Co., Inc.  | 486 | 85779 |
| SiteOne Landscape Supply, Inc. \* | 2027 | 263044 |
| Spirit AeroSystems Holdings, Inc., <br> Class A \*<br>| 1794 | 65822 |
| StandardAero, Inc. \* | 1908 | 55122 |
| Trane Technologies PLC  | 31574 | 14165675 |
| TransDigm Group, Inc.  | 1348 | 1763871 |
| Vertiv Holdings Co., Class A  | 53440 | 10306438 |
| WillScot Holdings Corp.  | 6018 | 130891 |
| WW Grainger, Inc.  | 5299 | 5187721 |
|  |  | **173943286** |
| **Commercial & Professional Services 1.2%** | **Commercial & Professional Services 1.2%** | **Commercial & Professional Services 1.2%** |
| Automatic Data Processing, Inc.  | 53473 | 13919022 |
| Booz Allen Hamilton Holding Corp., <br> Class A <br>| 17174 | 1496886 |
| Broadridge Financial Solutions, Inc.  | 14861 | 3275364 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cintas Corp.  | 48314 | 8854507 |
| Copart, Inc. \* | 115862 | 4983225 |
| Dayforce, Inc. \* | 1998 | 137342 |
| Equifax, Inc.  | 2987 | 630556 |
| ExlService Holdings, Inc. \* | 22070 | 862937 |
| KBR, Inc.  | 1401 | 60019 |
| Paychex, Inc.  | 14086 | 1648485 |
| Paycom Software, Inc.  | 3920 | 733393 |
| Paylocity Holding Corp. \* | 5697 | 804815 |
| RB Global, Inc.  | 1558 | 154585 |
| Rollins, Inc.  | 39146 | 2255201 |
| Tetra Tech, Inc.  | 6628 | 211963 |
| Veralto Corp.  | 13196 | 1302181 |
| Verisk Analytics, Inc., Class A  | 11807 | 2582899 |
| Waste Management, Inc.  | 52032 | 10394433 |
|  |  | **54307813** |
| **Consumer Discretionary Distribution & Retail 6.4%** | **Consumer Discretionary Distribution & Retail 6.4%** | **Consumer Discretionary Distribution & Retail 6.4%** |
| Amazon.com, Inc. \* | 833396 | 203531971 |
| AutoZone, Inc. \* | 373 | 1370562 |
| Burlington Stores, Inc. \* | 8846 | 2420177 |
| Carvana Co., Class A \* | 18532 | 5680799 |
| Chewy, Inc., Class A \* | 30303 | 1021817 |
| Coupang, Inc., Class A \* | 174629 | 5582889 |
| Etsy, Inc. \* | 7894 | 489428 |
| Floor & Decor Holdings, Inc., Class A \* | 4575 | 285846 |
| Home Depot, Inc.  | 106985 | 40610436 |
| Lithia Motors, Inc., Class A  | 430 | 135054 |
| Murphy USA, Inc.  | 2508 | 898366 |
| O'Reilly Automotive, Inc. \* | 109954 | 10384056 |
| Pool Corp.  | 907 | 242224 |
| RH \* | 339 | 58474 |
| Ross Stores, Inc.  | 8989 | 1428532 |
| TJX Cos., Inc.  | 79313 | 11114924 |
| Tractor Supply Co.  | 74551 | 4033955 |
| Ulta Beauty, Inc. \* | 1566 | 814132 |
| Valvoline, Inc. \* | 15849 | 523176 |
| Wayfair, Inc., Class A \* | 2538 | 262708 |
| Williams-Sonoma, Inc.  | 2503 | 486433 |
|  |  | **291375959** |
| **Consumer Durables & Apparel 0.2%** | **Consumer Durables & Apparel 0.2%** | **Consumer Durables & Apparel 0.2%** |
| Birkenstock Holding PLC \* | 2319 | 92551 |
| Deckers Outdoor Corp. \* | 20823 | 1697074 |
| Lululemon Athletica, Inc. \* | 8461 | 1442939 |
| On Holding AG, Class A \* | 30724 | 1141397 |
| Ralph Lauren Corp., Class A  | 422 | 134897 |
| SharkNinja, Inc. \* | 1911 | 163391 |
| Somnigroup International, Inc.  | 28197 | 2237150 |
| Tapestry, Inc.  | 26678 | 2929778 |
| TopBuild Corp. \* | 284 | 119984 |
|  |  | **9959161** |
| **Consumer Services 2.4%** | **Consumer Services 2.4%** | **Consumer Services 2.4%** |
| Airbnb, Inc., Class A \* | 59671 | 7550768 |
| Booking Holdings, Inc.  | 4315 | 21910448 |
| Bright Horizons Family Solutions, Inc. \* | 1071 | 116985 |
| Carnival Corp. \* | 46841 | 1350426 |
| Cava Group, Inc. \* | 13917 | 747760 |
| Chipotle Mexican Grill, Inc., Class A \* | 188159 | 5962759 |
| Choice Hotels International, Inc.  | 1146 | 106532 |
| Churchill Downs, Inc.  | 7433 | 737354 |
| Darden Restaurants, Inc.  | 15597 | 2809800 |
| Domino's Pizza, Inc.  | 1365 | 543898 |
| DoorDash, Inc., Class A \* | 50666 | 12887910 |

---

*See financial notes*

**78**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Growth Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| DraftKings, Inc., Class A \* | 67689 | 2070607 |
| Duolingo, Inc. \* | 5309 | 1436828 |
| Dutch Bros, Inc., Class A \* | 16740 | 929740 |
| Expedia Group, Inc.  | 16976 | 3734720 |
| Flutter Entertainment PLC \* | 20395 | 4743673 |
| Grand Canyon Education, Inc. \* | 1102 | 207507 |
| H&R Block, Inc.  | 3139 | 156134 |
| Hilton Worldwide Holdings, Inc.  | 32459 | 8340665 |
| Las Vegas Sands Corp.  | 43399 | 2575731 |
| Light & Wonder, Inc. \* | 11543 | 839176 |
| Marriott International, Inc., Class A  | 24565 | 6401148 |
| McDonald's Corp.  | 5704 | 1702245 |
| Norwegian Cruise Line Holdings Ltd. \* | 55679 | 1248323 |
| Planet Fitness, Inc., Class A \* | 11703 | 1061345 |
| Restaurant Brands International, Inc.  | 29093 | 1911119 |
| Royal Caribbean Cruises Ltd.  | 35635 | 10221187 |
| Starbucks Corp.  | 20984 | 1696976 |
| Texas Roadhouse, Inc., Class A  | 9232 | 1510171 |
| Travel & Leisure Co.  | 2958 | 185703 |
| Vail Resorts, Inc.  | 4107 | 609191 |
| Viking Holdings Ltd. \* | 24310 | 1479263 |
| Wendy's Co.  | 9932 | 84819 |
| Wingstop, Inc.  | 3923 | 849839 |
| Wyndham Hotels & Resorts, Inc.  | 9347 | 686350 |
| Yum! Brands, Inc.  | 13064 | 1805575 |
|  |  | **111212675** |
| **Consumer Staples Distribution & Retail 1.5%** | **Consumer Staples Distribution & Retail 1.5%** | **Consumer Staples Distribution & Retail 1.5%** |
| BJ's Wholesale Club Holdings, Inc. \* | 2769 | 244392 |
| Casey's General Stores, Inc.  | 797 | 409012 |
| Costco Wholesale Corp.  | 62536 | 56998437 |
| Performance Food Group Co. \* | 2578 | 249396 |
| Sprouts Farmers Market, Inc. \* | 13653 | 1078041 |
| Sysco Corp.  | 36546 | 2714637 |
| Walmart, Inc.  | 61209 | 6193127 |
|  |  | **67887042** |
| **Energy 0.3%** | **Energy 0.3%** | **Energy 0.3%** |
| Cheniere Energy, Inc.  | 13945 | 2956340 |
| HF Sinclair Corp.  | 2450 | 126420 |
| Phillips 66  | 4096 | 557629 |
| SLB Ltd.  | 16162 | 582802 |
| Targa Resources Corp.  | 30101 | 4636758 |
| Texas Pacific Land Corp.  | 2706 | 2552786 |
| Williams Cos., Inc.  | 9008 | 521293 |
|  |  | **11934028** |
| **Equity Real Estate Investment Trusts (REITs) 0.4%** | **Equity Real Estate Investment Trusts (REITs) 0.4%** | **Equity Real Estate Investment Trusts (REITs) 0.4%** |
| American Tower Corp.  | 65786 | 11774378 |
| Lamar Advertising Co., Class A  | 12220 | 1449170 |
| Public Storage  | 2899 | 807546 |
| Simon Property Group, Inc.  | 10029 | 1762697 |
| Sun Communities, Inc.  | 3439 | 435377 |
| UDR, Inc.  | 2626 | 88470 |
|  |  | **16317638** |
| **Financial Services 5.1%** | **Financial Services 5.1%** | **Financial Services 5.1%** |
| Affirm Holdings, Inc. \* | 22553 | 1621110 |
| Ally Financial, Inc.  | 4549 | 177275 |
| American Express Co.  | 25328 | 9136569 |
| Ameriprise Financial, Inc.  | 12200 | 5523794 |
| Apollo Global Management, Inc.  | 40226 | 5000494 |
| ARES Management Corp., Class A  | 26392 | 3924754 |
| Bank of New York Mellon Corp.  | 7367 | 795120 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Blackstone, Inc.  | 102950 | 15096588 |
| Block, Inc. \* | 28110 | 2134673 |
| Blue Owl Capital, Inc., Class A  | 85085 | 1341790 |
| Brookfield Asset Management Ltd., <br> Class A <br>| 18402 | 994812 |
| Charles Schwab Corp. *(a)* | 20097 | 1899568 |
| Coinbase Global, Inc., Class A \* | 2861 | 983555 |
| Corpay, Inc. \* | 9559 | 2488686 |
| Credit Acceptance Corp. \* | 65 | 29077 |
| Equitable Holdings, Inc.  | 41938 | 2071737 |
| FactSet Research Systems, Inc.  | 336 | 89645 |
| Fiserv, Inc. \* | 21019 | 1401757 |
| Freedom Holding Corp. *\*(b)* | 2208 | 339281 |
| Goldman Sachs Group, Inc.  | 2284 | 1802921 |
| Hamilton Lane, Inc., Class A  | 3687 | 420171 |
| Houlihan Lokey, Inc., Class A  | 2875 | 514855 |
| Interactive Brokers Group, Inc., Class A  | 3404 | 239505 |
| Jefferies Financial Group, Inc.  | 5095 | 269169 |
| KKR & Co., Inc.  | 23762 | 2811757 |
| Lazard, Inc.  | 2411 | 117657 |
| LPL Financial Holdings, Inc.  | 11180 | 4218326 |
| Mastercard, Inc., Class A  | 114614 | 63265782 |
| Moody's Corp.  | 21864 | 10501279 |
| Morningstar, Inc.  | 2194 | 465786 |
| MSCI, Inc., Class A  | 5201 | 3061049 |
| Robinhood Markets, Inc., Class A \* | 13818 | 2028206 |
| Shift4 Payments, Inc., Class A \* | 9107 | 629294 |
| SLM Corp.  | 4051 | 108769 |
| SoFi Technologies, Inc. \* | 22162 | 657768 |
| Toast, Inc., Class A \* | 64105 | 2316755 |
| TPG, Inc.  | 17313 | 952908 |
| Tradeweb Markets, Inc., Class A  | 1348 | 142066 |
| UWM Holdings Corp.  | 3501 | 19711 |
| Visa, Inc., Class A  | 239878 | 81736030 |
| WEX, Inc. \* | 388 | 56601 |
| XP, Inc., Class A  | 4698 | 85598 |
|  |  | **231472248** |
| **Food, Beverage & Tobacco 0.7%** | **Food, Beverage & Tobacco 0.7%** | **Food, Beverage & Tobacco 0.7%** |
| Celsius Holdings, Inc. \* | 23288 | 1402636 |
| Coca-Cola Co.  | 267144 | 18406222 |
| Coca-Cola Consolidated, Inc.  | 999 | 130250 |
| Darling Ingredients, Inc. \* | 2567 | 82272 |
| Freshpet, Inc. \* | 1630 | 80212 |
| Hershey Co.  | 2475 | 419834 |
| Monster Beverage Corp. \* | 98029 | 6551278 |
| PepsiCo, Inc.  | 26322 | 3845381 |
|  |  | **30918085** |
| **Health Care Equipment & Services 1.9%** | **Health Care Equipment & Services 1.9%** | **Health Care Equipment & Services 1.9%** |
| Boston Scientific Corp. \* | 35787 | 3604467 |
| Cardinal Health, Inc.  | 16870 | 3218290 |
| Cencora, Inc.  | 25786 | 8710769 |
| Chemed Corp.  | 194 | 83672 |
| Cigna Group  | 2921 | 713922 |
| DaVita, Inc. \* | 5241 | 623784 |
| Dexcom, Inc. \* | 54868 | 3194415 |
| Doximity, Inc., Class A \* | 18923 | 1248918 |
| HCA Healthcare, Inc.  | 5096 | 2342529 |
| IDEXX Laboratories, Inc. \* | 11329 | 7131719 |
| Inspire Medical Systems, Inc. \* | 3944 | 284283 |
| Insulet Corp. \* | 9848 | 3082522 |
| Intuitive Surgical, Inc. \* | 50248 | 26846501 |
| Masimo Corp. \* | 6286 | 884126 |
| McKesson Corp.  | 16321 | 13241880 |
| Molina Healthcare, Inc. \* | 4119 | 630454 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**79**

------

Schwab U.S. Large-Cap Growth Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Penumbra, Inc. \* | 5216 | 1185962 |
| ResMed, Inc.  | 4895 | 1208478 |
| Stryker Corp.  | 12417 | 4423432 |
| Veeva Systems, Inc., Class A \* | 16528 | 4812954 |
|  |  | **87473077** |
| **Household & Personal Products 0.1%** | **Household & Personal Products 0.1%** | **Household & Personal Products 0.1%** |
| Colgate-Palmolive Co.  | 53709 | 4138278 |
| Kimberly-Clark Corp.  | 16877 | 2020346 |
|  |  | **6158624** |
| **Insurance 0.3%** | **Insurance 0.3%** | **Insurance 0.3%** |
| Aon PLC, Class A  | 27223 | 9274331 |
| Arthur J Gallagher & Co.  | 2224 | 554866 |
| Brown & Brown, Inc.  | 4035 | 321751 |
| Everest Group Ltd.  | 794 | 249729 |
| Kinsale Capital Group, Inc.  | 3089 | 1233963 |
| Markel Group, Inc. \* | 355 | 700958 |
| Marsh & McLennan Cos., Inc.  | 8272 | 1473657 |
| Progressive Corp.  | 4195 | 864170 |
| RLI Corp.  | 530 | 31249 |
| Ryan Specialty Holdings, Inc., Class A  | 14670 | 803916 |
|  |  | **15508590** |
| **Materials 0.3%** | **Materials 0.3%** | **Materials 0.3%** |
| Anglogold Ashanti PLC  | 8628 | 586704 |
| Eagle Materials, Inc.  | 273 | 57963 |
| Ecolab, Inc.  | 8608 | 2207091 |
| James Hardie Industries PLC, ADR \* | 13441 | 281320 |
| Sherwin-Williams Co.  | 29688 | 10240579 |
| Steel Dynamics, Inc.  | 1850 | 290080 |
|  |  | **13663737** |
| **Media & Entertainment 11.2%** | **Media & Entertainment 11.2%** | **Media & Entertainment 11.2%** |
| Alphabet, Inc., Class A  | 503681 | 141630060 |
| Alphabet, Inc., Class C  | 410014 | 115550145 |
| DoubleVerify Holdings, Inc. \* | 9797 | 111490 |
| Liberty Broadband Corp., Class C \* | 4398 | 236700 |
| Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 9970 | 995505 |
| Live Nation Entertainment, Inc. \* | 22323 | 3337958 |
| Meta Platforms, Inc., Class A  | 224551 | 145587641 |
| Netflix, Inc. \* | 59674 | 66766852 |
| Nexstar Media Group, Inc., Class A  | 225 | 44039 |
| NIQ Global Intelligence PLC \* | 3300 | 40920 |
| Pinterest, Inc., Class A \* | 41837 | 1384805 |
| Reddit, Inc., Class A \* | 16410 | 3428869 |
| ROBLOX Corp., Class A \* | 85923 | 9771164 |
| Roku, Inc. \* | 2718 | 288461 |
| Spotify Technology SA \* | 21634 | 14177193 |
| Take-Two Interactive Software, Inc. \* | 8611 | 2207602 |
| TKO Group Holdings, Inc.  | 4153 | 782425 |
| Trade Desk, Inc., Class A \* | 62636 | 3149338 |
| Trump Media & Technology Group <br> Corp. \*<br>| 14399 | 220665 |
|  |  | **509711832** |
| **Pharmaceuticals, Biotechnology & Life Sciences 5.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.0%** |
| AbbVie, Inc.  | 249165 | 54327937 |
| Alnylam Pharmaceuticals, Inc. \* | 17552 | 8004414 |
| Amgen, Inc.  | 55801 | 16652692 |
| Apellis Pharmaceuticals, Inc. \* | 15609 | 335125 |
| Bristol-Myers Squibb Co.  | 55185 | 2542373 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Caris Life Sciences, Inc. \* | 1600 | 48128 |
| Corcept Therapeutics, Inc. \* | 13401 | 984572 |
| Eli Lilly & Co.  | 112734 | 97273659 |
| Exact Sciences Corp. \* | 1601 | 103569 |
| Exelixis, Inc. \* | 30280 | 1170928 |
| Gilead Sciences, Inc.  | 47145 | 5647500 |
| Halozyme Therapeutics, Inc. \* | 17163 | 1118856 |
| Incyte Corp. \* | 5933 | 554617 |
| Insmed, Inc. \* | 24484 | 4642166 |
| Ionis Pharmaceuticals, Inc. \* | 20449 | 1519361 |
| Medpace Holdings, Inc. \* | 3113 | 1820825 |
| Natera, Inc. \* | 18229 | 3626295 |
| Neurocrine Biosciences, Inc. \* | 11556 | 1654935 |
| Repligen Corp. \* | 873 | 130129 |
| Sarepta Therapeutics, Inc. \* | 10831 | 260052 |
| Sotera Health Co. \* | 1900 | 31540 |
| Summit Therapeutics, Inc. *\*(b)* | 15915 | 300953 |
| Tempus AI, Inc. \* | 11480 | 1031478 |
| Ultragenyx Pharmaceutical, Inc. \* | 12489 | 432119 |
| Vertex Pharmaceuticals, Inc. \* | 36169 | 15392441 |
| Viking Therapeutics, Inc. \* | 1201 | 45734 |
| Waters Corp. \* | 4344 | 1518662 |
| Zoetis, Inc.  | 50065 | 7213866 |
|  |  | **228384926** |
| **Real Estate Management & Development 0.0%** | **Real Estate Management & Development 0.0%** | **Real Estate Management & Development 0.0%** |
| CBRE Group, Inc., Class A \* | 4556 | 694471 |
| CoStar Group, Inc. \* | 7275 | 500593 |
| Jones Lang LaSalle, Inc. \* | 1754 | 535128 |
|  |  | **1730192** |
| **Semiconductors & Semiconductor Equipment 21.3%** | **Semiconductors & Semiconductor Equipment 21.3%** | **Semiconductors & Semiconductor Equipment 21.3%** |
| Advanced Micro Devices, Inc. \* | 132576 | 33955365 |
| Applied Materials, Inc.  | 32030 | 7466193 |
| Astera Labs, Inc. \* | 17751 | 3313757 |
| Broadcom, Inc.  | 619282 | 228905206 |
| Enphase Energy, Inc. \* | 17744 | 541369 |
| Entegris, Inc.  | 3447 | 315642 |
| KLA Corp.  | 18775 | 22694093 |
| Lam Research Corp.  | 180272 | 28385629 |
| Lattice Semiconductor Corp. \* | 16591 | 1210479 |
| MACOM Technology Solutions Holdings, <br> Inc. \*<br>| 2175 | 322183 |
| Marvell Technology, Inc.  | 8420 | 789291 |
| Monolithic Power Systems, Inc.  | 6501 | 6533505 |
| NVIDIA Corp.  | 3081023 | 623876347 |
| Onto Innovation, Inc. \* | 1616 | 218095 |
| QUALCOMM, Inc.  | 34872 | 6308345 |
| Texas Instruments, Inc.  | 52245 | 8435478 |
|  |  | **973270977** |
| **Software & Services 19.5%** | **Software & Services 19.5%** | **Software & Services 19.5%** |
| Adobe, Inc. \* | 60017 | 20424385 |
| Appfolio, Inc., Class A \* | 3162 | 804508 |
| AppLovin Corp., Class A \* | 33607 | 21418749 |
| Atlassian Corp., Class A \* | 22794 | 3861760 |
| Autodesk, Inc. \* | 30048 | 9054664 |
| Bentley Systems, Inc., Class B  | 21954 | 1115922 |
| Cadence Design Systems, Inc. \* | 38431 | 13016196 |
| Circle Internet Group, Inc. *\*(b)* | 1046 | 132821 |
| Cloudflare, Inc., Class A \* | 43496 | 11017537 |
| Confluent, Inc., Class A \* | 38591 | 901872 |
| Crowdstrike Holdings, Inc., Class A \* | 34394 | 18676286 |
| Datadog, Inc., Class A \* | 43489 | 7080444 |
| Docusign, Inc., Class A \* | 21167 | 1548154 |

---

*See financial notes*

**80**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Growth Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Dropbox, Inc., Class A \* | 6937 | 201173 |
| Dynatrace, Inc. \* | 41754 | 2111500 |
| Elastic NV \* | 12640 | 1127741 |
| Fair Isaac Corp. \* | 2721 | 4515581 |
| Fortinet, Inc. \* | 89800 | 7761414 |
| Gartner, Inc. \* | 10536 | 2616510 |
| Gen Digital, Inc.  | 8430 | 222215 |
| Gitlab, Inc., Class A \* | 18513 | 902509 |
| Globant SA \* | 963 | 59302 |
| GoDaddy, Inc., Class A \* | 19442 | 2588314 |
| Guidewire Software, Inc. \* | 11774 | 2750877 |
| HubSpot, Inc. \* | 7172 | 3528050 |
| Intuit, Inc.  | 38387 | 25625242 |
| Kyndryl Holdings, Inc. \* | 2313 | 66892 |
| Manhattan Associates, Inc. \* | 8361 | 1522287 |
| Microsoft Corp.  | 977833 | 506331706 |
| MongoDB, Inc., Class A \* | 1149 | 413433 |
| nCino, Inc. \* | 2442 | 65153 |
| Nutanix, Inc., Class A \* | 8749 | 623279 |
| Okta, Inc. \* | 9306 | 851778 |
| Oracle Corp.  | 232989 | 61185241 |
| Palantir Technologies, Inc., Class A \* | 307353 | 61615056 |
| Palo Alto Networks, Inc. \* | 92526 | 20377926 |
| Pegasystems, Inc.  | 4118 | 262111 |
| Procore Technologies, Inc. \* | 16418 | 1211977 |
| PTC, Inc. \* | 2022 | 401448 |
| RingCentral, Inc., Class A \* | 11109 | 334603 |
| Rubrik, Inc., Class A \* | 10023 | 754431 |
| Salesforce, Inc.  | 14746 | 3840006 |
| Samsara, Inc., Class A \* | 37402 | 1502438 |
| SentinelOne, Inc., Class A \* | 29119 | 519774 |
| ServiceNow, Inc. \* | 29119 | 26768514 |
| Snowflake, Inc., Class A \* | 44097 | 12121383 |
| Strategy, Inc., Class A \* | 2184 | 588610 |
| Synopsys, Inc. \* | 19026 | 8634379 |
| Teradata Corp. \* | 3306 | 68930 |
| Twilio, Inc., Class A \* | 3389 | 457108 |
| Tyler Technologies, Inc. \* | 5039 | 2399874 |
| Unity Software, Inc. \* | 2970 | 112563 |
| Workday, Inc., Class A \* | 30371 | 7286610 |
| Zscaler, Inc. \* | 13748 | 4552513 |
|  |  | **887933749** |
| **Technology Hardware & Equipment 12.7%** | **Technology Hardware & Equipment 12.7%** | **Technology Hardware & Equipment 12.7%** |
| Amphenol Corp., Class A  | 170196 | 23715111 |
| Apple, Inc.  | 1925709 | 520653942 |
| Arista Networks, Inc. \* | 145300 | 22912357 |
| CDW Corp.  | 1429 | 227740 |
| Dell Technologies, Inc., Class C  | 5914 | 958127 |
| Jabil, Inc.  | 9710 | 2144842 |
| Lumentum Holdings, Inc. \* | 784 | 158023 |
| Motorola Solutions, Inc.  | 9863 | 4011381 |
| NetApp, Inc.  | 11003 | 1295933 |
| Pure Storage, Inc., Class A \* | 37465 | 3697795 |
| Super Micro Computer, Inc. \* | 32829 | 1705795 |
| Ubiquiti, Inc.  | 607 | 477818 |
|  |  | **581958864** |
| **Telecommunication Services 0.0%** | **Telecommunication Services 0.0%** | **Telecommunication Services 0.0%** |
| AST SpaceMobile, Inc. \* | 25241 | 2025590 |
| GCI Liberty, Inc., Class C \* | 779 | 28531 |
| Iridium Communications, Inc.  | 3000 | 57450 |
|  |  | **2111571** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Transportation 0.7%** | **Transportation 0.7%** | **Transportation 0.7%** |
| Alaska Air Group, Inc. \* | 2818 | 117595 |
| American Airlines Group, Inc. \* | 5570 | 73134 |
| Avis Budget Group, Inc. \* | 844 | 114843 |
| Lyft, Inc., Class A \* | 8639 | 176754 |
| Old Dominion Freight Line, Inc.  | 1514 | 212596 |
| Southwest Airlines Co.  | 6963 | 210979 |
| Uber Technologies, Inc. \* | 283583 | 27365760 |
| U-Haul Holding Co., Non Voting Shares  | 5780 | 280272 |
| Union Pacific Corp.  | 6585 | 1451136 |
| XPO, Inc. \* | 3290 | 473332 |
|  |  | **30476401** |
| **Utilities 0.3%** | **Utilities 0.3%** | **Utilities 0.3%** |
| NRG Energy, Inc.  | 26670 | 4583506 |
| Vistra Corp.  | 47582 | 8959691 |
|  |  | **13543197** |
| **Total Common Stocks** <br>**(Cost $2,629,569,061)** | **Total Common Stocks** <br>**(Cost $2,629,569,061)** | **4545170275** |
| **INVESTMENT COMPANIES** 0.1% OF NET ASSETS  | **INVESTMENT COMPANIES** 0.1% OF NET ASSETS  | **INVESTMENT COMPANIES** 0.1% OF NET ASSETS  |
| **Equity Funds 0.1%** | **Equity Funds 0.1%** | **Equity Funds 0.1%** |
| iShares Russell 1000 Growth ETF *(b)* | 15000 | 7283700 |
| **Total Investment Companies** <br>**(Cost $5,436,255)** | **Total Investment Companies** <br>**(Cost $5,436,255)** | **7283700** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.4% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.4% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.4% OF NET ASSETS  |
| **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(c)*<br>| 15550595 | 15550595 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(c)(d)*<br>| 1456880 | 1456880 |
|  |  | **17007475** |
| **Total Short-Term Investments** <br>**(Cost $17,007,475)** | **Total Short-Term Investments** <br>**(Cost $17,007,475)** | **17007475** |
| **Total Investments in Securities** <br>**(Cost $2,652,012,791)** | **Total Investments in Securities** <br>**(Cost $2,652,012,791)** | **4569461450** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**81**

------

Schwab U.S. Large-Cap Growth Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| NASDAQ 100 Index, e-mini, <br> expires 12/19/25<br>| 22 | 11441760 | 71704 |
| S&P 500 Index, e-mini, expires <br> 12/19/25<br>| 1 | 343700 | (2615)<br>|
|  |  |  | **69089** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* Issuer is affiliated with the fund's investment adviser.

*(b)* All or a portion of this security is on loan. Securities on loan were valued at $1,435,513. 

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR — American Depositary Receipt <br> ETF — Exchange-Traded Fund

Below is a summary of the fund's transactions with affiliated issuers during the period ended October 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS |
| **Financial Services 0.0%** | **Financial Services 0.0%** | **Financial Services 0.0%** | **Financial Services 0.0%** | **Financial Services 0.0%** | **Financial Services 0.0%** | **Financial Services 0.0%** | **Financial Services 0.0%** | **Financial Services 0.0%** |
| Charles Schwab Corp. | $1058129 | $566281 | ($130464)<br>| $11026 | $394596 | **$1899568** | 20097 | $18654 |

---

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $4545170275 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4545170275 |
| Investment Companies<sup>1</sup> <br>| 7283700 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7283700 |
| Short-Term Investments<sup>1</sup> <br>| 17007475 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17007475 |
| Futures Contracts<sup>2</sup> <br>| 71704 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 71704 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (2615)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2615)<br>|
| **Total** | **$4569530539** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$4569530539** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

**82**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Growth Index Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $1,539,640)  |  | $1899568 |
| Investments in securities, at value - unaffiliated issuers (cost $2,650,473,151) including securities on loan of $1,435,513 |  | 4567561882 |
| Deposit with broker for futures contracts |  | 1118244 |
| Receivables: |  |  |
| Fund shares sold |  | 6207524 |
| Dividends |  | 925901 |
| Variation margin on future contracts |  | 69173 |
| Income from securities on loan | + | 2186 |
| **Total assets** |  | **4577784478** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 1456880 |
| Payables: |  |  |
| Fund shares redeemed |  | 11225725 |
| Investment adviser fees | + | 140050 |
| **Total liabilities** |  | **12822655** |
| **Net assets** |  | **$4564961823** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $2694084653 |
| Total distributable earnings | + | 1870877170 |
| **Net assets** |  | **$4564961823** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $4564961823 |  | &nbsp;&nbsp;&nbsp;&nbsp; 252986140 |  | &nbsp;&nbsp;&nbsp;&nbsp; $18.04 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**83**

------

Schwab U.S. Large-Cap Growth Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $1,518) |  | $21038763 |
| Other Interest |  | 32731 |
| Dividends received from securities - affiliated issuers |  | 18654 |
| Securities on loan, net | + | 14065 |
| **Total investment income**  |  | **21104213** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 1235933 |
| **Total expenses** | – | **1235933** |
| **Net investment income** |  | **19868280** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - affiliated issuers  |  | 11026 |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 2128980 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 24541843 |
| Net realized gains on futures contracts | + | 2778388 |
| **Net realized gains** |  | **29460237** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 394596 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 932740311 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 214292 |
| **Net change in unrealized appreciation (depreciation)** |  | **933349199** |
| **Net realized and unrealized gains** |  | **962809436** |
| **Increase in net assets resulting from operations** |  | **$982677716** |

---

*See financial notes*

**84**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Growth Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $19868280 | &nbsp;&nbsp;&nbsp; $15611030 |
| Net realized gains |  | 29460237 | &nbsp;&nbsp;&nbsp; 9022611 |
| Net change in unrealized appreciation (depreciation) | + | 933349199 | &nbsp;&nbsp;&nbsp; 680783495 |
| **Increase in net assets resulting from operations** |  | **$982677716** | &nbsp;&nbsp;&nbsp; **$705417136** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($16684287)**<br>| &nbsp;&nbsp;&nbsp; **($11280497)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 102650417 | &nbsp;&nbsp;&nbsp; $1583700561 | &nbsp;&nbsp;&nbsp; 116024584 | &nbsp;&nbsp;&nbsp; $1436032229 |
| Shares reinvested |  | 928317 | &nbsp;&nbsp;&nbsp; 14205613 | &nbsp;&nbsp;&nbsp; 876840 | &nbsp;&nbsp;&nbsp; 9527758 |
| Shares redeemed | + | (59165274)<br>| &nbsp;&nbsp;&nbsp; (898041649)<br>| &nbsp;&nbsp;&nbsp; (47219928)<br>| &nbsp;&nbsp;&nbsp; (592645790)<br>|
| **Net transactions in fund shares**  |  | **44413460** | &nbsp;&nbsp;&nbsp; **$699864525** | &nbsp;&nbsp;&nbsp; **69681496** | &nbsp;&nbsp;&nbsp; **$852914197** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 208572680 | &nbsp;&nbsp;&nbsp; $2899103869 | &nbsp;&nbsp;&nbsp; 138891184 | &nbsp;&nbsp;&nbsp; $1352053033 |
| Total increase | + | 44413460 | &nbsp;&nbsp;&nbsp; 1665857954 | &nbsp;&nbsp;&nbsp; 69681496 | &nbsp;&nbsp;&nbsp; 1547050836 |
| **End of period** |  | **252986140** | &nbsp;&nbsp;&nbsp; **$4564961823** | &nbsp;&nbsp;&nbsp; **208572680** | &nbsp;&nbsp;&nbsp; **$2899103869** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the period ended October 31, 2025, and the prior report period, transactions in fund shares have been retroactively adjusted to reflect a 8-for-1 share split effective after the close of U.S. markets on August 15, 2025. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 9 for additional information). 

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**85**

------

Schwab U.S. Large-Cap Value Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<sup>1</sup> <br>| 11/1/23– <br>10/31/24<sup>1</sup> <br>| 11/1/22– <br>10/31/23<sup>1</sup> <br>| 11/1/21– <br>10/31/22<sup>1</sup> <br>| 11/1/20– <br>10/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $14.83 | &nbsp;&nbsp; $11.63 | &nbsp;&nbsp; $11.88 | &nbsp;&nbsp; $13.41 | &nbsp;&nbsp; $9.52 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.30 | 0.30 | 0.28 | 0.25 | 0.24 |
| Net realized and unrealized gains (losses) | 1.31 | 3.24 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (1.14)<br>| 3.87 |
| Total from investment operations | 1.61 | 3.54 | 0.03 | &nbsp;&nbsp; (0.89)<br>| 4.11 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.22)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.22)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $16.05 | &nbsp;&nbsp; $14.83 | &nbsp;&nbsp; $11.63 | &nbsp;&nbsp; $11.88 | &nbsp;&nbsp; $13.41 |
| Total return | 11.13<br> %<br>| 30.97<br> %<br>| 0.11<br> %<br>| &nbsp;&nbsp; (7.04<br> %)<br>| 43.70<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.035<br> %<br>| 0.035<br> %<br>| 0.035<br> %<br>| 0.035 %<sup>3</sup><br>| 0.035<br> %<br>|
| Net investment income (loss) | 1.97<br> %<br>| 2.18<br> %<br>| 2.31<br> %<br>| 2.05<br> %<br>| 1.97<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 16 %<sup>4</sup><br>| &nbsp;&nbsp; 30 %<sup>4</sup><br>| &nbsp;&nbsp; 42 %<sup>4</sup><br>| &nbsp;&nbsp; 15 %<sup>4</sup><br>| &nbsp;&nbsp; 20<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $919 | &nbsp;&nbsp; $763 | &nbsp;&nbsp; $593 | &nbsp;&nbsp; $648 | &nbsp;&nbsp; $576 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per-Share Data has been retroactively adjusted to reflect a 4-for-1 share split effective after the close of U.S. markets on August 15, 2025 (see financial note 9 for additional information). 

<sup>2</sup> Calculated based on the average shares outstanding during the period.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>4</sup> Portfolio turnover rate excludes in-kind transactions.

*See financial notes*

**86**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.5% OF NET ASSETS  | **COMMON STOCKS** 99.5% OF NET ASSETS  | **COMMON STOCKS** 99.5% OF NET ASSETS  |
| **Automobiles & Components 0.6%** | **Automobiles & Components 0.6%** | **Automobiles & Components 0.6%** |
| Aptiv PLC \* | 6832 | 554075 |
| BorgWarner, Inc.  | 6781 | 291312 |
| Ford Motor Co.  | 122323 | 1606101 |
| General Motors Co.  | 29799 | 2058813 |
| Gentex Corp.  | 7166 | 168043 |
| Harley-Davidson, Inc.  | 3352 | 90437 |
| Lear Corp.  | 1649 | 172568 |
| Lucid Group, Inc. *\*(a)* | 3956 | 70219 |
| QuantumScape Corp., Class A \* | 13137 | 242246 |
| Rivian Automotive, Inc., Class A \* | 24290 | 329615 |
| Thor Industries, Inc.  | 1606 | 167586 |
|  |  | **5751015** |
| **Banks 7.3%** | **Banks 7.3%** | **Banks 7.3%** |
| Bank of America Corp.  | 194549 | 10398644 |
| Bank OZK  | 3372 | 151706 |
| BOK Financial Corp.  | 711 | 74356 |
| Citigroup, Inc.  | 47000 | 4757810 |
| Citizens Financial Group, Inc.  | 13629 | 693307 |
| Columbia Banking System, Inc.  | 9285 | 248838 |
| Comerica, Inc.  | 3997 | 305771 |
| Commerce Bancshares, Inc.  | 3850 | 202626 |
| Cullen/Frost Bankers, Inc.  | 1879 | 231380 |
| East West Bancorp, Inc.  | 4268 | 433629 |
| Fifth Third Bancorp  | 20856 | 868027 |
| First Citizens BancShares, Inc., Class A  | 297 | 541972 |
| First Hawaiian, Inc.  | 3907 | 95839 |
| First Horizon Corp.  | 15662 | 334540 |
| FNB Corp.  | 11172 | 175624 |
| Huntington Bancshares, Inc.  | 48401 | 747311 |
| JPMorgan Chase & Co.  | 87025 | 27075218 |
| KeyCorp  | 29529 | 519415 |
| M&T Bank Corp.  | 4902 | 901331 |
| Pinnacle Financial Partners, Inc.  | 2216 | 188825 |
| PNC Financial Services Group, Inc.  | 12381 | 2260152 |
| Popular, Inc.  | 1885 | 210121 |
| Prosperity Bancshares, Inc.  | 2867 | 188706 |
| Regions Financial Corp.  | 28149 | 681206 |
| Southstate Bank Corp.  | 3146 | 278893 |
| Synovus Financial Corp.  | 4330 | 193291 |
| TFS Financial Corp.  | 1698 | 22583 |
| Truist Financial Corp.  | 40432 | 1804480 |
| U.S. Bancorp  | 48940 | 2284519 |
| Webster Financial Corp.  | 5256 | 299802 |
| Wells Fargo & Co.  | 101053 | 8788579 |
| Western Alliance Bancorp  | 2663 | 205983 |
| Wintrust Financial Corp.  | 2078 | 270182 |
| Zions Bancorp NA  | 4578 | 238560 |
|  |  | **66673226** |
| **Capital Goods 10.0%** | **Capital Goods 10.0%** | **Capital Goods 10.0%** |
| 3M Co.  | 14021 | 2334496 |
| A.O. Smith Corp.  | 3530 | 232945 |
| Acuity, Inc.  | 968 | 353368 |
| Advanced Drainage Systems, Inc.  | 2217 | 310491 |
| AECOM  | 4156 | 558359 |
| AGCO Corp.  | 1941 | 200234 |
| Air Lease Corp., Class A  | 3260 | 208184 |
| Allegion PLC  | 2692 | 446253 |
| Allison Transmission Holdings, Inc.  | 2174 | 179464 |
| AMETEK, Inc.  | 7223 | 1459841 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| API Group Corp. \* | 11563 | 425750 |
| Applied Industrial Technologies, Inc.  | 1198 | 307994 |
| Armstrong World Industries, Inc.  | 960 | 182813 |
| ATI, Inc. \* | 4407 | 436161 |
| Boeing Co. \* | 19494 | 3918684 |
| Builders FirstSource, Inc. \* | 3400 | 394978 |
| BWX Technologies, Inc.  | 2367 | 505615 |
| Carlisle Cos., Inc.  | 1184 | 384859 |
| Carpenter Technology Corp.  | 1242 | 392348 |
| Carrier Global Corp.  | 24860 | 1478921 |
| Caterpillar, Inc.  | 12723 | 7344479 |
| CNH Industrial NV  | 27388 | 287300 |
| Core & Main, Inc., Class A \* | 2456 | 128154 |
| Crane Co.  | 1550 | 294500 |
| Cummins, Inc.  | 4307 | 1885088 |
| Curtiss-Wright Corp.  | 1175 | 699983 |
| Deere & Co.  | 7656 | 3534239 |
| Donaldson Co., Inc.  | 3626 | 305491 |
| Dover Corp.  | 4259 | 772838 |
| Eaton Corp. PLC  | 12280 | 4685557 |
| EMCOR Group, Inc.  | 908 | 613608 |
| Emerson Electric Co.  | 17661 | 2464946 |
| Esab Corp.  | 1783 | 208290 |
| Everus Construction Group, Inc. \* | 1587 | 144242 |
| Fastenal Co.  | 6435 | 264800 |
| Ferguson Enterprises, Inc.  | 5716 | 1420426 |
| Flowserve Corp.  | 4067 | 277573 |
| Fortive Corp.  | 10677 | 537480 |
| Fortune Brands Innovations, Inc.  | 3772 | 191618 |
| Gates Industrial Corp. PLC \* | 7975 | 176088 |
| Generac Holdings, Inc. \* | 1823 | 306300 |
| General Dynamics Corp.  | 7918 | 2730918 |
| Graco, Inc.  | 5198 | 425040 |
| Hayward Holdings, Inc. \* | 6197 | 105163 |
| Hexcel Corp.  | 2467 | 176144 |
| Honeywell International, Inc.  | 19927 | 4011903 |
| Hubbell, Inc., Class B  | 1678 | 788660 |
| Huntington Ingalls Industries, Inc.  | 1223 | 393830 |
| IDEX Corp.  | 2372 | 406703 |
| Illinois Tool Works, Inc.  | 6176 | 1506450 |
| Ingersoll Rand, Inc.  | 12621 | 963361 |
| ITT, Inc.  | 2434 | 450460 |
| Johnson Controls International PLC  | 20686 | 2366272 |
| L3Harris Technologies, Inc.  | 5852 | 1691813 |
| Leonardo DRS, Inc.  | 1388 | 50745 |
| Lincoln Electric Holdings, Inc.  | 1708 | 400441 |
| Loar Holdings, Inc. \* | 106 | 8388 |
| Lockheed Martin Corp.  | 4722 | 2322657 |
| Masco Corp.  | 6583 | 426315 |
| MasTec, Inc. \* | 1545 | 315427 |
| Middleby Corp. \* | 1575 | 195662 |
| MSC Industrial Direct Co., Inc., Class A  | 1366 | 115987 |
| Mueller Industries, Inc.  | 3402 | 360170 |
| Nordson Corp.  | 1689 | 391764 |
| Northrop Grumman Corp.  | 4249 | 2479079 |
| nVent Electric PLC  | 5090 | 582041 |
| Oshkosh Corp.  | 2020 | 249046 |
| Otis Worldwide Corp.  | 12404 | 1150595 |
| Owens Corning  | 2670 | 339918 |
| PACCAR, Inc.  | 16149 | 1589062 |
| Parker-Hannifin Corp.  | 4033 | 3116823 |
| Pentair PLC  | 5106 | 543023 |
| Quanta Services, Inc.  | 1043 | 468443 |
| QXO, Inc. \* | 19152 | 338416 |
| RBC Bearings, Inc. \* | 776 | 332539 |
| Regal Rexnord Corp.  | 2076 | 292488 |
| Rockwell Automation, Inc.  | 3264 | 1202327 |
| RTX Corp.  | 41923 | 7483255 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**87**

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sensata Technologies Holding PLC  | 4574 | 145590 |
| Simpson Manufacturing Co., Inc.  | 1205 | 212683 |
| SiteOne Landscape Supply, Inc. \* | 931 | 120816 |
| Snap-on, Inc.  | 1610 | 540236 |
| Spirit AeroSystems Holdings, Inc., <br> Class A \*<br>| 3228 | 118435 |
| StandardAero, Inc. \* | 4023 | 116224 |
| Stanley Black & Decker, Inc.  | 4813 | 325936 |
| Textron, Inc.  | 5561 | 449384 |
| Timken Co.  | 1936 | 151995 |
| Toro Co.  | 3100 | 231663 |
| TransDigm Group, Inc.  | 1430 | 1871169 |
| Trex Co., Inc. \* | 3351 | 161920 |
| United Rentals, Inc.  | 2013 | 1753685 |
| Valmont Industries, Inc.  | 620 | 256327 |
| Watsco, Inc.  | 1089 | 400763 |
| WESCO International, Inc.  | 1504 | 390333 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 5302 | 1083941 |
| WillScot Holdings Corp.  | 4123 | 89675 |
| Woodward, Inc.  | 1853 | 485690 |
| WW Grainger, Inc.  | 204 | 199716 |
| Xylem, Inc.  | 7639 | 1152343 |
|  |  | **92284610** |
| **Commercial & Professional Services 1.1%** | **Commercial & Professional Services 1.1%** | **Commercial & Professional Services 1.1%** |
| Amentum Holdings, Inc. \* | 4945 | 110817 |
| Automatic Data Processing, Inc.  | 929 | 241819 |
| Broadridge Financial Solutions, Inc.  | 337 | 74275 |
| CACI International, Inc., Class A \* | 681 | 382892 |
| Clarivate PLC \* | 10515 | 35751 |
| Clean Harbors, Inc. \* | 1579 | 332395 |
| Concentrix Corp.  | 1363 | 54942 |
| Copart, Inc. \* | 1931 | 83052 |
| Dayforce, Inc. \* | 4405 | 302800 |
| Equifax, Inc.  | 3208 | 677209 |
| FTI Consulting, Inc. \* | 976 | 161050 |
| Genpact Ltd.  | 5034 | 192047 |
| Jacobs Solutions, Inc.  | 3716 | 578990 |
| KBR, Inc.  | 3756 | 160907 |
| Leidos Holdings, Inc.  | 3994 | 760737 |
| ManpowerGroup, Inc.  | 1483 | 45469 |
| MSA Safety, Inc.  | 1158 | 181841 |
| Parsons Corp. \* | 1633 | 135768 |
| Paychex, Inc.  | 6943 | 812539 |
| Paycom Software, Inc.  | 733 | 137137 |
| Paylocity Holding Corp. \* | 113 | 15963 |
| RB Global, Inc.  | 5476 | 543329 |
| Republic Services, Inc., Class A  | 6348 | 1321907 |
| Robert Half, Inc.  | 3067 | 80325 |
| Science Applications International Corp.  | 1455 | 136348 |
| SS&C Technologies Holdings, Inc.  | 6602 | 560642 |
| Tetra Tech, Inc.  | 6758 | 216121 |
| TransUnion  | 6092 | 494549 |
| Veralto Corp.  | 4488 | 442876 |
| Verisk Analytics, Inc., Class A  | 1746 | 381955 |
|  |  | **9656452** |
| **Consumer Discretionary Distribution & Retail 4.3%** | **Consumer Discretionary Distribution & Retail 4.3%** | **Consumer Discretionary Distribution & Retail 4.3%** |
| Amazon.com, Inc. \* | 82638 | 20181852 |
| AutoNation, Inc. \* | 851 | 170089 |
| AutoZone, Inc. \* | 441 | 1620424 |
| Bath & Body Works, Inc.  | 6672 | 163331 |
| Best Buy Co., Inc.  | 6042 | 496290 |
| CarMax, Inc. \* | 4744 | 198821 |
| Dick's Sporting Goods, Inc.  | 1979 | 438250 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Dillard's, Inc., Class A  | 89 | 53407 |
| eBay, Inc.  | 14439 | 1174035 |
| Etsy, Inc. \* | 1295 | 80290 |
| Five Below, Inc. \* | 1678 | 263899 |
| Floor & Decor Holdings, Inc., Class A \* | 2297 | 143517 |
| GameStop Corp., Class A \* | 12846 | 286337 |
| Gap, Inc.  | 7122 | 162738 |
| Genuine Parts Co.  | 4362 | 555326 |
| Home Depot, Inc.  | 7422 | 2817317 |
| Lithia Motors, Inc., Class A  | 708 | 222369 |
| LKQ Corp.  | 8043 | 257054 |
| Lowe's Cos., Inc.  | 17562 | 4182039 |
| Macy's, Inc.  | 8354 | 162820 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 1902 | 229781 |
| O'Reilly Automotive, Inc. \* | 2159 | 203896 |
| Penske Automotive Group, Inc.  | 576 | 92200 |
| Pool Corp.  | 919 | 245428 |
| RH \* | 404 | 69686 |
| Ross Stores, Inc.  | 8086 | 1285027 |
| TJX Cos., Inc.  | 17524 | 2455813 |
| Ulta Beauty, Inc. \* | 1063 | 552632 |
| Valvoline, Inc. \* | 412 | 13600 |
| Wayfair, Inc., Class A \* | 2426 | 251115 |
| Williams-Sonoma, Inc.  | 3166 | 615281 |
|  |  | **39644664** |
| **Consumer Durables & Apparel 1.1%** | **Consumer Durables & Apparel 1.1%** | **Consumer Durables & Apparel 1.1%** |
| Amer Sports, Inc. \* | 4668 | 145782 |
| Birkenstock Holding PLC \* | 1210 | 48291 |
| Brunswick Corp.  | 2018 | 133410 |
| Columbia Sportswear Co.  | 829 | 41143 |
| Crocs, Inc. \* | 1728 | 141160 |
| DR Horton, Inc.  | 8347 | 1244371 |
| Garmin Ltd.  | 5112 | 1093661 |
| Hasbro, Inc.  | 4134 | 315466 |
| Lennar Corp., Class A  | 7289 | 902160 |
| Lululemon Athletica, Inc. \* | 1395 | 237903 |
| Mattel, Inc. \* | 10100 | 185638 |
| Mohawk Industries, Inc. \* | 1601 | 181938 |
| Newell Brands, Inc.  | 13342 | 45363 |
| NIKE, Inc., Class B  | 36255 | 2341710 |
| NVR, Inc. \* | 88 | 634552 |
| PulteGroup, Inc.  | 6159 | 738279 |
| PVH Corp.  | 1481 | 116007 |
| Ralph Lauren Corp., Class A  | 1106 | 353544 |
| SharkNinja, Inc. \* | 2166 | 185193 |
| Tapestry, Inc.  | 550 | 60401 |
| Toll Brothers, Inc.  | 3061 | 413082 |
| TopBuild Corp. \* | 833 | 351926 |
| Under Armour, Inc., Class A \* | 11840 | 54582 |
| VF Corp.  | 11136 | 156349 |
| Whirlpool Corp.  | 1682 | 120482 |
| YETI Holdings, Inc. \* | 2570 | 87354 |
|  |  | **10329747** |
| **Consumer Services 1.6%** | **Consumer Services 1.6%** | **Consumer Services 1.6%** |
| ADT, Inc.  | 15843 | 140052 |
| Aramark  | 8231 | 311790 |
| Booking Holdings, Inc.  | 62 | 314820 |
| Boyd Gaming Corp.  | 1783 | 138842 |
| Bright Horizons Family Solutions, Inc. \* | 1567 | 171163 |
| Caesars Entertainment, Inc. \* | 6480 | 130248 |
| Carnival Corp. \* | 23431 | 675516 |
| Choice Hotels International, Inc.  | 591 | 54939 |
| Churchill Downs, Inc.  | 298 | 29562 |
| Darden Restaurants, Inc.  | 178 | 32067 |

---

*See financial notes*

**88**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Domino's Pizza, Inc.  | 696 | 277328 |
| Flutter Entertainment PLC \* | 956 | 222356 |
| Grand Canyon Education, Inc. \* | 623 | 117311 |
| H&R Block, Inc.  | 3412 | 169713 |
| Hyatt Hotels Corp., Class A  | 1269 | 174373 |
| Marriott International, Inc., Class A  | 1657 | 431781 |
| McDonald's Corp.  | 21133 | 6306721 |
| MGM Resorts International \* | 6388 | 204608 |
| Norwegian Cruise Line Holdings Ltd. \* | 1451 | 32531 |
| Penn Entertainment, Inc. \* | 4618 | 76012 |
| Restaurant Brands International, Inc.  | 3658 | 240294 |
| Service Corp. International  | 4344 | 362768 |
| Starbucks Corp.  | 30926 | 2500986 |
| Travel & Leisure Co.  | 1321 | 82932 |
| Vail Resorts, Inc.  | 211 | 31298 |
| Wendy's Co.  | 2929 | 25014 |
| Wyndham Hotels & Resorts, Inc.  | 232 | 17036 |
| Wynn Resorts Ltd.  | 2585 | 307589 |
| Yum! Brands, Inc.  | 5794 | 800789 |
|  |  | **14380439** |
| **Consumer Staples Distribution & Retail 2.1%** | **Consumer Staples Distribution & Retail 2.1%** | **Consumer Staples Distribution & Retail 2.1%** |
| Albertsons Cos., Inc., Class A  | 12669 | 224115 |
| BJ's Wholesale Club Holdings, Inc. \* | 3469 | 306174 |
| Casey's General Stores, Inc.  | 987 | 506518 |
| Dollar General Corp.  | 6886 | 679373 |
| Dollar Tree, Inc. \* | 6196 | 614147 |
| Kroger Co.  | 19018 | 1210115 |
| Maplebear, Inc. \* | 5360 | 197570 |
| Performance Food Group Co. \* | 4193 | 405631 |
| Sysco Corp.  | 7036 | 522634 |
| Target Corp.  | 14252 | 1321445 |
| U.S. Foods Holding Corp. \* | 7167 | 520468 |
| Walmart, Inc.  | 122707 | 12415494 |
|  |  | **18923684** |
| **Energy 5.8%** | **Energy 5.8%** | **Energy 5.8%** |
| Antero Midstream Corp.  | 10509 | 181280 |
| Antero Resources Corp. \* | 9095 | 281127 |
| APA Corp.  | 11208 | 253861 |
| Baker Hughes Co., Class A  | 31075 | 1504341 |
| Cheniere Energy, Inc.  | 3797 | 804964 |
| Chevron Corp.  | 60185 | 9492378 |
| Chord Energy Corp.  | 1775 | 161028 |
| Civitas Resources, Inc.  | 2857 | 82367 |
| ConocoPhillips  | 39666 | 3524721 |
| Coterra Energy, Inc.  | 23554 | 557288 |
| Devon Energy Corp.  | 19494 | 633360 |
| Diamondback Energy, Inc.  | 5968 | 854558 |
| DT Midstream, Inc.  | 3166 | 346645 |
| EOG Resources, Inc.  | 17141 | 1814203 |
| EQT Corp.  | 19432 | 1041167 |
| Expand Energy Corp.  | 6885 | 711289 |
| Exxon Mobil Corp.  | 135782 | 15528030 |
| Halliburton Co.  | 26839 | 720359 |
| HF Sinclair Corp.  | 4488 | 231581 |
| Kinder Morgan, Inc.  | 60873 | 1594264 |
| Marathon Petroleum Corp.  | 9631 | 1877178 |
| Matador Resources Co.  | 3694 | 145765 |
| NOV, Inc.  | 11805 | 172353 |
| Occidental Petroleum Corp.  | 22060 | 908872 |
| ONEOK, Inc.  | 19585 | 1312195 |
| Ovintiv, Inc.  | 7994 | 299855 |
| Permian Resources Corp., Class A  | 21333 | 267943 |
| Phillips 66  | 11860 | 1614620 |
| Range Resources Corp.  | 7459 | 265167 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| SLB Ltd.  | 43284 | 1560821 |
| TechnipFMC PLC  | 12734 | 526551 |
| Valero Energy Corp.  | 9781 | 1658466 |
| Viper Energy, Inc., Class A  | 5318 | 199744 |
| Weatherford International PLC  | 2262 | 166687 |
| Williams Cos., Inc.  | 36138 | 2091306 |
|  |  | **53386334** |
| **Equity Real Estate Investment Trusts (REITs) 3.7%** | **Equity Real Estate Investment Trusts (REITs) 3.7%** | **Equity Real Estate Investment Trusts (REITs) 3.7%** |
| Agree Realty Corp.  | 3381 | 246847 |
| Alexandria Real Estate Equities, Inc.  | 5363 | 312234 |
| American Homes 4 Rent, Class A  | 10732 | 339131 |
| Americold Realty Trust, Inc.  | 8965 | 115559 |
| AvalonBay Communities, Inc.  | 4462 | 776031 |
| Brixmor Property Group, Inc.  | 9597 | 251057 |
| BXP, Inc.  | 4970 | 353814 |
| Camden Property Trust  | 3385 | 336740 |
| Cousins Properties, Inc.  | 5286 | 137066 |
| Crown Castle, Inc.  | 13604 | 1227353 |
| CubeSmart  | 7095 | 267269 |
| Digital Realty Trust, Inc.  | 10575 | 1802086 |
| EastGroup Properties, Inc.  | 1669 | 291291 |
| EPR Properties  | 2303 | 112893 |
| Equinix, Inc.  | 3062 | 2590483 |
| Equity LifeStyle Properties, Inc.  | 6042 | 368864 |
| Equity Residential  | 11835 | 703472 |
| Essex Property Trust, Inc.  | 1995 | 502281 |
| Extra Space Storage, Inc.  | 6592 | 880296 |
| Federal Realty Investment Trust  | 2680 | 257789 |
| First Industrial Realty Trust, Inc.  | 4010 | 221673 |
| Gaming & Leisure Properties, Inc.  | 8544 | 381575 |
| Healthcare Realty Trust, Inc., Class A  | 10356 | 183508 |
| Healthpeak Properties, Inc.  | 21743 | 390287 |
| Highwoods Properties, Inc.  | 3289 | 94164 |
| Host Hotels & Resorts, Inc.  | 21351 | 342043 |
| Invitation Homes, Inc.  | 19244 | 541719 |
| Iron Mountain, Inc.  | 9179 | 944978 |
| Kilroy Realty Corp.  | 3695 | 156114 |
| Kimco Realty Corp.  | 21009 | 434046 |
| Lineage, Inc.  | 2196 | 86522 |
| Medical Properties Trust, Inc. *(a)* | 15947 | 82446 |
| Mid-America Apartment Communities, <br> Inc. <br>| 3646 | 467527 |
| Millrose Properties, Inc., Class A  | 3720 | 119821 |
| National Storage Affiliates Trust  | 2266 | 65918 |
| NNN REIT, Inc.  | 5907 | 238997 |
| Omega Healthcare Investors, Inc.  | 8958 | 376505 |
| Park Hotels & Resorts, Inc.  | 6286 | 64683 |
| Prologis, Inc.  | 29066 | 3606800 |
| Public Storage  | 4301 | 1198086 |
| Rayonier, Inc.  | 4798 | 105892 |
| Realty Income Corp.  | 28357 | 1644139 |
| Regency Centers Corp.  | 5669 | 390877 |
| Rexford Industrial Realty, Inc.  | 7445 | 307627 |
| SBA Communications Corp., Class A  | 3368 | 644905 |
| Simon Property Group, Inc.  | 7900 | 1388504 |
| STAG Industrial, Inc.  | 5828 | 223037 |
| Sun Communities, Inc.  | 3185 | 403221 |
| UDR, Inc.  | 9816 | 330701 |
| Ventas, Inc.  | 14172 | 1045752 |
| VICI Properties, Inc., Class A  | 33025 | 990420 |
| Vornado Realty Trust  | 5500 | 208670 |
| Welltower, Inc.  | 20969 | 3796228 |
| Weyerhaeuser Co.  | 22622 | 520306 |
| WP Carey, Inc.  | 6816 | 449856 |
|  |  | **34320103** |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**89**

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Financial Services 11.0%** | **Financial Services 11.0%** | **Financial Services 11.0%** |
| Affiliated Managers Group, Inc.  | 874 | 207977 |
| Affirm Holdings, Inc. \* | 3383 | 243170 |
| AGNC Investment Corp.  | 32667 | 326670 |
| Ally Financial, Inc.  | 7626 | 297185 |
| American Express Co.  | 11567 | 4172564 |
| Ameriprise Financial, Inc.  | 275 | 124512 |
| Annaly Capital Management, Inc.  | 20175 | 427105 |
| Apollo Global Management, Inc.  | 3908 | 485804 |
| Bank of New York Mellon Corp.  | 20505 | 2213105 |
| Berkshire Hathaway, Inc., Class B \* | 57794 | 27598947 |
| Blackrock, Inc.  | 4780 | 5175832 |
| Block, Inc. \* | 10747 | 816127 |
| Brookfield Asset Management Ltd., <br> Class A <br>| 7823 | 422911 |
| Capital One Financial Corp.  | 19696 | 4332923 |
| Carlyle Group, Inc.  | 8222 | 438397 |
| Cboe Global Markets, Inc.  | 3282 | 806191 |
| Charles Schwab Corp. *(b)* | 48638 | 4597264 |
| CME Group, Inc.  | 11269 | 2991807 |
| Coinbase Global, Inc., Class A \* | 5945 | 2043772 |
| Corebridge Financial, Inc.  | 8429 | 274448 |
| Credit Acceptance Corp. \* | 124 | 55470 |
| Euronet Worldwide, Inc. \* | 1325 | 100515 |
| Evercore, Inc., Class A  | 1158 | 341100 |
| FactSet Research Systems, Inc.  | 1114 | 297215 |
| Fidelity National Information Services, Inc.  | 16514 | 1032455 |
| Fiserv, Inc. \* | 12268 | 818153 |
| Franklin Resources, Inc.  | 9687 | 219023 |
| Freedom Holding Corp. \* | 81 | 12446 |
| Global Payments, Inc.  | 7655 | 595253 |
| Goldman Sachs Group, Inc.  | 8913 | 7035655 |
| Hamilton Lane, Inc., Class A  | 447 | 50940 |
| Houlihan Lokey, Inc., Class A  | 1049 | 187855 |
| Interactive Brokers Group, Inc., Class A  | 12705 | 893924 |
| Intercontinental Exchange, Inc.  | 17876 | 2615080 |
| Invesco Ltd.  | 11457 | 271531 |
| Jack Henry & Associates, Inc.  | 2289 | 340924 |
| Janus Henderson Group PLC  | 3866 | 168403 |
| Jefferies Financial Group, Inc.  | 3612 | 190822 |
| KKR & Co., Inc.  | 15961 | 1888665 |
| Lazard, Inc.  | 2315 | 112972 |
| MarketAxess Holdings, Inc.  | 1138 | 182148 |
| MGIC Investment Corp.  | 7270 | 199343 |
| Morgan Stanley  | 36088 | 5918432 |
| Morningstar, Inc.  | 226 | 47980 |
| MSCI, Inc., Class A  | 1198 | 705083 |
| Nasdaq, Inc.  | 12945 | 1106668 |
| Northern Trust Corp.  | 5944 | 764815 |
| OneMain Holdings, Inc.  | 3699 | 218944 |
| PayPal Holdings, Inc. \* | 29983 | 2076922 |
| Raymond James Financial, Inc.  | 5721 | 907751 |
| Rithm Capital Corp.  | 16628 | 182409 |
| Robinhood Markets, Inc., Class A \* | 20086 | 2948223 |
| Rocket Cos., Inc., Class A  | 29584 | 492869 |
| S&P Global, Inc.  | 9622 | 4687935 |
| SEI Investments Co.  | 3274 | 263917 |
| SLM Corp.  | 5707 | 153233 |
| SoFi Technologies, Inc. \* | 30610 | 908505 |
| Starwood Property Trust, Inc.  | 10901 | 198180 |
| State Street Corp.  | 8853 | 1023938 |
| Stifel Financial Corp.  | 3114 | 368791 |
| Synchrony Financial  | 11645 | 866155 |
| T. Rowe Price Group, Inc.  | 6839 | 701203 |
| TPG, Inc.  | 236 | 12989 |
| Tradeweb Markets, Inc., Class A  | 3345 | 352530 |
| UWM Holdings Corp.  | 4756 | 26776 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Virtu Financial, Inc., Class A  | 2516 | 87657 |
| Voya Financial, Inc.  | 3003 | 223603 |
| Western Union Co.  | 9893 | 92302 |
| WEX, Inc. \* | 980 | 142962 |
| XP, Inc., Class A  | 11570 | 210805 |
|  |  | **101298180** |
| **Food, Beverage & Tobacco 3.5%** | **Food, Beverage & Tobacco 3.5%** | **Food, Beverage & Tobacco 3.5%** |
| Altria Group, Inc.  | 52858 | 2980134 |
| Archer-Daniels-Midland Co.  | 14956 | 905287 |
| Boston Beer Co., Inc., Class A \* | 245 | 50713 |
| Brown-Forman Corp., Class B  | 5946 | 161910 |
| Bunge Global SA  | 4225 | 399685 |
| Campbell's Co.  | 6079 | 183160 |
| Coca-Cola Co.  | 62314 | 4293435 |
| Coca-Cola Consolidated, Inc.  | 1402 | 182793 |
| Conagra Brands, Inc.  | 14949 | 256973 |
| Constellation Brands, Inc., Class A  | 4537 | 596071 |
| Darling Ingredients, Inc. \* | 4380 | 140379 |
| Flowers Foods, Inc.  | 5794 | 69122 |
| Freshpet, Inc. \* | 1120 | 55115 |
| General Mills, Inc.  | 17153 | 799501 |
| Hershey Co.  | 4025 | 682761 |
| Hormel Foods Corp.  | 9072 | 195865 |
| Ingredion, Inc.  | 1984 | 228973 |
| J.M. Smucker Co.  | 3233 | 334777 |
| Kellanova  | 8689 | 721708 |
| Keurig Dr. Pepper, Inc.  | 40500 | 1099980 |
| Kraft Heinz Co.  | 26766 | 661923 |
| Lamb Weston Holdings, Inc.  | 4237 | 261550 |
| McCormick & Co., Inc. - Non Voting <br> Shares <br>| 7915 | 507826 |
| Molson Coors Beverage Co., Class B  | 5211 | 227825 |
| Mondelez International, Inc., Class A  | 40597 | 2332704 |
| PepsiCo, Inc.  | 37058 | 5413803 |
| Philip Morris International, Inc.  | 48820 | 7046191 |
| Pilgrim's Pride Corp.  | 1303 | 49644 |
| Post Holdings, Inc. \* | 1548 | 160884 |
| Primo Brands Corp.  | 8061 | 177100 |
| Seaboard Corp.  | 8 | 26960 |
| Smithfield Foods, Inc.  | 1392 | 30847 |
| Tyson Foods, Inc., Class A  | 8800 | 452408 |
|  |  | **31688007** |
| **Health Care Equipment & Services 5.5%** | **Health Care Equipment & Services 5.5%** | **Health Care Equipment & Services 5.5%** |
| Abbott Laboratories  | 54258 | 6707374 |
| Acadia Healthcare Co., Inc. \* | 2915 | 62672 |
| Align Technology, Inc. \* | 2135 | 294374 |
| Baxter International, Inc.  | 16053 | 296499 |
| Becton Dickinson & Co.  | 8963 | 1601778 |
| Boston Scientific Corp. \* | 38279 | 3855461 |
| Cardinal Health, Inc.  | 3731 | 711763 |
| Centene Corp. \* | 15295 | 540984 |
| Certara, Inc. \* | 3639 | 42322 |
| Chemed Corp.  | 414 | 178558 |
| Cigna Group  | 7599 | 1857272 |
| Cooper Cos., Inc. \* | 6233 | 435749 |
| CVS Health Corp.  | 39245 | 3066997 |
| Dentsply Sirona, Inc.  | 6198 | 78157 |
| Edwards Lifesciences Corp. \* | 18039 | 1487315 |
| Elevance Health, Inc.  | 7086 | 2247679 |
| Encompass Health Corp.  | 3103 | 353277 |
| Envista Holdings Corp. \* | 5222 | 106268 |
| GE HealthCare Technologies, Inc.  | 14351 | 1075607 |
| Globus Medical, Inc., Class A \* | 3525 | 212875 |
| HCA Healthcare, Inc.  | 4217 | 1938471 |

---

*See financial notes*

**90**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Henry Schein, Inc. \* | 3372 | 213110 |
| Hologic, Inc. \* | 7013 | 518331 |
| Humana, Inc.  | 3784 | 1052671 |
| Labcorp Holdings, Inc.  | 2619 | 665121 |
| McKesson Corp.  | 304 | 246647 |
| Medtronic PLC  | 40184 | 3644689 |
| Molina Healthcare, Inc. \* | 750 | 114795 |
| Quest Diagnostics, Inc.  | 3500 | 615825 |
| ResMed, Inc.  | 3488 | 861117 |
| Solventum Corp. \* | 4634 | 319931 |
| STERIS PLC  | 3077 | 725249 |
| Stryker Corp.  | 8012 | 2854195 |
| Teleflex, Inc.  | 1374 | 171022 |
| Tenet Healthcare Corp. \* | 2738 | 565370 |
| UnitedHealth Group, Inc.  | 28514 | 9739242 |
| Universal Health Services, Inc., Class B  | 1705 | 370002 |
| Veeva Systems, Inc., Class A \* | 937 | 272854 |
| Zimmer Biomet Holdings, Inc.  | 6217 | 625181 |
|  |  | **50726804** |
| **Household & Personal Products 1.7%** | **Household & Personal Products 1.7%** | **Household & Personal Products 1.7%** |
| BellRing Brands, Inc. \* | 3888 | 117145 |
| Church & Dwight Co., Inc.  | 7721 | 677055 |
| Clorox Co.  | 3876 | 435895 |
| Colgate-Palmolive Co.  | 13226 | 1019063 |
| Coty, Inc., Class A \* | 11218 | 44536 |
| elf Beauty, Inc. \* | 1709 | 208737 |
| Estee Lauder Cos., Inc., Class A  | 7336 | 709318 |
| Kenvue, Inc.  | 59459 | 854426 |
| Kimberly-Clark Corp.  | 6663 | 797628 |
| Procter & Gamble Co.  | 73601 | 11067382 |
| Reynolds Consumer Products, Inc.  | 1637 | 40008 |
|  |  | **15971193** |
| **Insurance 3.5%** | **Insurance 3.5%** | **Insurance 3.5%** |
| Aflac, Inc.  | 15276 | 1637434 |
| Allstate Corp.  | 8277 | 1585211 |
| American Financial Group, Inc.  | 2080 | 273894 |
| American International Group, Inc.  | 18057 | 1425781 |
| Aon PLC, Class A  | 505 | 172043 |
| Arch Capital Group Ltd.  | 11413 | 985056 |
| Arthur J Gallagher & Co.  | 7462 | 1861694 |
| Assurant, Inc.  | 1591 | 336847 |
| Assured Guaranty Ltd.  | 1434 | 115552 |
| Axis Capital Holdings Ltd.  | 2371 | 222068 |
| Brighthouse Financial, Inc. \* | 1792 | 102269 |
| Brown & Brown, Inc.  | 7818 | 623407 |
| Chubb Ltd.  | 11661 | 3229397 |
| Cincinnati Financial Corp.  | 4824 | 745742 |
| CNA Financial Corp.  | 628 | 27977 |
| Everest Group Ltd.  | 1137 | 357609 |
| Fidelity National Financial, Inc.  | 8117 | 448383 |
| First American Financial Corp.  | 3017 | 188593 |
| Globe Life, Inc.  | 2599 | 341795 |
| Hanover Insurance Group, Inc.  | 1125 | 192240 |
| Hartford Insurance Group, Inc.  | 8818 | 1095019 |
| Kemper Corp.  | 1892 | 85121 |
| Lincoln National Corp.  | 5342 | 224364 |
| Loews Corp.  | 5366 | 534239 |
| Markel Group, Inc. \* | 310 | 612104 |
| Marsh & McLennan Cos., Inc.  | 13631 | 2428363 |
| MetLife, Inc.  | 17632 | 1407386 |
| Old Republic International Corp.  | 7204 | 284270 |
| Primerica, Inc.  | 1041 | 270525 |
| Principal Financial Group, Inc.  | 6935 | 582817 |
| Progressive Corp.  | 17441 | 3592846 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Prudential Financial, Inc.  | 11131 | 1157624 |
| Reinsurance Group of America, Inc.  | 2073 | 378240 |
| RenaissanceRe Holdings Ltd.  | 1450 | 368431 |
| RLI Corp.  | 2423 | 142860 |
| Travelers Cos., Inc.  | 7090 | 1904516 |
| Unum Group  | 5294 | 388686 |
| W.R. Berkley Corp.  | 9115 | 650264 |
| White Mountains Insurance Group Ltd.  | 78 | 148556 |
| Willis Towers Watson PLC  | 3059 | 957773 |
|  |  | **32086996** |
| **Materials 3.9%** | **Materials 3.9%** | **Materials 3.9%** |
| Air Products & Chemicals, Inc.  | 6963 | 1689154 |
| Albemarle Corp.  | 3686 | 362076 |
| Alcoa Corp.  | 8106 | 298220 |
| Amcor PLC  | 72420 | 572118 |
| Anglogold Ashanti PLC  | 13843 | 941324 |
| AptarGroup, Inc.  | 2049 | 237704 |
| Ashland, Inc.  | 1437 | 70269 |
| Avery Dennison Corp.  | 2437 | 426207 |
| Axalta Coating Systems Ltd. \* | 6833 | 194536 |
| Ball Corp.  | 8682 | 408054 |
| Celanese Corp., Class A  | 3529 | 135655 |
| CF Industries Holdings, Inc.  | 5041 | 419865 |
| Cleveland-Cliffs, Inc. \* | 16320 | 202858 |
| Corteva, Inc.  | 21441 | 1317335 |
| CRH PLC  | 21251 | 2530994 |
| Crown Holdings, Inc.  | 3648 | 354513 |
| Dow, Inc.  | 22090 | 526846 |
| DuPont de Nemours, Inc.  | 13095 | 1069207 |
| Eagle Materials, Inc.  | 949 | 201492 |
| Eastman Chemical Co.  | 3562 | 212010 |
| Ecolab, Inc.  | 5903 | 1513529 |
| Element Solutions, Inc.  | 7085 | 189311 |
| FMC Corp.  | 3841 | 58268 |
| Freeport-McMoRan, Inc.  | 44770 | 1866909 |
| Graphic Packaging Holding Co.  | 9052 | 144741 |
| Huntsman Corp.  | 4934 | 40854 |
| International Flavors & Fragrances, Inc.  | 8006 | 504138 |
| International Paper Co.  | 16440 | 635242 |
| James Hardie Industries PLC, ADR \* | 1584 | 33153 |
| Linde PLC  | 14715 | 6155284 |
| Louisiana-Pacific Corp.  | 1991 | 173436 |
| LyondellBasell Industries NV, Class A  | 7985 | 370664 |
| Martin Marietta Materials, Inc.  | 1880 | 1152628 |
| Mosaic Co.  | 9827 | 269751 |
| MP Materials Corp. \* | 4106 | 259048 |
| NewMarket Corp.  | 186 | 142829 |
| Newmont Corp.  | 34425 | 2787392 |
| Nucor Corp.  | 7185 | 1078109 |
| Olin Corp.  | 3595 | 74417 |
| Packaging Corp. of America  | 2771 | 542451 |
| PPG Industries, Inc.  | 7124 | 696371 |
| Reliance, Inc.  | 1656 | 467704 |
| Royal Gold, Inc.  | 2562 | 447812 |
| RPM International, Inc.  | 3974 | 434279 |
| Scotts Miracle-Gro Co.  | 1385 | 74125 |
| Sealed Air Corp.  | 4606 | 154347 |
| Sherwin-Williams Co.  | 682 | 235249 |
| Silgan Holdings, Inc.  | 2731 | 105471 |
| Smurfit WestRock PLC  | 16282 | 601131 |
| Solstice Advanced Materials, Inc. \* | 4981 | 224494 |
| Sonoco Products Co.  | 3035 | 123130 |
| Southern Copper Corp.  | 2590 | 359492 |
| Steel Dynamics, Inc.  | 3983 | 624534 |
| Vulcan Materials Co.  | 4147 | 1200556 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**91**

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Westlake Corp.  | 1059 | 72870 |
|  |  | **35984156** |
| **Media & Entertainment 6.6%** | **Media & Entertainment 6.6%** | **Media & Entertainment 6.6%** |
| Alphabet, Inc., Class A  | 64651 | 18179215 |
| Alphabet, Inc., Class C  | 52641 | 14835287 |
| Charter Communications, Inc., Class A \* | 2762 | 645866 |
| Comcast Corp., Class A  | 114761 | 3194372 |
| DoubleVerify Holdings, Inc. \* | 2208 | 25127 |
| Electronic Arts, Inc.  | 7879 | 1576273 |
| Fox Corp., Class A  | 10809 | 698802 |
| IAC, Inc. \* | 2102 | 67726 |
| Interpublic Group of Cos., Inc.  | 11581 | 297168 |
| Liberty Broadband Corp., Class C \* | 3184 | 171363 |
| Liberty Media Corp.-Liberty Formula One, <br> Class C \*<br>| 4990 | 498251 |
| Liberty Media Corp.-Liberty Live, Class C \* | 2040 | 184436 |
| Madison Square Garden Sports Corp. \* | 508 | 108910 |
| Match Group, Inc.  | 7674 | 248177 |
| Meta Platforms, Inc., Class A  | 12202 | 7911167 |
| New York Times Co., Class A  | 5059 | 288312 |
| News Corp., Class A  | 16311 | 432241 |
| Nexstar Media Group, Inc., Class A  | 836 | 163630 |
| NIQ Global Intelligence PLC \* | 739 | 9164 |
| Omnicom Group, Inc.  | 6035 | 452746 |
| Pinterest, Inc., Class A \* | 9292 | 307565 |
| Roku, Inc. \* | 3513 | 372835 |
| Sirius XM Holdings, Inc.  | 5875 | 127429 |
| Take-Two Interactive Software, Inc. \* | 3767 | 965746 |
| TKO Group Holdings, Inc.  | 1233 | 232297 |
| Trump Media & Technology Group Corp. \* | 2265 | 34711 |
| Walt Disney Co.  | 56746 | 6390735 |
| Warner Bros Discovery, Inc. \* | 72982 | 1638446 |
| ZoomInfo Technologies, Inc., Class A \* | 9271 | 104021 |
|  |  | **60162018** |
| **Pharmaceuticals, Biotechnology & Life Sciences 6.3%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.3%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.3%** |
| Agilent Technologies, Inc.  | 8941 | 1308605 |
| Amgen, Inc.  | 4427 | 1321150 |
| Avantor, Inc. \* | 20808 | 245951 |
| Biogen, Inc. \* | 4583 | 707019 |
| BioMarin Pharmaceutical, Inc. \* | 5930 | 317670 |
| Bio-Rad Laboratories, Inc., Class A \* | 581 | 185659 |
| Bio-Techne Corp.  | 4935 | 308783 |
| Bristol-Myers Squibb Co.  | 51573 | 2375968 |
| Bruker Corp.  | 3196 | 124452 |
| Caris Life Sciences, Inc. \* | 354 | 10648 |
| Charles River Laboratories International, <br> Inc. \*<br>| 1537 | 276768 |
| Danaher Corp.  | 19991 | 4305662 |
| Elanco Animal Health, Inc. \* | 15501 | 343347 |
| Exact Sciences Corp. \* | 5538 | 358253 |
| Exelixis, Inc. \* | 1547 | 59823 |
| Gilead Sciences, Inc.  | 28518 | 3416171 |
| Illumina, Inc. \* | 4972 | 614241 |
| Incyte Corp. \* | 3689 | 344848 |
| Insmed, Inc. \* | 367 | 69583 |
| Ionis Pharmaceuticals, Inc. \* | 330 | 24519 |
| IQVIA Holdings, Inc. \* | 5283 | 1143558 |
| Jazz Pharmaceuticals PLC \* | 1815 | 249817 |
| Johnson & Johnson  | 75406 | 14241931 |
| Merck & Co., Inc.  | 78952 | 6788293 |
| Mettler-Toledo International, Inc. \* | 653 | 924837 |
| Moderna, Inc. \* | 11079 | 300906 |
| Neurocrine Biosciences, Inc. \* | 451 | 64588 |
| Organon & Co.  | 8244 | 55647 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Perrigo Co. PLC  | 4226 | 87647 |
| Pfizer, Inc.  | 178013 | 4388020 |
| Qiagen NV  | 6669 | 312443 |
| Regeneron Pharmaceuticals, Inc.  | 3264 | 2127475 |
| Repligen Corp. \* | 1458 | 217329 |
| Revolution Medicines, Inc. \* | 5413 | 318501 |
| Revvity, Inc.  | 3682 | 344598 |
| Roivant Sciences Ltd. \* | 12093 | 241739 |
| Royalty Pharma PLC, Class A  | 11867 | 445487 |
| Sarepta Therapeutics, Inc. \* | 460 | 11045 |
| Sotera Health Co. \* | 4850 | 80510 |
| Thermo Fisher Scientific, Inc.  | 11833 | 6713926 |
| United Therapeutics Corp. \* | 1387 | 617811 |
| Viatris, Inc.  | 36910 | 382388 |
| Viking Therapeutics, Inc. \* | 3139 | 119533 |
| Waters Corp. \* | 895 | 312892 |
| West Pharmaceutical Services, Inc.  | 2240 | 631837 |
| Zoetis, Inc.  | 2825 | 407054 |
|  |  | **58248932** |
| **Real Estate Management & Development 0.3%** | **Real Estate Management & Development 0.3%** | **Real Estate Management & Development 0.3%** |
| CBRE Group, Inc., Class A \* | 8298 | 1264864 |
| CoStar Group, Inc. \* | 11448 | 787737 |
| Howard Hughes Holdings, Inc. \* | 987 | 78249 |
| Jones Lang LaSalle, Inc. \* | 1079 | 329192 |
| Zillow Group, Inc., Class C \* | 6567 | 492394 |
|  |  | **2952436** |
| **Semiconductors & Semiconductor Equipment 4.6%** | **Semiconductors & Semiconductor Equipment 4.6%** | **Semiconductors & Semiconductor Equipment 4.6%** |
| Advanced Micro Devices, Inc. \* | 20945 | 5364433 |
| Allegro MicroSystems, Inc. \* | 3824 | 114414 |
| Amkor Technology, Inc.  | 3611 | 116563 |
| Analog Devices, Inc.  | 15546 | 3639785 |
| Applied Materials, Inc.  | 18004 | 4196732 |
| Cirrus Logic, Inc. \* | 1585 | 210250 |
| Entegris, Inc.  | 3943 | 361061 |
| First Solar, Inc. \* | 3182 | 849403 |
| GLOBALFOUNDRIES, Inc. \* | 3171 | 112888 |
| Intel Corp. \* | 136934 | 5475991 |
| Lattice Semiconductor Corp. \* | 628 | 45819 |
| MACOM Technology Solutions Holdings, <br> Inc. \*<br>| 1491 | 220862 |
| Marvell Technology, Inc.  | 25202 | 2362436 |
| Microchip Technology, Inc.  | 16553 | 1033238 |
| Micron Technology, Inc.  | 35011 | 7834411 |
| MKS, Inc.  | 2089 | 300210 |
| ON Semiconductor Corp. \* | 13217 | 661907 |
| Onto Innovation, Inc. \* | 1178 | 158983 |
| Qorvo, Inc. \* | 2679 | 254291 |
| QUALCOMM, Inc.  | 26113 | 4723842 |
| Skyworks Solutions, Inc.  | 4701 | 365362 |
| Teradyne, Inc.  | 5028 | 913889 |
| Texas Instruments, Inc.  | 16827 | 2716887 |
| Universal Display Corp.  | 1375 | 202510 |
|  |  | **42236167** |
| **Software & Services 3.7%** | **Software & Services 3.7%** | **Software & Services 3.7%** |
| Accenture PLC, Class A  | 19615 | 4905712 |
| Akamai Technologies, Inc. \* | 4470 | 335697 |
| Amdocs Ltd.  | 3470 | 292382 |
| Aurora Innovation, Inc. \* | 32394 | 169745 |
| Bill Holdings, Inc. \* | 2943 | 146149 |
| CCC Intelligent Solutions Holdings, Inc. \* | 17284 | 150716 |
| Circle Internet Group, Inc. *\*(a)* | 1267 | 160884 |

---

*See financial notes*

**92**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 15440 | 1125267 |
| Docusign, Inc., Class A \* | 1534 | 112197 |
| Dolby Laboratories, Inc., Class A  | 1869 | 123952 |
| Dropbox, Inc., Class A \* | 4223 | 122467 |
| DXC Technology Co. \* | 5682 | 80684 |
| EPAM Systems, Inc. \* | 1722 | 281616 |
| Fair Isaac Corp. \* | 128 | 212420 |
| Gen Digital, Inc.  | 15296 | 403203 |
| Globant SA \* | 1221 | 75189 |
| Informatica, Inc., Class A \* | 3308 | 82270 |
| International Business Machines Corp.  | 29154 | 8962231 |
| Kyndryl Holdings, Inc. \* | 6731 | 194661 |
| MongoDB, Inc., Class A \* | 2236 | 804558 |
| nCino, Inc. \* | 2911 | 77665 |
| Nutanix, Inc., Class A \* | 6015 | 428509 |
| Okta, Inc. \* | 3152 | 288503 |
| Pegasystems, Inc.  | 1799 | 114506 |
| PTC, Inc. \* | 3311 | 657366 |
| Roper Technologies, Inc.  | 3364 | 1500849 |
| Rubrik, Inc., Class A \* | 1449 | 109066 |
| SailPoint, Inc. \* | 1794 | 38894 |
| Salesforce, Inc.  | 25979 | 6765191 |
| SentinelOne, Inc., Class A \* | 2441 | 43572 |
| Strategy, Inc., Class A \* | 7814 | 2105951 |
| Synopsys, Inc. \* | 1539 | 698429 |
| Teradata Corp. \* | 2387 | 49769 |
| Twilio, Inc., Class A \* | 3674 | 495549 |
| Tyler Technologies, Inc. \* | 231 | 110016 |
| UiPath, Inc., Class A \* | 12740 | 202056 |
| Unity Software, Inc. \* | 9329 | 353569 |
| VeriSign, Inc.  | 2648 | 634990 |
| Zoom Communications, Inc. \* | 8238 | 718601 |
|  |  | **34135051** |
| **Technology Hardware & Equipment 3.0%** | **Technology Hardware & Equipment 3.0%** | **Technology Hardware & Equipment 3.0%** |
| Arrow Electronics, Inc. \* | 1614 | 180042 |
| Avnet, Inc.  | 2647 | 128247 |
| CDW Corp.  | 3830 | 610387 |
| Ciena Corp. \* | 4428 | 840966 |
| Cisco Systems, Inc.  | 124719 | 9118206 |
| Cognex Corp.  | 5242 | 216966 |
| Coherent Corp. \* | 4806 | 634200 |
| Corning, Inc.  | 24476 | 2180322 |
| Crane NXT Co.  | 1540 | 97405 |
| Dell Technologies, Inc., Class C  | 8180 | 1325242 |
| F5, Inc. \* | 1802 | 455996 |
| Flex Ltd. \* | 11720 | 732734 |
| Hewlett Packard Enterprise Co.  | 41013 | 1001537 |
| HP, Inc.  | 29572 | 818257 |
| Ingram Micro Holding Corp.  | 616 | 14143 |
| IPG Photonics Corp. \* | 795 | 67670 |
| Jabil, Inc.  | 1139 | 251594 |
| Keysight Technologies, Inc. \* | 5384 | 985057 |
| Littelfuse, Inc.  | 771 | 187592 |
| Lumentum Holdings, Inc. \* | 2005 | 404128 |
| Motorola Solutions, Inc.  | 3024 | 1229891 |
| NetApp, Inc.  | 3790 | 446386 |
| Pure Storage, Inc., Class A \* | 1371 | 135318 |
| Ralliant Corp.  | 3539 | 155433 |
| Sandisk Corp. \* | 4221 | 841372 |
| Super Micro Computer, Inc. \* | 8710 | 452572 |
| TD SYNNEX Corp.  | 2420 | 378706 |
| Teledyne Technologies, Inc. \* | 1455 | 766523 |
| Trimble, Inc. \* | 7486 | 597009 |
| Vontier Corp.  | 4591 | 176754 |
| Western Digital Corp.  | 10854 | 1630379 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Zebra Technologies Corp., Class A \* | 1593 | 428915 |
|  |  | **27489949** |
| **Telecommunication Services 1.6%** | **Telecommunication Services 1.6%** | **Telecommunication Services 1.6%** |
| AST SpaceMobile, Inc. \* | 502 | 40286 |
| AT&T, Inc.  | 219806 | 5440198 |
| Frontier Communications Parent, Inc. \* | 7675 | 289808 |
| GCI Liberty, Inc. *\*(c)* | 2247 | 0 |
| GCI Liberty, Inc., Class C \* | 616 | 22561 |
| Iridium Communications, Inc.  | 2607 | 49924 |
| Liberty Global Ltd., Class C \* | 9400 | 104810 |
| Millicom International Cellular SA  | 3188 | 150187 |
| T-Mobile U.S., Inc.  | 14230 | 2989012 |
| Verizon Communications, Inc.  | 132341 | 5259231 |
|  |  | **14346017** |
| **Transportation 2.1%** | **Transportation 2.1%** | **Transportation 2.1%** |
| Alaska Air Group, Inc. \* | 2950 | 123104 |
| American Airlines Group, Inc. \* | 19023 | 249772 |
| Avis Budget Group, Inc. \* | 333 | 45311 |
| CH Robinson Worldwide, Inc.  | 3671 | 565297 |
| CSX Corp.  | 58830 | 2119057 |
| Delta Air Lines, Inc.  | 20462 | 1174110 |
| Expeditors International of Washington, <br> Inc. <br>| 4307 | 525023 |
| FedEx Corp.  | 6716 | 1704655 |
| GXO Logistics, Inc. \* | 3525 | 198140 |
| JB Hunt Transport Services, Inc.  | 2449 | 413538 |
| Kirby Corp. \* | 1730 | 179020 |
| Knight-Swift Transportation Holdings, Inc.  | 4912 | 221630 |
| Landstar System, Inc.  | 1103 | 141658 |
| Lyft, Inc., Class A \* | 10542 | 215689 |
| Norfolk Southern Corp.  | 7080 | 2006330 |
| Old Dominion Freight Line, Inc.  | 5506 | 773153 |
| Ryder System, Inc.  | 1255 | 212384 |
| Saia, Inc. \* | 829 | 242483 |
| Schneider National, Inc., Class B  | 1600 | 34192 |
| Southwest Airlines Co.  | 13201 | 399990 |
| U-Haul Holding Co., Non Voting Shares  | 2130 | 103284 |
| Union Pacific Corp.  | 17260 | 3803586 |
| United Airlines Holdings, Inc. \* | 10182 | 957515 |
| United Parcel Service, Inc., Class B  | 23014 | 2219010 |
| XPO, Inc. \* | 2869 | 412763 |
|  |  | **19040694** |
| **Utilities 4.6%** | **Utilities 4.6%** | **Utilities 4.6%** |
| AES Corp.  | 22273 | 308926 |
| Alliant Energy Corp.  | 8064 | 538836 |
| Ameren Corp.  | 8446 | 861661 |
| American Electric Power Co., Inc.  | 16779 | 2017843 |
| American Water Works Co., Inc.  | 6109 | 784579 |
| Atmos Energy Corp.  | 4956 | 851044 |
| Brookfield Renewable Corp.  | 4230 | 182990 |
| CenterPoint Energy, Inc.  | 20445 | 781817 |
| Clearway Energy, Inc., Class C  | 3540 | 113032 |
| CMS Energy Corp.  | 9325 | 685854 |
| Consolidated Edison, Inc.  | 11314 | 1102097 |
| Constellation Energy Corp.  | 9814 | 3699878 |
| Dominion Energy, Inc.  | 26742 | 1569488 |
| DTE Energy Co.  | 6485 | 878977 |
| Duke Energy Corp.  | 24377 | 3030061 |
| Edison International  | 11952 | 661902 |
| Entergy Corp.  | 14001 | 1345356 |
| Essential Utilities, Inc.  | 8809 | 343815 |
| Evergy, Inc.  | 7225 | 554952 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**93**

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Eversource Energy  | 11502 | 848963 |
| Exelon Corp.  | 31672 | 1460713 |
| FirstEnergy Corp.  | 17220 | 789193 |
| IDACORP, Inc.  | 1689 | 217915 |
| MDU Resources Group, Inc.  | 6308 | 120987 |
| National Fuel Gas Co.  | 2828 | 223157 |
| NextEra Energy, Inc.  | 64618 | 5259905 |
| NiSource, Inc.  | 14763 | 621670 |
| OGE Energy Corp.  | 6306 | 278347 |
| PG&E Corp.  | 68749 | 1097234 |
| Pinnacle West Capital Corp.  | 3724 | 329648 |
| PPL Corp.  | 23168 | 846095 |
| Public Service Enterprise Group, Inc.  | 15658 | 1261408 |
| Sempra  | 20466 | 1881644 |
| Southern Co.  | 34527 | 3246919 |
| Talen Energy Corp. \* | 1423 | 568887 |
| UGI Corp.  | 6688 | 223580 |
| WEC Energy Group, Inc.  | 10024 | 1119982 |
| Xcel Energy, Inc.  | 18545 | 1505298 |
|  |  | **42214653** |
| **Total Common Stocks** <br>**(Cost $645,798,910)** | **Total Common Stocks** <br>**(Cost $645,798,910)** | **913931527** |
| **INVESTMENT COMPANIES** 0.2% OF NET ASSETS  | **INVESTMENT COMPANIES** 0.2% OF NET ASSETS  | **INVESTMENT COMPANIES** 0.2% OF NET ASSETS  |
| **Equity Funds 0.2%** | **Equity Funds 0.2%** | **Equity Funds 0.2%** |
| iShares Russell 1000 Value ETF  | 6500 | 1329705 |
| **Total Investment Companies** <br>**(Cost $1,197,376)** | **Total Investment Companies** <br>**(Cost $1,197,376)** | **1329705** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  |
| **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(d)*<br>| 1919664 | 1919664 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(d)(e)*<br>| 275875 | 275875 |
|  |  | **2195539** |
| **Total Short-Term Investments** <br>**(Cost $2,195,539)** | **Total Short-Term Investments** <br>**(Cost $2,195,539)** | **2195539** |
| **Total Investments in Securities** <br>**(Cost $649,191,825)** | **Total Investments in Securities** <br>**(Cost $649,191,825)** | **917456771** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| DJIA CBOT, e-mini, expires <br> 12/19/25<br>| 11 | 2624710 | 61670 |
| S&P 400 Mid-Cap Index, e-mini, <br> expires 12/19/25<br>| 1 | 325770 | (3229)<br>|
|  |  |  | **58441** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $273,887. 

*(b)* Issuer is affiliated with the fund's investment adviser.

*(c)* Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). 

*(d)* The rate shown is the annualized 7-day yield.

*(e)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ADR — | American Depositary Receipt |
| CBOT — | Chicago Board of Trade |
| ETF — | Exchange-Traded Fund |
| REIT — | Real Estate Investment Trust |

---

Below is a summary of the fund's transactions with affiliated issuers during the period ended October 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS |
| **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** |
| Charles Schwab Corp. | $2879098 | $1069832 | ($408673)<br>| $93798 | $963209 | **$4597264** | 48638 | $48548 |

---

*See financial notes*

**94**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $899585510 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $899585510 |
| Telecommunication Services | 14346017 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 14346017 |
| Investment Companies<sup>1</sup> <br>| 1329705 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1329705 |
| Short-Term Investments<sup>1</sup> <br>| 2195539 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2195539 |
| Futures Contracts<sup>2</sup> <br>| 61670 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 61670 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (3229)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3229)<br>|
| **Total** | **$917515212** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$917515212** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Level 3 amount shown includes securities determined to have no value at October 31, 2025.

<sup>1</sup> As categorized in the Portfolio Holdings. 

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**95**

------

Schwab U.S. Large-Cap Value Index Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $2,637,879)  |  | $4597264 |
| Investments in securities, at value - unaffiliated issuers (cost $646,553,946) including securities on loan of $273,887 |  | 912859507 |
| Deposit with broker for futures contracts |  | 324199 |
| Receivables: |  |  |
| Fund shares sold |  | 1129991 |
| Dividends |  | 686938 |
| Variation margin on future contracts |  | 4293 |
| Income from securities on loan | + | 1250 |
| **Total assets** |  | **919603442** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 275875 |
| Payables: |  |  |
| Fund shares redeemed |  | 797265 |
| Investment adviser fees | + | 28943 |
| **Total liabilities** |  | **1102083** |
| **Net assets** |  | **$918501359** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $681162308 |
| Total distributable earnings | + | 237339051 |
| **Net assets** |  | **$918501359** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $918501359 |  | &nbsp;&nbsp;&nbsp;&nbsp; 57225133 |  | &nbsp;&nbsp;&nbsp;&nbsp; $16.05 |

---

*See financial notes*

**96**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Value Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $4,888) |  | $16515079 |
| Dividends received from securities - affiliated issuers |  | 48548 |
| Other Interest |  | 8930 |
| Securities on loan, net | + | 10130 |
| **Total investment income**  |  | **16582687** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 290473 |
| **Total expenses** | – | **290473** |
| **Net investment income** |  | **16292214** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers  |  | (5193)<br>|
| Net realized losses on sales of securities - unaffiliated issuers  |  | (973441)<br>|
| Net realized gains on sales of in-kind redemptions - affiliated issuers |  | 98991 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 27504105 |
| Net realized gains on futures contracts | + | 276089 |
| **Net realized gains** |  | **26900551** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 963209 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 44511527 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 118667 |
| **Net change in unrealized appreciation (depreciation)** |  | **45593403** |
| **Net realized and unrealized gains** |  | **72493954** |
| **Increase in net assets resulting from operations** |  | **$88786168** |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**97**

------

Schwab U.S. Large-Cap Value Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $16292214 | &nbsp;&nbsp;&nbsp; $15189021 |
| Net realized gains |  | 26900551 | &nbsp;&nbsp;&nbsp; 13422280 |
| Net change in unrealized appreciation (depreciation) | + | 45593403 | &nbsp;&nbsp;&nbsp; 149883961 |
| **Increase in net assets resulting from operations** |  | **$88786168** | &nbsp;&nbsp;&nbsp; **$178495262** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($20519678)**<br>| &nbsp;&nbsp;&nbsp; **($16362330)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 19193260 | &nbsp;&nbsp;&nbsp; $288359476 | &nbsp;&nbsp;&nbsp; 18091140 | &nbsp;&nbsp;&nbsp; $245441328 |
| Shares reinvested |  | 952534 | &nbsp;&nbsp;&nbsp; 14073706 | &nbsp;&nbsp;&nbsp; 1044280 | &nbsp;&nbsp;&nbsp; 12821154 |
| Shares redeemed | + | (14363437)<br>| &nbsp;&nbsp;&nbsp; (214985249)<br>| &nbsp;&nbsp;&nbsp; (18668732)<br>| &nbsp;&nbsp;&nbsp; (250261407)<br>|
| **Net transactions in fund shares**  |  | **5782357** | &nbsp;&nbsp;&nbsp; **$87447933** | &nbsp;&nbsp;&nbsp; **466688** | &nbsp;&nbsp;&nbsp; **$8001075** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 51442776 | &nbsp;&nbsp;&nbsp; $762786936 | &nbsp;&nbsp;&nbsp; 50976088 | &nbsp;&nbsp;&nbsp; $592652929 |
| Total increase | + | 5782357 | &nbsp;&nbsp;&nbsp; 155714423 | &nbsp;&nbsp;&nbsp; 466688 | &nbsp;&nbsp;&nbsp; 170134007 |
| **End of period** |  | **57225133** | &nbsp;&nbsp;&nbsp; **$918501359** | &nbsp;&nbsp;&nbsp; **51442776** | &nbsp;&nbsp;&nbsp; **$762786936** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the period ended October 31, 2025, and the prior report period, transactions in fund shares have been retroactively adjusted to reflect a 4-for-1 share split effective after the close of U.S. markets on August 15, 2025. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 9 for additional information). 

*See financial notes*

**98**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Mid-Cap Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<sup>1</sup> <br>| 11/1/23– <br>10/31/24<sup>1</sup> <br>| 11/1/22– <br>10/31/23<sup>1</sup> <br>| 11/1/21– <br>10/31/22<sup>1</sup> <br>| 11/1/20– <br>10/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $13.46 | &nbsp;&nbsp; $10.10 | &nbsp;&nbsp; $10.37 | &nbsp;&nbsp; $12.89 | &nbsp;&nbsp; $9.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.21 | 0.19 | 0.18 | 0.16 | 0.14 |
| Net realized and unrealized gains (losses) | 1.22 | 3.35 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (2.31)<br>| 3.90 |
| Total from investment operations | 1.43 | 3.54 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (2.15)<br>| 4.04 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.15)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.15)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $14.54 | &nbsp;&nbsp; $13.46 | &nbsp;&nbsp; $10.10 | &nbsp;&nbsp; $10.37 | &nbsp;&nbsp; $12.89 |
| Total return | 10.68<br> %<br>| 35.35<br> %<br>| &nbsp;&nbsp; (1.03<br> %)<br>| &nbsp;&nbsp; (17.15<br> %)<br>| 45.35<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.04<br> %<br>| 0.04<br> %<br>| 0.04<br> %<br>| 0.04 %<sup>3</sup><br>| 0.04<br> %<br>|
| Net investment income (loss) | 1.53<br> %<br>| 1.57<br> %<br>| 1.66<br> %<br>| 1.41<br> %<br>| 1.19<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 11 %<sup>4</sup><br>| &nbsp;&nbsp; 13 %<sup>4</sup><br>| &nbsp;&nbsp; 8 %<sup>4</sup><br>| &nbsp;&nbsp; 11 %<sup>4</sup><br>| &nbsp;&nbsp; 14<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $2209 | &nbsp;&nbsp; $1630 | &nbsp;&nbsp; $1063 | &nbsp;&nbsp; $903 | &nbsp;&nbsp; $891 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Per-Share Data has been retroactively adjusted to reflect a 5-for-1 share split effective after the close of U.S. markets on August 15, 2025 (see financial note 9 for additional information). 

<sup>2</sup> Calculated based on the average shares outstanding during the period.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>4</sup> Portfolio turnover rate excludes in-kind transactions.

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**99**

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.4% OF NET ASSETS  | **COMMON STOCKS** 99.4% OF NET ASSETS  | **COMMON STOCKS** 99.4% OF NET ASSETS  |
| **Automobiles & Components 0.9%** | **Automobiles & Components 0.9%** | **Automobiles & Components 0.9%** |
| Aptiv PLC \* | 38335 | 3108969 |
| BorgWarner, Inc.  | 38453 | 1651941 |
| Ford Motor Co.  | 689103 | 9047923 |
| Gentex Corp.  | 39936 | 936499 |
| Harley-Davidson, Inc.  | 19349 | 522036 |
| Lear Corp.  | 9462 | 990198 |
| Lucid Group, Inc. *\*(a)* | 22147 | 393109 |
| QuantumScape Corp., Class A \* | 73961 | 1363841 |
| Rivian Automotive, Inc., Class A \* | 136658 | 1854449 |
| Thor Industries, Inc.  | 9032 | 942489 |
|  |  | **20811454** |
| **Banks 2.4%** | **Banks 2.4%** | **Banks 2.4%** |
| Bank OZK  | 18950 | 852561 |
| BOK Financial Corp.  | 3923 | 410267 |
| Citizens Financial Group, Inc.  | 76879 | 3910835 |
| Columbia Banking System, Inc.  | 52358 | 1403194 |
| Comerica, Inc.  | 22576 | 1727064 |
| Commerce Bancshares, Inc.  | 21661 | 1140018 |
| Cullen/Frost Bankers, Inc.  | 10534 | 1297157 |
| East West Bancorp, Inc.  | 24088 | 2447341 |
| Fifth Third Bancorp  | 117619 | 4895303 |
| First Citizens BancShares, Inc., Class A  | 1679 | 3063873 |
| First Hawaiian, Inc.  | 21882 | 536765 |
| First Horizon Corp.  | 88773 | 1896191 |
| FNB Corp.  | 62847 | 987955 |
| Huntington Bancshares, Inc.  | 273522 | 4223180 |
| KeyCorp  | 166961 | 2936844 |
| M&T Bank Corp.  | 27653 | 5084557 |
| Pinnacle Financial Partners, Inc.  | 13423 | 1143774 |
| Popular, Inc.  | 11728 | 1307320 |
| Prosperity Bancshares, Inc.  | 16160 | 1063651 |
| Regions Financial Corp.  | 158573 | 3837467 |
| Southstate Bank Corp.  | 17742 | 1572828 |
| Synovus Financial Corp.  | 24411 | 1089707 |
| TFS Financial Corp.  | 9220 | 122626 |
| Webster Financial Corp.  | 29575 | 1686958 |
| Western Alliance Bancorp  | 18988 | 1468722 |
| Wintrust Financial Corp.  | 11654 | 1515253 |
| Zions Bancorp NA  | 25622 | 1335162 |
|  |  | **52956573** |
| **Capital Goods 13.6%** | **Capital Goods 13.6%** | **Capital Goods 13.6%** |
| A.O. Smith Corp.  | 20124 | 1327983 |
| AAON, Inc.  | 11883 | 1169168 |
| Acuity, Inc.  | 5449 | 1989157 |
| Advanced Drainage Systems, Inc.  | 12491 | 1749365 |
| AECOM  | 23359 | 3138282 |
| AGCO Corp.  | 10928 | 1127332 |
| Air Lease Corp., Class A  | 18357 | 1172278 |
| Allegion PLC  | 15166 | 2514068 |
| Allison Transmission Holdings, Inc.  | 14812 | 1222731 |
| AMETEK, Inc.  | 40666 | 8219005 |
| API Group Corp. \* | 64931 | 2390759 |
| Applied Industrial Technologies, Inc.  | 6739 | 1732530 |
| Armstrong World Industries, Inc.  | 7590 | 1445364 |
| ATI, Inc. \* | 24649 | 2439512 |
| Axon Enterprise, Inc. \* | 13167 | 9641272 |
| Builders FirstSource, Inc. \* | 19121 | 2221287 |
| BWX Technologies, Inc.  | 16101 | 3439335 |
| Carlisle Cos., Inc.  | 7556 | 2456078 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Carpenter Technology Corp.  | 8480 | 2678832 |
| CNH Industrial NV  | 155342 | 1629538 |
| Comfort Systems USA, Inc.  | 6143 | 5931558 |
| Core & Main, Inc., Class A \* | 33524 | 1749282 |
| Crane Co.  | 8683 | 1649770 |
| Cummins, Inc.  | 24293 | 10632560 |
| Curtiss-Wright Corp.  | 6627 | 3947903 |
| Donaldson Co., Inc.  | 20483 | 1725693 |
| Dover Corp.  | 23934 | 4343064 |
| EMCOR Group, Inc.  | 7810 | 5277842 |
| Esab Corp.  | 10036 | 1172406 |
| Everus Construction Group, Inc. \* | 8976 | 815829 |
| Fastenal Co.  | 202632 | 8338307 |
| Ferguson Enterprises, Inc.  | 34187 | 8495469 |
| Flowserve Corp.  | 22925 | 1564631 |
| Fortive Corp.  | 59950 | 3017883 |
| Fortune Brands Innovations, Inc.  | 21325 | 1083310 |
| FTAI Aviation Ltd.  | 17982 | 3109088 |
| Gates Industrial Corp. PLC \* | 44729 | 987616 |
| Generac Holdings, Inc. \* | 10297 | 1730102 |
| Graco, Inc.  | 29259 | 2392508 |
| Hayward Holdings, Inc. \* | 34714 | 589097 |
| HEICO Corp.  | 17872 | 5679185 |
| Hexcel Corp.  | 14030 | 1001742 |
| Howmet Aerospace, Inc.  | 70782 | 14577553 |
| Hubbell, Inc., Class B  | 9455 | 4443850 |
| Huntington Ingalls Industries, Inc.  | 6874 | 2213565 |
| IDEX Corp.  | 13321 | 2284019 |
| Ingersoll Rand, Inc.  | 71268 | 5439886 |
| ITT, Inc.  | 13684 | 2532498 |
| Karman Holdings, Inc. \* | 4724 | 397950 |
| L3Harris Technologies, Inc.  | 32966 | 9530471 |
| Lennox International, Inc.  | 5610 | 2833050 |
| Leonardo DRS, Inc.  | 13438 | 491293 |
| Lincoln Electric Holdings, Inc.  | 9556 | 2240404 |
| Loar Holdings, Inc. \* | 7570 | 599014 |
| Masco Corp.  | 37186 | 2408165 |
| MasTec, Inc. \* | 10961 | 2237798 |
| Middleby Corp. \* | 8876 | 1102665 |
| MSC Industrial Direct Co., Inc., Class A  | 7774 | 660090 |
| Mueller Industries, Inc.  | 19128 | 2025081 |
| Nordson Corp.  | 9498 | 2203061 |
| nVent Electric PLC  | 28770 | 3289850 |
| Oshkosh Corp.  | 11289 | 1391821 |
| Otis Worldwide Corp.  | 69769 | 6471772 |
| Owens Corning  | 14964 | 1905067 |
| Pentair PLC  | 28870 | 3070325 |
| Quanta Services, Inc.  | 25996 | 11675583 |
| QXO, Inc. \* | 107662 | 1902388 |
| RBC Bearings, Inc. \* | 5462 | 2340631 |
| Regal Rexnord Corp.  | 11688 | 1646722 |
| Rocket Lab Corp. \* | 73026 | 4599177 |
| Rockwell Automation, Inc.  | 19975 | 7357991 |
| Sensata Technologies Holding PLC  | 25549 | 813225 |
| Simpson Manufacturing Co., Inc.  | 7423 | 1310160 |
| SiteOne Landscape Supply, Inc. \* | 7818 | 1014542 |
| Snap-on, Inc.  | 9049 | 3036392 |
| Spirit AeroSystems Holdings, Inc., <br> Class A \*<br>| 20573 | 754823 |
| StandardAero, Inc. \* | 25009 | 722510 |
| Stanley Black & Decker, Inc.  | 27251 | 1845438 |
| Textron, Inc.  | 31400 | 2537434 |
| Timken Co.  | 10992 | 862982 |
| Toro Co.  | 17369 | 1297985 |
| Trex Co., Inc. \* | 18870 | 911798 |
| United Rentals, Inc.  | 11329 | 9869598 |
| Valmont Industries, Inc.  | 3512 | 1451966 |
| Vertiv Holdings Co., Class A  | 67155 | 12951513 |

---

*See financial notes*

**100**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Watsco, Inc.  | 6133 | 2257005 |
| WESCO International, Inc.  | 8452 | 2193548 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 29941 | 6121138 |
| WillScot Holdings Corp.  | 31323 | 681275 |
| Woodward, Inc.  | 10448 | 2738525 |
| WW Grainger, Inc.  | 7818 | 7653822 |
| Xylem, Inc.  | 42962 | 6480818 |
|  |  | **300316958** |
| **Commercial & Professional Services 3.0%** | **Commercial & Professional Services 3.0%** | **Commercial & Professional Services 3.0%** |
| Amentum Holdings, Inc. \* | 28214 | 632276 |
| Booz Allen Hamilton Holding Corp., <br> Class A <br>| 21422 | 1867141 |
| Broadridge Financial Solutions, Inc.  | 20587 | 4537375 |
| CACI International, Inc., Class A \* | 3832 | 2154542 |
| Clarivate PLC \* | 60541 | 205839 |
| Clean Harbors, Inc. \* | 8927 | 1879223 |
| Concentrix Corp.  | 7840 | 316030 |
| Dayforce, Inc. \* | 27188 | 1868903 |
| Equifax, Inc.  | 21867 | 4616124 |
| ExlService Holdings, Inc. \* | 27846 | 1088779 |
| FTI Consulting, Inc. \* | 5570 | 919106 |
| Genpact Ltd.  | 28335 | 1080980 |
| Jacobs Solutions, Inc.  | 21001 | 3272166 |
| KBR, Inc.  | 22707 | 972768 |
| Leidos Holdings, Inc.  | 22532 | 4291670 |
| ManpowerGroup, Inc.  | 8177 | 250707 |
| MSA Safety, Inc.  | 6529 | 1025249 |
| Parsons Corp. \* | 9306 | 773701 |
| Paychex, Inc.  | 56960 | 6666029 |
| Paycom Software, Inc.  | 9050 | 1693164 |
| Paylocity Holding Corp. \* | 7856 | 1109817 |
| RB Global, Inc.  | 32700 | 3244494 |
| Robert Half, Inc.  | 17498 | 458273 |
| Rollins, Inc.  | 49584 | 2856534 |
| Science Applications International Corp.  | 8262 | 774232 |
| SS&C Technologies Holdings, Inc.  | 37333 | 3170318 |
| Tetra Tech, Inc.  | 46427 | 1484735 |
| TransUnion  | 34434 | 2795352 |
| Veralto Corp.  | 42126 | 4156994 |
| Verisk Analytics, Inc., Class A  | 24714 | 5406435 |
|  |  | **65568956** |
| **Consumer Discretionary Distribution & Retail 3.5%** | **Consumer Discretionary Distribution & Retail 3.5%** | **Consumer Discretionary Distribution & Retail 3.5%** |
| AutoNation, Inc. \* | 4857 | 970769 |
| Bath & Body Works, Inc.  | 37714 | 923239 |
| Best Buy Co., Inc.  | 34156 | 2805574 |
| Burlington Stores, Inc. \* | 11100 | 3036849 |
| CarMax, Inc. \* | 26431 | 1107723 |
| Carvana Co., Class A \* | 23299 | 7142075 |
| Chewy, Inc., Class A \* | 37737 | 1272492 |
| Coupang, Inc., Class A \* | 219179 | 7007153 |
| Dick's Sporting Goods, Inc.  | 11191 | 2478247 |
| Dillard's, Inc., Class A  | 519 | 311441 |
| eBay, Inc.  | 81302 | 6610666 |
| Etsy, Inc. \* | 17289 | 1071918 |
| Five Below, Inc. \* | 9510 | 1495638 |
| Floor & Decor Holdings, Inc., Class A \* | 18810 | 1175249 |
| GameStop Corp., Class A \* | 72358 | 1612860 |
| Gap, Inc.  | 40382 | 922729 |
| Genuine Parts Co.  | 24476 | 3116040 |
| Lithia Motors, Inc., Class A  | 4520 | 1419642 |
| LKQ Corp.  | 45162 | 1443377 |
| Macy's, Inc.  | 47411 | 924040 |
| Murphy USA, Inc.  | 3167 | 1134419 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Ollie's Bargain Outlet Holdings, Inc. \* | 10763 | 1300278 |
| Penske Automotive Group, Inc.  | 3231 | 517186 |
| Pool Corp.  | 6334 | 1691558 |
| RH \* | 2665 | 459686 |
| Ross Stores, Inc.  | 56868 | 9037462 |
| Tractor Supply Co.  | 93890 | 5080388 |
| Ulta Beauty, Inc. \* | 7980 | 4148642 |
| Valvoline, Inc. \* | 22343 | 737542 |
| Wayfair, Inc., Class A \* | 16821 | 1741142 |
| Williams-Sonoma, Inc.  | 20932 | 4067925 |
|  |  | **76763949** |
| **Consumer Durables & Apparel 2.6%** | **Consumer Durables & Apparel 2.6%** | **Consumer Durables & Apparel 2.6%** |
| Amer Sports, Inc. \* | 26168 | 817227 |
| Birkenstock Holding PLC \* | 9675 | 386129 |
| Brunswick Corp.  | 11560 | 764232 |
| Columbia Sportswear Co.  | 4634 | 229985 |
| Crocs, Inc. \* | 9540 | 779323 |
| Deckers Outdoor Corp. \* | 26126 | 2129269 |
| DR Horton, Inc.  | 47003 | 7007207 |
| Garmin Ltd.  | 28769 | 6154840 |
| Hasbro, Inc.  | 23322 | 1779702 |
| Lennar Corp., Class A  | 41120 | 5089422 |
| Lululemon Athletica, Inc. \* | 18577 | 3168122 |
| Mattel, Inc. \* | 56803 | 1044039 |
| Mohawk Industries, Inc. \* | 9043 | 1027646 |
| Newell Brands, Inc.  | 74522 | 253375 |
| NVR, Inc. \* | 494 | 3562145 |
| On Holding AG, Class A \* | 39001 | 1448887 |
| PulteGroup, Inc.  | 34742 | 4164524 |
| PVH Corp.  | 8394 | 657502 |
| Ralph Lauren Corp., Class A  | 6689 | 2138206 |
| SharkNinja, Inc. \* | 14660 | 1253430 |
| Somnigroup International, Inc.  | 35692 | 2831803 |
| Tapestry, Inc.  | 36545 | 4013372 |
| Toll Brothers, Inc.  | 17214 | 2323029 |
| TopBuild Corp. \* | 5023 | 2122117 |
| Under Armour, Inc., Class A \* | 63970 | 294902 |
| VF Corp.  | 61644 | 865482 |
| Whirlpool Corp.  | 9445 | 676545 |
| YETI Holdings, Inc. \* | 14676 | 498837 |
|  |  | **57481299** |
| **Consumer Services 4.2%** | **Consumer Services 4.2%** | **Consumer Services 4.2%** |
| ADT, Inc.  | 89505 | 791224 |
| Aramark  | 46048 | 1744298 |
| Boyd Gaming Corp.  | 9950 | 774807 |
| Bright Horizons Family Solutions, Inc. \* | 10042 | 1096888 |
| Caesars Entertainment, Inc. \* | 36605 | 735761 |
| Carnival Corp. \* | 190871 | 5502811 |
| Cava Group, Inc. \* | 17612 | 946293 |
| Choice Hotels International, Inc.  | 4733 | 439980 |
| Churchill Downs, Inc.  | 11174 | 1108461 |
| Darden Restaurants, Inc.  | 20596 | 3710369 |
| Domino's Pizza, Inc.  | 5602 | 2232173 |
| DraftKings, Inc., Class A \* | 84882 | 2596540 |
| Duolingo, Inc. \* | 6623 | 1792449 |
| Dutch Bros, Inc., Class A \* | 20706 | 1150011 |
| Expedia Group, Inc.  | 21377 | 4702940 |
| Flutter Entertainment PLC \* | 30927 | 7193311 |
| Grand Canyon Education, Inc. \* | 4923 | 927001 |
| H&R Block, Inc.  | 23364 | 1162125 |
| Hilton Worldwide Holdings, Inc.  | 40738 | 10468037 |
| Hyatt Hotels Corp., Class A  | 7116 | 977810 |
| Las Vegas Sands Corp.  | 54941 | 3260748 |
| Light & Wonder, Inc. \* | 14559 | 1058439 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**101**

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| MGM Resorts International \* | 36011 | 1153432 |
| Norwegian Cruise Line Holdings Ltd. \* | 77984 | 1748401 |
| Penn Entertainment, Inc. \* | 26103 | 429655 |
| Planet Fitness, Inc., Class A \* | 14823 | 1344298 |
| Restaurant Brands International, Inc.  | 57031 | 3746366 |
| Royal Caribbean Cruises Ltd.  | 44723 | 12827898 |
| Service Corp. International  | 24551 | 2050254 |
| Texas Roadhouse, Inc., Class A  | 11666 | 1908324 |
| Travel & Leisure Co.  | 10767 | 675952 |
| Vail Resorts, Inc.  | 6365 | 944121 |
| Viking Holdings Ltd. \* | 30726 | 1869677 |
| Wendy's Co.  | 28031 | 239385 |
| Wingstop, Inc.  | 4922 | 1066253 |
| Wyndham Hotels & Resorts, Inc.  | 13252 | 973094 |
| Wynn Resorts Ltd.  | 14509 | 1726426 |
| Yum! Brands, Inc.  | 49204 | 6800485 |
|  |  | **93876497** |
| **Consumer Staples Distribution & Retail 1.6%** | **Consumer Staples Distribution & Retail 1.6%** | **Consumer Staples Distribution & Retail 1.6%** |
| Albertsons Cos., Inc., Class A  | 71154 | 1258714 |
| BJ's Wholesale Club Holdings, Inc. \* | 23034 | 2032981 |
| Casey's General Stores, Inc.  | 6524 | 3348051 |
| Dollar General Corp.  | 38825 | 3830474 |
| Dollar Tree, Inc. \* | 34784 | 3447790 |
| Kroger Co.  | 107044 | 6811210 |
| Maplebear, Inc. \* | 30326 | 1117816 |
| Performance Food Group Co. \* | 26967 | 2608788 |
| Sprouts Farmers Market, Inc. \* | 17253 | 1362297 |
| Sysco Corp.  | 85657 | 6362602 |
| U.S. Foods Holding Corp. \* | 40543 | 2944233 |
|  |  | **35124956** |
| **Energy 5.6%** | **Energy 5.6%** | **Energy 5.6%** |
| Antero Midstream Corp.  | 59035 | 1018354 |
| Antero Resources Corp. \* | 51297 | 1585590 |
| APA Corp.  | 62628 | 1418524 |
| Baker Hughes Co., Class A  | 175059 | 8474606 |
| Cheniere Energy, Inc.  | 38936 | 8254432 |
| Chord Energy Corp.  | 10122 | 918268 |
| Civitas Resources, Inc.  | 16134 | 465143 |
| Coterra Energy, Inc.  | 133157 | 3150495 |
| Devon Energy Corp.  | 109647 | 3562431 |
| Diamondback Energy, Inc.  | 33683 | 4823069 |
| DT Midstream, Inc.  | 17881 | 1957791 |
| EQT Corp.  | 109741 | 5879923 |
| Expand Energy Corp.  | 38835 | 4012044 |
| Halliburton Co.  | 151218 | 4058691 |
| HF Sinclair Corp.  | 28207 | 1455481 |
| Kinder Morgan, Inc.  | 343266 | 8990136 |
| Marathon Petroleum Corp.  | 54246 | 10573088 |
| Matador Resources Co.  | 20478 | 808062 |
| NOV, Inc.  | 65673 | 958826 |
| Occidental Petroleum Corp.  | 124558 | 5131790 |
| ONEOK, Inc.  | 110307 | 7390569 |
| Ovintiv, Inc.  | 45227 | 1696465 |
| Permian Resources Corp., Class A  | 118877 | 1493095 |
| Phillips 66  | 71958 | 9796362 |
| Range Resources Corp.  | 41672 | 1481440 |
| Targa Resources Corp.  | 37923 | 5841659 |
| TechnipFMC PLC  | 71770 | 2967689 |
| Texas Pacific Land Corp.  | 3396 | 3203718 |
| Valero Energy Corp.  | 55099 | 9342586 |
| Viper Energy, Inc., Class A  | 29773 | 1118274 |
| Weatherford International PLC  | 12527 | 923115 |
|  |  | **122751716** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Equity Real Estate Investment Trusts (REITs) 6.1%** | **Equity Real Estate Investment Trusts (REITs) 6.1%** | **Equity Real Estate Investment Trusts (REITs) 6.1%** |
| Agree Realty Corp.  | 19150 | 1398142 |
| Alexandria Real Estate Equities, Inc.  | 30228 | 1759874 |
| American Homes 4 Rent, Class A  | 60218 | 1902889 |
| Americold Realty Trust, Inc.  | 50112 | 645944 |
| AvalonBay Communities, Inc.  | 25122 | 4369218 |
| Brixmor Property Group, Inc.  | 53764 | 1406466 |
| BXP, Inc.  | 27913 | 1987127 |
| Camden Property Trust  | 18945 | 1884649 |
| Cousins Properties, Inc.  | 29322 | 760320 |
| Crown Castle, Inc.  | 76585 | 6909499 |
| CubeSmart  | 39939 | 1504502 |
| Digital Realty Trust, Inc.  | 59540 | 10146211 |
| EastGroup Properties, Inc.  | 9367 | 1634823 |
| EPR Properties  | 13135 | 643878 |
| Equity LifeStyle Properties, Inc.  | 33860 | 2067153 |
| Equity Residential  | 66926 | 3978081 |
| Essex Property Trust, Inc.  | 11256 | 2833923 |
| Extra Space Storage, Inc.  | 37203 | 4968089 |
| Federal Realty Investment Trust  | 15021 | 1444870 |
| First Industrial Realty Trust, Inc.  | 22560 | 1247117 |
| Gaming & Leisure Properties, Inc.  | 47850 | 2136981 |
| Healthcare Realty Trust, Inc., Class A  | 58023 | 1028168 |
| Healthpeak Properties, Inc.  | 122162 | 2192808 |
| Highwoods Properties, Inc.  | 18873 | 540334 |
| Host Hotels & Resorts, Inc.  | 120852 | 1936049 |
| Invitation Homes, Inc.  | 108017 | 3040679 |
| Iron Mountain, Inc.  | 51812 | 5334045 |
| Kilroy Realty Corp.  | 20681 | 873772 |
| Kimco Realty Corp.  | 118132 | 2440607 |
| Lamar Advertising Co., Class A  | 15452 | 1832453 |
| Lineage, Inc.  | 12348 | 486511 |
| Medical Properties Trust, Inc.  | 87604 | 452913 |
| Mid-America Apartment Communities, <br> Inc. <br>| 20558 | 2636152 |
| Millrose Properties, Inc., Class A  | 21164 | 681692 |
| National Storage Affiliates Trust  | 12417 | 361211 |
| NNN REIT, Inc.  | 33057 | 1337486 |
| Omega Healthcare Investors, Inc.  | 50609 | 2127096 |
| Park Hotels & Resorts, Inc.  | 34609 | 356127 |
| Rayonier, Inc.  | 27259 | 601606 |
| Realty Income Corp.  | 159650 | 9256507 |
| Regency Centers Corp.  | 31835 | 2195023 |
| Rexford Industrial Realty, Inc.  | 41909 | 1731680 |
| SBA Communications Corp., Class A  | 18936 | 3625865 |
| Simon Property Group, Inc.  | 57190 | 10051714 |
| STAG Industrial, Inc.  | 32886 | 1258547 |
| Sun Communities, Inc.  | 22324 | 2826218 |
| UDR, Inc.  | 58222 | 1961499 |
| Ventas, Inc.  | 79998 | 5903052 |
| VICI Properties, Inc., Class A  | 186488 | 5592775 |
| Vornado Realty Trust  | 31016 | 1176747 |
| Weyerhaeuser Co.  | 127941 | 2942643 |
| WP Carey, Inc.  | 38320 | 2529120 |
|  |  | **134940855** |
| **Financial Services 8.7%** | **Financial Services 8.7%** | **Financial Services 8.7%** |
| Affiliated Managers Group, Inc.  | 4884 | 1162197 |
| Affirm Holdings, Inc. \* | 47320 | 3401362 |
| AGNC Investment Corp.  | 183416 | 1834160 |
| Ally Financial, Inc.  | 48640 | 1895501 |
| Ameriprise Financial, Inc.  | 16865 | 7635966 |
| Annaly Capital Management, Inc.  | 113230 | 2397079 |
| ARES Management Corp., Class A  | 33237 | 4942674 |
| Bank of New York Mellon Corp.  | 124558 | 13443545 |
| Block, Inc. \* | 96126 | 7299808 |

---

*See financial notes*

**102**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Blue Owl Capital, Inc., Class A  | 107572 | 1696410 |
| Carlyle Group, Inc.  | 46214 | 2464130 |
| Cboe Global Markets, Inc.  | 18511 | 4547042 |
| Coinbase Global, Inc., Class A \* | 37094 | 12752175 |
| Corebridge Financial, Inc.  | 47701 | 1553145 |
| Corpay, Inc. \* | 11988 | 3121076 |
| Credit Acceptance Corp. \* | 798 | 356977 |
| Equitable Holdings, Inc.  | 53148 | 2625511 |
| Euronet Worldwide, Inc. \* | 7465 | 566295 |
| Evercore, Inc., Class A  | 6496 | 1913462 |
| FactSet Research Systems, Inc.  | 6694 | 1785959 |
| Fidelity National Information Services, <br> Inc. <br>| 92969 | 5812422 |
| Franklin Resources, Inc.  | 54036 | 1221754 |
| Freedom Holding Corp. *\*(a)* | 3114 | 478497 |
| Global Payments, Inc.  | 43046 | 3347257 |
| Hamilton Lane, Inc., Class A  | 7087 | 807635 |
| Houlihan Lokey, Inc., Class A  | 9537 | 1707886 |
| Invesco Ltd.  | 64266 | 1523104 |
| Jack Henry & Associates, Inc.  | 12796 | 1905836 |
| Janus Henderson Group PLC  | 21950 | 956142 |
| Jefferies Financial Group, Inc.  | 27085 | 1430901 |
| Lazard, Inc.  | 16153 | 788266 |
| LPL Financial Holdings, Inc.  | 14076 | 5311016 |
| MarketAxess Holdings, Inc.  | 6429 | 1029026 |
| MGIC Investment Corp.  | 41139 | 1128031 |
| Morningstar, Inc.  | 4067 | 863424 |
| MSCI, Inc., Class A  | 13275 | 7813001 |
| Nasdaq, Inc.  | 72808 | 6224356 |
| Northern Trust Corp.  | 33588 | 4321768 |
| OneMain Holdings, Inc.  | 20963 | 1240800 |
| Raymond James Financial, Inc.  | 32291 | 5123613 |
| Rithm Capital Corp.  | 93442 | 1025059 |
| Robinhood Markets, Inc., Class A \* | 130640 | 19175339 |
| Rocket Cos., Inc., Class A  | 166015 | 2765810 |
| SEI Investments Co.  | 18364 | 1480322 |
| Shift4 Payments, Inc., Class A \* | 11454 | 791471 |
| SLM Corp.  | 36989 | 993155 |
| SoFi Technologies, Inc. \* | 199989 | 5935674 |
| Starwood Property Trust, Inc.  | 61183 | 1112307 |
| State Street Corp.  | 49982 | 5780918 |
| Stifel Financial Corp.  | 17608 | 2085315 |
| Synchrony Financial  | 65682 | 4885427 |
| T. Rowe Price Group, Inc.  | 38660 | 3963810 |
| Toast, Inc., Class A \* | 79761 | 2882563 |
| TPG, Inc.  | 23278 | 1281221 |
| Tradeweb Markets, Inc., Class A  | 20552 | 2165975 |
| UWM Holdings Corp.  | 27694 | 155917 |
| Virtu Financial, Inc., Class A  | 14130 | 492289 |
| Voya Financial, Inc.  | 16906 | 1258821 |
| Western Union Co.  | 57192 | 533601 |
| WEX, Inc. \* | 6018 | 877906 |
| XP, Inc., Class A  | 71830 | 1308743 |
|  |  | **191380852** |
| **Food, Beverage & Tobacco 2.3%** | **Food, Beverage & Tobacco 2.3%** | **Food, Beverage & Tobacco 2.3%** |
| Archer-Daniels-Midland Co.  | 84417 | 5109761 |
| Boston Beer Co., Inc., Class A \* | 1397 | 289165 |
| Brown-Forman Corp., Class B  | 33660 | 916562 |
| Bunge Global SA  | 23739 | 2245709 |
| Campbell's Co.  | 34251 | 1031983 |
| Celsius Holdings, Inc. \* | 28988 | 1745947 |
| Coca-Cola Consolidated, Inc.  | 9137 | 1191282 |
| Conagra Brands, Inc.  | 84013 | 1444183 |
| Constellation Brands, Inc., Class A  | 25484 | 3348088 |
| Darling Ingredients, Inc. \* | 27468 | 880349 |
| Flowers Foods, Inc.  | 33042 | 394191 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Freshpet, Inc. \* | 8333 | 410067 |
| General Mills, Inc.  | 96745 | 4509284 |
| Hershey Co.  | 25738 | 4365937 |
| Hormel Foods Corp.  | 50859 | 1098046 |
| Ingredion, Inc.  | 11297 | 1303787 |
| J.M. Smucker Co.  | 18270 | 1891859 |
| Kellanova  | 49100 | 4078246 |
| Kraft Heinz Co.  | 150520 | 3722360 |
| Lamb Weston Holdings, Inc.  | 23812 | 1469915 |
| McCormick & Co., Inc. - Non Voting <br> Shares <br>| 44710 | 2868594 |
| Molson Coors Beverage Co., Class B  | 29684 | 1297784 |
| Pilgrim's Pride Corp.  | 7354 | 280187 |
| Post Holdings, Inc. \* | 8781 | 912609 |
| Primo Brands Corp.  | 45417 | 997812 |
| Seaboard Corp.  | 45 | 151649 |
| Smithfield Foods, Inc.  | 7784 | 172493 |
| Tyson Foods, Inc., Class A  | 49309 | 2534976 |
|  |  | **50662825** |
| **Health Care Equipment & Services 5.0%** | **Health Care Equipment & Services 5.0%** | **Health Care Equipment & Services 5.0%** |
| Acadia Healthcare Co., Inc. \* | 15916 | 342194 |
| Align Technology, Inc. \* | 12099 | 1668210 |
| Baxter International, Inc.  | 90279 | 1667453 |
| Cardinal Health, Inc.  | 42125 | 8036186 |
| Cencora, Inc.  | 32321 | 10918357 |
| Centene Corp. \* | 86493 | 3059257 |
| Certara, Inc. \* | 21601 | 251220 |
| Chemed Corp.  | 2534 | 1092914 |
| Cooper Cos., Inc. \* | 35221 | 2462300 |
| DaVita, Inc. \* | 6630 | 789103 |
| Dentsply Sirona, Inc.  | 34812 | 438979 |
| Dexcom, Inc. \* | 69069 | 4021197 |
| Doximity, Inc., Class A \* | 23572 | 1555752 |
| Encompass Health Corp.  | 17555 | 1998637 |
| Envista Holdings Corp. \* | 29836 | 607163 |
| GE HealthCare Technologies, Inc.  | 80811 | 6056784 |
| Globus Medical, Inc., Class A \* | 19766 | 1193669 |
| Henry Schein, Inc. \* | 19027 | 1202506 |
| Hologic, Inc. \* | 39408 | 2912645 |
| Humana, Inc.  | 21313 | 5929063 |
| IDEXX Laboratories, Inc. \* | 14245 | 8967370 |
| Inspire Medical Systems, Inc. \* | 5049 | 363932 |
| Insulet Corp. \* | 12377 | 3874125 |
| Labcorp Holdings, Inc.  | 14767 | 3750227 |
| Masimo Corp. \* | 7946 | 1117605 |
| Molina Healthcare, Inc. \* | 9492 | 1452846 |
| Penumbra, Inc. \* | 6621 | 1505417 |
| Quest Diagnostics, Inc.  | 19657 | 3458649 |
| ResMed, Inc.  | 25773 | 6362838 |
| Solventum Corp. \* | 26043 | 1798009 |
| STERIS PLC  | 17351 | 4089631 |
| Teleflex, Inc.  | 7825 | 973978 |
| Tenet Healthcare Corp. \* | 15377 | 3175197 |
| Universal Health Services, Inc., Class B  | 9577 | 2078305 |
| Veeva Systems, Inc., Class A \* | 26056 | 7587507 |
| Zimmer Biomet Holdings, Inc.  | 34933 | 3512862 |
|  |  | **110272087** |
| **Household & Personal Products 0.8%** | **Household & Personal Products 0.8%** | **Household & Personal Products 0.8%** |
| BellRing Brands, Inc. \* | 22267 | 670905 |
| Church & Dwight Co., Inc.  | 43421 | 3807587 |
| Clorox Co.  | 21719 | 2442519 |
| Coty, Inc., Class A \* | 61774 | 245243 |
| elf Beauty, Inc. \* | 9629 | 1176086 |
| Estee Lauder Cos., Inc., Class A  | 41307 | 3993974 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**103**

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kenvue, Inc.  | 335651 | 4823305 |
| Reynolds Consumer Products, Inc.  | 9794 | 239365 |
|  |  | **17398984** |
| **Insurance 3.9%** | **Insurance 3.9%** | **Insurance 3.9%** |
| Allstate Corp.  | 46580 | 8921002 |
| American Financial Group, Inc.  | 11669 | 1536574 |
| Arch Capital Group Ltd.  | 64432 | 5561126 |
| Assurant, Inc.  | 8937 | 1892142 |
| Assured Guaranty Ltd.  | 8062 | 649636 |
| Axis Capital Holdings Ltd.  | 13335 | 1248956 |
| Brighthouse Financial, Inc. \* | 9999 | 570643 |
| Brown & Brown, Inc.  | 49296 | 3930863 |
| Cincinnati Financial Corp.  | 27220 | 4207940 |
| CNA Financial Corp.  | 3819 | 170136 |
| Everest Group Ltd.  | 7424 | 2334996 |
| Fidelity National Financial, Inc.  | 45957 | 2538665 |
| First American Financial Corp.  | 17189 | 1074484 |
| Globe Life, Inc.  | 14612 | 1921624 |
| Hanover Insurance Group, Inc.  | 6320 | 1079962 |
| Hartford Insurance Group, Inc.  | 49597 | 6158955 |
| Kemper Corp.  | 10684 | 480673 |
| Kinsale Capital Group, Inc.  | 3916 | 1564325 |
| Lincoln National Corp.  | 29971 | 1258782 |
| Loews Corp.  | 30164 | 3003128 |
| Markel Group, Inc. \* | 2199 | 4341991 |
| Old Republic International Corp.  | 40310 | 1590633 |
| Primerica, Inc.  | 5820 | 1512443 |
| Principal Financial Group, Inc.  | 39193 | 3293780 |
| Prudential Financial, Inc.  | 62612 | 6511648 |
| Reinsurance Group of America, Inc.  | 11623 | 2120733 |
| RenaissanceRe Holdings Ltd.  | 8145 | 2069563 |
| RLI Corp.  | 14518 | 855981 |
| Ryan Specialty Holdings, Inc., Class A  | 18609 | 1019773 |
| Unum Group  | 29791 | 2187255 |
| W.R. Berkley Corp.  | 51220 | 3654035 |
| White Mountains Insurance Group Ltd.  | 441 | 839911 |
| Willis Towers Watson PLC  | 17273 | 5408176 |
|  |  | **85510534** |
| **Materials 4.8%** | **Materials 4.8%** | **Materials 4.8%** |
| Albemarle Corp.  | 20751 | 2038371 |
| Alcoa Corp.  | 45589 | 1677219 |
| Amcor PLC  | 406725 | 3213127 |
| Anglogold Ashanti PLC  | 88934 | 6047512 |
| AptarGroup, Inc.  | 11551 | 1340032 |
| Ashland, Inc.  | 7979 | 390173 |
| Avery Dennison Corp.  | 13709 | 2397567 |
| Axalta Coating Systems Ltd. \* | 38520 | 1096664 |
| Ball Corp.  | 48898 | 2298206 |
| Celanese Corp., Class A  | 19570 | 752271 |
| CF Industries Holdings, Inc.  | 28411 | 2366352 |
| Cleveland-Cliffs, Inc. \* | 91500 | 1137345 |
| Corteva, Inc.  | 120759 | 7419433 |
| Crown Holdings, Inc.  | 20406 | 1983055 |
| Dow, Inc.  | 124964 | 2980391 |
| DuPont de Nemours, Inc.  | 73910 | 6034751 |
| Eagle Materials, Inc.  | 5665 | 1202793 |
| Eastman Chemical Co.  | 20169 | 1200459 |
| Element Solutions, Inc.  | 39850 | 1064792 |
| FMC Corp.  | 21842 | 331343 |
| Graphic Packaging Holding Co.  | 51905 | 829961 |
| Huntsman Corp.  | 29408 | 243498 |
| International Flavors & Fragrances, Inc.  | 45254 | 2849644 |
| International Paper Co.  | 92600 | 3578064 |
| James Hardie Industries PLC, ADR \* | 25926 | 542631 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Louisiana-Pacific Corp.  | 11150 | 971277 |
| LyondellBasell Industries NV, Class A  | 45171 | 2096838 |
| Martin Marietta Materials, Inc.  | 10587 | 6490890 |
| Mosaic Co.  | 55670 | 1528142 |
| MP Materials Corp. \* | 23061 | 1454918 |
| NewMarket Corp.  | 1041 | 799384 |
| Nucor Corp.  | 40561 | 6086178 |
| Olin Corp.  | 20448 | 423274 |
| Packaging Corp. of America  | 15585 | 3050920 |
| PPG Industries, Inc.  | 40163 | 3925933 |
| Reliance, Inc.  | 9332 | 2635637 |
| Royal Gold, Inc.  | 14442 | 2524317 |
| RPM International, Inc.  | 22403 | 2448200 |
| Scotts Miracle-Gro Co.  | 7648 | 409321 |
| Sealed Air Corp.  | 25612 | 858258 |
| Silgan Holdings, Inc.  | 15589 | 602047 |
| Smurfit WestRock PLC  | 91961 | 3395200 |
| Sonoco Products Co.  | 17342 | 703565 |
| Steel Dynamics, Inc.  | 24770 | 3883936 |
| Vulcan Materials Co.  | 23338 | 6756351 |
| Westlake Corp.  | 5864 | 403502 |
|  |  | **106463742** |
| **Media & Entertainment 3.9%** | **Media & Entertainment 3.9%** | **Media & Entertainment 3.9%** |
| Charter Communications, Inc., Class A \* | 15576 | 3642292 |
| DoubleVerify Holdings, Inc. \* | 24095 | 274201 |
| Electronic Arts, Inc.  | 44389 | 8880463 |
| Fox Corp., Class A  | 60906 | 3937573 |
| IAC, Inc. \* | 11738 | 378198 |
| Interpublic Group of Cos., Inc.  | 65212 | 1673340 |
| Liberty Broadband Corp., Class C \* | 22748 | 1224297 |
| Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 40742 | 4068089 |
| Liberty Media Corp.-Liberty Live, <br> Class C \*<br>| 11461 | 1036189 |
| Live Nation Entertainment, Inc. \* | 27964 | 4181457 |
| Madison Square Garden Sports Corp. \* | 2853 | 611655 |
| Match Group, Inc.  | 43176 | 1396312 |
| New York Times Co., Class A  | 28244 | 1609626 |
| News Corp., Class A  | 92300 | 2445950 |
| Nexstar Media Group, Inc., Class A  | 4994 | 977476 |
| NIQ Global Intelligence PLC \* | 8271 | 102560 |
| Omnicom Group, Inc.  | 34161 | 2562758 |
| Pinterest, Inc., Class A \* | 104203 | 3449119 |
| Reddit, Inc., Class A \* | 20599 | 4304161 |
| ROBLOX Corp., Class A \* | 107841 | 12263678 |
| Roku, Inc. \* | 22714 | 2410637 |
| Sirius XM Holdings, Inc.  | 33435 | 725205 |
| Take-Two Interactive Software, Inc. \* | 32156 | 8243834 |
| TKO Group Holdings, Inc.  | 12114 | 2282278 |
| Trade Desk, Inc., Class A \* | 78861 | 3965131 |
| Trump Media & Technology Group <br> Corp. \*<br>| 28444 | 435904 |
| Warner Bros Discovery, Inc. \* | 411127 | 9229801 |
| ZoomInfo Technologies, Inc., Class A \* | 52537 | 589465 |
|  |  | **86901649** |
| **Pharmaceuticals, Biotechnology & Life Sciences 4.8%** | **Pharmaceuticals, Biotechnology & Life Sciences 4.8%** | **Pharmaceuticals, Biotechnology & Life Sciences 4.8%** |
| Agilent Technologies, Inc.  | 50298 | 7361615 |
| Alnylam Pharmaceuticals, Inc. \* | 22032 | 10047473 |
| Apellis Pharmaceuticals, Inc. \* | 18913 | 406062 |
| Avantor, Inc. \* | 116580 | 1377976 |
| Biogen, Inc. \* | 25754 | 3973070 |
| BioMarin Pharmaceutical, Inc. \* | 33533 | 1796363 |
| Bio-Rad Laboratories, Inc., Class A \* | 3314 | 1058989 |
| Bio-Techne Corp.  | 27670 | 1731312 |

---

*See financial notes*

**104**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Bruker Corp.  | 18300 | 712602 |
| Caris Life Sciences, Inc. \* | 3903 | 117402 |
| Charles River Laboratories International, <br> Inc. \*<br>| 8626 | 1553284 |
| Corcept Therapeutics, Inc. \* | 16520 | 1213724 |
| Elanco Animal Health, Inc. \* | 86787 | 1922332 |
| Exact Sciences Corp. \* | 32908 | 2128819 |
| Exelixis, Inc. \* | 46460 | 1796608 |
| Halozyme Therapeutics, Inc. \* | 21643 | 1410907 |
| Illumina, Inc. \* | 27952 | 3453190 |
| Incyte Corp. \* | 27882 | 2606409 |
| Insmed, Inc. \* | 32898 | 6237461 |
| Ionis Pharmaceuticals, Inc. \* | 27387 | 2034854 |
| IQVIA Holdings, Inc. \* | 29822 | 6455270 |
| Jazz Pharmaceuticals PLC \* | 10243 | 1409847 |
| Medpace Holdings, Inc. \* | 3934 | 2301036 |
| Mettler-Toledo International, Inc. \* | 3674 | 5203449 |
| Moderna, Inc. \* | 62565 | 1699265 |
| Natera, Inc. \* | 22941 | 4563653 |
| Neurocrine Biosciences, Inc. \* | 17067 | 2444165 |
| Organon & Co.  | 45494 | 307084 |
| Perrigo Co. PLC  | 24079 | 499398 |
| Qiagen NV  | 37702 | 1766339 |
| Repligen Corp. \* | 9275 | 1382531 |
| Revolution Medicines, Inc. \* | 30653 | 1803623 |
| Revvity, Inc.  | 20780 | 1944800 |
| Roivant Sciences Ltd. \* | 68826 | 1375832 |
| Royalty Pharma PLC, Class A  | 66822 | 2508498 |
| Sarepta Therapeutics, Inc. \* | 16154 | 387858 |
| Sotera Health Co. \* | 30658 | 508923 |
| Summit Therapeutics, Inc. *\*(a)* | 20491 | 387485 |
| Tempus AI, Inc. \* | 14487 | 1301657 |
| Ultragenyx Pharmaceutical, Inc. \* | 15730 | 544258 |
| United Therapeutics Corp. \* | 7837 | 3490835 |
| Viatris, Inc.  | 206872 | 2143194 |
| Viking Therapeutics, Inc. \* | 19317 | 735591 |
| Waters Corp. \* | 10506 | 3672898 |
| West Pharmaceutical Services, Inc.  | 12630 | 3562544 |
|  |  | **105340485** |
| **Real Estate Management & Development 0.8%** | **Real Estate Management & Development 0.8%** | **Real Estate Management & Development 0.8%** |
| CBRE Group, Inc., Class A \* | 52486 | 8000441 |
| CoStar Group, Inc. \* | 73740 | 5074050 |
| Howard Hughes Holdings, Inc. \* | 5504 | 436357 |
| Jones Lang LaSalle, Inc. \* | 8313 | 2536213 |
| Zillow Group, Inc., Class C \* | 37242 | 2792405 |
|  |  | **18839466** |
| **Semiconductors & Semiconductor Equipment 2.2%** | **Semiconductors & Semiconductor Equipment 2.2%** | **Semiconductors & Semiconductor Equipment 2.2%** |
| Allegro MicroSystems, Inc. \* | 21798 | 652196 |
| Amkor Technology, Inc.  | 20275 | 654477 |
| Astera Labs, Inc. \* | 22236 | 4151017 |
| Cirrus Logic, Inc. \* | 9005 | 1194513 |
| Enphase Energy, Inc. \* | 22381 | 682844 |
| Entegris, Inc.  | 26416 | 2418913 |
| First Solar, Inc. \* | 17936 | 4787836 |
| GLOBALFOUNDRIES, Inc. \* | 18214 | 648418 |
| Lattice Semiconductor Corp. \* | 23984 | 1749873 |
| MACOM Technology Solutions Holdings, <br> Inc. \*<br>| 11177 | 1655649 |
| Microchip Technology, Inc.  | 93191 | 5816982 |
| MKS, Inc.  | 11871 | 1705982 |
| Monolithic Power Systems, Inc.  | 8170 | 8210850 |
| ON Semiconductor Corp. \* | 74328 | 3722346 |
| Onto Innovation, Inc. \* | 8596 | 1160116 |
| Qorvo, Inc. \* | 14972 | 1421142 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Skyworks Solutions, Inc.  | 26408 | 2052430 |
| Teradyne, Inc.  | 28420 | 5165619 |
| Universal Display Corp.  | 7752 | 1141715 |
|  |  | **48992918** |
| **Software & Services 5.7%** | **Software & Services 5.7%** | **Software & Services 5.7%** |
| Akamai Technologies, Inc. \* | 25299 | 1899955 |
| Amdocs Ltd.  | 19482 | 1641553 |
| Appfolio, Inc., Class A \* | 3892 | 990242 |
| Aurora Innovation, Inc. \* | 185214 | 970521 |
| Bentley Systems, Inc., Class B  | 27805 | 1413328 |
| Bill Holdings, Inc. \* | 16414 | 815119 |
| CCC Intelligent Solutions Holdings, Inc. \* | 96159 | 838506 |
| Circle Internet Group, Inc. *\*(a)* | 8337 | 1058632 |
| Cloudflare, Inc., Class A \* | 54472 | 13797758 |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 87179 | 6353605 |
| Confluent, Inc., Class A \* | 49029 | 1145808 |
| Datadog, Inc., Class A \* | 54455 | 8865819 |
| Docusign, Inc., Class A \* | 35397 | 2588937 |
| Dolby Laboratories, Inc., Class A  | 10660 | 706971 |
| Dropbox, Inc., Class A \* | 32878 | 953462 |
| DXC Technology Co. \* | 31649 | 449416 |
| Dynatrace, Inc. \* | 51748 | 2616896 |
| Elastic NV \* | 16053 | 1432249 |
| EPAM Systems, Inc. \* | 9675 | 1582249 |
| Fair Isaac Corp. \* | 4137 | 6865476 |
| Gartner, Inc. \* | 13224 | 3284048 |
| Gen Digital, Inc.  | 96823 | 2552254 |
| Gitlab, Inc., Class A \* | 23487 | 1144991 |
| Globant SA \* | 7698 | 474043 |
| GoDaddy, Inc., Class A \* | 24259 | 3229601 |
| Guidewire Software, Inc. \* | 14770 | 3450863 |
| HubSpot, Inc. \* | 8986 | 4420393 |
| Informatica, Inc., Class A \* | 18785 | 467183 |
| Kyndryl Holdings, Inc. \* | 40682 | 1176523 |
| Manhattan Associates, Inc. \* | 10565 | 1923570 |
| MongoDB, Inc., Class A \* | 13933 | 5013372 |
| nCino, Inc. \* | 18606 | 496408 |
| Nutanix, Inc., Class A \* | 45030 | 3207937 |
| Okta, Inc. \* | 29116 | 2664987 |
| Pegasystems, Inc.  | 15267 | 971745 |
| Procore Technologies, Inc. \* | 20234 | 1493674 |
| PTC, Inc. \* | 21071 | 4183436 |
| RingCentral, Inc., Class A \* | 14071 | 423819 |
| Rubrik, Inc., Class A \* | 20531 | 1545368 |
| SailPoint, Inc. \* | 10748 | 233017 |
| Samsara, Inc., Class A \* | 47405 | 1904259 |
| SentinelOne, Inc., Class A \* | 51629 | 921578 |
| Teradata Corp. \* | 16659 | 347340 |
| Twilio, Inc., Class A \* | 24979 | 3369168 |
| Tyler Technologies, Inc. \* | 7587 | 3613385 |
| UiPath, Inc., Class A \* | 71227 | 1129660 |
| Unity Software, Inc. \* | 55816 | 2115426 |
| VeriSign, Inc.  | 14861 | 3563668 |
| Zoom Communications, Inc. \* | 46323 | 4040755 |
| Zscaler, Inc. \* | 17243 | 5709847 |
|  |  | **126058820** |
| **Technology Hardware & Equipment 4.6%** | **Technology Hardware & Equipment 4.6%** | **Technology Hardware & Equipment 4.6%** |
| Arrow Electronics, Inc. \* | 9113 | 1016555 |
| Avnet, Inc.  | 14631 | 708872 |
| CDW Corp.  | 23205 | 3698181 |
| Ciena Corp. \* | 24923 | 4733376 |
| Cognex Corp.  | 29705 | 1229490 |
| Coherent Corp. \* | 27077 | 3573081 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**105**

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Corning, Inc.  | 137817 | 12276738 |
| Crane NXT Co.  | 8634 | 546101 |
| F5, Inc. \* | 10160 | 2570988 |
| Flex Ltd. \* | 65988 | 4125570 |
| Hewlett Packard Enterprise Co.  | 231575 | 5655062 |
| HP, Inc.  | 166631 | 4610680 |
| Ingram Micro Holding Corp.  | 3481 | 79924 |
| IPG Photonics Corp. \* | 4415 | 375805 |
| Jabil, Inc.  | 18596 | 4107670 |
| Keysight Technologies, Inc. \* | 30390 | 5560154 |
| Littelfuse, Inc.  | 4334 | 1054506 |
| Lumentum Holdings, Inc. \* | 12127 | 2444318 |
| NetApp, Inc.  | 35309 | 4158694 |
| Pure Storage, Inc., Class A \* | 54854 | 5414090 |
| Ralliant Corp.  | 19899 | 873964 |
| Sandisk Corp. \* | 23798 | 4743655 |
| Super Micro Computer, Inc. \* | 90722 | 4713915 |
| TD SYNNEX Corp.  | 13626 | 2132333 |
| Teledyne Technologies, Inc. \* | 8214 | 4327299 |
| Trimble, Inc. \* | 42035 | 3352291 |
| Ubiquiti, Inc.  | 736 | 579364 |
| Vontier Corp.  | 25833 | 994571 |
| Western Digital Corp.  | 61097 | 9177380 |
| Zebra Technologies Corp., Class A \* | 8958 | 2411942 |
|  |  | **101246569** |
| **Telecommunication Services 0.3%** | **Telecommunication Services 0.3%** | **Telecommunication Services 0.3%** |
| AST SpaceMobile, Inc. \* | 33917 | 2721839 |
| Frontier Communications Parent, Inc. \* | 43107 | 1627720 |
| GCI Liberty, Inc. *\*(b)* | 6049 | 0 |
| GCI Liberty, Inc., Class C \* | 4414 | 161663 |
| Iridium Communications, Inc.  | 16428 | 314596 |
| Liberty Global Ltd., Class C \* | 53816 | 600049 |
| Millicom International Cellular SA  | 18053 | 850477 |
|  |  | **6276344** |
| **Transportation 1.9%** | **Transportation 1.9%** | **Transportation 1.9%** |
| Alaska Air Group, Inc. \* | 20386 | 850708 |
| American Airlines Group, Inc. \* | 115292 | 1513784 |
| Avis Budget Group, Inc. \* | 2961 | 402903 |
| CH Robinson Worldwide, Inc.  | 20762 | 3197140 |
| Delta Air Lines, Inc.  | 115124 | 6605815 |
| Expeditors International of Washington, <br> Inc. <br>| 24216 | 2951930 |
| GXO Logistics, Inc. \* | 19873 | 1117061 |
| JB Hunt Transport Services, Inc.  | 13732 | 2318786 |
| Kirby Corp. \* | 9808 | 1014932 |
| Knight-Swift Transportation Holdings, <br> Inc. <br>| 27737 | 1251493 |
| Landstar System, Inc.  | 6107 | 784322 |
| Lyft, Inc., Class A \* | 70389 | 1440159 |
| Old Dominion Freight Line, Inc.  | 32925 | 4623328 |
| Ryder System, Inc.  | 6994 | 1183595 |
| Saia, Inc. \* | 4711 | 1377968 |
| Schneider National, Inc., Class B  | 9342 | 199639 |
| Southwest Airlines Co.  | 83266 | 2522960 |
| U-Haul Holding Co., Non Voting Shares  | 19391 | 940270 |
| United Airlines Holdings, Inc. \* | 57475 | 5404949 |
| XPO, Inc. \* | 20260 | 2914806 |
|  |  | **42616548** |
| **Utilities 6.2%** | **Utilities 6.2%** | **Utilities 6.2%** |
| AES Corp.  | 125592 | 1741961 |
| Alliant Energy Corp.  | 45267 | 3024741 |
| Ameren Corp.  | 47667 | 4862987 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| American Water Works Co., Inc.  | 34404 | 4418506 |
| Atmos Energy Corp.  | 27954 | 4800261 |
| Brookfield Renewable Corp.  | 23746 | 1027252 |
| CenterPoint Energy, Inc.  | 115120 | 4402189 |
| Clearway Energy, Inc., Class C  | 20215 | 645465 |
| CMS Energy Corp.  | 52435 | 3856594 |
| Consolidated Edison, Inc.  | 63639 | 6199075 |
| DTE Energy Co.  | 36597 | 4960357 |
| Edison International  | 67203 | 3721702 |
| Entergy Corp.  | 78818 | 7573622 |
| Essential Utilities, Inc.  | 49424 | 1929019 |
| Evergy, Inc.  | 40565 | 3115798 |
| Eversource Energy  | 64901 | 4790343 |
| Exelon Corp.  | 178425 | 8228961 |
| FirstEnergy Corp.  | 96949 | 4443173 |
| IDACORP, Inc.  | 9490 | 1224400 |
| MDU Resources Group, Inc.  | 35940 | 689329 |
| National Fuel Gas Co.  | 15829 | 1249066 |
| NiSource, Inc.  | 82978 | 3494204 |
| NRG Energy, Inc.  | 33595 | 5773637 |
| OGE Energy Corp.  | 35441 | 1564366 |
| PG&E Corp.  | 387077 | 6177749 |
| Pinnacle West Capital Corp.  | 20997 | 1858654 |
| PPL Corp.  | 130738 | 4774552 |
| Public Service Enterprise Group, Inc.  | 88146 | 7101042 |
| Talen Energy Corp. \* | 8002 | 3199039 |
| UGI Corp.  | 37808 | 1263921 |
| Vistra Corp.  | 59718 | 11244899 |
| WEC Energy Group, Inc.  | 56387 | 6300119 |
| Xcel Energy, Inc.  | 104470 | 8479830 |
|  |  | **138136813** |
| **Total Common Stocks** <br>**(Cost $1,708,773,346)** | **Total Common Stocks** <br>**(Cost $1,708,773,346)** | **2196691849** |
| **INVESTMENT COMPANIES** 0.2% OF NET ASSETS  | **INVESTMENT COMPANIES** 0.2% OF NET ASSETS  | **INVESTMENT COMPANIES** 0.2% OF NET ASSETS  |
| **Equity Funds 0.2%** | **Equity Funds 0.2%** | **Equity Funds 0.2%** |
| iShares Russell Mid-Cap ETF  | 40000 | 3830400 |
| **Total Investment Companies** <br>**(Cost $3,279,802)** | **Total Investment Companies** <br>**(Cost $3,279,802)** | **3830400** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.4% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.4% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.4% OF NET ASSETS  |
| **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(c)*<br>| 6957517 | 6957517 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(c)(d)*<br>| 2190653 | 2190653 |
|  |  | **9148170** |
| **Total Short-Term Investments** <br>**(Cost $9,148,170)** | **Total Short-Term Investments** <br>**(Cost $9,148,170)** | **9148170** |
| **Total Investments in Securities** <br>**(Cost $1,721,201,318)** | **Total Investments in Securities** <br>**(Cost $1,721,201,318)** | **2209670419** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See financial notes*

**106**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>DEPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| S&P 400 Mid-Cap Index, e-mini, <br> expires 12/19/25<br>| 26 | 8470020 | **(57389)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $2,145,568. 

*(b)* Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). 

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR — American Depositary Receipt <br> ETF — Exchange-Traded Fund <br> REIT — Real Estate Investment Trust

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $2190415505 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2190415505 |
| Telecommunication Services | 6276344 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 6276344 |
| Investment Companies<sup>1</sup> <br>| 3830400 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3830400 |
| Short-Term Investments<sup>1</sup> <br>| 9148170 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9148170 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (57389)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (57389)<br>|
| **Total** | **$2209613030** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$2209613030** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Level 3 amount shown includes securities determined to have no value at October 31, 2025.

<sup>1</sup> As categorized in the Portfolio Holdings. 

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**107**

------

Schwab U.S. Mid-Cap Index Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $1,721,201,318) including securities on loan of $2,145,568 |  | $2209670419 |
| Deposit with broker for futures contracts |  | 573239 |
| Receivables: |  |  |
| Fund shares sold |  | 1348721 |
| Dividends |  | 853261 |
| Variation margin on future contracts |  | 48196 |
| Income from securities on loan | + | 9733 |
| **Total assets** |  | **2212503569** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 2190653 |
| Payables: |  |  |
| Fund shares redeemed |  | 1052678 |
| Investment adviser fees | + | 79913 |
| **Total liabilities** |  | **3323244** |
| **Net assets** |  | **$2209180325** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $1741268950 |
| Total distributable earnings | + | 467911375 |
| **Net assets** |  | **$2209180325** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $2209180325 |  | &nbsp;&nbsp;&nbsp;&nbsp; 151891079 |  | &nbsp;&nbsp;&nbsp;&nbsp; $14.54 |

---

*See financial notes*

**108**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Mid-Cap Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $26,992) |  | $30091423 |
| Other Interest |  | 20586 |
| Securities on loan, net | + | 75424 |
| **Total investment income**  |  | **30187433** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 773313 |
| **Total expenses** | – | **773313** |
| **Net investment income** |  | **29414120** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (1205307)<br>|
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 50439502 |
| Net realized losses on futures contracts | + | (515942)<br>|
| **Net realized gains** |  | **48718253** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 136409478 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 6867 |
| **Net change in unrealized appreciation (depreciation)** |  | **136416345** |
| **Net realized and unrealized gains** |  | **185134598** |
| **Increase in net assets resulting from operations** |  | **$214548718** |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**109**

------

Schwab U.S. Mid-Cap Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $29414120 | &nbsp;&nbsp;&nbsp; $22005304 |
| Net realized gains |  | 48718253 | &nbsp;&nbsp;&nbsp; 46616523 |
| Net change in unrealized appreciation (depreciation) | + | 136416345 | &nbsp;&nbsp;&nbsp; 321578034 |
| **Increase in net assets resulting from operations** |  | **$214548718** | &nbsp;&nbsp;&nbsp; **$390199861** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($42219991)**<br>| &nbsp;&nbsp;&nbsp; **($18556015)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 59639511 | &nbsp;&nbsp;&nbsp; $803970178 | &nbsp;&nbsp;&nbsp; 38365300 | &nbsp;&nbsp;&nbsp; $472023059 |
| Shares reinvested |  | 2520303 | &nbsp;&nbsp;&nbsp; 34971734 | &nbsp;&nbsp;&nbsp; 1371755 | &nbsp;&nbsp;&nbsp; 15325220 |
| Shares redeemed | + | (31324210)<br>| &nbsp;&nbsp;&nbsp; (432074513)<br>| &nbsp;&nbsp;&nbsp; (23863800)<br>| &nbsp;&nbsp;&nbsp; (291842392)<br>|
| **Net transactions in fund shares**  |  | **30835604** | &nbsp;&nbsp;&nbsp; **$406867399** | &nbsp;&nbsp;&nbsp; **15873255** | &nbsp;&nbsp;&nbsp; **$195505887** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 121055475 | &nbsp;&nbsp;&nbsp; $1629984199 | &nbsp;&nbsp;&nbsp; 105182220 | &nbsp;&nbsp;&nbsp; $1062834466 |
| Total increase | + | 30835604 | &nbsp;&nbsp;&nbsp; 579196126 | &nbsp;&nbsp;&nbsp; 15873255 | &nbsp;&nbsp;&nbsp; 567149733 |
| **End of period** |  | **151891079** | &nbsp;&nbsp;&nbsp; **$2209180325** | &nbsp;&nbsp;&nbsp; **121055475** | &nbsp;&nbsp;&nbsp; **$1629984199** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> For the period ended October 31, 2025, and the prior report period, transactions in fund shares have been retroactively adjusted to reflect a 5-for-1 share split effective after the close of U.S. markets on August 15, 2025. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 9 for additional information). 

*See financial notes*

**110**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab International Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $24.10 | &nbsp;&nbsp; $20.39 | &nbsp;&nbsp; $18.17 | &nbsp;&nbsp; $24.45 | &nbsp;&nbsp; $18.56 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.74 | 0.67 | 0.63 | 0.65 | 0.64 |
| Net realized and unrealized gains (losses) | 4.67 | 3.79 | 2.13 | &nbsp;&nbsp; (6.14)<br>| 5.66 |
| Total from investment operations | 5.41 | 4.46 | 2.76 | &nbsp;&nbsp; (5.49)<br>| 6.30 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.41)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $28.77 | &nbsp;&nbsp; $24.10 | &nbsp;&nbsp; $20.39 | &nbsp;&nbsp; $18.17 | &nbsp;&nbsp; $24.45 |
| Total return | 23.33<br> %<br>| 22.21<br> %<br>| 15.30<br> %<br>| &nbsp;&nbsp; (23.12<br> %)<br>| 34.24<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.06<br> %<br>| 0.06<br> %<br>| 0.06<br> %<br>| 0.06 %<sup>2</sup><br>| 0.06<br> %<br>|
| Net investment income (loss) | 2.87<br> %<br>| 2.84<br> %<br>| 2.99<br> %<br>| 3.12<br> %<br>| 2.76<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 3<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $12402 | &nbsp;&nbsp; $9873 | &nbsp;&nbsp; $7952 | &nbsp;&nbsp; $7127 | &nbsp;&nbsp; $8781 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**111**

------

Schwab International Index Fund

Portfolio Holdings as of October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 98.9% OF NET ASSETS | **COMMON STOCKS** 98.9% OF NET ASSETS | **COMMON STOCKS** 98.9% OF NET ASSETS |
| **Australia 6.6%** | **Australia 6.6%** | **Australia 6.6%** |
| ANZ Group Holdings Ltd.  | 1847915 | 44260707 |
| APA Group  | 843830 | 5067986 |
| Aristocrat Leisure Ltd.  | 347112 | 14361803 |
| ASX Ltd.  | 120952 | 4462753 |
| BHP Group Ltd.  | 3154940 | 89941648 |
| BlueScope Steel Ltd.  | 282055 | 4219865 |
| Brambles Ltd.  | 852531 | 13853259 |
| CAR Group Ltd.  | 231564 | 5406886 |
| Cochlear Ltd.  | 40215 | 7549955 |
| Coles Group Ltd.  | 828988 | 11956123 |
| Commonwealth Bank of Australia  | 1036553 | 116306422 |
| Computershare Ltd.  | 323033 | 7717116 |
| CSL Ltd.  | 301280 | 35110057 |
| Evolution Mining Ltd.  | 1242762 | 8794485 |
| Fortescue Ltd.  | 1050641 | 14611504 |
| Goodman Group  | 1265154 | 27287062 |
| Insurance Australia Group Ltd.  | 1493063 | 7675595 |
| James Hardie Industries PLC, CDI \* | 368264 | 7755910 |
| Lottery Corp. Ltd.  | 1408948 | 5068009 |
| Macquarie Group Ltd.  | 226088 | 32247963 |
| Medibank Pvt Ltd.  | 1717511 | 5481418 |
| National Australia Bank Ltd.  | 1909321 | 54434845 |
| Northern Star Resources Ltd.  | 846595 | 13651203 |
| Origin Energy Ltd.  | 1079511 | 8651006 |
| Pro Medicus Ltd.  | 36624 | 6288520 |
| Qantas Airways Ltd.  | 454167 | 3025724 |
| QBE Insurance Group Ltd.  | 928615 | 12048384 |
| REA Group Ltd.  | 32542 | 4534303 |
| Rio Tinto Ltd.  | 234560 | 20365966 |
| Santos Ltd.  | 2050212 | 8467652 |
| Scentre Group  | 3188055 | 8492449 |
| SGH Ltd.  | 123121 | 3901139 |
| Sigma Healthcare Ltd.  | 2878529 | 5852233 |
| Sonic Healthcare Ltd.  | 287825 | 3983670 |
| South32 Ltd.  | 2796025 | 5782421 |
| Stockland  | 1490484 | 6162226 |
| Suncorp Group Ltd.  | 678834 | 8714126 |
| Telstra Group Ltd.  | 2467369 | 7882838 |
| Transurban Group  | 1929944 | 18260534 |
| Vicinity Ltd.  | 2503599 | 4136115 |
| Washington H Soul Pattinson & Co. <br> Ltd. <br>| 212372 | 5218250 |
| Wesfarmers Ltd.  | 700848 | 38466712 |
| Westpac Banking Corp.  | 2125074 | 53773859 |
| WiseTech Global Ltd.  | 123548 | 5572259 |
| Woodside Energy Group Ltd.  | 1185771 | 19215949 |
| Woolworths Group Ltd.  | 763955 | 14193516 |
| Xero Ltd. \* | 100700 | 9526743 |
|  |  | **819739168** |
| **Austria 0.2%** | **Austria 0.2%** | **Austria 0.2%** |
| Erste Group Bank AG  | 191556 | 19843068 |
| OMV AG  | 89482 | 4898793 |
| Verbund AG  | 42736 | 3298373 |
|  |  | **28040234** |
| **Belgium 1.1%** | **Belgium 1.1%** | **Belgium 1.1%** |
| Ageas SA  | 92071 | 6093220 |
| Anheuser-Busch InBev SA  | 612791 | 37366279 |
| Argenx SE \* | 38039 | 31133669 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| D'ieteren Group  | 13774 | 2516135 |
| Elia Group SA  | 27021 | 3256795 |
| Groupe Bruxelles Lambert NV  | 49971 | 4391978 |
| KBC Group NV  | 143475 | 17261392 |
| Lotus Bakeries NV  | 262 | 2285859 |
| Sofina SA  | 10143 | 2787851 |
| Syensqo SA  | 45776 | 3778639 |
| UCB SA  | 78608 | 20213415 |
|  |  | **131085232** |
| **Denmark 1.8%** | **Denmark 1.8%** | **Denmark 1.8%** |
| AP Moller - Maersk AS, Class A  | 1876 | 3866727 |
| AP Moller - Maersk AS, Class B  | 2490 | 5119259 |
| Carlsberg AS, Class B  | 58301 | 6855005 |
| Coloplast AS, Class B  | 79713 | 7209594 |
| Danske Bank AS  | 411624 | 18396793 |
| Demant AS \* | 57325 | 1907210 |
| DSV AS  | 126580 | 27013219 |
| Genmab AS \* | 37720 | 10758793 |
| Novo Nordisk AS, Class B  | 2001656 | 98544869 |
| Novonesis Novozymes B, Class B  | 220405 | 13171315 |
| Orsted AS \* | 326608 | 5849303 |
| Pandora AS  | 48599 | 6502968 |
| Rockwool AS, B Shares  | 59554 | 2040658 |
| Tryg AS  | 214498 | 5287157 |
| Vestas Wind Systems AS  | 628890 | 12862123 |
|  |  | **225384993** |
| **Finland 1.1%** | **Finland 1.1%** | **Finland 1.1%** |
| Elisa OYJ  | 86504 | 3811730 |
| Fortum OYJ  | 278566 | 6211999 |
| Kesko OYJ, B Shares  | 167284 | 3528791 |
| Kone OYJ, B Shares  | 213680 | 14276609 |
| Metso OYJ  | 422418 | 6927230 |
| Neste OYJ  | 263064 | 5450862 |
| Nokia OYJ  | 3203619 | 21852835 |
| Nordea Bank Abp  | 1955812 | 33457691 |
| Orion OYJ, B Shares  | 67387 | 4705833 |
| Sampo OYJ, A Shares  | 1508992 | 16819719 |
| Stora Enso OYJ, R Shares  | 364844 | 4248299 |
| UPM-Kymmene OYJ  | 319668 | 8577427 |
| Wartsila OYJ Abp  | 312666 | 10229524 |
|  |  | **140098549** |
| **France 10.8%** | **France 10.8%** | **France 10.8%** |
| Accor SA  | 123716 | 6293787 |
| Aeroports de Paris SA  | 21207 | 2909197 |
| Air Liquide SA  | 359834 | 69641865 |
| Airbus SE  | 369378 | 91077913 |
| Alstom SA \* | 214473 | 5363450 |
| Amundi SA  | 37179 | 2756167 |
| ArcelorMittal SA  | 290828 | 11102664 |
| Arkema SA  | 36271 | 2153143 |
| AXA SA  | 1105727 | 47975731 |
| BioMerieux  | 26386 | 3397214 |
| BNP Paribas SA  | 631426 | 48908966 |
| Bollore SE  | 427444 | 2380171 |
| Bouygues SA  | 120033 | 5418062 |
| Bureau Veritas SA  | 215909 | 7095295 |
| Capgemini SE  | 101058 | 15547307 |
| Carrefour SA  | 361655 | 5446866 |
| Cie de Saint-Gobain SA  | 278684 | 27049627 |
| Cie Generale des Etablissements <br> Michelin SCA <br>| 421177 | 13454673 |
| Covivio SA  | 33021 | 2118556 |

---

*See financial notes*

**112**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab International Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Credit Agricole SA  | 665525 | 12013637 |
| Danone SA  | 401614 | 35469191 |
| Dassault Aviation SA  | 12123 | 3906578 |
| Dassault Systemes SE  | 417283 | 11874929 |
| Edenred SE  | 149659 | 4301822 |
| Eiffage SA  | 42245 | 5198237 |
| Engie SA  | 1131867 | 26500348 |
| EssilorLuxottica SA  | 187545 | 68682474 |
| Eurofins Scientific SE  | 74322 | 5241892 |
| Euronext NV  | 49858 | 7125294 |
| FDJ UNITED  | 73764 | 2149269 |
| Gecina SA  | 29224 | 2715824 |
| Getlink SE  | 194529 | 3550780 |
| Hermes International SCA  | 19668 | 48667658 |
| Ipsen SA  | 23102 | 3246552 |
| Kering SA  | 46382 | 16471031 |
| Klepierre SA  | 135054 | 5161297 |
| Legrand SA  | 162903 | 28131346 |
| L'Oreal SA  | 149795 | 62511147 |
| LVMH Moet Hennessy Louis Vuitton <br> SE <br>| 155340 | 109797821 |
| Orange SA  | 1165165 | 18638404 |
| Pernod Ricard SA  | 124553 | 12198784 |
| Publicis Groupe SA  | 141611 | 14193545 |
| Renault SA  | 119667 | 4650162 |
| Rexel SA  | 136536 | 4734383 |
| Safran SA  | 223771 | 79509935 |
| Sanofi SA  | 687019 | 69500752 |
| Sartorius Stedim Biotech  | 18737 | 4481318 |
| Schneider Electric SE  | 340861 | 97121450 |
| Societe Generale SA  | 448841 | 28465769 |
| Sodexo SA  | 57401 | 3178318 |
| STMicroelectronics NV  | 421130 | 10341219 |
| Teleperformance SE  | 34273 | 2447385 |
| Thales SA  | 57799 | 16481546 |
| TotalEnergies SE  | 1275222 | 79618512 |
| Unibail-Rodamco-Westfield \* | 75073 | 7762789 |
| Veolia Environnement SA  | 389355 | 12867054 |
| Vinci SA  | 307641 | 41136600 |
|  |  | **1340135706** |
| **Germany 9.2%** | **Germany 9.2%** | **Germany 9.2%** |
| adidas AG  | 106292 | 20097944 |
| Allianz SE  | 239495 | 96239053 |
| BASF SE  | 551288 | 27201554 |
| Bayer AG  | 608133 | 18915666 |
| Bayerische Motoren Werke AG  | 173618 | 16188982 |
| Beiersdorf AG  | 60695 | 6434521 |
| Brenntag SE  | 79173 | 4397168 |
| Commerzbank AG  | 481753 | 17566105 |
| Continental AG  | 70383 | 5378097 |
| Covestro AG \* | 109797 | 7669386 |
| CTS Eventim AG & Co. KGaA  | 38793 | 3475517 |
| Daimler Truck Holding AG  | 293439 | 11761815 |
| Delivery Hero SE \* | 120858 | 3069761 |
| Deutsche Bank AG  | 1152921 | 41274766 |
| Deutsche Boerse AG  | 116815 | 29582226 |
| Deutsche Lufthansa AG  | 374294 | 3281397 |
| Deutsche Post AG  | 598298 | 27489609 |
| Deutsche Telekom AG  | 2166471 | 67106809 |
| E.ON SE  | 1386330 | 25794577 |
| Evonik Industries AG  | 165416 | 2772047 |
| Fresenius Medical Care AG  | 135552 | 7277413 |
| Fresenius SE & Co. KGaA  | 265266 | 15264189 |
| GEA Group AG  | 90332 | 6461233 |
| Hannover Rueck SE  | 37434 | 10686600 |
| Heidelberg Materials AG  | 83202 | 19519481 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Henkel AG & Co. KGaA  | 65142 | 4864381 |
| Hensoldt AG  | 39116 | 4169673 |
| Infineon Technologies AG  | 813184 | 32277628 |
| Knorr-Bremse AG  | 43781 | 4073733 |
| LEG Immobilien SE  | 45892 | 3497623 |
| Mercedes-Benz Group AG  | 446719 | 28985154 |
| Merck KGaA  | 80818 | 10586640 |
| MTU Aero Engines AG  | 33761 | 14754403 |
| Muenchener <br> Rueckversicherungs-Gesellschaft <br> AG in Muenchen <br>| 81431 | 50380862 |
| Nemetschek SE  | 35472 | 4098808 |
| Qiagen NV  | 133656 | 6291196 |
| Rational AG  | 3298 | 2419407 |
| Rheinmetall AG  | 28539 | 56101514 |
| RWE AG  | 393636 | 19378904 |
| SAP SE  | 648838 | 168744827 |
| Scout24 SE  | 47564 | 5500599 |
| Siemens AG  | 472437 | 133887324 |
| Siemens Energy AG \* | 423633 | 52778445 |
| Siemens Healthineers AG  | 209625 | 11749468 |
| Symrise AG  | 83746 | 6925710 |
| Talanx AG  | 40199 | 4895085 |
| Vonovia SE  | 464460 | 13959693 |
| Zalando SE \* | 144687 | 4054502 |
|  |  | **1139281495** |
| **Hong Kong 2.0%** | **Hong Kong 2.0%** | **Hong Kong 2.0%** |
| AIA Group Ltd.  | 6610800 | 64327908 |
| BOC Hong Kong Holdings Ltd.  | 2313590 | 11368328 |
| CK Asset Holdings Ltd.  | 1191711 | 5895685 |
| CK Hutchison Holdings Ltd.  | 1673025 | 11094617 |
| CK Infrastructure Holdings Ltd.  | 417000 | 2712316 |
| CLP Holdings Ltd.  | 1028426 | 8771820 |
| Futu Holdings Ltd., ADR  | 38663 | 7695484 |
| Galaxy Entertainment Group Ltd.  | 1352000 | 6736108 |
| Hang Seng Bank Ltd.  | 458040 | 8929465 |
| Henderson Land Development Co. <br> Ltd. <br>| 875735 | 3080618 |
| HKT Trust & HKT Ltd.  | 2434000 | 3554058 |
| Hong Kong & China Gas Co. Ltd.  | 6877696 | 6400741 |
| Hong Kong Exchanges & Clearing Ltd.  | 747165 | 40722649 |
| Hongkong Land Holdings Ltd.  | 696201 | 4254009 |
| Jardine Matheson Holdings Ltd.  | 99317 | 5831355 |
| Link REIT  | 1630540 | 8491225 |
| MTR Corp. Ltd.  | 1007360 | 3695689 |
| Power Assets Holdings Ltd.  | 859938 | 5462964 |
| Sands China Ltd.  | 1490800 | 3885406 |
| Sino Land Co. Ltd.  | 2288425 | 2842533 |
| SITC International Holdings Co. Ltd.  | 865000 | 3185914 |
| Sun Hung Kai Properties Ltd.  | 897104 | 10916665 |
| Swire Pacific Ltd., A Shares  | 235590 | 1945813 |
| Techtronic Industries Co. Ltd.  | 896000 | 10450949 |
| WH Group Ltd.  | 5273289 | 5072464 |
| Wharf Holdings Ltd.  | 666000 | 1750162 |
| Wharf Real Estate Investment Co. <br> Ltd. <br>| 1060188 | 3017527 |
|  |  | **252092472** |
| **Ireland 0.4%** | **Ireland 0.4%** | **Ireland 0.4%** |
| AIB Group PLC  | 1315070 | 12120114 |
| Bank of Ireland Group PLC  | 606473 | 9929764 |
| Kerry Group PLC, Class A  | 101933 | 9298610 |
| Kingspan Group PLC  | 97180 | 7276671 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**113**

------

Schwab International Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Ryanair Holdings PLC  | 522552 | 15820581 |
|  |  | **54445740** |
| **Israel 1.1%** | **Israel 1.1%** | **Israel 1.1%** |
| Azrieli Group Ltd.  | 26685 | 2815323 |
| Bank Hapoalim BM  | 777069 | 15761025 |
| Bank Leumi Le-Israel BM  | 930061 | 18876488 |
| Check Point Software Technologies <br> Ltd. \*<br>| 54050 | 10576504 |
| CyberArk Software Ltd. \* | 29958 | 15601527 |
| Elbit Systems Ltd.  | 17225 | 8159112 |
| ICL Group Ltd.  | 475516 | 3114862 |
| Israel Discount Bank Ltd., A Shares  | 766845 | 7663683 |
| Mizrahi Tefahot Bank Ltd.  | 98631 | 6412746 |
| Monday.com Ltd. \* | 25180 | 5167943 |
| Nice Ltd. \* | 40381 | 5508288 |
| Nova Ltd. \* | 18600 | 6460903 |
| Phoenix Financial Ltd.  | 135225 | 5205759 |
| Teva Pharmaceutical Industries Ltd., <br> ADR \*<br>| 712189 | 14585631 |
| Wix.com Ltd. \* | 34689 | 5048637 |
|  |  | **130958431** |
| **Italy 3.2%** | **Italy 3.2%** | **Italy 3.2%** |
| Banca Mediolanum SpA  | 131065 | 2634991 |
| Banca Monte dei Paschi di Siena SpA  | 1236088 | 10841091 |
| Banco BPM SpA  | 716208 | 10434751 |
| BPER Banca SpA  | 914280 | 10954806 |
| Davide Campari-Milano NV  | 404521 | 2816223 |
| Enel SpA  | 5048105 | 51065405 |
| Eni SpA  | 1257404 | 23185867 |
| Ferrari NV  | 78816 | 31562689 |
| FinecoBank Banca Fineco SpA  | 381351 | 8725366 |
| Generali  | 529575 | 20386460 |
| Infrastrutture Wireless Italiane SpA  | 180923 | 1988046 |
| Intesa Sanpaolo SpA  | 8854640 | 57071157 |
| Leonardo SpA  | 254318 | 14962718 |
| Moncler SpA  | 146028 | 8760125 |
| Nexi SpA  | 344309 | 1815409 |
| Poste Italiane SpA  | 281448 | 6785682 |
| Prysmian SpA  | 173807 | 18121764 |
| Recordati Industria Chimica e <br> Farmaceutica SpA <br>| 71808 | 4274138 |
| Snam SpA  | 1273928 | 7857097 |
| Stellantis NV  | 1257006 | 12783558 |
| Telecom Italia SpA \* | 7096195 | 4184220 |
| Tenaris SA  | 229529 | 4561857 |
| Terna - Rete Elettrica Nazionale  | 876497 | 8987664 |
| UniCredit SpA  | 870092 | 64427380 |
| Unipol Assicurazioni SpA  | 226018 | 4948285 |
|  |  | **394136749** |
| **Japan 22.6%** | **Japan 22.6%** | **Japan 22.6%** |
| Advantest Corp.  | 474792 | 71098105 |
| Aeon Co. Ltd.  | 1384100 | 21891896 |
| AGC, Inc.  | 117493 | 3670836 |
| Aisin Corp.  | 307200 | 5520444 |
| Ajinomoto Co., Inc.  | 563600 | 15984992 |
| ANA Holdings, Inc.  | 92900 | 1741149 |
| Asahi Group Holdings Ltd.  | 897900 | 9680996 |
| Asahi Kasei Corp.  | 764400 | 5856923 |
| Asics Corp.  | 429400 | 10934313 |
| Astellas Pharma, Inc.  | 1118950 | 11712751 |
| Bandai Namco Holdings, Inc.  | 369500 | 11499722 |
| Bridgestone Corp.  | 354857 | 15491326 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Canon, Inc.  | 535495 | 15378249 |
| Capcom Co. Ltd.  | 213600 | 5577759 |
| Central Japan Railway Co.  | 480000 | 11751222 |
| Chiba Bank Ltd.  | 340400 | 3321532 |
| Chubu Electric Power Co., Inc.  | 426700 | 5933586 |
| Chugai Pharmaceutical Co. Ltd.  | 416100 | 19043952 |
| Dai Nippon Printing Co. Ltd.  | 231196 | 3858748 |
| Daifuku Co. Ltd.  | 201590 | 6426041 |
| Dai-ichi Life Holdings, Inc.  | 2195100 | 15407395 |
| Daiichi Sankyo Co. Ltd.  | 1065700 | 25457565 |
| Daikin Industries Ltd.  | 165500 | 19227792 |
| Daito Trust Construction Co. Ltd.  | 182000 | 3402682 |
| Daiwa House Industry Co. Ltd.  | 346700 | 11762854 |
| Daiwa Securities Group, Inc.  | 824000 | 6341464 |
| Denso Corp.  | 1085500 | 15166368 |
| Disco Corp.  | 57700 | 19161186 |
| East Japan Railway Co.  | 595680 | 14549479 |
| Eisai Co. Ltd.  | 157200 | 4668931 |
| ENEOS Holdings, Inc.  | 1708000 | 10775282 |
| FANUC Corp.  | 572900 | 19118487 |
| Fast Retailing Co. Ltd.  | 118700 | 43577113 |
| Fuji Electric Co. Ltd.  | 83700 | 5977968 |
| FUJIFILM Holdings Corp.  | 693333 | 16069160 |
| Fujikura Ltd.  | 156500 | 21311235 |
| Fujitsu Ltd.  | 1089600 | 28395452 |
| Hankyu Hanshin Holdings, Inc.  | 150500 | 4041522 |
| Hikari Tsushin, Inc.  | 11493 | 3044338 |
| Hitachi Ltd.  | 2849075 | 97321495 |
| Honda Motor Co. Ltd.  | 2452017 | 24783132 |
| Hoya Corp.  | 212007 | 34436723 |
| Hulic Co. Ltd.  | 284600 | 2940304 |
| Idemitsu Kosan Co. Ltd.  | 474815 | 3301745 |
| IHI Corp.  | 644900 | 13352068 |
| Inpex Corp.  | 541700 | 9995514 |
| Isuzu Motors Ltd.  | 339800 | 4169442 |
| ITOCHU Corp.  | 742600 | 43013807 |
| Japan Airlines Co. Ltd.  | 88700 | 1597966 |
| Japan Exchange Group, Inc.  | 621300 | 6928217 |
| Japan Post Bank Co. Ltd.  | 1121200 | 12563134 |
| Japan Post Holdings Co. Ltd.  | 1116300 | 10460904 |
| Japan Post Insurance Co. Ltd.  | 114100 | 2950890 |
| Japan Tobacco, Inc.  | 750800 | 26152529 |
| JFE Holdings, Inc.  | 347900 | 3987009 |
| Kajima Corp.  | 261700 | 8436624 |
| Kansai Electric Power Co., Inc.  | 584800 | 9122968 |
| Kao Corp.  | 288419 | 12205785 |
| Kawasaki Heavy Industries Ltd.  | 93000 | 7447123 |
| Kawasaki Kisen Kaisha Ltd.  | 213900 | 3064663 |
| KDDI Corp.  | 1938700 | 30903554 |
| Keyence Corp.  | 121400 | 45055728 |
| Kikkoman Corp.  | 437485 | 3483708 |
| Kirin Holdings Co. Ltd.  | 491400 | 6910420 |
| Kobe Bussan Co. Ltd.  | 89700 | 2081408 |
| Komatsu Ltd.  | 593709 | 19860129 |
| Konami Group Corp.  | 63000 | 10491716 |
| Kubota Corp.  | 618900 | 8012997 |
| Kyocera Corp.  | 801500 | 10635422 |
| Kyowa Kirin Co. Ltd.  | 157000 | 2430994 |
| Lasertec Corp.  | 51500 | 10456160 |
| LY Corp.  | 1763400 | 5181778 |
| M3, Inc.  | 270400 | 3789615 |
| Makita Corp.  | 140100 | 4235410 |
| Marubeni Corp.  | 875800 | 21523679 |
| MatsukiyoCocokara & Co.  | 202300 | 3665711 |
| MEIJI Holdings Co. Ltd.  | 153300 | 2951016 |
| Minebea Mitsumi, Inc.  | 223100 | 4409295 |
| Mitsubishi Chemical Group Corp.  | 793000 | 4142296 |
| Mitsubishi Corp.  | 1999600 | 48015693 |

---

*See financial notes*

**114**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab International Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Mitsubishi Electric Corp.  | 1175000 | 33361290 |
| Mitsubishi Estate Co. Ltd.  | 658202 | 13948535 |
| Mitsubishi HC Capital, Inc.  | 559038 | 4373169 |
| Mitsubishi Heavy Industries Ltd.  | 1995500 | 60243486 |
| Mitsubishi UFJ Financial Group, Inc.  | 7127809 | 107667459 |
| Mitsui & Co. Ltd.  | 1533900 | 37721086 |
| Mitsui Fudosan Co. Ltd.  | 1641231 | 17089154 |
| Mitsui OSK Lines Ltd.  | 214500 | 6373141 |
| Mizuho Financial Group, Inc.  | 1565913 | 52450981 |
| MonotaRO Co. Ltd.  | 149500 | 2085839 |
| MS&AD Insurance Group Holdings, <br> Inc. <br>| 798786 | 16466542 |
| Murata Manufacturing Co. Ltd.  | 1036100 | 22339262 |
| NEC Corp.  | 807900 | 29342957 |
| Nexon Co. Ltd.  | 212700 | 4337907 |
| NIDEC Corp.  | 522600 | 6358357 |
| Nintendo Co. Ltd.  | 683990 | 58337430 |
| Nippon Building Fund, Inc.  | 4808 | 4436426 |
| Nippon Paint Holdings Co. Ltd.  | 597800 | 3802619 |
| Nippon Sanso Holdings Corp.  | 113100 | 3756256 |
| Nippon Steel Corp.  | 3007205 | 12395782 |
| Nippon Yusen KK  | 269200 | 9296373 |
| Nissan Motor Co. Ltd. \* | 1381196 | 3157045 |
| Nissin Foods Holdings Co. Ltd.  | 119500 | 2157196 |
| Nitori Holdings Co. Ltd.  | 253200 | 4102395 |
| Nitto Denko Corp.  | 434000 | 10808706 |
| Nomura Holdings, Inc.  | 1864800 | 13307397 |
| Nomura Research Institute Ltd.  | 237000 | 9151293 |
| NTT, Inc.  | 18669075 | 19215213 |
| Obayashi Corp.  | 403500 | 6826188 |
| Obic Co. Ltd.  | 203700 | 6318992 |
| Olympus Corp.  | 705400 | 8681332 |
| Oracle Corp. Japan  | 23200 | 2138804 |
| Oriental Land Co. Ltd.  | 666000 | 13478286 |
| ORIX Corp.  | 718800 | 17583308 |
| Osaka Gas Co. Ltd.  | 224900 | 7076443 |
| Otsuka Corp.  | 147600 | 2918061 |
| Otsuka Holdings Co. Ltd.  | 272900 | 14852307 |
| Pan Pacific International Holdings <br> Corp. <br>| 1202500 | 7153201 |
| Panasonic Holdings Corp.  | 1451812 | 16868930 |
| Rakuten Group, Inc. \* | 967220 | 6327750 |
| Recruit Holdings Co. Ltd.  | 824000 | 40860457 |
| Renesas Electronics Corp.  | 1042500 | 12874423 |
| Resona Holdings, Inc.  | 1292985 | 12465765 |
| Ryohin Keikaku Co. Ltd.  | 322100 | 6623418 |
| Sanrio Co. Ltd.  | 112100 | 5187804 |
| SBI Holdings, Inc.  | 174790 | 7810845 |
| SCREEN Holdings Co. Ltd.  | 51400 | 4872600 |
| SCSK Corp.  | 95400 | 3505627 |
| Secom Co. Ltd.  | 262000 | 8856859 |
| Sekisui Chemical Co. Ltd.  | 235700 | 4083334 |
| Sekisui House Ltd.  | 366569 | 7864834 |
| Seven & i Holdings Co. Ltd.  | 1305409 | 16604534 |
| SG Holdings Co. Ltd.  | 180128 | 1655644 |
| Shimadzu Corp.  | 152500 | 4100033 |
| Shimano, Inc.  | 46800 | 4903041 |
| Shin-Etsu Chemical Co. Ltd.  | 1049100 | 31534821 |
| Shionogi & Co. Ltd.  | 477800 | 8013946 |
| Shiseido Co. Ltd.  | 244600 | 4120006 |
| SMC Corp.  | 35700 | 12220911 |
| SoftBank Corp.  | 17734900 | 25201257 |
| SoftBank Group Corp.  | 592900 | 104035285 |
| Sompo Holdings, Inc.  | 548000 | 16700554 |
| Sony Financial Group, Inc. \* | 3767800 | 3799339 |
| Sony Group Corp.  | 3821900 | 106438307 |
| Subaru Corp.  | 369800 | 7866800 |
| Sumitomo Corp.  | 676800 | 19688750 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sumitomo Electric Industries Ltd.  | 445100 | 16227190 |
| Sumitomo Metal Mining Co. Ltd.  | 155100 | 5073699 |
| Sumitomo Mitsui Financial Group, <br> Inc. <br>| 2294438 | 62119132 |
| Sumitomo Mitsui Trust Group, Inc.  | 396100 | 10879501 |
| Sumitomo Realty & Development Co. <br> Ltd. <br>| 196000 | 8368609 |
| Suntory Beverage & Food Ltd.  | 85500 | 2588056 |
| Suzuki Motor Corp.  | 959000 | 14316787 |
| Sysmex Corp.  | 315800 | 3520400 |
| T&D Holdings, Inc.  | 310000 | 6657411 |
| Taisei Corp.  | 97100 | 7065125 |
| Takeda Pharmaceutical Co. Ltd.  | 986690 | 26628290 |
| TDK Corp.  | 1199800 | 20963149 |
| Terumo Corp.  | 835700 | 13488962 |
| TIS, Inc.  | 136800 | 4712873 |
| Toho Co. Ltd.  | 65208 | 3822287 |
| Tokio Marine Holdings, Inc.  | 1145697 | 42726671 |
| Tokyo Electron Ltd.  | 278800 | 61467093 |
| Tokyo Gas Co. Ltd.  | 194940 | 6841259 |
| Tokyo Metro Co. Ltd. *(a)* | 195400 | 2054067 |
| Tokyu Corp.  | 315700 | 3513113 |
| TOPPAN Holdings, Inc.  | 146700 | 3587964 |
| Toray Industries, Inc.  | 861100 | 5272024 |
| Toyota Industries Corp.  | 101500 | 11033263 |
| Toyota Motor Corp.  | 5891615 | 120113088 |
| Toyota Tsusho Corp.  | 425807 | 13015314 |
| Trend Micro, Inc.  | 79300 | 4046872 |
| Unicharm Corp.  | 695200 | 4301299 |
| West Japan Railway Co.  | 261164 | 5367474 |
| Yakult Honsha Co. Ltd.  | 157500 | 2357902 |
| Yamaha Motor Co. Ltd.  | 571700 | 4118963 |
| Yokogawa Electric Corp.  | 144300 | 4316655 |
| Yokohama Financial Group, Inc.  | 653200 | 4744998 |
| Zensho Holdings Co. Ltd.  | 62500 | 3891627 |
| ZOZO, Inc.  | 272300 | 2353900 |
|  |  | **2802050695** |
| **Netherlands 5.0%** | **Netherlands 5.0%** | **Netherlands 5.0%** |
| ABN AMRO Bank NV, GDR  | 359439 | 10739556 |
| Adyen NV \* | 15605 | 26738921 |
| Aegon Ltd.  | 839245 | 6395655 |
| AerCap Holdings NV  | 108984 | 14194076 |
| Akzo Nobel NV  | 107763 | 7121533 |
| ASM International NV  | 29163 | 18922254 |
| ASML Holding NV  | 244812 | 258842017 |
| ASR Nederland NV  | 99125 | 6615467 |
| BE Semiconductor Industries NV  | 45131 | 7694659 |
| Coca-Cola Europacific Partners PLC  | 143479 | 12745240 |
| CVC Capital Partners PLC  | 136270 | 2275927 |
| DSM-Firmenich AG  | 115304 | 9398302 |
| EXOR NV  | 57689 | 4999326 |
| Heineken Holding NV  | 79414 | 5362910 |
| Heineken NV  | 177095 | 13712874 |
| IMCD NV  | 37629 | 3899255 |
| ING Groep NV, Series N  | 1876242 | 46849133 |
| InPost SA \* | 166659 | 2099312 |
| JDE Peet's NV  | 109461 | 3983735 |
| Koninklijke Ahold Delhaize NV  | 565443 | 23143923 |
| Koninklijke KPN NV  | 2422253 | 11208882 |
| Koninklijke Philips NV  | 484862 | 13282886 |
| NN Group NV  | 166120 | 11368397 |
| Prosus NV \* | 812641 | 56168488 |
| Randstad NV  | 66376 | 2601334 |
| Universal Music Group NV  | 680713 | 18258070 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**115**

------

Schwab International Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Wolters Kluwer NV  | 147831 | 18121942 |
|  |  | **616744074** |
| **New Zealand 0.2%** | **New Zealand 0.2%** | **New Zealand 0.2%** |
| Auckland International Airport Ltd.  | 1059184 | 4929661 |
| Contact Energy Ltd.  | 558608 | 2977842 |
| Fisher & Paykel Healthcare Corp. Ltd.  | 360424 | 7651972 |
| Infratil Ltd.  | 592295 | 4186355 |
| Meridian Energy Ltd.  | 827133 | 2800153 |
|  |  | **22545983** |
| **Norway 0.6%** | **Norway 0.6%** | **Norway 0.6%** |
| Aker BP ASA  | 199244 | 5163793 |
| DNB Bank ASA  | 548016 | 13988340 |
| Equinor ASA  | 480785 | 11515422 |
| Gjensidige Forsikring ASA  | 119561 | 3217655 |
| Kongsberg Gruppen ASA  | 276871 | 7058349 |
| Mowi ASA  | 287487 | 6319831 |
| Norsk Hydro ASA  | 894448 | 6046970 |
| Orkla ASA  | 420562 | 4271359 |
| Salmar ASA  | 39663 | 2227240 |
| Telenor ASA  | 384332 | 5715607 |
| Yara International ASA  | 103876 | 3784420 |
|  |  | **69308986** |
| **Portugal 0.2%** | **Portugal 0.2%** | **Portugal 0.2%** |
| Banco Comercial Portugues SA, <br> Class R <br>| 5309715 | 4686895 |
| EDP Renovaveis SA  | 202880 | 2966245 |
| EDP SA  | 1952158 | 9704451 |
| Galp Energia SGPS SA  | 259393 | 5211483 |
| Jeronimo Martins SGPS SA  | 179153 | 4614088 |
|  |  | **27183162** |
| **Singapore 1.7%** | **Singapore 1.7%** | **Singapore 1.7%** |
| CapitaLand Ascendas REIT  | 2410995 | 5219882 |
| CapitaLand Integrated Commercial <br> Trust <br>| 3617090 | 6575831 |
| CapitaLand Investment Ltd.  | 1417649 | 2872213 |
| DBS Group Holdings Ltd.  | 1327982 | 54981779 |
| Genting Singapore Ltd.  | 3966100 | 2223192 |
| Grab Holdings Ltd., Class A \* | 1466205 | 8811892 |
| Keppel Ltd.  | 885800 | 6927264 |
| Oversea-Chinese Banking Corp. Ltd.  | 2107601 | 27570366 |
| Sea Ltd., ADR \* | 238798 | 37312188 |
| Sembcorp Industries Ltd.  | 564600 | 2828954 |
| Singapore Airlines Ltd.  | 922650 | 4696765 |
| Singapore Exchange Ltd.  | 535400 | 6947110 |
| Singapore Technologies Engineering <br> Ltd. <br>| 960649 | 6258683 |
| Singapore Telecommunications Ltd.  | 4606037 | 15034333 |
| United Overseas Bank Ltd.  | 785733 | 20898495 |
| Wilmar International Ltd.  | 1254234 | 3014058 |
| Yangzijiang Shipbuilding Holdings <br> Ltd. <br>| 1625200 | 4389269 |
|  |  | **216562274** |
| **Spain 3.6%** | **Spain 3.6%** | **Spain 3.6%** |
| Acciona SA  | 15803 | 3497868 |
| ACS Actividades de Construccion y <br> Servicios SA <br>| 111963 | 9193241 |
| Aena SME SA  | 470321 | 12774468 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Amadeus IT Group SA  | 279030 | 21329247 |
| Banco Bilbao Vizcaya Argentaria SA  | 3582361 | 72170502 |
| Banco de Sabadell SA  | 3159320 | 11843959 |
| Banco Santander SA  | 9246757 | 94226175 |
| Bankinter SA  | 418722 | 6311914 |
| CaixaBank SA  | 2429378 | 25677908 |
| Cellnex Telecom SA \* | 309201 | 9625964 |
| Endesa SA  | 197037 | 7060996 |
| Ferrovial SE  | 318911 | 19569762 |
| Grifols SA  | 183497 | 2377733 |
| Iberdrola SA  | 3948849 | 80028323 |
| Industria de Diseno Textil SA  | 677649 | 37420038 |
| International Consolidated Airlines <br> Group SA <br>| 791807 | 4346968 |
| Redeia Corp. SA  | 247625 | 4457711 |
| Repsol SA  | 718887 | 13191111 |
| Telefonica SA  | 2287249 | 11599035 |
|  |  | **446702923** |
| **Sweden 3.6%** | **Sweden 3.6%** | **Sweden 3.6%** |
| AddTech AB, B Shares  | 161004 | 5424335 |
| Alfa Laval AB  | 179466 | 8529602 |
| Assa Abloy AB, B Shares  | 621603 | 23424835 |
| Atlas Copco AB, A Shares  | 1669625 | 27976326 |
| Atlas Copco AB, B Shares  | 971243 | 14528980 |
| Beijer Ref AB  | 244558 | 3864520 |
| Boliden AB \* | 176988 | 7936577 |
| Epiroc AB, A Shares  | 404439 | 8527979 |
| Epiroc AB, B Shares  | 246759 | 4605156 |
| EQT AB  | 229081 | 7916485 |
| Essity AB, B Shares  | 374250 | 10279759 |
| Evolution AB  | 88170 | 5874548 |
| Fastighets AB Balder, B Shares \* | 453942 | 3329604 |
| H & M Hennes & Mauritz AB, <br> B Shares <br>| 351287 | 6634448 |
| Hexagon AB, B Shares  | 1282291 | 15630639 |
| Holmen AB, B Shares  | 49893 | 1885256 |
| Industrivarden AB, A Shares  | 82630 | 3435758 |
| Industrivarden AB, C Shares  | 90571 | 3756992 |
| Indutrade AB  | 170622 | 4561112 |
| Investment AB Latour, B Shares  | 92191 | 2348972 |
| Investor AB, B Shares  | 1077629 | 35482911 |
| L E Lundbergforetagen AB, B Shares  | 44503 | 2381929 |
| Lifco AB, B Shares  | 143013 | 5521647 |
| Nibe Industrier AB, B Shares  | 919975 | 3579901 |
| Saab AB, B Shares  | 200518 | 11033792 |
| Sagax AB, B Shares  | 140471 | 3152265 |
| Sandvik AB  | 665583 | 20126878 |
| Securitas AB, B Shares  | 306229 | 4511015 |
| Skandinaviska Enskilda Banken AB, <br> A Shares <br>| 944365 | 18027527 |
| Skanska AB, B Shares  | 210827 | 5741242 |
| SKF AB, B Shares  | 210610 | 5398361 |
| Spotify Technology SA \* | 95240 | 62412677 |
| Svenska Cellulosa AB SCA, B Shares  | 375486 | 5001526 |
| Svenska Handelsbanken AB, <br> A Shares <br>| 903139 | 11785357 |
| Swedbank AB, A Shares  | 529669 | 16081164 |
| Swedish Orphan Biovitrum AB \* | 123539 | 4256320 |
| Tele2 AB, B Shares  | 349068 | 5545248 |
| Telefonaktiebolaget LM Ericsson, <br> B Shares <br>| 1747177 | 17726614 |
| Telia Co. AB  | 1456014 | 5731844 |
| Trelleborg AB, B Shares  | 126655 | 5285594 |

---

*See financial notes*

**116**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab International Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Volvo AB, B Shares  | 985116 | 26987299 |
|  |  | **446242994** |
| **Switzerland 9.2%** | **Switzerland 9.2%** | **Switzerland 9.2%** |
| ABB Ltd.  | 974321 | 72438347 |
| Alcon AG  | 309413 | 23062094 |
| Amrize Ltd. \* | 316167 | 16360348 |
| Avolta AG \* | 54480 | 2871859 |
| Baloise Holding AG  | 25817 | 6411420 |
| Banque Cantonale Vaudoise  | 18407 | 2137174 |
| Barry Callebaut AG *(a)* | 2298 | 2987492 |
| Belimo Holding AG  | 6048 | 6525453 |
| BKW AG  | 13553 | 3033262 |
| Chocoladefabriken Lindt & Spruengli <br> AG <br>| 67 | 10263417 |
| Chocoladefabriken Lindt & Spruengli <br> AG, Participation Certificates <br>| 579 | 8900585 |
| Cie Financiere Richemont SA, Class A  | 334537 | 66173283 |
| EMS-Chemie Holding AG  | 4343 | 2974651 |
| Galderma Group AG  | 95886 | 17807181 |
| Geberit AG  | 21131 | 15447264 |
| Givaudan SA  | 5761 | 23600782 |
| Helvetia Holding AG  | 22772 | 5595734 |
| Holcim AG \* | 318005 | 28271029 |
| Julius Baer Group Ltd.  | 129738 | 8758420 |
| Kuehne & Nagel International AG  | 29602 | 5679043 |
| Logitech International SA  | 94630 | 11376277 |
| Lonza Group AG  | 43727 | 30194870 |
| Nestle SA  | 1601096 | 152982227 |
| Novartis AG  | 1181454 | 146218704 |
| Partners Group Holding AG  | 14098 | 17264646 |
| Roche Holding AG  | 435813 | 141168622 |
| Roche Holding AG, Bearer Shares  | 20493 | 6952526 |
| Sandoz Group AG  | 260664 | 17380239 |
| Schindler Holding AG  | 14185 | 4795095 |
| Schindler Holding AG, Participation <br> Certificates <br>| 25365 | 9035017 |
| SGS SA  | 104010 | 11729186 |
| SIG Group AG \* | 189061 | 2113843 |
| Sika AG  | 94495 | 18519860 |
| Sonova Holding AG  | 31684 | 8642450 |
| Straumann Holding AG  | 70201 | 8824387 |
| Swatch Group AG, Bearer Shares  | 18321 | 3828842 |
| Swiss Life Holding AG  | 17665 | 19174511 |
| Swiss Prime Site AG  | 50312 | 7151493 |
| Swiss Re AG  | 185673 | 33904249 |
| Swisscom AG  | 16132 | 11817056 |
| UBS Group AG  | 1966013 | 75230101 |
| VAT Group AG  | 16685 | 7291626 |
| Zurich Insurance Group AG  | 91176 | 63410266 |
|  |  | **1138304931** |
| **United Kingdom 14.7%** | **United Kingdom 14.7%** | **United Kingdom 14.7%** |
| 3i Group PLC  | 605756 | 35055456 |
| Admiral Group PLC  | 160279 | 6901165 |
| Anglo American PLC  | 698496 | 26425933 |
| Antofagasta PLC  | 248808 | 9131841 |
| Ashtead Group PLC  | 267252 | 17851035 |
| Associated British Foods PLC  | 199454 | 6018832 |
| AstraZeneca PLC  | 963739 | 158967331 |
| Auto Trader Group PLC  | 542202 | 5562495 |
| Aviva PLC  | 1923914 | 16909836 |
| BAE Systems PLC  | 1867538 | 46003939 |
| Barclays PLC  | 8773252 | 47056392 |
| Barratt Redrow PLC  | 873269 | 4321352 |
| BP PLC  | 9850728 | 57713519 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| British American Tobacco PLC  | 1299466 | 66552793 |
| BT Group PLC  | 3745220 | 9140482 |
| Bunzl PLC  | 205281 | 6240071 |
| Centrica PLC  | 3085195 | 7271190 |
| Coca-Cola HBC AG \* | 134903 | 6121634 |
| Compass Group PLC  | 1052762 | 34846234 |
| DCC PLC  | 61302 | 4038515 |
| Diageo PLC  | 1383384 | 31820245 |
| Entain PLC  | 378454 | 3941863 |
| Experian PLC  | 570653 | 26618197 |
| Fresnillo PLC  | 135594 | 3965196 |
| Glencore PLC \* | 6267087 | 30022886 |
| GSK PLC  | 2536092 | 59378634 |
| Haleon PLC  | 5591896 | 26003596 |
| Halma PLC  | 236530 | 11021923 |
| Hikma Pharmaceuticals PLC  | 106365 | 2572916 |
| HSBC Holdings PLC  | 10838200 | 151728749 |
| Imperial Brands PLC  | 480623 | 19097212 |
| Informa PLC  | 812127 | 10341065 |
| InterContinental Hotels Group PLC  | 90954 | 10971522 |
| Intertek Group PLC  | 96646 | 6437399 |
| J Sainsbury PLC  | 1092403 | 4902266 |
| JD Sports Fashion PLC  | 1537065 | 1883496 |
| Kingfisher PLC  | 1112876 | 4513358 |
| Land Securities Group PLC  | 453204 | 3703849 |
| Legal & General Group PLC  | 3530206 | 11031601 |
| Lloyds Banking Group PLC  | 37099733 | 43498971 |
| London Stock Exchange Group PLC  | 294149 | 36658693 |
| M&G PLC  | 1424760 | 4932756 |
| Marks & Spencer Group PLC  | 1308380 | 6837356 |
| Melrose Industries PLC  | 786866 | 6482240 |
| Mondi PLC  | 279066 | 3119356 |
| National Grid PLC  | 3057119 | 45838753 |
| NatWest Group PLC  | 5052697 | 38898251 |
| Next PLC  | 72622 | 13644951 |
| NMC Health PLC *\*(b)* | 48950 | 0 |
| Pearson PLC  | 375940 | 5232339 |
| Phoenix Group Holdings PLC  | 441963 | 3915276 |
| Prudential PLC  | 1615127 | 22463316 |
| Reckitt Benckiser Group PLC  | 421053 | 32205942 |
| RELX PLC  | 1140714 | 50415425 |
| Rentokil Initial PLC  | 1551060 | 8657160 |
| Rio Tinto PLC  | 698401 | 50347699 |
| Rolls-Royce Holdings PLC  | 5252882 | 80835523 |
| Sage Group PLC  | 613022 | 9266053 |
| Schroders PLC  | 476861 | 2379595 |
| Segro PLC  | 797777 | 7320691 |
| Severn Trent PLC  | 165812 | 6061257 |
| Shell PLC  | 3657297 | 137109896 |
| Smith & Nephew PLC  | 525499 | 9703868 |
| Smiths Group PLC  | 207393 | 6867623 |
| Spirax Group PLC  | 46846 | 4369453 |
| SSE PLC  | 683669 | 17223526 |
| Standard Chartered PLC  | 1231622 | 25281799 |
| Tesco PLC  | 4074378 | 24587531 |
| Unilever PLC  | 1522956 | 91383944 |
| United Utilities Group PLC  | 420427 | 6632860 |
| Vodafone Group PLC  | 12186469 | 14752609 |
| Whitbread PLC  | 108024 | 4112496 |
| Wise PLC, Class A \* | 410195 | 5216051 |
| WPP PLC  | 662054 | 2501683 |
|  |  | **1820840960** |
| **Total Common Stocks** <br>**(Cost $7,050,236,488)** | **Total Common Stocks** <br>**(Cost $7,050,236,488)** | **12261885751** |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**117**

------

Schwab International Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **PREFERRED STOCKS** 0.3% OF NET ASSETS | **PREFERRED STOCKS** 0.3% OF NET ASSETS | **PREFERRED STOCKS** 0.3% OF NET ASSETS |
| **Germany 0.3%** | **Germany 0.3%** | **Germany 0.3%** |
| Bayerische Motoren Werke AG  | 34663 | 3003057 |
| Dr. Ing hc F Porsche AG  | 71205 | 3725512 |
| Henkel AG & Co. KGaA  | 98135 | 7950200 |
| Porsche Automobil Holding SE  | 95832 | 3807738 |
| Sartorius AG  | 17160 | 4721196 |
| Volkswagen AG  | 128950 | 13428433 |
|  |  | **36636136** |
| **Total Preferred Stocks** <br>**(Cost $41,159,267)** | **Total Preferred Stocks** <br>**(Cost $41,159,267)** | **36636136** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.0% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.0% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.0% OF NET ASSETS |
| **Money Market Funds 0.0%** | **Money Market Funds 0.0%** | **Money Market Funds 0.0%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(c)(d)*<br>| 3776240 | 3776240 |
| **Total Short-Term Investments** <br>**(Cost $3,776,240)** | **Total Short-Term Investments** <br>**(Cost $3,776,240)** | **3776240** |
| **Total Investments in Securities** <br>**(Cost $7,095,171,995)** | **Total Investments in Securities** <br>**(Cost $7,095,171,995)** | **12302298127** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| MSCI EAFE Index, expires <br> 12/19/25<br>| 756 | 106108380 | **64039** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $3,544,561. 

*(b)* Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). 

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ADR — | American Depositary Receipt |
| CDI — | CHESS Depositary Interest |
| GDR — | Global Depositary Receipt |
| REIT — | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | % OF NET ASSETS |
| **SECTOR WEIGHTINGS** | **SECTOR WEIGHTINGS** |
| Financials | 23.9<br> %<br>|
| Industrials | 19.2<br> %<br>|
| Health Care | 10.8<br> %<br>|
| Consumer Discretionary | 10.0<br> %<br>|
| Information Technology | 8.8<br> %<br>|
| Consumer Staples | 7.4<br> %<br>|
| Materials | 5.6<br> %<br>|
| Communication Services | 4.9<br> %<br>|
| Utilities | 3.6<br> %<br>|
| Energy | 3.2<br> %<br>|
| Real Estate | 1.8<br> %<br>|
| Short-Term Investments | 0.0<br> %<br>|
| **Total** | **99.2%**<br>|

---

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $— | &nbsp;&nbsp; $4367863450 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4367863450 |
| Germany | 7669386 | &nbsp;&nbsp; 1131612109 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1139281495 |
| Hong Kong | 12631560 | &nbsp;&nbsp; 239460912 | &nbsp;&nbsp; — | &nbsp;&nbsp; 252092472 |

---

*See financial notes*

**118**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab International Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT<br> UNOBSERVABLE INPUTS<br> (LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** (continued) |  |  |  |  |
| Israel | $50980242 | &nbsp;&nbsp; $79978189 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $130958431 |
| Japan | 24481837 | &nbsp;&nbsp; 2777568858 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2802050695 |
| Netherlands | 50083239 | &nbsp;&nbsp; 566660835 | &nbsp;&nbsp; — | &nbsp;&nbsp; 616744074 |
| New Zealand | 7651972 | &nbsp;&nbsp; 14894011 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22545983 |
| Singapore | 46124080 | &nbsp;&nbsp; 170438194 | &nbsp;&nbsp; — | &nbsp;&nbsp; 216562274 |
| Spain | 7060996 | &nbsp;&nbsp; 439641927 | &nbsp;&nbsp; — | &nbsp;&nbsp; 446702923 |
| Sweden | 62412677 | &nbsp;&nbsp; 383830317 | &nbsp;&nbsp; — | &nbsp;&nbsp; 446242994 |
| United Kingdom | 4902266 | &nbsp;&nbsp; 1815938694 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 1820840960 |
| Preferred Stocks<sup>1</sup> <br>|  | &nbsp;&nbsp; 36636136 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36636136 |
| Short-Term Investments<sup>1</sup> <br>| 3776240 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3776240 |
| Futures Contracts<sup>2</sup> <br>| 64039 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 64039 |
| **Total** | **$277838534** | &nbsp;&nbsp; **$12024523632** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$12302362166** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Level 3 amount shown includes securities determined to have no value at October 31, 2025.

<sup>1</sup> As categorized in the Portfolio Holdings. 

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**119**

------

Schwab International Index Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $7,095,171,995) including securities on loan of $3,544,561 |  | $12302298127 |
| Cash |  | 67445907 |
| Foreign currency, at value (cost $5,822,133) |  | 5776919 |
| Deposit with broker for futures contracts |  | 7289133 |
| Receivables: |  |  |
| Foreign tax reclaims |  | 32802713 |
| Dividends |  | 27952708 |
| Fund shares sold |  | 10120207 |
| Income from securities on loan | + | 14881 |
| **Total assets** |  | **12453700595** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 3776240 |
| Payables: |  |  |
| Investments bought |  | 36818553 |
| Fund shares redeemed |  | 10398297 |
| Investment adviser fees |  | 669453 |
| Variation margin on futures contracts | + | 283485 |
| **Total liabilities** |  | **51946028** |
| **Net assets** |  | **$12401754567** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $8183566054 |
| Total distributable earnings | + | 4218188513 |
| **Net assets** |  | **$12401754567** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $12401754567 |  | &nbsp;&nbsp;&nbsp;&nbsp; 431062293 |  | &nbsp;&nbsp;&nbsp;&nbsp; $28.77 |

---

*See financial notes*

**120**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab International Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $32,353,895) |  | $318173825 |
| Other Interest |  | 871445 |
| Securities on loan, net | + | 384664 |
| **Total investment income**  |  | **319429934** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 6571561 |
| Professional fees | + | 83909 <br><sup>1</sup><br>|
| **Total expenses** |  | **6655470** |
| Expense reduction | – | 83909 <br><sup>1</sup><br>|
| **Net expenses** | – | **6571561** |
| **Net investment income** |  | **312858373** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (149613005)<br>|
| Net realized gains on futures contracts |  | 11990904 |
| Net realized gains on foreign currency transactions | + | 155610 |
| **Net realized losses** |  | **(137466491)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 2135078268 |
| Net change in unrealized appreciation (depreciation) on futures contracts |  | 1352917 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 2079722 |
| **Net change in unrealized appreciation (depreciation)** |  | **2138510907** |
| **Net realized and unrealized gains** |  | **2001044416** |
| **Increase in net assets resulting from operations** |  | **$2313902789** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Professional fees associated with the filing of foreign withholding tax claims in the European Union are deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d) and 3 for additional information).

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**121**

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Schwab International Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

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| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $312858373 | &nbsp;&nbsp;&nbsp; $265923542 |
| Net realized losses |  | (137466491)<br>| &nbsp;&nbsp;&nbsp; (86329574)<br>|
| Net change in unrealized appreciation (depreciation) | + | 2138510907 | &nbsp;&nbsp;&nbsp; 1565760181 |
| **Increase in net assets resulting from operations** |  | **$2313902789** | &nbsp;&nbsp;&nbsp; **$1745354149** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($309722312)**<br>| &nbsp;&nbsp;&nbsp; **($284048299)**<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 101802808 | &nbsp;&nbsp;&nbsp; $2597154044 | &nbsp;&nbsp;&nbsp; 79329526 | &nbsp;&nbsp;&nbsp; $1864040426 |
| Shares reinvested |  | 9656634 | &nbsp;&nbsp;&nbsp; 217081134 | &nbsp;&nbsp;&nbsp; 9247190 | &nbsp;&nbsp;&nbsp; 203253237 |
| Shares redeemed | + | (90024141)<br>| &nbsp;&nbsp;&nbsp; (2290099631)<br>| &nbsp;&nbsp;&nbsp; (68978397)<br>| &nbsp;&nbsp;&nbsp; (1607634817)<br>|
| **Net transactions in fund shares**  |  | **21435301** | &nbsp;&nbsp;&nbsp; **$524135547** | &nbsp;&nbsp;&nbsp; **19598319** | &nbsp;&nbsp;&nbsp; **$459658846** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 409626992 | &nbsp;&nbsp;&nbsp; $9873438543 | &nbsp;&nbsp;&nbsp; 390028673 | &nbsp;&nbsp;&nbsp; $7952473847 |
| Total increase | + | 21435301 | &nbsp;&nbsp;&nbsp; 2528316024 | &nbsp;&nbsp;&nbsp; 19598319 | &nbsp;&nbsp;&nbsp; 1920964696 |
| **End of period** |  | **431062293** | &nbsp;&nbsp;&nbsp; **$12401754567** | &nbsp;&nbsp;&nbsp; **409626992** | &nbsp;&nbsp;&nbsp; **$9873438543** |

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*See financial notes*

**122**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

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Schwab Equity Index Funds

Financial Notes

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Business Structure of the Funds:**

Each of the funds in this report is a series of Schwab Capital Trust, except Schwab 1000 Index Fund, which is a series of Schwab Investments. Both Schwab Capital Trust and Schwab Investments (the trusts) are no-load, open-end management investment companies. Each trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trusts as of the end of the period, including the funds discussed in this report, which are highlighted:

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| | |
|:---|:---|
| **SCHWAB CAPITAL TRUST** | **SCHWAB CAPITAL TRUST** |
| **Schwab S&P 500 Index Fund** | Schwab Target 2045 Fund |
| **Schwab Small-Cap Index Fund** | Schwab Target 2050 Fund |
| **Schwab Total Stock Market Index Fund** | Schwab Target 2055 Fund |
| **Schwab U.S. Large-Cap Growth Index Fund** | Schwab Target 2060 Fund |
| **Schwab U.S. Large-Cap Value Index Fund** | Schwab Target 2065 Fund |
| **Schwab U.S. Mid-Cap Index Fund** | Schwab Fundamental U.S. Large Company Index Fund |
| **Schwab International Index Fund** | Schwab Fundamental U.S. Small Company Index Fund |
| Schwab MarketTrack All Equity Portfolio™ | Schwab Fundamental International Equity Index Fund |
| Schwab MarketTrack Growth Portfolio™ | Schwab Fundamental International Small Equity Index Fund |
| Schwab MarketTrack Balanced Portfolio™ | Schwab Fundamental Emerging Markets Equity Index Fund |
| Schwab MarketTrack Conservative Portfolio™ | Schwab Fundamental Global Real Estate Index Fund |
| Schwab International Opportunities Fund | Schwab Target 2010 Index Fund |
| Schwab Balanced Fund | Schwab Target 2015 Index Fund |
| Schwab Core Equity Fund | Schwab Target 2020 Index Fund |
| Schwab Dividend Equity Fund | Schwab Target 2025 Index Fund |
| Schwab Large-Cap Growth Fund | Schwab Target 2030 Index Fund |
| Schwab Small-Cap Equity Fund | Schwab Target 2035 Index Fund |
| Schwab Health Care Fund | Schwab Target 2040 Index Fund |
| Schwab International Core Equity Fund | Schwab Target 2045 Index Fund |
| Schwab Target 2010 Fund | Schwab Target 2050 Index Fund |
| Schwab Target 2015 Fund | Schwab Target 2055 Index Fund |
| Schwab Target 2020 Fund | Schwab Target 2060 Index Fund |
| Schwab Target 2025 Fund | Schwab Target 2065 Index Fund |
| Schwab Target 2030 Fund | Schwab Monthly Income Fund – Target Payout |
| Schwab Target 2035 Fund | Schwab Monthly Income Fund – Flexible Payout |
| Schwab Target 2040 Fund | Schwab Monthly Income Fund – Income Payout |
| **SCHWAB INVESTMENTS** | **SCHWAB INVESTMENTS** |
| **Schwab 1000 Index Fund** | Schwab Tax-Free Bond Fund |
| Schwab Treasury Inflation Protected Securities Index Fund | Schwab California Tax-Free Bond Fund |
| Schwab U.S. Aggregate Bond Index Fund | Schwab Opportunistic Municipal Bond Fund |
| Schwab Short-Term Bond Index Fund | Schwab Global Real Estate Fund |

---

Each fund offers one share class. Shares are bought and sold at closing net asset value per share, which is the price for all outstanding shares of a fund. Each share has a par value of 1/1,000 of a cent, and the funds' Board of Trustees may authorize the issuance of as many shares as necessary.

Each fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each fund may also keep certain assets in segregated accounts, as required by securities law. The "Schwab Funds Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

**Investment Objectives** 

The **Schwab S&P 500 Index Fund's** goal is to track the total return of the S&P 500<sup>®</sup> Index.

The **Schwab 1000 Index Fund's** goal is to match the total return of the Schwab 1000 Index<sup>®</sup>.

The **Schwab Small-Cap Index Fund's** goal is to track the performance of a benchmark index that measures the total return of small capitalization U.S. Stocks.

The **Schwab Total Stock Market Index Fund's** goal is to track the total return of the entire U.S. stock market, as measured by the Dow Jones U.S. Total Stock Market Index<sup>SM</sup>.

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**123**

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Schwab Equity Index Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Business Structure of the Funds (continued):** 

The **Schwab U.S. Large-Cap Growth Index Fund's** goal is to track the performance of a benchmark index that measures the total return of large capitalization U.S. growth stocks.

The **Schwab U.S. Large-Cap Value Index Fund's** goal is to track the performance of a benchmark index that measures the total return of large capitalization U.S. value stocks.

The **Schwab U.S. Mid-Cap Index Fund's** goal is to track the performance of a benchmark index that measures the total return of mid capitalization U.S. stocks.

The **Schwab International Index Fund's** goal is to track the performance of a benchmark index that measures the total return of large, publicly traded non-U.S. companies from countries with developed equity markets outside of the United States.

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**2. Significant Accounting Policies:**

The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

In this reporting period, the funds adopted FASB Accounting Standards Update 2023-07, ASC Topic 280 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the funds' financial position or the results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management committee of each fund's investment adviser acts as the funds' CODM. The CODM has determined that each fund operates as a single operating segment given each fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of each fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the funds, is presented within each of the fund's financial statements.

The funds may invest in mutual funds and exchange-traded funds, which are referred to as "underlying funds." For more information about the underlying funds' operations and policies, please refer to those funds' semiannual and annual reports and holdings and financial statements, which are filed in Form N-CSR with the U.S. Securities and Exchange Commission (SEC) and available on the SEC's website at www.sec.gov.

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees has designated authority to a Valuation Designee, the funds' investment adviser, to make fair valuation determinations under adopted procedures, subject to Board of Trustees 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 each fund's portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities traded on an exchange or over-the-counter:** Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign equity security fair valuation:** The Valuation Designee has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the valuation of a fund's holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the Valuation Designee seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter "arbitrage"

**124**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

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Schwab Equity Index Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

market timers, who seek to exploit delays between the change in the value of a fund's portfolio holdings and the net asset value of a fund's shares and seeks to help ensure that the prices at which a fund's shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of a fund and that of its comparative index or benchmark.

&nbsp;&nbsp;&nbsp;&nbsp;● **Futures contracts:** Futures contracts are valued at their settlement prices as of the close of their exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mutual funds:** Mutual funds are valued at their respective net asset values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities for which no quoted value is available:** The Valuation Designee has adopted procedures to fair value a fund's securities when market prices are not "readily available" or are unreliable. For example, a security may be fair valued when it's de-listed or its trading is halted or suspended; when a security's primary pricing source is unable or unwilling to provide a price; or when a security's primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security.

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee's judgment will be required to estimate fair value.

The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, exchange-traded funds and futures contracts. Mutual funds and exchange-traded funds 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. In addition, international securities whose markets close hours before the valuation of a fund's holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of foreign markets. The Valuation Designee has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets.

&nbsp;&nbsp;&nbsp;&nbsp;&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.

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**125**

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Schwab Equity Index Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The levels associated with valuing the funds' investments as of October 31, 2025, are disclosed in each fund's Portfolio Holdings.

**(b) Accounting Policies for certain Portfolio Investments (if held):**

**Futures Contracts:** Futures contracts are instruments that represent an agreement between two parties that obligates one party to buy, and the other party to sell, specific instruments at an agreed upon price on a stipulated future date. A fund must give the broker a deposit of cash and/or securities (initial margin) whenever it enters into a futures contract. The amount of the deposit may vary from one contract to another. Subsequent payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized appreciation or depreciation until the contract is closed, at which time the gains or losses are realized. Futures contracts are traded publicly on exchanges, and their value may change daily.

**Cash Investments:** The funds may invest a portion of their assets in cash. Cash includes cash bank balances in an interest-bearing demand deposit account with maturity on demand by the funds.

**Securities Lending:** Under the trusts' Securities Lending Program, a fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides a fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. Each fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the funds or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in each fund's Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between a fund and the lending agent. The aggregate market value of securities loaned will not at any time exceed one-third of the total assets of a fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agent start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.

As of October 31, 2025, the funds had securities on loan, all of which were classified as common stocks. The value of securities on loan and the related collateral as of October 31, 2025, are disclosed in each fund's Portfolio Holdings and Statement of Assets and Liabilities.

**Passive Foreign Investment Companies:** Certain funds may own shares in certain foreign corporations that meet the Internal Revenue Code, as amended, definition of a Passive Foreign Investment Company (PFIC). The funds may elect for tax purposes to mark-to-market annually the shares of each PFIC lot held and would be required to distribute as ordinary income to shareholders any such marked-to-market gains (as well as any gains realized on sale).

**Central Securities Depositories Regulation:** The Central Securities Depositories Regulation (CSDR) introduced measures for the authorization and supervision of European Union Central Security Depositories and created a common set of prudential, organizational, and conduct of business standards at a European level. CSDR is designed to support securities settlement and operational aspects of securities settlement, including the provision of shorter settlement periods; mandatory buy-ins; and cash penalties, to prevent and address settlement fails. CSDR measures are aimed to prevent settlement fails by ensuring that all transaction details are provided to facilitate settlement, as well as further incentivizing timely settlement by imposing cash penalty fines and buy-ins. Certain funds may be subject to pay cash penalties and may also receive cash penalties with certain counterparties in instances where there are settlement fails. These cash penalties are included in net realized gains (losses) on sales of securities — unaffiliated issuers in each fund's Statement of Operations, if any.

**126**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

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Schwab Equity Index Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(c) Security Transactions:** 

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

Assets and liabilities denominated in foreign currencies are reported in U.S. dollars. For assets and liabilities held on a given date, the dollar value is based on market exchange rates in effect on that date. Transactions involving foreign currencies, including purchases, sales, income receipts and expense payments, are calculated using exchange rates in effect on the transaction date. Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the differences between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange appreciation or depreciation arises from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period. These realized and unrealized foreign exchange gains or losses are reported in foreign currency transactions or translations, if any, in each fund's Statement of Operations. The funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments, if any.

Gains realized by the funds on the sale of securities in certain foreign countries may be subject to non-U.S. taxes. In those instances, the funds record a liability based on unrealized appreciation to provide for potential non-U.S. taxes payable upon the sale of these securities.

When a fund closes out a futures contract position, it calculates the difference between the value of the position at the beginning and at the end of the contract, and records a realized gain or loss accordingly.

**(d) Investment Income:**

Interest income is recorded as it accrues. Dividends and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date), although the funds record certain foreign security dividends on the date the ex-dividend date is confirmed. Non-cash dividends in the form of additional securities are recorded on the ex-dividend date at fair value, if any. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities and there are no significant uncertainties on collectibility in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.

The Schwab International Index Fund filed claims to recover taxes previously withheld in certain European Union countries on the basis that those countries had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. These filings are subject to various administrative and judicial proceedings within these countries, and all professional fees associated with these filings have been paid by the investment adviser. The professional fees related to European Union foreign withholding tax claims are non-contingent and non-routine expenses which are subject to repayment to the investment adviser (see financial note 3 for additional information).

For U.S. income tax purposes, European Union reclaims received reduce the amounts of foreign taxes that the fund passes through to its shareholders. If European Union reclaims received exceed foreign withholding taxes paid, the Schwab International Index Fund will evaluate the requirements for entering into a closing agreement with the Internal Revenue Service (IRS) to address any prior years' U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by fund shareholders on their tax returns in prior years. During the period ended October 31, 2025, the Schwab International Index Fund did not incur any compliance fees.

**(e) Expenses:**

Pursuant to the Amended and Restated Investment Advisory and Administration Agreement between the investment adviser and the trusts, the investment adviser pays the operating expenses of each fund, excluding acquired fund fees and expenses, taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to a fund are charged directly to the fund. Acquired fund fees and expenses are indirect expenses incurred by a fund through its investments in underlying funds and are reflected in the net asset values of the underlying funds.

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**127**

------

Schwab Equity Index Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(f) Distributions to Shareholders:**

The funds make distributions from net investment income and net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(g) Accounting Estimates:**

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It's possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

**(h) Federal Income Taxes:**

The funds intend to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the funds distribute substantially all of their net investment income and net realized capital gains, if any, to their shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.

**(i) Foreign Taxes:**

Certain funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, foreign currency exchanges and capital gains on investments. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in foreign markets in which a fund invests. These foreign taxes, if any, are paid by the funds and are disclosed in each fund's Statement of Operations. Foreign taxes accrued as of October 31, 2025, if any, are reflected in each fund's Statement of Assets and Liabilities.

**(j) Indemnification:**

Under the funds' organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business the funds enter into contracts with their vendors and others that provide general indemnifications. The funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. However, based on experience, the funds expect the risk of loss attributable to these arrangements to be remote.

**(k) Recent Accounting Pronouncements:**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024, and with early adoption permitted. At this time, management is evaluating the impact of this amendment but believes it will not have a material impact on the financial statements and income tax disclosures.

------

**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as each fund's investment adviser and administrator pursuant to the Amended and Restated Investment Advisory and Administration Agreement between the investment adviser and the trusts.

For its advisory and administrative services to the funds, the investment adviser is entitled to receive an annual fee, payable monthly, based on a percentage of each fund's average daily net assets as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| SCHWAB<br> S&P 500<br> INDEX FUND<br>| &nbsp;&nbsp;&nbsp; SCHWAB<br> 1000<br> INDEX FUND<br>| &nbsp;&nbsp;&nbsp; SCHWAB<br> SMALL-CAP<br> INDEX FUND<br>| &nbsp;&nbsp;&nbsp; SCHWAB<br> TOTAL STOCK<br> MARKET<br> INDEX FUND<br>| &nbsp;&nbsp;&nbsp; SCHWAB<br> U.S. LARGE-CAP<br> GROWTH<br> INDEX FUND<br>| &nbsp;&nbsp;&nbsp; SCHWAB<br> U.S. LARGE-CAP<br> VALUE<br> INDEX FUND<br>| &nbsp;&nbsp;&nbsp; SCHWAB<br> U.S. MID-CAP<br> INDEX FUND<br>| &nbsp;&nbsp;&nbsp; SCHWAB<br> INTERNATIONAL<br> INDEX FUND<br>|
| 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.035<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.035<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>|

---

**128**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Equity Index Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

**Investments from Affiliates**

Funds in the Schwab Funds Complex may own shares of other funds in the Schwab Funds Complex. The table below reflects the percentage of shares of each fund in this report that is owned by other funds in the Schwab Funds Complex as of October 31, 2025, as applicable:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS |
|  | SCHWAB<br> S&P 500<br> INDEX FUND<br>| SCHWAB<br> SMALL-CAP<br> INDEX FUND<br>| SCHWAB<br> U.S. LARGE-CAP<br> GROWTH<br> INDEX FUND<br>| SCHWAB<br> U.S. MID-CAP<br> INDEX FUND<br>| SCHWAB<br> INTERNATIONAL<br> INDEX FUND<br>|
| Schwab MarketTrack All Equity Portfolio | 0.2<br> %<br>| 0.8<br> %<br>| 2.9<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 1.4<br> %<br>|
| Schwab MarketTrack Balanced Portfolio | 0.1<br> %<br>| 0.4<br> %<br>| 1.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.5<br> %<br>|
| Schwab MarketTrack Conservative Portfolio | 0.0<br> %\*<br>| 0.1<br> %<br>| 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.1<br> %<br>|
| Schwab MarketTrack Growth Portfolio | 0.2<br> %<br>| 0.6<br> %<br>| 2.4<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 1.0<br> %<br>|
| Schwab Target 2010 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2015 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2020 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2025 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2030 Fund | 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.7<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2035 Fund | 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.5<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2040 Fund | 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 1.0<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2045 Fund | 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2050 Fund | 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2055 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2060 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2065 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

**Other Affiliated Transactions**

The professional fees related to European Union foreign withholding tax claims discussed in financial note 2(d) are non-contingent and non-routine expenses. The investment adviser agreed to pay these professional fees, on behalf of the Schwab International Index Fund, subject to reimbursement by the fund to the investment adviser to the extent the fund is able to successfully recover tax claims in the future.

During the period ended October 31, 2025, the professional fees incurred by the Schwab International Index Fund and paid by the investment adviser were $83,909, as shown as Professional fees in the fund's Statement of Operations.

During the period ended October 31, 2025, the Schwab International Index Fund did not recover any previously withheld foreign taxes and made no reimbursement to the investment adviser.

As of October 31, 2025, the balance of professional fees related to foreign withholding tax claims subject to future reimbursement by the Schwab International Index Fund to the investment adviser was $141,564.

No other amounts for additional foreign withholding tax claims are reflected in the financial statements due to the uncertainty surrounding the ultimate resolution of proceedings, the likelihood of receipt of these claims, and the potential timing of payment.

**Interfund Transactions**

The funds may engage in direct transactions with other funds in the Schwab Funds Complex in accordance with procedures adopted by the Board of Trustees pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**129**

------

Schwab Equity Index Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

adviser. The net realized gains or losses on sales of interfund transactions, if any, are recorded in Net realized gains (losses) on sales of securities — unaffiliated issuers in the Statement of Operations. For the period ended October 31, 2025, each fund's purchases and sales of securities with other funds in the Schwab Funds Complex as well as any net realized gains (losses) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | PURCHASE COST | SALE PROCEEDS | NET REALIZED GAINS (LOSSES) |
| Schwab S&P 500 Index Fund | $493317592 | &nbsp;&nbsp; $553878754 | &nbsp;&nbsp; ($173776524)<br>|
| Schwab 1000 Index Fund | 167127056 | &nbsp;&nbsp; 168573621 | &nbsp;&nbsp; 23943858 |
| Schwab Small-Cap Index Fund | 56964780 | &nbsp;&nbsp; 109702642 | &nbsp;&nbsp; 11278234 |
| Schwab Total Stock Market Index Fund | 205139409 | &nbsp;&nbsp; 113667458 | &nbsp;&nbsp; (74898946)<br>|
| Schwab U.S. Large-Cap Growth Index Fund | 181446324 | &nbsp;&nbsp; 141666577 | &nbsp;&nbsp; 9236371 |
| Schwab U.S. Large-Cap Value Index Fund | 129772429 | &nbsp;&nbsp; 45978533 | &nbsp;&nbsp; 3321563 |
| Schwab U.S. Mid-Cap Index Fund | 91435799 | &nbsp;&nbsp; 38921641 | &nbsp;&nbsp; (9865843)<br>|
| Schwab International Index Fund | 10061440 | &nbsp;&nbsp; 62722281 | &nbsp;&nbsp; (15252367)<br>|

---

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the Schwab Funds Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board of Trustees. The funds had no interfund borrowing or lending activity during the period.

------

**4. Board of Trustees:**

The Board of Trustees may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trusts were in compliance with these limitations throughout the report period. The funds did not pay any interested persons or non-interested persons (independent trustees). The independent trustees are paid by the investment adviser pursuant to the Advisory Agreement where the investment adviser pays the operational expenses of each fund which includes trustee fees.

------

**5. Borrowing from Banks:**

During the period, the funds were participants with other funds in the Schwab Funds Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), which matured on September 25, 2025. On September 25, 2025, the Syndicated Credit Facility was amended to run for a new 28 day period with the line of credit amount remaining unchanged, maturing on October 23, 2025. On October 23, 2025, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on October 22, 2026. Under the terms of the Syndicated Credit Facility, in addition to the investment adviser paying the interest charged on any borrowings by a fund, the investment adviser paid a commitment fee of 0.15% per annum on the funds' proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the funds were participants with other funds in the Schwab Funds Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, which matured on September 25, 2025. On September 25, 2025, the Uncommitted Credit Facility was amended to run for a new 28 day period with the line of credit amount remaining unchanged, maturing on October 23, 2025. On October 23, 2025, the Uncommitted Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on October 22, 2026. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount a fund borrows. There were no borrowings by any of the funds from either line of credit during the period.

The funds also have access to custodian overdraft facilities. A fund may have utilized the overdraft facility and incurred an interest expense, which is paid by the investment adviser, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

------

**6. Derivatives:**

Certain funds entered into futures contracts during the report period to equitize available cash.

**130**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Equity Index Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Derivatives (continued):** 

As of October 31, 2025, the Statement of Assets and Liabilities included the following financial derivative instrument fair values held at period end:

---

| | | |
|:---|:---|:---|
|  | EQUITY CONTRACTS | TOTAL |
| **Asset Derivatives** |  |  |
| Schwab S&P 500 Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| $7732431 | &nbsp;&nbsp; $7732431 |
| Schwab 1000 Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 361886 | &nbsp;&nbsp; 361886 |
| Schwab Total Stock Market Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 1383024 | &nbsp;&nbsp; 1383024 |
| Schwab U.S. Large-Cap Growth Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 71704 | &nbsp;&nbsp; 71704 |
| Schwab U.S. Large-Cap Value Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 61670 | &nbsp;&nbsp; 61670 |
| Schwab International Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 64039 | &nbsp;&nbsp; 64039 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Includes cumulative unrealized appreciation of futures contracts as reported in each fund's Portfolio Holdings. Only current day's variation margin on futures contracts is reported in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Liability Derivatives** |  |  |
| Schwab 1000 Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| ($25330)<br>| &nbsp;&nbsp; ($25330)<br>|
| Schwab Small-Cap Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| (20375)<br>| &nbsp;&nbsp; (20375)<br>|
| Schwab U.S. Large-Cap Growth Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| (2615)<br>| &nbsp;&nbsp; (2615)<br>|
| Schwab U.S. Large-Cap Value Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| (3229)<br>| &nbsp;&nbsp; (3229)<br>|
| Schwab U.S. Mid-Cap Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| (57389)<br>| &nbsp;&nbsp; (57389)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Includes cumulative unrealized depreciation of futures contracts as reported in each fund's Portfolio Holdings. Only current day's variation margin on futures contracts is reported in the Statement of Assets and Liabilities.

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**131**

------

Schwab Equity Index Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Derivatives (continued):** 

The effects of the derivative contracts in the Statement of Operations for the period ended October 31, 2025, were:

---

| | | |
|:---|:---|:---|
|  | EQUITY CONTRACTS | TOTAL |
| **Net Realized Gains (Losses)** |  |  |
| Schwab S&P 500 Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| $58241475 | &nbsp;&nbsp; $58241475 |
| Schwab 1000 Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 6446645 | &nbsp;&nbsp; 6446645 |
| Schwab Small-Cap Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| (613114)<br>| &nbsp;&nbsp; (613114)<br>|
| Schwab Total Stock Market Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 12468105 | &nbsp;&nbsp; 12468105 |
| Schwab U.S. Large-Cap Growth Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 2778388 | &nbsp;&nbsp; 2778388 |
| Schwab U.S. Large-Cap Value Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 276089 | &nbsp;&nbsp; 276089 |
| Schwab U.S. Mid-Cap Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| (515942)<br>| &nbsp;&nbsp; (515942)<br>|
| Schwab International Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 11990904 | &nbsp;&nbsp; 11990904 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Statement of Operations location: Net realized gains (losses) on futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation)** |  |  |
| Schwab S&P 500 Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| $15983636 | &nbsp;&nbsp; $15983636 |
| Schwab 1000 Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 985806 | &nbsp;&nbsp; 985806 |
| Schwab Small-Cap Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 290852 | &nbsp;&nbsp; 290852 |
| Schwab Total Stock Market Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 2520858 | &nbsp;&nbsp; 2520858 |
| Schwab U.S. Large-Cap Growth Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 214292 | &nbsp;&nbsp; 214292 |
| Schwab U.S. Large-Cap Value Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 118667 | &nbsp;&nbsp; 118667 |
| Schwab U.S. Mid-Cap Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 6867 | &nbsp;&nbsp; 6867 |
| Schwab International Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 1352917 | &nbsp;&nbsp; 1352917 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts.

**132**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Equity Index Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Derivatives (continued):** 

During the period ended October 31, 2025, the month-end average notional amounts of futures contracts held by the funds and the month-end average number of contracts held were as follows:

---

| | | |
|:---|:---|:---|
|  | NOTIONAL AMOUNTS  | NUMBER OF CONTRACTS  |
| Schwab S&P 500 Index Fund | $425054235 | &nbsp;&nbsp; 1389 |
| Schwab 1000 Index Fund | 50597328 | &nbsp;&nbsp; 166 |
| Schwab Small-Cap Index Fund | 23912656 | &nbsp;&nbsp; 215 |
| Schwab Total Stock Market Index Fund | 111217870 | &nbsp;&nbsp; 441 |
| Schwab U.S. Large-Cap Growth Index Fund | 8781066 | &nbsp;&nbsp; 24 |
| Schwab U.S. Large-Cap Value Index Fund | 3044975 | &nbsp;&nbsp; 12 |
| Schwab U.S. Mid-Cap Index Fund | 6239898 | &nbsp;&nbsp; 20 |
| Schwab International Index Fund | 92324218 | &nbsp;&nbsp; 727 |

---

------

**7. Purchases and Sales of Investment Securities:**

For the period ended October 31, 2025, purchases and sales of securities (excluding in-kind transactions and short-term obligations) were as follows:

---

| | | |
|:---|:---|:---|
|  | PURCHASES <br>OF SECURITIES <br>| SALES <br>OF SECURITIES<br>|
| Schwab S&P 500 Index Fund | $8240365457 | &nbsp;&nbsp; $3134187703 |
| Schwab 1000 Index Fund | 564336769 | &nbsp;&nbsp; 586425579 |
| Schwab Small-Cap Index Fund | 1208812588 | &nbsp;&nbsp; 771314093 |
| Schwab Total Stock Market Index Fund | 2114341327 | &nbsp;&nbsp; 812897723 |
| Schwab U.S. Large-Cap Growth Index Fund | 1286238909 | &nbsp;&nbsp; 548612125 |
| Schwab U.S. Large-Cap Value Index Fund | 255111730 | &nbsp;&nbsp; 132760634 |
| Schwab U.S. Mid-Cap Index Fund | 694853899 | &nbsp;&nbsp; 220298126 |
| Schwab International Index Fund | 1579440953 | &nbsp;&nbsp; 1069684373 |

---

During the period ended October 31, 2025, the following funds had transactions in connection with in-kind transactions:

---

| | | |
|:---|:---|:---|
|  | IN-KIND PURCHASES <br>OF SECURITIES <br>| IN-KIND SALES <br>OF SECURITIES<br>|
| Schwab 1000 Index Fund | $— | &nbsp;&nbsp; $119116257 |
| Schwab Small-Cap Index Fund |  | &nbsp;&nbsp; 198992500 |
| Schwab U.S. Large-Cap Growth Index Fund |  | &nbsp;&nbsp; 32866048 |
| Schwab U.S. Large-Cap Value Index Fund |  | &nbsp;&nbsp; 35664883 |
| Schwab U.S. Mid-Cap Index Fund |  | &nbsp;&nbsp; 65366640 |

---

The funds may realize net capital gains or losses resulting from in-kind redemptions. Because such gains or losses are not taxable to the funds and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the funds' tax year. These reclassifications have no effect on net assets or net asset values. The net realized gains or losses on sales of in-kind redemptions for the period ended October 31, 2025, are disclosed in the funds' Statements of Operations, if any.

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**133**

------

Schwab Equity Index Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Federal Income Taxes:**

As of October 31, 2025, the tax basis cost of the funds' investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| Schwab S&P 500 Index Fund | $47041843400 | &nbsp;&nbsp; $84398240718 | &nbsp;&nbsp; ($1335095588)<br>| &nbsp;&nbsp; $83063145130 |
| Schwab 1000 Index Fund | 3540290246 | &nbsp;&nbsp; 17154936306 | &nbsp;&nbsp; (157770118)<br>| &nbsp;&nbsp; 16997166188 |
| Schwab Small-Cap Index Fund | 5043608978 | &nbsp;&nbsp; 3132795697 | &nbsp;&nbsp; (918905734)<br>| &nbsp;&nbsp; 2213889963 |
| Schwab Total Stock Market Index Fund | 12468848487 | &nbsp;&nbsp; 20133341996 | &nbsp;&nbsp; (685663418)<br>| &nbsp;&nbsp; 19447678578 |
| Schwab U.S. Large-Cap Growth Index Fund | 2695594991 | &nbsp;&nbsp; 1947030408 | &nbsp;&nbsp; (73094860)<br>| &nbsp;&nbsp; 1873935548 |
| Schwab U.S. Large-Cap Value Index Fund | 695108725 | &nbsp;&nbsp; 296918775 | &nbsp;&nbsp; (74512288)<br>| &nbsp;&nbsp; 222406487 |
| Schwab U.S. Mid-Cap Index Fund | 1781212787 | &nbsp;&nbsp; 599408849 | &nbsp;&nbsp; (171008606)<br>| &nbsp;&nbsp; 428400243 |
| Schwab International Index Fund | 7787034554 | &nbsp;&nbsp; 5341065131 | &nbsp;&nbsp; (825737519)<br>| &nbsp;&nbsp; 4515327612 |

---

The primary differences between book basis and tax basis unrealized appreciation or unrealized depreciation of investments are the tax deferral of losses on wash sales, the realization for tax purposes of unrealized appreciation or depreciation on futures contracts, the realization for tax purposes of unrealized appreciation on investments in PFICs and partnership investments. The tax cost of the funds' investments, disclosed above, have been adjusted from their book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

As of October 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | UNDISTRIBUTED <br>ORDINARY <br>INCOME <br>| UNDISTRIBUTED <br>LONG-TERM <br>CAPITAL GAINS <br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>ON INVESTMENTS <br>| NET OTHER UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>| CAPITAL LOSS <br>CARRYFORWARDS <br>AND OTHER LOSSES <br>| TOTAL  |
| Schwab S&P 500 Index Fund | $1129115422 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $83063145130 | &nbsp;&nbsp; $— | &nbsp;&nbsp; ($328612934)<br>| &nbsp;&nbsp; $83863647618 |
| Schwab 1000 Index Fund | 175097579 | &nbsp;&nbsp; 70620257 | &nbsp;&nbsp; 16997166188 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17242884024 |
| Schwab Small-Cap Index Fund | 72238334 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2213889963 | &nbsp;&nbsp; — | &nbsp;&nbsp; (182290902)<br>| &nbsp;&nbsp; 2103837395 |
| Schwab Total Stock Market Index <br> Fund<br>| 273799369 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19447678578 | &nbsp;&nbsp; — | &nbsp;&nbsp; (290082251)<br>| &nbsp;&nbsp; 19431395696 |
| Schwab U.S. Large-Cap Growth <br> Index Fund<br>| 15690148 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1873935548 | &nbsp;&nbsp; — | &nbsp;&nbsp; (18748526)<br>| &nbsp;&nbsp; 1870877170 |
| Schwab U.S. Large-Cap Value Index <br> Fund<br>| 14661017 | &nbsp;&nbsp; 271547 | &nbsp;&nbsp; 222406487 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 237339051 |
| Schwab U.S. Mid-Cap Index Fund | 29232824 | &nbsp;&nbsp; 10278308 | &nbsp;&nbsp; 428400243 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 467911375 |
| Schwab International Index Fund | 406842187 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4515327612 | &nbsp;&nbsp; 1586503 | &nbsp;&nbsp; (705567789)<br>| &nbsp;&nbsp; 4218188513 |

---

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of October 31, 2025, the funds had capital loss carryforwards available as follows:

---

| | |
|:---|:---|
| Schwab S&P 500 Index Fund | $328612934 |
| Schwab 1000 Index Fund |  |
| Schwab Small-Cap Index Fund | 182290902 |
| Schwab Total Stock Market Index Fund | 290082251 |
| Schwab U.S. Large-Cap Growth Index Fund | 18748526 |
| Schwab U.S. Large-Cap Value Index Fund |  |
| Schwab U.S. Mid-Cap Index Fund |  |
| Schwab International Index Fund | 705567789 |

---

**134**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Equity Index Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Federal Income Taxes (continued):** 

For the fiscal year ended October 31, 2025, the funds had capital loss carryforwards utilized as follows:

---

| | |
|:---|:---|
| Schwab S&P 500 Index Fund | $— |
| Schwab 1000 Index Fund | 77204524 |
| Schwab Small-Cap Index Fund |  |
| Schwab Total Stock Market Index Fund |  |
| Schwab U.S. Large-Cap Growth Index Fund | 7661326 |
| Schwab U.S. Large-Cap Value Index Fund |  |
| Schwab U.S. Mid-Cap Index Fund |  |
| Schwab International Index Fund |  |

---

The tax basis components of distributions paid during the current and prior fiscal years were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | CURRENT FISCAL YEAR END DISTRIBUTIONS | CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | ORDINARY <br>INCOME<br>| LONG-TERM <br>CAPITAL <br>GAINS<br>| ORDINARY <br>INCOME <br>| LONG-TERM <br>CAPITAL <br>GAINS <br>|
| Schwab S&P 500 Index Fund | $1322087859 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1135808670 | &nbsp;&nbsp; $— |
| Schwab 1000 Index Fund | 218384415 | &nbsp;&nbsp; — | &nbsp;&nbsp; 204576918 | &nbsp;&nbsp; — |
| Schwab Small-Cap Index Fund | 105904769 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86736454 | &nbsp;&nbsp; — |
| Schwab Total Stock Market Index Fund | 327953620 | &nbsp;&nbsp; — | &nbsp;&nbsp; 286776664 | &nbsp;&nbsp; — |
| Schwab U.S. Large-Cap Growth Index Fund | 16684287 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11280497 | &nbsp;&nbsp; — |
| Schwab U.S. Large-Cap Value Index Fund | 15576212 | &nbsp;&nbsp; 4943466 | &nbsp;&nbsp; 16362330 | &nbsp;&nbsp; — |
| Schwab U.S. Mid-Cap Index Fund | 27522989 | &nbsp;&nbsp; 14697002 | &nbsp;&nbsp; 18556015 | &nbsp;&nbsp; — |
| Schwab International Index Fund | 309722312 | &nbsp;&nbsp; — | &nbsp;&nbsp; 284048299 | &nbsp;&nbsp; — |

---

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Permanent book and tax basis differences may result in reclassifications between components of net assets as required. The adjustments will have no impact on net assets or the results of operations.

As of October 31, 2025, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds' financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in each fund's Statement of Operations. During the fiscal year ended October 31, 2025, the funds did not incur any interest or penalties.

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**135**

------

Schwab Equity Index Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. Share Splits:**

On June 5, 2025, the Board of Trustees authorized the following share splits for the below funds:

---

| | |
|:---|:---|
| **Fund** | **Share Split Ratio** |
| Schwab S&P 500 Index Fund | 6-for-1 |
| Schwab 1000 Index Fund | 10-for-1 |
| Schwab Total Stock Market Index Fund | 7-for-1 |
| Schwab U.S. Large-Cap Growth Index Fund | 8-for-1 |
| Schwab U.S. Large-Cap Value Index Fund | 4-for-1 |
| Schwab U.S. Mid-Cap Index Fund | 5-for-1 |

---

These share splits applied to shareholders of record as of the close of U.S. markets on August 14, 2025, and paid after the close of U.S. markets on August 15, 2025. Shares began trading at their post-split price on August 18, 2025. These share splits increased the number of shares outstanding and decreased the NAV per share. The share splits did not change the total market value of a shareholder's investment. The Financial Highlights and Statement of Changes in Net Assets for the funds have been retroactively adjusted to reflect the share split in the current and prior periods presented.

------

**10. Subsequent Events:**

Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

**136**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Equity Index Funds

Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of Schwab Investments and Schwab Capital Trust and Shareholders of Schwab 1000 Index Fund, Schwab S&P 500 Index Fund, Schwab Small-Cap Index Fund, Schwab Total Stock Market Index Fund, Schwab U.S. Large-Cap Growth Index Fund, Schwab U.S. Large-Cap Value Index Fund, Schwab U.S. Mid-Cap Index Fund, and Schwab International Index Fund:

***Opinion on the Financial Statements and Financial Highlights***

We have audited the accompanying statements of assets and liabilities, including the portfolio holdings, of Schwab 1000 Index Fund, one of the funds constituting Schwab Investments, and Schwab S&P 500 Index Fund, Schwab Small-Cap Index Fund, Schwab Total Stock Market Index Fund, Schwab U.S. Large-Cap Growth Index Fund, Schwab U.S. Large-Cap Value Index Fund, Schwab U.S. Mid-Cap Index Fund, and Schwab International Index Fund (the "Funds"), seven of the funds constituting Schwab Capital Trust, as of October 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**Deloitte & Touche LLP**

Denver, Colorado

December 16, 2025

We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**137**

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

**138**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Proxy Disclosures for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**139**

------

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The remuneration paid to directors, officers and others are included under Item 7 (Financial Statements and Financial Highlights for Open-End Management Investment Companies).

**140**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Equity Index Funds

Investment Advisory Agreement Approval

------

The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund's investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or "interested persons" of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund's trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the amended and restated investment advisory and administration agreements (the Agreements) between Schwab Capital Trust and Schwab Investments (collectively, the Trusts) and Charles Schwab Investment Management, Inc. (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trusts, including Schwab S&P 500 Index Fund, Schwab 1000 Index Fund, Schwab Small-Cap Index Fund, Schwab Total Stock Market Index Fund, Schwab International Index Fund, Schwab U.S. Large-Cap Growth Index Fund, Schwab U.S. Large-Cap Value Index Fund, and Schwab U.S. Mid-Cap Index Fund (each, a Fund and collectively, the Funds), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser's affiliates, personnel, business goals and priorities, profitability, oversight of third-party service providers, corporate structure and operations. As part of the renewal process, the Independent Trustees' legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to the Funds' operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees' legal counsel, including a memorandum regarding

the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreements with respect to the Funds at meetings held on May 7, 2025 and June 5, 2025, and approved the renewal of the Agreements with respect to the Funds for an additional one-year term at the meeting on June 5, 2025 called for the purpose of voting on such approval.

The Board's approval of the continuance of the Agreements with respect to the Funds was based on consideration and evaluation of a variety of specific factors discussed at these meetings and at prior meetings, including:

1. the nature, extent and quality of the services provided to each Fund under the Agreements, including the resources of the investment adviser and its affiliates dedicated to the Funds;

2. each Fund's investment performance and how it compared to that of certain other comparable mutual funds and benchmark data;

3. each Fund's expenses and how those expenses compared to those of certain other similar mutual funds;

4. the profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to each Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and

5. the extent to which economies of scale would be realized as each Fund grows and whether fee levels in the Agreements reflect those economies of scale for the benefit of Fund investors.

**Nature, Extent and Quality of Services.** The Board considered the nature, extent and quality of the services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, the investment adviser's experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support provided with respect to each Fund's portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**141**

------

Schwab Equity Index Funds

considered the investment adviser's continued investment in its infrastructure, including the investment adviser's technology and use of data, business continuity, cybersecurity, due diligence, risk management processes, and information security programs. The Trustees considered Schwab's overall financial condition and reputation as a full service brokerage firm, as well as the wide range of products, services, and account features that benefit Fund shareholders who are brokerage clients of Schwab. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds supported renewal of the Agreements with respect to the Funds.

**Fund Performance.** The Board considered each Fund's performance in determining whether to renew the Agreements with respect to such Fund. Specifically, the Trustees considered each Fund's performance relative to a peer category of other mutual funds and applicable indices/benchmarks, in light of total return and the market environment, as well as in consideration of each Fund's investment style and strategy. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of each Fund, the Trustees considered the risk profile for such Fund and such Fund's demonstrated performance in tracking its benchmark index. The Trustees noted that the Funds had closely tracked their respective indexes in 2024, with all of the Funds performing in their expected performance ranges. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser's profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of each Fund supported renewal of the Agreements with respect to such Fund.

**Fund Expenses.** With respect to each Fund's expenses, the Trustees considered the rate of compensation called for by the Agreements, and each Fund's net operating expense ratio, in each case, in comparison to those of other similar mutual funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Funds and provision of services as well as the competitive marketplace for financial products. The Trustees also considered fees charged by the investment adviser to ETFs, other mutual funds and to other types of accounts, but, with respect to such other types of accounts, accorded less weight to such comparisons due to the different legal, regulatory, compliance and operating

features of mutual funds as compared to these other types of accounts, and any differences in the nature and scope of the services the investment adviser provides to these other accounts, as well as differences in the market for these types of accounts. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of each Fund are reasonable and supported renewal of the Agreements with respect to such Fund.

**Profitability.** The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or indirectly and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees reviewed the profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Funds and other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Funds, such as whether, by virtue of its management of the Funds, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. The Trustees considered whether the compensation and profitability with respect to the Funds under the Agreements and other service agreements were reasonable in light of the quality of all services rendered to the Funds by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services and systems to benefit the Funds. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser with respect to each Fund is reasonable and supported renewal of the Agreements with respect to such Fund.

**Economies of Scale.** Although the Trustees recognized the difficulty of determining economies of scale with precision, and although the Funds do not have breakpoints in their advisory fees, the Trustees considered the potential existence of any economies of scale by way of the relatively low advisory fee and unitary fee structure of the Funds and whether those are passed along to a Fund's shareholders through (i) the enhancement of services provided to the Funds in return for fees paid, including through the investment adviser's continued investment in its infrastructure, and use of data and technology, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Funds and their shareholders; and (ii) pricing a fund to scale and keeping overall expenses down as the fund grows. Based on this evaluation, the Board concluded, within the context of its full deliberations, that each Fund obtains reasonable benefits from economies of scale.

\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*

**142**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Equity Index Funds

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreements with respect to the Funds and

concluded that the compensation under the Agreements with respect to the Funds is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**143**

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g20940imga77453c81.jpg)

MFR13810-28

00319729

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g22839img42c50ad81.jpg)

**Annual Holdings and Financial Statements** \| October 31, 2025

Schwab Fundamental Index\* Funds

------

Schwab Fundamental

U.S. Large Company Index Fund

*(formerly Schwab Fundamental*

*US Large Company Index Fund)*

Schwab Fundamental

U.S. Small Company Index Fund

*(formerly Schwab Fundamental*

*US Small Company Index Fund)*

Schwab Fundamental International

Equity Index Fund

*(formerly Schwab Fundamental International*

*Large Company Index Fund)*

Schwab Fundamental International

Small Equity Index Fund

*(formerly Schwab Fundamental International*

*Small Company Index Fund)*

Schwab Fundamental Emerging

Markets Equity Index Fund

*(formerly Schwab Fundamental Emerging*

*Markets Large Company Index Fund)*

\*

SCHWAB is a registered trademark of Charles Schwab & Co., Inc.

FUNDAMENTAL INDEX is a registered trademark of Research Affiliates LLC.

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_7cf0980f-cd4f-40cc-9322-ea2abf3bfea4_1)**<br> **[Management Investment Companies](#xx_7cf0980f-cd4f-40cc-9322-ea2abf3bfea4_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_7cf0980f-cd4f-40cc-9322-ea2abf3bfea4_1) <br>|  |
| [Schwab Fundamental U.S.](#xx_7cf0980f-cd4f-40cc-9322-ea2abf3bfea4_1)[Large Company Index Fund](#xx_7cf0980f-cd4f-40cc-9322-ea2abf3bfea4_1) | 2 |
| [Schwab Fundamental U.S.](#xx_aa4b7c03-e5d6-41df-8291-0f51de6c1ea3_1)[Small Company Index Fund](#xx_aa4b7c03-e5d6-41df-8291-0f51de6c1ea3_1) | 14 |
| [Schwab Fundamental International Equity Index Fund](#xx_1c715eed-f577-4cda-850f-c376ba8113c7_1) | 28 |
| [Schwab Fundamental International Small Equity Index Fund](#xx_701da5f0-113e-4845-8297-37da0fdf2e00_1) | 42 |
| [Schwab Fundamental Emerging Markets Equity Index Fund](#xx_759d4f9b-f1e9-4ce7-b666-c34f105bf0cc_1) | 62 |
| [Financial Notes](#xx_b915602c-aa2b-4f4a-845c-d48461e19889_1) | 72 |
| [Report of Independent Registered Public Accounting Firm](#xx_b4b6863e-49ce-454f-a4cb-e18c13af2715_1) | 84 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_5aaf35c6-d5c0-4e80-8bef-1c5ec691638e_1)**<br> **[Management Investment Companies](#xx_5aaf35c6-d5c0-4e80-8bef-1c5ec691638e_1)**<br>| 85 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_7c02a97e-7794-4d24-9898-776fa42a3406_1)**<br> **[Companies](#xx_7c02a97e-7794-4d24-9898-776fa42a3406_1)**<br>| 86 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_b314ea2a-f7aa-40c8-960e-80aa83609e01_1)**<br> **[Management Investment Companies](#xx_b314ea2a-f7aa-40c8-960e-80aa83609e01_1)**<br>| 87 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_ac5e1e88-6551-43cf-87aa-5e9c3e85a11c_1)**<br> **[Contract](#xx_ac5e1e88-6551-43cf-87aa-5e9c3e85a11c_1)** <br>|  |
| [Investment Advisory Agreement Approval](#xx_ac5e1e88-6551-43cf-87aa-5e9c3e85a11c_1) | 88  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: Charles Schwab & Co., Inc. (Schwab)

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc. (MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Schwab. The Industry classifications used in the Portfolio Holdings are sub-categories of Sector classifications.

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**1**

------

Schwab Fundamental U.S. Large Company Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $28.17 | &nbsp;&nbsp; $21.69 | &nbsp;&nbsp; $21.19 | &nbsp;&nbsp; $23.19 | &nbsp;&nbsp; $16.28 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.52 | 0.49 | 0.45 | 0.43 | 0.39 |
| Net realized and unrealized gains (losses) | 3.51 | 6.44 | 0.49 | &nbsp;&nbsp; (1.33)<br>| 7.64 |
| Total from investment operations | 4.03 | 6.93 | 0.94 | &nbsp;&nbsp; (0.90)<br>| 8.03 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.44)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.68)<br>|
| Total distributions | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.12)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $31.70 | &nbsp;&nbsp; $28.17 | &nbsp;&nbsp; $21.69 | &nbsp;&nbsp; $21.19 | &nbsp;&nbsp; $23.19 |
| Total return | 14.48<br> %<br>| 32.39<br> %<br>| 4.48<br> %<br>| &nbsp;&nbsp; (4.18<br> %)<br>| 51.33<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.25<br> %<br>| 0.25<br> %<br>| 0.25 %<sup>2</sup><br>| 0.25 %<sup>2</sup><br>| 0.25<br> %<br>|
| Net investment income (loss) | 1.80<br> %<br>| 1.89<br> %<br>| 2.05<br> %<br>| 1.95<br> %<br>| 1.87<br> %<br>|
| Portfolio turnover rate<sup>3</sup> <br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 16<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $10559 | &nbsp;&nbsp; $9375 | &nbsp;&nbsp; $6836 | &nbsp;&nbsp; $6460 | &nbsp;&nbsp; $6821 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>3</sup> Portfolio turnover rate excludes in-kind transactions.

*See financial notes*

**2**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Large Company Index Fund

Portfolio Holdings as of October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.8% OF NET ASSETS  | **COMMON STOCKS** 99.8% OF NET ASSETS  | **COMMON STOCKS** 99.8% OF NET ASSETS  |
| **Automobiles & Components 2.1%** | **Automobiles & Components 2.1%** | **Automobiles & Components 2.1%** |
| Adient PLC \* | 160557 | 3723317 |
| Aptiv PLC \* | 4886 | 396255 |
| BorgWarner, Inc.  | 177630 | 7630985 |
| Dana, Inc.  | 167765 | 3405629 |
| Ford Motor Co.  | 4385989 | 57588035 |
| General Motors Co.  | 1233818 | 85244486 |
| Gentex Corp.  | 104812 | 2457841 |
| Goodyear Tire & Rubber Co. \* | 472246 | 3253775 |
| Harley-Davidson, Inc.  | 88870 | 2397713 |
| Lear Corp.  | 75113 | 7860575 |
| Tesla, Inc. \* | 88146 | 40243938 |
| Thor Industries, Inc.  | 51680 | 5392808 |
|  |  | **219595357** |
| **Banks 6.0%** | **Banks 6.0%** | **Banks 6.0%** |
| Bank of America Corp.  | 2158403 | 115366640 |
| Citigroup, Inc.  | 1001849 | 101417174 |
| Citizens Financial Group, Inc.  | 176699 | 8988678 |
| Comerica, Inc.  | 65635 | 5021078 |
| East West Bancorp, Inc.  | 26352 | 2677363 |
| Fifth Third Bancorp  | 206052 | 8575884 |
| First Citizens BancShares, Inc., Class A  | 1383 | 2523726 |
| First Horizon Corp.  | 127479 | 2722951 |
| Flagstar Bank NA  | 165419 | 1889085 |
| Huntington Bancshares, Inc.  | 397340 | 6134930 |
| JPMorgan Chase & Co.  | 592238 | 184257087 |
| KeyCorp  | 396460 | 6973731 |
| M&T Bank Corp.  | 37039 | 6810361 |
| PNC Financial Services Group, Inc.  | 117333 | 21419139 |
| Regions Financial Corp.  | 286296 | 6928363 |
| Synovus Financial Corp.  | 39275 | 1753236 |
| Truist Financial Corp.  | 471627 | 21048713 |
| U.S. Bancorp  | 541501 | 25277267 |
| Webster Financial Corp.  | 26942 | 1536772 |
| Wells Fargo & Co.  | 1160484 | 100927294 |
| Zions Bancorp NA  | 71270 | 3713880 |
|  |  | **635963352** |
| **Capital Goods 6.7%** | **Capital Goods 6.7%** | **Capital Goods 6.7%** |
| 3M Co.  | 164719 | 27425714 |
| A.O. Smith Corp.  | 36779 | 2427046 |
| Acuity, Inc.  | 9457 | 3452278 |
| AECOM  | 37684 | 5062845 |
| AGCO Corp.  | 46065 | 4752065 |
| Air Lease Corp., Class A  | 38313 | 2446668 |
| Allison Transmission Holdings, Inc.  | 27023 | 2230749 |
| AMETEK, Inc.  | 27563 | 5570758 |
| Atkore, Inc.  | 25629 | 1774808 |
| Boeing Co. \* | 39760 | 7992555 |
| Boise Cascade Co.  | 38811 | 2735787 |
| Builders FirstSource, Inc. \* | 72472 | 8419072 |
| Carlisle Cos., Inc.  | 10411 | 3384096 |
| Carrier Global Corp.  | 132616 | 7889326 |
| Caterpillar, Inc.  | 101526 | 58606899 |
| CNH Industrial NV  | 356407 | 3738709 |
| Cummins, Inc.  | 38667 | 16923773 |
| Curtiss-Wright Corp.  | 1323 | 788151 |
| Deere & Co.  | 62297 | 28758164 |
| Donaldson Co., Inc.  | 29689 | 2501298 |
| Dover Corp.  | 29287 | 5314419 |
| Eaton Corp. PLC  | 47169 | 17997804 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| EMCOR Group, Inc.  | 8008 | 5411646 |
| Emerson Electric Co.  | 118849 | 16587755 |
| Fastenal Co.  | 164088 | 6752221 |
| Ferguson Enterprises, Inc.  | 41784 | 10383324 |
| Fluor Corp. \* | 62317 | 3039200 |
| Fortive Corp.  | 57961 | 2917757 |
| Fortune Brands Innovations, Inc.  | 53609 | 2723337 |
| Gates Industrial Corp. PLC \* | 63127 | 1393844 |
| GE Vernova, Inc.  | 7309 | 4276788 |
| Generac Holdings, Inc. \* | 13610 | 2286752 |
| General Dynamics Corp.  | 69328 | 23911227 |
| General Electric Co.  | 66797 | 20636933 |
| Graco, Inc.  | 25936 | 2120787 |
| Honeywell International, Inc.  | 153806 | 30965762 |
| Howmet Aerospace, Inc.  | 29859 | 6149461 |
| Hubbell, Inc., Class B  | 7748 | 3641560 |
| Huntington Ingalls Industries, Inc.  | 20297 | 6536040 |
| IDEX Corp.  | 14127 | 2422215 |
| Illinois Tool Works, Inc.  | 53855 | 13136312 |
| Ingersoll Rand, Inc.  | 46017 | 3512478 |
| ITT, Inc.  | 15521 | 2872471 |
| Johnson Controls International PLC  | 135451 | 15494240 |
| L3Harris Technologies, Inc.  | 67721 | 19578141 |
| Lennox International, Inc.  | 861 | 434805 |
| Lincoln Electric Holdings, Inc.  | 10996 | 2578012 |
| Lockheed Martin Corp.  | 82481 | 40570754 |
| Masco Corp.  | 63934 | 4140366 |
| MasTec, Inc. \* | 15067 | 3076079 |
| Middleby Corp. \* | 14998 | 1863202 |
| MSC Industrial Direct Co., Inc., Class A  | 17867 | 1517087 |
| Mueller Industries, Inc.  | 29883 | 3163713 |
| Nordson Corp.  | 9423 | 2185665 |
| Northrop Grumman Corp.  | 41654 | 24303026 |
| nVent Electric PLC  | 29448 | 3367379 |
| Oshkosh Corp.  | 32216 | 3971911 |
| Otis Worldwide Corp.  | 55900 | 5185284 |
| Owens Corning  | 39128 | 4981386 |
| PACCAR, Inc.  | 151749 | 14932102 |
| Parker-Hannifin Corp.  | 14227 | 10995052 |
| Pentair PLC  | 26669 | 2836248 |
| Quanta Services, Inc.  | 17400 | 7814862 |
| Regal Rexnord Corp.  | 20396 | 2873592 |
| Resideo Technologies, Inc. \* | 96911 | 4147791 |
| Rockwell Automation, Inc.  | 19276 | 7100507 |
| RTX Corp.  | 277480 | 49530180 |
| Rush Enterprises, Inc., Class A  | 39644 | 1958810 |
| Sensata Technologies Holding PLC  | 90832 | 2891183 |
| Snap-on, Inc.  | 14113 | 4735617 |
| Stanley Black & Decker, Inc.  | 101014 | 6840668 |
| Textron, Inc.  | 71496 | 5777592 |
| Timken Co.  | 29597 | 2323660 |
| Toro Co.  | 29908 | 2235025 |
| TransDigm Group, Inc.  | 4330 | 5665848 |
| UFP Industries, Inc.  | 37693 | 3472656 |
| United Rentals, Inc.  | 13950 | 12152961 |
| Watsco, Inc.  | 6855 | 2522709 |
| WESCO International, Inc.  | 25247 | 6552354 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 29795 | 6091290 |
| WillScot Holdings Corp.  | 54925 | 1194619 |
| WW Grainger, Inc.  | 7196 | 7044884 |
| Xylem, Inc.  | 29942 | 4516751 |
|  |  | **704488865** |
| **Commercial & Professional Services 0.9%** | **Commercial & Professional Services 0.9%** | **Commercial & Professional Services 0.9%** |
| ABM Industries, Inc.  | 44389 | 1908727 |
| Automatic Data Processing, Inc.  | 44015 | 11457105 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**3**

------

Schwab Fundamental U.S. Large Company Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Booz Allen Hamilton Holding Corp., <br> Class A <br>| 25936 | 2260582 |
| Broadridge Financial Solutions, Inc.  | 12894 | 2841838 |
| CACI International, Inc., Class A \* | 6406 | 3601774 |
| Cintas Corp.  | 31387 | 5752295 |
| Concentrix Corp.  | 46753 | 1884613 |
| Copart, Inc. \* | 55927 | 2405420 |
| Equifax, Inc.  | 12497 | 2638117 |
| Genpact Ltd.  | 55674 | 2123963 |
| Jacobs Solutions, Inc.  | 38383 | 5980455 |
| KBR, Inc.  | 39398 | 1687810 |
| Leidos Holdings, Inc.  | 36904 | 7029105 |
| ManpowerGroup, Inc.  | 105329 | 3229387 |
| Maximus, Inc.  | 19578 | 1627323 |
| Paychex, Inc.  | 41422 | 4847617 |
| Republic Services, Inc., Class A  | 25894 | 5392167 |
| Robert Half, Inc.  | 82995 | 2173639 |
| Science Applications International <br> Corp. <br>| 24823 | 2326163 |
| SS&C Technologies Holdings, Inc.  | 48346 | 4105542 |
| TransUnion  | 25172 | 2043463 |
| Veralto Corp.  | 21365 | 2108298 |
| Verisk Analytics, Inc., Class A  | 14562 | 3185583 |
| Waste Management, Inc.  | 62601 | 12505802 |
|  |  | **95116788** |
| **Consumer Discretionary Distribution & Retail 4.5%** | **Consumer Discretionary Distribution & Retail 4.5%** | **Consumer Discretionary Distribution & Retail 4.5%** |
| Academy Sports & Outdoors, Inc.  | 58619 | 2807264 |
| Advance Auto Parts, Inc.  | 108208 | 5099843 |
| Amazon.com, Inc. \* | 714161 | 174412399 |
| American Eagle Outfitters, Inc.  | 121764 | 2034676 |
| Asbury Automotive Group, Inc. \* | 13512 | 3169915 |
| AutoNation, Inc. \* | 29182 | 5832606 |
| AutoZone, Inc. \* | 1651 | 6066484 |
| Bath & Body Works, Inc.  | 104798 | 2565455 |
| Best Buy Co., Inc.  | 175100 | 14382714 |
| Burlington Stores, Inc. \* | 8191 | 2240976 |
| CarMax, Inc. \* | 79856 | 3346765 |
| Dick's Sporting Goods, Inc.  | 19616 | 4343963 |
| eBay, Inc.  | 190637 | 15500694 |
| Gap, Inc.  | 133833 | 3058084 |
| Genuine Parts Co.  | 55544 | 7071307 |
| Group 1 Automotive, Inc.  | 10589 | 4209551 |
| Home Depot, Inc.  | 183171 | 69529880 |
| Kohl's Corp.  | 591479 | 9623363 |
| Lithia Motors, Inc., Class A  | 19610 | 6159109 |
| LKQ Corp.  | 200833 | 6418623 |
| Lowe's Cos., Inc.  | 173162 | 41235067 |
| Macy's, Inc.  | 524678 | 10225974 |
| Murphy USA, Inc.  | 7955 | 2849481 |
| ODP Corp. \* | 129584 | 3612802 |
| O'Reilly Automotive, Inc. \* | 112639 | 10637627 |
| Penske Automotive Group, Inc.  | 12729 | 2037531 |
| Pool Corp.  | 7777 | 2076926 |
| QVC Group, Inc. *\*(a)* | 233461 | 2659121 |
| Ross Stores, Inc.  | 53911 | 8567536 |
| Signet Jewelers Ltd.  | 29265 | 2892845 |
| TJX Cos., Inc.  | 161699 | 22660498 |
| Tractor Supply Co.  | 106705 | 5773808 |
| Ulta Beauty, Inc. \* | 10310 | 5359963 |
| Williams-Sonoma, Inc.  | 24714 | 4802919 |
|  |  | **473265769** |
| **Consumer Durables & Apparel 1.5%** | **Consumer Durables & Apparel 1.5%** | **Consumer Durables & Apparel 1.5%** |
| Brunswick Corp.  | 54372 | 3594533 |
| Capri Holdings Ltd. \* | 182107 | 3778720 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Carter's, Inc.  | 51816 | 1627022 |
| Crocs, Inc. \* | 15871 | 1296502 |
| Deckers Outdoor Corp. \* | 21704 | 1768876 |
| DR Horton, Inc.  | 125905 | 18769917 |
| Hanesbrands, Inc. \* | 338705 | 2238840 |
| Hasbro, Inc.  | 52972 | 4042293 |
| KB Home  | 41884 | 2614399 |
| Leggett & Platt, Inc.  | 237997 | 2222892 |
| Lennar Corp., Class A  | 131824 | 16315857 |
| M/I Homes, Inc. \* | 12210 | 1528570 |
| Mattel, Inc. \* | 86803 | 1595439 |
| Meritage Homes Corp.  | 46204 | 3121542 |
| Mohawk Industries, Inc. \* | 43178 | 4906748 |
| Newell Brands, Inc.  | 658513 | 2238944 |
| NIKE, Inc., Class B  | 369063 | 23837779 |
| NVR, Inc. \* | 966 | 6965652 |
| Polaris, Inc.  | 63705 | 4210901 |
| PulteGroup, Inc.  | 93918 | 11257951 |
| PVH Corp.  | 58473 | 4580190 |
| Ralph Lauren Corp., Class A  | 9530 | 3046360 |
| Somnigroup International, Inc.  | 31449 | 2495164 |
| Tapestry, Inc.  | 60717 | 6667941 |
| Taylor Morrison Home Corp., Class A \* | 62192 | 3686120 |
| Toll Brothers, Inc.  | 37146 | 5012853 |
| TopBuild Corp. \* | 4931 | 2083249 |
| Tri Pointe Homes, Inc. \* | 73025 | 2325846 |
| VF Corp.  | 330181 | 4635741 |
| Whirlpool Corp.  | 74527 | 5338369 |
|  |  | **157805210** |
| **Consumer Services 1.2%** | **Consumer Services 1.2%** | **Consumer Services 1.2%** |
| ADT, Inc.  | 206586 | 1826220 |
| Aramark  | 68454 | 2593038 |
| Booking Holdings, Inc.  | 3332 | 16919030 |
| Caesars Entertainment, Inc. \* | 110486 | 2220769 |
| Carnival Corp. \* | 96797 | 2790657 |
| Chipotle Mexican Grill, Inc., Class A \* | 84135 | 2666238 |
| Darden Restaurants, Inc.  | 27037 | 4870716 |
| Domino's Pizza, Inc.  | 6192 | 2467264 |
| Expedia Group, Inc.  | 17932 | 3945040 |
| Flutter Entertainment PLC \* | 10192 | 2370557 |
| Hilton Worldwide Holdings, Inc.  | 18772 | 4823653 |
| Las Vegas Sands Corp.  | 64485 | 3827185 |
| Marriott International, Inc., Class A  | 21769 | 5672566 |
| Marriott Vacations Worldwide Corp.  | 26653 | 1758565 |
| McDonald's Corp.  | 107311 | 32024822 |
| MGM Resorts International \* | 137742 | 4411876 |
| Penn Entertainment, Inc. \* | 127304 | 2095424 |
| Royal Caribbean Cruises Ltd.  | 5359 | 1537122 |
| Service Corp. International  | 33853 | 2827064 |
| Starbucks Corp.  | 233066 | 18848047 |
| Texas Roadhouse, Inc., Class A  | 8192 | 1340047 |
| Vail Resorts, Inc.  | 13193 | 1956918 |
| Yum! Brands, Inc.  | 49453 | 6834899 |
|  |  | **130627717** |
| **Consumer Staples Distribution & Retail 2.9%** | **Consumer Staples Distribution & Retail 2.9%** | **Consumer Staples Distribution & Retail 2.9%** |
| Albertsons Cos., Inc., Class A  | 301966 | 5341779 |
| Andersons, Inc.  | 51397 | 2380195 |
| BJ's Wholesale Club Holdings, Inc. \* | 31308 | 2763244 |
| Casey's General Stores, Inc.  | 10513 | 5395166 |
| Costco Wholesale Corp.  | 60140 | 54814603 |
| Dollar General Corp.  | 179223 | 17682141 |
| Dollar Tree, Inc. \* | 131218 | 13006328 |
| Kroger Co.  | 429206 | 27310378 |
| Performance Food Group Co. \* | 78445 | 7588769 |

---

*See financial notes*

**4**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Large Company Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sprouts Farmers Market, Inc. \* | 15213 | 1201219 |
| Sysco Corp.  | 143994 | 10695874 |
| Target Corp.  | 317675 | 29454826 |
| U.S. Foods Holding Corp. \* | 101217 | 7350379 |
| United Natural Foods, Inc. \* | 118227 | 4451247 |
| Walmart, Inc.  | 1148295 | 116184488 |
|  |  | **305620636** |
| **Energy 8.4%** | **Energy 8.4%** | **Energy 8.4%** |
| Antero Resources Corp. \* | 113409 | 3505472 |
| APA Corp.  | 366764 | 8307205 |
| Baker Hughes Co., Class A  | 295279 | 14294456 |
| California Resources Corp.  | 36481 | 1720809 |
| Cheniere Energy, Inc.  | 42020 | 8908240 |
| Chevron Corp.  | 994254 | 156813741 |
| Chord Energy Corp.  | 26076 | 2365615 |
| Civitas Resources, Inc.  | 57353 | 1653487 |
| CNX Resources Corp. \* | 61293 | 2063122 |
| ConocoPhillips  | 671954 | 59709832 |
| Coterra Energy, Inc.  | 306708 | 7256711 |
| Delek U.S. Holdings, Inc.  | 28501 | 1076198 |
| Devon Energy Corp.  | 462605 | 15030037 |
| Diamondback Energy, Inc.  | 39547 | 5662735 |
| EOG Resources, Inc.  | 232152 | 24570968 |
| EQT Corp.  | 133539 | 7155020 |
| Expand Energy Corp.  | 105569 | 10906333 |
| Exxon Mobil Corp.  | 1962101 | 224385870 |
| Halliburton Co.  | 408039 | 10951767 |
| Helmerich & Payne, Inc.  | 73104 | 1919711 |
| HF Sinclair Corp.  | 245179 | 12651236 |
| Kinder Morgan, Inc.  | 638397 | 16719617 |
| Marathon Petroleum Corp.  | 359376 | 70045976 |
| Matador Resources Co.  | 30819 | 1216118 |
| Murphy Oil Corp.  | 130699 | 3698782 |
| NOV, Inc.  | 211387 | 3086250 |
| Occidental Petroleum Corp.  | 379225 | 15624070 |
| ONEOK, Inc.  | 130645 | 8753215 |
| Ovintiv, Inc.  | 244676 | 9177797 |
| Patterson-UTI Energy, Inc.  | 234896 | 1472798 |
| PBF Energy, Inc., Class A  | 317293 | 10841902 |
| Peabody Energy Corp.  | 165244 | 4530991 |
| Phillips 66  | 356223 | 48496199 |
| Range Resources Corp.  | 62569 | 2224328 |
| SLB Ltd.  | 485714 | 17514847 |
| SM Energy Co.  | 81618 | 1705000 |
| Targa Resources Corp.  | 33083 | 5096105 |
| TechnipFMC PLC  | 65561 | 2710947 |
| Valero Energy Corp.  | 391613 | 66401900 |
| Williams Cos., Inc.  | 230210 | 13322253 |
| World Kinect Corp.  | 253282 | 6547340 |
|  |  | **890095000** |
| **Equity Real Estate Investment Trusts (REITs) 1.5%** | **Equity Real Estate Investment Trusts (REITs) 1.5%** | **Equity Real Estate Investment Trusts (REITs) 1.5%** |
| Alexandria Real Estate Equities, Inc.  | 46852 | 2727723 |
| American Tower Corp.  | 63302 | 11329792 |
| AvalonBay Communities, Inc.  | 21247 | 3695278 |
| Brixmor Property Group, Inc.  | 17691 | 462797 |
| BXP, Inc.  | 56990 | 4057118 |
| Camden Property Trust  | 19472 | 1937075 |
| Crown Castle, Inc.  | 101763 | 9181058 |
| Digital Realty Trust, Inc.  | 44520 | 7586653 |
| Equinix, Inc.  | 8489 | 7181779 |
| Equity Residential  | 78188 | 4647495 |
| Essex Property Trust, Inc.  | 10139 | 2552696 |
| Extra Space Storage, Inc.  | 19540 | 2609372 |
| Gaming & Leisure Properties, Inc.  | 43753 | 1954009 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Healthpeak Properties, Inc.  | 167573 | 3007935 |
| Host Hotels & Resorts, Inc.  | 235748 | 3776683 |
| Invitation Homes, Inc.  | 90810 | 2556301 |
| Iron Mountain, Inc.  | 43560 | 4484502 |
| Kimco Realty Corp.  | 114208 | 2359537 |
| Lamar Advertising Co., Class A  | 17234 | 2043780 |
| Medical Properties Trust, Inc. *(b)* | 115197 | 595568 |
| Mid-America Apartment Communities, <br> Inc. <br>| 21311 | 2732709 |
| Millrose Properties, Inc., Class A  | 11609 | 373926 |
| Park Hotels & Resorts, Inc.  | 40663 | 418422 |
| Prologis, Inc.  | 96417 | 11964385 |
| Public Storage  | 17558 | 4890956 |
| Realty Income Corp.  | 79405 | 4603902 |
| Regency Centers Corp.  | 29881 | 2060295 |
| SBA Communications Corp., Class A  | 13537 | 2592065 |
| Simon Property Group, Inc.  | 45610 | 8016414 |
| Sun Communities, Inc.  | 23154 | 2931296 |
| UDR, Inc.  | 58595 | 1974066 |
| Ventas, Inc.  | 84906 | 6265214 |
| VICI Properties, Inc., Class A  | 107042 | 3210190 |
| Vornado Realty Trust  | 50302 | 1908458 |
| Welltower, Inc.  | 52164 | 9443771 |
| Weyerhaeuser Co.  | 356299 | 8194877 |
| WP Carey, Inc.  | 41099 | 2712534 |
|  |  | **153040631** |
| **Financial Services 7.2%** | **Financial Services 7.2%** | **Financial Services 7.2%** |
| Affiliated Managers Group, Inc.  | 15610 | 3714556 |
| AGNC Investment Corp.  | 144871 | 1448710 |
| Ally Financial, Inc.  | 255488 | 9956367 |
| American Express Co.  | 87081 | 31412729 |
| Ameriprise Financial, Inc.  | 19357 | 8764269 |
| Annaly Capital Management, Inc.  | 185255 | 3921848 |
| Apollo Global Management, Inc.  | 16293 | 2025383 |
| Bank of New York Mellon Corp.  | 211210 | 22795895 |
| Berkshire Hathaway, Inc., Class A \* | 67 | 47954580 |
| Berkshire Hathaway, Inc., Class B \* | 265221 | 126653636 |
| Blackrock, Inc.  | 21752 | 23553283 |
| Blackstone, Inc.  | 56571 | 8295571 |
| Block, Inc. \* | 67104 | 5095878 |
| Bread Financial Holdings, Inc.  | 55144 | 3454772 |
| Capital One Financial Corp.  | 258972 | 56971250 |
| Carlyle Group, Inc.  | 56615 | 3018712 |
| Charles Schwab Corp. *(c)* | 160877 | 15206094 |
| CME Group, Inc.  | 37566 | 9973397 |
| Corebridge Financial, Inc.  | 135395 | 4408461 |
| Corpay, Inc. \* | 13395 | 3487388 |
| Equitable Holdings, Inc.  | 69189 | 3417937 |
| Evercore, Inc., Class A  | 10516 | 3097593 |
| Fidelity National Information Services, <br> Inc. <br>| 143079 | 8945299 |
| Fiserv, Inc. \* | 69285 | 4620617 |
| Franklin Resources, Inc.  | 206784 | 4675386 |
| Global Payments, Inc.  | 114377 | 8893956 |
| Goldman Sachs Group, Inc.  | 75750 | 59794778 |
| Intercontinental Exchange, Inc.  | 60536 | 8855812 |
| Invesco Ltd.  | 236527 | 5605690 |
| Jack Henry & Associates, Inc.  | 12930 | 1925794 |
| Jackson Financial, Inc., Class A  | 35257 | 3554258 |
| Janus Henderson Group PLC  | 13082 | 569852 |
| Jefferies Financial Group, Inc.  | 48368 | 2555281 |
| KKR & Co., Inc.  | 44564 | 5273258 |
| LPL Financial Holdings, Inc.  | 10729 | 4048159 |
| Mastercard, Inc., Class A  | 49246 | 27183300 |
| MGIC Investment Corp.  | 87089 | 2387980 |
| Moody's Corp.  | 12835 | 6164651 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**5**

------

Schwab Fundamental U.S. Large Company Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Morgan Stanley  | 277318 | 45480152 |
| MSCI, Inc., Class A  | 5017 | 2952755 |
| Nasdaq, Inc.  | 43266 | 3698810 |
| Navient Corp.  | 35096 | 429224 |
| Northern Trust Corp.  | 52504 | 6755690 |
| OneMain Holdings, Inc.  | 112216 | 6642065 |
| PayPal Holdings, Inc. \* | 249495 | 17282519 |
| PROG Holdings, Inc.  | 64290 | 1859910 |
| Raymond James Financial, Inc.  | 29317 | 4651728 |
| Rithm Capital Corp.  | 252269 | 2767391 |
| S&P Global, Inc.  | 31362 | 15279880 |
| SEI Investments Co.  | 31127 | 2509148 |
| SLM Corp.  | 114304 | 3069062 |
| Starwood Property Trust, Inc.  | 124473 | 2262919 |
| State Street Corp.  | 108036 | 12495444 |
| StoneX Group, Inc. \* | 16684 | 1533593 |
| Synchrony Financial  | 320720 | 23855154 |
| T. Rowe Price Group, Inc.  | 115900 | 11883227 |
| Visa, Inc., Class A  | 112574 | 38358465 |
| Voya Financial, Inc.  | 31139 | 2318610 |
| Western Union Co.  | 383631 | 3579277 |
|  |  | **763347403** |
| **Food, Beverage & Tobacco 3.2%** | **Food, Beverage & Tobacco 3.2%** | **Food, Beverage & Tobacco 3.2%** |
| Altria Group, Inc.  | 538290 | 30348790 |
| Archer-Daniels-Midland Co.  | 606914 | 36736504 |
| Brown-Forman Corp., Class B  | 86033 | 2342679 |
| Bunge Global SA  | 220761 | 20883991 |
| Campbell's Co.  | 89431 | 2694556 |
| Coca-Cola Co.  | 522683 | 36012859 |
| Conagra Brands, Inc.  | 321970 | 5534664 |
| Constellation Brands, Inc., Class A  | 46243 | 6075405 |
| Darling Ingredients, Inc. \* | 75879 | 2431922 |
| Flowers Foods, Inc.  | 115462 | 1377462 |
| General Mills, Inc.  | 250726 | 11686339 |
| Hershey Co.  | 30032 | 5094328 |
| Hormel Foods Corp.  | 131944 | 2848671 |
| Ingredion, Inc.  | 28600 | 3300726 |
| J.M. Smucker Co.  | 56485 | 5849022 |
| Kellanova  | 65648 | 5452723 |
| Keurig Dr. Pepper, Inc.  | 285313 | 7749101 |
| Kraft Heinz Co.  | 523552 | 12947441 |
| Lamb Weston Holdings, Inc.  | 43267 | 2670872 |
| McCormick & Co., Inc. - Non Voting <br> Shares <br>| 53380 | 3424861 |
| Molson Coors Beverage Co., Class B  | 109552 | 4789613 |
| Mondelez International, Inc., Class A  | 374961 | 21545259 |
| Monster Beverage Corp. \* | 75968 | 5076941 |
| PepsiCo, Inc.  | 336349 | 49137225 |
| Philip Morris International, Inc.  | 258722 | 37341346 |
| Post Holdings, Inc. \* | 18219 | 1893501 |
| Tyson Foods, Inc., Class A  | 339016 | 17428813 |
|  |  | **342675614** |
| **Health Care Equipment & Services 5.9%** | **Health Care Equipment & Services 5.9%** | **Health Care Equipment & Services 5.9%** |
| Abbott Laboratories  | 293208 | 36246373 |
| Align Technology, Inc. \* | 18401 | 2537130 |
| AMN Healthcare Services, Inc. \* | 69080 | 1360185 |
| Baxter International, Inc.  | 277350 | 5122654 |
| Becton Dickinson & Co.  | 71327 | 12746848 |
| Boston Scientific Corp. \* | 85003 | 8561502 |
| Cardinal Health, Inc.  | 48728 | 9295841 |
| Cencora, Inc.  | 20052 | 6773766 |
| Centene Corp. \* | 716345 | 25337123 |
| Cigna Group  | 202686 | 49538485 |
| Community Health Systems, Inc. \* | 482712 | 1872923 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cooper Cos., Inc. \* | 33258 | 2325067 |
| CVS Health Corp.  | 1455841 | 113773974 |
| DaVita, Inc. \* | 26027 | 3097733 |
| Dentsply Sirona, Inc.  | 169755 | 2140610 |
| Edwards Lifesciences Corp. \* | 85595 | 7057308 |
| Elevance Health, Inc.  | 142095 | 45072534 |
| Encompass Health Corp.  | 18458 | 2101443 |
| GE HealthCare Technologies, Inc.  | 125139 | 9379168 |
| HCA Healthcare, Inc.  | 57873 | 26603061 |
| Henry Schein, Inc. \* | 69488 | 4391642 |
| Hologic, Inc. \* | 75121 | 5552193 |
| Humana, Inc.  | 109738 | 30528014 |
| IDEXX Laboratories, Inc. \* | 5972 | 3759434 |
| Intuitive Surgical, Inc. \* | 13048 | 6971285 |
| Labcorp Holdings, Inc.  | 61402 | 15593652 |
| McKesson Corp.  | 18973 | 15393554 |
| Molina Healthcare, Inc. \* | 28309 | 4332975 |
| Quest Diagnostics, Inc.  | 39097 | 6879117 |
| QuidelOrtho Corp. \* | 44635 | 1204699 |
| ResMed, Inc.  | 13652 | 3370406 |
| Solventum Corp. \* | 62602 | 4322042 |
| STERIS PLC  | 15844 | 3734431 |
| Stryker Corp.  | 33389 | 11894497 |
| Teleflex, Inc.  | 15425 | 1919950 |
| Tenet Healthcare Corp. \* | 33285 | 6873020 |
| UnitedHealth Group, Inc.  | 317427 | 108420366 |
| Universal Health Services, Inc., Class B  | 36786 | 7982930 |
| Zimmer Biomet Holdings, Inc.  | 61019 | 6136071 |
|  |  | **620204006** |
| **Household & Personal Products 1.1%** | **Household & Personal Products 1.1%** | **Household & Personal Products 1.1%** |
| Church & Dwight Co., Inc.  | 43364 | 3802589 |
| Clorox Co.  | 24702 | 2777987 |
| Colgate-Palmolive Co.  | 145240 | 11190742 |
| Estee Lauder Cos., Inc., Class A  | 98455 | 9519614 |
| Kenvue, Inc.  | 479079 | 6884365 |
| Kimberly-Clark Corp.  | 78647 | 9414832 |
| Procter & Gamble Co.  | 512415 | 77051844 |
|  |  | **120641973** |
| **Insurance 2.6%** | **Insurance 2.6%** | **Insurance 2.6%** |
| Aflac, Inc.  | 161820 | 17345486 |
| Allstate Corp.  | 93481 | 17903481 |
| American Financial Group, Inc.  | 35844 | 4719938 |
| American International Group, Inc.  | 368529 | 29099050 |
| Aon PLC, Class A  | 33400 | 11378712 |
| Arthur J Gallagher & Co.  | 16612 | 4144528 |
| Assurant, Inc.  | 12586 | 2664708 |
| Brown & Brown, Inc.  | 20222 | 1612502 |
| Chubb Ltd.  | 73889 | 20462820 |
| Cincinnati Financial Corp.  | 41637 | 6436664 |
| CNO Financial Group, Inc.  | 60513 | 2421730 |
| Fidelity National Financial, Inc.  | 91334 | 5045290 |
| First American Financial Corp.  | 59797 | 3737910 |
| Genworth Financial, Inc., Class A \* | 333780 | 2817103 |
| Globe Life, Inc.  | 21871 | 2876255 |
| Hanover Insurance Group, Inc.  | 3294 | 562879 |
| Hartford Insurance Group, Inc.  | 83917 | 10420813 |
| Lincoln National Corp.  | 104762 | 4400004 |
| Loews Corp.  | 51117 | 5089209 |
| Markel Group, Inc. \* | 2821 | 5570149 |
| Marsh & McLennan Cos., Inc.  | 66366 | 11823103 |
| MetLife, Inc.  | 239244 | 19096456 |
| Old Republic International Corp.  | 113812 | 4491022 |
| Primerica, Inc.  | 7333 | 1905627 |
| Principal Financial Group, Inc.  | 98365 | 8266595 |

---

*See financial notes*

**6**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Large Company Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Progressive Corp.  | 68229 | 14055174 |
| Prudential Financial, Inc.  | 140826 | 14645904 |
| Reinsurance Group of America, Inc.  | 14664 | 2675593 |
| Travelers Cos., Inc.  | 73241 | 19673997 |
| Unum Group  | 56238 | 4128994 |
| W.R. Berkley Corp.  | 52599 | 3752413 |
| Willis Towers Watson PLC  | 19465 | 6094491 |
|  |  | **269318600** |
| **Materials 3.5%** | **Materials 3.5%** | **Materials 3.5%** |
| Air Products & Chemicals, Inc.  | 38880 | 9431899 |
| Albemarle Corp.  | 52130 | 5120730 |
| Alcoa Corp.  | 151384 | 5569417 |
| Alpha Metallurgical Resources, Inc. \* | 11332 | 1963382 |
| Amcor PLC  | 934882 | 7385568 |
| AptarGroup, Inc.  | 13959 | 1619384 |
| Ashland, Inc.  | 29043 | 1420203 |
| Avery Dennison Corp.  | 22374 | 3912989 |
| Axalta Coating Systems Ltd. \* | 63286 | 1801752 |
| Ball Corp.  | 113389 | 5329283 |
| Celanese Corp., Class A  | 98629 | 3791299 |
| CF Industries Holdings, Inc.  | 96594 | 8045314 |
| Chemours Co.  | 178904 | 2395525 |
| Cleveland-Cliffs, Inc. \* | 705454 | 8768793 |
| Commercial Metals Co.  | 76963 | 4568524 |
| Corteva, Inc.  | 174045 | 10693325 |
| CRH PLC  | 184127 | 21929526 |
| Crown Holdings, Inc.  | 43988 | 4274754 |
| Dow, Inc.  | 873791 | 20839915 |
| DuPont de Nemours, Inc.  | 261275 | 21333104 |
| Eagle Materials, Inc.  | 8571 | 1819795 |
| Eastman Chemical Co.  | 84549 | 5032356 |
| Ecolab, Inc.  | 30437 | 7804047 |
| FMC Corp.  | 96453 | 1463192 |
| Freeport-McMoRan, Inc.  | 381935 | 15926689 |
| Graphic Packaging Holding Co.  | 139396 | 2228942 |
| Huntsman Corp.  | 304636 | 2522386 |
| International Flavors & Fragrances, Inc.  | 80588 | 5074626 |
| International Paper Co.  | 226964 | 8769889 |
| Linde PLC  | 69173 | 28935066 |
| Louisiana-Pacific Corp.  | 25326 | 2206148 |
| LyondellBasell Industries NV, Class A  | 277527 | 12882803 |
| Martin Marietta Materials, Inc.  | 7944 | 4870466 |
| Mosaic Co.  | 350685 | 9626303 |
| Newmont Corp.  | 247855 | 20068819 |
| Nucor Corp.  | 190918 | 28647246 |
| O-I Glass, Inc. \* | 178285 | 2012838 |
| Olin Corp.  | 198764 | 4114415 |
| Packaging Corp. of America  | 28002 | 5481672 |
| PPG Industries, Inc.  | 77491 | 7574745 |
| Reliance, Inc.  | 32665 | 9225576 |
| RPM International, Inc.  | 28044 | 3064648 |
| Sealed Air Corp.  | 65526 | 2195776 |
| Sherwin-Williams Co.  | 21353 | 7365504 |
| Solstice Advanced Materials, Inc. \* | 38451 | 1732987 |
| Sonoco Products Co.  | 65143 | 2642851 |
| Steel Dynamics, Inc.  | 92476 | 14500237 |
| Vulcan Materials Co.  | 16656 | 4821912 |
| Westlake Corp.  | 21538 | 1482030 |
|  |  | **374288650** |
| **Media & Entertainment 7.9%** | **Media & Entertainment 7.9%** | **Media & Entertainment 7.9%** |
| Alphabet, Inc., Class A  | 850094 | 239037932 |
| Alphabet, Inc., Class C  | 687693 | 193805641 |
| Altice USA, Inc., Class A \* | 1085367 | 2420368 |
| Charter Communications, Inc., Class A \* | 90146 | 21079741 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Comcast Corp., Class A  | 2367203 | 65891096 |
| Electronic Arts, Inc.  | 54249 | 10853055 |
| Fox Corp., Class A  | 158790 | 10265774 |
| Interpublic Group of Cos., Inc.  | 177246 | 4548132 |
| Lionsgate Studios Corp. \* | 31922 | 205258 |
| Meta Platforms, Inc., Class A  | 213077 | 138148473 |
| Netflix, Inc. \* | 24882 | 27839475 |
| News Corp., Class A  | 155795 | 4128568 |
| Nexstar Media Group, Inc., Class A  | 24354 | 4766808 |
| Omnicom Group, Inc.  | 85456 | 6410909 |
| Paramount Skydance Corp., Class B  | 775599 | 11936469 |
| Sirius XM Holdings, Inc.  | 114106 | 2474959 |
| Take-Two Interactive Software, Inc. \* | 12522 | 3210265 |
| TEGNA, Inc.  | 131867 | 2593824 |
| Walt Disney Co.  | 400385 | 45091359 |
| Warner Bros Discovery, Inc. \* | 1714070 | 38480871 |
|  |  | **833188977** |
| **Pharmaceuticals, Biotechnology & Life Sciences 6.1%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.1%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.1%** |
| AbbVie, Inc.  | 302356 | 65925702 |
| Agilent Technologies, Inc.  | 53252 | 7793963 |
| Amgen, Inc.  | 133588 | 39866667 |
| Avantor, Inc. \* | 225095 | 2660623 |
| Biogen, Inc. \* | 86031 | 13272002 |
| Bristol-Myers Squibb Co.  | 1039538 | 47891516 |
| Charles River Laboratories <br> International, Inc. \*<br>| 10653 | 1918286 |
| Danaher Corp.  | 86438 | 18617016 |
| Elanco Animal Health, Inc. \* | 135627 | 3004138 |
| Eli Lilly & Co.  | 29144 | 25147192 |
| Gilead Sciences, Inc.  | 320067 | 38340826 |
| Illumina, Inc. \* | 25252 | 3119632 |
| IQVIA Holdings, Inc. \* | 41111 | 8898887 |
| Jazz Pharmaceuticals PLC \* | 15457 | 2127502 |
| Johnson & Johnson  | 606820 | 114610093 |
| Merck & Co., Inc.  | 702625 | 60411698 |
| Mettler-Toledo International, Inc. \* | 2937 | 4159644 |
| Moderna, Inc. \* | 339490 | 9220548 |
| Organon & Co.  | 381087 | 2572337 |
| Pfizer, Inc.  | 3250792 | 80132023 |
| Regeneron Pharmaceuticals, Inc.  | 24294 | 15834829 |
| Revvity, Inc.  | 30182 | 2824733 |
| Thermo Fisher Scientific, Inc.  | 66003 | 37449442 |
| United Therapeutics Corp. \* | 5099 | 2271248 |
| Vertex Pharmaceuticals, Inc. \* | 20858 | 8876539 |
| Viatris, Inc.  | 1106947 | 11467971 |
| Waters Corp. \* | 10240 | 3579904 |
| West Pharmaceutical Services, Inc.  | 10535 | 2971607 |
| Zoetis, Inc.  | 53034 | 7641669 |
|  |  | **642608237** |
| **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** |
| CBRE Group, Inc., Class A \* | 75441 | 11499471 |
| Cushman & Wakefield PLC \* | 118027 | 1853024 |
| Jones Lang LaSalle, Inc. \* | 22163 | 6761710 |
|  |  | **20114205** |
| **Semiconductors & Semiconductor Equipment 5.6%** | **Semiconductors & Semiconductor Equipment 5.6%** | **Semiconductors & Semiconductor Equipment 5.6%** |
| Advanced Micro Devices, Inc. \* | 106095 | 27173051 |
| Analog Devices, Inc.  | 72998 | 17091022 |
| Applied Materials, Inc.  | 147512 | 34385047 |
| Broadcom, Inc.  | 205589 | 75991862 |
| First Solar, Inc. \* | 9092 | 2427018 |
| Intel Corp. \* | 3773964 | 150920820 |
| KLA Corp.  | 13476 | 16288980 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**7**

------

Schwab Fundamental U.S. Large Company Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Lam Research Corp.  | 218281 | 34370526 |
| Marvell Technology, Inc.  | 46481 | 4357129 |
| Microchip Technology, Inc.  | 135016 | 8427699 |
| Micron Technology, Inc.  | 314662 | 70411916 |
| MKS, Inc.  | 4322 | 621115 |
| NVIDIA Corp.  | 244248 | 49457777 |
| ON Semiconductor Corp. \* | 114185 | 5718385 |
| Qorvo, Inc. \* | 60316 | 5725195 |
| QUALCOMM, Inc.  | 240222 | 43456160 |
| Skyworks Solutions, Inc.  | 73126 | 5683353 |
| Teradyne, Inc.  | 40400 | 7343104 |
| Texas Instruments, Inc.  | 163523 | 26402424 |
|  |  | **586252583** |
| **Software & Services 5.3%** | **Software & Services 5.3%** | **Software & Services 5.3%** |
| Accenture PLC, Class A  | 122359 | 30601986 |
| Adobe, Inc. \* | 56621 | 19268692 |
| Akamai Technologies, Inc. \* | 45783 | 3438303 |
| Amdocs Ltd.  | 46628 | 3928875 |
| ASGN, Inc. \* | 35017 | 1567361 |
| Autodesk, Inc. \* | 11187 | 3371090 |
| Cadence Design Systems, Inc. \* | 12546 | 4249205 |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 223661 | 16300414 |
| DXC Technology Co. \* | 319903 | 4542623 |
| EPAM Systems, Inc. \* | 12394 | 2026915 |
| Fortinet, Inc. \* | 35428 | 3062042 |
| Gartner, Inc. \* | 8606 | 2137214 |
| Gen Digital, Inc.  | 129311 | 3408638 |
| GoDaddy, Inc., Class A \* | 16100 | 2143393 |
| International Business Machines Corp.  | 171843 | 52826257 |
| Intuit, Inc.  | 17423 | 11630724 |
| Kyndryl Holdings, Inc. \* | 104354 | 3017918 |
| Microsoft Corp.  | 598379 | 309846630 |
| Oracle Corp.  | 196302 | 51550868 |
| Palo Alto Networks, Inc. \* | 13651 | 3006496 |
| Roper Technologies, Inc.  | 9992 | 4457931 |
| Salesforce, Inc.  | 63001 | 16406090 |
| ServiceNow, Inc. \* | 2161 | 1986564 |
| Synopsys, Inc. \* | 8655 | 3927812 |
| Zoom Communications, Inc. \* | 23166 | 2020770 |
|  |  | **560724811** |
| **Technology Hardware & Equipment 7.5%** | **Technology Hardware & Equipment 7.5%** | **Technology Hardware & Equipment 7.5%** |
| Amphenol Corp., Class A  | 96316 | 13420671 |
| Apple, Inc.  | 1820056 | 492088541 |
| Arista Networks, Inc. \* | 31527 | 4971493 |
| Arrow Electronics, Inc. \* | 69009 | 7697954 |
| Avnet, Inc.  | 139899 | 6778107 |
| CDW Corp.  | 34400 | 5482328 |
| Ciena Corp. \* | 32005 | 6078390 |
| Cisco Systems, Inc.  | 1057868 | 77340729 |
| Coherent Corp. \* | 4528 | 597515 |
| Corning, Inc.  | 190731 | 16990317 |
| Dell Technologies, Inc., Class C  | 52281 | 8470045 |
| F5, Inc. \* | 8512 | 2153962 |
| Flex Ltd. \* | 121638 | 7604808 |
| Hewlett Packard Enterprise Co.  | 846673 | 20675755 |
| HP, Inc.  | 610720 | 16898622 |
| Insight Enterprises, Inc. \* | 16764 | 1676400 |
| Jabil, Inc.  | 38126 | 8421652 |
| Keysight Technologies, Inc. \* | 28307 | 5179049 |
| Motorola Solutions, Inc.  | 12662 | 5149762 |
| NetApp, Inc.  | 48675 | 5732941 |
| Ralliant Corp.  | 13132 | 576757 |
| Sandisk Corp. \* | 25166 | 5016339 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sanmina Corp. \* | 32406 | 4441242 |
| Seagate Technology Holdings PLC  | 65559 | 16775237 |
| TD SYNNEX Corp.  | 41127 | 6435964 |
| TE Connectivity PLC  | 71938 | 17769405 |
| Teledyne Technologies, Inc. \* | 5971 | 3145642 |
| Trimble, Inc. \* | 36165 | 2884159 |
| Vishay Intertechnology, Inc.  | 92775 | 1575320 |
| Western Digital Corp.  | 123147 | 18497911 |
| Xerox Holdings Corp.  | 539268 | 1790370 |
| Zebra Technologies Corp., Class A \* | 10110 | 2722117 |
|  |  | **795039504** |
| **Telecommunication Services 2.5%** | **Telecommunication Services 2.5%** | **Telecommunication Services 2.5%** |
| AT&T, Inc.  | 4068352 | 100691712 |
| Frontier Communications Parent, Inc. \* | 122458 | 4624014 |
| Liberty Global Ltd., Class C \* | 369233 | 4116948 |
| Liberty Latin America Ltd., Class C \* | 251859 | 1992205 |
| Lumen Technologies, Inc. \* | 2826898 | 29060511 |
| Telephone & Data Systems, Inc.  | 67276 | 2611654 |
| T-Mobile U.S., Inc.  | 87139 | 18303547 |
| Verizon Communications, Inc.  | 2588978 | 102885986 |
|  |  | **264286577** |
| **Transportation 2.0%** | **Transportation 2.0%** | **Transportation 2.0%** |
| Alaska Air Group, Inc. \* | 42347 | 1767140 |
| American Airlines Group, Inc. \* | 38150 | 500910 |
| Avis Budget Group, Inc. \* | 37217 | 5064117 |
| CH Robinson Worldwide, Inc.  | 60917 | 9380609 |
| CSX Corp.  | 649138 | 23381951 |
| Delta Air Lines, Inc.  | 38604 | 2215098 |
| Expeditors International of Washington, <br> Inc. <br>| 71251 | 8685497 |
| FedEx Corp.  | 128908 | 32719429 |
| GXO Logistics, Inc. \* | 49110 | 2760473 |
| Hertz Global Holdings, Inc. *\*(b)* | 496311 | 2546075 |
| Hub Group, Inc., Class A  | 52753 | 1942893 |
| JB Hunt Transport Services, Inc.  | 33213 | 5608347 |
| Knight-Swift Transportation Holdings, <br> Inc. <br>| 92505 | 4173826 |
| Landstar System, Inc.  | 19457 | 2498863 |
| Matson, Inc.  | 21051 | 2125098 |
| Norfolk Southern Corp.  | 71027 | 20127631 |
| Old Dominion Freight Line, Inc.  | 32580 | 4574884 |
| Ryder System, Inc.  | 33217 | 5621313 |
| Southwest Airlines Co.  | 17957 | 544097 |
| Uber Technologies, Inc. \* | 43868 | 4233262 |
| U-Haul Holding Co., Non Voting Shares  | 37443 | 1815611 |
| Union Pacific Corp.  | 154428 | 34031298 |
| United Parcel Service, Inc., Class B  | 363703 | 35068243 |
| Werner Enterprises, Inc.  | 13906 | 364337 |
|  |  | **211751002** |
| **Utilities 3.5%** | **Utilities 3.5%** | **Utilities 3.5%** |
| AES Corp.  | 548029 | 7601162 |
| Alliant Energy Corp.  | 64376 | 4301604 |
| Ameren Corp.  | 67336 | 6869619 |
| American Electric Power Co., Inc.  | 153322 | 18438504 |
| American Water Works Co., Inc.  | 33535 | 4306900 |
| Atmos Energy Corp.  | 25015 | 4295576 |
| CenterPoint Energy, Inc.  | 185203 | 7082163 |
| CMS Energy Corp.  | 81014 | 5958580 |
| Consolidated Edison, Inc.  | 120941 | 11780863 |
| Constellation Energy Corp.  | 29933 | 11284741 |
| Dominion Energy, Inc.  | 307388 | 18040602 |
| DTE Energy Co.  | 55849 | 7569773 |

---

*See financial notes*

**8**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Large Company Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Duke Energy Corp.  | 249884 | 31060581 |
| Edison International  | 194268 | 10758562 |
| Entergy Corp.  | 119549 | 11487463 |
| Essential Utilities, Inc.  | 43331 | 1691209 |
| Evergy, Inc.  | 96381 | 7403025 |
| Eversource Energy  | 135021 | 9965900 |
| Exelon Corp.  | 392904 | 18120732 |
| FirstEnergy Corp.  | 201896 | 9252894 |
| MDU Resources Group, Inc.  | 10208 | 195789 |
| National Fuel Gas Co.  | 28072 | 2215162 |
| NextEra Energy, Inc.  | 352186 | 28667940 |
| NiSource, Inc.  | 112229 | 4725963 |
| NRG Energy, Inc.  | 54877 | 9431161 |
| OGE Energy Corp.  | 66286 | 2925864 |
| PG&E Corp.  | 578976 | 9240457 |
| Pinnacle West Capital Corp.  | 42115 | 3728020 |
| Portland General Electric Co.  | 45609 | 2083419 |
| PPL Corp.  | 251534 | 9186022 |
| Public Service Enterprise Group, Inc.  | 115859 | 9333601 |
| Sempra  | 154048 | 14163173 |
| Southern Co.  | 271970 | 25576059 |
| UGI Corp.  | 154322 | 5158984 |
| Vistra Corp.  | 49033 | 9232914 |
| WEC Energy Group, Inc.  | 75644 | 8451704 |
| Xcel Energy, Inc.  | 163669 | 13285013 |
|  |  | **364871698** |
| **Total Common Stocks** <br>**(Cost $6,153,932,380)** | **Total Common Stocks** <br>**(Cost $6,153,932,380)** | **10534933165** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  |
| **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.01% *(d)*<br>| 16247111 | 16247111 |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.01% *(d)(e)*<br>| 3049050 | 3049050 |
|  |  | **19296161** |
| **Total Short-Term Investments** <br>**(Cost $19,296,161)** | **Total Short-Term Investments** <br>**(Cost $19,296,161)** | **19296161** |
| **Total Investments in Securities** <br>**(Cost $6,173,228,541)** | **Total Investments in Securities** <br>**(Cost $6,173,228,541)** | **10554229326** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| S&P 500 Index, e-mini, expires <br> 12/19/25<br>| 79 | 27152300 | **282106** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* Issuer is an affiliated company, as the investment adviser owns at least 5% of the voting securities of such company. 

*(b)* All or a portion of this security is on loan. Securities on loan were valued at $2,958,030. 

*(c)* Issuer is affiliated with the fund's investment adviser.

*(d)* The rate shown is the annualized 7-day yield.

*(e)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers and companies which are or were affiliates during the period ended October 31, 2025. An affiliated company is a company in which the investment adviser has or had an ownership of at least 5% of the voting securities of a security issue during the report period. A dash in the Value at October 31, 2024, and/or Value and Balance of Shares Held at October 31, 2025, columns means either the issuer was not held or not held as an affiliate on the stated date.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS |
| **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** |
| QVC Group, Inc. | $— | $1718826 | ($396790)<br>| ($770465)<br>| $735535 | $2659121 | 233461 | $— |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**9**

------

Schwab Fundamental U.S. Large Company Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** |
| Charles Schwab Corp. | $10859939 | $1771675 | ($1248924)<br>| $485859 | $3337545 | $15206094 | 160877 | $169124 |
| **Total** | **$10859939** | **$3490501** | **($1645714)**<br>| **($284606)**<br>| **$4073080** | **$17865215** |  | **$169124** |

---

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $10534933165 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10534933165 |
| Short-Term Investments<sup>1</sup> <br>| 19296161 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19296161 |
| Futures Contracts<sup>2</sup> <br>| 282106 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 282106 |
| **Total** | **$10554511432** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$10554511432** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

**10**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Large Company Index Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $10,353,614)  |  | $17865215 |
| Investments in securities, at value - unaffiliated issuers (cost $6,162,874,927) including securities on loan of $2,958,030 |  | 10536364111 |
| Deposit with broker for futures contracts |  | 1892885 |
| Receivables: |  |  |
| Dividends |  | 9319447 |
| Fund shares sold |  | 4177123 |
| Variation margin on future contracts |  | 70526 |
| Income from securities on loan | + | 2140 |
| **Total assets** |  | **10569691447** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 3049050 |
| Payables: |  |  |
| Fund shares redeemed |  | 5520805 |
| Investment adviser fees | + | 2369054 |
| **Total liabilities** |  | **10938909** |
| **Net assets** |  | **$10558752538** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $6219816723 |
| Total distributable earnings | + | 4338935815 |
| **Net assets** |  | **$10558752538** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $10558752538 |  | &nbsp;&nbsp;&nbsp;&nbsp; 333112559 |  | &nbsp;&nbsp;&nbsp;&nbsp; $31.70 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**11**

------

Schwab Fundamental U.S. Large Company Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $136,581) |  | $200099957 |
| Dividends received from securities - affiliated issuers |  | 169124 |
| Other Interest |  | 106449 |
| Securities on loan, net | + | 246376 |
| **Total investment income**  |  | **200621906** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 24530589 |
| **Total expenses** | – | **24530589** |
| **Net investment income** |  | **176091317** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers  |  | (757083)<br>|
| Net realized gains on sales of securities - unaffiliated issuers  |  | 7818247 |
| Net realized gains on sales of in-kind redemptions - affiliated issuers |  | 472477 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 756476873 |
| Net realized gains on futures contracts | + | 6797365 |
| **Net realized gains** |  | **770807879** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 4073080 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 399214293 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 640357 |
| **Net change in unrealized appreciation (depreciation)** |  | **403927730** |
| **Net realized and unrealized gains** |  | **1174735609** |
| **Increase in net assets resulting from operations** |  | **$1350826926** |

---

*See financial notes*

**12**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Large Company Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $176091317 | &nbsp;&nbsp;&nbsp; $160455183 |
| Net realized gains |  | 770807879 | &nbsp;&nbsp;&nbsp; 449995242 |
| Net change in unrealized appreciation (depreciation) | + | 403927730 | &nbsp;&nbsp;&nbsp; 1637312062 |
| **Increase in net assets resulting from operations** |  | **$1350826926** | &nbsp;&nbsp;&nbsp; **$2247762487** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($165577503)**<br>| &nbsp;&nbsp;&nbsp; **($142700838)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 89264854 | &nbsp;&nbsp;&nbsp; $2591635358 | &nbsp;&nbsp;&nbsp; 92576928 | &nbsp;&nbsp;&nbsp; $2391029003 |
| Shares reinvested |  | 4198098 | &nbsp;&nbsp;&nbsp; 120653345 | &nbsp;&nbsp;&nbsp; 4359762 | &nbsp;&nbsp;&nbsp; 101408064 |
| Shares redeemed | + | (93209553)<br>| &nbsp;&nbsp;&nbsp; (2713839462)<br>| &nbsp;&nbsp;&nbsp; (79224901)<br>| &nbsp;&nbsp;&nbsp; (2058413474)<br>|
| **Net transactions in fund shares**  |  | **253399** | &nbsp;&nbsp;&nbsp; **($1550759)**<br>| &nbsp;&nbsp;&nbsp; **17711789** | &nbsp;&nbsp;&nbsp; **$434023593** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 332859160 | &nbsp;&nbsp;&nbsp; $9375053874 | &nbsp;&nbsp;&nbsp; 315147371 | &nbsp;&nbsp;&nbsp; $6835968632 |
| Total increase | + | 253399 | &nbsp;&nbsp;&nbsp; 1183698664 | &nbsp;&nbsp;&nbsp; 17711789 | &nbsp;&nbsp;&nbsp; 2539085242 |
| **End of period** |  | **333112559** | &nbsp;&nbsp;&nbsp; **$10558752538** | &nbsp;&nbsp;&nbsp; **332859160** | &nbsp;&nbsp;&nbsp; **$9375053874** |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**13**

------

Schwab Fundamental U.S. Small Company Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $17.71 | &nbsp;&nbsp; $13.80 | &nbsp;&nbsp; $15.22 | &nbsp;&nbsp; $19.32 | &nbsp;&nbsp; $11.97 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.24 | 0.25 | 0.23 | 0.22 | 0.18 |
| Net realized and unrealized gains (losses) | 0.85 | 3.89 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (2.17)<br>| 7.38 |
| Total from investment operations | 1.09 | 4.14 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.95)<br>| 7.56 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.21)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (2.15)<br>| &nbsp;&nbsp; (0.21)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $18.50 | &nbsp;&nbsp; $17.71 | &nbsp;&nbsp; $13.80 | &nbsp;&nbsp; $15.22 | &nbsp;&nbsp; $19.32 |
| Total return | 6.16<br> %<br>| 30.22<br> %<br>| &nbsp;&nbsp; (3.04<br> %)<br>| &nbsp;&nbsp; (11.37<br> %)<br>| 63.73<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.25 %<sup>2</sup><br>| 0.25<br> %<br>|
| Net investment income (loss) | 1.33<br> %<br>| 1.49<br> %<br>| 1.56<br> %<br>| 1.35<br> %<br>| 1.02<br> %<br>|
| Portfolio turnover rate<sup>3</sup> <br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 40<br> %<br>| &nbsp;&nbsp; 22<br> %<br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 36<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $1747 | &nbsp;&nbsp; $1746 | &nbsp;&nbsp; $1524 | &nbsp;&nbsp; $1631 | &nbsp;&nbsp; $1945 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>3</sup> Portfolio turnover rate excludes in-kind transactions.

*See financial notes*

**14**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Small Company Index Fund

Portfolio Holdings as of October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.7% OF NET ASSETS  | **COMMON STOCKS** 99.7% OF NET ASSETS  | **COMMON STOCKS** 99.7% OF NET ASSETS  |
| **Automobiles & Components 1.6%** | **Automobiles & Components 1.6%** | **Automobiles & Components 1.6%** |
| American Axle & Manufacturing <br> Holdings, Inc. \*<br>| 482444 | 2991153 |
| Dorman Products, Inc. \* | 11393 | 1528143 |
| Fox Factory Holding Corp. \* | 60641 | 1340773 |
| Gentherm, Inc. \* | 43401 | 1597157 |
| LCI Industries  | 38353 | 3969152 |
| Modine Manufacturing Co. \* | 15656 | 2398656 |
| Patrick Industries, Inc.  | 34476 | 3598260 |
| Phinia, Inc.  | 56407 | 2928087 |
| Rivian Automotive, Inc., Class A \* | 44460 | 603322 |
| Standard Motor Products, Inc.  | 27779 | 1031434 |
| Visteon Corp.  | 25563 | 2739331 |
| Winnebago Industries, Inc.  | 93423 | 3522981 |
|  |  | **28248449** |
| **Banks 7.4%** | **Banks 7.4%** | **Banks 7.4%** |
| Ameris Bancorp  | 29426 | 2107490 |
| Associated Banc-Corp.  | 104134 | 2579399 |
| Atlantic Union Bankshares Corp.  | 73218 | 2381049 |
| Axos Financial, Inc. \* | 18045 | 1407149 |
| Bancorp, Inc. \* | 9532 | 623107 |
| Bank of Hawaii Corp.  | 24373 | 1582539 |
| Bank OZK  | 75459 | 3394900 |
| BankUnited, Inc.  | 90366 | 3621869 |
| Banner Corp.  | 19773 | 1194092 |
| Beacon Financial Corp.  | 45101 | 1097758 |
| BOK Financial Corp.  | 14149 | 1479702 |
| Cadence Bank  | 85084 | 3211070 |
| Capitol Federal Financial, Inc.  | 81134 | 490049 |
| Cathay General Bancorp  | 49128 | 2232868 |
| City Holding Co.  | 6227 | 734039 |
| Columbia Banking System, Inc.  | 151515 | 4060602 |
| Commerce Bancshares, Inc.  | 44236 | 2328141 |
| Community Financial System, Inc.  | 23491 | 1303281 |
| Cullen/Frost Bankers, Inc.  | 23546 | 2899455 |
| Customers Bancorp, Inc. \* | 20466 | 1373678 |
| CVB Financial Corp.  | 81245 | 1492471 |
| Dime Community Bancshares, Inc.  | 19039 | 499774 |
| Eagle Bancorp, Inc.  | 41143 | 689145 |
| Eastern Bankshares, Inc.  | 45879 | 804259 |
| Enterprise Financial Services Corp.  | 16625 | 870651 |
| FB Financial Corp.  | 10048 | 542693 |
| First Bancorp/Southern Pines NC  | 16915 | 821054 |
| First Busey Corp.  | 39110 | 874500 |
| First Commonwealth Financial Corp.  | 57593 | 880597 |
| First Financial Bancorp  | 62453 | 1462025 |
| First Financial Bankshares, Inc.  | 32791 | 1012914 |
| First Hawaiian, Inc.  | 98664 | 2420228 |
| First Interstate BancSystem, Inc., <br> Class A <br>| 67893 | 2121656 |
| First Merchants Corp.  | 33182 | 1177297 |
| FNB Corp.  | 221082 | 3475409 |
| Fulton Financial Corp.  | 100119 | 1739067 |
| Glacier Bancorp, Inc.  | 43958 | 1795684 |
| Hancock Whitney Corp.  | 48118 | 2748019 |
| Hilltop Holdings, Inc.  | 60835 | 1964971 |
| Home BancShares, Inc.  | 85879 | 2293828 |
| Hope Bancorp, Inc.  | 133012 | 1395296 |
| Independent Bank Corp.  | 22153 | 1490675 |
| International Bancshares Corp.  | 24690 | 1638922 |
| Lakeland Financial Corp.  | 10108 | 576661 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Mechanics Bancorp, Class A \* | 43864 | 587339 |
| National Bank Holdings Corp., Class A  | 12680 | 452169 |
| NBT Bancorp, Inc.  | 23023 | 931741 |
| Northwest Bancshares, Inc.  | 94723 | 1109206 |
| OceanFirst Financial Corp.  | 35247 | 640791 |
| Old National Bancorp  | 129813 | 2652080 |
| Park National Corp.  | 5885 | 895638 |
| Pathward Financial, Inc.  | 10156 | 691217 |
| Pinnacle Financial Partners, Inc.  | 25263 | 2152660 |
| Preferred Bank  | 5801 | 523540 |
| Prosperity Bancshares, Inc.  | 47937 | 3155213 |
| Provident Financial Services, Inc.  | 65821 | 1203866 |
| Renasant Corp.  | 35680 | 1199918 |
| S&T Bancorp, Inc.  | 23231 | 851184 |
| Seacoast Banking Corp. of Florida  | 28140 | 852642 |
| ServisFirst Bancshares, Inc.  | 12407 | 871840 |
| Simmons First National Corp., Class A  | 110164 | 1914650 |
| Southside Bancshares, Inc.  | 18048 | 507510 |
| Southstate Bank Corp.  | 40473 | 3587932 |
| Texas Capital Bancshares, Inc. \* | 21081 | 1767431 |
| Towne Bank  | 34308 | 1115353 |
| TriCo Bancshares  | 11655 | 515501 |
| Triumph Financial, Inc. \* | 8280 | 450929 |
| Trustmark Corp.  | 34336 | 1277986 |
| UMB Financial Corp.  | 22580 | 2413350 |
| United Bankshares, Inc.  | 75361 | 2697170 |
| United Community Banks, Inc.  | 55186 | 1611431 |
| Valley National Bancorp  | 340474 | 3700952 |
| WaFd, Inc.  | 62365 | 1810456 |
| Webster Financial Corp.  | 19790 | 1128822 |
| WesBanco, Inc.  | 49247 | 1482335 |
| Westamerica BanCorp  | 9406 | 448196 |
| Western Alliance Bancorp  | 46816 | 3621218 |
| Wintrust Financial Corp.  | 25789 | 3353086 |
| WSFS Financial Corp.  | 29938 | 1559470 |
|  |  | **128624855** |
| **Capital Goods 13.3%** | **Capital Goods 13.3%** | **Capital Goods 13.3%** |
| AAON, Inc.  | 10143 | 997970 |
| AAR Corp. \* | 28491 | 2399227 |
| Advanced Drainage Systems, Inc.  | 30525 | 4275026 |
| Aebi Schmidt Holding AG  | 26761 | 298385 |
| AeroVironment, Inc. \* | 2956 | 1093454 |
| Alamo Group, Inc.  | 7448 | 1331107 |
| Albany International Corp., Class A  | 25604 | 1448674 |
| American Woodmark Corp. \* | 30793 | 1962438 |
| API Group Corp. \* | 97017 | 3572166 |
| Apogee Enterprises, Inc.  | 33539 | 1227863 |
| Applied Industrial Technologies, Inc.  | 15365 | 3950188 |
| Arcosa, Inc.  | 29862 | 3045924 |
| Armstrong World Industries, Inc.  | 14925 | 2842168 |
| Astec Industries, Inc.  | 23978 | 1115696 |
| ATI, Inc. \* | 38497 | 3810048 |
| Atkore, Inc.  | 11714 | 811195 |
| Atmus Filtration Technologies, Inc.  | 21679 | 985961 |
| Axon Enterprise, Inc. \* | 686 | 502310 |
| AZZ, Inc.  | 13563 | 1354266 |
| BlueLinx Holdings, Inc. \* | 32442 | 2123004 |
| BWX Technologies, Inc.  | 24018 | 5130485 |
| Carpenter Technology Corp.  | 10633 | 3358965 |
| Chart Industries, Inc. \* | 9141 | 1824726 |
| Columbus McKinnon Corp.  | 50307 | 816483 |
| Comfort Systems USA, Inc.  | 6438 | 6216404 |
| Construction Partners, Inc., Class A \* | 8414 | 962141 |
| Core & Main, Inc., Class A \* | 76280 | 3980290 |
| Crane Co.  | 15882 | 3017580 |
| CSW Industrials, Inc.  | 3002 | 751761 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**15**

------

Schwab Fundamental U.S. Small Company Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Curtiss-Wright Corp.  | 7715 | 4596057 |
| DNOW, Inc. \* | 149535 | 2198164 |
| Douglas Dynamics, Inc.  | 17725 | 535827 |
| Ducommun, Inc. \* | 7329 | 672436 |
| DXP Enterprises, Inc. \* | 6277 | 751043 |
| Dycom Industries, Inc. \* | 15756 | 4534419 |
| Enerpac Tool Group Corp., Class A  | 17392 | 713768 |
| EnerSys  | 38597 | 4869398 |
| Enpro, Inc.  | 8126 | 1885313 |
| Esab Corp.  | 19775 | 2310115 |
| ESCO Technologies, Inc.  | 7650 | 1678945 |
| Everus Construction Group, Inc. \* | 25056 | 2277340 |
| Federal Signal Corp.  | 19308 | 2278923 |
| Flowserve Corp.  | 72792 | 4968054 |
| Franklin Electric Co., Inc.  | 22686 | 2149952 |
| FTAI Aviation Ltd.  | 12883 | 2227471 |
| Gates Industrial Corp. PLC \* | 37085 | 818837 |
| GATX Corp.  | 20496 | 3214798 |
| Gibraltar Industries, Inc. \* | 28314 | 1766510 |
| GrafTech International Ltd. \* | 145028 | 1957878 |
| Granite Construction, Inc.  | 27133 | 2792257 |
| Greenbrier Cos., Inc.  | 43170 | 1803211 |
| Griffon Corp.  | 21873 | 1618821 |
| Hayward Holdings, Inc. \* | 88887 | 1508412 |
| HEICO Corp.  | 11915 | 3786230 |
| Helios Technologies, Inc.  | 26193 | 1450044 |
| Herc Holdings, Inc.  | 28723 | 4080102 |
| Hexcel Corp.  | 49340 | 3522876 |
| Hillenbrand, Inc.  | 109937 | 3474009 |
| Hillman Solutions Corp. \* | 153597 | 1416164 |
| Insteel Industries, Inc.  | 21204 | 662413 |
| Janus International Group, Inc. \* | 73225 | 702960 |
| JBT Marel Corp.  | 15102 | 1904362 |
| JELD-WEN Holding, Inc. \* | 476123 | 2066374 |
| Kadant, Inc.  | 3462 | 957797 |
| Kennametal, Inc.  | 130472 | 2863860 |
| Kratos Defense & Security Solutions, <br> Inc. \*<br>| 26085 | 2363301 |
| Lennox International, Inc.  | 4939 | 2494195 |
| Leonardo DRS, Inc.  | 8696 | 317926 |
| Lindsay Corp.  | 6070 | 675227 |
| Manitowoc Co., Inc. \* | 86262 | 877285 |
| Masterbrand, Inc. \* | 213311 | 2694118 |
| McGrath RentCorp  | 12587 | 1352347 |
| Mercury Systems, Inc. \* | 23240 | 1799008 |
| Miller Industries, Inc.  | 12798 | 513712 |
| Moog, Inc., Class A  | 15122 | 3097742 |
| MRC Global, Inc. \* | 86099 | 1201081 |
| MSC Industrial Direct Co., Inc., Class A  | 14168 | 1203005 |
| Mueller Water Products, Inc., Class A  | 61082 | 1567364 |
| MYR Group, Inc. \* | 12910 | 2810507 |
| NEXTracker, Inc., Class A \* | 10916 | 1104918 |
| NPK International, Inc. \* | 62002 | 762625 |
| Primoris Services Corp.  | 32219 | 4559633 |
| Proto Labs, Inc. \* | 15711 | 781779 |
| Quanex Building Products Corp.  | 62581 | 889276 |
| RBC Bearings, Inc. \* | 4403 | 1886818 |
| REV Group, Inc.  | 35838 | 1837414 |
| Simpson Manufacturing Co., Inc.  | 17103 | 3018679 |
| SiteOne Landscape Supply, Inc. \* | 24470 | 3175472 |
| Spirit AeroSystems Holdings, Inc., <br> Class A \*<br>| 21499 | 788798 |
| SPX Technologies, Inc. \* | 8942 | 2002024 |
| Standex International Corp.  | 5828 | 1359264 |
| Sterling Infrastructure, Inc. \* | 6331 | 2392485 |
| Sunrun, Inc. \* | 19386 | 402453 |
| Tennant Co.  | 15542 | 1243360 |
| Terex Corp.  | 82989 | 3819154 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Titan International, Inc. \* | 85506 | 645570 |
| Titan Machinery, Inc. \* | 45968 | 753875 |
| Trex Co., Inc. \* | 38067 | 1839397 |
| Trinity Industries, Inc.  | 84991 | 2326204 |
| Tutor Perini Corp. \* | 40148 | 2704369 |
| V2X, Inc. \* | 10850 | 619427 |
| Valmont Industries, Inc.  | 11621 | 4804470 |
| Vertiv Holdings Co., Class A  | 25709 | 4958238 |
| VSE Corp.  | 5769 | 1042343 |
| Wabash National Corp.  | 159881 | 1282246 |
| Watts Water Technologies, Inc., Class A  | 10813 | 2947624 |
| WillScot Holdings Corp.  | 17040 | 370620 |
| Woodward, Inc.  | 20002 | 5242724 |
| Worthington Enterprises, Inc.  | 30793 | 1727179 |
| Zurn Elkay Water Solutions Corp.  | 37116 | 1748535 |
|  |  | **232224836** |
| **Commercial & Professional Services 4.7%** | **Commercial & Professional Services 4.7%** | **Commercial & Professional Services 4.7%** |
| ACCO Brands Corp.  | 284645 | 1070265 |
| Alight, Inc., Class A  | 479811 | 1381856 |
| Amentum Holdings, Inc. \* | 46915 | 1051365 |
| Barrett Business Services, Inc.  | 11113 | 449743 |
| Brady Corp., Class A  | 27956 | 2122140 |
| BrightView Holdings, Inc. \* | 62159 | 765799 |
| Brink's Co.  | 29824 | 3315236 |
| Casella Waste Systems, Inc., Class A \* | 10132 | 897391 |
| CBIZ, Inc. \* | 18967 | 1043185 |
| Civeo Corp.  | 22406 | 465597 |
| Clarivate PLC \* | 311078 | 1057665 |
| Clean Harbors, Inc. \* | 17218 | 3624561 |
| Conduent, Inc. \* | 655060 | 1559043 |
| CoreCivic, Inc. \* | 138405 | 2564645 |
| CSG Systems International, Inc.  | 22950 | 1796297 |
| Dayforce, Inc. \* | 10302 | 708159 |
| Deluxe Corp.  | 85424 | 1547029 |
| Ennis, Inc.  | 29655 | 486342 |
| Enviri Corp. \* | 101170 | 1235286 |
| ExlService Holdings, Inc. \* | 43648 | 1706637 |
| Exponent, Inc.  | 14347 | 1015911 |
| FTI Consulting, Inc. \* | 21643 | 3571311 |
| GEO Group, Inc. \* | 121531 | 2062381 |
| Healthcare Services Group, Inc. \* | 106847 | 1909356 |
| Heidrick & Struggles International, Inc.  | 13387 | 781399 |
| HNI Corp.  | 47027 | 1924345 |
| Huron Consulting Group, Inc. \* | 7434 | 1222447 |
| ICF International, Inc.  | 13911 | 1116775 |
| Insperity, Inc.  | 26716 | 1178710 |
| Interface, Inc., Class A  | 35162 | 875534 |
| Kelly Services, Inc., Class A  | 182212 | 2042597 |
| Kforce, Inc.  | 38214 | 966814 |
| Korn Ferry  | 46535 | 3010814 |
| Maximus, Inc.  | 13534 | 1124946 |
| MillerKnoll, Inc.  | 139960 | 2186175 |
| MSA Safety, Inc.  | 12170 | 1911055 |
| OPENLANE, Inc. \* | 94147 | 2487364 |
| Parsons Corp. \* | 23114 | 1921698 |
| Paycom Software, Inc.  | 8289 | 1550789 |
| Pitney Bowes, Inc.  | 69525 | 686907 |
| Resources Connection, Inc.  | 127741 | 562060 |
| Rollins, Inc.  | 54960 | 3166246 |
| Steelcase, Inc., Class A  | 173470 | 2768581 |
| Tetra Tech, Inc.  | 92255 | 2950315 |
| TriNet Group, Inc.  | 34230 | 2053800 |
| TrueBlue, Inc. *\*(a)* | 209822 | 994556 |
| TTEC Holdings, Inc. \* | 201497 | 703225 |
| UL Solutions, Inc., Class A  | 9267 | 721621 |
| UniFirst Corp.  | 14036 | 2166457 |

---

*See financial notes*

**16**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Small Company Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Veralto Corp.  | 10280 | 1014430 |
| Verra Mobility Corp., Class A \* | 39525 | 917375 |
| Vestis Corp.  | 336887 | 1768657 |
|  |  | **82182892** |
| **Consumer Discretionary Distribution & Retail 4.3%** | **Consumer Discretionary Distribution & Retail 4.3%** | **Consumer Discretionary Distribution & Retail 4.3%** |
| 1-800-Flowers.com, Inc., Class A *\*(b)* | 78667 | 283201 |
| Abercrombie & Fitch Co., Class A \* | 30556 | 2216838 |
| A-Mark Precious Metals, Inc.  | 97794 | 2599364 |
| American Eagle Outfitters, Inc.  | 67708 | 1131401 |
| America's Car-Mart, Inc. \* | 11399 | 253514 |
| Arko Corp.  | 94015 | 414136 |
| Boot Barn Holdings, Inc. \* | 11423 | 2166372 |
| Buckle, Inc.  | 35879 | 1966169 |
| Caleres, Inc.  | 99961 | 1103569 |
| Camping World Holdings, Inc., Class A  | 43111 | 567341 |
| Coupang, Inc., Class A \* | 141771 | 4532419 |
| Designer Brands, Inc., Class A *(b)* | 233930 | 863202 |
| Dillard's, Inc., Class A  | 4022 | 2413522 |
| Etsy, Inc. \* | 55033 | 3412046 |
| Five Below, Inc. \* | 30838 | 4849892 |
| Floor & Decor Holdings, Inc., Class A \* | 34426 | 2150936 |
| GameStop Corp., Class A \* | 141179 | 3146880 |
| Genesco, Inc. \* | 41315 | 1198548 |
| Guess?, Inc.  | 27373 | 464794 |
| Haverty Furniture Cos., Inc.  | 32026 | 698487 |
| MarineMax, Inc. \* | 48870 | 1210510 |
| Monro, Inc.  | 66648 | 976393 |
| National Vision Holdings, Inc. \* | 124778 | 3213033 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 24224 | 2926501 |
| OneWater Marine, Inc., Class A \* | 29964 | 465341 |
| Petco Health & Wellness Co., Inc., <br> Class A \*<br>| 229266 | 729066 |
| RH \* | 13568 | 2340344 |
| Sally Beauty Holdings, Inc. \* | 255510 | 3860756 |
| Shoe Carnival, Inc.  | 30297 | 555344 |
| Signet Jewelers Ltd.  | 11097 | 1096938 |
| Sleep Number Corp. *\*(b)* | 94930 | 522115 |
| Sonic Automotive, Inc., Class A  | 31871 | 2024765 |
| Stitch Fix, Inc., Class A \* | 124331 | 520947 |
| Upbound Group, Inc.  | 103381 | 2003524 |
| Urban Outfitters, Inc. \* | 69030 | 4460028 |
| Valvoline, Inc. \* | 95477 | 3151696 |
| Victoria's Secret & Co. \* | 128007 | 4512247 |
| Wayfair, Inc., Class A \* | 30405 | 3147222 |
| Zumiez, Inc. \* | 54832 | 1187113 |
|  |  | **75336514** |
| **Consumer Durables & Apparel 3.2%** | **Consumer Durables & Apparel 3.2%** | **Consumer Durables & Apparel 3.2%** |
| Acushnet Holdings Corp.  | 19161 | 1481720 |
| Beazer Homes USA, Inc. \* | 53942 | 1208301 |
| Cavco Industries, Inc. \* | 4759 | 2521318 |
| Century Communities, Inc.  | 59095 | 3510243 |
| Champion Homes, Inc. \* | 31763 | 2167189 |
| Columbia Sportswear Co.  | 44537 | 2210371 |
| Crocs, Inc. \* | 9678 | 790596 |
| Ethan Allen Interiors, Inc.  | 27444 | 663321 |
| G-III Apparel Group Ltd. \* | 96316 | 2586085 |
| GoPro, Inc., Class A \* | 899374 | 1771767 |
| Green Brick Partners, Inc. \* | 21163 | 1370093 |
| Helen of Troy Ltd. \* | 83481 | 1555251 |
| Hooker Furnishings Corp.  | 44577 | 404759 |
| Hovnanian Enterprises, Inc., Class A \* | 6225 | 748432 |
| Installed Building Products, Inc.  | 9529 | 2365384 |
| iRobot Corp. *\*(b)* | 162036 | 515274 |
| Kontoor Brands, Inc.  | 28907 | 2339154 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| La-Z-Boy, Inc.  | 59722 | 1893187 |
| Levi Strauss & Co., Class A  | 76144 | 1544200 |
| LGI Homes, Inc. \* | 39528 | 1613138 |
| M/I Homes, Inc. \* | 6741 | 843906 |
| Malibu Boats, Inc., Class A \* | 30837 | 859427 |
| MasterCraft Boat Holdings, Inc. \* | 27523 | 552111 |
| Mattel, Inc. \* | 60499 | 1111972 |
| Movado Group, Inc.  | 32567 | 593045 |
| Oxford Industries, Inc.  | 28359 | 1045029 |
| Peloton Interactive, Inc., Class A \* | 26618 | 193247 |
| SharkNinja, Inc. \* | 19311 | 1651091 |
| Smith & Wesson Brands, Inc.  | 112438 | 1077718 |
| Sonos, Inc. \* | 111320 | 1911364 |
| Steven Madden Ltd.  | 93670 | 3176350 |
| Sturm Ruger & Co., Inc.  | 28121 | 1192612 |
| TopBuild Corp. \* | 3413 | 1441924 |
| Topgolf Callaway Brands Corp. \* | 223858 | 2106504 |
| Under Armour, Inc., Class A \* | 521633 | 2404728 |
| Wolverine World Wide, Inc.  | 55205 | 1253154 |
| YETI Holdings, Inc. \* | 51108 | 1737161 |
|  |  | **56411126** |
| **Consumer Services 4.5%** | **Consumer Services 4.5%** | **Consumer Services 4.5%** |
| ADT, Inc.  | 142391 | 1258736 |
| Adtalem Global Education, Inc. \* | 20812 | 2039992 |
| Airbnb, Inc., Class A \* | 18901 | 2391733 |
| BJ's Restaurants, Inc. \* | 15013 | 509841 |
| Bloomin' Brands, Inc.  | 238106 | 1626264 |
| Boyd Gaming Corp.  | 50346 | 3920443 |
| Bright Horizons Family Solutions, Inc. \* | 15356 | 1677336 |
| Brightstar Lottery PLC  | 180104 | 3000533 |
| Brinker International, Inc. \* | 9392 | 1020535 |
| Cheesecake Factory, Inc.  | 19925 | 992265 |
| Chegg, Inc. \* | 540486 | 572915 |
| Choice Hotels International, Inc.  | 9403 | 874103 |
| Churchill Downs, Inc.  | 19823 | 1966442 |
| Cracker Barrel Old Country Store, <br> Inc. *(b)*<br>| 56408 | 1900950 |
| Dave & Buster's Entertainment, Inc. \* | 48363 | 710452 |
| Dine Brands Global, Inc.  | 31848 | 787283 |
| DoorDash, Inc., Class A \* | 15682 | 3989030 |
| Frontdoor, Inc. \* | 23342 | 1550609 |
| Golden Entertainment, Inc.  | 28923 | 584245 |
| Graham Holdings Co., Class B  | 3188 | 3226670 |
| Grand Canyon Education, Inc. \* | 17788 | 3349480 |
| H&R Block, Inc.  | 64935 | 3229867 |
| Hilton Grand Vacations, Inc. \* | 59767 | 2477342 |
| Hyatt Hotels Corp., Class A  | 10614 | 1458470 |
| Jack in the Box, Inc.  | 62123 | 996453 |
| Laureate Education, Inc. \* | 143395 | 4162757 |
| Light & Wonder, Inc. \* | 36481 | 2652169 |
| Matthews International Corp., Class A  | 41912 | 981579 |
| Papa John's International, Inc.  | 17467 | 887498 |
| Perdoceo Education Corp.  | 43694 | 1387721 |
| Planet Fitness, Inc., Class A \* | 16696 | 1514160 |
| Red Rock Resorts, Inc., Class A  | 28785 | 1534528 |
| Royal Caribbean Cruises Ltd.  | 4150 | 1190344 |
| Sabre Corp. \* | 68544 | 140172 |
| Six Flags Entertainment Corp. \* | 32353 | 743472 |
| Strategic Education, Inc.  | 20466 | 1555007 |
| Stride, Inc. \* | 11790 | 802192 |
| Texas Roadhouse, Inc., Class A  | 5979 | 978045 |
| Travel & Leisure Co.  | 76644 | 4811710 |
| United Parks & Resorts, Inc. \* | 26226 | 1269338 |
| Wendy's Co.  | 188014 | 1605640 |
| Wingstop, Inc.  | 2487 | 538759 |
| Wyndham Hotels & Resorts, Inc.  | 40506 | 2974356 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**17**

------

Schwab Fundamental U.S. Small Company Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Wynn Resorts Ltd.  | 27646 | 3289598 |
|  |  | **79131034** |
| **Consumer Staples Distribution & Retail 0.9%** | **Consumer Staples Distribution & Retail 0.9%** | **Consumer Staples Distribution & Retail 0.9%** |
| Andersons, Inc.  | 26274 | 1216749 |
| Chefs' Warehouse, Inc. \* | 14931 | 880929 |
| Grocery Outlet Holding Corp. \* | 131756 | 1793199 |
| Ingles Markets, Inc., Class A  | 62464 | 4316262 |
| Maplebear, Inc. \* | 11228 | 413864 |
| PriceSmart, Inc.  | 31006 | 3563830 |
| Village Super Market, Inc., Class A  | 17737 | 556410 |
| Weis Markets, Inc.  | 40118 | 2541074 |
|  |  | **15282317** |
| **Energy 5.0%** | **Energy 5.0%** | **Energy 5.0%** |
| Antero Midstream Corp.  | 127098 | 2192441 |
| Archrock, Inc.  | 82808 | 2092558 |
| Berry Corp.  | 305515 | 1029586 |
| Bristow Group, Inc. \* | 17152 | 698086 |
| Cactus, Inc., Class A  | 21932 | 968736 |
| California Resources Corp.  | 15870 | 748588 |
| Chord Energy Corp.  | 8139 | 738370 |
| Civitas Resources, Inc.  | 20635 | 594907 |
| CNX Resources Corp. \* | 30078 | 1012426 |
| Comstock Resources, Inc. \* | 65377 | 1225819 |
| Core Laboratories, Inc.  | 36455 | 581093 |
| Core Natural Resources, Inc.  | 37926 | 2996154 |
| Crescent Energy Co., Class A  | 190942 | 1609641 |
| CVR Energy, Inc. \* | 88780 | 3159680 |
| Delek U.S. Holdings, Inc.  | 146588 | 5535163 |
| Dorian LPG Ltd.  | 49232 | 1420343 |
| DT Midstream, Inc.  | 28641 | 3135903 |
| Expro Group Holdings NV \* | 90087 | 1223381 |
| Green Plains, Inc. \* | 269756 | 2773092 |
| Gulfport Energy Corp. \* | 10981 | 2042576 |
| Helix Energy Solutions Group, Inc. \* | 160944 | 1081544 |
| Helmerich & Payne, Inc.  | 29154 | 765584 |
| International Seaways, Inc.  | 41262 | 2113852 |
| Kodiak Gas Services, Inc.  | 15577 | 574480 |
| Kosmos Energy Ltd. \* | 1044739 | 1640240 |
| Liberty Energy, Inc., Class A  | 263111 | 4764940 |
| Magnolia Oil & Gas Corp., Class A  | 121452 | 2727812 |
| Matador Resources Co.  | 18706 | 738139 |
| Nabors Industries Ltd. \* | 47602 | 2309649 |
| New Fortress Energy, Inc. *\*(b)* | 214227 | 276353 |
| Noble Corp. PLC  | 69121 | 2028701 |
| Northern Oil & Gas, Inc.  | 72172 | 1597166 |
| Oceaneering International, Inc. \* | 57199 | 1332165 |
| Oil States International, Inc. \* | 115178 | 687613 |
| Par Pacific Holdings, Inc. \* | 138279 | 5528394 |
| Patterson-UTI Energy, Inc.  | 130413 | 817690 |
| Permian Resources Corp., Class A  | 183740 | 2307774 |
| ProPetro Holding Corp. \* | 217938 | 2262196 |
| Range Resources Corp.  | 25295 | 899237 |
| REX American Resources Corp. \* | 24341 | 779642 |
| RPC, Inc.  | 167152 | 869190 |
| Select Water Solutions, Inc.  | 89728 | 1037256 |
| Summit Midstream Corp. \* | 19563 | 428821 |
| Talos Energy, Inc. \* | 205826 | 2019153 |
| TechnipFMC PLC  | 43543 | 1800503 |
| Texas Pacific Land Corp.  | 1543 | 1455635 |
| Tidewater, Inc. \* | 11262 | 569745 |
| Transocean Ltd. \* | 227395 | 873197 |
| Valaris Ltd. \* | 25526 | 1432519 |
| Vital Energy, Inc. \* | 102856 | 1615868 |
| W&T Offshore, Inc. *(b)* | 288130 | 605073 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Weatherford International PLC  | 43620 | 3214358 |
|  |  | **86933032** |
| **Equity Real Estate Investment Trusts (REITs) 7.4%** | **Equity Real Estate Investment Trusts (REITs) 7.4%** | **Equity Real Estate Investment Trusts (REITs) 7.4%** |
| Acadia Realty Trust  | 41851 | 798099 |
| Agree Realty Corp.  | 18286 | 1335061 |
| Alexander & Baldwin, Inc.  | 50775 | 810877 |
| American Assets Trust, Inc.  | 42786 | 817640 |
| American Healthcare REIT, Inc.  | 23358 | 1058585 |
| American Homes 4 Rent, Class A  | 94970 | 3001052 |
| Americold Realty Trust, Inc.  | 212753 | 2742386 |
| Apple Hospitality REIT, Inc.  | 183864 | 2057438 |
| Brandywine Realty Trust  | 311907 | 1069841 |
| Brixmor Property Group, Inc.  | 110013 | 2877940 |
| Broadstone Net Lease, Inc.  | 87544 | 1568788 |
| CareTrust REIT, Inc.  | 25909 | 897747 |
| Centerspace  | 8360 | 495330 |
| COPT Defense Properties  | 71466 | 2013197 |
| Cousins Properties, Inc.  | 99480 | 2579516 |
| CubeSmart  | 74943 | 2823103 |
| DiamondRock Hospitality Co.  | 162024 | 1267028 |
| Diversified Healthcare Trust  | 434682 | 1851745 |
| Douglas Emmett, Inc.  | 168308 | 2177906 |
| Easterly Government Properties, Inc.  | 36864 | 797000 |
| EastGroup Properties, Inc.  | 10248 | 1788583 |
| Elme Communities  | 52247 | 859463 |
| Empire State Realty Trust, Inc., Class A  | 172761 | 1276704 |
| EPR Properties  | 45978 | 2253842 |
| Equity LifeStyle Properties, Inc.  | 49662 | 3031865 |
| Essential Properties Realty Trust, Inc.  | 30246 | 903750 |
| Federal Realty Investment Trust  | 38411 | 3694754 |
| First Industrial Realty Trust, Inc.  | 40839 | 2257580 |
| Four Corners Property Trust, Inc.  | 28306 | 669154 |
| Global Net Lease, Inc.  | 159802 | 1217691 |
| Healthcare Realty Trust, Inc., Class A  | 219668 | 3892517 |
| Highwoods Properties, Inc.  | 98042 | 2806942 |
| Hudson Pacific Properties, Inc. \* | 800768 | 1953874 |
| Independence Realty Trust, Inc.  | 67634 | 1077410 |
| Innovative Industrial Properties, Inc.  | 10317 | 517398 |
| InvenTrust Properties Corp.  | 33651 | 922037 |
| JBG SMITH Properties  | 134920 | 2629591 |
| Kilroy Realty Corp.  | 100018 | 4225760 |
| Kite Realty Group Trust  | 80575 | 1783930 |
| Lineage, Inc.  | 20563 | 810182 |
| LTC Properties, Inc.  | 20747 | 727805 |
| LXP Industrial Trust  | 201152 | 1908932 |
| Macerich Co.  | 158595 | 2719904 |
| Medical Properties Trust, Inc. *(b)* | 612570 | 3166987 |
| National Health Investors, Inc.  | 16490 | 1228670 |
| National Storage Affiliates Trust  | 28866 | 839712 |
| NNN REIT, Inc.  | 70536 | 2853887 |
| Omega Healthcare Investors, Inc.  | 94345 | 3965320 |
| Outfront Media, Inc.  | 122184 | 2161435 |
| Paramount Group, Inc. \* | 227226 | 1486058 |
| Park Hotels & Resorts, Inc.  | 224838 | 2313583 |
| Peakstone Realty Trust  | 80715 | 1090460 |
| Pebblebrook Hotel Trust  | 150331 | 1572462 |
| Phillips Edison & Co., Inc.  | 47025 | 1591326 |
| Piedmont Realty Trust, Inc., Class A  | 204392 | 1647400 |
| PotlatchDeltic Corp.  | 79586 | 3183440 |
| Rayonier, Inc.  | 94838 | 2093075 |
| Rexford Industrial Realty, Inc.  | 52665 | 2176118 |
| RLJ Lodging Trust  | 252323 | 1715796 |
| Ryman Hospitality Properties, Inc.  | 16587 | 1441576 |
| Sabra Health Care REIT, Inc.  | 131528 | 2343829 |
| Service Properties Trust *(a)* | 1024148 | 2191677 |
| Sila Realty Trust, Inc.  | 19807 | 469426 |

---

*See financial notes*

**18**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Small Company Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| SITE Centers Corp.  | 1478 | 10834 |
| SL Green Realty Corp.  | 56257 | 2888797 |
| STAG Industrial, Inc.  | 66785 | 2555862 |
| Summit Hotel Properties, Inc.  | 92562 | 475769 |
| Sunstone Hotel Investors, Inc.  | 182683 | 1616745 |
| Tanger, Inc.  | 41613 | 1354919 |
| Terreno Realty Corp.  | 18167 | 1037881 |
| Urban Edge Properties  | 69966 | 1345446 |
| Veris Residential, Inc.  | 48584 | 697666 |
| Xenia Hotels & Resorts, Inc.  | 101620 | 1249926 |
|  |  | **129736029** |
| **Financial Services 7.0%** | **Financial Services 7.0%** | **Financial Services 7.0%** |
| Acadian Asset Management, Inc.  | 25004 | 1202692 |
| Adamas Trust, Inc.  | 119885 | 799633 |
| AGNC Investment Corp.  | 94160 | 941600 |
| Apollo Commercial Real Estate Finance, <br> Inc. <br>| 169913 | 1663448 |
| Apollo Global Management, Inc.  | 6729 | 836482 |
| Arbor Realty Trust, Inc. *(b)* | 165042 | 1665274 |
| ARES Management Corp., Class A  | 17853 | 2654920 |
| Artisan Partners Asset Management, <br> Inc., Class A <br>| 55117 | 2406408 |
| B Riley Financial, Inc. *\*(b)* | 134472 | 672360 |
| BGC Group, Inc., Class A  | 134354 | 1227996 |
| Blackstone Mortgage Trust, Inc., Class A  | 156509 | 2892286 |
| BrightSpire Capital, Inc., Class A  | 139457 | 719598 |
| Chimera Investment Corp.  | 163707 | 2088901 |
| Claros Mortgage Trust, Inc. \* | 367010 | 1174432 |
| Cohen & Steers, Inc.  | 11356 | 775842 |
| Coinbase Global, Inc., Class A \* | 4514 | 1551823 |
| Credit Acceptance Corp. \* | 5331 | 2384769 |
| DigitalBridge Group, Inc.  | 217085 | 2568115 |
| Donnelley Financial Solutions, Inc. \* | 22525 | 1035024 |
| Enact Holdings, Inc.  | 13479 | 481470 |
| Encore Capital Group, Inc. \* | 45303 | 1883699 |
| Enova International, Inc. \* | 20812 | 2488491 |
| Essent Group Ltd.  | 52089 | 3155031 |
| Euronet Worldwide, Inc. \* | 32763 | 2485401 |
| EZCORP, Inc., Class A \* | 40334 | 736095 |
| FactSet Research Systems, Inc.  | 8588 | 2291278 |
| Federal Agricultural Mortgage Corp., <br> Class C <br>| 4122 | 653914 |
| Federated Hermes, Inc.  | 74684 | 3620680 |
| FirstCash Holdings, Inc.  | 23132 | 3666422 |
| Franklin BSP Realty Trust, Inc.  | 77145 | 782250 |
| Green Dot Corp., Class A \* | 63704 | 739603 |
| Hamilton Lane, Inc., Class A  | 3681 | 419487 |
| Houlihan Lokey, Inc., Class A  | 15410 | 2759623 |
| Interactive Brokers Group, Inc., Class A  | 30246 | 2128109 |
| Janus Henderson Group PLC  | 67042 | 2920349 |
| KKR Real Estate Finance Trust, Inc.  | 61391 | 499723 |
| Ladder Capital Corp., Class A  | 100728 | 1064695 |
| LendingClub Corp. \* | 42684 | 742275 |
| loanDepot, Inc., Class A \* | 313179 | 945801 |
| MarketAxess Holdings, Inc.  | 10330 | 1653420 |
| MFA Financial, Inc.  | 123618 | 1111326 |
| Moelis & Co., Class A  | 43708 | 2768028 |
| Morningstar, Inc.  | 5620 | 1193126 |
| Navient Corp.  | 217617 | 2661456 |
| NCR Atleos Corp. \* | 78679 | 2903255 |
| Nelnet, Inc., Class A  | 8405 | 1084665 |
| NMI Holdings, Inc., Class A \* | 31844 | 1160077 |
| Oppenheimer Holdings, Inc., Class A  | 9134 | 637188 |
| Paysafe Ltd. \* | 43714 | 481291 |
| PennyMac Financial Services, Inc.  | 31637 | 3980251 |
| PennyMac Mortgage Investment Trust  | 113858 | 1370850 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Piper Sandler Cos.  | 6985 | 2230031 |
| PJT Partners, Inc., Class A  | 4983 | 802811 |
| PRA Group, Inc. \* | 48894 | 670337 |
| PROG Holdings, Inc.  | 18948 | 548166 |
| Radian Group, Inc.  | 115334 | 3914436 |
| Ready Capital Corp. *(b)* | 232048 | 679901 |
| Redwood Trust, Inc.  | 109474 | 581307 |
| Regional Management Corp.  | 17162 | 675325 |
| Rocket Cos., Inc., Class A  | 420485 | 7005280 |
| Shift4 Payments, Inc., Class A \* | 4855 | 335480 |
| Stifel Financial Corp.  | 37688 | 4463390 |
| Toast, Inc., Class A \* | 30511 | 1102667 |
| TPG RE Finance Trust, Inc.  | 61851 | 535011 |
| TPG, Inc.  | 22969 | 1264214 |
| Tradeweb Markets, Inc., Class A  | 12099 | 1275114 |
| Two Harbors Investment Corp.  | 81543 | 792598 |
| Victory Capital Holdings, Inc., Class A  | 20167 | 1255799 |
| Virtu Financial, Inc., Class A  | 76783 | 2675120 |
| Virtus Investment Partners, Inc.  | 5852 | 952823 |
| Walker & Dunlop, Inc.  | 27985 | 2236561 |
| WEX, Inc. \* | 19548 | 2851662 |
| World Acceptance Corp. \* | 3814 | 486171 |
|  |  | **122065136** |
| **Food, Beverage & Tobacco 1.7%** | **Food, Beverage & Tobacco 1.7%** | **Food, Beverage & Tobacco 1.7%** |
| B&G Foods, Inc.  | 310207 | 1240828 |
| Boston Beer Co., Inc., Class A \* | 7882 | 1631495 |
| Calavo Growers, Inc.  | 27491 | 610575 |
| Cal-Maine Foods, Inc.  | 31044 | 2725663 |
| Coca-Cola Consolidated, Inc.  | 21574 | 2812818 |
| Fresh Del Monte Produce, Inc.  | 106396 | 3761099 |
| Hain Celestial Group, Inc. \* | 602599 | 699015 |
| J&J Snack Foods Corp.  | 9054 | 766421 |
| John B Sanfilippo & Son, Inc.  | 14736 | 925126 |
| Marzetti Co.  | 10978 | 1721241 |
| MGP Ingredients, Inc.  | 15137 | 366315 |
| Nomad Foods Ltd.  | 189995 | 2146944 |
| Pilgrim's Pride Corp.  | 33700 | 1283970 |
| Seaboard Corp.  | 875 | 2948733 |
| Seneca Foods Corp., Class A \* | 7619 | 821595 |
| Simply Good Foods Co. \* | 37871 | 741135 |
| TreeHouse Foods, Inc. \* | 110331 | 2008024 |
| Universal Corp.  | 50743 | 2571655 |
|  |  | **29782652** |
| **Health Care Equipment & Services 4.3%** | **Health Care Equipment & Services 4.3%** | **Health Care Equipment & Services 4.3%** |
| Acadia Healthcare Co., Inc. \* | 119197 | 2562735 |
| AdaptHealth Corp., Class A \* | 151417 | 1361239 |
| Addus HomeCare Corp. \* | 8777 | 1025944 |
| agilon health, Inc. \* | 637918 | 508102 |
| AMN Healthcare Services, Inc. \* | 40643 | 800261 |
| Astrana Health, Inc. \* | 27184 | 848413 |
| Avanos Medical, Inc. \* | 58779 | 653035 |
| BrightSpring Health Services, Inc. \* | 24016 | 793729 |
| Brookdale Senior Living, Inc. \* | 224767 | 2083590 |
| Chemed Corp.  | 7606 | 3280468 |
| Claritev Corp. \* | 26063 | 1696701 |
| Clover Health Investments Corp., <br> Class A \*<br>| 149578 | 528010 |
| Concentra Group Holdings Parent, Inc.  | 132268 | 2634779 |
| CONMED Corp.  | 20052 | 882288 |
| Cross Country Healthcare, Inc. \* | 82487 | 1011291 |
| Dexcom, Inc. \* | 43902 | 2555974 |
| Embecta Corp.  | 87916 | 1172799 |
| Enhabit, Inc. \* | 86180 | 700643 |
| Enovis Corp. \* | 65970 | 2060903 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**19**

------

Schwab Fundamental U.S. Small Company Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Ensign Group, Inc.  | 16542 | 2979214 |
| Envista Holdings Corp. \* | 181217 | 3687766 |
| Evolent Health, Inc., Class A \* | 63431 | 423085 |
| Fulgent Genetics, Inc. \* | 30763 | 690629 |
| Globus Medical, Inc., Class A \* | 26955 | 1627812 |
| Haemonetics Corp. \* | 25583 | 1279406 |
| HealthEquity, Inc. \* | 12613 | 1192938 |
| ICU Medical, Inc. \* | 12366 | 1485033 |
| Insulet Corp. \* | 2947 | 922440 |
| Integer Holdings Corp. \* | 13317 | 859879 |
| Integra LifeSciences Holdings Corp. \* | 126531 | 1519637 |
| Lantheus Holdings, Inc. \* | 9386 | 541478 |
| LivaNova PLC \* | 21220 | 1116809 |
| Masimo Corp. \* | 14510 | 2040831 |
| Merit Medical Systems, Inc. \* | 14454 | 1265303 |
| National HealthCare Corp.  | 11512 | 1374993 |
| Neogen Corp. \* | 127361 | 785817 |
| OmniAb, Inc., Class A *\*(c)* | 2660 | 0 |
| OmniAb, Inc., Class B *\*(c)* | 2660 | 0 |
| Omnicell, Inc. \* | 32800 | 1101096 |
| Option Care Health, Inc. \* | 102101 | 2657689 |
| Owens & Minor, Inc. \* | 439561 | 1745057 |
| Pediatrix Medical Group, Inc. \* | 97914 | 1661601 |
| Penumbra, Inc. \* | 3389 | 770557 |
| Premier, Inc., Class A  | 173441 | 4877161 |
| Privia Health Group, Inc. \* | 34555 | 839687 |
| QuidelOrtho Corp. \* | 20137 | 543498 |
| RadNet, Inc. \* | 10082 | 766131 |
| Select Medical Holdings Corp.  | 106357 | 1470917 |
| Surgery Partners, Inc. \* | 48186 | 1056719 |
| Teladoc Health, Inc. \* | 154212 | 1330850 |
| Varex Imaging Corp. \* | 62139 | 726405 |
| Veeva Systems, Inc., Class A \* | 12286 | 3577683 |
| Waystar Holding Corp. \* | 11732 | 420592 |
|  |  | **74499617** |
| **Household & Personal Products 1.2%** | **Household & Personal Products 1.2%** | **Household & Personal Products 1.2%** |
| BellRing Brands, Inc. \* | 12718 | 383193 |
| Central Garden & Pet Co. \* | 9396 | 288175 |
| Central Garden & Pet Co., Class A \* | 70206 | 1952429 |
| Coty, Inc., Class A \* | 360584 | 1431518 |
| Edgewell Personal Care Co.  | 85644 | 1660637 |
| elf Beauty, Inc. \* | 6292 | 768505 |
| Energizer Holdings, Inc.  | 78736 | 1829037 |
| Herbalife Ltd. \* | 338722 | 2709776 |
| Interparfums, Inc.  | 6184 | 551304 |
| Medifast, Inc. *\*(a)* | 82749 | 994643 |
| Nu Skin Enterprises, Inc., Class A  | 285557 | 3061171 |
| Reynolds Consumer Products, Inc.  | 49649 | 1213422 |
| Spectrum Brands Holdings, Inc.  | 56287 | 3032744 |
| USANA Health Sciences, Inc. \* | 28522 | 603240 |
| WD-40 Co.  | 3792 | 736710 |
|  |  | **21216504** |
| **Insurance 1.5%** | **Insurance 1.5%** | **Insurance 1.5%** |
| AMERISAFE, Inc.  | 13914 | 557673 |
| Brighthouse Financial, Inc. \* | 20490 | 1169364 |
| CNA Financial Corp.  | 18652 | 830947 |
| Employers Holdings, Inc.  | 28195 | 1075075 |
| Erie Indemnity Co., Class A  | 6249 | 1828707 |
| Hanover Insurance Group, Inc.  | 16522 | 2823279 |
| Horace Mann Educators Corp.  | 25374 | 1134472 |
| Kemper Corp.  | 53137 | 2390634 |
| Kinsale Capital Group, Inc.  | 1889 | 754599 |
| Mercury General Corp.  | 19741 | 1525979 |
| ProAssurance Corp. \* | 23814 | 570345 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| RLI Corp.  | 31977 | 1885364 |
| Safety Insurance Group, Inc.  | 15157 | 1041741 |
| Selective Insurance Group, Inc.  | 32780 | 2469645 |
| Stewart Information Services Corp.  | 41295 | 2819210 |
| White Mountains Insurance Group Ltd.  | 1436 | 2734948 |
|  |  | **25611982** |
| **Materials 5.1%** | **Materials 5.1%** | **Materials 5.1%** |
| AdvanSix, Inc.  | 50566 | 940022 |
| Alpha Metallurgical Resources, Inc. \* | 4256 | 737395 |
| Ardagh Metal Packaging SA  | 141245 | 504245 |
| Ashland, Inc.  | 13423 | 656385 |
| Avient Corp.  | 82773 | 2654530 |
| Balchem Corp.  | 8717 | 1337101 |
| Cabot Corp.  | 42382 | 2859937 |
| Clearwater Paper Corp. \* | 47133 | 831897 |
| Coeur Mining, Inc. \* | 116685 | 2003482 |
| Compass Minerals International, Inc. \* | 63680 | 1104211 |
| Ecovyst, Inc. \* | 210832 | 1726714 |
| Element Solutions, Inc.  | 131381 | 3510500 |
| Ferroglobe PLC  | 158240 | 767464 |
| Greif, Inc., Class A  | 51296 | 2918229 |
| Hawkins, Inc.  | 7168 | 1016781 |
| HB Fuller Co.  | 52724 | 3024776 |
| Hecla Mining Co.  | 224189 | 2885312 |
| Ingevity Corp. \* | 49583 | 2663599 |
| Innospec, Inc.  | 22431 | 1650473 |
| Kaiser Aluminum Corp.  | 23455 | 2123381 |
| Knife River Corp. \* | 27280 | 1649349 |
| Koppers Holdings, Inc.  | 42751 | 1206433 |
| LSB Industries, Inc. \* | 68322 | 575955 |
| Magnera Corp. \* | 31070 | 282426 |
| Materion Corp.  | 14843 | 1701453 |
| Mativ Holdings, Inc.  | 153185 | 1636016 |
| Metallus, Inc. \* | 67805 | 1192690 |
| Minerals Technologies, Inc.  | 38394 | 2178860 |
| MP Materials Corp. \* | 11125 | 701876 |
| Myers Industries, Inc.  | 45304 | 785118 |
| NewMarket Corp.  | 4692 | 3602987 |
| Olympic Steel, Inc.  | 36898 | 1365226 |
| Orion SA  | 116088 | 615266 |
| Perimeter Solutions, Inc. \* | 1280 | 30093 |
| Quaker Chemical Corp.  | 11289 | 1567929 |
| Rayonier Advanced Materials, Inc. \* | 190183 | 1321772 |
| Royal Gold, Inc.  | 12546 | 2192915 |
| Ryerson Holding Corp.  | 144164 | 3180258 |
| Scotts Miracle-Gro Co.  | 38822 | 2077753 |
| Sensient Technologies Corp.  | 24881 | 2346030 |
| Silgan Holdings, Inc.  | 76428 | 2951649 |
| Southern Copper Corp.  | 36611 | 5081607 |
| Stepan Co.  | 41711 | 1808172 |
| SunCoke Energy, Inc.  | 152896 | 1224697 |
| Sylvamo Corp.  | 46443 | 1885586 |
| Tredegar Corp. \* | 61718 | 426471 |
| TriMas Corp.  | 40826 | 1450548 |
| Trinseo PLC *(b)* | 232858 | 339973 |
| Tronox Holdings PLC  | 587650 | 2056775 |
| Warrior Met Coal, Inc.  | 63129 | 4282671 |
| Worthington Steel, Inc.  | 61892 | 1979925 |
|  |  | **89614913** |
| **Media & Entertainment 3.5%** | **Media & Entertainment 3.5%** | **Media & Entertainment 3.5%** |
| Advantage Solutions, Inc. \* | 305195 | 390650 |
| AMC Entertainment Holdings, Inc., <br> Class A \*<br>| 46727 | 121023 |
| AMC Networks, Inc., Class A \* | 226422 | 1716279 |

---

*See financial notes*

**20**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Small Company Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Angi, Inc. \* | 14087 | 186934 |
| Cable One, Inc.  | 12728 | 1890744 |
| Cargurus, Inc. \* | 37782 | 1326904 |
| Cars.com, Inc. \* | 65699 | 705607 |
| Cinemark Holdings, Inc.  | 36935 | 997614 |
| Clear Channel Outdoor Holdings, Inc. \* | 469250 | 849342 |
| EchoStar Corp., Class A \* | 89976 | 6736503 |
| EW Scripps Co., Class A *\*(a)* | 544618 | 1323422 |
| Gannett Co., Inc. \* | 248682 | 1318015 |
| Gray Media, Inc.  | 540559 | 2470355 |
| IAC, Inc. \* | 54821 | 1766333 |
| iHeartMedia, Inc., Class A \* | 822778 | 2443651 |
| John Wiley & Sons, Inc., Class A  | 46892 | 1728908 |
| Liberty Broadband Corp., Class C \* | 21424 | 1153040 |
| Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 33153 | 3310327 |
| Lionsgate Studios Corp. \* | 50706 | 326040 |
| Live Nation Entertainment, Inc. \* | 6742 | 1008131 |
| Match Group, Inc.  | 106399 | 3440944 |
| New York Times Co., Class A  | 56353 | 3211557 |
| Pinterest, Inc., Class A \* | 65373 | 2163846 |
| Roku, Inc. \* | 21520 | 2283918 |
| Scholastic Corp.  | 68890 | 1975076 |
| Shutterstock, Inc.  | 34452 | 862333 |
| Sinclair, Inc.  | 204846 | 2798196 |
| Snap, Inc., Class A \* | 154116 | 1202105 |
| Thryv Holdings, Inc. \* | 65366 | 503972 |
| TKO Group Holdings, Inc.  | 6104 | 1149994 |
| Trade Desk, Inc., Class A \* | 18648 | 937621 |
| TripAdvisor, Inc. \* | 84249 | 1353039 |
| Warner Music Group Corp., Class A  | 30344 | 969794 |
| WideOpenWest, Inc. \* | 127124 | 652146 |
| Yelp, Inc., Class A \* | 72464 | 2389863 |
| Ziff Davis, Inc. \* | 67339 | 2282792 |
| ZoomInfo Technologies, Inc., Class A \* | 115040 | 1290749 |
|  |  | **61237767** |
| **Pharmaceuticals, Biotechnology & Life Sciences 3.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 3.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 3.0%** |
| Amneal Pharmaceuticals, Inc. \* | 63806 | 690381 |
| Azenta, Inc. \* | 25303 | 764151 |
| BioMarin Pharmaceutical, Inc. \* | 43098 | 2308760 |
| Bio-Rad Laboratories, Inc., Class A \* | 11952 | 3819262 |
| Bio-Techne Corp.  | 37387 | 2339305 |
| Bruker Corp.  | 58331 | 2271409 |
| Charles River Laboratories International, <br> Inc. \*<br>| 5791 | 1042785 |
| Collegium Pharmaceutical, Inc. \* | 14557 | 524052 |
| Corcept Therapeutics, Inc. \* | 16040 | 1178459 |
| Elanco Animal Health, Inc. \* | 84448 | 1870523 |
| Emergent BioSolutions, Inc. \* | 153620 | 1917178 |
| Exact Sciences Corp. \* | 22761 | 1472409 |
| Exelixis, Inc. \* | 74855 | 2894643 |
| Fortrea Holdings, Inc. \* | 290942 | 3043253 |
| Halozyme Therapeutics, Inc. \* | 22692 | 1479291 |
| Incyte Corp. \* | 54891 | 5131211 |
| Innoviva, Inc. \* | 40019 | 728346 |
| Ironwood Pharmaceuticals, Inc., <br> Class A \*<br>| 594623 | 1141676 |
| Jazz Pharmaceuticals PLC \* | 10133 | 1394706 |
| Medpace Holdings, Inc. \* | 3173 | 1855919 |
| Myriad Genetics, Inc. \* | 87904 | 706748 |
| Neurocrine Biosciences, Inc. \* | 17401 | 2491997 |
| Pacira BioSciences, Inc. \* | 22000 | 470360 |
| Prestige Consumer Healthcare, Inc. \* | 23438 | 1420343 |
| Repligen Corp. \* | 7729 | 1152085 |
| Royalty Pharma PLC, Class A  | 120762 | 4533405 |
| Sotera Health Co. \* | 41001 | 680617 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Supernus Pharmaceuticals, Inc. \* | 24453 | 1348094 |
| United Therapeutics Corp. \* | 2895 | 1289520 |
| Vir Biotechnology, Inc. \* | 26321 | 156873 |
|  |  | **52117761** |
| **Real Estate Management & Development 1.9%** | **Real Estate Management & Development 1.9%** | **Real Estate Management & Development 1.9%** |
| Anywhere Real Estate, Inc. \* | 612411 | 6154731 |
| Compass, Inc., Class A \* | 301468 | 2324318 |
| CoStar Group, Inc. \* | 46923 | 3228772 |
| Cushman & Wakefield PLC \* | 69719 | 1094588 |
| eXp World Holdings, Inc.  | 199012 | 2037883 |
| Howard Hughes Holdings, Inc. \* | 3452 | 273675 |
| Kennedy-Wilson Holdings, Inc.  | 148673 | 1123968 |
| Marcus & Millichap, Inc.  | 26878 | 785106 |
| Newmark Group, Inc., Class A  | 94744 | 1689285 |
| Opendoor Technologies, Inc. \* | 1378948 | 10714426 |
| Zillow Group, Inc., Class C \* | 41127 | 3083702 |
|  |  | **32510454** |
| **Semiconductors & Semiconductor Equipment 3.2%** | **Semiconductors & Semiconductor Equipment 3.2%** | **Semiconductors & Semiconductor Equipment 3.2%** |
| Allegro MicroSystems, Inc. \* | 26973 | 807032 |
| Alpha & Omega Semiconductor Ltd. \* | 17934 | 503228 |
| Amkor Technology, Inc.  | 167930 | 5420780 |
| Axcelis Technologies, Inc. \* | 17904 | 1424442 |
| Cirrus Logic, Inc. \* | 33951 | 4503600 |
| Cohu, Inc. \* | 52879 | 1257991 |
| Diodes, Inc. \* | 55279 | 2949687 |
| Enphase Energy, Inc. \* | 45461 | 1387015 |
| Entegris, Inc.  | 40558 | 3713896 |
| First Solar, Inc. \* | 6272 | 1674248 |
| FormFactor, Inc. \* | 36660 | 2014467 |
| GLOBALFOUNDRIES, Inc. \* | 49666 | 1768110 |
| Ichor Holdings Ltd. \* | 42206 | 957232 |
| Lattice Semiconductor Corp. \* | 21620 | 1577395 |
| MACOM Technology Solutions Holdings, <br> Inc. \*<br>| 4638 | 687027 |
| MaxLinear, Inc. \* | 60786 | 920908 |
| MKS, Inc.  | 29519 | 4242175 |
| Monolithic Power Systems, Inc.  | 4097 | 4117485 |
| Onto Innovation, Inc. \* | 11687 | 1577278 |
| Penguin Solutions, Inc. \* | 42970 | 956942 |
| Photronics, Inc. \* | 63520 | 1518128 |
| Power Integrations, Inc.  | 31928 | 1337464 |
| Rambus, Inc. \* | 16183 | 1664260 |
| Semtech Corp. \* | 19144 | 1299112 |
| Silicon Laboratories, Inc. \* | 22526 | 2952708 |
| Synaptics, Inc. \* | 25904 | 1837630 |
| Ultra Clean Holdings, Inc. \* | 57109 | 1565358 |
| Universal Display Corp.  | 9909 | 1459398 |
|  |  | **56094996** |
| **Software & Services 3.6%** | **Software & Services 3.6%** | **Software & Services 3.6%** |
| ACI Worldwide, Inc. \* | 42053 | 2002984 |
| Alarm.com Holdings, Inc. \* | 13541 | 666488 |
| AppLovin Corp., Class A \* | 4543 | 2895390 |
| Bentley Systems, Inc., Class B  | 7487 | 380564 |
| Blackbaud, Inc. \* | 14415 | 923137 |
| CCC Intelligent Solutions Holdings, Inc. \* | 74877 | 652927 |
| Commvault Systems, Inc. \* | 8168 | 1137149 |
| Consensus Cloud Solutions, Inc. \* | 19125 | 560745 |
| Crowdstrike Holdings, Inc., Class A \* | 1498 | 813429 |
| Datadog, Inc., Class A \* | 4007 | 652380 |
| DigitalOcean Holdings, Inc. \* | 14422 | 586399 |
| Docusign, Inc., Class A \* | 6887 | 503715 |
| Dolby Laboratories, Inc., Class A  | 35646 | 2364043 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**21**

------

Schwab Fundamental U.S. Small Company Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Dropbox, Inc., Class A \* | 116893 | 3389897 |
| Dynatrace, Inc. \* | 19483 | 985255 |
| Fair Isaac Corp. \* | 1930 | 3202893 |
| Globant SA \* | 12290 | 756818 |
| Guidewire Software, Inc. \* | 6031 | 1409083 |
| HubSpot, Inc. \* | 877 | 431414 |
| InterDigital, Inc.  | 6562 | 2375182 |
| LiveRamp Holdings, Inc. \* | 49607 | 1356255 |
| Manhattan Associates, Inc. \* | 7665 | 1395567 |
| NCR Voyix Corp. \* | 195384 | 2229331 |
| Okta, Inc. \* | 13409 | 1227326 |
| Palantir Technologies, Inc., Class A \* | 13171 | 2640390 |
| Progress Software Corp. \* | 18817 | 802357 |
| PTC, Inc. \* | 13399 | 2660237 |
| Qualys, Inc. \* | 9889 | 1218918 |
| RingCentral, Inc., Class A \* | 10663 | 321170 |
| ServiceNow, Inc. \* | 1269 | 1166566 |
| Snowflake, Inc., Class A \* | 6246 | 1716901 |
| SPS Commerce, Inc. \* | 5298 | 435708 |
| Teradata Corp. \* | 108854 | 2269606 |
| Twilio, Inc., Class A \* | 26432 | 3565148 |
| Tyler Technologies, Inc. \* | 3659 | 1742635 |
| Unisys Corp. \* | 119060 | 425044 |
| Unity Software, Inc. \* | 56110 | 2126569 |
| Verint Systems, Inc. \* | 38581 | 782423 |
| VeriSign, Inc.  | 16464 | 3948067 |
| Workday, Inc., Class A \* | 12459 | 2989163 |
| Zoom Communications, Inc. \* | 12113 | 1056617 |
|  |  | **62765890** |
| **Technology Hardware & Equipment 5.3%** | **Technology Hardware & Equipment 5.3%** | **Technology Hardware & Equipment 5.3%** |
| Advanced Energy Industries, Inc.  | 15858 | 3214892 |
| Badger Meter, Inc.  | 4714 | 850641 |
| Belden, Inc.  | 20448 | 2491589 |
| Benchmark Electronics, Inc.  | 55745 | 2442746 |
| Calix, Inc. \* | 21173 | 1448657 |
| Cognex Corp.  | 77935 | 3225730 |
| Coherent Corp. \* | 27868 | 3677461 |
| CommScope Holding Co., Inc. \* | 378916 | 6555247 |
| Crane NXT Co.  | 23178 | 1466009 |
| CTS Corp.  | 20490 | 850540 |
| ePlus, Inc.  | 25264 | 1848314 |
| Ingram Micro Holding Corp.  | 47934 | 1100565 |
| IPG Photonics Corp. \* | 32121 | 2734140 |
| Itron, Inc. \* | 18502 | 1856306 |
| Kimball Electronics, Inc. \* | 41999 | 1221121 |
| Knowles Corp. \* | 72956 | 1722491 |
| Littelfuse, Inc.  | 14527 | 3534564 |
| Lumentum Holdings, Inc. \* | 35444 | 7144093 |
| Methode Electronics, Inc.  | 128250 | 863123 |
| NETGEAR, Inc. \* | 27922 | 969452 |
| NetScout Systems, Inc. \* | 76890 | 2137542 |
| Novanta, Inc. \* | 6935 | 880814 |
| OSI Systems, Inc. \* | 7564 | 2106271 |
| PC Connection, Inc.  | 21527 | 1312501 |
| Plexus Corp. \* | 20847 | 2916495 |
| Pure Storage, Inc., Class A \* | 22699 | 2240391 |
| Rogers Corp. \* | 18004 | 1576070 |
| ScanSource, Inc. \* | 40261 | 1727398 |
| Super Micro Computer, Inc. \* | 98433 | 5114579 |
| TTM Technologies, Inc. \* | 87855 | 5903856 |
| Viasat, Inc. \* | 261392 | 10408629 |
| Viavi Solutions, Inc. \* | 164212 | 2906552 |
| Vishay Intertechnology, Inc.  | 70951 | 1204748 |
| Vontier Corp.  | 82983 | 3194846 |
|  |  | **92848373** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Telecommunication Services 0.5%** | **Telecommunication Services 0.5%** | **Telecommunication Services 0.5%** |
| Array Digital Infrastructure, Inc.  | 12985 | 637823 |
| Cogent Communications Holdings, Inc.  | 23870 | 984638 |
| GCI Liberty, Inc. *\*(c)* | 14650 | 0 |
| GCI Liberty, Inc., Class C \* | 2949 | 108007 |
| IDT Corp., Class B  | 9704 | 491605 |
| IHS Holding Ltd. \* | 170954 | 1171035 |
| Iridium Communications, Inc.  | 65287 | 1250246 |
| Liberty Latin America Ltd., Class C \* | 152108 | 1203174 |
| Shenandoah Telecommunications Co.  | 47369 | 583586 |
| Uniti Group, Inc.  | 311109 | 1791988 |
|  |  | **8222102** |
| **Transportation 2.3%** | **Transportation 2.3%** | **Transportation 2.3%** |
| Allegiant Travel Co. \* | 23735 | 1475842 |
| American Airlines Group, Inc. \* | 195404 | 2565655 |
| ArcBest Corp.  | 43547 | 3236413 |
| Covenant Logistics Group, Inc., Class A  | 19973 | 402855 |
| Forward Air Corp. \* | 50502 | 949943 |
| Genco Shipping & Trading Ltd.  | 56333 | 959914 |
| Global Ship Lease, Inc., Class A  | 31395 | 989884 |
| Heartland Express, Inc.  | 82214 | 641269 |
| JetBlue Airways Corp. \* | 528549 | 2219906 |
| Kirby Corp. \* | 29772 | 3080807 |
| Lyft, Inc., Class A \* | 11706 | 239505 |
| Marten Transport Ltd.  | 96358 | 987669 |
| RXO, Inc. \* | 130697 | 2317258 |
| Saia, Inc. \* | 10463 | 3060427 |
| Schneider National, Inc., Class B  | 65998 | 1410377 |
| SkyWest, Inc. \* | 31621 | 3177278 |
| Southwest Airlines Co.  | 70320 | 2130696 |
| Sun Country Airlines Holdings, Inc. \* | 37792 | 464086 |
| United Airlines Holdings, Inc. \* | 39096 | 3676588 |
| Werner Enterprises, Inc.  | 99334 | 2602551 |
| XPO, Inc. \* | 27900 | 4013973 |
|  |  | **40602896** |
| **Utilities 3.3%** | **Utilities 3.3%** | **Utilities 3.3%** |
| ALLETE, Inc.  | 43935 | 2958144 |
| American States Water Co.  | 14148 | 1008894 |
| Avista Corp.  | 75254 | 2863415 |
| Black Hills Corp.  | 65210 | 4136270 |
| California Water Service Group  | 28316 | 1256664 |
| Chesapeake Utilities Corp.  | 8792 | 1119046 |
| Clearway Energy, Inc., Class C  | 63035 | 2012708 |
| Essential Utilities, Inc.  | 31582 | 1232645 |
| H2O America  | 19318 | 893458 |
| Hawaiian Electric Industries, Inc. \* | 328354 | 3815473 |
| IDACORP, Inc.  | 27560 | 3555791 |
| MDU Resources Group, Inc.  | 101713 | 1950855 |
| MGE Energy, Inc.  | 14799 | 1226393 |
| New Jersey Resources Corp.  | 64315 | 2849154 |
| Northwest Natural Holding Co.  | 37562 | 1710198 |
| Northwestern Energy Group, Inc.  | 53355 | 3183693 |
| ONE Gas, Inc.  | 45089 | 3615687 |
| Ormat Technologies, Inc.  | 22036 | 2343969 |
| Otter Tail Corp.  | 26870 | 2074901 |
| Southwest Gas Holdings, Inc.  | 54528 | 4334976 |
| Spire, Inc.  | 46632 | 4029005 |
| Talen Energy Corp. \* | 5136 | 2053270 |
| TXNM Energy, Inc.  | 64849 | 3683423 |

---

*See financial notes*

**22**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Small Company Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Unitil Corp.  | 9890 | 482138 |
|  |  | **58390170** |
| **Total Common Stocks** <br>**(Cost $1,288,390,384)** | **Total Common Stocks** <br>**(Cost $1,288,390,384)** | **1741692297** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.5% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.5% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.5% OF NET ASSETS  |
| **Money Market Funds 0.5%** | **Money Market Funds 0.5%** | **Money Market Funds 0.5%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(d)*<br>| 2414661 | 2414661 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(d)(e)*<br>| 5170471 | 5170471 |
|  |  | **7585132** |
| **Total Short-Term Investments** <br>**(Cost $7,585,132)** | **Total Short-Term Investments** <br>**(Cost $7,585,132)** | **7585132** |
| **Total Investments in Securities** <br>**(Cost $1,295,975,516)** | **Total Investments in Securities** <br>**(Cost $1,295,975,516)** | **1749277429** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| Russell 2000 Index, e-mini, <br> expires 12/19/25<br>| 43 | 5353285 | **7111** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* Issuer is an affiliated company, as the investment adviser owns at least 5% of the voting securities of such company. 

*(b)* All or a portion of this security is on loan. Securities on loan were valued at $4,741,545. 

*(c)* Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). 

*(d)* The rate shown is the annualized 7-day yield.

*(e)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers and companies which are or were affiliates during the period ended October 31, 2025. An affiliated company is a company in which the investment adviser has or had an ownership of at least 5% of the voting securities of a security issue during the report period. A dash in the Value at October 31, 2024, and/or Value and Balance of Shares Held at October 31, 2025, columns means either the issuer was not held or not held as an affiliate on the stated date.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS |
| **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** |
| TrueBlue, Inc. | $— | $1187916 | ($289809)<br>| ($182861)<br>| ($182493)<br>| $994556 | 209822 | $— |
| **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** |
| Cracker Barrel Old Country Store, Inc. |  | 1210030 | (1156492)<br>| (1642637)<br>| 837451 |  |  | 66762 |
| **Equity Real Estate Investment Trusts (REITs) 0.1%** | **Equity Real Estate Investment Trusts (REITs) 0.1%** | **Equity Real Estate Investment Trusts (REITs) 0.1%** | **Equity Real Estate Investment Trusts (REITs) 0.1%** | **Equity Real Estate Investment Trusts (REITs) 0.1%** | **Equity Real Estate Investment Trusts (REITs) 0.1%** | **Equity Real Estate Investment Trusts (REITs) 0.1%** | **Equity Real Estate Investment Trusts (REITs) 0.1%** | **Equity Real Estate Investment Trusts (REITs) 0.1%** |
| Diversified Healthcare Trust | 2705178 | 1217993 | (1502122)<br>| 446876 | (1016180)<br>|  |  | 12934 |
| Service Properties Trust |  | 1218398 | (379539)<br>| (208091)<br>| (422902)<br>| 2191677 | 1024148 | 37795 |
|  |  |  |  |  |  | **2191677** |  |  |
| **Household & Personal Products 0.1%** | **Household & Personal Products 0.1%** | **Household & Personal Products 0.1%** | **Household & Personal Products 0.1%** | **Household & Personal Products 0.1%** | **Household & Personal Products 0.1%** | **Household & Personal Products 0.1%** | **Household & Personal Products 0.1%** | **Household & Personal Products 0.1%** |
| Medifast, Inc. |  | 1139675 | (110849)<br>| (268676)<br>| 56042 | 994643 | 82749 |  |
| **Media & Entertainment 0.1%** | **Media & Entertainment 0.1%** | **Media & Entertainment 0.1%** | **Media & Entertainment 0.1%** | **Media & Entertainment 0.1%** | **Media & Entertainment 0.1%** | **Media & Entertainment 0.1%** | **Media & Entertainment 0.1%** | **Media & Entertainment 0.1%** |
| EW Scripps Co. |  | 1630084 | (135058)<br>| (162623)<br>| (262065)<br>| 1323422 | 544618 |  |
| **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** |
| Emergent BioSolutions, Inc. | 2807241 | 877040 | (1997097)<br>| 1238931 | (1008937)<br>|  |  |  |
| **Total** | **$5512419** | **$8481136** | **($5570966)**<br>| **($779081)**<br>| **($1999084)**<br>| **$5504298** |  | **$117491** |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**23**

------

Schwab Fundamental U.S. Small Company Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $1658970578 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1658970578 |
| Health Care Equipment & Services | 74499617 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 74499617 |
| Telecommunication Services | 8222102 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 8222102 |
| Short-Term Investments<sup>1</sup> <br>| 7585132 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7585132 |
| Futures Contracts<sup>2</sup> <br>| 7111 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7111 |
| **Total** | **$1749284540** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$1749284540** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Level 3 amount shown includes securities determined to have no value at October 31, 2025.

<sup>1</sup> As categorized in the Portfolio Holdings. 

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

**24**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Small Company Index Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $8,895,534)  |  | $5504298 |
| Investments in securities, at value - unaffiliated issuers (cost $1,287,079,982) including securities on loan of $4,741,545 |  | 1743773131 |
| Cash |  | 340339 |
| Deposit with broker for futures contracts |  | 248859 |
| Receivables: |  |  |
| Fund shares sold |  | 2808847 |
| Dividends |  | 574690 |
| Income from securities on loan |  | 24381 |
| Variation margin on future contracts | + | 19380 |
| **Total assets** |  | **1753293925** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 5170471 |
| Payables: |  |  |
| Fund shares redeemed |  | 1126252 |
| Investment adviser fees | + | 398240 |
| **Total liabilities** |  | **6694963** |
| **Net assets** |  | **$1746598962** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $1425828752 |
| Total distributable earnings | + | 320770210 |
| **Net assets** |  | **$1746598962** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $1746598962 |  | &nbsp;&nbsp;&nbsp;&nbsp; 94427901 |  | &nbsp;&nbsp;&nbsp;&nbsp; $18.50 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**25**

------

Schwab Fundamental U.S. Small Company Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $5,253) |  | $27141640 |
| Dividends received from securities - affiliated issuers |  | 117491 |
| Other Interest |  | 21333 |
| Securities on loan, net | + | 263605 |
| **Total investment income**  |  | **27544069** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 4371488 |
| **Total expenses** | – | **4371488** |
| **Net investment income** |  | **23172581** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers  |  | (2641305)<br>|
| Net realized gains on sales of securities - unaffiliated issuers  |  | 3589223 |
| Net realized gains on sales of in-kind redemptions - affiliated issuers |  | 1862224 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 135851399 |
| Net realized gains on futures contracts | + | 405927 |
| **Net realized gains** |  | **139067468** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (1999084)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | (53344037)<br>|
| Net change in unrealized appreciation (depreciation) on futures contracts |  | 45970 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 11 |
| **Net change in unrealized appreciation (depreciation)** |  | **(55297140)**<br>|
| **Net realized and unrealized gains** |  | **83770328** |
| **Increase in net assets resulting from operations** |  | **$106942909** |

---

*See financial notes*

**26**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental U.S. Small Company Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $23172581 | &nbsp;&nbsp;&nbsp; $27451939 |
| Net realized gains |  | 139067468 | &nbsp;&nbsp;&nbsp; 82788184 |
| Net change in unrealized appreciation (depreciation) | + | (55297140)<br>| &nbsp;&nbsp;&nbsp; 353444664 |
| **Increase in net assets resulting from operations** |  | **$106942909** | &nbsp;&nbsp;&nbsp; **$463684787** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($29592585)**<br>| &nbsp;&nbsp;&nbsp; **($25436316)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 30039325 | &nbsp;&nbsp;&nbsp; $525811632 | &nbsp;&nbsp;&nbsp; 41441738 | &nbsp;&nbsp;&nbsp; $684183548 |
| Shares reinvested |  | 1105993 | &nbsp;&nbsp;&nbsp; 20648891 | &nbsp;&nbsp;&nbsp; 1165225 | &nbsp;&nbsp;&nbsp; 17979415 |
| Shares redeemed | + | (35275321)<br>| &nbsp;&nbsp;&nbsp; (623061787)<br>| &nbsp;&nbsp;&nbsp; (54430530)<br>| &nbsp;&nbsp;&nbsp; (918346336)<br>|
| **Net transactions in fund shares**  |  | **(4130003)**<br>| &nbsp;&nbsp;&nbsp; **($76601264)**<br>| &nbsp;&nbsp;&nbsp; **(11823567)**<br>| &nbsp;&nbsp;&nbsp; **($216183373)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 98557904 | &nbsp;&nbsp;&nbsp; $1745849902 | &nbsp;&nbsp;&nbsp; 110381471 | &nbsp;&nbsp;&nbsp; $1523784804 |
| Total increase (decrease) | + | (4130003)<br>| &nbsp;&nbsp;&nbsp; 749060 | &nbsp;&nbsp;&nbsp; (11823567)<br>| &nbsp;&nbsp;&nbsp; 222065098 |
| **End of period** |  | **94427901** | &nbsp;&nbsp;&nbsp; **$1746598962** | &nbsp;&nbsp;&nbsp; **98557904** | &nbsp;&nbsp;&nbsp; **$1745849902** |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**27**

------

Schwab Fundamental International Equity Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $11.11 | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $8.41 | &nbsp;&nbsp; $10.56 | &nbsp;&nbsp; $7.51 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.39 | 0.35 | 0.33 | 0.34 | 0.31 |
| Net realized and unrealized gains (losses) | 2.67 | 1.51 | 1.11 | &nbsp;&nbsp; (2.10)<br>| 2.96 |
| Total from investment operations | 3.06 | 1.86 | 1.44 | &nbsp;&nbsp; (1.76)<br>| 3.27 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.22)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $13.80 | &nbsp;&nbsp; $11.11 | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $8.41 | &nbsp;&nbsp; $10.56 |
| Total return | 28.74<br> %<br>| 19.74<br> %<br>| 17.40<br> %<br>| &nbsp;&nbsp; (17.25<br> %)<br>| 44.03<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.25<br> %<br>| 0.25<br> %<br>| 0.25 %<sup>2</sup><br>| 0.25 %<sup>2</sup><br>| 0.25<br> %<br>|
| Net investment income (loss) | 3.25<br> %<br>| 3.24<br> %<br>| 3.40<br> %<br>| 3.56<br> %<br>| 3.10<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 21<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $3824 | &nbsp;&nbsp; $2929 | &nbsp;&nbsp; $2085 | &nbsp;&nbsp; $1565 | &nbsp;&nbsp; $1406 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**28**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Equity Index Fund

Portfolio Holdings as of October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 97.8% OF NET ASSETS | **COMMON STOCKS** 97.8% OF NET ASSETS | **COMMON STOCKS** 97.8% OF NET ASSETS |
| **Australia 4.5%** | **Australia 4.5%** | **Australia 4.5%** |
| AGL Energy Ltd.  | 255022 | 1544838 |
| Ampol Ltd.  | 113602 | 2282223 |
| ANZ Group Holdings Ltd.  | 405360 | 9709061 |
| APA Group  | 221695 | 1331485 |
| Aristocrat Leisure Ltd.  | 31147 | 1288711 |
| Aurizon Holdings Ltd.  | 618890 | 1388475 |
| BHP Group Ltd.  | 1200870 | 34234637 |
| BlueScope Steel Ltd.  | 198606 | 2971373 |
| Brambles Ltd.  | 147476 | 2396421 |
| Coles Group Ltd.  | 233757 | 3371373 |
| Commonwealth Bank of Australia  | 108201 | 12140692 |
| Computershare Ltd.  | 32996 | 788260 |
| CSL Ltd.  | 25739 | 2999528 |
| Downer EDI Ltd.  | 288487 | 1457154 |
| Dyno Nobel Ltd.  | 496256 | 1044308 |
| Endeavour Group Ltd.  | 420145 | 1005177 |
| Fortescue Ltd.  | 497115 | 6913492 |
| Goodman Group  | 36729 | 792177 |
| Insurance Australia Group Ltd.  | 228931 | 1176897 |
| JB Hi-Fi Ltd.  | 18683 | 1278036 |
| Lendlease Corp. Ltd.  | 270991 | 982716 |
| Macquarie Group Ltd.  | 27161 | 3874097 |
| Medibank Pvt Ltd.  | 437396 | 1395945 |
| Metcash Ltd.  | 460205 | 1146335 |
| Mineral Resources Ltd. \* | 42205 | 1332939 |
| Mirvac Group  | 142525 | 214561 |
| National Australia Bank Ltd.  | 303565 | 8654655 |
| Northern Star Resources Ltd.  | 78054 | 1258608 |
| Orica Ltd.  | 81683 | 1187699 |
| Origin Energy Ltd.  | 240911 | 1930617 |
| QBE Insurance Group Ltd.  | 150114 | 1947665 |
| Ramsay Health Care Ltd.  | 46195 | 969172 |
| Rio Tinto Ltd.  | 114401 | 9933010 |
| Santos Ltd.  | 642178 | 2652282 |
| Scentre Group  | 462582 | 1232242 |
| Sims Ltd.  | 21705 | 226424 |
| Sonic Healthcare Ltd.  | 105887 | 1465539 |
| South32 Ltd.  | 1252051 | 2589350 |
| Stockland  | 308513 | 1275510 |
| Suncorp Group Ltd.  | 139288 | 1788027 |
| Telstra Group Ltd.  | 801909 | 2561967 |
| Transurban Group  | 202280 | 1913911 |
| Treasury Wine Estates Ltd.  | 25097 | 98302 |
| Viva Energy Group Ltd.  | 587935 | 705719 |
| Wesfarmers Ltd.  | 108502 | 5955236 |
| Westpac Banking Corp.  | 385799 | 9762437 |
| Whitehaven Coal Ltd.  | 349056 | 1640598 |
| Woodside Energy Group Ltd.  | 388938 | 6302914 |
| Woolworths Group Ltd.  | 218240 | 4054680 |
| Worley Ltd.  | 151783 | 1417500 |
|  |  | **170584975** |
| **Austria 0.4%** | **Austria 0.4%** | **Austria 0.4%** |
| ams-OSRAM AG \* | 98376 | 1361276 |
| BAWAG Group AG \* | 10119 | 1307691 |
| Erste Group Bank AG  | 37463 | 3880750 |
| OMV AG  | 88524 | 4846346 |
| Raiffeisen Bank International AG  | 48810 | 1819645 |
| voestalpine AG  | 77564 | 2761744 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Wienerberger AG  | 30550 | 906866 |
|  |  | **16884318** |
| **Belgium 0.6%** | **Belgium 0.6%** | **Belgium 0.6%** |
| Ageas SA  | 29270 | 1937076 |
| Anheuser-Busch InBev SA  | 152883 | 9322377 |
| KBC Group NV  | 32295 | 3885392 |
| Proximus SADP  | 134273 | 1153374 |
| Syensqo SA  | 18092 | 1493428 |
| UCB SA  | 6699 | 1722594 |
| Umicore SA  | 218511 | 4161010 |
|  |  | **23675251** |
| **Canada 8.0%** | **Canada 8.0%** | **Canada 8.0%** |
| Agnico Eagle Mines Ltd.  | 18332 | 2948439 |
| Algonquin Power & Utilities Corp.  | 182306 | 1017758 |
| Alimentation Couche-Tard, Inc.  | 167768 | 8526258 |
| AltaGas Ltd.  | 51673 | 1516793 |
| ARC Resources Ltd.  | 99560 | 1836382 |
| Atco Ltd., Class I  | 32421 | 1221668 |
| AtkinsRealis Group, Inc.  | 4164 | 293652 |
| B2Gold Corp.  | 315249 | 1380078 |
| Bank of Montreal  | 78289 | 9725352 |
| Bank of Nova Scotia  | 209635 | 13749473 |
| Barrick Mining Corp.  | 294474 | 9666381 |
| Bausch Health Cos., Inc. \* | 215361 | 1517070 |
| BCE, Inc.  | 161810 | 3698712 |
| Brookfield Corp.  | 178534 | 8221795 |
| Brookfield Infrastructure Corp., Class A  | 559 | 25328 |
| Canadian Imperial Bank of Commerce  | 108751 | 9010697 |
| Canadian National Railway Co.  | 62167 | 5961171 |
| Canadian Natural Resources Ltd.  | 420286 | 13445676 |
| Canadian Pacific Kansas City Ltd.  | 51140 | 3680126 |
| Canadian Tire Corp. Ltd., Class A *(a)* | 19716 | 2261109 |
| Capital Power Corp.  | 15489 | 784085 |
| CCL Industries, Inc., Class B  | 18987 | 1059173 |
| Cenovus Energy, Inc.  | 485051 | 8196292 |
| CGI, Inc.  | 26159 | 2276545 |
| Constellation Software, Inc.  | 345 | 907934 |
| Dollarama, Inc.  | 9643 | 1253442 |
| Element Fleet Management Corp.  | 26417 | 712527 |
| Emera, Inc.  | 43358 | 2061325 |
| Empire Co. Ltd., Class A  | 52722 | 1791168 |
| Enbridge, Inc.  | 298627 | 13924784 |
| Fairfax Financial Holdings Ltd.  | 2398 | 3893239 |
| Finning International, Inc.  | 36256 | 1960727 |
| First Quantum Minerals Ltd. \* | 129796 | 2694848 |
| Fortis, Inc.  | 66674 | 3351408 |
| Franco-Nevada Corp.  | 5404 | 1009443 |
| George Weston Ltd.  | 39363 | 2393410 |
| Gildan Activewear, Inc.  | 21788 | 1270572 |
| Great-West Lifeco, Inc.  | 29389 | 1245923 |
| Hydro One Ltd.  | 33561 | 1237824 |
| iA Financial Corp., Inc.  | 11622 | 1371886 |
| Imperial Oil Ltd.  | 38857 | 3436748 |
| Intact Financial Corp.  | 13075 | 2438995 |
| Keyera Corp.  | 36689 | 1083235 |
| Kinross Gold Corp.  | 152849 | 3554907 |
| Linamar Corp.  | 20120 | 1089525 |
| Loblaw Cos. Ltd.  | 92020 | 3657050 |
| Lundin Mining Corp.  | 108528 | 1745672 |
| Magna International, Inc.  | 178886 | 8451026 |
| Manulife Financial Corp.  | 199697 | 6462691 |
| MEG Energy Corp.  | 66695 | 1411363 |
| Methanex Corp.  | 23938 | 942125 |
| Metro, Inc.  | 40770 | 2717612 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**29**

------

Schwab Fundamental International Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| National Bank of Canada  | 32240 | 3602016 |
| Northland Power, Inc.  | 12669 | 231511 |
| Nutrien Ltd.  | 190490 | 10375053 |
| Onex Corp.  | 5199 | 452232 |
| Open Text Corp.  | 42056 | 1613513 |
| Pembina Pipeline Corp.  | 83171 | 3146450 |
| Power Corp. of Canada  | 80495 | 3770647 |
| Quebecor, Inc., Class B  | 37090 | 1183135 |
| Restaurant Brands International, Inc.  | 27243 | 1789330 |
| Rogers Communications, Inc., Class B  | 103832 | 4063555 |
| Royal Bank of Canada  | 127157 | 18628176 |
| Saputo, Inc.  | 72516 | 1752214 |
| Shopify, Inc., Class A \* | 5160 | 897164 |
| Sun Life Financial, Inc.  | 59923 | 3644812 |
| Suncor Energy, Inc.  | 369849 | 14727508 |
| TC Energy Corp.  | 114523 | 5746767 |
| Teck Resources Ltd., Class B  | 111290 | 4774389 |
| TELUS Corp.  | 144110 | 2107373 |
| TFI International, Inc.  | 13161 | 1182712 |
| Thomson Reuters Corp.  | 7346 | 1125247 |
| Toromont Industries Ltd.  | 10200 | 1225484 |
| Toronto-Dominion Bank  | 222717 | 18286756 |
| Tourmaline Oil Corp.  | 49210 | 2164461 |
| Vermilion Energy, Inc.  | 102232 | 764617 |
| Waste Connections, Inc.  | 12419 | 2082776 |
| West Fraser Timber Co. Ltd.  | 34107 | 2081608 |
| Wheaton Precious Metals Corp.  | 10284 | 993168 |
| Whitecap Resources, Inc.  | 303481 | 2258987 |
| WSP Global, Inc.  | 8604 | 1644916 |
|  |  | **306407999** |
| **China 0.1%** | **China 0.1%** | **China 0.1%** |
| China Gas Holdings Ltd.  | 1217600 | 1252357 |
| GCL Technology Holdings Ltd. \* | 1102000 | 192640 |
| Kingboard Holdings Ltd.  | 373500 | 1338187 |
| SITC International Holdings Co. Ltd.  | 289000 | 1064427 |
|  |  | **3847611** |
| **Denmark 0.8%** | **Denmark 0.8%** | **Denmark 0.8%** |
| AP Moller - Maersk AS, Class A  | 1797 | 3703896 |
| AP Moller - Maersk AS, Class B  | 2839 | 5836778 |
| Carlsberg AS, Class B  | 16016 | 1883154 |
| Coloplast AS, Class B  | 8136 | 735856 |
| Danske Bank AS  | 59282 | 2649502 |
| DSV AS  | 18415 | 3929913 |
| Genmab AS \* | 3105 | 885632 |
| ISS AS  | 25269 | 796451 |
| Novo Nordisk AS, Class B  | 136030 | 6696984 |
| Novonesis Novozymes B, Class B  | 17552 | 1048901 |
| Orsted AS \* | 46761 | 837454 |
| Pandora AS  | 6952 | 930238 |
| Rockwool AS, B Shares  | 4041 | 138468 |
| Vestas Wind Systems AS  | 101790 | 2081819 |
|  |  | **32155046** |
| **Finland 1.1%** | **Finland 1.1%** | **Finland 1.1%** |
| Elisa OYJ  | 20483 | 902567 |
| Fortum OYJ  | 122269 | 2726589 |
| Kesko OYJ, B Shares  | 70719 | 1491790 |
| Kone OYJ, B Shares  | 35843 | 2394780 |
| Metso OYJ  | 53120 | 871114 |
| Neste OYJ  | 270243 | 5599615 |
| Nokia OYJ  | 1150296 | 7846510 |
| Nordea Bank Abp  | 521659 | 8923918 |
| Outokumpu OYJ  | 388476 | 1670879 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sampo OYJ, A Shares  | 325771 | 3631150 |
| Stora Enso OYJ, R Shares  | 217642 | 2534256 |
| UPM-Kymmene OYJ  | 131419 | 3526274 |
| Wartsila OYJ Abp  | 47295 | 1547355 |
|  |  | **43666797** |
| **France 7.9%** | **France 7.9%** | **France 7.9%** |
| Accor SA  | 16894 | 859446 |
| Air Liquide SA  | 49762 | 9630881 |
| Alstom SA \* | 73270 | 1832305 |
| Arkema SA  | 27651 | 1641437 |
| AXA SA  | 252426 | 10952362 |
| Ayvens SA  | 139780 | 1864846 |
| BNP Paribas SA  | 212174 | 16434564 |
| Bollore SE  | 140065 | 779935 |
| Bouygues SA  | 79030 | 3567265 |
| Bureau Veritas SA  | 30789 | 1011802 |
| Capgemini SE  | 26357 | 4054903 |
| Carrefour SA  | 448727 | 6758253 |
| Cie de Saint-Gobain SA  | 78104 | 7580931 |
| Cie Generale des Etablissements <br> Michelin SCA <br>| 201532 | 6438023 |
| Credit Agricole SA  | 154470 | 2788395 |
| Danone SA  | 92011 | 8126100 |
| Dassault Systemes SE  | 28846 | 820892 |
| Eiffage SA  | 31158 | 3833984 |
| Elis SA  | 32850 | 914844 |
| Emeis SA \* | 56443 | 931873 |
| Engie SA  | 441326 | 10332744 |
| EssilorLuxottica SA  | 19012 | 6962549 |
| Eurazeo SE  | 2598 | 177100 |
| Forvia SE \* | 215667 | 2761739 |
| Hermes International SCA  | 654 | 1618296 |
| Kering SA  | 18356 | 6518525 |
| Klepierre SA  | 5605 | 214204 |
| Legrand SA  | 22273 | 3846273 |
| L'Oreal SA  | 18431 | 7691465 |
| Louis Hachette Group  | 26691 | 45851 |
| LVMH Moet Hennessy Louis Vuitton SE  | 23276 | 16452003 |
| Orange SA  | 903922 | 14459466 |
| Pernod Ricard SA  | 30039 | 2942035 |
| Publicis Groupe SA  | 27576 | 2763918 |
| Renault SA  | 113694 | 4418056 |
| Rexel SA  | 100791 | 3494925 |
| Rubis SCA  | 36026 | 1308174 |
| Safran SA  | 14448 | 5133639 |
| Sanofi SA  | 177818 | 17988563 |
| Schneider Electric SE  | 38105 | 10857249 |
| SCOR SE  | 47692 | 1443721 |
| SEB SA  | 9251 | 511894 |
| Societe Generale SA  | 217786 | 13812120 |
| Sodexo SA  | 14827 | 820977 |
| Teleperformance SE  | 17692 | 1263360 |
| Thales SA  | 7157 | 2040839 |
| TotalEnergies SE  | 833192 | 52020360 |
| Unibail-Rodamco-Westfield \* | 14677 | 1517649 |
| Valeo SE  | 195990 | 2709610 |
| Veolia Environnement SA  | 149477 | 4939782 |
| Vinci SA  | 86058 | 11507353 |
| Vivendi SE \* | 29425 | 105988 |
| Worldline SA *\*(a)* | 119715 | 324561 |
|  |  | **303828029** |
| **Germany 7.4%** | **Germany 7.4%** | **Germany 7.4%** |
| adidas AG  | 19754 | 3735133 |
| Allianz SE  | 45313 | 18208648 |

---

*See financial notes*

**30**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Aumovio SE \* | 25260 | 1086025 |
| Aurubis AG  | 15630 | 2037945 |
| BASF SE  | 380094 | 18754530 |
| Bayer AG  | 545315 | 16961744 |
| Bayerische Motoren Werke AG  | 158349 | 14765227 |
| Beiersdorf AG  | 7762 | 822881 |
| BioNTech SE, ADR \* | 45472 | 4724996 |
| Brenntag SE  | 33748 | 1874321 |
| Commerzbank AG  | 83452 | 3042901 |
| Continental AG  | 47530 | 3631856 |
| Daimler Truck Holding AG  | 90576 | 3630527 |
| Deutsche Bank AG  | 220590 | 7897159 |
| Deutsche Boerse AG  | 7893 | 1998823 |
| Deutsche Lufthansa AG  | 299326 | 2624160 |
| Deutsche Post AG  | 312196 | 14344267 |
| Deutsche Telekom AG  | 705790 | 21861966 |
| E.ON SE  | 456925 | 8501718 |
| Evonik Industries AG  | 101164 | 1695310 |
| Freenet AG  | 25746 | 800645 |
| Fresenius Medical Care AG  | 73670 | 3955139 |
| Fresenius SE & Co. KGaA  | 137068 | 7887298 |
| FUCHS SE  | 5781 | 205064 |
| GEA Group AG  | 17044 | 1219117 |
| Hannover Rueck SE  | 4609 | 1315770 |
| Hapag-Lloyd AG *(a)* | 11624 | 1671313 |
| Heidelberg Materials AG  | 23223 | 5448197 |
| Henkel AG & Co. KGaA  | 13317 | 994427 |
| Infineon Technologies AG  | 110064 | 4368759 |
| K&S AG  | 92627 | 1206690 |
| KION Group AG  | 24987 | 1775437 |
| Lanxess AG  | 51376 | 1223444 |
| Mercedes-Benz Group AG  | 438172 | 28430586 |
| Merck KGaA  | 14802 | 1938967 |
| MTU Aero Engines AG  | 2661 | 1162924 |
| Muenchener <br> Rueckversicherungs-Gesellschaft AG <br> in Muenchen <br>| 11567 | 7156432 |
| Puma SE  | 32725 | 695828 |
| Rheinmetall AG  | 1244 | 2445435 |
| RWE AG  | 71574 | 3523625 |
| SAP SE  | 40235 | 10464011 |
| Schaeffler AG  | 150117 | 1217900 |
| Siemens AG  | 69735 | 19762704 |
| Siemens Energy AG \* | 35433 | 4414431 |
| Siemens Healthineers AG  | 23603 | 1322947 |
| Symrise AG  | 10681 | 883308 |
| thyssenkrupp AG  | 540230 | 5661254 |
| Tkms AG& Co. KGaA \* | 27011 | 2545223 |
| Volkswagen AG  | 30114 | 3176479 |
| Vonovia SE  | 64449 | 1937063 |
| Zalando SE \* | 30964 | 867691 |
|  |  | **281878245** |
| **Hong Kong 1.0%** | **Hong Kong 1.0%** | **Hong Kong 1.0%** |
| AIA Group Ltd.  | 1173600 | 11419984 |
| CK Asset Holdings Ltd.  | 484500 | 2396940 |
| CLP Holdings Ltd.  | 340000 | 2899984 |
| Galaxy Entertainment Group Ltd.  | 39000 | 194311 |
| Hang Seng Bank Ltd.  | 101600 | 1980687 |
| HKT Trust & HKT Ltd.  | 681000 | 994377 |
| Hong Kong & China Gas Co. Ltd.  | 1592676 | 1482227 |
| Hong Kong Exchanges & Clearing Ltd.  | 27606 | 1504607 |
| Link REIT  | 237800 | 1238371 |
| MTR Corp. Ltd.  | 54147 | 198648 |
| New World Development Co. Ltd. \* | 2082422 | 1927559 |
| Pacific Basin Shipping Ltd.  | 3985000 | 1319822 |
| Sun Hung Kai Properties Ltd.  | 247064 | 3006469 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Swire Pacific Ltd., A Shares  | 124800 | 1030763 |
| Swire Pacific Ltd., B Shares  | 250000 | 370630 |
| Techtronic Industries Co. Ltd.  | 150206 | 1752004 |
| WH Group Ltd.  | 4359999 | 4193955 |
| Wharf Real Estate Investment Co. Ltd.  | 66000 | 187850 |
| Yue Yuen Industrial Holdings Ltd.  | 467000 | 856464 |
|  |  | **38955652** |
| **Indonesia 0.1%** | **Indonesia 0.1%** | **Indonesia 0.1%** |
| Jardine Matheson Holdings Ltd.  | 53646 | 3149802 |
| **Ireland 0.9%** | **Ireland 0.9%** | **Ireland 0.9%** |
| AIB Group PLC  | 124834 | 1150511 |
| Allegion PLC  | 6781 | 1124086 |
| Bank of Ireland Group PLC  | 105041 | 1719833 |
| DCC PLC  | 39939 | 2631142 |
| Flutter Entertainment PLC \* | 1060 | 244198 |
| Glanbia PLC  | 12226 | 206937 |
| ICON PLC \* | 7869 | 1352052 |
| James Hardie Industries PLC, CDI \* | 39274 | 827139 |
| Kerry Group PLC, Class A  | 18507 | 1688260 |
| Kingspan Group PLC  | 15258 | 1142493 |
| Medtronic PLC  | 163435 | 14823554 |
| Perrigo Co. PLC  | 44680 | 926663 |
| Ryanair Holdings PLC  | 74324 | 2250204 |
| Smurfit WestRock PLC *(b)* | 15782 | 570163 |
| Smurfit WestRock PLC *(b)* | 45536 | 1681189 |
| Trane Technologies PLC  | 8169 | 3665022 |
|  |  | **36003446** |
| **Isle Of Man 0.0%** | **Isle Of Man 0.0%** | **Isle Of Man 0.0%** |
| Entain PLC  | 111764 | 1164100 |
| **Israel 0.5%** | **Israel 0.5%** | **Israel 0.5%** |
| Bank Hapoalim BM  | 127894 | 2594031 |
| Bank Leumi Le-Israel BM  | 146415 | 2971634 |
| Check Point Software Technologies Ltd. \* | 6162 | 1205780 |
| ICL Group Ltd.  | 246414 | 1614132 |
| Israel Discount Bank Ltd., A Shares  | 129157 | 1290767 |
| Mizrahi Tefahot Bank Ltd.  | 10999 | 715128 |
| Oil Refineries Ltd.  | 2669526 | 779938 |
| Teva Pharmaceutical Industries Ltd., <br> ADR \*<br>| 182327 | 3734057 |
| ZIM Integrated Shipping Services Ltd. *(a)* | 205837 | 3165773 |
|  |  | **18071240** |
| **Italy 2.3%** | **Italy 2.3%** | **Italy 2.3%** |
| A2A SpA  | 411039 | 1197612 |
| Banco BPM SpA  | 119242 | 1737289 |
| BPER Banca SpA  | 115287 | 1381357 |
| Enel SpA  | 1783315 | 18039581 |
| Eni SpA  | 1022717 | 18858363 |
| Generali  | 166397 | 6405600 |
| Hera SpA  | 58458 | 262370 |
| Intesa Sanpaolo SpA  | 1593458 | 10270377 |
| Leonardo SpA  | 33400 | 1965078 |
| Moncler SpA  | 15784 | 946872 |
| Poste Italiane SpA  | 56378 | 1359268 |
| Prysmian SpA  | 26457 | 2758505 |
| Snam SpA  | 265290 | 1636206 |
| Telecom Italia SpA \* | 8133426 | 4795816 |
| Terna - Rete Elettrica Nazionale  | 132411 | 1357752 |
| UniCredit SpA  | 168726 | 12493592 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**31**

------

Schwab Fundamental International Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Unipol Assicurazioni SpA  | 60772 | 1330501 |
|  |  | **86796139** |
| **Japan 24.0%** | **Japan 24.0%** | **Japan 24.0%** |
| Advantest Corp.  | 22400 | 3354306 |
| Aeon Co. Ltd.  | 409700 | 6480102 |
| AGC, Inc.  | 110500 | 3452354 |
| Air Water, Inc.  | 83600 | 1167491 |
| Aisin Corp.  | 314400 | 5649829 |
| Ajinomoto Co., Inc.  | 105600 | 2995059 |
| Alfresa Holdings Corp.  | 138100 | 1951128 |
| Alps Alpine Co. Ltd.  | 106500 | 1341464 |
| Amada Co. Ltd.  | 88400 | 1054137 |
| ANA Holdings, Inc.  | 69800 | 1308205 |
| Asahi Group Holdings Ltd.  | 343300 | 3701399 |
| Asahi Kasei Corp.  | 616900 | 4726761 |
| Astellas Pharma, Inc.  | 388200 | 4063533 |
| Bandai Namco Holdings, Inc.  | 67400 | 2097649 |
| Bridgestone Corp.  | 181976 | 7944184 |
| Brother Industries Ltd.  | 99400 | 1691859 |
| Canon, Inc.  | 192900 | 5539668 |
| Central Japan Railway Co.  | 158300 | 3875455 |
| Chubu Electric Power Co., Inc.  | 358385 | 4983614 |
| Chugai Pharmaceutical Co. Ltd.  | 37100 | 1697983 |
| Chugoku Electric Power Co., Inc.  | 149800 | 833382 |
| Coca-Cola Bottlers Japan Holdings, Inc.  | 52900 | 846558 |
| COMSYS Holdings Corp.  | 44500 | 1122178 |
| Cosmo Energy Holdings Co. Ltd.  | 77800 | 1776593 |
| Dai Nippon Printing Co. Ltd.  | 122300 | 2041233 |
| Daifuku Co. Ltd.  | 41870 | 1334681 |
| Dai-ichi Life Holdings, Inc.  | 520600 | 3654089 |
| Daiichi Sankyo Co. Ltd.  | 102860 | 2457132 |
| Daikin Industries Ltd.  | 51300 | 5960035 |
| Daito Trust Construction Co. Ltd.  | 93000 | 1738733 |
| Daiwa House Industry Co. Ltd.  | 187681 | 6367650 |
| Daiwa Securities Group, Inc.  | 144000 | 1108217 |
| Daiwabo Holdings Co. Ltd.  | 47470 | 886740 |
| Denka Co. Ltd.  | 15000 | 217701 |
| Denso Corp.  | 555400 | 7759927 |
| Dentsu Group, Inc.  | 53501 | 1059579 |
| DIC Corp.  | 44100 | 1037586 |
| Disco Corp.  | 3100 | 1029457 |
| Dowa Holdings Co. Ltd.  | 33470 | 1213596 |
| East Japan Railway Co.  | 178054 | 4348968 |
| Ebara Corp.  | 62400 | 1664041 |
| Eisai Co. Ltd.  | 61800 | 1835496 |
| Electric Power Development Co. Ltd.  | 104300 | 1982298 |
| ENEOS Holdings, Inc.  | 2006050 | 12655594 |
| EXEO Group, Inc.  | 72402 | 1044236 |
| FANUC Corp.  | 104700 | 3493988 |
| Fast Retailing Co. Ltd.  | 9100 | 3340790 |
| Fuji Electric Co. Ltd.  | 28600 | 2042651 |
| Fuji Media Holdings, Inc.  | 17500 | 389835 |
| FUJIFILM Holdings Corp.  | 251100 | 5819665 |
| Fujikura Ltd.  | 20700 | 2818802 |
| Fujitsu Ltd.  | 283500 | 7388134 |
| Furukawa Electric Co. Ltd.  | 23400 | 1656384 |
| Hakuhodo DY Holdings, Inc.  | 24800 | 179511 |
| Hankyu Hanshin Holdings, Inc.  | 44500 | 1195002 |
| Hanwa Co. Ltd.  | 32900 | 1372276 |
| Haseko Corp.  | 88500 | 1429185 |
| Hino Motors Ltd. \* | 83965 | 190742 |
| Hitachi Construction Machinery Co. Ltd.  | 34350 | 1117988 |
| Hitachi Ltd.  | 559100 | 19098285 |
| Honda Motor Co. Ltd.  | 2249400 | 22735233 |
| Hoya Corp.  | 20350 | 3305491 |
| Ibiden Co. Ltd.  | 5300 | 498860 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Idemitsu Kosan Co. Ltd.  | 690445 | 4801182 |
| IHI Corp.  | 102900 | 2130451 |
| Iida Group Holdings Co. Ltd.  | 89900 | 1376671 |
| Inpex Corp.  | 328200 | 6055986 |
| Isetan Mitsukoshi Holdings Ltd.  | 59200 | 929090 |
| Isuzu Motors Ltd.  | 234000 | 2871246 |
| ITOCHU Corp.  | 293500 | 17000474 |
| Iwatani Corp.  | 78504 | 817285 |
| Japan Airlines Co. Ltd.  | 72000 | 1297109 |
| Japan Post Bank Co. Ltd.  | 173700 | 1946322 |
| Japan Post Holdings Co. Ltd.  | 458200 | 4293815 |
| Japan Post Insurance Co. Ltd.  | 56300 | 1456048 |
| Japan Tobacco, Inc.  | 172500 | 6008672 |
| JFE Holdings, Inc.  | 480700 | 5508925 |
| JTEKT Corp.  | 183900 | 1839744 |
| Kajima Corp.  | 107200 | 3455889 |
| Kaneka Corp.  | 38600 | 1064958 |
| Kansai Electric Power Co., Inc.  | 296100 | 4619204 |
| Kansai Paint Co. Ltd.  | 11700 | 187790 |
| Kao Corp.  | 82847 | 3506054 |
| Kawasaki Heavy Industries Ltd.  | 25700 | 2057968 |
| Kawasaki Kisen Kaisha Ltd.  | 69000 | 988601 |
| KDDI Corp.  | 680000 | 10839437 |
| Kewpie Corp.  | 11100 | 307697 |
| Keyence Corp.  | 7192 | 2669199 |
| Kikkoman Corp.  | 95600 | 761266 |
| Kintetsu Group Holdings Co. Ltd.  | 41300 | 783751 |
| Kirin Holdings Co. Ltd.  | 226500 | 3185206 |
| Kobe Steel Ltd.  | 204200 | 2403305 |
| Koito Manufacturing Co. Ltd.  | 99400 | 1480087 |
| Komatsu Ltd.  | 214900 | 7188609 |
| Konica Minolta, Inc.  | 338600 | 1162733 |
| K's Holdings Corp.  | 102200 | 1013137 |
| Kubota Corp.  | 328900 | 4258321 |
| Kuraray Co. Ltd.  | 122700 | 1329645 |
| Kyocera Corp.  | 358900 | 4762387 |
| Kyushu Electric Power Co., Inc.  | 205400 | 2015850 |
| Lixil Corp.  | 166500 | 1845415 |
| LY Corp.  | 352000 | 1034357 |
| Makita Corp.  | 47190 | 1426617 |
| Marubeni Corp.  | 465600 | 11442595 |
| MatsukiyoCocokara & Co.  | 73700 | 1335457 |
| Mazda Motor Corp.  | 661500 | 4558297 |
| Medipal Holdings Corp.  | 141972 | 2309942 |
| MEIJI Holdings Co. Ltd.  | 101600 | 1955794 |
| Minebea Mitsumi, Inc.  | 108100 | 2136462 |
| MISUMI Group, Inc.  | 62800 | 979116 |
| Mitsubishi Chemical Group Corp.  | 915900 | 4784273 |
| Mitsubishi Corp.  | 1041200 | 25001970 |
| Mitsubishi Electric Corp.  | 458900 | 13029359 |
| Mitsubishi Estate Co. Ltd.  | 177000 | 3750962 |
| Mitsubishi Gas Chemical Co., Inc.  | 75787 | 1402145 |
| Mitsubishi HC Capital, Inc.  | 172500 | 1349410 |
| Mitsubishi Heavy Industries Ltd.  | 255700 | 7719499 |
| Mitsubishi Materials Corp.  | 102700 | 1977369 |
| Mitsubishi Motors Corp.  | 418400 | 1019609 |
| Mitsubishi UFJ Financial Group, Inc.  | 844834 | 12761443 |
| Mitsui & Co. Ltd.  | 691900 | 17014942 |
| Mitsui Chemicals, Inc.  | 88000 | 2077587 |
| Mitsui Fudosan Co. Ltd.  | 382400 | 3981702 |
| Mitsui Kinzoku Co. Ltd.  | 27000 | 2750153 |
| Mitsui OSK Lines Ltd.  | 78400 | 2329391 |
| Mizuho Financial Group, Inc.  | 251021 | 8408065 |
| MS&AD Insurance Group Holdings, Inc.  | 167570 | 3454365 |
| Murata Manufacturing Co. Ltd.  | 362900 | 7824455 |
| Nagase & Co. Ltd.  | 45500 | 993639 |
| Nagoya Railroad Co. Ltd.  | 16500 | 180493 |
| NEC Corp.  | 198300 | 7202263 |

---

*See financial notes*

**32**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| NGK Insulators Ltd.  | 97100 | 1638227 |
| NH Foods Ltd.  | 55400 | 2046075 |
| NHK Spring Co. Ltd.  | 15700 | 294341 |
| Nichirei Corp.  | 73100 | 865312 |
| NIDEC Corp.  | 166600 | 2026985 |
| Nikon Corp.  | 104400 | 1217583 |
| Nintendo Co. Ltd.  | 89600 | 7641974 |
| Nippon Express Holdings, Inc.  | 152500 | 3244480 |
| Nippon Paper Industries Co. Ltd.  | 146100 | 1093046 |
| Nippon Sanso Holdings Corp.  | 18800 | 624382 |
| Nippon Steel Corp.  | 2293400 | 9453458 |
| Nippon Yusen KK  | 145800 | 5034960 |
| Nissan Motor Co. Ltd. \* | 2937400 | 6714111 |
| Nisshin Seifun Group, Inc.  | 94330 | 1066447 |
| Nissin Foods Holdings Co. Ltd.  | 38000 | 685970 |
| Nissui Corp.  | 138357 | 963935 |
| Niterra Co. Ltd.  | 41800 | 1714765 |
| Nitori Holdings Co. Ltd.  | 72400 | 1173039 |
| Nitto Denko Corp.  | 134200 | 3342231 |
| Nomura Holdings, Inc.  | 316200 | 2256434 |
| Nomura Research Institute Ltd.  | 36300 | 1401654 |
| NSK Ltd.  | 292900 | 1475925 |
| NTT, Inc.  | 10286125 | 10587031 |
| Obayashi Corp.  | 162802 | 2754193 |
| Oji Holdings Corp.  | 467700 | 2359725 |
| Olympus Corp.  | 146300 | 1800509 |
| Omron Corp.  | 55583 | 1549918 |
| Ono Pharmaceutical Co. Ltd.  | 114600 | 1398511 |
| ORIX Corp.  | 173900 | 4253947 |
| Osaka Gas Co. Ltd.  | 131200 | 4128188 |
| Otsuka Corp.  | 45800 | 905469 |
| Otsuka Holdings Co. Ltd.  | 66900 | 3640965 |
| Pan Pacific International Holdings Corp.  | 194200 | 1155220 |
| Panasonic Holdings Corp.  | 1010450 | 11740646 |
| Persol Holdings Co. Ltd.  | 575900 | 955340 |
| Recruit Holdings Co. Ltd.  | 96100 | 4765400 |
| Renesas Electronics Corp.  | 198100 | 2446449 |
| Rengo Co. Ltd.  | 150717 | 917931 |
| Resona Holdings, Inc.  | 227058 | 2189083 |
| Resonac Holdings Corp.  | 67400 | 2625885 |
| Ricoh Co. Ltd.  | 265000 | 2273377 |
| Rohm Co. Ltd.  | 111100 | 1779119 |
| Ryohin Keikaku Co. Ltd.  | 61400 | 1262583 |
| Sankyu, Inc.  | 19600 | 1000778 |
| Sanwa Holdings Corp.  | 27730 | 756244 |
| SBI Holdings, Inc.  | 14100 | 630087 |
| Secom Co. Ltd.  | 67800 | 2291966 |
| Seiko Epson Corp.  | 116400 | 1474859 |
| Seino Holdings Co. Ltd.  | 12300 | 173823 |
| Sekisui Chemical Co. Ltd.  | 121700 | 2108365 |
| Sekisui House Ltd.  | 198783 | 4264942 |
| Seven & i Holdings Co. Ltd.  | 635900 | 8088517 |
| SG Holdings Co. Ltd.  | 172000 | 1580936 |
| Sharp Corp. \* | 32600 | 180968 |
| Shimadzu Corp.  | 38700 | 1040467 |
| Shimamura Co. Ltd.  | 14700 | 947704 |
| Shimano, Inc.  | 12200 | 1278143 |
| Shimizu Corp.  | 152800 | 2051057 |
| Shin-Etsu Chemical Co. Ltd.  | 271700 | 8167011 |
| Shionogi & Co. Ltd.  | 114100 | 1913753 |
| Shiseido Co. Ltd.  | 111600 | 1879774 |
| SMC Corp.  | 7500 | 2567418 |
| SoftBank Corp.  | 5805200 | 8249177 |
| SoftBank Group Corp.  | 143000 | 25091998 |
| Sojitz Corp.  | 87460 | 2320353 |
| Sompo Holdings, Inc.  | 118900 | 3623533 |
| Sony Financial Group, Inc. \* | 627935 | 633191 |
| Sony Group Corp.  | 630935 | 17571274 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Stanley Electric Co. Ltd.  | 48475 | 952156 |
| Subaru Corp.  | 286100 | 6086240 |
| SUMCO Corp.  | 153600 | 1565310 |
| Sumitomo Chemical Co. Ltd.  | 1119800 | 3293695 |
| Sumitomo Corp.  | 317800 | 9245102 |
| Sumitomo Electric Industries Ltd.  | 278700 | 10160678 |
| Sumitomo Forestry Co. Ltd.  | 157300 | 1636356 |
| Sumitomo Heavy Industries Ltd.  | 70800 | 1892948 |
| Sumitomo Metal Mining Co. Ltd.  | 97700 | 3196005 |
| Sumitomo Mitsui Financial Group, Inc.  | 400630 | 10846572 |
| Sumitomo Mitsui Trust Group, Inc.  | 75400 | 2070978 |
| Sumitomo Realty & Development Co. <br> Ltd. <br>| 43100 | 1840240 |
| Sumitomo Rubber Industries Ltd.  | 102700 | 1202763 |
| Suntory Beverage & Food Ltd.  | 36400 | 1101816 |
| Suzuken Co. Ltd.  | 41730 | 1584761 |
| Suzuki Motor Corp.  | 496400 | 7410691 |
| Sysmex Corp.  | 45400 | 506099 |
| T&D Holdings, Inc.  | 46950 | 1008276 |
| Taiheiyo Cement Corp.  | 51842 | 1406551 |
| Taisei Corp.  | 38000 | 2764931 |
| Taiyo Yuden Co. Ltd.  | 50600 | 1437131 |
| Takeda Pharmaceutical Co. Ltd.  | 376521 | 10161358 |
| TDK Corp.  | 295000 | 5154300 |
| Teijin Ltd.  | 140200 | 1226544 |
| Terumo Corp.  | 111500 | 1799712 |
| TIS, Inc.  | 37200 | 1281571 |
| Tobu Railway Co. Ltd.  | 50200 | 809623 |
| Toho Gas Co. Ltd.  | 31400 | 937604 |
| Tohoku Electric Power Co., Inc.  | 274300 | 1876820 |
| Tokio Marine Holdings, Inc.  | 160200 | 5974366 |
| Tokyo Electric Power Co. Holdings, Inc. \* | 1387900 | 6935971 |
| Tokyo Electron Ltd.  | 40800 | 8995184 |
| Tokyo Gas Co. Ltd.  | 128300 | 4502583 |
| Tokyu Corp.  | 102000 | 1135057 |
| Tokyu Fudosan Holdings Corp.  | 160900 | 1296643 |
| TOPPAN Holdings, Inc.  | 72400 | 1770747 |
| Toray Industries, Inc.  | 534900 | 3274887 |
| Tosoh Corp.  | 133400 | 1901956 |
| TOTO Ltd.  | 45800 | 1161699 |
| Toyo Seikan Group Holdings Ltd.  | 60500 | 1358239 |
| Toyo Suisan Kaisha Ltd.  | 13647 | 989202 |
| Toyota Boshoku Corp.  | 43700 | 664462 |
| Toyota Industries Corp.  | 29300 | 3184972 |
| Toyota Motor Corp.  | 2170890 | 44258204 |
| Toyota Tsusho Corp.  | 262800 | 8032805 |
| Tsuruha Holdings, Inc.  | 75500 | 1311489 |
| UBE Corp.  | 64500 | 948216 |
| Unicharm Corp.  | 158600 | 981280 |
| West Japan Railway Co.  | 90226 | 1854336 |
| Yakult Honsha Co. Ltd.  | 45000 | 673686 |
| Yamada Holdings Co. Ltd.  | 469600 | 1411716 |
| Yamaha Corp.  | 141500 | 892932 |
| Yamaha Motor Co. Ltd.  | 371300 | 2675128 |
| Yamato Holdings Co. Ltd.  | 166600 | 2435842 |
| Yamazaki Baking Co. Ltd.  | 42700 | 839167 |
| Yaskawa Electric Corp.  | 39300 | 1077932 |
| Yokogawa Electric Corp.  | 39400 | 1178629 |
| Yokohama Rubber Co. Ltd.  | 47900 | 1709504 |
|  |  | **918770788** |
| **Jersey 1.2%** | **Jersey 1.2%** | **Jersey 1.2%** |
| Aptiv PLC \* | 65019 | 5273041 |
| Experian PLC  | 46366 | 2162749 |
| Glencore PLC \* | 7464699 | 35760124 |
| International Workplace Group PLC  | 229001 | 681531 |
| Man Group PLC  | 74863 | 206832 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**33**

------

Schwab Fundamental International Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| WPP PLC  | 354706 | 1340317 |
|  |  | **45424594** |
| **Luxembourg 0.6%** | **Luxembourg 0.6%** | **Luxembourg 0.6%** |
| Aperam SA  | 29620 | 1032176 |
| ArcelorMittal SA  | 317841 | 12133913 |
| B&M European Value Retail SA  | 340453 | 803879 |
| Eurofins Scientific SE  | 19993 | 1410096 |
| Millicom International Cellular SA  | 33269 | 1567303 |
| SES SA, Class A  | 243177 | 1863312 |
| Subsea 7 SA  | 38798 | 708581 |
| Tenaris SA  | 67216 | 1335909 |
|  |  | **20855169** |
| **Mauritius 0.0%** | **Mauritius 0.0%** | **Mauritius 0.0%** |
| Golden Agri-Resources Ltd.  | 5412300 | 1164335 |
| **Netherlands 3.1%** | **Netherlands 3.1%** | **Netherlands 3.1%** |
| Aalberts NV  | 23085 | 731361 |
| ABN AMRO Bank NV, GDR  | 162221 | 4846946 |
| AerCap Holdings NV  | 19560 | 2547494 |
| Airbus SE  | 32688 | 8059914 |
| Akzo Nobel NV  | 70588 | 4664818 |
| ASM International NV  | 1229 | 797430 |
| ASML Holding NV  | 12701 | 13428886 |
| ASR Nederland NV  | 18685 | 1247012 |
| Ferrari NV  | 2548 | 1020373 |
| Ferrovial SE  | 5563 | 341370 |
| Heineken Holding NV  | 32224 | 2176120 |
| Heineken NV  | 44918 | 3478104 |
| IMCD NV  | 4536 | 470037 |
| ING Groep NV, Series N  | 493771 | 12329296 |
| Iveco Group NV  | 59994 | 1275059 |
| Koninklijke Ahold Delhaize NV  | 359713 | 14723270 |
| Koninklijke KPN NV  | 634901 | 2937980 |
| Koninklijke Philips NV  | 155471 | 4259157 |
| NN Group NV  | 51230 | 3505917 |
| NXP Semiconductors NV  | 18313 | 3829615 |
| Prosus NV \* | 25151 | 1738398 |
| Randstad NV  | 57023 | 2234781 |
| SBM Offshore NV  | 28375 | 733750 |
| Signify NV  | 64266 | 1538366 |
| Stellantis NV  | 1856857 | 18883951 |
| STMicroelectronics NV  | 138200 | 3406586 |
| Universal Music Group NV  | 33086 | 887432 |
| Wolters Kluwer NV  | 11479 | 1407159 |
|  |  | **117500582** |
| **New Zealand 0.1%** | **New Zealand 0.1%** | **New Zealand 0.1%** |
| Fletcher Building Ltd. \* | 574335 | 1070635 |
| Spark New Zealand Ltd.  | 624235 | 875134 |
|  |  | **1945769** |
| **Norway 0.8%** | **Norway 0.8%** | **Norway 0.8%** |
| Aker BP ASA  | 106131 | 2750590 |
| DNB Bank ASA  | 113032 | 2885190 |
| Equinor ASA  | 459293 | 11000661 |
| Mowi ASA  | 73865 | 1623775 |
| Norsk Hydro ASA  | 471699 | 3188950 |
| Orkla ASA  | 113978 | 1157596 |
| Telenor ASA  | 168025 | 2498790 |
| Var Energi ASA  | 196552 | 660392 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Yara International ASA  | 95245 | 3469975 |
|  |  | **29235919** |
| **Poland 0.4%** | **Poland 0.4%** | **Poland 0.4%** |
| Bank Polska Kasa Opieki SA  | 20357 | 1042314 |
| KGHM Polska Miedz SA \* | 39153 | 2053698 |
| ORLEN SA  | 293952 | 7967231 |
| PGE Polska Grupa Energetyczna SA \* | 581176 | 1762284 |
| Powszechna Kasa Oszczednosci Bank <br> Polski SA <br>| 52439 | 1075171 |
| Powszechny Zaklad Ubezpieczen SA  | 130303 | 2083437 |
| Tauron Polska Energia SA \* | 380842 | 1030991 |
|  |  | **17015126** |
| **Portugal 0.2%** | **Portugal 0.2%** | **Portugal 0.2%** |
| EDP SA  | 783563 | 3895201 |
| Galp Energia SGPS SA  | 130758 | 2627068 |
| Jeronimo Martins SGPS SA  | 53259 | 1371687 |
|  |  | **7893956** |
| **Republic of Korea 7.6%** | **Republic of Korea 7.6%** | **Republic of Korea 7.6%** |
| BNK Financial Group, Inc.  | 114987 | 1113160 |
| CJ CheilJedang Corp.  | 6356 | 1022183 |
| CJ Corp.  | 17856 | 2136089 |
| DB Insurance Co. Ltd.  | 12276 | 1091136 |
| DL E&C Co. Ltd.  | 9784 | 292681 |
| Doosan Enerbility Co. Ltd. \* | 45353 | 2806944 |
| E-MART, Inc.  | 26445 | 1339535 |
| GS Engineering & Construction Corp.  | 17807 | 233213 |
| GS Holdings Corp.  | 91458 | 3074042 |
| Hana Financial Group, Inc.  | 66297 | 3971758 |
| Hankook Tire & Technology Co. Ltd.  | 35617 | 1156395 |
| Hanwha Corp.  | 21584 | 1443628 |
| Hanwha Solutions Corp.  | 45120 | 964731 |
| HD Hyundai Co. Ltd.  | 19002 | 2729316 |
| HMM Co. Ltd.  | 155213 | 2234872 |
| Hyundai Engineering & Construction Co. <br> Ltd. <br>| 42288 | 2077721 |
| Hyundai Glovis Co. Ltd.  | 14331 | 1894044 |
| Hyundai Mobis Co. Ltd.  | 25990 | 5747362 |
| Hyundai Motor Co.  | 52140 | 10573436 |
| Hyundai Steel Co.  | 119726 | 2766034 |
| Industrial Bank of Korea  | 20286 | 274915 |
| KB Financial Group, Inc.  | 64097 | 5232468 |
| Kia Corp.  | 103343 | 8668264 |
| Korea Electric Power Corp.  | 120068 | 3594119 |
| Korea Gas Corp.  | 41212 | 1204894 |
| Korea Zinc Co. Ltd.  | 1788 | 1295157 |
| Korean Air Lines Co. Ltd.  | 92091 | 1429089 |
| KT Corp.  | 34209 | 1178348 |
| KT&G Corp.  | 17495 | 1646486 |
| Kumho Petrochemical Co. Ltd.  | 10739 | 872916 |
| LG Chem Ltd.  | 23681 | 6586827 |
| LG Corp.  | 21277 | 1196637 |
| LG Display Co. Ltd. \* | 271800 | 2778785 |
| LG Electronics, Inc.  | 94497 | 5795805 |
| LG H&H Co. Ltd.  | 4937 | 984349 |
| LG Innotek Co. Ltd.  | 9942 | 1677140 |
| LG Uplus Corp.  | 203821 | 2180194 |
| Lotte Chemical Corp.  | 23027 | 1140747 |
| NAVER Corp.  | 10856 | 2034590 |
| POSCO Holdings, Inc.  | 55633 | 12099859 |
| Posco International Corp.  | 8616 | 331907 |
| Samsung C&T Corp.  | 21018 | 3326124 |
| Samsung Electro-Mechanics Co. Ltd.  | 16044 | 2750271 |

---

*See financial notes*

**34**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Samsung Electronics Co. Ltd.  | 1584672 | 119288059 |
| Samsung Fire & Marine Insurance Co. <br> Ltd. <br>| 4928 | 1525237 |
| Samsung Life Insurance Co. Ltd.  | 3691 | 398884 |
| Samsung SDI Co. Ltd.  | 13625 | 3070003 |
| Samsung SDS Co. Ltd.  | 12344 | 1583312 |
| Shinhan Financial Group Co. Ltd.  | 113801 | 5845107 |
| SK Hynix, Inc.  | 62134 | 24175931 |
| SK Innovation Co. Ltd.  | 28533 | 2576675 |
| SK Telecom Co. Ltd.  | 57453 | 2103462 |
| SK, Inc.  | 38003 | 6599327 |
| S-Oil Corp. \* | 28285 | 1423701 |
| Woori Financial Group, Inc.  | 181792 | 3236206 |
|  |  | **288774075** |
| **Singapore 0.6%** | **Singapore 0.6%** | **Singapore 0.6%** |
| ComfortDelGro Corp. Ltd.  | 183300 | 205529 |
| DBS Group Holdings Ltd.  | 148708 | 6156883 |
| Keppel Ltd.  | 107500 | 840687 |
| Olam Group Ltd.  | 1206800 | 908623 |
| Oversea-Chinese Banking Corp. Ltd.  | 352544 | 4611768 |
| Singapore Airlines Ltd.  | 298470 | 1519366 |
| Singapore Telecommunications Ltd.  | 858886 | 2803447 |
| United Overseas Bank Ltd.  | 146652 | 3900570 |
| Venture Corp. Ltd.  | 19200 | 219721 |
| Wilmar International Ltd.  | 1107766 | 2662080 |
|  |  | **23828674** |
| **South Africa 0.1%** | **South Africa 0.1%** | **South Africa 0.1%** |
| Valterra Platinum Ltd.  | 32163 | 1964742 |
| **Spain 3.1%** | **Spain 3.1%** | **Spain 3.1%** |
| Acciona SA  | 1621 | 358795 |
| Acerinox SA  | 75901 | 977442 |
| ACS Actividades de Construccion y <br> Servicios SA <br>| 38548 | 3165162 |
| Aena SME SA  | 39121 | 1062572 |
| Amadeus IT Group SA  | 20185 | 1542955 |
| Banco Bilbao Vizcaya Argentaria SA  | 946901 | 19076336 |
| Banco de Sabadell SA  | 656083 | 2459586 |
| Banco Santander SA  | 3417599 | 34825970 |
| CaixaBank SA  | 268292 | 2835778 |
| Cellnex Telecom SA \* | 17716 | 551530 |
| Enagas SA  | 13270 | 210545 |
| Endesa SA  | 71878 | 2575812 |
| Grifols SA  | 62386 | 808391 |
| Iberdrola SA  | 758652 | 15375024 |
| Industria de Diseno Textil SA  | 85217 | 4705716 |
| International Consolidated Airlines Group <br> SA <br>| 366975 | 2017479 |
| Mapfre SA  | 184119 | 813131 |
| Naturgy Energy Group SA  | 21828 | 661206 |
| Redeia Corp. SA  | 64720 | 1165081 |
| Repsol SA  | 751730 | 13793759 |
| Telefonica SA  | 2036096 | 10325394 |
|  |  | **119307664** |
| **Sweden 1.8%** | **Sweden 1.8%** | **Sweden 1.8%** |
| Alfa Laval AB  | 22329 | 1061245 |
| Assa Abloy AB, B Shares  | 89906 | 3388068 |
| Atlas Copco AB, A Shares  | 168582 | 2824769 |
| Atlas Copco AB, B Shares  | 88409 | 1322524 |
| Boliden AB \* | 75528 | 3386861 |
| Electrolux AB, B Shares \* | 147667 | 952855 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Epiroc AB, A Shares  | 48051 | 1013201 |
| Epiroc AB, B Shares  | 25839 | 482222 |
| Essity AB, B Shares  | 106272 | 2919040 |
| H & M Hennes & Mauritz AB, B Shares  | 137863 | 2603697 |
| Hexagon AB, B Shares  | 153506 | 1871180 |
| Husqvarna AB, B Shares  | 158155 | 748871 |
| Sandvik AB  | 131667 | 3981540 |
| Securitas AB, B Shares  | 98776 | 1455055 |
| Skandinaviska Enskilda Banken AB, <br> A Shares <br>| 175231 | 3345085 |
| Skanska AB, B Shares  | 91153 | 2482279 |
| SKF AB, B Shares  | 90492 | 2319493 |
| SSAB AB, A Shares  | 116134 | 734612 |
| SSAB AB, B Shares  | 308565 | 1910602 |
| Svenska Cellulosa AB SCA, B Shares  | 20197 | 269027 |
| Svenska Handelsbanken AB, A Shares  | 179572 | 2343294 |
| Swedbank AB, A Shares  | 132227 | 4014515 |
| Tele2 AB, B Shares  | 113268 | 1799360 |
| Telefonaktiebolaget LM Ericsson, <br> B Shares <br>| 605005 | 6138296 |
| Telia Co. AB  | 602882 | 2373347 |
| Trelleborg AB, B Shares  | 27535 | 1149097 |
| Volvo AB, A Shares  | 28578 | 780960 |
| Volvo AB, B Shares  | 274350 | 7515831 |
| Volvo Car AB, B Shares *\*(a)* | 469103 | 1625514 |
|  |  | **66812440** |
| **Switzerland 4.6%** | **Switzerland 4.6%** | **Switzerland 4.6%** |
| ABB Ltd.  | 100688 | 7485903 |
| Adecco Group AG  | 107432 | 2995459 |
| Alcon AG  | 28372 | 2114707 |
| Amrize Ltd. \* | 55389 | 2866154 |
| Baloise Holding AG  | 1187 | 294781 |
| Barry Callebaut AG *(a)* | 791 | 1028332 |
| Bucher Industries AG  | 1305 | 579061 |
| Chocoladefabriken Lindt & Spruengli AG  | 6 | 919112 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates <br>| 55 | 845479 |
| Cie Financiere Richemont SA, Class A  | 33271 | 6581189 |
| Coca-Cola HBC AG \* | 25301 | 1148110 |
| DSM-Firmenich AG  | 17489 | 1425509 |
| Garmin Ltd.  | 8757 | 1873473 |
| Geberit AG  | 2363 | 1727409 |
| Givaudan SA  | 412 | 1687818 |
| Holcim AG \* | 67245 | 5978162 |
| Julius Baer Group Ltd.  | 20405 | 1377511 |
| Kuehne & Nagel International AG  | 10274 | 1971032 |
| Logitech International SA  | 16611 | 1996950 |
| Lonza Group AG  | 3575 | 2468650 |
| Nestle SA  | 292726 | 27969513 |
| Novartis AG  | 186711 | 23107663 |
| Partners Group Holding AG  | 889 | 1088684 |
| Roche Holding AG  | 91385 | 29601445 |
| Roche Holding AG, Bearer Shares  | 3937 | 1335680 |
| Sandoz Group AG  | 49295 | 3286832 |
| Schindler Holding AG  | 1535 | 518891 |
| Schindler Holding AG, Participation <br> Certificates <br>| 3208 | 1142690 |
| SGS SA  | 11741 | 1324030 |
| Sika AG  | 10221 | 2003190 |
| Sonova Holding AG  | 3042 | 829767 |
| Sunrise Communications AG, Class A  | 14485 | 793955 |
| Swatch Group AG  | 18366 | 778734 |
| Swatch Group AG, Bearer Shares  | 8393 | 1754024 |
| Swiss Life Holding AG  | 2693 | 2923122 |
| Swiss Re AG  | 22872 | 4176471 |
| Swisscom AG  | 4393 | 3217972 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**35**

------

Schwab Fundamental International Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Transocean Ltd. \* | 214032 | 821883 |
| UBS Group AG  | 246552 | 9434389 |
| Zurich Insurance Group AG  | 15224 | 10587851 |
|  |  | **174061587** |
| **United Kingdom 13.8%** | **United Kingdom 13.8%** | **United Kingdom 13.8%** |
| 3i Group PLC  | 35245 | 2039649 |
| Aberdeen Group PLC  | 579931 | 1546695 |
| Admiral Group PLC  | 24388 | 1050079 |
| Anglo American PLC  | 393457 | 14885509 |
| Anglogold Ashanti PLC  | 38305 | 2604740 |
| Antofagasta PLC  | 47305 | 1736205 |
| ARM Holdings PLC, ADR \* | 4597 | 780663 |
| Ashtead Group PLC  | 53803 | 3593759 |
| Associated British Foods PLC  | 79332 | 2393965 |
| AstraZeneca PLC  | 92994 | 15339224 |
| Aviva PLC  | 473352 | 4160428 |
| BAE Systems PLC  | 298429 | 7351341 |
| Balfour Beatty PLC  | 147145 | 1300478 |
| Barclays PLC  | 2734204 | 14665232 |
| Barratt Redrow PLC  | 388864 | 1924285 |
| Bellway PLC  | 39296 | 1356222 |
| Berkeley Group Holdings PLC  | 20982 | 1111514 |
| BP PLC  | 6970797 | 40840558 |
| British American Tobacco PLC  | 487081 | 24946094 |
| BT Group PLC  | 3321001 | 8105145 |
| Bunzl PLC  | 58834 | 1788418 |
| Burberry Group PLC \* | 119415 | 1943797 |
| Centrica PLC  | 1438084 | 3389278 |
| CK Hutchison Holdings Ltd.  | 1447088 | 9596322 |
| Coca-Cola Europacific Partners PLC  | 18294 | 1625056 |
| Compass Group PLC  | 141737 | 4691469 |
| Croda International PLC  | 23691 | 899335 |
| Currys PLC  | 1006222 | 1857232 |
| Diageo PLC  | 250054 | 5751678 |
| Dowlais Group PLC  | 1271818 | 1381672 |
| Drax Group PLC  | 101516 | 962136 |
| Firstgroup PLC  | 383966 | 1059274 |
| GSK PLC  | 666562 | 15606518 |
| Haleon PLC  | 976260 | 4539832 |
| Harbour Energy PLC  | 37228 | 110195 |
| Hays PLC  | 1204243 | 935139 |
| HSBC Holdings PLC  | 2518395 | 35256124 |
| Imperial Brands PLC  | 177574 | 7055776 |
| Inchcape PLC  | 119184 | 1195993 |
| Informa PLC  | 96321 | 1226485 |
| Intertek Group PLC  | 18718 | 1246769 |
| Investec PLC  | 93327 | 702718 |
| ITV PLC  | 1069947 | 979382 |
| J Sainsbury PLC  | 1260644 | 5657263 |
| JD Sports Fashion PLC  | 612508 | 750558 |
| John Wood Group PLC *\*(c)* | 672569 | 188505 |
| Johnson Matthey PLC  | 130603 | 3657705 |
| Kingfisher PLC  | 1009871 | 4095613 |
| Legal & General Group PLC  | 998652 | 3120705 |
| Lloyds Banking Group PLC  | 10981544 | 12875723 |
| London Stock Exchange Group PLC  | 18011 | 2244644 |
| M&G PLC  | 976235 | 3379888 |
| Marks & Spencer Group PLC  | 451326 | 2358548 |
| Melrose Industries PLC  | 205342 | 1691617 |
| Mondi PLC  | 146481 | 1637341 |
| National Grid PLC  | 608996 | 9131348 |
| NatWest Group PLC  | 1119106 | 8615452 |
| Next PLC  | 12265 | 2304471 |
| Pearson PLC  | 95977 | 1335809 |
| Persimmon PLC  | 140374 | 2230980 |
| Phoenix Group Holdings PLC  | 113104 | 1001969 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Prudential PLC  | 319763 | 4447290 |
| Reckitt Benckiser Group PLC  | 84613 | 6471968 |
| RELX PLC  | 82114 | 3629141 |
| Rentokil Initial PLC  | 222162 | 1239986 |
| Rio Tinto PLC  | 349495 | 25195080 |
| Rolls-Royce Holdings PLC  | 78401 | 1206497 |
| RS Group PLC  | 78649 | 575623 |
| Sage Group PLC  | 65591 | 991432 |
| Serco Group PLC  | 269896 | 899879 |
| Severn Trent PLC  | 32123 | 1174256 |
| Shell PLC  | 2328774 | 87304356 |
| Smith & Nephew PLC  | 128884 | 2379973 |
| Smiths Group PLC  | 48624 | 1610138 |
| SSE PLC  | 165224 | 4162453 |
| St. James's Place PLC  | 43837 | 747949 |
| Standard Chartered PLC  | 368985 | 7574243 |
| Taylor Wimpey PLC  | 1204387 | 1665957 |
| Tesco PLC  | 2246357 | 13556026 |
| Travis Perkins PLC  | 147896 | 1222804 |
| Unilever PLC  | 279275 | 16757707 |
| United Utilities Group PLC  | 87414 | 1379085 |
| Vodafone Group PLC  | 18323359 | 22181762 |
| Whitbread PLC  | 25917 | 986666 |
|  |  | **529170793** |
| **United States 0.2%** | **United States 0.2%** | **United States 0.2%** |
| Aegon Ltd.  | 171779 | 1309081 |
| Autoliv, Inc.  | 14158 | 1653654 |
| Coronado Global Resources, Inc., CDI *(a)* | 4117448 | 980382 |
| Ferguson Enterprises, Inc.  | 13164 | 3247820 |
| Lululemon Athletica, Inc. \* | 8019 | 1367560 |
|  |  | **8558497** |
| **Total Common Stocks** <br>**(Cost $2,536,698,995)** | **Total Common Stocks** <br>**(Cost $2,536,698,995)** | **3739353360** |
| **PREFERRED STOCKS** 1.4% OF NET ASSETS | **PREFERRED STOCKS** 1.4% OF NET ASSETS | **PREFERRED STOCKS** 1.4% OF NET ASSETS |
| **Germany 0.8%** | **Germany 0.8%** | **Germany 0.8%** |
| Bayerische Motoren Werke AG  | 31842 | 2758657 |
| Dr. Ing hc F Porsche AG  | 16484 | 862458 |
| FUCHS SE  | 12384 | 554364 |
| Henkel AG & Co. KGaA  | 21812 | 1767053 |
| Porsche Automobil Holding SE  | 31492 | 1251287 |
| Volkswagen AG  | 212132 | 22090735 |
|  |  | **29284554** |
| **Italy 0.1%** | **Italy 0.1%** | **Italy 0.1%** |
| Telecom Italia SpA - RSP \* | 4537658 | 3017023 |
| **Republic of Korea 0.5%** | **Republic of Korea 0.5%** | **Republic of Korea 0.5%** |
| Hanwha Corp.  | 16344 | 459799 |
| Hyundai Motor Co.  | 9441 | 1435080 |
| Hyundai Motor Co. 2nd  | 14936 | 2301267 |
| LG Chem Ltd.  | 4930 | 680628 |
| Samsung Electronics Co. Ltd.  | 265431 | 15664399 |
| Samsung Fire & Marine Insurance Co. <br> Ltd. <br>| 719 | 170487 |
|  |  | **20711660** |

---

*See financial notes*

**36**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Spain 0.0%** | **Spain 0.0%** | **Spain 0.0%** |
| Grifols SA, B Shares  | 59134 | 549636 |
| **Total Preferred Stocks** <br>**(Cost $45,507,579)** | **Total Preferred Stocks** <br>**(Cost $45,507,579)** | **53562873** |
| **WARRANTS** 0.0% OF NET ASSETS | **WARRANTS** 0.0% OF NET ASSETS | **WARRANTS** 0.0% OF NET ASSETS |
| **Canada 0.0%** | **Canada 0.0%** | **Canada 0.0%** |
| Constellation Software, Inc. | Constellation Software, Inc. | Constellation Software, Inc. |
| expires 03/31/40 *\*(c)* | 290 | 1435 |
| **Total Warrants** <br>**(Cost $0)** | **Total Warrants** <br>**(Cost $0)** | **1435** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS |
| **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(d)(e)*<br>| 8369419 | 8369419 |
| **Total Short-Term Investments** <br>**(Cost $8,369,419)** | **Total Short-Term Investments** <br>**(Cost $8,369,419)** | **8369419** |
| **Total Investments in Securities** <br>**(Cost $2,590,575,993)** | **Total Investments in Securities** <br>**(Cost $2,590,575,993)** | **3801287087** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>DEPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| MSCI EAFE Index, expires <br> 12/19/25<br>| 226 | 31720230 | **(87335)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $8,070,701. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Security is traded on separate exchanges for the same issuer.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information).

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* The rate shown is the annualized 7-day yield.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ADR — | American Depositary Receipt |
| CDI — | CHESS Depositary Interest |
| GDR — | Global Depositary Receipt |
| REIT — | Real Estate Investment Trust |
| RSP — | Risparmio (Savings Shares) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | % OF NET ASSETS |
| **SECTOR WEIGHTINGS *(a)*** | **SECTOR WEIGHTINGS *(a)*** |
| Financials | 17.6<br> %<br>|
| Industrials | 15.7<br> %<br>|
| Consumer Discretionary | 12.3<br> %<br>|
| Materials | 10.9<br> %<br>|
| Energy | 9.7<br> %<br>|
| Information Technology | 8.5<br> %<br>|
| Consumer Staples | 7.5<br> %<br>|
| Health Care | 6.5<br> %<br>|
| Communication Services | 5.3<br> %<br>|
| Utilities | 4.2<br> %<br>|
| Real Estate | 1.0<br> %<br>|
| Short-Term Investments | 0.2<br> %<br>|
| **Total** | **99.4%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Excludes derivatives.

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $— | &nbsp;&nbsp; $805972002 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $805972002 |
| Canada | 306407999 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 306407999 |
| China | 1064427 | &nbsp;&nbsp; 2783184 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3847611 |
| Germany | 8356244 | &nbsp;&nbsp; 273522001 | &nbsp;&nbsp; — | &nbsp;&nbsp; 281878245 |
| Hong Kong | 370630 | &nbsp;&nbsp; 38585022 | &nbsp;&nbsp; — | &nbsp;&nbsp; 38955652 |
| Ireland | 23572566 | &nbsp;&nbsp; 12430880 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36003446 |
| Israel | 8885548 | &nbsp;&nbsp; 9185692 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18071240 |
| Japan | 7802468 | &nbsp;&nbsp; 910968320 | &nbsp;&nbsp; — | &nbsp;&nbsp; 918770788 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**37**

------

Schwab Fundamental International Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT<br> UNOBSERVABLE INPUTS<br> (LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** (continued) |  |  |  |  |
| Jersey | $5273041 | &nbsp;&nbsp; $40151553 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $45424594 |
| Luxembourg | 1567303 | &nbsp;&nbsp; 19287866 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20855169 |
| Netherlands | 21100379 | &nbsp;&nbsp; 96400203 | &nbsp;&nbsp; — | &nbsp;&nbsp; 117500582 |
| Republic of Korea | 2180194 | &nbsp;&nbsp; 286593881 | &nbsp;&nbsp; — | &nbsp;&nbsp; 288774075 |
| Singapore | 908623 | &nbsp;&nbsp; 22920051 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23828674 |
| South Africa | 1964742 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1964742 |
| Spain | 3447563 | &nbsp;&nbsp; 115860101 | &nbsp;&nbsp; — | &nbsp;&nbsp; 119307664 |
| Switzerland | 2695356 | &nbsp;&nbsp; 171366231 | &nbsp;&nbsp; — | &nbsp;&nbsp; 174061587 |
| United Kingdom | 14484107 | &nbsp;&nbsp; 514498181 | &nbsp;&nbsp; 188505 | &nbsp;&nbsp; 529170793 |
| United States | 3021214 | &nbsp;&nbsp; 5537283 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8558497 |
| Preferred Stocks<sup>1</sup> <br>|  | &nbsp;&nbsp; 53562873 | &nbsp;&nbsp; — | &nbsp;&nbsp; 53562873 |
| Warrants |  |  |  |  |
| Canada |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1435 | &nbsp;&nbsp; 1435 |
| Short-Term Investments<sup>1</sup> <br>| 8369419 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8369419 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (87335)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (87335)<br>|
| **Total** | **$421384488** | &nbsp;&nbsp; **$3379625324** | &nbsp;&nbsp; **$189940** | &nbsp;&nbsp; **$3801199752** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

**38**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Equity Index Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $2,590,575,993) including securities on loan of $8,070,701 |  | $3801287087 |
| Cash |  | 9580572 |
| Foreign currency, at value (cost $1,860,789) |  | 1851302 |
| Deposit with broker for futures contracts |  | 1950521 |
| Receivables: |  |  |
| Dividends |  | 11640197 |
| Foreign tax reclaims |  | 5716263 |
| Fund shares sold |  | 2838864 |
| Investments sold |  | 1537662 |
| Income from securities on loan | + | 26992 |
| **Total assets** |  | **3836429460** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 8369419 |
| Payables: |  |  |
| Fund shares redeemed |  | 2913155 |
| Investment adviser fees |  | 854829 |
| Variation margin on futures contracts | + | 82214 |
| **Total liabilities** |  | **12219617** |
| **Net assets** |  | **$3824209843** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $2648094133 |
| Total distributable earnings | + | 1176115710 |
| **Net assets** |  | **$3824209843** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $3824209843 |  | &nbsp;&nbsp;&nbsp;&nbsp; 277214632 |  | &nbsp;&nbsp;&nbsp;&nbsp; $13.80 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**39**

------

Schwab Fundamental International Equity Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $13,270,371) |  | $114334552 |
| Other Interest |  | 163268 |
| Interest received from securities - unaffiliated issuers |  | 10277 |
| Securities on loan, net | + | 332164 |
| **Total investment income**  |  | **114840261** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 8247882 |
| Professional fees | + | 14790 <br><sup>1</sup><br>|
| **Total expenses** |  | **8262672** |
| Expense reduction | – | 14790 <br><sup>1</sup><br>|
| **Net expenses** | – | **8247882** |
| **Net investment income** |  | **106592379** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 88368266 |
| Net realized gains on futures contracts |  | 5977319 |
| Net realized gains on foreign currency transactions | + | 356006 |
| **Net realized gains** |  | **94701591** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 650623900 |
| Net change in unrealized appreciation (depreciation) on futures contracts |  | 507069 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 507902 |
| **Net change in unrealized appreciation (depreciation)** |  | **651638871** |
| **Net realized and unrealized gains** |  | **746340462** |
| **Increase in net assets resulting from operations** |  | **$852932841** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Professional fees associated with the filing of foreign withholding tax claims in the European Union are deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d) and 3 for additional information).

*See financial notes*

**40**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Equity Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $106592379 | &nbsp;&nbsp;&nbsp; $84672279 |
| Net realized gains |  | 94701591 | &nbsp;&nbsp;&nbsp; 3479504 |
| Net change in unrealized appreciation (depreciation) | + | 651638871 | &nbsp;&nbsp;&nbsp; 330798510 |
| **Increase in net assets resulting from operations** |  | **$852932841** | &nbsp;&nbsp;&nbsp; **$418950293** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($99501576)**<br>| &nbsp;&nbsp;&nbsp; **($75574529)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 70893794 | &nbsp;&nbsp;&nbsp; $831248216 | &nbsp;&nbsp;&nbsp; 78326390 | &nbsp;&nbsp;&nbsp; $854242514 |
| Shares reinvested |  | 6866150 | &nbsp;&nbsp;&nbsp; 70515388 | &nbsp;&nbsp;&nbsp; 5098704 | &nbsp;&nbsp;&nbsp; 52057764 |
| Shares redeemed | + | (64034360)<br>| &nbsp;&nbsp;&nbsp; (759535976)<br>| &nbsp;&nbsp;&nbsp; (37331526)<br>| &nbsp;&nbsp;&nbsp; (406534987)<br>|
| **Net transactions in fund shares**  |  | **13725584** | &nbsp;&nbsp;&nbsp; **$142227628** | &nbsp;&nbsp;&nbsp; **46093568** | &nbsp;&nbsp;&nbsp; **$499765291** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 263489048 | &nbsp;&nbsp;&nbsp; $2928550950 | &nbsp;&nbsp;&nbsp; 217395480 | &nbsp;&nbsp;&nbsp; $2085409895 |
| Total increase | + | 13725584 | &nbsp;&nbsp;&nbsp; 895658893 | &nbsp;&nbsp;&nbsp; 46093568 | &nbsp;&nbsp;&nbsp; 843141055 |
| **End of period** |  | **277214632** | &nbsp;&nbsp;&nbsp; **$3824209843** | &nbsp;&nbsp;&nbsp; **263489048** | &nbsp;&nbsp;&nbsp; **$2928550950** |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**41**

------

Schwab Fundamental International Small Equity Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $13.23 | &nbsp;&nbsp; $11.35 | &nbsp;&nbsp; $10.66 | &nbsp;&nbsp; $15.42 | &nbsp;&nbsp; $11.46 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.39 | 0.33 | 0.30 | 0.30 | 0.27 |
| Net realized and unrealized gains (losses) | 3.09 | 1.95 | 0.95 | &nbsp;&nbsp; (4.21)<br>| 3.96 |
| Total from investment operations | 3.48 | 2.28 | 1.25 | &nbsp;&nbsp; (3.91)<br>| 4.23 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.27)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.27)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $16.13 | &nbsp;&nbsp; $13.23 | &nbsp;&nbsp; $11.35 | &nbsp;&nbsp; $10.66 | &nbsp;&nbsp; $15.42 |
| Total return | 27.67<br> %<br>| 20.31<br> %<br>| 11.76<br> %<br>| &nbsp;&nbsp; (26.61<br> %)<br>| 37.25<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39 %<sup>2</sup><br>| 0.39<br> %<br>|
| Net investment income (loss) | 2.78<br> %<br>| 2.58<br> %<br>| 2.48<br> %<br>| 2.37<br> %<br>| 1.84<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 35<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $666 | &nbsp;&nbsp; $576 | &nbsp;&nbsp; $524 | &nbsp;&nbsp; $530 | &nbsp;&nbsp; $708 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**42**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 98.6% OF NET ASSETS | **COMMON STOCKS** 98.6% OF NET ASSETS | **COMMON STOCKS** 98.6% OF NET ASSETS |
| **Australia 5.0%** | **Australia 5.0%** | **Australia 5.0%** |
| Accent Group Ltd.  | 106196 | 88905 |
| ALS Ltd.  | 44556 | 632370 |
| Amotiv Ltd.  | 25072 | 146047 |
| AMP Ltd.  | 453020 | 528538 |
| Ansell Ltd.  | 31416 | 750534 |
| ARB Corp. Ltd.  | 7552 | 177526 |
| ASX Ltd.  | 11939 | 440512 |
| Austal Ltd. \* | 63171 | 280110 |
| Bank of Queensland Ltd.  | 108323 | 486035 |
| Bapcor Ltd.  | 106187 | 175397 |
| Beach Energy Ltd.  | 596596 | 484756 |
| Bega Cheese Ltd.  | 73615 | 255500 |
| Bendigo & Adelaide Bank Ltd.  | 75728 | 626420 |
| Breville Group Ltd.  | 8722 | 169235 |
| CAR Group Ltd.  | 11475 | 267935 |
| Challenger Ltd.  | 54478 | 331605 |
| Champion Iron Ltd.  | 124437 | 450025 |
| Charter Hall Group  | 35647 | 523537 |
| Cleanaway Waste Management Ltd.  | 283939 | 473337 |
| Cochlear Ltd.  | 3118 | 585373 |
| Collins Foods Ltd.  | 6776 | 47393 |
| Credit Corp. Group Ltd.  | 16335 | 153242 |
| Cromwell Property Group  | 129925 | 39521 |
| Dexus  | 108806 | 518762 |
| Domino's Pizza Enterprises Ltd.  | 15023 | 179908 |
| Eagers Automotive Ltd.  | 57525 | 1280124 |
| Elders Ltd.  | 68740 | 318815 |
| Evolution Mining Ltd.  | 170787 | 1208585 |
| FleetPartners Group Ltd. \* | 27165 | 51900 |
| Flight Centre Travel Group Ltd.  | 18403 | 148044 |
| G8 Education Ltd.  | 274134 | 144282 |
| GPT Group  | 156943 | 551262 |
| GrainCorp Ltd., Class A  | 142351 | 823362 |
| Harvey Norman Holdings Ltd.  | 142271 | 672386 |
| Healius Ltd.  | 528199 | 307435 |
| Helia Group Ltd.  | 68928 | 243107 |
| IDP Education Ltd.  | 32733 | 119988 |
| IGO Ltd. \* | 121882 | 427368 |
| Iluka Resources Ltd.  | 142721 | 645266 |
| Inghams Group Ltd.  | 125510 | 198656 |
| Insignia Financial Ltd. \* | 112796 | 334324 |
| IPH Ltd.  | 43352 | 104530 |
| IRESS Ltd.  | 29404 | 170258 |
| Lottery Corp. Ltd.  | 110014 | 395722 |
| Lynas Rare Earths Ltd. \* | 36490 | 363782 |
| Magellan Financial Group Ltd.  | 56293 | 353823 |
| Mirvac Group  | 459790 | 692180 |
| Monadelphous Group Ltd.  | 25463 | 387018 |
| Myer Holdings Ltd.  | 307552 | 79387 |
| New Hope Corp. Ltd.  | 179181 | 486296 |
| nib holdings Ltd.  | 97969 | 482849 |
| Nickel Industries Ltd.  | 519897 | 251132 |
| Nine Entertainment Co. Holdings Ltd.  | 544663 | 413255 |
| NRW Holdings Ltd.  | 145426 | 460771 |
| Nufarm Ltd. \* | 186637 | 253818 |
| oOh!media Ltd.  | 54991 | 49473 |
| Orora Ltd.  | 379173 | 498771 |
| Perenti Ltd.  | 390720 | 692023 |
| Perpetual Ltd.  | 19026 | 238644 |
| Perseus Mining Ltd.  | 151506 | 480875 |
| Pilbara Minerals Ltd. \* | 300372 | 646336 |
| Premier Investments Ltd.  | 14708 | 171213 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Qantas Airways Ltd.  | 83485 | 556189 |
| Qube Holdings Ltd.  | 199239 | 571006 |
| Ramelius Resources Ltd.  | 120745 | 261218 |
| REA Group Ltd.  | 1293 | 180163 |
| Reece Ltd.  | 47829 | 365119 |
| Region Group  | 130629 | 208644 |
| Regis Resources Ltd.  | 153831 | 645783 |
| Reliance Worldwide Corp. Ltd.  | 125983 | 341606 |
| Ridley Corp. Ltd.  | 18434 | 35708 |
| Sandfire Resources Ltd. \* | 46447 | 491944 |
| SEEK Ltd.  | 25639 | 453736 |
| Service Stream Ltd.  | 95290 | 141368 |
| SGH Ltd.  | 15784 | 500123 |
| Sigma Healthcare Ltd.  | 143660 | 292070 |
| Sims Ltd.  | 70034 | 730586 |
| SmartGroup Corp. Ltd.  | 6124 | 32737 |
| Stanmore Resources Ltd.  | 94516 | 132835 |
| Star Entertainment Group Ltd. \* | 886804 | 51586 |
| Steadfast Group Ltd.  | 71388 | 261517 |
| Super Retail Group Ltd.  | 48775 | 509765 |
| Tabcorp Holdings Ltd.  | 741837 | 515496 |
| TPG Telecom Ltd.  | 126663 | 458179 |
| Treasury Wine Estates Ltd.  | 109747 | 429868 |
| Ventia Services Group Pty. Ltd.  | 113452 | 424941 |
| Vicinity Ltd.  | 508904 | 840744 |
| West African Resources Ltd. *\*(a)* | 58751 | 116860 |
| Westgold Resources Ltd.  | 16316 | 56548 |
|  |  | **33565922** |
| **Austria 0.7%** | **Austria 0.7%** | **Austria 0.7%** |
| ANDRITZ AG  | 12315 | 931086 |
| AT&S Austria Technologie & Systemtechnik <br> AG \*<br>| 2906 | 107873 |
| EVN AG  | 7801 | 227649 |
| Kontron AG  | 7029 | 183728 |
| Lenzing AG \* | 7147 | 213801 |
| Mayr Melnhof Karton AG  | 7144 | 650985 |
| Oesterreichische Post AG  | 7226 | 249788 |
| Palfinger AG  | 5815 | 217838 |
| Strabag SE  | 6467 | 506139 |
| Telekom Austria AG  | 31352 | 333553 |
| UNIQA Insurance Group AG  | 25295 | 371618 |
| Verbund AG  | 3755 | 289812 |
| Vienna Insurance Group AG Wiener <br> Versicherung Gruppe <br>| 8032 | 411977 |
|  |  | **4695847** |
| **Belgium 1.0%** | **Belgium 1.0%** | **Belgium 1.0%** |
| Ackermans & van Haaren NV  | 3249 | 809156 |
| Aedifica SA  | 2882 | 210468 |
| Azelis Group NV  | 23794 | 281357 |
| Barco NV  | 16781 | 239328 |
| Bekaert SA  | 18949 | 791552 |
| bpost SA \* | 44697 | 108444 |
| Cofinimmo SA  | 3974 | 339363 |
| Colruyt Group NV  | 15131 | 565082 |
| Deme Group NV  | 1233 | 186290 |
| D'ieteren Group  | 1660 | 303237 |
| Elia Group SA  | 4522 | 545029 |
| Fagron  | 8154 | 193759 |
| KBC Ancora  | 2699 | 212371 |
| Lotus Bakeries NV  | 11 | 95971 |
| Melexis NV  | 3404 | 244996 |
| Ontex Group NV *\*(b)* | 36596 | 267516 |
| Solvay SA  | 15636 | 479911 |
| Tessenderlo Group SA  | 6964 | 210363 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**43**

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Titan SA  | 4154 | 184525 |
| Warehouses De Pauw CVA  | 8999 | 228527 |
|  |  | **6497245** |
| **Cambodia 0.0%** | **Cambodia 0.0%** | **Cambodia 0.0%** |
| NagaCorp Ltd.  | 90000 | 60343 |
| **Canada 8.6%** | **Canada 8.6%** | **Canada 8.6%** |
| ADENTRA, Inc.  | 1588 | 39820 |
| Advantage Energy Ltd. \* | 34123 | 270785 |
| Aecon Group, Inc.  | 25644 | 565336 |
| Air Canada \* | 38962 | 512252 |
| Alamos Gold, Inc., Class A  | 19626 | 605061 |
| Algoma Steel Group, Inc.  | 92702 | 387319 |
| Allied Properties Real Estate Investment <br> Trust <br>| 25644 | 270235 |
| Altus Group Ltd.  | 2749 | 112935 |
| Aris Mining Corp. \* | 22322 | 220904 |
| Aritzia, Inc. \* | 5703 | 398362 |
| Artis Real Estate Investment Trust  | 6622 | 28801 |
| Athabasca Oil Corp. \* | 89911 | 441686 |
| AtkinsRealis Group, Inc.  | 11862 | 836527 |
| ATS Corp. \* | 9858 | 271164 |
| Badger Infrastructure Solutions Ltd.  | 5292 | 277664 |
| Bausch & Lomb Corp. \* | 1789 | 27054 |
| Baytex Energy Corp.  | 342929 | 828868 |
| Birchcliff Energy Ltd.  | 96923 | 451946 |
| Bird Construction, Inc.  | 8163 | 175302 |
| Boardwalk Real Estate Investment Trust  | 757 | 34904 |
| Bombardier, Inc., Class B \* | 6882 | 961581 |
| Boralex, Inc., Class A  | 13868 | 278438 |
| BOYD GROUP, Inc.  | 2670 | 426480 |
| Brookfield Business Corp., Class A  | 12005 | 437557 |
| Brookfield Infrastructure Corp., Class A  | 21845 | 989804 |
| Brookfield Renewable Corp.  | 20723 | 897152 |
| Brookfield Wealth Solutions Ltd. \* | 5485 | 252930 |
| BRP, Inc.  | 12463 | 781787 |
| CAE, Inc. \* | 30762 | 863718 |
| Cameco Corp.  | 8572 | 876055 |
| Canaccord Genuity Group, Inc.  | 27328 | 229138 |
| Canada Goose Holdings, Inc. \* | 10680 | 148715 |
| Canada Packers, Inc. \* | 4065 | 48488 |
| Canadian Apartment Properties REIT  | 16892 | 464528 |
| Canadian Solar, Inc. \* | 46031 | 955604 |
| Canadian Utilities Ltd., Class A  | 27848 | 779915 |
| Canfor Corp. \* | 66576 | 580532 |
| Capital Power Corp.  | 4045 | 204766 |
| Capstone Copper Corp. \* | 42906 | 383005 |
| Cardinal Energy Ltd.  | 33047 | 188025 |
| Cargojet, Inc.  | 2845 | 165805 |
| Cascades, Inc.  | 70486 | 558340 |
| Celestica, Inc. \* | 6971 | 2399977 |
| Centerra Gold, Inc.  | 78753 | 922542 |
| CES Energy Solutions Corp.  | 48354 | 331312 |
| Chartwell Retirement Residences  | 22080 | 325403 |
| Chemtrade Logistics Income Fund  | 44677 | 428438 |
| China Gold International Resources Corp. <br> Ltd. <br>| 41500 | 698567 |
| Choice Properties Real Estate Investment <br> Trust <br>| 27878 | 294970 |
| Cogeco Communications, Inc.  | 14383 | 654877 |
| Colliers International Group, Inc.  | 2749 | 438550 |
| Crombie Real Estate Investment Trust  | 21940 | 233549 |
| CT Real Estate Investment Trust  | 2780 | 32328 |
| Curaleaf Holdings, Inc. \* | 15244 | 42932 |
| Definity Financial Corp.  | 5854 | 272342 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Descartes Systems Group, Inc. \* | 2016 | 178049 |
| DPM Metals, Inc.  | 27329 | 584557 |
| Dream Industrial Real Estate Investment <br> Trust <br>| 19557 | 168582 |
| E-L Financial Corp. Ltd.  | 12913 | 149703 |
| Eldorado Gold Corp. \* | 23865 | 611705 |
| Element Fleet Management Corp.  | 6851 | 184787 |
| Enerflex Ltd.  | 37565 | 472726 |
| Enghouse Systems Ltd.  | 8243 | 122304 |
| EQB, Inc.  | 2686 | 171343 |
| Equinox Gold Corp. \* | 56220 | 617696 |
| ERO Copper Corp. \* | 11902 | 254155 |
| Exchange Income Corp.  | 8722 | 477843 |
| Fiera Capital Corp.  | 4774 | 21410 |
| First Capital Real Estate Investment Trust  | 30159 | 404471 |
| First Majestic Silver Corp.  | 21930 | 280350 |
| FirstService Corp.  | 2500 | 397954 |
| Fortuna Mining Corp. \* | 42487 | 351092 |
| GFL Environmental, Inc.  | 11229 | 490936 |
| Gibson Energy, Inc.  | 44374 | 756467 |
| goeasy Ltd.  | 1857 | 223295 |
| Granite Real Estate Investment Trust  | 6516 | 366184 |
| H&R Real Estate Investment Trust  | 69435 | 553975 |
| Hudbay Minerals, Inc.  | 56747 | 909538 |
| IAMGOLD Corp. \* | 54478 | 630796 |
| IGM Financial, Inc.  | 16604 | 638684 |
| Interfor Corp. \* | 13948 | 78663 |
| International Petroleum Corp. \* | 17403 | 270832 |
| Killam Apartment Real Estate Investment <br> Trust <br>| 11669 | 144183 |
| Labrador Iron Ore Royalty Corp.  | 7468 | 154094 |
| Lassonde Industries, Inc., Class A  | 1165 | 181385 |
| Laurentian Bank of Canada  | 14608 | 346830 |
| Leon's Furniture Ltd.  | 7987 | 166340 |
| Maple Leaf Foods, Inc.  | 20329 | 390767 |
| Martinrea International, Inc.  | 15618 | 112691 |
| Mattr Corp. \* | 3821 | 29804 |
| Mullen Group Ltd.  | 35560 | 357489 |
| New Gold, Inc. \* | 37948 | 279493 |
| NFI Group, Inc. \* | 21062 | 215343 |
| North West Co., Inc.  | 12933 | 419558 |
| Northland Power, Inc.  | 49297 | 900846 |
| Northwest Healthcare Properties Real <br> Estate Investment Trust <br>| 43223 | 156244 |
| NuVista Energy Ltd. \* | 36063 | 428884 |
| Obsidian Energy Ltd. \* | 7211 | 40874 |
| OceanaGold Corp.  | 34187 | 764640 |
| Onex Corp.  | 2290 | 199194 |
| OR Royalties, Inc.  | 4860 | 155930 |
| Pan American Silver Corp.  | 26691 | 940099 |
| Paramount Resources Ltd., Class A  | 19915 | 326580 |
| Parex Resources, Inc.  | 80457 | 1029125 |
| Pason Systems, Inc.  | 16845 | 143523 |
| Peyto Exploration & Development Corp.  | 28681 | 417777 |
| Precision Drilling Corp. \* | 6380 | 382741 |
| Premium Brands Holdings Corp.  | 10446 | 720208 |
| RB Global, Inc.  | 6695 | 664273 |
| Richelieu Hardware Ltd.  | 12545 | 343913 |
| RioCan Real Estate Investment Trust  | 55574 | 743734 |
| Russel Metals, Inc.  | 29290 | 906548 |
| Sagicor Financial Co. Ltd.  | 30120 | 171801 |
| Secure Waste Infrastructure Corp.  | 62818 | 784245 |
| Shopify, Inc., Class A \* | 1862 | 323744 |
| Sienna Senior Living, Inc.  | 12808 | 174785 |
| SmartCentres Real Estate Investment <br> Trust <br>| 16108 | 305496 |
| Spin Master Corp.  | 9524 | 141446 |
| SSR Mining, Inc. \* | 62050 | 1402877 |

---

*See financial notes*

**44**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Stantec, Inc.  | 8699 | 963337 |
| Stella-Jones, Inc.  | 12479 | 708319 |
| Superior Plus Corp.  | 102756 | 584644 |
| Tamarack Valley Energy Ltd.  | 80319 | 356770 |
| Teekay Tankers Ltd., Class A  | 6373 | 388753 |
| TELUS International CDA, Inc. \* | 12900 | 54541 |
| TMX Group Ltd.  | 12915 | 476342 |
| Torex Gold Resources, Inc. \* | 18238 | 753420 |
| TransAlta Corp.  | 57479 | 1015938 |
| Transcontinental, Inc., Class A  | 43757 | 614292 |
| Trican Well Service Ltd.  | 10127 | 37907 |
| Wajax Corp.  | 3437 | 60945 |
| Winpak Ltd.  | 6185 | 189711 |
|  |  | **57245595** |
| **China 1.4%** | **China 1.4%** | **China 1.4%** |
| Alibaba Health Information Technology <br> Ltd. \*<br>| 384000 | 286420 |
| Bosideng International Holdings Ltd.  | 848000 | 518903 |
| Budweiser Brewing Co. APAC Ltd.  | 391000 | 396608 |
| China Medical System Holdings Ltd.  | 344000 | 593266 |
| China Water Affairs Group Ltd.  | 394000 | 317843 |
| Chow Tai Fook Jewellery Group Ltd.  | 415000 | 812247 |
| FIH Mobile Ltd. \* | 282500 | 674309 |
| GCL Technology Holdings Ltd. *\*(b)* | 4617000 | 807095 |
| Health & Happiness H&H International <br> Holdings Ltd. <br>| 25000 | 38892 |
| Hopson Development Holdings Ltd. \* | 864800 | 350570 |
| JOYY, Inc., ADR  | 17183 | 1019124 |
| KLN Logistics Group Ltd.  | 74500 | 68948 |
| Lee & Man Paper Manufacturing Ltd.  | 881000 | 311393 |
| Shangri-La Asia Ltd.  | 52000 | 32456 |
| Sino Biopharmaceutical Ltd.  | 1424000 | 1297167 |
| Towngas Smart Energy Co. Ltd. \* | 376000 | 188494 |
| VSTECS Holdings Ltd.  | 408000 | 505165 |
| Want Want China Holdings Ltd.  | 944000 | 610038 |
| Xinyi Glass Holdings Ltd.  | 609000 | 712243 |
|  |  | **9541181** |
| **Cyprus 0.1%** | **Cyprus 0.1%** | **Cyprus 0.1%** |
| Frontline PLC  | 25556 | 639922 |
| **Denmark 1.4%** | **Denmark 1.4%** | **Denmark 1.4%** |
| Alm Brand AS  | 152692 | 429869 |
| D/S Norden AS  | 22037 | 880800 |
| Demant AS \* | 9398 | 312673 |
| Dfds AS \* | 23876 | 336652 |
| FLSmidth & Co. AS  | 8691 | 676852 |
| Genmab AS \* | 794 | 226471 |
| GN Store Nord AS \* | 30480 | 533723 |
| H Lundbeck AS  | 66388 | 484177 |
| ISS AS  | 9977 | 314464 |
| Jyske Bank AS  | 5839 | 686300 |
| Matas AS  | 6279 | 124649 |
| Netcompany Group AS \* | 4218 | 210766 |
| NKT AS \* | 4009 | 448771 |
| NTG Nordic Transport Group AS \* | 3133 | 88411 |
| Per Aarsleff Holding AS  | 4092 | 464661 |
| Ringkjoebing Landbobank AS  | 912 | 206254 |
| Rockwool AS, B Shares  | 15714 | 538451 |
| Royal Unibrew AS  | 6575 | 496940 |
| Scandinavian Tobacco Group AS, <br> A Shares <br>| 34935 | 463171 |
| Schouw & Co. AS  | 4192 | 385421 |
| Sydbank AS  | 6016 | 513593 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Tryg AS  | 32126 | 791873 |
|  |  | **9614942** |
| **Finland 1.3%** | **Finland 1.3%** | **Finland 1.3%** |
| Finnair OYJ \* | 18878 | 62003 |
| Fiskars OYJ Abp  | 2174 | 32777 |
| Hiab OYJ, B shares  | 3372 | 186742 |
| Huhtamaki OYJ  | 22806 | 766437 |
| Kalmar OYJ, B Shares  | 9084 | 376348 |
| Kemira OYJ  | 29824 | 656404 |
| Kojamo OYJ \* | 15222 | 184405 |
| Konecranes OYJ  | 8862 | 874747 |
| Mandatum OYJ  | 69288 | 496952 |
| Metsa Board OYJ, B Shares *(b)* | 83201 | 282238 |
| Metso OYJ  | 18852 | 309154 |
| Nokian Renkaat OYJ *(b)* | 86054 | 867790 |
| Olvi OYJ, Class A  | 2861 | 97637 |
| Orion OYJ, B Shares  | 11647 | 813344 |
| Sanoma OYJ  | 25395 | 310390 |
| Terveystalo OYJ  | 21792 | 234437 |
| TietoEVRY OYJ  | 43902 | 942289 |
| Tokmanni Group Corp.  | 17550 | 173482 |
| Valmet OYJ  | 29209 | 950422 |
|  |  | **8617998** |
| **France 3.7%** | **France 3.7%** | **France 3.7%** |
| Aeroports de Paris SA  | 3887 | 533223 |
| Air France-KLM \* | 63867 | 851422 |
| Altarea SCA  | 288 | 32851 |
| Alten SA  | 8405 | 692196 |
| Amundi SA  | 10504 | 778687 |
| Beneteau SACA  | 14434 | 139129 |
| BioMerieux  | 3944 | 507793 |
| Carmila SA \* | 10994 | 200427 |
| Cie de L'Odet SE  | 215 | 322318 |
| Clariane SE \* | 157072 | 675278 |
| Coface SA  | 21919 | 386044 |
| Constellium SE, Class A \* | 67798 | 1066463 |
| Covivio SA  | 7855 | 503960 |
| Criteo SA, ADR \* | 15807 | 361664 |
| Dassault Aviation SA  | 1081 | 348347 |
| Derichebourg SA  | 62698 | 427696 |
| Edenred SE  | 25381 | 729556 |
| Emeis SA \* | 17826 | 294307 |
| Eramet SA *(b)* | 4728 | 323682 |
| Eurazeo SE  | 4091 | 278875 |
| Eutelsat Communications SACA *\*(b)* | 28542 | 110422 |
| FDJ UNITED  | 12138 | 353666 |
| Fnac Darty SA  | 12448 | 407662 |
| Gaztransport Et Technigaz SA  | 1838 | 363979 |
| Gecina SA  | 5618 | 522088 |
| Getlink SE  | 24079 | 439519 |
| ICADE  | 15647 | 381262 |
| ID Logistics Group SACA \* | 328 | 148973 |
| Imerys SA  | 16921 | 416798 |
| Ipsen SA  | 5108 | 717833 |
| IPSOS SA  | 11690 | 448094 |
| JCDecaux SE  | 25971 | 472529 |
| Klepierre SA  | 18261 | 697872 |
| LISI SA  | 1484 | 86925 |
| Mercialys SA  | 14630 | 178510 |
| Mersen SA  | 2488 | 62888 |
| Metropole Television SA  | 22993 | 317219 |
| Nexans SA  | 6614 | 931266 |
| Nexity SA \* | 54755 | 573117 |
| Opmobility  | 43985 | 718436 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**45**

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Pierre Et Vacances SA \* | 62919 | 117901 |
| Quadient SA  | 4742 | 81617 |
| Remy Cointreau SA  | 4775 | 236577 |
| Sartorius Stedim Biotech  | 1541 | 368560 |
| Societe BIC SA  | 7304 | 406406 |
| Societe LDC SADIR  | 692 | 73622 |
| SOITEC \* | 4325 | 204663 |
| Sopra Steria Group  | 3742 | 582428 |
| SPIE SA  | 19869 | 1011180 |
| Stef SA  | 963 | 134329 |
| Television Francaise 1 SA  | 49444 | 452340 |
| Trigano SA  | 2566 | 427009 |
| Ubisoft Entertainment SA \* | 54786 | 489128 |
| Vallourec SACA  | 35296 | 658079 |
| Verallia SA  | 17897 | 466744 |
| Vicat SACA  | 7481 | 560839 |
| Virbac SACA  | 542 | 221625 |
| Vivendi SE \* | 73004 | 262958 |
| Worldline SA *\*(b)* | 22627 | 61344 |
|  |  | **24620325** |
| **Germany 3.3%** | **Germany 3.3%** | **Germany 3.3%** |
| AIXTRON SE  | 12432 | 199222 |
| Auto1 Group SE \* | 17702 | 622094 |
| BayWa AG *\*(b)* | 13527 | 80414 |
| Bechtle AG  | 19963 | 843829 |
| Bilfinger SE  | 6084 | 656418 |
| CANCOM SE  | 9391 | 267140 |
| Carl Zeiss Meditec AG, Bearer Shares  | 5459 | 276885 |
| Ceconomy AG \* | 125938 | 644755 |
| Cewe Stiftung & Co. KGaA  | 1536 | 175997 |
| CTS Eventim AG & Co. KGaA  | 1578 | 141375 |
| Delivery Hero SE \* | 9090 | 230884 |
| Deutsche Pfandbriefbank AG  | 62383 | 328106 |
| Deutz AG  | 57888 | 573779 |
| Duerr AG  | 17112 | 399131 |
| DWS Group GmbH & Co. KGaA  | 5210 | 333542 |
| Evotec SE \* | 4785 | 38968 |
| Fielmann Group AG  | 3140 | 171487 |
| Fraport AG Frankfurt Airport Services <br> Worldwide \*<br>| 4472 | 383316 |
| Gerresheimer AG *(b)* | 7322 | 233056 |
| Grenke AG  | 8844 | 152383 |
| Hella GmbH & Co. KGaA  | 1558 | 145027 |
| HelloFresh SE \* | 60241 | 488348 |
| Hensoldt AG  | 2905 | 309666 |
| HOCHTIEF AG  | 1769 | 507772 |
| Hornbach Holding AG & Co. KGaA  | 5794 | 579732 |
| HUGO BOSS AG  | 12351 | 547951 |
| Indus Holding AG  | 4112 | 106491 |
| Jenoptik AG  | 11180 | 252511 |
| JOST Werke SE  | 4165 | 242651 |
| Kloeckner & Co. SE  | 133417 | 853111 |
| Knorr-Bremse AG  | 9165 | 852785 |
| Krones AG  | 2617 | 380115 |
| LEG Immobilien SE  | 7020 | 535024 |
| Mutares SE & Co. KGaA  | 7240 | 231117 |
| Nemetschek SE  | 1320 | 152527 |
| Nordex SE \* | 10774 | 318164 |
| ProSiebenSat.1 Media SE  | 93191 | 567714 |
| Rational AG  | 257 | 188535 |
| SAF-Holland SE  | 14836 | 241335 |
| Salzgitter AG  | 30974 | 1005164 |
| Scout24 SE  | 3311 | 382905 |
| Siltronic AG *(b)* | 7412 | 457720 |
| Sixt SE  | 3094 | 271986 |
| Stabilus SE  | 11786 | 295883 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Stroeer SE & Co. KGaA  | 4520 | 197768 |
| Suedzucker AG  | 33004 | 363998 |
| TAG Immobilien AG  | 22497 | 373471 |
| Takkt AG  | 3727 | 19355 |
| Talanx AG  | 7307 | 889783 |
| TeamViewer SE \* | 12889 | 94871 |
| Traton SE  | 19735 | 633929 |
| TUI AG \* | 62662 | 533935 |
| United Internet AG  | 36013 | 1111787 |
| Wacker Chemie AG  | 9240 | 728762 |
| Wacker Neuson SE  | 9631 | 209704 |
| Wuestenrot & Wuerttembergische AG  | 16686 | 272010 |
|  |  | **22096388** |
| **Guernsey 0.0%** | **Guernsey 0.0%** | **Guernsey 0.0%** |
| Burford Capital Ltd.  | 14093 | 138446 |
| Sirius Real Estate Ltd.  | 31943 | 41901 |
|  |  | **180347** |
| **Hong Kong 2.7%** | **Hong Kong 2.7%** | **Hong Kong 2.7%** |
| ASMPT Ltd.  | 74700 | 786276 |
| Bank of East Asia Ltd.  | 281800 | 485953 |
| Brightoil Petroleum Holdings Ltd. *\*(a)* | 1150000 | 0 |
| Cafe de Coral Holdings Ltd.  | 38000 | 30711 |
| Cathay Pacific Airways Ltd.  | 261363 | 372057 |
| CK Infrastructure Holdings Ltd.  | 27000 | 175618 |
| Cowell e Holdings, Inc. \* | 10000 | 39727 |
| Crystal International Group Ltd.  | 170500 | 149447 |
| CTF Services Ltd.  | 205000 | 221514 |
| Dah Sing Financial Holdings Ltd.  | 57200 | 264483 |
| DFI Retail Group Holdings Ltd.  | 86400 | 303137 |
| Fortune Real Estate Investment Trust  | 279000 | 180227 |
| Futu Holdings Ltd., ADR  | 2649 | 527257 |
| Galaxy Entertainment Group Ltd.  | 128000 | 637738 |
| Grand Pharmaceutical Group Ltd.  | 233500 | 248589 |
| Hang Lung Group Ltd.  | 322000 | 612731 |
| Hang Lung Properties Ltd.  | 347614 | 387083 |
| Henderson Land Development Co. Ltd.  | 183000 | 643748 |
| HK Electric Investments & HK Electric <br> Investments Ltd. <br>| 403500 | 313638 |
| HKBN Ltd. *(b)* | 422500 | 371361 |
| Hongkong Land Holdings Ltd.  | 162000 | 989871 |
| Hysan Development Co. Ltd.  | 140000 | 290046 |
| Johnson Electric Holdings Ltd.  | 208000 | 975998 |
| Kerry Properties Ltd.  | 231000 | 582228 |
| Kingboard Laminates Holdings Ltd.  | 332500 | 556676 |
| Luk Fook Holdings International Ltd.  | 153000 | 489175 |
| Man Wah Holdings Ltd.  | 486000 | 296695 |
| Melco Resorts & Entertainment Ltd., ADR \* | 53886 | 441865 |
| MTR Corp. Ltd.  | 167500 | 614505 |
| Nine Dragons Paper Holdings Ltd. \* | 1468000 | 1051500 |
| PAX Global Technology Ltd.  | 302000 | 207149 |
| PCCW Ltd.  | 1220000 | 871531 |
| Sino Land Co. Ltd.  | 452000 | 561445 |
| SJM Holdings Ltd. \* | 90500 | 32935 |
| Skyworth Group Ltd. \* | 946000 | 479411 |
| Stella International Holdings Ltd.  | 157000 | 333778 |
| Swire Properties Ltd.  | 138800 | 378129 |
| United Energy Group Ltd.  | 912000 | 58189 |
| United Laboratories International Holdings <br> Ltd. <br>| 174000 | 281713 |
| Vitasoy International Holdings Ltd.  | 142000 | 138880 |
| VTech Holdings Ltd.  | 62200 | 507284 |
| Wharf Holdings Ltd.  | 138000 | 362646 |

---

*See financial notes*

**46**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Wharf Real Estate Investment Co. Ltd.  | 241000 | 685939 |
|  |  | **17938883** |
| **Indonesia 0.1%** | **Indonesia 0.1%** | **Indonesia 0.1%** |
| First Pacific Co. Ltd.  | 1118000 | 902684 |
| **Ireland 0.6%** | **Ireland 0.6%** | **Ireland 0.6%** |
| AIB Group PLC  | 28828 | 265688 |
| Alkermes PLC \* | 8148 | 250143 |
| Cairn Homes PLC  | 98726 | 219965 |
| Cimpress PLC \* | 4104 | 284038 |
| Dalata Hotel Group PLC  | 6392 | 47448 |
| Dole PLC  | 32501 | 414063 |
| Glanbia PLC  | 47829 | 809551 |
| Glenveagh Properties PLC \* | 92021 | 202378 |
| Grafton Group PLC, CDI  | 64871 | 811185 |
| Greencore Group PLC  | 91300 | 286059 |
| Uniphar PLC  | 18444 | 81565 |
|  |  | **3672083** |
| **Israel 2.1%** | **Israel 2.1%** | **Israel 2.1%** |
| Alony Hetz Properties & Investments Ltd.  | 23248 | 285031 |
| Ashtrom Group Ltd.  | 2205 | 50380 |
| Azrieli Group Ltd.  | 1798 | 189693 |
| Bezeq The Israeli Telecommunication <br> Corp. Ltd. <br>| 379260 | 776838 |
| Cellcom Israel Ltd. \* | 30930 | 322432 |
| Clal Insurance Enterprises Holdings Ltd.  | 8113 | 451125 |
| Delek Automotive Systems Ltd.  | 24737 | 208096 |
| Delek Group Ltd.  | 3284 | 863369 |
| Delta Galil Ltd.  | 3109 | 173462 |
| Elbit Systems Ltd.  | 1474 | 698202 |
| Elco Ltd.  | 3326 | 179054 |
| Electra Ltd.  | 5220 | 165412 |
| Equital Ltd. \* | 5247 | 250243 |
| Fattal Holdings 1998 Ltd. \* | 704 | 127780 |
| FIBI Holdings Ltd.  | 4726 | 363057 |
| First International Bank of Israel Ltd.  | 6098 | 438580 |
| Formula Systems 1985 Ltd.  | 2395 | 347672 |
| Fox Wizel Ltd.  | 473 | 54496 |
| G City Ltd.  | 11642 | 39648 |
| Harel Insurance Investments & Financial <br> Services Ltd. <br>| 15583 | 543118 |
| Inmode Ltd. \* | 8038 | 118721 |
| Isracard Ltd.  | 45025 | 192096 |
| Israel Corp. Ltd.  | 2999 | 1061805 |
| Melisron Ltd.  | 321 | 41783 |
| Mivne Real Estate KD Ltd.  | 51998 | 229584 |
| Mizrahi Tefahot Bank Ltd.  | 3735 | 242841 |
| Nice Ltd. \* | 4804 | 655304 |
| Nova Ltd. \* | 494 | 170252 |
| Oil Refineries Ltd.  | 797291 | 232939 |
| Partner Communications Co. Ltd.  | 28853 | 286480 |
| Paz Retail & Energy Ltd.  | 1609 | 344174 |
| Phoenix Financial Ltd.  | 22842 | 879349 |
| Plus500 Ltd.  | 16211 | 674531 |
| Rami Levy Chain Stores Hashikma <br> Marketing 2006 Ltd. <br>| 1732 | 162811 |
| Shikun & Binui Ltd. \* | 43859 | 244309 |
| Shufersal Ltd.  | 44046 | 547402 |
| Strauss Group Ltd.  | 10087 | 284047 |
| Taboola.com Ltd. \* | 34023 | 121462 |
| Tower Semiconductor Ltd. \* | 14523 | 1200389 |
|  |  | **14217967** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Italy 2.2%** | **Italy 2.2%** | **Italy 2.2%** |
| ACEA SpA  | 12336 | 298885 |
| Amplifon SpA  | 14567 | 248946 |
| Azimut Holding SpA  | 19466 | 761836 |
| Banca Generali SpA  | 6402 | 362583 |
| Banca Mediolanum SpA  | 35954 | 722836 |
| Banca Monte dei Paschi di Siena SpA  | 59499 | 521835 |
| Banca Popolare di Sondrio SpA  | 36815 | 617352 |
| BFF Bank SpA \* | 25815 | 311601 |
| Buzzi SpA  | 13683 | 824307 |
| CIR SpA-Compagnie Industriali \* | 89039 | 71035 |
| Danieli & C Officine Meccaniche SpA  | 2963 | 160109 |
| De' Longhi SpA  | 10903 | 397960 |
| DiaSorin SpA  | 2396 | 212221 |
| Enav SpA  | 44675 | 233432 |
| ERG SpA  | 10107 | 260721 |
| FinecoBank Banca Fineco SpA  | 34435 | 787878 |
| Hera SpA  | 160875 | 722037 |
| Infrastrutture Wireless Italiane SpA  | 21339 | 234480 |
| Interpump Group SpA  | 10458 | 539741 |
| Iren SpA  | 226199 | 667457 |
| Italgas SpA  | 100724 | 1056890 |
| Lottomatica Group SpA  | 5843 | 144078 |
| Maire SpA  | 4268 | 64801 |
| Nexi SpA  | 86712 | 457199 |
| OVS SpA  | 54446 | 274782 |
| Piaggio & C SpA  | 76592 | 174371 |
| Pirelli & C SpA  | 99938 | 701569 |
| PRADA SpA  | 51100 | 301555 |
| Recordati Industria Chimica e <br> Farmaceutica SpA <br>| 7856 | 467603 |
| Reply SpA  | 1715 | 240691 |
| Saipem SpA  | 193312 | 503954 |
| Salvatore Ferragamo SpA *\*(b)* | 25821 | 208183 |
| Sesa SpA  | 1749 | 162763 |
| SOL SpA  | 3382 | 198032 |
| Technogym SpA  | 11440 | 207213 |
| Webuild SpA  | 53255 | 215219 |
|  |  | **14336155** |
| **Japan 31.6%** | **Japan 31.6%** | **Japan 31.6%** |
| & ST HD Co. Ltd.  | 10680 | 180217 |
| 77 Bank Ltd.  | 8200 | 351470 |
| ABC-Mart, Inc.  | 18400 | 315225 |
| Acom Co. Ltd.  | 93300 | 265977 |
| Activia Properties, Inc.  | 251 | 229657 |
| ADEKA Corp.  | 33300 | 754504 |
| Advance Residence Investment Corp.  | 246 | 266257 |
| AEON Financial Service Co. Ltd.  | 41100 | 402008 |
| AEON REIT Investment Corp.  | 267 | 226049 |
| Aica Kogyo Co. Ltd.  | 17500 | 412111 |
| Aichi Steel Corp.  | 13500 | 232427 |
| Aiful Corp.  | 21500 | 63227 |
| Ain Holdings, Inc.  | 13000 | 544689 |
| Aisan Industry Co. Ltd.  | 17900 | 242542 |
| ALSOK Co. Ltd.  | 107800 | 736797 |
| Amano Corp.  | 13300 | 352872 |
| Anritsu Corp.  | 38700 | 572278 |
| AOKI Holdings, Inc.  | 15800 | 170336 |
| Aoyama Trading Co. Ltd.  | 20400 | 301604 |
| Aozora Bank Ltd.  | 21500 | 307839 |
| Arata Corp.  | 29000 | 564998 |
| ARCLANDS Corp.  | 23600 | 268049 |
| Arcs Co. Ltd.  | 40200 | 816927 |
| ARE Holdings, Inc.  | 29500 | 468422 |
| Artience Co. Ltd.  | 17100 | 348516 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**47**

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| As One Corp.  | 10860 | 177277 |
| Asahi Intecc Co. Ltd.  | 14300 | 226760 |
| Asics Corp.  | 30500 | 776657 |
| ASKUL Corp.  | 15700 | 142750 |
| Autobacs Seven Co. Ltd.  | 38000 | 379659 |
| Axial Retailing, Inc.  | 15000 | 105941 |
| Azbil Corp.  | 80600 | 794505 |
| Bando Chemical Industries Ltd.  | 3900 | 48947 |
| BayCurrent, Inc.  | 4700 | 215561 |
| Belc Co. Ltd.  | 6000 | 281696 |
| Bic Camera, Inc.  | 38500 | 388096 |
| BIPROGY, Inc.  | 15500 | 626067 |
| Blue Zones Holdings Co. Ltd.  | 6892 | 350757 |
| BML, Inc.  | 13200 | 312708 |
| Bunka Shutter Co. Ltd.  | 20400 | 269053 |
| Calbee, Inc.  | 22700 | 422464 |
| Canon Marketing Japan, Inc.  | 17500 | 728713 |
| Capcom Co. Ltd.  | 13700 | 357749 |
| Casio Computer Co. Ltd.  | 84800 | 664797 |
| CCI Group, Inc.  | 44000 | 188077 |
| Central Glass Co. Ltd.  | 4700 | 98056 |
| Chiba Bank Ltd.  | 67700 | 660598 |
| Chudenko Corp.  | 10500 | 286551 |
| Chugin Financial Group, Inc.  | 19700 | 274714 |
| Chugoku Marine Paints Ltd.  | 8700 | 232573 |
| Citizen Watch Co. Ltd.  | 87300 | 605834 |
| CKD Corp.  | 17200 | 368303 |
| Colowide Co. Ltd.  | 12800 | 138852 |
| Cosmos Pharmaceutical Corp.  | 12140 | 543160 |
| Create SD Holdings Co. Ltd.  | 13100 | 271489 |
| Credit Saison Co. Ltd.  | 27900 | 679658 |
| CyberAgent, Inc.  | 92900 | 926051 |
| Daicel Corp.  | 99500 | 856108 |
| Dai-Dan Co. Ltd.  | 7300 | 323479 |
| Daido Steel Co. Ltd.  | 96300 | 911180 |
| Daihen Corp.  | 5100 | 333724 |
| Daiichikosho Co. Ltd.  | 20000 | 204488 |
| Daio Paper Corp.  | 82500 | 434834 |
| Daiseki Co. Ltd.  | 7160 | 150600 |
| Daishi Hokuetsu Financial Group, Inc.  | 32700 | 315361 |
| Daiwa House REIT Investment Corp.  | 478 | 411916 |
| Daiwa Office Investment Corp.  | 71 | 173688 |
| Daiwa Securities Living Investments Corp.  | 235 | 168360 |
| DCM Holdings Co. Ltd.  | 57700 | 535022 |
| DeNA Co. Ltd.  | 10586 | 185599 |
| Denka Co. Ltd.  | 46900 | 680677 |
| Dexerials Corp.  | 19300 | 311307 |
| DMG Mori Co. Ltd.  | 30100 | 466834 |
| Doshisha Co. Ltd.  | 2600 | 48898 |
| Doutor Nichires Holdings Co. Ltd.  | 10900 | 170035 |
| DTS Corp.  | 30400 | 253256 |
| Duskin Co. Ltd.  | 12800 | 308594 |
| DyDo Group Holdings, Inc.  | 7700 | 121254 |
| Eagle Industry Co. Ltd.  | 11500 | 203584 |
| Earth Corp.  | 6700 | 218895 |
| EDION Corp.  | 66900 | 880032 |
| Eizo Corp.  | 3000 | 42585 |
| Elecom Co. Ltd.  | 13127 | 153507 |
| Exedy Corp.  | 15500 | 520800 |
| Ezaki Glico Co. Ltd.  | 19800 | 632737 |
| FCC Co. Ltd.  | 16500 | 333300 |
| Ferrotec Corp.  | 17500 | 573663 |
| Food & Life Cos. Ltd.  | 9600 | 468224 |
| FP Corp.  | 13060 | 212228 |
| Frontier Real Estate Investment Corp.  | 283 | 166228 |
| Fuji Co. Ltd.  | 17300 | 220940 |
| Fuji Corp.  | 30038 | 582941 |
| Fuji Media Holdings, Inc.  | 19800 | 441071 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Fuji Oil Co. Ltd.  | 19100 | 395066 |
| Fuji Seal International, Inc.  | 15100 | 265497 |
| Fujimi, Inc.  | 2000 | 31276 |
| Fujitec Co. Ltd.  | 8900 | 326564 |
| Fukuda Denshi Co. Ltd.  | 5500 | 248811 |
| Fukuoka Financial Group, Inc.  | 22600 | 656764 |
| Fukuyama Transporting Co. Ltd.  | 16499 | 409828 |
| Furukawa Co. Ltd.  | 12800 | 252277 |
| Futaba Industrial Co. Ltd.  | 20900 | 127644 |
| Fuyo General Lease Co. Ltd.  | 18235 | 476746 |
| Geo Holdings Corp.  | 6400 | 66997 |
| Glory Ltd.  | 24300 | 580634 |
| GLP J-Reit  | 367 | 332684 |
| GMO internet group, Inc.  | 9100 | 203815 |
| Godo Steel Ltd.  | 1500 | 35565 |
| Goldwin, Inc.  | 13500 | 222991 |
| GS Yuasa Corp.  | 42300 | 1181209 |
| G-Tekt Corp.  | 7000 | 89815 |
| GungHo Online Entertainment, Inc.  | 12650 | 213921 |
| Gunma Bank Ltd.  | 38300 | 398114 |
| Gunze Ltd.  | 4200 | 103457 |
| H.U. Group Holdings, Inc.  | 30800 | 751531 |
| H2O Retailing Corp.  | 45600 | 616932 |
| Hachijuni Bank Ltd.  | 42100 | 424079 |
| Hakuhodo DY Holdings, Inc.  | 86400 | 625394 |
| Hamakyorex Co. Ltd.  | 17200 | 170615 |
| Hamamatsu Photonics KK  | 59300 | 663758 |
| Happinet Corp.  | 6600 | 268843 |
| Hazama Ando Corp.  | 59000 | 660187 |
| Heiwa Corp.  | 15200 | 197590 |
| Heiwa Real Estate Co. Ltd.  | 2300 | 33662 |
| Heiwado Co. Ltd.  | 28000 | 515052 |
| Hikari Tsushin, Inc.  | 2350 | 622483 |
| Hino Motors Ltd. \* | 203700 | 462742 |
| Hirogin Holdings, Inc.  | 36200 | 338211 |
| Hirose Electric Co. Ltd.  | 5039 | 675061 |
| Hisamitsu Pharmaceutical Co., Inc.  | 10900 | 283331 |
| Hogy Medical Co. Ltd.  | 4800 | 166634 |
| Hokkaido Electric Power Co., Inc.  | 146900 | 1022339 |
| Hokuetsu Corp.  | 41100 | 217966 |
| Hokuhoku Financial Group, Inc.  | 19100 | 467905 |
| Hokuriku Electric Power Co.  | 103700 | 576724 |
| Horiba Ltd.  | 8500 | 789719 |
| Hoshizaki Corp.  | 15900 | 559445 |
| Hosiden Corp.  | 28000 | 446350 |
| House Foods Group, Inc.  | 22900 | 429126 |
| Hulic Co. Ltd.  | 83700 | 864735 |
| Hyakugo Bank Ltd.  | 35200 | 218298 |
| Ibiden Co. Ltd.  | 20600 | 1938966 |
| Idec Corp.  | 2400 | 36535 |
| IDOM, Inc.  | 36300 | 270969 |
| Iino Kaiun Kaisha Ltd.  | 29700 | 242236 |
| Inaba Denki Sangyo Co. Ltd.  | 21200 | 624277 |
| Inabata & Co. Ltd.  | 35700 | 799561 |
| Industrial & Infrastructure Fund Investment <br> Corp. <br>| 249 | 231347 |
| INFRONEER Holdings, Inc.  | 101200 | 1084168 |
| Internet Initiative Japan, Inc.  | 19200 | 346416 |
| Invincible Investment Corp.  | 418 | 186760 |
| Ito En Ltd.  | 21500 | 443137 |
| Itochu Enex Co. Ltd.  | 37000 | 436541 |
| Itoham Yonekyu Holdings, Inc.  | 25200 | 901080 |
| Iyogin Holdings, Inc.  | 24700 | 385959 |
| Izumi Co. Ltd.  | 32500 | 605851 |
| J Front Retailing Co. Ltd.  | 54400 | 818212 |
| Jaccs Co. Ltd.  | 10500 | 274631 |
| JAFCO Group Co. Ltd.  | 15600 | 243827 |
| Japan Airport Terminal Co. Ltd.  | 4800 | 149143 |

---

*See financial notes*

**48**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Japan Aviation Electronics Industry Ltd.  | 23800 | 355449 |
| Japan Excellent, Inc.  | 174 | 166085 |
| Japan Exchange Group, Inc.  | 66800 | 744898 |
| Japan Hotel REIT Investment Corp.  | 295 | 171850 |
| Japan Lifeline Co. Ltd.  | 12100 | 114854 |
| Japan Logistics Fund, Inc.  | 235 | 152159 |
| Japan Metropolitan Fund Invest  | 790 | 611122 |
| Japan Petroleum Exploration Co. Ltd.  | 66500 | 555775 |
| Japan Prime Realty Investment Corp.  | 392 | 266663 |
| Japan Pulp & Paper Co. Ltd.  | 17000 | 79770 |
| Japan Real Estate Investment Corp.  | 667 | 550123 |
| Japan Steel Works Ltd.  | 8500 | 556692 |
| Japan Wool Textile Co. Ltd.  | 22300 | 235221 |
| Jeol Ltd.  | 8200 | 275579 |
| JGC Holdings Corp.  | 94300 | 953795 |
| Joyful Honda Co. Ltd.  | 20100 | 265858 |
| Juroku Financial Group, Inc.  | 6100 | 222163 |
| JVCKenwood Corp.  | 45400 | 363757 |
| Kadokawa Corp.  | 14500 | 325542 |
| Kaga Electronics Co. Ltd.  | 27200 | 629852 |
| Kagome Co. Ltd.  | 17700 | 305798 |
| Kakaku.com, Inc.  | 11600 | 206219 |
| Kaken Pharmaceutical Co. Ltd.  | 8982 | 213641 |
| Kameda Seika Co. Ltd.  | 1300 | 32406 |
| Kamigumi Co. Ltd.  | 27800 | 834506 |
| Kanadevia Corp.  | 78600 | 582400 |
| Kanamoto Co. Ltd.  | 19000 | 442513 |
| Kandenko Co. Ltd.  | 30000 | 916865 |
| Kanematsu Corp.  | 38300 | 775416 |
| Kansai Paint Co. Ltd.  | 40360 | 647794 |
| Katitas Co. Ltd.  | 10161 | 165188 |
| Kato Sangyo Co. Ltd.  | 21400 | 821470 |
| KDX Realty Investment Corp.  | 226 | 250217 |
| Keihan Holdings Co. Ltd.  | 20400 | 413291 |
| Keikyu Corp.  | 45100 | 420745 |
| Keio Corp.  | 21700 | 514672 |
| Keisei Electric Railway Co. Ltd.  | 49500 | 395084 |
| Kewpie Corp.  | 26100 | 723504 |
| KH Neochem Co. Ltd.  | 3900 | 69743 |
| Kinden Corp.  | 31200 | 1249783 |
| Kitz Corp.  | 32600 | 365465 |
| Kiyo Bank Ltd.  | 9800 | 190872 |
| Kobayashi Pharmaceutical Co. Ltd.  | 9300 | 309226 |
| Kobe Bussan Co. Ltd.  | 13700 | 317896 |
| Koei Tecmo Holdings Co. Ltd.  | 10260 | 138099 |
| Kohnan Shoji Co. Ltd.  | 14000 | 338943 |
| Kokusai Electric Corp.  | 15700 | 573700 |
| Kokuyo Co. Ltd.  | 100300 | 575562 |
| Komeri Co. Ltd.  | 18100 | 376561 |
| Konami Group Corp.  | 6000 | 999211 |
| Konishi Co. Ltd.  | 5300 | 42421 |
| Konoike Transport Co. Ltd.  | 13600 | 281281 |
| Kose Corp.  | 10400 | 398429 |
| Kraftia Corp.  | 15800 | 835787 |
| Kumagai Gumi Co. Ltd.  | 67600 | 613780 |
| Kumiai Chemical Industry Co. Ltd.  | 32900 | 145545 |
| Kurabo Industries Ltd.  | 4000 | 181878 |
| Kureha Corp.  | 19400 | 463776 |
| Kurita Water Industries Ltd.  | 22600 | 856178 |
| Kusuri No. Aoki Holdings Co. Ltd.  | 9300 | 235651 |
| KYB Corp.  | 22000 | 557896 |
| Kyoei Steel Ltd.  | 4400 | 65504 |
| Kyokuto Kaihatsu Kogyo Co. Ltd.  | 12800 | 214203 |
| Kyorin Pharmaceutical Co. Ltd.  | 5000 | 45576 |
| Kyoritsu Maintenance Co. Ltd.  | 7700 | 149856 |
| Kyoto Financial Group, Inc.  | 18600 | 376806 |
| Kyowa Kirin Co. Ltd.  | 42400 | 656523 |
| Kyushu Financial Group, Inc.  | 52600 | 301470 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kyushu Railway Co.  | 28500 | 722783 |
| Lasertec Corp.  | 2300 | 466974 |
| Leopalace21 Corp.  | 35700 | 145793 |
| Life Corp.  | 32100 | 503597 |
| Lintec Corp.  | 19300 | 490495 |
| Lion Corp.  | 66900 | 659234 |
| M3, Inc.  | 41200 | 577412 |
| Mabuchi Motor Co. Ltd.  | 26300 | 464616 |
| Macnica Holdings, Inc.  | 63800 | 908304 |
| Makino Milling Machine Co. Ltd.  | 5250 | 381546 |
| Maruha Nichiro Corp.  | 36900 | 824841 |
| Marui Group Co. Ltd.  | 23900 | 458362 |
| Maruichi Steel Tube Ltd.  | 66600 | 563123 |
| Maruwa Co. Ltd.  | 600 | 169642 |
| Maruzen Showa Unyu Co. Ltd.  | 5100 | 229493 |
| Max Co. Ltd.  | 6100 | 221112 |
| Maxell Ltd.  | 4200 | 60883 |
| McDonald's Holdings Co. Japan Ltd.  | 14200 | 555503 |
| MCJ Co. Ltd.  | 28500 | 268841 |
| Mebuki Financial Group, Inc.  | 116676 | 728013 |
| Megachips Corp.  | 900 | 47172 |
| Megmilk Snow Brand Co. Ltd.  | 40100 | 735459 |
| Meidensha Corp.  | 10100 | 399991 |
| Meiko Electronics Co. Ltd.  | 3600 | 236766 |
| MEITEC Group Holdings, Inc.  | 14000 | 286980 |
| Menicon Co. Ltd.  | 19600 | 152802 |
| Milbon Co. Ltd.  | 5600 | 84111 |
| Mirait One Corp.  | 45700 | 885543 |
| Mitsubishi HC Capital, Inc.  | 20700 | 161929 |
| Mitsubishi Logisnext Co. Ltd.  | 8600 | 85640 |
| Mitsubishi Logistics Corp.  | 67800 | 491620 |
| Mitsubishi Pencil Co. Ltd.  | 9900 | 131322 |
| Mitsuboshi Belting Ltd.  | 7600 | 182997 |
| Mitsui E&S Co. Ltd.  | 23000 | 935065 |
| Mitsui Fudosan Accommodations Fund, <br> Inc. <br>| 213 | 179502 |
| Mitsui High-Tec, Inc.  | 22050 | 109975 |
| Mitsui-Soko Holdings Co. Ltd.  | 20800 | 545860 |
| Mitsuuroko Group Holdings Co. Ltd.  | 19800 | 270527 |
| Miura Co. Ltd.  | 16400 | 317564 |
| MIXI, Inc.  | 11500 | 232067 |
| Mizuho Leasing Co. Ltd.  | 35700 | 286002 |
| Mizuno Corp.  | 15600 | 281425 |
| Mochida Pharmaceutical Co. Ltd.  | 8500 | 162378 |
| Modec, Inc.  | 5600 | 363267 |
| MonotaRO Co. Ltd.  | 13800 | 192539 |
| Morinaga & Co. Ltd.  | 22000 | 379077 |
| Morinaga Milk Industry Co. Ltd.  | 39800 | 859127 |
| Morita Holdings Corp.  | 9200 | 139088 |
| MOS Food Services, Inc.  | 1300 | 32603 |
| Musashi Seimitsu Industry Co. Ltd.  | 16000 | 360961 |
| Nabtesco Corp.  | 38100 | 954391 |
| Nachi-Fujikoshi Corp.  | 3200 | 81857 |
| Nagoya Railroad Co. Ltd.  | 54100 | 591798 |
| Nakanishi, Inc.  | 10100 | 133726 |
| Nankai Electric Railway Co. Ltd.  | 27200 | 491319 |
| Nexon Co. Ltd.  | 43822 | 893727 |
| Nextage Co. Ltd.  | 18300 | 274990 |
| NHK Spring Co. Ltd.  | 51900 | 973014 |
| Nichias Corp.  | 14700 | 548520 |
| Nichicon Corp.  | 25000 | 250835 |
| Nichiha Corp.  | 11500 | 204548 |
| Nichireki Group Co. Ltd.  | 2600 | 40897 |
| Nifco, Inc.  | 27400 | 794039 |
| Nihon Kohden Corp.  | 42900 | 495796 |
| Nihon M&A Center Holdings, Inc.  | 44500 | 209586 |
| Nihon Parkerizing Co. Ltd.  | 29900 | 259702 |
| Nikkiso Co. Ltd.  | 8500 | 83096 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**49**

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Nikkon Holdings Co. Ltd.  | 25100 | 566107 |
| Nippn Corp.  | 31000 | 440728 |
| Nippon Building Fund, Inc.  | 696 | 642211 |
| Nippon Densetsu Kogyo Co. Ltd.  | 15000 | 279837 |
| Nippon Electric Glass Co. Ltd.  | 29800 | 1003271 |
| Nippon Gas Co. Ltd.  | 22800 | 436473 |
| Nippon Kayaku Co. Ltd.  | 59800 | 546836 |
| Nippon Light Metal Holdings Co. Ltd.  | 68300 | 994604 |
| Nippon Paint Holdings Co. Ltd.  | 119200 | 758234 |
| Nippon Prologis REIT, Inc.  | 574 | 333854 |
| Nippon Sanso Holdings Corp.  | 6300 | 209234 |
| Nippon Seiki Co. Ltd.  | 12000 | 138666 |
| Nippon Shinyaku Co. Ltd.  | 19600 | 410102 |
| Nippon Shokubai Co. Ltd.  | 56584 | 655601 |
| Nippon Soda Co. Ltd.  | 17300 | 383522 |
| Nippon Television Holdings, Inc.  | 35000 | 849186 |
| Nipro Corp.  | 64800 | 632535 |
| Nishimatsu Construction Co. Ltd.  | 11000 | 377848 |
| Nishimatsuya Chain Co. Ltd.  | 14200 | 189996 |
| Nishi-Nippon Financial Holdings, Inc.  | 18300 | 312715 |
| Nishi-Nippon Railroad Co. Ltd.  | 31700 | 460501 |
| Nissan Chemical Corp.  | 24700 | 834506 |
| Nissha Co. Ltd.  | 5100 | 44309 |
| Nisshin Oillio Group Ltd.  | 14600 | 482401 |
| Nisshinbo Holdings, Inc.  | 110600 | 874049 |
| Nitta Corp.  | 1500 | 39319 |
| Nittetsu Mining Co. Ltd.  | 8500 | 93100 |
| Nitto Boseki Co. Ltd.  | 4800 | 270934 |
| Nitto Kogyo Corp.  | 11000 | 263421 |
| NOF Corp.  | 37000 | 658398 |
| Nojima Corp.  | 74100 | 547141 |
| NOK Corp.  | 50600 | 898480 |
| Nomura Co. Ltd.  | 29600 | 196902 |
| Nomura Real Estate Holdings, Inc.  | 134700 | 769254 |
| Nomura Real Estate Master Fund, Inc.  | 524 | 559105 |
| Noritake Co. Ltd.  | 10200 | 319498 |
| Noritz Corp.  | 4700 | 61027 |
| North Pacific Bank Ltd.  | 54800 | 256647 |
| NPR-RIKEN Corp.  | 3200 | 64794 |
| NS Solutions Corp.  | 9600 | 241890 |
| NS United Kaiun Kaisha Ltd.  | 1800 | 64352 |
| NSD Co. Ltd.  | 8100 | 173061 |
| NTN Corp.  | 409003 | 913121 |
| NTT UD REIT Investment Corp.  | 165 | 146112 |
| Obic Co. Ltd.  | 12000 | 372253 |
| Odakyu Electric Railway Co. Ltd.  | 66700 | 705439 |
| Okamoto Industries, Inc.  | 1100 | 35998 |
| Okamura Corp.  | 27500 | 402298 |
| Oki Electric Industry Co. Ltd.  | 15800 | 188768 |
| Okinawa Cellular Telephone Co.  | 2600 | 43344 |
| OKUMA Corp.  | 17400 | 387372 |
| Okumura Corp.  | 11800 | 374064 |
| Onward Holdings Co. Ltd.  | 12900 | 54138 |
| Open House Group Co. Ltd.  | 19300 | 928773 |
| Open Up Group, Inc.  | 10300 | 114900 |
| Oracle Corp. Japan  | 2900 | 267350 |
| Organo Corp.  | 2100 | 180220 |
| Orient Corp.  | 9160 | 57248 |
| Oriental Land Co. Ltd.  | 35800 | 724508 |
| Orix JREIT, Inc.  | 603 | 408159 |
| Osaka Soda Co. Ltd.  | 17900 | 190987 |
| OSG Corp.  | 27700 | 401603 |
| Pacific Industrial Co. Ltd.  | 9400 | 187461 |
| PALTAC Corp.  | 25400 | 749109 |
| Paramount Bed Holdings Co. Ltd.  | 12000 | 274810 |
| Park24 Co. Ltd.  | 23100 | 269963 |
| Pasona Group, Inc.  | 2800 | 34624 |
| Penta-Ocean Construction Co. Ltd.  | 123600 | 1131557 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Pigeon Corp.  | 34200 | 386856 |
| Pilot Corp.  | 9800 | 295921 |
| Piolax, Inc.  | 2300 | 25628 |
| Pola Orbis Holdings, Inc.  | 28600 | 246413 |
| Prima Meat Packers Ltd.  | 21500 | 345375 |
| Raito Kogyo Co. Ltd.  | 15300 | 320196 |
| Raiznext Corp.  | 5500 | 68335 |
| Rakuten Group, Inc. \* | 40683 | 266156 |
| Relo Group, Inc.  | 17000 | 183003 |
| Resorttrust, Inc.  | 21176 | 249542 |
| Restar Corp.  | 2800 | 46843 |
| Retail Partners Co. Ltd.  | 6900 | 57643 |
| Ricoh Leasing Co. Ltd.  | 3400 | 124865 |
| Rinnai Corp.  | 27100 | 614240 |
| Rohto Pharmaceutical Co. Ltd.  | 29500 | 457547 |
| Round One Corp.  | 18500 | 132834 |
| Ryobi Ltd.  | 6900 | 123178 |
| S Foods, Inc.  | 4400 | 71413 |
| Saizeriya Co. Ltd.  | 5200 | 170030 |
| Sakai Moving Service Co. Ltd.  | 2400 | 43879 |
| Sakata INX Corp.  | 20900 | 308521 |
| Sakata Seed Corp.  | 6900 | 176800 |
| San-A Co. Ltd.  | 15900 | 276575 |
| San-Ai Obbli Co. Ltd.  | 51400 | 680788 |
| Sangetsu Corp.  | 15600 | 305040 |
| San-In Godo Bank Ltd.  | 23000 | 202232 |
| Sanken Electric Co. Ltd. \* | 5200 | 249931 |
| Sanki Engineering Co. Ltd.  | 13400 | 460505 |
| Sankyo Co. Ltd.  | 24800 | 430214 |
| Santen Pharmaceutical Co. Ltd.  | 83500 | 818114 |
| Sanyo Chemical Industries Ltd.  | 1950 | 53057 |
| Sanyo Denki Co. Ltd.  | 8400 | 214796 |
| Sapporo Holdings Ltd.  | 9300 | 446925 |
| Sawai Group Holdings Co. Ltd.  | 29900 | 357074 |
| SBI Holdings, Inc.  | 12700 | 567525 |
| SBS Holdings, Inc.  | 2000 | 43984 |
| SCREEN Holdings Co. Ltd.  | 12000 | 1137572 |
| SCSK Corp.  | 21428 | 787406 |
| Sega Sammy Holdings, Inc.  | 28200 | 521804 |
| Seibu Holdings, Inc.  | 19955 | 701379 |
| Seiko Group Corp.  | 8500 | 390353 |
| Seino Holdings Co. Ltd.  | 43000 | 607674 |
| Seiren Co. Ltd.  | 13700 | 280553 |
| Sekisui House Reit, Inc.  | 416 | 214102 |
| Sekisui Jushi Corp.  | 3400 | 45462 |
| Senko Group Holdings Co. Ltd.  | 53300 | 695680 |
| Seria Co. Ltd.  | 18600 | 354179 |
| Seven Bank Ltd.  | 132000 | 242485 |
| Sharp Corp. \* | 80600 | 447423 |
| Shibaura Machine Co. Ltd.  | 1600 | 44430 |
| Shibuya Corp.  | 7400 | 164171 |
| Shiga Bank Ltd.  | 4500 | 181774 |
| Shikoku Electric Power Co., Inc.  | 87900 | 784804 |
| Shinmaywa Industries Ltd.  | 27400 | 356336 |
| Ship Healthcare Holdings, Inc.  | 33700 | 504133 |
| Shizuoka Financial Group, Inc.  | 56400 | 759573 |
| SHO-BOND Holdings Co. Ltd.  | 7000 | 222121 |
| Shoei Foods Corp.  | 1200 | 30675 |
| Showa Sangyo Co. Ltd.  | 3900 | 74445 |
| Siix Corp.  | 6500 | 58296 |
| SKY Perfect JSAT Holdings, Inc.  | 33200 | 326687 |
| Skylark Holdings Co. Ltd.  | 33200 | 600620 |
| Socionext, Inc.  | 25800 | 580617 |
| Sotetsu Holdings, Inc.  | 21400 | 358734 |
| Square Enix Holdings Co. Ltd.  | 43200 | 835695 |
| Starts Corp., Inc.  | 10700 | 332383 |
| Sugi Holdings Co. Ltd.  | 32800 | 708315 |
| Sumitomo Bakelite Co. Ltd.  | 19100 | 635304 |

---

*See financial notes*

**50**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sumitomo Densetsu Co. Ltd.  | 4200 | 264303 |
| Sumitomo Osaka Cement Co. Ltd.  | 19100 | 477121 |
| Sumitomo Pharma Co. Ltd. \* | 61231 | 667538 |
| Sumitomo Riko Co. Ltd.  | 15800 | 267378 |
| Sumitomo Warehouse Co. Ltd.  | 17600 | 371217 |
| Sundrug Co. Ltd.  | 28300 | 763922 |
| Suruga Bank Ltd.  | 14600 | 146148 |
| SWCC Corp.  | 5900 | 286656 |
| T Hasegawa Co. Ltd.  | 7300 | 127900 |
| Tachibana Eletech Co. Ltd.  | 3000 | 55110 |
| Tadano Ltd.  | 51100 | 354901 |
| Taihei Dengyo Kaisha Ltd.  | 18300 | 256595 |
| Taikisha Ltd.  | 17100 | 338544 |
| Taiyo Holdings Co. Ltd.  | 5500 | 294214 |
| Takamatsu Construction Group Co. Ltd.  | 2900 | 63648 |
| Takara Holdings, Inc.  | 67963 | 692219 |
| Takara Standard Co. Ltd.  | 24800 | 400554 |
| Takasago International Corp.  | 23000 | 224780 |
| Takasago Thermal Engineering Co. Ltd.  | 17700 | 525233 |
| Takashimaya Co. Ltd.  | 101000 | 1080332 |
| Takeuchi Manufacturing Co. Ltd.  | 8600 | 354557 |
| Takuma Co. Ltd.  | 20200 | 309813 |
| Tamron Co. Ltd.  | 4900 | 34798 |
| TBS Holdings, Inc.  | 15500 | 535177 |
| TechnoPro Holdings, Inc.  | 17100 | 535957 |
| THK Co. Ltd.  | 30700 | 817465 |
| TKC Corp.  | 6800 | 177918 |
| Toa Corp.  | 21200 | 324721 |
| Toagosei Co. Ltd.  | 42600 | 422585 |
| Tocalo Co. Ltd.  | 12500 | 183198 |
| Toda Corp.  | 80500 | 542309 |
| Toei Co. Ltd.  | 3800 | 135085 |
| Toho Co. Ltd.  | 9900 | 580307 |
| Toho Holdings Co. Ltd.  | 25300 | 811342 |
| Tokai Carbon Co. Ltd.  | 114800 | 769024 |
| Tokai Corp.  | 4000 | 55412 |
| TOKAI Holdings Corp.  | 55300 | 366110 |
| Tokai Rika Co. Ltd.  | 40469 | 727001 |
| Token Corp.  | 3850 | 353189 |
| Tokuyama Corp.  | 35600 | 883822 |
| Tokyo Century Corp.  | 55800 | 658543 |
| Tokyo Kiraboshi Financial Group, Inc.  | 3300 | 157129 |
| Tokyo Metro Co. Ltd. *(b)* | 25200 | 264905 |
| Tokyo Ohka Kogyo Co. Ltd.  | 15000 | 547403 |
| Tokyo Seimitsu Co. Ltd.  | 6900 | 474675 |
| Tokyo Steel Manufacturing Co. Ltd.  | 36600 | 322947 |
| Tokyo Tatemono Co. Ltd.  | 41800 | 780416 |
| Tokyu Construction Co. Ltd.  | 13600 | 92497 |
| Tomy Co. Ltd.  | 13800 | 283890 |
| Topcon Corp. \* | 20500 | 436313 |
| Topre Corp.  | 35600 | 516053 |
| Toshiba TEC Corp.  | 11900 | 240194 |
| Totetsu Kogyo Co. Ltd.  | 9300 | 255250 |
| Towa Pharmaceutical Co. Ltd.  | 8500 | 156481 |
| Toyo Construction Co. Ltd.  | 23500 | 265107 |
| Toyo Tire Corp.  | 45400 | 1240785 |
| Toyobo Co. Ltd.  | 22000 | 163302 |
| Toyoda Gosei Co. Ltd.  | 45200 | 1046144 |
| Toyota Boshoku Corp.  | 14600 | 221994 |
| Transcosmos, Inc.  | 13300 | 315178 |
| Trend Micro, Inc.  | 12200 | 622596 |
| Trusco Nakayama Corp.  | 23500 | 370516 |
| TS Tech Co. Ltd.  | 54000 | 639996 |
| TSI Holdings Co. Ltd.  | 21700 | 134652 |
| Tsubakimoto Chain Co.  | 38000 | 531853 |
| Tsumura & Co.  | 13590 | 315241 |
| TV Asahi Holdings Corp.  | 17490 | 355910 |
| Tv Tokyo Holdings Corp.  | 6700 | 201758 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| UACJ Corp.  | 79320 | 1024248 |
| Uchida Yoko Co. Ltd.  | 1200 | 80902 |
| Ulvac, Inc.  | 13900 | 630495 |
| United Super Markets Holdings, Inc.  | 77112 | 411804 |
| United Urban Investment Corp.  | 342 | 413911 |
| Ushio, Inc.  | 24100 | 399571 |
| USS Co. Ltd.  | 42946 | 474033 |
| UT Group Co. Ltd.  | 7800 | 138897 |
| Valor Holdings Co. Ltd.  | 43900 | 803612 |
| Valqua Ltd.  | 1500 | 37737 |
| Wacoal Holdings Corp.  | 10500 | 366147 |
| Wacom Co. Ltd.  | 42600 | 231225 |
| Wakita & Co. Ltd.  | 3800 | 43728 |
| Welcia Holdings Co. Ltd.  | 42800 | 853723 |
| YAMABIKO Corp.  | 12800 | 213851 |
| Yamae Group Holdings Co. Ltd.  | 6000 | 99609 |
| Yamaguchi Financial Group, Inc.  | 20400 | 233720 |
| Yamato Kogyo Co. Ltd.  | 6100 | 384492 |
| Yamazen Corp.  | 40800 | 378047 |
| Yellow Hat Ltd.  | 27000 | 271882 |
| Yodoko Ltd.  | 35300 | 297621 |
| Yokogawa Bridge Holdings Corp.  | 14300 | 255260 |
| Yokohama Financial Group, Inc.  | 122400 | 889142 |
| Yoshinoya Holdings Co. Ltd.  | 13900 | 274379 |
| Yuasa Trading Co. Ltd.  | 12600 | 409661 |
| Yurtec Corp.  | 18100 | 291792 |
| Zacros Corp.  | 7600 | 51941 |
| Zenkoku Hosho Co. Ltd.  | 13600 | 279520 |
| Zensho Holdings Co. Ltd.  | 7800 | 485675 |
| Zeon Corp.  | 58800 | 603317 |
| Zojirushi Corp.  | 3200 | 34493 |
| ZOZO, Inc.  | 26500 | 229079 |
|  |  | **210530683** |
| **Jersey 0.3%** | **Jersey 0.3%** | **Jersey 0.3%** |
| boohoo Group PLC \* | 98198 | 15480 |
| CVC Capital Partners PLC  | 6651 | 111083 |
| International Workplace Group PLC  | 75499 | 224693 |
| Man Group PLC  | 249817 | 690197 |
| TP ICAP Group PLC  | 173270 | 597602 |
|  |  | **1639055** |
| **Luxembourg 0.5%** | **Luxembourg 0.5%** | **Luxembourg 0.5%** |
| Allegro.eu SA \* | 31219 | 291518 |
| Aroundtown SA \* | 150037 | 536152 |
| Befesa SA  | 10769 | 356648 |
| Grand City Properties SA  | 3360 | 42784 |
| InPost SA \* | 7910 | 99638 |
| RTL Group SA  | 17581 | 678821 |
| Samsonite Group SA  | 215057 | 449697 |
| Spotify Technology SA \* | 1036 | 678911 |
| Subsea 7 SA  | 11487 | 209791 |
|  |  | **3343960** |
| **Macau 0.1%** | **Macau 0.1%** | **Macau 0.1%** |
| Sands China Ltd.  | 161200 | 420128 |
| Wynn Macau Ltd.  | 44400 | 37754 |
|  |  | **457882** |
| **Netherlands 1.9%** | **Netherlands 1.9%** | **Netherlands 1.9%** |
| Adyen NV \* | 501 | 858456 |
| Arcadis NV  | 9183 | 438550 |
| ASM International NV  | 357 | 231638 |
| Basic-Fit NV \* | 8195 | 243260 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**51**

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| BE Semiconductor Industries NV  | 3686 | 628449 |
| Brembo NV  | 41219 | 444562 |
| Cementir Holding NV  | 11668 | 214989 |
| Corbion NV  | 14240 | 289830 |
| CTP NV  | 7353 | 153333 |
| Davide Campari-Milano NV  | 66511 | 463041 |
| Eurocommercial Properties NV  | 6481 | 193523 |
| Euronext NV  | 3812 | 544780 |
| Ferrovial SE  | 9707 | 595664 |
| Flow Traders Ltd. \* | 6394 | 175816 |
| Fugro NV  | 29227 | 298475 |
| IMCD NV  | 1222 | 126628 |
| JDE Peet's NV  | 31667 | 1152492 |
| Koninklijke BAM Groep NV  | 71921 | 667634 |
| Koninklijke Heijmans NV  | 3810 | 269916 |
| Koninklijke Vopak NV  | 9330 | 422807 |
| MFE-MediaForEurope NV, Class A  | 88235 | 312418 |
| MFE-MediaForEurope NV, Class B  | 31712 | 147887 |
| OCI NV \* | 62959 | 246972 |
| Pepco Group NV  | 43670 | 328924 |
| Qiagen NV  | 18465 | 869149 |
| RHI Magnesita NV  | 5719 | 157815 |
| SBM Offshore NV  | 10094 | 261021 |
| Technip Energies NV  | 20861 | 847667 |
| TKH Group NV  | 12150 | 537128 |
| Van Lanschot Kempen NV  | 4142 | 242172 |
|  |  | **12364996** |
| **New Zealand 0.7%** | **New Zealand 0.7%** | **New Zealand 0.7%** |
| a2 Milk Co. Ltd.  | 80655 | 498472 |
| Air New Zealand Ltd.  | 739392 | 251755 |
| Auckland International Airport Ltd.  | 54297 | 252709 |
| Chorus Ltd.  | 68906 | 369078 |
| Contact Energy Ltd.  | 132434 | 705983 |
| EBOS Group Ltd.  | 35313 | 584007 |
| Fisher & Paykel Healthcare Corp. Ltd.  | 30152 | 640141 |
| Freightways Group Ltd.  | 16801 | 141374 |
| Genesis Energy Ltd.  | 203223 | 291899 |
| Mercury NZ Ltd.  | 86782 | 321704 |
| Meridian Energy Ltd.  | 167936 | 568526 |
| Ryman Healthcare Ltd. \* | 13473 | 22063 |
| SKYCITY Entertainment Group Ltd. \* | 369710 | 154444 |
| Xero Ltd. \* | 1574 | 148909 |
|  |  | **4951064** |
| **Norway 1.8%** | **Norway 1.8%** | **Norway 1.8%** |
| AF Gruppen ASA \* | 10172 | 171119 |
| Aker Solutions ASA  | 79449 | 218292 |
| Atea ASA \* | 23816 | 363027 |
| Austevoll Seafood ASA  | 32096 | 301359 |
| Bluenord ASA \* | 2472 | 112885 |
| Bonheur ASA  | 4665 | 100923 |
| Borregaard ASA  | 13400 | 253997 |
| DNO ASA  | 431890 | 589737 |
| DOF Group ASA  | 15944 | 142934 |
| Elkem ASA \* | 257945 | 678470 |
| Europris ASA  | 33712 | 290663 |
| Gjensidige Forsikring ASA  | 21514 | 578990 |
| Hoegh Autoliners ASA  | 35554 | 318584 |
| Kongsberg Gruppen ASA  | 14097 | 359379 |
| Leroy Seafood Group ASA  | 81987 | 386037 |
| MPC Container Ships ASA  | 172101 | 301147 |
| Norconsult Norge AS  | 43456 | 200994 |
| Nordic Semiconductor ASA \* | 13250 | 191636 |
| Norwegian Air Shuttle ASA  | 114109 | 177148 |
| Odfjell Drilling Ltd.  | 20231 | 162504 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Opera Ltd., ADR  | 8492 | 125172 |
| Salmar ASA  | 7366 | 413631 |
| Scatec ASA \* | 12644 | 133315 |
| SFL Corp. Ltd.  | 33666 | 251148 |
| SpareBank 1 Nord Norge  | 22998 | 311841 |
| SpareBank 1 SMN  | 17343 | 319000 |
| SpareBank 1 Sor-Norge ASA  | 27915 | 480512 |
| Sparebanken Norge  | 20147 | 351053 |
| Stolt-Nielsen Ltd.  | 10307 | 345709 |
| Storebrand ASA  | 38400 | 595085 |
| TGS ASA  | 55826 | 481763 |
| TOMRA Systems ASA  | 19982 | 243939 |
| Var Energi ASA  | 46392 | 155872 |
| Veidekke ASA  | 28535 | 441720 |
| Vend Marketplaces ASA, B Shares  | 18864 | 649953 |
| Wallenius Wilhelmsen ASA  | 97656 | 763757 |
| Wilh Wilhelmsen Holding ASA, Class A  | 448 | 22556 |
| Wilh Wilhelmsen Holding ASA, Class B  | 850 | 40279 |
|  |  | **12026130** |
| **Poland 1.2%** | **Poland 1.2%** | **Poland 1.2%** |
| Alior Bank SA  | 11990 | 334103 |
| Asseco Poland SA  | 14746 | 857726 |
| Bank Millennium SA \* | 51515 | 215629 |
| Budimex SA  | 1188 | 188607 |
| CD Projekt SA  | 2610 | 179327 |
| Cognor Holding SA \* | 26307 | 47015 |
| Cyfrowy Polsat SA \* | 150435 | 539848 |
| Dino Polska SA \* | 29978 | 358066 |
| Enea SA  | 150849 | 846201 |
| Eurocash SA \* | 75330 | 164294 |
| Grupa Azoty SA \* | 52407 | 265580 |
| Grupa Kety SA  | 1914 | 481703 |
| Jastrzebska Spolka Weglowa SA \* | 80829 | 566295 |
| KRUK SA  | 2299 | 282610 |
| LPP SA  | 99 | 480564 |
| mBank SA \* | 1091 | 290521 |
| Orange Polska SA  | 237154 | 577826 |
| Santander Bank Polska SA  | 3808 | 501500 |
| Tauron Polska Energia SA \* | 174233 | 471672 |
|  |  | **7649087** |
| **Portugal 0.4%** | **Portugal 0.4%** | **Portugal 0.4%** |
| Banco Comercial Portugues SA, Class R  | 851943 | 752012 |
| Navigator Co. SA  | 67752 | 234605 |
| NOS SGPS SA  | 79311 | 343666 |
| REN - Redes Energeticas Nacionais SGPS <br> SA <br>| 123373 | 464404 |
| Sonae SGPS SA  | 512844 | 835857 |
|  |  | **2630544** |
| **Republic of Korea 8.0%** | **Republic of Korea 8.0%** | **Republic of Korea 8.0%** |
| Amorepacific Corp.  | 7424 | 628795 |
| Amorepacific Holdings Corp.  | 21748 | 387065 |
| Asiana Airlines, Inc. \* | 78463 | 485179 |
| BGF retail Co. Ltd.  | 4652 | 338014 |
| BH Co. Ltd.  | 13408 | 172256 |
| Binggrae Co. Ltd.  | 1773 | 89846 |
| Celltrion, Inc.  | 5306 | 653092 |
| Cheil Worldwide, Inc.  | 24151 | 344652 |
| CJ ENM Co. Ltd. \* | 10492 | 515867 |
| CJ Logistics Corp.  | 6513 | 376054 |
| Coway Co. Ltd.  | 14069 | 879731 |
| Daeduck Electronics Co. Ltd.  | 13910 | 368592 |
| Daesang Corp.  | 15058 | 220000 |

---

*See financial notes*

**52**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Daewoo Engineering & Construction Co. <br> Ltd. \*<br>| 204574 | 536600 |
| Daishin Securities Co. Ltd.  | 8656 | 176435 |
| Daou Data Corp.  | 6781 | 83468 |
| Daou Technology, Inc.  | 17732 | 484449 |
| DB HiTek Co. Ltd.  | 10466 | 429950 |
| DL E&C Co. Ltd.  | 21489 | 642827 |
| DL Holdings Co. Ltd.  | 7672 | 209238 |
| Dongjin Semichem Co. Ltd.  | 8700 | 259982 |
| Dongwon Industries Co. Ltd.  | 4376 | 148582 |
| Doosan Bobcat, Inc. \* | 19916 | 840717 |
| Doosan Co. Ltd.  | 2228 | 1472183 |
| DoubleDown Interactive Co. Ltd., ADR \* | 12534 | 111553 |
| E1 Corp.  | 1212 | 63568 |
| Ecopro BM Co. Ltd. \* | 1618 | 181042 |
| Ecopro Co. Ltd.  | 6081 | 374479 |
| F&F Co. Ltd.  | 4372 | 187961 |
| Gravity Co. Ltd., ADR \* | 1809 | 104687 |
| GS Engineering & Construction Corp.  | 49057 | 642485 |
| GS P&L Co. Ltd. \* | 1380 | 37145 |
| GS Retail Co. Ltd.  | 28834 | 358369 |
| Handsome Co. Ltd.  | 3639 | 37452 |
| Hanjin Logistics Corp.  | 3019 | 42351 |
| Hanon Systems \* | 104126 | 318131 |
| Hansol Chemical Co. Ltd.  | 2056 | 334111 |
| Hanwha Aerospace Co. Ltd.  | 882 | 604986 |
| Hanwha General Insurance Co. Ltd. \* | 13659 | 51867 |
| Hanwha Life Insurance Co. Ltd. \* | 148180 | 314638 |
| Harim Holdings Co. Ltd.  | 134851 | 698918 |
| HD Hyundai Construction Equipment Co. <br> Ltd. <br>| 4652 | 325863 |
| HD Hyundai Infracore Co. Ltd. \* | 44492 | 474679 |
| HD Hyundai Mipo  | 1764 | 299004 |
| HD Korea Shipbuilding & Offshore <br> Engineering Co. Ltd. <br>| 4484 | 1490394 |
| HDC Holdings Co. Ltd.  | 21309 | 274987 |
| HDC Hyundai Development <br> Co-Engineering & Construction, <br> Class E <br>| 18194 | 245761 |
| Hite Jinro Co. Ltd.  | 12021 | 158727 |
| HL Mando Co. Ltd.  | 18657 | 503034 |
| Hotel Shilla Co. Ltd. \* | 11030 | 376119 |
| HS Hyosung Advanced Materials Corp.  | 1534 | 199039 |
| HYBE Co. Ltd. \* | 603 | 144043 |
| Hyosung Corp.  | 691 | 61300 |
| Hyosung TNC Corp.  | 2892 | 421589 |
| Hyundai Department Store Co. Ltd.  | 8472 | 479952 |
| Hyundai Elevator Co. Ltd.  | 3508 | 185937 |
| Hyundai Green Food  | 21448 | 226561 |
| Hyundai Home Shopping Network Corp.  | 1561 | 57600 |
| Hyundai Marine & Fire Insurance Co. Ltd. \* | 40091 | 767107 |
| Hyundai Rotem Co. Ltd.  | 1498 | 242351 |
| Hyundai Wia Corp.  | 17708 | 726770 |
| iM Financial Group Co. Ltd.  | 89544 | 830804 |
| Industrial Bank of Korea  | 46084 | 624529 |
| IS Dongseo Co. Ltd.  | 2298 | 29968 |
| JB Financial Group Co. Ltd.  | 38859 | 611787 |
| Kakao Corp.  | 22748 | 1036733 |
| Kangwon Land, Inc.  | 16933 | 200472 |
| KCC Corp.  | 1859 | 572468 |
| KCC Glass Corp.  | 7344 | 133706 |
| KEPCO Plant Service & Engineering Co. <br> Ltd. <br>| 5332 | 189129 |
| KG Chemical Corp.  | 20877 | 71246 |
| KG Dongbusteel  | 8864 | 33863 |
| KIWOOM Securities Co. Ltd.  | 2494 | 518036 |
| Kolon Industries, Inc.  | 20979 | 523129 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Korea Aerospace Industries Ltd.  | 4339 | 314369 |
| Korea Investment Holdings Co. Ltd.  | 9036 | 1152053 |
| Korea Petrochemical Ind Co. Ltd.  | 4475 | 410659 |
| Korean Reinsurance Co.  | 59112 | 440202 |
| Krafton, Inc. \* | 2045 | 395805 |
| Kumho Tire Co., Inc. \* | 49697 | 164432 |
| Kwang Dong Pharmaceutical Co. Ltd.  | 8464 | 33901 |
| LF Corp.  | 17876 | 229026 |
| LG Energy Solution Ltd. \* | 1517 | 502198 |
| Lotte Chilsung Beverage Co. Ltd.  | 1419 | 114753 |
| Lotte Corp.  | 20422 | 418244 |
| LOTTE Fine Chemical Co. Ltd.  | 9445 | 301815 |
| Lotte Rental Co. Ltd.  | 11970 | 245933 |
| Lotte Shopping Co. Ltd.  | 15753 | 718871 |
| LS Corp.  | 7858 | 1145177 |
| LS Electric Co. Ltd.  | 1383 | 419823 |
| LX Hausys Ltd.  | 2411 | 47562 |
| LX International Corp.  | 41917 | 885639 |
| LX Semicon Co. Ltd.  | 6456 | 258934 |
| Macquarie Korea Infrastructure Fund  | 32870 | 253503 |
| Mcnex Co. Ltd.  | 2734 | 59621 |
| Meritz Financial Group, Inc.  | 8254 | 639636 |
| Mirae Asset Securities Co. Ltd.  | 44011 | 809194 |
| Misto Holdings Corp.  | 10179 | 262553 |
| NCSoft Corp.  | 4244 | 655077 |
| Netmarble Corp.  | 2973 | 112662 |
| NH Investment & Securities Co. Ltd.  | 27102 | 386369 |
| NHN Corp.  | 12264 | 249197 |
| NICE Holdings Co. Ltd. \* | 5239 | 50986 |
| NongShim Co. Ltd.  | 1056 | 322893 |
| OCI Holdings Co. Ltd.  | 5763 | 460791 |
| Orion Corp.  | 4872 | 339262 |
| Orion Holdings Corp.  | 19424 | 258614 |
| Otoki Corp.  | 812 | 221267 |
| Pan Ocean Co. Ltd.  | 160731 | 431768 |
| Partron Co. Ltd.  | 9058 | 43933 |
| Poongsan Corp.  | 6299 | 484448 |
| POSCO Future M Co. Ltd. \* | 218 | 33031 |
| Posco International Corp.  | 15633 | 602217 |
| S-1 Corp.  | 7119 | 374353 |
| Samchully Co. Ltd.  | 741 | 64018 |
| Samsung Biologics Co. Ltd. *\*(a)* | 143 | 122257 |
| Samsung Card Co. Ltd.  | 1999 | 69447 |
| Samsung E&A Co. Ltd.  | 57885 | 1052366 |
| Samsung Heavy Industries Co. Ltd. \* | 29544 | 612757 |
| Samsung Life Insurance Co. Ltd.  | 9584 | 1035736 |
| Samsung Securities Co. Ltd.  | 10231 | 553719 |
| Samyang Holdings Corp. *\*(a)* | 3913 | 286555 |
| SD Biosensor, Inc.  | 34189 | 229166 |
| SeAH Besteel Holdings Corp.  | 2306 | 44396 |
| SeAH Steel Holdings Corp.  | 1180 | 118766 |
| Seegene, Inc.  | 15034 | 266650 |
| Seoul Semiconductor Co. Ltd. \* | 6312 | 27729 |
| Seoyon E-Hwa Co. Ltd.  | 3475 | 31649 |
| SFA Engineering Corp.  | 10983 | 190378 |
| Shinsegae, Inc.  | 5615 | 684365 |
| SIMMTECH Co. Ltd.  | 12926 | 568554 |
| SK Chemicals Co. Ltd.  | 6550 | 290239 |
| SK Discovery Co. Ltd.  | 10971 | 456681 |
| SK Gas Ltd.  | 986 | 180279 |
| SK Networks Co. Ltd.  | 124848 | 397417 |
| SKC Co. Ltd. \* | 2258 | 201199 |
| SL Corp.  | 7088 | 180093 |
| Soulbrain Co. Ltd.  | 1211 | 239511 |
| Sungwoo Hitech Co. Ltd.  | 15508 | 73486 |
| Taekwang Industrial Co. Ltd.  | 83 | 46721 |
| Taihan Cable & Solution Co. Ltd. \* | 20014 | 338261 |
| WONIK IPS Co. Ltd.  | 9393 | 421289 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**53**

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Young Poong Corp.  | 1326 | 45579 |
| Youngone Corp.  | 8861 | 359292 |
| Youngone Holdings Co. Ltd.  | 3829 | 381892 |
| Yuhan Corp.  | 2966 | 245379 |
|  |  | **53310601** |
| **Singapore 2.1%** | **Singapore 2.1%** | **Singapore 2.1%** |
| BW LPG Ltd.  | 33584 | 444743 |
| CapitaLand Ascendas REIT  | 306721 | 664061 |
| CapitaLand Ascott Trust  | 306304 | 222125 |
| CapitaLand Integrated Commercial Trust  | 383680 | 697526 |
| CapitaLand Investment Ltd.  | 166798 | 337939 |
| City Developments Ltd.  | 105000 | 583218 |
| ComfortDelGro Corp. Ltd.  | 583300 | 654037 |
| Frasers Logistics & Commercial Trust  | 354500 | 259965 |
| Genting Singapore Ltd.  | 808800 | 453372 |
| Grab Holdings Ltd., Class A \* | 31400 | 188714 |
| Hafnia Ltd.  | 72620 | 452405 |
| Hutchison Port Holdings Trust, U Shares  | 3459600 | 726516 |
| IGG, Inc.  | 365900 | 183411 |
| Jardine Cycle & Carriage Ltd.  | 31900 | 796529 |
| Keppel Infrastructure Trust  | 1039915 | 367519 |
| Keppel Ltd.  | 35800 | 279968 |
| Mapletree Industrial Trust  | 169566 | 277311 |
| Mapletree Logistics Trust  | 299532 | 308237 |
| Mapletree Pan Asia Commercial Trust  | 244292 | 270276 |
| Netlink NBN Trust  | 256200 | 192870 |
| SATS Ltd.  | 84949 | 223093 |
| Sea Ltd., ADR \* | 6361 | 993906 |
| Seatrium Ltd.  | 97573 | 162775 |
| Sembcorp Industries Ltd.  | 110100 | 551661 |
| Sheng Siong Group Ltd.  | 112000 | 199556 |
| Singapore Exchange Ltd.  | 61500 | 797996 |
| Singapore Post Ltd.  | 604900 | 195421 |
| Singapore Technologies Engineering Ltd.  | 134700 | 877578 |
| StarHub Ltd.  | 45400 | 40461 |
| UOL Group Ltd.  | 105601 | 645139 |
| Venture Corp. Ltd.  | 71800 | 821664 |
|  |  | **13869992** |
| **Spain 1.6%** | **Spain 1.6%** | **Spain 1.6%** |
| Abengoa SA, B Shares *\*(a)* | 66135341 | 0 |
| Acciona SA  | 3085 | 682840 |
| Almirall SA  | 3589 | 51655 |
| Atresmedia Corp. de Medios de <br> Comunicacion SA <br>| 20069 | 121469 |
| Bankinter SA  | 67010 | 1010201 |
| Cellnex Telecom SA \* | 4981 | 155067 |
| CIE Automotive SA  | 11176 | 374808 |
| Colonial SFL Socimi SA  | 35424 | 224155 |
| Construcciones y Auxiliar de Ferrocarriles <br> SA <br>| 4634 | 292600 |
| Corp. ACCIONA Energias Renovables SA  | 8710 | 239619 |
| Ebro Foods SA  | 16323 | 332685 |
| EDP Renovaveis SA  | 32356 | 473067 |
| Elecnor SA  | 7561 | 246649 |
| Enagas SA  | 43613 | 691974 |
| Ence Energia y Celulosa SA *(b)* | 11318 | 34566 |
| Faes Farma SA  | 43350 | 223125 |
| Fluidra SA  | 11490 | 332571 |
| Gestamp Automocion SA  | 120067 | 464585 |
| Grupo Catalana Occidente SA  | 8171 | 466216 |
| Indra Sistemas SA  | 11703 | 647380 |
| Linea Directa Aseguradora SA Cia de <br> Seguros y Reaseguros <br>| 155196 | 205720 |
| Logista Integral SA  | 10577 | 352502 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Mapfre SA  | 62229 | 274824 |
| Merlin Properties Socimi SA  | 33191 | 517058 |
| Naturgy Energy Group SA  | 7683 | 232731 |
| Prosegur Cia de Seguridad SA  | 26494 | 86496 |
| Puig Brands SA, Class B  | 6200 | 106377 |
| Sacyr SA  | 119587 | 526064 |
| Unicaja Banco SA  | 95963 | 259082 |
| Vidrala SA  | 2718 | 258906 |
| Viscofan SA  | 7632 | 474314 |
|  |  | **10359306** |
| **Sweden 3.2%** | **Sweden 3.2%** | **Sweden 3.2%** |
| AAK AB  | 22312 | 623903 |
| AcadeMedia AB  | 28680 | 316716 |
| AddLife AB, B Shares  | 9234 | 199488 |
| AddTech AB, B Shares  | 10197 | 343544 |
| AFRY AB  | 24553 | 421209 |
| Alleima AB  | 48523 | 419057 |
| Ambea AB  | 9536 | 128574 |
| Arjo AB, B Shares  | 56492 | 179264 |
| Asmodee Group AB, Class B \* | 3293 | 42437 |
| Attendo AB  | 28685 | 243381 |
| Avanza Bank Holding AB  | 4679 | 179835 |
| Axfood AB  | 19116 | 520894 |
| Beijer Ref AB  | 21418 | 338448 |
| Betsson AB, Class B  | 19617 | 305723 |
| Bilia AB, A Shares  | 33040 | 462570 |
| Billerud Aktiebolag  | 85970 | 795517 |
| Bravida Holding AB  | 45072 | 380962 |
| Castellum AB  | 42019 | 477849 |
| Clas Ohlson AB, B Shares  | 1908 | 69582 |
| Corem Property Group AB, B Shares  | 54088 | 21996 |
| Dometic Group AB  | 122685 | 599685 |
| Electrolux Professional AB, B Shares  | 21139 | 146820 |
| Elekta AB, B Shares  | 82924 | 421487 |
| Embracer Group AB \* | 18826 | 196199 |
| EQT AB  | 16612 | 574071 |
| Evolution AB  | 9925 | 661278 |
| Fabege AB  | 21917 | 192980 |
| Fastighets AB Balder, B Shares \* | 33657 | 246870 |
| Getinge AB, B Shares  | 38750 | 907747 |
| Granges AB  | 29459 | 431069 |
| Hexpol AB  | 52551 | 477805 |
| Holmen AB, B Shares  | 15802 | 597094 |
| Indutrade AB  | 17624 | 471129 |
| Investment AB Latour, B Shares  | 1518 | 38678 |
| Inwido AB  | 10487 | 157652 |
| JM AB  | 24301 | 345974 |
| Lagercrantz Group AB, B Shares  | 4670 | 114250 |
| Lifco AB, B Shares  | 7447 | 287524 |
| Lindab International AB  | 12196 | 291757 |
| Loomis AB  | 17121 | 689727 |
| MEKO AB  | 14036 | 113536 |
| Mycronic AB  | 7457 | 174932 |
| NCAB Group AB \* | 7108 | 43690 |
| NCC AB, B Shares  | 32161 | 733139 |
| New Wave Group AB, B Shares  | 13199 | 155559 |
| Nibe Industrier AB, B Shares  | 178637 | 695131 |
| Nolato AB, B Shares  | 27851 | 184314 |
| Pandox AB  | 2658 | 52991 |
| Peab AB, B Shares  | 67566 | 546817 |
| Ratos AB, B Shares  | 90390 | 365673 |
| Saab AB, B Shares  | 17555 | 965989 |
| Sagax AB, B Shares  | 6537 | 146695 |
| Samhallsbyggnadsbolaget i Norden AB \* | 520974 | 286006 |
| Scandic Hotels Group AB  | 34908 | 339305 |
| Sinch AB \* | 137997 | 499709 |

---

*See financial notes*

**54**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Stillfront Group AB \* | 59082 | 40084 |
| Svenska Cellulosa AB SCA, B Shares  | 38839 | 517341 |
| Sweco AB, B Shares  | 20272 | 365271 |
| Swedish Orphan Biovitrum AB \* | 14021 | 483069 |
| Thule Group AB  | 13714 | 351358 |
| Wihlborgs Fastigheter AB  | 19470 | 189199 |
|  |  | **21570553** |
| **Switzerland 3.1%** | **Switzerland 3.1%** | **Switzerland 3.1%** |
| Accelleron Industries AG  | 4195 | 343868 |
| Allreal Holding AG  | 1540 | 368073 |
| ALSO Holding AG  | 2215 | 636439 |
| Aryzta AG \* | 4517 | 289619 |
| Avolta AG \* | 14541 | 766515 |
| Baloise Holding AG  | 2774 | 688898 |
| Banque Cantonale Vaudoise  | 2354 | 273315 |
| Belimo Holding AG  | 496 | 535156 |
| Bell Food Group AG  | 1019 | 292374 |
| BeOne Medicines Ltd., Class H \* | 2100 | 50489 |
| BKW AG  | 2278 | 509833 |
| Bossard Holding AG, Class A  | 846 | 183839 |
| Bucher Industries AG  | 523 | 232068 |
| Burckhardt Compression Holding AG  | 160 | 110663 |
| Bystronic AG  | 196 | 72848 |
| Cembra Money Bank AG  | 3360 | 384226 |
| Clariant AG \* | 72518 | 650204 |
| Comet Holding AG  | 571 | 139550 |
| Daetwyler Holding AG  | 911 | 167989 |
| DKSH Holding AG  | 11195 | 780690 |
| DocMorris AG *\*(b)* | 1606 | 11056 |
| dormakaba Holding AG  | 3820 | 326292 |
| DSM-Firmenich AG  | 834 | 67978 |
| Emmi AG  | 394 | 350095 |
| EMS-Chemie Holding AG  | 628 | 430136 |
| Flughafen Zurich AG  | 1383 | 408518 |
| Forbo Holding AG  | 284 | 260942 |
| Galderma Group AG  | 1343 | 249411 |
| Galenica AG  | 9018 | 971884 |
| Garrett Motion, Inc.  | 21513 | 364430 |
| Georg Fischer AG  | 8136 | 574478 |
| Helvetia Holding AG  | 3570 | 877252 |
| Huber & Suhner AG  | 3179 | 582223 |
| Inficon Holding AG  | 1337 | 160398 |
| Interroll Holding AG  | 85 | 262302 |
| Kardex Holding AG  | 349 | 131273 |
| Landis & Gyr Group AG \* | 6322 | 457996 |
| Luzerner Kantonalbank AG  | 1294 | 131635 |
| Mobimo Holding AG  | 480 | 203463 |
| OC Oerlikon Corp. AG Pfaffikon  | 98209 | 351194 |
| On Holding AG, Class A \* | 2808 | 104317 |
| PSP Swiss Property AG  | 2043 | 353365 |
| SFS Group AG  | 2011 | 272726 |
| Siegfried Holding AG \* | 2094 | 201987 |
| SIG Group AG \* | 34256 | 383008 |
| Softwareone Holding AG  | 31369 | 322338 |
| St. Galler Kantonalbank AG  | 267 | 169363 |
| Stadler Rail AG  | 10487 | 257157 |
| Straumann Holding AG  | 4801 | 603494 |
| Sulzer AG  | 1620 | 270742 |
| Swiss Prime Site AG  | 5321 | 756342 |
| Swissquote Group Holding SA  | 207 | 131516 |
| Tecan Group AG  | 1659 | 302956 |
| Temenos AG  | 4417 | 417045 |
| Valiant Holding AG  | 1835 | 302028 |
| VAT Group AG  | 1282 | 560256 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Vontobel Holding AG  | 5300 | 401894 |
|  |  | **20460146** |
| **Taiwan 0.1%** | **Taiwan 0.1%** | **Taiwan 0.1%** |
| FIT Hon Teng Ltd. \* | 475000 | 355368 |
| **United Kingdom 7.6%** | **United Kingdom 7.6%** | **United Kingdom 7.6%** |
| 4imprint Group PLC  | 4495 | 196848 |
| AG Barr PLC  | 17267 | 151772 |
| Airtel Africa PLC  | 358601 | 1304115 |
| Allfunds Group PLC  | 39585 | 300915 |
| Ashmore Group PLC  | 101587 | 250762 |
| ASOS PLC *\*(b)* | 16459 | 55028 |
| Auto Trader Group PLC  | 38565 | 395642 |
| Babcock International Group PLC  | 54916 | 876955 |
| Bakkavor Group PLC  | 80039 | 233427 |
| Beazley PLC  | 53561 | 655254 |
| Big Yellow Group PLC  | 14256 | 208521 |
| Bodycote PLC  | 52772 | 427745 |
| Breedon Group PLC  | 67635 | 306184 |
| British Land Co. PLC  | 102417 | 511517 |
| Carnival PLC, ADR \* | 12911 | 335815 |
| Chemring Group PLC  | 37343 | 281501 |
| Clarkson PLC  | 4154 | 197997 |
| Close Brothers Group PLC \* | 130434 | 719491 |
| Coats Group PLC  | 315927 | 339510 |
| Computacenter PLC  | 17700 | 666986 |
| Convatec Group PLC  | 181610 | 583256 |
| Cranswick PLC  | 10911 | 707848 |
| Crest Nicholson Holdings PLC  | 36234 | 78778 |
| CVS Group PLC  | 10870 | 177325 |
| Derwent London PLC  | 11020 | 255173 |
| Diploma PLC  | 6026 | 444556 |
| Diversified Energy Co. PLC  | 22504 | 283810 |
| Domino's Pizza Group PLC  | 70335 | 179877 |
| Dr. Martens PLC  | 334021 | 398872 |
| Drax Group PLC  | 22517 | 213409 |
| Dunelm Group PLC  | 20565 | 302041 |
| easyJet PLC  | 101777 | 647993 |
| Elementis PLC  | 117114 | 253150 |
| Endava PLC, ADR \* | 10828 | 100376 |
| Endeavour Mining PLC  | 23447 | 939351 |
| Energean PLC  | 16244 | 205715 |
| Essentra PLC  | 32739 | 41891 |
| FDM Group Holdings PLC  | 7919 | 12505 |
| Fevertree Drinks PLC  | 3982 | 43644 |
| Frasers Group PLC \* | 45409 | 435919 |
| Fresnillo PLC  | 26416 | 772487 |
| Future PLC  | 23628 | 190522 |
| Games Workshop Group PLC  | 2132 | 446458 |
| Gamma Communications PLC  | 11763 | 153449 |
| Genuit Group PLC  | 44875 | 218180 |
| Genus PLC  | 8338 | 269459 |
| Grainger PLC  | 67351 | 165943 |
| Greggs PLC  | 19932 | 422465 |
| Halfords Group PLC  | 50477 | 99202 |
| Halma PLC  | 21332 | 994037 |
| Harbour Energy PLC  | 203920 | 603601 |
| Hikma Pharmaceuticals PLC  | 26912 | 650988 |
| Hill & Smith PLC  | 10905 | 308579 |
| Hilton Food Group PLC  | 33069 | 279771 |
| Howden Joinery Group PLC  | 78151 | 887628 |
| Hunting PLC  | 54625 | 245063 |
| Ibstock PLC  | 101104 | 181626 |
| ICG PLC  | 24320 | 617822 |
| IG Group Holdings PLC  | 64550 | 944855 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**55**

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| IMI PLC  | 33314 | 1047358 |
| InterContinental Hotels Group PLC  | 6447 | 777683 |
| Investec PLC  | 12652 | 95265 |
| J D Wetherspoon PLC  | 20520 | 174087 |
| James Halstead PLC  | 54730 | 100373 |
| JD Sports Fashion PLC  | 119915 | 146942 |
| JET2 PLC  | 20352 | 355405 |
| Johnson Service Group PLC  | 77703 | 138418 |
| Jupiter Fund Management PLC  | 61912 | 123934 |
| Just Group PLC  | 109740 | 306348 |
| Keller Group PLC  | 26854 | 560172 |
| Kier Group PLC  | 190430 | 541859 |
| Lancashire Holdings Ltd.  | 25476 | 223710 |
| Land Securities Group PLC  | 95917 | 783890 |
| Lion Finance Group PLC  | 4390 | 462152 |
| LondonMetric Property PLC  | 60773 | 152042 |
| Marshalls PLC  | 73478 | 162939 |
| Mitchells & Butlers PLC \* | 79117 | 253084 |
| Mitie Group PLC  | 268135 | 580506 |
| Mobico Group PLC \* | 107520 | 37092 |
| MONY Group PLC  | 111317 | 283889 |
| Morgan Advanced Materials PLC  | 111551 | 298951 |
| Morgan Sindall Group PLC  | 9677 | 591139 |
| Ninety One PLC  | 84255 | 256121 |
| Ocado Group PLC \* | 57108 | 164473 |
| OSB Group PLC  | 90987 | 644913 |
| Oxford Instruments PLC  | 6602 | 163800 |
| Pagegroup PLC  | 138106 | 428676 |
| Paragon Banking Group PLC  | 28334 | 308573 |
| Pennon Group PLC  | 106928 | 728727 |
| Pets at Home Group PLC  | 173391 | 488429 |
| Pinewood Technologies Group PLC \* | 13935 | 67459 |
| Polar Capital Holdings PLC  | 22926 | 172831 |
| Premier Foods PLC  | 117203 | 280840 |
| Primary Health Properties PLC  | 223864 | 275620 |
| PZ Cussons PLC  | 47421 | 46146 |
| QinetiQ Group PLC  | 77734 | 490865 |
| Quilter PLC  | 344908 | 823746 |
| Renew Holdings PLC  | 16976 | 206511 |
| Renishaw PLC  | 4776 | 221794 |
| Rightmove PLC  | 31801 | 279227 |
| Rolls-Royce Holdings PLC  | 25294 | 389244 |
| Rotork PLC  | 106086 | 477584 |
| RS Group PLC  | 20819 | 152372 |
| RWS Holdings PLC  | 185394 | 188753 |
| Safestore Holdings PLC  | 22567 | 211971 |
| Savills PLC  | 38481 | 509569 |
| Schroders PLC  | 177317 | 884834 |
| Segro PLC  | 71010 | 651614 |
| Senior PLC  | 109692 | 274659 |
| Serco Group PLC  | 91635 | 305527 |
| Serica Energy PLC  | 108509 | 310129 |
| Softcat PLC  | 10008 | 210884 |
| Spectris PLC  | 24171 | 1303963 |
| Spirax Group PLC  | 8519 | 794590 |
| Spire Healthcare Group PLC  | 64154 | 197634 |
| SSP Group PLC  | 163952 | 331349 |
| St. James's Place PLC  | 17623 | 300684 |
| SThree PLC  | 15620 | 32310 |
| Tate & Lyle PLC  | 104430 | 530174 |
| Telecom Plus PLC  | 12568 | 293152 |
| THG PLC *\*(b)* | 433984 | 265237 |
| TORM PLC, Class A  | 18159 | 391687 |
| Tritax Big Box REIT PLC  | 113218 | 223499 |
| Tullow Oil PLC *\*(b)* | 219951 | 28317 |
| UNITE Group PLC  | 19298 | 143948 |
| Vesuvius PLC  | 133004 | 656276 |
| Victrex PLC  | 27883 | 236995 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Vistry Group PLC \* | 94644 | 801697 |
| Watches of Switzerland Group PLC \* | 62994 | 325148 |
| Weir Group PLC  | 27640 | 1075967 |
| WH Smith PLC  | 19249 | 170989 |
| Whitbread PLC  | 5092 | 193854 |
| Zigup PLC  | 133278 | 607553 |
|  |  | **50891761** |
| **United States 0.2%** | **United States 0.2%** | **United States 0.2%** |
| Coronado Global Resources, Inc., CDI *(b)* | 294688 | 70167 |
| Kulicke & Soffa Industries, Inc.  | 13886 | 554468 |
| Magnachip Semiconductor Corp. \* | 9889 | 30656 |
| Mercer International, Inc.  | 9823 | 20628 |
| SolarEdge Technologies, Inc. \* | 25579 | 897567 |
|  |  | **1573486** |
| **Total Common Stocks** <br>**(Cost $460,755,572)** | **Total Common Stocks** <br>**(Cost $460,755,572)** | **656428441** |
| **PREFERRED STOCKS** 0.5% OF NET ASSETS | **PREFERRED STOCKS** 0.5% OF NET ASSETS | **PREFERRED STOCKS** 0.5% OF NET ASSETS |
| **Germany 0.4%** | **Germany 0.4%** | **Germany 0.4%** |
| Draegerwerk AG & Co. KGaA  | 7183 | 605294 |
| Jungheinrich AG  | 16433 | 587285 |
| KSB SE & Co. KGaA  | 278 | 288586 |
| Sartorius AG  | 1846 | 507886 |
| Sixt SE  | 4044 | 256913 |
| STO SE & Co. KGaA  | 1412 | 194112 |
|  |  | **2440076** |
| **Italy 0.1%** | **Italy 0.1%** | **Italy 0.1%** |
| Danieli & C Officine Meccaniche SpA - <br> RSP <br>| 8751 | 335545 |
| **Republic of Korea 0.0%** | **Republic of Korea 0.0%** | **Republic of Korea 0.0%** |
| Daesang Corp.  | 59 | 697 |
| Daishin Securities Co. Ltd.  | 7876 | 117881 |
|  |  | **118578** |
| **Total Preferred Stocks** <br>**(Cost $2,169,980)** | **Total Preferred Stocks** <br>**(Cost $2,169,980)** | **2894199** |
| **RIGHTS** 0.0% OF NET ASSETS | **RIGHTS** 0.0% OF NET ASSETS | **RIGHTS** 0.0% OF NET ASSETS |
| **Germany 0.0%** | **Germany 0.0%** | **Germany 0.0%** |
| BayWa AG | BayWa AG | BayWa AG |
| expires 11/10/25, strike CHF <br> 17.00 *\*(b)*<br>| 9027 | 15503 |
| **Norway 0.0%** | **Norway 0.0%** | **Norway 0.0%** |
| Vend Marketplaces ASA | Vend Marketplaces ASA | Vend Marketplaces ASA |
| expires 11/13/25, strike NOK 0.50 *\*(a)* | 6459 | 14384 |
| **Spain 0.0%** | **Spain 0.0%** | **Spain 0.0%** |
| Vidrala SA | Vidrala SA | Vidrala SA |
| expires 11/17/25 \* | 2718 | 12845 |
| **Total Rights** <br>**(Cost $51,154)** | **Total Rights** <br>**(Cost $51,154)** | **42732** |

---

*See financial notes*

**56**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **WARRANTS** 0.0% OF NET ASSETS | **WARRANTS** 0.0% OF NET ASSETS | **WARRANTS** 0.0% OF NET ASSETS |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Webuild SpA | Webuild SpA | Webuild SpA |
| expires 08/02/30 *\*(a)* | 9173 | 37071 |
| **Total Warrants** <br>**(Cost $0)** | **Total Warrants** <br>**(Cost $0)** | **37071** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.5% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.5% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.5% OF NET ASSETS |
| **Money Market Funds 0.5%** | **Money Market Funds 0.5%** | **Money Market Funds 0.5%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(c)(d)*<br>| 3363911 | 3363911 |
| **Total Short-Term Investments** <br>**(Cost $3,363,911)** | **Total Short-Term Investments** <br>**(Cost $3,363,911)** | **3363911** |
| **Total Investments in Securities** <br>**(Cost $466,340,617)** | **Total Investments in Securities** <br>**(Cost $466,340,617)** | **662766354** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| MSCI EAFE Index, expires <br> 12/19/25<br>| 46 | 6456330 | **19698** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). 

*(b)* All or a portion of this security is on loan. Securities on loan were valued at $3,124,553. 

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ADR — | American Depositary Receipt |
| CDI — | CHESS Depositary Interest |
| CVA — | Dutch Certificate |
| REIT — | Real Estate Investment Trust |
| RSP — | Risparmio (Savings Shares) |
| CHF — | Swiss Franc |
| NOK — | Norwegian Krone |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | % OF NET ASSETS |
| **SECTOR WEIGHTINGS *(a)*** | **SECTOR WEIGHTINGS *(a)*** |
| Industrials | 24.4<br> %<br>|
| Consumer Discretionary | 12.5<br> %<br>|
| Financials | 11.4<br> %<br>|
| Materials | 11.3<br> %<br>|
| Information Technology | 8.1<br> %<br>|
| Consumer Staples | 7.6<br> %<br>|
| Real Estate | 6.7<br> %<br>|
| Communication Services | 5.2<br> %<br>|
| Health Care | 5.0<br> %<br>|
| Energy | 3.6<br> %<br>|
| Utilities | 3.3<br> %<br>|
| Short-Term Investments | 0.5<br> %<br>|
| **Total** | **99.6%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Excludes derivatives.

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $— | &nbsp;&nbsp; $42674563 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $42674563 |
| Australia | 101373 | &nbsp;&nbsp; 33347689 | &nbsp;&nbsp; 116860 | &nbsp;&nbsp; 33565922 |
| Austria | 839692 | &nbsp;&nbsp; 3856155 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4695847 |
| Cambodia | 60343 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 60343 |
| Canada | 56276196 | &nbsp;&nbsp; 969399 | &nbsp;&nbsp; — | &nbsp;&nbsp; 57245595 |
| China | 1402150 | &nbsp;&nbsp; 8139031 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9541181 |
| Cyprus | 639922 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 639922 |
| Denmark | 429869 | &nbsp;&nbsp; 9185073 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9614942 |
| Finland | 217182 | &nbsp;&nbsp; 8400816 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8617998 |
| France | 1501749 | &nbsp;&nbsp; 23118576 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24620325 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**57**

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT<br> UNOBSERVABLE INPUTS<br> (LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** (continued) |  |  |  |  |
| Guernsey | $41901 | &nbsp;&nbsp; $138446 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $180347 |
| Hong Kong | 3074358 | &nbsp;&nbsp; 14864525 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 17938883 |
| Ireland | 1704094 | &nbsp;&nbsp; 1967989 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3672083 |
| Israel | 1323821 | &nbsp;&nbsp; 12894146 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14217967 |
| Italy | 496917 | &nbsp;&nbsp; 13839238 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14336155 |
| Japan | 6632064 | &nbsp;&nbsp; 203898619 | &nbsp;&nbsp; — | &nbsp;&nbsp; 210530683 |
| Jersey | 15480 | &nbsp;&nbsp; 1623575 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1639055 |
| Luxembourg | 678911 | &nbsp;&nbsp; 2665049 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3343960 |
| New Zealand | 2789796 | &nbsp;&nbsp; 2161268 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4951064 |
| Norway | 2653280 | &nbsp;&nbsp; 9372850 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12026130 |
| Poland | 624841 | &nbsp;&nbsp; 7024246 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7649087 |
| Portugal | 835857 | &nbsp;&nbsp; 1794687 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2630544 |
| Republic of Korea | 3795428 | &nbsp;&nbsp; 49106361 | &nbsp;&nbsp; 408812 | &nbsp;&nbsp; 53310601 |
| Singapore | 1949597 | &nbsp;&nbsp; 11920395 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13869992 |
| Spain | 1130425 | &nbsp;&nbsp; 9228881 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 10359306 |
| Sweden | 245971 | &nbsp;&nbsp; 21324582 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21570553 |
| Switzerland | 468747 | &nbsp;&nbsp; 19991399 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20460146 |
| United Kingdom | 12520459 | &nbsp;&nbsp; 38371302 | &nbsp;&nbsp; — | &nbsp;&nbsp; 50891761 |
| United States | 1503319 | &nbsp;&nbsp; 70167 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1573486 |
| Preferred Stocks<sup>1</sup> <br>|  | &nbsp;&nbsp; 2894199 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2894199 |
| Rights |  |  |  |  |
| Germany | 15503 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 15503 |
| Norway |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 14384 | &nbsp;&nbsp; 14384 |
| Spain | 12845 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12845 |
| Warrants |  |  |  |  |
| Italy |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 37071 | &nbsp;&nbsp; 37071 |
| Short-Term Investments<sup>1</sup> <br>| 3363911 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3363911 |
| Futures Contracts<sup>2</sup> <br>| 19698 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 19698 |
| **Total** | **$107365699** | &nbsp;&nbsp; **$554843226** | &nbsp;&nbsp; **$577127** | &nbsp;&nbsp; **$662786052** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Level 3 amount shown includes securities determined to have no value at October 31, 2025.

<sup>1</sup> As categorized in the Portfolio Holdings. 

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

**58**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity Index Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $466,340,617) including securities on loan of $3,124,553 |  | $662766354 |
| Cash |  | 381456 |
| Foreign currency, at value (cost $832,474) |  | 827309 |
| Deposit with broker for futures contracts |  | 404549 |
| Receivables: |  |  |
| Dividends |  | 2225155 |
| Fund shares sold |  | 1967325 |
| Foreign tax reclaims |  | 1008013 |
| Income from securities on loan | + | 11325 |
| **Total assets** |  | **669591486** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 3363911 |
| Payables: |  |  |
| Investment adviser fees |  | 235171 |
| Fund shares redeemed |  | 220103 |
| Investments bought |  | 31616 |
| Variation margin on futures contracts | + | 13376 |
| **Total liabilities** |  | **3864177** |
| **Net assets** |  | **$665727309** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $457601361 |
| Total distributable earnings | + | 208125948 |
| **Net assets** |  | **$665727309** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $665727309 |  | &nbsp;&nbsp;&nbsp;&nbsp; 41269273 |  | &nbsp;&nbsp;&nbsp;&nbsp; $16.13 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**59**

------

Schwab Fundamental International Small Equity Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $2,223,796) |  | $18913307 |
| Other Interest |  | 17494 |
| Interest received from securities - unaffiliated issuers |  | 11732 |
| Securities on loan, net | + | 168615 |
| **Total investment income**  |  | **19111148** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 2365972 |
| Professional fees | + | 3445 <br><sup>1</sup><br>|
| **Total expenses** |  | **2369417** |
| Expense reduction | – | 3445 <br><sup>1</sup><br>|
| **Net expenses** | – | **2365972** |
| **Net investment income** |  | **16745176** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 39249595 |
| Net realized gains on futures contracts |  | 716697 |
| Net realized gains on foreign currency transactions | + | 54969 |
| **Net realized gains** |  | **40021261** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 90255858 |
| Net change in unrealized appreciation (depreciation) on futures contracts |  | 236823 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 89029 |
| **Net change in unrealized appreciation (depreciation)** |  | **90581710** |
| **Net realized and unrealized gains** |  | **130602971** |
| **Increase in net assets resulting from operations** |  | **$147348147** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Professional fees associated with the filing of foreign withholding tax claims in the European Union are deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d) and 3 for additional information).

*See financial notes*

**60**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $16745176 | &nbsp;&nbsp;&nbsp; $14932675 |
| Net realized gains |  | 40021261 | &nbsp;&nbsp;&nbsp; 18740064 |
| Net change in unrealized appreciation (depreciation) | + | 90581710 | &nbsp;&nbsp;&nbsp; 70855486 |
| **Increase in net assets resulting from operations** |  | **$147348147** | &nbsp;&nbsp;&nbsp; **$104528225** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($25042016)**<br>| &nbsp;&nbsp;&nbsp; **($18018592)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 5343605 | &nbsp;&nbsp;&nbsp; $76593969 | &nbsp;&nbsp;&nbsp; 5145625 | &nbsp;&nbsp;&nbsp; $65878606 |
| Shares reinvested |  | 1591547 | &nbsp;&nbsp;&nbsp; 19591935 | &nbsp;&nbsp;&nbsp; 1128372 | &nbsp;&nbsp;&nbsp; 13946682 |
| Shares redeemed | + | (9229044)<br>| &nbsp;&nbsp;&nbsp; (129197207)<br>| &nbsp;&nbsp;&nbsp; (8921096)<br>| &nbsp;&nbsp;&nbsp; (114194679)<br>|
| **Net transactions in fund shares**  |  | **(2293892)**<br>| &nbsp;&nbsp;&nbsp; **($33011303)**<br>| &nbsp;&nbsp;&nbsp; **(2647099)**<br>| &nbsp;&nbsp;&nbsp; **($34369391)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 43563165 | &nbsp;&nbsp;&nbsp; $576432481 | &nbsp;&nbsp;&nbsp; 46210264 | &nbsp;&nbsp;&nbsp; $524292239 |
| Total increase (decrease) | + | (2293892)<br>| &nbsp;&nbsp;&nbsp; 89294828 | &nbsp;&nbsp;&nbsp; (2647099)<br>| &nbsp;&nbsp;&nbsp; 52140242 |
| **End of period** |  | **41269273** | &nbsp;&nbsp;&nbsp; **$665727309** | &nbsp;&nbsp;&nbsp; **43563165** | &nbsp;&nbsp;&nbsp; **$576432481** |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**61**

------

Schwab Fundamental Emerging Markets Equity Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $9.85 | &nbsp;&nbsp; $8.02 | &nbsp;&nbsp; $7.35 | &nbsp;&nbsp; $10.24 | &nbsp;&nbsp; $7.51 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.39 | 0.39 | 0.39 | 0.52 | 0.36 |
| Net realized and unrealized gains (losses) | 1.79 | 1.87 | 0.71 | &nbsp;&nbsp; (2.96)<br>| 2.63 |
| Total from investment operations | 2.18 | 2.26 | 1.10 | &nbsp;&nbsp; (2.44)<br>| 2.99 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.26)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $11.60 | &nbsp;&nbsp; $9.85 | &nbsp;&nbsp; $8.02 | &nbsp;&nbsp; $7.35 | &nbsp;&nbsp; $10.24 |
| Total return | 23.27<br> %<br>| 29.16<br> %<br>| 15.14<br> %<br>| &nbsp;&nbsp; (24.86<br> %)<br>| 40.39<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39 %<sup>2</sup><br>| 0.39<br> %<br>|
| Net investment income (loss) | 3.85<br> %<br>| 4.29<br> %<br>| 4.75<br> %<br>| 5.83<br> %<br>| 3.75<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 32<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $1340 | &nbsp;&nbsp; $933 | &nbsp;&nbsp; $695 | &nbsp;&nbsp; $604 | &nbsp;&nbsp; $708 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**62**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental Emerging Markets Equity Index Fund

Portfolio Holdings as of October 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 95.1% OF NET ASSETS | **COMMON STOCKS** 95.1% OF NET ASSETS | **COMMON STOCKS** 95.1% OF NET ASSETS |
| **Brazil 7.3%** | **Brazil 7.3%** | **Brazil 7.3%** |
| Ambev SA  | 1301685 | 3075199 |
| B3 SA - Brasil Bolsa Balcao  | 829490 | 1951941 |
| Banco Bradesco SA  | 697970 | 2007007 |
| Banco do Brasil SA  | 1469925 | 5983579 |
| Banco Santander Brasil SA  | 78114 | 452136 |
| Centrais Eletricas Brasileiras SA  | 230978 | 2392233 |
| Cia de Saneamento Basico do Estado de <br> Sao Paulo SABESP <br>| 82955 | 2032725 |
| Cia Energetica de Minas Gerais  | 123200 | 332964 |
| Cia Paranaense de Energia - Copel  | 289174 | 704667 |
| Cia Siderurgica Nacional SA  | 1174416 | 2060704 |
| Cosan SA \* | 719980 | 823033 |
| Equatorial Energia SA  | 272346 | 1855311 |
| Itau Unibanco Holding SA  | 125511 | 819795 |
| Klabin SA  | 371499 | 1245707 |
| Localiza Rent a Car SA  | 145783 | 1068724 |
| MBRF Global Foods Co. SA  | 140519 | 466747 |
| Natura Cosmeticos SA \* | 240824 | 403317 |
| Petroleo Brasileiro SA - Petrobras  | 3546192 | 20769804 |
| Suzano SA  | 253904 | 2307339 |
| Telefonica Brasil SA  | 350170 | 2085418 |
| Ultrapar Participacoes SA  | 788601 | 3138309 |
| Vale SA  | 2984779 | 36206039 |
| Vibra Energia SA  | 1307099 | 5782388 |
|  |  | **97965086** |
| **Chile 0.5%** | **Chile 0.5%** | **Chile 0.5%** |
| Banco de Chile  | 8916074 | 1564700 |
| Cencosud SA  | 587234 | 1821108 |
| Empresas CMPC SA  | 236747 | 341902 |
| Empresas Copec SA  | 317278 | 2266502 |
| Enel Americas SA  | 8576257 | 810810 |
|  |  | **6805022** |
| **China 33.8%** | **China 33.8%** | **China 33.8%** |
| Agile Group Holdings Ltd. \* | 2854000 | 153837 |
| Agricultural Bank of China Ltd., A Shares  | 1583900 | 1769870 |
| Agricultural Bank of China Ltd., <br> H Shares <br>| 9397600 | 7169213 |
| Alibaba Group Holding Ltd.  | 2691292 | 57267293 |
| Aluminum Corp. of China Ltd., A Shares  | 574500 | 804845 |
| Aluminum Corp. of China Ltd., H Shares  | 1474000 | 1874218 |
| Anhui Conch Cement Co. Ltd., A Shares  | 295700 | 962724 |
| Anhui Conch Cement Co. Ltd., H Shares  | 852500 | 2541697 |
| ANTA Sports Products Ltd.  | 144600 | 1509353 |
| BAIC Motor Corp. Ltd., H Shares \* | 6950500 | 1797260 |
| Baidu, Inc., A Shares \* | 556350 | 8421040 |
| Bank of Beijing Co. Ltd., A Shares  | 1479200 | 1160751 |
| Bank of China Ltd., A Shares  | 855200 | 673763 |
| Bank of China Ltd., H Shares  | 27643234 | 15652796 |
| Bank of Communications Co. Ltd., <br> A Shares <br>| 1532700 | 1545895 |
| Bank of Communications Co. Ltd., <br> H Shares <br>| 3182000 | 2826571 |
| BOE Technology Group Co. Ltd., <br> A Shares <br>| 2531200 | 1442792 |
| BYD Co. Ltd., A Shares  | 26200 | 371006 |
| BYD Co. Ltd., H Shares  | 192300 | 2484513 |
| CGN Power Co. Ltd., A Shares  | 270800 | 149772 |
| CGN Power Co. Ltd., H Shares  | 2528000 | 1001572 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| China CITIC Bank Corp. Ltd., A Shares  | 265500 | 288677 |
| China CITIC Bank Corp. Ltd., H Shares  | 4296000 | 4098839 |
| China Coal Energy Co. Ltd., A Shares  | 108500 | 206850 |
| China Coal Energy Co. Ltd., H Shares  | 1043000 | 1469215 |
| China Communications Services Corp. <br> Ltd., H Shares <br>| 632000 | 378766 |
| China Construction Bank Corp., <br> A Shares <br>| 602700 | 772905 |
| China Construction Bank Corp., <br> H Shares <br>| 37876960 | 37499738 |
| China Everbright Bank Co. Ltd., <br> A Shares <br>| 2217900 | 1039890 |
| China Everbright Bank Co. Ltd., <br> H Shares <br>| 4468000 | 1832984 |
| China Hongqiao Group Ltd.  | 1258500 | 4778264 |
| China Life Insurance Co. Ltd., A Shares  | 13400 | 82742 |
| China Life Insurance Co. Ltd., H Shares  | 719000 | 2267360 |
| China Mengniu Dairy Co. Ltd.  | 1032000 | 1877983 |
| China Merchants Bank Co. Ltd., <br> A Shares <br>| 547800 | 3146507 |
| China Merchants Bank Co. Ltd., <br> H Shares <br>| 966150 | 6056343 |
| China Minsheng Banking Corp. Ltd., <br> A Shares <br>| 3895200 | 2137840 |
| China Minsheng Banking Corp. Ltd., <br> H Shares <br>| 5786910 | 2964716 |
| China National Building Material Co. Ltd., <br> H Shares <br>| 9300562 | 6590915 |
| China Pacific Insurance Group Co. Ltd., <br> A Shares <br>| 126700 | 631420 |
| China Pacific Insurance Group Co. Ltd., <br> H Shares <br>| 636200 | 2579187 |
| China Petroleum & Chemical Corp., <br> A Shares <br>| 1892000 | 1453293 |
| China Petroleum & Chemical Corp., <br> H Shares <br>| 25758400 | 13701001 |
| China Railway Group Ltd., A Shares  | 1333100 | 1051712 |
| China Railway Group Ltd., H Shares  | 3659000 | 1856132 |
| China Resources Gas Group Ltd.  | 83700 | 230160 |
| China Resources Land Ltd.  | 1349000 | 4873852 |
| China Shenhua Energy Co. Ltd., <br> A Shares <br>| 120000 | 716045 |
| China Shenhua Energy Co. Ltd., <br> H Shares <br>| 1054000 | 5488370 |
| China State Construction Engineering <br> Corp. Ltd., A Shares <br>| 3339400 | 2545449 |
| China Tower Corp. Ltd., H Shares  | 1782900 | 2575660 |
| China United Network Communications <br> Ltd., A Shares <br>| 1967450 | 1497951 |
| China Vanke Co. Ltd., A Shares \* | 1810300 | 1593847 |
| China Vanke Co. Ltd., H Shares *\*(a)* | 3052600 | 1729422 |
| China Yongda Automobiles Services <br> Holdings Ltd. <br>| 5406000 | 1187036 |
| CITIC Securities Co. Ltd., A Shares  | 230400 | 950951 |
| CITIC Securities Co. Ltd., H Shares  | 249500 | 949868 |
| COSCO SHIPPING Holdings Co. Ltd., <br> A Shares <br>| 598800 | 1261584 |
| COSCO SHIPPING Holdings Co. Ltd., <br> H Shares <br>| 1747000 | 3029702 |
| CRRC Corp. Ltd., A Shares  | 510630 | 549180 |
| CRRC Corp. Ltd., H Shares  | 1312000 | 995567 |
| Daqo New Energy Corp., ADR \* | 58268 | 1903033 |
| ENN Energy Holdings Ltd.  | 331500 | 2888449 |
| Geely Automobile Holdings Ltd.  | 1369000 | 3247692 |
| Gree Electric Appliances, Inc. of Zhuhai, <br> A Shares <br>| 168900 | 943082 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**63**

------

Schwab Fundamental Emerging Markets Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Guangzhou R&F Properties Co. Ltd., <br> H Shares *\*(a)*<br>| 1245746 | 86492 |
| Haier Smart Home Co. Ltd., A Shares  | 188000 | 707913 |
| Haier Smart Home Co. Ltd., H Shares  | 798400 | 2596304 |
| Hello Group, Inc., ADR  | 124341 | 844275 |
| Huaneng Power International, Inc., <br> A Shares <br>| 191300 | 218363 |
| Huaneng Power International, Inc., <br> H Shares <br>| 1244000 | 1027681 |
| Industrial & Commercial Bank of China <br> Ltd., A Shares <br>| 1295100 | 1415166 |
| Industrial & Commercial Bank of China <br> Ltd., H Shares <br>| 23130172 | 17921233 |
| Industrial Bank Co. Ltd., A Shares  | 1252700 | 3559170 |
| iQIYI, Inc., ADR \* | 778928 | 1799324 |
| JD.com, Inc., ADR  | 533927 | 17640948 |
| Jiangxi Copper Co. Ltd., A Shares  | 171300 | 987683 |
| Jiangxi Copper Co. Ltd., H Shares  | 1264000 | 5273964 |
| JinkoSolar Holding Co. Ltd., ADR  | 47275 | 1187075 |
| KE Holdings, Inc., ADR  | 104578 | 1783055 |
| Kunlun Energy Co. Ltd.  | 2988000 | 2746526 |
| Kweichow Moutai Co. Ltd., A Shares  | 6500 | 1305594 |
| Li Ning Co. Ltd.  | 673500 | 1464334 |
| Longfor Group Holdings Ltd.  | 2280500 | 2816949 |
| Lufax Holding Ltd., ADR \* | 752163 | 2346749 |
| Meituan, B Shares \* | 209970 | 2763783 |
| Midea Group Co. Ltd., A Shares  | 209200 | 2243986 |
| NetEase, Inc.  | 202443 | 5680697 |
| PDD Holdings, Inc., ADR \* | 40975 | 5526298 |
| People's Insurance Co. Group of China <br> Ltd., A Shares <br>| 22900 | 27144 |
| People's Insurance Co. Group of China <br> Ltd., H Shares <br>| 495000 | 444564 |
| PetroChina Co. Ltd., A Shares  | 1016900 | 1307614 |
| PetroChina Co. Ltd., H Shares  | 14040000 | 14513404 |
| PICC Property & Casualty Co. Ltd., <br> H Shares <br>| 2336000 | 5518855 |
| Ping An Bank Co. Ltd., A Shares  | 884100 | 1404836 |
| Ping An Insurance Group Co. of China <br> Ltd., A Shares <br>| 634900 | 5155869 |
| Ping An Insurance Group Co. of China <br> Ltd., H Shares <br>| 2403000 | 17360069 |
| Poly Developments & Holdings Group Co. <br> Ltd., A Shares <br>| 906200 | 932177 |
| Postal Savings Bank of China Co. Ltd., <br> A Shares <br>| 522500 | 421823 |
| Postal Savings Bank of China Co. Ltd., <br> H Shares <br>| 3719000 | 2620446 |
| Seazen Group Ltd. \* | 1084000 | 305398 |
| Shanghai Pudong Development Bank Co. <br> Ltd., A Shares <br>| 1753800 | 2831465 |
| Shenzhou International Group Holdings <br> Ltd. <br>| 160700 | 1387132 |
| Sinopharm Group Co. Ltd., H Shares  | 1606400 | 4004057 |
| Sunac China Holdings Ltd. *\*(a)* | 5771000 | 1082218 |
| Sunny Optical Technology Group Co. <br> Ltd. <br>| 46200 | 446463 |
| Tencent Holdings Ltd.  | 445700 | 36203185 |
| Vipshop Holdings Ltd., ADR  | 285661 | 4996211 |
| Weichai Power Co. Ltd., A Shares  | 322800 | 678073 |
| Weichai Power Co. Ltd., H Shares  | 696000 | 1438144 |
| Xiaomi Corp., B Shares \* | 1178400 | 6537658 |
| Yankuang Energy Group Co. Ltd., <br> A Shares <br>| 154185 | 318562 |
| Yankuang Energy Group Co. Ltd., <br> H Shares <br>| 1545600 | 2121869 |
| Zhongsheng Group Holdings Ltd.  | 1135000 | 1791709 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Zijin Mining Group Co. Ltd., A Shares  | 370700 | 1583841 |
| Zijin Mining Group Co. Ltd., H Shares  | 796000 | 3293061 |
| ZTO Express Cayman, Inc.  | 46500 | 857868 |
| ZTO Express Cayman, Inc., ADR  | 21487 | 399443 |
|  |  | **453427680** |
| **Colombia 0.2%** | **Colombia 0.2%** | **Colombia 0.2%** |
| Ecopetrol SA, ADR *(a)* | 198972 | 1854419 |
| Grupo Cibest SA  | 64018 | 1037994 |
|  |  | **2892413** |
| **Czech Republic 0.2%** | **Czech Republic 0.2%** | **Czech Republic 0.2%** |
| CEZ AS  | 39445 | 2415972 |
| **Greece 0.3%** | **Greece 0.3%** | **Greece 0.3%** |
| Alpha Bank SA  | 258848 | 1014738 |
| Motor Oil Hellas Corinth Refineries SA  | 43293 | 1297385 |
| National Bank of Greece SA  | 132112 | 1941850 |
|  |  | **4253973** |
| **Hong Kong 2.5%** | **Hong Kong 2.5%** | **Hong Kong 2.5%** |
| BOC Hong Kong Holdings Ltd.  | 729500 | 3584557 |
| China Everbright Environment Group <br> Ltd. <br>| 2767000 | 1712052 |
| China Jinmao Holdings Group Ltd.  | 1918000 | 331457 |
| China Overseas Land & Investment Ltd.  | 3236500 | 5431474 |
| China Resources Power Holdings Co. <br> Ltd. <br>| 788000 | 1884344 |
| China Taiping Insurance Holdings Co. <br> Ltd. <br>| 569000 | 1294285 |
| CITIC Ltd.  | 6172000 | 9539629 |
| CSPC Pharmaceutical Group Ltd.  | 2206000 | 2172893 |
| Fosun International Ltd.  | 671500 | 425958 |
| Lenovo Group Ltd.  | 3120000 | 4551607 |
| Orient Overseas International Ltd.  | 112500 | 1946917 |
|  |  | **32875173** |
| **Hungary 0.6%** | **Hungary 0.6%** | **Hungary 0.6%** |
| MOL Hungarian Oil & Gas PLC  | 525011 | 4618423 |
| OTP Bank Nyrt  | 32750 | 3126164 |
|  |  | **7744587** |
| **India 10.0%** | **India 10.0%** | **India 10.0%** |
| Axis Bank Ltd.  | 288550 | 4004354 |
| Bajaj Finserv Ltd.  | 45370 | 1066334 |
| Bharat Petroleum Corp. Ltd.  | 1245362 | 4996022 |
| Bharti Airtel Ltd.  | 178063 | 4123259 |
| Coal India Ltd.  | 448315 | 1961161 |
| GAIL India Ltd.  | 1014806 | 2087778 |
| Grasim Industries Ltd.  | 67301 | 2190534 |
| HCL Technologies Ltd.  | 133475 | 2315943 |
| HDFC Bank Ltd.  | 750651 | 8346369 |
| Hindalco Industries Ltd.  | 513123 | 4894070 |
| Hindustan Petroleum Corp. Ltd.  | 590663 | 3159974 |
| Hindustan Unilever Ltd.  | 56461 | 1568049 |
| ICICI Bank Ltd.  | 412405 | 6249023 |
| Indian Oil Corp. Ltd.  | 2247482 | 4194075 |
| IndusInd Bank Ltd. \* | 136232 | 1219640 |
| Infosys Ltd.  | 431360 | 7187359 |
| ITC Hotels Ltd. \* | 27754 | 67750 |
| ITC Ltd.  | 827971 | 3919224 |
| JSW Steel Ltd.  | 162167 | 2202050 |

---

*See financial notes*

**64**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental Emerging Markets Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kotak Mahindra Bank Ltd.  | 87124 | 2063862 |
| Larsen & Toubro Ltd.  | 95964 | 4354312 |
| Mahindra & Mahindra Ltd.  | 70964 | 2786619 |
| Maruti Suzuki India Ltd.  | 13896 | 2530678 |
| NTPC Ltd.  | 932678 | 3537641 |
| Oil & Natural Gas Corp. Ltd.  | 1767948 | 5087706 |
| Power Finance Corp. Ltd.  | 428517 | 1945727 |
| Power Grid Corp. of India Ltd.  | 663989 | 2154301 |
| Rajesh Exports Ltd. \* | 1176245 | 2408751 |
| Reliance Industries Ltd.  | 834777 | 13968191 |
| Shriram Finance Ltd.  | 158795 | 1339118 |
| State Bank of India  | 447127 | 4720524 |
| Steel Authority of India Ltd.  | 741413 | 1142299 |
| Sun Pharmaceutical Industries Ltd.  | 64762 | 1234547 |
| Tata Consultancy Services Ltd.  | 109403 | 3765291 |
| Tata Motors Ltd. *\*(b)* | 408475 | 1199824 |
| Tata Motors Passenger Vehicles Limited  | 419679 | 1937042 |
| Tata Steel Ltd.  | 2989752 | 6152957 |
| Tech Mahindra Ltd.  | 88157 | 1413049 |
| UltraTech Cement Ltd.  | 2521 | 339000 |
| UPL Ltd.  | 49461 | 401140 |
| Vedanta Ltd.  | 521177 | 2893335 |
| Wipro Ltd.  | 473227 | 1281587 |
|  |  | **134410469** |
| **Indonesia 1.4%** | **Indonesia 1.4%** | **Indonesia 1.4%** |
| Alamtri Resources Indonesia Tbk. PT  | 9704600 | 1098623 |
| Astra International Tbk. PT  | 10059900 | 3719782 |
| Bank Central Asia Tbk. PT  | 3878500 | 1985759 |
| Bank Mandiri Persero Tbk. PT  | 7794400 | 2208259 |
| Bank Rakyat Indonesia Persero Tbk. PT  | 14722296 | 3521871 |
| Telkom Indonesia Persero Tbk. PT, <br> Class B <br>| 23304600 | 4507917 |
| United Tractors Tbk. PT  | 1046800 | 1692548 |
|  |  | **18734759** |
| **Kuwait 0.6%** | **Kuwait 0.6%** | **Kuwait 0.6%** |
| Kuwait Finance House KSCP  | 786078 | 2057769 |
| Mobile Telecommunications Co. KSCP  | 1089951 | 1883666 |
| National Bank of Kuwait SAKP  | 997443 | 3415990 |
|  |  | **7357425** |
| **Malaysia 0.9%** | **Malaysia 0.9%** | **Malaysia 0.9%** |
| Axiata Group Bhd.  | 1835813 | 1100867 |
| CIMB Group Holdings Bhd.  | 998153 | 1737088 |
| Malayan Banking Bhd.  | 1274140 | 3002871 |
| Public Bank Bhd.  | 1957125 | 1970271 |
| Sime Darby Bhd.  | 2535400 | 1239456 |
| Tenaga Nasional Bhd.  | 783700 | 2482958 |
|  |  | **11533511** |
| **Mexico 4.1%** | **Mexico 4.1%** | **Mexico 4.1%** |
| Alfa SAB de CV, A Shares  | 2942850 | 2219196 |
| America Movil SAB de CV, Series B  | 9304432 | 10612316 |
| Cemex SAB de CV, Series CPO  | 7105104 | 7220409 |
| Controladora Alpek SAB de CV \* | 2270269 | 351932 |
| Fibra Uno Administracion SA de CV  | 299434 | 434520 |
| Fomento Economico Mexicano SAB de <br> CV <br>| 634966 | 5989942 |
| Grupo Bimbo SAB de CV, Series A  | 528549 | 1826458 |
| Grupo Comercial Chedraui SA de CV  | 210589 | 1526950 |
| Grupo Financiero Banorte SAB de CV, <br> O Shares <br>| 701682 | 6603821 |
| Grupo Mexico SAB de CV, Series B  | 973126 | 8413139 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Grupo Televisa SAB, Series CPO  | 5052995 | 2632774 |
| Nemak SAB de CV \* | 3235659 | 684455 |
| Orbia Advance Corp. SAB de CV  | 1851017 | 1682788 |
| Wal-Mart de Mexico SAB de CV  | 1378309 | 4556651 |
|  |  | **54755351** |
| **Netherlands 0.3%** | **Netherlands 0.3%** | **Netherlands 0.3%** |
| JBS NV \* | 282841 | 3758456 |
| **Qatar 0.7%** | **Qatar 0.7%** | **Qatar 0.7%** |
| Industries Qatar QSC  | 94249 | 328745 |
| Ooredoo QPSC  | 394001 | 1466277 |
| Qatar Fuel QSC  | 397126 | 1636059 |
| Qatar Islamic Bank QPSC  | 211895 | 1428527 |
| Qatar National Bank QPSC  | 858002 | 4363789 |
|  |  | **9223397** |
| **Saudi Arabia 2.3%** | **Saudi Arabia 2.3%** | **Saudi Arabia 2.3%** |
| Al Rajhi Bank  | 87477 | 2472460 |
| Riyad Bank  | 165039 | 1198401 |
| Saudi Arabian Mining Co. \* | 74354 | 1278276 |
| Saudi Arabian Oil Co.  | 1356235 | 9370894 |
| Saudi Basic Industries Corp.  | 391023 | 6365345 |
| Saudi Electricity Co.  | 437654 | 1870675 |
| Saudi National Bank  | 279405 | 2973025 |
| Saudi Telecom Co.  | 420852 | 5069847 |
|  |  | **30598923** |
| **South Africa 5.0%** | **South Africa 5.0%** | **South Africa 5.0%** |
| Absa Group Ltd.  | 318372 | 3557451 |
| Bid Corp. Ltd.  | 77400 | 1914699 |
| Bidvest Group Ltd.  | 110358 | 1432060 |
| Exxaro Resources Ltd.  | 32723 | 333789 |
| FirstRand Ltd.  | 1148144 | 5448972 |
| Gold Fields Ltd.  | 132314 | 5101509 |
| Impala Platinum Holdings Ltd.  | 635000 | 6805287 |
| MTN Group Ltd.  | 919208 | 9183358 |
| Naspers Ltd., Class N  | 6900 | 484628 |
| Nedbank Group Ltd.  | 174588 | 2378123 |
| Old Mutual Ltd.  | 498244 | 389604 |
| Sanlam Ltd.  | 359527 | 1886441 |
| Sappi Ltd.  | 689013 | 901330 |
| Sasol Ltd. \* | 1136727 | 7112019 |
| Shoprite Holdings Ltd.  | 128982 | 2157821 |
| Sibanye Stillwater Ltd. \* | 2568433 | 6815849 |
| Standard Bank Group Ltd.  | 360905 | 5307050 |
| Valterra Platinum Ltd.  | 69292 | 4285655 |
| Vodacom Group Ltd.  | 203285 | 1645644 |
|  |  | **67141289** |
| **Taiwan 19.2%** | **Taiwan 19.2%** | **Taiwan 19.2%** |
| Acer, Inc.  | 1435496 | 1398640 |
| ASE Technology Holding Co. Ltd.  | 1128000 | 9024858 |
| Asia Cement Corp.  | 221000 | 260481 |
| Asustek Computer, Inc.  | 192041 | 4338494 |
| AUO Corp. \* | 5625440 | 2212173 |
| Catcher Technology Co. Ltd.  | 204000 | 1315442 |
| Cathay Financial Holding Co. Ltd.  | 1469622 | 3049894 |
| Chailease Holding Co. Ltd.  | 388493 | 1298566 |
| China Steel Corp.  | 5617198 | 3389439 |
| Chunghwa Telecom Co. Ltd.  | 843956 | 3596058 |
| Compal Electronics, Inc.  | 3927305 | 4196530 |
| CTBC Financial Holding Co. Ltd.  | 3102201 | 4213044 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**65**

------

Schwab Fundamental Emerging Markets Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Delta Electronics, Inc.  | 213590 | 6869880 |
| E.Sun Financial Holding Co. Ltd.  | 366680 | 354193 |
| Eva Airways Corp.  | 794000 | 932050 |
| Evergreen Marine Corp. Taiwan Ltd.  | 1314000 | 8242876 |
| Far Eastern New Century Corp.  | 1428817 | 1229554 |
| Far EasTone Telecommunications Co. <br> Ltd. <br>| 118000 | 354372 |
| First Financial Holding Co. Ltd.  | 1714605 | 1590400 |
| Formosa Chemicals & Fibre Corp.  | 2856442 | 2702888 |
| Formosa Petrochemical Corp.  | 229330 | 333434 |
| Formosa Plastics Corp.  | 2718732 | 3359662 |
| Fubon Financial Holding Co. Ltd.  | 1414134 | 4185223 |
| Hon Hai Precision Industry Co. Ltd.  | 5443572 | 45276265 |
| Innolux Corp.  | 7620411 | 3281996 |
| Inventec Corp.  | 1093639 | 1623125 |
| KGI Financial Holding Co. Ltd.  | 3350760 | 1728461 |
| Largan Precision Co. Ltd.  | 5050 | 362460 |
| Lite-On Technology Corp., ADR  | 493167 | 2861101 |
| MediaTek, Inc.  | 185838 | 7881282 |
| Mega Financial Holding Co. Ltd.  | 1288213 | 1693607 |
| Micro-Star International Co. Ltd.  | 283000 | 1003209 |
| Nan Ya Plastics Corp.  | 2995622 | 4030916 |
| Novatek Microelectronics Corp.  | 139000 | 1771018 |
| Pegatron Corp.  | 1652264 | 3974997 |
| Pou Chen Corp.  | 1498267 | 1425590 |
| Powertech Technology, Inc.  | 336000 | 1876948 |
| Quanta Computer, Inc.  | 428500 | 4155691 |
| Realtek Semiconductor Corp.  | 53000 | 885029 |
| Synnex Technology International Corp.  | 745850 | 1375029 |
| Taiwan Mobile Co. Ltd.  | 406196 | 1445593 |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd. <br>| 1432803 | 69289875 |
| TCC Group Holdings Co. Ltd.  | 2220926 | 1593460 |
| TS Financial Holding Co. Ltd.  | 1771000 | 1075893 |
| Unimicron Technology Corp.  | 252000 | 1328176 |
| Uni-President Enterprises Corp.  | 1250678 | 3195382 |
| United Microelectronics Corp.  | 3702965 | 5592318 |
| Wan Hai Lines Ltd.  | 655000 | 1747635 |
| Wistron Corp.  | 936682 | 4539460 |
| WPG Holdings Ltd.  | 1165880 | 2280197 |
| WT Microelectronics Co. Ltd.  | 248000 | 1149737 |
| Yageo Corp.  | 339068 | 2729111 |
| Yang Ming Marine Transport Corp.  | 2091000 | 3901093 |
| Yuanta Financial Holding Co. Ltd.  | 2313917 | 2590765 |
| Zhen Ding Technology Holding Ltd.  | 327000 | 1726728 |
|  |  | **257840298** |
| **Thailand 2.7%** | **Thailand 2.7%** | **Thailand 2.7%** |
| Advanced Info Service PCL NVDR  | 153175 | 1430828 |
| Bangkok Bank PCL NVDR  | 559000 | 2739240 |
| Banpu PCL NVDR  | 13035000 | 2033543 |
| Charoen Pokphand Foods PCL NVDR  | 2596500 | 1692884 |
| CP ALL PCL NVDR  | 974100 | 1385015 |
| Kasikornbank PCL NVDR  | 745300 | 4295979 |
| PTT Exploration & Production PCL <br> NVDR <br>| 584000 | 1935141 |
| PTT Global Chemical PCL NVDR  | 2781000 | 2169468 |
| PTT PCL NVDR  | 10806670 | 10277225 |
| SCB X PCL NVDR  | 774400 | 3136321 |
| Siam Cement PCL NVDR  | 522400 | 3295922 |
| Thai Oil PCL NVDR  | 1411285 | 1560806 |
|  |  | **35952372** |
| **Turkey 1.5%** | **Turkey 1.5%** | **Turkey 1.5%** |
| Akbank TAS  | 1408915 | 2034311 |
| BIM Birlesik Magazalar AS  | 146782 | 1879690 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Eregli Demir ve Celik Fabrikalari TAS  | 3025307 | 1975144 |
| Haci Omer Sabanci Holding AS  | 234934 | 454800 |
| KOC Holding AS  | 842577 | 3431294 |
| Turk Hava Yollari AO  | 313488 | 2170796 |
| Turkcell Iletisim Hizmetleri AS  | 524913 | 1242809 |
| Turkiye Is Bankasi AS, Class C  | 4358943 | 1308351 |
| Turkiye Petrol Rafinerileri AS  | 732553 | 3438634 |
| Yapi ve Kredi Bankasi AS \* | 2016732 | 1608841 |
|  |  | **19544670** |
| **United Arab Emirates 0.8%** | **United Arab Emirates 0.8%** | **United Arab Emirates 0.8%** |
| Dubai Electricity & Water Authority PJSC  | 1316081 | 995703 |
| Emaar Properties PJSC  | 659617 | 2552483 |
| Emirates NBD Bank PJSC  | 293513 | 2245529 |
| Emirates Telecommunications Group Co. <br> PJSC <br>| 653728 | 3451541 |
| First Abu Dhabi Bank PJSC  | 340567 | 1616674 |
|  |  | **10861930** |
| **United States 0.2%** | **United States 0.2%** | **United States 0.2%** |
| Yum China Holdings, Inc.  | 74299 | 3214175 |
| **Total Common Stocks** <br>**(Cost $873,526,954)** | **Total Common Stocks** <br>**(Cost $873,526,954)** | **1273306931** |
| **PREFERRED STOCKS** 4.3% OF NET ASSETS | **PREFERRED STOCKS** 4.3% OF NET ASSETS | **PREFERRED STOCKS** 4.3% OF NET ASSETS |
| **Brazil 4.0%** | **Brazil 4.0%** | **Brazil 4.0%** |
| Banco Bradesco SA  | 2359312 | 7963848 |
| Centrais Eletricas Brasileiras SA, <br> B Shares <br>| 53060 | 585736 |
| Cia Energetica de Minas Gerais  | 779502 | 1643055 |
| Cia Paranaense de Energia - Copel, <br> B Shares <br>| 400538 | 1036346 |
| Gerdau SA  | 1402630 | 4937929 |
| Itau Unibanco Holding SA  | 1441403 | 10566815 |
| Metalurgica Gerdau SA  | 1659336 | 3420485 |
| Petroleo Brasileiro SA - Petrobras  | 4148697 | 22941428 |
| Raizen SA \* | 374590 | 66146 |
|  |  | **53161788** |
| **Chile 0.2%** | **Chile 0.2%** | **Chile 0.2%** |
| Sociedad Quimica y Minera de Chile SA, <br> B Shares \*<br>| 60284 | 2933061 |
| **Colombia 0.1%** | **Colombia 0.1%** | **Colombia 0.1%** |
| Grupo Cibest SA  | 133885 | 1955479 |
| **Total Preferred Stocks** <br>**(Cost $44,720,477)** | **Total Preferred Stocks** <br>**(Cost $44,720,477)** | **58050328** |

---

*See financial notes*

**66**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental Emerging Markets Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **SHORT-TERM INVESTMENTS** 0.3% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.3% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.3% OF NET ASSETS |
| **Money Market Funds 0.3%** | **Money Market Funds 0.3%** | **Money Market Funds 0.3%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(c)(d)*<br>| 4202472 | 4202472 |
| **Total Short-Term Investments** <br>**(Cost $4,202,472)** | **Total Short-Term Investments** <br>**(Cost $4,202,472)** | **4202472** |
| **Total Investments in Securities** <br>**(Cost $922,449,903)** | **Total Investments in Securities** <br>**(Cost $922,449,903)** | **1335559731** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| MSCI Emerging Markets Index, <br> expires 12/19/25<br>| 101 | 7108380 | **56791** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $4,011,521. 

*(b)* Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). 

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR — American Depositary Receipt <br> NVDR — Non-Voting Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | % OF NET ASSETS |
| **SECTOR WEIGHTINGS *(a)*** | **SECTOR WEIGHTINGS *(a)*** |
| Financials | 25.0<br> %<br>|
| Information Technology | 16.9<br> %<br>|
| Materials | 13.5<br> %<br>|
| Energy | 11.9<br> %<br>|
| Consumer Discretionary | 10.3<br> %<br>|
| Communication Services | 8.4<br> %<br>|
| Industrials | 4.7<br> %<br>|
| Consumer Staples | 3.5<br> %<br>|
| Utilities | 2.8<br> %<br>|
| Real Estate | 1.8<br> %<br>|
| Other *(b)* | 0.6<br> %<br>|
| Short-Term Investments | 0.3<br> %<br>|
| **Total** | **99.7%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Excludes derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Includes holdings within sectors that are less than 1.0% of net assets.

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $— | &nbsp;&nbsp; $388479343 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $388479343 |
| Brazil | 97965086 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 97965086 |
| Chile | 3385808 | &nbsp;&nbsp; 3419214 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6805022 |
| China | 41357032 | &nbsp;&nbsp; 412070648 | &nbsp;&nbsp; — | &nbsp;&nbsp; 453427680 |
| Colombia | 2892413 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2892413 |
| Czech Republic | 2415972 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2415972 |
| India |  | &nbsp;&nbsp; 133210645 | &nbsp;&nbsp; 1199824 | &nbsp;&nbsp; 134410469 |
| Kuwait | 2057769 | &nbsp;&nbsp; 5299656 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7357425 |
| Mexico | 54755351 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 54755351 |
| Netherlands | 3758456 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3758456 |
| Qatar | 3431081 | &nbsp;&nbsp; 5792316 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9223397 |
| Saudi Arabia | 8236020 | &nbsp;&nbsp; 22362903 | &nbsp;&nbsp; — | &nbsp;&nbsp; 30598923 |
| South Africa | 11004263 | &nbsp;&nbsp; 56137026 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67141289 |
| United Arab Emirates | 2245529 | &nbsp;&nbsp; 8616401 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10861930 |
| United States | 3214175 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3214175 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**67**

------

Schwab Fundamental Emerging Markets Equity Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT<br> UNOBSERVABLE INPUTS<br> (LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** (continued) |  |  |  |  |
| Preferred Stocks<sup>1</sup> <br>| $— | &nbsp;&nbsp; $2933061 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2933061 |
| Brazil | 53161788 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 53161788 |
| Colombia | 1955479 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1955479 |
| Short-Term Investments<sup>1</sup> <br>| 4202472 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4202472 |
| Futures Contracts<sup>2</sup> <br>| 56791 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56791 |
| **Total** | **$296095485** | &nbsp;&nbsp; **$1038321213** | &nbsp;&nbsp; **$1199824** | &nbsp;&nbsp; **$1335616522** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

**68**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental Emerging Markets Equity Index Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $922,449,903) including securities on loan of $4,011,521 |  | $1335559731 |
| Cash |  | 11290003 |
| Foreign currency, at value (cost $1,129,977) |  | 1134640 |
| Deposit with broker for futures contracts |  | 523107 |
| Receivables: |  |  |
| Dividends |  | 1918625 |
| Fund shares sold |  | 1726517 |
| Income from securities on loan | + | 25958 |
| **Total assets** |  | **1352178581** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 4202472 |
| Payables: |  |  |
| Foreign capital gains tax |  | 5792746 |
| Fund shares redeemed |  | 2148257 |
| Investment adviser fees |  | 462613 |
| Variation margin on futures contracts | + | 19855 |
| **Total liabilities** |  | **12625943** |
| **Net assets** |  | **$1339552638** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $1046548105 |
| Total distributable earnings | + | 293004533 |
| **Net assets** |  | **$1339552638** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $1339552638 |  | &nbsp;&nbsp;&nbsp;&nbsp; 115517494 |  | &nbsp;&nbsp;&nbsp;&nbsp; $11.60 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**69**

------

Schwab Fundamental Emerging Markets Equity Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $5,235,608) |  | $44225846 |
| Other Interest |  | 162475 |
| Securities on loan, net | + | 293493 |
| **Total investment income**  |  | **44681814** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 4125808 |
| **Total expenses** | – | **4125808** |
| **Net investment income** |  | **40556006** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated issuers (net of foreign capital gains tax paid of $1,223,607) |  | 16016132 |
| Net realized gains on futures contracts |  | 2563993 |
| Net realized losses on foreign currency transactions | + | (205888)<br>|
| **Net realized gains** |  | **18374237** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers (net of change in foreign capital gains tax of <br> $451,777)<br>|  | 174417770 |
| Net change in unrealized appreciation (depreciation) on futures contracts |  | 129046 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 101012 |
| **Net change in unrealized appreciation (depreciation)** |  | **174647828** |
| **Net realized and unrealized gains** |  | **193022065** |
| **Increase in net assets resulting from operations** |  | **$233578071** |

---

*See financial notes*

**70**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental Emerging Markets Equity Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $40556006 | &nbsp;&nbsp;&nbsp; $35889269 |
| Net realized gains |  | 18374237 | &nbsp;&nbsp;&nbsp; 3775666 |
| Net change in unrealized appreciation (depreciation) | + | 174647828 | &nbsp;&nbsp;&nbsp; 168798199 |
| **Increase in net assets resulting from operations** |  | **$233578071** | &nbsp;&nbsp;&nbsp; **$208463134** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($40857853)**<br>| &nbsp;&nbsp;&nbsp; **($37187563)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 40419093 | &nbsp;&nbsp;&nbsp; $410962024 | &nbsp;&nbsp;&nbsp; 23281064 | &nbsp;&nbsp;&nbsp; $207468797 |
| Shares reinvested |  | 2914241 | &nbsp;&nbsp;&nbsp; 26607028 | &nbsp;&nbsp;&nbsp; 3008395 | &nbsp;&nbsp;&nbsp; 24789177 |
| Shares redeemed | + | (22518451)<br>| &nbsp;&nbsp;&nbsp; (223892817)<br>| &nbsp;&nbsp;&nbsp; (18338843)<br>| &nbsp;&nbsp;&nbsp; (165822201)<br>|
| **Net transactions in fund shares**  |  | **20814883** | &nbsp;&nbsp;&nbsp; **$213676235** | &nbsp;&nbsp;&nbsp; **7950616** | &nbsp;&nbsp;&nbsp; **$66435773** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 94702611 | &nbsp;&nbsp;&nbsp; $933156185 | &nbsp;&nbsp;&nbsp; 86751995 | &nbsp;&nbsp;&nbsp; $695444841 |
| Total increase | + | 20814883 | &nbsp;&nbsp;&nbsp; 406396453 | &nbsp;&nbsp;&nbsp; 7950616 | &nbsp;&nbsp;&nbsp; 237711344 |
| **End of period** |  | **115517494** | &nbsp;&nbsp;&nbsp; **$1339552638** | &nbsp;&nbsp;&nbsp; **94702611** | &nbsp;&nbsp;&nbsp; **$933156185** |

---

*See financial notes*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**71**

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Schwab Fundamental Index Funds

Financial Notes

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Business Structure of the Funds:**

Each of the funds in this report is a series of Schwab Capital Trust (the trust), a no-load, open-end management investment company. The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the funds discussed in this report, which are highlighted:

---

| | |
|:---|:---|
| **SCHWAB CAPITAL TRUST**  | **SCHWAB CAPITAL TRUST**  |
| **Schwab Fundamental U.S. Large Company Index Fund** | Schwab Target 2015 Fund |
| **Schwab Fundamental U.S. Small Company Index Fund** | Schwab Target 2020 Fund |
| **Schwab Fundamental International Equity Index Fund** | Schwab Target 2025 Fund |
| **Schwab Fundamental International Small Equity Index Fund** | Schwab Target 2030 Fund |
| **Schwab Fundamental Emerging Markets Equity Index Fund** | Schwab Target 2035 Fund |
| Schwab Fundamental Global Real Estate Index Fund | Schwab Target 2040 Fund |
| Schwab S&P 500 Index Fund | Schwab Target 2045 Fund |
| Schwab Small-Cap Index Fund | Schwab Target 2050 Fund |
| Schwab U.S. Large-Cap Growth Index Fund | Schwab Target 2055 Fund |
| Schwab U.S. Large-Cap Value Index Fund | Schwab Target 2060 Fund |
| Schwab U.S. Mid-Cap Index Fund | Schwab Target 2065 Fund |
| Schwab Total Stock Market Index Fund | Schwab Target 2010 Index Fund |
| Schwab International Index Fund | Schwab Target 2015 Index Fund |
| Schwab MarketTrack All Equity Portfolio™ | Schwab Target 2020 Index Fund |
| Schwab MarketTrack Growth Portfolio™ | Schwab Target 2025 Index Fund |
| Schwab MarketTrack Balanced Portfolio™ | Schwab Target 2030 Index Fund |
| Schwab MarketTrack Conservative Portfolio™ | Schwab Target 2035 Index Fund |
| Schwab International Opportunities Fund | Schwab Target 2040 Index Fund |
| Schwab Balanced Fund | Schwab Target 2045 Index Fund |
| Schwab Core Equity Fund | Schwab Target 2050 Index Fund |
| Schwab Dividend Equity Fund | Schwab Target 2055 Index Fund |
| Schwab Large-Cap Growth Fund | Schwab Target 2060 Index Fund |
| Schwab Small-Cap Equity Fund | Schwab Target 2065 Index Fund |
| Schwab Health Care Fund | Schwab Monthly Income Fund - Target Payout |
| Schwab International Core Equity Fund | Schwab Monthly Income Fund - Flexible Payout |
| Schwab Target 2010 Fund | Schwab Monthly Income Fund - Income Payout |

---

Each fund offers one share class. Shares are bought and sold at closing net asset value per share, which is the price for all outstanding shares of a fund. Each share has a par value of 1/1,000 of a cent, and the funds' Board of Trustees may authorize the issuance of as many shares as necessary.

Each fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each fund may also keep certain assets in segregated accounts, as required by securities law. The "Schwab Funds Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

**Investment Objectives** 

The **Schwab Fundamental U.S. Large Company Index Fund's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of large U.S. companies based on their fundamental size and weight.

The **Schwab Fundamental U.S. Small Company Index Fund's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of small U.S. companies based on their fundamental size and weight.

The **Schwab Fundamental International Equity Index Fund's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of large non-U.S. developed market companies based on their fundamental size and weight.

The **Schwab Fundamental International Small Equity Index Fund's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of small non-U.S. developed market companies based on their fundamental size and weight.

**72**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

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Schwab Fundamental Index Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Business Structure of the Funds (continued):** 

The **Schwab Fundamental Emerging Markets Equity Index Fund's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of large sized companies, based on their fundamental size and weight, in emerging market countries.

------

**2. Significant Accounting Policies:**

The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

In this reporting period, the funds adopted FASB Accounting Standards Update 2023-07, ASC Topic 280 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the funds' financial position or the results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management committee of each fund's investment adviser acts as the funds' CODM. The CODM has determined that each fund operates as a single operating segment given each fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of each fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the funds, is presented within each of the fund's financial statements.

The funds may invest in mutual funds and exchange-traded funds, which are referred to as "underlying funds." For more information about the underlying funds' operations and policies, please refer to those funds' semiannual and annual reports and holdings and financial statements, which are filed in Form N-CSR with the U.S. Securities and Exchange Commission (SEC) and available on the SEC's website at www.sec.gov.

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees has designated authority to a Valuation Designee, the funds' investment adviser, to make fair valuation determinations under adopted procedures, subject to Board of Trustees 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 each fund's portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities traded on an exchange or over-the-counter:** Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign equity security fair valuation:** The Valuation Designee has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the valuation of a fund's holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the Valuation Designee seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter "arbitrage" market timers, who seek to exploit delays between the change in the value of a fund's portfolio holdings and the net asset value of a fund's shares and seeks to help ensure that the prices at which a fund's shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of a fund and that of its comparative index or benchmark.

&nbsp;&nbsp;&nbsp;&nbsp;● **Futures contracts:** Futures contracts are valued at their settlement prices as of the close of their exchanges.

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**73**

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Schwab Fundamental Index Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

&nbsp;&nbsp;&nbsp;&nbsp;● **Mutual funds:** Mutual funds are valued at their respective net asset values.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities for which no quoted value is available:** The Valuation Designee has adopted procedures to fair value a fund's securities when market prices are not "readily available" or are unreliable. For example, a security may be fair valued when it's de-listed or its trading is halted or suspended; when a security's primary pricing source is unable or unwilling to provide a price; or when a security's primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security.

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee's judgment will be required to estimate fair value.

The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, exchange-traded funds and futures contracts. Mutual funds and exchange-traded funds 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. In addition, international securities whose markets close hours before the valuation of a fund's holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of foreign markets. The Valuation Designee has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Valuation Designee's assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund's results of operations.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The levels associated with valuing the funds' investments as of October 31, 2025, are disclosed in each fund's Portfolio Holdings.

**74**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

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Schwab Fundamental Index Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(b) Accounting Policies for certain Portfolio Investments (if held):**

**Futures Contracts:** Futures contracts are instruments that represent an agreement between two parties that obligates one party to buy, and the other party to sell, specific instruments at an agreed upon price on a stipulated future date. A fund must give the broker a deposit of cash and/or securities (initial margin) whenever it enters into a futures contract. The amount of the deposit may vary from one contract to another. Subsequent payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized appreciation or depreciation until the contract is closed, at which time the gains or losses are realized. Futures contracts are traded publicly on exchanges, and their value may change daily.

**Cash Investments:** The funds, except for Schwab Fundamental U.S. Large Company Index Fund and Schwab Fundamental U.S. Small Company Index Fund, may invest a portion of their assets in cash. Cash includes cash bank balances in an interest-bearing demand deposit account with maturity on demand by the funds.

**Securities Lending:** Under the trust's Securities Lending Program, a fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides a fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. Each fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the funds or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in each fund's Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between a fund and the lending agent. The aggregate market value of securities loaned will not at any time exceed one-third of the total assets of a fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agent start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.

As of October 31, 2025, the funds had securities on loan, all of which were classified as common stocks and rights. The value of securities on loan and the related collateral as of October 31, 2025, are disclosed in each fund's Portfolio Holdings and Statement of Assets and Liabilities.

**Passive Foreign Investment Companies:** Certain funds may own shares in certain foreign corporations that meet the Internal Revenue Code, as amended, definition of a Passive Foreign Investment Company (PFIC). The funds may elect for tax purposes to mark-to-market annually the shares of each PFIC lot held and would be required to distribute as ordinary income to shareholders any such marked-to-market gains (as well as any gains realized on sale).

**Central Securities Depositories Regulation:** The Central Securities Depositories Regulation (CSDR) introduced measures for the authorization and supervision of European Union Central Security Depositories and created a common set of prudential, organizational, and conduct of business standards at a European level. CSDR is designed to support securities settlement and operational aspects of securities settlement, including the provision of shorter settlement periods; mandatory buy-ins; and cash penalties, to prevent and address settlement fails. CSDR measures are aimed to prevent settlement fails by ensuring that all transaction details are provided to facilitate settlement, as well as further incentivizing timely settlement by imposing cash penalty fines and buy-ins. Certain funds may be subject to pay cash penalties and may also receive cash penalties with certain counterparties in instances where there are settlement fails. These cash penalties are included in net realized gains (losses) on sales of securities — unaffiliated issuers in each fund's Statement of Operations, if any.

**(c) Security Transactions:** 

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**75**

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Schwab Fundamental Index Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

Assets and liabilities denominated in foreign currencies are reported in U.S. dollars. For assets and liabilities held on a given date, the dollar value is based on market exchange rates in effect on that date. Transactions involving foreign currencies, including purchases, sales, income receipts and expense payments, are calculated using exchange rates in effect on the transaction date. Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the differences between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange appreciation or depreciation arises from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period. These realized and unrealized foreign exchange gains or losses are reported in foreign currency transactions or translations, if any, in each fund's Statement of Operations. The funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments, if any.

Gains realized by the funds on the sale of securities in certain foreign countries may be subject to non-U.S. taxes. In those instances, the funds record a liability based on unrealized appreciation to provide for potential non-U.S. taxes payable upon the sale of these securities.

When a fund closes out a futures contract position, it calculates the difference between the value of the position at the beginning and at the end of the contract, and records a realized gain or loss accordingly.

**(d) Investment Income:**

Interest income is recorded as it accrues. Dividends and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date), although the funds record certain foreign security dividends on the date the ex-dividend date is confirmed. Non-cash dividends in the form of additional securities are recorded on the ex-dividend date at fair value, if any. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities and there are no significant uncertainties on collectibility in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.

The Schwab Fundamental International Equity Index Fund and Schwab Fundamental International Small Equity Index Fund filed claims to recover taxes previously withheld in certain European Union countries on the basis that those countries had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. These filings are subject to various administrative and judicial proceedings within these countries, and all professional fees associated with these filings have been paid by the investment adviser. The professional fees related to European Union foreign withholding tax claims are non-contingent and non-routine expenses which are subject to repayment to the investment adviser (see financial note 3 for additional information).

For U.S. income tax purposes, European Union reclaims received reduce the amounts of foreign taxes that the fund passes through to its shareholders. If European Union reclaims received exceed foreign withholding taxes paid, the Schwab Fundamental International Equity Index Fund and Schwab Fundamental International Small Equity Index Fund will evaluate the requirements for entering into a closing agreement with the Internal Revenue Service (IRS) to address any prior years' U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by fund shareholders on their tax returns in prior years. During the period ended October 31, 2025, the Schwab Fundamental International Equity Index Fund and Schwab Fundamental International Small Equity Index Fund did not incur any compliance fees.

**(e) Expenses:**

Pursuant to the Amended and Restated Investment Advisory and Administration Agreement between the investment adviser and the trust, the investment adviser pays the operating expenses of each fund, excluding acquired fund fees and expenses, taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to a fund are charged directly to the fund. Acquired fund fees and expenses are indirect expenses incurred by a fund through its investments in underlying funds and are reflected in the net asset values of the underlying funds.

**76**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

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Schwab Fundamental Index Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(f) Distributions to Shareholders:**

The funds make distributions from net investment income and net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(g) Accounting Estimates:**

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It's possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

**(h) Federal Income Taxes:**

The funds intend to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the funds distribute substantially all of their net investment income and net realized capital gains, if any, to their shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.

**(i) Foreign Taxes:**

Certain funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, foreign currency exchanges and capital gains on investments. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in foreign markets in which a fund invests. These foreign taxes, if any, are paid by the funds and are disclosed in each fund's Statement of Operations. Foreign taxes accrued as of October 31, 2025, if any, are reflected in each fund's Statement of Assets and Liabilities.

**(j) Indemnification:**

Under the funds' organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business the funds enter into contracts with their vendors and others that provide general indemnifications. The funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. However, based on experience, the funds expect the risk of loss attributable to these arrangements to be remote.

**(k) Recent Accounting Pronouncements:**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024, and with early adoption permitted. At this time, management is evaluating the impact of this amendment but believes it will not have a material impact on the financial statements and income tax disclosures.

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**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as each fund's investment adviser and administrator pursuant to the Amended and Restated Investment Advisory and Administration Agreement between the investment adviser and the trust.

For its advisory and administrative services to the funds, the investment adviser is entitled to receive an annual fee, payable monthly, based on a percentage of each fund's average daily net assets as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| SCHWAB<br> FUNDAMENTAL<br> U.S. LARGE<br> COMPANY<br> INDEX FUND<br>| SCHWAB<br> FUNDAMENTAL<br> U.S. SMALL<br> COMPANY<br> INDEX FUND<br>| SCHWAB<br> FUNDAMENTAL<br> INTERNATIONAL<br> EQUITY<br> INDEX FUND<br>| SCHWAB<br> FUNDAMENTAL<br> INTERNATIONAL<br> SMALL EQUITY<br> INDEX FUND<br>| SCHWAB<br> FUNDAMENTAL<br> EMERGING<br> MARKETS<br> EQUITY<br> INDEX FUND<br>|
| 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>|

---

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**77**

------

Schwab Fundamental Index Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

**Investments from Affiliates**

Funds in the Schwab Funds Complex may own shares of other funds in the Schwab Funds Complex. The table below reflects the percentage of shares of each fund in this report that is owned by other funds in the Schwab Funds Complex as of October 31, 2025, as applicable:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS |
|  | SCHWAB<br> FUNDAMENTAL<br> U.S. LARGE<br> COMPANY<br> INDEX FUND<br>| SCHWAB<br> FUNDAMENTAL<br> U.S. SMALL<br> COMPANY<br> INDEX FUND<br>| SCHWAB<br> FUNDAMENTAL<br> INTERNATIONAL<br> EQUITY<br> INDEX FUND<br>| SCHWAB<br> FUNDAMENTAL<br> INTERNATIONAL<br> SMALL EQUITY<br> INDEX FUND<br>| SCHWAB<br> FUNDAMENTAL<br> EMERGING<br> MARKETS<br> EQUITY<br> INDEX FUND<br>|
| Schwab MarketTrack All Equity Portfolio | 1.4<br> %<br>| 2.1<br> %<br>| 2.0<br> %<br>| 8.1<br> %<br>| 4.0<br> %<br>|
| Schwab MarketTrack Balanced Portfolio | 0.5<br> %<br>| 0.6<br> %<br>| 0.6<br> %<br>| 2.3<br> %<br>| 1.2<br> %<br>|
| Schwab MarketTrack Conservative Portfolio | 0.1<br> %<br>| 0.1<br> %<br>| 0.1<br> %<br>| 0.5<br> %<br>| 0.3<br> %<br>|
| Schwab MarketTrack Growth Portfolio | 1.2<br> %<br>| 1.6<br> %<br>| 1.4<br> %<br>| 5.3<br> %<br>| 2.6<br> %<br>|
| Schwab Target 2010 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2015 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2020 Fund | 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2025 Fund | 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2030 Fund | 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2035 Fund | 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2040 Fund | 0.6<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.4<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2045 Fund | 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2050 Fund | 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2055 Fund | 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2060 Fund | 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2065 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

**Other Affiliated Transactions**

The professional fees related to European Union foreign withholding tax claims discussed in financial note 2(d) are non-contingent and non-routine expenses. The investment adviser agreed to pay these professional fees, on behalf of the Schwab Fundamental International Equity Index Fund, Schwab International Small Equity Index Fund, and Schwab Fundamental Emerging Markets Equity Index Fund, subject to reimbursement by the funds to the investment adviser to the extent the funds are able to successfully recover tax claims in the future.

During the period ended October 31, 2025, the professional fees incurred by the Schwab Fundamental International Equity Index Fund and Schwab Fundamental International Small Equity Index Fund and paid by the investment adviser were $14,790 and $3,445, respectively, as shown as Professional fees in each fund's Statement of Operations.

During the period ended October 31, 2025, the Schwab Fundamental International Small Equity Index Fund recovered previously withheld foreign taxes from Finland. The payments received by the fund amounted to $110,553 which includes $5,232 of interest income and is recorded as Dividends received from securities — unaffiliated issuers in the fund's Statement of Operations. The investment adviser paid upfront professional fees associated with recovering these foreign taxes in the amount of $12,404, which was reimbursed to the investment adviser by the fund and is also recorded as Dividends received from securities — unaffiliated issuers in the fund's Statement of Operations. The Schwab Fundamental International Equity Index Fund did not recover any previously withheld foreign taxes and made no reimbursements to the investment adviser.

As of October 31, 2025, the balance of professional fees related to foreign withholding tax claims subject to future reimbursement by the Schwab Fundamental International Equity Index Fund to the investment adviser was $30,874. The Schwab Fundamental International Small Equity Index Fund had no balance of professional fees related to foreign withholding tax claims subject to future reimbursement by the fund to the investment adviser.

**78**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental Index Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

No other amounts for additional foreign withholding tax claims are reflected in the financial statements due to the uncertainty surrounding the ultimate resolution of proceedings, the likelihood of receipt of these claims, and the potential timing of payment.

**Interfund Transactions**

The funds may engage in direct transactions with other funds in the Schwab Funds Complex in accordance with procedures adopted by the Board of Trustees pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment adviser. The net realized gains or losses on sales of interfund transactions, if any, are recorded in Net realized gains (losses) on sales of securities — unaffiliated issuers in the Statement of Operations. For the period ended October 31, 2025, each fund's purchases and sales of securities with other funds in the Schwab Funds Complex as well as any net realized gains (losses) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | PURCHASE COST | SALE PROCEEDS | NET REALIZED GAINS (LOSSES) |
| Schwab Fundamental U.S. Large Company Index Fund | $493867132 | &nbsp;&nbsp; $278591447 | &nbsp;&nbsp; $5112163 |
| Schwab Fundamental U.S. Small Company Index Fund | 100655665 | &nbsp;&nbsp; 76273718 | &nbsp;&nbsp; (2624588)<br>|
| Schwab Fundamental International Equity Index Fund | 127931408 | &nbsp;&nbsp; 131881350 | &nbsp;&nbsp; 23953152 |
| Schwab Fundamental International Small Equity Index <br> Fund<br>| 46630041 | &nbsp;&nbsp; 36603878 | &nbsp;&nbsp; 11359575 |
| Schwab Fundamental Emerging Markets Equity Index <br> Fund<br>| 10820604 | &nbsp;&nbsp; 11836006 | &nbsp;&nbsp; (222234)<br>|

---

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the Schwab Funds Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board of Trustees. The funds had no interfund borrowing or lending activity during the period.

------

**4. Board of Trustees:**

The Board of Trustees may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trust was in compliance with these limitations throughout the report period. The funds did not pay any interested persons or non-interested persons (independent trustees). The independent trustees are paid by the investment adviser pursuant to the Advisory Agreement where the investment adviser pays the operational expenses of each fund which includes trustee fees.

------

**5. Borrowing from Banks:**

During the period, the funds were participants with other funds in the Schwab Funds Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), which matured on September 25, 2025. On September 25, 2025, the Syndicated Credit Facility was amended to run for a new 28 day period with the line of credit amount remaining unchanged, maturing on October 23, 2025. On October 23, 2025, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on October 22, 2026. Under the terms of the Syndicated Credit Facility, in addition to the investment adviser paying the interest charged on any borrowings by a fund, the investment adviser paid a commitment fee of 0.15% per annum on the funds' proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the funds were participants with other funds in the Schwab Funds Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, which matured on September 25, 2025. On September 25, 2025, the Uncommitted Credit Facility was amended to run for a new 28 day period with the line of credit amount remaining unchanged, maturing on October 23, 2025. On October 23, 2025, the Uncommitted Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on October 22, 2026. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount a fund borrows. There were no borrowings by any of the funds from either line of credit during the period.

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**79**

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Schwab Fundamental Index Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Borrowing from Banks (continued):** 

The funds also have access to custodian overdraft facilities. A fund may have utilized the overdraft facility and incurred an interest expense, which is paid by the investment adviser, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

------

**6. Derivatives:**

Certain funds entered into futures contracts during the report period to equitize available cash.

As of October 31, 2025, the Statement of Assets and Liabilities included the following financial derivative instrument fair values held at period end:

---

| | | |
|:---|:---|:---|
|  | EQUITY CONTRACTS | TOTAL |
| **Asset Derivatives** |  |  |
| Schwab Fundamental U.S. Large Company Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| $282106 | &nbsp;&nbsp; $282106 |
| Schwab Fundamental U.S. Small Company Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 7111 | &nbsp;&nbsp; 7111 |
| Schwab Fundamental International Small Equity Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 19698 | &nbsp;&nbsp; 19698 |
| Schwab Fundamental Emerging Markets Equity Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 56791 | &nbsp;&nbsp; 56791 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Includes cumulative unrealized appreciation of futures contracts as reported in each fund's Portfolio Holdings. Only current day's variation margin on futures contracts is reported in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Liability Derivatives** |  |  |
| Schwab Fundamental International Equity Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| ($87335)<br>| &nbsp;&nbsp; ($87335)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Includes cumulative unrealized depreciation of futures contracts as reported in each fund's Portfolio Holdings. Only current day's variation margin on futures contracts is reported in the Statement of Assets and Liabilities.

The effects of the derivative contracts in the Statement of Operations for the period ended October 31, 2025, were:

---

| | | |
|:---|:---|:---|
|  | EQUITY CONTRACTS | TOTAL |
| **Net Realized Gains (Losses)** |  |  |
| Schwab Fundamental U.S. Large Company Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| $6797365 | &nbsp;&nbsp; $6797365 |
| Schwab Fundamental U.S. Small Company Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 405927 | &nbsp;&nbsp; 405927 |
| Schwab Fundamental International Equity Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 5977319 | &nbsp;&nbsp; 5977319 |
| Schwab Fundamental International Small Equity Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 716697 | &nbsp;&nbsp; 716697 |
| Schwab Fundamental Emerging Markets Equity Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 2563993 | &nbsp;&nbsp; 2563993 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Statement of Operations location: Net realized gains (losses) on futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**80**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental Index Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Derivatives (continued):** 

---

| | | |
|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation)** |  |  |
| Schwab Fundamental U.S. Large Company Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| $640357 | &nbsp;&nbsp; $640357 |
| Schwab Fundamental U.S. Small Company Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 45970 | &nbsp;&nbsp; 45970 |
| Schwab Fundamental International Equity Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 507069 | &nbsp;&nbsp; 507069 |
| Schwab Fundamental International Small Equity Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 236823 | &nbsp;&nbsp; 236823 |
| Schwab Fundamental Emerging Markets Equity Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 129046 | &nbsp;&nbsp; 129046 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts.

During the period ended October 31, 2025, the month-end average notional amounts of futures contracts held by the funds and the month-end average number of contracts held were as follows:

---

| | | |
|:---|:---|:---|
|  | NOTIONAL AMOUNTS  | NUMBER OF CONTRACTS  |
| Schwab Fundamental U.S. Large Company Index Fund | $32888726 | &nbsp;&nbsp; 108 |
| Schwab Fundamental U.S. Small Company Index Fund | 5404017 | &nbsp;&nbsp; 48 |
| Schwab Fundamental International Equity Index Fund | 23557373 | &nbsp;&nbsp; 184 |
| Schwab Fundamental International Small Equity Index Fund | 4819165 | &nbsp;&nbsp; 38 |
| Schwab Fundamental Emerging Markets Equity Index Fund | 7255508 | &nbsp;&nbsp; 121 |

---

------

**7. Purchases and Sales of Investment Securities:**

For the period ended October 31, 2025, purchases and sales of securities (excluding in-kind transactions and short-term obligations) were as follows:

---

| | | |
|:---|:---|:---|
|  | PURCHASES <br>OF SECURITIES <br>| SALES <br>OF SECURITIES<br>|
| Schwab Fundamental U.S. Large Company Index Fund | $2050868003 | &nbsp;&nbsp; $982136955 |
| Schwab Fundamental U.S. Small Company Index Fund | 686855148 | &nbsp;&nbsp; 515921597 |
| Schwab Fundamental International Equity Index Fund | 782663740 | &nbsp;&nbsp; 638982375 |
| Schwab Fundamental International Small Equity Index Fund | 162481062 | &nbsp;&nbsp; 203166377 |
| Schwab Fundamental Emerging Markets Equity Index Fund | 428976708 | &nbsp;&nbsp; 216971027 |

---

During the period ended October 31, 2025, the following funds had transactions in connection with in-kind transactions:

---

| | | |
|:---|:---|:---|
|  | IN-KIND PURCHASES <br>OF SECURITIES <br>| IN-KIND SALES <br>OF SECURITIES<br>|
| Schwab Fundamental U.S. Large Company Index Fund | $— | &nbsp;&nbsp; $1016570360 |
| Schwab Fundamental U.S. Small Company Index Fund |  | &nbsp;&nbsp; 202074490 |

---

The funds may realize net capital gains or losses resulting from in-kind redemptions. Because such gains or losses are not taxable to the funds and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the funds' tax year. These reclassifications have no effect on net assets or net asset values. The net realized gains or losses on sales of in-kind redemptions for the period ended October 31, 2025, are disclosed in the funds' Statements of Operations, if any.

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**81**

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Schwab Fundamental Index Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Federal Income Taxes:**

As of October 31, 2025, the tax basis cost of the funds' investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| Schwab Fundamental U.S. Large Company Index Fund | $6324596584 | &nbsp;&nbsp; $4564787275 | &nbsp;&nbsp; ($334872427)<br>| &nbsp;&nbsp; $4229914848 |
| Schwab Fundamental U.S. Small Company Index Fund | 1372439622 | &nbsp;&nbsp; 552880407 | &nbsp;&nbsp; (176035489)<br>| &nbsp;&nbsp; 376844918 |
| Schwab Fundamental International Equity Index Fund | 2810114851 | &nbsp;&nbsp; 1266393408 | &nbsp;&nbsp; (275308507)<br>| &nbsp;&nbsp; 991084901 |
| Schwab Fundamental International Small Equity Index Fund | 505994906 | &nbsp;&nbsp; 220561059 | &nbsp;&nbsp; (63769913)<br>| &nbsp;&nbsp; 156791146 |
| Schwab Fundamental Emerging Markets Equity Index Fund | 997789460 | &nbsp;&nbsp; 437848327 | &nbsp;&nbsp; (100021265)<br>| &nbsp;&nbsp; 337827062 |

---

The primary differences between book basis and tax basis unrealized appreciation or unrealized depreciation of investments are the tax deferral of losses on wash sales, the realization for tax purposes of unrealized appreciation or depreciation on futures contracts, the realization for tax purposes of unrealized appreciation on investments in PFICs and partnership investments. The tax cost of the funds' investments, disclosed above, have been adjusted from their book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

As of October 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | UNDISTRIBUTED <br>ORDINARY <br>INCOME <br>| UNDISTRIBUTED <br>LONG-TERM <br>CAPITAL GAINS <br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>ON INVESTMENTS <br>| NET OTHER UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>| CAPITAL LOSS <br>CARRYFORWARDS <br>AND OTHER LOSSES <br>| TOTAL  |
| Schwab Fundamental U.S. Large <br> Company Index Fund<br>| $140216829 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4229914848 | &nbsp;&nbsp; $— | &nbsp;&nbsp; ($31195862)<br>| &nbsp;&nbsp; $4338935815 |
| Schwab Fundamental U.S. Small <br> Company Index Fund<br>| 18290533 | &nbsp;&nbsp; — | &nbsp;&nbsp; 376844918 | &nbsp;&nbsp; — | &nbsp;&nbsp; (74365241)<br>| &nbsp;&nbsp; 320770210 |
| Schwab Fundamental International <br> Equity Index Fund<br>| 126750392 | &nbsp;&nbsp; 58225526 | &nbsp;&nbsp; 991084901 | &nbsp;&nbsp; 54891 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1176115710 |
| Schwab Fundamental International <br> Small Equity Index Fund<br>| 23135274 | &nbsp;&nbsp; 28217531 | &nbsp;&nbsp; 156791146 | &nbsp;&nbsp; (18003)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 208125948 |
| Schwab Fundamental Emerging <br> Markets Equity Index Fund<br>| 43213355 | &nbsp;&nbsp; — | &nbsp;&nbsp; 337827062 | &nbsp;&nbsp; (5767314)<br>| &nbsp;&nbsp; (82268570)<br>| &nbsp;&nbsp; 293004533 |

---

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of October 31, 2025, the funds had capital loss carryforwards available as follows:

---

| | |
|:---|:---|
| Schwab Fundamental U.S. Large Company Index Fund | $31195862 |
| Schwab Fundamental U.S. Small Company Index Fund | 74365241 |
| Schwab Fundamental International Equity Index Fund |  |
| Schwab Fundamental International Small Equity Index Fund |  |
| Schwab Fundamental Emerging Markets Equity Index Fund | 82268570 |

---

For the fiscal year ended October 31, 2025, the funds had capital loss carryforwards utilized as follows:

---

| | |
|:---|:---|
| Schwab Fundamental U.S. Large Company Index Fund | $28789072 |
| Schwab Fundamental U.S. Small Company Index Fund | 840974 |
| Schwab Fundamental International Equity Index Fund | 45145023 |
| Schwab Fundamental International Small Equity Index Fund |  |
| Schwab Fundamental Emerging Markets Equity Index Fund | 19285780 |

---

**82**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental Index Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Federal Income Taxes (continued):** 

The tax basis components of distributions paid during the current and prior fiscal years were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | CURRENT FISCAL YEAR END DISTRIBUTIONS | CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | ORDINARY <br>INCOME<br>| LONG-TERM <br>CAPITAL <br>GAINS<br>| ORDINARY <br>INCOME <br>| LONG-TERM <br>CAPITAL <br>GAINS <br>|
| Schwab Fundamental U.S. Large Company Index Fund | $165577503 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $142700838 | &nbsp;&nbsp; $— |
| Schwab Fundamental U.S. Small Company Index Fund | 29592585 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25436316 | &nbsp;&nbsp; — |
| Schwab Fundamental International Equity Index Fund | 99501576 | &nbsp;&nbsp; — | &nbsp;&nbsp; 75574529 | &nbsp;&nbsp; — |
| Schwab Fundamental International Small Equity Index Fund | 18920634 | &nbsp;&nbsp; 6121382 | &nbsp;&nbsp; 18018592 | &nbsp;&nbsp; — |
| Schwab Fundamental Emerging Markets Equity Index Fund | 40857853 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37187563 | &nbsp;&nbsp; — |

---

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Permanent book and tax basis differences may result in reclassifications between components of net assets as required. The adjustments will have no impact on net assets or the results of operations.

As of October 31, 2025, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds' financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in each fund's Statement of Operations. During the fiscal year ended October 31, 2025, the funds did not incur any interest or penalties.

------

**9. Subsequent Events:**

Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**83**

------

Schwab Fundamental Index Funds

Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of Schwab Capital Trust and Shareholders of Schwab Fundamental U.S. Large Company Index Fund (formerly Schwab Fundamental US Large Company Index Fund), Schwab Fundamental U.S. Small Company Index Fund (formerly Schwab Fundamental US Small Company Index Fund), Schwab Fundamental International Equity Index Fund (formerly Schwab Fundamental International Large Company Index Fund), Schwab Fundamental International Small Equity Index Fund (formerly Schwab Fundamental International Small Company Index Fund), and Schwab Fundamental Emerging Markets Equity Index Fund (formerly Schwab Fundamental Emerging Markets Large Company Index Fund):

***Opinion on the Financial Statements and Financial Highlights***

We have audited the accompanying statements of assets and liabilities, including the portfolio holdings, of Schwab Fundamental U.S. Large Company Index Fund, Schwab Fundamental U.S. Small Company Index Fund, Schwab Fundamental International Equity Index Fund, Schwab Fundamental International Small Equity Index Fund, and Schwab Fundamental Emerging Markets Equity Index Fund (the "Funds"), five of the Funds constituting Schwab Capital Trust, as of October 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**Deloitte & Touche LLP**

Denver, Colorado

December 16, 2025

We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.

**84**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**85**

------

Proxy Disclosures for Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

**86**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The remuneration paid to directors, officers and others are included under Item 7 (Financial Statements and Financial Highlights for Open-End Management Investment Companies).

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**87**

------

Schwab Fundamental Index Funds

Investment Advisory Agreement Approval

------

The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund's investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or "interested persons" of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund's trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory and administration agreement (the Agreement) between Schwab Capital Trust (the Trust) and Charles Schwab Investment Management, Inc. (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab Fundamental U.S. Large Company Index Fund, Schwab Fundamental U.S. Small Company Index Fund, Schwab Fundamental International Equity Index Fund, Schwab Fundamental International Small Equity Index Fund and Schwab Fundamental Emerging Markets Equity Index Fund (each, a Fund and collectively, the Funds), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser's affiliates, personnel, business goals and priorities, profitability, oversight of third-party service providers, corporate structure and operations. As part of the renewal process, the Independent Trustees' legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to the Funds' operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees' legal counsel, including a memorandum regarding the responsibilities of trustees for the

approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Funds at meetings held on May 7, 2025 and June 5, 2025, and approved the renewal of the Agreement with respect to the Funds for an additional one-year term at the meeting on June 5, 2025 called for the purpose of voting on such approval.

The Board's approval of the continuance of the Agreement with respect to the Funds was based on consideration and evaluation of a variety of specific factors discussed at these meetings and at prior meetings, including:

1. the nature, extent and quality of the services provided to each Fund under the Agreement, including the resources of the investment adviser and its affiliates dedicated to the Funds;

2. each Fund's investment performance and how it compared to that of certain other comparable mutual funds and benchmark data;

3. each Fund's expenses and how those expenses compared to those of certain other similar mutual funds;

4. the profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to each Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and

5. the extent to which economies of scale would be realized as each Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.

**Nature, Extent and Quality of Services.** The Board considered the nature, extent and quality of the services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, the investment adviser's experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support provided with respect to each Fund's portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also

**88**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

------

Schwab Fundamental Index Funds

considered the investment adviser's continued investment in its infrastructure, including the investment adviser's technology and use of data, business continuity, cybersecurity, due diligence, risk management processes, and information security programs. The Trustees considered Schwab's overall financial condition and reputation as a full service brokerage firm, as well as the wide range of products, services and account features that benefit Fund shareholders who are brokerage clients of Schwab. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds supported renewal of the Agreement with respect to the Funds.

**Fund Performance.** The Board considered each Fund's performance in determining whether to renew the Agreement with respect to such Fund. Specifically, the Trustees considered each Fund's performance relative to a peer category of other mutual funds and applicable indices/benchmarks, in light of total return and the market environment, as well as in consideration of each Fund's investment style and strategy. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of each Fund, the Trustees considered the risk profile for such Fund and such Fund's demonstrated performance in tracking its benchmark index. The Trustees noted that the Funds had closely tracked their respective indexes in 2024, with all of the Funds performing in their expected performance ranges. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser's profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of each Fund supported renewal of the Agreement with respect to such Fund.

**Fund Expenses.** With respect to each Fund's expenses, the Trustees considered the rate of compensation called for by the Agreement, and each Fund's net operating expense ratio, in each case, in comparison to those of other similar mutual funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Funds and provision of services as well as the competitive marketplace for financial products. The Trustees also considered fees charged by the investment adviser to ETFs, other mutual funds and to other types of accounts, but, with respect to such other types of accounts, accorded less weight to such comparisons due to the different legal, regulatory, compliance and operating

features of mutual funds as compared to these other types of accounts, and any differences in the nature and scope of the services the investment adviser provides to these other accounts, as well as differences in the market for these types of accounts. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of each Fund are reasonable and supported renewal of the Agreement with respect to such Fund.

**Profitability.** The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or indirectly and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees reviewed the profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Funds and other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Funds, such as whether, by virtue of its management of the Funds, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. The Trustees considered whether the compensation and profitability with respect to the Funds under the Agreement and other service agreements were reasonable in light of the quality of all services rendered to the Funds by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services and systems to benefit the Funds. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser with respect to each Fund is reasonable and supported renewal of the Agreement with respect to such Fund.

**Economies of Scale.** Although the Trustees recognized the difficulty of determining economies of scale with precision, and although the Funds do not have breakpoints in their advisory fees, the Trustees considered the potential existence of any economies of scale by way of the relatively low advisory fee and unitary fee structure of the Funds and whether those are passed along to a Fund's shareholders through (i) the enhancement of services provided to the Funds in return for fees paid, including through the investment adviser's continued investment in its infrastructure, and use of data and technology, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Funds and their shareholders; and (ii) pricing a fund to scale and keeping overall expenses down as the fund grows. Based on this evaluation, the Board concluded, within the context of its full deliberations, that each Fund obtains reasonable benefits from economies of scale.

\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*

Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

**89**

------

Schwab Fundamental Index Funds

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreement with respect to the Funds and

concluded that the compensation under the Agreement with respect to the Funds is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

**90**Schwab Fundamental Index Funds \| Annual Holdings and Financial Statements

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g22839img42c50ad81.jpg)

MFR39592-18

00319728

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g56854img461f353a1.jpg)

**Annual Holdings and Financial Statements** \| October 31, 2025

Schwab Multi-Asset Funds

------

Schwab Balanced Fund

Schwab MarketTrack

All Equity Portfolio™

Schwab MarketTrack

Growth Portfolio™

Schwab MarketTrack

Balanced Portfolio™

Schwab MarketTrack

Conservative Portfolio™

Schwab Target 2010 Fund

Schwab Target 2015 Fund

Schwab Target 2020 Fund

Schwab Target 2025 Fund

Schwab Target 2030 Fund

Schwab Target 2035 Fund

Schwab Target 2040 Fund

Schwab Target 2045 Fund

Schwab Target 2050 Fund

Schwab Target 2055 Fund

Schwab Target 2060 Fund

Schwab Target 2065 Fund

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_2f2927ba-3acc-4baf-b6ef-b34e6009dad7_1)**<br> **[Management Investment Companies](#xx_2f2927ba-3acc-4baf-b6ef-b34e6009dad7_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_2f2927ba-3acc-4baf-b6ef-b34e6009dad7_1) <br>|  |
| [Schwab Balanced Fund](#xx_2f2927ba-3acc-4baf-b6ef-b34e6009dad7_1)  | 2 |
| [Schwab MarketTrack All Equity Portfolio](#xx_0dd7b5d3-8476-4572-9ca0-ec2bdd027926_1) | 7 |
| [Schwab MarketTrack Growth Portfolio](#xx_c2bfce3c-4f32-466b-bc76-55c104a725f6_1) | 12 |
| [Schwab MarketTrack Balanced Portfolio](#xx_40ed01c4-a45f-408a-a115-5089f04d649e_1) | 18 |
| [Schwab MarketTrack Conservative Portfolio](#xx_a3ec8f64-f725-4240-bdff-b13db0880d8e_1) | 24 |
| [Schwab Target 2010 Fund](#xx_a299ac35-9eab-4113-b3ec-a807b14ba643_1) | 30 |
| [Schwab Target 2015 Fund](#xx_70e44870-c233-4715-bd80-d0e10f836df9_1) | 36 |
| [Schwab Target 2020 Fund](#xx_efba64ca-4488-4a41-812d-1b61a0337e3b_1) | 42 |
| [Schwab Target 2025 Fund](#xx_a3a96108-bce2-4967-b876-3bf06f623824_1) | 48 |
| [Schwab Target 2030 Fund](#xx_603d8982-ba4f-4fd0-b96b-1784b94ec8c8_1) | 54 |
| [Schwab Target 2035 Fund](#xx_e7433349-2c46-47a6-a8a7-53ec86c351a7_1) | 60 |
| [Schwab Target 2040 Fund](#xx_f7f92fd4-b4d0-470e-bac4-bff565b0f57a_1) | 66 |
| [Schwab Target 2045 Fund](#xx_231c894c-1fff-4655-9b49-e0f0b766d12e_1) | 72 |
| [Schwab Target 2050 Fund](#xx_e35a9d08-0d9f-43e2-ad52-d9443180cc13_1) | 78 |
| [Schwab Target 2055 Fund](#xx_6c2b5193-ee63-43ba-a675-8cdf23ef7d79_1) | 84 |
| [Schwab Target 2060 Fund](#xx_1f62fc06-f99f-4e2f-95c9-2f128930ffb8_1) | 90 |
| [Schwab Target 2065 Fund](#xx_30ac20bc-0875-4544-9615-ffc473e7802d_1)  | 96 |
| [Financial Notes](#xx_ba347ad5-1e03-469c-ac5d-35c38b78629e_1) | 102 |
| [Report of Independent Registered Public Accounting Firm](#xx_a31b3339-cc08-4ce7-a01e-7d2332dfc17e_1) | 113 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_409d78dd-96d9-4bb3-8499-97d5ff760635_1)**<br> **[Management Investment Companies](#xx_409d78dd-96d9-4bb3-8499-97d5ff760635_1)**<br>| 114 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_5da61f5b-fcc6-4050-b6f0-2025f74c199d_1)**<br> **[Companies](#xx_5da61f5b-fcc6-4050-b6f0-2025f74c199d_1)**<br>| 115 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_91c98e2b-5fac-4e2e-8b96-1716fd4c484f_1)**<br> **[Management Investment Companies](#xx_91c98e2b-5fac-4e2e-8b96-1716fd4c484f_1)**<br>| 116 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_cbf0ccd0-1680-428a-a0e1-6b426ee3b48a_1)**<br> **[Contract](#xx_cbf0ccd0-1680-428a-a0e1-6b426ee3b48a_1)** <br>|  |
| [Investment Advisory Agreement Approval](#xx_cbf0ccd0-1680-428a-a0e1-6b426ee3b48a_1) | 117  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: Charles Schwab & Co., Inc. (Schwab)

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**1**

------

Schwab Balanced Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $17.29 | &nbsp;&nbsp; $14.64 | &nbsp;&nbsp; $15.11 | &nbsp;&nbsp; $19.74 | &nbsp;&nbsp; $16.50 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.34 | 0.32 | 0.27 | 0.21 | 0.19 |
| Net realized and unrealized gains (losses) | 2.03 | 3.21 | 0.68 | &nbsp;&nbsp; (3.62)<br>| 3.58 |
| Total from investment operations | 2.37 | 3.53 | 0.95 | &nbsp;&nbsp; (3.41)<br>| 3.77 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.19)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.34)<br>|
| Total distributions | &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (0.53)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $18.83 | &nbsp;&nbsp; $17.29 | &nbsp;&nbsp; $14.64 | &nbsp;&nbsp; $15.11 | &nbsp;&nbsp; $19.74 |
| Total return | 14.27<br> %<br>| 24.80<br> %<br>| 6.74<br> %<br>| &nbsp;&nbsp; (18.51<br> %)<br>| 23.20<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses<sup>2</sup> <br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>3</sup><br>| 0.00<br> %<br>|
| Total expenses<sup>2</sup> <br>| 0.02<br> %<br>| 0.02<br> %<br>| 0.02<br> %<br>| 0.03 %<sup>3</sup><br>| 0.02<br> %<br>|
| Net investment income (loss) | 1.93<br> %<br>| 1.98<br> %<br>| 1.78<br> %<br>| 1.25<br> %<br>| 1.01<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 6<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $738 | &nbsp;&nbsp; $694 | &nbsp;&nbsp; $585 | &nbsp;&nbsp; $620 | &nbsp;&nbsp; $804 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**2**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

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Schwab Balanced Fund

Portfolio Holdings as of October 31, 2025

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS |
| **U.S. Stocks 50.9%** | **U.S. Stocks 50.9%** | **U.S. Stocks 50.9%** | **U.S. Stocks 50.9%** | **U.S. Stocks 50.9%** | **U.S. Stocks 50.9%** | **U.S. Stocks 50.9%** | **U.S. Stocks 50.9%** | **U.S. Stocks 50.9%** |
| **Large-Cap 42.2%** | **Large-Cap 42.2%** | **Large-Cap 42.2%** | **Large-Cap 42.2%** | **Large-Cap 42.2%** | **Large-Cap 42.2%** | **Large-Cap 42.2%** | **Large-Cap 42.2%** | **Large-Cap 42.2%** |
| Schwab Core Equity Fund  | $186856806 | $17624129 | ($21873598)<br>| $369778 | $14285576 | $197262691 | 7474903 | $14777655 |
| Schwab Select Large Cap Growth Fund \* | 107222986 | 11787743 | (21491118)<br>| 2502485 | 13827635 | 113849731 | 3725449 | 8322884 |
|  |  |  |  |  |  | 311112422 |  |  |
| **Small-Cap 8.7%** | **Small-Cap 8.7%** | **Small-Cap 8.7%** | **Small-Cap 8.7%** | **Small-Cap 8.7%** | **Small-Cap 8.7%** | **Small-Cap 8.7%** | **Small-Cap 8.7%** | **Small-Cap 8.7%** |
| Schwab Small-Cap Equity Fund  | 60295384 | 9273216 | (5880963)<br>| 587098 | 1451 | 64276186 | 2966137 | 7303919 |
|  |  |  |  |  |  | 375388608 |  |  |
| **International Stocks 9.9%** | **International Stocks 9.9%** | **International Stocks 9.9%** | **International Stocks 9.9%** | **International Stocks 9.9%** | **International Stocks 9.9%** | **International Stocks 9.9%** | **International Stocks 9.9%** | **International Stocks 9.9%** |
| **Developed Markets 9.9%** | **Developed Markets 9.9%** | **Developed Markets 9.9%** | **Developed Markets 9.9%** | **Developed Markets 9.9%** | **Developed Markets 9.9%** | **Developed Markets 9.9%** | **Developed Markets 9.9%** | **Developed Markets 9.9%** |
| Schwab International Opportunities Fund  | 66490396 | 3393279 | (10110102)<br>| (468969)<br>| 13756025 | 73060629 | 2900382 | 1293278 |
| **Fixed Income 36.2%** | **Fixed Income 36.2%** | **Fixed Income 36.2%** | **Fixed Income 36.2%** | **Fixed Income 36.2%** | **Fixed Income 36.2%** | **Fixed Income 36.2%** | **Fixed Income 36.2%** | **Fixed Income 36.2%** |
| **Intermediate-Term Bond 36.2%** | **Intermediate-Term Bond 36.2%** | **Intermediate-Term Bond 36.2%** | **Intermediate-Term Bond 36.2%** | **Intermediate-Term Bond 36.2%** | **Intermediate-Term Bond 36.2%** | **Intermediate-Term Bond 36.2%** | **Intermediate-Term Bond 36.2%** | **Intermediate-Term Bond 36.2%** |
| Schwab U.S. Aggregate Bond Index Fund  | 252441217 | 40253638 | (30164462)<br>| (6009386)<br>| 10910502 | 267431509 | 29517827 | 10328978 |
| **Money Market Funds 2.4%** | **Money Market Funds 2.4%** | **Money Market Funds 2.4%** | **Money Market Funds 2.4%** | **Money Market Funds 2.4%** | **Money Market Funds 2.4%** | **Money Market Funds 2.4%** | **Money Market Funds 2.4%** | **Money Market Funds 2.4%** |
| Schwab Government Money Fund, Ultra <br> Shares, 3.99% <sup>(b)</sup> <br>| 16754068 | 727646 |  |  |  | 17481714 | 17481714 | 728797 |
| **Total Affiliated Underlying Funds** <br>**(Cost $605,803,633)**<br>| **$690060857** | **$83059651** | **($89520243)**<br>| **($3018994)**<br>| **$52781189** | **$733362460** |  | **$42755511** |
| **UNAFFILIATED UNDERLYING FUNDS** 0.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 0.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 0.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 0.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 0.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 0.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 0.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 0.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 0.6% OF NET ASSETS |
| **Money Market Funds 0.6%** | **Money Market Funds 0.6%** | **Money Market Funds 0.6%** | **Money Market Funds 0.6%** | **Money Market Funds 0.6%** | **Money Market Funds 0.6%** | **Money Market Funds 0.6%** | **Money Market Funds 0.6%** | **Money Market Funds 0.6%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class, 4.01% <sup>(b)</sup> <br>|  |  |  |  |  | $4305125 | 4305125 |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $4,305,125)**<br>|  |  |  |  |  | **$4305125** |  |  |
| **Total Investments in Securities** <br>**(Cost $610,108,758)**<br>|  |  |  |  |  | **$737667585** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(c) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

At October 31, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional

information).

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**3**

------

Schwab Balanced Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $605,803,633)  |  | $733362460 |
| Investments in securities, at value - unaffiliated issuers (cost $4,305,125) |  | 4305125 |
| Receivables: |  |  |
| Investments sold |  | 3353759 |
| Dividends |  | 948079 |
| Fund shares sold |  | 328459 |
| Due from investment adviser |  | 11034 |
| Prepaid expenses | + | 20612 |
| **Total assets** |  | **742329528** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 4060282 |
| Fund shares redeemed |  | 223796 |
| Independent trustees' fees |  | 36 |
| Accrued expenses | + | 46080 |
| **Total liabilities** |  | **4330194** |
| **Net assets** |  | **$737999334** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $595735797 |
| Total distributable earnings | + | 142263537 |
| **Net assets** |  | **$737999334** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $737999334 |  | &nbsp;&nbsp;&nbsp;&nbsp; 39193070 |  | &nbsp;&nbsp;&nbsp;&nbsp; $18.83 |

---

*See financial notes*

**4**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Balanced Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $13367963 |
| Dividends received from securities - unaffiliated issuers  | + | 157460 |
| **Total investment income**  |  | **13525423** |
| **Expenses** | **Expenses** | **Expenses** |
| Registration fees |  | 43702 |
| Professional fees |  | 27241 |
| Portfolio accounting fees |  | 23942 |
| Shareholder reports |  | 14466 |
| Independent trustees' fees |  | 7214 |
| Transfer agent fees  |  | 5730 |
| Custodian fees |  | 1049 |
| Other expenses | + | 7814 |
| **Total expenses** |  | **131158** |
| Expense reduction | – | 131158 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **13525423** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 29387548 |
| Net realized losses on sales of securities - affiliated issuers | + | (3018994)<br>|
| **Net realized gains** |  | **26368554** |
| **Net change in unrealized appreciation (depreciation) on securities - affiliated issuers**  | + | **52781189** |
| **Net realized and unrealized gains** |  | **79149743** |
| **Increase in net assets resulting from operations** |  | **$92675166** |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**5**

------

Schwab Balanced Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $13525423 | &nbsp;&nbsp;&nbsp; $13084425 |
| Net realized gains |  | 26368554 | &nbsp;&nbsp;&nbsp; 18809913 |
| Net change in unrealized appreciation (depreciation) | + | 52781189 | &nbsp;&nbsp;&nbsp; 109190388 |
| **Increase in net assets resulting from operations** |  | **$92675166** | &nbsp;&nbsp;&nbsp; **$141084726** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($33519433)**<br>| &nbsp;&nbsp;&nbsp; **($34752458)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 7811365 | &nbsp;&nbsp;&nbsp; $135554632 | &nbsp;&nbsp;&nbsp; 7973533 | &nbsp;&nbsp;&nbsp; $131229093 |
| Shares reinvested |  | 1724231 | &nbsp;&nbsp;&nbsp; 28915346 | &nbsp;&nbsp;&nbsp; 1945108 | &nbsp;&nbsp;&nbsp; 30324232 |
| Shares redeemed | + | (10495448)<br>| &nbsp;&nbsp;&nbsp; (179706242)<br>| &nbsp;&nbsp;&nbsp; (9739635)<br>| &nbsp;&nbsp;&nbsp; (158951095)<br>|
| **Net transactions in fund shares**  |  | **(959852)**<br>| &nbsp;&nbsp;&nbsp; **($15236264)**<br>| &nbsp;&nbsp;&nbsp; **179006** | &nbsp;&nbsp;&nbsp; **$2602230** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 40152922 | &nbsp;&nbsp;&nbsp; $694079865 | &nbsp;&nbsp;&nbsp; 39973916 | &nbsp;&nbsp;&nbsp; $585145367 |
| Total increase (decrease) | + | (959852)<br>| &nbsp;&nbsp;&nbsp; 43919469 | &nbsp;&nbsp;&nbsp; 179006 | &nbsp;&nbsp;&nbsp; 108934498 |
| **End of period** |  | **39193070** | &nbsp;&nbsp;&nbsp; **$737999334** | &nbsp;&nbsp;&nbsp; **40152922** | &nbsp;&nbsp;&nbsp; **$694079865** |

---

*See financial notes*

**6**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab MarketTrack All Equity Portfolio

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $24.89 | &nbsp;&nbsp; $19.55 | &nbsp;&nbsp; $19.11 | &nbsp;&nbsp; $23.89 | &nbsp;&nbsp; $17.73 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.41 | 0.39 | 0.32 | 0.37 | 0.29 |
| Net realized and unrealized gains (losses) | 4.18 | 5.64 | 1.04 | &nbsp;&nbsp; (4.23)<br>| 7.21 |
| Total from investment operations | 4.59 | 6.03 | 1.36 | &nbsp;&nbsp; (3.86)<br>| 7.50 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.21)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (1.13)<br>|
| Total distributions | &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (1.34)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $27.72 | &nbsp;&nbsp; $24.89 | &nbsp;&nbsp; $19.55 | &nbsp;&nbsp; $19.11 | &nbsp;&nbsp; $23.89 |
| Total return | 19.80<br> %<br>| 31.32<br> %<br>| 7.32<br> %<br>| &nbsp;&nbsp; (16.89<br> %)<br>| 43.90<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses<sup>2</sup> <br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | 0.39<br> %<br>| 0.39 %<sup>3</sup><br>| 0.38<br> %<br>|
| Total expenses<sup>2</sup> <br>| 0.38<br> %<br>| 0.38<br> %<br>| 0.39<br> %<br>| 0.39 %<sup>3</sup><br>| 0.38<br> %<br>|
| Net investment income (loss) | 1.66<br> %<br>| 1.68<br> %<br>| 1.60<br> %<br>| 1.75<br> %<br>| 1.33<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 6<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $1079 | &nbsp;&nbsp; $927 | &nbsp;&nbsp; $731 | &nbsp;&nbsp; $699 | &nbsp;&nbsp; $861 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**7**

------

Schwab MarketTrack All Equity Portfolio

Portfolio Holdings as of October 31, 2025

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS |
| **U.S. Stocks 58.7%** | **U.S. Stocks 58.7%** | **U.S. Stocks 58.7%** | **U.S. Stocks 58.7%** | **U.S. Stocks 58.7%** | **U.S. Stocks 58.7%** | **U.S. Stocks 58.7%** | **U.S. Stocks 58.7%** | **U.S. Stocks 58.7%** |
| **Large-Cap 49.8%** | **Large-Cap 49.8%** | **Large-Cap 49.8%** | **Large-Cap 49.8%** | **Large-Cap 49.8%** | **Large-Cap 49.8%** | **Large-Cap 49.8%** | **Large-Cap 49.8%** | **Large-Cap 49.8%** |
| Schwab Fundamental U.S. Large <br> Company Index Fund <br>| $125143200 | $11121281 | ($6970092)<br>| $1402887 | $15139232 | $145836508 | 4600521 | $2165060 |
| Schwab S&P 500 Index Fund  | 253374917 | 21831144 | (66676025)<br>| 36665307 | 12888094 | 258083437 | 14597479 | 3130691 |
| Schwab U.S. Large-Cap Growth Index <br> Fund <br>| 83392750 | 46313219 | (21516282)<br>| 2438803 | 22937383 | 133565873 | 7403873 | 456122 |
|  |  |  |  |  |  | 537485818 |  |  |
| **Small-Cap 8.9%** | **Small-Cap 8.9%** | **Small-Cap 8.9%** | **Small-Cap 8.9%** | **Small-Cap 8.9%** | **Small-Cap 8.9%** | **Small-Cap 8.9%** | **Small-Cap 8.9%** | **Small-Cap 8.9%** |
| Schwab Fundamental U.S. Small <br> Company Index Fund <br>| 31533639 | 6652330 | (3386205)<br>| 301982 | 1586244 | 36687990 | 1983135 | 514576 |
| Schwab Small-Cap Index Fund  | 74583593 | 12868455 | (39233208)<br>| 14738303 | (4226598)<br>| 58730545 | 1462414 | 1168562 |
|  |  |  |  |  |  | 95418535 |  |  |
|  |  |  |  |  |  | 632904353 |  |  |
| **International Stocks 35.9%** | **International Stocks 35.9%** | **International Stocks 35.9%** | **International Stocks 35.9%** | **International Stocks 35.9%** | **International Stocks 35.9%** | **International Stocks 35.9%** | **International Stocks 35.9%** | **International Stocks 35.9%** |
| **Developed Markets 28.2%** | **Developed Markets 28.2%** | **Developed Markets 28.2%** | **Developed Markets 28.2%** | **Developed Markets 28.2%** | **Developed Markets 28.2%** | **Developed Markets 28.2%** | **Developed Markets 28.2%** | **Developed Markets 28.2%** |
| Schwab Fundamental International <br> Equity Index Fund <br>| 66062818 | 8960711 | (13577620)<br>| 156851 | 14919410 | 76522170 | 5545085 | 2314320 |
| Schwab Fundamental International <br> Small Equity Index Fund <br>| 46650235 | 7085729 | (9292949)<br>| 384934 | 9251989 | 54079938 | 3352755 | 2110650 |
| Schwab International Index Fund  | 149960649 | 23869480 | (28017018)<br>| 564624 | 27439455 | 173817190 | 6041612 | 4797536 |
|  |  |  |  |  |  | 304419298 |  |  |
| **Emerging Markets 7.7%** | **Emerging Markets 7.7%** | **Emerging Markets 7.7%** | **Emerging Markets 7.7%** | **Emerging Markets 7.7%** | **Emerging Markets 7.7%** | **Emerging Markets 7.7%** | **Emerging Markets 7.7%** | **Emerging Markets 7.7%** |
| Schwab Emerging Markets Equity ETF  |  | 28635229 |  |  | 416516 | 29051745 | 857996 |  |
| Schwab Fundamental Emerging <br> Markets Equity Index Fund <br>| 46448230 | 9671665 | (10416458)<br>| 240057 | 8161090 | 54104584 | 4664188 | 2141901 |
|  |  |  |  |  |  | 83156329 |  |  |
|  |  |  |  |  |  | 387575627 |  |  |
| **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** |
| **U.S. REITs 5.0%** | **U.S. REITs 5.0%** | **U.S. REITs 5.0%** | **U.S. REITs 5.0%** | **U.S. REITs 5.0%** | **U.S. REITs 5.0%** | **U.S. REITs 5.0%** | **U.S. REITs 5.0%** | **U.S. REITs 5.0%** |
| Schwab U.S. REIT ETF  | 45948644 | 14294400 | (3665328)<br>| 33482 | (2533548)<br>| 54077650 | 2564137 | 1436988 |
| **Total Affiliated Underlying Funds** <br>**(Cost $525,256,827)**<br>| **$923098675** | **$191303643** | **($202751185)**<br>| **$56927230** | **$105979267** | **$1074557630** |  | **$20236406** |
| **Total Investments in Securities** <br>**(Cost $525,256,827)**<br>|  |  |  |  |  | **$1074557630** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ETF — Exchange-Traded Fund <br> REIT — Real Estate Investment Trust

At October 31, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional

information).

*See financial notes*

**8**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab MarketTrack All Equity Portfolio

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $525,256,827)  |  | $1074557630 |
| Cash |  | 5276870 |
| Receivables: |  |  |
| Investments sold |  | 6116727 |
| Fund shares sold |  | 424495 |
| Prepaid expenses | + | 18464 |
| **Total assets** |  | **1086394186** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 6307835 |
| Fund shares redeemed |  | 294154 |
| Shareholder service fees |  | 226273 |
| Investment adviser and administrator fees |  | 125789 |
| Independent trustees' fees |  | 38 |
| Accrued expenses | + | 50453 |
| **Total liabilities** |  | **7004542** |
| **Net assets** |  | **$1079389644** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $484020416 |
| Total distributable earnings | + | 595369228 |
| **Net assets** |  | **$1079389644** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $1079389644 |  | &nbsp;&nbsp;&nbsp;&nbsp; 38936670 |  | &nbsp;&nbsp;&nbsp;&nbsp; $27.72 |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**9**

------

Schwab MarketTrack All Equity Portfolio

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $19720469 |
| Other Interest | + | 92831 |
| **Total investment income**  |  | **19813300** |
| **Expenses** | **Expenses** | **Expenses** |
| Shareholder service fees |  | 2290371 |
| Investment adviser and administrator fees |  | 1268642 |
| Registration fees |  | 37792 |
| Shareholder reports |  | 26795 |
| Professional fees |  | 25668 |
| Portfolio accounting fees |  | 25387 |
| Independent trustees' fees |  | 7629 |
| Transfer agent fees  |  | 3634 |
| Custodian fees |  | 188 |
| Other expenses | + | 8977 |
| **Total expenses** | – | **3695083** |
| **Net investment income** |  | **16118217** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 515937 |
| Net realized gains on sales of securities - affiliated issuers  | + | 56927230 |
| **Net realized gains** |  | **57443167** |
| **Net change in unrealized appreciation (depreciation) on securities - affiliated issuers**  | + | **105979267** |
| **Net realized and unrealized gains** |  | **163422434** |
| **Increase in net assets resulting from operations** |  | **$179540651** |

---

*See financial notes*

**10**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab MarketTrack All Equity Portfolio

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $16118217 | &nbsp;&nbsp;&nbsp; $14568884 |
| Net realized gains |  | 57443167 | &nbsp;&nbsp;&nbsp; 49530520 |
| Net change in unrealized appreciation (depreciation) | + | 105979267 | &nbsp;&nbsp;&nbsp; 161254821 |
| **Increase in net assets resulting from operations** |  | **$179540651** | &nbsp;&nbsp;&nbsp; **$225354225** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($65521634)**<br>| &nbsp;&nbsp;&nbsp; **($25564421)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 4344337 | &nbsp;&nbsp;&nbsp; $107919116 | &nbsp;&nbsp;&nbsp; 3355716 | &nbsp;&nbsp;&nbsp; $77859967 |
| Shares reinvested |  | 2474320 | &nbsp;&nbsp;&nbsp; 57676422 | &nbsp;&nbsp;&nbsp; 1021261 | &nbsp;&nbsp;&nbsp; 22447317 |
| Shares redeemed | + | (5129855)<br>| &nbsp;&nbsp;&nbsp; (127186023)<br>| &nbsp;&nbsp;&nbsp; (4504953)<br>| &nbsp;&nbsp;&nbsp; (103706572)<br>|
| **Net transactions in fund shares**  |  | **1688802** | &nbsp;&nbsp;&nbsp; **$38409515** | &nbsp;&nbsp;&nbsp; **(127976)**<br>| &nbsp;&nbsp;&nbsp; **($3399288)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 37247868 | &nbsp;&nbsp;&nbsp; $926961112 | &nbsp;&nbsp;&nbsp; 37375844 | &nbsp;&nbsp;&nbsp; $730570596 |
| Total increase (decrease) | + | 1688802 | &nbsp;&nbsp;&nbsp; 152428532 | &nbsp;&nbsp;&nbsp; (127976)<br>| &nbsp;&nbsp;&nbsp; 196390516 |
| **End of period** |  | **38936670** | &nbsp;&nbsp;&nbsp; **$1079389644** | &nbsp;&nbsp;&nbsp; **37247868** | &nbsp;&nbsp;&nbsp; **$926961112** |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**11**

------

Schwab MarketTrack Growth Portfolio

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $27.67 | &nbsp;&nbsp; $22.64 | &nbsp;&nbsp; $22.39 | &nbsp;&nbsp; $27.84 | &nbsp;&nbsp; $22.42 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.54 | 0.53 | 0.43 | 0.40 | 0.35 |
| Net realized and unrealized gains (losses) | 3.64 | 5.49 | 0.81 | &nbsp;&nbsp; (4.49)<br>| 7.03 |
| Total from investment operations | 4.18 | 6.02 | 1.24 | &nbsp;&nbsp; (4.09)<br>| 7.38 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.39)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (1.57)<br>|
| Total distributions | &nbsp;&nbsp; (2.91)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (1.96)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $28.94 | &nbsp;&nbsp; $27.67 | &nbsp;&nbsp; $22.64 | &nbsp;&nbsp; $22.39 | &nbsp;&nbsp; $27.84 |
| Total return | 16.79<br> %<br>| 27.11<br> %<br>| 5.68<br> %<br>| &nbsp;&nbsp; (15.52<br> %)<br>| 34.32<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses<sup>2</sup> <br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | 0.39 %<sup>3</sup><br>| 0.39 %<sup>3</sup><br>| 0.39<br> %<br>|
| Total expenses<sup>2</sup> <br>| 0.38<br> %<br>| 0.39<br> %<br>| 0.39 %<sup>3</sup><br>| 0.39 %<sup>3</sup><br>| 0.39<br> %<br>|
| Net investment income (loss) | 2.03<br> %<br>| 2.02<br> %<br>| 1.86<br> %<br>| 1.63<br> %<br>| 1.33<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 8<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $1050 | &nbsp;&nbsp; $968 | &nbsp;&nbsp; $812 | &nbsp;&nbsp; $802 | &nbsp;&nbsp; $982 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**12**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab MarketTrack Growth Portfolio

Portfolio Holdings as of October 31, 2025

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 99.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.3% OF NET ASSETS |
| **U.S. Stocks 50.2%** | **U.S. Stocks 50.2%** | **U.S. Stocks 50.2%** | **U.S. Stocks 50.2%** | **U.S. Stocks 50.2%** | **U.S. Stocks 50.2%** | **U.S. Stocks 50.2%** | **U.S. Stocks 50.2%** | **U.S. Stocks 50.2%** |
| **Large-Cap 43.3%** | **Large-Cap 43.3%** | **Large-Cap 43.3%** | **Large-Cap 43.3%** | **Large-Cap 43.3%** | **Large-Cap 43.3%** | **Large-Cap 43.3%** | **Large-Cap 43.3%** | **Large-Cap 43.3%** |
| Schwab Fundamental U.S. Large <br> Company Index Fund <br>| $116005515 | $8533842 | ($12971760)<br>| $2530912 | $12068572 | $126167081 | 3980034 | $1987658 |
| Schwab S&P 500 Index Fund  | 231954455 | 20558298 | (77675908)<br>| 51085221 | (7727853)<br>| 218194213 | 12341302 | 2832511 |
| Schwab U.S. Large-Cap Growth Index <br> Fund <br>| 70539765 | 40577442 | (21796891)<br>| 2478487 | 18255631 | 110054434 | 6100578 | 382111 |
|  |  |  |  |  |  | 454415728 |  |  |
| **Small-Cap 6.9%** | **Small-Cap 6.9%** | **Small-Cap 6.9%** | **Small-Cap 6.9%** | **Small-Cap 6.9%** | **Small-Cap 6.9%** | **Small-Cap 6.9%** | **Small-Cap 6.9%** | **Small-Cap 6.9%** |
| Schwab Fundamental U.S. Small <br> Company Index Fund <br>| 25095679 | 5017166 | (4049615)<br>| 356235 | 1086354 | 27505819 | 1486801 | 405584 |
| Schwab Small-Cap Index Fund  | 58649840 | 9870754 | (31133228)<br>| 13269909 | (5405022)<br>| 45252253 | 1126799 | 910013 |
|  |  |  |  |  |  | 72758072 |  |  |
|  |  |  |  |  |  | 527173800 |  |  |
| **International Stocks 25.8%** | **International Stocks 25.8%** | **International Stocks 25.8%** | **International Stocks 25.8%** | **International Stocks 25.8%** | **International Stocks 25.8%** | **International Stocks 25.8%** | **International Stocks 25.8%** | **International Stocks 25.8%** |
| **Developed Markets 20.7%** | **Developed Markets 20.7%** | **Developed Markets 20.7%** | **Developed Markets 20.7%** | **Developed Markets 20.7%** | **Developed Markets 20.7%** | **Developed Markets 20.7%** | **Developed Markets 20.7%** | **Developed Markets 20.7%** |
| Schwab Fundamental International <br> Equity Index Fund <br>| 50599951 | 5177020 | (12041176)<br>| 394084 | 10560290 | 54690169 | 3963056 | 1755490 |
| Schwab Fundamental International <br> Small Equity Index Fund <br>| 32400882 | 4006186 | (7814215)<br>| 864922 | 5590665 | 35048440 | 2172873 | 1451878 |
| Schwab International Index Fund  | 118044327 | 13967588 | (25904959)<br>| 898409 | 20373490 | 127378855 | 4427489 | 3725350 |
|  |  |  |  |  |  | 217117464 |  |  |
| **Emerging Markets 5.1%** | **Emerging Markets 5.1%** | **Emerging Markets 5.1%** | **Emerging Markets 5.1%** | **Emerging Markets 5.1%** | **Emerging Markets 5.1%** | **Emerging Markets 5.1%** | **Emerging Markets 5.1%** | **Emerging Markets 5.1%** |
| Schwab Emerging Markets Equity ETF  |  | 18721954 |  |  | 272321 | 18994275 | 560965 |  |
| Schwab Fundamental Emerging <br> Markets Equity Index Fund <br>| 32259633 | 4182897 | (7058664)<br>| 716895 | 4795390 | 34896151 | 3008289 | 1473293 |
|  |  |  |  |  |  | 53890426 |  |  |
|  |  |  |  |  |  | 271007890 |  |  |
| **Real Estate 4.0%** | **Real Estate 4.0%** | **Real Estate 4.0%** | **Real Estate 4.0%** | **Real Estate 4.0%** | **Real Estate 4.0%** | **Real Estate 4.0%** | **Real Estate 4.0%** | **Real Estate 4.0%** |
| **U.S. REITs 4.0%** | **U.S. REITs 4.0%** | **U.S. REITs 4.0%** | **U.S. REITs 4.0%** | **U.S. REITs 4.0%** | **U.S. REITs 4.0%** | **U.S. REITs 4.0%** | **U.S. REITs 4.0%** | **U.S. REITs 4.0%** |
| Schwab U.S. REIT ETF  | 38302734 | 9413222 | (3516236)<br>| (25276)<br>| (2077349)<br>| 42097095 | 1996069 | 1166040 |
| **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** |
| **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** |
| Schwab U.S. Aggregate Bond Index <br> Fund <br>| 155590807 | 31144857 | (21639181)<br>| (3072124)<br>| 6184580 | 168208939 | 18566108 | 6311553 |
| **Money Market Funds 3.3%** | **Money Market Funds 3.3%** | **Money Market Funds 3.3%** | **Money Market Funds 3.3%** | **Money Market Funds 3.3%** | **Money Market Funds 3.3%** | **Money Market Funds 3.3%** | **Money Market Funds 3.3%** | **Money Market Funds 3.3%** |
| Schwab Government Money Fund, <br> Ultra Shares, 3.99% <sup>(b)</sup> <br>| 32979235 | 1432321 |  |  |  | 34411556 | 34411556 | 1434586 |
| **Total Affiliated Underlying Funds** <br>**(Cost $585,830,030)**<br>| **$962422823** | **$172603547** | **($225601833)**<br>| **$69497674** | **$63977069** | **$1042899280** |  | **$23836067** |
| **Total Investments in Securities** <br>**(Cost $585,830,030)**<br>|  |  |  |  |  | **$1042899280** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**13**

------

Schwab MarketTrack Growth Portfolio

Portfolio Holdings as of October 31, 2025 (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ETF — Exchange-Traded Fund <br> REIT — Real Estate Investment Trust

At October 31, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional

information).

*See financial notes*

**14**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab MarketTrack Growth Portfolio

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $585,830,030)  |  | $1042899280 |
| Cash |  | 5614660 |
| Receivables: |  |  |
| Investments sold |  | 5576624 |
| Dividends |  | 640051 |
| Fund shares sold |  | 107229 |
| Prepaid expenses | + | 17033 |
| **Total assets** |  | **1054854877** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 3966075 |
| Shareholder service fees |  | 226179 |
| Investment adviser and administrator fees |  | 122998 |
| Fund shares redeemed |  | 112308 |
| Independent trustees' fees |  | 38 |
| Accrued expenses | + | 51236 |
| **Total liabilities** |  | **4478834** |
| **Net assets** |  | **$1050376043** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $524331767 |
| Total distributable earnings | + | 526044276 |
| **Net assets** |  | **$1050376043** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $1050376043 |  | &nbsp;&nbsp;&nbsp;&nbsp; 36292166 |  | &nbsp;&nbsp;&nbsp;&nbsp; $28.94 |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**15**

------

Schwab MarketTrack Growth Portfolio

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $23481142 |
| Other Interest | + | 99514 |
| **Total investment income**  |  | **23580656** |
| **Expenses** | **Expenses** | **Expenses** |
| Shareholder service fees |  | 2353782 |
| Investment adviser and administrator fees |  | 1278492 |
| Registration fees |  | 40306 |
| Professional fees |  | 25626 |
| Portfolio accounting fees |  | 25335 |
| Shareholder reports |  | 21661 |
| Independent trustees' fees |  | 7649 |
| Transfer agent fees  |  | 3471 |
| Custodian fees |  | 199 |
| Other expenses | + | 9081 |
| **Total expenses** | – | **3765602** |
| **Net investment income** |  | **19815054** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 354925 |
| Net realized gains on sales of securities - affiliated issuers  | + | 69497674 |
| **Net realized gains** |  | **69852599** |
| **Net change in unrealized appreciation (depreciation) on securities - affiliated issuers**  | + | **63977069** |
| **Net realized and unrealized gains** |  | **133829668** |
| **Increase in net assets resulting from operations** |  | **$153644722** |

---

*See financial notes*

**16**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab MarketTrack Growth Portfolio

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $19815054 | &nbsp;&nbsp;&nbsp; $18772169 |
| Net realized gains |  | 69852599 | &nbsp;&nbsp;&nbsp; 80402312 |
| Net change in unrealized appreciation (depreciation) | + | 63977069 | &nbsp;&nbsp;&nbsp; 115728197 |
| **Increase in net assets resulting from operations** |  | **$153644722** | &nbsp;&nbsp;&nbsp; **$214902678** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($100784746)**<br>| &nbsp;&nbsp;&nbsp; **($35285077)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 3072008 | &nbsp;&nbsp;&nbsp; $81596960 | &nbsp;&nbsp;&nbsp; 2730103 | &nbsp;&nbsp;&nbsp; $71099129 |
| Shares reinvested |  | 3638916 | &nbsp;&nbsp;&nbsp; 90827337 | &nbsp;&nbsp;&nbsp; 1282352 | &nbsp;&nbsp;&nbsp; 31904899 |
| Shares redeemed | + | (5400340)<br>| &nbsp;&nbsp;&nbsp; (142836691)<br>| &nbsp;&nbsp;&nbsp; (4884198)<br>| &nbsp;&nbsp;&nbsp; (126385445)<br>|
| **Net transactions in fund shares**  |  | **1310584** | &nbsp;&nbsp;&nbsp; **$29587606** | &nbsp;&nbsp;&nbsp; **(871743)**<br>| &nbsp;&nbsp;&nbsp; **($23381417)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 34981582 | &nbsp;&nbsp;&nbsp; $967928461 | &nbsp;&nbsp;&nbsp; 35853325 | &nbsp;&nbsp;&nbsp; $811692277 |
| Total increase (decrease) | + | 1310584 | &nbsp;&nbsp;&nbsp; 82447582 | &nbsp;&nbsp;&nbsp; (871743)<br>| &nbsp;&nbsp;&nbsp; 156236184 |
| **End of period** |  | **36292166** | &nbsp;&nbsp;&nbsp; **$1050376043** | &nbsp;&nbsp;&nbsp; **34981582** | &nbsp;&nbsp;&nbsp; **$967928461** |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**17**

------

Schwab MarketTrack Balanced Portfolio

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $20.49 | &nbsp;&nbsp; $17.42 | &nbsp;&nbsp; $17.36 | &nbsp;&nbsp; $21.53 | &nbsp;&nbsp; $18.38 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.48 | 0.46 | 0.38 | 0.32 | 0.28 |
| Net realized and unrealized gains (losses) | 2.11 | 3.40 | 0.38 | &nbsp;&nbsp; (3.45)<br>| 4.11 |
| Total from investment operations | 2.59 | 3.86 | 0.76 | &nbsp;&nbsp; (3.13)<br>| 4.39 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.32)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.92)<br>|
| Total distributions | &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (1.24)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $21.09 | &nbsp;&nbsp; $20.49 | &nbsp;&nbsp; $17.42 | &nbsp;&nbsp; $17.36 | &nbsp;&nbsp; $21.53 |
| Total return | 13.97<br> %<br>| 22.60<br> %<br>| 4.47<br> %<br>| &nbsp;&nbsp; (15.32<br> %)<br>| 24.66<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses<sup>2</sup> <br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | 0.39<br> %<br>| 0.40 %<sup>3</sup><br>| 0.39<br> %<br>|
| Total expenses<sup>2</sup> <br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.40 %<sup>3</sup><br>| 0.39<br> %<br>|
| Net investment income (loss) | 2.43<br> %<br>| 2.38<br> %<br>| 2.10<br> %<br>| 1.67<br> %<br>| 1.39<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 10<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $627 | &nbsp;&nbsp; $590 | &nbsp;&nbsp; $520 | &nbsp;&nbsp; $519 | &nbsp;&nbsp; $655 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**18**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab MarketTrack Balanced Portfolio

Portfolio Holdings as of October 31, 2025

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.4% OF NET ASSETS |
| **U.S. Stocks 39.0%** | **U.S. Stocks 39.0%** | **U.S. Stocks 39.0%** | **U.S. Stocks 39.0%** | **U.S. Stocks 39.0%** | **U.S. Stocks 39.0%** | **U.S. Stocks 39.0%** | **U.S. Stocks 39.0%** | **U.S. Stocks 39.0%** |
| **Large-Cap 33.0%** | **Large-Cap 33.0%** | **Large-Cap 33.0%** | **Large-Cap 33.0%** | **Large-Cap 33.0%** | **Large-Cap 33.0%** | **Large-Cap 33.0%** | **Large-Cap 33.0%** | **Large-Cap 33.0%** |
| Schwab Fundamental U.S. Large <br> Company Index Fund <br>| $53010234 | $4945433 | ($8118930)<br>| $1665414 | $4944508 | $56446659 | 1780652 | $904181 |
| Schwab S&P 500 Index Fund  | 108939570 | 12370669 | (44093552)<br>| 28370136 | (8218305)<br>| 97368518 | 5507269 | 1327070 |
| Schwab U.S. Large-Cap Growth Index <br> Fund <br>| 32381765 | 22320977 | (11395913)<br>| 1259571 | 8300220 | 52866620 | 2930522 | 174618 |
|  |  |  |  |  |  | 206681797 |  |  |
| **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** |
| Schwab Fundamental U.S. Small <br> Company Index Fund <br>| 10544289 | 2287561 | (2115221)<br>| 277134 | 328646 | 11322409 | 612022 | 169653 |
| Schwab Small-Cap Index Fund  | 24839236 | 5094530 | (6928490)<br>| 1293728 | 2165003 | 26464007 | 658964 | 380029 |
|  |  |  |  |  |  | 37786416 |  |  |
|  |  |  |  |  |  | 244468213 |  |  |
| **International Stocks 18.0%** | **International Stocks 18.0%** | **International Stocks 18.0%** | **International Stocks 18.0%** | **International Stocks 18.0%** | **International Stocks 18.0%** | **International Stocks 18.0%** | **International Stocks 18.0%** | **International Stocks 18.0%** |
| **Developed Markets 15.5%** | **Developed Markets 15.5%** | **Developed Markets 15.5%** | **Developed Markets 15.5%** | **Developed Markets 15.5%** | **Developed Markets 15.5%** | **Developed Markets 15.5%** | **Developed Markets 15.5%** | **Developed Markets 15.5%** |
| Schwab Fundamental International <br> Equity Index Fund <br>| 23122480 | 2263701 | (5743313)<br>| 314456 | 4717110 | 24674434 | 1788002 | 798655 |
| Schwab Fundamental International <br> Small Equity Index Fund <br>| 14920953 | 1156589 | (3644819)<br>| 457614 | 2473983 | 15364320 | 952531 | 661087 |
| Schwab International Index Fund  | 53957507 | 6193005 | (12691056)<br>| 555807 | 9149285 | 57164548 | 1986950 | 1699728 |
|  |  |  |  |  |  | 97203302 |  |  |
| **Emerging Markets 2.5%** | **Emerging Markets 2.5%** | **Emerging Markets 2.5%** | **Emerging Markets 2.5%** | **Emerging Markets 2.5%** | **Emerging Markets 2.5%** | **Emerging Markets 2.5%** | **Emerging Markets 2.5%** | **Emerging Markets 2.5%** |
| Schwab Fundamental Emerging <br> Markets Equity Index Fund <br>| 14566513 | 1570312 | (2876856)<br>| 322019 | 2190165 | 15772153 | 1359668 | 670881 |
|  |  |  |  |  |  | 112975455 |  |  |
| **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** |
| **U.S. REITs 3.0%** | **U.S. REITs 3.0%** | **U.S. REITs 3.0%** | **U.S. REITs 3.0%** | **U.S. REITs 3.0%** | **U.S. REITs 3.0%** | **U.S. REITs 3.0%** | **U.S. REITs 3.0%** | **U.S. REITs 3.0%** |
| Schwab U.S. REIT ETF  | 17314416 | 3726172 | (1262889)<br>| 8694 | (940348)<br>| 18846045 | 893601 | 526822 |
| **Fixed Income 36.0%** | **Fixed Income 36.0%** | **Fixed Income 36.0%** | **Fixed Income 36.0%** | **Fixed Income 36.0%** | **Fixed Income 36.0%** | **Fixed Income 36.0%** | **Fixed Income 36.0%** | **Fixed Income 36.0%** |
| **Intermediate-Term Bond 32.0%** | **Intermediate-Term Bond 32.0%** | **Intermediate-Term Bond 32.0%** | **Intermediate-Term Bond 32.0%** | **Intermediate-Term Bond 32.0%** | **Intermediate-Term Bond 32.0%** | **Intermediate-Term Bond 32.0%** | **Intermediate-Term Bond 32.0%** | **Intermediate-Term Bond 32.0%** |
| Schwab High Yield Bond ETF  |  | 9624003 |  |  | (81887)<br>| 9542116 | 359944 | 53920 |
| Schwab U.S. Aggregate Bond Index <br> Fund <br>| 207211734 | 33703142 | (53531839)<br>| (6595041)<br>| 10596612 | 191384608 | 21124129 | 8286564 |
|  |  |  |  |  |  | 200926724 |  |  |
| **Short-Term Bond 4.0%** | **Short-Term Bond 4.0%** | **Short-Term Bond 4.0%** | **Short-Term Bond 4.0%** | **Short-Term Bond 4.0%** | **Short-Term Bond 4.0%** | **Short-Term Bond 4.0%** | **Short-Term Bond 4.0%** | **Short-Term Bond 4.0%** |
| Schwab Short-Term Bond Index Fund  | 5923086 | 19207241 | (288243)<br>| (20396)<br>| 93734 | 24915422 | 2571251 | 307403 |
|  |  |  |  |  |  | 225842146 |  |  |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**19**

------

Schwab MarketTrack Balanced Portfolio

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** |
| Schwab Government Money Fund, Ultra <br> Shares, 3.99% <sup>(b)</sup> <br>| $20711686 | $889353 | ($600000)<br>| $— | $— | $21001039 | 21001039 | $889501 |
| **Total Affiliated Underlying Funds** <br>**(Cost $411,498,265)**<br>| **$587443469** | **$125352688** | **($153291121)**<br>| **$27909136** | **$35718726** | **$623132898** |  | **$16850112** |
| **Total Investments in Securities** <br>**(Cost $411,498,265)**<br>|  |  |  |  |  | **$623132898** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ETF — Exchange-Traded Fund <br> REIT — Real Estate Investment Trust

At October 31, 2025, all of the fund's investment securities were classified as Level 1 (see notes to portfolio holdings for additional

information).

*See financial notes*

**20**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab MarketTrack Balanced Portfolio

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $411,498,265)  |  | $623132898 |
| Cash |  | 2790774 |
| Receivables: |  |  |
| Investments sold |  | 3224723 |
| Dividends |  | 776581 |
| Fund shares sold |  | 54377 |
| Prepaid expenses | + | 15395 |
| **Total assets** |  | **629994748** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 2597648 |
| Fund shares redeemed |  | 171022 |
| Shareholder service fees |  | 135834 |
| Investment adviser and administrator fees |  | 73513 |
| Independent trustees' fees |  | 36 |
| Accrued expenses | + | 40029 |
| **Total liabilities** |  | **3018082** |
| **Net assets** |  | **$626976666** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $390113166 |
| Total distributable earnings | + | 236863500 |
| **Net assets** |  | **$626976666** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $626976666 |  | &nbsp;&nbsp;&nbsp;&nbsp; 29726335 |  | &nbsp;&nbsp;&nbsp;&nbsp; $21.09 |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**21**

------

Schwab MarketTrack Balanced Portfolio

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $16688499 |
| Other Interest | + | 50857 |
| **Total investment income**  |  | **16739356** |
| **Expenses** | **Expenses** | **Expenses** |
| Shareholder service fees |  | 1435689 |
| Investment adviser and administrator fees |  | 775672 |
| Registration fees |  | 33276 |
| Professional fees |  | 25122 |
| Portfolio accounting fees |  | 23436 |
| Shareholder reports |  | 15007 |
| Independent trustees' fees |  | 7047 |
| Transfer agent fees  |  | 2198 |
| Custodian fees |  | 71 |
| Other expenses | + | 7287 |
| **Total expenses** | – | **2324805** |
| **Net investment income** |  | **14414551** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 161613 |
| Net realized gains on sales of securities - affiliated issuers  | + | 27909136 |
| **Net realized gains** |  | **28070749** |
| **Net change in unrealized appreciation (depreciation) on securities - affiliated issuers**  | + | **35718726** |
| **Net realized and unrealized gains** |  | **63789475** |
| **Increase in net assets resulting from operations** |  | **$78204026** |

---

*See financial notes*

**22**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab MarketTrack Balanced Portfolio

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $14414551 | &nbsp;&nbsp;&nbsp; $13741077 |
| Net realized gains |  | 28070749 | &nbsp;&nbsp;&nbsp; 41738676 |
| Net change in unrealized appreciation (depreciation) | + | 35718726 | &nbsp;&nbsp;&nbsp; 58967459 |
| **Increase in net assets resulting from operations** |  | **$78204026** | &nbsp;&nbsp;&nbsp; **$114447212** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($57009176)**<br>| &nbsp;&nbsp;&nbsp; **($23345576)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 3282142 | &nbsp;&nbsp;&nbsp; $64538848 | &nbsp;&nbsp;&nbsp; 2993022 | &nbsp;&nbsp;&nbsp; $58723416 |
| Shares reinvested |  | 2726726 | &nbsp;&nbsp;&nbsp; 50689830 | &nbsp;&nbsp;&nbsp; 1111767 | &nbsp;&nbsp;&nbsp; 20934579 |
| Shares redeemed | + | (5080405)<br>| &nbsp;&nbsp;&nbsp; (99470114)<br>| &nbsp;&nbsp;&nbsp; (5137681)<br>| &nbsp;&nbsp;&nbsp; (100351692)<br>|
| **Net transactions in fund shares**  |  | **928463** | &nbsp;&nbsp;&nbsp; **$15758564** | &nbsp;&nbsp;&nbsp; **(1032892)**<br>| &nbsp;&nbsp;&nbsp; **($20693697)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 28797872 | &nbsp;&nbsp;&nbsp; $590023252 | &nbsp;&nbsp;&nbsp; 29830764 | &nbsp;&nbsp;&nbsp; $519615313 |
| Total increase (decrease) | + | 928463 | &nbsp;&nbsp;&nbsp; 36953414 | &nbsp;&nbsp;&nbsp; (1032892)<br>| &nbsp;&nbsp;&nbsp; 70407939 |
| **End of period** |  | **29726335** | &nbsp;&nbsp;&nbsp; **$626976666** | &nbsp;&nbsp;&nbsp; **28797872** | &nbsp;&nbsp;&nbsp; **$590023252** |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**23**

------

Schwab MarketTrack Conservative Portfolio

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $16.21 | &nbsp;&nbsp; $14.68 | &nbsp;&nbsp; $14.90 | &nbsp;&nbsp; $18.47 | &nbsp;&nbsp; $16.50 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.44 | 0.43 | 0.36 | 0.29 | 0.26 |
| Net realized and unrealized gains (losses) | 1.21 | 2.17 | 0.10 | &nbsp;&nbsp; (2.97)<br>| 2.27 |
| Total from investment operations | 1.65 | 2.60 | 0.46 | &nbsp;&nbsp; (2.68)<br>| 2.53 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.27)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.29)<br>|
| Total distributions | &nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.56)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $16.35 | &nbsp;&nbsp; $16.21 | &nbsp;&nbsp; $14.68 | &nbsp;&nbsp; $14.90 | &nbsp;&nbsp; $18.47 |
| Total return | 11.12<br> %<br>| 18.11<br> %<br>| 3.01<br> %<br>| &nbsp;&nbsp; (15.23<br> %)<br>| 15.50<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses<sup>2</sup> <br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | 0.42<br> %<br>| 0.42 %<sup>3</sup><br>| 0.41<br> %<br>|
| Total expenses<sup>2</sup> <br>| 0.41<br> %<br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.42 %<sup>3</sup><br>| 0.41<br> %<br>|
| Net investment income (loss) | 2.83<br> %<br>| 2.74<br> %<br>| 2.35<br> %<br>| 1.73<br> %<br>| 1.45<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 13<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $206 | &nbsp;&nbsp; $204 | &nbsp;&nbsp; $195 | &nbsp;&nbsp; $228 | &nbsp;&nbsp; $335 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**24**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab MarketTrack Conservative Portfolio

Portfolio Holdings as of October 31, 2025

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 99.5% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.5% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.5% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.5% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.5% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.5% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.5% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.5% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.5% OF NET ASSETS |
| **U.S. Stocks 26.0%** | **U.S. Stocks 26.0%** | **U.S. Stocks 26.0%** | **U.S. Stocks 26.0%** | **U.S. Stocks 26.0%** | **U.S. Stocks 26.0%** | **U.S. Stocks 26.0%** | **U.S. Stocks 26.0%** | **U.S. Stocks 26.0%** |
| **Large-Cap 22.0%** | **Large-Cap 22.0%** | **Large-Cap 22.0%** | **Large-Cap 22.0%** | **Large-Cap 22.0%** | **Large-Cap 22.0%** | **Large-Cap 22.0%** | **Large-Cap 22.0%** | **Large-Cap 22.0%** |
| Schwab Fundamental U.S. Large <br> Company Index Fund <br>| $12190850 | $1602556 | ($2912893)<br>| $660102 | $795420 | $12336035 | 389149 | $205218 |
| Schwab S&P 500 Index Fund  | 26407511 | 3178843 | (11902445)<br>| 7788544 | (3087030)<br>| 22385423 | 1266144 | 317481 |
| Schwab U.S. Large-Cap Growth Index <br> Fund <br>| 6092785 | 5080893 | (2475837)<br>| 277679 | 1489648 | 10465168 | 580109 | 32428 |
|  |  |  |  |  |  | 45186626 |  |  |
| **Small-Cap 4.0%** | **Small-Cap 4.0%** | **Small-Cap 4.0%** | **Small-Cap 4.0%** | **Small-Cap 4.0%** | **Small-Cap 4.0%** | **Small-Cap 4.0%** | **Small-Cap 4.0%** | **Small-Cap 4.0%** |
| Schwab Fundamental U.S. Small <br> Company Index Fund <br>| 2476228 | 447585 | (666599)<br>| 87098 | 53753 | 2398065 | 129625 | 38503 |
| Schwab Small-Cap Index Fund  | 5618057 | 1250412 | (1812995)<br>| 361425 | 369753 | 5786652 | 144090 | 86252 |
|  |  |  |  |  |  | 8184717 |  |  |
|  |  |  |  |  |  | 53371343 |  |  |
| **International Stocks 12.1%** | **International Stocks 12.1%** | **International Stocks 12.1%** | **International Stocks 12.1%** | **International Stocks 12.1%** | **International Stocks 12.1%** | **International Stocks 12.1%** | **International Stocks 12.1%** | **International Stocks 12.1%** |
| **Developed Markets 10.4%** | **Developed Markets 10.4%** | **Developed Markets 10.4%** | **Developed Markets 10.4%** | **Developed Markets 10.4%** | **Developed Markets 10.4%** | **Developed Markets 10.4%** | **Developed Markets 10.4%** | **Developed Markets 10.4%** |
| Schwab Fundamental International <br> Equity Index Fund <br>| 5317383 | 509519 | (1501046)<br>| 90830 | 1015486 | 5432172 | 393636 | 181262 |
| Schwab Fundamental International Small <br> Equity Index Fund <br>| 3415238 | 318360 | (1016692)<br>| 145858 | 500292 | 3363056 | 208497 | 150335 |
| Schwab International Index Fund  | 12415697 | 1442852 | (3459202)<br>| 188327 | 1969921 | 12557595 | 436482 | 382916 |
|  |  |  |  |  |  | 21352823 |  |  |
| **Emerging Markets 1.7%** | **Emerging Markets 1.7%** | **Emerging Markets 1.7%** | **Emerging Markets 1.7%** | **Emerging Markets 1.7%** | **Emerging Markets 1.7%** | **Emerging Markets 1.7%** | **Emerging Markets 1.7%** | **Emerging Markets 1.7%** |
| Schwab Fundamental Emerging Markets <br> Equity Index Fund <br>| 3380089 | 503105 | (991845)<br>| 106607 | 433622 | 3431578 | 295826 | 151650 |
|  |  |  |  |  |  | 24784401 |  |  |
| **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** |
| **U.S. REITs 2.0%** | **U.S. REITs 2.0%** | **U.S. REITs 2.0%** | **U.S. REITs 2.0%** | **U.S. REITs 2.0%** | **U.S. REITs 2.0%** | **U.S. REITs 2.0%** | **U.S. REITs 2.0%** | **U.S. REITs 2.0%** |
| Schwab U.S. REIT ETF  | 4036145 | 1101940 | (797143)<br>| 14821 | (234988)<br>| 4120775 | 195390 | 117453 |
| **Fixed Income 56.0%** | **Fixed Income 56.0%** | **Fixed Income 56.0%** | **Fixed Income 56.0%** | **Fixed Income 56.0%** | **Fixed Income 56.0%** | **Fixed Income 56.0%** | **Fixed Income 56.0%** | **Fixed Income 56.0%** |
| **Intermediate-Term Bond 49.7%** | **Intermediate-Term Bond 49.7%** | **Intermediate-Term Bond 49.7%** | **Intermediate-Term Bond 49.7%** | **Intermediate-Term Bond 49.7%** | **Intermediate-Term Bond 49.7%** | **Intermediate-Term Bond 49.7%** | **Intermediate-Term Bond 49.7%** | **Intermediate-Term Bond 49.7%** |
| Schwab High Yield Bond ETF  |  | 3543263 |  |  | (29362)<br>| 3513901 | 132550 | 19316 |
| Schwab U.S. Aggregate Bond Index Fund  | 112414593 | 14641566 | (30254722)<br>| (3807644)<br>| 5829724 | 98823517 | 10907673 | 4366945 |
|  |  |  |  |  |  | 102337418 |  |  |
| **Short-Term Bond 6.3%** | **Short-Term Bond 6.3%** | **Short-Term Bond 6.3%** | **Short-Term Bond 6.3%** | **Short-Term Bond 6.3%** | **Short-Term Bond 6.3%** | **Short-Term Bond 6.3%** | **Short-Term Bond 6.3%** | **Short-Term Bond 6.3%** |
| Schwab Short-Term Bond Index Fund  | 2087569 | 11022339 | (218150)<br>| (13587)<br>| 37950 | 12916121 | 1332933 | 119101 |
|  |  |  |  |  |  | 115253539 |  |  |
| **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** | **Money Market Funds 3.4%** |
| Schwab Government Money Fund, Ultra <br> Shares, 3.99% <sup>(b)</sup> <br>| 7201537 | 304290 | (500000)<br>|  |  | 7005827 | 7005827 | 303722 |
| **Total Affiliated Underlying Funds** <br>**(Cost $158,170,620)**<br>| **$203053682** | **$44947523** | **($58509569)**<br>| **$5900060** | **$9144189** | **$204535885** |  | **$6472582** |
| **Total Investments in Securities** <br>**(Cost $158,170,620)**<br>|  |  |  |  |  | **$204535885** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**25**

------

Schwab MarketTrack Conservative Portfolio

Portfolio Holdings as of October 31, 2025 (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ETF — Exchange-Traded Fund <br> REIT — Real Estate Investment Trust

At October 31, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional

information).

*See financial notes*

**26**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab MarketTrack Conservative Portfolio

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $158,170,620)  |  | $204535885 |
| Cash |  | 942340 |
| Receivables: |  |  |
| Investments sold |  | 540023 |
| Dividends |  | 392958 |
| Fund shares sold |  | 194680 |
| Prepaid expenses | + | 12278 |
| **Total assets** |  | **206618164** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 826969 |
| Fund shares redeemed |  | 45870 |
| Shareholder service fees |  | 44646 |
| Investment adviser and administrator fees |  | 24062 |
| Independent trustees' fees |  | 33 |
| Accrued expenses | + | 29387 |
| **Total liabilities** |  | **970967** |
| **Net assets** |  | **$205647197** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $159927357 |
| Total distributable earnings | + | 45719840 |
| **Net assets** |  | **$205647197** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $205647197 |  | &nbsp;&nbsp;&nbsp;&nbsp; 12579201 |  | &nbsp;&nbsp;&nbsp;&nbsp; $16.35 |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**27**

------

Schwab MarketTrack Conservative Portfolio

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $6435828 |
| Other Interest | + | 14939 |
| **Total investment income**  |  | **6450767** |
| **Expenses** | **Expenses** | **Expenses** |
| Shareholder service fees |  | 479349 |
| Investment adviser and administrator fees |  | 259762 |
| Professional fees |  | 24594 |
| Registration fees |  | 22750 |
| Portfolio accounting fees |  | 14582 |
| Independent trustees' fees |  | 6430 |
| Shareholder reports |  | 6155 |
| Transfer agent fees  |  | 1272 |
| Custodian fees |  | 244 |
| Other expenses | + | 5338 |
| **Total expenses** | – | **820476** |
| **Net investment income** |  | **5630291** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 36754 |
| Net realized gains on sales of securities - affiliated issuers  | + | 5900060 |
| **Net realized gains** |  | **5936814** |
| **Net change in unrealized appreciation (depreciation) on securities - affiliated issuers**  | + | **9144189** |
| **Net realized and unrealized gains** |  | **15081003** |
| **Increase in net assets resulting from operations** |  | **$20711294** |

---

*See financial notes*

**28**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab MarketTrack Conservative Portfolio

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $5630291 | &nbsp;&nbsp;&nbsp; $5575700 |
| Net realized gains |  | 5936814 | &nbsp;&nbsp;&nbsp; 11844944 |
| Net change in unrealized appreciation (depreciation) | + | 9144189 | &nbsp;&nbsp;&nbsp; 16314807 |
| **Increase in net assets resulting from operations** |  | **$20711294** | &nbsp;&nbsp;&nbsp; **$33735451** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($18805421)**<br>| &nbsp;&nbsp;&nbsp; **($13865927)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 1564434 | &nbsp;&nbsp;&nbsp; $24530865 | &nbsp;&nbsp;&nbsp; 1245017 | &nbsp;&nbsp;&nbsp; $19798447 |
| Shares reinvested |  | 1059633 | &nbsp;&nbsp;&nbsp; 15960151 | &nbsp;&nbsp;&nbsp; 759741 | &nbsp;&nbsp;&nbsp; 11843352 |
| Shares redeemed | + | (2616745)<br>| &nbsp;&nbsp;&nbsp; (40599204)<br>| &nbsp;&nbsp;&nbsp; (2722720)<br>| &nbsp;&nbsp;&nbsp; (42753557)<br>|
| **Net transactions in fund shares**  |  | **7322** | &nbsp;&nbsp;&nbsp; **($108188)**<br>| &nbsp;&nbsp;&nbsp; **(717962)**<br>| &nbsp;&nbsp;&nbsp; **($11111758)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 12571879 | &nbsp;&nbsp;&nbsp; $203849512 | &nbsp;&nbsp;&nbsp; 13289841 | &nbsp;&nbsp;&nbsp; $195091746 |
| Total increase (decrease) | + | 7322 | &nbsp;&nbsp;&nbsp; 1797685 | &nbsp;&nbsp;&nbsp; (717962)<br>| &nbsp;&nbsp;&nbsp; 8757766 |
| **End of period** |  | **12579201** | &nbsp;&nbsp;&nbsp; **$205647197** | &nbsp;&nbsp;&nbsp; **12571879** | &nbsp;&nbsp;&nbsp; **$203849512** |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**29**

------

Schwab Target 2010 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $13.76 | &nbsp;&nbsp; $12.19 | &nbsp;&nbsp; $12.23 | &nbsp;&nbsp; $15.21 | &nbsp;&nbsp; $13.76 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.42 | 0.40 | 0.35 | 0.28 | 0.22 |
| Net realized and unrealized gains (losses) | 0.96 | 1.73 | 0.16 | &nbsp;&nbsp; (2.55)<br>| 1.61 |
| Total from investment operations | 1.38 | 2.13 | 0.51 | &nbsp;&nbsp; (2.27)<br>| 1.83 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.27)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.11)<br>|
| Total distributions | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.38)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $14.26 | &nbsp;&nbsp; $13.76 | &nbsp;&nbsp; $12.19 | &nbsp;&nbsp; $12.23 | &nbsp;&nbsp; $15.21 |
| Total return | 10.75<br> %<br>| 17.77<br> %<br>| 4.24<br> %<br>| &nbsp;&nbsp; (15.69<br> %)<br>| 13.46<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses<sup>2</sup> <br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>3</sup><br>| 0.00<br> %<br>|
| Total expenses<sup>2</sup> <br>| 0.18<br> %<br>| 0.15<br> %<br>| 0.14<br> %<br>| 0.14 %<sup>3</sup><br>| 0.12<br> %<br>|
| Net investment income (loss) | 3.10<br> %<br>| 3.04<br> %<br>| 2.76<br> %<br>| 2.04<br> %<br>| 1.50<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 21<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $43 | &nbsp;&nbsp; $43 | &nbsp;&nbsp; $43 | &nbsp;&nbsp; $46 | &nbsp;&nbsp; $65 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**30**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2010 Fund

Portfolio Holdings as of October 31, 2025

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 76.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.4% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.4% OF NET ASSETS |
| **U.S. Stocks 21.1%** | **U.S. Stocks 21.1%** | **U.S. Stocks 21.1%** | **U.S. Stocks 21.1%** | **U.S. Stocks 21.1%** | **U.S. Stocks 21.1%** | **U.S. Stocks 21.1%** | **U.S. Stocks 21.1%** | **U.S. Stocks 21.1%** |
| **Large-Cap 18.7%** | **Large-Cap 18.7%** | **Large-Cap 18.7%** | **Large-Cap 18.7%** | **Large-Cap 18.7%** | **Large-Cap 18.7%** | **Large-Cap 18.7%** | **Large-Cap 18.7%** | **Large-Cap 18.7%** |
| Schwab Core Equity Fund  | $716638 | $53776 | ($140000)<br>| $34299 | $13960 | $678673 | 25717 | $53776 |
| Schwab Fundamental U.S. Large Company <br> Index Fund <br>| 841684 | 14026 | (140000)<br>| 29139 | 66132 | 810981 | 25583 | 14026 |
| Schwab S&P 500 Index Fund  | 5240842 | 397969 | (1564500)<br>| 1003668 | (104966)<br>| 4973013 | 281279 | 62969 |
| Schwab Select Large Cap Growth Fund \* | 1144827 | 429293 | (240457)<br>| 5260 | 215880 | 1554803 | 50877 | 94293 |
|  |  |  |  |  |  | 8017470 |  |  |
| **Mid-Cap 1.1%** | **Mid-Cap 1.1%** | **Mid-Cap 1.1%** | **Mid-Cap 1.1%** | **Mid-Cap 1.1%** | **Mid-Cap 1.1%** | **Mid-Cap 1.1%** | **Mid-Cap 1.1%** | **Mid-Cap 1.1%** |
| Schwab U.S. Mid-Cap Index Fund  | 528853 | 12369 | (90000)<br>| 21080 | 20673 | 492975 | 33905 | 12369 |
| **Small-Cap 1.3%** | **Small-Cap 1.3%** | **Small-Cap 1.3%** | **Small-Cap 1.3%** | **Small-Cap 1.3%** | **Small-Cap 1.3%** | **Small-Cap 1.3%** | **Small-Cap 1.3%** | **Small-Cap 1.3%** |
| Schwab Small-Cap Equity Fund  | 611707 | 76686 | (137118)<br>| 7693 | (18948)<br>| 540020 | 24920 | 76686 |
|  |  |  |  |  |  | 9050465 |  |  |
| **International Stocks 7.5%** | **International Stocks 7.5%** | **International Stocks 7.5%** | **International Stocks 7.5%** | **International Stocks 7.5%** | **International Stocks 7.5%** | **International Stocks 7.5%** | **International Stocks 7.5%** | **International Stocks 7.5%** |
| **Developed Markets 7.5%** | **Developed Markets 7.5%** | **Developed Markets 7.5%** | **Developed Markets 7.5%** | **Developed Markets 7.5%** | **Developed Markets 7.5%** | **Developed Markets 7.5%** | **Developed Markets 7.5%** | **Developed Markets 7.5%** |
| Schwab Fundamental International Equity <br> Index Fund <br>| 154555 | 5203 | (30000)<br>| 2874 | 28527 | 161159 | 11678 | 5203 |
| Schwab International Core Equity Fund  | 1315514 | 32844 | (326750)<br>| 74754 | 219323 | 1315685 | 86729 | 32844 |
| Schwab International Opportunities Fund  | 1732073 | 163690 | (486744)<br>| 56352 | 275803 | 1741174 | 69122 | 33690 |
|  |  |  |  |  |  | 3218018 |  |  |
| **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** |
| **Global Real Estate 2.0%** | **Global Real Estate 2.0%** | **Global Real Estate 2.0%** | **Global Real Estate 2.0%** | **Global Real Estate 2.0%** | **Global Real Estate 2.0%** | **Global Real Estate 2.0%** | **Global Real Estate 2.0%** | **Global Real Estate 2.0%** |
| Schwab Global Real Estate Fund  | 946542 | 88604 | (178000)<br>| (15065)<br>| 20746 | 862827 | 129554 | 28604 |
| **Fixed Income 43.3%** | **Fixed Income 43.3%** | **Fixed Income 43.3%** | **Fixed Income 43.3%** | **Fixed Income 43.3%** | **Fixed Income 43.3%** | **Fixed Income 43.3%** | **Fixed Income 43.3%** | **Fixed Income 43.3%** |
| **Inflation-Protected Bond 7.0%** | **Inflation-Protected Bond 7.0%** | **Inflation-Protected Bond 7.0%** | **Inflation-Protected Bond 7.0%** | **Inflation-Protected Bond 7.0%** | **Inflation-Protected Bond 7.0%** | **Inflation-Protected Bond 7.0%** | **Inflation-Protected Bond 7.0%** | **Inflation-Protected Bond 7.0%** |
| Schwab Treasury Inflation Protected <br> Securities Index Fund <br>| 2876621 | 515266 | (486000)<br>| (39997)<br>| 102216 | 2968106 | 282946 | 105266 |
| **Intermediate-Term Bond 27.9%** | **Intermediate-Term Bond 27.9%** | **Intermediate-Term Bond 27.9%** | **Intermediate-Term Bond 27.9%** | **Intermediate-Term Bond 27.9%** | **Intermediate-Term Bond 27.9%** | **Intermediate-Term Bond 27.9%** | **Intermediate-Term Bond 27.9%** | **Intermediate-Term Bond 27.9%** |
| Schwab U.S. Aggregate Bond Index Fund  | 11557937 | 2077977 | (1896000)<br>| (254178)<br>| 469640 | 11955376 | 1319578 | 469886 |
| **Short-Term Bond 8.4%** | **Short-Term Bond 8.4%** | **Short-Term Bond 8.4%** | **Short-Term Bond 8.4%** | **Short-Term Bond 8.4%** | **Short-Term Bond 8.4%** | **Short-Term Bond 8.4%** | **Short-Term Bond 8.4%** | **Short-Term Bond 8.4%** |
| Schwab Short-Term Bond Index Fund  | 3556509 | 605382 | (615000)<br>| (26759)<br>| 69622 | 3589754 | 370460 | 142875 |
|  |  |  |  |  |  | 18513236 |  |  |
| **Money Market Funds 2.5%** | **Money Market Funds 2.5%** | **Money Market Funds 2.5%** | **Money Market Funds 2.5%** | **Money Market Funds 2.5%** | **Money Market Funds 2.5%** | **Money Market Funds 2.5%** | **Money Market Funds 2.5%** | **Money Market Funds 2.5%** |
| Schwab Government Money Fund, Ultra <br> Shares, 3.99% <sup>(b)</sup> <br>| 1107987 | 46926 | (70000)<br>|  |  | 1084913 | 1084913 | 46853 |
| **Total Affiliated Underlying Funds** <br>**(Cost $26,165,046)**<br>| **$32332289** | **$4520011** | **($6400569)**<br>| **$899120** | **$1378608** | **$32729459** |  | **$1179340** |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**31**

------

Schwab Target 2010 Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **UNAFFILIATED UNDERLYING FUNDS** 23.0% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.0% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.0% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.0% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.0% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.0% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.0% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.0% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.0% OF NET ASSETS |
| **U.S. Stocks 3.8%** | **U.S. Stocks 3.8%** | **U.S. Stocks 3.8%** | **U.S. Stocks 3.8%** | **U.S. Stocks 3.8%** | **U.S. Stocks 3.8%** | **U.S. Stocks 3.8%** | **U.S. Stocks 3.8%** | **U.S. Stocks 3.8%** |
| **Large-Cap 3.3%** | **Large-Cap 3.3%** | **Large-Cap 3.3%** | **Large-Cap 3.3%** | **Large-Cap 3.3%** | **Large-Cap 3.3%** | **Large-Cap 3.3%** | **Large-Cap 3.3%** | **Large-Cap 3.3%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $1059778 | 61259 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 379170 | 4571 |  |
|  |  |  |  |  |  | 1438948 |  |  |
| **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | 201866 | 7269 |  |
|  |  |  |  |  |  | 1640814 |  |  |
| **Fixed Income 19.2%** | **Fixed Income 19.2%** | **Fixed Income 19.2%** | **Fixed Income 19.2%** | **Fixed Income 19.2%** | **Fixed Income 19.2%** | **Fixed Income 19.2%** | **Fixed Income 19.2%** | **Fixed Income 19.2%** |
| **Intermediate-Term Bond 17.2%** | **Intermediate-Term Bond 17.2%** | **Intermediate-Term Bond 17.2%** | **Intermediate-Term Bond 17.2%** | **Intermediate-Term Bond 17.2%** | **Intermediate-Term Bond 17.2%** | **Intermediate-Term Bond 17.2%** | **Intermediate-Term Bond 17.2%** | **Intermediate-Term Bond 17.2%** |
| Allspring Core Plus Bond Fund, Class R6  |  |  |  |  |  | 459016 | 40265 |  |
| Baird Aggregate Bond Fund, Institutional <br> Class <br>|  |  |  |  |  | 6591863 | 659846 |  |
| Loomis Sayles Investment Grade Bond Fund, <br> Class Y <br>|  |  |  |  |  | 284661 | 28609 |  |
|  |  |  |  |  |  | 7335540 |  |  |
| **International Bond 2.0%** | **International Bond 2.0%** | **International Bond 2.0%** | **International Bond 2.0%** | **International Bond 2.0%** | **International Bond 2.0%** | **International Bond 2.0%** | **International Bond 2.0%** | **International Bond 2.0%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional Class <br>|  |  |  |  |  | 855986 | 85513 |  |
|  |  |  |  |  |  | 8191526 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $9,445,721)**<br>|  |  |  |  |  | **$9832340** |  |  |
| **Total Investments in Securities** <br>**(Cost $35,610,767)**<br>|  |  |  |  |  | **$42561799** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

At October 31, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional

information).

*See financial notes*

**32**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2010 Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $26,165,046)  |  | $32729459 |
| Investments in securities, at value - unaffiliated issuers (cost $9,445,721) |  | 9832340 |
| Cash |  | 177919 |
| Receivables: |  |  |
| Investments sold |  | 275000 |
| Dividends |  | 58018 |
| Due from investment adviser |  | 8012 |
| Fund shares sold |  | 2138 |
| Prepaid expenses | + | 13473 |
| **Total assets** |  | **43096359** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Fund shares redeemed |  | 207170 |
| Investments bought |  | 59208 |
| Independent trustees' fees |  | 31 |
| Accrued expenses | + | 27960 |
| **Total liabilities** |  | **294369** |
| **Net assets** |  | **$42801990** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $34766132 |
| Total distributable earnings | + | 8035858 |
| **Net assets** |  | **$42801990** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $42801990 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000527 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $14.26 |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**33**

------

Schwab Target 2010 Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $953637 |
| Dividends received from securities - unaffiliated issuers  |  | 348627 |
| Other Interest | + | 4024 |
| **Total investment income**  |  | **1306288** |
| **Expenses** | **Expenses** | **Expenses** |
| Professional fees |  | 26550 |
| Registration fees |  | 22072 |
| Portfolio accounting fees |  | 11592 |
| Independent trustees' fees |  | 6183 |
| Shareholder reports |  | 2918 |
| Transfer agent fees  |  | 1019 |
| Custodian fees |  | 237 |
| Other expenses | + | 4666 |
| **Total expenses** |  | **75237** |
| Expense reduction | – | 75237 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **1306288** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 225703 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 111471 |
| Net realized gains on sales of securities - affiliated issuers  |  | 899120 |
| Net realized gains on sales of securities - unaffiliated issuers  | + | 308037 |
| **Net realized gains** |  | **1544331** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 1378608 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | (18283)<br>|
| **Net change in unrealized appreciation (depreciation)** |  | **1360325** |
| **Net realized and unrealized gains** |  | **2904656** |
| **Increase in net assets resulting from operations** |  | **$4210944** |

---

*See financial notes*

**34**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2010 Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $1306288 | &nbsp;&nbsp;&nbsp; $1326612 |
| Net realized gains |  | 1544331 | &nbsp;&nbsp;&nbsp; 1197389 |
| Net change in unrealized appreciation (depreciation) | + | 1360325 | &nbsp;&nbsp;&nbsp; 4659233 |
| **Increase in net assets resulting from operations** |  | **$4210944** | &nbsp;&nbsp;&nbsp; **$7183234** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($2713948)**<br>| &nbsp;&nbsp;&nbsp; **($1890752)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 500131 | &nbsp;&nbsp;&nbsp; $6748890 | &nbsp;&nbsp;&nbsp; 214971 | &nbsp;&nbsp;&nbsp; $2877559 |
| Shares reinvested |  | 169666 | &nbsp;&nbsp;&nbsp; 2192081 | &nbsp;&nbsp;&nbsp; 116816 | &nbsp;&nbsp;&nbsp; 1503428 |
| Shares redeemed | + | (780669)<br>| &nbsp;&nbsp;&nbsp; (10445256)<br>| &nbsp;&nbsp;&nbsp; (773951)<br>| &nbsp;&nbsp;&nbsp; (10170754)<br>|
| **Net transactions in fund shares**  |  | **(110872)**<br>| &nbsp;&nbsp;&nbsp; **($1504285)**<br>| &nbsp;&nbsp;&nbsp; **(442164)**<br>| &nbsp;&nbsp;&nbsp; **($5789767)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 3111399 | &nbsp;&nbsp;&nbsp; $42809279 | &nbsp;&nbsp;&nbsp; 3553563 | &nbsp;&nbsp;&nbsp; $43306564 |
| Total decrease | + | (110872)<br>| &nbsp;&nbsp;&nbsp; (7289)<br>| &nbsp;&nbsp;&nbsp; (442164)<br>| &nbsp;&nbsp;&nbsp; (497285)<br>|
| **End of period** |  | **3000527** | &nbsp;&nbsp;&nbsp; **$42801990** | &nbsp;&nbsp;&nbsp; **3111399** | &nbsp;&nbsp;&nbsp; **$42809279** |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**35**

------

Schwab Target 2015 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $11.51 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $10.48 | &nbsp;&nbsp; $13.36 | &nbsp;&nbsp; $12.18 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.34 | 0.33 | 0.29 | 0.23 | 0.19 |
| Net realized and unrealized gains (losses) | 0.87 | 1.54 | 0.17 | &nbsp;&nbsp; (2.24)<br>| 1.54 |
| Total from investment operations | 1.21 | 1.87 | 0.46 | &nbsp;&nbsp; (2.01)<br>| 1.73 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.24)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.31)<br>|
| Total distributions | &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.55)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $11.87 | &nbsp;&nbsp; $11.51 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $10.48 | &nbsp;&nbsp; $13.36 |
| Total return | 11.39<br> %<br>| 18.62<br> %<br>| 4.53<br> %<br>| &nbsp;&nbsp; (16.15<br> %)<br>| 14.54<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses<sup>2</sup> <br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>3</sup><br>| 0.00<br> %<br>|
| Total expenses<sup>2</sup> <br>| 0.15<br> %<br>| 0.13<br> %<br>| 0.12<br> %<br>| 0.11 %<sup>3</sup><br>| 0.08<br> %<br>|
| Net investment income (loss) | 3.01<br> %<br>| 2.94<br> %<br>| 2.71<br> %<br>| 1.97<br> %<br>| 1.47<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 14<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $47 | &nbsp;&nbsp; $49 | &nbsp;&nbsp; $49 | &nbsp;&nbsp; $58 | &nbsp;&nbsp; $81 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**36**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2015 Fund

Portfolio Holdings as of October 31, 2025

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 76.7% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.7% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.7% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.7% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.7% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.7% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.7% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.7% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.7% OF NET ASSETS |
| **U.S. Stocks 23.9%** | **U.S. Stocks 23.9%** | **U.S. Stocks 23.9%** | **U.S. Stocks 23.9%** | **U.S. Stocks 23.9%** | **U.S. Stocks 23.9%** | **U.S. Stocks 23.9%** | **U.S. Stocks 23.9%** | **U.S. Stocks 23.9%** |
| **Large-Cap 21.0%** | **Large-Cap 21.0%** | **Large-Cap 21.0%** | **Large-Cap 21.0%** | **Large-Cap 21.0%** | **Large-Cap 21.0%** | **Large-Cap 21.0%** | **Large-Cap 21.0%** | **Large-Cap 21.0%** |
| Schwab Core Equity Fund  | $874288 | $145302 | ($245000)<br>| $48101 | $13075 | $835766 | 31670 | $70953 |
| Schwab Fundamental U.S. Large Company <br> Index Fund <br>| 1040166 | 72488 | (270000)<br>| 50850 | 69453 | 962957 | 30377 | 18447 |
| Schwab S&P 500 Index Fund  | 6616814 | 601325 | (2263990)<br>| 1385270 | (243364)<br>| 6096055 | 344799 | 82614 |
| Schwab Select Large Cap Growth Fund \* | 1311664 | 832632 | (502505)<br>| (18414)<br>| 284457 | 1907834 | 62429 | 115561 |
|  |  |  |  |  |  | 9802612 |  |  |
| **Mid-Cap 1.3%** | **Mid-Cap 1.3%** | **Mid-Cap 1.3%** | **Mid-Cap 1.3%** | **Mid-Cap 1.3%** | **Mid-Cap 1.3%** | **Mid-Cap 1.3%** | **Mid-Cap 1.3%** | **Mid-Cap 1.3%** |
| Schwab U.S. Mid-Cap Index Fund  | 672057 | 16075 | (140000)<br>| 36310 | 15851 | 600293 | 41286 | 16075 |
| **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** |
| Schwab Small-Cap Equity Fund  | 744941 | 206650 | (170000)<br>| (16452)<br>| (4731)<br>| 760408 | 35090 | 105271 |
|  |  |  |  |  |  | 11163313 |  |  |
| **International Stocks 8.9%** | **International Stocks 8.9%** | **International Stocks 8.9%** | **International Stocks 8.9%** | **International Stocks 8.9%** | **International Stocks 8.9%** | **International Stocks 8.9%** | **International Stocks 8.9%** | **International Stocks 8.9%** |
| **Developed Markets 8.9%** | **Developed Markets 8.9%** | **Developed Markets 8.9%** | **Developed Markets 8.9%** | **Developed Markets 8.9%** | **Developed Markets 8.9%** | **Developed Markets 8.9%** | **Developed Markets 8.9%** | **Developed Markets 8.9%** |
| Schwab Fundamental International Equity <br> Index Fund <br>| 221853 | 7468 | (94291)<br>| 22272 | 27636 | 184938 | 13401 | 7468 |
| Schwab International Core Equity Fund  | 1712360 | 120002 | (500000)<br>| 119133 | 280097 | 1731592 | 114146 | 44604 |
| Schwab International Opportunities Fund  | 2246281 | 285062 | (758489)<br>| 124385 | 334627 | 2231866 | 88601 | 48276 |
|  |  |  |  |  |  | 4148396 |  |  |
| **Real Estate 2.4%** | **Real Estate 2.4%** | **Real Estate 2.4%** | **Real Estate 2.4%** | **Real Estate 2.4%** | **Real Estate 2.4%** | **Real Estate 2.4%** | **Real Estate 2.4%** | **Real Estate 2.4%** |
| **Global Real Estate 2.4%** | **Global Real Estate 2.4%** | **Global Real Estate 2.4%** | **Global Real Estate 2.4%** | **Global Real Estate 2.4%** | **Global Real Estate 2.4%** | **Global Real Estate 2.4%** | **Global Real Estate 2.4%** | **Global Real Estate 2.4%** |
| Schwab Global Real Estate Fund  | 1214105 | 122352 | (245000)<br>| 21388 | (2114)<br>| 1110731 | 166776 | 36639 |
| **Fixed Income 39.4%** | **Fixed Income 39.4%** | **Fixed Income 39.4%** | **Fixed Income 39.4%** | **Fixed Income 39.4%** | **Fixed Income 39.4%** | **Fixed Income 39.4%** | **Fixed Income 39.4%** | **Fixed Income 39.4%** |
| **Inflation-Protected Bond 6.4%** | **Inflation-Protected Bond 6.4%** | **Inflation-Protected Bond 6.4%** | **Inflation-Protected Bond 6.4%** | **Inflation-Protected Bond 6.4%** | **Inflation-Protected Bond 6.4%** | **Inflation-Protected Bond 6.4%** | **Inflation-Protected Bond 6.4%** | **Inflation-Protected Bond 6.4%** |
| Schwab Treasury Inflation Protected <br> Securities Index Fund <br>| 3060759 | 411123 | (530000)<br>| (42269)<br>| 106688 | 3006301 | 286587 | 110887 |
| **Intermediate-Term Bond 25.4%** | **Intermediate-Term Bond 25.4%** | **Intermediate-Term Bond 25.4%** | **Intermediate-Term Bond 25.4%** | **Intermediate-Term Bond 25.4%** | **Intermediate-Term Bond 25.4%** | **Intermediate-Term Bond 25.4%** | **Intermediate-Term Bond 25.4%** | **Intermediate-Term Bond 25.4%** |
| Schwab U.S. Aggregate Bond Index Fund  | 12234414 | 1917611 | (2490000)<br>| (339475)<br>| 551780 | 11874330 | 1310632 | 496198 |
| **Short-Term Bond 7.6%** | **Short-Term Bond 7.6%** | **Short-Term Bond 7.6%** | **Short-Term Bond 7.6%** | **Short-Term Bond 7.6%** | **Short-Term Bond 7.6%** | **Short-Term Bond 7.6%** | **Short-Term Bond 7.6%** | **Short-Term Bond 7.6%** |
| Schwab Short-Term Bond Index Fund  | 3705618 | 486193 | (680000)<br>| (29643)<br>| 73531 | 3555699 | 366945 | 150668 |
|  |  |  |  |  |  | 18436330 |  |  |
| **Money Market Funds 2.1%** | **Money Market Funds 2.1%** | **Money Market Funds 2.1%** | **Money Market Funds 2.1%** | **Money Market Funds 2.1%** | **Money Market Funds 2.1%** | **Money Market Funds 2.1%** | **Money Market Funds 2.1%** | **Money Market Funds 2.1%** |
| Schwab Government Money Fund, Ultra <br> Shares, 3.99% <sup>(b)</sup> <br>| 1050041 | 44962 | (100000)<br>|  |  | 995003 | 995003 | 44824 |
| **Total Affiliated Underlying Funds** <br>**(Cost $27,842,513)**<br>| **$36705361** | **$5269245** | **($8989275)**<br>| **$1361456** | **$1506986** | **$35853773** |  | **$1348485** |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**37**

------

Schwab Target 2015 Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **UNAFFILIATED UNDERLYING FUNDS** 22.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.8% OF NET ASSETS |
| **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** |
| **Large-Cap 3.9%** | **Large-Cap 3.9%** | **Large-Cap 3.9%** | **Large-Cap 3.9%** | **Large-Cap 3.9%** | **Large-Cap 3.9%** | **Large-Cap 3.9%** | **Large-Cap 3.9%** | **Large-Cap 3.9%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $1344439 | 77713 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 458209 | 5524 |  |
|  |  |  |  |  |  | 1802648 |  |  |
| **Small-Cap 0.4%** | **Small-Cap 0.4%** | **Small-Cap 0.4%** | **Small-Cap 0.4%** | **Small-Cap 0.4%** | **Small-Cap 0.4%** | **Small-Cap 0.4%** | **Small-Cap 0.4%** | **Small-Cap 0.4%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | 186846 | 6728 |  |
|  |  |  |  |  |  | 1989494 |  |  |
| **Fixed Income 18.5%** | **Fixed Income 18.5%** | **Fixed Income 18.5%** | **Fixed Income 18.5%** | **Fixed Income 18.5%** | **Fixed Income 18.5%** | **Fixed Income 18.5%** | **Fixed Income 18.5%** | **Fixed Income 18.5%** |
| **Intermediate-Term Bond 16.4%** | **Intermediate-Term Bond 16.4%** | **Intermediate-Term Bond 16.4%** | **Intermediate-Term Bond 16.4%** | **Intermediate-Term Bond 16.4%** | **Intermediate-Term Bond 16.4%** | **Intermediate-Term Bond 16.4%** | **Intermediate-Term Bond 16.4%** | **Intermediate-Term Bond 16.4%** |
| Allspring Core Plus Bond Fund, Class R6  |  |  |  |  |  | 925584 | 81192 |  |
| Baird Aggregate Bond Fund, Institutional <br> Class <br>|  |  |  |  |  | 6258070 | 626433 |  |
| Loomis Sayles Investment Grade Bond Fund, <br> Class Y <br>|  |  |  |  |  | 494019 | 49650 |  |
|  |  |  |  |  |  | 7677673 |  |  |
| **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional Class <br>|  |  |  |  |  | 965248 | 96428 |  |
|  |  |  |  |  |  | 8642921 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $10,208,453)**<br>|  |  |  |  |  | **$10632415** |  |  |
| **Total Investments in Securities** <br>**(Cost $38,050,966)**<br>|  |  |  |  |  | **$46486188** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

At October 31, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional

information).

*See financial notes*

**38**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2015 Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $27,842,513)  |  | $35853773 |
| Investments in securities, at value - unaffiliated issuers (cost $10,208,453) |  | 10632415 |
| Cash |  | 306788 |
| Receivables: |  |  |
| Dividends |  | 57792 |
| Due from investment adviser |  | 7729 |
| Fund shares sold |  | 5676 |
| Prepaid expenses | + | 7147 |
| **Total assets** |  | **46871320** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 129144 |
| Fund shares redeemed |  | 1600 |
| Independent trustees' fees |  | 31 |
| Accrued expenses | + | 28388 |
| **Total liabilities** |  | **159163** |
| **Net assets** |  | **$46712157** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $35925458 |
| Total distributable earnings | + | 10786699 |
| **Net assets** |  | **$46712157** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $46712157 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3934507 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.87 |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**39**

------

Schwab Target 2015 Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $1055641 |
| Dividends received from securities - unaffiliated issuers  |  | 391476 |
| Other Interest | + | 3759 |
| **Total investment income**  |  | **1450876** |
| **Expenses** | **Expenses** | **Expenses** |
| Professional fees |  | 26553 |
| Registration fees |  | 19733 |
| Portfolio accounting fees |  | 11623 |
| Independent trustees' fees |  | 6193 |
| Shareholder reports |  | 2725 |
| Transfer agent fees  |  | 1421 |
| Custodian fees |  | 247 |
| Other expenses | + | 4695 |
| **Total expenses** |  | **73190** |
| Expense reduction | – | 73190 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **1450876** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 292844 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 144754 |
| Net realized gains on sales of securities - affiliated issuers  |  | 1361456 |
| Net realized gains on sales of securities - unaffiliated issuers  | + | 409014 |
| **Net realized gains** |  | **2208068** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 1506986 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | (108020)<br>|
| **Net change in unrealized appreciation (depreciation)** |  | **1398966** |
| **Net realized and unrealized gains** |  | **3607034** |
| **Increase in net assets resulting from operations** |  | **$5057910** |

---

*See financial notes*

**40**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2015 Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $1450876 | &nbsp;&nbsp;&nbsp; $1486651 |
| Net realized gains |  | 2208068 | &nbsp;&nbsp;&nbsp; 2111972 |
| Net change in unrealized appreciation (depreciation) | + | 1398966 | &nbsp;&nbsp;&nbsp; 5144508 |
| **Increase in net assets resulting from operations** |  | **$5057910** | &nbsp;&nbsp;&nbsp; **$8743131** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($3743193)**<br>| &nbsp;&nbsp;&nbsp; **($3052801)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 436285 | &nbsp;&nbsp;&nbsp; $5025397 | &nbsp;&nbsp;&nbsp; 186013 | &nbsp;&nbsp;&nbsp; $2088962 |
| Shares reinvested |  | 320347 | &nbsp;&nbsp;&nbsp; 3430915 | &nbsp;&nbsp;&nbsp; 258525 | &nbsp;&nbsp;&nbsp; 2771391 |
| Shares redeemed | + | (1045307)<br>| &nbsp;&nbsp;&nbsp; (11686769)<br>| &nbsp;&nbsp;&nbsp; (1023638)<br>| &nbsp;&nbsp;&nbsp; (11324982)<br>|
| **Net transactions in fund shares**  |  | **(288675)**<br>| &nbsp;&nbsp;&nbsp; **($3230457)**<br>| &nbsp;&nbsp;&nbsp; **(579100)**<br>| &nbsp;&nbsp;&nbsp; **($6464629)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 4223182 | &nbsp;&nbsp;&nbsp; $48627897 | &nbsp;&nbsp;&nbsp; 4802282 | &nbsp;&nbsp;&nbsp; $49402196 |
| Total decrease | + | (288675)<br>| &nbsp;&nbsp;&nbsp; (1915740)<br>| &nbsp;&nbsp;&nbsp; (579100)<br>| &nbsp;&nbsp;&nbsp; (774299)<br>|
| **End of period** |  | **3934507** | &nbsp;&nbsp;&nbsp; **$46712157** | &nbsp;&nbsp;&nbsp; **4223182** | &nbsp;&nbsp;&nbsp; **$48627897** |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**41**

------

Schwab Target 2020 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $13.80 | &nbsp;&nbsp; $12.38 | &nbsp;&nbsp; $12.55 | &nbsp;&nbsp; $16.14 | &nbsp;&nbsp; $14.55 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.39 | 0.38 | 0.34 | 0.28 | 0.23 |
| Net realized and unrealized gains (losses) | 1.11 | 1.95 | 0.24 | &nbsp;&nbsp; (2.72)<br>| 1.94 |
| Total from investment operations | 1.50 | 2.33 | 0.58 | &nbsp;&nbsp; (2.44)<br>| 2.17 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.29)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.29)<br>|
| Total distributions | &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; (0.58)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $14.15 | &nbsp;&nbsp; $13.80 | &nbsp;&nbsp; $12.38 | &nbsp;&nbsp; $12.55 | &nbsp;&nbsp; $16.14 |
| Total return | 11.79<br> %<br>| 19.39<br> %<br>| 4.68<br> %<br>| &nbsp;&nbsp; (16.35<br> %)<br>| 15.27<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses<sup>2</sup> <br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>3</sup><br>| 0.00<br> %<br>|
| Total expenses<sup>2</sup> <br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.03 %<sup>3</sup><br>| 0.02<br> %<br>|
| Net investment income (loss) | 2.94<br> %<br>| 2.88<br> %<br>| 2.67<br> %<br>| 1.97<br> %<br>| 1.47<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 10<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $296 | &nbsp;&nbsp; $317 | &nbsp;&nbsp; $323 | &nbsp;&nbsp; $384 | &nbsp;&nbsp; $531 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**42**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2020 Fund

Portfolio Holdings as of October 31, 2025

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 77.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.0% OF NET ASSETS |
| **U.S. Stocks 25.4%** | **U.S. Stocks 25.4%** | **U.S. Stocks 25.4%** | **U.S. Stocks 25.4%** | **U.S. Stocks 25.4%** | **U.S. Stocks 25.4%** | **U.S. Stocks 25.4%** | **U.S. Stocks 25.4%** | **U.S. Stocks 25.4%** |
| **Large-Cap 22.1%** | **Large-Cap 22.1%** | **Large-Cap 22.1%** | **Large-Cap 22.1%** | **Large-Cap 22.1%** | **Large-Cap 22.1%** | **Large-Cap 22.1%** | **Large-Cap 22.1%** | **Large-Cap 22.1%** |
| Schwab Core Equity Fund  | $6251013 | $475162 | ($1580000)<br>| $570697 | ($118302)<br>| $5598570 | 212147 | $475162 |
| Schwab Fundamental U.S. Large <br> Company Index Fund <br>| 7119765 | 119027 | (1570000)<br>| 364293 | 461974 | 6495059 | 204891 | 119027 |
| Schwab S&P 500 Index Fund  | 45497289 | 749302 | (13141588)<br>| 10700793 | (2876981)<br>| 40928815 | 2314978 | 549302 |
| Schwab Select Large Cap Growth Fund \* | 8995767 | 3608700 | (2080000)<br>| 108813 | 1774782 | 12408062 | 406023 | 705990 |
|  |  |  |  |  |  | 65430506 |  |  |
| **Mid-Cap 1.4%** | **Mid-Cap 1.4%** | **Mid-Cap 1.4%** | **Mid-Cap 1.4%** | **Mid-Cap 1.4%** | **Mid-Cap 1.4%** | **Mid-Cap 1.4%** | **Mid-Cap 1.4%** | **Mid-Cap 1.4%** |
| Schwab U.S. Mid-Cap Index Fund  | 4780116 | 109658 | (1150000)<br>| 351879 | 35160 | 4126813 | 283825 | 109658 |
| **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** |
| Schwab Small-Cap Equity Fund  | 5396188 | 676487 | (450000)<br>| 18418 | (27409)<br>| 5613684 | 259053 | 676487 |
|  |  |  |  |  |  | 75171003 |  |  |
| **International Stocks 9.8%** | **International Stocks 9.8%** | **International Stocks 9.8%** | **International Stocks 9.8%** | **International Stocks 9.8%** | **International Stocks 9.8%** | **International Stocks 9.8%** | **International Stocks 9.8%** | **International Stocks 9.8%** |
| **Developed Markets 9.8%** | **Developed Markets 9.8%** | **Developed Markets 9.8%** | **Developed Markets 9.8%** | **Developed Markets 9.8%** | **Developed Markets 9.8%** | **Developed Markets 9.8%** | **Developed Markets 9.8%** | **Developed Markets 9.8%** |
| Schwab Fundamental International <br> Equity Index Fund <br>| 1579517 | 53171 | (375615)<br>| 71664 | 278393 | 1607130 | 116459 | 53171 |
| Schwab International Core Equity Fund  | 12289728 | 306836 | (3758795)<br>| 1096989 | 1700763 | 11635521 | 767009 | 306836 |
| Schwab International Opportunities Fund  | 16345081 | 317922 | (4100844)<br>| 1044024 | 2157003 | 15763186 | 625772 | 317922 |
|  |  |  |  |  |  | 29005837 |  |  |
| **Real Estate 2.5%** | **Real Estate 2.5%** | **Real Estate 2.5%** | **Real Estate 2.5%** | **Real Estate 2.5%** | **Real Estate 2.5%** | **Real Estate 2.5%** | **Real Estate 2.5%** | **Real Estate 2.5%** |
| **Global Real Estate 2.5%** | **Global Real Estate 2.5%** | **Global Real Estate 2.5%** | **Global Real Estate 2.5%** | **Global Real Estate 2.5%** | **Global Real Estate 2.5%** | **Global Real Estate 2.5%** | **Global Real Estate 2.5%** | **Global Real Estate 2.5%** |
| Schwab Global Real Estate Fund  | 8577204 | 248820 | (1410001)<br>| (99014)<br>| 198961 | 7515970 | 1128524 | 248820 |
| **Fixed Income 37.5%** | **Fixed Income 37.5%** | **Fixed Income 37.5%** | **Fixed Income 37.5%** | **Fixed Income 37.5%** | **Fixed Income 37.5%** | **Fixed Income 37.5%** | **Fixed Income 37.5%** | **Fixed Income 37.5%** |
| **Inflation-Protected Bond 6.2%** | **Inflation-Protected Bond 6.2%** | **Inflation-Protected Bond 6.2%** | **Inflation-Protected Bond 6.2%** | **Inflation-Protected Bond 6.2%** | **Inflation-Protected Bond 6.2%** | **Inflation-Protected Bond 6.2%** | **Inflation-Protected Bond 6.2%** | **Inflation-Protected Bond 6.2%** |
| Schwab Treasury Inflation Protected <br> Securities Index Fund <br>| 19287850 | 894740 | (2265000)<br>| (172550)<br>| 571277 | 18316317 | 1746074 | 667543 |
| **Intermediate-Term Bond 24.1%** | **Intermediate-Term Bond 24.1%** | **Intermediate-Term Bond 24.1%** | **Intermediate-Term Bond 24.1%** | **Intermediate-Term Bond 24.1%** | **Intermediate-Term Bond 24.1%** | **Intermediate-Term Bond 24.1%** | **Intermediate-Term Bond 24.1%** | **Intermediate-Term Bond 24.1%** |
| Schwab U.S. Aggregate Bond Index Fund  | 75361257 | 5309594 | (10666000)<br>| (1437857)<br>| 2748142 | 71315136 | 7871428 | 2927153 |
| **Short-Term Bond 7.2%** | **Short-Term Bond 7.2%** | **Short-Term Bond 7.2%** | **Short-Term Bond 7.2%** | **Short-Term Bond 7.2%** | **Short-Term Bond 7.2%** | **Short-Term Bond 7.2%** | **Short-Term Bond 7.2%** | **Short-Term Bond 7.2%** |
| Schwab Short-Term Bond Index Fund  | 23123946 | 1374746 | (3528000)<br>| (151720)<br>| 414590 | 21233562 | 2191286 | 889834 |
|  |  |  |  |  |  | 110865015 |  |  |
| **Money Market Funds 1.8%** | **Money Market Funds 1.8%** | **Money Market Funds 1.8%** | **Money Market Funds 1.8%** | **Money Market Funds 1.8%** | **Money Market Funds 1.8%** | **Money Market Funds 1.8%** | **Money Market Funds 1.8%** | **Money Market Funds 1.8%** |
| Schwab Government Money Fund, Ultra <br> Shares, 3.99% <sup>(b)</sup> <br>| 5485787 | 231469 | (400000)<br>|  |  | 5317256 | 5317256 | 230996 |
| **Total Affiliated Underlying Funds** <br>**(Cost $173,208,655)**<br>| **$240090508** | **$14475634** | **($46475843)**<br>| **$12466429** | **$7318353** | **$227875081** |  | **$8277901** |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**43**

------

Schwab Target 2020 Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **UNAFFILIATED UNDERLYING FUNDS** 22.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.6% OF NET ASSETS |
| **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** |
| **Large-Cap 4.0%** | **Large-Cap 4.0%** | **Large-Cap 4.0%** | **Large-Cap 4.0%** | **Large-Cap 4.0%** | **Large-Cap 4.0%** | **Large-Cap 4.0%** | **Large-Cap 4.0%** | **Large-Cap 4.0%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $8707742 | 503338 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 3195562 | 38524 |  |
|  |  |  |  |  |  | 11903304 |  |  |
| **Small-Cap 0.3%** | **Small-Cap 0.3%** | **Small-Cap 0.3%** | **Small-Cap 0.3%** | **Small-Cap 0.3%** | **Small-Cap 0.3%** | **Small-Cap 0.3%** | **Small-Cap 0.3%** | **Small-Cap 0.3%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | 666200 | 23990 |  |
|  |  |  |  |  |  | 12569504 |  |  |
| **Fixed Income 18.3%** | **Fixed Income 18.3%** | **Fixed Income 18.3%** | **Fixed Income 18.3%** | **Fixed Income 18.3%** | **Fixed Income 18.3%** | **Fixed Income 18.3%** | **Fixed Income 18.3%** | **Fixed Income 18.3%** |
| **Intermediate-Term Bond 16.1%** | **Intermediate-Term Bond 16.1%** | **Intermediate-Term Bond 16.1%** | **Intermediate-Term Bond 16.1%** | **Intermediate-Term Bond 16.1%** | **Intermediate-Term Bond 16.1%** | **Intermediate-Term Bond 16.1%** | **Intermediate-Term Bond 16.1%** | **Intermediate-Term Bond 16.1%** |
| Allspring Core Plus Bond Fund, Class R6  |  |  |  |  |  | 6258304 | 548974 |  |
| Baird Aggregate Bond Fund, Institutional <br> Class <br>|  |  |  |  |  | 37212395 | 3724965 |  |
| Loomis Sayles Investment Grade Bond <br> Fund, Class Y <br>|  |  |  |  |  | 4187750 | 420879 |  |
|  |  |  |  |  |  | 47658449 |  |  |
| **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional <br> Class <br>|  |  |  |  |  | 6517159 | 651065 |  |
|  |  |  |  |  |  | 54175608 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $64,283,106)**<br>|  |  |  |  |  | **$66745112** |  |  |
| **Total Investments in Securities** <br>**(Cost $237,491,761)**<br>|  |  |  |  |  | **$294620193** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

At October 31, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional

information).

*See financial notes*

**44**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2020 Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $173,208,655)  |  | $227875081 |
| Investments in securities, at value - unaffiliated issuers (cost $64,283,106) |  | 66745112 |
| Cash |  | 565711 |
| Receivables: |  |  |
| Investments sold |  | 800000 |
| Dividends |  | 348570 |
| Fund shares sold |  | 45176 |
| Due from investment adviser |  | 8946 |
| Prepaid expenses | + | 14017 |
| **Total assets** |  | **296402613** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 358093 |
| Fund shares redeemed |  | 161564 |
| Independent trustees' fees |  | 33 |
| Accrued expenses | + | 35591 |
| **Total liabilities** |  | **555281** |
| **Net assets** |  | **$295847332** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $219130187 |
| Total distributable earnings | + | 76717145 |
| **Net assets** |  | **$295847332** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $295847332 |  | &nbsp;&nbsp;&nbsp;&nbsp; 20906361 |  | &nbsp;&nbsp;&nbsp;&nbsp; $14.15 |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**45**

------

Schwab Target 2020 Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $6411706 |
| Dividends received from securities - unaffiliated issuers  |  | 2406599 |
| Other Interest | + | 18771 |
| **Total investment income**  |  | **8837076** |
| **Expenses** | **Expenses** | **Expenses** |
| Professional fees |  | 26711 |
| Registration fees |  | 23936 |
| Portfolio accounting fees |  | 22007 |
| Independent trustees' fees |  | 6593 |
| Shareholder reports |  | 4619 |
| Transfer agent fees  |  | 1541 |
| Custodian fees |  | 323 |
| Other expenses | + | 5802 |
| **Total expenses** |  | **91532** |
| Expense reduction | – | 91532 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **8837076** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 1866195 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 956356 |
| Net realized gains on sales of securities - affiliated issuers  |  | 12466429 |
| Net realized gains on sales of securities - unaffiliated issuers  | + | 3006668 |
| **Net realized gains** |  | **18295648** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 7318353 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | (1085516)<br>|
| **Net change in unrealized appreciation (depreciation)** |  | **6232837** |
| **Net realized and unrealized gains** |  | **24528485** |
| **Increase in net assets resulting from operations** |  | **$33365561** |

---

*See financial notes*

**46**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2020 Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $8837076 | &nbsp;&nbsp;&nbsp; $9520704 |
| Net realized gains |  | 18295648 | &nbsp;&nbsp;&nbsp; 15511662 |
| Net change in unrealized appreciation (depreciation) | + | 6232837 | &nbsp;&nbsp;&nbsp; 33826925 |
| **Increase in net assets resulting from operations** |  | **$33365561** | &nbsp;&nbsp;&nbsp; **$58859291** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($25478391)**<br>| &nbsp;&nbsp;&nbsp; **($22957254)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 880918 | &nbsp;&nbsp;&nbsp; $11714640 | &nbsp;&nbsp;&nbsp; 1056628 | &nbsp;&nbsp;&nbsp; $13928973 |
| Shares reinvested |  | 1836277 | &nbsp;&nbsp;&nbsp; 23357436 | &nbsp;&nbsp;&nbsp; 1663818 | &nbsp;&nbsp;&nbsp; 21313509 |
| Shares redeemed | + | (4792399)<br>| &nbsp;&nbsp;&nbsp; (64270307)<br>| &nbsp;&nbsp;&nbsp; (5847403)<br>| &nbsp;&nbsp;&nbsp; (77325561)<br>|
| **Net transactions in fund shares**  |  | **(2075204)**<br>| &nbsp;&nbsp;&nbsp; **($29198231)**<br>| &nbsp;&nbsp;&nbsp; **(3126957)**<br>| &nbsp;&nbsp;&nbsp; **($42083079)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 22981565 | &nbsp;&nbsp;&nbsp; $317158393 | &nbsp;&nbsp;&nbsp; 26108522 | &nbsp;&nbsp;&nbsp; $323339435 |
| Total decrease | + | (2075204)<br>| &nbsp;&nbsp;&nbsp; (21311061)<br>| &nbsp;&nbsp;&nbsp; (3126957)<br>| &nbsp;&nbsp;&nbsp; (6181042)<br>|
| **End of period** |  | **20906361** | &nbsp;&nbsp;&nbsp; **$295847332** | &nbsp;&nbsp;&nbsp; **22981565** | &nbsp;&nbsp;&nbsp; **$317158393** |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**47**

------

Schwab Target 2025 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $15.36 | &nbsp;&nbsp; $13.40 | &nbsp;&nbsp; $13.43 | &nbsp;&nbsp; $17.30 | &nbsp;&nbsp; $14.81 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.44 | 0.41 | 0.35 | 0.27 | 0.22 |
| Net realized and unrealized gains (losses) | 1.31 | 2.28 | 0.37 | &nbsp;&nbsp; (3.09)<br>| 2.74 |
| Total from investment operations | 1.75 | 2.69 | 0.72 | &nbsp;&nbsp; (2.82)<br>| 2.96 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.28)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.19)<br>|
| Total distributions | &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (0.47)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $16.00 | &nbsp;&nbsp; $15.36 | &nbsp;&nbsp; $13.40 | &nbsp;&nbsp; $13.43 | &nbsp;&nbsp; $17.30 |
| Total return | 12.30<br> %<br>| 20.57<br> %<br>| 5.46<br> %<br>| &nbsp;&nbsp; (17.39<br> %)<br>| 20.25<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses<sup>2</sup> <br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>3</sup><br>| 0.00<br> %<br>|
| Total expenses<sup>2</sup> <br>| 0.02<br> %<br>| 0.02<br> %<br>| 0.02<br> %<br>| 0.03 %<sup>3</sup><br>| 0.02<br> %<br>|
| Net investment income (loss) | 2.90<br> %<br>| 2.78<br> %<br>| 2.53<br> %<br>| 1.82<br> %<br>| 1.33<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 16<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $425 | &nbsp;&nbsp; $448 | &nbsp;&nbsp; $446 | &nbsp;&nbsp; $495 | &nbsp;&nbsp; $662 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**48**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2025 Fund

Portfolio Holdings as of October 31, 2025

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 77.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.0% OF NET ASSETS |
| **U.S. Stocks 26.3%** | **U.S. Stocks 26.3%** | **U.S. Stocks 26.3%** | **U.S. Stocks 26.3%** | **U.S. Stocks 26.3%** | **U.S. Stocks 26.3%** | **U.S. Stocks 26.3%** | **U.S. Stocks 26.3%** | **U.S. Stocks 26.3%** |
| **Large-Cap 23.1%** | **Large-Cap 23.1%** | **Large-Cap 23.1%** | **Large-Cap 23.1%** | **Large-Cap 23.1%** | **Large-Cap 23.1%** | **Large-Cap 23.1%** | **Large-Cap 23.1%** | **Large-Cap 23.1%** |
| Schwab Core Equity Fund  | $10175583 | $729310 | ($3131024)<br>| $981765 | ($294238)<br>| $8461396 | 320629 | $729310 |
| Schwab Fundamental U.S. Large <br> Company Index Fund <br>| 11089130 | 184046 | (2637651)<br>| 590540 | 640476 | 9866541 | 311247 | 184046 |
| Schwab S&P 500 Index Fund  | 67851886 | 2022551 | (20073998)<br>| 13344168 | (1875935)<br>| 61268672 | 3465423 | 822552 |
| Schwab Select Large Cap Growth Fund \* | 13625728 | 4873269 | (2700000)<br>| 96612 | 2638181 | 18533790 | 606472 | 1069350 |
|  |  |  |  |  |  | 98130399 |  |  |
| **Mid-Cap 1.5%** | **Mid-Cap 1.5%** | **Mid-Cap 1.5%** | **Mid-Cap 1.5%** | **Mid-Cap 1.5%** | **Mid-Cap 1.5%** | **Mid-Cap 1.5%** | **Mid-Cap 1.5%** | **Mid-Cap 1.5%** |
| Schwab U.S. Mid-Cap Index Fund  | 6438291 | 155862 | (680000)<br>| 226487 | 292879 | 6433519 | 442470 | 155862 |
| **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** |
| Schwab Small-Cap Equity Fund  | 8700423 | 1090719 | (2457131)<br>| 212585 | (552059)<br>| 6994537 | 322775 | 1090719 |
|  |  |  |  |  |  | 111558455 |  |  |
| **International Stocks 10.7%** | **International Stocks 10.7%** | **International Stocks 10.7%** | **International Stocks 10.7%** | **International Stocks 10.7%** | **International Stocks 10.7%** | **International Stocks 10.7%** | **International Stocks 10.7%** | **International Stocks 10.7%** |
| **Developed Markets 10.7%** | **Developed Markets 10.7%** | **Developed Markets 10.7%** | **Developed Markets 10.7%** | **Developed Markets 10.7%** | **Developed Markets 10.7%** | **Developed Markets 10.7%** | **Developed Markets 10.7%** | **Developed Markets 10.7%** |
| Schwab Fundamental International <br> Equity Index Fund <br>| 2455391 | 82656 | (980000)<br>| 197053 | 307832 | 2062932 | 149488 | 82656 |
| Schwab International Core Equity Fund  | 21138721 | 1007768 | (7947631)<br>| 1802289 | 2367691 | 18368838 | 1210866 | 527768 |
| Schwab International Opportunities Fund  | 28475648 | 1773869 | (10297856)<br>| 766178 | 4103259 | 24821098 | 985355 | 553868 |
|  |  |  |  |  |  | 45252868 |  |  |
| **Real Estate 2.7%** | **Real Estate 2.7%** | **Real Estate 2.7%** | **Real Estate 2.7%** | **Real Estate 2.7%** | **Real Estate 2.7%** | **Real Estate 2.7%** | **Real Estate 2.7%** | **Real Estate 2.7%** |
| **Global Real Estate 2.7%** | **Global Real Estate 2.7%** | **Global Real Estate 2.7%** | **Global Real Estate 2.7%** | **Global Real Estate 2.7%** | **Global Real Estate 2.7%** | **Global Real Estate 2.7%** | **Global Real Estate 2.7%** | **Global Real Estate 2.7%** |
| Schwab Global Real Estate Fund  | 13434168 | 382898 | (2350000)<br>| (128824)<br>| 270604 | 11608846 | 1743070 | 382898 |
| **Fixed Income 35.8%** | **Fixed Income 35.8%** | **Fixed Income 35.8%** | **Fixed Income 35.8%** | **Fixed Income 35.8%** | **Fixed Income 35.8%** | **Fixed Income 35.8%** | **Fixed Income 35.8%** | **Fixed Income 35.8%** |
| **Inflation-Protected Bond 6.0%** | **Inflation-Protected Bond 6.0%** | **Inflation-Protected Bond 6.0%** | **Inflation-Protected Bond 6.0%** | **Inflation-Protected Bond 6.0%** | **Inflation-Protected Bond 6.0%** | **Inflation-Protected Bond 6.0%** | **Inflation-Protected Bond 6.0%** | **Inflation-Protected Bond 6.0%** |
| Schwab Treasury Inflation Protected <br> Securities Index Fund <br>| 22393426 | 5595752 | (3116000)<br>| (375625)<br>| 957446 | 25454999 | 2426597 | 883200 |
| **Intermediate-Term Bond 22.9%** | **Intermediate-Term Bond 22.9%** | **Intermediate-Term Bond 22.9%** | **Intermediate-Term Bond 22.9%** | **Intermediate-Term Bond 22.9%** | **Intermediate-Term Bond 22.9%** | **Intermediate-Term Bond 22.9%** | **Intermediate-Term Bond 22.9%** | **Intermediate-Term Bond 22.9%** |
| Schwab U.S. Aggregate Bond Index Fund  | 95262692 | 10835757 | (10965000)<br>| (1458152)<br>| 3310570 | 96985867 | 10704842 | 3876991 |
| **Short-Term Bond 6.9%** | **Short-Term Bond 6.9%** | **Short-Term Bond 6.9%** | **Short-Term Bond 6.9%** | **Short-Term Bond 6.9%** | **Short-Term Bond 6.9%** | **Short-Term Bond 6.9%** | **Short-Term Bond 6.9%** | **Short-Term Bond 6.9%** |
| Schwab Short-Term Bond Index Fund  | 28462657 | 4578170 | (4040000)<br>| (157837)<br>| 523763 | 29366753 | 3030625 | 1184674 |
|  |  |  |  |  |  | 151807619 |  |  |
| **Money Market Funds 1.5%** | **Money Market Funds 1.5%** | **Money Market Funds 1.5%** | **Money Market Funds 1.5%** | **Money Market Funds 1.5%** | **Money Market Funds 1.5%** | **Money Market Funds 1.5%** | **Money Market Funds 1.5%** | **Money Market Funds 1.5%** |
| Schwab Government Money Fund, Ultra <br> Shares, 3.99% <sup>(b)</sup> <br>| 6265241 | 272106 |  |  |  | 6537347 | 6537347 | 272536 |
| **Total Affiliated Underlying Funds** <br>**(Cost $244,713,893)**<br>| **$335768985** | **$33584733** | **($71376291)**<br>| **$16097239** | **$12690469** | **$326765135** |  | **$11816430** |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**49**

------

Schwab Target 2025 Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **UNAFFILIATED UNDERLYING FUNDS** 22.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.5% OF NET ASSETS |
| **U.S. Stocks 4.8%** | **U.S. Stocks 4.8%** | **U.S. Stocks 4.8%** | **U.S. Stocks 4.8%** | **U.S. Stocks 4.8%** | **U.S. Stocks 4.8%** | **U.S. Stocks 4.8%** | **U.S. Stocks 4.8%** | **U.S. Stocks 4.8%** |
| **Large-Cap 4.2%** | **Large-Cap 4.2%** | **Large-Cap 4.2%** | **Large-Cap 4.2%** | **Large-Cap 4.2%** | **Large-Cap 4.2%** | **Large-Cap 4.2%** | **Large-Cap 4.2%** | **Large-Cap 4.2%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $12770206 | 738162 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 4893289 | 58991 |  |
|  |  |  |  |  |  | 17663495 |  |  |
| **Small-Cap 0.6%** | **Small-Cap 0.6%** | **Small-Cap 0.6%** | **Small-Cap 0.6%** | **Small-Cap 0.6%** | **Small-Cap 0.6%** | **Small-Cap 0.6%** | **Small-Cap 0.6%** | **Small-Cap 0.6%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | 2611479 | 94040 |  |
|  |  |  |  |  |  | 20274974 |  |  |
| **Fixed Income 17.7%** | **Fixed Income 17.7%** | **Fixed Income 17.7%** | **Fixed Income 17.7%** | **Fixed Income 17.7%** | **Fixed Income 17.7%** | **Fixed Income 17.7%** | **Fixed Income 17.7%** | **Fixed Income 17.7%** |
| **Intermediate-Term Bond 15.6%** | **Intermediate-Term Bond 15.6%** | **Intermediate-Term Bond 15.6%** | **Intermediate-Term Bond 15.6%** | **Intermediate-Term Bond 15.6%** | **Intermediate-Term Bond 15.6%** | **Intermediate-Term Bond 15.6%** | **Intermediate-Term Bond 15.6%** | **Intermediate-Term Bond 15.6%** |
| Allspring Core Plus Bond Fund, Class R6  |  |  |  |  |  | 12133904 | 1064378 |  |
| Baird Aggregate Bond Fund, Institutional <br> Class <br>|  |  |  |  |  | 48056850 | 4810496 |  |
| Loomis Sayles Investment Grade Bond <br> Fund, Class Y <br>|  |  |  |  |  | 6050071 | 608047 |  |
|  |  |  |  |  |  | 66240825 |  |  |
| **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional <br> Class <br>|  |  |  |  |  | 9190312 | 918113 |  |
|  |  |  |  |  |  | 75431137 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $90,798,210)**<br>|  |  |  |  |  | **$95706111** |  |  |
| **Total Investments in Securities** <br>**(Cost $335,512,103)**<br>|  |  |  |  |  | **$422471246** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

At October 31, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional

information).

*See financial notes*

**50**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2025 Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $244,713,893)  |  | $326765135 |
| Investments in securities, at value - unaffiliated issuers (cost $90,798,210) |  | 95706111 |
| Cash |  | 1667259 |
| Receivables: |  |  |
| Investments sold |  | 700000 |
| Dividends |  | 474735 |
| Fund shares sold |  | 304726 |
| Due from investment adviser |  | 9209 |
| Prepaid expenses | + | 10610 |
| **Total assets** |  | **425637785** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Fund shares redeemed |  | 592468 |
| Investments bought |  | 489170 |
| Independent trustees' fees |  | 34 |
| Accrued expenses | + | 37246 |
| **Total liabilities** |  | **1118918** |
| **Net assets** |  | **$424518867** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $310566525 |
| Total distributable earnings | + | 113952342 |
| **Net assets** |  | **$424518867** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $424518867 |  | &nbsp;&nbsp;&nbsp;&nbsp; 26526562 |  | &nbsp;&nbsp;&nbsp;&nbsp; $16.00 |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**51**

------

Schwab Target 2025 Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $8920580 |
| Dividends received from securities - unaffiliated issuers  |  | 3389548 |
| Other Interest | + | 32054 |
| **Total investment income**  |  | **12342182** |
| **Expenses** | **Expenses** | **Expenses** |
| Professional fees |  | 26836 |
| Registration fees |  | 26647 |
| Portfolio accounting fees |  | 22602 |
| Independent trustees' fees |  | 6790 |
| Shareholder reports |  | 5041 |
| Transfer agent fees  |  | 4382 |
| Custodian fees |  | 270 |
| Other expenses | + | 6355 |
| **Total expenses** |  | **98923** |
| Expense reduction | – | 98923 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **12342182** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 2895850 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 1494888 |
| Net realized gains on sales of securities - affiliated issuers  |  | 16097239 |
| Net realized gains on sales of securities - unaffiliated issuers  | + | 5161336 |
| **Net realized gains** |  | **25649313** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 12690469 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | (1852783)<br>|
| **Net change in unrealized appreciation (depreciation)** |  | **10837686** |
| **Net realized and unrealized gains** |  | **36486999** |
| **Increase in net assets resulting from operations** |  | **$48829181** |

---

*See financial notes*

**52**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2025 Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $12342182 | &nbsp;&nbsp;&nbsp; $12879601 |
| Net realized gains |  | 25649313 | &nbsp;&nbsp;&nbsp; 18134842 |
| Net change in unrealized appreciation (depreciation) | + | 10837686 | &nbsp;&nbsp;&nbsp; 55784926 |
| **Increase in net assets resulting from operations** |  | **$48829181** | &nbsp;&nbsp;&nbsp; **$86799369** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($31706342)**<br>| &nbsp;&nbsp;&nbsp; **($23623785)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 2436079 | &nbsp;&nbsp;&nbsp; $36849777 | &nbsp;&nbsp;&nbsp; 2015114 | &nbsp;&nbsp;&nbsp; $29509322 |
| Shares reinvested |  | 2058291 | &nbsp;&nbsp;&nbsp; 29474727 | &nbsp;&nbsp;&nbsp; 1558816 | &nbsp;&nbsp;&nbsp; 22135185 |
| Shares redeemed | + | (7104389)<br>| &nbsp;&nbsp;&nbsp; (106540367)<br>| &nbsp;&nbsp;&nbsp; (7694238)<br>| &nbsp;&nbsp;&nbsp; (112922363)<br>|
| **Net transactions in fund shares**  |  | **(2610019)**<br>| &nbsp;&nbsp;&nbsp; **($40215863)**<br>| &nbsp;&nbsp;&nbsp; **(4120308)**<br>| &nbsp;&nbsp;&nbsp; **($61277856)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 29136581 | &nbsp;&nbsp;&nbsp; $447611891 | &nbsp;&nbsp;&nbsp; 33256889 | &nbsp;&nbsp;&nbsp; $445714163 |
| Total increase (decrease) | + | (2610019)<br>| &nbsp;&nbsp;&nbsp; (23093024)<br>| &nbsp;&nbsp;&nbsp; (4120308)<br>| &nbsp;&nbsp;&nbsp; 1897728 |
| **End of period** |  | **26526562** | &nbsp;&nbsp;&nbsp; **$424518867** | &nbsp;&nbsp;&nbsp; **29136581** | &nbsp;&nbsp;&nbsp; **$447611891** |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**53**

------

Schwab Target 2030 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $17.02 | &nbsp;&nbsp; $14.36 | &nbsp;&nbsp; $14.39 | &nbsp;&nbsp; $18.88 | &nbsp;&nbsp; $15.67 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.43 | 0.40 | 0.33 | 0.27 | 0.22 |
| Net realized and unrealized gains (losses) | 1.88 | 2.93 | 0.58 | &nbsp;&nbsp; (3.53)<br>| 3.54 |
| Total from investment operations | 2.31 | 3.33 | 0.91 | &nbsp;&nbsp; (3.26)<br>| 3.76 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.27)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.28)<br>|
| Total distributions | &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; (0.55)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $18.31 | &nbsp;&nbsp; $17.02 | &nbsp;&nbsp; $14.36 | &nbsp;&nbsp; $14.39 | &nbsp;&nbsp; $18.88 |
| Total return | 14.42<br> %<br>| 23.59<br> %<br>| 6.52<br> %<br>| &nbsp;&nbsp; (18.51<br> %)<br>| 24.38<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses<sup>2</sup> <br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>3</sup><br>| 0.00<br> %<br>|
| Total expenses<sup>2</sup> <br>| 0.01<br> %<br>| 0.01<br> %<br>| 0.01<br> %<br>| 0.02 %<sup>3</sup><br>| 0.01<br> %<br>|
| Net investment income (loss) | 2.52<br> %<br>| 2.47<br> %<br>| 2.26<br> %<br>| 1.65<br> %<br>| 1.21<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 14<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $1031 | &nbsp;&nbsp; $988 | &nbsp;&nbsp; $885 | &nbsp;&nbsp; $901 | &nbsp;&nbsp; $1166 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**54**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2030 Fund

Portfolio Holdings as of October 31, 2025

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 75.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 75.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 75.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 75.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 75.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 75.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 75.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 75.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 75.8% OF NET ASSETS |
| **U.S. Stocks 33.5%** | **U.S. Stocks 33.5%** | **U.S. Stocks 33.5%** | **U.S. Stocks 33.5%** | **U.S. Stocks 33.5%** | **U.S. Stocks 33.5%** | **U.S. Stocks 33.5%** | **U.S. Stocks 33.5%** | **U.S. Stocks 33.5%** |
| **Large-Cap 29.2%** | **Large-Cap 29.2%** | **Large-Cap 29.2%** | **Large-Cap 29.2%** | **Large-Cap 29.2%** | **Large-Cap 29.2%** | **Large-Cap 29.2%** | **Large-Cap 29.2%** | **Large-Cap 29.2%** |
| Schwab Core Equity Fund  | $32294825 | $2482065 | ($5436119)<br>| $1247651 | $1218711 | $31807133 | 1205272 | $2482065 |
| Schwab Fundamental U.S. Large <br> Company Index Fund <br>| 30196265 | 533071 | (2953739)<br>| 562668 | 3057224 | 31395489 | 990394 | 533071 |
| Schwab S&P 500 Index Fund  | 176919823 | 2979371 | (32484511)<br>| 23560762 | 8255608 | 179231053 | 10137503 | 2179371 |
| Schwab Select Large Cap Growth <br> Fund \*<br>| 39858899 | 14805769 | (4346202)<br>| 295387 | 8108821 | 58722674 | 1921553 | 3128135 |
|  |  |  |  |  |  | 301156349 |  |  |
| **Mid-Cap 1.5%** | **Mid-Cap 1.5%** | **Mid-Cap 1.5%** | **Mid-Cap 1.5%** | **Mid-Cap 1.5%** | **Mid-Cap 1.5%** | **Mid-Cap 1.5%** | **Mid-Cap 1.5%** | **Mid-Cap 1.5%** |
| Schwab U.S. Mid-Cap Index Fund  | 15665016 | 378021 | (1950000)<br>| 559329 | 651136 | 15303502 | 1052510 | 378021 |
| **Small-Cap 2.8%** | **Small-Cap 2.8%** | **Small-Cap 2.8%** | **Small-Cap 2.8%** | **Small-Cap 2.8%** | **Small-Cap 2.8%** | **Small-Cap 2.8%** | **Small-Cap 2.8%** | **Small-Cap 2.8%** |
| Schwab Small-Cap Equity Fund  | 27323553 | 3425386 | (1800000)<br>| 56956 | (108008)<br>| 28897887 | 1333543 | 3425386 |
|  |  |  |  |  |  | 345357738 |  |  |
| **International Stocks 15.6%** | **International Stocks 15.6%** | **International Stocks 15.6%** | **International Stocks 15.6%** | **International Stocks 15.6%** | **International Stocks 15.6%** | **International Stocks 15.6%** | **International Stocks 15.6%** | **International Stocks 15.6%** |
| **Developed Markets 15.6%** | **Developed Markets 15.6%** | **Developed Markets 15.6%** | **Developed Markets 15.6%** | **Developed Markets 15.6%** | **Developed Markets 15.6%** | **Developed Markets 15.6%** | **Developed Markets 15.6%** | **Developed Markets 15.6%** |
| Schwab Fundamental International <br> Equity Index Fund <br>| 7484295 | 251947 | (1000000)<br>| 157534 | 1559687 | 8453463 | 612570 | 251947 |
| Schwab International Core Equity Fund  | 61764005 | 1542055 | (13242608)<br>| 3219523 | 10976010 | 64258985 | 4235925 | 1542055 |
| Schwab International Opportunities <br> Fund <br>| 83255843 | 1619376 | (13338307)<br>| 76179 | 16454540 | 88067631 | 3496135 | 1619376 |
|  |  |  |  |  |  | 160780079 |  |  |
| **Real Estate 3.5%** | **Real Estate 3.5%** | **Real Estate 3.5%** | **Real Estate 3.5%** | **Real Estate 3.5%** | **Real Estate 3.5%** | **Real Estate 3.5%** | **Real Estate 3.5%** | **Real Estate 3.5%** |
| **Global Real Estate 3.5%** | **Global Real Estate 3.5%** | **Global Real Estate 3.5%** | **Global Real Estate 3.5%** | **Global Real Estate 3.5%** | **Global Real Estate 3.5%** | **Global Real Estate 3.5%** | **Global Real Estate 3.5%** | **Global Real Estate 3.5%** |
| Schwab Global Real Estate Fund  | 39014481 | 1182772 | (4370000)<br>| (880820)<br>| 1231052 | 36177485 | 5432055 | 1182772 |
| **Fixed Income 22.2%** | **Fixed Income 22.2%** | **Fixed Income 22.2%** | **Fixed Income 22.2%** | **Fixed Income 22.2%** | **Fixed Income 22.2%** | **Fixed Income 22.2%** | **Fixed Income 22.2%** | **Fixed Income 22.2%** |
| **Inflation-Protected Bond 2.2%** | **Inflation-Protected Bond 2.2%** | **Inflation-Protected Bond 2.2%** | **Inflation-Protected Bond 2.2%** | **Inflation-Protected Bond 2.2%** | **Inflation-Protected Bond 2.2%** | **Inflation-Protected Bond 2.2%** | **Inflation-Protected Bond 2.2%** | **Inflation-Protected Bond 2.2%** |
| Schwab Treasury Inflation Protected <br> Securities Index Fund <br>| 17420032 | 6194703 | (1100000)<br>| (206317)<br>| 728057 | 23036475 | 2196042 | 776731 |
| **Intermediate-Term Bond 15.5%** | **Intermediate-Term Bond 15.5%** | **Intermediate-Term Bond 15.5%** | **Intermediate-Term Bond 15.5%** | **Intermediate-Term Bond 15.5%** | **Intermediate-Term Bond 15.5%** | **Intermediate-Term Bond 15.5%** | **Intermediate-Term Bond 15.5%** | **Intermediate-Term Bond 15.5%** |
| Schwab U.S. Aggregate Bond Index <br> Fund <br>| 143961878 | 20299990 | (7540000)<br>| (1272822)<br>| 4225505 | 159674551 | 17624123 | 6080013 |
| **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** |
| Schwab Short-Term Bond Index Fund  | 42241070 | 8500584 | (4670000)<br>| (177659)<br>| 746638 | 46640633 | 4813275 | 1820067 |
|  |  |  |  |  |  | 229351659 |  |  |
| **Money Market Funds 1.0%** | **Money Market Funds 1.0%** | **Money Market Funds 1.0%** | **Money Market Funds 1.0%** | **Money Market Funds 1.0%** | **Money Market Funds 1.0%** | **Money Market Funds 1.0%** | **Money Market Funds 1.0%** | **Money Market Funds 1.0%** |
| Schwab Government Money Fund, Ultra <br> Shares, 3.99% <sup>(b)</sup> <br>| 10038366 | 435976 |  |  |  | 10474342 | 10474342 | 436666 |
| **Total Affiliated Underlying Funds** <br>**(Cost $512,457,020)**<br>| **$727438351** | **$64631086** | **($94231486)**<br>| **$27198371** | **$57104981** | **$782141303** |  | **$25835676** |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**55**

------

Schwab Target 2030 Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **UNAFFILIATED UNDERLYING FUNDS** 23.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.7% OF NET ASSETS |
| **U.S. Stocks 6.1%** | **U.S. Stocks 6.1%** | **U.S. Stocks 6.1%** | **U.S. Stocks 6.1%** | **U.S. Stocks 6.1%** | **U.S. Stocks 6.1%** | **U.S. Stocks 6.1%** | **U.S. Stocks 6.1%** | **U.S. Stocks 6.1%** |
| **Large-Cap 5.5%** | **Large-Cap 5.5%** | **Large-Cap 5.5%** | **Large-Cap 5.5%** | **Large-Cap 5.5%** | **Large-Cap 5.5%** | **Large-Cap 5.5%** | **Large-Cap 5.5%** | **Large-Cap 5.5%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $40770709 | 2356688 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 15945818 | 192234 |  |
|  |  |  |  |  |  | 56716527 |  |  |
| **Small-Cap 0.6%** | **Small-Cap 0.6%** | **Small-Cap 0.6%** | **Small-Cap 0.6%** | **Small-Cap 0.6%** | **Small-Cap 0.6%** | **Small-Cap 0.6%** | **Small-Cap 0.6%** | **Small-Cap 0.6%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | 6098450 | 219606 |  |
|  |  |  |  |  |  | 62814977 |  |  |
| **International Stocks 1.0%** | **International Stocks 1.0%** | **International Stocks 1.0%** | **International Stocks 1.0%** | **International Stocks 1.0%** | **International Stocks 1.0%** | **International Stocks 1.0%** | **International Stocks 1.0%** | **International Stocks 1.0%** |
| **Emerging Markets 1.0%** | **Emerging Markets 1.0%** | **Emerging Markets 1.0%** | **Emerging Markets 1.0%** | **Emerging Markets 1.0%** | **Emerging Markets 1.0%** | **Emerging Markets 1.0%** | **Emerging Markets 1.0%** | **Emerging Markets 1.0%** |
| Goldman Sachs Emerging Markets <br> Equity Insights Fund, Institutional <br> Class <br>|  |  |  |  |  | 9642926 | 847357 |  |
| **Fixed Income 16.6%** | **Fixed Income 16.6%** | **Fixed Income 16.6%** | **Fixed Income 16.6%** | **Fixed Income 16.6%** | **Fixed Income 16.6%** | **Fixed Income 16.6%** | **Fixed Income 16.6%** | **Fixed Income 16.6%** |
| **Intermediate-Term Bond 12.8%** | **Intermediate-Term Bond 12.8%** | **Intermediate-Term Bond 12.8%** | **Intermediate-Term Bond 12.8%** | **Intermediate-Term Bond 12.8%** | **Intermediate-Term Bond 12.8%** | **Intermediate-Term Bond 12.8%** | **Intermediate-Term Bond 12.8%** | **Intermediate-Term Bond 12.8%** |
| Allspring Core Plus Bond Fund, <br> Class R6 <br>|  |  |  |  |  | 36211670 | 3176462 |  |
| Baird Aggregate Bond Fund, <br> Institutional Class <br>|  |  |  |  |  | 68604551 | 6867322 |  |
| Loomis Sayles Investment Grade Bond <br> Fund, Class Y <br>|  |  |  |  |  | 26998292 | 2713396 |  |
|  |  |  |  |  |  | 131814513 |  |  |
| **International Bond 3.8%** | **International Bond 3.8%** | **International Bond 3.8%** | **International Bond 3.8%** | **International Bond 3.8%** | **International Bond 3.8%** | **International Bond 3.8%** | **International Bond 3.8%** | **International Bond 3.8%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional <br> Class <br>|  |  |  |  |  | 39648205 | 3960860 |  |
|  |  |  |  |  |  | 171462718 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $225,357,375)**<br>|  |  |  |  |  | **$243920621** |  |  |
| **Total Investments in Securities** <br>**(Cost $737,814,395)**<br>|  |  |  |  |  | **$1026061924** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

At October 31, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional

information).

*See financial notes*

**56**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2030 Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $512,457,020)  |  | $782141303 |
| Investments in securities, at value - unaffiliated issuers (cost $225,357,375) |  | 243920621 |
| Cash |  | 4559363 |
| Receivables: |  |  |
| Investments sold |  | 4033311 |
| Dividends |  | 846674 |
| Fund shares sold |  | 505992 |
| Due from investment adviser |  | 10194 |
| Prepaid expenses | + | 17383 |
| **Total assets** |  | **1036034841** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 4469315 |
| Fund shares redeemed |  | 418258 |
| Independent trustees' fees |  | 38 |
| Accrued expenses | + | 45536 |
| **Total liabilities** |  | **4933147** |
| **Net assets** |  | **$1031101694** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $686132477 |
| Total distributable earnings | + | 344969217 |
| **Net assets** |  | **$1031101694** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $1031101694 |  | &nbsp;&nbsp;&nbsp;&nbsp; 56306191 |  | &nbsp;&nbsp;&nbsp;&nbsp; $18.31 |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**57**

------

Schwab Target 2030 Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $16841718 |
| Dividends received from securities - unaffiliated issuers  |  | 7855184 |
| Other Interest | + | 77764 |
| **Total investment income**  |  | **24774666** |
| **Expenses** | **Expenses** | **Expenses** |
| Registration fees |  | 35786 |
| Professional fees |  | 27418 |
| Portfolio accounting fees |  | 25381 |
| Shareholder reports |  | 10985 |
| Independent trustees' fees |  | 7662 |
| Transfer agent fees  |  | 2206 |
| Other expenses | + | 9170 |
| **Total expenses** |  | **118608** |
| Expense reduction | – | 118608 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **24774666** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 8993958 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 4590340 |
| Net realized gains on sales of securities - affiliated issuers  |  | 27198371 |
| Net realized gains on sales of securities - unaffiliated issuers  | + | 13059388 |
| **Net realized gains** |  | **53842057** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 57104981 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | (3160140)<br>|
| **Net change in unrealized appreciation (depreciation)** |  | **53944841** |
| **Net realized and unrealized gains** |  | **107786898** |
| **Increase in net assets resulting from operations** |  | **$132561564** |

---

*See financial notes*

**58**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2030 Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $24774666 | &nbsp;&nbsp;&nbsp; $24135863 |
| Net realized gains |  | 53842057 | &nbsp;&nbsp;&nbsp; 33027258 |
| Net change in unrealized appreciation (depreciation) | + | 53944841 | &nbsp;&nbsp;&nbsp; 145522388 |
| **Increase in net assets resulting from operations** |  | **$132561564** | &nbsp;&nbsp;&nbsp; **$202685509** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($58750271)**<br>| &nbsp;&nbsp;&nbsp; **($40462010)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 5858853 | &nbsp;&nbsp;&nbsp; $99659894 | &nbsp;&nbsp;&nbsp; 5094284 | &nbsp;&nbsp;&nbsp; $82152715 |
| Shares reinvested |  | 3461919 | &nbsp;&nbsp;&nbsp; 55771510 | &nbsp;&nbsp;&nbsp; 2477182 | &nbsp;&nbsp;&nbsp; 38421086 |
| Shares redeemed | + | (11027948)<br>| &nbsp;&nbsp;&nbsp; (185710071)<br>| &nbsp;&nbsp;&nbsp; (11176949)<br>| &nbsp;&nbsp;&nbsp; (180156886)<br>|
| **Net transactions in fund shares**  |  | **(1707176)**<br>| &nbsp;&nbsp;&nbsp; **($30278667)**<br>| &nbsp;&nbsp;&nbsp; **(3605483)**<br>| &nbsp;&nbsp;&nbsp; **($59583085)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 58013367 | &nbsp;&nbsp;&nbsp; $987569068 | &nbsp;&nbsp;&nbsp; 61618850 | &nbsp;&nbsp;&nbsp; $884928654 |
| Total increase (decrease) | + | (1707176)<br>| &nbsp;&nbsp;&nbsp; 43532626 | &nbsp;&nbsp;&nbsp; (3605483)<br>| &nbsp;&nbsp;&nbsp; 102640414 |
| **End of period** |  | **56306191** | &nbsp;&nbsp;&nbsp; **$1031101694** | &nbsp;&nbsp;&nbsp; **58013367** | &nbsp;&nbsp;&nbsp; **$987569068** |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**59**

------

Schwab Target 2035 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $17.62 | &nbsp;&nbsp; $14.49 | &nbsp;&nbsp; $14.51 | &nbsp;&nbsp; $19.05 | &nbsp;&nbsp; $15.34 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.40 | 0.37 | 0.31 | 0.25 | 0.20 |
| Net realized and unrealized gains (losses) | 2.31 | 3.30 | 0.70 | &nbsp;&nbsp; (3.73)<br>| 3.99 |
| Total from investment operations | 2.71 | 3.67 | 1.01 | &nbsp;&nbsp; (3.48)<br>| 4.19 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.24)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.24)<br>|
| Total distributions | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (0.48)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $19.66 | &nbsp;&nbsp; $17.62 | &nbsp;&nbsp; $14.49 | &nbsp;&nbsp; $14.51 | &nbsp;&nbsp; $19.05 |
| Total return | 15.99<br> %<br>| 25.75<br> %<br>| 7.22<br> %<br>| &nbsp;&nbsp; (19.41<br> %)<br>| 27.76<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses<sup>2</sup> <br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>3</sup><br>| 0.00<br> %<br>|
| Total expenses<sup>2</sup> <br>| 0.02<br> %<br>| 0.02<br> %<br>| 0.02<br> %<br>| 0.03 %<sup>3</sup><br>| 0.02<br> %<br>|
| Net investment income (loss) | 2.21<br> %<br>| 2.22<br> %<br>| 2.06<br> %<br>| 1.55<br> %<br>| 1.11<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 14<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $670 | &nbsp;&nbsp; $607 | &nbsp;&nbsp; $499 | &nbsp;&nbsp; $483 | &nbsp;&nbsp; $612 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**60**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2035 Fund

Portfolio Holdings as of October 31, 2025

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 75.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 75.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 75.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 75.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 75.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 75.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 75.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 75.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 75.6% OF NET ASSETS |
| **U.S. Stocks 38.2%** | **U.S. Stocks 38.2%** | **U.S. Stocks 38.2%** | **U.S. Stocks 38.2%** | **U.S. Stocks 38.2%** | **U.S. Stocks 38.2%** | **U.S. Stocks 38.2%** | **U.S. Stocks 38.2%** | **U.S. Stocks 38.2%** |
| **Large-Cap 33.2%** | **Large-Cap 33.2%** | **Large-Cap 33.2%** | **Large-Cap 33.2%** | **Large-Cap 33.2%** | **Large-Cap 33.2%** | **Large-Cap 33.2%** | **Large-Cap 33.2%** | **Large-Cap 33.2%** |
| Schwab Core Equity Fund  | $22801623 | $1749957 | ($2365973)<br>| $324777 | $1584751 | $24095135 | 913040 | $1749957 |
| Schwab Fundamental U.S. Large <br> Company Index Fund <br>| 24807656 | 416963 | (2506293)<br>| 489010 | 2484050 | 25691386 | 810454 | 416963 |
| Schwab S&P 500 Index Fund  | 116586838 | 1439790 | (14427873)<br>| 8177196 | 13500380 | 125276331 | 7085765 | 1439790 |
| Schwab Select Large Cap Growth Fund \* | 29021077 | 13831184 | (2200000)<br>| 158930 | 6557040 | 47368231 | 1550008 | 2277581 |
|  |  |  |  |  |  | 222431083 |  |  |
| **Mid-Cap 1.6%** | **Mid-Cap 1.6%** | **Mid-Cap 1.6%** | **Mid-Cap 1.6%** | **Mid-Cap 1.6%** | **Mid-Cap 1.6%** | **Mid-Cap 1.6%** | **Mid-Cap 1.6%** | **Mid-Cap 1.6%** |
| Schwab U.S. Mid-Cap Index Fund  | 10598347 | 262675 | (878991)<br>| 117073 | 721370 | 10820474 | 744187 | 262675 |
| **Small-Cap 3.4%** | **Small-Cap 3.4%** | **Small-Cap 3.4%** | **Small-Cap 3.4%** | **Small-Cap 3.4%** | **Small-Cap 3.4%** | **Small-Cap 3.4%** | **Small-Cap 3.4%** | **Small-Cap 3.4%** |
| Schwab Small-Cap Equity Fund  | 21144415 | 2650745 | (1500000)<br>| 48467 | (90727)<br>| 22252900 | 1026899 | 2650745 |
|  |  |  |  |  |  | 255504457 |  |  |
| **International Stocks 18.6%** | **International Stocks 18.6%** | **International Stocks 18.6%** | **International Stocks 18.6%** | **International Stocks 18.6%** | **International Stocks 18.6%** | **International Stocks 18.6%** | **International Stocks 18.6%** | **International Stocks 18.6%** |
| **Developed Markets 18.6%** | **Developed Markets 18.6%** | **Developed Markets 18.6%** | **Developed Markets 18.6%** | **Developed Markets 18.6%** | **Developed Markets 18.6%** | **Developed Markets 18.6%** | **Developed Markets 18.6%** | **Developed Markets 18.6%** |
| Schwab Fundamental International <br> Equity Index Fund <br>| 5363103 | 180540 |  |  | 1360592 | 6904235 | 500307 | 180540 |
| Schwab International Core Equity Fund  | 44313116 | 1106361 | (5820923)<br>| 1317080 | 9614583 | 50530217 | 3330931 | 1106361 |
| Schwab International Opportunities Fund  | 60649162 | 1179663 | (7042503)<br>| (331624)<br>| 12943689 | 67398387 | 2675601 | 1179663 |
|  |  |  |  |  |  | 124832839 |  |  |
| **Real Estate 4.1%** | **Real Estate 4.1%** | **Real Estate 4.1%** | **Real Estate 4.1%** | **Real Estate 4.1%** | **Real Estate 4.1%** | **Real Estate 4.1%** | **Real Estate 4.1%** | **Real Estate 4.1%** |
| **Global Real Estate 4.1%** | **Global Real Estate 4.1%** | **Global Real Estate 4.1%** | **Global Real Estate 4.1%** | **Global Real Estate 4.1%** | **Global Real Estate 4.1%** | **Global Real Estate 4.1%** | **Global Real Estate 4.1%** | **Global Real Estate 4.1%** |
| Schwab Global Real Estate Fund  | 28807461 | 1621949 | (3000000)<br>| (678157)<br>| 944174 | 27695427 | 4158472 | 861949 |
| **Fixed Income 14.1%** | **Fixed Income 14.1%** | **Fixed Income 14.1%** | **Fixed Income 14.1%** | **Fixed Income 14.1%** | **Fixed Income 14.1%** | **Fixed Income 14.1%** | **Fixed Income 14.1%** | **Fixed Income 14.1%** |
| **Inflation-Protected Bond 0.4%** | **Inflation-Protected Bond 0.4%** | **Inflation-Protected Bond 0.4%** | **Inflation-Protected Bond 0.4%** | **Inflation-Protected Bond 0.4%** | **Inflation-Protected Bond 0.4%** | **Inflation-Protected Bond 0.4%** | **Inflation-Protected Bond 0.4%** | **Inflation-Protected Bond 0.4%** |
| Schwab Treasury Inflation Protected <br> Securities Index Fund <br>|  | 3382603 | (500000)<br>| 13213 | 81582 | 2977398 | 283832 | 92592 |
| **Intermediate-Term Bond 10.6%** | **Intermediate-Term Bond 10.6%** | **Intermediate-Term Bond 10.6%** | **Intermediate-Term Bond 10.6%** | **Intermediate-Term Bond 10.6%** | **Intermediate-Term Bond 10.6%** | **Intermediate-Term Bond 10.6%** | **Intermediate-Term Bond 10.6%** | **Intermediate-Term Bond 10.6%** |
| Schwab U.S. Aggregate Bond Index Fund  | 60700639 | 9106867 |  |  | 1287613 | 71095119 | 7847143 | 2629995 |
| **Short-Term Bond 3.1%** | **Short-Term Bond 3.1%** | **Short-Term Bond 3.1%** | **Short-Term Bond 3.1%** | **Short-Term Bond 3.1%** | **Short-Term Bond 3.1%** | **Short-Term Bond 3.1%** | **Short-Term Bond 3.1%** | **Short-Term Bond 3.1%** |
| Schwab Short-Term Bond Index Fund  | 17730654 | 4109808 | (1550000)<br>| (95461)<br>| 343079 | 20538080 | 2119513 | 777699 |
|  |  |  |  |  |  | 94610597 |  |  |
| **Money Market Funds 0.6%** | **Money Market Funds 0.6%** | **Money Market Funds 0.6%** | **Money Market Funds 0.6%** | **Money Market Funds 0.6%** | **Money Market Funds 0.6%** | **Money Market Funds 0.6%** | **Money Market Funds 0.6%** | **Money Market Funds 0.6%** |
| Schwab Government Money Fund, Ultra <br> Shares, 3.99% <sup>(b)</sup> <br>| 4019680 | 174579 |  |  |  | 4194259 | 4194259 | 174855 |
| **Total Affiliated Underlying Funds** <br>**(Cost $332,023,161)**<br>| **$446543771** | **$41213684** | **($41792556)**<br>| **$9540504** | **$51332176** | **$506837579** |  | **$15801365** |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**61**

------

Schwab Target 2035 Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **UNAFFILIATED UNDERLYING FUNDS** 23.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.8% OF NET ASSETS |
| **U.S. Stocks 7.7%** | **U.S. Stocks 7.7%** | **U.S. Stocks 7.7%** | **U.S. Stocks 7.7%** | **U.S. Stocks 7.7%** | **U.S. Stocks 7.7%** | **U.S. Stocks 7.7%** | **U.S. Stocks 7.7%** | **U.S. Stocks 7.7%** |
| **Large-Cap 6.5%** | **Large-Cap 6.5%** | **Large-Cap 6.5%** | **Large-Cap 6.5%** | **Large-Cap 6.5%** | **Large-Cap 6.5%** | **Large-Cap 6.5%** | **Large-Cap 6.5%** | **Large-Cap 6.5%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $31324222 | 1810649 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 12310963 | 148414 |  |
|  |  |  |  |  |  | 43635185 |  |  |
| **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | 7680967 | 276592 |  |
|  |  |  |  |  |  | 51316152 |  |  |
| **International Stocks 1.9%** | **International Stocks 1.9%** | **International Stocks 1.9%** | **International Stocks 1.9%** | **International Stocks 1.9%** | **International Stocks 1.9%** | **International Stocks 1.9%** | **International Stocks 1.9%** | **International Stocks 1.9%** |
| **Emerging Markets 1.9%** | **Emerging Markets 1.9%** | **Emerging Markets 1.9%** | **Emerging Markets 1.9%** | **Emerging Markets 1.9%** | **Emerging Markets 1.9%** | **Emerging Markets 1.9%** | **Emerging Markets 1.9%** | **Emerging Markets 1.9%** |
| Goldman Sachs Emerging Markets Equity <br> Insights Fund, Institutional Class <br>|  |  |  |  |  | 12449678 | 1093996 |  |
| **Fixed Income 14.2%** | **Fixed Income 14.2%** | **Fixed Income 14.2%** | **Fixed Income 14.2%** | **Fixed Income 14.2%** | **Fixed Income 14.2%** | **Fixed Income 14.2%** | **Fixed Income 14.2%** | **Fixed Income 14.2%** |
| **Intermediate-Term Bond 10.2%** | **Intermediate-Term Bond 10.2%** | **Intermediate-Term Bond 10.2%** | **Intermediate-Term Bond 10.2%** | **Intermediate-Term Bond 10.2%** | **Intermediate-Term Bond 10.2%** | **Intermediate-Term Bond 10.2%** | **Intermediate-Term Bond 10.2%** | **Intermediate-Term Bond 10.2%** |
| Allspring Core Plus Bond Fund, Class R6  |  |  |  |  |  | 21267331 | 1865555 |  |
| Baird Aggregate Bond Fund, Institutional <br> Class <br>|  |  |  |  |  | 26430208 | 2645666 |  |
| Loomis Sayles Investment Grade Bond <br> Fund, Class Y <br>|  |  |  |  |  | 20512917 | 2061600 |  |
|  |  |  |  |  |  | 68210456 |  |  |
| **International Bond 4.0%** | **International Bond 4.0%** | **International Bond 4.0%** | **International Bond 4.0%** | **International Bond 4.0%** | **International Bond 4.0%** | **International Bond 4.0%** | **International Bond 4.0%** | **International Bond 4.0%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional <br> Class <br>|  |  |  |  |  | 27275361 | 2724811 |  |
|  |  |  |  |  |  | 95485817 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $144,409,045)**<br>|  |  |  |  |  | **$159251647** |  |  |
| **Total Investments in Securities** <br>**(Cost $476,432,206)**<br>|  |  |  |  |  | **$666089226** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

At October 31, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional

information).

*See financial notes*

**62**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2035 Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $332,023,161)  |  | $506837579 |
| Investments in securities, at value - unaffiliated issuers (cost $144,409,045) |  | 159251647 |
| Cash |  | 3311374 |
| Receivables: |  |  |
| Investments sold |  | 2000000 |
| Dividends |  | 404353 |
| Fund shares sold |  | 199746 |
| Due from investment adviser |  | 10058 |
| Prepaid expenses | + | 11732 |
| **Total assets** |  | **672026489** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 1915629 |
| Fund shares redeemed |  | 279450 |
| Independent trustees' fees |  | 36 |
| Accrued expenses | + | 39434 |
| **Total liabilities** |  | **2234549** |
| **Net assets** |  | **$669791940** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $447518294 |
| Total distributable earnings | + | 222273646 |
| **Net assets** |  | **$669791940** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $669791940 |  | &nbsp;&nbsp;&nbsp;&nbsp; 34064372 |  | &nbsp;&nbsp;&nbsp;&nbsp; $19.66 |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**63**

------

Schwab Target 2035 Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $9158722 |
| Dividends received from securities - unaffiliated issuers  |  | 4535862 |
| Other Interest | + | 64896 |
| **Total investment income**  |  | **13759480** |
| **Expenses** | **Expenses** | **Expenses** |
| Registration fees |  | 28395 |
| Professional fees |  | 27156 |
| Portfolio accounting fees |  | 23762 |
| Shareholder reports |  | 8002 |
| Independent trustees' fees |  | 7091 |
| Transfer agent fees  |  | 5746 |
| Other expenses | + | 7391 |
| **Total expenses** |  | **107543** |
| Expense reduction | – | 107543 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **13759480** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 6642643 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 3343904 |
| Net realized gains on sales of securities - affiliated issuers  |  | 9540504 |
| Net realized gains on sales of securities - unaffiliated issuers  | + | 9657735 |
| **Net realized gains** |  | **29184786** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 51332176 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | (1077532)<br>|
| **Net change in unrealized appreciation (depreciation)** |  | **50254644** |
| **Net realized and unrealized gains** |  | **79439430** |
| **Increase in net assets resulting from operations** |  | **$93198910** |

---

*See financial notes*

**64**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2035 Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $13759480 | &nbsp;&nbsp;&nbsp; $12877798 |
| Net realized gains |  | 29184786 | &nbsp;&nbsp;&nbsp; 9852746 |
| Net change in unrealized appreciation (depreciation) | + | 50254644 | &nbsp;&nbsp;&nbsp; 104644416 |
| **Increase in net assets resulting from operations** |  | **$93198910** | &nbsp;&nbsp;&nbsp; **$127374960** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($23067266)**<br>| &nbsp;&nbsp;&nbsp; **($18716571)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 3920133 | &nbsp;&nbsp;&nbsp; $70569088 | &nbsp;&nbsp;&nbsp; 3472908 | &nbsp;&nbsp;&nbsp; $57739759 |
| Shares reinvested |  | 1296076 | &nbsp;&nbsp;&nbsp; 22124015 | &nbsp;&nbsp;&nbsp; 1135743 | &nbsp;&nbsp;&nbsp; 18046967 |
| Shares redeemed | + | (5626625)<br>| &nbsp;&nbsp;&nbsp; (100509078)<br>| &nbsp;&nbsp;&nbsp; (4537465)<br>| &nbsp;&nbsp;&nbsp; (75583306)<br>|
| **Net transactions in fund shares**  |  | **(410416)**<br>| &nbsp;&nbsp;&nbsp; **($7815975)**<br>| &nbsp;&nbsp;&nbsp; **71186** | &nbsp;&nbsp;&nbsp; **$203420** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 34474788 | &nbsp;&nbsp;&nbsp; $607476271 | &nbsp;&nbsp;&nbsp; 34403602 | &nbsp;&nbsp;&nbsp; $498614462 |
| Total increase (decrease) | + | (410416)<br>| &nbsp;&nbsp;&nbsp; 62315669 | &nbsp;&nbsp;&nbsp; 71186 | &nbsp;&nbsp;&nbsp; 108861809 |
| **End of period** |  | **34064372** | &nbsp;&nbsp;&nbsp; **$669791940** | &nbsp;&nbsp;&nbsp; **34474788** | &nbsp;&nbsp;&nbsp; **$607476271** |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**65**

------

Schwab Target 2040 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $18.74 | &nbsp;&nbsp; $15.26 | &nbsp;&nbsp; $15.33 | &nbsp;&nbsp; $20.52 | &nbsp;&nbsp; $16.24 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.37 | 0.36 | 0.30 | 0.26 | 0.20 |
| Net realized and unrealized gains (losses) | 2.70 | 3.76 | 0.84 | &nbsp;&nbsp; (4.10)<br>| 4.68 |
| Total from investment operations | 3.07 | 4.12 | 1.14 | &nbsp;&nbsp; (3.84)<br>| 4.88 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.24)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.36)<br>|
| Total distributions | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (0.60)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $20.91 | &nbsp;&nbsp; $18.74 | &nbsp;&nbsp; $15.26 | &nbsp;&nbsp; $15.33 | &nbsp;&nbsp; $20.52 |
| Total return | 17.14<br> %<br>| 27.49<br> %<br>| 7.79<br> %<br>| &nbsp;&nbsp; (20.10<br> %)<br>| 30.57<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses<sup>2</sup> <br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>3</sup><br>| 0.00<br> %<br>|
| Total expenses<sup>2</sup> <br>| 0.01<br> %<br>| 0.01<br> %<br>| 0.01<br> %<br>| 0.02 %<sup>3</sup><br>| 0.01<br> %<br>|
| Net investment income (loss) | 1.97<br> %<br>| 2.02<br> %<br>| 1.90<br> %<br>| 1.49<br> %<br>| 1.05<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 14<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $1313 | &nbsp;&nbsp; $1182 | &nbsp;&nbsp; $982 | &nbsp;&nbsp; $960 | &nbsp;&nbsp; $1236 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**66**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2040 Fund

Portfolio Holdings as of October 31, 2025

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS |
| **U.S. Stocks 42.0%** | **U.S. Stocks 42.0%** | **U.S. Stocks 42.0%** | **U.S. Stocks 42.0%** | **U.S. Stocks 42.0%** | **U.S. Stocks 42.0%** | **U.S. Stocks 42.0%** | **U.S. Stocks 42.0%** | **U.S. Stocks 42.0%** |
| **Large-Cap 36.1%** | **Large-Cap 36.1%** | **Large-Cap 36.1%** | **Large-Cap 36.1%** | **Large-Cap 36.1%** | **Large-Cap 36.1%** | **Large-Cap 36.1%** | **Large-Cap 36.1%** | **Large-Cap 36.1%** |
| Schwab Core Equity Fund  | $48966709 | $3837959 | ($4374870)<br>| $471492 | $3601168 | $52502458 | 1989483 | $3837959 |
| Schwab Fundamental U.S. Large <br> Company Index Fund <br>| 56229204 | 992643 | (3022460)<br>| 500036 | 6466487 | 61165910 | 1929524 | 992643 |
| Schwab S&P 500 Index Fund  | 231362713 | 2887703 | (24388931)<br>| 15405990 | 29153816 | 254421291 | 14390345 | 2887703 |
| Schwab Select Large Cap Growth <br> Fund \*<br>| 67640982 | 27543833 | (3700000)<br>| 385224 | 14479851 | 106349890 | 3480036 | 5308481 |
|  |  |  |  |  |  | 474439549 |  |  |
| **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** |
| Schwab U.S. Mid-Cap Index Fund  | 22141395 | 544883 | (2088976)<br>| 216782 | 1531370 | 22345454 | 1536826 | 544883 |
| **Small-Cap 4.2%** | **Small-Cap 4.2%** | **Small-Cap 4.2%** | **Small-Cap 4.2%** | **Small-Cap 4.2%** | **Small-Cap 4.2%** | **Small-Cap 4.2%** | **Small-Cap 4.2%** | **Small-Cap 4.2%** |
| Schwab Small-Cap Equity Fund  | 48463006 | 6075509 |  |  | 23588 | 54562103 | 2517864 | 6075509 |
|  |  |  |  |  |  | 551347106 |  |  |
| **International Stocks 21.1%** | **International Stocks 21.1%** | **International Stocks 21.1%** | **International Stocks 21.1%** | **International Stocks 21.1%** | **International Stocks 21.1%** | **International Stocks 21.1%** | **International Stocks 21.1%** | **International Stocks 21.1%** |
| **Developed Markets 21.1%** | **Developed Markets 21.1%** | **Developed Markets 21.1%** | **Developed Markets 21.1%** | **Developed Markets 21.1%** | **Developed Markets 21.1%** | **Developed Markets 21.1%** | **Developed Markets 21.1%** | **Developed Markets 21.1%** |
| Schwab Fundamental International <br> Equity Index Fund <br>| 12142153 | 408746 | (1600000)<br>| 388777 | 2612539 | 13952215 | 1011030 | 408746 |
| Schwab International Core Equity Fund  | 97461467 | 2433309 | (13119447)<br>| 3070123 | 21090185 | 110935637 | 7312830 | 2433309 |
| Schwab International Opportunities <br> Fund <br>| 132737060 | 2581816 | (11130021)<br>| (277350)<br>| 28424047 | 152335552 | 6047461 | 2581816 |
|  |  |  |  |  |  | 277223404 |  |  |
| **Real Estate 4.4%** | **Real Estate 4.4%** | **Real Estate 4.4%** | **Real Estate 4.4%** | **Real Estate 4.4%** | **Real Estate 4.4%** | **Real Estate 4.4%** | **Real Estate 4.4%** | **Real Estate 4.4%** |
| **Global Real Estate 4.4%** | **Global Real Estate 4.4%** | **Global Real Estate 4.4%** | **Global Real Estate 4.4%** | **Global Real Estate 4.4%** | **Global Real Estate 4.4%** | **Global Real Estate 4.4%** | **Global Real Estate 4.4%** | **Global Real Estate 4.4%** |
| Schwab Global Real Estate Fund  | 61869771 | 1871819 | (5950000)<br>| (1382197)<br>| 1971041 | 58380434 | 8765831 | 1871819 |
| **Fixed Income 9.3%** | **Fixed Income 9.3%** | **Fixed Income 9.3%** | **Fixed Income 9.3%** | **Fixed Income 9.3%** | **Fixed Income 9.3%** | **Fixed Income 9.3%** | **Fixed Income 9.3%** | **Fixed Income 9.3%** |
| **Intermediate-Term Bond 7.2%** | **Intermediate-Term Bond 7.2%** | **Intermediate-Term Bond 7.2%** | **Intermediate-Term Bond 7.2%** | **Intermediate-Term Bond 7.2%** | **Intermediate-Term Bond 7.2%** | **Intermediate-Term Bond 7.2%** | **Intermediate-Term Bond 7.2%** | **Intermediate-Term Bond 7.2%** |
| Schwab U.S. Aggregate Bond Index <br> Fund <br>| 78124977 | 15654017 | (1400000)<br>| (275307)<br>| 2010224 | 94113911 | 10387849 | 3443458 |
| **Short-Term Bond 2.1%** | **Short-Term Bond 2.1%** | **Short-Term Bond 2.1%** | **Short-Term Bond 2.1%** | **Short-Term Bond 2.1%** | **Short-Term Bond 2.1%** | **Short-Term Bond 2.1%** | **Short-Term Bond 2.1%** | **Short-Term Bond 2.1%** |
| Schwab Short-Term Bond Index Fund  | 23103693 | 6033332 | (1800000)<br>| (73877)<br>| 393999 | 27657147 | 2854195 | 1034243 |
|  |  |  |  |  |  | 121771058 |  |  |
| **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** |
| Schwab Government Money Fund, Ultra <br> Shares, 3.99% <sup>(b)</sup> <br>| 5028399 | 218389 |  |  |  | 5246788 | 5246787 | 218735 |
| **Total Affiliated Underlying Funds** <br>**(Cost $601,618,320)**<br>| **$885271529** | **$71083958** | **($72574705)**<br>| **$18429693** | **$111758315** | **$1013968790** |  | **$31639304** |
| **UNAFFILIATED UNDERLYING FUNDS** 22.2% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.2% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.2% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.2% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.2% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.2% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.2% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.2% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.2% OF NET ASSETS |
| **U.S. Stocks 8.5%** | **U.S. Stocks 8.5%** | **U.S. Stocks 8.5%** | **U.S. Stocks 8.5%** | **U.S. Stocks 8.5%** | **U.S. Stocks 8.5%** | **U.S. Stocks 8.5%** | **U.S. Stocks 8.5%** | **U.S. Stocks 8.5%** |
| **Large-Cap 7.3%** | **Large-Cap 7.3%** | **Large-Cap 7.3%** | **Large-Cap 7.3%** | **Large-Cap 7.3%** | **Large-Cap 7.3%** | **Large-Cap 7.3%** | **Large-Cap 7.3%** | **Large-Cap 7.3%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $68661616 | 3968880 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 27751647 | 334559 |  |
|  |  |  |  |  |  | 96413263 |  |  |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**67**

------

Schwab Target 2040 Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | $15264845 | 549688 |  |
|  |  |  |  |  |  | 111678108 |  |  |
| **International Stocks 2.7%** | **International Stocks 2.7%** | **International Stocks 2.7%** | **International Stocks 2.7%** | **International Stocks 2.7%** | **International Stocks 2.7%** | **International Stocks 2.7%** | **International Stocks 2.7%** | **International Stocks 2.7%** |
| **Emerging Markets 2.7%** | **Emerging Markets 2.7%** | **Emerging Markets 2.7%** | **Emerging Markets 2.7%** | **Emerging Markets 2.7%** | **Emerging Markets 2.7%** | **Emerging Markets 2.7%** | **Emerging Markets 2.7%** | **Emerging Markets 2.7%** |
| Goldman Sachs Emerging Markets <br> Equity Insights Fund, Institutional <br> Class <br>|  |  |  |  |  | 35901312 | 3154773 |  |
| **Fixed Income 11.0%** | **Fixed Income 11.0%** | **Fixed Income 11.0%** | **Fixed Income 11.0%** | **Fixed Income 11.0%** | **Fixed Income 11.0%** | **Fixed Income 11.0%** | **Fixed Income 11.0%** | **Fixed Income 11.0%** |
| **Intermediate-Term Bond 7.9%** | **Intermediate-Term Bond 7.9%** | **Intermediate-Term Bond 7.9%** | **Intermediate-Term Bond 7.9%** | **Intermediate-Term Bond 7.9%** | **Intermediate-Term Bond 7.9%** | **Intermediate-Term Bond 7.9%** | **Intermediate-Term Bond 7.9%** | **Intermediate-Term Bond 7.9%** |
| Allspring Core Plus Bond Fund, <br> Class R6 <br>|  |  |  |  |  | 22413468 | 1966094 |  |
| Baird Aggregate Bond Fund, <br> Institutional Class <br>|  |  |  |  |  | 40722098 | 4076286 |  |
| Loomis Sayles Investment Grade Bond <br> Fund, Class Y <br>|  |  |  |  |  | 41107281 | 4131385 |  |
|  |  |  |  |  |  | 104242847 |  |  |
| **International Bond 3.1%** | **International Bond 3.1%** | **International Bond 3.1%** | **International Bond 3.1%** | **International Bond 3.1%** | **International Bond 3.1%** | **International Bond 3.1%** | **International Bond 3.1%** | **International Bond 3.1%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional <br> Class <br>|  |  |  |  |  | 40148711 | 4010860 |  |
|  |  |  |  |  |  | 144391558 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $259,710,510)**<br>|  |  |  |  |  | **$291970978** |  |  |
| **Total Investments in Securities** <br>**(Cost $861,328,830)**<br>|  |  |  |  |  | **$1305939768** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

At October 31, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional

information).

*See financial notes*

**68**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2040 Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $601,618,320)  |  | $1013968790 |
| Investments in securities, at value - unaffiliated issuers (cost $259,710,510) |  | 291970978 |
| Cash |  | 7513080 |
| Receivables: |  |  |
| Investments sold |  | 2400000 |
| Dividends |  | 550331 |
| Fund shares sold |  | 524533 |
| Due from investment adviser |  | 10470 |
| Prepaid expenses | + | 18937 |
| **Total assets** |  | **1316957119** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 3266065 |
| Fund shares redeemed |  | 311408 |
| Independent trustees' fees |  | 40 |
| Accrued expenses | + | 53148 |
| **Total liabilities** |  | **3630661** |
| **Net assets** |  | **$1313326458** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $805867690 |
| Total distributable earnings | + | 507458768 |
| **Net assets** |  | **$1313326458** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $1313326458 |  | &nbsp;&nbsp;&nbsp;&nbsp; 62809153 |  | &nbsp;&nbsp;&nbsp;&nbsp; $20.91 |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**69**

------

Schwab Target 2040 Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $16514736 |
| Dividends received from securities - unaffiliated issuers  |  | 7421890 |
| Other Interest | + | 114426 |
| **Total investment income**  |  | **24051052** |
| **Expenses** | **Expenses** | **Expenses** |
| Registration fees |  | 31284 |
| Professional fees |  | 27747 |
| Portfolio accounting fees |  | 26716 |
| Shareholder reports |  | 16383 |
| Independent trustees' fees |  | 8029 |
| Transfer agent fees  |  | 2672 |
| Other expenses | + | 10275 |
| **Total expenses** |  | **123106** |
| Expense reduction | – | 123106 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **24051052** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 15124568 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 7251639 |
| Net realized gains on sales of securities - affiliated issuers  |  | 18429693 |
| Net realized gains on sales of securities - unaffiliated issuers  | + | 23235781 |
| **Net realized gains** |  | **64041681** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 111758315 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | (3916613)<br>|
| **Net change in unrealized appreciation (depreciation)** |  | **107841702** |
| **Net realized and unrealized gains** |  | **171883383** |
| **Increase in net assets resulting from operations** |  | **$195934435** |

---

*See financial notes*

**70**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2040 Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $24051052 | &nbsp;&nbsp;&nbsp; $22982196 |
| Net realized gains |  | 64041681 | &nbsp;&nbsp;&nbsp; 31609173 |
| Net change in unrealized appreciation (depreciation) | + | 107841702 | &nbsp;&nbsp;&nbsp; 210600293 |
| **Increase in net assets resulting from operations** |  | **$195934435** | &nbsp;&nbsp;&nbsp; **$265191662** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($56442806)**<br>| &nbsp;&nbsp;&nbsp; **($40800665)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 4850522 | &nbsp;&nbsp;&nbsp; $92180409 | &nbsp;&nbsp;&nbsp; 5669372 | &nbsp;&nbsp;&nbsp; $99990935 |
| Shares reinvested |  | 3042614 | &nbsp;&nbsp;&nbsp; 54706191 | &nbsp;&nbsp;&nbsp; 2371619 | &nbsp;&nbsp;&nbsp; 39724621 |
| Shares redeemed | + | (8163035)<br>| &nbsp;&nbsp;&nbsp; (155070900)<br>| &nbsp;&nbsp;&nbsp; (9305398)<br>| &nbsp;&nbsp;&nbsp; (163658175)<br>|
| **Net transactions in fund shares**  |  | **(269899)**<br>| &nbsp;&nbsp;&nbsp; **($8184300)**<br>| &nbsp;&nbsp;&nbsp; **(1264407)**<br>| &nbsp;&nbsp;&nbsp; **($23942619)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 63079052 | &nbsp;&nbsp;&nbsp; $1182019129 | &nbsp;&nbsp;&nbsp; 64343459 | &nbsp;&nbsp;&nbsp; $981570751 |
| Total increase (decrease) | + | (269899)<br>| &nbsp;&nbsp;&nbsp; 131307329 | &nbsp;&nbsp;&nbsp; (1264407)<br>| &nbsp;&nbsp;&nbsp; 200448378 |
| **End of period** |  | **62809153** | &nbsp;&nbsp;&nbsp; **$1313326458** | &nbsp;&nbsp;&nbsp; **63079052** | &nbsp;&nbsp;&nbsp; **$1182019129** |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**71**

------

Schwab Target 2045 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $17.00 | &nbsp;&nbsp; $13.59 | &nbsp;&nbsp; $13.54 | &nbsp;&nbsp; $17.97 | &nbsp;&nbsp; $13.83 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.31 | 0.29 | 0.24 | 0.22 | 0.16 |
| Net realized and unrealized gains (losses) | 2.70 | 3.57 | 0.83 | &nbsp;&nbsp; (3.76)<br>| 4.36 |
| Total from investment operations | 3.01 | 3.86 | 1.07 | &nbsp;&nbsp; (3.54)<br>| 4.52 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.18)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.20)<br>|
| Total distributions | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.38)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $19.49 | &nbsp;&nbsp; $17.00 | &nbsp;&nbsp; $13.59 | &nbsp;&nbsp; $13.54 | &nbsp;&nbsp; $17.97 |
| Total return | 18.24<br> %<br>| 28.81<br> %<br>| 8.24<br> %<br>| &nbsp;&nbsp; (20.76<br> %)<br>| 33.13<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses<sup>2</sup> <br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>3</sup><br>| 0.00<br> %<br>|
| Total expenses<sup>2</sup> <br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.04<br> %<br>| 0.05 %<sup>3</sup><br>| 0.04<br> %<br>|
| Net investment income (loss) | 1.74<br> %<br>| 1.84<br> %<br>| 1.73<br> %<br>| 1.46<br> %<br>| 0.96<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 12<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $367 | &nbsp;&nbsp; $305 | &nbsp;&nbsp; $234 | &nbsp;&nbsp; $206 | &nbsp;&nbsp; $252 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**72**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2045 Fund

Portfolio Holdings as of October 31, 2025

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 78.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 78.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 78.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 78.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 78.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 78.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 78.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 78.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 78.3% OF NET ASSETS |
| **U.S. Stocks 44.6%** | **U.S. Stocks 44.6%** | **U.S. Stocks 44.6%** | **U.S. Stocks 44.6%** | **U.S. Stocks 44.6%** | **U.S. Stocks 44.6%** | **U.S. Stocks 44.6%** | **U.S. Stocks 44.6%** | **U.S. Stocks 44.6%** |
| **Large-Cap 38.3%** | **Large-Cap 38.3%** | **Large-Cap 38.3%** | **Large-Cap 38.3%** | **Large-Cap 38.3%** | **Large-Cap 38.3%** | **Large-Cap 38.3%** | **Large-Cap 38.3%** | **Large-Cap 38.3%** |
| Schwab Core Equity Fund  | $13268133 | $1500744 | ($300000)<br>| ($1884)<br>| $1163987 | $15630980 | 592307 | $1060744 |
| Schwab Fundamental U.S. Large <br> Company Index Fund <br>| 15157387 | 2317582 |  |  | 2051561 | 19526530 | 615979 | 267581 |
| Schwab S&P 500 Index Fund  | 61793801 | 773100 | (2670000)<br>| 586315 | 11573461 | 72056677 | 4075604 | 773100 |
| Schwab Select Large Cap Growth Fund \* | 21502618 | 7937725 | (600000)<br>| 43321 | 4716573 | 33600237 | 1099484 | 1687531 |
|  |  |  |  |  |  | 140814424 |  |  |
| **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** |
| Schwab U.S. Mid-Cap Index Fund  | 5746924 | 367557 |  |  | 464536 | 6579017 | 452477 | 147557 |
| **Small-Cap 4.5%** | **Small-Cap 4.5%** | **Small-Cap 4.5%** | **Small-Cap 4.5%** | **Small-Cap 4.5%** | **Small-Cap 4.5%** | **Small-Cap 4.5%** | **Small-Cap 4.5%** | **Small-Cap 4.5%** |
| Schwab Small-Cap Equity Fund  | 14420808 | 2852704 | (850000)<br>| (87643)<br>| 52244 | 16388113 | 756258 | 1859704 |
|  |  |  |  |  |  | 163781554 |  |  |
| **International Stocks 23.0%** | **International Stocks 23.0%** | **International Stocks 23.0%** | **International Stocks 23.0%** | **International Stocks 23.0%** | **International Stocks 23.0%** | **International Stocks 23.0%** | **International Stocks 23.0%** | **International Stocks 23.0%** |
| **Developed Markets 23.0%** | **Developed Markets 23.0%** | **Developed Markets 23.0%** | **Developed Markets 23.0%** | **Developed Markets 23.0%** | **Developed Markets 23.0%** | **Developed Markets 23.0%** | **Developed Markets 23.0%** | **Developed Markets 23.0%** |
| Schwab Fundamental International <br> Equity Index Fund <br>| 3366484 | 113328 |  |  | 854060 | 4333872 | 314049 | 113328 |
| Schwab International Core Equity Fund  | 27580120 | 996218 | (2000000)<br>| 412907 | 6832175 | 33821420 | 2229494 | 696218 |
| Schwab International Opportunities Fund  | 37397553 | 2292098 | (1777935)<br>| (148676)<br>| 8562531 | 46325571 | 1839046 | 742099 |
|  |  |  |  |  |  | 84480863 |  |  |
| **Real Estate 4.8%** | **Real Estate 4.8%** | **Real Estate 4.8%** | **Real Estate 4.8%** | **Real Estate 4.8%** | **Real Estate 4.8%** | **Real Estate 4.8%** | **Real Estate 4.8%** | **Real Estate 4.8%** |
| **Global Real Estate 4.8%** | **Global Real Estate 4.8%** | **Global Real Estate 4.8%** | **Global Real Estate 4.8%** | **Global Real Estate 4.8%** | **Global Real Estate 4.8%** | **Global Real Estate 4.8%** | **Global Real Estate 4.8%** | **Global Real Estate 4.8%** |
| Schwab Global Real Estate Fund  | 17290906 | 1529364 | (1260000)<br>| (295958)<br>| 482138 | 17746450 | 2664632 | 529364 |
| **Fixed Income 5.7%** | **Fixed Income 5.7%** | **Fixed Income 5.7%** | **Fixed Income 5.7%** | **Fixed Income 5.7%** | **Fixed Income 5.7%** | **Fixed Income 5.7%** | **Fixed Income 5.7%** | **Fixed Income 5.7%** |
| **Intermediate-Term Bond 4.4%** | **Intermediate-Term Bond 4.4%** | **Intermediate-Term Bond 4.4%** | **Intermediate-Term Bond 4.4%** | **Intermediate-Term Bond 4.4%** | **Intermediate-Term Bond 4.4%** | **Intermediate-Term Bond 4.4%** | **Intermediate-Term Bond 4.4%** | **Intermediate-Term Bond 4.4%** |
| Schwab U.S. Aggregate Bond Index Fund  | 12593281 | 3426931 | (300000)<br>| (50018)<br>| 362652 | 16032846 | 1769630 | 583445 |
| **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** |
| Schwab Short-Term Bond Index Fund  | 3682256 | 1592398 | (400000)<br>| (24626)<br>| 84482 | 4934510 | 509237 | 175920 |
|  |  |  |  |  |  | 20967356 |  |  |
| **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** |
| Schwab Government Money Fund, Ultra <br> Shares, 3.99% <sup>(b)</sup> <br>| 657928 | 28575 |  |  |  | 686503 | 686503 | 28620 |
| **Total Affiliated Underlying Funds** <br>**(Cost $196,481,250)**<br>| **$234458199** | **$25728324** | **($10157935)**<br>| **$433738** | **$37200400** | **$287662726** |  | **$8665211** |
| **UNAFFILIATED UNDERLYING FUNDS** 21.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 21.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 21.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 21.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 21.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 21.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 21.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 21.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 21.1% OF NET ASSETS |
| **U.S. Stocks 9.6%** | **U.S. Stocks 9.6%** | **U.S. Stocks 9.6%** | **U.S. Stocks 9.6%** | **U.S. Stocks 9.6%** | **U.S. Stocks 9.6%** | **U.S. Stocks 9.6%** | **U.S. Stocks 9.6%** | **U.S. Stocks 9.6%** |
| **Large-Cap 7.9%** | **Large-Cap 7.9%** | **Large-Cap 7.9%** | **Large-Cap 7.9%** | **Large-Cap 7.9%** | **Large-Cap 7.9%** | **Large-Cap 7.9%** | **Large-Cap 7.9%** | **Large-Cap 7.9%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $20476527 | 1183614 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 8467195 | 102076 |  |
|  |  |  |  |  |  | 28943722 |  |  |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**73**

------

Schwab Target 2045 Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** | **Small-Cap 1.7%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | $6220408 | 223997 |  |
|  |  |  |  |  |  | 35164130 |  |  |
| **International Stocks 3.8%** | **International Stocks 3.8%** | **International Stocks 3.8%** | **International Stocks 3.8%** | **International Stocks 3.8%** | **International Stocks 3.8%** | **International Stocks 3.8%** | **International Stocks 3.8%** | **International Stocks 3.8%** |
| **Emerging Markets 3.8%** | **Emerging Markets 3.8%** | **Emerging Markets 3.8%** | **Emerging Markets 3.8%** | **Emerging Markets 3.8%** | **Emerging Markets 3.8%** | **Emerging Markets 3.8%** | **Emerging Markets 3.8%** | **Emerging Markets 3.8%** |
| Goldman Sachs Emerging Markets Equity <br> Insights Fund, Institutional Class <br>|  |  |  |  |  | 13844869 | 1216597 |  |
| **Fixed Income 7.7%** | **Fixed Income 7.7%** | **Fixed Income 7.7%** | **Fixed Income 7.7%** | **Fixed Income 7.7%** | **Fixed Income 7.7%** | **Fixed Income 7.7%** | **Fixed Income 7.7%** | **Fixed Income 7.7%** |
| **Intermediate-Term Bond 5.6%** | **Intermediate-Term Bond 5.6%** | **Intermediate-Term Bond 5.6%** | **Intermediate-Term Bond 5.6%** | **Intermediate-Term Bond 5.6%** | **Intermediate-Term Bond 5.6%** | **Intermediate-Term Bond 5.6%** | **Intermediate-Term Bond 5.6%** | **Intermediate-Term Bond 5.6%** |
| Allspring Core Plus Bond Fund, Class R6  |  |  |  |  |  | 3540945 | 310609 |  |
| Baird Aggregate Bond Fund, Institutional <br> Class <br>|  |  |  |  |  | 6746474 | 675323 |  |
| Loomis Sayles Investment Grade Bond <br> Fund, Class Y <br>|  |  |  |  |  | 10416608 | 1046895 |  |
|  |  |  |  |  |  | 20704027 |  |  |
| **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional <br> Class <br>|  |  |  |  |  | 7663121 | 765547 |  |
|  |  |  |  |  |  | 28367148 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $67,372,163)**<br>|  |  |  |  |  | **$77376147** |  |  |
| **Total Investments in Securities** <br>**(Cost $263,853,413)**<br>|  |  |  |  |  | **$365038873** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

At October 31, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional

information).

*See financial notes*

**74**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2045 Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $196,481,250)  |  | $287662726 |
| Investments in securities, at value - unaffiliated issuers (cost $67,372,163) |  | 77376147 |
| Cash |  | 2472383 |
| Receivables: |  |  |
| Dividends |  | 96462 |
| Fund shares sold |  | 93335 |
| Due from investment adviser |  | 10228 |
| Prepaid expenses | + | 7627 |
| **Total assets** |  | **367718908** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 419619 |
| Fund shares redeemed |  | 60475 |
| Independent trustees' fees |  | 34 |
| Accrued expenses | + | 37302 |
| **Total liabilities** |  | **517430** |
| **Net assets** |  | **$367201478** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $253577966 |
| Total distributable earnings | + | 113623512 |
| **Net assets** |  | **$367201478** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $367201478 |  | &nbsp;&nbsp;&nbsp;&nbsp; 18843256 |  | &nbsp;&nbsp;&nbsp;&nbsp; $19.49 |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**75**

------

Schwab Target 2045 Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $4089005 |
| Dividends received from securities - unaffiliated issuers  |  | 1562819 |
| Other Interest | + | 41002 |
| **Total investment income**  |  | **5692826** |
| **Expenses** | **Expenses** | **Expenses** |
| Registration fees |  | 29317 |
| Professional fees |  | 26889 |
| Portfolio accounting fees |  | 22312 |
| Shareholder reports |  | 7260 |
| Independent trustees' fees |  | 6626 |
| Transfer agent fees  |  | 3397 |
| Other expenses | + | 5814 |
| **Total expenses** |  | **101615** |
| Expense reduction | – | 101615 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **5692826** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 4576206 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 1940010 |
| Net realized gains on sales of securities - affiliated issuers  |  | 433738 |
| Net realized gains on sales of securities - unaffiliated issuers  | + | 5182302 |
| **Net realized gains** |  | **12132256** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 37200400 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | 1197262 |
| **Net change in unrealized appreciation (depreciation)** |  | **38397662** |
| **Net realized and unrealized gains** |  | **50529918** |
| **Increase in net assets resulting from operations** |  | **$56222744** |

---

*See financial notes*

**76**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2045 Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $5692826 | &nbsp;&nbsp;&nbsp; $5181342 |
| Net realized gains |  | 12132256 | &nbsp;&nbsp;&nbsp; 3235172 |
| Net change in unrealized appreciation (depreciation) | + | 38397662 | &nbsp;&nbsp;&nbsp; 58732167 |
| **Increase in net assets resulting from operations** |  | **$56222744** | &nbsp;&nbsp;&nbsp; **$67148681** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($9372604)**<br>| &nbsp;&nbsp;&nbsp; **($7761646)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 2963513 | &nbsp;&nbsp;&nbsp; $52165044 | &nbsp;&nbsp;&nbsp; 2745975 | &nbsp;&nbsp;&nbsp; $43669860 |
| Shares reinvested |  | 550757 | &nbsp;&nbsp;&nbsp; 9148086 | &nbsp;&nbsp;&nbsp; 502206 | &nbsp;&nbsp;&nbsp; 7593347 |
| Shares redeemed | + | (2582897)<br>| &nbsp;&nbsp;&nbsp; (45479658)<br>| &nbsp;&nbsp;&nbsp; (2563008)<br>| &nbsp;&nbsp;&nbsp; (40246233)<br>|
| **Net transactions in fund shares**  |  | **931373** | &nbsp;&nbsp;&nbsp; **$15833472** | &nbsp;&nbsp;&nbsp; **685173** | &nbsp;&nbsp;&nbsp; **$11016974** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 17911883 | &nbsp;&nbsp;&nbsp; $304517866 | &nbsp;&nbsp;&nbsp; 17226710 | &nbsp;&nbsp;&nbsp; $234113857 |
| Total increase | + | 931373 | &nbsp;&nbsp;&nbsp; 62683612 | &nbsp;&nbsp;&nbsp; 685173 | &nbsp;&nbsp;&nbsp; 70404009 |
| **End of period** |  | **18843256** | &nbsp;&nbsp;&nbsp; **$367201478** | &nbsp;&nbsp;&nbsp; **17911883** | &nbsp;&nbsp;&nbsp; **$304517866** |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**77**

------

Schwab Target 2050 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $17.31 | &nbsp;&nbsp; $13.79 | &nbsp;&nbsp; $13.74 | &nbsp;&nbsp; $18.48 | &nbsp;&nbsp; $14.03 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.28 | 0.28 | 0.24 | 0.22 | 0.16 |
| Net realized and unrealized gains (losses) | 2.90 | 3.76 | 0.89 | &nbsp;&nbsp; (3.90)<br>| 4.66 |
| Total from investment operations | 3.18 | 4.04 | 1.13 | &nbsp;&nbsp; (3.68)<br>| 4.82 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.17)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.20)<br>|
| Total distributions | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (0.37)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $19.93 | &nbsp;&nbsp; $17.31 | &nbsp;&nbsp; $13.79 | &nbsp;&nbsp; $13.74 | &nbsp;&nbsp; $18.48 |
| Total return | 18.96<br> %<br>| 29.76<br> %<br>| 8.62<br> %<br>| &nbsp;&nbsp; (21.22<br> %)<br>| 34.83<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses<sup>2</sup> <br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>3</sup><br>| 0.00<br> %<br>|
| Total expenses<sup>2</sup> <br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.04<br> %<br>| 0.05 %<sup>3</sup><br>| 0.04<br> %<br>|
| Net investment income (loss) | 1.58<br> %<br>| 1.71<br> %<br>| 1.66<br> %<br>| 1.44<br> %<br>| 0.93<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 19<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $376 | &nbsp;&nbsp; $315 | &nbsp;&nbsp; $235 | &nbsp;&nbsp; $204 | &nbsp;&nbsp; $245 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**78**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2050 Fund

Portfolio Holdings as of October 31, 2025

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 79.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 79.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 79.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 79.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 79.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 79.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 79.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 79.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 79.8% OF NET ASSETS |
| **U.S. Stocks 46.1%** | **U.S. Stocks 46.1%** | **U.S. Stocks 46.1%** | **U.S. Stocks 46.1%** | **U.S. Stocks 46.1%** | **U.S. Stocks 46.1%** | **U.S. Stocks 46.1%** | **U.S. Stocks 46.1%** | **U.S. Stocks 46.1%** |
| **Large-Cap 39.5%** | **Large-Cap 39.5%** | **Large-Cap 39.5%** | **Large-Cap 39.5%** | **Large-Cap 39.5%** | **Large-Cap 39.5%** | **Large-Cap 39.5%** | **Large-Cap 39.5%** | **Large-Cap 39.5%** |
| Schwab Core Equity Fund  | $14668054 | $1172663 | ($648819)<br>| ($4076)<br>| $1240836 | $16428658 | 622533 | $1172663 |
| Schwab Fundamental U.S. Large <br> Company Index Fund <br>| 17051778 | 701024 |  |  | 2182286 | 19935088 | 628867 | 301024 |
| Schwab S&P 500 Index Fund  | 63409731 | 795993 | (461765)<br>| (249)<br>| 12729616 | 76473326 | 4325414 | 795993 |
| Schwab Select Large Cap Growth Fund \* | 28345751 | 2224581 |  |  | 4862454 | 35432786 | 1159450 | 2224581 |
|  |  |  |  |  |  | 148269858 |  |  |
| **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** |
| Schwab U.S. Mid-Cap Index Fund  | 6105640 | 156768 |  |  | 495445 | 6757853 | 464777 | 156768 |
| **Small-Cap 4.8%** | **Small-Cap 4.8%** | **Small-Cap 4.8%** | **Small-Cap 4.8%** | **Small-Cap 4.8%** | **Small-Cap 4.8%** | **Small-Cap 4.8%** | **Small-Cap 4.8%** | **Small-Cap 4.8%** |
| Schwab Small-Cap Equity Fund  | 15906186 | 2294061 |  |  | 17608 | 18217855 | 840695 | 1994061 |
|  |  |  |  |  |  | 173245566 |  |  |
| **International Stocks 25.0%** | **International Stocks 25.0%** | **International Stocks 25.0%** | **International Stocks 25.0%** | **International Stocks 25.0%** | **International Stocks 25.0%** | **International Stocks 25.0%** | **International Stocks 25.0%** | **International Stocks 25.0%** |
| **Developed Markets 25.0%** | **Developed Markets 25.0%** | **Developed Markets 25.0%** | **Developed Markets 25.0%** | **Developed Markets 25.0%** | **Developed Markets 25.0%** | **Developed Markets 25.0%** | **Developed Markets 25.0%** | **Developed Markets 25.0%** |
| Schwab Fundamental International <br> Equity Index Fund <br>| 3463149 | 594091 |  |  | 1012924 | 5070164 | 367403 | 116581 |
| Schwab International Core Equity Fund  | 29682211 | 1192117 | (1200000)<br>| 238435 | 7628297 | 37541060 | 2474691 | 741073 |
| Schwab International Opportunities Fund  | 40462814 | 2597259 | (960000)<br>| (52209)<br>| 9326034 | 51373898 | 2039456 | 787026 |
|  |  |  |  |  |  | 93985122 |  |  |
| **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** |
| **Global Real Estate 5.0%** | **Global Real Estate 5.0%** | **Global Real Estate 5.0%** | **Global Real Estate 5.0%** | **Global Real Estate 5.0%** | **Global Real Estate 5.0%** | **Global Real Estate 5.0%** | **Global Real Estate 5.0%** | **Global Real Estate 5.0%** |
| Schwab Global Real Estate Fund  | 18804449 | 583566 | (981422)<br>| (238321)<br>| 444765 | 18613037 | 2794750 | 583566 |
| **Fixed Income 3.6%** | **Fixed Income 3.6%** | **Fixed Income 3.6%** | **Fixed Income 3.6%** | **Fixed Income 3.6%** | **Fixed Income 3.6%** | **Fixed Income 3.6%** | **Fixed Income 3.6%** | **Fixed Income 3.6%** |
| **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** | **Intermediate-Term Bond 2.7%** |
| Schwab U.S. Aggregate Bond Index Fund  | 7239713 | 2583476 |  |  | 214255 | 10037444 | 1107886 | 361336 |
| **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** |
| Schwab Short-Term Bond Index Fund  | 2542973 | 783736 |  |  | 37171 | 3363880 | 347150 | 118142 |
|  |  |  |  |  |  | 13401324 |  |  |
| **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** |
| Schwab Government Money Fund, Ultra <br> Shares, 3.99% <sup>(b)</sup> <br>| 283304 | 12304 |  |  |  | 295608 | 295608 | 12324 |
| **Total Affiliated Underlying Funds** <br>**(Cost $203,355,829)**<br>| **$247965753** | **$15691639** | **($4252006)**<br>| **($56420)**<br>| **$40191691** | **$299540657** |  | **$9365138** |
| **UNAFFILIATED UNDERLYING FUNDS** 19.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.7% OF NET ASSETS |
| **U.S. Stocks 9.6%** | **U.S. Stocks 9.6%** | **U.S. Stocks 9.6%** | **U.S. Stocks 9.6%** | **U.S. Stocks 9.6%** | **U.S. Stocks 9.6%** | **U.S. Stocks 9.6%** | **U.S. Stocks 9.6%** | **U.S. Stocks 9.6%** |
| **Large-Cap 8.0%** | **Large-Cap 8.0%** | **Large-Cap 8.0%** | **Large-Cap 8.0%** | **Large-Cap 8.0%** | **Large-Cap 8.0%** | **Large-Cap 8.0%** | **Large-Cap 8.0%** | **Large-Cap 8.0%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $21041784 | 1216288 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 8935996 | 107727 |  |
|  |  |  |  |  |  | 29977780 |  |  |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**79**

------

Schwab Target 2050 Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | $6267833 | 225705 |  |
|  |  |  |  |  |  | 36245613 |  |  |
| **International Stocks 5.1%** | **International Stocks 5.1%** | **International Stocks 5.1%** | **International Stocks 5.1%** | **International Stocks 5.1%** | **International Stocks 5.1%** | **International Stocks 5.1%** | **International Stocks 5.1%** | **International Stocks 5.1%** |
| **Emerging Markets 5.1%** | **Emerging Markets 5.1%** | **Emerging Markets 5.1%** | **Emerging Markets 5.1%** | **Emerging Markets 5.1%** | **Emerging Markets 5.1%** | **Emerging Markets 5.1%** | **Emerging Markets 5.1%** | **Emerging Markets 5.1%** |
| Goldman Sachs Emerging Markets Equity <br> Insights Fund, Institutional Class <br>|  |  |  |  |  | 19003756 | 1669926 |  |
| **Fixed Income 5.0%** | **Fixed Income 5.0%** | **Fixed Income 5.0%** | **Fixed Income 5.0%** | **Fixed Income 5.0%** | **Fixed Income 5.0%** | **Fixed Income 5.0%** | **Fixed Income 5.0%** | **Fixed Income 5.0%** |
| **Intermediate-Term Bond 3.6%** | **Intermediate-Term Bond 3.6%** | **Intermediate-Term Bond 3.6%** | **Intermediate-Term Bond 3.6%** | **Intermediate-Term Bond 3.6%** | **Intermediate-Term Bond 3.6%** | **Intermediate-Term Bond 3.6%** | **Intermediate-Term Bond 3.6%** | **Intermediate-Term Bond 3.6%** |
| Allspring Core Plus Bond Fund, Class R6  |  |  |  |  |  | 2929737 | 256994 |  |
| Baird Aggregate Bond Fund, Institutional <br> Class <br>|  |  |  |  |  | 2988469 | 299146 |  |
| Loomis Sayles Investment Grade Bond <br> Fund, Class Y <br>|  |  |  |  |  | 7782139 | 782125 |  |
|  |  |  |  |  |  | 13700345 |  |  |
| **International Bond 1.4%** | **International Bond 1.4%** | **International Bond 1.4%** | **International Bond 1.4%** | **International Bond 1.4%** | **International Bond 1.4%** | **International Bond 1.4%** | **International Bond 1.4%** | **International Bond 1.4%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional <br> Class <br>|  |  |  |  |  | 5202114 | 519692 |  |
|  |  |  |  |  |  | 18902459 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $62,753,176)**<br>|  |  |  |  |  | **$74151828** |  |  |
| **Total Investments in Securities** <br>**(Cost $266,109,005)**<br>|  |  |  |  |  | **$373692485** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

At October 31, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional

information).

*See financial notes*

**80**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2050 Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $203,355,829)  |  | $299540657 |
| Investments in securities, at value - unaffiliated issuers (cost $62,753,176) |  | 74151828 |
| Cash |  | 3177350 |
| Receivables: |  |  |
| Dividends |  | 60841 |
| Fund shares sold |  | 24143 |
| Due from investment adviser |  | 9835 |
| Prepaid expenses | + | 7660 |
| **Total assets** |  | **376972314** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 1163115 |
| Fund shares redeemed |  | 154271 |
| Independent trustees' fees |  | 34 |
| Accrued expenses | + | 38044 |
| **Total liabilities** |  | **1355464** |
| **Net assets** |  | **$375616850** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $257313251 |
| Total distributable earnings | + | 118303599 |
| **Net assets** |  | **$375616850** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $375616850 |  | &nbsp;&nbsp;&nbsp;&nbsp; 18848997 |  | &nbsp;&nbsp;&nbsp;&nbsp; $19.93 |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**81**

------

Schwab Target 2050 Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $4010652 |
| Dividends received from securities - unaffiliated issuers  |  | 1246823 |
| Other Interest | + | 37403 |
| **Total investment income**  |  | **5294878** |
| **Expenses** | **Expenses** | **Expenses** |
| Registration fees |  | 28514 |
| Professional fees |  | 26909 |
| Portfolio accounting fees |  | 22373 |
| Shareholder reports |  | 8238 |
| Independent trustees' fees |  | 6638 |
| Transfer agent fees  |  | 3990 |
| Other expenses | + | 5856 |
| **Total expenses** |  | **102518** |
| Expense reduction | – | 102518 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **5294878** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 5354486 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 1942831 |
| Net realized losses on sales of securities - affiliated issuers  |  | (56420)<br>|
| Net realized gains on sales of securities - unaffiliated issuers  | + | 4842360 |
| **Net realized gains** |  | **12083257** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 40191691 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | 2327568 |
| **Net change in unrealized appreciation (depreciation)** |  | **42519259** |
| **Net realized and unrealized gains** |  | **54602516** |
| **Increase in net assets resulting from operations** |  | **$59897394** |

---

*See financial notes*

**82**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2050 Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $5294878 | &nbsp;&nbsp;&nbsp; $4941068 |
| Net realized gains |  | 12083257 | &nbsp;&nbsp;&nbsp; 4526267 |
| Net change in unrealized appreciation (depreciation) | + | 42519259 | &nbsp;&nbsp;&nbsp; 61240910 |
| **Increase in net assets resulting from operations** |  | **$59897394** | &nbsp;&nbsp;&nbsp; **$70708245** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($10184744)**<br>| &nbsp;&nbsp;&nbsp; **($8896272)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 2560099 | &nbsp;&nbsp;&nbsp; $45451012 | &nbsp;&nbsp;&nbsp; 2930832 | &nbsp;&nbsp;&nbsp; $47448829 |
| Shares reinvested |  | 585208 | &nbsp;&nbsp;&nbsp; 9884154 | &nbsp;&nbsp;&nbsp; 563280 | &nbsp;&nbsp;&nbsp; 8635082 |
| Shares redeemed | + | (2471974)<br>| &nbsp;&nbsp;&nbsp; (44014728)<br>| &nbsp;&nbsp;&nbsp; (2383085)<br>| &nbsp;&nbsp;&nbsp; (38634732)<br>|
| **Net transactions in fund shares**  |  | **673333** | &nbsp;&nbsp;&nbsp; **$11320438** | &nbsp;&nbsp;&nbsp; **1111027** | &nbsp;&nbsp;&nbsp; **$17449179** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 18175664 | &nbsp;&nbsp;&nbsp; $314583762 | &nbsp;&nbsp;&nbsp; 17064637 | &nbsp;&nbsp;&nbsp; $235322610 |
| Total increase | + | 673333 | &nbsp;&nbsp;&nbsp; 61033088 | &nbsp;&nbsp;&nbsp; 1111027 | &nbsp;&nbsp;&nbsp; 79261152 |
| **End of period** |  | **18848997** | &nbsp;&nbsp;&nbsp; **$375616850** | &nbsp;&nbsp;&nbsp; **18175664** | &nbsp;&nbsp;&nbsp; **$314583762** |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**83**

------

Schwab Target 2055 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $17.64 | &nbsp;&nbsp; $14.00 | &nbsp;&nbsp; $13.97 | &nbsp;&nbsp; $18.74 | &nbsp;&nbsp; $14.11 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.27 | 0.27 | 0.23 | 0.23 | 0.15 |
| Net realized and unrealized gains (losses) | 3.05 | 3.89 | 0.92 | &nbsp;&nbsp; (4.05)<br>| 4.83 |
| Total from investment operations | 3.32 | 4.16 | 1.15 | &nbsp;&nbsp; (3.82)<br>| 4.98 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.16)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.19)<br>|
| Total distributions | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (0.35)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $20.37 | &nbsp;&nbsp; $17.64 | &nbsp;&nbsp; $14.00 | &nbsp;&nbsp; $13.97 | &nbsp;&nbsp; $18.74 |
| Total return | 19.44<br> %<br>| 30.16<br> %<br>| 8.62<br> %<br>| &nbsp;&nbsp; (21.54<br> %)<br>| 35.79<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses<sup>2</sup> <br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>3</sup><br>| 0.00<br> %<br>|
| Total expenses<sup>2</sup> <br>| 0.04<br> %<br>| 0.04<br> %<br>| 0.05<br> %<br>| 0.07 %<sup>3</sup><br>| 0.06<br> %<br>|
| Net investment income (loss) | 1.50<br> %<br>| 1.65<br> %<br>| 1.59<br> %<br>| 1.43<br> %<br>| 0.88<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $273 | &nbsp;&nbsp; $221 | &nbsp;&nbsp; $162 | &nbsp;&nbsp; $136 | &nbsp;&nbsp; $158 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**84**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2055 Fund

Portfolio Holdings as of October 31, 2025

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 80.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.2% OF NET ASSETS |
| **U.S. Stocks 47.8%** | **U.S. Stocks 47.8%** | **U.S. Stocks 47.8%** | **U.S. Stocks 47.8%** | **U.S. Stocks 47.8%** | **U.S. Stocks 47.8%** | **U.S. Stocks 47.8%** | **U.S. Stocks 47.8%** | **U.S. Stocks 47.8%** |
| **Large-Cap 40.4%** | **Large-Cap 40.4%** | **Large-Cap 40.4%** | **Large-Cap 40.4%** | **Large-Cap 40.4%** | **Large-Cap 40.4%** | **Large-Cap 40.4%** | **Large-Cap 40.4%** | **Large-Cap 40.4%** |
| Schwab Core Equity Fund  | $10210497 | $1176296 | $— | $— | $920951 | $12307744 | 466379 | $816296 |
| Schwab Fundamental U.S. Large <br> Company Index Fund <br>| 12950599 | 1208623 |  |  | 1710969 | 15870191 | 500637 | 228624 |
| Schwab S&P 500 Index Fund  | 44256321 | 1835557 | (200000)<br>| 3968 | 9032690 | 54928536 | 3106818 | 555557 |
| Schwab Select Large Cap Growth Fund \* | 21439777 | 2162599 |  |  | 3799958 | 27402334 | 896673 | 1682599 |
|  |  |  |  |  |  | 110508805 |  |  |
| **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** |
| Schwab U.S. Mid-Cap Index Fund  | 4475373 | 114909 |  |  | 363157 | 4953439 | 340677 | 114909 |
| **Small-Cap 5.6%** | **Small-Cap 5.6%** | **Small-Cap 5.6%** | **Small-Cap 5.6%** | **Small-Cap 5.6%** | **Small-Cap 5.6%** | **Small-Cap 5.6%** | **Small-Cap 5.6%** | **Small-Cap 5.6%** |
| Schwab Small-Cap Equity Fund  | 12262731 | 2761268 |  |  | 112511 | 15136510 | 698501 | 1561268 |
|  |  |  |  |  |  | 130598754 |  |  |
| **International Stocks 25.1%** | **International Stocks 25.1%** | **International Stocks 25.1%** | **International Stocks 25.1%** | **International Stocks 25.1%** | **International Stocks 25.1%** | **International Stocks 25.1%** | **International Stocks 25.1%** | **International Stocks 25.1%** |
| **Developed Markets 25.1%** | **Developed Markets 25.1%** | **Developed Markets 25.1%** | **Developed Markets 25.1%** | **Developed Markets 25.1%** | **Developed Markets 25.1%** | **Developed Markets 25.1%** | **Developed Markets 25.1%** | **Developed Markets 25.1%** |
| Schwab Fundamental International <br> Equity Index Fund <br>| 2603907 | 376559 | (300000)<br>| 62381 | 662498 | 3405345 | 246764 | 87656 |
| Schwab International Core Equity Fund  | 21520513 | 1583276 | (1270000)<br>| 152171 | 5618644 | 27604604 | 1819684 | 546200 |
| Schwab International Opportunities Fund  | 29016103 | 2803324 | (990000)<br>| (119265)<br>| 6912345 | 37622507 | 1493549 | 591359 |
|  |  |  |  |  |  | 68632456 |  |  |
| **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** |
| **Global Real Estate 5.0%** | **Global Real Estate 5.0%** | **Global Real Estate 5.0%** | **Global Real Estate 5.0%** | **Global Real Estate 5.0%** | **Global Real Estate 5.0%** | **Global Real Estate 5.0%** | **Global Real Estate 5.0%** | **Global Real Estate 5.0%** |
| Schwab Global Real Estate Fund  | 13757121 | 429834 | (740936)<br>| (192223)<br>| 337508 | 13591304 | 2040736 | 429834 |
| **Fixed Income 2.3%** | **Fixed Income 2.3%** | **Fixed Income 2.3%** | **Fixed Income 2.3%** | **Fixed Income 2.3%** | **Fixed Income 2.3%** | **Fixed Income 2.3%** | **Fixed Income 2.3%** | **Fixed Income 2.3%** |
| **Intermediate-Term Bond 1.8%** | **Intermediate-Term Bond 1.8%** | **Intermediate-Term Bond 1.8%** | **Intermediate-Term Bond 1.8%** | **Intermediate-Term Bond 1.8%** | **Intermediate-Term Bond 1.8%** | **Intermediate-Term Bond 1.8%** | **Intermediate-Term Bond 1.8%** | **Intermediate-Term Bond 1.8%** |
| Schwab U.S. Aggregate Bond Index Fund  | 3626686 | 1715018 | (490000)<br>| (84057)<br>| 171649 | 4939296 | 545176 | 174010 |
| **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** |
| Schwab Short-Term Bond Index Fund  | 1417855 | 60027 |  |  | 18134 | 1496016 | 154388 | 59692 |
|  |  |  |  |  |  | 6435312 |  |  |
| **Total Affiliated Underlying Funds** <br>**(Cost $151,750,368)**<br>| **$177537483** | **$16227290** | **($3990936)**<br>| **($177025)**<br>| **$29661014** | **$219257826** |  | **$6848004** |
| **UNAFFILIATED UNDERLYING FUNDS** 19.3% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.3% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.3% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.3% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.3% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.3% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.3% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.3% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.3% OF NET ASSETS |
| **U.S. Stocks 10.3%** | **U.S. Stocks 10.3%** | **U.S. Stocks 10.3%** | **U.S. Stocks 10.3%** | **U.S. Stocks 10.3%** | **U.S. Stocks 10.3%** | **U.S. Stocks 10.3%** | **U.S. Stocks 10.3%** | **U.S. Stocks 10.3%** |
| **Large-Cap 8.5%** | **Large-Cap 8.5%** | **Large-Cap 8.5%** | **Large-Cap 8.5%** | **Large-Cap 8.5%** | **Large-Cap 8.5%** | **Large-Cap 8.5%** | **Large-Cap 8.5%** | **Large-Cap 8.5%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $16279297 | 941000 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 6872642 | 82853 |  |
|  |  |  |  |  |  | 23151939 |  |  |
| **Small-Cap 1.8%** | **Small-Cap 1.8%** | **Small-Cap 1.8%** | **Small-Cap 1.8%** | **Small-Cap 1.8%** | **Small-Cap 1.8%** | **Small-Cap 1.8%** | **Small-Cap 1.8%** | **Small-Cap 1.8%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | 4928997 | 177494 |  |
|  |  |  |  |  |  | 28080936 |  |  |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**85**

------

Schwab Target 2055 Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **International Stocks 5.5%** | **International Stocks 5.5%** | **International Stocks 5.5%** | **International Stocks 5.5%** | **International Stocks 5.5%** | **International Stocks 5.5%** | **International Stocks 5.5%** | **International Stocks 5.5%** | **International Stocks 5.5%** |
| **Emerging Markets 5.5%** | **Emerging Markets 5.5%** | **Emerging Markets 5.5%** | **Emerging Markets 5.5%** | **Emerging Markets 5.5%** | **Emerging Markets 5.5%** | **Emerging Markets 5.5%** | **Emerging Markets 5.5%** | **Emerging Markets 5.5%** |
| Goldman Sachs Emerging Markets Equity <br> Insights Fund, Institutional Class <br>|  |  |  |  |  | $14925446 | 1311551 |  |
| **Fixed Income 3.5%** | **Fixed Income 3.5%** | **Fixed Income 3.5%** | **Fixed Income 3.5%** | **Fixed Income 3.5%** | **Fixed Income 3.5%** | **Fixed Income 3.5%** | **Fixed Income 3.5%** | **Fixed Income 3.5%** |
| **Intermediate-Term Bond 2.6%** | **Intermediate-Term Bond 2.6%** | **Intermediate-Term Bond 2.6%** | **Intermediate-Term Bond 2.6%** | **Intermediate-Term Bond 2.6%** | **Intermediate-Term Bond 2.6%** | **Intermediate-Term Bond 2.6%** | **Intermediate-Term Bond 2.6%** | **Intermediate-Term Bond 2.6%** |
| Allspring Core Plus Bond Fund, Class R6  |  |  |  |  |  | 1937033 | 169915 |  |
| Baird Aggregate Bond Fund, Institutional <br> Class <br>|  |  |  |  |  | 679418 | 68010 |  |
| Loomis Sayles Investment Grade Bond <br> Fund, Class Y <br>|  |  |  |  |  | 4637415 | 466072 |  |
|  |  |  |  |  |  | 7253866 |  |  |
| **International Bond 0.9%** | **International Bond 0.9%** | **International Bond 0.9%** | **International Bond 0.9%** | **International Bond 0.9%** | **International Bond 0.9%** | **International Bond 0.9%** | **International Bond 0.9%** | **International Bond 0.9%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional <br> Class <br>|  |  |  |  |  | 2444294 | 244185 |  |
|  |  |  |  |  |  | 9698160 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $43,975,404)**<br>|  |  |  |  |  | **$52704542** |  |  |
| **Total Investments in Securities** <br>**(Cost $195,725,772)**<br>|  |  |  |  |  | **$271962368** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

At October 31, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional

information).

*See financial notes*

**86**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2055 Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $151,750,368)  |  | $219257826 |
| Investments in securities, at value - unaffiliated issuers (cost $43,975,404) |  | 52704542 |
| Cash |  | 2150901 |
| Receivables: |  |  |
| Fund shares sold |  | 38313 |
| Dividends |  | 28499 |
| Due from investment adviser |  | 10660 |
| Prepaid expenses | + | 6944 |
| **Total assets** |  | **274197685** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 429842 |
| Fund shares redeemed |  | 329437 |
| Independent trustees' fees |  | 33 |
| Accrued expenses | + | 37575 |
| **Total liabilities** |  | **796887** |
| **Net assets** |  | **$273400798** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $190598154 |
| Total distributable earnings | + | 82802644 |
| **Net assets** |  | **$273400798** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $273400798 |  | &nbsp;&nbsp;&nbsp;&nbsp; 13422734 |  | &nbsp;&nbsp;&nbsp;&nbsp; $20.37 |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**87**

------

Schwab Target 2055 Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $2814186 |
| Dividends received from securities - unaffiliated issuers  |  | 762113 |
| Other Interest | + | 30233 |
| **Total investment income**  |  | **3606532** |
| **Expenses** | **Expenses** | **Expenses** |
| Portfolio accounting fees |  | 27802 |
| Professional fees |  | 26806 |
| Registration fees |  | 25668 |
| Shareholder reports |  | 8433 |
| Independent trustees' fees |  | 6490 |
| Transfer agent fees  |  | 3216 |
| Other expenses | + | 5465 |
| **Total expenses** |  | **103880** |
| Expense reduction | – | 103880 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **3606532** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 4033818 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 1306862 |
| Net realized losses on sales of securities - affiliated issuers  |  | (177025)<br>|
| Net realized gains on sales of securities - unaffiliated issuers  | + | 2580667 |
| **Net realized gains** |  | **7744322** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 29661014 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | 3070415 |
| **Net change in unrealized appreciation (depreciation)** |  | **32731429** |
| **Net realized and unrealized gains** |  | **40475751** |
| **Increase in net assets resulting from operations** |  | **$44082283** |

---

*See financial notes*

**88**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2055 Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $3606532 | &nbsp;&nbsp;&nbsp; $3352368 |
| Net realized gains |  | 7744322 | &nbsp;&nbsp;&nbsp; 3271291 |
| Net change in unrealized appreciation (depreciation) | + | 32731429 | &nbsp;&nbsp;&nbsp; 43197562 |
| **Increase in net assets resulting from operations** |  | **$44082283** | &nbsp;&nbsp;&nbsp; **$49821221** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($7485566)**<br>| &nbsp;&nbsp;&nbsp; **($6096130)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 2322442 | &nbsp;&nbsp;&nbsp; $42373615 | &nbsp;&nbsp;&nbsp; 2501248 | &nbsp;&nbsp;&nbsp; $41010551 |
| Shares reinvested |  | 426108 | &nbsp;&nbsp;&nbsp; 7324800 | &nbsp;&nbsp;&nbsp; 381713 | &nbsp;&nbsp;&nbsp; 5958540 |
| Shares redeemed | + | (1841368)<br>| &nbsp;&nbsp;&nbsp; (33654855)<br>| &nbsp;&nbsp;&nbsp; (1910034)<br>| &nbsp;&nbsp;&nbsp; (31587248)<br>|
| **Net transactions in fund shares**  |  | **907182** | &nbsp;&nbsp;&nbsp; **$16043560** | &nbsp;&nbsp;&nbsp; **972927** | &nbsp;&nbsp;&nbsp; **$15381843** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 12515552 | &nbsp;&nbsp;&nbsp; $220760521 | &nbsp;&nbsp;&nbsp; 11542625 | &nbsp;&nbsp;&nbsp; $161653587 |
| Total increase | + | 907182 | &nbsp;&nbsp;&nbsp; 52640277 | &nbsp;&nbsp;&nbsp; 972927 | &nbsp;&nbsp;&nbsp; 59106934 |
| **End of period** |  | **13422734** | &nbsp;&nbsp;&nbsp; **$273400798** | &nbsp;&nbsp;&nbsp; **12515552** | &nbsp;&nbsp;&nbsp; **$220760521** |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**89**

------

Schwab Target 2060 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $15.90 | &nbsp;&nbsp; $12.58 | &nbsp;&nbsp; $12.26 | &nbsp;&nbsp; $16.42 | &nbsp;&nbsp; $12.21 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.23 | 0.23 | 0.20 | 0.19 | 0.12 |
| Net realized and unrealized gains (losses) | 2.84 | 3.55 | 0.85 | &nbsp;&nbsp; (3.61)<br>| 4.34 |
| Total from investment operations | 3.07 | 3.78 | 1.05 | &nbsp;&nbsp; (3.42)<br>| 4.46 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.13)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.12)<br>|
| Total distributions | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.25)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $18.49 | &nbsp;&nbsp; $15.90 | &nbsp;&nbsp; $12.58 | &nbsp;&nbsp; $12.26 | &nbsp;&nbsp; $16.42 |
| Total return | 19.90<br> %<br>| 30.55<br> %<br>| 8.82<br> %<br>| &nbsp;&nbsp; (21.88<br> %)<br>| 36.89<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses<sup>2</sup> <br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>3</sup><br>| 0.00<br> %<br>|
| Total expenses<sup>2</sup> <br>| 0.09<br> %<br>| 0.10<br> %<br>| 0.15<br> %<br>| 0.20 %<sup>3</sup><br>| 0.22<br> %<br>|
| Net investment income (loss) | 1.40<br> %<br>| 1.54<br> %<br>| 1.51<br> %<br>| 1.35<br> %<br>| 0.80<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 11<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $120 | &nbsp;&nbsp; $87 | &nbsp;&nbsp; $54 | &nbsp;&nbsp; $40 | &nbsp;&nbsp; $40 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**90**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2060 Fund

Portfolio Holdings as of October 31, 2025

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 80.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.1% OF NET ASSETS |
| **U.S. Stocks 47.7%** | **U.S. Stocks 47.7%** | **U.S. Stocks 47.7%** | **U.S. Stocks 47.7%** | **U.S. Stocks 47.7%** | **U.S. Stocks 47.7%** | **U.S. Stocks 47.7%** | **U.S. Stocks 47.7%** | **U.S. Stocks 47.7%** |
| **Large-Cap 40.2%** | **Large-Cap 40.2%** | **Large-Cap 40.2%** | **Large-Cap 40.2%** | **Large-Cap 40.2%** | **Large-Cap 40.2%** | **Large-Cap 40.2%** | **Large-Cap 40.2%** | **Large-Cap 40.2%** |
| Schwab Core Equity Fund  | $4156013 | $972260 | $— | $— | $426791 | $5555064 | 210499 | $332260 |
| Schwab Fundamental U.S. Large Company <br> Index Fund <br>| 5102473 | 1270077 | (100000)<br>| 1157 | 768482 | 7042189 | 222151 | 90077 |
| Schwab S&P 500 Index Fund  | 17341443 | 2767690 | (150000)<br>| 1624 | 3820583 | 23781340 | 1345098 | 217690 |
| Schwab Select Large Cap Growth Fund \* | 8703170 | 1588027 |  |  | 1750232 | 12041429 | 394026 | 683027 |
|  |  |  |  |  |  | 48420022 |  |  |
| **Mid-Cap 2.0%** | **Mid-Cap 2.0%** | **Mid-Cap 2.0%** | **Mid-Cap 2.0%** | **Mid-Cap 2.0%** | **Mid-Cap 2.0%** | **Mid-Cap 2.0%** | **Mid-Cap 2.0%** | **Mid-Cap 2.0%** |
| Schwab U.S. Mid-Cap Index Fund  | 1789560 | 420948 |  |  | 152393 | 2362901 | 162510 | 45948 |
| **Small-Cap 5.5%** | **Small-Cap 5.5%** | **Small-Cap 5.5%** | **Small-Cap 5.5%** | **Small-Cap 5.5%** | **Small-Cap 5.5%** | **Small-Cap 5.5%** | **Small-Cap 5.5%** | **Small-Cap 5.5%** |
| Schwab Small-Cap Equity Fund  | 5053176 | 1450675 |  |  | 159875 | 6663726 | 307509 | 640675 |
|  |  |  |  |  |  | 57446649 |  |  |
| **International Stocks 25.4%** | **International Stocks 25.4%** | **International Stocks 25.4%** | **International Stocks 25.4%** | **International Stocks 25.4%** | **International Stocks 25.4%** | **International Stocks 25.4%** | **International Stocks 25.4%** | **International Stocks 25.4%** |
| **Developed Markets 25.4%** | **Developed Markets 25.4%** | **Developed Markets 25.4%** | **Developed Markets 25.4%** | **Developed Markets 25.4%** | **Developed Markets 25.4%** | **Developed Markets 25.4%** | **Developed Markets 25.4%** | **Developed Markets 25.4%** |
| Schwab Fundamental International Equity <br> Index Fund <br>| 1050106 | 205350 |  |  | 321984 | 1577440 | 114307 | 35350 |
| Schwab International Core Equity Fund  | 8604440 | 1363356 | (90000)<br>| (211)<br>| 2478786 | 12356371 | 814527 | 223356 |
| Schwab International Opportunities Fund  | 11601757 | 2199122 | (100000)<br>| (27092)<br>| 2916600 | 16590387 | 658610 | 244122 |
|  |  |  |  |  |  | 30524198 |  |  |
| **Real Estate 5.1%** | **Real Estate 5.1%** | **Real Estate 5.1%** | **Real Estate 5.1%** | **Real Estate 5.1%** | **Real Estate 5.1%** | **Real Estate 5.1%** | **Real Estate 5.1%** | **Real Estate 5.1%** |
| **Global Real Estate 5.1%** | **Global Real Estate 5.1%** | **Global Real Estate 5.1%** | **Global Real Estate 5.1%** | **Global Real Estate 5.1%** | **Global Real Estate 5.1%** | **Global Real Estate 5.1%** | **Global Real Estate 5.1%** | **Global Real Estate 5.1%** |
| Schwab Global Real Estate Fund  | 5442748 | 767548 | (100000)<br>| (23557)<br>| 88739 | 6175478 | 927249 | 177548 |
| **Fixed Income 1.9%** | **Fixed Income 1.9%** | **Fixed Income 1.9%** | **Fixed Income 1.9%** | **Fixed Income 1.9%** | **Fixed Income 1.9%** | **Fixed Income 1.9%** | **Fixed Income 1.9%** | **Fixed Income 1.9%** |
| **Intermediate-Term Bond 1.4%** | **Intermediate-Term Bond 1.4%** | **Intermediate-Term Bond 1.4%** | **Intermediate-Term Bond 1.4%** | **Intermediate-Term Bond 1.4%** | **Intermediate-Term Bond 1.4%** | **Intermediate-Term Bond 1.4%** | **Intermediate-Term Bond 1.4%** | **Intermediate-Term Bond 1.4%** |
| Schwab U.S. Aggregate Bond Index Fund  | 866281 | 991076 | (189999)<br>| (18013)<br>| 47072 | 1696417 | 187243 | 50699 |
| **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** |
| Schwab Short-Term Bond Index Fund  | 427306 | 149755 |  |  | 5643 | 582704 | 60135 | 19625 |
|  |  |  |  |  |  | 2279121 |  |  |
| **Total Affiliated Underlying Funds** <br>**(Cost $71,574,492)**<br>| **$70138473** | **$14145884** | **($729999)**<br>| **($66092)**<br>| **$12937180** | **$96425446** |  | **$2760377** |
| **UNAFFILIATED UNDERLYING FUNDS** 19.3% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.3% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.3% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.3% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.3% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.3% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.3% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.3% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.3% OF NET ASSETS |
| **U.S. Stocks 10.9%** | **U.S. Stocks 10.9%** | **U.S. Stocks 10.9%** | **U.S. Stocks 10.9%** | **U.S. Stocks 10.9%** | **U.S. Stocks 10.9%** | **U.S. Stocks 10.9%** | **U.S. Stocks 10.9%** | **U.S. Stocks 10.9%** |
| **Large-Cap 8.7%** | **Large-Cap 8.7%** | **Large-Cap 8.7%** | **Large-Cap 8.7%** | **Large-Cap 8.7%** | **Large-Cap 8.7%** | **Large-Cap 8.7%** | **Large-Cap 8.7%** | **Large-Cap 8.7%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $7355622 | 425180 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 3169701 | 38212 |  |
|  |  |  |  |  |  | 10525323 |  |  |
| **Small-Cap 2.2%** | **Small-Cap 2.2%** | **Small-Cap 2.2%** | **Small-Cap 2.2%** | **Small-Cap 2.2%** | **Small-Cap 2.2%** | **Small-Cap 2.2%** | **Small-Cap 2.2%** | **Small-Cap 2.2%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | 2596264 | 93492 |  |
|  |  |  |  |  |  | 13121587 |  |  |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**91**

------

Schwab Target 2060 Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **International Stocks 5.9%** | **International Stocks 5.9%** | **International Stocks 5.9%** | **International Stocks 5.9%** | **International Stocks 5.9%** | **International Stocks 5.9%** | **International Stocks 5.9%** | **International Stocks 5.9%** | **International Stocks 5.9%** |
| **Emerging Markets 5.9%** | **Emerging Markets 5.9%** | **Emerging Markets 5.9%** | **Emerging Markets 5.9%** | **Emerging Markets 5.9%** | **Emerging Markets 5.9%** | **Emerging Markets 5.9%** | **Emerging Markets 5.9%** | **Emerging Markets 5.9%** |
| Goldman Sachs Emerging Markets Equity <br> Insights Fund, Institutional Class <br>|  |  |  |  |  | $7109292 | 624718 |  |
| **Fixed Income 2.5%** | **Fixed Income 2.5%** | **Fixed Income 2.5%** | **Fixed Income 2.5%** | **Fixed Income 2.5%** | **Fixed Income 2.5%** | **Fixed Income 2.5%** | **Fixed Income 2.5%** | **Fixed Income 2.5%** |
| **Intermediate-Term Bond 1.8%** | **Intermediate-Term Bond 1.8%** | **Intermediate-Term Bond 1.8%** | **Intermediate-Term Bond 1.8%** | **Intermediate-Term Bond 1.8%** | **Intermediate-Term Bond 1.8%** | **Intermediate-Term Bond 1.8%** | **Intermediate-Term Bond 1.8%** | **Intermediate-Term Bond 1.8%** |
| Allspring Core Plus Bond Fund, Class R6  |  |  |  |  |  | 523424 | 45914 |  |
| Loomis Sayles Investment Grade Bond <br> Fund, Class Y <br>|  |  |  |  |  | 1664412 | 167278 |  |
|  |  |  |  |  |  | 2187836 |  |  |
| **International Bond 0.7%** | **International Bond 0.7%** | **International Bond 0.7%** | **International Bond 0.7%** | **International Bond 0.7%** | **International Bond 0.7%** | **International Bond 0.7%** | **International Bond 0.7%** | **International Bond 0.7%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional <br> Class <br>|  |  |  |  |  | 880372 | 87949 |  |
|  |  |  |  |  |  | 3068208 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $19,475,964)**<br>|  |  |  |  |  | **$23299087** |  |  |
| **Total Investments in Securities** <br>**(Cost $91,050,456)**<br>|  |  |  |  |  | **$119724533** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

At October 31, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional

information).

*See financial notes*

**92**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2060 Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $71,574,492)  |  | $96425446 |
| Investments in securities, at value - unaffiliated issuers (cost $19,475,964) |  | 23299087 |
| Cash |  | 906278 |
| Receivables: |  |  |
| Fund shares sold |  | 48576 |
| Dividends |  | 9817 |
| Due from investment adviser |  | 8611 |
| Prepaid expenses | + | 12503 |
| **Total assets** |  | **120710318** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 260325 |
| Fund shares redeemed |  | 21199 |
| Independent trustees' fees |  | 32 |
| Accrued expenses | + | 33565 |
| **Total liabilities** |  | **315121** |
| **Net assets** |  | **$120395197** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $90050927 |
| Total distributable earnings | + | 30344270 |
| **Net assets** |  | **$120395197** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $120395197 |  | &nbsp;&nbsp;&nbsp;&nbsp; 6511745 |  | &nbsp;&nbsp;&nbsp;&nbsp; $18.49 |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**93**

------

Schwab Target 2060 Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $1115612 |
| Dividends received from securities - unaffiliated issuers  |  | 268613 |
| Other Interest | + | 12812 |
| **Total investment income**  |  | **1397037** |
| **Expenses** | **Expenses** | **Expenses** |
| Registration fees |  | 27002 |
| Professional fees |  | 26644 |
| Portfolio accounting fees |  | 11913 |
| Shareholder reports |  | 7753 |
| Independent trustees' fees |  | 6270 |
| Transfer agent fees  |  | 1124 |
| Other expenses | + | 4872 |
| **Total expenses** |  | **85578** |
| Expense reduction | – | 85578 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **1397037** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 1644765 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 523116 |
| Net realized losses on sales of securities - affiliated issuers  |  | (66092)<br>|
| Net realized gains on sales of securities - unaffiliated issuers  | + | 749614 |
| **Net realized gains** |  | **2851403** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 12937180 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | 1890188 |
| **Net change in unrealized appreciation (depreciation)** |  | **14827368** |
| **Net realized and unrealized gains** |  | **17678771** |
| **Increase in net assets resulting from operations** |  | **$19075808** |

---

*See financial notes*

**94**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2060 Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $1397037 | &nbsp;&nbsp;&nbsp; $1124550 |
| Net realized gains |  | 2851403 | &nbsp;&nbsp;&nbsp; 1096520 |
| Net change in unrealized appreciation (depreciation) | + | 14827368 | &nbsp;&nbsp;&nbsp; 15325826 |
| **Increase in net assets resulting from operations** |  | **$19075808** | &nbsp;&nbsp;&nbsp; **$17546896** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($2690018)**<br>| &nbsp;&nbsp;&nbsp; **($2026592)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 1559877 | &nbsp;&nbsp;&nbsp; $25742028 | &nbsp;&nbsp;&nbsp; 1714423 | &nbsp;&nbsp;&nbsp; $25575817 |
| Shares reinvested |  | 166344 | &nbsp;&nbsp;&nbsp; 2584990 | &nbsp;&nbsp;&nbsp; 141021 | &nbsp;&nbsp;&nbsp; 1978525 |
| Shares redeemed | + | (656085)<br>| &nbsp;&nbsp;&nbsp; (10829571)<br>| &nbsp;&nbsp;&nbsp; (728522)<br>| &nbsp;&nbsp;&nbsp; (10823838)<br>|
| **Net transactions in fund shares**  |  | **1070136** | &nbsp;&nbsp;&nbsp; **$17497447** | &nbsp;&nbsp;&nbsp; **1126922** | &nbsp;&nbsp;&nbsp; **$16730504** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 5441609 | &nbsp;&nbsp;&nbsp; $86511960 | &nbsp;&nbsp;&nbsp; 4314687 | &nbsp;&nbsp;&nbsp; $54261152 |
| Total increase | + | 1070136 | &nbsp;&nbsp;&nbsp; 33883237 | &nbsp;&nbsp;&nbsp; 1126922 | &nbsp;&nbsp;&nbsp; 32250808 |
| **End of period** |  | **6511745** | &nbsp;&nbsp;&nbsp; **$120395197** | &nbsp;&nbsp;&nbsp; **5441609** | &nbsp;&nbsp;&nbsp; **$86511960** |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**95**

------

Schwab Target 2065 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 2/26/21<sup>1</sup>– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $11.32 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $8.63 | &nbsp;&nbsp; $11.33 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.15 | 0.15 | 0.12 | 0.11 | 0.03 |
| Net realized and unrealized gains (losses) | 2.06 | 2.56 | 0.61 | &nbsp;&nbsp; (2.51)<br>| 1.30 |
| Total from investment operations | 2.21 | 2.71 | 0.73 | &nbsp;&nbsp; (2.40)<br>| 1.33 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — |
| Distributions from net realized gains  | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — |
| Net asset value at end of period | &nbsp;&nbsp; $13.21 | &nbsp;&nbsp; $11.32 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $8.63 | &nbsp;&nbsp; $11.33 |
| Total return | 20.09<br> %<br>| 30.80<br> %<br>| 8.75<br> %<br>| &nbsp;&nbsp; (21.78<br> %)<br>| 13.30 %<sup>3</sup><br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>5</sup><br>| 0.00 %<sup>6</sup><br>|
| Total expenses<sup>4</sup> <br>| 0.26<br> %<br>| 0.34<br> %<br>| 0.70<br> %<br>| 1.10 %<sup>5</sup><br>| 1.90 %<sup>6</sup><br>|
| Net investment income (loss) | 1.28<br> %<br>| 1.41<br> %<br>| 1.32<br> %<br>| 1.17<br> %<br>| 0.35 %<sup>6</sup><br>|
| Portfolio turnover rate | &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 34 %<sup>3</sup><br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $40 | &nbsp;&nbsp; $24 | &nbsp;&nbsp; $12 | &nbsp;&nbsp; $7 | &nbsp;&nbsp; $4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Commencement of operations.

<sup>2</sup> Calculated based on the average shares outstanding during the period.

<sup>3</sup> Not annualized.

<sup>4</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>5</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>6</sup> Annualized.

*See financial notes*

**96**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2065 Fund

Portfolio Holdings as of October 31, 2025

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 81.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 81.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 81.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 81.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 81.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 81.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 81.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 81.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 81.0% OF NET ASSETS |
| **U.S. Stocks 48.4%** | **U.S. Stocks 48.4%** | **U.S. Stocks 48.4%** | **U.S. Stocks 48.4%** | **U.S. Stocks 48.4%** | **U.S. Stocks 48.4%** | **U.S. Stocks 48.4%** | **U.S. Stocks 48.4%** | **U.S. Stocks 48.4%** |
| **Large-Cap 40.5%** | **Large-Cap 40.5%** | **Large-Cap 40.5%** | **Large-Cap 40.5%** | **Large-Cap 40.5%** | **Large-Cap 40.5%** | **Large-Cap 40.5%** | **Large-Cap 40.5%** | **Large-Cap 40.5%** |
| Schwab Core Equity Fund  | $1161136 | $533829 | $— | $— | $165044 | $1860009 | 70482 | $92829 |
| Schwab Fundamental U.S. Large Company <br> Index Fund <br>| 1434240 | 756833 |  |  | 259454 | 2450527 | 77304 | 25833 |
| Schwab S&P 500 Index Fund  | 4768359 | 2028346 | (100000)<br>| 2691 | 1222413 | 7921809 | 448066 | 60346 |
| Schwab Select Large Cap Growth Fund \* | 2535019 | 903980 |  |  | 594615 | 4033614 | 131990 | 201979 |
|  |  |  |  |  |  | 16265959 |  |  |
| **Mid-Cap 2.0%** | **Mid-Cap 2.0%** | **Mid-Cap 2.0%** | **Mid-Cap 2.0%** | **Mid-Cap 2.0%** | **Mid-Cap 2.0%** | **Mid-Cap 2.0%** | **Mid-Cap 2.0%** | **Mid-Cap 2.0%** |
| Schwab U.S. Mid-Cap Index Fund  | 487095 | 248547 |  |  | 51317 | 786959 | 54124 | 13248 |
| **Small-Cap 5.9%** | **Small-Cap 5.9%** | **Small-Cap 5.9%** | **Small-Cap 5.9%** | **Small-Cap 5.9%** | **Small-Cap 5.9%** | **Small-Cap 5.9%** | **Small-Cap 5.9%** | **Small-Cap 5.9%** |
| Schwab Small-Cap Equity Fund  | 1425058 | 831106 |  |  | 112228 | 2368392 | 109294 | 182106 |
|  |  |  |  |  |  | 19421310 |  |  |
| **International Stocks 26.1%** | **International Stocks 26.1%** | **International Stocks 26.1%** | **International Stocks 26.1%** | **International Stocks 26.1%** | **International Stocks 26.1%** | **International Stocks 26.1%** | **International Stocks 26.1%** | **International Stocks 26.1%** |
| **Developed Markets 26.1%** | **Developed Markets 26.1%** | **Developed Markets 26.1%** | **Developed Markets 26.1%** | **Developed Markets 26.1%** | **Developed Markets 26.1%** | **Developed Markets 26.1%** | **Developed Markets 26.1%** | **Developed Markets 26.1%** |
| Schwab Fundamental International Equity <br> Index Fund <br>| 311206 | 112476 |  |  | 95383 | 519065 | 37613 | 10476 |
| Schwab International Core Equity Fund  | 2381005 | 1158392 |  |  | 759114 | 4298511 | 283356 | 65392 |
| Schwab International Opportunities Fund  | 3257257 | 1483740 |  |  | 910508 | 5651505 | 224355 | 70739 |
|  |  |  |  |  |  | 10469081 |  |  |
| **Real Estate 5.4%** | **Real Estate 5.4%** | **Real Estate 5.4%** | **Real Estate 5.4%** | **Real Estate 5.4%** | **Real Estate 5.4%** | **Real Estate 5.4%** | **Real Estate 5.4%** | **Real Estate 5.4%** |
| **Global Real Estate 5.4%** | **Global Real Estate 5.4%** | **Global Real Estate 5.4%** | **Global Real Estate 5.4%** | **Global Real Estate 5.4%** | **Global Real Estate 5.4%** | **Global Real Estate 5.4%** | **Global Real Estate 5.4%** | **Global Real Estate 5.4%** |
| Schwab Global Real Estate Fund  | 1492553 | 620116 |  |  | 26705 | 2139374 | 321227 | 55117 |
| **Fixed Income 1.1%** | **Fixed Income 1.1%** | **Fixed Income 1.1%** | **Fixed Income 1.1%** | **Fixed Income 1.1%** | **Fixed Income 1.1%** | **Fixed Income 1.1%** | **Fixed Income 1.1%** | **Fixed Income 1.1%** |
| **Intermediate-Term Bond 0.6%** | **Intermediate-Term Bond 0.6%** | **Intermediate-Term Bond 0.6%** | **Intermediate-Term Bond 0.6%** | **Intermediate-Term Bond 0.6%** | **Intermediate-Term Bond 0.6%** | **Intermediate-Term Bond 0.6%** | **Intermediate-Term Bond 0.6%** | **Intermediate-Term Bond 0.6%** |
| Schwab U.S. Aggregate Bond Index Fund  | 70533 | 328728 | (170000)<br>| 2215 | 350 | 231826 | 25588 | 3677 |
| **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** |
| Schwab Short-Term Bond Index Fund  | 110755 | 97950 |  |  | 1784 | 210489 | 21722 | 5902 |
|  |  |  |  |  |  | 442315 |  |  |
| **Total Affiliated Underlying Funds** <br>**(Cost $25,862,812)**<br>| **$19434216** | **$9104043** | **($270000)**<br>| **$4906** | **$4198915** | **$32472080** |  | **$787644** |
| **UNAFFILIATED UNDERLYING FUNDS** 18.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.5% OF NET ASSETS |
| **U.S. Stocks 10.9%** | **U.S. Stocks 10.9%** | **U.S. Stocks 10.9%** | **U.S. Stocks 10.9%** | **U.S. Stocks 10.9%** | **U.S. Stocks 10.9%** | **U.S. Stocks 10.9%** | **U.S. Stocks 10.9%** | **U.S. Stocks 10.9%** |
| **Large-Cap 8.9%** | **Large-Cap 8.9%** | **Large-Cap 8.9%** | **Large-Cap 8.9%** | **Large-Cap 8.9%** | **Large-Cap 8.9%** | **Large-Cap 8.9%** | **Large-Cap 8.9%** | **Large-Cap 8.9%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $2527618 | 146105 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 1028301 | 12397 |  |
|  |  |  |  |  |  | 3555919 |  |  |
| **Small-Cap 2.0%** | **Small-Cap 2.0%** | **Small-Cap 2.0%** | **Small-Cap 2.0%** | **Small-Cap 2.0%** | **Small-Cap 2.0%** | **Small-Cap 2.0%** | **Small-Cap 2.0%** | **Small-Cap 2.0%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | 814467 | 29329 |  |
|  |  |  |  |  |  | 4370386 |  |  |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**97**

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Schwab Target 2065 Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **International Stocks 6.3%** | **International Stocks 6.3%** | **International Stocks 6.3%** | **International Stocks 6.3%** | **International Stocks 6.3%** | **International Stocks 6.3%** | **International Stocks 6.3%** | **International Stocks 6.3%** | **International Stocks 6.3%** |
| **Emerging Markets 6.3%** | **Emerging Markets 6.3%** | **Emerging Markets 6.3%** | **Emerging Markets 6.3%** | **Emerging Markets 6.3%** | **Emerging Markets 6.3%** | **Emerging Markets 6.3%** | **Emerging Markets 6.3%** | **Emerging Markets 6.3%** |
| Goldman Sachs Emerging Markets Equity <br> Insights Fund, Institutional Class <br>|  |  |  |  |  | $2520740 | 221506 |  |
| **Fixed Income 1.3%** | **Fixed Income 1.3%** | **Fixed Income 1.3%** | **Fixed Income 1.3%** | **Fixed Income 1.3%** | **Fixed Income 1.3%** | **Fixed Income 1.3%** | **Fixed Income 1.3%** | **Fixed Income 1.3%** |
| **Intermediate-Term Bond 0.9%** | **Intermediate-Term Bond 0.9%** | **Intermediate-Term Bond 0.9%** | **Intermediate-Term Bond 0.9%** | **Intermediate-Term Bond 0.9%** | **Intermediate-Term Bond 0.9%** | **Intermediate-Term Bond 0.9%** | **Intermediate-Term Bond 0.9%** | **Intermediate-Term Bond 0.9%** |
| Loomis Sayles Investment Grade Bond Fund, <br> Class Y <br>|  |  |  |  |  | 354794 | 35658 |  |
| **International Bond 0.4%** | **International Bond 0.4%** | **International Bond 0.4%** | **International Bond 0.4%** | **International Bond 0.4%** | **International Bond 0.4%** | **International Bond 0.4%** | **International Bond 0.4%** | **International Bond 0.4%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional Class <br>|  |  |  |  |  | 178824 | 17865 |  |
|  |  |  |  |  |  | 533618 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $6,283,467)**<br>|  |  |  |  |  | **$7424744** |  |  |
| **Total Investments in Securities** <br>**(Cost $32,146,279)**<br>|  |  |  |  |  | **$39896824** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

At October 31, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional

information).

*See financial notes*

**98**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

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Schwab Target 2065 Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $25,862,812)  |  | $32472080 |
| Investments in securities, at value - unaffiliated issuers (cost $6,283,467) |  | 7424744 |
| Cash |  | 401660 |
| Receivables: |  |  |
| Fund shares sold |  | 13986 |
| Due from investment adviser |  | 8530 |
| Dividends |  | 1895 |
| Prepaid expenses | + | 6849 |
| **Total assets** |  | **40329744** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 181994 |
| Fund shares redeemed |  | 11185 |
| Independent trustees' fees |  | 31 |
| Accrued expenses | + | 30441 |
| **Total liabilities** |  | **223651** |
| **Net assets** |  | **$40106093** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $32026332 |
| Total distributable earnings | + | 8079761 |
| **Net assets** |  | **$40106093** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $40106093 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3034914 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.21 |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**99**

------

Schwab Target 2065 Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $313732 |
| Dividends received from securities - unaffiliated issuers  |  | 68815 |
| Other Interest | + | 4116 |
| **Total investment income**  |  | **386663** |
| **Expenses** | **Expenses** | **Expenses** |
| Professional fees |  | 26557 |
| Registration fees |  | 21726 |
| Portfolio accounting fees |  | 11537 |
| Independent trustees' fees |  | 6163 |
| Shareholder reports |  | 5740 |
| Transfer agent fees  |  | 860 |
| Custodian fees |  | 165 |
| Other expenses | + | 4599 |
| **Total expenses** |  | **77347** |
| Expense reduction | – | 77347 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **386663** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 473912 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 141053 |
| Net realized gains on sales of securities - affiliated issuers  |  | 4906 |
| Net realized gains on sales of securities - unaffiliated issuers  | + | 124083 |
| **Net realized gains** |  | **743954** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 4198915 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | 762649 |
| **Net change in unrealized appreciation (depreciation)** |  | **4961564** |
| **Net realized and unrealized gains** |  | **5705518** |
| **Increase in net assets resulting from operations** |  | **$6092181** |

---

*See financial notes*

**100**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Target 2065 Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $386663 | &nbsp;&nbsp;&nbsp; $269915 |
| Net realized gains |  | 743954 | &nbsp;&nbsp;&nbsp; 157684 |
| Net change in unrealized appreciation (depreciation) | + | 4961564 | &nbsp;&nbsp;&nbsp; 4011778 |
| **Increase in net assets resulting from operations** |  | **$6092181** | &nbsp;&nbsp;&nbsp; **$4439377** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($706731)**<br>| &nbsp;&nbsp;&nbsp; **($492579)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 1233821 | &nbsp;&nbsp;&nbsp; $14510869 | &nbsp;&nbsp;&nbsp; 1105413 | &nbsp;&nbsp;&nbsp; $11677357 |
| Shares reinvested |  | 61484 | &nbsp;&nbsp;&nbsp; 681248 | &nbsp;&nbsp;&nbsp; 47498 | &nbsp;&nbsp;&nbsp; 474024 |
| Shares redeemed | + | (366242)<br>| &nbsp;&nbsp;&nbsp; (4300873)<br>| &nbsp;&nbsp;&nbsp; (433269)<br>| &nbsp;&nbsp;&nbsp; (4660016)<br>|
| **Net transactions in fund shares**  |  | **929063** | &nbsp;&nbsp;&nbsp; **$10891244** | &nbsp;&nbsp;&nbsp; **719642** | &nbsp;&nbsp;&nbsp; **$7491365** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 2105851 | &nbsp;&nbsp;&nbsp; $23829399 | &nbsp;&nbsp;&nbsp; 1386209 | &nbsp;&nbsp;&nbsp; $12391236 |
| Total increase | + | 929063 | &nbsp;&nbsp;&nbsp; 16276694 | &nbsp;&nbsp;&nbsp; 719642 | &nbsp;&nbsp;&nbsp; 11438163 |
| **End of period** |  | **3034914** | &nbsp;&nbsp;&nbsp; **$40106093** | &nbsp;&nbsp;&nbsp; **2105851** | &nbsp;&nbsp;&nbsp; **$23829399** |

---

*See financial notes*

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**101**

------

Schwab Multi-Asset Funds

Financial Notes

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Business Structure of the Funds:**

Each of the funds in this report is a series of Schwab Capital Trust (the trust), a no-load, open-end management investment company. The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the funds discussed in this report, which are highlighted:

---

| | |
|:---|:---|
| **SCHWAB CAPITAL TRUST** | **SCHWAB CAPITAL TRUST** |
| **Schwab Balanced Fund** | Schwab Dividend Equity Fund |
| **Schwab MarketTrack All Equity Portfolio** | Schwab Large-Cap Growth Fund |
| **Schwab MarketTrack Growth Portfolio** | Schwab Small-Cap Equity Fund |
| **Schwab MarketTrack Balanced Portfolio** | Schwab Health Care Fund |
| **Schwab MarketTrack Conservative Portfolio** | Schwab International Core Equity Fund |
| **Schwab Target 2010 Fund** | Schwab Fundamental U.S. Large Company Index Fund |
| **Schwab Target 2015 Fund** | Schwab Fundamental U.S. Small Company Index Fund |
| **Schwab Target 2020 Fund** | Schwab Fundamental International Equity Index Fund |
| **Schwab Target 2025 Fund** | Schwab Fundamental International Small Equity Index Fund |
| **Schwab Target 2030 Fund** | Schwab Fundamental Emerging Markets Equity Index Fund |
| **Schwab Target 2035 Fund** | Schwab Fundamental Global Real Estate Index Fund |
| **Schwab Target 2040 Fund** | Schwab Target 2010 Index Fund |
| **Schwab Target 2045 Fund** | Schwab Target 2015 Index Fund |
| **Schwab Target 2050 Fund** | Schwab Target 2020 Index Fund |
| **Schwab Target 2055 Fund** | Schwab Target 2025 Index Fund |
| **Schwab Target 2060 Fund** | Schwab Target 2030 Index Fund |
| **Schwab Target 2065 Fund** | Schwab Target 2035 Index Fund |
| Schwab S&P 500 Index Fund | Schwab Target 2040 Index Fund |
| Schwab Small-Cap Index Fund | Schwab Target 2045 Index Fund |
| Schwab Total Stock Market Index Fund | Schwab Target 2050 Index Fund |
| Schwab U.S. Large-Cap Growth Index Fund | Schwab Target 2055 Index Fund |
| Schwab U.S. Large-Cap Value Index Fund | Schwab Target 2060 Index Fund |
| Schwab U.S. Mid-Cap Index Fund | Schwab Target 2065 Index Fund |
| Schwab International Index Fund | Schwab Monthly Income Fund - Target Payout |
| Schwab International Opportunities Fund | Schwab Monthly Income Fund - Flexible Payout |
| Schwab Core Equity Fund | Schwab Monthly Income Fund - Income Payout |

---

Each fund is considered a "fund of funds" because it invests in other exchange-traded funds or mutual funds. Each of the funds seeks to achieve its investment objective by investing in affiliated Schwab mutual funds, Schwab ETFs, and unaffiliated third-party exchange-traded funds and mutual funds (referred to herein as unaffiliated funds and, together with Schwab ETFs and Schwab mutual funds, as the "underlying funds"). Each fund invests in the underlying funds in accordance with its target portfolio allocation.

Each fund offers one share class. Shares are bought and sold at closing net asset value per share, which is the price for all outstanding shares of a fund. Each share has a par value of 1/1,000 of a cent, and the funds' Board of Trustees may authorize the issuance of as many shares as necessary.

Each fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each fund may also keep certain assets in segregated accounts, as required by securities law. The "Schwab Funds Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

**Investment Objectives** 

The **Schwab Balanced Fund** seeks capital growth and income.

The **Schwab MarketTrack All Equity Portfolio** seeks high capital growth through an all-stock portfolio.

The **Schwab MarketTrack Growth Portfolio** seeks seeks high capital growth with less volatility than an all-stock portfolio.

The **Schwab MarketTrack Balanced Portfolio** seeks both capital growth and income.

The **Schwab MarketTrack Conservative Portfolio** seeks income and more growth potential than an all-bond portfolio.

The **Schwab MarketTrack All Equity Portfolio, Schwab MarketTrack Growth Portfolio, Schwab MarketTrack Balanced Portfolio** and **Schwab MarketTrack Conservative Portfolio** are referred to collectively as the **Schwab MarketTrack Portfolios**.

**102**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Multi-Asset Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Business Structure of the Funds (continued):** 

The **Schwab Target 2010 Fund, Schwab Target 2015 Fund, Schwab Target 2020 Fund, Schwab Target 2025 Fund, Schwab Target 2030 Fund, Schwab Target 2035 Fund, Schwab Target 2040 Fund, Schwab Target 2045 Fund, Schwab Target 2050 Fund, Schwab Target 2055 Fund, Schwab Target 2060 Fund** and **Schwab Target 2065 Fund** (collectively, the **Schwab Target Funds**) seek to provide capital appreciation and income consistent with their current asset allocation.

------

**2. Significant Accounting Policies:**

The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

In this reporting period, the funds adopted FASB Accounting Standards Update 2023-07, ASC Topic 280 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the funds' financial position or the results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management committee of each fund's investment adviser acts as the funds' CODM. The CODM has determined that each fund operates as a single operating segment given each fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of each fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the funds, is presented within each of the fund's financial statements.

The financial statements of the funds should be read in conjunction with the underlying funds' financial statements. For more information about the underlying funds' operations and policies, please refer to those funds' semiannual and annual reports and holdings and financial statements, which are filed in Form N-CSR with the U.S. Securities and Exchange Commission (SEC) and available on the SEC's website at www.sec.gov.

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees has designated authority to a Valuation Designee, the funds' investment adviser, to make fair valuation determinations under adopted procedures, subject to Board of Trustees 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 each fund's portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities traded on an exchange or over-the-counter:** Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mutual funds:** Mutual funds are valued at their respective net asset values.

&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.

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**103**

------

Schwab Multi-Asset Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee's judgment will be required to estimate fair value.

The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, exchange-traded funds and futures contracts. Mutual funds and exchange-traded funds 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.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The levels associated with valuing the funds' investments as of October 31, 2025, are disclosed in each fund's Portfolio Holdings.

**(b) Accounting Policies for certain Portfolio Investments (if held):**

**Cash Investments:** The funds may invest a portion of their assets in cash. Cash includes cash bank balances in an interest-bearing demand deposit account with maturity on demand by the funds.

**(c) Security Transactions:** 

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

**(d) Investment Income:**

Interest income is recorded as it accrues. Dividends and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date). Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

**(e) Expenses:**

Expenses that are specific to a fund are charged directly to the fund. Expenses that are common to more than one fund in the Schwab Funds Complex generally are allocated among those funds in proportion to their average daily net assets. Each fund bears its share of the acquired fund fees and expenses of the underlying funds, which are indirect expenses incurred by a fund through its investments in the underlying funds and are reflected in the net asset values of the underlying funds.

**104**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Multi-Asset Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(f) Distributions to Shareholders:**

The funds make distributions from net investment income and net realized capital gains, if any, once a year, except for the Schwab MarketTrack Conservative Portfolio which typically makes distributions from net investment income at the end of each calendar quarter. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(g) Accounting Estimates:**

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It's possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

**(h) Federal Income Taxes:**

The funds intend to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the funds distribute substantially all of their net investment income and net realized capital gains, if any, to their shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.

**(i) Indemnification:**

Under the funds' organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business the funds enter into contracts with their vendors and others that provide general indemnifications. The funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. However, based on experience, the funds expect the risk of loss attributable to these arrangements to be remote.

**(j) Recent Accounting Pronouncements:**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024, and with early adoption permitted. At this time, management is evaluating the impact of this amendment but believes it will not have a material impact on the financial statements and income tax disclosures.

------

**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as each fund's investment adviser and administrator pursuant to the Amended and Restated Investment Advisory and Administration Agreement between the investment adviser and the trust.

For its advisory and administrative services to the funds, the investment adviser is entitled to receive an annual fee, payable monthly, based on a percentage of each fund's average daily net assets as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SCHWAB <br> BALANCED <br> FUND<br>| SCHWAB<br> MARKETTRACK<br> ALL EQUITY<br> PORTFOLIO<br>| SCHWAB<br> MARKETTRACK<br> GROWTH<br> PORTFOLIO<br>| SCHWAB<br> MARKETTRACK<br> BALANCED<br> PORTFOLIO<br>| SCHWAB<br> MARKETTRACK<br> CONSERVATIVE<br> PORTFOLIO<br>| SCHWAB<br> TARGET<br> 2010<br> FUND<br>| SCHWAB<br> TARGET<br> 2015<br> FUND<br>| SCHWAB<br> TARGET<br> 2020<br> FUND<br>| SCHWAB<br> TARGET<br> 2025<br> FUND<br>| SCHWAB<br> TARGET<br> 2030<br> FUND<br>|
| 0.00<br> %<br>| 0.13<br> %<br>| 0.13<br> %<br>| 0.13<br> %<br>| 0.13<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SCHWAB<br> TARGET<br> 2035<br> FUND<br>| SCHWAB<br> TARGET<br> 2040<br> FUND<br>| SCHWAB<br> TARGET<br> 2045<br> FUND<br>| SCHWAB<br> TARGET<br> 2050<br> FUND<br>| SCHWAB<br> TARGET<br> 2055<br> FUND<br>| SCHWAB<br> TARGET<br> 2060<br> FUND<br>| SCHWAB<br> TARGET<br> 2065<br> FUND<br>|
| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>|

---

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**105**

------

Schwab Multi-Asset Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

**Shareholder Servicing**

The Board of Trustees has adopted a Shareholder Servicing Plan (the Plan) on behalf of the funds, except the Schwab Balanced Fund and Schwab Target Funds. The Plan enables each fund to bear expenses relating to the provision by financial intermediaries, including Charles Schwab & Co., Inc. (Schwab), a broker-dealer affiliate of the investment adviser, (together, service providers), of certain account maintenance, customer liaison and shareholder services to the current shareholders of the funds.

Pursuant to the Plan, each fund's shares, except the Schwab Balanced Fund and Schwab Target Funds, are subject to an annual shareholder servicing fee up to 0.25%. The shareholder servicing fee paid to a particular service provider is made pursuant to its written agreement with Schwab, as distributor of the funds (or, in the case of payments made to Schwab acting as a service provider, pursuant to Schwab's written agreement with the funds). Payments under the Plan are made as described above without regard to whether the fee is more or less than the service provider's actual cost of providing the services, and if more, such excess may be retained as profit by the service provider.

**Expense Limitation**

The investment adviser and its affiliates have agreed with the trust, for so long as the investment adviser serves as the investment adviser to the funds, in which the agreement may only be amended or terminated with the approval of the Board of Trustees, to limit the total annual fund operating expenses charged, excluding interest, taxes and certain non-routine expenses, as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SCHWAB <br> BALANCED <br> FUND<br>| SCHWAB<br> MARKETTRACK<br> ALL EQUITY<br> PORTFOLIO<br>| SCHWAB<br> MARKETTRACK<br> GROWTH<br> PORTFOLIO<br>| SCHWAB<br> MARKETTRACK<br> BALANCED<br> PORTFOLIO<br>| SCHWAB<br> MARKETTRACK<br> CONSERVATIVE<br> PORTFOLIO<br>| SCHWAB<br> TARGET<br> 2010<br> FUND<br>| SCHWAB<br> TARGET<br> 2015<br> FUND<br>| SCHWAB<br> TARGET<br> 2020<br> FUND<br>| SCHWAB<br> TARGET<br> 2025<br> FUND<br>| SCHWAB<br> TARGET<br> 2030<br> FUND<br>|
| 0.00<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.50<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SCHWAB<br> TARGET<br> 2035<br> FUND<br>| SCHWAB<br> TARGET<br> 2040<br> FUND<br>| SCHWAB<br> TARGET<br> 2045<br> FUND<br>| SCHWAB<br> TARGET<br> 2050<br> FUND<br>| SCHWAB<br> TARGET<br> 2055<br> FUND<br>| SCHWAB<br> TARGET<br> 2060<br> FUND<br>| SCHWAB<br> TARGET<br> 2065<br> FUND<br>|
| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00<br> %<br>|

---

The agreement to limit the funds' total expenses charged is limited to each fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses, which are indirect expenses incurred by a fund through its investments in the underlying funds.

**106**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Multi-Asset Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

**Investments in Affiliates**

The funds may engage in certain transactions involving affiliated parties. Pursuant to an exemptive order issued by the SEC, each fund may invest in affiliated funds. As of October 31, 2025, each fund's ownership percentage of affiliated fund's shares is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| UNDERLYING FUNDS | SCHWAB <br> BALANCED <br> FUND<br>| SCHWAB<br> MARKETTRACK<br> ALL EQUITY<br> PORTFOLIO<br>| SCHWAB<br> MARKETTRACK<br> GROWTH<br> PORTFOLIO<br>| SCHWAB<br> MARKETTRACK<br> BALANCED<br> PORTFOLIO<br>| SCHWAB<br> MARKETTRACK<br> CONSERVATIVE<br> PORTFOLIO<br>| SCHWAB<br> TARGET<br> 2010<br> FUND<br>|
| Schwab Core Equity Fund | 12.7<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>|
| Schwab Emerging Markets Equity ETF | —<br> %<br>| 0.3<br> %<br>| 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Fundamental Emerging Markets Equity Index Fund | —<br> %<br>| 4.0<br> %<br>| 2.6<br> %<br>| 1.2<br> %<br>| 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Fundamental International Equity Index Fund | —<br> %<br>| 2.0<br> %<br>| 1.4<br> %<br>| 0.6<br> %<br>| 0.1<br> %<br>| 0.0<br> %\*<br>|
| Schwab Fundamental International Small Equity Index Fund | —<br> %<br>| 8.1<br> %<br>| 5.3<br> %<br>| 2.3<br> %<br>| 0.5<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Fundamental U.S. Large Company Index Fund | —<br> %<br>| 1.4<br> %<br>| 1.2<br> %<br>| 0.5<br> %<br>| 0.1<br> %<br>| 0.0<br> %\*<br>|
| Schwab Fundamental U.S. Small Company Index Fund | —<br> %<br>| 2.1<br> %<br>| 1.6<br> %<br>| 0.6<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Global Real Estate Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.3<br> %<br>|
| Schwab Government Money Fund, Ultra Shares | 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.1<br> %<br>| 0.1<br> %<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>|
| Schwab High Yield Bond ETF | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.5<br> %<br>| 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab International Core Equity Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.2<br> %<br>|
| Schwab International Index Fund | —<br> %<br>| 1.4<br> %<br>| 1.0<br> %<br>| 0.5<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab International Opportunities Fund | 6.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.1<br> %<br>|
| Schwab S&P 500 Index Fund | —<br> %<br>| 0.2<br> %<br>| 0.2<br> %<br>| 0.1<br> %<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>|
| Schwab Select Large Cap Growth Fund | 4.8<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.1<br> %<br>|
| Schwab Short-Term Bond Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 1.6<br> %<br>| 0.8<br> %<br>| 0.2<br> %<br>|
| Schwab Small-Cap Equity Fund | 10.0<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.1<br> %<br>|
| Schwab Small-Cap Index Fund | —<br> %<br>| 0.8<br> %<br>| 0.6<br> %<br>| 0.4<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Treasury Inflation Protected Securities Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.1<br> %<br>|
| Schwab U.S. Aggregate Bond Index Fund | 4.8<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 3.0<br> %<br>| 3.5<br> %<br>| 1.8<br> %<br>| 0.2<br> %<br>|
| Schwab U.S. Large-Cap Growth Index Fund | —<br> %<br>| 2.9<br> %<br>| 2.4<br> %<br>| 1.2<br> %<br>| 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab U.S. Mid Cap Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>|
| Schwab U.S. REIT ETF | —<br> %<br>| 0.7<br> %<br>| 0.5<br> %<br>| 0.2<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**107**

------

Schwab Multi-Asset Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| UNDERLYING FUNDS | SCHWAB<br> TARGET<br> 2015<br> FUND<br>| &nbsp;&nbsp; SCHWAB<br> TARGET<br> 2020<br> FUND<br>| &nbsp;&nbsp; SCHWAB<br> TARGET<br> 2025<br> FUND<br>| &nbsp;&nbsp; SCHWAB<br> TARGET<br> 2030<br> FUND<br>| &nbsp;&nbsp; SCHWAB<br> TARGET<br> 2035<br> FUND<br>| &nbsp;&nbsp; SCHWAB<br> TARGET<br> 2040<br> FUND<br>|
| Schwab Core Equity Fund | 0.1<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.4<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.5<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.1<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.6<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.4<br> %<br>|
| Schwab Emerging Markets Equity ETF | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Fundamental Emerging Markets Equity Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Fundamental International Equity Index Fund | 0.0<br> %\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> %\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.1<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.2<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.2<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.4<br> %<br>|
| Schwab Fundamental International Small Equity Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Fundamental U.S. Large Company Index Fund | 0.0<br> %\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.1<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.1<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.3<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.2<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.6<br> %<br>|
| Schwab Fundamental U.S. Small Company Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Global Real Estate Fund | 0.4<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.6<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.0<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.6<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 9.6<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.3<br> %<br>|
| Schwab International Opportunities Fund | 0.2<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.3<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.1<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.5<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.7<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.0<br> %<br>|
| Schwab International Core Equity Fund | 0.2<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.4<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.2<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7.7<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6.1<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13.3<br> %<br>|
| Schwab International Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab S&P 500 Index Fund | 0.0<br> %\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> %\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> %\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.1<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.1<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.2<br> %<br>|
| Schwab Short-Term Bond Index Fund | 0.2<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.4<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.9<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.0<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.3<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.8<br> %<br>|
| Schwab Select Large Cap Growth Fund | 0.1<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.5<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.8<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.5<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.0<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.5<br> %<br>|
| Schwab Small-Cap Equity Fund | 0.1<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.9<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.1<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.5<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.4<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8.4<br> %<br>|
| Schwab Small-Cap Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Treasury Inflation Protected Securities Index Fund | 0.1<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.7<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.9<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.8<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab U.S. Aggregate Bond Index Fund | 0.2<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.3<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.8<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.9<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.3<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.7<br> %<br>|
| Schwab U.S. Large-Cap Growth Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab U.S. Mid Cap Index Fund | 0.0<br> %\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.2<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.3<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.7<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.5<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.0<br> %<br>|
| Schwab U.S. REIT ETF | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Government Money Fund, Ultra Shares | 0.0<br> %\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> %\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> %\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> %\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> %\*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.0<br> %\*<br>|
| Schwab High Yield Bond ETF | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**108**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

------

Schwab Multi-Asset Funds

Financial Notes (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| UNDERLYING FUNDS | SCHWAB<br> TARGET<br> 2045<br> FUND<br>| SCHWAB<br> TARGET<br> 2050<br> FUND<br>| SCHWAB<br> TARGET<br> 2055<br> FUND<br>| SCHWAB<br> TARGET<br> 2060<br> FUND<br>| SCHWAB<br> TARGET<br> 2065<br> FUND<br>|
| Schwab Core Equity Fund | 1.0<br> %<br>| 1.1<br> %<br>| 0.8<br> %<br>| 0.4<br> %<br>| 0.1<br> %<br>|
| Schwab Emerging Markets Equity ETF | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Fundamental Emerging Markets Equity Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Fundamental International Equity Index Fund | 0.1<br> %<br>| 0.1<br> %<br>| 0.1<br> %<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>|
| Schwab Fundamental International Small Equity Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Fundamental U.S. Large Company Index Fund | 0.2<br> %<br>| 0.2<br> %<br>| 0.2<br> %<br>| 0.1<br> %<br>| 0.0<br> %\*<br>|
| Schwab Fundamental U.S. Small Company Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Global Real Estate Fund | 6.2<br> %<br>| 6.5<br> %<br>| 4.7<br> %<br>| 2.1<br> %<br>| 0.7<br> %<br>|
| Schwab International Opportunities Fund | 3.9<br> %<br>| 4.4<br> %<br>| 3.2<br> %<br>| 1.4<br> %<br>| 0.5<br> %<br>|
| Schwab International Core Equity Fund | 4.1<br> %<br>| 4.5<br> %<br>| 3.3<br> %<br>| 1.5<br> %<br>| 0.5<br> %<br>|
| Schwab International Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab S&P 500 Index Fund | 0.1<br> %<br>| 0.1<br> %<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>|
| Schwab Short-Term Bond Index Fund | 0.3<br> %<br>| 0.2<br> %<br>| 0.1<br> %<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>|
| Schwab Select Large Cap Growth Fund | 1.4<br> %<br>| 1.5<br> %<br>| 1.2<br> %<br>| 0.5<br> %<br>| 0.2<br> %<br>|
| Schwab Small-Cap Equity Fund | 2.5<br> %<br>| 2.8<br> %<br>| 2.3<br> %<br>| 1.0<br> %<br>| 0.4<br> %<br>|
| Schwab Treasury Inflation Protected Securities Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab U.S. Aggregate Bond Index Fund | 0.3<br> %<br>| 0.2<br> %<br>| 0.1<br> %<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>|
| Schwab U.S. Large-Cap Growth Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab U.S. Mid Cap Index Fund | 0.3<br> %<br>| 0.3<br> %<br>| 0.2<br> %<br>| 0.1<br> %<br>| 0.0<br> %\*<br>|
| Schwab U.S. REIT ETF | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Government Money Fund, Ultra Shares | 0.0<br> %\*<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab High Yield Bond ETF | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

**Interfund Transactions**

The funds may engage in direct transactions with other funds in the Schwab Funds Complex in accordance with procedures adopted by the Board of Trustees pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment adviser. The net realized gains or losses on sales of interfund transactions, if any, are recorded in Net realized gains (losses) on sales of securities — affiliated issuers in the Statement of Operations. For the period ended October 31, 2025, each fund's purchases and sales of securities with other funds in the Schwab Funds Complex as well as any net realized gains (losses) were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | PURCHASE COST | SALE PROCEEDS | NET REALIZED GAINS (LOSSES) |
| Schwab MarketTrack All Equity Portfolio | $12162183 | &nbsp;&nbsp; $145871 | &nbsp;&nbsp; ($1417)<br>|
| Schwab MarketTrack Growth Portfolio | 8169171 | &nbsp;&nbsp; 479145 | &nbsp;&nbsp; (1044)<br>|
| Schwab MarketTrack Balanced Portfolio |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Schwab MarketTrack Conservative Portfolio | 39442 | &nbsp;&nbsp; 120375 | &nbsp;&nbsp; 1308 |

---

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the Schwab Funds Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board of Trustees. The funds had no interfund borrowing or lending activity during the period.

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**109**

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Schwab Multi-Asset Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Board of Trustees:**

The Board of Trustees may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trust was in compliance with these limitations throughout the report period. The funds did not pay any of these interested persons for their services as trustees, but did pay non-interested persons (independent trustees), as noted in each fund's Statement of Operations.

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**5. Borrowing from Banks:**

During the period, the funds were participants with other funds in the Schwab Funds Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), which matured on September 25, 2025. On September 25, 2025, the Syndicated Credit Facility was amended to run for a new 28 day period with the line of credit amount remaining unchanged, maturing on October 23, 2025. On October 23, 2025, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on October 22, 2026. Under the terms of the Syndicated Credit Facility, in addition to the interest charged on any borrowings by a fund, each fund paid a commitment fee of 0.15% per annum on the funds' proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the funds were participants with other funds in the Schwab Funds Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, which matured on September 25, 2025. On September 25, 2025, the Uncommitted Credit Facility was amended to run for a new 28 day period with the line of credit amount remaining unchanged, maturing on October 23, 2025. On October 23, 2025, the Uncommitted Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on October 22, 2026. Under the terms of the Uncommitted Credit Facility, each fund pays interest on the amount a fund borrows. There were no borrowings by any of the funds from either line of credit during the period.

The funds also have access to custodian overdraft facilities. A fund may have utilized the overdraft facility and incurred an interest expense, which is disclosed in each fund's Statement of Operations, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

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**6. Purchases and Sales of Investment Securities:**

For the period ended October 31, 2025, purchases and sales of securities (excluding short-term obligations) were as follows:

---

| | | |
|:---|:---|:---|
|  | PURCHASES <br>OF SECURITIES <br>| SALES <br>OF SECURITIES<br>|
| Schwab Balanced Fund | $83059651 | &nbsp;&nbsp; $89520243 |
| Schwab MarketTrack All Equity Portfolio | 191303643 | &nbsp;&nbsp; 202751185 |
| Schwab MarketTrack Growth Portfolio | 172603547 | &nbsp;&nbsp; 225601833 |
| Schwab MarketTrack Balanced Portfolio | 125352688 | &nbsp;&nbsp; 153291121 |
| Schwab MarketTrack Conservative Portfolio | 44947523 | &nbsp;&nbsp; 58509569 |
| Schwab Target 2010 Fund | 6879798 | &nbsp;&nbsp; 9499757 |
| Schwab Target 2015 Fund | 7942702 | &nbsp;&nbsp; 13060294 |
| Schwab Target 2020 Fund | 28247575 | &nbsp;&nbsp; 71335239 |
| Schwab Target 2025 Fund | 57172597 | &nbsp;&nbsp; 112523883 |
| Schwab Target 2030 Fund | 133835355 | &nbsp;&nbsp; 185333079 |
| Schwab Target 2035 Fund | 90842533 | &nbsp;&nbsp; 98372449 |
| Schwab Target 2040 Fund | 151222480 | &nbsp;&nbsp; 171231704 |
| Schwab Target 2045 Fund | 47280540 | &nbsp;&nbsp; 28881235 |
| Schwab Target 2050 Fund | 37122438 | &nbsp;&nbsp; 23955246 |
| Schwab Target 2055 Fund | 33170327 | &nbsp;&nbsp; 15508222 |
| Schwab Target 2060 Fund | 23331160 | &nbsp;&nbsp; 5043120 |
| Schwab Target 2065 Fund  | 12518879 | &nbsp;&nbsp; 1291665 |

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**110**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

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Schwab Multi-Asset Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Federal Income Taxes:**

As of October 31, 2025, the tax basis cost of the funds' investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| Schwab Balanced Fund | $629370576 | &nbsp;&nbsp; $122084186 | &nbsp;&nbsp; ($13787177)<br>| &nbsp;&nbsp; $108297009 |
| Schwab MarketTrack All Equity Portfolio | 536995543 | &nbsp;&nbsp; 549300803 | &nbsp;&nbsp; (11738716)<br>| &nbsp;&nbsp; 537562087 |
| Schwab MarketTrack Growth Portfolio | 592688301 | &nbsp;&nbsp; 463545360 | &nbsp;&nbsp; (13334381)<br>| &nbsp;&nbsp; 450210979 |
| Schwab MarketTrack Balanced Portfolio | 422800565 | &nbsp;&nbsp; 207399829 | &nbsp;&nbsp; (7067496)<br>| &nbsp;&nbsp; 200332333 |
| Schwab MarketTrack Conservative Portfolio | 166627806 | &nbsp;&nbsp; 41834881 | &nbsp;&nbsp; (3926802)<br>| &nbsp;&nbsp; 37908079 |
| Schwab Target 2010 Fund | 37110017 | &nbsp;&nbsp; 7789337 | &nbsp;&nbsp; (2337555)<br>| &nbsp;&nbsp; 5451782 |
| Schwab Target 2015 Fund | 39053563 | &nbsp;&nbsp; 8496299 | &nbsp;&nbsp; (1063674)<br>| &nbsp;&nbsp; 7432625 |
| Schwab Target 2020 Fund | 242652657 | &nbsp;&nbsp; 64868867 | &nbsp;&nbsp; (12901331)<br>| &nbsp;&nbsp; 51967536 |
| Schwab Target 2025 Fund | 343025508 | &nbsp;&nbsp; 94781827 | &nbsp;&nbsp; (15336089)<br>| &nbsp;&nbsp; 79445738 |
| Schwab Target 2030 Fund | 749586915 | &nbsp;&nbsp; 300645213 | &nbsp;&nbsp; (24170204)<br>| &nbsp;&nbsp; 276475009 |
| Schwab Target 2035 Fund | 479850892 | &nbsp;&nbsp; 195902522 | &nbsp;&nbsp; (9664188)<br>| &nbsp;&nbsp; 186238334 |
| Schwab Target 2040 Fund | 872202284 | &nbsp;&nbsp; 454224067 | &nbsp;&nbsp; (20486583)<br>| &nbsp;&nbsp; 433737484 |
| Schwab Target 2045 Fund | 265287610 | &nbsp;&nbsp; 103005067 | &nbsp;&nbsp; (3253804)<br>| &nbsp;&nbsp; 99751263 |
| Schwab Target 2050 Fund | 268604406 | &nbsp;&nbsp; 109146532 | &nbsp;&nbsp; (4058453)<br>| &nbsp;&nbsp; 105088079 |
| Schwab Target 2055 Fund | 197560287 | &nbsp;&nbsp; 75082100 | &nbsp;&nbsp; (680019)<br>| &nbsp;&nbsp; 74402081 |
| Schwab Target 2060 Fund | 92342582 | &nbsp;&nbsp; 27389063 | &nbsp;&nbsp; (7112)<br>| &nbsp;&nbsp; 27381951 |
| Schwab Target 2065 Fund  | 32588376 | &nbsp;&nbsp; 7752559 | &nbsp;&nbsp; (444111)<br>| &nbsp;&nbsp; 7308448 |

---

The primary difference between book basis and tax basis unrealized appreciation or unrealized depreciation of investments is the tax deferral of losses on wash sales. The tax cost of the funds' investments, disclosed above, have been adjusted from their book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

As of October 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | UNDISTRIBUTED <br>ORDINARY <br>INCOME <br>| UNDISTRIBUTED <br>LONG-TERM <br>CAPITAL GAINS <br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>ON INVESTMENTS <br>| TOTAL  |
| Schwab Balanced Fund | $9221252 | &nbsp;&nbsp; $24745276 | &nbsp;&nbsp; $108297009 | &nbsp;&nbsp; $142263537 |
| Schwab MarketTrack All Equity Portfolio | 5973988 | &nbsp;&nbsp; 51833153 | &nbsp;&nbsp; 537562087 | &nbsp;&nbsp; 595369228 |
| Schwab MarketTrack Growth Portfolio | 7602454 | &nbsp;&nbsp; 68230843 | &nbsp;&nbsp; 450210979 | &nbsp;&nbsp; 526044276 |
| Schwab MarketTrack Balanced Portfolio | 7660862 | &nbsp;&nbsp; 28870305 | &nbsp;&nbsp; 200332333 | &nbsp;&nbsp; 236863500 |
| Schwab MarketTrack Conservative Portfolio | 708706 | &nbsp;&nbsp; 7103055 | &nbsp;&nbsp; 37908079 | &nbsp;&nbsp; 45719840 |
| Schwab Target 2010 Fund | 935997 | &nbsp;&nbsp; 1648079 | &nbsp;&nbsp; 5451782 | &nbsp;&nbsp; 8035858 |
| Schwab Target 2015 Fund | 1003070 | &nbsp;&nbsp; 2351004 | &nbsp;&nbsp; 7432625 | &nbsp;&nbsp; 10786699 |
| Schwab Target 2020 Fund | 6071745 | &nbsp;&nbsp; 18677864 | &nbsp;&nbsp; 51967536 | &nbsp;&nbsp; 76717145 |
| Schwab Target 2025 Fund | 8145183 | &nbsp;&nbsp; 26361421 | &nbsp;&nbsp; 79445738 | &nbsp;&nbsp; 113952342 |
| Schwab Target 2030 Fund | 15150989 | &nbsp;&nbsp; 53343219 | &nbsp;&nbsp; 276475009 | &nbsp;&nbsp; 344969217 |
| Schwab Target 2035 Fund | 7779686 | &nbsp;&nbsp; 28255626 | &nbsp;&nbsp; 186238334 | &nbsp;&nbsp; 222273646 |
| Schwab Target 2040 Fund | 12075738 | &nbsp;&nbsp; 61645546 | &nbsp;&nbsp; 433737484 | &nbsp;&nbsp; 507458768 |
| Schwab Target 2045 Fund | 2299259 | &nbsp;&nbsp; 11572990 | &nbsp;&nbsp; 99751263 | &nbsp;&nbsp; 113623512 |
| Schwab Target 2050 Fund | 1787579 | &nbsp;&nbsp; 11427941 | &nbsp;&nbsp; 105088079 | &nbsp;&nbsp; 118303599 |
| Schwab Target 2055 Fund | 1127885 | &nbsp;&nbsp; 7272678 | &nbsp;&nbsp; 74402081 | &nbsp;&nbsp; 82802644 |
| Schwab Target 2060 Fund | 410265 | &nbsp;&nbsp; 2552054 | &nbsp;&nbsp; 27381951 | &nbsp;&nbsp; 30344270 |
| Schwab Target 2065 Fund  | 110443 | &nbsp;&nbsp; 660870 | &nbsp;&nbsp; 7308448 | &nbsp;&nbsp; 8079761 |

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Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**111**

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Schwab Multi-Asset Funds

Financial Notes (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Federal Income Taxes (continued):** 

As of October 31, 2025, the funds had no capital loss carryforwards available to offset future realized capital gains for federal income tax purposes.

The tax basis components of distributions paid during the current and prior fiscal years were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | CURRENT FISCAL YEAR END DISTRIBUTIONS | CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | ORDINARY <br>INCOME<br>| LONG-TERM <br>CAPITAL <br>GAINS<br>| ORDINARY <br>INCOME <br>| LONG-TERM <br>CAPITAL <br>GAINS <br>|
| Schwab Balanced Fund | $15802019 | &nbsp;&nbsp; $17717414 | &nbsp;&nbsp; $13139802 | &nbsp;&nbsp; $21612656 |
| Schwab MarketTrack All Equity Portfolio | 20601531 | &nbsp;&nbsp; 44920103 | &nbsp;&nbsp; 15696088 | &nbsp;&nbsp; 9868333 |
| Schwab MarketTrack Growth Portfolio | 23703060 | &nbsp;&nbsp; 77081686 | &nbsp;&nbsp; 18966394 | &nbsp;&nbsp; 16318683 |
| Schwab MarketTrack Balanced Portfolio | 16135536 | &nbsp;&nbsp; 40873640 | &nbsp;&nbsp; 13038206 | &nbsp;&nbsp; 10307370 |
| Schwab MarketTrack Conservative <br> Portfolio<br>| 5927137 | &nbsp;&nbsp; 12878284 | &nbsp;&nbsp; 5760268 | &nbsp;&nbsp; 8105659 |
| Schwab Target 2010 Fund | 1375626 | &nbsp;&nbsp; 1338322 | &nbsp;&nbsp; 1271573 | &nbsp;&nbsp; 619179 |
| Schwab Target 2015 Fund | 1522240 | &nbsp;&nbsp; 2220953 | &nbsp;&nbsp; 1458869 | &nbsp;&nbsp; 1593932 |
| Schwab Target 2020 Fund | 9579928 | &nbsp;&nbsp; 15898463 | &nbsp;&nbsp; 9520093 | &nbsp;&nbsp; 13437161 |
| Schwab Target 2025 Fund | 13001840 | &nbsp;&nbsp; 18704502 | &nbsp;&nbsp; 12258169 | &nbsp;&nbsp; 11365616 |
| Schwab Target 2030 Fund | 25291828 | &nbsp;&nbsp; 33458443 | &nbsp;&nbsp; 22367653 | &nbsp;&nbsp; 18094357 |
| Schwab Target 2035 Fund | 13971039 | &nbsp;&nbsp; 9096227 | &nbsp;&nbsp; 11858776 | &nbsp;&nbsp; 6857795 |
| Schwab Target 2040 Fund | 24970292 | &nbsp;&nbsp; 31472514 | &nbsp;&nbsp; 21973024 | &nbsp;&nbsp; 18827641 |
| Schwab Target 2045 Fund | 5938381 | &nbsp;&nbsp; 3434223 | &nbsp;&nbsp; 5034628 | &nbsp;&nbsp; 2727018 |
| Schwab Target 2050 Fund | 5731187 | &nbsp;&nbsp; 4453557 | &nbsp;&nbsp; 4978884 | &nbsp;&nbsp; 3917388 |
| Schwab Target 2055 Fund | 4018500 | &nbsp;&nbsp; 3467066 | &nbsp;&nbsp; 3423676 | &nbsp;&nbsp; 2672454 |
| Schwab Target 2060 Fund | 1523041 | &nbsp;&nbsp; 1166977 | &nbsp;&nbsp; 1127201 | &nbsp;&nbsp; 899391 |
| Schwab Target 2065 Fund  | 425221 | &nbsp;&nbsp; 281510 | &nbsp;&nbsp; 264373 | &nbsp;&nbsp; 228206 |

---

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Permanent book and tax basis differences may result in reclassifications between components of net assets as required. The adjustments will have no impact on net assets or the results of operations.

As of October 31, 2025, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds' financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in each fund's Statement of Operations. During the fiscal year ended October 31, 2025, the funds did not incur any interest or penalties.

------

**8. Subsequent Events:**

Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

**112**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

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Schwab Multi-Asset Funds

Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of Schwab Capital Trust and Shareholders of Schwab Balanced Fund, Schwab MarketTrack All Equity Portfolio, Schwab MarketTrack Growth Portfolio, Schwab MarketTrack Balanced Portfolio, Schwab MarketTrack Conservative Portfolio, Schwab Target 2010 Fund, Schwab Target 2015 Fund, Schwab Target 2020 Fund, Schwab Target 2025 Fund, Schwab Target 2030 Fund, Schwab Target 2035 Fund, Schwab Target 2040 Fund, Schwab Target 2045 Fund, Schwab Target 2050 Fund, Schwab Target 2055 Fund, Schwab Target 2060 Fund, and Schwab Target 2065 Fund:

***Opinion on the Financial Statements and Financial Highlights***

We have audited the accompanying statements of assets and liabilities, including the portfolio holdings, of Schwab Balanced Fund, Schwab MarketTrack All Equity Portfolio, Schwab MarketTrack Growth Portfolio, Schwab MarketTrack Balanced Portfolio, Schwab MarketTrack Conservative Portfolio, Schwab Target 2010 Fund, Schwab Target 2015 Fund, Schwab Target 2020 Fund, Schwab Target 2025 Fund, Schwab Target 2030 Fund, Schwab Target 2035 Fund, Schwab Target 2040 Fund, Schwab Target 2045 Fund, Schwab Target 2050 Fund, Schwab Target 2055 Fund, Schwab Target 2060 Fund, and Schwab Target 2065 Fund (the "Funds"), seventeen of the Funds constituting Schwab Capital Trust, as of October 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended (excluding Schwab Target 2065 Fund); the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and for the period from February 26, 2021 (commencement of operations) through October 31, 2021 for Schwab Target 2065 Fund; and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds (excluding Schwab Target 2065 Fund) as of October 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Schwab Target 2065 Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and financial highlights for each of the four years in the period then ended and for the period from February 26, 2021 (commencement of operations) through October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**Deloitte & Touche LLP**

Denver, Colorado

December 16, 2025

We have served as the auditor of one or more investment companies in the Schwab Funds Complex since 2020.

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**113**

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

**114**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

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Proxy Disclosures for Open-End Management Investment Companies

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Not applicable.

Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

**115**

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Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The remuneration paid to directors, officers and others are included under Item 7 (Financial Statements and Financial Highlights for Open-End Management Investment Companies).

**116**Schwab Multi-Asset Funds \| Annual Holdings and Financial Statements

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Schwab Multi-Asset Funds

Investment Advisory Agreement Approval

------

**Approval of Renewal of Investment Advisory Agreement – Schwab Balanced Fund**

The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund's investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or "interested persons" of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund's trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory and administration agreement (the Agreement) between Schwab Capital Trust (the Trust) and Charles Schwab Investment Management, Inc. (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab Balanced Fund (the Fund), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser's affiliates, personnel, business goals and priorities, profitability, oversight of third-party service providers, corporate structure and operations. As part of the renewal process, the Independent Trustees' legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Fund that the Board reviews during the course of each year, including information that relates to the Fund's operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees' legal counsel, including a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer sessions with

representatives of the investment adviser and meet in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Fund at meetings held on May 7, 2025 and June 5, 2025, and approved the renewal of the Agreement with respect to the Fund for an additional one-year term at the meeting on June 5, 2025 called for the purpose of voting on such approval.

The Board's approval of the continuance of the Agreement with respect to the Fund was based on consideration and evaluation of a variety of specific factors discussed at these meetings and at prior meetings, including:

1. the nature, extent and quality of the services provided to the Fund under the Agreement, including the resources of the investment adviser and its affiliates dedicated to the Fund;

2. the Fund's investment performance and how it compared to that of certain other comparable mutual funds and benchmark data;

3. the Fund's expenses and how those expenses compared to those of certain other similar mutual funds;

4. the profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to the Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and

5. the extent to which economies of scale would be realized as the Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.

**Nature, Extent and Quality of Services.** The Board considered the nature, extent and quality of the services provided by the investment adviser to the Fund and the resources of the investment adviser and its affiliates dedicated to the Fund. In this regard, the Trustees evaluated, among other things, the investment adviser's experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support provided with respect to the Fund's portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also considered the investment adviser's continued investment in its infrastructure, including the investment adviser's technology and use of data, business continuity, cybersecurity,

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due diligence, risk management processes, and information security programs. The Trustees considered Schwab's overall financial condition and reputation as a full service brokerage firm as well as the wide range of products, services and account features that benefit Fund shareholders who are brokerage clients of Schwab. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Fund and the resources of the investment adviser and its affiliates dedicated to the Fund supported renewal of the Agreement.

**Fund Performance.** The Board considered the Fund's performance in determining whether to renew the Agreement with respect to the Fund. Specifically, the Trustees considered the Fund's performance relative to a peer category of other mutual funds and applicable indices/benchmarks, in light of total return and the market environment, as well as in consideration of the Fund's investment style and strategy. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of the Fund, the Trustees considered the risk profile for the Fund and the appropriateness of the benchmark used to compare the performance of the Fund. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser's profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of the Fund supported renewal of the Agreement.

**Fund Expenses.** With respect to the Fund's expenses, the Trustees considered the rate of compensation called for by the Agreement and the Fund's net operating expense ratio, in each case, in comparison to those of other similar mutual funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Fund and provision of services as well as the competitive marketplace for financial products. The Trustees considered the effects of the investment adviser's and Schwab's practice of waiving certain fees to prevent total annual operating expenses of the Fund from exceeding a specified cap. The Trustees also considered the investment adviser's contractual commitment to limit the total annual operating expenses of the Fund for so long as the investment adviser serves as the adviser to the Fund. The Trustees also considered that the investment adviser is not charging any management fees at the Fund level; it being understood that there are management fees at the underlying fund level. The Trustees also considered fees charged by the investment adviser to other mutual funds and to other types of

accounts, but, with respect to such other types of accounts, accorded less weight to such comparisons due to the different legal, regulatory, compliance and operating features of mutual funds as compared to these other types of accounts, and any differences in the nature and scope of the services the investment adviser provides to these other accounts and any differences in the market for these types of accounts. The Trustees noted that shareholders of the Fund indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Fund invests. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of the Fund are reasonable and supported renewal of the Agreement.

**Profitability.** The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or indirectly and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees reviewed the profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Fund and other funds in the complex. The Trustees considered that the investment adviser is not charging any management fees at the Fund level; it being understood that there is a management fee at the underlying fund level. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Fund, such as whether, by virtue of its management of the Fund, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. Also, because the Fund invests a portion of its assets in other funds within the Schwab fund complex, the Trustees considered that the investment adviser indirectly benefits from the Fund's investments in other underlying funds managed by the investment adviser. The Trustees considered whether the compensation and profitability with respect to the Fund under the Agreement and other service agreements were reasonable in light of the quality of all services rendered to the Fund by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services and systems to benefit the Fund. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser is reasonable and supported renewal of the Agreement.

**Economies of Scale.** Although the Trustees recognized the difficulty of determining economies of scale with precision and although the Fund does not directly bear advisory fees at the Fund level, the Trustees considered the potential existence of any economies of scale and whether those are passed along to the Fund's shareholders through (i) the enhancement of services provided to the Fund in return for fees paid, including through the investment adviser's continued investment in its infrastructure, and use of data and technology, increasing expertise and capabilities in key areas (including portfolio and

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trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Fund and its shareholders; (ii) fee waivers or expense caps by the investment adviser and its affiliates for those funds in the Schwab fund complex with such features; and (iii) pricing a fund to scale and keeping overall expenses down as the fund grows. The Trustees considered that the investment adviser and its affiliates may employ contractual expense caps to protect shareholders from higher fees, including for example, when fund assets are relatively small. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the Fund obtains reasonable benefits from economies of scale.

\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreement with respect to the Fund and concluded that the compensation under the Agreement with respect to the Fund is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

**Approval of Renewal of Investment Advisory Agreement – Schwab MarketTrack Portfolios**

The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund's investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or "interested persons" of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund's trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory and administration agreement (the Agreement) between Schwab Capital Trust (the Trust) and Charles Schwab Investment Management, Inc. (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab MarketTrack All Equity Portfolio, Schwab MarketTrack Growth Portfolio, Schwab MarketTrack Balanced Portfolio and Schwab MarketTrack Conservative Portfolio (each, a Fund and

collectively, the Funds), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser's affiliates, personnel, business goals and priorities, profitability, oversight of third-party service providers, corporate structure and operations. As part of the renewal process, the Independent Trustees' legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to the Funds' operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees' legal counsel, including a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Funds at meetings held on May 7, 2025 and June 5, 2025, and approved the renewal of the Agreement with respect to the Funds for an additional one-year term at the meeting on June 5, 2025 called for the purpose of voting on such approval.

The Board's approval of the continuance of the Agreement with respect to the Funds was based on consideration and evaluation of a variety of specific factors discussed at these meetings and at prior meetings, including:

1. the nature, extent and quality of the services provided to each Fund under the Agreement, including the resources of the investment adviser and its affiliates dedicated to the Funds;

2. each Fund's investment performance and how it compared to that of certain other comparable mutual funds and benchmark data;

3. each Fund's expenses and how those expenses compared to those of certain other similar mutual funds;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. the profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to each Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and

5. the extent to which economies of scale would be realized as each Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.

**Nature, Extent and Quality of Services.** The Board considered the nature, extent and quality of the services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, the investment adviser's experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support provided with respect to each Fund's portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also considered the investment adviser's continued investment in its infrastructure, including the investment adviser's technology and use of data, business continuity, cybersecurity, due diligence, risk management processes, and information security programs. The Trustees considered Schwab's overall financial condition and reputation as a full service brokerage firm, as well as the wide range of products, services and account features that benefit Fund shareholders who are brokerage clients of Schwab. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds supported renewal of the Agreement with respect to the Funds.

**Fund Performance.** The Board considered each Fund's performance in determining whether to renew the Agreement with respect to such Fund. Specifically, the Trustees considered each Fund's performance relative to a peer category of other mutual funds and applicable indices/benchmarks, in light of total return and the market environment, as well as in consideration of each Fund's investment style and strategy. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser's profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the

year. Although Schwab MarketTrack Conservative Portfolio and Schwab MarketTrack All Equity Portfolio each had performance that ranked in the fourth quartile of a relevant peer group for more than one performance period considered, the Board concluded that other factors relevant to performance supported renewal of the Agreement with respect to each Fund including that the underperformance was attributable, to a significant extent, to investment decisions by the investment adviser that were reasonable and consistent with each Fund's investment objective and policies and that the investment adviser had taken steps designed to help improve performance. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of each Fund supported renewal of the Agreement with respect to such Fund.

**Fund Expenses.** With respect to each Fund's expenses, the Trustees considered the rate of compensation called for by the Agreement, and each Fund's net operating expense ratio, in each case, in comparison to those of other similar mutual funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Funds and provision of services as well as the competitive marketplace for financial products. The Trustees also considered the investment adviser's contractual commitment to limit the operating expense of each Fund for so long as it serves as the adviser to the Fund. The Trustees also considered fees charged by the investment adviser to other mutual funds and to other types of accounts, but, with respect to such other types of accounts, accorded less weight to such comparisons due to the different legal, regulatory, compliance and operating features of mutual funds as compared to these other types of accounts, and any differences in the nature and scope of the services the investment adviser provides to these other accounts, and any differences in the market for these types of accounts. The Trustees noted that shareholders of the Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Funds invest. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of each Fund are reasonable and supported renewal of the Agreement with respect to such Fund.

**Profitability.** The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or indirectly and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees reviewed the profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Funds and other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Funds, such as whether, by virtue of its

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management of the Funds, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. Also, because each Fund invests a portion of its assets in other funds within the Schwab fund complex, the Trustees considered the indirect benefits to the investment adviser from such Fund's investments in other underlying funds managed by the investment adviser. The Trustees considered whether the compensation and profitability with respect to the Funds under the Agreement and other service agreements were reasonable in light of the quality of all services rendered to the Funds by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services and systems to benefit the Funds. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser with respect to each Fund is reasonable and supported renewal of the Agreement with respect to such Fund.

**Economies of Scale.** Although the Trustees recognized the difficulty of determining economies of scale with precision, and although the Funds do not have breakpoints in their advisory fees, the Trustees considered the potential existence of any economies of scale and whether those are passed along to a Fund's shareholders through (i) the enhancement of services provided to the Funds in return for fees paid, including through the investment adviser's continued investment in its infrastructure, and use of data and technology, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Funds and their shareholders; and (ii) pricing a fund to scale and keeping overall expenses down as the fund grows. The Trustees considered that the investment adviser and its affiliates employ contractual expense caps to protect shareholders from higher fees, including for example, when fund assets are relatively small. Based on this evaluation, the Board concluded, within the context of its full deliberations, that each Fund obtains reasonable benefits from economies of scale.

\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreement with respect to the Funds and concluded that the compensation under the Agreement with respect to the Funds is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

**Approval of Renewal of Investment Advisory Agreement – Schwab Target Funds**

The Investment Company Act of 1940, as amended (the 1940 Act), requires that the continuation of a fund's investment advisory agreement must be specifically approved (1) by the vote of the trustees or by a vote of the shareholders of the fund, and (2) by the vote of a majority of the trustees who are not parties to the investment advisory agreement or "interested persons" of any party thereto (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund's trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the investment advisory and administration agreement (the Agreement) between Schwab Capital Trust (the Trust) and Charles Schwab Investment Management, Inc. (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trust, including Schwab Target 2010 Fund, Schwab Target 2015 Fund, Schwab Target 2020 Fund, Schwab Target 2025 Fund, Schwab Target 2030 Fund, Schwab Target 2035 Fund, Schwab Target 2040 Fund, Schwab Target 2045 Fund, Schwab Target 2050 Fund, Schwab Target 2055 Fund, Schwab Target 2060 Fund and Schwab Target 2065 Fund (the Funds), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser's affiliates, personnel, business goals and priorities, profitability, oversight of third-party service providers, corporate structure and operations. As part of the renewal process, the Independent Trustees' legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to the Funds' operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees' legal counsel, including a memorandum regarding the responsibilities of trustees for the approval of investment advisory agreements. In addition, the

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Independent Trustees participate in question and answer sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreement with respect to the Funds at meetings held on May 7, 2025 and June 5, 2025, and approved the renewal of the Agreement with respect to the Funds for an additional one-year term at the meeting on June 5, 2025 called for the purpose of voting on such approval.

The Board's approval of the continuance of the Agreement with respect to the Funds was based on consideration and evaluation of a variety of specific factors discussed at these meetings and at prior meetings, including:

1. the nature, extent and quality of the services provided to each Fund under the Agreement, including the resources of the investment adviser and its affiliates dedicated to the Funds;

2. each Fund's investment performance and how it compared to that of certain other comparable mutual funds and benchmark data;

3. each Fund's expenses and how those expenses compared to those of certain other similar mutual funds;

4. the profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to each Fund, including both direct and indirect benefits accruing to the investment adviser and its affiliates; and

5. the extent to which economies of scale would be realized as each Fund grows and whether fee levels in the Agreement reflect those economies of scale for the benefit of Fund investors.

**Nature, Extent and Quality of Services.** The Board considered the nature, extent and quality of the services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, the investment adviser's experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support provided with respect to each Fund's portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also considered the investment adviser's continued investment in its infrastructure, including the investment adviser's technology and use of data, business continuity, cybersecurity, due diligence, risk management processes, and information

security programs. The Trustees considered Schwab's overall financial condition and reputation as a full service brokerage firm, as well as the wide range of products, services and account features that benefit Fund shareholders who are brokerage clients of Schwab. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds supported renewal of the Agreement with respect to the Funds.

**Fund Performance.** The Board considered each Fund's performance in determining whether to renew the Agreement with respect to such Fund. Specifically, the Trustees considered each Fund's performance relative to a peer category of other mutual funds and applicable indices/benchmarks, in light of total return and the market environment, as well as in consideration of each Fund's investment style and strategy. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of each Fund, the Trustees considered the risk profile for such Fund and the appropriateness of the benchmark used to compare the performance of each Fund. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser's profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. The Board also considered that, in January 2025, CSIM had implemented enhancements to each Fund's real estate investment trust, U.S. large-cap, international equity and emerging markets equity allocations. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of each Fund supported renewal of the Agreement with respect to such Fund.

**Fund Expenses.** With respect to each Fund's expenses, the Trustees considered the rate of compensation called for by the Agreement and each Fund's net operating expense ratio, in each case, in comparison to those of other similar mutual funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Funds and provision of services as well as the competitive marketplace for financial products. The Trustees considered the effects of the investment adviser's and Schwab's practice of waiving certain fees to prevent total annual operating expenses of each Fund from exceeding a specified cap. The Trustees also considered the investment adviser's contractual commitment to limit the total annual operating expenses of each Fund for so long as the investment adviser serves as the adviser to the Fund. The

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Trustees also considered fees charged by the investment adviser to other mutual funds and to other types of accounts, but, with respect to such other types of accounts, accorded less weight to such comparisons due to the different legal, regulatory, compliance and operating features of mutual funds as compared to these other types of accounts, and any differences in the nature and scope of the services the investment adviser provides to these other accounts, and any differences in the market for these types of accounts. The Trustees noted that shareholders of the Funds indirectly pay their pro rata share of the fees and expenses of the underlying funds in which the Funds invest. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of each Fund are reasonable and supported renewal of the Agreement with respect to such Fund.

**Profitability.** The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or indirectly and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees reviewed the profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Funds and other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Funds, such as whether, by virtue of its management of the Funds, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. Also, because each Fund invests a portion of its assets in other funds within the Schwab fund complex, the Trustees considered the indirect benefits to the investment adviser from such Fund's investments in other underlying funds managed by the investment adviser. The Trustees considered whether the compensation and profitability with respect to the Funds under the Agreement and other service agreements were reasonable in light of the quality of all services rendered to the Funds by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research

capabilities, services and systems to benefit the Funds. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser with respect to each Fund is reasonable and supported renewal of the Agreement with respect to such Fund.

**Economies of Scale.** Although the Trustees recognized the difficulty of determining economies of scale with precision, the Trustees considered the potential existence of any economies of scale and whether those are passed along to a Fund's shareholders through (i) the enhancement of services provided to the Funds in return for fees paid, including through the investment adviser's continued investment in its infrastructure, and use of data and technology, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Funds and their shareholders; and (ii) pricing a fund to scale and keeping overall expenses down as the fund grows. The Trustees considered that the investment adviser and its affiliates employ contractual expense caps to protect shareholders from higher fees, including for example, when fund assets are relatively small. Based on this evaluation, the Board concluded, within the context of its full deliberations, that each Fund obtains reasonable benefits from economies of scale.

\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreement with respect to the Funds and concluded that the compensation under the Agreement with respect to the Funds is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g56854img461f353a1.jpg)

MFR33732-20

00319726

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#### Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
The changes in and disagreements with accountants for open-end management investment companies are included under Item 7 of this Form.

#### Item 9: Proxy Disclosures for Open-End Management Investment Companies.
The proxy disclosures for open-end management investment companies are included under Item 7 of this Form.

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#### Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The remuneration paid to directors, officers and others are included under Item 7 of this Form.

#### Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract.
The statement regarding basis for approval of investment advisory contract is included under Item 7 of this Form.

#### Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15: Submission of Matters to a Vote of Security Holders.
Not applicable.

#### Item 16: Controls and Procedures.
(a) Based on their evaluation of Registrant's disclosure controls and procedures, as of a date within 90 days of the filing date, Registrant's Principal Executive Officer, Omar Aguilar and Registrant's Principal Financial Officer, Dana Smith, have concluded that Registrant's disclosure controls and procedures are: (i) reasonably designed to ensure that information required to be disclosed in this report is appropriately communicated to Registrant's officers to allow timely decisions regarding disclosures required in this report; (ii) reasonably designed to ensure that information required to be disclosed in this report is recorded, processed, summarized and reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above.

(b) During the period covered by this report, there have been no changes in Registrant's internal control over financial reporting that the above officers believe to have materially affected, or to be reasonably likely to materially affect, Registrant's internal control over financial reporting.

#### Item 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18: Recovery of Erroneously Awarded Compensation.
(a) Not applicable.

(b) Not applicable

------

#### Item 19: Exhibits.

---

| | | |
|:---|:---|:---|
| (a) | (1) | [Registrant's code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.](d77953dex99codeeth.htm) |
|  | (2) | Not applicable. |
|  | (3) | [Separate certifications for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (the "1940 Act"), are attached.](d77953dex99cert.htm) |

---

(b) [A certification for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSR with the Commission.](d77953dex99906cert.htm)

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Schwab Capital Trust</u>

---

| | |
|:---|:---|
| By: | /s/ Omar Aguilar |
|  | Omar Aguilar |
|  | Principal Executive Officer (Chief Executive Officer) |
| Date: | December 16, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Omar Aguilar |
|  | Omar Aguilar |
|  | Principal Executive Officer (Chief Executive Officer) |
| Date: | December 16, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Dana Smith |
|  | Dana Smith |
|  | Principal Financial Officer (Chief Financial Officer) |
| Date: | December 16, 2025 |

---

## Ex-99.Codeeth

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

**Schwab Funds:** 

**The Charles Schwab Family of Funds** 

**Laudus Trust** 

**Schwab Investments** 

**Schwab Capital Trust** 

**Schwab Annuity Portfolios** 

**Schwab ETFs:** 

**Schwab Strategic Trust** 

**(the "Funds" or the "Trusts")** 

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

**Category: Code of Ethics and Personal Obligations** 

---

| | |
|:---|:---|
| **Policy Type** | Fund / Board |
| **Regulatory Authority, Rule(s)**<br> **and Regulation(s)** | &nbsp;&nbsp;&nbsp;&nbsp; • This Code constitutes the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, CSIM, CSIM's affiliates, The Charles Schwab Corporation or other Fund service providers govern or purport to govern the behavior or activities of an Officer who is subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. CSIM's, the Funds' and Charles Schwab & Co. Inc.'s (as distributor) joint code of ethics under Rule 17j-1 pursuant to the 1940 Act and Rule 204A-1 of the Advisers Act, and CSIM's, CSIM's affiliates', and The Charles Schwab Corporation's policies and procedures set forth in their respective compliance manuals and elsewhere are separate requirements applying to the Officers and are not part of this Code.<br>|
| **Associated Policies and**<br> **Standards** | &nbsp;&nbsp;&nbsp;&nbsp; <u>CSIM/Fund Policy and Procedures</u><br>• N/A<br><u>Charles Schwab Corporation (CSC) Policies and Standards</u><br>• N/A<br>|
| **Approval Date** | December 9, 2025 |

---

Note: CSIM and Fund Policies and Procedures may have additional or more restrictive requirements than those contained in CSC Policies and Standards.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside of CSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

------

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

**A. Overview: Policy Purpose and Objectives** 

**I. SCOPE** 

This Code of Business Conduct and Ethics (the "Code") for the Schwab Funds and Schwab ETFs (the "Funds") covers the Principal Executive Officer and Principal Financial Officer and any other officers who serve a similar function (each an "Officer") of all of the investment companies within the Funds' complex and applies to their service to the Funds.

**II. INTRODUCTION** 

The Funds are committed to the highest standards of ethical conduct. The Code consists of an outline of policies regarding conduct pertaining to legal compliance, personal conflicts of interest, confidentiality and privacy, and certain business practices. You are responsible for reviewing the Code and for acting in compliance with the Code in your daily activities.

The Code is not exhaustive; it provides guidance for carrying out your responsibilities on behalf of the Funds and observing the highest standards of ethical conduct. Because the Code does not address every possible situation that may arise, you are responsible for exercising good judgment, applying ethical principles, and raising questions when in doubt. Your integrity and good judgment reflect on the Funds' brand and reputation, and are the foundation of trust for our shareholder and business relationships.

If you are unsure of what to do in any situation or how to interpret the provisions of the Code, seek guidance before you act. Use the Funds' resources, including the Chief Legal Officer or the Chief Compliance Officer. If you feel that it is not appropriate to discuss a matter with the Chief Legal Officer or the Chief Compliance Officer, you may contact the Ombudsperson for The Charles Schwab Corporation.

**CONTACT INFORMATION** 

---

| | | |
|:---|:---|:---|
| **Title** | **Name** | **Phone Number** |
| Chief Compliance Officer | Mark Hunter | 512-682-7627 |
| Chief Legal Officer of Schwab<br> Funds and Schwab ETFs | Catherine MacGregor | 415-667-0650 |
| The Charles Schwab<br> Corporation Ombudsperson | Amy Pimentel, Esq,<br> McDermott Will & Schulte LLP | 617-535-3948 |

---

**B. Procedures and Responsibilities** 

**I. POLICIES** 

In executing your responsibilities on behalf of the Funds, your conduct should reflect positively on the Funds. A strong personal sense of ethics should always play a significant role in guiding you towards a proper course of action. The appearance of impropriety can be as harmful to the Funds' reputation as improper conduct.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside of CSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

------

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

The Funds' business is subject to various laws, rules and regulations, including federal securities and state and local laws. Although you are not expected to know the details of the myriad of laws governing our business, you are expected to be familiar with and comply with policies and procedures that apply to your business unit and complete any required training that applies to you (e.g., training regarding privacy or anti-money laundering).

A. PERSONAL CONFLICTS OF INTEREST

It is important that you do not place yourself in a position that would cloud your judgment in carrying out the business affairs of the Funds. A "personal conflict of interest" occurs when your private interest interferes in any way — or even appears to interfere — with the interests of the Funds. You have a duty to report any material transaction or relationship to the Chief Compliance Officer that reasonably could be expected to be or to create a conflict of interest with the Funds.

Officers, in addition to their obligation to the Funds, may also be an officer or employee of CSIM or a CSIM affiliate. As a result, this Code recognizes that the Officers will, in the normal course of their duties (whether formally for the Funds, for CSIM, for CSIM's affiliate or for more than one entity), be involved in establishing policies and implementing decisions that will have different effects on CSIM, CSIM's affiliates and the Funds. The participation of the Officers in such activities is inherent in the contractual relationship between the Funds and CSIM and is consistent with the performance by the Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940, as amended (the "1940 Act"), and the Investment Advisers Act of 1940, as amended (the "Advisers Act"), such activities will be deemed under the Code to have been handled ethically. In addition, it is recognized by the Trustees that the Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

B. INSIDE INFORMATION

Do not trade on inside information or disclose inside information to anyone except those who have a need to know it in order to fulfill their responsibilities for the Funds and in accordance with the Funds' policy. This applies to information regarding the Funds, The Charles Schwab Corporation and its subsidiaries, and any other publicly traded company.

Generally, material information is any information that an investor would likely consider important in deciding whether to buy, sell or hold securities or that could affect the market price of the securities. Examples include actual or estimated financial results or change in dividends; significant discoveries or product developments; possible mergers, acquisitions or divestitures; major changes in business strategies; obtaining or losing significant contracts; and threatened major litigation or related developments. If you have or receive information and are unsure whether it is within the definition of inside information or whether its release might be contrary to a fiduciary or other obligation, contact the Chief Compliance Officer prior to disclosing any such information.

You must not use the Funds' non-public holdings or transactions information in any way to influence your trades or the trades of other shareholders, including those of other employees, officers and directors. Trading ahead of shareholder or the Funds' transactions (frontrunning) and following shareholder or the Funds' transactions (piggybacking or shadowing) is prohibited.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside of CSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

------

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

C. ACCEPTANCE OF GIFTS OR ENTERTAINMENT

You must not accept gifts or entertainment from shareholders, vendors, suppliers, competitors or other employees where they present a conflict of interest or create the appearance of impropriety. You must adhere to the CSIM and The Charles Schwab Corporation policies regarding gifts and entertainment, and apply the more stringent restrictions. In addition, if you are an employee of another CSIM affiliate you must also adhere to that affiliate's policies regarding gifts and entertainment, and apply the more stringent restrictions.

D. CONFIDENTIALITY OF INFORMATION AND PRIVACY

Information concerning the identity of the Funds' underlying shareholders and their transactions and accounts is confidential. Such information may not be disclosed to persons working on behalf of the Funds except as they may need to know it in order to fulfill their responsibilities to the Funds. You may not disclose such information to anyone or any firm outside the Funds unless (i) the outside firm needs to know the information in order to perform services for the Funds and is bound to maintain its confidentiality; (ii) when the shareholder has consented or been given an opportunity to request that the information not be shared; (iii) as required by law; or (iv) as authorized by the Chief Legal Officer or Chief Compliance Officer.

The Funds are committed to safeguarding their customers' privacy. We do not sell any personally identifiable customer information. Sharing of such information with third parties is limited to situations related to the processing and servicing of customer accounts, and to specifically delineated exceptions in the federal privacy law. We share information with our affiliates to the extent permitted by federal law. You must be familiar with the procedural and systemic safeguards we maintain to protect this information.

You have the responsibility to safeguard the Funds' proprietary information. Proprietary information includes intellectual property (copyrights, trademarks or patents or trade secrets), particular know-how (business or organizational designs, or business, marketing or service plans or ideas) and sensitive information about the Funds (databases, records, salary information or unpublished financial reports).

E. PROTECTION AND USE OF FUNDS' ASSETS

You are obligated to protect the Funds' assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on the Funds. The Funds' equipment should not be used for non-Funds' business, though incidental personal use may be permitted.

F. FINANCIAL DISCLOSURES

The Funds are committed to providing full, fair, accurate, timely and understandable disclosure in reports and documents that the Funds file with, or submit to, the Securities and Exchange Commission and other regulatory agencies and in other public communications made by the Funds. You are required to comply with the Funds' policies and procedures to provide such full, fair, accurate, timely and understandable disclosure.

G. CONDUCT OF AUDITS

Neither you nor any other person acting under your direction shall directly or indirectly take any action to fraudulently influence, coerce, manipulate, or mislead any independent public or certified public accountant engaged in the performance of an audit or review of the Funds' financial statements.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside of CSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

------

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

Types of conduct that constitute improper influence include, but are not limited to, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Offering or paying bribes or other financial incentives, including offering future employment or contracts for non-audit services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing an auditor with inaccurate or misleading legal analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Threatening to cancel or canceling existing non-audit or audit
engagements if the auditor objects to the issuer's accounting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Seeking to have a partner removed from the audit engagement because the partner objects to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Funds' accounting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blackmailing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making physical threats

H. SALES PRACTICES

If you transact business for shareholders, you are required to know and observe the Funds' specific policies and procedures for shareholder sales and transactions, such as the content and use of sales materials, documentation for transactions, quotations and suitability. Likewise, if you transact business with third parties (such as vendors or suppliers), you will be required to know and observe the Funds' policies and procedures for such transactions, such as marketing policies, procedures for performing due diligence on third parties, and obtaining proper authorizations for any agreements. You must be familiar with any enumerated policies and procedures governing your sales activities and use good judgment in complying with them.

I. COMPETITION AND FAIR DEALING

We operate our business fairly and honestly. We seek competitive advantage through performance and never through unethical or illegal business practices. It is our policy to comply with anti-trust laws. These laws are complex and not easily summarized, but at a minimum require that there be no agreement or understanding between the Funds and their competitors that affect prices, terms or conditions of sale or that unreasonably restrain full and fair competition. You must always respect the rights of and deal fairly with the Funds' shareholders and competitors. You must never take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair dealing practice.

J. PROHIBITION OF BRIBERY AND KICKBACKS

Our policies prohibit bribery or kickbacks of any kind and to anyone in the conduct of our business. The U.S. government has a number of laws and regulations applicable specifically to business gratuities that may be offered to or accepted by U.S. and foreign government personnel. The promise, offer or delivery to an official or employee of the U.S. government or an official, employee or candidate of a foreign government of a gift, favor, payment or other gratuity in violation of these rules would not only violate the Funds' policy but could also be a criminal offense. Similarly, federal law, as well as the laws of many states, prohibits engaging in "commercial bribery." Commercial bribery involves soliciting, demanding or agreeing to accept anything of value from any person intending to influence or be rewarded in connection with any business or transaction, and prohibits all such behavior, for example, with respect to vendors, competitors, shareholders, and government employees.

K. WAIVERS

Waivers of the Code may be made only by the Trustees and will be promptly disclosed publicly as required by law.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside of CSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

------

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

L. CODE AMENDMENTS

This Code may not be amended except in written form, which is specifically approved or ratified by a majority of the Trustees including a majority of the independent Trustees. Any amendments will, to the extent required, be disclosed in accordance with law.

M. CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees, CSIM, The Charles Schwab Corporation and their respective counsel. However, nothing contained in this Code or in any applicable employment or severance agreement(s) should be interpreted as prohibiting employees or former employees from voluntarily communicating with the Securities and Exchange Commission or other authorities regarding possible violations of law or from recovering a whistleblower award.

**II. ESCALATION AND PROHIBITION AGAINST RETALIATION** 

If you know of, or reasonably believe there is, a violation of this Code, you must report that information immediately to the Funds' Chief Compliance Officer. Depending on the possible violation, you may also be required to report it pursuant to The Charles Schwab Corporation Code of Business Conduct and CSIM and/or CSIM's affiliate's compliance policies and procedures. You should not conduct preliminary investigations unless authorized to do so by the Compliance Department.

No Officer will be retaliated against for making a good faith complaint or for bringing inappropriate conduct to the attention of the Funds' personnel, Ombudsperson of The Charles Schwab Corporation or Trustees, for assisting another employee or applicant in making a good faith report, for cooperating in an investigation, or for filing an administrative claim with a state or federal governmental agency. Any Officer who in good faith raises an issue regarding a possible violation of law, regulation or company policy or any suspected illegal or unethical behavior will be protected from retaliation.

If you have violated the Code, however, making a report will not protect you from the consequences of your actions. You can be subject to discipline up to and including termination of employment if you violate the Code or fail to report violations that come to your attention.

Any employee who engages in retaliatory conduct in violation of our policies will be subject to disciplinary action, up to and including termination of employment. If you reasonably believe retaliatory conduct has occurred, you must report such conduct to the Funds' Chief Compliance Officer.

**III. PROCEDURES** 

A. OFFICERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Read and be familiar with conduct rules outlined in the Code, and periodically review them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Affirm in writing to the Trustees that you have received, read and understand the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annually affirm to the Trustees that you have complied with the requirements of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Comply with the conduct standards outlined in this Code in all dealings and actions, including those with
shareholders, the public, and vendors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report any material transaction or relationship to the Chief Compliance Officer that reasonably could be expected
to be or to create a personal conflict of interest with the Funds.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside of CSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

------

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Report in a timely manner to the Chief Compliance Officer any conduct that may constitute a violation of the
Code, the Funds' policies, or laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Raise questions or concerns about conduct issues with your supervisor, the Chief Legal Officer or Chief
Compliance Officer, and seek advice when in doubt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cooperate with management during fact-finding investigations and comply with any confidentiality rules imposed.

B. CHIEF COMPLIANCE OFFICER

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Chief Compliance Officer, upon becoming notified of potential violation of this Code, will conduct,
facilitate or delegate a review of the matter and will report to the Chairperson of the affected Fund's Audit, Compliance and Valuation Committee any violations of this Code that he or she believes to be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Chief Compliance Officer, upon becoming notified of a personal conflict of interest between an Officer and
the Funds that the Chief Compliance Officer deems to be material, will report the issue to the Chairperson of the affected Fund's Audit, Compliance and Valuation Committee and will work with the Chief Legal Officer and other appropriate
parties to ensure that any required disclosures are made.

C. TRUSTEES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Board of Trustees will consider appropriate action to address any violations of the Code that they deem to be
material, which may include review of and appropriate modification to applicable policies and procedures, notification to appropriate personnel of CSIM or its board of directors, notification to appropriate personnel of The Charles Schwab
Corporation or its board of directors, or a recommendation to dismiss the Officer.

**C. Recordkeeping Requirements** 

You must be familiar with the Funds' record retention policies and always retain or destroy records according to them. In the event of litigation, governmental investigation or the threat of such action, you should consult the Chief Legal Officer or the Chief Compliance Officer regarding record retention.

The Funds' books, records and accounts must conform both to applicable legal requirements and to the Funds' internal controls and policies.

Unrecorded or "off-the-books" funds or assets are prohibited unless permitted by applicable law or regulation. Business records must not contain exaggeration, derogatory remarks, guesswork, or inappropriate characterizations of people and companies. This applies equally to email, internal memoranda, formal reports, and all other forms of business records.

---

| | |
|:---|:---|
| **Version History** | Adopted Schwab Funds: June 15, 2011; Schwab ETFs: August 4, 2011.<br> Revised August 8, 2013; December 11, 2015; August 25, 2016; December 11, 2017; September 25, 2018 (no changes); December 12, 2019; November 3, 2020; October 7, 2021; December 13, 2022; December 11, 2023; December 19, 2024; December 9, 2025 |

---

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside of CSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

## Ex-99.Cert

**<u>CERTIFICATIONS</u>**

I, Omar Aguilar, certify that:

1. I have reviewed this report on Form N-CSR of Schwab Capital Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: December 16, 2025 | /s/ Omar Aguilar |
|  | Omar Aguilar |
|  | Principal Executive Officer (Chief Executive Officer) |

---

------

**<u>CERTIFICATIONS</u>**

I, Dana Smith, certify that:

1. I have reviewed this report on Form N-CSR of Schwab Capital Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: December 16, 2025 | /s/ Dana Smith |
|  | Dana Smith |
|  | Principal Financial Officer (Chief Financial Officer) |

---

## Exhibit 99.906

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES**-**OXLEY ACT OF 2002

In connection with the Annual Report for Schwab Capital Trust (the "Funds") on Form N-CSR for the period ended October 31, 2025 ("periodic report"), each of the undersigned, being the Principal Executive Officer and Principal Financial Officer, respectively, hereby certifies, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes**-**Oxley Act of 2002, that to the best of my knowledge:

(1) The periodic report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the Funds for the period presented therein.

---

| | |
|:---|:---|
| /s/ Omar Aguilar | Date: December 16, 2025 |
| Omar Aguilar |  |
| Principal Executive Officer (Chief Executive Officer) |  |

---

---

| | |
|:---|:---|
| /s/ Dana Smith | Date: December 16, 2025 |
| Dana Smith |  |
| Principal Financial Officer (Chief Financial Officer) |  |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSR with the Commission.