# EDGAR Filing Document

**Accession Number:** 0000869365
**File Stem:** 0001193125-26-000795
**Filing Date:** 2026-1
**Character Count:** 751078
**Document Hash:** b276df86adcfa94791c6e93c05f2374a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-000795.hdr.sgml**: 20260102

**ACCESSION NUMBER**: 0001193125-26-000795

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260102

**DATE AS OF CHANGE**: 20260102

**EFFECTIVENESS DATE**: 20260102

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831
- **LEGAL ENTITY IDENTIFIER:** 549300V41RCJNTEW5K68

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06200
- **FILM NUMBER:** 26501884

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

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

## Series and Classes Contracts Data

### Schwab 1000 Index Fund (Series ID: S000006807)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000018433 | Schwab 1000 Index Fund | SNXFX           |

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

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

------

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06200

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Schwab Investments – Schwab 1000 Index Fund

(Exact name of registrant as specified in charter)

------

9800 Schwab Way, Lone Tree, Colorado 80124

(Address of principal executive offices) (Zip code)

------

Omar Aguilar

Schwab Investments – Schwab 1000 Index Fund

9800 Schwab Way, Lone Tree, Colorado 80124

(Name and address of agent for service)

------

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 2025

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Item 1: Report(s) to Shareholders.

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![](g897775g2imgc51389f11.jpg)

**Annual Report \|** October 31, 2025

Schwab 1000 Index<sup>®</sup>

Fund

**Ticker Symbol: SNXFX**

------

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

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

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

**FUND COSTS FOR THE LAST year ENDED October 31, 2025** *(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)*

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab 1000 Index Fund | $6 | &nbsp;&nbsp;0.05% |

---

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

MANAGEMENT'S DISCUSSION OF FUND PERFORMANCE

For the 12-month reporting period ended October 31, 2025, the fund returned 21.18%. The Russell 1000<sup>®</sup> Index, which serves as the fund's regulatory index and provides a broad measure of market performance, returned 21.14%. The fund generally invests in securities that are included in the Schwab 1000 Index<sup>®</sup>, which returned 21.22% during the same period. The fund does not seek to track the regulatory index. Differences between the return of the fund and the return of the Schwab 1000 Index<sup>®</sup> may be attributable to, among other things, the operational and transactional costs incurred by the fund and not the index.

Top detractors from total return:

■ Health care sector securities, including UnitedHealth Group, Inc.

■ Real estate sector securities

Top contributors to total return:

■ Information technology sector securities, including NVIDIA Corp.

■ Communication services sector securities

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

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

Portfolio holdings may have changed since the report date.

Schwab 1000 Index<sup>®</sup> Fund \| Annual Report

REG125965-01 00319725

------

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

**Performance of Hypothetical $10,000 Investment (October 31, 2015 - October 31, 2025)**<sup>1</sup>

![](g897775g2lg_2m25.jpg)

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

Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 1 Year | 5 Years | 10 Years |
| Fund: Schwab 1000 Index Fund (04/02/1991)<sup>1</sup> <br>| 21.18% | &nbsp;&nbsp;&nbsp;&nbsp;16.89% | &nbsp;&nbsp;&nbsp;&nbsp;14.22% |
| Russell 1000<sup>®</sup> Index<sup>2</sup> <br>| 21.14% | &nbsp;&nbsp;&nbsp;&nbsp;17.05% | &nbsp;&nbsp;&nbsp;&nbsp;14.39% |
| Schwab 1000 Index<sup>®</sup> | 21.22% | &nbsp;&nbsp;&nbsp;&nbsp;16.94% | &nbsp;&nbsp;&nbsp;&nbsp;14.29% |

---

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

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

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

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

The Russell 1000<sup>®</sup> Index serves as the fund's regulatory index and provides a broad measure of market performance. The fund generally invests in securities that are included in the Schwab 1000 Index<sup>®</sup>. The fund does not seek to track the regulatory index.

2Schwab 1000 Index<sup>®</sup> Fund \| Annual Report

------

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

Statistics

---

| | |
|:---|:---|
| Net Assets (millions) | $20543 |
| Number of Holdings<br>(excludes derivatives)<br>| 999 |
| Portfolio Turnover Rate<br>(excludes in-kind transactions)<br>| 3% |
| Advisory Fees Paid by the Fund | $9255701 |
| Weighted Average Market Cap (millions) | $1371258 |
| Price/Earnings Ratio (P/E) | 28.1 |
| Price/Book Ratio (P/B) | 4.9 |
| Dividends Received Deduction | 92.61% |
| Qualified Dividend Income | $209249287 |
| Qualified Business Income (199A) | $9135128 |

---

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

![](g897775g2img1962578d2.jpg)

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

Top Equity Holdings % of Net Assets

![](g897775g2img9387dbbb3.jpg)

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

Portfolio holdings may have changed since the report date.

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

Excludes derivatives.

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

Schwab 1000 Index<sup>®</sup> Fund \| Annual Report

------

FUND CHANGES

This is a summary of certain changes to the fund since November 1, 2024. For more complete information, you may review the fund's Annual Holdings and Financial Statements at **www.schwabassetmanagement.com/prospectus** or upon request by calling **1-866-414-6349** or by sending an email request to **orders@mysummaryprospectus.com**.

■ On June 5, 2025, the Board of Trustees authorized a 10-for-1 share split for the fund, which applied to shareholders of record as of the close of U.S. markets on August 14, 2025. Certain of the fund's financial statements were retroactively adjusted for the period ended October 31, 2025, and all prior periods, to reflect the share split.

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

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information, holdings, certain tax information, proxy voting information, and other information about the fund online at **www.schwabassetmanagement.com/prospectus**.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available without charge, upon request, by visiting the Schwab Funds' website at **www.schwabassetmanagement.com/prospectus**, the SEC's website at **www.sec.gov**, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 is available, without charge, by visiting the fund's website at **www.schwabassetmanagement.com/prospectus** or the SEC's website at **www.sec.gov**, by calling **1-866-414-6349**, or by sending an email request to **orders@mysummaryprospectus.com**.

4Schwab 1000 Index<sup>®</sup> Fund \| Annual Report

------

#### Item 2: Code of Ethics.
(a) Registrant has adopted a code of ethics that applies to its principal executive officer, principal financial officer, and any other persons who perform a similar function, regardless of whether these individuals are employed by Registrant or a third party.

(c) During the period covered by the report, no amendments were made to the provisions of this code of ethics.

(d) During the period covered by the report, Registrant did not grant any waivers, including implicit waivers, from the provisions of this code of ethics.

(e) Not applicable.

(f)(1) Registrant has filed this code of ethics as an exhibit pursuant to Item 19(a)(1) of Form N-CSR.

#### Item 3: Audit Committee Financial Expert.
Registrant's Board of Trustees has determined that Kimberly S. Patmore, Michael J. Beer and J. Derek Penn, each currently serving on its audit, compliance and valuation committee, are each an "audit committee financial expert," as such term is defined in Item 3 of Form N-CSR. Each member of Registrant's audit, compliance and valuation committee is "independent" under the standards set forth in Item 3 of Form N-CSR.

The designation of each of Ms. Patmore, Mr. Beer and Mr. Penn as an "audit committee financial expert" pursuant to Item 3 of Form N-CSR does not (i) impose upon such individual any duties, obligations, or liability that are greater than the duties, obligations and liability imposed upon such individual as a member of Registrant's audit, compliance and valuation committee or Board of Trustees in the absence of such designation; and (ii) affect the duties, obligations or liability of any other member of Registrant's audit, compliance and valuation committee or Board of Trustees.

#### Item 4: Principal Accountant Fees and Services.
Registrant is composed of eight operational series. One series has a fiscal year-end of October 31, whose annual financial statements are reported in Item 1, six series have a fiscal year-end of August 31, and one series has a fiscal year-end of the last day of February. Principal accountant fees disclosed in Items 4(a)-(d) and 4(g) include fees billed for services rendered to each of the eight operational series during 2025/2026 and 2024/2025, based on their respective 2025/2026 and 2024/2025 fiscal years, as applicable.

The following table presents fees billed by the principal accountant in each of the last two fiscal years for the services rendered to the Funds:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (a) Audit Fees<sup>1</sup> | (a) Audit Fees<sup>1</sup> | (b)Audit-Related Fees | (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<br> Year<br> 2025/2026 | Fiscal<br>Year<br>2024/2025 | Fiscal<br>Year<br>2025/2026 | Fiscal<br>Year<br>2024/2025 | Fiscal<br>Year<br>2025/2026 | Fiscal<br>Year<br>2024/2025 | Fiscal<br>Year<br>2025/2026 | Fiscal<br>Year<br>2024/2025 |
| $283400 | $283400 | $0 | $0 | $26280 | $26280 | $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 tax fees consist of professional services relating to tax compliance, tax advice, and the preparation of the Registrant's tax returns.

------

**(e)** **(1)** Registrant's audit, compliance and valuation committee does not have pre-approval policies and procedures as described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

**(2)** There were no services described in each of paragraphs (b) through (d) above that were approved by Registrant's audit, compliance and valuation committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

**(f)** Not applicable.

**(g)** Below are the aggregate non-audit fees billed in each of the last two fiscal years by Registrant's principal accountant for services rendered to Registrant, to Registrant's investment adviser, and to any entity controlling, controlled by, or under common control with Registrant's investment adviser that provides ongoing services to Registrant.

---

| | |
|:---|:---|
|  2024/2025: $2,012,853 | 2023/2024: $2,549,698 |

---

**(h)** During the past fiscal year, all non-audit services provided by Registrant's principal accountant to either Registrant's investment adviser or to any entity controlling, controlled by, or under common control with Registrant's investment adviser that provides ongoing services to Registrant were pre-approved. Included in the audit, compliance and valuation committee's pre-approval was the review and consideration as to whether the provision of these non-audit services is compatible with maintaining the principal accountant's independence.

**(i)** Not applicable.

**(j)** Not applicable.

#### Item 5: Audit Committee of Listed Registrants.
Not applicable.

#### Item 6: Schedule of Investments.
The schedules of investments are included under Item 7 of this Form.

#### Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g20940imga77453c81.jpg)

**Annual Holdings and Financial Statements** \| October 31, 2025

Schwab Equity Index Funds<sup>®</sup>

------

Schwab S&P 500 Index Fund

Schwab 1000 Index<sup>®</sup> Fund

Schwab Small-Cap Index Fund

Schwab Total Stock Market Index Fund

Schwab U.S. Large-Cap Growth

Index Fund

Schwab U.S. Large-Cap Value

Index Fund

Schwab U.S. Mid-Cap Index Fund

Schwab International Index Fund

------

**In This Report**

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

---

| | |
|:---|:---|
| **[Item 7 - Financial Statements and Financial Highlights for Open-End](#xx_9087a00f-ae5a-4492-ae7b-11961c44dfb6_1)**<br> **[Management Investment Companies](#xx_9087a00f-ae5a-4492-ae7b-11961c44dfb6_1)** <br>|  |
| [Financial Statements and Portfolio Holdings](#xx_9087a00f-ae5a-4492-ae7b-11961c44dfb6_1) <br>|  |
| [Schwab S&P 500 Index Fund](#xx_9087a00f-ae5a-4492-ae7b-11961c44dfb6_1) | 2 |
| [Schwab 1000 Index Fund](#xx_8bc50529-db31-4e6b-9118-f79f4bc79f22_1) | 12 |
| [Schwab Small-Cap Index Fund](#xx_1f48e85d-04e1-467a-a69a-2a9c187a7049_1) | 26 |
| [Schwab Total Stock Market Index Fund](#xx_306d9e7b-f06e-4e77-9686-cee4fb9cac5a_1) | 47 |
| [Schwab U.S.](#xx_5ae9ba8b-23a2-426c-959e-8ef813bd0f63_1)[Large-Cap Growth Index Fund](#xx_5ae9ba8b-23a2-426c-959e-8ef813bd0f63_1) | 77 |
| [Schwab U.S.](#xx_5bcc6884-8a46-4bf2-8b80-df1fe93cb2fa_1)[Large-Cap Value Index Fund](#xx_5bcc6884-8a46-4bf2-8b80-df1fe93cb2fa_1) | 86 |
| [Schwab U.S.](#xx_dc8351c6-55a4-4512-a54c-fb1329596050_1)[Mid-Cap Index Fund](#xx_dc8351c6-55a4-4512-a54c-fb1329596050_1) | 99 |
| [Schwab International Index Fund](#xx_6185e41e-a2f2-41b8-8584-de5f6e082555_1) | 111 |
| [Financial Notes](#xx_d54bacd2-e86c-49c9-81f6-1ee5391a9e5d_1) | 123 |
| [Report of Independent Registered Public Accounting Firm](#xx_2898c3f2-487a-4f52-98d9-785695db39b7_1) | 137 |
| **[Item 8 – Changes in and Disagreements with Accountants for Open-End](#xx_e05fb7eb-a96f-41f2-bdf5-a15615dd36ac_1)**<br> **[Management Investment Companies](#xx_e05fb7eb-a96f-41f2-bdf5-a15615dd36ac_1)**<br>| 138 |
| **[Item 9 – Proxy Disclosures for Open-End Management Investment](#xx_5b5d9054-7efa-4751-819b-77fc2d2422e5_1)**<br> **[Companies](#xx_5b5d9054-7efa-4751-819b-77fc2d2422e5_1)**<br>| 139 |
| **[Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End](#xx_d4ffeb0c-21a0-4763-bdf7-55bd56bd320f_1)**<br> **[Management Investment Companies](#xx_d4ffeb0c-21a0-4763-bdf7-55bd56bd320f_1)**<br>| 140 |
| **[Item 11 - Statement Regarding Basis for Approval of Investment Advisory](#xx_ff25fdb4-f533-433b-8aab-b7521f097890_1)**<br> **[Contract](#xx_ff25fdb4-f533-433b-8aab-b7521f097890_1)** <br>|  |
| [Investment Advisory Agreement Approval](#xx_ff25fdb4-f533-433b-8aab-b7521f097890_1) | 141  |

---

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

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

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

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**1**

------

Schwab S&P 500 Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<sup>1</sup> <br>| 11/1/23– <br>10/31/24<sup>1</sup> <br>| 11/1/22– <br>10/31/23<sup>1</sup> <br>| 11/1/21– <br>10/31/22<sup>1</sup> <br>| 11/1/20– <br>10/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $14.73 | &nbsp;&nbsp; $10.84 | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp; $11.87 | &nbsp;&nbsp; $8.46 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.19 | 0.19 | 0.18 | 0.16 | 0.15 |
| Net realized and unrealized gains (losses) | 2.94 | 3.88 | 0.82 | &nbsp;&nbsp; (1.88)<br>| 3.43 |
| Total from investment operations | 3.13 | 4.07 | 1.00 | &nbsp;&nbsp; (1.72)<br>| 3.58 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.17)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $17.68 | &nbsp;&nbsp; $14.73 | &nbsp;&nbsp; $10.84 | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp; $11.87 |
| Total return | 21.43<br> %<br>| 37.95<br> %<br>| 10.11<br> %<br>| &nbsp;&nbsp; (14.63<br> %)<br>| 42.89<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.02<br> %<br>| 0.02<br> %<br>| 0.02 %<sup>3</sup><br>| 0.02 %<sup>3</sup><br>| 0.02<br> %<br>|
| Net investment income (loss) | 1.25<br> %<br>| 1.41<br> %<br>| 1.63<br> %<br>| 1.49<br> %<br>| 1.42<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 2 %<sup>4</sup><br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 3<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $130454 | &nbsp;&nbsp; $104140 | &nbsp;&nbsp; $70062 | &nbsp;&nbsp; $61068 | &nbsp;&nbsp; $67401 |

---

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

<sup>1</sup> Per-Share Data has been retroactively adjusted to reflect a 6-for-1 share split effective after the close of U.S. markets on August 15, 2025 (see financial note 9 for additional information). 

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

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

<sup>4</sup> Portfolio turnover rate excludes in-kind transactions.

*See financial notes*

**2**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab S&P 500 Index Fund

Portfolio Holdings as of October 31, 2025

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.7% OF NET ASSETS  | **COMMON STOCKS** 99.7% OF NET ASSETS  | **COMMON STOCKS** 99.7% OF NET ASSETS  |
| **Automobiles & Components 2.4%** | **Automobiles & Components 2.4%** | **Automobiles & Components 2.4%** |
| Aptiv PLC \* | 487079 | 39502107 |
| Ford Motor Co.  | 8716521 | 114447921 |
| General Motors Co.  | 2127470 | 146986902 |
| Tesla, Inc. \* | 6257384 | 2856871239 |
|  |  | **3157808169** |
| **Banks 3.5%** | **Banks 3.5%** | **Banks 3.5%** |
| Bank of America Corp.  | 15195340 | 812190923 |
| Citigroup, Inc.  | 4104999 | 415549049 |
| Citizens Financial Group, Inc.  | 958025 | 48734732 |
| Fifth Third Bancorp  | 1480537 | 61619950 |
| Huntington Bancshares, Inc.  | 3517268 | 54306618 |
| JPMorgan Chase & Co.  | 6131648 | 1907678326 |
| KeyCorp  | 2081395 | 36611738 |
| M&T Bank Corp.  | 349183 | 64204278 |
| PNC Financial Services Group, Inc.  | 877014 | 160098905 |
| Regions Financial Corp.  | 1993735 | 48248387 |
| Truist Financial Corp.  | 2867998 | 127998751 |
| U.S. Bancorp  | 3465787 | 161782937 |
| Wells Fargo & Co.  | 7143320 | 621254540 |
|  |  | **4520279134** |
| **Capital Goods 5.9%** | **Capital Goods 5.9%** | **Capital Goods 5.9%** |
| 3M Co.  | 1187433 | 197707594 |
| A.O. Smith Corp.  | 255747 | 16876745 |
| Allegion PLC  | 192840 | 31967087 |
| AMETEK, Inc.  | 513563 | 103796218 |
| Axon Enterprise, Inc. \* | 174714 | 127930832 |
| Boeing Co. \* | 1686149 | 338949672 |
| Builders FirstSource, Inc. \* | 245960 | 28573173 |
| Carrier Global Corp.  | 1786997 | 106308452 |
| Caterpillar, Inc.  | 1044656 | 603038123 |
| Cummins, Inc.  | 306632 | 134206694 |
| Deere & Co.  | 561640 | 259269873 |
| Dover Corp.  | 307190 | 55742697 |
| Eaton Corp. PLC  | 868096 | 331230710 |
| EMCOR Group, Inc.  | 100172 | 67694234 |
| Emerson Electric Co.  | 1253986 | 175018826 |
| Fastenal Co.  | 2567080 | 105635342 |
| Fortive Corp.  | 749159 | 37712664 |
| GE Vernova, Inc.  | 607029 | 355196949 |
| Generac Holdings, Inc. \* | 131648 | 22119497 |
| General Dynamics Corp.  | 563748 | 194436685 |
| General Electric Co.  | 2364662 | 730562325 |
| Honeywell International, Inc.  | 1415750 | 285032947 |
| Howmet Aerospace, Inc.  | 898642 | 185075320 |
| Hubbell, Inc., Class B  | 118857 | 55862790 |
| Huntington Ingalls Industries, Inc.  | 87528 | 28185767 |
| IDEX Corp.  | 167035 | 28639821 |
| Illinois Tool Works, Inc.  | 590905 | 144133548 |
| Ingersoll Rand, Inc.  | 809080 | 61757076 |
| Johnson Controls International PLC  | 1458432 | 166830036 |
| L3Harris Technologies, Inc.  | 416193 | 120321396 |
| Lennox International, Inc.  | 71469 | 36091845 |
| Lockheed Martin Corp.  | 458129 | 225344493 |
| Masco Corp.  | 468169 | 30318624 |
| Nordson Corp.  | 120513 | 27952990 |
| Northrop Grumman Corp.  | 300099 | 175092762 |
| Otis Worldwide Corp.  | 877894 | 81433447 |
| PACCAR, Inc.  | 1172426 | 115366718 |
| Parker-Hannifin Corp.  | 284931 | 220203225 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Pentair PLC  | 363073 | 38612814 |
| Quanta Services, Inc.  | 331709 | 148980463 |
| Rockwell Automation, Inc.  | 251135 | 92508089 |
| RTX Corp.  | 2984801 | 532786978 |
| Snap-on, Inc.  | 115729 | 38832866 |
| Stanley Black & Decker, Inc.  | 348014 | 23567508 |
| Textron, Inc.  | 394202 | 31855464 |
| Trane Technologies PLC  | 496184 | 222612952 |
| TransDigm Group, Inc.  | 125639 | 164399888 |
| United Rentals, Inc.  | 143274 | 124817443 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 382188 | 78134515 |
| WW Grainger, Inc.  | 98068 | 96008572 |
| Xylem, Inc.  | 543276 | 81953185 |
|  |  | **7686687934** |
| **Commercial & Professional Services 0.9%** | **Commercial & Professional Services 0.9%** | **Commercial & Professional Services 0.9%** |
| Automatic Data Processing, Inc.  | 903201 | 235103220 |
| Broadridge Financial Solutions, Inc.  | 260259 | 57361084 |
| Cintas Corp.  | 762809 | 139800006 |
| Copart, Inc. \* | 1979195 | 85125177 |
| Dayforce, Inc. \* | 354958 | 24399813 |
| Equifax, Inc.  | 276598 | 58389838 |
| Jacobs Solutions, Inc.  | 266499 | 41523209 |
| Leidos Holdings, Inc.  | 286398 | 54550227 |
| Paychex, Inc.  | 721131 | 84393961 |
| Paycom Software, Inc.  | 111993 | 20952770 |
| Republic Services, Inc., Class A  | 452137 | 94153009 |
| Rollins, Inc.  | 632351 | 36429741 |
| Veralto Corp.  | 553615 | 54630728 |
| Verisk Analytics, Inc., Class A  | 311482 | 68139802 |
| Waste Management, Inc.  | 826036 | 165017212 |
|  |  | **1219969797** |
| **Consumer Discretionary Distribution & Retail 5.8%** | **Consumer Discretionary Distribution & Retail 5.8%** | **Consumer Discretionary Distribution & Retail 5.8%** |
| Amazon.com, Inc. \* | 21641235 | 5285222412 |
| AutoZone, Inc. \* | 37249 | 136868843 |
| Best Buy Co., Inc.  | 439137 | 36070713 |
| eBay, Inc.  | 1022284 | 83121912 |
| Genuine Parts Co.  | 311511 | 39658466 |
| Home Depot, Inc.  | 2218580 | 842150782 |
| LKQ Corp.  | 568168 | 18158649 |
| Lowe's Cos., Inc.  | 1249715 | 297594633 |
| O'Reilly Automotive, Inc. \* | 1891182 | 178603228 |
| Pool Corp.  | 73285 | 19571492 |
| Ross Stores, Inc.  | 731288 | 116216289 |
| TJX Cos., Inc.  | 2487701 | 348626418 |
| Tractor Supply Co.  | 1176356 | 63652623 |
| Ulta Beauty, Inc. \* | 100487 | 52241182 |
| Williams-Sonoma, Inc.  | 275244 | 53490919 |
|  |  | **7571248561** |
| **Consumer Durables & Apparel 0.5%** | **Consumer Durables & Apparel 0.5%** | **Consumer Durables & Apparel 0.5%** |
| Deckers Outdoor Corp. \* | 331575 | 27023362 |
| DR Horton, Inc.  | 616520 | 91910802 |
| Garmin Ltd.  | 365962 | 78293910 |
| Hasbro, Inc.  | 298736 | 22796544 |
| Lennar Corp., Class A  | 508959 | 62993855 |
| Lululemon Athletica, Inc. \* | 242988 | 41439174 |
| Mohawk Industries, Inc. \* | 116800 | 13273152 |
| NIKE, Inc., Class B  | 2647641 | 171011132 |
| NVR, Inc. \* | 6419 | 46286254 |
| PulteGroup, Inc.  | 441246 | 52892158 |
| Ralph Lauren Corp., Class A  | 86302 | 27587297 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**3**

------

Schwab S&P 500 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Tapestry, Inc.  | 464140 | 50971855 |
|  |  | **686479495** |
| **Consumer Services 1.8%** | **Consumer Services 1.8%** | **Consumer Services 1.8%** |
| Airbnb, Inc., Class A \* | 954942 | 120838361 |
| Booking Holdings, Inc.  | 72271 | 366973347 |
| Carnival Corp. \* | 2427730 | 69991456 |
| Chipotle Mexican Grill, Inc., Class A \* | 2983959 | 94561661 |
| Darden Restaurants, Inc.  | 261772 | 47158226 |
| Domino's Pizza, Inc.  | 69852 | 27833228 |
| DoorDash, Inc., Class A \* | 825443 | 209967936 |
| Expedia Group, Inc.  | 264315 | 58149300 |
| Hilton Worldwide Holdings, Inc.  | 523726 | 134576633 |
| Las Vegas Sands Corp.  | 690880 | 41003728 |
| Marriott International, Inc., Class A  | 501501 | 130681131 |
| McDonald's Corp.  | 1591258 | 474879125 |
| MGM Resorts International \* | 460875 | 14761826 |
| Norwegian Cruise Line Holdings Ltd. \* | 996379 | 22338817 |
| Royal Caribbean Cruises Ltd.  | 563034 | 161495042 |
| Starbucks Corp.  | 2534695 | 204980785 |
| Wynn Resorts Ltd.  | 188851 | 22471380 |
| Yum! Brands, Inc.  | 618080 | 85424837 |
|  |  | **2288086819** |
| **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** |
| Costco Wholesale Corp.  | 988905 | 901337462 |
| Dollar General Corp.  | 493645 | 48703016 |
| Dollar Tree, Inc. \* | 434187 | 43036615 |
| Kroger Co.  | 1360649 | 86578096 |
| Sysco Corp.  | 1067213 | 79272582 |
| Target Corp.  | 1011339 | 93771352 |
| Walmart, Inc.  | 9787498 | 990299048 |
|  |  | **2242998171** |
| **Energy 2.8%** | **Energy 2.8%** | **Energy 2.8%** |
| APA Corp.  | 800254 | 18125753 |
| Baker Hughes Co., Class A  | 2203278 | 106660688 |
| Chevron Corp.  | 4291535 | 676860900 |
| ConocoPhillips  | 2783581 | 247349008 |
| Coterra Energy, Inc.  | 1696679 | 40143425 |
| Devon Energy Corp.  | 1420042 | 46137165 |
| Diamondback Energy, Inc.  | 421141 | 60303180 |
| EOG Resources, Inc.  | 1217718 | 128883273 |
| EQT Corp.  | 1393961 | 74688430 |
| Expand Energy Corp.  | 531487 | 54907922 |
| Exxon Mobil Corp.  | 9506570 | 1087171345 |
| Halliburton Co.  | 1897343 | 50924686 |
| Kinder Morgan, Inc.  | 4364682 | 114311022 |
| Marathon Petroleum Corp.  | 679517 | 132444658 |
| Occidental Petroleum Corp.  | 1607182 | 66215898 |
| ONEOK, Inc.  | 1399975 | 93798325 |
| Phillips 66  | 902993 | 122933467 |
| SLB Ltd.  | 3330892 | 120111966 |
| Targa Resources Corp.  | 481387 | 74152854 |
| Texas Pacific Land Corp.  | 43166 | 40721941 |
| Valero Energy Corp.  | 694234 | 117714317 |
| Williams Cos., Inc.  | 2721383 | 157486434 |
|  |  | **3632046657** |
| **Equity Real Estate Investment Trusts (REITs) 1.7%** | **Equity Real Estate Investment Trusts (REITs) 1.7%** | **Equity Real Estate Investment Trusts (REITs) 1.7%** |
| Alexandria Real Estate Equities, Inc.  | 348571 | 20293804 |
| American Tower Corp.  | 1044076 | 186868722 |
| AvalonBay Communities, Inc.  | 318752 | 55437348 |
| BXP, Inc.  | 330122 | 23501385 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Camden Property Trust  | 240143 | 23889426 |
| Crown Castle, Inc.  | 968641 | 87390791 |
| Digital Realty Trust, Inc.  | 716758 | 122142731 |
| Equinix, Inc.  | 218136 | 184545237 |
| Equity Residential  | 774074 | 46010959 |
| Essex Property Trust, Inc.  | 142715 | 35931356 |
| Extra Space Storage, Inc.  | 474741 | 63396913 |
| Federal Realty Investment Trust  | 173095 | 16650008 |
| Healthpeak Properties, Inc.  | 1540670 | 27655026 |
| Host Hotels & Resorts, Inc.  | 1425627 | 22838545 |
| Invitation Homes, Inc.  | 1256634 | 35374247 |
| Iron Mountain, Inc.  | 658593 | 67802149 |
| Kimco Realty Corp.  | 1516463 | 31330126 |
| Mid-America Apartment Communities, <br> Inc. <br>| 260011 | 33341210 |
| Prologis, Inc.  | 2069478 | 256801525 |
| Public Storage  | 352633 | 98229448 |
| Realty Income Corp.  | 2043195 | 118464446 |
| Regency Centers Corp.  | 360605 | 24863715 |
| SBA Communications Corp., Class A  | 238070 | 45585644 |
| Simon Property Group, Inc.  | 729292 | 128180362 |
| UDR, Inc.  | 673475 | 22689373 |
| Ventas, Inc.  | 1015674 | 74946584 |
| VICI Properties, Inc., Class A  | 2376891 | 71282961 |
| Welltower, Inc.  | 1491408 | 270004504 |
| Weyerhaeuser Co.  | 1598304 | 36760992 |
|  |  | **2232209537** |
| **Financial Services 7.7%** | **Financial Services 7.7%** | **Financial Services 7.7%** |
| American Express Co.  | 1210357 | 436612081 |
| Ameriprise Financial, Inc.  | 210587 | 95347476 |
| Apollo Global Management, Inc.  | 1023803 | 127268951 |
| Bank of New York Mellon Corp.  | 1571760 | 169640057 |
| Berkshire Hathaway, Inc., Class B \* | 4089026 | 1952673476 |
| Blackrock, Inc.  | 321134 | 347727107 |
| Blackstone, Inc.  | 1643634 | 241022490 |
| Block, Inc. \* | 1229276 | 93351219 |
| Capital One Financial Corp.  | 1426014 | 313708820 |
| Cboe Global Markets, Inc.  | 233156 | 57272440 |
| Charles Schwab Corp. *(a)* | 3785146 | 357772000 |
| CME Group, Inc.  | 803601 | 213348029 |
| Coinbase Global, Inc., Class A \* | 503923 | 173238649 |
| Corpay, Inc. \* | 157432 | 40987421 |
| FactSet Research Systems, Inc.  | 84114 | 22441615 |
| Fidelity National Information Services, <br> Inc. <br>| 1168377 | 73046930 |
| Fiserv, Inc. \* | 1210932 | 80757055 |
| Franklin Resources, Inc.  | 678833 | 15348414 |
| Global Payments, Inc.  | 542615 | 42193742 |
| Goldman Sachs Group, Inc.  | 675034 | 532851589 |
| Interactive Brokers Group, Inc., Class A  | 995729 | 70059492 |
| Intercontinental Exchange, Inc.  | 1276440 | 186730408 |
| Invesco Ltd.  | 1004598 | 23808973 |
| Jack Henry & Associates, Inc.  | 162879 | 24259198 |
| KKR & Co., Inc.  | 1529101 | 180938521 |
| Mastercard, Inc., Class A  | 1840756 | 1016078904 |
| Moody's Corp.  | 343754 | 165105046 |
| Morgan Stanley  | 2705336 | 443675104 |
| MSCI, Inc., Class A  | 172325 | 101421879 |
| Nasdaq, Inc.  | 1013753 | 86665744 |
| Northern Trust Corp.  | 427710 | 55033446 |
| PayPal Holdings, Inc. \* | 2127622 | 147380376 |
| Raymond James Financial, Inc.  | 397055 | 63000717 |
| Robinhood Markets, Inc., Class A \* | 1725854 | 253320850 |
| S&P Global, Inc.  | 696841 | 339507904 |
| State Street Corp.  | 633915 | 73318609 |
| Synchrony Financial  | 832559 | 61925738 |

---

*See financial notes*

**4**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab S&P 500 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| T. Rowe Price Group, Inc.  | 492628 | 50509149 |
| Visa, Inc., Class A  | 3787876 | 1290680868 |
|  |  | **10020030487** |
| **Food, Beverage & Tobacco 2.0%** | **Food, Beverage & Tobacco 2.0%** | **Food, Beverage & Tobacco 2.0%** |
| Altria Group, Inc.  | 3745971 | 211197845 |
| Archer-Daniels-Midland Co.  | 1072031 | 64890037 |
| Brown-Forman Corp., Class B  | 381958 | 10400716 |
| Bunge Global SA  | 313140 | 29623044 |
| Campbell's Co.  | 440063 | 13259098 |
| Coca-Cola Co.  | 8637032 | 595091505 |
| Conagra Brands, Inc.  | 1071271 | 18415149 |
| Constellation Brands, Inc., Class A  | 319329 | 41953444 |
| General Mills, Inc.  | 1194044 | 55654391 |
| Hershey Co.  | 329634 | 55915815 |
| Hormel Foods Corp.  | 652341 | 14084042 |
| J.M. Smucker Co.  | 240169 | 24869500 |
| Kellanova  | 597940 | 49664896 |
| Keurig Dr. Pepper, Inc.  | 3020089 | 82025617 |
| Kraft Heinz Co.  | 1903572 | 47075336 |
| Lamb Weston Holdings, Inc.  | 311678 | 19239883 |
| McCormick & Co., Inc. - Non Voting <br> Shares <br>| 564928 | 36245781 |
| Molson Coors Beverage Co., Class B  | 370145 | 16182739 |
| Mondelez International, Inc., Class A  | 2883624 | 165693035 |
| Monster Beverage Corp. \* | 1585171 | 105936978 |
| PepsiCo, Inc.  | 3052891 | 445996846 |
| Philip Morris International, Inc.  | 3471022 | 500972605 |
| Tyson Foods, Inc., Class A  | 635956 | 32694498 |
|  |  | **2637082800** |
| **Health Care Equipment & Services 3.6%** | **Health Care Equipment & Services 3.6%** | **Health Care Equipment & Services 3.6%** |
| Abbott Laboratories  | 3881031 | 479773052 |
| Align Technology, Inc. \* | 151803 | 20930598 |
| Baxter International, Inc.  | 1135822 | 20978632 |
| Becton Dickinson & Co.  | 639147 | 114221960 |
| Boston Scientific Corp. \* | 3304143 | 332793283 |
| Cardinal Health, Inc.  | 531790 | 101449578 |
| Cencora, Inc.  | 431613 | 145803188 |
| Centene Corp. \* | 1044424 | 36941277 |
| Cigna Group  | 595220 | 145477720 |
| Cooper Cos., Inc. \* | 445037 | 31112537 |
| CVS Health Corp.  | 2831670 | 221295011 |
| DaVita, Inc. \* | 80417 | 9571231 |
| Dexcom, Inc. \* | 877168 | 51068721 |
| Edwards Lifesciences Corp. \* | 1305752 | 107659252 |
| Elevance Health, Inc.  | 502114 | 159270561 |
| GE HealthCare Technologies, Inc.  | 1020996 | 76523650 |
| HCA Healthcare, Inc.  | 365208 | 167878813 |
| Henry Schein, Inc. \* | 232019 | 14663601 |
| Hologic, Inc. \* | 496225 | 36675990 |
| Humana, Inc.  | 268577 | 74715436 |
| IDEXX Laboratories, Inc. \* | 178926 | 112635706 |
| Insulet Corp. \* | 156779 | 49073395 |
| Intuitive Surgical, Inc. \* | 799364 | 427084198 |
| Labcorp Holdings, Inc.  | 184789 | 46929014 |
| McKesson Corp.  | 277363 | 225035696 |
| Medtronic PLC  | 2857080 | 259137156 |
| Molina Healthcare, Inc. \* | 120600 | 18459036 |
| Quest Diagnostics, Inc.  | 248241 | 43678004 |
| ResMed, Inc.  | 326411 | 80584348 |
| Solventum Corp. \* | 328089 | 22651265 |
| STERIS PLC  | 219715 | 51786826 |
| Stryker Corp.  | 767252 | 273325852 |
| UnitedHealth Group, Inc.  | 2019553 | 689798523 |
| Universal Health Services, Inc., Class B  | 126523 | 27456756 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Zimmer Biomet Holdings, Inc.  | 438861 | 44131862 |
|  |  | **4720571728** |
| **Household & Personal Products 0.9%** | **Household & Personal Products 0.9%** | **Household & Personal Products 0.9%** |
| Church & Dwight Co., Inc.  | 544928 | 47784736 |
| Clorox Co.  | 271194 | 30498477 |
| Colgate-Palmolive Co.  | 1798919 | 138606709 |
| Estee Lauder Cos., Inc., Class A  | 523895 | 50655408 |
| Kenvue, Inc.  | 4262014 | 61245141 |
| Kimberly-Clark Corp.  | 740035 | 88589590 |
| Procter & Gamble Co.  | 5223229 | 785416945 |
|  |  | **1202797006** |
| **Insurance 1.7%** | **Insurance 1.7%** | **Insurance 1.7%** |
| Aflac, Inc.  | 1076200 | 115357878 |
| Allstate Corp.  | 588743 | 112756059 |
| American International Group, Inc.  | 1236845 | 97661281 |
| Aon PLC, Class A  | 480484 | 163691289 |
| Arch Capital Group Ltd.  | 829491 | 71593368 |
| Arthur J Gallagher & Co.  | 571176 | 142502700 |
| Assurant, Inc.  | 111775 | 23665003 |
| Brown & Brown, Inc.  | 654516 | 52191106 |
| Chubb Ltd.  | 826380 | 228857677 |
| Cincinnati Financial Corp.  | 350232 | 54142365 |
| Erie Indemnity Co., Class A  | 57588 | 16852552 |
| Everest Group Ltd.  | 93380 | 29369878 |
| Globe Life, Inc.  | 181047 | 23809491 |
| Hartford Insurance Group, Inc.  | 628447 | 78040549 |
| Loews Corp.  | 380482 | 37880788 |
| Marsh & McLennan Cos., Inc.  | 1097868 | 195585184 |
| MetLife, Inc.  | 1248320 | 99640903 |
| Principal Financial Group, Inc.  | 452798 | 38053144 |
| Progressive Corp.  | 1307179 | 269278874 |
| Prudential Financial, Inc.  | 785973 | 81741192 |
| Travelers Cos., Inc.  | 502966 | 135106727 |
| W.R. Berkley Corp.  | 665371 | 47467567 |
| Willis Towers Watson PLC  | 217823 | 68200381 |
|  |  | **2183445956** |
| **Materials 1.7%** | **Materials 1.7%** | **Materials 1.7%** |
| Air Products & Chemicals, Inc.  | 495108 | 120108250 |
| Albemarle Corp.  | 260633 | 25601980 |
| Amcor PLC  | 5126120 | 40496348 |
| Avery Dennison Corp.  | 174199 | 30465663 |
| Ball Corp.  | 607200 | 28538400 |
| CF Industries Holdings, Inc.  | 361623 | 30119580 |
| Corteva, Inc.  | 1518536 | 93298852 |
| Dow, Inc.  | 1594985 | 38040392 |
| DuPont de Nemours, Inc.  | 937226 | 76524503 |
| Eastman Chemical Co.  | 260565 | 15508829 |
| Ecolab, Inc.  | 568210 | 145689044 |
| Freeport-McMoRan, Inc.  | 3194564 | 133213319 |
| International Flavors & Fragrances, Inc.  | 571508 | 35987859 |
| International Paper Co.  | 1178060 | 45520238 |
| Linde PLC  | 1045618 | 437382009 |
| LyondellBasell Industries NV, Class A  | 573539 | 26623680 |
| Martin Marietta Materials, Inc.  | 134287 | 82331360 |
| Mosaic Co.  | 710205 | 19495127 |
| Newmont Corp.  | 2449422 | 198329699 |
| Nucor Corp.  | 513309 | 77022015 |
| Packaging Corp. of America  | 198835 | 38923940 |
| PPG Industries, Inc.  | 503763 | 49242833 |
| Sherwin-Williams Co.  | 517066 | 178356746 |
| Smurfit WestRock PLC  | 1168196 | 43129796 |
| Solstice Advanced Materials, Inc. \* | 353937 | 15951941 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**5**

------

Schwab S&P 500 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Steel Dynamics, Inc.  | 308044 | 48301299 |
| Vulcan Materials Co.  | 293566 | 84987357 |
|  |  | **2159191059** |
| **Media & Entertainment 9.3%** | **Media & Entertainment 9.3%** | **Media & Entertainment 9.3%** |
| Alphabet, Inc., Class A  | 12971268 | 3647390849 |
| Alphabet, Inc., Class C  | 10413138 | 2934630551 |
| Charter Communications, Inc., Class A \* | 207783 | 48587977 |
| Comcast Corp., Class A  | 8212153 | 228585279 |
| Electronic Arts, Inc.  | 500587 | 100147435 |
| Fox Corp., Class A  | 769705 | 49761428 |
| Interpublic Group of Cos., Inc.  | 827231 | 21226747 |
| Live Nation Entertainment, Inc. \* | 349926 | 52324435 |
| Match Group, Inc.  | 528008 | 17075779 |
| Meta Platforms, Inc., Class A  | 4836546 | 3135774599 |
| Netflix, Inc. \* | 947538 | 1060162367 |
| News Corp., Class A  | 1150057 | 30476511 |
| Omnicom Group, Inc.  | 432876 | 32474358 |
| Paramount Skydance Corp., Class B *(b)* | 693329 | 10670333 |
| Take-Two Interactive Software, Inc. \* | 387886 | 99442334 |
| TKO Group Holdings, Inc.  | 154301 | 29070308 |
| Trade Desk, Inc., Class A \* | 991262 | 49840653 |
| Walt Disney Co.  | 4009194 | 451515428 |
| Warner Bros Discovery, Inc. \* | 5506674 | 123624831 |
|  |  | **12122782202** |
| **Pharmaceuticals, Biotechnology & Life Sciences 5.3%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.3%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.3%** |
| AbbVie, Inc.  | 3939229 | 858909491 |
| Agilent Technologies, Inc.  | 634491 | 92864103 |
| Amgen, Inc.  | 1200488 | 358261634 |
| Biogen, Inc. \* | 328675 | 50704692 |
| Bio-Techne Corp.  | 350277 | 21916832 |
| Bristol-Myers Squibb Co.  | 4538350 | 209081785 |
| Charles River Laboratories International, <br> Inc. \*<br>| 109177 | 19659502 |
| Danaher Corp.  | 1421078 | 306071780 |
| Eli Lilly & Co.  | 1772815 | 1529691151 |
| Gilead Sciences, Inc.  | 2766863 | 331442519 |
| Incyte Corp. \* | 368868 | 34481781 |
| IQVIA Holdings, Inc. \* | 380218 | 82301988 |
| Johnson & Johnson  | 5370330 | 1014294227 |
| Merck & Co., Inc.  | 5569780 | 478889684 |
| Mettler-Toledo International, Inc. \* | 46008 | 65160670 |
| Moderna, Inc. \* | 766725 | 20824251 |
| Pfizer, Inc.  | 12678151 | 312516422 |
| Regeneron Pharmaceuticals, Inc.  | 226786 | 147819115 |
| Revvity, Inc.  | 256390 | 23995540 |
| Thermo Fisher Scientific, Inc.  | 842033 | 477761104 |
| Vertex Pharmaceuticals, Inc. \* | 571724 | 243308583 |
| Viatris, Inc.  | 2625765 | 27202925 |
| Waters Corp. \* | 131798 | 46076581 |
| West Pharmaceutical Services, Inc.  | 159981 | 45125841 |
| Zoetis, Inc.  | 986783 | 142185562 |
|  |  | **6940547763** |
| **Real Estate Management & Development 0.1%** | **Real Estate Management & Development 0.1%** | **Real Estate Management & Development 0.1%** |
| CBRE Group, Inc., Class A \* | 651907 | 99370184 |
| CoStar Group, Inc. \* | 944696 | 65004532 |
|  |  | **164374716** |
| **Semiconductors & Semiconductor Equipment 14.9%** | **Semiconductors & Semiconductor Equipment 14.9%** | **Semiconductors & Semiconductor Equipment 14.9%** |
| Advanced Micro Devices, Inc. \* | 3618763 | 926837580 |
| Analog Devices, Inc.  | 1106578 | 259083107 |
| Applied Materials, Inc.  | 1789482 | 417128254 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Broadcom, Inc.  | 10488221 | 3876761128 |
| First Solar, Inc. \* | 239037 | 63808537 |
| Intel Corp. \* | 9760227 | 390311478 |
| KLA Corp.  | 294258 | 355681415 |
| Lam Research Corp.  | 2822195 | 444382825 |
| Microchip Technology, Inc.  | 1206946 | 75337569 |
| Micron Technology, Inc.  | 2495525 | 558423629 |
| Monolithic Power Systems, Inc.  | 106511 | 107043555 |
| NVIDIA Corp.  | 54409306 | 11017340372 |
| NXP Semiconductors NV  | 560985 | 117313183 |
| ON Semiconductor Corp. \* | 914523 | 45799312 |
| QUALCOMM, Inc.  | 2404989 | 435062510 |
| Skyworks Solutions, Inc.  | 326998 | 25414285 |
| Teradyne, Inc.  | 354756 | 64480451 |
| Texas Instruments, Inc.  | 2027275 | 327323821 |
|  |  | **19507533011** |
| **Software & Services 12.1%** | **Software & Services 12.1%** | **Software & Services 12.1%** |
| Accenture PLC, Class A  | 1388893 | 347362139 |
| Adobe, Inc. \* | 945919 | 321905695 |
| Akamai Technologies, Inc. \* | 320692 | 24083969 |
| AppLovin Corp., Class A \* | 603675 | 384740188 |
| Autodesk, Inc. \* | 476716 | 143653599 |
| Cadence Design Systems, Inc. \* | 607623 | 205795834 |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 1092623 | 79630364 |
| Crowdstrike Holdings, Inc., Class A \* | 555796 | 301802786 |
| Datadog, Inc., Class A \* | 719015 | 117062832 |
| EPAM Systems, Inc. \* | 126051 | 20614381 |
| Fair Isaac Corp. \* | 53699 | 89115102 |
| Fortinet, Inc. \* | 1449574 | 125286681 |
| Gartner, Inc. \* | 169401 | 42069044 |
| Gen Digital, Inc.  | 1254186 | 33060343 |
| GoDaddy, Inc., Class A \* | 309681 | 41227832 |
| International Business Machines Corp.  | 2077185 | 638547441 |
| Intuit, Inc.  | 622021 | 415230119 |
| Microsoft Corp.  | 16575140 | 8582773243 |
| Oracle Corp.  | 3695399 | 970448731 |
| Palantir Technologies, Inc., Class A \* | 5071353 | 1016654136 |
| Palo Alto Networks, Inc. \* | 1489424 | 328030742 |
| PTC, Inc. \* | 266083 | 52828119 |
| Roper Technologies, Inc.  | 239605 | 106899771 |
| Salesforce, Inc.  | 2131774 | 555135267 |
| ServiceNow, Inc. \* | 463817 | 426377692 |
| Synopsys, Inc. \* | 412004 | 186975655 |
| Tyler Technologies, Inc. \* | 96316 | 45871458 |
| VeriSign, Inc.  | 187569 | 44979046 |
| Workday, Inc., Class A \* | 482886 | 115854009 |
|  |  | **15764016218** |
| **Technology Hardware & Equipment 9.0%** | **Technology Hardware & Equipment 9.0%** | **Technology Hardware & Equipment 9.0%** |
| Amphenol Corp., Class A  | 2722519 | 379355797 |
| Apple, Inc.  | 33092431 | 8947200570 |
| Arista Networks, Inc. \* | 2298190 | 362401581 |
| CDW Corp.  | 291838 | 46510222 |
| Cisco Systems, Inc.  | 8830358 | 645587473 |
| Corning, Inc.  | 1735532 | 154601191 |
| Dell Technologies, Inc., Class C  | 674008 | 109196036 |
| F5, Inc. \* | 128549 | 32529324 |
| Hewlett Packard Enterprise Co.  | 2932966 | 71623030 |
| HP, Inc.  | 2096897 | 58021140 |
| Jabil, Inc.  | 239396 | 52880182 |
| Keysight Technologies, Inc. \* | 384475 | 70343546 |
| Motorola Solutions, Inc.  | 370920 | 150856873 |
| NetApp, Inc.  | 447292 | 52682052 |
| Seagate Technology Holdings PLC  | 475669 | 121714184 |

---

*See financial notes*

**6**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab S&P 500 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Super Micro Computer, Inc. \* | 1121189 | 58256980 |
| TE Connectivity PLC  | 657841 | 162493305 |
| Teledyne Technologies, Inc. \* | 104868 | 55246560 |
| Trimble, Inc. \* | 532456 | 42463366 |
| Western Digital Corp.  | 775794 | 116532017 |
| Zebra Technologies Corp., Class A \* | 113795 | 30639304 |
|  |  | **11721134733** |
| **Telecommunication Services 0.8%** | **Telecommunication Services 0.8%** | **Telecommunication Services 0.8%** |
| AT&T, Inc.  | 15944569 | 394628083 |
| T-Mobile U.S., Inc.  | 1079111 | 226667265 |
| Verizon Communications, Inc.  | 9401939 | 373633056 |
|  |  | **994928404** |
| **Transportation 1.3%** | **Transportation 1.3%** | **Transportation 1.3%** |
| CH Robinson Worldwide, Inc.  | 262153 | 40368940 |
| CSX Corp.  | 4151104 | 149522766 |
| Delta Air Lines, Inc.  | 1450703 | 83241338 |
| Expeditors International of Washington, <br> Inc. <br>| 300246 | 36599987 |
| FedEx Corp.  | 485379 | 123198898 |
| JB Hunt Transport Services, Inc.  | 170739 | 28830988 |
| Norfolk Southern Corp.  | 499554 | 141563613 |
| Old Dominion Freight Line, Inc.  | 413575 | 58074201 |
| Southwest Airlines Co.  | 1174687 | 35593016 |
| Uber Technologies, Inc. \* | 4650254 | 448749511 |
| Union Pacific Corp.  | 1322414 | 291420373 |
| United Airlines Holdings, Inc. \* | 724089 | 68093330 |
| United Parcel Service, Inc., Class B  | 1643210 | 158438308 |
|  |  | **1663695269** |
| **Utilities 2.3%** | **Utilities 2.3%** | **Utilities 2.3%** |
| AES Corp.  | 1567426 | 21740199 |
| Alliant Energy Corp.  | 572271 | 38239148 |
| Ameren Corp.  | 603849 | 61604675 |
| American Electric Power Co., Inc.  | 1190831 | 143209336 |
| American Water Works Co., Inc.  | 435755 | 55964015 |
| Atmos Energy Corp.  | 358225 | 61514397 |
| CenterPoint Energy, Inc.  | 1460291 | 55841528 |
| CMS Energy Corp.  | 670258 | 49297476 |
| Consolidated Edison, Inc.  | 803462 | 78265233 |
| Constellation Energy Corp.  | 696631 | 262629887 |
| Dominion Energy, Inc.  | 1901082 | 111574502 |
| DTE Energy Co.  | 462305 | 62660820 |
| Duke Energy Corp.  | 1733049 | 215417991 |
| Edison International  | 863321 | 47810717 |
| Entergy Corp.  | 995205 | 95629248 |
| Evergy, Inc.  | 508881 | 39087149 |
| Eversource Energy  | 825727 | 60946910 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Exelon Corp.  | 2251312 | 103830509 |
| FirstEnergy Corp.  | 1157590 | 53052350 |
| NextEra Energy, Inc.  | 4591996 | 373788474 |
| NiSource, Inc.  | 1048524 | 44153346 |
| NRG Energy, Inc.  | 432612 | 74348698 |
| PG&E Corp.  | 4923273 | 78575437 |
| Pinnacle West Capital Corp.  | 265796 | 23528262 |
| PPL Corp.  | 1658409 | 60565097 |
| Public Service Enterprise Group, Inc.  | 1112850 | 89651196 |
| Sempra  | 1454653 | 133740797 |
| Southern Co.  | 2451943 | 230580720 |
| Vistra Corp.  | 708960 | 133497168 |
| WEC Energy Group, Inc.  | 717726 | 80191526 |
| Xcel Energy, Inc.  | 1321246 | 107245538 |
|  |  | **3048182349** |
| **Total Common Stocks** <br>**(Cost $46,212,523,678)** | **Total Common Stocks** <br>**(Cost $46,212,523,678)** | **130088127975** |

---

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

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.0% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.0% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.0% OF NET ASSETS  |
| **Money Market Funds 0.0%** | **Money Market Funds 0.0%** | **Money Market Funds 0.0%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(c)(d)*<br>| 9128124 | 9128124 |
| **Total Short-Term Investments** <br>**(Cost $9,128,124)** | **Total Short-Term Investments** <br>**(Cost $9,128,124)** | **9128124** |
| **Total Investments in Securities** <br>**(Cost $46,221,651,802)** | **Total Investments in Securities** <br>**(Cost $46,221,651,802)** | **130097256099** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| S&P 500 Index, e-mini, <br> expires 12/19/25<br>| 1062 | 365009400 | **7732431** |

---

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

\* Non-income producing security.

*(a)* Issuer is affiliated with the fund's investment adviser.

*(b)* All or a portion of this security is on loan. Securities on loan were valued at $8,444,278. 

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

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

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

REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers during the period ended October 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS |
| **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** |
| Charles Schwab Corp. | $225922626 | $53034492 | ($4345674)<br>| $873 | $83159683 | **$357772000** | 3785146 | $3848445 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**7**

------

Schwab S&P 500 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $130088127975 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $130088127975 |
| Short-Term Investments<sup>1</sup> <br>| 9128124 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9128124 |
| Futures Contracts<sup>2</sup> <br>| 7732431 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7732431 |
| **Total** | **$130104988530** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$130104988530** |

---

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

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

*See financial notes*

**8**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab S&P 500 Index Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $162,513,919)  |  | $357772000 |
| Investments in securities, at value - unaffiliated issuers (cost $46,059,137,883) including securities on loan of $8,444,278 |  | 129739484099 |
| Cash |  | 297242941 |
| Deposit with broker for futures contracts |  | 22618509 |
| Receivables: |  |  |
| Fund shares sold |  | 78157664 |
| Dividends |  | 59724804 |
| Variation margin on future contracts |  | 982347 |
| Income from securities on loan | + | 8271 |
| **Total assets** |  | **130555990635** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 9128124 |
| Payables: |  |  |
| Fund shares redeemed |  | 90592344 |
| Investment adviser fees | + | 2326150 |
| **Total liabilities** |  | **102046618** |
| **Net assets** |  | **$130453944017** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $46590296399 |
| Total distributable earnings | + | 83863647618 |
| **Net assets** |  | **$130453944017** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $130453944017 |  | &nbsp;&nbsp;&nbsp;&nbsp; 7379552413 |  | &nbsp;&nbsp;&nbsp;&nbsp; $17.68 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**9**

------

Schwab S&P 500 Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $345,515) |  | $1435227449 |
| Other Interest |  | 7934634 |
| Dividends received from securities - affiliated issuers |  | 3848445 |
| Securities on loan, net | + | 46967 |
| **Total investment income**  |  | **1447057495** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 22994531 |
| **Total expenses** | – | **22994531** |
| **Net investment income** |  | **1424062964** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - affiliated issuers  |  | 873 |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (299781531)<br>|
| Net realized gains on futures contracts | + | 58241475 |
| **Net realized losses** |  | **(241539183)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 83159683 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 21599979947 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 15983636 |
| **Net change in unrealized appreciation (depreciation)** |  | **21699123266** |
| **Net realized and unrealized gains** |  | **21457584083** |
| **Increase in net assets resulting from operations** |  | **$22881647047** |

---

*See financial notes*

**10**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab S&P 500 Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $1424062964 | &nbsp;&nbsp;&nbsp; $1282136668 |
| Net realized losses |  | (241539183)<br>| &nbsp;&nbsp;&nbsp; (132774728)<br>|
| Net change in unrealized appreciation (depreciation) | + | 21699123266 | &nbsp;&nbsp;&nbsp; 26189344946 |
| **Increase in net assets resulting from operations** |  | **$22881647047** | &nbsp;&nbsp;&nbsp; **$27338706886** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($1322087859)**<br>| &nbsp;&nbsp;&nbsp; **($1135808670)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 1437555005 | &nbsp;&nbsp;&nbsp; $22265827045 | &nbsp;&nbsp;&nbsp; 1411567470 | &nbsp;&nbsp;&nbsp; $18780662028 |
| Shares reinvested |  | 69303333 | &nbsp;&nbsp;&nbsp; 1072236167 | &nbsp;&nbsp;&nbsp; 78616830 | &nbsp;&nbsp;&nbsp; 923878716 |
| Shares redeemed | + | (1195570783)<br>| &nbsp;&nbsp;&nbsp; (18583827000)<br>| &nbsp;&nbsp;&nbsp; (886680138)<br>| &nbsp;&nbsp;&nbsp; (11829511743)<br>|
| **Net transactions in fund shares**  |  | **311287555** | &nbsp;&nbsp;&nbsp; **$4754236212** | &nbsp;&nbsp;&nbsp; **603504162** | &nbsp;&nbsp;&nbsp; **$7875029001** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 7068264858 | &nbsp;&nbsp;&nbsp; $104140148617 | &nbsp;&nbsp;&nbsp; 6464760696 | &nbsp;&nbsp;&nbsp; $70062221400 |
| Total increase | + | 311287555 | &nbsp;&nbsp;&nbsp; 26313795400 | &nbsp;&nbsp;&nbsp; 603504162 | &nbsp;&nbsp;&nbsp; 34077927217 |
| **End of period** |  | **7379552413** | &nbsp;&nbsp;&nbsp; **$130453944017** | &nbsp;&nbsp;&nbsp; **7068264858** | &nbsp;&nbsp;&nbsp; **$104140148617** |

---

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

<sup>1</sup> For the period ended October 31, 2025, and the prior report period, transactions in fund shares have been retroactively adjusted to reflect a 6-for-1 share split effective after the close of U.S. markets on August 15, 2025. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 9 for additional information). 

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**11**

------

Schwab 1000 Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<sup>1</sup> <br>| 11/1/23– <br>10/31/24<sup>1</sup> <br>| 11/1/22– <br>10/31/23<sup>1</sup> <br>| 11/1/21– <br>10/31/22<sup>1</sup> <br>| 11/1/20– <br>10/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $12.32 | &nbsp;&nbsp; $9.05 | &nbsp;&nbsp; $8.40 | &nbsp;&nbsp; $10.27 | &nbsp;&nbsp; $7.37 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.16 | 0.15 | 0.14 | 0.13 | 0.12 |
| Net realized and unrealized gains (losses) | 2.43 | 3.26 | 0.64 | &nbsp;&nbsp; (1.82)<br>| 3.01 |
| Total from investment operations | 2.59 | 3.41 | 0.78 | &nbsp;&nbsp; (1.69)<br>| 3.13 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.14)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.09)<br>|
| Total distributions | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $14.75 | &nbsp;&nbsp; $12.32 | &nbsp;&nbsp; $9.05 | &nbsp;&nbsp; $8.40 | &nbsp;&nbsp; $10.27 |
| Total return | 21.18<br> %<br>| 38.17<br> %<br>| 9.35<br> %<br>| &nbsp;&nbsp; (16.73<br> %)<br>| 43.16<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.05<br> %<br>| 0.05<br> %<br>| 0.05<br> %<br>| 0.05 %<sup>3</sup><br>| 0.05<br> %<br>|
| Net investment income (loss) | 1.21<br> %<br>| 1.36<br> %<br>| 1.57<br> %<br>| 1.40<br> %<br>| 1.36<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 3 %<sup>4</sup><br>| &nbsp;&nbsp; 3 %<sup>4</sup><br>| &nbsp;&nbsp; 3 %<sup>4</sup><br>| &nbsp;&nbsp; 2 %<sup>4</sup><br>| &nbsp;&nbsp; 5 %<sup>4</sup><br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $20543 | &nbsp;&nbsp; $17357 | &nbsp;&nbsp; $12811 | &nbsp;&nbsp; $11888 | &nbsp;&nbsp; $14222 |

---

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

<sup>1</sup> Per-Share Data has been retroactively adjusted to reflect a 10-for-1 share split effective after the close of U.S. markets on August 15, 2025 (see financial note 9 for additional information). 

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

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

<sup>4</sup> Portfolio turnover rate excludes in-kind transactions.

*See financial notes*

**12**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab 1000 Index Fund

Portfolio Holdings as of October 31, 2025

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.9% OF NET ASSETS  | **COMMON STOCKS** 99.9% OF NET ASSETS  | **COMMON STOCKS** 99.9% OF NET ASSETS  |
| **Automobiles & Components 2.3%** | **Automobiles & Components 2.3%** | **Automobiles & Components 2.3%** |
| Aptiv PLC \* | 69899 | 5668809 |
| Autoliv, Inc.  | 22454 | 2622627 |
| BorgWarner, Inc.  | 68653 | 2949333 |
| Ford Motor Co.  | 1260128 | 16545481 |
| General Motors Co.  | 306838 | 21199437 |
| Gentex Corp.  | 72704 | 1704909 |
| Lear Corp.  | 17523 | 1833782 |
| Lucid Group, Inc. *\*(a)* | 37127 | 659004 |
| Modine Manufacturing Co. \* | 16474 | 2523981 |
| Rivian Automotive, Inc., Class A \* | 257124 | 3489173 |
| Tesla, Inc. \* | 902487 | 412039465 |
| Thor Industries, Inc.  | 17156 | 1790229 |
|  |  | **473026230** |
| **Banks 3.5%** | **Banks 3.5%** | **Banks 3.5%** |
| Bank of America Corp.  | 2191586 | 117140272 |
| Bank OZK  | 33894 | 1524891 |
| BOK Financial Corp.  | 7325 | 766049 |
| Cadence Bank  | 59141 | 2231981 |
| Citigroup, Inc.  | 592054 | 59933626 |
| Citizens Financial Group, Inc.  | 138946 | 7068183 |
| Columbia Banking System, Inc.  | 97347 | 2608900 |
| Comerica, Inc.  | 41344 | 3162816 |
| Commerce Bancshares, Inc.  | 39771 | 2093148 |
| Cullen/Frost Bankers, Inc.  | 20482 | 2522153 |
| East West Bancorp, Inc.  | 44244 | 4495190 |
| Fifth Third Bancorp  | 212777 | 8855779 |
| First Citizens BancShares, Inc., <br> Class A <br>| 3373 | 6155118 |
| First Financial Bankshares, Inc.  | 41597 | 1284931 |
| First Horizon Corp.  | 160590 | 3430202 |
| Flagstar Bank NA  | 96247 | 1099141 |
| FNB Corp.  | 114185 | 1794988 |
| Glacier Bancorp, Inc.  | 41422 | 1692089 |
| Hancock Whitney Corp.  | 26894 | 1535916 |
| Home BancShares, Inc.  | 58471 | 1561760 |
| Huntington Bancshares, Inc.  | 506520 | 7820669 |
| JPMorgan Chase & Co.  | 884352 | 275139594 |
| KeyCorp  | 299906 | 5275347 |
| M&T Bank Corp.  | 50254 | 9240203 |
| Old National Bancorp  | 111555 | 2279069 |
| Pinnacle Financial Partners, Inc.  | 25092 | 2138089 |
| PNC Financial Services Group, Inc.  | 126793 | 23146062 |
| Popular, Inc.  | 21304 | 2374757 |
| Prosperity Bancshares, Inc.  | 29804 | 1961699 |
| Regions Financial Corp.  | 286310 | 6928702 |
| Southstate Bank Corp.  | 31949 | 2832279 |
| Synovus Financial Corp.  | 44119 | 1969472 |
| Truist Financial Corp.  | 415059 | 18524083 |
| U.S. Bancorp  | 500778 | 23376317 |
| UMB Financial Corp.  | 23269 | 2486991 |
| United Bankshares, Inc.  | 44349 | 1587251 |
| Valley National Bancorp  | 153346 | 1666871 |
| Webster Financial Corp.  | 53190 | 3033958 |
| Wells Fargo & Co.  | 1030263 | 89601973 |
| Western Alliance Bancorp  | 33346 | 2579313 |
| Wintrust Financial Corp.  | 21741 | 2826765 |
| Zions Bancorp NA  | 47112 | 2455006 |
|  |  | **720201603** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Capital Goods 6.8%** | **Capital Goods 6.8%** | **Capital Goods 6.8%** |
| 3M Co.  | 171559 | 28564574 |
| A.O. Smith Corp.  | 37247 | 2457930 |
| AAON, Inc.  | 21436 | 2109088 |
| Acuity, Inc.  | 9777 | 3569094 |
| Advanced Drainage Systems, Inc.  | 22786 | 3191179 |
| AECOM  | 42050 | 5649418 |
| AeroVironment, Inc. \* | 10380 | 3839666 |
| AGCO Corp.  | 19628 | 2024824 |
| Air Lease Corp., Class A  | 33839 | 2160959 |
| Allegion PLC  | 27710 | 4593487 |
| Allison Transmission Holdings, Inc.  | 26351 | 2175275 |
| AMETEK, Inc.  | 74390 | 15034963 |
| API Group Corp. \* | 118039 | 4346196 |
| Applied Industrial Technologies, Inc.  | 12027 | 3092021 |
| Archer Aviation, Inc., Class A \* | 170008 | 1907490 |
| Armstrong World Industries, Inc.  | 13979 | 2662021 |
| ATI, Inc. \* | 44400 | 4394268 |
| Axon Enterprise, Inc. \* | 25285 | 18514436 |
| Bloom Energy Corp., Class A \* | 69312 | 9160274 |
| Boeing Co. \* | 243086 | 48865148 |
| Builders FirstSource, Inc. \* | 35226 | 4092204 |
| BWX Technologies, Inc.  | 29619 | 6326915 |
| Carlisle Cos., Inc.  | 13682 | 4447334 |
| Carpenter Technology Corp.  | 15891 | 5019967 |
| Carrier Global Corp.  | 257566 | 15322601 |
| Caterpillar, Inc.  | 150668 | 86974610 |
| Chart Industries, Inc. \* | 14216 | 2837798 |
| CNH Industrial NV  | 285348 | 2993301 |
| Comfort Systems USA, Inc.  | 11288 | 10899467 |
| Construction Partners, Inc., Class A \* | 15236 | 1742237 |
| Core & Main, Inc., Class A \* | 61255 | 3196286 |
| Crane Co.  | 15635 | 2970650 |
| Cummins, Inc.  | 44385 | 19426427 |
| Curtiss-Wright Corp.  | 12048 | 7177355 |
| Deere & Co.  | 80926 | 37357869 |
| Donaldson Co., Inc.  | 37102 | 3125844 |
| Dover Corp.  | 44067 | 7996398 |
| Dycom Industries, Inc. \* | 9317 | 2681339 |
| Eaton Corp. PLC  | 125108 | 47736208 |
| EMCOR Group, Inc.  | 14419 | 9744072 |
| Emerson Electric Co.  | 181275 | 25300552 |
| Esab Corp.  | 18535 | 2165259 |
| ESCO Technologies, Inc.  | 8372 | 1837403 |
| Fastenal Co.  | 369674 | 15212085 |
| Federal Signal Corp.  | 19668 | 2321414 |
| Ferguson Enterprises, Inc.  | 63556 | 15793666 |
| Flowserve Corp.  | 41348 | 2822001 |
| Fluor Corp. \* | 51735 | 2523116 |
| Fortive Corp.  | 108975 | 5485802 |
| Fortune Brands Innovations, Inc.  | 37523 | 1906168 |
| FTAI Aviation Ltd.  | 32786 | 5668699 |
| Gates Industrial Corp. PLC \* | 82479 | 1821136 |
| GATX Corp.  | 11668 | 1830126 |
| GE Vernova, Inc.  | 87531 | 51217889 |
| Generac Holdings, Inc. \* | 18892 | 3174234 |
| General Dynamics Corp.  | 81105 | 27973115 |
| General Electric Co.  | 341049 | 105367089 |
| Graco, Inc.  | 52817 | 4318846 |
| HEICO Corp.  | 32496 | 10326254 |
| Hexcel Corp.  | 25747 | 1838336 |
| Honeywell International, Inc.  | 204396 | 41151047 |
| Howmet Aerospace, Inc.  | 129845 | 26741578 |
| Hubbell, Inc., Class B  | 17039 | 8008330 |
| Huntington Ingalls Industries, Inc.  | 12553 | 4042317 |
| IDEX Corp.  | 24250 | 4157905 |
| IES Holdings, Inc. \* | 2814 | 1102750 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**13**

------

Schwab 1000 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Illinois Tool Works, Inc.  | 85241 | 20791985 |
| Ingersoll Rand, Inc.  | 116451 | 8888705 |
| ITT, Inc.  | 25087 | 4642851 |
| JBT Marel Corp.  | 16726 | 2109149 |
| Johnson Controls International PLC  | 210746 | 24107235 |
| Karman Holdings, Inc. \* | 24414 | 2056635 |
| Kratos Defense & Security Solutions, <br> Inc. \*<br>| 54367 | 4925650 |
| L3Harris Technologies, Inc.  | 60270 | 17424057 |
| Lennox International, Inc.  | 10247 | 5174735 |
| Leonardo DRS, Inc.  | 25809 | 943577 |
| Lincoln Electric Holdings, Inc.  | 17776 | 4167583 |
| Loar Holdings, Inc. \* | 11330 | 896543 |
| Lockheed Martin Corp.  | 66174 | 32549667 |
| Masco Corp.  | 66936 | 4334775 |
| MasTec, Inc. \* | 19933 | 4069521 |
| Middleby Corp. \* | 15019 | 1865810 |
| Moog, Inc., Class A  | 9170 | 1878475 |
| Mueller Industries, Inc.  | 35138 | 3720060 |
| NEXTracker, Inc., Class A \* | 46714 | 4728391 |
| Nordson Corp.  | 17291 | 4010647 |
| Northrop Grumman Corp.  | 43306 | 25266886 |
| nVent Electric PLC  | 51841 | 5928018 |
| Oshkosh Corp.  | 20812 | 2565911 |
| Otis Worldwide Corp.  | 126377 | 11722731 |
| Owens Corning  | 26936 | 3429222 |
| PACCAR, Inc.  | 168950 | 16624680 |
| Parker-Hannifin Corp.  | 41157 | 31807364 |
| Pentair PLC  | 52637 | 5597945 |
| Primoris Services Corp.  | 17397 | 2462023 |
| Quanta Services, Inc.  | 47996 | 21556443 |
| QXO, Inc. \* | 157385 | 2780993 |
| RBC Bearings, Inc. \* | 10215 | 4377434 |
| Regal Rexnord Corp.  | 21589 | 3041674 |
| Resideo Technologies, Inc. \* | 44083 | 1886752 |
| Rocket Lab Corp. \* | 136677 | 8607917 |
| Rockwell Automation, Inc.  | 36214 | 13339789 |
| RTX Corp.  | 430490 | 76842465 |
| Simpson Manufacturing Co., Inc.  | 13349 | 2356099 |
| SiteOne Landscape Supply, Inc. \* | 14138 | 1834688 |
| Snap-on, Inc.  | 16770 | 5627174 |
| SPX Technologies, Inc. \* | 15563 | 3484400 |
| StandardAero, Inc. \* | 43914 | 1268675 |
| Stanley Black & Decker, Inc.  | 49235 | 3334194 |
| Sterling Infrastructure, Inc. \* | 9781 | 3696240 |
| Symbotic, Inc. \* | 14674 | 1187860 |
| Textron, Inc.  | 56614 | 4574977 |
| Timken Co.  | 20293 | 1593203 |
| Toro Co.  | 32150 | 2402570 |
| Trane Technologies PLC  | 71624 | 32134108 |
| TransDigm Group, Inc.  | 18152 | 23752074 |
| Trex Co., Inc. \* | 33153 | 1601953 |
| UFP Industries, Inc.  | 18578 | 1711591 |
| United Rentals, Inc.  | 20712 | 18043880 |
| Valmont Industries, Inc.  | 6318 | 2612051 |
| Vertiv Holdings Co., Class A  | 123018 | 23725251 |
| Watsco, Inc.  | 11333 | 4170657 |
| Watts Water Technologies, Inc., <br> Class A <br>| 8665 | 2362079 |
| WESCO International, Inc.  | 15649 | 4061385 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 55078 | 11260146 |
| Woodward, Inc.  | 19471 | 5103544 |
| WW Grainger, Inc.  | 14153 | 13855787 |
| Xylem, Inc.  | 78368 | 11821813 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Zurn Elkay Water Solutions Corp.  | 47777 | 2250774 |
|  |  | **1405439781** |
| **Commercial & Professional Services 1.1%** | **Commercial & Professional Services 1.1%** | **Commercial & Professional Services 1.1%** |
| Amentum Holdings, Inc. \* | 49366 | 1106292 |
| Automatic Data Processing, Inc.  | 130115 | 33868934 |
| Booz Allen Hamilton Holding Corp., <br> Class A <br>| 39687 | 3459119 |
| Broadridge Financial Solutions, Inc.  | 37774 | 8325390 |
| CACI International, Inc., Class A \* | 7108 | 3996473 |
| Casella Waste Systems, Inc., Class A \* | 19029 | 1685399 |
| Cintas Corp.  | 110328 | 20219813 |
| Clean Harbors, Inc. \* | 16224 | 3415314 |
| Copart, Inc. \* | 285667 | 12286538 |
| Dayforce, Inc. \* | 51335 | 3528768 |
| Equifax, Inc.  | 39879 | 8418457 |
| ExlService Holdings, Inc. \* | 51627 | 2018616 |
| FTI Consulting, Inc. \* | 10226 | 1687392 |
| Genpact Ltd.  | 50135 | 1912650 |
| Jacobs Solutions, Inc.  | 38464 | 5993076 |
| KBR, Inc.  | 42568 | 1823613 |
| Leidos Holdings, Inc.  | 41326 | 7871363 |
| MSA Safety, Inc.  | 11776 | 1849185 |
| Parsons Corp. \* | 17003 | 1413629 |
| Paychex, Inc.  | 104136 | 12187036 |
| Paycom Software, Inc.  | 15941 | 2982402 |
| Paylocity Holding Corp. \* | 14139 | 1997416 |
| RB Global, Inc.  | 59795 | 5932860 |
| Republic Services, Inc., Class A  | 65367 | 13612024 |
| Rollins, Inc.  | 89865 | 5177123 |
| SS&C Technologies Holdings, Inc.  | 67642 | 5744159 |
| Tetra Tech, Inc.  | 85788 | 2743500 |
| TransUnion  | 63116 | 5123757 |
| Veralto Corp.  | 79811 | 7875749 |
| Verisk Analytics, Inc., Class A  | 44937 | 9830418 |
| Waste Management, Inc.  | 119195 | 23811585 |
|  |  | **221898050** |
| **Consumer Discretionary Distribution & Retail 5.7%** | **Consumer Discretionary Distribution & Retail 5.7%** | **Consumer Discretionary Distribution & Retail 5.7%** |
| Amazon.com, Inc. \* | 3121261 | 762274361 |
| AutoNation, Inc. \* | 9042 | 1807225 |
| AutoZone, Inc. \* | 5372 | 19739038 |
| Bath & Body Works, Inc.  | 68217 | 1669952 |
| Best Buy Co., Inc.  | 62722 | 5151985 |
| Boot Barn Holdings, Inc. \* | 9800 | 1858570 |
| Burlington Stores, Inc. \* | 19880 | 5438969 |
| CarMax, Inc. \* | 47445 | 1988420 |
| Carvana Co., Class A \* | 44472 | 13632447 |
| Chewy, Inc., Class A \* | 71739 | 2419039 |
| Coupang, Inc., Class A \* | 434446 | 13889239 |
| Dick's Sporting Goods, Inc.  | 21102 | 4673038 |
| Dillard's, Inc., Class A  | 957 | 574277 |
| eBay, Inc.  | 147265 | 11974117 |
| Etsy, Inc. \* | 31937 | 1980094 |
| Five Below, Inc. \* | 17732 | 2788712 |
| Floor & Decor Holdings, Inc., Class A \* | 35004 | 2187050 |
| GameStop Corp., Class A \* | 132496 | 2953336 |
| Gap, Inc.  | 72258 | 1651095 |
| Genuine Parts Co.  | 44672 | 5687192 |
| Group 1 Automotive, Inc.  | 4056 | 1612422 |
| Home Depot, Inc.  | 319980 | 121461208 |
| Lithia Motors, Inc., Class A  | 8419 | 2644240 |
| LKQ Corp.  | 83198 | 2659008 |
| Lowe's Cos., Inc.  | 180063 | 42878402 |
| Murphy USA, Inc.  | 5553 | 1989085 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 19604 | 2368359 |

---

*See financial notes*

**14**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab 1000 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| O'Reilly Automotive, Inc. \* | 273342 | 25814418 |
| Penske Automotive Group, Inc.  | 5885 | 942012 |
| Pool Corp.  | 10566 | 2821756 |
| Ross Stores, Inc.  | 105275 | 16730303 |
| TJX Cos., Inc.  | 358795 | 50281531 |
| Tractor Supply Co.  | 170763 | 9239986 |
| Ulta Beauty, Inc. \* | 14471 | 7523183 |
| Urban Outfitters, Inc. \* | 17303 | 1117947 |
| Wayfair, Inc., Class A \* | 33802 | 3498845 |
| Williams-Sonoma, Inc.  | 39620 | 7699751 |
|  |  | **1165620612** |
| **Consumer Durables & Apparel 0.6%** | **Consumer Durables & Apparel 0.6%** | **Consumer Durables & Apparel 0.6%** |
| Deckers Outdoor Corp. \* | 47684 | 3886246 |
| DR Horton, Inc.  | 89005 | 13268865 |
| Garmin Ltd.  | 52723 | 11279559 |
| Hasbro, Inc.  | 41786 | 3188690 |
| Installed Building Products, Inc.  | 7209 | 1789490 |
| Lennar Corp., Class A  | 73265 | 9068009 |
| Lululemon Athletica, Inc. \* | 35097 | 5985442 |
| Mattel, Inc. \* | 99602 | 1830685 |
| Meritage Homes Corp.  | 22145 | 1496116 |
| Mohawk Industries, Inc. \* | 17002 | 1932107 |
| NIKE, Inc., Class B  | 382068 | 24677772 |
| NVR, Inc. \* | 923 | 6655587 |
| PulteGroup, Inc.  | 63531 | 7615461 |
| Ralph Lauren Corp., Class A  | 12440 | 3976570 |
| SharkNinja, Inc. \* | 22717 | 1942304 |
| Somnigroup International, Inc.  | 67210 | 5332441 |
| Tapestry, Inc.  | 66871 | 7343773 |
| Taylor Morrison Home Corp., Class A \* | 32191 | 1907961 |
| Toll Brothers, Inc.  | 31987 | 4316646 |
| TopBuild Corp. \* | 8989 | 3797673 |
| VF Corp.  | 107006 | 1502364 |
| Whirlpool Corp.  | 17651 | 1264341 |
|  |  | **124058102** |
| **Consumer Services 1.9%** | **Consumer Services 1.9%** | **Consumer Services 1.9%** |
| ADT, Inc.  | 165904 | 1466591 |
| Airbnb, Inc., Class A \* | 138094 | 17474415 |
| Aramark  | 84923 | 3216883 |
| Booking Holdings, Inc.  | 10420 | 52910051 |
| Boyd Gaming Corp.  | 19549 | 1522281 |
| Bright Horizons Family Solutions, <br> Inc. \*<br>| 18573 | 2028729 |
| Brinker International, Inc. \* | 14311 | 1555033 |
| Caesars Entertainment, Inc. \* | 66825 | 1343182 |
| Carnival Corp. \* | 349489 | 10075768 |
| Cava Group, Inc. \* | 32068 | 1723014 |
| Chipotle Mexican Grill, Inc., Class A \* | 431763 | 13682569 |
| Choice Hotels International, Inc.  | 6658 | 618928 |
| Churchill Downs, Inc.  | 21407 | 2123574 |
| Darden Restaurants, Inc.  | 37606 | 6774721 |
| Domino's Pizza, Inc.  | 10049 | 4004125 |
| DoorDash, Inc., Class A \* | 119234 | 30329553 |
| DraftKings, Inc., Class A \* | 159806 | 4888466 |
| Duolingo, Inc. \* | 12813 | 3467710 |
| Dutch Bros, Inc., Class A \* | 40853 | 2268976 |
| Expedia Group, Inc.  | 38076 | 8376720 |
| Flutter Entertainment PLC \* | 56656 | 13177619 |
| Grand Canyon Education, Inc. \* | 8898 | 1675493 |
| H&R Block, Inc.  | 43091 | 2143346 |
| Hilton Worldwide Holdings, Inc.  | 75672 | 19444677 |
| Hyatt Hotels Corp., Class A  | 13015 | 1788391 |
| Las Vegas Sands Corp.  | 99531 | 5907165 |
| Life Time Group Holdings, Inc. \* | 48702 | 1204400 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Light & Wonder, Inc. \* | 26411 | 1920080 |
| Marriott International, Inc., Class A  | 72457 | 18880845 |
| McDonald's Corp.  | 229503 | 68490580 |
| MGM Resorts International \* | 67215 | 2152896 |
| Norwegian Cruise Line Holdings Ltd. \* | 145564 | 3263545 |
| Planet Fitness, Inc., Class A \* | 27546 | 2498147 |
| Royal Caribbean Cruises Ltd.  | 81322 | 23325589 |
| Service Corp. International  | 45200 | 3774652 |
| Starbucks Corp.  | 366208 | 29615241 |
| Stride, Inc. \* | 13855 | 942694 |
| Texas Roadhouse, Inc., Class A  | 21093 | 3450393 |
| Vail Resorts, Inc.  | 12178 | 1806363 |
| Viking Holdings Ltd. \* | 58652 | 3568974 |
| Wingstop, Inc.  | 9110 | 1973499 |
| Wyndham Hotels & Resorts, Inc.  | 24367 | 1789269 |
| Wynn Resorts Ltd.  | 27186 | 3234862 |
| Yum! Brands, Inc.  | 89393 | 12355007 |
|  |  | **398235016** |
| **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** |
| Albertsons Cos., Inc., Class A  | 127657 | 2258252 |
| BJ's Wholesale Club Holdings, Inc. \* | 42118 | 3717335 |
| Casey's General Stores, Inc.  | 11981 | 6148529 |
| Costco Wholesale Corp.  | 142627 | 129997379 |
| Dollar General Corp.  | 70777 | 6982859 |
| Dollar Tree, Inc. \* | 62564 | 6201344 |
| Kroger Co.  | 195998 | 12471353 |
| Maplebear, Inc. \* | 59395 | 2189300 |
| Performance Food Group Co. \* | 49717 | 4809622 |
| Sprouts Farmers Market, Inc. \* | 31977 | 2524904 |
| Sysco Corp.  | 153601 | 11409482 |
| Target Corp.  | 146305 | 13565399 |
| U.S. Foods Holding Corp. \* | 72435 | 5260230 |
| Walmart, Inc.  | 1411626 | 142828319 |
|  |  | **350364307** |
| **Energy 2.8%** | **Energy 2.8%** | **Energy 2.8%** |
| Antero Midstream Corp.  | 107769 | 1859015 |
| Antero Resources Corp. \* | 94326 | 2915617 |
| APA Corp.  | 114689 | 2597706 |
| Baker Hughes Co., Class A  | 317639 | 15376904 |
| Cheniere Energy, Inc.  | 70765 | 15002180 |
| Chevron Corp.  | 618957 | 97621898 |
| Chord Energy Corp.  | 18708 | 1697190 |
| ConocoPhillips  | 401094 | 35641213 |
| Coterra Energy, Inc.  | 244328 | 5780800 |
| Devon Energy Corp.  | 204124 | 6631989 |
| Diamondback Energy, Inc.  | 60469 | 8658556 |
| DT Midstream, Inc.  | 32724 | 3582951 |
| EOG Resources, Inc.  | 175651 | 18590902 |
| EQT Corp.  | 201042 | 10771830 |
| Expand Energy Corp.  | 76695 | 7923360 |
| Exxon Mobil Corp.  | 1371109 | 156800025 |
| Halliburton Co.  | 273913 | 7351825 |
| HF Sinclair Corp.  | 50726 | 2617462 |
| Kinder Morgan, Inc.  | 630189 | 16504650 |
| Marathon Petroleum Corp.  | 97906 | 19082858 |
| Matador Resources Co.  | 38552 | 1521262 |
| Occidental Petroleum Corp.  | 231376 | 9532691 |
| ONEOK, Inc.  | 202307 | 13554569 |
| Ovintiv, Inc.  | 83417 | 3128972 |
| Permian Resources Corp., Class A  | 225220 | 2828763 |
| Phillips 66  | 130175 | 17722025 |
| Range Resources Corp.  | 74980 | 2665539 |
| SLB Ltd.  | 480240 | 17317454 |
| Targa Resources Corp.  | 69339 | 10680980 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**15**

------

Schwab 1000 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| TechnipFMC PLC  | 132573 | 5481894 |
| Texas Pacific Land Corp.  | 6126 | 5779146 |
| Valero Energy Corp.  | 100011 | 16957865 |
| Venture Global, Inc., Class A  | 147754 | 1266252 |
| Viper Energy, Inc., Class A  | 53881 | 2023770 |
| Williams Cos., Inc.  | 391883 | 22678269 |
|  |  | **570148382** |
| **Equity Real Estate Investment Trusts (REITs) 1.9%** | **Equity Real Estate Investment Trusts (REITs) 1.9%** | **Equity Real Estate Investment Trusts (REITs) 1.9%** |
| Agree Realty Corp.  | 35708 | 2607041 |
| Alexandria Real Estate Equities, Inc.  | 49794 | 2899007 |
| American Healthcare REIT, Inc.  | 54705 | 2479231 |
| American Homes 4 Rent, Class A  | 102700 | 3245320 |
| American Tower Corp.  | 150384 | 26915728 |
| AvalonBay Communities, Inc.  | 45790 | 7963797 |
| Brixmor Property Group, Inc.  | 98553 | 2578146 |
| BXP, Inc.  | 47347 | 3370633 |
| Camden Property Trust  | 34508 | 3432856 |
| CareTrust REIT, Inc.  | 70850 | 2454953 |
| Crown Castle, Inc.  | 140521 | 12677805 |
| CubeSmart  | 72575 | 2733900 |
| Digital Realty Trust, Inc.  | 102957 | 17544902 |
| EastGroup Properties, Inc.  | 16995 | 2966137 |
| Equinix, Inc.  | 31527 | 26672157 |
| Equity LifeStyle Properties, Inc.  | 62569 | 3819837 |
| Equity Residential  | 111379 | 6620368 |
| Essential Properties Realty Trust, Inc.  | 65011 | 1942529 |
| Essex Property Trust, Inc.  | 20913 | 5265266 |
| Extra Space Storage, Inc.  | 68312 | 9122384 |
| Federal Realty Investment Trust  | 25288 | 2432453 |
| First Industrial Realty Trust, Inc.  | 42795 | 2365708 |
| Gaming & Leisure Properties, Inc.  | 90335 | 4034361 |
| Healthcare Realty Trust, Inc., Class A  | 113306 | 2007782 |
| Healthpeak Properties, Inc.  | 222403 | 3992134 |
| Host Hotels & Resorts, Inc.  | 204875 | 3282098 |
| Invitation Homes, Inc.  | 181974 | 5122568 |
| Iron Mountain, Inc.  | 94885 | 9768411 |
| Kimco Realty Corp.  | 219446 | 4533754 |
| Lamar Advertising Co., Class A  | 28236 | 3348507 |
| Lineage, Inc.  | 19172 | 755377 |
| Mid-America Apartment <br> Communities, Inc. <br>| 37245 | 4775926 |
| Millrose Properties, Inc., Class A  | 40099 | 1291589 |
| NNN REIT, Inc.  | 60552 | 2449934 |
| Omega Healthcare Investors, Inc.  | 94685 | 3979611 |
| Prologis, Inc.  | 298137 | 36995820 |
| Public Storage  | 50852 | 14165333 |
| Realty Income Corp.  | 294756 | 17089953 |
| Regency Centers Corp.  | 51641 | 3560647 |
| Rexford Industrial Realty, Inc.  | 74996 | 3098835 |
| Ryman Hospitality Properties, Inc.  | 19484 | 1693354 |
| SBA Communications Corp., Class A  | 34623 | 6629612 |
| Simon Property Group, Inc.  | 105121 | 18476067 |
| STAG Industrial, Inc.  | 57640 | 2205883 |
| Sun Communities, Inc.  | 37895 | 4797507 |
| Terreno Realty Corp.  | 33832 | 1932822 |
| UDR, Inc.  | 97969 | 3300576 |
| Ventas, Inc.  | 145791 | 10757918 |
| VICI Properties, Inc., Class A  | 344677 | 10336863 |
| Vornado Realty Trust  | 51931 | 1970262 |
| Welltower, Inc.  | 214928 | 38910565 |
| Weyerhaeuser Co.  | 232775 | 5353825 |
| WP Carey, Inc.  | 71057 | 4689762 |
|  |  | **387417814** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Financial Services 7.7%** | **Financial Services 7.7%** | **Financial Services 7.7%** |
| Affiliated Managers Group, Inc.  | 9156 | 2178762 |
| Affirm Holdings, Inc. \* | 90759 | 6523757 |
| AGNC Investment Corp.  | 333292 | 3332920 |
| Ally Financial, Inc.  | 91399 | 3561819 |
| American Express Co.  | 174497 | 62946303 |
| Ameriprise Financial, Inc.  | 30386 | 13757869 |
| Annaly Capital Management, Inc.  | 206794 | 4377829 |
| Apollo Global Management, Inc.  | 147785 | 18371153 |
| ARES Management Corp., Class A  | 66109 | 9831069 |
| Bank of New York Mellon Corp.  | 226379 | 24433085 |
| Berkshire Hathaway, Inc., Class B \* | 589750 | 281629215 |
| Blackrock, Inc.  | 46316 | 50151428 |
| Blackstone, Inc.  | 237008 | 34754853 |
| Block, Inc. \* | 176974 | 13439406 |
| Blue Owl Capital, Inc., Class A  | 199231 | 3141873 |
| Capital One Financial Corp.  | 205464 | 45200025 |
| Carlyle Group, Inc.  | 83913 | 4474241 |
| Cboe Global Markets, Inc.  | 33723 | 8283718 |
| Charles Schwab Corp. *(b)* | 545414 | 51552531 |
| CME Group, Inc.  | 115771 | 30736043 |
| Coinbase Global, Inc., Class A \* | 72853 | 25045404 |
| Corebridge Financial, Inc.  | 87795 | 2858605 |
| Corpay, Inc. \* | 22634 | 5892762 |
| Credit Acceptance Corp. \* | 1984 | 887523 |
| Enact Holdings, Inc.  | 9991 | 356879 |
| Equitable Holdings, Inc.  | 96813 | 4782562 |
| Essent Group Ltd.  | 31597 | 1913830 |
| Evercore, Inc., Class A  | 12415 | 3656962 |
| FactSet Research Systems, Inc.  | 12092 | 3226146 |
| Fidelity National Information Services, <br> Inc. <br>| 168315 | 10523054 |
| FirstCash Holdings, Inc.  | 12765 | 2023253 |
| Fiserv, Inc. \* | 175121 | 11678819 |
| Franklin Resources, Inc.  | 99212 | 2243183 |
| Global Payments, Inc.  | 78041 | 6068468 |
| Goldman Sachs Group, Inc.  | 97359 | 76852274 |
| Hamilton Lane, Inc., Class A  | 13029 | 1484785 |
| Houlihan Lokey, Inc., Class A  | 17512 | 3136049 |
| Interactive Brokers Group, Inc., <br> Class A <br>| 143448 | 10093001 |
| Intercontinental Exchange, Inc.  | 183867 | 26897903 |
| Invesco Ltd.  | 142368 | 3374122 |
| Jack Henry & Associates, Inc.  | 23621 | 3518112 |
| Jackson Financial, Inc., Class A  | 22362 | 2254313 |
| Janus Henderson Group PLC  | 39124 | 1704241 |
| Jefferies Financial Group, Inc.  | 53200 | 2810556 |
| KKR & Co., Inc.  | 221017 | 26152942 |
| Lazard, Inc.  | 34874 | 1701851 |
| LPL Financial Holdings, Inc.  | 25627 | 9669323 |
| MarketAxess Holdings, Inc.  | 11837 | 1894630 |
| Mastercard, Inc., Class A  | 265488 | 146546721 |
| MGIC Investment Corp.  | 73644 | 2019318 |
| Moelis & Co., Class A  | 23828 | 1509027 |
| Moody's Corp.  | 49687 | 23864666 |
| Morgan Stanley  | 390184 | 63990176 |
| Morningstar, Inc.  | 7803 | 1656577 |
| MSCI, Inc., Class A  | 24900 | 14654895 |
| Nasdaq, Inc.  | 146192 | 12497954 |
| Northern Trust Corp.  | 61630 | 7929932 |
| OneMain Holdings, Inc.  | 37750 | 2234423 |
| PayPal Holdings, Inc. \* | 307769 | 21319159 |
| PennyMac Financial Services, Inc.  | 9275 | 1166888 |
| Piper Sandler Cos.  | 5357 | 1710276 |
| Raymond James Financial, Inc.  | 57207 | 9077035 |
| Rithm Capital Corp.  | 170210 | 1867204 |
| Robinhood Markets, Inc., Class A \* | 248555 | 36482903 |

---

*See financial notes*

**16**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab 1000 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Rocket Cos., Inc., Class A  | 310835 | 5178511 |
| S&P Global, Inc.  | 100452 | 48941219 |
| SEI Investments Co.  | 30059 | 2423056 |
| Shift4 Payments, Inc., Class A \* | 21575 | 1490833 |
| SLM Corp.  | 67287 | 1806656 |
| SoFi Technologies, Inc. \* | 386534 | 11472329 |
| Starwood Property Trust, Inc.  | 108325 | 1969349 |
| State Street Corp.  | 91477 | 10580230 |
| Stifel Financial Corp.  | 32549 | 3854778 |
| StoneX Group, Inc. \* | 14982 | 1377145 |
| Synchrony Financial  | 119769 | 8908418 |
| T. Rowe Price Group, Inc.  | 70692 | 7248051 |
| Toast, Inc., Class A \* | 149477 | 5402099 |
| TPG, Inc.  | 40067 | 2205288 |
| Tradeweb Markets, Inc., Class A  | 37360 | 3937370 |
| Upstart Holdings, Inc. \* | 27252 | 1295015 |
| Visa, Inc., Class A  | 546316 | 186151714 |
| Voya Financial, Inc.  | 30676 | 2284135 |
| WEX, Inc. \* | 10839 | 1581193 |
|  |  | **1582013994** |
| **Food, Beverage & Tobacco 1.9%** | **Food, Beverage & Tobacco 1.9%** | **Food, Beverage & Tobacco 1.9%** |
| Altria Group, Inc.  | 540916 | 30496844 |
| Archer-Daniels-Midland Co.  | 153999 | 9321560 |
| Brown-Forman Corp., Class B  | 56568 | 1540347 |
| Bunge Global SA  | 45020 | 4258892 |
| Cal-Maine Foods, Inc.  | 14578 | 1279948 |
| Campbell's Co.  | 64545 | 1944741 |
| Celsius Holdings, Inc. \* | 50653 | 3050830 |
| Coca-Cola Co.  | 1245697 | 85828523 |
| Coca-Cola Consolidated, Inc.  | 19220 | 2505904 |
| Conagra Brands, Inc.  | 154301 | 2652434 |
| Constellation Brands, Inc., Class A  | 45968 | 6039276 |
| General Mills, Inc.  | 171565 | 7996645 |
| Hershey Co.  | 47656 | 8083887 |
| Hormel Foods Corp.  | 93138 | 2010849 |
| Ingredion, Inc.  | 20986 | 2421994 |
| J.M. Smucker Co.  | 34892 | 3613067 |
| Kellanova  | 86452 | 7180703 |
| Keurig Dr. Pepper, Inc.  | 437701 | 11887959 |
| Kraft Heinz Co.  | 274273 | 6782771 |
| Lamb Weston Holdings, Inc.  | 44780 | 2764269 |
| McCormick & Co., Inc. - Non Voting <br> Shares <br>| 80519 | 5166099 |
| Molson Coors Beverage Co., Class B  | 53776 | 2351087 |
| Mondelez International, Inc., Class A  | 416657 | 23941111 |
| Monster Beverage Corp. \* | 228765 | 15288365 |
| PepsiCo, Inc.  | 440236 | 64314077 |
| Philip Morris International, Inc.  | 500617 | 72254052 |
| Pilgrim's Pride Corp.  | 13039 | 496786 |
| Post Holdings, Inc. \* | 15653 | 1626816 |
| Primo Brands Corp.  | 81452 | 1789501 |
| Smithfield Foods, Inc.  | 7132 | 158045 |
| Tyson Foods, Inc., Class A  | 91295 | 4693476 |
|  |  | **393740858** |
| **Health Care Equipment & Services 3.6%** | **Health Care Equipment & Services 3.6%** | **Health Care Equipment & Services 3.6%** |
| Abbott Laboratories  | 559751 | 69196419 |
| Align Technology, Inc. \* | 21522 | 2967453 |
| Baxter International, Inc.  | 163246 | 3015154 |
| Becton Dickinson & Co.  | 92319 | 16498328 |
| Boston Scientific Corp. \* | 476078 | 47950576 |
| Cardinal Health, Inc.  | 76979 | 14685284 |
| Cencora, Inc.  | 62403 | 21080357 |
| Centene Corp. \* | 150071 | 5308011 |
| Chemed Corp.  | 4666 | 2012446 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cigna Group  | 85898 | 20994330 |
| Cooper Cos., Inc. \* | 64229 | 4490249 |
| CVS Health Corp.  | 408434 | 31919117 |
| DaVita, Inc. \* | 11409 | 1357899 |
| Dexcom, Inc. \* | 125759 | 7321689 |
| Doximity, Inc., Class A \* | 43881 | 2896146 |
| Edwards Lifesciences Corp. \* | 188940 | 15578103 |
| Elevance Health, Inc.  | 72480 | 22990656 |
| Encompass Health Corp.  | 32070 | 3651170 |
| Ensign Group, Inc.  | 18496 | 3331130 |
| GE HealthCare Technologies, Inc.  | 147015 | 11018774 |
| Glaukos Corp. \* | 18780 | 1653955 |
| Globus Medical, Inc., Class A \* | 35541 | 2146321 |
| Guardant Health, Inc. \* | 40160 | 3735683 |
| HCA Healthcare, Inc.  | 52716 | 24232491 |
| HealthEquity, Inc. \* | 28099 | 2657603 |
| Henry Schein, Inc. \* | 32980 | 2084336 |
| Hims & Hers Health, Inc. \* | 66561 | 3025863 |
| Hologic, Inc. \* | 70604 | 5218342 |
| Humana, Inc.  | 38716 | 10770404 |
| IDEXX Laboratories, Inc. \* | 25768 | 16221214 |
| Insulet Corp. \* | 22742 | 7118473 |
| Intuitive Surgical, Inc. \* | 115401 | 61656446 |
| iRhythm Technologies, Inc. \* | 10338 | 1936307 |
| Labcorp Holdings, Inc.  | 26662 | 6771082 |
| Masimo Corp. \* | 14339 | 2016780 |
| McKesson Corp.  | 39939 | 32404108 |
| Medtronic PLC  | 411589 | 37331122 |
| Merit Medical Systems, Inc. \* | 18622 | 1630170 |
| Molina Healthcare, Inc. \* | 17682 | 2706407 |
| Penumbra, Inc. \* | 12511 | 2844626 |
| Quest Diagnostics, Inc.  | 35728 | 6286342 |
| RadNet, Inc. \* | 22148 | 1683027 |
| ResMed, Inc.  | 47133 | 11636195 |
| Solventum Corp. \* | 47377 | 3270908 |
| STERIS PLC  | 31807 | 7496910 |
| Stryker Corp.  | 110735 | 39448236 |
| Teleflex, Inc.  | 14258 | 1774693 |
| Tenet Healthcare Corp. \* | 28385 | 5861219 |
| UnitedHealth Group, Inc.  | 291275 | 99487889 |
| Universal Health Services, Inc., <br> Class B <br>| 18164 | 3941770 |
| Veeva Systems, Inc., Class A \* | 48393 | 14092042 |
| Waystar Holding Corp. \* | 37041 | 1327920 |
| Zimmer Biomet Holdings, Inc.  | 63717 | 6407382 |
|  |  | **739139557** |
| **Household & Personal Products 0.9%** | **Household & Personal Products 0.9%** | **Household & Personal Products 0.9%** |
| Church & Dwight Co., Inc.  | 78210 | 6858235 |
| Clorox Co.  | 39248 | 4413830 |
| Colgate-Palmolive Co.  | 259958 | 20029764 |
| elf Beauty, Inc. \* | 19287 | 2355714 |
| Estee Lauder Cos., Inc., Class A  | 75128 | 7264126 |
| Kenvue, Inc.  | 618470 | 8887414 |
| Kimberly-Clark Corp.  | 106822 | 12787662 |
| Procter & Gamble Co.  | 753333 | 113278683 |
|  |  | **175875428** |
| **Insurance 1.8%** | **Insurance 1.8%** | **Insurance 1.8%** |
| Aflac, Inc.  | 155106 | 16625812 |
| Allstate Corp.  | 84914 | 16262729 |
| American Financial Group, Inc.  | 22272 | 2932777 |
| American International Group, Inc.  | 178580 | 14100677 |
| Aon PLC, Class A  | 69440 | 23656819 |
| Arch Capital Group Ltd.  | 119641 | 10326215 |
| Arthur J Gallagher & Co.  | 82561 | 20598144 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**17**

------

Schwab 1000 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Assurant, Inc.  | 16273 | 3445320 |
| Axis Capital Holdings Ltd.  | 25225 | 2362573 |
| Brown & Brown, Inc.  | 94315 | 7520678 |
| Chubb Ltd.  | 119421 | 33072452 |
| Cincinnati Financial Corp.  | 50368 | 7786389 |
| CNA Financial Corp.  | 6753 | 300846 |
| Erie Indemnity Co., Class A  | 8119 | 2375944 |
| Everest Group Ltd.  | 13483 | 4240673 |
| Fidelity National Financial, Inc.  | 82328 | 4547799 |
| First American Financial Corp.  | 32652 | 2041077 |
| Globe Life, Inc.  | 26010 | 3420575 |
| Hanover Insurance Group, Inc.  | 11702 | 1999638 |
| Hartford Insurance Group, Inc.  | 90611 | 11252074 |
| Kinsale Capital Group, Inc.  | 7207 | 2878980 |
| Lincoln National Corp.  | 53945 | 2265690 |
| Loews Corp.  | 54723 | 5448222 |
| Markel Group, Inc. \* | 4077 | 8050159 |
| Marsh & McLennan Cos., Inc.  | 158248 | 28191881 |
| MetLife, Inc.  | 179791 | 14350918 |
| Old Republic International Corp.  | 72800 | 2872688 |
| Primerica, Inc.  | 10616 | 2758780 |
| Principal Financial Group, Inc.  | 65174 | 5477223 |
| Progressive Corp.  | 188359 | 38801954 |
| Prudential Financial, Inc.  | 113325 | 11785800 |
| Reinsurance Group of America, Inc.  | 21350 | 3895521 |
| RenaissanceRe Holdings Ltd.  | 15138 | 3846414 |
| RLI Corp.  | 29310 | 1728118 |
| Ryan Specialty Holdings, Inc., Class A  | 36659 | 2008913 |
| Travelers Cos., Inc.  | 72533 | 19483814 |
| Unum Group  | 50489 | 3706902 |
| W.R. Berkley Corp.  | 96497 | 6884096 |
| Willis Towers Watson PLC  | 31448 | 9846369 |
|  |  | **363151653** |
| **Materials 2.0%** | **Materials 2.0%** | **Materials 2.0%** |
| Air Products & Chemicals, Inc.  | 71693 | 17392005 |
| Albemarle Corp.  | 37918 | 3724685 |
| Alcoa Corp.  | 81367 | 2993492 |
| Amcor PLC  | 743935 | 5877086 |
| Amrize Ltd. \* | 165512 | 8580142 |
| Anglogold Ashanti PLC  | 136880 | 9307840 |
| AptarGroup, Inc.  | 21345 | 2476233 |
| Avery Dennison Corp.  | 24889 | 4352837 |
| Axalta Coating Systems Ltd. \* | 70587 | 2009612 |
| Balchem Corp.  | 10157 | 1557982 |
| Ball Corp.  | 87663 | 4120161 |
| Celanese Corp., Class A  | 35470 | 1363467 |
| CF Industries Holdings, Inc.  | 51709 | 4306843 |
| Cleveland-Cliffs, Inc. \* | 183219 | 2277412 |
| Coeur Mining, Inc. \* | 206987 | 3553967 |
| Commercial Metals Co.  | 36121 | 2144143 |
| Corteva, Inc.  | 218808 | 13443564 |
| CRH PLC  | 216501 | 25785269 |
| Crown Holdings, Inc.  | 36271 | 3524816 |
| Dow, Inc.  | 227738 | 5431551 |
| DuPont de Nemours, Inc.  | 134941 | 11017933 |
| Eagle Materials, Inc.  | 10561 | 2242312 |
| Eastman Chemical Co.  | 37642 | 2240452 |
| Ecolab, Inc.  | 82277 | 21095823 |
| Element Solutions, Inc.  | 69683 | 1861930 |
| Freeport-McMoRan, Inc.  | 462662 | 19293005 |
| Graphic Packaging Holding Co.  | 97603 | 1560672 |
| Hecla Mining Co.  | 212979 | 2741040 |
| International Flavors & Fragrances, <br> Inc. <br>| 81893 | 5156802 |
| International Paper Co.  | 169855 | 6563197 |
| Linde PLC  | 150757 | 63061653 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Louisiana-Pacific Corp.  | 20450 | 1781400 |
| LyondellBasell Industries NV, Class A  | 82135 | 3812707 |
| Martin Marietta Materials, Inc.  | 19365 | 11872681 |
| Mosaic Co.  | 103329 | 2836381 |
| MP Materials Corp. \* | 43429 | 2739936 |
| NewMarket Corp.  | 2590 | 1988861 |
| Newmont Corp.  | 353829 | 28649534 |
| Nucor Corp.  | 73829 | 11078041 |
| Packaging Corp. of America  | 28603 | 5599323 |
| PPG Industries, Inc.  | 72539 | 7090687 |
| Reliance, Inc.  | 16754 | 4731832 |
| Royal Gold, Inc.  | 26017 | 4547511 |
| RPM International, Inc.  | 41229 | 4505505 |
| Sherwin-Williams Co.  | 74688 | 25762879 |
| Smurfit WestRock PLC  | 167516 | 6184691 |
| Solstice Advanced Materials, Inc. \* | 51099 | 2303032 |
| Steel Dynamics, Inc.  | 44228 | 6934950 |
| Vulcan Materials Co.  | 42439 | 12286090 |
| Westlake Corp.  | 10192 | 701312 |
|  |  | **406465279** |
| **Media & Entertainment 8.8%** | **Media & Entertainment 8.8%** | **Media & Entertainment 8.8%** |
| Alphabet, Inc., Class A  | 1870813 | 526053908 |
| Alphabet, Inc., Class C  | 1501861 | 423254467 |
| Charter Communications, Inc., <br> Class A \*<br>| 29911 | 6994388 |
| Comcast Corp., Class A  | 1185550 | 32999784 |
| EchoStar Corp., Class A \* | 43274 | 3239924 |
| Electronic Arts, Inc.  | 72586 | 14521555 |
| Fox Corp., Class A  | 110847 | 7166259 |
| Interpublic Group of Cos., Inc.  | 117950 | 3026597 |
| Liberty Broadband Corp., Class C \* | 38026 | 2046559 |
| Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 71639 | 7153154 |
| Liberty Media Corp.-Liberty Live, <br> Class C \*<br>| 16272 | 1471152 |
| Live Nation Entertainment, Inc. \* | 50753 | 7589096 |
| Match Group, Inc.  | 75548 | 2443222 |
| Meta Platforms, Inc., Class A  | 697563 | 452264971 |
| Netflix, Inc. \* | 136661 | 152904527 |
| New York Times Co., Class A  | 50865 | 2898796 |
| News Corp., Class A  | 165622 | 4388983 |
| Nexstar Media Group, Inc., Class A  | 9077 | 1776641 |
| Omnicom Group, Inc.  | 62280 | 4672246 |
| Paramount Skydance Corp., Class B  | 100910 | 1553005 |
| Pinterest, Inc., Class A \* | 192390 | 6368109 |
| Reddit, Inc., Class A \* | 39879 | 8332717 |
| ROBLOX Corp., Class A \* | 207804 | 23631471 |
| Roku, Inc. \* | 41478 | 4402060 |
| Sirius XM Holdings, Inc.  | 60640 | 1315282 |
| Snap, Inc., Class A \* | 349378 | 2725148 |
| Take-Two Interactive Software, Inc. \* | 55854 | 14319290 |
| TKO Group Holdings, Inc.  | 21973 | 4139713 |
| Trade Desk, Inc., Class A \* | 143555 | 7217946 |
| Walt Disney Co.  | 578236 | 65120938 |
| Warner Bros Discovery, Inc. \* | 796901 | 17890428 |
|  |  | **1813882336** |
| **Pharmaceuticals, Biotechnology & Life Sciences 5.5%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.5%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.5%** |
| AbbVie, Inc.  | 568145 | 123878336 |
| Agilent Technologies, Inc.  | 91558 | 13400429 |
| Alnylam Pharmaceuticals, Inc. \* | 42231 | 19259025 |
| Amgen, Inc.  | 173143 | 51671065 |
| Avantor, Inc. \* | 221897 | 2622823 |
| Avidity Biosciences, Inc. \* | 43494 | 3038056 |
| Axsome Therapeutics, Inc. \* | 13552 | 1829384 |

---

*See financial notes*

**18**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab 1000 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Biogen, Inc. \* | 46900 | 7235263 |
| BioMarin Pharmaceutical, Inc. \* | 61704 | 3305483 |
| Bio-Rad Laboratories, Inc., Class A \* | 5849 | 1869048 |
| Bio-Techne Corp.  | 50514 | 3160661 |
| Bridgebio Pharma, Inc. \* | 54322 | 3402730 |
| Bristol-Myers Squibb Co.  | 653489 | 30106238 |
| Charles River Laboratories <br> International, Inc. \*<br>| 15857 | 2855370 |
| Corcept Therapeutics, Inc. \* | 30200 | 2218794 |
| Cytokinetics, Inc. \* | 38382 | 2440711 |
| Danaher Corp.  | 204788 | 44107239 |
| Elanco Animal Health, Inc. \* | 161938 | 3586927 |
| Eli Lilly & Co.  | 255689 | 220623811 |
| Exact Sciences Corp. \* | 60219 | 3895567 |
| Exelixis, Inc. \* | 86081 | 3328752 |
| Gilead Sciences, Inc.  | 399012 | 47797647 |
| Halozyme Therapeutics, Inc. \* | 37648 | 2454273 |
| Illumina, Inc. \* | 49509 | 6116342 |
| Incyte Corp. \* | 52673 | 4923872 |
| Insmed, Inc. \* | 68112 | 12914035 |
| Ionis Pharmaceuticals, Inc. \* | 51551 | 3830239 |
| IQVIA Holdings, Inc. \* | 54758 | 11852917 |
| Jazz Pharmaceuticals PLC \* | 19849 | 2732016 |
| Johnson & Johnson  | 774549 | 146289070 |
| Madrigal Pharmaceuticals, Inc. \* | 5889 | 2466902 |
| Medpace Holdings, Inc. \* | 7152 | 4183276 |
| Merck & Co., Inc.  | 803315 | 69069024 |
| Mettler-Toledo International, Inc. \* | 6650 | 9418329 |
| Moderna, Inc. \* | 110385 | 2998057 |
| Natera, Inc. \* | 44077 | 8768238 |
| Neurocrine Biosciences, Inc. \* | 31790 | 4552646 |
| Nuvalent, Inc., Class A \* | 15168 | 1506486 |
| Pfizer, Inc.  | 1827236 | 45041367 |
| Regeneron Pharmaceuticals, Inc.  | 32816 | 21389469 |
| Repligen Corp. \* | 17121 | 2552056 |
| Revolution Medicines, Inc. \* | 57345 | 3374180 |
| Revvity, Inc.  | 37387 | 3499049 |
| Rhythm Pharmaceuticals, Inc. \* | 19470 | 2214907 |
| Roivant Sciences Ltd. \* | 141227 | 2823128 |
| Royalty Pharma PLC, Class A  | 122532 | 4599851 |
| Summit Therapeutics, Inc. *\*(a)* | 45071 | 852293 |
| Tempus AI, Inc. \* | 32067 | 2881220 |
| Thermo Fisher Scientific, Inc.  | 121439 | 68903274 |
| United Therapeutics Corp. \* | 14551 | 6481452 |
| Vertex Pharmaceuticals, Inc. \* | 82338 | 35040583 |
| Viatris, Inc.  | 372727 | 3861452 |
| Waters Corp. \* | 19063 | 6664425 |
| West Pharmaceutical Services, Inc.  | 23033 | 6496918 |
| Zoetis, Inc.  | 142742 | 20567695 |
|  |  | **1126952400** |
| **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** |
| CBRE Group, Inc., Class A \* | 94357 | 14382838 |
| CoStar Group, Inc. \* | 136515 | 9393597 |
| Jones Lang LaSalle, Inc. \* | 15177 | 4630351 |
| Zillow Group, Inc., Class C \* | 56281 | 4219949 |
|  |  | **32626735** |
| **Semiconductors & Semiconductor Equipment 14.1%** | **Semiconductors & Semiconductor Equipment 14.1%** | **Semiconductors & Semiconductor Equipment 14.1%** |
| Advanced Micro Devices, Inc. \* | 521925 | 133675431 |
| Allegro MicroSystems, Inc. \* | 39941 | 1195035 |
| Amkor Technology, Inc.  | 37312 | 1204431 |
| Analog Devices, Inc.  | 159439 | 37329453 |
| Applied Materials, Inc.  | 258083 | 60159147 |
| Astera Labs, Inc. \* | 41756 | 7795010 |
| Broadcom, Inc.  | 1512690 | 559135605 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cirrus Logic, Inc. \* | 16446 | 2181562 |
| Credo Technology Group Holding <br> Ltd. \*<br>| 48644 | 9126587 |
| Enphase Energy, Inc. \* | 40748 | 1243221 |
| Entegris, Inc.  | 49191 | 4504420 |
| First Solar, Inc. \* | 34472 | 9201956 |
| GLOBALFOUNDRIES, Inc. \* | 33807 | 1203529 |
| Impinj, Inc. \* | 8336 | 1685206 |
| Intel Corp. \* | 1407399 | 56281886 |
| KLA Corp.  | 42422 | 51277168 |
| Lam Research Corp.  | 407038 | 64092204 |
| Lattice Semiconductor Corp. \* | 43609 | 3181713 |
| MACOM Technology Solutions <br> Holdings, Inc. \*<br>| 20630 | 3055922 |
| Marvell Technology, Inc.  | 277763 | 26037504 |
| Microchip Technology, Inc.  | 173894 | 10854463 |
| Micron Technology, Inc.  | 359923 | 80539970 |
| MKS, Inc.  | 21823 | 3136183 |
| Monolithic Power Systems, Inc.  | 15418 | 15495090 |
| NVIDIA Corp.  | 7847318 | 1589003422 |
| NXP Semiconductors NV  | 81326 | 17006893 |
| ON Semiconductor Corp. \* | 131700 | 6595536 |
| Qorvo, Inc. \* | 27194 | 2581254 |
| QUALCOMM, Inc.  | 346814 | 62738653 |
| Rambus, Inc. \* | 34613 | 3559601 |
| Semtech Corp. \* | 27900 | 1893294 |
| SiTime Corp. \* | 7032 | 2036748 |
| Skyworks Solutions, Inc.  | 47741 | 3710431 |
| Teradyne, Inc.  | 51236 | 9312655 |
| Texas Instruments, Inc.  | 292291 | 47193305 |
| Universal Display Corp.  | 14402 | 2121127 |
|  |  | **2891345615** |
| **Software & Services 12.2%** | **Software & Services 12.2%** | **Software & Services 12.2%** |
| Accenture PLC, Class A  | 200138 | 50054514 |
| ACI Worldwide, Inc. \* | 33990 | 1618944 |
| Adobe, Inc. \* | 136307 | 46386635 |
| Akamai Technologies, Inc. \* | 45741 | 3435149 |
| Amdocs Ltd.  | 36266 | 3055773 |
| Appfolio, Inc., Class A \* | 7137 | 1815867 |
| AppLovin Corp., Class A \* | 87038 | 55471929 |
| Atlassian Corp., Class A \* | 52969 | 8974008 |
| Aurora Innovation, Inc. \* | 368809 | 1932559 |
| Autodesk, Inc. \* | 68881 | 20756601 |
| Bentley Systems, Inc., Class B  | 47981 | 2438874 |
| Bill Holdings, Inc. \* | 30358 | 1507578 |
| Cadence Design Systems, Inc. \* | 87763 | 29724450 |
| CCC Intelligent Solutions Holdings, <br> Inc. \*<br>| 176031 | 1534990 |
| Circle Internet Group, Inc. *\*(a)* | 17176 | 2181008 |
| Clearwater Analytics Holdings, Inc., <br> Class A \*<br>| 92039 | 1694438 |
| Cloudflare, Inc., Class A \* | 100401 | 25431573 |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 157198 | 11456590 |
| Commvault Systems, Inc. \* | 13902 | 1935436 |
| Confluent, Inc., Class A \* | 93717 | 2190166 |
| CoreWeave, Inc., Class A \* | 70418 | 9415591 |
| Crowdstrike Holdings, Inc., Class A \* | 80080 | 43484241 |
| Datadog, Inc., Class A \* | 103740 | 16889909 |
| Docusign, Inc., Class A \* | 64885 | 4745689 |
| Dropbox, Inc., Class A \* | 59176 | 1716104 |
| D-Wave Quantum, Inc. \* | 109130 | 4044358 |
| Dynatrace, Inc. \* | 96131 | 4861345 |
| Elastic NV \* | 28783 | 2568019 |
| EPAM Systems, Inc. \* | 17902 | 2927693 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**19**

------

Schwab 1000 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Fair Isaac Corp. \* | 7729 | 12826507 |
| Figma, Inc., Class A *\*(a)* | 11871 | 591651 |
| Fortinet, Inc. \* | 209669 | 18121692 |
| Gartner, Inc. \* | 24373 | 6052791 |
| Gen Digital, Inc.  | 180528 | 4758718 |
| Gitlab, Inc., Class A \* | 44400 | 2164500 |
| GoDaddy, Inc., Class A \* | 44548 | 5930675 |
| Guidewire Software, Inc. \* | 27042 | 6318093 |
| HubSpot, Inc. \* | 16950 | 8338044 |
| Informatica, Inc., Class A \* | 35080 | 872440 |
| InterDigital, Inc.  | 8315 | 3009697 |
| International Business Machines <br> Corp. <br>| 299587 | 92096040 |
| Intuit, Inc.  | 89707 | 59883908 |
| Kyndryl Holdings, Inc. \* | 75092 | 2171661 |
| Life360, Inc. \* | 24992 | 2466960 |
| Manhattan Associates, Inc. \* | 19477 | 3546177 |
| MARA Holdings, Inc. \* | 119164 | 2177126 |
| Microsoft Corp.  | 2390591 | 1237871926 |
| MongoDB, Inc., Class A \* | 26226 | 9436639 |
| Nutanix, Inc., Class A \* | 86254 | 6144735 |
| Okta, Inc. \* | 53361 | 4884132 |
| Oracle Corp.  | 532978 | 139965353 |
| Palantir Technologies, Inc., Class A \* | 731429 | 146629572 |
| Palo Alto Networks, Inc. \* | 215033 | 47358868 |
| Pegasystems, Inc.  | 28860 | 1836939 |
| Procore Technologies, Inc. \* | 37145 | 2742044 |
| PTC, Inc. \* | 38464 | 7636643 |
| Roper Technologies, Inc.  | 34660 | 15463559 |
| Rubrik, Inc., Class A \* | 42913 | 3230062 |
| SailPoint, Inc. \* | 23111 | 501046 |
| Salesforce, Inc.  | 307460 | 80065659 |
| Samsara, Inc., Class A \* | 96415 | 3872991 |
| SentinelOne, Inc., Class A \* | 104082 | 1857864 |
| ServiceNow, Inc. \* | 66874 | 61475931 |
| ServiceTitan, Inc., Class A \* | 17637 | 1664227 |
| Snowflake, Inc., Class A \* | 107463 | 29539429 |
| SoundHound AI, Inc., Class A \* | 120860 | 2129553 |
| Strategy, Inc., Class A \* | 85023 | 22914549 |
| Synopsys, Inc. \* | 59611 | 27052664 |
| Twilio, Inc., Class A \* | 49740 | 6708931 |
| Tyler Technologies, Inc. \* | 13863 | 6602392 |
| UiPath, Inc., Class A \* | 131824 | 2090729 |
| Unity Software, Inc. \* | 108864 | 4125946 |
| Varonis Systems, Inc., Class B \* | 36538 | 1287234 |
| VeriSign, Inc.  | 26929 | 6457574 |
| Workday, Inc., Class A \* | 69507 | 16676119 |
| Zoom Communications, Inc. \* | 83837 | 7313102 |
| Zscaler, Inc. \* | 32088 | 10625620 |
|  |  | **2511738743** |
| **Technology Hardware & Equipment 8.6%** | **Technology Hardware & Equipment 8.6%** | **Technology Hardware & Equipment 8.6%** |
| Advanced Energy Industries, Inc.  | 12054 | 2443707 |
| Amphenol Corp., Class A  | 392895 | 54745989 |
| Apple, Inc.  | 4772838 | 1290432210 |
| Arista Networks, Inc. \* | 331320 | 52245851 |
| Arrow Electronics, Inc. \* | 16003 | 1785135 |
| Badger Meter, Inc.  | 9639 | 1739358 |
| Belden, Inc.  | 12798 | 1559436 |
| CDW Corp.  | 42229 | 6730036 |
| Ciena Corp. \* | 45465 | 8634713 |
| Cisco Systems, Inc.  | 1273294 | 93090524 |
| Cognex Corp.  | 54624 | 2260887 |
| Coherent Corp. \* | 49998 | 6597736 |
| Corning, Inc.  | 250222 | 22289776 |
| Dell Technologies, Inc., Class C  | 97734 | 15833885 |
| F5, Inc. \* | 18205 | 4606775 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Fabrinet \* | 11551 | 5089024 |
| Flex Ltd. \* | 121319 | 7584864 |
| Hewlett Packard Enterprise Co.  | 420822 | 10276473 |
| HP, Inc.  | 302749 | 8377065 |
| IonQ, Inc. \* | 95604 | 5963778 |
| Itron, Inc. \* | 14805 | 1485386 |
| Jabil, Inc.  | 34601 | 7643015 |
| Keysight Technologies, Inc. \* | 55496 | 10153548 |
| Littelfuse, Inc.  | 7881 | 1917526 |
| Lumentum Holdings, Inc. \* | 22495 | 4534092 |
| Mirion Technologies, Inc., Class A \* | 77087 | 2264045 |
| Motorola Solutions, Inc.  | 53491 | 21755325 |
| NetApp, Inc.  | 64442 | 7589979 |
| Pure Storage, Inc., Class A \* | 99998 | 9869803 |
| Sandisk Corp. \* | 44712 | 8912443 |
| Sanmina Corp. \* | 17202 | 2357534 |
| Seagate Technology Holdings PLC  | 68522 | 17533409 |
| Super Micro Computer, Inc. \* | 161513 | 8392216 |
| TD SYNNEX Corp.  | 24774 | 3876883 |
| TE Connectivity PLC  | 95246 | 23526714 |
| Teledyne Technologies, Inc. \* | 14979 | 7891237 |
| Trimble, Inc. \* | 76731 | 6119297 |
| Ubiquiti, Inc.  | 1380 | 1086308 |
| Vontier Corp.  | 46491 | 1789904 |
| Western Digital Corp.  | 111776 | 16789873 |
| Zebra Technologies Corp., Class A \* | 16440 | 4426470 |
|  |  | **1772202229** |
| **Telecommunication Services 0.7%** | **Telecommunication Services 0.7%** | **Telecommunication Services 0.7%** |
| AST SpaceMobile, Inc. \* | 75430 | 6053258 |
| AT&T, Inc.  | 2299645 | 56916214 |
| Frontier Communications Parent, <br> Inc. \*<br>| 80450 | 3037792 |
| GCI Liberty, Inc. *\*(c)* | 32171 | 0 |
| T-Mobile U.S., Inc.  | 155878 | 32742174 |
| Verizon Communications, Inc.  | 1356018 | 53888155 |
|  |  | **152637593** |
| **Transportation 1.3%** | **Transportation 1.3%** | **Transportation 1.3%** |
| Alaska Air Group, Inc. \* | 36813 | 1536206 |
| American Airlines Group, Inc. \* | 214308 | 2813864 |
| Avis Budget Group, Inc. \* | 5429 | 738724 |
| CH Robinson Worldwide, Inc.  | 38037 | 5857318 |
| CSX Corp.  | 600124 | 21616466 |
| Delta Air Lines, Inc.  | 208734 | 11977157 |
| Expeditors International of <br> Washington, Inc. <br>| 43716 | 5328980 |
| FedEx Corp.  | 69841 | 17727043 |
| GXO Logistics, Inc. \* | 35623 | 2002369 |
| JB Hunt Transport Services, Inc.  | 24487 | 4134875 |
| Joby Aviation, Inc. \* | 168182 | 2916276 |
| Knight-Swift Transportation Holdings, <br> Inc. <br>| 51247 | 2312265 |
| Lyft, Inc., Class A \* | 127980 | 2618471 |
| Norfolk Southern Corp.  | 72221 | 20465987 |
| Old Dominion Freight Line, Inc.  | 59575 | 8365522 |
| Ryder System, Inc.  | 13003 | 2200498 |
| Saia, Inc. \* | 8642 | 2527785 |
| Southwest Airlines Co.  | 169161 | 5125578 |
| Uber Technologies, Inc. \* | 670666 | 64719269 |
| U-Haul Holding Co., Non Voting <br> Shares <br>| 32569 | 1579271 |
| Union Pacific Corp.  | 190909 | 42070616 |
| United Airlines Holdings, Inc. \* | 104233 | 9802071 |
| United Parcel Service, Inc., Class B  | 237044 | 22855782 |

---

*See financial notes*

**20**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab 1000 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| XPO, Inc. \* | 37931 | 5457133 |
|  |  | **266749526** |
| **Utilities 2.3%** | **Utilities 2.3%** | **Utilities 2.3%** |
| AES Corp.  | 231207 | 3206841 |
| Alliant Energy Corp.  | 81410 | 5439816 |
| Ameren Corp.  | 86927 | 8868293 |
| American Electric Power Co., Inc.  | 172198 | 20708531 |
| American Water Works Co., Inc.  | 62811 | 8066817 |
| Atmos Energy Corp.  | 51154 | 8784165 |
| CenterPoint Energy, Inc.  | 210081 | 8033497 |
| CMS Energy Corp.  | 96157 | 7072347 |
| Consolidated Edison, Inc.  | 116173 | 11316412 |
| Constellation Energy Corp.  | 100376 | 37841752 |
| Dominion Energy, Inc.  | 274892 | 16133411 |
| DTE Energy Co.  | 66763 | 9049057 |
| Duke Energy Corp.  | 250456 | 31131681 |
| Edison International  | 123865 | 6859644 |
| Entergy Corp.  | 143818 | 13819472 |
| Essential Utilities, Inc.  | 89994 | 3512466 |
| Evergy, Inc.  | 74630 | 5732330 |
| Eversource Energy  | 119386 | 8811881 |
| Exelon Corp.  | 325260 | 15000991 |
| FirstEnergy Corp.  | 167285 | 7666672 |
| IDACORP, Inc.  | 17459 | 2252560 |
| National Fuel Gas Co.  | 28075 | 2215398 |
| NextEra Energy, Inc.  | 662069 | 53892417 |
| NiSource, Inc.  | 151410 | 6375875 |
| NRG Energy, Inc.  | 62316 | 10709628 |
| OGE Energy Corp.  | 63821 | 2817059 |
| Oklo, Inc. \* | 37556 | 4986310 |
| Ormat Technologies, Inc.  | 19465 | 2070492 |
| PG&E Corp.  | 707456 | 11290998 |
| Pinnacle West Capital Corp.  | 39013 | 3453431 |
| PPL Corp.  | 238063 | 8694061 |
| Public Service Enterprise Group, Inc.  | 160734 | 12948731 |
| Sempra  | 210002 | 19307584 |
| Southern Co.  | 354221 | 33310943 |
| Southwest Gas Holdings, Inc.  | 19799 | 1574021 |
| Talen Energy Corp. \* | 14718 | 5883962 |
| TXNM Energy, Inc.  | 30483 | 1731434 |
| UGI Corp.  | 68844 | 2301455 |
| Vistra Corp.  | 102605 | 19320521 |
| WEC Energy Group, Inc.  | 103399 | 11552770 |
| Xcel Energy, Inc.  | 190296 | 15446326 |
|  |  | **469192052** |
| **Total Common Stocks** <br>**(Cost $3,514,421,880)** | **Total Common Stocks** <br>**(Cost $3,514,421,880)** | **20514123895** |

---

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS  |
| **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.01% *(d)*<br>| 18948568 | 18948568 |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.01% *(d)(e)*<br>| 4047415 | 4047415 |
|  |  | **22995983** |
| **Total Short-Term Investments** <br>**(Cost $22,995,983)** | **Total Short-Term Investments** <br>**(Cost $22,995,983)** | **22995983** |
| **Total Investments in Securities** <br>**(Cost $3,537,417,863)** | **Total Investments in Securities** <br>**(Cost $3,537,417,863)** | **20537119878** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| S&P 400 Mid-Cap Index, <br> e-mini, expires 12/19/25<br>| 9 | 2931930 | (25330)<br>|
| S&P 500 Index, e-mini, expires <br> 12/19/25<br>| 78 | 26808600 | 361886 |
|  |  |  | **336556** |

---

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

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $3,963,256. 

*(b)* Issuer is affiliated with the fund's investment adviser.

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

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

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

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

REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers during the period ended October 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS |
| **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** |
| Charles Schwab Corp. | $34260471 | $5967763 | ($979020)<br>| $97063 | $12206254 | **$51552531** | 545414 | $568315 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**21**

------

Schwab 1000 Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $20361486302 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $20361486302 |
| Telecommunication Services | 152637593 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 152637593 |
| Short-Term Investments<sup>1</sup> <br>| 22995983 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 22995983 |
| Futures Contracts<sup>2</sup> <br>| 361886 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 361886 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (25330)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (25330)<br>|
| **Total** | **$20537456434** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$20537456434** |

---

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

\* Level 3 amount shown includes securities determined to have no value at October 31, 2025.

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

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

**22**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab 1000 Index Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $9,371,386)  |  | $51552531 |
| Investments in securities, at value - unaffiliated issuers (cost $3,528,046,477) including securities on loan of $3,963,256 |  | 20485567347 |
| Deposit with broker for futures contracts |  | 3197851 |
| Receivables: |  |  |
| Dividends |  | 9079919 |
| Fund shares sold |  | 3677018 |
| Variation margin on future contracts |  | 89610 |
| Income from securities on loan | + | 25653 |
| **Total assets** |  | **20553189929** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 4047415 |
| Payables: |  |  |
| Fund shares redeemed |  | 5102985 |
| Investment adviser fees |  | 915495 |
| Investments bought | + | 191239 |
| **Total liabilities** |  | **10257134** |
| **Net assets** |  | **$20542932795** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $3300048771 |
| Total distributable earnings | + | 17242884024 |
| **Net assets** |  | **$20542932795** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $20542932795 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1393010921 |  | &nbsp;&nbsp;&nbsp;&nbsp; $14.75 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**23**

------

Schwab 1000 Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $67,502) |  | $230947106 |
| Dividends received from securities - affiliated issuers |  | 568315 |
| Other Interest |  | 148662 |
| Securities on loan, net | + | 208042 |
| **Total investment income**  |  | **231872125** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 9255701 |
| **Total expenses** | – | **9255701** |
| **Net investment income** |  | **222616424** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - affiliated issuers  |  | 97063 |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 139084696 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 111566934 |
| Net realized gains on futures contracts | + | 6446645 |
| **Net realized gains** |  | **257195338** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 12206254 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 3123836837 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 985806 |
| **Net change in unrealized appreciation (depreciation)** |  | **3137028897** |
| **Net realized and unrealized gains** |  | **3394224235** |
| **Increase in net assets resulting from operations** |  | **$3616840659** |

---

*See financial notes*

**24**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab 1000 Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $222616424 | &nbsp;&nbsp;&nbsp; $215942227 |
| Net realized gains |  | 257195338 | &nbsp;&nbsp;&nbsp; 192063037 |
| Net change in unrealized appreciation (depreciation) | + | 3137028897 | &nbsp;&nbsp;&nbsp; 4452269453 |
| **Increase in net assets resulting from operations** |  | **$3616840659** | &nbsp;&nbsp;&nbsp; **$4860274717** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($218384415)**<br>| &nbsp;&nbsp;&nbsp; **($204576918)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 111974742 | &nbsp;&nbsp;&nbsp; $1450290800 | &nbsp;&nbsp;&nbsp; 111384560 | &nbsp;&nbsp;&nbsp; $1240390357 |
| Shares reinvested |  | 13121300 | &nbsp;&nbsp;&nbsp; 170314465 | &nbsp;&nbsp;&nbsp; 16383070 | &nbsp;&nbsp;&nbsp; 161356836 |
| Shares redeemed | + | (141165651)<br>| &nbsp;&nbsp;&nbsp; (1833422360)<br>| &nbsp;&nbsp;&nbsp; (134787170)<br>| &nbsp;&nbsp;&nbsp; (1510750063)<br>|
| **Net transactions in fund shares**  |  | **(16069609)**<br>| &nbsp;&nbsp;&nbsp; **($212817095)**<br>| &nbsp;&nbsp;&nbsp; **(7019540)**<br>| &nbsp;&nbsp;&nbsp; **($109002870)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 1409080530 | &nbsp;&nbsp;&nbsp; $17357293646 | &nbsp;&nbsp;&nbsp; 1416100070 | &nbsp;&nbsp;&nbsp; $12810598717 |
| Total increase (decrease) | + | (16069609)<br>| &nbsp;&nbsp;&nbsp; 3185639149 | &nbsp;&nbsp;&nbsp; (7019540)<br>| &nbsp;&nbsp;&nbsp; 4546694929 |
| **End of period** |  | **1393010921** | &nbsp;&nbsp;&nbsp; **$20542932795** | &nbsp;&nbsp;&nbsp; **1409080530** | &nbsp;&nbsp;&nbsp; **$17357293646** |

---

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

<sup>1</sup> For the period ended October 31, 2025, and the prior report period, transactions in fund shares have been retroactively adjusted to reflect a 10-for-1 share split effective after the close of U.S. markets on August 15, 2025. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 9 for additional information). 

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**25**

------

Schwab Small-Cap Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $35.63 | &nbsp;&nbsp; $26.99 | &nbsp;&nbsp; $29.87 | &nbsp;&nbsp; $39.97 | &nbsp;&nbsp; $27.18 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.45 | 0.47 | 0.47 | 0.40 | 0.37 |
| Net realized and unrealized gains (losses) | 4.67 | 8.66 | &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (7.31)<br>| 13.29 |
| Total from investment operations | 5.12 | 9.13 | &nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp; (6.91)<br>| 13.66 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.38)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; (0.49)<br>|
| Total distributions | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (3.19)<br>| &nbsp;&nbsp; (0.87)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $40.16 | &nbsp;&nbsp; $35.63 | &nbsp;&nbsp; $26.99 | &nbsp;&nbsp; $29.87 | &nbsp;&nbsp; $39.97 |
| Total return | 14.50<br> %<br>| 34.14<br> %<br>| &nbsp;&nbsp; (8.47<br> %)<br>| &nbsp;&nbsp; (18.53<br> %)<br>| 50.82<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.04<br> %<br>| 0.04<br> %<br>| 0.04<br> %<br>| 0.04 %<sup>2</sup><br>| 0.04<br> %<br>|
| Net investment income (loss) | 1.24<br> %<br>| 1.42<br> %<br>| 1.60<br> %<br>| 1.25<br> %<br>| 0.98<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 12 %<sup>3</sup><br>| &nbsp;&nbsp; 15 %<sup>3</sup><br>| &nbsp;&nbsp; 10 %<sup>3</sup><br>| &nbsp;&nbsp; 16 %<sup>3</sup><br>| &nbsp;&nbsp; 19 %<sup>3</sup><br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $7193 | &nbsp;&nbsp; $6330 | &nbsp;&nbsp; $4881 | &nbsp;&nbsp; $5372 | &nbsp;&nbsp; $6587 |

---

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

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

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

<sup>3</sup> Portfolio turnover rate excludes in-kind transactions.

*See financial notes*

**26**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.6% OF NET ASSETS  | **COMMON STOCKS** 99.6% OF NET ASSETS  | **COMMON STOCKS** 99.6% OF NET ASSETS  |
| **Automobiles & Components 1.4%** | **Automobiles & Components 1.4%** | **Automobiles & Components 1.4%** |
| Adient PLC \* | 210475 | 4880915 |
| American Axle & Manufacturing <br> Holdings, Inc. \*<br>| 289476 | 1794751 |
| Cooper-Standard Holdings, Inc. \* | 41698 | 1260114 |
| Dana, Inc.  | 330811 | 6715463 |
| Dorman Products, Inc. \* | 68840 | 9233509 |
| Faraday Future Intelligent Electric, <br> Inc. *\*(a)*<br>| 223151 | 307948 |
| Fox Factory Holding Corp. \* | 104416 | 2308638 |
| Garrett Motion, Inc.  | 335892 | 5690010 |
| Gentherm, Inc. \* | 75730 | 2786864 |
| Goodyear Tire & Rubber Co. \* | 652850 | 4498137 |
| Holley, Inc. \* | 147662 | 423790 |
| LCI Industries  | 61601 | 6375088 |
| Livewire Group, Inc., Class A \* | 92162 | 505048 |
| Luminar Technologies, Inc. *\*(a)* | 115724 | 134240 |
| Modine Manufacturing Co. \* | 130763 | 20034199 |
| Motorcar Parts of America, Inc. \* | 33114 | 564925 |
| Patrick Industries, Inc.  | 81099 | 8464303 |
| Phinia, Inc.  | 96129 | 4990056 |
| Solid Power, Inc. \* | 380821 | 2391556 |
| Standard Motor Products, Inc.  | 52613 | 1953521 |
| Strattec Security Corp. \* | 9742 | 597769 |
| Visteon Corp.  | 68608 | 7352033 |
| Winnebago Industries, Inc.  | 68378 | 2578534 |
| XPEL, Inc. \* | 60423 | 2060424 |
|  |  | **97901835** |
| **Banks 9.3%** | **Banks 9.3%** | **Banks 9.3%** |
| 1st Source Corp.  | 46028 | 2735904 |
| ACNB Corp.  | 25694 | 1160855 |
| Amalgamated Financial Corp.  | 58690 | 1599889 |
| Amerant Bancorp, Inc.  | 92955 | 1558855 |
| Ameris Bancorp  | 164944 | 11813289 |
| Ames National Corp.  | 22707 | 473668 |
| Arrow Financial Corp.  | 41009 | 1143741 |
| Associated Banc-Corp.  | 415142 | 10283067 |
| Atlantic Union Bankshares Corp.  | 355410 | 11557933 |
| Axos Financial, Inc. \* | 135665 | 10579157 |
| Banc of California, Inc.  | 320393 | 5437069 |
| BancFirst Corp.  | 52140 | 5675960 |
| Bancorp, Inc. \* | 113739 | 7435118 |
| Bank First Corp.  | 22572 | 2756493 |
| Bank of Hawaii Corp.  | 98333 | 6384762 |
| Bank of Marin Bancorp  | 37031 | 953548 |
| Bank of NT Butterfield & Son Ltd.  | 103870 | 4805026 |
| Bank7 Corp.  | 10305 | 427761 |
| BankFinancial Corp.  | 27849 | 307731 |
| BankUnited, Inc.  | 188331 | 7548306 |
| Bankwell Financial Group, Inc.  | 17843 | 773494 |
| Banner Corp.  | 84994 | 5132788 |
| Bar Harbor Bankshares  | 37239 | 1092220 |
| BayCom Corp.  | 26209 | 714457 |
| BCB Bancorp, Inc.  | 40445 | 321133 |
| Beacon Financial Corp.  | 208191 | 5067369 |
| Blue Foundry Bancorp \* | 48725 | 401494 |
| Blue Ridge Bankshares, Inc. \* | 169764 | 760543 |
| Bridgewater Bancshares, Inc. \* | 51245 | 843493 |
| Burke & Herbert Financial Services <br> Corp. <br>| 33460 | 1969456 |
| Business First Bancshares, Inc.  | 71604 | 1755730 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| BV Financial, Inc. \* | 21674 | 353286 |
| Byline Bancorp, Inc.  | 77866 | 2082137 |
| C&F Financial Corp.  | 7616 | 521011 |
| Cadence Bank  | 465984 | 17586236 |
| California BanCorp \* | 56119 | 1037640 |
| Camden National Corp.  | 41892 | 1598180 |
| Capital Bancorp, Inc.  | 29526 | 820675 |
| Capital City Bank Group, Inc.  | 34327 | 1335320 |
| Capitol Federal Financial, Inc.  | 304622 | 1839917 |
| Carter Bankshares, Inc. \* | 57656 | 984764 |
| Cathay General Bancorp  | 168210 | 7645145 |
| CB Financial Services, Inc.  | 11554 | 374003 |
| Central Pacific Financial Corp.  | 66728 | 1902415 |
| CF Bankshares, Inc.  | 9542 | 221374 |
| Chain Bridge Bancorp, Inc., Class A \* | 5770 | 171023 |
| Chemung Financial Corp.  | 10395 | 526715 |
| ChoiceOne Financial Services, Inc.  | 36045 | 1032329 |
| Citizens & Northern Corp.  | 38412 | 743656 |
| Citizens Community Bancorp, Inc.  | 23893 | 373925 |
| Citizens Financial Services, Inc.  | 11422 | 625811 |
| City Holding Co.  | 35055 | 4132283 |
| Civista Bancshares, Inc.  | 47356 | 1019575 |
| CNB Financial Corp.  | 69931 | 1720303 |
| Coastal Financial Corp. \* | 32174 | 3426531 |
| CoastalSouth Bancshares, Inc. \* | 11582 | 246465 |
| Colony Bankcorp, Inc.  | 43089 | 688993 |
| Columbia Financial, Inc. \* | 67808 | 1000168 |
| Community Financial System, Inc.  | 132208 | 7334900 |
| Community Trust Bancorp, Inc.  | 39861 | 2040684 |
| Community West Bancshares  | 41830 | 885959 |
| ConnectOne Bancorp, Inc.  | 118098 | 2841438 |
| Customers Bancorp, Inc. \* | 73879 | 4958758 |
| CVB Financial Corp.  | 330116 | 6064231 |
| Dime Community Bancshares, Inc.  | 99193 | 2603816 |
| Eagle Bancorp Montana, Inc.  | 18515 | 300498 |
| Eagle Bancorp, Inc.  | 70283 | 1177240 |
| Eagle Financial Services, Inc.  | 11615 | 420579 |
| Eastern Bankshares, Inc.  | 490813 | 8603952 |
| ECB Bancorp, Inc. \* | 19368 | 310469 |
| Enterprise Financial Services Corp.  | 91569 | 4795469 |
| Equity Bancshares, Inc., Class A  | 35101 | 1421942 |
| Esquire Financial Holdings, Inc.  | 17690 | 1659322 |
| Farmers & Merchants Bancorp, Inc.  | 32158 | 768576 |
| Farmers National Banc Corp.  | 90761 | 1178078 |
| FB Bancorp, Inc. \* | 44391 | 538019 |
| FB Financial Corp.  | 103411 | 5585228 |
| Fidelity D&D Bancorp, Inc.  | 11926 | 520928 |
| Financial Institutions, Inc.  | 48884 | 1389772 |
| Finward Bancorp *(a)* | 8575 | 301411 |
| Finwise Bancorp \* | 22856 | 438607 |
| First BanCorp  | 403623 | 7866612 |
| First Bancorp, Inc.  | 27330 | 677511 |
| First Bancorp/Southern Pines NC  | 100953 | 4900259 |
| First Bank  | 53540 | 836295 |
| First Busey Corp.  | 214053 | 4786225 |
| First Business Financial Services, Inc.  | 19430 | 983352 |
| First Capital, Inc.  | 8187 | 352450 |
| First Commonwealth Financial Corp.  | 260005 | 3975476 |
| First Community Bankshares, Inc.  | 39150 | 1266111 |
| First Community Corp.  | 18504 | 496092 |
| First Financial Bancorp  | 238449 | 5582091 |
| First Financial Bankshares, Inc.  | 335466 | 10362545 |
| First Financial Corp.  | 28448 | 1516847 |
| First Foundation, Inc. \* | 155231 | 844457 |
| First Internet Bancorp  | 19480 | 345575 |
| First Interstate BancSystem, Inc., <br> Class A <br>| 223412 | 6981625 |
| First Merchants Corp.  | 145674 | 5168514 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**27**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| First Mid Bancshares, Inc.  | 54026 | 1930349 |
| First National Corp.  | 19604 | 441482 |
| First Savings Financial Group, Inc.  | 13887 | 411055 |
| First United Corp.  | 15125 | 522266 |
| First Western Financial, Inc. \* | 21232 | 490247 |
| Firstsun Capital Bancorp \* | 31661 | 1077740 |
| Five Star Bancorp  | 39224 | 1392844 |
| Flagstar Bank NA  | 758153 | 8658107 |
| Flushing Financial Corp.  | 79712 | 1089663 |
| Franklin Financial Services Corp.  | 10523 | 476692 |
| FS Bancorp, Inc.  | 16721 | 646936 |
| Fulton Financial Corp.  | 455694 | 7915405 |
| FVCBankcorp, Inc.  | 38451 | 469871 |
| GBank Financial Holdings, Inc. \* | 22473 | 815096 |
| German American Bancorp, Inc.  | 90292 | 3479854 |
| Glacier Bancorp, Inc.  | 319836 | 13065301 |
| Great Southern Bancorp, Inc.  | 20922 | 1165355 |
| Greene County Bancorp, Inc.  | 16941 | 371855 |
| Hancock Whitney Corp.  | 214690 | 12260946 |
| Hanmi Financial Corp.  | 75359 | 1989478 |
| Hanover Bancorp, Inc.  | 10484 | 217124 |
| HarborOne Bancorp, Inc.  | 93944 | 1136722 |
| Hawthorn Bancshares, Inc.  | 14633 | 442063 |
| HBT Financial, Inc.  | 28230 | 688530 |
| Heritage Commerce Corp.  | 148796 | 1547478 |
| Heritage Financial Corp.  | 84933 | 1884663 |
| Hilltop Holdings, Inc.  | 111280 | 3594344 |
| Hingham Institution For Savings  | 4164 | 1225299 |
| Home Bancorp, Inc.  | 17108 | 909290 |
| Home BancShares, Inc.  | 469502 | 12540398 |
| HomeTrust Bancshares, Inc.  | 39570 | 1555497 |
| Hope Bancorp, Inc.  | 308237 | 3233406 |
| Horizon Bancorp, Inc.  | 109131 | 1702444 |
| Independent Bank Corp.  | 121672 | 8187309 |
| Independent Bank Corp. MI  | 49687 | 1501541 |
| International Bancshares Corp.  | 136063 | 9031862 |
| Investar Holding Corp.  | 22575 | 536382 |
| John Marshall Bancorp, Inc.  | 31897 | 609233 |
| Kearny Financial Corp.  | 145059 | 926927 |
| Lakeland Financial Corp.  | 62714 | 3577834 |
| Landmark Bancorp, Inc.  | 11381 | 292378 |
| LCNB Corp.  | 33401 | 513039 |
| LINKBANCORP, Inc.  | 54708 | 384597 |
| Live Oak Bancshares, Inc.  | 87779 | 2733438 |
| MainStreet Bancshares, Inc.  | 17565 | 325831 |
| Mechanics Bancorp, Class A \* | 44700 | 598533 |
| Mercantile Bank Corp.  | 39585 | 1735802 |
| Meridian Corp.  | 22740 | 324955 |
| Metrocity Bankshares, Inc.  | 49405 | 1265262 |
| Metropolitan Bank Holding Corp.  | 22819 | 1512215 |
| Mid Penn Bancorp, Inc.  | 48614 | 1383068 |
| Middlefield Banc Corp.  | 17952 | 585235 |
| Midland States Bancorp, Inc.  | 50932 | 745644 |
| MidWestOne Financial Group, Inc.  | 40840 | 1510672 |
| MVB Financial Corp.  | 29223 | 747524 |
| National Bank Holdings Corp., Class A  | 94446 | 3367944 |
| National Bankshares, Inc.  | 15544 | 445025 |
| NB Bancorp, Inc.  | 88131 | 1592527 |
| NBT Bancorp, Inc.  | 127806 | 5172309 |
| Nicolet Bankshares, Inc.  | 33712 | 3982736 |
| Northeast Bank  | 19535 | 1685480 |
| Northeast Community Bancorp, Inc.  | 30892 | 606719 |
| Northfield Bancorp, Inc.  | 91299 | 933076 |
| Northpointe Bancshares, Inc.  | 26348 | 417616 |
| Northrim BanCorp, Inc.  | 53536 | 1176721 |
| Northwest Bancshares, Inc.  | 362063 | 4239758 |
| Norwood Financial Corp.  | 21226 | 564824 |
| Oak Valley Bancorp  | 17326 | 472653 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| OceanFirst Financial Corp.  | 141565 | 2573652 |
| OFG Bancorp  | 111109 | 4295474 |
| Ohio Valley Banc Corp.  | 9555 | 334425 |
| Old National Bancorp  | 874090 | 17857659 |
| Old Second Bancorp, Inc.  | 125196 | 2247268 |
| OP Bancorp  | 29441 | 393037 |
| Orange County Bancorp, Inc.  | 29088 | 711202 |
| Origin Bancorp, Inc.  | 73950 | 2563107 |
| Orrstown Financial Services, Inc.  | 46416 | 1544724 |
| Park National Corp.  | 37029 | 5635444 |
| Parke Bancorp, Inc.  | 24273 | 524540 |
| Pathward Financial, Inc.  | 59111 | 4023095 |
| Patriot National Bancorp, Inc. \* | 126158 | 150128 |
| PCB Bancorp  | 27645 | 582480 |
| Peapack-Gladstone Financial Corp.  | 40288 | 1019286 |
| Peoples Bancorp of North Carolina, Inc.  | 10577 | 311281 |
| Peoples Bancorp, Inc.  | 87230 | 2494778 |
| Peoples Financial Services Corp.  | 22847 | 1017605 |
| Pioneer Bancorp, Inc. \* | 28152 | 369917 |
| Plumas Bancorp  | 15391 | 631647 |
| Ponce Financial Group, Inc. \* | 49070 | 692378 |
| Preferred Bank  | 28988 | 2616167 |
| Primis Financial Corp.  | 55569 | 604869 |
| Princeton Bancorp, Inc.  | 13483 | 419052 |
| Provident Bancorp, Inc. \* | 40385 | 514909 |
| Provident Financial Services, Inc.  | 321665 | 5883253 |
| QCR Holdings, Inc.  | 41294 | 3071861 |
| RBB Bancorp  | 42037 | 783149 |
| Red River Bancshares, Inc.  | 11632 | 768410 |
| Renasant Corp.  | 235367 | 7915392 |
| Republic Bancorp, Inc., Class A  | 20698 | 1363998 |
| Rhinebeck Bancorp, Inc. \* | 11327 | 113157 |
| Richmond Mutual BanCorp, Inc. *(a)* | 22767 | 303484 |
| Riverview Bancorp, Inc.  | 51020 | 264284 |
| S&T Bancorp, Inc.  | 95352 | 3493697 |
| SB Financial Group, Inc.  | 14854 | 290544 |
| Seacoast Banking Corp. of Florida  | 212357 | 6434417 |
| ServisFirst Bancshares, Inc.  | 128733 | 9046068 |
| Shore Bancshares, Inc.  | 76876 | 1200034 |
| Sierra Bancorp  | 31541 | 907750 |
| Simmons First National Corp., Class A  | 353876 | 6150365 |
| SmartFinancial, Inc.  | 36644 | 1281441 |
| Sound Financial Bancorp, Inc.  | 5316 | 237306 |
| South Plains Financial, Inc.  | 32314 | 1179461 |
| Southern First Bancshares, Inc. \* | 19415 | 851154 |
| Southern Missouri Bancorp, Inc.  | 24005 | 1258822 |
| Southside Bancshares, Inc.  | 72249 | 2031642 |
| SR Bancorp, Inc.  | 19131 | 281608 |
| Stellar Bancorp, Inc.  | 117329 | 3452992 |
| Sterling Bancorp, Inc. *\*(b)* | 46061 | 6474 |
| Stock Yards Bancorp, Inc.  | 65691 | 4271229 |
| Texas Capital Bancshares, Inc. \* | 113521 | 9517601 |
| Third Coast Bancshares, Inc. \* | 32471 | 1193309 |
| Timberland Bancorp, Inc.  | 18808 | 604113 |
| Tompkins Financial Corp.  | 33387 | 2118739 |
| Towne Bank  | 183171 | 5954889 |
| TriCo Bancshares  | 75385 | 3334279 |
| Triumph Financial, Inc. \* | 56338 | 3068167 |
| TrustCo Bank Corp.  | 46468 | 1752308 |
| Trustmark Corp.  | 142013 | 5285724 |
| UMB Financial Corp.  | 181320 | 19379482 |
| Union Bankshares, Inc.  | 9085 | 207320 |
| United Bankshares, Inc.  | 352835 | 12627965 |
| United Community Banks, Inc.  | 305547 | 8921972 |
| United Security Bancshares  | 33990 | 311518 |
| Unity Bancorp, Inc.  | 18252 | 828823 |
| Univest Financial Corp.  | 71389 | 2095981 |
| USCB Financial Holdings, Inc.  | 26395 | 455578 |

---

*See financial notes*

**28**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Valley National Bancorp  | 1209116 | 13143091 |
| Virginia National Bankshares Corp.  | 12048 | 479269 |
| WaFd, Inc.  | 196886 | 5715601 |
| Washington Trust Bancorp, Inc.  | 47944 | 1305995 |
| WesBanco, Inc.  | 236472 | 7117807 |
| West BanCorp, Inc.  | 38011 | 808494 |
| Westamerica BanCorp  | 61718 | 2940863 |
| Western New England Bancorp, Inc.  | 46061 | 523714 |
| WSFS Financial Corp.  | 139777 | 7280984 |
|  |  | **667540273** |
| **Capital Goods 13.8%** | **Capital Goods 13.8%** | **Capital Goods 13.8%** |
| 3D Systems Corp. \* | 323023 | 923846 |
| AAR Corp. \* | 89170 | 7509006 |
| Aebi Schmidt Holding AG  | 92525 | 1031654 |
| AeroVironment, Inc. \* | 79638 | 29458893 |
| AerSale Corp. \* | 79856 | 592531 |
| AirJoule Technologies Corp. *\*(a)* | 61105 | 315302 |
| AIRO Group Holdings, Inc. \* | 17450 | 285482 |
| Alamo Group, Inc.  | 25846 | 4619197 |
| Albany International Corp., Class A  | 75477 | 4270489 |
| Allient, Inc.  | 36136 | 1975916 |
| Alta Equipment Group, Inc.  | 50650 | 309978 |
| Ameresco, Inc., Class A \* | 80166 | 3168160 |
| American Superconductor Corp. \* | 109190 | 6467324 |
| American Woodmark Corp. \* | 35829 | 2283382 |
| Amprius Technologies, Inc. \* | 230911 | 3253536 |
| Apogee Enterprises, Inc.  | 52515 | 1922574 |
| Archer Aviation, Inc., Class A \* | 1374761 | 15424818 |
| Arcosa, Inc.  | 121069 | 12349038 |
| Argan, Inc.  | 33080 | 10129427 |
| Array Technologies, Inc. \* | 379168 | 3283595 |
| Astec Industries, Inc.  | 56755 | 2640810 |
| Astronics Corp. \* | 75560 | 3716041 |
| Atkore, Inc.  | 83994 | 5816584 |
| Atmus Filtration Technologies, Inc.  | 208320 | 9474394 |
| AZZ, Inc.  | 74141 | 7402979 |
| Bloom Energy Corp., Class A \* | 535619 | 70787407 |
| Blue Bird Corp. \* | 79246 | 3959130 |
| BlueLinx Holdings, Inc. \* | 19041 | 1246043 |
| Boise Cascade Co.  | 94406 | 6654679 |
| Bowman Consulting Group Ltd., <br> Class A \*<br>| 35309 | 1528527 |
| Brookfield Business Corp., Class A  | 58179 | 2121206 |
| Byrna Technologies, Inc. \* | 45585 | 923096 |
| Cadre Holdings, Inc.  | 70624 | 2998695 |
| Centuri Holdings, Inc. \* | 175680 | 3546979 |
| Chart Industries, Inc. \* | 112862 | 22529512 |
| Columbus McKinnon Corp.  | 70698 | 1147429 |
| Concrete Pumping Holdings, Inc.  | 54532 | 348459 |
| Construction Partners, Inc., Class A \* | 116941 | 13372203 |
| CSW Industrials, Inc.  | 40653 | 10180324 |
| Custom Truck One Source, Inc. \* | 151506 | 892370 |
| Distribution Solutions Group, Inc. \* | 24546 | 671088 |
| DNOW, Inc. \* | 259591 | 3815988 |
| Douglas Dynamics, Inc.  | 56779 | 1716429 |
| Ducommun, Inc. \* | 34325 | 3149319 |
| DXP Enterprises, Inc. \* | 32444 | 3881925 |
| Dycom Industries, Inc. \* | 69943 | 20128896 |
| Eastern Co.  | 14235 | 303917 |
| Energy Recovery, Inc. \* | 132888 | 2273714 |
| Enerpac Tool Group Corp., Class A  | 135225 | 5549634 |
| EnerSys  | 95863 | 12094076 |
| Enovix Corp. \* | 410537 | 4922339 |
| Enpro, Inc.  | 52689 | 12224375 |
| Eos Energy Enterprises, Inc. *\*(a)* | 635119 | 10180958 |
| ESCO Technologies, Inc.  | 64868 | 14236580 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Eve Holding, Inc. \* | 130028 | 566922 |
| EVI Industries, Inc.  | 12531 | 337585 |
| Federal Signal Corp.  | 149877 | 17689982 |
| Fluence Energy, Inc. \* | 189999 | 3989979 |
| Fluor Corp. \* | 409269 | 19960049 |
| Franklin Electric Co., Inc.  | 99628 | 9441746 |
| GATX Corp.  | 89585 | 14051407 |
| Gencor Industries, Inc. \* | 25595 | 347836 |
| Gibraltar Industries, Inc. \* | 74572 | 4652547 |
| Global Industrial Co.  | 36072 | 1025166 |
| Gorman-Rupp Co.  | 52515 | 2361600 |
| Graham Corp. \* | 26110 | 1626392 |
| Granite Construction, Inc.  | 109134 | 11230980 |
| Great Lakes Dredge & Dock Corp. \* | 165568 | 1879197 |
| Greenbrier Cos., Inc.  | 75366 | 3148038 |
| Griffon Corp.  | 95806 | 7090602 |
| Helios Technologies, Inc.  | 82831 | 4585524 |
| Herc Holdings, Inc.  | 81493 | 11576081 |
| Hillenbrand, Inc.  | 176000 | 5561600 |
| Hillman Solutions Corp. \* | 494428 | 4558626 |
| Hudson Technologies, Inc. \* | 97424 | 884123 |
| Hyliion Holdings Corp. \* | 307289 | 728275 |
| Hyster-Yale, Inc.  | 29282 | 1052395 |
| IES Holdings, Inc. \* | 22543 | 8834151 |
| Insteel Industries, Inc.  | 46147 | 1441632 |
| Intuitive Machines, Inc., Class A \* | 272899 | 3255685 |
| Janus International Group, Inc. \* | 337808 | 3242957 |
| JBT Marel Corp.  | 130389 | 16442053 |
| JELD-WEN Holding, Inc. \* | 212036 | 920236 |
| Kadant, Inc.  | 29402 | 8134357 |
| Karat Packaging, Inc.  | 21329 | 512323 |
| Kennametal, Inc.  | 189753 | 4165078 |
| Kratos Defense & Security Solutions, <br> Inc. \*<br>| 416016 | 37691050 |
| KULR Technology Group, Inc. *\*(a)* | 89369 | 342283 |
| L.B. Foster Co., Class A \* | 25520 | 699248 |
| Limbach Holdings, Inc. \* | 26572 | 2510523 |
| Lindsay Corp.  | 27084 | 3012824 |
| LSI Industries, Inc.  | 66811 | 1529304 |
| Luxfer Holdings PLC  | 66698 | 813716 |
| Manitowoc Co., Inc. \* | 86106 | 875698 |
| Masterbrand, Inc. \* | 317207 | 4006324 |
| Matrix Service Co. \* | 67576 | 1014991 |
| Mayville Engineering Co., Inc. \* | 35804 | 638027 |
| McGrath RentCorp  | 61314 | 6587576 |
| Mercury Systems, Inc. \* | 129851 | 10051766 |
| Microvast Holdings, Inc. \* | 496206 | 2704323 |
| Miller Industries, Inc.  | 27811 | 1116334 |
| Moog, Inc., Class A  | 70195 | 14379446 |
| MRC Global, Inc. \* | 208838 | 2913290 |
| Mueller Water Products, Inc., Class A  | 389178 | 9986307 |
| MYR Group, Inc. \* | 38489 | 8379055 |
| NANO Nuclear Energy, Inc. *\*(a)* | 77717 | 3694666 |
| National Presto Industries, Inc.  | 12918 | 1381838 |
| Net Power, Inc. *\*(a)* | 84845 | 324108 |
| NEXTracker, Inc., Class A \* | 364060 | 36850153 |
| NPK International, Inc. \* | 196190 | 2413137 |
| NuScale Power Corp. *\*(a)* | 315761 | 14168196 |
| NWPX Infrastructure, Inc. \* | 24383 | 1466881 |
| Omega Flex, Inc.  | 8273 | 228748 |
| Orion Group Holdings, Inc. \* | 95283 | 1026198 |
| Palladyne AI Corp. *\*(a)* | 59484 | 497881 |
| Park Aerospace Corp.  | 45377 | 869423 |
| Park-Ohio Holdings Corp.  | 24654 | 508612 |
| Plug Power, Inc. \* | 2722452 | 7323396 |
| Powell Industries, Inc.  | 23825 | 9134267 |
| Power Solutions International, Inc. \* | 16166 | 1384133 |
| Preformed Line Products Co.  | 6030 | 1279023 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**29**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Primoris Services Corp.  | 135014 | 19107181 |
| Proto Labs, Inc. \* | 59407 | 2956092 |
| Quanex Building Products Corp.  | 115079 | 1635273 |
| Redwire Corp. *\*(a)* | 123581 | 972582 |
| Resideo Technologies, Inc. \* | 344261 | 14734371 |
| REV Group, Inc.  | 121054 | 6206439 |
| Richtech Robotics, Inc., Class B *\*(a)* | 172669 | 832265 |
| Rush Enterprises, Inc., Class A  | 175731 | 8682869 |
| Satellogic, Inc., Class A \* | 173457 | 331303 |
| Shoals Technologies Group, Inc., <br> Class A \*<br>| 417321 | 4386044 |
| SKYX Platforms Corp. \* | 153913 | 270887 |
| Southland Holdings, Inc. \* | 31438 | 140528 |
| SPX Technologies, Inc. \* | 120321 | 26938669 |
| Standex International Corp.  | 30011 | 6999465 |
| Sterling Infrastructure, Inc. \* | 74437 | 28129742 |
| SunPower, Inc. *\*(a)* | 150675 | 271215 |
| Sunrun, Inc. \* | 522838 | 10854117 |
| T1 Energy, Inc. \* | 276372 | 1028104 |
| Tecnoglass, Inc.  | 60661 | 3617215 |
| Tennant Co.  | 46930 | 3754400 |
| Terex Corp.  | 160880 | 7403698 |
| Thermon Group Holdings, Inc. \* | 81805 | 2350258 |
| Titan International, Inc. \* | 122356 | 923788 |
| Titan Machinery, Inc. \* | 51993 | 852685 |
| Transcat, Inc. \* | 22875 | 1661869 |
| Trinity Industries, Inc.  | 204097 | 5586135 |
| Tutor Perini Corp. \* | 111184 | 7489354 |
| UFP Industries, Inc.  | 150503 | 13865841 |
| V2X, Inc. \* | 48357 | 2760701 |
| Vicor Corp. \* | 58231 | 5283299 |
| Voyager Technologies, Inc., Class A \* | 34312 | 1049261 |
| VSE Corp.  | 56428 | 10195411 |
| Wabash National Corp.  | 103222 | 827840 |
| Watts Water Technologies, Inc., Class A  | 68531 | 18681551 |
| Willis Lease Finance Corp.  | 7093 | 910599 |
| Worthington Enterprises, Inc.  | 78598 | 4408562 |
| Xometry, Inc., Class A \* | 108708 | 5292992 |
| Zurn Elkay Water Solutions Corp.  | 375160 | 17673788 |
|  |  | **992174515** |
| **Commercial & Professional Services 3.2%** | **Commercial & Professional Services 3.2%** | **Commercial & Professional Services 3.2%** |
| ABM Industries, Inc.  | 154607 | 6648101 |
| ACCO Brands Corp.  | 218608 | 821966 |
| Acme United Corp.  | 8194 | 311454 |
| ACV Auctions, Inc., Class A \* | 419986 | 3809273 |
| Alight, Inc., Class A  | 1076068 | 3099076 |
| Asure Software, Inc. \* | 63421 | 561276 |
| Barrett Business Services, Inc.  | 62357 | 2523588 |
| BlackSky Technology, Inc. \* | 77505 | 1636906 |
| BrightView Holdings, Inc. \* | 179033 | 2205686 |
| Brink's Co.  | 104946 | 11665797 |
| Casella Waste Systems, Inc., Class A \* | 156672 | 13876439 |
| CBIZ, Inc. \* | 123436 | 6788980 |
| CECO Environmental Corp. \* | 73039 | 3570877 |
| Cimpress PLC \* | 37247 | 2577865 |
| CompX International, Inc.  | 3107 | 69876 |
| Conduent, Inc. \* | 374586 | 891515 |
| CoreCivic, Inc. \* | 269792 | 4999246 |
| CRA International, Inc.  | 16478 | 3138894 |
| CSG Systems International, Inc.  | 69209 | 5416988 |
| Deluxe Corp.  | 109477 | 1982628 |
| Ennis, Inc.  | 60898 | 998727 |
| Enviri Corp. \* | 188517 | 2301793 |
| Exponent, Inc.  | 126860 | 8982957 |
| First Advantage Corp. \* | 196766 | 2485155 |
| Forrester Research, Inc. \* | 29599 | 211041 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Franklin Covey Co. \* | 27533 | 467510 |
| GEO Group, Inc. \* | 337541 | 5728071 |
| Healthcare Services Group, Inc. \* | 182107 | 3254252 |
| Heidrick & Struggles International, Inc.  | 51098 | 2982590 |
| HireQuest, Inc.  | 14505 | 123728 |
| HNI Corp.  | 113055 | 4626211 |
| Huron Consulting Group, Inc. \* | 42541 | 6995442 |
| IBEX Holdings Ltd. \* | 26883 | 1004618 |
| ICF International, Inc.  | 45871 | 3682524 |
| Innodata, Inc. \* | 76803 | 5730272 |
| Insperity, Inc.  | 90152 | 3977506 |
| Interface, Inc., Class A  | 144394 | 3595411 |
| Kelly Services, Inc., Class A  | 74357 | 833542 |
| Kforce, Inc.  | 44115 | 1116109 |
| Korn Ferry  | 128895 | 8339506 |
| Legalzoom.com, Inc. \* | 296275 | 2953862 |
| Liquidity Services, Inc. \* | 57276 | 1371187 |
| Maximus, Inc.  | 141080 | 11726570 |
| MillerKnoll, Inc.  | 168255 | 2628143 |
| Mistras Group, Inc. \* | 41215 | 393191 |
| Mobile Infrastructure Corp. \* | 36151 | 123636 |
| Montrose Environmental Group, Inc. \* | 79993 | 2070219 |
| NL Industries, Inc.  | 19332 | 116959 |
| OPENLANE, Inc. \* | 265602 | 7017205 |
| Perma-Fix Environmental Services, Inc. \* | 43197 | 591367 |
| Pitney Bowes, Inc.  | 430735 | 4255662 |
| Planet Labs PBC \* | 583005 | 7841417 |
| Quad/Graphics, Inc.  | 71919 | 396274 |
| RCM Technologies, Inc. \* | 12263 | 283275 |
| Resolute Holdings Management, Inc. \* | 10610 | 781533 |
| Resources Connection, Inc.  | 82771 | 364192 |
| Skillsoft Corp. \* | 11108 | 145848 |
| Spire Global, Inc., Class A *\*(a)* | 69168 | 752548 |
| Steelcase, Inc., Class A  | 209014 | 3335863 |
| TIC Solutions, Inc. \* | 425084 | 5156269 |
| TriNet Group, Inc.  | 74786 | 4487160 |
| TrueBlue, Inc. *\*(c)* | 70857 | 335862 |
| TTEC Holdings, Inc. \* | 49634 | 173223 |
| UniFirst Corp.  | 37695 | 5818223 |
| Upwork, Inc. \* | 307523 | 4901917 |
| Verra Mobility Corp., Class A \* | 398473 | 9248558 |
| Vestis Corp.  | 288080 | 1512420 |
| Virco Mfg. Corp.  | 26407 | 193299 |
| Willdan Group, Inc. \* | 34692 | 3278741 |
|  |  | **226288019** |
| **Consumer Discretionary Distribution & Retail 2.2%** | **Consumer Discretionary Distribution & Retail 2.2%** | **Consumer Discretionary Distribution & Retail 2.2%** |
| 1-800-Flowers.com, Inc., Class A *\*(a)* | 53747 | 193489 |
| Abercrombie & Fitch Co., Class A \* | 117619 | 8533258 |
| Academy Sports & Outdoors, Inc.  | 165587 | 7929961 |
| Advance Auto Parts, Inc.  | 149789 | 7059556 |
| A-Mark Precious Metals, Inc.  | 47650 | 1266537 |
| American Eagle Outfitters, Inc.  | 405976 | 6783859 |
| America's Car-Mart, Inc. \* | 19012 | 422827 |
| Arhaus, Inc. \* | 126386 | 1266388 |
| Arko Corp.  | 193272 | 851363 |
| Asbury Automotive Group, Inc. \* | 48964 | 11486954 |
| BARK, Inc. \* | 224163 | 203495 |
| Barnes & Noble Education, Inc. \* | 41542 | 379278 |
| Bed Bath & Beyond, Inc. \* | 138299 | 1066285 |
| Boot Barn Holdings, Inc. \* | 76838 | 14572327 |
| Buckle, Inc.  | 79021 | 4330351 |
| Build-A-Bear Workshop, Inc.  | 30824 | 1671277 |
| Caleres, Inc.  | 83625 | 923220 |
| Camping World Holdings, Inc., Class A  | 149237 | 1963959 |
| Citi Trends, Inc. \* | 11954 | 428192 |
| Designer Brands, Inc., Class A  | 82004 | 302595 |

---

*See financial notes*

**30**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Envela Corp. \* | 15964 | 145113 |
| EVgo, Inc., Class A \* | 321015 | 1319372 |
| Genesco, Inc. \* | 24353 | 706481 |
| GigaCloud Technology, Inc., Class A \* | 62007 | 1734956 |
| Group 1 Automotive, Inc.  | 31405 | 12484744 |
| Groupon, Inc., Class A \* | 62542 | 1258970 |
| Haverty Furniture Cos., Inc.  | 33342 | 727189 |
| J Jill, Inc.  | 18892 | 284702 |
| Kohl's Corp.  | 272430 | 4432436 |
| Lands' End, Inc. \* | 29613 | 466109 |
| MarineMax, Inc. \* | 47577 | 1178482 |
| Monro, Inc.  | 74604 | 1092949 |
| National Vision Holdings, Inc. \* | 194844 | 5017233 |
| ODP Corp. \* | 69149 | 1927874 |
| OneWater Marine, Inc., Class A \* | 27791 | 431594 |
| Petco Health & Wellness Co., Inc., <br> Class A \*<br>| 196967 | 626355 |
| RealReal, Inc. \* | 236369 | 2886065 |
| Revolve Group, Inc. \* | 100563 | 2224454 |
| Sally Beauty Holdings, Inc. \* | 252384 | 3813522 |
| Savers Value Village, Inc. \* | 95753 | 881885 |
| Shoe Carnival, Inc.  | 44572 | 817005 |
| Signet Jewelers Ltd.  | 99911 | 9876202 |
| Sleep Number Corp. \* | 47771 | 262741 |
| Sonic Automotive, Inc., Class A  | 37101 | 2357027 |
| Stitch Fix, Inc., Class A \* | 268962 | 1126951 |
| ThredUp, Inc., Class A \* | 230772 | 2028486 |
| Tile Shop Holdings, Inc. \* | 72599 | 454470 |
| Torrid Holdings, Inc. *\*(a)* | 84585 | 105731 |
| Upbound Group, Inc.  | 130299 | 2525195 |
| Urban Outfitters, Inc. \* | 152640 | 9862070 |
| Victoria's Secret & Co. \* | 172408 | 6077382 |
| Warby Parker, Inc., Class A \* | 245746 | 4814164 |
| Weyco Group, Inc.  | 14683 | 420962 |
| Winmark Corp.  | 7399 | 2983055 |
| Zumiez, Inc. \* | 35645 | 771714 |
|  |  | **159758811** |
| **Consumer Durables & Apparel 2.7%** | **Consumer Durables & Apparel 2.7%** | **Consumer Durables & Apparel 2.7%** |
| Acushnet Holdings Corp.  | 68845 | 5323784 |
| American Outdoor Brands, Inc. \* | 30672 | 210717 |
| Bassett Furniture Industries, Inc.  | 19997 | 294956 |
| Beazer Homes USA, Inc. \* | 69945 | 1566768 |
| Capri Holdings Ltd. \* | 290621 | 6030386 |
| Carter's, Inc.  | 89093 | 2797520 |
| Cavco Industries, Inc. \* | 19028 | 10081034 |
| Century Communities, Inc.  | 65064 | 3864802 |
| Champion Homes, Inc. \* | 142913 | 9750954 |
| Clarus Corp.  | 70655 | 235988 |
| Cricut, Inc., Class A  | 115852 | 615174 |
| Dream Finders Homes, Inc., Class A \* | 74578 | 1476644 |
| Ermenegildo Zegna NV  | 154091 | 1573269 |
| Escalade, Inc.  | 24983 | 287554 |
| Ethan Allen Interiors, Inc.  | 57447 | 1388494 |
| Figs, Inc., Class A \* | 222117 | 1656993 |
| Flexsteel Industries, Inc.  | 9324 | 318788 |
| Funko, Inc., Class A \* | 88899 | 277365 |
| G-III Apparel Group Ltd. \* | 96456 | 2589844 |
| Green Brick Partners, Inc. \* | 78033 | 5051856 |
| Hamilton Beach Brands Holding Co., <br> Class A <br>| 17997 | 253218 |
| Hanesbrands, Inc. \* | 878201 | 5804909 |
| Helen of Troy Ltd. \* | 56835 | 1058836 |
| Hovnanian Enterprises, Inc., Class A \* | 11872 | 1427371 |
| Installed Building Products, Inc.  | 58521 | 14526668 |
| JAKKS Pacific, Inc.  | 22505 | 382585 |
| Johnson Outdoors, Inc., Class A  | 13544 | 551647 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| KB Home  | 165527 | 10332195 |
| Kontoor Brands, Inc.  | 137336 | 11113229 |
| Lakeland Industries, Inc.  | 22664 | 373049 |
| Latham Group, Inc. \* | 112951 | 818895 |
| La-Z-Boy, Inc.  | 103066 | 3267192 |
| Legacy Housing Corp. \* | 21265 | 477506 |
| Leggett & Platt, Inc.  | 331434 | 3095593 |
| LGI Homes, Inc. \* | 51565 | 2104368 |
| Lovesac Co. \* | 32081 | 444963 |
| M/I Homes, Inc. \* | 65110 | 8151121 |
| Malibu Boats, Inc., Class A \* | 46030 | 1282856 |
| Marine Products Corp.  | 20561 | 173740 |
| MasterCraft Boat Holdings, Inc. \* | 40620 | 814837 |
| Meritage Homes Corp.  | 177124 | 11966497 |
| Movado Group, Inc.  | 37268 | 678650 |
| Outdoor Holding Co. \* | 208396 | 333434 |
| Oxford Industries, Inc.  | 35446 | 1306185 |
| Peloton Interactive, Inc., Class A \* | 942187 | 6840278 |
| Polaris, Inc.  | 133037 | 8793746 |
| Rocky Brands, Inc.  | 17067 | 481119 |
| Smith & Wesson Brands, Inc.  | 109341 | 1048033 |
| Sonos, Inc. \* | 293858 | 5045542 |
| Steven Madden Ltd.  | 179367 | 6082335 |
| Sturm Ruger & Co., Inc.  | 39718 | 1684440 |
| Superior Group of Cos., Inc.  | 28560 | 266750 |
| Taylor Morrison Home Corp., Class A \* | 242543 | 14375524 |
| Topgolf Callaway Brands Corp. \* | 329588 | 3101423 |
| Traeger, Inc. \* | 82940 | 76305 |
| Tri Pointe Homes, Inc. \* | 215502 | 6863739 |
| Wolverine World Wide, Inc.  | 201509 | 4574254 |
|  |  | **195365922** |
| **Consumer Services 2.7%** | **Consumer Services 2.7%** | **Consumer Services 2.7%** |
| Accel Entertainment, Inc., Class A \* | 133849 | 1363921 |
| Adtalem Global Education, Inc. \* | 88439 | 8668791 |
| American Public Education, Inc. \* | 43643 | 1461604 |
| Bally's Corp. *\*(a)* | 18267 | 332642 |
| Biglari Holdings, Inc., Class B \* | 1679 | 606640 |
| BJ's Restaurants, Inc. \* | 50343 | 1709648 |
| Bloomin' Brands, Inc.  | 209258 | 1429232 |
| Brightstar Lottery PLC  | 278957 | 4647424 |
| Brinker International, Inc. \* | 110322 | 11987589 |
| Carriage Services, Inc., Class A  | 35524 | 1587923 |
| Cheesecake Factory, Inc.  | 115503 | 5752049 |
| Coursera, Inc. \* | 345944 | 2912848 |
| Cracker Barrel Old Country Store, Inc.  | 55239 | 1861554 |
| Dave & Buster's Entertainment, Inc. \* | 67980 | 998626 |
| Denny's Corp. \* | 124060 | 485075 |
| Dine Brands Global, Inc.  | 38379 | 948729 |
| Driven Brands Holdings, Inc. \* | 148028 | 2124202 |
| El Pollo Loco Holdings, Inc. \* | 66683 | 681500 |
| European Wax Center, Inc., Class A \* | 71928 | 280519 |
| First Watch Restaurant Group, Inc. \* | 113330 | 1868812 |
| Frontdoor, Inc. \* | 185451 | 12319510 |
| Genius Sports Ltd. \* | 546584 | 6154536 |
| Global Business Travel Group I \* | 234105 | 1840065 |
| Golden Entertainment, Inc.  | 49337 | 996607 |
| Graham Holdings Co., Class B  | 8016 | 8113234 |
| Hilton Grand Vacations, Inc. \* | 144050 | 5970873 |
| Inspired Entertainment, Inc. \* | 61860 | 467043 |
| Jack in the Box, Inc.  | 46792 | 750544 |
| KinderCare Learning Cos., Inc. \* | 78725 | 464478 |
| Krispy Kreme, Inc.  | 194744 | 699131 |
| Kura Sushi USA, Inc., Class A \* | 15808 | 899949 |
| Laureate Education, Inc. \* | 321083 | 9321040 |
| Life Time Group Holdings, Inc. \* | 338766 | 8377683 |
| Lincoln Educational Services Corp. \* | 73977 | 1436633 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**31**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Lindblad Expeditions Holdings, Inc. \* | 92340 | 1113620 |
| Marriott Vacations Worldwide Corp.  | 69599 | 4592142 |
| Matthews International Corp., Class A  | 74394 | 1742307 |
| McGraw Hill, Inc. \* | 58250 | 650070 |
| Mister Car Wash, Inc. \* | 248164 | 1387237 |
| Monarch Casino & Resort, Inc.  | 31834 | 2867288 |
| Nathan's Famous, Inc.  | 7226 | 764728 |
| Nerdy, Inc. \* | 145277 | 143810 |
| OneSpaWorld Holdings Ltd.  | 237013 | 5515293 |
| Papa John's International, Inc.  | 81530 | 4142539 |
| Perdoceo Education Corp.  | 153700 | 4881512 |
| Portillo's, Inc., Class A \* | 149029 | 797305 |
| Pursuit Attractions & Hospitality, Inc. \* | 52633 | 1867419 |
| RCI Hospitality Holdings, Inc.  | 19729 | 491449 |
| Red Rock Resorts, Inc., Class A  | 122005 | 6504087 |
| Rush Street Interactive, Inc. \* | 222010 | 3765290 |
| Sabre Corp. \* | 903703 | 1848073 |
| Serve Robotics, Inc. *\*(a)* | 117634 | 1556298 |
| Shake Shack, Inc., Class A \* | 97020 | 9363400 |
| Six Flags Entertainment Corp. \* | 239662 | 5507433 |
| Strategic Education, Inc.  | 58338 | 4432521 |
| Stride, Inc. \* | 106657 | 7256942 |
| Super Group SGHC Ltd.  | 398440 | 4303152 |
| Sweetgreen, Inc., Class A \* | 258373 | 1625166 |
| Target Hospitality Corp. \* | 78102 | 600604 |
| Udemy, Inc. \* | 239370 | 1363212 |
| United Parks & Resorts, Inc. \* | 67497 | 3266855 |
| Universal Technical Institute, Inc. \* | 116499 | 3462350 |
| Xponential Fitness, Inc., Class A \* | 68995 | 463646 |
| Zspace, Inc. \* | 5265 | 4998 |
|  |  | **195801400** |
| **Consumer Staples Distribution & Retail 0.5%** | **Consumer Staples Distribution & Retail 0.5%** | **Consumer Staples Distribution & Retail 0.5%** |
| Andersons, Inc.  | 81341 | 3766902 |
| Chefs' Warehouse, Inc. \* | 91053 | 5372127 |
| Grocery Outlet Holding Corp. \* | 236702 | 3221514 |
| Guardian Pharmacy Services, Inc., <br> Class A \*<br>| 48745 | 1366810 |
| HF Foods Group, Inc. \* | 99321 | 214533 |
| Ingles Markets, Inc., Class A  | 36409 | 2515862 |
| Natural Grocers by Vitamin Cottage, Inc.  | 31867 | 1022612 |
| PriceSmart, Inc.  | 64086 | 7366045 |
| United Natural Foods, Inc. \* | 149290 | 5620768 |
| Village Super Market, Inc., Class A  | 22326 | 700367 |
| Weis Markets, Inc.  | 41037 | 2599284 |
|  |  | **33766824** |
| **Energy 5.0%** | **Energy 5.0%** | **Energy 5.0%** |
| Archrock, Inc.  | 412585 | 10426023 |
| Ardmore Shipping Corp.  | 86141 | 1084515 |
| Atlas Energy Solutions, Inc., Class A  | 191702 | 2373271 |
| Berry Corp.  | 188318 | 634632 |
| BKV Corp. \* | 42056 | 992101 |
| Borr Drilling Ltd. \* | 617688 | 1914833 |
| Bristow Group, Inc. \* | 70652 | 2875536 |
| Cactus, Inc., Class A  | 171184 | 7561197 |
| California Resources Corp.  | 169121 | 7977438 |
| Calumet, Inc. \* | 171621 | 3356907 |
| Centrus Energy Corp., Class A \* | 39236 | 14417661 |
| Clean Energy Fuels Corp. \* | 437137 | 1250212 |
| CNX Resources Corp. \* | 341387 | 11491086 |
| Comstock Resources, Inc. \* | 185315 | 3474656 |
| Core Laboratories, Inc.  | 117158 | 1867499 |
| Core Natural Resources, Inc.  | 130053 | 10274187 |
| Crescent Energy Co., Class A  | 446004 | 3759814 |
| CVR Energy, Inc. \* | 77169 | 2746445 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Delek U.S. Holdings, Inc.  | 149030 | 5627373 |
| DHT Holdings, Inc.  | 318086 | 4224182 |
| Diversified Energy Co. PLC  | 144411 | 1826799 |
| DMC Global, Inc. \* | 49852 | 401807 |
| Dorian LPG Ltd.  | 93133 | 2686887 |
| Empire Petroleum Corp. \* | 39376 | 118522 |
| Encore Energy Corp. \* | 455723 | 1408184 |
| Energy Fuels, Inc. \* | 535266 | 10978306 |
| Energy Services of America Corp.  | 29397 | 322191 |
| Epsilon Energy Ltd.  | 47659 | 228763 |
| Evolution Petroleum Corp.  | 79550 | 348429 |
| Excelerate Energy, Inc., Class A  | 57736 | 1495940 |
| Expro Group Holdings NV \* | 257471 | 3496456 |
| FLEX LNG Ltd. *\*(a)* | 78015 | 2026050 |
| Flowco Holdings, Inc., Class A  | 49992 | 809870 |
| Forum Energy Technologies, Inc. \* | 28085 | 752116 |
| FutureFuel Corp.  | 62845 | 246981 |
| Gevo, Inc. *\*(a)* | 582902 | 1363991 |
| Golar LNG Ltd.  | 249329 | 10234955 |
| Granite Ridge Resources, Inc.  | 132994 | 702208 |
| Green Plains, Inc. \* | 158946 | 1633965 |
| Gulfport Energy Corp. \* | 39720 | 7388317 |
| Helix Energy Solutions Group, Inc. \* | 346270 | 2326934 |
| Helmerich & Payne, Inc.  | 241246 | 6335120 |
| HighPeak Energy, Inc. *(a)* | 45703 | 303925 |
| Infinity Natural Resources, Inc., Class A \* | 39316 | 451348 |
| Innovex International, Inc. \* | 96816 | 1943097 |
| International Seaways, Inc.  | 100390 | 5142980 |
| Kinetik Holdings, Inc., Class A *(a)* | 110818 | 4267601 |
| Kodiak Gas Services, Inc.  | 168241 | 6204728 |
| Kolibri Global Energy, Inc. \* | 74565 | 325849 |
| Kosmos Energy Ltd. \* | 1171708 | 1839582 |
| Liberty Energy, Inc., Class A  | 394085 | 7136879 |
| Lightbridge Corp. \* | 52691 | 1413700 |
| Magnolia Oil & Gas Corp., Class A  | 464817 | 10439790 |
| Mammoth Energy Services, Inc. \* | 59935 | 122267 |
| Murphy Oil Corp.  | 337252 | 9544232 |
| Nabors Industries Ltd. \* | 38093 | 1848272 |
| NACCO Industries, Inc., Class A  | 9700 | 410116 |
| National Energy Services Reunited <br> Corp. \*<br>| 153095 | 1932059 |
| Natural Gas Services Group, Inc.  | 25655 | 714235 |
| Navigator Holdings Ltd.  | 81906 | 1346535 |
| New Fortress Energy, Inc. *\*(a)* | 420837 | 542880 |
| NextDecade Corp. \* | 331609 | 1966441 |
| NextNRG, Inc. \* | 43775 | 87112 |
| Noble Corp. PLC  | 315084 | 9247715 |
| Nordic American Tankers Ltd.  | 513944 | 1891314 |
| Northern Oil & Gas, Inc.  | 242164 | 5359089 |
| Oceaneering International, Inc. \* | 235051 | 5474338 |
| Oil States International, Inc. \* | 146374 | 873853 |
| OPAL Fuels, Inc., Class A \* | 53148 | 128087 |
| Par Pacific Holdings, Inc. \* | 126461 | 5055911 |
| Patterson-UTI Energy, Inc.  | 880681 | 5521870 |
| PBF Energy, Inc., Class A  | 209367 | 7154070 |
| Peabody Energy Corp.  | 305398 | 8374013 |
| Prairie Operating Co. *\*(a)* | 54175 | 111059 |
| PrimeEnergy Resources Corp. \* | 830 | 112249 |
| ProFrac Holding Corp., Class A \* | 30866 | 168837 |
| ProPetro Holding Corp. \* | 199533 | 2071153 |
| Ranger Energy Services, Inc., Class A  | 49881 | 685365 |
| REX American Resources Corp. \* | 73414 | 2351450 |
| Riley Exploration Permian, Inc.  | 32842 | 854549 |
| RPC, Inc.  | 226042 | 1175418 |
| Sable Offshore Corp. \* | 188128 | 1967819 |
| SandRidge Energy, Inc.  | 90383 | 1076462 |
| Scorpio Tankers, Inc.  | 111102 | 6854993 |
| SEACOR Marine Holdings, Inc. \* | 50925 | 323883 |

---

*See financial notes*

**32**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Seadrill Ltd. \* | 156765 | 4947503 |
| Select Water Solutions, Inc.  | 232700 | 2690012 |
| SFL Corp. Ltd.  | 302559 | 2257090 |
| SM Energy Co.  | 284986 | 5953358 |
| Solaris Energy Infrastructure, Inc.  | 90749 | 4830569 |
| Summit Midstream Corp. \* | 23260 | 509859 |
| Talos Energy, Inc. \* | 298857 | 2931787 |
| Teekay Corp. Ltd.  | 130246 | 1252967 |
| Teekay Tankers Ltd., Class A  | 59878 | 3652558 |
| TETRA Technologies, Inc. \* | 317889 | 2244296 |
| Tidewater, Inc. \* | 122995 | 6222317 |
| Transocean Ltd. \* | 2122900 | 8151936 |
| Uranium Energy Corp. \* | 1061802 | 16065064 |
| VAALCO Energy, Inc.  | 259493 | 1019807 |
| Valaris Ltd. \* | 158999 | 8923024 |
| Verde Clean Fuels, Inc. \* | 5783 | 19200 |
| Vital Energy, Inc. \* | 73196 | 1149909 |
| Vitesse Energy, Inc.  | 74176 | 1613328 |
| W&T Offshore, Inc.  | 252324 | 529880 |
| World Kinect Corp.  | 137247 | 3547835 |
| XCF Global, Inc., Class A \* | 89675 | 79049 |
|  |  | **358870832** |
| **Equity Real Estate Investment Trusts (REITs) 4.9%** | **Equity Real Estate Investment Trusts (REITs) 4.9%** | **Equity Real Estate Investment Trusts (REITs) 4.9%** |
| Acadia Realty Trust  | 329887 | 6290945 |
| Alexander & Baldwin, Inc.  | 182077 | 2907770 |
| Alexander's, Inc.  | 5341 | 1179987 |
| Alpine Income Property Trust, Inc.  | 31918 | 468556 |
| American Assets Trust, Inc.  | 130373 | 2491428 |
| American Healthcare REIT, Inc.  | 397314 | 18006271 |
| Apartment Investment & Management <br> Co., Class A <br>| 327041 | 1739858 |
| Apple Hospitality REIT, Inc.  | 558783 | 6252782 |
| Armada Hoffler Properties, Inc.  | 201428 | 1317339 |
| Braemar Hotels & Resorts, Inc.  | 147833 | 376974 |
| Brandywine Realty Trust  | 434028 | 1488716 |
| Broadstone Net Lease, Inc.  | 473428 | 8483830 |
| BRT Apartments Corp.  | 26586 | 391080 |
| CareTrust REIT, Inc.  | 531744 | 18424930 |
| CBL & Associates Properties, Inc.  | 45890 | 1356967 |
| Centerspace  | 42189 | 2499698 |
| Chatham Lodging Trust  | 115507 | 739245 |
| City Office REIT, Inc.  | 96003 | 662421 |
| Clipper Realty, Inc.  | 32924 | 128074 |
| Community Healthcare Trust, Inc.  | 67464 | 989022 |
| COPT Defense Properties  | 284326 | 8009463 |
| CTO Realty Growth, Inc.  | 76965 | 1283776 |
| Curbline Properties Corp.  | 243286 | 5610175 |
| DiamondRock Hospitality Co.  | 512767 | 4009838 |
| Diversified Healthcare Trust  | 551109 | 2347724 |
| Douglas Emmett, Inc.  | 404486 | 5234049 |
| Easterly Government Properties, Inc.  | 103187 | 2230903 |
| Elme Communities  | 219492 | 3610643 |
| Empire State Realty Trust, Inc., Class A  | 343190 | 2536174 |
| Essential Properties Realty Trust, Inc.  | 496173 | 14825649 |
| Farmland Partners, Inc.  | 104149 | 1044614 |
| Four Corners Property Trust, Inc.  | 248932 | 5884752 |
| Franklin Street Properties Corp.  | 191734 | 230081 |
| FrontView REIT, Inc.  | 48367 | 643281 |
| Getty Realty Corp.  | 132297 | 3628907 |
| Gladstone Commercial Corp.  | 117130 | 1338796 |
| Gladstone Land Corp.  | 83666 | 758014 |
| Global Medical REIT, Inc.  | 31739 | 974387 |
| Global Net Lease, Inc.  | 497511 | 3791034 |
| Hudson Pacific Properties, Inc. \* | 929240 | 2267346 |
| Independence Realty Trust, Inc.  | 587039 | 9351531 |
| Industrial Logistics Properties Trust  | 133541 | 705096 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Innovative Industrial Properties, Inc.  | 69310 | 3475897 |
| InvenTrust Properties Corp.  | 194311 | 5324121 |
| JBG SMITH Properties  | 155717 | 3034924 |
| Kite Realty Group Trust  | 550512 | 12188336 |
| LTC Properties, Inc.  | 113080 | 3966846 |
| LXP Industrial Trust  | 727810 | 6906917 |
| Macerich Co.  | 633284 | 10860821 |
| Modiv Industrial, Inc.  | 23147 | 333780 |
| National Health Investors, Inc.  | 115367 | 8595995 |
| NET Lease Office Properties  | 36880 | 1082428 |
| NETSTREIT Corp.  | 236781 | 4408862 |
| NexPoint Diversified Real Estate Trust  | 90606 | 288127 |
| NexPoint Residential Trust, Inc.  | 56143 | 1721906 |
| One Liberty Properties, Inc.  | 45582 | 915742 |
| Outfront Media, Inc.  | 347728 | 6151308 |
| Paramount Group, Inc. \* | 465894 | 3046947 |
| Peakstone Realty Trust  | 92307 | 1247068 |
| Pebblebrook Hotel Trust  | 292152 | 3055910 |
| Phillips Edison & Co., Inc.  | 314854 | 10654659 |
| Piedmont Realty Trust, Inc., Class A  | 311715 | 2512423 |
| Plymouth Industrial REIT, Inc.  | 101767 | 2238874 |
| Postal Realty Trust, Inc., Class A  | 55399 | 820459 |
| PotlatchDeltic Corp.  | 195562 | 7822480 |
| RLJ Lodging Trust  | 367892 | 2501666 |
| Ryman Hospitality Properties, Inc.  | 153921 | 13377274 |
| Sabra Health Care REIT, Inc.  | 592885 | 10565211 |
| Safehold, Inc.  | 139033 | 2006246 |
| Saul Centers, Inc.  | 30200 | 894222 |
| Service Properties Trust *(c)* | 387943 | 830198 |
| Sila Realty Trust, Inc.  | 138697 | 3287119 |
| SITE Centers Corp.  | 126344 | 926102 |
| SL Green Realty Corp.  | 179284 | 9206233 |
| Smartstop Self Storage REIT, Inc.  | 77713 | 2669442 |
| Strawberry Fields REIT, Inc.  | 17949 | 208747 |
| Summit Hotel Properties, Inc.  | 270951 | 1392688 |
| Sunstone Hotel Investors, Inc.  | 474855 | 4202467 |
| Tanger, Inc.  | 278875 | 9080170 |
| Terreno Realty Corp.  | 255381 | 14589917 |
| UMH Properties, Inc.  | 198730 | 2889534 |
| Universal Health Realty Income Trust  | 32190 | 1230302 |
| Urban Edge Properties  | 317950 | 6114179 |
| Veris Residential, Inc.  | 198141 | 2845305 |
| Whitestone REIT  | 113172 | 1419177 |
| Xenia Hotels & Resorts, Inc.  | 246410 | 3030843 |
|  |  | **350433998** |
| **Financial Services 5.6%** | **Financial Services 5.6%** | **Financial Services 5.6%** |
| Acacia Research Corp. \* | 85241 | 295786 |
| Acadian Asset Management, Inc.  | 66910 | 3218371 |
| ACRES Commercial Realty Corp. \* | 15291 | 321111 |
| Adamas Trust, Inc.  | 214139 | 1428307 |
| Advanced Flower Capital, Inc.  | 43805 | 142366 |
| AG Mortgage Investment Trust, Inc.  | 67243 | 480115 |
| Alerus Financial Corp.  | 58903 | 1244031 |
| AlTi Global, Inc. \* | 106775 | 420694 |
| Angel Oak Mortgage REIT, Inc.  | 30456 | 276236 |
| Apollo Commercial Real Estate Finance, <br> Inc. <br>| 347110 | 3398207 |
| Arbor Realty Trust, Inc. *(a)* | 476625 | 4809146 |
| Ares Commercial Real Estate Corp.  | 128335 | 572374 |
| ARMOUR Residential REIT, Inc.  | 277431 | 4499931 |
| Artisan Partners Asset Management, <br> Inc., Class A <br>| 156381 | 6827594 |
| Atlanticus Holdings Corp. \* | 13418 | 739466 |
| Bakkt Holdings, Inc. \* | 27632 | 764577 |
| Banco Latinoamericano de Comercio <br> Exterior SA, Class E <br>| 71105 | 3058226 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**33**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Better Home & Finance Holding Co. *\*(a)* | 12778 | 935477 |
| BGC Group, Inc., Class A  | 904862 | 8270439 |
| Blackstone Mortgage Trust, Inc., Class A  | 405897 | 7500977 |
| Bread Financial Holdings, Inc.  | 116544 | 7301482 |
| BrightSpire Capital, Inc., Class A  | 324568 | 1674771 |
| Burford Capital Ltd.  | 502988 | 5004731 |
| Cannae Holdings, Inc.  | 143824 | 2571573 |
| Cantaloupe, Inc. \* | 147102 | 1553397 |
| Cass Information Systems, Inc.  | 29789 | 1177559 |
| Chicago Atlantic Real Estate Finance, <br> Inc. <br>| 45322 | 582841 |
| Chimera Investment Corp.  | 197343 | 2518097 |
| Claros Mortgage Trust, Inc. \* | 231577 | 741046 |
| Cohen & Steers, Inc.  | 69257 | 4731638 |
| Compass Diversified Holdings  | 165739 | 1057415 |
| Consumer Portfolio Services, Inc. \* | 22997 | 193175 |
| Dave, Inc. \* | 23138 | 5537386 |
| Diamond Hill Investment Group, Inc.  | 6225 | 798979 |
| DigitalBridge Group, Inc.  | 428114 | 5064589 |
| Donnelley Financial Solutions, Inc. \* | 66129 | 3038628 |
| Dynex Capital, Inc.  | 324221 | 4292686 |
| Ellington Financial, Inc.  | 229953 | 3062974 |
| Enact Holdings, Inc.  | 71688 | 2560695 |
| Encore Capital Group, Inc. \* | 56923 | 2366858 |
| Enova International, Inc. \* | 60229 | 7201582 |
| Essent Group Ltd.  | 243566 | 14752793 |
| EVERTEC, Inc.  | 160815 | 4578403 |
| Federal Agricultural Mortgage Corp., <br> Class C <br>| 23315 | 3698692 |
| Finance of America Cos., Inc., Class A \* | 11121 | 244662 |
| FirstCash Holdings, Inc.  | 98934 | 15681039 |
| Flywire Corp. \* | 292939 | 3901947 |
| Forge Global Holdings, Inc. \* | 25607 | 561818 |
| Franklin BSP Realty Trust, Inc.  | 202252 | 2050835 |
| GCM Grosvenor, Inc., Class A  | 121532 | 1398833 |
| Green Dot Corp., Class A \* | 133345 | 1548135 |
| HA Sustainable Infrastructure Capital, <br> Inc. <br>| 299263 | 8292578 |
| International Money Express, Inc. \* | 67825 | 1009914 |
| Invesco Mortgage Capital, Inc.  | 165786 | 1248369 |
| Jackson Financial, Inc., Class A  | 178914 | 18036320 |
| Jefferson Capital, Inc.  | 28656 | 541025 |
| KKR Real Estate Finance Trust, Inc.  | 142606 | 1160813 |
| Ladder Capital Corp., Class A  | 283509 | 2996690 |
| LendingClub Corp. \* | 282793 | 4917770 |
| LendingTree, Inc. \* | 27549 | 1763136 |
| loanDepot, Inc., Class A \* | 210927 | 637000 |
| Lument Finance Trust, Inc.  | 112249 | 175108 |
| Marex Group PLC  | 134497 | 4081984 |
| MarketWise, Inc.  | 4889 | 83015 |
| Marqeta, Inc., Class A \* | 961843 | 4357149 |
| Medallion Financial Corp.  | 40740 | 400474 |
| Merchants Bancorp  | 64072 | 1998406 |
| MFA Financial, Inc.  | 258315 | 2322252 |
| Moelis & Co., Class A  | 185229 | 11730553 |
| Navient Corp.  | 172131 | 2105162 |
| NCR Atleos Corp. \* | 182963 | 6751335 |
| Nelnet, Inc., Class A  | 32166 | 4151022 |
| NerdWallet, Inc., Class A \* | 103884 | 1212326 |
| NewtekOne, Inc.  | 61876 | 643510 |
| Nexpoint Real Estate Finance, Inc.  | 20651 | 269289 |
| NMI Holdings, Inc., Class A \* | 195191 | 7110808 |
| Onity Group, Inc. \* | 16676 | 624850 |
| Open Lending Corp., Class A \* | 249017 | 473132 |
| Oportun Financial Corp. \* | 97718 | 520837 |
| OppFi, Inc.  | 61062 | 595355 |
| Orchid Island Capital, Inc.  | 319867 | 2312638 |
| P10, Inc., Class A  | 144954 | 1472733 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Pagseguro Digital Ltd., Class A  | 446420 | 4281168 |
| Patria Investments Ltd., Class A  | 161564 | 2353987 |
| Payoneer Global, Inc. \* | 695737 | 4028317 |
| Paysafe Ltd. \* | 79796 | 878554 |
| Paysign, Inc. \* | 86767 | 448152 |
| PennyMac Financial Services, Inc.  | 72947 | 9177462 |
| PennyMac Mortgage Investment Trust  | 216026 | 2600953 |
| Perella Weinberg Partners, Class A  | 155033 | 2896016 |
| Piper Sandler Cos.  | 43679 | 13944958 |
| PJT Partners, Inc., Class A  | 57329 | 9236275 |
| PRA Group, Inc. \* | 99084 | 1358442 |
| Priority Technology Holdings, Inc. \* | 62786 | 436991 |
| PROG Holdings, Inc.  | 98119 | 2838583 |
| Radian Group, Inc.  | 338010 | 11472059 |
| Ready Capital Corp.  | 409865 | 1200904 |
| Redwood Trust, Inc.  | 330580 | 1755380 |
| Regional Management Corp.  | 23138 | 910480 |
| Remitly Global, Inc. \* | 417109 | 6690428 |
| Repay Holdings Corp., Class A \* | 195386 | 838206 |
| Rithm Property Trust, Inc.  | 102610 | 273969 |
| Security National Financial Corp., <br> Class A \*<br>| 38642 | 307977 |
| Seven Hills Realty Trust *\*(a)* | 37275 | 352622 |
| Sezzle, Inc. \* | 39786 | 2607972 |
| Siebert Financial Corp. \* | 35189 | 98881 |
| Silvercrest Asset Management Group, <br> Inc., Class A <br>| 19509 | 275857 |
| StepStone Group, Inc., Class A  | 173944 | 10589711 |
| StoneCo Ltd., Class A \* | 626173 | 11903549 |
| StoneX Group, Inc. \* | 114510 | 10525759 |
| Sunrise Realty Trust, Inc.  | 25253 | 249500 |
| SWK Holdings Corp.  | 7589 | 122866 |
| TPG RE Finance Trust, Inc.  | 168214 | 1455051 |
| Triller Group, Inc. \* | 256394 | 147042 |
| Two Harbors Investment Corp.  | 258352 | 2511181 |
| Upstart Holdings, Inc. \* | 210032 | 9980721 |
| Value Line, Inc.  | 1716 | 62909 |
| Velocity Financial, Inc. \* | 23595 | 439339 |
| Victory Capital Holdings, Inc., Class A  | 110567 | 6885007 |
| Virtus Investment Partners, Inc.  | 16313 | 2656083 |
| Vroom, Inc. \* | 2462 | 58029 |
| Walker & Dunlop, Inc.  | 82360 | 6582211 |
| Waterstone Financial, Inc.  | 39311 | 601458 |
| Westwood Holdings Group, Inc.  | 18344 | 307262 |
| WisdomTree, Inc.  | 300065 | 3588777 |
| World Acceptance Corp. \* | 6467 | 824349 |
|  |  | **405403640** |
| **Food, Beverage & Tobacco 0.9%** | **Food, Beverage & Tobacco 0.9%** | **Food, Beverage & Tobacco 0.9%** |
| Alico, Inc.  | 13149 | 462976 |
| B&G Foods, Inc.  | 191221 | 764884 |
| Beyond Meat, Inc. *\*(a)* | 184932 | 306063 |
| BRC, Inc., Class A \* | 241483 | 306683 |
| Calavo Growers, Inc.  | 41418 | 919894 |
| Cal-Maine Foods, Inc.  | 114519 | 10054768 |
| Dole PLC  | 175471 | 2235501 |
| Forafric Global PLC \* | 7732 | 72217 |
| Fresh Del Monte Produce, Inc.  | 82562 | 2918567 |
| Hain Celestial Group, Inc. \* | 222907 | 258572 |
| Ispire Technology, Inc. \* | 46503 | 86961 |
| J&J Snack Foods Corp.  | 38555 | 3263681 |
| John B Sanfilippo & Son, Inc.  | 19613 | 1231304 |
| Lifeway Foods, Inc. \* | 13039 | 312806 |
| Limoneira Co.  | 41908 | 592160 |
| Mama's Creations, Inc. \* | 85292 | 903242 |
| Marzetti Co.  | 50158 | 7864273 |
| MGP Ingredients, Inc.  | 35654 | 862827 |

---

*See financial notes*

**34**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Mission Produce, Inc. \* | 106372 | 1225405 |
| National Beverage Corp. \* | 59883 | 2052190 |
| Seneca Foods Corp., Class A \* | 11574 | 1248082 |
| Simply Good Foods Co. \* | 234699 | 4593059 |
| SunOpta, Inc. \* | 236522 | 1234645 |
| Tootsie Roll Industries, Inc.  | 45166 | 1593908 |
| TreeHouse Foods, Inc. \* | 126031 | 2293764 |
| Turning Point Brands, Inc.  | 42750 | 3843225 |
| Universal Corp.  | 60171 | 3049466 |
| Utz Brands, Inc.  | 182007 | 1916534 |
| Vita Coco Co., Inc. \* | 109979 | 4528935 |
| Vital Farms, Inc. \* | 86046 | 2826611 |
| Westrock Coffee Co. *\*(a)* | 92006 | 405747 |
| Zevia PBC, Class A \* | 79369 | 187311 |
|  |  | **64416261** |
| **Health Care Equipment & Services 6.1%** | **Health Care Equipment & Services 6.1%** | **Health Care Equipment & Services 6.1%** |
| Accuray, Inc. \* | 242969 | 342586 |
| AdaptHealth Corp., Class A \* | 254107 | 2284422 |
| Addus HomeCare Corp. \* | 45232 | 5287168 |
| agilon health, Inc. \* | 756434 | 602500 |
| AirSculpt Technologies, Inc. *\*(a)* | 41020 | 427018 |
| Alignment Healthcare, Inc. \* | 364973 | 6153445 |
| Alphatec Holdings, Inc. \* | 289489 | 5497396 |
| AMN Healthcare Services, Inc. \* | 94923 | 1869034 |
| AngioDynamics, Inc. \* | 97087 | 1167957 |
| Anteris Technologies Global Corp. \* | 84911 | 381250 |
| Ardent Health, Inc. \* | 58530 | 852197 |
| Artivion, Inc. \* | 95132 | 4316139 |
| Astrana Health, Inc. \* | 101857 | 3178957 |
| AtriCure, Inc. \* | 120751 | 4171947 |
| Avanos Medical, Inc. \* | 111888 | 1243076 |
| Aveanna Healthcare Holdings, Inc. \* | 121709 | 1101466 |
| Axogen, Inc. \* | 109216 | 2426780 |
| Beta Bionics, Inc. *\*(a)* | 95694 | 2604791 |
| Bioventus, Inc., Class A \* | 115127 | 754082 |
| BrightSpring Health Services, Inc. \* | 266539 | 8809114 |
| Brookdale Senior Living, Inc. \* | 572159 | 5303914 |
| Butterfly Network, Inc. \* | 483219 | 1299859 |
| CapsoVision, Inc. \* | 14091 | 68764 |
| Carlsmed, Inc. \* | 16775 | 216230 |
| Castle Biosciences, Inc. \* | 71402 | 1820751 |
| Ceribell, Inc. \* | 62211 | 709205 |
| Cerus Corp. \* | 447425 | 657715 |
| Claritev Corp. \* | 18906 | 1230781 |
| ClearPoint Neuro, Inc. \* | 65540 | 1521839 |
| Clover Health Investments Corp., <br> Class A \*<br>| 1003315 | 3541702 |
| Community Health Systems, Inc. \* | 326312 | 1266091 |
| Concentra Group Holdings Parent, Inc.  | 291522 | 5807118 |
| CONMED Corp.  | 77516 | 3410704 |
| CorVel Corp. \* | 72609 | 5369436 |
| Cross Country Healthcare, Inc. \* | 78029 | 956636 |
| CVRx, Inc. \* | 40122 | 408843 |
| Definitive Healthcare Corp. \* | 88985 | 246488 |
| Delcath Systems, Inc. \* | 72644 | 714091 |
| DocGo, Inc. \* | 229986 | 250685 |
| Electromed, Inc. \* | 17266 | 415420 |
| Embecta Corp.  | 146161 | 1949788 |
| Enhabit, Inc. \* | 123710 | 1005762 |
| Enovis Corp. \* | 142302 | 4445514 |
| Ensign Group, Inc.  | 140145 | 25240114 |
| Evolent Health, Inc., Class A \* | 290192 | 1935581 |
| Fulgent Genetics, Inc. \* | 51192 | 1149260 |
| GeneDx Holdings Corp. \* | 46833 | 6411906 |
| Glaukos Corp. \* | 139305 | 12268591 |
| Guardant Health, Inc. \* | 297867 | 27707588 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Haemonetics Corp. \* | 120381 | 6020254 |
| Health Catalyst, Inc. \* | 169948 | 548932 |
| HealthEquity, Inc. \* | 212877 | 20133907 |
| HealthStream, Inc.  | 61032 | 1501387 |
| Hims & Hers Health, Inc. \* | 475418 | 21612502 |
| ICU Medical, Inc. \* | 60367 | 7249473 |
| Innovage Holding Corp. \* | 52185 | 234311 |
| Inogen, Inc. \* | 60805 | 501033 |
| Integer Holdings Corp. \* | 86183 | 5564836 |
| Integra LifeSciences Holdings Corp. \* | 166524 | 1999953 |
| iRadimed Corp.  | 20318 | 1560626 |
| iRhythm Technologies, Inc. \* | 79415 | 14874429 |
| Joint Corp. \* | 35328 | 278738 |
| Kestra Medical Technologies Ltd. \* | 32829 | 898858 |
| KORU Medical Systems, Inc. \* | 107851 | 427090 |
| Lantheus Holdings, Inc. \* | 170082 | 9812031 |
| LeMaitre Vascular, Inc.  | 52088 | 4511342 |
| LENSAR, Inc. \* | 23620 | 290526 |
| LifeMD, Inc. \* | 93087 | 550144 |
| LifeStance Health Group, Inc. \* | 328026 | 1607327 |
| LivaNova PLC \* | 136126 | 7164311 |
| Lucid Diagnostics, Inc. \* | 174868 | 211590 |
| Merit Medical Systems, Inc. \* | 145871 | 12769547 |
| Myomo, Inc. \* | 81566 | 75530 |
| Nano-X Imaging Ltd. \* | 161467 | 586125 |
| National HealthCare Corp.  | 31555 | 3768929 |
| National Research Corp.  | 31549 | 421495 |
| Neogen Corp. \* | 544405 | 3358979 |
| NeoGenomics, Inc. \* | 320836 | 3134568 |
| Neuronetics, Inc. \* | 91129 | 241492 |
| NeuroPace, Inc. \* | 60493 | 601300 |
| Novocure Ltd. \* | 251959 | 3227595 |
| Nutex Health, Inc. \* | 8640 | 1063238 |
| Omada Health, Inc. \* | 22886 | 562309 |
| OmniAb, Inc., Class A *\*(b)* | 12825 | 0 |
| OmniAb, Inc., Class B *\*(b)* | 12825 | 0 |
| Omnicell, Inc. \* | 115580 | 3880021 |
| Oncology Institute, Inc. \* | 147534 | 658002 |
| OPKO Health, Inc. \* | 1024609 | 1393468 |
| OptimizeRx Corp. \* | 39424 | 807798 |
| Option Care Health, Inc. \* | 411017 | 10698773 |
| OraSure Technologies, Inc. \* | 181209 | 496513 |
| Orthofix Medical, Inc. \* | 97375 | 1503470 |
| OrthoPediatrics Corp. \* | 42576 | 716980 |
| Outset Medical, Inc. \* | 41162 | 540045 |
| Owens & Minor, Inc. \* | 188222 | 747241 |
| PACS Group, Inc. \* | 109996 | 1328752 |
| Pediatrix Medical Group, Inc. \* | 212831 | 3611742 |
| Pennant Group, Inc. \* | 84181 | 2081796 |
| Phreesia, Inc. \* | 142105 | 3217257 |
| Premier, Inc., Class A  | 205796 | 5786984 |
| Privia Health Group, Inc. \* | 287143 | 6977575 |
| PROCEPT BioRobotics Corp. \* | 131259 | 4466744 |
| Pro-Dex, Inc. \* | 5295 | 191891 |
| Progyny, Inc. \* | 187634 | 3510632 |
| Pulmonx Corp. \* | 107958 | 215916 |
| Pulse Biosciences, Inc. \* | 44746 | 757550 |
| QuidelOrtho Corp. \* | 169210 | 4566978 |
| RadNet, Inc. \* | 170118 | 12927267 |
| RxSight, Inc. \* | 87000 | 764730 |
| Sanara Medtech, Inc. \* | 7567 | 221713 |
| SANUWAVE Health, Inc. \* | 17672 | 511428 |
| SBC Medical Group Holdings, Inc. \* | 14267 | 46510 |
| Schrodinger, Inc. \* | 139859 | 2942633 |
| Select Medical Holdings Corp.  | 279814 | 3869828 |
| Semler Scientific, Inc. \* | 30018 | 794276 |
| Shoulder Innovations, Inc. *\*(a)* | 11779 | 138050 |
| SI-BONE, Inc. \* | 95386 | 1414574 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**35**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sight Sciences, Inc. \* | 103559 | 524009 |
| Simulations Plus, Inc. \* | 41901 | 719859 |
| Sonida Senior Living, Inc. \* | 13712 | 355141 |
| STAAR Surgical Co. \* | 123835 | 3203611 |
| Stereotaxis, Inc. \* | 147583 | 429467 |
| Surgery Partners, Inc. \* | 193008 | 4232665 |
| Surmodics, Inc. \* | 34709 | 952241 |
| Tactile Systems Technology, Inc. \* | 56337 | 848999 |
| Talkspace, Inc. \* | 358271 | 1157215 |
| Tandem Diabetes Care, Inc. \* | 166671 | 2333394 |
| Teladoc Health, Inc. \* | 438480 | 3784082 |
| TransMedics Group, Inc. \* | 82904 | 10905192 |
| Treace Medical Concepts, Inc. \* | 120000 | 766800 |
| TruBridge, Inc. \* | 25033 | 481134 |
| U.S. Physical Therapy, Inc.  | 37771 | 3258504 |
| UFP Technologies, Inc. \* | 18781 | 3617972 |
| Utah Medical Products, Inc.  | 7844 | 455736 |
| Varex Imaging Corp. \* | 103410 | 1208863 |
| Viemed Healthcare, Inc. \* | 88215 | 569869 |
| Waystar Holding Corp. \* | 272858 | 9781959 |
|  |  | **439540257** |
| **Household & Personal Products 0.5%** | **Household & Personal Products 0.5%** | **Household & Personal Products 0.5%** |
| Beauty Health Co. \* | 287460 | 411068 |
| Central Garden & Pet Co. \* | 20890 | 640696 |
| Central Garden & Pet Co., Class A \* | 126508 | 3518187 |
| Edgewell Personal Care Co.  | 113711 | 2204856 |
| Energizer Holdings, Inc.  | 165520 | 3845030 |
| FitLife Brands, Inc. \* | 9738 | 186191 |
| Herbalife Ltd. \* | 254001 | 2032008 |
| Honest Co., Inc. \* | 235104 | 801705 |
| Interparfums, Inc.  | 45754 | 4078969 |
| Lifevantage Corp.  | 26548 | 217428 |
| Medifast, Inc. *\*(c)* | 27945 | 335899 |
| Nature's Sunshine Products, Inc. \* | 43428 | 585409 |
| Nu Skin Enterprises, Inc., Class A  | 121637 | 1303949 |
| Oil-Dri Corp. of America  | 24732 | 1369905 |
| Olaplex Holdings, Inc. \* | 341149 | 354795 |
| Spectrum Brands Holdings, Inc.  | 59439 | 3202573 |
| USANA Health Sciences, Inc. \* | 27895 | 589979 |
| Waldencast PLC, Class A \* | 106148 | 192128 |
| WD-40 Co.  | 33999 | 6605326 |
|  |  | **32476101** |
| **Insurance 1.9%** | **Insurance 1.9%** | **Insurance 1.9%** |
| Abacus Global Management, Inc. \* | 100895 | 506493 |
| Ambac Financial Group, Inc. \* | 107836 | 885334 |
| American Coastal Insurance Corp., <br> Class C <br>| 59830 | 708387 |
| American Integrity Insurance Group, <br> Inc. \*<br>| 19802 | 471882 |
| AMERISAFE, Inc.  | 47023 | 1884682 |
| Aspen Insurance Holdings Ltd., <br> Class A *\*(a)*<br>| 38198 | 1403776 |
| Ategrity Specialty Holdings LLC \* | 15549 | 302117 |
| Baldwin Insurance Group, Inc., Class A \* | 175947 | 3888429 |
| Bowhead Specialty Holdings, Inc. \* | 39347 | 942754 |
| Citizens, Inc. *\*(a)* | 113268 | 630903 |
| CNO Financial Group, Inc.  | 240081 | 9608042 |
| Crawford & Co., Class A  | 42596 | 461315 |
| Donegal Group, Inc., Class A  | 41119 | 770981 |
| eHealth, Inc. \* | 71975 | 373550 |
| Employers Holdings, Inc.  | 60264 | 2297866 |
| F&G Annuities & Life, Inc.  | 52681 | 1561992 |
| Fidelis Insurance Holdings Ltd.  | 145475 | 2615640 |
| Genworth Financial, Inc., Class A \* | 1027881 | 8675316 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| GoHealth, Inc., Class A \* | 12060 | 47758 |
| Goosehead Insurance, Inc., Class A  | 60291 | 4140183 |
| Greenlight Capital Re Ltd., Class A \* | 65308 | 791533 |
| Hamilton Insurance Group Ltd., Class B \* | 114560 | 2711635 |
| HCI Group, Inc.  | 25776 | 5258562 |
| Heritage Insurance Holdings, Inc. \* | 56538 | 1335993 |
| Hippo Holdings, Inc. \* | 45059 | 1657270 |
| Horace Mann Educators Corp.  | 101634 | 4544056 |
| Investors Title Co.  | 3593 | 929114 |
| James River Group Holdings Ltd.  | 91276 | 465508 |
| Kestrel Group Ltd. \* | 6756 | 134039 |
| Kingstone Cos., Inc.  | 27773 | 404930 |
| Kingsway Financial Services, Inc. \* | 52737 | 750975 |
| Lemonade, Inc. \* | 138884 | 8344151 |
| MBIA, Inc. \* | 112147 | 765964 |
| Mercury General Corp.  | 67314 | 5203372 |
| NI Holdings, Inc. \* | 16317 | 215384 |
| Oscar Health, Inc., Class A \* | 484219 | 8715942 |
| Palomar Holdings, Inc. \* | 65842 | 7506646 |
| ProAssurance Corp. \* | 127037 | 3042536 |
| Root, Inc., Class A \* | 28700 | 2310924 |
| Safety Insurance Group, Inc.  | 36919 | 2537443 |
| Selective Insurance Group, Inc.  | 151583 | 11420263 |
| Selectquote, Inc. \* | 348726 | 725350 |
| SiriusPoint Ltd. \* | 255655 | 4652921 |
| Skyward Specialty Insurance Group, <br> Inc. \*<br>| 89225 | 4067768 |
| Slide Insurance Holdings, Inc. \* | 66524 | 1063719 |
| Stewart Information Services Corp.  | 69459 | 4741966 |
| Tiptree, Inc.  | 57630 | 1020627 |
| Trupanion, Inc. \* | 92594 | 3702834 |
| United Fire Group, Inc.  | 52472 | 1586228 |
| Universal Insurance Holdings, Inc.  | 63447 | 1955436 |
|  |  | **134740489** |
| **Materials 4.0%** | **Materials 4.0%** | **Materials 4.0%** |
| AdvanSix, Inc.  | 65561 | 1218779 |
| Alpha Metallurgical Resources, Inc. \* | 29248 | 5067508 |
| American Battery Technology Co. \* | 221817 | 1137921 |
| American Vanguard Corp. \* | 60383 | 269912 |
| Ardagh Metal Packaging SA  | 347836 | 1241775 |
| Arq, Inc. \* | 76316 | 506738 |
| Ascent Industries Co. \* | 19308 | 234785 |
| ASP Isotopes, Inc. \* | 191100 | 1935843 |
| Aspen Aerogels, Inc. \* | 166552 | 1355733 |
| Avient Corp.  | 229569 | 7362278 |
| Balchem Corp.  | 81838 | 12553131 |
| Cabot Corp.  | 135315 | 9131056 |
| Caledonia Mining Corp. PLC  | 40582 | 1141166 |
| Century Aluminum Co. \* | 131792 | 3903679 |
| Chemours Co.  | 374038 | 5008369 |
| Clearwater Paper Corp. \* | 39455 | 696381 |
| Coeur Mining, Inc. \* | 1597663 | 27431874 |
| Commercial Metals Co.  | 283047 | 16801670 |
| Compass Minerals International, Inc. \* | 85252 | 1478270 |
| Constellium SE, Class A \* | 355268 | 5588366 |
| Contango ORE, Inc. \* | 21508 | 461562 |
| Core Molding Technologies, Inc. \* | 21614 | 387107 |
| Critical Metals Corp. *\*(a)* | 80774 | 1045216 |
| Dakota Gold Corp. \* | 216723 | 884230 |
| Ecovyst, Inc. \* | 292252 | 2393544 |
| Ferroglobe PLC  | 299858 | 1454311 |
| Flotek Industries, Inc. \* | 35803 | 619750 |
| Friedman Industries, Inc.  | 16812 | 357087 |
| Greif, Inc., Class A  | 75322 | 4285069 |
| Hawkins, Inc.  | 48733 | 6912776 |
| HB Fuller Co.  | 136524 | 7832382 |

---

*See financial notes*

**36**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Hecla Mining Co.  | 1496929 | 19265476 |
| Idaho Strategic Resources, Inc. \* | 32488 | 1074053 |
| Ingevity Corp. \* | 91115 | 4894698 |
| Innospec, Inc.  | 62706 | 4613907 |
| Intrepid Potash, Inc. \* | 26842 | 714802 |
| Ivanhoe Electric, Inc. \* | 213383 | 3155935 |
| Kaiser Aluminum Corp.  | 40063 | 3626903 |
| Knife River Corp. \* | 142726 | 8629214 |
| Koppers Holdings, Inc.  | 48581 | 1370956 |
| Kronos Worldwide, Inc.  | 52547 | 258531 |
| Lifezone Metals Ltd. \* | 69596 | 345892 |
| LSB Industries, Inc. \* | 135629 | 1143352 |
| Magnera Corp. \* | 83613 | 760042 |
| Materion Corp.  | 51656 | 5921327 |
| Mativ Holdings, Inc.  | 135775 | 1450077 |
| Metallus, Inc. \* | 90351 | 1589274 |
| Minerals Technologies, Inc.  | 78843 | 4474340 |
| Myers Industries, Inc.  | 93320 | 1617236 |
| NioCorp Developments Ltd. \* | 173423 | 1278128 |
| Novagold Resources, Inc. \* | 757234 | 6277470 |
| O-I Glass, Inc. \* | 384126 | 4336783 |
| Olympic Steel, Inc.  | 24671 | 912827 |
| Orion SA  | 138222 | 732577 |
| Perimeter Solutions, Inc. \* | 347535 | 8170548 |
| Perpetua Resources Corp. \* | 187321 | 4501324 |
| PureCycle Technologies, Inc. \* | 324361 | 3756100 |
| Quaker Chemical Corp.  | 34900 | 4847261 |
| Ramaco Resources, Inc., Class A \* | 72316 | 2195514 |
| Ranpak Holdings Corp., Class A \* | 119111 | 631288 |
| Rayonier Advanced Materials, Inc. \* | 159671 | 1109713 |
| Ryerson Holding Corp.  | 67337 | 1485454 |
| Sensient Technologies Corp.  | 105471 | 9944861 |
| Smith-Midland Corp. \* | 6775 | 247017 |
| Solesence, Inc. \* | 47387 | 154955 |
| SSR Mining, Inc. \* | 507565 | 11450666 |
| Stepan Co.  | 53738 | 2329542 |
| SunCoke Energy, Inc.  | 209095 | 1674851 |
| Sylvamo Corp.  | 85257 | 3461434 |
| Titan America SA \* | 59757 | 882013 |
| Tredegar Corp. \* | 67997 | 469859 |
| TriMas Corp.  | 82391 | 2927352 |
| Trinseo PLC  | 85028 | 124141 |
| Tronox Holdings PLC  | 296439 | 1037537 |
| U.S. Antimony Corp. \* | 230737 | 1862048 |
| U.S. Gold Corp. \* | 30625 | 469175 |
| U.S. Goldmining, Inc. \* | 4106 | 47424 |
| U.S. Lime & Minerals, Inc.  | 26998 | 3164706 |
| Valhi, Inc.  | 6412 | 88934 |
| Vox Royalty Corp.  | 112860 | 481912 |
| Warrior Met Coal, Inc.  | 130090 | 8825306 |
| Worthington Steel, Inc.  | 82061 | 2625131 |
|  |  | **288108134** |
| **Media & Entertainment 2.0%** | **Media & Entertainment 2.0%** | **Media & Entertainment 2.0%** |
| Advantage Solutions, Inc. \* | 235258 | 301130 |
| Altice USA, Inc., Class A \* | 654761 | 1460117 |
| AMC Entertainment Holdings, Inc., <br> Class A \*<br>| 1082861 | 2804610 |
| AMC Networks, Inc., Class A \* | 79753 | 604528 |
| Angi, Inc. \* | 101485 | 1346706 |
| Arena Group Holdings, Inc. \* | 32213 | 179426 |
| Atlanta Braves Holdings, Inc., Class C \* | 133214 | 5424474 |
| Boston Omaha Corp., Class A \* | 54422 | 692248 |
| Bumble, Inc., Class A \* | 183016 | 1015739 |
| Cable One, Inc.  | 12798 | 1901143 |
| Cargurus, Inc. \* | 205483 | 7216563 |
| Cars.com, Inc. \* | 143547 | 1541695 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cinemark Holdings, Inc.  | 259683 | 7014038 |
| CuriosityStream, Inc.  | 80383 | 348862 |
| EchoStar Corp., Class A \* | 338338 | 25331366 |
| Emerald Holding, Inc.  | 34750 | 152553 |
| Entravision Communications Corp., <br> Class A <br>| 160520 | 332276 |
| Eventbrite, Inc., Class A \* | 186520 | 430861 |
| EverQuote, Inc., Class A \* | 69269 | 1492054 |
| EW Scripps Co., Class A *\*(c)* | 151062 | 367081 |
| fuboTV, Inc. \* | 828971 | 3133510 |
| Gaia, Inc. \* | 42547 | 212310 |
| Gambling.com Group Ltd. \* | 41763 | 297770 |
| Gannett Co., Inc. \* | 346132 | 1834500 |
| Getty Images Holdings, Inc. *\*(a)* | 266092 | 500253 |
| Golden Matrix Group, Inc. \* | 54047 | 55668 |
| Gray Media, Inc.  | 220015 | 1005469 |
| Grindr, Inc. \* | 83310 | 1154677 |
| Ibotta, Inc., Class A *\*(a)* | 34851 | 1124293 |
| iHeartMedia, Inc., Class A \* | 297721 | 884231 |
| IMAX Corp. \* | 109334 | 3552262 |
| Integral Ad Science Holding Corp. \* | 188985 | 1929537 |
| John Wiley & Sons, Inc., Class A  | 102866 | 3792669 |
| Lionsgate Studios Corp. \* | 512514 | 3295465 |
| Madison Square Garden Entertainment <br> Corp., Class A \*<br>| 99039 | 4373562 |
| Magnite, Inc. \* | 349684 | 6252350 |
| Marcus Corp.  | 57528 | 828403 |
| MediaAlpha, Inc., Class A \* | 83148 | 1060137 |
| National CineMedia, Inc.  | 161398 | 713379 |
| Newsmax, Inc. *\*(a)* | 27546 | 275460 |
| Nextdoor Holdings, Inc. \* | 532035 | 1037468 |
| Nexxen International Ltd. \* | 95026 | 781114 |
| Playstudios, Inc. \* | 223185 | 207562 |
| Playtika Holding Corp.  | 140419 | 515338 |
| PubMatic, Inc., Class A \* | 105108 | 878703 |
| QuinStreet, Inc. \* | 135429 | 2002995 |
| Reservoir Media, Inc. \* | 52271 | 397260 |
| Rumble, Inc. *\*(a)* | 266580 | 1828739 |
| Scholastic Corp.  | 50614 | 1451103 |
| Shutterstock, Inc.  | 61293 | 1534164 |
| Sinclair, Inc.  | 96461 | 1317657 |
| Sphere Entertainment Co. \* | 69417 | 4753676 |
| Stagwell, Inc., Class A \* | 283647 | 1347323 |
| Starz Entertainment Corp. \* | 28741 | 302068 |
| Teads Holding Co. \* | 90114 | 133369 |
| TechTarget, Inc. \* | 72676 | 398991 |
| TEGNA, Inc.  | 401547 | 7898429 |
| Thryv Holdings, Inc. \* | 91223 | 703329 |
| Travelzoo \* | 15929 | 134122 |
| TripAdvisor, Inc. \* | 290827 | 4670682 |
| TrueCar, Inc. \* | 203987 | 448771 |
| Vimeo, Inc. \* | 369822 | 2884612 |
| Vivid Seats, Inc., Class A \* | 8227 | 102097 |
| Webtoon Entertainment, Inc. *\*(a)* | 45321 | 794477 |
| WideOpenWest, Inc. \* | 123850 | 635351 |
| Yelp, Inc., Class A \* | 154193 | 5085285 |
| Ziff Davis, Inc. \* | 104378 | 3538414 |
| ZipRecruiter, Inc., Class A \* | 169730 | 789245 |
|  |  | **142805719** |
| **Pharmaceuticals, Biotechnology & Life Sciences 10.8%** | **Pharmaceuticals, Biotechnology & Life Sciences 10.8%** | **Pharmaceuticals, Biotechnology & Life Sciences 10.8%** |
| 10X Genomics, Inc., Class A \* | 268283 | 3659380 |
| 4D Molecular Therapeutics, Inc. \* | 100782 | 1158993 |
| Aardvark Therapeutics, Inc. \* | 14240 | 152226 |
| Abeona Therapeutics, Inc. \* | 109034 | 524454 |
| Absci Corp. *\*(a)* | 328121 | 1404358 |
| ACADIA Pharmaceuticals, Inc. \* | 310691 | 7052686 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**37**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Aclaris Therapeutics, Inc. \* | 208877 | 526370 |
| Actuate Therapeutics, Inc. *\*(a)* | 14765 | 98335 |
| Adaptive Biotechnologies Corp. \* | 372880 | 6473197 |
| ADC Therapeutics SA \* | 182012 | 811774 |
| ADMA Biologics, Inc. \* | 578193 | 8950428 |
| Agios Pharmaceuticals, Inc. \* | 140903 | 6092646 |
| Akebia Therapeutics, Inc. \* | 626235 | 1383979 |
| Akero Therapeutics, Inc. \* | 174293 | 9446681 |
| Aldeyra Therapeutics, Inc. \* | 131344 | 665914 |
| Alector, Inc. \* | 172462 | 253519 |
| Alkermes PLC \* | 404186 | 12408510 |
| Allogene Therapeutics, Inc. \* | 380073 | 471291 |
| Alpha Teknova, Inc. \* | 27270 | 143168 |
| Altimmune, Inc. \* | 204446 | 828006 |
| Alumis, Inc. \* | 139202 | 661209 |
| Amicus Therapeutics, Inc. \* | 694537 | 6271669 |
| Amneal Pharmaceuticals, Inc. \* | 375025 | 4057770 |
| Amphastar Pharmaceuticals, Inc. \* | 92344 | 2354772 |
| Amylyx Pharmaceuticals, Inc. \* | 172247 | 2399401 |
| AnaptysBio, Inc. \* | 49083 | 1795456 |
| Anavex Life Sciences Corp. *\*(a)* | 205980 | 1641661 |
| ANI Pharmaceuticals, Inc. \* | 45367 | 4110250 |
| Anika Therapeutics, Inc. \* | 30467 | 297053 |
| Annexon, Inc. \* | 234908 | 742309 |
| Apogee Therapeutics, Inc. \* | 81522 | 4613330 |
| Aquestive Therapeutics, Inc. \* | 215267 | 1468121 |
| Arbutus Biopharma Corp. \* | 377914 | 1787533 |
| Arcellx, Inc. \* | 85472 | 7713848 |
| Arcturus Therapeutics Holdings, Inc. \* | 63187 | 629974 |
| Arcus Biosciences, Inc. \* | 172639 | 3404441 |
| Arcutis Biotherapeutics, Inc. \* | 267076 | 6759694 |
| Ardelyx, Inc. \* | 588610 | 3566977 |
| ArriVent Biopharma, Inc. *\*(a)* | 61614 | 1154030 |
| Arrowhead Pharmaceuticals, Inc. \* | 300820 | 12751760 |
| ARS Pharmaceuticals, Inc. *\*(a)* | 147221 | 1319100 |
| Arvinas, Inc. \* | 163861 | 1661551 |
| Astria Therapeutics, Inc. \* | 91576 | 1156605 |
| Atea Pharmaceuticals, Inc. \* | 193033 | 627357 |
| Atlantic International Corp. \* | 26705 | 73973 |
| aTyr Pharma, Inc. \* | 218862 | 189534 |
| Aura Biosciences, Inc. \* | 109586 | 671762 |
| Aurinia Pharmaceuticals, Inc. \* | 290602 | 3827228 |
| Avadel Pharmaceuticals PLC \* | 223079 | 4213962 |
| Avidity Biosciences, Inc. \* | 254036 | 17744415 |
| Avita Medical, Inc. *\*(a)* | 30634 | 118554 |
| Axsome Therapeutics, Inc. \* | 100801 | 13607127 |
| Azenta, Inc. \* | 101928 | 3078226 |
| Beam Therapeutics, Inc. \* | 238683 | 5969462 |
| Benitec Biopharma, Inc. \* | 36274 | 593443 |
| Bicara Therapeutics, Inc. \* | 86105 | 1399206 |
| BioAge Labs, Inc. \* | 59549 | 450786 |
| BioCryst Pharmaceuticals, Inc. \* | 523281 | 3830417 |
| Biohaven Ltd. \* | 225447 | 3877688 |
| BioLife Solutions, Inc. \* | 94725 | 2639986 |
| Biote Corp., Class A \* | 65711 | 188591 |
| Bridgebio Pharma, Inc. \* | 389928 | 24425090 |
| Bright Minds Biosciences, Inc. \* | 11604 | 635319 |
| Candel Therapeutics, Inc. *\*(a)* | 106001 | 570285 |
| Capricor Therapeutics, Inc. *\*(a)* | 97049 | 631789 |
| Cardiff Oncology, Inc. *\*(a)* | 160214 | 376503 |
| CareDx, Inc. \* | 136321 | 2044815 |
| Cartesian Therapeutics, Inc. \* | 24889 | 203343 |
| Catalyst Pharmaceuticals, Inc. \* | 288729 | 6141266 |
| Celcuity, Inc. \* | 73671 | 5684454 |
| Celldex Therapeutics, Inc. \* | 163447 | 4368938 |
| CG oncology, Inc. \* | 139484 | 6035473 |
| Cidara Therapeutics, Inc. \* | 38592 | 4215790 |
| Codexis, Inc. \* | 204375 | 484369 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cogent Biosciences, Inc. \* | 324264 | 5285503 |
| Coherus Oncology, Inc. *\*(a)* | 258830 | 434834 |
| Collegium Pharmaceutical, Inc. \* | 79913 | 2876868 |
| Compass Therapeutics, Inc. \* | 247897 | 927135 |
| CorMedix, Inc. \* | 175790 | 1956543 |
| Corvus Pharmaceuticals, Inc. \* | 147820 | 1188473 |
| Crinetics Pharmaceuticals, Inc. \* | 225486 | 9808641 |
| CRISPR Therapeutics AG \* | 206112 | 13189107 |
| CryoPort, Inc. \* | 121974 | 1127040 |
| Cullinan Therapeutics, Inc. \* | 128792 | 1115339 |
| Cytek Biosciences, Inc. \* | 291904 | 1138426 |
| Cytokinetics, Inc. \* | 291358 | 18527455 |
| Day One Biopharmaceuticals, Inc. \* | 181218 | 1348262 |
| Denali Therapeutics, Inc. \* | 330341 | 5377951 |
| Design Therapeutics, Inc. \* | 59501 | 398657 |
| DiaMedica Therapeutics, Inc. \* | 79176 | 558983 |
| Dianthus Therapeutics, Inc. \* | 40993 | 1433935 |
| Disc Medicine, Inc. \* | 57529 | 4960150 |
| Dynavax Technologies Corp. \* | 256895 | 2635743 |
| Dyne Therapeutics, Inc. \* | 272045 | 6142776 |
| Edgewise Therapeutics, Inc. \* | 168492 | 3080034 |
| Editas Medicine, Inc. \* | 210656 | 648820 |
| Eledon Pharmaceuticals, Inc. \* | 143144 | 618382 |
| Emergent BioSolutions, Inc. \* | 135537 | 1691502 |
| Enanta Pharmaceuticals, Inc. \* | 49270 | 539999 |
| Enliven Therapeutics, Inc. \* | 104862 | 2455868 |
| Entrada Therapeutics, Inc. \* | 70446 | 489600 |
| Erasca, Inc. \* | 433351 | 1048709 |
| Esperion Therapeutics, Inc. \* | 502439 | 1492244 |
| Eton Pharmaceuticals, Inc. \* | 63990 | 1152460 |
| Evolus, Inc. \* | 146248 | 944762 |
| EyePoint Pharmaceuticals, Inc. \* | 146458 | 1917135 |
| Fate Therapeutics, Inc. \* | 271470 | 366485 |
| Fennec Pharmaceuticals, Inc. \* | 57249 | 469442 |
| Foghorn Therapeutics, Inc. \* | 82203 | 362515 |
| Fortrea Holdings, Inc. \* | 226245 | 2366523 |
| Fulcrum Therapeutics, Inc. \* | 107588 | 941395 |
| Geron Corp. \* | 1363940 | 1718564 |
| Ginkgo Bioworks Holdings, Inc. \* | 97624 | 1268136 |
| Gossamer Bio, Inc. \* | 465881 | 1141408 |
| GRAIL, Inc. \* | 77452 | 7120162 |
| Greenwich Lifesciences, Inc. *\*(a)* | 16290 | 150031 |
| Gyre Therapeutics, Inc. \* | 22358 | 173275 |
| Harmony Biosciences Holdings, Inc. \* | 109061 | 3115873 |
| Harrow, Inc. \* | 78669 | 2971328 |
| Heron Therapeutics, Inc. *\*(a)* | 384594 | 446129 |
| Humacyte, Inc. *\*(a)* | 314911 | 525901 |
| Ideaya Biosciences, Inc. \* | 200270 | 6380602 |
| ImmunityBio, Inc. *\*(a)* | 575935 | 1382244 |
| Immunome, Inc. \* | 192682 | 3096400 |
| Immunovant, Inc. \* | 170976 | 4219688 |
| Indivior PLC \* | 302789 | 8892913 |
| Inhibikase Therapeutics, Inc. \* | 152298 | 223878 |
| Inhibrx Biosciences, Inc. \* | 22793 | 1861276 |
| Inmune Bio, Inc. *\*(a)* | 41825 | 76540 |
| Innoviva, Inc. \* | 156345 | 2845479 |
| Intellia Therapeutics, Inc. \* | 247224 | 3119967 |
| Iovance Biotherapeutics, Inc. \* | 645250 | 1271142 |
| Ironwood Pharmaceuticals, Inc., <br> Class A \*<br>| 398908 | 765903 |
| Jade Biosciences, Inc.  | 81618 | 799856 |
| Janux Therapeutics, Inc. \* | 97486 | 2798823 |
| Journey Medical Corp. \* | 30451 | 247262 |
| KalVista Pharmaceuticals, Inc. \* | 92410 | 1008193 |
| Keros Therapeutics, Inc. \* | 84608 | 1287734 |
| Kodiak Sciences, Inc. \* | 82029 | 1486776 |
| Korro Bio, Inc. \* | 16310 | 667242 |
| Krystal Biotech, Inc. \* | 61828 | 12211648 |

---

*See financial notes*

**38**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kura Oncology, Inc. \* | 199429 | 2048136 |
| Kymera Therapeutics, Inc. \* | 125830 | 7781327 |
| Larimar Therapeutics, Inc. \* | 117274 | 456196 |
| LENZ Therapeutics, Inc. \* | 40341 | 1198935 |
| Lexeo Therapeutics, Inc. \* | 64131 | 641951 |
| Lifecore Biomedical, Inc. \* | 69255 | 497943 |
| Ligand Pharmaceuticals, Inc. \* | 47575 | 9101573 |
| Liquidia Corp. \* | 159936 | 3896041 |
| Madrigal Pharmaceuticals, Inc. \* | 46386 | 19431095 |
| MannKind Corp. \* | 755710 | 4224419 |
| Maravai LifeSciences Holdings, Inc., <br> Class A \*<br>| 272451 | 855496 |
| MaxCyte, Inc. \* | 252206 | 388397 |
| Maze Therapeutics, Inc. \* | 48713 | 1603145 |
| MBX Biosciences, Inc. \* | 38074 | 836105 |
| MediWound Ltd. *\*(a)* | 19358 | 354832 |
| MeiraGTx Holdings PLC \* | 104030 | 944592 |
| Mesa Laboratories, Inc.  | 13244 | 952111 |
| Metsera, Inc. \* | 133296 | 8402980 |
| MiMedx Group, Inc. \* | 293290 | 2243668 |
| Mind Medicine MindMed, Inc. \* | 188380 | 2674996 |
| Mineralys Therapeutics, Inc. \* | 97466 | 3982461 |
| Mirum Pharmaceuticals, Inc. \* | 100777 | 7321449 |
| Monopar Therapeutics, Inc. \* | 8797 | 757950 |
| Monte Rosa Therapeutics, Inc. \* | 116434 | 1496177 |
| Myriad Genetics, Inc. \* | 225073 | 1809587 |
| Neurogene, Inc. \* | 24720 | 846907 |
| Niagen Bioscience, Inc. \* | 127901 | 964374 |
| Nkarta, Inc. \* | 106644 | 225019 |
| Novavax, Inc. \* | 374085 | 3142314 |
| Nurix Therapeutics, Inc. \* | 188474 | 2438854 |
| Nuvalent, Inc., Class A \* | 107163 | 10643429 |
| Nuvation Bio, Inc. *\*(a)* | 623854 | 3256518 |
| Nuvectis Pharma, Inc. *\*(a)* | 32382 | 217283 |
| Ocular Therapeutix, Inc. \* | 432281 | 5040396 |
| Olema Pharmaceuticals, Inc. \* | 150061 | 1346047 |
| Omeros Corp., Class B \* | 162287 | 1189564 |
| OmniAb, Inc. \* | 233766 | 362337 |
| Organogenesis Holdings, Inc., Class A \* | 171895 | 730554 |
| ORIC Pharmaceuticals, Inc. \* | 144888 | 1906726 |
| Oruka Therapeutics, Inc. \* | 67857 | 1911532 |
| Pacific Biosciences of California, Inc. *\*(a)* | 685060 | 1603040 |
| Pacira BioSciences, Inc. \* | 114534 | 2448737 |
| Palvella Therapeutics, Inc. \* | 17226 | 1375324 |
| Personalis, Inc. \* | 125201 | 1206938 |
| Perspective Therapeutics, Inc. \* | 148768 | 406137 |
| Phathom Pharmaceuticals, Inc. \* | 105923 | 1435257 |
| Phibro Animal Health Corp., Class A  | 50746 | 2134377 |
| Praxis Precision Medicines, Inc. \* | 51600 | 10256016 |
| Precigen, Inc. \* | 376231 | 1557596 |
| Prestige Consumer Healthcare, Inc. \* | 123485 | 7483191 |
| Prime Medicine, Inc. \* | 187814 | 927801 |
| Protagonist Therapeutics, Inc. \* | 145159 | 11412401 |
| Protalix BioTherapeutics, Inc. \* | 175070 | 414916 |
| Protara Therapeutics, Inc. \* | 80774 | 418409 |
| Prothena Corp. PLC \* | 101730 | 1093597 |
| PTC Therapeutics, Inc. \* | 193594 | 13224406 |
| Puma Biotechnology, Inc. \* | 105919 | 540187 |
| Quanterix Corp. \* | 103311 | 551681 |
| Quantum-Si, Inc. *\*(a)* | 391443 | 841602 |
| Rapport Therapeutics, Inc. \* | 43767 | 1266179 |
| Recursion Pharmaceuticals, Inc., <br> Class A *\*(a)*<br>| 915140 | 5051573 |
| REGENXBIO, Inc. \* | 116524 | 1488011 |
| Relay Therapeutics, Inc. \* | 330848 | 2362255 |
| Replimune Group, Inc. \* | 172627 | 1679661 |
| Rezolute, Inc. \* | 192946 | 1798257 |
| Rhythm Pharmaceuticals, Inc. \* | 130408 | 14835214 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Rigel Pharmaceuticals, Inc. \* | 43259 | 1366119 |
| Rocket Pharmaceuticals, Inc. \* | 211740 | 798260 |
| Sana Biotechnology, Inc. *\*(a)* | 331405 | 1640455 |
| Savara, Inc. \* | 284913 | 1182389 |
| Scholar Rock Holding Corp. \* | 202865 | 6008861 |
| SELLAS Life Sciences Group, Inc. *\*(a)* | 256407 | 466661 |
| Septerna, Inc. \* | 53774 | 1107744 |
| SIGA Technologies, Inc.  | 103165 | 854206 |
| Sionna Therapeutics, Inc. \* | 31026 | 1185503 |
| Soleno Therapeutics, Inc. \* | 104265 | 7002437 |
| Solid Biosciences, Inc. \* | 147212 | 793473 |
| Spyre Therapeutics, Inc. \* | 123522 | 3021348 |
| Standard BioTools, Inc. \* | 731026 | 877231 |
| Stoke Therapeutics, Inc. \* | 111985 | 3364029 |
| Supernus Pharmaceuticals, Inc. \* | 134555 | 7418017 |
| Syndax Pharmaceuticals, Inc. \* | 212981 | 2917840 |
| Tango Therapeutics, Inc. \* | 178967 | 1451422 |
| Tarsus Pharmaceuticals, Inc. \* | 97500 | 6708975 |
| Taysha Gene Therapies, Inc. \* | 530167 | 2629628 |
| Tectonic Therapeutic, Inc. \* | 27647 | 504558 |
| Terns Pharmaceuticals, Inc. \* | 181547 | 1499578 |
| Tevogen Bio Holdings, Inc. \* | 76475 | 48057 |
| TG Therapeutics, Inc. \* | 361786 | 12582917 |
| Theravance Biopharma, Inc. \* | 94550 | 1386103 |
| Third Harmonic Bio, Inc. *\*(b)* | 63409 | 1268 |
| Tonix Pharmaceuticals Holding Corp. \* | 22089 | 411297 |
| Travere Therapeutics, Inc. \* | 219911 | 7732071 |
| Trevi Therapeutics, Inc. \* | 218101 | 2543058 |
| TriSalus Life Sciences, Inc. \* | 47305 | 224226 |
| TuHURA Biosciences, Inc. \* | 64032 | 163282 |
| Tvardi Therapeutics, Inc. *\*(a)* | 11773 | 54744 |
| Twist Bioscience Corp. \* | 146838 | 4829502 |
| Tyra Biosciences, Inc. \* | 60564 | 959334 |
| Upstream Bio, Inc. \* | 81881 | 2116624 |
| UroGen Pharma Ltd. \* | 91038 | 1863548 |
| Vanda Pharmaceuticals, Inc. \* | 139069 | 604950 |
| Vaxcyte, Inc. \* | 285220 | 12914762 |
| Vera Therapeutics, Inc., Class A \* | 128416 | 3654719 |
| Veracyte, Inc. \* | 195713 | 7061325 |
| Verastem, Inc. \* | 114115 | 1078387 |
| Vericel Corp. \* | 125485 | 4399504 |
| Vir Biotechnology, Inc. \* | 223945 | 1334712 |
| Viridian Therapeutics, Inc. \* | 174944 | 4133927 |
| Voyager Therapeutics, Inc. \* | 114888 | 536527 |
| WaVe Life Sciences Ltd. \* | 279873 | 2530052 |
| Xencor, Inc. \* | 176086 | 2590225 |
| Xenon Pharmaceuticals, Inc. \* | 189599 | 7947990 |
| Xeris Biopharma Holdings, Inc. \* | 383239 | 3717418 |
| XOMA Royalty Corp. \* | 23488 | 774634 |
| Zenas Biopharma, Inc. *\*(a)* | 40633 | 1269781 |
| Zevra Therapeutics, Inc. \* | 134418 | 1368375 |
| Zymeworks, Inc. \* | 123425 | 2355566 |
|  |  | **779959447** |
| **Real Estate Management & Development 0.6%** | **Real Estate Management & Development 0.6%** | **Real Estate Management & Development 0.6%** |
| American Realty Investors, Inc. \* | 3281 | 51676 |
| Anywhere Real Estate, Inc. \* | 263875 | 2651944 |
| Compass, Inc., Class A \* | 1165529 | 8986229 |
| Cushman & Wakefield PLC \* | 577568 | 9067818 |
| Douglas Elliman, Inc. \* | 184323 | 455278 |
| eXp World Holdings, Inc.  | 219914 | 2251919 |
| Forestar Group, Inc. \* | 47742 | 1241769 |
| FRP Holdings, Inc. \* | 29321 | 694908 |
| Kennedy-Wilson Holdings, Inc.  | 300501 | 2271788 |
| Logistic Properties of The Americas, <br> Class A \*<br>| 7814 | 26489 |
| Marcus & Millichap, Inc.  | 60006 | 1752775 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**39**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Maui Land & Pineapple Co., Inc. \* | 16141 | 258256 |
| Newmark Group, Inc., Class A  | 388305 | 6923478 |
| RE/MAX Holdings, Inc., Class A \* | 47268 | 374835 |
| Real Brokerage, Inc. \* | 267424 | 994817 |
| RMR Group, Inc., Class A  | 37895 | 586236 |
| Seaport Entertainment Group, Inc. \* | 18541 | 446282 |
| St. Joe Co.  | 95053 | 5397109 |
| Stratus Properties, Inc. \* | 16706 | 313906 |
| Tejon Ranch Co. \* | 52220 | 826120 |
| Transcontinental Realty Investors, Inc. \* | 4778 | 214150 |
|  |  | **45787782** |
| **Semiconductors & Semiconductor Equipment 3.9%** | **Semiconductors & Semiconductor Equipment 3.9%** | **Semiconductors & Semiconductor Equipment 3.9%** |
| ACM Research, Inc., Class A \* | 126165 | 5230801 |
| Aehr Test Systems \* | 70699 | 1837467 |
| Aeluma, Inc. \* | 24227 | 395142 |
| Alpha & Omega Semiconductor Ltd. \* | 62500 | 1753750 |
| Ambarella, Inc. \* | 101616 | 8660732 |
| Ambiq Micro, Inc. \* | 11595 | 354343 |
| Atomera, Inc. *\*(a)* | 73502 | 232266 |
| Axcelis Technologies, Inc. \* | 80529 | 6406887 |
| Blaize Holdings, Inc. *\*(a)* | 183327 | 716809 |
| CEVA, Inc. \* | 58138 | 1581935 |
| Cohu, Inc. \* | 114222 | 2717341 |
| Credo Technology Group Holding Ltd. \* | 369584 | 69341350 |
| Diodes, Inc. \* | 114551 | 6112441 |
| FormFactor, Inc. \* | 194369 | 10680577 |
| Ichor Holdings Ltd. \* | 84161 | 1908771 |
| Impinj, Inc. \* | 64689 | 13077528 |
| indie Semiconductor, Inc., Class A *\*(a)* | 486491 | 2617322 |
| Kopin Corp. \* | 397043 | 1373769 |
| Kulicke & Soffa Industries, Inc.  | 128614 | 5135557 |
| MaxLinear, Inc. \* | 203771 | 3087131 |
| Navitas Semiconductor Corp., <br> Class A *\*(a)*<br>| 332591 | 4476675 |
| NVE Corp.  | 12067 | 833226 |
| PDF Solutions, Inc. \* | 79283 | 2309514 |
| Penguin Solutions, Inc. \* | 129897 | 2892806 |
| Photronics, Inc. \* | 144944 | 3464162 |
| Power Integrations, Inc.  | 141453 | 5925466 |
| Rambus, Inc. \* | 269233 | 27687922 |
| Rigetti Computing, Inc. \* | 797095 | 35287396 |
| Semtech Corp. \* | 217707 | 14773597 |
| Silicon Laboratories, Inc. \* | 80442 | 10544337 |
| SiTime Corp. \* | 53254 | 15424489 |
| SkyWater Technology, Inc. \* | 64411 | 1126226 |
| Synaptics, Inc. \* | 95790 | 6795343 |
| Ultra Clean Holdings, Inc. \* | 111403 | 3053556 |
| Veeco Instruments, Inc. \* | 142407 | 4094201 |
|  |  | **281910835** |
| **Software & Services 7.0%** | **Software & Services 7.0%** | **Software & Services 7.0%** |
| 8x8, Inc. \* | 338209 | 622305 |
| A10 Networks, Inc.  | 179670 | 3205313 |
| ACI Worldwide, Inc. \* | 262854 | 12519736 |
| Adeia, Inc.  | 271209 | 4621401 |
| Agilysys, Inc. \* | 64574 | 8101454 |
| Airship AI Holdings, Inc., Class A *\*(a)* | 49951 | 237267 |
| Alarm.com Holdings, Inc. \* | 118981 | 5856245 |
| Alkami Technology, Inc. \* | 170481 | 3459060 |
| Amplitude, Inc., Class A \* | 223040 | 2241552 |
| Appian Corp., Class A \* | 97867 | 2929159 |
| Applied Digital Corp. \* | 534492 | 18525493 |
| Arteris, Inc. \* | 69808 | 950087 |
| Asana, Inc., Class A \* | 216348 | 3039689 |
| ASGN, Inc. \* | 106994 | 4789052 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| AudioEye, Inc. \* | 20864 | 320680 |
| AvePoint, Inc. \* | 331801 | 4668440 |
| Backblaze, Inc., Class A \* | 133702 | 1378468 |
| BigBear.ai Holdings, Inc. \* | 721315 | 4991500 |
| Bit Digital, Inc. \* | 794940 | 2909480 |
| Bitdeer Technologies Group, Class A \* | 223857 | 4969625 |
| Blackbaud, Inc. \* | 95706 | 6129012 |
| BlackLine, Inc. \* | 130060 | 7445935 |
| Blend Labs, Inc., Class A \* | 519447 | 1719370 |
| Box, Inc., Class A \* | 350263 | 11239940 |
| Braze, Inc., Class A \* | 199438 | 5715893 |
| C3.ai, Inc., Class A \* | 304985 | 5361636 |
| Cerence, Inc. \* | 101110 | 1084910 |
| Cipher Mining, Inc. \* | 660677 | 12321626 |
| Cleanspark, Inc. \* | 691428 | 12307418 |
| Clear Secure, Inc., Class A  | 209066 | 6370241 |
| Clearwater Analytics Holdings, Inc., <br> Class A \*<br>| 615108 | 11324138 |
| Commerce.com, Inc. \* | 164132 | 759931 |
| Commvault Systems, Inc. \* | 111582 | 15534446 |
| Consensus Cloud Solutions, Inc. \* | 48744 | 1429174 |
| Core Scientific, Inc. \* | 708343 | 15257708 |
| Crexendo, Inc. \* | 36277 | 234712 |
| CS Disco, Inc. \* | 58837 | 371850 |
| CSP, Inc.  | 17269 | 230369 |
| Daily Journal Corp. \* | 3148 | 1275066 |
| Digimarc Corp. \* | 38990 | 379373 |
| Digital Turbine, Inc. \* | 262689 | 1639179 |
| DigitalOcean Holdings, Inc. \* | 170808 | 6945053 |
| Domo, Inc., Class B \* | 80963 | 1109193 |
| D-Wave Quantum, Inc. \* | 770780 | 28565107 |
| eGain Corp. \* | 43103 | 621545 |
| EverCommerce, Inc. \* | 36080 | 418167 |
| Expensify, Inc., Class A \* | 149882 | 244308 |
| Fastly, Inc., Class A \* | 342054 | 2835628 |
| Five9, Inc. \* | 191035 | 4638330 |
| Freshworks, Inc., Class A \* | 502433 | 5577006 |
| Grid Dynamics Holdings, Inc. \* | 164986 | 1540969 |
| Hackett Group, Inc.  | 62947 | 1139970 |
| Hut 8 Corp. \* | 234887 | 11899375 |
| I3 Verticals, Inc., Class A \* | 57255 | 1760591 |
| Information Services Group, Inc.  | 85994 | 473827 |
| Intapp, Inc. \* | 141353 | 5425128 |
| InterDigital, Inc.  | 64636 | 23395647 |
| Jamf Holding Corp. \* | 180250 | 2316213 |
| Kaltura, Inc. \* | 226391 | 350906 |
| Life360, Inc. \* | 40220 | 3970116 |
| LiveRamp Holdings, Inc. \* | 161179 | 4406634 |
| MARA Holdings, Inc. \* | 927436 | 16944256 |
| Mercurity Fintech Holding, Inc. \* | 79651 | 831556 |
| Mitek Systems, Inc. \* | 111788 | 1029568 |
| N-able, Inc. \* | 177774 | 1391970 |
| NCR Voyix Corp. \* | 347442 | 3964313 |
| NextNav, Inc. \* | 219734 | 2933449 |
| ON24, Inc. \* | 92995 | 513332 |
| OneSpan, Inc.  | 90039 | 1026445 |
| Ooma, Inc. \* | 63482 | 712903 |
| Pagaya Technologies Ltd., Class A \* | 115096 | 3094932 |
| PagerDuty, Inc. \* | 212115 | 3406567 |
| PAR Technology Corp. \* | 100296 | 3544461 |
| Porch Group, Inc. \* | 200135 | 3012032 |
| Progress Software Corp. \* | 107024 | 4563503 |
| PROS Holdings, Inc. \* | 109241 | 2518005 |
| Q2 Holdings, Inc. \* | 155237 | 9587437 |
| Qualys, Inc. \* | 91097 | 11228616 |
| Rackspace Technology, Inc. \* | 208157 | 333051 |
| Rapid7, Inc. \* | 158473 | 2933335 |
| Red Violet, Inc.  | 28135 | 1508880 |

---

*See financial notes*

**40**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| ReposiTrak, Inc.  | 29236 | 438832 |
| Rezolve AI PLC *\*(a)* | 366408 | 1571890 |
| Rimini Street, Inc. \* | 121828 | 484875 |
| Riot Platforms, Inc. \* | 870075 | 17210084 |
| Sapiens International Corp. NV  | 77849 | 3351400 |
| SEMrush Holdings, Inc., Class A \* | 128080 | 929861 |
| Silvaco Group, Inc. \* | 20263 | 119349 |
| SoundHound AI, Inc., Class A \* | 914040 | 16105385 |
| SoundThinking, Inc. \* | 23980 | 224213 |
| Sprinklr, Inc., Class A \* | 281164 | 2170586 |
| Sprout Social, Inc., Class A \* | 129444 | 1329390 |
| SPS Commerce, Inc. \* | 95039 | 7816007 |
| Synchronoss Technologies, Inc. \* | 25653 | 134550 |
| Telos Corp. \* | 131840 | 904422 |
| Tenable Holdings, Inc. \* | 303001 | 8793089 |
| Terawulf, Inc. \* | 707838 | 10971489 |
| TSS, Inc. \* | 45911 | 930157 |
| Tucows, Inc., Class A \* | 17011 | 325931 |
| Unisys Corp. \* | 169105 | 603705 |
| Varonis Systems, Inc., Class B \* | 275485 | 9705337 |
| Verint Systems, Inc. \* | 150485 | 3051836 |
| Vertex, Inc., Class A \* | 161616 | 3701006 |
| Viant Technology, Inc., Class A \* | 33616 | 298510 |
| VTEX, Class A \* | 144196 | 647440 |
| Weave Communications, Inc. \* | 146684 | 1086928 |
| WM Technology, Inc. \* | 218931 | 229878 |
| Workiva, Inc., Class A \* | 125317 | 10653198 |
| Xperi, Inc. \* | 108531 | 729328 |
| Yext, Inc. \* | 253513 | 2147255 |
| Zeta Global Holdings Corp., Class A \* | 464855 | 8362742 |
|  |  | **506208930** |
| **Technology Hardware & Equipment 5.4%** | **Technology Hardware & Equipment 5.4%** | **Technology Hardware & Equipment 5.4%** |
| 908 Devices, Inc. \* | 68459 | 546303 |
| ADTRAN Holdings, Inc. \* | 183948 | 1916738 |
| Advanced Energy Industries, Inc.  | 94061 | 19068987 |
| Aeva Technologies, Inc. \* | 76019 | 1242150 |
| Applied Optoelectronics, Inc. \* | 135176 | 4806859 |
| Arlo Technologies, Inc. \* | 248228 | 4800730 |
| Aviat Networks, Inc. \* | 28635 | 714730 |
| Badger Meter, Inc.  | 73940 | 13342473 |
| Bel Fuse, Inc., Class B  | 29608 | 4559336 |
| Belden, Inc.  | 98758 | 12033662 |
| Benchmark Electronics, Inc.  | 88813 | 3891786 |
| BK Technologies Corp. \* | 7494 | 559877 |
| Calix, Inc. \* | 147116 | 10065677 |
| Clearfield, Inc. \* | 29135 | 1028466 |
| Climb Global Solutions, Inc.  | 9750 | 1083030 |
| CommScope Holding Co., Inc. \* | 532424 | 9210935 |
| CompoSecure, Inc., Class A \* | 109149 | 2167699 |
| Corsair Gaming, Inc. \* | 114628 | 934218 |
| CPI Card Group, Inc. \* | 14680 | 229595 |
| CTS Corp.  | 72830 | 3023173 |
| Daktronics, Inc. \* | 96326 | 1809966 |
| Diebold Nixdorf, Inc. \* | 63423 | 3751470 |
| Digi International, Inc. \* | 90979 | 3337110 |
| Eastman Kodak Co. \* | 160092 | 1014983 |
| ePlus, Inc.  | 65887 | 4820293 |
| Evolv Technologies Holdings, Inc. \* | 288064 | 2229615 |
| Extreme Networks, Inc. \* | 329515 | 6267375 |
| Fabrinet \* | 90141 | 39713420 |
| Frequency Electronics, Inc. \* | 16461 | 604448 |
| Harmonic, Inc. \* | 281939 | 3016747 |
| Immersion Corp.  | 68023 | 455074 |
| Inseego Corp. \* | 30694 | 510748 |
| Insight Enterprises, Inc. \* | 72198 | 7219800 |
| IonQ, Inc. \* | 689859 | 43033404 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Itron, Inc. \* | 113450 | 11382438 |
| Kimball Electronics, Inc. \* | 61156 | 1778111 |
| Knowles Corp. \* | 213046 | 5030016 |
| Methode Electronics, Inc.  | 84915 | 571478 |
| MicroVision, Inc. *\*(a)* | 622976 | 728882 |
| Mirion Technologies, Inc., Class A \* | 586815 | 17234757 |
| M-Tron Industries, Inc. \* | 6125 | 337610 |
| Napco Security Technologies, Inc.  | 86229 | 3807010 |
| Neonode, Inc. \* | 26356 | 80122 |
| NETGEAR, Inc. \* | 69342 | 2407554 |
| NetScout Systems, Inc. \* | 173779 | 4831056 |
| nLight, Inc. \* | 119576 | 3947204 |
| Novanta, Inc. \* | 90063 | 11438902 |
| OSI Systems, Inc. \* | 40008 | 11140628 |
| Ouster, Inc. \* | 126781 | 4229414 |
| PC Connection, Inc.  | 27735 | 1691003 |
| Plexus Corp. \* | 67049 | 9380155 |
| Powerfleet, Inc. NJ \* | 313035 | 1596479 |
| Quantum Computing, Inc. *\*(a)* | 333551 | 5573637 |
| Red Cat Holdings, Inc. *\*(a)* | 213325 | 2399906 |
| Ribbon Communications, Inc. \* | 233194 | 783532 |
| Richardson Electronics Ltd.  | 29832 | 321589 |
| Rogers Corp. \* | 46173 | 4041984 |
| Sanmina Corp. \* | 130425 | 17874746 |
| ScanSource, Inc. \* | 52240 | 2241357 |
| TTM Technologies, Inc. \* | 251488 | 16899994 |
| Turtle Beach Corp. \* | 37774 | 638381 |
| Viasat, Inc. \* | 294015 | 11707677 |
| Viavi Solutions, Inc. \* | 552564 | 9780383 |
| Vishay Intertechnology, Inc.  | 301640 | 5121847 |
| Vishay Precision Group, Inc. \* | 29547 | 1106831 |
| Vuzix Corp. *\*(a)* | 161100 | 539685 |
| Xerox Holdings Corp.  | 290122 | 963205 |
|  |  | **384618450** |
| **Telecommunication Services 0.8%** | **Telecommunication Services 0.8%** | **Telecommunication Services 0.8%** |
| Anterix, Inc. \* | 28130 | 568789 |
| ATN International, Inc.  | 25681 | 373145 |
| Bandwidth, Inc., Class A \* | 68091 | 1099670 |
| Cogent Communications Holdings, Inc.  | 112362 | 4634933 |
| Globalstar, Inc. \* | 125081 | 6805657 |
| Gogo, Inc. \* | 192861 | 1755035 |
| IDT Corp., Class B  | 40393 | 2046309 |
| Liberty Latin America Ltd., Class C \* | 387590 | 3065837 |
| Lumen Technologies, Inc. \* | 2379898 | 24465351 |
| Shenandoah Telecommunications Co.  | 127447 | 1570147 |
| Spok Holdings, Inc.  | 50891 | 727232 |
| Telephone & Data Systems, Inc.  | 248311 | 9639433 |
| Uniti Group, Inc.  | 353804 | 2037911 |
|  |  | **58789449** |
| **Transportation 1.1%** | **Transportation 1.1%** | **Transportation 1.1%** |
| Allegiant Travel Co. \* | 35851 | 2229215 |
| ArcBest Corp.  | 56895 | 4228436 |
| Arrive AI, Inc. \* | 9211 | 46147 |
| Costamare Bulkers Holdings Ltd. \* | 21909 | 283502 |
| Costamare, Inc.  | 110548 | 1350897 |
| Covenant Logistics Group, Inc., Class A  | 40918 | 825316 |
| flyExclusive, Inc. \* | 12799 | 49532 |
| Forward Air Corp. \* | 52921 | 995444 |
| Frontier Group Holdings, Inc. \* | 211309 | 815653 |
| FTAI Infrastructure, Inc.  | 269871 | 1441111 |
| Genco Shipping & Trading Ltd.  | 84291 | 1436319 |
| Heartland Express, Inc.  | 110022 | 858172 |
| Hertz Global Holdings, Inc. *\*(a)* | 295452 | 1515669 |
| Himalaya Shipping Ltd. \* | 73705 | 577847 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**41**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Hub Group, Inc., Class A  | 149311 | 5499124 |
| JetBlue Airways Corp. \* | 825427 | 3466793 |
| Joby Aviation, Inc. \* | 1151347 | 19964357 |
| Marten Transport Ltd.  | 144405 | 1480151 |
| Matson, Inc.  | 81179 | 8195020 |
| PAMT Corp. \* | 15938 | 160496 |
| Pangaea Logistics Solutions Ltd.  | 74107 | 366830 |
| Proficient Auto Logistics, Inc. \* | 61478 | 459855 |
| Radiant Logistics, Inc. \* | 80776 | 488695 |
| RXO, Inc. \* | 405913 | 7196838 |
| Safe Bulkers, Inc.  | 135748 | 636658 |
| Sky Harbour Group Corp. \* | 53606 | 529627 |
| SkyWest, Inc. \* | 100947 | 10143155 |
| Strata Critical Medical, Inc. \* | 161882 | 814266 |
| Sun Country Airlines Holdings, Inc. \* | 128530 | 1578348 |
| Universal Logistics Holdings, Inc.  | 16781 | 271517 |
| Werner Enterprises, Inc.  | 144069 | 3774608 |
|  |  | **81679598** |
| **Utilities 3.3%** | **Utilities 3.3%** | **Utilities 3.3%** |
| ALLETE, Inc.  | 145982 | 9828968 |
| American States Water Co.  | 96625 | 6890329 |
| Avista Corp.  | 200716 | 7637244 |
| Black Hills Corp.  | 181396 | 11505948 |
| Brookfield Infrastructure Corp., Class A  | 300206 | 13602334 |
| Cadiz, Inc. \* | 138243 | 732688 |
| California Water Service Group  | 149336 | 6627532 |
| Chesapeake Utilities Corp.  | 57036 | 7259542 |
| Consolidated Water Co. Ltd.  | 37330 | 1269593 |
| Genie Energy Ltd., Class B  | 53543 | 805822 |
| Global Water Resources, Inc.  | 29891 | 296519 |
| H2O America  | 79352 | 3670030 |
| Hallador Energy Co. \* | 77964 | 1686361 |
| Hawaiian Electric Industries, Inc. \* | 435589 | 5061544 |
| MGE Energy, Inc.  | 92149 | 7636388 |
| Middlesex Water Co.  | 44463 | 2555289 |
| Montauk Renewables, Inc. \* | 173221 | 351639 |
| New Jersey Resources Corp.  | 252105 | 11168251 |
| Northwest Natural Holding Co.  | 101339 | 4613965 |
| Northwestern Energy Group, Inc.  | 153941 | 9185659 |
| Oklo, Inc. \* | 271193 | 36006295 |
| ONE Gas, Inc.  | 149301 | 11972447 |
| Ormat Technologies, Inc.  | 152447 | 16215787 |
| Otter Tail Corp.  | 96225 | 7430494 |
| Portland General Electric Co.  | 274835 | 12554463 |
| Pure Cycle Corp. \* | 50167 | 552339 |
| RGC Resources, Inc.  | 20545 | 425487 |
| Southwest Gas Holdings, Inc.  | 161378 | 12829551 |
| Spire, Inc.  | 145442 | 12566189 |
| TXNM Energy, Inc.  | 243513 | 13831538 |
| Unitil Corp.  | 40233 | 1961359 |
| York Water Co.  | 35813 | 1112710 |
|  |  | **239844304** |
| **Total Common Stocks** <br>**(Cost $4,599,431,112)** | **Total Common Stocks** <br>**(Cost $4,599,431,112)** | **7164191825** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **RIGHTS** 0.0% OF NET ASSETS  | **RIGHTS** 0.0% OF NET ASSETS  | **RIGHTS** 0.0% OF NET ASSETS  |
| **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** |
| Aduro Biotech, Inc. CVR *\*(b)* | 27867 | 56835 |
| Cartesian Therapeutics, Inc. CVR *\*(b)* | 265512 | 531853 |
| GTx, Inc. CVR *\*(b)* | 592 | 0 |
| Tobira Therapeutics, Inc. CVR *\*(b)* | 14029 | 26796 |
|  |  | **615484** |
| **Total Rights** <br>**(Cost $44,006)** | **Total Rights** <br>**(Cost $44,006)** | **615484** |

---

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

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 1.3% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 1.3% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 1.3% OF NET ASSETS  |
| **Money Market Funds 1.3%** | **Money Market Funds 1.3%** | **Money Market Funds 1.3%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(d)(e)*<br>| 92712007 | 92712007 |
| **Total Short-Term Investments** <br>**(Cost $92,712,007)** | **Total Short-Term Investments** <br>**(Cost $92,712,007)** | **92712007** |
| **Total Investments in Securities** <br>**(Cost $4,692,187,125)** | **Total Investments in Securities** <br>**(Cost $4,692,187,125)** | **7257519316** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>DEPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| Russell 2000 Index, e-mini, <br> expires 12/19/25<br>| 200 | 24899000 | **(20375)**<br>|

---

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

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $91,693,646. 

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

*(c)* Issuer is an affiliated company, as the investment adviser owns at least 5% of the voting securities of such company. 

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

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

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

CVR — Contingent Value Rights <br> REIT — Real Estate Investment Trust

*See financial notes*

**42**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

Below is a summary of the fund's transactions with affiliated issuers and affiliated companies which are or were affiliates during the period ended October 31, 2025. An affiliated company is a company in which the investment adviser has or had an ownership of at least 5% of the voting securities of a security issue during the report period. A dash in the Value at October 31, 2024, and/or Value and Balance of Shares Held at October 31, 2025, columns means either the issuer was not held or not held as an affiliate on the stated date.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS |
| **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** |
| TrueBlue, Inc. | $— | $31913 | ($32616)<br>| ($36345)<br>| ($157330)<br>| $335862 | 70857 | $— |
| **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** |
| Cracker Barrel Old Country Store, Inc. |  | 181205 | (65279)<br>| (131369)<br>| (645497)<br>|  |  | 54969 |
| **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** |
| Diversified Healthcare Trust | 1878473 | 122325 | (92117)<br>| (62729)<br>| 501772 |  |  | 21664 |
| Service Properties Trust |  | 65909 | (307263)<br>| (126529)<br>| (68690)<br>| 830198 | 387943 | 15789 |
|  |  |  |  |  |  | **830198** |  |  |
| **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** |
| Medifast, Inc. |  | 63199 | (32530)<br>| (237555)<br>| 66927 | 335899 | 27945 |  |
| **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** |
| EW Scripps Co. |  | 96498 | (68044)<br>| (293332)<br>| 150761 | 367081 | 151062 |  |
| **Total** | **$1878473** | **$561049** | **($597849)**<br>| **($887859)**<br>| **($152057)**<br>| **$1869040** |  | **$92422** |

---

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $5277151848 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5277151848 |
| Banks | 667533799 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6474 | &nbsp;&nbsp; 667540273 |
| Health Care Equipment & Services | 439540257 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 439540257 |
| Pharmaceuticals, Biotechnology & Life Sciences | 779958179 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1268 | &nbsp;&nbsp; 779959447 |
| Rights |  |  |  |  |
| Pharmaceuticals, Biotechnology & Life Sciences |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 615,484<br> \*<br>| &nbsp;&nbsp; 615484 |
| Short-Term Investments<sup>1</sup> <br>| 92712007 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 92712007 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (20375)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (20375)<br>|
| **Total** | **$7256875715** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$623226** | &nbsp;&nbsp; **$7257498941** |

---

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

\* Level 3 amount shown includes securities determined to have no value at October 31, 2025.

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

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**43**

------

Schwab Small-Cap Index Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $4,256,268)  |  | $1869040 |
| Investments in securities, at value - unaffiliated issuers (cost $4,687,930,857) including securities on loan of $91,693,646 |  | 7255650276 |
| Cash |  | 22026843 |
| Deposit with broker for futures contracts |  | 1917137 |
| Receivables: |  |  |
| Fund shares sold |  | 6095273 |
| Dividends |  | 1493893 |
| Income from securities on loan |  | 355422 |
| Investments sold |  | 335989 |
| Variation margin on future contracts | + | 148412 |
| **Total assets** |  | **7289892285** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 92712007 |
| Payables: |  |  |
| Fund shares redeemed |  | 4075004 |
| Investment adviser fees |  | 259454 |
| Investments bought | + | 5329 |
| **Total liabilities** |  | **97051794** |
| **Net assets** |  | **$7192840491** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $5089003096 |
| Total distributable earnings | + | 2103837395 |
| **Net assets** |  | **$7192840491** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $7192840491 |  | &nbsp;&nbsp;&nbsp;&nbsp; 179105765 |  | &nbsp;&nbsp;&nbsp;&nbsp; $40.16 |

---

*See financial notes*

**44**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $226,739) |  | $78515643 |
| Other Interest |  | 504803 |
| Dividends received from securities - affiliated issuers |  | 92422 |
| Securities on loan, net | + | 4614573 |
| **Total investment income**  |  | **83727441** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 2624440 |
| **Total expenses** | – | **2624440** |
| **Net investment income** |  | **81103001** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers |  | (887859)<br>|
| Net realized losses on sales of securities - unaffiliated issuers  |  | (39893160)<br>|
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 171449297 |
| Net realized losses on futures contracts | + | (613114)<br>|
| **Net realized gains** |  | **130055164** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (152057)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 730156567 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 290852 |
| **Net change in unrealized appreciation (depreciation)** |  | **730295362** |
| **Net realized and unrealized gains** |  | **860350526** |
| **Increase in net assets resulting from operations** |  | **$941453527** |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**45**

------

Schwab Small-Cap Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $81103001 | &nbsp;&nbsp;&nbsp; $83748510 |
| Net realized gains |  | 130055164 | &nbsp;&nbsp;&nbsp; 228783465 |
| Net change in unrealized appreciation (depreciation) | + | 730295362 | &nbsp;&nbsp;&nbsp; 1335031226 |
| **Increase in net assets resulting from operations** |  | **$941453527** | &nbsp;&nbsp;&nbsp; **$1647563201** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($105904769)**<br>| &nbsp;&nbsp;&nbsp; **($86736454)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 39249825 | &nbsp;&nbsp;&nbsp; $1379447819 | &nbsp;&nbsp;&nbsp; 38304539 | &nbsp;&nbsp;&nbsp; $1258012921 |
| Shares reinvested |  | 2137076 | &nbsp;&nbsp;&nbsp; 80247227 | &nbsp;&nbsp;&nbsp; 2232953 | &nbsp;&nbsp;&nbsp; 67256541 |
| Shares redeemed | + | (39904477)<br>| &nbsp;&nbsp;&nbsp; (1431987871)<br>| &nbsp;&nbsp;&nbsp; (43772659)<br>| &nbsp;&nbsp;&nbsp; (1437652600)<br>|
| **Net transactions in fund shares**  |  | **1482424** | &nbsp;&nbsp;&nbsp; **$27707175** | &nbsp;&nbsp;&nbsp; **(3235167)**<br>| &nbsp;&nbsp;&nbsp; **($112383138)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 177623341 | &nbsp;&nbsp;&nbsp; $6329584558 | &nbsp;&nbsp;&nbsp; 180858508 | &nbsp;&nbsp;&nbsp; $4881140949 |
| Total increase (decrease) | + | 1482424 | &nbsp;&nbsp;&nbsp; 863255933 | &nbsp;&nbsp;&nbsp; (3235167)<br>| &nbsp;&nbsp;&nbsp; 1448443609 |
| **End of period** |  | **179105765** | &nbsp;&nbsp;&nbsp; **$7192840491** | &nbsp;&nbsp;&nbsp; **177623341** | &nbsp;&nbsp;&nbsp; **$6329584558** |

---

*See financial notes*

**46**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<sup>1</sup> <br>| 11/1/23– <br>10/31/24<sup>1</sup> <br>| 11/1/22– <br>10/31/23<sup>1</sup> <br>| 11/1/21– <br>10/31/22<sup>1</sup> <br>| 11/1/20– <br>10/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $13.85 | &nbsp;&nbsp; $10.18 | &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; $11.66 | &nbsp;&nbsp; $8.23 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.18 | 0.17 | 0.16 | 0.15 | 0.14 |
| Net realized and unrealized gains (losses) | 2.69 | 3.66 | 0.62 | &nbsp;&nbsp; (2.09)<br>| 3.44 |
| Total from investment operations | 2.87 | 3.83 | 0.78 | &nbsp;&nbsp; (1.94)<br>| 3.58 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.15)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.15)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $16.54 | &nbsp;&nbsp; $13.85 | &nbsp;&nbsp; $10.18 | &nbsp;&nbsp; $9.55 | &nbsp;&nbsp; $11.66 |
| Total return | 20.85<br> %<br>| 37.98<br> %<br>| 8.38<br> %<br>| &nbsp;&nbsp; (16.94<br> %)<br>| 44.01<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.03<br> %<br>| 0.03<br> %<br>| 0.03 %<sup>3</sup><br>| 0.03 %<sup>3</sup><br>| 0.03<br> %<br>|
| Net investment income (loss) | 1.22<br> %<br>| 1.39<br> %<br>| 1.58<br> %<br>| 1.44<br> %<br>| 1.37<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 3<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $31970 | &nbsp;&nbsp; $25665 | &nbsp;&nbsp; $17787 | &nbsp;&nbsp; $16046 | &nbsp;&nbsp; $18232 |

---

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

<sup>1</sup> Per-Share Data has been retroactively adjusted to reflect a 7-for-1 share split effective after the close of U.S. markets on August 15, 2025 (see financial note 9 for additional information). 

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

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

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**47**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.7% OF NET ASSETS  | **COMMON STOCKS** 99.7% OF NET ASSETS  | **COMMON STOCKS** 99.7% OF NET ASSETS  |
| **Automobiles & Components 2.3%** | **Automobiles & Components 2.3%** | **Automobiles & Components 2.3%** |
| Adient PLC \* | 41000 | 950790 |
| American Axle & Manufacturing <br> Holdings, Inc. \*<br>| 60450 | 374790 |
| Aptiv PLC \* | 104781 | 8497739 |
| Autoliv, Inc.  | 33936 | 3963725 |
| BorgWarner, Inc.  | 105903 | 4549593 |
| Cooper-Standard Holdings, Inc. \* | 8444 | 255178 |
| Dana, Inc.  | 64236 | 1303991 |
| Dorman Products, Inc. \* | 13391 | 1796135 |
| Empery Digital, Inc. \* | 23000 | 160310 |
| Faraday Future Intelligent Electric, <br> Inc. *\*(a)*<br>| 60000 | 82800 |
| Ford Motor Co.  | 1881098 | 24698817 |
| Fox Factory Holding Corp. \* | 18351 | 405741 |
| Garrett Motion, Inc.  | 70894 | 1200944 |
| General Motors Co.  | 457656 | 31619453 |
| Gentex Corp.  | 108849 | 2552509 |
| Gentherm, Inc. \* | 14378 | 529110 |
| Goodyear Tire & Rubber Co. \* | 138485 | 954162 |
| Harley-Davidson, Inc.  | 56117 | 1514037 |
| Holley, Inc. \* | 27094 | 77760 |
| LCI Industries  | 11790 | 1220147 |
| Lear Corp.  | 26114 | 2732830 |
| Lucid Group, Inc. *\*(a)* | 56720 | 1006780 |
| Mobileye Global, Inc., Class A \* | 82607 | 1086282 |
| Modine Manufacturing Co. \* | 25419 | 3894445 |
| Motorcar Parts of America, Inc. \* | 10000 | 170600 |
| Patrick Industries, Inc.  | 15969 | 1666684 |
| Phinia, Inc.  | 20144 | 1045675 |
| QuantumScape Corp., Class A \* | 212718 | 3922520 |
| Rivian Automotive, Inc., Class A \* | 383226 | 5200377 |
| Solid Power, Inc. \* | 81166 | 509722 |
| Standard Motor Products, Inc.  | 9698 | 360087 |
| Stoneridge, Inc. \* | 11655 | 79370 |
| Strattec Security Corp. \* | 1500 | 92040 |
| Tesla, Inc. \* | 1350789 | 616716226 |
| Thor Industries, Inc.  | 25361 | 2646420 |
| Visteon Corp.  | 12757 | 1367040 |
| Winnebago Industries, Inc.  | 13059 | 492455 |
| XPEL, Inc. \* | 14044 | 478900 |
|  |  | **730176184** |
| **Banks 3.7%** | **Banks 3.7%** | **Banks 3.7%** |
| 1st Source Corp.  | 8134 | 483485 |
| ACNB Corp.  | 5076 | 229334 |
| Affinity Bancshares, Inc.  | 1146 | 21740 |
| Amalgamated Financial Corp.  | 11518 | 313981 |
| Amerant Bancorp, Inc.  | 19131 | 320827 |
| Ameris Bancorp  | 30743 | 2201814 |
| Ames National Corp.  | 4056 | 84608 |
| Arrow Financial Corp.  | 6961 | 194142 |
| Associated Banc-Corp.  | 77934 | 1930425 |
| Atlantic Union Bankshares Corp.  | 69229 | 2251327 |
| Auburn National BanCorp, Inc.  | 800 | 20752 |
| Avidbank Holdings, Inc. \* | 3500 | 91455 |
| Avidia Bancorp, Inc. \* | 10000 | 148700 |
| Axos Financial, Inc. \* | 27066 | 2110607 |
| Banc of California, Inc.  | 65552 | 1112417 |
| BancFirst Corp.  | 9480 | 1031993 |
| Bancorp, Inc. \* | 21677 | 1417025 |
| Bank First Corp.  | 4459 | 544533 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Bank of America Corp.  | 3279230 | 175274843 |
| Bank of Hawaii Corp.  | 18380 | 1193413 |
| Bank of Marin Bancorp  | 6631 | 170748 |
| Bank of the James Financial Group, <br> Inc. <br>| 2744 | 46511 |
| Bank OZK  | 50011 | 2249995 |
| Bank7 Corp.  | 2054 | 85262 |
| BankFinancial Corp.  | 3213 | 35504 |
| BankUnited, Inc.  | 36102 | 1446968 |
| Bankwell Financial Group, Inc.  | 2376 | 103000 |
| Banner Corp.  | 17160 | 1036292 |
| Bar Harbor Bankshares  | 5903 | 173135 |
| BayCom Corp.  | 4901 | 133601 |
| BCB Bancorp, Inc.  | 7033 | 55842 |
| Beacon Financial Corp.  | 40671 | 989932 |
| Blue Foundry Bancorp \* | 9742 | 80274 |
| Blue Ridge Bankshares, Inc. \* | 40597 | 181875 |
| BOK Financial Corp.  | 10921 | 1142118 |
| Bridgewater Bancshares, Inc. \* | 8542 | 140601 |
| Broadway Financial Corp. \* | 2507 | 15594 |
| Burke & Herbert Financial Services <br> Corp. <br>| 6104 | 359281 |
| Business First Bancshares, Inc.  | 15152 | 371527 |
| BV Financial, Inc. \* | 5000 | 81500 |
| Byline Bancorp, Inc.  | 14729 | 393853 |
| C&F Financial Corp.  | 1200 | 82092 |
| Cadence Bank  | 91418 | 3450115 |
| California BanCorp \* | 8995 | 166318 |
| Camden National Corp.  | 8027 | 306230 |
| Capital Bancorp, Inc.  | 5770 | 160377 |
| Capital City Bank Group, Inc.  | 5558 | 216206 |
| Capitol Federal Financial, Inc.  | 63473 | 383377 |
| Carter Bankshares, Inc. \* | 9825 | 167811 |
| Catalyst Bancorp, Inc. \* | 1959 | 27720 |
| Cathay General Bancorp  | 32083 | 1458172 |
| CB Financial Services, Inc.  | 2090 | 67653 |
| Central Pacific Financial Corp.  | 11311 | 322477 |
| CF Bankshares, Inc.  | 2505 | 58116 |
| Chemung Financial Corp.  | 1306 | 66175 |
| ChoiceOne Financial Services, Inc.  | 7247 | 207554 |
| Citigroup, Inc.  | 885879 | 89677531 |
| Citizens & Northern Corp.  | 5947 | 115134 |
| Citizens Community Bancorp, Inc.  | 3309 | 51786 |
| Citizens Financial Group, Inc.  | 208606 | 10611787 |
| Citizens Financial Services, Inc.  | 2033 | 111388 |
| City Holding Co.  | 6963 | 820798 |
| Civista Bancshares, Inc.  | 9755 | 210025 |
| CNB Financial Corp.  | 14433 | 355052 |
| Coastal Financial Corp. \* | 6270 | 667755 |
| CoastalSouth Bancshares, Inc. \* | 4000 | 85120 |
| Colony Bankcorp, Inc.  | 7200 | 115128 |
| Columbia Banking System, Inc.  | 144622 | 3875870 |
| Columbia Financial, Inc. \* | 14396 | 212341 |
| Comerica, Inc.  | 62348 | 4769622 |
| Commerce Bancshares, Inc.  | 59510 | 3132011 |
| Community Financial System, Inc.  | 25119 | 1393602 |
| Community Trust Bancorp, Inc.  | 7370 | 377307 |
| Community West Bancshares  | 6826 | 144575 |
| ConnectOne Bancorp, Inc.  | 21937 | 527804 |
| Cullen/Frost Bankers, Inc.  | 31149 | 3835688 |
| Customers Bancorp, Inc. \* | 14966 | 1004518 |
| CVB Financial Corp.  | 61166 | 1123619 |
| Dime Community Bancshares, Inc.  | 18909 | 496361 |
| Eagle Bancorp Montana, Inc.  | 2563 | 41597 |
| Eagle Bancorp, Inc.  | 13609 | 227951 |
| Eagle Financial Services, Inc.  | 2313 | 83754 |
| East West Bancorp, Inc.  | 66299 | 6735978 |
| Eastern Bankshares, Inc.  | 94248 | 1652167 |

---

*See financial notes*

**48**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| ECB Bancorp, Inc. \* | 4412 | 70724 |
| Enterprise Financial Services Corp.  | 16939 | 887095 |
| Equity Bancshares, Inc., Class A  | 6351 | 257279 |
| Esquire Financial Holdings, Inc.  | 3256 | 305413 |
| Farmers & Merchants Bancorp, Inc.  | 6004 | 143496 |
| Farmers National Banc Corp.  | 14833 | 192532 |
| FB Bancorp, Inc. \* | 10000 | 121200 |
| FB Financial Corp.  | 19553 | 1056058 |
| Fidelity D&D Bancorp, Inc.  | 1779 | 77707 |
| Fifth Third Bancorp  | 319377 | 13292471 |
| Financial Institutions, Inc.  | 9261 | 263290 |
| Finward Bancorp *(a)* | 1806 | 63481 |
| Finwise Bancorp \* | 4562 | 87545 |
| First BanCorp  | 76777 | 1496384 |
| First Bancorp, Inc.  | 3588 | 88947 |
| First Bancorp/Southern Pines NC  | 20264 | 983615 |
| First Bank  | 9056 | 141455 |
| First Busey Corp.  | 43051 | 962620 |
| First Business Financial Services, Inc.  | 2713 | 137305 |
| First Capital, Inc.  | 1074 | 46236 |
| First Citizens BancShares, Inc., <br> Class A <br>| 5046 | 9208042 |
| First Commonwealth Financial Corp.  | 47600 | 727804 |
| First Community Bankshares, Inc.  | 8451 | 273305 |
| First Community Corp.  | 3520 | 94371 |
| First Financial Bancorp  | 44725 | 1047012 |
| First Financial Bankshares, Inc.  | 62840 | 1941128 |
| First Financial Corp.  | 9045 | 482279 |
| First Foundation, Inc. \* | 42399 | 230651 |
| First Hawaiian, Inc.  | 61009 | 1496551 |
| First Horizon Corp.  | 244932 | 5231748 |
| First Internet Bancorp  | 3435 | 60937 |
| First Interstate BancSystem, Inc., <br> Class A <br>| 43857 | 1370531 |
| First Merchants Corp.  | 28372 | 1006639 |
| First Mid Bancshares, Inc.  | 9125 | 326036 |
| First National Corp.  | 2648 | 59633 |
| First Northwest Bancorp  | 3416 | 30983 |
| First Savings Financial Group, Inc.  | 2389 | 70714 |
| First Seacoast Bancorp, Inc. \* | 3389 | 39312 |
| First U.S. Bancshares, Inc.  | 4841 | 62304 |
| First United Corp.  | 2849 | 98376 |
| First Western Financial, Inc. \* | 2786 | 64329 |
| Firstsun Capital Bancorp \* | 5528 | 188173 |
| Five Star Bancorp  | 9216 | 327260 |
| Flagstar Bank NA  | 144343 | 1648397 |
| Flushing Financial Corp.  | 16608 | 227031 |
| FNB Corp.  | 171097 | 2689645 |
| Franklin Financial Services Corp.  | 1992 | 90238 |
| FS Bancorp, Inc.  | 3171 | 122686 |
| Fulton Financial Corp.  | 85085 | 1477926 |
| FVCBankcorp, Inc.  | 8954 | 109418 |
| GBank Financial Holdings, Inc. \* | 5604 | 203257 |
| German American Bancorp, Inc.  | 17793 | 685742 |
| Glacier Bancorp, Inc.  | 61079 | 2495077 |
| Great Southern Bancorp, Inc.  | 4013 | 223524 |
| Greene County Bancorp, Inc.  | 3212 | 70503 |
| Hancock Whitney Corp.  | 41248 | 2355673 |
| Hanmi Financial Corp.  | 13522 | 356981 |
| Hanover Bancorp, Inc.  | 2522 | 52231 |
| HarborOne Bancorp, Inc.  | 18808 | 227577 |
| Hawthorn Bancshares, Inc.  | 2065 | 62384 |
| HBT Financial, Inc.  | 5821 | 141974 |
| Heritage Commerce Corp.  | 26186 | 272334 |
| Heritage Financial Corp.  | 14372 | 318915 |
| Hilltop Holdings, Inc.  | 24556 | 793159 |
| Hingham Institution For Savings *(a)* | 707 | 208042 |
| Home Bancorp, Inc.  | 3387 | 180019 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Home BancShares, Inc.  | 88010 | 2350747 |
| HomeTrust Bancshares, Inc.  | 6363 | 250130 |
| Hope Bancorp, Inc.  | 59050 | 619434 |
| Horizon Bancorp, Inc.  | 20544 | 320486 |
| Huntington Bancshares, Inc.  | 757073 | 11689207 |
| Independent Bank Corp.  | 23428 | 1576470 |
| Independent Bank Corp. MI  | 9444 | 285398 |
| International Bancshares Corp.  | 25869 | 1717184 |
| Investar Holding Corp.  | 3333 | 79192 |
| Isabella Bank Corp.  | 3500 | 125090 |
| John Marshall Bancorp, Inc.  | 4443 | 84861 |
| JPMorgan Chase & Co.  | 1323511 | 411770742 |
| Kearny Financial Corp.  | 30246 | 193272 |
| KeyCorp  | 448517 | 7889414 |
| Lakeland Financial Corp.  | 12289 | 701087 |
| Landmark Bancorp, Inc.  | 2179 | 55979 |
| LCNB Corp.  | 4732 | 72684 |
| LINKBANCORP, Inc.  | 12773 | 89794 |
| Live Oak Bancshares, Inc.  | 16949 | 527792 |
| M&T Bank Corp.  | 75622 | 13904617 |
| Magyar Bancorp, Inc.  | 1051 | 18130 |
| MainStreet Bancshares, Inc.  | 3000 | 55650 |
| Mechanics Bancorp, Class A \* | 8389 | 112329 |
| Mercantile Bank Corp.  | 7502 | 328963 |
| Meridian Corp.  | 3846 | 54959 |
| Metrocity Bankshares, Inc.  | 7678 | 196634 |
| Metropolitan Bank Holding Corp.  | 4799 | 318030 |
| Mid Penn Bancorp, Inc.  | 7934 | 225722 |
| Middlefield Banc Corp.  | 3452 | 112535 |
| Midland States Bancorp, Inc.  | 8785 | 128612 |
| MidWestOne Financial Group, Inc.  | 9344 | 345635 |
| MVB Financial Corp.  | 4605 | 117796 |
| National Bank Holdings Corp., <br> Class A <br>| 16969 | 605115 |
| National Bankshares, Inc.  | 2506 | 71747 |
| NB Bancorp, Inc.  | 18000 | 325260 |
| NBT Bancorp, Inc.  | 24035 | 972696 |
| Nicolet Bankshares, Inc.  | 6917 | 817174 |
| Northeast Bank  | 3001 | 258926 |
| Northeast Community Bancorp, Inc.  | 5675 | 111457 |
| Northfield Bancorp, Inc.  | 18804 | 192177 |
| Northpointe Bancshares, Inc.  | 5000 | 79250 |
| Northrim BanCorp, Inc.  | 10384 | 228240 |
| Northwest Bancshares, Inc.  | 64761 | 758351 |
| Norwood Financial Corp.  | 3060 | 81427 |
| NSTS Bancorp, Inc. \* | 1610 | 17952 |
| Oak Valley Bancorp  | 3707 | 101127 |
| OceanFirst Financial Corp.  | 25110 | 456500 |
| OFG Bancorp  | 23182 | 896216 |
| Ohio Valley Banc Corp.  | 1400 | 49000 |
| Old National Bancorp  | 166962 | 3411034 |
| Old Second Bancorp, Inc.  | 25972 | 466197 |
| OP Bancorp  | 5203 | 69460 |
| Orange County Bancorp, Inc.  | 3324 | 81272 |
| Origin Bancorp, Inc.  | 14052 | 487042 |
| Orrstown Financial Services, Inc.  | 8410 | 279885 |
| Park National Corp.  | 7007 | 1066395 |
| Parke Bancorp, Inc.  | 4518 | 97634 |
| Pathward Financial, Inc.  | 11847 | 806307 |
| PB Bankshares, Inc. \* | 2277 | 45176 |
| PCB Bancorp  | 4081 | 85987 |
| Peapack-Gladstone Financial Corp.  | 6657 | 168422 |
| Peoples Bancorp of North Carolina, <br> Inc. <br>| 1896 | 55799 |
| Peoples Bancorp, Inc.  | 15377 | 439782 |
| Peoples Financial Services Corp.  | 3954 | 176111 |
| Pinnacle Financial Partners, Inc.  | 36894 | 3143738 |
| Pioneer Bancorp, Inc. \* | 2717 | 35701 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**49**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Plumas Bancorp  | 2267 | 93038 |
| PNC Financial Services Group, Inc.  | 189508 | 34594685 |
| Ponce Financial Group, Inc. \* | 10983 | 154970 |
| Popular, Inc.  | 32139 | 3582534 |
| Preferred Bank  | 5696 | 514064 |
| Primis Financial Corp.  | 10278 | 111876 |
| Princeton Bancorp, Inc.  | 1590 | 49417 |
| Prosperity Bancshares, Inc.  | 45716 | 3009027 |
| Provident Bancorp, Inc. \* | 6035 | 76946 |
| Provident Financial Holdings, Inc.  | 3562 | 55638 |
| Provident Financial Services, Inc.  | 62095 | 1135718 |
| QCR Holdings, Inc.  | 8130 | 604791 |
| RBB Bancorp  | 6055 | 112805 |
| Red River Bancshares, Inc.  | 1974 | 130402 |
| Regions Financial Corp.  | 431684 | 10446753 |
| Renasant Corp.  | 44575 | 1499057 |
| Republic Bancorp, Inc., Class A  | 4781 | 315068 |
| Richmond Mutual BanCorp, Inc. *(a)* | 4348 | 57959 |
| Riverview Bancorp, Inc.  | 6215 | 32194 |
| S&T Bancorp, Inc.  | 19181 | 702792 |
| SB Financial Group, Inc.  | 3301 | 64568 |
| Seacoast Banking Corp. of Florida  | 40295 | 1220938 |
| ServisFirst Bancshares, Inc.  | 23675 | 1663642 |
| Shore Bancshares, Inc.  | 11833 | 184713 |
| Sierra Bancorp  | 5854 | 168478 |
| Simmons First National Corp., <br> Class A <br>| 68364 | 1188166 |
| SmartFinancial, Inc.  | 6197 | 216709 |
| Sound Financial Bancorp, Inc.  | 1096 | 48925 |
| South Plains Financial, Inc.  | 5663 | 206700 |
| Southern First Bancshares, Inc. \* | 2967 | 130073 |
| Southern Missouri Bancorp, Inc.  | 4045 | 212120 |
| Southside Bancshares, Inc.  | 12464 | 350488 |
| Southstate Bank Corp.  | 48698 | 4317078 |
| SR Bancorp, Inc.  | 3800 | 55936 |
| Stellar Bancorp, Inc.  | 23106 | 680010 |
| Sterling Bancorp, Inc. *\*(b)* | 9738 | 1369 |
| Stock Yards Bancorp, Inc.  | 13389 | 870553 |
| Synovus Financial Corp.  | 68172 | 3043198 |
| Texas Capital Bancshares, Inc. \* | 21446 | 1798033 |
| TFS Financial Corp.  | 26645 | 354379 |
| Third Coast Bancshares, Inc. \* | 6287 | 231047 |
| Timberland Bancorp, Inc.  | 3571 | 114701 |
| Tompkins Financial Corp.  | 5291 | 335767 |
| Towne Bank  | 34866 | 1133494 |
| TriCo Bancshares  | 17078 | 755360 |
| Triumph Financial, Inc. \* | 10188 | 554838 |
| Truist Financial Corp.  | 620086 | 27674438 |
| TrustCo Bank Corp.  | 7608 | 286898 |
| Trustmark Corp.  | 28468 | 1059579 |
| U.S. Bancorp  | 748871 | 34957298 |
| UMB Financial Corp.  | 34584 | 3696338 |
| Union Bankshares, Inc.  | 2125 | 48493 |
| United Bancorp, Inc.  | 3371 | 44160 |
| United Bankshares, Inc.  | 67922 | 2430928 |
| United Community Banks, Inc.  | 58201 | 1699469 |
| United Security Bancshares  | 6461 | 59215 |
| Unity Bancorp, Inc.  | 2383 | 108212 |
| Univest Financial Corp.  | 12810 | 376102 |
| USCB Financial Holdings, Inc.  | 5422 | 93584 |
| Valley National Bancorp  | 231446 | 2515818 |
| Virginia National Bankshares Corp.  | 2256 | 89744 |
| WaFd, Inc.  | 37211 | 1080235 |
| Washington Trust Bancorp, Inc.  | 9175 | 249927 |
| Webster Financial Corp.  | 79314 | 4524071 |
| Wells Fargo & Co.  | 1541564 | 134069821 |
| WesBanco, Inc.  | 47799 | 1438750 |
| West BanCorp, Inc.  | 6294 | 133873 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Westamerica BanCorp  | 11179 | 532679 |
| Western Alliance Bancorp  | 50051 | 3871445 |
| Western New England Bancorp, Inc.  | 10349 | 117668 |
| Wintrust Financial Corp.  | 31927 | 4151149 |
| WSFS Financial Corp.  | 28278 | 1473001 |
| Zions Bancorp NA  | 70968 | 3698142 |
|  |  | **1180912386** |
| **Capital Goods 6.9%** | **Capital Goods 6.9%** | **Capital Goods 6.9%** |
| 3D Systems Corp. \* | 66133 | 189140 |
| 3M Co.  | 256087 | 42638485 |
| A.O. Smith Corp.  | 55293 | 3648785 |
| AAON, Inc.  | 32610 | 3208498 |
| AAR Corp. \* | 18492 | 1557211 |
| Acuity, Inc.  | 14783 | 5396534 |
| Advanced Drainage Systems, Inc.  | 34039 | 4767162 |
| AECOM  | 63607 | 8545600 |
| AeroVironment, Inc. \* | 15244 | 5638908 |
| AerSale Corp. \* | 13422 | 99591 |
| AGCO Corp.  | 30702 | 3167218 |
| Air Lease Corp., Class A  | 50788 | 3243322 |
| AirJoule Technologies Corp. *\*(a)* | 15696 | 80991 |
| Alamo Group, Inc.  | 4923 | 879839 |
| Albany International Corp., Class A  | 14231 | 805190 |
| Allegion PLC  | 41328 | 6850943 |
| Allient, Inc.  | 6061 | 331415 |
| Allison Transmission Holdings, Inc.  | 40814 | 3369196 |
| Alpha Pro Tech Ltd. \* | 5970 | 27164 |
| Alta Equipment Group, Inc.  | 10115 | 61904 |
| Ameresco, Inc., Class A \* | 15500 | 612560 |
| American Infrastructure Corp. *\*(a)(b)* | 6920 | 42 |
| American Superconductor Corp. \* | 22971 | 1360572 |
| American Woodmark Corp. \* | 7275 | 463636 |
| AMETEK, Inc.  | 110851 | 22404096 |
| Amprius Technologies, Inc. \* | 64868 | 913990 |
| API Group Corp. \* | 178301 | 6565043 |
| Apogee Enterprises, Inc.  | 9815 | 359327 |
| Applied Industrial Technologies, Inc.  | 18256 | 4693435 |
| Archer Aviation, Inc., Class A \* | 257003 | 2883574 |
| Arcosa, Inc.  | 23068 | 2352936 |
| Argan, Inc.  | 6694 | 2049770 |
| Armstrong World Industries, Inc.  | 20728 | 3947233 |
| Array Technologies, Inc. \* | 69065 | 598103 |
| Astec Industries, Inc.  | 9833 | 457529 |
| Astronics Corp. \* | 14113 | 694077 |
| ATI, Inc. \* | 66612 | 6592590 |
| Atkore, Inc.  | 16714 | 1157445 |
| Atmus Filtration Technologies, Inc.  | 39240 | 1784635 |
| Axon Enterprise, Inc. \* | 37914 | 27761768 |
| AZZ, Inc.  | 14026 | 1400496 |
| Babcock & Wilcox Enterprises, Inc. \* | 51145 | 184633 |
| Blink Charging Co. \* | 89323 | 151849 |
| Bloom Energy Corp., Class A \* | 103668 | 13700763 |
| Blue Bird Corp. \* | 15059 | 752348 |
| BlueLinx Holdings, Inc. \* | 3850 | 251944 |
| Boeing Co. \* | 363879 | 73146957 |
| Boise Cascade Co.  | 17823 | 1256343 |
| Bowman Consulting Group Ltd., <br> Class A \*<br>| 6300 | 272727 |
| Broadwind, Inc. \* | 7298 | 17077 |
| Builders FirstSource, Inc. \* | 53945 | 6266791 |
| BWX Technologies, Inc.  | 43780 | 9351846 |
| Byrna Technologies, Inc. \* | 8100 | 164025 |
| Cadre Holdings, Inc.  | 13121 | 557118 |
| Carlisle Cos., Inc.  | 20590 | 6692779 |
| Carpenter Technology Corp.  | 23796 | 7517156 |
| Carrier Global Corp.  | 384952 | 22900794 |

---

*See financial notes*

**50**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Caterpillar, Inc.  | 225442 | 130138649 |
| Centuri Holdings, Inc. \* | 35481 | 716361 |
| ChargePoint Holdings, Inc. \* | 14308 | 154526 |
| Chart Industries, Inc. \* | 21508 | 4293427 |
| CNH Industrial NV  | 427342 | 4482818 |
| Columbus McKinnon Corp.  | 13948 | 226376 |
| Comfort Systems USA, Inc.  | 16913 | 16330855 |
| Concrete Pumping Holdings, Inc.  | 9442 | 60334 |
| Construction Partners, Inc., Class A \* | 22641 | 2588998 |
| Core & Main, Inc., Class A \* | 91133 | 4755320 |
| CPI Aerostructures, Inc. \* | 9173 | 22841 |
| Crane Co.  | 23480 | 4461200 |
| CSW Industrials, Inc.  | 7896 | 1977316 |
| Cummins, Inc.  | 66493 | 29102656 |
| Curtiss-Wright Corp.  | 18079 | 10770203 |
| Custom Truck One Source, Inc. \* | 24214 | 142620 |
| Deere & Co.  | 121205 | 55951864 |
| Distribution Solutions Group, Inc. \* | 4920 | 134513 |
| DNOW, Inc. \* | 54266 | 797710 |
| Donaldson Co., Inc.  | 56818 | 4786916 |
| Douglas Dynamics, Inc.  | 10577 | 319743 |
| Dover Corp.  | 66559 | 12077796 |
| Ducommun, Inc. \* | 6692 | 613991 |
| DXP Enterprises, Inc. \* | 6811 | 814936 |
| Dycom Industries, Inc. \* | 13950 | 4014670 |
| Eastern Co.  | 1809 | 38622 |
| Eaton Corp. PLC  | 187339 | 71481069 |
| EMCOR Group, Inc.  | 21630 | 14617121 |
| Emerson Electric Co.  | 270831 | 37799883 |
| Energy Recovery, Inc. \* | 27634 | 472818 |
| Energy Vault Holdings, Inc. \* | 72860 | 257924 |
| Enerpac Tool Group Corp., Class A  | 25676 | 1053743 |
| EnerSys  | 18659 | 2354019 |
| Enovix Corp. \* | 93280 | 1118427 |
| Enpro, Inc.  | 10347 | 2400607 |
| Eos Energy Enterprises, Inc. *\*(a)* | 129793 | 2080582 |
| Esab Corp.  | 27079 | 3163369 |
| ESCO Technologies, Inc.  | 12466 | 2735913 |
| Eve Holding, Inc. \* | 39143 | 170663 |
| Everus Construction Group, Inc. \* | 24427 | 2220170 |
| EVI Industries, Inc.  | 2765 | 74489 |
| Fastenal Co.  | 552273 | 22726034 |
| Federal Signal Corp.  | 29964 | 3536651 |
| Ferguson Enterprises, Inc.  | 94859 | 23572461 |
| Firefly Aerospace, Inc. \* | 10110 | 245269 |
| Flowserve Corp.  | 62253 | 4248767 |
| Fluence Energy, Inc. \* | 30000 | 630000 |
| Fluor Corp. \* | 78897 | 3847807 |
| Fortive Corp.  | 162997 | 8205269 |
| Fortune Brands Innovations, Inc.  | 57316 | 2911653 |
| Franklin Electric Co., Inc.  | 18479 | 1751255 |
| FreightCar America, Inc. \* | 5033 | 44743 |
| FTAI Aviation Ltd.  | 49279 | 8520339 |
| Gates Industrial Corp. PLC \* | 121819 | 2689764 |
| GATX Corp.  | 16926 | 2654843 |
| GE Vernova, Inc.  | 131000 | 76653340 |
| Gencor Industries, Inc. \* | 3418 | 46451 |
| Generac Holdings, Inc. \* | 28164 | 4732115 |
| General Dynamics Corp.  | 121496 | 41903970 |
| General Electric Co.  | 510306 | 157659039 |
| Gibraltar Industries, Inc. \* | 14337 | 894485 |
| Global Industrial Co.  | 11750 | 333935 |
| Gorman-Rupp Co.  | 9748 | 438368 |
| Graco, Inc.  | 80310 | 6566949 |
| GrafTech International Ltd. \* | 8800 | 118800 |
| Graham Corp. \* | 4043 | 251838 |
| Granite Construction, Inc.  | 20835 | 2144130 |
| Great Lakes Dredge & Dock Corp. \* | 30154 | 342248 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Greenbrier Cos., Inc.  | 15526 | 648521 |
| Griffon Corp.  | 19552 | 1447044 |
| Hayward Holdings, Inc. \* | 97611 | 1656459 |
| HEICO Corp.  | 48382 | 15374348 |
| Helios Technologies, Inc.  | 16121 | 892459 |
| Herc Holdings, Inc.  | 14360 | 2039838 |
| Hexcel Corp.  | 39351 | 2809661 |
| Hillenbrand, Inc.  | 34666 | 1095446 |
| Hillman Solutions Corp. \* | 92449 | 852380 |
| Honeywell International, Inc.  | 305526 | 61511550 |
| Howmet Aerospace, Inc.  | 194378 | 40032149 |
| Hubbell, Inc., Class B  | 25479 | 11975130 |
| Hudson Technologies, Inc. \* | 17443 | 158295 |
| Huntington Ingalls Industries, Inc.  | 18681 | 6015656 |
| Hurco Cos., Inc. \* | 3214 | 57691 |
| Hyliion Holdings Corp. \* | 54325 | 128750 |
| Hyster-Yale, Inc.  | 5997 | 215532 |
| IDEX Corp.  | 36033 | 6178218 |
| IES Holdings, Inc. \* | 4300 | 1685084 |
| Illinois Tool Works, Inc.  | 127651 | 31136632 |
| Ingersoll Rand, Inc.  | 174049 | 13285160 |
| Innovative Solutions & Support, Inc. \* | 6865 | 64531 |
| Insteel Industries, Inc.  | 8973 | 280317 |
| Intuitive Machines, Inc., Class A \* | 51479 | 614144 |
| ITT, Inc.  | 37822 | 6999718 |
| Janus International Group, Inc. \* | 71323 | 684701 |
| JBT Marel Corp.  | 25361 | 3198022 |
| JELD-WEN Holding, Inc. \* | 40500 | 175770 |
| Johnson Controls International PLC  | 314463 | 35971423 |
| Kadant, Inc.  | 5773 | 1597158 |
| Karat Packaging, Inc.  | 3014 | 72396 |
| Karman Holdings, Inc. \* | 37613 | 3168519 |
| Kennametal, Inc.  | 36795 | 807650 |
| Kratos Defense & Security Solutions, <br> Inc. \*<br>| 81901 | 7420231 |
| L.B. Foster Co., Class A \* | 5290 | 144946 |
| L3Harris Technologies, Inc.  | 90003 | 26019867 |
| Lennox International, Inc.  | 15514 | 7834570 |
| Leonardo DRS, Inc.  | 35510 | 1298246 |
| Limbach Holdings, Inc. \* | 4683 | 442450 |
| Lincoln Electric Holdings, Inc.  | 26902 | 6307174 |
| Lindsay Corp.  | 5079 | 564988 |
| Loar Holdings, Inc. \* | 17275 | 1366971 |
| Lockheed Martin Corp.  | 98867 | 48630700 |
| LSI Industries, Inc.  | 12912 | 295556 |
| Luxfer Holdings PLC  | 12212 | 148986 |
| Masco Corp.  | 100698 | 6521202 |
| MasTec, Inc. \* | 29646 | 6052527 |
| Masterbrand, Inc. \* | 61652 | 778665 |
| Matrix Service Co. \* | 10847 | 162922 |
| Mayville Engineering Co., Inc. \* | 3327 | 59287 |
| McGrath RentCorp  | 11733 | 1260594 |
| Mercury Systems, Inc. \* | 25375 | 1964279 |
| Microvast Holdings, Inc. \* | 110747 | 603571 |
| Middleby Corp. \* | 22655 | 2814431 |
| Miller Industries, Inc.  | 5104 | 204875 |
| Moog, Inc., Class A  | 13459 | 2757076 |
| MRC Global, Inc. \* | 40400 | 563580 |
| MSC Industrial Direct Co., Inc., <br> Class A <br>| 21543 | 1829216 |
| Mueller Industries, Inc.  | 52986 | 5609628 |
| Mueller Water Products, Inc., Class A  | 73402 | 1883495 |
| MYR Group, Inc. \* | 7578 | 1649731 |
| NANO Nuclear Energy, Inc. *\*(a)* | 16124 | 766535 |
| National Presto Industries, Inc.  | 2215 | 236939 |
| NeoVolta, Inc. *\*(a)* | 12964 | 57042 |
| NEXTracker, Inc., Class A \* | 71872 | 7274884 |
| NN, Inc. \* | 28401 | 48566 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**51**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Nordson Corp.  | 25970 | 6023741 |
| Northrop Grumman Corp.  | 64769 | 37789473 |
| NPK International, Inc. \* | 41111 | 505665 |
| NuScale Power Corp. *\*(a)* | 64057 | 2874238 |
| nVent Electric PLC  | 77171 | 8824504 |
| NWPX Infrastructure, Inc. \* | 4286 | 257846 |
| Ocean Power Technologies, Inc. \* | 50000 | 25275 |
| Omega Flex, Inc.  | 1422 | 39318 |
| Optex Systems Holdings, Inc. \* | 1633 | 28137 |
| Orion Group Holdings, Inc. \* | 16674 | 179579 |
| Oshkosh Corp.  | 30889 | 3808305 |
| Otis Worldwide Corp.  | 188862 | 17518839 |
| Owens Corning  | 39884 | 5077632 |
| PACCAR, Inc.  | 252480 | 24844032 |
| Palladyne AI Corp. *\*(a)* | 16115 | 134883 |
| Park Aerospace Corp.  | 8310 | 159220 |
| Parker-Hannifin Corp.  | 61490 | 47521317 |
| Park-Ohio Holdings Corp.  | 3931 | 81097 |
| Pentair PLC  | 78861 | 8386867 |
| Perma-Pipe International Holdings, <br> Inc. \*<br>| 3363 | 93222 |
| Plug Power, Inc. \* | 587914 | 1581489 |
| Powell Industries, Inc.  | 4603 | 1764744 |
| Power Solutions International, Inc. \* | 3000 | 256860 |
| Preformed Line Products Co.  | 1284 | 272349 |
| Primoris Services Corp.  | 25678 | 3633951 |
| Proto Labs, Inc. \* | 11556 | 575027 |
| Quanex Building Products Corp.  | 20402 | 289912 |
| Quanta Services, Inc.  | 71642 | 32176571 |
| QXO, Inc. \* | 238781 | 4219260 |
| RBC Bearings, Inc. \* | 14941 | 6402667 |
| Redwire Corp. *\*(a)* | 37798 | 297470 |
| Regal Rexnord Corp.  | 31788 | 4478611 |
| Resideo Technologies, Inc. \* | 65509 | 2803785 |
| REV Group, Inc.  | 23688 | 1214484 |
| Richtech Robotics, Inc., Class B *\*(a)* | 54064 | 260588 |
| Rocket Lab Corp. \* | 204039 | 12850376 |
| Rockwell Automation, Inc.  | 54184 | 19959218 |
| RTX Corp.  | 644135 | 114978097 |
| Rush Enterprises, Inc., Class A  | 34390 | 1699210 |
| Satellogic, Inc., Class A \* | 22000 | 42020 |
| Sensata Technologies Holding PLC  | 71760 | 2284121 |
| SES AI Corp. \* | 162323 | 383082 |
| Shoals Technologies Group, Inc., <br> Class A \*<br>| 76337 | 802302 |
| Simpson Manufacturing Co., Inc.  | 19849 | 3503349 |
| SiteOne Landscape Supply, Inc. \* | 21182 | 2748788 |
| Snap-on, Inc.  | 24971 | 8379019 |
| Southland Holdings, Inc. \* | 4155 | 18573 |
| Spirit AeroSystems Holdings, Inc., <br> Class A \*<br>| 59024 | 2165591 |
| SPX Technologies, Inc. \* | 23638 | 5292312 |
| StandardAero, Inc. \* | 69632 | 2011668 |
| Standex International Corp.  | 5702 | 1329877 |
| Stanley Black & Decker, Inc.  | 74885 | 5071212 |
| Stem, Inc. \* | 4000 | 78440 |
| Sterling Infrastructure, Inc. \* | 14438 | 5456120 |
| Sunrun, Inc. \* | 112000 | 2325120 |
| Symbotic, Inc. \* | 22854 | 1850031 |
| T1 Energy, Inc. \* | 80000 | 297600 |
| Taylor Devices, Inc. \* | 2017 | 92318 |
| TechPrecision Corp. \* | 4478 | 22077 |
| Tecnoglass, Inc.  | 13125 | 782644 |
| Tecogen, Inc. \* | 12000 | 119760 |
| Tennant Co.  | 8760 | 700800 |
| Terex Corp.  | 30889 | 1421512 |
| Textron, Inc.  | 85232 | 6887598 |
| Thermon Group Holdings, Inc. \* | 14491 | 416326 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Timken Co.  | 30576 | 2400522 |
| Titan International, Inc. \* | 20997 | 158527 |
| Titan Machinery, Inc. \* | 8199 | 134464 |
| Toro Co.  | 48190 | 3601239 |
| Trane Technologies PLC  | 106971 | 47992539 |
| Transcat, Inc. \* | 4012 | 291472 |
| TransDigm Group, Inc.  | 27075 | 35427908 |
| Trex Co., Inc. \* | 52765 | 2549605 |
| Trinity Industries, Inc.  | 38655 | 1057987 |
| Tutor Perini Corp. \* | 21007 | 1415032 |
| Twin Disc, Inc.  | 5599 | 87680 |
| UFP Industries, Inc.  | 28160 | 2594381 |
| Ultralife Corp. \* | 6691 | 47038 |
| United Rentals, Inc.  | 31043 | 27044041 |
| V2X, Inc. \* | 9769 | 557712 |
| Valmont Industries, Inc.  | 9518 | 3935027 |
| Vertiv Holdings Co., Class A  | 183763 | 35440532 |
| Vicor Corp. \* | 11782 | 1068981 |
| Virgin Galactic Holdings, Inc. *\*(a)* | 40128 | 158104 |
| VirTra, Inc. \* | 3586 | 21803 |
| Voyager Technologies, Inc., Class A \* | 6200 | 189596 |
| VSE Corp.  | 11084 | 2002657 |
| Wabash National Corp.  | 19725 | 158195 |
| Watsco, Inc.  | 16929 | 6230041 |
| Watts Water Technologies, Inc., <br> Class A <br>| 12974 | 3536712 |
| WESCO International, Inc.  | 23598 | 6124389 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 82138 | 16792293 |
| Willis Lease Finance Corp.  | 1159 | 148792 |
| WillScot Holdings Corp.  | 88444 | 1923657 |
| Woodward, Inc.  | 28597 | 7495560 |
| Worthington Enterprises, Inc.  | 14782 | 829122 |
| WW Grainger, Inc.  | 21167 | 20722493 |
| Xometry, Inc., Class A \* | 21139 | 1029258 |
| Xylem, Inc.  | 117601 | 17740111 |
| Zurn Elkay Water Solutions Corp.  | 72736 | 3426593 |
|  |  | **2215299948** |
| **Commercial & Professional Services 1.2%** | **Commercial & Professional Services 1.2%** | **Commercial & Professional Services 1.2%** |
| ABM Industries, Inc.  | 31067 | 1335881 |
| ACCO Brands Corp.  | 38516 | 144820 |
| Acme United Corp.  | 1454 | 55267 |
| ACV Auctions, Inc., Class A \* | 83473 | 757100 |
| Alight, Inc., Class A  | 200000 | 576000 |
| Amentum Holdings, Inc. \* | 71704 | 1606887 |
| Asure Software, Inc. \* | 7413 | 65605 |
| Automatic Data Processing, Inc.  | 194915 | 50736375 |
| Barrett Business Services, Inc.  | 12336 | 499238 |
| BGSF, Inc.  | 6465 | 21658 |
| BlackSky Technology, Inc. \* | 16866 | 356210 |
| Booz Allen Hamilton Holding Corp., <br> Class A <br>| 59145 | 5155078 |
| Brady Corp., Class A  | 21188 | 1608381 |
| Bridger Aerospace Group Holdings, <br> Inc. \*<br>| 12500 | 21500 |
| BrightView Holdings, Inc. \* | 33240 | 409517 |
| Brink's Co.  | 20025 | 2225979 |
| Broadridge Financial Solutions, Inc.  | 56258 | 12399263 |
| CACI International, Inc., Class A \* | 10564 | 5939609 |
| Casella Waste Systems, Inc., Class A \* | 30614 | 2711482 |
| CBIZ, Inc. \* | 23132 | 1272260 |
| CECO Environmental Corp. \* | 15800 | 772462 |
| Cimpress PLC \* | 8208 | 568076 |
| Cintas Corp.  | 165310 | 30296364 |
| Clarivate PLC \* | 210356 | 715210 |
| Clean Harbors, Inc. \* | 24091 | 5071396 |

---

*See financial notes*

**52**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Concentrix Corp.  | 22073 | 889763 |
| Conduent, Inc. \* | 70351 | 167435 |
| Copart, Inc. \* | 427266 | 18376711 |
| CoreCivic, Inc. \* | 52808 | 978532 |
| CRA International, Inc.  | 3254 | 619854 |
| CSG Systems International, Inc.  | 12935 | 1012422 |
| Dayforce, Inc. \* | 78254 | 5379180 |
| Deluxe Corp.  | 19740 | 357491 |
| DLH Holdings Corp. \* | 3968 | 24681 |
| Ennis, Inc.  | 10401 | 170576 |
| Enviri Corp. \* | 39233 | 479035 |
| Equifax, Inc.  | 59547 | 12570372 |
| ExlService Holdings, Inc. \* | 77835 | 3043349 |
| Exponent, Inc.  | 23887 | 1691438 |
| Falcon's Beyond Global, Inc., Class A \* | 8000 | 87040 |
| First Advantage Corp. \* | 41008 | 517931 |
| Franklin Covey Co. \* | 5263 | 89366 |
| FTI Consulting, Inc. \* | 15242 | 2515082 |
| Genpact Ltd.  | 79488 | 3032467 |
| GEO Group, Inc. \* | 65932 | 1118866 |
| Healthcare Services Group, Inc. \* | 33424 | 597287 |
| Heidrick & Struggles International, <br> Inc. <br>| 9808 | 572493 |
| HireQuest, Inc.  | 1724 | 14706 |
| HNI Corp.  | 22682 | 928147 |
| Huron Consulting Group, Inc. \* | 7782 | 1279672 |
| ICF International, Inc.  | 8748 | 702289 |
| Innodata, Inc. \* | 15604 | 1164214 |
| Insperity, Inc.  | 16996 | 749864 |
| Interface, Inc., Class A  | 28517 | 710073 |
| Jacobs Solutions, Inc.  | 57184 | 8909839 |
| KBR, Inc.  | 63193 | 2707188 |
| Kelly Services, Inc., Class A  | 14539 | 162982 |
| Kforce, Inc.  | 8111 | 205208 |
| Korn Ferry  | 24435 | 1580945 |
| Legalzoom.com, Inc. \* | 58398 | 582228 |
| Leidos Holdings, Inc.  | 61497 | 11713334 |
| Liquidity Services, Inc. \* | 10485 | 251011 |
| ManpowerGroup, Inc.  | 22276 | 682982 |
| Mastech Digital, Inc. \* | 3073 | 21204 |
| Maximus, Inc.  | 28019 | 2328939 |
| MillerKnoll, Inc.  | 32897 | 513851 |
| Mistras Group, Inc. \* | 7028 | 67047 |
| Mobile Infrastructure Corp. \* | 22500 | 76950 |
| Montrose Environmental Group, Inc. \* | 15161 | 392367 |
| MSA Safety, Inc.  | 17724 | 2783200 |
| NL Industries, Inc.  | 5834 | 35296 |
| OPENLANE, Inc. \* | 52761 | 1393946 |
| Parsons Corp. \* | 26047 | 2165548 |
| Paychex, Inc.  | 156426 | 18306535 |
| Paycom Software, Inc.  | 24157 | 4519533 |
| Paylocity Holding Corp. \* | 21739 | 3071069 |
| Perma-Fix Environmental Services, <br> Inc. \*<br>| 5410 | 74063 |
| Pitney Bowes, Inc.  | 72387 | 715184 |
| Planet Labs PBC \* | 123221 | 1657322 |
| Quad/Graphics, Inc.  | 10911 | 60120 |
| RB Global, Inc.  | 89029 | 8833457 |
| RCM Technologies, Inc. \* | 3160 | 72996 |
| Republic Services, Inc., Class A  | 97659 | 20336510 |
| Resolute Holdings Management, Inc. \* | 836 | 61580 |
| Robert Half, Inc.  | 47490 | 1243763 |
| Rollins, Inc.  | 136081 | 7839626 |
| Science Applications International <br> Corp. <br>| 22526 | 2110911 |
| Spire Global, Inc., Class A *\*(a)* | 13858 | 150775 |
| SS&C Technologies Holdings, Inc.  | 100913 | 8569532 |
| Steelcase, Inc., Class A  | 50524 | 806363 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| TaskUS, Inc., Class A \* | 9000 | 120060 |
| Team, Inc. \* | 2284 | 35402 |
| Tetra Tech, Inc.  | 127881 | 4089634 |
| TIC Solutions, Inc. \* | 78728 | 954971 |
| TransUnion  | 94109 | 7639769 |
| TriNet Group, Inc.  | 14580 | 874800 |
| TrueBlue, Inc. *\*(c)* | 18000 | 85320 |
| UL Solutions, Inc., Class A  | 29949 | 2332129 |
| UniFirst Corp.  | 7337 | 1132466 |
| Upwork, Inc. \* | 67845 | 1081449 |
| Veralto Corp.  | 118771 | 11720322 |
| Verisk Analytics, Inc., Class A  | 67274 | 14716860 |
| Verra Mobility Corp., Class A \* | 78130 | 1813397 |
| Vestis Corp.  | 59168 | 310632 |
| Virco Mfg. Corp.  | 8190 | 59951 |
| Waste Management, Inc.  | 178342 | 35627381 |
| Willdan Group, Inc. \* | 7231 | 683402 |
|  |  | **383443303** |
| **Consumer Discretionary Distribution & Retail 5.5%** | **Consumer Discretionary Distribution & Retail 5.5%** | **Consumer Discretionary Distribution & Retail 5.5%** |
| Abercrombie & Fitch Co., Class A \* | 22745 | 1650150 |
| Academy Sports & Outdoors, Inc.  | 33263 | 1592965 |
| Advance Auto Parts, Inc.  | 28924 | 1363188 |
| A-Mark Precious Metals, Inc.  | 8227 | 218674 |
| Amazon.com, Inc. \* | 4671079 | 1140770913 |
| American Eagle Outfitters, Inc.  | 78036 | 1303982 |
| America's Car-Mart, Inc. \* | 3851 | 85646 |
| Arhaus, Inc. \* | 27308 | 273626 |
| Arko Corp.  | 30423 | 134013 |
| Asbury Automotive Group, Inc. \* | 9720 | 2280312 |
| AutoNation, Inc. \* | 13438 | 2685853 |
| AutoZone, Inc. \* | 8042 | 29549766 |
| Barnes & Noble Education, Inc. \* | 12663 | 115613 |
| Bath & Body Works, Inc.  | 103146 | 2525014 |
| Bed Bath & Beyond, Inc. \* | 37842 | 291762 |
| Best Buy Co., Inc.  | 94859 | 7791718 |
| Boot Barn Holdings, Inc. \* | 14735 | 2794493 |
| Buckle, Inc.  | 14381 | 788079 |
| Build-A-Bear Workshop, Inc.  | 7407 | 401608 |
| Burlington Stores, Inc. \* | 29877 | 8174048 |
| Caleres, Inc.  | 20958 | 231376 |
| Camping World Holdings, Inc., <br> Class A <br>| 28282 | 372191 |
| CarMax, Inc. \* | 73648 | 3086588 |
| Carvana Co., Class A \* | 66260 | 20311340 |
| Chewy, Inc., Class A \* | 108516 | 3659160 |
| Citi Trends, Inc. \* | 3328 | 119209 |
| Coupang, Inc., Class A \* | 650778 | 20805373 |
| Designer Brands, Inc., Class A  | 22662 | 83623 |
| Dick's Sporting Goods, Inc.  | 32242 | 7139991 |
| Dillard's, Inc., Class A  | 1584 | 950527 |
| eBay, Inc.  | 219918 | 17881533 |
| Envela Corp. \* | 4047 | 36787 |
| Etsy, Inc. \* | 47480 | 2943760 |
| EVgo, Inc., Class A \* | 64643 | 265683 |
| Five Below, Inc. \* | 26465 | 4162151 |
| Floor & Decor Holdings, Inc., Class A \* | 51823 | 3237901 |
| GameStop Corp., Class A *\*(a)* | 199033 | 4436446 |
| Gap, Inc.  | 107935 | 2466315 |
| Genesco, Inc. \* | 5301 | 153782 |
| Genuine Parts Co.  | 67393 | 8579803 |
| GigaCloud Technology, Inc., Class A \* | 13833 | 387047 |
| Group 1 Automotive, Inc.  | 6053 | 2406310 |
| Groupon, Inc., Class A \* | 14848 | 298890 |
| GrowGeneration Corp. \* | 28000 | 42560 |
| Guess?, Inc.  | 12378 | 210178 |
| Haverty Furniture Cos., Inc.  | 5993 | 130707 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**53**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Home Depot, Inc.  | 478781 | 181740480 |
| J Jill, Inc.  | 6517 | 98211 |
| Kohl's Corp.  | 55000 | 894850 |
| Lands' End, Inc. \* | 8000 | 125920 |
| Lithia Motors, Inc., Class A  | 12499 | 3925686 |
| LKQ Corp.  | 123531 | 3948051 |
| Lowe's Cos., Inc.  | 269695 | 64222470 |
| Macy's, Inc.  | 132008 | 2572836 |
| MarineMax, Inc. \* | 9973 | 247031 |
| Murphy USA, Inc.  | 8321 | 2980582 |
| National Vision Holdings, Inc. \* | 38236 | 984577 |
| ODP Corp. \* | 14773 | 411871 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 29621 | 3578513 |
| OneWater Marine, Inc., Class A \* | 4282 | 66499 |
| O'Reilly Automotive, Inc. \* | 408367 | 38566179 |
| Penske Automotive Group, Inc.  | 9206 | 1473604 |
| Petco Health & Wellness Co., Inc., <br> Class A \*<br>| 38893 | 123680 |
| PetMed Express, Inc. \* | 10000 | 25700 |
| Pool Corp.  | 16090 | 4296995 |
| RealReal, Inc. \* | 43796 | 534749 |
| Revolve Group, Inc. \* | 18087 | 400084 |
| RH \* | 7607 | 1312131 |
| Ross Stores, Inc.  | 157119 | 24969351 |
| Sally Beauty Holdings, Inc. \* | 52790 | 797657 |
| Savers Value Village, Inc. \* | 22816 | 210135 |
| Shoe Carnival, Inc.  | 7662 | 140444 |
| Signet Jewelers Ltd.  | 20487 | 2025140 |
| Sleep Number Corp. \* | 9204 | 50622 |
| Sonic Automotive, Inc., Class A  | 6954 | 441788 |
| Stitch Fix, Inc., Class A \* | 56716 | 237640 |
| ThredUp, Inc., Class A \* | 49831 | 438015 |
| Tile Shop Holdings, Inc. \* | 15152 | 94852 |
| TJX Cos., Inc.  | 536858 | 75235280 |
| Tractor Supply Co.  | 254070 | 13747728 |
| Ulta Beauty, Inc. \* | 21582 | 11220050 |
| Upbound Group, Inc.  | 25070 | 485857 |
| Urban Outfitters, Inc. \* | 25860 | 1670815 |
| Valvoline, Inc. \* | 60919 | 2010936 |
| Victoria's Secret & Co. \* | 38345 | 1351661 |
| Warby Parker, Inc., Class A \* | 47940 | 939145 |
| Wayfair, Inc., Class A \* | 50854 | 5263898 |
| Weyco Group, Inc.  | 3125 | 89594 |
| Williams-Sonoma, Inc.  | 59400 | 11543796 |
| Winmark Corp.  | 1442 | 581371 |
| Zumiez, Inc. \* | 6961 | 150706 |
|  |  | **1775417834** |
| **Consumer Durables & Apparel 0.7%** | **Consumer Durables & Apparel 0.7%** | **Consumer Durables & Apparel 0.7%** |
| Acushnet Holdings Corp.  | 13529 | 1046198 |
| American Outdoor Brands, Inc. \* | 6310 | 43350 |
| Bassett Furniture Industries, Inc.  | 4101 | 60490 |
| Beazer Homes USA, Inc. \* | 12137 | 271869 |
| Brunswick Corp.  | 30997 | 2049212 |
| Capri Holdings Ltd. \* | 59911 | 1243153 |
| Carter's, Inc.  | 19464 | 611170 |
| Cavco Industries, Inc. \* | 3805 | 2015889 |
| Century Communities, Inc.  | 12966 | 770180 |
| Champion Homes, Inc. \* | 27776 | 1895156 |
| Clarus Corp.  | 14055 | 46944 |
| Columbia Sportswear Co.  | 12409 | 615859 |
| Cricut, Inc., Class A  | 25000 | 132750 |
| Crocs, Inc. \* | 26679 | 2179407 |
| Crown Crafts, Inc.  | 5621 | 16188 |
| Culp, Inc. \* | 2586 | 10396 |
| Deckers Outdoor Corp. \* | 71427 | 5821300 |
| DR Horton, Inc.  | 132995 | 19826895 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Dream Finders Homes, Inc., Class A \* | 16669 | 330046 |
| Escalade, Inc.  | 3803 | 43773 |
| Ethan Allen Interiors, Inc.  | 10573 | 255549 |
| Figs, Inc., Class A \* | 74500 | 555770 |
| Flexsteel Industries, Inc.  | 2656 | 90809 |
| Fossil Group, Inc. \* | 25000 | 52000 |
| Garmin Ltd.  | 78815 | 16861681 |
| G-III Apparel Group Ltd. \* | 17626 | 473258 |
| GoPro, Inc., Class A \* | 64829 | 127713 |
| Green Brick Partners, Inc. \* | 14150 | 916071 |
| Hamilton Beach Brands Holding Co., <br> Class A <br>| 3706 | 52143 |
| Hanesbrands, Inc. \* | 171255 | 1131996 |
| Hasbro, Inc.  | 63410 | 4838817 |
| Helen of Troy Ltd. \* | 11000 | 204930 |
| Hovnanian Enterprises, Inc., Class A \* | 2031 | 244187 |
| Installed Building Products, Inc.  | 11091 | 2753119 |
| JAKKS Pacific, Inc.  | 5309 | 90253 |
| Johnson Outdoors, Inc., Class A  | 2681 | 109197 |
| KB Home  | 32712 | 2041883 |
| Kontoor Brands, Inc.  | 25379 | 2053669 |
| Lakeland Industries, Inc.  | 3608 | 59388 |
| Latham Group, Inc. \* | 20641 | 149647 |
| La-Z-Boy, Inc.  | 19021 | 602966 |
| Legacy Housing Corp. \* | 4652 | 104461 |
| Leggett & Platt, Inc.  | 65000 | 607100 |
| Lennar Corp., Class A  | 113613 | 14061881 |
| Levi Strauss & Co., Class A  | 49226 | 998303 |
| LGI Homes, Inc. \* | 9867 | 402672 |
| Lovesac Co. \* | 6528 | 90543 |
| Lululemon Athletica, Inc. \* | 52385 | 8933738 |
| M/I Homes, Inc. \* | 12695 | 1589287 |
| Malibu Boats, Inc., Class A \* | 8904 | 248154 |
| Marine Products Corp.  | 5165 | 43644 |
| MasterCraft Boat Holdings, Inc. \* | 7841 | 157290 |
| Mattel, Inc. \* | 152567 | 2804181 |
| Meritage Homes Corp.  | 34368 | 2321902 |
| Mohawk Industries, Inc. \* | 24918 | 2831681 |
| Movado Group, Inc.  | 6936 | 126305 |
| Newell Brands, Inc.  | 165000 | 561000 |
| NIKE, Inc., Class B  | 570890 | 36873785 |
| NVR, Inc. \* | 1390 | 10023040 |
| Outdoor Holding Co. \* | 42500 | 68000 |
| Oxford Industries, Inc.  | 7014 | 258466 |
| Peloton Interactive, Inc., Class A \* | 187824 | 1363602 |
| Polaris, Inc.  | 26806 | 1771877 |
| PulteGroup, Inc.  | 94948 | 11381417 |
| PVH Corp.  | 24051 | 1883915 |
| Ralph Lauren Corp., Class A  | 18620 | 5952069 |
| Rocky Brands, Inc.  | 2880 | 81187 |
| Smith & Wesson Brands, Inc.  | 20549 | 196962 |
| Smith Douglas Homes Corp. \* | 4614 | 80607 |
| Somnigroup International, Inc.  | 101977 | 8090855 |
| Sonos, Inc. \* | 60399 | 1037051 |
| Steven Madden Ltd.  | 36680 | 1243819 |
| Sturm Ruger & Co., Inc.  | 7968 | 337923 |
| Superior Group of Cos., Inc.  | 5398 | 50417 |
| Tapestry, Inc.  | 100027 | 10984965 |
| Taylor Morrison Home Corp., Class A \* | 48752 | 2889531 |
| Toll Brothers, Inc.  | 47011 | 6344134 |
| TopBuild Corp. \* | 13390 | 5657007 |
| Topgolf Callaway Brands Corp. \* | 68746 | 646900 |
| Traeger, Inc. \* | 23917 | 22004 |
| Tri Pointe Homes, Inc. \* | 43323 | 1379838 |
| Under Armour, Inc., Class A \* | 150126 | 692081 |
| VF Corp.  | 161817 | 2271911 |
| Whirlpool Corp.  | 27336 | 1958078 |
| Wolverine World Wide, Inc.  | 37597 | 853452 |

---

*See financial notes*

**54**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| YETI Holdings, Inc. \* | 40379 | 1372482 |
|  |  | **224344788** |
| **Consumer Services 2.0%** | **Consumer Services 2.0%** | **Consumer Services 2.0%** |
| Accel Entertainment, Inc., Class A \* | 29774 | 303397 |
| ADT, Inc.  | 244990 | 2165712 |
| Adtalem Global Education, Inc. \* | 17401 | 1705646 |
| Airbnb, Inc., Class A \* | 207070 | 26202638 |
| American Public Education, Inc. \* | 8505 | 284832 |
| Aramark  | 126086 | 4776138 |
| Bally's Corp. \* | 3500 | 63735 |
| Biglari Holdings, Inc., Class B \* | 514 | 185713 |
| BJ's Restaurants, Inc. \* | 10196 | 346256 |
| Bloomin' Brands, Inc.  | 37776 | 258010 |
| Booking Holdings, Inc.  | 15596 | 79192433 |
| Boyd Gaming Corp.  | 29360 | 2286263 |
| Bright Horizons Family Solutions, <br> Inc. \*<br>| 27445 | 2997817 |
| Brinker International, Inc. \* | 21173 | 2300658 |
| Caesars Entertainment, Inc. \* | 100088 | 2011769 |
| Canterbury Park Holding Corp.  | 1452 | 23014 |
| Carnival Corp. \* | 522136 | 15053181 |
| Carriage Services, Inc., Class A  | 9313 | 416291 |
| Cava Group, Inc. \* | 48090 | 2583876 |
| Cheesecake Factory, Inc. *(a)* | 22932 | 1142014 |
| Chegg, Inc. \* | 60000 | 63600 |
| Chipotle Mexican Grill, Inc., Class A \* | 645215 | 20446863 |
| Choice Hotels International, Inc.  | 10433 | 969852 |
| Churchill Downs, Inc.  | 32413 | 3215370 |
| Coursera, Inc. \* | 71705 | 603756 |
| Cracker Barrel Old Country Store, <br> Inc. *(a)*<br>| 11203 | 377541 |
| Darden Restaurants, Inc.  | 56369 | 10154875 |
| Dave & Buster's Entertainment, Inc. \* | 14984 | 220115 |
| Denny's Corp. \* | 24016 | 93903 |
| Dine Brands Global, Inc.  | 7136 | 176402 |
| Domino's Pizza, Inc.  | 15001 | 5977298 |
| DoorDash, Inc., Class A \* | 178125 | 45309656 |
| DraftKings, Inc., Class A \* | 238851 | 7306452 |
| Driven Brands Holdings, Inc. \* | 31309 | 449284 |
| Duolingo, Inc. \* | 19326 | 5230389 |
| Dutch Bros, Inc., Class A \* | 60721 | 3372444 |
| El Pollo Loco Holdings, Inc. \* | 9086 | 92859 |
| European Wax Center, Inc., Class A \* | 22075 | 86093 |
| Expedia Group, Inc.  | 56877 | 12512940 |
| First Watch Restaurant Group, Inc. \* | 25923 | 427470 |
| Flutter Entertainment PLC \* | 84403 | 19631294 |
| Frontdoor, Inc. \* | 35506 | 2358664 |
| Global Business Travel Group I \* | 59046 | 464102 |
| Golden Entertainment, Inc.  | 9398 | 189840 |
| Graham Holdings Co., Class B  | 1610 | 1629529 |
| Grand Canyon Education, Inc. \* | 13051 | 2457503 |
| H&R Block, Inc.  | 63984 | 3182564 |
| Hilton Grand Vacations, Inc. \* | 29359 | 1216931 |
| Hilton Worldwide Holdings, Inc.  | 113030 | 29044189 |
| Hyatt Hotels Corp., Class A  | 20348 | 2796019 |
| Inspired Entertainment, Inc. \* | 10938 | 82582 |
| Jack in the Box, Inc.  | 8973 | 143927 |
| Krispy Kreme, Inc.  | 48000 | 172320 |
| Kura Sushi USA, Inc., Class A \* | 2756 | 156899 |
| Las Vegas Sands Corp.  | 148437 | 8809736 |
| Laureate Education, Inc. \* | 63773 | 1851330 |
| Life Time Group Holdings, Inc. \* | 73247 | 1811398 |
| Light & Wonder, Inc. \* | 40187 | 2921595 |
| Lincoln Educational Services Corp. \* | 14839 | 288173 |
| Lindblad Expeditions Holdings, Inc. \* | 24542 | 295977 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Lucky Strike Entertainment Corp., <br> Class A *(a)*<br>| 14987 | 125591 |
| Marriott International, Inc., Class A  | 108424 | 28253126 |
| Marriott Vacations Worldwide Corp.  | 12803 | 844742 |
| Matthews International Corp., Class A  | 14759 | 345656 |
| McDonald's Corp.  | 343401 | 102481160 |
| McGraw Hill, Inc. \* | 12000 | 133920 |
| MGM Resorts International \* | 97818 | 3133111 |
| Mister Car Wash, Inc. \* | 47073 | 263138 |
| Monarch Casino & Resort, Inc.  | 5776 | 520244 |
| Nathan's Famous, Inc.  | 1235 | 130700 |
| Nerdy, Inc. \* | 39000 | 38606 |
| Norwegian Cruise Line Holdings Ltd. \* | 217254 | 4870835 |
| OneSpaWorld Holdings Ltd.  | 50012 | 1163779 |
| Papa John's International, Inc.  | 16061 | 816059 |
| Penn Entertainment, Inc. \* | 65304 | 1074904 |
| Perdoceo Education Corp.  | 29123 | 924947 |
| Planet Fitness, Inc., Class A \* | 40412 | 3664964 |
| Portillo's, Inc., Class A \* | 34000 | 181900 |
| Pursuit Attractions & Hospitality, Inc. \* | 9565 | 339366 |
| Rave Restaurant Group, Inc. \* | 10012 | 25631 |
| RCI Hospitality Holdings, Inc.  | 3668 | 91370 |
| Red Rock Resorts, Inc., Class A  | 23238 | 1238818 |
| Royal Caribbean Cruises Ltd.  | 121830 | 34944499 |
| Rush Street Interactive, Inc. \* | 48975 | 830616 |
| Sabre Corp. \* | 189849 | 388241 |
| Serve Robotics, Inc. *\*(a)* | 26785 | 354366 |
| Service Corp. International  | 67989 | 5677761 |
| Shake Shack, Inc., Class A \* | 19290 | 1861678 |
| Sharplink Gaming, Inc. \* | 82998 | 1148692 |
| Six Flags Entertainment Corp. \* | 50227 | 1154216 |
| Soho House & Co., Inc. \* | 16810 | 149609 |
| Starbucks Corp.  | 547004 | 44236214 |
| Strategic Education, Inc.  | 12183 | 925664 |
| Stride, Inc. \* | 20383 | 1386859 |
| Sweetgreen, Inc., Class A \* | 37000 | 232730 |
| Target Hospitality Corp. \* | 21320 | 163951 |
| Texas Roadhouse, Inc., Class A  | 31769 | 5196773 |
| Travel & Leisure Co.  | 30366 | 1906378 |
| Udemy, Inc. \* | 45337 | 258194 |
| United Parks & Resorts, Inc. \* | 14466 | 700154 |
| Universal Technical Institute, Inc. \* | 24431 | 726089 |
| Vail Resorts, Inc.  | 18259 | 2708358 |
| Venu Holding Corp. \* | 16934 | 235044 |
| Wendy's Co.  | 78650 | 671671 |
| Wingstop, Inc.  | 13753 | 2979312 |
| WW International, Inc. \* | 4893 | 170374 |
| Wyndham Hotels & Resorts, Inc.  | 36751 | 2698626 |
| Wynn Resorts Ltd.  | 40657 | 4837776 |
| Xponential Fitness, Inc., Class A \* | 19583 | 131598 |
| Yum! Brands, Inc.  | 133530 | 18455181 |
|  |  | **626684318** |
| **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** | **Consumer Staples Distribution & Retail 1.7%** |
| Albertsons Cos., Inc., Class A  | 194525 | 3441147 |
| Andersons, Inc.  | 15277 | 707478 |
| BJ's Wholesale Club Holdings, Inc. \* | 63732 | 5624986 |
| Casey's General Stores, Inc.  | 17758 | 9113228 |
| Chefs' Warehouse, Inc. \* | 16784 | 990256 |
| Costco Wholesale Corp.  | 213411 | 194513456 |
| Dollar General Corp.  | 105745 | 10432802 |
| Dollar Tree, Inc. \* | 93634 | 9281002 |
| Grocery Outlet Holding Corp. \* | 47258 | 643181 |
| Guardian Pharmacy Services, Inc., <br> Class A \*<br>| 11616 | 325713 |
| Ingles Markets, Inc., Class A  | 7246 | 500699 |
| Kroger Co.  | 292162 | 18590268 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**55**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Maplebear, Inc. \* | 88325 | 3255659 |
| Natural Grocers by Vitamin Cottage, <br> Inc. <br>| 4452 | 142865 |
| Performance Food Group Co. \* | 75233 | 7278040 |
| PriceSmart, Inc.  | 12274 | 1410774 |
| Sprouts Farmers Market, Inc. \* | 47419 | 3744204 |
| Sysco Corp.  | 229707 | 17062636 |
| Target Corp.  | 218651 | 20273321 |
| U.S. Foods Holding Corp. \* | 108435 | 7874550 |
| United Natural Foods, Inc. \* | 27992 | 1053899 |
| Village Super Market, Inc., Class A  | 6411 | 201113 |
| Walmart, Inc.  | 2112191 | 213711485 |
| Weis Markets, Inc.  | 4525 | 286614 |
|  |  | **530459376** |
| **Energy 2.9%** | **Energy 2.9%** | **Energy 2.9%** |
| Aemetis, Inc. \* | 26000 | 55380 |
| Amplify Energy Corp. \* | 16372 | 74329 |
| Antero Midstream Corp.  | 159669 | 2754290 |
| Antero Resources Corp. \* | 142291 | 4398215 |
| APA Corp.  | 171988 | 3895528 |
| Archrock, Inc.  | 82999 | 2097385 |
| Atlas Energy Solutions, Inc., Class A  | 33548 | 415324 |
| Baker Hughes Co., Class A  | 473824 | 22937820 |
| Berry Corp.  | 67374 | 227050 |
| BKV Corp. \* | 8423 | 198699 |
| Bristow Group, Inc. \* | 13008 | 529426 |
| Cactus, Inc., Class A  | 33094 | 1461762 |
| California Resources Corp.  | 34515 | 1628073 |
| Calumet, Inc. \* | 34512 | 675055 |
| Centrus Energy Corp., Class A \* | 8511 | 3127452 |
| Cheniere Energy, Inc.  | 105757 | 22420484 |
| Chevron Corp.  | 926135 | 146070012 |
| Chord Energy Corp.  | 27856 | 2527096 |
| Civitas Resources, Inc.  | 41746 | 1203537 |
| Clean Energy Fuels Corp. \* | 64632 | 184848 |
| CNX Resources Corp. \* | 70699 | 2379728 |
| Comstock Resources, Inc. \* | 38020 | 712875 |
| ConocoPhillips  | 601018 | 53406459 |
| Core Laboratories, Inc.  | 22510 | 358809 |
| Core Natural Resources, Inc.  | 25610 | 2023190 |
| Coterra Energy, Inc.  | 366485 | 8671035 |
| Crescent Energy Co., Class A  | 86529 | 729439 |
| CVR Energy, Inc. \* | 13209 | 470108 |
| Delek U.S. Holdings, Inc.  | 28941 | 1092812 |
| Devon Energy Corp.  | 304366 | 9888851 |
| Diamondback Energy, Inc.  | 90085 | 12899271 |
| DMC Global, Inc. \* | 8283 | 66761 |
| Dorian LPG Ltd.  | 17028 | 491258 |
| DT Midstream, Inc.  | 49204 | 5387346 |
| Empire Petroleum Corp. \* | 14255 | 42908 |
| Energy Services of America Corp.  | 8556 | 93774 |
| EOG Resources, Inc.  | 263604 | 27899847 |
| Epsilon Energy Ltd.  | 5425 | 26040 |
| EQT Corp.  | 300301 | 16090128 |
| Evolution Petroleum Corp.  | 15426 | 67566 |
| Excelerate Energy, Inc., Class A  | 11119 | 288093 |
| Expand Energy Corp.  | 114427 | 11821453 |
| Expro Group Holdings NV \* | 50353 | 683794 |
| Exxon Mobil Corp.  | 2051565 | 234616973 |
| Flowco Holdings, Inc., Class A  | 10000 | 162000 |
| Forum Energy Technologies, Inc. \* | 4222 | 113065 |
| Geospace Technologies Corp. \* | 10335 | 261889 |
| Gevo, Inc. *\*(a)* | 99561 | 232973 |
| Granite Ridge Resources, Inc.  | 22980 | 121334 |
| Green Plains, Inc. \* | 31000 | 318680 |
| Gulf Island Fabrication, Inc. \* | 6007 | 46915 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Gulfport Energy Corp. \* | 7296 | 1357129 |
| Halliburton Co.  | 410290 | 11012184 |
| Helix Energy Solutions Group, Inc. \* | 70570 | 474230 |
| Helmerich & Payne, Inc.  | 47141 | 1237923 |
| HF Sinclair Corp.  | 75977 | 3920413 |
| Infinity Natural Resources, Inc., <br> Class A \*<br>| 6300 | 72324 |
| Innovex International, Inc. \* | 17876 | 358771 |
| International Seaways, Inc.  | 19219 | 984589 |
| Kinder Morgan, Inc.  | 940994 | 24644633 |
| Kinetik Holdings, Inc., Class A  | 19852 | 764501 |
| Kodiak Gas Services, Inc.  | 33526 | 1236439 |
| Kosmos Energy Ltd. \* | 230000 | 361100 |
| Liberty Energy, Inc., Class A  | 76251 | 1380906 |
| Lightbridge Corp. \* | 11562 | 310208 |
| Magnolia Oil & Gas Corp., Class A  | 90844 | 2040356 |
| Mammoth Energy Services, Inc. \* | 10739 | 21908 |
| Marathon Petroleum Corp.  | 146301 | 28515528 |
| Matador Resources Co.  | 57502 | 2269029 |
| Murphy Oil Corp.  | 64275 | 1818983 |
| Nabors Industries Ltd. \* | 7500 | 363900 |
| NACCO Industries, Inc., Class A  | 1966 | 83122 |
| Natural Gas Services Group, Inc.  | 4213 | 117290 |
| New Fortress Energy, Inc. *\*(a)* | 54415 | 70195 |
| NextDecade Corp. \* | 65662 | 389376 |
| Noble Corp. PLC  | 62160 | 1824396 |
| Northern Oil & Gas, Inc.  | 46016 | 1018334 |
| NOV, Inc.  | 180928 | 2641549 |
| Occidental Petroleum Corp.  | 346883 | 14291580 |
| Oceaneering International, Inc. \* | 48506 | 1129705 |
| Oil States International, Inc. \* | 29052 | 173440 |
| ONEOK, Inc.  | 304330 | 20390110 |
| Ovintiv, Inc.  | 122628 | 4599776 |
| Par Pacific Holdings, Inc. \* | 24479 | 978670 |
| Patterson-UTI Energy, Inc.  | 167426 | 1049761 |
| PBF Energy, Inc., Class A  | 41255 | 1409683 |
| Peabody Energy Corp.  | 61147 | 1676651 |
| Permian Resources Corp., Class A  | 336470 | 4226063 |
| Phillips 66  | 194586 | 26490938 |
| Prairie Operating Co. *\*(a)* | 25000 | 51250 |
| PrimeEnergy Resources Corp. \* | 362 | 48957 |
| ProFrac Holding Corp., Class A \* | 11000 | 60170 |
| ProPetro Holding Corp. \* | 39887 | 414027 |
| Range Resources Corp.  | 114590 | 4073675 |
| Ranger Energy Services, Inc., Class A  | 5075 | 69731 |
| REX American Resources Corp. \* | 14502 | 464499 |
| Riley Exploration Permian, Inc.  | 5555 | 144541 |
| Ring Energy, Inc. \* | 96457 | 92107 |
| RPC, Inc.  | 36343 | 188984 |
| Sable Offshore Corp. \* | 40792 | 426684 |
| SandRidge Energy, Inc.  | 12685 | 151078 |
| SEACOR Marine Holdings, Inc. \* | 10252 | 65203 |
| Seadrill Ltd. \* | 28900 | 912084 |
| Select Water Solutions, Inc.  | 48335 | 558753 |
| SLB Ltd.  | 717961 | 25889674 |
| SM Energy Co.  | 55363 | 1156533 |
| Smart Sand, Inc.  | 17439 | 37494 |
| Solaris Energy Infrastructure, Inc.  | 20993 | 1117457 |
| Summit Midstream Corp. \* | 4783 | 104843 |
| Talos Energy, Inc. \* | 63295 | 620924 |
| Targa Resources Corp.  | 104255 | 16059440 |
| TechnipFMC PLC  | 197790 | 8178617 |
| TETRA Technologies, Inc. \* | 64233 | 453485 |
| Texas Pacific Land Corp.  | 9308 | 8780981 |
| Tidewater, Inc. \* | 22190 | 1122592 |
| Transocean Ltd. \* | 463483 | 1779775 |
| Uranium Energy Corp. \* | 215360 | 3258397 |
| Ur-Energy, Inc. \* | 175000 | 301000 |

---

*See financial notes*

**56**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| VAALCO Energy, Inc.  | 43433 | 170692 |
| Valaris Ltd. \* | 31641 | 1775693 |
| Valero Energy Corp.  | 149477 | 25345320 |
| Venture Global, Inc., Class A  | 221290 | 1896455 |
| Viper Energy, Inc., Class A  | 81065 | 3044801 |
| Vital Energy, Inc. \* | 10527 | 165379 |
| Vitesse Energy, Inc.  | 13373 | 290863 |
| W&T Offshore, Inc.  | 50000 | 105000 |
| Weatherford International PLC  | 35131 | 2588803 |
| Williams Cos., Inc.  | 588877 | 34078312 |
| World Kinect Corp.  | 27459 | 709815 |
|  |  | **920806920** |
| **Equity Real Estate Investment Trusts (REITs) 2.0%** | **Equity Real Estate Investment Trusts (REITs) 2.0%** | **Equity Real Estate Investment Trusts (REITs) 2.0%** |
| Acadia Realty Trust  | 65151 | 1242430 |
| Agree Realty Corp.  | 53772 | 3925894 |
| Alexander & Baldwin, Inc.  | 35571 | 568069 |
| Alexander's, Inc.  | 964 | 212977 |
| Alexandria Real Estate Equities, Inc.  | 75406 | 4390137 |
| Alpine Income Property Trust, Inc.  | 4623 | 67866 |
| American Assets Trust, Inc.  | 21772 | 416063 |
| American Healthcare REIT, Inc.  | 82287 | 3729247 |
| American Homes 4 Rent, Class A  | 156781 | 4954280 |
| American Tower Corp.  | 225332 | 40329921 |
| Americold Realty Trust, Inc.  | 142720 | 1839661 |
| Apartment Investment & Management <br> Co., Class A <br>| 63000 | 335160 |
| Apple Hospitality REIT, Inc.  | 105963 | 1185726 |
| Armada Hoffler Properties, Inc.  | 38123 | 249324 |
| AvalonBay Communities, Inc.  | 68475 | 11909172 |
| Bluerock Homes Trust, Inc.  | 1536 | 15114 |
| Braemar Hotels & Resorts, Inc.  | 24766 | 63153 |
| Brandywine Realty Trust  | 80539 | 276249 |
| Brixmor Property Group, Inc.  | 147200 | 3850752 |
| Broadstone Net Lease, Inc.  | 89652 | 1606564 |
| BRT Apartments Corp.  | 5530 | 81346 |
| BXP, Inc.  | 70570 | 5023878 |
| Camden Property Trust  | 51989 | 5171866 |
| CareTrust REIT, Inc.  | 106992 | 3707273 |
| CBL & Associates Properties, Inc.  | 5626 | 166361 |
| Centerspace  | 8509 | 504158 |
| Chatham Lodging Trust  | 21672 | 138701 |
| City Office REIT, Inc.  | 16407 | 113208 |
| Clipper Realty, Inc.  | 5283 | 20551 |
| Community Healthcare Trust, Inc.  | 16827 | 246684 |
| COPT Defense Properties  | 55553 | 1564928 |
| Cousins Properties, Inc.  | 81130 | 2103701 |
| Crown Castle, Inc.  | 209057 | 18861123 |
| CTO Realty Growth, Inc.  | 15942 | 265913 |
| CubeSmart  | 109166 | 4112283 |
| Curbline Properties Corp.  | 44358 | 1022895 |
| DiamondRock Hospitality Co.  | 99179 | 775580 |
| Digital Realty Trust, Inc.  | 154721 | 26366006 |
| Diversified Healthcare Trust  | 100000 | 426000 |
| Douglas Emmett, Inc.  | 82507 | 1067641 |
| Easterly Government Properties, Inc.  | 19370 | 418779 |
| EastGroup Properties, Inc.  | 25902 | 4520676 |
| Elme Communities  | 40011 | 658181 |
| Empire State Realty Trust, Inc., <br> Class A <br>| 64131 | 473928 |
| EPR Properties  | 36814 | 1804622 |
| Equinix, Inc.  | 47094 | 39841995 |
| Equity LifeStyle Properties, Inc.  | 93783 | 5725452 |
| Equity Residential  | 167641 | 9964581 |
| Essential Properties Realty Trust, Inc.  | 97090 | 2901049 |
| Essex Property Trust, Inc.  | 31016 | 7808898 |
| Extra Space Storage, Inc.  | 101997 | 13620679 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Farmland Partners, Inc.  | 21207 | 212706 |
| Federal Realty Investment Trust  | 37667 | 3623189 |
| First Industrial Realty Trust, Inc.  | 63730 | 3522994 |
| Four Corners Property Trust, Inc.  | 48097 | 1137013 |
| Franklin Street Properties Corp.  | 38431 | 46117 |
| FrontView REIT, Inc.  | 7000 | 93100 |
| Gaming & Leisure Properties, Inc.  | 136430 | 6092964 |
| Getty Realty Corp.  | 23634 | 648281 |
| Gladstone Commercial Corp.  | 22360 | 255575 |
| Gladstone Land Corp.  | 14746 | 133599 |
| Global Medical REIT, Inc.  | 5219 | 160223 |
| Global Net Lease, Inc.  | 94810 | 722452 |
| Healthcare Realty Trust, Inc., Class A  | 169248 | 2999075 |
| Healthpeak Properties, Inc.  | 333411 | 5984727 |
| Highwoods Properties, Inc.  | 52859 | 1513353 |
| Host Hotels & Resorts, Inc.  | 307660 | 4928713 |
| Hudson Pacific Properties, Inc. \* | 172995 | 422108 |
| Independence Realty Trust, Inc.  | 113856 | 1813726 |
| Industrial Logistics Properties Trust  | 24875 | 131340 |
| Innovative Industrial Properties, Inc.  | 13677 | 685902 |
| InvenTrust Properties Corp.  | 38416 | 1052598 |
| Invitation Homes, Inc.  | 270718 | 7620712 |
| Iron Mountain, Inc.  | 141982 | 14617047 |
| JBG SMITH Properties  | 32784 | 638960 |
| Kilroy Realty Corp.  | 51804 | 2188719 |
| Kimco Realty Corp.  | 327056 | 6756977 |
| Kite Realty Group Trust  | 105603 | 2338050 |
| Lamar Advertising Co., Class A  | 42157 | 4999399 |
| Lineage, Inc.  | 26567 | 1046740 |
| LTC Properties, Inc.  | 22499 | 789265 |
| LXP Industrial Trust  | 139647 | 1325250 |
| Macerich Co.  | 124219 | 2130356 |
| Medical Properties Trust, Inc. *(a)* | 242764 | 1255090 |
| Mid-America Apartment <br> Communities, Inc. <br>| 56889 | 7294876 |
| Millrose Properties, Inc., Class A *(a)* | 58990 | 1900068 |
| Modiv Industrial, Inc.  | 3196 | 46086 |
| National Health Investors, Inc.  | 22914 | 1707322 |
| National Storage Affiliates Trust  | 32938 | 958166 |
| NET Lease Office Properties  | 6279 | 184289 |
| NETSTREIT Corp.  | 38339 | 713872 |
| NexPoint Diversified Real Estate Trust  | 447 | 1421 |
| NexPoint Residential Trust, Inc.  | 9644 | 295781 |
| NNN REIT, Inc.  | 90810 | 3674173 |
| Omega Healthcare Investors, Inc.  | 142846 | 6003817 |
| One Liberty Properties, Inc.  | 6163 | 123815 |
| Orion Properties, Inc.  | 25500 | 62985 |
| Outfront Media, Inc.  | 74427 | 1316614 |
| Paramount Group, Inc. \* | 85678 | 560334 |
| Park Hotels & Resorts, Inc.  | 97416 | 1002411 |
| Peakstone Realty Trust  | 19131 | 258460 |
| Pebblebrook Hotel Trust  | 56936 | 595551 |
| Phillips Edison & Co., Inc.  | 61483 | 2080585 |
| Piedmont Realty Trust, Inc., Class A  | 59125 | 476548 |
| Plymouth Industrial REIT, Inc.  | 23365 | 514030 |
| Postal Realty Trust, Inc., Class A  | 13537 | 200483 |
| PotlatchDeltic Corp.  | 35748 | 1429920 |
| Prologis, Inc.  | 446604 | 55419090 |
| Public Storage  | 75945 | 21155239 |
| Rayonier, Inc.  | 66636 | 1470657 |
| Realty Income Corp.  | 439406 | 25476760 |
| Regency Centers Corp.  | 79093 | 5453462 |
| Rexford Industrial Realty, Inc.  | 113692 | 4697753 |
| RLJ Lodging Trust  | 69831 | 474851 |
| Ryman Hospitality Properties, Inc.  | 30495 | 2650320 |
| Sabra Health Care REIT, Inc.  | 112814 | 2010345 |
| Safehold, Inc.  | 21044 | 303665 |
| Saul Centers, Inc.  | 5768 | 170790 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**57**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| SBA Communications Corp., Class A  | 51520 | 9865050 |
| Service Properties Trust *(c)* | 79200 | 169488 |
| Sila Realty Trust, Inc.  | 26410 | 625917 |
| Simon Property Group, Inc.  | 157094 | 27610841 |
| SITE Centers Corp.  | 22400 | 164192 |
| SL Green Realty Corp.  | 34202 | 1756273 |
| Smartstop Self Storage REIT, Inc.  | 15266 | 524387 |
| STAG Industrial, Inc.  | 88709 | 3394893 |
| Summit Hotel Properties, Inc.  | 47221 | 242716 |
| Sun Communities, Inc.  | 56608 | 7166573 |
| Sunstone Hotel Investors, Inc.  | 91945 | 813713 |
| Tanger, Inc.  | 55925 | 1820918 |
| Terreno Realty Corp.  | 50238 | 2870097 |
| UDR, Inc.  | 146019 | 4919380 |
| UMH Properties, Inc.  | 39350 | 572149 |
| Universal Health Realty Income Trust  | 5432 | 207611 |
| Urban Edge Properties  | 61172 | 1176338 |
| Ventas, Inc.  | 217925 | 16080686 |
| Veris Residential, Inc.  | 37721 | 541674 |
| VICI Properties, Inc., Class A  | 511375 | 15336136 |
| Vornado Realty Trust  | 76652 | 2908177 |
| Welltower, Inc.  | 321853 | 58268267 |
| Weyerhaeuser Co.  | 346790 | 7976170 |
| Whitestone REIT  | 20066 | 251628 |
| WP Carey, Inc.  | 105678 | 6974748 |
| Xenia Hotels & Resorts, Inc.  | 45844 | 563881 |
|  |  | **646019457** |
| **Financial Services 7.6%** | **Financial Services 7.6%** | **Financial Services 7.6%** |
| Acacia Research Corp. \* | 29703 | 103069 |
| Acadian Asset Management, Inc.  | 14000 | 673400 |
| ACRES Commercial Realty Corp. \* | 3144 | 66024 |
| Adamas Trust, Inc.  | 40532 | 270348 |
| Affiliated Managers Group, Inc.  | 13909 | 3309786 |
| Affirm Holdings, Inc. \* | 134992 | 9703225 |
| AG Mortgage Investment Trust, Inc.  | 14032 | 100188 |
| AGNC Investment Corp.  | 500812 | 5008120 |
| Alerus Financial Corp.  | 11281 | 238255 |
| Ally Financial, Inc.  | 134867 | 5255767 |
| AlTi Global, Inc. \* | 40478 | 159483 |
| American Express Co.  | 261201 | 94223037 |
| Ameriprise Financial, Inc.  | 45283 | 20502784 |
| Angel Oak Mortgage REIT, Inc.  | 9942 | 90174 |
| Annaly Capital Management, Inc.  | 307205 | 6503530 |
| Apollo Commercial Real Estate <br> Finance, Inc. <br>| 61373 | 600842 |
| Apollo Global Management, Inc.  | 221180 | 27494886 |
| Arbor Realty Trust, Inc. *(a)* | 92240 | 930702 |
| ARES Management Corp., Class A  | 99269 | 14762293 |
| ARMOUR Residential REIT, Inc.  | 54206 | 879221 |
| Artisan Partners Asset Management, <br> Inc., Class A <br>| 32819 | 1432878 |
| Atlanticus Holdings Corp. \* | 2144 | 118156 |
| Bakkt Holdings, Inc. \* | 4920 | 136136 |
| Bank of New York Mellon Corp.  | 339107 | 36599818 |
| Berkshire Hathaway, Inc., Class B \* | 882726 | 421536974 |
| Better Home & Finance Holding <br> Co. *\*(a)*<br>| 3600 | 263556 |
| BGC Group, Inc., Class A  | 172212 | 1574018 |
| Blackrock, Inc.  | 69302 | 75040899 |
| Blackstone Mortgage Trust, Inc., <br> Class A <br>| 78316 | 1447280 |
| Blackstone, Inc.  | 354704 | 52013795 |
| Block, Inc. \* | 264108 | 20056361 |
| Blue Owl Capital, Inc., Class A  | 297653 | 4693988 |
| Bread Financial Holdings, Inc.  | 22422 | 1404738 |
| BrightSpire Capital, Inc., Class A  | 69114 | 356628 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cannae Holdings, Inc.  | 25712 | 459731 |
| Cantaloupe, Inc. \* | 26721 | 282174 |
| Capital One Financial Corp.  | 307741 | 67699943 |
| Carlyle Group, Inc.  | 125156 | 6673318 |
| Cass Information Systems, Inc.  | 5702 | 225400 |
| Cboe Global Markets, Inc.  | 50431 | 12387871 |
| Charles Schwab Corp. *(d)* | 815807 | 77110078 |
| Chicago Atlantic Real Estate Finance, <br> Inc. <br>| 9254 | 119006 |
| Chime Financial, Inc., Class A *\*(a)* | 17000 | 291890 |
| Chimera Investment Corp.  | 41204 | 525763 |
| Claros Mortgage Trust, Inc. \* | 61707 | 197462 |
| CME Group, Inc.  | 173421 | 46041541 |
| Cohen & Steers, Inc.  | 14837 | 1013664 |
| Coinbase Global, Inc., Class A \* | 108832 | 37414265 |
| Consumer Portfolio Services, Inc. \* | 5099 | 42832 |
| Corebridge Financial, Inc.  | 129469 | 4215511 |
| Corpay, Inc. \* | 33836 | 8809203 |
| Credit Acceptance Corp. \* | 3048 | 1363492 |
| Dave, Inc. \* | 5360 | 1282755 |
| DeFi Development Corp. *\*(a)* | 4500 | 49635 |
| Diamond Hill Investment Group, Inc.  | 1364 | 175069 |
| DigitalBridge Group, Inc.  | 75000 | 887250 |
| Donnelley Financial Solutions, Inc. \* | 12417 | 570561 |
| Dynex Capital, Inc.  | 62224 | 823846 |
| Ellington Financial, Inc.  | 43305 | 576823 |
| Enact Holdings, Inc.  | 14940 | 533657 |
| Encore Capital Group, Inc. \* | 12761 | 530602 |
| Enova International, Inc. \* | 12373 | 1479440 |
| Equitable Holdings, Inc.  | 145242 | 7174955 |
| Essent Group Ltd.  | 47237 | 2861145 |
| Euronet Worldwide, Inc. \* | 19264 | 1461367 |
| Evercore, Inc., Class A  | 18572 | 5470568 |
| EVERTEC, Inc.  | 29799 | 848378 |
| EZCORP, Inc., Class A \* | 25151 | 459006 |
| FactSet Research Systems, Inc.  | 18069 | 4820809 |
| Federal Agricultural Mortgage Corp., <br> Class C <br>| 4622 | 733234 |
| Federated Hermes, Inc.  | 35278 | 1710277 |
| Fidelity National Information Services, <br> Inc. <br>| 252792 | 15804556 |
| Finance of America Cos., Inc., <br> Class A \*<br>| 5723 | 125906 |
| FirstCash Holdings, Inc.  | 18911 | 2997393 |
| Fiserv, Inc. \* | 261351 | 17429498 |
| Flywire Corp. \* | 51215 | 682184 |
| Forge Global Holdings, Inc. \* | 3010 | 66039 |
| Franklin BSP Realty Trust, Inc.  | 44583 | 452072 |
| Franklin Resources, Inc.  | 148573 | 3359236 |
| Galaxy Digital, Inc., Class A \* | 84000 | 2940840 |
| GCM Grosvenor, Inc., Class A  | 25770 | 296613 |
| Global Payments, Inc.  | 117222 | 9115183 |
| Goldman Sachs Group, Inc.  | 145676 | 114992264 |
| Granite Point Mortgage Trust, Inc.  | 23221 | 62232 |
| Great Elm Group, Inc. \* | 9772 | 24430 |
| Green Dot Corp., Class A \* | 26000 | 301860 |
| Guild Holdings Co., Class A  | 4604 | 91528 |
| HA Sustainable Infrastructure Capital, <br> Inc. <br>| 62554 | 1733371 |
| Hamilton Lane, Inc., Class A  | 19596 | 2233160 |
| Heritage Global, Inc. \* | 16791 | 24683 |
| Houlihan Lokey, Inc., Class A  | 26194 | 4690821 |
| Innventure, Inc. *\*(a)* | 15812 | 45855 |
| Interactive Brokers Group, Inc., <br> Class A <br>| 215452 | 15159203 |
| Intercontinental Exchange, Inc.  | 275462 | 40297336 |
| International Money Express, Inc. \* | 18445 | 274646 |

---

*See financial notes*

**58**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Invesco Ltd.  | 216773 | 5137520 |
| Invesco Mortgage Capital, Inc. *(a)* | 28900 | 217617 |
| Jack Henry & Associates, Inc.  | 34966 | 5207836 |
| Jackson Financial, Inc., Class A  | 33011 | 3327839 |
| Janus Henderson Group PLC  | 59917 | 2609984 |
| Jefferies Financial Group, Inc.  | 78640 | 4154551 |
| Jefferson Capital, Inc.  | 5000 | 94400 |
| KKR & Co., Inc.  | 330133 | 39064638 |
| KKR Real Estate Finance Trust, Inc.  | 24272 | 197574 |
| Ladder Capital Corp., Class A  | 54768 | 578898 |
| Lazard, Inc.  | 55551 | 2710889 |
| LendingClub Corp. \* | 52098 | 905984 |
| LendingTree, Inc. \* | 6556 | 419584 |
| loanDepot, Inc., Class A \* | 36984 | 111692 |
| LPL Financial Holdings, Inc.  | 38606 | 14566430 |
| Lument Finance Trust, Inc.  | 24035 | 37495 |
| Manhattan Bridge Capital, Inc.  | 7727 | 38017 |
| MarketAxess Holdings, Inc.  | 18220 | 2916293 |
| Marqeta, Inc., Class A \* | 195000 | 883350 |
| Mastercard, Inc., Class A  | 397244 | 219274716 |
| Medallion Financial Corp.  | 6557 | 64455 |
| Merchants Bancorp  | 12767 | 398203 |
| MFA Financial, Inc.  | 47437 | 426459 |
| MGIC Investment Corp.  | 112975 | 3097774 |
| Miami International Holdings, Inc. \* | 7300 | 319010 |
| Moelis & Co., Class A  | 36239 | 2295016 |
| Moody's Corp.  | 74245 | 35659873 |
| Morgan Stanley  | 583825 | 95747300 |
| Morningstar, Inc.  | 11843 | 2514269 |
| MSCI, Inc., Class A  | 37330 | 21970571 |
| Nasdaq, Inc.  | 219357 | 18752830 |
| Navient Corp.  | 37356 | 456864 |
| NCR Atleos Corp. \* | 35791 | 1320688 |
| Nelnet, Inc., Class A  | 6753 | 871475 |
| NerdWallet, Inc., Class A \* | 22319 | 260463 |
| NewtekOne, Inc.  | 11192 | 116397 |
| Nexpoint Real Estate Finance, Inc.  | 5703 | 74367 |
| NMI Holdings, Inc., Class A \* | 38589 | 1405797 |
| Northern Trust Corp.  | 92541 | 11907250 |
| Old Market Capital Corp. \* | 6032 | 32573 |
| OneMain Holdings, Inc.  | 56769 | 3360157 |
| Onity Group, Inc. \* | 3090 | 115782 |
| Open Lending Corp., Class A \* | 50000 | 95000 |
| Oportun Financial Corp. \* | 16000 | 85280 |
| Oppenheimer Holdings, Inc., Class A  | 3500 | 244160 |
| OppFi, Inc.  | 17756 | 173121 |
| Orchid Island Capital, Inc.  | 69453 | 502145 |
| P10, Inc., Class A  | 37410 | 380086 |
| Paymentus Holdings, Inc., Class A \* | 20360 | 582296 |
| Payoneer Global, Inc. \* | 141097 | 816952 |
| PayPal Holdings, Inc. \* | 459748 | 31846744 |
| Paysign, Inc. \* | 26608 | 137430 |
| PennyMac Financial Services, Inc.  | 13935 | 1753162 |
| PennyMac Mortgage Investment Trust  | 41298 | 497228 |
| Perella Weinberg Partners, Class A  | 32601 | 608987 |
| Piper Sandler Cos.  | 7959 | 2540990 |
| PJT Partners, Inc., Class A  | 11852 | 1909476 |
| PRA Group, Inc. \* | 21991 | 301497 |
| Priority Technology Holdings, Inc. \* | 9469 | 65904 |
| PROG Holdings, Inc.  | 19924 | 576401 |
| Radian Group, Inc.  | 64043 | 2173619 |
| Raymond James Financial, Inc.  | 85340 | 13540898 |
| Ready Capital Corp.  | 81000 | 237330 |
| Redwood Trust, Inc.  | 69393 | 368477 |
| Regional Management Corp.  | 3411 | 134223 |
| Remitly Global, Inc. \* | 82935 | 1330277 |
| Repay Holdings Corp., Class A \* | 35500 | 152295 |
| Rithm Capital Corp.  | 253381 | 2779590 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Rithm Property Trust, Inc.  | 21615 | 57712 |
| Robinhood Markets, Inc., Class A \* | 372448 | 54667917 |
| Rocket Cos., Inc., Class A  | 461762 | 7692955 |
| S&P Global, Inc.  | 150382 | 73267614 |
| Security National Financial Corp., <br> Class A \*<br>| 7773 | 61951 |
| SEI Investments Co.  | 45864 | 3697097 |
| Seven Hills Realty Trust *\*(a)* | 5666 | 53600 |
| Sezzle, Inc. \* | 7900 | 517845 |
| Shift4 Payments, Inc., Class A \* | 33081 | 2285897 |
| Silvercrest Asset Management Group, <br> Inc., Class A <br>| 3213 | 45432 |
| SLM Corp.  | 101185 | 2716817 |
| SoFi Technologies, Inc. \* | 575110 | 17069265 |
| Starwood Property Trust, Inc.  | 168739 | 3067675 |
| State Street Corp.  | 137253 | 15874682 |
| StepStone Group, Inc., Class A  | 34609 | 2106996 |
| Stifel Financial Corp.  | 49495 | 5861693 |
| StoneX Group, Inc. \* | 22698 | 2086400 |
| Sunrise Realty Trust, Inc.  | 2814 | 27802 |
| SWK Holdings Corp.  | 1451 | 23492 |
| Synchrony Financial  | 180461 | 13422689 |
| T. Rowe Price Group, Inc.  | 105320 | 10798460 |
| Toast, Inc., Class A \* | 223632 | 8082060 |
| TPG RE Finance Trust, Inc.  | 31952 | 276385 |
| TPG, Inc.  | 59557 | 3278017 |
| Tradeweb Markets, Inc., Class A  | 56783 | 5984360 |
| Triller Group, Inc. \* | 65000 | 37277 |
| Two Harbors Investment Corp.  | 51925 | 504711 |
| Upstart Holdings, Inc. \* | 40477 | 1923467 |
| UWM Holdings Corp.  | 98027 | 551892 |
| Velocity Financial, Inc. \* | 5032 | 93696 |
| Victory Capital Holdings, Inc., Class A  | 23325 | 1452448 |
| Virtu Financial, Inc., Class A  | 38843 | 1353290 |
| Virtus Investment Partners, Inc.  | 2856 | 465014 |
| Visa, Inc., Class A  | 817599 | 278588683 |
| Voya Financial, Inc.  | 46953 | 3496120 |
| Walker & Dunlop, Inc.  | 16462 | 1315643 |
| Waterstone Financial, Inc.  | 8861 | 135573 |
| Western Union Co.  | 160667 | 1499023 |
| WEX, Inc. \* | 16578 | 2418399 |
| WisdomTree, Inc.  | 59234 | 708439 |
| World Acceptance Corp. \* | 1349 | 171957 |
|  |  | **2433270682** |
| **Food, Beverage & Tobacco 1.9%** | **Food, Beverage & Tobacco 1.9%** | **Food, Beverage & Tobacco 1.9%** |
| Alico, Inc.  | 2213 | 77920 |
| Altria Group, Inc.  | 808399 | 45577536 |
| Archer-Daniels-Midland Co.  | 230331 | 13941935 |
| B&G Foods, Inc.  | 36000 | 144000 |
| Beyond Meat, Inc. *\*(a)* | 37000 | 61235 |
| Boston Beer Co., Inc., Class A \* | 3638 | 753030 |
| BRC, Inc., Class A \* | 48000 | 60960 |
| Brown-Forman Corp., Class B  | 113189 | 3082137 |
| Bunge Global SA  | 66982 | 6336497 |
| Calavo Growers, Inc.  | 7291 | 161933 |
| Cal-Maine Foods, Inc.  | 21931 | 1925542 |
| Campbell's Co.  | 96046 | 2893866 |
| Celsius Holdings, Inc. \* | 78075 | 4702457 |
| Coca-Cola Co.  | 1863915 | 128423744 |
| Coca-Cola Consolidated, Inc.  | 29278 | 3817266 |
| Conagra Brands, Inc.  | 230683 | 3965441 |
| Constellation Brands, Inc., Class A  | 68898 | 9051819 |
| Darling Ingredients, Inc. \* | 76145 | 2440447 |
| Flowers Foods, Inc.  | 103373 | 1233240 |
| Fresh Del Monte Produce, Inc.  | 17575 | 621276 |
| Freshpet, Inc. \* | 23189 | 1141131 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**59**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| General Mills, Inc.  | 258888 | 12066770 |
| Hain Celestial Group, Inc. \* | 73232 | 84949 |
| Hershey Co.  | 71427 | 12116162 |
| Hormel Foods Corp.  | 142595 | 3078626 |
| Ingredion, Inc.  | 31040 | 3582326 |
| J&J Snack Foods Corp.  | 7548 | 638938 |
| J.M. Smucker Co.  | 52087 | 5393609 |
| John B Sanfilippo & Son, Inc.  | 3955 | 248295 |
| Kellanova  | 129063 | 10719973 |
| Keurig Dr. Pepper, Inc.  | 653868 | 17759055 |
| Kraft Heinz Co.  | 411059 | 10165489 |
| Lamb Weston Holdings, Inc.  | 66093 | 4079921 |
| Lifeway Foods, Inc. \* | 2366 | 56760 |
| Limoneira Co.  | 7226 | 102103 |
| Mama's Creations, Inc. \* | 16154 | 171071 |
| Marzetti Co.  | 9487 | 1487467 |
| McCormick & Co., Inc. - Non Voting <br> Shares <br>| 120883 | 7755853 |
| Mission Produce, Inc. \* | 18304 | 210862 |
| Molson Coors Beverage Co., Class B  | 82203 | 3593915 |
| Mondelez International, Inc., Class A  | 622674 | 35778848 |
| Monster Beverage Corp. \* | 343034 | 22924962 |
| National Beverage Corp. \* | 13198 | 452295 |
| PepsiCo, Inc.  | 658829 | 96248329 |
| Philip Morris International, Inc.  | 749064 | 108112407 |
| Pilgrim's Pride Corp.  | 19693 | 750303 |
| Post Holdings, Inc. \* | 23145 | 2405460 |
| Primo Brands Corp.  | 120787 | 2653690 |
| Seaboard Corp.  | 139 | 468427 |
| Seneca Foods Corp., Class A \* | 2612 | 281665 |
| Simply Good Foods Co. \* | 46953 | 918870 |
| SunOpta, Inc. \* | 43000 | 224460 |
| Tootsie Roll Industries, Inc.  | 7873 | 277838 |
| TreeHouse Foods, Inc. \* | 21000 | 382200 |
| Turning Point Brands, Inc.  | 8413 | 756329 |
| Tyson Foods, Inc., Class A  | 137179 | 7052372 |
| Universal Corp.  | 12751 | 646221 |
| Utz Brands, Inc.  | 34013 | 358157 |
| Vita Coco Co., Inc. \* | 22425 | 923462 |
| Vital Farms, Inc. \* | 18421 | 605130 |
| Westrock Coffee Co. *\*(a)* | 15240 | 67208 |
| Zevia PBC, Class A \* | 20011 | 47226 |
|  |  | **606061415** |
| **Health Care Equipment & Services 3.7%** | **Health Care Equipment & Services 3.7%** | **Health Care Equipment & Services 3.7%** |
| Abbott Laboratories  | 837546 | 103537437 |
| Acadia Healthcare Co., Inc. \* | 43513 | 935529 |
| Accuray, Inc. \* | 138517 | 195309 |
| AdaptHealth Corp., Class A \* | 56230 | 505508 |
| Addus HomeCare Corp. \* | 8798 | 1028398 |
| agilon health, Inc. \* | 125000 | 99563 |
| Align Technology, Inc. \* | 32669 | 4504402 |
| Alignment Healthcare, Inc. \* | 71414 | 1204040 |
| Alphatec Holdings, Inc. \* | 58192 | 1105066 |
| AMN Healthcare Services, Inc. \* | 17098 | 336660 |
| AngioDynamics, Inc. \* | 16851 | 202718 |
| Anteris Technologies Global Corp. \* | 16000 | 71840 |
| Ardent Health, Inc. \* | 12542 | 182612 |
| Artivion, Inc. \* | 21300 | 966381 |
| Astrana Health, Inc. \* | 19744 | 616210 |
| AtriCure, Inc. \* | 23192 | 801284 |
| Avanos Medical, Inc. \* | 20000 | 222200 |
| Aveanna Healthcare Holdings, Inc. \* | 42117 | 381159 |
| Axogen, Inc. \* | 20819 | 462598 |
| Baxter International, Inc.  | 246772 | 4557879 |
| Becton Dickinson & Co.  | 138484 | 24748476 |
| Beta Bionics, Inc. *\*(a)* | 20552 | 559425 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Bioventus, Inc., Class A \* | 20832 | 136450 |
| Boston Scientific Corp. \* | 713051 | 71818497 |
| BrightSpring Health Services, Inc. \* | 50027 | 1653392 |
| Brookdale Senior Living, Inc. \* | 121029 | 1121939 |
| Butterfly Network, Inc. \* | 142130 | 382330 |
| Cardinal Health, Inc.  | 115280 | 21991966 |
| Castle Biosciences, Inc. \* | 13247 | 337798 |
| Cencora, Inc.  | 93345 | 31532874 |
| Centene Corp. \* | 223732 | 7913401 |
| Certara, Inc. \* | 50000 | 581500 |
| Cerus Corp. \* | 240718 | 353855 |
| Chemed Corp.  | 7177 | 3095440 |
| Cigna Group  | 128340 | 31367579 |
| Claritev Corp. \* | 4000 | 260400 |
| ClearPoint Neuro, Inc. \* | 13369 | 310428 |
| Clover Health Investments Corp., <br> Class A \*<br>| 212274 | 749327 |
| Community Health Systems, Inc. \* | 50191 | 194741 |
| Concentra Group Holdings Parent, <br> Inc. <br>| 61313 | 1221355 |
| CONMED Corp.  | 15031 | 661364 |
| Cooper Cos., Inc. \* | 96010 | 6712059 |
| CorVel Corp. \* | 16296 | 1205089 |
| Cross Country Healthcare, Inc. \* | 14884 | 182478 |
| CVRx, Inc. \* | 5810 | 59204 |
| CVS Health Corp.  | 610346 | 47698540 |
| DaVita, Inc. \* | 17204 | 2047620 |
| Definitive Healthcare Corp. \* | 24978 | 69189 |
| Delcath Systems, Inc. \* | 12977 | 127564 |
| Dentsply Sirona, Inc.  | 95723 | 1207067 |
| Dexcom, Inc. \* | 188713 | 10986871 |
| DocGo, Inc. \* | 45000 | 49050 |
| Doximity, Inc., Class A \* | 66170 | 4367220 |
| Edwards Lifesciences Corp. \* | 282883 | 23323703 |
| Electromed, Inc. \* | 3594 | 86472 |
| Elevance Health, Inc.  | 108360 | 34371792 |
| Embecta Corp.  | 27343 | 364756 |
| Encompass Health Corp.  | 48343 | 5503851 |
| Enhabit, Inc. \* | 23015 | 187112 |
| Enovis Corp. \* | 29799 | 930921 |
| Ensign Group, Inc.  | 27338 | 4923574 |
| Envista Holdings Corp. \* | 78739 | 1602339 |
| Evolent Health, Inc., Class A \* | 60209 | 401594 |
| FONAR Corp. \* | 3312 | 49812 |
| Fulgent Genetics, Inc. \* | 9036 | 202858 |
| GE HealthCare Technologies, Inc.  | 221025 | 16565824 |
| GeneDx Holdings Corp. \* | 10756 | 1472604 |
| Glaukos Corp. \* | 28066 | 2471773 |
| Globus Medical, Inc., Class A \* | 53888 | 3254296 |
| GoodRx Holdings, Inc., Class A \* | 51094 | 172187 |
| Guardant Health, Inc. \* | 61458 | 5716823 |
| Haemonetics Corp. \* | 24730 | 1236747 |
| HCA Healthcare, Inc.  | 78822 | 36232897 |
| Health Catalyst, Inc. \* | 26200 | 84626 |
| HealthEquity, Inc. \* | 41817 | 3955052 |
| HealthStream, Inc.  | 11829 | 290993 |
| HeartBeam, Inc. \* | 14543 | 26905 |
| HeartFlow, Inc. \* | 9700 | 360452 |
| Henry Schein, Inc. \* | 50045 | 3162844 |
| Hims & Hers Health, Inc. \* | 99605 | 4528043 |
| Hinge Health, Inc., Class A \* | 9035 | 449582 |
| Hologic, Inc. \* | 108189 | 7996249 |
| Humana, Inc.  | 57736 | 16061578 |
| ICU Medical, Inc. \* | 12135 | 1457292 |
| IDEXX Laboratories, Inc. \* | 38446 | 24202141 |
| InfuSystem Holdings, Inc. \* | 10655 | 110386 |
| Inogen, Inc. \* | 16555 | 136413 |
| Inspire Medical Systems, Inc. \* | 14056 | 1013156 |

---

*See financial notes*

**60**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Insulet Corp. \* | 33804 | 10580990 |
| Integer Holdings Corp. \* | 17370 | 1121581 |
| Integra LifeSciences Holdings Corp. \* | 31364 | 376682 |
| Intuitive Surgical, Inc. \* | 172507 | 92167040 |
| iRadimed Corp.  | 4278 | 328593 |
| iRhythm Technologies, Inc. \* | 15645 | 2930308 |
| Kestra Medical Technologies Ltd. \* | 6000 | 164280 |
| Kewaunee Scientific Corp. \* | 1200 | 50184 |
| Kindly MD, Inc. \* | 186203 | 173094 |
| KORU Medical Systems, Inc. \* | 12813 | 50739 |
| Labcorp Holdings, Inc.  | 40254 | 10222906 |
| Lantheus Holdings, Inc. \* | 33429 | 1928519 |
| LeMaitre Vascular, Inc.  | 9838 | 852069 |
| LENSAR, Inc. \* | 4846 | 59606 |
| LifeMD, Inc. \* | 20209 | 119435 |
| LifeStance Health Group, Inc. \* | 88312 | 432729 |
| LivaNova PLC \* | 26525 | 1396011 |
| Masimo Corp. \* | 22928 | 3224823 |
| McKesson Corp.  | 59856 | 48563567 |
| Medtronic PLC  | 616572 | 55923080 |
| Merit Medical Systems, Inc. \* | 29482 | 2580854 |
| Milestone Scientific, Inc. \* | 34400 | 14431 |
| Molina Healthcare, Inc. \* | 25905 | 3965019 |
| National HealthCare Corp.  | 6222 | 743156 |
| Neogen Corp. \* | 105023 | 647992 |
| NeoGenomics, Inc. \* | 50000 | 488500 |
| Neuronetics, Inc. \* | 15000 | 39750 |
| NeuroPace, Inc. \* | 8356 | 83059 |
| Novocure Ltd. \* | 49100 | 628971 |
| Nutex Health, Inc. \* | 1600 | 196896 |
| Omada Health, Inc. \* | 6858 | 168501 |
| OmniAb, Inc., Class A *\*(b)* | 2395 | 0 |
| OmniAb, Inc., Class B *\*(b)* | 2395 | 0 |
| Omnicell, Inc. \* | 21903 | 735284 |
| Oncology Institute, Inc. \* | 40000 | 178400 |
| OPKO Health, Inc. \* | 277893 | 377934 |
| OptimizeRx Corp. \* | 8000 | 163920 |
| Option Care Health, Inc. \* | 77815 | 2025524 |
| OraSure Technologies, Inc. \* | 35000 | 95900 |
| Orthofix Medical, Inc. \* | 22050 | 340452 |
| OrthoPediatrics Corp. \* | 7124 | 119968 |
| Outset Medical, Inc. \* | 11149 | 146275 |
| Owens & Minor, Inc. \* | 30000 | 119100 |
| PACS Group, Inc. \* | 22000 | 265760 |
| Pediatrix Medical Group, Inc. \* | 44894 | 761851 |
| Pennant Group, Inc. \* | 17830 | 440936 |
| Penumbra, Inc. \* | 18742 | 4261369 |
| Phreesia, Inc. \* | 26389 | 597447 |
| Premier, Inc., Class A  | 40368 | 1135148 |
| Privia Health Group, Inc. \* | 58873 | 1430614 |
| PROCEPT BioRobotics Corp. \* | 26802 | 912072 |
| Pro-Dex, Inc. \* | 1916 | 69436 |
| Progyny, Inc. \* | 36695 | 686563 |
| Pulse Biosciences, Inc. \* | 9273 | 156992 |
| Quest Diagnostics, Inc.  | 53700 | 9448515 |
| QuidelOrtho Corp. \* | 32759 | 884165 |
| RadNet, Inc. \* | 33538 | 2548553 |
| ResMed, Inc.  | 70262 | 17346283 |
| RxSight, Inc. \* | 17500 | 153825 |
| Sanara Medtech, Inc. \* | 1654 | 48462 |
| SANUWAVE Health, Inc. \* | 5591 | 161804 |
| Schrodinger, Inc. \* | 20000 | 420800 |
| Select Medical Holdings Corp.  | 53777 | 743736 |
| Semler Scientific, Inc. \* | 8674 | 229514 |
| Senseonics Holdings, Inc. \* | 15765 | 111143 |
| SI-BONE, Inc. \* | 19218 | 285003 |
| Simulations Plus, Inc. \* | 7000 | 120260 |
| Solventum Corp. \* | 70917 | 4896110 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sonida Senior Living, Inc. \* | 3855 | 99845 |
| STAAR Surgical Co. \* | 24350 | 629934 |
| Stereotaxis, Inc. \* | 42696 | 124245 |
| STERIS PLC  | 47431 | 11179487 |
| Stryker Corp.  | 165577 | 58985150 |
| Surgery Partners, Inc. \* | 37410 | 820401 |
| Surmodics, Inc. \* | 7188 | 197203 |
| Tactile Systems Technology, Inc. \* | 11000 | 165770 |
| Talkspace, Inc. \* | 88164 | 284770 |
| Tandem Diabetes Care, Inc. \* | 25000 | 350000 |
| Teladoc Health, Inc. \* | 82002 | 707677 |
| Teleflex, Inc.  | 21353 | 2657808 |
| Tenet Healthcare Corp. \* | 42516 | 8779129 |
| TransMedics Group, Inc. \* | 16324 | 2147259 |
| Treace Medical Concepts, Inc. \* | 31516 | 201387 |
| TruBridge, Inc. \* | 6539 | 125680 |
| U.S. Physical Therapy, Inc.  | 7360 | 634947 |
| UFP Technologies, Inc. \* | 3930 | 757075 |
| UnitedHealth Group, Inc.  | 435830 | 148862095 |
| Universal Health Services, Inc., <br> Class B <br>| 27134 | 5888349 |
| Utah Medical Products, Inc.  | 2665 | 154836 |
| Varex Imaging Corp. \* | 17095 | 199841 |
| Veeva Systems, Inc., Class A \* | 72236 | 21035123 |
| Viemed Healthcare, Inc. \* | 16000 | 103360 |
| Vivani Medical, Inc. \* | 30016 | 48326 |
| Waystar Holding Corp. \* | 55337 | 1983831 |
| Zimmer Biomet Holdings, Inc.  | 96323 | 9686241 |
|  |  | **1169981180** |
| **Household & Personal Products 0.8%** | **Household & Personal Products 0.8%** | **Household & Personal Products 0.8%** |
| Beauty Health Co. \* | 59555 | 85164 |
| BellRing Brands, Inc. \* | 61798 | 1861974 |
| Central Garden & Pet Co. \* | 4564 | 139978 |
| Central Garden & Pet Co., Class A \* | 25542 | 710323 |
| Church & Dwight Co., Inc.  | 117144 | 10272357 |
| Clorox Co.  | 59411 | 6681361 |
| Colgate-Palmolive Co.  | 388284 | 29917282 |
| Coty, Inc., Class A \* | 175000 | 694750 |
| Edgewell Personal Care Co.  | 22085 | 428228 |
| elf Beauty, Inc. \* | 28621 | 3495769 |
| Energizer Holdings, Inc.  | 31376 | 728864 |
| Estee Lauder Cos., Inc., Class A  | 112856 | 10912047 |
| Herbalife Ltd. \* | 54075 | 432600 |
| Honest Co., Inc. \* | 49277 | 168034 |
| Interparfums, Inc.  | 8472 | 755279 |
| Kenvue, Inc.  | 927830 | 13332917 |
| Kimberly-Clark Corp.  | 159660 | 19112898 |
| Lifevantage Corp.  | 7299 | 59779 |
| Medifast, Inc. *\*(c)* | 8935 | 107399 |
| Natural Health Trends Corp.  | 6750 | 29767 |
| Nature's Sunshine Products, Inc. \* | 4762 | 64192 |
| Nu Skin Enterprises, Inc., Class A  | 23590 | 252885 |
| Oil-Dri Corp. of America  | 4984 | 276064 |
| Olaplex Holdings, Inc. \* | 49924 | 51921 |
| Procter & Gamble Co.  | 1127199 | 169496914 |
| Reynolds Consumer Products, Inc.  | 26473 | 647000 |
| Spectrum Brands Holdings, Inc.  | 12510 | 674039 |
| United-Guardian, Inc.  | 3342 | 23962 |
| Upexi, Inc. *\*(a)* | 37310 | 166776 |
| USANA Health Sciences, Inc. \* | 4815 | 101837 |
| WD-40 Co.  | 6485 | 1259906 |
|  |  | **272942266** |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**61**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Insurance 1.8%** | **Insurance 1.8%** | **Insurance 1.8%** |
| Abacus Global Management, Inc. \* | 12400 | 62248 |
| Aflac, Inc.  | 231426 | 24806553 |
| Allstate Corp.  | 126739 | 24273053 |
| Ambac Financial Group, Inc. \* | 26370 | 216498 |
| American Coastal Insurance Corp., <br> Class C <br>| 16093 | 190541 |
| American Financial Group, Inc.  | 34132 | 4494502 |
| American International Group, Inc.  | 266599 | 21050657 |
| AMERISAFE, Inc.  | 9109 | 365089 |
| Aon PLC, Class A  | 103764 | 35350320 |
| Arch Capital Group Ltd.  | 178520 | 15408061 |
| Arthur J Gallagher & Co.  | 123367 | 30778833 |
| Assurant, Inc.  | 24413 | 5168720 |
| Assured Guaranty Ltd.  | 22422 | 1806765 |
| Axis Capital Holdings Ltd.  | 37763 | 3536883 |
| Baldwin Insurance Group, Inc., <br> Class A \*<br>| 35057 | 774760 |
| Bowhead Specialty Holdings, Inc. \* | 9325 | 223427 |
| Brighthouse Financial, Inc. \* | 27922 | 1593509 |
| Brown & Brown, Inc.  | 141034 | 11246051 |
| Chubb Ltd.  | 178428 | 49413850 |
| Cincinnati Financial Corp.  | 75690 | 11700917 |
| Citizens, Inc. *\*(a)* | 24606 | 137055 |
| CNA Financial Corp.  | 11874 | 528987 |
| CNO Financial Group, Inc.  | 47869 | 1915717 |
| Crawford & Co., Class A  | 10215 | 110628 |
| Donegal Group, Inc., Class A  | 6507 | 122006 |
| eHealth, Inc. \* | 13577 | 70465 |
| Employers Holdings, Inc.  | 11659 | 444558 |
| Erie Indemnity Co., Class A  | 12211 | 3573427 |
| Everest Group Ltd.  | 20129 | 6330973 |
| F&G Annuities & Life, Inc.  | 11227 | 332881 |
| Fidelity National Financial, Inc.  | 123874 | 6842800 |
| First American Financial Corp.  | 49299 | 3081680 |
| Genworth Financial, Inc., Class A \* | 204265 | 1723997 |
| Globe Life, Inc.  | 38845 | 5108506 |
| Goosehead Insurance, Inc., Class A  | 12865 | 883440 |
| Greenlight Capital Re Ltd., Class A \* | 9834 | 119188 |
| Hagerty, Inc., Class A \* | 15234 | 170925 |
| Hanover Insurance Group, Inc.  | 17134 | 2927858 |
| Hartford Insurance Group, Inc.  | 136089 | 16899532 |
| HCI Group, Inc.  | 5357 | 1092882 |
| Heritage Insurance Holdings, Inc. \* | 10125 | 239254 |
| Hippo Holdings, Inc. \* | 12999 | 478103 |
| Horace Mann Educators Corp.  | 19846 | 887315 |
| Investors Title Co.  | 697 | 180237 |
| James River Group Holdings Ltd.  | 17990 | 91749 |
| Kemper Corp.  | 30177 | 1357663 |
| Kestrel Group Ltd. \* | 3500 | 69440 |
| Kingstone Cos., Inc.  | 5000 | 72900 |
| Kingsway Financial Services, Inc. \* | 5983 | 85198 |
| Kinsale Capital Group, Inc.  | 10806 | 4316673 |
| Lemonade, Inc. \* | 30870 | 1854670 |
| Lincoln National Corp.  | 80886 | 3397212 |
| Loews Corp.  | 81592 | 8123300 |
| Markel Group, Inc. \* | 6085 | 12015015 |
| Marsh & McLennan Cos., Inc.  | 236580 | 42146727 |
| MBIA, Inc. \* | 22069 | 150731 |
| Mercury General Corp.  | 13587 | 1050275 |
| MetLife, Inc.  | 268647 | 21443404 |
| NI Holdings, Inc. \* | 3782 | 49922 |
| Old Republic International Corp.  | 109761 | 4331169 |
| Oscar Health, Inc., Class A \* | 99206 | 1785708 |
| Palomar Holdings, Inc. \* | 12717 | 1449865 |
| Primerica, Inc.  | 15826 | 4112703 |
| Principal Financial Group, Inc.  | 98854 | 8307690 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| ProAssurance Corp. \* | 24020 | 575279 |
| Progressive Corp.  | 282096 | 58111776 |
| Prudential Financial, Inc.  | 170269 | 17707976 |
| Reinsurance Group of America, Inc.  | 31988 | 5836530 |
| RenaissanceRe Holdings Ltd.  | 22669 | 5759966 |
| RLI Corp.  | 43574 | 2569123 |
| Root, Inc., Class A \* | 6804 | 547858 |
| Ryan Specialty Holdings, Inc., Class A  | 54232 | 2971914 |
| Safety Insurance Group, Inc.  | 7104 | 488258 |
| Selective Insurance Group, Inc.  | 28795 | 2169415 |
| Selectquote, Inc. \* | 82616 | 171841 |
| SiriusPoint Ltd. \* | 51279 | 933278 |
| Skyward Specialty Insurance Group, <br> Inc. \*<br>| 18704 | 852715 |
| Slide Insurance Holdings, Inc. \* | 13264 | 212091 |
| Stewart Information Services Corp.  | 13159 | 898365 |
| Tiptree, Inc.  | 9652 | 170937 |
| Travelers Cos., Inc.  | 108339 | 29102022 |
| Trupanion, Inc. \* | 16359 | 654196 |
| TWFG, Inc. \* | 5800 | 141288 |
| United Fire Group, Inc.  | 9091 | 274821 |
| Universal Insurance Holdings, Inc.  | 15138 | 466553 |
| Unum Group  | 75069 | 5511566 |
| W.R. Berkley Corp.  | 145001 | 10344371 |
| White Mountains Insurance Group <br> Ltd. <br>| 1229 | 2340704 |
| Willis Towers Watson PLC  | 47001 | 14716013 |
|  |  | **576404521** |
| **Materials 2.0%** | **Materials 2.0%** | **Materials 2.0%** |
| AdvanSix, Inc.  | 11778 | 218953 |
| Air Products & Chemicals, Inc.  | 107469 | 26070905 |
| Albemarle Corp.  | 56491 | 5549111 |
| Alcoa Corp.  | 126124 | 4640102 |
| Alpha Metallurgical Resources, Inc. \* | 5295 | 917412 |
| Alto Ingredients, Inc. \* | 33727 | 34064 |
| Amcor PLC  | 1109380 | 8764102 |
| American Battery Technology Co. \* | 44330 | 227413 |
| Amrize Ltd. \* | 246900 | 12799296 |
| AptarGroup, Inc.  | 31707 | 3678329 |
| Arq, Inc. \* | 12500 | 83000 |
| Ascent Industries Co. \* | 4646 | 56495 |
| Ashland, Inc.  | 21414 | 1047145 |
| ASP Isotopes, Inc. \* | 38711 | 392142 |
| Aspen Aerogels, Inc. \* | 36945 | 300732 |
| Avery Dennison Corp.  | 37527 | 6563097 |
| Avient Corp.  | 42722 | 1370095 |
| Axalta Coating Systems Ltd. \* | 103891 | 2957777 |
| Balchem Corp.  | 15726 | 2412211 |
| Ball Corp.  | 132253 | 6215891 |
| Cabot Corp.  | 25607 | 1727960 |
| Celanese Corp., Class A  | 52246 | 2008336 |
| Century Aluminum Co. \* | 22913 | 678683 |
| CF Industries Holdings, Inc.  | 77601 | 6463387 |
| Chemours Co.  | 74926 | 1003259 |
| Clearwater Paper Corp. \* | 7639 | 134828 |
| Cleveland-Cliffs, Inc. \* | 274203 | 3408343 |
| Coeur Mining, Inc. \* | 313983 | 5391088 |
| Commercial Metals Co.  | 53599 | 3181637 |
| Compass Minerals International, Inc. \* | 18363 | 318414 |
| Contango ORE, Inc. \* | 6450 | 138417 |
| Core Molding Technologies, Inc. \* | 2885 | 51670 |
| Corteva, Inc.  | 326457 | 20057518 |
| CRH PLC  | 323175 | 38490142 |
| Crown Holdings, Inc.  | 55405 | 5384258 |
| Dakota Gold Corp. \* | 58026 | 236746 |
| Dow, Inc.  | 345829 | 8248022 |

---

*See financial notes*

**62**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| DuPont de Nemours, Inc.  | 201844 | 16480563 |
| Eagle Materials, Inc.  | 15593 | 3310706 |
| Eastman Chemical Co.  | 56069 | 3337227 |
| Ecolab, Inc.  | 122789 | 31483100 |
| Ecovyst, Inc. \* | 62976 | 515773 |
| Element Solutions, Inc.  | 106288 | 2840015 |
| Flotek Industries, Inc. \* | 5068 | 87727 |
| FMC Corp.  | 60478 | 917451 |
| Freeport-McMoRan, Inc.  | 690925 | 28811572 |
| Friedman Industries, Inc.  | 2834 | 60194 |
| Graphic Packaging Holding Co.  | 141605 | 2264264 |
| Greif, Inc., Class A  | 14564 | 828546 |
| Hawkins, Inc.  | 10210 | 1448289 |
| HB Fuller Co.  | 26013 | 1492366 |
| Hecla Mining Co.  | 317745 | 4089378 |
| Huntsman Corp.  | 81401 | 674000 |
| Hycroft Mining Holding Corp., <br> Class A \*<br>| 30213 | 229619 |
| Idaho Strategic Resources, Inc. \* | 8743 | 289044 |
| Ingevity Corp. \* | 17756 | 953852 |
| Innospec, Inc.  | 11817 | 869495 |
| International Flavors & Fragrances, <br> Inc. <br>| 123331 | 7766153 |
| International Paper Co.  | 254901 | 9849375 |
| Intrepid Potash, Inc. \* | 3965 | 105588 |
| Ivanhoe Electric, Inc. \* | 44102 | 652269 |
| Kaiser Aluminum Corp.  | 7681 | 695361 |
| Knife River Corp. \* | 27236 | 1646689 |
| Koppers Holdings, Inc.  | 10777 | 304127 |
| Kronos Worldwide, Inc.  | 9190 | 45215 |
| Linde PLC  | 225649 | 94388977 |
| Louisiana-Pacific Corp.  | 30130 | 2624624 |
| LSB Industries, Inc. \* | 21659 | 182585 |
| LyondellBasell Industries NV, Class A  | 123167 | 5717412 |
| Magnera Corp. \* | 15392 | 139913 |
| Martin Marietta Materials, Inc.  | 29014 | 17788483 |
| Materion Corp.  | 9668 | 1108243 |
| Mativ Holdings, Inc.  | 29717 | 317378 |
| McEwen, Inc. \* | 18704 | 342844 |
| Metallus, Inc. \* | 16743 | 294509 |
| Minerals Technologies, Inc.  | 15242 | 864984 |
| Mosaic Co.  | 153175 | 4204654 |
| MP Materials Corp. \* | 66025 | 4165517 |
| Myers Industries, Inc.  | 15888 | 275339 |
| NewMarket Corp.  | 3802 | 2919556 |
| Newmont Corp.  | 528598 | 42800580 |
| Northern Technologies International <br> Corp. <br>| 2657 | 19742 |
| Novusterra, Inc. *\*(b)* | 3229 | 0 |
| Nucor Corp.  | 110343 | 16556967 |
| O-I Glass, Inc. \* | 72227 | 815443 |
| Olin Corp.  | 57735 | 1195115 |
| Olympic Steel, Inc.  | 4090 | 151330 |
| Orion SA  | 27306 | 144722 |
| Packaging Corp. of America  | 43073 | 8431970 |
| Perimeter Solutions, Inc. \* | 64240 | 1510282 |
| PPG Industries, Inc.  | 108612 | 10616823 |
| PureCycle Technologies, Inc. \* | 76295 | 883496 |
| Quaker Chemical Corp.  | 6333 | 879590 |
| Ramaco Resources, Inc., Class A \* | 20435 | 620407 |
| Ranpak Holdings Corp., Class A \* | 15372 | 81472 |
| Rayonier Advanced Materials, Inc. \* | 47920 | 333044 |
| Reliance, Inc.  | 25588 | 7226819 |
| Royal Gold, Inc.  | 39006 | 6817859 |
| RPM International, Inc.  | 61858 | 6759842 |
| Ryerson Holding Corp.  | 12949 | 285655 |
| Scotts Miracle-Gro Co.  | 23197 | 1241503 |
| Sealed Air Corp.  | 70919 | 2376496 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sensient Technologies Corp.  | 20316 | 1915596 |
| Sherwin-Williams Co.  | 111460 | 38447012 |
| Silgan Holdings, Inc.  | 43633 | 1685106 |
| Smith-Midland Corp. \* | 1800 | 65628 |
| Smurfit WestRock PLC  | 250920 | 9263966 |
| Solitario Resources Corp. \* | 44899 | 30693 |
| Solstice Advanced Materials, Inc. \* | 76381 | 3442492 |
| Sonoco Products Co.  | 47045 | 1908616 |
| Steel Dynamics, Inc.  | 66266 | 10390509 |
| Stepan Co.  | 11705 | 507412 |
| SunCoke Energy, Inc.  | 44951 | 360058 |
| Sylvamo Corp.  | 15710 | 637826 |
| TriMas Corp.  | 17344 | 616232 |
| Tronox Holdings PLC  | 42731 | 149559 |
| U.S. Antimony Corp. \* | 47359 | 382187 |
| U.S. Gold Corp. \* | 7270 | 111376 |
| U.S. Lime & Minerals, Inc.  | 4810 | 563828 |
| USA Rare Earth, Inc. *\*(a)* | 29528 | 574320 |
| Valhi, Inc.  | 1628 | 22580 |
| Vulcan Materials Co.  | 63627 | 18420016 |
| Warrior Met Coal, Inc.  | 24646 | 1671985 |
| Westlake Corp.  | 17445 | 1200390 |
| Worthington Steel, Inc.  | 16439 | 525884 |
|  |  | **641246384** |
| **Media & Entertainment 8.6%** | **Media & Entertainment 8.6%** | **Media & Entertainment 8.6%** |
| Advantage Solutions, Inc. \* | 79487 | 101743 |
| Alphabet, Inc., Class A  | 2799681 | 787242300 |
| Alphabet, Inc., Class C  | 2247598 | 633418068 |
| Altice USA, Inc., Class A \* | 117818 | 262734 |
| AMC Entertainment Holdings, Inc., <br> Class A \*<br>| 269257 | 697376 |
| AMC Networks, Inc., Class A \* | 15598 | 118233 |
| Angi, Inc. \* | 22390 | 297115 |
| Arena Group Holdings, Inc. \* | 13000 | 72410 |
| Atlanta Braves Holdings, Inc., <br> Class C \*<br>| 27292 | 1111330 |
| Boston Omaha Corp., Class A \* | 8359 | 106326 |
| Bumble, Inc., Class A \* | 43000 | 238650 |
| Cable One, Inc.  | 2299 | 341516 |
| Cargurus, Inc. \* | 42540 | 1494005 |
| Cars.com, Inc. \* | 26286 | 282312 |
| Charter Communications, Inc., <br> Class A \*<br>| 44494 | 10404477 |
| Cinemark Holdings, Inc.  | 49363 | 1333295 |
| Clear Channel Outdoor Holdings, <br> Inc. \*<br>| 153084 | 277082 |
| Comcast Corp., Class A  | 1772224 | 49329855 |
| CuriosityStream, Inc.  | 23041 | 99998 |
| DHI Group, Inc. \* | 17605 | 34154 |
| DoubleVerify Holdings, Inc. \* | 69812 | 794461 |
| EchoStar Corp., Class A \* | 64696 | 4843790 |
| Electronic Arts, Inc.  | 108055 | 21617483 |
| Emerald Holding, Inc.  | 6732 | 29553 |
| Entravision Communications Corp., <br> Class A <br>| 34841 | 72121 |
| Eventbrite, Inc., Class A \* | 44108 | 101889 |
| EverQuote, Inc., Class A \* | 12961 | 279180 |
| EW Scripps Co., Class A *\*(c)* | 29000 | 70470 |
| Fox Corp., Class A  | 165601 | 10706105 |
| fuboTV, Inc. \* | 161375 | 609998 |
| Gaia, Inc. \* | 10263 | 51212 |
| Gannett Co., Inc. \* | 69602 | 368891 |
| Gray Media, Inc.  | 43415 | 198407 |
| Grindr, Inc. \* | 22844 | 316618 |
| IAC, Inc. \* | 32254 | 1039224 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**63**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Ibotta, Inc., Class A *\*(a)* | 7000 | 225820 |
| iHeartMedia, Inc., Class A \* | 47000 | 139590 |
| Integral Ad Science Holding Corp. \* | 33997 | 347109 |
| Interpublic Group of Cos., Inc.  | 179127 | 4596399 |
| IZEA Worldwide, Inc. \* | 6054 | 31178 |
| John Wiley & Sons, Inc., Class A  | 20346 | 750157 |
| Liberty Broadband Corp., Class C \* | 64880 | 3491842 |
| Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 118660 | 11848201 |
| Liberty Media Corp.-Liberty Live, <br> Class C \*<br>| 33561 | 3034250 |
| Lionsgate Studios Corp. \* | 105765 | 680069 |
| Live Nation Entertainment, Inc. \* | 76288 | 11407345 |
| LiveOne, Inc. \* | 3979 | 22282 |
| Madison Square Garden <br> Entertainment Corp., Class A \*<br>| 19650 | 867744 |
| Madison Square Garden Sports <br> Corp. \*<br>| 8628 | 1849757 |
| Magnite, Inc. \* | 69956 | 1250813 |
| Marchex, Inc., Class B \* | 24313 | 42548 |
| Marcus Corp.  | 10398 | 149731 |
| Match Group, Inc.  | 115791 | 3744681 |
| MediaAlpha, Inc., Class A \* | 18518 | 236105 |
| Meta Platforms, Inc., Class A  | 1044033 | 676898796 |
| MNTN, Inc., Class A \* | 2088 | 34619 |
| National CineMedia, Inc.  | 44303 | 195819 |
| Netflix, Inc. \* | 204483 | 228787849 |
| New York Times Co., Class A  | 77548 | 4419461 |
| News Corp., Class A  | 247433 | 6556975 |
| Nexstar Media Group, Inc., Class A  | 13766 | 2694419 |
| Nextdoor Holdings, Inc. \* | 113778 | 221867 |
| NIQ Global Intelligence PLC \* | 24100 | 298840 |
| Omnicom Group, Inc.  | 93334 | 7001917 |
| Paramount Skydance Corp., <br> Class B *(a)*<br>| 148585 | 2286723 |
| Pinterest, Inc., Class A \* | 287146 | 9504533 |
| Playstudios, Inc. \* | 52000 | 48360 |
| Playtika Holding Corp.  | 28775 | 105604 |
| PubMatic, Inc., Class A \* | 16000 | 133760 |
| QuinStreet, Inc. \* | 28747 | 425168 |
| Reddit, Inc., Class A \* | 59489 | 12430227 |
| Reservoir Media, Inc. \* | 14527 | 110405 |
| ROBLOX Corp., Class A \* | 309902 | 35242055 |
| Roku, Inc. \* | 62662 | 6650318 |
| Rumble, Inc. *\*(a)* | 54011 | 370515 |
| Saga Communications, Inc., Class A  | 1989 | 24365 |
| Scholastic Corp.  | 12861 | 368725 |
| Shutterstock, Inc.  | 11000 | 275330 |
| Sinclair, Inc.  | 23794 | 325026 |
| Sirius XM Holdings, Inc.  | 90978 | 1973313 |
| Skillz, Inc., Class A \* | 6303 | 42104 |
| Snap, Inc., Class A \* | 531978 | 4149428 |
| Sphere Entertainment Co. \* | 13111 | 897841 |
| Stagwell, Inc., Class A \* | 53700 | 255075 |
| Starz Entertainment Corp. \* | 5995 | 63007 |
| Take-Two Interactive Software, Inc. \* | 83580 | 21427405 |
| Teads Holding Co. \* | 10250 | 15170 |
| TechTarget, Inc. \* | 37506 | 205908 |
| TEGNA, Inc.  | 77571 | 1525822 |
| Thryv Holdings, Inc. \* | 20334 | 156775 |
| TKO Group Holdings, Inc.  | 33173 | 6249793 |
| Townsquare Media, Inc., Class A  | 6366 | 39978 |
| Trade Desk, Inc., Class A \* | 214104 | 10765149 |
| Travelzoo \* | 4020 | 33848 |
| TripAdvisor, Inc. \* | 56355 | 905061 |
| TrueCar, Inc. \* | 117370 | 258214 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Trump Media & Technology Group <br> Corp. \*<br>| 78643 | 1205204 |
| Vimeo, Inc. \* | 75022 | 585172 |
| Walt Disney Co.  | 865204 | 97439274 |
| Warner Bros Discovery, Inc. \* | 1188184 | 26674731 |
| Warner Music Group Corp., Class A  | 69159 | 2210322 |
| Webtoon Entertainment, Inc. *\*(a)* | 10247 | 179630 |
| WideOpenWest, Inc. \* | 23881 | 122510 |
| Yelp, Inc., Class A \* | 28856 | 951671 |
| Zedge, Inc., Class B  | 11319 | 28524 |
| Ziff Davis, Inc. \* | 20342 | 689594 |
| ZipRecruiter, Inc., Class A \* | 25000 | 116250 |
| ZoomInfo Technologies, Inc., Class A \* | 125000 | 1402500 |
|  |  | **2749058951** |
| **Pharmaceuticals, Biotechnology & Life Sciences 5.7%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.7%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.7%** |
| 10X Genomics, Inc., Class A \* | 54632 | 745180 |
| 4D Molecular Therapeutics, Inc. \* | 16050 | 184575 |
| AbbVie, Inc.  | 850105 | 185356894 |
| Abeona Therapeutics, Inc. \* | 23850 | 114719 |
| Absci Corp. *\*(a)* | 69263 | 296446 |
| ACADIA Pharmaceuticals, Inc. \* | 59762 | 1356597 |
| Achieve Life Sciences, Inc. *\*(a)* | 20000 | 102400 |
| Aclaris Therapeutics, Inc. \* | 33079 | 83359 |
| Adaptive Biotechnologies Corp. \* | 57118 | 991568 |
| ADMA Biologics, Inc. \* | 115884 | 1793884 |
| Agenus, Inc. \* | 15000 | 59550 |
| Agilent Technologies, Inc.  | 136496 | 19977555 |
| Agios Pharmaceuticals, Inc. \* | 27110 | 1172236 |
| Akebia Therapeutics, Inc. \* | 119804 | 264767 |
| Akero Therapeutics, Inc. \* | 35820 | 1941444 |
| Aldeyra Therapeutics, Inc. \* | 19049 | 96578 |
| Alector, Inc. \* | 50000 | 73500 |
| Alkermes PLC \* | 78524 | 2410687 |
| Allogene Therapeutics, Inc. \* | 60000 | 74400 |
| Alnylam Pharmaceuticals, Inc. \* | 63270 | 28853651 |
| Alpha Teknova, Inc. \* | 7000 | 36750 |
| ALT5 Sigma Corp. \* | 60000 | 151200 |
| Altimmune, Inc. \* | 40000 | 162000 |
| Alumis, Inc. \* | 23226 | 110324 |
| Amgen, Inc.  | 259071 | 77314559 |
| Amicus Therapeutics, Inc. \* | 143560 | 1296347 |
| Amneal Pharmaceuticals, Inc. \* | 88719 | 959940 |
| Amphastar Pharmaceuticals, Inc. \* | 19039 | 485495 |
| Amylyx Pharmaceuticals, Inc. \* | 35499 | 494501 |
| AnaptysBio, Inc. \* | 10000 | 365800 |
| Anavex Life Sciences Corp. *\*(a)* | 46710 | 372279 |
| ANI Pharmaceuticals, Inc. \* | 8569 | 776351 |
| Anixa Biosciences, Inc. \* | 12785 | 52802 |
| Annexon, Inc. \* | 45000 | 142200 |
| Apellis Pharmaceuticals, Inc. \* | 51868 | 1113606 |
| Apogee Therapeutics, Inc. \* | 22884 | 1295006 |
| Aquestive Therapeutics, Inc. \* | 43867 | 299173 |
| Arbutus Biopharma Corp. \* | 68681 | 324861 |
| Arcellx, Inc. \* | 20001 | 1805090 |
| Arcturus Therapeutics Holdings, Inc. \* | 10730 | 106978 |
| Arcus Biosciences, Inc. \* | 32993 | 650622 |
| Arcutis Biotherapeutics, Inc. \* | 51056 | 1292227 |
| Ardelyx, Inc. \* | 111347 | 674763 |
| ArriVent Biopharma, Inc. \* | 15269 | 285988 |
| Arrowhead Pharmaceuticals, Inc. \* | 67794 | 2873788 |
| ARS Pharmaceuticals, Inc. \* | 27670 | 247923 |
| Arvinas, Inc. \* | 43476 | 440847 |
| Assembly Biosciences, Inc. \* | 6704 | 208159 |
| Astria Therapeutics, Inc. \* | 18061 | 228110 |
| Atara Biotherapeutics, Inc. \* | 1643 | 24399 |
| Atea Pharmaceuticals, Inc. \* | 35000 | 113750 |

---

*See financial notes*

**64**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Atossa Therapeutics, Inc. \* | 80000 | 71168 |
| aTyr Pharma, Inc. \* | 39689 | 34371 |
| Aura Biosciences, Inc. \* | 25362 | 155469 |
| Avadel Pharmaceuticals PLC \* | 46726 | 882654 |
| Avantor, Inc. \* | 326942 | 3864454 |
| Avidity Biosciences, Inc. \* | 64978 | 4538713 |
| Avita Medical, Inc. *\*(a)* | 15000 | 58050 |
| Axsome Therapeutics, Inc. \* | 20149 | 2719914 |
| Azenta, Inc. \* | 18572 | 560874 |
| Beam Therapeutics, Inc. \* | 50189 | 1255227 |
| Benitec Biopharma, Inc. \* | 9000 | 147240 |
| Bicara Therapeutics, Inc. \* | 17159 | 278834 |
| BioAge Labs, Inc. \* | 7000 | 52990 |
| BioCryst Pharmaceuticals, Inc. \* | 103077 | 754524 |
| Biogen, Inc. \* | 70668 | 10901952 |
| Biohaven Ltd. \* | 40846 | 702551 |
| BioLife Solutions, Inc. \* | 17453 | 486415 |
| BioMarin Pharmaceutical, Inc. \* | 93278 | 4996902 |
| Bio-Rad Laboratories, Inc., Class A \* | 8784 | 2806927 |
| Biote Corp., Class A \* | 7115 | 20420 |
| Bio-Techne Corp.  | 76030 | 4757197 |
| Black Diamond Therapeutics, Inc. \* | 14484 | 56053 |
| BridgeBio Oncology Therapeutics, <br> Inc. \*<br>| 22000 | 262680 |
| Bridgebio Pharma, Inc. \* | 82476 | 5166297 |
| Bristol-Myers Squibb Co.  | 979495 | 45125335 |
| Bruker Corp.  | 52861 | 2058407 |
| C4 Therapeutics, Inc. \* | 40958 | 106900 |
| Cabaletta Bio, Inc. \* | 50606 | 182688 |
| Candel Therapeutics, Inc. *\*(a)* | 15000 | 80700 |
| Capricor Therapeutics, Inc. *\*(a)* | 23201 | 151039 |
| Cardiff Oncology, Inc. *\*(a)* | 29101 | 68387 |
| CareDx, Inc. \* | 26640 | 399600 |
| Caribou Biosciences, Inc. \* | 46922 | 113551 |
| Cassava Sciences, Inc. \* | 25000 | 81500 |
| Catalyst Pharmaceuticals, Inc. \* | 55477 | 1179996 |
| Celcuity, Inc. \* | 16665 | 1285871 |
| Celldex Therapeutics, Inc. \* | 33071 | 883988 |
| CG oncology, Inc. \* | 30341 | 1312855 |
| Champions Oncology, Inc. \* | 6854 | 46813 |
| Charles River Laboratories <br> International, Inc. \*<br>| 23897 | 4303133 |
| Cidara Therapeutics, Inc. \* | 9513 | 1039200 |
| Codexis, Inc. \* | 45863 | 108695 |
| Cogent Biosciences, Inc. \* | 68686 | 1119582 |
| Cognition Therapeutics, Inc. \* | 84940 | 152043 |
| Coherus Oncology, Inc. *\*(a)* | 39420 | 66226 |
| Collegium Pharmaceutical, Inc. \* | 15803 | 568908 |
| Compass Therapeutics, Inc. \* | 87353 | 326700 |
| Contineum Therapeutics, Inc., <br> Class A \*<br>| 15969 | 175819 |
| Corbus Pharmaceuticals Holdings, <br> Inc. \*<br>| 4813 | 58478 |
| Corcept Therapeutics, Inc. \* | 45877 | 3370583 |
| CorMedix, Inc. *\*(a)* | 33604 | 374013 |
| Corvus Pharmaceuticals, Inc. \* | 29968 | 240943 |
| Coya Therapeutics, Inc. \* | 10000 | 63200 |
| Crinetics Pharmaceuticals, Inc. \* | 48010 | 2088435 |
| CRISPR Therapeutics AG \* | 44932 | 2875199 |
| CryoPort, Inc. \* | 30567 | 282439 |
| Cullinan Therapeutics, Inc. \* | 24598 | 213019 |
| Cytek Biosciences, Inc. \* | 55000 | 214500 |
| Cytokinetics, Inc. \* | 58366 | 3711494 |
| CytomX Therapeutics, Inc. \* | 88535 | 316070 |
| Danaher Corp.  | 306676 | 66051877 |
| Day One Biopharmaceuticals, Inc. \* | 30778 | 228988 |
| Denali Therapeutics, Inc. \* | 67056 | 1091672 |
| Design Therapeutics, Inc. \* | 15000 | 100500 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| DiaMedica Therapeutics, Inc. \* | 13251 | 93552 |
| Dianthus Therapeutics, Inc. \* | 15414 | 539182 |
| Disc Medicine, Inc. \* | 15179 | 1308733 |
| Dynavax Technologies Corp. \* | 43496 | 446269 |
| Dyne Therapeutics, Inc. \* | 60059 | 1356132 |
| Edgewise Therapeutics, Inc. \* | 32789 | 599383 |
| Editas Medicine, Inc. \* | 39120 | 120490 |
| Elanco Animal Health, Inc. \* | 239041 | 5294758 |
| Eledon Pharmaceuticals, Inc. \* | 29987 | 129544 |
| Eli Lilly & Co.  | 382582 | 330114705 |
| Emergent BioSolutions, Inc. \* | 27070 | 337834 |
| Enanta Pharmaceuticals, Inc. \* | 8754 | 95944 |
| Enliven Therapeutics, Inc. \* | 21677 | 507675 |
| Erasca, Inc. \* | 139232 | 336941 |
| Esperion Therapeutics, Inc. \* | 95770 | 284437 |
| Ethzilla Corp. *\*(a)* | 9594 | 188426 |
| Eton Pharmaceuticals, Inc. \* | 13239 | 238434 |
| Evolus, Inc. \* | 31279 | 202062 |
| Exact Sciences Corp. \* | 90961 | 5884267 |
| Exelixis, Inc. \* | 132215 | 5112754 |
| EyePoint Pharmaceuticals, Inc. \* | 39768 | 520563 |
| Foghorn Therapeutics, Inc. \* | 15974 | 70445 |
| Fortrea Holdings, Inc. \* | 49284 | 515511 |
| Fulcrum Therapeutics, Inc. \* | 20522 | 179568 |
| Galectin Therapeutics, Inc. *\*(a)* | 44970 | 261276 |
| Genelux Corp. *\*(a)* | 25000 | 202000 |
| Geron Corp. \* | 246465 | 310546 |
| Gilead Sciences, Inc.  | 597103 | 71526968 |
| Ginkgo Bioworks Holdings, Inc. \* | 26924 | 349743 |
| Gossamer Bio, Inc. \* | 98778 | 242006 |
| GRAIL, Inc. \* | 13655 | 1255304 |
| Greenwich Lifesciences, Inc. *\*(a)* | 2671 | 24600 |
| Halozyme Therapeutics, Inc. \* | 56287 | 3669350 |
| Harmony Biosciences Holdings, Inc. \* | 22945 | 655539 |
| Harrow, Inc. \* | 18653 | 704524 |
| Heron Therapeutics, Inc. *\*(a)* | 69211 | 80285 |
| Humacyte, Inc. *\*(a)* | 50000 | 83500 |
| Ideaya Biosciences, Inc. \* | 41060 | 1308172 |
| Illumina, Inc. \* | 74247 | 9172474 |
| Immuneering Corp., Class A *\*(a)* | 22344 | 153503 |
| Immunic, Inc. \* | 25000 | 19470 |
| ImmunityBio, Inc. *\*(a)* | 140694 | 337666 |
| Immunome, Inc. \* | 37004 | 594654 |
| Immunovant, Inc. \* | 36372 | 897661 |
| Incyte Corp. \* | 78886 | 7374263 |
| Indivior PLC \* | 61161 | 1796299 |
| Inhibrx Biosciences, Inc. \* | 5000 | 408300 |
| Innoviva, Inc. \* | 26927 | 490071 |
| Inovio Pharmaceuticals, Inc. *\*(a)* | 11075 | 26026 |
| Insmed, Inc. \* | 102185 | 19374276 |
| Instil Bio, Inc. *\*(a)* | 2981 | 52585 |
| Intellia Therapeutics, Inc. \* | 51339 | 647898 |
| Ionis Pharmaceuticals, Inc. \* | 76376 | 5674737 |
| Iovance Biotherapeutics, Inc. \* | 174059 | 342896 |
| IQVIA Holdings, Inc. \* | 81887 | 17725260 |
| Ironwood Pharmaceuticals, Inc., <br> Class A \*<br>| 150118 | 288227 |
| Jade Biosciences, Inc.  | 11607 | 113749 |
| Janux Therapeutics, Inc. \* | 24967 | 716803 |
| Jazz Pharmaceuticals PLC \* | 29249 | 4025832 |
| Johnson & Johnson  | 1158944 | 218889753 |
| KalVista Pharmaceuticals, Inc. \* | 18163 | 198158 |
| Karyopharm Therapeutics, Inc. \* | 3400 | 19720 |
| Keros Therapeutics, Inc. \* | 17000 | 258740 |
| Kodiak Sciences, Inc. \* | 15730 | 285106 |
| Korro Bio, Inc. \* | 2931 | 119907 |
| Krystal Biotech, Inc. \* | 12541 | 2476973 |
| Kura Oncology, Inc. \* | 46794 | 480574 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**65**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kymera Therapeutics, Inc. \* | 25920 | 1602893 |
| Larimar Therapeutics, Inc. \* | 44839 | 174424 |
| LENZ Therapeutics, Inc. \* | 9817 | 291761 |
| Lexeo Therapeutics, Inc. \* | 19230 | 192492 |
| Lexicon Pharmaceuticals, Inc. \* | 90000 | 124200 |
| Lifecore Biomedical, Inc. \* | 18427 | 132490 |
| Ligand Pharmaceuticals, Inc. \* | 9605 | 1837533 |
| Lineage Cell Therapeutics, Inc. *\*(a)* | 218183 | 418911 |
| Lipocine, Inc. \* | 2942 | 7973 |
| Liquidia Corp. \* | 34328 | 836230 |
| Lyell Immunopharma, Inc. \* | 8143 | 135662 |
| MacroGenics, Inc. \* | 30000 | 49800 |
| Madrigal Pharmaceuticals, Inc. \* | 8863 | 3712711 |
| MannKind Corp. \* | 153864 | 860100 |
| Maravai LifeSciences Holdings, Inc., <br> Class A \*<br>| 69631 | 218641 |
| Maze Therapeutics, Inc. \* | 10000 | 329100 |
| MBX Biosciences, Inc. \* | 10803 | 237234 |
| MediciNova, Inc. \* | 71506 | 118700 |
| Medpace Holdings, Inc. \* | 10628 | 6216424 |
| Merck & Co., Inc.  | 1201986 | 103346756 |
| Merrimack Pharmaceuticals, Inc. *\*(b)* | 5681 | 0 |
| Mesa Laboratories, Inc.  | 2600 | 186914 |
| Metsera, Inc. \* | 31704 | 1998620 |
| Mettler-Toledo International, Inc. \* | 9882 | 13995778 |
| MiMedx Group, Inc. \* | 65801 | 503378 |
| Mind Medicine MindMed, Inc. \* | 45467 | 645631 |
| Mineralys Therapeutics, Inc. \* | 24872 | 1016270 |
| Mirum Pharmaceuticals, Inc. \* | 20308 | 1475376 |
| Moderna, Inc. \* | 166389 | 4519125 |
| Monopar Therapeutics, Inc. \* | 3000 | 258480 |
| Monte Rosa Therapeutics, Inc. \* | 17000 | 218450 |
| Myriad Genetics, Inc. \* | 45000 | 361800 |
| Natera, Inc. \* | 65752 | 13080045 |
| Nektar Therapeutics \* | 10738 | 697218 |
| Neumora Therapeutics, Inc. \* | 42000 | 126840 |
| Neurocrine Biosciences, Inc. \* | 47933 | 6864485 |
| Neurogene, Inc. \* | 5239 | 179488 |
| Niagen Bioscience, Inc. \* | 24667 | 185989 |
| Nkarta, Inc. \* | 22478 | 47429 |
| Novavax, Inc. \* | 80744 | 678250 |
| Nurix Therapeutics, Inc. \* | 45666 | 590918 |
| Nuvalent, Inc., Class A \* | 22211 | 2205997 |
| Nuvation Bio, Inc. *\*(a)* | 134296 | 701025 |
| Nuvectis Pharma, Inc. *\*(a)* | 5600 | 37576 |
| Ocugen, Inc. \* | 170254 | 265596 |
| Ocular Therapeutix, Inc. \* | 81575 | 951165 |
| Olema Pharmaceuticals, Inc. \* | 26228 | 235265 |
| Omeros Corp., Class B *\*(a)* | 26846 | 196781 |
| OmniAb, Inc. \* | 48133 | 74606 |
| Organogenesis Holdings, Inc., <br> Class A \*<br>| 29326 | 124636 |
| Organon & Co.  | 136705 | 922759 |
| ORIC Pharmaceuticals, Inc. \* | 41888 | 551246 |
| Oruka Therapeutics, Inc. \* | 15609 | 439706 |
| Pacific Biosciences of California, <br> Inc. *\*(a)*<br>| 118754 | 277884 |
| Pacira BioSciences, Inc. \* | 23777 | 508352 |
| Palvella Therapeutics, Inc. \* | 3787 | 302354 |
| Perrigo Co. PLC  | 66322 | 1375518 |
| Personalis, Inc. \* | 32941 | 317551 |
| Perspective Therapeutics, Inc. \* | 33471 | 91376 |
| Pfizer, Inc.  | 2736008 | 67442597 |
| Phathom Pharmaceuticals, Inc. \* | 20962 | 284035 |
| Phibro Animal Health Corp., Class A  | 12247 | 515109 |
| Praxis Precision Medicines, Inc. \* | 10927 | 2171851 |
| Precigen, Inc. \* | 67713 | 280332 |
| Prestige Consumer Healthcare, Inc. \* | 23985 | 1453491 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Prime Medicine, Inc. \* | 31500 | 155610 |
| ProKidney Corp. *\*(a)* | 49000 | 149940 |
| Protagonist Therapeutics, Inc. \* | 27910 | 2194284 |
| Protara Therapeutics, Inc. \* | 15000 | 77700 |
| Prothena Corp. PLC \* | 20000 | 215000 |
| PTC Therapeutics, Inc. \* | 38428 | 2625017 |
| Puma Biotechnology, Inc. \* | 19453 | 99210 |
| Quanterix Corp. \* | 18993 | 101423 |
| Quantum-Si, Inc. *\*(a)* | 76645 | 164787 |
| Rapport Therapeutics, Inc. \* | 16710 | 483420 |
| RAPT Therapeutics, Inc. \* | 10000 | 302100 |
| Recursion Pharmaceuticals, Inc., <br> Class A *\*(a)*<br>| 216429 | 1194688 |
| Regeneron Pharmaceuticals, Inc.  | 48954 | 31908217 |
| REGENXBIO, Inc. \* | 22786 | 290977 |
| Relay Therapeutics, Inc. \* | 70432 | 502884 |
| RenovoRx, Inc. \* | 49232 | 54648 |
| Repligen Corp. \* | 25233 | 3761231 |
| Replimune Group, Inc. \* | 20000 | 194600 |
| Revolution Medicines, Inc. \* | 84061 | 4946149 |
| Revvity, Inc.  | 56433 | 5281564 |
| Rezolute, Inc. \* | 35257 | 328595 |
| Rhythm Pharmaceuticals, Inc. \* | 29561 | 3362859 |
| Rigel Pharmaceuticals, Inc. \* | 8579 | 270925 |
| Rocket Pharmaceuticals, Inc. \* | 50000 | 188500 |
| Roivant Sciences Ltd. \* | 207765 | 4153222 |
| Royalty Pharma PLC, Class A  | 184931 | 6942310 |
| Sagimet Biosciences, Inc., Class A \* | 15000 | 127800 |
| Sana Biotechnology, Inc. \* | 89715 | 444089 |
| Sangamo Therapeutics, Inc. \* | 80106 | 47903 |
| Sarepta Therapeutics, Inc. \* | 42000 | 1008420 |
| Savara, Inc. \* | 55048 | 228449 |
| Scholar Rock Holding Corp. \* | 38693 | 1146087 |
| Seer, Inc., Class A \* | 17867 | 39486 |
| SELLAS Life Sciences Group, Inc. *\*(a)* | 54238 | 98713 |
| Septerna, Inc. \* | 13690 | 282014 |
| Sera Prognostics, Inc., Class A \* | 12000 | 39360 |
| Shattuck Labs, Inc. \* | 20881 | 40092 |
| SIGA Technologies, Inc.  | 17097 | 141563 |
| Sionna Therapeutics, Inc. \* | 5054 | 193113 |
| Soleno Therapeutics, Inc. \* | 23691 | 1591088 |
| Solid Biosciences, Inc. \* | 14847 | 80025 |
| Sotera Health Co. \* | 83583 | 1387478 |
| Spero Therapeutics, Inc. \* | 28565 | 69413 |
| Spyre Therapeutics, Inc. \* | 31985 | 782353 |
| Standard BioTools, Inc. \* | 150000 | 180000 |
| Stoke Therapeutics, Inc. \* | 24208 | 727208 |
| Summit Therapeutics, Inc. *\*(a)* | 69091 | 1306511 |
| Supernus Pharmaceuticals, Inc. \* | 26488 | 1460283 |
| Syndax Pharmaceuticals, Inc. \* | 39996 | 547945 |
| Tango Therapeutics, Inc. \* | 48653 | 394576 |
| Tarsus Pharmaceuticals, Inc. \* | 18777 | 1292045 |
| Taysha Gene Therapies, Inc. \* | 122352 | 606866 |
| Tectonic Therapeutic, Inc. \* | 4711 | 85976 |
| Tempus AI, Inc. \* | 48229 | 4333376 |
| Tenaya Therapeutics, Inc. \* | 50000 | 72000 |
| Terns Pharmaceuticals, Inc. \* | 37305 | 308139 |
| TG Therapeutics, Inc. \* | 64928 | 2258196 |
| Theravance Biopharma, Inc. \* | 21449 | 314442 |
| Thermo Fisher Scientific, Inc.  | 181715 | 103103274 |
| Third Harmonic Bio, Inc. *\*(b)* | 11232 | 225 |
| Tonix Pharmaceuticals Holding Corp. \* | 4700 | 87514 |
| Travere Therapeutics, Inc. \* | 45040 | 1583606 |
| Trevi Therapeutics, Inc. \* | 53588 | 624836 |
| TriSalus Life Sciences, Inc. \* | 10000 | 47400 |
| TuHURA Biosciences, Inc. \* | 15000 | 38250 |
| Tvardi Therapeutics, Inc. *\*(a)* | 3500 | 16275 |
| Twist Bioscience Corp. \* | 30306 | 996764 |

---

*See financial notes*

**66**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Tyra Biosciences, Inc. \* | 9880 | 156499 |
| Ultragenyx Pharmaceutical, Inc. \* | 46083 | 1594472 |
| uniQure NV \* | 29188 | 1975736 |
| United Therapeutics Corp. \* | 21832 | 9724628 |
| Upstream Bio, Inc. \* | 18905 | 488694 |
| Vanda Pharmaceuticals, Inc. \* | 20000 | 87000 |
| Vaxcyte, Inc. \* | 58294 | 2639552 |
| Ventyx Biosciences, Inc. \* | 30926 | 263799 |
| Vera Therapeutics, Inc., Class A \* | 26354 | 750035 |
| Veracyte, Inc. \* | 37583 | 1355995 |
| Verastem, Inc. \* | 29159 | 275553 |
| Vericel Corp. \* | 23544 | 825453 |
| Vertex Pharmaceuticals, Inc. \* | 123381 | 52507252 |
| Veru, Inc. \* | 6500 | 19175 |
| Viatris, Inc.  | 566662 | 5870618 |
| Vigil Neuroscience, Inc. *\*(b)* | 20643 | 1032 |
| Viking Therapeutics, Inc. \* | 53100 | 2022048 |
| Vir Biotechnology, Inc. \* | 49897 | 297386 |
| Viridian Therapeutics, Inc. \* | 35105 | 829531 |
| Vistagen Therapeutics, Inc. \* | 23302 | 91810 |
| Voyager Therapeutics, Inc. \* | 23000 | 107410 |
| Waters Corp. \* | 28644 | 10013942 |
| WaVe Life Sciences Ltd. \* | 56206 | 508102 |
| West Pharmaceutical Services, Inc.  | 34892 | 9841986 |
| Xencor, Inc. \* | 34518 | 507760 |
| Xeris Biopharma Holdings, Inc. \* | 82840 | 803548 |
| XOMA Royalty Corp. \* | 5843 | 192702 |
| Zenas Biopharma, Inc. *\*(a)* | 13951 | 435969 |
| Zentalis Pharmaceuticals, Inc. \* | 41861 | 62792 |
| Zevra Therapeutics, Inc. \* | 22339 | 227411 |
| Zoetis, Inc.  | 213390 | 30747365 |
|  |  | **1840029648** |
| **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** |
| AMREP Corp. \* | 2361 | 50714 |
| Anywhere Real Estate, Inc. \* | 50250 | 505013 |
| CBRE Group, Inc., Class A \* | 141021 | 21495831 |
| Compass, Inc., Class A \* | 225257 | 1736731 |
| CoStar Group, Inc. \* | 204907 | 14099651 |
| Cushman & Wakefield PLC \* | 111185 | 1745604 |
| Douglas Elliman, Inc. \* | 40000 | 98800 |
| eXp World Holdings, Inc.  | 42778 | 438047 |
| Forestar Group, Inc. \* | 9724 | 252921 |
| FRP Holdings, Inc. \* | 5956 | 141157 |
| Howard Hughes Holdings, Inc. \* | 14474 | 1147499 |
| Jones Lang LaSalle, Inc. \* | 22960 | 7004866 |
| Kennedy-Wilson Holdings, Inc.  | 57369 | 433710 |
| Marcus & Millichap, Inc.  | 11056 | 322946 |
| Maui Land & Pineapple Co., Inc. \* | 3498 | 55968 |
| Newmark Group, Inc., Class A  | 71820 | 1280551 |
| Opendoor Technologies, Inc. \* | 322893 | 2508879 |
| RE/MAX Holdings, Inc., Class A \* | 14967 | 118688 |
| RMR Group, Inc., Class A  | 3800 | 58786 |
| Seaport Entertainment Group, Inc. \* | 4108 | 98880 |
| Seritage Growth Properties, Class A \* | 31941 | 129680 |
| St. Joe Co.  | 19358 | 1099147 |
| Star Holdings \* | 6000 | 43920 |
| Stratus Properties, Inc. \* | 3398 | 63848 |
| Tejon Ranch Co. \* | 11108 | 175729 |
| Zillow Group, Inc., Class C \* | 107963 | 8095066 |
|  |  | **63202632** |
| **Semiconductors & Semiconductor Equipment 13.6%** | **Semiconductors & Semiconductor Equipment 13.6%** | **Semiconductors & Semiconductor Equipment 13.6%** |
| ACM Research, Inc., Class A \* | 24388 | 1011126 |
| Advanced Micro Devices, Inc. \* | 780947 | 200016146 |
| Aehr Test Systems \* | 15743 | 409161 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Aeluma, Inc. \* | 6000 | 97860 |
| Allegro MicroSystems, Inc. \* | 57363 | 1716301 |
| Alpha & Omega Semiconductor Ltd. \* | 10813 | 303413 |
| Ambarella, Inc. \* | 18585 | 1584000 |
| Amkor Technology, Inc.  | 53364 | 1722590 |
| Analog Devices, Inc.  | 238805 | 55911415 |
| Applied Materials, Inc.  | 386179 | 90018325 |
| Astera Labs, Inc. \* | 63048 | 11769801 |
| Axcelis Technologies, Inc. \* | 15374 | 1223155 |
| AXT, Inc. \* | 20000 | 159000 |
| Blaize Holdings, Inc. *\*(a)* | 27000 | 105570 |
| Broadcom, Inc.  | 2263968 | 836830492 |
| CEVA, Inc. \* | 10247 | 278821 |
| Cirrus Logic, Inc. \* | 24868 | 3298740 |
| Cohu, Inc. \* | 25139 | 598057 |
| Credo Technology Group Holding <br> Ltd. \*<br>| 72648 | 13630218 |
| Diodes, Inc. \* | 23096 | 1232403 |
| Enphase Energy, Inc. \* | 62575 | 1909163 |
| Entegris, Inc.  | 73387 | 6720048 |
| Everspin Technologies, Inc. \* | 8698 | 92199 |
| First Solar, Inc. \* | 51862 | 13844042 |
| FormFactor, Inc. \* | 37142 | 2040953 |
| Ichor Holdings Ltd. \* | 16163 | 366577 |
| Impinj, Inc. \* | 12585 | 2544184 |
| indie Semiconductor, Inc., Class A *\*(a)* | 95547 | 514043 |
| Intel Corp. \* | 2106306 | 84231177 |
| inTEST Corp. \* | 4591 | 38932 |
| KLA Corp.  | 63502 | 76757407 |
| Kopin Corp. \* | 78341 | 271060 |
| Kulicke & Soffa Industries, Inc.  | 25712 | 1026680 |
| Lam Research Corp.  | 609044 | 95900068 |
| Lattice Semiconductor Corp. \* | 66212 | 4830827 |
| MACOM Technology Solutions <br> Holdings, Inc. \*<br>| 30777 | 4558997 |
| Marvell Technology, Inc.  | 414829 | 38886070 |
| MaxLinear, Inc. \* | 36453 | 552263 |
| Microchip Technology, Inc.  | 259899 | 16222896 |
| Micron Technology, Inc.  | 538547 | 120510662 |
| MKS, Inc.  | 32627 | 4688826 |
| Monolithic Power Systems, Inc.  | 23047 | 23162235 |
| Navitas Semiconductor Corp., <br> Class A *\*(a)*<br>| 88455 | 1190604 |
| NVE Corp.  | 2299 | 158746 |
| NVIDIA Corp.  | 11744191 | 2378081236 |
| NXP Semiconductors NV  | 121323 | 25371066 |
| ON Semiconductor Corp. \* | 197443 | 9887945 |
| Onto Innovation, Inc. \* | 23662 | 3193424 |
| PDF Solutions, Inc. \* | 14956 | 435668 |
| Penguin Solutions, Inc. \* | 23108 | 514615 |
| Photronics, Inc. \* | 31345 | 749145 |
| Power Integrations, Inc.  | 27802 | 1164626 |
| Qorvo, Inc. \* | 41057 | 3897130 |
| QUALCOMM, Inc.  | 519009 | 93888728 |
| QuickLogic Corp. *\*(a)* | 7578 | 59866 |
| Rambus, Inc. \* | 52576 | 5406916 |
| Rigetti Computing, Inc. \* | 157982 | 6993863 |
| Semtech Corp. \* | 41125 | 2790742 |
| Silicon Laboratories, Inc. \* | 15681 | 2055465 |
| SiTime Corp. \* | 10693 | 3097121 |
| SkyWater Technology, Inc. \* | 12405 | 216901 |
| Skyworks Solutions, Inc.  | 71867 | 5585503 |
| SolarEdge Technologies, Inc. \* | 28622 | 1004346 |
| Synaptics, Inc. \* | 19574 | 1388580 |
| Teradyne, Inc.  | 76545 | 13912819 |
| Texas Instruments, Inc.  | 437496 | 70638104 |
| Ultra Clean Holdings, Inc. \* | 21314 | 584217 |
| Universal Display Corp.  | 21706 | 3196860 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**67**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Veeco Instruments, Inc. \* | 27406 | 787922 |
|  |  | **4357838061** |
| **Software & Services 12.0%** | **Software & Services 12.0%** | **Software & Services 12.0%** |
| 8x8, Inc. \* | 70702 | 130092 |
| A10 Networks, Inc.  | 35602 | 635140 |
| Accenture PLC, Class A  | 299730 | 74962473 |
| ACI Worldwide, Inc. \* | 49858 | 2374737 |
| Adeia, Inc.  | 52866 | 900837 |
| Adobe, Inc. \* | 204134 | 69468841 |
| Agilysys, Inc. \* | 12370 | 1551940 |
| Airship AI Holdings, Inc., Class A \* | 10000 | 47500 |
| Akamai Technologies, Inc. \* | 70146 | 5267965 |
| Alarm.com Holdings, Inc. \* | 23883 | 1175521 |
| Alkami Technology, Inc. \* | 39733 | 806183 |
| Amplitude, Inc., Class A \* | 47091 | 473265 |
| Appfolio, Inc., Class A \* | 11277 | 2869207 |
| Appian Corp., Class A \* | 21338 | 638646 |
| Applied Digital Corp. \* | 113648 | 3939040 |
| AppLovin Corp., Class A \* | 130276 | 83028803 |
| Arteris, Inc. \* | 9920 | 135011 |
| Asana, Inc., Class A \* | 45781 | 643223 |
| ASGN, Inc. \* | 21209 | 949315 |
| Atlassian Corp., Class A \* | 79535 | 13474820 |
| AudioEye, Inc. \* | 4308 | 66214 |
| Aurora Innovation, Inc. \* | 555989 | 2913382 |
| Autodesk, Inc. \* | 102931 | 31017228 |
| AvePoint, Inc. \* | 64507 | 907613 |
| Backblaze, Inc., Class A \* | 28678 | 295670 |
| Bentley Systems, Inc., Class B  | 71238 | 3621028 |
| BigBear.ai Holdings, Inc. \* | 184616 | 1277543 |
| Bill Holdings, Inc. \* | 43658 | 2168056 |
| Bit Digital, Inc. \* | 167651 | 613603 |
| BitMine Immersion Technologies, <br> Inc. \*<br>| 84356 | 3935207 |
| Blackbaud, Inc. \* | 18090 | 1158484 |
| BlackLine, Inc. \* | 26758 | 1531895 |
| Blend Labs, Inc., Class A \* | 109476 | 362366 |
| Box, Inc., Class A \* | 67799 | 2175670 |
| Braze, Inc., Class A \* | 40071 | 1148435 |
| C3.ai, Inc., Class A \* | 58976 | 1036798 |
| Cadence Design Systems, Inc. \* | 131128 | 44411742 |
| CCC Intelligent Solutions Holdings, <br> Inc. \*<br>| 268259 | 2339218 |
| Cerence, Inc. \* | 24000 | 257520 |
| Cipher Mining, Inc. \* | 143252 | 2671650 |
| Circle Internet Group, Inc. *\*(a)* | 25896 | 3288274 |
| Cleanspark, Inc. \* | 133128 | 2369678 |
| Clear Secure, Inc., Class A  | 41065 | 1251251 |
| Clearwater Analytics Holdings, Inc., <br> Class A \*<br>| 137116 | 2524306 |
| Cloudflare, Inc., Class A \* | 151025 | 38254632 |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 234489 | 17089558 |
| Commerce.com, Inc. \* | 30500 | 141215 |
| Commvault Systems, Inc. \* | 21577 | 3003950 |
| Confluent, Inc., Class A \* | 138561 | 3238171 |
| Consensus Cloud Solutions, Inc. \* | 8336 | 244411 |
| Core Scientific, Inc. \* | 144565 | 3113930 |
| CoreWeave, Inc., Class A \* | 105309 | 14080866 |
| Crowdstrike Holdings, Inc., Class A \* | 119943 | 65130248 |
| CS Disco, Inc. \* | 11500 | 72680 |
| CSP, Inc.  | 5818 | 77612 |
| Daily Journal Corp. \* | 412 | 166876 |
| Datadog, Inc., Class A \* | 155306 | 25285370 |
| Digital Turbine, Inc. \* | 52036 | 324705 |
| DigitalOcean Holdings, Inc. \* | 34660 | 1409276 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Docusign, Inc., Class A \* | 98507 | 7204802 |
| Dolby Laboratories, Inc., Class A  | 29612 | 1963868 |
| Domo, Inc., Class B \* | 16000 | 219200 |
| Dropbox, Inc., Class A \* | 88206 | 2557974 |
| D-Wave Quantum, Inc. \* | 164315 | 6089514 |
| DXC Technology Co. \* | 88666 | 1259057 |
| Dynatrace, Inc. \* | 144853 | 7325216 |
| eGain Corp. \* | 7634 | 110082 |
| Elastic NV \* | 44972 | 4012402 |
| EPAM Systems, Inc. \* | 26517 | 4336590 |
| EverCommerce, Inc. \* | 12868 | 149140 |
| Exodus Movement, Inc., Class A \* | 2623 | 64237 |
| Expensify, Inc., Class A \* | 35000 | 57050 |
| Fair Isaac Corp. \* | 11552 | 19170891 |
| Fastly, Inc., Class A \* | 69803 | 578667 |
| Five9, Inc. \* | 37138 | 901711 |
| Fortinet, Inc. \* | 313368 | 27084396 |
| Freshworks, Inc., Class A \* | 95972 | 1065289 |
| Gartner, Inc. \* | 36408 | 9041563 |
| Gen Digital, Inc.  | 273230 | 7202343 |
| Gitlab, Inc., Class A \* | 67948 | 3312465 |
| GoDaddy, Inc., Class A \* | 66447 | 8846089 |
| Grid Dynamics Holdings, Inc. \* | 20000 | 186800 |
| Guidewire Software, Inc. \* | 40561 | 9476672 |
| Hackett Group, Inc.  | 12220 | 221304 |
| HubSpot, Inc. \* | 25396 | 12492800 |
| Hut 8 Corp. \* | 45045 | 2281980 |
| I3 Verticals, Inc., Class A \* | 10325 | 317494 |
| Informatica, Inc., Class A \* | 53856 | 1339399 |
| Information Services Group, Inc.  | 16112 | 88777 |
| Intapp, Inc. \* | 26069 | 1000528 |
| Intellicheck, Inc. \* | 12962 | 59496 |
| InterDigital, Inc.  | 12428 | 4498439 |
| International Business Machines <br> Corp. <br>| 448267 | 137801758 |
| Intuit, Inc.  | 134235 | 89608574 |
| Jamf Holding Corp. \* | 25000 | 321250 |
| Kaltura, Inc. \* | 33164 | 51404 |
| Klaviyo, Inc., Class A \* | 60020 | 1560520 |
| Kyndryl Holdings, Inc. \* | 111992 | 3238809 |
| Life360, Inc. \* | 37854 | 3736568 |
| LivePerson, Inc. \* | 3333 | 21031 |
| LiveRamp Holdings, Inc. \* | 30335 | 829359 |
| Manhattan Associates, Inc. \* | 29619 | 5392731 |
| MARA Holdings, Inc. \* | 179383 | 3277327 |
| Microsoft Corp.  | 3577791 | 1852615958 |
| Mitek Systems, Inc. \* | 18641 | 171684 |
| MongoDB, Inc., Class A \* | 39323 | 14149202 |
| N-able, Inc. \* | 50700 | 396981 |
| nCino, Inc. \* | 51712 | 1379676 |
| NCR Voyix Corp. \* | 66187 | 755194 |
| NextNav, Inc. \* | 44657 | 596171 |
| Nutanix, Inc., Class A \* | 128778 | 9174145 |
| Okta, Inc. \* | 80135 | 7334757 |
| ON24, Inc. \* | 18000 | 99360 |
| OneSpan, Inc.  | 17440 | 198816 |
| Onestream, Inc. \* | 37646 | 711133 |
| Ooma, Inc. \* | 9711 | 109054 |
| Oracle Corp.  | 797769 | 209502117 |
| PagerDuty, Inc. \* | 42859 | 688316 |
| Palantir Technologies, Inc., Class A \* | 1094423 | 219398979 |
| Palo Alto Networks, Inc. \* | 321425 | 70790642 |
| PAR Technology Corp. \* | 18480 | 653083 |
| Pegasystems, Inc.  | 45399 | 2889646 |
| Pivotal Software, Inc. *\*(b)* | 31626 | 0 |
| Porch Group, Inc. \* | 52923 | 796491 |
| Procore Technologies, Inc. \* | 55592 | 4103801 |
| Progress Software Corp. \* | 20511 | 874589 |

---

*See financial notes*

**68**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| PROS Holdings, Inc. \* | 21484 | 495206 |
| PTC, Inc. \* | 57901 | 11495665 |
| Q2 Holdings, Inc. \* | 30358 | 1874910 |
| Qualys, Inc. \* | 17368 | 2140780 |
| Rackspace Technology, Inc. \* | 28860 | 46176 |
| Rapid7, Inc. \* | 25000 | 462750 |
| Red Violet, Inc.  | 5306 | 284561 |
| Rekor Systems, Inc. \* | 96549 | 244269 |
| ReposiTrak, Inc.  | 6299 | 94548 |
| Research Solutions, Inc. \* | 18069 | 58544 |
| Rimini Street, Inc. \* | 21843 | 86935 |
| RingCentral, Inc., Class A \* | 38341 | 1154831 |
| Riot Platforms, Inc. \* | 153227 | 3030830 |
| Roper Technologies, Inc.  | 51927 | 23167231 |
| Rubrik, Inc., Class A \* | 64347 | 4843399 |
| SailPoint, Inc. \* | 37348 | 809705 |
| Salesforce, Inc.  | 460048 | 119801100 |
| Samsara, Inc., Class A \* | 145075 | 5827663 |
| SEMrush Holdings, Inc., Class A \* | 17212 | 124959 |
| SentinelOne, Inc., Class A \* | 152980 | 2730693 |
| ServiceNow, Inc. \* | 100094 | 92014412 |
| ServiceTitan, Inc., Class A \* | 26642 | 2513939 |
| Snowflake, Inc., Class A \* | 160563 | 44135557 |
| SoundHound AI, Inc., Class A \* | 183068 | 3225658 |
| SoundThinking, Inc. \* | 4200 | 39270 |
| Sprinklr, Inc., Class A \* | 57049 | 440418 |
| Sprout Social, Inc., Class A \* | 25000 | 256750 |
| SPS Commerce, Inc. \* | 18139 | 1491751 |
| SRAX, Inc. *\*(b)* | 9789 | 34 |
| Strategy, Inc., Class A \* | 127001 | 34228039 |
| Synopsys, Inc. \* | 89047 | 40411310 |
| Telos Corp. \* | 25409 | 174306 |
| Tenable Holdings, Inc. \* | 57298 | 1662788 |
| Teradata Corp. \* | 45373 | 946027 |
| Terawulf, Inc. \* | 152220 | 2359410 |
| TON Strategy Co. \* | 29096 | 125404 |
| TSS, Inc. \* | 12157 | 246301 |
| Tucows, Inc., Class A \* | 5000 | 95800 |
| Twilio, Inc., Class A \* | 73693 | 9939712 |
| Tyler Technologies, Inc. \* | 20785 | 9899064 |
| UiPath, Inc., Class A \* | 210808 | 3343415 |
| Unisys Corp. \* | 39083 | 139526 |
| Unity Software, Inc. \* | 162796 | 6169968 |
| Upland Software, Inc. \* | 22775 | 47372 |
| Varonis Systems, Inc., Class B \* | 54574 | 1922642 |
| Verint Systems, Inc. \* | 32647 | 662081 |
| VeriSign, Inc.  | 40195 | 9638761 |
| Veritone, Inc. \* | 20000 | 125200 |
| Vertex, Inc., Class A \* | 35910 | 822339 |
| Viant Technology, Inc., Class A \* | 10390 | 92263 |
| Weave Communications, Inc. \* | 33621 | 249132 |
| Whitefiber, Inc. \* | 4600 | 156354 |
| WM Technology, Inc. \* | 40927 | 42973 |
| Workday, Inc., Class A \* | 103656 | 24869147 |
| Workiva, Inc., Class A \* | 25143 | 2137406 |
| Xperi, Inc. \* | 25000 | 168000 |
| Yext, Inc. \* | 46726 | 395769 |
| Zeta Global Holdings Corp., Class A \* | 91633 | 1648478 |
| Zoom Communications, Inc. \* | 126173 | 11006071 |
| Zscaler, Inc. \* | 47965 | 15883130 |
|  |  | **3838694983** |
| **Technology Hardware & Equipment 8.5%** | **Technology Hardware & Equipment 8.5%** | **Technology Hardware & Equipment 8.5%** |
| 908 Devices, Inc. \* | 20374 | 162585 |
| ADTRAN Holdings, Inc. \* | 33081 | 344704 |
| Advanced Energy Industries, Inc.  | 18358 | 3721717 |
| Aeva Technologies, Inc. \* | 13355 | 218221 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Airgain, Inc. \* | 7096 | 30513 |
| Amphenol Corp., Class A  | 587533 | 81866848 |
| Apple, Inc.  | 7142947 | 1931238580 |
| Applied Optoelectronics, Inc. \* | 28519 | 1014136 |
| Arista Networks, Inc. \* | 495961 | 78208090 |
| Arlo Technologies, Inc. \* | 48708 | 942013 |
| Arrow Electronics, Inc. \* | 24411 | 2723047 |
| AstroNova, Inc. \* | 4083 | 37074 |
| Aviat Networks, Inc. \* | 4936 | 123203 |
| Avnet, Inc.  | 41153 | 1993863 |
| Badger Meter, Inc.  | 13974 | 2521608 |
| Bel Fuse, Inc., Class B  | 5365 | 826156 |
| Belden, Inc.  | 19416 | 2365840 |
| Benchmark Electronics, Inc.  | 17566 | 769742 |
| BK Technologies Corp. \* | 2000 | 149420 |
| Calix, Inc. \* | 27533 | 1883808 |
| CDW Corp.  | 63368 | 10098958 |
| Ciena Corp. \* | 68132 | 12939629 |
| Cisco Systems, Inc.  | 1905636 | 139321048 |
| Clearfield, Inc. \* | 5453 | 192491 |
| Climb Global Solutions, Inc.  | 1603 | 178061 |
| Cognex Corp.  | 79200 | 3278088 |
| Coherent Corp. \* | 74757 | 9864934 |
| CommScope Holding Co., Inc. \* | 106638 | 1844837 |
| CompoSecure, Inc., Class A \* | 22126 | 439422 |
| Corning, Inc.  | 375123 | 33415957 |
| Corsair Gaming, Inc. \* | 23511 | 191615 |
| CPI Card Group, Inc. \* | 1805 | 28230 |
| Crane NXT Co.  | 24246 | 1533559 |
| CTS Corp.  | 13417 | 556940 |
| Daktronics, Inc. \* | 24125 | 453309 |
| Dell Technologies, Inc., Class C  | 145906 | 23638231 |
| Diebold Nixdorf, Inc. \* | 17287 | 1022526 |
| Digi International, Inc. \* | 17947 | 658296 |
| Eastman Kodak Co. \* | 24964 | 158272 |
| ePlus, Inc.  | 12538 | 917280 |
| Evolv Technologies Holdings, Inc. \* | 65781 | 509145 |
| Extreme Networks, Inc. \* | 65060 | 1237441 |
| F5, Inc. \* | 27474 | 6952296 |
| Fabrinet \* | 17284 | 7614812 |
| Flex Ltd. \* | 179933 | 11249411 |
| Frequency Electronics, Inc. \* | 4719 | 173282 |
| Genasys, Inc. \* | 20918 | 48948 |
| Harmonic, Inc. \* | 56948 | 609344 |
| Hewlett Packard Enterprise Co.  | 630038 | 15385528 |
| HP, Inc.  | 451406 | 12490404 |
| Identiv, Inc. \* | 8288 | 33152 |
| Immersion Corp.  | 13101 | 87646 |
| Inseego Corp. \* | 4205 | 69971 |
| Insight Enterprises, Inc. \* | 15209 | 1520900 |
| IonQ, Inc. \* | 143110 | 8927202 |
| IPG Photonics Corp. \* | 13344 | 1135841 |
| Itron, Inc. \* | 22107 | 2217995 |
| Jabil, Inc.  | 51642 | 11407201 |
| Keysight Technologies, Inc. \* | 83021 | 15189522 |
| Kimball Electronics, Inc. \* | 10963 | 318749 |
| Knowles Corp. \* | 40205 | 949240 |
| KVH Industries, Inc. \* | 5414 | 32322 |
| LightPath Technologies, Inc., Class A \* | 24173 | 209822 |
| Lightwave Logic, Inc. \* | 60000 | 282600 |
| Littelfuse, Inc.  | 11851 | 2883467 |
| Lumentum Holdings, Inc. \* | 33925 | 6837923 |
| MicroVision, Inc. *\*(a)* | 167237 | 195667 |
| Mirion Technologies, Inc., Class A \* | 115753 | 3399666 |
| Motorola Solutions, Inc.  | 80173 | 32607161 |
| M-Tron Industries, Inc. \* | 2643 | 145682 |
| Napco Security Technologies, Inc.  | 18552 | 819071 |
| Neonode, Inc. \* | 4440 | 13498 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**69**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| NetApp, Inc.  | 96148 | 11324311 |
| NETGEAR, Inc. \* | 13065 | 453617 |
| NetScout Systems, Inc. \* | 34140 | 949092 |
| nLight, Inc. \* | 22673 | 748436 |
| Novanta, Inc. \* | 17211 | 2185969 |
| Ondas Holdings, Inc. \* | 160746 | 1035204 |
| One Stop Systems, Inc. \* | 12911 | 64555 |
| OSI Systems, Inc. \* | 7329 | 2040833 |
| Ouster, Inc. \* | 29221 | 974813 |
| PC Connection, Inc.  | 5698 | 347407 |
| Plexus Corp. \* | 12972 | 1814783 |
| Powerfleet, Inc. NJ \* | 54255 | 276701 |
| Pure Storage, Inc., Class A \* | 150029 | 14807862 |
| Quantum Computing, Inc. *\*(a)* | 67084 | 1120974 |
| Ralliant Corp.  | 54017 | 2372427 |
| Red Cat Holdings, Inc. *\*(a)* | 47671 | 536299 |
| ReElement Technologies LLC *\*(a)(b)* | 12919 | 0 |
| Research Frontiers, Inc. \* | 21870 | 42428 |
| RF Industries Ltd. \* | 7044 | 55084 |
| Ribbon Communications, Inc. \* | 38255 | 128537 |
| Richardson Electronics Ltd.  | 5554 | 59872 |
| Rogers Corp. \* | 8205 | 718266 |
| Sandisk Corp. \* | 67030 | 13361090 |
| Sanmina Corp. \* | 25660 | 3516703 |
| ScanSource, Inc. \* | 10228 | 438832 |
| Seagate Technology Holdings PLC  | 102789 | 26301649 |
| SmartRent, Inc. \* | 80000 | 111200 |
| Super Micro Computer, Inc. \* | 241077 | 12526361 |
| TD SYNNEX Corp.  | 36971 | 5785592 |
| TE Connectivity PLC  | 142244 | 35135690 |
| Teledyne Technologies, Inc. \* | 22660 | 11937742 |
| TransAct Technologies, Inc. \* | 3397 | 16000 |
| Trimble, Inc. \* | 114103 | 9099714 |
| TTM Technologies, Inc. \* | 50171 | 3371491 |
| Turtle Beach Corp. \* | 7827 | 132276 |
| Ubiquiti, Inc.  | 2068 | 1627888 |
| Unusual Machines, Inc. \* | 12500 | 187125 |
| Viasat, Inc. \* | 64631 | 2573606 |
| Viavi Solutions, Inc. \* | 109669 | 1941141 |
| Vishay Intertechnology, Inc.  | 64041 | 1087416 |
| Vishay Precision Group, Inc. \* | 5394 | 202059 |
| Vontier Corp.  | 72249 | 2781586 |
| Vuzix Corp. *\*(a)* | 48683 | 163088 |
| Western Digital Corp.  | 167372 | 25140948 |
| Wrap Technologies, Inc. *\*(a)* | 21515 | 60457 |
| Xerox Holdings Corp.  | 56000 | 185920 |
| Zebra Technologies Corp., Class A \* | 24552 | 6610626 |
|  |  | **2703781430** |
| **Telecommunication Services 0.8%** | **Telecommunication Services 0.8%** | **Telecommunication Services 0.8%** |
| Anterix, Inc. \* | 8567 | 173225 |
| Array Digital Infrastructure, Inc.  | 6696 | 328908 |
| AST SpaceMobile, Inc. \* | 113464 | 9105486 |
| AT&T, Inc.  | 3440918 | 85162720 |
| ATN International, Inc.  | 5256 | 76370 |
| Bandwidth, Inc., Class A \* | 15306 | 247192 |
| Cogent Communications Holdings, <br> Inc. <br>| 24608 | 1015080 |
| Frontier Communications Parent, <br> Inc. \*<br>| 121570 | 4590483 |
| GCI Liberty, Inc. *\*(b)* | 35715 | 0 |
| GCI Liberty, Inc., Class C \* | 12332 | 451660 |
| Globalstar, Inc. \* | 26231 | 1427229 |
| Gogo, Inc. \* | 42437 | 386177 |
| IDT Corp., Class B  | 9928 | 502952 |
| Iridium Communications, Inc.  | 51747 | 990955 |
| Liberty Global Ltd., Class C \* | 151474 | 1688935 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Liberty Latin America Ltd., Class C \* | 78742 | 622849 |
| Lumen Technologies, Inc. \* | 454297 | 4670173 |
| NII Holdings, Inc. Escrow *\*(b)* | 28127 | 14485 |
| Shenandoah Telecommunications Co.  | 21835 | 269007 |
| Spok Holdings, Inc.  | 9849 | 140742 |
| Telephone & Data Systems, Inc.  | 47678 | 1850860 |
| T-Mobile U.S., Inc.  | 232842 | 48908462 |
| Uniti Group, Inc.  | 92988 | 535611 |
| Verizon Communications, Inc.  | 2028986 | 80631904 |
|  |  | **243791465** |
| **Transportation 1.3%** | **Transportation 1.3%** | **Transportation 1.3%** |
| Alaska Air Group, Inc. \* | 55631 | 2321482 |
| Allegiant Travel Co. \* | 6715 | 417539 |
| American Airlines Group, Inc. \* | 322070 | 4228779 |
| ArcBest Corp.  | 11604 | 862409 |
| Avis Budget Group, Inc. \* | 8421 | 1145845 |
| CH Robinson Worldwide, Inc.  | 56604 | 8716450 |
| Covenant Logistics Group, Inc., <br> Class A <br>| 6788 | 136914 |
| CSX Corp.  | 897130 | 32314623 |
| Delta Air Lines, Inc.  | 311761 | 17888846 |
| Expeditors International of <br> Washington, Inc. <br>| 65761 | 8016266 |
| FedEx Corp.  | 104463 | 26514799 |
| Forward Air Corp. \* | 10889 | 204822 |
| Frontier Group Holdings, Inc. \* | 34441 | 132942 |
| FTAI Infrastructure, Inc.  | 59598 | 318253 |
| Genco Shipping & Trading Ltd.  | 21083 | 359254 |
| GXO Logistics, Inc. \* | 54730 | 3076373 |
| Heartland Express, Inc.  | 26008 | 202862 |
| Hertz Global Holdings, Inc. *\*(a)* | 61544 | 315721 |
| Hub Group, Inc., Class A  | 28838 | 1062104 |
| JB Hunt Transport Services, Inc.  | 36913 | 6233129 |
| JetBlue Airways Corp. \* | 147083 | 617749 |
| Joby Aviation, Inc. \* | 256386 | 4445733 |
| Kirby Corp. \* | 27367 | 2831937 |
| Knight-Swift Transportation Holdings, <br> Inc. <br>| 77736 | 3507448 |
| Landstar System, Inc.  | 16676 | 2141699 |
| Lyft, Inc., Class A \* | 193268 | 3954263 |
| Marten Transport Ltd.  | 24450 | 250613 |
| Matson, Inc.  | 16186 | 1633977 |
| Norfolk Southern Corp.  | 107873 | 30569051 |
| Old Dominion Freight Line, Inc.  | 88907 | 12484321 |
| Pangaea Logistics Solutions Ltd.  | 13298 | 65825 |
| Proficient Auto Logistics, Inc. \* | 9150 | 68442 |
| Radiant Logistics, Inc. \* | 16850 | 101943 |
| RXO, Inc. \* | 79105 | 1402532 |
| Ryder System, Inc.  | 19907 | 3368862 |
| Saia, Inc. \* | 12708 | 3717090 |
| Schneider National, Inc., Class B  | 23306 | 498049 |
| Sky Harbour Group Corp. \* | 9000 | 88920 |
| SkyWest, Inc. \* | 19023 | 1911431 |
| Southwest Airlines Co.  | 253161 | 7670778 |
| Strata Critical Medical, Inc. \* | 26008 | 130820 |
| Sun Country Airlines Holdings, Inc. \* | 33059 | 405965 |
| Uber Technologies, Inc. \* | 1003548 | 96842382 |
| U-Haul Holding Co., Non Voting <br> Shares <br>| 53498 | 2594118 |
| Union Pacific Corp.  | 285384 | 62890072 |
| United Airlines Holdings, Inc. \* | 155562 | 14629050 |
| United Parcel Service, Inc., Class B  | 354200 | 34151964 |
| Universal Logistics Holdings, Inc.  | 3300 | 53394 |
| Werner Enterprises, Inc.  | 29435 | 771197 |
| Wheels Up Experience, Inc. \* | 55298 | 75758 |

---

*See financial notes*

**70**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| XPO, Inc. \* | 56375 | 8110671 |
|  |  | **416455466** |
| **Utilities 2.3%** | **Utilities 2.3%** | **Utilities 2.3%** |
| AES Corp.  | 347851 | 4824693 |
| ALLETE, Inc.  | 27530 | 1853595 |
| Alliant Energy Corp.  | 124307 | 8306194 |
| Ameren Corp.  | 129956 | 13258111 |
| American Electric Power Co., Inc.  | 257355 | 30949512 |
| American States Water Co.  | 17953 | 1280228 |
| American Water Works Co., Inc.  | 94371 | 12120068 |
| Artesian Resources Corp., Class A  | 5123 | 165114 |
| Atmos Energy Corp.  | 76975 | 13218147 |
| Avista Corp.  | 39141 | 1489315 |
| Black Hills Corp.  | 34857 | 2210980 |
| Cadiz, Inc. \* | 22878 | 121253 |
| California Water Service Group  | 27919 | 1239045 |
| CenterPoint Energy, Inc.  | 313926 | 12004530 |
| Chesapeake Utilities Corp.  | 10866 | 1383025 |
| Clearway Energy, Inc., Class C  | 54942 | 1754298 |
| CMS Energy Corp.  | 143566 | 10559279 |
| Consolidated Edison, Inc.  | 173339 | 16884952 |
| Consolidated Water Co. Ltd.  | 7055 | 239941 |
| Constellation Energy Corp.  | 150336 | 56676672 |
| Dominion Energy, Inc.  | 410635 | 24100168 |
| DTE Energy Co.  | 99877 | 13537329 |
| Duke Energy Corp.  | 374209 | 46514179 |
| Edison International  | 186407 | 10323220 |
| Entergy Corp.  | 214690 | 20629562 |
| Essential Utilities, Inc.  | 134994 | 5268816 |
| Evergy, Inc.  | 110313 | 8473142 |
| Eversource Energy  | 178615 | 13183573 |
| Exelon Corp.  | 486027 | 22415565 |
| FirstEnergy Corp.  | 251909 | 11544990 |
| Genie Energy Ltd., Class B  | 9550 | 143728 |
| Global Water Resources, Inc.  | 4694 | 46565 |
| H2O America  | 15143 | 700364 |
| Hallador Energy Co. \* | 16191 | 350211 |
| Hawaiian Electric Industries, Inc. \* | 81641 | 948668 |
| IDACORP, Inc.  | 26498 | 3418772 |
| MDU Resources Group, Inc.  | 96911 | 1858753 |
| MGE Energy, Inc.  | 17135 | 1419977 |
| Middlesex Water Co.  | 9717 | 558436 |
| National Fuel Gas Co.  | 43902 | 3464307 |
| New Jersey Resources Corp.  | 48098 | 2130741 |
| NextEra Energy, Inc.  | 990976 | 80665446 |
| NiSource, Inc.  | 227236 | 9568908 |
| Northwest Natural Holding Co.  | 19065 | 868029 |
| Northwestern Energy Group, Inc.  | 29338 | 1750598 |
| NRG Energy, Inc.  | 93083 | 15997244 |
| OGE Energy Corp.  | 96452 | 4257391 |
| Oklo, Inc. \* | 56297 | 7474553 |
| ONE Gas, Inc.  | 29379 | 2355902 |
| Ormat Technologies, Inc.  | 30216 | 3214076 |
| Otter Tail Corp.  | 20403 | 1575520 |
| PG&E Corp.  | 1057646 | 16880030 |
| Pinnacle West Capital Corp.  | 57402 | 5081225 |
| Portland General Electric Co.  | 53974 | 2465532 |
| PPL Corp.  | 355870 | 12996372 |
| Public Service Enterprise Group, Inc.  | 240168 | 19347934 |
| Pure Cycle Corp. \* | 8445 | 92979 |
| RGC Resources, Inc.  | 3883 | 80417 |
| Sempra  | 313623 | 28834499 |
| Southern Co.  | 529366 | 49781579 |
| Southwest Gas Holdings, Inc.  | 31618 | 2513631 |
| Spire, Inc.  | 28415 | 2455056 |
| Talen Energy Corp. \* | 21918 | 8762378 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| TXNM Energy, Inc.  | 45676 | 2594397 |
| UGI Corp.  | 104341 | 3488120 |
| Unitil Corp.  | 7063 | 344321 |
| Vistra Corp.  | 153153 | 28838710 |
| WEC Energy Group, Inc.  | 154889 | 17305748 |
| Xcel Energy, Inc.  | 285669 | 23187753 |
| York Water Co.  | 6196 | 192510 |
|  |  | **734540876** |
| **Total Common Stocks** <br>**(Cost $12,146,419,075)** | **Total Common Stocks** <br>**(Cost $12,146,419,075)** | **31880864474** |
| **RIGHTS** 0.0% OF NET ASSETS  | **RIGHTS** 0.0% OF NET ASSETS  | **RIGHTS** 0.0% OF NET ASSETS  |
| **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** |
| Aduro Biotech, Inc. CVR *\*(b)* | 5747 | 11721 |
| Cartesian Therapeutics, Inc. CVR *\*(b)* | 59796 | 119779 |
| Checkpoint Therapeutics, Inc. CVR <br> *\*(b)*<br>| 20000 | 2400 |
| Cyteir Therapeutics, Inc. CVR *\*(b)* | 15972 | 0 |
| Frequency Therapeutics, Inc. CVR *\*(b)* | 23364 | 899 |
| F-star Therapeutics, Inc. Agonist CVR <br> *\*(b)*<br>| 975 | 0 |
| F-star Therapeutics, Inc. Antagonist <br> CVR *\*(b)*<br>| 975 | 0 |
| Homology Medicines, Inc. CVR *\*(b)* | 21971 | 0 |
| IMARA, Inc. CVR *\*(b)* | 11519 | 0 |
| Magenta Therapeutics, Inc. CVR *\*(b)* | 27369 | 0 |
| Miromatrix Medical, Inc. CVR *\*(b)* | 11036 | 11591 |
| Pardes Biosciences, Inc. CVR *\*(b)* | 19235 | 0 |
| Sesen Bio CVR *\*(b)* | 67895 | 0 |
| Surface Oncology, Inc. CVR *\*(b)* | 44721 | 463 |
| Tectonic Therapeutic, Inc. CVR *\*(b)* | 816 | 0 |
| Zynerba Pharmaceuticals, Inc. CVR <br> *\*(b)*<br>| 37596 | 0 |
|  |  | **146853** |
| **Total Rights** <br>**(Cost $31,744)** | **Total Rights** <br>**(Cost $31,744)** | **146853** |
| **WARRANTS** 0.0% OF NET ASSETS  | **WARRANTS** 0.0% OF NET ASSETS  | **WARRANTS** 0.0% OF NET ASSETS  |
| **Software & Services 0.0%** | **Software & Services 0.0%** | **Software & Services 0.0%** |
| DeFi Development Corp. expires <br> 01/21/28, *\*(a)(b)*<br>| 449 | 2000 |
| **Total Warrants** <br>**(Cost $0)** | **Total Warrants** <br>**(Cost $0)** | **2000** |

---

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

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS  |
| **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.01% *(e)(f)*<br>| 34130714 | 34130714 |
| **Total Short-Term Investments** <br>**(Cost $34,130,714)** | **Total Short-Term Investments** <br>**(Cost $34,130,714)** | **34130714** |
| **Total Investments in Securities** <br>**(Cost $12,180,581,533)** | **Total Investments in Securities** <br>**(Cost $12,180,581,533)** | **31915144041** |

---

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

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**71**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| Russell 2000 Index, e-mini, <br> expires 12/19/25<br>| 73 | 9088135 | 47643 |
| S&P 500 Index, e-mini, expires <br> 12/19/25<br>| 230 | 79051000 | 1335381 |
|  |  |  | **1383024** |

---

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

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $33,194,524. 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Issuer is an affiliated company, as the investment adviser owns at least 5% of the voting securities of such company.

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

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

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

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

CVR — Contingent Value Rights <br> REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers and affiliated companies which are or were affiliates during the period ended October 31, 2025. An affiliated company is a company in which the investment adviser has or had an ownership of at least 5% of the voting securities of a security issue during the report period. A dash in the Value at October 31, 2024, and/or Value and Balance of Shares Held at October 31, 2025, columns means either the issuer was not held or not held as an affiliate on the stated date.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS | **COMMON STOCKS** 0.2% OF NET ASSETS |
| **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** | **Commercial & Professional Services 0.0%** |
| TrueBlue, Inc. | $— | $122850 | ($80037)<br>| ($257680)<br>| $195200 | $85320 | 18000 | $— |
| **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** | **Consumer Discretionary Distribution & Retail 0.0%** |
| QVC Group, Inc. |  |  | (13910)<br>| (84562)<br>| 19448 |  |  |  |
| **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** | **Consumer Durables & Apparel 0.0%** |
| Fossil Group, Inc. |  | 75125 |  |  | (23125)<br>|  |  |  |
| **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** |
| Cracker Barrel Old Country Store, Inc. |  |  |  |  | (155386)<br>|  |  | 11203 |
| **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** |
| Diversified Healthcare Trust | 357000 |  | (4000)<br>|  | 73000 |  |  | 4000 |
| Service Properties Trust |  | 214435 | (216316)<br>| (1131607)<br>| 1023859 | 169488 | 79200 | 3167 |
|  |  |  |  |  |  | **169488** |  |  |
| **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** | **Financial Services 0.2%** |
| Charles Schwab Corp. | 48402176 | 12110033 | (1233633)<br>| (33625)<br>| 17865127 | 77110078 | 815807 | 825595 |
| **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** | **Household & Personal Products 0.0%** |
| Medifast, Inc. |  | 140734 | (80006)<br>| (332543)<br>| 292277 | 107399 | 8935 |  |
| **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** | **Media & Entertainment 0.0%** |
| EW Scripps Co. |  | 94685 |  |  | (24215)<br>| 70470 | 29000 |  |
| **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** |
| Emergent BioSolutions, Inc. | 245254 |  |  |  | 92580 |  |  |  |
| **Total** | **$49004430** | **$12757862** | **($1627902)**<br>| **($1840017)**<br>| **$19358765** | **$77542755** |  | **$843965** |

---

*See financial notes*

**72**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $18047127050 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $18047127050 |
| Banks | 1180911017 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1369 | &nbsp;&nbsp; 1180912386 |
| Capital Goods | 2215299906 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 2215299948 |
| Health Care Equipment & Services | 1169981180 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 1169981180 |
| Materials | 641246384 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 641246384 |
| Pharmaceuticals, Biotechnology & Life Sciences | 1840028391 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1,257<br> \*<br>| &nbsp;&nbsp; 1840029648 |
| Software & Services | 3838694949 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34<br> \*<br>| &nbsp;&nbsp; 3838694983 |
| Technology Hardware & Equipment | 2703781430 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 2703781430 |
| Telecommunication Services | 243776980 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14,485<br> \*<br>| &nbsp;&nbsp; 243791465 |
| Rights |  |  |  |  |
| Pharmaceuticals, Biotechnology & Life Sciences |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 146,853<br> \*<br>| &nbsp;&nbsp; 146853 |
| Warrants |  |  |  |  |
| Software & Services |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2000 |
| Short-Term Investments<sup>1</sup> <br>| 34130714 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 34130714 |
| Futures Contracts<sup>2</sup> <br>| 1383024 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1383024 |
| **Total** | **$31916361025** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$166040** | &nbsp;&nbsp; **$31916527065** |

---

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

\* Level 3 amount shown includes securities determined to have no value at October 31, 2025.

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

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**73**

------

Schwab Total Stock Market Index Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $38,396,513)  |  | $77542755 |
| Investments in securities, at value - unaffiliated issuers (cost $12,142,185,020) including securities on loan of $33,194,524 |  | 31837601286 |
| Cash |  | 68782861 |
| Deposit with broker for futures contracts |  | 9949713 |
| Receivables: |  |  |
| Fund shares sold |  | 16815720 |
| Dividends |  | 13930178 |
| Variation margin on future contracts |  | 264944 |
| Income from securities on loan | + | 98482 |
| **Total assets** |  | **32024985939** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 34130714 |
| Payables: |  |  |
| Fund shares redeemed |  | 19413781 |
| Investment adviser fees |  | 856052 |
| Investments bought | + | 333429 |
| **Total liabilities** |  | **54733976** |
| **Net assets** |  | **$31970251963** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $12538856267 |
| Total distributable earnings | + | 19431395696 |
| **Net assets** |  | **$31970251963** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $31970251963 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1932636105 |  | &nbsp;&nbsp;&nbsp;&nbsp; $16.54 |

---

*See financial notes*

**74**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $116,493) |  | $347037638 |
| Other Interest |  | 2135192 |
| Dividends received from securities - affiliated issuers |  | 843965 |
| Securities on loan, net | + | 1983925 |
| **Total investment income**  |  | **352000720** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 8471431 |
| **Total expenses** | – | **8471431** |
| **Net investment income** |  | **343529289** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers  |  | (1840017)<br>|
| Net realized losses on sales of securities - unaffiliated issuers  |  | (182910676)<br>|
| Net realized gains on futures contracts | + | 12468105 |
| **Net realized losses** |  | **(172282588)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 19358765 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 5272136599 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 2520858 |
| **Net change in unrealized appreciation (depreciation)** |  | **5294016222** |
| **Net realized and unrealized gains** |  | **5121733634** |
| **Increase in net assets resulting from operations** |  | **$5465262923** |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**75**

------

Schwab Total Stock Market Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $343529289 | &nbsp;&nbsp;&nbsp; $317220234 |
| Net realized losses |  | (172282588)<br>| &nbsp;&nbsp;&nbsp; (104509067)<br>|
| Net change in unrealized appreciation (depreciation) | + | 5294016222 | &nbsp;&nbsp;&nbsp; 6686608505 |
| **Increase in net assets resulting from operations** |  | **$5465262923** | &nbsp;&nbsp;&nbsp; **$6899319672** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($327953620)**<br>| &nbsp;&nbsp;&nbsp; **($286776664)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 313249102 | &nbsp;&nbsp;&nbsp; $4567271506 | &nbsp;&nbsp;&nbsp; 276659369 | &nbsp;&nbsp;&nbsp; $3428570833 |
| Shares reinvested |  | 18388742 | &nbsp;&nbsp;&nbsp; 268554434 | &nbsp;&nbsp;&nbsp; 21238875 | &nbsp;&nbsp;&nbsp; 235903178 |
| Shares redeemed | + | (252116422)<br>| &nbsp;&nbsp;&nbsp; (3668379809)<br>| &nbsp;&nbsp;&nbsp; (191352826)<br>| &nbsp;&nbsp;&nbsp; (2398427249)<br>|
| **Net transactions in fund shares**  |  | **79521422** | &nbsp;&nbsp;&nbsp; **$1167446131** | &nbsp;&nbsp;&nbsp; **106545418** | &nbsp;&nbsp;&nbsp; **$1266046762** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 1853114683 | &nbsp;&nbsp;&nbsp; $25665496529 | &nbsp;&nbsp;&nbsp; 1746569265 | &nbsp;&nbsp;&nbsp; $17786906759 |
| Total increase | + | 79521422 | &nbsp;&nbsp;&nbsp; 6304755434 | &nbsp;&nbsp;&nbsp; 106545418 | &nbsp;&nbsp;&nbsp; 7878589770 |
| **End of period** |  | **1932636105** | &nbsp;&nbsp;&nbsp; **$31970251963** | &nbsp;&nbsp;&nbsp; **1853114683** | &nbsp;&nbsp;&nbsp; **$25665496529** |

---

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

<sup>1</sup> For the period ended October 31, 2025, and the prior report period, transactions in fund shares have been retroactively adjusted to reflect a 7-for-1 share split effective after the close of U.S. markets on August 15, 2025. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 9 for additional information). 

*See financial notes*

**76**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Growth Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<sup>1</sup> <br>| 11/1/23– <br>10/31/24<sup>1</sup> <br>| 11/1/22– <br>10/31/23<sup>1</sup> <br>| 11/1/21– <br>10/31/22<sup>1</sup> <br>| 11/1/20– <br>10/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $13.90 | &nbsp;&nbsp; $9.74 | &nbsp;&nbsp; $8.26 | &nbsp;&nbsp; $11.15 | &nbsp;&nbsp; $7.85 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.09 | 0.09 | 0.08 | 0.08 | 0.07 |
| Net realized and unrealized gains (losses) | 4.13 | 4.15 | 1.47 | &nbsp;&nbsp; (2.78)<br>| 3.29 |
| Total from investment operations | 4.22 | 4.24 | 1.55 | &nbsp;&nbsp; (2.70)<br>| 3.36 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.06)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.06)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $18.04 | &nbsp;&nbsp; $13.90 | &nbsp;&nbsp; $9.74 | &nbsp;&nbsp; $8.26 | &nbsp;&nbsp; $11.15 |
| Total return | 30.44<br> %<br>| 43.77<br> %<br>| 18.89<br> %<br>| &nbsp;&nbsp; (24.63<br> %)<br>| 43.14<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.035<br> %<br>| 0.035<br> %<br>| 0.035<br> %<br>| 0.035 %<sup>3</sup><br>| 0.035<br> %<br>|
| Net investment income (loss) | 0.57<br> %<br>| 0.69<br> %<br>| 0.91<br> %<br>| 0.86<br> %<br>| 0.73<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 16 %<sup>4</sup><br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 20 %<sup>4</sup><br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 18<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $4565 | &nbsp;&nbsp; $2899 | &nbsp;&nbsp; $1352 | &nbsp;&nbsp; $929 | &nbsp;&nbsp; $881 |

---

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

<sup>1</sup> Per-Share Data has been retroactively adjusted to reflect a 8-for-1 share split effective after the close of U.S. markets on August 15, 2025 (see financial note 9 for additional information). 

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

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

<sup>4</sup> Portfolio turnover rate excludes in-kind transactions.

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**77**

------

Schwab U.S. Large-Cap Growth Index Fund

Portfolio Holdings as of October 31, 2025

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.6% OF NET ASSETS  | **COMMON STOCKS** 99.6% OF NET ASSETS  | **COMMON STOCKS** 99.6% OF NET ASSETS  |
| **Automobiles & Components 3.9%** | **Automobiles & Components 3.9%** | **Automobiles & Components 3.9%** |
| Tesla, Inc. \* | 388337 | 177299141 |
| **Banks 0.4%** | **Banks 0.4%** | **Banks 0.4%** |
| Bank of America Corp.  | 75188 | 4018799 |
| Citigroup, Inc.  | 45915 | 4647975 |
| NU Holdings Ltd., Class A \* | 469458 | 7562968 |
| Pinnacle Financial Partners, Inc.  | 646 | 55046 |
| Popular, Inc.  | 800 | 89176 |
| Western Alliance Bancorp  | 3148 | 243498 |
|  |  | **16617462** |
| **Capital Goods 3.8%** | **Capital Goods 3.8%** | **Capital Goods 3.8%** |
| 3M Co.  | 11968 | 1992672 |
| AAON, Inc.  | 9372 | 922111 |
| Allison Transmission Holdings, Inc.  | 1922 | 158661 |
| Armstrong World Industries, Inc.  | 1706 | 324874 |
| Axon Enterprise, Inc. \* | 10468 | 7664984 |
| Boeing Co. \* | 14404 | 2895492 |
| BWX Technologies, Inc.  | 2301 | 491517 |
| Carlisle Cos., Inc.  | 718 | 233386 |
| Carpenter Technology Corp.  | 1201 | 379396 |
| Caterpillar, Inc.  | 7993 | 4614039 |
| Comfort Systems USA, Inc.  | 4879 | 4711065 |
| Core & Main, Inc., Class A \* | 15368 | 801902 |
| EMCOR Group, Inc.  | 2164 | 1462388 |
| Fastenal Co.  | 132478 | 5451470 |
| Ferguson Enterprises, Inc.  | 1664 | 413504 |
| FTAI Aviation Ltd.  | 14207 | 2456390 |
| GE Vernova, Inc.  | 38515 | 22536667 |
| General Electric Co.  | 148228 | 45795041 |
| HEICO Corp.  | 14186 | 4507885 |
| Howmet Aerospace, Inc.  | 56401 | 11615786 |
| Illinois Tool Works, Inc.  | 13492 | 3290969 |
| Karman Holdings, Inc. \* | 3662 | 308487 |
| Lennox International, Inc.  | 4429 | 2236645 |
| Leonardo DRS, Inc.  | 4093 | 149640 |
| Loar Holdings, Inc. \* | 5449 | 431179 |
| Lockheed Martin Corp.  | 8158 | 4012757 |
| MasTec, Inc. \* | 1791 | 365651 |
| Quanta Services, Inc.  | 16016 | 7193266 |
| RBC Bearings, Inc. \* | 864 | 370250 |
| Rocket Lab Corp. \* | 58039 | 3655296 |
| Rockwell Automation, Inc.  | 1291 | 475553 |
| Simpson Manufacturing Co., Inc.  | 486 | 85779 |
| SiteOne Landscape Supply, Inc. \* | 2027 | 263044 |
| Spirit AeroSystems Holdings, Inc., <br> Class A \*<br>| 1794 | 65822 |
| StandardAero, Inc. \* | 1908 | 55122 |
| Trane Technologies PLC  | 31574 | 14165675 |
| TransDigm Group, Inc.  | 1348 | 1763871 |
| Vertiv Holdings Co., Class A  | 53440 | 10306438 |
| WillScot Holdings Corp.  | 6018 | 130891 |
| WW Grainger, Inc.  | 5299 | 5187721 |
|  |  | **173943286** |
| **Commercial & Professional Services 1.2%** | **Commercial & Professional Services 1.2%** | **Commercial & Professional Services 1.2%** |
| Automatic Data Processing, Inc.  | 53473 | 13919022 |
| Booz Allen Hamilton Holding Corp., <br> Class A <br>| 17174 | 1496886 |
| Broadridge Financial Solutions, Inc.  | 14861 | 3275364 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cintas Corp.  | 48314 | 8854507 |
| Copart, Inc. \* | 115862 | 4983225 |
| Dayforce, Inc. \* | 1998 | 137342 |
| Equifax, Inc.  | 2987 | 630556 |
| ExlService Holdings, Inc. \* | 22070 | 862937 |
| KBR, Inc.  | 1401 | 60019 |
| Paychex, Inc.  | 14086 | 1648485 |
| Paycom Software, Inc.  | 3920 | 733393 |
| Paylocity Holding Corp. \* | 5697 | 804815 |
| RB Global, Inc.  | 1558 | 154585 |
| Rollins, Inc.  | 39146 | 2255201 |
| Tetra Tech, Inc.  | 6628 | 211963 |
| Veralto Corp.  | 13196 | 1302181 |
| Verisk Analytics, Inc., Class A  | 11807 | 2582899 |
| Waste Management, Inc.  | 52032 | 10394433 |
|  |  | **54307813** |
| **Consumer Discretionary Distribution & Retail 6.4%** | **Consumer Discretionary Distribution & Retail 6.4%** | **Consumer Discretionary Distribution & Retail 6.4%** |
| Amazon.com, Inc. \* | 833396 | 203531971 |
| AutoZone, Inc. \* | 373 | 1370562 |
| Burlington Stores, Inc. \* | 8846 | 2420177 |
| Carvana Co., Class A \* | 18532 | 5680799 |
| Chewy, Inc., Class A \* | 30303 | 1021817 |
| Coupang, Inc., Class A \* | 174629 | 5582889 |
| Etsy, Inc. \* | 7894 | 489428 |
| Floor & Decor Holdings, Inc., Class A \* | 4575 | 285846 |
| Home Depot, Inc.  | 106985 | 40610436 |
| Lithia Motors, Inc., Class A  | 430 | 135054 |
| Murphy USA, Inc.  | 2508 | 898366 |
| O'Reilly Automotive, Inc. \* | 109954 | 10384056 |
| Pool Corp.  | 907 | 242224 |
| RH \* | 339 | 58474 |
| Ross Stores, Inc.  | 8989 | 1428532 |
| TJX Cos., Inc.  | 79313 | 11114924 |
| Tractor Supply Co.  | 74551 | 4033955 |
| Ulta Beauty, Inc. \* | 1566 | 814132 |
| Valvoline, Inc. \* | 15849 | 523176 |
| Wayfair, Inc., Class A \* | 2538 | 262708 |
| Williams-Sonoma, Inc.  | 2503 | 486433 |
|  |  | **291375959** |
| **Consumer Durables & Apparel 0.2%** | **Consumer Durables & Apparel 0.2%** | **Consumer Durables & Apparel 0.2%** |
| Birkenstock Holding PLC \* | 2319 | 92551 |
| Deckers Outdoor Corp. \* | 20823 | 1697074 |
| Lululemon Athletica, Inc. \* | 8461 | 1442939 |
| On Holding AG, Class A \* | 30724 | 1141397 |
| Ralph Lauren Corp., Class A  | 422 | 134897 |
| SharkNinja, Inc. \* | 1911 | 163391 |
| Somnigroup International, Inc.  | 28197 | 2237150 |
| Tapestry, Inc.  | 26678 | 2929778 |
| TopBuild Corp. \* | 284 | 119984 |
|  |  | **9959161** |
| **Consumer Services 2.4%** | **Consumer Services 2.4%** | **Consumer Services 2.4%** |
| Airbnb, Inc., Class A \* | 59671 | 7550768 |
| Booking Holdings, Inc.  | 4315 | 21910448 |
| Bright Horizons Family Solutions, Inc. \* | 1071 | 116985 |
| Carnival Corp. \* | 46841 | 1350426 |
| Cava Group, Inc. \* | 13917 | 747760 |
| Chipotle Mexican Grill, Inc., Class A \* | 188159 | 5962759 |
| Choice Hotels International, Inc.  | 1146 | 106532 |
| Churchill Downs, Inc.  | 7433 | 737354 |
| Darden Restaurants, Inc.  | 15597 | 2809800 |
| Domino's Pizza, Inc.  | 1365 | 543898 |
| DoorDash, Inc., Class A \* | 50666 | 12887910 |

---

*See financial notes*

**78**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Growth Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| DraftKings, Inc., Class A \* | 67689 | 2070607 |
| Duolingo, Inc. \* | 5309 | 1436828 |
| Dutch Bros, Inc., Class A \* | 16740 | 929740 |
| Expedia Group, Inc.  | 16976 | 3734720 |
| Flutter Entertainment PLC \* | 20395 | 4743673 |
| Grand Canyon Education, Inc. \* | 1102 | 207507 |
| H&R Block, Inc.  | 3139 | 156134 |
| Hilton Worldwide Holdings, Inc.  | 32459 | 8340665 |
| Las Vegas Sands Corp.  | 43399 | 2575731 |
| Light & Wonder, Inc. \* | 11543 | 839176 |
| Marriott International, Inc., Class A  | 24565 | 6401148 |
| McDonald's Corp.  | 5704 | 1702245 |
| Norwegian Cruise Line Holdings Ltd. \* | 55679 | 1248323 |
| Planet Fitness, Inc., Class A \* | 11703 | 1061345 |
| Restaurant Brands International, Inc.  | 29093 | 1911119 |
| Royal Caribbean Cruises Ltd.  | 35635 | 10221187 |
| Starbucks Corp.  | 20984 | 1696976 |
| Texas Roadhouse, Inc., Class A  | 9232 | 1510171 |
| Travel & Leisure Co.  | 2958 | 185703 |
| Vail Resorts, Inc.  | 4107 | 609191 |
| Viking Holdings Ltd. \* | 24310 | 1479263 |
| Wendy's Co.  | 9932 | 84819 |
| Wingstop, Inc.  | 3923 | 849839 |
| Wyndham Hotels & Resorts, Inc.  | 9347 | 686350 |
| Yum! Brands, Inc.  | 13064 | 1805575 |
|  |  | **111212675** |
| **Consumer Staples Distribution & Retail 1.5%** | **Consumer Staples Distribution & Retail 1.5%** | **Consumer Staples Distribution & Retail 1.5%** |
| BJ's Wholesale Club Holdings, Inc. \* | 2769 | 244392 |
| Casey's General Stores, Inc.  | 797 | 409012 |
| Costco Wholesale Corp.  | 62536 | 56998437 |
| Performance Food Group Co. \* | 2578 | 249396 |
| Sprouts Farmers Market, Inc. \* | 13653 | 1078041 |
| Sysco Corp.  | 36546 | 2714637 |
| Walmart, Inc.  | 61209 | 6193127 |
|  |  | **67887042** |
| **Energy 0.3%** | **Energy 0.3%** | **Energy 0.3%** |
| Cheniere Energy, Inc.  | 13945 | 2956340 |
| HF Sinclair Corp.  | 2450 | 126420 |
| Phillips 66  | 4096 | 557629 |
| SLB Ltd.  | 16162 | 582802 |
| Targa Resources Corp.  | 30101 | 4636758 |
| Texas Pacific Land Corp.  | 2706 | 2552786 |
| Williams Cos., Inc.  | 9008 | 521293 |
|  |  | **11934028** |
| **Equity Real Estate Investment Trusts (REITs) 0.4%** | **Equity Real Estate Investment Trusts (REITs) 0.4%** | **Equity Real Estate Investment Trusts (REITs) 0.4%** |
| American Tower Corp.  | 65786 | 11774378 |
| Lamar Advertising Co., Class A  | 12220 | 1449170 |
| Public Storage  | 2899 | 807546 |
| Simon Property Group, Inc.  | 10029 | 1762697 |
| Sun Communities, Inc.  | 3439 | 435377 |
| UDR, Inc.  | 2626 | 88470 |
|  |  | **16317638** |
| **Financial Services 5.1%** | **Financial Services 5.1%** | **Financial Services 5.1%** |
| Affirm Holdings, Inc. \* | 22553 | 1621110 |
| Ally Financial, Inc.  | 4549 | 177275 |
| American Express Co.  | 25328 | 9136569 |
| Ameriprise Financial, Inc.  | 12200 | 5523794 |
| Apollo Global Management, Inc.  | 40226 | 5000494 |
| ARES Management Corp., Class A  | 26392 | 3924754 |
| Bank of New York Mellon Corp.  | 7367 | 795120 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Blackstone, Inc.  | 102950 | 15096588 |
| Block, Inc. \* | 28110 | 2134673 |
| Blue Owl Capital, Inc., Class A  | 85085 | 1341790 |
| Brookfield Asset Management Ltd., <br> Class A <br>| 18402 | 994812 |
| Charles Schwab Corp. *(a)* | 20097 | 1899568 |
| Coinbase Global, Inc., Class A \* | 2861 | 983555 |
| Corpay, Inc. \* | 9559 | 2488686 |
| Credit Acceptance Corp. \* | 65 | 29077 |
| Equitable Holdings, Inc.  | 41938 | 2071737 |
| FactSet Research Systems, Inc.  | 336 | 89645 |
| Fiserv, Inc. \* | 21019 | 1401757 |
| Freedom Holding Corp. *\*(b)* | 2208 | 339281 |
| Goldman Sachs Group, Inc.  | 2284 | 1802921 |
| Hamilton Lane, Inc., Class A  | 3687 | 420171 |
| Houlihan Lokey, Inc., Class A  | 2875 | 514855 |
| Interactive Brokers Group, Inc., Class A  | 3404 | 239505 |
| Jefferies Financial Group, Inc.  | 5095 | 269169 |
| KKR & Co., Inc.  | 23762 | 2811757 |
| Lazard, Inc.  | 2411 | 117657 |
| LPL Financial Holdings, Inc.  | 11180 | 4218326 |
| Mastercard, Inc., Class A  | 114614 | 63265782 |
| Moody's Corp.  | 21864 | 10501279 |
| Morningstar, Inc.  | 2194 | 465786 |
| MSCI, Inc., Class A  | 5201 | 3061049 |
| Robinhood Markets, Inc., Class A \* | 13818 | 2028206 |
| Shift4 Payments, Inc., Class A \* | 9107 | 629294 |
| SLM Corp.  | 4051 | 108769 |
| SoFi Technologies, Inc. \* | 22162 | 657768 |
| Toast, Inc., Class A \* | 64105 | 2316755 |
| TPG, Inc.  | 17313 | 952908 |
| Tradeweb Markets, Inc., Class A  | 1348 | 142066 |
| UWM Holdings Corp.  | 3501 | 19711 |
| Visa, Inc., Class A  | 239878 | 81736030 |
| WEX, Inc. \* | 388 | 56601 |
| XP, Inc., Class A  | 4698 | 85598 |
|  |  | **231472248** |
| **Food, Beverage & Tobacco 0.7%** | **Food, Beverage & Tobacco 0.7%** | **Food, Beverage & Tobacco 0.7%** |
| Celsius Holdings, Inc. \* | 23288 | 1402636 |
| Coca-Cola Co.  | 267144 | 18406222 |
| Coca-Cola Consolidated, Inc.  | 999 | 130250 |
| Darling Ingredients, Inc. \* | 2567 | 82272 |
| Freshpet, Inc. \* | 1630 | 80212 |
| Hershey Co.  | 2475 | 419834 |
| Monster Beverage Corp. \* | 98029 | 6551278 |
| PepsiCo, Inc.  | 26322 | 3845381 |
|  |  | **30918085** |
| **Health Care Equipment & Services 1.9%** | **Health Care Equipment & Services 1.9%** | **Health Care Equipment & Services 1.9%** |
| Boston Scientific Corp. \* | 35787 | 3604467 |
| Cardinal Health, Inc.  | 16870 | 3218290 |
| Cencora, Inc.  | 25786 | 8710769 |
| Chemed Corp.  | 194 | 83672 |
| Cigna Group  | 2921 | 713922 |
| DaVita, Inc. \* | 5241 | 623784 |
| Dexcom, Inc. \* | 54868 | 3194415 |
| Doximity, Inc., Class A \* | 18923 | 1248918 |
| HCA Healthcare, Inc.  | 5096 | 2342529 |
| IDEXX Laboratories, Inc. \* | 11329 | 7131719 |
| Inspire Medical Systems, Inc. \* | 3944 | 284283 |
| Insulet Corp. \* | 9848 | 3082522 |
| Intuitive Surgical, Inc. \* | 50248 | 26846501 |
| Masimo Corp. \* | 6286 | 884126 |
| McKesson Corp.  | 16321 | 13241880 |
| Molina Healthcare, Inc. \* | 4119 | 630454 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**79**

------

Schwab U.S. Large-Cap Growth Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Penumbra, Inc. \* | 5216 | 1185962 |
| ResMed, Inc.  | 4895 | 1208478 |
| Stryker Corp.  | 12417 | 4423432 |
| Veeva Systems, Inc., Class A \* | 16528 | 4812954 |
|  |  | **87473077** |
| **Household & Personal Products 0.1%** | **Household & Personal Products 0.1%** | **Household & Personal Products 0.1%** |
| Colgate-Palmolive Co.  | 53709 | 4138278 |
| Kimberly-Clark Corp.  | 16877 | 2020346 |
|  |  | **6158624** |
| **Insurance 0.3%** | **Insurance 0.3%** | **Insurance 0.3%** |
| Aon PLC, Class A  | 27223 | 9274331 |
| Arthur J Gallagher & Co.  | 2224 | 554866 |
| Brown & Brown, Inc.  | 4035 | 321751 |
| Everest Group Ltd.  | 794 | 249729 |
| Kinsale Capital Group, Inc.  | 3089 | 1233963 |
| Markel Group, Inc. \* | 355 | 700958 |
| Marsh & McLennan Cos., Inc.  | 8272 | 1473657 |
| Progressive Corp.  | 4195 | 864170 |
| RLI Corp.  | 530 | 31249 |
| Ryan Specialty Holdings, Inc., Class A  | 14670 | 803916 |
|  |  | **15508590** |
| **Materials 0.3%** | **Materials 0.3%** | **Materials 0.3%** |
| Anglogold Ashanti PLC  | 8628 | 586704 |
| Eagle Materials, Inc.  | 273 | 57963 |
| Ecolab, Inc.  | 8608 | 2207091 |
| James Hardie Industries PLC, ADR \* | 13441 | 281320 |
| Sherwin-Williams Co.  | 29688 | 10240579 |
| Steel Dynamics, Inc.  | 1850 | 290080 |
|  |  | **13663737** |
| **Media & Entertainment 11.2%** | **Media & Entertainment 11.2%** | **Media & Entertainment 11.2%** |
| Alphabet, Inc., Class A  | 503681 | 141630060 |
| Alphabet, Inc., Class C  | 410014 | 115550145 |
| DoubleVerify Holdings, Inc. \* | 9797 | 111490 |
| Liberty Broadband Corp., Class C \* | 4398 | 236700 |
| Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 9970 | 995505 |
| Live Nation Entertainment, Inc. \* | 22323 | 3337958 |
| Meta Platforms, Inc., Class A  | 224551 | 145587641 |
| Netflix, Inc. \* | 59674 | 66766852 |
| Nexstar Media Group, Inc., Class A  | 225 | 44039 |
| NIQ Global Intelligence PLC \* | 3300 | 40920 |
| Pinterest, Inc., Class A \* | 41837 | 1384805 |
| Reddit, Inc., Class A \* | 16410 | 3428869 |
| ROBLOX Corp., Class A \* | 85923 | 9771164 |
| Roku, Inc. \* | 2718 | 288461 |
| Spotify Technology SA \* | 21634 | 14177193 |
| Take-Two Interactive Software, Inc. \* | 8611 | 2207602 |
| TKO Group Holdings, Inc.  | 4153 | 782425 |
| Trade Desk, Inc., Class A \* | 62636 | 3149338 |
| Trump Media & Technology Group <br> Corp. \*<br>| 14399 | 220665 |
|  |  | **509711832** |
| **Pharmaceuticals, Biotechnology & Life Sciences 5.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.0%** |
| AbbVie, Inc.  | 249165 | 54327937 |
| Alnylam Pharmaceuticals, Inc. \* | 17552 | 8004414 |
| Amgen, Inc.  | 55801 | 16652692 |
| Apellis Pharmaceuticals, Inc. \* | 15609 | 335125 |
| Bristol-Myers Squibb Co.  | 55185 | 2542373 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Caris Life Sciences, Inc. \* | 1600 | 48128 |
| Corcept Therapeutics, Inc. \* | 13401 | 984572 |
| Eli Lilly & Co.  | 112734 | 97273659 |
| Exact Sciences Corp. \* | 1601 | 103569 |
| Exelixis, Inc. \* | 30280 | 1170928 |
| Gilead Sciences, Inc.  | 47145 | 5647500 |
| Halozyme Therapeutics, Inc. \* | 17163 | 1118856 |
| Incyte Corp. \* | 5933 | 554617 |
| Insmed, Inc. \* | 24484 | 4642166 |
| Ionis Pharmaceuticals, Inc. \* | 20449 | 1519361 |
| Medpace Holdings, Inc. \* | 3113 | 1820825 |
| Natera, Inc. \* | 18229 | 3626295 |
| Neurocrine Biosciences, Inc. \* | 11556 | 1654935 |
| Repligen Corp. \* | 873 | 130129 |
| Sarepta Therapeutics, Inc. \* | 10831 | 260052 |
| Sotera Health Co. \* | 1900 | 31540 |
| Summit Therapeutics, Inc. *\*(b)* | 15915 | 300953 |
| Tempus AI, Inc. \* | 11480 | 1031478 |
| Ultragenyx Pharmaceutical, Inc. \* | 12489 | 432119 |
| Vertex Pharmaceuticals, Inc. \* | 36169 | 15392441 |
| Viking Therapeutics, Inc. \* | 1201 | 45734 |
| Waters Corp. \* | 4344 | 1518662 |
| Zoetis, Inc.  | 50065 | 7213866 |
|  |  | **228384926** |
| **Real Estate Management & Development 0.0%** | **Real Estate Management & Development 0.0%** | **Real Estate Management & Development 0.0%** |
| CBRE Group, Inc., Class A \* | 4556 | 694471 |
| CoStar Group, Inc. \* | 7275 | 500593 |
| Jones Lang LaSalle, Inc. \* | 1754 | 535128 |
|  |  | **1730192** |
| **Semiconductors & Semiconductor Equipment 21.3%** | **Semiconductors & Semiconductor Equipment 21.3%** | **Semiconductors & Semiconductor Equipment 21.3%** |
| Advanced Micro Devices, Inc. \* | 132576 | 33955365 |
| Applied Materials, Inc.  | 32030 | 7466193 |
| Astera Labs, Inc. \* | 17751 | 3313757 |
| Broadcom, Inc.  | 619282 | 228905206 |
| Enphase Energy, Inc. \* | 17744 | 541369 |
| Entegris, Inc.  | 3447 | 315642 |
| KLA Corp.  | 18775 | 22694093 |
| Lam Research Corp.  | 180272 | 28385629 |
| Lattice Semiconductor Corp. \* | 16591 | 1210479 |
| MACOM Technology Solutions Holdings, <br> Inc. \*<br>| 2175 | 322183 |
| Marvell Technology, Inc.  | 8420 | 789291 |
| Monolithic Power Systems, Inc.  | 6501 | 6533505 |
| NVIDIA Corp.  | 3081023 | 623876347 |
| Onto Innovation, Inc. \* | 1616 | 218095 |
| QUALCOMM, Inc.  | 34872 | 6308345 |
| Texas Instruments, Inc.  | 52245 | 8435478 |
|  |  | **973270977** |
| **Software & Services 19.5%** | **Software & Services 19.5%** | **Software & Services 19.5%** |
| Adobe, Inc. \* | 60017 | 20424385 |
| Appfolio, Inc., Class A \* | 3162 | 804508 |
| AppLovin Corp., Class A \* | 33607 | 21418749 |
| Atlassian Corp., Class A \* | 22794 | 3861760 |
| Autodesk, Inc. \* | 30048 | 9054664 |
| Bentley Systems, Inc., Class B  | 21954 | 1115922 |
| Cadence Design Systems, Inc. \* | 38431 | 13016196 |
| Circle Internet Group, Inc. *\*(b)* | 1046 | 132821 |
| Cloudflare, Inc., Class A \* | 43496 | 11017537 |
| Confluent, Inc., Class A \* | 38591 | 901872 |
| Crowdstrike Holdings, Inc., Class A \* | 34394 | 18676286 |
| Datadog, Inc., Class A \* | 43489 | 7080444 |
| Docusign, Inc., Class A \* | 21167 | 1548154 |

---

*See financial notes*

**80**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Growth Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Dropbox, Inc., Class A \* | 6937 | 201173 |
| Dynatrace, Inc. \* | 41754 | 2111500 |
| Elastic NV \* | 12640 | 1127741 |
| Fair Isaac Corp. \* | 2721 | 4515581 |
| Fortinet, Inc. \* | 89800 | 7761414 |
| Gartner, Inc. \* | 10536 | 2616510 |
| Gen Digital, Inc.  | 8430 | 222215 |
| Gitlab, Inc., Class A \* | 18513 | 902509 |
| Globant SA \* | 963 | 59302 |
| GoDaddy, Inc., Class A \* | 19442 | 2588314 |
| Guidewire Software, Inc. \* | 11774 | 2750877 |
| HubSpot, Inc. \* | 7172 | 3528050 |
| Intuit, Inc.  | 38387 | 25625242 |
| Kyndryl Holdings, Inc. \* | 2313 | 66892 |
| Manhattan Associates, Inc. \* | 8361 | 1522287 |
| Microsoft Corp.  | 977833 | 506331706 |
| MongoDB, Inc., Class A \* | 1149 | 413433 |
| nCino, Inc. \* | 2442 | 65153 |
| Nutanix, Inc., Class A \* | 8749 | 623279 |
| Okta, Inc. \* | 9306 | 851778 |
| Oracle Corp.  | 232989 | 61185241 |
| Palantir Technologies, Inc., Class A \* | 307353 | 61615056 |
| Palo Alto Networks, Inc. \* | 92526 | 20377926 |
| Pegasystems, Inc.  | 4118 | 262111 |
| Procore Technologies, Inc. \* | 16418 | 1211977 |
| PTC, Inc. \* | 2022 | 401448 |
| RingCentral, Inc., Class A \* | 11109 | 334603 |
| Rubrik, Inc., Class A \* | 10023 | 754431 |
| Salesforce, Inc.  | 14746 | 3840006 |
| Samsara, Inc., Class A \* | 37402 | 1502438 |
| SentinelOne, Inc., Class A \* | 29119 | 519774 |
| ServiceNow, Inc. \* | 29119 | 26768514 |
| Snowflake, Inc., Class A \* | 44097 | 12121383 |
| Strategy, Inc., Class A \* | 2184 | 588610 |
| Synopsys, Inc. \* | 19026 | 8634379 |
| Teradata Corp. \* | 3306 | 68930 |
| Twilio, Inc., Class A \* | 3389 | 457108 |
| Tyler Technologies, Inc. \* | 5039 | 2399874 |
| Unity Software, Inc. \* | 2970 | 112563 |
| Workday, Inc., Class A \* | 30371 | 7286610 |
| Zscaler, Inc. \* | 13748 | 4552513 |
|  |  | **887933749** |
| **Technology Hardware & Equipment 12.7%** | **Technology Hardware & Equipment 12.7%** | **Technology Hardware & Equipment 12.7%** |
| Amphenol Corp., Class A  | 170196 | 23715111 |
| Apple, Inc.  | 1925709 | 520653942 |
| Arista Networks, Inc. \* | 145300 | 22912357 |
| CDW Corp.  | 1429 | 227740 |
| Dell Technologies, Inc., Class C  | 5914 | 958127 |
| Jabil, Inc.  | 9710 | 2144842 |
| Lumentum Holdings, Inc. \* | 784 | 158023 |
| Motorola Solutions, Inc.  | 9863 | 4011381 |
| NetApp, Inc.  | 11003 | 1295933 |
| Pure Storage, Inc., Class A \* | 37465 | 3697795 |
| Super Micro Computer, Inc. \* | 32829 | 1705795 |
| Ubiquiti, Inc.  | 607 | 477818 |
|  |  | **581958864** |
| **Telecommunication Services 0.0%** | **Telecommunication Services 0.0%** | **Telecommunication Services 0.0%** |
| AST SpaceMobile, Inc. \* | 25241 | 2025590 |
| GCI Liberty, Inc., Class C \* | 779 | 28531 |
| Iridium Communications, Inc.  | 3000 | 57450 |
|  |  | **2111571** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Transportation 0.7%** | **Transportation 0.7%** | **Transportation 0.7%** |
| Alaska Air Group, Inc. \* | 2818 | 117595 |
| American Airlines Group, Inc. \* | 5570 | 73134 |
| Avis Budget Group, Inc. \* | 844 | 114843 |
| Lyft, Inc., Class A \* | 8639 | 176754 |
| Old Dominion Freight Line, Inc.  | 1514 | 212596 |
| Southwest Airlines Co.  | 6963 | 210979 |
| Uber Technologies, Inc. \* | 283583 | 27365760 |
| U-Haul Holding Co., Non Voting Shares  | 5780 | 280272 |
| Union Pacific Corp.  | 6585 | 1451136 |
| XPO, Inc. \* | 3290 | 473332 |
|  |  | **30476401** |
| **Utilities 0.3%** | **Utilities 0.3%** | **Utilities 0.3%** |
| NRG Energy, Inc.  | 26670 | 4583506 |
| Vistra Corp.  | 47582 | 8959691 |
|  |  | **13543197** |
| **Total Common Stocks** <br>**(Cost $2,629,569,061)** | **Total Common Stocks** <br>**(Cost $2,629,569,061)** | **4545170275** |
| **INVESTMENT COMPANIES** 0.1% OF NET ASSETS  | **INVESTMENT COMPANIES** 0.1% OF NET ASSETS  | **INVESTMENT COMPANIES** 0.1% OF NET ASSETS  |
| **Equity Funds 0.1%** | **Equity Funds 0.1%** | **Equity Funds 0.1%** |
| iShares Russell 1000 Growth ETF *(b)* | 15000 | 7283700 |
| **Total Investment Companies** <br>**(Cost $5,436,255)** | **Total Investment Companies** <br>**(Cost $5,436,255)** | **7283700** |

---

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

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.4% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.4% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.4% OF NET ASSETS  |
| **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(c)*<br>| 15550595 | 15550595 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(c)(d)*<br>| 1456880 | 1456880 |
|  |  | **17007475** |
| **Total Short-Term Investments** <br>**(Cost $17,007,475)** | **Total Short-Term Investments** <br>**(Cost $17,007,475)** | **17007475** |
| **Total Investments in Securities** <br>**(Cost $2,652,012,791)** | **Total Investments in Securities** <br>**(Cost $2,652,012,791)** | **4569461450** |

---

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

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**81**

------

Schwab U.S. Large-Cap Growth Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| NASDAQ 100 Index, e-mini, <br> expires 12/19/25<br>| 22 | 11441760 | 71704 |
| S&P 500 Index, e-mini, expires <br> 12/19/25<br>| 1 | 343700 | (2615)<br>|
|  |  |  | **69089** |

---

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

\* Non-income producing security.

*(a)* Issuer is affiliated with the fund's investment adviser.

*(b)* All or a portion of this security is on loan. Securities on loan were valued at $1,435,513. 

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

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

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

ADR — American Depositary Receipt <br> ETF — Exchange-Traded Fund

Below is a summary of the fund's transactions with affiliated issuers during the period ended October 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS |
| **Financial Services 0.0%** | **Financial Services 0.0%** | **Financial Services 0.0%** | **Financial Services 0.0%** | **Financial Services 0.0%** | **Financial Services 0.0%** | **Financial Services 0.0%** | **Financial Services 0.0%** | **Financial Services 0.0%** |
| Charles Schwab Corp. | $1058129 | $566281 | ($130464)<br>| $11026 | $394596 | **$1899568** | 20097 | $18654 |

---

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $4545170275 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4545170275 |
| Investment Companies<sup>1</sup> <br>| 7283700 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7283700 |
| Short-Term Investments<sup>1</sup> <br>| 17007475 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17007475 |
| Futures Contracts<sup>2</sup> <br>| 71704 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 71704 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (2615)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2615)<br>|
| **Total** | **$4569530539** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$4569530539** |

---

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

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

*See financial notes*

**82**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Growth Index Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $1,539,640)  |  | $1899568 |
| Investments in securities, at value - unaffiliated issuers (cost $2,650,473,151) including securities on loan of $1,435,513 |  | 4567561882 |
| Deposit with broker for futures contracts |  | 1118244 |
| Receivables: |  |  |
| Fund shares sold |  | 6207524 |
| Dividends |  | 925901 |
| Variation margin on future contracts |  | 69173 |
| Income from securities on loan | + | 2186 |
| **Total assets** |  | **4577784478** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 1456880 |
| Payables: |  |  |
| Fund shares redeemed |  | 11225725 |
| Investment adviser fees | + | 140050 |
| **Total liabilities** |  | **12822655** |
| **Net assets** |  | **$4564961823** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $2694084653 |
| Total distributable earnings | + | 1870877170 |
| **Net assets** |  | **$4564961823** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $4564961823 |  | &nbsp;&nbsp;&nbsp;&nbsp; 252986140 |  | &nbsp;&nbsp;&nbsp;&nbsp; $18.04 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**83**

------

Schwab U.S. Large-Cap Growth Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $1,518) |  | $21038763 |
| Other Interest |  | 32731 |
| Dividends received from securities - affiliated issuers |  | 18654 |
| Securities on loan, net | + | 14065 |
| **Total investment income**  |  | **21104213** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 1235933 |
| **Total expenses** | – | **1235933** |
| **Net investment income** |  | **19868280** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - affiliated issuers  |  | 11026 |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 2128980 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 24541843 |
| Net realized gains on futures contracts | + | 2778388 |
| **Net realized gains** |  | **29460237** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 394596 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 932740311 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 214292 |
| **Net change in unrealized appreciation (depreciation)** |  | **933349199** |
| **Net realized and unrealized gains** |  | **962809436** |
| **Increase in net assets resulting from operations** |  | **$982677716** |

---

*See financial notes*

**84**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Growth Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $19868280 | &nbsp;&nbsp;&nbsp; $15611030 |
| Net realized gains |  | 29460237 | &nbsp;&nbsp;&nbsp; 9022611 |
| Net change in unrealized appreciation (depreciation) | + | 933349199 | &nbsp;&nbsp;&nbsp; 680783495 |
| **Increase in net assets resulting from operations** |  | **$982677716** | &nbsp;&nbsp;&nbsp; **$705417136** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($16684287)**<br>| &nbsp;&nbsp;&nbsp; **($11280497)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 102650417 | &nbsp;&nbsp;&nbsp; $1583700561 | &nbsp;&nbsp;&nbsp; 116024584 | &nbsp;&nbsp;&nbsp; $1436032229 |
| Shares reinvested |  | 928317 | &nbsp;&nbsp;&nbsp; 14205613 | &nbsp;&nbsp;&nbsp; 876840 | &nbsp;&nbsp;&nbsp; 9527758 |
| Shares redeemed | + | (59165274)<br>| &nbsp;&nbsp;&nbsp; (898041649)<br>| &nbsp;&nbsp;&nbsp; (47219928)<br>| &nbsp;&nbsp;&nbsp; (592645790)<br>|
| **Net transactions in fund shares**  |  | **44413460** | &nbsp;&nbsp;&nbsp; **$699864525** | &nbsp;&nbsp;&nbsp; **69681496** | &nbsp;&nbsp;&nbsp; **$852914197** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 208572680 | &nbsp;&nbsp;&nbsp; $2899103869 | &nbsp;&nbsp;&nbsp; 138891184 | &nbsp;&nbsp;&nbsp; $1352053033 |
| Total increase | + | 44413460 | &nbsp;&nbsp;&nbsp; 1665857954 | &nbsp;&nbsp;&nbsp; 69681496 | &nbsp;&nbsp;&nbsp; 1547050836 |
| **End of period** |  | **252986140** | &nbsp;&nbsp;&nbsp; **$4564961823** | &nbsp;&nbsp;&nbsp; **208572680** | &nbsp;&nbsp;&nbsp; **$2899103869** |

---

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

<sup>1</sup> For the period ended October 31, 2025, and the prior report period, transactions in fund shares have been retroactively adjusted to reflect a 8-for-1 share split effective after the close of U.S. markets on August 15, 2025. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 9 for additional information). 

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**85**

------

Schwab U.S. Large-Cap Value Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<sup>1</sup> <br>| 11/1/23– <br>10/31/24<sup>1</sup> <br>| 11/1/22– <br>10/31/23<sup>1</sup> <br>| 11/1/21– <br>10/31/22<sup>1</sup> <br>| 11/1/20– <br>10/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $14.83 | &nbsp;&nbsp; $11.63 | &nbsp;&nbsp; $11.88 | &nbsp;&nbsp; $13.41 | &nbsp;&nbsp; $9.52 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.30 | 0.30 | 0.28 | 0.25 | 0.24 |
| Net realized and unrealized gains (losses) | 1.31 | 3.24 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (1.14)<br>| 3.87 |
| Total from investment operations | 1.61 | 3.54 | 0.03 | &nbsp;&nbsp; (0.89)<br>| 4.11 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.22)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.22)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $16.05 | &nbsp;&nbsp; $14.83 | &nbsp;&nbsp; $11.63 | &nbsp;&nbsp; $11.88 | &nbsp;&nbsp; $13.41 |
| Total return | 11.13<br> %<br>| 30.97<br> %<br>| 0.11<br> %<br>| &nbsp;&nbsp; (7.04<br> %)<br>| 43.70<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.035<br> %<br>| 0.035<br> %<br>| 0.035<br> %<br>| 0.035 %<sup>3</sup><br>| 0.035<br> %<br>|
| Net investment income (loss) | 1.97<br> %<br>| 2.18<br> %<br>| 2.31<br> %<br>| 2.05<br> %<br>| 1.97<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 16 %<sup>4</sup><br>| &nbsp;&nbsp; 30 %<sup>4</sup><br>| &nbsp;&nbsp; 42 %<sup>4</sup><br>| &nbsp;&nbsp; 15 %<sup>4</sup><br>| &nbsp;&nbsp; 20<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $919 | &nbsp;&nbsp; $763 | &nbsp;&nbsp; $593 | &nbsp;&nbsp; $648 | &nbsp;&nbsp; $576 |

---

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

<sup>1</sup> Per-Share Data has been retroactively adjusted to reflect a 4-for-1 share split effective after the close of U.S. markets on August 15, 2025 (see financial note 9 for additional information). 

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

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

<sup>4</sup> Portfolio turnover rate excludes in-kind transactions.

*See financial notes*

**86**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of October 31, 2025

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.5% OF NET ASSETS  | **COMMON STOCKS** 99.5% OF NET ASSETS  | **COMMON STOCKS** 99.5% OF NET ASSETS  |
| **Automobiles & Components 0.6%** | **Automobiles & Components 0.6%** | **Automobiles & Components 0.6%** |
| Aptiv PLC \* | 6832 | 554075 |
| BorgWarner, Inc.  | 6781 | 291312 |
| Ford Motor Co.  | 122323 | 1606101 |
| General Motors Co.  | 29799 | 2058813 |
| Gentex Corp.  | 7166 | 168043 |
| Harley-Davidson, Inc.  | 3352 | 90437 |
| Lear Corp.  | 1649 | 172568 |
| Lucid Group, Inc. *\*(a)* | 3956 | 70219 |
| QuantumScape Corp., Class A \* | 13137 | 242246 |
| Rivian Automotive, Inc., Class A \* | 24290 | 329615 |
| Thor Industries, Inc.  | 1606 | 167586 |
|  |  | **5751015** |
| **Banks 7.3%** | **Banks 7.3%** | **Banks 7.3%** |
| Bank of America Corp.  | 194549 | 10398644 |
| Bank OZK  | 3372 | 151706 |
| BOK Financial Corp.  | 711 | 74356 |
| Citigroup, Inc.  | 47000 | 4757810 |
| Citizens Financial Group, Inc.  | 13629 | 693307 |
| Columbia Banking System, Inc.  | 9285 | 248838 |
| Comerica, Inc.  | 3997 | 305771 |
| Commerce Bancshares, Inc.  | 3850 | 202626 |
| Cullen/Frost Bankers, Inc.  | 1879 | 231380 |
| East West Bancorp, Inc.  | 4268 | 433629 |
| Fifth Third Bancorp  | 20856 | 868027 |
| First Citizens BancShares, Inc., Class A  | 297 | 541972 |
| First Hawaiian, Inc.  | 3907 | 95839 |
| First Horizon Corp.  | 15662 | 334540 |
| FNB Corp.  | 11172 | 175624 |
| Huntington Bancshares, Inc.  | 48401 | 747311 |
| JPMorgan Chase & Co.  | 87025 | 27075218 |
| KeyCorp  | 29529 | 519415 |
| M&T Bank Corp.  | 4902 | 901331 |
| Pinnacle Financial Partners, Inc.  | 2216 | 188825 |
| PNC Financial Services Group, Inc.  | 12381 | 2260152 |
| Popular, Inc.  | 1885 | 210121 |
| Prosperity Bancshares, Inc.  | 2867 | 188706 |
| Regions Financial Corp.  | 28149 | 681206 |
| Southstate Bank Corp.  | 3146 | 278893 |
| Synovus Financial Corp.  | 4330 | 193291 |
| TFS Financial Corp.  | 1698 | 22583 |
| Truist Financial Corp.  | 40432 | 1804480 |
| U.S. Bancorp  | 48940 | 2284519 |
| Webster Financial Corp.  | 5256 | 299802 |
| Wells Fargo & Co.  | 101053 | 8788579 |
| Western Alliance Bancorp  | 2663 | 205983 |
| Wintrust Financial Corp.  | 2078 | 270182 |
| Zions Bancorp NA  | 4578 | 238560 |
|  |  | **66673226** |
| **Capital Goods 10.0%** | **Capital Goods 10.0%** | **Capital Goods 10.0%** |
| 3M Co.  | 14021 | 2334496 |
| A.O. Smith Corp.  | 3530 | 232945 |
| Acuity, Inc.  | 968 | 353368 |
| Advanced Drainage Systems, Inc.  | 2217 | 310491 |
| AECOM  | 4156 | 558359 |
| AGCO Corp.  | 1941 | 200234 |
| Air Lease Corp., Class A  | 3260 | 208184 |
| Allegion PLC  | 2692 | 446253 |
| Allison Transmission Holdings, Inc.  | 2174 | 179464 |
| AMETEK, Inc.  | 7223 | 1459841 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| API Group Corp. \* | 11563 | 425750 |
| Applied Industrial Technologies, Inc.  | 1198 | 307994 |
| Armstrong World Industries, Inc.  | 960 | 182813 |
| ATI, Inc. \* | 4407 | 436161 |
| Boeing Co. \* | 19494 | 3918684 |
| Builders FirstSource, Inc. \* | 3400 | 394978 |
| BWX Technologies, Inc.  | 2367 | 505615 |
| Carlisle Cos., Inc.  | 1184 | 384859 |
| Carpenter Technology Corp.  | 1242 | 392348 |
| Carrier Global Corp.  | 24860 | 1478921 |
| Caterpillar, Inc.  | 12723 | 7344479 |
| CNH Industrial NV  | 27388 | 287300 |
| Core & Main, Inc., Class A \* | 2456 | 128154 |
| Crane Co.  | 1550 | 294500 |
| Cummins, Inc.  | 4307 | 1885088 |
| Curtiss-Wright Corp.  | 1175 | 699983 |
| Deere & Co.  | 7656 | 3534239 |
| Donaldson Co., Inc.  | 3626 | 305491 |
| Dover Corp.  | 4259 | 772838 |
| Eaton Corp. PLC  | 12280 | 4685557 |
| EMCOR Group, Inc.  | 908 | 613608 |
| Emerson Electric Co.  | 17661 | 2464946 |
| Esab Corp.  | 1783 | 208290 |
| Everus Construction Group, Inc. \* | 1587 | 144242 |
| Fastenal Co.  | 6435 | 264800 |
| Ferguson Enterprises, Inc.  | 5716 | 1420426 |
| Flowserve Corp.  | 4067 | 277573 |
| Fortive Corp.  | 10677 | 537480 |
| Fortune Brands Innovations, Inc.  | 3772 | 191618 |
| Gates Industrial Corp. PLC \* | 7975 | 176088 |
| Generac Holdings, Inc. \* | 1823 | 306300 |
| General Dynamics Corp.  | 7918 | 2730918 |
| Graco, Inc.  | 5198 | 425040 |
| Hayward Holdings, Inc. \* | 6197 | 105163 |
| Hexcel Corp.  | 2467 | 176144 |
| Honeywell International, Inc.  | 19927 | 4011903 |
| Hubbell, Inc., Class B  | 1678 | 788660 |
| Huntington Ingalls Industries, Inc.  | 1223 | 393830 |
| IDEX Corp.  | 2372 | 406703 |
| Illinois Tool Works, Inc.  | 6176 | 1506450 |
| Ingersoll Rand, Inc.  | 12621 | 963361 |
| ITT, Inc.  | 2434 | 450460 |
| Johnson Controls International PLC  | 20686 | 2366272 |
| L3Harris Technologies, Inc.  | 5852 | 1691813 |
| Leonardo DRS, Inc.  | 1388 | 50745 |
| Lincoln Electric Holdings, Inc.  | 1708 | 400441 |
| Loar Holdings, Inc. \* | 106 | 8388 |
| Lockheed Martin Corp.  | 4722 | 2322657 |
| Masco Corp.  | 6583 | 426315 |
| MasTec, Inc. \* | 1545 | 315427 |
| Middleby Corp. \* | 1575 | 195662 |
| MSC Industrial Direct Co., Inc., Class A  | 1366 | 115987 |
| Mueller Industries, Inc.  | 3402 | 360170 |
| Nordson Corp.  | 1689 | 391764 |
| Northrop Grumman Corp.  | 4249 | 2479079 |
| nVent Electric PLC  | 5090 | 582041 |
| Oshkosh Corp.  | 2020 | 249046 |
| Otis Worldwide Corp.  | 12404 | 1150595 |
| Owens Corning  | 2670 | 339918 |
| PACCAR, Inc.  | 16149 | 1589062 |
| Parker-Hannifin Corp.  | 4033 | 3116823 |
| Pentair PLC  | 5106 | 543023 |
| Quanta Services, Inc.  | 1043 | 468443 |
| QXO, Inc. \* | 19152 | 338416 |
| RBC Bearings, Inc. \* | 776 | 332539 |
| Regal Rexnord Corp.  | 2076 | 292488 |
| Rockwell Automation, Inc.  | 3264 | 1202327 |
| RTX Corp.  | 41923 | 7483255 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**87**

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sensata Technologies Holding PLC  | 4574 | 145590 |
| Simpson Manufacturing Co., Inc.  | 1205 | 212683 |
| SiteOne Landscape Supply, Inc. \* | 931 | 120816 |
| Snap-on, Inc.  | 1610 | 540236 |
| Spirit AeroSystems Holdings, Inc., <br> Class A \*<br>| 3228 | 118435 |
| StandardAero, Inc. \* | 4023 | 116224 |
| Stanley Black & Decker, Inc.  | 4813 | 325936 |
| Textron, Inc.  | 5561 | 449384 |
| Timken Co.  | 1936 | 151995 |
| Toro Co.  | 3100 | 231663 |
| TransDigm Group, Inc.  | 1430 | 1871169 |
| Trex Co., Inc. \* | 3351 | 161920 |
| United Rentals, Inc.  | 2013 | 1753685 |
| Valmont Industries, Inc.  | 620 | 256327 |
| Watsco, Inc.  | 1089 | 400763 |
| WESCO International, Inc.  | 1504 | 390333 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 5302 | 1083941 |
| WillScot Holdings Corp.  | 4123 | 89675 |
| Woodward, Inc.  | 1853 | 485690 |
| WW Grainger, Inc.  | 204 | 199716 |
| Xylem, Inc.  | 7639 | 1152343 |
|  |  | **92284610** |
| **Commercial & Professional Services 1.1%** | **Commercial & Professional Services 1.1%** | **Commercial & Professional Services 1.1%** |
| Amentum Holdings, Inc. \* | 4945 | 110817 |
| Automatic Data Processing, Inc.  | 929 | 241819 |
| Broadridge Financial Solutions, Inc.  | 337 | 74275 |
| CACI International, Inc., Class A \* | 681 | 382892 |
| Clarivate PLC \* | 10515 | 35751 |
| Clean Harbors, Inc. \* | 1579 | 332395 |
| Concentrix Corp.  | 1363 | 54942 |
| Copart, Inc. \* | 1931 | 83052 |
| Dayforce, Inc. \* | 4405 | 302800 |
| Equifax, Inc.  | 3208 | 677209 |
| FTI Consulting, Inc. \* | 976 | 161050 |
| Genpact Ltd.  | 5034 | 192047 |
| Jacobs Solutions, Inc.  | 3716 | 578990 |
| KBR, Inc.  | 3756 | 160907 |
| Leidos Holdings, Inc.  | 3994 | 760737 |
| ManpowerGroup, Inc.  | 1483 | 45469 |
| MSA Safety, Inc.  | 1158 | 181841 |
| Parsons Corp. \* | 1633 | 135768 |
| Paychex, Inc.  | 6943 | 812539 |
| Paycom Software, Inc.  | 733 | 137137 |
| Paylocity Holding Corp. \* | 113 | 15963 |
| RB Global, Inc.  | 5476 | 543329 |
| Republic Services, Inc., Class A  | 6348 | 1321907 |
| Robert Half, Inc.  | 3067 | 80325 |
| Science Applications International Corp.  | 1455 | 136348 |
| SS&C Technologies Holdings, Inc.  | 6602 | 560642 |
| Tetra Tech, Inc.  | 6758 | 216121 |
| TransUnion  | 6092 | 494549 |
| Veralto Corp.  | 4488 | 442876 |
| Verisk Analytics, Inc., Class A  | 1746 | 381955 |
|  |  | **9656452** |
| **Consumer Discretionary Distribution & Retail 4.3%** | **Consumer Discretionary Distribution & Retail 4.3%** | **Consumer Discretionary Distribution & Retail 4.3%** |
| Amazon.com, Inc. \* | 82638 | 20181852 |
| AutoNation, Inc. \* | 851 | 170089 |
| AutoZone, Inc. \* | 441 | 1620424 |
| Bath & Body Works, Inc.  | 6672 | 163331 |
| Best Buy Co., Inc.  | 6042 | 496290 |
| CarMax, Inc. \* | 4744 | 198821 |
| Dick's Sporting Goods, Inc.  | 1979 | 438250 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Dillard's, Inc., Class A  | 89 | 53407 |
| eBay, Inc.  | 14439 | 1174035 |
| Etsy, Inc. \* | 1295 | 80290 |
| Five Below, Inc. \* | 1678 | 263899 |
| Floor & Decor Holdings, Inc., Class A \* | 2297 | 143517 |
| GameStop Corp., Class A \* | 12846 | 286337 |
| Gap, Inc.  | 7122 | 162738 |
| Genuine Parts Co.  | 4362 | 555326 |
| Home Depot, Inc.  | 7422 | 2817317 |
| Lithia Motors, Inc., Class A  | 708 | 222369 |
| LKQ Corp.  | 8043 | 257054 |
| Lowe's Cos., Inc.  | 17562 | 4182039 |
| Macy's, Inc.  | 8354 | 162820 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 1902 | 229781 |
| O'Reilly Automotive, Inc. \* | 2159 | 203896 |
| Penske Automotive Group, Inc.  | 576 | 92200 |
| Pool Corp.  | 919 | 245428 |
| RH \* | 404 | 69686 |
| Ross Stores, Inc.  | 8086 | 1285027 |
| TJX Cos., Inc.  | 17524 | 2455813 |
| Ulta Beauty, Inc. \* | 1063 | 552632 |
| Valvoline, Inc. \* | 412 | 13600 |
| Wayfair, Inc., Class A \* | 2426 | 251115 |
| Williams-Sonoma, Inc.  | 3166 | 615281 |
|  |  | **39644664** |
| **Consumer Durables & Apparel 1.1%** | **Consumer Durables & Apparel 1.1%** | **Consumer Durables & Apparel 1.1%** |
| Amer Sports, Inc. \* | 4668 | 145782 |
| Birkenstock Holding PLC \* | 1210 | 48291 |
| Brunswick Corp.  | 2018 | 133410 |
| Columbia Sportswear Co.  | 829 | 41143 |
| Crocs, Inc. \* | 1728 | 141160 |
| DR Horton, Inc.  | 8347 | 1244371 |
| Garmin Ltd.  | 5112 | 1093661 |
| Hasbro, Inc.  | 4134 | 315466 |
| Lennar Corp., Class A  | 7289 | 902160 |
| Lululemon Athletica, Inc. \* | 1395 | 237903 |
| Mattel, Inc. \* | 10100 | 185638 |
| Mohawk Industries, Inc. \* | 1601 | 181938 |
| Newell Brands, Inc.  | 13342 | 45363 |
| NIKE, Inc., Class B  | 36255 | 2341710 |
| NVR, Inc. \* | 88 | 634552 |
| PulteGroup, Inc.  | 6159 | 738279 |
| PVH Corp.  | 1481 | 116007 |
| Ralph Lauren Corp., Class A  | 1106 | 353544 |
| SharkNinja, Inc. \* | 2166 | 185193 |
| Tapestry, Inc.  | 550 | 60401 |
| Toll Brothers, Inc.  | 3061 | 413082 |
| TopBuild Corp. \* | 833 | 351926 |
| Under Armour, Inc., Class A \* | 11840 | 54582 |
| VF Corp.  | 11136 | 156349 |
| Whirlpool Corp.  | 1682 | 120482 |
| YETI Holdings, Inc. \* | 2570 | 87354 |
|  |  | **10329747** |
| **Consumer Services 1.6%** | **Consumer Services 1.6%** | **Consumer Services 1.6%** |
| ADT, Inc.  | 15843 | 140052 |
| Aramark  | 8231 | 311790 |
| Booking Holdings, Inc.  | 62 | 314820 |
| Boyd Gaming Corp.  | 1783 | 138842 |
| Bright Horizons Family Solutions, Inc. \* | 1567 | 171163 |
| Caesars Entertainment, Inc. \* | 6480 | 130248 |
| Carnival Corp. \* | 23431 | 675516 |
| Choice Hotels International, Inc.  | 591 | 54939 |
| Churchill Downs, Inc.  | 298 | 29562 |
| Darden Restaurants, Inc.  | 178 | 32067 |

---

*See financial notes*

**88**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Domino's Pizza, Inc.  | 696 | 277328 |
| Flutter Entertainment PLC \* | 956 | 222356 |
| Grand Canyon Education, Inc. \* | 623 | 117311 |
| H&R Block, Inc.  | 3412 | 169713 |
| Hyatt Hotels Corp., Class A  | 1269 | 174373 |
| Marriott International, Inc., Class A  | 1657 | 431781 |
| McDonald's Corp.  | 21133 | 6306721 |
| MGM Resorts International \* | 6388 | 204608 |
| Norwegian Cruise Line Holdings Ltd. \* | 1451 | 32531 |
| Penn Entertainment, Inc. \* | 4618 | 76012 |
| Restaurant Brands International, Inc.  | 3658 | 240294 |
| Service Corp. International  | 4344 | 362768 |
| Starbucks Corp.  | 30926 | 2500986 |
| Travel & Leisure Co.  | 1321 | 82932 |
| Vail Resorts, Inc.  | 211 | 31298 |
| Wendy's Co.  | 2929 | 25014 |
| Wyndham Hotels & Resorts, Inc.  | 232 | 17036 |
| Wynn Resorts Ltd.  | 2585 | 307589 |
| Yum! Brands, Inc.  | 5794 | 800789 |
|  |  | **14380439** |
| **Consumer Staples Distribution & Retail 2.1%** | **Consumer Staples Distribution & Retail 2.1%** | **Consumer Staples Distribution & Retail 2.1%** |
| Albertsons Cos., Inc., Class A  | 12669 | 224115 |
| BJ's Wholesale Club Holdings, Inc. \* | 3469 | 306174 |
| Casey's General Stores, Inc.  | 987 | 506518 |
| Dollar General Corp.  | 6886 | 679373 |
| Dollar Tree, Inc. \* | 6196 | 614147 |
| Kroger Co.  | 19018 | 1210115 |
| Maplebear, Inc. \* | 5360 | 197570 |
| Performance Food Group Co. \* | 4193 | 405631 |
| Sysco Corp.  | 7036 | 522634 |
| Target Corp.  | 14252 | 1321445 |
| U.S. Foods Holding Corp. \* | 7167 | 520468 |
| Walmart, Inc.  | 122707 | 12415494 |
|  |  | **18923684** |
| **Energy 5.8%** | **Energy 5.8%** | **Energy 5.8%** |
| Antero Midstream Corp.  | 10509 | 181280 |
| Antero Resources Corp. \* | 9095 | 281127 |
| APA Corp.  | 11208 | 253861 |
| Baker Hughes Co., Class A  | 31075 | 1504341 |
| Cheniere Energy, Inc.  | 3797 | 804964 |
| Chevron Corp.  | 60185 | 9492378 |
| Chord Energy Corp.  | 1775 | 161028 |
| Civitas Resources, Inc.  | 2857 | 82367 |
| ConocoPhillips  | 39666 | 3524721 |
| Coterra Energy, Inc.  | 23554 | 557288 |
| Devon Energy Corp.  | 19494 | 633360 |
| Diamondback Energy, Inc.  | 5968 | 854558 |
| DT Midstream, Inc.  | 3166 | 346645 |
| EOG Resources, Inc.  | 17141 | 1814203 |
| EQT Corp.  | 19432 | 1041167 |
| Expand Energy Corp.  | 6885 | 711289 |
| Exxon Mobil Corp.  | 135782 | 15528030 |
| Halliburton Co.  | 26839 | 720359 |
| HF Sinclair Corp.  | 4488 | 231581 |
| Kinder Morgan, Inc.  | 60873 | 1594264 |
| Marathon Petroleum Corp.  | 9631 | 1877178 |
| Matador Resources Co.  | 3694 | 145765 |
| NOV, Inc.  | 11805 | 172353 |
| Occidental Petroleum Corp.  | 22060 | 908872 |
| ONEOK, Inc.  | 19585 | 1312195 |
| Ovintiv, Inc.  | 7994 | 299855 |
| Permian Resources Corp., Class A  | 21333 | 267943 |
| Phillips 66  | 11860 | 1614620 |
| Range Resources Corp.  | 7459 | 265167 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| SLB Ltd.  | 43284 | 1560821 |
| TechnipFMC PLC  | 12734 | 526551 |
| Valero Energy Corp.  | 9781 | 1658466 |
| Viper Energy, Inc., Class A  | 5318 | 199744 |
| Weatherford International PLC  | 2262 | 166687 |
| Williams Cos., Inc.  | 36138 | 2091306 |
|  |  | **53386334** |
| **Equity Real Estate Investment Trusts (REITs) 3.7%** | **Equity Real Estate Investment Trusts (REITs) 3.7%** | **Equity Real Estate Investment Trusts (REITs) 3.7%** |
| Agree Realty Corp.  | 3381 | 246847 |
| Alexandria Real Estate Equities, Inc.  | 5363 | 312234 |
| American Homes 4 Rent, Class A  | 10732 | 339131 |
| Americold Realty Trust, Inc.  | 8965 | 115559 |
| AvalonBay Communities, Inc.  | 4462 | 776031 |
| Brixmor Property Group, Inc.  | 9597 | 251057 |
| BXP, Inc.  | 4970 | 353814 |
| Camden Property Trust  | 3385 | 336740 |
| Cousins Properties, Inc.  | 5286 | 137066 |
| Crown Castle, Inc.  | 13604 | 1227353 |
| CubeSmart  | 7095 | 267269 |
| Digital Realty Trust, Inc.  | 10575 | 1802086 |
| EastGroup Properties, Inc.  | 1669 | 291291 |
| EPR Properties  | 2303 | 112893 |
| Equinix, Inc.  | 3062 | 2590483 |
| Equity LifeStyle Properties, Inc.  | 6042 | 368864 |
| Equity Residential  | 11835 | 703472 |
| Essex Property Trust, Inc.  | 1995 | 502281 |
| Extra Space Storage, Inc.  | 6592 | 880296 |
| Federal Realty Investment Trust  | 2680 | 257789 |
| First Industrial Realty Trust, Inc.  | 4010 | 221673 |
| Gaming & Leisure Properties, Inc.  | 8544 | 381575 |
| Healthcare Realty Trust, Inc., Class A  | 10356 | 183508 |
| Healthpeak Properties, Inc.  | 21743 | 390287 |
| Highwoods Properties, Inc.  | 3289 | 94164 |
| Host Hotels & Resorts, Inc.  | 21351 | 342043 |
| Invitation Homes, Inc.  | 19244 | 541719 |
| Iron Mountain, Inc.  | 9179 | 944978 |
| Kilroy Realty Corp.  | 3695 | 156114 |
| Kimco Realty Corp.  | 21009 | 434046 |
| Lineage, Inc.  | 2196 | 86522 |
| Medical Properties Trust, Inc. *(a)* | 15947 | 82446 |
| Mid-America Apartment Communities, <br> Inc. <br>| 3646 | 467527 |
| Millrose Properties, Inc., Class A  | 3720 | 119821 |
| National Storage Affiliates Trust  | 2266 | 65918 |
| NNN REIT, Inc.  | 5907 | 238997 |
| Omega Healthcare Investors, Inc.  | 8958 | 376505 |
| Park Hotels & Resorts, Inc.  | 6286 | 64683 |
| Prologis, Inc.  | 29066 | 3606800 |
| Public Storage  | 4301 | 1198086 |
| Rayonier, Inc.  | 4798 | 105892 |
| Realty Income Corp.  | 28357 | 1644139 |
| Regency Centers Corp.  | 5669 | 390877 |
| Rexford Industrial Realty, Inc.  | 7445 | 307627 |
| SBA Communications Corp., Class A  | 3368 | 644905 |
| Simon Property Group, Inc.  | 7900 | 1388504 |
| STAG Industrial, Inc.  | 5828 | 223037 |
| Sun Communities, Inc.  | 3185 | 403221 |
| UDR, Inc.  | 9816 | 330701 |
| Ventas, Inc.  | 14172 | 1045752 |
| VICI Properties, Inc., Class A  | 33025 | 990420 |
| Vornado Realty Trust  | 5500 | 208670 |
| Welltower, Inc.  | 20969 | 3796228 |
| Weyerhaeuser Co.  | 22622 | 520306 |
| WP Carey, Inc.  | 6816 | 449856 |
|  |  | **34320103** |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**89**

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Financial Services 11.0%** | **Financial Services 11.0%** | **Financial Services 11.0%** |
| Affiliated Managers Group, Inc.  | 874 | 207977 |
| Affirm Holdings, Inc. \* | 3383 | 243170 |
| AGNC Investment Corp.  | 32667 | 326670 |
| Ally Financial, Inc.  | 7626 | 297185 |
| American Express Co.  | 11567 | 4172564 |
| Ameriprise Financial, Inc.  | 275 | 124512 |
| Annaly Capital Management, Inc.  | 20175 | 427105 |
| Apollo Global Management, Inc.  | 3908 | 485804 |
| Bank of New York Mellon Corp.  | 20505 | 2213105 |
| Berkshire Hathaway, Inc., Class B \* | 57794 | 27598947 |
| Blackrock, Inc.  | 4780 | 5175832 |
| Block, Inc. \* | 10747 | 816127 |
| Brookfield Asset Management Ltd., <br> Class A <br>| 7823 | 422911 |
| Capital One Financial Corp.  | 19696 | 4332923 |
| Carlyle Group, Inc.  | 8222 | 438397 |
| Cboe Global Markets, Inc.  | 3282 | 806191 |
| Charles Schwab Corp. *(b)* | 48638 | 4597264 |
| CME Group, Inc.  | 11269 | 2991807 |
| Coinbase Global, Inc., Class A \* | 5945 | 2043772 |
| Corebridge Financial, Inc.  | 8429 | 274448 |
| Credit Acceptance Corp. \* | 124 | 55470 |
| Euronet Worldwide, Inc. \* | 1325 | 100515 |
| Evercore, Inc., Class A  | 1158 | 341100 |
| FactSet Research Systems, Inc.  | 1114 | 297215 |
| Fidelity National Information Services, Inc.  | 16514 | 1032455 |
| Fiserv, Inc. \* | 12268 | 818153 |
| Franklin Resources, Inc.  | 9687 | 219023 |
| Freedom Holding Corp. \* | 81 | 12446 |
| Global Payments, Inc.  | 7655 | 595253 |
| Goldman Sachs Group, Inc.  | 8913 | 7035655 |
| Hamilton Lane, Inc., Class A  | 447 | 50940 |
| Houlihan Lokey, Inc., Class A  | 1049 | 187855 |
| Interactive Brokers Group, Inc., Class A  | 12705 | 893924 |
| Intercontinental Exchange, Inc.  | 17876 | 2615080 |
| Invesco Ltd.  | 11457 | 271531 |
| Jack Henry & Associates, Inc.  | 2289 | 340924 |
| Janus Henderson Group PLC  | 3866 | 168403 |
| Jefferies Financial Group, Inc.  | 3612 | 190822 |
| KKR & Co., Inc.  | 15961 | 1888665 |
| Lazard, Inc.  | 2315 | 112972 |
| MarketAxess Holdings, Inc.  | 1138 | 182148 |
| MGIC Investment Corp.  | 7270 | 199343 |
| Morgan Stanley  | 36088 | 5918432 |
| Morningstar, Inc.  | 226 | 47980 |
| MSCI, Inc., Class A  | 1198 | 705083 |
| Nasdaq, Inc.  | 12945 | 1106668 |
| Northern Trust Corp.  | 5944 | 764815 |
| OneMain Holdings, Inc.  | 3699 | 218944 |
| PayPal Holdings, Inc. \* | 29983 | 2076922 |
| Raymond James Financial, Inc.  | 5721 | 907751 |
| Rithm Capital Corp.  | 16628 | 182409 |
| Robinhood Markets, Inc., Class A \* | 20086 | 2948223 |
| Rocket Cos., Inc., Class A  | 29584 | 492869 |
| S&P Global, Inc.  | 9622 | 4687935 |
| SEI Investments Co.  | 3274 | 263917 |
| SLM Corp.  | 5707 | 153233 |
| SoFi Technologies, Inc. \* | 30610 | 908505 |
| Starwood Property Trust, Inc.  | 10901 | 198180 |
| State Street Corp.  | 8853 | 1023938 |
| Stifel Financial Corp.  | 3114 | 368791 |
| Synchrony Financial  | 11645 | 866155 |
| T. Rowe Price Group, Inc.  | 6839 | 701203 |
| TPG, Inc.  | 236 | 12989 |
| Tradeweb Markets, Inc., Class A  | 3345 | 352530 |
| UWM Holdings Corp.  | 4756 | 26776 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Virtu Financial, Inc., Class A  | 2516 | 87657 |
| Voya Financial, Inc.  | 3003 | 223603 |
| Western Union Co.  | 9893 | 92302 |
| WEX, Inc. \* | 980 | 142962 |
| XP, Inc., Class A  | 11570 | 210805 |
|  |  | **101298180** |
| **Food, Beverage & Tobacco 3.5%** | **Food, Beverage & Tobacco 3.5%** | **Food, Beverage & Tobacco 3.5%** |
| Altria Group, Inc.  | 52858 | 2980134 |
| Archer-Daniels-Midland Co.  | 14956 | 905287 |
| Boston Beer Co., Inc., Class A \* | 245 | 50713 |
| Brown-Forman Corp., Class B  | 5946 | 161910 |
| Bunge Global SA  | 4225 | 399685 |
| Campbell's Co.  | 6079 | 183160 |
| Coca-Cola Co.  | 62314 | 4293435 |
| Coca-Cola Consolidated, Inc.  | 1402 | 182793 |
| Conagra Brands, Inc.  | 14949 | 256973 |
| Constellation Brands, Inc., Class A  | 4537 | 596071 |
| Darling Ingredients, Inc. \* | 4380 | 140379 |
| Flowers Foods, Inc.  | 5794 | 69122 |
| Freshpet, Inc. \* | 1120 | 55115 |
| General Mills, Inc.  | 17153 | 799501 |
| Hershey Co.  | 4025 | 682761 |
| Hormel Foods Corp.  | 9072 | 195865 |
| Ingredion, Inc.  | 1984 | 228973 |
| J.M. Smucker Co.  | 3233 | 334777 |
| Kellanova  | 8689 | 721708 |
| Keurig Dr. Pepper, Inc.  | 40500 | 1099980 |
| Kraft Heinz Co.  | 26766 | 661923 |
| Lamb Weston Holdings, Inc.  | 4237 | 261550 |
| McCormick & Co., Inc. - Non Voting <br> Shares <br>| 7915 | 507826 |
| Molson Coors Beverage Co., Class B  | 5211 | 227825 |
| Mondelez International, Inc., Class A  | 40597 | 2332704 |
| PepsiCo, Inc.  | 37058 | 5413803 |
| Philip Morris International, Inc.  | 48820 | 7046191 |
| Pilgrim's Pride Corp.  | 1303 | 49644 |
| Post Holdings, Inc. \* | 1548 | 160884 |
| Primo Brands Corp.  | 8061 | 177100 |
| Seaboard Corp.  | 8 | 26960 |
| Smithfield Foods, Inc.  | 1392 | 30847 |
| Tyson Foods, Inc., Class A  | 8800 | 452408 |
|  |  | **31688007** |
| **Health Care Equipment & Services 5.5%** | **Health Care Equipment & Services 5.5%** | **Health Care Equipment & Services 5.5%** |
| Abbott Laboratories  | 54258 | 6707374 |
| Acadia Healthcare Co., Inc. \* | 2915 | 62672 |
| Align Technology, Inc. \* | 2135 | 294374 |
| Baxter International, Inc.  | 16053 | 296499 |
| Becton Dickinson & Co.  | 8963 | 1601778 |
| Boston Scientific Corp. \* | 38279 | 3855461 |
| Cardinal Health, Inc.  | 3731 | 711763 |
| Centene Corp. \* | 15295 | 540984 |
| Certara, Inc. \* | 3639 | 42322 |
| Chemed Corp.  | 414 | 178558 |
| Cigna Group  | 7599 | 1857272 |
| Cooper Cos., Inc. \* | 6233 | 435749 |
| CVS Health Corp.  | 39245 | 3066997 |
| Dentsply Sirona, Inc.  | 6198 | 78157 |
| Edwards Lifesciences Corp. \* | 18039 | 1487315 |
| Elevance Health, Inc.  | 7086 | 2247679 |
| Encompass Health Corp.  | 3103 | 353277 |
| Envista Holdings Corp. \* | 5222 | 106268 |
| GE HealthCare Technologies, Inc.  | 14351 | 1075607 |
| Globus Medical, Inc., Class A \* | 3525 | 212875 |
| HCA Healthcare, Inc.  | 4217 | 1938471 |

---

*See financial notes*

**90**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Henry Schein, Inc. \* | 3372 | 213110 |
| Hologic, Inc. \* | 7013 | 518331 |
| Humana, Inc.  | 3784 | 1052671 |
| Labcorp Holdings, Inc.  | 2619 | 665121 |
| McKesson Corp.  | 304 | 246647 |
| Medtronic PLC  | 40184 | 3644689 |
| Molina Healthcare, Inc. \* | 750 | 114795 |
| Quest Diagnostics, Inc.  | 3500 | 615825 |
| ResMed, Inc.  | 3488 | 861117 |
| Solventum Corp. \* | 4634 | 319931 |
| STERIS PLC  | 3077 | 725249 |
| Stryker Corp.  | 8012 | 2854195 |
| Teleflex, Inc.  | 1374 | 171022 |
| Tenet Healthcare Corp. \* | 2738 | 565370 |
| UnitedHealth Group, Inc.  | 28514 | 9739242 |
| Universal Health Services, Inc., Class B  | 1705 | 370002 |
| Veeva Systems, Inc., Class A \* | 937 | 272854 |
| Zimmer Biomet Holdings, Inc.  | 6217 | 625181 |
|  |  | **50726804** |
| **Household & Personal Products 1.7%** | **Household & Personal Products 1.7%** | **Household & Personal Products 1.7%** |
| BellRing Brands, Inc. \* | 3888 | 117145 |
| Church & Dwight Co., Inc.  | 7721 | 677055 |
| Clorox Co.  | 3876 | 435895 |
| Colgate-Palmolive Co.  | 13226 | 1019063 |
| Coty, Inc., Class A \* | 11218 | 44536 |
| elf Beauty, Inc. \* | 1709 | 208737 |
| Estee Lauder Cos., Inc., Class A  | 7336 | 709318 |
| Kenvue, Inc.  | 59459 | 854426 |
| Kimberly-Clark Corp.  | 6663 | 797628 |
| Procter & Gamble Co.  | 73601 | 11067382 |
| Reynolds Consumer Products, Inc.  | 1637 | 40008 |
|  |  | **15971193** |
| **Insurance 3.5%** | **Insurance 3.5%** | **Insurance 3.5%** |
| Aflac, Inc.  | 15276 | 1637434 |
| Allstate Corp.  | 8277 | 1585211 |
| American Financial Group, Inc.  | 2080 | 273894 |
| American International Group, Inc.  | 18057 | 1425781 |
| Aon PLC, Class A  | 505 | 172043 |
| Arch Capital Group Ltd.  | 11413 | 985056 |
| Arthur J Gallagher & Co.  | 7462 | 1861694 |
| Assurant, Inc.  | 1591 | 336847 |
| Assured Guaranty Ltd.  | 1434 | 115552 |
| Axis Capital Holdings Ltd.  | 2371 | 222068 |
| Brighthouse Financial, Inc. \* | 1792 | 102269 |
| Brown & Brown, Inc.  | 7818 | 623407 |
| Chubb Ltd.  | 11661 | 3229397 |
| Cincinnati Financial Corp.  | 4824 | 745742 |
| CNA Financial Corp.  | 628 | 27977 |
| Everest Group Ltd.  | 1137 | 357609 |
| Fidelity National Financial, Inc.  | 8117 | 448383 |
| First American Financial Corp.  | 3017 | 188593 |
| Globe Life, Inc.  | 2599 | 341795 |
| Hanover Insurance Group, Inc.  | 1125 | 192240 |
| Hartford Insurance Group, Inc.  | 8818 | 1095019 |
| Kemper Corp.  | 1892 | 85121 |
| Lincoln National Corp.  | 5342 | 224364 |
| Loews Corp.  | 5366 | 534239 |
| Markel Group, Inc. \* | 310 | 612104 |
| Marsh & McLennan Cos., Inc.  | 13631 | 2428363 |
| MetLife, Inc.  | 17632 | 1407386 |
| Old Republic International Corp.  | 7204 | 284270 |
| Primerica, Inc.  | 1041 | 270525 |
| Principal Financial Group, Inc.  | 6935 | 582817 |
| Progressive Corp.  | 17441 | 3592846 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Prudential Financial, Inc.  | 11131 | 1157624 |
| Reinsurance Group of America, Inc.  | 2073 | 378240 |
| RenaissanceRe Holdings Ltd.  | 1450 | 368431 |
| RLI Corp.  | 2423 | 142860 |
| Travelers Cos., Inc.  | 7090 | 1904516 |
| Unum Group  | 5294 | 388686 |
| W.R. Berkley Corp.  | 9115 | 650264 |
| White Mountains Insurance Group Ltd.  | 78 | 148556 |
| Willis Towers Watson PLC  | 3059 | 957773 |
|  |  | **32086996** |
| **Materials 3.9%** | **Materials 3.9%** | **Materials 3.9%** |
| Air Products & Chemicals, Inc.  | 6963 | 1689154 |
| Albemarle Corp.  | 3686 | 362076 |
| Alcoa Corp.  | 8106 | 298220 |
| Amcor PLC  | 72420 | 572118 |
| Anglogold Ashanti PLC  | 13843 | 941324 |
| AptarGroup, Inc.  | 2049 | 237704 |
| Ashland, Inc.  | 1437 | 70269 |
| Avery Dennison Corp.  | 2437 | 426207 |
| Axalta Coating Systems Ltd. \* | 6833 | 194536 |
| Ball Corp.  | 8682 | 408054 |
| Celanese Corp., Class A  | 3529 | 135655 |
| CF Industries Holdings, Inc.  | 5041 | 419865 |
| Cleveland-Cliffs, Inc. \* | 16320 | 202858 |
| Corteva, Inc.  | 21441 | 1317335 |
| CRH PLC  | 21251 | 2530994 |
| Crown Holdings, Inc.  | 3648 | 354513 |
| Dow, Inc.  | 22090 | 526846 |
| DuPont de Nemours, Inc.  | 13095 | 1069207 |
| Eagle Materials, Inc.  | 949 | 201492 |
| Eastman Chemical Co.  | 3562 | 212010 |
| Ecolab, Inc.  | 5903 | 1513529 |
| Element Solutions, Inc.  | 7085 | 189311 |
| FMC Corp.  | 3841 | 58268 |
| Freeport-McMoRan, Inc.  | 44770 | 1866909 |
| Graphic Packaging Holding Co.  | 9052 | 144741 |
| Huntsman Corp.  | 4934 | 40854 |
| International Flavors & Fragrances, Inc.  | 8006 | 504138 |
| International Paper Co.  | 16440 | 635242 |
| James Hardie Industries PLC, ADR \* | 1584 | 33153 |
| Linde PLC  | 14715 | 6155284 |
| Louisiana-Pacific Corp.  | 1991 | 173436 |
| LyondellBasell Industries NV, Class A  | 7985 | 370664 |
| Martin Marietta Materials, Inc.  | 1880 | 1152628 |
| Mosaic Co.  | 9827 | 269751 |
| MP Materials Corp. \* | 4106 | 259048 |
| NewMarket Corp.  | 186 | 142829 |
| Newmont Corp.  | 34425 | 2787392 |
| Nucor Corp.  | 7185 | 1078109 |
| Olin Corp.  | 3595 | 74417 |
| Packaging Corp. of America  | 2771 | 542451 |
| PPG Industries, Inc.  | 7124 | 696371 |
| Reliance, Inc.  | 1656 | 467704 |
| Royal Gold, Inc.  | 2562 | 447812 |
| RPM International, Inc.  | 3974 | 434279 |
| Scotts Miracle-Gro Co.  | 1385 | 74125 |
| Sealed Air Corp.  | 4606 | 154347 |
| Sherwin-Williams Co.  | 682 | 235249 |
| Silgan Holdings, Inc.  | 2731 | 105471 |
| Smurfit WestRock PLC  | 16282 | 601131 |
| Solstice Advanced Materials, Inc. \* | 4981 | 224494 |
| Sonoco Products Co.  | 3035 | 123130 |
| Southern Copper Corp.  | 2590 | 359492 |
| Steel Dynamics, Inc.  | 3983 | 624534 |
| Vulcan Materials Co.  | 4147 | 1200556 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**91**

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Westlake Corp.  | 1059 | 72870 |
|  |  | **35984156** |
| **Media & Entertainment 6.6%** | **Media & Entertainment 6.6%** | **Media & Entertainment 6.6%** |
| Alphabet, Inc., Class A  | 64651 | 18179215 |
| Alphabet, Inc., Class C  | 52641 | 14835287 |
| Charter Communications, Inc., Class A \* | 2762 | 645866 |
| Comcast Corp., Class A  | 114761 | 3194372 |
| DoubleVerify Holdings, Inc. \* | 2208 | 25127 |
| Electronic Arts, Inc.  | 7879 | 1576273 |
| Fox Corp., Class A  | 10809 | 698802 |
| IAC, Inc. \* | 2102 | 67726 |
| Interpublic Group of Cos., Inc.  | 11581 | 297168 |
| Liberty Broadband Corp., Class C \* | 3184 | 171363 |
| Liberty Media Corp.-Liberty Formula One, <br> Class C \*<br>| 4990 | 498251 |
| Liberty Media Corp.-Liberty Live, Class C \* | 2040 | 184436 |
| Madison Square Garden Sports Corp. \* | 508 | 108910 |
| Match Group, Inc.  | 7674 | 248177 |
| Meta Platforms, Inc., Class A  | 12202 | 7911167 |
| New York Times Co., Class A  | 5059 | 288312 |
| News Corp., Class A  | 16311 | 432241 |
| Nexstar Media Group, Inc., Class A  | 836 | 163630 |
| NIQ Global Intelligence PLC \* | 739 | 9164 |
| Omnicom Group, Inc.  | 6035 | 452746 |
| Pinterest, Inc., Class A \* | 9292 | 307565 |
| Roku, Inc. \* | 3513 | 372835 |
| Sirius XM Holdings, Inc.  | 5875 | 127429 |
| Take-Two Interactive Software, Inc. \* | 3767 | 965746 |
| TKO Group Holdings, Inc.  | 1233 | 232297 |
| Trump Media & Technology Group Corp. \* | 2265 | 34711 |
| Walt Disney Co.  | 56746 | 6390735 |
| Warner Bros Discovery, Inc. \* | 72982 | 1638446 |
| ZoomInfo Technologies, Inc., Class A \* | 9271 | 104021 |
|  |  | **60162018** |
| **Pharmaceuticals, Biotechnology & Life Sciences 6.3%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.3%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.3%** |
| Agilent Technologies, Inc.  | 8941 | 1308605 |
| Amgen, Inc.  | 4427 | 1321150 |
| Avantor, Inc. \* | 20808 | 245951 |
| Biogen, Inc. \* | 4583 | 707019 |
| BioMarin Pharmaceutical, Inc. \* | 5930 | 317670 |
| Bio-Rad Laboratories, Inc., Class A \* | 581 | 185659 |
| Bio-Techne Corp.  | 4935 | 308783 |
| Bristol-Myers Squibb Co.  | 51573 | 2375968 |
| Bruker Corp.  | 3196 | 124452 |
| Caris Life Sciences, Inc. \* | 354 | 10648 |
| Charles River Laboratories International, <br> Inc. \*<br>| 1537 | 276768 |
| Danaher Corp.  | 19991 | 4305662 |
| Elanco Animal Health, Inc. \* | 15501 | 343347 |
| Exact Sciences Corp. \* | 5538 | 358253 |
| Exelixis, Inc. \* | 1547 | 59823 |
| Gilead Sciences, Inc.  | 28518 | 3416171 |
| Illumina, Inc. \* | 4972 | 614241 |
| Incyte Corp. \* | 3689 | 344848 |
| Insmed, Inc. \* | 367 | 69583 |
| Ionis Pharmaceuticals, Inc. \* | 330 | 24519 |
| IQVIA Holdings, Inc. \* | 5283 | 1143558 |
| Jazz Pharmaceuticals PLC \* | 1815 | 249817 |
| Johnson & Johnson  | 75406 | 14241931 |
| Merck & Co., Inc.  | 78952 | 6788293 |
| Mettler-Toledo International, Inc. \* | 653 | 924837 |
| Moderna, Inc. \* | 11079 | 300906 |
| Neurocrine Biosciences, Inc. \* | 451 | 64588 |
| Organon & Co.  | 8244 | 55647 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Perrigo Co. PLC  | 4226 | 87647 |
| Pfizer, Inc.  | 178013 | 4388020 |
| Qiagen NV  | 6669 | 312443 |
| Regeneron Pharmaceuticals, Inc.  | 3264 | 2127475 |
| Repligen Corp. \* | 1458 | 217329 |
| Revolution Medicines, Inc. \* | 5413 | 318501 |
| Revvity, Inc.  | 3682 | 344598 |
| Roivant Sciences Ltd. \* | 12093 | 241739 |
| Royalty Pharma PLC, Class A  | 11867 | 445487 |
| Sarepta Therapeutics, Inc. \* | 460 | 11045 |
| Sotera Health Co. \* | 4850 | 80510 |
| Thermo Fisher Scientific, Inc.  | 11833 | 6713926 |
| United Therapeutics Corp. \* | 1387 | 617811 |
| Viatris, Inc.  | 36910 | 382388 |
| Viking Therapeutics, Inc. \* | 3139 | 119533 |
| Waters Corp. \* | 895 | 312892 |
| West Pharmaceutical Services, Inc.  | 2240 | 631837 |
| Zoetis, Inc.  | 2825 | 407054 |
|  |  | **58248932** |
| **Real Estate Management & Development 0.3%** | **Real Estate Management & Development 0.3%** | **Real Estate Management & Development 0.3%** |
| CBRE Group, Inc., Class A \* | 8298 | 1264864 |
| CoStar Group, Inc. \* | 11448 | 787737 |
| Howard Hughes Holdings, Inc. \* | 987 | 78249 |
| Jones Lang LaSalle, Inc. \* | 1079 | 329192 |
| Zillow Group, Inc., Class C \* | 6567 | 492394 |
|  |  | **2952436** |
| **Semiconductors & Semiconductor Equipment 4.6%** | **Semiconductors & Semiconductor Equipment 4.6%** | **Semiconductors & Semiconductor Equipment 4.6%** |
| Advanced Micro Devices, Inc. \* | 20945 | 5364433 |
| Allegro MicroSystems, Inc. \* | 3824 | 114414 |
| Amkor Technology, Inc.  | 3611 | 116563 |
| Analog Devices, Inc.  | 15546 | 3639785 |
| Applied Materials, Inc.  | 18004 | 4196732 |
| Cirrus Logic, Inc. \* | 1585 | 210250 |
| Entegris, Inc.  | 3943 | 361061 |
| First Solar, Inc. \* | 3182 | 849403 |
| GLOBALFOUNDRIES, Inc. \* | 3171 | 112888 |
| Intel Corp. \* | 136934 | 5475991 |
| Lattice Semiconductor Corp. \* | 628 | 45819 |
| MACOM Technology Solutions Holdings, <br> Inc. \*<br>| 1491 | 220862 |
| Marvell Technology, Inc.  | 25202 | 2362436 |
| Microchip Technology, Inc.  | 16553 | 1033238 |
| Micron Technology, Inc.  | 35011 | 7834411 |
| MKS, Inc.  | 2089 | 300210 |
| ON Semiconductor Corp. \* | 13217 | 661907 |
| Onto Innovation, Inc. \* | 1178 | 158983 |
| Qorvo, Inc. \* | 2679 | 254291 |
| QUALCOMM, Inc.  | 26113 | 4723842 |
| Skyworks Solutions, Inc.  | 4701 | 365362 |
| Teradyne, Inc.  | 5028 | 913889 |
| Texas Instruments, Inc.  | 16827 | 2716887 |
| Universal Display Corp.  | 1375 | 202510 |
|  |  | **42236167** |
| **Software & Services 3.7%** | **Software & Services 3.7%** | **Software & Services 3.7%** |
| Accenture PLC, Class A  | 19615 | 4905712 |
| Akamai Technologies, Inc. \* | 4470 | 335697 |
| Amdocs Ltd.  | 3470 | 292382 |
| Aurora Innovation, Inc. \* | 32394 | 169745 |
| Bill Holdings, Inc. \* | 2943 | 146149 |
| CCC Intelligent Solutions Holdings, Inc. \* | 17284 | 150716 |
| Circle Internet Group, Inc. *\*(a)* | 1267 | 160884 |

---

*See financial notes*

**92**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 15440 | 1125267 |
| Docusign, Inc., Class A \* | 1534 | 112197 |
| Dolby Laboratories, Inc., Class A  | 1869 | 123952 |
| Dropbox, Inc., Class A \* | 4223 | 122467 |
| DXC Technology Co. \* | 5682 | 80684 |
| EPAM Systems, Inc. \* | 1722 | 281616 |
| Fair Isaac Corp. \* | 128 | 212420 |
| Gen Digital, Inc.  | 15296 | 403203 |
| Globant SA \* | 1221 | 75189 |
| Informatica, Inc., Class A \* | 3308 | 82270 |
| International Business Machines Corp.  | 29154 | 8962231 |
| Kyndryl Holdings, Inc. \* | 6731 | 194661 |
| MongoDB, Inc., Class A \* | 2236 | 804558 |
| nCino, Inc. \* | 2911 | 77665 |
| Nutanix, Inc., Class A \* | 6015 | 428509 |
| Okta, Inc. \* | 3152 | 288503 |
| Pegasystems, Inc.  | 1799 | 114506 |
| PTC, Inc. \* | 3311 | 657366 |
| Roper Technologies, Inc.  | 3364 | 1500849 |
| Rubrik, Inc., Class A \* | 1449 | 109066 |
| SailPoint, Inc. \* | 1794 | 38894 |
| Salesforce, Inc.  | 25979 | 6765191 |
| SentinelOne, Inc., Class A \* | 2441 | 43572 |
| Strategy, Inc., Class A \* | 7814 | 2105951 |
| Synopsys, Inc. \* | 1539 | 698429 |
| Teradata Corp. \* | 2387 | 49769 |
| Twilio, Inc., Class A \* | 3674 | 495549 |
| Tyler Technologies, Inc. \* | 231 | 110016 |
| UiPath, Inc., Class A \* | 12740 | 202056 |
| Unity Software, Inc. \* | 9329 | 353569 |
| VeriSign, Inc.  | 2648 | 634990 |
| Zoom Communications, Inc. \* | 8238 | 718601 |
|  |  | **34135051** |
| **Technology Hardware & Equipment 3.0%** | **Technology Hardware & Equipment 3.0%** | **Technology Hardware & Equipment 3.0%** |
| Arrow Electronics, Inc. \* | 1614 | 180042 |
| Avnet, Inc.  | 2647 | 128247 |
| CDW Corp.  | 3830 | 610387 |
| Ciena Corp. \* | 4428 | 840966 |
| Cisco Systems, Inc.  | 124719 | 9118206 |
| Cognex Corp.  | 5242 | 216966 |
| Coherent Corp. \* | 4806 | 634200 |
| Corning, Inc.  | 24476 | 2180322 |
| Crane NXT Co.  | 1540 | 97405 |
| Dell Technologies, Inc., Class C  | 8180 | 1325242 |
| F5, Inc. \* | 1802 | 455996 |
| Flex Ltd. \* | 11720 | 732734 |
| Hewlett Packard Enterprise Co.  | 41013 | 1001537 |
| HP, Inc.  | 29572 | 818257 |
| Ingram Micro Holding Corp.  | 616 | 14143 |
| IPG Photonics Corp. \* | 795 | 67670 |
| Jabil, Inc.  | 1139 | 251594 |
| Keysight Technologies, Inc. \* | 5384 | 985057 |
| Littelfuse, Inc.  | 771 | 187592 |
| Lumentum Holdings, Inc. \* | 2005 | 404128 |
| Motorola Solutions, Inc.  | 3024 | 1229891 |
| NetApp, Inc.  | 3790 | 446386 |
| Pure Storage, Inc., Class A \* | 1371 | 135318 |
| Ralliant Corp.  | 3539 | 155433 |
| Sandisk Corp. \* | 4221 | 841372 |
| Super Micro Computer, Inc. \* | 8710 | 452572 |
| TD SYNNEX Corp.  | 2420 | 378706 |
| Teledyne Technologies, Inc. \* | 1455 | 766523 |
| Trimble, Inc. \* | 7486 | 597009 |
| Vontier Corp.  | 4591 | 176754 |
| Western Digital Corp.  | 10854 | 1630379 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Zebra Technologies Corp., Class A \* | 1593 | 428915 |
|  |  | **27489949** |
| **Telecommunication Services 1.6%** | **Telecommunication Services 1.6%** | **Telecommunication Services 1.6%** |
| AST SpaceMobile, Inc. \* | 502 | 40286 |
| AT&T, Inc.  | 219806 | 5440198 |
| Frontier Communications Parent, Inc. \* | 7675 | 289808 |
| GCI Liberty, Inc. *\*(c)* | 2247 | 0 |
| GCI Liberty, Inc., Class C \* | 616 | 22561 |
| Iridium Communications, Inc.  | 2607 | 49924 |
| Liberty Global Ltd., Class C \* | 9400 | 104810 |
| Millicom International Cellular SA  | 3188 | 150187 |
| T-Mobile U.S., Inc.  | 14230 | 2989012 |
| Verizon Communications, Inc.  | 132341 | 5259231 |
|  |  | **14346017** |
| **Transportation 2.1%** | **Transportation 2.1%** | **Transportation 2.1%** |
| Alaska Air Group, Inc. \* | 2950 | 123104 |
| American Airlines Group, Inc. \* | 19023 | 249772 |
| Avis Budget Group, Inc. \* | 333 | 45311 |
| CH Robinson Worldwide, Inc.  | 3671 | 565297 |
| CSX Corp.  | 58830 | 2119057 |
| Delta Air Lines, Inc.  | 20462 | 1174110 |
| Expeditors International of Washington, <br> Inc. <br>| 4307 | 525023 |
| FedEx Corp.  | 6716 | 1704655 |
| GXO Logistics, Inc. \* | 3525 | 198140 |
| JB Hunt Transport Services, Inc.  | 2449 | 413538 |
| Kirby Corp. \* | 1730 | 179020 |
| Knight-Swift Transportation Holdings, Inc.  | 4912 | 221630 |
| Landstar System, Inc.  | 1103 | 141658 |
| Lyft, Inc., Class A \* | 10542 | 215689 |
| Norfolk Southern Corp.  | 7080 | 2006330 |
| Old Dominion Freight Line, Inc.  | 5506 | 773153 |
| Ryder System, Inc.  | 1255 | 212384 |
| Saia, Inc. \* | 829 | 242483 |
| Schneider National, Inc., Class B  | 1600 | 34192 |
| Southwest Airlines Co.  | 13201 | 399990 |
| U-Haul Holding Co., Non Voting Shares  | 2130 | 103284 |
| Union Pacific Corp.  | 17260 | 3803586 |
| United Airlines Holdings, Inc. \* | 10182 | 957515 |
| United Parcel Service, Inc., Class B  | 23014 | 2219010 |
| XPO, Inc. \* | 2869 | 412763 |
|  |  | **19040694** |
| **Utilities 4.6%** | **Utilities 4.6%** | **Utilities 4.6%** |
| AES Corp.  | 22273 | 308926 |
| Alliant Energy Corp.  | 8064 | 538836 |
| Ameren Corp.  | 8446 | 861661 |
| American Electric Power Co., Inc.  | 16779 | 2017843 |
| American Water Works Co., Inc.  | 6109 | 784579 |
| Atmos Energy Corp.  | 4956 | 851044 |
| Brookfield Renewable Corp.  | 4230 | 182990 |
| CenterPoint Energy, Inc.  | 20445 | 781817 |
| Clearway Energy, Inc., Class C  | 3540 | 113032 |
| CMS Energy Corp.  | 9325 | 685854 |
| Consolidated Edison, Inc.  | 11314 | 1102097 |
| Constellation Energy Corp.  | 9814 | 3699878 |
| Dominion Energy, Inc.  | 26742 | 1569488 |
| DTE Energy Co.  | 6485 | 878977 |
| Duke Energy Corp.  | 24377 | 3030061 |
| Edison International  | 11952 | 661902 |
| Entergy Corp.  | 14001 | 1345356 |
| Essential Utilities, Inc.  | 8809 | 343815 |
| Evergy, Inc.  | 7225 | 554952 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**93**

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Eversource Energy  | 11502 | 848963 |
| Exelon Corp.  | 31672 | 1460713 |
| FirstEnergy Corp.  | 17220 | 789193 |
| IDACORP, Inc.  | 1689 | 217915 |
| MDU Resources Group, Inc.  | 6308 | 120987 |
| National Fuel Gas Co.  | 2828 | 223157 |
| NextEra Energy, Inc.  | 64618 | 5259905 |
| NiSource, Inc.  | 14763 | 621670 |
| OGE Energy Corp.  | 6306 | 278347 |
| PG&E Corp.  | 68749 | 1097234 |
| Pinnacle West Capital Corp.  | 3724 | 329648 |
| PPL Corp.  | 23168 | 846095 |
| Public Service Enterprise Group, Inc.  | 15658 | 1261408 |
| Sempra  | 20466 | 1881644 |
| Southern Co.  | 34527 | 3246919 |
| Talen Energy Corp. \* | 1423 | 568887 |
| UGI Corp.  | 6688 | 223580 |
| WEC Energy Group, Inc.  | 10024 | 1119982 |
| Xcel Energy, Inc.  | 18545 | 1505298 |
|  |  | **42214653** |
| **Total Common Stocks** <br>**(Cost $645,798,910)** | **Total Common Stocks** <br>**(Cost $645,798,910)** | **913931527** |
| **INVESTMENT COMPANIES** 0.2% OF NET ASSETS  | **INVESTMENT COMPANIES** 0.2% OF NET ASSETS  | **INVESTMENT COMPANIES** 0.2% OF NET ASSETS  |
| **Equity Funds 0.2%** | **Equity Funds 0.2%** | **Equity Funds 0.2%** |
| iShares Russell 1000 Value ETF  | 6500 | 1329705 |
| **Total Investment Companies** <br>**(Cost $1,197,376)** | **Total Investment Companies** <br>**(Cost $1,197,376)** | **1329705** |

---

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

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  |
| **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(d)*<br>| 1919664 | 1919664 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(d)(e)*<br>| 275875 | 275875 |
|  |  | **2195539** |
| **Total Short-Term Investments** <br>**(Cost $2,195,539)** | **Total Short-Term Investments** <br>**(Cost $2,195,539)** | **2195539** |
| **Total Investments in Securities** <br>**(Cost $649,191,825)** | **Total Investments in Securities** <br>**(Cost $649,191,825)** | **917456771** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| DJIA CBOT, e-mini, expires <br> 12/19/25<br>| 11 | 2624710 | 61670 |
| S&P 400 Mid-Cap Index, e-mini, <br> expires 12/19/25<br>| 1 | 325770 | (3229)<br>|
|  |  |  | **58441** |

---

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

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $273,887. 

*(b)* Issuer is affiliated with the fund's investment adviser.

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

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

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

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

---

| | |
|:---|:---|
| ADR — | American Depositary Receipt |
| CBOT — | Chicago Board of Trade |
| ETF — | Exchange-Traded Fund |
| REIT — | Real Estate Investment Trust |

---

Below is a summary of the fund's transactions with affiliated issuers during the period ended October 31, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 10/31/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 10/31/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS |
| **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** |
| Charles Schwab Corp. | $2879098 | $1069832 | ($408673)<br>| $93798 | $963209 | **$4597264** | 48638 | $48548 |

---

*See financial notes*

**94**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $899585510 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $899585510 |
| Telecommunication Services | 14346017 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 14346017 |
| Investment Companies<sup>1</sup> <br>| 1329705 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1329705 |
| Short-Term Investments<sup>1</sup> <br>| 2195539 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2195539 |
| Futures Contracts<sup>2</sup> <br>| 61670 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 61670 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (3229)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3229)<br>|
| **Total** | **$917515212** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$917515212** |

---

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

\* Level 3 amount shown includes securities determined to have no value at October 31, 2025.

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

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**95**

------

Schwab U.S. Large-Cap Value Index Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $2,637,879)  |  | $4597264 |
| Investments in securities, at value - unaffiliated issuers (cost $646,553,946) including securities on loan of $273,887 |  | 912859507 |
| Deposit with broker for futures contracts |  | 324199 |
| Receivables: |  |  |
| Fund shares sold |  | 1129991 |
| Dividends |  | 686938 |
| Variation margin on future contracts |  | 4293 |
| Income from securities on loan | + | 1250 |
| **Total assets** |  | **919603442** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 275875 |
| Payables: |  |  |
| Fund shares redeemed |  | 797265 |
| Investment adviser fees | + | 28943 |
| **Total liabilities** |  | **1102083** |
| **Net assets** |  | **$918501359** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $681162308 |
| Total distributable earnings | + | 237339051 |
| **Net assets** |  | **$918501359** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $918501359 |  | &nbsp;&nbsp;&nbsp;&nbsp; 57225133 |  | &nbsp;&nbsp;&nbsp;&nbsp; $16.05 |

---

*See financial notes*

**96**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Value Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $4,888) |  | $16515079 |
| Dividends received from securities - affiliated issuers |  | 48548 |
| Other Interest |  | 8930 |
| Securities on loan, net | + | 10130 |
| **Total investment income**  |  | **16582687** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 290473 |
| **Total expenses** | – | **290473** |
| **Net investment income** |  | **16292214** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers  |  | (5193)<br>|
| Net realized losses on sales of securities - unaffiliated issuers  |  | (973441)<br>|
| Net realized gains on sales of in-kind redemptions - affiliated issuers |  | 98991 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 27504105 |
| Net realized gains on futures contracts | + | 276089 |
| **Net realized gains** |  | **26900551** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 963209 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 44511527 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 118667 |
| **Net change in unrealized appreciation (depreciation)** |  | **45593403** |
| **Net realized and unrealized gains** |  | **72493954** |
| **Increase in net assets resulting from operations** |  | **$88786168** |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**97**

------

Schwab U.S. Large-Cap Value Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $16292214 | &nbsp;&nbsp;&nbsp; $15189021 |
| Net realized gains |  | 26900551 | &nbsp;&nbsp;&nbsp; 13422280 |
| Net change in unrealized appreciation (depreciation) | + | 45593403 | &nbsp;&nbsp;&nbsp; 149883961 |
| **Increase in net assets resulting from operations** |  | **$88786168** | &nbsp;&nbsp;&nbsp; **$178495262** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($20519678)**<br>| &nbsp;&nbsp;&nbsp; **($16362330)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 19193260 | &nbsp;&nbsp;&nbsp; $288359476 | &nbsp;&nbsp;&nbsp; 18091140 | &nbsp;&nbsp;&nbsp; $245441328 |
| Shares reinvested |  | 952534 | &nbsp;&nbsp;&nbsp; 14073706 | &nbsp;&nbsp;&nbsp; 1044280 | &nbsp;&nbsp;&nbsp; 12821154 |
| Shares redeemed | + | (14363437)<br>| &nbsp;&nbsp;&nbsp; (214985249)<br>| &nbsp;&nbsp;&nbsp; (18668732)<br>| &nbsp;&nbsp;&nbsp; (250261407)<br>|
| **Net transactions in fund shares**  |  | **5782357** | &nbsp;&nbsp;&nbsp; **$87447933** | &nbsp;&nbsp;&nbsp; **466688** | &nbsp;&nbsp;&nbsp; **$8001075** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 51442776 | &nbsp;&nbsp;&nbsp; $762786936 | &nbsp;&nbsp;&nbsp; 50976088 | &nbsp;&nbsp;&nbsp; $592652929 |
| Total increase | + | 5782357 | &nbsp;&nbsp;&nbsp; 155714423 | &nbsp;&nbsp;&nbsp; 466688 | &nbsp;&nbsp;&nbsp; 170134007 |
| **End of period** |  | **57225133** | &nbsp;&nbsp;&nbsp; **$918501359** | &nbsp;&nbsp;&nbsp; **51442776** | &nbsp;&nbsp;&nbsp; **$762786936** |

---

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

<sup>1</sup> For the period ended October 31, 2025, and the prior report period, transactions in fund shares have been retroactively adjusted to reflect a 4-for-1 share split effective after the close of U.S. markets on August 15, 2025. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 9 for additional information). 

*See financial notes*

**98**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Mid-Cap Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<sup>1</sup> <br>| 11/1/23– <br>10/31/24<sup>1</sup> <br>| 11/1/22– <br>10/31/23<sup>1</sup> <br>| 11/1/21– <br>10/31/22<sup>1</sup> <br>| 11/1/20– <br>10/31/21<sup>1</sup> <br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $13.46 | &nbsp;&nbsp; $10.10 | &nbsp;&nbsp; $10.37 | &nbsp;&nbsp; $12.89 | &nbsp;&nbsp; $9.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.21 | 0.19 | 0.18 | 0.16 | 0.14 |
| Net realized and unrealized gains (losses) | 1.22 | 3.35 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (2.31)<br>| 3.90 |
| Total from investment operations | 1.43 | 3.54 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (2.15)<br>| 4.04 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.15)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.15)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $14.54 | &nbsp;&nbsp; $13.46 | &nbsp;&nbsp; $10.10 | &nbsp;&nbsp; $10.37 | &nbsp;&nbsp; $12.89 |
| Total return | 10.68<br> %<br>| 35.35<br> %<br>| &nbsp;&nbsp; (1.03<br> %)<br>| &nbsp;&nbsp; (17.15<br> %)<br>| 45.35<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.04<br> %<br>| 0.04<br> %<br>| 0.04<br> %<br>| 0.04 %<sup>3</sup><br>| 0.04<br> %<br>|
| Net investment income (loss) | 1.53<br> %<br>| 1.57<br> %<br>| 1.66<br> %<br>| 1.41<br> %<br>| 1.19<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 11 %<sup>4</sup><br>| &nbsp;&nbsp; 13 %<sup>4</sup><br>| &nbsp;&nbsp; 8 %<sup>4</sup><br>| &nbsp;&nbsp; 11 %<sup>4</sup><br>| &nbsp;&nbsp; 14<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $2209 | &nbsp;&nbsp; $1630 | &nbsp;&nbsp; $1063 | &nbsp;&nbsp; $903 | &nbsp;&nbsp; $891 |

---

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

<sup>1</sup> Per-Share Data has been retroactively adjusted to reflect a 5-for-1 share split effective after the close of U.S. markets on August 15, 2025 (see financial note 9 for additional information). 

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

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

<sup>4</sup> Portfolio turnover rate excludes in-kind transactions.

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**99**

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of October 31, 2025

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.4% OF NET ASSETS  | **COMMON STOCKS** 99.4% OF NET ASSETS  | **COMMON STOCKS** 99.4% OF NET ASSETS  |
| **Automobiles & Components 0.9%** | **Automobiles & Components 0.9%** | **Automobiles & Components 0.9%** |
| Aptiv PLC \* | 38335 | 3108969 |
| BorgWarner, Inc.  | 38453 | 1651941 |
| Ford Motor Co.  | 689103 | 9047923 |
| Gentex Corp.  | 39936 | 936499 |
| Harley-Davidson, Inc.  | 19349 | 522036 |
| Lear Corp.  | 9462 | 990198 |
| Lucid Group, Inc. *\*(a)* | 22147 | 393109 |
| QuantumScape Corp., Class A \* | 73961 | 1363841 |
| Rivian Automotive, Inc., Class A \* | 136658 | 1854449 |
| Thor Industries, Inc.  | 9032 | 942489 |
|  |  | **20811454** |
| **Banks 2.4%** | **Banks 2.4%** | **Banks 2.4%** |
| Bank OZK  | 18950 | 852561 |
| BOK Financial Corp.  | 3923 | 410267 |
| Citizens Financial Group, Inc.  | 76879 | 3910835 |
| Columbia Banking System, Inc.  | 52358 | 1403194 |
| Comerica, Inc.  | 22576 | 1727064 |
| Commerce Bancshares, Inc.  | 21661 | 1140018 |
| Cullen/Frost Bankers, Inc.  | 10534 | 1297157 |
| East West Bancorp, Inc.  | 24088 | 2447341 |
| Fifth Third Bancorp  | 117619 | 4895303 |
| First Citizens BancShares, Inc., Class A  | 1679 | 3063873 |
| First Hawaiian, Inc.  | 21882 | 536765 |
| First Horizon Corp.  | 88773 | 1896191 |
| FNB Corp.  | 62847 | 987955 |
| Huntington Bancshares, Inc.  | 273522 | 4223180 |
| KeyCorp  | 166961 | 2936844 |
| M&T Bank Corp.  | 27653 | 5084557 |
| Pinnacle Financial Partners, Inc.  | 13423 | 1143774 |
| Popular, Inc.  | 11728 | 1307320 |
| Prosperity Bancshares, Inc.  | 16160 | 1063651 |
| Regions Financial Corp.  | 158573 | 3837467 |
| Southstate Bank Corp.  | 17742 | 1572828 |
| Synovus Financial Corp.  | 24411 | 1089707 |
| TFS Financial Corp.  | 9220 | 122626 |
| Webster Financial Corp.  | 29575 | 1686958 |
| Western Alliance Bancorp  | 18988 | 1468722 |
| Wintrust Financial Corp.  | 11654 | 1515253 |
| Zions Bancorp NA  | 25622 | 1335162 |
|  |  | **52956573** |
| **Capital Goods 13.6%** | **Capital Goods 13.6%** | **Capital Goods 13.6%** |
| A.O. Smith Corp.  | 20124 | 1327983 |
| AAON, Inc.  | 11883 | 1169168 |
| Acuity, Inc.  | 5449 | 1989157 |
| Advanced Drainage Systems, Inc.  | 12491 | 1749365 |
| AECOM  | 23359 | 3138282 |
| AGCO Corp.  | 10928 | 1127332 |
| Air Lease Corp., Class A  | 18357 | 1172278 |
| Allegion PLC  | 15166 | 2514068 |
| Allison Transmission Holdings, Inc.  | 14812 | 1222731 |
| AMETEK, Inc.  | 40666 | 8219005 |
| API Group Corp. \* | 64931 | 2390759 |
| Applied Industrial Technologies, Inc.  | 6739 | 1732530 |
| Armstrong World Industries, Inc.  | 7590 | 1445364 |
| ATI, Inc. \* | 24649 | 2439512 |
| Axon Enterprise, Inc. \* | 13167 | 9641272 |
| Builders FirstSource, Inc. \* | 19121 | 2221287 |
| BWX Technologies, Inc.  | 16101 | 3439335 |
| Carlisle Cos., Inc.  | 7556 | 2456078 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Carpenter Technology Corp.  | 8480 | 2678832 |
| CNH Industrial NV  | 155342 | 1629538 |
| Comfort Systems USA, Inc.  | 6143 | 5931558 |
| Core & Main, Inc., Class A \* | 33524 | 1749282 |
| Crane Co.  | 8683 | 1649770 |
| Cummins, Inc.  | 24293 | 10632560 |
| Curtiss-Wright Corp.  | 6627 | 3947903 |
| Donaldson Co., Inc.  | 20483 | 1725693 |
| Dover Corp.  | 23934 | 4343064 |
| EMCOR Group, Inc.  | 7810 | 5277842 |
| Esab Corp.  | 10036 | 1172406 |
| Everus Construction Group, Inc. \* | 8976 | 815829 |
| Fastenal Co.  | 202632 | 8338307 |
| Ferguson Enterprises, Inc.  | 34187 | 8495469 |
| Flowserve Corp.  | 22925 | 1564631 |
| Fortive Corp.  | 59950 | 3017883 |
| Fortune Brands Innovations, Inc.  | 21325 | 1083310 |
| FTAI Aviation Ltd.  | 17982 | 3109088 |
| Gates Industrial Corp. PLC \* | 44729 | 987616 |
| Generac Holdings, Inc. \* | 10297 | 1730102 |
| Graco, Inc.  | 29259 | 2392508 |
| Hayward Holdings, Inc. \* | 34714 | 589097 |
| HEICO Corp.  | 17872 | 5679185 |
| Hexcel Corp.  | 14030 | 1001742 |
| Howmet Aerospace, Inc.  | 70782 | 14577553 |
| Hubbell, Inc., Class B  | 9455 | 4443850 |
| Huntington Ingalls Industries, Inc.  | 6874 | 2213565 |
| IDEX Corp.  | 13321 | 2284019 |
| Ingersoll Rand, Inc.  | 71268 | 5439886 |
| ITT, Inc.  | 13684 | 2532498 |
| Karman Holdings, Inc. \* | 4724 | 397950 |
| L3Harris Technologies, Inc.  | 32966 | 9530471 |
| Lennox International, Inc.  | 5610 | 2833050 |
| Leonardo DRS, Inc.  | 13438 | 491293 |
| Lincoln Electric Holdings, Inc.  | 9556 | 2240404 |
| Loar Holdings, Inc. \* | 7570 | 599014 |
| Masco Corp.  | 37186 | 2408165 |
| MasTec, Inc. \* | 10961 | 2237798 |
| Middleby Corp. \* | 8876 | 1102665 |
| MSC Industrial Direct Co., Inc., Class A  | 7774 | 660090 |
| Mueller Industries, Inc.  | 19128 | 2025081 |
| Nordson Corp.  | 9498 | 2203061 |
| nVent Electric PLC  | 28770 | 3289850 |
| Oshkosh Corp.  | 11289 | 1391821 |
| Otis Worldwide Corp.  | 69769 | 6471772 |
| Owens Corning  | 14964 | 1905067 |
| Pentair PLC  | 28870 | 3070325 |
| Quanta Services, Inc.  | 25996 | 11675583 |
| QXO, Inc. \* | 107662 | 1902388 |
| RBC Bearings, Inc. \* | 5462 | 2340631 |
| Regal Rexnord Corp.  | 11688 | 1646722 |
| Rocket Lab Corp. \* | 73026 | 4599177 |
| Rockwell Automation, Inc.  | 19975 | 7357991 |
| Sensata Technologies Holding PLC  | 25549 | 813225 |
| Simpson Manufacturing Co., Inc.  | 7423 | 1310160 |
| SiteOne Landscape Supply, Inc. \* | 7818 | 1014542 |
| Snap-on, Inc.  | 9049 | 3036392 |
| Spirit AeroSystems Holdings, Inc., <br> Class A \*<br>| 20573 | 754823 |
| StandardAero, Inc. \* | 25009 | 722510 |
| Stanley Black & Decker, Inc.  | 27251 | 1845438 |
| Textron, Inc.  | 31400 | 2537434 |
| Timken Co.  | 10992 | 862982 |
| Toro Co.  | 17369 | 1297985 |
| Trex Co., Inc. \* | 18870 | 911798 |
| United Rentals, Inc.  | 11329 | 9869598 |
| Valmont Industries, Inc.  | 3512 | 1451966 |
| Vertiv Holdings Co., Class A  | 67155 | 12951513 |

---

*See financial notes*

**100**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Watsco, Inc.  | 6133 | 2257005 |
| WESCO International, Inc.  | 8452 | 2193548 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 29941 | 6121138 |
| WillScot Holdings Corp.  | 31323 | 681275 |
| Woodward, Inc.  | 10448 | 2738525 |
| WW Grainger, Inc.  | 7818 | 7653822 |
| Xylem, Inc.  | 42962 | 6480818 |
|  |  | **300316958** |
| **Commercial & Professional Services 3.0%** | **Commercial & Professional Services 3.0%** | **Commercial & Professional Services 3.0%** |
| Amentum Holdings, Inc. \* | 28214 | 632276 |
| Booz Allen Hamilton Holding Corp., <br> Class A <br>| 21422 | 1867141 |
| Broadridge Financial Solutions, Inc.  | 20587 | 4537375 |
| CACI International, Inc., Class A \* | 3832 | 2154542 |
| Clarivate PLC \* | 60541 | 205839 |
| Clean Harbors, Inc. \* | 8927 | 1879223 |
| Concentrix Corp.  | 7840 | 316030 |
| Dayforce, Inc. \* | 27188 | 1868903 |
| Equifax, Inc.  | 21867 | 4616124 |
| ExlService Holdings, Inc. \* | 27846 | 1088779 |
| FTI Consulting, Inc. \* | 5570 | 919106 |
| Genpact Ltd.  | 28335 | 1080980 |
| Jacobs Solutions, Inc.  | 21001 | 3272166 |
| KBR, Inc.  | 22707 | 972768 |
| Leidos Holdings, Inc.  | 22532 | 4291670 |
| ManpowerGroup, Inc.  | 8177 | 250707 |
| MSA Safety, Inc.  | 6529 | 1025249 |
| Parsons Corp. \* | 9306 | 773701 |
| Paychex, Inc.  | 56960 | 6666029 |
| Paycom Software, Inc.  | 9050 | 1693164 |
| Paylocity Holding Corp. \* | 7856 | 1109817 |
| RB Global, Inc.  | 32700 | 3244494 |
| Robert Half, Inc.  | 17498 | 458273 |
| Rollins, Inc.  | 49584 | 2856534 |
| Science Applications International Corp.  | 8262 | 774232 |
| SS&C Technologies Holdings, Inc.  | 37333 | 3170318 |
| Tetra Tech, Inc.  | 46427 | 1484735 |
| TransUnion  | 34434 | 2795352 |
| Veralto Corp.  | 42126 | 4156994 |
| Verisk Analytics, Inc., Class A  | 24714 | 5406435 |
|  |  | **65568956** |
| **Consumer Discretionary Distribution & Retail 3.5%** | **Consumer Discretionary Distribution & Retail 3.5%** | **Consumer Discretionary Distribution & Retail 3.5%** |
| AutoNation, Inc. \* | 4857 | 970769 |
| Bath & Body Works, Inc.  | 37714 | 923239 |
| Best Buy Co., Inc.  | 34156 | 2805574 |
| Burlington Stores, Inc. \* | 11100 | 3036849 |
| CarMax, Inc. \* | 26431 | 1107723 |
| Carvana Co., Class A \* | 23299 | 7142075 |
| Chewy, Inc., Class A \* | 37737 | 1272492 |
| Coupang, Inc., Class A \* | 219179 | 7007153 |
| Dick's Sporting Goods, Inc.  | 11191 | 2478247 |
| Dillard's, Inc., Class A  | 519 | 311441 |
| eBay, Inc.  | 81302 | 6610666 |
| Etsy, Inc. \* | 17289 | 1071918 |
| Five Below, Inc. \* | 9510 | 1495638 |
| Floor & Decor Holdings, Inc., Class A \* | 18810 | 1175249 |
| GameStop Corp., Class A \* | 72358 | 1612860 |
| Gap, Inc.  | 40382 | 922729 |
| Genuine Parts Co.  | 24476 | 3116040 |
| Lithia Motors, Inc., Class A  | 4520 | 1419642 |
| LKQ Corp.  | 45162 | 1443377 |
| Macy's, Inc.  | 47411 | 924040 |
| Murphy USA, Inc.  | 3167 | 1134419 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Ollie's Bargain Outlet Holdings, Inc. \* | 10763 | 1300278 |
| Penske Automotive Group, Inc.  | 3231 | 517186 |
| Pool Corp.  | 6334 | 1691558 |
| RH \* | 2665 | 459686 |
| Ross Stores, Inc.  | 56868 | 9037462 |
| Tractor Supply Co.  | 93890 | 5080388 |
| Ulta Beauty, Inc. \* | 7980 | 4148642 |
| Valvoline, Inc. \* | 22343 | 737542 |
| Wayfair, Inc., Class A \* | 16821 | 1741142 |
| Williams-Sonoma, Inc.  | 20932 | 4067925 |
|  |  | **76763949** |
| **Consumer Durables & Apparel 2.6%** | **Consumer Durables & Apparel 2.6%** | **Consumer Durables & Apparel 2.6%** |
| Amer Sports, Inc. \* | 26168 | 817227 |
| Birkenstock Holding PLC \* | 9675 | 386129 |
| Brunswick Corp.  | 11560 | 764232 |
| Columbia Sportswear Co.  | 4634 | 229985 |
| Crocs, Inc. \* | 9540 | 779323 |
| Deckers Outdoor Corp. \* | 26126 | 2129269 |
| DR Horton, Inc.  | 47003 | 7007207 |
| Garmin Ltd.  | 28769 | 6154840 |
| Hasbro, Inc.  | 23322 | 1779702 |
| Lennar Corp., Class A  | 41120 | 5089422 |
| Lululemon Athletica, Inc. \* | 18577 | 3168122 |
| Mattel, Inc. \* | 56803 | 1044039 |
| Mohawk Industries, Inc. \* | 9043 | 1027646 |
| Newell Brands, Inc.  | 74522 | 253375 |
| NVR, Inc. \* | 494 | 3562145 |
| On Holding AG, Class A \* | 39001 | 1448887 |
| PulteGroup, Inc.  | 34742 | 4164524 |
| PVH Corp.  | 8394 | 657502 |
| Ralph Lauren Corp., Class A  | 6689 | 2138206 |
| SharkNinja, Inc. \* | 14660 | 1253430 |
| Somnigroup International, Inc.  | 35692 | 2831803 |
| Tapestry, Inc.  | 36545 | 4013372 |
| Toll Brothers, Inc.  | 17214 | 2323029 |
| TopBuild Corp. \* | 5023 | 2122117 |
| Under Armour, Inc., Class A \* | 63970 | 294902 |
| VF Corp.  | 61644 | 865482 |
| Whirlpool Corp.  | 9445 | 676545 |
| YETI Holdings, Inc. \* | 14676 | 498837 |
|  |  | **57481299** |
| **Consumer Services 4.2%** | **Consumer Services 4.2%** | **Consumer Services 4.2%** |
| ADT, Inc.  | 89505 | 791224 |
| Aramark  | 46048 | 1744298 |
| Boyd Gaming Corp.  | 9950 | 774807 |
| Bright Horizons Family Solutions, Inc. \* | 10042 | 1096888 |
| Caesars Entertainment, Inc. \* | 36605 | 735761 |
| Carnival Corp. \* | 190871 | 5502811 |
| Cava Group, Inc. \* | 17612 | 946293 |
| Choice Hotels International, Inc.  | 4733 | 439980 |
| Churchill Downs, Inc.  | 11174 | 1108461 |
| Darden Restaurants, Inc.  | 20596 | 3710369 |
| Domino's Pizza, Inc.  | 5602 | 2232173 |
| DraftKings, Inc., Class A \* | 84882 | 2596540 |
| Duolingo, Inc. \* | 6623 | 1792449 |
| Dutch Bros, Inc., Class A \* | 20706 | 1150011 |
| Expedia Group, Inc.  | 21377 | 4702940 |
| Flutter Entertainment PLC \* | 30927 | 7193311 |
| Grand Canyon Education, Inc. \* | 4923 | 927001 |
| H&R Block, Inc.  | 23364 | 1162125 |
| Hilton Worldwide Holdings, Inc.  | 40738 | 10468037 |
| Hyatt Hotels Corp., Class A  | 7116 | 977810 |
| Las Vegas Sands Corp.  | 54941 | 3260748 |
| Light & Wonder, Inc. \* | 14559 | 1058439 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**101**

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| MGM Resorts International \* | 36011 | 1153432 |
| Norwegian Cruise Line Holdings Ltd. \* | 77984 | 1748401 |
| Penn Entertainment, Inc. \* | 26103 | 429655 |
| Planet Fitness, Inc., Class A \* | 14823 | 1344298 |
| Restaurant Brands International, Inc.  | 57031 | 3746366 |
| Royal Caribbean Cruises Ltd.  | 44723 | 12827898 |
| Service Corp. International  | 24551 | 2050254 |
| Texas Roadhouse, Inc., Class A  | 11666 | 1908324 |
| Travel & Leisure Co.  | 10767 | 675952 |
| Vail Resorts, Inc.  | 6365 | 944121 |
| Viking Holdings Ltd. \* | 30726 | 1869677 |
| Wendy's Co.  | 28031 | 239385 |
| Wingstop, Inc.  | 4922 | 1066253 |
| Wyndham Hotels & Resorts, Inc.  | 13252 | 973094 |
| Wynn Resorts Ltd.  | 14509 | 1726426 |
| Yum! Brands, Inc.  | 49204 | 6800485 |
|  |  | **93876497** |
| **Consumer Staples Distribution & Retail 1.6%** | **Consumer Staples Distribution & Retail 1.6%** | **Consumer Staples Distribution & Retail 1.6%** |
| Albertsons Cos., Inc., Class A  | 71154 | 1258714 |
| BJ's Wholesale Club Holdings, Inc. \* | 23034 | 2032981 |
| Casey's General Stores, Inc.  | 6524 | 3348051 |
| Dollar General Corp.  | 38825 | 3830474 |
| Dollar Tree, Inc. \* | 34784 | 3447790 |
| Kroger Co.  | 107044 | 6811210 |
| Maplebear, Inc. \* | 30326 | 1117816 |
| Performance Food Group Co. \* | 26967 | 2608788 |
| Sprouts Farmers Market, Inc. \* | 17253 | 1362297 |
| Sysco Corp.  | 85657 | 6362602 |
| U.S. Foods Holding Corp. \* | 40543 | 2944233 |
|  |  | **35124956** |
| **Energy 5.6%** | **Energy 5.6%** | **Energy 5.6%** |
| Antero Midstream Corp.  | 59035 | 1018354 |
| Antero Resources Corp. \* | 51297 | 1585590 |
| APA Corp.  | 62628 | 1418524 |
| Baker Hughes Co., Class A  | 175059 | 8474606 |
| Cheniere Energy, Inc.  | 38936 | 8254432 |
| Chord Energy Corp.  | 10122 | 918268 |
| Civitas Resources, Inc.  | 16134 | 465143 |
| Coterra Energy, Inc.  | 133157 | 3150495 |
| Devon Energy Corp.  | 109647 | 3562431 |
| Diamondback Energy, Inc.  | 33683 | 4823069 |
| DT Midstream, Inc.  | 17881 | 1957791 |
| EQT Corp.  | 109741 | 5879923 |
| Expand Energy Corp.  | 38835 | 4012044 |
| Halliburton Co.  | 151218 | 4058691 |
| HF Sinclair Corp.  | 28207 | 1455481 |
| Kinder Morgan, Inc.  | 343266 | 8990136 |
| Marathon Petroleum Corp.  | 54246 | 10573088 |
| Matador Resources Co.  | 20478 | 808062 |
| NOV, Inc.  | 65673 | 958826 |
| Occidental Petroleum Corp.  | 124558 | 5131790 |
| ONEOK, Inc.  | 110307 | 7390569 |
| Ovintiv, Inc.  | 45227 | 1696465 |
| Permian Resources Corp., Class A  | 118877 | 1493095 |
| Phillips 66  | 71958 | 9796362 |
| Range Resources Corp.  | 41672 | 1481440 |
| Targa Resources Corp.  | 37923 | 5841659 |
| TechnipFMC PLC  | 71770 | 2967689 |
| Texas Pacific Land Corp.  | 3396 | 3203718 |
| Valero Energy Corp.  | 55099 | 9342586 |
| Viper Energy, Inc., Class A  | 29773 | 1118274 |
| Weatherford International PLC  | 12527 | 923115 |
|  |  | **122751716** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Equity Real Estate Investment Trusts (REITs) 6.1%** | **Equity Real Estate Investment Trusts (REITs) 6.1%** | **Equity Real Estate Investment Trusts (REITs) 6.1%** |
| Agree Realty Corp.  | 19150 | 1398142 |
| Alexandria Real Estate Equities, Inc.  | 30228 | 1759874 |
| American Homes 4 Rent, Class A  | 60218 | 1902889 |
| Americold Realty Trust, Inc.  | 50112 | 645944 |
| AvalonBay Communities, Inc.  | 25122 | 4369218 |
| Brixmor Property Group, Inc.  | 53764 | 1406466 |
| BXP, Inc.  | 27913 | 1987127 |
| Camden Property Trust  | 18945 | 1884649 |
| Cousins Properties, Inc.  | 29322 | 760320 |
| Crown Castle, Inc.  | 76585 | 6909499 |
| CubeSmart  | 39939 | 1504502 |
| Digital Realty Trust, Inc.  | 59540 | 10146211 |
| EastGroup Properties, Inc.  | 9367 | 1634823 |
| EPR Properties  | 13135 | 643878 |
| Equity LifeStyle Properties, Inc.  | 33860 | 2067153 |
| Equity Residential  | 66926 | 3978081 |
| Essex Property Trust, Inc.  | 11256 | 2833923 |
| Extra Space Storage, Inc.  | 37203 | 4968089 |
| Federal Realty Investment Trust  | 15021 | 1444870 |
| First Industrial Realty Trust, Inc.  | 22560 | 1247117 |
| Gaming & Leisure Properties, Inc.  | 47850 | 2136981 |
| Healthcare Realty Trust, Inc., Class A  | 58023 | 1028168 |
| Healthpeak Properties, Inc.  | 122162 | 2192808 |
| Highwoods Properties, Inc.  | 18873 | 540334 |
| Host Hotels & Resorts, Inc.  | 120852 | 1936049 |
| Invitation Homes, Inc.  | 108017 | 3040679 |
| Iron Mountain, Inc.  | 51812 | 5334045 |
| Kilroy Realty Corp.  | 20681 | 873772 |
| Kimco Realty Corp.  | 118132 | 2440607 |
| Lamar Advertising Co., Class A  | 15452 | 1832453 |
| Lineage, Inc.  | 12348 | 486511 |
| Medical Properties Trust, Inc.  | 87604 | 452913 |
| Mid-America Apartment Communities, <br> Inc. <br>| 20558 | 2636152 |
| Millrose Properties, Inc., Class A  | 21164 | 681692 |
| National Storage Affiliates Trust  | 12417 | 361211 |
| NNN REIT, Inc.  | 33057 | 1337486 |
| Omega Healthcare Investors, Inc.  | 50609 | 2127096 |
| Park Hotels & Resorts, Inc.  | 34609 | 356127 |
| Rayonier, Inc.  | 27259 | 601606 |
| Realty Income Corp.  | 159650 | 9256507 |
| Regency Centers Corp.  | 31835 | 2195023 |
| Rexford Industrial Realty, Inc.  | 41909 | 1731680 |
| SBA Communications Corp., Class A  | 18936 | 3625865 |
| Simon Property Group, Inc.  | 57190 | 10051714 |
| STAG Industrial, Inc.  | 32886 | 1258547 |
| Sun Communities, Inc.  | 22324 | 2826218 |
| UDR, Inc.  | 58222 | 1961499 |
| Ventas, Inc.  | 79998 | 5903052 |
| VICI Properties, Inc., Class A  | 186488 | 5592775 |
| Vornado Realty Trust  | 31016 | 1176747 |
| Weyerhaeuser Co.  | 127941 | 2942643 |
| WP Carey, Inc.  | 38320 | 2529120 |
|  |  | **134940855** |
| **Financial Services 8.7%** | **Financial Services 8.7%** | **Financial Services 8.7%** |
| Affiliated Managers Group, Inc.  | 4884 | 1162197 |
| Affirm Holdings, Inc. \* | 47320 | 3401362 |
| AGNC Investment Corp.  | 183416 | 1834160 |
| Ally Financial, Inc.  | 48640 | 1895501 |
| Ameriprise Financial, Inc.  | 16865 | 7635966 |
| Annaly Capital Management, Inc.  | 113230 | 2397079 |
| ARES Management Corp., Class A  | 33237 | 4942674 |
| Bank of New York Mellon Corp.  | 124558 | 13443545 |
| Block, Inc. \* | 96126 | 7299808 |

---

*See financial notes*

**102**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Blue Owl Capital, Inc., Class A  | 107572 | 1696410 |
| Carlyle Group, Inc.  | 46214 | 2464130 |
| Cboe Global Markets, Inc.  | 18511 | 4547042 |
| Coinbase Global, Inc., Class A \* | 37094 | 12752175 |
| Corebridge Financial, Inc.  | 47701 | 1553145 |
| Corpay, Inc. \* | 11988 | 3121076 |
| Credit Acceptance Corp. \* | 798 | 356977 |
| Equitable Holdings, Inc.  | 53148 | 2625511 |
| Euronet Worldwide, Inc. \* | 7465 | 566295 |
| Evercore, Inc., Class A  | 6496 | 1913462 |
| FactSet Research Systems, Inc.  | 6694 | 1785959 |
| Fidelity National Information Services, <br> Inc. <br>| 92969 | 5812422 |
| Franklin Resources, Inc.  | 54036 | 1221754 |
| Freedom Holding Corp. *\*(a)* | 3114 | 478497 |
| Global Payments, Inc.  | 43046 | 3347257 |
| Hamilton Lane, Inc., Class A  | 7087 | 807635 |
| Houlihan Lokey, Inc., Class A  | 9537 | 1707886 |
| Invesco Ltd.  | 64266 | 1523104 |
| Jack Henry & Associates, Inc.  | 12796 | 1905836 |
| Janus Henderson Group PLC  | 21950 | 956142 |
| Jefferies Financial Group, Inc.  | 27085 | 1430901 |
| Lazard, Inc.  | 16153 | 788266 |
| LPL Financial Holdings, Inc.  | 14076 | 5311016 |
| MarketAxess Holdings, Inc.  | 6429 | 1029026 |
| MGIC Investment Corp.  | 41139 | 1128031 |
| Morningstar, Inc.  | 4067 | 863424 |
| MSCI, Inc., Class A  | 13275 | 7813001 |
| Nasdaq, Inc.  | 72808 | 6224356 |
| Northern Trust Corp.  | 33588 | 4321768 |
| OneMain Holdings, Inc.  | 20963 | 1240800 |
| Raymond James Financial, Inc.  | 32291 | 5123613 |
| Rithm Capital Corp.  | 93442 | 1025059 |
| Robinhood Markets, Inc., Class A \* | 130640 | 19175339 |
| Rocket Cos., Inc., Class A  | 166015 | 2765810 |
| SEI Investments Co.  | 18364 | 1480322 |
| Shift4 Payments, Inc., Class A \* | 11454 | 791471 |
| SLM Corp.  | 36989 | 993155 |
| SoFi Technologies, Inc. \* | 199989 | 5935674 |
| Starwood Property Trust, Inc.  | 61183 | 1112307 |
| State Street Corp.  | 49982 | 5780918 |
| Stifel Financial Corp.  | 17608 | 2085315 |
| Synchrony Financial  | 65682 | 4885427 |
| T. Rowe Price Group, Inc.  | 38660 | 3963810 |
| Toast, Inc., Class A \* | 79761 | 2882563 |
| TPG, Inc.  | 23278 | 1281221 |
| Tradeweb Markets, Inc., Class A  | 20552 | 2165975 |
| UWM Holdings Corp.  | 27694 | 155917 |
| Virtu Financial, Inc., Class A  | 14130 | 492289 |
| Voya Financial, Inc.  | 16906 | 1258821 |
| Western Union Co.  | 57192 | 533601 |
| WEX, Inc. \* | 6018 | 877906 |
| XP, Inc., Class A  | 71830 | 1308743 |
|  |  | **191380852** |
| **Food, Beverage & Tobacco 2.3%** | **Food, Beverage & Tobacco 2.3%** | **Food, Beverage & Tobacco 2.3%** |
| Archer-Daniels-Midland Co.  | 84417 | 5109761 |
| Boston Beer Co., Inc., Class A \* | 1397 | 289165 |
| Brown-Forman Corp., Class B  | 33660 | 916562 |
| Bunge Global SA  | 23739 | 2245709 |
| Campbell's Co.  | 34251 | 1031983 |
| Celsius Holdings, Inc. \* | 28988 | 1745947 |
| Coca-Cola Consolidated, Inc.  | 9137 | 1191282 |
| Conagra Brands, Inc.  | 84013 | 1444183 |
| Constellation Brands, Inc., Class A  | 25484 | 3348088 |
| Darling Ingredients, Inc. \* | 27468 | 880349 |
| Flowers Foods, Inc.  | 33042 | 394191 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Freshpet, Inc. \* | 8333 | 410067 |
| General Mills, Inc.  | 96745 | 4509284 |
| Hershey Co.  | 25738 | 4365937 |
| Hormel Foods Corp.  | 50859 | 1098046 |
| Ingredion, Inc.  | 11297 | 1303787 |
| J.M. Smucker Co.  | 18270 | 1891859 |
| Kellanova  | 49100 | 4078246 |
| Kraft Heinz Co.  | 150520 | 3722360 |
| Lamb Weston Holdings, Inc.  | 23812 | 1469915 |
| McCormick & Co., Inc. - Non Voting <br> Shares <br>| 44710 | 2868594 |
| Molson Coors Beverage Co., Class B  | 29684 | 1297784 |
| Pilgrim's Pride Corp.  | 7354 | 280187 |
| Post Holdings, Inc. \* | 8781 | 912609 |
| Primo Brands Corp.  | 45417 | 997812 |
| Seaboard Corp.  | 45 | 151649 |
| Smithfield Foods, Inc.  | 7784 | 172493 |
| Tyson Foods, Inc., Class A  | 49309 | 2534976 |
|  |  | **50662825** |
| **Health Care Equipment & Services 5.0%** | **Health Care Equipment & Services 5.0%** | **Health Care Equipment & Services 5.0%** |
| Acadia Healthcare Co., Inc. \* | 15916 | 342194 |
| Align Technology, Inc. \* | 12099 | 1668210 |
| Baxter International, Inc.  | 90279 | 1667453 |
| Cardinal Health, Inc.  | 42125 | 8036186 |
| Cencora, Inc.  | 32321 | 10918357 |
| Centene Corp. \* | 86493 | 3059257 |
| Certara, Inc. \* | 21601 | 251220 |
| Chemed Corp.  | 2534 | 1092914 |
| Cooper Cos., Inc. \* | 35221 | 2462300 |
| DaVita, Inc. \* | 6630 | 789103 |
| Dentsply Sirona, Inc.  | 34812 | 438979 |
| Dexcom, Inc. \* | 69069 | 4021197 |
| Doximity, Inc., Class A \* | 23572 | 1555752 |
| Encompass Health Corp.  | 17555 | 1998637 |
| Envista Holdings Corp. \* | 29836 | 607163 |
| GE HealthCare Technologies, Inc.  | 80811 | 6056784 |
| Globus Medical, Inc., Class A \* | 19766 | 1193669 |
| Henry Schein, Inc. \* | 19027 | 1202506 |
| Hologic, Inc. \* | 39408 | 2912645 |
| Humana, Inc.  | 21313 | 5929063 |
| IDEXX Laboratories, Inc. \* | 14245 | 8967370 |
| Inspire Medical Systems, Inc. \* | 5049 | 363932 |
| Insulet Corp. \* | 12377 | 3874125 |
| Labcorp Holdings, Inc.  | 14767 | 3750227 |
| Masimo Corp. \* | 7946 | 1117605 |
| Molina Healthcare, Inc. \* | 9492 | 1452846 |
| Penumbra, Inc. \* | 6621 | 1505417 |
| Quest Diagnostics, Inc.  | 19657 | 3458649 |
| ResMed, Inc.  | 25773 | 6362838 |
| Solventum Corp. \* | 26043 | 1798009 |
| STERIS PLC  | 17351 | 4089631 |
| Teleflex, Inc.  | 7825 | 973978 |
| Tenet Healthcare Corp. \* | 15377 | 3175197 |
| Universal Health Services, Inc., Class B  | 9577 | 2078305 |
| Veeva Systems, Inc., Class A \* | 26056 | 7587507 |
| Zimmer Biomet Holdings, Inc.  | 34933 | 3512862 |
|  |  | **110272087** |
| **Household & Personal Products 0.8%** | **Household & Personal Products 0.8%** | **Household & Personal Products 0.8%** |
| BellRing Brands, Inc. \* | 22267 | 670905 |
| Church & Dwight Co., Inc.  | 43421 | 3807587 |
| Clorox Co.  | 21719 | 2442519 |
| Coty, Inc., Class A \* | 61774 | 245243 |
| elf Beauty, Inc. \* | 9629 | 1176086 |
| Estee Lauder Cos., Inc., Class A  | 41307 | 3993974 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**103**

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kenvue, Inc.  | 335651 | 4823305 |
| Reynolds Consumer Products, Inc.  | 9794 | 239365 |
|  |  | **17398984** |
| **Insurance 3.9%** | **Insurance 3.9%** | **Insurance 3.9%** |
| Allstate Corp.  | 46580 | 8921002 |
| American Financial Group, Inc.  | 11669 | 1536574 |
| Arch Capital Group Ltd.  | 64432 | 5561126 |
| Assurant, Inc.  | 8937 | 1892142 |
| Assured Guaranty Ltd.  | 8062 | 649636 |
| Axis Capital Holdings Ltd.  | 13335 | 1248956 |
| Brighthouse Financial, Inc. \* | 9999 | 570643 |
| Brown & Brown, Inc.  | 49296 | 3930863 |
| Cincinnati Financial Corp.  | 27220 | 4207940 |
| CNA Financial Corp.  | 3819 | 170136 |
| Everest Group Ltd.  | 7424 | 2334996 |
| Fidelity National Financial, Inc.  | 45957 | 2538665 |
| First American Financial Corp.  | 17189 | 1074484 |
| Globe Life, Inc.  | 14612 | 1921624 |
| Hanover Insurance Group, Inc.  | 6320 | 1079962 |
| Hartford Insurance Group, Inc.  | 49597 | 6158955 |
| Kemper Corp.  | 10684 | 480673 |
| Kinsale Capital Group, Inc.  | 3916 | 1564325 |
| Lincoln National Corp.  | 29971 | 1258782 |
| Loews Corp.  | 30164 | 3003128 |
| Markel Group, Inc. \* | 2199 | 4341991 |
| Old Republic International Corp.  | 40310 | 1590633 |
| Primerica, Inc.  | 5820 | 1512443 |
| Principal Financial Group, Inc.  | 39193 | 3293780 |
| Prudential Financial, Inc.  | 62612 | 6511648 |
| Reinsurance Group of America, Inc.  | 11623 | 2120733 |
| RenaissanceRe Holdings Ltd.  | 8145 | 2069563 |
| RLI Corp.  | 14518 | 855981 |
| Ryan Specialty Holdings, Inc., Class A  | 18609 | 1019773 |
| Unum Group  | 29791 | 2187255 |
| W.R. Berkley Corp.  | 51220 | 3654035 |
| White Mountains Insurance Group Ltd.  | 441 | 839911 |
| Willis Towers Watson PLC  | 17273 | 5408176 |
|  |  | **85510534** |
| **Materials 4.8%** | **Materials 4.8%** | **Materials 4.8%** |
| Albemarle Corp.  | 20751 | 2038371 |
| Alcoa Corp.  | 45589 | 1677219 |
| Amcor PLC  | 406725 | 3213127 |
| Anglogold Ashanti PLC  | 88934 | 6047512 |
| AptarGroup, Inc.  | 11551 | 1340032 |
| Ashland, Inc.  | 7979 | 390173 |
| Avery Dennison Corp.  | 13709 | 2397567 |
| Axalta Coating Systems Ltd. \* | 38520 | 1096664 |
| Ball Corp.  | 48898 | 2298206 |
| Celanese Corp., Class A  | 19570 | 752271 |
| CF Industries Holdings, Inc.  | 28411 | 2366352 |
| Cleveland-Cliffs, Inc. \* | 91500 | 1137345 |
| Corteva, Inc.  | 120759 | 7419433 |
| Crown Holdings, Inc.  | 20406 | 1983055 |
| Dow, Inc.  | 124964 | 2980391 |
| DuPont de Nemours, Inc.  | 73910 | 6034751 |
| Eagle Materials, Inc.  | 5665 | 1202793 |
| Eastman Chemical Co.  | 20169 | 1200459 |
| Element Solutions, Inc.  | 39850 | 1064792 |
| FMC Corp.  | 21842 | 331343 |
| Graphic Packaging Holding Co.  | 51905 | 829961 |
| Huntsman Corp.  | 29408 | 243498 |
| International Flavors & Fragrances, Inc.  | 45254 | 2849644 |
| International Paper Co.  | 92600 | 3578064 |
| James Hardie Industries PLC, ADR \* | 25926 | 542631 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Louisiana-Pacific Corp.  | 11150 | 971277 |
| LyondellBasell Industries NV, Class A  | 45171 | 2096838 |
| Martin Marietta Materials, Inc.  | 10587 | 6490890 |
| Mosaic Co.  | 55670 | 1528142 |
| MP Materials Corp. \* | 23061 | 1454918 |
| NewMarket Corp.  | 1041 | 799384 |
| Nucor Corp.  | 40561 | 6086178 |
| Olin Corp.  | 20448 | 423274 |
| Packaging Corp. of America  | 15585 | 3050920 |
| PPG Industries, Inc.  | 40163 | 3925933 |
| Reliance, Inc.  | 9332 | 2635637 |
| Royal Gold, Inc.  | 14442 | 2524317 |
| RPM International, Inc.  | 22403 | 2448200 |
| Scotts Miracle-Gro Co.  | 7648 | 409321 |
| Sealed Air Corp.  | 25612 | 858258 |
| Silgan Holdings, Inc.  | 15589 | 602047 |
| Smurfit WestRock PLC  | 91961 | 3395200 |
| Sonoco Products Co.  | 17342 | 703565 |
| Steel Dynamics, Inc.  | 24770 | 3883936 |
| Vulcan Materials Co.  | 23338 | 6756351 |
| Westlake Corp.  | 5864 | 403502 |
|  |  | **106463742** |
| **Media & Entertainment 3.9%** | **Media & Entertainment 3.9%** | **Media & Entertainment 3.9%** |
| Charter Communications, Inc., Class A \* | 15576 | 3642292 |
| DoubleVerify Holdings, Inc. \* | 24095 | 274201 |
| Electronic Arts, Inc.  | 44389 | 8880463 |
| Fox Corp., Class A  | 60906 | 3937573 |
| IAC, Inc. \* | 11738 | 378198 |
| Interpublic Group of Cos., Inc.  | 65212 | 1673340 |
| Liberty Broadband Corp., Class C \* | 22748 | 1224297 |
| Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 40742 | 4068089 |
| Liberty Media Corp.-Liberty Live, <br> Class C \*<br>| 11461 | 1036189 |
| Live Nation Entertainment, Inc. \* | 27964 | 4181457 |
| Madison Square Garden Sports Corp. \* | 2853 | 611655 |
| Match Group, Inc.  | 43176 | 1396312 |
| New York Times Co., Class A  | 28244 | 1609626 |
| News Corp., Class A  | 92300 | 2445950 |
| Nexstar Media Group, Inc., Class A  | 4994 | 977476 |
| NIQ Global Intelligence PLC \* | 8271 | 102560 |
| Omnicom Group, Inc.  | 34161 | 2562758 |
| Pinterest, Inc., Class A \* | 104203 | 3449119 |
| Reddit, Inc., Class A \* | 20599 | 4304161 |
| ROBLOX Corp., Class A \* | 107841 | 12263678 |
| Roku, Inc. \* | 22714 | 2410637 |
| Sirius XM Holdings, Inc.  | 33435 | 725205 |
| Take-Two Interactive Software, Inc. \* | 32156 | 8243834 |
| TKO Group Holdings, Inc.  | 12114 | 2282278 |
| Trade Desk, Inc., Class A \* | 78861 | 3965131 |
| Trump Media & Technology Group <br> Corp. \*<br>| 28444 | 435904 |
| Warner Bros Discovery, Inc. \* | 411127 | 9229801 |
| ZoomInfo Technologies, Inc., Class A \* | 52537 | 589465 |
|  |  | **86901649** |
| **Pharmaceuticals, Biotechnology & Life Sciences 4.8%** | **Pharmaceuticals, Biotechnology & Life Sciences 4.8%** | **Pharmaceuticals, Biotechnology & Life Sciences 4.8%** |
| Agilent Technologies, Inc.  | 50298 | 7361615 |
| Alnylam Pharmaceuticals, Inc. \* | 22032 | 10047473 |
| Apellis Pharmaceuticals, Inc. \* | 18913 | 406062 |
| Avantor, Inc. \* | 116580 | 1377976 |
| Biogen, Inc. \* | 25754 | 3973070 |
| BioMarin Pharmaceutical, Inc. \* | 33533 | 1796363 |
| Bio-Rad Laboratories, Inc., Class A \* | 3314 | 1058989 |
| Bio-Techne Corp.  | 27670 | 1731312 |

---

*See financial notes*

**104**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Bruker Corp.  | 18300 | 712602 |
| Caris Life Sciences, Inc. \* | 3903 | 117402 |
| Charles River Laboratories International, <br> Inc. \*<br>| 8626 | 1553284 |
| Corcept Therapeutics, Inc. \* | 16520 | 1213724 |
| Elanco Animal Health, Inc. \* | 86787 | 1922332 |
| Exact Sciences Corp. \* | 32908 | 2128819 |
| Exelixis, Inc. \* | 46460 | 1796608 |
| Halozyme Therapeutics, Inc. \* | 21643 | 1410907 |
| Illumina, Inc. \* | 27952 | 3453190 |
| Incyte Corp. \* | 27882 | 2606409 |
| Insmed, Inc. \* | 32898 | 6237461 |
| Ionis Pharmaceuticals, Inc. \* | 27387 | 2034854 |
| IQVIA Holdings, Inc. \* | 29822 | 6455270 |
| Jazz Pharmaceuticals PLC \* | 10243 | 1409847 |
| Medpace Holdings, Inc. \* | 3934 | 2301036 |
| Mettler-Toledo International, Inc. \* | 3674 | 5203449 |
| Moderna, Inc. \* | 62565 | 1699265 |
| Natera, Inc. \* | 22941 | 4563653 |
| Neurocrine Biosciences, Inc. \* | 17067 | 2444165 |
| Organon & Co.  | 45494 | 307084 |
| Perrigo Co. PLC  | 24079 | 499398 |
| Qiagen NV  | 37702 | 1766339 |
| Repligen Corp. \* | 9275 | 1382531 |
| Revolution Medicines, Inc. \* | 30653 | 1803623 |
| Revvity, Inc.  | 20780 | 1944800 |
| Roivant Sciences Ltd. \* | 68826 | 1375832 |
| Royalty Pharma PLC, Class A  | 66822 | 2508498 |
| Sarepta Therapeutics, Inc. \* | 16154 | 387858 |
| Sotera Health Co. \* | 30658 | 508923 |
| Summit Therapeutics, Inc. *\*(a)* | 20491 | 387485 |
| Tempus AI, Inc. \* | 14487 | 1301657 |
| Ultragenyx Pharmaceutical, Inc. \* | 15730 | 544258 |
| United Therapeutics Corp. \* | 7837 | 3490835 |
| Viatris, Inc.  | 206872 | 2143194 |
| Viking Therapeutics, Inc. \* | 19317 | 735591 |
| Waters Corp. \* | 10506 | 3672898 |
| West Pharmaceutical Services, Inc.  | 12630 | 3562544 |
|  |  | **105340485** |
| **Real Estate Management & Development 0.8%** | **Real Estate Management & Development 0.8%** | **Real Estate Management & Development 0.8%** |
| CBRE Group, Inc., Class A \* | 52486 | 8000441 |
| CoStar Group, Inc. \* | 73740 | 5074050 |
| Howard Hughes Holdings, Inc. \* | 5504 | 436357 |
| Jones Lang LaSalle, Inc. \* | 8313 | 2536213 |
| Zillow Group, Inc., Class C \* | 37242 | 2792405 |
|  |  | **18839466** |
| **Semiconductors & Semiconductor Equipment 2.2%** | **Semiconductors & Semiconductor Equipment 2.2%** | **Semiconductors & Semiconductor Equipment 2.2%** |
| Allegro MicroSystems, Inc. \* | 21798 | 652196 |
| Amkor Technology, Inc.  | 20275 | 654477 |
| Astera Labs, Inc. \* | 22236 | 4151017 |
| Cirrus Logic, Inc. \* | 9005 | 1194513 |
| Enphase Energy, Inc. \* | 22381 | 682844 |
| Entegris, Inc.  | 26416 | 2418913 |
| First Solar, Inc. \* | 17936 | 4787836 |
| GLOBALFOUNDRIES, Inc. \* | 18214 | 648418 |
| Lattice Semiconductor Corp. \* | 23984 | 1749873 |
| MACOM Technology Solutions Holdings, <br> Inc. \*<br>| 11177 | 1655649 |
| Microchip Technology, Inc.  | 93191 | 5816982 |
| MKS, Inc.  | 11871 | 1705982 |
| Monolithic Power Systems, Inc.  | 8170 | 8210850 |
| ON Semiconductor Corp. \* | 74328 | 3722346 |
| Onto Innovation, Inc. \* | 8596 | 1160116 |
| Qorvo, Inc. \* | 14972 | 1421142 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Skyworks Solutions, Inc.  | 26408 | 2052430 |
| Teradyne, Inc.  | 28420 | 5165619 |
| Universal Display Corp.  | 7752 | 1141715 |
|  |  | **48992918** |
| **Software & Services 5.7%** | **Software & Services 5.7%** | **Software & Services 5.7%** |
| Akamai Technologies, Inc. \* | 25299 | 1899955 |
| Amdocs Ltd.  | 19482 | 1641553 |
| Appfolio, Inc., Class A \* | 3892 | 990242 |
| Aurora Innovation, Inc. \* | 185214 | 970521 |
| Bentley Systems, Inc., Class B  | 27805 | 1413328 |
| Bill Holdings, Inc. \* | 16414 | 815119 |
| CCC Intelligent Solutions Holdings, Inc. \* | 96159 | 838506 |
| Circle Internet Group, Inc. *\*(a)* | 8337 | 1058632 |
| Cloudflare, Inc., Class A \* | 54472 | 13797758 |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 87179 | 6353605 |
| Confluent, Inc., Class A \* | 49029 | 1145808 |
| Datadog, Inc., Class A \* | 54455 | 8865819 |
| Docusign, Inc., Class A \* | 35397 | 2588937 |
| Dolby Laboratories, Inc., Class A  | 10660 | 706971 |
| Dropbox, Inc., Class A \* | 32878 | 953462 |
| DXC Technology Co. \* | 31649 | 449416 |
| Dynatrace, Inc. \* | 51748 | 2616896 |
| Elastic NV \* | 16053 | 1432249 |
| EPAM Systems, Inc. \* | 9675 | 1582249 |
| Fair Isaac Corp. \* | 4137 | 6865476 |
| Gartner, Inc. \* | 13224 | 3284048 |
| Gen Digital, Inc.  | 96823 | 2552254 |
| Gitlab, Inc., Class A \* | 23487 | 1144991 |
| Globant SA \* | 7698 | 474043 |
| GoDaddy, Inc., Class A \* | 24259 | 3229601 |
| Guidewire Software, Inc. \* | 14770 | 3450863 |
| HubSpot, Inc. \* | 8986 | 4420393 |
| Informatica, Inc., Class A \* | 18785 | 467183 |
| Kyndryl Holdings, Inc. \* | 40682 | 1176523 |
| Manhattan Associates, Inc. \* | 10565 | 1923570 |
| MongoDB, Inc., Class A \* | 13933 | 5013372 |
| nCino, Inc. \* | 18606 | 496408 |
| Nutanix, Inc., Class A \* | 45030 | 3207937 |
| Okta, Inc. \* | 29116 | 2664987 |
| Pegasystems, Inc.  | 15267 | 971745 |
| Procore Technologies, Inc. \* | 20234 | 1493674 |
| PTC, Inc. \* | 21071 | 4183436 |
| RingCentral, Inc., Class A \* | 14071 | 423819 |
| Rubrik, Inc., Class A \* | 20531 | 1545368 |
| SailPoint, Inc. \* | 10748 | 233017 |
| Samsara, Inc., Class A \* | 47405 | 1904259 |
| SentinelOne, Inc., Class A \* | 51629 | 921578 |
| Teradata Corp. \* | 16659 | 347340 |
| Twilio, Inc., Class A \* | 24979 | 3369168 |
| Tyler Technologies, Inc. \* | 7587 | 3613385 |
| UiPath, Inc., Class A \* | 71227 | 1129660 |
| Unity Software, Inc. \* | 55816 | 2115426 |
| VeriSign, Inc.  | 14861 | 3563668 |
| Zoom Communications, Inc. \* | 46323 | 4040755 |
| Zscaler, Inc. \* | 17243 | 5709847 |
|  |  | **126058820** |
| **Technology Hardware & Equipment 4.6%** | **Technology Hardware & Equipment 4.6%** | **Technology Hardware & Equipment 4.6%** |
| Arrow Electronics, Inc. \* | 9113 | 1016555 |
| Avnet, Inc.  | 14631 | 708872 |
| CDW Corp.  | 23205 | 3698181 |
| Ciena Corp. \* | 24923 | 4733376 |
| Cognex Corp.  | 29705 | 1229490 |
| Coherent Corp. \* | 27077 | 3573081 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**105**

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Corning, Inc.  | 137817 | 12276738 |
| Crane NXT Co.  | 8634 | 546101 |
| F5, Inc. \* | 10160 | 2570988 |
| Flex Ltd. \* | 65988 | 4125570 |
| Hewlett Packard Enterprise Co.  | 231575 | 5655062 |
| HP, Inc.  | 166631 | 4610680 |
| Ingram Micro Holding Corp.  | 3481 | 79924 |
| IPG Photonics Corp. \* | 4415 | 375805 |
| Jabil, Inc.  | 18596 | 4107670 |
| Keysight Technologies, Inc. \* | 30390 | 5560154 |
| Littelfuse, Inc.  | 4334 | 1054506 |
| Lumentum Holdings, Inc. \* | 12127 | 2444318 |
| NetApp, Inc.  | 35309 | 4158694 |
| Pure Storage, Inc., Class A \* | 54854 | 5414090 |
| Ralliant Corp.  | 19899 | 873964 |
| Sandisk Corp. \* | 23798 | 4743655 |
| Super Micro Computer, Inc. \* | 90722 | 4713915 |
| TD SYNNEX Corp.  | 13626 | 2132333 |
| Teledyne Technologies, Inc. \* | 8214 | 4327299 |
| Trimble, Inc. \* | 42035 | 3352291 |
| Ubiquiti, Inc.  | 736 | 579364 |
| Vontier Corp.  | 25833 | 994571 |
| Western Digital Corp.  | 61097 | 9177380 |
| Zebra Technologies Corp., Class A \* | 8958 | 2411942 |
|  |  | **101246569** |
| **Telecommunication Services 0.3%** | **Telecommunication Services 0.3%** | **Telecommunication Services 0.3%** |
| AST SpaceMobile, Inc. \* | 33917 | 2721839 |
| Frontier Communications Parent, Inc. \* | 43107 | 1627720 |
| GCI Liberty, Inc. *\*(b)* | 6049 | 0 |
| GCI Liberty, Inc., Class C \* | 4414 | 161663 |
| Iridium Communications, Inc.  | 16428 | 314596 |
| Liberty Global Ltd., Class C \* | 53816 | 600049 |
| Millicom International Cellular SA  | 18053 | 850477 |
|  |  | **6276344** |
| **Transportation 1.9%** | **Transportation 1.9%** | **Transportation 1.9%** |
| Alaska Air Group, Inc. \* | 20386 | 850708 |
| American Airlines Group, Inc. \* | 115292 | 1513784 |
| Avis Budget Group, Inc. \* | 2961 | 402903 |
| CH Robinson Worldwide, Inc.  | 20762 | 3197140 |
| Delta Air Lines, Inc.  | 115124 | 6605815 |
| Expeditors International of Washington, <br> Inc. <br>| 24216 | 2951930 |
| GXO Logistics, Inc. \* | 19873 | 1117061 |
| JB Hunt Transport Services, Inc.  | 13732 | 2318786 |
| Kirby Corp. \* | 9808 | 1014932 |
| Knight-Swift Transportation Holdings, <br> Inc. <br>| 27737 | 1251493 |
| Landstar System, Inc.  | 6107 | 784322 |
| Lyft, Inc., Class A \* | 70389 | 1440159 |
| Old Dominion Freight Line, Inc.  | 32925 | 4623328 |
| Ryder System, Inc.  | 6994 | 1183595 |
| Saia, Inc. \* | 4711 | 1377968 |
| Schneider National, Inc., Class B  | 9342 | 199639 |
| Southwest Airlines Co.  | 83266 | 2522960 |
| U-Haul Holding Co., Non Voting Shares  | 19391 | 940270 |
| United Airlines Holdings, Inc. \* | 57475 | 5404949 |
| XPO, Inc. \* | 20260 | 2914806 |
|  |  | **42616548** |
| **Utilities 6.2%** | **Utilities 6.2%** | **Utilities 6.2%** |
| AES Corp.  | 125592 | 1741961 |
| Alliant Energy Corp.  | 45267 | 3024741 |
| Ameren Corp.  | 47667 | 4862987 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| American Water Works Co., Inc.  | 34404 | 4418506 |
| Atmos Energy Corp.  | 27954 | 4800261 |
| Brookfield Renewable Corp.  | 23746 | 1027252 |
| CenterPoint Energy, Inc.  | 115120 | 4402189 |
| Clearway Energy, Inc., Class C  | 20215 | 645465 |
| CMS Energy Corp.  | 52435 | 3856594 |
| Consolidated Edison, Inc.  | 63639 | 6199075 |
| DTE Energy Co.  | 36597 | 4960357 |
| Edison International  | 67203 | 3721702 |
| Entergy Corp.  | 78818 | 7573622 |
| Essential Utilities, Inc.  | 49424 | 1929019 |
| Evergy, Inc.  | 40565 | 3115798 |
| Eversource Energy  | 64901 | 4790343 |
| Exelon Corp.  | 178425 | 8228961 |
| FirstEnergy Corp.  | 96949 | 4443173 |
| IDACORP, Inc.  | 9490 | 1224400 |
| MDU Resources Group, Inc.  | 35940 | 689329 |
| National Fuel Gas Co.  | 15829 | 1249066 |
| NiSource, Inc.  | 82978 | 3494204 |
| NRG Energy, Inc.  | 33595 | 5773637 |
| OGE Energy Corp.  | 35441 | 1564366 |
| PG&E Corp.  | 387077 | 6177749 |
| Pinnacle West Capital Corp.  | 20997 | 1858654 |
| PPL Corp.  | 130738 | 4774552 |
| Public Service Enterprise Group, Inc.  | 88146 | 7101042 |
| Talen Energy Corp. \* | 8002 | 3199039 |
| UGI Corp.  | 37808 | 1263921 |
| Vistra Corp.  | 59718 | 11244899 |
| WEC Energy Group, Inc.  | 56387 | 6300119 |
| Xcel Energy, Inc.  | 104470 | 8479830 |
|  |  | **138136813** |
| **Total Common Stocks** <br>**(Cost $1,708,773,346)** | **Total Common Stocks** <br>**(Cost $1,708,773,346)** | **2196691849** |
| **INVESTMENT COMPANIES** 0.2% OF NET ASSETS  | **INVESTMENT COMPANIES** 0.2% OF NET ASSETS  | **INVESTMENT COMPANIES** 0.2% OF NET ASSETS  |
| **Equity Funds 0.2%** | **Equity Funds 0.2%** | **Equity Funds 0.2%** |
| iShares Russell Mid-Cap ETF  | 40000 | 3830400 |
| **Total Investment Companies** <br>**(Cost $3,279,802)** | **Total Investment Companies** <br>**(Cost $3,279,802)** | **3830400** |

---

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

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.4% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.4% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.4% OF NET ASSETS  |
| **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(c)*<br>| 6957517 | 6957517 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(c)(d)*<br>| 2190653 | 2190653 |
|  |  | **9148170** |
| **Total Short-Term Investments** <br>**(Cost $9,148,170)** | **Total Short-Term Investments** <br>**(Cost $9,148,170)** | **9148170** |
| **Total Investments in Securities** <br>**(Cost $1,721,201,318)** | **Total Investments in Securities** <br>**(Cost $1,721,201,318)** | **2209670419** |

---

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

*See financial notes*

**106**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>DEPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| S&P 400 Mid-Cap Index, e-mini, <br> expires 12/19/25<br>| 26 | 8470020 | **(57389)**<br>|

---

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

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $2,145,568. 

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

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

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

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

ADR — American Depositary Receipt <br> ETF — Exchange-Traded Fund <br> REIT — Real Estate Investment Trust

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $2190415505 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2190415505 |
| Telecommunication Services | 6276344 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 6276344 |
| Investment Companies<sup>1</sup> <br>| 3830400 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3830400 |
| Short-Term Investments<sup>1</sup> <br>| 9148170 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9148170 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (57389)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (57389)<br>|
| **Total** | **$2209613030** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$2209613030** |

---

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

\* Level 3 amount shown includes securities determined to have no value at October 31, 2025.

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

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**107**

------

Schwab U.S. Mid-Cap Index Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $1,721,201,318) including securities on loan of $2,145,568 |  | $2209670419 |
| Deposit with broker for futures contracts |  | 573239 |
| Receivables: |  |  |
| Fund shares sold |  | 1348721 |
| Dividends |  | 853261 |
| Variation margin on future contracts |  | 48196 |
| Income from securities on loan | + | 9733 |
| **Total assets** |  | **2212503569** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 2190653 |
| Payables: |  |  |
| Fund shares redeemed |  | 1052678 |
| Investment adviser fees | + | 79913 |
| **Total liabilities** |  | **3323244** |
| **Net assets** |  | **$2209180325** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $1741268950 |
| Total distributable earnings | + | 467911375 |
| **Net assets** |  | **$2209180325** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $2209180325 |  | &nbsp;&nbsp;&nbsp;&nbsp; 151891079 |  | &nbsp;&nbsp;&nbsp;&nbsp; $14.54 |

---

*See financial notes*

**108**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab U.S. Mid-Cap Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $26,992) |  | $30091423 |
| Other Interest |  | 20586 |
| Securities on loan, net | + | 75424 |
| **Total investment income**  |  | **30187433** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 773313 |
| **Total expenses** | – | **773313** |
| **Net investment income** |  | **29414120** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (1205307)<br>|
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 50439502 |
| Net realized losses on futures contracts | + | (515942)<br>|
| **Net realized gains** |  | **48718253** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 136409478 |
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 6867 |
| **Net change in unrealized appreciation (depreciation)** |  | **136416345** |
| **Net realized and unrealized gains** |  | **185134598** |
| **Increase in net assets resulting from operations** |  | **$214548718** |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**109**

------

Schwab U.S. Mid-Cap Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $29414120 | &nbsp;&nbsp;&nbsp; $22005304 |
| Net realized gains |  | 48718253 | &nbsp;&nbsp;&nbsp; 46616523 |
| Net change in unrealized appreciation (depreciation) | + | 136416345 | &nbsp;&nbsp;&nbsp; 321578034 |
| **Increase in net assets resulting from operations** |  | **$214548718** | &nbsp;&nbsp;&nbsp; **$390199861** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($42219991)**<br>| &nbsp;&nbsp;&nbsp; **($18556015)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  | **TRANSACTIONS IN FUND SHARES**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 59639511 | &nbsp;&nbsp;&nbsp; $803970178 | &nbsp;&nbsp;&nbsp; 38365300 | &nbsp;&nbsp;&nbsp; $472023059 |
| Shares reinvested |  | 2520303 | &nbsp;&nbsp;&nbsp; 34971734 | &nbsp;&nbsp;&nbsp; 1371755 | &nbsp;&nbsp;&nbsp; 15325220 |
| Shares redeemed | + | (31324210)<br>| &nbsp;&nbsp;&nbsp; (432074513)<br>| &nbsp;&nbsp;&nbsp; (23863800)<br>| &nbsp;&nbsp;&nbsp; (291842392)<br>|
| **Net transactions in fund shares**  |  | **30835604** | &nbsp;&nbsp;&nbsp; **$406867399** | &nbsp;&nbsp;&nbsp; **15873255** | &nbsp;&nbsp;&nbsp; **$195505887** |
| **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  | **SHARES OUTSTANDING AND NET ASSETS**<sup>1</sup>  |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 121055475 | &nbsp;&nbsp;&nbsp; $1629984199 | &nbsp;&nbsp;&nbsp; 105182220 | &nbsp;&nbsp;&nbsp; $1062834466 |
| Total increase | + | 30835604 | &nbsp;&nbsp;&nbsp; 579196126 | &nbsp;&nbsp;&nbsp; 15873255 | &nbsp;&nbsp;&nbsp; 567149733 |
| **End of period** |  | **151891079** | &nbsp;&nbsp;&nbsp; **$2209180325** | &nbsp;&nbsp;&nbsp; **121055475** | &nbsp;&nbsp;&nbsp; **$1629984199** |

---

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

<sup>1</sup> For the period ended October 31, 2025, and the prior report period, transactions in fund shares have been retroactively adjusted to reflect a 5-for-1 share split effective after the close of U.S. markets on August 15, 2025. The retroactive adjustment of the share split does not change the transaction in fund shares values (see financial note 9 for additional information). 

*See financial notes*

**110**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab International Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>10/31/25<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $24.10 | &nbsp;&nbsp; $20.39 | &nbsp;&nbsp; $18.17 | &nbsp;&nbsp; $24.45 | &nbsp;&nbsp; $18.56 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.74 | 0.67 | 0.63 | 0.65 | 0.64 |
| Net realized and unrealized gains (losses) | 4.67 | 3.79 | 2.13 | &nbsp;&nbsp; (6.14)<br>| 5.66 |
| Total from investment operations | 5.41 | 4.46 | 2.76 | &nbsp;&nbsp; (5.49)<br>| 6.30 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.41)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $28.77 | &nbsp;&nbsp; $24.10 | &nbsp;&nbsp; $20.39 | &nbsp;&nbsp; $18.17 | &nbsp;&nbsp; $24.45 |
| Total return | 23.33<br> %<br>| 22.21<br> %<br>| 15.30<br> %<br>| &nbsp;&nbsp; (23.12<br> %)<br>| 34.24<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Total expenses | 0.06<br> %<br>| 0.06<br> %<br>| 0.06<br> %<br>| 0.06 %<sup>2</sup><br>| 0.06<br> %<br>|
| Net investment income (loss) | 2.87<br> %<br>| 2.84<br> %<br>| 2.99<br> %<br>| 3.12<br> %<br>| 2.76<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 3<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $12402 | &nbsp;&nbsp; $9873 | &nbsp;&nbsp; $7952 | &nbsp;&nbsp; $7127 | &nbsp;&nbsp; $8781 |

---

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

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

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

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**111**

------

Schwab International Index Fund

Portfolio Holdings as of October 31, 2025

------

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

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 98.9% OF NET ASSETS | **COMMON STOCKS** 98.9% OF NET ASSETS | **COMMON STOCKS** 98.9% OF NET ASSETS |
| **Australia 6.6%** | **Australia 6.6%** | **Australia 6.6%** |
| ANZ Group Holdings Ltd.  | 1847915 | 44260707 |
| APA Group  | 843830 | 5067986 |
| Aristocrat Leisure Ltd.  | 347112 | 14361803 |
| ASX Ltd.  | 120952 | 4462753 |
| BHP Group Ltd.  | 3154940 | 89941648 |
| BlueScope Steel Ltd.  | 282055 | 4219865 |
| Brambles Ltd.  | 852531 | 13853259 |
| CAR Group Ltd.  | 231564 | 5406886 |
| Cochlear Ltd.  | 40215 | 7549955 |
| Coles Group Ltd.  | 828988 | 11956123 |
| Commonwealth Bank of Australia  | 1036553 | 116306422 |
| Computershare Ltd.  | 323033 | 7717116 |
| CSL Ltd.  | 301280 | 35110057 |
| Evolution Mining Ltd.  | 1242762 | 8794485 |
| Fortescue Ltd.  | 1050641 | 14611504 |
| Goodman Group  | 1265154 | 27287062 |
| Insurance Australia Group Ltd.  | 1493063 | 7675595 |
| James Hardie Industries PLC, CDI \* | 368264 | 7755910 |
| Lottery Corp. Ltd.  | 1408948 | 5068009 |
| Macquarie Group Ltd.  | 226088 | 32247963 |
| Medibank Pvt Ltd.  | 1717511 | 5481418 |
| National Australia Bank Ltd.  | 1909321 | 54434845 |
| Northern Star Resources Ltd.  | 846595 | 13651203 |
| Origin Energy Ltd.  | 1079511 | 8651006 |
| Pro Medicus Ltd.  | 36624 | 6288520 |
| Qantas Airways Ltd.  | 454167 | 3025724 |
| QBE Insurance Group Ltd.  | 928615 | 12048384 |
| REA Group Ltd.  | 32542 | 4534303 |
| Rio Tinto Ltd.  | 234560 | 20365966 |
| Santos Ltd.  | 2050212 | 8467652 |
| Scentre Group  | 3188055 | 8492449 |
| SGH Ltd.  | 123121 | 3901139 |
| Sigma Healthcare Ltd.  | 2878529 | 5852233 |
| Sonic Healthcare Ltd.  | 287825 | 3983670 |
| South32 Ltd.  | 2796025 | 5782421 |
| Stockland  | 1490484 | 6162226 |
| Suncorp Group Ltd.  | 678834 | 8714126 |
| Telstra Group Ltd.  | 2467369 | 7882838 |
| Transurban Group  | 1929944 | 18260534 |
| Vicinity Ltd.  | 2503599 | 4136115 |
| Washington H Soul Pattinson & Co. <br> Ltd. <br>| 212372 | 5218250 |
| Wesfarmers Ltd.  | 700848 | 38466712 |
| Westpac Banking Corp.  | 2125074 | 53773859 |
| WiseTech Global Ltd.  | 123548 | 5572259 |
| Woodside Energy Group Ltd.  | 1185771 | 19215949 |
| Woolworths Group Ltd.  | 763955 | 14193516 |
| Xero Ltd. \* | 100700 | 9526743 |
|  |  | **819739168** |
| **Austria 0.2%** | **Austria 0.2%** | **Austria 0.2%** |
| Erste Group Bank AG  | 191556 | 19843068 |
| OMV AG  | 89482 | 4898793 |
| Verbund AG  | 42736 | 3298373 |
|  |  | **28040234** |
| **Belgium 1.1%** | **Belgium 1.1%** | **Belgium 1.1%** |
| Ageas SA  | 92071 | 6093220 |
| Anheuser-Busch InBev SA  | 612791 | 37366279 |
| Argenx SE \* | 38039 | 31133669 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| D'ieteren Group  | 13774 | 2516135 |
| Elia Group SA  | 27021 | 3256795 |
| Groupe Bruxelles Lambert NV  | 49971 | 4391978 |
| KBC Group NV  | 143475 | 17261392 |
| Lotus Bakeries NV  | 262 | 2285859 |
| Sofina SA  | 10143 | 2787851 |
| Syensqo SA  | 45776 | 3778639 |
| UCB SA  | 78608 | 20213415 |
|  |  | **131085232** |
| **Denmark 1.8%** | **Denmark 1.8%** | **Denmark 1.8%** |
| AP Moller - Maersk AS, Class A  | 1876 | 3866727 |
| AP Moller - Maersk AS, Class B  | 2490 | 5119259 |
| Carlsberg AS, Class B  | 58301 | 6855005 |
| Coloplast AS, Class B  | 79713 | 7209594 |
| Danske Bank AS  | 411624 | 18396793 |
| Demant AS \* | 57325 | 1907210 |
| DSV AS  | 126580 | 27013219 |
| Genmab AS \* | 37720 | 10758793 |
| Novo Nordisk AS, Class B  | 2001656 | 98544869 |
| Novonesis Novozymes B, Class B  | 220405 | 13171315 |
| Orsted AS \* | 326608 | 5849303 |
| Pandora AS  | 48599 | 6502968 |
| Rockwool AS, B Shares  | 59554 | 2040658 |
| Tryg AS  | 214498 | 5287157 |
| Vestas Wind Systems AS  | 628890 | 12862123 |
|  |  | **225384993** |
| **Finland 1.1%** | **Finland 1.1%** | **Finland 1.1%** |
| Elisa OYJ  | 86504 | 3811730 |
| Fortum OYJ  | 278566 | 6211999 |
| Kesko OYJ, B Shares  | 167284 | 3528791 |
| Kone OYJ, B Shares  | 213680 | 14276609 |
| Metso OYJ  | 422418 | 6927230 |
| Neste OYJ  | 263064 | 5450862 |
| Nokia OYJ  | 3203619 | 21852835 |
| Nordea Bank Abp  | 1955812 | 33457691 |
| Orion OYJ, B Shares  | 67387 | 4705833 |
| Sampo OYJ, A Shares  | 1508992 | 16819719 |
| Stora Enso OYJ, R Shares  | 364844 | 4248299 |
| UPM-Kymmene OYJ  | 319668 | 8577427 |
| Wartsila OYJ Abp  | 312666 | 10229524 |
|  |  | **140098549** |
| **France 10.8%** | **France 10.8%** | **France 10.8%** |
| Accor SA  | 123716 | 6293787 |
| Aeroports de Paris SA  | 21207 | 2909197 |
| Air Liquide SA  | 359834 | 69641865 |
| Airbus SE  | 369378 | 91077913 |
| Alstom SA \* | 214473 | 5363450 |
| Amundi SA  | 37179 | 2756167 |
| ArcelorMittal SA  | 290828 | 11102664 |
| Arkema SA  | 36271 | 2153143 |
| AXA SA  | 1105727 | 47975731 |
| BioMerieux  | 26386 | 3397214 |
| BNP Paribas SA  | 631426 | 48908966 |
| Bollore SE  | 427444 | 2380171 |
| Bouygues SA  | 120033 | 5418062 |
| Bureau Veritas SA  | 215909 | 7095295 |
| Capgemini SE  | 101058 | 15547307 |
| Carrefour SA  | 361655 | 5446866 |
| Cie de Saint-Gobain SA  | 278684 | 27049627 |
| Cie Generale des Etablissements <br> Michelin SCA <br>| 421177 | 13454673 |
| Covivio SA  | 33021 | 2118556 |

---

*See financial notes*

**112**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab International Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Credit Agricole SA  | 665525 | 12013637 |
| Danone SA  | 401614 | 35469191 |
| Dassault Aviation SA  | 12123 | 3906578 |
| Dassault Systemes SE  | 417283 | 11874929 |
| Edenred SE  | 149659 | 4301822 |
| Eiffage SA  | 42245 | 5198237 |
| Engie SA  | 1131867 | 26500348 |
| EssilorLuxottica SA  | 187545 | 68682474 |
| Eurofins Scientific SE  | 74322 | 5241892 |
| Euronext NV  | 49858 | 7125294 |
| FDJ UNITED  | 73764 | 2149269 |
| Gecina SA  | 29224 | 2715824 |
| Getlink SE  | 194529 | 3550780 |
| Hermes International SCA  | 19668 | 48667658 |
| Ipsen SA  | 23102 | 3246552 |
| Kering SA  | 46382 | 16471031 |
| Klepierre SA  | 135054 | 5161297 |
| Legrand SA  | 162903 | 28131346 |
| L'Oreal SA  | 149795 | 62511147 |
| LVMH Moet Hennessy Louis Vuitton <br> SE <br>| 155340 | 109797821 |
| Orange SA  | 1165165 | 18638404 |
| Pernod Ricard SA  | 124553 | 12198784 |
| Publicis Groupe SA  | 141611 | 14193545 |
| Renault SA  | 119667 | 4650162 |
| Rexel SA  | 136536 | 4734383 |
| Safran SA  | 223771 | 79509935 |
| Sanofi SA  | 687019 | 69500752 |
| Sartorius Stedim Biotech  | 18737 | 4481318 |
| Schneider Electric SE  | 340861 | 97121450 |
| Societe Generale SA  | 448841 | 28465769 |
| Sodexo SA  | 57401 | 3178318 |
| STMicroelectronics NV  | 421130 | 10341219 |
| Teleperformance SE  | 34273 | 2447385 |
| Thales SA  | 57799 | 16481546 |
| TotalEnergies SE  | 1275222 | 79618512 |
| Unibail-Rodamco-Westfield \* | 75073 | 7762789 |
| Veolia Environnement SA  | 389355 | 12867054 |
| Vinci SA  | 307641 | 41136600 |
|  |  | **1340135706** |
| **Germany 9.2%** | **Germany 9.2%** | **Germany 9.2%** |
| adidas AG  | 106292 | 20097944 |
| Allianz SE  | 239495 | 96239053 |
| BASF SE  | 551288 | 27201554 |
| Bayer AG  | 608133 | 18915666 |
| Bayerische Motoren Werke AG  | 173618 | 16188982 |
| Beiersdorf AG  | 60695 | 6434521 |
| Brenntag SE  | 79173 | 4397168 |
| Commerzbank AG  | 481753 | 17566105 |
| Continental AG  | 70383 | 5378097 |
| Covestro AG \* | 109797 | 7669386 |
| CTS Eventim AG & Co. KGaA  | 38793 | 3475517 |
| Daimler Truck Holding AG  | 293439 | 11761815 |
| Delivery Hero SE \* | 120858 | 3069761 |
| Deutsche Bank AG  | 1152921 | 41274766 |
| Deutsche Boerse AG  | 116815 | 29582226 |
| Deutsche Lufthansa AG  | 374294 | 3281397 |
| Deutsche Post AG  | 598298 | 27489609 |
| Deutsche Telekom AG  | 2166471 | 67106809 |
| E.ON SE  | 1386330 | 25794577 |
| Evonik Industries AG  | 165416 | 2772047 |
| Fresenius Medical Care AG  | 135552 | 7277413 |
| Fresenius SE & Co. KGaA  | 265266 | 15264189 |
| GEA Group AG  | 90332 | 6461233 |
| Hannover Rueck SE  | 37434 | 10686600 |
| Heidelberg Materials AG  | 83202 | 19519481 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Henkel AG & Co. KGaA  | 65142 | 4864381 |
| Hensoldt AG  | 39116 | 4169673 |
| Infineon Technologies AG  | 813184 | 32277628 |
| Knorr-Bremse AG  | 43781 | 4073733 |
| LEG Immobilien SE  | 45892 | 3497623 |
| Mercedes-Benz Group AG  | 446719 | 28985154 |
| Merck KGaA  | 80818 | 10586640 |
| MTU Aero Engines AG  | 33761 | 14754403 |
| Muenchener <br> Rueckversicherungs-Gesellschaft <br> AG in Muenchen <br>| 81431 | 50380862 |
| Nemetschek SE  | 35472 | 4098808 |
| Qiagen NV  | 133656 | 6291196 |
| Rational AG  | 3298 | 2419407 |
| Rheinmetall AG  | 28539 | 56101514 |
| RWE AG  | 393636 | 19378904 |
| SAP SE  | 648838 | 168744827 |
| Scout24 SE  | 47564 | 5500599 |
| Siemens AG  | 472437 | 133887324 |
| Siemens Energy AG \* | 423633 | 52778445 |
| Siemens Healthineers AG  | 209625 | 11749468 |
| Symrise AG  | 83746 | 6925710 |
| Talanx AG  | 40199 | 4895085 |
| Vonovia SE  | 464460 | 13959693 |
| Zalando SE \* | 144687 | 4054502 |
|  |  | **1139281495** |
| **Hong Kong 2.0%** | **Hong Kong 2.0%** | **Hong Kong 2.0%** |
| AIA Group Ltd.  | 6610800 | 64327908 |
| BOC Hong Kong Holdings Ltd.  | 2313590 | 11368328 |
| CK Asset Holdings Ltd.  | 1191711 | 5895685 |
| CK Hutchison Holdings Ltd.  | 1673025 | 11094617 |
| CK Infrastructure Holdings Ltd.  | 417000 | 2712316 |
| CLP Holdings Ltd.  | 1028426 | 8771820 |
| Futu Holdings Ltd., ADR  | 38663 | 7695484 |
| Galaxy Entertainment Group Ltd.  | 1352000 | 6736108 |
| Hang Seng Bank Ltd.  | 458040 | 8929465 |
| Henderson Land Development Co. <br> Ltd. <br>| 875735 | 3080618 |
| HKT Trust & HKT Ltd.  | 2434000 | 3554058 |
| Hong Kong & China Gas Co. Ltd.  | 6877696 | 6400741 |
| Hong Kong Exchanges & Clearing Ltd.  | 747165 | 40722649 |
| Hongkong Land Holdings Ltd.  | 696201 | 4254009 |
| Jardine Matheson Holdings Ltd.  | 99317 | 5831355 |
| Link REIT  | 1630540 | 8491225 |
| MTR Corp. Ltd.  | 1007360 | 3695689 |
| Power Assets Holdings Ltd.  | 859938 | 5462964 |
| Sands China Ltd.  | 1490800 | 3885406 |
| Sino Land Co. Ltd.  | 2288425 | 2842533 |
| SITC International Holdings Co. Ltd.  | 865000 | 3185914 |
| Sun Hung Kai Properties Ltd.  | 897104 | 10916665 |
| Swire Pacific Ltd., A Shares  | 235590 | 1945813 |
| Techtronic Industries Co. Ltd.  | 896000 | 10450949 |
| WH Group Ltd.  | 5273289 | 5072464 |
| Wharf Holdings Ltd.  | 666000 | 1750162 |
| Wharf Real Estate Investment Co. <br> Ltd. <br>| 1060188 | 3017527 |
|  |  | **252092472** |
| **Ireland 0.4%** | **Ireland 0.4%** | **Ireland 0.4%** |
| AIB Group PLC  | 1315070 | 12120114 |
| Bank of Ireland Group PLC  | 606473 | 9929764 |
| Kerry Group PLC, Class A  | 101933 | 9298610 |
| Kingspan Group PLC  | 97180 | 7276671 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**113**

------

Schwab International Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Ryanair Holdings PLC  | 522552 | 15820581 |
|  |  | **54445740** |
| **Israel 1.1%** | **Israel 1.1%** | **Israel 1.1%** |
| Azrieli Group Ltd.  | 26685 | 2815323 |
| Bank Hapoalim BM  | 777069 | 15761025 |
| Bank Leumi Le-Israel BM  | 930061 | 18876488 |
| Check Point Software Technologies <br> Ltd. \*<br>| 54050 | 10576504 |
| CyberArk Software Ltd. \* | 29958 | 15601527 |
| Elbit Systems Ltd.  | 17225 | 8159112 |
| ICL Group Ltd.  | 475516 | 3114862 |
| Israel Discount Bank Ltd., A Shares  | 766845 | 7663683 |
| Mizrahi Tefahot Bank Ltd.  | 98631 | 6412746 |
| Monday.com Ltd. \* | 25180 | 5167943 |
| Nice Ltd. \* | 40381 | 5508288 |
| Nova Ltd. \* | 18600 | 6460903 |
| Phoenix Financial Ltd.  | 135225 | 5205759 |
| Teva Pharmaceutical Industries Ltd., <br> ADR \*<br>| 712189 | 14585631 |
| Wix.com Ltd. \* | 34689 | 5048637 |
|  |  | **130958431** |
| **Italy 3.2%** | **Italy 3.2%** | **Italy 3.2%** |
| Banca Mediolanum SpA  | 131065 | 2634991 |
| Banca Monte dei Paschi di Siena SpA  | 1236088 | 10841091 |
| Banco BPM SpA  | 716208 | 10434751 |
| BPER Banca SpA  | 914280 | 10954806 |
| Davide Campari-Milano NV  | 404521 | 2816223 |
| Enel SpA  | 5048105 | 51065405 |
| Eni SpA  | 1257404 | 23185867 |
| Ferrari NV  | 78816 | 31562689 |
| FinecoBank Banca Fineco SpA  | 381351 | 8725366 |
| Generali  | 529575 | 20386460 |
| Infrastrutture Wireless Italiane SpA  | 180923 | 1988046 |
| Intesa Sanpaolo SpA  | 8854640 | 57071157 |
| Leonardo SpA  | 254318 | 14962718 |
| Moncler SpA  | 146028 | 8760125 |
| Nexi SpA  | 344309 | 1815409 |
| Poste Italiane SpA  | 281448 | 6785682 |
| Prysmian SpA  | 173807 | 18121764 |
| Recordati Industria Chimica e <br> Farmaceutica SpA <br>| 71808 | 4274138 |
| Snam SpA  | 1273928 | 7857097 |
| Stellantis NV  | 1257006 | 12783558 |
| Telecom Italia SpA \* | 7096195 | 4184220 |
| Tenaris SA  | 229529 | 4561857 |
| Terna - Rete Elettrica Nazionale  | 876497 | 8987664 |
| UniCredit SpA  | 870092 | 64427380 |
| Unipol Assicurazioni SpA  | 226018 | 4948285 |
|  |  | **394136749** |
| **Japan 22.6%** | **Japan 22.6%** | **Japan 22.6%** |
| Advantest Corp.  | 474792 | 71098105 |
| Aeon Co. Ltd.  | 1384100 | 21891896 |
| AGC, Inc.  | 117493 | 3670836 |
| Aisin Corp.  | 307200 | 5520444 |
| Ajinomoto Co., Inc.  | 563600 | 15984992 |
| ANA Holdings, Inc.  | 92900 | 1741149 |
| Asahi Group Holdings Ltd.  | 897900 | 9680996 |
| Asahi Kasei Corp.  | 764400 | 5856923 |
| Asics Corp.  | 429400 | 10934313 |
| Astellas Pharma, Inc.  | 1118950 | 11712751 |
| Bandai Namco Holdings, Inc.  | 369500 | 11499722 |
| Bridgestone Corp.  | 354857 | 15491326 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Canon, Inc.  | 535495 | 15378249 |
| Capcom Co. Ltd.  | 213600 | 5577759 |
| Central Japan Railway Co.  | 480000 | 11751222 |
| Chiba Bank Ltd.  | 340400 | 3321532 |
| Chubu Electric Power Co., Inc.  | 426700 | 5933586 |
| Chugai Pharmaceutical Co. Ltd.  | 416100 | 19043952 |
| Dai Nippon Printing Co. Ltd.  | 231196 | 3858748 |
| Daifuku Co. Ltd.  | 201590 | 6426041 |
| Dai-ichi Life Holdings, Inc.  | 2195100 | 15407395 |
| Daiichi Sankyo Co. Ltd.  | 1065700 | 25457565 |
| Daikin Industries Ltd.  | 165500 | 19227792 |
| Daito Trust Construction Co. Ltd.  | 182000 | 3402682 |
| Daiwa House Industry Co. Ltd.  | 346700 | 11762854 |
| Daiwa Securities Group, Inc.  | 824000 | 6341464 |
| Denso Corp.  | 1085500 | 15166368 |
| Disco Corp.  | 57700 | 19161186 |
| East Japan Railway Co.  | 595680 | 14549479 |
| Eisai Co. Ltd.  | 157200 | 4668931 |
| ENEOS Holdings, Inc.  | 1708000 | 10775282 |
| FANUC Corp.  | 572900 | 19118487 |
| Fast Retailing Co. Ltd.  | 118700 | 43577113 |
| Fuji Electric Co. Ltd.  | 83700 | 5977968 |
| FUJIFILM Holdings Corp.  | 693333 | 16069160 |
| Fujikura Ltd.  | 156500 | 21311235 |
| Fujitsu Ltd.  | 1089600 | 28395452 |
| Hankyu Hanshin Holdings, Inc.  | 150500 | 4041522 |
| Hikari Tsushin, Inc.  | 11493 | 3044338 |
| Hitachi Ltd.  | 2849075 | 97321495 |
| Honda Motor Co. Ltd.  | 2452017 | 24783132 |
| Hoya Corp.  | 212007 | 34436723 |
| Hulic Co. Ltd.  | 284600 | 2940304 |
| Idemitsu Kosan Co. Ltd.  | 474815 | 3301745 |
| IHI Corp.  | 644900 | 13352068 |
| Inpex Corp.  | 541700 | 9995514 |
| Isuzu Motors Ltd.  | 339800 | 4169442 |
| ITOCHU Corp.  | 742600 | 43013807 |
| Japan Airlines Co. Ltd.  | 88700 | 1597966 |
| Japan Exchange Group, Inc.  | 621300 | 6928217 |
| Japan Post Bank Co. Ltd.  | 1121200 | 12563134 |
| Japan Post Holdings Co. Ltd.  | 1116300 | 10460904 |
| Japan Post Insurance Co. Ltd.  | 114100 | 2950890 |
| Japan Tobacco, Inc.  | 750800 | 26152529 |
| JFE Holdings, Inc.  | 347900 | 3987009 |
| Kajima Corp.  | 261700 | 8436624 |
| Kansai Electric Power Co., Inc.  | 584800 | 9122968 |
| Kao Corp.  | 288419 | 12205785 |
| Kawasaki Heavy Industries Ltd.  | 93000 | 7447123 |
| Kawasaki Kisen Kaisha Ltd.  | 213900 | 3064663 |
| KDDI Corp.  | 1938700 | 30903554 |
| Keyence Corp.  | 121400 | 45055728 |
| Kikkoman Corp.  | 437485 | 3483708 |
| Kirin Holdings Co. Ltd.  | 491400 | 6910420 |
| Kobe Bussan Co. Ltd.  | 89700 | 2081408 |
| Komatsu Ltd.  | 593709 | 19860129 |
| Konami Group Corp.  | 63000 | 10491716 |
| Kubota Corp.  | 618900 | 8012997 |
| Kyocera Corp.  | 801500 | 10635422 |
| Kyowa Kirin Co. Ltd.  | 157000 | 2430994 |
| Lasertec Corp.  | 51500 | 10456160 |
| LY Corp.  | 1763400 | 5181778 |
| M3, Inc.  | 270400 | 3789615 |
| Makita Corp.  | 140100 | 4235410 |
| Marubeni Corp.  | 875800 | 21523679 |
| MatsukiyoCocokara & Co.  | 202300 | 3665711 |
| MEIJI Holdings Co. Ltd.  | 153300 | 2951016 |
| Minebea Mitsumi, Inc.  | 223100 | 4409295 |
| Mitsubishi Chemical Group Corp.  | 793000 | 4142296 |
| Mitsubishi Corp.  | 1999600 | 48015693 |

---

*See financial notes*

**114**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab International Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Mitsubishi Electric Corp.  | 1175000 | 33361290 |
| Mitsubishi Estate Co. Ltd.  | 658202 | 13948535 |
| Mitsubishi HC Capital, Inc.  | 559038 | 4373169 |
| Mitsubishi Heavy Industries Ltd.  | 1995500 | 60243486 |
| Mitsubishi UFJ Financial Group, Inc.  | 7127809 | 107667459 |
| Mitsui & Co. Ltd.  | 1533900 | 37721086 |
| Mitsui Fudosan Co. Ltd.  | 1641231 | 17089154 |
| Mitsui OSK Lines Ltd.  | 214500 | 6373141 |
| Mizuho Financial Group, Inc.  | 1565913 | 52450981 |
| MonotaRO Co. Ltd.  | 149500 | 2085839 |
| MS&AD Insurance Group Holdings, <br> Inc. <br>| 798786 | 16466542 |
| Murata Manufacturing Co. Ltd.  | 1036100 | 22339262 |
| NEC Corp.  | 807900 | 29342957 |
| Nexon Co. Ltd.  | 212700 | 4337907 |
| NIDEC Corp.  | 522600 | 6358357 |
| Nintendo Co. Ltd.  | 683990 | 58337430 |
| Nippon Building Fund, Inc.  | 4808 | 4436426 |
| Nippon Paint Holdings Co. Ltd.  | 597800 | 3802619 |
| Nippon Sanso Holdings Corp.  | 113100 | 3756256 |
| Nippon Steel Corp.  | 3007205 | 12395782 |
| Nippon Yusen KK  | 269200 | 9296373 |
| Nissan Motor Co. Ltd. \* | 1381196 | 3157045 |
| Nissin Foods Holdings Co. Ltd.  | 119500 | 2157196 |
| Nitori Holdings Co. Ltd.  | 253200 | 4102395 |
| Nitto Denko Corp.  | 434000 | 10808706 |
| Nomura Holdings, Inc.  | 1864800 | 13307397 |
| Nomura Research Institute Ltd.  | 237000 | 9151293 |
| NTT, Inc.  | 18669075 | 19215213 |
| Obayashi Corp.  | 403500 | 6826188 |
| Obic Co. Ltd.  | 203700 | 6318992 |
| Olympus Corp.  | 705400 | 8681332 |
| Oracle Corp. Japan  | 23200 | 2138804 |
| Oriental Land Co. Ltd.  | 666000 | 13478286 |
| ORIX Corp.  | 718800 | 17583308 |
| Osaka Gas Co. Ltd.  | 224900 | 7076443 |
| Otsuka Corp.  | 147600 | 2918061 |
| Otsuka Holdings Co. Ltd.  | 272900 | 14852307 |
| Pan Pacific International Holdings <br> Corp. <br>| 1202500 | 7153201 |
| Panasonic Holdings Corp.  | 1451812 | 16868930 |
| Rakuten Group, Inc. \* | 967220 | 6327750 |
| Recruit Holdings Co. Ltd.  | 824000 | 40860457 |
| Renesas Electronics Corp.  | 1042500 | 12874423 |
| Resona Holdings, Inc.  | 1292985 | 12465765 |
| Ryohin Keikaku Co. Ltd.  | 322100 | 6623418 |
| Sanrio Co. Ltd.  | 112100 | 5187804 |
| SBI Holdings, Inc.  | 174790 | 7810845 |
| SCREEN Holdings Co. Ltd.  | 51400 | 4872600 |
| SCSK Corp.  | 95400 | 3505627 |
| Secom Co. Ltd.  | 262000 | 8856859 |
| Sekisui Chemical Co. Ltd.  | 235700 | 4083334 |
| Sekisui House Ltd.  | 366569 | 7864834 |
| Seven & i Holdings Co. Ltd.  | 1305409 | 16604534 |
| SG Holdings Co. Ltd.  | 180128 | 1655644 |
| Shimadzu Corp.  | 152500 | 4100033 |
| Shimano, Inc.  | 46800 | 4903041 |
| Shin-Etsu Chemical Co. Ltd.  | 1049100 | 31534821 |
| Shionogi & Co. Ltd.  | 477800 | 8013946 |
| Shiseido Co. Ltd.  | 244600 | 4120006 |
| SMC Corp.  | 35700 | 12220911 |
| SoftBank Corp.  | 17734900 | 25201257 |
| SoftBank Group Corp.  | 592900 | 104035285 |
| Sompo Holdings, Inc.  | 548000 | 16700554 |
| Sony Financial Group, Inc. \* | 3767800 | 3799339 |
| Sony Group Corp.  | 3821900 | 106438307 |
| Subaru Corp.  | 369800 | 7866800 |
| Sumitomo Corp.  | 676800 | 19688750 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sumitomo Electric Industries Ltd.  | 445100 | 16227190 |
| Sumitomo Metal Mining Co. Ltd.  | 155100 | 5073699 |
| Sumitomo Mitsui Financial Group, <br> Inc. <br>| 2294438 | 62119132 |
| Sumitomo Mitsui Trust Group, Inc.  | 396100 | 10879501 |
| Sumitomo Realty & Development Co. <br> Ltd. <br>| 196000 | 8368609 |
| Suntory Beverage & Food Ltd.  | 85500 | 2588056 |
| Suzuki Motor Corp.  | 959000 | 14316787 |
| Sysmex Corp.  | 315800 | 3520400 |
| T&D Holdings, Inc.  | 310000 | 6657411 |
| Taisei Corp.  | 97100 | 7065125 |
| Takeda Pharmaceutical Co. Ltd.  | 986690 | 26628290 |
| TDK Corp.  | 1199800 | 20963149 |
| Terumo Corp.  | 835700 | 13488962 |
| TIS, Inc.  | 136800 | 4712873 |
| Toho Co. Ltd.  | 65208 | 3822287 |
| Tokio Marine Holdings, Inc.  | 1145697 | 42726671 |
| Tokyo Electron Ltd.  | 278800 | 61467093 |
| Tokyo Gas Co. Ltd.  | 194940 | 6841259 |
| Tokyo Metro Co. Ltd. *(a)* | 195400 | 2054067 |
| Tokyu Corp.  | 315700 | 3513113 |
| TOPPAN Holdings, Inc.  | 146700 | 3587964 |
| Toray Industries, Inc.  | 861100 | 5272024 |
| Toyota Industries Corp.  | 101500 | 11033263 |
| Toyota Motor Corp.  | 5891615 | 120113088 |
| Toyota Tsusho Corp.  | 425807 | 13015314 |
| Trend Micro, Inc.  | 79300 | 4046872 |
| Unicharm Corp.  | 695200 | 4301299 |
| West Japan Railway Co.  | 261164 | 5367474 |
| Yakult Honsha Co. Ltd.  | 157500 | 2357902 |
| Yamaha Motor Co. Ltd.  | 571700 | 4118963 |
| Yokogawa Electric Corp.  | 144300 | 4316655 |
| Yokohama Financial Group, Inc.  | 653200 | 4744998 |
| Zensho Holdings Co. Ltd.  | 62500 | 3891627 |
| ZOZO, Inc.  | 272300 | 2353900 |
|  |  | **2802050695** |
| **Netherlands 5.0%** | **Netherlands 5.0%** | **Netherlands 5.0%** |
| ABN AMRO Bank NV, GDR  | 359439 | 10739556 |
| Adyen NV \* | 15605 | 26738921 |
| Aegon Ltd.  | 839245 | 6395655 |
| AerCap Holdings NV  | 108984 | 14194076 |
| Akzo Nobel NV  | 107763 | 7121533 |
| ASM International NV  | 29163 | 18922254 |
| ASML Holding NV  | 244812 | 258842017 |
| ASR Nederland NV  | 99125 | 6615467 |
| BE Semiconductor Industries NV  | 45131 | 7694659 |
| Coca-Cola Europacific Partners PLC  | 143479 | 12745240 |
| CVC Capital Partners PLC  | 136270 | 2275927 |
| DSM-Firmenich AG  | 115304 | 9398302 |
| EXOR NV  | 57689 | 4999326 |
| Heineken Holding NV  | 79414 | 5362910 |
| Heineken NV  | 177095 | 13712874 |
| IMCD NV  | 37629 | 3899255 |
| ING Groep NV, Series N  | 1876242 | 46849133 |
| InPost SA \* | 166659 | 2099312 |
| JDE Peet's NV  | 109461 | 3983735 |
| Koninklijke Ahold Delhaize NV  | 565443 | 23143923 |
| Koninklijke KPN NV  | 2422253 | 11208882 |
| Koninklijke Philips NV  | 484862 | 13282886 |
| NN Group NV  | 166120 | 11368397 |
| Prosus NV \* | 812641 | 56168488 |
| Randstad NV  | 66376 | 2601334 |
| Universal Music Group NV  | 680713 | 18258070 |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**115**

------

Schwab International Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Wolters Kluwer NV  | 147831 | 18121942 |
|  |  | **616744074** |
| **New Zealand 0.2%** | **New Zealand 0.2%** | **New Zealand 0.2%** |
| Auckland International Airport Ltd.  | 1059184 | 4929661 |
| Contact Energy Ltd.  | 558608 | 2977842 |
| Fisher & Paykel Healthcare Corp. Ltd.  | 360424 | 7651972 |
| Infratil Ltd.  | 592295 | 4186355 |
| Meridian Energy Ltd.  | 827133 | 2800153 |
|  |  | **22545983** |
| **Norway 0.6%** | **Norway 0.6%** | **Norway 0.6%** |
| Aker BP ASA  | 199244 | 5163793 |
| DNB Bank ASA  | 548016 | 13988340 |
| Equinor ASA  | 480785 | 11515422 |
| Gjensidige Forsikring ASA  | 119561 | 3217655 |
| Kongsberg Gruppen ASA  | 276871 | 7058349 |
| Mowi ASA  | 287487 | 6319831 |
| Norsk Hydro ASA  | 894448 | 6046970 |
| Orkla ASA  | 420562 | 4271359 |
| Salmar ASA  | 39663 | 2227240 |
| Telenor ASA  | 384332 | 5715607 |
| Yara International ASA  | 103876 | 3784420 |
|  |  | **69308986** |
| **Portugal 0.2%** | **Portugal 0.2%** | **Portugal 0.2%** |
| Banco Comercial Portugues SA, <br> Class R <br>| 5309715 | 4686895 |
| EDP Renovaveis SA  | 202880 | 2966245 |
| EDP SA  | 1952158 | 9704451 |
| Galp Energia SGPS SA  | 259393 | 5211483 |
| Jeronimo Martins SGPS SA  | 179153 | 4614088 |
|  |  | **27183162** |
| **Singapore 1.7%** | **Singapore 1.7%** | **Singapore 1.7%** |
| CapitaLand Ascendas REIT  | 2410995 | 5219882 |
| CapitaLand Integrated Commercial <br> Trust <br>| 3617090 | 6575831 |
| CapitaLand Investment Ltd.  | 1417649 | 2872213 |
| DBS Group Holdings Ltd.  | 1327982 | 54981779 |
| Genting Singapore Ltd.  | 3966100 | 2223192 |
| Grab Holdings Ltd., Class A \* | 1466205 | 8811892 |
| Keppel Ltd.  | 885800 | 6927264 |
| Oversea-Chinese Banking Corp. Ltd.  | 2107601 | 27570366 |
| Sea Ltd., ADR \* | 238798 | 37312188 |
| Sembcorp Industries Ltd.  | 564600 | 2828954 |
| Singapore Airlines Ltd.  | 922650 | 4696765 |
| Singapore Exchange Ltd.  | 535400 | 6947110 |
| Singapore Technologies Engineering <br> Ltd. <br>| 960649 | 6258683 |
| Singapore Telecommunications Ltd.  | 4606037 | 15034333 |
| United Overseas Bank Ltd.  | 785733 | 20898495 |
| Wilmar International Ltd.  | 1254234 | 3014058 |
| Yangzijiang Shipbuilding Holdings <br> Ltd. <br>| 1625200 | 4389269 |
|  |  | **216562274** |
| **Spain 3.6%** | **Spain 3.6%** | **Spain 3.6%** |
| Acciona SA  | 15803 | 3497868 |
| ACS Actividades de Construccion y <br> Servicios SA <br>| 111963 | 9193241 |
| Aena SME SA  | 470321 | 12774468 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Amadeus IT Group SA  | 279030 | 21329247 |
| Banco Bilbao Vizcaya Argentaria SA  | 3582361 | 72170502 |
| Banco de Sabadell SA  | 3159320 | 11843959 |
| Banco Santander SA  | 9246757 | 94226175 |
| Bankinter SA  | 418722 | 6311914 |
| CaixaBank SA  | 2429378 | 25677908 |
| Cellnex Telecom SA \* | 309201 | 9625964 |
| Endesa SA  | 197037 | 7060996 |
| Ferrovial SE  | 318911 | 19569762 |
| Grifols SA  | 183497 | 2377733 |
| Iberdrola SA  | 3948849 | 80028323 |
| Industria de Diseno Textil SA  | 677649 | 37420038 |
| International Consolidated Airlines <br> Group SA <br>| 791807 | 4346968 |
| Redeia Corp. SA  | 247625 | 4457711 |
| Repsol SA  | 718887 | 13191111 |
| Telefonica SA  | 2287249 | 11599035 |
|  |  | **446702923** |
| **Sweden 3.6%** | **Sweden 3.6%** | **Sweden 3.6%** |
| AddTech AB, B Shares  | 161004 | 5424335 |
| Alfa Laval AB  | 179466 | 8529602 |
| Assa Abloy AB, B Shares  | 621603 | 23424835 |
| Atlas Copco AB, A Shares  | 1669625 | 27976326 |
| Atlas Copco AB, B Shares  | 971243 | 14528980 |
| Beijer Ref AB  | 244558 | 3864520 |
| Boliden AB \* | 176988 | 7936577 |
| Epiroc AB, A Shares  | 404439 | 8527979 |
| Epiroc AB, B Shares  | 246759 | 4605156 |
| EQT AB  | 229081 | 7916485 |
| Essity AB, B Shares  | 374250 | 10279759 |
| Evolution AB  | 88170 | 5874548 |
| Fastighets AB Balder, B Shares \* | 453942 | 3329604 |
| H & M Hennes & Mauritz AB, <br> B Shares <br>| 351287 | 6634448 |
| Hexagon AB, B Shares  | 1282291 | 15630639 |
| Holmen AB, B Shares  | 49893 | 1885256 |
| Industrivarden AB, A Shares  | 82630 | 3435758 |
| Industrivarden AB, C Shares  | 90571 | 3756992 |
| Indutrade AB  | 170622 | 4561112 |
| Investment AB Latour, B Shares  | 92191 | 2348972 |
| Investor AB, B Shares  | 1077629 | 35482911 |
| L E Lundbergforetagen AB, B Shares  | 44503 | 2381929 |
| Lifco AB, B Shares  | 143013 | 5521647 |
| Nibe Industrier AB, B Shares  | 919975 | 3579901 |
| Saab AB, B Shares  | 200518 | 11033792 |
| Sagax AB, B Shares  | 140471 | 3152265 |
| Sandvik AB  | 665583 | 20126878 |
| Securitas AB, B Shares  | 306229 | 4511015 |
| Skandinaviska Enskilda Banken AB, <br> A Shares <br>| 944365 | 18027527 |
| Skanska AB, B Shares  | 210827 | 5741242 |
| SKF AB, B Shares  | 210610 | 5398361 |
| Spotify Technology SA \* | 95240 | 62412677 |
| Svenska Cellulosa AB SCA, B Shares  | 375486 | 5001526 |
| Svenska Handelsbanken AB, <br> A Shares <br>| 903139 | 11785357 |
| Swedbank AB, A Shares  | 529669 | 16081164 |
| Swedish Orphan Biovitrum AB \* | 123539 | 4256320 |
| Tele2 AB, B Shares  | 349068 | 5545248 |
| Telefonaktiebolaget LM Ericsson, <br> B Shares <br>| 1747177 | 17726614 |
| Telia Co. AB  | 1456014 | 5731844 |
| Trelleborg AB, B Shares  | 126655 | 5285594 |

---

*See financial notes*

**116**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab International Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Volvo AB, B Shares  | 985116 | 26987299 |
|  |  | **446242994** |
| **Switzerland 9.2%** | **Switzerland 9.2%** | **Switzerland 9.2%** |
| ABB Ltd.  | 974321 | 72438347 |
| Alcon AG  | 309413 | 23062094 |
| Amrize Ltd. \* | 316167 | 16360348 |
| Avolta AG \* | 54480 | 2871859 |
| Baloise Holding AG  | 25817 | 6411420 |
| Banque Cantonale Vaudoise  | 18407 | 2137174 |
| Barry Callebaut AG *(a)* | 2298 | 2987492 |
| Belimo Holding AG  | 6048 | 6525453 |
| BKW AG  | 13553 | 3033262 |
| Chocoladefabriken Lindt & Spruengli <br> AG <br>| 67 | 10263417 |
| Chocoladefabriken Lindt & Spruengli <br> AG, Participation Certificates <br>| 579 | 8900585 |
| Cie Financiere Richemont SA, Class A  | 334537 | 66173283 |
| EMS-Chemie Holding AG  | 4343 | 2974651 |
| Galderma Group AG  | 95886 | 17807181 |
| Geberit AG  | 21131 | 15447264 |
| Givaudan SA  | 5761 | 23600782 |
| Helvetia Holding AG  | 22772 | 5595734 |
| Holcim AG \* | 318005 | 28271029 |
| Julius Baer Group Ltd.  | 129738 | 8758420 |
| Kuehne & Nagel International AG  | 29602 | 5679043 |
| Logitech International SA  | 94630 | 11376277 |
| Lonza Group AG  | 43727 | 30194870 |
| Nestle SA  | 1601096 | 152982227 |
| Novartis AG  | 1181454 | 146218704 |
| Partners Group Holding AG  | 14098 | 17264646 |
| Roche Holding AG  | 435813 | 141168622 |
| Roche Holding AG, Bearer Shares  | 20493 | 6952526 |
| Sandoz Group AG  | 260664 | 17380239 |
| Schindler Holding AG  | 14185 | 4795095 |
| Schindler Holding AG, Participation <br> Certificates <br>| 25365 | 9035017 |
| SGS SA  | 104010 | 11729186 |
| SIG Group AG \* | 189061 | 2113843 |
| Sika AG  | 94495 | 18519860 |
| Sonova Holding AG  | 31684 | 8642450 |
| Straumann Holding AG  | 70201 | 8824387 |
| Swatch Group AG, Bearer Shares  | 18321 | 3828842 |
| Swiss Life Holding AG  | 17665 | 19174511 |
| Swiss Prime Site AG  | 50312 | 7151493 |
| Swiss Re AG  | 185673 | 33904249 |
| Swisscom AG  | 16132 | 11817056 |
| UBS Group AG  | 1966013 | 75230101 |
| VAT Group AG  | 16685 | 7291626 |
| Zurich Insurance Group AG  | 91176 | 63410266 |
|  |  | **1138304931** |
| **United Kingdom 14.7%** | **United Kingdom 14.7%** | **United Kingdom 14.7%** |
| 3i Group PLC  | 605756 | 35055456 |
| Admiral Group PLC  | 160279 | 6901165 |
| Anglo American PLC  | 698496 | 26425933 |
| Antofagasta PLC  | 248808 | 9131841 |
| Ashtead Group PLC  | 267252 | 17851035 |
| Associated British Foods PLC  | 199454 | 6018832 |
| AstraZeneca PLC  | 963739 | 158967331 |
| Auto Trader Group PLC  | 542202 | 5562495 |
| Aviva PLC  | 1923914 | 16909836 |
| BAE Systems PLC  | 1867538 | 46003939 |
| Barclays PLC  | 8773252 | 47056392 |
| Barratt Redrow PLC  | 873269 | 4321352 |
| BP PLC  | 9850728 | 57713519 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| British American Tobacco PLC  | 1299466 | 66552793 |
| BT Group PLC  | 3745220 | 9140482 |
| Bunzl PLC  | 205281 | 6240071 |
| Centrica PLC  | 3085195 | 7271190 |
| Coca-Cola HBC AG \* | 134903 | 6121634 |
| Compass Group PLC  | 1052762 | 34846234 |
| DCC PLC  | 61302 | 4038515 |
| Diageo PLC  | 1383384 | 31820245 |
| Entain PLC  | 378454 | 3941863 |
| Experian PLC  | 570653 | 26618197 |
| Fresnillo PLC  | 135594 | 3965196 |
| Glencore PLC \* | 6267087 | 30022886 |
| GSK PLC  | 2536092 | 59378634 |
| Haleon PLC  | 5591896 | 26003596 |
| Halma PLC  | 236530 | 11021923 |
| Hikma Pharmaceuticals PLC  | 106365 | 2572916 |
| HSBC Holdings PLC  | 10838200 | 151728749 |
| Imperial Brands PLC  | 480623 | 19097212 |
| Informa PLC  | 812127 | 10341065 |
| InterContinental Hotels Group PLC  | 90954 | 10971522 |
| Intertek Group PLC  | 96646 | 6437399 |
| J Sainsbury PLC  | 1092403 | 4902266 |
| JD Sports Fashion PLC  | 1537065 | 1883496 |
| Kingfisher PLC  | 1112876 | 4513358 |
| Land Securities Group PLC  | 453204 | 3703849 |
| Legal & General Group PLC  | 3530206 | 11031601 |
| Lloyds Banking Group PLC  | 37099733 | 43498971 |
| London Stock Exchange Group PLC  | 294149 | 36658693 |
| M&G PLC  | 1424760 | 4932756 |
| Marks & Spencer Group PLC  | 1308380 | 6837356 |
| Melrose Industries PLC  | 786866 | 6482240 |
| Mondi PLC  | 279066 | 3119356 |
| National Grid PLC  | 3057119 | 45838753 |
| NatWest Group PLC  | 5052697 | 38898251 |
| Next PLC  | 72622 | 13644951 |
| NMC Health PLC *\*(b)* | 48950 | 0 |
| Pearson PLC  | 375940 | 5232339 |
| Phoenix Group Holdings PLC  | 441963 | 3915276 |
| Prudential PLC  | 1615127 | 22463316 |
| Reckitt Benckiser Group PLC  | 421053 | 32205942 |
| RELX PLC  | 1140714 | 50415425 |
| Rentokil Initial PLC  | 1551060 | 8657160 |
| Rio Tinto PLC  | 698401 | 50347699 |
| Rolls-Royce Holdings PLC  | 5252882 | 80835523 |
| Sage Group PLC  | 613022 | 9266053 |
| Schroders PLC  | 476861 | 2379595 |
| Segro PLC  | 797777 | 7320691 |
| Severn Trent PLC  | 165812 | 6061257 |
| Shell PLC  | 3657297 | 137109896 |
| Smith & Nephew PLC  | 525499 | 9703868 |
| Smiths Group PLC  | 207393 | 6867623 |
| Spirax Group PLC  | 46846 | 4369453 |
| SSE PLC  | 683669 | 17223526 |
| Standard Chartered PLC  | 1231622 | 25281799 |
| Tesco PLC  | 4074378 | 24587531 |
| Unilever PLC  | 1522956 | 91383944 |
| United Utilities Group PLC  | 420427 | 6632860 |
| Vodafone Group PLC  | 12186469 | 14752609 |
| Whitbread PLC  | 108024 | 4112496 |
| Wise PLC, Class A \* | 410195 | 5216051 |
| WPP PLC  | 662054 | 2501683 |
|  |  | **1820840960** |
| **Total Common Stocks** <br>**(Cost $7,050,236,488)** | **Total Common Stocks** <br>**(Cost $7,050,236,488)** | **12261885751** |

---

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**117**

------

Schwab International Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **PREFERRED STOCKS** 0.3% OF NET ASSETS | **PREFERRED STOCKS** 0.3% OF NET ASSETS | **PREFERRED STOCKS** 0.3% OF NET ASSETS |
| **Germany 0.3%** | **Germany 0.3%** | **Germany 0.3%** |
| Bayerische Motoren Werke AG  | 34663 | 3003057 |
| Dr. Ing hc F Porsche AG  | 71205 | 3725512 |
| Henkel AG & Co. KGaA  | 98135 | 7950200 |
| Porsche Automobil Holding SE  | 95832 | 3807738 |
| Sartorius AG  | 17160 | 4721196 |
| Volkswagen AG  | 128950 | 13428433 |
|  |  | **36636136** |
| **Total Preferred Stocks** <br>**(Cost $41,159,267)** | **Total Preferred Stocks** <br>**(Cost $41,159,267)** | **36636136** |

---

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

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.0% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.0% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.0% OF NET ASSETS |
| **Money Market Funds 0.0%** | **Money Market Funds 0.0%** | **Money Market Funds 0.0%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.01% *(c)(d)*<br>| 3776240 | 3776240 |
| **Total Short-Term Investments** <br>**(Cost $3,776,240)** | **Total Short-Term Investments** <br>**(Cost $3,776,240)** | **3776240** |
| **Total Investments in Securities** <br>**(Cost $7,095,171,995)** | **Total Investments in Securities** <br>**(Cost $7,095,171,995)** | **12302298127** |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| MSCI EAFE Index, expires <br> 12/19/25<br>| 756 | 106108380 | **64039** |

---

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

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $3,544,561. 

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

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

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

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

---

| | |
|:---|:---|
| ADR — | American Depositary Receipt |
| CDI — | CHESS Depositary Interest |
| GDR — | Global Depositary Receipt |
| REIT — | Real Estate Investment Trust |

---

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

---

| | |
|:---|:---|
|  | % OF NET ASSETS |
| **SECTOR WEIGHTINGS** | **SECTOR WEIGHTINGS** |
| Financials | 23.9<br> %<br>|
| Industrials | 19.2<br> %<br>|
| Health Care | 10.8<br> %<br>|
| Consumer Discretionary | 10.0<br> %<br>|
| Information Technology | 8.8<br> %<br>|
| Consumer Staples | 7.4<br> %<br>|
| Materials | 5.6<br> %<br>|
| Communication Services | 4.9<br> %<br>|
| Utilities | 3.6<br> %<br>|
| Energy | 3.2<br> %<br>|
| Real Estate | 1.8<br> %<br>|
| Short-Term Investments | 0.0<br> %<br>|
| **Total** | **99.2%**<br>|

---

------

The following is a summary of the inputs used to value the fund's investments as of October 31, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $— | &nbsp;&nbsp; $4367863450 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4367863450 |
| Germany | 7669386 | &nbsp;&nbsp; 1131612109 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1139281495 |
| Hong Kong | 12631560 | &nbsp;&nbsp; 239460912 | &nbsp;&nbsp; — | &nbsp;&nbsp; 252092472 |

---

*See financial notes*

**118**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab International Index Fund

Portfolio Holdings as of October 31, 2025 (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT<br> UNOBSERVABLE INPUTS<br> (LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** (continued) |  |  |  |  |
| Israel | $50980242 | &nbsp;&nbsp; $79978189 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $130958431 |
| Japan | 24481837 | &nbsp;&nbsp; 2777568858 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2802050695 |
| Netherlands | 50083239 | &nbsp;&nbsp; 566660835 | &nbsp;&nbsp; — | &nbsp;&nbsp; 616744074 |
| New Zealand | 7651972 | &nbsp;&nbsp; 14894011 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22545983 |
| Singapore | 46124080 | &nbsp;&nbsp; 170438194 | &nbsp;&nbsp; — | &nbsp;&nbsp; 216562274 |
| Spain | 7060996 | &nbsp;&nbsp; 439641927 | &nbsp;&nbsp; — | &nbsp;&nbsp; 446702923 |
| Sweden | 62412677 | &nbsp;&nbsp; 383830317 | &nbsp;&nbsp; — | &nbsp;&nbsp; 446242994 |
| United Kingdom | 4902266 | &nbsp;&nbsp; 1815938694 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 1820840960 |
| Preferred Stocks<sup>1</sup> <br>|  | &nbsp;&nbsp; 36636136 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36636136 |
| Short-Term Investments<sup>1</sup> <br>| 3776240 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3776240 |
| Futures Contracts<sup>2</sup> <br>| 64039 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 64039 |
| **Total** | **$277838534** | &nbsp;&nbsp; **$12024523632** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$12302362166** |

---

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

\* Level 3 amount shown includes securities determined to have no value at October 31, 2025.

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

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**119**

------

Schwab International Index Fund

Statement of Assets and Liabilities

------

As of October 31, 2025

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $7,095,171,995) including securities on loan of $3,544,561 |  | $12302298127 |
| Cash |  | 67445907 |
| Foreign currency, at value (cost $5,822,133) |  | 5776919 |
| Deposit with broker for futures contracts |  | 7289133 |
| Receivables: |  |  |
| Foreign tax reclaims |  | 32802713 |
| Dividends |  | 27952708 |
| Fund shares sold |  | 10120207 |
| Income from securities on loan | + | 14881 |
| **Total assets** |  | **12453700595** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 3776240 |
| Payables: |  |  |
| Investments bought |  | 36818553 |
| Fund shares redeemed |  | 10398297 |
| Investment adviser fees |  | 669453 |
| Variation margin on futures contracts | + | 283485 |
| **Total liabilities** |  | **51946028** |
| **Net assets** |  | **$12401754567** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $8183566054 |
| Total distributable earnings | + | 4218188513 |
| **Net assets** |  | **$12401754567** |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $12401754567 |  | &nbsp;&nbsp;&nbsp;&nbsp; 431062293 |  | &nbsp;&nbsp;&nbsp;&nbsp; $28.77 |

---

*See financial notes*

**120**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab International Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 | For the period November 1, 2024 through October 31, 2025 |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $32,353,895) |  | $318173825 |
| Other Interest |  | 871445 |
| Securities on loan, net | + | 384664 |
| **Total investment income**  |  | **319429934** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 6571561 |
| Professional fees | + | 83909 <br><sup>1</sup><br>|
| **Total expenses** |  | **6655470** |
| Expense reduction | – | 83909 <br><sup>1</sup><br>|
| **Net expenses** | – | **6571561** |
| **Net investment income** |  | **312858373** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (149613005)<br>|
| Net realized gains on futures contracts |  | 11990904 |
| Net realized gains on foreign currency transactions | + | 155610 |
| **Net realized losses** |  | **(137466491)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 2135078268 |
| Net change in unrealized appreciation (depreciation) on futures contracts |  | 1352917 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 2079722 |
| **Net change in unrealized appreciation (depreciation)** |  | **2138510907** |
| **Net realized and unrealized gains** |  | **2001044416** |
| **Increase in net assets resulting from operations** |  | **$2313902789** |

---

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

<sup>1</sup> Professional fees associated with the filing of foreign withholding tax claims in the European Union are deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d) and 3 for additional information).

*See financial notes*

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**121**

------

Schwab International Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 |
| Net investment income |  | $312858373 | &nbsp;&nbsp;&nbsp; $265923542 |
| Net realized losses |  | (137466491)<br>| &nbsp;&nbsp;&nbsp; (86329574)<br>|
| Net change in unrealized appreciation (depreciation) | + | 2138510907 | &nbsp;&nbsp;&nbsp; 1565760181 |
| **Increase in net assets resulting from operations** |  | **$2313902789** | &nbsp;&nbsp;&nbsp; **$1745354149** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($309722312)**<br>| &nbsp;&nbsp;&nbsp; **($284048299)**<br>|

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 101802808 | &nbsp;&nbsp;&nbsp; $2597154044 | &nbsp;&nbsp;&nbsp; 79329526 | &nbsp;&nbsp;&nbsp; $1864040426 |
| Shares reinvested |  | 9656634 | &nbsp;&nbsp;&nbsp; 217081134 | &nbsp;&nbsp;&nbsp; 9247190 | &nbsp;&nbsp;&nbsp; 203253237 |
| Shares redeemed | + | (90024141)<br>| &nbsp;&nbsp;&nbsp; (2290099631)<br>| &nbsp;&nbsp;&nbsp; (68978397)<br>| &nbsp;&nbsp;&nbsp; (1607634817)<br>|
| **Net transactions in fund shares**  |  | **21435301** | &nbsp;&nbsp;&nbsp; **$524135547** | &nbsp;&nbsp;&nbsp; **19598319** | &nbsp;&nbsp;&nbsp; **$459658846** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/24-10/31/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 409626992 | &nbsp;&nbsp;&nbsp; $9873438543 | &nbsp;&nbsp;&nbsp; 390028673 | &nbsp;&nbsp;&nbsp; $7952473847 |
| Total increase | + | 21435301 | &nbsp;&nbsp;&nbsp; 2528316024 | &nbsp;&nbsp;&nbsp; 19598319 | &nbsp;&nbsp;&nbsp; 1920964696 |
| **End of period** |  | **431062293** | &nbsp;&nbsp;&nbsp; **$12401754567** | &nbsp;&nbsp;&nbsp; **409626992** | &nbsp;&nbsp;&nbsp; **$9873438543** |

---

*See financial notes*

**122**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Equity Index Funds

Financial Notes

------

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

Each of the funds in this report is a series of Schwab Capital Trust, except Schwab 1000 Index Fund, which is a series of Schwab Investments. Both Schwab Capital Trust and Schwab Investments (the trusts) are no-load, open-end management investment companies. Each trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trusts as of the end of the period, including the funds discussed in this report, which are highlighted:

---

| | |
|:---|:---|
| **SCHWAB CAPITAL TRUST** | **SCHWAB CAPITAL TRUST** |
| **Schwab S&P 500 Index Fund** | Schwab Target 2045 Fund |
| **Schwab Small-Cap Index Fund** | Schwab Target 2050 Fund |
| **Schwab Total Stock Market Index Fund** | Schwab Target 2055 Fund |
| **Schwab U.S. Large-Cap Growth Index Fund** | Schwab Target 2060 Fund |
| **Schwab U.S. Large-Cap Value Index Fund** | Schwab Target 2065 Fund |
| **Schwab U.S. Mid-Cap Index Fund** | Schwab Fundamental U.S. Large Company Index Fund |
| **Schwab International Index Fund** | Schwab Fundamental U.S. Small Company Index Fund |
| Schwab MarketTrack All Equity Portfolio™ | Schwab Fundamental International Equity Index Fund |
| Schwab MarketTrack Growth Portfolio™ | Schwab Fundamental International Small Equity Index Fund |
| Schwab MarketTrack Balanced Portfolio™ | Schwab Fundamental Emerging Markets Equity Index Fund |
| Schwab MarketTrack Conservative Portfolio™ | Schwab Fundamental Global Real Estate Index Fund |
| Schwab International Opportunities Fund | Schwab Target 2010 Index Fund |
| Schwab Balanced Fund | Schwab Target 2015 Index Fund |
| Schwab Core Equity Fund | Schwab Target 2020 Index Fund |
| Schwab Dividend Equity Fund | Schwab Target 2025 Index Fund |
| Schwab Large-Cap Growth Fund | Schwab Target 2030 Index Fund |
| Schwab Small-Cap Equity Fund | Schwab Target 2035 Index Fund |
| Schwab Health Care Fund | Schwab Target 2040 Index Fund |
| Schwab International Core Equity Fund | Schwab Target 2045 Index Fund |
| Schwab Target 2010 Fund | Schwab Target 2050 Index Fund |
| Schwab Target 2015 Fund | Schwab Target 2055 Index Fund |
| Schwab Target 2020 Fund | Schwab Target 2060 Index Fund |
| Schwab Target 2025 Fund | Schwab Target 2065 Index Fund |
| Schwab Target 2030 Fund | Schwab Monthly Income Fund – Target Payout |
| Schwab Target 2035 Fund | Schwab Monthly Income Fund – Flexible Payout |
| Schwab Target 2040 Fund | Schwab Monthly Income Fund – Income Payout |
| **SCHWAB INVESTMENTS** | **SCHWAB INVESTMENTS** |
| **Schwab 1000 Index Fund** | Schwab Tax-Free Bond Fund |
| Schwab Treasury Inflation Protected Securities Index Fund | Schwab California Tax-Free Bond Fund |
| Schwab U.S. Aggregate Bond Index Fund | Schwab Opportunistic Municipal Bond Fund |
| Schwab Short-Term Bond Index Fund | Schwab Global Real Estate Fund |

---

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

Each fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each fund may also keep certain assets in segregated accounts, as required by securities law. The "Schwab Funds Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

**Investment Objectives** 

The **Schwab S&P 500 Index Fund's** goal is to track the total return of the S&P 500<sup>®</sup> Index.

The **Schwab 1000 Index Fund's** goal is to match the total return of the Schwab 1000 Index<sup>®</sup>.

The **Schwab Small-Cap Index Fund's** goal is to track the performance of a benchmark index that measures the total return of small capitalization U.S. Stocks.

The **Schwab Total Stock Market Index Fund's** goal is to track the total return of the entire U.S. stock market, as measured by the Dow Jones U.S. Total Stock Market Index<sup>SM</sup>.

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**123**

------

Schwab Equity Index Funds

Financial Notes (continued)

------

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

**1. Business Structure of the Funds (continued):** 

The **Schwab U.S. Large-Cap Growth Index Fund's** goal is to track the performance of a benchmark index that measures the total return of large capitalization U.S. growth stocks.

The **Schwab U.S. Large-Cap Value Index Fund's** goal is to track the performance of a benchmark index that measures the total return of large capitalization U.S. value stocks.

The **Schwab U.S. Mid-Cap Index Fund's** goal is to track the performance of a benchmark index that measures the total return of mid capitalization U.S. stocks.

The **Schwab International Index Fund's** goal is to track the performance of a benchmark index that measures the total return of large, publicly traded non-U.S. companies from countries with developed equity markets outside of the United States.

------

**2. Significant Accounting Policies:**

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

In this reporting period, the funds adopted FASB Accounting Standards Update 2023-07, ASC Topic 280 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the funds' financial position or the results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management committee of each fund's investment adviser acts as the funds' CODM. The CODM has determined that each fund operates as a single operating segment given each fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of each fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the funds, is presented within each of the fund's financial statements.

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

**(a) Security Valuation:**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign equity security fair valuation:** The Valuation Designee has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the valuation of a fund's holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the Valuation Designee seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter "arbitrage"

**124**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Equity Index Funds

Financial Notes (continued)

------

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

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

market timers, who seek to exploit delays between the change in the value of a fund's portfolio holdings and the net asset value of a fund's shares and seeks to help ensure that the prices at which a fund's shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of a fund and that of its comparative index or benchmark.

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

&nbsp;&nbsp;&nbsp;&nbsp;● **Mutual funds:** Mutual funds are valued at their respective net asset values.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include forward foreign currency exchange contracts, U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. In addition, international securities whose markets close hours before the valuation of a fund's holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of foreign markets. The Valuation Designee has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets.

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

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**125**

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Schwab Equity Index Funds

Financial Notes (continued)

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

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

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

The levels associated with valuing the funds' investments as of October 31, 2025, are disclosed in each fund's Portfolio Holdings.

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

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

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

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

As of October 31, 2025, the funds had securities on loan, all of which were classified as common stocks. The value of securities on loan and the related collateral as of October 31, 2025, are disclosed in each fund's Portfolio Holdings and Statement of Assets and Liabilities.

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

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

**126**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

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Schwab Equity Index Funds

Financial Notes (continued)

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

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

**(c) Security Transactions:** 

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

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

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

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

**(d) Investment Income:**

Interest income is recorded as it accrues. Dividends and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date), although the funds record certain foreign security dividends on the date the ex-dividend date is confirmed. Non-cash dividends in the form of additional securities are recorded on the ex-dividend date at fair value, if any. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities and there are no significant uncertainties on collectibility in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.

The Schwab International Index Fund filed claims to recover taxes previously withheld in certain European Union countries on the basis that those countries had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. These filings are subject to various administrative and judicial proceedings within these countries, and all professional fees associated with these filings have been paid by the investment adviser. The professional fees related to European Union foreign withholding tax claims are non-contingent and non-routine expenses which are subject to repayment to the investment adviser (see financial note 3 for additional information).

For U.S. income tax purposes, European Union reclaims received reduce the amounts of foreign taxes that the fund passes through to its shareholders. If European Union reclaims received exceed foreign withholding taxes paid, the Schwab International Index Fund will evaluate the requirements for entering into a closing agreement with the Internal Revenue Service (IRS) to address any prior years' U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by fund shareholders on their tax returns in prior years. During the period ended October 31, 2025, the Schwab International Index Fund did not incur any compliance fees.

**(e) Expenses:**

Pursuant to the Amended and Restated Investment Advisory and Administration Agreement between the investment adviser and the trusts, the investment adviser pays the operating expenses of each fund, excluding acquired fund fees and expenses, taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to a fund are charged directly to the fund. Acquired fund fees and expenses are indirect expenses incurred by a fund through its investments in underlying funds and are reflected in the net asset values of the underlying funds.

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**127**

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Schwab Equity Index Funds

Financial Notes (continued)

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

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

**(f) Distributions to Shareholders:**

The funds make distributions from net investment income and net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(g) Accounting Estimates:**

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It's possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

**(h) Federal Income Taxes:**

The funds intend to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the funds distribute substantially all of their net investment income and net realized capital gains, if any, to their shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.

**(i) Foreign Taxes:**

Certain funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, foreign currency exchanges and capital gains on investments. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in foreign markets in which a fund invests. These foreign taxes, if any, are paid by the funds and are disclosed in each fund's Statement of Operations. Foreign taxes accrued as of October 31, 2025, if any, are reflected in each fund's Statement of Assets and Liabilities.

**(j) Indemnification:**

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

**(k) Recent Accounting Pronouncements:**

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments were issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to rate reconciliation and income taxes paid information. The guidance is effective for annual periods beginning after December 15, 2024, and with early adoption permitted. At this time, management is evaluating the impact of this amendment but believes it will not have a material impact on the financial statements and income tax disclosures.

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**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as each fund's investment adviser and administrator pursuant to the Amended and Restated Investment Advisory and Administration Agreement between the investment adviser and the trusts.

For its advisory and administrative services to the funds, the investment adviser is entitled to receive an annual fee, payable monthly, based on a percentage of each fund's average daily net assets as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| SCHWAB<br> S&P 500<br> INDEX FUND<br>| &nbsp;&nbsp;&nbsp; SCHWAB<br> 1000<br> INDEX FUND<br>| &nbsp;&nbsp;&nbsp; SCHWAB<br> SMALL-CAP<br> INDEX FUND<br>| &nbsp;&nbsp;&nbsp; SCHWAB<br> TOTAL STOCK<br> MARKET<br> INDEX FUND<br>| &nbsp;&nbsp;&nbsp; SCHWAB<br> U.S. LARGE-CAP<br> GROWTH<br> INDEX FUND<br>| &nbsp;&nbsp;&nbsp; SCHWAB<br> U.S. LARGE-CAP<br> VALUE<br> INDEX FUND<br>| &nbsp;&nbsp;&nbsp; SCHWAB<br> U.S. MID-CAP<br> INDEX FUND<br>| &nbsp;&nbsp;&nbsp; SCHWAB<br> INTERNATIONAL<br> INDEX FUND<br>|
| 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.035<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.035<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>|

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**128**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

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Schwab Equity Index Funds

Financial Notes (continued)

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

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

**Investments from Affiliates**

Funds in the Schwab Funds Complex may own shares of other funds in the Schwab Funds Complex. The table below reflects the percentage of shares of each fund in this report that is owned by other funds in the Schwab Funds Complex as of October 31, 2025, as applicable:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS |
|  | SCHWAB<br> S&P 500<br> INDEX FUND<br>| SCHWAB<br> SMALL-CAP<br> INDEX FUND<br>| SCHWAB<br> U.S. LARGE-CAP<br> GROWTH<br> INDEX FUND<br>| SCHWAB<br> U.S. MID-CAP<br> INDEX FUND<br>| SCHWAB<br> INTERNATIONAL<br> INDEX FUND<br>|
| Schwab MarketTrack All Equity Portfolio | 0.2<br> %<br>| 0.8<br> %<br>| 2.9<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 1.4<br> %<br>|
| Schwab MarketTrack Balanced Portfolio | 0.1<br> %<br>| 0.4<br> %<br>| 1.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.5<br> %<br>|
| Schwab MarketTrack Conservative Portfolio | 0.0<br> %\*<br>| 0.1<br> %<br>| 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.1<br> %<br>|
| Schwab MarketTrack Growth Portfolio | 0.2<br> %<br>| 0.6<br> %<br>| 2.4<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 1.0<br> %<br>|
| Schwab Target 2010 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2015 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2020 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2025 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2030 Fund | 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.7<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2035 Fund | 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.5<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2040 Fund | 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 1.0<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2045 Fund | 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2050 Fund | 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2055 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2060 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2065 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>|

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

\* Less than 0.05%

**Other Affiliated Transactions**

The professional fees related to European Union foreign withholding tax claims discussed in financial note 2(d) are non-contingent and non-routine expenses. The investment adviser agreed to pay these professional fees, on behalf of the Schwab International Index Fund, subject to reimbursement by the fund to the investment adviser to the extent the fund is able to successfully recover tax claims in the future.

During the period ended October 31, 2025, the professional fees incurred by the Schwab International Index Fund and paid by the investment adviser were $83,909, as shown as Professional fees in the fund's Statement of Operations.

During the period ended October 31, 2025, the Schwab International Index Fund did not recover any previously withheld foreign taxes and made no reimbursement to the investment adviser.

As of October 31, 2025, the balance of professional fees related to foreign withholding tax claims subject to future reimbursement by the Schwab International Index Fund to the investment adviser was $141,564.

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

**Interfund Transactions**

The funds may engage in direct transactions with other funds in the Schwab Funds Complex in accordance with procedures adopted by the Board of Trustees pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**129**

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Schwab Equity Index Funds

Financial Notes (continued)

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

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

adviser. The net realized gains or losses on sales of interfund transactions, if any, are recorded in Net realized gains (losses) on sales of securities — unaffiliated issuers in the Statement of Operations. For the period ended October 31, 2025, each fund's purchases and sales of securities with other funds in the Schwab Funds Complex as well as any net realized gains (losses) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | PURCHASE COST | SALE PROCEEDS | NET REALIZED GAINS (LOSSES) |
| Schwab S&P 500 Index Fund | $493317592 | &nbsp;&nbsp; $553878754 | &nbsp;&nbsp; ($173776524)<br>|
| Schwab 1000 Index Fund | 167127056 | &nbsp;&nbsp; 168573621 | &nbsp;&nbsp; 23943858 |
| Schwab Small-Cap Index Fund | 56964780 | &nbsp;&nbsp; 109702642 | &nbsp;&nbsp; 11278234 |
| Schwab Total Stock Market Index Fund | 205139409 | &nbsp;&nbsp; 113667458 | &nbsp;&nbsp; (74898946)<br>|
| Schwab U.S. Large-Cap Growth Index Fund | 181446324 | &nbsp;&nbsp; 141666577 | &nbsp;&nbsp; 9236371 |
| Schwab U.S. Large-Cap Value Index Fund | 129772429 | &nbsp;&nbsp; 45978533 | &nbsp;&nbsp; 3321563 |
| Schwab U.S. Mid-Cap Index Fund | 91435799 | &nbsp;&nbsp; 38921641 | &nbsp;&nbsp; (9865843)<br>|
| Schwab International Index Fund | 10061440 | &nbsp;&nbsp; 62722281 | &nbsp;&nbsp; (15252367)<br>|

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**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the Schwab Funds Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board of Trustees. The funds had no interfund borrowing or lending activity during the period.

------

**4. Board of Trustees:**

The Board of Trustees may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trusts were in compliance with these limitations throughout the report period. The funds did not pay any interested persons or non-interested persons (independent trustees). The independent trustees are paid by the investment adviser pursuant to the Advisory Agreement where the investment adviser pays the operational expenses of each fund which includes trustee fees.

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**5. Borrowing from Banks:**

During the period, the funds were participants with other funds in the Schwab Funds Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), which matured on September 25, 2025. On September 25, 2025, the Syndicated Credit Facility was amended to run for a new 28 day period with the line of credit amount remaining unchanged, maturing on October 23, 2025. On October 23, 2025, the Syndicated Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on October 22, 2026. Under the terms of the Syndicated Credit Facility, in addition to the investment adviser paying the interest charged on any borrowings by a fund, the investment adviser paid a commitment fee of 0.15% per annum on the funds' proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the funds were participants with other funds in the Schwab Funds Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, which matured on September 25, 2025. On September 25, 2025, the Uncommitted Credit Facility was amended to run for a new 28 day period with the line of credit amount remaining unchanged, maturing on October 23, 2025. On October 23, 2025, the Uncommitted Credit Facility was amended to run for a new 364 day period with the line of credit amount remaining unchanged, maturing on October 22, 2026. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount a fund borrows. There were no borrowings by any of the funds from either line of credit during the period.

The funds also have access to custodian overdraft facilities. A fund may have utilized the overdraft facility and incurred an interest expense, which is paid by the investment adviser, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

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**6. Derivatives:**

Certain funds entered into futures contracts during the report period to equitize available cash.

**130**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

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Schwab Equity Index Funds

Financial Notes (continued)

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

**6. Derivatives (continued):** 

As of October 31, 2025, the Statement of Assets and Liabilities included the following financial derivative instrument fair values held at period end:

---

| | | |
|:---|:---|:---|
|  | EQUITY CONTRACTS | TOTAL |
| **Asset Derivatives** |  |  |
| Schwab S&P 500 Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| $7732431 | &nbsp;&nbsp; $7732431 |
| Schwab 1000 Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 361886 | &nbsp;&nbsp; 361886 |
| Schwab Total Stock Market Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 1383024 | &nbsp;&nbsp; 1383024 |
| Schwab U.S. Large-Cap Growth Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 71704 | &nbsp;&nbsp; 71704 |
| Schwab U.S. Large-Cap Value Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 61670 | &nbsp;&nbsp; 61670 |
| Schwab International Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 64039 | &nbsp;&nbsp; 64039 |

---

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

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

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

---

| | | |
|:---|:---|:---|
| **Liability Derivatives** |  |  |
| Schwab 1000 Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| ($25330)<br>| &nbsp;&nbsp; ($25330)<br>|
| Schwab Small-Cap Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| (20375)<br>| &nbsp;&nbsp; (20375)<br>|
| Schwab U.S. Large-Cap Growth Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| (2615)<br>| &nbsp;&nbsp; (2615)<br>|
| Schwab U.S. Large-Cap Value Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| (3229)<br>| &nbsp;&nbsp; (3229)<br>|
| Schwab U.S. Mid-Cap Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| (57389)<br>| &nbsp;&nbsp; (57389)<br>|

---

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

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

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**131**

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Schwab Equity Index Funds

Financial Notes (continued)

------

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

**6. Derivatives (continued):** 

The effects of the derivative contracts in the Statement of Operations for the period ended October 31, 2025, were:

---

| | | |
|:---|:---|:---|
|  | EQUITY CONTRACTS | TOTAL |
| **Net Realized Gains (Losses)** |  |  |
| Schwab S&P 500 Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| $58241475 | &nbsp;&nbsp; $58241475 |
| Schwab 1000 Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 6446645 | &nbsp;&nbsp; 6446645 |
| Schwab Small-Cap Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| (613114)<br>| &nbsp;&nbsp; (613114)<br>|
| Schwab Total Stock Market Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 12468105 | &nbsp;&nbsp; 12468105 |
| Schwab U.S. Large-Cap Growth Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 2778388 | &nbsp;&nbsp; 2778388 |
| Schwab U.S. Large-Cap Value Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 276089 | &nbsp;&nbsp; 276089 |
| Schwab U.S. Mid-Cap Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| (515942)<br>| &nbsp;&nbsp; (515942)<br>|
| Schwab International Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 11990904 | &nbsp;&nbsp; 11990904 |

---

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

<br> <sup>1</sup> Statement of Operations location: Net realized gains (losses) on futures contracts.

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

---

| | | |
|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation)** |  |  |
| Schwab S&P 500 Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| $15983636 | &nbsp;&nbsp; $15983636 |
| Schwab 1000 Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 985806 | &nbsp;&nbsp; 985806 |
| Schwab Small-Cap Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 290852 | &nbsp;&nbsp; 290852 |
| Schwab Total Stock Market Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 2520858 | &nbsp;&nbsp; 2520858 |
| Schwab U.S. Large-Cap Growth Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 214292 | &nbsp;&nbsp; 214292 |
| Schwab U.S. Large-Cap Value Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 118667 | &nbsp;&nbsp; 118667 |
| Schwab U.S. Mid-Cap Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 6867 | &nbsp;&nbsp; 6867 |
| Schwab International Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 1352917 | &nbsp;&nbsp; 1352917 |

---

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

<br> <sup>1</sup> Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts.

**132**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

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Schwab Equity Index Funds

Financial Notes (continued)

------

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

**6. Derivatives (continued):** 

During the period ended October 31, 2025, the month-end average notional amounts of futures contracts held by the funds and the month-end average number of contracts held were as follows:

---

| | | |
|:---|:---|:---|
|  | NOTIONAL AMOUNTS  | NUMBER OF CONTRACTS  |
| Schwab S&P 500 Index Fund | $425054235 | &nbsp;&nbsp; 1389 |
| Schwab 1000 Index Fund | 50597328 | &nbsp;&nbsp; 166 |
| Schwab Small-Cap Index Fund | 23912656 | &nbsp;&nbsp; 215 |
| Schwab Total Stock Market Index Fund | 111217870 | &nbsp;&nbsp; 441 |
| Schwab U.S. Large-Cap Growth Index Fund | 8781066 | &nbsp;&nbsp; 24 |
| Schwab U.S. Large-Cap Value Index Fund | 3044975 | &nbsp;&nbsp; 12 |
| Schwab U.S. Mid-Cap Index Fund | 6239898 | &nbsp;&nbsp; 20 |
| Schwab International Index Fund | 92324218 | &nbsp;&nbsp; 727 |

---

------

**7. Purchases and Sales of Investment Securities:**

For the period ended October 31, 2025, purchases and sales of securities (excluding in-kind transactions and short-term obligations) were as follows:

---

| | | |
|:---|:---|:---|
|  | PURCHASES <br>OF SECURITIES <br>| SALES <br>OF SECURITIES<br>|
| Schwab S&P 500 Index Fund | $8240365457 | &nbsp;&nbsp; $3134187703 |
| Schwab 1000 Index Fund | 564336769 | &nbsp;&nbsp; 586425579 |
| Schwab Small-Cap Index Fund | 1208812588 | &nbsp;&nbsp; 771314093 |
| Schwab Total Stock Market Index Fund | 2114341327 | &nbsp;&nbsp; 812897723 |
| Schwab U.S. Large-Cap Growth Index Fund | 1286238909 | &nbsp;&nbsp; 548612125 |
| Schwab U.S. Large-Cap Value Index Fund | 255111730 | &nbsp;&nbsp; 132760634 |
| Schwab U.S. Mid-Cap Index Fund | 694853899 | &nbsp;&nbsp; 220298126 |
| Schwab International Index Fund | 1579440953 | &nbsp;&nbsp; 1069684373 |

---

During the period ended October 31, 2025, the following funds had transactions in connection with in-kind transactions:

---

| | | |
|:---|:---|:---|
|  | IN-KIND PURCHASES <br>OF SECURITIES <br>| IN-KIND SALES <br>OF SECURITIES<br>|
| Schwab 1000 Index Fund | $— | &nbsp;&nbsp; $119116257 |
| Schwab Small-Cap Index Fund |  | &nbsp;&nbsp; 198992500 |
| Schwab U.S. Large-Cap Growth Index Fund |  | &nbsp;&nbsp; 32866048 |
| Schwab U.S. Large-Cap Value Index Fund |  | &nbsp;&nbsp; 35664883 |
| Schwab U.S. Mid-Cap Index Fund |  | &nbsp;&nbsp; 65366640 |

---

The funds may realize net capital gains or losses resulting from in-kind redemptions. Because such gains or losses are not taxable to the funds and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the funds' tax year. These reclassifications have no effect on net assets or net asset values. The net realized gains or losses on sales of in-kind redemptions for the period ended October 31, 2025, are disclosed in the funds' Statements of Operations, if any.

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**133**

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Schwab Equity Index Funds

Financial Notes (continued)

------

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

**8. Federal Income Taxes:**

As of October 31, 2025, the tax basis cost of the funds' investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| Schwab S&P 500 Index Fund | $47041843400 | &nbsp;&nbsp; $84398240718 | &nbsp;&nbsp; ($1335095588)<br>| &nbsp;&nbsp; $83063145130 |
| Schwab 1000 Index Fund | 3540290246 | &nbsp;&nbsp; 17154936306 | &nbsp;&nbsp; (157770118)<br>| &nbsp;&nbsp; 16997166188 |
| Schwab Small-Cap Index Fund | 5043608978 | &nbsp;&nbsp; 3132795697 | &nbsp;&nbsp; (918905734)<br>| &nbsp;&nbsp; 2213889963 |
| Schwab Total Stock Market Index Fund | 12468848487 | &nbsp;&nbsp; 20133341996 | &nbsp;&nbsp; (685663418)<br>| &nbsp;&nbsp; 19447678578 |
| Schwab U.S. Large-Cap Growth Index Fund | 2695594991 | &nbsp;&nbsp; 1947030408 | &nbsp;&nbsp; (73094860)<br>| &nbsp;&nbsp; 1873935548 |
| Schwab U.S. Large-Cap Value Index Fund | 695108725 | &nbsp;&nbsp; 296918775 | &nbsp;&nbsp; (74512288)<br>| &nbsp;&nbsp; 222406487 |
| Schwab U.S. Mid-Cap Index Fund | 1781212787 | &nbsp;&nbsp; 599408849 | &nbsp;&nbsp; (171008606)<br>| &nbsp;&nbsp; 428400243 |
| Schwab International Index Fund | 7787034554 | &nbsp;&nbsp; 5341065131 | &nbsp;&nbsp; (825737519)<br>| &nbsp;&nbsp; 4515327612 |

---

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

As of October 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | UNDISTRIBUTED <br>ORDINARY <br>INCOME <br>| UNDISTRIBUTED <br>LONG-TERM <br>CAPITAL GAINS <br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>ON INVESTMENTS <br>| NET OTHER UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>| CAPITAL LOSS <br>CARRYFORWARDS <br>AND OTHER LOSSES <br>| TOTAL  |
| Schwab S&P 500 Index Fund | $1129115422 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $83063145130 | &nbsp;&nbsp; $— | &nbsp;&nbsp; ($328612934)<br>| &nbsp;&nbsp; $83863647618 |
| Schwab 1000 Index Fund | 175097579 | &nbsp;&nbsp; 70620257 | &nbsp;&nbsp; 16997166188 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17242884024 |
| Schwab Small-Cap Index Fund | 72238334 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2213889963 | &nbsp;&nbsp; — | &nbsp;&nbsp; (182290902)<br>| &nbsp;&nbsp; 2103837395 |
| Schwab Total Stock Market Index <br> Fund<br>| 273799369 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19447678578 | &nbsp;&nbsp; — | &nbsp;&nbsp; (290082251)<br>| &nbsp;&nbsp; 19431395696 |
| Schwab U.S. Large-Cap Growth <br> Index Fund<br>| 15690148 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1873935548 | &nbsp;&nbsp; — | &nbsp;&nbsp; (18748526)<br>| &nbsp;&nbsp; 1870877170 |
| Schwab U.S. Large-Cap Value Index <br> Fund<br>| 14661017 | &nbsp;&nbsp; 271547 | &nbsp;&nbsp; 222406487 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 237339051 |
| Schwab U.S. Mid-Cap Index Fund | 29232824 | &nbsp;&nbsp; 10278308 | &nbsp;&nbsp; 428400243 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 467911375 |
| Schwab International Index Fund | 406842187 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4515327612 | &nbsp;&nbsp; 1586503 | &nbsp;&nbsp; (705567789)<br>| &nbsp;&nbsp; 4218188513 |

---

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of October 31, 2025, the funds had capital loss carryforwards available as follows:

---

| | |
|:---|:---|
| Schwab S&P 500 Index Fund | $328612934 |
| Schwab 1000 Index Fund |  |
| Schwab Small-Cap Index Fund | 182290902 |
| Schwab Total Stock Market Index Fund | 290082251 |
| Schwab U.S. Large-Cap Growth Index Fund | 18748526 |
| Schwab U.S. Large-Cap Value Index Fund |  |
| Schwab U.S. Mid-Cap Index Fund |  |
| Schwab International Index Fund | 705567789 |

---

**134**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

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Schwab Equity Index Funds

Financial Notes (continued)

------

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

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

For the fiscal year ended October 31, 2025, the funds had capital loss carryforwards utilized as follows:

---

| | |
|:---|:---|
| Schwab S&P 500 Index Fund | $— |
| Schwab 1000 Index Fund | 77204524 |
| Schwab Small-Cap Index Fund |  |
| Schwab Total Stock Market Index Fund |  |
| Schwab U.S. Large-Cap Growth Index Fund | 7661326 |
| Schwab U.S. Large-Cap Value Index Fund |  |
| Schwab U.S. Mid-Cap Index Fund |  |
| Schwab International Index Fund |  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | CURRENT FISCAL YEAR END DISTRIBUTIONS | CURRENT FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | ORDINARY <br>INCOME<br>| LONG-TERM <br>CAPITAL <br>GAINS<br>| ORDINARY <br>INCOME <br>| LONG-TERM <br>CAPITAL <br>GAINS <br>|
| Schwab S&P 500 Index Fund | $1322087859 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1135808670 | &nbsp;&nbsp; $— |
| Schwab 1000 Index Fund | 218384415 | &nbsp;&nbsp; — | &nbsp;&nbsp; 204576918 | &nbsp;&nbsp; — |
| Schwab Small-Cap Index Fund | 105904769 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86736454 | &nbsp;&nbsp; — |
| Schwab Total Stock Market Index Fund | 327953620 | &nbsp;&nbsp; — | &nbsp;&nbsp; 286776664 | &nbsp;&nbsp; — |
| Schwab U.S. Large-Cap Growth Index Fund | 16684287 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11280497 | &nbsp;&nbsp; — |
| Schwab U.S. Large-Cap Value Index Fund | 15576212 | &nbsp;&nbsp; 4943466 | &nbsp;&nbsp; 16362330 | &nbsp;&nbsp; — |
| Schwab U.S. Mid-Cap Index Fund | 27522989 | &nbsp;&nbsp; 14697002 | &nbsp;&nbsp; 18556015 | &nbsp;&nbsp; — |
| Schwab International Index Fund | 309722312 | &nbsp;&nbsp; — | &nbsp;&nbsp; 284048299 | &nbsp;&nbsp; — |

---

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

Permanent book and tax basis differences may result in reclassifications between components of net assets as required. The adjustments will have no impact on net assets or the results of operations.

As of October 31, 2025, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds' financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in each fund's Statement of Operations. During the fiscal year ended October 31, 2025, the funds did not incur any interest or penalties.

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**135**

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Schwab Equity Index Funds

Financial Notes (continued)

------

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

**9. Share Splits:**

On June 5, 2025, the Board of Trustees authorized the following share splits for the below funds:

---

| | |
|:---|:---|
| **Fund** | **Share Split Ratio** |
| Schwab S&P 500 Index Fund | 6-for-1 |
| Schwab 1000 Index Fund | 10-for-1 |
| Schwab Total Stock Market Index Fund | 7-for-1 |
| Schwab U.S. Large-Cap Growth Index Fund | 8-for-1 |
| Schwab U.S. Large-Cap Value Index Fund | 4-for-1 |
| Schwab U.S. Mid-Cap Index Fund | 5-for-1 |

---

These share splits applied to shareholders of record as of the close of U.S. markets on August 14, 2025, and paid after the close of U.S. markets on August 15, 2025. Shares began trading at their post-split price on August 18, 2025. These share splits increased the number of shares outstanding and decreased the NAV per share. The share splits did not change the total market value of a shareholder's investment. The Financial Highlights and Statement of Changes in Net Assets for the funds have been retroactively adjusted to reflect the share split in the current and prior periods presented.

------

**10. Subsequent Events:**

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

**136**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

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Schwab Equity Index Funds

Report of Independent Registered Public Accounting Firm

------

To the Board of Trustees of Schwab Investments and Schwab Capital Trust and Shareholders of Schwab 1000 Index Fund, Schwab S&P 500 Index Fund, Schwab Small-Cap Index Fund, Schwab Total Stock Market Index Fund, Schwab U.S. Large-Cap Growth Index Fund, Schwab U.S. Large-Cap Value Index Fund, Schwab U.S. Mid-Cap Index Fund, and Schwab International Index Fund:

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

We have audited the accompanying statements of assets and liabilities, including the portfolio holdings, of Schwab 1000 Index Fund, one of the funds constituting Schwab Investments, and Schwab S&P 500 Index Fund, Schwab Small-Cap Index Fund, Schwab Total Stock Market Index Fund, Schwab U.S. Large-Cap Growth Index Fund, Schwab U.S. Large-Cap Value Index Fund, Schwab U.S. Mid-Cap Index Fund, and Schwab International Index Fund (the "Funds"), seven of the funds constituting Schwab Capital Trust, as of October 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

**Deloitte & Touche LLP**

Denver, Colorado

December 16, 2025

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

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**137**

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies

------

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

Not applicable.

**138**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

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Proxy Disclosures for Open-End Management Investment Companies

------

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

Not applicable.

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**139**

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Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

------

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

The remuneration paid to directors, officers and others are included under Item 7 (Financial Statements and Financial Highlights for Open-End Management Investment Companies).

**140**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

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Schwab Equity Index Funds

Investment Advisory Agreement Approval

------

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

The Board of Trustees (the Board or the Trustees, as appropriate) calls and holds one or more meetings each year that are dedicated, in whole or in part, to considering whether to renew the amended and restated investment advisory and administration agreements (the Agreements) between Schwab Capital Trust and Schwab Investments (collectively, the Trusts) and Charles Schwab Investment Management, Inc. (dba Schwab Asset Management) (the investment adviser) with respect to the existing funds in the Trusts, including Schwab S&P 500 Index Fund, Schwab 1000 Index Fund, Schwab Small-Cap Index Fund, Schwab Total Stock Market Index Fund, Schwab International Index Fund, Schwab U.S. Large-Cap Growth Index Fund, Schwab U.S. Large-Cap Value Index Fund, and Schwab U.S. Mid-Cap Index Fund (each, a Fund and collectively, the Funds), and to review certain other agreements pursuant to which the investment adviser provides investment advisory services to certain other registered investment companies. In preparation for the meeting(s), the Board requests and reviews a wide variety of materials provided by the investment adviser, including information about the investment adviser's affiliates, personnel, business goals and priorities, profitability, oversight of third-party service providers, corporate structure and operations. As part of the renewal process, the Independent Trustees' legal counsel, on behalf of the Independent Trustees, sends an information request letter to the investment adviser seeking certain relevant information. The responses by the investment adviser are provided to the Trustees in the Board materials for their review prior to their meeting, and the Trustees are provided with the opportunity to request any additional materials. The Board also receives data provided by an independent provider of investment company data. This information is in addition to the detailed information about the Funds that the Board reviews during the course of each year, including information that relates to the Funds' operations and performance, legal and compliance matters, risk management, portfolio turnover, and sales and marketing activity. In considering the renewal, the Independent Trustees receive advice from Independent Trustees' legal counsel, including a memorandum regarding

the responsibilities of trustees for the approval of investment advisory agreements. In addition, the Independent Trustees participate in question and answer sessions with representatives of the investment adviser and meet in executive session outside the presence of Fund management.

The Board, including a majority of the Independent Trustees, considered information specifically relating to the continuance of the Agreements with respect to the Funds at meetings held on May 7, 2025 and June 5, 2025, and approved the renewal of the Agreements with respect to the Funds for an additional one-year term at the meeting on June 5, 2025 called for the purpose of voting on such approval.

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

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

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

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

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

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

**Nature, Extent and Quality of Services.** The Board considered the nature, extent and quality of the services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds. In this regard, the Trustees evaluated, among other things, the investment adviser's experience, track record, compliance program, resources dedicated to hiring and retaining skilled personnel and specialized talent, and information security resources. The Trustees also considered information provided by the investment adviser relating to services and support provided with respect to each Fund's portfolio management team, portfolio strategy, and internal investment guidelines, as well as trading infrastructure, liquidity management, product design and analysis, shareholder communications, securities valuation, and vendor and risk oversight. The Trustees also

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**141**

------

Schwab Equity Index Funds

considered the investment adviser's continued investment in its infrastructure, including the investment adviser's technology and use of data, business continuity, cybersecurity, due diligence, risk management processes, and information security programs. The Trustees considered Schwab's overall financial condition and reputation as a full service brokerage firm, as well as the wide range of products, services, and account features that benefit Fund shareholders who are brokerage clients of Schwab. Following such evaluation, the Board concluded, within the context of its full deliberations, that the nature, extent and quality of services provided by the investment adviser to the Funds and the resources of the investment adviser and its affiliates dedicated to the Funds supported renewal of the Agreements with respect to the Funds.

**Fund Performance.** The Board considered each Fund's performance in determining whether to renew the Agreements with respect to such Fund. Specifically, the Trustees considered each Fund's performance relative to a peer category of other mutual funds and applicable indices/benchmarks, in light of total return and the market environment, as well as in consideration of each Fund's investment style and strategy. As part of this review, the Trustees considered the composition of the peer category, selection criteria and the reputation of the independent provider of investment company data who prepared the peer category analysis. In evaluating the performance of each Fund, the Trustees considered the risk profile for such Fund and such Fund's demonstrated performance in tracking its benchmark index. The Trustees noted that the Funds had closely tracked their respective indexes in 2024, with all of the Funds performing in their expected performance ranges. The Trustees further considered the level of Fund performance in the context of their review of Fund expenses and the investment adviser's profitability discussed below and also noted that the Board and a designated committee of the Board review performance throughout the year. Following such evaluation, the Board concluded, within the context of its full deliberations, that the performance of each Fund supported renewal of the Agreements with respect to such Fund.

**Fund Expenses.** With respect to each Fund's expenses, the Trustees considered the rate of compensation called for by the Agreements, and each Fund's net operating expense ratio, in each case, in comparison to those of other similar mutual funds, such peer groups and comparisons having been selected and calculated by an independent provider of investment company data. The investment adviser reported to the Board, and the Board took into account, the risk assumed by the investment adviser in the development of the Funds and provision of services as well as the competitive marketplace for financial products. The Trustees also considered fees charged by the investment adviser to ETFs, other mutual funds and to other types of accounts, but, with respect to such other types of accounts, accorded less weight to such comparisons due to the different legal, regulatory, compliance and operating

features of mutual funds as compared to these other types of accounts, and any differences in the nature and scope of the services the investment adviser provides to these other accounts, as well as differences in the market for these types of accounts. Following such evaluation, the Board concluded, within the context of its full deliberations, that the expenses of each Fund are reasonable and supported renewal of the Agreements with respect to such Fund.

**Profitability.** The Trustees considered the compensation flowing to the investment adviser and its affiliates, directly or indirectly and reviewed profitability on a pre-tax basis, without regard to distribution expenses. The Trustees reviewed the profitability of the investment adviser relating to the Schwab fund complex as a whole, noting the benefits to Fund shareholders of being part of the Schwab fund complex, including the allocations of certain costs across the Funds and other funds in the complex. The Trustees also considered any other benefits derived by the investment adviser from its relationship with the Funds, such as whether, by virtue of its management of the Funds, the investment adviser obtains investment information or other research resources that aid it in providing advisory services to other clients. The Trustees considered whether the compensation and profitability with respect to the Funds under the Agreements and other service agreements were reasonable in light of the quality of all services rendered to the Funds by the investment adviser and its affiliates. The Trustees noted that the investment adviser continues to invest substantial sums in its business in order to provide enhanced research capabilities, services and systems to benefit the Funds. Based on this evaluation, the Board concluded, within the context of its full deliberations, that the profitability of the investment adviser with respect to each Fund is reasonable and supported renewal of the Agreements with respect to such Fund.

**Economies of Scale.** Although the Trustees recognized the difficulty of determining economies of scale with precision, and although the Funds do not have breakpoints in their advisory fees, the Trustees considered the potential existence of any economies of scale by way of the relatively low advisory fee and unitary fee structure of the Funds and whether those are passed along to a Fund's shareholders through (i) the enhancement of services provided to the Funds in return for fees paid, including through the investment adviser's continued investment in its infrastructure, and use of data and technology, increasing expertise and capabilities in key areas (including portfolio and trade operations), and improving business continuity, cybersecurity, due diligence and information security programs, which are designed to provide enhanced services to the Funds and their shareholders; and (ii) pricing a fund to scale and keeping overall expenses down as the fund grows. Based on this evaluation, the Board concluded, within the context of its full deliberations, that each Fund obtains reasonable benefits from economies of scale.

\* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \* \*

**142**Schwab Equity Index Funds \| Annual Holdings and Financial Statements

------

Schwab Equity Index Funds

In the course of their deliberations, the Trustees may have accorded different weights to various factors and did not identify any particular information or factor that was all important or controlling. Based on the Trustees' deliberation and their evaluation of the information described above, the Board, including all of the Independent Trustees, approved the continuation of the Agreements with respect to the Funds and

concluded that the compensation under the Agreements with respect to the Funds is fair and reasonable in light of the services provided and the related expenses borne by the investment adviser and its affiliates and such other matters as the Trustees considered to be relevant in the exercise of their reasonable judgment.

Schwab Equity Index Funds \| Annual Holdings and Financial Statements

**143**

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g20940imga77453c81.jpg)

MFR13810-28

00319729

------

#### Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
The changes in and disagreements with accountants for open-end management investment companies are included under Item 7 of this Form.

#### Item 9: Proxy Disclosures for Open-End Management Investment Companies.
The proxy disclosures for open-end management investment companies are included under Item 7 of this Form.

#### Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The remuneration paid to directors, officers and others are included under Item 7 of this Form.

#### Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract.
The statement regarding basis for approval of investment advisory contract is included under Item 7 of this Form.

#### Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15: Submission of Matters to a Vote of Security Holders.
Not applicable.

#### Item 16: Controls and Procedures.
(a) Based on their evaluation of Registrant's disclosure controls and procedures, as of a date within 90 days of the filing date, Registrant's Principal Executive Officer, Omar Aguilar and Registrant's Principal Financial Officer, Dana Smith, have concluded that Registrant's disclosure controls and procedures are: (i) reasonably designed to ensure that information required to be disclosed in this report is appropriately communicated to Registrant's officers to allow timely decisions regarding disclosures required in this report; (ii) reasonably designed to ensure that information required to be disclosed in this report is recorded, processed, summarized and reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above.

(b) During the period covered by this report, there have been no changes in Registrant's internal control over financial reporting that the above officers believe to have materially affected, or to be reasonably likely to materially affect, Registrant's internal control over financial reporting.

#### Item 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18: Recovery of Erroneously Awarded Compensation.
(a) Not applicable.

(b) Not applicable

------

#### Item 19: Exhibits.
(a) (1) [Registrant's code of ethics (that is the subject of the disclosure required by Item 2(a)) is attached.](d897775dex99codeeth.htm)

(2) Not applicable.

(3) [Separate certifications for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (the "1940 Act"), are attached.](d897775dex99cert.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.](d897775dex99906cert.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 Investments – Schwab 1000 Index Fund</u>

---

| | |
|:---|:---|
| By: | /s/ Omar Aguilar |
|  | Omar Aguilar<br> Principal Executive Officer (Chief Executive Officer) |
| Date: | December 16, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Omar Aguilar |
|  | Omar Aguilar<br> Principal Executive Officer (Chief Executive Officer) |
| Date: | December 16, 2025 |
| By: | /s/ Dana Smith |
|  | Dana Smith<br> Principal Financial Officer (Chief Financial Officer) |
| Date: | December 16, 2025 |

---

## Ex-99.Codeeth

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)**

**Schwab Funds:** 

**The Charles Schwab Family of Funds** 

**Laudus Trust** 

**Schwab Investments** 

**Schwab Capital Trust** 

**Schwab Annuity Portfolios** 

**Schwab ETFs:** 

**Schwab Strategic Trust** 

**(the "Funds" or the "Trusts")** 

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)** 

**Category: Code of Ethics and Personal Obligations** 

---

| | |
|:---|:---|
| **Policy Type** | Fund / Board |
| **Regulatory Authority, Rule(s) and Regulation(s)** | &nbsp;&nbsp;&nbsp;&nbsp; • This Code constitutes the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, CSIM, CSIM's affiliates, The Charles Schwab Corporation or other Fund service providers govern or purport to govern the behavior or activities of an Officer who is subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code. CSIM's, the Funds' and Charles Schwab & Co. Inc.'s (as distributor) joint code of ethics under Rule 17j-1 pursuant to the 1940 Act and Rule 204A-1 of the Advisers Act, and CSIM's, CSIM's affiliates', and The Charles Schwab Corporation's policies and procedures set forth in their respective compliance manuals and elsewhere are separate requirements applying to the Officers and are not part of this Code.<br>|
| **Associated Policies and Standards** | &nbsp;&nbsp;&nbsp;&nbsp; <u>CSIM/Fund Policy and Procedures</u><br>• N/A<u> </u><br><u>Charles Schwab Corporation (CSC) Policies and Standards</u><br>• N/A<br>|
| **Approval Date** | December 9, 2025 |

---

Note: CSIM and Fund Policies and Procedures may have additional or more restrictive requirements than those contained in CSC Policies and Standards.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside of CSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

------

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)**

**A. Overview: Policy Purpose and Objectives** 

**I. SCOPE** 

This Code of Business Conduct and Ethics (the "Code") for the Schwab Funds and Schwab ETFs (the "Funds") covers the Principal Executive Officer and Principal Financial Officer and any other officers who serve a similar function (each an "Officer") of all of the investment companies within the Funds' complex and applies to their service to the Funds.

**II. INTRODUCTION** 

The Funds are committed to the highest standards of ethical conduct. The Code consists of an outline of policies regarding conduct pertaining to legal compliance, personal conflicts of interest, confidentiality and privacy, and certain business practices. You are responsible for reviewing the Code and for acting in compliance with the Code in your daily activities.

The Code is not exhaustive; it provides guidance for carrying out your responsibilities on behalf of the Funds and observing the highest standards of ethical conduct. Because the Code does not address every possible situation that may arise, you are responsible for exercising good judgment, applying ethical principles, and raising questions when in doubt. Your integrity and good judgment reflect on the Funds' brand and reputation, and are the foundation of trust for our shareholder and business relationships.

If you are unsure of what to do in any situation or how to interpret the provisions of the Code, seek guidance before you act. Use the Funds' resources, including the Chief Legal Officer or the Chief Compliance Officer. If you feel that it is not appropriate to discuss a matter with the Chief Legal Officer or the Chief Compliance Officer, you may contact the Ombudsperson for The Charles Schwab Corporation.

**CONTACT INFORMATION** 

---

| | | |
|:---|:---|:---|
| **Title** | **Name** | **Phone Number** |
| Chief Compliance Officer | Mark Hunter | 512-682-7627 |
| Chief Legal Officer of Schwab Funds and Schwab ETFs | Catherine MacGregor | 415-667-0650 |
| The Charles Schwab Corporation Ombudsperson | Amy Pimentel, Esq,<br> McDermott Will & Schulte LLP | 617-535-3948 |

---

**B. Procedures and Responsibilities** 

**I. POLICIES** 

In executing your responsibilities on behalf of the Funds, your conduct should reflect positively on the Funds. A strong personal sense of ethics should always play a significant role in guiding you towards a proper course of action. The appearance of impropriety can be as harmful to the Funds' reputation as improper conduct.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside of CSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

------

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)**

The Funds' business is subject to various laws, rules and regulations, including federal securities and state and local laws. Although you are not expected to know the details of the myriad of laws governing our business, you are expected to be familiar with and comply with policies and procedures that apply to your business unit and complete any required training that applies to you (e.g., training regarding privacy or anti-money laundering).

A. PERSONAL CONFLICTS OF INTEREST

It is important that you do not place yourself in a position that would cloud your judgment in carrying out the business affairs of the Funds. A "personal conflict of interest" occurs when your private interest interferes in any way — or even appears to interfere — with the interests of the Funds. You have a duty to report any material transaction or relationship to the Chief Compliance Officer that reasonably could be expected to be or to create a conflict of interest with the Funds.

Officers, in addition to their obligation to the Funds, may also be an officer or employee of CSIM or a CSIM affiliate. As a result, this Code recognizes that the Officers will, in the normal course of their duties (whether formally for the Funds, for CSIM, for CSIM's affiliate or for more than one entity), be involved in establishing policies and implementing decisions that will have different effects on CSIM, CSIM's affiliates and the Funds. The participation of the Officers in such activities is inherent in the contractual relationship between the Funds and CSIM and is consistent with the performance by the Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940, as amended (the "1940 Act"), and the Investment Advisers Act of 1940, as amended (the "Advisers Act"), such activities will be deemed under the Code to have been handled ethically. In addition, it is recognized by the Trustees that the Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

B. INSIDE INFORMATION

Do not trade on inside information or disclose inside information to anyone except those who have a need to know it in order to fulfill their responsibilities for the Funds and in accordance with the Funds' policy. This applies to information regarding the Funds, The Charles Schwab Corporation and its subsidiaries, and any other publicly traded company.

Generally, material information is any information that an investor would likely consider important in deciding whether to buy, sell or hold securities or that could affect the market price of the securities. Examples include actual or estimated financial results or change in dividends; significant discoveries or product developments; possible mergers, acquisitions or divestitures; major changes in business strategies; obtaining or losing significant contracts; and threatened major litigation or related developments. If you have or receive information and are unsure whether it is within the definition of inside information or whether its release might be contrary to a fiduciary or other obligation, contact the Chief Compliance Officer prior to disclosing any such information.

You must not use the Funds' non-public holdings or transactions information in any way to influence your trades or the trades of other shareholders, including those of other employees, officers and directors. Trading ahead of shareholder or the Funds' transactions (frontrunning) and following shareholder or the Funds' transactions (piggybacking or shadowing) is prohibited.

C. ACCEPTANCE OF GIFTS OR ENTERTAINMENT

You must not accept gifts or entertainment from shareholders, vendors, suppliers, competitors or other employees where they present a conflict of interest or create the appearance of impropriety. You must adhere to the CSIM and The Charles Schwab Corporation policies regarding gifts and entertainment, and apply the more stringent restrictions. In addition, if you are an employee of another CSIM affiliate you must also adhere to that affiliate's policies regarding gifts and entertainment, and apply the more stringent restrictions.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside of CSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

------

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)**

D. CONFIDENTIALITY OF INFORMATION AND PRIVACY

Information concerning the identity of the Funds' underlying shareholders and their transactions and accounts is confidential. Such information may not be disclosed to persons working on behalf of the Funds except as they may need to know it in order to fulfill their responsibilities to the Funds. You may not disclose such information to anyone or any firm outside the Funds unless (i) the outside firm needs to know the information in order to perform services for the Funds and is bound to maintain its confidentiality; (ii) when the shareholder has consented or been given an opportunity to request that the information not be shared; (iii) as required by law; or (iv) as authorized by the Chief Legal Officer or Chief Compliance Officer.

The Funds are committed to safeguarding their customers' privacy. We do not sell any personally identifiable customer information. Sharing of such information with third parties is limited to situations related to the processing and servicing of customer accounts, and to specifically delineated exceptions in the federal privacy law. We share information with our affiliates to the extent permitted by federal law. You must be familiar with the procedural and systemic safeguards we maintain to protect this information.

You have the responsibility to safeguard the Funds' proprietary information. Proprietary information includes intellectual property (copyrights, trademarks or patents or trade secrets), particular know-how (business or organizational designs, or business, marketing or service plans or ideas) and sensitive information about the Funds (databases, records, salary information or unpublished financial reports).

E. PROTECTION AND USE OF FUNDS' ASSETS

You are obligated to protect the Funds' assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on the Funds. The Funds' equipment should not be used for non-Funds' business, though incidental personal use may be permitted.

F. FINANCIAL DISCLOSURES

The Funds are committed to providing full, fair, accurate, timely and understandable disclosure in reports and documents that the Funds file with, or submit to, the Securities and Exchange Commission and other regulatory agencies and in other public communications made by the Funds. You are required to comply with the Funds' policies and procedures to provide such full, fair, accurate, timely and understandable disclosure.

G. CONDUCT OF AUDITS

Neither you nor any other person acting under your direction shall directly or indirectly take any action to fraudulently influence, coerce, manipulate, or mislead any independent public or certified public accountant engaged in the performance of an audit or review of the Funds' financial statements.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside of CSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

------

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)**

Types of conduct that constitute improper influence include, but are not limited to, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Offering or paying bribes or other financial incentives, including offering future employment or contracts for non-audit services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing an auditor with inaccurate or misleading legal analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Threatening to cancel or canceling existing non-audit or audit
engagements if the auditor objects to the issuer's accounting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Seeking to have a partner removed from the audit engagement because the partner objects to the Funds'
accounting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Blackmailing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Making physical threats

H. SALES PRACTICES

If you transact business for shareholders, you are required to know and observe the Funds' specific policies and procedures for shareholder sales and transactions, such as the content and use of sales materials, documentation for transactions, quotations and suitability. Likewise, if you transact business with third parties (such as vendors or suppliers), you will be required to know and observe the Funds' policies and procedures for such transactions, such as marketing policies, procedures for performing due diligence on third parties, and obtaining proper authorizations for any agreements. You must be familiar with any enumerated policies and procedures governing your sales activities and use good judgment in complying with them.

I. COMPETITION AND FAIR DEALING

We operate our business fairly and honestly. We seek competitive advantage through performance and never through unethical or illegal business practices. It is our policy to comply with anti-trust laws. These laws are complex and not easily summarized, but at a minimum require that there be no agreement or understanding between the Funds and their competitors that affect prices, terms or conditions of sale or that unreasonably restrain full and fair competition. You must always respect the rights of and deal fairly with the Funds' shareholders and competitors. You must never take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair dealing practice.

J. PROHIBITION OF BRIBERY AND KICKBACKS

Our policies prohibit bribery or kickbacks of any kind and to anyone in the conduct of our business. The U.S. government has a number of laws and regulations applicable specifically to business gratuities that may be offered to or accepted by U.S. and foreign government personnel. The promise, offer or delivery to an official or employee of the U.S. government or an official, employee or candidate of a foreign government of a gift, favor, payment or other gratuity in violation of these rules would not only violate the Funds' policy but could also be a criminal offense. Similarly, federal law, as well as the laws of many states, prohibits engaging in "commercial bribery." Commercial bribery involves soliciting, demanding or agreeing to accept anything of value from any person intending to influence or be rewarded in connection with any business or transaction, and prohibits all such behavior, for example, with respect to vendors, competitors, shareholders, and government employees.

K. WAIVERS

Waivers of the Code may be made only by the Trustees and will be promptly disclosed publicly as required by law.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside of CSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

------

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)**

L. CODE AMENDMENTS

This Code may not be amended except in written form, which is specifically approved or ratified by a majority of the Trustees including a majority of the independent Trustees. Any amendments will, to the extent required, be disclosed in accordance with law.

M. CONFIDENTIALITY

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Trustees, CSIM, The Charles Schwab Corporation and their respective counsel. However, nothing contained in this Code or in any applicable employment or severance agreement(s) should be interpreted as prohibiting employees or former employees from voluntarily communicating with the Securities and Exchange Commission or other authorities regarding possible violations of law or from recovering a whistleblower award.

**II. ESCALATION AND PROHIBITION AGAINST RETALIATION** 

If you know of, or reasonably believe there is, a violation of this Code, you must report that information immediately to the Funds' Chief Compliance Officer. Depending on the possible violation, you may also be required to report it pursuant to The Charles Schwab Corporation Code of Business Conduct and CSIM and/or CSIM's affiliate's compliance policies and procedures. You should not conduct preliminary investigations unless authorized to do so by the Compliance Department.

No Officer will be retaliated against for making a good faith complaint or for bringing inappropriate conduct to the attention of the Funds' personnel, Ombudsperson of The Charles Schwab Corporation or Trustees, for assisting another employee or applicant in making a good faith report, for cooperating in an investigation, or for filing an administrative claim with a state or federal governmental agency. Any Officer who in good faith raises an issue regarding a possible violation of law, regulation or company policy or any suspected illegal or unethical behavior will be protected from retaliation.

If you have violated the Code, however, making a report will not protect you from the consequences of your actions. You can be subject to discipline up to and including termination of employment if you violate the Code or fail to report violations that come to your attention.

Any employee who engages in retaliatory conduct in violation of our policies will be subject to disciplinary action, up to and including termination of employment. If you reasonably believe retaliatory conduct has occurred, you must report such conduct to the Funds' Chief Compliance Officer.

**III. PROCEDURES** 

A. OFFICERS

• Read and be familiar with conduct rules outlined in the Code, and periodically review them.

• 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.

The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside of CSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

------

**Code of Business Conduct and Ethics for Principal Executive and Senior Financial Officers (F/B)**

• 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.

**C. Recordkeeping Requirements** 

You must be familiar with the Funds' record retention policies and always retain or destroy records according to them. In the event of litigation, governmental investigation or the threat of such action, you should consult the Chief Legal Officer or the Chief Compliance Officer regarding record retention.

The Funds' books, records and accounts must conform both to applicable legal requirements and to the Funds' internal controls and policies.

Unrecorded or "off-the-books" funds or assets are prohibited unless permitted by applicable law or regulation. Business records must not contain exaggeration, derogatory remarks, guesswork, or inappropriate characterizations of people and companies. This applies equally to email, internal memoranda, formal reports, and all other forms of business records.

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| | |
|:---|:---|
| **Version History** | Adopted Schwab 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; December 11, 2023; December 19, 2024; December 9, 2025 |

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The information contained herein is the property of The Charles Schwab Corporation (CSC) and is not for distribution outside of CSC without prior permission of the Chief Compliance Officer of the Funds or CSIM, as applicable, or their designee.

## Ex-99.Cert

**<u>CERTIFICATIONS</u>**

I, Omar Aguilar, certify that:

1. I have reviewed this report on Form N-CSR for the following series of Schwab Investments – Schwab 1000 Index Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: December 16, 2025 | /s/ Omar Aguilar |
|  | Omar Aguilar<br> Principal Executive Officer (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 Investments – Schwab 1000 Index Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: December 16, 2025 | /s/ Dana Smith |
|  | Dana Smith<br> Principal Financial Officer (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 Investments – Schwab 1000 Index Fund (the "Fund") on Form N-CSR for the period ended October 31, 2025 ("periodic report"), each of the undersigned, being the Principal Executive Officer and Principal Financial Officer, respectively, hereby certifies, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes**-**Oxley Act of 2002, that to the best of my knowledge:

(1) The periodic report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the Fund for the period presented therein.

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| | |
|:---|:---|
| /s/ Omar Aguilar | Date: December 16, 2025 |
| Omar Aguilar |  |
| Principal Executive Officer (Chief Executive Officer) |  |
| /s/ Dana Smith | Date: December 16, 2025 |
| Dana Smith |  |
| Principal Financial Officer (Chief Financial Officer) |  |

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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.