# EDGAR Filing Document

**Accession Number:** 0001454889
**File Stem:** 0001193125-23-058089
**Filing Date:** 2023-3
**Character Count:** 1888109
**Document Hash:** e04e60e3a92cc318528088585b3d8ec6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-058089.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001193125-23-058089

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**EFFECTIVENESS DATE**: 20230302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SCHWAB STRATEGIC TRUST
- **CENTRAL INDEX KEY:** 0001454889
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22311
- **FILM NUMBER:** 23698694

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Schwab Strategic Trust
- **DATE OF NAME CHANGE:** 20090127

## Series and Classes Contracts Data

### Schwab U.S. TIPS ETF (Series ID: S000029407)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000090317 | Schwab U.S. TIPS ETF | SCHP            |

### Schwab Short-Term U.S. Treasury ETF (Series ID: S000029408)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000090318 | Schwab Short-Term U.S. Treasury ETF | SCHO            |

### Schwab Intermediate-Term U.S. Treasury ETF (Series ID: S000029409)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000090319 | Schwab Intermediate-Term U.S. Treasury ETF | SCHR            |

### Schwab U.S. Aggregate Bond ETF (Series ID: S000033156)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000102078 | Schwab U.S. Aggregate Bond ETF | SCHZ            |

### Schwab 1-5 Year Corporate Bond ETF (Series ID: S000066660)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000214877 | Schwab 1-5 Year Corporate Bond ETF | SCHJ            |

### Schwab 5-10 Year Corporate Bond ETF (Series ID: S000066661)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000214878 | Schwab 5-10 Year Corporate Bond ETF | SCHI            |

### Schwab Long-Term U.S. Treasury ETF (Series ID: S000066662)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000214879 | Schwab Long-Term U.S. Treasury ETF | SCHQ            |

### Schwab Municipal Bond ETF (Series ID: S000077692)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000238180 | Schwab Municipal Bond ETF | SCMB            |

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number: 811-22311** 

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**Schwab Strategic Trust – Schwab Fixed-Income ETFs and Schwab Municipal Bond ETF** 

**(Exact name of registrant as specified in charter)** 

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

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

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**Jonathan de St. Paer** 

**Schwab Strategic Trust** 

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

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

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

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

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

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

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g46056imgbaf708761.jpg)

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

Schwab Fixed-Income ETFs

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---

| | |
|:---|:---|
| Schwab U.S. TIPS ETF | **SCHP** |
| Schwab Short-Term U.S. Treasury ETF | **SCHO** |
| Schwab Intermediate-Term U.S. Treasury ETF | **SCHR** |
| Schwab Long-Term U.S. Treasury ETF | **SCHQ** |
| Schwab U.S. Aggregate Bond ETF | **SCHZ** |
| Schwab 1-5 Year Corporate Bond ETF | **SCHJ** |
| Schwab 5-10 Year Corporate Bond ETF | **SCHI** |

---

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

**In This Report**

---

| | |
|:---|:---|
| [Performance at a Glance](#xx_aadb3bb0-eaf1-465b-8a9e-cd6dd206fb68_1) | 2 |
| [From the President](#xx_78c53b64-121a-41bf-93a7-59a099aba67b_1) | 3 |
| [The Investment Environment](#xx_918ab8da-b8ee-4f4a-937a-b3eb2f77c48e_1) | 4 |
| [Fund Management](#xx_706e9197-66d8-4d95-9d99-fc61103df396_1) | 6 |
| [Performance and Fund Facts](#xx_ecddb22a-0dee-4756-8782-1358a2b950e7_1) <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab U.S. TIPS ETF](#xx_ecddb22a-0dee-4756-8782-1358a2b950e7_1) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Short-Term U.S. Treasury ETF](#xx_1743acfe-4e4b-4884-b79d-891f3a1233a1_1) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Intermediate-Term U.S. Treasury ETF](#xx_8f952a72-cb7a-4981-b394-0fe9e5d8759d_1) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Long-Term U.S. Treasury ETF](#xx_ed42987f-3a35-4ddc-b3bc-7ef9cebeefd2_1) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab U.S. Aggregate Bond ETF](#xx_62a5e216-e0d7-4e03-82ae-90eeac21e63b_1) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab 1-5 Year Corporate Bond ETF](#xx_08f88898-dbe7-4988-bce1-b9c90e862366_1) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab 5-10 Year Corporate Bond ETF](#xx_c987f8ba-bc83-44f8-92b4-7b66bb83b430_1) | 19 |
| [Fund Expenses](#xx_2be1bf71-6f94-4a3e-85e8-de623dd710c1_1)  | 21 |
| [Financial Statements and Portfolio Holdings](#xx_9e8f8ca3-8b20-4616-864b-1dd5124c3f0b_1) <br>|  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab U.S. TIPS ETF](#xx_9e8f8ca3-8b20-4616-864b-1dd5124c3f0b_1) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Short-Term U.S. Treasury ETF](#xx_72adf28c-8082-442a-8edd-b5020dacf516_1) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Intermediate-Term U.S. Treasury ETF](#xx_aa14d08a-fb85-4846-a490-d51bffdb9129_1) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab Long-Term U.S. Treasury ETF](#xx_2b5e4168-d8eb-4f73-b8be-a38bdec52972_1) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab U.S. Aggregate Bond ETF](#xx_72128959-5866-490b-a98a-3915db17d8e0_1) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab 1-5 Year Corporate Bond ETF](#xx_a579f0f4-86cf-4430-ac53-dbebd9a094dd_1)  | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Schwab 5-10 Year Corporate Bond ETF](#xx_10c68c0d-5409-4d2c-ab78-1ce4c9847263_1) | 149 |
| [Financial Notes](#xx_f5bc2062-d2a5-404e-9344-7cee02f9e77a_1) | 177 |
| [Report of Independent Registered Public Accounting Firm](#xx_7abf2e33-a91b-4d77-9d66-0cd46442999b_1) | 189 |
| [Other Federal Tax Information](#xx_e9025c5e-ba74-4155-a6f3-2022f67ba759_1) | 190 |
| [Liquidity Risk Management Program](#xx_7b0f2771-c540-475b-a28f-b2ad52b28777_1)  | 191 |
| [Trustees and Officers](#xx_d02a71e3-06df-4773-a814-bd7725e60af6_1) | 192 |
| [Glossary](#xx_0a7625b3-7dab-4d72-9ab1-79020d935d5e_1) | 196 |

---

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

Distributor: SEI Investments Distribution Co. (SIDCO)

**1**Schwab Fixed-Income ETFs \| Annual Report

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Schwab Fixed-Income ETFs

Performance at a Glance

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

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

---

| | |
|:---|:---|
| **Total Returns for the 12 Months Ended December 31, 2022** | **Total Returns for the 12 Months Ended December 31, 2022** |
| **Schwab U.S. TIPS ETF**<br> (Ticker Symbol: SCHP)<br>|  |
| **Market Price Return**<sup>1</sup> | **-12.02%** |
| **NAV Return**<sup>1</sup> | **-11.96%** |
| Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)<sup>SM</sup> | -11.85% |
| ETF Category: Morningstar Inflation-Protected Bond<sup>2</sup> <br>| &nbsp;&nbsp; -8.98% |
| *Performance Details* | *pages 7-8* |
| **Schwab Short-Term U.S. Treasury ETF**<br> (Ticker Symbol: SCHO)<br>|  |
| **Market Price Return**<sup>1</sup> | **-3.87%** |
| **NAV Return**<sup>1</sup> | **-3.85%** |
| Bloomberg US Treasury 1-3 Year Index | &nbsp;&nbsp; -3.82% |
| ETF Category: Morningstar Short Government<sup>2</sup> <br>| &nbsp;&nbsp; -5.15% |
| *Performance Details* | *pages 9-10* |
| **Schwab Intermediate-Term U.S. Treasury ETF**<br> (Ticker Symbol: SCHR)<br>|  |
| **Market Price Return**<sup>1</sup> | **-10.58%** |
| **NAV Return**<sup>1</sup> | **-10.63%** |
| Bloomberg US Treasury 3-10 Year Index | -10.50% |
| ETF Category: Morningstar Intermediate Government<sup>2</sup> <br>| -11.27% |
| *Performance Details* | *pages 11-12* |
| **Schwab Long-Term U.S. Treasury ETF**<br> (Ticker Symbol: SCHQ)<br>|  |
| **Market Price Return**<sup>1</sup> | **-29.45%** |
| **NAV Return**<sup>1</sup> | **-29.42%** |
| Bloomberg US Long Treasury Index | -29.26% |
| ETF Category: Morningstar Long Government<sup>2</sup> <br>| -29.97% |
| *Performance Details* | *pages 13-14* |

---

---

| | |
|:---|:---|
| **Total Returns for the 12 Months Ended December 31, 2022** | **Total Returns for the 12 Months Ended December 31, 2022** |
| **Schwab U.S. Aggregate Bond ETF**<br> (Ticker Symbol: SCHZ)<br>|  |
| **Market Price Return**<sup>1</sup> | **-13.17%** |
| **NAV Return**<sup>1</sup> | **-13.09%** |
| Bloomberg US Aggregate Bond Index | -13.01% |
| ETF Category: Morningstar Intermediate Core Bond<sup>2</sup> <br>| -13.32% |
| *Performance Details* | *pages 15-16* |
| **Schwab 1-5 Year Corporate Bond ETF**<br> (Ticker Symbol: SCHJ)<br>|  |
| **Market Price Return**<sup>1</sup> | **-5.73%** |
| **NAV Return**<sup>1</sup> | **-5.65%** |
| Bloomberg US 1-5 Year Corporate Bond Index | &nbsp;&nbsp; -5.62% |
| ETF Category: Morningstar Short-Term Bond<sup>2</sup> <br>| &nbsp;&nbsp; -5.22% |
| *Performance Details* | *pages 17-18* |
| **Schwab 5-10 Year Corporate Bond ETF**<br> (Ticker Symbol: SCHI)<br>|  |
| **Market Price Return**<sup>1</sup> | **-14.06%** |
| **NAV Return**<sup>1</sup> | **-14.00%** |
| Bloomberg US 5-10 Year Corporate Bond Index | -13.89% |
| ETF Category: Morningstar Corporate Bond<sup>2</sup> <br>| -15.15% |
| *Performance Details* | *pages 19-20* |

---

&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 the Glossary.

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

Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.

Fixed-income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund(s) is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

U.S. Treasury Inflation-Protected Securities (TIPS) generally have lower yields than conventional fixed rate bonds and will likely decline in price during periods of deflation, which could result in losses.

Index ownership — Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively Bloomberg). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

<sup>1</sup>

ETF performance must be shown based on both a Market Price and a NAV basis. The fund's per share NAV is the value of one share of the fund. NAV is calculated by taking the fund's total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price of the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.

<sup>2</sup>

Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.

Schwab Fixed-Income ETFs \| Annual Report**2**

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Schwab Fixed-Income ETFs

From the President

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![](g46056imgc6f96b662.jpg)

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

Dear Shareholder,

Financial markets faced a tough environment in 2022, as both equity and fixed-income asset classes came under pressure due to rampant inflation, rising interest rates, and increasing geopolitical uncertainty. Focus shifted early in the year from the ongoing COVID-19 pandemic to Russia's invasion of Ukraine in late-February. Inflation, already ticking up at the start of the year, accelerated in the face of spiking commodity prices exacerbated by the war in Ukraine. Central banks, led by the U.S. Federal Reserve, aggressively hiked interest rates to slow economic growth and curb inflation. The U.S. federal funds rate increased from near zero in January and February to over 4% by December, the most rapid increase since the early 1980s. Rising interest rates drove bond yields higher, undermining security prices. (Bond yields and bond prices typically move in opposite directions.) The broad U.S. bond market, as measured by the Bloomberg US Aggregate Bond Index, suffered its steepest decline on record, returning -13.0% for the year. While short-term bonds experienced milder losses than long-term bonds, investors found few safe harbors during a period of historic market weakness.

Economic and political uncertainties may continue to roil financial markets over the short term particularly until inflation has been brought under control and the economy resumes an upward trajectory. At Schwab Asset Management, we believe maintaining a diversified, long-term investing plan that reflects your risk tolerance and long-term financial goals is important in the face of short-term uncertainty. At Schwab Asset Management, we offer a wide range of fixed-income ETFs with among the lowest expense ratios in the industry—which were further reduced as of July 1, 2022—to help investors achieve their financial goals.

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

Sincerely,

![](g46056img0eadabc23.jpg)

**"***Financial markets faced a tough environment in 2022, as both equity and fixed-income asset classes came under pressure due to rampant inflation, rising interest rates, and increasing geopolitical uncertainty.***"**

Past performance is no guarantee of future results.

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

Management views may have changed since the report date.

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

**3**Schwab Fixed-Income ETFs \| Annual Report

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Schwab Fixed-Income ETFs

The Investment Environment

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For the 12-month reporting period ended December 31, 2022, the Bloomberg US Aggregate Bond Index suffered its worst calendar year performance since its inception in 1976, with longer-term bonds underperforming shorter-term bonds, and several key U.S. stock indices posted their largest calendar year drop since the 2008 recession. Inflation spiked, interest rates rose, and economic growth around the world slowed. The ongoing war between Russia and Ukraine and the continuing, albeit uneven, fallout from the COVID-19 pandemic also weighed on economies and markets around the world. For the reporting period, the Bloomberg US Aggregate Bond Index, representing the broad U.S. bond market, and the S&P 500<sup>®</sup> Index, a bellwether for the overall U.S. stock market, returned -13.01% and -18.11%, respectively. The Bloomberg US 1-5 Year Corporate Bond Index and the Bloomberg US 5-10 Year Corporate Bond Index returned -5.62% and -13.89%, respectively, while the Bloomberg US Treasury 1-3 Year Index and the Bloomberg US Treasury 3-10 Year index returned -3.82% and -10.50%, respectively. Even in the face of rising inflation, inflation-protected securities underperformed, with the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)<sup>SM</sup> returning -11.85%.

As inflation continued to rise and U.S. Federal Reserve (Fed) monetary policy shifted, bond yields began to climb early in 2022, for the most part maintaining that trajectory through the first three quarters of the year, exerting downward pressure on bond prices. (Bond yields and bond prices typically move in opposite directions.) In the final quarter, longer-term yields became more volatile and prices rebounded slightly, leading to an inversion of certain parts of the yield curve. Over the reporting period, the yield on the 10-year U.S. Treasury rose from 1.52% to 3.88%. Short-term rates also rose sharply, with the yield on the three-month U.S. Treasury climbing from 0.06% to 4.42% over the reporting period, ending the year just slightly off its one-year high.

In the United States, amid fading government stimuli, ongoing supply chain disruptions, persisting inflation, and a widening U.S. trade deficit, gross domestic product (GDP) contracted for the first two quarters of 2022, decreasing at an annualized rate of -1.6% and -0.6% for the first and second quarters, respectively. GDP grew at an annualized rate of 3.2% for the third quarter of 2022, driven primarily by energy exports and consumer spending. Inflation rose steadily in the first half of the year, hitting a 40-year high in June, before declining through the end of the reporting period as certain consumer and energy prices began to recede. The unemployment rate remained low despite inflationary pressures, ending the reporting period at pre-pandemic lows.

**Yields of U.S. Treasury Securities: Effective Yields of Three-Month, Two-Year and 10-Year Treasuries**![](g46056img4ba436f54.jpg)

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

For index definitions, please see the Glossary.

Data source: Bloomberg L.P.

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

Management views may have changed since the report date.

Schwab Fixed-Income ETFs \| Annual Report**4**

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Schwab Fixed-Income ETFs

The Investment Environment (continued)

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Monetary policy around the world varied as central banks responded to the rapidly changing conditions. In the United States, after maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March 2022, the Fed shifted its stance as inflation continued to rise and indicators of economic activity and employment continued to strengthen. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed raised the federal funds rate seven times during the reporting period—by 0.25% in mid-March, 0.50% in early May, 0.75% in mid-June, 0.75% in late July, 0.75% in late September, 0.75% in early November, and 0.50% in mid-December. The federal funds rate ended the reporting period in a range of 4.25% to 4.50%. The Fed wrapped up its bond-buying program in March, and in June began to reduce the $9 trillion in assets held on its balance sheet, vowing to be even more aggressive than during its last round of quantitative tightening between 2017 and 2019. In developed international countries, central banks wrestled with similar issues. After holding its policy rate unchanged since March 2016, at 0.00%, the European Central Bank raised its interest rate four times over the reporting period in an effort to dampen demand and control inflation, which in October rose into double-digits. The Bank of England raised its key official bank rate eight times during the reporting period, bringing borrowing costs to a 14-year high as the Bank of England wrestled with soaring inflation. In contrast, the Bank of Japan continued to uphold its short-term interest rate target of -0.1%, unchanged since 2016, but in late December unexpectedly announced that it would widen the band around the yield target on its 10-year government bond, which pushed the yen higher and effectively marked the end of an extended period in which Japan was the only major developed country to resist raising rates.

**5**Schwab Fixed-Income ETFs \| Annual Report

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Schwab Fixed-Income ETFs

Fund Management

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

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|:---|:---|
| ![](g46056img449cbb585.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Matthew Hastings, CFA,** Managing Director and Head of Taxable Bond Strategies for Schwab Asset <br> Management, leads the portfolio management team for the Schwab Fixed-Income ETFs and Schwab Taxable <br> Bond Funds. He also has overall responsibility for all aspects of the management of the funds. Prior to joining <br> Schwab in 1999, Mr. Hastings was in fixed-income sales and trading at Lehman Brothers. He has worked in <br> the fixed-income securities industry since 1996.<br>|

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|:---|:---|
| ![](g46056img84a0e3b96.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Steven Hung,** Senior Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day <br> co-management of the Schwab U.S. Aggregate Bond ETF, Schwab 1-5 Year Corporate Bond ETF and Schwab <br> 5-10 Year Corporate Bond ETF. He is primarily responsible for the management and oversight of corporate <br> bonds within the taxable bond strategies, with additional responsibility for managing municipal bond index <br> strategies. Mr. Hung has been a portfolio manager with Schwab Asset Management since 2005 and prior to <br> that, served in various roles as an associate portfolio manager and trader since 1999. In 1998, he joined <br> Charles Schwab & Co.'s management training program and worked as a clerk on the options trading floor of <br> the Pacific Coast Stock Exchange.<br>|

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|:---|:---|
| ![](g46056img8a51b3057.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Mark McKissick, CFA,** Senior Portfolio Manager for Schwab Asset Management, is responsible for the <br> day-to-day co-management of the Schwab U.S. TIPS ETF, Schwab Short-Term U.S. Treasury ETF, Schwab <br> Intermediate-Term U.S. Treasury ETF, Schwab Long-Term U.S. Treasury ETF and Schwab U.S. Aggregate Bond <br> ETF. Prior to joining Schwab in 2016, Mr. McKissick worked at Denver Investments for 17 years, most recently <br> as a director of fixed income and portfolio manager. In this role he co-managed multiple bond strategies, as <br> well as oversaw the firm's fixed-income business including the investment process, client service and other <br> administrative functions. He also served as a credit/security analyst from 1999 to 2005. Prior to that, he <br> worked as a senior research analyst with Hotchkis & Wiley, a portfolio manager at Payden & Rygel, and a vice <br> president in fixed income at Salomon Brothers.<br>|

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|:---|:---|
| ![](g46056img80857f0d8.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Alfonso Portillo, Jr.,** Senior Portfolio Manager for Schwab Asset Management, is responsible for the <br> day-to-day co-management of the Schwab U.S. Aggregate Bond ETF. His primary focus is securitized <br> products. Prior to joining Schwab in 2007, Mr. Portillo worked for ten years at Pacific Investment Management <br> Company, most recently as a vice president and member of the mortgage- and asset-backed portfolio <br> management team. He has worked in fixed-income asset management since 1996.<br>|

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Schwab Fixed-Income ETFs \| Annual Report**6**

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Schwab U.S. TIPS ETF

------

**The Schwab U.S. TIPS ETF's** (the fund) goal is to track as closely as possible, before fees and expenses, the total return of an index composed of inflation-protected U.S. Treasury securities. To pursue its goal, the fund generally invests in securities that are included in the Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)<sup>SM</sup> (the index). For more information about the fund's investment objective, strategy, and risks, please see the fund's prospectus.

**Market Highlights.** Despite inflation remaining high, U.S. Treasury Inflation Protected Securities (TIPS) posted negative returns over the 12-month reporting period ended December 31, 2022. Interest rates rose as a result of persistently high inflation stemming from a tight labor market, supply chain constraints, and high energy prices in the wake of the COVID-19 pandemic and the war in Ukraine. The S&P 500<sup>®</sup> Index posted its largest calendar year drop since the 2008 recession and the Bloomberg US Aggregate Bond Index suffered its worst calendar year since its inception in 1976, with longer-term bonds underperforming shorter-term bonds. After maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March, the U.S. Federal Reserve (Fed) shifted its stance as inflation continued to rise and indicators of economic activity and employment continued to strengthen. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed increased the federal funds rate seven times by the end of the year to end the reporting period in a range of 4.25% to 4.50%. In addition, the Fed's bond-buying program, which had begun to scale back in November 2021, was ended altogether in early March 2022. In June, the Fed also began to reduce the $9 trillion in assets it holds on its balance sheet.

**Performance.** Over the 12-month reporting period, the fund tracked the performance of the index. For the 12 months ended December 31, 2022, the fund's market price return was -12.02% and its NAV return was -11.96% (for an explanation of market price and NAV returns, please refer to footnote 2 on the following page). The index returned -11.85% during the same period. Differences between the return of the fund and the return of the index may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index, as well as differences in closing times between the fund's securities and the index. Negative price returns detracted from fund performance, while coupon income generated by the fund's holdings contributed, albeit to a much smaller degree.

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

**Portfolio Composition % of Investments**<sup>1</sup>

**By Security Type** <br>

------

![](g46056img7ab41b759.jpg)

---

| | |
|:---|:---|
| **Weighted Average Maturity**<sup>4</sup> | 7.1 Yrs |
| **Weighted Average Duration**<sup>4</sup> | 6.6 Yrs |

---

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

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

An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of operational and transaction costs incurred by the fund.

Fixed-income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

TIPS generally have lower yields than conventional fixed rate bonds and will likely decline in price during periods of deflation, which could result in losses.

<sup>1</sup>

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

<sup>2</sup>

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

<sup>3</sup>

Less than 0.05%.

<sup>4</sup>

See Glossary for definitions of maturity and duration.

**7**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. TIPS ETF

Performance and Fund Facts as of December 31, 2022

------

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

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

![](g46056lg_2mf1.jpg)

**Average Annual Total Returns**<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | **5 Years** | **10 Years** |
| **Fund: Schwab U.S. TIPS ETF** (8/5/10) |  |  |  |
| &nbsp;&nbsp;&nbsp; Market Price Return<sup>2</sup> <br>| -12.02% | 2.01% | 1.04% |
| &nbsp;&nbsp;&nbsp; NAV Return<sup>2</sup> <br>| -11.96% | 2.02% | 1.04% |
| Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)<sup>SM</sup> | -11.85% | 2.11% | 1.12% |
| ETF Category: Morningstar Inflation-Protected Bond<sup>3</sup> <br>| &nbsp;&nbsp; -8.98% | 1.82% | 0.82% |
| *Fund Expense Ratio*<sup>4</sup>*: 0.04%* | *Fund Expense Ratio*<sup>4</sup>*: 0.04%* | *Fund Expense Ratio*<sup>4</sup>*: 0.04%* | *Fund Expense Ratio*<sup>4</sup>*: 0.04%* |

---

&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 the Glossary.

Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.

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

<sup>1</sup>

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

<sup>2</sup>

ETF performance must be shown based on both a Market Price and a NAV basis. The fund's per share NAV is the value of one share of the fund. NAV is calculated by taking the fund's total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price of the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.

<sup>3</sup>

Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.

<sup>4</sup>

As stated in the prospectus. Effective July 1, 2022, the management fee was reduced to 0.04%. For more information, see financial note 4 or refer to the prospectus.

Schwab Fixed-Income ETFs \| Annual Report**8**

------

Schwab Short-Term U.S. Treasury ETF

------

**The Schwab Short-Term U.S. Treasury ETF's** (the fund) goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the short-term U.S. Treasury bond market. To pursue its goal, the fund generally invests in a representative sample of securities that are included in the Bloomberg US Treasury 1-3 Year Index (the index). For more information about the fund's investment objective, strategy, and risks, please see the fund's prospectus.

**Market Highlights.** During the 12-month reporting period ended December 31, 2022, U.S. fixed-income markets posted negative returns as inflation spiked, interest rates rose, and economic growth around the world slowed. The ongoing war between Russia and Ukraine and the continuing, albeit uneven, fallout from the COVID-19 pandemic also weighed on economies and markets around the world. The S&P 500<sup>®</sup> Index posted its largest calendar year drop since the 2008 recession and the Bloomberg US Aggregate Bond Index suffered its worst calendar year since the inception in 1976, with longer-term bonds underperforming shorter-term bonds. After maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March, the U.S. Federal Reserve (Fed) shifted its stance as inflation continued to rise and indicators of economic activity and employment continued to strengthen. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed increased the federal funds rate seven times by the end of the year to end the reporting period in a range of 4.25% to 4.50%. In addition, the Fed's bond-buying program, which had begun to scale back in November 2021, was ended altogether in early March 2022. In June, the Fed also began to reduce the $9 trillion in assets it holds on its balance sheet.

Yields on short-term U.S. Treasuries rose over the reporting period, first on expectations of rising interest rates, and subsequently upon the Fed's actions, exerting downward pressure on bond prices. (Bond yields and bond prices typically move in opposite directions.) The year ended with yields on the shortest-duration bonds (one-, two- and three-months) near reporting-period highs and, with higher yields on shorter-term bonds than longer-term bonds, an inversion of certain parts of the yield curve. The yield on the one-year U.S. Treasury rose from 0.39% to 4.73%, the yield on the two-year U.S. Treasury rose from 0.73% to 4.41%, and the yield on the three-year U.S. Treasury rose from 0.97% to 4.22% over the reporting period.

**Performance.** Over the 12-month reporting period, the fund closely tracked the performance of the index. For the 12 months ended December 31, 2022, the fund's market price return was -3.87% and its NAV return was -3.85% (for an explanation of market price and NAV returns, please refer to footnote 2 on the following page). The index returned -3.82% during the same period. Differences between the return of the fund and the return of the index may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index, as well as differences in closing times between the fund's securities and the index. Negative price returns detracted from fund performance, while coupon income generated by the fund's holdings contributed, albeit to a much smaller degree.

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

**Portfolio Composition % of Investments**<sup>1</sup>

**By Security Type** <br>

------

![](g46056imgf0a3d14910.jpg)

---

| | |
|:---|:---|
| **Weighted Average Maturity**<sup>3</sup> | 2.0 Yrs |
| **Weighted Average Duration**<sup>3</sup> | 1.9 Yrs |

---

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

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

An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of operational and transaction costs incurred by the fund.

Fixed-income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

<sup>1</sup>

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

<sup>2</sup>

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

<sup>3</sup>

See Glossary for definitions of maturity and duration.

**9**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab Short-Term U.S. Treasury ETF

Performance and Fund Facts as of December 31, 2022

------

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

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

![](g46056lg_2mf2.jpg)

**Average Annual Total Returns**<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | **5 Years** | **10 Years** |
| **Fund: Schwab Short-Term U.S. Treasury ETF** (8/5/10) |  |  |  |
| &nbsp;&nbsp;&nbsp; Market Price Return<sup>2</sup> <br>| -3.87% | 0.69% | 0.59% |
| &nbsp;&nbsp;&nbsp; NAV Return<sup>2</sup> <br>| -3.85% | 0.69% | 0.58% |
| Bloomberg US Treasury 1-3 Year Index | -3.82% | 0.74% | 0.65% |
| ETF Category: Morningstar Short Government<sup>3</sup> <br>| -5.15% | 0.29% | 0.32% |
| *Fund Expense Ratio*<sup>4</sup>*: 0.03%* | *Fund Expense Ratio*<sup>4</sup>*: 0.03%* | *Fund Expense Ratio*<sup>4</sup>*: 0.03%* | *Fund Expense Ratio*<sup>4</sup>*: 0.03%* |

---

&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 the Glossary.

Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.

Index ownership — Bloomberg<sup>®</sup> and Bloomberg US Treasury 1-3 Year Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL), the administrator of the indices (collectively, Bloomberg). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., and Bloomberg does not approve, endorse, review, or recommend Schwab Short-Term U.S. Treasury ETF. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Schwab Short-Term U.S. Treasury ETF.

<sup>1</sup>

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

<sup>2</sup>

ETF performance must be shown based on both a Market Price and a NAV basis. The fund's per share NAV is the value of one share of the fund. NAV is calculated by taking the fund's total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price of the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.

<sup>3</sup>

Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.

<sup>4</sup>

As stated in the prospectus. Effective July 1, 2022, the management fee was reduced to 0.03%. For more information, see financial note 4 or refer to the prospectus.

Schwab Fixed-Income ETFs \| Annual Report**10**

------

Schwab Intermediate-Term U.S. Treasury ETF

------

**The Schwab Intermediate-Term U.S. Treasury ETF's** (the fund) goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the intermediate-term U.S. Treasury bond market. To pursue its goal, the fund generally invests in a representative sample of securities that are included in the Bloomberg US Treasury 3-10 Year Index (the index). For more information about the fund's investment objective, strategy, and risks, please see the fund's prospectus.

**Market Highlights.** During the 12-month reporting period ended December 31, 2022, U.S. fixed-income markets posted negative returns as inflation spiked, interest rates rose, and economic growth around the world slowed. The ongoing war between Russia and Ukraine and the continuing, albeit uneven, fallout from the COVID-19 pandemic also weighed on economies and markets around the world. The S&P 500<sup>®</sup> Index posted its largest calendar year drop since the 2008 recession and the Bloomberg US Aggregate Bond Index suffered its worst year since its inception 1976, with longer-term bonds underperforming shorter-term bonds. After maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March, the U.S. Federal Reserve (Fed) shifted its stance as inflation continued to rise and indicators of economic activity and employment continued to strengthen. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed increased the federal funds rate seven times by the end of the year to end the reporting period in a range of 4.25% to 4.50%. In addition, the Fed's bond-buying program, which had begun to scale back in November 2021, was ended altogether in early March 2022. In June, the Fed also began to reduce the $9 trillion in assets it holds on its balance sheet.

Yields on intermediate-term U.S. Treasuries rose over the reporting period, first on expectations of rising interest rates, and subsequently upon the Fed's actions, exerting downward pressure on bond prices. (Bond yields and bond prices typically move in opposite directions.) In the final quarter of the year, however, volatility on intermediate- and longer-duration bonds increased and yields moderated somewhat. The year ended with higher yields on shorter-term bonds than longer-term bonds—an inversion of certain parts of the yield curve. The yield on the three-year U.S. Treasury rose from 0.97% to 4.22%, the yield on the five-year U.S. Treasury rose from 1.26% to 3.99% for the year, and the yield on the 10-year U.S. Treasury, which was more volatile, particularly in the final quarter of the year, rose from 1.52% to 3.88% over the reporting period.

**Performance.** Over the 12-month reporting period, the fund tracked the performance of the index. For the 12 months ended December 31, 2022, the fund's market price return was -10.58% and its NAV return was -10.63% (for an explanation of market price and NAV returns, please refer to footnote 2 on the following page). The index returned -10.50% during the same period. Differences between the return of the fund and the return of the index may be attributable to, among other things, operational and transactional costs incurred by the fund and not the index, as well as differences in closing times between the fund's securities and the index. Negative price returns detracted from fund performance, while coupon income generated by the fund's holdings contributed, albeit to a much smaller degree.

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

**Portfolio Composition % of Investments**<sup>1</sup>

**By Security Type** <br>

------

![](g46056imgf0b7d63011.jpg)

---

| | |
|:---|:---|
| **Weighted Average Maturity**<sup>4</sup> | 5.6 Yrs |
| **Weighted Average Duration**<sup>4</sup> | 5.2 Yrs |

---

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

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

An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of operational and transaction costs incurred by the fund.

Fixed-income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

<sup>1</sup>

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

<sup>2</sup>

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

<sup>3</sup>

Less than 0.05%.

<sup>4</sup>

See Glossary for definitions of maturity and duration.

**11**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab Intermediate-Term U.S. Treasury ETF

Performance and Fund Facts as of December 31, 2022

------

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

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

![](g46056lg_2mf3.jpg)

**Average Annual Total Returns**<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | **5 Years** | **10 Years** |
| **Fund: Schwab Intermediate-Term U.S. Treasury ETF** (8/5/10) |  |  |  |
| &nbsp;&nbsp;&nbsp; Market Price Return<sup>2</sup> <br>| -10.58% | 0.21% | 0.67% |
| &nbsp;&nbsp;&nbsp; NAV Return<sup>2</sup> <br>| -10.63% | 0.19% | 0.65% |
| Bloomberg US Treasury 3-10 Year Index | -10.50% | 0.27% | 0.74% |
| ETF Category: Morningstar Intermediate Government<sup>3</sup> <br>| -11.27% | -0.41% | 0.31% |
| *Fund Expense Ratio*<sup>4</sup>*: 0.03%* | *Fund Expense Ratio*<sup>4</sup>*: 0.03%* | *Fund Expense Ratio*<sup>4</sup>*: 0.03%* | *Fund Expense Ratio*<sup>4</sup>*: 0.03%* |

---

&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 the Glossary.

Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.

Index ownership — Bloomberg<sup>®</sup> and Bloomberg US Treasury 3-10 Year Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL), the administrator of the indices (collectively, Bloomberg). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., and Bloomberg does not approve, endorse, review, or recommend Schwab Intermediate-Term U.S. Treasury ETF. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Schwab Intermediate-Term U.S. Treasury ETF.

<sup>1</sup>

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

<sup>2</sup>

ETF performance must be shown based on both a Market Price and a NAV basis. The fund's per share NAV is the value of one share of the fund. NAV is calculated by taking the fund's total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price of the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.

<sup>3</sup>

Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.

<sup>4</sup>

As stated in the prospectus. Effective July 1, 2022, the management fee was reduced to 0.03%. For more information, see financial note 4 or refer to the prospectus.

Schwab Fixed-Income ETFs \| Annual Report**12**

------

Schwab Long-Term U.S. Treasury ETF

------

**The Schwab Long-Term U.S. Treasury ETF's** (the fund) goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the long-term U.S. Treasury bond market. To pursue its goal, the fund generally invests in a representative sample of securities that are included in the Bloomberg US Long Treasury Index (the index). For more information about the fund's investment objective, strategy, and risks, please see the fund's prospectus.

**Market Highlights.** During the 12-month reporting period ended December 31, 2022, U.S. fixed-income markets posted negative returns as inflation spiked, interest rates rose, and economic growth around the world slowed. The ongoing war between Russia and Ukraine and the continuing, albeit uneven, fallout from the COVID-19 pandemic also weighed on economies and markets around the world. The S&P 500<sup>®</sup> Index posted its largest calendar year drop since the 2008 recession and the Bloomberg US Aggregate Bond Index suffered its worst calendar year since its inception in 1976, with longer-term bonds underperforming shorter-term bonds. After maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March, the U.S. Federal Reserve (Fed) shifted its stance as inflation continued to rise and indicators of economic activity and employment continued to strengthen. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed increased the federal funds rate seven times by the end of the year to end the reporting period in a range of 4.25% to 4.50%. In addition, the Fed's bond-buying program, which had begun to scale back in November 2021, was ended altogether in early March 2022. In June, the Fed also began to reduce the $9 trillion in assets it holds on its balance sheet.

Yields on long-term U.S. Treasuries rose over the reporting period, first on expectations of rising interest rates, and subsequently upon the Fed's actions, exerting downward pressure on bond prices. (Bond yields and bond prices typically move in opposite directions.) In the final quarter of the year, however, volatility on longer-duration bonds increased and yields moderated somewhat. The year ended with higher yields on shorter-term bonds than longer-term bonds—an inversion of certain parts of the yield curve. The yield on the 10-year U.S. Treasury, which was more volatile, particularly in the final quarter of the year, rose from 1.52% to 3.88%, and the yield on the 30-year U.S. Treasury rose from 1.90% to 3.97%.

**Performance.** Over the 12-month reporting period, the fund tracked the performance of the index. For the 12 months ended December 31, 2022, the fund's market price return was -29.45% and its NAV return was -29.42% (for an explanation of market price and NAV returns, please refer to footnote 2 on the following page). The index returned -29.26% during the same period. Differences between the return of the fund and the return of the index may be attributable to, among other things, operational and transactional costs incurred by the fund and not the index, as well as differences in closing times between the fund's securities and the index. Negative price returns detracted from fund performance, while coupon income generated by the fund's holdings contributed, albeit to a much smaller degree.

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

**Portfolio Composition % of Investments**<sup>1</sup>

**By Security Type** <br>

------

![](g46056img53e15fde12.jpg)

---

| | |
|:---|:---|
| **Weighted Average Maturity**<sup>4</sup> | 23.2 Yrs |
| **Weighted Average Duration**<sup>4</sup> | 16.1 Yrs |

---

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

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

An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of operational and transaction costs incurred by the fund.

Fixed-income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

<sup>1</sup>

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

<sup>2</sup>

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

<sup>3</sup>

Less than 0.05%.

<sup>4</sup>

See Glossary for definitions of maturity and duration.

**13**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab Long-Term U.S. Treasury ETF

Performance and Fund Facts as of December 31, 2022

------

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

**Performance of Hypothetical $10,000 Investment (October 10, 2019 – December 31, 2022)**<sup>1</sup>

![](g46056lg_2mf7.jpg)

**Average Annual Total Returns**<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | **3 Years** | **Since Inception**<sup>\*</sup> <br>|
| **Fund: Schwab Long-Term U.S. Treasury ETF** (10/10/19) |  |  |  |
| &nbsp;&nbsp;&nbsp; Market Price Return<sup>2</sup> <br>| -29.45% | -7.55% | -8.55% |
| &nbsp;&nbsp;&nbsp; NAV Return<sup>2</sup> <br>| -29.42% | -7.59% | -8.52% |
| Bloomberg US Long Treasury Index | -29.26% | -7.40% | -8.34% |
| ETF Category: Morningstar Long Government<sup>3</sup> <br>| -29.97% | -7.74% | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| *Fund Expense Ratio*<sup>4</sup>*: 0.03%* | *Fund Expense Ratio*<sup>4</sup>*: 0.03%* | *Fund Expense Ratio*<sup>4</sup>*: 0.03%* | *Fund Expense Ratio*<sup>4</sup>*: 0.03%* |

---

&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 the Glossary.

Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.

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

<sup>\*</sup>

Inception (10/10/19) represents the date that the shares began trading in the secondary market.

<sup>1</sup>

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

<sup>2</sup>

ETF performance must be shown based on both a Market Price and a NAV basis. The fund's per share NAV is the value of one share of the fund. NAV is calculated by taking the fund's total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price of the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.

<sup>3</sup>

Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.

<sup>4</sup>

As stated in the prospectus. Effective July 1, 2022, the management fee was reduced to 0.03%. For more information, see financial note 4 or refer to the prospectus.

Schwab Fixed-Income ETFs \| Annual Report**14**

------

Schwab U.S. Aggregate Bond ETF

------

**The Schwab U.S. Aggregate Bond ETF's** (the fund) goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the broad U.S. investment-grade bond market. To pursue its goal, the fund generally invests in a representative sample of securities that are included in the Bloomberg US Aggregate Bond Index (the index). In addition, for the 12-month reporting period ended December 31, 2022, the fund also held positions in TBAs, or "to be announced" securities. TBAs are mortgage-backed bonds that settle on a forward date and are used to gain exposure to the mortgage market. The average month-end position in these securities was 1.6% of the fund, with a minimum exposure of 1.1% and a maximum exposure of 2.4%. For more information about the fund's investment objective, strategy, and risks, please see the fund's prospectus.

**Market Highlights.** During the 12-month reporting period ended December 31, 2022, U.S. fixed-income markets posted negative returns as inflation spiked, interest rates rose, and economic growth around the world slowed. The ongoing war between Russia and Ukraine and the continuing, albeit uneven, fallout from the COVID-19 pandemic also weighed on economies and markets around the world. The S&P 500<sup>®</sup> Index posted its largest calendar year drop since the 2008 recession and the Bloomberg US Aggregate Bond Index suffered its worst calendar year since the inception in 1976, with longer-term bonds underperforming shorter-term bonds. After maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March, the U.S. Federal Reserve (Fed) shifted its stance as inflation continued to rise and indicators of economic activity and employment continued to strengthen. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed increased the federal funds rate seven times by the end of the year to end the reporting period in a range of 4.25% to 4.50%. In addition, the Fed's bond-buying program, which had begun to scale back in November 2021, was ended altogether in early March 2022. In June, the Fed also began to reduce the $9 trillion in assets it holds on its balance sheet.

As inflation continued to rise and Fed monetary policy shifted, bond yields began to climb early in 2022, for the most part maintaining that trajectory through the first three quarters of the year, exerting downward pressure on bond prices. (Bond yields and bond prices typically move in opposite directions.) In the final quarter, longer-term yields became more volatile and prices rebounded slightly, with higher yields on shorter-term bonds than longer-term bonds, an inversion of certain parts of the yield curve. Over the reporting period, the yield on the three-month U.S. Treasury rose from 0.06% to 4.42%, the yield on the 10-year U.S. Treasury rose from 1.52% to 3.88%, and the yield on the 30-year U.S. Treasury rose from 1.90% to 3.97%.

**Performance.** Over the 12-month reporting period, the fund tracked the performance of the index, which meant keeping the fund's credit quality, duration, and sector allocations aligned to the index. For the 12 months ended December 31, 2022, the fund's market price return was -13.17% and its NAV return were -13.09% (for an explanation of market price and NAV returns, please refer to footnote 2 on the following page). The index returned -13.01% during the same period. Differences between the return of the fund and the return of the index may be attributable to, among other things, operational and transactional costs incurred by the fund and not the index, as well as differences in closing times between the fund's securities and the index. Negative price returns detracted from fund performance, while coupon income generated by the fund's holdings contributed, albeit to a much smaller degree.

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

**Portfolio Composition % of Investments**<sup>1</sup>

**By Security Type** <br>

------

![](g46056img5f99851913.jpg)

---

| | |
|:---|:---|
| **Weighted Average Maturity**<sup>4</sup> | 8.5 Yrs |
| **Weighted Average Duration**<sup>4</sup> | 6.2 Yrs |

---

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

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

An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of operational and transaction costs incurred by the fund.

Fixed-income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

<sup>1</sup>

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

<sup>2</sup>

The fund may seek to obtain exposure to U.S. agency mortgage pass-through securities, in part or in full, through the use of "to-be-announced" or "TBA" transactions, which are standardized contracts for future delivery of mortgage pass-through securities in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement. These transactions represented approximately 2.3% of total investments on December 31, 2022.

<sup>3</sup>

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

<sup>4</sup>

See Glossary for definitions of maturity and duration.

**15**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Performance and Fund Facts as of December 31, 2022

------

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

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

![](g46056lg_2mf4.jpg)

**Average Annual Total Returns**<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | **5 Years** | **10 Years** |
| **Fund: Schwab U.S. Aggregate Bond ETF** (7/14/11) |  |  |  |
| &nbsp;&nbsp;&nbsp; Market Price Return<sup>2</sup> <br>| -13.17% | -0.08% | 0.98% |
| &nbsp;&nbsp;&nbsp; NAV Return<sup>2</sup> <br>| -13.09% | -0.07% | 0.97% |
| Bloomberg US Aggregate Bond Index | -13.01% | 0.02% | 1.06% |
| ETF Category: Morningstar Intermediate Core Bond<sup>3</sup> <br>| -13.32% | -0.16% | 0.89% |
| *Fund Expense Ratio*<sup>4</sup>*: 0.03%* | *Fund Expense Ratio*<sup>4</sup>*: 0.03%* | *Fund Expense Ratio*<sup>4</sup>*: 0.03%* | *Fund Expense Ratio*<sup>4</sup>*: 0.03%* |

---

&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 the Glossary.

Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.

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

<sup>1</sup>

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

<sup>2</sup>

ETF performance must be shown based on both a Market Price and a NAV basis. The fund's per share NAV is the value of one share of the fund. NAV is calculated by taking the fund's total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price of the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.

<sup>3</sup>

Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.

<sup>4</sup>

As stated in the prospectus. Effective July 1, 2022, the management fee was reduced to 0.03%. For more information, see financial note 4 or refer to the prospectus.

Schwab Fixed-Income ETFs \| Annual Report**16**

------

Schwab 1-5 Year Corporate Bond ETF

------

**The Schwab 1-5 Year Corporate Bond ETF's** (the fund) goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the short-term U.S. corporate bond market. To pursue its goal, the fund generally invests in a representative sample of securities that are included in the Bloomberg US 1-5 Year Corporate Bond Index (the index). For more information about the fund's investment objective, strategy, and risks, please see the fund's prospectus.

**Market Highlights.** During the 12-month reporting period ended December 31, 2022, U.S. fixed-income markets posted negative returns as inflation spiked, interest rates rose, and economic growth around the world slowed. The ongoing war between Russia and Ukraine and the continuing, albeit uneven, fallout from the COVID-19 pandemic also weighed on economies and markets around the world. The S&P 500<sup>®</sup> Index posted its largest calendar year drop since the 2008 recession and the Bloomberg US Aggregate Bond Index suffered its worst calendar year since the inception in 1976, with longer-term bonds underperforming shorter-term bonds. After maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March, the U.S. Federal Reserve (Fed) shifted its stance as inflation continued to rise and indicators of economic activity and employment continued to strengthen. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed increased the federal funds rate seven times by the end of the year to end the reporting period in a range of 4.25% to 4.50%. In addition, the Fed's bond-buying program, which had begun to scale back in November 2021, was ended altogether in early March 2022. In June, the Fed also began to reduce the $9 trillion in assets it holds on its balance sheet.

U.S. corporate bonds posted negative returns for the reporting period, as rising interest rates exerted downward pressure on bond prices, but held up better than many other taxable bond categories. Through the first three quarters of the reporting period, one-to-five-year corporate bond prices fell before reversing to rise in the fourth quarter. Longer-term corporate bonds underperformed their shorter-term counterparts. The corporate bond market exhibited greater volatility than in recent years, and corporate bond spreads—a measure of risk premium—ended the year higher than where they began.

**Performance.** Over the 12-month reporting period, the fund closely tracked the performance of the index. For the 12 months ended December 31, 2022, the fund's market price return was -5.73% and its NAV return was -5.65% (for an explanation of market price and NAV returns, please refer to footnote 2 on the following page). The index returned -5.62% during the same period. Differences between the return of the fund and the return of the index may be attributable to, among other things, operational and transactional costs incurred by the fund and not the index, as well as differences in closing times between the fund's securities and the index. Negative price returns detracted from fund performance, while coupon income generated by the fund's holdings contributed, albeit to a much smaller degree.

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

**Portfolio Composition % of Investments**<sup>1</sup>

**By Security Type** <br>

------

![](g46056img0ae5dcdd14.jpg)

---

| | |
|:---|:---|
| **Weighted Average Maturity**<sup>3</sup> | 3.1 Yrs |
| **Weighted Average Duration**<sup>3</sup> | 2.7 Yrs |

---

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

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

An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of operational and transaction costs incurred by the fund.

Fixed-income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

<sup>1</sup>

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

<sup>2</sup>

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

<sup>3</sup>

See Glossary for definitions of maturity and duration.

**17**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 1-5 Year Corporate Bond ETF

Performance and Fund Facts as of December 31, 2022

------

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

**Performance of Hypothetical $10,000 Investment (October 10, 2019 – December 31, 2022)**<sup>1</sup>

![](g46056lg_2mf5.jpg)

**Average Annual Total Returns**<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | **3 Years** | **Since Inception**<sup>\*</sup> <br>|
| **Fund: Schwab 1-5 Year Corporate Bond ETF** (10/10/19) |  |  |  |
| &nbsp;&nbsp;&nbsp; Market Price Return<sup>2</sup> <br>| -5.73% | -0.47% | -0.28% |
| &nbsp;&nbsp;&nbsp; NAV Return<sup>2</sup> <br>| -5.65% | -0.42% | -0.24% |
| Bloomberg US 1-5 Year Corporate Bond Index | -5.62% | -0.33% | -0.13% |
| ETF Category: Morningstar Short-Term Bond<sup>3</sup> <br>| -5.22% | -0.41% | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| *Fund Expense Ratio*<sup>4</sup>*: 0.03%* | *Fund Expense Ratio*<sup>4</sup>*: 0.03%* | *Fund Expense Ratio*<sup>4</sup>*: 0.03%* | *Fund Expense Ratio*<sup>4</sup>*: 0.03%* |

---

&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 the Glossary.

Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.

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

<sup>\*</sup>

Inception (10/10/19) represents the date that the shares began trading in the secondary market.

<sup>1</sup>

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

<sup>2</sup>

ETF performance must be shown based on both a Market Price and a NAV basis. The fund's per share NAV is the value of one share of the fund. NAV is calculated by taking the fund's total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price of the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.

<sup>3</sup>

Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.

<sup>4</sup>

As stated in the prospectus. Effective July 1, 2022, the management fee was reduced to 0.03%. For more information, see financial note 4 or refer to the prospectus.

Schwab Fixed-Income ETFs \| Annual Report**18**

------

Schwab 5-10 Year Corporate Bond ETF

------

**The Schwab 5-10 Year Corporate Bond ETF's** (the fund) goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the intermediate-term U.S. corporate bond market. To pursue its goal, the fund generally invests in a representative sample of securities that are included in the Bloomberg US 5-10 Year Corporate Bond Index (the index). For more information about the fund's investment objective, strategy, and risks, please see the fund's prospectus.

**Market Highlights.** During the 12-month reporting period ended December 31, 2022, U.S. fixed-income markets posted negative returns as inflation spiked, interest rates rose, and economic growth around the world slowed. The ongoing war between Russia and Ukraine and the continuing, albeit uneven, fallout from the COVID-19 pandemic also weighed on economies and markets around the world. The S&P 500<sup>®</sup> Index posted its largest calendar year drop since the 2008 recession and the Bloomberg US Aggregate Bond Index suffered its worst calendar year since the inception in 1976, with longer-term bonds underperforming shorter-term bonds. After maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March, the U.S. Federal Reserve (Fed) shifted its stance as inflation continued to rise and indicators of economic activity and employment continued to strengthen. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed increased the federal funds rate seven times by the end of the year to end the reporting period in a range of 4.25% to 4.50%. In addition, the Fed's bond-buying program, which had begun to scale back in November 2021, was ended altogether in early March 2022. In June, the Fed also began to reduce the $9 trillion in assets it holds on its balance sheet.

U.S. corporate bonds posted negative returns for the reporting period, as rising interest rates exerted downward pressure on bond prices, but held up better than many other taxable bond categories. Through the first three quarters of the reporting period, five-to-10-year corporate bond prices fell before reversing to rise during the fourth quarter. Longer-term corporate bonds underperformed their shorter-term counterparts. The corporate bond market exhibited greater volatility than in recent years, and corporate bond spreads—a measure of risk premium—ended the year higher than where they began.

**Performance.** Over the 12-month reporting period, the fund tracked the performance of the index. For the 12 months ended December 31, 2022, the fund's market price return was -14.06% and its NAV return were -14.00% (for an explanation of market price and NAV returns, please refer to footnote 2 on the following page). The index returned -13.89% during the same period. Differences between the return of the fund and the return of the index may be attributable to, among other things, operational and transactional costs incurred by the fund and not the index, as well as differences in closing times between the fund's securities and the index. Negative price returns detracted from fund performance, while coupon income generated by the fund's holdings contributed, albeit to a much smaller degree.

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

**Portfolio Composition % of Investments**<sup>1</sup>

**By Security Type** <br>

------

![](g46056img5028a07715.jpg)

---

| | |
|:---|:---|
| **Weighted Average Maturity**<sup>3</sup> | 7.4 Yrs |
| **Weighted Average Duration**<sup>3</sup> | 6.2 Yrs |

---

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

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

An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of operational and transaction costs incurred by the fund.

Fixed-income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

<sup>1</sup>

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

<sup>2</sup>

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

<sup>3</sup>

See Glossary for definitions of maturity and duration.

**19**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 5-10 Year Corporate Bond ETF

Performance and Fund Facts as of December 31, 2022

------

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

**Performance of Hypothetical $10,000 Investment (October 10, 2019 – December 31, 2022)**<sup>1</sup>

![](g46056lg_2mf6.jpg)

**Average Annual Total Returns**<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Fund and Inception Date** | **1 Year** | **3 Years** | **Since Inception**<sup>\*</sup> <br>|
| **Fund: Schwab 5-10 Year Corporate Bond ETF** (10/10/19) |  |  |  |
| &nbsp;&nbsp;&nbsp; Market Price Return<sup>2</sup> <br>| -14.06% | -2.54% | -2.16% |
| &nbsp;&nbsp;&nbsp; NAV Return<sup>2</sup> <br>| -14.00% | -2.48% | -2.10% |
| Bloomberg US 5-10 Year Corporate Bond Index | -13.89% | -2.37% | -1.97% |
| ETF Category: Morningstar Corporate Bond<sup>3</sup> <br>| -15.15% | -2.62% | &nbsp;&nbsp;&nbsp;&nbsp; N/A |
| *Fund Expense Ratio*<sup>4</sup>*: 0.03%* | *Fund Expense Ratio*<sup>4</sup>*: 0.03%* | *Fund Expense Ratio*<sup>4</sup>*: 0.03%* | *Fund Expense Ratio*<sup>4</sup>*: 0.03%* |

---

&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 the Glossary.

Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.

Index ownership — Bloomberg<sup>®</sup> and Bloomberg US 5-10 Year Corporate Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL), the administrator of the indices (collectively, Bloomberg). Bloomberg is not affiliated with Charles Schwab Investment Management, Inc., and Bloomberg does not approve, endorse, review, or recommend Schwab 5-10 Year Corporate Bond ETF. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to Schwab 5-10 Year Corporate Bond ETF.

<sup>\*</sup>

Inception (10/10/19) represents the date that the shares began trading in the secondary market.

<sup>1</sup>

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

<sup>2</sup>

ETF performance must be shown based on both a Market Price and a NAV basis. The fund's per share NAV is the value of one share of the fund. NAV is calculated by taking the fund's total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price of the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.

<sup>3</sup>

Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.

<sup>4</sup>

As stated in the prospectus. Effective July 1, 2022, the management fee was reduced to 0.03%. For more information, see financial note 4 or refer to the prospectus.

Schwab Fixed-Income ETFs \| Annual Report**20**

------

Schwab Fixed-Income ETFs

Fund Expenses (Unaudited)

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

As a fund shareholder, you may incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares; and, (2) ongoing costs, including management fees.

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; EXPENSE RATIO <br>(ANNUALIZED) <sup>1</sup> <br>| &nbsp;&nbsp; BEGINNING <br>ACCOUNT VALUE <br>AT 7/1/22<br>| &nbsp;&nbsp; ENDING <br>ACCOUNT VALUE <br>(NET OF EXPENSES) <br>AT 12/31/22<br>| &nbsp;&nbsp; EXPENSES PAID <br>DURING PERIOD <br>7/1/22-12/31/22 <sup>2</sup> <br>|
| **Schwab U.S. TIPS ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.04% | $1000.00 | $966.10 | $0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.04% | $1000.00 | $1025.00 | $0.20 |
| **Schwab Short-Term U.S. Treasury ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.03% | $1000.00 | $991.20 | $0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.03% | $1000.00 | $1025.05 | $0.15 |
| **Schwab Intermediate-Term U.S. Treasury ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.03% | $1000.00 | $968.30 | $0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.03% | $1000.00 | $1025.05 | $0.15 |
| **Schwab Long-Term U.S. Treasury ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.03% | $1000.00 | $893.30 | $0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.03% | $1000.00 | $1025.05 | $0.15 |
| **Schwab U.S. Aggregate Bond ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.03% | $1000.00 | $968.50 | $0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.03% | $1000.00 | $1025.05 | $0.15 |
| **Schwab 1-5 Year Corporate Bond ETF**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.03% | $1000.00 | $999.10 | $0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.03% | $1000.00 | $1025.05 | $0.15 |
| **Schwab 5-10 Year Corporate Bond ETF** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.03% | $1000.00 | $987.00 | $0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.03% | $1000.00 | $1025.05 | $0.15 |

---

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

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

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

**21**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. TIPS ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>| 1/1/19– <br>12/31/19<br>| 1/1/18– <br>12/31/18<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $62.83 | &nbsp;&nbsp; $62.06 | &nbsp;&nbsp; $56.57 | $53.27 | $55.39 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.62 | &nbsp;&nbsp;&nbsp;&nbsp; 2.93 | &nbsp;&nbsp;&nbsp;&nbsp; 0.81 | &nbsp;&nbsp;&nbsp; 1.21 | &nbsp;&nbsp;&nbsp; 1.51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | &nbsp;&nbsp; (10.95) | &nbsp;&nbsp;&nbsp;&nbsp; 0.60 | &nbsp;&nbsp;&nbsp;&nbsp; 5.37 | &nbsp;&nbsp;&nbsp; 3.23 | &nbsp;&nbsp; (2.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; (7.33) | &nbsp;&nbsp;&nbsp;&nbsp; 3.53 | &nbsp;&nbsp;&nbsp;&nbsp; 6.18 | &nbsp;&nbsp;&nbsp; 4.44 | &nbsp;&nbsp; (0.72) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (3.73) | &nbsp;&nbsp;&nbsp;&nbsp; (2.76) | &nbsp;&nbsp;&nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (1.14) | &nbsp;&nbsp; (1.40) |
| Net asset value at end of period | &nbsp;&nbsp; $51.77 | &nbsp;&nbsp; $62.83 | &nbsp;&nbsp; $62.06 | $56.57 | $53.27 |
| Total return | &nbsp;&nbsp; (11.96%) | &nbsp;&nbsp;&nbsp;&nbsp; 5.80% | &nbsp;&nbsp;&nbsp; 10.94% | &nbsp;&nbsp;&nbsp; 8.36% | &nbsp;&nbsp; (1.31%) |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.05%<sup>2,3</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp; 0.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 6.34% | &nbsp;&nbsp;&nbsp;&nbsp; 4.69% | &nbsp;&nbsp;&nbsp;&nbsp; 1.36% | &nbsp;&nbsp;&nbsp; 2.18% | &nbsp;&nbsp;&nbsp; 2.80% |
| Portfolio turnover rate<sup>4</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17% |
| Net assets, end of period (x 1,000,000) | $13832 | $21304 | $14090 | $8734 | $5779 |

---

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

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

<sup>2</sup> Effective July 1, 2022, the annual operating expense ratio was reduced to 0.04%. The ratio presented for the period ended 12/31/22 is a blended ratio (see financial note 4 for additional information). 

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

<sup>4</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**22**

------

Schwab U.S. TIPS ETF

Portfolio Holdings as of December 31, 2022

------

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

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website atwww.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund's website.

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

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **TREASURIES** 99.7% OF NET ASSETS | **TREASURIES** 99.7% OF NET ASSETS | **TREASURIES** 99.7% OF NET ASSETS |
| **U.S. Treasury Inflation Protected Securities** | **U.S. Treasury Inflation Protected Securities** | **U.S. Treasury Inflation Protected Securities** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/15/24  | 523958730 | &nbsp;&nbsp;&nbsp;&nbsp; 513204425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/15/24  | 294216771 | &nbsp;&nbsp;&nbsp;&nbsp; 286316992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 07/15/24  | 475759198 | &nbsp;&nbsp;&nbsp;&nbsp; 460894435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 10/15/24  | 424356547 | &nbsp;&nbsp;&nbsp;&nbsp; 409047545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 01/15/25  | 435027764 | &nbsp;&nbsp;&nbsp;&nbsp; 417495797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/15/25  | 296489715 | &nbsp;&nbsp;&nbsp;&nbsp; 297053994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 04/15/25  | 347627667 | &nbsp;&nbsp;&nbsp;&nbsp; 331288437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/15/25  | 477079861 | &nbsp;&nbsp;&nbsp;&nbsp; 458442212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 10/15/25  | 422955913 | &nbsp;&nbsp;&nbsp;&nbsp; 402039432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/15/26  | 401616840 | &nbsp;&nbsp;&nbsp;&nbsp; 385567066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/26  | 191371855 | &nbsp;&nbsp;&nbsp;&nbsp; 191255328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 04/15/26  | 326760523 | &nbsp;&nbsp;&nbsp;&nbsp; 307169792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 07/15/26  | 400345698 | &nbsp;&nbsp;&nbsp;&nbsp; 377232740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 10/15/26  | 452041868 | &nbsp;&nbsp;&nbsp;&nbsp; 423958269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/15/27  | 372793801 | &nbsp;&nbsp;&nbsp;&nbsp; 351456389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/15/27  | 184980622 | &nbsp;&nbsp;&nbsp;&nbsp; 188651803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 04/15/27  | 461826731 | &nbsp;&nbsp;&nbsp;&nbsp; 430339200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/15/27  | 411026481 | &nbsp;&nbsp;&nbsp;&nbsp; 387518233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/15/27  | 460897627 | &nbsp;&nbsp;&nbsp;&nbsp; 460382850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/15/28  | 419761986 | &nbsp;&nbsp;&nbsp;&nbsp; 394976846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/15/28  | 173949482 | &nbsp;&nbsp;&nbsp;&nbsp; 174009164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/28  | 178071132 | &nbsp;&nbsp;&nbsp;&nbsp; 194310435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 07/15/28  | 365366981 | &nbsp;&nbsp;&nbsp;&nbsp; 348131195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/15/29  | 313375566 | &nbsp;&nbsp;&nbsp;&nbsp; 298575716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/29  | 160643356 | &nbsp;&nbsp;&nbsp;&nbsp; 167489157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/29  | 206804324 | &nbsp;&nbsp;&nbsp;&nbsp; 232448742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/15/29  | 370324628 | &nbsp;&nbsp;&nbsp;&nbsp; 339090894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/15/30  | 418232142 | &nbsp;&nbsp;&nbsp;&nbsp; 375825452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 07/15/30  | 463108581 | &nbsp;&nbsp;&nbsp;&nbsp; 414659597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/15/31  | 479337676 | &nbsp;&nbsp;&nbsp;&nbsp; 425383571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 07/15/31  | 489838764 | &nbsp;&nbsp;&nbsp;&nbsp; 432450136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/15/32  | 534601430 | &nbsp;&nbsp;&nbsp;&nbsp; 467993941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/32  | &nbsp;&nbsp; 74369619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85043578 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/15/32  | 554835173 | &nbsp;&nbsp;&nbsp;&nbsp; 508417274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/15/40  | &nbsp;&nbsp; 97351221 | &nbsp;&nbsp;&nbsp;&nbsp; 103121218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/15/41  | 140353390 | &nbsp;&nbsp;&nbsp;&nbsp; 148536232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/15/42  | 227542800 | &nbsp;&nbsp;&nbsp;&nbsp; 190686896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 02/15/43  | 178714789 | &nbsp;&nbsp;&nbsp;&nbsp; 144180461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/15/44  | 245795525 | &nbsp;&nbsp;&nbsp;&nbsp; 227815508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/15/45  | 270535373 | &nbsp;&nbsp;&nbsp;&nbsp; 218818533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/15/46  | 139309788 | &nbsp;&nbsp;&nbsp;&nbsp; 118359045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 02/15/47  | 170735216 | &nbsp;&nbsp;&nbsp;&nbsp; 139990960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/15/48  | 124097683 | &nbsp;&nbsp;&nbsp;&nbsp; 104150879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 02/15/49  | 116228075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97319824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 02/15/50  | 175706307 | &nbsp;&nbsp;&nbsp;&nbsp; 118592866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/15/51  | 176872913 | &nbsp;&nbsp;&nbsp;&nbsp; 114004356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/15/52  | 205050252 | &nbsp;&nbsp;&nbsp;&nbsp; 132281035 |
| **Total Treasuries** <br>**(Cost $15,959,580,939)** | **Total Treasuries** <br>**(Cost $15,959,580,939)** | **13795978450** |

---

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.12% *(a)*<br>| 61322 | **61322** |
| **Total Short-Term Investments** <br>**(Cost $61,322)** | **Total Short-Term Investments** <br>**(Cost $61,322)** | **61322** |
| **Total Investments in Securities** <br>**(Cost $15,959,642,261)** | **Total Investments in Securities** <br>**(Cost $15,959,642,261)** | **13796039772** |

---

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

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

*See financial notes*

**23**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. TIPS ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of December 31, 2022 (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 |
| **Assets** |  |  |  |  |
| Treasuries<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | $13795978450 | $— | $13795978450 |
| Short-Term Investments<sup>1</sup> <br>| &nbsp;&nbsp; 61322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61322 |
| **Total** | **$61322** | **$13795978450** | **$—** | **$13796039772** |

---

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

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

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying

securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**24**

------

Schwab U.S. TIPS ETF

Statement of Assets and Liabilities

------

As of December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated (cost $15,959,642,261) |  | $13796039772 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215868986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150127845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36686010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75844 |
| **Total assets** |  | **14198798457** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366009727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476967 |
| **Total liabilities** |  | **366486694** |
| **Net assets** |  | **$13832311763** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $16373347727 |
| Total distributable loss | + | &nbsp;&nbsp;&nbsp; (2541035964) |
| **Net assets** |  | **$13832311763** |

---

&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** |
| $13832311763 |  | 267200000 |  | $51.77 |

---

*See financial notes*

**25**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. TIPS ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated |  | &nbsp;&nbsp; $1078622103 |
| Dividends received from securities - unaffiliated  | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252472 |
| **Total investment income**  |  | **1078874575** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7706240 |
| Proxy fees<sup>1</sup> <br>| + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532348 |
| **Total expenses** | – | **8238588** |
| **Net investment income** |  | **1070635987** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp; (384617378) |
| Net realized losses on sales of in-kind redemptions - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2021615) |
| **Net realized losses** |  | **(386638993)** |
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated** | + | **(2910566700)** |
| **Net realized and unrealized losses** |  | **(3297205693)** |
| **Decrease in net assets resulting from operations** |  | **($2226569706)** |

---

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

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**26**

------

Schwab U.S. TIPS ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 |
| Net investment income |  | &nbsp;&nbsp; $1070635987 | &nbsp;&nbsp;&nbsp; $856417676 |
| Net realized gains (losses) |  | &nbsp;&nbsp;&nbsp;&nbsp; (386638993) | &nbsp;&nbsp;&nbsp;&nbsp; 439588857 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp; (2910566700) | &nbsp;&nbsp;&nbsp;&nbsp; (200941689) |
| **Increase (decrease) in net assets resulting from operations** |  | **($2226569706)** | **$1095064844** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($1069955140)** | **($852013180)** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 | 1/1/21-12/31/21 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 120550000 | &nbsp;&nbsp;&nbsp; $7032380314 | 203700000 | $12711611994 |
| Shares redeemed | + | (192400000) | &nbsp;&nbsp; (11207272315) | &nbsp;&nbsp; (91700000) | &nbsp;&nbsp;&nbsp; (5740942233) |
| **Net transactions in fund shares**  |  | **(71850000)** | **($4174892001)** | **112000000** | **$6970669761** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 | 1/1/21-12/31/21 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 339050000 | $21303728610 | 227050000 | $14090007185 |
| Total increase (decrease) | + | &nbsp;&nbsp; (71850000) | &nbsp;&nbsp;&nbsp; (7471416847) | 112000000 | &nbsp;&nbsp;&nbsp;&nbsp; 7213721425 |
| **End of period** |  | **267200000** | **$13832311763** | **339050000** | **$21303728610** |

---

*See financial notes*

**27**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab Short-Term U.S. Treasury ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>| 1/1/19– <br>12/31/19<br>| 1/1/18– <br>12/31/18<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $50.84 | $51.39 | $50.48 | $49.88 | $50.03 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.68 | &nbsp;&nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp; 0.65 | &nbsp;&nbsp;&nbsp; 1.14 | &nbsp;&nbsp;&nbsp; 0.94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; (2.64) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp; 0.91 | &nbsp;&nbsp;&nbsp; 0.60 | &nbsp;&nbsp; (0.20)<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; (1.96) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp; 1.56 | &nbsp;&nbsp;&nbsp; 1.74 | &nbsp;&nbsp;&nbsp; 0.74 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp; (1.14) | &nbsp;&nbsp; (0.89) |
| Net asset value at end of period | &nbsp;&nbsp; $48.24 | $50.84 | $51.39 | $50.48 | $49.88 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; (3.85%) | &nbsp;&nbsp; (0.66%) | &nbsp;&nbsp;&nbsp; 3.11% | &nbsp;&nbsp;&nbsp; 3.53% | &nbsp;&nbsp;&nbsp; 1.50% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.04%<sup>3,4</sup> <br>| &nbsp;&nbsp;&nbsp; 0.05%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp; 0.06%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp; 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 1.39% | &nbsp;&nbsp;&nbsp; 0.41% | &nbsp;&nbsp;&nbsp; 1.26% | &nbsp;&nbsp;&nbsp; 2.27% | &nbsp;&nbsp;&nbsp; 1.89% |
| Portfolio turnover rate<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65% |
| Net assets, end of period (x 1,000,000) | $10256 | $8956 | $7508 | $5263 | $4255 |

---

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

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

<sup>2</sup> The per share amount does not accord with the change in aggregate gains and losses in securities during the period because of the timing of fund transactions in relation to fluctuating market values. 

<sup>3</sup> Effective July 1, 2022, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended 12/31/22 is a blended ratio (see financial note 4 for additional information). 

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

<sup>5</sup> Effective December 20, 2021, the annual operating expense ratio was reduced to 0.04%. The ratio presented for period ended 12/31/21 is a blended ratio.

<sup>6</sup> Effective December 13, 2019, the annual operating expense ratio was reduced to 0.05%. The ratio presented for the period ended 12/31/19 is a blended ratio.

<sup>7</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**28**

------

Schwab Short-Term U.S. Treasury ETF

Portfolio Holdings as of December 31, 2022

------

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

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund's website.

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **TREASURIES** 99.5% OF NET ASSETS | **TREASURIES** 99.5% OF NET ASSETS | **TREASURIES** 99.5% OF NET ASSETS |
| **Bonds** | **Bonds** | **Bonds** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/24  | &nbsp;&nbsp; 10318000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10880867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/15/25  | &nbsp;&nbsp;&nbsp;&nbsp; 9738000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10361915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/15/25  | &nbsp;&nbsp; 10494000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11149550 |
| **Notes** | **Notes** | **Notes** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 01/15/24  | 140138600 | &nbsp;&nbsp;&nbsp;&nbsp; 133632175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/31/24  | 159272000 | &nbsp;&nbsp;&nbsp;&nbsp; 152854055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/31/24  | &nbsp;&nbsp; 75160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73210395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/31/24  | &nbsp;&nbsp; 91215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89089453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/15/24  | 175548000 | &nbsp;&nbsp;&nbsp;&nbsp; 166845524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/24  | 142581000 | &nbsp;&nbsp;&nbsp;&nbsp; 139514696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/29/24  | 158235000 | &nbsp;&nbsp;&nbsp;&nbsp; 152560424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/29/24  | &nbsp;&nbsp; 69374000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67363097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/29/24  | &nbsp;&nbsp; 67311000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65568937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/15/24  | 166449000 | &nbsp;&nbsp;&nbsp;&nbsp; 157898498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/31/24  | 127362000 | &nbsp;&nbsp;&nbsp;&nbsp; 123423954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/31/24  | 150630000 | &nbsp;&nbsp;&nbsp;&nbsp; 146163745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/15/24  | 116167000 | &nbsp;&nbsp;&nbsp;&nbsp; 109949905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/30/24  | &nbsp;&nbsp; 73670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71124480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/30/24  | 107528000 | &nbsp;&nbsp;&nbsp;&nbsp; 104144416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/30/24  | 147584000 | &nbsp;&nbsp;&nbsp;&nbsp; 143395433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/15/24  | 149170000 | &nbsp;&nbsp;&nbsp;&nbsp; 140434918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/24  | 170529000 | &nbsp;&nbsp;&nbsp;&nbsp; 165529346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/31/24  | 122991000 | &nbsp;&nbsp;&nbsp;&nbsp; 118520277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/31/24  | 136531000 | &nbsp;&nbsp;&nbsp;&nbsp; 132472125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/15/24  | 151727000 | &nbsp;&nbsp;&nbsp;&nbsp; 142439153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/30/24  | &nbsp;&nbsp; 98357000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94284155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/30/24  | &nbsp;&nbsp; 70522000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67838687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/30/24  | 139327000 | &nbsp;&nbsp;&nbsp;&nbsp; 136006838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/15/24  | 125581000 | &nbsp;&nbsp;&nbsp;&nbsp; 117687619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/31/24  | 101092000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96718325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/31/24  | &nbsp;&nbsp; 66600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64081528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/31/24  | 135182000 | &nbsp;&nbsp;&nbsp;&nbsp; 131860281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 08/15/24  | 151075000 | &nbsp;&nbsp;&nbsp;&nbsp; 141189694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/15/24  | 180468000 | &nbsp;&nbsp;&nbsp;&nbsp; 174218177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/31/24  | &nbsp;&nbsp; 90310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85522595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 08/31/24  | &nbsp;&nbsp; 75211000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71957049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/31/24  | 131563000 | &nbsp;&nbsp;&nbsp;&nbsp; 128839001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/15/24  | 172851000 | &nbsp;&nbsp;&nbsp;&nbsp; 161135678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/30/24  | &nbsp;&nbsp; 93996000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89294094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/30/24  | &nbsp;&nbsp; 65000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62392220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/30/24  | 125140000 | &nbsp;&nbsp;&nbsp;&nbsp; 124511710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/15/24  | 168329000 | &nbsp;&nbsp;&nbsp;&nbsp; 157248946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/31/24  | &nbsp;&nbsp; 97651000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92554555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/31/24  | &nbsp;&nbsp; 52669000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50603259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/31/24  | 126456000 | &nbsp;&nbsp;&nbsp;&nbsp; 126105148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/15/24  | 160359000 | &nbsp;&nbsp;&nbsp;&nbsp; 149731528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/24  | 174599000 | &nbsp;&nbsp;&nbsp;&nbsp; 167737382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/24  | 103543000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97985340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 11/30/24  | &nbsp;&nbsp; 75822000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72603811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/30/24  | 126360000 | &nbsp;&nbsp;&nbsp;&nbsp; 126384564 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/15/24  | 161621000 | &nbsp;&nbsp;&nbsp;&nbsp; 151295503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/31/24  | &nbsp;&nbsp; 93979000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89240175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/31/24  | &nbsp;&nbsp; 77182000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73997092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/31/24  | 125000000 | &nbsp;&nbsp;&nbsp;&nbsp; 124592242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/15/25  | 155051000 | &nbsp;&nbsp;&nbsp;&nbsp; 145150001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/31/25  | &nbsp;&nbsp; 88293000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83007260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/31/25  | &nbsp;&nbsp; 79282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76297635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/25  | 148498000 | &nbsp;&nbsp;&nbsp;&nbsp; 139811951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/25  | 159165000 | &nbsp;&nbsp;&nbsp;&nbsp; 151514846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/28/25  | &nbsp;&nbsp; 97253000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90831890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/28/25  | &nbsp;&nbsp; 79252000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76616451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/25  | 144210000 | &nbsp;&nbsp;&nbsp;&nbsp; 136317271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/31/25  | 115261000 | &nbsp;&nbsp;&nbsp;&nbsp; 105932674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/31/25  | &nbsp;&nbsp; 47559000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45846177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/15/25  | 138238000 | &nbsp;&nbsp;&nbsp;&nbsp; 133060489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/30/25  | 125998000 | &nbsp;&nbsp;&nbsp;&nbsp; 115078824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/30/25  | &nbsp;&nbsp; 73299000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70969345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/15/25  | 153348000 | &nbsp;&nbsp;&nbsp;&nbsp; 145815715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/25  | 135446000 | &nbsp;&nbsp;&nbsp;&nbsp; 130644710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/31/25  | 119172000 | &nbsp;&nbsp;&nbsp;&nbsp; 108208128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/31/25  | &nbsp;&nbsp; 67464000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65246917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/25  | 131537000 | &nbsp;&nbsp;&nbsp;&nbsp; 127138074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/30/25  | 130388000 | &nbsp;&nbsp;&nbsp;&nbsp; 118164738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/30/25  | &nbsp;&nbsp; 52828000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50908981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/25  | 128700000 | &nbsp;&nbsp;&nbsp;&nbsp; 124703595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/31/25  | 137284000 | &nbsp;&nbsp;&nbsp;&nbsp; 123917151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/31/25  | &nbsp;&nbsp; 63930000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61787993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/25  | 165483000 | &nbsp;&nbsp;&nbsp;&nbsp; 156319859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/25  | 125334000 | &nbsp;&nbsp;&nbsp;&nbsp; 121722864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 08/31/25  | 132370000 | &nbsp;&nbsp;&nbsp;&nbsp; 119121179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/31/25  | &nbsp;&nbsp; 66205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63677280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/25  | 123902000 | &nbsp;&nbsp;&nbsp;&nbsp; 121480707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/30/25  | 153806000 | &nbsp;&nbsp;&nbsp;&nbsp; 138161269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/30/25  | &nbsp;&nbsp; 66563000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64365695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/25  | 118702000 | &nbsp;&nbsp;&nbsp;&nbsp; 118660526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 10/31/25  | 161845000 | &nbsp;&nbsp;&nbsp;&nbsp; 144827872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/31/25  | &nbsp;&nbsp; 58664000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56696163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/25  | 172592000 | &nbsp;&nbsp;&nbsp;&nbsp; 163459864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/25  | 120136000 | &nbsp;&nbsp;&nbsp;&nbsp; 120926351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 11/30/25  | 154032000 | &nbsp;&nbsp;&nbsp;&nbsp; 137903263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/30/25  | &nbsp;&nbsp; 71792000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69129543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/25  | 120000000 | &nbsp;&nbsp;&nbsp;&nbsp; 119254687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 12/31/25  | 164000000 | &nbsp;&nbsp;&nbsp;&nbsp; 146642486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/31/25  | &nbsp;&nbsp; 65000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62183479 |
| **Total Treasuries** <br>**(Cost $10,437,408,603)** | **Total Treasuries** <br>**(Cost $10,437,408,603)** | **10207648437** |

---

*See financial notes*

**29**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab Short-Term U.S. Treasury ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

&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%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.12% *(a)*<br>| 5631829 | **5631829** |
| **Total Short-Term Investments** <br>**(Cost $5,631,829)** | **Total Short-Term Investments** <br>**(Cost $5,631,829)** | **5631829** |
| **Total Investments in Securities** <br>**(Cost $10,443,040,432)** | **Total Investments in Securities** <br>**(Cost $10,443,040,432)** | **10213280266** |

---

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

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

------

The following is a summary of the inputs used to value the fund's investments as of December 31, 2022 (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 |
| **Assets** |  |  |  |  |
| Treasuries<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | $10207648437 | $— | $10207648437 |
| Short-Term Investments<sup>1</sup> <br>| &nbsp;&nbsp; 5631829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5631829 |
| **Total** | **$5631829** | **$10207648437** | **$—** | **$10213280266** |

---

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

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

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying

securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**30**

------

Schwab Short-Term U.S. Treasury ETF

Statement of Assets and Liabilities

------

As of December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated (cost $10,443,040,432) |  | $10213280266 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468892353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52484040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36187663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23011 |
| **Total assets** |  | **10770867333** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512250108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2412108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256181 |
| **Total liabilities** |  | **514918397** |
| **Net assets** |  | **$10255948936** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $10767367195 |
| Total distributable loss | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (511418259) |
| **Net assets** |  | **$10255948936** |

---

&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** |
| $10255948936 |  | 212600000 |  | $48.24 |

---

*See financial notes*

**31**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab Short-Term U.S. Treasury ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated |  | &nbsp;&nbsp; $129864092 |
| Dividends received from securities - unaffiliated  | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81738 |
| **Total investment income**  |  | **129945830** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3146855 |
| Proxy fees<sup>1</sup> <br>| + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221793 |
| **Total expenses** | – | **3368648** |
| **Net investment income** |  | **126577182** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp; (275641999) |
| Net realized losses on sales of in-kind redemptions - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp; (19945091) |
| **Net realized losses** |  | **(295587090)** |
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated** | + | **(170555069)** |
| **Net realized and unrealized losses** |  | **(466142159)** |
| **Decrease in net assets resulting from operations** |  | **($339564977)** |

---

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

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**32**

------

Schwab Short-Term U.S. Treasury ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 |
| Net investment income |  | &nbsp;&nbsp; $126577182 | &nbsp;&nbsp; $34884979 |
| Net realized gains (losses) |  | &nbsp;&nbsp;&nbsp; (295587090) | &nbsp;&nbsp;&nbsp; 32936548 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp; (170555069) | (127210855) |
| **Decrease in net assets from operations** |  | **($339564977)** | **($59389328)** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($125786895)** | **($34862540)** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 | 1/1/21-12/31/21 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 102900000 | &nbsp;&nbsp;&nbsp; $5050820539 | 137050000 | $7021323331 |
| Shares redeemed | + | &nbsp;&nbsp; (66450000) | &nbsp;&nbsp;&nbsp; (3285327283) | (107000000) | &nbsp;&nbsp; (5479187668) |
| **Net transactions in fund shares**  |  | **36450000** | **$1765493256** | **30050000** | **$1542135663** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 | 1/1/21-12/31/21 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 176150000 | &nbsp;&nbsp;&nbsp; $8955807552 | 146100000 | $7507923757 |
| Total increase | + | &nbsp;&nbsp; 36450000 | &nbsp;&nbsp;&nbsp;&nbsp; 1300141384 | &nbsp;&nbsp; 30050000 | &nbsp;&nbsp;&nbsp; 1447883795 |
| **End of period** |  | **212600000** | **$10255948936** | **176150000** | **$8955807552** |

---

*See financial notes*

**33**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab Intermediate-Term U.S. Treasury ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>| 1/1/19– <br>12/31/19<br>| 1/1/18– <br>12/31/18<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | $56.16 | $58.21 | $54.97 | $52.89 | $53.35 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; 1.12 | &nbsp;&nbsp;&nbsp; 0.55 | &nbsp;&nbsp;&nbsp; 0.94 | &nbsp;&nbsp;&nbsp; 1.28 | &nbsp;&nbsp;&nbsp; 1.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | &nbsp;&nbsp; (7.06) | &nbsp;&nbsp; (2.04) | &nbsp;&nbsp;&nbsp; 3.24 | &nbsp;&nbsp;&nbsp; 2.07 | &nbsp;&nbsp; (0.55)<sup>2</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp; (5.94) | &nbsp;&nbsp; (1.49) | &nbsp;&nbsp;&nbsp; 4.18 | &nbsp;&nbsp;&nbsp; 3.35 | &nbsp;&nbsp;&nbsp; 0.66 |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (0.94) | &nbsp;&nbsp; (1.27) | &nbsp;&nbsp; (1.12) |
| Net asset value at end of period | $49.22 | $56.16 | $58.21 | $54.97 | $52.89 |
| Total return | (10.63%) | &nbsp;&nbsp; (2.57%) | &nbsp;&nbsp;&nbsp; 7.62% | &nbsp;&nbsp;&nbsp; 6.38% | &nbsp;&nbsp;&nbsp; 1.28% |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 0.04%<sup>3,4</sup> <br>| &nbsp;&nbsp;&nbsp; 0.05%<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp; 0.06%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp; 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; 2.18% | &nbsp;&nbsp;&nbsp; 0.97% | &nbsp;&nbsp;&nbsp; 1.63% | &nbsp;&nbsp;&nbsp; 2.35% | &nbsp;&nbsp;&nbsp; 2.34% |
| Portfolio turnover rate<sup>7</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41% |
| Net assets, end of period (x 1,000,000) | $7555 | $3712 | $3953 | $4736 | $3480 |

---

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

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

<sup>2</sup> The per share amount does not accord with the change in aggregate gains and losses in securities during the period because of the timing of fund transactions in relation to fluctuating market values. 

<sup>3</sup> Effective July 1, 2022, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended 12/31/22 is a blended ratio (see financial note 4 for additional information). 

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

<sup>5</sup> Effective December 20, 2021, the annual operating expense ratio was reduced to 0.04%. The ratio presented for period ended 12/31/21 is a blended ratio.

<sup>6</sup> Effective December 13, 2019, the annual operating expense ratio was reduced to 0.05%. The ratio presented for the period ended 12/31/19 is a blended ratio.

<sup>7</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**34**

------

Schwab Intermediate-Term U.S. Treasury ETF

Portfolio Holdings as of December 31, 2022

------

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

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund's website.

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **TREASURIES** 99.5% OF NET ASSETS | **TREASURIES** 99.5% OF NET ASSETS | **TREASURIES** 99.5% OF NET ASSETS |
| **Bonds** | **Bonds** | **Bonds** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/26  | &nbsp;&nbsp; 10303000 | &nbsp;&nbsp;&nbsp;&nbsp; 10837102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 6324000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6867203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 6623000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7176478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 3562000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3894918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 4716000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5165200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/15/27  | &nbsp;&nbsp; 12640000 | &nbsp;&nbsp;&nbsp;&nbsp; 13797279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 7074000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7575643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/28  | &nbsp;&nbsp; 12589000 | &nbsp;&nbsp;&nbsp;&nbsp; 13353974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 7240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7695820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 6564000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7347444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/30  | &nbsp;&nbsp; 10334000 | &nbsp;&nbsp;&nbsp;&nbsp; 11803493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/15/31  | &nbsp;&nbsp; 12710000 | &nbsp;&nbsp;&nbsp;&nbsp; 13965376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/32  | 158033000 | &nbsp;&nbsp;&nbsp; 143870146 |
| **Notes** | **Notes** | **Notes** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/15/26  | &nbsp;&nbsp; 87344000 | &nbsp;&nbsp;&nbsp;&nbsp; 80857249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/28/26  | 121984000 | &nbsp;&nbsp;&nbsp; 108769412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/28/26  | &nbsp;&nbsp; 45313000 | &nbsp;&nbsp;&nbsp;&nbsp; 43061320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/31/26  | &nbsp;&nbsp; 96386000 | &nbsp;&nbsp;&nbsp;&nbsp; 86460767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/31/26  | &nbsp;&nbsp; 91986000 | &nbsp;&nbsp;&nbsp;&nbsp; 86736341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/30/26  | &nbsp;&nbsp; 93866000 | &nbsp;&nbsp;&nbsp;&nbsp; 83966000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/30/26  | &nbsp;&nbsp; 33955000 | &nbsp;&nbsp;&nbsp;&nbsp; 32090307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/26  | &nbsp;&nbsp; 84627000 | &nbsp;&nbsp;&nbsp;&nbsp; 77936576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/31/26  | &nbsp;&nbsp; 98263000 | &nbsp;&nbsp;&nbsp;&nbsp; 87688555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/31/26  | &nbsp;&nbsp; 45893000 | &nbsp;&nbsp;&nbsp;&nbsp; 42955187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/30/26  | &nbsp;&nbsp; 85687000 | &nbsp;&nbsp;&nbsp;&nbsp; 76650423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/30/26  | &nbsp;&nbsp; 41448000 | &nbsp;&nbsp;&nbsp;&nbsp; 38464610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/31/26  | &nbsp;&nbsp; 90166000 | &nbsp;&nbsp;&nbsp;&nbsp; 79699269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 07/31/26  | &nbsp;&nbsp; 52459000 | &nbsp;&nbsp;&nbsp;&nbsp; 48549976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/15/26  | &nbsp;&nbsp; 88844000 | &nbsp;&nbsp;&nbsp;&nbsp; 81054247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/31/26  | 100927000 | &nbsp;&nbsp;&nbsp;&nbsp; 89400783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/31/26  | &nbsp;&nbsp; 39137000 | &nbsp;&nbsp;&nbsp;&nbsp; 35500707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/30/26  | &nbsp;&nbsp; 93681000 | &nbsp;&nbsp;&nbsp;&nbsp; 83235259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 09/30/26  | &nbsp;&nbsp; 29860000 | &nbsp;&nbsp;&nbsp;&nbsp; 27335439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/31/26  | &nbsp;&nbsp; 95116000 | &nbsp;&nbsp;&nbsp;&nbsp; 85101512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/31/26  | &nbsp;&nbsp; 34893000 | &nbsp;&nbsp;&nbsp;&nbsp; 31862648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/26  | &nbsp;&nbsp; 83174000 | &nbsp;&nbsp;&nbsp;&nbsp; 76932099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/30/26  | &nbsp;&nbsp; 96421000 | &nbsp;&nbsp;&nbsp;&nbsp; 86544549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/30/26  | &nbsp;&nbsp; 34297000 | &nbsp;&nbsp;&nbsp;&nbsp; 31287754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/31/26  | &nbsp;&nbsp; 95409000 | &nbsp;&nbsp;&nbsp;&nbsp; 85480100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/31/26  | &nbsp;&nbsp; 35819000 | &nbsp;&nbsp;&nbsp;&nbsp; 32805132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/31/27  | 123766000 | &nbsp;&nbsp;&nbsp; 111795476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/27  | &nbsp;&nbsp; 75450000 | &nbsp;&nbsp;&nbsp;&nbsp; 70236707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/28/27  | &nbsp;&nbsp; 21850000 | &nbsp;&nbsp;&nbsp;&nbsp; 19437168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/27  | &nbsp;&nbsp; 86477000 | &nbsp;&nbsp;&nbsp;&nbsp; 79228299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 03/31/27  | &nbsp;&nbsp; 36501000 | &nbsp;&nbsp;&nbsp;&nbsp; 31689007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/31/27  | &nbsp;&nbsp; 81523000 | &nbsp;&nbsp;&nbsp;&nbsp; 76559497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/30/27  | &nbsp;&nbsp; 52320000 | &nbsp;&nbsp;&nbsp;&nbsp; 45073256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/30/27  | &nbsp;&nbsp; 77194000 | &nbsp;&nbsp;&nbsp;&nbsp; 73203178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/27  | &nbsp;&nbsp; 89940000 | &nbsp;&nbsp;&nbsp;&nbsp; 83884915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/31/27  | &nbsp;&nbsp; 43032000 | &nbsp;&nbsp;&nbsp;&nbsp; 36918909 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/31/27  | &nbsp;&nbsp; 77421000 | &nbsp;&nbsp;&nbsp;&nbsp; 73013515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/30/27  | &nbsp;&nbsp; 50861000 | &nbsp;&nbsp;&nbsp;&nbsp; 43530602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/27  | &nbsp;&nbsp; 76034000 | &nbsp;&nbsp;&nbsp;&nbsp; 73565427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/31/27  | &nbsp;&nbsp; 66604000 | &nbsp;&nbsp;&nbsp;&nbsp; 56541574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/31/27  | &nbsp;&nbsp; 69590000 | &nbsp;&nbsp;&nbsp;&nbsp; 65876177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/27  | &nbsp;&nbsp; 70670000 | &nbsp;&nbsp;&nbsp;&nbsp; 65402279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/31/27  | &nbsp;&nbsp; 54305000 | &nbsp;&nbsp;&nbsp;&nbsp; 46234479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/31/27  | &nbsp;&nbsp; 72470000 | &nbsp;&nbsp;&nbsp;&nbsp; 69743831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/30/27  | &nbsp;&nbsp; 81539000 | &nbsp;&nbsp;&nbsp;&nbsp; 68793712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/30/27  | &nbsp;&nbsp; 71846000 | &nbsp;&nbsp;&nbsp;&nbsp; 72144269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/31/27  | &nbsp;&nbsp; 67735000 | &nbsp;&nbsp;&nbsp;&nbsp; 57330172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/27  | &nbsp;&nbsp; 68125000 | &nbsp;&nbsp;&nbsp;&nbsp; 68408182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/27  | &nbsp;&nbsp; 69650000 | &nbsp;&nbsp;&nbsp;&nbsp; 64222238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/30/27  | &nbsp;&nbsp; 82712000 | &nbsp;&nbsp;&nbsp;&nbsp; 70297599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/27  | &nbsp;&nbsp; 67149000 | &nbsp;&nbsp;&nbsp;&nbsp; 66811852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 12/31/27  | &nbsp;&nbsp; 82239000 | &nbsp;&nbsp;&nbsp;&nbsp; 69725506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/31/27  | &nbsp;&nbsp; 70000000 | &nbsp;&nbsp;&nbsp;&nbsp; 69604180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/31/28  | 100978000 | &nbsp;&nbsp;&nbsp;&nbsp; 85940831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/28  | &nbsp;&nbsp; 92298000 | &nbsp;&nbsp;&nbsp;&nbsp; 86829630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/29/28  | 103429000 | &nbsp;&nbsp;&nbsp;&nbsp; 89607131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/31/28  | &nbsp;&nbsp; 92911000 | &nbsp;&nbsp;&nbsp;&nbsp; 80836184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 04/30/28  | 101088000 | &nbsp;&nbsp;&nbsp;&nbsp; 87780927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/28  | 107221000 | &nbsp;&nbsp;&nbsp; 101271586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/31/28  | &nbsp;&nbsp; 94012000 | &nbsp;&nbsp;&nbsp;&nbsp; 81464002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/30/28  | &nbsp;&nbsp; 93221000 | &nbsp;&nbsp;&nbsp;&nbsp; 80647706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/31/28  | 101245000 | &nbsp;&nbsp;&nbsp;&nbsp; 86122004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/28  | 103428000 | &nbsp;&nbsp;&nbsp;&nbsp; 97451258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/31/28  | 100046000 | &nbsp;&nbsp;&nbsp;&nbsp; 85512768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/30/28  | &nbsp;&nbsp; 94976000 | &nbsp;&nbsp;&nbsp;&nbsp; 81632233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/31/28  | &nbsp;&nbsp; 90456000 | &nbsp;&nbsp;&nbsp;&nbsp; 78161012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/28  | &nbsp;&nbsp; 94666000 | &nbsp;&nbsp;&nbsp;&nbsp; 90313437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/28  | &nbsp;&nbsp; 89962000 | &nbsp;&nbsp;&nbsp;&nbsp; 78159705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 12/31/28  | &nbsp;&nbsp; 91238000 | &nbsp;&nbsp;&nbsp;&nbsp; 78705320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/31/29  | &nbsp;&nbsp; 86340000 | &nbsp;&nbsp;&nbsp;&nbsp; 75920644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/29  | &nbsp;&nbsp; 96950000 | &nbsp;&nbsp;&nbsp;&nbsp; 89712605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/29  | &nbsp;&nbsp; 81310000 | &nbsp;&nbsp;&nbsp;&nbsp; 72050653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/31/29  | &nbsp;&nbsp; 72746000 | &nbsp;&nbsp;&nbsp;&nbsp; 66255580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/30/29  | &nbsp;&nbsp; 71434000 | &nbsp;&nbsp;&nbsp;&nbsp; 66939216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/29  | &nbsp;&nbsp; 81487000 | &nbsp;&nbsp;&nbsp;&nbsp; 74127901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/31/29  | &nbsp;&nbsp; 69423000 | &nbsp;&nbsp;&nbsp;&nbsp; 64531442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/29  | &nbsp;&nbsp; 63284000 | &nbsp;&nbsp;&nbsp;&nbsp; 60585709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/31/29  | &nbsp;&nbsp; 58122000 | &nbsp;&nbsp;&nbsp;&nbsp; 53563608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/15/29  | &nbsp;&nbsp; 76728000 | &nbsp;&nbsp;&nbsp;&nbsp; 66609411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/31/29  | &nbsp;&nbsp; 56842000 | &nbsp;&nbsp;&nbsp;&nbsp; 53996541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/30/29  | &nbsp;&nbsp; 59188000 | &nbsp;&nbsp;&nbsp;&nbsp; 58792263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/31/29  | &nbsp;&nbsp; 54405000 | &nbsp;&nbsp;&nbsp;&nbsp; 54458061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/29  | &nbsp;&nbsp; 51042000 | &nbsp;&nbsp;&nbsp;&nbsp; 44566460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/29  | &nbsp;&nbsp; 55198000 | &nbsp;&nbsp;&nbsp;&nbsp; 54855176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/31/29  | &nbsp;&nbsp; 57000000 | &nbsp;&nbsp;&nbsp;&nbsp; 56671214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/30  | &nbsp;&nbsp; 94083000 | &nbsp;&nbsp;&nbsp;&nbsp; 80206557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/15/30  | 129499000 | &nbsp;&nbsp;&nbsp; 102567274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/15/30  | 164807000 | &nbsp;&nbsp;&nbsp; 129799224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/15/30  | 174352000 | &nbsp;&nbsp;&nbsp; 139484250 |

---

*See financial notes*

**35**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab Intermediate-Term U.S. Treasury ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/15/31  | 169835000 | &nbsp;&nbsp;&nbsp; 138539301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/31  | 166588000 | &nbsp;&nbsp;&nbsp; 140278824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/15/31  | 183012000 | &nbsp;&nbsp;&nbsp; 148619378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/31  | 180299000 | &nbsp;&nbsp;&nbsp; 146846883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/32  | 160690000 | &nbsp;&nbsp;&nbsp; 136299235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/32  | 166870000 | &nbsp;&nbsp;&nbsp; 153862717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/32  | 108847000 | &nbsp;&nbsp;&nbsp; 111025605 |
| **Total Treasuries** <br>**(Cost $7,936,211,802)** | **Total Treasuries** <br>**(Cost $7,936,211,802)** | **7514649769** |

---

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class <br>4.12% *(a)*<br>| 53564 | **53564** |
| **Total Short-Term Investments** <br>**(Cost $53,564)** | **Total Short-Term Investments** <br>**(Cost $53,564)** | **53564** |
| **Total Investments in Securities** <br>**(Cost $7,936,265,366)** | **Total Investments in Securities** <br>**(Cost $7,936,265,366)** | **7514703333** |

---

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

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

------

The following is a summary of the inputs used to value the fund's investments as of December 31, 2022 (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 |
| **Assets** |  |  |  |  |
| Treasuries<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | $7514649769 | $— | $7514649769 |
| Short-Term Investments<sup>1</sup> <br>| &nbsp;&nbsp; 53564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53564 |
| **Total** | **$53564** | **$7514649769** | **$—** | **$7514703333** |

---

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

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

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying

securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**36**

------

Schwab Intermediate-Term U.S. Treasury ETF

Statement of Assets and Liabilities

------

As of December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated (cost $7,936,265,366) |  | $7514703333 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp; 244463921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39469132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16058 |
| **Total assets** |  | **7798652444** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp; 243086701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due to custodian  | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2519 |
| **Total liabilities** |  | **243285602** |
| **Net assets** |  | **$7555366842** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $8349496967 |
| Total distributable loss | + | &nbsp;&nbsp;&nbsp;&nbsp; (794130125) |
| **Net assets** |  | **$7555366842** |

---

&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** |
| $7555366842 |  | 153500000 |  | $49.22 |

---

*See financial notes*

**37**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab Intermediate-Term U.S. Treasury ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated |  | &nbsp;&nbsp; $143063152 |
| Dividends received from securities - unaffiliated  | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126638 |
| **Total investment income**  |  | **143189790** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2183806 |
| Proxy fees<sup>1</sup> <br>| + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121629 |
| **Total expenses** | – | **2305435** |
| **Net investment income** |  | **140884355** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp; (354736064) |
| Net realized losses on sales of in-kind redemptions - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp; (18720420) |
| **Net realized losses** |  | **(373456484)** |
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated** | + | **(373736025)** |
| **Net realized and unrealized losses** |  | **(747192509)** |
| **Decrease in net assets resulting from operations** |  | **($606308154)** |

---

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

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**38**

------

Schwab Intermediate-Term U.S. Treasury ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 |
| Net investment income |  | &nbsp;&nbsp; $140884355 | &nbsp;&nbsp;&nbsp; $36405306 |
| Net realized gains (losses) |  | &nbsp;&nbsp;&nbsp; (373456484) | &nbsp;&nbsp;&nbsp;&nbsp; 29699817 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp; (373736025) | &nbsp;&nbsp;&nbsp; (174720996) |
| **Decrease in net assets from operations** |  | **($606308154)** | **($108615873)** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($140863160)** | **($36438300)** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 | 1/1/21-12/31/21 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 139150000 | $7219464611 | 51000000 | $2902018922 |
| Shares redeemed | + | &nbsp;&nbsp; (51750000) | &nbsp;&nbsp; (2628923902) | (52800000) | &nbsp;&nbsp; (2997677163) |
| **Net transactions in fund shares**  |  | **87400000** | **$4590540709** | **(1800000)** | **($95658241)** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 | 1/1/21-12/31/21 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp; 66100000 | $3711997447 | 67900000 | $3952709861 |
| Total increase (decrease) | + | &nbsp;&nbsp; 87400000 | &nbsp;&nbsp;&nbsp; 3843369395 | &nbsp;&nbsp; (1800000) | &nbsp;&nbsp;&nbsp;&nbsp; (240712414) |
| **End of period** |  | **153500000** | **$7555366842** | **66100000** | **$3711997447** |

---

*See financial notes*

**39**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab Long-Term U.S. Treasury ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>| 10/10/19<sup>1</sup>– <br>12/31/19<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $51.26 | &nbsp;&nbsp; $54.87 | &nbsp;&nbsp; $47.34 | &nbsp;&nbsp; $50.00 |
| Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.12 | &nbsp;&nbsp;&nbsp;&nbsp; 0.86 | &nbsp;&nbsp;&nbsp;&nbsp; 0.86 | &nbsp;&nbsp;&nbsp;&nbsp; 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; (16.08) | &nbsp;&nbsp;&nbsp;&nbsp; (3.60) | &nbsp;&nbsp;&nbsp;&nbsp; 7.50 | &nbsp;&nbsp;&nbsp;&nbsp; (2.67) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; (14.96) | &nbsp;&nbsp;&nbsp;&nbsp; (2.74) | &nbsp;&nbsp;&nbsp;&nbsp; 8.36 | &nbsp;&nbsp;&nbsp;&nbsp; (2.45) |
| Less distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (1.02) | &nbsp;&nbsp;&nbsp;&nbsp; (0.87) | &nbsp;&nbsp;&nbsp;&nbsp; (0.83) | &nbsp;&nbsp;&nbsp;&nbsp; (0.21) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $35.28 | &nbsp;&nbsp; $51.26 | &nbsp;&nbsp; $54.87 | &nbsp;&nbsp; $47.34 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; (29.42%) | &nbsp;&nbsp;&nbsp;&nbsp; (4.96%) | &nbsp;&nbsp;&nbsp; 17.64% | &nbsp;&nbsp;&nbsp;&nbsp; (4.91%)<sup>3</sup> <br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04%<sup>4,5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp;&nbsp; 0.06%<sup>7,8</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.83% | &nbsp;&nbsp;&nbsp;&nbsp; 1.70% | &nbsp;&nbsp;&nbsp;&nbsp; 1.55% | &nbsp;&nbsp;&nbsp;&nbsp; 2.07%<sup>7</sup> <br>|
| Portfolio turnover rate<sup>9</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3%<sup>3</sup> <br>|
| Net assets, end of period (x 1,000) | $188739 | $99948 | $90535 | $18935 |

---

&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> Effective July 1, 2022, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended 12/31/22 is a blended ratio (see financial note 4 for additional information). 

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

<sup>6</sup> Effective December 20, 2021, the annual operating expense ratio was reduced to 0.04%. The ratio presented for period ended 12/31/21 is a blended ratio.

<sup>7</sup> Annualized.

<sup>8</sup> Effective December 13, 2019, the annual operating expense ratio was reduced to 0.05%. The ratio presented for the period ended 12/31/19 is a blended ratio.

<sup>9</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**40**

------

Schwab Long-Term U.S. Treasury ETF

Portfolio Holdings as of December 31, 2022

------

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

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund's website.

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **TREASURIES** 99.2% OF NET ASSETS | **TREASURIES** 99.2% OF NET ASSETS | **TREASURIES** 99.2% OF NET ASSETS |
| **Bonds** | **Bonds** | **Bonds** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/36  | &nbsp;&nbsp;&nbsp; 844400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 902653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/37  | &nbsp;&nbsp;&nbsp; 500400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/37  | &nbsp;&nbsp;&nbsp; 647600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/38  | &nbsp;&nbsp;&nbsp; 680800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 714629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/38  | &nbsp;&nbsp;&nbsp; 771100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/39  | &nbsp;&nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 743680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/39  | 1173200 | &nbsp;&nbsp;&nbsp;&nbsp; 1210135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/39  | 1251900 | &nbsp;&nbsp;&nbsp;&nbsp; 1329262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/39  | 1347100 | &nbsp;&nbsp;&nbsp;&nbsp; 1407649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/40  | 1357100 | &nbsp;&nbsp;&nbsp;&nbsp; 1460404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/15/40  | 4066800 | &nbsp;&nbsp;&nbsp;&nbsp; 2550144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/40  | 1314600 | &nbsp;&nbsp;&nbsp;&nbsp; 1369415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/15/40  | 4967300 | &nbsp;&nbsp;&nbsp;&nbsp; 3093053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/40  | 1306800 | &nbsp;&nbsp;&nbsp;&nbsp; 1276352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/40  | 5528800 | &nbsp;&nbsp;&nbsp;&nbsp; 3597172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/40  | 1297600 | &nbsp;&nbsp;&nbsp;&nbsp; 1327519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/41  | 6697000 | &nbsp;&nbsp;&nbsp;&nbsp; 4737552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/41  | 1376300 | &nbsp;&nbsp;&nbsp;&nbsp; 1499209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/41  | 5769600 | &nbsp;&nbsp;&nbsp;&nbsp; 4337772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/41  | 1270800 | &nbsp;&nbsp;&nbsp;&nbsp; 1318706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/15/41  | 7559200 | &nbsp;&nbsp;&nbsp;&nbsp; 5178969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/41  | 1285400 | &nbsp;&nbsp;&nbsp;&nbsp; 1222020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/41  | 6354200 | &nbsp;&nbsp;&nbsp;&nbsp; 4544305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/41  | 1348600 | &nbsp;&nbsp;&nbsp;&nbsp; 1165975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/42  | 5141100 | &nbsp;&nbsp;&nbsp;&nbsp; 3925686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/42  | 1427800 | &nbsp;&nbsp;&nbsp;&nbsp; 1231219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/42  | 1327800 | &nbsp;&nbsp;&nbsp;&nbsp; 1117772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/42  | 4538000 | &nbsp;&nbsp;&nbsp;&nbsp; 3980737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/42  | 1551700 | &nbsp;&nbsp;&nbsp;&nbsp; 1250146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/42  | 3931600 | &nbsp;&nbsp;&nbsp;&nbsp; 3513292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/42  | 2251200 | &nbsp;&nbsp;&nbsp;&nbsp; 1808006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/42  | 2698600 | &nbsp;&nbsp;&nbsp;&nbsp; 2641534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/43  | 1931100 | &nbsp;&nbsp;&nbsp;&nbsp; 1649262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/43  | 3055500 | &nbsp;&nbsp;&nbsp;&nbsp; 2499439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/15/43  | 2192400 | &nbsp;&nbsp;&nbsp;&nbsp; 2019608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/43  | 2231400 | &nbsp;&nbsp;&nbsp;&nbsp; 2093956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/44  | 2375700 | &nbsp;&nbsp;&nbsp;&nbsp; 2183743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/44  | 2201800 | &nbsp;&nbsp;&nbsp;&nbsp; 1943507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/44  | 2835300 | &nbsp;&nbsp;&nbsp;&nbsp; 2399079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/44  | 2482100 | &nbsp;&nbsp;&nbsp;&nbsp; 2054189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/45  | 3295900 | &nbsp;&nbsp;&nbsp;&nbsp; 2489099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/45  | 1612200 | &nbsp;&nbsp;&nbsp;&nbsp; 1331563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/45  | 2194000 | &nbsp;&nbsp;&nbsp;&nbsp; 1770636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/45  | 1295900 | &nbsp;&nbsp;&nbsp;&nbsp; 1068863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/46  | 2667600 | &nbsp;&nbsp;&nbsp;&nbsp; 2001797 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/46  | 2701100 | &nbsp;&nbsp;&nbsp;&nbsp; 2022723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/46  | 3334300 | &nbsp;&nbsp;&nbsp;&nbsp; 2370243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/46  | 1502700 | &nbsp;&nbsp;&nbsp;&nbsp; 1208047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/47  | 2969100 | &nbsp;&nbsp;&nbsp;&nbsp; 2438330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/47  | 2286800 | &nbsp;&nbsp;&nbsp;&nbsp; 1877460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/47  | 3262300 | &nbsp;&nbsp;&nbsp;&nbsp; 2557735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/47  | 3290000 | &nbsp;&nbsp;&nbsp;&nbsp; 2579452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/48  | 3761300 | &nbsp;&nbsp;&nbsp;&nbsp; 3095357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/48  | 4038400 | &nbsp;&nbsp;&nbsp;&nbsp; 3405922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/48  | 4425600 | &nbsp;&nbsp;&nbsp;&nbsp; 3647910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/48  | 4537600 | &nbsp;&nbsp;&nbsp;&nbsp; 4018410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/49  | 4777200 | &nbsp;&nbsp;&nbsp;&nbsp; 3951884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/49  | 4667800 | &nbsp;&nbsp;&nbsp;&nbsp; 3770365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/49  | 4393300 | &nbsp;&nbsp;&nbsp;&nbsp; 3104890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/15/49  | 4126900 | &nbsp;&nbsp;&nbsp;&nbsp; 3000306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/50  | 5186400 | &nbsp;&nbsp;&nbsp;&nbsp; 3441293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/15/50  | 6025400 | &nbsp;&nbsp;&nbsp;&nbsp; 3257794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/15/50  | 6790800 | &nbsp;&nbsp;&nbsp;&nbsp; 3796099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/50  | 6719800 | &nbsp;&nbsp;&nbsp;&nbsp; 4020569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/51  | 7495200 | &nbsp;&nbsp;&nbsp;&nbsp; 4783821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/51  | 7551600 | &nbsp;&nbsp;&nbsp;&nbsp; 5438273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/51  | 7471600 | &nbsp;&nbsp;&nbsp;&nbsp; 4912701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/15/51  | 6956400 | &nbsp;&nbsp;&nbsp;&nbsp; 4424739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/52  | 6354100 | &nbsp;&nbsp;&nbsp;&nbsp; 4436135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/52  | 6050200 | &nbsp;&nbsp;&nbsp;&nbsp; 4866221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/52  | 5747400 | &nbsp;&nbsp;&nbsp;&nbsp; 4758954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/52  | 3898000 | &nbsp;&nbsp;&nbsp;&nbsp; 3914123 |
| **Total Treasuries** <br>**(Cost $205,154,022)** | **Total Treasuries** <br>**(Cost $205,154,022)** | **187151867** |

---

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.12% *(a)*<br>| 218 | **218** |
| **Total Short-Term Investments** <br>**(Cost $218)** | **Total Short-Term Investments** <br>**(Cost $218)** | **218** |
| **Total Investments in Securities** <br>**(Cost $205,154,240)** | **Total Investments in Securities** <br>**(Cost $205,154,240)** | **187152085** |

---

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

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

*See financial notes*

**41**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab Long-Term U.S. Treasury ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of December 31, 2022 (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 |
| **Assets** |  |  |  |  |
| Treasuries<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; $— | $187151867 | $— | $187151867 |
| Short-Term Investments<sup>1</sup> <br>| &nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218 |
| **Total** | **$218** | **$187151867** | **$—** | **$187152085** |

---

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

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

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying

securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**42**

------

Schwab Long-Term U.S. Treasury ETF

Statement of Assets and Liabilities

------

As of December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated (cost $205,154,240) |  | $187152085 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2930287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1589084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422 |
| **Total assets** |  | **191671878** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2928039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4909 |
| **Total liabilities** |  | **2932948** |
| **Net assets** |  | **$188738930** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $219816732 |
| Total distributable loss | + | &nbsp;&nbsp;&nbsp; (31077802) |
| **Net assets** |  | **$188738930** |

---

&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** |
| $188738930 |  | 5350000 |  | $35.28 |

---

*See financial notes*

**43**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab Long-Term U.S. Treasury ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp; $2918917 |
| Dividends received from securities - unaffiliated  | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3813 |
| **Total investment income**  |  | **2922730** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34566 |
| Proxy fees<sup>1</sup> <br>| + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1969 |
| **Total expenses** | – | **36535** |
| **Net investment income** |  | **2886195** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated |  | &nbsp;&nbsp; (14008923) |
| Net realized losses on sales of in-kind redemptions - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (913175) |
| **Net realized losses** |  | **(14922098)** |
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated** | + | **(16768720)** |
| **Net realized and unrealized losses** |  | **(31690818)** |
| **Decrease in net assets resulting from operations** |  | **($28804623)** |

---

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

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**44**

------

Schwab Long-Term U.S. Treasury ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp; $2886195 | &nbsp;&nbsp; $1498221 |
| Net realized losses |  | &nbsp;&nbsp; (14922098) | &nbsp;&nbsp; (6707595) |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp; (16768720) | &nbsp;&nbsp; (1537862) |
| **Decrease in net assets from operations** |  | **($28804623)** | **($6747236)** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($2856565)** | **($1504385)** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 | 1/1/21-12/31/21 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 5450000 | $203105803 | 2200000 | $112232468 |
| Shares redeemed | + | (2050000) | &nbsp;&nbsp;&nbsp; (82653392) | (1900000) | &nbsp;&nbsp; (94568490) |
| **Net transactions in fund shares**  |  | **3400000** | **$120452411** | **300000** | **$17663978** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 | 1/1/21-12/31/21 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 1950000 | &nbsp;&nbsp; $99947707 | 1650000 | &nbsp;&nbsp; $90535350 |
| Total increase | + | 3400000 | &nbsp;&nbsp;&nbsp;&nbsp; 88791223 | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 9412357 |
| **End of period** |  | **5350000** | **$188738930** | **1950000** | **$99947707** |

---

*See financial notes*

**45**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>| 1/1/19– <br>12/31/19<br>| 1/1/18– <br>12/31/18<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | $53.91 | $56.05 | $53.43 | $50.59 | $52.07 |
| Income (loss) from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; 1.11 | &nbsp;&nbsp;&nbsp; 0.96 | &nbsp;&nbsp;&nbsp; 1.19 | &nbsp;&nbsp;&nbsp; 1.43 | &nbsp;&nbsp;&nbsp; 1.35 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | &nbsp;&nbsp; (8.12) | &nbsp;&nbsp; (1.93) | &nbsp;&nbsp;&nbsp; 2.79 | &nbsp;&nbsp;&nbsp; 2.90 | &nbsp;&nbsp; (1.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp; (7.01) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp;&nbsp; 3.98 | &nbsp;&nbsp;&nbsp; 4.33 | &nbsp;&nbsp; (0.07) |
| Less distributions: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp; (1.20) | &nbsp;&nbsp; (1.17) | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (1.49) | &nbsp;&nbsp; (1.41) |
| Net asset value at end of period | $45.70 | $53.91 | $56.05 | $53.43 | $50.59 |
| Total return | (13.09%) | &nbsp;&nbsp; (1.74%) | &nbsp;&nbsp;&nbsp; 7.50% | &nbsp;&nbsp;&nbsp; 8.64% | &nbsp;&nbsp; (0.09%) |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 0.04%<sup>2,3</sup> <br>| &nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp; 0.04% | &nbsp;&nbsp;&nbsp; 0.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; 2.29% | &nbsp;&nbsp;&nbsp; 1.76% | &nbsp;&nbsp;&nbsp; 2.14% | &nbsp;&nbsp;&nbsp; 2.71% | &nbsp;&nbsp;&nbsp; 2.67% |
| Portfolio turnover rate<sup>4,5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71% |
| Net assets, end of period (x 1,000,000) | $6805 | $9074 | $8733 | $7384 | $5545 |

---

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

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

<sup>2</sup> Effective July 1, 2022, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended 12/31/22 is a blended ratio (see financial note 4 for additional information). 

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

<sup>4</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

<sup>5</sup> Includes to-be-announced (TBA) transactions. (see financial note 2)

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**46**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022

------

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

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund's website.

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CORPORATES** 23.9% OF NET ASSETS | **CORPORATES** 23.9% OF NET ASSETS | **CORPORATES** 23.9% OF NET ASSETS |
| **Financial Institutions 8.1%** | **Financial Institutions 8.1%** | **Financial Institutions 8.1%** |
| ***Banking 5.7%***  | ***Banking 5.7%***  | ***Banking 5.7%***  |
| **Ally Financial, Inc.** | **Ally Financial, Inc.** | **Ally Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/21/24 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 341426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/30/24  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 198336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/30/25  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 244659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 05/01/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 249179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 11/02/28 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 117410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/31  | 1000000 | 1035969 |
| **American Express Co.** | **American Express Co.** | **American Express Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/22/24 *(a)* | &nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; 466762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/03/24  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 490194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/30/24 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 529442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/24 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 581019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/04/25 *(a)* | &nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp; 638237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/25 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 588278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/06/25 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 395645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/20/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 47191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 11/04/26 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 221835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/04/27 *(a)* | &nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp; 523973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/03/27 *(a)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 656000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/05/27 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 312086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/03/29 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 286868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 05/26/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 241542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 12/03/42  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 129020 |
| **American Express Credit Corp.** | **American Express Credit Corp.** | **American Express Credit Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/03/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 47404 |
| **Australia & New Zealand Banking Group Ltd.** | **Australia & New Zealand Banking Group Ltd.** | **Australia & New Zealand Banking Group Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 12/08/25  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 251013 |
| **Banco Bilbao Vizcaya Argentaria S.A.** | **Banco Bilbao Vizcaya Argentaria S.A.** | **Banco Bilbao Vizcaya Argentaria S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/18/25  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 179134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 09/14/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 199943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.14%, 09/14/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 200799 |
| **Banco Santander S.A.** | **Banco Santander S.A.** | **Banco Santander S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 05/24/24  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 391547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 06/27/24  | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 576173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/24/25  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 193035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/28/25  | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 561926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 08/18/25  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 396263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.18%, 11/19/25  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 395250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/11/27  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 381349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 08/18/27  | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 585809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.72%, 09/14/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 171371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/23/28  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 363996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 03/24/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 371578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/12/28  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 376291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 06/27/29  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 175179 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 05/28/30  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 338635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/03/30  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 306630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 03/25/31  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 160681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 11/22/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 303492 |
| **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/22/24  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 744591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/24  | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 642134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/26/24  | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 837196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/22/25  | &nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp; 710148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.84%, 02/04/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 239893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 03/15/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 731125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/21/25  | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 682116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 04/22/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 469004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 04/25/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 586343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/01/25  | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 633563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 09/25/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp; 623142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 10/01/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 527527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.46%, 10/22/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 804025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.53%, 12/06/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 230820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 01/23/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 478226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.02%, 02/13/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 417844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/03/26  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 392241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/02/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 477844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/19/26  | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 812094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.32%, 06/19/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 360597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 07/22/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 09/15/26  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 103834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/22/26  | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 677581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/24/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 714281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.66%, 03/11/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 442305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 04/23/27 *(a)(b)* | 1000000 | &nbsp;&nbsp;&nbsp; 938134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 07/22/27 *(a)(b)* | 1700000 | 1491132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/21/27 *(a)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 740475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 11/25/27 *(a)* | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 617902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 01/20/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 887841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 04/24/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 463730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/27/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 717679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 07/21/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 783507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/22/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 880967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 11/10/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 515187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 12/20/28 *(a)(b)* | 1700000 | 1543066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 03/05/29 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 693708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.09%, 06/14/29 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 631496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 07/23/29 *(a)(b)* | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 795387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 02/07/30 *(a)(b)* | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 772970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 07/23/30 *(a)(b)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 690123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/22/30 *(a)(b)* | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 715223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/13/31 *(a)(b)* | 1000000 | &nbsp;&nbsp;&nbsp; 813535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 04/29/31 *(a)(b)* | &nbsp;&nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp; 743431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 07/23/31 *(a)(b)* | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 693942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92%, 10/24/31 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 573207 |

---

*See financial notes*

**47**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/11/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 481293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 04/22/32 *(a)(b)* | 1400000 | 1122419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 07/21/32 *(a)(b)* | 1150000 | &nbsp;&nbsp;&nbsp; 886555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 10/20/32 *(a)(b)* | 1000000 | &nbsp;&nbsp;&nbsp; 785679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 02/04/33 *(a)(b)* | 1000000 | &nbsp;&nbsp;&nbsp; 807599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 04/27/33 *(a)(b)* | 1000000 | &nbsp;&nbsp;&nbsp; 918063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/22/33 *(a)(b)* | 1500000 | 1424548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 09/21/36 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 184821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.11%, 01/29/37  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 560156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/08/37 *(a)(b)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 580473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 04/24/38 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 214090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 05/14/38  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 585454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/23/40 *(a)(b)* | &nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; 395594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/19/41 *(a)(b)* | 1550000 | 1047668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/07/42  | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 458126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 04/22/42 *(a)(b)* | 1050000 | &nbsp;&nbsp;&nbsp; 773904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/21/44  | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 414645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/44  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 136547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/21/45  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 172859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 01/20/48 *(a)(b)* | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 550040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/23/49 *(a)(b)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 272149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 03/15/50 *(a)(b)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 659612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 03/20/51 *(a)(b)* | 1200000 | &nbsp;&nbsp;&nbsp; 949167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 10/24/51 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 186433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 03/13/52 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 213570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 07/21/52 *(a)(b)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 348080 |
| **Bank of America NA** | **Bank of America NA** | **Bank of America NA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/36  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 359217 |
| **Bank of Montreal** | **Bank of Montreal** | **Bank of Montreal** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/05/24  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 539967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 03/08/24  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 386759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/28/24  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 385224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/14/24  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 394637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/10/25  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 466691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/01/25  | &nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; 443954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/07/25  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 388335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/15/26  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 350977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/22/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 265551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/08/27  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 274545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 09/14/27 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 198108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/15/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 504000 | &nbsp;&nbsp;&nbsp; 444804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 01/10/37 *(a)(b)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 76009 |
| **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/04/24 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 147830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/11/24 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 340668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 10/24/24  | &nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp; 424664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 10/25/24 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 232837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/24/25 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 337697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/24/25 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 511298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/25/25 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 96936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 06/13/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 390892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/18/25 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 293743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.22%, 11/21/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 100126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/28/26 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 133122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/17/26 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 276284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/26/27 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 225113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/16/27 *(a)* | &nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; 306178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/29/28 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 233216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 02/07/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 282168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/28/28  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 96153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/14/28 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 84897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 10/25/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 413347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/28 *(a)* | &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 201059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 08/23/29 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 224540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 07/26/30 *(a)(b)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 146374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 07/28/31 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 310592 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 06/13/33 *(a)(b)* | 250000 | 234618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83%, 10/25/33 *(a)(b)* | 400000 | 416829 |
| **Bank of Nova Scotia** | **Bank of Nova Scotia** | **Bank of Nova Scotia** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/11/24  | 350000 | 344125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/15/24  | 400000 | 377956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/10/25  | 500000 | 465496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/03/25  | 400000 | 376966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/11/25  | 500000 | 482038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 06/11/25  | 300000 | 275038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/16/25  | 400000 | 392633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 03/02/26  | 350000 | 309918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 06/24/26  | 250000 | 222195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/03/26  | 500000 | 463522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/02/27  | 250000 | 222892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/11/27  | 250000 | 230637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 08/01/31  | 200000 | 159073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/02/32  | 300000 | 241891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59%, 05/04/37 *(a)(b)* | 450000 | 384579 |
| **Bank OZK** | **Bank OZK** | **Bank OZK** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/01/31 *(a)(b)* | 175000 | 149573 |
| **BankUnited, Inc.** | **BankUnited, Inc.** | **BankUnited, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/17/25 *(a)* | 200000 | 197476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/11/30 *(a)* | 100000 | &nbsp;&nbsp; 92594 |
| **Barclays Bank PLC** | **Barclays Bank PLC** | **Barclays Bank PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/24  | 200000 | 196625 |
| **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/11/24  | 200000 | 195965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/16/25  | 600000 | 576924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 05/07/25 *(a)(b)* | 500000 | 485154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/12/26  | 700000 | 677115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/07/26 *(a)(b)* | 400000 | 371611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/12/26  | 650000 | 633309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/09/26 *(a)(b)* | 500000 | 496906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.33%, 11/02/26 *(a)(b)* | 500000 | 518733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 11/24/27 *(a)(b)* | 400000 | 347210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 01/10/28 *(a)* | 400000 | 372452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 05/09/28 *(a)* | 600000 | 553972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/09/28 *(a)(b)* | 500000 | 486514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 05/16/29 *(a)(b)* | 550000 | 518504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 06/20/30 *(a)(b)* | 450000 | 415655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/24/31 *(a)(b)* | 300000 | 234604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 03/10/32 *(a)(b)* | 350000 | 267941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/24/32 *(a)(b)* | 400000 | 305226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/09/33 *(a)(b)* | 300000 | 284263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.44%, 11/02/33 *(a)(b)* | 600000 | 632487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 09/23/35 *(a)(b)* | 300000 | 230309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 03/10/42 *(a)(b)* | 300000 | 203676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 11/24/42 *(a)(b)* | 300000 | 206728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/17/45  | 400000 | 360032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/10/47  | 500000 | 432522 |
| **BNP Paribas S.A.** | **BNP Paribas S.A.** | **BNP Paribas S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/24  | 300000 | 293334 |
| **BPCE S.A.** | **BPCE S.A.** | **BPCE S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/24  | 500000 | 491770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/02/26  | 250000 | 234944 |
| **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/02/24  | 250000 | 244025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/28/25  | 400000 | 377757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/07/25  | 400000 | 384174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/04/25  | 400000 | 391515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 10/23/25  | 200000 | 179835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/07/27  | 300000 | 282336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/07/32 *(a)* | 300000 | 265059 |
| **Capital One Financial Corp.** | **Capital One Financial Corp.** | **Capital One Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/29/24 *(a)* | 450000 | 444574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/24/24 *(a)* | 200000 | 196363 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**48**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 10/30/24 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 434530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/05/25 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 288954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17%, 05/09/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 293385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/29/25 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 387163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 03/03/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 375188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 07/24/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 392678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/28/26 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 472564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/09/27 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 237609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/11/27 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 235877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/02/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 175271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 01/31/28 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 516041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 05/10/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 290901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 03/01/30 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 343806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 07/29/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; 234347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 11/02/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 154371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 05/10/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 325487 |
| **Capital One NA** | **Capital One NA** | **Capital One NA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 01/28/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; 304894 |
| **Citibank NA** | **Citibank NA** | **Citibank NA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/23/24 *(a)* | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 839616 |
| **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/16/24  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 196909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/05/24  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 246388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/26/25  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 194664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/24/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 775960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/27/25  | &nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp; 547007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 05/01/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 562177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 05/24/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 344822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/10/25  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 736930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/13/25  | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 453440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/12/26  | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 577598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/09/26  | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 443225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 03/17/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 380596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/08/26 *(a)(b)* | 1000000 | &nbsp;&nbsp;&nbsp; 946116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/26  | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 664840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 09/29/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 702656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/21/26 *(a)* | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 788733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/20/26  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 338593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.12%, 01/28/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 523960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.46%, 06/09/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 695316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/29/27  | 1000000 | &nbsp;&nbsp;&nbsp; 956046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 01/10/28 *(a)(b)* | 1050000 | &nbsp;&nbsp;&nbsp; 983042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 376084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 02/24/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 451796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 05/24/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 290496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 07/24/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 828177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/25/28  | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 606754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 10/27/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 729995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/23/29 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 276932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 03/20/30 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 678037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 11/05/30 *(a)(b)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 294499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 01/29/31 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 616277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 03/31/31 *(a)(b)* | 1200000 | 1104585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 06/03/31 *(a)(b)* | 1200000 | &nbsp;&nbsp;&nbsp; 971732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 05/01/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 592961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/32  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 315754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 11/03/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 466725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 01/25/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 607004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/22/33  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 149457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/17/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 601288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 05/24/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 657928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/31/33  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 202390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 11/17/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 723186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/24/39 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 248708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 07/15/39  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 677529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 03/26/41 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 385954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/30/42  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 252122 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/03/42 *(a)(b)* | 250000 | 173884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.68%, 09/13/43  | 300000 | 325601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/06/44  | 250000 | 226987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/30/45  | 200000 | 173352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/18/46  | 600000 | 498882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 04/24/48 *(a)(b)* | 425000 | 349205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/23/48 *(a)* | 700000 | 608788 |
| **Citizens Bank NA** | **Citizens Bank NA** | **Citizens Bank NA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/28/25 *(a)* | 250000 | 233223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 05/23/25 *(a)(b)* | 250000 | 245580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/18/26 *(a)* | 100000 | &nbsp;&nbsp; 95964 |
| **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/03/25 *(a)* | 300000 | 291918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 07/27/26 *(a)* | 150000 | 139054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/06/30 *(a)* | 200000 | 161810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/30/30 *(a)* | 300000 | 261309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 09/30/32 *(a)* | 250000 | 185469 |
| **Comerica Bank** | **Comerica Bank** | **Comerica Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/27/25  | 250000 | 242956 |
| **Comerica, Inc.** | **Comerica, Inc.** | **Comerica, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/29 *(a)* | 150000 | 140948 |
| **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/12/24  | 250000 | 238375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/22/24  | 250000 | 245805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/10/25  | 100000 | &nbsp;&nbsp; 93606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/21/25  | 500000 | 485088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/04/25  | 500000 | 488203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/21/26  | 500000 | 471412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/24/41  | 350000 | 355947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/01/43  | 250000 | 240601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/04/45  | 250000 | 225955 |
| **Credit Suisse AG** | **Credit Suisse AG** | **Credit Suisse AG** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/02/24  | 250000 | 232266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/09/24  | 250000 | 238957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/09/24  | 800000 | 748128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/21/25  | 500000 | 461615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/09/25  | 400000 | 361142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/07/26  | 500000 | 405286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/09/27  | 250000 | 228093 |
| **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/26/25  | 750000 | 678968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/17/26  | 500000 | 445728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/45  | 500000 | 345873 |
| **Credit Suisse USA, Inc.** | **Credit Suisse USA, Inc.** | **Credit Suisse USA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/15/32  | 300000 | 304810 |
| **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 05/28/24  | 300000 | 280967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/30/24  | 549000 | 537404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 04/01/25 *(a)(b)* | 150000 | 139600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/25  | 400000 | 381159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 11/26/25 *(a)(b)* | 700000 | 669965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 01/13/26  | 250000 | 240438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.69%, 03/19/26  | 300000 | 269532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 07/14/26 *(a)(b)* | 200000 | 199359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 11/24/26 *(a)(b)* | 550000 | 486073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 11/16/27 *(a)(b)* | 500000 | 424999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/07/28 *(a)(b)* | 400000 | 340901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 07/08/31 *(a)(b)* | 150000 | 130502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/18/31 *(a)(b)* | 450000 | 362128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 01/14/32 *(a)(b)* | 350000 | 258211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 05/28/32 *(a)(b)* | 300000 | 228086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/32 *(a)(b)* | 250000 | 209245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 01/07/33 *(a)(b)* | 350000 | 251120 |

---

*See financial notes*

**49**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Discover Bank** | **Discover Bank** | **Discover Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/12/24 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 285162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 09/13/28 *(a)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 704375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/06/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 200759 |
| **Discover Financial Services** | **Discover Financial Services** | **Discover Financial Services** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/06/24 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 194932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/04/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 241118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/09/27 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 282735 |
| **Fifth Third Bancorp** | **Fifth Third Bancorp** | **Fifth Third Bancorp** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/16/24 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 247852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/25/24 *(a)* | &nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp; 567144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/28/25 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 47462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 05/05/27 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 270610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%, 11/01/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 309757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/14/28 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 191784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 03/01/38  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 434165 |
| **Fifth Third Bank NA** | **Fifth Third Bank NA** | **Fifth Third Bank NA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 07/28/25 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 591440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 10/27/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 303436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 334968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 45187 |
| **First Citizens BancShares, Inc.** | **First Citizens BancShares, Inc.** | **First Citizens BancShares, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/30 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23671 |
| **First Horizon Bank** | **First Horizon Bank** | **First Horizon Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 242464 |
| **First Horizon Corp.** | **First Horizon Corp.** | **First Horizon Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/26/25 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 97390 |
| **First-Citizens Bank & Trust Co.** | **First-Citizens Bank & Trust Co.** | **First-Citizens Bank & Trust Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 09/27/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 236555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/09/28  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 204725 |
| **Goldman Sachs Capital l** | **Goldman Sachs Capital l** | **Goldman Sachs Capital l** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 02/15/34  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 311009 |
| **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/20/24 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 491770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/03/24  | &nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 938269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/24  | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 634178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/08/24 *(a)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 687109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/01/24  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 505940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/23/25 *(a)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 677673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%, 01/24/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 478795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/25 *(a)* | &nbsp;&nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp; 938989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/22/25 *(a)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 677848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 09/29/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 770469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/21/25  | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 587398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.86%, 02/12/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 135710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/26 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 337569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/16/26 *(a)* | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 846090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.09%, 12/09/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; 552444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/15/27  | &nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp; 272371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/26/27 *(a)* | &nbsp;&nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp; 804986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 03/09/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 788883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 09/10/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 734854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/27 *(a)(b)* | 1200000 | 1048599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 02/24/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 757130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 03/15/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 464779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 06/05/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 650901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 08/23/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 478933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 04/23/29 *(a)(b)* | &nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp; 615367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 05/01/29 *(a)(b)* | 1050000 | &nbsp;&nbsp;&nbsp; 978610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/07/30 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 501416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 629698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 01/27/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 609923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 04/22/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 478812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/21/32 *(a)(b)* | 1100000 | &nbsp;&nbsp;&nbsp; 854121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/21/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 711019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/15/33  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 208808 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/24/33 *(a)(b)* | 1200000 | &nbsp;&nbsp;&nbsp; 980144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 05/01/36  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 209081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 10/01/37  | 1550000 | 1652278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 10/31/38 *(a)(b)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 576338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 04/23/39 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 432232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 02/01/41  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 783711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21%, 04/22/42 *(a)(b)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 432467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 07/21/42 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 341817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 02/24/43 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 369441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/08/44 *(a)* | &nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp; 464920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/22/45  | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 543697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 10/21/45 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 484626 |
| **HSBC Bank USA NA** | **HSBC Bank USA NA** | **HSBC Bank USA NA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/15/35  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 239144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 01/15/39  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 217133 |
| **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/14/24  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 491684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/11/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 829051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 05/24/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 185133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/18/25  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 529763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/07/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 471455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 12/09/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 388523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/08/26  | 1000000 | &nbsp;&nbsp;&nbsp; 968241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/10/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 376331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 04/18/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 452066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/25/26  | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 668431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/04/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 592817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 09/12/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 912204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.34%, 11/03/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 520605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/23/26  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 529968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 05/24/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 517902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/22/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 347379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 03/13/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 739348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 06/09/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 568844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 08/11/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 578826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 09/22/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 543365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 06/19/29 *(a)(b)* | &nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 876101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.21%, 08/17/29 *(a)(b)* | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 526307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/31/30  | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 669857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 05/22/30 *(a)(b)* | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 788669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/04/31 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 200127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 08/18/31 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 383708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/24/32 *(a)(b)* | 1050000 | &nbsp;&nbsp;&nbsp; 812734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 11/22/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 460824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 03/29/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 347072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/11/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 651694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.11%, 11/03/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 424670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/02/36  | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 642446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/15/37  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 542787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 06/01/38  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 496915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 01/14/42  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 78455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/14/44  | &nbsp;&nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp; 503913 |
| **HSBC USA, Inc.** | **HSBC USA, Inc.** | **HSBC USA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/24/24  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 245597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/23/24  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 194917 |
| **Huntington Bancshares, Inc.** | **Huntington Bancshares, Inc.** | **Huntington Bancshares, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/06/24 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 240237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 146305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/04/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 206298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 08/15/36 *(a)(b)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 254390 |
| **Huntington National Bank** | **Huntington National Bank** | **Huntington National Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/18/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 301037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 05/17/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 241683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/10/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 251879 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**50**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **ING Groep N.V.** | **ING Groep N.V.** | **ING Groep N.V.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 04/09/24  | &nbsp;&nbsp;&nbsp; 200000 | 195758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 03/28/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | 384363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/29/27  | &nbsp;&nbsp;&nbsp; 500000 | 473152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 04/01/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | 264689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 03/28/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | 373885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/02/28  | &nbsp;&nbsp;&nbsp; 250000 | 238931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/09/29  | &nbsp;&nbsp;&nbsp; 255000 | 235296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 04/01/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | 199500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/28/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | 265465 |
| **Intesa Sanpaolo S.p.A.** | **Intesa Sanpaolo S.p.A.** | **Intesa Sanpaolo S.p.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/12/24  | &nbsp;&nbsp;&nbsp; 200000 | 198354 |
| **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/01/24  | &nbsp;&nbsp;&nbsp; 470000 | 465223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/13/24  | &nbsp;&nbsp;&nbsp; 500000 | 491676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/10/24  | &nbsp;&nbsp;&nbsp; 800000 | 783884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/23/25 *(a)* | &nbsp;&nbsp;&nbsp; 700000 | 676389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.56%, 02/16/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | 283024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 03/01/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 600000 | 583303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%, 06/01/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 575000 | 536869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/14/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 600000 | 587430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%, 06/23/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 575000 | 536575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 750000 | 734253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/15/25  | &nbsp;&nbsp;&nbsp; 100000 | 107293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.77%, 08/09/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | 230826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 10/15/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 550000 | 518448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.56%, 12/10/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 12/15/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 500131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/24/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | 376450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 03/13/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 700000 | 648547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/26 *(a)* | &nbsp;&nbsp;&nbsp; 725000 | 689446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.08%, 04/22/26 *(a)(b)* | 1050000 | 974974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/26/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 486472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 599000 | 566580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/26 *(a)* | &nbsp;&nbsp;&nbsp; 925000 | 863671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 10/15/26  | &nbsp;&nbsp;&nbsp; 150000 | 164467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 11/19/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 800000 | 706626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/26  | &nbsp;&nbsp;&nbsp; 600000 | 581217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 01/29/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 550000 | 526181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 02/04/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 650000 | 567183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58%, 04/22/27 *(a)(b)* | 1000000 | 881109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/29/27  | &nbsp;&nbsp;&nbsp; 350000 | 391939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 09/22/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | 649757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/27  | &nbsp;&nbsp;&nbsp; 493000 | 475005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 278929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 02/01/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 800000 | 749141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/24/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 453319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 04/26/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 477078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 05/01/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 900000 | 830438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.18%, 06/01/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 437263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/25/28 *(a)(b)* | 1000000 | 977392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 01/23/29 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | 681398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 04/23/29 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | 695314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07%, 06/01/29 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | 627454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/23/29 *(a)(b)* | &nbsp;&nbsp;&nbsp; 900000 | 840123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 12/05/29 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | 706527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/06/30 *(a)(b)* | &nbsp;&nbsp;&nbsp; 900000 | 807678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 09/01/30  | &nbsp;&nbsp;&nbsp; 200000 | 232512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 10/15/30 *(a)(b)* | 1000000 | 840417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 03/24/31 *(a)(b)* | 1000000 | 937249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 04/22/31 *(a)(b)* | &nbsp;&nbsp;&nbsp; 950000 | 778579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 05/13/31 *(a)(b)* | &nbsp;&nbsp;&nbsp; 900000 | 743033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%, 11/19/31 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 379966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/04/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 900000 | 690957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.58%, 04/22/32 *(a)(b)* | 1100000 | 882342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/08/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | 593458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 01/25/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 800000 | 652100 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59%, 04/26/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 463964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 07/25/33 *(a)(b)* | 1000000 | 952408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 09/14/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 492068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 05/15/38  | &nbsp;&nbsp;&nbsp; 750000 | 813433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/24/38 *(a)(b)* | &nbsp;&nbsp;&nbsp; 900000 | 748943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/40  | &nbsp;&nbsp;&nbsp; 350000 | 349452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/22/41 *(a)(b)* | &nbsp;&nbsp;&nbsp; 450000 | 328134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/15/41  | &nbsp;&nbsp;&nbsp; 500000 | 502352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/19/41 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 328779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 01/06/42  | &nbsp;&nbsp;&nbsp; 350000 | 345370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 04/22/42 *(a)(b)* | &nbsp;&nbsp;&nbsp; 650000 | 472873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/16/43  | &nbsp;&nbsp;&nbsp; 400000 | 391049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 02/01/44  | &nbsp;&nbsp;&nbsp; 300000 | 277422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/45  | &nbsp;&nbsp;&nbsp; 400000 | 360052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 02/22/48 *(a)(b)* | &nbsp;&nbsp;&nbsp; 375000 | 308778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 07/24/48 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 397544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 11/15/48 *(a)(b)* | 1000000 | 784163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/23/49 *(a)(b)* | &nbsp;&nbsp;&nbsp; 550000 | 427315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/22/51 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | 499544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 04/22/52 *(a)(b)* | 1100000 | 757613 |
| **KeyBank NA** | **KeyBank NA** | **KeyBank NA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/01/25  | &nbsp;&nbsp;&nbsp; 450000 | 433277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 12/14/27  | &nbsp;&nbsp;&nbsp; 250000 | 240583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 02/01/28  | &nbsp;&nbsp;&nbsp; 200000 | 210825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/13/29  | &nbsp;&nbsp;&nbsp; 250000 | 224359 |
| **KeyCorp** | **KeyCorp** | **KeyCorp** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/29/25  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/06/27  | &nbsp;&nbsp;&nbsp; 400000 | 356674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/30/28  | &nbsp;&nbsp;&nbsp; 400000 | 381277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 10/01/29  | &nbsp;&nbsp;&nbsp; 350000 | 295523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 06/01/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | 237092 |
| **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/12/24  | &nbsp;&nbsp;&nbsp; 350000 | 343618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/04/24  | &nbsp;&nbsp;&nbsp; 300000 | 293347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/08/25  | &nbsp;&nbsp;&nbsp; 400000 | 392489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 07/09/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | 388061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 12/10/25  | &nbsp;&nbsp;&nbsp; 200000 | 193566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 02/05/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | 232626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 03/18/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | 285334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/24/26  | &nbsp;&nbsp;&nbsp; 750000 | 717897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72%, 08/11/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | 244559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/11/27  | &nbsp;&nbsp;&nbsp; 400000 | 372520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/11/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | 259814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/18/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | 276740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/22/28  | &nbsp;&nbsp;&nbsp; 600000 | 569480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/16/28  | &nbsp;&nbsp;&nbsp; 200000 | 187687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 11/07/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | 675948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 11/15/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 200000 | 212396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/01/45  | &nbsp;&nbsp;&nbsp; 250000 | 215326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 12/14/46 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | 163536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 01/09/48  | &nbsp;&nbsp;&nbsp; 300000 | 221547 |
| **M&T Bank Corp.** | **M&T Bank Corp.** | **M&T Bank Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/16/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 175000 | 170150 |
| **Manufacturers & Traders Trust Co.** | **Manufacturers & Traders Trust Co.** | **Manufacturers & Traders Trust Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/06/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 239569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/17/27  | &nbsp;&nbsp;&nbsp; 250000 | 228633 |
| **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 03/07/24  | &nbsp;&nbsp;&nbsp; 500000 | 489369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 07/18/24  | &nbsp;&nbsp;&nbsp; 300000 | 289067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 02/25/25  | &nbsp;&nbsp;&nbsp; 850000 | 796586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/02/25  | &nbsp;&nbsp;&nbsp; 350000 | 340905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.41%, 07/17/25  | &nbsp;&nbsp;&nbsp; 600000 | 545326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 07/18/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 494988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 07/19/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 700000 | 650942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.96%, 10/11/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | 367932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/01/26  | &nbsp;&nbsp;&nbsp; 750000 | 718297 |

---

*See financial notes*

**51**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 09/13/26  | &nbsp;&nbsp;&nbsp; 200000 | 183158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.68%, 02/22/27  | &nbsp;&nbsp;&nbsp; 300000 | 284740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 07/20/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 435241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 07/25/27  | &nbsp;&nbsp;&nbsp; 550000 | 507197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 01/19/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | 352839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 03/02/28  | &nbsp;&nbsp;&nbsp; 250000 | 236926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/20/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | 391129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 09/13/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 496184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 03/07/29  | &nbsp;&nbsp;&nbsp; 450000 | 416544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/18/29  | &nbsp;&nbsp;&nbsp; 650000 | 570267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 02/25/30  | &nbsp;&nbsp;&nbsp; 400000 | 331836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 07/17/30  | &nbsp;&nbsp;&nbsp; 550000 | 434781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 07/20/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 386125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/19/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | 319246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 04/19/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 200000 | 180605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/20/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | 383553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 07/26/38  | &nbsp;&nbsp;&nbsp; 150000 | 130350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/07/39  | &nbsp;&nbsp;&nbsp; 150000 | 128229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/18/39  | &nbsp;&nbsp;&nbsp; 500000 | 406535 |
| **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 09/13/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 200000 | 188973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.23%, 05/25/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | 368528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 09/13/26  | &nbsp;&nbsp;&nbsp; 250000 | 227909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 02/28/27  | &nbsp;&nbsp;&nbsp; 300000 | 279267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%, 05/22/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | 216981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 07/09/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | 218056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 09/11/27  | &nbsp;&nbsp;&nbsp; 700000 | 641533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 03/05/28  | &nbsp;&nbsp;&nbsp; 300000 | 283611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/11/29 *(a)(b)* | &nbsp;&nbsp;&nbsp; 550000 | 509754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 07/16/30 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | 214230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 09/13/30 *(a)(b)* | &nbsp;&nbsp;&nbsp; 200000 | 167418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 05/25/31 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | 202233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 07/10/31 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | 195744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.98%, 09/08/31 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | 306317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 09/13/31  | &nbsp;&nbsp;&nbsp; 200000 | 153564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 07/09/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | 191520 |
| **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/29/24  | &nbsp;&nbsp;&nbsp; 850000 | 837181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/23/24  | &nbsp;&nbsp;&nbsp; 850000 | 830759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%, 01/22/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | 236898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 04/17/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 600000 | 586082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%, 05/30/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 900000 | 839039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 07/22/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 490000 | 469308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/23/25  | &nbsp;&nbsp;&nbsp; 800000 | 782291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.86%, 10/21/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | 275836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%, 10/21/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 460790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/25  | &nbsp;&nbsp;&nbsp; 600000 | 598725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/27/26  | &nbsp;&nbsp;&nbsp; 850000 | 823580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/18/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 470181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 04/28/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | 696713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 07/17/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 600000 | 590841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/27/26  | &nbsp;&nbsp;&nbsp; 850000 | 793757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/09/26  | &nbsp;&nbsp;&nbsp; 200000 | 208832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/08/26  | &nbsp;&nbsp;&nbsp; 550000 | 534835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.14%, 10/16/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 511846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%, 12/10/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 700000 | 614649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/20/27  | &nbsp;&nbsp;&nbsp; 900000 | 850571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/23/27  | &nbsp;&nbsp;&nbsp; 650000 | 615405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 05/04/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | 658868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51%, 07/20/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | 652258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 01/21/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | 666704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 04/20/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | 713595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 07/22/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 900000 | 827992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/18/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 515757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 01/24/29 *(a)(b)* | &nbsp;&nbsp;&nbsp; 850000 | 779668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43%, 01/23/30 *(a)(b)* | &nbsp;&nbsp;&nbsp; 950000 | 888061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/22/31 *(a)(b)* | 1150000 | 953002 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 04/01/31 *(a)(b)* | &nbsp;&nbsp;&nbsp; 900000 | 788160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.79%, 02/13/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 700000 | 526077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/01/32  | &nbsp;&nbsp;&nbsp; 400000 | 450163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93%, 04/28/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 600000 | 454121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 07/21/32 *(a)(b)* | 1100000 | 843845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51%, 10/20/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | 586898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 01/21/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | 608901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 07/20/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 470575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 10/18/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 523631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 09/16/36 *(a)(b)* | &nbsp;&nbsp;&nbsp; 900000 | 657321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/20/37 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | 366471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 07/22/38 *(a)(b)* | &nbsp;&nbsp;&nbsp; 650000 | 546437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 04/22/39 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | 220362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 04/22/42 *(a)(b)* | &nbsp;&nbsp;&nbsp; 700000 | 517504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/24/42  | &nbsp;&nbsp;&nbsp; 600000 | 654141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/27/45  | &nbsp;&nbsp;&nbsp; 500000 | 425855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/22/47  | &nbsp;&nbsp;&nbsp; 750000 | 639661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 03/24/51 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 500243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/25/52 *(a)(b)* | &nbsp;&nbsp;&nbsp; 675000 | 420672 |
| **National Australia Bank Ltd.** | **National Australia Bank Ltd.** | **National Australia Bank Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/09/25  | &nbsp;&nbsp;&nbsp; 250000 | 242692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/14/26  | &nbsp;&nbsp;&nbsp; 350000 | 334932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/12/26  | &nbsp;&nbsp;&nbsp; 250000 | 230545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 06/09/27  | &nbsp;&nbsp;&nbsp; 500000 | 479904 |
| **National Bank of Canada** | **National Bank of Canada** | **National Bank of Canada** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/09/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | 243339 |
| **Natwest Group PLC** | **Natwest Group PLC** | **Natwest Group PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/28/24  | &nbsp;&nbsp;&nbsp; 400000 | 398868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 03/22/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 600000 | 586398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/05/26  | &nbsp;&nbsp;&nbsp; 600000 | 587144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.47%, 11/10/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 200000 | 208440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 06/14/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | 216970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 05/22/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | 268377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 09/30/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | 297322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 05/18/29 *(a)(b)* | &nbsp;&nbsp;&nbsp; 550000 | 519174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/01/29 *(a)(b)* | &nbsp;&nbsp;&nbsp; 200000 | 185922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.08%, 01/27/30 *(a)(b)* | &nbsp;&nbsp;&nbsp; 550000 | 518816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/08/30 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | 272850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 11/28/35 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | 185003 |
| **Northern Trust Corp.** | **Northern Trust Corp.** | **Northern Trust Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/30/25  | &nbsp;&nbsp;&nbsp; 350000 | 343125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/10/27 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 146796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/03/28 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 238175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/03/29 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 136380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 05/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 205905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/08/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 350000 | 319035 |
| **PNC Bank NA** | **PNC Bank NA** | **PNC Bank NA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/27/24 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 240033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 10/30/24 *(a)* | &nbsp;&nbsp;&nbsp; 475000 | 462596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/10/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 243308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/25 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | 482536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 10/25/27 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 281288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/22/28 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 234017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 07/26/28  | &nbsp;&nbsp;&nbsp; 550000 | 519621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/22/29  | &nbsp;&nbsp;&nbsp; 425000 | 359797 |
| **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/23/24 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 344762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/29/24 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 11/01/24 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 191348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 07/23/26 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 278242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/19/27 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 93493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/23/29 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | 458737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/22/30 *(a)* | &nbsp;&nbsp;&nbsp; 700000 | 595661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 04/23/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | 243531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 10/28/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 523369 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**52**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Regions Bank** | **Regions Bank** | **Regions Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 06/26/37  | 250000 | 260783 |
| **Regions Financial Corp.** | **Regions Financial Corp.** | **Regions Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/18/25 *(a)* | 250000 | 234001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 08/12/28 *(a)* | 250000 | 212613 |
| **Royal Bank of Canada** | **Royal Bank of Canada** | **Royal Bank of Canada** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.43%, 01/19/24  | 550000 | 525467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 07/16/24  | 500000 | 482591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 07/26/24  | 500000 | 493336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/07/24  | 200000 | 186153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/01/24  | 750000 | 715607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 01/21/25  | 200000 | 187093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/14/25  | 600000 | 581371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/10/25  | 200000 | 183304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/20/26  | 650000 | 578441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/27/26  | 450000 | 444668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 04/27/26  | 350000 | 311760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 07/14/26  | 300000 | 264765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 11/02/26  | 200000 | 176000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/04/27  | 400000 | 381197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/27  | 500000 | 520933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/03/31  | 500000 | 401817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/04/32  | 250000 | 228421 |
| **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/07/24 *(a)* | 250000 | 243061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/02/25 *(a)* | 250000 | 238141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/17/25 *(a)* | 600000 | 588876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 09/09/26 *(a)(b)* | 100000 | &nbsp;&nbsp; 99460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 10/05/26 *(a)(c)* | 350000 | 325215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/13/27 *(a)* | 450000 | 430079 |
| **Santander UK Group Holdings PLC** | **Santander UK Group Holdings PLC** | **Santander UK Group Holdings PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.09%, 03/15/25 *(a)(b)* | 500000 | 468562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.53%, 08/21/26 *(a)(b)* | 400000 | 352565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67%, 06/14/27 *(a)(b)* | 200000 | 169885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 01/11/28 *(a)(b)* | 200000 | 171268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 11/03/28 *(a)(b)* | 350000 | 312887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/32 *(a)(b)* | 200000 | 154883 |
| **Santander UK PLC** | **Santander UK PLC** | **Santander UK PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/13/24  | 400000 | 395333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/18/24  | 100000 | &nbsp;&nbsp; 96558 |
| **Signature Bank** | **Signature Bank** | **Signature Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/30 *(a)(b)* | 225000 | 206310 |
| **State Street Corp.** | **State Street Corp.** | **State Street Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/16/24  | 400000 | 390307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/18/25  | 571000 | 556279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/01/25 *(a)(b)* | 450000 | 429414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/30/26 *(a)(b)* | 100000 | &nbsp;&nbsp; 95317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/19/26  | 250000 | 235468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 12/03/29 *(a)(b)* | 300000 | 284376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 01/24/30  | 250000 | 212816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/03/31  | 200000 | 160310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/30/31 *(a)(b)* | 200000 | 176067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 02/07/33 *(a)(b)* | 150000 | 122865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 05/13/33 *(a)(b)* | 200000 | 189011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 11/01/34 *(a)(b)* | 100000 | &nbsp;&nbsp; 84445 |
| **Sumitomo Mitsui Banking Corp.** | **Sumitomo Mitsui Banking Corp.** | **Sumitomo Mitsui Banking Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/10/24  | 250000 | 246711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/11/24  | 400000 | 388629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 07/23/25  | 250000 | 240551 |
| **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 07/16/24  | 400000 | 384075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/27/24  | 350000 | 332847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/25  | 250000 | 236637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 07/08/25  | 750000 | 684021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/09/26  | 550000 | 531424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/14/26  | 700000 | 641955 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/17/26  | 500000 | 435334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 10/19/26  | 400000 | 371775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/11/27  | 300000 | 280689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 01/14/27  | 200000 | 177423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 07/12/27  | 600000 | 554656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 01/17/28  | 300000 | 278866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 07/19/28  | 150000 | 141354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/17/28  | 700000 | 579007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 10/16/28  | 250000 | 235606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 07/16/29  | 750000 | 651046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/17/29  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 43323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 09/27/29  | 200000 | 168829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/30  | 450000 | 378070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/08/30  | 450000 | 357295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.14%, 09/23/30  | 350000 | 270685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 09/17/31  | 350000 | 270600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.93%, 09/17/41  | 250000 | 167525 |
| **SVB Financial Group** | **SVB Financial Group** | **SVB Financial Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/29/25  | 100000 | &nbsp;&nbsp; 96246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/05/30 *(a)* | 250000 | 206018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/02/31 *(a)* | 350000 | 255039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 04/29/33 *(a)(b)* | 250000 | 220909 |
| **Synchrony Bank** | **Synchrony Bank** | **Synchrony Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/22/25 *(a)* | 250000 | 247315 |
| **Synchrony Financial** | **Synchrony Financial** | **Synchrony Financial** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/19/24 *(a)* | 158000 | 155227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/24 *(a)* | 250000 | 244654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/04/26 *(a)* | 450000 | 416036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/27 *(a)* | 450000 | 402137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/19/29 *(a)* | 450000 | 426242 |
| **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 03/04/24  | 150000 | 142646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/11/24  | 400000 | 391603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/12/24  | 500000 | 484323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 09/10/24  | 300000 | 279319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/10/25  | 200000 | 186440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 06/06/25  | 400000 | 388455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/12/25  | 500000 | 456055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/11/25  | 525000 | 470028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/06/26  | 375000 | 332177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 06/03/26  | 500000 | 441400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/10/26  | 500000 | 437599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/12/27  | 250000 | 223646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/10/27  | 350000 | 321035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 06/08/27 *(d)* | 500000 | 483346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 09/15/27  | 500000 | 494631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/10/31  | 200000 | 157660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/15/31 *(a)(b)* | 500000 | 461343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/10/32  | 450000 | 388664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 06/08/32  | 600000 | 571611 |
| **Truist Bank** | **Truist Bank** | **Truist Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/01/24 *(a)* | 350000 | 342176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/10/25 *(a)* | 400000 | 371541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/16/25 *(a)* | 500000 | 481225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/03/25 *(a)* | 350000 | 344563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/26 *(a)* | 150000 | 141378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/30/26 *(a)* | 250000 | 237344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/11/30 *(a)* | 600000 | 485683 |
| **Truist Financial Corp.** | **Truist Financial Corp.** | **Truist Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/24 *(a)* | 160000 | 153724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/26/24 *(a)* | 100000 | &nbsp;&nbsp; 96521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/25 *(a)* | 300000 | 294038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/05/25 *(a)* | 230000 | 223768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 08/05/25 *(a)* | 400000 | 366548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 07/28/26 *(a)(b)* | 400000 | 393824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.27%, 03/02/27 *(a)(b)* | 300000 | 266913 |

---

*See financial notes*

**53**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/03/27 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | 506895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 06/06/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | 287748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/19/29 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 184618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.89%, 06/07/29 *(a)(b)* | &nbsp;&nbsp;&nbsp; 350000 | 295311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 06/05/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 60432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 07/28/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | 282238 |
| **US Bancorp** | **US Bancorp** | **US Bancorp** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/30/24 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 246980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/05/24 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | 442352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 07/30/24 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | 384815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/11/24 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 294130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/12/25 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | 464186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/17/25 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 293989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/27/26 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/22/26 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | 369761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.73%, 10/21/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | 408100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 04/27/27 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | 376312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/26/28 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | 432144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/22/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 490172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/22/30 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | 349565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 01/27/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | 206678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 07/22/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | 380977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 10/21/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | 416599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 11/03/36 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | 305542 |
| **US Bank NA** | **US Bank NA** | **US Bank NA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/21/25 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 284594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/27/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 241176 |
| **Valley National Bancorp** | **Valley National Bancorp** | **Valley National Bancorp** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/31 *(a)(b)* | &nbsp;&nbsp;&nbsp; 150000 | 131972 |
| **Wachovia Corp.** | **Wachovia Corp.** | **Wachovia Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57%, 08/01/26  | &nbsp;&nbsp;&nbsp; 200000 | 215861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/01/35  | &nbsp;&nbsp;&nbsp; 200000 | 195232 |
| **Webster Financial Corp.** | **Webster Financial Corp.** | **Webster Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/25/29 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 136602 |
| **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 01/16/24  | &nbsp;&nbsp;&nbsp; 200000 | 198836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/24/24 *(a)* | &nbsp;&nbsp;&nbsp; 800000 | 790781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/09/24  | &nbsp;&nbsp;&nbsp; 550000 | 534600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/19/25  | &nbsp;&nbsp;&nbsp; 700000 | 671174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/29/25  | &nbsp;&nbsp;&nbsp; 750000 | 721786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.41%, 10/30/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 900000 | 853008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.16%, 02/11/26 *(a)(b)* | 1000000 | 933563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/22/26  | 1050000 | 982942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 04/25/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 800000 | 778256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 04/30/26 *(a)(b)* | 1000000 | 931182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/03/26  | &nbsp;&nbsp;&nbsp; 600000 | 580660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/15/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | 294406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/23/26  | 1000000 | 925457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/17/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | 697407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/22/27  | &nbsp;&nbsp;&nbsp; 800000 | 771150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 03/24/28 *(a)(b)* | 1075000 | 997726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 05/22/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 950000 | 881115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39%, 06/02/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | 662536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 07/25/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | 731769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/24/29 *(a)* | &nbsp;&nbsp;&nbsp; 750000 | 706050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 11/15/29  | &nbsp;&nbsp;&nbsp; 100000 | 109674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/30/30 *(a)(b)* | 1025000 | 873273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 02/11/31 *(a)(b)* | &nbsp;&nbsp;&nbsp; 900000 | 746568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 04/04/31 *(a)(b)* | &nbsp;&nbsp;&nbsp; 700000 | 656553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/02/33 *(a)(b)* | 1000000 | 843508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/25/33 *(a)(b)* | 1000000 | 949264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/07/35  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/15/36  | &nbsp;&nbsp;&nbsp; 175000 | 169969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 04/30/41 *(a)(b)* | 1150000 | 822508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/02/43  | &nbsp;&nbsp;&nbsp; 600000 | 561651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 01/15/44  | &nbsp;&nbsp;&nbsp; 700000 | 682028 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/04/44  | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/01/45  | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/17/45  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/14/46  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/07/46  | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 04/04/51 *(a)(b)* | 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 1380306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.61%, 04/25/53 *(a)(b)* | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722850 |
| **Wells Fargo Bank NA** | **Wells Fargo Bank NA** | **Wells Fargo Bank NA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/26/36  | &nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 02/01/37  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 01/15/38  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217327 |
| **Western Alliance Bancorp** | **Western Alliance Bancorp** | **Western Alliance Bancorp** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/31 *(a)(b)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170498 |
| **Westpac Banking Corp.** | **Westpac Banking Corp.** | **Westpac Banking Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/26/24  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 10/18/24  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%, 11/18/24  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/19/25  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/13/26  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/03/26  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/19/26  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/08/27  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 11/18/27  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/25/28  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/20/28  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/16/30  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 02/04/30 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 06/03/31  | &nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 11/23/31 *(a)(b)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 08/10/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 07/24/34 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 11/15/35 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 11/18/36 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 07/24/39  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 11/16/40  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/18/41  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198661 |
| **Zions Bancorp NA** | **Zions Bancorp NA** | **Zions Bancorp NA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/29/29 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246265 |
|  |  | **388469955** |
| ***Brokerage/Asset Managers/Exchanges 0.3%***  | ***Brokerage/Asset Managers/Exchanges 0.3%***  | ***Brokerage/Asset Managers/Exchanges 0.3%***  |
| **Affiliated Managers Group, Inc.** | **Affiliated Managers Group, Inc.** | **Affiliated Managers Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/24  | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168083 |
| **Ameriprise Financial, Inc.** | **Ameriprise Financial, Inc.** | **Ameriprise Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/24  | &nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/02/25 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139627 |
| **BGC Partners, Inc.** | **BGC Partners, Inc.** | **BGC Partners, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/24 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47851 |
| **BlackRock, Inc.** | **BlackRock, Inc.** | **BlackRock, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/18/24  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/27  | &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/30/29 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/30/30 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 01/28/31 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405339 |
| **Brookfield Corp.** | **Brookfield Corp.** | **Brookfield Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146781 |
| **Brookfield Finance I UK PLC** | **Brookfield Finance I UK PLC** | **Brookfield Finance I UK PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 01/30/32 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76263 |
| **Brookfield Finance LLC** | **Brookfield Finance LLC** | **Brookfield Finance LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/50 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127779 |
| **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/24 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/25/28 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414934 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**54**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/29/29 *(a)* | 350000 | 335093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/30 *(a)* | 250000 | 227554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 09/20/47 *(a)* | 300000 | 241210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/30/51 *(a)* | 200000 | 128510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/52 *(a)* | 175000 | 114915 |
| **Cboe Global Markets, Inc.** | **Cboe Global Markets, Inc.** | **Cboe Global Markets, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/12/27 *(a)* | 250000 | 239442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 12/15/30 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 39025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/16/32 *(a)* | 100000 | &nbsp;&nbsp; 83675 |
| **CI Financial Corp.** | **CI Financial Corp.** | **CI Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/17/30 *(a)* | 275000 | 209555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/15/51 *(a)* | 275000 | 164076 |
| **CME Group, Inc.** | **CME Group, Inc.** | **CME Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/25 *(a)* | 200000 | 193683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/28 *(a)* | 200000 | 193229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 09/15/43 *(a)* | 300000 | 310090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/15/48 *(a)* | 250000 | 224555 |
| **E\*TRADE Financial Corp.** | **E\*TRADE Financial Corp.** | **E\*TRADE Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/24/27 *(a)* | 100000 | &nbsp;&nbsp; 95131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/20/28 *(a)* | 150000 | 146530 |
| **Eaton Vance Corp.** | **Eaton Vance Corp.** | **Eaton Vance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/06/27 *(a)* | 123000 | 114830 |
| **Franklin Resources, Inc.** | **Franklin Resources, Inc.** | **Franklin Resources, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/30/25  | 125000 | 119221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 10/30/30 *(a)* | 250000 | 192796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 08/12/51 *(a)* | 100000 | &nbsp;&nbsp; 62585 |
| **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/23/25 *(a)* | 350000 | 342823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/25 *(a)* | 250000 | 243569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/15/27 *(a)* | 200000 | 185982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/27 *(a)* | 450000 | 435063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/21/28 *(a)* | 200000 | 189418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/15/29 *(a)* | 300000 | 290612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/15/30 *(a)* | 350000 | 286244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 09/15/32 *(a)* | 500000 | 376757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/15/33 *(a)* | 425000 | 408041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/15/40 *(a)* | 350000 | 243571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/21/48 *(a)* | 275000 | 231178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/50 *(a)* | 375000 | 251978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/52 *(a)* | 400000 | 371457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/60 *(a)* | 450000 | 280938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/15/62 *(a)* | 300000 | 284698 |
| **Invesco Finance PLC** | **Invesco Finance PLC** | **Invesco Finance PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/30/24  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/26  | 275000 | 264500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/30/43  | 100000 | &nbsp;&nbsp; 93449 |
| **Janus Capital Group, Inc.** | **Janus Capital Group, Inc.** | **Janus Capital Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 08/01/25 *(a)* | 150000 | 147934 |
| **Jefferies Financial Group, Inc.** | **Jefferies Financial Group, Inc.** | **Jefferies Financial Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 01/15/27  | 200000 | 197433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/23/30  | 300000 | 268438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/15/31 *(a)* | 300000 | 230670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/15/32 *(a)* | 150000 | 113170 |
| **Jefferies Group LLC** | **Jefferies Group LLC** | **Jefferies Group LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 06/08/27  | 100000 | 104138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 01/15/36  | 150000 | 152669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/20/43  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73503 |
| **Lazard Group LLC** | **Lazard Group LLC** | **Lazard Group LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/13/25  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/27 *(a)* | 100000 | &nbsp;&nbsp; 92978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/19/28 *(a)* | 100000 | &nbsp;&nbsp; 92952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/11/29 *(a)* | 250000 | 231472 |
| **Legg Mason, Inc.** | **Legg Mason, Inc.** | **Legg Mason, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/26  | 150000 | 150746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 01/15/44  | 176000 | 173196 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Nasdaq, Inc.** | **Nasdaq, Inc.** | **Nasdaq, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/30/26 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 145042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/21/40 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 227588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/28/50 *(a)* | &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 152151 |
| **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/16/25  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 472707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/16/25  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 456069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/14/26  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 436586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.33%, 01/22/27  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 351167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 07/14/28  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 331001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/16/30  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 416729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 07/16/30  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 280757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 07/14/31  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 154684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/22/32  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 157764 |
| **Raymond James Financial, Inc.** | **Raymond James Financial, Inc.** | **Raymond James Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 04/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 193008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/15/46  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 179798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/51 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 146062 |
| **Stifel Financial Corp.** | **Stifel Financial Corp.** | **Stifel Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/18/24  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 173906 |
| **The Charles Schwab Corp.** | **The Charles Schwab Corp.** | **The Charles Schwab Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 02/01/24 *(a)(e)* | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 123351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/18/24 *(a)(e)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 380421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/24 *(a)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/10/25 *(a)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/24/25 *(a)(e)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 148416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/25 *(a)(e)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/21/25 *(a)(e)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 195396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/13/26 *(a)(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/11/26 *(a)(e)* | &nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 288169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/13/26 *(a)(e)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 222469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/02/27 *(a)(e)* | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 164842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/03/27 *(a)(e)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 366072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 *(a)(e)* | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 166021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/25/28 *(a)(e)* | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 163390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/28 *(a)(e)* | &nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 285768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/29 *(a)(e)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 142884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/22/29 *(a)(e)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 136225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/01/29 *(a)(e)* | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 109189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/22/30 *(a)(e)* | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 122891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/11/31 *(a)(e)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 155971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/13/31 *(a)(e)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 163819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 12/01/31 *(a)(e)* | &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 176691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/03/32 *(a)(e)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 212768 |
|  |  | **22200534** |
| ***Finance Companies 0.3%***  | ***Finance Companies 0.3%***  | ***Finance Companies 0.3%***  |
| **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** | **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** | **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/16/24 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 247784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 194200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/14/24 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 142185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/29/24 *(a)* | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 785412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/29/24 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 323013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 286802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 355688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/01/25 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 144775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/30/26 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 264564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/03/26 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 336504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/29/26 *(a)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 656848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 07/21/27 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 272450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 139817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/23/28 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 180721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/29/28 *(a)* | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 840644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/30/32 *(a)* | 1175000 | &nbsp;&nbsp;&nbsp;&nbsp; 919087 |

---

*See financial notes*

**55**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/29/33 *(a)* | 400000 | 304498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/29/41 *(a)* | 450000 | 318032 |
| **Air Lease Corp.** | **Air Lease Corp.** | **Air Lease Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 02/15/24 *(a)* | 250000 | 236366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/24 *(a)* | 400000 | 391751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/25 *(a)* | 250000 | 233370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/25 *(a)* | 200000 | 190092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/01/25 *(a)* | 100000 | &nbsp;&nbsp; 94413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/26 *(a)* | 200000 | 185318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/26 *(a)* | 250000 | 234627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 08/15/26 *(a)* | 200000 | 174399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/27 *(a)* | 300000 | 274017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/01/27 *(a)* | 249000 | 225603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/01/28 *(a)* | 200000 | 163590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/28 *(a)* | 200000 | 187574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/01/29 *(a)* | 250000 | 213493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/30 *(a)* | 250000 | 209394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/30 *(a)* | 100000 | &nbsp;&nbsp; 83019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/32 *(a)* | 250000 | 199625 |
| **Aircastle Ltd.** | **Aircastle Ltd.** | **Aircastle Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/01/24 *(a)* | 250000 | 242211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/26 *(a)* | 200000 | 188581 |
| **Ares Capital Corp.** | **Ares Capital Corp.** | **Ares Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/10/24 *(a)* | 300000 | 290251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/25 *(a)* | 100000 | &nbsp;&nbsp; 95061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/25 *(a)* | 350000 | 323083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/26 *(a)* | 400000 | 367939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/15/26 *(a)* | 300000 | 254762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/27 *(a)* | 150000 | 127878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/28 *(a)* | 350000 | 281898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/15/31 *(a)* | 250000 | 184122 |
| **Bain Capital Specialty Finance, Inc.** | **Bain Capital Specialty Finance, Inc.** | **Bain Capital Specialty Finance, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/10/26 *(a)* | 200000 | 173323 |
| **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/22/24  | 150000 | 137425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/15/25 *(a)* | 200000 | 184434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/24/25  | 200000 | 192365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/15/26 *(a)* | 300000 | 248944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/27 *(a)* | 400000 | 337669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/29 *(a)* | 300000 | 248143 |
| **Blackstone Secured Lending Fund** | **Blackstone Secured Lending Fund** | **Blackstone Secured Lending Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/26 *(a)* | 275000 | 253404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/16/26 *(a)* | 200000 | 175506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/15/27 *(a)* | 250000 | 207220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/30/28 *(a)* | 150000 | 117391 |
| **FS KKR Capital Corp.** | **FS KKR Capital Corp.** | **FS KKR Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/24 *(a)* | 200000 | 193940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/25 *(a)* | 300000 | 282148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/26 *(a)* | 350000 | 311199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/12/28 *(a)* | 250000 | 202752 |
| **GATX Corp.** | **GATX Corp.** | **GATX Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/15/24 *(a)* | 100000 | &nbsp;&nbsp; 99091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/30/27 *(a)* | 300000 | 281822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/28 *(a)* | 100000 | &nbsp;&nbsp; 90811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 11/07/28 *(a)* | 350000 | 332113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/01/29 *(a)* | 255000 | 243666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/15/44 *(a)* | 200000 | 173787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/01/51 *(a)* | 150000 | &nbsp;&nbsp; 90997 |
| **Goldman Sachs BDC, Inc.** | **Goldman Sachs BDC, Inc.** | **Goldman Sachs BDC, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/10/25 *(a)* | 150000 | 144635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/26 *(a)* | 200000 | 184413 |
| **Golub Capital BDC, Inc.** | **Golub Capital BDC, Inc.** | **Golub Capital BDC, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/24 *(a)* | 200000 | 192182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/24/26 *(a)* | 200000 | 170929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 02/15/27 *(a)* | 100000 | &nbsp;&nbsp; 81901 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Hercules Capital, Inc.** | **Hercules Capital, Inc.** | **Hercules Capital, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/20/27 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 214390 |
| **Main Street Capital Corp.** | **Main Street Capital Corp.** | **Main Street Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/01/24  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 148159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/14/26 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 129736 |
| **Morgan Stanley Direct Lending Fund** | **Morgan Stanley Direct Lending Fund** | **Morgan Stanley Direct Lending Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/11/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 138815 |
| **Oaktree Specialty Lending Corp.** | **Oaktree Specialty Lending Corp.** | **Oaktree Specialty Lending Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/25/25 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 190301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/15/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 129156 |
| **Owl Rock Capital Corp.** | **Owl Rock Capital Corp.** | **Owl Rock Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/24 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 148201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/30/25 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 235267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/26 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 184973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/15/26 *(a)* | 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 395010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/15/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 124171 |
| **Owl Rock Capital Corp. III** | **Owl Rock Capital Corp. III** | **Owl Rock Capital Corp. III** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/13/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83189 |
| **Owl Rock Core Income Corp.** | **Owl Rock Core Income Corp.** | **Owl Rock Core Income Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/23/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/08/27 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 180003 |
| **Owl Rock Technology Finance Corp.** | **Owl Rock Technology Finance Corp.** | **Owl Rock Technology Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81840 |
| **Prospect Capital Corp.** | **Prospect Capital Corp.** | **Prospect Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 01/22/26 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 131979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 11/15/26 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 125352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 10/15/28 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77672 |
| **Sixth Street Specialty Lending, Inc.** | **Sixth Street Specialty Lending, Inc.** | **Sixth Street Specialty Lending, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/26 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 175575 |
|  |  | **20697241** |
| ***Financial Other 0.0%***  | ***Financial Other 0.0%***  | ***Financial Other 0.0%***  |
| **Andrew W Mellon Foundation** | **Andrew W Mellon Foundation** | **Andrew W Mellon Foundation** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 08/01/27 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 106423 |
| **ORIX Corp.** | **ORIX Corp.** | **ORIX Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 01/16/24  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 147960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/04/24  | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 240880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/18/27  | 143000 | &nbsp;&nbsp;&nbsp;&nbsp; 134336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/09/31  | 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 150137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/13/32  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 195608 |
|  |  | **975344** |
| ***Insurance 1.1%***  | ***Insurance 1.1%***  | ***Insurance 1.1%***  |
| **ACE Capital Trust II** | **ACE Capital Trust II** | **ACE Capital Trust II** |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.70%, 04/01/30  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 248989 |
| **Ace INA Holdings, Inc.** | **Ace INA Holdings, Inc.** | **Ace INA Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/03/45 *(a)* | 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 347938 |
| **Aegon N.V.** | **Aegon N.V.** | **Aegon N.V.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/11/48 *(a)(b)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 225654 |
| **Aetna, Inc.** | **Aetna, Inc.** | **Aetna, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/24 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 291810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/36  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 213075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/15/37  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 161170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/42 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 173689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/42 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 123119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/44 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/47 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 116140 |
| **Aflac, Inc.** | **Aflac, Inc.** | **Aflac, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/15/26 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 133038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/30 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 317095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/46 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 116078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/49 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 134555 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**56**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Alleghany Corp.** | **Alleghany Corp.** | **Alleghany Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/30 *(a)* | 200000 | 185615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/51 *(a)* | 200000 | 142458 |
| **Allied World Assurance Co., Holdings Ltd.** | **Allied World Assurance Co., Holdings Ltd.** | **Allied World Assurance Co., Holdings Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/29/25 *(a)* | 200000 | 191398 |
| **Allstate Corp.** | **Allstate Corp.** | **Allstate Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 12/15/25 *(a)* | 150000 | 133335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 12/15/26 *(a)* | 250000 | 237877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 12/15/30 *(a)* | 300000 | 229508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 06/01/33  | &nbsp;&nbsp; 79000 | &nbsp;&nbsp; 79154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 05/09/35  | 200000 | 204898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/43  | 100000 | &nbsp;&nbsp; 88881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/15/46 *(a)* | 276000 | 229638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/10/49 *(a)* | 150000 | 117189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/57 *(a)(b)* | 100000 | &nbsp;&nbsp; 97411 |
| **American Equity Investment Life Holding Co.** | **American Equity Investment Life Holding Co.** | **American Equity Investment Life Holding Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/27 *(a)* | 100000 | &nbsp;&nbsp; 95455 |
| **American Financial Group, Inc.** | **American Financial Group, Inc.** | **American Financial Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/02/30 *(a)* | 100000 | &nbsp;&nbsp; 98569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/47 *(a)* | 200000 | 160138 |
| **American International Group, Inc.** | **American International Group, Inc.** | **American International Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/15/24  | 200000 | 198093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/30/25 *(a)* | 333000 | 314074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/26 *(a)* | 250000 | 242074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/30/30 *(a)* | 100000 | &nbsp;&nbsp; 88465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/35 *(a)* | 200000 | 174384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/01/36  | 150000 | 158852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/16/44 *(a)* | 200000 | 173141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/10/45 *(a)* | 175000 | 156765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/01/48 *(a)* | 250000 | 223673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/48 *(a)(b)* | 210000 | 202257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/30/50 *(a)* | 300000 | 255848 |
| **Anthem, Inc.** | **Anthem, Inc.** | **Anthem, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/24 *(a)* | 250000 | 243941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 12/01/24 *(a)* | 300000 | 291662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/15/25 *(a)* | 300000 | 284999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/01/27 *(a)* | 500000 | 472037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/01/28 *(a)* | 450000 | 431909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/15/29 *(a)* | 210000 | 184506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/30 *(a)* | 350000 | 290815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/15/31 *(a)* | 100000 | &nbsp;&nbsp; 83965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/15/34  | 100000 | 104515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 01/15/36  | 100000 | 102560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/15/37  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/42  | 200000 | 182180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/15/43  | 300000 | 272068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 01/15/44  | 200000 | 190569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/44 *(a)* | 250000 | 223470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/01/47 *(a)* | 400000 | 344421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/01/48 *(a)* | 400000 | 352748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/49 *(a)* | 250000 | 191395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/50 *(a)* | 450000 | 311817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/15/51 *(a)* | 150000 | 113181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 05/15/52 *(a)* | 200000 | 175470 |
| **Aon Corp.** | **Aon Corp.** | **Aon Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.21%, 01/01/27  | 100000 | 105226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/28 *(a)* | 100000 | &nbsp;&nbsp; 96522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/02/29 *(a)* | 100000 | &nbsp;&nbsp; 92837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/30 *(a)* | 250000 | 213788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/23/31 *(a)* | 200000 | 159234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/12/32 *(a)* | 150000 | 148783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/30/40  | 150000 | 154178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 08/23/51 *(a)* | 200000 | 127449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/28/52 *(a)* | 250000 | 193740 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Aon PLC** | **Aon PLC** | **Aon PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/14/24 *(a)* | 200000 | 195407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/25 *(a)* | 300000 | 292656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/14/44 *(a)* | 200000 | 171213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/45 *(a)* | 200000 | 172747 |
| **Arch Capital Finance LLC** | **Arch Capital Finance LLC** | **Arch Capital Finance LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 12/15/26 *(a)* | 200000 | 191414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.03%, 12/15/46 *(a)* | 150000 | 129754 |
| **Arch Capital Group Ltd.** | **Arch Capital Group Ltd.** | **Arch Capital Group Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 06/30/50 *(a)* | 275000 | 193674 |
| **Arch Capital Group US, Inc.** | **Arch Capital Group US, Inc.** | **Arch Capital Group US, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 11/01/43  | 250000 | 224210 |
| **Arthur J Gallagher & Co.** | **Arthur J Gallagher & Co.** | **Arthur J Gallagher & Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/20/51 *(a)* | 300000 | 210683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/09/52 *(a)* | 150000 | &nbsp;&nbsp; 95282 |
| **Assurant, Inc.** | **Assurant, Inc.** | **Assurant, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/27/23 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/27/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/22/30 *(a)* | 100000 | &nbsp;&nbsp; 85083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/32 *(a)* | 100000 | &nbsp;&nbsp; 74256 |
| **Assured Guaranty US Holdings, Inc.** | **Assured Guaranty US Holdings, Inc.** | **Assured Guaranty US Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24  | 132000 | 131702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/15/31 *(a)* | 200000 | 169251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/51 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 32830 |
| **Athene Holding Ltd.** | **Athene Holding Ltd.** | **Athene Holding Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/12/28 *(a)* | 300000 | 276466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 04/03/30 *(a)* | 150000 | 151681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/31 *(a)* | 150000 | 123960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/25/51 *(a)* | 300000 | 206727 |
| **AXA S.A.** | **AXA S.A.** | **AXA S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.60%, 12/15/30  | 200000 | 242952 |
| **AXIS Specialty Finance LLC** | **AXIS Specialty Finance LLC** | **AXIS Specialty Finance LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/29 *(a)* | 100000 | &nbsp;&nbsp; 89085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/15/40 *(a)(b)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 41236 |
| **AXIS Specialty Finance PLC** | **AXIS Specialty Finance PLC** | **AXIS Specialty Finance PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/06/27 *(a)* | 150000 | 139704 |
| **Berkshire Hathaway Finance Corp.** | **Berkshire Hathaway Finance Corp.** | **Berkshire Hathaway Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/15/27 *(a)* | 250000 | 231396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 03/12/30 *(a)* | 150000 | 125613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 10/15/30 *(a)* | 200000 | 159701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/15/32 *(a)* | 200000 | 173648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 01/15/40  | 150000 | 163691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/15/42  | 250000 | 229999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/15/43  | 100000 | &nbsp;&nbsp; 90474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/48 *(a)* | 750000 | 662017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/49 *(a)* | 600000 | 537638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/15/50 *(a)* | 525000 | 353937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/51 *(a)* | 300000 | 190345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/15/52 *(a)* | 775000 | 627217 |
| **Berkshire Hathaway, Inc.** | **Berkshire Hathaway, Inc.** | **Berkshire Hathaway, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/26 *(a)* | 750000 | 720228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/11/43  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46941 |
| **Brighthouse Financial, Inc.** | **Brighthouse Financial, Inc.** | **Brighthouse Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/22/27 *(a)* | 200000 | 186377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/15/30 *(a)* | 200000 | 190564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/22/47 *(a)* | 285000 | 210811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/22/51 *(a)* | 150000 | &nbsp;&nbsp; 95278 |
| **Brown & Brown, Inc.** | **Brown & Brown, Inc.** | **Brown & Brown, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/24 *(a)* | 145000 | 142423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/29 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/31 *(a)* | 200000 | 152694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/17/32 *(a)* | 175000 | 151987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/17/52 *(a)* | 200000 | 163439 |

---

*See financial notes*

**57**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Centene Corp.** | **Centene Corp.** | **Centene Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/27 *(a)* | 650000 | 611290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 07/15/28 *(a)* | 600000 | 506853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/29 *(a)* | 900000 | 826364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/30 *(a)* | 500000 | 424006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/30 *(a)* | 500000 | 410472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/31 *(a)* | 600000 | 470572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/01/31 *(a)* | 300000 | 236049 |
| **Chubb Corp.** | **Chubb Corp.** | **Chubb Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/11/37  | 200000 | 212795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 05/15/38  | 260000 | 289993 |
| **Chubb INA Holdings, Inc.** | **Chubb INA Holdings, Inc.** | **Chubb INA Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/15/25  | 200000 | 193252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/03/26 *(a)* | 500000 | 479662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/15/30 *(a)* | 350000 | 272463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 12/15/51 *(a)* | 150000 | 100845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 12/15/61 *(a)* | 300000 | 195324 |
| **Cincinnati Financial Corp.** | **Cincinnati Financial Corp.** | **Cincinnati Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.92%, 05/15/28  | 200000 | 213726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/01/34  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51798 |
| **CNA Financial Corp.** | **CNA Financial Corp.** | **CNA Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/24 *(a)* | 100000 | &nbsp;&nbsp; 98360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/26 *(a)* | 200000 | 197927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/15/27 *(a)* | 150000 | 139465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/01/29 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 22907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/15/30 *(a)* | 250000 | 197904 |
| **CNO Financial Group, Inc.** | **CNO Financial Group, Inc.** | **CNO Financial Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/30/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/30/29 *(a)* | 220000 | 210097 |
| **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/04/25 *(a)(c)* | 250000 | 239814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/05/27 *(a)(c)* | 400000 | 373543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/05/29 *(a)(c)* | 400000 | 365232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/05/32 *(a)(c)* | 450000 | 394655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/05/42 *(a)(c)* | 150000 | 123033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/05/52 *(a)(c)* | 350000 | 279527 |
| **Elevance Health, Inc.** | **Elevance Health, Inc.** | **Elevance Health, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/15/26 *(a)* | 350000 | 314882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/32 *(a)* | 200000 | 205097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 10/15/52 *(a)* | 200000 | 215652 |
| **Enstar Group Ltd.** | **Enstar Group Ltd.** | **Enstar Group Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/29 *(a)* | 250000 | 229741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/01/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 54980 |
| **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/20/28 *(a)* | 550000 | 525025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/20/48 *(a)* | 450000 | 396109 |
| **Everest Reinsurance Holdings, Inc.** | **Everest Reinsurance Holdings, Inc.** | **Everest Reinsurance Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 06/01/44  | 115000 | &nbsp;&nbsp; 98433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/50 *(a)* | 300000 | 202840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/15/52 *(a)* | 300000 | 187850 |
| **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/17/28 *(a)* | 250000 | 237425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/29/30 *(a)* | 300000 | 272917 |
| **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/28 *(a)* | 150000 | 142980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/15/30 *(a)* | 200000 | 169229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/15/31 *(a)* | 300000 | 228926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/17/51 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 29300 |
| **First American Financial Corp.** | **First American Financial Corp.** | **First American Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/15/24  | 100000 | &nbsp;&nbsp; 98715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/30 *(a)* | 150000 | 127589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/15/31 *(a)* | 200000 | 147038 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Globe Life, Inc.** | **Globe Life, Inc.** | **Globe Life, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/15/28 *(a)* | 170000 | 165688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 08/15/30 *(a)* | 200000 | 158737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 06/15/32 *(a)* | 100000 | &nbsp;&nbsp; 95008 |
| **Hanover Insurance Group, Inc.** | **Hanover Insurance Group, Inc.** | **Hanover Insurance Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/26 *(a)* | 150000 | 146529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/30 *(a)* | 100000 | &nbsp;&nbsp; 77150 |
| **Hartford Financial Services Group, Inc.** | **Hartford Financial Services Group, Inc.** | **Hartford Financial Services Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/19/29 *(a)* | 145000 | 124360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/15/36  | 100000 | &nbsp;&nbsp; 99765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 10/01/41  | 150000 | 151924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/48 *(a)* | 225000 | 186936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/19/49 *(a)* | 300000 | 218120 |
| **Humana, Inc.** | **Humana, Inc.** | **Humana, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/01/24 *(a)* | 200000 | 196146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/25 *(a)* | 200000 | 197779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 02/03/27 *(a)* | 250000 | 216108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/27 *(a)* | 150000 | 143919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/23/29 *(a)* | 250000 | 228830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/29 *(a)* | 100000 | &nbsp;&nbsp; 87909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/30 *(a)* | 200000 | 195740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/03/32 *(a)* | 250000 | 195854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/42 *(a)* | 100000 | &nbsp;&nbsp; 87510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/01/44 *(a)* | 250000 | 226710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/15/47 *(a)* | 150000 | 132690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/49 *(a)* | 150000 | 118530 |
| **Jackson Financial, Inc.** | **Jackson Financial, Inc.** | **Jackson Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/23/31 *(a)* | 150000 | 116283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 06/08/32 *(a)* | 100000 | &nbsp;&nbsp; 94570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/23/51 *(a)* | 150000 | &nbsp;&nbsp; 96343 |
| **Kemper Corp.** | **Kemper Corp.** | **Kemper Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/15/25 *(a)* | 100000 | &nbsp;&nbsp; 97527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 09/30/30 *(a)* | 350000 | 271795 |
| **Lincoln National Corp.** | **Lincoln National Corp.** | **Lincoln National Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/09/25  | 168000 | 161784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/12/26 *(a)* | 104000 | &nbsp;&nbsp; 97721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/28 *(a)* | 150000 | 138184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/15/30 *(a)* | 150000 | 124372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/31 *(a)* | 150000 | 124019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/09/37  | 150000 | 148445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/40  | 100000 | 104095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/01/48 *(a)* | 175000 | 132067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/50 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 37976 |
| **Loews Corp.** | **Loews Corp.** | **Loews Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/26 *(a)* | 200000 | 193151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/15/30 *(a)* | 150000 | 132977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/01/35  | 100000 | 102970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/43 *(a)* | 100000 | &nbsp;&nbsp; 81672 |
| **Manulife Financial Corp.** | **Manulife Financial Corp.** | **Manulife Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/04/26  | 350000 | 341158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 05/19/27 *(a)* | 100000 | &nbsp;&nbsp; 90188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 02/24/32 *(a)(b)* | 250000 | 228201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/16/32 *(a)* | 250000 | 222725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/04/46  | 150000 | 145545 |
| **Markel Corp.** | **Markel Corp.** | **Markel Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/27 *(a)* | 100000 | &nbsp;&nbsp; 92336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/17/29 *(a)* | 100000 | &nbsp;&nbsp; 87021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/05/46  | 125000 | 109056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/01/47 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 39268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/20/49 *(a)* | 200000 | 176295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/17/50 *(a)* | 200000 | 153183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/07/52 *(a)* | 150000 | 101353 |
| **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/24 *(a)* | 250000 | 246608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/03/24 *(a)* | 200000 | 196092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/14/26 *(a)* | 250000 | 242890 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**58**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/29 *(a)* | 450000 | 435553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/30 *(a)* | 325000 | 266595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/32 *(a)* | 150000 | 157609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/39 *(a)* | 250000 | 231502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/30/47 *(a)* | 200000 | 169004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/48 *(a)* | 100000 | &nbsp;&nbsp; 82863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/49 *(a)* | 400000 | 373415 |
| **Mercury General Corp.** | **Mercury General Corp.** | **Mercury General Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/27 *(a)* | 150000 | 141085 |
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/10/24  | 365000 | 358711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/25  | 100000 | &nbsp;&nbsp; 96462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/13/25 *(a)* | 250000 | 243319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/23/30 *(a)* | 400000 | 394279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 06/15/35  | 400000 | 419914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/15/36 *(a)* | 500000 | 488021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.75%, 08/01/39 *(a)(b)* | 100000 | 134726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/06/41  | 300000 | 309601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/13/42  | 350000 | 297696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/13/43  | 100000 | &nbsp;&nbsp; 93292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72%, 12/15/44  | 250000 | 228504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/01/45  | 150000 | 125360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/13/46 *(a)* | 300000 | 271596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/52 *(a)* | 150000 | 143943 |
| **Nationwide Financial Services, Inc.** | **Nationwide Financial Services, Inc.** | **Nationwide Financial Services, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 05/15/37 *(b)* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp; 62543 |
| **Old Republic International Corp.** | **Old Republic International Corp.** | **Old Republic International Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/26/26 *(a)* | 250000 | 237212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/11/51 *(a)* | 150000 | 103668 |
| **PartnerRe Finance B LLC** | **PartnerRe Finance B LLC** | **PartnerRe Finance B LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/02/29 *(a)* | 160000 | 144510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/50 *(a)(b)* | 100000 | &nbsp;&nbsp; 86301 |
| **Principal Financial Group, Inc.** | **Principal Financial Group, Inc.** | **Principal Financial Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/15/26 *(a)* | 150000 | 139748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/29 *(a)* | 150000 | 139611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/15/30 *(a)* | 250000 | 205021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/42  | 150000 | 126481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/15/43  | 150000 | 121872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/46 *(a)* | 150000 | 121937 |
| **Prudential Financial, Inc.** | **Prudential Financial, Inc.** | **Prudential Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/10/26 *(a)* | 100000 | &nbsp;&nbsp; 90170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/27/28 *(a)* | &nbsp;&nbsp; 92000 | &nbsp;&nbsp; 88303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/10/30 *(a)* | 250000 | 207816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/15/33  | 100000 | 103525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 12/14/36  | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 93031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 12/01/37  | 250000 | 271197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/10/40 *(a)* | 200000 | 149068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/15/44 *(a)(b)* | 150000 | 144485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/44  | 300000 | 269264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/15/45 *(a)(b)* | 300000 | 291564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/47 *(a)(b)* | 150000 | 137049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 12/07/47 *(a)* | 350000 | 279629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 03/27/48 *(a)* | 150000 | 128898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 09/15/48 *(a)(b)* | 250000 | 240899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 12/07/49 *(a)* | 400000 | 314943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/25/50 *(a)* | 250000 | 212916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/01/50 *(a)(b)* | 250000 | 214507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/13/51 *(a)* | 300000 | 229864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/01/52 *(a)(b)* | 250000 | 226616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/52 *(a)(b)* | 300000 | 292417 |
| **Prudential PLC** | **Prudential PLC** | **Prudential PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/14/30  | 325000 | 283764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/24/32 *(a)* | 125000 | 111452 |
| **Radian Group, Inc.** | **Radian Group, Inc.** | **Radian Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/25 *(a)* | 325000 | 321935 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/29 *(a)* | 200000 | 183704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/15/30 *(a)* | 150000 | 128047 |
| **RenaissanceRe Finance, Inc.** | **RenaissanceRe Finance, Inc.** | **RenaissanceRe Finance, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/25 *(a)* | 100000 | &nbsp;&nbsp; 97158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/01/27 *(a)* | 150000 | 140343 |
| **RenaissanceRe Holdings Ltd.** | **RenaissanceRe Holdings Ltd.** | **RenaissanceRe Holdings Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/15/29 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 45056 |
| **Selective Insurance Group, Inc.** | **Selective Insurance Group, Inc.** | **Selective Insurance Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/49 *(a)* | 100000 | &nbsp;&nbsp; 85886 |
| **Stewart Information Services Corp.** | **Stewart Information Services Corp.** | **Stewart Information Services Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/31 *(a)* | 100000 | &nbsp;&nbsp; 76581 |
| **The Progressive Corp.** | **The Progressive Corp.** | **The Progressive Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/29 *(a)* | 360000 | 346082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/26/30 *(a)* | 150000 | 135117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/32 *(a)* | 150000 | 130532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 12/01/32  | 110000 | 120565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/25/44  | 150000 | 128831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/26/45  | 150000 | 115812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/47 *(a)* | 350000 | 295414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/48 *(a)* | 125000 | 105311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/26/50 *(a)* | 150000 | 121093 |
| **Transatlantic Holdings, Inc.** | **Transatlantic Holdings, Inc.** | **Transatlantic Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/30/39  | 121000 | 150110 |
| **Travelers Cos., Inc.** | **Travelers Cos., Inc.** | **Travelers Cos., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/20/36  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/15/37  | 300000 | 325891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/01/40  | 100000 | &nbsp;&nbsp; 99581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 08/01/43  | 200000 | 177948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 08/25/45 *(a)* | 100000 | &nbsp;&nbsp; 85090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/46 *(a)* | 200000 | 156590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/30/47 *(a)* | 150000 | 121814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/04/49 *(a)* | 150000 | 122965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 04/27/50 *(a)* | 200000 | 125488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 06/08/51 *(a)* | 250000 | 173660 |
| **Travelers Property Casualty Corp.** | **Travelers Property Casualty Corp.** | **Travelers Property Casualty Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/15/33  | 200000 | 220309 |
| **Trinity Acquisition PLC** | **Trinity Acquisition PLC** | **Trinity Acquisition PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/26 *(a)* | 110000 | 106687 |
| **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/24  | 250000 | 246219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 05/15/24 *(a)* | 200000 | 188830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/15/24  | 300000 | 288987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/25  | 750000 | 734378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/15/25  | 100000 | &nbsp;&nbsp; 97755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/15/26  | 100000 | &nbsp;&nbsp; 90877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/26  | 350000 | 334470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/15/27  | 250000 | 238483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/15/27  | 100000 | &nbsp;&nbsp; 92638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/28 *(a)* | 300000 | 307519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/28  | 450000 | 431812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/28  | 350000 | 334685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/29 *(a)* | 250000 | 239049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/29  | 400000 | 356641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/15/30 *(a)* | 500000 | 516725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/30  | 400000 | 331374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/15/31 *(a)* | 400000 | 333868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/32 *(a)* | 375000 | 357206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 02/15/33 *(a)* | 500000 | 518497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/35  | 350000 | 339363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/15/36  | 200000 | 211681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/37  | 150000 | 168006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 11/15/37  | 100000 | 113390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 02/15/38  | 300000 | 352286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/39 *(a)* | 400000 | 328153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/40 *(a)* | 350000 | 255212 |

---

*See financial notes*

**59**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/15/40 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/15/41 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 159550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 05/15/41 *(a)* | 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 301809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/15/41 *(a)* | 173000 | &nbsp;&nbsp;&nbsp;&nbsp; 159479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/42 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 134973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/42 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 127230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/45  | 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 567084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/15/47 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 171915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/47 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 215824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/15/47 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 160009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/48 *(a)* | 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 348804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 12/15/48 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 312873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/49 *(a)* | 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 317142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/50 *(a)* | 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 273032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/51 *(a)* | 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 433415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/52 *(a)* | 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 556465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/53 *(a)* | 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 542717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/59 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 275464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/60 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 170147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/62 *(a)* | 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 259140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 02/15/63 *(a)* | 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 440609 |
| **Unum Group** | **Unum Group** | **Unum Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/29 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 135882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/42  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 135203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/49 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 107992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/51 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68765 |
| **Voya Financial, Inc.** | **Voya Financial, Inc.** | **Voya Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/26  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 142613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 07/15/43  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 139808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 06/15/46  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 01/23/48 *(a)(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77392 |
| **Willis North America, Inc.** | **Willis North America, Inc.** | **Willis North America, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/15/24 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 194888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/28 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 188743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/29 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 168484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 09/15/48 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 126410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/49 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 106906 |
| **WR Berkley Corp.** | **WR Berkley Corp.** | **WR Berkley Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/44  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/12/50 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/30/52 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 104628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/30/61 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59930 |
| **XLIT Ltd.** | **XLIT Ltd.** | **XLIT Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 12/15/43  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/31/45  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 142454 |
|  |  | **74930192** |
| ***REITs 0.7%***  | ***REITs 0.7%***  | ***REITs 0.7%***  |
| **Agree LP** | **Agree LP** | **Agree LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/28 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 122867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/01/30 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 203827 |
| **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/30/25 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/15/26 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 146874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/15/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/28 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 141269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/30/29 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/15/29 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 170027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/01/30 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 144591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/30 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 243974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/31 *(a)* | 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 201481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/18/32 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 153995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/01/33 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 186735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/34 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 203679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/15/49 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/50 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 153173 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/18/51 *(a)* | 200000 | 127878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/52 *(a)* | 250000 | 179907 |
| **American Assets Trust LP** | **American Assets Trust LP** | **American Assets Trust LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/01/31 *(a)* | 150000 | 119125 |
| **American Homes 4 Rent LP** | **American Homes 4 Rent LP** | **American Homes 4 Rent LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/28 *(a)* | 140000 | 130021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/15/29 *(a)* | 100000 | &nbsp;&nbsp; 94851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/15/31 *(a)* | 100000 | &nbsp;&nbsp; 77119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/32 *(a)* | 150000 | 126102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/15/51 *(a)* | 100000 | &nbsp;&nbsp; 63117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/15/52 *(a)* | 100000 | &nbsp;&nbsp; 74042 |
| **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/25 *(a)* | 150000 | 144685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/15/26 *(a)* | 100000 | &nbsp;&nbsp; 91895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/15/27 *(a)* | 200000 | 186061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/15/28 *(a)* | 200000 | 183154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/01/28 *(a)* | 150000 | 125571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/01/29 *(a)* | 150000 | 134697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/01/30 *(a)* | 250000 | 207936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/31 *(a)* | 200000 | 165396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/15/32 *(a)* | 200000 | 157567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/15/46 *(a)* | 150000 | 116050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/48 *(a)* | 150000 | 123512 |
| **Boston Properties LP** | **Boston Properties LP** | **Boston Properties LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/01/24 *(a)* | 100000 | &nbsp;&nbsp; 98388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/15/25 *(a)* | 375000 | 360030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/26 *(a)* | 200000 | 190032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/01/26 *(a)* | 150000 | 135459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/01/27 *(a)* | 100000 | 103327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/28 *(a)* | 300000 | 279195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/21/29 *(a)* | 350000 | 301982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/30 *(a)* | 200000 | 163618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/30/31 *(a)* | 383000 | 318028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 04/01/32 *(a)* | 150000 | 114495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/01/33 *(a)* | 300000 | 217576 |
| **Brandywine Operating Partnership LP** | **Brandywine Operating Partnership LP** | **Brandywine Operating Partnership LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 10/01/24 *(a)* | 150000 | 143043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/27 *(a)* | 100000 | &nbsp;&nbsp; 84181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/01/29 *(a)* | 150000 | 125717 |
| **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 02/01/25 *(a)* | 250000 | 240545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/27 *(a)* | 150000 | 138959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/29 *(a)* | 250000 | 223873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 07/01/30 *(a)* | 225000 | 198182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/16/31 *(a)* | 225000 | 172616 |
| **Broadstone Net Lease LLC** | **Broadstone Net Lease LLC** | **Broadstone Net Lease LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 09/15/31 *(a)* | 150000 | 112703 |
| **Camden Property Trust** | **Camden Property Trust** | **Camden Property Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 10/15/28 *(a)* | 150000 | 141989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 07/01/29 *(a)* | 116000 | 103692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/30 *(a)* | 250000 | 215881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/01/49 *(a)* | 100000 | &nbsp;&nbsp; 70059 |
| **Corporate Office Properties LP** | **Corporate Office Properties LP** | **Corporate Office Properties LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/15/26 *(a)* | 150000 | 132878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/29 *(a)* | 150000 | 115962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/31 *(a)* | 200000 | 150223 |
| **CubeSmart LP** | **CubeSmart LP** | **CubeSmart LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/25 *(a)* | 150000 | 145030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/26 *(a)* | 100000 | &nbsp;&nbsp; 92896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/29 *(a)* | 118000 | 109436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/30 *(a)* | 200000 | 166608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/31 *(a)* | 250000 | 188816 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**60**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Digital Realty Trust LP** | **Digital Realty Trust LP** | **Digital Realty Trust LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/27 *(a)* | 370000 | 344262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/15/28 *(a)* | 150000 | 151118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 07/15/28 *(a)* | 200000 | 190121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 07/01/29 *(a)* | 200000 | 179088 |
| **EPR Properties** | **EPR Properties** | **EPR Properties** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/15/26 *(a)* | 200000 | 180045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/27 *(a)* | 200000 | 173943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/28 *(a)* | 150000 | 128094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/29 *(a)* | 200000 | 156472 |
| **ERP Operating LP** | **ERP Operating LP** | **ERP Operating LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/01/25 *(a)* | 150000 | 144461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 11/01/26 *(a)* | 150000 | 138977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/01/27 *(a)* | 150000 | 137530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/28 *(a)* | 200000 | 184878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/01/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/29 *(a)* | 200000 | 174757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/30 *(a)* | 200000 | 167251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/44 *(a)* | 150000 | 128119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/45 *(a)* | 200000 | 170812 |
| **Essential Properties LP** | **Essential Properties LP** | **Essential Properties LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 07/15/31 *(a)* | 150000 | 109237 |
| **Essex Portfolio LP** | **Essex Portfolio LP** | **Essex Portfolio LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/01/24 *(a)* | 150000 | 146936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/25 *(a)* | 150000 | 144905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/27 *(a)* | 150000 | 140935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/29 *(a)* | 250000 | 228069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/30 *(a)* | 150000 | 127133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/15/31 *(a)* | 150000 | 112029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/15/32 *(a)* | 200000 | 158510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/48 *(a)* | 114000 | &nbsp;&nbsp; 92693 |
| **Extra Space Storage LP** | **Extra Space Storage LP** | **Extra Space Storage LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/01/31 *(a)* | 150000 | 117550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 03/15/32 *(a)* | 200000 | 151812 |
| **Federal Realty Investment Trust** | **Federal Realty Investment Trust** | **Federal Realty Investment Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/24 *(a)* | 175000 | 172831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/15/26 *(a)* | 150000 | 132306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/27 *(a)* | 200000 | 183337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/29 *(a)* | 100000 | &nbsp;&nbsp; 86952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/44 *(a)* | 200000 | 157755 |
| **Healthcare Realty Holdings LP** | **Healthcare Realty Holdings LP** | **Healthcare Realty Holdings LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/30 *(a)* | 150000 | 116546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/15/31 *(a)* | 200000 | 146703 |
| **Healthcare Trust of America Holdings LP** | **Healthcare Trust of America Holdings LP** | **Healthcare Trust of America Holdings LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/26 *(a)* | 200000 | 186520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/27 *(a)* | 150000 | 139521 |
| **Healthpeak Properties, Inc.** | **Healthpeak Properties, Inc.** | **Healthpeak Properties, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/01/25 *(a)* | 150000 | 144502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/25 *(a)* | 150000 | 146225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/26 *(a)* | 300000 | 283259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/29 *(a)* | 250000 | 222990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/30 *(a)* | 300000 | 257938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/01/41 *(a)* | 100000 | 103186 |
| **Highwoods Realty LP** | **Highwoods Realty LP** | **Highwoods Realty LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/29 *(a)* | 200000 | 173695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 02/15/30 *(a)* | 175000 | 139158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/01/31 *(a)* | 150000 | 111356 |
| **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/01/24 *(a)* | 175000 | 171189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/25 *(a)* | 100000 | &nbsp;&nbsp; 96198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/26 *(a)* | 150000 | 144113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/15/29 *(a)* | 200000 | 167728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/30 *(a)* | 275000 | 227446 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Hudson Pacific Properties LP** | **Hudson Pacific Properties LP** | **Hudson Pacific Properties LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/01/27 *(a)* | 150000 | 127936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 04/01/29 *(a)* | 150000 | 128572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/30 *(a)* | 250000 | 191448 |
| **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/28 *(a)* | 150000 | 124332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/31 *(a)* | 200000 | 147855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/32 *(a)* | 100000 | &nbsp;&nbsp; 87588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/15/34 *(a)* | 150000 | 109993 |
| **Kilroy Realty LP** | **Kilroy Realty LP** | **Kilroy Realty LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/01/25 *(a)* | 150000 | 145561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/15/28 *(a)* | 150000 | 136791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/29 *(a)* | 175000 | 153900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 02/15/30 *(a)* | 200000 | 160646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/15/32 *(a)* | 200000 | 142733 |
| **Kimco Realty Corp.** | **Kimco Realty Corp.** | **Kimco Realty Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/01/26 *(a)* | 450000 | 413929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/01/28 *(a)* | 250000 | 210008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/01/30 *(a)* | 300000 | 245538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/45 *(a)* | 150000 | 114431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/46 *(a)* | 100000 | &nbsp;&nbsp; 73791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/01/47 *(a)* | 200000 | 155202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/01/49 *(a)* | 150000 | 103445 |
| **Kite Realty Group LP** | **Kite Realty Group LP** | **Kite Realty Group LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/26 *(a)* | 100000 | &nbsp;&nbsp; 92278 |
| **Lexington Realty Trust** | **Lexington Realty Trust** | **Lexington Realty Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/15/30 *(a)* | 250000 | 199865 |
| **Life Storage LP** | **Life Storage LP** | **Life Storage LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/27 *(a)* | 300000 | 278488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/29 *(a)* | 150000 | 134534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 10/15/30 *(a)* | 300000 | 233898 |
| **LifeStorage LP** | **LifeStorage LP** | **LifeStorage LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/26 *(a)* | 100000 | &nbsp;&nbsp; 93953 |
| **Mid-America Apartments LP** | **Mid-America Apartments LP** | **Mid-America Apartments LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/24 *(a)* | 150000 | 146959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/25 *(a)* | 150000 | 146081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/01/27 *(a)* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 56967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/15/28 *(a)* | 200000 | 191566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/29 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/15/30 *(a)* | 100000 | &nbsp;&nbsp; 85867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 02/15/31 *(a)* | 200000 | 156778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/15/51 *(a)* | 150000 | &nbsp;&nbsp; 96581 |
| **National Health Investors, Inc.** | **National Health Investors, Inc.** | **National Health Investors, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/31 *(a)* | 150000 | 108537 |
| **National Retail Properties, Inc.** | **National Retail Properties, Inc.** | **National Retail Properties, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/15/24 *(a)* | 100000 | &nbsp;&nbsp; 97820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/15/26 *(a)* | 150000 | 140031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/27 *(a)* | 125000 | 113574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/15/28 *(a)* | 200000 | 186010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/30 *(a)* | 100000 | &nbsp;&nbsp; 81251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 10/15/48 *(a)* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 50074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/15/50 *(a)* | 150000 | &nbsp;&nbsp; 93311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/51 *(a)* | 100000 | &nbsp;&nbsp; 67275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/52 *(a)* | 100000 | &nbsp;&nbsp; 61310 |
| **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/01/24 *(a)* | 200000 | 197752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/26 *(a)* | 100000 | &nbsp;&nbsp; 98412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/27 *(a)* | 100000 | &nbsp;&nbsp; 93959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 *(a)* | &nbsp;&nbsp; 93000 | &nbsp;&nbsp; 85945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/29 *(a)* | 150000 | 123638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/01/31 *(a)* | 200000 | 154789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/33 *(a)* | 250000 | 181140 |
| **Phillips Edison Grocery Center Operating Partnership I LP** | **Phillips Edison Grocery Center Operating Partnership I LP** | **Phillips Edison Grocery Center Operating Partnership I LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/15/31 *(a)* | 100000 | &nbsp;&nbsp; 73685 |

---

*See financial notes*

**61**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Physicians Realty LP** | **Physicians Realty LP** | **Physicians Realty LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/27 *(a)* | 300000 | 283626 |
| **Piedmont Operating Partnership LP** | **Piedmont Operating Partnership LP** | **Piedmont Operating Partnership LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/30 *(a)* | 150000 | 113960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/01/32 *(a)* | 100000 | &nbsp;&nbsp; 70147 |
| **Prologis LP** | **Prologis LP** | **Prologis LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/01/26 *(a)* | 150000 | 142702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/29 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/29 *(a)* | 150000 | 130922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/15/30 *(a)* | 350000 | 292817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/01/30 *(a)* | 250000 | 198146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/15/30 *(a)* | 350000 | 266393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 03/15/31 *(a)* | 200000 | 155172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/32 *(a)* | 150000 | 119874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/01/50 *(a)* | 200000 | 134729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/50 *(a)* | 300000 | 201918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/15/50 *(a)* | 200000 | 111824 |
| **Public Storage** | **Public Storage** | **Public Storage** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 02/15/26 *(a)* | 200000 | 177077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/09/26 *(a)* | 150000 | 133751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 09/15/27 *(a)* | 250000 | 233503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 05/01/29 *(a)* | 300000 | 274447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/01/31 *(a)* | 250000 | 204582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/09/31 *(a)* | 200000 | 161560 |
| **Realty Income Corp.** | **Realty Income Corp.** | **Realty Income Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/06/24 *(a)* | 200000 | 198780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/15/24 *(a)* | 300000 | 294152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/01/25 *(a)* | 250000 | 248207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/15/26 *(a)* | 150000 | 130716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/27 *(a)* | 300000 | 278606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/27 *(a)* | 300000 | 287713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/28 *(a)* | 150000 | 138378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/15/28 *(a)* | 200000 | 187070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/15/29 *(a)* | 100000 | &nbsp;&nbsp; 87627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/31 *(a)* | 400000 | 347487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/13/32 *(a)* | 150000 | 153238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 12/15/32 *(a)* | 200000 | 162576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/47 *(a)* | 200000 | 176874 |
| **Regency Centers LP** | **Regency Centers LP** | **Regency Centers LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/01/27 *(a)* | 250000 | 234250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/28 *(a)* | 200000 | 185257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/29 *(a)* | 150000 | 126054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/30 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 43564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/01/47 *(a)* | 150000 | 116275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/49 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 40354 |
| **Retail Properties of America, Inc.** | **Retail Properties of America, Inc.** | **Retail Properties of America, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/30 *(a)* | 150000 | 133347 |
| **Rexford Industrial Realty LP** | **Rexford Industrial Realty LP** | **Rexford Industrial Realty LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/01/31 *(a)* | 250000 | 192041 |
| **Sabra Health Care LP** | **Sabra Health Care LP** | **Sabra Health Care LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/15/26 *(a)* | 150000 | 143008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/15/29 *(a)* | 125000 | 104250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/01/31 *(a)* | 250000 | 186979 |
| **Safehold Operating Partnership LP** | **Safehold Operating Partnership LP** | **Safehold Operating Partnership LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/31 *(a)* | 150000 | 115519 |
| **Simon Property Group LP** | **Simon Property Group LP** | **Simon Property Group LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/24 *(a)* | 350000 | 345065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/13/24 *(a)* | 175000 | 166431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/01/24 *(a)* | 100000 | &nbsp;&nbsp; 97215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/25 *(a)* | 300000 | 287965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/15/26 *(a)* | 300000 | 285570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/30/26 *(a)* | 200000 | 187487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/27 *(a)* | 350000 | 327424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/01/27 *(a)* | 100000 | &nbsp;&nbsp; 92822 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/28 *(a)* | 350000 | 298195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/13/29 *(a)* | 550000 | 460658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/30 *(a)* | 100000 | &nbsp;&nbsp; 83310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/01/31 *(a)* | 100000 | &nbsp;&nbsp; 79325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/01/40 *(a)* | 220000 | 238007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/42 *(a)* | 150000 | 128441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/44 *(a)* | 200000 | 157953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/30/46 *(a)* | 100000 | &nbsp;&nbsp; 80837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/13/49 *(a)* | 400000 | 264921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/15/50 *(a)* | 250000 | 183501 |
| **SITE Centers Corp.** | **SITE Centers Corp.** | **SITE Centers Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/01/25 *(a)* | 150000 | 142106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/26 *(a)* | 150000 | 141905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/01/27 *(a)* | 154000 | 145317 |
| **Spirit Realty LP** | **Spirit Realty LP** | **Spirit Realty LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/15/26 *(a)* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 57451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/15/27 *(a)* | 200000 | 178116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/30 *(a)* | 250000 | 208771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/15/31 *(a)* | 250000 | 200632 |
| **STORE Capital Corp.** | **STORE Capital Corp.** | **STORE Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/28 *(a)* | 185000 | 167190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/29 *(a)* | 200000 | 179195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/18/30 *(a)* | 150000 | 115165 |
| **Sun Communities Operating LP** | **Sun Communities Operating LP** | **Sun Communities Operating LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/01/28 *(a)* | 150000 | 125763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 07/15/31 *(a)* | 200000 | 157839 |
| **Tanger Properties LP** | **Tanger Properties LP** | **Tanger Properties LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/26 *(a)* | 150000 | 137231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/15/27 *(a)* | 150000 | 138022 |
| **UDR, Inc.** | **UDR, Inc.** | **UDR, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/01/26 *(a)* | 100000 | &nbsp;&nbsp; 92113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/28 *(a)* | 145000 | 131809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/26/29 *(a)* | 300000 | 283063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/31 *(a)* | 400000 | 335207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 08/01/32 *(a)* | 100000 | &nbsp;&nbsp; 74472 |
| **Ventas Realty LP** | **Ventas Realty LP** | **Ventas Realty LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/24 *(a)* | 100000 | &nbsp;&nbsp; 97397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/24 *(a)* | 150000 | 146938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/25 *(a)* | 150000 | 142200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/25 *(a)* | 200000 | 192542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/26 *(a)* | 150000 | 145705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/15/26 *(a)* | 250000 | 231562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 70864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/28 *(a)* | 200000 | 185189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/15/29 *(a)* | 250000 | 233837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/30 *(a)* | 200000 | 188154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 09/30/43 *(a)* | 150000 | 137877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/45 *(a)* | 100000 | &nbsp;&nbsp; 78320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/15/49 *(a)* | 100000 | &nbsp;&nbsp; 83443 |
| **Vornado Realty LP** | **Vornado Realty LP** | **Vornado Realty LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/25 *(a)* | 150000 | 141150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 06/01/26 *(a)* | 150000 | 127292 |
| **Welltower, Inc.** | **Welltower, Inc.** | **Welltower, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/24 *(a)* | 300000 | 297831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/24 *(a)* | 300000 | 293681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/25 *(a)* | 200000 | 194994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/26 *(a)* | 400000 | 388256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/15/27 *(a)* | 100000 | &nbsp;&nbsp; 90200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/29 *(a)* | 400000 | 367637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/15/30 *(a)* | 150000 | 126746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/31 *(a)* | 300000 | 240249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/15/41 *(a)* | 300000 | 301146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/01/48 *(a)* | 150000 | 123875 |
| **WP Carey, Inc.** | **WP Carey, Inc.** | **WP Carey, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/01/24 *(a)* | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 84232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/25 *(a)* | 300000 | 293071 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**62**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/15/29 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/01/31 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/01/33 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111538 |
|  |  | **45418048** |
|  |  | **552691314** |
| **Industrial 13.8%** | **Industrial 13.8%** | **Industrial 13.8%** |
| ***Basic Industry 0.6%***  | ***Basic Industry 0.6%***  | ***Basic Industry 0.6%***  |
| **Air Products and Chemicals, Inc.** | **Air Products and Chemicals, Inc.** | **Air Products and Chemicals, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 07/31/24 *(a)* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/15/25 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/15/27 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 05/15/30 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/15/40 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/50 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173989 |
| **Albemarle Corp.** | **Albemarle Corp.** | **Albemarle Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/01/27 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 06/01/32 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 12/01/44 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234197 |
| **AngloGold Ashanti Holdings PLC** | **AngloGold Ashanti Holdings PLC** | **AngloGold Ashanti Holdings PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/30 *(a)* | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394026 |
| **ArcelorMittal S.A.** | **ArcelorMittal S.A.** | **ArcelorMittal S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 11/29/27 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/16/29  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 11/29/32 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/39  | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353254 |
| **Barrick North America Finance LLC** | **Barrick North America Finance LLC** | **Barrick North America Finance LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 05/30/41  | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/43  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202756 |
| **Barrick PD Australia Finance Pty Ltd.** | **Barrick PD Australia Finance Pty Ltd.** | **Barrick PD Australia Finance Pty Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/15/39  | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410704 |
| **BHP Billiton Finance USA Ltd.** | **BHP Billiton Finance USA Ltd.** | **BHP Billiton Finance USA Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.42%, 03/01/26  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/24/42  | 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/30/43  | 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 679749 |
| **Cabot Corp.** | **Cabot Corp.** | **Cabot Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/29 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133966 |
| **Celanese US Holdings LLC** | **Celanese US Holdings LLC** | **Celanese US Holdings LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/08/24 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 07/05/24  | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/25  | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/05/26 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.17%, 07/15/27 *(a)* | 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.33%, 07/15/29 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/15/32 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286830 |
| **Celulosa Arauco y Constitucion S.A.** | **Celulosa Arauco y Constitucion S.A.** | **Celulosa Arauco y Constitucion S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/24 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/02/27 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188237 |
| **CF Industries, Inc.** | **CF Industries, Inc.** | **CF Industries, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/34  | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/15/44  | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269736 |
| **Dow Chemical Co.** | **Dow Chemical Co.** | **Dow Chemical Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/30/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 11/01/29  | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 11/15/30 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 03/15/33 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/34 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/41 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/42 *(a)* | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/44 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 11/30/48 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/15/49 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170062 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/50 *(a)* | 250000 | 180364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 05/15/53 *(a)* | 300000 | 327928 |
| **DuPont de Nemours, Inc.** | **DuPont de Nemours, Inc.** | **DuPont de Nemours, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 11/15/25 *(a)* | 500000 | 492465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73%, 11/15/28 *(a)* | 750000 | 741043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.32%, 11/15/38 *(a)* | 400000 | 388224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.42%, 11/15/48 *(a)* | 605000 | 579330 |
| **Eastman Chemical Co.** | **Eastman Chemical Co.** | **Eastman Chemical Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/25 *(a)* | 250000 | 242775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/01/42 *(a)* | 250000 | 212492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/15/44 *(a)* | 270000 | 225158 |
| **Ecolab, Inc.** | **Ecolab, Inc.** | **Ecolab, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 11/01/26 *(a)* | 300000 | 279179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/27 *(a)* | 450000 | 421186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/24/30 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 01/30/31 *(a)* | 300000 | 229320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/01/32 *(a)* | 250000 | 200518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/15/50 *(a)* | 250000 | 140480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 12/15/51 *(a)* | 250000 | 156834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/18/55 *(a)* | 264000 | 159561 |
| **EI du Pont de Nemours and Co.** | **EI du Pont de Nemours and Co.** | **EI du Pont de Nemours and Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 07/15/25 *(a)* | 200000 | 184863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 07/15/30 *(a)* | 150000 | 126015 |
| **Fibria Overseas Finance Ltd.** | **Fibria Overseas Finance Ltd.** | **Fibria Overseas Finance Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/14/25 *(a)* | 100000 | &nbsp;&nbsp; 97502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/17/27  | 250000 | 251542 |
| **FMC Corp.** | **FMC Corp.** | **FMC Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/01/26 *(a)* | 150000 | 140095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/01/29 *(a)* | 200000 | 176593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/49 *(a)* | 150000 | 119682 |
| **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/27 *(a)* | 150000 | 146450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/28 *(a)* | 300000 | 278977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/29 *(a)* | 150000 | 144815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/30 *(a)* | 100000 | &nbsp;&nbsp; 91375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/30 *(a)* | 350000 | 328058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/14/34 *(a)* | 300000 | 282761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/15/43 *(a)* | 500000 | 450996 |
| **Georgia-Pacific LLC** | **Georgia-Pacific LLC** | **Georgia-Pacific LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/24  | 150000 | 154583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 11/15/29  | 250000 | 284338 |
| **Huntsman International LLC** | **Huntsman International LLC** | **Huntsman International LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/29 *(a)* | 200000 | 180245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/31 *(a)* | 150000 | 116785 |
| **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/26/28 *(a)* | 150000 | 141597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/01/47 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 39115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/26/48 *(a)* | 300000 | 257607 |
| **International Paper Co.** | **International Paper Co.** | **International Paper Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/35 *(a)* | 100000 | &nbsp;&nbsp; 94825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 11/15/39  | 100000 | 109984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/15/41 *(a)* | 200000 | 200227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 06/15/44 *(a)* | 250000 | 218175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/15/46 *(a)* | 100000 | &nbsp;&nbsp; 90879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 08/15/47 *(a)* | 200000 | 165704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 08/15/48 *(a)* | 200000 | 167047 |
| **Kinross Gold Corp.** | **Kinross Gold Corp.** | **Kinross Gold Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 03/15/24 *(a)* | 150000 | 150848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/27 *(a)* | 150000 | 142304 |
| **Linde, Inc.** | **Linde, Inc.** | **Linde, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/05/25 *(a)* | 150000 | 143779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/30/26 *(a)* | 250000 | 240913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 08/10/30 *(a)* | 200000 | 153926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/07/42 *(a)* | 150000 | 120858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/10/50 *(a)* | 100000 | &nbsp;&nbsp; 56023 |

---

*See financial notes*

**63**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Lubrizol Corp.** | **Lubrizol Corp.** | **Lubrizol Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/01/34  | &nbsp;&nbsp; 96000 | 110212 |
| **LYB International Finance BV** | **LYB International Finance BV** | **LYB International Finance BV** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/43  | 200000 | 176618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/44 *(a)* | 250000 | 208135 |
| **LYB International Finance II BV** | **LYB International Finance II BV** | **LYB International Finance II BV** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/02/27 *(a)* | 200000 | 185881 |
| **LYB International Finance III LLC** | **LYB International Finance III LLC** | **LYB International Finance III LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/01/30 *(a)* | 100000 | &nbsp;&nbsp; 79623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/01/40 *(a)* | 250000 | 177679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/15/49 *(a)* | 300000 | 224685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/01/50 *(a)* | 300000 | 223056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/51 *(a)* | 300000 | 201597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/01/60 *(a)* | 150000 | &nbsp;&nbsp; 97800 |
| **LyondellBasell Industries NV** | **LyondellBasell Industries NV** | **LyondellBasell Industries NV** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/24 *(a)* | 250000 | 250701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/26/55 *(a)* | 300000 | 236765 |
| **Mosaic Co.** | **Mosaic Co.** | **Mosaic Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/15/27 *(a)* | 250000 | 236427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/15/33 *(a)* | 150000 | 146448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/41 *(a)* | 100000 | &nbsp;&nbsp; 85381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/15/43 *(a)* | 100000 | &nbsp;&nbsp; 93618 |
| **NewMarket Corp.** | **NewMarket Corp.** | **NewMarket Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/18/31 *(a)* | 150000 | 118662 |
| **Newmont Corp.** | **Newmont Corp.** | **Newmont Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/01/29 *(a)* | 250000 | 213570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/01/30 *(a)* | 350000 | 282049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/35  | 250000 | 254325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/39  | 325000 | 341827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/42 *(a)* | 200000 | 184873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/09/44 *(a)* | 175000 | 166433 |
| **Nucor Corp.** | **Nucor Corp.** | **Nucor Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/25 *(a)* | 150000 | 139817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/01/28 *(a)* | 200000 | 189193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/01/30 *(a)* | 250000 | 212850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/01/37  | 100000 | 107944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 12/15/55 *(a)* | 400000 | 250021 |
| **Nutrien Ltd.** | **Nutrien Ltd.** | **Nutrien Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/25 *(a)* | 100000 | &nbsp;&nbsp; 95444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/26 *(a)* | 150000 | 146136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/29 *(a)* | 250000 | 235462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/35 *(a)* | 150000 | 129815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/01/36  | 125000 | 127359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 12/01/40  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/15/41 *(a)* | 200000 | 206391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/01/43 *(a)* | 200000 | 176989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/45 *(a)* | 125000 | 114640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/49 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 44954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/13/50 *(a)* | 250000 | 191682 |
| **Packaging Corp. of America** | **Packaging Corp. of America** | **Packaging Corp. of America** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/24 *(a)* | 150000 | 146095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 12/15/27 *(a)* | 200000 | 184646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 12/15/49 *(a)* | 150000 | 115838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/01/51 *(a)* | 200000 | 129009 |
| **PPG Industries, Inc.** | **PPG Industries, Inc.** | **PPG Industries, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/15/24 *(a)* | 100000 | &nbsp;&nbsp; 95696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/28 *(a)* | 300000 | 285840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/15/29 *(a)* | 150000 | 129755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/15/30 *(a)* | 100000 | &nbsp;&nbsp; 83933 |
| **Rayonier LP** | **Rayonier LP** | **Rayonier LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/17/31 *(a)* | 125000 | 100358 |
| **Reliance Steel & Aluminum Co.** | **Reliance Steel & Aluminum Co.** | **Reliance Steel & Aluminum Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/15/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 67922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 08/15/30 *(a)* | 250000 | 198418 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Rio Tinto Alcan, Inc.** | **Rio Tinto Alcan, Inc.** | **Rio Tinto Alcan, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 03/15/31  | 281000 | 320038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/15/33  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/35  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51312 |
| **Rio Tinto Finance USA Ltd.** | **Rio Tinto Finance USA Ltd.** | **Rio Tinto Finance USA Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/15/28  | 250000 | 275941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 11/02/40  | 350000 | 349789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/02/51 *(a)* | 250000 | 166211 |
| **Rio Tinto Finance USA PLC** | **Rio Tinto Finance USA PLC** | **Rio Tinto Finance USA PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/22/42 *(a)* | 200000 | 188151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/21/42 *(a)* | 150000 | 129788 |
| **RPM International, Inc.** | **RPM International, Inc.** | **RPM International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/27 *(a)* | 250000 | 233193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/48 *(a)* | 250000 | 188254 |
| **Sherwin-Williams Co.** | **Sherwin-Williams Co.** | **Sherwin-Williams Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/01/24 *(a)* | 250000 | 242989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/01/25 *(a)* | 150000 | 144479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/26 *(a)* | 100000 | &nbsp;&nbsp; 97592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/27 *(a)* | 550000 | 516514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 08/15/29 *(a)* | 300000 | 263528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/15/30 *(a)* | 200000 | 164653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/01/45 *(a)* | 150000 | 127168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/47 *(a)* | 400000 | 336725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/49 *(a)* | 200000 | 150310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/50 *(a)* | 200000 | 137685 |
| **Southern Copper Corp.** | **Southern Copper Corp.** | **Southern Copper Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/23/25  | 200000 | 194345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/27/35  | 350000 | 407014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/16/40  | 200000 | 224186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/08/42  | 300000 | 288007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/23/45  | 345000 | 354785 |
| **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/15/25 *(a)* | 150000 | 140679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/26 *(a)* | 175000 | 174842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/15/27 *(a)* | 100000 | &nbsp;&nbsp; 84045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/30 *(a)* | 200000 | 176328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/31 *(a)* | 150000 | 128690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/15/50 *(a)* | 150000 | &nbsp;&nbsp; 98058 |
| **Suzano Austria GmbH** | **Suzano Austria GmbH** | **Suzano Austria GmbH** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/29 *(a)* | 550000 | 549142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/30 *(a)* | 300000 | 282377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/31 *(a)* | 325000 | 273009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/15/32 *(a)* | 350000 | 273747 |
| **Teck Resources Ltd.** | **Teck Resources Ltd.** | **Teck Resources Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/30 *(a)* | 250000 | 224896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/35  | 200000 | 198340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 08/15/40 *(a)* | 240000 | 231234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 02/01/43 *(a)* | 100000 | &nbsp;&nbsp; 89885 |
| **Vale Overseas Ltd.** | **Vale Overseas Ltd.** | **Vale Overseas Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/10/26  | 400000 | 415343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/08/30 *(a)* | 500000 | 439259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/21/36  | 523000 | 555103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 11/10/39  | 375000 | 396391 |
| **Westlake Chemical Corp.** | **Westlake Chemical Corp.** | **Westlake Chemical Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/15/26 *(a)* | 250000 | 235186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/30 *(a)* | 150000 | 129230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/41 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 49521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/46 *(a)* | 150000 | 125796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/47 *(a)* | 130000 | &nbsp;&nbsp; 98538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/51 *(a)* | 200000 | 124294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/61 *(a)* | 150000 | &nbsp;&nbsp; 88993 |
| **WestRock MWV LLC** | **WestRock MWV LLC** | **WestRock MWV LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.20%, 01/15/30  | &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 45365 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**64**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Weyerhaeuser Co.** | **Weyerhaeuser Co.** | **Weyerhaeuser Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 10/01/27  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 214242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 160475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 03/15/32  | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 500008 |
| **WRKCo, Inc.** | **WRKCo, Inc.** | **WRKCo, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 193807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 246168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/28 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 230904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 289416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/32 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 270643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/33 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 199964 |
| **Yamana Gold, Inc.** | **Yamana Gold, Inc.** | **Yamana Gold, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/31 *(a)(c)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 112827 |
|  |  | **43940745** |
| ***Capital Goods 1.3%***  | ***Capital Goods 1.3%***  | ***Capital Goods 1.3%***  |
| **3M Co.** | **3M Co.** | **3M Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/14/24 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 245506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/14/25 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 189519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 04/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 239021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/07/25  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 191944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/19/26 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 278060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 138185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/26/29 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 297511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 04/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 176154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/19/46 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 137332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/15/47 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 187221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/14/48 *(a)(d)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 237337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/26/49 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 209905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/15/50 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 192732 |
| **ABB Finance USA, Inc.** | **ABB Finance USA, Inc.** | **ABB Finance USA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/03/28 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 189001 |
| **Acuity Brands Lighting, Inc.** | **Acuity Brands Lighting, Inc.** | **Acuity Brands Lighting, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 154241 |
| **Allegion PLC** | **Allegion PLC** | **Allegion PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95080 |
| **Allegion US Holding Co., Inc.** | **Allegion US Holding Co., Inc.** | **Allegion US Holding Co., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/01/24 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 336761 |
| **Amcor Finance USA, Inc.** | **Amcor Finance USA, Inc.** | **Amcor Finance USA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/28/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 142419 |
| **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 06/19/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 203283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 05/25/31 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 203744 |
| **Amphenol Corp.** | **Amphenol Corp.** | **Amphenol Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/01/25 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 191025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 256994 |
| **Avery Dennison Corp.** | **Avery Dennison Corp.** | **Avery Dennison Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/06/28 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 195205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 04/30/30 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 164651 |
| **Berry Global, Inc.** | **Berry Global, Inc.** | **Berry Global, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 02/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 142633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.57%, 01/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 536233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85582 |
| **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/01/24  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 240923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 02/04/24 *(a)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 670140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/01/24 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 145384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/30/24 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/25 *(a)* | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 992603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/30/25 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93420 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/26 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 371662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/04/26 *(a)* | 1550000 | 1409720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/01/26 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 188498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/15/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 45174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 271328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 135525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 05/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 644037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/28 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 89787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/01/28 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 135052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 264527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 212180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/01/30 *(a)* | 1300000 | 1269355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/01/31 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 350830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/15/33  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 152973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/01/34 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 199834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/35 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 190311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/15/38  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 104244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/01/38 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 111218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/39 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 109256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/15/39  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 105869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/40  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 144707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.71%, 05/01/40 *(a)* | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 811541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/48 *(a)* | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 83421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/01/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 52049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/01/49 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 105931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/50 *(a)* | &nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; 328573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 05/01/50 *(a)* | 1500000 | 1395823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 03/01/59 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 64427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/59 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 202138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.93%, 05/01/60 *(a)* | &nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 874327 |
| **Carlisle Cos., Inc.** | **Carlisle Cos., Inc.** | **Carlisle Cos., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/24 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 387204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 208451 |
| **Carrier Global Corp.** | **Carrier Global Corp.** | **Carrier Global Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 02/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 424742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 02/15/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 80385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 02/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 506716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/15/31 *(a)(c)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 206497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/05/40 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 303480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 04/05/50 *(a)(c)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 394677 |
| **Caterpillar Financial Services Corp.** | **Caterpillar Financial Services Corp.** | **Caterpillar Financial Services Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/10/24  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 336716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/17/24  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 145895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/09/24  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 244525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 09/13/24  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 186585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 11/08/24  | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 429330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/24  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 97202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/13/25  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 389115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/15/25  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 278905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 11/13/25  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 449531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/02/26  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 267806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 09/14/27  | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 385366 |
| **Caterpillar, Inc.** | **Caterpillar, Inc.** | **Caterpillar, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 588727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 04/09/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 218267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 08/15/36  | &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 245897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/27/41  | &nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 280473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/42  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 213294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/15/44 *(a)* | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 159916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/19/49 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 303938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/09/50 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 344205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/64 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 191153 |
| **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/15/24  | &nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 237233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 182612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 07/15/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 44271 |

---

*See financial notes*

**65**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CNH Industrial NV** | **CNH Industrial NV** | **CNH Industrial NV** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/15/27 *(a)* | 250000 | 235460 |
| **Crane Co.** | **Crane Co.** | **Crane Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/48 *(a)* | 150000 | 106795 |
| **Deere & Co.** | **Deere & Co.** | **Deere & Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/25 *(a)* | 500000 | 480616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/16/29  | 250000 | 259544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/15/30 *(a)* | 350000 | 314592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/03/31  | 150000 | 172612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/09/42 *(a)* | 250000 | 222283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/07/49 *(a)* | 200000 | 143642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/50 *(a)* | 300000 | 254746 |
| **Dover Corp.** | **Dover Corp.** | **Dover Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/04/29 *(a)* | 150000 | 130670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 10/15/35  | 100000 | &nbsp;&nbsp; 98042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/01/41 *(a)* | 150000 | 145124 |
| **Eagle Materials, Inc.** | **Eagle Materials, Inc.** | **Eagle Materials, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/31 *(a)* | 250000 | 196081 |
| **Eaton Corp.** | **Eaton Corp.** | **Eaton Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/15/27 *(a)* | 200000 | 186668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/02/32  | 200000 | 184647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/33 *(a)* | 300000 | 279848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/02/42  | 350000 | 299965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 08/23/52 *(a)* | 200000 | 182502 |
| **Emerson Electric Co.** | **Emerson Electric Co.** | **Emerson Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/15/26 *(a)* | 200000 | 173413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/15/27 *(a)* | 350000 | 306230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/15/30 *(a)* | 300000 | 243461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 12/21/31 *(a)* | 250000 | 202560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/39  | 140000 | 137720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/15/50 *(a)* | 200000 | 130169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/21/51 *(a)* | 250000 | 162385 |
| **Flowserve Corp.** | **Flowserve Corp.** | **Flowserve Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/30 *(a)* | 350000 | 291968 |
| **Fortive Corp.** | **Fortive Corp.** | **Fortive Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/15/26 *(a)* | 250000 | 233935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/46 *(a)* | 200000 | 156156 |
| **Fortune Brands Home & Security, Inc.** | **Fortune Brands Home & Security, Inc.** | **Fortune Brands Home & Security, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/25 *(a)* | 250000 | 243429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/15/29 *(a)* | 350000 | 303760 |
| **GE Capital Funding LLC** | **GE Capital Funding LLC** | **GE Capital Funding LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 05/15/32 *(a)* | 200000 | 190315 |
| **GE Capital International Funding Co.** | **GE Capital International Funding Co.** | **GE Capital International Funding Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 11/15/25  | 200000 | 191883 |
| **General Dynamics Corp.** | **General Dynamics Corp.** | **General Dynamics Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/15/24 *(a)* | 100000 | &nbsp;&nbsp; 95575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/25 *(a)* | 250000 | 242564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/25 *(a)* | 250000 | 243784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/15/26 *(a)* | 150000 | 137779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/27 *(a)* | 250000 | 239447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/15/27 *(a)* | 150000 | 136705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/28 *(a)* | 300000 | 286479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/30 *(a)* | 300000 | 280150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/31 *(a)* | 200000 | 167696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/40 *(a)* | 300000 | 273881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/42 *(a)* | 150000 | 123206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/50 *(a)* | 175000 | 156217 |
| **General Electric Co.** | **General Electric Co.** | **General Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/32  | 500000 | 555208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/14/38  | 100000 | 101980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/10/39  | 100000 | 110496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/01/50 *(a)* | 175000 | 145217 |
| **Hexcel Corp.** | **Hexcel Corp.** | **Hexcel Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/25 *(a)* | 150000 | 146458 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Honeywell International, Inc.** | **Honeywell International, Inc.** | **Honeywell International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/24 *(a)* | 250000 | 240316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 06/01/25 *(a)* | 400000 | 370279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/26 *(a)* | 450000 | 415832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 03/01/27 *(a)* | 250000 | 218168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/15/29 *(a)* | 350000 | 311497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 06/01/30 *(a)* | 300000 | 248536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/01/31 *(a)* | 400000 | 317204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/15/37  | 200000 | 211655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 11/21/47 *(a)* | 300000 | 250310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/01/50 *(a)* | 250000 | 179190 |
| **Hubbell, Inc.** | **Hubbell, Inc.** | **Hubbell, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/01/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/27 *(a)* | 100000 | &nbsp;&nbsp; 91373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/28 *(a)* | 150000 | 138146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/15/31 *(a)* | 150000 | 119750 |
| **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 12/01/27 *(a)* | 190000 | 172943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/01/30 *(a)* | 250000 | 227052 |
| **IDEX Corp.** | **IDEX Corp.** | **IDEX Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/30 *(a)* | 350000 | 301898 |
| **Illinois Tool Works, Inc.** | **Illinois Tool Works, Inc.** | **Illinois Tool Works, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/24 *(a)* | 115000 | 113334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/15/26 *(a)* | 300000 | 279195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 09/15/41 *(a)* | 150000 | 146226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 09/01/42 *(a)* | 350000 | 299108 |
| **John Deere Capital Corp.** | **John Deere Capital Corp.** | **John Deere Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/10/24  | 200000 | 197470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 03/07/24  | 300000 | 292439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/24/24  | 475000 | 460286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/11/24  | 200000 | 199765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/09/25  | 250000 | 237596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/10/25  | 500000 | 468369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/07/25  | 250000 | 236672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/13/25  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/06/25  | 250000 | 242944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/11/25  | 200000 | 193821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 01/15/26  | 200000 | 178146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/10/26  | 200000 | 187784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 06/17/26  | 250000 | 222194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/14/26  | 400000 | 369480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/09/27  | 150000 | 133815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/08/27  | 350000 | 323021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/06/28  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/07/29  | 200000 | 186001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 07/18/29  | 400000 | 356927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/09/30  | 200000 | 172637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/17/31  | 200000 | 162137 |
| **Johnson Controls International plc** | **Johnson Controls International plc** | **Johnson Controls International plc** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/02/24 *(a)* | 150000 | 146953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/14/26 *(a)* | 183000 | 177850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/15/30 *(a)* | 150000 | 119830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/36  | 382000 | 397374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/02/44 *(a)* | 200000 | 173178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/14/45 *(a)* | 174000 | 159063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/47 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 41495 |
| **Kennametal, Inc.** | **Kennametal, Inc.** | **Kennametal, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/28 *(a)* | 200000 | 188082 |
| **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/28/24 *(a)* | 100000 | &nbsp;&nbsp; 98353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 04/27/25 *(a)* | 200000 | 194651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/15/26 *(a)* | 200000 | 191270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/15/28 *(a)* | 545000 | 525864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/15/29 *(a)* | 150000 | 128440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 01/15/31 *(a)* | 200000 | 153977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/27/35 *(a)* | 100000 | &nbsp;&nbsp; 93310 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**66**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 12/15/40  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 04/27/45 *(a)* | 100000 | &nbsp;&nbsp; 90043 |
| **Lafarge S.A.** | **Lafarge S.A.** | **Lafarge S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/15/36  | 150000 | 159486 |
| **Leggett & Platt, Inc.** | **Leggett & Platt, Inc.** | **Leggett & Platt, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/27 *(a)* | 200000 | 183947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/29 *(a)* | 226000 | 213001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/51 *(a)* | 150000 | 104956 |
| **Legrand France S.A.** | **Legrand France S.A.** | **Legrand France S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 02/15/25  | 150000 | 162174 |
| **Lennox International, Inc.** | **Lennox International, Inc.** | **Lennox International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 08/01/25 *(a)* | 100000 | &nbsp;&nbsp; 90399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 08/01/27 *(a)* | 130000 | 111871 |
| **Lockheed Martin Corp.** | **Lockheed Martin Corp.** | **Lockheed Martin Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 01/15/26 *(a)* | 225000 | 218826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 11/15/27 *(a)* | 200000 | 204980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 06/15/30 *(a)* | 150000 | 123182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/33 *(a)* | 250000 | 258734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/01/35 *(a)* | 100000 | &nbsp;&nbsp; 88846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/36 *(a)* | 100000 | &nbsp;&nbsp; 95576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 09/01/36  | 200000 | 217440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 06/01/40  | 165000 | 174441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 12/15/42  | 450000 | 389302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/45 *(a)* | 300000 | 246219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/46 *(a)* | 350000 | 327614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/50 *(a)* | 250000 | 170089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 09/15/52 *(a)* | 400000 | 339335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/15/53 *(a)* | 350000 | 298266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/15/54 *(a)* | 250000 | 265266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/62 *(a)* | 200000 | 168955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/63 *(a)* | 200000 | 216021 |
| **Martin Marietta Materials, Inc.** | **Martin Marietta Materials, Inc.** | **Martin Marietta Materials, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/02/24 *(a)* | 100000 | &nbsp;&nbsp; 98738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/27 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/15/27 *(a)* | 150000 | 139448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/30 *(a)* | 200000 | 165471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 07/15/31 *(a)* | 300000 | 240290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/47 *(a)* | 300000 | 243445 |
| **Masco Corp.** | **Masco Corp.** | **Masco Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/30 *(a)* | 350000 | 272549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/47 *(a)* | 175000 | 138276 |
| **Mohawk Industries, Inc.** | **Mohawk Industries, Inc.** | **Mohawk Industries, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/30 *(a)* | 200000 | 172821 |
| **Northrop Grumman Corp.** | **Northrop Grumman Corp.** | **Northrop Grumman Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.93%, 01/15/25 *(a)* | 450000 | 431996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/01/27 *(a)* | 300000 | 282165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/28 *(a)* | 450000 | 416771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/30 *(a)* | 200000 | 192758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/01/40 *(a)* | 100000 | &nbsp;&nbsp; 97595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 11/15/40  | 100000 | &nbsp;&nbsp; 95944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/01/43  | 300000 | 277837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/15/45 *(a)* | 200000 | 160030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 10/15/47 *(a)* | 600000 | 497957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/01/50 *(a)* | 300000 | 296772 |
| **nVent Finance Sarl** | **nVent Finance Sarl** | **nVent Finance Sarl** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/15/28 *(a)* | 200000 | 185021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/31 *(a)* | 100000 | &nbsp;&nbsp; 76876 |
| **Oshkosh Corp.** | **Oshkosh Corp.** | **Oshkosh Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/01/30 *(a)* | 150000 | 126982 |
| **Otis Worldwide Corp.** | **Otis Worldwide Corp.** | **Otis Worldwide Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.06%, 04/05/25 *(a)* | 400000 | 374845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.29%, 04/05/27 *(a)* | 200000 | 179797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 02/15/30 *(a)* | 450000 | 378853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 02/15/40 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 36885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 02/15/50 *(a)* | 300000 | 210682 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Owens Corning** | **Owens Corning** | **Owens Corning** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 225000 | 211320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 136407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 89127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/01/36  | &nbsp;&nbsp;&nbsp; 145000 | 155567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/15/47 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 77983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/30/48 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 117276 |
| **Parker-Hannifin Corp.** | **Parker-Hannifin Corp.** | **Parker-Hannifin Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/14/24 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 192932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/24  | &nbsp;&nbsp;&nbsp; 400000 | 391684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 93635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | 389168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/14/29 *(a)* | &nbsp;&nbsp;&nbsp; 370000 | 331489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/21/34 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 135167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/38  | &nbsp;&nbsp;&nbsp; 150000 | 155887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 11/21/44 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 172469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/01/47 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 120083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/14/49 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 197875 |
| **Pentair Finance Sarl** | **Pentair Finance Sarl** | **Pentair Finance Sarl** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 232042 |
| **Precision Castparts Corp.** | **Precision Castparts Corp.** | **Precision Castparts Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 193748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/15/43 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 125843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/45 *(a)* | &nbsp;&nbsp;&nbsp; 139000 | 121894 |
| **Raytheon Technologies Corp.** | **Raytheon Technologies Corp.** | **Raytheon Technologies Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 342526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/16/25 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | 391175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/01/26 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 230787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 190924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/04/27 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 326648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 08/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/16/28 *(a)* | &nbsp;&nbsp;&nbsp; 900000 | 863521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/29  | &nbsp;&nbsp;&nbsp; 250000 | 283948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 208343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/01/31 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 274980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 05/01/35  | &nbsp;&nbsp;&nbsp; 250000 | 251119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 06/01/36  | &nbsp;&nbsp;&nbsp; 100000 | 105949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/15/38  | &nbsp;&nbsp;&nbsp; 200000 | 213974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 11/16/38 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 273492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 04/15/40  | &nbsp;&nbsp;&nbsp; 100000 | 102488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/15/40 *(c)* | &nbsp;&nbsp;&nbsp; 150000 | 140420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/15/41  | &nbsp;&nbsp;&nbsp; 150000 | 137198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/42  | 1000000 | 900258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/15/43 *(a)* | &nbsp;&nbsp;&nbsp; 165000 | 150746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/45 *(a)* | &nbsp;&nbsp;&nbsp; 275000 | 229601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/01/46 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 273256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/47 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 129056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/04/47 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 123395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/16/48 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 317291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 211522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 09/01/51 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 228810 |
| **Republic Services, Inc.** | **Republic Services, Inc.** | **Republic Services, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 335550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 178776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 07/01/26 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 187028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 280135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 209709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 02/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 192517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/15/32 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 192642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 03/01/40  | &nbsp;&nbsp;&nbsp; 100000 | 106121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/01/50 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 104036 |
| **Rockwell Automation, Inc.** | **Rockwell Automation, Inc.** | **Rockwell Automation, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 93454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 158096 |

---

*See financial notes*

**67**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/49 *(a)* | 200000 | 172012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/15/61 *(a)* | 150000 | &nbsp;&nbsp; 90027 |
| **Roper Technologies, Inc.** | **Roper Technologies, Inc.** | **Roper Technologies, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 09/15/24 *(a)* | 250000 | 238690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/15/25 *(a)* | 250000 | 224567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/15/25 *(a)* | 100000 | &nbsp;&nbsp; 97039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/15/26 *(a)* | 150000 | 143499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/15/27 *(a)* | 200000 | 169766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/29 *(a)* | 200000 | 173788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/30/30 *(a)* | 250000 | 200183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/15/31 *(a)* | 250000 | 192645 |
| **Snap-on, Inc.** | **Snap-on, Inc.** | **Snap-on, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/01/48 *(a)* | 100000 | &nbsp;&nbsp; 84583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/01/50 *(a)* | 200000 | 143007 |
| **Sonoco Products Co.** | **Sonoco Products Co.** | **Sonoco Products Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/01/25 *(a)* | 125000 | 116305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/01/30 *(a)* | 300000 | 258126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/01/32 *(a)* | 100000 | &nbsp;&nbsp; 81404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/40 *(a)* | 180000 | 175148 |
| **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/24/25 *(a)* | 150000 | 142034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/26 *(a)* | 100000 | &nbsp;&nbsp; 95487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/28 *(a)* | 150000 | 143720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/15/30 *(a)* | 250000 | 206070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/01/40  | 109000 | 103179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/15/48 *(a)* | 200000 | 175065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/50 *(a)* | 250000 | 152887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/60 *(a)(b)* | 250000 | 215575 |
| **Teledyne Technologies, Inc.** | **Teledyne Technologies, Inc.** | **Teledyne Technologies, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/01/26 *(a)* | 250000 | 223687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/01/28 *(a)* | 200000 | 172966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/01/31 *(a)* | 300000 | 246357 |
| **Textron, Inc.** | **Textron, Inc.** | **Textron, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/01/24 *(a)* | 100000 | &nbsp;&nbsp; 98882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/25 *(a)* | 100000 | &nbsp;&nbsp; 97435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/26 *(a)* | 150000 | 144677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/27 *(a)* | 250000 | 234032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/28 *(a)* | 100000 | &nbsp;&nbsp; 91071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 09/17/29 *(a)* | 150000 | 136318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/15/31 *(a)* | 150000 | 120659 |
| **Timken Co.** | **Timken Co.** | **Timken Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/24 *(a)* | 150000 | 146457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/28 *(a)* | 150000 | 142989 |
| **Trane Technologies Global Holding Co., Ltd.** | **Trane Technologies Global Holding Co., Ltd.** | **Trane Technologies Global Holding Co., Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/21/28 *(a)* | 300000 | 284152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/43  | 200000 | 197381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/21/48 *(a)* | 150000 | 116260 |
| **Trane Technologies Luxembourg Finance S.A.** | **Trane Technologies Luxembourg Finance S.A.** | **Trane Technologies Luxembourg Finance S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/21/29 *(a)* | 200000 | 184737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/01/44 *(a)* | 100000 | &nbsp;&nbsp; 84396 |
| **Valmont Industries, Inc.** | **Valmont Industries, Inc.** | **Valmont Industries, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/44 *(a)* | 180000 | 155492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/54 *(a)* | 100000 | &nbsp;&nbsp; 86190 |
| **Vontier Corp.** | **Vontier Corp.** | **Vontier Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 04/01/26 *(a)* | 200000 | 169399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/01/28 *(a)* | 150000 | 118892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/31 *(a)* | 225000 | 165209 |
| **Vulcan Materials Co.** | **Vulcan Materials Co.** | **Vulcan Materials Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/27 *(a)* | 150000 | 142671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/30 *(a)* | 250000 | 220881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/47 *(a)* | 250000 | 209528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/01/48 *(a)* | 150000 | 128869 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Waste Connections, Inc.** | **Waste Connections, Inc.** | **Waste Connections, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/28 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 191809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/29 *(a)* | 209000 | &nbsp;&nbsp;&nbsp;&nbsp; 191660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/01/30 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 213362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 01/15/32 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 159301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/01/32 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 214399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/52 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 199888 |
| **Waste Management, Inc.** | **Waste Management, Inc.** | **Waste Management, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/15/25 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 268989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/15/27 *(a)* | 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 303710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 03/15/28 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 208959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/15/31 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/32 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/01/45 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 216698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/15/49 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 262186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/15/50 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 187679 |
| **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/24 *(a)(f)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 295384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/25 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 188484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/15/26 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 139981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/28 *(a)(f)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 288693 |
| **WW Grainger, Inc.** | **WW Grainger, Inc.** | **WW Grainger, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 02/15/25 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 281880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/45 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 136865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/47 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 189946 |
| **Xylem, Inc.** | **Xylem, Inc.** | **Xylem, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/26 *(a)* | 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 173917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/30/28 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/30/31 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 162553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/01/46 *(a)* | 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 120646 |
|  |  | **86282646** |
| ***Communications 2.1%***  | ***Communications 2.1%***  | ***Communications 2.1%***  |
| **Activision Blizzard, Inc.** | **Activision Blizzard, Inc.** | **Activision Blizzard, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/15/26 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 238420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 09/15/30 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 136982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/15/47 *(a)* | &nbsp;&nbsp; 78000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/50 *(a)* | 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 247620 |
| **America Movil S.A.B. de C.V.** | **America Movil S.A.B. de C.V.** | **America Movil S.A.B. de C.V.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/22/29 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 273764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/07/30 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 300291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/35  | 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 374505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/15/37  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 104954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/30/40  | 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 647794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 07/16/42  | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 257879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/22/49 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 299140 |
| **American Tower Corp.** | **American Tower Corp.** | **American Tower Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/24  | 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 349503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/24 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 292158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/25 *(a)* | 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 267360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/25 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 329792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/15/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/15/26 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 311702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/15/26 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 234154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/27 *(a)* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/15/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 137830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/27 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 233999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 07/15/27 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 231685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/15/28 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 276508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/31/28 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 207440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/29 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 184270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/29 *(a)* | 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 591945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/30 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 127369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/15/30 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 193103 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**68**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 155890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 223955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/49 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 142603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 239990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/51 *(a)* | &nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 170600 |
| **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/25/24 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 332680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 97715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/25/26 *(a)* | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 767939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 07/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 93086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 238597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 389778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 624435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/01/28 *(a)* | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 550345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 524490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 809859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 895242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/31 *(a)* | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 748656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/01/32 *(a)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 627975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 12/01/33 *(a)* | 1081000 | &nbsp;&nbsp;&nbsp; 832175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/35 *(a)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 728531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/37 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 289828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/15/37 *(a)* | &nbsp;&nbsp;&nbsp; 129000 | &nbsp;&nbsp;&nbsp; 119162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/01/39 *(a)* | &nbsp;&nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp; 483779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 09/01/40  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 238187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/41 *(a)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 597169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 08/15/41  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 72490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/15/42 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 329766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/01/43 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 208666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/01/44 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 126493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/15/45 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 243139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/46 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 513052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/46 *(a)* | &nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 248944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/15/47 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 244425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 03/01/47 *(a)* | &nbsp;&nbsp;&nbsp; 128000 | &nbsp;&nbsp;&nbsp; 120921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/09/48 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 407739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/09/49 *(a)* | &nbsp;&nbsp;&nbsp; 309000 | &nbsp;&nbsp;&nbsp; 253527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/15/50 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 182656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/01/51 *(a)* | &nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp; 619600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/01/52 *(a)* | &nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 184675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/53 *(a)* | 2000000 | 1360399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/15/55 *(a)* | 2100000 | 1418562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/01/57 *(a)* | 1675000 | 1160672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/59 *(a)* | 1800000 | 1218907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/60 *(a)* | &nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 296748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/61 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 65999 |
| **Bell Canada** | **Bell Canada** | **Bell Canada** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/17/24  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 236985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 04/01/48 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 427713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/29/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 41070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/15/52 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 201642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/15/52 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 183822 |
| **British Telecommunications PLC** | **British Telecommunications PLC** | **British Telecommunications PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/04/28 *(a)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 777837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 12/15/30 *(f)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 179754 |
| **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** | **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** | **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/24 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 346058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 07/23/25 *(a)* | 1200000 | 1178188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; 294755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 230255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 161235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/30/29 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 471249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/31 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 390124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/32 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 221738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 04/01/33 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 128812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/23/35 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 586644 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/01/38 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 252437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/41 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 197582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/42 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 291032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.48%, 10/23/45 *(a)* | 1000000 | &nbsp;&nbsp;&nbsp; 906684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/01/47 *(a)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 554431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/48 *(a)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 620472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 267630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/50 *(a)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 585534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/51 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 336890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/52 *(a)* | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 411022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/53 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 312688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.83%, 10/23/55 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 139134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/61 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 290487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 12/01/61 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 257559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/30/62 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 178410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/01/63 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 231069 |
| **Comcast Corp.** | **Comcast Corp.** | **Comcast Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 738981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 194110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 386096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 882004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/01/26 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 476739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 409950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp; 359018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 204555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 462417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/01/28 *(a)* | &nbsp;&nbsp;&nbsp; 442000 | &nbsp;&nbsp;&nbsp; 415973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/15/28 *(a)* | 1150000 | 1106406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 432928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 410183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 384062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 404108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 273041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/32 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 312790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/33  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 471753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 03/15/33  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 288748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/34 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 323895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/15/35  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 315503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 08/15/35 *(a)* | &nbsp;&nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp; 214201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/15/35  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 167494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/15/36 *(a)* | &nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 304812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/01/38 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 303705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 10/15/38 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 277966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/39 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 312776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/40 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 371870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/15/42  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 135965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/44  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 182849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 08/15/45 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 221684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/15/46 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 293889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/47 *(a)* | &nbsp;&nbsp;&nbsp; 266000 | &nbsp;&nbsp;&nbsp; 213975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 11/01/47 *(a)* | &nbsp;&nbsp;&nbsp; 598000 | &nbsp;&nbsp;&nbsp; 479423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/48 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 241436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 10/15/48 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 497404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/01/49 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 478785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/01/50 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 401182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/15/51 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 382666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/01/51 *(a)* | 1483000 | &nbsp;&nbsp;&nbsp; 959306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/15/52 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 295763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/01/52 *(a)* | &nbsp;&nbsp;&nbsp; 278000 | &nbsp;&nbsp;&nbsp; 223574 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 11/01/56 *(a)* | 1513000 | &nbsp;&nbsp;&nbsp; 950651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/58 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 274720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/62 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 171866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 11/01/63 *(a)* | 1000000 | &nbsp;&nbsp;&nbsp; 609193 |
| **Crown Castle International Corp.** | **Crown Castle International Corp.** | **Crown Castle International Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/01/24 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 241641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 07/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 182057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 293404 |

---

*See financial notes*

**69**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 237953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 07/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 86637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 190932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 227835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 279302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 279120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 174607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 262526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 280404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 04/01/31 *(a)* | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 137948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 201801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 04/01/41 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 205811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/47 *(a)* | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 106284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 02/15/49 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 90283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 38143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 116022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/51 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 196481 |
| **Deutsche Telekom International Finance BV** | **Deutsche Telekom International Finance BV** | **Deutsche Telekom International Finance BV** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 06/15/30 *(f)* | 1100000 | 1300533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.25%, 06/01/32  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 62623 |
| **Discovery Communications LLC** | **Discovery Communications LLC** | **Discovery Communications LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 193657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 238072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/11/26 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 97051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/20/28 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 488969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 217358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 206766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/20/37 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 161804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 06/01/40  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 182235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/43  | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 130474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/20/47 *(a)* | &nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 280725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/49 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 228796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/15/50 *(a)* | &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 155296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/55 *(a)* | &nbsp;&nbsp;&nbsp; 514000 | &nbsp;&nbsp;&nbsp; 310919 |
| **Electronic Arts, Inc.** | **Electronic Arts, Inc.** | **Electronic Arts, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 74828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 02/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 196985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/15/51 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 162824 |
| **Fox Corp.** | **Fox Corp.** | **Fox Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 01/25/24 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 247199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 04/07/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 239567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.71%, 01/25/29 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 532756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/08/30 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 177330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.48%, 01/25/39 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 319485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.58%, 01/25/49 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 360386 |
| **Grupo Televisa S.A.B.** | **Grupo Televisa S.A.B.** | **Grupo Televisa S.A.B.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 03/11/32  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 58970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/40  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 206709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/13/45 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 258086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 01/31/46 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 250316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/24/49 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 177977 |
| **Interpublic Group of Cos., Inc.** | **Interpublic Group of Cos., Inc.** | **Interpublic Group of Cos., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/30/30 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 283572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/01/31 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 158497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/01/48 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 184449 |
| **Koninklijke KPN N.V.** | **Koninklijke KPN N.V.** | **Koninklijke KPN N.V.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 10/01/30  | &nbsp;&nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp; 213396 |
| **Magallanes, Inc.** | **Magallanes, Inc.** | **Magallanes, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 03/15/24 *(c)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 485645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 03/15/25 *(c)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 475951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 03/15/27 *(a)(c)* | 1050000 | &nbsp;&nbsp;&nbsp; 948300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/29 *(a)(c)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 390614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 03/15/32 *(a)(c)* | 1350000 | 1114247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/15/42 *(a)(c)* | 1150000 | &nbsp;&nbsp;&nbsp; 884961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.14%, 03/15/52 *(a)(c)* | 1900000 | 1396354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.39%, 03/15/62 *(a)(c)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 587680 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Meta Platforms, Inc.** | **Meta Platforms, Inc.** | **Meta Platforms, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/27 *(a)* | 800000 | 746952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/15/32 *(a)* | 875000 | 772455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/52 *(a)* | 700000 | 559889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/62 *(a)* | 425000 | 343249 |
| **NBCUniversal Media LLC** | **NBCUniversal Media LLC** | **NBCUniversal Media LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/41  | 200000 | 208561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/15/43  | 200000 | 176190 |
| **Omnicom Group, Inc.** | **Omnicom Group, Inc.** | **Omnicom Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 04/30/30 *(a)* | 100000 | &nbsp;&nbsp; 82836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/30 *(a)* | 200000 | 186498 |
| **Omnicom Group, Inc./Omnicom Capital, Inc.** | **Omnicom Group, Inc./Omnicom Capital, Inc.** | **Omnicom Group, Inc./Omnicom Capital, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 11/01/24 *(a)* | 250000 | 245174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/15/26 *(a)* | 500000 | 480933 |
| **Orange S.A.** | **Orange S.A.** | **Orange S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 03/01/31  | 800000 | 981983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/13/42  | 250000 | 243177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/06/44 *(a)* | 150000 | 148422 |
| **Rogers Communications, Inc.** | **Rogers Communications, Inc.** | **Rogers Communications, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/25 *(a)(c)* | 300000 | 286155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/15/25 *(a)* | 270000 | 259092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/15/26 *(a)* | 100000 | &nbsp;&nbsp; 91585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/27 *(a)(c)* | 400000 | 370483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/32 *(a)(c)* | 500000 | 432204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 08/15/38  | 100000 | 111532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/42 *(a)(c)* | 250000 | 203909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/43 *(a)* | 100000 | &nbsp;&nbsp; 80688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 10/01/43 *(a)* | 250000 | 225163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/44 *(a)* | 350000 | 299806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/48 *(a)* | 150000 | 113772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/01/49 *(a)* | 400000 | 305409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/49 *(a)* | 300000 | 204385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/15/52 *(a)(c)* | 450000 | 351077 |
| **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/28/24  | 300000 | 293017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 04/14/25  | 200000 | 192853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/14/27 *(a)* | 200000 | 188515 |
| **TCI Communications, Inc.** | **TCI Communications, Inc.** | **TCI Communications, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 02/15/26  | 100000 | 108573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 02/15/28  | 150000 | 164213 |
| **Telefonica Emisiones S.A.** | **Telefonica Emisiones S.A.** | **Telefonica Emisiones S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/08/27  | 350000 | 332172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 06/20/36  | 550000 | 569154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 03/06/38  | 250000 | 198612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 03/08/47  | 700000 | 565827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/06/48  | 375000 | 289272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 03/01/49 *(a)* | 225000 | 188889 |
| **Telefonica Europe BV** | **Telefonica Europe BV** | **Telefonica Europe BV** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 09/15/30  | 350000 | 391706 |
| **TELUS Corp.** | **TELUS Corp.** | **TELUS Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/16/27 *(a)* | 150000 | 138892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/27 *(a)* | 150000 | 142368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/13/32 *(a)* | 300000 | 256032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/16/48 *(a)* | 200000 | 173325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/49 *(a)* | 175000 | 144245 |
| **Time Warner Cable LLC** | **Time Warner Cable LLC** | **Time Warner Cable LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 05/01/37  | 300000 | 285206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 07/01/38  | 450000 | 450466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 06/15/39  | 425000 | 406178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/40 *(a)* | 350000 | 306305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/41 *(a)* | 350000 | 292570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/42 *(a)* | 375000 | 276723 |
| **Time Warner Entertainment Co. LP** | **Time Warner Entertainment Co. LP** | **Time Warner Entertainment Co. LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 07/15/33  | 300000 | 336674 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**70**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 818588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 313855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 455765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 114615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/27 *(a)* | 1200000 | 1132661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/28 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 390044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 02/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 516528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 191086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 169213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 706279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/30 *(a)* | 2050000 | 1863417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 612491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 165385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 694142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 197043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 202433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/40 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 515120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/41 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 423839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/50 *(a)* | &nbsp;&nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp; 764375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/15/51 *(a)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 534049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/15/52 *(a)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 543502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/15/53 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 145820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/60 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 330283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/15/62 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 195115 |
| **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/17/25  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 191938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/13/26  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 331976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/30/26  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 362132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/01/32  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 113318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/16/41  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 133541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/41  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 172637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/01/44  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 302126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/30/46  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 105716 |
| **Verizon Communications, Inc.** | **Verizon Communications, Inc.** | **Verizon Communications, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/22/24  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 284839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/24 *(a)* | &nbsp;&nbsp;&nbsp; 358000 | &nbsp;&nbsp;&nbsp; 347971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/25  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 339402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 11/20/25 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 357452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 03/20/26 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 494631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/26  | &nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 392957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/16/27  | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 682351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/22/27 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 232709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/22/28 *(a)* | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 738272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 09/21/28  | 1350000 | 1301270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/08/29 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 235006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 12/03/29 *(a)* | 1107000 | 1037168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/22/30 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 441159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/18/30 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 233779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 10/30/30 *(a)* | &nbsp;&nbsp;&nbsp; 418000 | &nbsp;&nbsp;&nbsp; 325509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 12/01/30  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 173397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/20/31 *(a)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 543406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/21/31 *(a)* | 1200000 | &nbsp;&nbsp;&nbsp; 989132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 03/15/32 *(a)* | 1290000 | 1024553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/10/33  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 469308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/01/34 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 506259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 01/15/36  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 492996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/16/37  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 395860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 03/15/39  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 368959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/20/40 *(a)* | &nbsp;&nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp; 625040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/22/41 *(a)* | 1100000 | &nbsp;&nbsp;&nbsp; 828940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/01/42 *(a)* | &nbsp;&nbsp;&nbsp; 306000 | &nbsp;&nbsp;&nbsp; 243409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 09/15/43  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 219507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/15/46  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 242314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 08/21/46  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 682032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.52%, 09/15/48  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 343165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/22/50 *(a)* | &nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; 256537 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/20/50 *(a)* | &nbsp;&nbsp;&nbsp; 800000 | 504171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/22/51 *(a)* | 1300000 | 929981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/52 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 190694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.01%, 08/21/54  | &nbsp;&nbsp;&nbsp; 275000 | 252439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 03/15/55  | &nbsp;&nbsp;&nbsp; 225000 | 195604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 10/30/56 *(a)* | 1000000 | 614555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/60 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | 360286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/22/61 *(a)* | 1000000 | 702132 |
| **ViacomCBS, Inc.** | **ViacomCBS, Inc.** | **ViacomCBS, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 222000 | 218716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 240260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 179805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 133359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/01/28 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 134056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 189000 | 168316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 07/30/30  | &nbsp;&nbsp;&nbsp; 100000 | 106759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 223207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/19/32 *(a)* | &nbsp;&nbsp;&nbsp; 325000 | 266332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/15/33  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 90396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 04/30/36  | &nbsp;&nbsp;&nbsp; 275000 | 268730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 10/15/40 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 131680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/01/42 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 111629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/43  | &nbsp;&nbsp;&nbsp; 350000 | 242174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 09/01/43 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 250399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/44 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 116188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/15/44 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 146633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 01/15/45 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 105611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/19/50 *(a)* | &nbsp;&nbsp;&nbsp; 325000 | 238464 |
| **Vodafone Group PLC** | **Vodafone Group PLC** | **Vodafone Group PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/16/24  | &nbsp;&nbsp;&nbsp; 200000 | 197629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/30/25  | &nbsp;&nbsp;&nbsp; 450000 | 443238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/30/28  | &nbsp;&nbsp;&nbsp; 200000 | 196893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 02/15/30  | &nbsp;&nbsp;&nbsp; 200000 | 225537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/30/32  | &nbsp;&nbsp;&nbsp; 100000 | 105109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 02/27/37  | &nbsp;&nbsp;&nbsp; 430000 | 435485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/30/38  | &nbsp;&nbsp;&nbsp; 250000 | 230165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/19/43  | &nbsp;&nbsp;&nbsp; 450000 | 360743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/30/48  | &nbsp;&nbsp;&nbsp; 900000 | 799589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/19/49  | &nbsp;&nbsp;&nbsp; 525000 | 442750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/17/50  | &nbsp;&nbsp;&nbsp; 375000 | 289637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/19/59  | &nbsp;&nbsp;&nbsp; 150000 | 128985 |
| **Walt Disney Co.** | **Walt Disney Co.** | **Walt Disney Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/30/24 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 333664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 147024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/24/25  | &nbsp;&nbsp;&nbsp; 500000 | 484729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 242977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/13/26  | &nbsp;&nbsp;&nbsp; 500000 | 458433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 189582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/23/27  | &nbsp;&nbsp;&nbsp; 200000 | 192573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 01/13/28  | &nbsp;&nbsp;&nbsp; 350000 | 312390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 375000 | 315149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/22/30  | &nbsp;&nbsp;&nbsp; 200000 | 186436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/13/31  | &nbsp;&nbsp;&nbsp; 800000 | 684439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 12/15/34  | &nbsp;&nbsp;&nbsp; 200000 | 218539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 12/15/35  | &nbsp;&nbsp;&nbsp; 250000 | 274365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 03/01/37  | &nbsp;&nbsp;&nbsp; 100000 | 107879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 11/15/37  | &nbsp;&nbsp;&nbsp; 350000 | 395404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/23/40 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 234436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/13/40 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | 443588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 02/15/41  | &nbsp;&nbsp;&nbsp; 175000 | 190096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/44 *(a)* | &nbsp;&nbsp;&nbsp; 190000 | 175400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/45 *(a)* | &nbsp;&nbsp;&nbsp; 135000 | 127172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 12/01/45  | &nbsp;&nbsp;&nbsp; 100000 | 126143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/46 *(a)* | &nbsp;&nbsp;&nbsp; 125000 | 114717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/01/49 *(a)* | &nbsp;&nbsp;&nbsp; 650000 | 432302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/23/50 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | 508412 |

---

*See financial notes*

**71**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/13/51 *(a)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 613579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/13/60 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346967 |
| **Weibo Corp.** | **Weibo Corp.** | **Weibo Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/05/24 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/08/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192608 |
| **WPP Finance 2010** | **WPP Finance 2010** | **WPP Finance 2010** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/19/24  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193935 |
|  |  | **140275981** |
| ***Consumer Cyclical 1.7%***  | ***Consumer Cyclical 1.7%***  | ***Consumer Cyclical 1.7%***  |
| **Advance Auto Parts, Inc.** | **Advance Auto Parts, Inc.** | **Advance Auto Parts, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82073 |
| **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/28/24 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 12/06/27 *(a)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/09/31 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/28/34 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/06/37 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/09/41 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/06/47 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/09/51 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 12/06/57 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/09/61 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180877 |
| **Amazon.com, Inc.** | **Amazon.com, Inc.** | **Amazon.com, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 04/13/24  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 05/12/24  | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/22/24 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/29/24  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/05/24 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/13/25  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 06/03/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 12/01/25  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 12/03/25 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/12/26 *(a)* | &nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 732027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/13/27 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 06/03/27 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/22/27 *(a)* | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 942297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 12/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/12/28 *(a)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 603230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/13/29 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 12/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/03/30 *(a)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/12/31 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/13/32 *(a)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/01/32 *(a)* | &nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 621233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/05/34 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/22/37 *(a)* | &nbsp;&nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 776179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/12/41 *(a)* | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 12/05/44 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/22/47 *(a)* | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 907189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/03/50 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/12/51 *(a)* | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/13/52 *(a)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/22/57 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/03/60 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/12/61 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/13/62 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247995 |
| **American Honda Finance Corp.** | **American Honda Finance Corp.** | **American Honda Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 01/12/24  | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/16/24  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/27/24  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 482030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 07/12/24  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/10/24  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 07/08/25  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366066 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/10/25  | 200000 | 180889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/09/26  | 250000 | 228788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/28  | 200000 | 187147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/12/29  | 350000 | 301347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 01/13/31  | 250000 | 198980 |
| **Aptiv PLC** | **Aptiv PLC** | **Aptiv PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/18/25 *(a)* | 200000 | 188718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/15/29 *(a)* | 100000 | &nbsp;&nbsp; 94407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/32 *(a)* | 250000 | 205860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 10/01/46 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 56929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 03/15/49 *(a)* | 125000 | 108098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/01/51 *(a)* | 350000 | 207866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/01/52 *(a)* | 300000 | 217417 |
| **AutoNation, Inc.** | **AutoNation, Inc.** | **AutoNation, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/24 *(a)* | 100000 | &nbsp;&nbsp; 95956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/27 *(a)* | 350000 | 319383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/01/30 *(a)* | 300000 | 269332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/01/31 *(a)* | 150000 | 108200 |
| **AutoZone, Inc.** | **AutoZone, Inc.** | **AutoZone, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/18/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/25 *(a)* | 200000 | 192308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/25 *(a)* | 100000 | &nbsp;&nbsp; 96977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/21/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/27 *(a)* | 200000 | 191239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/18/29 *(a)* | 200000 | 185575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/30 *(a)* | 250000 | 231983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/15/31 *(a)* | 150000 | 116450 |
| **Best Buy Co., Inc.** | **Best Buy Co., Inc.** | **Best Buy Co., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/01/28 *(a)* | 200000 | 193127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/01/30 *(a)* | 200000 | 158301 |
| **Block Financial LLC** | **Block Financial LLC** | **Block Financial LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/25 *(a)* | 175000 | 174655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/30 *(a)* | 250000 | 219442 |
| **Booking Holdings, Inc.** | **Booking Holdings, Inc.** | **Booking Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/01/26 *(a)* | 425000 | 407754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/28 *(a)* | 150000 | 140098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/13/30 *(a)* | 400000 | 387806 |
| **BorgWarner, Inc.** | **BorgWarner, Inc.** | **BorgWarner, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/01/27 *(a)* | 425000 | 378873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/45 *(a)* | 170000 | 131700 |
| **CBRE Services, Inc.** | **CBRE Services, Inc.** | **CBRE Services, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/26 *(a)* | 150000 | 148639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/31 *(a)* | 175000 | 138943 |
| **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/29 *(a)* | 100000 | &nbsp;&nbsp; 87226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/15/31 *(a)* | 150000 | 128063 |
| **Costco Wholesale Corp.** | **Costco Wholesale Corp.** | **Costco Wholesale Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/18/24 *(a)* | 300000 | 292221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/18/27 *(a)* | 450000 | 424331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/20/30 *(a)* | 400000 | 328160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/20/32 *(a)* | 600000 | 475187 |
| **Cummins, Inc.** | **Cummins, Inc.** | **Cummins, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/01/25 *(a)* | 150000 | 135381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/01/30 *(a)* | 250000 | 196971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/43 *(a)* | 150000 | 142080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 09/01/50 *(a)* | 200000 | 125287 |
| **Daimler Finance North America LLC** | **Daimler Finance North America LLC** | **Daimler Finance North America LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 01/18/31  | 450000 | 556608 |
| **Darden Restaurants, Inc.** | **Darden Restaurants, Inc.** | **Darden Restaurants, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/01/27 *(a)* | 155000 | 147826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 02/15/48 *(a)* | 100000 | &nbsp;&nbsp; 77436 |
| **Dick's Sporting Goods, Inc.** | **Dick's Sporting Goods, Inc.** | **Dick's Sporting Goods, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/15/32 *(a)* | 225000 | 176607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 01/15/52 *(a)* | 250000 | 162997 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**72**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Dollar General Corp.** | **Dollar General Corp.** | **Dollar General Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/20/24  | 200000 | 197498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/01/25 *(a)* | &nbsp;&nbsp; 89000 | &nbsp;&nbsp; 87052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/27 *(a)* | 150000 | 143272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/01/27 *(a)* | 200000 | 196892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/01/28 *(a)* | 150000 | 143204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/03/30 *(a)* | 300000 | 269544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/32 *(a)* | 200000 | 197248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/03/50 *(a)* | 200000 | 160747 |
| **Dollar Tree, Inc.** | **Dollar Tree, Inc.** | **Dollar Tree, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/25 *(a)* | 250000 | 244300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/28 *(a)* | 325000 | 312025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/01/31 *(a)* | 250000 | 202406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/01/51 *(a)* | 150000 | 101330 |
| **DR Horton, Inc.** | **DR Horton, Inc.** | **DR Horton, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/15/24 *(a)* | 150000 | 142939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/15/25 *(a)* | 210000 | 195610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 10/15/27 *(a)* | 225000 | 188030 |
| **eBay, Inc.** | **eBay, Inc.** | **eBay, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/01/24 *(a)* | 300000 | 292435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/11/25 *(a)* | 150000 | 140558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 05/10/26 *(a)* | 200000 | 177651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/05/27 *(a)* | 350000 | 331641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/11/30 *(a)* | 200000 | 170340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/10/31 *(a)* | 250000 | 205967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 11/22/32 *(a)* | 300000 | 312856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/42 *(a)* | 150000 | 119031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/10/51 *(a)* | 250000 | 181047 |
| **Expedia Group, Inc.** | **Expedia Group, Inc.** | **Expedia Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/26 *(a)* | 100000 | &nbsp;&nbsp; 98817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/27 *(a)* | 225000 | 216429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/28 *(a)* | 300000 | 275798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/30 *(a)* | 425000 | 361476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/31 *(a)* | 100000 | &nbsp;&nbsp; 80702 |
| **Ford Foundation** | **Ford Foundation** | **Ford Foundation** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.42%, 06/01/50 *(a)* | 300000 | 189717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 06/01/70 *(a)* | 100000 | &nbsp;&nbsp; 59589 |
| **General Motors Co.** | **General Motors Co.** | **General Motors Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/25  | 150000 | 146729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/25 *(a)* | 700000 | 714325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/01/27 *(a)* | 250000 | 235581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 10/01/27 *(a)* | 350000 | 363887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 *(a)* | 250000 | 240684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/01/35  | 200000 | 172283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 04/01/36 *(a)* | 500000 | 490674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 04/01/38 *(a)* | 250000 | 216704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/02/43  | 550000 | 509924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/45  | 400000 | 327014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/01/46 *(a)* | 250000 | 242311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 04/01/48 *(a)* | 200000 | 164557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/49 *(a)* | 100000 | &nbsp;&nbsp; 87467 |
| **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 01/17/24 *(a)* | 575000 | 573603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 03/08/24  | 400000 | 379920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/13/24 *(a)* | 250000 | 245285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/15/24  | 200000 | 185360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/07/24 *(a)* | 250000 | 241263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/25 *(a)* | 250000 | 242874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/26/25 *(a)* | 500000 | 474777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/07/25  | 350000 | 338399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/09/25 *(a)* | &nbsp;&nbsp; 61000 | &nbsp;&nbsp; 59431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/20/25 *(a)* | 250000 | 234321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 10/10/25  | 375000 | 381718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/08/26 *(a)* | 425000 | 375075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/26 *(a)* | 375000 | 369784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/10/26 *(a)* | 200000 | 173816 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/06/26 *(a)* | 300000 | 282934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/17/27 *(a)* | 500000 | 476352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/26/27 *(a)* | 250000 | 218722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/09/27 *(a)* | 400000 | 388258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/20/27 *(a)* | 400000 | 349730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/05/28 *(a)* | 200000 | 183357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/10/28 *(a)* | 300000 | 253515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/17/29 *(a)* | 150000 | 147561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/21/30 *(a)* | 500000 | 421132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/10/31 *(a)* | 450000 | 346576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/12/32 *(a)* | 500000 | 393467 |
| **Genuine Parts Co.** | **Genuine Parts Co.** | **Genuine Parts Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/01/30 *(a)* | 125000 | &nbsp;&nbsp; 96210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/32 *(a)* | 250000 | 201387 |
| **GLP Capital LP/GLP Financing II, Inc.** | **GLP Capital LP/GLP Financing II, Inc.** | **GLP Capital LP/GLP Financing II, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/01/24 *(a)* | 150000 | 143728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/25 *(a)* | 300000 | 296250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/26 *(a)* | 350000 | 345416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/28 *(a)* | 150000 | 148409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/15/29 *(a)* | 200000 | 189544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/30 *(a)* | 225000 | 197459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/31 *(a)* | 250000 | 213439 |
| **Harley-Davidson, Inc.** | **Harley-Davidson, Inc.** | **Harley-Davidson, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/28/25 *(a)* | 100000 | &nbsp;&nbsp; 95273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/28/45 *(a)* | 150000 | 117666 |
| **Harman International Industries, Inc.** | **Harman International Industries, Inc.** | **Harman International Industries, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/25 *(a)* | 200000 | 194781 |
| **Home Depot, Inc.** | **Home Depot, Inc.** | **Home Depot, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/24 *(a)* | 500000 | 495248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/15/25 *(a)* | 100000 | &nbsp;&nbsp; 97119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/26 *(a)* | 550000 | 523830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/15/26 *(a)* | 300000 | 274939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/27 *(a)* | 200000 | 184199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/14/27 *(a)* | 150000 | 139315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/15/28 *(a)* | 150000 | 124640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/15/28 *(a)* | 250000 | 212737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/06/28 *(a)* | 450000 | 434064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/29 *(a)* | 650000 | 588580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/30 *(a)* | 550000 | 480784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/15/31 *(a)* | 175000 | 135781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/15/31 *(a)* | 250000 | 200127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/32 *(a)* | 400000 | 355900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/32 *(a)* | 200000 | 196210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 12/16/36  | 800000 | 857109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/15/40 *(a)* | 355000 | 283670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 09/15/40 *(a)* | 191000 | 196599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/41 *(a)* | 400000 | 435010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/43 *(a)* | 250000 | 219296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/44 *(a)* | 350000 | 336208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/45 *(a)* | 150000 | 134178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/46 *(a)* | 400000 | 348765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/15/47 *(a)* | 100000 | &nbsp;&nbsp; 82790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/06/48 *(a)* | 350000 | 320263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/15/49 *(a)* | 450000 | 321581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/15/50 *(a)* | 500000 | 372723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/51 *(a)* | 450000 | 272689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/51 *(a)* | 250000 | 165430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/52 *(a)* | 400000 | 312932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/52 *(a)* | 300000 | 290149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/56 *(a)* | 297000 | 223025 |
| **Honda Motor Co., Ltd.** | **Honda Motor Co., Ltd.** | **Honda Motor Co., Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 03/10/27 *(a)* | 200000 | 183308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 03/10/32 *(a)* | 225000 | 193439 |
| **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/23/25 *(a)* | 200000 | 198662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/15/26 *(a)* | 150000 | 147610 |

---

*See financial notes*

**73**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/15/28 *(a)* | 200000 | 184273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/23/30 *(a)* | 150000 | 146727 |
| **J Paul Getty Trust** | **J Paul Getty Trust** | **J Paul Getty Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>0.39%, 01/01/24 *(a)*<br>| 100000 | &nbsp;&nbsp; 95771 |
| **JD.com, Inc.** | **JD.com, Inc.** | **JD.com, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/29/26  | 200000 | 190313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/14/30 *(a)* | 200000 | 175498 |
| **Lear Corp.** | **Lear Corp.** | **Lear Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/15/27 *(a)* | 150000 | 139878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/29 *(a)* | 225000 | 203406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 01/15/32 *(a)* | 100000 | &nbsp;&nbsp; 75530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/49 *(a)* | 250000 | 206610 |
| **Lennar Corp.** | **Lennar Corp.** | **Lennar Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/30/24 *(a)* | 150000 | 148151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/24 *(a)* | 150000 | 150756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/30/25 *(a)* | 200000 | 198617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/27 *(a)* | 100000 | &nbsp;&nbsp; 97410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/29/27 *(a)* | 200000 | 192747 |
| **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/15/24 *(a)* | 200000 | 193973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/25 *(a)* | 200000 | 196186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/25 *(a)* | 400000 | 384637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/26 *(a)* | 450000 | 420186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/03/27 *(a)* | 460000 | 429108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 04/15/28 *(a)* | 250000 | 207902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/15/29  | 301000 | 324692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/05/29 *(a)* | 572000 | 528490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/30 *(a)* | 400000 | 384033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 10/15/30 *(a)* | 400000 | 313195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/01/31 *(a)* | 500000 | 414796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/32 *(a)* | 500000 | 446319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/33 *(a)* | 300000 | 293854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/40 *(a)* | 300000 | 278157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 04/15/42 *(a)* | 150000 | 131331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/15/45 *(a)* | 250000 | 205999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/15/46 *(a)* | 250000 | 185962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/03/47 *(a)* | 550000 | 432446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/05/49 *(a)* | 300000 | 251394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 04/15/50 *(a)* | 250000 | 229041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/50 *(a)* | 300000 | 193111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/52 *(a)* | 300000 | 240446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/53 *(a)* | 300000 | 289183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/62 *(a)* | 375000 | 293814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 09/15/62 *(a)* | 300000 | 289357 |
| **Magna International, Inc.** | **Magna International, Inc.** | **Magna International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/24 *(a)* | 250000 | 244708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/01/25 *(a)* | 250000 | 244339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/15/30 *(a)* | 150000 | 124149 |
| **Marriott International, Inc.** | **Marriott International, Inc.** | **Marriott International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/15/24 *(a)* | 200000 | 195982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/25 *(a)* | 150000 | 145174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/25 *(a)* | 250000 | 253020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/15/26 *(a)* | 300000 | 281259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 12/01/28 *(a)* | 150000 | 144282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/30 *(a)* | 300000 | 280841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/15/31 *(a)* | 200000 | 162431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/32 *(a)* | 475000 | 396181 |
| **McDonald's Corp.** | **McDonald's Corp.** | **McDonald's Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/10/24  | 150000 | 146827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/26/25 *(a)* | 200000 | 193538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/30/26 *(a)* | 500000 | 486690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/27 *(a)* | 350000 | 333645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/27 *(a)* | 300000 | 284924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/28 *(a)* | 350000 | 335482 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/01/29 *(a)* | 400000 | 351431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/01/30 *(a)* | 250000 | 209212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 07/01/30 *(a)* | 350000 | 321519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 09/09/32 *(a)* | 200000 | 196131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/09/35 *(a)* | 300000 | 288593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/15/37  | 180000 | 196121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 03/01/38  | 250000 | 272799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 02/01/39  | 183000 | 188907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/15/42  | 300000 | 239809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/43  | 200000 | 156758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/09/45 *(a)* | 525000 | 486518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/01/47 *(a)* | 325000 | 282262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/01/48 *(a)* | 250000 | 219767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/01/49 *(a)* | 450000 | 342874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/50 *(a)* | 150000 | 125391 |
| **MDC Holdings, Inc.** | **MDC Holdings, Inc.** | **MDC Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/15/30 *(a)* | 200000 | 164127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/31 *(a)* | 100000 | &nbsp;&nbsp; 72257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/43 *(a)* | 125000 | 102606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 08/06/61 *(a)* | 100000 | &nbsp;&nbsp; 56474 |
| **NIKE, Inc.** | **NIKE, Inc.** | **NIKE, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/27/25 *(a)* | 300000 | 286838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/01/26 *(a)* | 300000 | 277385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/27/27 *(a)* | 250000 | 234078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/27/30 *(a)* | 450000 | 402281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/27/40 *(a)* | 300000 | 243873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/43 *(a)* | 100000 | &nbsp;&nbsp; 82710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/45 *(a)* | 300000 | 258899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/01/46 *(a)* | 150000 | 117371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/27/50 *(a)* | 375000 | 294508 |
| **NVR, Inc.** | **NVR, Inc.** | **NVR, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/30 *(a)* | 250000 | 210461 |
| **O'Reilly Automotive, Inc.** | **O'Reilly Automotive, Inc.** | **O'Reilly Automotive, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/26 *(a)* | 200000 | 192844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/01/27 *(a)* | 250000 | 236221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/28 *(a)* | 209000 | 203329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/29 *(a)* | 250000 | 233073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/31 *(a)* | 250000 | 194074 |
| **PACCAR Financial Corp.** | **PACCAR Financial Corp.** | **PACCAR Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 02/02/24  | 300000 | 285686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/09/24  | 250000 | 233087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 08/15/24  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 11/08/24  | 150000 | 140081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/06/25  | 300000 | 282453 |
| **PulteGroup, Inc.** | **PulteGroup, Inc.** | **PulteGroup, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/26 *(a)* | 250000 | 251203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/27 *(a)* | 150000 | 148667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 06/15/32  | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/33  | 150000 | 150083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/35  | 100000 | &nbsp;&nbsp; 96032 |
| **PVH Corp.** | **PVH Corp.** | **PVH Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/10/25 *(a)(c)* | 150000 | 144940 |
| **Ralph Lauren Corp.** | **Ralph Lauren Corp.** | **Ralph Lauren Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/25 *(a)* | 100000 | &nbsp;&nbsp; 97244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/30 *(a)* | 200000 | 172674 |
| **Rockefeller Foundation** | **Rockefeller Foundation** | **Rockefeller Foundation** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 10/01/50 *(a)* | 250000 | 159456 |
| **Ross Stores, Inc.** | **Ross Stores, Inc.** | **Ross Stores, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/15/25 *(a)* | 200000 | 198794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/15/26 *(a)* | 150000 | 131977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 04/15/31 *(a)* | 150000 | 118103 |
| **Starbucks Corp.** | **Starbucks Corp.** | **Starbucks Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/25 *(a)* | 350000 | 342606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/12/27 *(a)* | 200000 | 178910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/28 *(a)* | 350000 | 329267 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**74**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/28 *(a)* | 250000 | 238577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/15/29 *(a)* | 300000 | 277043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/12/30 *(a)* | 200000 | 166402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/15/30 *(a)* | 275000 | 231605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/14/32 *(a)* | 150000 | 128560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/45 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 42289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/47 *(a)* | 150000 | 114921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/48 *(a)* | 350000 | 303109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/49 *(a)* | 325000 | 279202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/12/50 *(a)* | 200000 | 141684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/50 *(a)* | 300000 | 217953 |
| **Tapestry, Inc.** | **Tapestry, Inc.** | **Tapestry, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/25 *(a)* | 100000 | &nbsp;&nbsp; 97801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/15/27 *(a)* | 150000 | 140986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/15/32 *(a)* | 100000 | &nbsp;&nbsp; 78075 |
| **Target Corp.** | **Target Corp.** | **Target Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/24  | 300000 | 294311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/15/25 *(a)* | 500000 | 474609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/26  | 400000 | 375083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/29 *(a)* | 325000 | 302400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/15/30 *(a)* | 250000 | 212867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/15/30 *(a)* | 150000 | 128996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/32 *(a)* | 300000 | 292176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 10/15/37  | 200000 | 223032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/42  | 450000 | 395287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/46  | 125000 | &nbsp;&nbsp; 99746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/47 *(a)* | 200000 | 164985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/52 *(a)* | 250000 | 173401 |
| **The California Endowment** | **The California Endowment** | **The California Endowment** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/51 *(a)* | 200000 | 124469 |
| **TJX Cos., Inc.** | **TJX Cos., Inc.** | **TJX Cos., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/15/26 *(a)* | 400000 | 366551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/15/28 *(a)* | 100000 | &nbsp;&nbsp; 83636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/30 *(a)* | 150000 | 140276 |
| **Toll Brothers Finance Corp.** | **Toll Brothers Finance Corp.** | **Toll Brothers Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/25 *(a)* | 100000 | &nbsp;&nbsp; 98615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/27 *(a)* | 150000 | 142711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/01/29 *(a)* | 200000 | 171466 |
| **Toyota Motor Corp.** | **Toyota Motor Corp.** | **Toyota Motor Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%, 03/25/24 *(a)* | 500000 | 474716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 07/02/24  | 150000 | 144484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.34%, 03/25/26 *(a)* | 300000 | 269323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 07/20/28  | 250000 | 237646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 07/02/29  | 150000 | 133346 |
| **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 01/08/24  | 200000 | 196871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 01/11/24  | 300000 | 286814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/22/24  | 350000 | 339809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 04/17/24  | 250000 | 243513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/20/24  | 300000 | 297566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/13/25  | 150000 | 140569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/13/25  | 400000 | 376257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/25  | 550000 | 528819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/30/25  | 400000 | 392567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 10/16/25  | 400000 | 358837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 01/09/26  | 300000 | 268098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/18/26  | 250000 | 221413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/11/27  | 650000 | 612026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/22/27  | 550000 | 513723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 08/13/27  | 400000 | 341338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/10/27  | 125000 | 128112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/11/28  | 250000 | 231732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/08/29  | 400000 | 376594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/13/30  | 250000 | 210849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/30  | 600000 | 546369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/10/31  | 300000 | 236654 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Tractor Supply Co.** | **Tractor Supply Co.** | **Tractor Supply Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192481 |
| **VF Corp.** | **VF Corp.** | **VF Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/23/25 *(a)* | &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/23/27 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/23/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208353 |
| **VICI Properties LP** | **VICI Properties LP** | **VICI Properties LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/32 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/15/52 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176896 |
| **Walgreens Boots Alliance, Inc.** | **Walgreens Boots Alliance, Inc.** | **Walgreens Boots Alliance, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/18/24 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/26 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/18/34 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/01/46 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/15/50 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258123 |
| **Walmart, Inc.** | **Walmart, Inc.** | **Walmart, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/22/24 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 441289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 07/08/24 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/26/25 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 09/09/25  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 07/08/26 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 09/17/26 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/05/27  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/26/28 *(a)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 726369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/22/28 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/08/29 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 09/24/29 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/22/31 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 489735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/09/32 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/35  | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 631749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/15/37  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 04/15/38  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/28/38 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/25/40  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/15/41  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/22/41 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/11/43 *(a)* | &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/22/44 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/15/47 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 06/29/48 *(a)* | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/24/49 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/22/51 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171613 |
|  |  | **112856580** |
| ***Consumer Non-Cyclical 3.5%***  | ***Consumer Non-Cyclical 3.5%***  | ***Consumer Non-Cyclical 3.5%***  |
| **Abbott Laboratories** | **Abbott Laboratories** | **Abbott Laboratories** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/30/26 *(a)* | &nbsp;&nbsp;&nbsp; 808000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 788296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 01/30/28 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 06/30/30 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/30/36 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/39  | &nbsp;&nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/27/40  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/43 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 11/30/46 *(a)* | &nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 929459 |
| **AbbVie, Inc.** | **AbbVie, Inc.** | **AbbVie, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/21/24 *(a)* | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 1005558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/14/25 *(a)* | 1100000 | &nbsp;&nbsp;&nbsp;&nbsp; 1066490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/14/26 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/26 *(a)* | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1118843 |

---

*See financial notes*

**75**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/14/28 *(a)* | &nbsp;&nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp; 571025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/21/29 *(a)* | 1500000 | 1354146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/15/35 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 515293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/14/35 *(a)* | &nbsp;&nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp; 768746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/14/36 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 316586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/21/39 *(a)* | 1050000 | &nbsp;&nbsp;&nbsp; 899611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/42 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 134647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/06/42  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 651339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 06/15/44 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 183494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/45 *(a)* | &nbsp;&nbsp;&nbsp; 218000 | &nbsp;&nbsp;&nbsp; 196121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/14/45 *(a)* | &nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp; 692012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/14/46 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 216916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/14/48 *(a)* | &nbsp;&nbsp;&nbsp; 619000 | &nbsp;&nbsp;&nbsp; 569526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/21/49 *(a)* | 1550000 | 1302065 |
| **AdventHealth Obligated Group** | **AdventHealth Obligated Group** | **AdventHealth Obligated Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 11/15/51 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 63986 |
| **Adventist Health System** | **Adventist Health System** | **Adventist Health System** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 128463 |
| **Advocate Health & Hospitals Corp.** | **Advocate Health & Hospitals Corp.** | **Advocate Health & Hospitals Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 08/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 93743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.21%, 06/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 123784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 08/15/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 74874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 10/15/49 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 144241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 33532 |
| **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 302100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/12/31 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 202510 |
| **Ahold Finance USA LLC** | **Ahold Finance USA LLC** | **Ahold Finance USA LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/01/29  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 156745 |
| **AHS Hospital Corp.** | **AHS Hospital Corp.** | **AHS Hospital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/01/45  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 144311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 07/01/51 *(a)* | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 78026 |
| **Allina Health System** | **Allina Health System** | **Allina Health System** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 04/15/49  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 120335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/15/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 32556 |
| **Altria Group, Inc.** | **Altria Group, Inc.** | **Altria Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/31/24  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 247622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/14/24 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 05/06/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 235553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/14/26 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 245264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/16/26 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 229652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/14/29 *(a)* | &nbsp;&nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp; 538006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/06/30 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 170999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/04/32 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 377786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 02/14/39 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 412824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/04/41 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 199336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/09/42  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 259631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/02/43  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 113405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/31/44  | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 531666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/16/46 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 335485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/14/49 *(a)* | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 581837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/06/50 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 142254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/04/51 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 253317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/04/61 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 97950 |
| **AmerisourceBergen Corp.** | **AmerisourceBergen Corp.** | **AmerisourceBergen Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 146546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 280865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 169943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 290929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/15/47 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 124792 |
| **Amgen, Inc.** | **Amgen, Inc.** | **Amgen, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/22/24 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 441902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/21/25 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 140839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/01/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 240211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/19/26 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 370079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/21/27 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 404897 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/02/27 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 278482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 08/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 334513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/22/29 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 221982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/21/30 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 337812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/25/31 *(a)* | &nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 346686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/32 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 312052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/22/32 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 306016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/33 *(a)* | &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 208959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 06/01/37  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 53247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 02/01/39  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 53274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/21/40 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 369243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/15/41 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 278320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/01/41  | &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 206847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/41 *(a)* | &nbsp;&nbsp;&nbsp; 276000 | &nbsp;&nbsp;&nbsp; 257778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 06/15/42 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/45 *(a)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 584781 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.56%, 06/15/48 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 344724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/21/50 *(a)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 489823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 06/15/51 *(a)* | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 778818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/52 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 128699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/22/52 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 200832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/53 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 267530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 09/01/53 *(a)* | &nbsp;&nbsp;&nbsp; 322000 | &nbsp;&nbsp;&nbsp; 195271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/22/62 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 280839 |
| **Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/26 *(a)* | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 867268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/36 *(a)* | 1425000 | 1349965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/46 *(a)* | 2550000 | 2335887 |
| **Anheuser-Busch InBev Finance, Inc.** | **Anheuser-Busch InBev Finance, Inc.** | **Anheuser-Busch InBev Finance, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/36 *(a)* | &nbsp;&nbsp;&nbsp; 187000 | &nbsp;&nbsp;&nbsp; 176937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/01/44  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 270021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/46 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 415421 |
| **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/13/28 *(a)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 716825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/23/29 *(a)* | 1100000 | 1088138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 455426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/23/31 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 250409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/38 *(a)* | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 112441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.20%, 01/15/39  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 436045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 01/23/39 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 598707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/40 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 309875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/42  | &nbsp;&nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp; 459883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/15/48 *(a)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 660311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 10/06/48 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 299975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/23/49 *(a)* | 1175000 | 1172160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/50 *(a)* | &nbsp;&nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp; 597097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/58 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 398968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 01/23/59 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 621223 |
| **Archer-Daniels-Midland Co.** | **Archer-Daniels-Midland Co.** | **Archer-Daniels-Midland Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/11/26 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 464609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/27/30 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 405707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/15/35  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 205387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/47 *(a)* | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 143008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/49 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 229821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/15/51 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 133563 |
| **Ascension Health** | **Ascension Health** | **Ascension Health** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp; 103155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 11/15/39 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 153513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/46  | &nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; 270814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/15/53  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 142892 |
| **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 05/28/24 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 471846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 05/28/26 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 312130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/28/28 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 301019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/28/31 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 83419 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**76**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **AstraZeneca PLC** | **AstraZeneca PLC** | **AstraZeneca PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/16/25  | &nbsp;&nbsp;&nbsp; 650000 | 628724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/08/26 *(a)* | &nbsp;&nbsp;&nbsp; 225000 | 198133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/12/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/17/29 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 192505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/06/30 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | 475179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/15/37  | &nbsp;&nbsp;&nbsp; 700000 | 791185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/18/42  | &nbsp;&nbsp;&nbsp; 350000 | 303364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/16/45  | &nbsp;&nbsp;&nbsp; 250000 | 225413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/17/48 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 224510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/06/50 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 118176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/28/51 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 176743 |
| **Banner Health** | **Banner Health** | **Banner Health** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 01/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 167372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 01/01/31 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 79200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 01/01/50 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 69987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 01/01/51 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 65774 |
| **Baptist Health South Florida Obligated Group** | **Baptist Health South Florida Obligated Group** | **Baptist Health South Florida Obligated Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 11/15/71 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 29465 |
| **Baptist Healthcare System Obligated Group** | **Baptist Healthcare System Obligated Group** | **Baptist Healthcare System Obligated Group** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 20B <br>3.54%, 08/15/50 *(a)*<br>| &nbsp;&nbsp;&nbsp; 150000 | 107743 |
| **BAT Capital Corp.** | **BAT Capital Corp.** | **BAT Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 08/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 750000 | 723734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.79%, 09/06/24 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 287621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 09/06/26 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 324009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/02/27 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 240429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 08/15/27 *(a)* | 1000000 | 912346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 03/25/28 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 166573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 09/06/29 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 171726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 04/02/30 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | 367016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 03/25/31 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 195196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/19/32 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 269605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 08/15/37 *(a)* | &nbsp;&nbsp;&nbsp; 700000 | 544827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 09/25/40 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 170207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/15/47 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | 426871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 09/06/49 *(a)* | &nbsp;&nbsp;&nbsp; 325000 | 236972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.28%, 04/02/50 *(a)* | &nbsp;&nbsp;&nbsp; 275000 | 217433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 09/25/50 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 197887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 03/16/52 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 166807 |
| **BAT International Finance PLC** | **BAT International Finance PLC** | **BAT International Finance PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67%, 03/25/26 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 310369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/16/28 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 278271 |
| **Baxalta, Inc.** | **Baxalta, Inc.** | **Baxalta, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/23/25 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 194943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/23/45 *(a)* | &nbsp;&nbsp;&nbsp; 173000 | 164434 |
| **Baxter International, Inc.** | **Baxter International, Inc.** | **Baxter International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.32%, 11/29/24  | &nbsp;&nbsp;&nbsp; 450000 | 419399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 185028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92%, 02/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | 444445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 228165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 04/01/31 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 229778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54%, 02/01/32 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | 359106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/46 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 107634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/51 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 97954 |
| **BayCare Health System, Inc.** | **BayCare Health System, Inc.** | **BayCare Health System, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>3.83%, 11/15/50 *(a)*<br>| &nbsp;&nbsp;&nbsp; 150000 | 119695 |
| **Baylor Scott & White Holdings** | **Baylor Scott & White Holdings** | **Baylor Scott & White Holdings** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.78%, 11/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 39316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 11/15/45 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 127489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 11/15/46 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 40532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 11/15/50 *(a)* | &nbsp;&nbsp;&nbsp; 325000 | 215904 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Becton Dickinson & Co.** | **Becton Dickinson & Co.** | **Becton Dickinson & Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 12/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 487000 | 475028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/06/27 *(a)* | &nbsp;&nbsp;&nbsp; 481000 | 455575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 05/20/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 214797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.96%, 02/11/31 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 237437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 12/15/44 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 268106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 06/06/47 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | 397705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 05/20/50 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 115677 |
| **Beth Israel Lahey Health, Inc.** | **Beth Israel Lahey Health, Inc.** | **Beth Israel Lahey Health, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 07/01/51 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 93048 |
| **Biogen, Inc.** | **Biogen, Inc.** | **Biogen, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | 486115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | 407493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/01/50 *(a)* | &nbsp;&nbsp;&nbsp; 575000 | 379998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/51 *(a)* | &nbsp;&nbsp;&nbsp; 335000 | 225442 |
| **Bio-Rad Laboratories, Inc.** | **Bio-Rad Laboratories, Inc.** | **Bio-Rad Laboratories, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 214624 |
| **Bon Secours Mercy Health, Inc.** | **Bon Secours Mercy Health, Inc.** | **Bon Secours Mercy Health, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 06/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 89299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/01/31 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 78154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21%, 06/01/50 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 65221 |
| **Boston Scientific Corp.** | **Boston Scientific Corp.** | **Boston Scientific Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/01/24 *(a)* | &nbsp;&nbsp;&nbsp; 110000 | 107982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/01/25 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 140267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 300793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/15/35 *(f)* | &nbsp;&nbsp;&nbsp; 100000 | 109720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/01/39 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 89892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 01/15/40  | &nbsp;&nbsp;&nbsp; 100000 | 116584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/01/49 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 180622 |
| **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 07/26/24 *(a)* | &nbsp;&nbsp;&nbsp; 800000 | 777704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 114000 | 110741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/13/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 225144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 547000 | 522523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/27/27  | &nbsp;&nbsp;&nbsp; 250000 | 238553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 11/13/27 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 256775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/20/28 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 338316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/26/29 *(a)* | &nbsp;&nbsp;&nbsp; 700000 | 650894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 11/13/30 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 79046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | 523819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/39 *(a)* | &nbsp;&nbsp;&nbsp; 650000 | 580283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/13/40 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 206440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/01/42  | &nbsp;&nbsp;&nbsp; 300000 | 229685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/45 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 291927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/15/47 *(a)* | &nbsp;&nbsp;&nbsp; 425000 | 376313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 02/20/48 *(a)* | &nbsp;&nbsp;&nbsp; 406000 | 369542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/26/49 *(a)* | 1000000 | 864868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/13/50 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 126611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/52 *(a)* | &nbsp;&nbsp;&nbsp; 650000 | 507341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/62 *(a)* | &nbsp;&nbsp;&nbsp; 325000 | 254184 |
| **Brown-Forman Corp.** | **Brown-Forman Corp.** | **Brown-Forman Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/38 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 131946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/45 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 137284 |
| **Brunswick Corp.** | **Brunswick Corp.** | **Brunswick Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 08/18/24 *(a)* | &nbsp;&nbsp;&nbsp; 225000 | 208169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/18/31 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 147394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 04/01/52 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 108943 |
| **Bunge Ltd. Finance Corp.** | **Bunge Ltd. Finance Corp.** | **Bunge Ltd. Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/17/25 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 182517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/25/27 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | 374713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/14/31 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 205741 |
| **Campbell Soup Co.** | **Campbell Soup Co.** | **Campbell Soup Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 244418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 191500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/24/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 208013 |

---

*See financial notes*

**77**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/15/48 *(a)* | &nbsp;&nbsp;&nbsp; 225000 | 200063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/24/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp; 16999 |
| **Cardinal Health, Inc.** | **Cardinal Health, Inc.** | **Cardinal Health, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 06/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 272000 | 264323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 242407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 06/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | 375195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/15/43  | &nbsp;&nbsp;&nbsp; 150000 | 124258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 09/15/45 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 127887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37%, 06/15/47 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 78810 |
| **Catholic Health Services of Long Island Obligated Group** | **Catholic Health Services of Long Island Obligated Group** | **Catholic Health Services of Long Island Obligated Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 84639 |
| **Cedars-Sinai Health System** | **Cedars-Sinai Health System** | **Cedars-Sinai Health System** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.29%, 08/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 80587 |
| **Children's Health System of Texas** | **Children's Health System of Texas** | **Children's Health System of Texas** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51%, 08/15/50 *(a)* | &nbsp;&nbsp;&nbsp; 175000 | 105428 |
| **Children's Hospital** | **Children's Hospital** | **Children's Hospital** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.93%, 07/15/50 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 62769 |
| **Children's Hospital Corp.** | **Children's Hospital Corp.** | **Children's Hospital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 01/01/47 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 84782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 02/01/50 *(a)* | &nbsp;&nbsp;&nbsp; 120000 | &nbsp;&nbsp; 73140 |
| **Children's Hospital Medical Center** | **Children's Hospital Medical Center** | **Children's Hospital Medical Center** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 05/15/44  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 88107 |
| **Children's Hospital of Philadelphia** | **Children's Hospital of Philadelphia** | **Children's Hospital of Philadelphia** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 07/01/50 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp; 96357 |
| **CHRISTUS Health** | **CHRISTUS Health** | **CHRISTUS Health** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 07/01/28 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 143350 |
| **Church & Dwight Co., Inc.** | **Church & Dwight Co., Inc.** | **Church & Dwight Co., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 327350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 11/15/32 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | 103851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/52 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 140971 |
| **Cigna Corp.** | **Cigna Corp.** | **Cigna Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.61%, 03/15/24 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 289278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 750000 | 734129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/25/26 *(a)* | &nbsp;&nbsp;&nbsp; 385000 | 379571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 133796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 435000 | 408760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 191000 | 175183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/15/28 *(a)* | 1000000 | 966014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | 419526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | 368817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/15/38 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | 466599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/40 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 75853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/15/41  | &nbsp;&nbsp;&nbsp; 145000 | 151077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 07/15/46 *(a)* | &nbsp;&nbsp;&nbsp; 405000 | 364136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/47 *(a)* | &nbsp;&nbsp;&nbsp; 289000 | 223753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/48 *(a)* | &nbsp;&nbsp;&nbsp; 850000 | 771839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/50 *(a)* | &nbsp;&nbsp;&nbsp; 375000 | 266802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/51 *(a)* | &nbsp;&nbsp;&nbsp; 425000 | 303633 |
| **City of Hope** | **City of Hope** | **City of Hope** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.62%, 11/15/43  | &nbsp;&nbsp;&nbsp; 195000 | 195706 |
| **Cleveland Clinic Foundation** | **Cleveland Clinic Foundation** | **Cleveland Clinic Foundation** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 01/01/14  | &nbsp;&nbsp;&nbsp; 125000 | 108208 |
| **Clorox Co.** | **Clorox Co.** | **Clorox Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 10/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | 430739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 144935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 05/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 79719 |
| **Coca-Cola Co.** | **Coca-Cola Co.** | **Coca-Cola Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/06/24  | &nbsp;&nbsp;&nbsp; 350000 | 333964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/25/27  | &nbsp;&nbsp;&nbsp; 350000 | 336171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/01/27  | &nbsp;&nbsp;&nbsp; 500000 | 442111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/15/28  | &nbsp;&nbsp;&nbsp; 500000 | 419370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/06/29  | &nbsp;&nbsp;&nbsp; 300000 | 257042 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/25/30  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 372141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/01/30  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 204618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/05/31  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 165312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/15/31  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 313385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/05/32  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 419225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/40  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 364599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/25/50  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 231234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/01/50  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 269149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/05/51  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 256384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/51  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 328732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/60  | &nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 186384 |
| **Coca-Cola Consolidated, Inc.** | **Coca-Cola Consolidated, Inc.** | **Coca-Cola Consolidated, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/25/25 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 145998 |
| **Coca-Cola Femsa S.A.B. de C.V.** | **Coca-Cola Femsa S.A.B. de C.V.** | **Coca-Cola Femsa S.A.B. de C.V.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/22/30 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 305096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 09/01/32 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 190143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/26/43  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 192974 |
| **Colgate-Palmolive Co.** | **Colgate-Palmolive Co.** | **Colgate-Palmolive Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/24  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 197266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/01/47 *(a)* | &nbsp;&nbsp;&nbsp; 377000 | &nbsp;&nbsp;&nbsp; 322570 |
| **CommonSpirit Health** | **CommonSpirit Health** | **CommonSpirit Health** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 10/01/24 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 287847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07%, 11/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 307338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 10/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 304253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/01/42  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 168102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 112756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 10/01/49 *(a)* | &nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp; 214775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 10/01/50 *(a)* | &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 166913 |
| **Community Health Network, Inc.** | **Community Health Network, Inc.** | **Community Health Network, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/01/50 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 95477 |
| **Conagra Brands, Inc.** | **Conagra Brands, Inc.** | **Conagra Brands, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/01/24 *(a)* | &nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp; 256467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/01/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 246336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 291534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/01/28  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 53439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/01/28 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 389929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 09/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 56978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 11/01/38 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 331701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/01/48 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 279639 |
| **Constellation Brands, Inc.** | **Constellation Brands, Inc.** | **Constellation Brands, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/24  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 149213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 246135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/01/25  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 199816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/06/26 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 190708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 92634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 242068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 263351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 468572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/09/32 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 192224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/09/47 *(a)* | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 147869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/15/48 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 120294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/48 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 188907 |
| **Cottage Health Obligated Group** | **Cottage Health Obligated Group** | **Cottage Health Obligated Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 11/01/49 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 142464 |
| **CVS Health Corp.** | **CVS Health Corp.** | **CVS Health Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/12/24 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 244104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 288209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/25/25 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 295934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/20/25 *(a)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 732720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/01/26 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 373848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 233681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 237531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/01/27  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 210128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/21/27 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 297055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/25/28 *(a)* | 1372000 | 1327954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 448193 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**78**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 363591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/21/30 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 78740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/31 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 313930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 238229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 07/20/35 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 237499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 03/25/38 *(a)* | 1400000 | 1283045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/39  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 154970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/40 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 125119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/21/40 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 274704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 12/05/43 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 234812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/20/45 *(a)* | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 821322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/25/48 *(a)* | 2200000 | 1985662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/50 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 200996 |
| **Danaher Corp.** | **Danaher Corp.** | **Danaher Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 144580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/15/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 67018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/01/50 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 160145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/10/51 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 166353 |
| **Dartmouth-Hitchcock Health** | **Dartmouth-Hitchcock Health** | **Dartmouth-Hitchcock Health** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 08/01/48 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 77890 |
| **DENTSPLY SIRONA, Inc.** | **DENTSPLY SIRONA, Inc.** | **DENTSPLY SIRONA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 165958 |
| **DH Europe Finance II Sarl** | **DH Europe Finance II Sarl** | **DH Europe Finance II Sarl** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 11/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 190562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 219190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/39 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 160641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/49 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 227074 |
| **Diageo Capital PLC** | **Diageo Capital PLC** | **Diageo Capital PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/24/24 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 189976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/29/25 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 183556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/24/27 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 307198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/18/28 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 238691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/24/29 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 171222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/29/30 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 288833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/29/32 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 199379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/24/33 *(a)* | &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 235581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 09/30/36  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 211302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/29/43 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 41351 |
| **Diageo Investment Corp.** | **Diageo Investment Corp.** | **Diageo Investment Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 04/15/35  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 119138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/11/42  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 88398 |
| **Dignity Health** | **Dignity Health** | **Dignity Health** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/42  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 83720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 11/01/64  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 86950 |
| **Duke University Health System, Inc.** | **Duke University Health System, Inc.** | **Duke University Health System, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 06/01/47 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 162197 |
| **Edwards Lifesciences Corp.** | **Edwards Lifesciences Corp.** | **Edwards Lifesciences Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 239728 |
| **Eli Lilly & Co.** | **Eli Lilly & Co.** | **Eli Lilly & Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/25 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 47855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 235453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 328444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 42075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/47 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 87970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/49 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 312360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/50 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 284535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/59 *(a)* | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 152461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/60 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 184612 |
| **Estee Lauder Cos., Inc.** | **Estee Lauder Cos., Inc.** | **Estee Lauder Cos., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/24 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 94923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 237134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 12/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 172162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 04/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 215639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/45 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 133676 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/47 *(a)* | 150000 | 129149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/49 *(a)* | 300000 | 217332 |
| **Flowers Foods, Inc.** | **Flowers Foods, Inc.** | **Flowers Foods, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/31 *(a)* | 200000 | 161217 |
| **Fomento Economico Mexicano S.A.B. de C.V.** | **Fomento Economico Mexicano S.A.B. de C.V.** | **Fomento Economico Mexicano S.A.B. de C.V.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/10/43  | 200000 | 164996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/16/50 *(a)* | 600000 | 420399 |
| **Franciscan Missionaries of Our Lady Health System, Inc.** | **Franciscan Missionaries of Our Lady Health System, Inc.** | **Franciscan Missionaries of Our Lady Health System, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 07/01/49 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 38058 |
| **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 11/15/24 *(c)* | 250000 | 250877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 11/15/25 *(a)(c)* | 400000 | 402602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 11/15/27 *(a)(c)* | 450000 | 456986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 03/15/30 *(a)(c)* | 350000 | 359290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.91%, 11/22/32 *(a)(c)* | 500000 | 519859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/22/52 *(a)(c)* | 300000 | 322071 |
| **General Mills, Inc.** | **General Mills, Inc.** | **General Mills, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/15/24 *(a)* | 200000 | 197195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/17/25 *(a)* | 200000 | 195577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/10/27 *(a)* | 300000 | 284379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/17/28 *(a)* | 325000 | 314581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/15/30 *(a)* | 350000 | 303550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/17/48 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 44892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/51 *(a)* | 401000 | 274745 |
| **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/24 *(a)* | 400000 | 393613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/25 *(a)* | 600000 | 581404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/01/26 *(a)* | 700000 | 676087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/27 *(a)* | 350000 | 326209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/01/27 *(a)* | 400000 | 340066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 09/01/35 *(a)* | 375000 | 356428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/36 *(a)* | 300000 | 264807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 12/01/41 *(a)* | 200000 | 204765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/01/44 *(a)* | 550000 | 507641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/45 *(a)* | 400000 | 351952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/01/46 *(a)* | 650000 | 588215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/01/47 *(a)* | 575000 | 477090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/01/50 *(a)* | 500000 | 323780 |
| **GlaxoSmithKline Capital PLC** | **GlaxoSmithKline Capital PLC** | **GlaxoSmithKline Capital PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/24 *(a)* | 300000 | 292142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/01/29 *(a)* | 150000 | 138670 |
| **GlaxoSmithKline Capital, Inc.** | **GlaxoSmithKline Capital, Inc.** | **GlaxoSmithKline Capital, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/25  | 250000 | 244376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/28  | 500000 | 480973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/34  | 180000 | 186662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/15/38  | 775000 | 874010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/18/43  | 175000 | 152352 |
| **GSK Consumer Healthcare Capital US LLC** | **GSK Consumer Healthcare Capital US LLC** | **GSK Consumer Healthcare Capital US LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 03/24/24 *(a)* | 250000 | 242603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/24/25  | 500000 | 476761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/24/27 *(a)* | 500000 | 466339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/24/29 *(a)* | 300000 | 270412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/24/32 *(a)* | 600000 | 529280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/24/52 *(a)* | 300000 | 235374 |
| **Hackensack Meridian Health, Inc.** | **Hackensack Meridian Health, Inc.** | **Hackensack Meridian Health, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 09/01/41 *(a)* | 200000 | 138595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 07/01/48 *(a)* | 100000 | &nbsp;&nbsp; 83892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/57 *(a)* | 150000 | 129562 |
| **Hartford HealthCare Corp.** | **Hartford HealthCare Corp.** | **Hartford HealthCare Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/01/54  | 150000 | 105922 |
| **Hasbro, Inc.** | **Hasbro, Inc.** | **Hasbro, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/19/24 *(a)* | 150000 | 144111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/19/26 *(a)* | 200000 | 187821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/27 *(a)* | 200000 | 186127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/19/29 *(a)* | 200000 | 178133 |

---

*See financial notes*

**79**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 03/15/40  | 150000 | 147075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 05/15/44 *(a)* | 100000 | &nbsp;&nbsp; 85297 |
| **HCA, Inc.** | **HCA, Inc.** | **HCA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/24  | 500000 | 497410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/25  | 750000 | 750035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/25  | 350000 | 348023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/26 *(a)* | 500000 | 503483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/26 *(a)* | 250000 | 247455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/01/26 *(a)* | 250000 | 247759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/27 *(a)* | 450000 | 433880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/27 *(a)(c)* | 350000 | 318949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/28 *(a)* | 500000 | 498300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/01/29 *(a)* | 250000 | 250578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/29 *(a)(c)* | 250000 | 219786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/29 *(a)* | 650000 | 594972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/30 *(a)* | 750000 | 646513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/32 *(a)(c)* | 500000 | 423569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/39 *(a)* | 225000 | 201198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/42 *(a)(c)* | 150000 | 120090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/47 *(a)* | 400000 | 356328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/49 *(a)* | 600000 | 514599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/51 *(a)* | 450000 | 290712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/52 *(a)(c)* | 500000 | 391483 |
| **Hershey Co.** | **Hershey Co.** | **Hershey Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 06/01/25 *(a)* | 200000 | 183058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/26 *(a)* | 310000 | 285252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/15/29 *(a)* | 100000 | &nbsp;&nbsp; 86243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/49 *(a)* | 150000 | 107921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/01/50 *(a)* | 150000 | &nbsp;&nbsp; 98517 |
| **Hoag Memorial Hospital Presbyterian** | **Hoag Memorial Hospital Presbyterian** | **Hoag Memorial Hospital Presbyterian** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/15/52 *(a)* | 150000 | 118246 |
| **Hormel Foods Corp.** | **Hormel Foods Corp.** | **Hormel Foods Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 06/03/24 *(a)* | 300000 | 282954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/03/28 *(a)* | 150000 | 129949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 06/11/30 *(a)* | 250000 | 204326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 06/03/51 *(a)* | 250000 | 173768 |
| **Hospital Special Surgery** | **Hospital Special Surgery** | **Hospital Special Surgery** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>2.67%, 10/01/50 *(a)*<br>| 150000 | &nbsp;&nbsp; 92410 |
| **IHC Health Services, Inc.** | **IHC Health Services, Inc.** | **IHC Health Services, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/48 *(a)* | 150000 | 124344 |
| **Illumina, Inc.** | **Illumina, Inc.** | **Illumina, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/23/31 *(a)* | 175000 | 140591 |
| **Indiana University Health, Inc. Obligated Group** | **Indiana University Health, Inc. Obligated Group** | **Indiana University Health, Inc. Obligated Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 11/01/48 *(a)* | 190000 | 157162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 11/01/51 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 31877 |
| **Ingredion, Inc.** | **Ingredion, Inc.** | **Ingredion, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/01/26 *(a)* | 150000 | 140748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/01/30 *(a)* | 250000 | 212270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/50 *(a)* | 100000 | &nbsp;&nbsp; 72960 |
| **Inova Health System Foundation** | **Inova Health System Foundation** | **Inova Health System Foundation** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 05/15/52 *(a)* | 150000 | 124840 |
| **Integris Baptist Medical Center, Inc.** | **Integris Baptist Medical Center, Inc.** | **Integris Baptist Medical Center, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/50 *(a)* | 150000 | 108915 |
| **Iowa Health System** | **Iowa Health System** | **Iowa Health System** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020 <br>3.67%, 02/15/50 *(a)*<br>| 100000 | &nbsp;&nbsp; 73058 |
| **JBS USA LUX S.A.** | **JBS USA LUX S.A.** | **JBS USA LUX S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/27 *(a)(c)* | 250000 | 219137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/01/28 *(a)(c)* | 250000 | 237616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/30 *(a)(c)* | 600000 | 571354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/32 *(a)(c)* | 250000 | 204402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/32 *(a)(c)* | 250000 | 192273 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/33 *(a)(c)* | 500000 | 478357 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/02/52 *(a)(c)* | 200000 | 142115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/52 *(a)(c)* | 375000 | 357556 |
| **JM Smucker Co.** | **JM Smucker Co.** | **JM Smucker Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/25  | 350000 | 338957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/30 *(a)* | 250000 | 207419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/15/32 *(a)* | 200000 | 155661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/35  | 250000 | 223464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/45  | 200000 | 164912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/50 *(a)* | 100000 | &nbsp;&nbsp; 69141 |
| **Johnson & Johnson** | **Johnson & Johnson** | **Johnson & Johnson** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/15/25 *(a)* | 220000 | 212061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 09/01/25 *(a)* | 350000 | 316326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/26 *(a)* | 600000 | 564430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/03/27 *(a)* | 300000 | 283782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 09/01/27 *(a)* | 450000 | 388552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/28 *(a)* | 350000 | 326468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 09/01/29  | 100000 | 118408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/01/30 *(a)* | 400000 | 323201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/33  | 100000 | 104153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 12/05/33 *(a)* | 250000 | 246726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/01/36 *(a)* | 317000 | 280754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/03/37 *(a)* | 550000 | 489455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/38 *(a)* | 350000 | 299116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 07/15/38  | 182000 | 202586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/01/40 *(a)* | 400000 | 275071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/01/40  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 05/15/41  | 150000 | 148254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/05/43 *(a)* | 200000 | 191531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/46 *(a)* | 575000 | 484627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/03/47 *(a)* | 200000 | 169108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/48 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 40988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/01/50 *(a)* | 375000 | 235332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/01/60 *(a)* | 350000 | 215442 |
| **Kaiser Foundation Hospitals** | **Kaiser Foundation Hospitals** | **Kaiser Foundation Hospitals** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/01/27 *(a)* | 250000 | 233884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.81%, 06/01/41 *(a)* | 400000 | 290700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/42  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/01/47 *(a)* | 275000 | 234465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 11/01/49 *(a)* | 450000 | 325952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/51 *(a)* | 450000 | 307902 |
| **Kellogg Co.** | **Kellogg Co.** | **Kellogg Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/15/28 *(a)* | 350000 | 340818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/01/30 *(a)* | 250000 | 203036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 04/01/31  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 57047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/46  | 231000 | 198586 |
| **Keurig Dr Pepper, Inc.** | **Keurig Dr Pepper, Inc.** | **Keurig Dr Pepper, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 05/25/25 *(a)* | 350000 | 346499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/25 *(a)* | 200000 | 192345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 09/15/26 *(a)* | 250000 | 229528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 06/15/27 *(a)* | 200000 | 186986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/25/28 *(a)* | 500000 | 490599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/01/30 *(a)* | 300000 | 261704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/15/31 *(a)* | 250000 | 201577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/45 *(a)* | 250000 | 213063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 12/15/46 *(a)* | 200000 | 165662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/01/50 *(a)* | 250000 | 188470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/52 *(a)* | 400000 | 335525 |
| **Kimberly-Clark Corp.** | **Kimberly-Clark Corp.** | **Kimberly-Clark Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/26  | 150000 | 141849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 09/15/27 *(a)* | 200000 | 171053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/01/28 *(a)* | 200000 | 193136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/25/29 *(a)* | 300000 | 273874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/26/30 *(a)* | 200000 | 179985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/01/37  | 300000 | 346401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/01/41  | 300000 | 302718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/30/46 *(a)* | 100000 | &nbsp;&nbsp; 72337 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**80**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Koninklijke Ahold Delhaize N.V.** | **Koninklijke Ahold Delhaize N.V.** | **Koninklijke Ahold Delhaize N.V.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/01/40  | 173000 | 173147 |
| **Koninklijke Philips N.V.** | **Koninklijke Philips N.V.** | **Koninklijke Philips N.V.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 03/11/38  | 217000 | 230852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/42  | 150000 | 132476 |
| **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/26 *(a)* | 500000 | 468739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/27 *(a)* | 400000 | 382562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/30/29 *(a)* | 200000 | 198260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/30 *(a)* | 250000 | 228493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/32  | 100000 | 108972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/35 *(a)* | 150000 | 144058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/26/39  | 175000 | 190269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/39 *(a)* | 125000 | 109967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/09/40  | 200000 | 212049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/04/42  | 450000 | 407627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/15/45 *(a)* | 500000 | 460807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/01/46 *(a)* | 800000 | 653940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/49 *(a)* | 300000 | 262443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/50 *(a)* | 250000 | 240162 |
| **Kroger Co.** | **Kroger Co.** | **Kroger Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/24 *(a)* | 300000 | 296733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/15/26 *(a)* | 200000 | 183897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/29 *(a)* | 200000 | 193261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 05/01/30 *(a)* | 250000 | 202766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 01/15/31 *(a)* | 200000 | 154506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/31  | 100000 | 113073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 04/15/38  | 140000 | 153903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 07/15/40 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/42 *(a)* | 100000 | &nbsp;&nbsp; 91295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 08/01/43 *(a)* | &nbsp;&nbsp; 67000 | &nbsp;&nbsp; 62093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/46 *(a)* | 100000 | &nbsp;&nbsp; 77122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/01/47 *(a)* | 300000 | 253503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/15/48 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 43292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 01/15/49 *(a)* | 200000 | 191538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/50 *(a)* | 270000 | 210893 |
| **Laboratory Corp. of America Holdings** | **Laboratory Corp. of America Holdings** | **Laboratory Corp. of America Holdings** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/24 *(a)* | 200000 | 193977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 12/01/24 *(a)* | 250000 | 236686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/01/25 *(a)* | 150000 | 145284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/01/27 *(a)* | 200000 | 189906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 12/01/29 *(a)* | 100000 | &nbsp;&nbsp; 86156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/01/31 *(a)* | 250000 | 207867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/45 *(a)* | 250000 | 215763 |
| **Mass General Brigham, Inc.** | **Mass General Brigham, Inc.** | **Mass General Brigham, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 07/01/48 *(a)* | 100000 | &nbsp;&nbsp; 78274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 07/01/49 *(a)* | 125000 | &nbsp;&nbsp; 87535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 07/01/55  | 100000 | &nbsp;&nbsp; 79948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34%, 07/01/60 *(a)* | 175000 | 120421 |
| **Mayo Clinic** | **Mayo Clinic** | **Mayo Clinic** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 11/15/43  | 100000 | &nbsp;&nbsp; 82314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/52  | 150000 | 126763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/15/61 *(a)* | 150000 | &nbsp;&nbsp; 99998 |
| **McCormick & Co., Inc.** | **McCormick & Co., Inc.** | **McCormick & Co., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/24 *(a)* | 150000 | 145264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 02/15/26 *(a)* | 150000 | 131993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/27 *(a)* | 250000 | 233470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/30 *(a)* | 200000 | 167199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/47 *(a)* | 150000 | 123253 |
| **McKesson Corp.** | **McKesson Corp.** | **McKesson Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/24 *(a)* | 100000 | &nbsp;&nbsp; 98473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 12/03/25 *(a)* | 250000 | 222510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/16/28 *(a)* | 200000 | 189497 |
| **McLaren Health Care Corp.** | **McLaren Health Care Corp.** | **McLaren Health Care Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>4.39%, 05/15/48 *(a)*<br>| 150000 | 126312 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Mead Johnson Nutrition Co.** | **Mead Johnson Nutrition Co.** | **Mead Johnson Nutrition Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/25 *(a)* | 200000 | 196125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/01/39  | 125000 | 130404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/01/44 *(a)* | 175000 | 158069 |
| **MedStar Health, Inc.** | **MedStar Health, Inc.** | **MedStar Health, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/15/49  | 125000 | &nbsp;&nbsp; 90785 |
| **Medtronic, Inc.** | **Medtronic, Inc.** | **Medtronic, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/35  | 550000 | 522323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/45  | 550000 | 513139 |
| **Memorial Health Services** | **Memorial Health Services** | **Memorial Health Services** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/01/49 *(a)* | 100000 | &nbsp;&nbsp; 72291 |
| **Memorial Sloan-Kettering Cancer Center** | **Memorial Sloan-Kettering Cancer Center** | **Memorial Sloan-Kettering Cancer Center** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/42  | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 29375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 01/01/50 *(a)* | 100000 | &nbsp;&nbsp; 67035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/01/52  | 150000 | 124772 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/01/55  | 225000 | 186689 |
| **Merck & Co., Inc.** | **Merck & Co., Inc.** | **Merck & Co., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/07/24 *(a)* | 250000 | 244382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/10/25 *(a)* | 700000 | 671301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/24/26 *(a)* | 300000 | 266093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/10/27 *(a)* | 450000 | 400015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/10/28 *(a)* | 300000 | 258448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/07/29 *(a)* | 500000 | 466229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/24/30 *(a)* | 250000 | 199886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/10/31 *(a)* | 600000 | 490547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/33 *(f)* | 250000 | 283190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/07/39 *(a)* | 250000 | 219969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 06/24/40 *(a)* | 300000 | 209746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/42 *(a)* | 175000 | 143907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/18/43  | 400000 | 355734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/10/45 *(a)* | 500000 | 411714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/07/49 *(a)* | 450000 | 385439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/24/50 *(a)* | 400000 | 256212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/10/51 *(a)* | 575000 | 387663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/10/61 *(a)* | 450000 | 290251 |
| **Merck Sharp & Dohme Corp.** | **Merck Sharp & Dohme Corp.** | **Merck Sharp & Dohme Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/01/28  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53445 |
| **Methodist Hospital** | **Methodist Hospital** | **Methodist Hospital** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 12/01/50 *(a)* | 175000 | 109905 |
| **MidMichigan Health** | **MidMichigan Health** | **MidMichigan Health** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 06/01/50 *(a)* | 100000 | &nbsp;&nbsp; 68508 |
| **Molson Coors Beverage Co.** | **Molson Coors Beverage Co.** | **Molson Coors Beverage Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/26 *(a)* | 590000 | 548624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/01/42  | 350000 | 311009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/15/46 *(a)* | 550000 | 429411 |
| **Mondelez International, Inc.** | **Mondelez International, Inc.** | **Mondelez International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/04/25 *(a)* | 250000 | 231875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/17/27 *(a)* | 250000 | 227235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/13/30 *(a)* | 325000 | 280496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/04/31 *(a)* | 200000 | 154150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/17/32 *(a)* | 250000 | 213527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/15/32 *(a)* | 250000 | 190276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/04/50 *(a)* | 250000 | 158179 |
| **Montefiore Obligated Group** | **Montefiore Obligated Group** | **Montefiore Obligated Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/01/48  | 125000 | &nbsp;&nbsp; 94690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 09/01/50  | 100000 | &nbsp;&nbsp; 60300 |
| **Mount Nittany Medical Center Obligated Group** | **Mount Nittany Medical Center Obligated Group** | **Mount Nittany Medical Center Obligated Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/52  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 56880 |
| **Mount Sinai Hospitals Group, Inc.** | **Mount Sinai Hospitals Group, Inc.** | **Mount Sinai Hospitals Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 07/01/48  | 100000 | &nbsp;&nbsp; 81316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 07/01/49 *(a)* | 150000 | 112174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 07/01/50 *(a)* | 125000 | &nbsp;&nbsp; 84648 |
| **MultiCare Health System** | **MultiCare Health System** | **MultiCare Health System** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/15/50 *(a)* | 125000 | &nbsp;&nbsp; 74292 |

---

*See financial notes*

**81**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Mylan, Inc.** | **Mylan, Inc.** | **Mylan, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/15/28 *(a)* | 200000 | 185407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/29/43 *(a)* | 150000 | 119594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/15/48 *(a)* | 225000 | 169252 |
| **New York and Presbyterian Hospital** | **New York and Presbyterian Hospital** | **New York and Presbyterian Hospital** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 08/01/40 *(a)* | 150000 | &nbsp;&nbsp; 99264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 08/01/45  | 100000 | &nbsp;&nbsp; 83534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 08/01/56  | 100000 | &nbsp;&nbsp; 80946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 08/01/60 *(a)* | 100000 | &nbsp;&nbsp; 56940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/19 *(a)* | 175000 | 122408 |
| **Northwell Healthcare, Inc.** | **Northwell Healthcare, Inc.** | **Northwell Healthcare, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 11/01/46 *(a)* | 150000 | 115295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 11/01/47 *(a)* | 250000 | 200500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 11/01/49 *(a)* | 150000 | 107685 |
| **Northwestern Memorial Healthcare Obligated Group** | **Northwestern Memorial Healthcare Obligated Group** | **Northwestern Memorial Healthcare Obligated Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/15/51 *(a)* | 125000 | &nbsp;&nbsp; 79690 |
| **Novant Health, Inc.** | **Novant Health, Inc.** | **Novant Health, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 11/01/36 *(a)* | 200000 | 148255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 11/01/51 *(a)* | 175000 | 121430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.32%, 11/01/61 *(a)* | 125000 | &nbsp;&nbsp; 84084 |
| **Novartis Capital Corp.** | **Novartis Capital Corp.** | **Novartis Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/06/24  | 350000 | 343135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/14/25 *(a)* | 350000 | 330473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/25 *(a)* | 450000 | 431999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/14/27 *(a)* | 490000 | 446674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/17/27 *(a)* | 250000 | 237329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 08/14/30 *(a)* | 550000 | 467983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/21/42  | 150000 | 126648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/06/44  | 525000 | 488191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/20/45 *(a)* | 375000 | 331358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/14/50 *(a)* | 350000 | 243727 |
| **NYU Langone Hospitals** | **NYU Langone Hospitals** | **NYU Langone Hospitals** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/43  | 125000 | 126935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.78%, 07/01/44  | 100000 | &nbsp;&nbsp; 89826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.37%, 07/01/47 *(a)* | 155000 | 128906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/01/55 *(a)* | 150000 | 100965 |
| **OhioHealth Corp.** | **OhioHealth Corp.** | **OhioHealth Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/31 *(a)* | 150000 | 120569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 11/15/41 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 35606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 11/15/50 *(a)* | 150000 | 104965 |
| **Orlando Health Obligated Group** | **Orlando Health Obligated Group** | **Orlando Health Obligated Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 10/01/48 *(a)* | 100000 | &nbsp;&nbsp; 79327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 10/01/50 *(a)* | 100000 | &nbsp;&nbsp; 69642 |
| **PeaceHealth Obligated Group** | **PeaceHealth Obligated Group** | **PeaceHealth Obligated Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/25 *(a)* | 150000 | 134769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 11/15/48 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 62321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 11/15/50 *(a)* | 150000 | &nbsp;&nbsp; 98120 |
| **PepsiCo, Inc.** | **PepsiCo, Inc.** | **PepsiCo, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/01/24 *(a)* | 250000 | 247061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/19/25 *(a)* | 550000 | 523534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/30/25 *(a)* | 300000 | 287420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/17/25 *(a)* | 200000 | 195487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/06/26 *(a)* | 300000 | 279749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/19/27 *(a)* | 250000 | 232439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/27 *(a)* | 500000 | 470041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/18/28 *(a)* | 300000 | 288339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/29/29 *(a)* | 400000 | 353777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/19/30 *(a)* | 500000 | 442942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/01/30 *(a)* | 225000 | 183752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 02/25/31 *(a)* | 200000 | 157763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/31 *(a)* | 400000 | 323219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/19/40 *(a)* | 200000 | 166637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/05/42  | 250000 | 220706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/13/42  | 295000 | 247573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/14/46 *(a)* | 450000 | 429595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/06/46 *(a)* | 400000 | 322042 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/02/47 *(a)* | 150000 | 131337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/29/49 *(a)* | 250000 | 199181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/49 *(a)* | 250000 | 179881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/19/50 *(a)* | 300000 | 247800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/19/60 *(a)* | 250000 | 216487 |
| **PerkinElmer, Inc.** | **PerkinElmer, Inc.** | **PerkinElmer, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/15/28 *(a)* | 250000 | 207571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/15/29 *(a)* | 250000 | 218173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/15/31 *(a)* | 150000 | 117688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/51 *(a)* | 150000 | 104444 |
| **Pfizer, Inc.** | **Pfizer, Inc.** | **Pfizer, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/24 *(a)* | 268000 | 262051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24  | 250000 | 245439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 05/28/25 *(a)* | 350000 | 320456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/03/26  | 400000 | 377537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/26  | 550000 | 521782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/28 *(a)* | 300000 | 287820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/15/29 *(a)* | 500000 | 471628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/01/30 *(a)* | 300000 | 263647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/28/30 *(a)* | 250000 | 205956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/18/31 *(a)* | 300000 | 241659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/36  | 250000 | 228829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/15/38 *(a)* | 200000 | 181673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/39 *(a)* | 300000 | 264996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 03/15/39  | 650000 | 789478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 05/28/40 *(a)* | 300000 | 218057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 09/15/40  | 200000 | 210055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/43  | 150000 | 137944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/15/44  | 350000 | 325846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/46  | 200000 | 177320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/48 *(a)* | 300000 | 268659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/49 *(a)* | 250000 | 217129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/28/50 *(a)* | 250000 | 170697 |
| **Pharmacia LLC** | **Pharmacia LLC** | **Pharmacia LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 12/01/28  | 200000 | 220509 |
| **Philip Morris International, Inc.** | **Philip Morris International, Inc.** | **Philip Morris International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/01/24 *(a)* | 200000 | 194291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/10/24  | 200000 | 193473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/15/24  | 300000 | 300508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/01/25 *(a)* | 200000 | 185156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/11/25 *(a)* | 150000 | 144176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/17/25  | 200000 | 201101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/25/26 *(a)* | 330000 | 310015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/01/26 *(a)* | 250000 | 220005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/17/27 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/17/27 *(a)* | 500000 | 505127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/02/28 *(a)* | 250000 | 227769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/29 *(a)* | 250000 | 225737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/17/29 *(a)* | 100000 | 101920 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/01/30 *(a)* | 250000 | 202877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/01/30 *(a)* | 250000 | 196071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/17/32 *(a)* | 400000 | 409824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 05/16/38  | 400000 | 425569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/41  | 200000 | 165406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/20/42  | 225000 | 190144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/21/42  | 200000 | 152587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/04/43  | 250000 | 197618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/43  | 175000 | 154380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/10/44  | 350000 | 283089 |
| **Piedmont Healthcare, Inc.** | **Piedmont Healthcare, Inc.** | **Piedmont Healthcare, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.04%, 01/01/32 *(a)* | 150000 | 115783 |
| **Presbyterian Healthcare Services** | **Presbyterian Healthcare Services** | **Presbyterian Healthcare Services** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 08/01/52 *(a)* | 100000 | &nbsp;&nbsp; 93762 |
| **Procter & Gamble Co.** | **Procter & Gamble Co.** | **Procter & Gamble Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 10/29/25  | 400000 | 359242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/02/26  | 200000 | 190146 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**82**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/23/26  | 250000 | 224291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/03/26  | 350000 | 324648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/25/27  | 200000 | 187861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/11/27  | 200000 | 187480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/25/30  | 500000 | 456559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/29/30  | 250000 | 196644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 04/23/31  | 400000 | 335037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 08/15/34  | 125000 | 136528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/25/40  | 350000 | 301506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/25/47  | 200000 | 163205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/25/50  | 150000 | 125125 |
| **Providence St Joseph Health Obligated Group** | **Providence St Joseph Health Obligated Group** | **Providence St Joseph Health Obligated Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 10/01/29 *(a)* | 300000 | 253276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 10/01/47  | 112000 | &nbsp;&nbsp; 86975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 10/01/48 *(a)* | 100000 | &nbsp;&nbsp; 78785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/01/51 *(a)* | 150000 | &nbsp;&nbsp; 88836 |
| **Queen's Health Systems** | **Queen's Health Systems** | **Queen's Health Systems** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 07/01/52 *(a)* | 100000 | &nbsp;&nbsp; 93013 |
| **Quest Diagnostics, Inc.** | **Quest Diagnostics, Inc.** | **Quest Diagnostics, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/30/25 *(a)* | 300000 | 289575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/26 *(a)* | 100000 | &nbsp;&nbsp; 95697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/30/29 *(a)* | 100000 | &nbsp;&nbsp; 95720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/30/30 *(a)* | 300000 | 260042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/30/31 *(a)* | 150000 | 125923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/30/45 *(a)* | 100000 | &nbsp;&nbsp; 84563 |
| **Regeneron Pharmaceuticals, Inc.** | **Regeneron Pharmaceuticals, Inc.** | **Regeneron Pharmaceuticals, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/15/30 *(a)* | 400000 | 310306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/15/50 *(a)* | 250000 | 156454 |
| **Reynolds American, Inc.** | **Reynolds American, Inc.** | **Reynolds American, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/12/25 *(a)* | 750000 | 734563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 08/15/35 *(a)* | 300000 | 272181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 06/15/37  | 125000 | 128929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 09/15/43  | 175000 | 157336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 08/15/45 *(a)* | 475000 | 407329 |
| **Royalty Pharma PLC** | **Royalty Pharma PLC** | **Royalty Pharma PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 09/02/25 *(a)* | 300000 | 268852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/02/27 *(a)* | 300000 | 255014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/02/30 *(a)* | 300000 | 235047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/02/31 *(a)* | 200000 | 151395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/02/40 *(a)* | 300000 | 210034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/02/50 *(a)* | 150000 | &nbsp;&nbsp; 96913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/02/51 *(a)* | 250000 | 154954 |
| **Rush Obligated Group** | **Rush Obligated Group** | **Rush Obligated Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 11/15/29 *(a)* | 150000 | 136052 |
| **RWJ Barnabas Health, Inc.** | **RWJ Barnabas Health, Inc.** | **RWJ Barnabas Health, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 07/01/46 *(a)* | 175000 | 142179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 07/01/49 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 36745 |
| **Sanofi** | **Sanofi** | **Sanofi** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/19/28 *(a)* | 275000 | 262981 |
| **Seattle Children's Hospital** | **Seattle Children's Hospital** | **Seattle Children's Hospital** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 10/01/50 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 47593 |
| **Sharp HealthCare** | **Sharp HealthCare** | **Sharp HealthCare** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 08/01/50 *(a)* | 100000 | &nbsp;&nbsp; 62006 |
| **Shire Acquisitions Investments Ireland DAC** | **Shire Acquisitions Investments Ireland DAC** | **Shire Acquisitions Investments Ireland DAC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/23/26 *(a)* | 900000 | 846765 |
| **Smith & Nephew PLC** | **Smith & Nephew PLC** | **Smith & Nephew PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.03%, 10/14/30 *(a)* | 250000 | 196782 |
| **Spectrum Health System Obligated Group** | **Spectrum Health System Obligated Group** | **Spectrum Health System Obligated Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 07/15/49 *(a)* | 150000 | 109482 |
| **Stanford Health Care** | **Stanford Health Care** | **Stanford Health Care** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/48 *(a)* | 250000 | 199184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 08/15/51 *(a)* | 100000 | &nbsp;&nbsp; 67290 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **STERIS Irish FinCo Unlimited Co.** | **STERIS Irish FinCo Unlimited Co.** | **STERIS Irish FinCo Unlimited Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/15/31 *(a)* | 200000 | 162819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/51 *(a)* | 150000 | 107623 |
| **Stryker Corp.** | **Stryker Corp.** | **Stryker Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/24 *(a)* | 150000 | 146501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/15/25 *(a)* | 200000 | 183056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/01/25 *(a)* | 200000 | 193529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/26 *(a)* | 340000 | 326584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/07/28 *(a)* | 150000 | 142708 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 06/15/30 *(a)* | 300000 | 244505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/01/43 *(a)* | 100000 | &nbsp;&nbsp; 82194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/44 *(a)* | 100000 | &nbsp;&nbsp; 85178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/46 *(a)* | 300000 | 266774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/50 *(a)* | 200000 | 135306 |
| **Summa Health** | **Summa Health** | **Summa Health** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 11/15/51 *(a)* | 100000 | &nbsp;&nbsp; 66760 |
| **Sutter Health** | **Sutter Health** | **Sutter Health** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.32%, 08/15/25 *(a)* | 250000 | 227452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.29%, 08/15/30 *(a)* | 200000 | 161910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 08/15/40 *(a)* | 100000 | &nbsp;&nbsp; 74884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 08/15/48 *(a)* | 100000 | &nbsp;&nbsp; 81248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 08/15/50 *(a)* | 200000 | 140199 |
| **Sysco Corp.** | **Sysco Corp.** | **Sysco Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/25 *(a)* | 300000 | 290657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/15/26 *(a)* | 250000 | 236514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/27 *(a)* | 200000 | 185321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/15/30 *(a)* | 200000 | 166721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/30 *(a)* | 200000 | 207741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/14/31 *(a)* | 150000 | 120642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/21/35  | 200000 | 196248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 04/01/40 *(a)* | 100000 | 107190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 10/01/45 *(a)* | 175000 | 153692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/46 *(a)* | 150000 | 126077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/15/48 *(a)* | 175000 | 143947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/15/50 *(a)* | 150000 | 103447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 04/01/50 *(a)* | 331000 | 361790 |
| **Takeda Pharmaceutical Co., Ltd.** | **Takeda Pharmaceutical Co., Ltd.** | **Takeda Pharmaceutical Co., Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/26/28 *(a)* | 500000 | 496742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/31/30 *(a)* | 550000 | 449803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 07/09/40 *(a)* | 450000 | 330469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 07/09/50 *(a)* | 400000 | 273973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/09/60 *(a)* | 300000 | 202420 |
| **Texas Health Resources** | **Texas Health Resources** | **Texas Health Resources** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.33%, 11/15/50 *(a)* | 125000 | &nbsp;&nbsp; 72291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 11/15/55  | 100000 | &nbsp;&nbsp; 85641 |
| **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.22%, 10/18/24 *(a)* | 750000 | 704107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/15/28 *(a)* | 200000 | 169822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/01/29 *(a)* | 260000 | 229501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/15/31 *(a)* | 350000 | 283594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 11/21/32 *(a)* | 200000 | 203775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/15/41 *(a)* | 350000 | 258396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/01/44 *(a)* | &nbsp;&nbsp; 98000 | &nbsp;&nbsp; 98729 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 08/15/47 *(a)* | 235000 | 205481 |
| **Toledo Hospital** | **Toledo Hospital** | **Toledo Hospital** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/15/38 *(a)* | 175000 | 165081 |
| **Trinity Health Corp.** | **Trinity Health Corp.** | **Trinity Health Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/01/45  | 225000 | 189458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 12/01/48  | 100000 | &nbsp;&nbsp; 76206 |
| **Tyson Foods, Inc.** | **Tyson Foods, Inc.** | **Tyson Foods, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/24 *(a)* | 250000 | 246314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/26 *(a)* | 200000 | 193959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/02/27 *(a)* | 350000 | 328391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/01/29 *(a)* | 360000 | 344546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 08/15/34 *(a)* | 250000 | 240156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 08/15/44 *(a)* | 225000 | 209370 |

---

*See financial notes*

**83**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/02/47 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/28/48 *(a)* | 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195387 |
| **Unilever Capital Corp.** | **Unilever Capital Corp.** | **Unilever Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/07/24 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/05/24 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/12/24 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 07/30/25  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/28/26  | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/05/27 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/22/28 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/06/29 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/14/30 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/12/31 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/32  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/12/51 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130323 |
| **Universal Health Services, Inc.** | **Universal Health Services, Inc.** | **Universal Health Services, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 09/01/26 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/15/30 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/32 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114929 |
| **UPMC** | **UPMC** | **UPMC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/03/25  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96658 |
| **Utah Acquisition Sub, Inc.** | **Utah Acquisition Sub, Inc.** | **Utah Acquisition Sub, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/26 *(a)* | 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/46 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189702 |
| **Viatris, Inc.** | **Viatris, Inc.** | **Viatris, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/22/25 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/22/27 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/22/30 *(a)* | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/22/40 *(a)* | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/22/50 *(a)* | 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341893 |
| **West Virginia United Health System Obligated Group** | **West Virginia United Health System Obligated Group** | **West Virginia United Health System Obligated Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/01/50 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64643 |
| **Whirlpool Corp.** | **Whirlpool Corp.** | **Whirlpool Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/24  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/01/25  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/26/29 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/46 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/50 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121405 |
| **Willis-Knighton Medical Center** | **Willis-Knighton Medical Center** | **Willis-Knighton Medical Center** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 09/01/48 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 03/01/51 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79455 |
| **Wyeth LLC** | **Wyeth LLC** | **Wyeth LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/34  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/36  | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/37  | 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594635 |
| **Yale-New Haven Health Services Corp.** | **Yale-New Haven Health Services Corp.** | **Yale-New Haven Health Services Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/50 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89102 |
| **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 04/01/25 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/15/26 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/24/31 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/15/45 *(a)* | 149000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118429 |
| **Zoetis, Inc.** | **Zoetis, Inc.** | **Zoetis, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/12/27 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/20/28 *(a)* | 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304821 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/30 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/01/43 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/20/48 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/50 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135732 |
|  |  | **240831865** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Energy 1.6%***  | ***Energy 1.6%***  | ***Energy 1.6%***  |
| **Baker Hughes a GE Co., LLC/Baker Hughes Co-Obligor, Inc.** | **Baker Hughes a GE Co., LLC/Baker Hughes Co-Obligor, Inc.** | **Baker Hughes a GE Co., LLC/Baker Hughes Co-Obligor, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34%, 12/15/27 *(a)* | 450000 | 416547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/07/29 *(a)* | 250000 | 220859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 05/01/30 *(a)* | 150000 | 143475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 12/15/47 *(a)* | 500000 | 393282 |
| **Baker Hughes Holdings LLC** | **Baker Hughes Holdings LLC** | **Baker Hughes Holdings LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.06%, 12/15/26 *(a)* | 100000 | &nbsp;&nbsp; 89780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/15/40  | 150000 | 139600 |
| **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 12/15/24 *(a)* | 180000 | 178162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 06/01/26 *(a)* | 150000 | 152410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 07/15/27 *(a)* | 250000 | 238094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/15/31 *(a)* | 350000 | 294022 |
| **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/21/25 *(a)* | 300000 | 294775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 02/11/26 *(a)* | 250000 | 240427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 05/04/26 *(a)* | 300000 | 284843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 01/16/27 *(a)* | 300000 | 280111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 04/06/27 *(a)* | 150000 | 142818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 04/14/27 *(a)* | 250000 | 238522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 09/21/28 *(a)* | 350000 | 335017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 11/06/28 *(a)* | 600000 | 581826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/06/30 *(a)* | 200000 | 183789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/10/30 *(a)* | 200000 | 159824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 01/12/32 *(a)* | 550000 | 460896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 06/17/41 *(a)* | 400000 | 298419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/24/50 *(a)* | 575000 | 389978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.77%, 11/10/50 *(a)* | 400000 | 256269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 06/04/51 *(a)* | 750000 | 496016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/17/52 *(a)* | 400000 | 266756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/08/61 *(a)* | 400000 | 276387 |
| **BP Capital Markets PLC** | **BP Capital Markets PLC** | **BP Capital Markets PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 09/19/27 *(a)* | 450000 | 423422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 11/28/28 *(a)* | 250000 | 237128 |
| **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/15/24 *(a)* | 150000 | 147321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/01/25 *(a)* | 100000 | &nbsp;&nbsp; 97374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 07/15/25 *(a)* | 150000 | 139794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/27 *(a)* | 200000 | 188935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 07/15/30 *(a)* | 200000 | 169000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 01/15/32  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 81433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 06/30/33  | 100000 | 102385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 02/01/35  | 100000 | &nbsp;&nbsp; 96819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/15/37  | 125000 | 125077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/38  | 300000 | 299030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 02/01/39  | 150000 | 155838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/47 *(a)* | 250000 | 219206 |
| **Cenovus Energy, Inc.** | **Cenovus Energy, Inc.** | **Cenovus Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/37 *(a)* | 250000 | 229910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 09/15/37  | 150000 | 154898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/15/39  | 250000 | 259769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/15/47 *(a)* | 325000 | 294403 |
| **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/31/25 *(a)* | 375000 | 377280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/30/27 *(a)* | 500000 | 495191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/29 *(a)* | 500000 | 453867 |
| **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/29 *(a)* | 350000 | 315737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/31 *(a)* | 350000 | 300891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/31/32 *(a)* | 250000 | 200156 |
| **Chevron Corp.** | **Chevron Corp.** | **Chevron Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/03/24 *(a)* | 300000 | 293509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 05/11/25 *(a)* | 950000 | 884572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 11/17/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48415 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**84**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/16/26 *(a)* | 300000 | 285044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/11/27 *(a)* | 100000 | &nbsp;&nbsp; 89958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 05/11/30 *(a)* | 600000 | 514626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 05/11/50 *(a)* | 300000 | 218158 |
| **Chevron USA, Inc.** | **Chevron USA, Inc.** | **Chevron USA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/24 *(a)* | 170000 | 167263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%, 08/12/25 *(a)* | 250000 | 226352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%, 08/12/27 *(a)* | 250000 | 214651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/15/28 *(a)* | 250000 | 241728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/15/29 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 45952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/41 *(a)* | 150000 | 165312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/43 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 08/12/50 *(a)* | 200000 | 125419 |
| **Columbia Pipeline Group, Inc.** | **Columbia Pipeline Group, Inc.** | **Columbia Pipeline Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/25 *(a)* | 383000 | 377995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 06/01/45 *(a)* | 100000 | &nbsp;&nbsp; 97284 |
| **ConocoPhillips Co.** | **ConocoPhillips Co.** | **ConocoPhillips Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/08/24 *(a)* | 400000 | 387636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/07/25 *(a)* | 350000 | 332905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 04/15/29  | 300000 | 332442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 10/15/32  | 100000 | 107087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/39  | 500000 | 562202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 03/15/42 *(a)* | 400000 | 334919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/44 *(a)* | 200000 | 173550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/47 *(a)* | 150000 | 139161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/52 *(a)* | 300000 | 238320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 03/15/62 *(a)* | 767000 | 612216 |
| **Continental Resources, Inc.** | **Continental Resources, Inc.** | **Continental Resources, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/01/24 *(a)* | 250000 | 243248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/28 *(a)* | 300000 | 273460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/01/44 *(a)* | 225000 | 166759 |
| **Coterra Energy, Inc.** | **Coterra Energy, Inc.** | **Coterra Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/27 *(a)* | 200000 | 187351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/29 *(a)* | 150000 | 141374 |
| **DCP Midstream Operating LP** | **DCP Midstream Operating LP** | **DCP Midstream Operating LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/25 *(a)* | 250000 | 247828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/27 *(a)* | 200000 | 199270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/29 *(a)* | 200000 | 193352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 08/16/30  | 150000 | 168161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/32 *(a)* | 200000 | 165178 |
| **Devon Energy Corp.** | **Devon Energy Corp.** | **Devon Energy Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/24 *(a)(c)* | 125000 | 125179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 12/15/25 *(a)* | 150000 | 152944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/15/27 *(a)* | 150000 | 149378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/28 *(a)(c)* | 100000 | 101524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/30 *(a)* | 195000 | 182314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 09/30/31  | 150000 | 170695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 04/15/32  | 100000 | 114665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/15/41 *(a)* | 350000 | 327844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/42 *(a)* | 200000 | 170123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/45 *(a)* | 250000 | 215814 |
| **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/26 *(a)* | 300000 | 279942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/29 *(a)* | 400000 | 351871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/24/31 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 41581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/33 *(a)* | 300000 | 305138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/24/51 *(a)* | 200000 | 153105 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/52 *(a)* | 150000 | 111315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 03/15/53 *(a)* | 200000 | 194282 |
| **Eastern Energy Gas Holdings LLC** | **Eastern Energy Gas Holdings LLC** | **Eastern Energy Gas Holdings LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/15/24 *(a)* | 150000 | 143164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/15/24 *(a)* | &nbsp;&nbsp; 17000 | &nbsp;&nbsp; 16524 |
| **Eastern Gas Transmission & Storage, Inc.** | **Eastern Gas Transmission & Storage, Inc.** | **Eastern Gas Transmission & Storage, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/29 *(a)* | 250000 | 217141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/01/43 *(a)(c)* | 125000 | 108431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 12/15/44 *(a)* | 150000 | 123944 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Enable Midstream Partners LP** | **Enable Midstream Partners LP** | **Enable Midstream Partners LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/28 *(a)* | 250000 | 240542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/15/29 *(a)* | 200000 | 180849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/44 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 61497 |
| **Enbridge Energy Partners LP** | **Enbridge Energy Partners LP** | **Enbridge Energy Partners LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/25 *(a)* | 150000 | 152613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/38  | 100000 | 110329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/15/40 *(a)* | 200000 | 187856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 10/15/45 *(a)* | 150000 | 168351 |
| **Enbridge, Inc.** | **Enbridge, Inc.** | **Enbridge, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 10/04/26 *(a)* | 150000 | 131551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/26 *(a)* | 600000 | 578146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/15/27 *(a)* | 325000 | 305008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/29 *(a)* | 350000 | 305835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/33 *(a)* | 425000 | 328098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/10/44 *(a)* | 150000 | 124644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/46 *(a)* | 150000 | 141837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/49 *(a)* | 300000 | 229704 |
| **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/24 *(a)* | 350000 | 351006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/24 *(a)* | 100000 | &nbsp;&nbsp; 99253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/24 *(a)* | 100000 | &nbsp;&nbsp; 98320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/24 *(a)* | 200000 | 197322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/24 *(a)* | 100000 | &nbsp;&nbsp; 97593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/27 *(a)* | 300000 | 285754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/27 *(a)* | 200000 | 187381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 02/15/28 *(a)* | 250000 | 247889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/28 *(a)* | 350000 | 338913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/29 *(a)* | 300000 | 291061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/30 *(a)* | 500000 | 441420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 02/15/33 *(a)* | 425000 | 417262 |
| **Energy Transfer Operating LP** | **Energy Transfer Operating LP** | **Energy Transfer Operating LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/25 *(a)* | 200000 | 193932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/25 *(a)* | 300000 | 282909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/26 *(a)* | 350000 | 341922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/27 *(a)* | 250000 | 236374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/27 *(a)* | 350000 | 348149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/35 *(a)* | 150000 | 133910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 10/15/36  | 125000 | 126223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 07/01/38  | 100000 | 106968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 06/01/41 *(a)* | 200000 | 189880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/42 *(a)* | 250000 | 247932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 02/01/43 *(a)* | 150000 | 125291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 10/01/43 *(a)* | 148000 | 136957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/15/45 *(a)* | 300000 | 250056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 12/15/45 *(a)* | 300000 | 278963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/15/47 *(a)* | 250000 | 209647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/48 *(a)* | 300000 | 271421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 04/15/49 *(a)* | 500000 | 466966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/50 *(a)* | 550000 | 444208 |
| **Eni USA, Inc.** | **Eni USA, Inc.** | **Eni USA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 11/15/27  | 150000 | 159943 |
| **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/15/24 *(a)* | 300000 | 295644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/25 *(a)* | 400000 | 389274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/15/26 *(a)* | 150000 | 144720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/15/27 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/16/28 *(a)* | 300000 | 284391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/31/29 *(a)* | 450000 | 396704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/31/30 *(a)* | 400000 | 341156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 10/15/34  | 200000 | 211782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55%, 04/15/38  | 100000 | 112156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/15/39  | 225000 | 232206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 09/01/40  | 120000 | 125847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/01/41  | 200000 | 200388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 02/15/42  | 150000 | 145881 |

---

*See financial notes*

**85**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 08/15/42 *(a)* | 200000 | 177763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/43 *(a)* | 300000 | 252872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/15/44 *(a)* | 400000 | 352454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 02/15/45 *(a)* | 350000 | 316249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 05/15/46 *(a)* | 250000 | 219869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/48 *(a)* | 350000 | 282276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/01/49 *(a)* | 350000 | 302308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/31/50 *(a)* | 350000 | 276609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/31/51 *(a)* | 325000 | 236705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/15/52 *(a)* | 350000 | 231323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/15/54 *(a)* | 125000 | 106555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/31/60 *(a)* | 325000 | 236035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/16/77 *(a)(b)* | 300000 | 246018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/15/78 *(a)(b)* | 210000 | 163437 |
| **EOG Resources, Inc.** | **EOG Resources, Inc.** | **EOG Resources, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 04/01/25 *(a)* | 250000 | 241545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/15/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/30 *(a)* | 300000 | 290900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/35 *(a)* | 165000 | 147275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/50 *(a)* | 200000 | 191698 |
| **EQT Corp.** | **EQT Corp.** | **EQT Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/25 *(a)(f)* | 300000 | 301112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/27 *(a)* | 400000 | 370057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 04/01/28 *(a)* | 200000 | 199150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/01/30 *(a)(f)* | 200000 | 207569 |
| **Exxon Mobil Corp.** | **Exxon Mobil Corp.** | **Exxon Mobil Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 03/15/24 *(a)* | 250000 | 245294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.02%, 08/16/24 *(a)* | 325000 | 311580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 03/06/25 *(a)* | 500000 | 478538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 03/19/25 *(a)* | 800000 | 771505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 03/01/26 *(a)* | 500000 | 477786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 08/16/26 *(a)* | 300000 | 278030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 03/19/27 *(a)* | 300000 | 288396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 08/16/29 *(a)* | 250000 | 219123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 03/19/30 *(a)* | 650000 | 606623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 10/15/30 *(a)* | 600000 | 524702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/16/39 *(a)* | 250000 | 192553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 03/19/40 *(a)* | 550000 | 495855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 03/06/45 *(a)* | 300000 | 236530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 03/01/46 *(a)* | 750000 | 641241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/16/49 *(a)* | 450000 | 323835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 03/19/50 *(a)* | 775000 | 685225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/51 *(a)* | 650000 | 492393 |
| **Halliburton Co.** | **Halliburton Co.** | **Halliburton Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/25 *(a)* | 134000 | 130500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 03/01/30 *(a)* | 300000 | 258135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/15/35 *(a)* | 300000 | 278422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 09/15/38  | 250000 | 266278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 09/15/39  | 300000 | 340336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/43 *(a)* | 200000 | 171562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/15/45 *(a)* | 600000 | 533329 |
| **Helmerich and Payne, Inc.** | **Helmerich and Payne, Inc.** | **Helmerich and Payne, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/29/31 *(a)* | 200000 | 162462 |
| **Hess Corp.** | **Hess Corp.** | **Hess Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/24 *(a)* | 100000 | &nbsp;&nbsp; 97139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/01/27 *(a)* | 200000 | 191565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 10/01/29  | 150000 | 167405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 08/15/31  | 163000 | 177796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/15/33  | 150000 | 162322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/40  | 200000 | 197659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 02/15/41  | 375000 | 355128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 04/01/47 *(a)* | 150000 | 144108 |
| **HF Sinclair Corp.** | **HF Sinclair Corp.** | **HF Sinclair Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/26 *(a)* | 260000 | 261207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/30 *(a)* | 125000 | 109919 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Kinder Morgan Energy Partners LP** | **Kinder Morgan Energy Partners LP** | **Kinder Morgan Energy Partners LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/01/24 *(a)* | 200000 | 197514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/01/24 *(a)* | 350000 | 345833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40%, 03/15/31  | 300000 | 328401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 03/15/32  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/15/35  | 300000 | 294848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/37  | 200000 | 203032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 01/15/38  | 350000 | 372116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 09/01/39  | 350000 | 357993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 09/15/40  | 100000 | 101175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/40  | 150000 | 165566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 03/01/41  | 250000 | 249230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/41  | 150000 | 137229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/42 *(a)* | 300000 | 258471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/01/42 *(a)* | 100000 | &nbsp;&nbsp; 83031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/43 *(a)* | 300000 | 257701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/44 *(a)* | 100000 | &nbsp;&nbsp; 90990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 09/01/44 *(a)* | 250000 | 225051 |
| **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/01/25 *(a)* | 500000 | 491131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/01/28 *(a)* | 390000 | 374344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/31 *(a)* | 350000 | 272051 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80%, 08/01/31  | 200000 | 223724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 01/15/32  | 250000 | 281832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 06/01/45 *(a)* | 500000 | 457994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 02/15/46 *(a)* | 150000 | 128270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/48 *(a)* | 246000 | 215415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/01/50 *(a)* | 275000 | 178749 |
| **Magellan Midstream Partners LP** | **Magellan Midstream Partners LP** | **Magellan Midstream Partners LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/30 *(a)* | 250000 | 218629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/15/43 *(a)* | 200000 | 175017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/46 *(a)* | 150000 | 113539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/03/47 *(a)* | 150000 | 113888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 02/01/49 *(a)* | &nbsp;&nbsp; 99000 | &nbsp;&nbsp; 82710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/50 *(a)* | 250000 | 184672 |
| **Marathon Oil Corp.** | **Marathon Oil Corp.** | **Marathon Oil Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/15/27 *(a)* | 300000 | 286824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 03/15/32  | &nbsp;&nbsp; 88000 | &nbsp;&nbsp; 90802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 10/01/37  | 250000 | 249763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 06/01/45 *(a)* | 150000 | 128597 |
| **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/15/24 *(a)* | 200000 | 194799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/01/25 *(a)* | 300000 | 295728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26 *(a)* | 200000 | 199623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/28 *(a)* | 150000 | 138943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/01/41 *(a)* | 350000 | 362135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/44 *(a)* | 250000 | 209835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/48 *(a)* | 100000 | &nbsp;&nbsp; 80069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/15/54 *(a)* | 125000 | 105980 |
| **MPLX LP** | **MPLX LP** | **MPLX LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/24 *(a)* | 475000 | 471180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/25 *(a)* | 150000 | 145546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/25 *(a)* | 350000 | 346223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/01/26 *(a)* | 450000 | 401866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/27 *(a)* | 400000 | 379000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/27 *(a)* | 246000 | 232741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/28 *(a)* | 275000 | 256651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/15/29 *(a)* | 250000 | 239591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/30 *(a)* | 500000 | 406458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/38 *(a)* | 500000 | 421430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/01/47 *(a)* | 300000 | 255826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 12/01/47 *(a)* | 150000 | 128890 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/48 *(a)* | 400000 | 319324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 02/15/49 *(a)* | 425000 | 377069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/14/52 *(a)* | 400000 | 328517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/15/58 *(a)* | 200000 | 157623 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**86**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **National Fuel Gas Co.** | **National Fuel Gas Co.** | **National Fuel Gas Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/15/25 *(a)* | 150000 | 149561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/26 *(a)* | 150000 | 149830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/15/27 *(a)* | 150000 | 139363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/01/28 *(a)* | 200000 | 190320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/31 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 39418 |
| **Northwest Pipeline LLC** | **Northwest Pipeline LLC** | **Northwest Pipeline LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/27 *(a)* | 250000 | 237954 |
| **NOV, Inc.** | **NOV, Inc.** | **NOV, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/01/29 *(a)* | 150000 | 132220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/42 *(a)* | 300000 | 210055 |
| **ONEOK Partners LP** | **ONEOK Partners LP** | **ONEOK Partners LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/25 *(a)* | 150000 | 148102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 10/01/36  | 150000 | 151058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 10/15/37  | 225000 | 228947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/41 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 09/15/43 *(a)* | 150000 | 143353 |
| **ONEOK, Inc.** | **ONEOK, Inc.** | **ONEOK, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/01/24 *(a)* | 150000 | 143856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/15/25 *(a)* | 150000 | 137940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 01/15/26 *(a)* | 200000 | 203090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/13/27 *(a)* | 200000 | 188602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/15/28 *(a)* | 275000 | 260459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/15/29 *(a)* | 300000 | 278790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/29 *(a)* | 250000 | 216496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/30 *(a)* | 200000 | 168210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 01/15/31 *(a)* | 200000 | 204478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 06/15/35  | 100000 | &nbsp;&nbsp; 97321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/13/47 *(a)* | 225000 | 183484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/15/48 *(a)* | 300000 | 252145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/01/49 *(a)* | 200000 | 150619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/50 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 37626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.15%, 01/15/51 *(a)* | 100000 | 103083 |
| **Ovintiv Exploration, Inc.** | **Ovintiv Exploration, Inc.** | **Ovintiv Exploration, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/01/26 *(a)* | 300000 | 297772 |
| **Ovintiv, Inc.** | **Ovintiv, Inc.** | **Ovintiv, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 11/01/31  | 100000 | 105576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 11/01/31  | 200000 | 215193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/15/34  | 100000 | 101564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 08/15/37  | 100000 | 101092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 02/01/38  | 200000 | 199087 |
| **Phillips 66** | **Phillips 66** | **Phillips 66** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 02/15/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/09/25 *(a)* | 200000 | 195091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 02/15/26 *(a)* | 200000 | 179117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/28 *(a)* | 300000 | 283961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/15/30 *(a)* | 250000 | 200331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/15/34 *(a)* | 300000 | 280564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 05/01/42  | 400000 | 411842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/44 *(a)* | 425000 | 390439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/52 *(a)* | 325000 | 225797 |
| **Phillips 66 Partners LP** | **Phillips 66 Partners LP** | **Phillips 66 Partners LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 02/15/25 *(a)(c)* | 200000 | 193849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/28 *(a)* | 175000 | 161739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/15/29 *(a)(c)* | 150000 | 131295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 02/15/45 *(a)(c)* | 200000 | 174546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/01/46 *(a)(c)* | 175000 | 155754 |
| **Pioneer Natural Resources Co.** | **Pioneer Natural Resources Co.** | **Pioneer Natural Resources Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/15/26 *(a)* | 300000 | 267655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/30 *(a)* | 300000 | 236038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 01/15/31 *(a)* | 250000 | 198527 |
| **Plains All American Pipeline LP** | **Plains All American Pipeline LP** | **Plains All American Pipeline LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 01/15/37  | 250000 | 247283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/31/43 *(a)* | 150000 | 108643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/15/45 *(a)* | 200000 | 156075 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Plains All American Pipeline LP/PAA Finance Corp.** | **Plains All American Pipeline LP/PAA Finance Corp.** | **Plains All American Pipeline LP/PAA Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/15/25 *(a)* | 300000 | &nbsp;&nbsp;&nbsp; 294059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/26 *(a)* | 260000 | &nbsp;&nbsp;&nbsp; 250193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 12/15/29 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 130486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/15/30 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 174331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 06/01/42 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 122312 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/15/44 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 75980 |
| **Sabine Pass Liquefaction LLC** | **Sabine Pass Liquefaction LLC** | **Sabine Pass Liquefaction LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/01/25 *(a)* | 750000 | &nbsp;&nbsp;&nbsp; 752551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/26 *(a)* | 500000 | &nbsp;&nbsp;&nbsp; 506547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 *(a)* | 400000 | &nbsp;&nbsp;&nbsp; 392909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/28 *(a)* | 450000 | &nbsp;&nbsp;&nbsp; 423631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/30 *(a)* | 525000 | &nbsp;&nbsp;&nbsp; 488365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 09/15/37 *(a)(c)* | 150000 | &nbsp;&nbsp;&nbsp; 149959 |
| **Schlumberger Finance Canada Ltd.** | **Schlumberger Finance Canada Ltd.** | **Schlumberger Finance Canada Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/17/25 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 183591 |
| **Schlumberger Investment S.A.** | **Schlumberger Investment S.A.** | **Schlumberger Investment S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/26/30 *(a)* | 225000 | &nbsp;&nbsp;&nbsp; 193322 |
| **Shell International Finance BV** | **Shell International Finance BV** | **Shell International Finance BV** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/07/24 *(a)* | 300000 | &nbsp;&nbsp;&nbsp; 285477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/11/25  | 900000 | &nbsp;&nbsp;&nbsp; 872982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/10/26  | 500000 | &nbsp;&nbsp;&nbsp; 471548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/12/26  | 200000 | &nbsp;&nbsp;&nbsp; 185814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/13/28 *(a)* | 600000 | &nbsp;&nbsp;&nbsp; 578314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/07/29 *(a)* | 475000 | &nbsp;&nbsp;&nbsp; 411359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/06/30 *(a)* | 500000 | &nbsp;&nbsp;&nbsp; 440080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/11/35  | 500000 | &nbsp;&nbsp;&nbsp; 463525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 12/15/38  | 950000 | 1050180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/21/42  | 150000 | &nbsp;&nbsp;&nbsp; 121159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/12/43  | 375000 | &nbsp;&nbsp;&nbsp; 339695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/11/45  | 400000 | &nbsp;&nbsp;&nbsp; 351387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/10/46  | 725000 | &nbsp;&nbsp;&nbsp; 599165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/46  | 400000 | &nbsp;&nbsp;&nbsp; 316883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/07/49 *(a)* | 500000 | &nbsp;&nbsp;&nbsp; 354043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/06/50 *(a)* | 600000 | &nbsp;&nbsp;&nbsp; 436207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/26/51 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 136447 |
| **Spectra Energy Partners LP** | **Spectra Energy Partners LP** | **Spectra Energy Partners LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/24 *(a)* | 300000 | &nbsp;&nbsp;&nbsp; 298155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/25 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 192570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 09/25/43 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 194515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/45 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 82575 |
| **Suncor Energy, Inc.** | **Suncor Energy, Inc.** | **Suncor Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/01/34  | 150000 | &nbsp;&nbsp;&nbsp; 149785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 05/15/35  | 200000 | &nbsp;&nbsp;&nbsp; 195626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 05/15/38  | 300000 | &nbsp;&nbsp;&nbsp; 315585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 06/15/38  | 375000 | &nbsp;&nbsp;&nbsp; 386110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.85%, 06/01/39  | 150000 | &nbsp;&nbsp;&nbsp; 158320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/47 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 114276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/04/51 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 145193 |
| **Sunoco Logistics Partners Operations LP** | **Sunoco Logistics Partners Operations LP** | **Sunoco Logistics Partners Operations LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/01/25 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 126940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 02/15/42  | 200000 | &nbsp;&nbsp;&nbsp; 185160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/43 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 121956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/01/44 *(a)* | 250000 | &nbsp;&nbsp;&nbsp; 212417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 05/15/45 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 85433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/01/47 *(a)* | 400000 | &nbsp;&nbsp;&nbsp; 340557 |
| **Targa Resources Corp.** | **Targa Resources Corp.** | **Targa Resources Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/01/27 *(a)* | 225000 | &nbsp;&nbsp;&nbsp; 221242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/01/33 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 172385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/52 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 159550 |
| **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** | **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** | **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/27 *(a)* | 450000 | &nbsp;&nbsp;&nbsp; 454982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/30 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 188856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/31 *(a)* | 350000 | &nbsp;&nbsp;&nbsp; 316550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/32 *(a)* | 400000 | &nbsp;&nbsp;&nbsp; 336662 |

---

*See financial notes*

**87**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **TC PipeLines LP** | **TC PipeLines LP** | **TC PipeLines LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/13/25 *(a)* | 200000 | 196376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/25/27 *(a)* | 100000 | &nbsp;&nbsp; 94664 |
| **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/15/27  | 100000 | 106204 |
| **Tosco Corp.** | **Tosco Corp.** | **Tosco Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 02/15/30  | 100000 | 117254 |
| **TotalEnergies Capital International S.A.** | **TotalEnergies Capital International S.A.** | **TotalEnergies Capital International S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/15/24  | 200000 | 197411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/10/24  | 400000 | 395136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.43%, 01/10/25 *(a)* | 200000 | 191089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 02/19/29 *(a)* | 356000 | 330987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 01/10/30 *(a)* | 375000 | 331855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 06/29/41 *(a)* | 275000 | 205602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 07/12/49 *(a)* | 300000 | 226124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/29/50 *(a)* | 700000 | 497762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 06/29/60 *(a)* | 250000 | 176042 |
| **TotalEnergies Capital S.A.** | **TotalEnergies Capital S.A.** | **TotalEnergies Capital S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/11/28  | 275000 | 266233 |
| **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/12/24 *(a)* | 150000 | 139016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/26 *(a)* | 350000 | 348682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/28 *(a)* | 575000 | 546594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/15/30 *(a)* | 150000 | 137628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/12/31 *(a)* | 150000 | 119499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/01/34 *(a)* | 400000 | 365985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/15/37  | 300000 | 306779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/38 *(a)* | 200000 | 178335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 08/15/38  | 125000 | 139100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 01/15/39  | 400000 | 459159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/40  | 250000 | 251952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/16/43 *(a)* | 200000 | 178027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/15/48 *(a)* | 350000 | 307291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 03/15/49 *(a)* | 300000 | 273923 |
| **Transcontinental Gas Pipe Line Co. LLC** | **Transcontinental Gas Pipe Line Co. LLC** | **Transcontinental Gas Pipe Line Co. LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.85%, 02/01/26 *(a)* | 250000 | 266996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/28 *(a)* | 150000 | 141272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/30 *(a)* | 250000 | 217614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/15/41 *(a)* | 125000 | 119135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 08/01/42 *(a)* | 100000 | &nbsp;&nbsp; 84811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/15/48 *(a)* | 200000 | 167642 |
| **Valero Energy Corp.** | **Valero Energy Corp.** | **Valero Energy Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/15/27 *(a)* | 200000 | 175831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/28 *(a)* | 250000 | 241707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/29 *(a)* | 250000 | 235753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/32  | 150000 | 169210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/37  | 450000 | 481495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/45 *(d)* | 250000 | 223606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/01/51 *(a)* | 200000 | 141999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/52 *(a)* | 150000 | 113228 |
| **Valero Energy Partners LP** | **Valero Energy Partners LP** | **Valero Energy Partners LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/28 *(a)* | 200000 | 194436 |
| **Williams Cos., Inc.** | **Williams Cos., Inc.** | **Williams Cos., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/04/24 *(a)* | 250000 | 246939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/24/24 *(a)* | 350000 | 346314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/15/25 *(a)* | 237000 | 231107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/25 *(a)* | 250000 | 243121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/27 *(a)* | 500000 | 471551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/30 *(a)* | 350000 | 307217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 01/15/31  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 03/15/32  | 250000 | 298353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 04/15/40  | 400000 | 410645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 11/15/43 *(a)* | 150000 | 143371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/24/44 *(a)* | 200000 | 191457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/15/45 *(a)* | 225000 | 192253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 09/15/45 *(a)* | 350000 | 306983 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/01/48 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/51 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/15/52 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203056 |
|  |  | **111606898** |
| ***Industrial Other 0.1%***  | ***Industrial Other 0.1%***  | ***Industrial Other 0.1%***  |
| **Boston University** | **Boston University** | **Boston University** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 10/01/48 *(a)* | 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149018 |
| **California Institute of Technology** | **California Institute of Technology** | **California Institute of Technology** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 08/01/45  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/01/11  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/19 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129255 |
| **Cintas Corp. No. 2** | **Cintas Corp. No. 2** | **Cintas Corp. No. 2** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/27 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289397 |
| **Duke University** | **Duke University** | **Duke University** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 10/01/44  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 10/01/50  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 10/01/55  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135932 |
| **Emory University** | **Emory University** | **Emory University** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.14%, 09/01/30 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 09/01/50 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101168 |
| **George Washington University** | **George Washington University** | **George Washington University** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 09/15/44  | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.87%, 09/15/45  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/15/48 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167492 |
| **Georgetown University** | **Georgetown University** | **Georgetown University** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 04/01/49 *(a)* | 101000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 04/01/50  | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.22%, 10/01/18 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87972 |
| **Howard University** | **Howard University** | **Howard University** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 10/01/52 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39459 |
| **Johns Hopkins University** | **Johns Hopkins University** | **Johns Hopkins University** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 07/01/53  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.81%, 01/01/60 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94526 |
| **Leland Stanford Junior University** | **Leland Stanford Junior University** | **Leland Stanford Junior University** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/01/48 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.41%, 06/01/50 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159806 |
| **Massachusetts Institute of Technology** | **Massachusetts Institute of Technology** | **Massachusetts Institute of Technology** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 07/01/38  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 07/01/50 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.29%, 07/01/51 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 07/01/11  | 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 07/01/14  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 07/01/16  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108961 |
| **Northeastern University** | **Northeastern University** | **Northeastern University** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 10/01/50  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66111 |
| **Northwestern University** | **Northwestern University** | **Northwestern University** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.64%, 12/01/44  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 12/01/50 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 12/01/57 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77579 |
| **President and Fellows of Harvard College** | **President and Fellows of Harvard College** | **President and Fellows of Harvard College** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/15/40  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 07/15/46 *(a)* | 207000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 10/15/50 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/52 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/15/56 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112683 |
| **Quanta Services, Inc.** | **Quanta Services, Inc.** | **Quanta Services, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/01/30 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/32 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/01/41 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131384 |
| **The American University** | **The American University** | **The American University** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 04/01/49  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155681 |
| **Thomas Jefferson University** | **Thomas Jefferson University** | **Thomas Jefferson University** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/01/57 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109157 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**88**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Trustees of Boston College** | **Trustees of Boston College** | **Trustees of Boston College** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/01/52  | 150000 | &nbsp;&nbsp;&nbsp; 105690 |
| **Trustees of Princeton University** | **Trustees of Princeton University** | **Trustees of Princeton University** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 03/01/39  | 225000 | &nbsp;&nbsp;&nbsp; 244079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 07/01/50 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 135616 |
| **Trustees of the University of Pennsylvania** | **Trustees of the University of Pennsylvania** | **Trustees of the University of Pennsylvania** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/01/50 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 63515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 09/01/12  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 85189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 02/15/19 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 66791 |
| **University of Chicago** | **University of Chicago** | **University of Chicago** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 04/01/45 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 113487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 04/01/50 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 134955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/53 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 105947 |
| **University of Notre Dame du Lac** | **University of Notre Dame du Lac** | **University of Notre Dame du Lac** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 02/15/45  | 150000 | &nbsp;&nbsp;&nbsp; 120046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 02/15/48 *(a)* | 149000 | &nbsp;&nbsp;&nbsp; 115315 |
| **University of Southern California** | **University of Southern California** | **University of Southern California** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 10/01/39  | 300000 | &nbsp;&nbsp;&nbsp; 236278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 10/01/47 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 124892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/11  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 98298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 10/01/20 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 74272 |
| **William Marsh Rice University** | **William Marsh Rice University** | **William Marsh Rice University** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 05/15/45  | 200000 | &nbsp;&nbsp;&nbsp; 165495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 05/15/55  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 80887 |
| **Yale University** | **Yale University** | **Yale University** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.87%, 04/15/25 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 115125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.48%, 04/15/30 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 160364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/15/50 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 130281 |
|  |  | **7598677** |
| ***Technology 2.4%***  | ***Technology 2.4%***  | ***Technology 2.4%***  |
| **Adobe, Inc.** | **Adobe, Inc.** | **Adobe, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/01/25 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 141802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/25 *(a)* | 230000 | &nbsp;&nbsp;&nbsp; 223619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/01/27 *(a)* | 275000 | &nbsp;&nbsp;&nbsp; 250806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/30 *(a)* | 400000 | &nbsp;&nbsp;&nbsp; 341682 |
| **Advanced Micro Devices, Inc.** | **Advanced Micro Devices, Inc.** | **Advanced Micro Devices, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 06/01/32 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 139969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 06/01/52 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 133174 |
| **Alphabet, Inc.** | **Alphabet, Inc.** | **Alphabet, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/25/24  | 250000 | &nbsp;&nbsp;&nbsp; 250595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 08/15/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 90204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/26 *(a)* | 500000 | &nbsp;&nbsp;&nbsp; 460355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/15/27 *(a)* | 300000 | &nbsp;&nbsp;&nbsp; 257653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 08/15/30 *(a)* | 700000 | &nbsp;&nbsp;&nbsp; 550849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/40 *(a)* | 550000 | &nbsp;&nbsp;&nbsp; 364823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/15/50 *(a)* | 750000 | &nbsp;&nbsp;&nbsp; 445280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/60 *(a)* | 525000 | &nbsp;&nbsp;&nbsp; 299184 |
| **Amdocs Ltd.** | **Amdocs Ltd.** | **Amdocs Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54%, 06/15/30 *(a)* | 250000 | &nbsp;&nbsp;&nbsp; 203693 |
| **Analog Devices, Inc.** | **Analog Devices, Inc.** | **Analog Devices, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/25 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 144262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/05/26 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 190988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/15/27 *(a)(c)* | 200000 | &nbsp;&nbsp;&nbsp; 188633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 10/01/28 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 169725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 10/01/31 *(a)* | 350000 | &nbsp;&nbsp;&nbsp; 283507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/01/41 *(a)* | 300000 | &nbsp;&nbsp;&nbsp; 221204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/51 *(a)* | 250000 | &nbsp;&nbsp;&nbsp; 169063 |
| **Apple Inc.** | **Apple Inc.** | **Apple Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/09/24 *(a)* | 350000 | &nbsp;&nbsp;&nbsp; 343360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/06/24  | 500000 | &nbsp;&nbsp;&nbsp; 491755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/11/24 *(a)* | 450000 | &nbsp;&nbsp;&nbsp; 438418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/11/24 *(a)* | 250000 | &nbsp;&nbsp;&nbsp; 238298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/13/25 *(a)* | 400000 | &nbsp;&nbsp;&nbsp; 385519 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/09/25  | 300000 | 287001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/11/25 *(a)* | 500000 | 460846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/13/25  | 600000 | 580142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 08/20/25 *(a)* | 400000 | 361001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 02/08/26 *(a)* | 750000 | 667166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/23/26 *(a)* | 950000 | 913983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/04/26 *(a)* | 600000 | 557540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 09/11/26 *(a)* | 550000 | 502886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/09/27 *(a)* | 675000 | 646823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/11/27 *(a)* | 500000 | 475274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/27 *(a)* | 300000 | 282977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/12/27 *(a)* | 550000 | 514236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/13/27 *(a)* | 450000 | 420897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 02/08/28 *(a)* | 750000 | 637594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/05/28 *(a)* | 650000 | 551500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/08/29 *(a)* | 300000 | 278382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/11/29 *(a)* | 550000 | 475754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/11/30 *(a)* | 550000 | 451351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/20/30 *(a)* | 400000 | 315392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/08/31 *(a)* | 800000 | 644912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 08/05/31 *(a)* | 350000 | 280124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 08/08/32 *(a)* | 450000 | 409204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/23/36 *(a)* | 300000 | 297675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/08/41 *(a)* | 450000 | 318418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/04/43  | 800000 | 695322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/06/44  | 230000 | 218191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/09/45  | 600000 | 482826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/13/45  | 700000 | 647083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 02/23/46 *(a)* | 850000 | 808482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/04/46 *(a)* | 538000 | 458672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/09/47 *(a)* | 400000 | 369960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/12/47 *(a)* | 350000 | 292421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/13/47 *(a)* | 419000 | 350165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/11/49 *(a)* | 500000 | 357070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/11/50 *(a)* | 750000 | 498385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/20/50 *(a)* | 600000 | 379317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/08/51 *(a)* | 350000 | 233502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/05/51 *(a)* | 500000 | 334263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/08/52 *(a)* | 500000 | 426794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 08/20/60 *(a)* | 650000 | 398779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/08/61 *(a)* | 450000 | 288901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/05/61 *(a)* | 450000 | 293330 |
| **Applied Materials, Inc.** | **Applied Materials, Inc.** | **Applied Materials, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/25 *(a)* | 250000 | 244905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 *(a)* | 400000 | 380532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/01/30 *(a)* | 250000 | 204107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 10/01/35 *(a)* | 100000 | 101237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 06/15/41  | 150000 | 164488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/01/47 *(a)* | 100000 | &nbsp;&nbsp; 90497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/50 *(a)* | 325000 | 222889 |
| **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/08/24 *(a)* | 300000 | 289021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/12/28 *(a)* | 225000 | 205169 |
| **Autodesk, Inc.** | **Autodesk, Inc.** | **Autodesk, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/25 *(a)* | 200000 | 198030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/15/30 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 43059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 12/15/31 *(a)* | 375000 | 300971 |
| **Automatic Data Processing, Inc.** | **Automatic Data Processing, Inc.** | **Automatic Data Processing, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/25 *(a)* | 250000 | 242612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/15/28 *(a)* | 350000 | 304344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/01/30 *(a)* | 350000 | 273619 |
| **Avnet, Inc.** | **Avnet, Inc.** | **Avnet, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/26 *(a)* | 200000 | 192799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/32 *(a)* | 150000 | 138681 |

---

*See financial notes*

**89**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Baidu, Inc.** | **Baidu, Inc.** | **Baidu, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/14/24 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 246025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 04/07/25 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 188623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.72%, 04/09/26 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 177281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 07/06/27  | &nbsp;&nbsp;&nbsp; 200000 | 184482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/29/28 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 188895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/14/28 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 192152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/09/30 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 159388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/23/31 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 156303 |
| **Broadcom Corp./Broadcom Cayman Finance Ltd.** | **Broadcom Corp./Broadcom Cayman Finance Ltd.** | **Broadcom Corp./Broadcom Cayman Finance Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 295077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 900000 | 852960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 228209 |
| **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 195002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 237104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 09/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 204000 | 192305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/15/28 *(a)(c)* | &nbsp;&nbsp;&nbsp; 300000 | 253969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 09/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | 373616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 286523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 142327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 593000 | 532357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/15/31 *(a)(c)* | &nbsp;&nbsp;&nbsp; 700000 | 552118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/32 *(a)* | &nbsp;&nbsp;&nbsp; 675000 | 596914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/15/33 *(a)(c)* | &nbsp;&nbsp;&nbsp; 600000 | 450557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 04/15/33 *(a)(c)* | &nbsp;&nbsp;&nbsp; 600000 | 482460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 04/15/34 *(a)(c)* | &nbsp;&nbsp;&nbsp; 850000 | 675492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/15/35 *(a)(c)* | 1006000 | 739992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 11/15/36 *(a)(c)* | &nbsp;&nbsp;&nbsp; 707000 | 511076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 05/15/37 *(a)(c)* | &nbsp;&nbsp;&nbsp; 655000 | 572636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/41 *(a)(c)* | &nbsp;&nbsp;&nbsp; 950000 | 680611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/51 *(a)(c)* | &nbsp;&nbsp;&nbsp; 500000 | 349334 |
| **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/27/26 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 140715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 211997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/01/31 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 204068 |
| **Cadence Design Systems, Inc.** | **Cadence Design Systems, Inc.** | **Cadence Design Systems, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 148789 |
| **CDW LLC/CDW Finance Corp.** | **CDW LLC/CDW Finance Corp.** | **CDW LLC/CDW Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/24 *(a)* | &nbsp;&nbsp;&nbsp; 175000 | 174548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/01/25 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 195111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 12/01/26 *(a)* | &nbsp;&nbsp;&nbsp; 275000 | 244747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/28 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 138250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 12/01/28 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 128918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 170798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 12/01/31 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 206878 |
| **CGI, Inc.** | **CGI, Inc.** | **CGI, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/14/26 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 177024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/14/31 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 113756 |
| **Cisco Systems, Inc.** | **Cisco Systems, Inc.** | **Cisco Systems, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/04/24  | &nbsp;&nbsp;&nbsp; 225000 | 221912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/25  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/28/26  | &nbsp;&nbsp;&nbsp; 150000 | 143380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/26 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | 419925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 02/15/39  | &nbsp;&nbsp;&nbsp; 500000 | 540425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/40  | &nbsp;&nbsp;&nbsp; 700000 | 731072 |
| **Corning, Inc.** | **Corning, Inc.** | **Corning, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/15/40  | &nbsp;&nbsp;&nbsp; 150000 | 149835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/42  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 44566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/48 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 141949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/49 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 110072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/57 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 155852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/15/68 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 11/15/79 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 304240 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Dell International LLC/EMC Corp.** | **Dell International LLC/EMC Corp.** | **Dell International LLC/EMC Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 245565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 07/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 202676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 06/15/26 *(a)* | 1200000 | 1226195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/01/26 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 493032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 07/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 205902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 537965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 07/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 306163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.10%, 07/15/36 *(a)* | &nbsp;&nbsp;&nbsp; 301000 | &nbsp;&nbsp;&nbsp; 338025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/15/41 *(a)(c)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 168319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.35%, 07/15/46 *(a)* | &nbsp;&nbsp;&nbsp; 256000 | &nbsp;&nbsp;&nbsp; 294226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/51 *(a)(c)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 247938 |
| **Dell, Inc.** | **Dell, Inc.** | **Dell, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.10%, 04/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 53783 |
| **DXC Technology Co.** | **DXC Technology Co.** | **DXC Technology Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 217967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 09/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 168530 |
| **Equifax, Inc.** | **Equifax, Inc.** | **Equifax, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/01/24 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 190960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 139816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 168822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 09/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 194295 |
| **Equinix, Inc.** | **Equinix, Inc.** | **Equinix, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/18/24 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 190696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 223629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 175993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/18/26 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 91545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 07/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 128688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 03/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 207263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/18/29 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 348874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 239657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 281293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/15/32 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 310599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/50 *(a)* | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 110986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/51 *(a)* | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 109633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/15/52 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 68735 |
| **FactSet Research Systems, Inc.** | **FactSet Research Systems, Inc.** | **FactSet Research Systems, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 136699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/01/32 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 84589 |
| **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 03/01/24  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 189435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/25  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 245579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 03/01/26 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 307477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/01/28 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 208277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/21/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 45709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/01/31 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 354593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 07/15/32 *(a)* | &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 217344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/01/41 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 173245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/46 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 78564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/52 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 92858 |
| **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/01/24 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 579016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 242901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/01/26 *(a)* | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 609683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 178717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/01/28 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 284322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 676428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 168046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/49 *(a)* | &nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp; 427440 |
| **Flex Ltd.** | **Flex Ltd.** | **Flex Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 147231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/26 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 188635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 235737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/12/30 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 187623 |
| **Fortinet, Inc.** | **Fortinet, Inc.** | **Fortinet, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 175354 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**90**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Genpact Luxembourg Sarl** | **Genpact Luxembourg Sarl** | **Genpact Luxembourg Sarl** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/01/24 *(a)* | 250000 | 239288 |
| **Global Payments, Inc.** | **Global Payments, Inc.** | **Global Payments, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/15/24 *(a)* | 200000 | 186490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/15/25 *(a)* | 200000 | 188512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/01/26 *(a)* | 400000 | 349073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 01/15/27 *(a)* | 350000 | 306079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/01/28 *(a)* | 150000 | 139776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/29 *(a)* | 400000 | 342121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/15/29 *(a)* | 150000 | 145789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/30 *(a)* | 275000 | 226058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/15/31 *(a)* | 250000 | 197754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/15/32 *(a)* | 225000 | 214862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/15/49 *(a)* | 200000 | 143270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 08/15/52 *(a)* | 225000 | 204751 |
| **Hewlett Packard Enterprise Co.** | **Hewlett Packard Enterprise Co.** | **Hewlett Packard Enterprise Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 04/01/24 *(a)* | 200000 | 191083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/15/25 *(a)* | 600000 | 594645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/01/26 *(a)* | 350000 | 314893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 10/15/35 *(a)* | 250000 | 258103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 10/15/45 *(a)* | 425000 | 425697 |
| **HP, Inc.** | **HP, Inc.** | **HP, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/17/25 *(a)* | 500000 | 468660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/17/26 *(a)* | 200000 | 175599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/17/27 *(a)* | 300000 | 274505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 *(a)* | 300000 | 274986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/17/30 *(a)* | 300000 | 254474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/17/31 *(a)* | 250000 | 195207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/32 *(a)* | 300000 | 258026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/33 *(a)* | 350000 | 329727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/15/41  | 350000 | 335832 |
| **Intel Corp.** | **Intel Corp.** | **Intel Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/11/24 *(a)* | 200000 | 194847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/25/25 *(a)(d)* | 600000 | 584372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/29/25 *(a)* | 650000 | 634797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/19/26 *(a)* | 250000 | 233553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/25/27 *(a)* | 250000 | 241695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/11/27 *(a)* | 400000 | 376823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 08/12/28 *(a)* | 300000 | 255196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/05/29 *(a)* | 250000 | 238693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/15/29 *(a)* | 700000 | 601172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/25/30 *(a)* | 450000 | 422563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/12/31 *(a)* | 400000 | 317880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/05/32 *(a)* | 375000 | 351056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/32  | 100000 | &nbsp;&nbsp; 92664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/25/40 *(a)* | 250000 | 227489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/12/41 *(a)* | 250000 | 174484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 10/01/41  | 200000 | 185093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/42  | 150000 | 128418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/29/45 *(a)* | 200000 | 187806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/19/46 *(a)* | 250000 | 203817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/11/47 *(a)* | 325000 | 264106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 12/08/47 *(a)* | 400000 | 301415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/49 *(a)* | 600000 | 409583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/25/50 *(a)* | 650000 | 566900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 08/12/51 *(a)* | 350000 | 228333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/05/52 *(a)* | 475000 | 422701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/15/60 *(a)* | 375000 | 233988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/25/60 *(a)(d)* | 300000 | 268205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/12/61 *(a)* | 250000 | 158326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 08/05/62 *(a)* | 200000 | 176749 |
| **International Business Machines Corp.** | **International Business Machines Corp.** | **International Business Machines Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/12/24  | 400000 | 394069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/24  | 750000 | 730240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/27/25  | 300000 | 294990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/30/25  | 150000 | 159186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/19/26  | 500000 | 480683 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/26  | &nbsp;&nbsp;&nbsp; 900000 | 857352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/27/27  | &nbsp;&nbsp;&nbsp; 350000 | 330052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/09/27 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 180112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/27/27 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 292827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/29  | 1000000 | 919711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 05/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | 407994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 02/09/32 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 126026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/29/32  | &nbsp;&nbsp;&nbsp; 300000 | 320638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/39  | &nbsp;&nbsp;&nbsp; 650000 | 561118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/15/40 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 217701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/20/42  | &nbsp;&nbsp;&nbsp; 375000 | 311864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/19/46  | &nbsp;&nbsp;&nbsp; 200000 | 177910 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/49  | &nbsp;&nbsp;&nbsp; 950000 | 790220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/15/50 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 196799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 02/09/52 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 70760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 12/01/96  | &nbsp;&nbsp;&nbsp; 100000 | 124418 |
| **Intuit, Inc.** | **Intuit, Inc.** | **Intuit, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 07/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 136663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 07/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 173448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 120933 |
| **Jabil, Inc.** | **Jabil, Inc.** | **Jabil, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/12/28 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 326668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 87932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 249105 |
| **Juniper Networks, Inc.** | **Juniper Networks, Inc.** | **Juniper Networks, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 12/10/25 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 134286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 178561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/10/30 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 114463 |
| **Keysight Technologies, Inc.** | **Keysight Technologies, Inc.** | **Keysight Technologies, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/30/24 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/06/27 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 244845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/29 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 173873 |
| **KLA Corp.** | **KLA Corp.** | **KLA Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/01/24 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | 499353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 174000 | 168480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/15/32 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 294416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/49 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 140783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/01/50 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 181934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/62 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 241775 |
| **Kyndryl Holdings, Inc.** | **Kyndryl Holdings, Inc.** | **Kyndryl Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 10/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 207186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 75436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 100802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 10/15/41 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 119190 |
| **Lam Research Corp.** | **Lam Research Corp.** | **Lam Research Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 146914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 145634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 285948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 203816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/49 *(a)* | &nbsp;&nbsp;&nbsp; 245000 | 234358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/50 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 203244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/15/60 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 66205 |
| **Leidos, Inc.** | **Leidos, Inc.** | **Leidos, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 144410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 271258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 191877 |
| **Marvell Technology, Inc.** | **Marvell Technology, Inc.** | **Marvell Technology, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 04/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 133012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 04/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 210826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/22/28 *(a)* | &nbsp;&nbsp;&nbsp; 164000 | 156195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 120742 |
| **Mastercard, Inc.** | **Mastercard, Inc.** | **Mastercard, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/24  | &nbsp;&nbsp;&nbsp; 250000 | 245567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/03/25 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 189582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/26 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 188955 |

---

*See financial notes*

**91**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/26/27 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 286327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 316758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/26/30 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 458690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/18/31 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 201794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/21/46 *(a)* | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 105119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/26/48 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 85806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/01/49 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 244916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/26/50 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 377665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/51 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 178230 |
| **Microchip Technology, Inc.** | **Microchip Technology, Inc.** | **Microchip Technology, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%, 02/15/24  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 380360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 09/01/24  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 278333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/25 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 291459 |
| **Micron Technology, Inc.** | **Micron Technology, Inc.** | **Micron Technology, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 02/06/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 02/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 190285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33%, 02/06/29 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 288299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 02/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 317800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/32 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 262905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 11/01/41 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 167607 |
| **Microsoft Corp.** | **Microsoft Corp.** | **Microsoft Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/06/24 *(a)* | &nbsp;&nbsp;&nbsp; 567000 | &nbsp;&nbsp;&nbsp; 556425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/12/25 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 529158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/03/25 *(a)* | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 869843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/08/26 *(a)* | 1250000 | 1166956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/06/27 *(a)* | 1225000 | 1182042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/12/35 *(a)* | &nbsp;&nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp; 476604 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/03/35 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 145439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/08/36 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 399704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/06/37 *(a)* | &nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp; 355815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/42  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 42070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/12/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 65964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 11/03/45 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 189764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/08/46 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 470882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/06/47 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 282720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 06/01/50 *(a)* | 1825000 | 1215558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 03/17/52 *(a)* | 1794000 | 1279721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/12/55 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 176558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/08/56 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 171183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/06/57 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 238448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 06/01/60 *(a)* | 1035000 | &nbsp;&nbsp;&nbsp; 669439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 03/17/62 *(a)* | &nbsp;&nbsp;&nbsp; 491000 | &nbsp;&nbsp;&nbsp; 342016 |
| **Moody's Corp.** | **Moody's Corp.** | **Moody's Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/24/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 243467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 92547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 192069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/19/31 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 158879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/08/32 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 140701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/19/41 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 140021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/15/44  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 96487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/17/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 45325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 34589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/52 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 77179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 08/18/60 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 84700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/29/61 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 94953 |
| **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/23/28 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 194397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/23/29 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 237962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 235615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/24/31 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 199924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/01/32 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 195520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/01/44  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 90705 |
| **NetApp, Inc.** | **NetApp, Inc.** | **NetApp, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/29/24 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/22/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 230561 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/22/27 *(a)* | &nbsp;&nbsp;&nbsp; 175000 | 155903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/22/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 205581 |
| **NVIDIA Corp.** | **NVIDIA Corp.** | **NVIDIA Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.58%, 06/14/24 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 235974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/16/26 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | 380690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | 437403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | 361830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/40 *(a)* | &nbsp;&nbsp;&nbsp; 375000 | 304213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/50 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | 416431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/60 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 111974 |
| **NXP BV/NXP Funding LLC** | **NXP BV/NXP Funding LLC** | **NXP BV/NXP Funding LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/24 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 248107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/01/26 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 198660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 12/01/28 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 251059 |
| **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/01/25 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 188439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/18/26 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 238228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 273863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/18/29 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 324717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | 389159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/15/32 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 235119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/11/41 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 174803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/30/51 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 219490 |
| **Oracle Corp.** | **Oracle Corp.** | **Oracle Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/08/24 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | 390228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 570000 | 548902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/25 *(a)* | 1000000 | 943217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | 475112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 11/10/25  | &nbsp;&nbsp;&nbsp; 300000 | 306556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/25/26 *(a)* | &nbsp;&nbsp;&nbsp; 800000 | 717607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 756000 | 695728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 650000 | 593221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 850000 | 781412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/25/28 *(a)* | &nbsp;&nbsp;&nbsp; 650000 | 564286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/09/29 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 364180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 950000 | 812137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 130372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/25/31 *(a)* | 1000000 | 830606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/09/32 *(a)* | &nbsp;&nbsp;&nbsp; 650000 | 683341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/08/34 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | 352672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/35 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 292193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/15/36 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | 368538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/37 *(a)* | &nbsp;&nbsp;&nbsp; 525000 | 414554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 04/15/38  | &nbsp;&nbsp;&nbsp; 400000 | 416336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 07/08/39  | &nbsp;&nbsp;&nbsp; 350000 | 349318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/40 *(a)* | &nbsp;&nbsp;&nbsp; 850000 | 628135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 07/15/40  | &nbsp;&nbsp;&nbsp; 675000 | 619807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/25/41 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | 443964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/08/44 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 201562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/45 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | 378175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/46 *(a)* | &nbsp;&nbsp;&nbsp; 800000 | 588029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/47 *(a)* | &nbsp;&nbsp;&nbsp; 475000 | 348884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/50 *(a)* | 1200000 | 818487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/25/51 *(a)* | &nbsp;&nbsp;&nbsp; 840000 | 605151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 11/09/52 *(a)* | &nbsp;&nbsp;&nbsp; 700000 | 757338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/55 *(a)* | &nbsp;&nbsp;&nbsp; 375000 | 288278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/01/60 *(a)* | 1000000 | 669925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/25/61 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | 314375 |
| **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/01/24 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 287519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/01/25 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 278334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/01/26 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | 369855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 144649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 425000 | 370799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 246524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/01/32 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | 283254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/50 *(a)* | &nbsp;&nbsp;&nbsp; 225000 | 154968 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**92**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 06/01/52 *(a)* | 300000 | 274167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/62 *(a)* | 100000 | &nbsp;&nbsp; 91512 |
| **Qorvo, Inc.** | **Qorvo, Inc.** | **Qorvo, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/15/24 *(a)(c)* | 150000 | 138962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/15/29 *(a)* | 250000 | 221245 |
| **QUALCOMM, Inc.** | **QUALCOMM, Inc.** | **QUALCOMM, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/20/24 *(a)* | 275000 | 268388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/20/25 *(a)* | 450000 | 438010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/27 *(a)* | 350000 | 333504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 05/20/28 *(a)* | 384000 | 325792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 05/20/30 *(a)* | 400000 | 338383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/20/32 *(a)* | 350000 | 270494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 05/20/35 *(a)* | 375000 | 364658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/20/45 *(a)* | 450000 | 423872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/20/47 *(a)* | 400000 | 347836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/50 *(a)* | 175000 | 127722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/20/52 *(a)* | 300000 | 264245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/20/53 *(a)* | 350000 | 374353 |
| **RELX Capital, Inc.** | **RELX Capital, Inc.** | **RELX Capital, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/18/29 *(a)* | 350000 | 325000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/22/30 *(a)* | 200000 | 170823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/20/32 *(a)* | 150000 | 144309 |
| **S&P Global, Inc.** | **S&P Global, Inc.** | **S&P Global, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/22/27 *(a)* | 150000 | 140481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/27 *(a)(c)* | 400000 | 365721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/28 *(a)(c)* | 150000 | 148444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/01/29 *(a)(c)* | 350000 | 308413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/29 *(a)(c)* | 200000 | 191187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/29 *(a)* | 200000 | 171403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/15/30 *(a)* | 200000 | 154180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/32 *(a)(c)* | 400000 | 341713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/49 *(a)* | 200000 | 146031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/52 *(a)(c)* | 300000 | 234381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/60 *(a)* | 200000 | 110558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/01/62 *(a)(c)* | 150000 | 116955 |
| **Salesforce, Inc.** | **Salesforce, Inc.** | **Salesforce, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/15/24 *(a)* | 200000 | 187946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/11/28 *(a)* | 425000 | 408793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/15/28 *(a)* | 300000 | 256638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 07/15/31 *(a)* | 500000 | 400839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 07/15/41 *(a)* | 400000 | 286429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 07/15/51 *(a)* | 550000 | 366302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 07/15/61 *(a)* | 300000 | 194342 |
| **ServiceNow, Inc.** | **ServiceNow, Inc.** | **ServiceNow, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/01/30 *(a)* | 450000 | 344097 |
| **Skyworks Solutions, Inc.** | **Skyworks Solutions, Inc.** | **Skyworks Solutions, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 06/01/26 *(a)* | 200000 | 176326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/31 *(a)* | 150000 | 117822 |
| **TD SYNNEX Corp.** | **TD SYNNEX Corp.** | **TD SYNNEX Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/09/24 *(a)* | 250000 | 232417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/09/26 *(a)* | 300000 | 255374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/09/31 *(a)* | 250000 | 189649 |
| **Teledyne FLIR LLC** | **Teledyne FLIR LLC** | **Teledyne FLIR LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/30 *(a)* | 200000 | 162188 |
| **Tencent Music Entertainment Group** | **Tencent Music Entertainment Group** | **Tencent Music Entertainment Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/03/30 *(a)* | 200000 | 151701 |
| **Texas Instruments, Inc.** | **Texas Instruments, Inc.** | **Texas Instruments, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/12/25 *(a)* | 300000 | 280442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/15/26 *(a)* | 200000 | 176916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/03/27 *(a)* | 400000 | 373268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/04/29 *(a)* | 350000 | 303343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/04/30 *(a)* | 250000 | 206193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/15/31 *(a)* | 150000 | 121685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/39 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 44204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/48 *(a)* | 550000 | 490763 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Thomson Reuters Corp.** | **Thomson Reuters Corp.** | **Thomson Reuters Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 04/15/40  | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 11/23/43 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137870 |
| **Trimble, Inc.** | **Trimble, Inc.** | **Trimble, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/01/24 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168404 |
| **TSMC Arizona Corp.** | **TSMC Arizona Corp.** | **TSMC Arizona Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/25/26 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/22/27 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/22/29 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/25/31 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/22/32 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/25/41 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/25/51 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/22/52 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270913 |
| **Tyco Electronics Group S.A.** | **Tyco Electronics Group S.A.** | **Tyco Electronics Group S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/01/24 *(a)* | &nbsp;&nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/01/37  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114692 |
| **VeriSign, Inc.** | **VeriSign, Inc.** | **VeriSign, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/25 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205124 |
| **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/45 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/50 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69521 |
| **Visa, Inc.** | **Visa, Inc.** | **Visa, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/14/25 *(a)* | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 964814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 04/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 02/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/14/35 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/40 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/14/45 *(a)* | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 959856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/47 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/50 *(a)* | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386127 |
| **VMware, Inc.** | **VMware, Inc.** | **VMware, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/21/27 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 08/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380128 |
| **Western Digital Corp.** | **Western Digital Corp.** | **Western Digital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/01/32 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108293 |
| **Western Union Co.** | **Western Union Co.** | **Western Union Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/10/25 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 03/15/26 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 11/17/36  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49815 |
| **Workday, Inc.** | **Workday, Inc.** | **Workday, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/32 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353538 |
| **Xilinx, Inc.** | **Xilinx, Inc.** | **Xilinx, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/01/24 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210730 |
|  |  | **161246484** |

---

*See financial notes*

**93**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Transportation 0.5%***  | ***Transportation 0.5%***  | ***Transportation 0.5%***  |
| **American Airlines 2015-2 Class AA Pass-Through Trust** | **American Airlines 2015-2 Class AA Pass-Through Trust** | **American Airlines 2015-2 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/22/27  | 138419 | 124926 |
| **American Airlines 2016-1 Class AA Pass-Through Trust** | **American Airlines 2016-1 Class AA Pass-Through Trust** | **American Airlines 2016-1 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 01/15/28  | 178595 | 159974 |
| **American Airlines 2016-2 Class AA Pass-Through Trust** | **American Airlines 2016-2 Class AA Pass-Through Trust** | **American Airlines 2016-2 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/28  | 359750 | 314302 |
| **American Airlines 2017-2 Class AA Pass-Through Trust** | **American Airlines 2017-2 Class AA Pass-Through Trust** | **American Airlines 2017-2 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 10/15/29  | &nbsp;&nbsp; 37822 | &nbsp;&nbsp; 32969 |
| **American Airlines 2019-1 Class AA Pass-Through Trust** | **American Airlines 2019-1 Class AA Pass-Through Trust** | **American Airlines 2019-1 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/15/32  | 302550 | 253283 |
| **BNSF Funding Trust I** | **BNSF Funding Trust I** | **BNSF Funding Trust I** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.61%, 12/15/55 *(a)(b)* | 100000 | &nbsp;&nbsp; 94588 |
| **Burlington Northern Santa Fe LLC** | **Burlington Northern Santa Fe LLC** | **Burlington Northern Santa Fe LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/24 *(a)* | 300000 | 293582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/25 *(a)* | 240000 | 231154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/15/25  | 150000 | 160186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/27 *(a)* | 200000 | 189581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 08/15/36  | 100000 | 108840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 05/01/37  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/40 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/01/41 *(a)* | 200000 | 195824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 06/01/41 *(a)* | 250000 | 252805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/42 *(a)* | 250000 | 225264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/01/42 *(a)* | 350000 | 311434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/15/43 *(a)* | 200000 | 179417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/01/43 *(a)* | 400000 | 393049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 04/01/44 *(a)* | 150000 | 142343 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/01/44 *(a)* | 425000 | 386334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 09/01/45 *(a)* | 200000 | 184235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/01/46 *(a)* | 100000 | &nbsp;&nbsp; 81546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/47 *(a)* | 225000 | 191700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 06/15/48 *(a)* | 400000 | 334873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/15/48 *(a)* | 300000 | 255974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 02/15/51 *(a)* | 225000 | 156934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/15/51 *(a)* | 450000 | 329470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/52 *(a)* | 150000 | 100573 |
| **Canadian National Railway Co.** | **Canadian National Railway Co.** | **Canadian National Railway Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/24 *(a)* | 150000 | 144726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 07/15/28  | 150000 | 165839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/05/32 *(a)* | 250000 | 232513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 11/15/37  | 150000 | 164861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/02/46 *(a)* | 250000 | 184332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/03/48 *(a)* | 250000 | 200253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/20/49 *(a)* | 200000 | 181001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 05/01/50 *(a)* | 300000 | 189217 |
| **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 12/02/24 *(a)* | 450000 | 420062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/01/25 *(a)* | 271000 | 259481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/28 *(a)* | 200000 | 191497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/05/30 *(a)* | 200000 | 164042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/15/31  | 100000 | 111303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/02/31 *(a)* | 450000 | 374766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/15/35 *(a)* | 145000 | 136096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 05/15/37  | 100000 | 103928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/02/41 *(a)* | 300000 | 225777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 08/01/45 *(a)* | 150000 | 137037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/02/51 *(a)* | 500000 | 341211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 09/15/15 *(a)* | 239000 | 241060 |
| **CH Robinson Worldwide, Inc.** | **CH Robinson Worldwide, Inc.** | **CH Robinson Worldwide, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/28 *(a)* | 200000 | 189263 |
| **CSX Corp.** | **CSX Corp.** | **CSX Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/01/24 *(a)* | 150000 | 146692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/01/25 *(a)* | 150000 | 144109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/01/26 *(a)* | 250000 | 230887 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/27 *(a)* | 378000 | 354665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/28 *(a)* | 325000 | 310482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/15/30 *(a)* | 275000 | 232979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/01/36  | 350000 | 367432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 05/01/37  | 250000 | 267582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 04/30/40  | 175000 | 189773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/15/41 *(a)* | 150000 | 151106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/30/42 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 45784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/01/43 *(a)* | 150000 | 130292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/15/44 *(a)* | 250000 | 209820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/01/46 *(a)* | 250000 | 197599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/01/48 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 42783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/48 *(a)* | 250000 | 227722 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/49 *(a)* | 150000 | 131609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/15/49 *(a)* | 200000 | 144316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/15/50 *(a)* | 150000 | 116923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/01/50 *(a)* | 150000 | 120926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/51 *(a)* | 150000 | &nbsp;&nbsp; 91533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/54 *(a)* | 150000 | 128520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/01/66 *(a)* | 250000 | 197080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/01/68 *(a)* | 125000 | 106406 |
| **Delta Air Lines 2019-1 Class AA Pass-Through Trust** | **Delta Air Lines 2019-1 Class AA Pass-Through Trust** | **Delta Air Lines 2019-1 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/25/24  | 188000 | 182224 |
| **Delta Air Lines 2020-1 Class AA Pass-Through Trust** | **Delta Air Lines 2020-1 Class AA Pass-Through Trust** | **Delta Air Lines 2020-1 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/10/28  | 148840 | 127692 |
| **FedEx Corp 2020-1 Class AA Pass-Through Trust** | **FedEx Corp 2020-1 Class AA Pass-Through Trust** | **FedEx Corp 2020-1 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/20/34  | 223264 | 181996 |
| **FedEx Corp.** | **FedEx Corp.** | **FedEx Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/26 *(a)* | 250000 | 238025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/15/28 *(a)* | 150000 | 138935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/17/28 *(a)* | 150000 | 142999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/05/29 *(a)* | 350000 | 308414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/30 *(a)* | 300000 | 283058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/15/34  | 112000 | 106926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/01/35  | 150000 | 127813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/41 *(a)* | 250000 | 179414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/01/42  | 200000 | 152449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 01/15/44  | 300000 | 267801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/01/45  | 227000 | 176107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/45 *(a)* | 265000 | 224495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/01/46 *(a)* | 400000 | 326545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/15/47 *(a)* | 150000 | 119531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 02/15/48 *(a)* | 300000 | 228134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 10/17/48 *(a)* | 250000 | 218977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/50 *(a)(d)* | 400000 | 367711 |
| **GXO Logistics, Inc.** | **GXO Logistics, Inc.** | **GXO Logistics, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/15/26 *(a)* | 225000 | 193757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/31 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 37085 |
| **JB Hunt Transport Services, Inc.** | **JB Hunt Transport Services, Inc.** | **JB Hunt Transport Services, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/26 *(a)* | 225000 | 218325 |
| **JetBlue 2019-1 Class AA Pass-Through Trust** | **JetBlue 2019-1 Class AA Pass-Through Trust** | **JetBlue 2019-1 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/32  | 129882 | 107114 |
| **JetBlue 2020-1 Class A Pass-Through Trust** | **JetBlue 2020-1 Class A Pass-Through Trust** | **JetBlue 2020-1 Class A Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A <br>4.00%, 11/15/32 <br>| 217282 | 193132 |
| **Kansas City Southern** | **Kansas City Southern** | **Kansas City Southern** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/29 *(a)* | 150000 | 129865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/15/43 *(a)* | 100000 | &nbsp;&nbsp; 83929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/45 *(a)* | 100000 | &nbsp;&nbsp; 90702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/01/48 *(a)* | 150000 | 130948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/50 *(a)* | 200000 | 143618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/15/69 *(a)* | 150000 | 112137 |
| **Kirby Corp.** | **Kirby Corp.** | **Kirby Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/28 *(a)* | 200000 | 182936 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**94**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Norfolk Southern Corp.** | **Norfolk Southern Corp.** | **Norfolk Southern Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/15/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/26 *(a)* | 300000 | 281428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/01/27 *(a)* | 100000 | &nbsp;&nbsp; 93298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/01/29 *(a)* | 200000 | 171742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/15/31 *(a)* | 200000 | 164894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 10/01/41  | 200000 | 184551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/01/42 *(a)* | 100000 | &nbsp;&nbsp; 82422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/15/45 *(a)* | 250000 | 214475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/15/46 *(a)* | 150000 | 133486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 11/01/47 *(a)* | 250000 | 201718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/28/48 *(a)* | 275000 | 229060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/15/49 *(a)* | 250000 | 203718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/01/49 *(a)* | 250000 | 180152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 05/15/50 *(a)* | 300000 | 201887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/15/52 *(a)* | 350000 | 282584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/01/53 *(a)* | 200000 | 174902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 05/15/55 *(a)* | 375000 | 249666 |
| **Ryder System, Inc.** | **Ryder System, Inc.** | **Ryder System, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/18/24 *(a)* | 150000 | 147008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/24 *(a)* | 200000 | 190556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/01/25 *(a)* | 135000 | 128233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/01/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 44253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/01/26 *(a)* | 200000 | 182487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/27 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47982 |
| **Southwest Airlines Co.** | **Southwest Airlines Co.** | **Southwest Airlines Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/04/25 *(a)* | 375000 | 377238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/26 *(a)* | 100000 | &nbsp;&nbsp; 92097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/27 *(a)* | 475000 | 470490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/16/27 *(a)* | 100000 | &nbsp;&nbsp; 92099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/10/30 *(a)* | 150000 | 124654 |
| **Spirit Airlines Pass-Through Trust 2015-1A** | **Spirit Airlines Pass-Through Trust 2015-1A** | **Spirit Airlines Pass-Through Trust 2015-1A** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/01/28  | &nbsp;&nbsp; 30576 | &nbsp;&nbsp; 26830 |
| **Triton Container International Ltd./TAL International Container Corp.** | **Triton Container International Ltd./TAL International Container Corp.** | **Triton Container International Ltd./TAL International Container Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/32 *(a)* | 200000 | 154576 |
| **Union Pacific Corp.** | **Union Pacific Corp.** | **Union Pacific Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/15/24 *(a)* | 250000 | 246442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/01/24 *(a)* | 250000 | 245112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/24 *(a)* | 100000 | &nbsp;&nbsp; 98493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/25 *(a)* | 200000 | 192879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/26 *(a)* | 200000 | 189419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/05/27 *(a)* | 375000 | 339058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/01/29  | 200000 | 218866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/29 *(a)* | 300000 | 283445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/05/30 *(a)* | 250000 | 214275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/14/32 *(a)* | 400000 | 344661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/01/35 *(a)* | 300000 | 255129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 04/06/36 *(a)* | 250000 | 198792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/37 *(a)* | 200000 | 170026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/15/39 *(a)* | 300000 | 248157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/20/41 *(a)* | 250000 | 196147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/15/45 *(a)* | 120000 | &nbsp;&nbsp; 99479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/01/46 *(a)* | 250000 | 207238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/47 *(a)* | 200000 | 164967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/10/48 *(a)* | 125000 | 110531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/01/49 *(a)* | 250000 | 215226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/05/50 *(a)* | 550000 | 402178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/01/51 *(a)* | 250000 | 200413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/14/53 *(a)* | 400000 | 302038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/01/55 *(a)* | 150000 | 119191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/59 *(a)* | 175000 | 138077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 03/20/60 *(a)* | 600000 | 467198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/20/61 *(a)* | 200000 | 146436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 09/16/62 *(a)* | 400000 | 257663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/15/67 *(a)* | 225000 | 178127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/05/70 *(a)* | 250000 | 182868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/06/71 *(a)* | 350000 | 259389 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **United Airlines 2012-1 Class A Pass-Through Trust** | **United Airlines 2012-1 Class A Pass-Through Trust** | **United Airlines 2012-1 Class A Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/11/24  | 151208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147737 |
| **United Airlines 2013-1 Class A Pass-Through Trust** | **United Airlines 2013-1 Class A Pass-Through Trust** | **United Airlines 2013-1 Class A Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 08/15/25  | 361864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336881 |
| **United Airlines 2014-1 Class A Pass-Through Trust** | **United Airlines 2014-1 Class A Pass-Through Trust** | **United Airlines 2014-1 Class A Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/11/26  | &nbsp;&nbsp; 85353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78596 |
| **United Airlines 2014-2 Class A Pass-Through Trust** | **United Airlines 2014-2 Class A Pass-Through Trust** | **United Airlines 2014-2 Class A Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/03/26  | 202442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185702 |
| **United Airlines 2016-1 Class AA Pass-Through Trust** | **United Airlines 2016-1 Class AA Pass-Through Trust** | **United Airlines 2016-1 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 07/07/28  | 294468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262535 |
| **United Airlines 2016-2 Class AA Pass-Through Trust** | **United Airlines 2016-2 Class AA Pass-Through Trust** | **United Airlines 2016-2 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/07/28  | 125067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106997 |
| **United Airlines 2018-1 Class AA Pass-Through Trust** | **United Airlines 2018-1 Class AA Pass-Through Trust** | **United Airlines 2018-1 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/30  | 202278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174539 |
| **United Airlines 2019-1 Class AA Pass-Through Trust** | **United Airlines 2019-1 Class AA Pass-Through Trust** | **United Airlines 2019-1 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/25/31  | 193302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171474 |
| **United Airlines 2019-2 Class AA Pass-Through Trust** | **United Airlines 2019-2 Class AA Pass-Through Trust** | **United Airlines 2019-2 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/01/32  | 176905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143273 |
| **United Airlines 2020-1 Class A Pass-Through Trust** | **United Airlines 2020-1 Class A Pass-Through Trust** | **United Airlines 2020-1 Class A Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/27  | &nbsp;&nbsp; 59279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58479 |
| **United Airlines 2020-1 Class B Pass-Through Trust** | **United Airlines 2020-1 Class B Pass-Through Trust** | **United Airlines 2020-1 Class B Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/26  | 228600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216547 |
| **United Parcel Service, Inc.** | **United Parcel Service, Inc.** | **United Parcel Service, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/01/24 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 11/15/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/25 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 11/15/27 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/29 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/29 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/30 *(a)* | 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 01/15/38  | 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 04/01/40 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/40 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/42  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/46 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/47 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/49 *(a)* | 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/49 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/01/50 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364693 |
|  |  | **37361568** |
|  |  | **942001444** |
| **Utility 2.0%** | **Utility 2.0%** | **Utility 2.0%** |
| ***Electric 1.8%***  | ***Electric 1.8%***  | ***Electric 1.8%***  |
| **AEP Texas, Inc.** | **AEP Texas, Inc.** | **AEP Texas, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/01/28 *(a)* | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 07/01/30 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/01/49 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/15/50 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/15/52 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168607 |
| **AEP Transmission Co. LLC** | **AEP Transmission Co. LLC** | **AEP Transmission Co. LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/47 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/48 *(a)* | 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/15/49 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/01/50 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115301 |
| **AES Corp.** | **AES Corp.** | **AES Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/15/26 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/31 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 278388 |
| **Alabama Power Co.** | **Alabama Power Co.** | **Alabama Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/15/30 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 09/01/32 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 03/01/39  | 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/01/42  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120820 |

---

*See financial notes*

**95**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/02/46 *(a)* | 150000 | 124985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/47 *(a)* | 200000 | 154080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/15/48 *(a)* | 100000 | &nbsp;&nbsp; 83982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/01/49 *(a)* | 200000 | 144841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/15/51 *(a)* | 275000 | 189880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/52 *(a)* | 150000 | 100157 |
| **Ameren Corp.** | **Ameren Corp.** | **Ameren Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/24 *(a)* | 250000 | 239170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/15/26 *(a)* | 400000 | 383805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/31 *(a)* | 300000 | 265515 |
| **Ameren Illinois Co.** | **Ameren Illinois Co.** | **Ameren Illinois Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 09/01/32 *(a)* | 200000 | 187116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/46 *(a)* | 175000 | 148078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/47 *(a)* | 150000 | 119526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/49 *(a)* | 150000 | 138592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/50 *(a)* | 100000 | &nbsp;&nbsp; 72311 |
| **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/13/27 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/01/28 *(a)* | 400000 | 382581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/01/30 *(a)* | 200000 | 164071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/01/32 *(a)* | 200000 | 209437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/50 *(a)* | 150000 | 101410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/62 *(a)(b)* | 200000 | 157583 |
| **Appalachian Power Co.** | **Appalachian Power Co.** | **Appalachian Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/01/25 *(a)* | 300000 | 290496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/01/27 *(a)* | 300000 | 282746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/01/38  | 210000 | 235224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/01/45 *(a)* | 150000 | 124194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/49 *(a)* | 150000 | 124578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/01/50 *(a)* | 200000 | 147082 |
| **Arizona Public Service Co.** | **Arizona Public Service Co.** | **Arizona Public Service Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/15/25 *(a)* | 250000 | 239066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 09/01/41 *(a)* | 100000 | &nbsp;&nbsp; 89458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/15/45 *(a)* | 175000 | 138417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/46 *(a)* | 100000 | &nbsp;&nbsp; 70994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/48 *(a)* | 100000 | &nbsp;&nbsp; 76700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/49 *(a)* | 150000 | 115190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/15/50 *(a)* | 300000 | 199848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/15/50 *(a)* | 250000 | 145128 |
| **Avangrid, Inc.** | **Avangrid, Inc.** | **Avangrid, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/01/24 *(a)* | 300000 | 288143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/15/25 *(a)* | 175000 | 167483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/01/29 *(a)* | 195000 | 177462 |
| **Avista Corp.** | **Avista Corp.** | **Avista Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/48 *(a)* | 150000 | 125944 |
| **Baltimore Gas and Electric Co.** | **Baltimore Gas and Electric Co.** | **Baltimore Gas and Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 10/01/36  | 100000 | 107269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/46 *(a)* | 250000 | 188376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/47 *(a)* | 175000 | 136294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/48 *(a)* | 150000 | 126571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/15/49 *(a)* | 100000 | &nbsp;&nbsp; 70963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/50 *(a)* | 150000 | 100120 |
| **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/25 *(a)* | 150000 | 147472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/15/25 *(a)* | 600000 | 591716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/28 *(a)* | 325000 | 301554 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/15/30 *(a)* | 200000 | 183549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 04/01/36  | 500000 | 526190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 05/15/37  | 150000 | 155619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 11/15/43 *(a)* | 260000 | 248657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/45 *(a)* | 250000 | 217883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/15/48 *(a)* | 250000 | 194044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 01/15/49 *(a)* | 300000 | 260177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/50 *(a)* | 200000 | 167139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/15/51 *(a)* | 350000 | 230408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/01/53 *(a)(c)* | 300000 | 263975 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Black Hills Corp.** | **Black Hills Corp.** | **Black Hills Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 08/23/24 *(a)* | 200000 | 186784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/15/29 *(a)* | 150000 | 127899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/15/30 *(a)* | 200000 | 161365 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/01/33 *(a)* | 150000 | 132835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/46 *(a)* | 100000 | &nbsp;&nbsp; 76602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/15/49 *(a)* | 100000 | &nbsp;&nbsp; 71676 |
| **CenterPoint Energy Houston Electric LLC** | **CenterPoint Energy Houston Electric LLC** | **CenterPoint Energy Houston Electric LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 09/01/26 *(a)* | 100000 | &nbsp;&nbsp; 91860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/32 *(a)* | 250000 | 216885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/01/32 *(a)* | 200000 | 193660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 03/15/33  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/01/42 *(a)* | 128000 | 101675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/48 *(a)* | 200000 | 164749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/49 *(a)* | 250000 | 218848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 07/01/50 *(a)* | 150000 | 101646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/01/52 *(a)* | 250000 | 193408 |
| **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/24 *(a)* | 200000 | 192095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/01/28 *(a)* | 120000 | 113281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/30 *(a)* | 400000 | 344432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/01/49 *(a)* | 200000 | 150718 |
| **Cleco Corporate Holdings LLC** | **Cleco Corporate Holdings LLC** | **Cleco Corporate Holdings LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 05/01/26 *(a)* | 170000 | 160818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 05/01/46 *(a)* | 100000 | &nbsp;&nbsp; 85129 |
| **CMS Energy Corp.** | **CMS Energy Corp.** | **CMS Energy Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/26 *(a)* | 350000 | 327050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/15/27 *(a)* | 200000 | 185591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/44 *(a)* | 100000 | &nbsp;&nbsp; 91198 |
| **Commonwealth Edison Co.** | **Commonwealth Edison Co.** | **Commonwealth Edison Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/15/26 *(a)* | 123000 | 114474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/28 *(a)* | 600000 | 566020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 01/15/38  | 300000 | 331171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 10/01/42 *(a)* | 200000 | 163637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 08/15/43 *(a)* | 150000 | 135856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 01/15/44 *(a)* | 150000 | 137078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/45 *(a)* | 100000 | &nbsp;&nbsp; 78155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 11/15/45 *(a)* | 150000 | 128884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/46 *(a)* | 250000 | 190002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/47 *(a)* | 200000 | 156907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/48 *(a)* | 150000 | 123899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/49 *(a)* | 200000 | 163225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/15/49 *(a)* | 100000 | &nbsp;&nbsp; 71403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/50 *(a)* | 300000 | 206749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/51 *(a)* | 250000 | 174453 |
| **Connecticut Light and Power Co.** | **Connecticut Light and Power Co.** | **Connecticut Light and Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 12/01/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 44794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/27 *(a)* | 200000 | 188326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 07/01/31 *(a)* | 350000 | 282786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/15/44 *(a)* | 150000 | 129409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/48 *(a)* | 250000 | 209221 |
| **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/28 *(a)* | 200000 | 191539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/01/30 *(a)* | 400000 | 359868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 03/01/35  | 150000 | 148015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 03/15/36  | 150000 | 152611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 04/01/38  | 200000 | 219975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/39  | 250000 | 245640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 06/15/40  | 150000 | 149678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/42  | 100000 | &nbsp;&nbsp; 83749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/43 *(a)* | 300000 | 240396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/15/44 *(a)* | 275000 | 237041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/45 *(a)* | 200000 | 171475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/15/47 *(a)* | 250000 | 193948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/49 *(a)* | 200000 | 163302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/01/50 *(a)* | 350000 | 278375 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**96**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/01/54 *(a)* | 250000 | 214266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/01/56 *(a)* | 200000 | 162080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/57 *(a)* | 150000 | 115250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/58 *(a)* | 290000 | 243338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/59 *(a)* | 250000 | 180590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/60 *(a)* | 200000 | 125728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/15/61 *(a)* | 200000 | 144130 |
| **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/25 *(a)* | 250000 | 239767 |
| **Consumers Energy Co.** | **Consumers Energy Co.** | **Consumers Energy Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/43 *(a)* | 250000 | 207138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/15/48 *(a)* | 200000 | 167097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/49 *(a)* | 200000 | 176808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/50 *(a)* | 150000 | 118339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/15/50 *(a)* | 300000 | 210060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/51 *(a)* | 100000 | &nbsp;&nbsp; 76404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/01/60 *(a)* | 350000 | 199246 |
| **Dayton Power & Light Co.** | **Dayton Power & Light Co.** | **Dayton Power & Light Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/49 *(a)* | 150000 | 117234 |
| **Delmarva Power & Light Co.** | **Delmarva Power & Light Co.** | **Delmarva Power & Light Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/45 *(a)* | 200000 | 162684 |
| **Dominion Energy South Carolina, Inc.** | **Dominion Energy South Carolina, Inc.** | **Dominion Energy South Carolina, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 12/01/31 *(a)* | 150000 | 121090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/15/33  | 100000 | 101067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 01/15/38  | 250000 | 263505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 02/01/41 *(a)* | 100000 | &nbsp;&nbsp; 98691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/01/65 *(a)* | 200000 | 186544 |
| **Dominion Energy, Inc.** | **Dominion Energy, Inc.** | **Dominion Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 08/15/24  | 225000 | 217079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/25 *(a)* | 200000 | 195065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/15/26 *(a)* | 300000 | 277673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/15/27 *(a)* | 200000 | 188491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/28 *(a)* | 350000 | 334172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/30 *(a)* | 300000 | 264760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/32 *(a)* | 250000 | 248715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 03/15/33  | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 47559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/01/33  | 300000 | 294401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 06/15/35  | 150000 | 151157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 06/15/38  | 100000 | 107335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/01/41 *(a)* | 200000 | 177139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/15/42 *(a)* | 200000 | 157088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/01/44 *(a)* | 150000 | 128003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/15/49 *(a)* | 150000 | 128042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/54 *(a)(b)* | 100000 | &nbsp;&nbsp; 94391 |
| **DTE Electric Co.** | **DTE Electric Co.** | **DTE Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/25 *(a)* | 150000 | 145707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/01/30 *(a)* | 200000 | 168809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/01/31 *(a)* | 300000 | 255257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/43 *(a)* | 125000 | 104347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/01/44 *(a)* | 150000 | 130277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/45 *(a)* | 150000 | 119333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/01/46 *(a)* | 100000 | &nbsp;&nbsp; 78100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/47 *(a)* | 100000 | &nbsp;&nbsp; 79077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/15/48 *(a)* | 175000 | 146082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/49 *(a)* | 239000 | 197001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/50 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 34362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/51 *(a)* | 200000 | 144604 |
| **DTE Energy Co.** | **DTE Energy Co.** | **DTE Energy Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 10/01/24  | 170000 | 162599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 11/01/24  | 400000 | 394052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/01/26 *(a)* | 320000 | 295414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/15/29 *(a)* | 250000 | 222932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/30 *(a)* | 300000 | 256126 |
| **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/28 *(a)* | 236000 | 227199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/01/30 *(a)* | 250000 | 213725 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 10/15/32  | 100000 | 108069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 06/01/37  | 150000 | 156850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/38  | 200000 | 210440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 04/15/38  | 250000 | 264458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/15/40  | 250000 | 248176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/41 *(a)* | 250000 | 216951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/30/42 *(a)* | 200000 | 165645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/45 *(a)* | 200000 | 155733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/46 *(a)* | 150000 | 118601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/47 *(a)* | 200000 | 154960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/48 *(a)* | 200000 | 161455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/49 *(a)* | 300000 | 211884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/51 *(a)* | 150000 | 110651 |
| **Duke Energy Corp.** | **Duke Energy Corp.** | **Duke Energy Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/24 *(a)* | 440000 | 432499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 09/15/25 *(a)* | 200000 | 179186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/01/26 *(a)* | 500000 | 462605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/27 *(a)* | 400000 | 369677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/15/29 *(a)* | 200000 | 179693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/01/30 *(a)* | 500000 | 412533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/15/31 *(a)* | 500000 | 408794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/32 *(a)* | 250000 | 235341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/15/45 *(a)* | 100000 | &nbsp;&nbsp; 88016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/46 *(a)* | 200000 | 149310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/47 *(a)* | 175000 | 133029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/15/49 *(a)* | 200000 | 159096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/51 *(a)* | 250000 | 175988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 08/15/52 *(a)* | 250000 | 224453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/82 *(a)(b)* | 100000 | &nbsp;&nbsp; 73759 |
| **Duke Energy Florida LLC** | **Duke Energy Florida LLC** | **Duke Energy Florida LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/15/28 *(a)* | 100000 | &nbsp;&nbsp; 95108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/29 *(a)* | 150000 | 128676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/15/30 *(a)* | 275000 | 219565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 09/15/37  | 150000 | 162128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 06/15/38  | 300000 | 331338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 04/01/40  | 325000 | 329164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/15/42 *(a)* | 150000 | 120904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/01/46 *(a)* | 300000 | 216451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/15/48 *(a)* | 100000 | &nbsp;&nbsp; 84392 |
| **Duke Energy Indiana LLC** | **Duke Energy Indiana LLC** | **Duke Energy Indiana LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 10/15/35  | 100000 | 102955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 08/15/38  | 200000 | 217175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 04/01/39  | 200000 | 216494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/15/43 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 69632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/46 *(a)* | 150000 | 117133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/01/49 *(a)* | 150000 | 104784 |
| **Duke Energy Ohio, Inc.** | **Duke Energy Ohio, Inc.** | **Duke Energy Ohio, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/29 *(a)* | 150000 | 139974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/01/30 *(a)* | 200000 | 164047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/46 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 37274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/01/49 *(a)* | 150000 | 123946 |
| **Duke Energy Progress LLC** | **Duke Energy Progress LLC** | **Duke Energy Progress LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/25 *(a)* | 350000 | 337077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/31 *(a)* | 200000 | 158813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 04/01/38  | 200000 | 216690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/15/42 *(a)* | 200000 | 168600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/15/43 *(a)* | 100000 | &nbsp;&nbsp; 84030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/30/44 *(a)* | 200000 | 172938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/01/44 *(a)* | 200000 | 167663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/45 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 41967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/46 *(a)* | 200000 | 153320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/47 *(a)* | 250000 | 188658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/50 *(a)* | 250000 | 151619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 08/15/51 *(a)* | 150000 | &nbsp;&nbsp; 98965 |

---

*See financial notes*

**97**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Edison International** | **Edison International** | **Edison International** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/15/24 *(a)* | 325000 | 314317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/27 *(a)* | 300000 | 301295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/28 *(a)* | 200000 | 185740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 11/15/29 *(a)* | 150000 | 157415 |
| **El Paso Electric Co.** | **El Paso Electric Co.** | **El Paso Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/35  | 169000 | 165107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/01/44 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 43939 |
| **Emera US Finance LP** | **Emera US Finance LP** | **Emera US Finance LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/15/26 *(a)* | 287000 | 269800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 06/15/31 *(a)* | 100000 | &nbsp;&nbsp; 78517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/46 *(a)* | 400000 | 311927 |
| **Enel Americas S.A.** | **Enel Americas S.A.** | **Enel Americas S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/25/26 *(a)* | 250000 | 237927 |
| **Enel Chile S.A.** | **Enel Chile S.A.** | **Enel Chile S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/12/28 *(a)* | 300000 | 293104 |
| **Enel Generacion Chile S.A.** | **Enel Generacion Chile S.A.** | **Enel Generacion Chile S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/24 *(a)* | 150000 | 147699 |
| **Entergy Arkansas LLC** | **Entergy Arkansas LLC** | **Entergy Arkansas LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/26 *(a)* | 250000 | 240550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/49 *(a)* | 175000 | 144888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/15/51 *(a)* | 250000 | 153991 |
| **Entergy Corp.** | **Entergy Corp.** | **Entergy Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 09/15/25 *(a)* | 300000 | 267732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/01/26 *(a)* | 250000 | 232962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/30 *(a)* | 250000 | 211026 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/15/31 *(a)* | 300000 | 238349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/50 *(a)* | 200000 | 148075 |
| **Entergy Louisiana LLC** | **Entergy Louisiana LLC** | **Entergy Louisiana LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 10/01/24 *(a)* | 200000 | 186436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/01/24  | 150000 | 151571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/01/26 *(a)* | 350000 | 318830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 09/01/27 *(a)* | 200000 | 184930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/28 *(a)* | 200000 | 182601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 12/15/30 *(a)* | 150000 | 115581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/33 *(a)* | 211000 | 190674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/45 *(a)* | 125000 | 111596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/01/48 *(a)* | 350000 | 288274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/50 *(a)* | 200000 | 163374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/51 *(a)* | 200000 | 130071 |
| **Entergy Mississippi LLC** | **Entergy Mississippi LLC** | **Entergy Mississippi LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/49 *(a)* | 225000 | 173347 |
| **Entergy Texas, Inc.** | **Entergy Texas, Inc.** | **Entergy Texas, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/30/29 *(a)* | 197000 | 186615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/31 *(a)* | 250000 | 196392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/30/49 *(a)* | 200000 | 145093 |
| **Evergy Kansas Central, Inc.** | **Evergy Kansas Central, Inc.** | **Evergy Kansas Central, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/01/27 *(a)* | 300000 | 280354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/42 *(a)* | 150000 | 124805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/01/43 *(a)* | 150000 | 123963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/45 *(a)* | 100000 | &nbsp;&nbsp; 81935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/49 *(a)* | 125000 | &nbsp;&nbsp; 87151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/50 *(a)* | 100000 | &nbsp;&nbsp; 72719 |
| **Evergy Metro, Inc.** | **Evergy Metro, Inc.** | **Evergy Metro, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/01/41 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/15/47 *(a)* | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 77778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/48 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 39952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/49 *(a)* | 100000 | &nbsp;&nbsp; 80782 |
| **Evergy, Inc.** | **Evergy, Inc.** | **Evergy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/15/24 *(a)* | 350000 | 332922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/15/29 *(a)* | 250000 | 216431 |
| **Eversource Energy** | **Eversource Energy** | **Eversource Energy** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/27/24  | 250000 | 247154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/27 *(a)* | 200000 | 184553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/15/28 *(a)* | 250000 | 231225 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 08/15/30 *(a)* | 400000 | 311627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/15/31 *(a)* | 250000 | 206359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/32 *(a)* | 200000 | 174122 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/15/50 *(a)* | 200000 | 146913 |
| **Exelon Corp.** | **Exelon Corp.** | **Exelon Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/25 *(a)* | 150000 | 146712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/15/26 *(a)* | 100000 | &nbsp;&nbsp; 95166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/15/27 *(a)* | 200000 | 183715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/15/30 *(a)* | 450000 | 419429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/15/32 *(a)* | 200000 | 174257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/35 *(a)(c)* | 275000 | 264068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 06/15/35  | 250000 | 255211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/15/45 *(a)* | 200000 | 186347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/15/46 *(a)* | 100000 | &nbsp;&nbsp; 84975 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/15/50 *(a)* | 250000 | 219963 |
| **Exelon Generation Co. LLC** | **Exelon Generation Co. LLC** | **Exelon Generation Co. LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/01/39  | 300000 | 307846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/41 *(a)* | 100000 | &nbsp;&nbsp; 96498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/15/42 *(a)* | 225000 | 217363 |
| **Florida Power & Light Co.** | **Florida Power & Light Co.** | **Florida Power & Light Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/24 *(a)* | 300000 | 293265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/01/25 *(a)* | 400000 | 383631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/25 *(a)* | 350000 | 338088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/35  | 150000 | 147995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/01/38  | 150000 | 159856 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.96%, 04/01/39  | 250000 | 267082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.69%, 03/01/40  | 100000 | 103998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/01/41 *(a)* | 100000 | &nbsp;&nbsp; 99978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/42 *(a)* | 150000 | 130232 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 06/01/42 *(a)* | 200000 | 172368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/15/42 *(a)* | 275000 | 227860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 10/01/44 *(a)* | 100000 | &nbsp;&nbsp; 85128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/47 *(a)* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 44333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/01/48 *(a)* | 250000 | 207993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/01/48 *(a)* | 250000 | 213483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 03/01/49 *(a)* | 250000 | 211525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/01/49 *(a)* | 250000 | 181823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 12/04/51 *(a)* | 400000 | 272496 |
| **Fortis, Inc.** | **Fortis, Inc.** | **Fortis, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 10/04/26 *(a)* | 310000 | 288781 |
| **Georgia Power Co.** | **Georgia Power Co.** | **Georgia Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/15/24 *(a)* | 150000 | 143161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/26 *(a)* | 150000 | 142263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/30/27 *(a)* | 100000 | &nbsp;&nbsp; 92613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/15/29 *(a)* | 100000 | &nbsp;&nbsp; 85465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/32 *(a)* | 250000 | 241185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/01/40  | 100000 | &nbsp;&nbsp; 90751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/42  | 275000 | 236427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/43  | 200000 | 167174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/30/50 *(a)* | 225000 | 168736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/51 *(a)* | 150000 | 103640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/52 *(a)* | 250000 | 235661 |
| **Iberdrola International BV** | **Iberdrola International BV** | **Iberdrola International BV** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 07/15/36  | 200000 | 212855 |
| **Idaho Power Co.** | **Idaho Power Co.** | **Idaho Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/48 *(a)* | 200000 | 164456 |
| **Indiana Michigan Power Co.** | **Indiana Michigan Power Co.** | **Indiana Michigan Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/15/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/15/46 *(a)* | 100000 | &nbsp;&nbsp; 84141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/47 *(a)* | 175000 | 129964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/48 *(a)* | 300000 | 244245 |
| **Interstate Power and Light Co.** | **Interstate Power and Light Co.** | **Interstate Power and Light Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/24 *(a)* | 200000 | 193472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/26/28 *(a)* | 250000 | 238436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/30 *(a)* | 300000 | 244838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/46 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 36585 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**98**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/30/49 *(a)* | 150000 | 107952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/30/51 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 49148 |
| **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/30 *(a)* | 200000 | 178321 |
| **ITC Holdings Corp.** | **ITC Holdings Corp.** | **ITC Holdings Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/26 *(a)* | 220000 | 206766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/15/27 *(a)* | 100000 | &nbsp;&nbsp; 92222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 07/01/43 *(a)* | 100000 | &nbsp;&nbsp; 89805 |
| **Kentucky Utilities Co.** | **Kentucky Utilities Co.** | **Kentucky Utilities Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/01/40 *(a)* | 250000 | 237510 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/01/45 *(a)* | 150000 | 127400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/01/50 *(a)* | 150000 | 106249 |
| **Louisville Gas and Electric Co.** | **Louisville Gas and Electric Co.** | **Louisville Gas and Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/49 *(a)* | 150000 | 125654 |
| **MidAmerican Energy Co.** | **MidAmerican Energy Co.** | **MidAmerican Energy Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/01/27 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/15/29 *(a)* | 200000 | 187833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/30/31  | 200000 | 225429 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 10/15/36  | 200000 | 210272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 09/15/43 *(a)* | 200000 | 187613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 10/15/44 *(a)* | 125000 | 110256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/46 *(a)* | 150000 | 127531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/47 *(a)* | 250000 | 206300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/01/48 *(a)* | 250000 | 197219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/15/49 *(a)* | 300000 | 258293 |
| **Mississippi Power Co.** | **Mississippi Power Co.** | **Mississippi Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/30/28 *(a)* | 250000 | 234946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/42  | 100000 | &nbsp;&nbsp; 81416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 07/30/51 *(a)* | 100000 | &nbsp;&nbsp; 64140 |
| **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/07/24 *(a)* | 410000 | 401171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/25 *(a)* | 400000 | 381752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/07/28 *(a)* | 350000 | 325022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/01/28 *(a)* | 250000 | 235206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/29 *(a)* | 200000 | 184435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/30 *(a)* | 150000 | 125097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 03/15/31 *(a)* | 250000 | 185619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/15/31 *(a)* | 150000 | 114644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/01/32  | 200000 | 236579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/15/32 *(a)* | 200000 | 185277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/20/46 *(a)(b)* | 250000 | 226958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/01/48 *(a)* | 150000 | 126120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/49 *(a)* | 100000 | &nbsp;&nbsp; 83768 |
| **Nevada Power Co.** | **Nevada Power Co.** | **Nevada Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/01/29 *(a)* | 250000 | 235756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 04/01/36  | 250000 | 273720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/01/50 *(a)* | 200000 | 135841 |
| **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/20/24  | 400000 | 395525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/20/25  | 300000 | 296913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/15/27 *(a)* | 350000 | 310320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/01/27 *(a)* | 450000 | 424908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/27 *(a)* | 300000 | 296045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/15/28 *(a)* | 500000 | 428530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/29 *(a)* | 300000 | 273441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/01/29 *(a)* | 350000 | 303367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/30 *(a)* | 650000 | 535705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 01/15/32 *(a)* | 350000 | 282758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/32 *(a)* | 300000 | 295770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/52 *(a)* | 200000 | 132596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 12/01/77 *(a)(b)* | 250000 | 206139 |
| **Northern States Power Co.** | **Northern States Power Co.** | **Northern States Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 06/01/36  | 270000 | 291448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 07/01/37  | 150000 | 162124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/01/39  | 200000 | 201558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/42 *(a)* | 145000 | 113585 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/15/45 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 82270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/15/46 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 155916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/47 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 193848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/50 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 137855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/01/51 *(a)* | &nbsp;&nbsp;&nbsp; 175000 | 112296 |
| **NorthWestern Corp.** | **NorthWestern Corp.** | **NorthWestern Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 11/15/44 *(a)* | &nbsp;&nbsp;&nbsp; 160000 | 130218 |
| **NSTAR Electric Co.** | **NSTAR Electric Co.** | **NSTAR Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 329389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 227531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 08/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 119410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/40  | &nbsp;&nbsp;&nbsp; 100000 | 101446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/01/44 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 131475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/01/51 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 69499 |
| **Oglethorpe Power Corp.** | **Oglethorpe Power Corp.** | **Oglethorpe Power Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/01/39  | &nbsp;&nbsp;&nbsp; 150000 | 145379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/01/40  | &nbsp;&nbsp;&nbsp; 200000 | 181663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 10/01/48 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 172827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/01/50 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 108125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/50  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 44150 |
| **Ohio Edison Co.** | **Ohio Edison Co.** | **Ohio Edison Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 07/15/36  | &nbsp;&nbsp;&nbsp; 100000 | 108419 |
| **Ohio Power Co.** | **Ohio Power Co.** | **Ohio Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 04/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 170358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 155316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/01/48 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 164034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/49 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 119052 |
| **Oklahoma Gas and Electric Co.** | **Oklahoma Gas and Electric Co.** | **Oklahoma Gas and Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 125000 | 110087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 131042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/01/47 *(a)* | &nbsp;&nbsp;&nbsp; 240000 | 193448 |
| **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/24 *(a)* | &nbsp;&nbsp;&nbsp; 500000 | 484447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 265000 | 250407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 73000 | &nbsp;&nbsp; 75921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/32 *(a)(c)* | &nbsp;&nbsp;&nbsp; 150000 | 142993 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/15/32 *(a)(c)* | &nbsp;&nbsp;&nbsp; 200000 | 196182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/01/38  | &nbsp;&nbsp;&nbsp; 100000 | 121874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/30/40  | &nbsp;&nbsp;&nbsp; 200000 | 199017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 12/01/41 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 137193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/45 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 201785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/30/47 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 163371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 11/15/48 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 127758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/01/49 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 121901 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/15/49 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 178008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/50 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 119811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/01/52 *(a)(c)* | &nbsp;&nbsp;&nbsp; 150000 | 138177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 153760 |
| **Pacific Gas and Electric Co.** | **Pacific Gas and Electric Co.** | **Pacific Gas and Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 146926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 237119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/01/25  | &nbsp;&nbsp;&nbsp; 300000 | 285044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/26  | &nbsp;&nbsp;&nbsp; 550000 | 512538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/26 *(a)* | &nbsp;&nbsp;&nbsp; 225000 | 207463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/27 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 89702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 08/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 300320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/01/27 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | 399044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 217819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/28  | &nbsp;&nbsp;&nbsp; 375000 | 335140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/01/28 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/01/30 *(a)* | 1000000 | 908552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/31 *(a)* | &nbsp;&nbsp;&nbsp; 700000 | 545435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/31 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 285130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/01/32 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 175925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 06/15/32 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 195517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 274165 |

---

*See financial notes*

**99**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 08/01/40 *(a)* | 350000 | 239028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/41 *(a)* | 100000 | &nbsp;&nbsp; 75125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/15/42 *(a)* | 150000 | 112650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/42 *(a)* | 100000 | &nbsp;&nbsp; 67350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/15/43 *(a)* | 150000 | 114491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/44 *(a)* | 100000 | &nbsp;&nbsp; 77926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/45 *(a)* | 150000 | 107733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/46 *(a)* | 175000 | 124054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/46 *(a)* | 200000 | 136480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/01/50 *(a)* | 775000 | 607880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/50 *(a)* | 600000 | 378477 |
| **PacifiCorp** | **PacifiCorp** | **PacifiCorp** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/29 *(a)* | 100000 | &nbsp;&nbsp; 92368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/15/30 *(a)* | 150000 | 129435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.70%, 11/15/31  | 175000 | 205447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/37  | 100000 | 101889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 10/15/37  | 200000 | 212992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 07/15/38  | 200000 | 216367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/39  | 100000 | 104374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/01/42 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 41535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/49 *(a)* | 175000 | 144207 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/15/50 *(a)* | 200000 | 165512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/51 *(a)* | 250000 | 180464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/52 *(a)* | 200000 | 131904 |
| **PECO Energy Co.** | **PECO Energy Co.** | **PECO Energy Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/47 *(a)* | 200000 | 157549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/01/48 *(a)* | 200000 | 164673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/49 *(a)* | 100000 | &nbsp;&nbsp; 68796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/50 *(a)* | 200000 | 132266 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/15/51 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 34304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/15/51 *(a)* | 150000 | &nbsp;&nbsp; 99644 |
| **Pinnacle West Capital Corp.** | **Pinnacle West Capital Corp.** | **Pinnacle West Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 06/15/25 *(a)* | 250000 | 228201 |
| **Potomac Electric Power Co.** | **Potomac Electric Power Co.** | **Potomac Electric Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/15/24 *(a)* | 250000 | 245943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/43 *(a)* | 200000 | 169197 |
| **PPL Capital Funding, Inc.** | **PPL Capital Funding, Inc.** | **PPL Capital Funding, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/15/26 *(a)* | 200000 | 187423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/30 *(a)* | 150000 | 139510 |
| **PPL Electric Utilities Corp.** | **PPL Electric Utilities Corp.** | **PPL Electric Utilities Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/39  | 300000 | 323603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/43 *(a)* | 100000 | &nbsp;&nbsp; 91460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/15/48 *(a)* | 150000 | 126761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/01/49 *(a)* | 100000 | &nbsp;&nbsp; 68663 |
| **Progress Energy, Inc.** | **Progress Energy, Inc.** | **Progress Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 03/01/31  | 350000 | 397550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/30/31  | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 65638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/39  | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 86355 |
| **Public Service Co. of Colorado** | **Public Service Co. of Colorado** | **Public Service Co. of Colorado** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/28 *(a)* | 150000 | 143108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 01/15/31 *(a)* | 255000 | 205009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/15/31 *(a)* | 225000 | 179496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 09/01/37  | 200000 | 218840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/42 *(a)* | 100000 | &nbsp;&nbsp; 79178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/15/47 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 39766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/15/49 *(a)* | 150000 | 123854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/01/50 *(a)* | 250000 | 179467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/15/51 *(a)* | 150000 | &nbsp;&nbsp; 97032 |
| **Public Service Co. of New Hampshire** | **Public Service Co. of New Hampshire** | **Public Service Co. of New Hampshire** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 07/01/49 *(a)* | 100000 | &nbsp;&nbsp; 77857 |
| **Public Service Co. of Oklahoma** | **Public Service Co. of Oklahoma** | **Public Service Co. of Oklahoma** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 08/15/31 *(a)* | 150000 | 119549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/51 *(a)* | 150000 | &nbsp;&nbsp; 99996 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Public Service Electric and Gas Co.** | **Public Service Electric and Gas Co.** | **Public Service Electric and Gas Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/27 *(a)* | 150000 | 140355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/01/28 *(a)* | 125000 | 119383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/15/29 *(a)* | 200000 | 181696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/30 *(a)* | 250000 | 214656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/31 *(a)* | 200000 | 160012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/32 *(a)* | 200000 | 200559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/01/42 *(a)* | 100000 | &nbsp;&nbsp; 84018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/42 *(a)* | 100000 | &nbsp;&nbsp; 80254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 01/01/43 *(a)* | 125000 | 102605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/46 *(a)* | 250000 | 200114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/01/47 *(a)* | 150000 | 115445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/01/48 *(a)* | 150000 | 124775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/01/49 *(a)* | 150000 | 119912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/01/49 *(a)* | 150000 | 108533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/50 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 17728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/01/50 *(a)* | 250000 | 163332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/01/50 *(a)* | 200000 | 112161 |
| **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/24 *(a)* | 450000 | 435545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/15/25 *(a)* | 225000 | 202438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 03/15/26 *(a)* | 150000 | 133379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 08/15/30 *(a)* | 350000 | 272461 |
| **Puget Energy, Inc.** | **Puget Energy, Inc.** | **Puget Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/15/25 *(a)* | 150000 | 143473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/15/30 *(a)* | 300000 | 269268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 03/15/32 *(a)* | 150000 | 134343 |
| **Puget Sound Energy, Inc.** | **Puget Sound Energy, Inc.** | **Puget Sound Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 03/15/37  | 100000 | 103445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 03/15/40  | 125000 | 125107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.64%, 04/15/41 *(a)* | 150000 | 147721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/20/45 *(a)* | 150000 | 123030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 06/15/48 *(a)* | 250000 | 205278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/15/49 *(a)* | 150000 | 103279 |
| **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/26 *(a)* | 200000 | 185823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 10/01/30 *(a)* | 300000 | 238208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/47 *(a)* | 125000 | &nbsp;&nbsp; 98182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/48 *(a)* | 269000 | 226955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/15/49 *(a)* | 140000 | 115123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.32%, 04/15/50 *(a)* | 200000 | 143944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/52 *(a)* | 200000 | 158224 |
| **Sierra Pacific Power Co.** | **Sierra Pacific Power Co.** | **Sierra Pacific Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/01/26 *(a)* | 200000 | 185866 |
| **Southern California Edison Co.** | **Southern California Edison Co.** | **Southern California Edison Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 08/01/24  | 200000 | 187263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 02/01/26 *(a)* | 200000 | 177430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/01/27 *(a)* | 250000 | 258575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/01/28 *(a)* | 100000 | &nbsp;&nbsp; 93602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/29 *(a)* | 150000 | 142952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 04/01/29  | 150000 | 155221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/01/29 *(a)* | 200000 | 174330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/30 *(a)* | 250000 | 206490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/32 *(a)* | 200000 | 168111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/34  | 200000 | 208918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/35  | 200000 | 201116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 07/15/35  | 200000 | 193543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/15/37  | 200000 | 196960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 02/01/38  | 250000 | 253524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/39  | 150000 | 152718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/40  | 150000 | 145547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/42 *(a)* | 105000 | &nbsp;&nbsp; 84004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/43 *(a)* | 250000 | 193954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/01/43 *(a)* | 250000 | 216930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/01/45 *(a)* | 100000 | &nbsp;&nbsp; 72392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/47 *(a)* | 600000 | 471115 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**100**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/48 *(a)* | 400000 | 320437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/49 *(a)* | 200000 | 177254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/50 *(a)* | 400000 | 294314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/01/52 *(a)* | 200000 | 143204 |
| **Southern Co.** | **Southern Co.** | **Southern Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 02/26/24 *(a)* | 250000 | 237381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 08/01/24  | 250000 | 247100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/01/26 *(a)* | 700000 | 659794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 08/01/27  | 250000 | 249721 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/30/30 *(a)* | 350000 | 316904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/01/36 *(a)* | 250000 | 218857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/46 *(a)* | 600000 | 503166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/51 *(a)(b)* | 250000 | 227846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/51 *(a)(b)* | 275000 | 223012 |
| **Southern Power Co.** | **Southern Power Co.** | **Southern Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 01/15/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 44072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/15/41  | 200000 | 181852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 12/15/46 *(a)* | 200000 | 171836 |
| **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/01/26 *(a)* | 300000 | 275738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/15/28 *(a)* | 200000 | 190182 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/45 *(a)* | 100000 | &nbsp;&nbsp; 76608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 02/01/48 *(a)* | 200000 | 148588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/51 *(a)* | 200000 | 132284 |
| **Southwestern Public Service Co.** | **Southwestern Public Service Co.** | **Southwestern Public Service Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/41 *(a)* | 150000 | 131540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/46 *(a)* | 100000 | &nbsp;&nbsp; 72649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/47 *(a)* | 200000 | 152087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/49 *(a)* | 200000 | 153777 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/01/50 *(a)* | 150000 | 104467 |
| **Tampa Electric Co.** | **Tampa Electric Co.** | **Tampa Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/15/42 *(a)* | 100000 | &nbsp;&nbsp; 82041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/15/44 *(a)* | 225000 | 185974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/48 *(a)* | 250000 | 202619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/50 *(a)* | 300000 | 218443 |
| **The Cleveland Electric Illuminating Co.** | **The Cleveland Electric Illuminating Co.** | **The Cleveland Electric Illuminating Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/15/36  | 150000 | 149630 |
| **Toledo Edison Co.** | **Toledo Edison Co.** | **Toledo Edison Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 05/15/37  | 100000 | 103791 |
| **Tucson Electric Power Co.** | **Tucson Electric Power Co.** | **Tucson Electric Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/01/30 *(a)* | 175000 | 134736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 12/01/48 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 64518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/50 *(a)* | 100000 | &nbsp;&nbsp; 76560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/01/51 *(a)* | 100000 | &nbsp;&nbsp; 66693 |
| **Union Electric Co.** | **Union Electric Co.** | **Union Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/27 *(a)* | &nbsp;&nbsp; 44000 | &nbsp;&nbsp; 41044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/29 *(a)* | 550000 | 510587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/30 *(a)* | 150000 | 131900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 09/15/42 *(a)* | 115000 | &nbsp;&nbsp; 94417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/15/45 *(a)* | 100000 | &nbsp;&nbsp; 77025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/48 *(a)* | 250000 | 201458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/01/49 *(a)* | 150000 | 106534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/15/51 *(a)* | 250000 | 159285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/52 *(a)* | 150000 | 121814 |
| **Virginia Electric and Power Co.** | **Virginia Electric and Power Co.** | **Virginia Electric and Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/15/24 *(a)* | 250000 | 246594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/15/25 *(a)* | 200000 | 192351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/15/26 *(a)* | 250000 | 238799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/15/26 *(a)* | 200000 | 187421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/27 *(a)* | 400000 | 379347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/15/29 *(a)* | 150000 | 132286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/30/32 *(a)* | 175000 | 141817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/36  | 250000 | 258171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 05/15/37  | 250000 | 259269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 11/15/38  | 150000 | 197323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/43 *(a)* | 250000 | 203444 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/44 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/45 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/15/47 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 12/01/48 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/01/49 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/15/50 *(a)* | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 05/15/52 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154167 |
| **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 03/15/24 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/15/27 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/15/30 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196119 |
| **Wisconsin Electric Power Co.** | **Wisconsin Electric Power Co.** | **Wisconsin Electric Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 12/15/24 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/15/28 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/15/48 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103281 |
| **Wisconsin Power and Light Co.** | **Wisconsin Power and Light Co.** | **Wisconsin Power and Light Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/29 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/01/50 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147820 |
| **Wisconsin Public Service Corp.** | **Wisconsin Public Service Corp.** | **Wisconsin Public Service Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 12/01/42  | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/01/44 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/01/49 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140876 |
| **Xcel Energy, Inc.** | **Xcel Energy, Inc.** | **Xcel Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/01/25 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/28 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/01/30 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/01/32 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/01/36  | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/49 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146677 |
|  |  | **120930579** |
| ***Natural Gas 0.1%***  | ***Natural Gas 0.1%***  | ***Natural Gas 0.1%***  |
| **Atmos Energy Corp.** | **Atmos Energy Corp.** | **Atmos Energy Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/27 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/15/31 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/15/41 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/15/43 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/44 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/01/48 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/49 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123331 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/49 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/15/52 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157915 |
| **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/01/30 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 01/15/41 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/01/47 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80824 |
| **National Grid USA** | **National Grid USA** | **National Grid USA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 04/01/35  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141661 |
| **NiSource, Inc.** | **NiSource, Inc.** | **NiSource, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 08/15/25 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 05/15/27 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/01/29 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/01/30 *(a)* | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 02/15/31 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/43 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/15/44 *(a)* | 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 02/01/45 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/47 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/30/48 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78318 |
| **ONE Gas, Inc.** | **ONE Gas, Inc.** | **ONE Gas, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 02/01/24 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 03/11/24 *(a)* | 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129527 |

---

*See financial notes*

**101**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 02/01/44 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 173696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/01/48 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 124695 |
| **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/29 *(a)* | 220000 | &nbsp;&nbsp;&nbsp; 202638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 11/01/46 *(a)* | 210000 | &nbsp;&nbsp;&nbsp; 151663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 06/01/50 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 102188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 05/15/52 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 136024 |
| **Sempra Energy** | **Sempra Energy** | **Sempra Energy** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/27 *(a)* | 300000 | &nbsp;&nbsp;&nbsp; 278129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/01/28 *(a)* | 300000 | &nbsp;&nbsp;&nbsp; 279030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/29 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 182968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/01/38 *(a)* | 250000 | &nbsp;&nbsp;&nbsp; 205259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/39  | 250000 | &nbsp;&nbsp;&nbsp; 254465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/48 *(a)* | 225000 | &nbsp;&nbsp;&nbsp; 177060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/52 *(a)(b)* | 300000 | &nbsp;&nbsp;&nbsp; 237477 |
| **Southern California Gas Co.** | **Southern California Gas Co.** | **Southern California Gas Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/15/26 *(a)* | 300000 | &nbsp;&nbsp;&nbsp; 278680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/15/27 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 185109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/01/30 *(a)* | 250000 | &nbsp;&nbsp;&nbsp; 213176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/15/40  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 71380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/42 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 118063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/01/48 *(a)* | 250000 | &nbsp;&nbsp;&nbsp; 201268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/15/49 *(a)* | 175000 | &nbsp;&nbsp;&nbsp; 145033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/15/50 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 117494 |
| **Southern Co. Gas Capital Corp.** | **Southern Co. Gas Capital Corp.** | **Southern Co. Gas Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 93757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/15/31 *(a)* | 250000 | &nbsp;&nbsp;&nbsp; 191578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/15/41 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 199597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/01/43 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 82302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/01/46 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 113299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/30/47 *(a)* | 250000 | &nbsp;&nbsp;&nbsp; 200219 |
| **Southwest Gas Corp.** | **Southwest Gas Corp.** | **Southwest Gas Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/15/30 *(a)* | 230000 | &nbsp;&nbsp;&nbsp; 180256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/32 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 87970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/29/46 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 69669 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/49 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 109249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 08/15/51 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 30828 |
| **Spire Missouri, Inc.** | **Spire Missouri, Inc.** | **Spire Missouri, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/01/51 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 51595 |
| **Washington Gas Light Co.** | **Washington Gas Light Co.** | **Washington Gas Light Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/15/46 *(a)* | 155000 | &nbsp;&nbsp;&nbsp; 116485 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/49 *(a)* | 175000 | &nbsp;&nbsp;&nbsp; 128675 |
|  |  | **9912659** |
| ***Utility Other 0.1%***  | ***Utility Other 0.1%***  | ***Utility Other 0.1%***  |
| **American Water Capital Corp.** | **American Water Capital Corp.** | **American Water Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/25 *(a)* | 300000 | &nbsp;&nbsp;&nbsp; 291052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/01/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 92468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/28 *(a)* | 250000 | &nbsp;&nbsp;&nbsp; 236454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/29 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 137396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/01/30 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 173345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/31 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 164657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/01/32 *(a)* | 250000 | &nbsp;&nbsp;&nbsp; 240302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.59%, 10/15/37  | 200000 | &nbsp;&nbsp;&nbsp; 221432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/01/42 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 174958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/46 *(a)* | 165000 | &nbsp;&nbsp;&nbsp; 129378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/47 *(a)* | 250000 | &nbsp;&nbsp;&nbsp; 195168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/01/48 *(a)* | 250000 | &nbsp;&nbsp;&nbsp; 209982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/49 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 41431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/01/50 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 92411 |
| **Essential Utilities, Inc.** | **Essential Utilities, Inc.** | **Essential Utilities, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 05/01/29 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 135201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/30 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 168017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/01/31 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 40116 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 05/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 05/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94440 |
|  |  | **3132617** |
|  |  | **133975855** |
| **Total Corporates** <br>**(Cost $1,900,829,273)** | **Total Corporates** <br>**(Cost $1,900,829,273)** | **1628668613** |
| **TREASURIES** 40.9% OF NET ASSETS | **TREASURIES** 40.9% OF NET ASSETS | **TREASURIES** 40.9% OF NET ASSETS |
| **Bonds** | **Bonds** | **Bonds** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 11/15/24  | &nbsp;&nbsp; 1248000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1316081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 02/15/25  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1064070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/15/25  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1062469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 02/15/26  | &nbsp;&nbsp; 1889000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1986925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/15/26  | &nbsp;&nbsp; 1209000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1312848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 11/15/26  | &nbsp;&nbsp; 1748000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1894079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/15/27  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1093464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 08/15/27  | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1314300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/15/27  | &nbsp;&nbsp; 2434000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2656849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/28  | &nbsp;&nbsp; 1748000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1871957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/15/28  | &nbsp;&nbsp; 2248000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2384600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/29  | &nbsp;&nbsp;&nbsp;&nbsp; 474000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 503842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 08/15/29  | &nbsp;&nbsp; 1544000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1728284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 05/15/30  | &nbsp;&nbsp; 2131000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2434028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/15/31  | &nbsp;&nbsp; 2594000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2850211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/32  | 61000000 | &nbsp;&nbsp;&nbsp;&nbsp; 55533204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/36  | &nbsp;&nbsp; 3144000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3360898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/37  | &nbsp;&nbsp; 1932000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2114425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 05/15/37  | &nbsp;&nbsp; 1648000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1843319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/38  | &nbsp;&nbsp; 1596000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1675305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/38  | &nbsp;&nbsp; 2796000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2974766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/39  | &nbsp;&nbsp; 2472000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2327059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/39  | &nbsp;&nbsp; 3146000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3245043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/39  | &nbsp;&nbsp; 2646000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2809512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/15/39  | &nbsp;&nbsp; 3625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3787934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 02/15/40  | &nbsp;&nbsp; 3955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4256058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/15/40  | 11200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7023118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/40  | &nbsp;&nbsp; 4194000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4368878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/15/40  | 12250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7627866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/40  | &nbsp;&nbsp; 4494000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4389292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/40  | 12500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8132805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/40  | &nbsp;&nbsp; 4253000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4351064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/41  | 18400000 | &nbsp;&nbsp;&nbsp;&nbsp; 13016419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/41  | &nbsp;&nbsp; 4292000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4675294 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/41  | 14500000 | &nbsp;&nbsp;&nbsp;&nbsp; 10901570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/41  | &nbsp;&nbsp; 3944000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4092679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/15/41  | 21600000 | &nbsp;&nbsp;&nbsp;&nbsp; 14798620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/41  | &nbsp;&nbsp; 3817000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3628793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/41  | 14000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10012318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/41  | &nbsp;&nbsp; 4344000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3755742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/15/42  | 14000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10690242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/42  | &nbsp;&nbsp; 4582000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3951144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/42  | &nbsp;&nbsp; 3998000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3365606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/42  | 12500000 | &nbsp;&nbsp;&nbsp;&nbsp; 10965009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/42  | &nbsp;&nbsp; 4691000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3779360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/42  | 11000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9829641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/42  | &nbsp;&nbsp; 6408000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5146457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/42  | &nbsp;&nbsp; 9500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9299107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 02/15/43  | &nbsp;&nbsp; 5286000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4514524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/43  | &nbsp;&nbsp; 8731000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7142072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 08/15/43  | &nbsp;&nbsp; 6317000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5819131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/15/43  | &nbsp;&nbsp; 5450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5114306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/15/44  | &nbsp;&nbsp; 6927000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6367297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/44  | &nbsp;&nbsp; 6494000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5732189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/44  | &nbsp;&nbsp; 7882000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6669326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/44  | &nbsp;&nbsp; 7136000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5905761 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**102**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/45  | &nbsp;&nbsp; 8882000 | &nbsp;&nbsp; 6707782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/45  | &nbsp;&nbsp; 1534000 | &nbsp;&nbsp; 1266976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/45  | &nbsp;&nbsp; 5332000 | &nbsp;&nbsp; 4303114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/45  | &nbsp;&nbsp; 3782000 | &nbsp;&nbsp; 3119408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/46  | &nbsp;&nbsp; 7386000 | &nbsp;&nbsp; 5542538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/46  | &nbsp;&nbsp; 7732000 | &nbsp;&nbsp; 5790119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/46  | &nbsp;&nbsp; 9978000 | &nbsp;&nbsp; 7093028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/46  | &nbsp;&nbsp; 3719000 | &nbsp;&nbsp; 2989769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/47  | &nbsp;&nbsp; 8384000 | &nbsp;&nbsp; 6885238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/47  | &nbsp;&nbsp; 7238000 | &nbsp;&nbsp; 5942389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/15/47  | &nbsp;&nbsp; 8680000 | &nbsp;&nbsp; 6805364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/47  | &nbsp;&nbsp; 8328000 | &nbsp;&nbsp; 6529386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/48  | &nbsp;&nbsp; 9734000 | &nbsp;&nbsp; 8010583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/15/48  | &nbsp;&nbsp; 9120000 | &nbsp;&nbsp; 7691662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/48  | 11428000 | &nbsp;&nbsp; 9419811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/48  | &nbsp;&nbsp; 7500000 | &nbsp;&nbsp; 6641854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/49  | 13076000 | 10816972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/49  | 12800000 | 10339063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/49  | 12000000 | &nbsp;&nbsp; 8480795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/15/49  | 11478000 | &nbsp;&nbsp; 8344645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/50  | 14398000 | &nbsp;&nbsp; 9553396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/15/50  | 16500000 | &nbsp;&nbsp; 8921167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/15/50  | 19700000 | 11012420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/15/50  | 18000000 | 10769701 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/51  | 22500000 | 14360654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/51  | 20600000 | 14835057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/51  | 21000000 | 13807849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/15/51  | 19100000 | 12148887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/52  | 17300000 | 12078050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/52  | 16800000 | 13512364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/52  | 16500000 | 13662305 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/52  | 14000000 | 14057908 |
| **Notes** | **Notes** | **Notes** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/31/24  | 13000000 | 12476159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.13%, 02/15/24  | 22000000 | 20909390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/24  | 17595000 | 17216607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/29/24  | 16900000 | 16293937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/29/24  | 16438000 | 15961522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 02/29/24  | &nbsp;&nbsp; 9982000 | &nbsp;&nbsp; 9723658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/15/24  | 18300000 | 17359927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/31/24  | 12418000 | 12034034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/31/24  | 16000000 | 15525592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/15/24  | 14000000 | 13250740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/30/24  | &nbsp;&nbsp; 7994000 | &nbsp;&nbsp; 7717783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/30/24  | 10574000 | 10241268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/30/24  | 15000000 | 14574286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/15/24  | 15000000 | 14121632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/24  | 21098000 | 20479438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/31/24  | 12668000 | 12207518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/31/24  | 14000000 | 13583800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/15/24  | 15000000 | 14081787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/30/24  | &nbsp;&nbsp; 9032000 | &nbsp;&nbsp; 8657996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/30/24  | &nbsp;&nbsp; 7240000 | &nbsp;&nbsp; 6964523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/30/24  | 14000000 | 13666380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/15/24  | 13900000 | 13026317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/31/24  | 10078000 | &nbsp;&nbsp; 9641982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/31/24  | &nbsp;&nbsp; 6488000 | &nbsp;&nbsp; 6242657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/31/24  | 14000000 | 13655989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 08/15/24  | 15000000 | 14018504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/15/24  | 17768000 | 17152673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/31/24  | &nbsp;&nbsp; 8686000 | &nbsp;&nbsp; 8225548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 08/31/24  | &nbsp;&nbsp; 6490000 | &nbsp;&nbsp; 6209215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/31/24  | 14000000 | 13710131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/15/24  | 15500000 | 14449456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/30/24  | &nbsp;&nbsp; 8982000 | &nbsp;&nbsp; 8532699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/30/24  | &nbsp;&nbsp; 5784000 | &nbsp;&nbsp; 5551948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/30/24  | 12000000 | 11939752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/15/24  | 16500000 | 15413907 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/31/24  | &nbsp;&nbsp; 8480000 | &nbsp;&nbsp; 8037425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/31/24  | &nbsp;&nbsp; 5038000 | &nbsp;&nbsp; 4840404 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/31/24  | 12000000 | 11966706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/15/24  | 14800000 | 13819160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/24  | 16870000 | 16207021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/24  | &nbsp;&nbsp; 9480000 | &nbsp;&nbsp; 8971162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 11/30/24  | &nbsp;&nbsp; 6988000 | &nbsp;&nbsp; 6691401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/30/24  | 15000000 | 15002916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 12/15/24  | 15000000 | 14041694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/31/24  | &nbsp;&nbsp; 9982000 | &nbsp;&nbsp; 9478665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/31/24  | &nbsp;&nbsp; 7988000 | &nbsp;&nbsp; 7658376 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/31/24  | 13000000 | 12957593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/15/25  | 14000000 | 13106010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/31/25  | &nbsp;&nbsp; 8696000 | &nbsp;&nbsp; 8175406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/31/25  | &nbsp;&nbsp; 7488000 | &nbsp;&nbsp; 7206134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/25  | 14000000 | 13181102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/25  | 14486000 | 13789741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/28/25  | &nbsp;&nbsp; 7998000 | &nbsp;&nbsp; 7469934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/28/25  | &nbsp;&nbsp; 7890000 | &nbsp;&nbsp; 7627616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/25  | 14000000 | 13233769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 03/31/25  | 12200000 | 11212627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/31/25  | &nbsp;&nbsp; 4724000 | &nbsp;&nbsp; 4553867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/15/25  | 12000000 | 11550557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 04/30/25  | 10900000 | &nbsp;&nbsp; 9955390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/30/25  | &nbsp;&nbsp; 6986000 | &nbsp;&nbsp; 6763965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/15/25  | 13880400 | 13198610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/25  | 12500000 | 12056900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 05/31/25  | 10700000 | &nbsp;&nbsp; 9715596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/31/25  | &nbsp;&nbsp; 5788000 | &nbsp;&nbsp; 5597788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/25  | 12000000 | 11598690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 06/30/25  | 11500000 | 10421929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/30/25  | &nbsp;&nbsp; 4988000 | &nbsp;&nbsp; 4806807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/25  | 10000000 | &nbsp;&nbsp; 9689479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/31/25  | &nbsp;&nbsp; 9100000 | &nbsp;&nbsp; 8213966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/31/25  | &nbsp;&nbsp; 3386000 | &nbsp;&nbsp; 3272550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/25  | 14168000 | 13383488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/25  | 11000000 | 10683067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 08/31/25  | &nbsp;&nbsp; 7400000 | &nbsp;&nbsp; 6659339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 08/31/25  | &nbsp;&nbsp; 3236000 | &nbsp;&nbsp; 3112449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/25  | &nbsp;&nbsp; 9500000 | &nbsp;&nbsp; 9314351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 09/30/25  | 12100000 | 10869221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/30/25  | &nbsp;&nbsp; 4682000 | &nbsp;&nbsp; 4527443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/25  | 14000000 | 13995108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 10/31/25  | 14800000 | 13243860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/31/25  | &nbsp;&nbsp; 5688000 | &nbsp;&nbsp; 5497201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/25  | 15072000 | 14274515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/15/25  | 15000000 | 15098682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 11/30/25  | 15600000 | 13966519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/30/25  | &nbsp;&nbsp; 5682000 | &nbsp;&nbsp; 5471279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/25  | 12000000 | 11925469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 12/31/25  | 15800000 | 14127752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/31/25  | &nbsp;&nbsp; 6486000 | &nbsp;&nbsp; 6204954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/31/26  | 15100000 | 13442909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/31/26  | &nbsp;&nbsp; 5938000 | &nbsp;&nbsp; 5677236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/15/26  | 14672000 | 13582359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/28/26  | 16000000 | 14266712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/28/26  | &nbsp;&nbsp; 5476000 | &nbsp;&nbsp; 5203888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/31/26  | 16000000 | 14352419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/31/26  | &nbsp;&nbsp; 7086000 | &nbsp;&nbsp; 6681601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/30/26  | 16300000 | 14580847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/30/26  | &nbsp;&nbsp; 6084000 | &nbsp;&nbsp; 5749887 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/26  | 15685000 | 14444978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/31/26  | 18500000 | 16509147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 05/31/26  | &nbsp;&nbsp; 6388000 | &nbsp;&nbsp; 5979076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 06/30/26  | 14000000 | 12523556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/30/26  | &nbsp;&nbsp; 5984000 | &nbsp;&nbsp; 5553277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/31/26  | 15500000 | 13700715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 07/31/26  | &nbsp;&nbsp; 6284000 | &nbsp;&nbsp; 5815743 |

---

*See financial notes*

**103**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/15/26  | 16724000 | 15257656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/31/26  | 17000000 | 15058540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/31/26  | &nbsp;&nbsp; 6986000 | &nbsp;&nbsp; 6336917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/30/26  | 16200000 | 14393647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 09/30/26  | &nbsp;&nbsp; 4990000 | &nbsp;&nbsp; 4568112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/31/26  | 17500000 | 15657476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 10/31/26  | &nbsp;&nbsp; 6584000 | &nbsp;&nbsp; 6012199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/15/26  | 15032000 | 13903904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 11/30/26  | 17000000 | 15258681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/30/26  | &nbsp;&nbsp; 6286000 | &nbsp;&nbsp; 5734461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/31/26  | 16500000 | 14782899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/31/26  | &nbsp;&nbsp; 5490000 | &nbsp;&nbsp; 5028063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/31/27  | 21190000 | 19140524 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/27  | 13626000 | 12684498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/28/27  | &nbsp;&nbsp; 2300000 | &nbsp;&nbsp; 2046018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/27  | 15000000 | 13742666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 03/31/27  | &nbsp;&nbsp; 5600000 | &nbsp;&nbsp; 4861742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/31/27  | 15000000 | 14086730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/30/27  | &nbsp;&nbsp; 7350000 | &nbsp;&nbsp; 6331965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/30/27  | 15000000 | 14224521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/27  | 15420000 | 14381870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/31/27  | &nbsp;&nbsp; 8700000 | &nbsp;&nbsp; 7464085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/31/27  | 12000000 | 11316854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/30/27  | &nbsp;&nbsp; 8400000 | &nbsp;&nbsp; 7189341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/27  | 13500000 | 13061700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/31/27  | &nbsp;&nbsp; 8600000 | &nbsp;&nbsp; 7300726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/31/27  | 13000000 | 12306226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/27  | 10272000 | &nbsp;&nbsp; 9506328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/31/27  | &nbsp;&nbsp; 8500000 | &nbsp;&nbsp; 7236775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/31/27  | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp; 7699057 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/30/27  | 11000000 | &nbsp;&nbsp; 9280600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 09/30/27  | 12500000 | 12551894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/31/27  | 10700000 | &nbsp;&nbsp; 9056364 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/31/27  | 13000000 | 13054038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/27  | 11274000 | 10395427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 11/30/27  | 13700000 | 11643741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/27  | 12000000 | 11939749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 12/31/27  | 15900000 | 13480654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/31/27  | 12000000 | 11932145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/31/28  | 15700000 | 13362030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/28  | 17322000 | 16295725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/29/28  | 16300000 | 14121728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/31/28  | 15000000 | 13050584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 04/30/28  | 17600000 | 15283162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/28  | 16770000 | 15839476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 05/31/28  | 18000000 | 15597499 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/30/28  | 15700000 | 13582444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/31/28  | 15500000 | 13184760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/28  | 18368000 | 17306578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 08/31/28  | 16000000 | 13675752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/30/28  | 17700000 | 15213217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/31/28  | 15500000 | 13393204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/28  | 16714000 | 15945522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/30/28  | 15000000 | 13032120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 12/31/28  | 13000000 | 11214288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/31/29  | 11800000 | 10375997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/29  | 14666000 | 13571171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/29  | 12500000 | 11076536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/31/29  | 11400000 | 10382889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/30/29  | 10500000 | &nbsp;&nbsp; 9839317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/15/29  | 12358000 | 11241948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/31/29  | 10000000 | &nbsp;&nbsp; 9295398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/29  | 11000000 | 10530984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/31/29  | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp; 8294148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/15/29  | &nbsp;&nbsp; 6666000 | &nbsp;&nbsp; 5786914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/31/29  | &nbsp;&nbsp; 8500000 | &nbsp;&nbsp; 8074498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/30/29  | &nbsp;&nbsp; 9000000 | &nbsp;&nbsp; 8939825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/31/29  | 38500000 | 38537549 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/29  | &nbsp;&nbsp; 6266000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5471052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/30/29  | 11000000 | &nbsp;&nbsp;&nbsp;&nbsp; 10931681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/31/29  | &nbsp;&nbsp; 9500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9445202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/30  | 11398000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9716892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/15/30  | 12700000 | &nbsp;&nbsp;&nbsp;&nbsp; 10058799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/15/30  | 20000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15751664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/15/30  | 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 20000380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 02/15/31  | 29500000 | &nbsp;&nbsp;&nbsp;&nbsp; 24064000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/15/31  | 25000000 | &nbsp;&nbsp;&nbsp;&nbsp; 21051760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/15/31  | 27500000 | &nbsp;&nbsp;&nbsp;&nbsp; 22332049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/31  | 26800000 | &nbsp;&nbsp;&nbsp;&nbsp; 21827611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/15/32  | 32000000 | &nbsp;&nbsp;&nbsp;&nbsp; 27142794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/15/32  | 28250000 | &nbsp;&nbsp;&nbsp;&nbsp; 26047952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/32  | 22500000 | &nbsp;&nbsp;&nbsp;&nbsp; 22950344 |
| **Total Treasuries** <br>**(Cost $2,972,720,371)** | **Total Treasuries** <br>**(Cost $2,972,720,371)** | **2779962408** |
| **GOVERNMENT RELATED** 5.0% OF NET ASSETS | **GOVERNMENT RELATED** 5.0% OF NET ASSETS | **GOVERNMENT RELATED** 5.0% OF NET ASSETS |
| **Agency 1.9%** | **Agency 1.9%** | **Agency 1.9%** |
| **Foreign 0.7%**  | **Foreign 0.7%**  | **Foreign 0.7%**  |
| ***Austria 0.0%***  | ***Austria 0.0%***  | ***Austria 0.0%***  |
| **Oesterreichische Kontrollbank AG** | **Oesterreichische Kontrollbank AG** | **Oesterreichische Kontrollbank AG** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/16/24  | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/12/25  | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 657958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/17/25  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/03/25  | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/02/26  | &nbsp;&nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644147 |
|  |  | **2221087** |
| ***Canada 0.0%***  | ***Canada 0.0%***  | ***Canada 0.0%***  |
| **Export Development Canada** | **Export Development Canada** | **Export Development Canada** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/21/24  | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/25/27  | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 952958 |
|  |  | **1187283** |
| ***China 0.0%***  | ***China 0.0%***  | ***China 0.0%***  |
| **Industrial & Commercial Bank of China Ltd.** | **Industrial & Commercial Bank of China Ltd.** | **Industrial & Commercial Bank of China Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 11/08/27  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237877 |
| ***Germany 0.3%***  | ***Germany 0.3%***  | ***Germany 0.3%***  |
| **FMS Wertmanagement** | **FMS Wertmanagement** | **FMS Wertmanagement** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/30/24 *(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684778 |
| **Kreditanstalt Fuer Wiederaufbau** | **Kreditanstalt Fuer Wiederaufbau** | **Kreditanstalt Fuer Wiederaufbau** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 01/17/23*(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/28/24*(g)* | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1658432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 03/08/24*(g)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1422354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/05/24*(g)* | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1329517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/20/24*(g)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1864908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/20/24*(g)* | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2117000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/31/25*(g)* | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1638477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/18/25*(g)* | &nbsp;&nbsp; 1550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1402434 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/22/26*(g)* | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1567193 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/01/26*(g)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 888678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/20/27*(g)* | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1669538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/03/28*(g)* | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1035269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/14/29*(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 605743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/30/30*(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 04/18/36*(g)(h)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.00%, 06/29/37*(g)(h)* | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465967 |
| **Landwirtschaftliche Rentenbank** | **Landwirtschaftliche Rentenbank** | **Landwirtschaftliche Rentenbank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/13/25*(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 809373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/10/25*(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 571834 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**104**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 03/30/26*(g)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 447641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/27/26*(g)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 457784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/15/27*(g)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 463387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/03/30*(g)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 591241 |
|  |  | **22581692** |
| ***Japan 0.2%***  | ***Japan 0.2%***  | ***Japan 0.2%***  |
| **Japan Bank for International Cooperation** | **Japan Bank for International Cooperation** | **Japan Bank for International Cooperation** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/23/24  | 1150000 | &nbsp;&nbsp; 1112709 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/17/24  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 472908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/28/25  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 189940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/15/25  | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 631935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 07/21/26  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 317782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/04/26  | 1400000 | &nbsp;&nbsp; 1280958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/01/27  | 1450000 | &nbsp;&nbsp; 1351215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/21/27  | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 605112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/16/27  | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 644447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/20/28  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 374229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/31/28  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 330289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/16/29  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 347276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/17/29  | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 594661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/21/31  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 195137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 04/15/31  | 1250000 | &nbsp;&nbsp; 1020578 |
| **Japan International Cooperation Agency** | **Japan International Cooperation Agency** | **Japan International Cooperation Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/20/26  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 182548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/27/27  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 370825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 07/22/30  | &nbsp;&nbsp;&nbsp; 370000 | &nbsp;&nbsp;&nbsp;&nbsp; 284275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/28/31  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 282356 |
|  |  | **10589180** |
| ***Norway 0.1%***  | ***Norway 0.1%***  | ***Norway 0.1%***  |
| **Equinor A.S.A.** | **Equinor A.S.A.** | **Equinor A.S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/24  | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 439256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/24  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 543027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/10/24  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 146461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/06/25*(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 431704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/22/26*(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 228840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/06/27*(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 140366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 09/23/27  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/10/28*(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 332205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/06/30*(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 405234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/22/30*(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 213267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/06/40*(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 164498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/23/41  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 176469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/43  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 251799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/08/43  | &nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 245281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/18/49*(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 256443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/06/50*(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 359496 |
|  |  | **4389945** |
| ***Republic of Korea 0.1%***  | ***Republic of Korea 0.1%***  | ***Republic of Korea 0.1%***  |
| **Export-Import Bank of Korea** | **Export-Import Bank of Korea** | **Export-Import Bank of Korea** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/25/24  | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 433269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/18/25  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 278361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/21/25  | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 671285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/12/25  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 187451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/10/25  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 713488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/26/26  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 233382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/12/26  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 190046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 12/29/26  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 477599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/18/27  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 264783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/21/27  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 226163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/21/30  | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 537907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 01/18/32  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 280757 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Korea Development Bank** | **Korea Development Bank** | **Korea Development Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/22/24  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 296402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40%, 03/09/24  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 189577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 10/01/24  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 333357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/16/25  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 479106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/13/26  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 190155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 07/19/26  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 348638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/09/26  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 218453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/12/26  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 317248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/19/31  | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 354337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/25/31  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 199270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/08/32  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 190079 |
|  |  | **7611113** |
| ***Sweden 0.0%***  | ***Sweden 0.0%***  | ***Sweden 0.0%***  |
| **Svensk Exportkredit AB** | **Svensk Exportkredit AB** | **Svensk Exportkredit AB** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/12/23  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 485534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 03/11/24  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 473978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/30/24  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 327045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/07/24  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 186187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 05/14/25  | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 593443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 08/26/25  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 449827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/22/27  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 322070 |
|  |  | **2838084** |
|  |  | **51656261** |
| **U.S. 1.2%** | **U.S. 1.2%** | **U.S. 1.2%** |
| **Fannie Mae** | **Fannie Mae** | **Fannie Mae** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/05/24  | 4500000 | &nbsp;&nbsp; 4390881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/07/25  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 944925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/22/25  | 2000000 | &nbsp;&nbsp; 1835378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/17/25  | 3000000 | &nbsp;&nbsp; 2731620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 08/25/25  | 3500000 | &nbsp;&nbsp; 3158888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/07/25  | 4000000 | &nbsp;&nbsp; 3597010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/24/26  | 6000000 | &nbsp;&nbsp; 5622409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/08/27  | 5000000 | &nbsp;&nbsp; 4301287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/15/30  | &nbsp;&nbsp;&nbsp; 527000 | &nbsp;&nbsp;&nbsp;&nbsp; 624662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 05/15/30  | 1000000 | &nbsp;&nbsp; 1200490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 08/05/30  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 795446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 11/15/30  | 2700000 | &nbsp;&nbsp; 3160435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/37  | 1500000 | &nbsp;&nbsp; 1671202 |
| **Federal Farm Credit Banks Funding Corp.** | **Federal Farm Credit Banks Funding Corp.** | **Federal Farm Credit Banks Funding Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 02/26/24  | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 760565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 06/28/24  | 2000000 | &nbsp;&nbsp; 1955175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/18/24  | 1500000 | &nbsp;&nbsp; 1497713 |
| **Federal Home Loan Banks** | **Federal Home Loan Banks** | **Federal Home Loan Banks** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/13/24  | 1600000 | &nbsp;&nbsp; 1562764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/28/24  | 1500000 | &nbsp;&nbsp; 1459706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/08/24  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 998530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/14/24  | 1075000 | &nbsp;&nbsp; 1045654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/15/24  | 2000000 | &nbsp;&nbsp; 1902066 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 08/15/24  | 1750000 | &nbsp;&nbsp; 1766602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/03/24  | 1500000 | &nbsp;&nbsp; 1500325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/14/25  | 2000000 | &nbsp;&nbsp; 1834402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 06/13/25  | 2000000 | &nbsp;&nbsp; 1819325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/04/25  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 902519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 12/21/26  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 447415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/16/28  | 5000000 | &nbsp;&nbsp; 4806947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 07/15/36  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 442127 |
| **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/12/25  | 5000000 | &nbsp;&nbsp; 4707943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/21/25  | 4000000 | &nbsp;&nbsp; 3620826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/23/25  | 6000000 | &nbsp;&nbsp; 5402965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/15/29  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 577324 |

---

*See financial notes*

**105**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/31  | 1564000 | &nbsp;&nbsp;&nbsp;&nbsp; 1845502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 07/15/32  | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 817074 |
| **Tennessee Valley Authority** | **Tennessee Valley Authority** | **Tennessee Valley Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/15/24  | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1938805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/01/25  | &nbsp;&nbsp;&nbsp; 488000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/01/27  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/39  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 779166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 09/15/60  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94154 |
|  |  | **79515856** |
|  |  | **131172117** |
| **Local Authority 0.8%** | **Local Authority 0.8%** | **Local Authority 0.8%** |
| **Foreign 0.2%**  | **Foreign 0.2%**  | **Foreign 0.2%**  |
| ***Canada 0.2%***  | ***Canada 0.2%***  | ***Canada 0.2%***  |
| **Hydro-Quebec** | **Hydro-Quebec** | **Hydro-Quebec** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.05%, 07/07/24  | &nbsp;&nbsp;&nbsp; 810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 847729 |
| **Province of Alberta** | **Province of Alberta** | **Province of Alberta** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/23/24  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/13/24  | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 664979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/20/25  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/28  | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 568750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 07/22/30  | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 560507 |
| **Province of British Columbia** | **Province of British Columbia** | **Province of British Columbia** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/27/24  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/02/26  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 07/20/26  | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 01/29/31  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 598324 |
| **Province of Manitoba** | **Province of Manitoba** | **Province of Manitoba** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 04/16/24  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 05/14/24  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/22/26  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/25/28  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212356 |
| **Province of New Brunswick** | **Province of New Brunswick** | **Province of New Brunswick** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/24/28  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96394 |
| **Province of Ontario** | **Province of Ontario** | **Province of Ontario** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/29/24  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/16/24  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 537978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 01/21/26  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 667505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 04/14/26  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 671388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/27/26  | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 562298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/15/26  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 05/21/27  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347104 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/02/29  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 10/07/30  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 02/25/31  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/14/31  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 01/21/32  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207895 |
| **Province of Quebec** | **Province of Quebec** | **Province of Quebec** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 02/09/24  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/09/24  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/16/24  | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/11/25  | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 657576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 07/23/25  | &nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 861852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/20/26  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282480 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/12/27  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/29  | &nbsp;&nbsp;&nbsp; 468000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 05/28/30  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/21/31  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249107 |
|  |  | **16346289** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **U.S. 0.6%** | **U.S. 0.6%** | **U.S. 0.6%** |
| **Alameda County Joint Powers Authority** | **Alameda County Joint Powers Authority** | **Alameda County Joint Powers Authority** |
| RB (Build America Bonds) Series 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.05%, 12/01/44  | &nbsp;&nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp; 124916 |
| **American Municipal Power, Inc.** | **American Municipal Power, Inc.** | **American Municipal Power, Inc.** |
| RB (Build America Bonds) Series 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.94%, 02/15/47  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 207908 |
| RB (Build America Bonds) Series 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 02/15/50  | &nbsp;&nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp; 504705 |
| RB (Build America Bonds) Series 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.08%, 02/15/50  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 320806 |
| **Bay Area Toll Authority** | **Bay Area Toll Authority** | **Bay Area Toll Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Build America Bonds) Series <br> 2009F2<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.26%, 04/01/49  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 575650 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Build America Bonds) Series <br> 2010S1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.04%, 04/01/50  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 368638 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Build America Bonds) Series <br> 2010S3<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.91%, 10/01/50  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 428486 |
| **California** | **California** | **California** |
| GO (Build America Bonds) Series 2009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/34  | 1050000 | 1275063 |
| GO (Build America Bonds) Series 2009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55%, 04/01/39  | 1000000 | 1263925 |
| GO (Build America Bonds) Series 2009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 10/01/39  | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 971407 |
| GO (Build America Bonds) Series 2009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 11/01/39  | &nbsp;&nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp; 750246 |
| **California State University** | **California State University** | **California State University** |
| RB Series 2017B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/01/47*(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 82804 |
| Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 11/01/52  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 256814 |
| **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Build America Bonds) Series <br> 2010B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.40%, 01/01/40  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 167217 |
| Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.47%, 01/01/49  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 133829 |
| Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 01/01/54  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 45062 |
| **Chicago Transit Authority Sales & Transfer Tax Receipts Revenue** | **Chicago Transit Authority Sales & Transfer Tax Receipts Revenue** | **Chicago Transit Authority Sales & Transfer Tax Receipts Revenue** |
| RB (Pension Funding) Series 2008A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 12/01/40  | &nbsp;&nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp; 481342 |
| RB (Pension Funding) Series 2008B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 12/01/40  | &nbsp;&nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp; 215995 |
| **City of Atlanta GA Water & Wastewater Revenue** | **City of Atlanta GA Water & Wastewater Revenue** | **City of Atlanta GA Water & Wastewater Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 11/01/35 *(a)* | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 93802 |
| **City of Houston TX** | **City of Houston TX** | **City of Houston TX** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds (Pension Funding) Series <br> 2017<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 03/01/47  | &nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp; 220506 |
| **City of San Antonio TX Electric & Gas Systems Revenue** | **City of San Antonio TX Electric & Gas Systems Revenue** | **City of San Antonio TX Electric & Gas Systems Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 02/01/48*(a)* | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 87201 |
| RB (Build America Bonds) Series 2009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.99%, 02/01/39  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 161555 |
| RB Series 2012 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43%, 02/01/42  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 182548 |
| **City of San Francisco CA Public Utilities Commission Water Revenue** | **City of San Francisco CA Public Utilities Commission Water Revenue** | **City of San Francisco CA Public Utilities Commission Water Revenue** |
| RB (Build America Bonds) Series 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 11/01/50  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 182310 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**106**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 11/01/39*(a)* | 250000 | 196964 |
| **City of Tucson AZ** | **City of Tucson AZ** | **City of Tucson AZ** |
| Series A, (AGM) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.86%, 07/01/47  | 650000 | 440166 |
| **Commonwealth Financing Authority** | **Commonwealth Financing Authority** | **Commonwealth Financing Authority** |
| Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 06/01/38  | 215000 | 188645 |
| **Commonwealth of Massachusetts** | **Commonwealth of Massachusetts** | **Commonwealth of Massachusetts** |
| GO (Build America Bonds) Series 2009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 12/01/39  | 100000 | 103014 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO (Build America Bonds) Series <br> 2010D<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/31  | 400000 | 389962 |
| Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 09/01/39  | 143092 | 110845 |
| Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.81%, 09/01/43  | 150000 | 106182 |
| Series H |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/01/49  | 300000 | 202239 |
| **Commonwealth of Massachusetts Transportation Fund Revenue** | **Commonwealth of Massachusetts Transportation Fund Revenue** | **Commonwealth of Massachusetts Transportation Fund Revenue** |
| RB (Build America Bonds) Series 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.73%, 06/01/40  | 200000 | 207550 |
| **Connecticut** | **Connecticut** | **Connecticut** |
| GO Bonds Series 2008A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 03/15/32  | 400000 | 422325 |
| **County of Clark Department of Aviation** | **County of Clark Department of Aviation** | **County of Clark Department of Aviation** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Build America Bonds) Series <br> 2010C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.82%, 07/01/45  | 350000 | 416413 |
| **County of Cook IL** | **County of Cook IL** | **County of Cook IL** |
| GO (Build America Bonds) Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.23%, 11/15/34  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53694 |
| **County of Miami-Dade FL Water & Sewer System Revenue** | **County of Miami-Dade FL Water & Sewer System Revenue** | **County of Miami-Dade FL Water & Sewer System Revenue** |
| Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 10/01/42 *(a)* | 150000 | 119777 |
| **Dallas Area Rapid Transit** | **Dallas Area Rapid Transit** | **Dallas Area Rapid Transit** |
| RB (Build America Bonds) Series 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 12/01/48  | 250000 | 242622 |
| Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/44  | 300000 | 330580 |
| **Dallas County Hospital District** | **Dallas County Hospital District** | **Dallas County Hospital District** |
| GO (Build America Bonds) Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.62%, 08/15/44  | 150000 | 157964 |
| **Dallas Fort Worth International Airport** | **Dallas Fort Worth International Airport** | **Dallas Fort Worth International Airport** |
| Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 11/01/38  | 150000 | 120134 |
| Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/01/45  | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 14896 |
| Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 11/01/40*(a)* | 160000 | 121101 |
| **Dallas Independent School District** | **Dallas Independent School District** | **Dallas Independent School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO (Build America Bonds) Series <br> 2010C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 02/15/35 *(a)* | 350000 | 356014 |
| **Dallas/Fort Worth International Airport** | **Dallas/Fort Worth International Airport** | **Dallas/Fort Worth International Airport** |
| RB Series 2020C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 11/01/50  | 150000 | 104990 |
| **District of Columbia** | **District of Columbia** | **District of Columbia** |
| Series E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 12/01/34  | 350000 | 363378 |
| **District of Columbia Water & Sewer Authority** | **District of Columbia Water & Sewer Authority** | **District of Columbia Water & Sewer Authority** |
| RB Series 2014A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 10/01/14  | 185000 | 159932 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **East Bay Municipal Utility District Water System Revenue** | **East Bay Municipal Utility District Water System Revenue** | **East Bay Municipal Utility District Water System Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System RB (Build America <br> Bonds) Series 2010<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.87%, 06/01/40  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 54358 |
| **Foothill-Eastern Transportation Corridor Agency** | **Foothill-Eastern Transportation Corridor Agency** | **Foothill-Eastern Transportation Corridor Agency** |
| Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.09%, 01/15/49*(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 76402 |
| Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 01/15/53*(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 71546 |
| **Golden State Tobacco Securitization Corp.** | **Golden State Tobacco Securitization Corp.** | **Golden State Tobacco Securitization Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/46  | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp; 157558 |
| **Grand Parkway Transportation Corp.** | **Grand Parkway Transportation Corp.** | **Grand Parkway Transportation Corp.** |
| RB Series 2013E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.18%, 10/01/42  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 202975 |
| Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 10/01/52*(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 214485 |
| **Illinois** | **Illinois** | **Illinois** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/23  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 149672 |
| GO (Build America Bonds) Series 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/01/35  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 152205 |
| GO (Build America Bonds) Series 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.73%, 04/01/35  | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 128330 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds (Pension Funding) Series <br> 2003<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/01/33  | 2445000 | 2341529 |
| **JobsOhio Beverage System** | **JobsOhio Beverage System** | **JobsOhio Beverage System** |
| RB (Build America Bonds) Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 01/01/29  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 97322 |
| Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.53%, 01/01/35  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 192851 |
| **Los Angeles Community College District** | **Los Angeles Community College District** | **Los Angeles Community College District** |
| GO (Build America Bonds) Series 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 08/01/49  | &nbsp;&nbsp;&nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp; 106025 |
| GO Bonds Series 2020 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.61%, 08/01/28  | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 106858 |
| GO Bonds Series 2020 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.81%, 08/01/30  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 163311 |
| GO Bonds Series 2020 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.11%, 08/01/32*(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 273879 |
| **Los Angeles Department of Water & Power System Revenue** | **Los Angeles Department of Water & Power System Revenue** | **Los Angeles Department of Water & Power System Revenue** |
| RB (Build America Bonds) Series 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.57%, 07/01/45  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 294587 |
| **Los Angeles Unified School District** | **Los Angeles Unified School District** | **Los Angeles Unified School District** |
| GO (Build America Bonds) Series 2009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.76%, 07/01/29  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 309445 |
| GO (Build America Bonds) Series 2009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 07/01/34  | &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 235002 |
| GO (Build America Bonds) Series 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.76%, 07/01/34  | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 503537 |
| **Maryland Health & Higher Educational Facilities Authority** | **Maryland Health & Higher Educational Facilities Authority** | **Maryland Health & Higher Educational Facilities Authority** |
| RB Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 07/01/40*(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 70645 |
| RB Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/01/50  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 66471 |
| **Massachusetts School Building Authority** | **Massachusetts School Building Authority** | **Massachusetts School Building Authority** |
| RB Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/15/30  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 406968 |
| RB Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 10/15/40*(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 79178 |
| **Metropolitan Government Nashville & Davidson County Health & Educational Facs** <br> **Bd** | **Metropolitan Government Nashville & Davidson County Health & Educational Facs** <br> **Bd** | **Metropolitan Government Nashville & Davidson County Health & Educational Facs** <br> **Bd** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Vanderbilt Univ Medical Center) <br> Series 2016 B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 07/01/26 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 190928 |

---

*See financial notes*

**107**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** | **Metropolitan Transportation Authority** |
| RB (Build America Bonds) Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.34%, 11/15/39  | 350000 | 428817 |
| RB (Build America Bonds) Series E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.81%, 11/15/40  | 650000 | 703258 |
| **Metropolitan Water Reclamation District of Greater Chicago** | **Metropolitan Water Reclamation District of Greater Chicago** | **Metropolitan Water Reclamation District of Greater Chicago** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 12/01/38  | 250000 | 262337 |
| **Michigan Finance Authority** | **Michigan Finance Authority** | **Michigan Finance Authority** |
| RB Series 2019 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/01/40  | 350000 | 278633 |
| **Michigan State Building Authority** | **Michigan State Building Authority** | **Michigan State Building Authority** |
| RB Series 2020 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 10/15/40 *(a)* | 250000 | 180588 |
| **Missouri Health & Educational Facilities Authority** | **Missouri Health & Educational Facilities Authority** | **Missouri Health & Educational Facilities Authority** |
| RB Series 2017A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/15/57 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 56655 |
| **Municipal Electric Authority of Georgia** | **Municipal Electric Authority of Georgia** | **Municipal Electric Authority of Georgia** |
| RB (Build America Bonds) Series 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.66%, 04/01/57  | 147000 | 156377 |
| RB (Build America Bonds) Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.64%, 04/01/57  | 240000 | 257296 |
| **New Jersey Economic Development Authority** | **New Jersey Economic Development Authority** | **New Jersey Economic Development Authority** |
| Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.43%, 02/15/29  | 516000 | 555743 |
| **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** | **New Jersey Transportation Trust Fund Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Build America Bonds) Series <br> 2010C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/15/28  | 400000 | 403007 |
| RB (Build America Bonds) Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.56%, 12/15/40  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53607 |
| RB Series 2019B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/42  | 250000 | 201203 |
| **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** | **New Jersey Turnpike Authority** |
| RB (Build America Bonds) Series 2009F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.41%, 01/01/40  | 500000 | 618683 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Build America Bonds) Series <br> 2010A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.10%, 01/01/41  | 650000 | 781587 |
| **New York City Transitional Finance Authority** | **New York City Transitional Finance Authority** | **New York City Transitional Finance Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Build America Bonds) Series <br> 2011A1<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.51%, 08/01/37  | 450000 | 455727 |
| **New York City Water & Sewer System** | **New York City Water & Sewer System** | **New York City Water & Sewer System** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System RB (Build America <br> Bonds)<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.01%, 06/15/42  | 250000 | 274972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System RB (Build America <br> Bonds) Series 2009<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/41  | 300000 | 322085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System RB (Build America <br> Bonds) Series 2011CC<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/44  | 250000 | 274131 |
| **New York State Dormitory Authority** | **New York State Dormitory Authority** | **New York State Dormitory Authority** |
| RB (Build America Bonds) Series 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 03/15/40  | 200000 | 205635 |
| RB Series 2009F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/15/39  | 200000 | 205084 |
| Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 07/01/43  | 200000 | 155565 |
| Series F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 02/15/39  | 200000 | 156855 |
| **New York State Thruway Authority** | **New York State Thruway Authority** | **New York State Thruway Authority** |
| Series M |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/01/35  | 150000 | 122561 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **New York State Urban Development Corp.** | **New York State Urban Development Corp.** | **New York State Urban Development Corp.** |
| RB (Build America Bonds) Series 2009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77%, 03/15/39  | 185000 | 190401 |
| **North Texas Tollway Authority** | **North Texas Tollway Authority** | **North Texas Tollway Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Build America Bonds) Series <br> 2009B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.72%, 01/01/49  | 350000 | 419415 |
| **Ohio State University** | **Ohio State University** | **Ohio State University** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Build America Bonds) Series <br> 2010C<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 06/01/40  | 650000 | 657470 |
| Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/01/46  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 62621 |
| **Ohio Turnpike & Infrastructure Commission** | **Ohio Turnpike & Infrastructure Commission** | **Ohio Turnpike & Infrastructure Commission** |
| RB Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 02/15/48 *(a)* | 100000 | &nbsp;&nbsp; 70716 |
| **Oregon** | **Oregon** | **Oregon** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds (Pension Funding) Series <br> 2003<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.89%, 06/01/27  | 300000 | 309116 |
| **Oregon School Boards Association** | **Oregon School Boards Association** | **Oregon School Boards Association** |
| Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 06/30/28  | 500000 | 509642 |
| **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** | **Port Authority of New York & New Jersey** |
| Consolidated Bonds 164th Series |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 11/01/40  | 240000 | 252490 |
| Consolidated Bonds 165th Series |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 11/01/40  | 200000 | 210408 |
| Consolidated Bonds 168th Series |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 10/01/51  | 650000 | 618079 |
| Consolidated Bonds 174th Series |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 10/01/62  | 950000 | 828706 |
| Consolidated Bonds 181st Series |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.96%, 08/01/46  | 200000 | 193677 |
| **Regents of the University of California Medical Center Pooled Revenue** | **Regents of the University of California Medical Center Pooled Revenue** | **Regents of the University of California Medical Center Pooled Revenue** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 05/15/48  | 100000 | 113857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.58%, 05/15/49  | 200000 | 227523 |
| Series N |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 05/15/50*(a)* | 200000 | 132138 |
| **Regional Transportation District Sales Tax Revenue** | **Regional Transportation District Sales Tax Revenue** | **Regional Transportation District Sales Tax Revenue** |
| Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.84%, 11/01/50  | 200000 | 215351 |
| **Rutgers The State University of New Jersey** | **Rutgers The State University of New Jersey** | **Rutgers The State University of New Jersey** |
| Series P |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 05/01/19*(a)* | 150000 | &nbsp;&nbsp; 99161 |
| Series R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 05/01/43  | 100000 | &nbsp;&nbsp; 76166 |
| **Sales Tax Securitization Corp.** | **Sales Tax Securitization Corp.** | **Sales Tax Securitization Corp.** |
| RB Series 2017B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 01/01/43  | 200000 | 157999 |
| RB Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 01/01/48  | 250000 | 190322 |
| **Salt River Project Agricultural Improvement & Power District** | **Salt River Project Agricultural Improvement & Power District** | **Salt River Project Agricultural Improvement & Power District** |
| RB (Build America Bonds) Series 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 01/01/41  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73182 |
| **San Diego County Regional Transportation Commission** | **San Diego County Regional Transportation Commission** | **San Diego County Regional Transportation Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Build America Bonds) Series <br> 2010A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.91%, 04/01/48  | 300000 | 319103 |
| **San Diego County Water Authority** | **San Diego County Water Authority** | **San Diego County Water Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Build America Bonds) Series <br> 2010B<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.14%, 05/01/49  | 350000 | 385818 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**108**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **San Jose Redevelopment Agency Successor Agency** | **San Jose Redevelopment Agency Successor Agency** | **San Jose Redevelopment Agency Successor Agency** |
| Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/01/34 *(a)* | 500000 | 436727 |
| **Santa Clara Valley Transportation Authority** | **Santa Clara Valley Transportation Authority** | **Santa Clara Valley Transportation Authority** |
| RB (Build America Bonds) Series 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/32  | 150000 | 154680 |
| **State Board of Administration Finance Corp.** | **State Board of Administration Finance Corp.** | **State Board of Administration Finance Corp.** |
| Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.26%, 07/01/25  | 350000 | 319619 |
| Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%, 07/01/27  | 350000 | 302387 |
| Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/01/30  | 350000 | 286422 |
| **State of California** | **State of California** | **State of California** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/01/26  | 175000 | 161222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/01/40  | 100000 | 125955 |
| GO Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.60%, 11/01/40  | 300000 | 384366 |
| **State of Illinois** | **State of Illinois** | **State of Illinois** |
| GO (Build America Bonds) Series 2010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 07/01/35  | 139286 | 145869 |
| **State of Oregon Department of Transportation** | **State of Oregon Department of Transportation** | **State of Oregon Department of Transportation** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Build America Bonds) Series <br> 2010A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83%, 11/15/34  | 125000 | 134019 |
| **Texas** | **Texas** | **Texas** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO (Build America Bonds) Series <br> 2010A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 04/01/40  | 500000 | 484855 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Mobility Fund Bonds (Build <br> America Bonds) Series 2009A<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 04/01/39  | 500000 | 527736 |
| **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** | **Texas Private Activity Bond Surface Transportation Corp.** |
| RB Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 12/31/49  | 350000 | 261571 |
| **Texas Transportation Commission** | **Texas Transportation Commission** | **Texas Transportation Commission** |
| GO Bonds Series 2020 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 10/01/44*(a)* | 350000 | 240553 |
| RB (Build America Bonds) Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.18%, 04/01/30  | 130000 | 132834 |
| **University of California** | **University of California** | **University of California** |
| RB (Build America Bonds) Series 2009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.77%, 05/15/43  | 300000 | 317285 |
| RB Series 2013AJ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/31  | 250000 | 245700 |
| RB Series 2015AQ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77%, 05/15/15  | 300000 | 246353 |
| RB Series AD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.86%, 05/15/12  | 400000 | 339262 |
| RB Series AS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 05/15/45  | 250000 | 267726 |
| RB Series BG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.61%, 05/15/30*(a)* | 250000 | 197372 |
| RB Series BJ |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 05/15/51*(a)* | 250000 | 168018 |
| **University of Michigan** | **University of Michigan** | **University of Michigan** |
| Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 04/01/40 *(a)* | 250000 | 178282 |
| **University of Pittsburgh-of the Commonwealth System of Higher Education** | **University of Pittsburgh-of the Commonwealth System of Higher Education** | **University of Pittsburgh-of the Commonwealth System of Higher Education** |
| RB Series 2019A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 09/15/19 *(a)* | 250000 | 155702 |
| **University of Texas System** | **University of Texas System** | **University of Texas System** |
| RB (Build America Bonds) Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 08/15/46  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49323 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **University of Virginia** | **University of Virginia** | **University of Virginia** |
| &nbsp;&nbsp;&nbsp;&nbsp; General Revenue Pledge and Refunding <br> Bonds, Series 2020<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 09/01/50*(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 239238 |
| Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.58%, 11/01/51*(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 159373 |
| Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 09/01/17*(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 110587 |
| **Utah** | **Utah** | **Utah** |
| GO (Build America Bonds) Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 07/01/25  | &nbsp;&nbsp;&nbsp; 165165 | &nbsp;&nbsp;&nbsp;&nbsp; 162315 |
| GO (Build America Bonds) Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/01/24  | &nbsp;&nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 129684 |
| **Westchester County Local Development Corp.** | **Westchester County Local Development Corp.** | **Westchester County Local Development Corp.** |
| RB Series 2020 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 11/01/50 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 171612 |
| **Wisconsin** | **Wisconsin** | **Wisconsin** |
| RB Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 05/01/26  | &nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 329474 |
|  |  | **41668077** |
|  |  | **58014366** |
| **Sovereign 1.0%** | **Sovereign 1.0%** | **Sovereign 1.0%** |
| ***Canada 0.0%***  | ***Canada 0.0%***  | ***Canada 0.0%***  |
| **Canada Government International Bond** | **Canada Government International Bond** | **Canada Government International Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/22/25  | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 993076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/28/25  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 724866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 05/19/26  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 222472 |
|  |  | **1940414** |
| ***Chile 0.1%***  | ***Chile 0.1%***  | ***Chile 0.1%***  |
| **Chile Government International Bond** | **Chile Government International Bond** | **Chile Government International Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/27/25  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 193692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/21/26  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 189984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/31/27*(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 461241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 02/06/28*(a)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 512065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/31/31*(a)* | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 541301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/27/32*(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 492878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 07/27/33*(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 393008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/31/34*(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 427892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/07/41*(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 288415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 03/07/42*(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 212021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/30/42  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.86%, 06/21/47  | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 352693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/25/50*(a)* | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 618249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/31/52*(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 271271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/22/61*(a)* | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 407236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/21/71*(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 217155 |
|  |  | **5655679** |
| ***Hungary 0.0%***  | ***Hungary 0.0%***  | ***Hungary 0.0%***  |
| **Hungary Government International Bond** | **Hungary Government International Bond** | **Hungary Government International Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 03/25/24  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 550130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/29/41  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 437082 |
|  |  | **987212** |
| ***Indonesia 0.1%***  | ***Indonesia 0.1%***  | ***Indonesia 0.1%***  |
| **Indonesia Government International Bond** | **Indonesia Government International Bond** | **Indonesia Government International Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/11/28  | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 428746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/24/28  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 246308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/11/29  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 402003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/18/29  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 184733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/14/30  | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 540043 |

---

*See financial notes*

**109**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/15/30  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 520689 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 03/12/31*(d)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 325843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/31/32*(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 319335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/11/48  | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 604276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 02/11/49  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 292794 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/30/49  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 155124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/14/50  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 373201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/15/50  | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 538599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/12/51  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 254152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/15/70  | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 378394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/12/71  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 133811 |
|  |  | **5698051** |
| ***Israel 0.1%***  | ***Israel 0.1%***  | ***Israel 0.1%***  |
| **Israel Government International Bond** | **Israel Government International Bond** | **Israel Government International Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/16/26  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 285580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/17/28  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 284730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/30  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 268590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/03/30  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 455170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/30/43  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 372948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/17/48  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 219577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/15/50  | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 460586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/03/50  | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 546058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/03/20  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 263242 |
|  |  | **3156481** |
| ***Italy 0.1%***  | ***Italy 0.1%***  | ***Italy 0.1%***  |
| **Italy Government International Bond** | **Italy Government International Bond** | **Italy Government International Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/17/24  | 1200000 | &nbsp;&nbsp; 1131837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/17/26  | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 695978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/17/29  | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 582086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 06/15/33  | &nbsp;&nbsp;&nbsp; 604000 | &nbsp;&nbsp;&nbsp;&nbsp; 580124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/17/49  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 538174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/06/51  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 498073 |
|  |  | **4026272** |
| ***Mexico 0.2%***  | ***Mexico 0.2%***  | ***Mexico 0.2%***  |
| **Mexico Government International Bond** | **Mexico Government International Bond** | **Mexico Government International Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/27/25*(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/21/26  | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 683581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/28/27  | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 781240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/11/28  | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 615284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/22/29  | 1050000 | &nbsp;&nbsp; 1004739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/16/30*(a)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 699038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.66%, 05/24/31*(a)* | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 848917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.30%, 08/15/31  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 412413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/27/32*(a)* | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 798221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/08/33  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 280279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 09/27/34  | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 681612 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 01/11/40  | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 826428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 08/14/41*(a)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 580327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/08/44  | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 970545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 01/21/45  | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 719816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 01/23/46  | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 623844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/15/47  | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 338175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/10/48  | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 620171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/31/50*(a)* | &nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 552481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/27/51*(a)* | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 692428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 05/24/61*(a)* | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 667101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/12/10  | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 718630 |
|  |  | **14312848** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Panama 0.1%***  | ***Panama 0.1%***  | ***Panama 0.1%***  |
| **Panama Government International Bond** | **Panama Government International Bond** | **Panama Government International Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/16/25*(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 387422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 01/29/26  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 370245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 09/30/27  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 288899 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/17/28*(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 378634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.38%, 04/01/29  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 357989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 01/23/30*(a)* | &nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; 538964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/29/32*(a)* | &nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 707348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 01/26/36  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 576302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/47  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 308827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/16/50*(a)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 606663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/29/53  | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 437291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/56*(a)* | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 625676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 07/23/60*(a)* | &nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp; 470579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/19/63*(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 177355 |
|  |  | **6232194** |
| ***Peru 0.1%***  | ***Peru 0.1%***  | ***Peru 0.1%***  |
| **Peruvian Government International Bond** | **Peruvian Government International Bond** | **Peruvian Government International Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.35%, 07/21/25  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 525027 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39%, 01/23/26*(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 323286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 08/25/27  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 481139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 06/20/30  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 212411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 01/23/31*(a)* | 1050000 | &nbsp;&nbsp;&nbsp; 873547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.86%, 12/01/32*(a)* | &nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 311436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 11/21/33  | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 550684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/34*(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 396258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 03/14/37  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 370348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/11/41*(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 329446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 11/18/50  | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 695403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/10/51*(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 286053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 12/01/60*(a)* | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 381703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/15/72*(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 229483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 07/28/21*(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 146664 |
|  |  | **6112888** |
| ***Philippines 0.1%***  | ***Philippines 0.1%***  | ***Philippines 0.1%***  |
| **Philippine Government International Bond** | **Philippine Government International Bond** | **Philippine Government International Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/21/24  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 546293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 10/21/24  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 108935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 10.63%, 03/16/25  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 339541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/30/26  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 411212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/28  | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 606369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/14/29  | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 574815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.50%, 02/02/30  | &nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp; 925149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.46%, 05/05/30  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 306769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 01/14/31  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 897601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/10/31  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 321075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 01/15/32  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 390258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 10/23/34  | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 776608 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/13/37  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 486720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/20/40  | &nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp; 615816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/41  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 409417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/02/42  | 1050000 | &nbsp;&nbsp;&nbsp; 857704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/05/45  | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 434019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/10/45  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 337072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/29/47  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 85553 |
|  |  | **9430926** |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**110**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Poland 0.0%***  | ***Poland 0.0%***  | ***Poland 0.0%***  |
| **Republic of Poland Government International Bond** | **Republic of Poland Government International Bond** | **Republic of Poland Government International Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/22/24  | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 691987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/06/26  | &nbsp;&nbsp;&nbsp; 744000 | &nbsp;&nbsp;&nbsp;&nbsp; 714613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/16/32*(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 266642 |
|  |  | **1673242** |
| ***Republic of Korea 0.0%***  | ***Republic of Korea 0.0%***  | ***Republic of Korea 0.0%***  |
| **Korea International Bond** | **Korea International Bond** | **Korea International Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/19/27  | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 423342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/28  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 191074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/19/29  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 315659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/16/30  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 157966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/15/31  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 164010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/10/44  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 184170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/20/48  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 174957 |
|  |  | **1611178** |
| ***Uruguay 0.1%***  | ***Uruguay 0.1%***  | ***Uruguay 0.1%***  |
| **Uruguay Government International Bond** | **Uruguay Government International Bond** | **Uruguay Government International Bond** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/14/24  | &nbsp;&nbsp;&nbsp; 266666 | &nbsp;&nbsp;&nbsp;&nbsp; 266767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/27/27  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 556644 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/23/31*(a)* | &nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 946871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 03/21/36  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 381161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/20/45  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 231516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/18/50  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 984308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 04/20/55  | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 767845 |
|  |  | **4135112** |
|  |  | **64972497** |
| **Supranational\* 1.3%** | **Supranational\* 1.3%** | **Supranational\* 1.3%** |
| **African Development Bank** | **African Development Bank** | **African Development Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 04/03/23  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 198096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/07/25  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 292568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/22/26  | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 708854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/03/27  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 502741 |
| **Arab Petroleum Investments Corp.** | **Arab Petroleum Investments Corp.** | **Arab Petroleum Investments Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.48%, 10/06/26 *(c)* | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 110474 |
| **Asian Development Bank** | **Asian Development Bank** | **Asian Development Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/24/23  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 399419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 07/14/23  | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 439464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 10/06/23  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 724397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/30/24  | &nbsp;&nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 679018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 06/11/24  | 1400000 | &nbsp;&nbsp; 1316527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 10/08/24  | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 116623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/18/24  | 1700000 | &nbsp;&nbsp; 1609697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/22/25  | 1650000 | &nbsp;&nbsp; 1570852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/29/25  | 1100000 | &nbsp;&nbsp; 1008898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/03/25  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 675148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/04/26  | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp; 934168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/14/26  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 449479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/24/26  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 464350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/12/27  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 942588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/20/27  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 900417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/02/27  | 1188000 | &nbsp;&nbsp; 1101215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/19/28  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 233859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/09/28  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 257627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.82%, 06/16/28  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 322468 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 03/15/29  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 481842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/19/29  | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 990873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/24/30  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 861946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/08/30  | 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 895844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/04/31  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 411056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/27/32  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 185567 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Asian Infrastructure Investment Bank** | **Asian Infrastructure Investment Bank** | **Asian Infrastructure Investment Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/16/24  | &nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 917641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/30/24  | 1000000 | &nbsp;&nbsp;&nbsp; 927537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/28/25  | &nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 863274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/27/26  | 1225000 | 1083758 |
| **Corp. Andina de Fomento** | **Corp. Andina de Fomento** | **Corp. Andina de Fomento** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/23/23  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 246297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/26/24  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 92918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 09/23/25  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 456227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 11/21/25  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/08/27  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 179633 |
| **Council of Europe Development Bank** | **Council of Europe Development Bank** | **Council of Europe Development Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 10/20/23  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 385520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/27/24  | &nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp; 306960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 02/27/25  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 328058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 09/22/26  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 264663 |
| **European Bank for Reconstruction & Development** | **European Bank for Reconstruction & Development** | **European Bank for Reconstruction & Development** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 09/27/24  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 285196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/19/25  | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 775526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 11/25/25  | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 627103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/28/26  | &nbsp;&nbsp;&nbsp; 850000 | &nbsp;&nbsp;&nbsp; 756850 |
| **European Investment Bank** | **European Investment Bank** | **European Investment Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/14/23  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 541652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/29/24  | 1875000 | 1844810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/15/24  | 1600000 | 1560583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/24/24  | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 434682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/15/24  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 482913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/10/25  | 1100000 | 1043883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 03/14/25  | 1525000 | 1437535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/25/25  | 1075000 | &nbsp;&nbsp;&nbsp; 979241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 03/26/26  | 1450000 | 1280010 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 04/13/26  | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 748179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 10/26/26  | &nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp; 549054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/15/27  | 1000000 | &nbsp;&nbsp;&nbsp; 894926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/24/27  | &nbsp;&nbsp;&nbsp; 667000 | &nbsp;&nbsp;&nbsp; 620796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/29  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 654562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/17/30  | &nbsp;&nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp; 203555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/23/30  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 235251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/14/31*(d)* | 1400000 | 1140825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/13/31  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 418031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/36  | &nbsp;&nbsp;&nbsp; 950000 | 1013613 |
| **Inter-American Development Bank** | **Inter-American Development Bank** | **Inter-American Development Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 05/24/23  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 295167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25%, 11/15/23  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 240284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/16/24  | 1150000 | 1124238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/21/24  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 735230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 09/23/24  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 233097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 01/15/25  | 1400000 | 1336578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/14/25  | 1350000 | 1275015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/03/25  | &nbsp;&nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp; 601124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/15/25  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 683115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/20/26  | 1250000 | 1119197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/02/26  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 509351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/23/26  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 462070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/07/27  | 1200000 | 1111774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/16/27  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 637236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 07/20/28  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 637317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/18/28  | 1700000 | 1608142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/18/29  | 1400000 | 1250119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/13/31  | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp; 439733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/28/41  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 138914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/07/42  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 166681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/24/44  | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; 344903 |
| **International Bank for Reconstruction & Development** | **International Bank for Reconstruction & Development** | **International Bank for Reconstruction & Development** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/19/24  | 1000000 | &nbsp;&nbsp;&nbsp; 973640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/28/24  | 1350000 | 1283327 |

---

*See financial notes*

**111**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/25/24  | 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1347565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/15/25  | 1450000 | &nbsp;&nbsp;&nbsp;&nbsp; 1371765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/11/25  | 1650000 | &nbsp;&nbsp;&nbsp;&nbsp; 1524957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 04/22/25  | 2825000 | &nbsp;&nbsp;&nbsp;&nbsp; 2592301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/28/25  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/29/25  | 2075000 | &nbsp;&nbsp;&nbsp;&nbsp; 1981585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 10/28/25  | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1797842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/20/25  | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 07/15/26  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 667267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/27/26  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/15/27  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/22/27  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/24/27  | 1850000 | &nbsp;&nbsp;&nbsp;&nbsp; 1573276 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 04/20/28  | 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1302609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/13/28  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 847946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/23/29  | &nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 817426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/14/30  | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1592031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/26/30  | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 936752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/10/31  | 1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 848737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 11/03/31  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615739 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/29/32  | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 881012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/35  | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468214 |
| **International Finance Corp.** | **International Finance Corp.** | **International Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/31/23  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197805 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/16/24  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 708939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 07/16/25  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/15/25  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 392813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/27/30  | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586060 |
| **Nordic Investment Bank** | **Nordic Investment Bank** | **Nordic Investment Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 05/19/23  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/21/24  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/04/25  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 09/11/25  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 01/21/26  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/08/27  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96604 |
|  |  | **88339685** |
| **Total Government Related** <br>**(Cost $386,043,945)** | **Total Government Related** <br>**(Cost $386,043,945)** | **342498665** |
| **SECURITIZED** 29.8% OF NET ASSETS | **SECURITIZED** 29.8% OF NET ASSETS | **SECURITIZED** 29.8% OF NET ASSETS |
| **Asset-Backed Securities 0.2%** | **Asset-Backed Securities 0.2%** | **Asset-Backed Securities 0.2%** |
| ***Auto Backed 0.0%***  | ***Auto Backed 0.0%***  | ***Auto Backed 0.0%***  |
| **Ally Auto Receivables Trust 2019-4** | **Ally Auto Receivables Trust 2019-4** | **Ally Auto Receivables Trust 2019-4** |
| Series 2019-4, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92%, 01/15/25 *(a)* | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1977140 |
| ***Credit Card 0.2%***  | ***Credit Card 0.2%***  | ***Credit Card 0.2%***  |
| **American Express Credit Account Master Trust** | **American Express Credit Account Master Trust** | **American Express Credit Account Master Trust** |
| Series 2018-2, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 10/15/25 *(a)* | 5200000 | &nbsp;&nbsp;&nbsp;&nbsp; 5181683 |
| **Capital One Multi-Asset Execution Trust** | **Capital One Multi-Asset Execution Trust** | **Capital One Multi-Asset Execution Trust** |
| Series 2019-A3, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.06%, 08/15/28 *(a)* | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1826398 |
| **Discover Card Execution Note Trust** | **Discover Card Execution Note Trust** | **Discover Card Execution Note Trust** |
| Series 2018-A1, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 08/15/25 *(a)* | 2100000 | &nbsp;&nbsp;&nbsp;&nbsp; 2095619 |
|  |  | **9103700** |
| ***Utilities 0.0%***  | ***Utilities 0.0%***  | ***Utilities 0.0%***  |
| **Duke Energy Florida Project Finance LLC** | **Duke Energy Florida Project Finance LLC** | **Duke Energy Florida Project Finance LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54%, 09/01/29  | &nbsp;&nbsp;&nbsp; 247412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223842 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Duke Energy Progress NC Storm Funding LLC** | **Duke Energy Progress NC Storm Funding LLC** | **Duke Energy Progress NC Storm Funding LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39%, 07/01/37  | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 101210 |
| **PG&E Energy Recovery Funding LLC** | **PG&E Energy Recovery Funding LLC** | **PG&E Energy Recovery Funding LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 07/15/46  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70820 |
| **PG&E Wildfire Recovery Funding LLC** | **PG&E Wildfire Recovery Funding LLC** | **PG&E Wildfire Recovery Funding LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 06/01/30  | &nbsp;&nbsp;&nbsp; 140726 | &nbsp;&nbsp;&nbsp;&nbsp; 134088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 06/01/36  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 141099 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/01/39  | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 112439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 12/01/47  | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 354256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.67%, 12/01/51  | &nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 245093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 06/01/52  | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 286444 |
|  |  | **1669291** |
|  |  | **12750131** |
| **Commercial Mortgage-Backed Security 2.1%** | **Commercial Mortgage-Backed Security 2.1%** | **Commercial Mortgage-Backed Security 2.1%** |
| **BANK** | **BANK** | **BANK** |
| Series 2017-BNK7, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 09/15/60*(a)* | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 924011 |
| Series 2017-BNK8, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 11/15/50*(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 553748 |
| Series 2017-BNK9, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 11/15/54*(a)* | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 926512 |
| Series 2019-BN19, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 08/15/61*(a)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 706680 |
| Series 2020-BN26, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/63*(a)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 585294 |
| **BBCMS Mortgage Trust 2018-C2** | **BBCMS Mortgage Trust 2018-C2** | **BBCMS Mortgage Trust 2018-C2** |
| Series 2018-C2, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 12/15/51 *(a)* | 1150000 | &nbsp;&nbsp; 1076690 |
| **BBCMS Mortgage Trust 2022-C15** | **BBCMS Mortgage Trust 2022-C15** | **BBCMS Mortgage Trust 2022-C15** |
| Series 2022-C15, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 04/15/55 *(a)* | 3145000 | &nbsp;&nbsp; 2816663 |
| **Benchmark 2019-B12 Mortgage Trust** | **Benchmark 2019-B12 Mortgage Trust** | **Benchmark 2019-B12 Mortgage Trust** |
| Series 2019-B12, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 08/15/52 *(a)* | 1875000 | &nbsp;&nbsp; 1666039 |
| **Benchmark 2019-B13 Mortgage Trust** | **Benchmark 2019-B13 Mortgage Trust** | **Benchmark 2019-B13 Mortgage Trust** |
| Series 2019-B13, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 08/15/57 *(a)* | 2600000 | &nbsp;&nbsp; 2278679 |
| **Benchmark 2019-B9 Mortgage Trust** | **Benchmark 2019-B9 Mortgage Trust** | **Benchmark 2019-B9 Mortgage Trust** |
| Series 2019-B9, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 03/15/52 *(a)* | 2600000 | &nbsp;&nbsp; 2447273 |
| **Benchmark 2020-B16 Mortgage Trust** | **Benchmark 2020-B16 Mortgage Trust** | **Benchmark 2020-B16 Mortgage Trust** |
| Series 2020-B16, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 02/15/53 *(a)* | 1073000 | &nbsp;&nbsp;&nbsp;&nbsp; 921662 |
| **Benchmark 2020-B18 Mortgage Trust** | **Benchmark 2020-B18 Mortgage Trust** | **Benchmark 2020-B18 Mortgage Trust** |
| Series 2020-B18, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93%, 07/15/53 *(a)* | 1845000 | &nbsp;&nbsp; 1486824 |
| **CCUBS Commercial Mortgage Trust** | **CCUBS Commercial Mortgage Trust** | **CCUBS Commercial Mortgage Trust** |
| Series 2017-C1, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 11/15/50 *(a)* | 1747000 | &nbsp;&nbsp; 1606841 |
| **CD Mortgage Trust** | **CD Mortgage Trust** | **CD Mortgage Trust** |
| Series 2017-CD3, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/10/50 *(a)* | 1715000 | &nbsp;&nbsp; 1599262 |
| **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** | **CFCRE Commercial Mortgage Trust** |
| Series 2016-C3, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 01/10/48*(a)* | 5325000 | &nbsp;&nbsp; 5076860 |
| Series 2016-C4, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 05/10/58*(a)* | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 929462 |
| Series 2016-C7, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 12/10/54*(a)* | 3625000 | &nbsp;&nbsp; 3415434 |
| **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** | **Citigroup Commercial Mortgage Trust** |
| Series 2013-GC17, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/10/46*(a)* | &nbsp;&nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp;&nbsp; 606202 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**112**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Series 2014-GC23, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 07/10/47*(a)* | 1000000 | &nbsp;&nbsp;&nbsp; 965219 |
| Series 2014-GC25, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 10/10/47*(a)* | &nbsp;&nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp; 202277 |
| Series 2016-GC36, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 02/10/49*(a)* | 3350000 | 3167678 |
| Series 2016-GC37, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 04/10/49*(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 561298 |
| Series 2017-C4, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 10/12/50*(a)* | 5600000 | 5154942 |
| Series 2017-P7, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 04/14/50*(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 467798 |
| **COMM Mortgage Trust** | **COMM Mortgage Trust** | **COMM Mortgage Trust** |
| Series 2013-CR11, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 08/10/50*(a)* | &nbsp;&nbsp;&nbsp; 449861 | &nbsp;&nbsp;&nbsp; 447178 |
| Series 2014-CR14, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 02/10/47*(a)* | &nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp; 236713 |
| Series 2014-CR16, Class ASB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/10/47*(a)* | &nbsp;&nbsp;&nbsp; 121771 | &nbsp;&nbsp;&nbsp; 120284 |
| Series 2014-CR19, Class ASB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/10/47*(a)* | &nbsp;&nbsp;&nbsp; 138850 | &nbsp;&nbsp;&nbsp; 136239 |
| Series 2014-CR21, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 12/10/47*(a)* | &nbsp;&nbsp;&nbsp; 166813 | &nbsp;&nbsp;&nbsp; 160732 |
| Series 2014-LC15, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 04/10/47*(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 391975 |
| Series 2015-CR22, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 03/10/48*(a)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 714801 |
| Series 2015-CR24, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/10/48*(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 381541 |
| Series 2015-LC23, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 10/10/48*(a)* | &nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp; 419182 |
| Series 2015-PC1, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/10/50*(a)* | &nbsp;&nbsp;&nbsp; 497400 | &nbsp;&nbsp;&nbsp; 478513 |
| Series 2016-CR28, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 02/10/49*(a)* | 2700000 | 2568320 |
| Series 2016-DC2, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 02/10/49*(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 95090 |
| **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** | **CSAIL Commercial Mortgage Trust** |
| Series 2015-C1, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 04/15/50*(a)* | 1308000 | 1238240 |
| Series 2015-C3, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 08/15/48*(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 286574 |
| Series 2019-C17, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 09/15/52*(a)* | 2238000 | 1944635 |
| **CSMC Trust** | **CSMC Trust** | **CSMC Trust** |
| Series 2016-NXSR, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 12/15/49 *(a)(i)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 94491 |
| **Fannie Mae** | **Fannie Mae** | **Fannie Mae** |
| Series 2015-M13, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/25/25*(a)(i)* | &nbsp;&nbsp;&nbsp; 102021 | &nbsp;&nbsp;&nbsp;&nbsp; 97450 |
| Series 2015-M3, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 10/25/24*(a)* | &nbsp;&nbsp;&nbsp; 376092 | &nbsp;&nbsp;&nbsp; 364333 |
| Series 2016-M6, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 05/25/26*(a)* | 2291221 | 2148307 |
| **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
| Series K042, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 12/25/24*(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 96310 |
| Series K046, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.21%, 03/25/25*(a)* | &nbsp;&nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp; 890020 |
| Series K048, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 06/25/25*(a)(i)* | &nbsp;&nbsp;&nbsp; 838000 | &nbsp;&nbsp;&nbsp; 810922 |
| Series K053, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/25/25*(a)* | &nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 908862 |
| Series K054, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/25/26*(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 284782 |
| Series K055, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 03/25/26*(a)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 708645 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Series K058, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/25/26*(a)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 703661 |
| Series K061, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/25/26*(a)(i)* | &nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp; 499105 |
| Series K062, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 12/25/26*(a)* | &nbsp;&nbsp;&nbsp; 257767 | &nbsp;&nbsp;&nbsp; 247655 |
| Series K064, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 03/25/27*(a)* | &nbsp;&nbsp;&nbsp; 107000 | &nbsp;&nbsp;&nbsp; 102001 |
| Series K070, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 11/25/27*(a)(i)* | &nbsp;&nbsp;&nbsp; 308000 | &nbsp;&nbsp;&nbsp; 293364 |
| Series K071, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 11/25/27*(a)* | 4768000 | 4536571 |
| Series K072, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 12/25/27*(a)* | 1500000 | 1437170 |
| Series K074, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/25/28*(a)* | 8175000 | 7883645 |
| Series K078, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/25/28*(a)* | 1183000 | 1151027 |
| Series K083, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/25/28*(a)(i)* | 2100000 | 2055703 |
| Series K085, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 10/25/28*(a)(i)* | &nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp; 878219 |
| Series K087, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 12/25/28*(a)* | 2560000 | 2467130 |
| Series K088, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 01/25/29*(a)* | 2600000 | 2492336 |
| Series K089, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 01/25/29*(a)* | 2990000 | 2845838 |
| Series K100, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 09/25/29*(a)* | &nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 716829 |
| Series K103, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/25/29*(a)* | 2200000 | 1963849 |
| Series K112, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.31%, 05/25/30*(a)* | 2000000 | 1603096 |
| Series K-1511, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 03/25/31*(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 465920 |
| Series K-1512, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 05/25/31*(a)* | 1425000 | 1282000 |
| Series K154, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 04/25/32*(a)* | 1760000 | 1651757 |
| Series K155, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/25/33*(a)* | &nbsp;&nbsp;&nbsp; 835000 | &nbsp;&nbsp;&nbsp; 781799 |
| Series K157, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 05/25/33*(a)* | 1700000 | 1643021 |
| Series K733, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/25/25*(a)(i)* | 1500000 | 1462461 |
| Series K735, Class A2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.86%, 05/25/26*(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 99449 | &nbsp;&nbsp;&nbsp;&nbsp; 94287 |
| Series KS03, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.16%, 05/25/25*(a)(i)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 242217 |
| **GS Mortgage Securities Trust** | **GS Mortgage Securities Trust** | **GS Mortgage Securities Trust** |
| Series 2013-GC13, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 07/10/46*(a)(i)* | &nbsp;&nbsp;&nbsp; 649000 | &nbsp;&nbsp;&nbsp; 643392 |
| Series 2013-GC14, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 08/10/46*(a)* | &nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 684803 |
| Series 2016-GS4, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 11/10/49*(a)* | &nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp; 339620 |
| Series 2020-GC45, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.91%, 02/13/53*(a)* | 3500000 | 3009209 |
| **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** |
| Series 2014-C20, Class A4A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 07/15/47*(a)* | &nbsp;&nbsp;&nbsp; 487255 | &nbsp;&nbsp;&nbsp; 468273 |
| Series 2015-JP1, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/15/49*(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 570954 |
| **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** | **JPMBB Commercial Mortgage Securities Trust** |
| Series 2015-C28, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 10/15/48*(a)* | 2000000 | 1900573 |

---

*See financial notes*

**113**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| Series 2015-C29, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 05/15/48*(a)* | 1000000 | &nbsp;&nbsp;&nbsp; 955176 |
| Series 2015-C33, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 12/15/48*(a)* | 1150000 | 1098951 |
| **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** | **Morgan Stanley Bank of America Merrill Lynch Trust** |
| Series 2013-C10, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.07%, 07/15/46*(a)(i)* | &nbsp;&nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp; 178457 |
| Series 2013-C11, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/15/46*(a)(i)* | 1000000 | &nbsp;&nbsp;&nbsp; 987317 |
| Series 2014-C16, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 06/15/47*(a)* | &nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp; 262923 |
| Series 2015-C24, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 05/15/48*(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 93000 | &nbsp;&nbsp;&nbsp;&nbsp; 88717 |
| Series 2015-C24, Class ASB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 05/15/48*(a)* | &nbsp;&nbsp;&nbsp; 510070 | &nbsp;&nbsp;&nbsp; 495913 |
| **Morgan Stanley Capital I Trust** | **Morgan Stanley Capital I Trust** | **Morgan Stanley Capital I Trust** |
| Series 2015-UBS8, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 12/15/48*(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 380659 |
| Series 2017-H1, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.26%, 06/15/50*(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 231169 |
| Series 2017-HR2, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 12/15/50*(a)* | 1300000 | 1200151 |
| Series 2020-HR8, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.04%, 07/15/53*(a)* | 3000000 | 2415543 |
| **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** | **UBS Commercial Mortgage Trust** |
| Series 2017-C3, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 08/15/50*(a)* | 1550000 | 1427864 |
| Series 2017-C6, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 12/15/50*(a)* | 1000000 | &nbsp;&nbsp;&nbsp; 923304 |
| Series 2019-C18, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 12/15/52*(a)* | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 433483 |
| **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** |
| Series 2013-LC12, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 07/15/46*(a)(i)* | &nbsp;&nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp; 633487 |
| Series 2014-LC16 Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/15/50*(a)* | &nbsp;&nbsp;&nbsp; 565070 | &nbsp;&nbsp;&nbsp; 549616 |
| Series 2015-C28, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 05/15/48*(a)* | &nbsp;&nbsp;&nbsp; 993376 | &nbsp;&nbsp;&nbsp; 945129 |
| Series 2015-C30, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.66%, 09/15/58*(a)* | &nbsp;&nbsp;&nbsp; 723000 | &nbsp;&nbsp;&nbsp; 688878 |
| Series 2015-C31, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 11/15/48*(a)* | 1188128 | 1140465 |
| Series 2015-P2, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 12/15/48*(a)* | 1500000 | 1428051 |
| Series 2016-NXS5, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 01/15/59*(a)* | 1375000 | 1309996 |
| Series 2016-NXS5, Class A6 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 01/15/59*(a)* | 2000000 | 1882424 |
| Series 2016-NXS6, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 11/15/49*(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 137482 |
| Series 2017-C40, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 10/15/50*(a)* | 1551000 | 1437807 |
| Series 2017-C41, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.47%, 11/15/50*(a)* | 2000000 | 1842727 |
| Series 2018-C44, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 05/15/51*(a)* | 1500000 | 1423259 |
| Series 2018-C47, Class A3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 09/15/61*(a)* | 1275000 | 1206439 |
| Series 2019-C50, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 05/15/52*(a)* | 1000000 | &nbsp;&nbsp;&nbsp; 914251 |
| Series 2019-C53, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 10/15/52*(a)* | 4000000 | 3491161 |
| **Wells Fargo Commercial Mortgage Trust 2015-NXS4** | **Wells Fargo Commercial Mortgage Trust 2015-NXS4** | **Wells Fargo Commercial Mortgage Trust 2015-NXS4** |
| Series 2015-NXS4, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 12/15/48 *(a)* | 2000000 | 1901248 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Wells Fargo Commercial Mortgage Trust 2016-C32** | **Wells Fargo Commercial Mortgage Trust 2016-C32** | **Wells Fargo Commercial Mortgage Trust 2016-C32** |
| Series 2016-C32, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 01/15/59 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472254 |
| **Wells Fargo Commercial Mortgage Trust 2019-C53** | **Wells Fargo Commercial Mortgage Trust 2019-C53** | **Wells Fargo Commercial Mortgage Trust 2019-C53** |
| Series 2017-C42, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 12/15/50 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2400000 | &nbsp;&nbsp;&nbsp;&nbsp; 2213955 |
| **Wells Fargo Commercial Mortgage Trust 2019-C54** | **Wells Fargo Commercial Mortgage Trust 2019-C54** | **Wells Fargo Commercial Mortgage Trust 2019-C54** |
| Series 2019-C54, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/15/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699821 |
| **Wells Fargo Commercial Mortgage Trust 2020-C55** | **Wells Fargo Commercial Mortgage Trust 2020-C55** | **Wells Fargo Commercial Mortgage Trust 2020-C55** |
| Series 2020-C55, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 02/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636594 |
| **Wells Fargo Commercial Mortgage Trust 2020-C58** | **Wells Fargo Commercial Mortgage Trust 2020-C58** | **Wells Fargo Commercial Mortgage Trust 2020-C58** |
| Series 2020-C58, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.09%, 07/15/53 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2396803 |
| **WFRBS Commercial Mortgage Trust** | **WFRBS Commercial Mortgage Trust** | **WFRBS Commercial Mortgage Trust** |
| Series 2013-C14, Class A5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34%, 06/15/46*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541752 |
| Series 2013-C15, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/15/46*(a)(i)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514009 |
| Series 2014-C19, Class A4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 03/15/47*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59876 |
|  |  | **142832083** |
| **Mortgage-Backed Securities Pass-Through 27.5%** | **Mortgage-Backed Securities Pass-Through 27.5%** | **Mortgage-Backed Securities Pass-Through 27.5%** |
| **Fannie Mae** | **Fannie Mae** | **Fannie Mae** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/24 to 10/01/52 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 7150109 | &nbsp;&nbsp;&nbsp;&nbsp; 7311018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/24 to 09/01/52 *(a)* | &nbsp;&nbsp; 29736545 | &nbsp;&nbsp; 29320667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/25 to 08/01/51 *(a)* | &nbsp;&nbsp; 82378308 | &nbsp;&nbsp; 76976980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/25 to 05/01/52 *(a)* | 129373103 | 116980411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/26 to 08/01/50 *(a)* | &nbsp;&nbsp; 55137183 | &nbsp;&nbsp; 53031221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/27 to 05/01/52 *(a)* | 198214892 | 171155939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/01/28 to 05/01/52 *(a)* | 267990504 | 223225224 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/01/33 to 08/01/52 *(a)* | &nbsp;&nbsp; 13771724 | &nbsp;&nbsp; 13834725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 08/01/34 to 05/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 482297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/01/35 to 07/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1826974 | &nbsp;&nbsp;&nbsp;&nbsp; 1913509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/01/35 to 11/01/51 *(a)* | &nbsp;&nbsp; 54023200 | &nbsp;&nbsp; 44543282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/01/36 to 07/01/36 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1432735 | &nbsp;&nbsp;&nbsp;&nbsp; 1218275 |
| **Freddie Mac** | **Freddie Mac** | **Freddie Mac** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/01/23 to 04/01/52 *(a)* | 283141198 | 234681533 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 05/01/24 to 08/01/41 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 2013294 | &nbsp;&nbsp;&nbsp;&nbsp; 2072731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/01/26 to 09/01/51 *(a)* | &nbsp;&nbsp; 49496512 | &nbsp;&nbsp; 46094931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/26 to 07/01/50 *(a)* | &nbsp;&nbsp; 28633229 | &nbsp;&nbsp; 27513042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/01/26 to 05/01/52 *(a)* | &nbsp;&nbsp; 87154859 | &nbsp;&nbsp; 78705203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/27 to 05/01/52 *(a)* | 171261044 | 147225399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 07/01/33 to 07/01/40 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1395985 | &nbsp;&nbsp;&nbsp;&nbsp; 1462428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/33 to 12/01/49 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 5093262 | &nbsp;&nbsp;&nbsp;&nbsp; 5135252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 12/01/33 to 09/01/39 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/34 to 09/01/52 *(a)* | &nbsp;&nbsp; 13090342 | &nbsp;&nbsp; 12883200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/01/35 to 08/01/51 *(a)* | &nbsp;&nbsp; 66698552 | &nbsp;&nbsp; 54188662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/01/36*(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452756 |
| **Ginnie Mae** | **Ginnie Mae** | **Ginnie Mae** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/20/27 to 04/20/52 *(a)* | &nbsp;&nbsp; 78980747 | &nbsp;&nbsp; 71327083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/20/27 to 04/20/52 *(a)* | &nbsp;&nbsp; 99346637 | &nbsp;&nbsp; 86451806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/20/32 to 06/20/51 *(a)* | &nbsp;&nbsp; 58405980 | &nbsp;&nbsp; 54735128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/20/33 to 02/20/48 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 4184468 | &nbsp;&nbsp;&nbsp;&nbsp; 4265482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/20/33 to 11/20/44 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 597995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/20/36 to 04/20/52 *(a)* | &nbsp;&nbsp; 93616355 | &nbsp;&nbsp; 78784168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 10/15/36 to 01/20/45 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/20/39 to 02/20/50 *(a)* | &nbsp;&nbsp; 12730986 | &nbsp;&nbsp; 12633844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/39 to 02/20/50 *(a)* | &nbsp;&nbsp; 26518657 | &nbsp;&nbsp; 25603971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/20/51 to 10/20/51 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 1502814 | &nbsp;&nbsp;&nbsp;&nbsp; 1201768 |
| **Ginnie Mae II** | **Ginnie Mae II** | **Ginnie Mae II** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/20/51 to 03/20/52 *(a)* | &nbsp;&nbsp; 13038342 | &nbsp;&nbsp; 10915606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/20/51 to 03/20/52 *(a)* | &nbsp;&nbsp; 13404698 | &nbsp;&nbsp; 11606986 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**114**

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Ginnie Mae TBA** | **Ginnie Mae TBA** | **Ginnie Mae TBA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/23/53*(a)(j)* | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3112639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/23/53*(a)(j)* | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4588620 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/23/53*(a)(j)* | 13000000 | &nbsp;&nbsp;&nbsp;&nbsp; 12296683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/23/53*(a)(j)* | 15000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14544277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/23/53*(a)(j)* | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9903184 |
| **UMBS TBA** | **UMBS TBA** | **UMBS TBA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/25/49*(a)(j)* | 17000000 | &nbsp;&nbsp;&nbsp;&nbsp; 15444464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/12/53*(a)(j)* | 27500000 | &nbsp;&nbsp;&nbsp;&nbsp; 25796303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/12/53*(a)(j)* | 24500000 | &nbsp;&nbsp;&nbsp;&nbsp; 23600603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/12/53*(a)(j)* | 26000000 | &nbsp;&nbsp;&nbsp;&nbsp; 25628164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/12/53*(a)(j)* | &nbsp;&nbsp; 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8026109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/53*(a)(j)* | 14500000 | &nbsp;&nbsp;&nbsp;&nbsp; 12273563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/01/53*(a)(j)* | &nbsp;&nbsp; 8500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7459348 |
|  |  | **1872023118** |
| **Total Securitized** <br>**(Cost $2,343,633,669)** | **Total Securitized** <br>**(Cost $2,343,633,669)** | **2027605332** |

---

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **SHORT-TERM INVESTMENTS** 2.5% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 2.5% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 2.5% OF NET ASSETS |
| **Money Market Funds 2.5%** | **Money Market Funds 2.5%** | **Money Market Funds 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.12% *(k)*<br>| 168217046 | &nbsp;&nbsp;&nbsp; 168217046 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.12% *(k)(l)*<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2462625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2462625 |
|  |  | **170679671** |
| **Total Short-Term Investments** <br>**(Cost $170,679,671)** | **Total Short-Term Investments** <br>**(Cost $170,679,671)** | **170679671** |
| **Total Investments in Securities** <br>**(Cost $7,773,906,929)** | **Total Investments in Securities** <br>**(Cost $7,773,906,929)** | **6949414689** |

---

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $27,191,649 or 0.4% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* All or a portion of this security is on loan. Securities on loan were valued at $2,389,856.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(h)* Zero coupon security.

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

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

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

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

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

---

| | |
|:---|:---|
| GO — | General obligation |
| RB — | Revenue bond |
| REIT — | Real Estate Investment Trust |
| TBA — | To-be-announced |
| UMBS — | Uniform Mortgage-Backed Securities are single-class securities backed by <br> mortgage loans purchased by either Freddie Mac or Fannie Mae.<br>|
| WAC — | Weighted Average Coupon, which is the weighted average gross interest <br> rate of the securitized asset pool and is determined by the different speeds <br> at which the underlying mortgages are paid down.<br>|

---

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY <br>RATE, MATURITY DATE<br>| VALUE AT<br> 12/31/21<br>| PURCHASES | SALES | REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| ACCRETION OF<br> DISCOUNTS<br> (AMORTIZATION<br> OF PREMIUMS)<br>| VALUE AT<br> 12/31/22<br>| FACE AMOUNT<br> AT 12/31/22<br>| INTEREST<br> INCOME EARNED<br>|
| **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS | **CORPORATES** 0.1% OF NET ASSETS |
| **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** | **Financial Institutions 0.1%** |
| **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** | **Brokerage/Asset Managers/Exchanges 0.1%** |
| The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/25/23 | &nbsp;&nbsp;&nbsp; $229406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | ($228444) | &nbsp;&nbsp;&nbsp;&nbsp; $367 | &nbsp;&nbsp;&nbsp;&nbsp; ($1026)  | &nbsp;&nbsp;&nbsp;&nbsp; ($303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 02/01/24 | &nbsp;&nbsp;&nbsp;&nbsp; 157614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (25079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (602) | &nbsp;&nbsp;&nbsp;&nbsp; (6097) | &nbsp;&nbsp;&nbsp;&nbsp; (2485) | &nbsp;&nbsp;&nbsp;&nbsp; 123351 | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 4891 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/18/24 | &nbsp;&nbsp;&nbsp;&nbsp; 448060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (47679) | &nbsp;&nbsp;&nbsp;&nbsp; (2459) | &nbsp;&nbsp;&nbsp;&nbsp; (16449) | &nbsp;&nbsp;&nbsp;&nbsp; (1052) | &nbsp;&nbsp;&nbsp;&nbsp; 380421 | 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 3235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1671) | &nbsp;&nbsp;&nbsp;&nbsp; (3957) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78848 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 99691 | &nbsp;&nbsp;&nbsp;&nbsp; (24007) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (924) | &nbsp;&nbsp;&nbsp;&nbsp; (2627) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72189 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 1552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/24/25 | &nbsp;&nbsp;&nbsp;&nbsp; 217644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (53712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (538) | &nbsp;&nbsp;&nbsp;&nbsp; (10843) | &nbsp;&nbsp;&nbsp;&nbsp; (4135) | &nbsp;&nbsp;&nbsp;&nbsp; 148416 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 6417 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/25 | &nbsp;&nbsp;&nbsp;&nbsp; 106668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7164) | &nbsp;&nbsp;&nbsp;&nbsp; (1987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97517 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3605 |

---

*See financial notes*

**115**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| VALUE AT<br> 12/31/21<br>| PURCHASES | SALES | REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| ACCRETION OF<br> DISCOUNTS<br> (AMORTIZATION<br> OF PREMIUMS)<br>| VALUE AT<br> 12/31/22<br>| FACE AMOUNT<br> AT 12/31/22<br>| INTEREST<br> INCOME EARNED<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/21/25 | &nbsp;&nbsp;&nbsp; $188704 | &nbsp;&nbsp; $25331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; ($15043) | &nbsp;&nbsp; ($3596) | &nbsp;&nbsp;&nbsp; $195396 | $200000 | &nbsp;&nbsp;&nbsp;&nbsp; $7130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; 107400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24208) | &nbsp;&nbsp;&nbsp;&nbsp; (2305) | &nbsp;&nbsp;&nbsp;&nbsp; (6426) | &nbsp;&nbsp;&nbsp;&nbsp; (1752) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72709 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 3206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; 366742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (44432) | &nbsp;&nbsp;&nbsp;&nbsp; (5804) | &nbsp;&nbsp;&nbsp;&nbsp; (27862) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (475) | &nbsp;&nbsp;&nbsp;&nbsp; 288169 | 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 3208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; 247038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54) | &nbsp;&nbsp;&nbsp;&nbsp; 222469 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 2875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/02/27 | &nbsp;&nbsp;&nbsp;&nbsp; 214240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24449) | &nbsp;&nbsp;&nbsp;&nbsp; (2483) | &nbsp;&nbsp;&nbsp;&nbsp; (19431) | &nbsp;&nbsp;&nbsp;&nbsp; (3035) | &nbsp;&nbsp;&nbsp;&nbsp; 164842 | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 5900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/03/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 437186 | &nbsp;&nbsp;&nbsp;&nbsp; (45913) | &nbsp;&nbsp;&nbsp;&nbsp; (2763) | &nbsp;&nbsp;&nbsp;&nbsp; (24158) | &nbsp;&nbsp;&nbsp;&nbsp; 1720 | &nbsp;&nbsp;&nbsp;&nbsp; 366072 | 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 7719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 | &nbsp;&nbsp;&nbsp;&nbsp; 241650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (48539) | &nbsp;&nbsp;&nbsp;&nbsp; (5472) | &nbsp;&nbsp;&nbsp;&nbsp; (18351) | &nbsp;&nbsp;&nbsp;&nbsp; (3267) | &nbsp;&nbsp;&nbsp;&nbsp; 166021 | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 6618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/25/28 | &nbsp;&nbsp;&nbsp;&nbsp; 242089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (49255) | &nbsp;&nbsp;&nbsp;&nbsp; (2687) | &nbsp;&nbsp;&nbsp;&nbsp; (25350) | &nbsp;&nbsp;&nbsp;&nbsp; (1407) | &nbsp;&nbsp;&nbsp;&nbsp; 163390 | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 6329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/28 | &nbsp;&nbsp;&nbsp;&nbsp; 354686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (21533) | &nbsp;&nbsp;&nbsp;&nbsp; (3691) | &nbsp;&nbsp;&nbsp;&nbsp; (43143) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (551) | &nbsp;&nbsp;&nbsp;&nbsp; 285768 | 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 6874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/29 | &nbsp;&nbsp;&nbsp;&nbsp; 224536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (55102) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (241) | &nbsp;&nbsp;&nbsp;&nbsp; (23677) | &nbsp;&nbsp;&nbsp;&nbsp; (2632) | &nbsp;&nbsp;&nbsp;&nbsp; 142884 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 6111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/22/29 | &nbsp;&nbsp;&nbsp;&nbsp; 215274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (52728) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333 | &nbsp;&nbsp;&nbsp;&nbsp; (25700) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (954) | &nbsp;&nbsp;&nbsp;&nbsp; 136225 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 4965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/01/29 | &nbsp;&nbsp;&nbsp;&nbsp; 157104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23403) | &nbsp;&nbsp;&nbsp;&nbsp; (2805) | &nbsp;&nbsp;&nbsp;&nbsp; (20912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (795) | &nbsp;&nbsp;&nbsp;&nbsp; 109189 | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 3634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/22/30 | &nbsp;&nbsp;&nbsp;&nbsp; 177897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (25554) | &nbsp;&nbsp;&nbsp;&nbsp; (1789) | &nbsp;&nbsp;&nbsp;&nbsp; (25335) | &nbsp;&nbsp;&nbsp;&nbsp; (2328) | &nbsp;&nbsp;&nbsp;&nbsp; 122891 | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 6372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/11/31 | &nbsp;&nbsp;&nbsp;&nbsp; 240508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (46579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (925) | &nbsp;&nbsp;&nbsp;&nbsp; (38008) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975 | &nbsp;&nbsp;&nbsp;&nbsp; 155971 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 3346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/13/31 | &nbsp;&nbsp;&nbsp;&nbsp; 202140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (37875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (446) | &nbsp;&nbsp;&nbsp;&nbsp; 163819 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 4600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 12/01/31 | &nbsp;&nbsp;&nbsp;&nbsp; 245733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (20483) | &nbsp;&nbsp;&nbsp;&nbsp; (4131) | &nbsp;&nbsp;&nbsp;&nbsp; (44781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353 | &nbsp;&nbsp;&nbsp;&nbsp; 176691 | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 4633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/03/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 288959 | &nbsp;&nbsp;&nbsp;&nbsp; (42873) | &nbsp;&nbsp;&nbsp;&nbsp; (5345) | &nbsp;&nbsp;&nbsp;&nbsp; (28624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651 | &nbsp;&nbsp;&nbsp;&nbsp; 212768 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 5915 |
| **Total** | **$4669609** | **$851167** | **($903972)** | **($44264)** | **($495068)** | **($31456)** | **$4046016** |  | **$112649** |

---

------

The following is a summary of the inputs used to value the fund's investments as of December 31, 2022 (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 |
| **Assets** |  |  |  |  |
| Corporates<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | $1628668613 | $— | $1628668613 |
| Treasuries<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2779962408 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2779962408 |
| Government Related<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 342498665 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 342498665 |
| Securitized<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2027605332 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2027605332 |
| Short-Term Investments<sup>1</sup> <br>| &nbsp;&nbsp; 170679671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 170679671 |
| **Total** | **$170679671** | **$6778735018** | **$—** | **$6949414689** |

---

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

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

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying

securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**116**

------

Schwab U.S. Aggregate Bond ETF

Statement of Assets and Liabilities

------

As of December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $4,542,247) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4046016 |
| Investments in securities, at value - unaffiliated (cost $7,769,364,682) including securities on loan of $2,389,856 |  | &nbsp;&nbsp;&nbsp; 6945368673 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1370006 |
| Deposits with brokers for TBA margin |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820000 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp; 110789535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41743291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9158423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities on loan | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4525 |
| **Total assets** |  | **7113829642** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2462625 |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments bought - delayed-delivery |  | &nbsp;&nbsp;&nbsp;&nbsp; 200385903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp; 105695792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175355 |
| **Total liabilities** |  | **308719675** |
| **Net assets** |  | **$6805109967** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $7923951467 |
| Total distributable loss | + | &nbsp;&nbsp; (1118841500) |
| **Net assets** |  | **$6805109967** |

---

&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** |
| $6805109967 |  | 148900000 |  | $45.70 |

---

*See financial notes*

**117**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab U.S. Aggregate Bond ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp; $174449362 |
| Dividends received from securities - unaffiliated  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2009847 |
| Interest received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81193 |
| Securities on loan, net | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52909 |
| **Total investment income**  |  | **176593311** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2679264 |
| Proxy fees<sup>1</sup> <br>| + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146342 |
| **Total expenses** | – | **2825606** |
| **Net investment income** |  | **173767705** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5105) |
| Net realized losses on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp; (262965656) |
| Net realized losses on sales of in-kind redemptions - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39159) |
| Net realized losses on sales of in-kind redemptions - unaffiliated | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25639493) |
| **Net realized losses** |  | **(288649413)** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (495068) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated | + | &nbsp;&nbsp;&nbsp; (1019688773) |
| **Net change in unrealized appreciation (depreciation)** | **+** | **(1020183841)** |
| **Net realized and unrealized losses** |  | **(1308833254)** |
| **Decrease in net assets resulting from operations** |  | **($1135065549)** |

---

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

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**118**

------

Schwab U.S. Aggregate Bond ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp; $173767705 | &nbsp;&nbsp; $157734609 |
| Net realized gains (losses) |  | &nbsp;&nbsp;&nbsp;&nbsp; (288649413) | &nbsp;&nbsp;&nbsp;&nbsp; 34204386 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp; (1020183841) | &nbsp;&nbsp;&nbsp; (346508432) |
| **Decrease in net assets from operations** |  | **($1135065549)** | **($154569437)** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($185912810)** | **($191909550)** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 | 1/1/21-12/31/21 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | &nbsp;&nbsp; 12800000 | &nbsp;&nbsp;&nbsp; $619764211 | &nbsp;&nbsp; 23200000 | $1267931523 |
| Shares redeemed | + | &nbsp;&nbsp; (32200000) | &nbsp;&nbsp; (1567471655) | &nbsp;&nbsp; (10700000) | &nbsp;&nbsp;&nbsp;&nbsp; (580401838) |
| **Net transactions in fund shares**  |  | **(19400000)** | **($947707444)** | **12500000** | **$687529685** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 | 1/1/21-12/31/21 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 168300000 | $9073795770 | 155800000 | $8732745072 |
| Total increase (decrease) | + | &nbsp;&nbsp; (19400000) | &nbsp;&nbsp; (2268685803) | &nbsp;&nbsp; 12500000 | &nbsp;&nbsp;&nbsp;&nbsp; 341050698 |
| **End of period** |  | **148900000** | **$6805109967** | **168300000** | **$9073795770** |

---

*See financial notes*

**119**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 1-5 Year Corporate Bond ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>| 10/10/19<sup>1</sup>– <br>12/31/19<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $50.57 | &nbsp;&nbsp;&nbsp; $51.37 | &nbsp;&nbsp;&nbsp; $50.04 | &nbsp;&nbsp; $50.00 |
| Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89 | &nbsp;&nbsp;&nbsp;&nbsp; 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; (3.60) | &nbsp;&nbsp;&nbsp;&nbsp; (0.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.74 | &nbsp;&nbsp;&nbsp;&nbsp; 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; (2.85) | &nbsp;&nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.63 | &nbsp;&nbsp;&nbsp;&nbsp; 0.25 |
| Less distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.77) | &nbsp;&nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp; (0.89) | &nbsp;&nbsp;&nbsp;&nbsp; (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributions | &nbsp;&nbsp;&nbsp;&nbsp; (0.77) | &nbsp;&nbsp;&nbsp;&nbsp; (0.48) | &nbsp;&nbsp;&nbsp;&nbsp; (1.30) | &nbsp;&nbsp;&nbsp;&nbsp; (0.21) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $46.95 | &nbsp;&nbsp;&nbsp; $50.57 | &nbsp;&nbsp;&nbsp; $51.37 | &nbsp;&nbsp; $50.04 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; (5.65%) | &nbsp;&nbsp;&nbsp;&nbsp; (0.64%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.31% | &nbsp;&nbsp;&nbsp;&nbsp; 0.50%<sup>3</sup> <br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04%<sup>4,5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp;&nbsp; 0.06%<sup>7,8</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.56% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.74% | &nbsp;&nbsp;&nbsp;&nbsp; 2.01%<sup>7</sup> <br>|
| Portfolio turnover rate<sup>9</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12%<sup>3</sup> <br>|
| Net assets, end of period (x 1,000) | $370872 | $609404 | $118146 | $35029 |

---

&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> Effective July 1, 2022, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended 12/31/22 is a blended ratio (see financial note 4 for additional information). 

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

<sup>6</sup> Effective December 20, 2021, the annual operating expense ratio was reduced to 0.04%. The ratio presented for period ended 12/31/21 is a blended ratio.

<sup>7</sup> Annualized.

<sup>8</sup> Effective December 13, 2019, the annual operating expense ratio was reduced to 0.05%. The ratio presented for the period ended 12/31/19 is a blended ratio.

<sup>9</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**120**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022

------

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

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund's website.

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CORPORATES** 99.0% OF NET ASSETS | **CORPORATES** 99.0% OF NET ASSETS | **CORPORATES** 99.0% OF NET ASSETS |
| **Financial Institutions 46.6%** | **Financial Institutions 46.6%** | **Financial Institutions 46.6%** |
| ***Banking 37.4%***  | ***Banking 37.4%***  | ***Banking 37.4%***  |
| **Ally Financial, Inc.** | **Ally Financial, Inc.** | **Ally Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/21/24 *(a)* | 100000 | &nbsp;&nbsp; 97550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 09/30/24  | 120000 | 119001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/30/25  | 175000 | 171261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 05/01/25 *(a)* | 150000 | 149508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/09/27 *(a)* | 150000 | 141098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.10%, 11/15/27 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51019 |
| **American Express Co.** | **American Express Co.** | **American Express Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/22/24 *(a)* | 200000 | 196531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/03/24  | 300000 | 294116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/30/24 *(a)* | 235000 | 226216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/24 *(a)* | 265000 | 256617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/04/25 *(a)* | 250000 | 236384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/01/25 *(a)* | 300000 | 294139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/06/25 *(a)* | 125000 | 123639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/20/26 *(a)* | 225000 | 212359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 11/04/26 *(a)* | 175000 | 155285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/04/27 *(a)* | 300000 | 273377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/03/27 *(a)* | 300000 | 281143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/05/27 *(a)* | 200000 | 208057 |
| **American Express Credit Corp.** | **American Express Credit Corp.** | **American Express Credit Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/03/27 *(a)* | 125000 | 118510 |
| **Banco Bilbao Vizcaya Argentaria S.A.** | **Banco Bilbao Vizcaya Argentaria S.A.** | **Banco Bilbao Vizcaya Argentaria S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/18/25  | 200000 | 179134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.14%, 09/14/28 *(a)(b)* | 200000 | 200799 |
| **Banco Santander S.A.** | **Banco Santander S.A.** | **Banco Santander S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 05/24/24  | 200000 | 195774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 06/27/24  | 200000 | 192058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/24/25  | 200000 | 193035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/28/25  | 400000 | 374617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 08/18/25  | 200000 | 198132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.18%, 11/19/25  | 200000 | 197625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 03/25/26  | 200000 | 177831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/11/27  | 200000 | 190675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.29%, 08/18/27  | 400000 | 390540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.72%, 09/14/27 *(a)(b)* | 200000 | 171371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 03/24/28 *(a)(b)* | 200000 | 185789 |
| **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/22/24  | 350000 | 347476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/24  | 325000 | 321067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 08/26/24  | 600000 | 590962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/22/25  | 400000 | 391806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.84%, 02/04/25 *(a)(b)* | 200000 | 191914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 03/15/25 *(a)(b)* | 350000 | 341192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/21/25  | 400000 | 389781 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 04/22/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 350000 | 328303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 04/25/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 350000 | 342033 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/01/25  | &nbsp;&nbsp;&nbsp; 275000 | 268046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 09/25/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 325000 | 300031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 10/01/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 375000 | 359678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.46%, 10/22/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 325000 | 307421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.53%, 12/06/25 *(a)(b)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 92328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 01/23/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 320000 | 306065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.02%, 02/13/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 330000 | 306419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/03/26  | &nbsp;&nbsp;&nbsp; 325000 | 318696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/02/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 550000 | 525629 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/19/26  | &nbsp;&nbsp;&nbsp; 425000 | 406047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.32%, 06/19/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 600000 | 540896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.83%, 07/22/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | 247474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 09/15/26  | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/22/26  | &nbsp;&nbsp;&nbsp; 350000 | 338791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/24/26 *(a)(b)* | &nbsp;&nbsp;&nbsp; 350000 | 312498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.66%, 03/11/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 450000 | 398074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 04/23/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 469067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 07/22/27 *(a)(b)* | 1000000 | 877138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/21/27 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | 370237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 11/25/27 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | 332716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 01/20/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | 373828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/04/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 425000 | 377764 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 04/24/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 250000 | 231865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/27/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 350000 | 334917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 07/21/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 300000 | 276532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 07/22/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 600000 | 587311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 11/10/28 *(a)(b)* | &nbsp;&nbsp;&nbsp; 100000 | 103037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.42%, 12/20/28 *(a)(b)* | 1050000 | 953071 |
| **Bank of Montreal** | **Bank of Montreal** | **Bank of Montreal** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/05/24  | &nbsp;&nbsp;&nbsp; 400000 | 392703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/28/24  | &nbsp;&nbsp;&nbsp; 330000 | 317810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/14/24  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98659 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/10/25  | &nbsp;&nbsp;&nbsp; 225000 | 210011 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/01/25  | &nbsp;&nbsp;&nbsp; 250000 | 233660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/07/25  | &nbsp;&nbsp;&nbsp; 300000 | 291251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/15/26  | &nbsp;&nbsp;&nbsp; 250000 | 219360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 01/22/27 *(a)(b)* | &nbsp;&nbsp;&nbsp; 150000 | 132776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/08/27  | &nbsp;&nbsp;&nbsp; 200000 | 183030 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 09/14/27 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | 148581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/15/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 200000 | 176509 |
| **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/04/24 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 197106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 04/26/24 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 94424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 98002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/11/24 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 97334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 10/24/24  | &nbsp;&nbsp;&nbsp; 275000 | 262433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/24/25 *(a)* | &nbsp;&nbsp;&nbsp; 145000 | 139903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/24/25 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | 232408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/25/25 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 96936 |

---

*See financial notes*

**121**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/18/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.22%, 11/21/25 *(a)(b)* | 250000 | 250316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/28/26 *(a)* | 100000 | &nbsp;&nbsp; 88748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/04/26 *(a)* | 200000 | 187827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/17/26 *(a)* | 150000 | 138142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 10/15/26 *(a)* | 150000 | 130581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/16/27 *(a)* | 150000 | 141313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 02/07/28 *(a)(b)* | 150000 | 141084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.99%, 06/13/28 *(a)(b)* | 150000 | 143727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 10/25/28 *(a)(b)* | 200000 | 206673 |
| **Bank of Nova Scotia** | **Bank of Nova Scotia** | **Bank of Nova Scotia** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/11/24  | 225000 | 221223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/15/24  | 350000 | 330711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 07/31/24  | 200000 | 186520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/03/25  | 230000 | 216755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/11/25  | 250000 | 241019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 06/11/25  | 250000 | 229198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/16/25  | 325000 | 319014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 03/02/26  | 175000 | 154959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 06/24/26  | 100000 | &nbsp;&nbsp; 88878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/03/26  | 200000 | 185409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/15/26  | 125000 | 109471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/02/27  | 100000 | &nbsp;&nbsp; 89157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/11/27  | 175000 | 161446 |
| **BankUnited, Inc.** | **BankUnited, Inc.** | **BankUnited, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/17/25 *(a)* | 125000 | 123422 |
| **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/11/24  | 300000 | 293948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/16/25  | 375000 | 360578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.93%, 05/07/25 *(a)(b)* | 400000 | 388123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/12/26  | 400000 | 386923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/07/26 *(a)(b)* | 250000 | 232257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/12/26  | 350000 | 341012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 08/09/26 *(a)(b)* | 250000 | 248453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.33%, 11/02/26 *(a)(b)* | 200000 | 207493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 11/24/27 *(a)(b)* | 250000 | 217006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/09/28 *(a)(b)* | 275000 | 267583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.39%, 11/02/28 *(a)(b)* | 200000 | 208300 |
| **BNP Paribas S.A.** | **BNP Paribas S.A.** | **BNP Paribas S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/24  | 200000 | 195556 |
| **BPCE S.A.** | **BPCE S.A.** | **BPCE S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/02/26  | 250000 | 234944 |
| **Cadence Bank** | **Cadence Bank** | **Cadence Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/20/29 *(a)(b)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23336 |
| **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/02/24  | 235000 | 229383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/28/25  | 225000 | 212488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/07/25  | 250000 | 240108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 10/23/25  | 200000 | 179835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 06/22/26  | 175000 | 154218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/07/27  | 150000 | 141168 |
| **Capital One Financial Corp.** | **Capital One Financial Corp.** | **Capital One Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/29/24 *(a)* | 250000 | 246986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/24/24 *(a)* | 100000 | &nbsp;&nbsp; 98181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 10/30/24 *(a)* | 200000 | 193124 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/05/25 *(a)* | 195000 | 187820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/30/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.17%, 05/09/25 *(a)(b)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/29/25 *(a)* | 250000 | 241977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 03/03/26 *(a)(b)* | 200000 | 187594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 07/24/26 *(a)(b)* | 200000 | 196339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/28/26 *(a)* | 225000 | 212654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/09/27 *(a)* | 200000 | 190087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/11/27 *(a)* | 150000 | 141526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/02/27 *(a)(b)* | 225000 | 197180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.93%, 05/10/28 *(a)(b)* | 250000 | 242417 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Capital One NA** | **Capital One NA** | **Capital One NA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 01/28/26 *(a)(b)* | 250000 | 234534 |
| **Citibank NA** | **Citibank NA** | **Citibank NA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/23/24 *(a)* | 400000 | 395113 |
| **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/16/24  | 140000 | 137836 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/05/24  | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 93627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/26/25  | 225000 | 218997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/24/25 *(a)(b)* | 425000 | 412229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/27/25  | 225000 | 217835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 05/01/25 *(a)(b)* | 400000 | 374785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 05/24/25 *(a)(b)* | 100000 | &nbsp;&nbsp; 98520 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/10/25  | 500000 | 491286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 09/13/25  | 200000 | 201529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.28%, 11/03/25 *(a)(b)* | 200000 | 184443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/12/26  | 425000 | 409132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 01/25/26 *(a)(b)* | 200000 | 185339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 03/09/26  | 275000 | 270860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 03/17/26 *(a)(b)* | 300000 | 285447 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.11%, 04/08/26 *(a)(b)* | 600000 | 567670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/26  | 400000 | 379909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 09/29/26 *(a)(b)* | 425000 | 426613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/21/26 *(a)* | 475000 | 440763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/20/26  | 300000 | 290222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.12%, 01/28/27 *(a)(b)* | 450000 | 392970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.46%, 06/09/27 *(a)(b)* | 475000 | 412844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/29/27  | 500000 | 478023 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.89%, 01/10/28 *(a)(b)* | 450000 | 421304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 02/24/28 *(a)(b)* | 450000 | 406616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 05/24/28 *(a)(b)* | 300000 | 290496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 07/24/28 *(a)(b)* | 200000 | 184039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.52%, 10/27/28 *(a)(b)* | 350000 | 319373 |
| **Citizens Bank NA** | **Citizens Bank NA** | **Citizens Bank NA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/28/25 *(a)* | 250000 | 233223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/18/26 *(a)* | 250000 | 239911 |
| **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 07/27/26 *(a)* | 200000 | 185406 |
| **Comerica Bank** | **Comerica Bank** | **Comerica Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/23/24  | 250000 | 240094 |
| **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** | **Cooperatieve Rabobank UA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.38%, 01/12/24  | 250000 | 238375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/21/25  | 350000 | 339562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/04/25  | 250000 | 244102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/21/26  | 250000 | 235706 |
| **Credit Suisse AG** | **Credit Suisse AG** | **Credit Suisse AG** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50%, 02/02/24  | 250000 | 232265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/09/24  | 250000 | 238957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/09/24  | 300000 | 280548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/21/25  | 250000 | 230808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/09/25  | 250000 | 225713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/07/26  | 275000 | 222907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/09/27  | 250000 | 228093 |
| **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/26/25  | 350000 | 316852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/17/26  | 325000 | 289723 |
| **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 05/28/24  | 150000 | 140484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/30/24  | 200000 | 195665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 04/01/25 *(a)(b)* | 200000 | 186133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/25  | 275000 | 262047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 11/26/25 *(a)(b)* | 325000 | 311055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 01/13/26  | 150000 | 143969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.69%, 03/19/26  | 250000 | 224610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 07/14/26 *(a)(b)* | 250000 | 249199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 11/24/26 *(a)(b)* | 350000 | 309319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 11/16/27 *(a)(b)* | 150000 | 127500 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**122**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/07/28 *(a)(b)* | 200000 | 170450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/32 *(a)(b)* | 200000 | 167396 |
| **Discover Bank** | **Discover Bank** | **Discover Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/12/24 *(a)* | 250000 | 237635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/13/26  | 100000 | &nbsp;&nbsp; 95902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/27/26 *(a)* | 250000 | 230659 |
| **Discover Financial Services** | **Discover Financial Services** | **Discover Financial Services** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/06/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/30/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/09/27 *(a)* | 150000 | 141367 |
| **Fifth Third Bancorp** | **Fifth Third Bancorp** | **Fifth Third Bancorp** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/16/24 *(a)* | 225000 | 223067 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/25/24 *(a)* | 200000 | 197267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/28/25 *(a)* | 170000 | 161370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 05/05/27 *(a)* | 200000 | 180407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%, 11/01/27 *(a)(b)* | 125000 | 110628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.36%, 10/27/28 *(a)(b)* | 100000 | 103182 |
| **Fifth Third Bank NA** | **Fifth Third Bank NA** | **Fifth Third Bank NA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 07/28/25 *(a)* | 250000 | 246433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 10/27/25 *(a)(b)* | 100000 | 101145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/01/27 *(a)* | 100000 | &nbsp;&nbsp; 90374 |
| **First Citizens BancShares, Inc.** | **First Citizens BancShares, Inc.** | **First Citizens BancShares, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/30 *(a)(b)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23671 |
| **First Horizon Corp.** | **First Horizon Corp.** | **First Horizon Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/26/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73043 |
| **First-Citizens Bank & Trust Co.** | **First-Citizens Bank & Trust Co.** | **First-Citizens Bank & Trust Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 09/27/25 *(a)(b)* | 150000 | 141933 |
| **FNB Corp.** | **FNB Corp.** | **FNB Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 08/25/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49561 |
| **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/20/24 *(a)* | 190000 | 186873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/03/24  | 425000 | 419752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/24  | 500000 | 487830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/08/24 *(a)* | 375000 | 368094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/23/25 *(a)* | 375000 | 363039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%, 01/24/25 *(a)(b)* | 300000 | 287277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/25 *(a)* | 550000 | 529686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/22/25 *(a)* | 400000 | 387342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 09/29/25 *(a)(b)* | 500000 | 481543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/21/25  | 325000 | 318174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.86%, 02/12/26 *(a)(b)* | 250000 | 226183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/25/26 *(a)* | 300000 | 289345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/16/26 *(a)* | 425000 | 399543 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.09%, 12/09/26 *(a)(b)* | 375000 | 331466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 01/15/27  | 150000 | 154172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/26/27 *(a)* | 600000 | 571588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 03/09/27 *(a)(b)* | 575000 | 504009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.39%, 06/15/27 *(a)(b)* | 100000 | &nbsp;&nbsp; 96522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 09/10/27 *(a)(b)* | 450000 | 389040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/27 *(a)(b)* | 675000 | 589837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 02/24/28 *(a)(b)* | 500000 | 445371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 03/15/28 *(a)(b)* | 550000 | 511257 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.69%, 06/05/28 *(a)(b)* | 300000 | 278958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 08/23/28 *(a)(b)* | 350000 | 335253 |
| **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/14/24  | 500000 | 491684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/11/25 *(a)(b)* | 450000 | 438909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.98%, 05/24/25 *(a)(b)* | 200000 | 185133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/18/25  | 200000 | 192641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/07/25 *(a)(b)* | 350000 | 330018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.18%, 12/09/25 *(a)(b)* | 200000 | 194261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/08/26  | 500000 | 484120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/10/26 *(a)(b)* | 350000 | 329290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 04/18/26 *(a)(b)* | 450000 | 406859 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/25/26  | 250000 | 238725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/04/26 *(a)(b)* | 400000 | 364811 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 09/12/26 *(a)(b)* | 400000 | 384086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.34%, 11/03/26 *(a)(b)* | 300000 | 312363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 11/23/26  | 200000 | 192716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 05/24/27 *(a)(b)* | 300000 | 258951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/22/27 *(a)(b)* | 550000 | 477646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 03/13/28 *(a)(b)* | 400000 | 369674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 06/09/28 *(a)(b)* | 350000 | 331826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.21%, 08/11/28 *(a)(b)* | 350000 | 337648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 09/22/28 *(a)(b)* | 250000 | 208986 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.39%, 11/03/28 *(a)(b)* | 350000 | 367565 |
| **HSBC USA, Inc.** | **HSBC USA, Inc.** | **HSBC USA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/24/24  | 200000 | 196478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/23/24  | 100000 | &nbsp;&nbsp; 97459 |
| **Huntington Bancshares, Inc.** | **Huntington Bancshares, Inc.** | **Huntington Bancshares, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/06/24 *(a)* | 100000 | &nbsp;&nbsp; 96095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.44%, 08/04/28 *(a)(b)* | 100000 | &nbsp;&nbsp; 95338 |
| **Huntington National Bank** | **Huntington National Bank** | **Huntington National Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 11/18/25 *(a)(b)* | 250000 | 250864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 05/17/28 *(a)(b)* | 250000 | 241683 |
| **ING Groep N.V.** | **ING Groep N.V.** | **ING Groep N.V.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 04/09/24  | 200000 | 195758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 03/28/26 *(a)(b)* | 200000 | 192181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/29/27  | 200000 | 189261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 04/01/27 *(a)(b)* | 200000 | 176460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 03/28/28 *(a)(b)* | 200000 | 186943 |
| **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/01/24  | 250000 | 247459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/13/24  | 250000 | 245838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/10/24  | 475000 | 465431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 12/05/24 *(a)(b)* | 400000 | 394250 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/23/25 *(a)* | 400000 | 386508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.56%, 02/16/25 *(a)(b)* | 200000 | 188683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 03/01/25 *(a)(b)* | 250000 | 243043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.82%, 06/01/25 *(a)(b)* | 300000 | 280106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/14/25 *(a)(b)* | 300000 | 293715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%, 06/23/25 *(a)(b)* | 300000 | 279952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/25 *(a)* | 375000 | 367126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 07/15/25  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.77%, 08/09/25 *(a)(b)* | 300000 | 276991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 10/15/25 *(a)(b)* | 455000 | 428898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.56%, 12/10/25 *(a)(b)* | 450000 | 416892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 12/15/25 *(a)(b)* | 300000 | 300079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/24/26 *(a)(b)* | 200000 | 188225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.01%, 03/13/26 *(a)(b)* | 400000 | 370598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/26 *(a)* | 400000 | 380384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.08%, 04/22/26 *(a)(b)* | 550000 | 510700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/26/26 *(a)(b)* | 400000 | 389178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/26 *(a)* | 300000 | 283763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/01/26 *(a)* | 500000 | 466849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.63%, 10/15/26  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 11/19/26 *(a)(b)* | 450000 | 397477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 12/15/26  | 325000 | 314826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 01/29/27 *(a)(b)* | 400000 | 382677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.04%, 02/04/27 *(a)(b)* | 325000 | 283592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.58%, 04/22/27 *(a)(b)* | 500000 | 440555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 04/29/27  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 83987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 09/22/27 *(a)(b)* | 425000 | 368196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/27  | 400000 | 385400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/01/27 *(a)* | 100000 | &nbsp;&nbsp; 92976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 02/01/28 *(a)(b)* | 400000 | 374571 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/24/28 *(a)(b)* | 350000 | 317324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 04/26/28 *(a)(b)* | 500000 | 477078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 05/01/28 *(a)(b)* | 375000 | 346016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.18%, 06/01/28 *(a)(b)* | 250000 | 218632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 07/25/28 *(a)(b)* | 500000 | 488696 |

---

*See financial notes*

**123**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **KeyBank NA** | **KeyBank NA** | **KeyBank NA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/08/25  | 250000 | 244619 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/20/26  | 200000 | 188062 |
| **KeyCorp** | **KeyCorp** | **KeyCorp** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/29/25  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/06/27  | 200000 | 178337 |
| **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/12/24  | 200000 | 196353 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/04/24  | 200000 | 195564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/08/25  | 300000 | 294367 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.87%, 07/09/25 *(a)(b)* | 300000 | 291045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 12/10/25  | 200000 | 193566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 02/05/26 *(a)(b)* | 200000 | 186101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 03/18/26 *(a)(b)* | 200000 | 190222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/24/26  | 200000 | 191439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.72%, 08/11/26 *(a)(b)* | 200000 | 195647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/11/27  | 200000 | 186260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/11/27 *(a)(b)* | 200000 | 173209 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/18/28 *(a)(b)* | 200000 | 184493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 11/07/28 *(a)(b)* | 200000 | 180253 |
| **Manufacturers & Traders Trust Co.** | **Manufacturers & Traders Trust Co.** | **Manufacturers & Traders Trust Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/06/25 *(a)* | 250000 | 239569 |
| **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 03/07/24  | 250000 | 244684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 07/18/24  | 200000 | 192711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 02/25/25  | 400000 | 374864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/02/25  | 250000 | 243504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.41%, 07/17/25  | 200000 | 181775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 07/18/25 *(a)(b)* | 225000 | 222745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 07/19/25 *(a)(b)* | 450000 | 418463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.06%, 09/12/25 *(a)(b)* | 200000 | 198818 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/01/26  | 400000 | 383092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 09/13/26  | 300000 | 274737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.54%, 07/20/27 *(a)(b)* | 300000 | 261145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 07/25/27  | 200000 | 184435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 10/13/27 *(a)(b)* | 200000 | 173280 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 01/19/28 *(a)(b)* | 200000 | 176420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/19/28 *(a)(b)* | 200000 | 188779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/20/28 *(a)(b)* | 200000 | 195565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 09/13/28 *(a)(b)* | 200000 | 198474 |
| **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 07/16/25 *(a)(b)* | 150000 | 143021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 09/13/25 *(a)(b)* | 100000 | &nbsp;&nbsp; 94487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.23%, 05/25/26 *(a)(b)* | 200000 | 184264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.84%, 09/13/26  | 200000 | 182327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.23%, 05/22/27 *(a)(b)* | 200000 | 173585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 07/09/27 *(a)(b)* | 200000 | 174445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.17%, 09/11/27  | 200000 | 183295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 09/13/28 *(a)(b)* | 200000 | 200236 |
| **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/29/24  | 600000 | 590951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/23/24  | 500000 | 488682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%, 01/22/25 *(a)(b)* | 300000 | 284278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 04/17/25 *(a)(b)* | 150000 | 146521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.79%, 05/30/25 *(a)(b)* | 600000 | 559359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 07/22/25 *(a)(b)* | 335000 | 320853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/23/25  | 525000 | 513379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.86%, 10/21/25 *(a)(b)* | 250000 | 229863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.16%, 10/21/25 *(a)(b)* | 300000 | 276474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/24/25  | 325000 | 324309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/27/26  | 525000 | 508682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/18/26 *(a)(b)* | 250000 | 235090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 04/28/26 *(a)(b)* | 500000 | 464475 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.68%, 07/17/26 *(a)(b)* | 300000 | 295420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/27/26  | 200000 | 186766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/09/26  | 225000 | 234936 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/08/26  | 350000 | 340350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.14%, 10/16/26 *(a)(b)* | 200000 | 204738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.99%, 12/10/26 *(a)(b)* | 400000 | 351228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/20/27  | 525000 | 496167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/23/27  | 375000 | 355042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.59%, 05/04/27 *(a)(b)* | 600000 | 527094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.51%, 07/20/27 *(a)(b)* | 550000 | 478322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 01/21/28 *(a)(b)* | 400000 | 355576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.21%, 04/20/28 *(a)(b)* | 400000 | 380584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 07/22/28 *(a)(b)* | 475000 | 436996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.30%, 10/18/28 *(a)(b)* | 350000 | 361030 |
| **National Australia Bank Ltd.** | **National Australia Bank Ltd.** | **National Australia Bank Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/22/24  | 250000 | 250792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/12/26  | 500000 | 461090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 06/09/27  | 250000 | 239952 |
| **Natwest Group PLC** | **Natwest Group PLC** | **Natwest Group PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 03/22/25 *(a)(b)* | 300000 | 293199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/05/26  | 300000 | 293572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.47%, 11/10/26 *(a)(b)* | 200000 | 208440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.64%, 06/14/27 *(a)(b)* | 250000 | 216970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 05/22/28 *(a)(b)* | 250000 | 223648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.52%, 09/30/28 *(a)(b)* | 200000 | 198214 |
| **Northern Trust Corp.** | **Northern Trust Corp.** | **Northern Trust Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/30/25  | 125000 | 122545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/10/27 *(a)* | 200000 | 195728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/08/32 *(a)(b)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 45576 |
| **PNC Bank NA** | **PNC Bank NA** | **PNC Bank NA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 10/30/24 *(a)* | 100000 | &nbsp;&nbsp; 97389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/23/25 *(a)* | 250000 | 240199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/10/25 *(a)* | 250000 | 243308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 11/01/25 *(a)* | 250000 | 244202 |
| **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/23/24 *(a)* | 225000 | 221633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/29/24 *(a)* | 100000 | &nbsp;&nbsp; 98847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 11/01/24 *(a)* | 150000 | 143511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 07/23/26 *(a)* | 250000 | 231868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 08/13/26 *(a)* | 150000 | 131717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/19/27 *(a)* | 100000 | &nbsp;&nbsp; 93493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 12/02/28 *(a)(b)* | 200000 | 202124 |
| **Regions Financial Corp.** | **Regions Financial Corp.** | **Regions Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/18/25 *(a)* | 100000 | &nbsp;&nbsp; 93600 |
| **Royal Bank of Canada** | **Royal Bank of Canada** | **Royal Bank of Canada** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.43%, 01/19/24  | 250000 | 238849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 07/16/24  | 300000 | 289555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 07/26/24  | 250000 | 246668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 07/29/24  | 150000 | 140196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.66%, 10/25/24  | 300000 | 303649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/01/24  | 375000 | 357803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/10/25  | 350000 | 320782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 01/20/26  | 150000 | 133486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 01/27/26  | 275000 | 271742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 04/27/26  | 325000 | 289491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 07/14/26  | 150000 | 132382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 11/02/26  | 200000 | 176000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/21/27  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 67738 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/04/27  | 250000 | 238248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.24%, 08/03/27  | 200000 | 195241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 11/01/27  | 150000 | 156280 |
| **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** | **Santander Holdings USA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/07/24 *(a)* | 175000 | 170143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/02/25 *(a)* | 150000 | 142885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 06/09/25 *(a)(b)* | 100000 | &nbsp;&nbsp; 97046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/17/25 *(a)* | 150000 | 147219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.81%, 09/09/26 *(a)(b)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49730 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.24%, 10/05/26 *(a)(c)* | 150000 | 139378 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**124**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/13/27 *(a)* | 275000 | 262826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 01/06/28 *(a)(b)* | 175000 | 150796 |
| **Santander UK Group Holdings PLC** | **Santander UK Group Holdings PLC** | **Santander UK Group Holdings PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.09%, 03/15/25 *(a)(b)* | 400000 | 374850 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.53%, 08/21/26 *(a)(b)* | 200000 | 176283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67%, 06/14/27 *(a)(b)* | 200000 | 169885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 01/11/28 *(a)(b)* | 200000 | 171268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 11/03/28 *(a)(b)* | 200000 | 178793 |
| **Santander UK PLC** | **Santander UK PLC** | **Santander UK PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/13/24  | 100000 | &nbsp;&nbsp; 98833 |
| **Signature Bank** | **Signature Bank** | **Signature Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/15/30 *(a)(b)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 68770 |
| **State Street Corp.** | **State Street Corp.** | **State Street Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 12/03/24 *(a)(b)* | 100000 | &nbsp;&nbsp; 98873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/16/24  | 100000 | &nbsp;&nbsp; 97577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/18/25  | 200000 | 194844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/01/25 *(a)(b)* | 250000 | 238563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/30/26 *(a)(b)* | 100000 | &nbsp;&nbsp; 95317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 05/19/26  | 150000 | 141281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/04/26 *(a)(b)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51395 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 11/18/27 *(a)(b)* | 150000 | 133290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/07/28 *(a)(b)* | 125000 | 112601 |
| **Sumitomo Mitsui Banking Corp.** | **Sumitomo Mitsui Banking Corp.** | **Sumitomo Mitsui Banking Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/11/24  | 200000 | 194315 |
| **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.51%, 01/12/24  | 200000 | 190467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 07/16/24  | 200000 | 192038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/27/24  | 250000 | 237748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/25  | 250000 | 236637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.47%, 07/08/25  | 400000 | 364811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.78%, 03/09/26  | 300000 | 289868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/14/26  | 350000 | 320978 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/17/26  | 300000 | 261200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.01%, 10/19/26  | 350000 | 325303 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/11/27  | 250000 | 233908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 07/12/27  | 300000 | 277328 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 10/18/27  | 150000 | 138561 |
| **SVB Financial Group** | **SVB Financial Group** | **SVB Financial Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/29/25  | 100000 | &nbsp;&nbsp; 96246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/28/26 *(a)* | 150000 | 131623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/29/28 *(a)(b)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47345 |
| **Synchrony Financial** | **Synchrony Financial** | **Synchrony Financial** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/19/24 *(a)* | 125000 | 122806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/24 *(a)* | 250000 | 244654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/13/25 *(a)* | 100000 | &nbsp;&nbsp; 97600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/23/25 *(a)* | 200000 | 192774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/04/26 *(a)* | 275000 | 254244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 12/01/27 *(a)* | 150000 | 134046 |
| **Synovus Financial Corp.** | **Synovus Financial Corp.** | **Synovus Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 08/11/25 *(a)* | 125000 | 124132 |
| **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 03/04/24  | 150000 | 142646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 03/08/24  | 200000 | 193995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/11/24  | 200000 | 195801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/12/24  | 325000 | 314810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 09/10/24  | 200000 | 186212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/10/25  | 100000 | &nbsp;&nbsp; 93220 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 06/06/25  | 225000 | 218506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/12/25  | 150000 | 136816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/11/25  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 67147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 01/06/26  | 300000 | 265742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 06/03/26  | 250000 | 220700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/10/26  | 250000 | 218800 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/12/27  | 150000 | 134188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/10/27  | 200000 | 183448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 06/08/27  | 250000 | 241673 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.69%, 09/15/27  | 225000 | 222584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/15/31 *(a)(b)* | 275000 | 253739 |
| **Truist Bank** | **Truist Bank** | **Truist Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/01/24 *(a)* | 200000 | 195529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/06/24 *(a)* | 250000 | 237915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/10/25 *(a)* | 250000 | 232213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/16/25 *(a)* | 300000 | 288735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/03/25 *(a)* | 200000 | 196893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/26 *(a)* | 200000 | 188503 |
| **Truist Financial Corp.** | **Truist Financial Corp.** | **Truist Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/24 *(a)* | 175000 | 168135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/26/24 *(a)* | 175000 | 168912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/25 *(a)* | 200000 | 196025 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/05/25 *(a)* | 150000 | 145936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 08/05/25 *(a)* | 150000 | 137456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 07/28/26 *(a)(b)* | 225000 | 221526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.27%, 03/02/27 *(a)(b)* | 325000 | 289156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.12%, 06/06/28 *(a)(b)* | 200000 | 191832 |
| **US Bancorp** | **US Bancorp** | **US Bancorp** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/30/24 *(a)* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 54336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/05/24 *(a)* | 255000 | 250666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 07/30/24 *(a)* | 200000 | 192408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/11/24 *(a)* | 150000 | 147065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/12/25 *(a)* | 300000 | 278512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/17/25 *(a)* | 150000 | 146994 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/27/26 *(a)* | 150000 | 141979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/22/26 *(a)* | 200000 | 184881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.73%, 10/21/26 *(a)(b)* | 200000 | 204050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 04/27/27 *(a)* | 200000 | 188156 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 01/27/28 *(a)(b)* | 200000 | 180028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/22/28 *(a)(b)* | 250000 | 245086 |
| **US Bank NA** | **US Bank NA** | **US Bank NA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/21/25 *(a)* | 100000 | &nbsp;&nbsp; 94865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/27/25 *(a)* | 200000 | 192941 |
| **Valley National Bancorp** | **Valley National Bancorp** | **Valley National Bancorp** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/31 *(a)(b)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 43991 |
| **Wachovia Corp.** | **Wachovia Corp.** | **Wachovia Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.57%, 08/01/26 *(d)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53965 |
| **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 01/16/24  | 100000 | &nbsp;&nbsp; 99418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/24/24 *(a)* | 500000 | 494238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/09/24  | 350000 | 340200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/19/25  | 350000 | 335587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.81%, 05/19/25 *(a)(b)* | 150000 | 140550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/29/25  | 350000 | 336834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.41%, 10/30/25 *(a)(b)* | 500000 | 473893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.16%, 02/11/26 *(a)(b)* | 500000 | 466782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/22/26  | 550000 | 514874 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.91%, 04/25/26 *(a)(b)* | 400000 | 389128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.19%, 04/30/26 *(a)(b)* | 500000 | 465591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/03/26  | 400000 | 387107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.54%, 08/15/26 *(a)(b)* | 325000 | 318940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/23/26  | 525000 | 485865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/17/27 *(a)(b)* | 450000 | 418444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/22/27  | 400000 | 385575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 03/24/28 *(a)(b)* | 700000 | 649682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 05/22/28 *(a)(b)* | 500000 | 463745 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.39%, 06/02/28 *(a)(b)* | 600000 | 530029 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.81%, 07/25/28 *(a)(b)* | 450000 | 439061 |
| **Western Alliance Bancorp** | **Western Alliance Bancorp** | **Western Alliance Bancorp** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/31 *(a)(b)* | 100000 | &nbsp;&nbsp; 85249 |
| **Westpac Banking Corp.** | **Westpac Banking Corp.** | **Westpac Banking Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/26/24  | 350000 | 344079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/19/25  | 175000 | 166140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 08/26/25  | 150000 | 146086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/13/26  | 250000 | 234432 |

---

*See financial notes*

**125**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/03/26  | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/19/26  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/08/27  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.04%, 08/26/27  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.46%, 11/18/27  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 02/04/30 *(a)(b)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 11/23/31 *(a)(b)* | 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257986 |
|  |  | **138773947** |
| ***Brokerage/Asset Managers/Exchanges 1.4%***  | ***Brokerage/Asset Managers/Exchanges 1.4%***  | ***Brokerage/Asset Managers/Exchanges 1.4%***  |
| **Affiliated Managers Group, Inc.** | **Affiliated Managers Group, Inc.** | **Affiliated Managers Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/24  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/25  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72165 |
| **Ameriprise Financial, Inc.** | **Ameriprise Financial, Inc.** | **Ameriprise Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/24  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/02/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/15/26 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139627 |
| **BGC Partners, Inc.** | **BGC Partners, Inc.** | **BGC Partners, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71776 |
| **BlackRock, Inc.** | **BlackRock, Inc.** | **BlackRock, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/18/24  | 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182161 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/27  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94861 |
| **Brookfield Corp.** | **Brookfield Corp.** | **Brookfield Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/25 *(a)* | 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161459 |
| **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/24 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122960 |
| **Cboe Global Markets, Inc.** | **Cboe Global Markets, Inc.** | **Cboe Global Markets, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/12/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95777 |
| **CME Group, Inc.** | **CME Group, Inc.** | **CME Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96841 |
| **E\*TRADE Financial Corp.** | **E\*TRADE Financial Corp.** | **E\*TRADE Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/24/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71348 |
| **Eaton Vance Corp.** | **Eaton Vance Corp.** | **Eaton Vance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/06/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70018 |
| **Franklin Resources, Inc.** | **Franklin Resources, Inc.** | **Franklin Resources, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/30/25  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95377 |
| **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/23/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/25 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/15/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/27 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338383 |
| **Invesco Finance PLC** | **Invesco Finance PLC** | **Invesco Finance PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/30/24  | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/26  | 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168318 |
| **Janus Capital Group, Inc.** | **Janus Capital Group, Inc.** | **Janus Capital Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 08/01/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73967 |
| **Jefferies Financial Group, Inc.** | **Jefferies Financial Group, Inc.** | **Jefferies Financial Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 01/15/27  | 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172754 |
| **Lazard Group LLC** | **Lazard Group LLC** | **Lazard Group LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/13/25  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/01/27 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46489 |
| **Legg Mason, Inc.** | **Legg Mason, Inc.** | **Legg Mason, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/26  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100497 |
| **Nasdaq, Inc.** | **Nasdaq, Inc.** | **Nasdaq, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/30/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96695 |
| **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/16/25  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 07/03/25  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198114 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/16/25  | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/14/26  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.33%, 01/22/27  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175583 |
| **Stifel Financial Corp.** | **Stifel Financial Corp.** | **Stifel Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/18/24  | 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112864 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **The Charles Schwab Corp.** | **The Charles Schwab Corp.** | **The Charles Schwab Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 02/01/24 *(a)(e)* | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 69077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/18/24 *(a)(e)* | 225000 | &nbsp;&nbsp;&nbsp; 213987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/24 *(a)(e)* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/10/25 *(a)(e)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/24/25 *(a)(e)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 74208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/25 *(a)(e)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/21/25 *(a)(e)* | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 92813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/13/26 *(a)(e)* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/11/26 *(a)(e)* | 175000 | &nbsp;&nbsp;&nbsp; 155168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/13/26 *(a)(e)* | 150000 | &nbsp;&nbsp;&nbsp; 133481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/02/27 *(a)(e)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 47098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/03/27 *(a)(e)* | 200000 | &nbsp;&nbsp;&nbsp; 183036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 *(a)(e)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 47434 |
|  |  | **5368262** |
| ***Finance Companies 2.4%***  | ***Finance Companies 2.4%***  | ***Finance Companies 2.4%***  |
| **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** | **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** | **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/16/24 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 148670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/15/24 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 145650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/14/24 *(a)* | 275000 | &nbsp;&nbsp;&nbsp; 260673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/29/24 *(a)* | 500000 | &nbsp;&nbsp;&nbsp; 462007 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/25 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 143401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/25 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 152438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/01/25 *(a)* | 250000 | &nbsp;&nbsp;&nbsp; 241292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/30/26 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 132282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/03/26 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 144216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 10/29/26 *(a)* | 600000 | &nbsp;&nbsp;&nbsp; 525478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 07/21/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 136225 |
| **Air Lease Corp.** | **Air Lease Corp.** | **Air Lease Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/24 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 123090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 02/15/24 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 118183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/18/24 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 92265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 93348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/25 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 118807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/01/25 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 118016 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/26 *(a)* | 225000 | &nbsp;&nbsp;&nbsp; 208483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 93851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 08/15/26 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 174399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 01/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 87469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 137008 |
| **Aircastle Ltd.** | **Aircastle Ltd.** | **Aircastle Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/01/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/15/26 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 117863 |
| **Ares Capital Corp.** | **Ares Capital Corp.** | **Ares Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/10/24 *(a)* | 135000 | &nbsp;&nbsp;&nbsp; 130613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/25 *(a)* | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 90308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/25 *(a)* | 275000 | &nbsp;&nbsp;&nbsp; 253851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/26 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 183969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/15/26 *(a)* | 175000 | &nbsp;&nbsp;&nbsp; 148611 |
| **Bain Capital Specialty Finance, Inc.** | **Bain Capital Specialty Finance, Inc.** | **Bain Capital Specialty Finance, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/10/26 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 108327 |
| **Barings BDC, Inc.** | **Barings BDC, Inc.** | **Barings BDC, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 11/23/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 63534 |
| **BlackRock TCP Capital Corp.** | **BlackRock TCP Capital Corp.** | **BlackRock TCP Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/09/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 67207 |
| **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/15/24  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 69121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/22/24  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 68713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/15/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 69163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 03/24/25  | 150000 | &nbsp;&nbsp;&nbsp; 144274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 12/15/26 *(a)* | 300000 | &nbsp;&nbsp;&nbsp; 248944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/27 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 168835 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**126**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Blackstone Secured Lending Fund** | **Blackstone Secured Lending Fund** | **Blackstone Secured Lending Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/26 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 115183 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/16/26 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 109691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 82888 |
| **FS KKR Capital Corp.** | **FS KKR Capital Corp.** | **FS KKR Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/24 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/01/25 *(a)* | 160000 | &nbsp;&nbsp;&nbsp; 150479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/26 *(a)* | 300000 | &nbsp;&nbsp;&nbsp; 266742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 63246 |
| **GATX Corp.** | **GATX Corp.** | **GATX Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/15/24 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/30/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 47820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/15/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 93325 |
| **Goldman Sachs BDC, Inc.** | **Goldman Sachs BDC, Inc.** | **Goldman Sachs BDC, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/10/25 *(a)* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 57854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 69155 |
| **Golub Capital BDC, Inc.** | **Golub Capital BDC, Inc.** | **Golub Capital BDC, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 72068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/24/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 85465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 02/15/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 61425 |
| **Hercules Capital, Inc.** | **Hercules Capital, Inc.** | **Hercules Capital, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/16/26 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 105693 |
| **Main Street Capital Corp.** | **Main Street Capital Corp.** | **Main Street Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 05/01/24  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 74080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/14/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 86490 |
| **Morgan Stanley Direct Lending Fund** | **Morgan Stanley Direct Lending Fund** | **Morgan Stanley Direct Lending Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/11/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 69408 |
| **Oaktree Specialty Lending Corp.** | **Oaktree Specialty Lending Corp.** | **Oaktree Specialty Lending Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/25/25 *(a)* | 110000 | &nbsp;&nbsp;&nbsp; 104665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/15/27 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 43052 |
| **Owl Rock Capital Corp.** | **Owl Rock Capital Corp.** | **Owl Rock Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/24 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/30/25 *(a)* | 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 98812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/22/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 92753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 01/15/26 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 184973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/15/26 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 131670 |
| **Owl Rock Capital Corp. III** | **Owl Rock Capital Corp. III** | **Owl Rock Capital Corp. III** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/13/27 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 41595 |
| **Owl Rock Core Income Corp.** | **Owl Rock Core Income Corp.** | **Owl Rock Core Income Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/23/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 64336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 02/08/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 90001 |
| **OWL Rock Core Income Corp.** | **OWL Rock Core Income Corp.** | **OWL Rock Core Income Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 09/16/27 *(a)(c)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99883 |
| **Owl Rock Technology Finance Corp.** | **Owl Rock Technology Finance Corp.** | **Owl Rock Technology Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/27 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 40920 |
| **Prospect Capital Corp.** | **Prospect Capital Corp.** | **Prospect Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.71%, 01/22/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 65989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 11/15/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 62676 |
| **Sixth Street Specialty Lending, Inc.** | **Sixth Street Specialty Lending, Inc.** | **Sixth Street Specialty Lending, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/01/24 *(a)* | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 91655 |
|  |  | **8811051** |
| ***Financial Other 0.1%***  | ***Financial Other 0.1%***  | ***Financial Other 0.1%***  |
| **Andrew W Mellon Foundation** | **Andrew W Mellon Foundation** | **Andrew W Mellon Foundation** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 08/01/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 85138 |
| **ORIX Corp.** | **ORIX Corp.** | **ORIX Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 01/16/24  | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/04/24  | 150000 | &nbsp;&nbsp;&nbsp; 144528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/18/27  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 46971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/13/27  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99958 |
|  |  | **401255** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Insurance 2.7%***  | ***Insurance 2.7%***  | ***Insurance 2.7%***  |
| **Aetna, Inc.** | **Aetna, Inc.** | **Aetna, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/24 *(a)* | 125000 | 121588 |
| **Aflac, Inc.** | **Aflac, Inc.** | **Aflac, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 03/15/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 66519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 69895 |
| **Allied World Assurance Co., Holdings Ltd.** | **Allied World Assurance Co., Holdings Ltd.** | **Allied World Assurance Co., Holdings Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 10/29/25 *(a)* | 100000 | &nbsp;&nbsp; 95699 |
| **Allstate Corp.** | **Allstate Corp.** | **Allstate Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 12/15/25 *(a)* | 150000 | 133335 |
| **American Equity Investment Life Holding Co.** | **American Equity Investment Life Holding Co.** | **American Equity Investment Life Holding Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71591 |
| **American International Group, Inc.** | **American International Group, Inc.** | **American International Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 02/15/24  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/30/25 *(a)* | 167000 | 157509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/26 *(a)* | 150000 | 145244 |
| **Anthem, Inc.** | **Anthem, Inc.** | **Anthem, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/24 *(a)* | 125000 | 121970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 12/01/24 *(a)* | 125000 | 121526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 01/15/25 *(a)* | 200000 | 190000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 12/01/27 *(a)* | 250000 | 236018 |
| **Aon Corp.** | **Aon Corp.** | **Aon Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.21%, 01/01/27  | 100000 | 105226 |
| **Aon Corp./Aon Global Holdings PLC** | **Aon Corp./Aon Global Holdings PLC** | **Aon Corp./Aon Global Holdings PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/28/27 *(a)* | 100000 | &nbsp;&nbsp; 91868 |
| **Aon PLC** | **Aon PLC** | **Aon PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/14/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/25 *(a)* | 150000 | 146328 |
| **Arch Capital Finance LLC** | **Arch Capital Finance LLC** | **Arch Capital Finance LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 12/15/26 *(a)* | 100000 | &nbsp;&nbsp; 95707 |
| **Assured Guaranty US Holdings, Inc.** | **Assured Guaranty US Holdings, Inc.** | **Assured Guaranty US Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/01/24  | &nbsp;&nbsp; 91000 | &nbsp;&nbsp; 90794 |
| **Berkshire Hathaway, Inc.** | **Berkshire Hathaway, Inc.** | **Berkshire Hathaway, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/26 *(a)* | 475000 | 456144 |
| **Brighthouse Financial, Inc.** | **Brighthouse Financial, Inc.** | **Brighthouse Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/22/27 *(a)* | 100000 | &nbsp;&nbsp; 93188 |
| **Brown & Brown, Inc.** | **Brown & Brown, Inc.** | **Brown & Brown, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/24 *(a)* | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 68756 |
| **Centene Corp.** | **Centene Corp.** | **Centene Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/15/27 *(a)* | 250000 | 235111 |
| **Chubb INA Holdings, Inc.** | **Chubb INA Holdings, Inc.** | **Chubb INA Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/15/24  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/15/25  | 150000 | 144939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/03/26 *(a)* | 250000 | 239831 |
| **CNA Financial Corp.** | **CNA Financial Corp.** | **CNA Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/01/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74222 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/15/27 *(a)* | 100000 | &nbsp;&nbsp; 92977 |
| **CNO Financial Group, Inc.** | **CNO Financial Group, Inc.** | **CNO Financial Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/30/25 *(a)* | 175000 | 174018 |
| **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/04/25 *(a)(c)* | 150000 | 143888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/05/27 *(a)(c)* | 200000 | 186771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 12/15/52 *(a)(b)(c)* | 150000 | 140050 |
| **Elevance Health, Inc.** | **Elevance Health, Inc.** | **Elevance Health, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/15/26 *(a)* | 125000 | 112458 |
| **First American Financial Corp.** | **First American Financial Corp.** | **First American Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/15/24  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74036 |
| **Hanover Insurance Group, Inc.** | **Hanover Insurance Group, Inc.** | **Hanover Insurance Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73265 |

---

*See financial notes*

**127**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Humana, Inc.** | **Humana, Inc.** | **Humana, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 10/01/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/25 *(a)* | 100000 | &nbsp;&nbsp; 98889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 02/03/27 *(a)* | 125000 | 108054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/27 *(a)* | 100000 | &nbsp;&nbsp; 95946 |
| **Jackson Financial, Inc.** | **Jackson Financial, Inc.** | **Jackson Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.17%, 06/08/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74198 |
| **Kemper Corp.** | **Kemper Corp.** | **Kemper Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/15/25 *(a)* | 120000 | 117033 |
| **Lincoln National Corp.** | **Lincoln National Corp.** | **Lincoln National Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/12/26 *(a)* | 100000 | &nbsp;&nbsp; 93963 |
| **Loews Corp.** | **Loews Corp.** | **Loews Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/26 *(a)* | 100000 | &nbsp;&nbsp; 96576 |
| **Manulife Financial Corp.** | **Manulife Financial Corp.** | **Manulife Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/04/26  | 175000 | 170579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.06%, 02/24/32 *(a)(b)* | 125000 | 114100 |
| **Markel Corp.** | **Markel Corp.** | **Markel Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/27 *(a)* | 100000 | &nbsp;&nbsp; 92336 |
| **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/15/24 *(a)* | 210000 | 207151 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/03/24 *(a)* | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 78437 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/10/25 *(a)* | 100000 | &nbsp;&nbsp; 97198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/14/26 *(a)* | 100000 | &nbsp;&nbsp; 97156 |
| **Mercury General Corp.** | **Mercury General Corp.** | **Mercury General Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/27 *(a)* | 100000 | &nbsp;&nbsp; 94056 |
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/10/24  | 175000 | 171985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/25  | 100000 | &nbsp;&nbsp; 96462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/13/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72996 |
| **Old Republic International Corp.** | **Old Republic International Corp.** | **Old Republic International Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 10/01/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74487 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/26/26 *(a)* | 125000 | 118606 |
| **Principal Financial Group, Inc.** | **Principal Financial Group, Inc.** | **Principal Financial Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/25 *(a)* | 100000 | &nbsp;&nbsp; 96877 |
| **Prudential Financial, Inc.** | **Prudential Financial, Inc.** | **Prudential Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/10/26 *(a)* | 100000 | &nbsp;&nbsp; 90170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 03/15/44 *(a)(b)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 05/15/45 *(a)(b)* | 150000 | 145782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/47 *(a)(b)* | 175000 | 159891 |
| **Radian Group, Inc.** | **Radian Group, Inc.** | **Radian Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 03/15/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/27 *(a)* | 100000 | &nbsp;&nbsp; 91882 |
| **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/15/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72351 |
| **RenaissanceRe Finance, Inc.** | **RenaissanceRe Finance, Inc.** | **RenaissanceRe Finance, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/25 *(a)* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 43721 |
| **The Progressive Corp.** | **The Progressive Corp.** | **The Progressive Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/27  | 100000 | &nbsp;&nbsp; 91771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/27 *(a)* | 100000 | &nbsp;&nbsp; 91932 |
| **Trinity Acquisition PLC** | **Trinity Acquisition PLC** | **Trinity Acquisition PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/26 *(a)* | 125000 | 121236 |
| **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/24  | 150000 | 147732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 05/15/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/15/24  | 225000 | 216740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/25  | 300000 | 293751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/15/25  | 100000 | &nbsp;&nbsp; 97755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/15/26  | 100000 | &nbsp;&nbsp; 90877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/26  | 200000 | 191126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/15/26 *(a)* | 250000 | 223757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/15/27  | 125000 | 119241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/27 *(a)* | 150000 | 145236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 10/15/27  | 150000 | 138958 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Voya Financial, Inc.** | **Voya Financial, Inc.** | **Voya Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/26  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95075 |
| **Willis North America, Inc.** | **Willis North America, Inc.** | **Willis North America, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/15/24 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96881 |
|  |  | **10013385** |
| ***REITs 2.6%***  | ***REITs 2.6%***  | ***REITs 2.6%***  |
| **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/30/25 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 121119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 01/15/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/27 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 120084 |
| **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/24 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/11/26 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 116448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/15/27 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46515 |
| **Boston Properties LP** | **Boston Properties LP** | **Boston Properties LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/15/25 *(a)* | 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 163213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/26 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 285048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/01/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 154991 |
| **Brandywine Operating Partnership LP** | **Brandywine Operating Partnership LP** | **Brandywine Operating Partnership LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 10/01/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84181 |
| **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/24 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 170092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 02/01/25 *(a)* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/26 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 142678 |
| **Corporate Office Properties LP** | **Corporate Office Properties LP** | **Corporate Office Properties LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/15/26 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 110731 |
| **CubeSmart LP** | **CubeSmart LP** | **CubeSmart LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96687 |
| **Digital Realty Trust LP** | **Digital Realty Trust LP** | **Digital Realty Trust LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 139566 |
| **EPR Properties** | **EPR Properties** | **EPR Properties** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/15/26 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 112528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65229 |
| **ERP Operating LP** | **ERP Operating LP** | **ERP Operating LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/01/27 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 160452 |
| **Essex Portfolio LP** | **Essex Portfolio LP** | **Essex Portfolio LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/01/24 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/25 *(a)* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/01/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93957 |
| **Federal Realty Investment Trust** | **Federal Realty Investment Trust** | **Federal Realty Investment Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/24 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 123450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 02/15/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88204 |
| **Healthcare Trust of America Holdings LP** | **Healthcare Trust of America Holdings LP** | **Healthcare Trust of America Holdings LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/01/26 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 116575 |
| **Healthpeak Properties, Inc.** | **Healthpeak Properties, Inc.** | **Healthpeak Properties, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/01/25 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/25 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 146225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 02/01/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 130282 |
| **Highwoods Realty LP** | **Highwoods Realty LP** | **Highwoods Realty LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/27 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46520 |
| **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/01/24 *(a)* | 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 112496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96075 |
| **Hudson Pacific Properties LP** | **Hudson Pacific Properties LP** | **Hudson Pacific Properties LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/01/27 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42645 |
| **Kilroy Realty LP** | **Kilroy Realty LP** | **Kilroy Realty LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/01/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48520 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**128**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Kimco Realty Corp.** | **Kimco Realty Corp.** | **Kimco Realty Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/01/24 *(a)* | 100000 | &nbsp;&nbsp; 96861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/01/25 *(a)* | 125000 | 119990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/01/26 *(a)* | 150000 | 137976 |
| **Kite Realty Group LP** | **Kite Realty Group LP** | **Kite Realty Group LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/26 *(a)* | 100000 | &nbsp;&nbsp; 92278 |
| **LifeStorage LP** | **LifeStorage LP** | **LifeStorage LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/26 *(a)* | 100000 | &nbsp;&nbsp; 93953 |
| **Mid-America Apartments LP** | **Mid-America Apartments LP** | **Mid-America Apartments LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/24 *(a)* | 100000 | &nbsp;&nbsp; 97973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/25 *(a)* | 100000 | &nbsp;&nbsp; 97387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 09/15/26 *(a)* | 175000 | 151594 |
| **National Retail Properties, Inc.** | **National Retail Properties, Inc.** | **National Retail Properties, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/15/24 *(a)* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 53801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/25 *(a)* | 100000 | &nbsp;&nbsp; 96674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/27 *(a)* | 100000 | &nbsp;&nbsp; 90859 |
| **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/01/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 01/15/26 *(a)* | 100000 | &nbsp;&nbsp; 98412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/27 *(a)* | 125000 | 117449 |
| **Physicians Realty LP** | **Physicians Realty LP** | **Physicians Realty LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 70906 |
| **Piedmont Operating Partnership LP** | **Piedmont Operating Partnership LP** | **Piedmont Operating Partnership LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/15/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73845 |
| **Prologis LP** | **Prologis LP** | **Prologis LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/01/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71351 |
| **Public Storage** | **Public Storage** | **Public Storage** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 02/15/26 *(a)* | 100000 | &nbsp;&nbsp; 88539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/09/26 *(a)* | 100000 | &nbsp;&nbsp; 89167 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 09/15/27 *(a)* | 100000 | &nbsp;&nbsp; 93401 |
| **Realty Income Corp.** | **Realty Income Corp.** | **Realty Income Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/06/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49695 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/15/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 11/01/25 *(a)* | 150000 | 148924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/15/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 65358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 10/15/26 *(a)* | 100000 | &nbsp;&nbsp; 97440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/27 *(a)* | 100000 | &nbsp;&nbsp; 92869 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/27 *(a)* | 100000 | &nbsp;&nbsp; 95904 |
| **Regency Centers LP** | **Regency Centers LP** | **Regency Centers LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/01/27 *(a)* | 100000 | &nbsp;&nbsp; 93700 |
| **Sabra Health Care LP** | **Sabra Health Care LP** | **Sabra Health Care LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 08/15/26 *(a)* | 100000 | &nbsp;&nbsp; 95339 |
| **Simon Property Group LP** | **Simon Property Group LP** | **Simon Property Group LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/13/24 *(a)* | 150000 | 142655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/01/24 *(a)* | 100000 | &nbsp;&nbsp; 97215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/25 *(a)* | 225000 | 215974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/15/26 *(a)* | 150000 | 142785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/30/26 *(a)* | 125000 | 117179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/15/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 65594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/27 *(a)* | 150000 | 140325 |
| **SITE Centers Corp.** | **SITE Centers Corp.** | **SITE Centers Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/01/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/26 *(a)* | 150000 | 141905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/01/27 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47181 |
| **Spirit Realty LP** | **Spirit Realty LP** | **Spirit Realty LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/15/27 *(a)* | 100000 | &nbsp;&nbsp; 89058 |
| **Tanger Properties LP** | **Tanger Properties LP** | **Tanger Properties LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/01/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 45743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/15/27 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46007 |
| **UDR, Inc.** | **UDR, Inc.** | **UDR, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/27 *(a)* | 100000 | &nbsp;&nbsp; 93570 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Ventas Realty LP** | **Ventas Realty LP** | **Ventas Realty LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/24 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/01/24 *(a)* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/25 *(a)* | 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/15/26 *(a)* | 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/15/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92625 |
| **Vornado Realty LP** | **Vornado Realty LP** | **Vornado Realty LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 06/01/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42431 |
| **Welltower, Inc.** | **Welltower, Inc.** | **Welltower, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/24 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/24 *(a)* | 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/25 *(a)* | 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268117 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/26 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/15/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67650 |
| **WP Carey, Inc.** | **WP Carey, Inc.** | **WP Carey, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/01/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/01/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48359 |
|  |  | **9611527** |
|  |  | **172979427** |
| **Industrial 47.4%** | **Industrial 47.4%** | **Industrial 47.4%** |
| ***Basic Industry 1.8%***  | ***Basic Industry 1.8%***  | ***Basic Industry 1.8%***  |
| **Air Products and Chemicals, Inc.** | **Air Products and Chemicals, Inc.** | **Air Products and Chemicals, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 07/31/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 10/15/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89158 |
| **Albemarle Corp.** | **Albemarle Corp.** | **Albemarle Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 06/01/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98006 |
| **ArcelorMittal S.A.** | **ArcelorMittal S.A.** | **ArcelorMittal S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/11/26  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.55%, 11/29/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151281 |
| **Celanese US Holdings LLC** | **Celanese US Holdings LLC** | **Celanese US Holdings LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/08/24 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 07/05/24  | 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 03/15/25  | 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274347 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/05/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.17%, 07/15/27 *(a)* | 375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370573 |
| **Celulosa Arauco y Constitucion S.A.** | **Celulosa Arauco y Constitucion S.A.** | **Celulosa Arauco y Constitucion S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/02/27 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188237 |
| **DuPont de Nemours, Inc.** | **DuPont de Nemours, Inc.** | **DuPont de Nemours, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 11/15/25 *(a)* | 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320102 |
| **Eastman Chemical Co.** | **Eastman Chemical Co.** | **Eastman Chemical Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/25 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145665 |
| **Ecolab, Inc.** | **Ecolab, Inc.** | **Ecolab, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 11/01/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/01/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88704 |
| **EI du Pont de Nemours and Co.** | **EI du Pont de Nemours and Co.** | **EI du Pont de Nemours and Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 07/15/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92431 |
| **Fibria Overseas Finance Ltd.** | **Fibria Overseas Finance Ltd.** | **Fibria Overseas Finance Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/14/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/17/27  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150925 |
| **FMC Corp.** | **FMC Corp.** | **FMC Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/01/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/01/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93397 |
| **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 11/14/24 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197745 |
| **Georgia-Pacific LLC** | **Georgia-Pacific LLC** | **Georgia-Pacific LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 01/15/24  | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92750 |

---

*See financial notes*

**129**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Kinross Gold Corp.** | **Kinross Gold Corp.** | **Kinross Gold Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 03/15/24 *(a)* | 100000 | &nbsp;&nbsp;&nbsp; 100565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 94869 |
| **Linde, Inc.** | **Linde, Inc.** | **Linde, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/05/25 *(a)* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/05/25 *(a)* | 175000 | &nbsp;&nbsp;&nbsp; 175369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/30/26 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 120456 |
| **LYB International Finance II BV** | **LYB International Finance II BV** | **LYB International Finance II BV** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/02/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 92940 |
| **LYB International Finance III LLC** | **LYB International Finance III LLC** | **LYB International Finance III LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/01/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 67086 |
| **LyondellBasell Industries NV** | **LyondellBasell Industries NV** | **LyondellBasell Industries NV** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/15/24 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 200561 |
| **Mosaic Co.** | **Mosaic Co.** | **Mosaic Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 11/15/27 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 118214 |
| **Nucor Corp.** | **Nucor Corp.** | **Nucor Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 93211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/23/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 146234 |
| **Nutrien Ltd.** | **Nutrien Ltd.** | **Nutrien Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/07/24  | 100000 | &nbsp;&nbsp;&nbsp; 101301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 95444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/15/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 73068 |
| **Packaging Corp. of America** | **Packaging Corp. of America** | **Packaging Corp. of America** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/15/24 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 146096 |
| **PPG Industries, Inc.** | **PPG Industries, Inc.** | **PPG Industries, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/15/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 47848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/15/26 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 133143 |
| **Reliance Steel & Aluminum Co.** | **Reliance Steel & Aluminum Co.** | **Reliance Steel & Aluminum Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/15/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 67922 |
| **RPM International, Inc.** | **RPM International, Inc.** | **RPM International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 69958 |
| **Sherwin-Williams Co.** | **Sherwin-Williams Co.** | **Sherwin-Williams Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/01/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/01/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 72239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/08/25  | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 73194 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/27 *(a)* | 250000 | &nbsp;&nbsp;&nbsp; 234779 |
| **Southern Copper Corp.** | **Southern Copper Corp.** | **Southern Copper Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/23/25  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 97172 |
| **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/15/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 71412 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/15/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 70339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/15/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 74932 |
| **Vale Overseas Ltd.** | **Vale Overseas Ltd.** | **Vale Overseas Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 08/10/26  | 175000 | &nbsp;&nbsp;&nbsp; 181713 |
| **Westlake Chemical Corp.** | **Westlake Chemical Corp.** | **Westlake Chemical Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/15/26 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 117593 |
| **Weyerhaeuser Co.** | **Weyerhaeuser Co.** | **Weyerhaeuser Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 10/01/27  | 100000 | &nbsp;&nbsp;&nbsp; 107121 |
| **WRKCo, Inc.** | **WRKCo, Inc.** | **WRKCo, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/15/24 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 95649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/25 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 145355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 03/15/26 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 147701 |
|  |  | **6767714** |
| ***Capital Goods 5.2%***  | ***Capital Goods 5.2%***  | ***Capital Goods 5.2%***  |
| **3M Co.** | **3M Co.** | **3M Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/14/24 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 122753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/14/25 *(a)* | 120000 | &nbsp;&nbsp;&nbsp; 113711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 04/15/25 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 191217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/07/25  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 95972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 92687 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Allegion US Holding Co., Inc.** | **Allegion US Holding Co., Inc.** | **Allegion US Holding Co., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/01/24 *(a)* | 100000 | &nbsp;&nbsp; 96217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 10/01/27 *(a)* | 100000 | &nbsp;&nbsp; 91061 |
| **Amcor Finance USA, Inc.** | **Amcor Finance USA, Inc.** | **Amcor Finance USA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/28/26 *(a)* | 125000 | 118624 |
| **Amphenol Corp.** | **Amphenol Corp.** | **Amphenol Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/01/24 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/01/25 *(a)* | 100000 | &nbsp;&nbsp; 93970 |
| **Berry Global, Inc.** | **Berry Global, Inc.** | **Berry Global, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 02/15/24 *(a)* | 150000 | 142633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.57%, 01/15/26 *(a)* | 250000 | 223430 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/15/27 *(a)* | 100000 | &nbsp;&nbsp; 85582 |
| **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/01/24  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.43%, 02/04/24 *(a)* | 525000 | 502605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/01/24 *(a)* | 125000 | 121154 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/30/24 *(a)* | 100000 | &nbsp;&nbsp; 95916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/01/25 *(a)* | 500000 | 496302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/30/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/26 *(a)* | 250000 | 232289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/04/26 *(a)* | 925000 | 841284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/01/26 *(a)* | 100000 | &nbsp;&nbsp; 94249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/15/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 67760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/01/27 *(a)* | 175000 | 158275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/01/27 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 45175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.04%, 05/01/27 *(a)* | 350000 | 346789 |
| **Carlisle Cos., Inc.** | **Carlisle Cos., Inc.** | **Carlisle Cos., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/24 *(a)* | 104000 | 100673 |
| **Carrier Global Corp.** | **Carrier Global Corp.** | **Carrier Global Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 02/15/25 *(a)* | 255000 | 240687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 02/15/27 *(a)* | 150000 | 135480 |
| **Caterpillar Financial Services Corp.** | **Caterpillar Financial Services Corp.** | **Caterpillar Financial Services Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/17/24  | 175000 | 170211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/09/24  | 215000 | 210291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 11/08/24  | 125000 | 119258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/24  | 250000 | 243004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/17/25  | 175000 | 175339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/13/25  | 225000 | 218877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/12/25  | 175000 | 170860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 11/13/25  | 175000 | 157336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/02/26  | 125000 | 111586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 09/14/26  | 100000 | &nbsp;&nbsp; 88408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 01/08/27  | 100000 | &nbsp;&nbsp; 90325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 08/12/27  | 100000 | &nbsp;&nbsp; 95654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 09/14/27  | 150000 | 128455 |
| **Caterpillar, Inc.** | **Caterpillar, Inc.** | **Caterpillar, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24 *(a)* | 125000 | 122651 |
| **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** | **CNH Industrial Capital LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 01/15/24  | 100000 | &nbsp;&nbsp; 98847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/23/25  | 100000 | &nbsp;&nbsp; 97061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/15/26 *(a)* | 100000 | &nbsp;&nbsp; 91306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 07/15/26 *(a)* | 125000 | 110677 |
| **Deere & Co.** | **Deere & Co.** | **Deere & Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48062 |
| **Dover Corp.** | **Dover Corp.** | **Dover Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/15/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71511 |
| **Eaton Corp.** | **Eaton Corp.** | **Eaton Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/15/27 *(a)* | 100000 | &nbsp;&nbsp; 93334 |
| **Emerson Electric Co.** | **Emerson Electric Co.** | **Emerson Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/01/25 *(a)* | 100000 | &nbsp;&nbsp; 96870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 10/15/26 *(a)* | 150000 | 130060 |
| **Fortive Corp.** | **Fortive Corp.** | **Fortive Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/15/26 *(a)* | 175000 | 163755 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**130**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Fortune Brands Home & Security, Inc.** | **Fortune Brands Home & Security, Inc.** | **Fortune Brands Home & Security, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/25 *(a)* | 100000 | &nbsp;&nbsp; 97372 |
| **GE Capital International Funding Co.** | **GE Capital International Funding Co.** | **GE Capital International Funding Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.37%, 11/15/25  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47971 |
| **General Dynamics Corp.** | **General Dynamics Corp.** | **General Dynamics Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/15/24 *(a)* | 100000 | &nbsp;&nbsp; 95575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/25 *(a)* | 150000 | 145539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/25 *(a)* | 100000 | &nbsp;&nbsp; 97514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/01/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 66790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 08/15/26 *(a)* | 100000 | &nbsp;&nbsp; 91853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/27 *(a)* | 125000 | 119724 |
| **Hexcel Corp.** | **Hexcel Corp.** | **Hexcel Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 02/15/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 69434 |
| **Honeywell International, Inc.** | **Honeywell International, Inc.** | **Honeywell International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/24 *(a)* | 175000 | 168221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 06/01/25 *(a)* | 175000 | 161997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/01/26 *(a)* | 325000 | 300323 |
| **Hubbell, Inc.** | **Hubbell, Inc.** | **Hubbell, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/01/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71406 |
| **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.84%, 05/01/25 *(a)* | 125000 | 120669 |
| **Illinois Tool Works, Inc.** | **Illinois Tool Works, Inc.** | **Illinois Tool Works, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/24 *(a)* | 120000 | 118261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/15/26 *(a)* | 175000 | 162864 |
| **John Deere Capital Corp.** | **John Deere Capital Corp.** | **John Deere Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 01/10/24  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 01/17/24  | 250000 | 239324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 03/07/24  | 180000 | 175463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 06/07/24  | 125000 | 117529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/24/24  | 245000 | 237411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/10/24  | 150000 | 140079 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/11/24  | 125000 | 124853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/09/25  | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 19008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/07/25  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/13/25  | 100000 | &nbsp;&nbsp; 97459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/11/25  | 125000 | 121138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 01/15/26  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 44536 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/10/26  | 100000 | &nbsp;&nbsp; 93892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 06/17/26  | 200000 | 177755 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 10/13/26  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 66407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 01/11/27  | 150000 | 134071 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 03/08/27  | 100000 | &nbsp;&nbsp; 91291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/09/27  | 100000 | &nbsp;&nbsp; 89210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/08/27  | 100000 | &nbsp;&nbsp; 92292 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/15/27  | 300000 | 294822 |
| **Johnson Controls International plc** | **Johnson Controls International plc** | **Johnson Controls International plc** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/14/26 *(a)* | 150000 | 145778 |
| **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/28/24 *(a)* | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 83600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 04/27/25 *(a)* | 150000 | 145988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/15/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47818 |
| **Leggett & Platt, Inc.** | **Leggett & Platt, Inc.** | **Leggett & Platt, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72926 |
| **Legrand France S.A.** | **Legrand France S.A.** | **Legrand France S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 02/15/25  | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 75681 |
| **Lennox International, Inc.** | **Lennox International, Inc.** | **Lennox International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 08/01/25 *(a)* | 175000 | 158198 |
| **Lockheed Martin Corp.** | **Lockheed Martin Corp.** | **Lockheed Martin Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 01/15/26 *(a)* | 200000 | 194512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 11/15/27 *(a)* | 200000 | 204980 |
| **Martin Marietta Materials, Inc.** | **Martin Marietta Materials, Inc.** | **Martin Marietta Materials, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/02/24 *(a)* | 100000 | &nbsp;&nbsp; 98738 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Masco Corp.** | **Masco Corp.** | **Masco Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/27 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46392 |
| **Northrop Grumman Corp.** | **Northrop Grumman Corp.** | **Northrop Grumman Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.93%, 01/15/25 *(a)* | 225000 | 215998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/01/27 *(a)* | 150000 | 141083 |
| **Otis Worldwide Corp.** | **Otis Worldwide Corp.** | **Otis Worldwide Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.06%, 04/05/25 *(a)* | 250000 | 234278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.29%, 04/05/27 *(a)* | 100000 | &nbsp;&nbsp; 89899 |
| **Owens Corning** | **Owens Corning** | **Owens Corning** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 12/01/24 *(a)* | 125000 | 123350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 70440 |
| **Parker-Hannifin Corp.** | **Parker-Hannifin Corp.** | **Parker-Hannifin Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/14/24 *(a)* | 100000 | &nbsp;&nbsp; 96466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/24  | 200000 | 195842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/27 *(a)* | 150000 | 140452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/15/27 *(a)* | 150000 | 145938 |
| **Precision Castparts Corp.** | **Precision Castparts Corp.** | **Precision Castparts Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/25 *(a)* | 150000 | 145311 |
| **Raytheon Technologies Corp.** | **Raytheon Technologies Corp.** | **Raytheon Technologies Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/24 *(a)* | 150000 | 146797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/16/25 *(a)* | 225000 | 220036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 11/01/26 *(a)* | 150000 | 138472 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/27 *(a)* | 200000 | 190924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/04/27 *(a)* | 150000 | 139992 |
| **Republic Services, Inc.** | **Republic Services, Inc.** | **Republic Services, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/15/24 *(a)* | 170000 | 162981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/25 *(a)* | 130000 | 124801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 11/15/25 *(a)* | 100000 | &nbsp;&nbsp; 89388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/27 *(a)* | 100000 | &nbsp;&nbsp; 93378 |
| **Rockwell Automation, Inc.** | **Rockwell Automation, Inc.** | **Rockwell Automation, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/01/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48118 |
| **Roper Technologies, Inc.** | **Roper Technologies, Inc.** | **Roper Technologies, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 09/15/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/15/25 *(a)* | 125000 | 112283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 12/15/25 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/15/26 *(a)* | 125000 | 119583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/15/27 *(a)* | 150000 | 127324 |
| **Snap-on, Inc.** | **Snap-on, Inc.** | **Snap-on, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/27 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47389 |
| **Sonoco Products Co.** | **Sonoco Products Co.** | **Sonoco Products Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/01/27 *(a)* | 100000 | &nbsp;&nbsp; 88840 |
| **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/26 *(a)* | 175000 | 167102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/60 *(a)(b)* | 100000 | &nbsp;&nbsp; 86230 |
| **Teledyne Technologies, Inc.** | **Teledyne Technologies, Inc.** | **Teledyne Technologies, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 04/01/24 *(a)* | 125000 | 118444 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/01/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 44737 |
| **Textron, Inc.** | **Textron, Inc.** | **Textron, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/01/24 *(a)* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73076 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/26 *(a)* | 100000 | &nbsp;&nbsp; 96451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/27 *(a)* | 100000 | &nbsp;&nbsp; 93613 |
| **Timken Co.** | **Timken Co.** | **Timken Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/01/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73229 |
| **Trane Technologies Luxembourg Finance S.A.** | **Trane Technologies Luxembourg Finance S.A.** | **Trane Technologies Luxembourg Finance S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/01/24 *(a)* | 100000 | &nbsp;&nbsp; 97474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/21/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 70762 |
| **Vontier Corp.** | **Vontier Corp.** | **Vontier Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 04/01/26 *(a)* | 100000 | &nbsp;&nbsp; 84700 |
| **Vulcan Materials Co.** | **Vulcan Materials Co.** | **Vulcan Materials Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/01/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/27 *(a)* | 100000 | &nbsp;&nbsp; 95114 |

---

*See financial notes*

**131**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Waste Management, Inc.** | **Waste Management, Inc.** | **Waste Management, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/01/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/15/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93449 |
| **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/24 *(a)(f)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 123077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/15/26 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 116651 |
| **WW Grainger, Inc.** | **WW Grainger, Inc.** | **WW Grainger, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 02/15/25 *(a)* | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84564 |
| **Xylem, Inc.** | **Xylem, Inc.** | **Xylem, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94009 |
|  |  | **19382878** |
| ***Communications 4.8%***  | ***Communications 4.8%***  | ***Communications 4.8%***  |
| **Activision Blizzard, Inc.** | **Activision Blizzard, Inc.** | **Activision Blizzard, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/15/26 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 143052 |
| **American Tower Corp.** | **American Tower Corp.** | **American Tower Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 01/15/24  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/24  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/24 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/25 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 143228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/25 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 164896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/15/25 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 180667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/15/26 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 178116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/15/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/15/26 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 187323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/27 *(a)* | 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 249529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/15/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 07/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92674 |
| **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/25/24 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 332680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/25/26 *(a)* | 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 361383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 07/15/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/27 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 243611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/27 *(a)* | 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 401423 |
| **Bell Canada** | **Bell Canada** | **Bell Canada** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/17/24  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94794 |
| **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** | **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** | **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/01/24 *(a)* | 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 207635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 07/23/25 *(a)* | 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 687276 |
| **Comcast Corp.** | **Comcast Corp.** | **Comcast Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/15/24 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/25 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 218373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/25 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 241310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 10/15/25 *(a)* | 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 539003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/01/26 *(a)* | 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 381391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/27 *(a)* | 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 250525 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/01/27 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 212576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 141549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 11/15/27 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 127847 |
| **Crown Castle International Corp.** | **Crown Castle International Corp.** | **Crown Castle International Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/01/24 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 07/15/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91028 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 02/15/26 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 195603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 07/15/26 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 129956 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/27 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 113918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 139651 |
| **Discovery Communications LLC** | **Discovery Communications LLC** | **Discovery Communications LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/13/24 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97750 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72621 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/25 *(a)* | 125000 | 119411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/11/26 *(a)* | 175000 | 169838 |
| **Electronic Arts, Inc.** | **Electronic Arts, Inc.** | **Electronic Arts, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/01/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74828 |
| **Fox Corp.** | **Fox Corp.** | **Fox Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.03%, 01/25/24 *(a)* | 200000 | 197759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 04/07/25 *(a)* | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 91036 |
| **Magallanes, Inc.** | **Magallanes, Inc.** | **Magallanes, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 03/15/24 *(c)* | 200000 | 194258 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.53%, 03/15/24 *(a)(c)* | 100000 | &nbsp;&nbsp; 96923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.64%, 03/15/25 *(c)* | 275000 | 261773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.76%, 03/15/27 *(a)(c)* | 675000 | 609622 |
| **Meta Platforms, Inc.** | **Meta Platforms, Inc.** | **Meta Platforms, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 08/15/27 *(a)* | 400000 | 373476 |
| **Omnicom Group, Inc./Omnicom Capital, Inc.** | **Omnicom Group, Inc./Omnicom Capital, Inc.** | **Omnicom Group, Inc./Omnicom Capital, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 11/01/24 *(a)* | 125000 | 122587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/15/26 *(a)* | 225000 | 216420 |
| **Rogers Communications, Inc.** | **Rogers Communications, Inc.** | **Rogers Communications, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/25 *(a)(c)* | 100000 | &nbsp;&nbsp; 95385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 12/15/25 *(a)* | 100000 | &nbsp;&nbsp; 95960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/15/26 *(a)* | 125000 | 114481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/27 *(a)(c)* | 250000 | 231552 |
| **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/28/24  | 150000 | 146509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 04/14/25  | 100000 | &nbsp;&nbsp; 96426 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/14/27 *(a)* | 150000 | 141386 |
| **TCI Communications, Inc.** | **TCI Communications, Inc.** | **TCI Communications, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 02/15/26  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 81430 |
| **Telefonica Emisiones S.A.** | **Telefonica Emisiones S.A.** | **Telefonica Emisiones S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/08/27  | 250000 | 237266 |
| **TELUS Corp.** | **TELUS Corp.** | **TELUS Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/27 *(a)* | 125000 | 118640 |
| **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/25 *(a)* | 500000 | 481522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/26 *(a)* | 125000 | 112091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/26 *(a)* | 325000 | 296247 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/15/26 *(a)* | 250000 | 229230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/27 *(a)* | 650000 | 613525 |
| **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/17/25  | 200000 | 191938 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/13/26  | 250000 | 237126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 07/30/26  | 300000 | 271599 |
| **Verizon Communications, Inc.** | **Verizon Communications, Inc.** | **Verizon Communications, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/22/24  | 150000 | 142420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/01/24 *(a)* | 175000 | 170098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/25  | 275000 | 266673 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 11/20/25 *(a)* | 150000 | 134044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 03/20/26 *(a)* | 300000 | 269799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/26  | 325000 | 300497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/16/27  | 550000 | 536133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/22/27 *(a)* | 150000 | 139625 |
| **ViacomCBS, Inc.** | **ViacomCBS, Inc.** | **ViacomCBS, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/15/25 *(a)* | 158000 | 155663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/26 *(a)* | 225000 | 216234 |
| **Vodafone Group PLC** | **Vodafone Group PLC** | **Vodafone Group PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/30/25  | 250000 | 246243 |
| **Walt Disney Co.** | **Walt Disney Co.** | **Walt Disney Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/30/24 *(a)* | 150000 | 142999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/15/24 *(a)* | 150000 | 147024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/24/25  | 275000 | 266601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/15/25 *(a)* | 100000 | &nbsp;&nbsp; 97191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/13/26  | 150000 | 137530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/15/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/23/27  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48143 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**132**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Weibo Corp.** | **Weibo Corp.** | **Weibo Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/05/24 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 193897 |
| **WPP Finance 2010** | **WPP Finance 2010** | **WPP Finance 2010** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/19/24  | 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 140603 |
|  |  | **17814443** |
| ***Consumer Cyclical 7.8%***  | ***Consumer Cyclical 7.8%***  | ***Consumer Cyclical 7.8%***  |
| **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/28/24 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 290158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 12/06/27 *(a)* | 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 345949 |
| **Amazon.com, Inc.** | **Amazon.com, Inc.** | **Amazon.com, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 04/13/24  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 194998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 05/12/24  | 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 448301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/22/24 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 290802 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 11/29/24  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 12/05/24 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 172407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/13/25  | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 241626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 06/03/25 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 182933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 12/01/25  | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 249843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 12/03/25 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 127370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 05/12/26 *(a)* | 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 399287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/13/27 *(a)* | 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 427875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 06/03/27 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 151888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/22/27 *(a)* | 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 518264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 12/01/27 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199609 |
| **American Honda Finance Corp.** | **American Honda Finance Corp.** | **American Honda Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 01/12/24  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/16/24  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 146500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/27/24  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 07/12/24  | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 233843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 08/09/24  | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 233897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/10/24  | 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 124120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 07/08/25  | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/10/25  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 135667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/09/26  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 132595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/09/26  | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 114394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/08/27  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68228 |
| **Aptiv PLC** | **Aptiv PLC** | **Aptiv PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/18/25 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 117949 |
| **AutoNation, Inc.** | **AutoNation, Inc.** | **AutoNation, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/24 *(a)* | 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 158327 |
| **AutoZone, Inc.** | **AutoZone, Inc.** | **AutoZone, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/18/24 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/25 *(a)* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/25 *(a)* | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/21/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/01/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 143429 |
| **Block Financial LLC** | **Block Financial LLC** | **Block Financial LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 10/01/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49902 |
| **Booking Holdings, Inc.** | **Booking Holdings, Inc.** | **Booking Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/25 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 121878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/01/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95942 |
| **BorgWarner, Inc.** | **BorgWarner, Inc.** | **BorgWarner, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/25 *(a)* | 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 105474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/01/27 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 178293 |
| **CBRE Services, Inc.** | **CBRE Services, Inc.** | **CBRE Services, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/26 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 123866 |
| **Costco Wholesale Corp.** | **Costco Wholesale Corp.** | **Costco Wholesale Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/18/24 *(a)* | 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 199685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/18/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 06/20/27 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 219444 |
| **Cummins, Inc.** | **Cummins, Inc.** | **Cummins, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 09/01/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90254 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Darden Restaurants, Inc.** | **Darden Restaurants, Inc.** | **Darden Restaurants, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/01/27 *(a)* | 100000 | &nbsp;&nbsp; 95371 |
| **Dollar General Corp.** | **Dollar General Corp.** | **Dollar General Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/20/24  | 175000 | 172811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/01/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/27 *(a)* | 100000 | &nbsp;&nbsp; 95514 |
| **Dollar Tree, Inc.** | **Dollar Tree, Inc.** | **Dollar Tree, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/25 *(a)* | 175000 | 171010 |
| **DR Horton, Inc.** | **DR Horton, Inc.** | **DR Horton, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/15/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/15/25 *(a)* | 140000 | 130407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 10/15/26 *(a)* | 100000 | &nbsp;&nbsp; 86100 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 10/15/27 *(a)* | 100000 | &nbsp;&nbsp; 83569 |
| **eBay, Inc.** | **eBay, Inc.** | **eBay, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 08/01/24 *(a)* | 120000 | 116974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/11/25 *(a)* | 125000 | 117132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 05/10/26 *(a)* | 125000 | 111032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/05/27 *(a)* | 125000 | 118443 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/22/27 *(a)* | 100000 | 102990 |
| **Expedia Group, Inc.** | **Expedia Group, Inc.** | **Expedia Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 02/15/26 *(a)* | 125000 | 123521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/27 *(a)* | 100000 | &nbsp;&nbsp; 96190 |
| **General Motors Co.** | **General Motors Co.** | **General Motors Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/25  | 105000 | 102710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 10/01/25 *(a)* | 350000 | 357163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/01/27 *(a)* | 100000 | &nbsp;&nbsp; 94233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 10/01/27 *(a)* | 150000 | 155951 |
| **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 01/17/24 *(a)* | 250000 | 249393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 03/08/24  | 150000 | 142470 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/13/24 *(a)* | 270000 | 264907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/15/24  | 200000 | 185360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/07/24 *(a)* | 150000 | 144758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/25 *(a)* | 200000 | 194299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/26/25 *(a)* | 225000 | 213650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/07/25  | 200000 | 193371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/09/25 *(a)* | 125000 | 121785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/20/25 *(a)* | 200000 | 187457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/13/25 *(a)* | 125000 | 121421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.05%, 10/10/25  | 100000 | 101792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 01/08/26 *(a)* | 225000 | 198569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 03/01/26 *(a)* | 225000 | 221870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/10/26 *(a)* | 250000 | 217270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/06/26 *(a)* | 125000 | 117889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 01/17/27 *(a)* | 200000 | 190541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/26/27 *(a)* | 150000 | 131233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/09/27 *(a)* | 150000 | 145597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/20/27 *(a)* | 175000 | 153007 |
| **Genuine Parts Co.** | **Genuine Parts Co.** | **Genuine Parts Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/25 *(a)* | 100000 | &nbsp;&nbsp; 93518 |
| **GLP Capital LP/GLP Financing II, Inc.** | **GLP Capital LP/GLP Financing II, Inc.** | **GLP Capital LP/GLP Financing II, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/01/24 *(a)* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp; 62282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/25 *(a)* | 150000 | 148125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 04/15/26 *(a)* | 150000 | 148036 |
| **Harley-Davidson, Inc.** | **Harley-Davidson, Inc.** | **Harley-Davidson, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/28/25 *(a)* | 100000 | &nbsp;&nbsp; 95273 |
| **Harman International Industries, Inc.** | **Harman International Industries, Inc.** | **Harman International Industries, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 05/15/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73043 |
| **Home Depot, Inc.** | **Home Depot, Inc.** | **Home Depot, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/24 *(a)* | 240000 | 237719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/15/25 *(a)* | 225000 | 218517 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/26 *(a)* | 200000 | 190484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/15/26 *(a)* | 200000 | 183293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/27 *(a)* | 250000 | 230249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 09/14/27 *(a)* | 225000 | 208972 |

---

*See financial notes*

**133**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Honda Motor Co., Ltd.** | **Honda Motor Co., Ltd.** | **Honda Motor Co., Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 03/10/27 *(a)* | 175000 | 160394 |
| **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/01/24 *(a)* | 175000 | 164095 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 04/23/25 *(a)* | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 89398 |
| **J Paul Getty Trust** | **J Paul Getty Trust** | **J Paul Getty Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021 <br>0.39%, 01/01/24 *(a)*<br>| &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47886 |
| **JD.com, Inc.** | **JD.com, Inc.** | **JD.com, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/29/26  | 200000 | 190313 |
| **Lear Corp.** | **Lear Corp.** | **Lear Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/15/27 *(a)* | 100000 | &nbsp;&nbsp; 93252 |
| **Lennar Corp.** | **Lennar Corp.** | **Lennar Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/30/24 *(a)* | 100000 | &nbsp;&nbsp; 98767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 11/15/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/30/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/01/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/15/27 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/29/27 *(a)* | 200000 | 192747 |
| **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 09/15/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/08/25  | 200000 | 197425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/25 *(a)* | 100000 | &nbsp;&nbsp; 96159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/26 *(a)* | 225000 | 210093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/01/27 *(a)* | 125000 | 117567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/03/27 *(a)* | 250000 | 233211 |
| **Magna International, Inc.** | **Magna International, Inc.** | **Magna International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/15/24 *(a)* | 150000 | 146825 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/01/25 *(a)* | 100000 | &nbsp;&nbsp; 97736 |
| **Marriott International, Inc.** | **Marriott International, Inc.** | **Marriott International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/15/24 *(a)* | 115000 | 112690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/25 *(a)* | 150000 | 151812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/15/26 *(a)* | 100000 | &nbsp;&nbsp; 93753 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/15/27 *(a)* | 150000 | 148331 |
| **McDonald's Corp.** | **McDonald's Corp.** | **McDonald's Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/26/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/01/25 *(a)* | 150000 | 145223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/01/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 45940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/30/26 *(a)* | 275000 | 267680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/27 *(a)* | 150000 | 142991 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/27 *(a)* | 175000 | 166206 |
| **NIKE, Inc.** | **NIKE, Inc.** | **NIKE, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/27/25 *(a)* | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 76490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/01/26 *(a)* | 225000 | 208038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/27/27 *(a)* | 150000 | 140447 |
| **O'Reilly Automotive, Inc.** | **O'Reilly Automotive, Inc.** | **O'Reilly Automotive, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/26 *(a)* | 100000 | &nbsp;&nbsp; 96422 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/01/27 *(a)* | 150000 | 141732 |
| **PACCAR Financial Corp.** | **PACCAR Financial Corp.** | **PACCAR Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 02/02/24  | 100000 | &nbsp;&nbsp; 95229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 08/15/24  | 175000 | 167084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/06/25  | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9415 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/11/25  | 150000 | 146181 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 05/11/26  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 44614 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/04/27  | 100000 | &nbsp;&nbsp; 90412 |
| **PulteGroup, Inc.** | **PulteGroup, Inc.** | **PulteGroup, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/26 *(a)* | 175000 | 175842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/27 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24778 |
| **PVH Corp.** | **PVH Corp.** | **PVH Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/10/25 *(a)(c)* | 100000 | &nbsp;&nbsp; 96627 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Ralph Lauren Corp.** | **Ralph Lauren Corp.** | **Ralph Lauren Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97244 |
| **Ross Stores, Inc.** | **Ross Stores, Inc.** | **Ross Stores, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/15/25 *(a)* | 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 144125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 04/15/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65989 |
| **Starbucks Corp.** | **Starbucks Corp.** | **Starbucks Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/25 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 293662 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/12/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67091 |
| **Tapestry, Inc.** | **Tapestry, Inc.** | **Tapestry, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73351 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93990 |
| **Target Corp.** | **Target Corp.** | **Target Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/24  | 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 137345 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/15/25 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 284765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/26  | 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 257869 |
| **TJX Cos., Inc.** | **TJX Cos., Inc.** | **TJX Cos., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/15/26 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 160366 |
| **Toll Brothers Finance Corp.** | **Toll Brothers Finance Corp.** | **Toll Brothers Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 11/15/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/15/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71355 |
| **Toyota Motor Corp.** | **Toyota Motor Corp.** | **Toyota Motor Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.68%, 03/25/24 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 237358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.34%, 03/25/26 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 179549 |
| **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 01/08/24  | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 123044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 01/11/24  | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 286814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 04/17/24  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 09/13/24  | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 232855 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 09/20/24  | 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 347160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/07/24  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/13/25  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/13/25  | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 211645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/25  | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 240372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/14/25  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 10/16/25  | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 201846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 01/09/26  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 134049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 06/18/26  | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 221413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 01/13/27  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 134268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/22/27  | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 280212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 08/13/27  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 128002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/20/27  | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 296311 |
| **VF Corp.** | **VF Corp.** | **VF Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/23/25 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 140961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/23/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90913 |
| **VICI Properties LP** | **VICI Properties LP** | **VICI Properties LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/25  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73397 |
| **Walgreens Boots Alliance, Inc.** | **Walgreens Boots Alliance, Inc.** | **Walgreens Boots Alliance, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/18/24 *(a)* | 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 185552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/26 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 214169 |
| **Walmart, Inc.** | **Walmart, Inc.** | **Walmart, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/22/24 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 220645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 07/08/24 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 145877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/15/24 *(a)* | 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 110715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/26/25 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 220491 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 09/09/25  | 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 320357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 07/08/26 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 120323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 09/17/26 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 177225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/09/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 148345 |
|  |  | **28722836** |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**134**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Consumer Non-Cyclical 11.3%***  | ***Consumer Non-Cyclical 11.3%***  | ***Consumer Non-Cyclical 11.3%***  |
| **Abbott Laboratories** | **Abbott Laboratories** | **Abbott Laboratories** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/25 *(a)* | 150000 | 144999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/25 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 11/30/26 *(a)* | 275000 | 268294 |
| **AbbVie, Inc.** | **AbbVie, Inc.** | **AbbVie, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/24 *(a)* | 200000 | 196923 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/21/24 *(a)* | 575000 | 550663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/25 *(a)* | 450000 | 438961 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/14/25 *(a)* | 575000 | 557484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/14/26 *(a)* | 325000 | 307741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/26 *(a)* | 625000 | 582731 |
| **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 09/22/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 69851 |
| **Altria Group, Inc.** | **Altria Group, Inc.** | **Altria Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/31/24  | 140000 | 138668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/14/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49176 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 05/06/25 *(a)* | 130000 | 122488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 02/14/26 *(a)* | 100000 | &nbsp;&nbsp; 98106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/16/26 *(a)* | 125000 | 114826 |
| **AmerisourceBergen Corp.** | **AmerisourceBergen Corp.** | **AmerisourceBergen Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24 *(a)* | 125000 | 122121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/25 *(a)* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 19286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 12/15/27 *(a)* | 100000 | &nbsp;&nbsp; 93622 |
| **Amgen, Inc.** | **Amgen, Inc.** | **Amgen, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/22/24 *(a)* | 200000 | 196401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/21/25 *(a)* | 120000 | 112671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/01/25 *(a)* | 150000 | 144127 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/19/26 *(a)* | 200000 | 185040 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/21/27 *(a)* | 250000 | 224943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/02/27 *(a)* | 200000 | 185655 |
| **Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/26 *(a)* | 550000 | 529997 |
| **Archer-Daniels-Midland Co.** | **Archer-Daniels-Midland Co.** | **Archer-Daniels-Midland Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/11/26 *(a)* | 200000 | 185844 |
| **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 05/28/24 *(a)* | 275000 | 259515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 05/28/26 *(a)* | 225000 | 200655 |
| **AstraZeneca PLC** | **AstraZeneca PLC** | **AstraZeneca PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/16/25  | 350000 | 338544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 04/08/26 *(a)* | 200000 | 176118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/12/27 *(a)* | 100000 | &nbsp;&nbsp; 94164 |
| **BAT Capital Corp.** | **BAT Capital Corp.** | **BAT Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 08/15/24 *(a)* | 425000 | 410116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.79%, 09/06/24 *(a)* | 150000 | 143810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.22%, 09/06/26 *(a)* | 200000 | 185148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/02/27 *(a)* | 100000 | &nbsp;&nbsp; 96171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 08/15/27 *(a)* | 550000 | 501790 |
| **BAT International Finance PLC** | **BAT International Finance PLC** | **BAT International Finance PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.67%, 03/25/26 *(a)* | 250000 | 221692 |
| **Baxalta, Inc.** | **Baxalta, Inc.** | **Baxalta, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/23/25 *(a)* | 150000 | 146207 |
| **Baxter International, Inc.** | **Baxter International, Inc.** | **Baxter International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.32%, 11/29/24  | 100000 | &nbsp;&nbsp; 93200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/15/26 *(a)* | 150000 | 138771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92%, 02/01/27 *(a)* | 250000 | 222222 |
| **Becton Dickinson & Co.** | **Becton Dickinson & Co.** | **Becton Dickinson & Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.36%, 06/06/24 *(a)* | 150000 | 146452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 12/15/24 *(a)* | 145000 | 141435 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/06/27 *(a)* | 275000 | 260464 |
| **Biogen, Inc.** | **Biogen, Inc.** | **Biogen, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/15/25 *(a)* | 300000 | 291669 |
| **Bio-Rad Laboratories, Inc.** | **Bio-Rad Laboratories, Inc.** | **Bio-Rad Laboratories, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/27 *(a)* | 100000 | &nbsp;&nbsp; 92403 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Boston Scientific Corp.** | **Boston Scientific Corp.** | **Boston Scientific Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/01/24 *(a)* | &nbsp;&nbsp; 77000 | &nbsp;&nbsp; 75588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/01/25 *(a)* | 100000 | &nbsp;&nbsp; 93511 |
| **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 07/26/24 *(a)* | 425000 | 413155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 11/13/25 *(a)* | 175000 | 157601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/26 *(a)* | 325000 | 310457 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/27/27  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71566 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 11/13/27 *(a)* | 100000 | &nbsp;&nbsp; 85592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/15/27 *(a)* | 100000 | &nbsp;&nbsp; 95586 |
| **Brown-Forman Corp.** | **Brown-Forman Corp.** | **Brown-Forman Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73432 |
| **Brunswick Corp.** | **Brunswick Corp.** | **Brunswick Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 08/18/24 *(a)* | 100000 | &nbsp;&nbsp; 92519 |
| **Bunge Ltd. Finance Corp.** | **Bunge Ltd. Finance Corp.** | **Bunge Ltd. Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 08/17/25 *(a)* | 100000 | &nbsp;&nbsp; 91259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/26 *(a)* | 200000 | 186741 |
| **Campbell Soup Co.** | **Campbell Soup Co.** | **Campbell Soup Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/25 *(a)* | 150000 | 146651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/19/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48212 |
| **Cardinal Health, Inc.** | **Cardinal Health, Inc.** | **Cardinal Health, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.08%, 06/15/24 *(a)* | 175000 | 170061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/24 *(a)* | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 67974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/25 *(a)* | 100000 | &nbsp;&nbsp; 96963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 06/15/27 *(a)* | 150000 | 140698 |
| **Cigna Corp.** | **Cigna Corp.** | **Cigna Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.61%, 03/15/24 *(a)* | 100000 | &nbsp;&nbsp; 94848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/24 *(a)* | 125000 | 122143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/25 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/25 *(a)* | 350000 | 342593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/25/26 *(a)* | 200000 | 197180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 03/15/26 *(a)* | 100000 | &nbsp;&nbsp; 89197 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/27 *(a)* | 250000 | 234919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/15/27 *(a)* | 100000 | &nbsp;&nbsp; 91719 |
| **Coca-Cola Co.** | **Coca-Cola Co.** | **Coca-Cola Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/06/24  | 150000 | 143128 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/25/27  | 200000 | 192098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/01/27  | 250000 | 221055 |
| **Colgate-Palmolive Co.** | **Colgate-Palmolive Co.** | **Colgate-Palmolive Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/24  | 100000 | &nbsp;&nbsp; 98633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/15/27 *(a)* | 150000 | 142330 |
| **CommonSpirit Health** | **CommonSpirit Health** | **CommonSpirit Health** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 10/01/24 *(a)* | 100000 | &nbsp;&nbsp; 95949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 10/01/25 *(a)* | 200000 | 180774 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.07%, 11/01/27 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51223 |
| **Conagra Brands, Inc.** | **Conagra Brands, Inc.** | **Conagra Brands, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/01/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 11/01/25 *(a)* | 225000 | 221703 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/01/27 *(a)* | 100000 | &nbsp;&nbsp; 83295 |
| **Constellation Brands, Inc.** | **Constellation Brands, Inc.** | **Constellation Brands, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/09/24  | 100000 | &nbsp;&nbsp; 97980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/24  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 11/15/25 *(a)* | 100000 | &nbsp;&nbsp; 98454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/01/25  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49954 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/06/26 *(a)* | 100000 | &nbsp;&nbsp; 95354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/09/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 70316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 05/09/27 *(a)* | 100000 | &nbsp;&nbsp; 97541 |
| **CVS Health Corp.** | **CVS Health Corp.** | **CVS Health Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/12/24 *(a)* | 200000 | 195284 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/24 *(a)* | 165000 | 158515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/25/25 *(a)* | 175000 | 172628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 07/20/25 *(a)* | 450000 | 439632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/01/26 *(a)* | 300000 | 280386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46736 |

---

*See financial notes*

**135**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/27 *(a)* | 150000 | 142518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/21/27 *(a)* | 400000 | 339491 |
| **Danaher Corp.** | **Danaher Corp.** | **Danaher Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/15/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48193 |
| **DH Europe Finance II Sarl** | **DH Europe Finance II Sarl** | **DH Europe Finance II Sarl** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 11/15/24 *(a)* | 105000 | 100045 |
| **Diageo Capital PLC** | **Diageo Capital PLC** | **Diageo Capital PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/29/25 *(a)* | 225000 | 206501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/24/27 *(a)* | 200000 | 204799 |
| **Eli Lilly & Co.** | **Eli Lilly & Co.** | **Eli Lilly & Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/25 *(a)* | 100000 | &nbsp;&nbsp; 95710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/15/27  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 77996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/15/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 70636 |
| **Estee Lauder Cos., Inc.** | **Estee Lauder Cos., Inc.** | **Estee Lauder Cos., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/01/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/15/27 *(a)* | 100000 | &nbsp;&nbsp; 94853 |
| **Flowers Foods, Inc.** | **Flowers Foods, Inc.** | **Flowers Foods, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/26 *(a)* | 100000 | &nbsp;&nbsp; 94380 |
| **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 11/15/25 *(a)(c)* | 300000 | 301952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 11/15/27 *(a)(c)* | 300000 | 304657 |
| **General Mills, Inc.** | **General Mills, Inc.** | **General Mills, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/15/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/17/25 *(a)* | 100000 | &nbsp;&nbsp; 97789 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/10/27 *(a)* | 150000 | 142189 |
| **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/24 *(a)* | 295000 | 290290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/25 *(a)* | 375000 | 363377 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/01/26 *(a)* | 425000 | 410481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/27 *(a)* | 150000 | 139804 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/01/27 *(a)* | 100000 | &nbsp;&nbsp; 85016 |
| **GlaxoSmithKline Capital PLC** | **GlaxoSmithKline Capital PLC** | **GlaxoSmithKline Capital PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/24 *(a)* | 150000 | 146071 |
| **GlaxoSmithKline Capital, Inc.** | **GlaxoSmithKline Capital, Inc.** | **GlaxoSmithKline Capital, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/25  | 175000 | 171063 |
| **GSK Consumer Healthcare Capital US LLC** | **GSK Consumer Healthcare Capital US LLC** | **GSK Consumer Healthcare Capital US LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 03/24/24 *(a)* | 250000 | 242603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/24/25  | 250000 | 238380 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/24/27 *(a)* | 275000 | 256486 |
| **Hasbro, Inc.** | **Hasbro, Inc.** | **Hasbro, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/19/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/19/26 *(a)* | 175000 | 164343 |
| **HCA, Inc.** | **HCA, Inc.** | **HCA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/24  | 325000 | 323317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/01/25  | 400000 | 400019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/25  | 250000 | 248588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 02/15/26 *(a)* | 150000 | 151045 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 06/15/26 *(a)* | 300000 | 296946 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 09/01/26 *(a)* | 175000 | 173431 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 02/15/27 *(a)* | 225000 | 216940 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/15/27 *(a)(c)* | 200000 | 182257 |
| **Hershey Co.** | **Hershey Co.** | **Hershey Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 08/15/26 *(a)* | 100000 | &nbsp;&nbsp; 92017 |
| **Hormel Foods Corp.** | **Hormel Foods Corp.** | **Hormel Foods Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.65%, 06/03/24 *(a)* | 150000 | 141477 |
| **Illumina, Inc.** | **Illumina, Inc.** | **Illumina, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 12/13/27 *(a)* | 100000 | 101470 |
| **Ingredion, Inc.** | **Ingredion, Inc.** | **Ingredion, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 10/01/26 *(a)* | 100000 | &nbsp;&nbsp; 93832 |
| **JBS USA LUX S.A.** | **JBS USA LUX S.A.** | **JBS USA LUX S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/27 *(a)(c)* | 200000 | 175310 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **JM Smucker Co.** | **JM Smucker Co.** | **JM Smucker Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/25  | 150000 | 145267 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/15/27 *(a)* | 100000 | &nbsp;&nbsp; 92577 |
| **Johnson & Johnson** | **Johnson & Johnson** | **Johnson & Johnson** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 01/15/25 *(a)* | 100000 | &nbsp;&nbsp; 96391 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 09/01/25 *(a)* | 175000 | 158163 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/26 *(a)* | 325000 | 305733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/03/27 *(a)* | 175000 | 165540 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 09/01/27 *(a)* | 200000 | 172690 |
| **Kaiser Foundation Hospitals** | **Kaiser Foundation Hospitals** | **Kaiser Foundation Hospitals** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/01/27 *(a)* | 100000 | &nbsp;&nbsp; 93554 |
| **Kellogg Co.** | **Kellogg Co.** | **Kellogg Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/26  | 100000 | &nbsp;&nbsp; 95313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/27 *(a)* | 100000 | &nbsp;&nbsp; 93185 |
| **Keurig Dr Pepper, Inc.** | **Keurig Dr Pepper, Inc.** | **Keurig Dr Pepper, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/15/24 *(a)* | 200000 | 189990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 05/25/25 *(a)* | 100000 | &nbsp;&nbsp; 99000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 11/15/25 *(a)* | 100000 | &nbsp;&nbsp; 96172 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 09/15/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 68858 |
| **Kimberly-Clark Corp.** | **Kimberly-Clark Corp.** | **Kimberly-Clark Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 08/15/25  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/15/26  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 70924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 09/15/27 *(a)* | 125000 | 106908 |
| **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/26 *(a)* | 300000 | 281244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/27 *(a)* | 225000 | 215191 |
| **Kroger Co.** | **Kroger Co.** | **Kroger Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/24 *(a)* | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 84074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/15/26 *(a)* | 200000 | 183897 |
| **Laboratory Corp. of America Holdings** | **Laboratory Corp. of America Holdings** | **Laboratory Corp. of America Holdings** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/01/24 *(a)* | 100000 | &nbsp;&nbsp; 96988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 12/01/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/01/25 *(a)* | 200000 | 193712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 06/01/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 44325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/01/27 *(a)* | 100000 | &nbsp;&nbsp; 94953 |
| **McCormick & Co., Inc.** | **McCormick & Co., Inc.** | **McCormick & Co., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/24 *(a)* | 125000 | 121053 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 02/15/26 *(a)* | 100000 | &nbsp;&nbsp; 87996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/27 *(a)* | 125000 | 116735 |
| **McKesson Corp.** | **McKesson Corp.** | **McKesson Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/24 *(a)* | 150000 | 147710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 12/03/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 44502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 08/15/26 *(a)* | 100000 | &nbsp;&nbsp; 87960 |
| **Mead Johnson Nutrition Co.** | **Mead Johnson Nutrition Co.** | **Mead Johnson Nutrition Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/15/25 *(a)* | 125000 | 122578 |
| **Merck & Co., Inc.** | **Merck & Co., Inc.** | **Merck & Co., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/07/24 *(a)* | 145000 | 141742 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/10/25 *(a)* | 420000 | 402780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 02/24/26 *(a)* | 175000 | 155221 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/10/27 *(a)* | 200000 | 177784 |
| **Molson Coors Beverage Co.** | **Molson Coors Beverage Co.** | **Molson Coors Beverage Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/15/26 *(a)* | 325000 | 302208 |
| **Mondelez International, Inc.** | **Mondelez International, Inc.** | **Mondelez International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/04/25 *(a)* | 175000 | 162313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/17/27 *(a)* | 100000 | &nbsp;&nbsp; 90894 |
| **Novartis Capital Corp.** | **Novartis Capital Corp.** | **Novartis Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/06/24  | 400000 | 392155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/14/25 *(a)* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp; 33047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/20/25 *(a)* | 325000 | 311999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/14/27 *(a)* | 325000 | 296264 |
| **PeaceHealth Obligated Group** | **PeaceHealth Obligated Group** | **PeaceHealth Obligated Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 11/15/25 *(a)* | 100000 | &nbsp;&nbsp; 89846 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**136**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **PepsiCo, Inc.** | **PepsiCo, Inc.** | **PepsiCo, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/01/24 *(a)* | 200000 | 197649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/19/25 *(a)* | 250000 | 237970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/30/25 *(a)* | 200000 | 191613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/17/25 *(a)* | 100000 | &nbsp;&nbsp; 97743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/24/26 *(a)* | 125000 | 118981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/06/26 *(a)* | 125000 | 116562 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/19/27 *(a)* | 150000 | 139463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/27 *(a)* | 200000 | 188017 |
| **PerkinElmer, Inc.** | **PerkinElmer, Inc.** | **PerkinElmer, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.85%, 09/15/24 *(a)* | 150000 | 139161 |
| **Pfizer, Inc.** | **Pfizer, Inc.** | **Pfizer, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/24 *(a)* | 150000 | 146670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/15/24  | 175000 | 171807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 05/28/25 *(a)* | 150000 | 137338 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/03/26  | 200000 | 188768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/26  | 250000 | 237174 |
| **Philip Morris International, Inc.** | **Philip Morris International, Inc.** | **Philip Morris International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/01/24 *(a)* | 115000 | 111718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/10/24  | 130000 | 125757 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 05/01/25 *(a)* | 125000 | 115723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/11/25 *(a)* | 175000 | 168205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/25/26 *(a)* | 200000 | 187888 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.88%, 05/01/26 *(a)* | 150000 | 132003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/17/27 *(a)* | 150000 | 139271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 11/17/27 *(a)* | 250000 | 252564 |
| **Procter & Gamble Co.** | **Procter & Gamble Co.** | **Procter & Gamble Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 10/29/25  | 175000 | 157168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/02/26  | 100000 | &nbsp;&nbsp; 95073 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 04/23/26  | 150000 | 134575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/03/26  | 175000 | 162324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/25/27  | 175000 | 164378 |
| **Providence St Joseph Health Obligated Group** | **Providence St Joseph Health Obligated Group** | **Providence St Joseph Health Obligated Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/01/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46840 |
| **Quest Diagnostics, Inc.** | **Quest Diagnostics, Inc.** | **Quest Diagnostics, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49611 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/30/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/26 *(a)* | 100000 | &nbsp;&nbsp; 95697 |
| **Reynolds American, Inc.** | **Reynolds American, Inc.** | **Reynolds American, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/12/25 *(a)* | 375000 | 367281 |
| **Royalty Pharma PLC** | **Royalty Pharma PLC** | **Royalty Pharma PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 09/02/25 *(a)* | 175000 | 156830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/02/27 *(a)* | 125000 | 106256 |
| **Shire Acquisitions Investments Ireland DAC** | **Shire Acquisitions Investments Ireland DAC** | **Shire Acquisitions Investments Ireland DAC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/23/26 *(a)* | 475000 | 446904 |
| **SSM Health Care Corp.** | **SSM Health Care Corp.** | **SSM Health Care Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.82%, 06/01/27 *(a)* | 100000 | &nbsp;&nbsp; 94828 |
| **Stryker Corp.** | **Stryker Corp.** | **Stryker Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 05/15/24 *(a)* | 100000 | &nbsp;&nbsp; 97667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 06/15/25 *(a)* | 100000 | &nbsp;&nbsp; 91528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 11/01/25 *(a)* | 125000 | 120955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/26 *(a)* | 175000 | 168095 |
| **Sutter Health** | **Sutter Health** | **Sutter Health** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.32%, 08/15/25 *(a)* | 100000 | &nbsp;&nbsp; 90981 |
| **Sysco Corp.** | **Sysco Corp.** | **Sysco Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/25 *(a)* | 125000 | 121107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/15/26 *(a)* | 200000 | 189211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/15/27 *(a)* | 100000 | &nbsp;&nbsp; 92660 |
| **The Hershey Co.** | **The Hershey Co.** | **The Hershey Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 11/15/24 *(a)* | 100000 | &nbsp;&nbsp; 95272 |
| **The Kroger Co.** | **The Kroger Co.** | **The Kroger Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/01/27 *(a)* | 100000 | &nbsp;&nbsp; 94588 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **The Procter & Gamble Co.** | **The Procter & Gamble Co.** | **The Procter & Gamble Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/01/27  | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 205121 |
| **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.22%, 10/18/24 *(a)* | 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 422464 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/21/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100554 |
| **Tyson Foods, Inc.** | **Tyson Foods, Inc.** | **Tyson Foods, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 08/15/24 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197052 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/26 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 169714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/02/27 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 187652 |
| **Unilever Capital Corp.** | **Unilever Capital Corp.** | **Unilever Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/07/24 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/05/24 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 194168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 08/12/24 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/22/25 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 146101 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 07/28/26  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 137093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/05/27 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 163845 |
| **Universal Health Services, Inc.** | **Universal Health Services, Inc.** | **Universal Health Services, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 09/01/26 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 107301 |
| **UPMC** | **UPMC** | **UPMC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/03/25  | 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 130488 |
| **Utah Acquisition Sub, Inc.** | **Utah Acquisition Sub, Inc.** | **Utah Acquisition Sub, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/26 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 327358 |
| **Viatris, Inc.** | **Viatris, Inc.** | **Viatris, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/22/25 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 113299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/22/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 128450 |
| **Whirlpool Corp.** | **Whirlpool Corp.** | **Whirlpool Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/24  | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/01/25  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97316 |
| **Wyeth LLC** | **Wyeth LLC** | **Wyeth LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 02/01/24  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76271 |
| **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 04/01/25 *(a)* | 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 313891 |
| **Zoetis, Inc.** | **Zoetis, Inc.** | **Zoetis, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 11/13/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99553 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/14/25 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 178597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 09/12/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92640 |
|  |  | **41832463** |
| ***Energy 5.5%***  | ***Energy 5.5%***  | ***Energy 5.5%***  |
| **Baker Hughes a GE Co., LLC/Baker Hughes Co-Obligor, Inc.** | **Baker Hughes a GE Co., LLC/Baker Hughes Co-Obligor, Inc.** | **Baker Hughes a GE Co., LLC/Baker Hughes Co-Obligor, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.34%, 12/15/27 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 185132 |
| **Baker Hughes Holdings LLC** | **Baker Hughes Holdings LLC** | **Baker Hughes Holdings LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.06%, 12/15/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89780 |
| **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 12/15/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 06/01/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101607 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 07/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95237 |
| **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/21/25 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 147388 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.41%, 02/11/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.12%, 05/04/26 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 142421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 01/16/27 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 163398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 04/06/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95212 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.59%, 04/14/27 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 214670 |
| **BP Capital Markets PLC** | **BP Capital Markets PLC** | **BP Capital Markets PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 09/19/27 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 235235 |
| **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/15/24 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/01/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 07/15/25 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 116495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 141701 |

---

*See financial notes*

**137**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 03/31/25 *(a)* | 225000 | 226368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/30/27 *(a)* | 300000 | 297115 |
| **Chevron Corp.** | **Chevron Corp.** | **Chevron Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/03/24 *(a)* | 150000 | 146754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 05/11/25 *(a)* | 475000 | 442286 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.33%, 11/17/25 *(a)* | 150000 | 145245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/16/26 *(a)* | 300000 | 285044 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/11/27 *(a)* | 175000 | 157427 |
| **Chevron USA, Inc.** | **Chevron USA, Inc.** | **Chevron USA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/15/24 *(a)* | 120000 | 118068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.69%, 08/12/25 *(a)* | 100000 | &nbsp;&nbsp; 90541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.02%, 08/12/27 *(a)* | 100000 | &nbsp;&nbsp; 85860 |
| **Columbia Pipeline Group, Inc.** | **Columbia Pipeline Group, Inc.** | **Columbia Pipeline Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/01/25 *(a)* | 175000 | 172713 |
| **ConocoPhillips Co.** | **ConocoPhillips Co.** | **ConocoPhillips Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/08/24 *(a)* | 150000 | 145363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/07/25 *(a)* | 225000 | 214010 |
| **Continental Resources, Inc.** | **Continental Resources, Inc.** | **Continental Resources, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/01/24 *(a)* | 150000 | 145949 |
| **Coterra Energy, Inc.** | **Coterra Energy, Inc.** | **Coterra Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/27 *(a)* | 125000 | 117094 |
| **DCP Midstream Operating LP** | **DCP Midstream Operating LP** | **DCP Midstream Operating LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 07/15/27 *(a)* | 175000 | 174361 |
| **Devon Energy Corp.** | **Devon Energy Corp.** | **Devon Energy Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/15/24 *(a)(c)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 75107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 12/15/25 *(a)* | 100000 | 101963 |
| **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/26 *(a)* | 100000 | &nbsp;&nbsp; 93314 |
| **Eastern Energy Gas Holdings LLC** | **Eastern Energy Gas Holdings LLC** | **Eastern Energy Gas Holdings LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/15/24 *(a)* | 120000 | 114532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/15/24 *(a)* | &nbsp;&nbsp; 61000 | &nbsp;&nbsp; 59293 |
| **Enbridge, Inc.** | **Enbridge, Inc.** | **Enbridge, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/10/24 *(a)* | 150000 | 146000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 10/04/26 *(a)* | 175000 | 153476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/26 *(a)* | 200000 | 192715 |
| **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 01/15/24 *(a)* | 175000 | 175503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/01/24 *(a)* | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 69477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/24 *(a)* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 14748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/24 *(a)* | 120000 | 118393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/24 *(a)* | 100000 | &nbsp;&nbsp; 97593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/26 *(a)* | 100000 | &nbsp;&nbsp; 94672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/27 *(a)* | 100000 | &nbsp;&nbsp; 95251 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/01/27 *(a)* | 100000 | &nbsp;&nbsp; 93691 |
| **Energy Transfer Operating LP** | **Energy Transfer Operating LP** | **Energy Transfer Operating LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/25 *(a)* | 175000 | 169691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/25 *(a)* | 150000 | 141455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/26 *(a)* | 150000 | 146538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/27 *(a)* | 100000 | &nbsp;&nbsp; 94550 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/27 *(a)* | 150000 | 149207 |
| **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/15/24 *(a)* | 175000 | 172459 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/25 *(a)* | 185000 | 180039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/15/26 *(a)* | 200000 | 192960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/15/27 *(a)* | 100000 | &nbsp;&nbsp; 96046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 08/16/77 *(a)(b)* | 150000 | 123009 |
| **EOG Resources, Inc.** | **EOG Resources, Inc.** | **EOG Resources, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 04/01/25 *(a)* | 100000 | &nbsp;&nbsp; 96618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/15/26 *(a)* | 100000 | &nbsp;&nbsp; 98194 |
| **EQT Corp.** | **EQT Corp.** | **EQT Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 02/01/25 *(a)(f)* | 175000 | 175649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.68%, 10/01/25 *(a)* | 100000 | &nbsp;&nbsp; 99950 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/27 *(a)* | 150000 | 138771 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Exxon Mobil Corp.** | **Exxon Mobil Corp.** | **Exxon Mobil Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.18%, 03/15/24 *(a)* | 190000 | 186423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.02%, 08/16/24 *(a)* | 100000 | &nbsp;&nbsp; 95871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.71%, 03/06/25 *(a)* | 250000 | 239269 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.99%, 03/19/25 *(a)* | 430000 | 414684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 03/01/26 *(a)* | 400000 | 382229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.28%, 08/16/26 *(a)* | 150000 | 139015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.29%, 03/19/27 *(a)* | 225000 | 216297 |
| **Halliburton Co.** | **Halliburton Co.** | **Halliburton Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/25 *(a)* | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 92518 |
| **Hess Corp.** | **Hess Corp.** | **Hess Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48569 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 04/01/27 *(a)* | 150000 | 143674 |
| **HF Sinclair Corp.** | **HF Sinclair Corp.** | **HF Sinclair Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/01/23  | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 04/01/26 *(a)* | 225000 | 226044 |
| **Kinder Morgan Energy Partners LP** | **Kinder Morgan Energy Partners LP** | **Kinder Morgan Energy Partners LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 02/01/24 *(a)* | 125000 | 123446 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/01/24 *(a)* | 100000 | &nbsp;&nbsp; 98809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49252 |
| **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/01/25 *(a)* | 225000 | 221009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/15/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 66264 |
| **Magellan Midstream Partners LP** | **Magellan Midstream Partners LP** | **Magellan Midstream Partners LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/01/26 *(a)* | 100000 | &nbsp;&nbsp; 99581 |
| **Marathon Oil Corp.** | **Marathon Oil Corp.** | **Marathon Oil Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/15/27 *(a)* | 200000 | 191216 |
| **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/15/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73050 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/01/25 *(a)* | 225000 | 221796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/15/26 *(a)* | 175000 | 174670 |
| **MPLX LP** | **MPLX LP** | **MPLX LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/01/24 *(a)* | 175000 | 173593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/15/25 *(a)* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 19406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/01/25 *(a)* | 200000 | 197841 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/01/26 *(a)* | 275000 | 245585 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/27 *(a)* | 250000 | 236875 |
| **National Fuel Gas Co.** | **National Fuel Gas Co.** | **National Fuel Gas Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/15/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 01/15/26 *(a)* | 150000 | 149830 |
| **Northwest Pipeline LLC** | **Northwest Pipeline LLC** | **Northwest Pipeline LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/27 *(a)* | 125000 | 118977 |
| **ONEOK Partners LP** | **ONEOK Partners LP** | **ONEOK Partners LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/25 *(a)* | 100000 | &nbsp;&nbsp; 98735 |
| **ONEOK, Inc.** | **ONEOK, Inc.** | **ONEOK, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/01/24 *(a)* | &nbsp;&nbsp; 95000 | &nbsp;&nbsp; 91109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/15/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 68970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 01/15/26 *(a)* | 120000 | 121854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/13/27 *(a)* | 100000 | &nbsp;&nbsp; 94301 |
| **Ovintiv Exploration, Inc.** | **Ovintiv Exploration, Inc.** | **Ovintiv Exploration, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 01/01/26 *(a)* | 125000 | 124072 |
| **Phillips 66** | **Phillips 66** | **Phillips 66** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/09/25 *(a)* | 175000 | 170705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 02/15/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 44779 |
| **Phillips 66 Co.** | **Phillips 66 Co.** | **Phillips 66 Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 10/01/26 *(a)* | 100000 | &nbsp;&nbsp; 93921 |
| **Phillips 66 Partners LP** | **Phillips 66 Partners LP** | **Phillips 66 Partners LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 02/15/25 *(a)(c)* | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 67847 |
| **Pioneer Natural Resources Co.** | **Pioneer Natural Resources Co.** | **Pioneer Natural Resources Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 01/15/26 *(a)* | 150000 | 133828 |
| **Plains All American Pipeline LP/PAA Finance Corp.** | **Plains All American Pipeline LP/PAA Finance Corp.** | **Plains All American Pipeline LP/PAA Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/01/24 *(a)* | 105000 | 101816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/15/25 *(a)* | 175000 | 171534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/26 *(a)* | 100000 | &nbsp;&nbsp; 96228 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**138**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Sabine Pass Liquefaction LLC** | **Sabine Pass Liquefaction LLC** | **Sabine Pass Liquefaction LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/15/24 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 250234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 03/01/25 *(a)* | 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 376275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/30/26 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 253274 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 03/15/27 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 196455 |
| **Schlumberger Finance Canada Ltd.** | **Schlumberger Finance Canada Ltd.** | **Schlumberger Finance Canada Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/17/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45898 |
| **Shell International Finance BV** | **Shell International Finance BV** | **Shell International Finance BV** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/07/24 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 214108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/11/25  | 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 412241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/10/26  | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 282929 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/12/26  | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 162588 |
| **Spectra Energy Partners LP** | **Spectra Energy Partners LP** | **Spectra Energy Partners LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/15/24 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 248462 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/25 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 120356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 10/15/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93450 |
| **Sunoco Logistics Partners Operations LP** | **Sunoco Logistics Partners Operations LP** | **Sunoco Logistics Partners Operations LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 12/01/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101552 |
| **Targa Resources Corp.** | **Targa Resources Corp.** | **Targa Resources Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 07/01/27 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 122912 |
| **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** | **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** | **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 07/15/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 151661 |
| **TC PipeLines LP** | **TC PipeLines LP** | **TC PipeLines LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/13/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/25/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94664 |
| **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/15/27  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79653 |
| **TotalEnergies Capital International S.A.** | **TotalEnergies Capital International S.A.** | **TotalEnergies Capital International S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/15/24  | 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 192476 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/10/24  | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 222264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.43%, 01/10/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95544 |
| **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 10/12/24 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 208523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/26 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199247 |
| **Transcontinental Gas Pipe Line Co. LLC** | **Transcontinental Gas Pipe Line Co. LLC** | **Transcontinental Gas Pipe Line Co. LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.85%, 02/01/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80099 |
| **Valero Energy Corp.** | **Valero Energy Corp.** | **Valero Energy Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87916 |
| **Williams Cos., Inc.** | **Williams Cos., Inc.** | **Williams Cos., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/04/24 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 172857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 06/24/24 *(a)* | 194000 | &nbsp;&nbsp;&nbsp;&nbsp; 191957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/15/25 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 121892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/25 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 145873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/27 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 188621 |
|  |  | **20217084** |
| ***Industrial Other 0.1%***  | ***Industrial Other 0.1%***  | ***Industrial Other 0.1%***  |
| **Cintas Corp. No. 2** | **Cintas Corp. No. 2** | **Cintas Corp. No. 2** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/27 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 217048 |
| **The Leland Stanford Junior University** | **The Leland Stanford Junior University** | **The Leland Stanford Junior University** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.29%, 06/01/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65302 |
| **Yale University** | **Yale University** | **Yale University** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.87%, 04/15/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92100 |
|  |  | **374450** |
| ***Technology 9.5%***  | ***Technology 9.5%***  | ***Technology 9.5%***  |
| **Adobe, Inc.** | **Adobe, Inc.** | **Adobe, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 02/01/25 *(a)* | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89808 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/25 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 145839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/01/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 136803 |
| **Alphabet, Inc.** | **Alphabet, Inc.** | **Alphabet, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/25/24  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100238 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.45%, 08/15/25 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 157857 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/26 *(a)* | 325000 | 299231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/15/27 *(a)* | 150000 | 128826 |
| **Analog Devices, Inc.** | **Analog Devices, Inc.** | **Analog Devices, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/25 *(a)* | 125000 | 120218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/05/26 *(a)* | 175000 | 167115 |
| **Apple Inc.** | **Apple Inc.** | **Apple Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/09/24 *(a)* | 275000 | 269783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/06/24  | 375000 | 368816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 05/11/24 *(a)* | 275000 | 267922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/11/24 *(a)* | 120000 | 114383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/13/25 *(a)* | 210000 | 202397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/09/25  | 250000 | 239168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 05/11/25 *(a)* | 400000 | 368677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/13/25  | 375000 | 362589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 08/20/25 *(a)* | 200000 | 180500 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.70%, 02/08/26 *(a)* | 300000 | 266866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/23/26 *(a)* | 525000 | 505096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/04/26 *(a)* | 400000 | 371693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 09/11/26 *(a)* | 375000 | 342877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/09/27 *(a)* | 350000 | 335389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/11/27 *(a)* | 375000 | 356455 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/20/27 *(a)* | 150000 | 141489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/12/27 *(a)* | 400000 | 373990 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/13/27 *(a)* | 100000 | &nbsp;&nbsp; 93533 |
| **Applied Materials, Inc.** | **Applied Materials, Inc.** | **Applied Materials, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/25 *(a)* | 125000 | 122452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 *(a)* | 225000 | 214049 |
| **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/08/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72452 |
| **Autodesk, Inc.** | **Autodesk, Inc.** | **Autodesk, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 06/15/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 70344 |
| **Automatic Data Processing, Inc.** | **Automatic Data Processing, Inc.** | **Automatic Data Processing, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 09/15/25 *(a)* | 175000 | 169829 |
| **Avnet, Inc.** | **Avnet, Inc.** | **Avnet, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/15/26 *(a)* | 100000 | &nbsp;&nbsp; 96399 |
| **Baidu, Inc.** | **Baidu, Inc.** | **Baidu, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/14/24 *(a)* | 200000 | 196820 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/30/25  | 200000 | 192192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 02/23/27 *(a)* | 200000 | 171337 |
| **Broadcom Corp./Broadcom Cayman Finance Ltd.** | **Broadcom Corp./Broadcom Cayman Finance Ltd.** | **Broadcom Corp./Broadcom Cayman Finance Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/24 *(a)* | 115000 | 113113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/15/25 *(a)* | 115000 | 110610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/15/27 *(a)* | 350000 | 331707 |
| **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/15/24 *(a)* | 100000 | &nbsp;&nbsp; 97501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 11/15/25 *(a)* | 155000 | 147005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 09/15/26 *(a)* | 200000 | 188534 |
| **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/27/26 *(a)* | 100000 | &nbsp;&nbsp; 93810 |
| **CDW LLC/CDW Finance Corp.** | **CDW LLC/CDW Finance Corp.** | **CDW LLC/CDW Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 12/01/24 *(a)* | 100000 | &nbsp;&nbsp; 99741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/01/25 *(a)* | 100000 | &nbsp;&nbsp; 97555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 12/01/26 *(a)* | 175000 | 155748 |
| **CGI, Inc.** | **CGI, Inc.** | **CGI, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/14/26 *(a)* | 125000 | 110640 |
| **Cisco Systems, Inc.** | **Cisco Systems, Inc.** | **Cisco Systems, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/04/24  | 150000 | 147941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/25  | 100000 | &nbsp;&nbsp; 97419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/28/26  | 125000 | 119484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/20/26 *(a)* | 225000 | 209963 |

---

*See financial notes*

**139**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Dell International LLC/EMC Corp.** | **Dell International LLC/EMC Corp.** | **Dell International LLC/EMC Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/24 *(a)* | 100000 | &nbsp;&nbsp; 98226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 07/15/25 *(a)* | 175000 | 177342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.02%, 06/15/26 *(a)* | 700000 | 715281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/01/26 *(a)* | 275000 | 271168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.10%, 07/15/27 *(a)* | 100000 | 102951 |
| **DXC Technology Co.** | **DXC Technology Co.** | **DXC Technology Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/15/26 *(a)* | 150000 | 130780 |
| **Equifax, Inc.** | **Equifax, Inc.** | **Equifax, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/01/24 *(a)* | 125000 | 119350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/15/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 69908 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 12/15/27 *(a)* | 100000 | &nbsp;&nbsp; 98968 |
| **Equinix, Inc.** | **Equinix, Inc.** | **Equinix, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/18/24 *(a)* | 145000 | 138255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 07/15/25 *(a)* | 100000 | &nbsp;&nbsp; 90628 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 09/15/25 *(a)* | 125000 | 111815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 05/15/26 *(a)* | 125000 | 109995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/18/26 *(a)* | 125000 | 114431 |
| **FactSet Research Systems, Inc.** | **FactSet Research Systems, Inc.** | **FactSet Research Systems, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/27 *(a)* | 100000 | &nbsp;&nbsp; 91133 |
| **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 03/01/24  | 125000 | 118397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 03/01/26 *(a)* | 225000 | 197664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/15/27 *(a)* | 100000 | &nbsp;&nbsp; 97777 |
| **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 07/01/24 *(a)* | 325000 | 313634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/01/25 *(a)* | 150000 | 145741 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/01/26 *(a)* | 325000 | 304842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/27 *(a)* | 150000 | 134038 |
| **Flex Ltd.** | **Flex Ltd.** | **Flex Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/15/25 *(a)* | 125000 | 122692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/01/26 *(a)* | 125000 | 117897 |
| **Fortinet, Inc.** | **Fortinet, Inc.** | **Fortinet, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/15/26 *(a)* | 100000 | &nbsp;&nbsp; 87677 |
| **Genpact Luxembourg Sarl** | **Genpact Luxembourg Sarl** | **Genpact Luxembourg Sarl** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/01/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47858 |
| **Genpact Luxembourg SARL/Genpact USA, Inc.** | **Genpact Luxembourg SARL/Genpact USA, Inc.** | **Genpact Luxembourg SARL/Genpact USA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/10/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 66917 |
| **Global Payments, Inc.** | **Global Payments, Inc.** | **Global Payments, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 11/15/24 *(a)* | 100000 | &nbsp;&nbsp; 93245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/15/25 *(a)* | 150000 | 141384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 03/01/26 *(a)* | 175000 | 152720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 04/01/26 *(a)* | 125000 | 121879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 01/15/27 *(a)* | 100000 | &nbsp;&nbsp; 87451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 08/15/27 *(a)* | 100000 | &nbsp;&nbsp; 97302 |
| **Hewlett Packard Enterprise Co.** | **Hewlett Packard Enterprise Co.** | **Hewlett Packard Enterprise Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 04/01/24 *(a)* | 175000 | 167198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 10/15/25 *(a)* | 450000 | 445984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/01/26 *(a)* | 100000 | &nbsp;&nbsp; 89969 |
| **HP, Inc.** | **HP, Inc.** | **HP, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/17/25 *(a)* | 150000 | 140598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/17/26 *(a)* | 175000 | 153649 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/17/27 *(a)* | 150000 | 137252 |
| **Intel Corp.** | **Intel Corp.** | **Intel Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/11/24 *(a)* | 200000 | 194847 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/25/25 *(a)* | 300000 | 292186 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/29/25 *(a)* | 375000 | 366229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/19/26 *(a)* | 150000 | 140132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/25/27 *(a)* | 100000 | &nbsp;&nbsp; 96678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/11/27 *(a)* | 150000 | 141309 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/05/27 *(a)* | 200000 | 192484 |
| **International Business Machines Corp.** | **International Business Machines Corp.** | **International Business Machines Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/12/24  | 350000 | 344810 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/24  | 400000 | 389461 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/30/25  | 175000 | 185717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/19/26  | 225000 | 216307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/15/26  | 500000 | 476307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/09/27 *(a)* | 100000 | &nbsp;&nbsp; 90056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/15/27 *(a)* | 200000 | 175892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 07/27/27 *(a)* | 100000 | &nbsp;&nbsp; 97609 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.22%, 08/01/27  | 200000 | 212230 |
| **Intuit, Inc.** | **Intuit, Inc.** | **Intuit, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 07/15/25 *(a)* | 100000 | &nbsp;&nbsp; 91109 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 07/15/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 65043 |
| **Jabil, Inc.** | **Jabil, Inc.** | **Jabil, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 04/15/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 66450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71109 |
| **Juniper Networks, Inc.** | **Juniper Networks, Inc.** | **Juniper Networks, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 12/10/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 67143 |
| **Keysight Technologies, Inc.** | **Keysight Technologies, Inc.** | **Keysight Technologies, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/30/24 *(a)* | 125000 | 123493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 04/06/27 *(a)* | 100000 | &nbsp;&nbsp; 97938 |
| **KLA Corp.** | **KLA Corp.** | **KLA Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/01/24 *(a)* | 125000 | 124838 |
| **Kyndryl Holdings, Inc.** | **Kyndryl Holdings, Inc.** | **Kyndryl Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 10/15/26 *(a)* | 125000 | 103593 |
| **Lam Research Corp.** | **Lam Research Corp.** | **Lam Research Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/25 *(a)* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp; 63663 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/26 *(a)* | 150000 | 145634 |
| **Leidos, Inc.** | **Leidos, Inc.** | **Leidos, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/25 *(a)* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 57764 |
| **Marvell Technology, Inc.** | **Marvell Technology, Inc.** | **Marvell Technology, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 04/15/26 *(a)* | 100000 | &nbsp;&nbsp; 88675 |
| **Mastercard, Inc.** | **Mastercard, Inc.** | **Mastercard, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/24  | 100000 | &nbsp;&nbsp; 98227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/03/25 *(a)* | 150000 | 142187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/26 *(a)* | 100000 | &nbsp;&nbsp; 94477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/26/27 *(a)* | 175000 | 167024 |
| **Microchip Technology, Inc.** | **Microchip Technology, Inc.** | **Microchip Technology, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.97%, 02/15/24  | 250000 | 237725 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/25 *(a)* | 375000 | 364323 |
| **Micron Technology, Inc.** | **Micron Technology, Inc.** | **Micron Technology, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 02/06/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73976 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.19%, 02/15/27 *(a)* | 150000 | 142714 |
| **Microsoft Corp.** | **Microsoft Corp.** | **Microsoft Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/06/24 *(a)* | 420000 | 412166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/12/25 *(a)* | 215000 | 206853 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/03/25 *(a)* | 500000 | 483246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/08/26 *(a)* | 600000 | 560139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 02/06/27 *(a)* | 700000 | 675452 |
| **Moody's Corp.** | **Moody's Corp.** | **Moody's Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/15/24 *(a)* | 100000 | &nbsp;&nbsp; 99716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/24/25 *(a)* | 100000 | &nbsp;&nbsp; 97387 |
| **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/01/24  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73723 |
| **NetApp, Inc.** | **NetApp, Inc.** | **NetApp, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/29/24 *(a)* | 115000 | 111424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/22/25 *(a)* | 150000 | 138336 |
| **NVIDIA Corp.** | **NVIDIA Corp.** | **NVIDIA Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.58%, 06/14/24 *(a)* | 200000 | 188779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/16/26 *(a)* | 175000 | 166552 |
| **NXP BV/NXP Funding LLC** | **NXP BV/NXP Funding LLC** | **NXP BV/NXP Funding LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 03/01/24 *(a)* | 150000 | 148864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.35%, 03/01/26 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24833 |
| **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/01/25 *(a)* | 100000 | &nbsp;&nbsp; 94219 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/18/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71468 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**140**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/01/27 *(a)* | 100000 | &nbsp;&nbsp; 91288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/01/27 *(a)* | 100000 | &nbsp;&nbsp; 96210 |
| **Oracle Corp.** | **Oracle Corp.** | **Oracle Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/08/24 *(a)* | 300000 | 292671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/15/24 *(a)* | 300000 | 288896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/25 *(a)* | 535000 | 504621 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/15/25 *(a)* | 400000 | 380089 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.80%, 11/10/25  | 200000 | 204371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/25/26 *(a)* | 575000 | 515780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/26 *(a)* | 475000 | 437131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/27 *(a)* | 350000 | 319427 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/15/27 *(a)* | 400000 | 367723 |
| **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/01/24 *(a)* | 200000 | 191679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/01/25 *(a)* | 175000 | 162361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/01/26 *(a)* | 225000 | 208043 |
| **Qorvo, Inc.** | **Qorvo, Inc.** | **Qorvo, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/15/24 *(a)(c)* | 100000 | &nbsp;&nbsp; 92641 |
| **QUALCOMM, Inc.** | **QUALCOMM, Inc.** | **QUALCOMM, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/20/24 *(a)* | 150000 | 146393 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 05/20/25 *(a)* | 225000 | 219005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/20/27 *(a)* | 325000 | 309682 |
| **S&P Global, Inc.** | **S&P Global, Inc.** | **S&P Global, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/22/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 70241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/01/27 *(a)(c)* | 200000 | 182861 |
| **Salesforce, Inc.** | **Salesforce, Inc.** | **Salesforce, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.63%, 07/15/24 *(a)* | 100000 | &nbsp;&nbsp; 93973 |
| **Skyworks Solutions, Inc.** | **Skyworks Solutions, Inc.** | **Skyworks Solutions, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 06/01/26 *(a)* | 100000 | &nbsp;&nbsp; 88163 |
| **TD SYNNEX Corp.** | **TD SYNNEX Corp.** | **TD SYNNEX Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/09/24 *(a)* | 125000 | 116208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/09/26 *(a)* | 100000 | &nbsp;&nbsp; 85125 |
| **Texas Instruments, Inc.** | **Texas Instruments, Inc.** | **Texas Instruments, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 05/15/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/12/25 *(a)* | 125000 | 116851 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.13%, 09/15/26 *(a)* | 100000 | &nbsp;&nbsp; 88458 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/03/27 *(a)* | 125000 | 116646 |
| **Thomson Reuters Corp.** | **Thomson Reuters Corp.** | **Thomson Reuters Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 05/15/26 *(a)* | 100000 | &nbsp;&nbsp; 95066 |
| **Trimble, Inc.** | **Trimble, Inc.** | **Trimble, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 12/01/24 *(a)* | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 69351 |
| **TSMC Arizona Corp.** | **TSMC Arizona Corp.** | **TSMC Arizona Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/25/26 *(a)* | 200000 | 177807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/22/27 *(a)* | 200000 | 192032 |
| **Tyco Electronics Group S.A.** | **Tyco Electronics Group S.A.** | **Tyco Electronics Group S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/15/26 *(a)* | 100000 | &nbsp;&nbsp; 96492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 69299 |
| **VeriSign, Inc.** | **VeriSign, Inc.** | **VeriSign, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/01/25 *(a)* | 100000 | 100034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 07/15/27 *(a)* | 100000 | &nbsp;&nbsp; 97573 |
| **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/25 *(a)* | 150000 | 146149 |
| **Visa, Inc.** | **Visa, Inc.** | **Visa, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/14/25 *(a)* | 575000 | 554768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/15/27 *(a)* | 200000 | 180572 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/27 *(a)* | 275000 | 255229 |
| **VMware, Inc.** | **VMware, Inc.** | **VMware, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 08/15/24 *(a)* | 250000 | 232661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/25 *(a)* | 175000 | 171942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/15/26 *(a)* | 325000 | 283640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/21/27 *(a)* | 200000 | 186869 |
| **Western Digital Corp.** | **Western Digital Corp.** | **Western Digital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/26 *(a)* | 375000 | 353628 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Western Union Co.** | **Western Union Co.** | **Western Union Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/10/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 03/15/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87692 |
| **Workday, Inc.** | **Workday, Inc.** | **Workday, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 140526 |
| **Xilinx, Inc.** | **Xilinx, Inc.** | **Xilinx, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/01/24 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97294 |
|  |  | **35276550** |
| ***Transportation 1.4%***  | ***Transportation 1.4%***  | ***Transportation 1.4%***  |
| **BNSF Funding Trust I** | **BNSF Funding Trust I** | **BNSF Funding Trust I** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.61%, 12/15/55 *(a)(b)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70941 |
| **Burlington Northern Santa Fe LLC** | **Burlington Northern Santa Fe LLC** | **Burlington Northern Santa Fe LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/24 *(a)* | 152000 | &nbsp;&nbsp;&nbsp;&nbsp; 150056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48930 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/01/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 12/15/25  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53395 |
| **Canadian National Railway Co.** | **Canadian National Railway Co.** | **Canadian National Railway Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/21/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70800 |
| **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 12/02/24 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 163357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 02/01/25 *(a)* | 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 134049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 12/02/26 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 156183 |
| **Continental Airlines 2012-2 Class A Pass-Through Trust** | **Continental Airlines 2012-2 Class A Pass-Through Trust** | **Continental Airlines 2012-2 Class A Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/29/24  | 124204 | &nbsp;&nbsp;&nbsp;&nbsp; 118272 |
| **CSX Corp.** | **CSX Corp.** | **CSX Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/01/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/01/25 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 120091 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/01/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 140740 |
| **Delta Air Lines 2019-1 Class AA Pass-Through Trust** | **Delta Air Lines 2019-1 Class AA Pass-Through Trust** | **Delta Air Lines 2019-1 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/25/24  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72696 |
| **FedEx Corp.** | **FedEx Corp.** | **FedEx Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/26 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 119013 |
| **GXO Logistics, Inc.** | **GXO Logistics, Inc.** | **GXO Logistics, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/15/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86114 |
| **JB Hunt Transport Services, Inc.** | **JB Hunt Transport Services, Inc.** | **JB Hunt Transport Services, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/01/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97033 |
| **Norfolk Southern Corp.** | **Norfolk Southern Corp.** | **Norfolk Southern Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/15/24 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/01/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/15/26 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 140714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80%, 05/15/27  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 110794 |
| **Ryder System, Inc.** | **Ryder System, Inc.** | **Ryder System, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/24 *(a)* | 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 114334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/01/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/01/25 *(a)* | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/01/26 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/01/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91243 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/01/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/27 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47982 |
| **Southwest Airlines Co.** | **Southwest Airlines Co.** | **Southwest Airlines Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/04/25 *(a)* | 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 276641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/15/27 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 297152 |
| **Union Pacific Corp.** | **Union Pacific Corp.** | **Union Pacific Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/15/24 *(a)* | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/01/24 *(a)* | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/25 *(a)* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/15/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73012 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94710 |

---

*See financial notes*

**141**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/05/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 04/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93379 |
| **United Airlines 2012-1 Class A Pass-Through Trust** | **United Airlines 2012-1 Class A Pass-Through Trust** | **United Airlines 2012-1 Class A Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/11/24  | 117133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114444 |
| **United Airlines 2013-1 Class A Pass-Through Trust** | **United Airlines 2013-1 Class A Pass-Through Trust** | **United Airlines 2013-1 Class A Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 08/15/25  | 120621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112294 |
| **United Airlines 2020-1 Class A Pass-Through Trust** | **United Airlines 2020-1 Class A Pass-Through Trust** | **United Airlines 2020-1 Class A Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 10/15/27  | 355672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350873 |
| **United Airlines 2020-1 Class B Pass-Through Trust** | **United Airlines 2020-1 Class B Pass-Through Trust** | **United Airlines 2020-1 Class B Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 01/15/26  | 114300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108273 |
| **United Parcel Service, Inc.** | **United Parcel Service, Inc.** | **United Parcel Service, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/01/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/01/25 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 11/15/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 11/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94194 |
|  |  | **5242215** |
|  |  | **175630633** |
| **Utility 5.0%** | **Utility 5.0%** | **Utility 5.0%** |
| ***Electric 4.6%***  | ***Electric 4.6%***  | ***Electric 4.6%***  |
| **AES Corp.** | **AES Corp.** | **AES Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 01/15/26 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134132 |
| **Alabama Power Co.** | **Alabama Power Co.** | **Alabama Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144279 |
| **Ameren Corp.** | **Ameren Corp.** | **Ameren Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71751 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/15/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 03/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88181 |
| **Ameren Illinois Co.** | **Ameren Illinois Co.** | **Ameren Illinois Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48388 |
| **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 11/01/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/27 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/15/62 *(a)(b)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98490 |
| **Appalachian Power Co.** | **Appalachian Power Co.** | **Appalachian Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/01/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72624 |
| **Arizona Public Service Co.** | **Arizona Public Service Co.** | **Arizona Public Service Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/15/25 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119533 |
| **Avangrid, Inc.** | **Avangrid, Inc.** | **Avangrid, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/01/24 *(a)* | 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/15/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71778 |
| **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/01/25 *(a)* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/15/25 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197239 |
| **Black Hills Corp.** | **Black Hills Corp.** | **Black Hills Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/26 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47945 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/15/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138927 |
| **CenterPoint Energy Houston Electric LLC** | **CenterPoint Energy Houston Electric LLC** | **CenterPoint Energy Houston Electric LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 09/01/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68895 |
| **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/24 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/01/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89087 |
| **Cleco Corporate Holdings LLC** | **Cleco Corporate Holdings LLC** | **Cleco Corporate Holdings LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 05/01/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94599 |
| **CMS Energy Corp.** | **CMS Energy Corp.** | **CMS Energy Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93443 |
| **Commonwealth Edison Co.** | **Commonwealth Edison Co.** | **Commonwealth Edison Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/15/26 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116336 |
| **Connecticut Light and Power Co.** | **Connecticut Light and Power Co.** | **Connecticut Light and Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 12/01/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/15/27 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211867 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** | **Constellation Energy Generation LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/25 *(a)* | 150000 | 143860 |
| **Dominion Energy, Inc.** | **Dominion Energy, Inc.** | **Dominion Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.07%, 08/15/24 *(d)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/25 *(a)* | 100000 | &nbsp;&nbsp; 96137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/01/25 *(a)* | 125000 | 121915 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 04/15/26 *(a)* | 125000 | 111548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/15/26 *(a)* | 100000 | &nbsp;&nbsp; 92558 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 10/01/54 *(a)(b)* | 100000 | &nbsp;&nbsp; 94391 |
| **DTE Electric Co.** | **DTE Electric Co.** | **DTE Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/15/24 *(a)* | 100000 | &nbsp;&nbsp; 98482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48569 |
| **DTE Energy Co.** | **DTE Energy Co.** | **DTE Energy Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 10/01/24 *(d)* | 100000 | &nbsp;&nbsp; 95646 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 11/01/24 *(d)* | 250000 | 246283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.05%, 06/01/25 *(a)* | 150000 | 135949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/01/26 *(a)* | 100000 | &nbsp;&nbsp; 92317 |
| **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 12/01/26 *(a)* | 125000 | 117984 |
| **Duke Energy Corp.** | **Duke Energy Corp.** | **Duke Energy Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/15/24 *(a)* | 175000 | 172017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 09/15/25 *(a)* | 100000 | &nbsp;&nbsp; 89593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/01/26 *(a)* | 250000 | 231302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/27 *(a)* | 100000 | &nbsp;&nbsp; 92419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 12/08/27 *(a)* | 225000 | 223903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/82 *(a)(b)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 55319 |
| **Duke Energy Florida LLC** | **Duke Energy Florida LLC** | **Duke Energy Florida LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/15/27 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47321 |
| **Duke Energy Progress LLC** | **Duke Energy Progress LLC** | **Duke Energy Progress LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/25 *(a)* | 100000 | &nbsp;&nbsp; 96308 |
| **Edison International** | **Edison International** | **Edison International** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 11/15/24 *(a)* | 100000 | &nbsp;&nbsp; 96713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/25 *(a)* | &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 88997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 08/15/25  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/15/27 *(a)* | 150000 | 150648 |
| **Emera US Finance LP** | **Emera US Finance LP** | **Emera US Finance LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.83%, 06/15/24  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46865 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 06/15/26 *(a)* | 175000 | 164512 |
| **Enel Americas S.A.** | **Enel Americas S.A.** | **Enel Americas S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 10/25/26 *(a)* | 100000 | &nbsp;&nbsp; 95171 |
| **Enel Generacion Chile S.A.** | **Enel Generacion Chile S.A.** | **Enel Generacion Chile S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/24 *(a)* | 100000 | &nbsp;&nbsp; 98466 |
| **Entergy Arkansas LLC** | **Entergy Arkansas LLC** | **Entergy Arkansas LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/01/24 *(a)* | &nbsp;&nbsp; 92000 | &nbsp;&nbsp; 90333 |
| **Entergy Corp.** | **Entergy Corp.** | **Entergy Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 09/15/25 *(a)* | 125000 | 111555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/01/26 *(a)* | 150000 | 139777 |
| **Entergy Louisiana LLC** | **Entergy Louisiana LLC** | **Entergy Louisiana LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 10/01/24 *(a)* | 175000 | 163132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.59%, 10/01/24  | 100000 | 101112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 11/01/24  | 100000 | 101047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/01/26 *(a)* | 100000 | &nbsp;&nbsp; 91094 |
| **Evergy Metro, Inc.** | **Evergy Metro, Inc.** | **Evergy Metro, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/15/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72846 |
| **Evergy, Inc.** | **Evergy, Inc.** | **Evergy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/15/24 *(a)* | 200000 | 190241 |
| **Eversource Energy** | **Eversource Energy** | **Eversource Energy** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/01/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/15/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/15/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 44702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/15/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 65942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/27 *(a)* | 100000 | &nbsp;&nbsp; 92277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 07/01/27 *(a)* | 100000 | &nbsp;&nbsp; 98810 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**142**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Exelon Corp.** | **Exelon Corp.** | **Exelon Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/15/25 *(a)* | 125000 | 122260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/15/26 *(a)* | 150000 | 142749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/15/27 *(a)* | 125000 | 114822 |
| **Florida Power & Light Co.** | **Florida Power & Light Co.** | **Florida Power & Light Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/24 *(a)* | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 78204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/01/25 *(a)* | 200000 | 191816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/25 *(a)* | 100000 | &nbsp;&nbsp; 96596 |
| **Fortis, Inc.** | **Fortis, Inc.** | **Fortis, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 10/04/26 *(a)* | 190000 | 176995 |
| **Georgia Power Co.** | **Georgia Power Co.** | **Georgia Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/15/24 *(a)* | 100000 | &nbsp;&nbsp; 95441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/30/27 *(a)* | 125000 | 115766 |
| **Gulf Power Co.** | **Gulf Power Co.** | **Gulf Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 05/30/27 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47197 |
| **Interstate Power and Light Co.** | **Interstate Power and Light Co.** | **Interstate Power and Light Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 12/01/24 *(a)* | 100000 | &nbsp;&nbsp; 96736 |
| **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/01/24 *(a)* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 58232 |
| **ITC Holdings Corp.** | **ITC Holdings Corp.** | **ITC Holdings Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 06/15/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/30/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 70488 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 11/15/27 *(a)* | 100000 | &nbsp;&nbsp; 92222 |
| **Louisville Gas and Electric Co.** | **Louisville Gas and Electric Co.** | **Louisville Gas and Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 10/01/25 *(a)* | 100000 | &nbsp;&nbsp; 95950 |
| **MidAmerican Energy Co.** | **MidAmerican Energy Co.** | **MidAmerican Energy Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/24 *(a)* | 125000 | 122173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/01/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 70388 |
| **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/07/24 *(a)* | 150000 | 146770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.35%, 02/08/24  | 100000 | &nbsp;&nbsp; 95086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/27/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 11/01/25 *(a)* | 225000 | 214735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 06/15/26 *(a)* | 100000 | &nbsp;&nbsp; 88406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 04/25/27 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/20/46 *(a)(b)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 68087 |
| **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/20/24  | 200000 | 197763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.26%, 09/01/24  | 250000 | 247103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 01/15/27 *(a)* | 300000 | 265988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/01/27 *(a)* | 250000 | 236060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 07/15/27 *(a)* | 250000 | 246704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/82 *(a)(b)* | 100000 | &nbsp;&nbsp; 81706 |
| **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/24 *(a)* | 100000 | &nbsp;&nbsp; 96889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.55%, 10/01/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 67049 |
| **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 08/15/24 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72418 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.45%, 06/15/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74435 |
| **Pacific Gas and Electric Co.** | **Pacific Gas and Electric Co.** | **Pacific Gas and Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/24 *(a)* | 100000 | &nbsp;&nbsp; 97951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/25 *(a)* | 150000 | 142271 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 07/01/25  | 175000 | 166275 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/01/26  | 325000 | 302863 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/26 *(a)* | 100000 | &nbsp;&nbsp; 92206 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/27 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 67277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 08/01/27 *(a)* | 100000 | &nbsp;&nbsp; 85806 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 12/01/27 *(a)* | 175000 | 155184 |
| **PacifiCorp** | **PacifiCorp** | **PacifiCorp** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 49176 |
| **PECO Energy Co.** | **PECO Energy Co.** | **PECO Energy Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/15/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48118 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Pinnacle West Capital Corp.** | **Pinnacle West Capital Corp.** | **Pinnacle West Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 06/15/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91280 |
| **PPL Capital Funding, Inc.** | **PPL Capital Funding, Inc.** | **PPL Capital Funding, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/15/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93712 |
| **Public Service Electric & Gas Co.** | **Public Service Electric & Gas Co.** | **Public Service Electric & Gas Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/15/26 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 113997 |
| **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/24 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 169379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 08/15/25 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 134958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 03/15/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/15/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 154789 |
| **Puget Energy, Inc.** | **Puget Energy, Inc.** | **Puget Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 05/15/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71737 |
| **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/26 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 116139 |
| **Sierra Pacific Power Co.** | **Sierra Pacific Power Co.** | **Sierra Pacific Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/01/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92933 |
| **Southern California Edison Co.** | **Southern California Edison Co.** | **Southern California Edison Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 04/01/24 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/01/25 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 145428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 02/01/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 11/01/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 155145 |
| **Southern Co.** | **Southern Co.** | **Southern Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.60%, 02/26/24 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 08/01/24 *(d)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/01/26 *(a)* | 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 259205 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.11%, 08/01/27  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 149833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/51 *(a)(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 182277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/15/51 *(a)(b)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 121643 |
| **Southern Power Co.** | **Southern Power Co.** | **Southern Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/01/25 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 01/15/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66108 |
| **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/15/26 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 134597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/01/26 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 114891 |
| **The Cleveland Electric Illuminating Co.** | **The Cleveland Electric Illuminating Co.** | **The Cleveland Electric Illuminating Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 08/15/24  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50303 |
| **Tucson Electric Power Co.** | **Tucson Electric Power Co.** | **Tucson Electric Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/15/25 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47945 |
| **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** | **Virginia Electric & Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95743 |
| **Virginia Electric and Power Co.** | **Virginia Electric and Power Co.** | **Virginia Electric and Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/15/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/15/26 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 143279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/15/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 142255 |
| **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.80%, 03/15/24 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 118556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 10/01/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 10/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85143 |
| **Wisconsin Electric Power Co.** | **Wisconsin Electric Power Co.** | **Wisconsin Electric Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 12/15/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47371 |
| **Xcel Energy, Inc.** | **Xcel Energy, Inc.** | **Xcel Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/01/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 12/01/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70698 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87863 |
|  |  | **17066686** |
| ***Natural Gas 0.4%***  | ***Natural Gas 0.4%***  | ***Natural Gas 0.4%***  |
| **Atmos Energy Corp.** | **Atmos Energy Corp.** | **Atmos Energy Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93452 |

---

*See financial notes*

**143**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **NiSource, Inc.** | **NiSource, Inc.** | **NiSource, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.95%, 08/15/25 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 05/15/27 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189171 |
| **ONE Gas, Inc.** | **ONE Gas, Inc.** | **ONE Gas, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.61%, 02/01/24 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 03/11/24 *(a)* | &nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80595 |
| **Sempra Energy** | **Sempra Energy** | **Sempra Energy** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/27 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/52 *(a)(b)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118739 |
| **Southern California Gas Co.** | **Southern California Gas Co.** | **Southern California Gas Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 09/15/24 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/25 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 06/15/26 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/15/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92554 |
| **Southern Co. Gas Capital Corp.** | **Southern Co. Gas Capital Corp.** | **Southern Co. Gas Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/26 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70318 |
|  |  | **1396656** |
| ***Utility Other 0.0%***  | ***Utility Other 0.0%***  | ***Utility Other 0.0%***  |
| **American Water Capital Corp.** | **American Water Capital Corp.** | **American Water Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/01/24 *(a)* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/25 *(a)* | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82465 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/01/27 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92468 |
|  |  | **234043** |
|  |  | **18697385** |
| **Total Corporates** <br>**(Cost $392,956,899)** | **Total Corporates** <br>**(Cost $392,956,899)** | **367307445** |

---

&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%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.12% *(g)*<br>| 1108233 | **1108233** |
| **Total Short-Term Investments** <br>**(Cost $1,108,233)** | **Total Short-Term Investments** <br>**(Cost $1,108,233)** | **1108233** |
| **Total Investments in Securities** <br>**(Cost $394,065,132)** | **Total Investments in Securities** <br>**(Cost $394,065,132)** | **368415678** |

---

&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** |
| **Short** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 5 Year US Treasury Note (CBOT), <br> expires 03/31/23<br>| (1) | (107930) | **77** |

---

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $3,678,742 or 1.0% of net assets.

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

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

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

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

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

CBOT — Chicago Board of Trade <br> REIT — Real Estate Investment Trust

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY <br>RATE, MATURITY DATE<br>| VALUE AT<br> 12/31/21<br>| PURCHASES | SALES | REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| ACCRETION OF<br> DISCOUNTS<br> (AMORTIZATION<br> OF PREMIUMS)<br>| VALUE AT<br> 12/31/22<br>| FACE AMOUNT<br> AT 12/31/22<br>| INTEREST<br> INCOME EARNED<br>|
| **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS | **CORPORATES** 0.3% OF NET ASSETS |
| **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** | **Financial Institutions 0.3%** |
| **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** | **Brokerage/Asset Managers/Exchanges 0.3%** |
| The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/25/23 | &nbsp;&nbsp;&nbsp; $152937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | ($152307) | &nbsp;&nbsp;&nbsp;&nbsp; ($581) | &nbsp;&nbsp;&nbsp;&nbsp; $235 | &nbsp;&nbsp;&nbsp;&nbsp; ($284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 02/01/24 | &nbsp;&nbsp;&nbsp;&nbsp; 131345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (56716) | &nbsp;&nbsp;&nbsp;&nbsp; (1439) | &nbsp;&nbsp;&nbsp;&nbsp; (1707) | &nbsp;&nbsp;&nbsp;&nbsp; (2406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69077 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 2767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.75%, 03/18/24 | &nbsp;&nbsp;&nbsp;&nbsp; 398276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (171293) | &nbsp;&nbsp;&nbsp;&nbsp; (4485) | &nbsp;&nbsp;&nbsp;&nbsp; (7902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (609) | &nbsp;&nbsp;&nbsp;&nbsp; 213987 | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 1895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (25216) | &nbsp;&nbsp;&nbsp;&nbsp; (1721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp;&nbsp; (1749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29568 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 1677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/10/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24063 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/24/25 | &nbsp;&nbsp;&nbsp;&nbsp; 163233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (79140) | &nbsp;&nbsp;&nbsp;&nbsp; (3084) | &nbsp;&nbsp;&nbsp;&nbsp; (3780) | &nbsp;&nbsp;&nbsp;&nbsp; (3021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74208 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 3774 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**144**

------

Schwab 1-5 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY<br> RATE, MATURITY DATE<br>| VALUE AT<br> 12/31/21<br>| PURCHASES | SALES | REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| ACCRETION OF<br> DISCOUNTS<br> (AMORTIZATION<br> OF PREMIUMS)<br>| VALUE AT<br> 12/31/22<br>| FACE AMOUNT<br> AT 12/31/22<br>| INTEREST<br> INCOME EARNED<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/25 | &nbsp;&nbsp;&nbsp;&nbsp; $53334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; ($3393) | &nbsp;&nbsp; ($1182) | &nbsp;&nbsp;&nbsp;&nbsp; $48759 | $50000 | &nbsp;&nbsp; $1813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/21/25 | &nbsp;&nbsp;&nbsp;&nbsp; 215662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (109821) | &nbsp;&nbsp;&nbsp;&nbsp; (4064) | &nbsp;&nbsp;&nbsp;&nbsp; (5512) | &nbsp;&nbsp;&nbsp;&nbsp; (3452) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92813 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 4546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 02/13/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29083 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 1034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/11/26 | &nbsp;&nbsp;&nbsp;&nbsp; 293394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (117681) | &nbsp;&nbsp;&nbsp;&nbsp; (6743) | &nbsp;&nbsp; (14003) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp;&nbsp; 155168 | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/13/26 | &nbsp;&nbsp;&nbsp;&nbsp; 247037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (95436) | &nbsp;&nbsp;&nbsp;&nbsp; (4873) | &nbsp;&nbsp; (13127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (120) | &nbsp;&nbsp;&nbsp;&nbsp; 133481 | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1898 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/02/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 100452 | &nbsp;&nbsp;&nbsp;&nbsp; (48445) | &nbsp;&nbsp;&nbsp;&nbsp; (1762) | &nbsp;&nbsp;&nbsp;&nbsp; (3094) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47098 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 1827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/03/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 194305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (12079) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp;&nbsp; 183036 | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 3634 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47434 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 958 |
| **Total** | **$1745515** | **$368046** | **($856055)** | **($28752)** | **($68586)** | **($12393)** | **$1147775** |  | **$28117** |

---

------

The following is a summary of the inputs used to value the fund's investments as of December 31, 2022 (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 |
| **Assets** |  |  |  |  |
| Corporates<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | $367307445 | $— | $367307445 |
| Short-Term Investments<sup>1</sup> <br>| &nbsp;&nbsp; 1108233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1108233 |
| Futures Contracts<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 |
| **Total** | **$1108310** | **$367307445** | **$—** | **$368415755** |

---

&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.

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying

securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

*See financial notes*

**145**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 1-5 Year Corporate Bond ETF

Statement of Assets and Liabilities

------

As of December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $1,239,945) |  | &nbsp;&nbsp;&nbsp;&nbsp; $1147775 |
| Investments in securities, at value - unaffiliated (cost $392,825,187) |  | &nbsp;&nbsp; 367267903 |
| Deposit with broker for futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58500 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3994555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3280474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Variation margin on future contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2037 |
| **Total assets** |  | **375762506** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4881368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9195 |
| **Total liabilities** |  | **4890563** |
| **Net assets** |  | **$370871943** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $398599778 |
| Total distributable loss | + | &nbsp;&nbsp;&nbsp; (27727835) |
| **Net assets** |  | **$370871943** |

---

&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** |
| $370871943 |  | 7900000 |  | $46.95 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**146**

------

Schwab 1-5 Year Corporate Bond ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated |  | &nbsp;&nbsp;&nbsp; $6201548 |
| Dividends received from securities - unaffiliated  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19418 |
| Interest received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15724 |
| Securities on loan, net | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2875 |
| **Total investment income**  |  | **6239565** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139110 |
| Proxy fees<sup>1</sup> <br>| + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11494 |
| **Total expenses** | – | **150604** |
| **Net investment income** |  | **6088961** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28752) |
| Net realized losses on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp; (1998284) |
| Net realized losses on sales of in-kind redemptions - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp; (9075617) |
| Net realized losses on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7864) |
| **Net realized losses** |  | **(11110517)** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68586) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated |  | &nbsp;&nbsp; (20680348) |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1176 |
| **Net change in unrealized appreciation (depreciation)** | **+** | **(20747758)** |
| **Net realized and unrealized losses** |  | **(31858275)** |
| **Decrease in net assets resulting from operations** |  | **($25769314)** |

---

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

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

*See financial notes*

**147**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 1-5 Year Corporate Bond ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 |
| Net investment income |  | &nbsp;&nbsp;&nbsp; $6088961 | &nbsp;&nbsp; $5118178 |
| Net realized gains (losses) |  | &nbsp;&nbsp; (11110517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685257 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp; (20747758) | &nbsp;&nbsp; (8072331) |
| **Decrease in net assets from operations** |  | **($25769314)** | **($2268896)** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($6101610)** | **($5031370)** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 | 1/1/21-12/31/21 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | &nbsp;&nbsp; 2400000 | &nbsp;&nbsp; $114378641 | 13350000 | $682272042 |
| Shares redeemed | + | (6550000) | &nbsp;&nbsp;&nbsp; (321039478) | (3600000) | &nbsp;&nbsp; (183713833) |
| **Net transactions in fund shares**  |  | **(4150000)** | **($206660837)** | **9750000** | **$498558209** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 | 1/1/21-12/31/21 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 12050000 | &nbsp;&nbsp; $609403704 | &nbsp;&nbsp; 2300000 | $118145761 |
| Total increase (decrease) | + | (4150000) | &nbsp;&nbsp;&nbsp; (238531761) | &nbsp;&nbsp; 9750000 | &nbsp;&nbsp; 491257943 |
| **End of period** |  | **7900000** | **$370871943** | **12050000** | **$609403704** |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**148**

------

Schwab 5-10 Year Corporate Bond ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1/1/22– <br>12/31/22<br>| 1/1/21– <br>12/31/21<br>| 1/1/20– <br>12/31/20<br>| 10/10/19<sup>1</sup>– <br>12/31/19<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp;&nbsp; $51.73 | &nbsp;&nbsp;&nbsp; $53.69 | &nbsp;&nbsp;&nbsp; $50.07 | &nbsp;&nbsp;&nbsp; $50.00 |
| Income (loss) from investment operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; (8.55) | &nbsp;&nbsp;&nbsp;&nbsp; (1.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; (7.20) | &nbsp;&nbsp;&nbsp;&nbsp; (0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33 |
| Less distributions: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (1.34) | &nbsp;&nbsp;&nbsp;&nbsp; (1.00) | &nbsp;&nbsp;&nbsp;&nbsp; (1.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.26) |
| Net asset value at end of period | &nbsp;&nbsp;&nbsp; $43.19 | &nbsp;&nbsp;&nbsp; $51.73 | &nbsp;&nbsp;&nbsp; $53.69 | &nbsp;&nbsp;&nbsp; $50.07 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; (14.00%) | &nbsp;&nbsp;&nbsp;&nbsp; (1.80%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.83% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.67%<sup>3</sup> <br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04%<sup>4,5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05%<sup>6</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06%<sup>7,8</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.96% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.43% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.61%<sup>7</sup> <br>|
| Portfolio turnover rate<sup>9</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8%<sup>3</sup> <br>|
| Net assets, end of period (x 1,000) | $328276 | $375055 | $190584 | $110151 |

---

&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> Effective July 1, 2022, the annual operating expense ratio was reduced to 0.03%. The ratio presented for the period ended 12/31/22 is a blended ratio (see financial note 4 for additional information). 

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

<sup>6</sup> Effective December 20, 2021, the annual operating expense ratio was reduced to 0.04%. The ratio presented for period ended 12/31/21 is a blended ratio.

<sup>7</sup> Annualized.

<sup>8</sup> Effective December 13, 2019, the annual operating expense ratio was reduced to 0.05%. The ratio presented for the period ended 12/31/19 is a blended ratio.

<sup>9</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

*See financial notes*

**149**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022

------

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

The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund's Form N-PORT Part F is available on the SEC's website at www.sec.gov. You can also obtain this information at no cost on the fund's website at www.schwabassetmanagement.com/schwabetfs_prospectus, by calling 1-866-414-6349, or by sending an email request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings on a daily basis on the fund's website.

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

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CORPORATES** 99.0% OF NET ASSETS | **CORPORATES** 99.0% OF NET ASSETS | **CORPORATES** 99.0% OF NET ASSETS |
| **Financial Institutions 36.0%** | **Financial Institutions 36.0%** | **Financial Institutions 36.0%** |
| ***Banking 22.9%***  | ***Banking 22.9%***  | ***Banking 22.9%***  |
| **Ally Financial, Inc.** | **Ally Financial, Inc.** | **Ally Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 11/02/28 *(a)* | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp; 97842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 11/01/31  | &nbsp;&nbsp;&nbsp; 550000 | 569659 |
| **American Express Co.** | **American Express Co.** | **American Express Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 05/03/29 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | 191245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.99%, 05/26/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 150000 | 144925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 08/03/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 275000 | 261039 |
| **Banco Santander S.A.** | **Banco Santander S.A.** | **Banco Santander S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/23/28  | &nbsp;&nbsp;&nbsp; 200000 | 181998 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/12/28  | &nbsp;&nbsp;&nbsp; 200000 | 188146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 06/27/29  | &nbsp;&nbsp;&nbsp; 200000 | 175179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.49%, 05/28/30  | &nbsp;&nbsp;&nbsp; 200000 | 169317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/03/30  | &nbsp;&nbsp;&nbsp; 200000 | 153315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 03/25/31  | &nbsp;&nbsp;&nbsp; 200000 | 160681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.23%, 11/22/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 200000 | 151746 |
| **Bank of America Corp.** | **Bank of America Corp.** | **Bank of America Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 03/05/29 *(a)(b)* | &nbsp;&nbsp;&nbsp; 475000 | 439348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.09%, 06/14/29 *(a)(b)* | &nbsp;&nbsp;&nbsp; 650000 | 547296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.27%, 07/23/29 *(a)(b)* | &nbsp;&nbsp;&nbsp; 600000 | 561450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 02/07/30 *(a)(b)* | &nbsp;&nbsp;&nbsp; 605000 | 550173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.19%, 07/23/30 *(a)(b)* | &nbsp;&nbsp;&nbsp; 495000 | 427014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/22/30 *(a)(b)* | &nbsp;&nbsp;&nbsp; 400000 | 336576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/13/31 *(a)(b)* | &nbsp;&nbsp;&nbsp; 700000 | 569474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 04/29/31 *(a)(b)* | &nbsp;&nbsp;&nbsp; 600000 | 490174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 07/23/31 *(a)(b)* | &nbsp;&nbsp;&nbsp; 550000 | 424075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.92%, 10/24/31 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 382138 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/11/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 425000 | 340916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.69%, 04/22/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 900000 | 721555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 07/21/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | 578188 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 10/20/32 *(a)(b)* | &nbsp;&nbsp;&nbsp; 650000 | 510691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 02/04/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 750000 | 605699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 04/27/33 *(a)(b)* | &nbsp;&nbsp;&nbsp; 800000 | 734450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 07/22/33 *(a)(b)* | 1000000 | 949699 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 09/21/36 *(a)(b)* | &nbsp;&nbsp;&nbsp; 475000 | 351160 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/08/37 *(a)(b)* | &nbsp;&nbsp;&nbsp; 500000 | 414624 |
| **Bank of Montreal** | **Bank of Montreal** | **Bank of Montreal** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.09%, 01/10/37 *(a)(b)* | &nbsp;&nbsp;&nbsp; 275000 | 209025 |
| **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** | **Bank of New York Mellon Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/29/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/28/28  | &nbsp;&nbsp;&nbsp; 200000 | 192306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/14/28 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 84897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/28 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp; 89360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 01/25/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp; 62822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/26/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 08/23/29 *(a)* | &nbsp;&nbsp;&nbsp; 175000 | 157178 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 07/26/30 *(a)(b)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48791 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/28/31 *(a)* | 100000 | &nbsp;&nbsp; 78191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 07/28/31 *(a)* | 100000 | &nbsp;&nbsp; 77648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/26/32 *(a)* | 125000 | 101807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.29%, 06/13/33 *(a)(b)* | 200000 | 187694 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.83%, 10/25/33 *(a)(b)* | 300000 | 312622 |
| **Bank of Nova Scotia** | **Bank of Nova Scotia** | **Bank of Nova Scotia** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 08/01/31  | 125000 | &nbsp;&nbsp; 99421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/02/32  | 175000 | 141103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59%, 05/04/37 *(a)(b)* | 250000 | 213655 |
| **BankUnited, Inc.** | **BankUnited, Inc.** | **BankUnited, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 06/11/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 69446 |
| **Barclays PLC** | **Barclays PLC** | **Barclays PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 01/10/28 *(a)* | 200000 | 186226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.84%, 05/09/28 *(a)* | 450000 | 415479 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 05/16/29 *(a)(b)* | 250000 | 235684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.09%, 06/20/30 *(a)(b)* | 400000 | 369471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/24/31 *(a)(b)* | 250000 | 195504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 03/10/32 *(a)(b)* | 300000 | 229664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.89%, 11/24/32 *(a)(b)* | 200000 | 152613 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 08/09/33 *(a)(b)* | 300000 | 284263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.44%, 11/02/33 *(a)(b)* | 200000 | 210829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.56%, 09/23/35 *(a)(b)* | 250000 | 191924 |
| **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** | **Canadian Imperial Bank of Commerce** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/07/32 *(a)* | 200000 | 176706 |
| **Capital One Financial Corp.** | **Capital One Financial Corp.** | **Capital One Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 01/31/28 *(a)* | 300000 | 281477 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.27%, 03/01/30 *(a)(b)* | 200000 | 171903 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 07/26/30 *(a)(b)* | 175000 | 167420 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 07/29/32 *(a)(b)* | 200000 | 144214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 11/02/32 *(a)(b)* | 150000 | 115779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.27%, 05/10/33 *(a)(b)* | 250000 | 232490 |
| **Citigroup, Inc.** | **Citigroup, Inc.** | **Citigroup, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 01/15/28  | 100000 | 107453 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 07/25/28  | 500000 | 466734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.08%, 04/23/29 *(a)(b)* | 375000 | 346165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.98%, 03/20/30 *(a)(b)* | 475000 | 429424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.98%, 11/05/30 *(a)(b)* | 450000 | 378642 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 01/29/31 *(a)(b)* | 450000 | 369766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.41%, 03/31/31 *(a)(b)* | 800000 | 736390 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 06/03/31 *(a)(b)* | 700000 | 566844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 05/01/32 *(a)(b)* | 600000 | 474368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 06/15/32  | 225000 | 236816 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 11/03/32 *(a)(b)* | 350000 | 272256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.06%, 01/25/33 *(a)(b)* | 600000 | 485603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.79%, 03/17/33 *(a)(b)* | 650000 | 558339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 05/24/33 *(a)(b)* | 500000 | 469948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.27%, 11/17/33 *(a)(b)* | 450000 | 464905 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**150**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** | **Citizens Financial Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/06/30 *(a)* | 125000 | 101131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/30/30 *(a)* | 175000 | 152430 |
| **Comerica, Inc.** | **Comerica, Inc.** | **Comerica, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/29 *(a)* | 250000 | 234913 |
| **Credit Suisse USA, Inc.** | **Credit Suisse USA, Inc.** | **Credit Suisse USA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/15/32  | 150000 | 152405 |
| **Deutsche Bank AG** | **Deutsche Bank AG** | **Deutsche Bank AG** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 09/18/31 *(a)(b)* | 325000 | 261537 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.73%, 01/14/32 *(a)(b)* | 300000 | 221324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 05/28/32 *(a)(b)* | 250000 | 190072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 01/07/33 *(a)(b)* | 300000 | 215245 |
| **Discover Bank** | **Discover Bank** | **Discover Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/06/30 *(a)* | 250000 | 200759 |
| **Discover Financial Services** | **Discover Financial Services** | **Discover Financial Services** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.70%, 11/29/32 *(a)* | 150000 | 152788 |
| **Fifth Third Bancorp** | **Fifth Third Bancorp** | **Fifth Third Bancorp** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.77%, 07/28/30 *(a)(b)* | 250000 | 238924 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 04/25/33 *(a)(b)* | 150000 | 137567 |
| **First Horizon Bank** | **First Horizon Bank** | **First Horizon Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 05/01/30 *(a)* | 125000 | 121232 |
| **First-Citizens Bank & Trust Co.** | **First-Citizens Bank & Trust Co.** | **First-Citizens Bank & Trust Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 03/09/28  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 76772 |
| **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** | **Goldman Sachs Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.81%, 04/23/29 *(a)(b)* | 490000 | 446711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 05/01/29 *(a)(b)* | 700000 | 652407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/07/30 *(a)* | 425000 | 355170 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/30 *(a)* | 500000 | 449784 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.99%, 01/27/32 *(a)(b)* | 500000 | 381202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.62%, 04/22/32 *(a)(b)* | 750000 | 598515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/21/32 *(a)(b)* | 800000 | 621179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/21/32 *(a)(b)* | 625000 | 493763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/24/33 *(a)(b)* | 800000 | 653430 |
| **HSBC Holdings PLC** | **HSBC Holdings PLC** | **HSBC Holdings PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.58%, 06/19/29 *(a)(b)* | 700000 | 645548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.21%, 08/17/29 *(a)(b)* | 325000 | 263153 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 03/31/30  | 400000 | 382775 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.97%, 05/22/30 *(a)(b)* | 600000 | 525779 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/04/31 *(a)(b)* | 350000 | 280178 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 08/18/31 *(a)(b)* | 350000 | 268595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/24/32 *(a)(b)* | 650000 | 503121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 11/22/32 *(a)(b)* | 350000 | 268814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.76%, 03/29/33 *(a)(b)* | 500000 | 433840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/11/33 *(a)(b)* | 500000 | 465496 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.11%, 11/03/33 *(a)(b)* | 200000 | 212335 |
| **Huntington Bancshares, Inc.** | **Huntington Bancshares, Inc.** | **Huntington Bancshares, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/04/30 *(a)* | 225000 | 185668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.02%, 05/17/33 *(a)(b)* | 100000 | &nbsp;&nbsp; 95285 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 08/15/36 *(a)(b)* | 165000 | 119927 |
| **ING Groep N.V.** | **ING Groep N.V.** | **ING Groep N.V.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/02/28  | 200000 | 191145 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/09/29  | 200000 | 184546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 04/01/32 *(a)(b)* | 200000 | 159600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/28/33 *(a)(b)* | 200000 | 176976 |
| **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** | **JPMorgan Chase & Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.51%, 01/23/29 *(a)(b)* | 500000 | 454265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.01%, 04/23/29 *(a)(b)* | 450000 | 417189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.07%, 06/01/29 *(a)(b)* | 450000 | 376473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 07/23/29 *(a)(b)* | 500000 | 466735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 12/05/29 *(a)(b)* | 500000 | 471018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/06/30 *(a)(b)* | 500000 | 448710 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 06/14/30 *(a)(b)* | 400000 | 378240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 09/01/30  | 100000 | 116256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.74%, 10/15/30 *(a)(b)* | 755000 | 634515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 03/24/31 *(a)(b)* | 575000 | 538918 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.52%, 04/22/31 *(a)(b)* | 575000 | 471245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 05/13/31 *(a)(b)* | 600000 | 495355 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.76%, 11/19/31 *(a)(b)* | 300000 | 227979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/04/32 *(a)(b)* | 600000 | 460638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.58%, 04/22/32 *(a)(b)* | 700000 | 561490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/08/32 *(a)(b)* | 600000 | 474767 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.96%, 01/25/33 *(a)(b)* | 700000 | 570588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.59%, 04/26/33 *(a)(b)* | 550000 | 510361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 07/25/33 *(a)(b)* | 850000 | 809547 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.72%, 09/14/33 *(a)(b)* | 675000 | 664292 |
| **KeyBank NA** | **KeyBank NA** | **KeyBank NA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 08/08/32  | 250000 | 231543 |
| **KeyCorp** | **KeyCorp** | **KeyCorp** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/30/28  | 150000 | 142979 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 10/01/29  | 150000 | 126653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.79%, 06/01/33 *(a)(b)* | 150000 | 142255 |
| **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** | **Lloyds Banking Group PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/22/28  | 400000 | 379653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 08/16/28  | 400000 | 375373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.98%, 08/11/33 *(a)(b)* | 300000 | 276051 |
| **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** | **Mitsubishi UFJ Financial Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.96%, 03/02/28  | 300000 | 284311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 09/11/28  | 200000 | 190164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.74%, 03/07/29  | 325000 | 300837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 07/18/29  | 325000 | 285133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 02/25/30  | 200000 | 165918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 07/17/30  | 200000 | 158102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 07/20/32 *(a)(b)* | 400000 | 308900 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 10/13/32 *(a)(b)* | 200000 | 156141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/19/33 *(a)(b)* | 275000 | 219481 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.32%, 04/19/33 *(a)(b)* | 200000 | 180605 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 07/20/33 *(a)(b)* | 300000 | 287665 |
| **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** | **Mizuho Financial Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 03/05/28  | 200000 | 189074 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.26%, 05/22/30 *(a)(b)* | 200000 | 173482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 07/16/30 *(a)(b)* | 200000 | 171384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.87%, 09/13/30 *(a)(b)* | 125000 | 104636 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.59%, 05/25/31 *(a)(b)* | 200000 | 161786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 07/10/31 *(a)(b)* | 300000 | 234893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.56%, 09/13/31  | 200000 | 153564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 07/09/32 *(a)(b)* | 225000 | 172368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 09/13/33 *(a)(b)* | 200000 | 198951 |
| **Morgan Stanley** | **Morgan Stanley** | **Morgan Stanley** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.77%, 01/24/29 *(a)(b)* | 583000 | 534760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.43%, 01/23/30 *(a)(b)* | 580000 | 542184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 01/22/31 *(a)(b)* | 700000 | 580088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.62%, 04/01/31 *(a)(b)* | 600000 | 525440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.79%, 02/13/32 *(a)(b)* | 550000 | 413346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 04/01/32  | 200000 | 225081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.93%, 04/28/32 *(a)(b)* | 550000 | 416278 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 07/21/32 *(a)(b)* | 700000 | 536992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51%, 10/20/32 *(a)(b)* | 525000 | 410829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.94%, 01/21/33 *(a)(b)* | 500000 | 405934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 07/20/33 *(a)(b)* | 375000 | 352931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.34%, 10/18/33 *(a)(b)* | 575000 | 602175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.48%, 09/16/36 *(a)(b)* | 600000 | 438214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 04/20/37 *(a)(b)* | 450000 | 412280 |
| **Natwest Group PLC** | **Natwest Group PLC** | **Natwest Group PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.89%, 05/18/29 *(a)(b)* | 375000 | 353983 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.08%, 01/27/30 *(a)(b)* | 250000 | 235826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 05/08/30 *(a)(b)* | 250000 | 227375 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 11/28/35 *(a)(b)* | 225000 | 166503 |
| **Northern Trust Corp.** | **Northern Trust Corp.** | **Northern Trust Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/03/28 *(a)* | 125000 | 119088 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 05/03/29 *(a)* | 100000 | &nbsp;&nbsp; 90920 |

---

*See financial notes*

**151**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 05/01/30 *(a)* | 200000 | 164724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.13%, 11/02/32 *(a)* | 200000 | 211908 |
| **PNC Bank NA** | **PNC Bank NA** | **PNC Bank NA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 07/26/28  | 250000 | 236191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/22/29  | 250000 | 211645 |
| **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** | **PNC Financial Services Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/23/29 *(a)* | 400000 | 366989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 01/22/30 *(a)* | 390000 | 331868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.31%, 04/23/32 *(a)(b)* | 175000 | 142060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/06/33 *(a)(b)* | 250000 | 231833 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.04%, 10/28/33 *(a)(b)* | 200000 | 209348 |
| **Regions Financial Corp.** | **Regions Financial Corp.** | **Regions Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 08/12/28 *(a)* | 125000 | 106306 |
| **Royal Bank of Canada** | **Royal Bank of Canada** | **Royal Bank of Canada** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/03/31  | 300000 | 241090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/04/32  | 200000 | 182737 |
| **Santander UK Group Holdings PLC** | **Santander UK Group Holdings PLC** | **Santander UK Group Holdings PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/32 *(a)(b)* | 200000 | 154883 |
| **State Street Corp.** | **State Street Corp.** | **State Street Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.14%, 12/03/29 *(a)(b)* | 100000 | &nbsp;&nbsp; 94792 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 01/24/30  | 200000 | 170252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/03/31  | 175000 | 140272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/30/31 *(a)(b)* | 100000 | &nbsp;&nbsp; 88034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.42%, 05/13/33 *(a)(b)* | 150000 | 141758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.16%, 08/04/33 *(a)(b)* | 150000 | 138704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.03%, 11/01/34 *(a)(b)* | 125000 | 105556 |
| **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** | **Sumitomo Mitsui Financial Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.54%, 01/17/28  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 69717 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/17/28  | 400000 | 330861 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.31%, 10/16/28  | 100000 | &nbsp;&nbsp; 94242 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.47%, 01/14/29  | 200000 | 168904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.04%, 07/16/29  | 500000 | 434031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 09/17/29  | 150000 | 129969 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 09/27/29  | 200000 | 168829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/30  | 300000 | 252047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 07/08/30  | 200000 | 158798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.14%, 09/23/30  | 150000 | 116008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.71%, 01/12/31  | 200000 | 150691 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.22%, 09/17/31  | 200000 | 154629 |
| **SVB Financial Group** | **SVB Financial Group** | **SVB Financial Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/15/28 *(a)* | 100000 | &nbsp;&nbsp; 83358 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 06/05/30 *(a)* | 100000 | &nbsp;&nbsp; 82407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 02/02/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 54651 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.57%, 04/29/33 *(a)(b)* | 100000 | &nbsp;&nbsp; 88364 |
| **Synchrony Financial** | **Synchrony Financial** | **Synchrony Financial** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 03/19/29 *(a)* | 135000 | 127873 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/28/31 *(a)* | 175000 | 130770 |
| **Toronto-Dominion Bank** | **Toronto-Dominion Bank** | **Toronto-Dominion Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/10/31  | 175000 | 137953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/12/32  | 125000 | 101226 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/10/32  | 325000 | 280702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.46%, 06/08/32  | 400000 | 381074 |
| **Truist Bank** | **Truist Bank** | **Truist Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/11/30 *(a)* | 250000 | 202368 |
| **Truist Financial Corp.** | **Truist Financial Corp.** | **Truist Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/19/29 *(a)* | 125000 | 115386 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.89%, 06/07/29 *(a)(b)* | 200000 | 168749 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 06/05/30 *(a)* | 150000 | 120864 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.92%, 07/28/33 *(a)(b)* | 200000 | 188159 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.12%, 10/28/33 *(a)(b)* | 150000 | 157796 |
| **US Bancorp** | **US Bancorp** | **US Bancorp** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/26/28 *(a)* | 150000 | 144048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/30/29 *(a)* | 200000 | 176120 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 07/22/30 *(a)* | 250000 | 194203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 01/27/33 *(a)(b)* | 200000 | 165342 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.97%, 07/22/33 *(a)(b)* | 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 261922 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.85%, 10/21/33 *(a)(b)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 312449 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.49%, 11/03/36 *(a)(b)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 190964 |
| **Webster Financial Corp.** | **Webster Financial Corp.** | **Webster Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/25/29 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91068 |
| **Wells Fargo & Co.** | **Wells Fargo & Co.** | **Wells Fargo & Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/24/29 *(a)* | 552000 | &nbsp;&nbsp;&nbsp;&nbsp; 519653 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 11/15/29  | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/30/30 *(a)(b)* | 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 596382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 02/11/31 *(a)(b)* | 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 497712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.48%, 04/04/31 *(a)(b)* | 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 468966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/02/33 *(a)(b)* | 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 674807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 07/25/33 *(a)(b)* | 850000 | &nbsp;&nbsp;&nbsp;&nbsp; 806874 |
| **Westpac Banking Corp.** | **Westpac Banking Corp.** | **Westpac Banking Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/25/28  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 187559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/20/28  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 170657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/16/30  | 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 147852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 06/03/31  | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 187094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 08/10/33 *(a)(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 187454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 07/24/34 *(a)(b)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 257581 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.67%, 11/15/35 *(a)(b)* | 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 241735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.02%, 11/18/36 *(a)(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 148644 |
| **Wintrust Financial Corp.** | **Wintrust Financial Corp.** | **Wintrust Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 06/06/29  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68167 |
| **Zions Bancorp NA** | **Zions Bancorp NA** | **Zions Bancorp NA** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/29/29 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 164176 |
|  |  | **75317299** |
| ***Brokerage/Asset Managers/Exchanges 1.9%***  | ***Brokerage/Asset Managers/Exchanges 1.9%***  | ***Brokerage/Asset Managers/Exchanges 1.9%***  |
| **Affiliated Managers Group, Inc.** | **Affiliated Managers Group, Inc.** | **Affiliated Managers Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/15/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84041 |
| **Ameriprise Financial, Inc.** | **Ameriprise Financial, Inc.** | **Ameriprise Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/13/32 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96915 |
| **BlackRock, Inc.** | **BlackRock, Inc.** | **BlackRock, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/30/29 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 208304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/30/30 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 192407 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 01/28/31 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 243204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 02/25/32 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80469 |
| **Brookfield Finance I UK PLC** | **Brookfield Finance I UK PLC** | **Brookfield Finance I UK PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 01/30/32 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 114394 |
| **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** | **Brookfield Finance, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 01/25/28 *(a)* | 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 198246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 03/29/29 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 167546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/15/30 *(a)* | 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 122879 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 04/15/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80187 |
| **Cboe Global Markets, Inc.** | **Cboe Global Markets, Inc.** | **Cboe Global Markets, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 12/15/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/16/32 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62756 |
| **CI Financial Corp.** | **CI Financial Corp.** | **CI Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/17/30 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 152403 |
| **CME Group, Inc.** | **CME Group, Inc.** | **CME Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 06/15/28 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/15/32 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 126038 |
| **E\*TRADE Financial Corp.** | **E\*TRADE Financial Corp.** | **E\*TRADE Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 06/20/28 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97686 |
| **Franklin Resources, Inc.** | **Franklin Resources, Inc.** | **Franklin Resources, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 10/30/30 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 154237 |
| **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** | **Intercontinental Exchange, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/21/28 *(a)* | 116000 | &nbsp;&nbsp;&nbsp;&nbsp; 109862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/15/29 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 242177 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/15/30 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 245352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 09/15/32 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 226054 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**152**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Jefferies Financial Group, Inc.** | **Jefferies Financial Group, Inc.** | **Jefferies Financial Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 01/23/30  | 200000 | &nbsp;&nbsp;&nbsp; 178959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 10/15/31 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 153780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/15/32 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 94308 |
| **Lazard Group LLC** | **Lazard Group LLC** | **Lazard Group LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/19/28 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 92952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/11/29 *(a)* | 110000 | &nbsp;&nbsp;&nbsp; 101848 |
| **Nasdaq, Inc.** | **Nasdaq, Inc.** | **Nasdaq, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/15/31 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 95862 |
| **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** | **Nomura Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.17%, 07/14/28  | 200000 | &nbsp;&nbsp;&nbsp; 165501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.61%, 07/06/29  | 200000 | &nbsp;&nbsp;&nbsp; 196466 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/16/30  | 300000 | &nbsp;&nbsp;&nbsp; 250037 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.68%, 07/16/30  | 200000 | &nbsp;&nbsp;&nbsp; 160433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 07/14/31  | 200000 | &nbsp;&nbsp;&nbsp; 154683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/22/32  | 200000 | &nbsp;&nbsp;&nbsp; 157764 |
| **Raymond James Financial, Inc.** | **Raymond James Financial, Inc.** | **Raymond James Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 04/01/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 96504 |
| **Stifel Financial Corp.** | **Stifel Financial Corp.** | **Stifel Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 86953 |
| **The Charles Schwab Corp.** | **The Charles Schwab Corp.** | **The Charles Schwab Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/25/28 *(a)(c)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 93366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/28 *(a)(c)* | 250000 | &nbsp;&nbsp;&nbsp; 219822 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/29 *(a)(c)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 95256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/22/29 *(a)(c)* | 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 95357 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/01/29 *(a)(c)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 65514 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/22/30 *(a)(c)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 73735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/11/31 *(a)(c)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 97482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/13/31 *(a)(c)* | 125000 | &nbsp;&nbsp;&nbsp; 102387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 12/01/31 *(a)(c)* | 160000 | &nbsp;&nbsp;&nbsp; 125647 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/03/32 *(a)(c)* | 195000 | &nbsp;&nbsp;&nbsp; 165959 |
|  |  | **6300396** |
| ***Finance Companies 1.0%***  | ***Finance Companies 1.0%***  | ***Finance Companies 1.0%***  |
| **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** | **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** | **AerCap Ireland Capital DAC/AerCap Global Aviation Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/23/28 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 135541 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/29/28 *(a)* | 750000 | &nbsp;&nbsp;&nbsp; 630483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/30/32 *(a)* | 775000 | &nbsp;&nbsp;&nbsp; 606206 |
| **Air Lease Corp.** | **Air Lease Corp.** | **Air Lease Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 09/01/28 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 81795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 10/01/28 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 93787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/01/29 *(a)* | 135000 | &nbsp;&nbsp;&nbsp; 115287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 83758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 12/01/30 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 103773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/32 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 119775 |
| **Ares Capital Corp.** | **Ares Capital Corp.** | **Ares Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/15/28 *(a)* | 250000 | &nbsp;&nbsp;&nbsp; 201356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/15/31 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 110473 |
| **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** | **Blackstone Private Credit Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/29 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 103393 |
| **Blackstone Secured Lending Fund** | **Blackstone Secured Lending Fund** | **Blackstone Secured Lending Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 09/30/28 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 97826 |
| **FS KKR Capital Corp.** | **FS KKR Capital Corp.** | **FS KKR Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 10/12/28 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 121651 |
| **GATX Corp.** | **GATX Corp.** | **GATX Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 68108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 11/07/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 47445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 04/01/29 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 71666 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/30/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 89225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/01/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 74921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/32 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 41721 |
| **Owl Rock Capital Corp.** | **Owl Rock Capital Corp.** | **Owl Rock Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 06/11/28 *(a)* | 175000 | &nbsp;&nbsp;&nbsp; 138676 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Prospect Capital Corp.** | **Prospect Capital Corp.** | **Prospect Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.44%, 10/15/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 58254 |
|  |  | **3195120** |
| ***Financial Other 0.1%***  | ***Financial Other 0.1%***  | ***Financial Other 0.1%***  |
| **ORIX Corp.** | **ORIX Corp.** | **ORIX Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/09/31  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 59265 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/13/32  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 88786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.20%, 09/13/32  | 125000 | &nbsp;&nbsp;&nbsp; 122255 |
|  |  | **270306** |
| ***Insurance 5.0%***  | ***Insurance 5.0%***  | ***Insurance 5.0%***  |
| **Aegon N.V.** | **Aegon N.V.** | **Aegon N.V.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 04/11/48 *(a)(b)* | 200000 | &nbsp;&nbsp;&nbsp; 180524 |
| **Aflac, Inc.** | **Aflac, Inc.** | **Aflac, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/30 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 181197 |
| **Alleghany Corp.** | **Alleghany Corp.** | **Alleghany Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 92807 |
| **Allstate Corp.** | **Allstate Corp.** | **Allstate Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 12/15/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 57377 |
| **American Financial Group, Inc.** | **American Financial Group, Inc.** | **American Financial Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/02/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 73927 |
| **American International Group, Inc.** | **American International Group, Inc.** | **American International Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/30/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 66349 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 04/01/48 *(a)(b)* | 175000 | &nbsp;&nbsp;&nbsp; 168547 |
| **Anthem, Inc.** | **Anthem, Inc.** | **Anthem, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/01/28 *(a)* | 250000 | &nbsp;&nbsp;&nbsp; 239949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 09/15/29 *(a)* | 160000 | &nbsp;&nbsp;&nbsp; 140576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/15/30 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 166180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/15/31 *(a)* | 250000 | &nbsp;&nbsp;&nbsp; 209912 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 05/15/32 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 139692 |
| **Aon Corp.** | **Aon Corp.** | **Aon Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 72392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/02/29 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 139256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/30 *(a)* | 175000 | &nbsp;&nbsp;&nbsp; 149652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/23/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 59713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 09/12/32 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99189 |
| **Aon Corp/Aon Global Holdings PLC** | **Aon Corp/Aon Global Holdings PLC** | **Aon Corp/Aon Global Holdings PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/02/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 81795 |
| **Arthur J Gallagher & Co.** | **Arthur J Gallagher & Co.** | **Arthur J Gallagher & Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 11/09/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 78832 |
| **Assurant, Inc.** | **Assurant, Inc.** | **Assurant, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/27/28 *(a)* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 57727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 02/22/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 63812 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/32 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 55692 |
| **Assured Guaranty US Holdings, Inc.** | **Assured Guaranty US Holdings, Inc.** | **Assured Guaranty US Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/15/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 84625 |
| **Athene Holding Ltd.** | **Athene Holding Ltd.** | **Athene Holding Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 01/12/28 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 184310 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 04/03/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp; 101121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/31 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 103300 |
| **AXA S.A.** | **AXA S.A.** | **AXA S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.60%, 12/15/30  | 200000 | &nbsp;&nbsp;&nbsp; 242952 |
| **AXIS Specialty Finance LLC** | **AXIS Specialty Finance LLC** | **AXIS Specialty Finance LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/29 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 66814 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/15/40 *(a)(b)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 61854 |
| **Berkshire Hathaway Finance Corp.** | **Berkshire Hathaway Finance Corp.** | **Berkshire Hathaway Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 03/12/30 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 104678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 10/15/30 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 119776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/15/32 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 173648 |
| **Brighthouse Financial, Inc.** | **Brighthouse Financial, Inc.** | **Brighthouse Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 05/15/30 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 119103 |

---

*See financial notes*

**153**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Brown & Brown, Inc.** | **Brown & Brown, Inc.** | **Brown & Brown, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/29 *(a)* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp; 32497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/31 *(a)* | 150000 | 114521 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/17/32 *(a)* | 150000 | 130274 |
| **Centene Corp.** | **Centene Corp.** | **Centene Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 07/15/28 *(a)* | 525000 | 443497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 12/15/29 *(a)* | 800000 | 734546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/30 *(a)* | 550000 | 451519 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/01/31 *(a)* | 500000 | 392143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/01/31 *(a)* | 300000 | 236049 |
| **Chubb INA Holdings, Inc.** | **Chubb INA Holdings, Inc.** | **Chubb INA Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/15/30 *(a)* | 275000 | 214078 |
| **Cincinnati Financial Corp.** | **Cincinnati Financial Corp.** | **Cincinnati Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.92%, 05/15/28  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 80147 |
| **CNA Financial Corp.** | **CNA Financial Corp.** | **CNA Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/01/29 *(a)* | 100000 | &nbsp;&nbsp; 91627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 08/15/30 *(a)* | 100000 | &nbsp;&nbsp; 79162 |
| **CNO Financial Group, Inc.** | **CNO Financial Group, Inc.** | **CNO Financial Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 05/30/29 *(a)* | 125000 | 119373 |
| **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** | **Corebridge Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 04/05/29 *(a)(d)* | 200000 | 182616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/05/32 *(a)(d)* | 300000 | 263103 |
| **Elevance Health, Inc.** | **Elevance Health, Inc.** | **Elevance Health, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 10/15/32 *(a)* | 100000 | 102548 |
| **Enstar Group Ltd.** | **Enstar Group Ltd.** | **Enstar Group Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/01/29 *(a)* | 100000 | &nbsp;&nbsp; 91896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 09/01/31 *(a)* | 125000 | &nbsp;&nbsp; 91634 |
| **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** | **Equitable Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 04/01/28  | 100000 | 107778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 04/20/28 *(a)* | 300000 | 286377 |
| **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** | **Fairfax Financial Holdings Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 04/17/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/29/30 *(a)* | 175000 | 159201 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/03/31 *(a)* | 125000 | 102526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 08/16/32 *(a)(d)* | 150000 | 141432 |
| **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** | **Fidelity National Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/28 *(a)* | 100000 | &nbsp;&nbsp; 95320 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/15/30 *(a)* | 125000 | 105768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 03/15/31 *(a)* | 125000 | &nbsp;&nbsp; 95386 |
| **First American Financial Corp.** | **First American Financial Corp.** | **First American Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/30 *(a)* | 100000 | &nbsp;&nbsp; 85060 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/15/31 *(a)* | 150000 | 110278 |
| **Globe Life, Inc.** | **Globe Life, Inc.** | **Globe Life, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/15/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 08/15/30 *(a)* | 100000 | &nbsp;&nbsp; 79369 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 06/15/32 *(a)* | 100000 | &nbsp;&nbsp; 95008 |
| **Hanover Insurance Group, Inc.** | **Hanover Insurance Group, Inc.** | **Hanover Insurance Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/30 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 38575 |
| **Hartford Financial Services Group, Inc.** | **Hartford Financial Services Group, Inc.** | **Hartford Financial Services Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/19/29 *(a)* | 125000 | 107207 |
| **Humana, Inc.** | **Humana, Inc.** | **Humana, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/01/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/23/29 *(a)* | 200000 | 183064 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 08/15/29 *(a)* | 175000 | 153840 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 04/01/30 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/03/32 *(a)* | 150000 | 117513 |
| **Jackson Financial, Inc.** | **Jackson Financial, Inc.** | **Jackson Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/23/31 *(a)* | 100000 | &nbsp;&nbsp; 77522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.67%, 06/08/32 *(a)* | 100000 | &nbsp;&nbsp; 94570 |
| **Kemper Corp.** | **Kemper Corp.** | **Kemper Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 09/30/30 *(a)* | 100000 | &nbsp;&nbsp; 77656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/23/32 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 63193 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Lincoln National Corp.** | **Lincoln National Corp.** | **Lincoln National Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/28 *(a)* | 100000 | &nbsp;&nbsp; 92123 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/15/30 *(a)* | 125000 | 103643 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/31 *(a)* | 100000 | &nbsp;&nbsp; 82680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/01/32 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 40657 |
| **Loews Corp.** | **Loews Corp.** | **Loews Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/15/30 *(a)* | 100000 | &nbsp;&nbsp; 88651 |
| **Manulife Financial Corp.** | **Manulife Financial Corp.** | **Manulife Financial Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/16/32 *(a)* | 150000 | 133635 |
| **Markel Corp.** | **Markel Corp.** | **Markel Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 09/17/29 *(a)* | 100000 | &nbsp;&nbsp; 87021 |
| **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** | **Marsh & McLennan Cos., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/29 *(a)* | 300000 | 290368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/30 *(a)* | 185000 | 151754 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 12/15/31 *(a)* | 100000 | &nbsp;&nbsp; 80987 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/01/32 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52536 |
| **MetLife, Inc.** | **MetLife, Inc.** | **MetLife, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/23/30 *(a)* | 225000 | 221782 |
| **PartnerRe Finance B LLC** | **PartnerRe Finance B LLC** | **PartnerRe Finance B LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/02/29 *(a)* | 100000 | &nbsp;&nbsp; 90319 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/50 *(a)(b)* | 100000 | &nbsp;&nbsp; 86301 |
| **Primerica, Inc.** | **Primerica, Inc.** | **Primerica, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 11/19/31 *(a)* | 150000 | 122823 |
| **Principal Financial Group, Inc.** | **Principal Financial Group, Inc.** | **Principal Financial Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/15/29 *(a)* | 115000 | 107035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/15/30 *(a)* | 100000 | &nbsp;&nbsp; 82008 |
| **Prudential Financial, Inc.** | **Prudential Financial, Inc.** | **Prudential Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 03/27/28 *(a)* | &nbsp;&nbsp; 99000 | &nbsp;&nbsp; 95022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/10/30 *(a)* | 100000 | &nbsp;&nbsp; 83126 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 09/15/48 *(a)(b)* | 200000 | 192719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 10/01/50 *(a)(b)* | 175000 | 150155 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 03/01/52 *(a)(b)* | 175000 | 158631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 09/01/52 *(a)(b)* | 250000 | 243681 |
| **Prudential PLC** | **Prudential PLC** | **Prudential PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/14/30  | 200000 | 174624 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/24/32 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 66871 |
| **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** | **Reinsurance Group of America, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 05/15/29 *(a)* | 100000 | &nbsp;&nbsp; 91852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 06/15/30 *(a)* | 125000 | 106706 |
| **RenaissanceRe Holdings Ltd.** | **RenaissanceRe Holdings Ltd.** | **RenaissanceRe Holdings Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/15/29 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 45056 |
| **Stewart Information Services Corp.** | **Stewart Information Services Corp.** | **Stewart Information Services Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/31 *(a)* | 100000 | &nbsp;&nbsp; 76581 |
| **The Progressive Corp.** | **The Progressive Corp.** | **The Progressive Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/29 *(a)* | 100000 | &nbsp;&nbsp; 96134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/26/30 *(a)* | 125000 | 112598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/32 *(a)* | 200000 | 174043 |
| **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** | **UnitedHealth Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 02/15/28 *(a)* | 100000 | 102506 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/28  | 225000 | 215906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 12/15/28  | 150000 | 143436 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/15/29 *(a)* | 225000 | 215144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 08/15/29  | 275000 | 245191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 02/15/30 *(a)* | 200000 | 206690 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/30  | 300000 | 248530 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/15/31 *(a)* | 325000 | 271268 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/32 *(a)* | 325000 | 309578 |
| **Unum Group** | **Unum Group** | **Unum Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/29 *(a)* | 100000 | &nbsp;&nbsp; 90588 |
| **Voya Financial, Inc.** | **Voya Financial, Inc.** | **Voya Financial, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 01/23/48 *(a)(b)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 19348 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**154**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Willis North America, Inc.** | **Willis North America, Inc.** | **Willis North America, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/28 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/29 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 126363 |
|  |  | **16456221** |
| ***REITs 5.1%***  | ***REITs 5.1%***  | ***REITs 5.1%***  |
| **Agree LP** | **Agree LP** | **Agree LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/28 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 122867 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 10/01/32 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92540 |
| **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** | **Alexandria Real Estate Equities, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47090 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/30/29 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94904 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 12/15/29 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/01/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96394 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/30 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 146384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/31 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 131401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/18/32 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 115496 |
| **American Assets Trust LP** | **American Assets Trust LP** | **American Assets Trust LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/01/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79417 |
| **American Homes 4 Rent LP** | **American Homes 4 Rent LP** | **American Homes 4 Rent LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/15/28 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 02/15/29 *(a)* | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75881 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/15/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77119 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/15/32 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 105085 |
| **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** | **AvalonBay Communities, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/15/28 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91577 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/01/28 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 06/01/29 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/01/30 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41587 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/31 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 103373 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/15/32 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 137871 |
| **Boston Properties LP** | **Boston Properties LP** | **Boston Properties LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/28 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 279195 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/21/29 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86281 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/15/30 *(a)* | 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 110442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/30/31 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 166072 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 04/01/32 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 152660 |
| **Brandywine Operating Partnership LP** | **Brandywine Operating Partnership LP** | **Brandywine Operating Partnership LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 10/01/29 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 125717 |
| **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** | **Brixmor Operating Partnership LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/01/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/29 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 07/01/30 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 154142 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/16/31 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 115077 |
| **Broadstone Net Lease LLC** | **Broadstone Net Lease LLC** | **Broadstone Net Lease LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 09/15/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56352 |
| **Camden Property Trust** | **Camden Property Trust** | **Camden Property Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 10/15/28 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 07/01/29 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 156432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/30 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 129528 |
| **Corporate Office Properties LP** | **Corporate Office Properties LP** | **Corporate Office Properties LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/31 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 150223 |
| **CubeSmart LP** | **CubeSmart LP** | **CubeSmart LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/15/28 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/15/29 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69557 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/15/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56645 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/32 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76676 |
| **Digital Realty Trust LP** | **Digital Realty Trust LP** | **Digital Realty Trust LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 07/15/28 *(a)* | 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 308947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 07/01/29 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 156702 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **EPR Properties** | **EPR Properties** | **EPR Properties** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 04/15/28 *(a)* | 100000 | &nbsp;&nbsp; 85396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/29 *(a)* | 125000 | &nbsp;&nbsp; 97795 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 11/15/31 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 36284 |
| **ERP Operating LP** | **ERP Operating LP** | **ERP Operating LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/28 *(a)* | 100000 | &nbsp;&nbsp; 92439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/01/28 *(a)* | 100000 | &nbsp;&nbsp; 94340 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/29 *(a)* | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 61165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/15/30 *(a)* | 125000 | 104532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 08/01/31 *(a)* | 100000 | &nbsp;&nbsp; 77964 |
| **Essential Properties LP** | **Essential Properties LP** | **Essential Properties LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 07/15/31 *(a)* | 100000 | &nbsp;&nbsp; 72825 |
| **Essex Portfolio LP** | **Essex Portfolio LP** | **Essex Portfolio LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 03/01/28 *(a)* | 100000 | &nbsp;&nbsp; 83631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/29 *(a)* | 100000 | &nbsp;&nbsp; 91227 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/30 *(a)* | 100000 | &nbsp;&nbsp; 84756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/15/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 56014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 03/15/32 *(a)* | 175000 | 138696 |
| **Extra Space Storage LP** | **Extra Space Storage LP** | **Extra Space Storage LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/01/31 *(a)* | 125000 | &nbsp;&nbsp; 97958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 03/15/32 *(a)* | 175000 | 132835 |
| **Federal Realty Investment Trust** | **Federal Realty Investment Trust** | **Federal Realty Investment Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/29 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 65214 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 64726 |
| **Healthcare Realty Holdings LP** | **Healthcare Realty Holdings LP** | **Healthcare Realty Holdings LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/15/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 63106 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/30 *(a)* | 125000 | &nbsp;&nbsp; 97121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/15/31 *(a)* | 100000 | &nbsp;&nbsp; 75773 |
| **Healthpeak Properties, Inc.** | **Healthpeak Properties, Inc.** | **Healthpeak Properties, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 12/01/28 *(a)* | 100000 | &nbsp;&nbsp; 84198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/15/29 *(a)* | 125000 | 111495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/30 *(a)* | 140000 | 120371 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 01/15/31 *(a)* | 125000 | 104640 |
| **Highwoods Realty LP** | **Highwoods Realty LP** | **Highwoods Realty LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 68078 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/29 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 65136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 02/15/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 59639 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/01/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 55678 |
| **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** | **Host Hotels & Resorts LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 12/15/29 *(a)* | 125000 | 104830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/15/30 *(a)* | 150000 | 124062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/15/31 *(a)* | 100000 | &nbsp;&nbsp; 76738 |
| **Hudson Pacific Properties LP** | **Hudson Pacific Properties LP** | **Hudson Pacific Properties LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 04/01/29 *(a)* | 100000 | &nbsp;&nbsp; 85715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/30 *(a)* | 150000 | 114869 |
| **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** | **Invitation Homes Operating Partnership LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/28 *(a)* | 150000 | 124332 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/31 *(a)* | 125000 | &nbsp;&nbsp; 92409 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/32 *(a)* | 100000 | &nbsp;&nbsp; 87588 |
| **Kilroy Realty LP** | **Kilroy Realty LP** | **Kilroy Realty LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/15/29 *(a)* | &nbsp;&nbsp; 70000 | &nbsp;&nbsp; 61560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 02/15/30 *(a)* | 150000 | 120484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 11/15/32 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 53525 |
| **Kimco Realty Corp.** | **Kimco Realty Corp.** | **Kimco Realty Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/01/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 63002 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/01/30 *(a)* | 100000 | &nbsp;&nbsp; 81846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 12/01/31 *(a)* | 100000 | &nbsp;&nbsp; 76756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/01/32 *(a)* | 125000 | 103794 |
| **Lexington Realty Trust** | **Lexington Realty Trust** | **Lexington Realty Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/15/30 *(a)* | 100000 | &nbsp;&nbsp; 79946 |
| **Life Storage LP** | **Life Storage LP** | **Life Storage LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/29 *(a)* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 49329 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 10/15/30 *(a)* | 100000 | &nbsp;&nbsp; 77966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/15/31 *(a)* | 125000 | &nbsp;&nbsp; 95809 |

---

*See financial notes*

**155**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **LXP Industrial Trust** | **LXP Industrial Trust** | **LXP Industrial Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/01/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 57013 |
| **Mid-America Apartments LP** | **Mid-America Apartments LP** | **Mid-America Apartments LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/15/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71837 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/29 *(a)* | 115000 | 109087 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/15/30 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 42934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 02/15/31 *(a)* | 100000 | &nbsp;&nbsp; 78389 |
| **National Health Investors, Inc.** | **National Health Investors, Inc.** | **National Health Investors, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/01/31 *(a)* | 100000 | &nbsp;&nbsp; 72358 |
| **National Retail Properties, Inc.** | **National Retail Properties, Inc.** | **National Retail Properties, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 10/15/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/30 *(a)* | 125000 | 101563 |
| **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 *(a)* | 100000 | &nbsp;&nbsp; 92414 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 10/01/29 *(a)* | 100000 | &nbsp;&nbsp; 82425 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/01/31 *(a)* | 125000 | &nbsp;&nbsp; 96743 |
| **Phillips Edison Grocery Center Operating Partnership I LP** | **Phillips Edison Grocery Center Operating Partnership I LP** | **Phillips Edison Grocery Center Operating Partnership I LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/15/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 55264 |
| **Physicians Realty LP** | **Physicians Realty LP** | **Physicians Realty LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/15/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 68787 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 11/01/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 58573 |
| **Piedmont Operating Partnership LP** | **Piedmont Operating Partnership LP** | **Piedmont Operating Partnership LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/15/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 56980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/01/32 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 52610 |
| **Prologis LP** | **Prologis LP** | **Prologis LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 09/15/28 *(a)* | 150000 | 142366 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 09/15/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47911 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 02/01/29 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/29 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 65461 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/15/30 *(a)* | 225000 | 188239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 07/01/30 *(a)* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp; 47555 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 10/15/30 *(a)* | 125000 | &nbsp;&nbsp; 95140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/31 *(a)* | 100000 | &nbsp;&nbsp; 79043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 03/15/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 58189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/32 *(a)* | 100000 | &nbsp;&nbsp; 79916 |
| **Public Storage** | **Public Storage** | **Public Storage** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 05/01/28 *(a)* | 150000 | 129017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 11/09/28 *(a)* | 100000 | &nbsp;&nbsp; 85392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.39%, 05/01/29 *(a)* | 100000 | &nbsp;&nbsp; 91482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/01/31 *(a)* | 125000 | 102291 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/09/31 *(a)* | 100000 | &nbsp;&nbsp; 80780 |
| **Realty Income Corp.** | **Realty Income Corp.** | **Realty Income Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/28 *(a)* | 150000 | 138378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/15/28 *(a)* | 125000 | 116919 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/15/28 *(a)* | 100000 | &nbsp;&nbsp; 85937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/15/29 *(a)* | 150000 | 134018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 12/15/29 *(a)* | 120000 | 105152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/31 *(a)* | 150000 | 130308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 10/13/32 *(a)* | 150000 | 153239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 12/15/32 *(a)* | 100000 | &nbsp;&nbsp; 81288 |
| **Regency Centers LP** | **Regency Centers LP** | **Regency Centers LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 69471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/29 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 42018 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/30 *(a)* | 125000 | 108911 |
| **Retail Properties of America, Inc.** | **Retail Properties of America, Inc.** | **Retail Properties of America, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/15/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 66674 |
| **Rexford Industrial Realty LP** | **Rexford Industrial Realty LP** | **Rexford Industrial Realty LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 12/01/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 58564 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/01/31 *(a)* | 100000 | &nbsp;&nbsp; 76816 |
| **Sabra Health Care LP** | **Sabra Health Care LP** | **Sabra Health Care LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 10/15/29 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 41700 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 12/01/31 *(a)* | 175000 | 130886 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Safehold Operating Partnership LP** | **Safehold Operating Partnership LP** | **Safehold Operating Partnership LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/15/32 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38175 |
| **Simon Property Group LP** | **Simon Property Group LP** | **Simon Property Group LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/01/28 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127798 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 09/13/29 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167512 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/30 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 02/01/31 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118988 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/32 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/01/32 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100744 |
| **Spirit Realty LP** | **Spirit Realty LP** | **Spirit Realty LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/15/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/15/29 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87236 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 01/15/30 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 02/15/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/15/32 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55799 |
| **STORE Capital Corp.** | **STORE Capital Corp.** | **STORE Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/28 *(a)* | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63261 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/15/29 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/18/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57583 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 12/01/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73119 |
| **Sun Communities Operating LP** | **Sun Communities Operating LP** | **Sun Communities Operating LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/01/28 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104803 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 07/15/31 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118379 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/32 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88106 |
| **Tanger Properties LP** | **Tanger Properties LP** | **Tanger Properties LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/01/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54331 |
| **UDR, Inc.** | **UDR, Inc.** | **UDR, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45451 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/26/29 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70766 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/15/30 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130761 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 08/15/31 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 08/01/32 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37236 |
| **Ventas Realty LP** | **Ventas Realty LP** | **Ventas Realty LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/28 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 01/15/29 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/30 *(a)* | 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164696 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 11/15/30 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78621 |
| **Vornado Realty LP** | **Vornado Realty LP** | **Vornado Realty LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/01/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74529 |
| **Welltower, Inc.** | **Welltower, Inc.** | **Welltower, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/28 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140971 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 01/15/29 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/29 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/15/30 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126746 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80083 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/01/31 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119671 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/15/32 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78346 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 06/15/32 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106838 |
| **WP Carey, Inc.** | **WP Carey, Inc.** | **WP Carey, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 07/15/29 *(a)* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/01/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79834 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/01/32 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58471 |
|  |  | **16585233** |
|  |  | **118124575** |
| **Industrial 55.5%** | **Industrial 55.5%** | **Industrial 55.5%** |
| ***Basic Industry 2.8%***  | ***Basic Industry 2.8%***  | ***Basic Industry 2.8%***  |
| **Air Products and Chemicals, Inc.** | **Air Products and Chemicals, Inc.** | **Air Products and Chemicals, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 05/15/30 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41953 |
| **Albemarle Corp.** | **Albemarle Corp.** | **Albemarle Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 06/01/32 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118118 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**156**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **AngloGold Ashanti Holdings PLC** | **AngloGold Ashanti Holdings PLC** | **AngloGold Ashanti Holdings PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 10/01/30 *(a)* | 200000 | 175123 |
| **ArcelorMittal S.A.** | **ArcelorMittal S.A.** | **ArcelorMittal S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 07/16/29 *(e)* | 100000 | &nbsp;&nbsp; 89655 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 11/29/32 *(a)* | 225000 | 224538 |
| **Cabot Corp.** | **Cabot Corp.** | **Cabot Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 07/01/29 *(a)* | 100000 | &nbsp;&nbsp; 89311 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 06/30/32 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46133 |
| **Celanese US Holdings LLC** | **Celanese US Holdings LLC** | **Celanese US Holdings LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.33%, 07/15/29 *(a)* | 200000 | 194826 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.38%, 07/15/32 *(a)* | 150000 | 143415 |
| **Dow Chemical Co.** | **Dow Chemical Co.** | **Dow Chemical Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 11/30/28 *(a)* | 140000 | 138289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 11/01/29  | 150000 | 166999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 11/15/30 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 40268 |
| **DuPont de Nemours, Inc.** | **DuPont de Nemours, Inc.** | **DuPont de Nemours, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.73%, 11/15/28 *(a)* | 445000 | 439685 |
| **Eastman Chemical Co.** | **Eastman Chemical Co.** | **Eastman Chemical Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/01/28 *(a)* | 113000 | 107287 |
| **Ecolab, Inc.** | **Ecolab, Inc.** | **Ecolab, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 03/24/30 *(a)* | 100000 | &nbsp;&nbsp; 99423 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 01/30/31 *(a)* | 150000 | 114660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/01/32 *(a)* | 275000 | 220569 |
| **EI du Pont de Nemours and Co.** | **EI du Pont de Nemours and Co.** | **EI du Pont de Nemours and Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 07/15/30 *(a)* | 100000 | &nbsp;&nbsp; 84010 |
| **FMC Corp.** | **FMC Corp.** | **FMC Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 10/01/29 *(a)* | 100000 | &nbsp;&nbsp; 88297 |
| **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** | **Freeport-McMoRan, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/01/28 *(a)* | 150000 | 139489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 08/01/28 *(a)* | 150000 | 140918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 09/01/29 *(a)* | 150000 | 144815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 68531 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 08/01/30 *(a)* | 100000 | &nbsp;&nbsp; 93731 |
| **Georgia-Pacific LLC** | **Georgia-Pacific LLC** | **Georgia-Pacific LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 11/15/29  | 150000 | 170603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.88%, 05/15/31  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 61299 |
| **Huntsman International LLC** | **Huntsman International LLC** | **Huntsman International LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/01/29 *(a)* | 200000 | 180245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/31 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 38928 |
| **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** | **International Flavors & Fragrances, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 09/26/28 *(a)* | 100000 | &nbsp;&nbsp; 94398 |
| **Linde, Inc.** | **Linde, Inc.** | **Linde, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 08/10/30 *(a)* | 150000 | 115444 |
| **LYB International Finance III LLC** | **LYB International Finance III LLC** | **LYB International Finance III LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/01/30 *(a)* | 125000 | &nbsp;&nbsp; 99528 |
| **NewMarket Corp.** | **NewMarket Corp.** | **NewMarket Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/18/31 *(a)* | 100000 | &nbsp;&nbsp; 79108 |
| **Newmont Corp.** | **Newmont Corp.** | **Newmont Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 10/01/29 *(a)* | 125000 | 106785 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/01/30 *(a)* | 200000 | 161171 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 07/15/32 *(a)* | 225000 | 179689 |
| **Nucor Corp.** | **Nucor Corp.** | **Nucor Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/01/28 *(a)* | 100000 | &nbsp;&nbsp; 94597 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/01/30 *(a)* | 100000 | &nbsp;&nbsp; 85140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 04/01/32 *(a)* | 100000 | &nbsp;&nbsp; 85100 |
| **Nutrien Ltd.** | **Nutrien Ltd.** | **Nutrien Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/29 *(a)* | 100000 | &nbsp;&nbsp; 94185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 05/13/30 *(a)* | 100000 | &nbsp;&nbsp; 85932 |
| **Packaging Corp. of America** | **Packaging Corp. of America** | **Packaging Corp. of America** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 12/15/29 *(a)* | 110000 | &nbsp;&nbsp; 94309 |
| **PPG Industries, Inc.** | **PPG Industries, Inc.** | **PPG Industries, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/15/28 *(a)* | 175000 | 166740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 08/15/29 *(a)* | 125000 | 108129 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Rayonier LP** | **Rayonier LP** | **Rayonier LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/17/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 80287 |
| **Reliance Steel & Aluminum Co.** | **Reliance Steel & Aluminum Co.** | **Reliance Steel & Aluminum Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 08/15/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 79367 |
| **Rio Tinto Finance USA Ltd.** | **Rio Tinto Finance USA Ltd.** | **Rio Tinto Finance USA Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 07/15/28  | 225000 | &nbsp;&nbsp;&nbsp; 248347 |
| **Rohm & Haas Co.** | **Rohm & Haas Co.** | **Rohm & Haas Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.85%, 07/15/29  | 225000 | &nbsp;&nbsp;&nbsp; 251172 |
| **RPM International, Inc.** | **RPM International, Inc.** | **RPM International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 03/01/29 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 115909 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 01/15/32 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 19765 |
| **Sherwin-Williams Co.** | **Sherwin-Williams Co.** | **Sherwin-Williams Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 08/15/29 *(a)* | 160000 | &nbsp;&nbsp;&nbsp; 140548 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/15/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 82327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/15/32 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 79200 |
| **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** | **Steel Dynamics, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/15/30 *(a)* | 175000 | &nbsp;&nbsp;&nbsp; 154287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 64345 |
| **Suzano Austria GmbH** | **Suzano Austria GmbH** | **Suzano Austria GmbH** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/15/28 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 105348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 01/15/29 *(a)* | 300000 | &nbsp;&nbsp;&nbsp; 299532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/30 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 188252 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 01/15/31 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 168006 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 01/15/32 *(a)* | 225000 | &nbsp;&nbsp;&nbsp; 175980 |
| **Teck Resources Ltd.** | **Teck Resources Ltd.** | **Teck Resources Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/15/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 89958 |
| **Vale Overseas Ltd.** | **Vale Overseas Ltd.** | **Vale Overseas Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/08/30 *(a)* | 325000 | &nbsp;&nbsp;&nbsp; 285518 |
| **Westlake Chemical Corp.** | **Westlake Chemical Corp.** | **Westlake Chemical Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/15/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 64615 |
| **WestRock MWV LLC** | **WestRock MWV LLC** | **WestRock MWV LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.20%, 01/15/30  | 125000 | &nbsp;&nbsp;&nbsp; 141765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 02/15/31  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 56341 |
| **Weyerhaeuser Co.** | **Weyerhaeuser Co.** | **Weyerhaeuser Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/29 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 183400 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/30 *(a)* | 200000 | &nbsp;&nbsp;&nbsp; 182664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 03/15/32  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 55556 |
| **WRKCo, Inc.** | **WRKCo, Inc.** | **WRKCo, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 70061 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/28 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 138542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 03/15/29 *(a)* | 125000 | &nbsp;&nbsp;&nbsp; 120590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/32 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 90214 |
| **Yamana Gold, Inc.** | **Yamana Gold, Inc.** | **Yamana Gold, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 08/15/31 *(a)(d)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 94023 |
|  |  | **9137292** |
| ***Capital Goods 5.5%***  | ***Capital Goods 5.5%***  | ***Capital Goods 5.5%***  |
| **3M Co.** | **3M Co.** | **3M Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 09/14/28 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 94958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/29 *(a)* | 150000 | &nbsp;&nbsp;&nbsp; 138185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/26/29 *(a)* | 275000 | &nbsp;&nbsp;&nbsp; 233758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 04/15/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 88077 |
| **Acuity Brands Lighting, Inc.** | **Acuity Brands Lighting, Inc.** | **Acuity Brands Lighting, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/15/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 57840 |
| **Allegion PLC** | **Allegion PLC** | **Allegion PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/29 *(a)* | 175000 | &nbsp;&nbsp;&nbsp; 151263 |
| **Allegion US Holding Co., Inc.** | **Allegion US Holding Co., Inc.** | **Allegion US Holding Co., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.41%, 07/01/32 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48501 |
| **Amcor Finance USA, Inc.** | **Amcor Finance USA, Inc.** | **Amcor Finance USA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/28 *(a)* | 165000 | &nbsp;&nbsp;&nbsp; 156660 |
| **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** | **Amcor Flexibles North America, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 06/19/30 *(a)* | 175000 | &nbsp;&nbsp;&nbsp; 142298 |

---

*See financial notes*

**157**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Amphenol Corp.** | **Amphenol Corp.** | **Amphenol Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/29 *(a)* | 100000 | &nbsp;&nbsp; 95513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/15/30 *(a)* | 175000 | 149913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/15/31 *(a)* | 125000 | &nbsp;&nbsp; 99230 |
| **AptarGroup, Inc.** | **AptarGroup, Inc.** | **AptarGroup, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 03/15/32 *(a)* | 100000 | &nbsp;&nbsp; 83438 |
| **Avery Dennison Corp.** | **Avery Dennison Corp.** | **Avery Dennison Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 12/06/28 *(a)* | 100000 | &nbsp;&nbsp; 97603 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 04/30/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 61744 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/15/32 *(a)* | 125000 | &nbsp;&nbsp; 95568 |
| **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/01/28 *(a)* | 250000 | 228623 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/28 *(a)* | 140000 | 125702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 11/01/28 *(a)* | 100000 | &nbsp;&nbsp; 90035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/01/29 *(a)* | 270000 | 238075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/01/30 *(a)* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 16974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 05/01/30 *(a)* | 825000 | 805552 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 02/01/31 *(a)* | 325000 | 285049 |
| **Carlisle Cos., Inc.** | **Carlisle Cos., Inc.** | **Carlisle Cos., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/01/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 62535 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/01/32 *(a)* | 125000 | &nbsp;&nbsp; 95202 |
| **Carrier Global Corp.** | **Carrier Global Corp.** | **Carrier Global Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 02/15/30 *(a)* | 400000 | 337811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 02/15/31 *(a)(d)* | 150000 | 123898 |
| **Caterpillar, Inc.** | **Caterpillar, Inc.** | **Caterpillar, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 09/19/29 *(a)* | 105000 | &nbsp;&nbsp; 92559 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 04/09/30 *(a)* | 150000 | 130960 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/12/31 *(a)* | 125000 | 101618 |
| **Deere & Co.** | **Deere & Co.** | **Deere & Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 04/15/30 *(a)* | 100000 | &nbsp;&nbsp; 89883 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 03/03/31  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 57537 |
| **Dover Corp.** | **Dover Corp.** | **Dover Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 11/04/29 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 65335 |
| **Eagle Materials, Inc.** | **Eagle Materials, Inc.** | **Eagle Materials, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/01/31 *(a)* | 150000 | 117648 |
| **Eaton Corp.** | **Eaton Corp.** | **Eaton Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/02/32  | 150000 | 138485 |
| **Emerson Electric Co.** | **Emerson Electric Co.** | **Emerson Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/21/28 *(a)* | 150000 | 127844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/15/30 *(a)* | 150000 | 121731 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 12/21/31 *(a)* | 200000 | 162048 |
| **Flowserve Corp.** | **Flowserve Corp.** | **Flowserve Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/01/30 *(a)* | 100000 | &nbsp;&nbsp; 83419 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/15/32 *(a)* | 125000 | &nbsp;&nbsp; 93712 |
| **Fortune Brands Home & Security, Inc.** | **Fortune Brands Home & Security, Inc.** | **Fortune Brands Home & Security, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 09/15/29 *(a)* | 175000 | 151880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/25/32 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 65154 |
| **GE Capital Funding LLC** | **GE Capital Funding LLC** | **GE Capital Funding LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 05/15/32 *(a)(e)* | 300000 | 285473 |
| **General Dynamics Corp.** | **General Dynamics Corp.** | **General Dynamics Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/28 *(a)* | 175000 | 167113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/01/30 *(a)* | 225000 | 210112 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/31 *(a)* | 100000 | &nbsp;&nbsp; 83848 |
| **General Electric Co.** | **General Electric Co.** | **General Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/32  | 150000 | 166562 |
| **Honeywell International, Inc.** | **Honeywell International, Inc.** | **Honeywell International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 08/15/29 *(a)* | 175000 | 155748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 06/01/30 *(a)* | 225000 | 186402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/01/31 *(a)* | 300000 | 237903 |
| **Hubbell, Inc.** | **Hubbell, Inc.** | **Hubbell, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/28 *(a)* | 100000 | &nbsp;&nbsp; 92097 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/15/31 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 39917 |
| **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** | **Huntington Ingalls Industries, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.04%, 08/16/28 *(a)* | 250000 | 206625 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **IDEX Corp.** | **IDEX Corp.** | **IDEX Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/01/30 *(a)* | 150000 | 129385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 06/15/31 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 41667 |
| **John Deere Capital Corp.** | **John Deere Capital Corp.** | **John Deere Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/06/28  | 100000 | &nbsp;&nbsp; 93590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/06/28  | 100000 | &nbsp;&nbsp; 85632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/07/29  | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 18600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/18/29  | 200000 | 185445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 07/18/29  | 165000 | 147233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 10/11/29  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 50132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/09/30  | 190000 | 164005 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 01/15/31  | 100000 | &nbsp;&nbsp; 78192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/17/31  | 200000 | 162137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/07/32  | 100000 | &nbsp;&nbsp; 93498 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 09/15/32  | 100000 | &nbsp;&nbsp; 97448 |
| **Johnson Controls International plc** | **Johnson Controls International plc** | **Johnson Controls International plc** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/15/30 *(a)* | 125000 | &nbsp;&nbsp; 99858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/16/31 *(a)* | 150000 | 118943 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/01/32 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73840 |
| **Kennametal, Inc.** | **Kennametal, Inc.** | **Kennametal, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/28 *(a)* | 100000 | &nbsp;&nbsp; 94041 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 03/01/31 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 19530 |
| **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** | **L3Harris Technologies, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/15/28 *(a)* | 250000 | 240817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/15/29 *(a)* | 100000 | &nbsp;&nbsp; 85626 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 01/15/31 *(a)* | 225000 | 173225 |
| **Leggett & Platt, Inc.** | **Leggett & Platt, Inc.** | **Leggett & Platt, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/15/29 *(a)* | 100000 | &nbsp;&nbsp; 94248 |
| **Lockheed Martin Corp.** | **Lockheed Martin Corp.** | **Lockheed Martin Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 06/15/30 *(a)* | 100000 | &nbsp;&nbsp; 82121 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/15/32 *(a)* | 150000 | 141238 |
| **Martin Marietta Materials, Inc.** | **Martin Marietta Materials, Inc.** | **Martin Marietta Materials, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/30 *(a)* | 100000 | &nbsp;&nbsp; 82736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 07/15/31 *(a)* | 200000 | 160193 |
| **Masco Corp.** | **Masco Corp.** | **Masco Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/01/30 *(a)* | 125000 | &nbsp;&nbsp; 97339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/31 *(a)* | 100000 | &nbsp;&nbsp; 77312 |
| **Mohawk Industries, Inc.** | **Mohawk Industries, Inc.** | **Mohawk Industries, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/30 *(a)* | 115000 | &nbsp;&nbsp; 99372 |
| **Northrop Grumman Corp.** | **Northrop Grumman Corp.** | **Northrop Grumman Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/28 *(a)* | 415000 | 384356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/30 *(a)* | 150000 | 144569 |
| **nVent Finance Sarl** | **nVent Finance Sarl** | **nVent Finance Sarl** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/15/28 *(a)* | 115000 | 106387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/15/31 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 38438 |
| **Oshkosh Corp.** | **Oshkosh Corp.** | **Oshkosh Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/15/28 *(a)* | 125000 | 118926 |
| **Otis Worldwide Corp.** | **Otis Worldwide Corp.** | **Otis Worldwide Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.57%, 02/15/30 *(a)* | 320000 | 269407 |
| **Owens Corning** | **Owens Corning** | **Owens Corning** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 06/01/30 *(a)* | 175000 | 155972 |
| **Parker-Hannifin Corp.** | **Parker-Hannifin Corp.** | **Parker-Hannifin Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/14/29 *(a)* | 150000 | 134387 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/29 *(a)* | 250000 | 240942 |
| **Pentair Finance Sarl** | **Pentair Finance Sarl** | **Pentair Finance Sarl** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 07/01/29 *(a)* | 150000 | 139225 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 07/15/32 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24841 |
| **Raytheon Technologies Corp.** | **Raytheon Technologies Corp.** | **Raytheon Technologies Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 11/16/28 *(a)* | 625000 | 599668 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 09/15/29  | 100000 | 113579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 07/01/30 *(a)* | 100000 | &nbsp;&nbsp; 83337 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/01/31 *(a)* | 325000 | 255339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/32 *(a)* | 125000 | 101448 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**158**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Republic Services, Inc.** | **Republic Services, Inc.** | **Republic Services, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 05/15/28 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 143032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/01/30 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41942 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 02/15/31 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 134762 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/15/32 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 154113 |
| **Rockwell Automation, Inc.** | **Rockwell Automation, Inc.** | **Rockwell Automation, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/29 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46727 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/15/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79048 |
| **Roper Technologies, Inc.** | **Roper Technologies, Inc.** | **Roper Technologies, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 09/15/28 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 144926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/15/29 *(a)* | 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 238959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/30/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60055 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 02/15/31 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 115587 |
| **Sonoco Products Co.** | **Sonoco Products Co.** | **Sonoco Products Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 05/01/30 *(a)* | 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 137667 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/01/32 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61053 |
| **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** | **Stanley Black & Decker, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/15/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/15/30 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 185463 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/32 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42285 |
| **Teledyne Technologies, Inc.** | **Teledyne Technologies, Inc.** | **Teledyne Technologies, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/01/28 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86483 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/01/31 *(a)* | 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 225827 |
| **Textron, Inc.** | **Textron, Inc.** | **Textron, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/28 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 136606 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 09/17/29 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85369 |
| **Timken Co.** | **Timken Co.** | **Timken Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 12/15/28 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 142989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/01/32 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22365 |
| **Trane Technologies Global Holding Co., Ltd.** | **Trane Technologies Global Holding Co., Ltd.** | **Trane Technologies Global Holding Co., Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/21/28 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 118397 |
| **Trane Technologies Luxembourg Finance S.A.** | **Trane Technologies Luxembourg Finance S.A.** | **Trane Technologies Luxembourg Finance S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/21/29 *(a)* | 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 129316 |
| **Vontier Corp.** | **Vontier Corp.** | **Vontier Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/01/28 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 118892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73426 |
| **Vulcan Materials Co.** | **Vulcan Materials Co.** | **Vulcan Materials Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/30 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 110440 |
| **Waste Connections, Inc.** | **Waste Connections, Inc.** | **Waste Connections, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 12/01/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71928 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/01/29 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 183406 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 02/01/30 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42672 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 01/15/32 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 139389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/01/32 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64320 |
| **Waste Management, Inc.** | **Waste Management, Inc.** | **Waste Management, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/01/29 *(a)* | 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 233231 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/15/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/32 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 190502 |
| **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** | **Westinghouse Air Brake Technologies Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/15/28 *(a)(f)* | 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 264635 |
| **Xylem, Inc.** | **Xylem, Inc.** | **Xylem, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/30/28 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 129098 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/30/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60957 |
|  |  | **18090799** |
| ***Communications 8.6%***  | ***Communications 8.6%***  | ***Communications 8.6%***  |
| **Activision Blizzard, Inc.** | **Activision Blizzard, Inc.** | **Activision Blizzard, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 09/15/30 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97844 |
| **America Movil S.A.B. de C.V.** | **America Movil S.A.B. de C.V.** | **America Movil S.A.B. de C.V.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/07/30 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 214494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 07/21/32 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 191783 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **American Tower Corp.** | **American Tower Corp.** | **American Tower Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/15/28 *(a)* | 150000 | 138254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/31/28 *(a)* | 250000 | 207440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/15/29 *(a)* | 125000 | 115169 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/29 *(a)* | 375000 | 341507 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/30 *(a)* | 135000 | 114632 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/15/30 *(a)* | 200000 | 158868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 10/15/30 *(a)* | 150000 | 115862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/31 *(a)* | 200000 | 162913 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/15/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 58459 |
| **AT&T, Inc.** | **AT&T, Inc.** | **AT&T, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/01/28 *(a)* | 500000 | 423342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 02/15/28 *(a)* | 325000 | 309926 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/01/29 *(a)* | 775000 | 738401 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/30 *(a)* | 650000 | 612534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 06/01/31 *(a)* | 350000 | 291144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 02/01/32 *(a)* | 550000 | 431733 |
| **Bell Canada** | **Bell Canada** | **Bell Canada** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/15/32 *(a)* | 150000 | 117583 |
| **British Telecommunications PLC** | **British Telecommunications PLC** | **British Telecommunications PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 12/04/28 *(a)* | 350000 | 340304 |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.63%, 12/15/30 *(f)* | 350000 | 419426 |
| **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** | **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** | **Charter Communications Operating LLC/Charter Communications Operating** <br> **Capital** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 02/15/28 *(a)* | 220000 | 199527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/28 *(a)* | 350000 | 322356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/29 *(a)* | 200000 | 161235 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.05%, 03/30/29 *(a)* | 175000 | 164937 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 04/01/31 *(a)* | 275000 | 214568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/32 *(a)* | 250000 | 184782 |
| **Comcast Corp.** | **Comcast Corp.** | **Comcast Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/15/28 *(a)* | 375000 | 346813 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 05/01/28 *(a)* | 200000 | 188223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/15/28 *(a)* | 792000 | 761977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/01/30 *(a)* | 325000 | 281403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 04/01/30 *(a)* | 500000 | 455759 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 10/15/30 *(a)* | 100000 | &nbsp;&nbsp; 96015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 01/15/31 *(a)* | 350000 | 282876 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/15/31 *(a)* | 325000 | 253538 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 11/15/32 *(a)* | 150000 | 156395 |
| **Crown Castle International Corp.** | **Crown Castle International Corp.** | **Crown Castle International Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 69780 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 02/15/29 *(a)* | 225000 | 212902 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 11/15/29 *(a)* | 250000 | 218259 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 07/01/30 *(a)* | 100000 | &nbsp;&nbsp; 87509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/15/31 *(a)* | 125000 | 100144 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 04/01/31 *(a)* | 225000 | 177361 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/15/31 *(a)* | 200000 | 161441 |
| **Deutsche Telekom International Finance BV** | **Deutsche Telekom International Finance BV** | **Deutsche Telekom International Finance BV** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 06/15/30 *(f)* | 800000 | 945842 |
| **Discovery Communications LLC** | **Discovery Communications LLC** | **Discovery Communications LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/20/28 *(a)* | 200000 | 177807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/15/29 *(a)* | 300000 | 260830 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 05/15/30 *(a)* | 175000 | 144737 |
| **Electronic Arts, Inc.** | **Electronic Arts, Inc.** | **Electronic Arts, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 02/15/31 *(a)* | 175000 | 137889 |
| **Fox Corp.** | **Fox Corp.** | **Fox Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.71%, 01/25/29 *(a)* | 500000 | 484324 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/08/30 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 22166 |
| **Interpublic Group of Cos., Inc.** | **Interpublic Group of Cos., Inc.** | **Interpublic Group of Cos., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 10/01/28 *(a)* | 100000 | &nbsp;&nbsp; 95996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 03/30/30 *(a)* | 150000 | 141786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/01/31 *(a)* | 100000 | &nbsp;&nbsp; 79248 |
| **Koninklijke KPN N.V.** | **Koninklijke KPN N.V.** | **Koninklijke KPN N.V.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.38%, 10/01/30  | 125000 | 140392 |

---

*See financial notes*

**159**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Magallanes, Inc.** | **Magallanes, Inc.** | **Magallanes, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/29 *(a)(d)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 303811 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.28%, 03/15/32 *(a)(d)* | &nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 784100 |
| **Meta Platforms, Inc.** | **Meta Platforms, Inc.** | **Meta Platforms, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/15/32 *(a)* | &nbsp;&nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 640034 |
| **Omnicom Group, Inc.** | **Omnicom Group, Inc.** | **Omnicom Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 04/30/30 *(a)* | &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 186382 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/01/31 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81988 |
| **Orange S.A.** | **Orange S.A.** | **Orange S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 9.00%, 03/01/31  | &nbsp;&nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 583052 |
| **Rogers Communications, Inc.** | **Rogers Communications, Inc.** | **Rogers Communications, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/15/32 *(a)(d)* | &nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 367373 |
| **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** | **Take-Two Interactive Software, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/14/32 *(a)* | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 110904 |
| **TCI Communications, Inc.** | **TCI Communications, Inc.** | **TCI Communications, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 02/15/28  | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 164213 |
| **Telefonica Europe BV** | **Telefonica Europe BV** | **Telefonica Europe BV** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 09/15/30  | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 279790 |
| **TELUS Corp.** | **TELUS Corp.** | **TELUS Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/13/32 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 170688 |
| **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** | **T-Mobile USA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/01/28 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 341288 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 02/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 301308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 169854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 211516 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 485567 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/30 *(a)* | 1250000 | &nbsp;&nbsp; 1136230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 510410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 02/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 165385 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 130152 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 11/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 216747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 283406 |
| **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** | **TWDC Enterprises 18 Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/01/32  | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 141648 |
| **Verizon Communications, Inc.** | **Verizon Communications, Inc.** | **Verizon Communications, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 03/22/28 *(a)* | &nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 521133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.33%, 09/21/28  | &nbsp;&nbsp;&nbsp; 835000 | &nbsp;&nbsp;&nbsp;&nbsp; 804860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 02/08/29 *(a)* | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 117503 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.02%, 12/03/29 *(a)* | &nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 702688 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/22/30 *(a)* | &nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 242637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/18/30 *(a)* | &nbsp;&nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 214297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.68%, 10/30/30 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 194682 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 12/01/30  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 231196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/20/31 *(a)* | &nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 252296 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/21/31 *(a)* | &nbsp;&nbsp;&nbsp; 925000 | &nbsp;&nbsp;&nbsp;&nbsp; 762456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.36%, 03/15/32 *(a)* | &nbsp;&nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 754516 |
| **ViacomCBS, Inc.** | **ViacomCBS, Inc.** | **ViacomCBS, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 02/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 133359 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/01/28 *(a)* | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 111713 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89056 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 07/30/30  | &nbsp;&nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 240208 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 01/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 156245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/19/32 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81948 |
| **Vodafone Group PLC** | **Vodafone Group PLC** | **Vodafone Group PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/30/28  | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 196893 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 02/15/30  | &nbsp;&nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 140961 |
| **Walt Disney Co.** | **Walt Disney Co.** | **Walt Disney Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 09/01/29 *(a)* | &nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 378179 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/22/30  | &nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 302959 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/13/31  | &nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 427774 |
| **Weibo Corp.** | **Weibo Corp.** | **Weibo Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 07/08/30 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 154087 |
|  |  | **28401176** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Consumer Cyclical 7.3%***  | ***Consumer Cyclical 7.3%***  | ***Consumer Cyclical 7.3%***  |
| **Advance Auto Parts, Inc.** | **Advance Auto Parts, Inc.** | **Advance Auto Parts, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/15/30 *(a)* | 150000 | 132137 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/32 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 41037 |
| **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** | **Alibaba Group Holding Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 02/09/31 *(a)* | 350000 | 278928 |
| **Amazon.com, Inc.** | **Amazon.com, Inc.** | **Amazon.com, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/12/28 *(a)* | 475000 | 409335 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 04/13/29 *(a)* | 300000 | 281262 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 12/01/29 *(a)* | 300000 | 297955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 06/03/30 *(a)* | 375000 | 301733 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/12/31 *(a)* | 600000 | 492085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/13/32 *(a)* | 575000 | 528136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 12/01/32 *(a)* | 400000 | 397589 |
| **American Honda Finance Corp.** | **American Honda Finance Corp.** | **American Honda Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/15/28  | 100000 | &nbsp;&nbsp; 93573 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/12/29  | 150000 | 129149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 01/13/31  | 125000 | &nbsp;&nbsp; 99490 |
| **Aptiv PLC** | **Aptiv PLC** | **Aptiv PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/15/29 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/01/32 *(a)* | 200000 | 164688 |
| **AutoNation, Inc.** | **AutoNation, Inc.** | **AutoNation, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 08/01/28 *(a)* | 100000 | &nbsp;&nbsp; 80230 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/01/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 67333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/01/31 *(a)* | 100000 | &nbsp;&nbsp; 72133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 03/01/32 *(a)* | 150000 | 120290 |
| **AutoZone, Inc.** | **AutoZone, Inc.** | **AutoZone, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/18/29 *(a)* | 125000 | 115984 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/30 *(a)* | 150000 | 139190 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/15/31 *(a)* | 125000 | &nbsp;&nbsp; 97042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/32 *(a)* | 125000 | 121613 |
| **Best Buy Co., Inc.** | **Best Buy Co., Inc.** | **Best Buy Co., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/01/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48282 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/01/30 *(a)* | 150000 | 118726 |
| **Block Financial LLC** | **Block Financial LLC** | **Block Financial LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 07/15/28 *(a)* | 150000 | 127633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 08/15/30 *(a)* | 100000 | &nbsp;&nbsp; 87777 |
| **Booking Holdings, Inc.** | **Booking Holdings, Inc.** | **Booking Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 03/15/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 70049 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 04/13/30 *(a)* | 350000 | 339330 |
| **CBRE Services, Inc.** | **CBRE Services, Inc.** | **CBRE Services, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/01/31 *(a)* | 100000 | &nbsp;&nbsp; 79396 |
| **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** | **Choice Hotels International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 12/01/29 *(a)* | 105000 | &nbsp;&nbsp; 91588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 01/15/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 64032 |
| **Costco Wholesale Corp.** | **Costco Wholesale Corp.** | **Costco Wholesale Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 04/20/30 *(a)* | 375000 | 307650 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 04/20/32 *(a)* | 200000 | 158396 |
| **Cummins, Inc.** | **Cummins, Inc.** | **Cummins, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/01/30 *(a)* | 200000 | 157577 |
| **Daimler Finance North America LLC** | **Daimler Finance North America LLC** | **Daimler Finance North America LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.50%, 01/18/31  | 300000 | 371072 |
| **Dick's Sporting Goods, Inc.** | **Dick's Sporting Goods, Inc.** | **Dick's Sporting Goods, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 01/15/32 *(a)* | 175000 | 137361 |
| **Dollar General Corp.** | **Dollar General Corp.** | **Dollar General Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 05/01/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/03/30 *(a)* | 225000 | 202158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/01/32 *(a)* | 175000 | 172592 |
| **Dollar Tree, Inc.** | **Dollar Tree, Inc.** | **Dollar Tree, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 05/15/28 *(a)* | 275000 | 264021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 12/01/31 *(a)* | 150000 | 121443 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**160**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **eBay, Inc.** | **eBay, Inc.** | **eBay, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/11/30 *(a)* | 275000 | 234218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/10/31 *(a)* | 175000 | 144177 |
| **Expedia Group, Inc.** | **Expedia Group, Inc.** | **Expedia Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 02/15/28 *(a)* | 200000 | 183866 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/30 *(a)* | 225000 | 191370 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/31 *(a)* | 100000 | &nbsp;&nbsp; 80702 |
| **General Motors Co.** | **General Motors Co.** | **General Motors Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 10/01/28 *(a)* | 150000 | 144410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 10/15/29 *(a)* | 300000 | 287308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 10/15/32 *(a)* | 250000 | 233536 |
| **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** | **General Motors Financial Co., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/05/28 *(a)* | 100000 | &nbsp;&nbsp; 91678 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 04/10/28 *(a)* | 275000 | 232389 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 10/15/28 *(a)* | 250000 | 208131 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 01/17/29 *(a)* | 100000 | &nbsp;&nbsp; 98374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 06/21/30 *(a)* | 300000 | 252679 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/08/31 *(a)* | 275000 | 207947 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/10/31 *(a)* | 275000 | 211797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 01/12/32 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 19673 |
| **Genuine Parts Co.** | **Genuine Parts Co.** | **Genuine Parts Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 11/01/30 *(a)* | 125000 | &nbsp;&nbsp; 96210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/32 *(a)* | 100000 | &nbsp;&nbsp; 80555 |
| **GLP Capital LP/GLP Financing II, Inc.** | **GLP Capital LP/GLP Financing II, Inc.** | **GLP Capital LP/GLP Financing II, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 06/01/28 *(a)* | 155000 | 153356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 01/15/29 *(a)* | 150000 | 142158 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/30 *(a)* | 100000 | &nbsp;&nbsp; 87760 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 64032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/32 *(a)* | 175000 | 140250 |
| **Home Depot, Inc.** | **Home Depot, Inc.** | **Home Depot, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.90%, 03/15/28 *(a)* | 100000 | &nbsp;&nbsp; 83093 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/15/28 *(a)* | 200000 | 170189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 12/06/28 *(a)* | 250000 | 241147 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/29 *(a)* | 369000 | 334132 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/30 *(a)* | 300000 | 262246 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/15/31 *(a)* | 300000 | 232768 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 09/15/31 *(a)* | 200000 | 160102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/32 *(a)* | 300000 | 266925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/32 *(a)* | 125000 | 122631 |
| **Honda Motor Co., Ltd.** | **Honda Motor Co., Ltd.** | **Honda Motor Co., Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.97%, 03/10/32 *(a)* | 200000 | 171946 |
| **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 09/15/28 *(a)* | 110000 | 101350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 04/23/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73363 |
| **JD.com, Inc.** | **JD.com, Inc.** | **JD.com, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 01/14/30 *(a)* | 200000 | 175498 |
| **Lear Corp.** | **Lear Corp.** | **Lear Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/29 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 22601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/30/30 *(a)* | 175000 | 148005 |
| **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** | **Lowe's Cos., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 04/15/28 *(a)* | 175000 | 145532 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 09/15/28 *(a)* | 150000 | 126211 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 03/15/29  | &nbsp;&nbsp; 97000 | 104635 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/05/29 *(a)* | 300000 | 277180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 04/15/30 *(a)* | 250000 | 240021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 10/15/30 *(a)* | 275000 | 215321 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/01/31 *(a)* | 300000 | 248877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/32 *(a)* | 300000 | 267792 |
| **Magna International, Inc.** | **Magna International, Inc.** | **Magna International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/15/30 *(a)* | 175000 | 144840 |
| **Marriott International, Inc.** | **Marriott International, Inc.** | **Marriott International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 70021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 12/01/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72141 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 06/15/30 *(a)* | 225000 | 210631 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/15/31 *(a)* | 150000 | 121823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 10/15/32 *(a)* | 225000 | 187665 |
| **McDonald's Corp.** | **McDonald's Corp.** | **McDonald's Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/28 *(a)* | 250000 | 239630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/01/29 *(a)* | 350000 | 307502 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/01/30 *(a)* | 100000 | &nbsp;&nbsp; 83685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 07/01/30 *(a)* | 100000 | &nbsp;&nbsp; 91862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 09/09/32 *(a)* | 125000 | 122582 |
| **MDC Holdings, Inc.** | **MDC Holdings, Inc.** | **MDC Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/15/30 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 41032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 01/15/31 *(a)* | 100000 | &nbsp;&nbsp; 72257 |
| **NIKE, Inc.** | **NIKE, Inc.** | **NIKE, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/27/30 *(a)* | 300000 | 268187 |
| **NVR, Inc.** | **NVR, Inc.** | **NVR, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/30 *(a)* | 200000 | 168369 |
| **O'Reilly Automotive, Inc.** | **O'Reilly Automotive, Inc.** | **O'Reilly Automotive, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/28 *(a)* | 100000 | &nbsp;&nbsp; 97287 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 06/01/29 *(a)* | 150000 | 139844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/01/30 *(a)* | 125000 | 117962 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 06/15/32 *(a)* | 200000 | 194095 |
| **Ralph Lauren Corp.** | **Ralph Lauren Corp.** | **Ralph Lauren Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/15/30 *(a)* | 125000 | 107921 |
| **Ross Stores, Inc.** | **Ross Stores, Inc.** | **Ross Stores, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 04/15/31 *(a)* | 125000 | &nbsp;&nbsp; 98419 |
| **Starbucks Corp.** | **Starbucks Corp.** | **Starbucks Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/28 *(a)* | 125000 | 117595 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 11/15/28 *(a)* | 136000 | 129786 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 08/15/29 *(a)* | 225000 | 207782 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/12/30 *(a)* | 175000 | 145602 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/15/30 *(a)* | 180000 | 151596 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/14/32 *(a)* | 225000 | 192840 |
| **Tapestry, Inc.** | **Tapestry, Inc.** | **Tapestry, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/15/32 *(a)* | 125000 | &nbsp;&nbsp; 97594 |
| **Target Corp.** | **Target Corp.** | **Target Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/15/29 *(a)* | 200000 | 186092 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 02/15/30 *(a)* | 150000 | 127720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/15/30 *(a)* | 150000 | 128996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 09/15/32 *(a)* | 175000 | 170436 |
| **TJX Cos., Inc.** | **TJX Cos., Inc.** | **TJX Cos., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 05/15/28 *(a)* | 125000 | 104545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 04/15/30 *(a)* | 125000 | 116896 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 05/15/31 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 39041 |
| **Toll Brothers Finance Corp.** | **Toll Brothers Finance Corp.** | **Toll Brothers Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 02/15/28 *(a)* | 150000 | 137196 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/01/29 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 21433 |
| **Toyota Motor Corp.** | **Toyota Motor Corp.** | **Toyota Motor Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.67%, 07/20/28  | 100000 | &nbsp;&nbsp; 95058 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.76%, 07/02/29  | 100000 | &nbsp;&nbsp; 88897 |
| **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** | **Toyota Motor Credit Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 01/11/28  | 100000 | &nbsp;&nbsp; 92693 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/06/28  | 250000 | 217882 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 01/08/29  | 125000 | 117686 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 02/13/30  | 150000 | 126509 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/30  | 250000 | 227654 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 01/10/31  | 150000 | 118327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/12/31  | 100000 | &nbsp;&nbsp; 79166 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 01/13/32  | 150000 | 123305 |
| **Tractor Supply Co.** | **Tractor Supply Co.** | **Tractor Supply Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/01/30 *(a)* | 125000 | &nbsp;&nbsp; 96241 |
| **VF Corp.** | **VF Corp.** | **VF Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/23/30 *(a)* | 150000 | 125012 |

---

*See financial notes*

**161**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **VICI Properties LP** | **VICI Properties LP** | **VICI Properties LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 190683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 02/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 188819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/32 *(a)* | &nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 348273 |
| **Walgreens Boots Alliance, Inc.** | **Walgreens Boots Alliance, Inc.** | **Walgreens Boots Alliance, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/15/30 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86681 |
| **Walmart, Inc.** | **Walmart, Inc.** | **Walmart, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/26/28 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 338972 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 09/22/28 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 300508 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 07/08/29 *(a)* | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 163704 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 09/24/29 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.55%, 02/15/30  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 09/22/31 *(a)* | &nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 306084 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/09/32 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 146726 |
|  |  | **24011621** |
| ***Consumer Non-Cyclical 13.5%***  | ***Consumer Non-Cyclical 13.5%***  | ***Consumer Non-Cyclical 13.5%***  |
| **Abbott Laboratories** | **Abbott Laboratories** | **Abbott Laboratories** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.15%, 01/30/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 06/30/30 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 159381 |
| **AbbVie, Inc.** | **AbbVie, Inc.** | **AbbVie, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/14/28 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 387135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/21/29 *(a)* | 1025000 | &nbsp;&nbsp;&nbsp;&nbsp; 925333 |
| **Adventist Health System** | **Adventist Health System** | **Adventist Health System** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64231 |
| **Advocate Health & Hospitals Corp.** | **Advocate Health & Hospitals Corp.** | **Advocate Health & Hospitals Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.83%, 08/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.21%, 06/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41261 |
| **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** | **Agilent Technologies, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 09/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86314 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/04/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40511 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/12/31 *(a)* | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 141757 |
| **Ahold Finance USA LLC** | **Ahold Finance USA LLC** | **Ahold Finance USA LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 05/01/29  | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 104496 |
| **Altria Group, Inc.** | **Altria Group, Inc.** | **Altria Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/14/29 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 336254 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/06/30 *(a)* | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 149625 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/04/32 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 264450 |
| **AmerisourceBergen Corp.** | **AmerisourceBergen Corp.** | **AmerisourceBergen Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42486 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/15/31 *(a)* | &nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 207806 |
| **Amgen, Inc.** | **Amgen, Inc.** | **Amgen, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 08/15/28 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 167256 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 02/22/29 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 177586 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 08/18/29 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 281342 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/21/30 *(a)* | &nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 168906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/25/31 *(a)* | &nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 265113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 01/15/32 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 234039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 02/22/32 *(a)* | &nbsp;&nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 153008 |
| **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** | **Anheuser-Busch InBev Worldwide, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/13/28 *(a)* | &nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 382307 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/23/29 *(a)* | &nbsp;&nbsp;&nbsp; 945000 | &nbsp;&nbsp;&nbsp;&nbsp; 934809 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/30 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 318799 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 01/23/31 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150246 |
| **Archer-Daniels-Midland Co.** | **Archer-Daniels-Midland Co.** | **Archer-Daniels-Midland Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/27/30 *(a)* | &nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 270471 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/32 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 129263 |
| **Ascension Health** | **Ascension Health** | **Ascension Health** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 11/15/29 *(a)* | &nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 128944 |
| **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** | **Astrazeneca Finance LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/28/28 *(a)* | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 301019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/28/31 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41709 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **AstraZeneca PLC** | **AstraZeneca PLC** | **AstraZeneca PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/17/29 *(a)* | 200000 | 192505 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 08/06/30 *(a)* | 250000 | 197991 |
| **Banner Health** | **Banner Health** | **Banner Health** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.34%, 01/01/30 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 41843 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 01/01/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 59400 |
| **BAT Capital Corp.** | **BAT Capital Corp.** | **BAT Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.26%, 03/25/28 *(a)* | 375000 | 312325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 09/06/29 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 64397 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.91%, 04/02/30 *(a)* | 275000 | 252323 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.73%, 03/25/31 *(a)* | 275000 | 214715 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.74%, 03/16/32 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 22260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 10/19/32 *(a)* | 150000 | 161763 |
| **BAT International Finance PLC** | **BAT International Finance PLC** | **BAT International Finance PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 03/16/28 *(a)* | 250000 | 231893 |
| **Baxter International, Inc.** | **Baxter International, Inc.** | **Baxter International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.27%, 12/01/28 *(a)* | 250000 | 213707 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/01/30 *(a)* | 125000 | 114082 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.73%, 04/01/31 *(a)* | 100000 | &nbsp;&nbsp; 76593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54%, 02/01/32 *(a)(e)* | 300000 | 239404 |
| **Baylor Scott & White Holdings** | **Baylor Scott & White Holdings** | **Baylor Scott & White Holdings** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.78%, 11/15/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 58974 |
| **Becton Dickinson & Co.** | **Becton Dickinson & Co.** | **Becton Dickinson & Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.82%, 05/20/30 *(a)* | 150000 | 128878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.96%, 02/11/31 *(a)* | 100000 | &nbsp;&nbsp; 79146 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 08/22/32 *(a)* | 150000 | 140851 |
| **Biogen, Inc.** | **Biogen, Inc.** | **Biogen, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 05/01/30 *(a)* | 325000 | 264871 |
| **Bio-Rad Laboratories, Inc.** | **Bio-Rad Laboratories, Inc.** | **Bio-Rad Laboratories, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/32 *(a)* | 175000 | 150237 |
| **Bon Secours Mercy Health, Inc.** | **Bon Secours Mercy Health, Inc.** | **Bon Secours Mercy Health, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 07/01/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 06/01/30 *(a)* | 100000 | &nbsp;&nbsp; 89299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/01/31 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 39077 |
| **Boston Scientific Corp.** | **Boston Scientific Corp.** | **Boston Scientific Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/28 *(a)* | 100000 | &nbsp;&nbsp; 97019 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/01/30 *(a)* | 225000 | 193367 |
| **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** | **Bristol-Myers Squibb Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 02/20/28 *(a)* | 325000 | 314150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 07/26/29 *(a)* | 400000 | 371939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 11/13/30 *(a)* | 175000 | 138330 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/32 *(a)* | 400000 | 349213 |
| **Brunswick Corp.** | **Brunswick Corp.** | **Brunswick Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 08/18/31 *(a)* | 225000 | 165818 |
| **Bunge Ltd. Finance Corp.** | **Bunge Ltd. Finance Corp.** | **Bunge Ltd. Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/14/31 *(a)* | 225000 | 185167 |
| **Campbell Soup Co.** | **Campbell Soup Co.** | **Campbell Soup Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 03/15/28 *(a)* | 175000 | 167563 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 04/24/30 *(a)* | 150000 | 124808 |
| **Cedars-Sinai Health System** | **Cedars-Sinai Health System** | **Cedars-Sinai Health System** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.29%, 08/15/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 60440 |
| **CHRISTUS Health** | **CHRISTUS Health** | **CHRISTUS Health** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.34%, 07/01/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71675 |
| **Church & Dwight Co., Inc.** | **Church & Dwight Co., Inc.** | **Church & Dwight Co., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 12/15/31 *(a)* | 100000 | &nbsp;&nbsp; 80264 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 11/15/32 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51926 |
| **Cigna Corp.** | **Cigna Corp.** | **Cigna Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/15/28 *(a)* | 775000 | 748661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/30 *(a)* | 300000 | 251716 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/31 *(a)* | 275000 | 225388 |
| **Clorox Co.** | **Clorox Co.** | **Clorox Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 05/01/29 *(a)* | 150000 | 144935 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 05/15/30 *(a)* | 100000 | &nbsp;&nbsp; 79719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/01/32 *(a)* | 175000 | 168484 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**162**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Coca-Cola Co.** | **Coca-Cola Co.** | **Coca-Cola Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 03/05/28  | 150000 | 129599 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.00%, 03/15/28  | 300000 | 251622 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/06/29  | 175000 | 149941 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/25/30  | 250000 | 232588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/01/30  | 325000 | 266004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/05/31  | 175000 | 144648 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 03/15/31  | 225000 | 176279 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 01/05/32  | 400000 | 335380 |
| **Coca-Cola Femsa S.A.B. de C.V.** | **Coca-Cola Femsa S.A.B. de C.V.** | **Coca-Cola Femsa S.A.B. de C.V.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 01/22/30 *(a)* | 350000 | 305096 |
| **Colgate-Palmolive Co.** | **Colgate-Palmolive Co.** | **Colgate-Palmolive Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/32 *(a)* | 125000 | 113154 |
| **CommonSpirit Health** | **CommonSpirit Health** | **CommonSpirit Health** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 10/01/29 *(a)* | 145000 | 126048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.78%, 10/01/30 *(a)* | 175000 | 144142 |
| **Conagra Brands, Inc.** | **Conagra Brands, Inc.** | **Conagra Brands, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/01/28  | 100000 | 106878 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.85%, 11/01/28 *(a)* | 200000 | 194964 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.25%, 09/15/30  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 85467 |
| **Constellation Brands, Inc.** | **Constellation Brands, Inc.** | **Constellation Brands, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/15/28 *(a)* | 150000 | 138951 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 11/15/28 *(a)* | 125000 | 121034 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 08/01/29 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 65838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 05/01/30 *(a)* | 125000 | 106494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/01/31 *(a)* | 200000 | 158955 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/09/32 *(a)* | 150000 | 144168 |
| **CVS Health Corp.** | **CVS Health Corp.** | **CVS Health Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/25/28 *(a)* | 957000 | 926277 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/15/29 *(a)* | 300000 | 268916 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/30 *(a)* | 400000 | 363591 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/21/30 *(a)* | 325000 | 255905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 02/28/31 *(a)* | 150000 | 117724 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/15/31 *(a)* | 200000 | 158819 |
| **DENTSPLY SIRONA, Inc.** | **DENTSPLY SIRONA, Inc.** | **DENTSPLY SIRONA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/30 *(a)* | 150000 | 124469 |
| **DH Europe Finance II Sarl** | **DH Europe Finance II Sarl** | **DH Europe Finance II Sarl** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/15/29 *(a)* | 175000 | 153433 |
| **Diageo Capital PLC** | **Diageo Capital PLC** | **Diageo Capital PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/18/28 *(a)* | 200000 | 190953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 04/29/30 *(a)* | 425000 | 350726 |
| **Edwards Lifesciences Corp.** | **Edwards Lifesciences Corp.** | **Edwards Lifesciences Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/15/28 *(a)* | 125000 | 119864 |
| **Eli Lilly & Co.** | **Eli Lilly & Co.** | **Eli Lilly & Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/29 *(a)* | 200000 | 187682 |
| **Estee Lauder Cos., Inc.** | **Estee Lauder Cos., Inc.** | **Estee Lauder Cos., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 12/01/29 *(a)* | 200000 | 172162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 04/15/30 *(a)* | 150000 | 129383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 03/15/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 60748 |
| **Flowers Foods, Inc.** | **Flowers Foods, Inc.** | **Flowers Foods, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/31 *(a)* | 100000 | &nbsp;&nbsp; 80608 |
| **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** | **GE HealthCare Technologies, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.86%, 03/15/30 *(a)(d)* | 300000 | 307963 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.91%, 11/22/32 *(a)(d)* | 300000 | 311916 |
| **General Mills, Inc.** | **General Mills, Inc.** | **General Mills, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/17/28 *(a)* | 275000 | 266184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 04/15/30 *(a)* | 125000 | 108411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 10/14/31 *(a)* | 100000 | &nbsp;&nbsp; 80364 |
| **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** | **Gilead Sciences, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 10/01/30 *(a)* | 225000 | 178816 |
| **GlaxoSmithKline Capital PLC** | **GlaxoSmithKline Capital PLC** | **GlaxoSmithKline Capital PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 06/01/29 *(a)* | 200000 | 184894 |
| **GlaxoSmithKline Capital, Inc.** | **GlaxoSmithKline Capital, Inc.** | **GlaxoSmithKline Capital, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 05/15/28  | 375000 | 360730 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **GSK Consumer Healthcare Capital US LLC** | **GSK Consumer Healthcare Capital US LLC** | **GSK Consumer Healthcare Capital US LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/24/32 *(a)* | 450000 | 396960 |
| **Hasbro, Inc.** | **Hasbro, Inc.** | **Hasbro, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/19/29 *(a)* | 200000 | 178133 |
| **HCA, Inc.** | **HCA, Inc.** | **HCA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.63%, 09/01/28 *(a)* | 400000 | 398640 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/15/29 *(a)(d)* | 150000 | 131871 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 06/15/29 *(a)* | 400000 | 366136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 09/01/30 *(a)* | 600000 | 517210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 07/15/31 *(a)* | 225000 | 175187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 03/15/32 *(a)(d)* | 375000 | 317677 |
| **Hershey Co.** | **Hershey Co.** | **Hershey Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/01/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 60328 |
| **Hormel Foods Corp.** | **Hormel Foods Corp.** | **Hormel Foods Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 06/03/28 *(a)* | 150000 | 129949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 06/11/30 *(a)* | 200000 | 163461 |
| **Illumina, Inc.** | **Illumina, Inc.** | **Illumina, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/23/31 *(a)* | 125000 | 100422 |
| **Ingredion, Inc.** | **Ingredion, Inc.** | **Ingredion, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 06/01/30 *(a)* | 125000 | 106135 |
| **JBS USA LUX S.A.** | **JBS USA LUX S.A.** | **JBS USA LUX S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 02/01/28 *(a)(d)* | 250000 | 237616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 01/15/32 *(a)(d)* | 350000 | 286162 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/32 *(a)(d)* | 300000 | 230728 |
| **JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.** | **JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.** | **JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/31 *(a)(d)* | 150000 | 122547 |
| **JM Smucker Co.** | **JM Smucker Co.** | **JM Smucker Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 03/15/30 *(a)* | 150000 | 124452 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 03/15/32 *(a)* | 100000 | &nbsp;&nbsp; 77831 |
| **Johnson & Johnson** | **Johnson & Johnson** | **Johnson & Johnson** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 01/15/28 *(a)* | 300000 | 279829 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 09/01/29  | &nbsp;&nbsp; 87000 | 103015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 09/01/30 *(a)* | 350000 | 282801 |
| **Kellogg Co.** | **Kellogg Co.** | **Kellogg Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 05/15/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 73032 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 06/01/30 *(a)* | 100000 | &nbsp;&nbsp; 81215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.45%, 04/01/31  | 150000 | 171140 |
| **Keurig Dr Pepper, Inc.** | **Keurig Dr Pepper, Inc.** | **Keurig Dr Pepper, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/25/28 *(a)* | 225000 | 220770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/15/29 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/01/30 *(a)* | 200000 | 174469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/15/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 60473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/15/32 *(a)* | 350000 | 319212 |
| **Kimberly-Clark Corp.** | **Kimberly-Clark Corp.** | **Kimberly-Clark Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/01/28 *(a)* | 100000 | &nbsp;&nbsp; 96568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 04/25/29 *(a)* | 135000 | 123244 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/26/30 *(a)* | 150000 | 134989 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/02/31 *(a)* | 150000 | 120891 |
| **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** | **Kraft Heinz Foods Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 01/30/29 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 74348 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 04/01/30 *(a)* | 150000 | 137096 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/01/31 *(a)* | 100000 | &nbsp;&nbsp; 93578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 03/15/32  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54486 |
| **Kroger Co.** | **Kroger Co.** | **Kroger Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/29 *(a)* | 125000 | 120788 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 05/01/30 *(a)* | 100000 | &nbsp;&nbsp; 81107 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 01/15/31 *(a)* | 175000 | 135192 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/01/31  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56536 |
| **Laboratory Corp. of America Holdings** | **Laboratory Corp. of America Holdings** | **Laboratory Corp. of America Holdings** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 12/01/29 *(a)* | 200000 | 172313 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/01/31 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 41573 |
| **McCormick & Co., Inc.** | **McCormick & Co., Inc.** | **McCormick & Co., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 04/15/30 *(a)* | 100000 | &nbsp;&nbsp; 83600 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.85%, 02/15/31 *(a)* | 100000 | &nbsp;&nbsp; 77524 |

---

*See financial notes*

**163**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **McKesson Corp.** | **McKesson Corp.** | **McKesson Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 02/16/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71061 |
| **Merck & Co., Inc.** | **Merck & Co., Inc.** | **Merck & Co., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 12/10/28 *(a)* | 200000 | 172298 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/07/29 *(a)* | 350000 | 326360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 06/24/30 *(a)* | 250000 | 199886 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/10/31 *(a)* | 400000 | 327031 |
| **Mondelez International, Inc.** | **Mondelez International, Inc.** | **Mondelez International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/13/30 *(a)* | 175000 | 151036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 02/04/31 *(a)* | 250000 | 192687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/17/32 *(a)* | 175000 | 149469 |
| **Mylan, Inc.** | **Mylan, Inc.** | **Mylan, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 04/15/28 *(a)* | 175000 | 162231 |
| **Novartis Capital Corp.** | **Novartis Capital Corp.** | **Novartis Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 08/14/30 *(a)* | 325000 | 276536 |
| **Ochsner LSU Health System of North Louisiana** | **Ochsner LSU Health System of North Louisiana** | **Ochsner LSU Health System of North Louisiana** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.51%, 05/15/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 54410 |
| **OhioHealth Corp.** | **OhioHealth Corp.** | **OhioHealth Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 60284 |
| **PepsiCo, Inc.** | **PepsiCo, Inc.** | **PepsiCo, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 02/18/28 *(a)* | 100000 | &nbsp;&nbsp; 96113 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 03/01/29  | 100000 | 112714 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 07/29/29 *(a)* | 200000 | 176889 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/19/30 *(a)* | 275000 | 243618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 05/01/30 *(a)* | 225000 | 183752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 02/25/31 *(a)* | 150000 | 118322 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 10/21/31 *(a)* | 275000 | 222213 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 07/18/32 *(a)* | 275000 | 260339 |
| **PerkinElmer, Inc.** | **PerkinElmer, Inc.** | **PerkinElmer, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 09/15/29 *(a)* | 200000 | 174539 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/15/31 *(a)* | 100000 | &nbsp;&nbsp; 80958 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/15/31 *(a)* | 150000 | 117688 |
| **Pfizer, Inc.** | **Pfizer, Inc.** | **Pfizer, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/15/28 *(a)* | 200000 | 191880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/15/29 *(a)* | 350000 | 330140 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 04/01/30 *(a)* | 250000 | 219706 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/28/30 *(a)* | 200000 | 164765 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/18/31 *(a)* | 200000 | 161106 |
| **Pharmacia LLC** | **Pharmacia LLC** | **Pharmacia LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.60%, 12/01/28  | 150000 | 165382 |
| **Philip Morris International, Inc.** | **Philip Morris International, Inc.** | **Philip Morris International, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/02/28 *(a)(e)* | 150000 | 136661 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 08/15/29 *(a)* | 125000 | 112868 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 05/01/30 *(a)* | 325000 | 263740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 11/01/30 *(a)* | 125000 | &nbsp;&nbsp; 98036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 11/17/32 *(a)* | 400000 | 409824 |
| **Piedmont Healthcare, Inc.** | **Piedmont Healthcare, Inc.** | **Piedmont Healthcare, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.04%, 01/01/32 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 57892 |
| **Pilgrim's Pride Corp.** | **Pilgrim's Pride Corp.** | **Pilgrim's Pride Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/15/31 *(a)(d)* | 200000 | 170402 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/32 *(a)(d)* | 150000 | 117451 |
| **Procter & Gamble Co.** | **Procter & Gamble Co.** | **Procter & Gamble Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/25/30  | 325000 | 296763 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 10/29/30  | 275000 | 216308 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 04/23/31  | 175000 | 146579 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/32  | 175000 | 147436 |
| **Providence St Joseph Health Obligated Group** | **Providence St Joseph Health Obligated Group** | **Providence St Joseph Health Obligated Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.53%, 10/01/29 *(a)* | 150000 | 126638 |
| **Quest Diagnostics, Inc.** | **Quest Diagnostics, Inc.** | **Quest Diagnostics, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 06/30/29 *(a)* | 100000 | &nbsp;&nbsp; 95720 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/30/30 *(a)* | 150000 | 130021 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/30/31 *(a)* | 100000 | &nbsp;&nbsp; 83948 |
| **Regeneron Pharmaceuticals, Inc.** | **Regeneron Pharmaceuticals, Inc.** | **Regeneron Pharmaceuticals, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 09/15/30 *(a)* | 275000 | 213336 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Royalty Pharma PLC** | **Royalty Pharma PLC** | **Royalty Pharma PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/02/30 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 195872 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 09/02/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75698 |
| **Rush Obligated Group** | **Rush Obligated Group** | **Rush Obligated Group** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 11/15/29 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68026 |
| **Sanofi** | **Sanofi** | **Sanofi** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 06/19/28 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 215166 |
| **Smith & Nephew PLC** | **Smith & Nephew PLC** | **Smith & Nephew PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.03%, 10/14/30 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 177104 |
| **Stanford Health Care** | **Stanford Health Care** | **Stanford Health Care** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.31%, 08/15/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66996 |
| **STERIS Irish FinCo Unlimited Co.** | **STERIS Irish FinCo Unlimited Co.** | **STERIS Irish FinCo Unlimited Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/15/31 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 122114 |
| **Stryker Corp.** | **Stryker Corp.** | **Stryker Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/07/28 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 166493 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 06/15/30 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 101877 |
| **Sutter Health** | **Sutter Health** | **Sutter Health** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.29%, 08/15/30 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 141671 |
| **Sysco Corp.** | **Sysco Corp.** | **Sysco Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/15/30 *(a)* | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 04/01/30 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 181773 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/14/31 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 120642 |
| **Takeda Pharmaceutical Co., Ltd.** | **Takeda Pharmaceutical Co., Ltd.** | **Takeda Pharmaceutical Co., Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 11/26/28 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 223534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/31/30 *(a)* | 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 408912 |
| **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** | **Thermo Fisher Scientific, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/15/28 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 106139 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 10/01/29 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88270 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 10/15/31 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 243081 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 11/21/32 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101888 |
| **Tyson Foods, Inc.** | **Tyson Foods, Inc.** | **Tyson Foods, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/01/29 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 191414 |
| **Unilever Capital Corp.** | **Unilever Capital Corp.** | **Unilever Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/22/28 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 283223 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 09/06/29 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 169528 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.38%, 09/14/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78228 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/12/31 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 197601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 11/15/32  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 108305 |
| **Universal Health Services, Inc.** | **Universal Health Services, Inc.** | **Universal Health Services, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 10/15/30 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 159638 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/32 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76619 |
| **Viatris, Inc.** | **Viatris, Inc.** | **Viatris, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/22/30 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 235521 |
| **Whirlpool Corp.** | **Whirlpool Corp.** | **Whirlpool Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 02/26/29 *(a)* | 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 136460 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/15/31 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 118805 |
| **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** | **Zimmer Biomet Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 11/24/31 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 141811 |
| **Zoetis, Inc.** | **Zoetis, Inc.** | **Zoetis, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 08/20/28 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 190513 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81416 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 11/16/32 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103890 |
|  |  | **44280022** |
| ***Energy 6.1%***  | ***Energy 6.1%***  | ***Energy 6.1%***  |
| **Baker Hughes a GE Co., LLC/Baker Hughes Co-Obligor, Inc.** | **Baker Hughes a GE Co., LLC/Baker Hughes Co-Obligor, Inc.** | **Baker Hughes a GE Co., LLC/Baker Hughes Co-Obligor, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.14%, 11/07/29 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88344 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.49%, 05/01/30 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 119562 |
| **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** | **Boardwalk Pipelines LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 05/03/29 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47149 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/15/31 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 189014 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 09/01/32 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41586 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**164**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** | **BP Capital Markets America, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 09/21/28 *(a)* | 200000 | 191438 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.23%, 11/06/28 *(a)* | 400000 | 387884 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.63%, 04/06/30 *(a)* | 250000 | 229736 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 08/10/30 *(a)* | 200000 | 159824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 01/12/32 *(a)* | 400000 | 335197 |
| **BP Capital Markets PLC** | **BP Capital Markets PLC** | **BP Capital Markets PLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.72%, 11/28/28 *(a)* | 150000 | 142277 |
| **Burlington Resources LLC** | **Burlington Resources LLC** | **Burlington Resources LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 08/15/31  | 100000 | 113877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40%, 12/01/31  | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 28812 |
| **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** | **Canadian Natural Resources Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 07/15/30 *(a)* | 175000 | 147875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 01/15/32  | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 27144 |
| **Cenovus Energy, Inc.** | **Cenovus Energy, Inc.** | **Cenovus Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 01/15/32 *(a)* | 125000 | &nbsp;&nbsp; 99903 |
| **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** | **Cheniere Corpus Christi Holdings LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/29 *(a)* | 300000 | 272320 |
| **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** | **Cheniere Energy Partners LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/29 *(a)* | 350000 | 315737 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/01/31 *(a)* | 300000 | 257907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/31/32 *(a)* | 200000 | 160125 |
| **Chevron Corp.** | **Chevron Corp.** | **Chevron Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.24%, 05/11/30 *(a)* | 300000 | 257313 |
| **Chevron USA, Inc.** | **Chevron USA, Inc.** | **Chevron USA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 01/15/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 10/15/29 *(a)* | 100000 | &nbsp;&nbsp; 91905 |
| **Conoco Funding Co.** | **Conoco Funding Co.** | **Conoco Funding Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.25%, 10/15/31  | 125000 | 142916 |
| **ConocoPhillips Co.** | **ConocoPhillips Co.** | **ConocoPhillips Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 04/15/29  | 250000 | 277035 |
| **Continental Resources, Inc.** | **Continental Resources, Inc.** | **Continental Resources, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 01/15/28 *(a)* | 225000 | 205095 |
| **Coterra Energy, Inc.** | **Coterra Energy, Inc.** | **Coterra Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 03/15/29 *(a)* | 145000 | 136662 |
| **DCP Midstream Operating LP** | **DCP Midstream Operating LP** | **DCP Midstream Operating LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.13%, 05/15/29 *(a)* | 100000 | &nbsp;&nbsp; 96676 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 08/16/30  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 56054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/32 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 61942 |
| **Devon Energy Corp.** | **Devon Energy Corp.** | **Devon Energy Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.88%, 06/15/28 *(a)(d)* | &nbsp;&nbsp; 54000 | &nbsp;&nbsp; 54823 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 01/15/30 *(a)* | 180000 | 168290 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 09/30/31  | 100000 | 113796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.95%, 04/15/32  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 85999 |
| **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** | **Diamondback Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 12/01/29 *(a)* | 225000 | 197927 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 03/24/31 *(a)* | 150000 | 124744 |
| **Eastern Gas Transmission & Storage, Inc.** | **Eastern Gas Transmission & Storage, Inc.** | **Eastern Gas Transmission & Storage, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 11/15/29 *(a)* | 100000 | &nbsp;&nbsp; 86856 |
| **Enable Midstream Partners LP** | **Enable Midstream Partners LP** | **Enable Midstream Partners LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 05/15/28 *(a)* | 250000 | 240542 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 09/15/29 *(a)* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp; 31649 |
| **Enbridge, Inc.** | **Enbridge, Inc.** | **Enbridge, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 11/15/29 *(a)* | 225000 | 196608 |
| **Energy Transfer LP** | **Energy Transfer LP** | **Energy Transfer LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 06/15/28 *(a)* | 175000 | 169456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.25%, 04/15/29 *(a)* | 325000 | 315316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/15/30 *(a)* | 325000 | 286923 |
| **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** | **Enterprise Products Operating LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 10/16/28 *(a)* | 200000 | 189594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.13%, 07/31/29 *(a)* | 235000 | 207168 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 01/31/30 *(a)* | 325000 | 277189 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 02/15/78 *(a)(b)* | 100000 | &nbsp;&nbsp; 77827 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **EOG Resources, Inc.** | **EOG Resources, Inc.** | **EOG Resources, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 04/15/30 *(a)* | 100000 | &nbsp;&nbsp; 96967 |
| **EQT Corp.** | **EQT Corp.** | **EQT Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 04/01/28 *(a)* | 100000 | &nbsp;&nbsp; 99575 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/29 *(a)* | 100000 | &nbsp;&nbsp; 94217 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 02/01/30 *(a)(f)* | 125000 | 129731 |
| **Exxon Mobil Corp.** | **Exxon Mobil Corp.** | **Exxon Mobil Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 08/16/29 *(a)* | 275000 | 241036 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.48%, 03/19/30 *(a)* | 500000 | 466633 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.61%, 10/15/30 *(a)* | 275000 | 240489 |
| **Halliburton Co.** | **Halliburton Co.** | **Halliburton Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.92%, 03/01/30 *(a)* | 225000 | 193601 |
| **Helmerich and Payne, Inc.** | **Helmerich and Payne, Inc.** | **Helmerich and Payne, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/29/31 *(a)* | 125000 | 101538 |
| **Hess Corp.** | **Hess Corp.** | **Hess Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.88%, 10/01/29  | 125000 | 139504 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.30%, 08/15/31  | 100000 | 109077 |
| **HF Sinclair Corp.** | **HF Sinclair Corp.** | **HF Sinclair Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 10/01/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 65951 |
| **Kinder Morgan Energy Partners LP** | **Kinder Morgan Energy Partners LP** | **Kinder Morgan Energy Partners LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.40%, 03/15/31  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54734 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 03/15/32  | 125000 | 139053 |
| **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** | **Kinder Morgan, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/01/28 *(a)* | 225000 | 215968 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 02/15/31 *(a)* | 150000 | 116593 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.80%, 08/01/31  | 100000 | 111862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 01/15/32  | 200000 | 225466 |
| **Magellan Midstream Partners LP** | **Magellan Midstream Partners LP** | **Magellan Midstream Partners LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/30 *(a)* | 100000 | &nbsp;&nbsp; 87451 |
| **Marathon Oil Corp.** | **Marathon Oil Corp.** | **Marathon Oil Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.80%, 03/15/32  | 125000 | 128980 |
| **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** | **Marathon Petroleum Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/28 *(a)* | 105000 | &nbsp;&nbsp; 97260 |
| **MPLX LP** | **MPLX LP** | **MPLX LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/28 *(a)* | 300000 | 279982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.80%, 02/15/29 *(a)* | 125000 | 119796 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/15/30 *(a)* | 250000 | 203229 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.95%, 09/01/32 *(a)* | 225000 | 211444 |
| **National Fuel Gas Co.** | **National Fuel Gas Co.** | **National Fuel Gas Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/01/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/31 *(a)* | 125000 | &nbsp;&nbsp; 98545 |
| **NOV, Inc.** | **NOV, Inc.** | **NOV, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 12/01/29 *(a)* | 110000 | &nbsp;&nbsp; 96961 |
| **ONEOK, Inc.** | **ONEOK, Inc.** | **ONEOK, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/15/28 *(a)* | 175000 | 165747 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 03/15/29 *(a)* | 250000 | 232325 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 09/01/29 *(a)* | 125000 | 108248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/30 *(a)* | 225000 | 189237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.35%, 01/15/31 *(a)* | 105000 | 107351 |
| **Ovintiv, Inc.** | **Ovintiv, Inc.** | **Ovintiv, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 09/15/30  | 100000 | 110297 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.20%, 11/01/31  | 100000 | 105576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.38%, 11/01/31  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 53798 |
| **Phillips 66** | **Phillips 66** | **Phillips 66** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/15/28 *(a)* | 150000 | 141980 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 12/15/30 *(a)* | 150000 | 120198 |
| **Phillips 66 Partners LP** | **Phillips 66 Partners LP** | **Phillips 66 Partners LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 03/01/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 69317 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 12/15/29 *(a)(d)* | 125000 | 109413 |
| **Pioneer Natural Resources Co.** | **Pioneer Natural Resources Co.** | **Pioneer Natural Resources Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/30 *(a)* | 300000 | 236038 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 01/15/31 *(a)* | 150000 | 119116 |

---

*See financial notes*

**165**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Plains All American Pipeline LP/PAA Finance Corp.** | **Plains All American Pipeline LP/PAA Finance Corp.** | **Plains All American Pipeline LP/PAA Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.55%, 12/15/29 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 152234 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 09/15/30 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 174331 |
| **Sabine Pass Liquefaction LLC** | **Sabine Pass Liquefaction LLC** | **Sabine Pass Liquefaction LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/15/28 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 329490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 05/15/30 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 325577 |
| **Schlumberger Investment S.A.** | **Schlumberger Investment S.A.** | **Schlumberger Investment S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/26/30 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 150362 |
| **Shell International Finance BV** | **Shell International Finance BV** | **Shell International Finance BV** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 11/13/28 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 289157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 11/07/29 *(a)* | 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 229495 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/06/30 *(a)* | 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 352064 |
| **Suncor Energy, Inc.** | **Suncor Energy, Inc.** | **Suncor Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.15%, 02/01/32  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 107777 |
| **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** | **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** | **Targa Resources Partners LP/Targa Resources Partners Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 01/15/28 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 167352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 01/15/29 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101174 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 03/01/30 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 236070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 02/01/31 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 135664 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 01/15/32 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 168331 |
| **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** | **Tennessee Gas Pipeline Co. LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/15/28  | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 133751 |
| **Texas Eastern Transmission LP** | **Texas Eastern Transmission LP** | **Texas Eastern Transmission LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 07/15/32  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 110584 |
| **Tosco Corp.** | **Tosco Corp.** | **Tosco Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.13%, 02/15/30  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 175881 |
| **TotalEnergies Capital International S.A.** | **TotalEnergies Capital International S.A.** | **TotalEnergies Capital International S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.46%, 02/19/29 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 278921 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.83%, 01/10/30 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 199113 |
| **TotalEnergies Capital S.A.** | **TotalEnergies Capital S.A.** | **TotalEnergies Capital S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 10/11/28  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 193624 |
| **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** | **TransCanada PipeLines Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/28 *(a)* | 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 308944 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/15/30 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 229381 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/12/31 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 139415 |
| **Transcontinental Gas Pipe Line Co. LLC** | **Transcontinental Gas Pipe Line Co. LLC** | **Transcontinental Gas Pipe Line Co. LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/28 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 164817 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87046 |
| **Valero Energy Corp.** | **Valero Energy Corp.** | **Valero Energy Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 06/01/28 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 145024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/29 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70726 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 12/01/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.50%, 04/15/32  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 169210 |
| **Valero Energy Partners LP** | **Valero Energy Partners LP** | **Valero Energy Partners LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 03/15/28 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97218 |
| **Williams Cos., Inc.** | **Williams Cos., Inc.** | **Williams Cos., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 11/15/30 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 131665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 03/15/31 *(a)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 284392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.75%, 03/15/32  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 119341 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/15/32 *(a)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 233964 |
|  |  | **19913811** |
| ***Industrial Other 0.2%***  | ***Industrial Other 0.2%***  | ***Industrial Other 0.2%***  |
| **Cintas Corp. No. 2** | **Cintas Corp. No. 2** | **Cintas Corp. No. 2** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 05/01/32 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 117721 |
| **Emory University** | **Emory University** | **Emory University** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.14%, 09/01/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82725 |
| **Quanta Services, Inc.** | **Quanta Services, Inc.** | **Quanta Services, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 10/01/30 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 186015 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 01/15/32 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 114321 |
| **Yale University** | **Yale University** | **Yale University** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.48%, 04/15/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80182 |
|  |  | **580964** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| ***Technology 9.8%***  | ***Technology 9.8%***  | ***Technology 9.8%***  |
| **Adobe, Inc.** | **Adobe, Inc.** | **Adobe, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/01/30 *(a)* | 275000 | 234907 |
| **Advanced Micro Devices, Inc.** | **Advanced Micro Devices, Inc.** | **Advanced Micro Devices, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.92%, 06/01/32 *(a)* | 100000 | &nbsp;&nbsp; 93313 |
| **Alphabet, Inc.** | **Alphabet, Inc.** | **Alphabet, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 08/15/30 *(a)* | 425000 | 334444 |
| **Amdocs Ltd.** | **Amdocs Ltd.** | **Amdocs Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.54%, 06/15/30 *(a)* | 125000 | 101847 |
| **Analog Devices, Inc.** | **Analog Devices, Inc.** | **Analog Devices, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 10/01/28 *(a)* | 150000 | 127293 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 10/01/31 *(a)* | 225000 | 182255 |
| **Apple Inc.** | **Apple Inc.** | **Apple Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.20%, 02/08/28 *(a)* | 450000 | 382556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 08/05/28 *(a)* | 525000 | 445442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 08/08/29 *(a)* | 200000 | 185588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 09/11/29 *(a)* | 400000 | 346003 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/11/30 *(a)* | 400000 | 328255 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 08/20/30 *(a)* | 300000 | 236544 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 02/08/31 *(a)* | 625000 | 503838 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 08/08/32 *(a)* | 300000 | 272803 |
| **Applied Materials, Inc.** | **Applied Materials, Inc.** | **Applied Materials, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/01/30 *(a)* | 100000 | &nbsp;&nbsp; 81643 |
| **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** | **Arrow Electronics, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.88%, 01/12/28 *(a)* | 175000 | 159576 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 02/15/32 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 39544 |
| **Autodesk, Inc.** | **Autodesk, Inc.** | **Autodesk, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 01/15/30 *(a)* | 135000 | 116260 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 12/15/31 *(a)* | 175000 | 140453 |
| **Automatic Data Processing, Inc.** | **Automatic Data Processing, Inc.** | **Automatic Data Processing, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 05/15/28 *(a)* | 150000 | 130433 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.25%, 09/01/30 *(a)* | 175000 | 136809 |
| **Avnet, Inc.** | **Avnet, Inc.** | **Avnet, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/15/31 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 38807 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.50%, 06/01/32 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 69340 |
| **Baidu, Inc.** | **Baidu, Inc.** | **Baidu, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.43%, 04/07/30 *(a)* | 200000 | 173995 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 10/09/30 *(a)* | 200000 | 159388 |
| **Broadcom Corp./Broadcom Cayman Finance Ltd.** | **Broadcom Corp./Broadcom Cayman Finance Ltd.** | **Broadcom Corp./Broadcom Cayman Finance Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/28 *(a)* | 200000 | 182567 |
| **Broadcom, Inc.** | **Broadcom, Inc.** | **Broadcom, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 02/15/28 *(a)(d)* | 100000 | &nbsp;&nbsp; 84656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.11%, 09/15/28 *(a)* | 350000 | 326914 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 *(a)(d)* | 200000 | 182102 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 04/15/29 *(a)* | 360000 | 343827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 04/15/30 *(a)* | 150000 | 142327 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 11/15/30 *(a)* | 365000 | 327674 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/15/31 *(a)(d)* | 450000 | 354933 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 04/15/32 *(a)(d)* | 250000 | 220143 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 11/15/32 *(a)* | 300000 | 265295 |
| **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** | **Broadridge Financial Solutions, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 12/01/29 *(a)* | 150000 | 127198 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 05/01/31 *(a)* | 225000 | 183661 |
| **CDW LLC/CDW Finance Corp.** | **CDW LLC/CDW Finance Corp.** | **CDW LLC/CDW Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/28 *(a)* | 200000 | 184334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.28%, 12/01/28 *(a)* | 150000 | 128918 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 02/15/29 *(a)* | 100000 | &nbsp;&nbsp; 85399 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 12/01/31 *(a)* | 125000 | 103439 |
| **CGI, Inc.** | **CGI, Inc.** | **CGI, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 09/14/31 *(a)* | 100000 | &nbsp;&nbsp; 75837 |
| **Dell International LLC/EMC Corp.** | **Dell International LLC/EMC Corp.** | **Dell International LLC/EMC Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.30%, 10/01/29 *(a)* | 380000 | 371685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.20%, 07/15/30 *(a)* | 100000 | 102054 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**166**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Dell, Inc.** | **Dell, Inc.** | **Dell, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.10%, 04/15/28  | 100000 | 107566 |
| **DXC Technology Co.** | **DXC Technology Co.** | **DXC Technology Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 09/15/28 *(a)* | 150000 | 126398 |
| **Equifax, Inc.** | **Equifax, Inc.** | **Equifax, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 05/15/30 *(a)* | 150000 | 126616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 09/15/31 *(a)* | 175000 | 136006 |
| **Equinix, Inc.** | **Equinix, Inc.** | **Equinix, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 03/15/28 *(a)* | 100000 | &nbsp;&nbsp; 82905 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 42249 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 11/18/29 *(a)* | 150000 | 130828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 07/15/30 *(a)* | 200000 | 159771 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/15/31 *(a)* | 300000 | 241108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 04/15/32 *(a)* | 350000 | 310599 |
| **FactSet Research Systems, Inc.** | **FactSet Research Systems, Inc.** | **FactSet Research Systems, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/01/32 *(a)* | 125000 | 105736 |
| **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** | **Fidelity National Information Services, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/01/28 *(a)* | 150000 | 124966 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 05/21/29 *(a)* | 225000 | 205692 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/01/31 *(a)* | 250000 | 196996 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.10%, 07/15/32 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 72448 |
| **Fiserv, Inc.** | **Fiserv, Inc.** | **Fiserv, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/01/28 *(a)* | 175000 | 165854 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 07/01/29 *(a)* | 700000 | 631333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/01/30 *(a)* | 150000 | 126034 |
| **Flex Ltd.** | **Flex Ltd.** | **Flex Ltd.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/15/29 *(a)* | 150000 | 141442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 05/12/30 *(a)* | 150000 | 140717 |
| **Fortinet, Inc.** | **Fortinet, Inc.** | **Fortinet, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/15/31 *(a)* | 125000 | &nbsp;&nbsp; 96452 |
| **Global Payments, Inc.** | **Global Payments, Inc.** | **Global Payments, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/01/28 *(a)* | 100000 | &nbsp;&nbsp; 93184 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 08/15/29 *(a)* | 280000 | 239484 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 05/15/30 *(a)* | 225000 | 184957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 11/15/31 *(a)* | 200000 | 158203 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.40%, 08/15/32 *(a)* | 175000 | 167115 |
| **HP, Inc.** | **HP, Inc.** | **HP, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 01/15/28 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24315 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/15/29 *(a)* | 225000 | 206240 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/17/30 *(a)* | 250000 | 212062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/17/31 *(a)* | 275000 | 214728 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/32 *(a)* | 150000 | 129013 |
| **Intel Corp.** | **Intel Corp.** | **Intel Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 08/12/28 *(a)* | 150000 | 127598 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 08/05/29 *(a)* | 150000 | 143216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/15/29 *(a)* | 400000 | 343527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 03/25/30 *(a)* | 275000 | 258233 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/12/31 *(a)* | 300000 | 238410 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/05/32 *(a)* | 375000 | 351056 |
| **International Business Machines Corp.** | **International Business Machines Corp.** | **International Business Machines Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.50%, 01/15/28  | 135000 | 145031 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 05/15/29  | 750000 | 689783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 05/15/30 *(a)* | 300000 | 244797 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.72%, 02/09/32 *(a)* | 100000 | &nbsp;&nbsp; 84017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/27/32 *(a)* | 100000 | &nbsp;&nbsp; 95466 |
| **Intuit, Inc.** | **Intuit, Inc.** | **Intuit, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 07/15/30 *(a)* | 100000 | &nbsp;&nbsp; 80622 |
| **Jabil, Inc.** | **Jabil, Inc.** | **Jabil, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 01/12/28 *(a)* | 100000 | &nbsp;&nbsp; 93334 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 01/15/30 *(a)* | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 74743 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 01/15/31 *(a)* | 150000 | 124552 |
| **Juniper Networks, Inc.** | **Juniper Networks, Inc.** | **Juniper Networks, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 08/15/29 *(a)* | 125000 | 111601 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 12/10/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 57232 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Keysight Technologies, Inc.** | **Keysight Technologies, Inc.** | **Keysight Technologies, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/30/29 *(a)* | 125000 | 108671 |
| **KLA Corp.** | **KLA Corp.** | **KLA Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 03/15/29 *(a)* | 225000 | 217862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 07/15/32 *(a)* | 150000 | 147208 |
| **Kyndryl Holdings, Inc.** | **Kyndryl Holdings, Inc.** | **Kyndryl Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 10/15/28 *(a)* | 125000 | &nbsp;&nbsp; 94295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 10/15/31 *(a)* | 125000 | &nbsp;&nbsp; 84001 |
| **Lam Research Corp.** | **Lam Research Corp.** | **Lam Research Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/15/29 *(a)* | 150000 | 142974 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/15/30 *(a)* | 225000 | 183434 |
| **Leidos, Inc.** | **Leidos, Inc.** | **Leidos, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 05/15/30 *(a)* | 250000 | 226048 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 02/15/31 *(a)* | 125000 | &nbsp;&nbsp; 95938 |
| **Marvell Technology, Inc.** | **Marvell Technology, Inc.** | **Marvell Technology, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 04/15/28 *(a)* | 125000 | 105413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/22/28 *(a)* | 100000 | &nbsp;&nbsp; 95241 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/15/31 *(a)* | 200000 | 160989 |
| **Mastercard, Inc.** | **Mastercard, Inc.** | **Mastercard, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 02/26/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47561 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 06/01/29 *(a)* | 225000 | 203630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/26/30 *(a)* | 325000 | 298148 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 03/15/31 *(a)* | 100000 | &nbsp;&nbsp; 81368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 11/18/31 *(a)* | 150000 | 121076 |
| **Micron Technology, Inc.** | **Micron Technology, Inc.** | **Micron Technology, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.33%, 02/06/29 *(a)* | 125000 | 120125 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 11/01/29 *(a)* | 100000 | 101839 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.66%, 02/15/30 *(a)* | 225000 | 204300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/32 *(a)* | 225000 | 169011 |
| **Moody's Corp.** | **Moody's Corp.** | **Moody's Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 01/15/28 *(a)* | 125000 | 115684 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 02/01/29 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48017 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/19/31 *(a)* | 100000 | &nbsp;&nbsp; 79439 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 08/08/32 *(a)* | 100000 | &nbsp;&nbsp; 93801 |
| **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** | **Motorola Solutions, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 02/23/28 *(a)* | 250000 | 242997 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 05/23/29 *(a)* | 125000 | 118981 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/30 *(a)* | 200000 | 157077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/24/31 *(a)* | 200000 | 159939 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.60%, 06/01/32 *(a)* | 100000 | &nbsp;&nbsp; 97760 |
| **NetApp, Inc.** | **NetApp, Inc.** | **NetApp, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/22/30 *(a)* | 150000 | 123349 |
| **NVIDIA Corp.** | **NVIDIA Corp.** | **NVIDIA Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 06/15/28 *(a)* | 250000 | 213936 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 04/01/30 *(a)* | 300000 | 262442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/15/31 *(a)* | 175000 | 140712 |
| **NXP BV/NXP Funding LLC** | **NXP BV/NXP Funding LLC** | **NXP BV/NXP Funding LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.55%, 12/01/28 *(a)* | 125000 | 125529 |
| **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** | **NXP BV/NXP Funding LLC/NXP USA, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 06/18/29 *(a)* | 100000 | &nbsp;&nbsp; 92776 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 05/01/30 *(a)* | 275000 | 237819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 05/11/31 *(a)* | 200000 | 158705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 02/15/32 *(a)* | 200000 | 156746 |
| **Oracle Corp.** | **Oracle Corp.** | **Oracle Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/25/28 *(a)* | 400000 | 347253 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.15%, 11/09/29 *(a)* | 200000 | 208103 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 04/01/30 *(a)* | 550000 | 470185 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/30 *(a)* | 150000 | 130372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 03/25/31 *(a)* | 650000 | 539894 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.25%, 11/09/32 *(a)* | 525000 | 551929 |
| **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** | **PayPal Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 10/01/29 *(a)* | 225000 | 196306 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/30 *(a)* | 325000 | 267068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 06/01/32 *(a)* | 175000 | 165231 |

---

*See financial notes*

**167**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Qorvo, Inc.** | **Qorvo, Inc.** | **Qorvo, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.38%, 10/15/29 *(a)* | 200000 | 176996 |
| **QUALCOMM, Inc.** | **QUALCOMM, Inc.** | **QUALCOMM, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.30%, 05/20/28 *(a)* | 200000 | 169683 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 05/20/30 *(a)* | 175000 | 148042 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/20/32 *(a)* | 250000 | 193210 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/20/32 *(a)* | 125000 | 120727 |
| **RELX Capital, Inc.** | **RELX Capital, Inc.** | **RELX Capital, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/18/29 *(a)* | 260000 | 241428 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 05/22/30 *(a)* | 100000 | &nbsp;&nbsp; 85411 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 05/20/32 *(a)* | 100000 | &nbsp;&nbsp; 96206 |
| **S&P Global, Inc.** | **S&P Global, Inc.** | **S&P Global, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 08/01/28 *(a)(d)* | 200000 | 197925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 03/01/29 *(a)(d)* | 250000 | 220295 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/29 *(a)(d)* | 200000 | 191187 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/29 *(a)* | 100000 | &nbsp;&nbsp; 85702 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/01/32 *(a)(d)* | 325000 | 277642 |
| **Salesforce, Inc.** | **Salesforce, Inc.** | **Salesforce, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/11/28 *(a)* | 300000 | 288560 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 07/15/28 *(a)* | 125000 | 106932 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 07/15/31 *(a)* | 325000 | 260545 |
| **ServiceNow, Inc.** | **ServiceNow, Inc.** | **ServiceNow, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.40%, 09/01/30 *(a)* | 325000 | 248515 |
| **Skyworks Solutions, Inc.** | **Skyworks Solutions, Inc.** | **Skyworks Solutions, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/01/31 *(a)* | 125000 | &nbsp;&nbsp; 98185 |
| **TD SYNNEX Corp.** | **TD SYNNEX Corp.** | **TD SYNNEX Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 08/09/28 *(a)* | 125000 | 101584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 08/09/31 *(a)* | 125000 | &nbsp;&nbsp; 94825 |
| **Teledyne FLIR LLC** | **Teledyne FLIR LLC** | **Teledyne FLIR LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 08/01/30 *(a)* | 125000 | 101368 |
| **Texas Instruments, Inc.** | **Texas Instruments, Inc.** | **Texas Instruments, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 09/04/29 *(a)* | 150000 | 130004 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 05/04/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 61858 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 09/15/31 *(a)* | 150000 | 121685 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 08/16/32 *(a)* | 150000 | 139137 |
| **Trimble, Inc.** | **Trimble, Inc.** | **Trimble, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 06/15/28 *(a)* | 125000 | 120288 |
| **TSMC Arizona Corp.** | **TSMC Arizona Corp.** | **TSMC Arizona Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 10/25/31 *(a)* | 275000 | 226424 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/22/32 *(a)* | 250000 | 241185 |
| **Tyco Electronics Group S.A.** | **Tyco Electronics Group S.A.** | **Tyco Electronics Group S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/04/32 *(a)* | 100000 | &nbsp;&nbsp; 82647 |
| **VeriSign, Inc.** | **VeriSign, Inc.** | **VeriSign, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 06/15/31 *(a)* | 175000 | 143587 |
| **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** | **Verisk Analytics, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/29 *(a)* | 125000 | 116928 |
| **Visa, Inc.** | **Visa, Inc.** | **Visa, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 04/15/30 *(a)* | 200000 | 169675 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.10%, 02/15/31 *(a)* | 200000 | 154083 |
| **VMware, Inc.** | **VMware, Inc.** | **VMware, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 08/15/28 *(a)* | 150000 | 122680 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/30 *(a)* | 200000 | 186697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 08/15/31 *(a)* | 275000 | 209071 |
| **Western Digital Corp.** | **Western Digital Corp.** | **Western Digital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 02/01/29 *(a)* | 100000 | &nbsp;&nbsp; 77589 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 02/01/32 *(a)* | 125000 | &nbsp;&nbsp; 90244 |
| **Western Union Co.** | **Western Union Co.** | **Western Union Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 03/15/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 56917 |
| **Workday, Inc.** | **Workday, Inc.** | **Workday, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/29 *(a)* | 250000 | 229616 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/32 *(a)* | 175000 | 154673 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Xilinx, Inc.** | **Xilinx, Inc.** | **Xilinx, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/01/30 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 147511 |
|  |  | **32177183** |
| ***Transportation 1.7%***  | ***Transportation 1.7%***  | ***Transportation 1.7%***  |
| **American Airlines 2016-1 Class AA Pass-Through Trust** | **American Airlines 2016-1 Class AA Pass-Through Trust** | **American Airlines 2016-1 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.58%, 01/15/28  | 142876 | &nbsp;&nbsp;&nbsp;&nbsp; 127979 |
| **American Airlines 2016-2 Class AA Pass-Through Trust** | **American Airlines 2016-2 Class AA Pass-Through Trust** | **American Airlines 2016-2 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 06/15/28  | &nbsp;&nbsp; 89938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78575 |
| **American Airlines 2016-3 Class AA Pass-Through Trust** | **American Airlines 2016-3 Class AA Pass-Through Trust** | **American Airlines 2016-3 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 10/15/28  | &nbsp;&nbsp; 72215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63582 |
| **American Airlines 2017-1 Class AA Pass-Through Trust** | **American Airlines 2017-1 Class AA Pass-Through Trust** | **American Airlines 2017-1 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/15/29  | &nbsp;&nbsp; 91719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82006 |
| **American Airlines 2017-2 Class AA Pass-Through Trust** | **American Airlines 2017-2 Class AA Pass-Through Trust** | **American Airlines 2017-2 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 10/15/29  | &nbsp;&nbsp; 18911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16484 |
| **American Airlines 2019-1 Class AA Pass-Through Trust** | **American Airlines 2019-1 Class AA Pass-Through Trust** | **American Airlines 2019-1 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 02/15/32  | &nbsp;&nbsp; 86443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72367 |
| **Canadian National Railway Co.** | **Canadian National Railway Co.** | **Canadian National Railway Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.90%, 07/15/28  | 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 176895 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 08/05/32 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93005 |
| **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** | **Canadian Pacific Railway Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/28 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95748 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 03/05/30 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 102526 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.13%, 10/15/31  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 12/02/31 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 249844 |
| **CH Robinson Worldwide, Inc.** | **CH Robinson Worldwide, Inc.** | **CH Robinson Worldwide, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 04/15/28 *(a)* | 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 123021 |
| **CSX Corp.** | **CSX Corp.** | **CSX Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 03/01/28 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 191065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 03/15/29 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 192396 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 11/15/32 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 187679 |
| **Delta Air Lines 2020-1 Class AA Pass-Through Trust** | **Delta Air Lines 2020-1 Class AA Pass-Through Trust** | **Delta Air Lines 2020-1 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 06/10/28  | 148840 | &nbsp;&nbsp;&nbsp;&nbsp; 127692 |
| **FedEx Corp.** | **FedEx Corp.** | **FedEx Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/15/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69467 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 10/17/28 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95333 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 08/05/29 *(a)* | 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 149801 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/15/30 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 141529 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/15/31 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 141579 |
| **GXO Logistics, Inc.** | **GXO Logistics, Inc.** | **GXO Logistics, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 07/15/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74169 |
| **JetBlue 2019-1 Class AA Pass-Through Trust** | **JetBlue 2019-1 Class AA Pass-Through Trust** | **JetBlue 2019-1 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/32  | &nbsp;&nbsp; 86588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71409 |
| **JetBlue 2020-1 Class A Pass-Through Trust** | **JetBlue 2020-1 Class A Pass-Through Trust** | **JetBlue 2020-1 Class A Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A <br>4.00%, 11/15/32 <br>| &nbsp;&nbsp; 86913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77253 |
| **Kansas City Southern** | **Kansas City Southern** | **Kansas City Southern** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 11/15/29 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86577 |
| **Kirby Corp.** | **Kirby Corp.** | **Kirby Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/28 *(a)* | 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96042 |
| **Norfolk Southern Corp.** | **Norfolk Southern Corp.** | **Norfolk Southern Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/01/28 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 167094 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 11/01/29 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 107339 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/15/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61835 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/32 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64287 |
| **Southwest Airlines Co.** | **Southwest Airlines Co.** | **Southwest Airlines Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 02/10/30 *(a)* | 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91413 |
| **Spirit Airlines Pass-Through Trust 2015-1A** | **Spirit Airlines Pass-Through Trust 2015-1A** | **Spirit Airlines Pass-Through Trust 2015-1A** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 04/01/28  | &nbsp;&nbsp; 30576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26830 |
| **Triton Container International Ltd./TAL International Container Corp.** | **Triton Container International Ltd./TAL International Container Corp.** | **Triton Container International Ltd./TAL International Container Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 03/15/32 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 115932 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**168**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Union Pacific Corp.** | **Union Pacific Corp.** | **Union Pacific Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/10/28 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/01/29  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82075 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/01/29 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94482 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 02/05/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64283 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 05/20/31 *(a)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252450 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 02/14/32 *(a)* | 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236955 |
| **United Airlines 2016-1 Class AA Pass-Through Trust** | **United Airlines 2016-1 Class AA Pass-Through Trust** | **United Airlines 2016-1 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 07/07/28  | 220851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196902 |
| **United Airlines 2016-2 Class AA Pass-Through Trust** | **United Airlines 2016-2 Class AA Pass-Through Trust** | **United Airlines 2016-2 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 10/07/28  | 183923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157349 |
| **United Airlines 2018-1 Class AA Pass-Through Trust** | **United Airlines 2018-1 Class AA Pass-Through Trust** | **United Airlines 2018-1 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/01/30  | 101139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87270 |
| **United Airlines 2019-1 Class AA Pass-Through Trust** | **United Airlines 2019-1 Class AA Pass-Through Trust** | **United Airlines 2019-1 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 08/25/31  | &nbsp;&nbsp; 38660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34295 |
| **United Airlines 2019-2 Class AA Pass-Through Trust** | **United Airlines 2019-2 Class AA Pass-Through Trust** | **United Airlines 2019-2 Class AA Pass-Through Trust** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 05/01/32  | &nbsp;&nbsp; 44226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35818 |
| **United Parcel Service, Inc.** | **United Parcel Service, Inc.** | **United Parcel Service, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 03/15/29 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 09/01/29 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108977 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 04/01/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98598 |
|  |  | **5432797** |
|  |  | **182025665** |
| **Utility 7.5%** | **Utility 7.5%** | **Utility 7.5%** |
| ***Electric 6.7%***  | ***Electric 6.7%***  | ***Electric 6.7%***  |
| **AEP Texas, Inc.** | **AEP Texas, Inc.** | **AEP Texas, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 06/01/28 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93849 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.10%, 07/01/30 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121705 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/32 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120132 |
| **AES Corp.** | **AES Corp.** | **AES Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/31 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178964 |
| **Alabama Power Co.** | **Alabama Power Co.** | **Alabama Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.45%, 09/15/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78039 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 03/15/32 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108059 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.94%, 09/01/32 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91890 |
| **Ameren Corp.** | **Ameren Corp.** | **Ameren Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/28 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127518 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 01/15/31 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177010 |
| **Ameren Illinois Co.** | **Ameren Illinois Co.** | **Ameren Illinois Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/15/28 *(a)* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33383 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.55%, 11/15/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78854 |
| **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** | **American Electric Power Co., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 12/01/28 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119556 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/01/30 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123054 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/01/32 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78539 |
| **Appalachian Power Co.** | **Appalachian Power Co.** | **Appalachian Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/01/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61828 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/01/32 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117189 |
| **Arizona Public Service Co.** | **Arizona Public Service Co.** | **Arizona Public Service Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 08/15/29 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104877 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 12/15/31 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95561 |
| **Atlantic City Electric Co.** | **Atlantic City Electric Co.** | **Atlantic City Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 03/15/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81491 |
| **Avangrid, Inc.** | **Avangrid, Inc.** | **Avangrid, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 06/01/29 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136509 |
| **Baltimore Gas and Electric Co.** | **Baltimore Gas and Electric Co.** | **Baltimore Gas and Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/15/31 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101619 |
| **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** | **Berkshire Hathaway Energy Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/15/28 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 07/15/30 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183549 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 05/15/31 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96914 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Black Hills Corp.** | **Black Hills Corp.** | **Black Hills Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 10/15/29 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 63949 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/15/30 *(a)* | 100000 | &nbsp;&nbsp; 80683 |
| **CenterPoint Energy Houston Electric LLC** | **CenterPoint Energy Houston Electric LLC** | **CenterPoint Energy Houston Electric LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 04/01/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 62546 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 10/01/32 *(a)* | 100000 | &nbsp;&nbsp; 96830 |
| **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** | **CenterPoint Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 11/01/28 *(a)* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 18880 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/30 *(a)* | 105000 | &nbsp;&nbsp; 90413 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 06/01/31 *(a)* | 150000 | 123925 |
| **CMS Energy Corp.** | **CMS Energy Corp.** | **CMS Energy Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 06/01/50 *(a)(b)* | 125000 | 109175 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 12/01/50 *(a)(b)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 56914 |
| **Commonwealth Edison Co.** | **Commonwealth Edison Co.** | **Commonwealth Edison Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 08/15/28 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 03/01/30 *(a)* | &nbsp;&nbsp; 85000 | &nbsp;&nbsp; 71454 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.15%, 03/15/32 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 43917 |
| **Connecticut Light and Power Co.** | **Connecticut Light and Power Co.** | **Connecticut Light and Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.05%, 07/01/31 *(a)* | 100000 | &nbsp;&nbsp; 80796 |
| **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** | **Consolidated Edison Co. of New York, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 05/15/28 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23770 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 12/01/28 *(a)* | &nbsp;&nbsp; 83000 | &nbsp;&nbsp; 79489 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 04/01/30 *(a)* | 100000 | &nbsp;&nbsp; 89967 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/15/31 *(a)* | 225000 | 184940 |
| **Consumers Energy Co.** | **Consumers Energy Co.** | **Consumers Energy Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 11/15/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71254 |
| **Dominion Energy South Carolina, Inc.** | **Dominion Energy South Carolina, Inc.** | **Dominion Energy South Carolina, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 12/01/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 60545 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.63%, 02/01/32  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 55066 |
| **Dominion Energy, Inc.** | **Dominion Energy, Inc.** | **Dominion Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 06/01/28 *(a)* | 100000 | &nbsp;&nbsp; 95478 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 04/01/30 *(a)* | 225000 | 198570 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 08/15/31 *(a)* | 200000 | 159199 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.35%, 08/15/32 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46551 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.38%, 11/15/32 *(a)* | 200000 | 198972 |
| **DTE Electric Co.** | **DTE Electric Co.** | **DTE Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 04/01/28 *(a)* | 150000 | 130469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 03/01/30 *(a)* | 100000 | &nbsp;&nbsp; 84405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 03/01/31 *(a)* | 100000 | &nbsp;&nbsp; 85086 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/01/32 *(a)* | 100000 | &nbsp;&nbsp; 86537 |
| **DTE Energy Co.** | **DTE Energy Co.** | **DTE Energy Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/15/29 *(a)* | 100000 | &nbsp;&nbsp; 89173 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/01/30 *(a)* | 100000 | &nbsp;&nbsp; 85375 |
| **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** | **Duke Energy Carolinas LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 11/15/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 48135 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.00%, 12/01/28  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 80299 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 08/15/29 *(a)* | 125000 | 107677 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/01/30 *(a)* | 100000 | &nbsp;&nbsp; 85490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 04/15/31 *(a)* | 150000 | 125627 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 03/15/32 *(a)* | 100000 | &nbsp;&nbsp; 84670 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.45%, 10/15/32  | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 54034 |
| **Duke Energy Corp.** | **Duke Energy Corp.** | **Duke Energy Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.30%, 03/15/28 *(a)* | 150000 | 144790 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/15/29 *(a)* | 110000 | &nbsp;&nbsp; 98831 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 06/01/30 *(a)* | 125000 | 103133 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 06/15/31 *(a)* | 225000 | 183957 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.50%, 08/15/32 *(a)* | 250000 | 235341 |
| **Duke Energy Florida LLC** | **Duke Energy Florida LLC** | **Duke Energy Florida LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 07/15/28 *(a)* | 125000 | 118885 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 12/01/29 *(a)* | 200000 | 171568 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 06/15/30 *(a)* | 100000 | &nbsp;&nbsp; 79842 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 12/15/31 *(a)* | 150000 | 122419 |

---

*See financial notes*

**169**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Duke Energy Ohio, Inc.** | **Duke Energy Ohio, Inc.** | **Duke Energy Ohio, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 02/01/29 *(a)* | 100000 | &nbsp;&nbsp; 93316 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.13%, 06/01/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 61518 |
| **Duke Energy Progress LLC** | **Duke Energy Progress LLC** | **Duke Energy Progress LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 09/01/28 *(a)* | 100000 | &nbsp;&nbsp; 94263 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 03/15/29 *(a)* | 150000 | 138362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 08/15/31 *(a)* | 150000 | 119110 |
| **Edison International** | **Edison International** | **Edison International** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 03/15/28 *(a)* | 100000 | &nbsp;&nbsp; 92870 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.95%, 11/15/29 *(a)* | 100000 | 104943 |
| **Emera US Finance LP** | **Emera US Finance LP** | **Emera US Finance LP** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.64%, 06/15/31 *(a)* | 100000 | &nbsp;&nbsp; 78517 |
| **Enel Chile S.A.** | **Enel Chile S.A.** | **Enel Chile S.A.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.88%, 06/12/28 *(a)* | 220000 | 214943 |
| **Entergy Arkansas LLC** | **Entergy Arkansas LLC** | **Entergy Arkansas LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/01/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71215 |
| **Entergy Corp.** | **Entergy Corp.** | **Entergy Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/15/28 *(a)* | 175000 | 148360 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 06/15/30 *(a)* | 175000 | 147718 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 06/15/31 *(a)* | 175000 | 139037 |
| **Entergy Louisiana LLC** | **Entergy Louisiana LLC** | **Entergy Louisiana LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/28 *(a)* | 100000 | &nbsp;&nbsp; 91300 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 12/15/30 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 38527 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.05%, 06/01/31 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 21481 |
| **Entergy Mississippi LLC** | **Entergy Mississippi LLC** | **Entergy Mississippi LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 06/01/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 44466 |
| **Entergy Texas, Inc.** | **Entergy Texas, Inc.** | **Entergy Texas, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 03/30/29 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 71046 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/31 *(a)* | 100000 | &nbsp;&nbsp; 78557 |
| **Evergy Metro, Inc.** | **Evergy Metro, Inc.** | **Evergy Metro, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 61875 |
| **Evergy, Inc.** | **Evergy, Inc.** | **Evergy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 09/15/29 *(a)* | 175000 | 151501 |
| **Eversource Energy** | **Eversource Energy** | **Eversource Energy** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 01/15/28 *(a)* | 100000 | &nbsp;&nbsp; 92490 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 04/01/29 *(a)* | 150000 | 142065 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 08/15/30 *(a)* | 100000 | &nbsp;&nbsp; 77907 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 03/15/31 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 41272 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.38%, 03/01/32 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 65296 |
| **Exelon Corp.** | **Exelon Corp.** | **Exelon Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 04/15/30 *(a)* | 275000 | 256318 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.35%, 03/15/32 *(a)* | 175000 | 152475 |
| **Florida Power & Light Co.** | **Florida Power & Light Co.** | **Florida Power & Light Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 02/03/32 *(a)* | 300000 | 251191 |
| **Georgia Power Co.** | **Georgia Power Co.** | **Georgia Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.65%, 09/15/29 *(a)* | 145000 | 123925 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.70%, 05/15/32 *(a)* | 100000 | &nbsp;&nbsp; 96474 |
| **Indiana Michigan Power Co.** | **Indiana Michigan Power Co.** | **Indiana Michigan Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.85%, 05/15/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47304 |
| **Interstate Power and Light Co.** | **Interstate Power and Light Co.** | **Interstate Power and Light Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/26/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47687 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 04/01/29 *(a)* | 100000 | &nbsp;&nbsp; 91408 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/30 *(a)* | 125000 | 102016 |
| **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** | **IPALCO Enterprises, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 05/01/30 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 66870 |
| **MidAmerican Energy Co.** | **MidAmerican Energy Co.** | **MidAmerican Energy Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 04/15/29 *(a)* | 175000 | 164354 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.75%, 12/30/31  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 84536 |
| **Mississippi Power Co.** | **Mississippi Power Co.** | **Mississippi Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 03/30/28 *(a)* | 100000 | &nbsp;&nbsp; 93978 |
| **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** | **National Rural Utilities Cooperative Finance Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/07/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 46432 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.90%, 11/01/28 *(a)* | 155000 | 145828 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 03/15/29 *(a)* | 150000 | 138326 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/30 *(a)* | 100000 | &nbsp;&nbsp; 83398 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.35%, 03/15/31 *(a)* | 100000 | &nbsp;&nbsp; 74248 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 06/15/31 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 38215 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.00%, 03/01/32  | 100000 | 118289 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 04/15/32 *(a)* | 175000 | 144973 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 12/15/32 *(a)* | 100000 | &nbsp;&nbsp; 92638 |
| **Nevada Power Co.** | **Nevada Power Co.** | **Nevada Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 05/01/29 *(a)* | 100000 | &nbsp;&nbsp; 94302 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/01/30 *(a)* | 100000 | &nbsp;&nbsp; 84197 |
| **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** | **NextEra Energy Capital Holdings, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 06/15/28 *(a)* | 300000 | 257118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 04/01/29 *(a)* | 125000 | 113934 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 11/01/29 *(a)* | 225000 | 195022 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/30 *(a)* | 365000 | 300819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.44%, 01/15/32 *(a)* | 250000 | 201970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.00%, 07/15/32 *(a)* | 200000 | 197180 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.65%, 05/01/79 *(a)(b)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 45917 |
| **Northern States Power Co.** | **Northern States Power Co.** | **Northern States Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 04/01/31 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 41546 |
| **NSTAR Electric Co.** | **NSTAR Electric Co.** | **NSTAR Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/29 *(a)* | 100000 | &nbsp;&nbsp; 91013 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 04/01/30 *(a)* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 23534 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 08/15/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 59705 |
| **Ohio Power Co.** | **Ohio Power Co.** | **Ohio Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 04/01/30 *(a)* | 125000 | 106474 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.63%, 01/15/31 *(a)* | 100000 | &nbsp;&nbsp; 77658 |
| **Oklahoma Gas and Electric Co.** | **Oklahoma Gas and Electric Co.** | **Oklahoma Gas and Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 08/15/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp; 70588 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 03/15/30 *(a)* | &nbsp;&nbsp; 80000 | &nbsp;&nbsp; 70456 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 04/01/30 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 43681 |
| **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** | **Oncor Electric Delivery Co. LLC** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 11/15/28 *(a)* | 125000 | 118116 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.75%, 03/15/29 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 52001 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 05/15/30 *(a)* | 100000 | &nbsp;&nbsp; 87356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.15%, 06/01/32 *(a)(d)* | 200000 | 190657 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 09/15/32 *(a)(d)* | 250000 | 245228 |
| **Pacific Gas and Electric Co.** | **Pacific Gas and Electric Co.** | **Pacific Gas and Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 06/15/28 *(a)* | 175000 | 152473 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 07/01/28  | 178000 | 159080 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.65%, 08/01/28 *(a)* | 150000 | 138592 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.55%, 07/01/30 *(a)* | 625000 | 567845 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 02/01/31 *(a)* | 425000 | 331157 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 06/01/31 *(a)* | 125000 | 101832 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 03/01/32 *(a)* | 125000 | 109953 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.90%, 06/15/32 *(a)* | 100000 | &nbsp;&nbsp; 97758 |
| **PacifiCorp** | **PacifiCorp** | **PacifiCorp** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/15/29 *(a)* | 100000 | &nbsp;&nbsp; 92368 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 09/15/30 *(a)* | 100000 | &nbsp;&nbsp; 86290 |
| **PPL Capital Funding, Inc.** | **PPL Capital Funding, Inc.** | **PPL Capital Funding, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.13%, 04/15/30 *(a)* | 100000 | &nbsp;&nbsp; 93007 |
| **Progress Energy, Inc.** | **Progress Energy, Inc.** | **Progress Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.75%, 03/01/31  | 125000 | 141982 |
| &nbsp;&nbsp;&nbsp;&nbsp; 7.00%, 10/30/31  | 100000 | 109397 |
| **Public Service Co. of Colorado** | **Public Service Co. of Colorado** | **Public Service Co. of Colorado** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 06/15/28 *(a)* | 100000 | &nbsp;&nbsp; 95405 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 01/15/31 *(a)* | 125000 | 100494 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.88%, 06/15/31 *(a)* | 150000 | 119664 |
| **Public Service Co. of New Hampshire** | **Public Service Co. of New Hampshire** | **Public Service Co. of New Hampshire** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/15/31 *(a)* | 100000 | &nbsp;&nbsp; 82299 |
| **Public Service Electric and Gas Co.** | **Public Service Electric and Gas Co.** | **Public Service Electric and Gas Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 09/01/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 47129 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 05/15/29 *(a)* | 100000 | &nbsp;&nbsp; 90848 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 01/15/30 *(a)* | 120000 | 103035 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.90%, 08/15/31 *(a)* | 100000 | &nbsp;&nbsp; 80006 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**170**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.10%, 03/15/32 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87697 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.90%, 12/15/32 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75209 |
| **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** | **Public Service Enterprise Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.60%, 08/15/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77846 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.45%, 11/15/31 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 120495 |
| **Puget Energy, Inc.** | **Puget Energy, Inc.** | **Puget Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.38%, 06/15/28 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 06/15/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89756 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.22%, 03/15/32 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89562 |
| **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** | **San Diego Gas & Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 10/01/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79403 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 03/15/32 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 128452 |
| **Southern California Edison Co.** | **Southern California Edison Co.** | **Southern California Edison Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.65%, 03/01/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70202 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.20%, 03/01/29 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95301 |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.65%, 04/01/29  | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.85%, 08/01/29 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.25%, 06/01/30 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 103245 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 06/01/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61985 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 02/01/32 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 105070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.95%, 11/01/32 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 185905 |
| **Southern Co.** | **Southern Co.** | **Southern Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/30/30 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 181088 |
| **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** | **Southwestern Electric Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.10%, 09/15/28 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 118864 |
| **Tampa Electric Co.** | **Tampa Electric Co.** | **Tampa Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/15/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81154 |
| **The Southern Co** | **The Southern Co** | **The Southern Co** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 03/15/28 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42160 |
| **The Southern Co.** | **The Southern Co.** | **The Southern Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.70%, 10/15/32 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 127953 |
| **Tucson Electric Power Co.** | **Tucson Electric Power Co.** | **Tucson Electric Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 08/01/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76992 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/15/32 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42733 |
| **Union Electric Co.** | **Union Electric Co.** | **Union Electric Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 03/15/29 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 116043 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 03/15/30 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 109917 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.15%, 03/15/32 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79147 |
| **Virginia Electric and Power Co.** | **Virginia Electric and Power Co.** | **Virginia Electric and Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.80%, 04/01/28 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 141819 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.88%, 07/15/29 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88191 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 11/15/31 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 121024 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 03/30/32 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 101298 |
| **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** | **WEC Energy Group, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 12/15/28 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 127384 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.80%, 10/15/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78448 |
| **Wisconsin Electric Power Co.** | **Wisconsin Electric Power Co.** | **Wisconsin Electric Power Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.75%, 09/30/32 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98676 |
| **Wisconsin Power and Light Co.** | **Wisconsin Power and Light Co.** | **Wisconsin Power and Light Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.00%, 07/01/29 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44374 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 09/16/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59204 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.95%, 09/01/32 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91875 |
| **Xcel Energy, Inc.** | **Xcel Energy, Inc.** | **Xcel Energy, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 06/15/28 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 143948 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.60%, 12/01/29 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 06/01/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89392 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.35%, 11/15/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80069 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.60%, 06/01/32 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 143976 |
|  |  | **21900565** |
| ***Natural Gas 0.6%***  | ***Natural Gas 0.6%***  | ***Natural Gas 0.6%***  |
| **Atmos Energy Corp.** | **Atmos Energy Corp.** | **Atmos Energy Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.63%, 09/15/29 *(a)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 152758 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.50%, 01/15/31 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 117091 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; SECURITY<br> RATE, MATURITY DATE<br>| FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** | **CenterPoint Energy Resources Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 04/01/28 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71641 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 10/01/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79363 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.40%, 07/01/32 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96264 |
| **NiSource, Inc.** | **NiSource, Inc.** | **NiSource, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.95%, 09/01/29 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130852 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.60%, 05/01/30 *(a)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200952 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.70%, 02/15/31 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114500 |
| **ONE Gas, Inc.** | **ONE Gas, Inc.** | **ONE Gas, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 05/15/30 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40681 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.25%, 09/01/32 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70939 |
| **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** | **Piedmont Natural Gas Co., Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.50%, 06/01/29 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92108 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.50%, 03/15/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61427 |
| **Sempra Energy** | **Sempra Energy** | **Sempra Energy** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.40%, 02/01/28 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186020 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.70%, 04/01/29 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91484 |
| **Southern California Gas Co.** | **Southern California Gas Co.** | **Southern California Gas Co.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.55%, 02/01/30 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106588 |
| **Southern Co. Gas Capital Corp.** | **Southern Co. Gas Capital Corp.** | **Southern Co. Gas Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.75%, 01/15/31 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76631 |
| &nbsp;&nbsp;&nbsp;&nbsp; 5.15%, 09/15/32 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98539 |
| **Southwest Gas Corp.** | **Southwest Gas Corp.** | **Southwest Gas Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.20%, 06/15/30 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97965 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.05%, 03/15/32 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131956 |
|  |  | **2017759** |
| ***Utility Other 0.2%***  | ***Utility Other 0.2%***  | ***Utility Other 0.2%***  |
| **American Water Capital Corp.** | **American Water Capital Corp.** | **American Water Capital Corp.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.75%, 09/01/28 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.45%, 06/01/29 *(a)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114497 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.80%, 05/01/30 *(a)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130009 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 06/01/31 *(a)* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41164 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.45%, 06/01/32 *(a)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192242 |
| **Essential Utilities, Inc.** | **Essential Utilities, Inc.** | **Essential Utilities, Inc.** |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.57%, 05/01/29 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90134 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.70%, 04/15/30 *(a)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84008 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.40%, 05/01/31 *(a)* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60174 |
| **United Utilities plc** | **United Utilities plc** | **United Utilities plc** |
| &nbsp;&nbsp;&nbsp;&nbsp; 6.88%, 08/15/28  | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26457 |
|  |  | **833267** |
|  |  | **24751591** |
| **Total Corporates** <br>**(Cost $375,926,002)** | **Total Corporates** <br>**(Cost $375,926,002)** | **324901831** |

---

*See financial notes*

**171**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (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%** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.12% *(g)*<br>| 708594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 708594 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.12% *(g)(h)*<br>| 500398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500398 |
|  |  | **1208992** |
| **Total Short-Term Investments** <br>**(Cost $1,208,992)** | **Total Short-Term Investments** <br>**(Cost $1,208,992)** | **1208992** |
| **Total Investments in Securities** <br>**(Cost $377,134,994)** | **Total Investments in Securities** <br>**(Cost $377,134,994)** | **326110823** |

---

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $6,823,693 or 2.1% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* All or a portion of this security is on loan. Securities on loan were valued at $486,110.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(h)* 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 December 31, 2022:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY <br>RATE, MATURITY DATE<br>| VALUE AT<br> 12/31/21<br>| PURCHASES | SALES | REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| ACCRETION OF<br> DISCOUNTS<br> (AMORTIZATION<br> OF PREMIUMS)<br>| VALUE AT<br> 12/31/22<br>| FACE AMOUNT<br> AT 12/31/22<br>| INTEREST<br> INCOME EARNED<br>|
| **CORPORATES** 0.4% OF NET ASSETS | **CORPORATES** 0.4% OF NET ASSETS | **CORPORATES** 0.4% OF NET ASSETS | **CORPORATES** 0.4% OF NET ASSETS | **CORPORATES** 0.4% OF NET ASSETS | **CORPORATES** 0.4% OF NET ASSETS | **CORPORATES** 0.4% OF NET ASSETS | **CORPORATES** 0.4% OF NET ASSETS | **CORPORATES** 0.4% OF NET ASSETS | **CORPORATES** 0.4% OF NET ASSETS |
| **Financial Institutions 0.4%** | **Financial Institutions 0.4%** | **Financial Institutions 0.4%** | **Financial Institutions 0.4%** | **Financial Institutions 0.4%** | **Financial Institutions 0.4%** | **Financial Institutions 0.4%** | **Financial Institutions 0.4%** | **Financial Institutions 0.4%** | **Financial Institutions 0.4%** |
| **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** | **Brokerage/Asset Managers/Exchanges 0.4%** |
| The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. | The Charles Schwab Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 03/02/27 | &nbsp;&nbsp;&nbsp; $107120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | ($100677) | &nbsp;&nbsp; ($7494) | &nbsp;&nbsp;&nbsp;&nbsp; $1486 | &nbsp;&nbsp;&nbsp; ($435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $827 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.30%, 04/01/27 | &nbsp;&nbsp;&nbsp;&nbsp; 107400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (98093) | &nbsp;&nbsp; (10210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1446 | &nbsp;&nbsp;&nbsp;&nbsp; (543) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1118 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.20%, 01/25/28 | &nbsp;&nbsp;&nbsp;&nbsp; 107595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12942) | &nbsp;&nbsp; (1287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93366 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 3200 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.00%, 03/20/28 | &nbsp;&nbsp;&nbsp;&nbsp; 202678 | &nbsp;&nbsp;&nbsp;&nbsp; 43439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (26019) | &nbsp;&nbsp;&nbsp;&nbsp; (276) | &nbsp;&nbsp;&nbsp;&nbsp; 219822 | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 4239 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.00%, 02/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56134 | &nbsp;&nbsp;&nbsp;&nbsp; 79330 | &nbsp;&nbsp;&nbsp;&nbsp; (23934) | &nbsp;&nbsp;&nbsp;&nbsp; (1370) | &nbsp;&nbsp;&nbsp;&nbsp; (13280) | &nbsp;&nbsp; (1624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95256 | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 4047 |
| &nbsp;&nbsp;&nbsp;&nbsp; 3.25%, 05/22/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86110 | &nbsp;&nbsp;&nbsp;&nbsp; 26316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (16104) | &nbsp;&nbsp;&nbsp;&nbsp; (965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95357 | 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 3356 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.75%, 10/01/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (12601) | &nbsp;&nbsp;&nbsp;&nbsp; (437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65514 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 2063 |
| &nbsp;&nbsp;&nbsp;&nbsp; 4.63%, 03/22/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14379) | &nbsp;&nbsp;&nbsp;&nbsp; (834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73735 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 3469 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.65%, 03/11/31 | &nbsp;&nbsp;&nbsp;&nbsp; 120254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23344) | &nbsp;&nbsp;&nbsp;&nbsp; 572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97482 | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 2062 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.30%, 05/13/31 | &nbsp;&nbsp;&nbsp;&nbsp; 126337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (23621) | &nbsp;&nbsp;&nbsp;&nbsp; (329) | &nbsp;&nbsp;&nbsp;&nbsp; 102387 | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 2875 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1.95%, 12/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 147642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (22900) | &nbsp;&nbsp;&nbsp;&nbsp; 905 | &nbsp;&nbsp;&nbsp;&nbsp; 125647 | 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 2712 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2.90%, 03/03/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 207751 | &nbsp;&nbsp;&nbsp;&nbsp; (21529) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp;&nbsp; (21318) | &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp;&nbsp; 165959 | 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 4325 |
| **Total** | **$1081128** | **$504478** | **($244233)** | **($18614)** | **($183576)** | **($4658)** | **$1134525** |  | **$34293** |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**172**

------

Schwab 5-10 Year Corporate Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of December 31, 2022 (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 |
| **Assets** |  |  |  |  |
| Corporates<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | $324901831 | $— | $324901831 |
| Short-Term Investments<sup>1</sup> <br>| &nbsp;&nbsp; 1208992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1208992 |
| **Total** | **$1208992** | **$324901831** | **$—** | **$326110823** |

---

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

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

Fund investments in mutual funds are classified as Level 1, without consideration to the classification level of the underlying

securities held by the mutual funds, which could be Level 1, Level 2 or Level 3.

*See financial notes*

**173**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 5-10 Year Corporate Bond ETF

Statement of Assets and Liabilities

------

As of December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated (cost $1,318,462) |  | &nbsp;&nbsp;&nbsp;&nbsp; $1134525 |
| Investments in securities, at value - unaffiliated (cost $375,816,532) including securities on loan of $486,110 |  | &nbsp;&nbsp; 324976298 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9514 |
| Deposit with broker for futures contracts |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55000 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3562246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3356237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities on loan | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591 |
| **Total assets** |  | **333098556** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500398 |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4312379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9338 |
| **Total liabilities** |  | **4822115** |
| **Net assets** |  | **$328276441** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $384586306 |
| Total distributable loss | + | &nbsp;&nbsp;&nbsp; (56309865) |
| **Net assets** |  | **$328276441** |

---

&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** |
| $328276441 |  | 7600000 |  | $43.19 |

---

*See financial notes*

Schwab Fixed-Income ETFs \| Annual Report**174**

------

Schwab 5-10 Year Corporate Bond ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 | For the period January 1, 2022 through December 31, 2022 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Interest received from securities - unaffiliated |  | &nbsp;&nbsp; $11682223 |
| Interest received from securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29635 |
| Dividends received from securities - unaffiliated  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21864 |
| Securities on loan, net | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8501 |
| **Total investment income**  |  | **11742223** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135688 |
| Proxy fees<sup>1</sup> <br>| + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5960 |
| **Total expenses** | – | **141648** |
| **Net investment income** |  | **11600575** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18614) |
| Net realized losses on sales of securities - unaffiliated |  | &nbsp;&nbsp;&nbsp;&nbsp; (4544071) |
| Net realized losses on sales of in-kind redemptions - unaffiliated |  | &nbsp;&nbsp; (16117492) |
| Net realized losses on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19772) |
| **Net realized losses** |  | **(20699949)** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (183576) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated |  | &nbsp;&nbsp; (46551571) |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239 |
| **Net change in unrealized appreciation (depreciation)** | **+** | **(46734908)** |
| **Net realized and unrealized losses** |  | **(67434857)** |
| **Decrease in net assets resulting from operations** |  | **($55834282)** |

---

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

<sup>1</sup> Proxy fees are non-routine expenses (see financial note 2(e) for additional information).

*See financial notes*

**175**Schwab Fixed-Income ETFs \| Annual Report

------

Schwab 5-10 Year Corporate Bond ETF

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 |
| Net investment income |  | &nbsp;&nbsp; $11600575 | &nbsp;&nbsp; $6841316 |
| Net realized gains (losses) |  | &nbsp;&nbsp; (20699949) | &nbsp;&nbsp;&nbsp; 1468611 |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp; (46734908) | (14566712) |
| **Decrease in net assets from operations** |  | **($55834282)** | **($6256785)** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($11666820)** | **($6826280)** |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 | 1/1/21-12/31/21 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 5450000 | $246351970 | 8400000 | $442848633 |
| Shares redeemed | + | (5100000) | &nbsp;&nbsp; (225629306) | (4700000) | &nbsp;&nbsp; (245294686) |
| **Net transactions in fund shares**  |  | **350000** | **$20722664** | **3700000** | **$197553947** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/22-12/31/22 | 1/1/21-12/31/21 | 1/1/21-12/31/21 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 7250000 | $375054879 | 3550000 | $190583997 |
| Total increase (decrease) | + | &nbsp;&nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp; (46778438) | 3700000 | &nbsp;&nbsp; 184470882 |
| **End of period** |  | **7600000** | **$328276441** | **7250000** | **$375054879** |

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*See financial notes*

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Schwab Fixed-Income ETFs

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 Strategic Trust (the trust), a no-load, open-end management investment company. The trust is organized as a Delaware statutory 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:

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| | |
|:---|:---|
| **SCHWAB STRATEGIC TRUST (ORGANIZED JANUARY 27, 2009)** | **SCHWAB STRATEGIC TRUST (ORGANIZED JANUARY 27, 2009)** |
| **Schwab U.S. TIPS ETF** | Schwab U.S. Dividend Equity ETF |
| **Schwab Short-Term U.S. Treasury ETF** | Schwab International Dividend Equity ETF |
| **Schwab Intermediate-Term U.S. Treasury ETF** | Schwab International Equity ETF |
| **Schwab Long-Term U.S. Treasury ETF** | Schwab International Small-Cap Equity ETF |
| **Schwab U.S. Aggregate Bond ETF** | Schwab Emerging Markets Equity ETF |
| **Schwab 1-5 Year Corporate Bond ETF** | Schwab U.S. REIT ETF |
| **Schwab 5-10 Year Corporate Bond ETF** | Schwab Fundamental U.S. Broad Market Index ETF |
| Schwab U.S. Broad Market ETF | Schwab Fundamental U.S. Large Company Index ETF |
| Schwab 1000 Index<sup>®</sup> ETF | Schwab Fundamental U.S. Small Company Index ETF |
| Schwab U.S. Large-Cap ETF | Schwab Fundamental International Large Company Index ETF |
| Schwab U.S. Large-Cap Growth ETF | Schwab Fundamental International Small Company Index ETF |
| Schwab U.S. Large-Cap Value ETF | Schwab Fundamental Emerging Markets Large Company Index ETF |
| Schwab U.S. Mid-Cap ETF | Schwab Ariel ESG ETF |
| Schwab U.S. Small-Cap ETF | Schwab Municipal Bond ETF |
|  | Schwab Crypto Thematic ETF |

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The funds issue and redeem shares at their net asset value per share (NAV) only in large blocks of shares (Creation Units). These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only institutions or large investors purchase or redeem Creation Units. Except when aggregated in Creation Units, shares of the funds are not redeemable securities.

Individual shares of the funds trade on national securities exchanges and elsewhere during the trading day and can only be bought and sold at market prices throughout the trading day through a broker-dealer. Because fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). A chart showing the frequency at which each fund's daily closing market price was at a discount or premium to each fund's NAV can be found at www.schwabassetmanagement.com.

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

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

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

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

**(a) Security Valuation:**

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities, mutual funds, ETFs and futures contracts. Underlying funds are classified as Level 1 prices, without consideration to the classification level of the underlying securities held.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 — significant unobservable inputs (including the Valuation Designee's assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash

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Financial Notes (continued)

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

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

flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore 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 December 31, 2022 are disclosed in the Portfolio Holdings.

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

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

**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 agreements 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 agents start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.

As of December 31, 2022, only Schwab U.S. Aggregate Bond ETF and Schwab 5-10 Year Corporate Bond ETF had securities on loan, all of which were classified as corporate and government related bonds. The value of the securities on loan and the related collateral at December 31, 2022, if any, are disclosed in each fund's Portfolio Holdings and Statement of Assets and Liabilities.

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

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

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Financial Notes (continued)

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

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

**Agency MBS and TBA Transactions:** The Treasury Market Practices Group (TMPG) of the Federal Reserve Bank of New York recommended the margining of certain forward-settling Agency MBS (Mortgage-Backed Securities) transactions, including TBAs, to reduce counterparty credit risk. The TMPG recommended market participants exchange two-way variation margin on a regular basis. The Schwab U.S. Aggregate Bond ETF posts and receives variation margin with certain counterparties in instances where the unrealized gain (loss) on such transactions exceeds certain pre-determined thresholds. The variation margin, if any, is disclosed on the Statement of Assets and Liabilities.

**Delayed-Delivery Transactions and When-Issued Securities:** During the period, certain funds transacted in securities on a delayed-delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The securities purchased on a delayed-delivery or when-issued basis are identified as such in the funds' Portfolio Holdings. The funds may receive compensation for interest forgone in the purchase of a delayed-delivery or when-issued security. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors. Effective August 19, 2022, the funds comply with Rule 18f-4 under the 1940 Act, the funds operate as limited derivatives users, with respect to purchase commitments held within the funds, portfolio securities are no longer required to be segregated as collateral with a value at least equal to the amount of a purchase commitment and the funds' exposure is monitored under a derivatives risk management program.

**(c) Security Transactions:**

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

**(d) Investment Income:**

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

**(e) Expenses:**

Pursuant to the Amended and Restated Advisory Agreement (Advisory Agreement) between the investment adviser and the trust, the investment adviser will pay the operating expenses of each fund, excluding taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to a fund are charged directly to the fund. The Advisory Agreement excludes paying acquired fund fees and expenses, which are indirect expenses incurred by a fund through its investments in underlying funds.

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

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

**(g) Distributions to Shareholders:**

The funds make distributions from net investment income, if any, monthly and from net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

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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) Accounting Estimates:**

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

**(i) Federal Income Taxes:**

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

**(j) Indemnification:** 

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

**(k) Regulatory Update:** 

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

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

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

**Market Risk.** Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory and other conditions, including economic sanctions and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in a fund will fluctuate, which means that an investor could lose money over short or long periods.

**Investment Style Risk.** The funds are index funds. Therefore, the funds follow the securities included in an index during upturns as well as downturns. Because of their indexing strategy, the funds do not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of each fund's expenses, each fund's performance may be below that of its respective index. Errors relating to an index may occur from time to time and may not be identified by an index provider for a period of time. In addition, market disruptions could cause delays in the index's rebalancing schedule. Such errors and/or market disruptions may result in losses for a fund.

**Interest Rate Risk.** Interest rates rise and fall over time. As with any investment whose yield reflects current interest rates, a fund's yield will change over time. During periods when interest rates are low, a fund's yield (and total return) also may be low. Changes in interest rates also may affect a fund's share price: a rise in interest rates generally causes a fund's share price to fall. The longer a fund's portfolio duration, the more sensitive to interest rate movements its share price is likely to be. Also, a change in a central bank's monetary policy or economic conditions, among other things, may result in a change in interest rates, which could have sudden and unpredictable effects on the markets and significantly impact the value of fixed-income securities in which a fund invests. A sudden or unpredictable rise in interest rates may cause volatility and the value of fixed-income securities to decline.

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Financial Notes (continued)

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

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

**Credit Risk.** A decline in the credit quality of an issuer, guarantor or liquidity provider of a portfolio investment or a counterparty could cause the funds to lose money or underperform. The funds could lose money if, due to a decline in credit quality, the issuer, guarantor or liquidity provider of a portfolio investment or a counterparty fails to make, or is perceived as being unable or unwilling to make, timely principal or interest payments or otherwise honor its obligations.

**Inflation-Protected Security Risk.** The value of inflation-protected securities, including TIPS, generally will fluctuate in response to changes in "real" interest rates, generally decreasing when real interest rates rise and increasing when real interest rates fall. Real interest rates represent nominal (or stated) interest rates reduced by the expected impact of inflation. In addition, interest payments on inflation-indexed securities will generally vary up or down along with the rate of inflation.

**Sampling Index Tracking Risk.** To the extent a fund uses sampling techniques, the fund may not fully replicate the index and may hold securities not included in the index. As a result, a fund is subject to the risk that the investment adviser's investment management strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. If a fund utilizes a sampling approach, it may not track the return of the index as well as it would if a fund purchased all of the securities in its index.

**Tracking Error Risk.** As index funds, the funds seek to track the performance of an index, although they may not be successful in doing so. The divergence between the performance of a fund and the index, positive or negative, is called "tracking error." Tracking error can be caused by many factors and it may be significant.

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

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

**Market Trading Risk.** Although fund shares are listed on national securities exchanges, there can be no assurance that an active trading market for fund shares will develop or be maintained. If an active market is not maintained, investors may find it difficult to buy or sell fund shares.

**Portfolio Turnover Risk.** With respect to the Schwab U.S. Aggregate Bond ETF, the fund may engage in frequent trading of its portfolio securities in connection with its tracking of the index, primarily due to the fund rolling over its positions in TBAs as it tracks the portion of the index represented by mortgage-backed securities. A higher portfolio turnover rate may result in increased transaction costs, which may lower the fund's performance. A higher portfolio turnover rate can also result in an increase in taxable capital gains distributions to the fund's shareholders.

**Prepayment and Extension Risk.** With respect to the Schwab U.S. Aggregate Bond ETF, certain of the fund's fixed-income securities are subject to the risk that the securities may be paid off earlier or later than expected, especially during periods of falling or rising interest rates, respectively. Prepayments of obligations could cause the fund to forgo future interest income on the portion of the security's principal repaid early and force the fund to reinvest that money at the lower prevailing interest rates. Extensions of obligations could cause the fund to exhibit additional volatility and hold securities paying lower-than-market rates of interest. Either case could hurt the fund's performance.

**Non-U.S. Issuer Risk.** Certain funds may invest in U.S.-registered, dollar-denominated bonds of non-U.S. corporations, governments, agencies and supra-national entities. A fund's investments in bonds of non-U.S. issuers may involve certain risks that are greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may be heightened in connection with bonds issued by non-U.S. corporations and entities in emerging markets.

**Derivatives Risk.** Certain funds may invest in derivatives instruments. The principal types of derivatives used by such funds are futures contracts. A futures contract is an agreement to buy or sell a financial instrument at a specific price on a specific day. A fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, such as market risk, credit risk and liquidity risk, are discussed elsewhere in this section. A fund's use of derivatives is also subject to lack of availability risk, valuation risk, correlation risk and tax risk. Lack of availability risk is the risk that suitable derivative transactions may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause a fund to realize higher amounts of short-term capital gains. A fund's use of derivatives could

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Financial Notes (continued)

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

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

reduce the fund's performance, increase the fund's volatility, and cause the fund to lose more than the initial amount invested. Furthermore, the use of derivatives subject to regulation by the Commodity Futures Trading Commission (CFTC) could cause a fund to become a commodity pool, which would require the fund to comply with certain CFTC rules.

**Mortgage-Backed and Mortgage Pass-Through Securities Risk.** Mortgage-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar or greater risk of decline in market value during periods of rising interest rates. With respect to the Schwab U.S. Aggregate Bond ETF, certain of the mortgage-backed securities in which the fund may invest are issued or guaranteed by agencies or instrumentalities of the U.S. government but are not backed by the full faith and credit of the U.S. government. There can be no assurance that the U.S. government would provide financial support to its agencies or instrumentalities where it was not obligated to do so which can cause the fund to lose money or underperform. The risks of investing in mortgage-backed securities include, among others, interest rate risk, credit risk, prepayment risk and extension risk. Transactions in mortgage pass-through securities often occur through TBA transactions. The fund could lose money or underperform if a TBA counterparty defaults or goes bankrupt.

**Concentration Risk.** To the extent that a fund's or an index's portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class.

**Shares of the Fund May Trade at Prices Other Than NAV.** Fund shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the shares of a fund will approximate the fund's NAV, there may be times when the market price and the NAV vary significantly. An investor may pay more than NAV when buying shares of a fund in the secondary market, and an investor may receive less than NAV when selling those shares in the secondary market. The market price of fund shares may deviate, sometimes significantly, from NAV during periods of market volatility or market disruption.

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

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<br>**4. Affiliates and Affiliated Transactions:**

**Investment Adviser**

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SCHWAB<br> U.S. TIPS ETF<br>| &nbsp;&nbsp; SCHWAB<br> SHORT-TERM<br> U.S. TREASURY ETF<br>| &nbsp;&nbsp; SCHWAB<br> INTERMEDIATE-TERM<br> U.S. TREASURY ETF<br>| &nbsp;&nbsp; SCHWAB<br> LONG-TERM<br> U.S. TREASURY ETF<br>| &nbsp;&nbsp; SCHWAB<br> U.S. AGGREGATE<br> BOND ETF<br>| &nbsp;&nbsp; SCHWAB<br> 1-5 YEAR<br> CORPORATE BOND ETF<br>| &nbsp;&nbsp; SCHWAB<br> 5-10 YEAR<br> CORPORATE BOND ETF<br>|
| 0.04% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% | 0.03% |

---

Prior to July 1, 2022, the annual management fee of each fund was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SCHWAB<br> U.S. TIPS ETF<br>| &nbsp;&nbsp; SCHWAB<br> SHORT-TERM<br> U.S. TREASURY ETF<br>| &nbsp;&nbsp; SCHWAB<br> INTERMEDIATE-TERM<br> U.S. TREASURY ETF<br>| &nbsp;&nbsp; SCHWAB<br> LONG-TERM<br> U.S. TREASURY ETF<br>| &nbsp;&nbsp; SCHWAB<br> U.S. AGGREGATE<br> BOND ETF<br>| &nbsp;&nbsp; SCHWAB<br> 1-5 YEAR<br> CORPORATE BOND ETF<br>| &nbsp;&nbsp; SCHWAB<br> 5-10 YEAR<br> CORPORATE BOND ETF<br>|
| 0.05% | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% | 0.04% |

---

**183**Schwab Fixed-Income ETFs \| Annual Report

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Schwab Fixed-Income ETFs

Financial Notes (continued)

------

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

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

**Investment from Affiliates**

Certain funds in the Fund Complex (for definition refer to the Trustees and Officers section) may own shares of other funds in the Fund Complex. The table below reflects the percentages of shares of each fund in this report that are owned by other funds in the Fund Complex as of December 31, 2022, as applicable:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS |
|  | SCHWAB<br> U.S. TIPS ETF<br>| SCHWAB<br> SHORT-TERM<br> U.S. TREASURY ETF<br>| SCHWAB<br> LONG-TERM<br> U.S. TREASURY ETF<br>| SCHWAB<br> U.S. AGGREGATE<br> BOND ETF<br>| SCHWAB<br> 1-5 YEAR<br> CORPORATE BOND ETF<br>| SCHWAB<br> 5-10 YEAR<br> CORPORATE BOND ETF<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Schwab Monthly Income Fund - <br> Flexible Payout<br>| &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | 2.5% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Schwab Monthly Income Fund - <br> Income Payout<br>| &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | 2.3% | &nbsp;&nbsp; —% | 1.5% | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Schwab Monthly Income Fund - Target <br> Payout<br>| &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | 1.5% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | 0.4% |
| Schwab Target 2010 Index Fund | 0.0%\* | 0.0%\* | &nbsp;&nbsp; —% | 0.3% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |
| Schwab Target 2015 Index Fund | 0.0%\* | 0.0%\* | &nbsp;&nbsp; —% | 0.4% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |
| Schwab Target 2020 Index Fund | 0.1% | 0.2% | &nbsp;&nbsp; —% | 1.5% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |
| Schwab Target 2025 Index Fund | 0.1% | 0.2% | &nbsp;&nbsp; —% | 2.4% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |
| Schwab Target 2030 Index Fund | 0.1% | 0.2% | &nbsp;&nbsp; —% | 3.2% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |
| Schwab Target 2035 Index Fund | &nbsp;&nbsp; —% | 0.1% | &nbsp;&nbsp; —% | 1.6% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |
| Schwab Target 2040 Index Fund | &nbsp;&nbsp; —% | 0.1% | &nbsp;&nbsp; —% | 1.4% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |
| Schwab Target 2045 Index Fund | &nbsp;&nbsp; —% | 0.0%\* | &nbsp;&nbsp; —% | 0.6% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |
| Schwab Target 2050 Index Fund | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | 0.5% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |
| Schwab Target 2055 Index Fund | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | 0.2% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |
| Schwab Target 2060 Index Fund | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | 0.2% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |
| Schwab Target 2065 Index Fund | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | 0.0%\* | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |
| Schwab VIT Balanced Portfolio | 0.0%\* | 0.1% | &nbsp;&nbsp; —% | 0.4% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |
| &nbsp;&nbsp;&nbsp;&nbsp; Schwab VIT Balanced with Growth <br> Portfolio<br>| 0.0%\* | 0.1% | &nbsp;&nbsp; —% | 0.6% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |
| Schwab VIT Growth Portfolio | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% | 0.3% | &nbsp;&nbsp; —% | &nbsp;&nbsp; —% |

---

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

\* Less than 0.05%

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the Fund Complex. 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 of the Board. The funds had no interfund borrowing or lending activity during the period.

------

<br>**5. Other Service Providers:**

SEI Investments Distribution Co. is the principal underwriter and distributor of shares of the funds.

State Street Bank and Trust Company (State Street) serves as the funds' transfer agent. As part of these services, the transfer agent maintains records pertaining to the sale, redemption and transfer of the funds' shares. The transfer agent is also responsible for the order-taking function for the funds' shares.

State Street also serves as custodian and accountant for the funds. The custodian is responsible for the daily safekeeping of securities and cash held by the funds. The funds' accountant maintains all books and records related to the funds' transactions.

Schwab Fixed-Income ETFs \| Annual Report**184**

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Schwab Fixed-Income ETFs

Financial Notes (continued)

------

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

**6. Board of Trustees:**

The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trust was in compliance with these limitations throughout the report period. The funds did not pay any interested or non-interested trustees (independent trustees). The independent trustees are paid by the investment adviser. For information regarding the trustees, please refer to the Trustees and Officers table at the end of this report.

------

<br>**7. Borrowing from Banks:**

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

During the period, the funds were participants with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility), with State Street which matured on September 29, 2022. On September 29, 2022, the Uncommitted Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on September 28, 2023. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount a fund borrows. There were no borrowings from either line of credit during the period.

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

------

<br>**8. Derivatives:**

Certain funds entered into U.S. Treasury futures contracts during the report period. The funds invested in futures contracts to help manage the effects of interest rate changes. The value and variation margin on futures contracts held at December 31, 2022 are presented in the Portfolio Holdings and Statement of Assets and Liabilities, respectively. The net realized gains (losses) and net change in unrealized appreciation (depreciation) on futures contracts are presented in the Statement of Operations, if any. Refer to financial note 2(b) for the funds' accounting policies with respect to futures contracts and financial note 3 for disclosures concerning the risks of investing in futures contracts. During the period ended December 31, 2022, the month-end average notional amounts of futures contracts held by the funds and the month-end average number of contracts held were as follows:

---

| | | |
|:---|:---|:---|
|  | NOTIONAL AMOUNTS  | NUMBER OF CONTRACTS  |
| Schwab U.S. TIPS ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |  |
| Schwab Short-Term U.S. Treasury ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |
| Schwab Intermediate-Term U.S. Treasury ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |
| Schwab Long-Term U.S. Treasury ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |
| Schwab U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |  |
| Schwab 1-5 Year Corporate Bond ETF  | 671465 | 6 |
| Schwab 5-10 Year Corporate Bond ETF | 675289 | 6 |

---

**185**Schwab Fixed-Income ETFs \| Annual Report

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Schwab Fixed-Income ETFs

Financial Notes (continued)

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

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

For the period ended December 31, 2022, purchases and sales/maturities of securities (excluding in-kind transactions and short-term obligations) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | PURCHASES OF LONG-TERM <br>U.S. GOVERNMENT <br>SECURITIES\* <br>| PURCHASES OF OTHER <br>LONG-TERM SECURITIES <br>| TOTAL PURCHASES OF <br>LONG-TERM SECURITIES <br>|
| Schwab U.S. TIPS ETF | $3052942622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | $3052942622 |
| Schwab Short-Term U.S. Treasury ETF | 10233666974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | 10233666974 |
| Schwab Intermediate-Term U.S. Treasury ETF | &nbsp;&nbsp; 6157772180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 6157772180 |
| Schwab Long-Term U.S. Treasury ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51538987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51538987 |
| Schwab U.S. Aggregate Bond ETF | &nbsp;&nbsp; 3772428236 | 280153321 | &nbsp;&nbsp; 4052581557 |
| Schwab 1-5 Year Corporate Bond ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 63051917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63051917 |
| Schwab 5-10 Year Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 45965142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45965142 |
|  | SALES/MATURITIES OF <br>LONG-TERM U.S. GOVERNMENT <br>SECURITIES\* <br>| SALES/MATURITIES OF <br>OTHER LONG-TERM SECURITIES <br>| TOTAL SALES/MATURITIES OF <br>LONG-TERM SECURITIES <br>|
| Schwab U.S. TIPS ETF | $4028824712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— | $4028824712 |
| Schwab Short-Term U.S. Treasury ETF | &nbsp;&nbsp; 9660823741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 9660823741 |
| Schwab Intermediate-Term U.S. Treasury ETF | &nbsp;&nbsp; 5735038430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 5735038430 |
| Schwab Long-Term U.S. Treasury ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43453579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43453579 |
| Schwab U.S. Aggregate Bond ETF | &nbsp;&nbsp; 4304805217 | 312531609 | &nbsp;&nbsp; 4617336826 |
| Schwab 1-5 Year Corporate Bond ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 53663857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53663857 |
| Schwab 5-10 Year Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 36266895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36266895 |

---

\*

Includes securities guaranteed by U.S. Government Agencies.

------

<br>**10. In-Kind Transactions:**

The consideration for the purchase of Creation Units of a fund often consists of the in-kind deposit of a designated portfolio of fixed-income securities, which constitutes an optimized representation of the securities involved in the relevant fund's underlying index, and an amount of cash. Investors purchasing and redeeming Creation Units are subject to a standard creation transaction fee and a standard redemption transaction fee paid to the custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Purchasers and redeemers of Creation Units for cash are subject to an additional variable charge paid to the fund that will offset the transaction costs to the fund of buying or selling portfolio securities. Variable charges paid to the fund generally have no effect on net asset value per share. In addition, purchasers and redeemers of shares in Creation Units are responsible for payment of the costs of transferring securities to or out of the fund. From time to time, the investment adviser may cover the cost of any transaction fees when believed to be in the best interests of the fund.

The in-kind transactions for the period ended December 31, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | IN-KIND PURCHASES <br>OF SECURITIES <br>| &nbsp;&nbsp; IN-KIND SALES <br>OF SECURITIES <br>|
| Schwab U.S. TIPS ETF | $6880389711 | $11040550259 |
| Schwab Short-Term U.S. Treasury ETF | &nbsp;&nbsp; 4226676956 | &nbsp;&nbsp;&nbsp; 3035425252 |
| Schwab Intermediate-Term U.S. Treasury ETF | &nbsp;&nbsp; 6576191190 | &nbsp;&nbsp;&nbsp; 2466975872 |
| Schwab Long-Term U.S. Treasury ETF | &nbsp;&nbsp;&nbsp;&nbsp; 168903963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57473926 |
| Schwab U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 171394777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502043698 |
| Schwab 1-5 Year Corporate Bond ETF  | &nbsp;&nbsp;&nbsp;&nbsp; 111375489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313005710 |
| Schwab 5-10 Year Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 236669441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222825259 |

---

Schwab Fixed-Income ETFs \| Annual Report**186**

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Schwab Fixed-Income ETFs

Financial Notes (continued)

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

**10. In-Kind Transactions (continued):** 

For the period ended December 31, 2022, the funds may realize net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the funds and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the funds' tax year. These reclassifications have no effect on net assets or net asset values per share. The net realized gains or losses on sales of in-kind redemptions for the period ended December 31, 2022 are disclosed in the funds' Statements of Operations, if any.

------

<br>**11. Federal Income Taxes:**

As of December 31, 2022, the tax basis cost of the funds' investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TAX COST  | GROSS UNREALIZED <br>APPRECIATION <br>| GROSS UNREALIZED <br>DEPRECIATION <br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| Schwab U.S. TIPS ETF | $15975508626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $- | ($2179468854)  | ($2179468854)  |
| Schwab Short-Term U.S. Treasury ETF | &nbsp;&nbsp; 10449543248 | 1550652 | &nbsp;&nbsp;&nbsp;&nbsp; (237813634) | &nbsp;&nbsp;&nbsp;&nbsp; (236262982) |
| Schwab Intermediate-Term U.S. Treasury ETF | &nbsp;&nbsp;&nbsp; 7954815343 | 1087281 | &nbsp;&nbsp;&nbsp;&nbsp; (441199291) | &nbsp;&nbsp;&nbsp;&nbsp; (440112010) |
| Schwab Long-Term U.S. Treasury ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213268243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26116158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26116158) |
| Schwab U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp; 7792849783 | 1184453 | &nbsp;&nbsp;&nbsp;&nbsp; (844619547) | &nbsp;&nbsp;&nbsp;&nbsp; (843435094) |
| Schwab 1-5 Year Corporate Bond ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394069617 | &nbsp;&nbsp; 281480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25935342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25653862) |
| Schwab 5-10 Year Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377159220 | &nbsp;&nbsp; 277169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51325566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51048397) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | UNDISTRIBUTED <br>ORDINARY <br>INCOME <br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>ON INVESTMENTS <br>| CAPITAL LOSS <br>CARRYFORWARDS <br>AND OTHER LOSSES <br>| TOTAL  |
| Schwab U.S. TIPS ETF | $6041996 | ($2179468854)  | ($367609106)  | ($2541035964)  |
| Schwab Short-Term U.S. Treasury ETF | &nbsp;&nbsp;&nbsp;&nbsp; 885902 | &nbsp;&nbsp;&nbsp;&nbsp; (236262982) | &nbsp;&nbsp; (276041179) | &nbsp;&nbsp;&nbsp;&nbsp; (511418259) |
| Schwab Intermediate-Term U.S. Treasury ETF | &nbsp;&nbsp;&nbsp;&nbsp; 149024 | &nbsp;&nbsp;&nbsp;&nbsp; (440112010) | &nbsp;&nbsp; (354167139) | &nbsp;&nbsp;&nbsp;&nbsp; (794130125) |
| Schwab Long-Term U.S. Treasury ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26116158) | &nbsp;&nbsp;&nbsp;&nbsp; (4991274) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31077802) |
| Schwab U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 388539 | &nbsp;&nbsp;&nbsp;&nbsp; (843435094) | &nbsp;&nbsp; (275794945) | &nbsp;&nbsp; (1118841500) |
| Schwab 1-5 Year Corporate Bond ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25653862) | &nbsp;&nbsp;&nbsp;&nbsp; (2153196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27727835) |
| Schwab 5-10 Year Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51048397) | &nbsp;&nbsp;&nbsp;&nbsp; (5261468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56309865) |

---

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.

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

---

| | |
|:---|:---|
| Schwab U.S. TIPS ETF | $367609106 |
| Schwab Short-Term U.S. Treasury ETF | &nbsp;&nbsp; 276041179 |
| Schwab Intermediate-Term U.S. Treasury ETF | &nbsp;&nbsp; 354167139 |
| Schwab Long-Term U.S. Treasury ETF | &nbsp;&nbsp;&nbsp;&nbsp; 4991274 |
| Schwab U.S. Aggregate Bond ETF | &nbsp;&nbsp; 275794945 |
| Schwab 1-5 Year Corporate Bond ETF  | &nbsp;&nbsp;&nbsp;&nbsp; 2153196 |
| Schwab 5-10 Year Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 5261468 |

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**187**Schwab Fixed-Income ETFs \| Annual Report

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Schwab Fixed-Income ETFs

Financial Notes (continued)

------

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

**11. 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 | PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | ORDINARY <br>INCOME <br>| &nbsp;&nbsp; ORDINARY <br>INCOME <br>|
| Schwab U.S. TIPS ETF | $1069955140 | $852013180 |
| Schwab Short-Term U.S. Treasury ETF | &nbsp;&nbsp;&nbsp;&nbsp; 125786895 | &nbsp;&nbsp;&nbsp; 34862540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schwab Intermediate-Term U.S. Treasury <br> ETF<br>| &nbsp;&nbsp;&nbsp;&nbsp; 140863160 | &nbsp;&nbsp;&nbsp; 36438300 |
| Schwab Long-Term U.S. Treasury ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2856565 | &nbsp;&nbsp;&nbsp;&nbsp; 1504385 |
| Schwab U.S. Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; 185912810 | &nbsp;&nbsp; 191909550 |
| Schwab 1-5 Year Corporate Bond ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6101610 | &nbsp;&nbsp;&nbsp;&nbsp; 5031370 |
| Schwab 5-10 Year Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11666820 | &nbsp;&nbsp;&nbsp;&nbsp; 6826280 |

---

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

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

As of December 31, 2022, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds' financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the fiscal year ended December 31, 2022, the funds did not incur any interest or penalties.

------

<br>**12. 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 Fixed-Income ETFs \| Annual Report**188**

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Schwab Fixed-Income ETFs

Report of Independent Registered Public Accounting Firm

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To the Board of Trustees of Schwab Strategic Trust and Shareholders of Schwab U.S. TIPS ETF, Schwab Short-Term U.S. Treasury ETF, Schwab Intermediate-Term U.S. Treasury ETF, Schwab Long-Term U.S. Treasury ETF, Schwab U.S. Aggregate Bond ETF, Schwab 1-5 Year Corporate Bond ETF, and Schwab 5-10 Year Corporate Bond ETF

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

We have audited the accompanying statements of assets and liabilities, including the portfolio holdings, of Schwab U.S. TIPS ETF, Schwab Short-Term U.S. Treasury ETF, Schwab Intermediate-Term U.S. Treasury ETF, Schwab Long-Term U.S. Treasury ETF, Schwab U.S. Aggregate Bond ETF, Schwab 1-5 Year Corporate Bond ETF, and Schwab 5-10 Year Corporate Bond ETF (the "Funds"), seven of the funds constituting Schwab Strategic Trust, as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the related notes. In our opinion, the financial statements and financial highlights present fairly in all material respects, the financial position of each of the Funds as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the three years in the period then ended in conformity with accounting principles generally accepted in the United States of America. For each of the Funds, the financial highlights for each of the two years in the period ended December 31, 2019, except for Schwab Long-Term U.S. Treasury ETF, Schwab 1-5 Year Corporate Bond ETF, and Schwab 5-10 Year Corporate Bond ETF, the financial highlights for the period from October 10, 2019 to December 31, 2019, were audited by other auditors, whose report, dated February 18, 2020, expressed an unqualified opinion on such financial highlights.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

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

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

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Schwab Fixed-Income ETFs

Other Federal Tax Information (unaudited)

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For the fiscal year ended December 31, 2022, the funds designate the following percentage of income dividends as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations:

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| | |
|:---|:---|
| Schwab U.S. TIPS ETF | 100.00% |
| Schwab Short-Term U.S. Treasury ETF | 100.00% |
| Schwab Intermediate-Term U.S. Treasury ETF | 100.00% |
| Schwab Long-Term U.S. Treasury ETF | 100.00% |
| Schwab U.S. Aggregate Bond ETF | &nbsp;&nbsp; 91.27% |
| Schwab 1-5 Year Corporate Bond ETF  | &nbsp;&nbsp; 79.35% |
| Schwab 5-10 Year Corporate Bond ETF | &nbsp;&nbsp; 83.77% |

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

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| | |
|:---|:---|
| Schwab U.S. TIPS ETF | 100.00% |
| Schwab Short-Term U.S. Treasury ETF | 100.00% |
| Schwab Intermediate-Term U.S. Treasury ETF | 100.00% |
| Schwab Long-Term U.S. Treasury ETF | 100.00% |
| Schwab U.S. Aggregate Bond ETF | &nbsp;&nbsp; 99.06% |
| Schwab 1-5 Year Corporate Bond ETF  | &nbsp;&nbsp; 99.75% |
| Schwab 5-10 Year Corporate Bond ETF | &nbsp;&nbsp; 99.36% |

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Liquidity Risk Management Program (unaudited)

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

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

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

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Schwab Fixed-Income ETFs

Trustees and Officers

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

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

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

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

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

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

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

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

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

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<sup>1</sup>

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

<sup>2</sup>

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

<sup>3</sup>

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

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Glossary

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**ask** See "offer."

**asset allocation** The practice of dividing a portfolio among different asset classes, with each asset class assigned a particular percentage to help offset risks and rewards, based on your goals, time horizon and risk tolerance.

**asset-backed securities** Bond or other debt securities that represent ownership in a pool of assets such as credit card debt.

**asset class** A group of securities with similar structure and basic characteristics. Stocks, bonds and cash are the three main examples of asset classes.

**authorized participant (AP)** A large institutional investor that places orders for creation units with the funds' distributor.

**bid** The highest price at which someone is willing to buy a security.

**Bloomberg US 1–5 Year Corporate Bond Index** An index that measures the performance of U.S. investment grade, taxable corporate bonds with maturities greater than or equal to one year and less than five years that have $300 million or more of outstanding face value. The securities in the index must be denominated in U.S. dollars and must be fixed-rate. The index includes securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers. The index excludes certain types of securities, including contingent capital securities, inflation-linked bonds, floating-rate issues, taxable and tax-exempt municipal securities, structured notes and pass-through certificates. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.

**Bloomberg US 5–10 Year Corporate Bond Index** An index that measures the performance of U.S. investment grade, taxable corporate bonds with maturities greater than or equal to five years and less than ten years that have $300 million or more of outstanding face value. The securities in the index must be denominated in U.S. dollars and must be fixed-rate. The index includes securities publicly issued by U.S. and non-U.S. industrial, utility and financial issuers. The index excludes certain types of securities, including contingent capital securities, inflation-linked bonds, floating-rate bonds, taxable and tax-exempt municipal securities, structured notes and pass-through certificates. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.

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

**Bloomberg US Long Treasury Index** An index that includes all publicly issued, U.S. Treasury securities that have a remaining maturity of ten or more years, are rated investment grade, and have $300 million or more of outstanding face value. The securities in the index must be denominated in U.S. dollars and must be fixed-rate and non-convertible. The index excludes U.S. Treasury stripped securities. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.

**Bloomberg US Treasury 1–3 Year Index** An index which includes all publicly-issued U.S. Treasury securities that have a remaining maturity of greater than or equal to one year and less than three years, are rated investment grade, and have $300 million or more of outstanding face value. The securities in the index must be denominated in U.S. dollars and must be fixed-rate and non-convertible. The index excludes state and local government series bonds and coupon issues that have been stripped from bonds. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.

**Bloomberg US Treasury 3–10 Year Index** An index which includes all publicly-issued U.S. Treasury securities that have a remaining maturity of greater than or equal to three years and less than ten years, are rated investment grade, and have $300 million or more of outstanding face value. The securities in the index must be denominated in U.S. dollars and must be fixed-rate and non-convertible. The index excludes state and local government series bonds and coupon issues that have been stripped from bonds. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.

**Bloomberg US Treasury Inflation-Linked Bond Index (Series-L)** An index which includes all publicly-issued U.S. Treasury Inflation-Protected Securities (TIPS) that have at least one year remaining to maturity, are rated investment grade and have $500 million or more of outstanding face value. The TIPS in the index must be denominated in U.S. dollars and must be fixed-rate and non-convertible. The index is market capitalization weighted and the TIPS in the index are updated on the last business day of each month. TIPS are publicly issued, dollar denominated U.S. Government securities issued by the U.S. Treasury that have principal and interest payments linked to an official inflation measure (as measured by the Consumer Price Index, or CPI) and their payments are supported by the full faith and credit of the United States.

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

**call** An early repayment of a bond's principal by the issuer, usually done because the issuer is able to refinance its bond debt at a lower rate.

**call protection** A term used in reference to a bond that cannot be called by the issuer before maturity, or at least for many years from the present date. A bond that offers call protection can more reliably be expected to provide a given yield over a given number of years than a bond that could be called (assuming both bonds are of the same credit quality).

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

**commencement of operations** The date that the first NAV was calculated.

**coupon, coupon rate** The annual rate of interest paid until maturity by the issuer of a debt security.

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**creation unit (C.U.)** A basket of securities that is delivered by an authorized participant (AP) to the fund equal to the current holdings of the ETF, plus a designated cash component. In return, the APs receive a large block of ETF shares (typically 50,000 shares), which investors can then buy and sell in the secondary market.

**credit quality** The capacity of an issuer to make its interest and principal payments; an assessment typically rendered by an independent third-party organization.

**credit risk** The risk that a bond issuer may be unable to pay interest or principal to its bondholders.

**duration** A measure of an individual bond's sensitivity to interest rates, expressed in years. Calculations of duration generally take into account the bond's yield, interest payments, maturity date and call features.

**weighted average duration** A measure of the duration of all bonds in a fund's portfolio, also expressed in years, based on the market value weighted average duration of each bond in the portfolio.

**exchange** A marketplace, or any organization or group that provides or maintains a marketplace for trading securities, options, futures, or commodities.

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

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

**inception date** The date that the shares began trading in the secondary market.

**indicative optimized portfolio value (IOPV)** A calculation disseminated by the stock exchange that approximates the fund's NAV every 15 seconds throughout the trading day.

**interest** Payments to bondholders (usually made twice a year) as compensation for loaning the bond principal to the issuer.

**interest rate risk** The risk that a bond's value will fluctuate if market interest rates change or are expected to change. Bond prices tend to move in the opposite direction of interest rates: when interest rates rise, bond prices tend to fall.

**liquidity** The ability to convert a security or asset quickly into cash.

**market price return** The return based on the change in market price per share of the fund over a given time period. Market price returns assume that dividends and capital gain distributions have been reinvested in the fund at market price.

**maturity** The maturity of a bond will generally be determined using a portfolio security's final maturity date (date on which the final principal payment of a bond is scheduled to be paid); however, for securitized products, such as mortgage-backed securities and certain other asset-backed securities, maturity will be determined on an average life basis (weighted average time to receipt of all principal payments) by the investment adviser. Because pre-payment rates of individual mortgage pools vary widely, the average life of a particular pool cannot be predicted precisely. For securities with embedded demand features, such as puts or calls, either the demand date or the final maturity date will be used depending on interest rates, yields and other market conditions. The weighted average maturity (WAM) of a fund is dollar-weighted based upon the market value of a fund's securities at the time of the calculation.

**mortgage-backed securities** Bond or other debt securities that represent ownership in a pool of mortgage loans.

**net asset value (NAV)** The value of one share of a fund. NAV is calculated by taking the fund's total assets, subtracting liabilities, and dividing by the number of shares outstanding.

**NAV return** The return based on the change in NAV of the fund over a given time period. NAV returns assume that dividends and capital gain distributions have been reinvested in the fund.

**offer (ask)** The lowest price at which an individual is willing to sell a security.

**open** The price at which a security opened for trading on a given day.

**outstanding shares, shares outstanding** When speaking of the fund, indicates all shares currently held by investors.

**prepayment risk** The risk that a mortgage-backed security may be paid off early, typically because interest rates have fallen and the homeowners who hold the underlying mortgages have refinanced those mortgages at lower rates. In this type of situation, the investor who held the mortgage-backed security will usually have to settle for a lower rate when reinvesting the principal.

**primary market** The market that deals with the issuance of new securities.

**replication** If a fund uses a full replication method, the fund will invest substantially all of its assets proportionately in the securities included in the underlying index.

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

**sampling** If a fund uses a sampling method, the fund will not fully replicate the underlying index and may hold securities not included in the index. A fund that utilizes a sampling approach may not track the return of the index as closely as a fund that uses a full replication method.

**secondary market** The market in which investors purchase securities from other investors rather than directly from the issuing companies. Organized exchanges facilitate the trading of securities in the secondary market.

**spread** The gap between bid and ask prices of a security.

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

**tracking error** The difference between the performance of the fund and its benchmark index, positive or negative.

**Treasury inflation protected security (TIPS)** A United States Treasury bond whose principal increases at the same rate as the Consumer Price Index (CPI).The interest payment is then calculated off that inflated (adjusted) principal and repaid at maturity.

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

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

**yield to maturity** The annualized rate of return a bondholder could expect if the bond were held to maturity. In addition to interest payments, yield to maturity also factors in any difference between a bond's current price and its principal amount, or face value.

**197**Schwab Fixed-Income ETFs \| Annual Report

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

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

Notes

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

Notes

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Schwab Fixed-Income ETFs

Schwab ETFs

------

Schwab ETFs are designed to serve as simple low-cost core investment products for a diversified portfolio. These ETFs seek to provide consistent, repeatable performance through a variety of investment strategies that span the equity and fixed income spectrum. The list below shows all currently available Schwab ETFs.

**Investors should carefully consider information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges and expenses before investing. Please call 1-877-824-5615 for a prospectus for any Schwab ETF. Please read the prospectus carefully before you invest. This report must be preceded or accompanied by a current prospectus.**

**Proxy Voting Policies, Procedures and Results**

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

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

**U.S. ETFs**

Schwab U.S. Broad Market ETF

Schwab 1000 Index<sup>®</sup> ETF

Schwab U.S. Large-Cap ETF

Schwab U.S. Large-Cap Growth ETF

Schwab U.S. Large-Cap Value ETF

Schwab U.S. Mid-Cap ETF

Schwab U.S. Small-Cap ETF

Schwab U.S. Dividend Equity ETF

Schwab U.S. REIT ETF

**International ETFs**

Schwab International Dividend Equity ETF

Schwab International Equity ETF

Schwab International Small-Cap Equity ETF

Schwab Emerging Markets Equity ETF

**Fixed-Income ETFs**

Schwab U.S. TIPS ETF

Schwab Short-Term U.S. Treasury ETF

Schwab Intermediate-Term U.S. Treasury ETF

Schwab Long-Term U.S. Treasury ETF

Schwab U.S. Aggregate Bond ETF

Schwab 1-5 Year Corporate Bond ETF

Schwab 5-10 Year Corporate Bond ETF

Schwab Municipal Bond ETF

**Fundamental Index\* ETFs**

Schwab Fundamental U.S. Broad Market Index ETF

Schwab Fundamental U.S. Large Company Index ETF

Schwab Fundamental U.S. Small Company Index ETF

Schwab Fundamental International Large Company Index ETF

Schwab Fundamental International Small Company Index ETF

Schwab Fundamental Emerging Markets Large Company <br> Index ETF

**Active, Semi-Transparent (Also Known As Non-Transparent) ETF**

Schwab Ariel ESG ETF

**Thematic ETFs**

Schwab Crypto Thematic ETF

**Investment Adviser**

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

211 Main Street, San Francisco, CA 94105

**Schwab ETFs**

1-877-824-5615© 2023 Charles Schwab Investment Management, Inc., dba Schwab Asset Management. All rights reserved. <br>Printed on recycled paper.

\*

FUNDAMENTAL INDEX is a registered trademark of Research Affiliates LLC.

**The Schwab Ariel ESG ETF is different from traditional ETFs.** Traditional ETFs tell the public what assets they hold each day. This fund will not. This may **create additional risks** for your investment. For example:

• You may have to pay more money to trade the fund's shares. This fund will provide less information to traders, who tend to charge more for trades when they have less information.

• The price you pay to buy fund shares on an exchange may not match the value of the fund's portfolio. The same is true when you sell shares. These price differences may be greater for this fund compared to other ETFs because it provides less information to traders.

• These additional risks may be even greater in bad or uncertain market conditions.

• The ETF will publish on its website each day a "Proxy Portfolio" designed to help trading in shares of the ETF. While the Proxy Portfolio includes some of the ETF's holdings, it is not the ETF's actual portfolio.

The differences between this fund and other ETFs may also have advantages. By keeping certain information about the fund secret, this fund may face less risk that other traders can predict or copy its investment strategy. This may improve the fund's performance. If other traders are able to copy or predict the fund's investment strategy, however, this may hurt the fund's performance.

For additional information regarding the unique attributes and risks of the fund, see *Proxy Portfolio Risk*, *Premium/Discount Risk*, *Trading Halt Risk*, *Authorized Participant Concentration Risk*, *Tracking Error Risk* and *Shares of the Fund May Trade at Prices Other Than NAV* in the *Principal Risks* and *Proxy Portfolio* and *Proxy Overlap* sections of the prospectus and/or the Statement of Additional Information. These risks are discussed on the next page.

------

Schwab Fixed-Income ETFs

Active semi-transparent ETFs operate differently from other exchange-traded funds (ETFs). Unlike other ETFs, an active semi-transparent ETF does not publicly disclose its entire portfolio composition each business day, which may affect the price at which shares of the ETF trade in the secondary market. Active semi-transparent ETFs have limited public trading history. There can be no assurance that an active trading market will develop, be maintained or operate as intended. There is a risk that the market price of an active semi-transparent ETF may vary significantly from the ETF's net asset value and that its shares may trade at a wider bid/ask spread and, therefore, cost investors more to trade than shares of other ETFs. These risks are heightened during periods of market disruption or volatility.

**Proxy Portfolio Risk:** Unlike traditional ETFs, this fund does not disclose its portfolio holdings (Actual Portfolio) daily. The fund instead posts a Proxy Portfolio on its website each day. The Proxy Portfolio is designed to reflect the economic exposures and risk characteristics of the fund's actual holdings on each trading day, but it is not the same as the fund's Actual Portfolio. Although the Proxy Portfolio is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of the Fund at or close to the underlying NAV per Share of the Fund, there is a risk (which may increase during periods of market disruption or volatility) that market prices will vary significantly from the underlying NAV of the fund. ETF trading on the basis of a published Proxy Portfolio may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, especially during periods of market disruption or volatility, and therefore may cost investors more to trade. Also, while the Fund seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Proxy Portfolio to identify a Fund's trading strategy, which if successful, could result in such market participants engaging in certain predatory trading practices that may have the potential to harm the Fund and its shareholders.

**Proxy Portfolio Construction:** The Proxy Portfolio is designed to recreate the daily performance of the Actual Portfolio. This is achieved by performing a "Factor Model" analysis of the Actual Portfolio. The Factor Model is comprised of three sets of factors or analytical metrics: market-based factors, fundamental factors, and industry/sector factors. The fund uses a "Model Universe" to generate its Proxy Portfolio. The Model Universe is comprised of securities that the fund can purchase and will be a financial index or stated portfolio of securities from which fund investments will be selected. The results of the Factor Model analysis are then applied to the Model Universe. The Proxy Portfolio is then generated as a result of this Model Universe analysis with the Proxy Portfolio being a small sub-set of the Model Universe. The Factor Model is applied to both the Actual Portfolio and the Model Universe to construct the fund's Proxy Portfolio that performs in a manner substantially identical to the performance of its Actual Portfolio. The Proxy Portfolio will only include investments the fund is permitted to hold. The fund's SAI contains more information on the Proxy Portfolio and its construction.

Proxy Portfolio and Proxy Overlap Information regarding the contents of the Proxy Portfolio, and the percentage weight overlap between the holdings of the Proxy Portfolio and the fund's Actual Portfolio holdings that formed the basis for its calculation of NAV at the end of the prior Business Day (the Portfolio Overlap), is available by visiting the fund's website www.schwabassetmanagement.com.

Because environmental, social and governance (ESG) strategies exclude some securities, ESG-focused products may not be able to take advantage of the same opportunities or market trends as products that do not use such strategies. Additionally, the criteria used to select companies for investment may result in investing in securities, industries or sectors that underperform the market as a whole.

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g46056imgbaf708761.jpg)

MFR60171-12 <br> 00282286

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g428183imgc36b456c1.jpg)

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

Schwab Municipal Bond ETF

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ticker Symbol **SCMB**

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

**In This Report**

---

| | |
|:---|:---|
| [Performance at a Glance](#xx_d2d45578-e94d-4de8-a290-e459ede506c2_1) | 2 |
| [From the President](#xx_e3d39fc4-b253-440f-8438-47421f68983d_1) | 3 |
| [The Investment Environment](#xx_7010d280-d77e-4206-927a-2cade6bbb8ef_1) | 4 |
| [Fund Management](#xx_0a992fe7-7910-4930-b772-00b289cf5496_1) | 6 |
| [Performance and Fund Facts](#xx_fe048284-380e-4d73-9913-ce153c70642b_1) | 7 |
| [Fund Expenses](#xx_6f56403e-d175-4b53-aaa0-0bf2d5c94110_1)  | 9 |
| [Financial Statements and Portfolio Holdings](#xx_b464b891-e909-4d26-9fed-3d6bc83b7cd7_1) | 10 |
| [Financial Notes](#xx_6aa070be-23d2-46b5-aff4-742b7f21eafb_1) | 26 |
| [Report of Independent Registered Public Accounting Firm](#xx_de55b103-90b1-42e8-b54d-4bddf5ce19ce_1) | 34 |
| [Other Federal Tax Information](#xx_04aaad63-475b-42c8-a7a9-a38d74b6d9ca_1)  | 35 |
| [Liquidity Risk Management Program](#xx_bc244b7b-66e3-428c-b7d3-132d669b6322_1)  | 36 |
| [Investment Advisory Agreement Approval](#xx_3672889d-2f5c-441d-a780-10793240a145_1) | 37 |
| [Trustees and Officers](#xx_fa8aee8c-a021-44ac-83f9-acb344c45016_1) | 39 |
| [Glossary](#xx_2ff8b0fb-aa97-444e-be80-c263fafb422c_1) | 43 |

---

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

Distributor: SEI Investments Distribution Co. (SIDCO)

**1**Schwab Municipal Bond ETF \| Annual Report

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Schwab Municipal Bond ETF

Performance at a Glance

------

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

---

| | |
|:---|:---|
| **Total Returns for the 12 Months Ended December 31, 2022** | **Total Returns for the 12 Months Ended December 31, 2022** |
| **Schwab Municipal Bond ETF** (Ticker Symbol: SCMB) |  |
| **Market Price Return**<sup>1</sup> | **3.21%**<sup>\*</sup> |
| **NAV Return**<sup>1</sup> | **2.93%**<sup>\*</sup> |
| ICE AMT-Free Core U.S. National Municipal Index | 2.60%<sup>\*</sup> <br>|
| ETF Category: Morningstar Muni National Interm<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp; N/A |
| *Performance Details* | *pages 7-8* |

---

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

For index definitions, please see the Glossary.

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

Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.

Fixed-income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

"ICE<sup>®</sup>" is a registered trademark of ICE Data Indices, LLC or its affiliates. This trademark has been licensed, along with the ICE AMT-Free Core U.S. National Municipal Index ("Index") for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management, in connection with the Schwab Municipal Bond ETF. The Schwab Municipal Bond ETF is not sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in the Schwab Municipal Bond ETF.

<sup>\*</sup>

Total returns shown are since the fund's inception date of October 12, 2022.

<sup>1</sup>

ETF performance must be shown based on both a Market Price and a NAV basis. The fund's per share NAV is the value of one share of the fund. NAV is calculated by taking the fund's total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price of the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.

<sup>2</sup>

Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.

Schwab Municipal Bond ETF \| Annual Report**2**

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Schwab Municipal Bond ETF

From the President

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![](g428183img13c481c42.jpg)

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

Dear Shareholder,

Schwab Asset Management was pleased to launch the Schwab Municipal Bond ETF on October 12, 2022. During the two month reporting period, financial markets generally gained ground on hopes that interest rates had peaked and that the U.S. Federal Reserve would begin easing the increasingly tight monetary policies imposed in 2022. Although a host of macroeconomic and geopolitical uncertainties continued to roil beneath the surface of the markets, including Russia's war in Ukraine and concerns regarding a possible U.S. recession, most investors faced more favorable conditions during the reporting period compared to earlier in 2022. Fixed-income markets, in particular, benefited from moderating yields and tightening credit spreads, with higher-credit-quality bonds tending to outperform their lower-credit-quality counterparts. Relatively low levels of issuance and declining fund outflows further bolstered the returns of municipal bonds, which strongly outperformed U.S. Treasury securities of comparable duration.

Municipal bonds appear well positioned to offer the potential for attractive yields, bolstered by prevailing conditions of restrained levels of issuance, improving demand, a positive credit outlook for state and local governments, and low rates of default. The Schwab Municipal Bond ETF offers investors low-cost, straightforward access to this market, seeking to provide income exempt from federal income taxes and not subject to the Alternative Minimum Tax. The fund generally invests in a wide range of investment-grade rated securities.

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

Sincerely,

![](g428183img58522dfc3.jpg)

**"***Schwab Asset Management was pleased to launch the Schwab Municipal Bond ETF on October 12, 2022.***"**

Past performance is no guarantee of future results.

Management views may have changed since the report date.

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

**3**Schwab Municipal Bond ETF \| Annual Report

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Schwab Municipal Bond ETF

The Investment Environment

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For the reporting period of October 12, 2022\* through December 31, 2022, U.S. fixed-income markets posted gains. Inflation, which peaked in July, moderated through the reporting period, interest rates rose, and economic growth around the world showed continued signs of slowing. The ongoing war between Russia and Ukraine and the continuing, albeit uneven, fallout from the COVID-19 pandemic also weighed on economies and markets around the world. The Bloomberg US Aggregate Bond Index suffered its worst calendar year performance since its inception in 1976, with longer-term bonds underperforming shorter-term bonds and several key U.S. stock indices posted their largest calendar year drop since the 2008 recession. For the calendar year, the Bloomberg US Aggregate Bond Index, representing the broad U.S. bond market, and the S&P 500<sup>®</sup> Index, a bellwether for the overall U.S. stock market, returned -13.01% and -18.11%, respectively. For the reporting period of October 12, 2022\* through December 31, 2022, the ICE AMT-Free Core U.S. National Municipal Index returned 2.60%

Rising interest rates in 2022 negatively impacted municipal (muni) bond prices, and demand for muni bonds fell sharply, driving yields to their highest levels in more than a decade. (Bond yields and bond prices typically move in opposite directions.) For the 2022 calendar year, total issuance of muni bonds was down more than 20%, with the bulk of the decline due to the scarcity of refinancings as interest rates rose. In the final three months of 2022, however, muni bond yields retreated from recent highs and muni bond prices ended the reporting period higher than where they started it.

In the United States, following fading government stimuli, ongoing supply chain disruptions, and historically high inflation, gross domestic product (GDP) contracted for the first two quarters of 2022 but grew at an annualized rate of 3.2% for the third quarter of 2022, driven primarily by energy exports and consumer spending. Inflation, which had begun a steady upward climb early in 2021 that continued through the first half of 2022, and hit a 40-year high in July, subsequently declined through the end of the reporting period as certain consumer and energy prices began to recede. The unemployment rate remained low despite inflationary pressures, ending the reporting period at pre-pandemic lows.

**Yields of U.S. Treasury Securities: Effective Yields of Three-Month, Two-Year and 10-Year Treasuries**![](g428183img74c5de984.jpg)

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

For index definitions, please see the Glossary.

Data source: Bloomberg L.P.

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

Management views may have changed since the report date.

\*

The fund's inception date. Inception represents the date that the shares began trading in the secondary market.

Schwab Municipal Bond ETF \| Annual Report**4**

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Schwab Municipal Bond ETF

The Investment Environment (continued)

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Monetary policy around the world varied as central banks responded to the rapidly changing conditions. In the United States, the U.S. Federal Reserve (Fed) began raising interest rates in March 2022 following two years of historically low rates brought on by the COVID-19 pandemic, raising them five times prior to the beginning of the reporting period—by 0.25% in mid-March, 0.50% in early May, 0.75% in mid-June, 0.75% in late July, and 0.75% in late September—and an additional two times during it—by 0.75% in early November and 0.50% in mid-December. The federal funds rate ended the reporting period in a range of 4.25% to 4.50%. The Fed continued its program to reduce the assets held on its balance sheet, having vowed to be even more aggressive than during its last round of quantitative tightening between 2017 and 2019. In developed international countries, both the European Central Bank and the Bank of England raised interest rates multiple times throughout 2022 and twice during the reporting period. In contrast, the Bank of Japan continued to uphold its short-term interest rate target of -0.1%, unchanged since 2016, but in late December unexpectedly announced that it would widen the band around the yield target on its 10-year government bond, which pushed the yen higher and effectively marked the end of an extended period in which Japan was the only major developed country to resist raising rates.

**5**Schwab Municipal Bond ETF \| Annual Report

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Schwab Municipal Bond ETF

Fund Management

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

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| | |
|:---|:---|
| ![(Photo of Jason D. Diefenthaler)](g428183img6df2cc115.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Jason D. Diefenthaler,** Managing Director and Head of Tax-Exempt Strategies for Schwab Asset <br> Management, is responsible for the day-to-day co-management of the fund and for developing, managing, <br> and implementing Schwab Asset Management's tax-exempt fixed income investment strategies, including <br> separately managed accounts, actively managed mutual funds, and exchange-traded funds (ETFs). Previously, <br> Mr. Diefenthaler led the portfolio management team for the Wasmer Schroeder<sup>TM</sup> Municipal Bond Strategies <br> and was responsible for the day-to-day co-management of several tax-free Schwab Funds. Prior to that, he <br> was the director of tax-exempt portfolio management at Wasmer Schroeder & Company, LLC (Schwab Asset <br> Management became the investment adviser for Wasmer Schroeder Strategies in 2020). He oversaw all <br> tax-exempt strategies and management of the Wasmer Schroeder High Yield Municipal Fund, which <br> subsequently reorganized into the Schwab Opportunistic Municipal Bond Fund. Mr. Diefenthaler began his <br> career with Wasmer Schroeder in 2000. He was a credit analyst for taxable and tax-exempt strategies before <br> becoming a portfolio manager.<br>|

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

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|:---|:---|
| ![](g428183imgfe40d6cc6.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Matthew Hastings, CFA,** Managing Director and Head of Taxable Bond Strategies for Schwab Asset <br> Management, is responsible for the day-to-day co-management of the fund. Mr. Hastings leads the portfolio <br> management team for the Schwab Taxable Bond Funds and Schwab Fixed-Income ETFs. He also has overall <br> responsibility for all aspects of the management of the funds. Prior to joining Schwab in 1999, Mr. Hastings <br> was in fixed-income sales and trading at Lehman Brothers. He has worked in the fixed-income securities <br> industry since 1996.<br>|

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

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| | |
|:---|:---|
| ![](g428183img679dea6e7.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Steven Hung,** Senior Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day <br> co-management of the fund. He is primarily responsible for the management and oversight of corporate <br> bonds within the taxable bond strategies, with additional responsibility for managing municipal bond index <br> strategies. Mr. Hung has been a portfolio manager with Schwab Asset Management since 2005 and prior to <br> that, served in various roles as an associate portfolio manager and trader since 1999. In 1998, he joined <br> Schwab's management training program and worked as a clerk on the options trading floor of the Pacific <br> Coast Stock Exchange.<br>|

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

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| | |
|:---|:---|
| ![](g428183imga65583eb8.jpg)<br>| &nbsp;&nbsp;&nbsp;&nbsp; **John Khodarahmi,** Senior Portfolio Manager for Schwab Asset Management, is responsible for the day-to-day <br> co-management of the fund. He is a member of the team responsible for managment of the Schwab Tax-Free <br> Bond Funds and has been a portfolio manager with Schwab Asset Management since 2015. Prior to joining <br> Schwab in 2015, Mr. Khodarahmi was a vice president and senior municipal trader at Eaton Vance <br> Management for the firm's tax-free bond funds. Previous to Eaton Vance, he was a vice president and portfolio <br> manager at both Banc of America Montgomery Securities and Thomas Weisel Partners, managing corporate <br> cash and high net worth portfolios. Prior to those roles, Mr. Khodarahmi was a municipal trader and <br> underwriter for Fleet Securities, Inc. (now part of Bank of America).<br>|

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Schwab Municipal Bond ETF \| Annual Report**6**

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Schwab Municipal Bond ETF

------

**The Schwab Municipal Bond ETF's** (the fund) goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of the U.S. AMT-free municipal bond market. To pursue its goal, the fund generally invests in securities that are included in the ICE AMT-Free Core U.S. National Municipal Index (the index). For more information about the fund's investment objective, strategy, and risks, please see the fund's prospectus.

**Market Highlights.** For the reporting period of October 12, 2022\* through December 31, 2022, U.S. fixed-income markets posted gains. Inflation, which peaked in July, moderated through the reporting period, interest rates rose, and economic growth around the world showed continued signs of slowing. The ongoing war between Russia and Ukraine and the continuing, albeit uneven, fallout from the COVID-19 pandemic also weighed on economies and markets around the world. The S&P 500<sup>®</sup> Index posted its largest calendar year drop since the 2008 recession and the Bloomberg US Aggregate Bond Index suffered its worst calendar year since its inception in 1976, with longer-term bonds underperforming shorter-term bonds. After maintaining the federal funds rate in a range of 0.00% to 0.25% through mid-March, the U.S. Federal Reserve (Fed) shifted its stance as inflation continued to rise and indicators of economic activity and employment continued to strengthen. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed increased the federal funds rate five times between March 2022 and the beginning of the reporting period and an additional two times during the reporting period. The federal funds rate ended the reporting period in a range of 4.25% to 4.50%. In addition, the Fed's bond-buying program, which had begun to scale back in November 2021, was ended altogether in early March 2022. In June, the Fed also began to reduce the $9 trillion in assets it holds on its balance sheet.

Rising interest rates in 2022 negatively impacted muni bond prices through the first three quarters of the year, and demand for municipal (muni) bonds fell sharply, driving yields to their highest levels in more than a decade. (Bond yields and bond prices typically move in opposite directions.) In the final three months of 2022, however, muni bond yields retreated from recent highs and muni bond prices ended the reporting period higher than where they started it. For the 2022 calendar year, total issuance of muni bonds was down more than 20%, with a particularly large drop-off in December.

**Performance.** During the reporting period of October 12, 2022 (the fund's inception date\*), through December 31, 2022, the fund generally tracked the performance of the index. For the reporting period, the fund's market price return was 3.21% and its NAV return was 2.93% (for an explanation of market price and NAV returns, please refer to footnote 2 on the following page). The index returned 2.60% during the same period. Both positive price returns and coupon income generated by the fund's holdings contributed to fund performance.

\*

Inception represents the date that the shares began trading in the secondary market.

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

**Portfolio Composition % of Investments**<sup>1</sup>

**By Security Type** <br>

------

![](g428183imgbc89ad609.jpg)

---

| | |
|:---|:---|
| **Weighted Average Maturity**<sup>2</sup> | 7.7 Yrs |
| **Weighted Average Duration**<sup>2</sup> | 6.9 Yrs |

---

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

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

An index is a statistical composite of a specified financial market or sector. Unlike the fund, an index does not actually hold a portfolio of securities and its return is not inclusive of operational and transaction costs incurred by the fund.

Fixed-income securities are subject to increased loss of principal during periods of rising interest rates. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.

<sup>1</sup>

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

<sup>2</sup>

See Glossary for definitions of maturity and duration.

**7**Schwab Municipal Bond ETF \| Annual Report

------

Schwab Municipal Bond ETF

Performance and Fund Facts as of December 31, 2022

------

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

**Performance of Hypothetical $10,000 Investment (October 12, 2022 – December 31, 2022)**<sup>1</sup>

![](g428183lg_2mf8.jpg)

**Average Annual Total Returns**<sup>1</sup>

---

| | |
|:---|:---|
| **Fund and Inception Date** | **Since Inception**<sup>\*</sup> <br>|
| **Fund: Schwab Municipal Bond ETF** (10/12/22) |  |
| &nbsp;&nbsp;&nbsp; Market Price Return<sup>2</sup> <br>| 3.21% |
| &nbsp;&nbsp;&nbsp; NAV Return<sup>2</sup> <br>| 2.93% |
| ICE AMT-Free Core U.S. National Municipal Index | 2.60% |
| ETF Category: Morningstar Muni National Interm<sup>3</sup> <br>| &nbsp;&nbsp;&nbsp; N/A |
| *Fund Expense Ratio*<sup>4</sup>*: 0.03%* | *Fund Expense Ratio*<sup>4</sup>*: 0.03%* |

---

&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 the Glossary.

Shares are bought and sold at market price, which may be higher or lower than the net asset value (NAV). Brokerage commissions will reduce returns.

"ICE<sup>®</sup>" is a registered trademark of ICE Data Indices, LLC or its affiliates. This trademark has been licensed, along with the ICE AMT-Free Core U.S. National Municipal Index ("Index") for use by Charles Schwab Investment Management, Inc., dba Schwab Asset Management, in connection with the Schwab Municipal Bond ETF. The Schwab Municipal Bond ETF is not sponsored, endorsed, sold or promoted by ICE Data Indices, LLC, its affiliates or its Third Party Suppliers ("ICE Data and its Suppliers"). ICE Data and its Suppliers make no representations or warranties regarding the advisability of investing in the Schwab Municipal Bond ETF.

<sup>\*</sup>

Inception (10/12/22) represents the date that the shares began trading in the secondary market.

<sup>1</sup>

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

<sup>2</sup>

ETF performance must be shown based on both a Market Price and a NAV basis. The fund's per share NAV is the value of one share of the fund. NAV is calculated by taking the fund's total assets (including the fair value of securities owned), subtracting liabilities, and dividing by the number of shares outstanding. The NAV Return is based on the NAV of the fund, and the Market Price Return is based on the market price per share of the fund. The price used to calculate market return (Market Price) is determined using the Official Closing Price of the primary stock exchange (generally, 4:00 p.m. Eastern time) and may not represent the returns you would receive if shares were traded at other times. NAV is used as a proxy for purposes of calculating Market Price Return on inception date. Market Price and NAV returns assume that dividends and capital gain distributions have been reinvested in the fund at Market Price and NAV, respectively.

<sup>3</sup>

Source for category information: Morningstar, Inc. The Morningstar Category return represents all passively- and actively-managed ETFs and mutual funds within the category as of the report date.

<sup>4</sup>

As stated in the prospectus.

Schwab Municipal Bond ETF \| Annual Report**8**

------

Schwab Municipal Bond ETF

Fund Expenses (Unaudited)

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

As a fund shareholder, you may incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares; and, (2) ongoing costs, including management fees.

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; EXPENSE RATIO <br>(ANNUALIZED) <sup>1</sup> <br>| &nbsp;&nbsp; BEGINNING <br>ACCOUNT VALUE <br>AT 7/1/22<br>| &nbsp;&nbsp; ENDING <br>ACCOUNT VALUE <br>(NET OF EXPENSES) <br>AT 12/31/22<sup>2</sup> <br>| &nbsp;&nbsp; EXPENSES PAID <br>DURING PERIOD <br>7/1/22-12/31/22 <sup>2</sup> <br>|
| **Schwab Municipal Bond ETF**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Actual Return | 0.03% | $1000.00 | $1029.30 | $0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hypothetical 5% Return | 0.03% | $1000.00 | $1011.03 | $0.07 |

---

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

<sup>1</sup> The expense ratio provided for the fund is for the period from 10/12/22 (commencement of operations) through 12/31/22 (see financial note 4 for additional information).

<sup>2</sup> Actual expenses for the fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 81 days in the period from commencement of operations on 10/12/22 through 12/31/22, and divided by 365 days in the fiscal year. Hypothetical expenses for the fund are equal to its annualized expense ratio, multiplied by the average account value over the period, multiplied by 184 days in the period, and divided by 365 days in the fiscal year. 

**9**Schwab Municipal Bond ETF \| Annual Report

------

Schwab Municipal Bond ETF

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | |
|:---|:---|
|  | 10/12/22<sup>1</sup>– <br>12/31/22<br>|
| **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $50.00 |
| Income (loss) from investment operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp; 1.39 |
| Less distributions: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from net investment income | &nbsp;&nbsp;&nbsp;&nbsp; (0.30) |
| Other capital<sup>2</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.07 |
| Net asset value at end of period | &nbsp;&nbsp; $51.16 |
| Total return | &nbsp;&nbsp;&nbsp;&nbsp; 2.93%<sup>3</sup> <br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.03%<sup>4</sup> <br>|
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 3.50%<sup>4</sup> <br>|
| Portfolio turnover rate<sup>5</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13%<sup>3</sup> <br>|
| Net assets, end of period (x 1,000) | $61387 |

---

&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> Annualized.

<sup>5</sup> Portfolio turnover rate excludes securities received or delivered from processing of in-kind creations or redemptions.

*See financial notes*

Schwab Municipal Bond ETF \| Annual Report**10**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2022

------

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

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

Based on index eligibility requirements, securities must have a fixed coupon schedule (including zero coupon bonds), the rate shown is the interest rate. The index excludes certain types of securities, including, among others, step coupon securities, taxable municipal securities, floating rate notes and variable rate demand obligations or notes. The maturity date shown for all the securities is the final legal maturity.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MUNICIPAL SECURITIES** 98.4% OF NET ASSETS | **MUNICIPAL SECURITIES** 98.4% OF NET ASSETS | **MUNICIPAL SECURITIES** 98.4% OF NET ASSETS | **MUNICIPAL SECURITIES** 98.4% OF NET ASSETS | **MUNICIPAL SECURITIES** 98.4% OF NET ASSETS |
| **ALABAMA** 0.9%  | **ALABAMA** 0.9%  | **ALABAMA** 0.9%  | **ALABAMA** 0.9%  | **ALABAMA** 0.9%  |
| **Birmingham Water Works Board** | **Birmingham Water Works Board** | **Birmingham Water Works Board** | **Birmingham Water Works Board** | **Birmingham Water Works Board** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Refunding RB Series 2015A  | 5.00% | 01/01/42 *(a)(b)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 313571 |
| **Tuscaloosa City Board of Education Capital Outlay Warrants** | **Tuscaloosa City Board of Education Capital Outlay Warrants** | **Tuscaloosa City Board of Education Capital Outlay Warrants** | **Tuscaloosa City Board of Education Capital Outlay Warrants** | **Tuscaloosa City Board of Education Capital Outlay Warrants** |
| &nbsp;&nbsp;&nbsp;&nbsp; School Tax Warrants Series 2016  | 5.00% | 08/01/46 *(a)(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 215334 |
|  |  |  |  | **528905** |
| **ARIZONA** 1.9%  | **ARIZONA** 1.9%  | **ARIZONA** 1.9%  | **ARIZONA** 1.9%  | **ARIZONA** 1.9%  |
| **Arizona Health Facilities Auth** | **Arizona Health Facilities Auth** | **Arizona Health Facilities Auth** | **Arizona Health Facilities Auth** | **Arizona Health Facilities Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Banner Health) Series 2014A  | 5.00% | 01/01/44 *(a)(b)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 153177 |
| **Maricopa Cnty** | **Maricopa Cnty** | **Maricopa Cnty** | **Maricopa Cnty** | **Maricopa Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018C  | 4.00% | 07/01/38 *(b)* | 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 396849 |
| **Phoenix Civic Improvement Corp** | **Phoenix Civic Improvement Corp** | **Phoenix Civic Improvement Corp** | **Phoenix Civic Improvement Corp** | **Phoenix Civic Improvement Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr Lien Airport RB Series 2019A  | 4.00% | 07/01/49 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91630 |
| **Salt River Project Agricultural Improvement & Power District** | **Salt River Project Agricultural Improvement & Power District** | **Salt River Project Agricultural Improvement & Power District** | **Salt River Project Agricultural Improvement & Power District** | **Salt River Project Agricultural Improvement & Power District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric System RB Series 2021A  | 5.00% | 01/01/24  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2016A  | 5.00% | 01/01/31 *(b)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 327178 |
|  |  |  |  | **1173168** |
| **CALIFORNIA** 19.3%  | **CALIFORNIA** 19.3%  | **CALIFORNIA** 19.3%  | **CALIFORNIA** 19.3%  | **CALIFORNIA** 19.3%  |
| **Alameda Cnty Transportation Commission** | **Alameda Cnty Transportation Commission** | **Alameda Cnty Transportation Commission** | **Alameda Cnty Transportation Commission** | **Alameda Cnty Transportation Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Sales Tax RB Series 2022  | 5.00% | 03/01/45 *(b)* | 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 122835 |
| **California** | **California** | **California** | **California** | **California** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds  | 4.00% | 11/01/23  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100979 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds  | 5.00% | 11/01/25 *(b)* | 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 522508 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds  | 5.00% | 08/01/27 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 216924 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds  | 5.00% | 11/01/28  | 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 135710 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds  | 5.00% | 11/01/29  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 115102 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds  | 5.00% | 10/01/30 *(b)* | 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 310325 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds  | 5.00% | 04/01/31 *(b)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 142105 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds  | 3.75% | 04/01/37 *(b)* | 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 103783 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds  | 4.00% | 04/01/49 *(b)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 240911 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds  | 5.00% | 10/01/25  | 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 175912 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds  | 5.00% | 03/01/27 *(b)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 262790 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds  | 5.00% | 12/01/27  | 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 233980 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds  | 5.00% | 10/01/28  | 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 366987 |

---

*See financial notes*

**11**Schwab Municipal Bond ETF \| Annual Report

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds  | 5.25% | 08/01/32 *(c)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 360202 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds  | 5.00% | 03/01/35 *(b)* | 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 276072 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds  | 3.00% | 10/01/36 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 180134 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds  | 4.00% | 11/01/37 *(b)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152917 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds  | 5.00% | 09/01/41 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 110867 |
| **California Dept of Water Resources** | **California Dept of Water Resources** | **California Dept of Water Resources** | **California Dept of Water Resources** | **California Dept of Water Resources** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System RB Series BB  | 5.00% | 12/01/23  | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 255275 |
| **California Educational Facilities Auth** | **California Educational Facilities Auth** | **California Educational Facilities Auth** | **California Educational Facilities Auth** | **California Educational Facilities Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Standford Univ) Series V2  | 2.25% | 04/01/51 *(b)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 187878 |
| **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (UCSF 2130 3rd St) Series 2017  | 5.00% | 05/15/42 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 106815 |
| **California Public Works Board** | **California Public Works Board** | **California Public Works Board** | **California Public Works Board** | **California Public Works Board** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease RB Series 2021B  | 4.00% | 05/01/46 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease RB Series 2021C  | 5.00% | 11/01/46 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 217845 |
| **California State Univ** | **California State Univ** | **California State Univ** | **California State Univ** | **California State Univ** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2016A  | 5.00% | 11/01/30 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 216061 |
| **Coast CCD** | **Coast CCD** | **Coast CCD** | **Coast CCD** | **Coast CCD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2006B  | 0.00% | 08/01/30 *(c)(d)* | 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 303677 |
| **East Bay Municipal Utility District** | **East Bay Municipal Utility District** | **East Bay Municipal Utility District** | **East Bay Municipal Utility District** | **East Bay Municipal Utility District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System Refunding RB Series 2014B  | 5.00% | 06/01/25  | 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 248799 |
| **Foothill Eastern Transportation Corridor Agency** | **Foothill Eastern Transportation Corridor Agency** | **Foothill Eastern Transportation Corridor Agency** | **Foothill Eastern Transportation Corridor Agency** | **Foothill Eastern Transportation Corridor Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Lien RB Series 1995A  | 0.00% | 01/01/24 *(a)(d)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97224 |
| **Golden State Tobacco Securitization Corp** | **Golden State Tobacco Securitization Corp** | **Golden State Tobacco Securitization Corp** | **Golden State Tobacco Securitization Corp** | **Golden State Tobacco Securitization Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; Enhanced Tobacco Settlement Bonds Series 2013A  | 5.00% | 06/01/30 *(a)(b)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 252180 |
| **Grossmont-Cuyamaca CCD** | **Grossmont-Cuyamaca CCD** | **Grossmont-Cuyamaca CCD** | **Grossmont-Cuyamaca CCD** | **Grossmont-Cuyamaca CCD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018B  | 4.00% | 08/01/47 *(b)* | 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 125676 |
| **Los Angeles** | **Los Angeles** | **Los Angeles** | **Los Angeles** | **Los Angeles** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Refunding RB Series 2018B  | 5.00% | 06/01/25  | 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 227676 |
| **Los Angeles Dept of Airports** | **Los Angeles Dept of Airports** | **Los Angeles Dept of Airports** | **Los Angeles Dept of Airports** | **Los Angeles Dept of Airports** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr RB Series 2020D  | 4.00% | 05/15/48 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 195858 |
| **Los Angeles Dept of Water & Power** | **Los Angeles Dept of Water & Power** | **Los Angeles Dept of Water & Power** | **Los Angeles Dept of Water & Power** | **Los Angeles Dept of Water & Power** |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System RB Series 2018B  | 5.00% | 01/01/24 *(b)(c)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System RB Series 2019D  | 5.00% | 07/01/44 *(b)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 268941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System RB Series 2020A  | 5.00% | 07/01/50 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 107013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System Refunding RB Series 2022C  | 5.00% | 07/01/41 *(b)* | 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 274427 |
| **Los Angeles USD** | **Los Angeles USD** | **Los Angeles USD** | **Los Angeles USD** | **Los Angeles USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2014C  | 5.00% | 07/01/25 *(b)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 258329 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2017A  | 5.00% | 07/01/25  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 212122 |
| **Oakland USD** | **Oakland USD** | **Oakland USD** | **Oakland USD** | **Oakland USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2021A  | 4.00% | 08/01/46 *(b)(c)* | 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 189144 |
| **Orange County Transportation Auth** | **Orange County Transportation Auth** | **Orange County Transportation Auth** | **Orange County Transportation Auth** | **Orange County Transportation Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; BAN 2021  | 5.00% | 10/15/24 *(a)* | 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 218280 |
| **Riverside County Public Finance Auth** | **Riverside County Public Finance Auth** | **Riverside County Public Finance Auth** | **Riverside County Public Finance Auth** | **Riverside County Public Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease RB Series 2015  | 5.25% | 11/01/45 *(a)(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 107418 |
| **San Diego Assoc of Governments** | **San Diego Assoc of Governments** | **San Diego Assoc of Governments** | **San Diego Assoc of Governments** | **San Diego Assoc of Governments** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Grant Receipts RB (Mid Coast Corridor Transit) Series 2019A  | 5.00% | 11/15/25 *(b)* | 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 239744 |
| **San Diego CCD** | **San Diego CCD** | **San Diego CCD** | **San Diego CCD** | **San Diego CCD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2016  | 5.00% | 08/01/29 *(a)(b)* | 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 157250 |
| **San Diego Cnty Regional Airport Auth** | **San Diego Cnty Regional Airport Auth** | **San Diego Cnty Regional Airport Auth** | **San Diego Cnty Regional Airport Auth** | **San Diego Cnty Regional Airport Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Airport RB Series 2021A  | 4.00% | 07/01/46 *(b)* | 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 107192 |

---

*See financial notes*

Schwab Municipal Bond ETF \| Annual Report**12**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **San Diego Cnty Regional Transportation Commission** | **San Diego Cnty Regional Transportation Commission** | **San Diego Cnty Regional Transportation Commission** | **San Diego Cnty Regional Transportation Commission** | **San Diego Cnty Regional Transportation Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax RB Series 2016A  | 5.00% | 04/01/48 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 209031 |
| **San Diego Public Facilities Financing Auth** | **San Diego Public Facilities Financing Auth** | **San Diego Public Facilities Financing Auth** | **San Diego Public Facilities Financing Auth** | **San Diego Public Facilities Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Sub RB Series 2018A  | 5.00% | 08/01/43 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 215616 |
| **San Diego USD** | **San Diego USD** | **San Diego USD** | **San Diego USD** | **San Diego USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2016I  | 0.00% | 07/01/36 *(b)(d)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 101827 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2020M2  | 4.00% | 07/01/50 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94291 |
| **San Francisco Public Utilities Commission** | **San Francisco Public Utilities Commission** | **San Francisco Public Utilities Commission** | **San Francisco Public Utilities Commission** | **San Francisco Public Utilities Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water RB Series 2020A  | 5.00% | 11/01/50 *(b)* | 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 316051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Refunding RB Series 2016A  | 5.00% | 11/01/26  | 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 381784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Refunding RB Series 2016A  | 5.00% | 11/01/35 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 107061 |
| **Santa Monica CCD** | **Santa Monica CCD** | **Santa Monica CCD** | **Santa Monica CCD** | **Santa Monica CCD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018A  | 4.00% | 08/01/47 *(b)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 241848 |
| **Southern California Metropolitan Water District** | **Southern California Metropolitan Water District** | **Southern California Metropolitan Water District** | **Southern California Metropolitan Water District** | **Southern California Metropolitan Water District** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021A  | 5.00% | 10/01/46 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 110429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Water Refunding RB Series 2017A  | 2.50% | 07/01/26  | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 249227 |
| **Twin Rivers USD** | **Twin Rivers USD** | **Twin Rivers USD** | **Twin Rivers USD** | **Twin Rivers USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2016  | 0.00% | 08/01/41 *(b)(c)(d)* | 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 166908 |
| **Univ of California** | **Univ of California** | **Univ of California** | **Univ of California** | **Univ of California** |
| &nbsp;&nbsp;&nbsp;&nbsp; Limited Project RB Series 2018O  | 5.00% | 05/15/58 *(b)* | 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 257747 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018O  | 4.00% | 05/15/48 *(b)* | 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 149822 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020 BE  | 4.00% | 05/15/47 *(b)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 244145 |
|  |  |  |  | **11852191** |
| **COLORADO** 0.6%  | **COLORADO** 0.6%  | **COLORADO** 0.6%  | **COLORADO** 0.6%  | **COLORADO** 0.6%  |
| **Colorado** | **Colorado** | **Colorado** | **Colorado** | **Colorado** |
| &nbsp;&nbsp;&nbsp;&nbsp; COP Series 2020A  | 4.00% | 12/15/35 *(b)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 154065 |
| **Weld Cnty SD #RE2** | **Weld Cnty SD #RE2** | **Weld Cnty SD #RE2** | **Weld Cnty SD #RE2** | **Weld Cnty SD #RE2** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2016  | 5.00% | 12/01/44 *(b)(c)* | 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 236907 |
|  |  |  |  | **390972** |
| **CONNECTICUT** 2.2%  | **CONNECTICUT** 2.2%  | **CONNECTICUT** 2.2%  | **CONNECTICUT** 2.2%  | **CONNECTICUT** 2.2%  |
| **Connecticut** | **Connecticut** | **Connecticut** | **Connecticut** | **Connecticut** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2016E  | 3.00% | 10/15/32 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 192374 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2020A  | 5.00% | 01/15/25  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 104554 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2020A  | 5.00% | 01/15/26  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 106828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Tax Obligation Bonds Series 2020A  | 5.00% | 05/01/24  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 205825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation RB Series 2016A  | 4.00% | 09/01/35 *(b)* | 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 172359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation RB Series 2020A  | 5.00% | 05/01/27  | 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 547737 |
|  |  |  |  | **1329677** |
| **DISTRICT OF COLUMBIA** 1.8%  | **DISTRICT OF COLUMBIA** 1.8%  | **DISTRICT OF COLUMBIA** 1.8%  | **DISTRICT OF COLUMBIA** 1.8%  | **DISTRICT OF COLUMBIA** 1.8%  |
| **District of Columbia** | **District of Columbia** | **District of Columbia** | **District of Columbia** | **District of Columbia** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019A  | 5.00% | 10/15/44 *(b)* | 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 256811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income Tax Secured RB Series 2019A  | 5.00% | 03/01/30 *(b)* | 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 252303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income Tax Secured RB Series 2019A  | 4.00% | 03/01/44 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 195040 |

---

*See financial notes*

**13**Schwab Municipal Bond ETF \| Annual Report

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Washington Metropolitan Transit Auth** | **Washington Metropolitan Transit Auth** | **Washington Metropolitan Transit Auth** | **Washington Metropolitan Transit Auth** | **Washington Metropolitan Transit Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020A  | 5.00% | 07/15/45 *(b)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 133398 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021A  | 5.00% | 07/15/46 *(b)* | 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 300279 |
|  |  |  |  | **1137831** |
| **FLORIDA** 2.1%  | **FLORIDA** 2.1%  | **FLORIDA** 2.1%  | **FLORIDA** 2.1%  | **FLORIDA** 2.1%  |
| **Central Florida Expressway Auth** | **Central Florida Expressway Auth** | **Central Florida Expressway Auth** | **Central Florida Expressway Auth** | **Central Florida Expressway Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Lien Refunding RB Series 2017  | 5.00% | 07/01/42 *(b)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 130558 |
| **Florida State Board of Education** | **Florida State Board of Education** | **Florida State Board of Education** | **Florida State Board of Education** | **Florida State Board of Education** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lottery Refunding RB Series 2017A  | 5.00% | 07/01/27  | 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 182059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Education Refunding Bonds Series 2013A  | 5.00% | 06/01/23  | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 252303 |
| **Fort Myers** | **Fort Myers** | **Fort Myers** | **Fort Myers** | **Fort Myers** |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility System Refunding RB Series 2019A  | 4.00% | 10/01/44 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96852 |
| **Fort Pierce Utilities Authority** | **Fort Pierce Utilities Authority** | **Fort Pierce Utilities Authority** | **Fort Pierce Utilities Authority** | **Fort Pierce Utilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities Refunding RB Series 2022A  | 4.00% | 10/01/52 *(b)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 115682 |
| **Hillsborough Cnty Aviation Auth** | **Hillsborough Cnty Aviation Auth** | **Hillsborough Cnty Aviation Auth** | **Hillsborough Cnty Aviation Auth** | **Hillsborough Cnty Aviation Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018F  | 5.00% | 10/01/43 *(b)* | 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 120913 |
| **Miami-Dade Cnty** | **Miami-Dade Cnty** | **Miami-Dade Cnty** | **Miami-Dade Cnty** | **Miami-Dade Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2017B  | 5.00% | 10/01/33 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 105065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2009A  | 6.88% | 10/01/34 *(b)(c)* | 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 297882 |
|  |  |  |  | **1301314** |
| **GEORGIA** 1.8%  | **GEORGIA** 1.8%  | **GEORGIA** 1.8%  | **GEORGIA** 1.8%  | **GEORGIA** 1.8%  |
| **Atlanta** | **Atlanta** | **Atlanta** | **Atlanta** | **Atlanta** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Wastewater Refunding RB Series 2018B  | 5.00% | 11/01/43 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 105610 |
| **Fulton Cnty** | **Fulton Cnty** | **Fulton Cnty** | **Fulton Cnty** | **Fulton Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewerage RB Series 2020A  | 2.25% | 01/01/43 *(b)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 101999 |
| **Georgia** | **Georgia** | **Georgia** | **Georgia** | **Georgia** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017A  | 5.00% | 02/01/31 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 218988 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2021A  | 4.00% | 07/01/38 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 205527 |
| **Gwinnett Cnty SD** | **Gwinnett Cnty SD** | **Gwinnett Cnty SD** | **Gwinnett Cnty SD** | **Gwinnett Cnty SD** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax GO Bonds Series 2022B  | 5.00% | 08/01/27  | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88449 |
| **Metropolitan Atlanta Rapid Transit Auth** | **Metropolitan Atlanta Rapid Transit Auth** | **Metropolitan Atlanta Rapid Transit Auth** | **Metropolitan Atlanta Rapid Transit Auth** | **Metropolitan Atlanta Rapid Transit Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax Refunding RB Series 2017C  | 3.25% | 07/01/37 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91096 |
| **Private Colleges & Universities Auth** | **Private Colleges & Universities Auth** | **Private Colleges & Universities Auth** | **Private Colleges & Universities Auth** | **Private Colleges & Universities Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Emory Univ) Series 2020B  | 5.00% | 09/01/25  | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 265742 |
|  |  |  |  | **1077411** |
| **HAWAII** 0.4%  | **HAWAII** 0.4%  | **HAWAII** 0.4%  | **HAWAII** 0.4%  | **HAWAII** 0.4%  |
| **Hawaii** | **Hawaii** | **Hawaii** | **Hawaii** | **Hawaii** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017FK  | 4.00% | 05/01/31 *(b)* | 250000 | **261236** |
| **ILLINOIS** 4.7%  | **ILLINOIS** 4.7%  | **ILLINOIS** 4.7%  | **ILLINOIS** 4.7%  | **ILLINOIS** 4.7%  |
| **Chicago** | **Chicago** | **Chicago** | **Chicago** | **Chicago** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 1999  | 0.00% | 01/01/33 *(c)(d)* | 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 259772 |
| **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Hare General Airport Sr Lien Refunding RB Series 2015B  | 5.00% | 01/01/26 *(b)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 156675 |
| **Cook Cnty** | **Cook Cnty** | **Cook Cnty** | **Cook Cnty** | **Cook Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax RB Series 2021A  | 4.00% | 11/15/41 *(b)* | 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 299988 |

---

*See financial notes*

Schwab Municipal Bond ETF \| Annual Report**14**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Illinois** | **Illinois** | **Illinois** | **Illinois** | **Illinois** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2013  | 5.50% | 07/01/38 *(b)* | 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 110258 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2014  | 5.25% | 02/01/29 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201842 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017C  | 5.00% | 11/01/29 *(b)* | 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 409957 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017D  | 5.00% | 11/01/25  | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97407 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2016  | 5.00% | 02/01/25  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 153104 |
| **Illinois Municipal Electric Agency** | **Illinois Municipal Electric Agency** | **Illinois Municipal Electric Agency** | **Illinois Municipal Electric Agency** | **Illinois Municipal Electric Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System Refunding RB Series 2015A  | 4.00% | 02/01/34 *(b)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 302581 |
| **Illinois Toll Highway Auth** | **Illinois Toll Highway Auth** | **Illinois Toll Highway Auth** | **Illinois Toll Highway Auth** | **Illinois Toll Highway Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr RB Series 2020A  | 5.00% | 01/01/45 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 210915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Sr RB Series 2021A  | 5.00% | 01/01/46 *(b)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 264469 |
| **Metropolitan Pier & Exposition Auth** | **Metropolitan Pier & Exposition Auth** | **Metropolitan Pier & Exposition Auth** | **Metropolitan Pier & Exposition Auth** | **Metropolitan Pier & Exposition Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2002A  | 0.00% | 06/15/34 *(c)(d)* | 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 195398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Bonds (McCormick Place Expansion) Series 2020A  | 5.00% | 06/15/50 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 195394 |
|  |  |  |  | **2857760** |
| **INDIANA** 0.7%  | **INDIANA** 0.7%  | **INDIANA** 0.7%  | **INDIANA** 0.7%  | **INDIANA** 0.7%  |
| **Indiana Finance Auth** | **Indiana Finance Auth** | **Indiana Finance Auth** | **Indiana Finance Auth** | **Indiana Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Community Health Network) Series 2012A  | 5.00% | 05/01/42 *(a)(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100661 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Revolving Fund Refunding Bonds Series 2015B  | 5.00% | 02/01/24  | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92114 |
| **Indianapolis Local Public Improvement Bond Bank** | **Indianapolis Local Public Improvement Bond Bank** | **Indianapolis Local Public Improvement Bond Bank** | **Indianapolis Local Public Improvement Bond Bank** | **Indianapolis Local Public Improvement Bond Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 1999E  | 0.00% | 02/01/28 *(c)(d)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 211814 |
|  |  |  |  | **404589** |
| **IOWA** 0.4%  | **IOWA** 0.4%  | **IOWA** 0.4%  | **IOWA** 0.4%  | **IOWA** 0.4%  |
| **Iowa Higher Education Loan Auth** | **Iowa Higher Education Loan Auth** | **Iowa Higher Education Loan Auth** | **Iowa Higher Education Loan Auth** | **Iowa Higher Education Loan Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Grinnell College) Series 2017  | 5.00% | 12/01/46 *(b)* | 220000 | **231247** |
| **KANSAS** 0.2%  | **KANSAS** 0.2%  | **KANSAS** 0.2%  | **KANSAS** 0.2%  | **KANSAS** 0.2%  |
| **Kansas Department of Transportation** | **Kansas Department of Transportation** | **Kansas Department of Transportation** | **Kansas Department of Transportation** | **Kansas Department of Transportation** |
| &nbsp;&nbsp;&nbsp;&nbsp; Highway RB Series 2015B  | 5.00% | 09/01/25  | 125000 | **132639** |
| **KENTUCKY** 0.7%  | **KENTUCKY** 0.7%  | **KENTUCKY** 0.7%  | **KENTUCKY** 0.7%  | **KENTUCKY** 0.7%  |
| **Kentucky Municipal Power Agency** | **Kentucky Municipal Power Agency** | **Kentucky Municipal Power Agency** | **Kentucky Municipal Power Agency** | **Kentucky Municipal Power Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System Refunding RB Series 2015A  | 4.00% | 09/01/39 *(b)(c)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95871 |
| **Kentucky State Property & Buildings Commission** | **Kentucky State Property & Buildings Commission** | **Kentucky State Property & Buildings Commission** | **Kentucky State Property & Buildings Commission** | **Kentucky State Property & Buildings Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series B  | 5.00% | 11/01/25  | 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 226901 |
| **Kentucky Turnpike Auth** | **Kentucky Turnpike Auth** | **Kentucky Turnpike Auth** | **Kentucky Turnpike Auth** | **Kentucky Turnpike Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Economic Development Road Refunding RB Series 2017B  | 5.00% | 07/01/25  | 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 120916 |
|  |  |  |  | **443688** |
| **LOUISIANA** 0.4%  | **LOUISIANA** 0.4%  | **LOUISIANA** 0.4%  | **LOUISIANA** 0.4%  | **LOUISIANA** 0.4%  |
| **Louisiana Public Facilities Auth** | **Louisiana Public Facilities Auth** | **Louisiana Public Facilities Auth** | **Louisiana Public Facilities Auth** | **Louisiana Public Facilities Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Tulane Univ) Series 2020A  | 5.00% | 04/01/45 *(b)* | 250000 | **259839** |

---

*See financial notes*

**15**Schwab Municipal Bond ETF \| Annual Report

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MARYLAND** 3.1%  | **MARYLAND** 3.1%  | **MARYLAND** 3.1%  | **MARYLAND** 3.1%  | **MARYLAND** 3.1%  |
| **Maryland** | **Maryland** | **Maryland** | **Maryland** | **Maryland** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds 2nd Series 2017A  | 5.00% | 08/01/27  | 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 292865 |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2017  | 5.00% | 03/15/29 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 219317 |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2017B  | 5.00% | 08/01/25  | 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 487666 |
| **Maryland Dept of Transportation** | **Maryland Dept of Transportation** | **Maryland Dept of Transportation** | **Maryland Dept of Transportation** | **Maryland Dept of Transportation** |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds Series 2021A  | 2.13% | 10/01/36 *(b)* | 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 148664 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018  | 5.00% | 10/01/26  | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 135884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation Bonds Series 2018  | 5.00% | 10/01/28 *(b)* | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92241 |
| **Maryland Transportation Auth** | **Maryland Transportation Auth** | **Maryland Transportation Auth** | **Maryland Transportation Auth** | **Maryland Transportation Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation Facilities RB Series 2020  | 4.00% | 07/01/50 *(b)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 234106 |
| **Prince Georges Cnty** | **Prince Georges Cnty** | **Prince Georges Cnty** | **Prince Georges Cnty** | **Prince Georges Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018A  | 5.00% | 07/15/29 *(b)* | 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 275641 |
|  |  |  |  | **1886384** |
| **MASSACHUSETTS** 4.7%  | **MASSACHUSETTS** 4.7%  | **MASSACHUSETTS** 4.7%  | **MASSACHUSETTS** 4.7%  | **MASSACHUSETTS** 4.7%  |
| **Massachusetts** | **Massachusetts** | **Massachusetts** | **Massachusetts** | **Massachusetts** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2020E  | 5.00% | 11/01/50 *(b)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 320991 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2020D  | 3.00% | 07/01/35 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 183992 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2020E  | 5.00% | 11/01/45 *(b)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 269264 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2021A  | 3.00% | 03/01/36 *(b)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 227191 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2021D  | 5.00% | 09/01/50 *(b)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 269061 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2016C  | 5.00% | 10/01/24  | 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 197529 |
| **Massachusetts Bay Transportation Auth** | **Massachusetts Bay Transportation Auth** | **Massachusetts Bay Transportation Auth** | **Massachusetts Bay Transportation Auth** | **Massachusetts Bay Transportation Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021  | 4.00% | 05/01/25  | 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 226906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Sales Tax Bonds Series 2005A  | 5.00% | 07/01/25  | 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 153356 |
| **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Emerson College) Series 2016A  | 5.00% | 01/01/47 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200041 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Harvard Univ) Series 2016A  | 5.00% | 07/15/26  | 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 297672 |
| **Massachusetts School Building Auth** | **Massachusetts School Building Auth** | **Massachusetts School Building Auth** | **Massachusetts School Building Auth** | **Massachusetts School Building Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Sales Tax Bonds Series 2018A  | 5.25% | 02/15/48 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 212568 |
| **Massachusetts Transportation Fund** | **Massachusetts Transportation Fund** | **Massachusetts Transportation Fund** | **Massachusetts Transportation Fund** | **Massachusetts Transportation Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022B  | 5.00% | 06/01/52 *(b)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 324438 |
|  |  |  |  | **2883009** |
| **MICHIGAN** 1.0%  | **MICHIGAN** 1.0%  | **MICHIGAN** 1.0%  | **MICHIGAN** 1.0%  | **MICHIGAN** 1.0%  |
| **Michigan Building Auth** | **Michigan Building Auth** | **Michigan Building Auth** | **Michigan Building Auth** | **Michigan Building Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2015I  | 5.00% | 04/15/33 *(b)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 157273 |
| **Michigan Finance Auth** | **Michigan Finance Auth** | **Michigan Finance Auth** | **Michigan Finance Auth** | **Michigan Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Public Lighting Auth) Series 2014B  | 5.00% | 07/01/39 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200466 |
| **Wayne Cnty Airport Auth** | **Wayne Cnty Airport Auth** | **Wayne Cnty Airport Auth** | **Wayne Cnty Airport Auth** | **Wayne Cnty Airport Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport RB Series 2021A  | 5.00% | 12/01/46 *(b)* | 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 229802 |
|  |  |  |  | **587541** |
| **MINNESOTA** 0.2%  | **MINNESOTA** 0.2%  | **MINNESOTA** 0.2%  | **MINNESOTA** 0.2%  | **MINNESOTA** 0.2%  |
| **Minneapolis Metropolitan Council** | **Minneapolis Metropolitan Council** | **Minneapolis Metropolitan Council** | **Minneapolis Metropolitan Council** | **Minneapolis Metropolitan Council** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Series 2021C  | 5.00% | 12/01/26  | 115000 | **125435** |

---

*See financial notes*

Schwab Municipal Bond ETF \| Annual Report**16**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **NEVADA** 0.9%  | **NEVADA** 0.9%  | **NEVADA** 0.9%  | **NEVADA** 0.9%  | **NEVADA** 0.9%  |
| **Clark Cnty** | **Clark Cnty** | **Clark Cnty** | **Clark Cnty** | **Clark Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018A  | 5.00% | 06/01/43 *(b)* | 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 175106 |
| **Clark Cnty SD** | **Clark Cnty SD** | **Clark Cnty SD** | **Clark Cnty SD** | **Clark Cnty SD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2017A  | 5.00% | 06/15/25  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 210676 |
| &nbsp;&nbsp;&nbsp;&nbsp; LT GO Refunding Bonds Series 2016D  | 5.00% | 06/15/23  | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 176515 |
|  |  |  |  | **562297** |
| **NEW JERSEY** 4.6%  | **NEW JERSEY** 4.6%  | **NEW JERSEY** 4.6%  | **NEW JERSEY** 4.6%  | **NEW JERSEY** 4.6%  |
| **Hudson Cnty Improvement Auth** | **Hudson Cnty Improvement Auth** | **Hudson Cnty Improvement Auth** | **Hudson Cnty Improvement Auth** | **Hudson Cnty Improvement Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease RB (Hudson Cnty Courthouse) Series 2020  | 4.00% | 10/01/51 *(b)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 140076 |
| **New Jersey** | **New Jersey** | **New Jersey** | **New Jersey** | **New Jersey** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2020A  | 5.00% | 06/01/28  | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 278030 |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Series 2020A  | 5.00% | 06/01/29  | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 282692 |
| **New Jersey Economic Development Auth** | **New Jersey Economic Development Auth** | **New Jersey Economic Development Auth** | **New Jersey Economic Development Auth** | **New Jersey Economic Development Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2016AAA  | 5.00% | 06/15/41 *(b)* | 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 193110 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Lease RB Series 2018A  | 5.00% | 06/15/47 *(b)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 252675 |
| **New Jersey Transportation Trust Fund Auth** | **New Jersey Transportation Trust Fund Auth** | **New Jersey Transportation Trust Fund Auth** | **New Jersey Transportation Trust Fund Auth** | **New Jersey Transportation Trust Fund Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2013AA  | 5.00% | 06/15/36 *(b)* | 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 220789 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018A  | 5.00% | 06/15/31 *(b)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 236333 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021A  | 5.00% | 06/15/31  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 110751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue Notes Series 2016A1  | 5.00% | 06/15/23  | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 251897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation Bonds Series 2019BB  | 5.00% | 06/15/50 *(b)* | 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 146399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation RB Series 2020AA  | 4.00% | 06/15/50 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84236 |
| **New Jersey Turnpike Auth** | **New Jersey Turnpike Auth** | **New Jersey Turnpike Auth** | **New Jersey Turnpike Auth** | **New Jersey Turnpike Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2015E  | 5.00% | 01/01/45 *(b)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2005D3  | 5.25% | 01/01/26 *(c)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 320595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Turnpike RB Series 2019A  | 4.00% | 01/01/48 *(b)* | 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 147267 |
|  |  |  |  | **2817811** |
| **NEW MEXICO** 0.3%  | **NEW MEXICO** 0.3%  | **NEW MEXICO** 0.3%  | **NEW MEXICO** 0.3%  | **NEW MEXICO** 0.3%  |
| **New Mexico Finance Auth** | **New Mexico Finance Auth** | **New Mexico Finance Auth** | **New Mexico Finance Auth** | **New Mexico Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018A  | 5.00% | 06/15/24  | 155000 | **159795** |
| **NEW YORK** 22.0%  | **NEW YORK** 22.0%  | **NEW YORK** 22.0%  | **NEW YORK** 22.0%  | **NEW YORK** 22.0%  |
| **Hudson Yards Infrastructure** | **Hudson Yards Infrastructure** | **Hudson Yards Infrastructure** | **Hudson Yards Infrastructure** | **Hudson Yards Infrastructure** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Indenture RB Fiscal 2017 Series A  | 4.00% | 02/15/36 *(b)* | 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 291766 |
| **Long Island Power Auth** | **Long Island Power Auth** | **Long Island Power Auth** | **Long Island Power Auth** | **Long Island Power Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric System RB Series 2016B  | 5.00% | 09/01/41 *(b)* | 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 197748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric System RB Series 2018  | 5.00% | 09/01/38 *(b)* | 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 128278 |
| **Metropolitan Transportation Auth** | **Metropolitan Transportation Auth** | **Metropolitan Transportation Auth** | **Metropolitan Transportation Auth** | **Metropolitan Transportation Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Dedicated Tax Fund Refunding Bonds Series 2012A  | 0.00% | 11/15/30 *(d)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 111749 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2012E  | 4.00% | 11/15/38 *(b)* | 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 375073 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2017B  | 5.00% | 11/15/25  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103663 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2017D  | 4.00% | 11/15/42 *(b)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 260490 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020A1  | 4.00% | 11/15/52 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80482 |
| **New York City** | **New York City** | **New York City** | **New York City** | **New York City** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2014 Series D1  | 5.00% | 08/01/30 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202064 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2019 Series A  | 5.00% | 08/01/26  | 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 173062 |

---

*See financial notes*

**17**Schwab Municipal Bond ETF \| Annual Report

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2020 Series C1  | 5.00% | 08/01/30  | 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 576185 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2020 Series D1  | 4.00% | 03/01/50 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92741 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2021 Series F  | 3.00% | 03/01/51 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 151672 |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Series 2015F1  | 3.50% | 06/01/33 *(b)* | 185000 | &nbsp;&nbsp;&nbsp;&nbsp; 186483 |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Series 2018F1  | 5.00% | 04/01/43 *(b)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 131588 |
| **New York City Municipal Water Finance Auth** | **New York City Municipal Water Finance Auth** | **New York City Municipal Water Finance Auth** | **New York City Municipal Water Finance Auth** | **New York City Municipal Water Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer 2nd Resolution RB Fiscal 2017 Series CC1  | 4.00% | 06/15/46 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 188094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer 2nd Resolution RB Fiscal 2020 Series AA  | 4.00% | 06/15/40 *(b)* | 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 485563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2013 Series CC  | 3.75% | 06/15/47 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System 2nd Resolution RB Fiscal 2021 Series AA1  | 5.00% | 06/15/29  | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 343255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2018 Series CC1  | 4.00% | 06/15/48 *(b)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 139728 |
| **New York City Transitional Finance Auth** | **New York City Transitional Finance Auth** | **New York City Transitional Finance Auth** | **New York City Transitional Finance Auth** | **New York City Transitional Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Aid RB Fiscal 2015 Series S1  | 5.00% | 07/15/40 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Aid RB Fiscal 2016 Series S1  | 4.00% | 07/15/40 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2015 Series B1  | 5.00% | 08/01/32 *(b)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 180390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2016 Series E1  | 3.00% | 02/01/33 *(b)* | 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 226934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2021 Series C1  | 4.00% | 05/01/42 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2021 Series F1  | 5.00% | 11/01/27  | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 110759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2021 Series F1  | 5.00% | 11/01/29  | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 286576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2022 Series A1  | 5.00% | 11/01/28  | 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 242403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2022 Series B  | 4.00% | 08/01/48 *(b)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 137978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2022 Series B1  | 3.00% | 08/01/48 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 146764 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Fiscal 2018 Series S1  | 4.00% | 07/15/36 *(b)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150811 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Fiscal 2019 Series S2A  | 5.00% | 07/15/35 *(b)(c)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 189580 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series C1  | 4.00% | 05/01/45 *(b)* | 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 266597 |
| **New York Power Auth** | **New York Power Auth** | **New York Power Auth** | **New York Power Auth** | **New York Power Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020A  | 4.00% | 11/15/50 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92086 |
| **New York State Dormitory Auth** | **New York State Dormitory Auth** | **New York State Dormitory Auth** | **New York State Dormitory Auth** | **New York State Dormitory Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2015A  | 5.00% | 07/01/35 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 209404 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2019A  | 4.00% | 07/01/44 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Cornell Univ) Series 2020A  | 4.00% | 07/01/50 *(b)* | 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 260457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax RB Series 2018E  | 5.00% | 03/15/48 *(b)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 261931 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2013A  | 5.00% | 02/15/43 *(a)(b)* | 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 400947 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2016A  | 5.00% | 02/15/33 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 213358 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2016A  | 5.00% | 02/15/36 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 105277 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2017B  | 5.00% | 02/15/28 *(b)* | 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 340685 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2019D  | 5.00% | 02/15/30  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 230361 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2019D  | 5.00% | 02/15/48 *(b)* | 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 226117 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2020A  | 4.00% | 03/15/36 *(b)* | 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 160797 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax Refunding RB Series 2016D  | 5.00% | 02/15/28 *(b)* | 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 291008 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Sales Tax RB Series 2018E  | 5.00% | 03/15/41 *(b)* | 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 423484 |
| **New York State Thruway Auth** | **New York State Thruway Auth** | **New York State Thruway Auth** | **New York State Thruway Auth** | **New York State Thruway Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr GO RB Series 2019B  | 4.00% | 01/01/39 *(b)* | 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 169445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr Obligation RB Series 2019B  | 5.00% | 01/01/30  | 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 152972 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2021A1  | 5.00% | 03/15/35 *(b)* | 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 488354 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2021A1  | 4.00% | 03/15/41 *(b)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 239318 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2022A  | 5.00% | 03/15/30  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 230252 |
| **New York State Urban Development Corp** | **New York State Urban Development Corp** | **New York State Urban Development Corp** | **New York State Urban Development Corp** | **New York State Urban Development Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2017A  | 5.00% | 03/15/27 *(a)* | 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 169521 |

---

*See financial notes*

Schwab Municipal Bond ETF \| Annual Report**18**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Port Auth of New York & New Jersey** | **Port Auth of New York & New Jersey** | **Port Auth of New York & New Jersey** | **Port Auth of New York & New Jersey** | **Port Auth of New York & New Jersey** |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 200th Series  | 5.25% | 10/15/57 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 208660 |
| **Sales Tax Asset Receivable Corp** | **Sales Tax Asset Receivable Corp** | **Sales Tax Asset Receivable Corp** | **Sales Tax Asset Receivable Corp** | **Sales Tax Asset Receivable Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Fiscal 2015 Series A  | 5.00% | 10/15/31 *(a)(b)* | 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 405170 |
| **Suffolk Cnty Water Auth** | **Suffolk Cnty Water Auth** | **Suffolk Cnty Water Auth** | **Suffolk Cnty Water Auth** | **Suffolk Cnty Water Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System Refunding RB Series 2015  | 3.00% | 06/01/32 *(b)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 298903 |
| **Triborough Bridge & Tunnel Auth** | **Triborough Bridge & Tunnel Auth** | **Triborough Bridge & Tunnel Auth** | **Triborough Bridge & Tunnel Auth** | **Triborough Bridge & Tunnel Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2022A  | 5.00% | 11/15/47 *(b)* | 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 310400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Lien RB Series 2021C3  | 4.00% | 05/15/51 *(b)* | 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 206476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Refunding RB Series 2013A  | 0.00% | 11/15/31 *(d)* | 555000 | &nbsp;&nbsp;&nbsp;&nbsp; 396028 |
| **Utility Debt Securitization Auth** | **Utility Debt Securitization Auth** | **Utility Debt Securitization Auth** | **Utility Debt Securitization Auth** | **Utility Debt Securitization Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Restructuring Bonds Series 2015  | 5.00% | 12/15/33 *(b)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 265574 |
|  |  |  |  | **13495375** |
| **NORTH CAROLINA** 1.4%  | **NORTH CAROLINA** 1.4%  | **NORTH CAROLINA** 1.4%  | **NORTH CAROLINA** 1.4%  | **NORTH CAROLINA** 1.4%  |
| **North Carolina** | **North Carolina** | **North Carolina** | **North Carolina** | **North Carolina** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2017A  | 5.00% | 06/01/23  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 151265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2014B  | 5.00% | 06/01/24  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 154691 |
| **North Carolina Turnpike Auth** | **North Carolina Turnpike Auth** | **North Carolina Turnpike Auth** | **North Carolina Turnpike Auth** | **North Carolina Turnpike Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; BAN 2020  | 5.00% | 02/01/24  | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 254671 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2019  | 0.00% | 01/01/41 *(b)(d)* | 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll RB (Monroe Expressway) Series 2016A  | 5.00% | 07/01/54 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 198610 |
|  |  |  |  | **846160** |
| **OHIO** 0.8%  | **OHIO** 0.8%  | **OHIO** 0.8%  | **OHIO** 0.8%  | **OHIO** 0.8%  |
| **American Municipal Power Ohio** | **American Municipal Power Ohio** | **American Municipal Power Ohio** | **American Municipal Power Ohio** | **American Municipal Power Ohio** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Greenup Hydroelectric) Series 2016A  | 5.00% | 02/15/41 *(b)* | 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 281985 |
| **Ohio Higher Educational Facility Commission** | **Ohio Higher Educational Facility Commission** | **Ohio Higher Educational Facility Commission** | **Ohio Higher Educational Facility Commission** | **Ohio Higher Educational Facility Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Case Western Reserve Univ) Series 2016  | 5.00% | 12/01/40 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 209481 |
|  |  |  |  | **491466** |
| **OKLAHOMA** 0.3%  | **OKLAHOMA** 0.3%  | **OKLAHOMA** 0.3%  | **OKLAHOMA** 0.3%  | **OKLAHOMA** 0.3%  |
| **Canadian Cnty Educational Facilities Auth** | **Canadian Cnty Educational Facilities Auth** | **Canadian Cnty Educational Facilities Auth** | **Canadian Cnty Educational Facilities Auth** | **Canadian Cnty Educational Facilities Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease RB (Mustang Public Schools) Series 2017  | 3.00% | 09/01/29 *(b)* | 200000 | **198536** |
| **OREGON** 1.9%  | **OREGON** 1.9%  | **OREGON** 1.9%  | **OREGON** 1.9%  | **OREGON** 1.9%  |
| **Beaverton SD #48J** | **Beaverton SD #48J** | **Beaverton SD #48J** | **Beaverton SD #48J** | **Beaverton SD #48J** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2014  | 5.00% | 06/15/28 *(a)(b)(c)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103170 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2014B  | 5.00% | 06/15/31 *(a)(b)(c)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 257924 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022B  | 5.00% | 06/15/52 *(b)(c)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 273948 |
| **Oregon Dept of Transportation** | **Oregon Dept of Transportation** | **Oregon Dept of Transportation** | **Oregon Dept of Transportation** | **Oregon Dept of Transportation** |
| &nbsp;&nbsp;&nbsp;&nbsp; Highway Sub Lien Refunding RB Series 2019A  | 5.00% | 11/15/36 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 222236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highway Tax Sub Lien RB Series 2020A  | 5.00% | 11/15/40 *(b)* | 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 319549 |
|  |  |  |  | **1176827** |
| **PENNSYLVANIA** 3.2%  | **PENNSYLVANIA** 3.2%  | **PENNSYLVANIA** 3.2%  | **PENNSYLVANIA** 3.2%  | **PENNSYLVANIA** 3.2%  |
| **Delaware River Port Auth** | **Delaware River Port Auth** | **Delaware River Port Auth** | **Delaware River Port Auth** | **Delaware River Port Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2013  | 5.00% | 01/01/31 *(a)(b)* | 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 122423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2018B  | 5.00% | 01/01/23  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200000 |

---

*See financial notes*

**19**Schwab Municipal Bond ETF \| Annual Report

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Pennsylvania** | **Pennsylvania** | **Pennsylvania** | **Pennsylvania** | **Pennsylvania** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds 2nd Series 2016  | 3.00% | 09/15/36 *(b)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 111517 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2017  | 5.00% | 01/01/26  | 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 127916 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2017  | 5.00% | 01/01/27  | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 325399 |
| **Pennsylvania State Turnpike Commission** | **Pennsylvania State Turnpike Commission** | **Pennsylvania State Turnpike Commission** | **Pennsylvania State Turnpike Commission** | **Pennsylvania State Turnpike Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021A  | 5.00% | 12/01/46 *(b)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 132365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub RB Series 2021B  | 5.00% | 12/01/46 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 211023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Refunding RB 3rd Series 2016A  | 5.00% | 12/01/30 *(b)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 132687 |
| **Philadelphia** | **Philadelphia** | **Philadelphia** | **Philadelphia** | **Philadelphia** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas RB 16th Series A  | 5.00% | 08/01/50 *(b)(c)* | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 100447 |
| **Philadelphia IDA** | **Philadelphia IDA** | **Philadelphia IDA** | **Philadelphia IDA** | **Philadelphia IDA** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Thomas Jefferson Univ) Series 2017A  | 5.00% | 09/01/47 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200626 |
| **Philadelphia SD** | **Philadelphia SD** | **Philadelphia SD** | **Philadelphia SD** | **Philadelphia SD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018B  | 4.00% | 09/01/43 *(b)(c)* | 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 184805 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2016F  | 5.00% | 09/01/28 *(b)(c)* | 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 117195 |
|  |  |  |  | **1966403** |
| **SOUTH CAROLINA** 0.7%  | **SOUTH CAROLINA** 0.7%  | **SOUTH CAROLINA** 0.7%  | **SOUTH CAROLINA** 0.7%  | **SOUTH CAROLINA** 0.7%  |
| **South Carolina Public Service Auth** | **South Carolina Public Service Auth** | **South Carolina Public Service Auth** | **South Carolina Public Service Auth** | **South Carolina Public Service Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2016A  | 5.00% | 12/01/29 *(b)* | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022A  | 4.00% | 12/01/52 *(b)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 213051 |
| **South Carolina Transportation Infrastructure Bank** | **South Carolina Transportation Infrastructure Bank** | **South Carolina Transportation Infrastructure Bank** | **South Carolina Transportation Infrastructure Bank** | **South Carolina Transportation Infrastructure Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2021B  | 5.00% | 10/01/25  | 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 111485 |
|  |  |  |  | **413978** |
| **TENNESSEE** 0.7%  | **TENNESSEE** 0.7%  | **TENNESSEE** 0.7%  | **TENNESSEE** 0.7%  | **TENNESSEE** 0.7%  |
| **Metro Government of Nashville & Davidson Cnty** | **Metro Government of Nashville & Davidson Cnty** | **Metro Government of Nashville & Davidson Cnty** | **Metro Government of Nashville & Davidson Cnty** | **Metro Government of Nashville & Davidson Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2021C  | 3.00% | 01/01/34 *(b)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 117978 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2013  | 4.00% | 07/01/43 *(a)(b)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 301609 |
|  |  |  |  | **419587** |
| **TEXAS** 9.5%  | **TEXAS** 9.5%  | **TEXAS** 9.5%  | **TEXAS** 9.5%  | **TEXAS** 9.5%  |
| **Bexar Cnty** | **Bexar Cnty** | **Bexar Cnty** | **Bexar Cnty** | **Bexar Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Refunding Bonds Series 2017  | 5.00% | 06/15/43 *(a)(b)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 161884 |
| **Dallas Area Rapid Transit** | **Dallas Area Rapid Transit** | **Dallas Area Rapid Transit** | **Dallas Area Rapid Transit** | **Dallas Area Rapid Transit** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Lien Sales Tax Refunding RB Series 2007  | 5.25% | 12/01/30 *(b)(c)* | 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 371876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Lien Sales Tax Refunding RB Series 2021B  | 4.00% | 12/01/51 *(b)* | 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 258489 |
| **Dallas-Fort Worth International Airport** | **Dallas-Fort Worth International Airport** | **Dallas-Fort Worth International Airport** | **Dallas-Fort Worth International Airport** | **Dallas-Fort Worth International Airport** |
| &nbsp;&nbsp;&nbsp;&nbsp; Jt Refunding RB Series 2020A  | 5.00% | 11/01/24  | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 207621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020A  | 5.00% | 11/01/27  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 165065 |
| **El Paso** | **El Paso** | **El Paso** | **El Paso** | **El Paso** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer Refunding RB Series 2022A  | 4.00% | 03/01/44 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 190976 |
| **Grand Parkway Transportation Corp** | **Grand Parkway Transportation Corp** | **Grand Parkway Transportation Corp** | **Grand Parkway Transportation Corp** | **Grand Parkway Transportation Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Tier Refunding RB Series 2020C  | 4.00% | 10/01/45 *(b)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 227706 |
| **Hidalgo Cnty** | **Hidalgo Cnty** | **Hidalgo Cnty** | **Hidalgo Cnty** | **Hidalgo Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018A  | 4.00% | 08/15/43 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 194914 |
| **Houston** | **Houston** | **Houston** | **Houston** | **Houston** |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility System 1st Lien Refunding RB Series 2014C  | 5.00% | 05/15/24  | 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 278190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility System 1st Lien Refunding RB Series 2019B  | 5.00% | 11/15/49 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 105843 |

---

*See financial notes*

Schwab Municipal Bond ETF \| Annual Report**20**

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Leander ISD** | **Leander ISD** | **Leander ISD** | **Leander ISD** | **Leander ISD** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Refunding Bonds Series 2016A  | 0.00% | 08/16/42 *(b)(c)(d)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 148436 |
| **North Texas Tollway Auth** | **North Texas Tollway Auth** | **North Texas Tollway Auth** | **North Texas Tollway Auth** | **North Texas Tollway Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Tier Refunding RB Series 2016A  | 5.00% | 01/01/27 *(b)* | 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 280336 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Tier System Revenue & Refunding Bonds Series 2017A  | 5.00% | 01/01/43 *(b)* | 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 150784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2008I  | 6.50% | 01/01/43 *(a)(b)* | 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 315805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2014B  | 5.00% | 01/01/31 *(b)* | 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 233920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2015A  | 4.00% | 01/01/38 *(b)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 148760 |
| **San Antonio** | **San Antonio** | **San Antonio** | **San Antonio** | **San Antonio** |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric & Gas System Refunding RB Series 2020  | 5.00% | 02/01/49 *(b)* | 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 131479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric & Gas Systems Refunding RB Series 2012  | 5.25% | 02/01/25 *(b)* | 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 309971 |
| **Texas** | **Texas** | **Texas** | **Texas** | **Texas** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2014  | 5.00% | 10/01/26 *(a)(b)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 154035 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2014  | 5.00% | 10/01/28 *(a)(b)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 154035 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2014A  | 5.00% | 10/01/44 *(a)(b)* | 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 436351 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2017A  | 5.00% | 10/01/33 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 109296 |
| **Texas Transportation Commission** | **Texas Transportation Commission** | **Texas Transportation Commission** | **Texas Transportation Commission** | **Texas Transportation Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Highway Fund 1st Tier Refunding RB Series 2015  | 5.00% | 10/01/24  | 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 166479 |
| **Texas Water Dev Brd** | **Texas Water Dev Brd** | **Texas Water Dev Brd** | **Texas Water Dev Brd** | **Texas Water Dev Brd** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Water Fund RB Series 2018A  | 5.00% | 10/15/43 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 105844 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Water Implementation Fund RB Series 2019A  | 4.00% | 10/15/49 *(b)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 239020 |
| **Trinity River Auth** | **Trinity River Auth** | **Trinity River Auth** | **Trinity River Auth** | **Trinity River Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020  | 3.00% | 08/01/31 *(b)* | 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 114719 |
| **Univ of Texas** | **Univ of Texas** | **Univ of Texas** | **Univ of Texas** | **Univ of Texas** |
| &nbsp;&nbsp;&nbsp;&nbsp; Financing System RB Series 2020A  | 5.00% | 08/15/30  | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 174862 |
| **Ysleta ISD** | **Ysleta ISD** | **Ysleta ISD** | **Ysleta ISD** | **Ysleta ISD** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2020  | 4.00% | 08/15/50 *(b)(c)* | 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 283203 |
|  |  |  |  | **5819899** |
| **VIRGINIA** 1.0%  | **VIRGINIA** 1.0%  | **VIRGINIA** 1.0%  | **VIRGINIA** 1.0%  | **VIRGINIA** 1.0%  |
| **Chesapeake Bay Bridge & Tunnel District** | **Chesapeake Bay Bridge & Tunnel District** | **Chesapeake Bay Bridge & Tunnel District** | **Chesapeake Bay Bridge & Tunnel District** | **Chesapeake Bay Bridge & Tunnel District** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Tier RB Series 2016  | 5.00% | 07/01/46 *(b)* | 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150429 |
| **Univ of Virginia** | **Univ of Virginia** | **Univ of Virginia** | **Univ of Virginia** | **Univ of Virginia** |
| &nbsp;&nbsp;&nbsp;&nbsp; General RB Series 2019B  | 5.00% | 09/01/49 *(b)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 272141 |
| **Virginia College Building Auth** | **Virginia College Building Auth** | **Virginia College Building Auth** | **Virginia College Building Auth** | **Virginia College Building Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Educational Facilities Refunding RB Series 2017E  | 5.00% | 02/01/29 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 221610 |
|  |  |  |  | **644180** |
| **WASHINGTON** 3.7%  | **WASHINGTON** 3.7%  | **WASHINGTON** 3.7%  | **WASHINGTON** 3.7%  | **WASHINGTON** 3.7%  |
| **Central Puget Sound Regional Transit Auth** | **Central Puget Sound Regional Transit Auth** | **Central Puget Sound Regional Transit Auth** | **Central Puget Sound Regional Transit Auth** | **Central Puget Sound Regional Transit Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales & Motor Vehicle Tax Refunding Bonds Series 2021S1  | 5.00% | 11/01/27  | 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 143986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales & Motor Vehicle Tax Refunding Bonds Series 2021S1  | 5.00% | 11/01/36 *(b)* | 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 284549 |
| **Energy Northwest** | **Energy Northwest** | **Energy Northwest** | **Energy Northwest** | **Energy Northwest** |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Refunding RB Series 2018B  | 5.00% | 07/01/23  | 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 333304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Refunding RB Series 2021A  | 4.00% | 07/01/42 *(b)* | 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96091 |
| **King Cnty** | **King Cnty** | **King Cnty** | **King Cnty** | **King Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2021A  | 4.00% | 01/01/27  | 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 346820 |
| **Northshore SD #417** | **Northshore SD #417** | **Northshore SD #417** | **Northshore SD #417** | **Northshore SD #417** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Refunding Bonds Series 2022  | 5.00% | 12/01/39 *(b)(c)* | 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 123726 |

---

*See financial notes*

**21**Schwab Municipal Bond ETF \| Annual Report

------

Schwab Municipal Bond ETF

Portfolio Holdings as of December 31, 2022 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | &nbsp;&nbsp;&nbsp;&nbsp; FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Washington** | **Washington** | **Washington** | **Washington** | **Washington** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2020C  | 5.00% | 02/01/40 *(b)* | 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 173299 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2023A  | 5.00% | 08/01/47 *(b)* | 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 217197 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series R2013C  | 4.00% | 07/01/26 *(b)* | 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 402828 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series R2018C  | 5.00% | 08/01/30 *(b)* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motor Vehicle Fuel Tax GO Refunding Bonds Series R2022D  | 4.00% | 07/01/28  | 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 139229 |
|  |  |  |  | **2304675** |
| **WEST VIRGINIA** 0.3%  | **WEST VIRGINIA** 0.3%  | **WEST VIRGINIA** 0.3%  | **WEST VIRGINIA** 0.3%  | **WEST VIRGINIA** 0.3%  |
| **W Virginia Parkway Auth** | **W Virginia Parkway Auth** | **W Virginia Parkway Auth** | **W Virginia Parkway Auth** | **W Virginia Parkway Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Lien RB Series 2021  | 5.00% | 06/01/47 *(b)* | 190000 | **200886** |
| **Total Municipal Securities** <br>**(Cost $59,520,205)** | **Total Municipal Securities** <br>**(Cost $59,520,205)** | **Total Municipal Securities** <br>**(Cost $59,520,205)** | **Total Municipal Securities** <br>**(Cost $59,520,205)** | **60382711** |
| **Total Investments in Securities** <br>**(Cost $59,520,205)** | **Total Investments in Securities** <br>**(Cost $59,520,205)** | **Total Investments in Securities** <br>**(Cost $59,520,205)** | **Total Investments in Securities** <br>**(Cost $59,520,205)** | **60382711** |

---

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

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

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

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

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

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

---

| | |
|:---|:---|
| BAN — | Bond anticipation note |
| CCD — | Community college district |
| COP — | Certificate of participation |
| GO — | General obligation |
| IDA — | Industrial development agency/authority |
| ISD — | Independent school district |
| LT — | Limited tax |
| RB — | Revenue bond |
| SD — | School district |
| ULT — | Unlimited tax |
| USD — | Unified school district |

---

------

The following is a summary of the inputs used to value the fund's investments as of December 31, 2022 (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 |
| **Assets** |  |  |  |  |
| Municipal Securities<sup>1</sup> <br>| $— | $60382711 | $— | $60382711 |
| **Total** | **$—** | **$60382711** | **$—** | **$60382711** |

---

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

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

*See financial notes*

Schwab Municipal Bond ETF \| Annual Report**22**

------

Schwab Municipal Bond ETF

Statement of Assets and Liabilities

------

As of December 31, 2022

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated (cost $59,520,205) |  | $60382711 |
| Cash |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242417 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 754236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269247 |
| **Total assets** |  | **61648611** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments bought |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1409 |
| **Total liabilities** |  | **262058** |
| **Net assets** |  | **$61386553** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $60512032 |
| Total distributable earnings | + | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 874521 |
| **Net assets** |  | **$61386553** |

---

&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** |
| $61386553 |  | 1200000 |  | $51.16 |

---

*See financial notes*

**23**Schwab Municipal Bond ETF \| Annual Report

------

Schwab Municipal Bond ETF

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period October 12, 2022\* through December 31, 2022 | For the period October 12, 2022\* through December 31, 2022 | For the period October 12, 2022\* through December 31, 2022 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| **Interest received from securities - unaffiliated** |  | **$329133** |
| **Expenses** | **Expenses** | **Expenses** |
| Management fees |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2798 |
| **Total expenses** | – | **2798** |
| **Net investment income** |  | **326335** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| **Net realized losses on sales of securities - unaffiliated** |  | **(19675)** |
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated** | + | **862506** |
| **Net realized and unrealized gains** |  | **842831** |
| **Increase in net assets resulting from operations** |  | **$1169166** |

---

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

\* Commencement of operations.

*See financial notes*

Schwab Municipal Bond ETF \| Annual Report**24**

------

Schwab Municipal Bond ETF

Statement of Changes in Net Assets

------

For the current period only

---

| | | |
|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 10/12/22\*-12/31/22 | 10/12/22\*-12/31/22 |
| Net investment income |  | &nbsp;&nbsp;&nbsp; $326335 |
| Net realized losses |  | &nbsp;&nbsp;&nbsp;&nbsp; (19675) |
| Net change in unrealized appreciation (depreciation) | + | &nbsp;&nbsp;&nbsp;&nbsp; 862506 |
| **Increase in net assets resulting from operations** |  | **$1169166** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($294645)** |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 10/12/22\*-12/31/22 | 10/12/22\*-12/31/22 | 10/12/22\*-12/31/22 |
|  |  | SHARES | VALUE |
| Shares sold |  | 1200000 | $60454448 |
| Other capital |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57584 |
| **Net transactions in fund shares**  |  | **1200000** | **$60512032** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 10/12/22\*-12/31/22 | 10/12/22\*-12/31/22 | 10/12/22\*-12/31/22 |
|  |  | SHARES | NET ASSETS |
| Beginning of period |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $— |
| Total increase | + | 1200000 | &nbsp;&nbsp; 61386553 |
| **End of period** |  | **1200000** | **$61386553** |

---

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

<sup>\*</sup> Commencement of operations.

*See financial notes*

**25**Schwab Municipal Bond ETF \| Annual Report

------

Schwab Municipal Bond ETF

Financial Notes

------

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

The Schwab Municipal Bond ETF is a series of Schwab Strategic Trust (the trust), a no-load, open-end management investment company. The trust is organized as a Delaware statutory 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 STRATEGIC TRUST (ORGANIZED JANUARY 27, 2009)** | **SCHWAB STRATEGIC TRUST (ORGANIZED JANUARY 27, 2009)** |
| **Schwab Municipal Bond ETF** | Schwab Short-Term U.S. Treasury ETF |
| Schwab U.S. Broad Market ETF | Schwab Intermediate-Term U.S. Treasury ETF |
| Schwab 1000 Index<sup>®</sup> ETF | Schwab Long-Term U.S. Treasury ETF |
| Schwab U.S. Large-Cap ETF | Schwab U.S. Aggregate Bond ETF |
| Schwab U.S. Large-Cap Growth ETF | Schwab 1-5 Year Corporate Bond ETF |
| Schwab U.S. Large-Cap Value ETF | Schwab 5-10 Year Corporate Bond ETF |
| Schwab U.S. Mid-Cap ETF | Schwab Fundamental U.S. Broad Market Index ETF |
| Schwab U.S. Small-Cap ETF | Schwab Fundamental U.S. Large Company Index ETF |
| Schwab U.S. Dividend Equity ETF | Schwab Fundamental U.S. Small Company Index ETF |
| Schwab International Dividend Equity ETF | Schwab Fundamental International Large Company Index ETF |
| Schwab International Equity ETF | Schwab Fundamental International Small Company Index ETF |
| Schwab International Small-Cap Equity ETF | Schwab Fundamental Emerging Markets Large Company Index ETF |
| Schwab Emerging Markets Equity ETF | Schwab Ariel ESG ETF |
| Schwab U.S. REIT ETF | Schwab Crypto Thematic ETF |
| Schwab U.S. TIPS ETF |  |

---

The fund issues and redeems shares at its net asset value per share (NAV) only in large blocks of shares (Creation Units). These transactions are usually in exchange for a basket of securities and/or an amount of cash. As a practical matter, only institutional investors who have entered into an authorized participant agreement purchase or redeem Creation Units. Except when aggregated in Creation Units, shares of the fund are not redeemable securities.

Individual shares of the fund trade on national securities exchanges and elsewhere during the trading day and can only be bought and sold at market prices throughout the trading day through a broker-dealer. Because fund shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (premium) or less than NAV (discount). A chart showing the frequency at which the fund's daily closing market price was at a discount or premium to the fund's NAV can be found at www.schwabassetmanagement.com.

Schwab Municipal Bond ETF commenced operations on October 12, 2022.

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

------

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

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

**(a) Security Valuation**

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

Schwab Municipal Bond ETF \| Annual Report**26**

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Schwab Municipal Bond ETF

Financial Notes (continued)

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

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

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

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

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

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the fund discloses the fair value of its investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and 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 securities — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities, mutual funds and exchange-traded funds.

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

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

**27**Schwab Municipal Bond ETF \| Annual Report

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Schwab Municipal Bond ETF

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 fund's investments as of December 31, 2022 are disclosed in the Portfolio Holdings.

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

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

**(c) Security Transactions:**

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

**(d) Investment Income:**

Interest income is recorded as it accrues. If the fund buys a debt security at a discount (less than face value) or a premium (more than face value), it amortizes premiums and accretes discounts from the purchase settlement date up to maturity. The fund then increases (in the case of discounts) or reduces (in the case of premiums) the income it records from the security. Certain securities may be callable (meaning that the issuer has the option to pay it off before its maturity date). The fund amortizes the premium and accretes the discount on each callable security to the security's maturity date, except when the purchase price is higher than the call price at the security's call date (in which case the premium is amortized to the call date).

**(e) Expenses:**

Pursuant to the Amended and Restated Advisory Agreement (Advisory Agreement) between the investment adviser and the trust, the investment adviser will pay the operating expenses of the fund, excluding taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to the fund are charged directly to the fund. The Advisory Agreement excludes paying acquired fund fees and expenses, which are indirect expenses incurred by a fund through its investments in underlying funds.

**(f) Distributions to Shareholders:**

The fund makes distributions from net investment income, if any, monthly and from net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(g) Accounting Estimates:**

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

**(h) Federal Income Taxes:**

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

Schwab Municipal Bond ETF \| Annual Report**28**

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Schwab Municipal Bond ETF

Financial Notes (continued)

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

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

**(i) Indemnification:**

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

**(j) Regulatory Update:** 

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

------

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

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

**Market Risk.** Financial markets rise and fall in response to a variety of factors, sometimes rapidly and unpredictably. Markets may be impacted by economic, political, regulatory and other conditions, including economic sanctions and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in the fund will fluctuate, which means that an investor could lose money over short or long periods.

**Investment Style Risk.** The fund is an index fund. Therefore, the fund follows the securities included in the index during upturns as well as downturns. Because of its indexing strategy, the fund does not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of the fund's expenses, the fund's performance may be below that of the index. Errors relating to the index may occur from time to time and may not be identified by the index provider for a period of time. In addition, market disruptions could cause delays in the index's rebalancing schedule. Such errors and/or market disruptions may result in losses for the fund.

**Municipal Securities Risk.** The fund primarily invests in municipal securities whose interest, in the opinion of the issuers' counsel, is exempt from federal income tax and from the AMT. Neither the investment adviser nor the fund guarantees that this opinion is correct, and there is no assurance that the Internal Revenue Service (IRS) will agree with such counsel's opinion. If certain types of investments the fund buys as tax-exempt are later ruled to be taxable, a portion of the fund's income could be taxable. To the extent that the fund invests in municipal securities from a given state or geographic region, its share price and performance could be affected by local, state and regional factors, including erosion of the tax base and changes in the economic climate. In addition, many municipal securities are issued to finance specific projects (especially those relating to education, health care, transportation and utilities) and conditions in those sectors can affect the overall municipal market. National governmental actions, such as the elimination of tax-exempt status or the reduction of financial support to municipalities, also could affect performance. Municipalities continue to experience difficulties in the current economic and political environment.

**Interest Rate Risk.** Interest rates rise and fall over time. As with any investment whose yield reflects current interest rates, the fund's yield will change over time. During periods when interest rates are low, the fund's yield (and total return) also may be low. Changes in interest rates also may affect the fund's share price: a rise in interest rates generally causes the fund's share price to fall. The longer the fund's portfolio duration, the more sensitive to interest rate movements its share price is likely to be. Also, a change in a central bank's monetary policy or economic conditions, among other things, may result in a change in interest rates, which could have sudden and unpredictable effects on the markets and significantly impact the value of fixed-income securities in which the fund invests. A sudden or unpredictable rise in interest rates may cause volatility and the value of fixed-income securities to decline.

**29**Schwab Municipal Bond ETF \| Annual Report

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Schwab Municipal Bond ETF

Financial Notes (continued)

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

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

**Credit Risk.** A decline in the credit quality of an issuer, guarantor or liquidity provider of a portfolio investment or a counterparty could cause the fund to lose money or underperform. The fund could lose money if, due to a decline in credit quality, the issuer, guarantor or liquidity provider of a portfolio investment or a counterparty fails to make, or is perceived as being unable or unwilling to make, timely principal or interest payments or otherwise honor its obligations.

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

**Tracking Error Risk**. As an index fund, the fund seeks to track the performance of the index, although it may not be successful in doing so. The divergence between the performance of the fund and the index, positive or negative, is called "tracking error." Tracking error can be caused by many factors and it may be significant.

**Portfolio Turnover Risk**. The fund may engage in frequent trading of its portfolio securities in connection with its tracking of the index. A higher portfolio turnover rate may result in increased transaction costs, which may lower the fund's performance. A higher portfolio turnover rate can also result in an increase in taxable capital gains distributions to the fund's shareholders.

**Prepayment and Extension Risk.** Certain fixed-income securities are subject to the risk that the securities may be paid off earlier or later than expected, especially during periods of falling or rising interest rates, respectively. Prepayments of obligations could cause the fund to forgo future interest income on the portion of the security's principal repaid early and force the fund to reinvest that money at the lower prevailing interest rates. Extensions of obligations could cause the fund to exhibit additional volatility and hold securities paying lower-than-market rates of interest. Either case could hurt the fund's performance.

**Derivatives Risk.** The fund may invest in derivative instruments. The principal types of derivatives used by the fund are futures contracts. A futures contract is an agreement to buy or sell a financial instrument at a specific price on a specific day. The fund's use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, such as market risk, credit risk and liquidity risk, are discussed elsewhere in this section. The fund's use of derivatives is also subject to lack of availability risk, valuation risk, correlation risk and tax risk. Lack of availability risk is the risk that suitable derivative transactions may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause the fund to realize higher amounts of short-term capital gains. The fund's use of derivatives could reduce the fund's performance, increase the fund's volatility, and cause the fund to lose more than the initial amount invested. The fund's use of derivatives also could create a risk of counterparty default under certain transactions, risks that the fund would need to liquidate portfolio positions when it may not be advantageous to do so in order to meet margin and payment obligations, and legal risks relating to insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract. Furthermore, the use of derivatives subject to regulation by the Commodity Futures Trading Commission (CFTC) could cause the fund to become a commodity pool, which would require the fund to comply with certain CFTC rules.

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

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

**Concentration Risk.** To the extent that the fund's or the index's portfolio is concentrated in the securities of issuers in a particular market, industry, group of industries, sector or asset class, the fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class.

**Taxable Investments Risk.** The fund may invest a portion of its assets in securities that generate income that is not exempt from federal income tax and in securities whose interest is subject to the AMT. These investments could generate taxable income for shareholders.

**Market Trading Risk.** Although fund shares are listed on national securities exchanges, there can be no assurance that an active trading market for fund shares will develop or be maintained. If an active market is not maintained, investors may find it difficult to buy or sell fund shares.

Schwab Municipal Bond ETF \| Annual Report**30**

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Schwab Municipal Bond ETF

Financial Notes (continued)

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

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

**Shares of the Fund May Trade at Prices Other Than NAV.** Fund shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of the shares of the fund will approximate the fund's NAV, there may be times when the market price and the NAV vary significantly. An investor may pay more than NAV when buying shares of the fund in the secondary market, and an investor may receive less than NAV when selling those shares in the secondary market. The market price of fund shares may deviate, sometimes significantly, from NAV during periods of market volatility or market disruption.

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

------

<br>**4. Affiliates and Affiliated Transactions:**

**Investment Adviser**

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

For its advisory services to the fund, the investment adviser is entitled to receive an annual management fee, payable monthly, equal to 0.03% of the fund's average daily net assets.

**Interfund Borrowing and Lending**

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

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<br>**5. Other Service Providers:**

SEI Investments Distribution Co. is the principal underwriter and distributor of shares of the fund.

State Street Bank and Trust Company (State Street) serves as the fund's transfer agent. As part of these services, the transfer agent maintains records pertaining to the sale, redemption and transfer of the fund's shares. The transfer agent is also responsible for the order-taking function for the fund's shares.

State Street also serves as custodian and accountant for the fund. The custodian is responsible for the daily safekeeping of securities and cash held by the fund. The fund's accountant maintains all books and records related to the fund's transactions.

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<br>**6. Board of Trustees:**

The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trust was in compliance with these limitations throughout the report period. The fund does not pay any interested or non-interested trustees (independent trustees). The independent trustees are paid by the investment adviser. For information regarding the trustees, please refer to the Trustees and Officers table at the end of this report.

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<br>**7. Borrowing from Banks:**

During the period, the fund was a participant with other funds in the Fund Complex in a joint, syndicated, committed $1 billion line of credit (the Syndicated Credit Facility), maturing on September 28, 2023. Under the terms of the Syndicated Credit Facility, in addition to the investment adviser paying the interest charged on any borrowings by the fund, the investment adviser paid a commitment fee of 0.15% per annum on the fund's proportionate share of the unused portion of the Syndicated Credit Facility.

**31**Schwab Municipal Bond ETF \| Annual Report

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Schwab Municipal Bond ETF

Financial Notes (continued)

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

**7. Borrowing from Banks (continued):** 

During the period, the fund was a participant with other funds in the Fund Complex, in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility), with State Street, maturing on September 28, 2023. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount the fund borrows. There were no borrowings from either line of credit during the period.

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

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<br>**8. Purchases and Sales/Maturities of Investment Securities:**

For the period ended December 31, 2022, purchases and sales/maturities of securities (excluding in-kind transactions and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SALES <br>OF SECURITIES <br>|
| $34655873 | $6192172 |

---

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<br>**9. In-Kind Transactions:**

The consideration for the purchase of Creation Units of the fund often consists of the in-kind deposit of a designated portfolio of fixed-income securities, which constitutes an optimized representation of the securities involved in a relevant fund's underlying index, and an amount of cash. Investors purchasing and redeeming Creation Units are subject to a standard creation transaction fee and a standard redemption transaction fee paid to the custodian to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. Purchasers and redeemers of Creation Units for cash are subject to an additional variable charge paid to the fund that will offset the transaction costs to the fund of buying or selling portfolio securities. Such variable charges, if any, are included in Other Capital on the Financial Highlights and on the Statement of Changes in Net Assets. In addition, purchasers and redeemers of shares in Creation Units are responsible for payment of the costs of transferring securities to or out of the fund. From time to time, the investment adviser may cover the cost of any transaction fees when believed to be in the best interests of the fund.

The in-kind transactions for the period ended December 31, 2022, were as follows:

---

| | |
|:---|:---|
| IN-KIND 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;&nbsp;&nbsp;&nbsp; IN-KIND SALES <br>OF SECURITIES <br>|
| $31140846 | $0 |

---

For the period ended December 31, 2022, the fund may realize net capital gains or losses resulting from in-kind redemptions of Creation Units. Because such gains or losses are not taxable to the fund 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 fund's tax year. These reclassifications have no effect on net assets or net asset values per share. The net realized gains or losses on sales of in-kind redemptions for the period ended December 31, 2022 are disclosed in the fund's Statement of Operations, if any.

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<br>**10. Federal Income Taxes:**

As of December 31, 2022, the tax basis cost of the fund's investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | |
|:---|:---|:---|:---|
| TAX COST  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GROSS UNREALIZED <br>APPRECIATION <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GROSS UNREALIZED <br>DEPRECIATION <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED <br>APPRECIATION <br>&nbsp;&nbsp;&nbsp;&nbsp;(DEPRECIATION)<br>|
| $59512867 | $1026524 | ($156680) | $869844 |

---

Schwab Municipal Bond ETF \| Annual Report**32**

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Schwab Municipal Bond ETF

Financial Notes (continued)

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

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

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

---

| | | | |
|:---|:---|:---|:---|
| UNDISTRIBUTED <br>TAX-EXEMPT <br>INCOME <br>| &nbsp;&nbsp;&nbsp;&nbsp; NET UNREALIZED <br>APPRECIATION <br>&nbsp;&nbsp;&nbsp;&nbsp;(DEPRECIATION) <br>ON INVESTMENTS <br>| &nbsp;&nbsp;&nbsp;&nbsp; CAPITAL LOSS <br>CARRYFORWARDS AND OTHER LOSSES<br>| TOTAL  |
| $24279 | $869844 | ($19602) | $874521 |

---

The primary difference between book basis and tax basis unrealized appreciation or unrealized depreciation of investments is the differing treatment of amortization of bond discounts and premiums. 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.

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of December 31, 2022 , the fund had capital loss carryforwards of $19,602.

The tax-basis components of distributions paid during the period ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
| CURRENT FISCAL YEAR END DISTRIBUTIONS | CURRENT FISCAL YEAR END DISTRIBUTIONS |
| TAX-EXEMPT <br>INCOME <br>| &nbsp;&nbsp; ORDINARY <br>INCOME <br>|
| $294373 | $272 |

---

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

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

As of December 31, 2022, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the fund, and has determined that no provision for income tax is required in the fund's financial statements. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period ended December 31, 2022, the fund did not incur any interest or penalties.

------

<br>**11. 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.

**33**Schwab Municipal Bond ETF \| Annual Report

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Schwab Municipal Bond ETF

Report of Independent Registered Public Accounting Firm

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To the Board of Trustees of Schwab Strategic Trust and Shareholders of Schwab Municipal Bond ETF

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

We have audited the accompanying statement of assets and liabilities, including the portfolio holdings, of Schwab Municipal Bond ETF (the "Fund"), one of the funds constituting Schwab Strategic Trust, as of December 31, 2022, the related statement of operations, the statement of changes in net assets and the financial highlights for the period from October 12, 2022 (commencement of operations) through December 31, 2022, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, as of December 31, 2022, and the results of its operations, the changes in its net assets and the financial highlights for the period from October 12, 2022 (commencement of operations) through December 31, 2022 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 December 31, 2022, by correspondence with the custodian and brokers . We believe that our audits provide a reasonable basis for our opinion.

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

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

Schwab Municipal Bond ETF \| Annual Report**34**

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Schwab Municipal Bond ETF

Other Federal Tax Information (unaudited)

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Under section 852(b)(5) of the Internal Revenue Code, the fund designates 99.91% of the distributions paid from net investment income as exempt interest dividends for the period ended December 31, 2022.

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Schwab Municipal Bond ETF

Liquidity Risk Management Program (unaudited)

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

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

The fund's Board reviewed a report at its meeting held on September 19, 2022 prepared by the investment adviser regarding the operation and effectiveness of the program for the period June 1, 2021, through May 31, 2022, which included individual fund liquidity metrics. No significant liquidity events were noted in the report. In addition, the investment adviser provided its assessment that the program had been operating effectively in managing liquidity risk. The fund commenced operations on October 12, 2022.

Schwab Municipal Bond ETF \| Annual Report**36**

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Schwab Municipal Bond ETF

Investment Advisory Agreement Approval

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***Initial Approval of Investment Advisory Agreement***

The Investment Company Act of 1940, as amended (the 1940 Act), requires that the approval 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 agreements or "interested persons" of any party (the Independent Trustees), cast in person at a meeting called for the purpose of voting on such approval. In connection with such approvals, the fund's trustees must request and evaluate, and the investment adviser is required to furnish, such information as may be reasonably necessary to evaluate the terms of the investment advisory agreement.

The Board of Trustees (the Board or the Trustees, as appropriate) called and held a meeting on June 8, 2022, in part, for the purpose of considering whether to appoint Charles Schwab Investment Management, Inc. (dba Schwab Asset Management) (the investment adviser), as investment adviser to the Schwab Municipal Bond ETF (the Fund) under the investment advisory agreement between Schwab Strategic Trust (the Trust) and the investment adviser (the Agreement). In preparation for the meeting, the Board requested and reviewed a wide variety of materials provided by the investment adviser and considered information that the Board receives from the investment adviser throughout the year, including information about the investment adviser's affiliates, personnel, business goals and priorities, profitability, third-party oversight, corporate structure and operations. The Board also received data provided by an independent provider of investment company data. In recognition of the fact that the Fund had not yet commenced operations, the Board also considered information provided by the investment adviser in connection with the Board's consideration of approval of the investment advisory agreement with respect to the other funds within the Trust. The Board also took into account the detailed information about other funds within the Trust that the Board reviews during the course of each year, including information that relates to those funds' operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. The Independent Trustees received advice from Independent Trustees' legal counsel, including with respect to the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participated in question and answer sessions with representatives of the investment adviser and met in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, approved the Agreement with respect to the Fund. The

Board's approval was based on consideration and evaluation of a variety of specific factors discussed at this meeting, including:

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

2. the investment adviser's investment performance in managing other index-based exchange-traded funds;

3. the Fund's estimated expenses and how those expenses compared to those of certain other similar exchange-traded funds;

4. the expected profitability of the investment adviser and its affiliates, including Charles Schwab & Co., Inc. (Schwab), with respect to management of 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 to be provided by the investment adviser to the Fund and the resources that the investment adviser and its affiliates will dedicate 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 to be provided with respect to the Fund's portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, fund accounting and custody, and vendor and risk oversight. The Trustees also considered investments the investment adviser has made in its infrastructure, including modernizing the investment adviser's technology and use of data, increasing expertise in key areas (including portfolio management and trade operations), and improving business continuity, cybersecurity, due diligence, risk management processes, and information security programs, which are designed to provide enhanced services to the Fund and its shareholders. The Trustees also 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,

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Schwab Municipal Bond ETF

that the nature, extent and quality of services to be provided by the investment adviser to the Fund and the resources of the investment adviser and its affiliates dedicated to the Fund supported approval of the Agreement with respect to the Fund.

**Fund Performance.** Since the Fund had not commenced operations and therefore did not have any performance of its own, the Board considered the Fund's expected index tracking error and the characteristics of the Fund's proposed index relative to other market indices in determining whether to approve the Agreement. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expected performance of the Fund supported approval of the Agreement with respect to the Fund.

**Fund Expenses.** With respect to the Fund's expenses, the Trustees considered the proposed rate of compensation called for by the Agreement and the Fund's estimated operating expense ratio, in each case, in comparison to those of other similar exchange-traded 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 the services to be provided as well as the competitive marketplace for financial products. The Trustees also considered fees charged by the investment adviser to mutual funds and other exchange-traded funds that it manages. The Board evaluated the Fund's unitary fee through review of comparative information with respect to fees paid by other similar exchange-traded funds tracking national municipal bond indices. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of the Fund are reasonable and supported approval of the Agreement with respect to the Fund.

**Profitability.** With regard to profitability, the Trustees considered the expected compensation to be flowing to the investment adviser and its affiliates, directly or indirectly. The Trustees reviewed management's profitability analysis of the investment adviser relating to the Fund, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain fixed costs across the Fund and other funds in the complex. The Trustees also considered any other potential benefits to be 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 expected compensation and profitability with respect to the Fund under

the Agreement and other service agreements were reasonable and justified in light of the quality of all services to be 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 that would benefit the Fund. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the expected profitability of the investment adviser, albeit uncertain, is reasonable and supported approval of the Agreement with respect to the Fund.

**Economies of Scale.** Recognizing that the Fund had not yet commenced operations and had no assets, the Trustees considered the potential existence of any economies of scale and whether those could be expected to be passed along to the Fund's shareholders by way of the relatively low advisory fee and unitary fee structure of the Fund through (i) the enhancement of services provided to the Fund in return for fees paid, including through investments by the investment adviser in the investment adviser's infrastructure, including modernizing its technology and use of data, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Fund and its shareholders; and (ii) pricing the Fund to scale and keeping overall expenses down as the Fund grows. The Trustees acknowledged that the investment adviser's internal costs of providing investment management, technology, administrative, legal and compliance services to the Fund may increase as a result of regulatory or other developments. Based on this evaluation, the Board concluded within the context of its full deliberations that the Fund may be expected to obtain reasonable benefits from economies of scale if such economies develop.

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 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 to be provided and the related expenses to be borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

Schwab Municipal Bond ETF \| Annual Report**38**

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Schwab Municipal Bond ETF

Trustees and Officers

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

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

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

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

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Schwab Municipal Bond ETF \| Annual Report**40**

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Schwab Municipal Bond ETF

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

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

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

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

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

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<sup>1</sup>

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

<sup>2</sup>

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

<sup>3</sup>

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

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Glossary

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

**ask** See "offer."

**asset allocation** The practice of dividing a portfolio among different asset classes, with each asset class assigned a particular percentage to help offset risks and rewards, based on your goals, time horizon and risk tolerance.

**asset-backed securities** Bond or other debt securities that represent ownership in a pool of assets such as credit card debt.

**asset class** A group of securities with similar structure and basic characteristics. Stocks, bonds and cash are the three main examples of asset classes.

**authorized participant (AP)** A large institutional investor that places orders for creation units with the funds' distributor.

**bid** The highest price at which someone is willing to buy a security.

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

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

**call** An early repayment of a bond's principal by the issuer, usually done because the issuer is able to refinance its bond debt at a lower rate.

**call protection** A term used in reference to a bond that cannot be called by the issuer before maturity, or at least for many years from the present date. A bond that offers call protection can more reliably be expected to provide a given yield over a given number of years than a bond that could be called (assuming both bonds are of the same credit quality).

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

**commencement of operations** The date that the first NAV was calculated.

**coupon, coupon rate** The annual rate of interest paid until maturity by the issuer of a debt security.

**creation unit (C.U.)** A basket of securities that is delivered by an authorized participant (AP) to the fund equal to the current holdings of the ETF, plus a designated cash component. In return, the APs receive a large block of ETF shares (typically 50,000 shares), which investors can then buy and sell in the secondary market.

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

**credit quality** The capacity of an issuer to make its interest and principal payments; an assessment typically rendered by an independent third-party organization.

**credit risk** The risk that a bond issuer may be unable to pay interest or principal to its bondholders.

**duration** A measure of an individual bond's sensitivity to interest rates, expressed in years. Calculations of duration generally take into account the bond's yield, interest payments, maturity date and call features.

**weighted average duration** A measure of the duration of all bonds in a fund's portfolio, also expressed in years, based on the market value weighted average duration of each bond in the portfolio.

**exchange** A marketplace, or any organization or group that provides or maintains a marketplace for trading securities, options, futures, or commodities.

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

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

**general obligation bonds** Municipal bonds that are secured by the issuer's full faith and credit, which typically is backed by the power of the issuer to levy taxes.

**ICE AMT-Free Core U.S. National Municipal Index** An index that tracks the performance of U.S. dollar denominated investment grade tax-exempt debt publicly issued in the U.S. domestic market by U.S. states and territories as well as their political subdivisions. Qualifying securities must be exempt from Federal taxes and must not be subject to alternative minimum tax. In addition, qualifying securities must have at least one day remaining term to final maturity, a fixed coupon schedule (including zero coupon bonds) and an investment grade rating (based on the middle rating of Moody's, S&P and Fitch). If rated by all three agencies, two of the three ratings must be Baa3/BBB- or higher; if rated by two agencies, the lowest rating must be Baa3/BBB- or higher; and if rated by a single agency the security must be rated Baa3/BBB- or higher. Qualifying securities must have at least $25 million currently outstanding face value and must be part of a deal with an original offering size of at least $100 million. Limited offering securities qualify for inclusion. The index excludes certain types of securities, including, among others, floating rate debt, step-coupon bonds, private placements, and securities in legal default. Index constituents are market capitalization weighted. Accrued interest is

**43**Schwab Municipal Bond ETF \| Annual Report

------

Schwab Municipal Bond ETF

calculated assuming next-day settlement. Cash flows from bond payments that are received during the month are retained in the index until the end of the month and then are removed as part of the rebalancing. Cash does not earn any reinvestment income while it is held in the index. All inclusion rules and constraints are imposed monthly as part of the index rebalancing. The index is rebalanced on the last calendar day of the month.

**inception date** The date that the shares began trading in the secondary market.

**indicative optimized portfolio value (IOPV)** A calculation disseminated by the stock exchange that approximates the fund's NAV every 15 seconds throughout the trading day.

**interest** Payments to bondholders (usually made twice a year) as compensation for loaning the bond principal to the issuer.

**interest rate risk** The risk that a bond's value will fluctuate if market interest rates change or are expected to change. Bond prices tend to move in the opposite direction of interest rates: when interest rates rise, bond prices tend to fall.

**liquidity** The ability to convert a security or asset quickly into cash.

**liquidity-enhanced security** A security that when tendered is paid from funds advanced by an entity other than the issuer (such as a large financial institution). Liquidity enhancements are often used on variable-rate securities where the portfolio manager has an option to tender the securities prior to their final maturity.

**market price return** The return based on the change in market price per share of the fund over a given time period. Market price returns assume that dividends and capital gain distributions have been reinvested in the fund at market price.

**market risk** Those elements of risk that are common to all securities in an asset class, and therefore cannot be significantly reduced by diversification within the asset class. Also known as "systemic risk."

**maturity** The maturity of a bond will generally be determined using a portfolio security's final maturity date (date on which the final principal payment of a bond is scheduled to be paid); however, for securitized products, such as mortgage-backed securities and certain other asset-backed securities, maturity will be determined on an average life basis (weighted average time to receipt of all principal payments) by the investment adviser. Because pre-payment rates of individual mortgage pools vary widely, the average life of a particular pool cannot be predicted precisely. For securities with embedded demand features, such as puts or calls, either the demand date or the final maturity date will be used depending on interest rates, yields and other market conditions. The weighted average maturity (WAM) of a fund is dollar-weighted based upon the market value of a fund's securities at the time of the calculation.

**mortgage-backed securities** Bond or other debt securities that represent ownership in a pool of mortgage loans.

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

**net asset value (NAV)** The value of one share of a fund. NAV is calculated by taking the fund's total assets, subtracting liabilities, and dividing by the number of shares outstanding.

**NAV return** The return based on the change in NAV of the fund over a given time period. NAV returns assume that dividends and capital gain distributions have been reinvested in the fund.

**offer (ask)** The lowest price at which an individual is willing to sell a security.

**open** The price at which a security opened for trading on a given day.

**outstanding shares, shares outstanding** When speaking of the fund, indicates all shares currently held by investors.

**prepayment risk** The risk that a mortgage-backed security may be paid off early, typically because interest rates have fallen and the homeowners who hold the underlying mortgages have refinanced those mortgages at lower rates. In this type of situation, the investor who held the mortgage-backed security will usually have to settle for a lower rate when reinvesting the principal.

**primary market** The market that deals with the issuance of new securities.

**refunded bond** A bond for which the principal and interest payments are secured or guaranteed by cash or U.S. government securities held in an escrow account.

**replication** If a fund uses a full replication method, the fund will invest substantially all of its assets proportionately in the securities included in the underlying index.

**revenue bonds** Municipal bonds that are issued to finance public works projects and are secured by revenue generated by the project (such as water and sewer fees) rather than the full faith and credit of the issuer.

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

**sampling** If a fund uses a sampling method, the fund will not fully replicate the underlying index and may hold securities not included in the index. A fund that utilizes a sampling approach may not track the return of the index as closely as a fund that uses a full replication method.

**secondary market** The market in which investors purchase securities from other investors rather than directly from the issuing companies. Organized exchanges facilitate the trading of securities in the secondary market.

**spread** The gap between bid and ask prices of a security.

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

**tracking error** The difference between the performance of the fund and its benchmark index, positive or negative.

**Treasury inflation protected security (TIPS)** A United States Treasury bond whose principal increases at the same rate as the Consumer Price Index (CPI).The interest payment is then calculated off that inflated (adjusted) principal and repaid at maturity.

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

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

Schwab Municipal Bond ETF \| Annual Report**44**

------

Schwab Municipal Bond ETF

**yield to maturity** The annualized rate of return a bondholder could expect if the bond were held to maturity. In addition to interest payments, yield to maturity also factors in any difference between a bond's current price and its principal amount, or face value.

**45**Schwab Municipal Bond ETF \| Annual Report

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

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

Notes

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

Notes

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Schwab Municipal Bond ETF

Schwab ETFs

------

Schwab ETFs are designed to serve as simple low-cost core investment products for a diversified portfolio. These ETFs seek to provide consistent, repeatable performance through a variety of investment strategies that span the equity and fixed income spectrum. The list below shows all currently available Schwab ETFs.

**Investors should carefully consider information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges and expenses before investing. Please call 1-877-824-5615 for a prospectus for any Schwab ETF. Please read the prospectus carefully before you invest. This report must be preceded or accompanied by a current prospectus.**

**Proxy Voting Policies, Procedures and Results**

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

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

**U.S. ETFs**

Schwab U.S. Broad Market ETF

Schwab 1000 Index<sup>®</sup> ETF

Schwab U.S. Large-Cap ETF

Schwab U.S. Large-Cap Growth ETF

Schwab U.S. Large-Cap Value ETF

Schwab U.S. Mid-Cap ETF

Schwab U.S. Small-Cap ETF

Schwab U.S. Dividend Equity ETF

Schwab U.S. REIT ETF

**International ETFs**

Schwab International Dividend Equity ETF

Schwab International Equity ETF

Schwab International Small-Cap Equity ETF

Schwab Emerging Markets Equity ETF

**Fixed-Income ETFs**

Schwab U.S. TIPS ETF

Schwab Short-Term U.S. Treasury ETF

Schwab Intermediate-Term U.S. Treasury ETF

Schwab Long-Term U.S. Treasury ETF

Schwab U.S. Aggregate Bond ETF

Schwab 1-5 Year Corporate Bond ETF

Schwab 5-10 Year Corporate Bond ETF

Schwab Municipal Bond ETF

**Fundamental Index\* ETFs**

Schwab Fundamental U.S. Broad Market Index ETF

Schwab Fundamental U.S. Large Company Index ETF

Schwab Fundamental U.S. Small Company Index ETF

Schwab Fundamental International Large Company Index ETF

Schwab Fundamental International Small Company Index ETF

Schwab Fundamental Emerging Markets Large Company <br> Index ETF

**Active, Semi-Transparent (Also Known As Non-Transparent) ETF**

Schwab Ariel ESG ETF

**Thematic ETFs**

Schwab Crypto Thematic ETF

**Investment Adviser**

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

211 Main Street, San Francisco, CA 94105

**Schwab ETFs**

1-877-824-5615© 2023 Charles Schwab Investment Management, Inc., dba Schwab Asset Management. All rights reserved. <br>Printed on recycled paper.

\*

FUNDAMENTAL INDEX is a registered trademark of Research Affiliates LLC.

**The Schwab Ariel ESG ETF is different from traditional ETFs.** Traditional ETFs tell the public what assets they hold each day. This fund will not. This may **create additional risks** for your investment. For example:

• You may have to pay more money to trade the fund's shares. This fund will provide less information to traders, who tend to charge more for trades when they have less information.

• The price you pay to buy fund shares on an exchange may not match the value of the fund's portfolio. The same is true when you sell shares. These price differences may be greater for this fund compared to other ETFs because it provides less information to traders.

• These additional risks may be even greater in bad or uncertain market conditions.

• The ETF will publish on its website each day a "Proxy Portfolio" designed to help trading in shares of the ETF. While the Proxy Portfolio includes some of the ETF's holdings, it is not the ETF's actual portfolio.

The differences between this fund and other ETFs may also have advantages. By keeping certain information about the fund secret, this fund may face less risk that other traders can predict or copy its investment strategy. This may improve the fund's performance. If other traders are able to copy or predict the fund's investment strategy, however, this may hurt the fund's performance.

For additional information regarding the unique attributes and risks of the fund, see *Proxy Portfolio Risk*, *Premium/Discount Risk*, *Trading Halt Risk*, *Authorized Participant Concentration Risk*, *Tracking Error Risk* and *Shares of the Fund May Trade at Prices Other Than NAV* in the *Principal Risks* and *Proxy Portfolio* and *Proxy Overlap* sections of the prospectus and/or the Statement of Additional Information. These risks are discussed on the next page.

------

Schwab Municipal Bond ETF

Active semi-transparent ETFs operate differently from other exchange-traded funds (ETFs). Unlike other ETFs, an active semi-transparent ETF does not publicly disclose its entire portfolio composition each business day, which may affect the price at which shares of the ETF trade in the secondary market. Active semi-transparent ETFs have limited public trading history. There can be no assurance that an active trading market will develop, be maintained or operate as intended. There is a risk that the market price of an active semi-transparent ETF may vary significantly from the ETF's net asset value and that its shares may trade at a wider bid/ask spread and, therefore, cost investors more to trade than shares of other ETFs. These risks are heightened during periods of market disruption or volatility.

**Proxy Portfolio Risk:** Unlike traditional ETFs, this fund does not disclose its portfolio holdings (Actual Portfolio) daily. The fund instead posts a Proxy Portfolio on its website each day. The Proxy Portfolio is designed to reflect the economic exposures and risk characteristics of the fund's actual holdings on each trading day, but it is not the same as the fund's Actual Portfolio. Although the Proxy Portfolio is intended to provide investors with enough information to allow for an effective arbitrage mechanism that will keep the market price of the Fund at or close to the underlying NAV per Share of the Fund, there is a risk (which may increase during periods of market disruption or volatility) that market prices will vary significantly from the underlying NAV of the fund. ETF trading on the basis of a published Proxy Portfolio may trade at a wider bid/ask spread than ETFs that publish their portfolios on a daily basis, especially during periods of market disruption or volatility, and therefore may cost investors more to trade. Also, while the Fund seeks to benefit from keeping its portfolio information secret, market participants may attempt to use the Proxy Portfolio to identify a Fund's trading strategy, which if successful, could result in such market participants engaging in certain predatory trading practices that may have the potential to harm the Fund and its shareholders.

**Proxy Portfolio Construction:** The Proxy Portfolio is designed to recreate the daily performance of the Actual Portfolio. This is achieved by performing a "Factor Model" analysis of the Actual Portfolio. The Factor Model is comprised of three sets of factors or analytical metrics: market-based factors, fundamental factors, and industry/sector factors. The fund uses a "Model Universe" to generate its Proxy Portfolio. The Model Universe is comprised of securities that the fund can purchase and will be a financial index or stated portfolio of securities from which fund investments will be selected. The results of the Factor Model analysis are then applied to the Model Universe. The Proxy Portfolio is then generated as a result of this Model Universe analysis with the Proxy Portfolio being a small sub-set of the Model Universe. The Factor Model is applied to both the Actual Portfolio and the Model Universe to construct the fund's Proxy Portfolio that performs in a manner substantially identical to the performance of its Actual Portfolio. The Proxy Portfolio will only include investments the fund is permitted to hold. The fund's SAI contains more information on the Proxy Portfolio and its construction.

Proxy Portfolio and Proxy Overlap Information regarding the contents of the Proxy Portfolio, and the percentage weight overlap between the holdings of the Proxy Portfolio and the fund's Actual Portfolio holdings that formed the basis for its calculation of NAV at the end of the prior Business Day (the Portfolio Overlap), is available by visiting the fund's website www.schwabassetmanagement.com.

Because environmental, social and governance (ESG) strategies exclude some securities, ESG-focused products may not be able to take advantage of the same opportunities or market trends as products that do not use such strategies. Additionally, the criteria used to select companies for investment may result in investing in securities, industries or sectors that underperform the market as a whole.

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

**This page is intentionally left blank.**

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g428183imgc36b456c1.jpg)

MFR120001-00 <br> 00282278

------

---

| | |
|:---|:---|
| **Item 2:** | **Code of Ethics.**  |

---

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

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

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

(f)(1) Registrant has filed this code of ethics as an exhibit pursuant to Item 13(a)(1) of Form N-CSR.

---

| | |
|:---|:---|
| **Item 3:** | **Audit Committee Financial Expert.**  |

---

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

------

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

**Item 4: Principal Accountant Fees and Services.** 

Registrant is composed of twenty-nine operational series. Eight series have a fiscal year-end of December 31, whose annual financial statements are reported in Item 1, seven series have a fiscal year-end of the last day of February, two series have a fiscal year end of March 31, and twelve series have a fiscal year-end of August 31. Principal accountant fees disclosed in Items 4(a)-(d) and 4(g) include fees billed for services rendered to each of the twenty-nine operational series during 2022/2023 and the twenty-seven operational series during 2021/2022, based on their respective 2022/2023 and 2021/2022 fiscal years, as applicable.

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (a)Audit Fees<sup>1</sup> | (a)Audit Fees<sup>1</sup> | (b)Audit-Related Fees | (b)Audit-Related Fees | (c) Tax Fees<sup>2</sup> | (c) Tax Fees<sup>2</sup> | (d) All Other Fees | (d) All Other Fees |
| Fiscal Year<br>2022/2023 | Fiscal Year<br>2021/2022 | Fiscal<br>Year<br>2022/2023 | Fiscal<br>Year<br>2021/2022 | Fiscal<br>Year<br>2022/2023 | Fiscal<br>Year<br>2021/2022 | Fiscal<br>Year<br>2022/2023 | Fiscal<br>Year<br>2021/2022 |
| $505650 | $468400 | $0 | $0 | $89900 | $83700 | $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 tax compliance, tax advice and tax planning.

---

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

---

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

**(f)** Not applicable.

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

2022: $3,031,117 2021: $3,088,431

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

**(i)** Not applicable.

------

**(j)** Not applicable.

**Item 5: Audit Committee of Listed Registrants.** 

The Registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act and has separately-designated standing audit, compliance and valuation committee established in accordance with Section 3(a)58)(A) of the Exchange Act. The Registrant's audit, compliance and valuation committee members are Kimberly S. Patmore and J. Derek Penn.

**Item 6: Schedule of Investments.** 

The schedules of investments are included as part of the report to shareholders filed under Item 1 of this Form.

**Item 7: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 8: Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 9: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 10: Submission of Matters to a Vote of Security Holders.** 

Not applicable.

**Item 11: Controls and Procedures.** 

(a) Based on their evaluation of Registrant's disclosure controls and procedures, as of a date within 90 days
of the filing date, Registrant's Chief Executive Officer, Jonathan de St. Paer and Registrant's Chief Financial Officer, Dana Smith, have concluded that Registrant's disclosure controls and procedures are: (i) reasonably designed
to ensure that information required to be disclosed in this report is appropriately communicated to Registrant's officers to allow timely decisions regarding disclosures required in this report; (ii) reasonably designed to ensure that
information required to be disclosed in this report is recorded, processed, summarized and reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above.

(b) During the period covered by this report, there have been no changes in Registrant's internal control over
financial reporting that the above officers believe to have materially affected, or to be reasonably likely to materially affect, Registrant's internal control over financial reporting.

**Item 12: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

------

**Item 13: Exhibits.** 

(a) (1) [Registrant's code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.](d317755dex99codeeth.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Separate certifications for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the 1940 Act, are attached.](d317755dex99cert.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.](d317755dex99906cert.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 Strategic Trust – Schwab Fixed-Income ETFs and Schwab Municipal Bond ETF</u>

---

| | |
|:---|:---|
| By: | /s/ Jonathan de St. Paer |
|  | Jonathan de St. Paer<br> Chief Executive Officer |

---

Date: February 16, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jonathan de St. Paer |
|  | Jonathan de St. Paer<br> Chief Executive Officer |

---

Date: February 16, 2023

---

| | |
|:---|:---|
| By: | /s/ Dana Smith |
|  | Dana Smith<br> Chief Financial Officer |

---

Date: February 16, 2023

## Ex-99.Code

---

| | |
|:---|:---|
| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

---

**CODE OF BUSINESS CONDUCT AND ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**SCHWAB FUNDS:** 

THE CHARLES SCHWAB FAMILY OF FUNDS

SCHWAB INVESTMENTS

SCHWAB CAPITAL TRUST

SCHWAB ANNUITY PORTFOLIOS

LAUDUS TRUST

**SCHWAB ETFS:**

SCHWAB STRATEGIC TRUST

**I. SCOPE** 

This Code of Business Conduct and Ethics (the "Code") for the Schwab Funds and Schwab ETFs (the "Funds") covers the Principal Executive Officer and Principal Financial Officer and any other officers who serve a similar function (each an "Officer") of all of the investment companies within the Funds' complex and applies to their service to the Funds.

**II. INTRODUCTION** 

The Funds are committed to the highest standards of ethical conduct. The Code consists of an outline of policies regarding conduct pertaining to legal compliance, personal conflicts of interest, confidentiality and privacy, and certain business practices. You are responsible for reviewing the Code and for acting in compliance with the Code in your daily activities.

The Code is not exhaustive; it provides guidance for carrying out your responsibilities on behalf of the Funds and observing the highest standards of ethical conduct. Because the Code does not address every possible situation that may arise, you are responsible for exercising good judgment, applying ethical principles, and raising questions when in doubt. Your integrity and good judgment reflect on the Funds' brand and reputation, and are the foundation of trust for our shareholder and business relationships.

If you are unsure of what to do in any situation or how to interpret the provisions of the Code, seek guidance before you act. Use the Funds' resources, including the Chief Legal Officer or the Chief Compliance Officer. If you feel that it is not appropriate to discuss a matter with the Chief Legal Officer or the Chief Compliance Officer, you may contact the Ombudsperson for The Charles Schwab Corporation.

CONTACT INFORMATION

---

| | | |
|:---|:---|:---|
| **Title** | **Name** | **Phone Number** |
| Chief Compliance Officer | Michael F. Hogan | 415-667-1987 |
| Chief Legal Officer of Schwab Funds and Schwab ETFs | Catherine MacGregor | 415-667-0650 |
| The Charles Schwab Corporation Ombudsperson | Scott Ferber, Esq, King & Spalding | (202) 626-9550 |

---

**III. POLICIES** 

In executing your responsibilities on behalf of the Funds, your conduct should reflect positively on the Funds. A strong personal sense of ethics should always play a significant role in guiding you towards a proper course of action. The appearance of impropriety can be as harmful to the Funds' reputation as improper conduct.

---

| | |
|:---|:---|
| **The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Mutual Fund's Chief Compliance Officer or his/her designee.** | 1 |

---

------

---

| | |
|:---|:---|
| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

---

The Funds' business is subject to various laws, rules and regulations, including federal securities and state and local laws. Although you are not expected to know the details of the myriad of laws governing our business, you are expected to be familiar with and comply with policies and procedures that apply to your business unit and complete any required training that applies to you

(e.g., training regarding privacy or anti-money laundering).

A. PERSONAL CONFLICTS OF INTEREST

It is important that you do not place yourself in a position that would cloud your judgment in carrying out the business affairs of the Funds. A "personal conflict of interest" occurs when your private interest interferes in any way — or even appears to interfere — with the interests of the Funds. You have a duty to report any material transaction or relationship to the Chief Compliance Officer that reasonably could be expected to be or to create a conflict of interest with the Funds.

Officers, in addition to their obligation to the Funds, may also be an officer or employee of CSIM or a CSIM affiliate. As a result, this Code recognizes that the Officers will, in the normal course of their duties (whether formally for the Funds, for CSIM, for CSIM's affiliate or for more than one entity), be involved in establishing policies and implementing decisions that will have different effects on CSIM, CSIM's affiliates and the Funds. The participation of the Officers in such activities is inherent in the contractual relationship between the Funds and CSIM and is consistent with the performance by the Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940, as amended (the "1940 Act"), and the Investment Advisers Act of 1940, as amended (the "Advisers Act"), such activities will be deemed under the Code to have been handled ethically. In addition, it is recognized by the Trustees that the Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

B. INSIDE INFORMATION

Do not trade on inside information or disclose inside information to anyone except those who have a need to know it in order to fulfill their responsibilities for the Funds and in accordance with the Funds' policy. This applies to information regarding the Funds, The Charles Schwab Corporation and its subsidiaries, and any other publicly traded company.

Generally, material information is any information that an investor would likely consider important in deciding whether to buy, sell or hold securities or that could affect the market price of the securities. Examples include actual or estimated financial results or change in dividends; significant discoveries or product developments; possible mergers, acquisitions or divestitures; major changes in business strategies; obtaining or losing significant contracts; and threatened major litigation or related developments. If you have or receive information and are unsure whether it is within the definition of inside information or whether its release might be contrary to a fiduciary or other obligation, contact the Chief Compliance Officer prior to disclosing any such information.

You must not use the Funds' non-public holdings or transactions information in any way to influence your trades or the trades of other shareholders, including those of other employees, officers and directors. Trading ahead of shareholder or the Funds' transactions (frontrunning) and following shareholder or the Funds' transactions (piggybacking or shadowing) is prohibited.

C. ACCEPTANCE OF GIFTS OR ENTERTAINMENT

You must not accept gifts or entertainment from shareholders, vendors, suppliers, competitors or other employees where they present a conflict of interest or create the appearance of impropriety.

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|:---|:---|
| **The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Mutual Fund's Chief Compliance Officer or his/her designee.** | 2.0 |

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|:---|:---|
| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

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You must adhere to the CSIM and The Charles Schwab Corporation policies regarding gifts and entertainment, and apply the more stringent restrictions. In addition, if you are an employee of another CSIM affiliate you must also adhere to that affiliate's policies regarding gifts and entertainment, and apply the more stringent restrictions.

D. CONFIDENTIALITY OF INFORMATION AND PRIVACY

Information concerning the identity of the Funds' underlying shareholders and their transactions and accounts is confidential. Such information may not be disclosed to persons working on behalf of the Funds except as they may need to know it in order to fulfill their responsibilities to the Funds. You may not disclose such information to anyone or any firm outside the Funds unless (i) the outside firm needs to know the information in order to perform services for the Funds and is bound to maintain its confidentiality; (ii) when the shareholder has consented or been given an opportunity to request that the information not be shared; (iii) as required by law; or (iv) as authorized by the Chief Legal Officer or Chief Compliance Officer.

The Funds are committed to safeguarding their customers' privacy. We do not sell any personally identifiable customer information. Sharing of such information with third parties is limited to situations related to the processing and servicing of customer accounts, and to specifically delineated exceptions in the federal privacy law. We share information with our affiliates to the extent permitted by federal law. You must be familiar with the procedural and systemic safeguards we maintain to protect this information.

You have the responsibility to safeguard the Funds' proprietary information. Proprietary information includes intellectual property (copyrights, trademarks or patents or trade secrets), particular know-how (business or organizational designs, or business, marketing or service plans or ideas) and sensitive information about the Funds (databases, records, salary information or unpublished financial reports).

E. PROTECTION AND USE OF FUNDS' ASSETS

You are obligated to protect the Funds' assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on the Funds. The Funds' equipment should not be used for non-Funds' business, though incidental personal use may be permitted.

F. FINANCIAL DISCLOSURES

The Funds are committed to providing full, fair, accurate, timely and understandable disclosure in reports and documents that the Funds file with, or submit to, the Securities and Exchange Commission and other regulatory agencies and in other public communications made by the Funds. You are required to comply with the Funds' policies and procedures to provide such full, fair, accurate, timely and understandable disclosure.

G. CONDUCT OF AUDITS

Neither you nor any other person acting under your direction shall directly or indirectly take any action to fraudulently influence, coerce, manipulate, or mislead any independent public or certified public accountant engaged in the performance of an audit or review of the Funds' financial statements.

Types of conduct that constitute improper influence include, but are not limited to, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Offering or paying bribes or other financial incentives, including offering future employment or contracts for non-audit services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing an auditor with inaccurate or misleading legal analysis

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|:---|:---|
| **The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Mutual Fund's Chief Compliance Officer or his/her designee.** | 3.0 |

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|:---|:---|
| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Threatening to cancel or canceling existing non-audit or audit
engagements if the auditor objects to the issuer's accounting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Seeking to have a partner removed from the audit engagement because the partner objects to the Funds'
accounting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blackmailing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making physical threats

H. RECORDKEEPING

You must be familiar with the Funds' record retention policies and always retain or destroy records according to them. In the event of litigation, governmental investigation or the threat of such action, you should consult the Chief Legal Officer or the Chief Compliance Officer regarding record retention.

The Funds' books, records and accounts must conform both to applicable legal requirements and to the Funds' internal controls and policies.

Unrecorded or "off-the-books" funds or assets are prohibited unless permitted by applicable law or regulation. Business records must not contain exaggeration, derogatory remarks, guesswork, or inappropriate characterizations of people and companies. This applies equally to email, internal memoranda, formal reports, and all other forms of business records.

I. SALES PRACTICES

If you transact business for shareholders, you are required to know and observe the Funds' specific policies and procedures for shareholder sales and transactions, such as the content and use of sales materials, documentation for transactions, quotations and suitability. Likewise, if you transact business with third parties (such as vendors or suppliers), you will be required to know and observe the Funds' policies and procedures for such transactions, such as marketing policies, procedures for performing due diligence on third parties, and obtaining proper authorizations for any agreements. You must be familiar with any enumerated policies and procedures governing your sales activities and use good judgment in complying with them.

J. COMPETITION AND FAIR DEALING

We operate our business fairly and honestly. We seek competitive advantage through performance and never through unethical or illegal business practices. It is our policy to comply with anti-trust laws. These laws are complex and not easily summarized, but at a minimum require that there be no agreement or understanding between the Funds and their competitors that affect prices, terms or conditions of sale or that unreasonably restrain full and fair competition. You must always respect the rights of and deal fairly with the Funds' shareholders and competitors. You must never take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair dealing practice.

K. PROHIBITION OF BRIBERY AND KICKBACKS

Our policies prohibit bribery or kickbacks of any kind and to anyone in the conduct of our business. The U.S. government has a number of laws and regulations applicable specifically to business gratuities that may be offered to or accepted by U.S. and foreign government personnel. The promise, offer or delivery to an official or employee of the U.S. government or an official, employee or candidate of a foreign government of a gift, favor, payment or other gratuity in violation of these rules would not only violate the Funds' policy but could also be a criminal offense. Similarly, federal law, as well as the laws of many states, prohibits engaging in "commercial bribery." Commercial bribery involves soliciting, demanding or agreeing to accept anything of value from any person intending to influence or be rewarded in connection with any business or transaction, and prohibits all such behavior, for example, with respect to vendors, competitors, shareholders, and government employees.

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|:---|:---|
| **The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Mutual Fund's Chief Compliance Officer or his/her designee.** | 4.0 |

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|:---|:---|
| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

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L. WAIVERS

Waivers of the Code may be made only by the Trustees, and will be promptly disclosed publicly as required by law.

M. CODE AMENDMENTS

This Code may not be amended except in written form, which is specifically approved or ratified by a majority of the Trustees including a majority of the independent Trustees. Any amendments will, to the extent required, be disclosed in accordance with law.

N. CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees, CSIM, The Charles Schwab Corporation and their respective counsel. However, nothing contained in this Code or in any applicable employment or severance agreement(s) should be interpreted as prohibiting employees or former employees from voluntarily communicating with the Securities and Exchange Commission or other authorities regarding possible violations of law or from recovering a whistleblower award.

**IV. ESCALATION AND PROHIBITION AGAINST RETALIATION** 

If you know of, or reasonably believe there is, a violation of this Code, you must report that information immediately to the Funds' Chief Compliance Officer. Depending on the possible violation, you may also be required to report it pursuant to The Charles Schwab Corporation Code of Business Conduct and CSIM and/or CSIM's affiliate's compliance policies and procedures. You should not conduct preliminary investigations unless authorized to do so by the Compliance Department.

No Officer will be retaliated against for making a good faith complaint or for bringing inappropriate conduct to the attention of the Funds' personnel, Ombudsperson of The Charles Schwab Corporation or Trustees, for assisting another employee or applicant in making a good faith report, for cooperating in an investigation, or for filing an administrative claim with a state or federal governmental agency. Any Officer who in good faith raises an issue regarding a possible violation of law, regulation or company policy or any suspected illegal or unethical behavior will be protected from retaliation.

If you have violated the Code, however, making a report will not protect you from the consequences of your actions. You can be subject to discipline up to and including termination of employment if you violate the Code or fail to report violations that come to your attention.

Any employee who engages in retaliatory conduct in violation of our policies will be subject to disciplinary action, up to and including termination of employment. If you reasonably believe retaliatory conduct has occurred, you must report such conduct to the Funds' Chief Compliance Officer.

**V. PROCEDURES** 

A. OFFICERS

• Read and be familiar with conduct rules outlined in the Code, and periodically review them.

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|:---|:---|
| **The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Mutual Fund's Chief Compliance Officer or his/her designee.** | 5.0 |

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|:---|:---|
| **F.II.1.B.** | **CODE OF BUSINESS CONDUCT AND ETHICS** |

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• Affirm in writing to the Trustees that you have received, read and understand the Code.

• Annually affirm to the Trustees that you have complied with the requirements of the Code.

• Comply with the conduct standards outlined in this Code in all dealings and actions, including those with
shareholders, the public, and vendors.

• Report any material transaction or relationship to the Chief Compliance Officer that reasonably could be expected
to be or to create a personal conflict of interest with the Funds.

• Report in a timely manner to the Chief Compliance Officer any conduct that may constitute a violation of the
Code, the Funds' policies, or laws, rules and regulations.

• Raise questions or concerns about conduct issues with your supervisor, the Chief Legal Officer or Chief
Compliance Officer, and seek advice when in doubt.

• Cooperate with management during fact-finding investigations and comply with any confidentiality rules imposed.

B. CHIEF COMPLIANCE OFFICER

• The Chief Compliance Officer, upon becoming notified of potential violation of this Code, will conduct,
facilitate or delegate a review of the matter and will report to the Chairperson of the affected Fund's Audit, Compliance and Valuation Committee any violations of this Code that he or she believes to be material.

• The Chief Compliance Officer, upon becoming notified of a personal conflict of interest between an Officer and
the Funds that the Chief Compliance Officer deems to be material, will report the issue to the Chairperson of the affected Fund's Audit, Compliance and Valuation Committee and will work with the Chief Legal Officer and other appropriate parties
to ensure that any required disclosures are made.

C. TRUSTEES

• The Board of Trustees will consider appropriate action to address any violations of the Code that they deem to be
material, which may include review of and appropriate modification to applicable policies and procedures, notification to appropriate personnel of CSIM or its board of directors, notification to appropriate personnel of The Charles Schwab
Corporation or its board of directors, or a recommendation to dismiss the Officer.

**VI. REGULATORY AUTHORITY** 

This Code constitutes the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, CSIM, CSIM's affiliates, The Charles Schwab Corporation or other Fund service providers govern or purport to govern the behavior or activities of an Officer who is subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. CSIM's, the Funds' and Charles Schwab & Co. Inc.'s (as distributor) joint code of ethics under Rule 17j-1 pursuant to the 1940 Act and Rule 204A-1 of the Advisers Act, and CSIM's, CSIM's affiliates', and The Charles Schwab Corporation's policies and procedures set forth in their respective compliance manuals and elsewhere are separate requirements applying to the Officers and are not part of this Code.

<u>VERSION HISTORY</u> 

Adopted Schwab and Laudus Funds: June 15, 2011, Schwab ETFs: August 4, 2011

Revised August 8, 2013; December 11, 2015; August 25, 2016; December 11, 2017; September 25, 2018 (no changes); December 12, 2019; November 3, 2020; October 7, 2021; December 13, 2022

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|:---|:---|
| **The information contained herein is the property of Charles Schwab and may not be copied, used or disclosed in whole or in part, stored in a retrieval system or transmitted in any form or by any means (electronic, mechanical, reprographic, recording, or otherwise) outside of Charles Schwab without prior permission of the Mutual Fund's Chief Compliance Officer or his/her designee.** | 6.0 |

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## Ex-99.Cert

**<u>CERTIFICATIONS</u>**

I, Jonathan de St. Paer, certify that:

1. I have reviewed this report on Form N-CSR for the following series of Schwab Strategic Trust – Schwab Fixed-Income ETFs and Schwab Municipal Bond ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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|:---|:---|
| Date: February 16, 2023 | /s/ Jonathan de St. Paer |
|  | Jonathan de St. Paer<br> Chief Executive Officer |

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**<u>CERTIFICATIONS</u>**

I, Dana Smith, certify that:

1. I have reviewed this report on Form N-CSR for the following series of Schwab Strategic Trust – Schwab Fixed-Income ETFs and Schwab Municipal Bond ETF;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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|:---|:---|
| Date: February 16, 2023 | /s/ Dana Smith |
|  | Dana Smith<br> Chief Financial Officer |

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## Exhibit 99.906

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES**-**OXLEY ACT OF 2002

In connection with the Annual Report for Schwab Strategic Trust – Schwab Fixed-Income ETFs and Schwab Municipal Bond ETF (the "Funds") on Form N-CSR for the period ended December 31, 2022 ("periodic report"), each of the undersigned, being the Chief Executive Officer and Chief Financial Officer, respectively, hereby certifies, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes**-**Oxley Act of 2002, that to the best of my knowledge:

(1) The periodic report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the Funds for the period presented therein.

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|:---|:---|
| /s/ Jonathan de St. Paer | Date: February 16, 2023 |
| Jonathan de St. Paer |  |
| Chief Executive Officer |  |
| /s/ Dana Smith | Date: February 16, 2023 |
| Dana Smith |  |
| Chief Financial Officer |  |

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This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSR with the Commission.