# EDGAR Filing Document

**Accession Number:** 0000869365
**File Stem:** 0001752724-23-015254
**Filing Date:** 2023-1
**Character Count:** 403144
**Document Hash:** 39603aad920f4cb99a631bcd4b89085d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-015254.hdr.sgml**: 20230126

**ACCESSION NUMBER**: 0001752724-23-015254

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230126

**DATE AS OF CHANGE**: 20230126

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SCHWAB INVESTMENTS
- **CENTRAL INDEX KEY:** 0000869365
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06200
- **FILM NUMBER:** 23558746

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

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

## Series and Classes Contracts Data

### Schwab California Tax-Free Bond Fund (Series ID: S000006818)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000018451 | Schwab California Tax-Free Bond Fund | SWCAX           |

## Nport-Ex

Schwab Investments <br>Schwab Tax-Free Bond Fund

------

**Portfolio Holdings** as of November 30, 2022 (Unaudited)

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

The following are the portfolio holdings as of the report date. For more information, please refer to the fund's semiannual or annual shareholder reports. You can also obtain this information at no cost by calling 1-866-414-6349 or by sending an email request to orders@mysummaryprospectus.com.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MUNICIPAL SECURITIES** 100.2% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.2% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.2% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.2% OF NET ASSETS | **MUNICIPAL SECURITIES** 100.2% OF NET ASSETS |
| **ALABAMA** 2.2%  | **ALABAMA** 2.2%  | **ALABAMA** 2.2%  | **ALABAMA** 2.2%  | **ALABAMA** 2.2%  |
| **Black Belt Energy Gas District** | **Black Belt Energy Gas District** | **Black Belt Energy Gas District** | **Black Belt Energy Gas District** | **Black Belt Energy Gas District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Supply RB Series 2022D1  | 4.00% | 07/01/52 *(a)(b)* | 4000000 | &nbsp;&nbsp; 4017089 |
| **Southeast Energy Auth** | **Southeast Energy Auth** | **Southeast Energy Auth** | **Southeast Energy Auth** | **Southeast Energy Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Commodity Supply RB Series 2021B1  | 4.00% | 06/01/30 *(b)* | 2000000 | &nbsp;&nbsp; 1966110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commodity Supply RB Series 2021B1  | 4.00% | 06/01/31 *(b)* | 1780000 | &nbsp;&nbsp; 1738155 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022A1  | 5.50% | 01/01/53 *(a)(b)* | 2000000 | &nbsp;&nbsp; 2126731 |
| **Univ of Montevallo** | **Univ of Montevallo** | **Univ of Montevallo** | **Univ of Montevallo** | **Univ of Montevallo** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2017  | 5.00% | 05/01/26  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 213579 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2017  | 5.00% | 05/01/27  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 271412 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2017  | 5.00% | 05/01/42 *(b)* | 2150000 | &nbsp;&nbsp; 2288086 |
|  |  |  |  | **12621162** |
| **ARIZONA** 1.1%  | **ARIZONA** 1.1%  | **ARIZONA** 1.1%  | **ARIZONA** 1.1%  | **ARIZONA** 1.1%  |
| **Arizona Health Facilities Auth** | **Arizona Health Facilities Auth** | **Arizona Health Facilities Auth** | **Arizona Health Facilities Auth** | **Arizona Health Facilities Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Phoenix Childrens Hospital) Series 2013B  | 5.00% | 02/01/43 *(b)* | 1000000 | &nbsp;&nbsp; 1001846 |
| **Arizona IDA** | **Arizona IDA** | **Arizona IDA** | **Arizona IDA** | **Arizona IDA** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021A  | 4.00% | 11/01/29  | 1000000 | &nbsp;&nbsp; 1009577 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021A  | 4.00% | 11/01/30  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 505044 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021A  | 4.00% | 11/01/31  | 1270000 | &nbsp;&nbsp; 1280194 |
| **Chandler Industrial Development Auth** | **Chandler Industrial Development Auth** | **Chandler Industrial Development Auth** | **Chandler Industrial Development Auth** | **Chandler Industrial Development Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; IDRB (Intel Corp) Series 2022  | 5.00% | 09/01/42 *(b)* | 2000000 | &nbsp;&nbsp; 2071286 |
| **Tucson** | **Tucson** | **Tucson** | **Tucson** | **Tucson** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding COP Series 2014  | 4.00% | 07/01/23  | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 705667 |
|  |  |  |  | **6573614** |
| **ARKANSAS** 0.8%  | **ARKANSAS** 0.8%  | **ARKANSAS** 0.8%  | **ARKANSAS** 0.8%  | **ARKANSAS** 0.8%  |
| **Bella Vista** | **Bella Vista** | **Bella Vista** | **Bella Vista** | **Bella Vista** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales & Use Tax Bonds Series 2020  | 1.13% | 10/01/45 *(b)* | 1310000 | &nbsp;&nbsp; 1269015 |
| **Bentonville Sales & Use Tax** | **Bentonville Sales & Use Tax** | **Bentonville Sales & Use Tax** | **Bentonville Sales & Use Tax** | **Bentonville Sales & Use Tax** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales & Use Tax Refunding RB Series 2021B  | 1.05% | 11/01/46 *(b)* | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp; 805784 |
| **Forrest City** | **Forrest City** | **Forrest City** | **Forrest City** | **Forrest City** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales & Use Tax RB Series 2021  | 1.55% | 11/01/44 *(b)* | &nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp;&nbsp; 771425 |

---

**1**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Little Rock** | **Little Rock** | **Little Rock** | **Little Rock** | **Little Rock** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sewer Refunding RB Series 2015  | 3.00% | 04/01/23  | &nbsp;&nbsp; 735000 | &nbsp;&nbsp;&nbsp; 736196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sewer Refunding RB Series 2015  | 3.00% | 04/01/24  | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp; 560633 |
| **Marion** | **Marion** | **Marion** | **Marion** | **Marion** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales & Use Tax RB Series 2017  | 2.90% | 09/01/47 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4984 |
| **Rogers** | **Rogers** | **Rogers** | **Rogers** | **Rogers** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales & Use Tax Bonds Series 2018B  | 3.25% | 11/01/43 *(b)* | &nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp; 713446 |
|  |  |  |  | **4861483** |
| **CALIFORNIA** 6.9%  | **CALIFORNIA** 6.9%  | **CALIFORNIA** 6.9%  | **CALIFORNIA** 6.9%  | **CALIFORNIA** 6.9%  |
| **Alameda Corridor Transportation Auth** | **Alameda Corridor Transportation Auth** | **Alameda Corridor Transportation Auth** | **Alameda Corridor Transportation Auth** | **Alameda Corridor Transportation Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Lien Refunding RB Series 2022A  | 0.00% | 10/01/49 *(b)(c)* | 1500000 | &nbsp;&nbsp;&nbsp; 721068 |
| **Bay Area Toll Auth** | **Bay Area Toll Auth** | **Bay Area Toll Auth** | **Bay Area Toll Auth** | **Bay Area Toll Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Bridge RB Series 2021C (SIFMA Municipal Swap Index + 0.45%)  | 2.35% | 04/01/56 *(b)(d)* | 5000000 | 4939342 |
| **California Health Facilities Financing Auth** | **California Health Facilities Financing Auth** | **California Health Facilities Financing Auth** | **California Health Facilities Financing Auth** | **California Health Facilities Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Adventist Health System) Series 2011A  | 3.00% | 03/01/41 *(b)(e)* | 2625000 | 2622454 |
| **California Statewide Communities Development Auth** | **California Statewide Communities Development Auth** | **California Statewide Communities Development Auth** | **California Statewide Communities Development Auth** | **California Statewide Communities Development Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Methodist Hospital of Southern California) Series 2018  | 5.00% | 01/01/23  | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp; 455764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Methodist Hospital of Southern California) Series 2018  | 5.00% | 01/01/24  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 612389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Methodist Hospital of Southern California) Series 2018  | 5.00% | 01/01/25  | 1000000 | 1030213 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Loma Linda Univ Medical Center) Series 2016A  | 5.00% | 12/01/36 *(b)* | 1500000 | 1503331 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Loma Linda Univ Medical Center) Series 2018A  | 5.25% | 12/01/43 *(b)* | 1065000 | 1075983 |
| **Fair Oaks Recreation & Park District** | **Fair Oaks Recreation & Park District** | **Fair Oaks Recreation & Park District** | **Fair Oaks Recreation & Park District** | **Fair Oaks Recreation & Park District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022  | 5.75% | 08/01/51 *(a)(b)* | 1700000 | 1920478 |
| **Hastings Campus Housing Financing Auth** | **Hastings Campus Housing Financing Auth** | **Hastings Campus Housing Financing Auth** | **Hastings Campus Housing Financing Auth** | **Hastings Campus Housing Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Campus Housing RB Series 2020A  | 5.00% | 07/01/45 *(b)* | 3700000 | 3241305 |
| **Lynwood USD** | **Lynwood USD** | **Lynwood USD** | **Lynwood USD** | **Lynwood USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series E  | 0.00% | 08/01/42 *(b)(f)* | 1380000 | &nbsp;&nbsp;&nbsp; 567625 |
| **Oakland USD** | **Oakland USD** | **Oakland USD** | **Oakland USD** | **Oakland USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2015A  | 5.00% | 08/01/27 *(b)* | 1295000 | 1369673 |
| **Pasadena** | **Pasadena** | **Pasadena** | **Pasadena** | **Pasadena** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding COP Series 2015A  | 5.00% | 02/01/29 *(b)* | &nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp; 614582 |
| **Pleasant Valley SD** | **Pleasant Valley SD** | **Pleasant Valley SD** | **Pleasant Valley SD** | **Pleasant Valley SD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2002A  | 5.85% | 08/01/31  | 3000000 | 3378209 |
| **Rancho Cucamonga Successor Redevelopment Agency** | **Rancho Cucamonga Successor Redevelopment Agency** | **Rancho Cucamonga Successor Redevelopment Agency** | **Rancho Cucamonga Successor Redevelopment Agency** | **Rancho Cucamonga Successor Redevelopment Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation Refunding Bonds Series 2014  | 5.00% | 09/01/26 *(b)* | &nbsp;&nbsp; 755000 | &nbsp;&nbsp;&nbsp; 783146 |
| **San Bruno Public Finance Auth** | **San Bruno Public Finance Auth** | **San Bruno Public Finance Auth** | **San Bruno Public Finance Auth** | **San Bruno Public Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease RB Series 2019  | 5.00% | 05/01/30 *(b)* | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp; 520594 |
| **San Diego USD** | **San Diego USD** | **San Diego USD** | **San Diego USD** | **San Diego USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2010C  | 0.00% | 07/01/31 *(f)* | 1250000 | &nbsp;&nbsp;&nbsp; 950538 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2010C  | 0.00% | 07/01/32 *(f)* | 1500000 | 1095354 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2010C  | 0.00% | 07/01/33 *(f)* | 1000000 | &nbsp;&nbsp;&nbsp; 698830 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2010C  | 0.00% | 07/01/35 *(f)* | 1300000 | &nbsp;&nbsp;&nbsp; 820000 |
| **San Francisco Airport Commission** | **San Francisco Airport Commission** | **San Francisco Airport Commission** | **San Francisco Airport Commission** | **San Francisco Airport Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB 2nd Series 2019E  | 5.00% | 05/01/39 *(b)* | 2450000 | 2550384 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB 2nd Series 2019E  | 5.00% | 05/01/40 *(b)* | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 440777 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB 2nd Series 2022A  | 5.00% | 05/01/30  | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 864412 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB 2nd Series 2022A  | 5.00% | 05/01/31  | 1695000 | 1844079 |
| **San Francisco Public Utilities Commission** | **San Francisco Public Utilities Commission** | **San Francisco Public Utilities Commission** | **San Francisco Public Utilities Commission** | **San Francisco Public Utilities Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water RB Series 2017A  | 5.00% | 11/01/36 *(b)* | 2685000 | 2781802 |

---

**2** 

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Santa Cruz Cnty Successor Redevelopment Agency** | **Santa Cruz Cnty Successor Redevelopment Agency** | **Santa Cruz Cnty Successor Redevelopment Agency** | **Santa Cruz Cnty Successor Redevelopment Agency** | **Santa Cruz Cnty Successor Redevelopment Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation Refunding Bonds 2014  | 5.00% | 09/01/23  | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 381454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation Refunding Bonds 2014  | 5.00% | 09/01/24  | 1060000 | &nbsp;&nbsp; 1096910 |
| **Stockton Public Financing Auth** | **Stockton Public Financing Auth** | **Stockton Public Financing Auth** | **Stockton Public Financing Auth** | **Stockton Public Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Refunding RB Series 2018A  | 5.00% | 10/01/23  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 306139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Refunding RB Series 2018A  | 5.00% | 10/01/24  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 312333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Refunding RB Series 2018A  | 5.00% | 10/01/25  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 530006 |
|  |  |  |  | **40029174** |
| **COLORADO** 1.4%  | **COLORADO** 1.4%  | **COLORADO** 1.4%  | **COLORADO** 1.4%  | **COLORADO** 1.4%  |
| **Centennial Water & Sanitation District** | **Centennial Water & Sanitation District** | **Centennial Water & Sanitation District** | **Centennial Water & Sanitation District** | **Centennial Water & Sanitation District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Wastewater RB Series 2019  | 5.00% | 12/01/34 *(b)* | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 466659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Wastewater RB Series 2019  | 5.00% | 12/01/35 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 553450 |
| **Colorado Health Facilities Auth** | **Colorado Health Facilities Auth** | **Colorado Health Facilities Auth** | **Colorado Health Facilities Auth** | **Colorado Health Facilities Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (CommonSpirit Health) Series 2022A  | 5.00% | 11/01/31  | 1300000 | &nbsp;&nbsp; 1417780 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (CommonSpirit Health) Series 2022A  | 5.00% | 11/01/32  | 1500000 | &nbsp;&nbsp; 1640799 |
| **Colorado Regional Transportation District** | **Colorado Regional Transportation District** | **Colorado Regional Transportation District** | **Colorado Regional Transportation District** | **Colorado Regional Transportation District** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Denver Transit Partners) Series 2020A  | 5.00% | 07/15/30  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 321607 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Denver Transit Partners) Series 2020A  | 5.00% | 01/15/31  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 537693 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Denver Transit Partners) Series 2020A  | 4.00% | 07/15/34 *(b)* | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 771577 |
| **Denver** | **Denver** | **Denver** | **Denver** | **Denver** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System RB Series 2022A  | 4.13% | 11/15/53 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 460569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System RB Series 2022A  | 5.50% | 11/15/53 *(b)* | 1500000 | &nbsp;&nbsp; 1599950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dedicated Tax RB Series 2018A-2  | 0.00% | 08/01/31 *(b)(f)* | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 271480 |
|  |  |  |  | **8041564** |
| **CONNECTICUT** 1.2%  | **CONNECTICUT** 1.2%  | **CONNECTICUT** 1.2%  | **CONNECTICUT** 1.2%  | **CONNECTICUT** 1.2%  |
| **Connecticut** | **Connecticut** | **Connecticut** | **Connecticut** | **Connecticut** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2020C  | 4.00% | 06/01/33 *(b)* | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 496162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Obligation Tax Bonds Series 2022A  | 5.00% | 07/01/26  | 1195000 | &nbsp;&nbsp; 1288550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Obligation Tax Refunding Bonds Series 2022B  | 5.00% | 07/01/26  | 2250000 | &nbsp;&nbsp; 2426140 |
| **Connecticut Health & Educational Facilities Auth** | **Connecticut Health & Educational Facilities Auth** | **Connecticut Health & Educational Facilities Auth** | **Connecticut Health & Educational Facilities Auth** | **Connecticut Health & Educational Facilities Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Sacred Heart Univ) Series L  | 5.00% | 07/01/31  | &nbsp;&nbsp; 525000 | &nbsp;&nbsp;&nbsp;&nbsp; 585914 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Sacred Heart Univ) Series L  | 5.00% | 07/01/32  | 1000000 | &nbsp;&nbsp; 1123898 |
| **Univ of Connecticut** | **Univ of Connecticut** | **Univ of Connecticut** | **Univ of Connecticut** | **Univ of Connecticut** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019A  | 5.00% | 11/01/36 *(a)(b)* | 1000000 | &nbsp;&nbsp; 1083049 |
|  |  |  |  | **7003713** |
| **DISTRICT OF COLUMBIA** 0.5%  | **DISTRICT OF COLUMBIA** 0.5%  | **DISTRICT OF COLUMBIA** 0.5%  | **DISTRICT OF COLUMBIA** 0.5%  | **DISTRICT OF COLUMBIA** 0.5%  |
| **District of Columbia Water & Sewer Auth** | **District of Columbia Water & Sewer Auth** | **District of Columbia Water & Sewer Auth** | **District of Columbia Water & Sewer Auth** | **District of Columbia Water & Sewer Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Utility Sub Lien RB Series 2019C  | 1.75% | 10/01/54 *(b)(e)* | 3000000 | **2913769** |
| **FLORIDA** 5.4%  | **FLORIDA** 5.4%  | **FLORIDA** 5.4%  | **FLORIDA** 5.4%  | **FLORIDA** 5.4%  |
| **Broward Cnty SD** | **Broward Cnty SD** | **Broward Cnty SD** | **Broward Cnty SD** | **Broward Cnty SD** |
| &nbsp;&nbsp;&nbsp;&nbsp; COP Series 2022B  | 5.00% | 07/01/36 *(b)* | 2000000 | &nbsp;&nbsp; 2222069 |
| **Florida Higher Educational Facilities Financing Auth** | **Florida Higher Educational Facilities Financing Auth** | **Florida Higher Educational Facilities Financing Auth** | **Florida Higher Educational Facilities Financing Auth** | **Florida Higher Educational Facilities Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Educational Facilities RB (Florida Institute of Technology) Series 2019  | 5.00% | 10/01/25  | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 464349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Educational Facilities RB (Florida Institute of Technology) Series 2019  | 5.00% | 10/01/26  | &nbsp;&nbsp; 765000 | &nbsp;&nbsp;&nbsp;&nbsp; 795215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Educational Facilities RB (Florida Institute of Technology) Series 2019  | 5.00% | 10/01/27  | &nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp;&nbsp; 716603 |

---

**3**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Fort Pierce Utilities Authority** | **Fort Pierce Utilities Authority** | **Fort Pierce Utilities Authority** | **Fort Pierce Utilities Authority** | **Fort Pierce Utilities Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities Refunding RB Series 2022A  | 4.00% | 10/01/52 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 457338 |
| **Hollywood Community Redevelopment Agency** | **Hollywood Community Redevelopment Agency** | **Hollywood Community Redevelopment Agency** | **Hollywood Community Redevelopment Agency** | **Hollywood Community Redevelopment Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2015  | 5.00% | 03/01/24  | 3000000 | &nbsp;&nbsp; 3076585 |
| **Jacksonville** | **Jacksonville** | **Jacksonville** | **Jacksonville** | **Jacksonville** |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities Refunding RB (Baptist Health) Series 2017  | 5.00% | 08/15/34 *(b)* | &nbsp;&nbsp; 910000 | &nbsp;&nbsp;&nbsp;&nbsp; 973869 |
| **Lake Worth Beach** | **Lake Worth Beach** | **Lake Worth Beach** | **Lake Worth Beach** | **Lake Worth Beach** |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Utility RB Series 2022  | 4.00% | 10/01/52 *(b)* | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 933289 |
| **Miami Beach Health Facilities Auth** | **Miami Beach Health Facilities Auth** | **Miami Beach Health Facilities Auth** | **Miami Beach Health Facilities Auth** | **Miami Beach Health Facilities Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding & RB (Mt Sinai Medical Center) Series 2014  | 5.00% | 11/15/24  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 411095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding & RB (Mt Sinai Medical Center) Series 2014  | 5.00% | 11/15/25 *(b)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 256480 |
| **Miami-Dade Cnty** | **Miami-Dade Cnty** | **Miami-Dade Cnty** | **Miami-Dade Cnty** | **Miami-Dade Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020A  | 4.00% | 10/01/37 *(b)* | 2205000 | &nbsp;&nbsp; 2189621 |
| **Miami-Dade Cnty Expressway Auth** | **Miami-Dade Cnty Expressway Auth** | **Miami-Dade Cnty Expressway Auth** | **Miami-Dade Cnty Expressway Auth** | **Miami-Dade Cnty Expressway Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll System RB Series 2014A  | 4.00% | 07/01/23  | 1730000 | &nbsp;&nbsp; 1740017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll System RB Series 2014A  | 5.00% | 07/01/24  | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 643346 |
| **Miami-Dade Cnty SD** | **Miami-Dade Cnty SD** | **Miami-Dade Cnty SD** | **Miami-Dade Cnty SD** | **Miami-Dade Cnty SD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022A  | 5.00% | 03/15/52 *(b)* | 5000000 | &nbsp;&nbsp; 5382150 |
| **Palm Beach Cnty Health Facilities Auth** | **Palm Beach Cnty Health Facilities Auth** | **Palm Beach Cnty Health Facilities Auth** | **Palm Beach Cnty Health Facilities Auth** | **Palm Beach Cnty Health Facilities Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Boca Raton Regional Hospital) Series 2014  | 5.00% | 12/01/22 *(g)* | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 800000 |
| **Pompano Beach** | **Pompano Beach** | **Pompano Beach** | **Pompano Beach** | **Pompano Beach** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (John Knox Village) Series 2021A  | 4.00% | 09/01/51 *(b)* | 2000000 | &nbsp;&nbsp; 1540526 |
| **Port St. Lucie** | **Port St. Lucie** | **Port St. Lucie** | **Port St. Lucie** | **Port St. Lucie** |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility System Refunding RB Series 2014  | 5.00% | 09/01/23  | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 356337 |
| **Seminole Cnty** | **Seminole Cnty** | **Seminole Cnty** | **Seminole Cnty** | **Seminole Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022  | 5.00% | 10/01/52 *(b)* | 1000000 | &nbsp;&nbsp; 1055130 |
| **Tallahassee** | **Tallahassee** | **Tallahassee** | **Tallahassee** | **Tallahassee** |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Utility Systems RB Series 2018  | 5.00% | 10/01/35 *(b)* | 1495000 | &nbsp;&nbsp; 1574284 |
| **Tampa** | **Tampa** | **Tampa** | **Tampa** | **Tampa** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation RBs (Moffitt Cancer Center) Series 2020A  | 0.00% | 09/01/35 *(b)(f)* | 1550000 | &nbsp;&nbsp;&nbsp;&nbsp; 887915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation RBs (Moffitt Cancer Center) Series 2020A  | 0.00% | 09/01/36 *(b)(f)* | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 435271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation RBs (Moffitt Cancer Center) Series 2020A  | 0.00% | 09/01/37 *(b)(f)* | &nbsp;&nbsp; 855000 | &nbsp;&nbsp;&nbsp;&nbsp; 441475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation RBs (Moffitt Cancer Center) Series 2020A  | 0.00% | 09/01/38 *(b)(f)* | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 490104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation RBs (Moffitt Cancer Center) Series 2020A  | 0.00% | 09/01/49 *(b)(f)* | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 333025 |
| **Tampa Bay Water** | **Tampa Bay Water** | **Tampa Bay Water** | **Tampa Bay Water** | **Tampa Bay Water** |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility System RB Series 2022  | 5.25% | 10/01/47 *(b)* | 1500000 | &nbsp;&nbsp; 1671965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility System RB Series 2022  | 5.00% | 10/01/52 *(b)* | 1625000 | &nbsp;&nbsp; 1774504 |
|  |  |  |  | **31622562** |
| **GEORGIA** 2.0%  | **GEORGIA** 2.0%  | **GEORGIA** 2.0%  | **GEORGIA** 2.0%  | **GEORGIA** 2.0%  |
| **Atlanta** | **Atlanta** | **Atlanta** | **Atlanta** | **Atlanta** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport PFC & Sub Lien RB Series 2022D  | 5.00% | 07/01/36 *(b)* | 4640000 | &nbsp;&nbsp; 4980180 |
| **Main St Natural Gas Inc** | **Main St Natural Gas Inc** | **Main St Natural Gas Inc** | **Main St Natural Gas Inc** | **Main St Natural Gas Inc** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Supply RB Series 2018E (SIFMA Municipal Swap Index + 0.57%)  | 2.47% | 08/01/48 *(b)(d)* | 5000000 | &nbsp;&nbsp; 4949476 |
| **Milledgeville-Baldwin Cnty Development Auth** | **Milledgeville-Baldwin Cnty Development Auth** | **Milledgeville-Baldwin Cnty Development Auth** | **Milledgeville-Baldwin Cnty Development Auth** | **Milledgeville-Baldwin Cnty Development Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Univ of Georgia) Series 2021  | 5.00% | 06/15/33 *(b)* | 1700000 | &nbsp;&nbsp; 1910386 |
|  |  |  |  | **11840042** |

---

**4** 

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **HAWAII** 0.2%  | **HAWAII** 0.2%  | **HAWAII** 0.2%  | **HAWAII** 0.2%  | **HAWAII** 0.2%  |
| **Hawaii** | **Hawaii** | **Hawaii** | **Hawaii** | **Hawaii** |
| &nbsp;&nbsp;&nbsp;&nbsp; Harbor System RB Series 2020A  | 4.00% | 07/01/34 *(b)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 761213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harbor System RB Series 2020A  | 4.00% | 07/01/35 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 504677 |
|  |  |  |  | **1265890** |
| **IDAHO** 0.6%  | **IDAHO** 0.6%  | **IDAHO** 0.6%  | **IDAHO** 0.6%  | **IDAHO** 0.6%  |
| **Canyon Cnty SD #139** | **Canyon Cnty SD #139** | **Canyon Cnty SD #139** | **Canyon Cnty SD #139** | **Canyon Cnty SD #139** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019A  | 5.00% | 09/15/26 *(a)* | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 487034 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019A  | 5.00% | 09/15/27 *(a)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 440838 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019A  | 5.00% | 09/15/28 *(a)* | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 476419 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019A  | 5.00% | 09/15/29 *(a)(b)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 451889 |
| **Jerome Jt SD #261** | **Jerome Jt SD #261** | **Jerome Jt SD #261** | **Jerome Jt SD #261** | **Jerome Jt SD #261** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022  | 5.25% | 09/15/42 *(a)(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 557496 |
| **Madison SD #321** | **Madison SD #321** | **Madison SD #321** | **Madison SD #321** | **Madison SD #321** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022B  | 5.00% | 09/15/39 *(a)(b)* | 1000000 | 1125768 |
|  |  |  |  | **3539444** |
| **ILLINOIS** 7.8%  | **ILLINOIS** 7.8%  | **ILLINOIS** 7.8%  | **ILLINOIS** 7.8%  | **ILLINOIS** 7.8%  |
| **Bellwood Village** | **Bellwood Village** | **Bellwood Village** | **Bellwood Village** | **Bellwood Village** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2014  | 5.00% | 12/01/32 *(b)* | 1705000 | 1778094 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2016B  | 5.00% | 12/01/28 *(b)* | 1855000 | 2009488 |
| **Chicago** | **Chicago** | **Chicago** | **Chicago** | **Chicago** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019A  | 5.50% | 01/01/35 *(b)* | 1450000 | 1499828 |
| &nbsp;&nbsp;&nbsp;&nbsp; OHare General Airport Sr Lien Refunding RB Series 2012A  | 5.00% | 01/01/33 *(b)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 411581 |
| &nbsp;&nbsp;&nbsp;&nbsp; OHare General Airport Sr Lien Refunding RB Series 2015B  | 5.00% | 01/01/28 *(b)* | 1750000 | 1819566 |
| &nbsp;&nbsp;&nbsp;&nbsp; OHare General Airport Sr Lien Refunding RB Series 2015B  | 5.00% | 01/01/29 *(b)* | 1135000 | 1179741 |
| &nbsp;&nbsp;&nbsp;&nbsp; OHare General Airport Sr Lien Refunding RB Series 2016C  | 5.00% | 01/01/29 *(b)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 423007 |
| &nbsp;&nbsp;&nbsp;&nbsp; OHare General Airport Sr Lien Refunding RB Series 2016C  | 5.00% | 01/01/31 *(b)* | 1000000 | 1052227 |
| **Chicago Housing Auth** | **Chicago Housing Auth** | **Chicago Housing Auth** | **Chicago Housing Auth** | **Chicago Housing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018A  | 5.00% | 01/01/27  | 1000000 | 1072094 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018A  | 5.00% | 01/01/28  | 1000000 | 1088005 |
| **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** | **Chicago O'Hare International Airport** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport Sr Lien RB Series 2018B  | 5.00% | 01/01/48 *(b)* | 5215000 | 5344924 |
| **Community Unit SD #300** | **Community Unit SD #300** | **Community Unit SD #300** | **Community Unit SD #300** | **Community Unit SD #300** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2013  | 5.25% | 01/01/31 *(b)* | 4840000 | 4850557 |
| **Cook Cnty** | **Cook Cnty** | **Cook Cnty** | **Cook Cnty** | **Cook Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2022A  | 5.00% | 11/15/29  | 2100000 | 2337934 |
| **Illinois** | **Illinois** | **Illinois** | **Illinois** | **Illinois** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018  | 5.00% | 05/01/31 *(b)* | 1000000 | 1043985 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2020  | 5.38% | 05/01/23  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 504259 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2020  | 5.50% | 05/01/24  | 1000000 | 1027786 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2020  | 5.50% | 05/01/25  | 1500000 | 1561843 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2021A  | 5.00% | 03/01/46 *(b)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 752730 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2016  | 5.00% | 02/01/28 *(b)* | 1500000 | 1556317 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2018B  | 5.00% | 10/01/33 *(b)* | 1500000 | 1560639 |
| **Illinois Finance Auth** | **Illinois Finance Auth** | **Illinois Finance Auth** | **Illinois Finance Auth** | **Illinois Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Facilities RB (Univ of Illinois) Series 2019A  | 5.00% | 10/01/44 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 517208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Facilities RB (Univ of Illinois) Series 2019A  | 5.00% | 10/01/51 *(b)* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 153743 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (OSF Healthcare System) Series 2020B1  | 5.00% | 05/15/50 *(b)(e)* | 1150000 | 1179697 |

---

**5**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Rosalind Franklin Univ) Series 2017A  | 5.00% | 08/01/30 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 942264 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Rosalind Franklin Univ) Series 2017A  | 5.00% | 08/01/33 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 960000 | &nbsp;&nbsp;&nbsp;&nbsp; 996224 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Rosalind Franklin Univ) Series 2017A  | 5.00% | 08/01/34 *(b)* | &nbsp;&nbsp; 1330000 | &nbsp;&nbsp; 1375821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Southern Illinois Healthcare Enterprises) Series 2017C  | 5.00% | 03/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 736742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Southern Illinois Healthcare Enterprises) Series 2017C  | 5.00% | 03/01/30 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 420659 |
| **Kankakee River Metropolitan Agency** | **Kankakee River Metropolitan Agency** | **Kankakee River Metropolitan Agency** | **Kankakee River Metropolitan Agency** | **Kankakee River Metropolitan Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Lien Sewage Treatment Facility Refunding RB Series 2016  | 5.00% | 05/01/26  | &nbsp;&nbsp; 1305000 | &nbsp;&nbsp; 1396234 |
| **Northern Illinois Univ** | **Northern Illinois Univ** | **Northern Illinois Univ** | **Northern Illinois Univ** | **Northern Illinois Univ** |
| &nbsp;&nbsp;&nbsp;&nbsp; Auxiliary Facilities Refunding RB Series 2020B  | 5.00% | 04/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 431836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auxiliary Facilities Refunding RB Series 2020B  | 5.00% | 04/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 488898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auxiliary Facilities Refunding RB Series 2020B  | 5.00% | 04/01/31 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 539502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auxiliary Facilities Refunding RB Series 2020B  | 4.00% | 04/01/35 *(a)(b)* | &nbsp;&nbsp; 1050000 | &nbsp;&nbsp; 1037012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auxiliary Facilities Refunding RB Series 2020B  | 4.00% | 04/01/37 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 581321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auxiliary Facilities System RB Series 2021  | 5.00% | 10/01/26 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 264067 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auxiliary Facilities System RB Series 2021  | 5.00% | 10/01/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 347066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auxiliary Facilities System RB Series 2021  | 5.00% | 10/01/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 350041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auxiliary Facilities System RB Series 2021  | 5.00% | 10/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 325419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Auxiliary Facilities System RB Series 2021  | 5.00% | 10/01/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 354641 |
|  |  |  |  | **45313000** |
| **INDIANA** 2.0%  | **INDIANA** 2.0%  | **INDIANA** 2.0%  | **INDIANA** 2.0%  | **INDIANA** 2.0%  |
| **Indiana Finance Auth** | **Indiana Finance Auth** | **Indiana Finance Auth** | **Indiana Finance Auth** | **Indiana Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Wastewater Utility Refunding RB (CWA Authority) Series 2022A  | 5.00% | 10/01/35 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 576070 |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Lien Wastewater Utility Refunding RB (CWA Authority) Series 2022A  | 5.00% | 10/01/37 *(b)* | &nbsp;&nbsp; 1140000 | &nbsp;&nbsp; 1289996 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Fulcrum Centerpoint) Series 2022  | 4.50% | 12/15/46 *(a)(b)* | 10000000 | 10017483 |
|  |  |  |  | **11883549** |
| **IOWA** 0.9%  | **IOWA** 0.9%  | **IOWA** 0.9%  | **IOWA** 0.9%  | **IOWA** 0.9%  |
| **Public Energy Financing Auth** | **Public Energy Financing Auth** | **Public Energy Financing Auth** | **Public Energy Financing Auth** | **Public Energy Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Project RB Series 2019  | 5.00% | 09/01/49 *(b)(e)* | &nbsp;&nbsp; 5000000 | **5123028** |
| **KANSAS** 1.1%  | **KANSAS** 1.1%  | **KANSAS** 1.1%  | **KANSAS** 1.1%  | **KANSAS** 1.1%  |
| **Crawford Cnty USD #250** | **Crawford Cnty USD #250** | **Crawford Cnty USD #250** | **Crawford Cnty USD #250** | **Crawford Cnty USD #250** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017  | 5.00% | 09/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 269922 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017  | 5.00% | 09/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 494546 |
| **Hutchinson** | **Hutchinson** | **Hutchinson** | **Hutchinson** | **Hutchinson** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Facilities RB (Hutchinson Regional Medical Center) Series 2016  | 5.00% | 12/01/27 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 382038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Facilities RB (Hutchinson Regional Medical Center) Series 2016  | 5.00% | 12/01/28 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 405806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Facilities RB (Hutchinson Regional Medical Center) Series 2016  | 5.00% | 12/01/29 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 446173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Facilities RB (Hutchinson Regional Medical Center) Series 2016  | 5.00% | 12/01/30 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 451085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Facilities RB (Hutchinson Regional Medical Center) Series 2016  | 5.00% | 12/01/31 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 151808 |
| **Johnson & Miami County USD No. 230** | **Johnson & Miami County USD No. 230** | **Johnson & Miami County USD No. 230** | **Johnson & Miami County USD No. 230** | **Johnson & Miami County USD No. 230** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018A  | 5.00% | 09/01/26  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 269644 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018A  | 5.00% | 09/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 877326 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018A  | 5.00% | 09/01/31 *(b)* | &nbsp;&nbsp; 2575000 | &nbsp;&nbsp; 2835335 |
|  |  |  |  | **6583683** |

---

**6** 

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **KENTUCKY** 0.7%  | **KENTUCKY** 0.7%  | **KENTUCKY** 0.7%  | **KENTUCKY** 0.7%  | **KENTUCKY** 0.7%  |
| **Kentucky** | **Kentucky** | **Kentucky** | **Kentucky** | **Kentucky** |
| &nbsp;&nbsp;&nbsp;&nbsp; COP 2015  | 4.00% | 06/15/24  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 406925 |
| &nbsp;&nbsp;&nbsp;&nbsp; COP 2015  | 5.00% | 06/15/25  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 420873 |
| **Kentucky Public Energy Auth** | **Kentucky Public Energy Auth** | **Kentucky Public Energy Auth** | **Kentucky Public Energy Auth** | **Kentucky Public Energy Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Supply RB Series 2018C1  | 4.00% | 12/01/49 *(b)(e)* | 1450000 | &nbsp;&nbsp; 1441483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Supply RB Series 2022A1  | 4.00% | 08/01/52 *(b)(e)* | 2000000 | &nbsp;&nbsp; 1945101 |
|  |  |  |  | **4214382** |
| **LOUISIANA** 0.7%  | **LOUISIANA** 0.7%  | **LOUISIANA** 0.7%  | **LOUISIANA** 0.7%  | **LOUISIANA** 0.7%  |
| **Louisiana Public Facilities Auth** | **Louisiana Public Facilities Auth** | **Louisiana Public Facilities Auth** | **Louisiana Public Facilities Auth** | **Louisiana Public Facilities Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Ochsner Clinic Fdn) Series 2017  | 5.00% | 05/15/27  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 532629 |
| **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** |
| &nbsp;&nbsp;&nbsp;&nbsp; BAN 2021  | 4.00% | 07/03/23 *(b)* | 2000000 | &nbsp;&nbsp; 2007173 |
| **Tangipahoa District #1 North Oaks Health System** | **Tangipahoa District #1 North Oaks Health System** | **Tangipahoa District #1 North Oaks Health System** | **Tangipahoa District #1 North Oaks Health System** | **Tangipahoa District #1 North Oaks Health System** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2021  | 4.00% | 02/01/35 *(b)* | 1600000 | &nbsp;&nbsp; 1532533 |
|  |  |  |  | **4072335** |
| **MAINE** 1.1%  | **MAINE** 1.1%  | **MAINE** 1.1%  | **MAINE** 1.1%  | **MAINE** 1.1%  |
| **Maine Health & Educational Facilities Auth** | **Maine Health & Educational Facilities Auth** | **Maine Health & Educational Facilities Auth** | **Maine Health & Educational Facilities Auth** | **Maine Health & Educational Facilities Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Educational Facilities RB Series 2021A  | 5.00% | 07/01/32 *(b)* | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 612033 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (MaineHealth) Series 2020A  | 5.00% | 07/01/30  | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 883348 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (MaineHealth) Series 2020A  | 4.00% | 07/01/37 *(b)* | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 980182 |
| **Portland** | **Portland** | **Portland** | **Portland** | **Portland** |
| &nbsp;&nbsp;&nbsp;&nbsp; General Airport Refunding RB Series 2019  | 5.00% | 01/01/32 *(b)* | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 611559 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Airport Refunding RB Series 2019  | 5.00% | 01/01/33 *(b)* | &nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 752576 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Airport Refunding RB Series 2019  | 5.00% | 01/01/34 *(b)* | &nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 667221 |
| **South Portland ME** | **South Portland ME** | **South Portland ME** | **South Portland ME** | **South Portland ME** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022A  | 5.00% | 10/01/34 *(b)* | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 898481 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022A  | 5.00% | 10/01/35 *(b)* | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 720087 |
|  |  |  |  | **6125487** |
| **MARYLAND** 2.2%  | **MARYLAND** 2.2%  | **MARYLAND** 2.2%  | **MARYLAND** 2.2%  | **MARYLAND** 2.2%  |
| **Baltimore Cnty** | **Baltimore Cnty** | **Baltimore Cnty** | **Baltimore Cnty** | **Baltimore Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan District GO Bonds 78th Issue  | 5.00% | 02/01/46 *(b)* | 4000000 | &nbsp;&nbsp; 4174631 |
| **Maryland Health & Higher Educational Facilities Auth** | **Maryland Health & Higher Educational Facilities Auth** | **Maryland Health & Higher Educational Facilities Auth** | **Maryland Health & Higher Educational Facilities Auth** | **Maryland Health & Higher Educational Facilities Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Frederick Health System) Series 2020  | 4.00% | 07/01/45 *(b)* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 545063 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Meritus Medical Center) Series 2015  | 5.00% | 07/01/23  | 1000000 | &nbsp;&nbsp; 1009766 |
| **Maryland Stadium Authority** | **Maryland Stadium Authority** | **Maryland Stadium Authority** | **Maryland Stadium Authority** | **Maryland Stadium Authority** |
| &nbsp;&nbsp;&nbsp;&nbsp; Built to Learn RB Series 2022A  | 5.00% | 06/01/29  | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 977339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Built to Learn RB Series 2022A  | 5.00% | 06/01/30  | 1000000 | &nbsp;&nbsp; 1130059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Built to Learn RB Series 2022A  | 5.00% | 06/01/31  | 1250000 | &nbsp;&nbsp; 1428869 |
| **Washington Cnty** | **Washington Cnty** | **Washington Cnty** | **Washington Cnty** | **Washington Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Diakon Lutheran Social Ministries) Series 2019B  | 5.00% | 01/01/24 *(g)* | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 327639 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Diakon Lutheran Social Ministries) Series 2019B  | 5.00% | 01/01/25 *(g)* | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 574385 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Diakon Lutheran Social Ministries) Series 2019B  | 5.00% | 01/01/27 *(g)* | &nbsp;&nbsp; 645000 | &nbsp;&nbsp;&nbsp;&nbsp; 697930 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Diakon Lutheran Social Ministries) Series 2019B  | 5.00% | 01/01/28 *(g)* | 1405000 | &nbsp;&nbsp; 1545982 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Diakon Lutheran Social Ministries) Series 2019B  | 5.00% | 01/01/29 *(g)* | &nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp; 564332 |
|  |  |  |  | **12975995** |

---

**7**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MASSACHUSETTS** 2.2%  | **MASSACHUSETTS** 2.2%  | **MASSACHUSETTS** 2.2%  | **MASSACHUSETTS** 2.2%  | **MASSACHUSETTS** 2.2%  |
| **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Beth Israel Lahey Health) Series 2019K  | 5.00% | 07/01/29  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 546307 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Beth Israel Lahey Health) Series 2019K  | 5.00% | 07/01/31 *(b)* | 1120000 | &nbsp;&nbsp; 1216077 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Beth Israel Lahey Health) Series 2019K  | 5.00% | 07/01/32 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 541633 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Boston Medical Center) Series 2016E  | 5.00% | 07/01/31 *(b)* | 2815000 | &nbsp;&nbsp; 2903460 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Boston Medical Center) Series 2017F  | 5.00% | 07/01/28 *(b)* | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 251056 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Lahey Health System) Series 2015F  | 5.00% | 08/15/28 *(b)* | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 994560 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Lesley Univ) Series 2019A  | 5.00% | 07/01/35 *(b)* | 1065000 | &nbsp;&nbsp; 1100105 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Lesley Univ) Series 2019A  | 5.00% | 07/01/39 *(b)* | 1065000 | &nbsp;&nbsp; 1085733 |
| **Massachusetts HFA** | **Massachusetts HFA** | **Massachusetts HFA** | **Massachusetts HFA** | **Massachusetts HFA** |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Housing RB Series 183  | 3.50% | 12/01/46 *(b)* | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 676043 |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Housing RB Series 203  | 4.50% | 12/01/48 *(b)* | 1180000 | &nbsp;&nbsp; 1193043 |
| **Massachusetts Transportation Fund** | **Massachusetts Transportation Fund** | **Massachusetts Transportation Fund** | **Massachusetts Transportation Fund** | **Massachusetts Transportation Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Rail Enhancement Program) Series 2022A  | 5.00% | 06/01/50 *(b)* | 2000000 | &nbsp;&nbsp; 2173695 |
|  |  |  |  | **12681712** |
| **MICHIGAN** 2.0%  | **MICHIGAN** 2.0%  | **MICHIGAN** 2.0%  | **MICHIGAN** 2.0%  | **MICHIGAN** 2.0%  |
| **Grand Rapids** | **Grand Rapids** | **Grand Rapids** | **Grand Rapids** | **Grand Rapids** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanitary Sewer System Refunding RB Series 2010  | 5.00% | 01/01/25  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 628961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanitary Sewer System Refunding RB Series 2010  | 5.00% | 01/01/27  | 1145000 | &nbsp;&nbsp; 1245408 |
| **Great Lakes Water Auth** | **Great Lakes Water Auth** | **Great Lakes Water Auth** | **Great Lakes Water Auth** | **Great Lakes Water Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System Sr. Lien RB Series 2022B  | 5.25% | 07/01/47 *(b)* | 4500000 | &nbsp;&nbsp; 4825959 |
| **Karegnondi Water Auth** | **Karegnondi Water Auth** | **Karegnondi Water Auth** | **Karegnondi Water Auth** | **Karegnondi Water Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2014A  | 5.00% | 11/01/24 *(b)* | 1645000 | &nbsp;&nbsp; 1670743 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2014A  | 5.00% | 11/01/25 *(b)* | 1100000 | &nbsp;&nbsp; 1116064 |
| **Michigan Housing Development Auth** | **Michigan Housing Development Auth** | **Michigan Housing Development Auth** | **Michigan Housing Development Auth** | **Michigan Housing Development Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage RB Series 2015A  | 4.00% | 06/01/46 *(b)* | &nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 716172 |
| **Wayne Cnty Airport Auth** | **Wayne Cnty Airport Auth** | **Wayne Cnty Airport Auth** | **Wayne Cnty Airport Auth** | **Wayne Cnty Airport Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport RB Series 2014B  | 5.00% | 12/01/32 *(b)* | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 568630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport RB Series 2014B  | 5.00% | 12/01/33 *(b)* | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 645313 |
|  |  |  |  | **11417250** |
| **MINNESOTA** 0.8%  | **MINNESOTA** 0.8%  | **MINNESOTA** 0.8%  | **MINNESOTA** 0.8%  | **MINNESOTA** 0.8%  |
| **Center City** | **Center City** | **Center City** | **Center City** | **Center City** |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities Refunding RB (Hazelden Betty Ford Fdn) Series 2019  | 4.00% | 11/01/26  | &nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 318635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities Refunding RB (Hazelden Betty Ford Fdn) Series 2019  | 4.00% | 11/01/28 *(b)* | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 329819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities Refunding RB (Hazelden Betty Ford Fdn) Series 2019  | 4.00% | 11/01/29 *(b)* | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 262781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities Refunding RB (Hazelden Betty Ford Fdn) Series 2019  | 4.00% | 11/01/41 *(b)* | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 152431 |
| **Duluth ISD #709** | **Duluth ISD #709** | **Duluth ISD #709** | **Duluth ISD #709** | **Duluth ISD #709** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding COP Series 2019C  | 5.00% | 02/01/25 *(a)* | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 390805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding COP Series 2019C  | 5.00% | 02/01/26 *(a)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 423978 |
| **Minneapolis- St. Paul Metropolitan Airports Commission** | **Minneapolis- St. Paul Metropolitan Airports Commission** | **Minneapolis- St. Paul Metropolitan Airports Commission** | **Minneapolis- St. Paul Metropolitan Airports Commission** | **Minneapolis- St. Paul Metropolitan Airports Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Airport RB Series 2022B  | 5.00% | 01/01/31  | 1000000 | &nbsp;&nbsp; 1082422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Airport RB Series 2022B  | 5.00% | 01/01/32  | 1000000 | &nbsp;&nbsp; 1087462 |
| **Minnesota Higher Educational Facilities Auth** | **Minnesota Higher Educational Facilities Auth** | **Minnesota Higher Educational Facilities Auth** | **Minnesota Higher Educational Facilities Auth** | **Minnesota Higher Educational Facilities Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Univ of St. Thomas) Series 2019  | 5.00% | 10/01/33 *(b)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 436327 |
|  |  |  |  | **4484660** |

---

**8** 

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MISSISSIPPI** 0.4%  | **MISSISSIPPI** 0.4%  | **MISSISSIPPI** 0.4%  | **MISSISSIPPI** 0.4%  | **MISSISSIPPI** 0.4%  |
| **Mississippi Development Bank** | **Mississippi Development Bank** | **Mississippi Development Bank** | **Mississippi Development Bank** | **Mississippi Development Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Obligation (Jackson Public SD) RB Series 2018  | 5.00% | 10/01/25  | 1000000 | &nbsp;&nbsp; 1058892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Obligation (Jackson Public SD) RB Series 2018  | 5.00% | 10/01/26  | &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp; 634615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Obligation (Jackson Public SD) Refunding RB Series 2012A  | 5.00% | 04/01/28 *(b)(g)* | &nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 347837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Obligation (Jackson Public SD) Refunding RB Series 2012A  | 5.00% | 04/01/28 *(b)* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 150986 |
|  |  |  |  | **2192330** |
| **MISSOURI** 2.9%  | **MISSOURI** 2.9%  | **MISSOURI** 2.9%  | **MISSOURI** 2.9%  | **MISSOURI** 2.9%  |
| **Jackson Cnty SD #4** | **Jackson Cnty SD #4** | **Jackson Cnty SD #4** | **Jackson Cnty SD #4** | **Jackson Cnty SD #4** |
| &nbsp;&nbsp;&nbsp;&nbsp; School Building GO Bonds Series 2018A  | 5.50% | 03/01/36 *(a)(b)* | 5000000 | &nbsp;&nbsp; 5667390 |
| &nbsp;&nbsp;&nbsp;&nbsp; School Building GO Bonds Series 2018A  | 6.00% | 03/01/38 *(a)(b)* | 2440000 | &nbsp;&nbsp; 2861384 |
| **Missouri Development Finance Board** | **Missouri Development Finance Board** | **Missouri Development Finance Board** | **Missouri Development Finance Board** | **Missouri Development Finance Board** |
| &nbsp;&nbsp;&nbsp;&nbsp; Facilities Refunding RB Series 2021A  | 5.00% | 11/01/27  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 325770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Facilities Refunding RB Series 2021A  | 5.00% | 11/01/28  | &nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 847301 |
| **Missouri Health & Educational Facilities Auth** | **Missouri Health & Educational Facilities Auth** | **Missouri Health & Educational Facilities Auth** | **Missouri Health & Educational Facilities Auth** | **Missouri Health & Educational Facilities Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Educational Facilities RB (Kansas City Univ of Medicine) Series 2017A  | 5.00% | 06/01/35 *(b)* | 1000000 | &nbsp;&nbsp; 1081342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Educational Facilities RB (Kansas City Univ of Medicine) Series 2017A  | 5.00% | 06/01/36 *(b)* | 1050000 | &nbsp;&nbsp; 1132531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Facilities RB (CoxHealth) Series 2019A  | 5.00% | 11/15/31 *(b)* | 2490000 | &nbsp;&nbsp; 2670707 |
| **Missouri Housing Development Commission** | **Missouri Housing Development Commission** | **Missouri Housing Development Commission** | **Missouri Housing Development Commission** | **Missouri Housing Development Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage RB Series 2017D  | 4.00% | 05/01/47 *(b)* | &nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 675631 |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage RB Series 2018A  | 4.25% | 05/01/49 *(b)* | 1370000 | &nbsp;&nbsp; 1379534 |
|  |  |  |  | **16641590** |
| **MONTANA** 0.7%  | **MONTANA** 0.7%  | **MONTANA** 0.7%  | **MONTANA** 0.7%  | **MONTANA** 0.7%  |
| **Montana Board of Housing** | **Montana Board of Housing** | **Montana Board of Housing** | **Montana Board of Housing** | **Montana Board of Housing** |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Housing RB Series 2018A  | 4.00% | 06/01/49 *(b)* | 1030000 | &nbsp;&nbsp; 1031004 |
| **Montana State Board of Regents** | **Montana State Board of Regents** | **Montana State Board of Regents** | **Montana State Board of Regents** | **Montana State Board of Regents** |
| &nbsp;&nbsp;&nbsp;&nbsp; Educational Facilities Refunding RB (Montana State Univ) Series 2012A (SIFMA <br> Municipal Swap Index + 0.45%) <br>| 2.35% | 11/15/35 *(b)(d)* | 2815000 | &nbsp;&nbsp; 2814959 |
|  |  |  |  | **3845963** |
| **NEBRASKA** 1.6%  | **NEBRASKA** 1.6%  | **NEBRASKA** 1.6%  | **NEBRASKA** 1.6%  | **NEBRASKA** 1.6%  |
| **Boys Town Village** | **Boys Town Village** | **Boys Town Village** | **Boys Town Village** | **Boys Town Village** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Father Flanagan Boys Home) Series 2017  | 3.00% | 09/01/28  | 2615000 | &nbsp;&nbsp; 2608873 |
| **Municipal Energy Agency of Nebraska** | **Municipal Energy Agency of Nebraska** | **Municipal Energy Agency of Nebraska** | **Municipal Energy Agency of Nebraska** | **Municipal Energy Agency of Nebraska** |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System Refunding RB Series 2022A  | 5.00% | 04/01/29  | 1000000 | &nbsp;&nbsp; 1111890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System Refunding RB Series 2022A  | 5.00% | 04/01/31  | 1600000 | &nbsp;&nbsp; 1819577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System Refunding RB Series 2022A  | 5.00% | 04/01/32  | 1990000 | &nbsp;&nbsp; 2280543 |
| **Sarpy Cnty SD No 0037** | **Sarpy Cnty SD No 0037** | **Sarpy Cnty SD No 0037** | **Sarpy Cnty SD No 0037** | **Sarpy Cnty SD No 0037** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022B  | 5.00% | 12/15/27 *(b)* | 1500000 | &nbsp;&nbsp; 1597890 |
|  |  |  |  | **9418773** |
| **NEVADA** 0.2%  | **NEVADA** 0.2%  | **NEVADA** 0.2%  | **NEVADA** 0.2%  | **NEVADA** 0.2%  |
| **Carson City** | **Carson City** | **Carson City** | **Carson City** | **Carson City** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Carson Tahoe Regional Healthcare) Series 2017  | 5.00% | 09/01/25  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 623871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Carson Tahoe Regional Healthcare) Series 2017  | 5.00% | 09/01/27  | &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp; 641358 |
|  |  |  |  | **1265229** |

---

**9**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **NEW JERSEY** 4.6%  | **NEW JERSEY** 4.6%  | **NEW JERSEY** 4.6%  | **NEW JERSEY** 4.6%  | **NEW JERSEY** 4.6%  |
| **Atlantic City** | **Atlantic City** | **Atlantic City** | **Atlantic City** | **Atlantic City** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Appeal Refunding Bonds Series 2017A  | 5.00% | 03/01/24  | &nbsp;&nbsp;&nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 205130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Appeal Refunding Bonds Series 2017A  | 5.00% | 03/01/25  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 313433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Appeal Refunding Bonds Series 2017A  | 5.00% | 03/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 270038 |
| **New Jersey** | **New Jersey** | **New Jersey** | **New Jersey** | **New Jersey** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2020A  | 4.00% | 06/01/30  | 10150000 | 10699408 |
| **New Jersey Transportation Trust Fund Auth** | **New Jersey Transportation Trust Fund Auth** | **New Jersey Transportation Trust Fund Auth** | **New Jersey Transportation Trust Fund Auth** | **New Jersey Transportation Trust Fund Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation Program Notes Series 2014 BB-1  | 5.00% | 06/15/33 *(b)* | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3763124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation RB Series 2015AA  | 5.25% | 06/15/41 *(b)* | &nbsp;&nbsp; 4050000 | &nbsp;&nbsp; 4132408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation System RB Series 2019AA  | 5.00% | 06/15/31 *(b)* | &nbsp;&nbsp; 1250000 | &nbsp;&nbsp; 1354357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation System RB Series 2019BB  | 5.00% | 06/15/44 *(b)* | &nbsp;&nbsp; 2900000 | &nbsp;&nbsp; 2963560 |
| **New Jersey Turnpike Auth** | **New Jersey Turnpike Auth** | **New Jersey Turnpike Auth** | **New Jersey Turnpike Auth** | **New Jersey Turnpike Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022B  | 4.25% | 01/01/43 *(b)* | &nbsp;&nbsp; 1750000 | &nbsp;&nbsp; 1766504 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022B  | 4.50% | 01/01/48 *(b)* | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp; 1525408 |
|  |  |  |  | **26993370** |
| **NEW MEXICO** 0.2%  | **NEW MEXICO** 0.2%  | **NEW MEXICO** 0.2%  | **NEW MEXICO** 0.2%  | **NEW MEXICO** 0.2%  |
| **New Mexico Mortgage Finance Auth** | **New Mexico Mortgage Finance Auth** | **New Mexico Mortgage Finance Auth** | **New Mexico Mortgage Finance Auth** | **New Mexico Mortgage Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage RB Series 2018B  | 4.00% | 01/01/49 *(b)* | &nbsp;&nbsp; 1115000 | **1116014** |
| **NEW YORK** 13.9%  | **NEW YORK** 13.9%  | **NEW YORK** 13.9%  | **NEW YORK** 13.9%  | **NEW YORK** 13.9%  |
| **Build NYC Resource Corp** | **Build NYC Resource Corp** | **Build NYC Resource Corp** | **Build NYC Resource Corp** | **Build NYC Resource Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (YMCA of Greater New York) Series 2015  | 5.00% | 08/01/25 *(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 264972 |
| **Hempstead Local Development Corp** | **Hempstead Local Development Corp** | **Hempstead Local Development Corp** | **Hempstead Local Development Corp** | **Hempstead Local Development Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Hofstra Univ) Series 2021A  | 5.00% | 07/01/27  | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 808450 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Hofstra Univ) Series 2021A  | 4.00% | 07/01/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 495478 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Hofstra Univ) Series 2021A  | 4.00% | 07/01/38 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 507330 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Hofstra Univ) Series 2021A  | 4.00% | 07/01/39 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 561854 |
| **Long Island Power Auth** | **Long Island Power Auth** | **Long Island Power Auth** | **Long Island Power Auth** | **Long Island Power Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric System RB Series 2020A  | 5.00% | 09/01/37 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2178881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric System RB Series 2021B  | 1.50% | 09/01/51 *(b)(e)* | &nbsp;&nbsp; 2450000 | &nbsp;&nbsp; 2226263 |
| **Metropolitan Transportation Auth** | **Metropolitan Transportation Auth** | **Metropolitan Transportation Auth** | **Metropolitan Transportation Auth** | **Metropolitan Transportation Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation RB Series 2015A2  | 5.00% | 11/15/45 *(b)(e)* | &nbsp;&nbsp; 2845000 | &nbsp;&nbsp; 3011762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation RB Series 2020C1  | 4.75% | 11/15/45 *(b)* | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1169817 |
| **Nassau Cnty Local Economic Assistance Corp** | **Nassau Cnty Local Economic Assistance Corp** | **Nassau Cnty Local Economic Assistance Corp** | **Nassau Cnty Local Economic Assistance Corp** | **Nassau Cnty Local Economic Assistance Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Catholic Health Services Long Island) Series 2014  | 5.00% | 07/01/25 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 513338 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Catholic Health Services Long Island) Series 2014  | 5.00% | 07/01/26 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 256404 |
| **New York City** | **New York City** | **New York City** | **New York City** | **New York City** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2014 Series I1  | 5.00% | 03/01/23 *(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 316944 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2014 Series I1  | 5.00% | 03/01/23  | &nbsp;&nbsp;&nbsp;&nbsp; 805000 | &nbsp;&nbsp;&nbsp;&nbsp; 810070 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2018 Series B4  | 0.98% | 10/01/46 *(a)(b)(h)* | &nbsp;&nbsp;&nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp; 495000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2023 Series B1  | 5.25% | 10/01/47 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 830153 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal Series 2018E-1  | 5.25% | 03/01/34 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2201337 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal Series 2019E  | 5.00% | 08/01/32 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1109858 |
| **New York City Municipal Water Finance Auth** | **New York City Municipal Water Finance Auth** | **New York City Municipal Water Finance Auth** | **New York City Municipal Water Finance Auth** | **New York City Municipal Water Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Sewer System RB Fiscal 2015 Series BB2  | 1.00% | 06/15/49 *(a)(b)(h)* | 10900000 | 10900000 |
| **New York City Transitional Finance Auth** | **New York City Transitional Finance Auth** | **New York City Transitional Finance Auth** | **New York City Transitional Finance Auth** | **New York City Transitional Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Aid RB Fiscal 2019 Series S3A  | 5.00% | 07/15/35 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2156039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Aid RB Fiscal 2019 Series S3A  | 5.00% | 07/15/36 *(b)* | &nbsp;&nbsp; 1450000 | &nbsp;&nbsp; 1553910 |

---

**10** 

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2023 Series A3  | 1.00% | 08/01/52 *(a)(b)(h)* | 2955000 | &nbsp;&nbsp; 2955000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub RB Fiscal 2014 Series B1  | 5.00% | 11/01/23  | 2200000 | &nbsp;&nbsp; 2249528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub RB Fiscal 2014 Series B3  | 0.98% | 11/01/42 *(a)(b)(h)* | 2685000 | &nbsp;&nbsp; 2685000 |
| **New York City Trust for Cultural Resources** | **New York City Trust for Cultural Resources** | **New York City Trust for Cultural Resources** | **New York City Trust for Cultural Resources** | **New York City Trust for Cultural Resources** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Juilliard School) Series 2018A  | 5.00% | 01/01/38 *(b)* | 1000000 | &nbsp;&nbsp; 1086606 |
| **New York Liberty Development Corp** | **New York Liberty Development Corp** | **New York Liberty Development Corp** | **New York Liberty Development Corp** | **New York Liberty Development Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Goldman Sachs Headquarters) Series 2005  | 2.25% | 10/01/35 *(a)(b)(i)(j)* | 3750000 | &nbsp;&nbsp; 3750000 |
| **New York State Dormitory Auth** | **New York State Dormitory Auth** | **New York State Dormitory Auth** | **New York State Dormitory Auth** | **New York State Dormitory Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Montefiore Health) Series 2018A  | 5.00% | 08/01/28  | 1700000 | &nbsp;&nbsp; 1746870 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Northwell Health) Series 2022A  | 5.00% | 05/01/52 *(b)* | 1475000 | &nbsp;&nbsp; 1538455 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Rochester Institute of Technology) Series 2022A  | 5.00% | 07/01/39 *(b)(k)* | 1000000 | &nbsp;&nbsp; 1105253 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Rochester Institute of Technology) Series 2022A  | 5.00% | 07/01/40 *(b)(k)* | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 595110 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Rochester Institute of Technology) Series 2022A  | 5.00% | 07/01/42 *(b)(k)* | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 767370 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Rockefeller Univ) Series 2019C  | 4.00% | 07/01/49 *(b)* | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 949624 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2019A  | 5.00% | 03/15/46 *(b)* | 5000000 | &nbsp;&nbsp; 5318638 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2019D  | 5.00% | 02/15/48 *(b)* | 5000000 | &nbsp;&nbsp; 5288765 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax Refunding RB Series 2012A  | 5.00% | 12/15/24 *(b)(g)* | 1300000 | &nbsp;&nbsp; 1301245 |
| **New York State Urban Development Corp** | **New York State Urban Development Corp** | **New York State Urban Development Corp** | **New York State Urban Development Corp** | **New York State Urban Development Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2020C  | 5.00% | 03/15/47 *(b)* | 1600000 | &nbsp;&nbsp; 1706236 |
| **New York Transportation Development Corp** | **New York Transportation Development Corp** | **New York Transportation Development Corp** | **New York Transportation Development Corp** | **New York Transportation Development Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Facility RB (JFK Airport) Series 2020A  | 5.00% | 12/01/28  | 1000000 | &nbsp;&nbsp; 1042654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Facility RB (JFK Airport) Series 2020A  | 5.00% | 12/01/31 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 518475 |
| **Port Auth of New York & New Jersey** | **Port Auth of New York & New Jersey** | **Port Auth of New York & New Jersey** | **Port Auth of New York & New Jersey** | **Port Auth of New York & New Jersey** |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 221st Series  | 5.00% | 07/15/34 *(b)* | 2835000 | &nbsp;&nbsp; 3016955 |
| **Sales Tax Asset Receivable Corp** | **Sales Tax Asset Receivable Corp** | **Sales Tax Asset Receivable Corp** | **Sales Tax Asset Receivable Corp** | **Sales Tax Asset Receivable Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Fiscal 2015 Series A  | 5.00% | 10/15/31 *(b)(g)* | 5330000 | &nbsp;&nbsp; 5572572 |
| **Triborough Bridge & Tunnel Auth** | **Triborough Bridge & Tunnel Auth** | **Triborough Bridge & Tunnel Auth** | **Triborough Bridge & Tunnel Auth** | **Triborough Bridge & Tunnel Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Lien RB Series 2021A1  | 5.00% | 05/15/51 *(b)* | 5000000 | &nbsp;&nbsp; 5315138 |
|  |  |  |  | **80877354** |
| **NORTH CAROLINA** 1.9%  | **NORTH CAROLINA** 1.9%  | **NORTH CAROLINA** 1.9%  | **NORTH CAROLINA** 1.9%  | **NORTH CAROLINA** 1.9%  |
| **Greater Asheville Regional Airport Auth** | **Greater Asheville Regional Airport Auth** | **Greater Asheville Regional Airport Auth** | **Greater Asheville Regional Airport Auth** | **Greater Asheville Regional Airport Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System RB Series 2022A  | 5.50% | 07/01/47 *(b)* | 2000000 | &nbsp;&nbsp; 2138399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System RB Series 2022A  | 5.50% | 07/01/52 *(b)* | 1500000 | &nbsp;&nbsp; 1590999 |
| **North Carolina Capital Facilities Finance Agency** | **North Carolina Capital Facilities Finance Agency** | **North Carolina Capital Facilities Finance Agency** | **North Carolina Capital Facilities Finance Agency** | **North Carolina Capital Facilities Finance Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Educational Facilities Refunding RB (Meredith College) Series 2018  | 5.00% | 06/01/25  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 522403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Educational Facilities Refunding RB (Meredith College) Series 2018  | 5.00% | 06/01/26  | 1735000 | &nbsp;&nbsp; 1835273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Educational Facilities Refunding RB (Meredith College) Series 2018  | 5.00% | 06/01/30 *(b)* | 1000000 | &nbsp;&nbsp; 1051446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Educational Facilities Refunding RB (Meredith College) Series 2018  | 5.00% | 06/01/31 *(b)* | 1305000 | &nbsp;&nbsp; 1368310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Educational Facilities Refunding RB (Meredith College) Series 2018  | 5.00% | 06/01/32 *(b)* | 1255000 | &nbsp;&nbsp; 1313709 |
| **North Carolina Medical Care Commission** | **North Carolina Medical Care Commission** | **North Carolina Medical Care Commission** | **North Carolina Medical Care Commission** | **North Carolina Medical Care Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities RB (Presbyterian Homes) Series 2020A  | 4.00% | 10/01/35 *(b)* | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 408132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Facilities RB (Presbyterian Homes) Series 2020A  | 5.00% | 10/01/40 *(b)* | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 996426 |
|  |  |  |  | **11225097** |

---

**11**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **NORTH DAKOTA** 0.2%  | **NORTH DAKOTA** 0.2%  | **NORTH DAKOTA** 0.2%  | **NORTH DAKOTA** 0.2%  | **NORTH DAKOTA** 0.2%  |
| **West Fargo** | **West Fargo** | **West Fargo** | **West Fargo** | **West Fargo** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Bonds Series 2019B  | 4.00% | 05/01/25  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 410858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Bonds Series 2019B  | 4.00% | 05/01/26  | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp; 482674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Bonds Series 2019B  | 4.00% | 05/01/27 *(b)* | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp; 129413 |
|  |  |  |  | **1022945** |
| **OHIO** 1.6%  | **OHIO** 1.6%  | **OHIO** 1.6%  | **OHIO** 1.6%  | **OHIO** 1.6%  |
| **American Municipal Power Ohio** | **American Municipal Power Ohio** | **American Municipal Power Ohio** | **American Municipal Power Ohio** | **American Municipal Power Ohio** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2021A  | 5.00% | 02/15/31  | 1000000 | 1143586 |
| **Buckeye Tobacco Settlement Financing Auth** | **Buckeye Tobacco Settlement Financing Auth** | **Buckeye Tobacco Settlement Financing Auth** | **Buckeye Tobacco Settlement Financing Auth** | **Buckeye Tobacco Settlement Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Refunding Bonds Series 2020A-2  | 5.00% | 06/01/34 *(b)* | 5000000 | 5298029 |
| **Cleveland** | **Cleveland** | **Cleveland** | **Cleveland** | **Cleveland** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System RB Series 2019B  | 5.00% | 01/01/26  | 1045000 | 1088943 |
| **Hamilton Cnty** | **Hamilton Cnty** | **Hamilton Cnty** | **Hamilton Cnty** | **Hamilton Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Facilities RB (UC Health) Series 2014  | 5.00% | 02/01/24  | &nbsp;&nbsp;&nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56238 |
| **Northeast Ohio Medical Univ** | **Northeast Ohio Medical Univ** | **Northeast Ohio Medical Univ** | **Northeast Ohio Medical Univ** | **Northeast Ohio Medical Univ** |
| &nbsp;&nbsp;&nbsp;&nbsp; General Refunding RB Series 2021A  | 5.00% | 12/01/25  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 208562 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Refunding RB Series 2021A  | 3.00% | 12/01/40 *(b)* | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp; 370771 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Refunding RB Series 2021A  | 4.00% | 12/01/45 *(b)* | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp; 199534 |
| **Ohio Higher Educational Facility Commission** | **Ohio Higher Educational Facility Commission** | **Ohio Higher Educational Facility Commission** | **Ohio Higher Educational Facility Commission** | **Ohio Higher Educational Facility Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; Higher Educational Facility RB (Univ of Dayton) Series 2020  | 5.00% | 02/01/35 *(b)* | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 756021 |
|  |  |  |  | **9121684** |
| **OKLAHOMA** 0.6%  | **OKLAHOMA** 0.6%  | **OKLAHOMA** 0.6%  | **OKLAHOMA** 0.6%  | **OKLAHOMA** 0.6%  |
| **Norman Regional Hospital Auth** | **Norman Regional Hospital Auth** | **Norman Regional Hospital Auth** | **Norman Regional Hospital Auth** | **Norman Regional Hospital Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB Series 2019  | 5.00% | 09/01/45 *(b)* | 1050000 | 1058916 |
| **Oklahoma Development Finance Auth** | **Oklahoma Development Finance Auth** | **Oklahoma Development Finance Auth** | **Oklahoma Development Finance Auth** | **Oklahoma Development Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease RB Series 2014A  | 4.00% | 06/01/27 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 29524 |
| **Tulsa Cnty Industrial Auth** | **Tulsa Cnty Industrial Auth** | **Tulsa Cnty Industrial Auth** | **Tulsa Cnty Industrial Auth** | **Tulsa Cnty Industrial Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Educational Facilities Lease RB (Tulsa Cnty ISD #11) Series 2018  | 5.00% | 09/01/23  | 1000000 | 1016687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Educational Facilities Lease RB Series 2021A  | 4.00% | 09/01/31  | 1250000 | 1318143 |
|  |  |  |  | **3423270** |
| **OREGON** 2.8%  | **OREGON** 2.8%  | **OREGON** 2.8%  | **OREGON** 2.8%  | **OREGON** 2.8%  |
| **Forest Grove** | **Forest Grove** | **Forest Grove** | **Forest Grove** | **Forest Grove** |
| &nbsp;&nbsp;&nbsp;&nbsp; Campus Refunding & RB (Pacific Univ) Series 2015A  | 5.00% | 05/01/24  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 255732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Campus Refunding & RB (Pacific Univ) Series 2015A  | 5.00% | 05/01/25  | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp; 149314 |
| **Gresham-Barlow SD #10Jt** | **Gresham-Barlow SD #10Jt** | **Gresham-Barlow SD #10Jt** | **Gresham-Barlow SD #10Jt** | **Gresham-Barlow SD #10Jt** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019  | 0.00% | 06/15/34 *(a)(b)(f)* | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp; 193351 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019  | 0.00% | 06/15/35 *(a)(b)(f)* | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp; 162017 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019  | 0.00% | 06/15/36 *(a)(b)(f)* | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp; 243902 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019  | 0.00% | 06/15/37 *(a)(b)(f)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 275105 |
| **Hermiston SD #8R** | **Hermiston SD #8R** | **Hermiston SD #8R** | **Hermiston SD #8R** | **Hermiston SD #8R** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2020A  | 0.00% | 06/15/28 *(a)(f)* | 1600000 | 1321757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2020A  | 0.00% | 06/15/35 *(a)(b)(f)* | 1400000 | &nbsp;&nbsp;&nbsp; 839277 |
| **Morrow & Gilliam County SD** | **Morrow & Gilliam County SD** | **Morrow & Gilliam County SD** | **Morrow & Gilliam County SD** | **Morrow & Gilliam County SD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2021A  | 4.00% | 06/15/27 *(a)* | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp; 215783 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2021A  | 4.00% | 06/15/29 *(a)* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 160816 |

---

**12** 

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Oregon Business Development Commission** | **Oregon Business Development Commission** | **Oregon Business Development Commission** | **Oregon Business Development Commission** | **Oregon Business Development Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; Recovery Zone Facility Bonds (Intel Corp) Series 232  | 2.40% | 12/01/40 *(b)(e)* | 3000000 | &nbsp;&nbsp; 2977648 |
| **Port Morrow** | **Port Morrow** | **Port Morrow** | **Port Morrow** | **Port Morrow** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Obligations Series 2016  | 5.00% | 12/01/30 *(b)(g)* | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 334061 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Obligations Series 2016  | 5.00% | 12/01/31 *(b)(g)* | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 379615 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Obligations Series 2016  | 5.00% | 12/01/36 *(b)(g)* | 1155000 | &nbsp;&nbsp; 1169214 |
| **Salem Hospital Facility Auth** | **Salem Hospital Facility Auth** | **Salem Hospital Facility Auth** | **Salem Hospital Facility Auth** | **Salem Hospital Facility Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Salem Health) Series 2019A  | 5.00% | 05/15/26  | 2180000 | &nbsp;&nbsp; 2317001 |
| **Seaside** | **Seaside** | **Seaside** | **Seaside** | **Seaside** |
| &nbsp;&nbsp;&nbsp;&nbsp; Transient Lodging Tax RB Series 2018  | 5.00% | 12/15/37 *(b)* | 1875000 | &nbsp;&nbsp; 2017103 |
| **Umatilla SD #6R** | **Umatilla SD #6R** | **Umatilla SD #6R** | **Umatilla SD #6R** | **Umatilla SD #6R** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017  | 0.00% | 06/15/29 *(a)(b)(c)* | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 361383 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017  | 0.00% | 06/15/30 *(a)(b)(c)* | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 318054 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017  | 0.00% | 06/15/31 *(a)(b)(c)* | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 317675 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017  | 0.00% | 06/15/32 *(a)(b)(c)* | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 369981 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017  | 0.00% | 06/15/33 *(a)(b)(c)* | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 548412 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017  | 0.00% | 06/15/34 *(a)(b)(c)* | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 368486 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017  | 0.00% | 06/15/35 *(a)(b)(c)* | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 430055 |
| **West Linn-Wilsonville SD #3Jt** | **West Linn-Wilsonville SD #3Jt** | **West Linn-Wilsonville SD #3Jt** | **West Linn-Wilsonville SD #3Jt** | **West Linn-Wilsonville SD #3Jt** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2020A  | 0.00% | 06/15/40 *(a)(b)(f)* | &nbsp;&nbsp; 640000 | &nbsp;&nbsp;&nbsp;&nbsp; 296291 |
|  |  |  |  | **16022033** |
| **PENNSYLVANIA** 2.9%  | **PENNSYLVANIA** 2.9%  | **PENNSYLVANIA** 2.9%  | **PENNSYLVANIA** 2.9%  | **PENNSYLVANIA** 2.9%  |
| **Beaver Cnty** | **Beaver Cnty** | **Beaver Cnty** | **Beaver Cnty** | **Beaver Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017  | 4.00% | 04/15/28 *(a)(g)* | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 542464 |
| **Lancaster Cnty Hospital Auth** | **Lancaster Cnty Hospital Auth** | **Lancaster Cnty Hospital Auth** | **Lancaster Cnty Hospital Auth** | **Lancaster Cnty Hospital Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Penn State Health) Series 2021  | 5.00% | 11/01/46 *(b)* | 1000000 | &nbsp;&nbsp; 1022948 |
| **Montgomery Cnty Higher Education & Health Auth** | **Montgomery Cnty Higher Education & Health Auth** | **Montgomery Cnty Higher Education & Health Auth** | **Montgomery Cnty Higher Education & Health Auth** | **Montgomery Cnty Higher Education & Health Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022B  | 5.00% | 05/01/32  | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 776927 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022B  | 4.00% | 05/01/35 *(b)* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 593352 |
| **Pennsylvania Economic Development Financing Auth** | **Pennsylvania Economic Development Financing Auth** | **Pennsylvania Economic Development Financing Auth** | **Pennsylvania Economic Development Financing Auth** | **Pennsylvania Economic Development Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022A  | 5.00% | 02/15/38 *(b)* | 2150000 | &nbsp;&nbsp; 2288426 |
| **Pennsylvania State Turnpike Commission** | **Pennsylvania State Turnpike Commission** | **Pennsylvania State Turnpike Commission** | **Pennsylvania State Turnpike Commission** | **Pennsylvania State Turnpike Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022B  | 5.00% | 12/01/47 *(b)(k)* | 1000000 | &nbsp;&nbsp; 1060714 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022B  | 5.25% | 12/01/52 *(b)(k)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 805795 |
| **Pennsylvania State Univ** | **Pennsylvania State Univ** | **Pennsylvania State Univ** | **Pennsylvania State Univ** | **Pennsylvania State Univ** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022A  | 5.25% | 09/01/52 *(b)* | 2000000 | &nbsp;&nbsp; 2222987 |
| **Philadelphia** | **Philadelphia** | **Philadelphia** | **Philadelphia** | **Philadelphia** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2017  | 5.00% | 08/01/24  | 1000000 | &nbsp;&nbsp; 1039718 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2019A  | 5.00% | 08/01/25  | &nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp; 784897 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2019A  | 5.00% | 08/01/26  | 1000000 | &nbsp;&nbsp; 1069805 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2019A  | 5.00% | 08/01/27  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 539827 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2019A  | 5.00% | 08/01/28  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 327550 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2019A  | 5.00% | 08/01/29  | &nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 270074 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2019A  | 5.00% | 08/01/30  | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 317804 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2019A  | 5.00% | 08/01/31  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 223814 |
| **Southeastern Pennsylvania Transportation Auth** | **Southeastern Pennsylvania Transportation Auth** | **Southeastern Pennsylvania Transportation Auth** | **Southeastern Pennsylvania Transportation Auth** | **Southeastern Pennsylvania Transportation Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022  | 5.00% | 06/01/30  | 1000000 | &nbsp;&nbsp; 1143744 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022  | 5.00% | 06/01/31  | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 865200 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022  | 5.00% | 06/01/32  | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 871459 |
|  |  |  |  | **16767505** |

---

**13**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **SOUTH CAROLINA** 1.4%  | **SOUTH CAROLINA** 1.4%  | **SOUTH CAROLINA** 1.4%  | **SOUTH CAROLINA** 1.4%  | **SOUTH CAROLINA** 1.4%  |
| **Kershaw Cnty Public Schools Foundation** | **Kershaw Cnty Public Schools Foundation** | **Kershaw Cnty Public Schools Foundation** | **Kershaw Cnty Public Schools Foundation** | **Kershaw Cnty Public Schools Foundation** |
| &nbsp;&nbsp;&nbsp;&nbsp; Installment Purchase Refunding RB Series 2015  | 5.00% | 12/01/22  | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 800000 |
| **Piedmont Municipal Power Agency** | **Piedmont Municipal Power Agency** | **Piedmont Municipal Power Agency** | **Piedmont Municipal Power Agency** | **Piedmont Municipal Power Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Refunding RB Series 2021A  | 4.00% | 01/01/25  | 1545000 | 1572760 |
| **South Carolina Public Service Auth** | **South Carolina Public Service Auth** | **South Carolina Public Service Auth** | **South Carolina Public Service Auth** | **South Carolina Public Service Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020A  | 4.00% | 12/01/40 *(b)* | 4000000 | 3759136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022A  | 5.00% | 12/01/29  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 546138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue & Refunding Bonds Series 2020A  | 4.00% | 12/01/37 *(b)* | 1750000 | 1708930 |
|  |  |  |  | **8386964** |
| **SOUTH DAKOTA** 0.4%  | **SOUTH DAKOTA** 0.4%  | **SOUTH DAKOTA** 0.4%  | **SOUTH DAKOTA** 0.4%  | **SOUTH DAKOTA** 0.4%  |
| **Sioux Falls SD #49-5** | **Sioux Falls SD #49-5** | **Sioux Falls SD #49-5** | **Sioux Falls SD #49-5** | **Sioux Falls SD #49-5** |
| &nbsp;&nbsp;&nbsp;&nbsp; LT Capital Outlay Refunding Certificates Series 2017A  | 3.00% | 08/01/28 *(b)* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 150824 |
| &nbsp;&nbsp;&nbsp;&nbsp; LT Capital Outlay Refunding Certificates Series 2017B  | 3.00% | 08/01/28 *(b)* | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; 326784 |
| **South Dakota Health & Educational Facilities Auth** | **South Dakota Health & Educational Facilities Auth** | **South Dakota Health & Educational Facilities Auth** | **South Dakota Health & Educational Facilities Auth** | **South Dakota Health & Educational Facilities Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2015  | 5.00% | 11/01/26 *(b)* | 1000000 | 1052194 |
| **Tea Area SD #41-5** | **Tea Area SD #41-5** | **Tea Area SD #41-5** | **Tea Area SD #41-5** | **Tea Area SD #41-5** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022A  | 5.00% | 08/01/47 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 539385 |
|  |  |  |  | **2069187** |
| **TENNESSEE** 0.9%  | **TENNESSEE** 0.9%  | **TENNESSEE** 0.9%  | **TENNESSEE** 0.9%  | **TENNESSEE** 0.9%  |
| **Chattanooga-Hamilton Cnty Hospital Auth** | **Chattanooga-Hamilton Cnty Hospital Auth** | **Chattanooga-Hamilton Cnty Hospital Auth** | **Chattanooga-Hamilton Cnty Hospital Auth** | **Chattanooga-Hamilton Cnty Hospital Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding & RB (Erlanger Health) Series 2014A  | 5.00% | 10/01/23  | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 456786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding & RB (Erlanger Health) Series 2014A  | 5.00% | 10/01/24  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp; 618902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding & RB (Erlanger Health) Series 2014A  | 5.00% | 10/01/25 *(b)* | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp; 976725 |
| **Metropolitan Nashville Airport Auth** | **Metropolitan Nashville Airport Auth** | **Metropolitan Nashville Airport Auth** | **Metropolitan Nashville Airport Auth** | **Metropolitan Nashville Airport Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022B  | 5.25% | 07/01/47 *(b)(k)* | 1500000 | 1570197 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022B  | 5.50% | 07/01/52 *(b)(k)* | 1250000 | 1333692 |
|  |  |  |  | **4956302** |
| **TEXAS** 12.1%  | **TEXAS** 12.1%  | **TEXAS** 12.1%  | **TEXAS** 12.1%  | **TEXAS** 12.1%  |
| **Alamo Heights ISD** | **Alamo Heights ISD** | **Alamo Heights ISD** | **Alamo Heights ISD** | **Alamo Heights ISD** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT Refunding GO Bonds Series 2020A  | 5.00% | 02/01/27 *(a)* | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp; 461749 |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT Refunding RB Series 2020A  | 5.00% | 02/01/28 *(a)* | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp; 358902 |
| **Arlington Higher Education Finance Corp** | **Arlington Higher Education Finance Corp** | **Arlington Higher Education Finance Corp** | **Arlington Higher Education Finance Corp** | **Arlington Higher Education Finance Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; Education RB (Uplift Education) Series 2018A  | 5.00% | 12/01/28 *(a)(b)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 213127 |
| **Atlanta ISD** | **Atlanta ISD** | **Atlanta ISD** | **Atlanta ISD** | **Atlanta ISD** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT Refunding GO Bonds Series 2020  | 4.00% | 08/15/26 *(a)* | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp; 323043 |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT Refunding GO Series 2020  | 4.00% | 08/15/25 *(a)* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 154783 |
| **Austin** | **Austin** | **Austin** | **Austin** | **Austin** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System RB Series 2022  | 5.00% | 11/15/32  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 550059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System RB Series 2022  | 5.00% | 11/15/33 *(b)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 817370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System RB Series 2022  | 5.00% | 11/15/37 *(b)* | 2000000 | 2131926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System RB Series 2022  | 5.25% | 11/15/47 *(b)* | 2500000 | 2628894 |
| **Brady ISD** | **Brady ISD** | **Brady ISD** | **Brady ISD** | **Brady ISD** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Refunding Bonds Series 2015  | 5.00% | 08/15/24 *(a)* | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp; 176526 |
| **Bullard ISD** | **Bullard ISD** | **Bullard ISD** | **Bullard ISD** | **Bullard ISD** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2022  | 5.00% | 02/15/47 *(a)(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 547899 |

---

**14** 

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Central Texas Regional Mobility Auth** | **Central Texas Regional Mobility Auth** | **Central Texas Regional Mobility Auth** | **Central Texas Regional Mobility Auth** | **Central Texas Regional Mobility Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Lien RB Series 2015A  | 5.00% | 01/01/27 *(b)* | &nbsp;&nbsp; 1100000 | &nbsp;&nbsp; 1147957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Lien RB Series 2015A  | 5.00% | 01/01/30 *(b)(g)* | &nbsp;&nbsp; 1520000 | &nbsp;&nbsp; 1610332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Lien RB Series 2021B  | 5.00% | 01/01/31  | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 555533 |
| **Corpus Christi** | **Corpus Christi** | **Corpus Christi** | **Corpus Christi** | **Corpus Christi** |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility System Jr Lien Refunding & RB Series 2020A  | 5.00% | 07/15/27  | &nbsp;&nbsp;&nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 326248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility System Jr Lien Refunding & RB Series 2020A  | 5.00% | 07/15/28  | &nbsp;&nbsp;&nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 624183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility System Jr. Lien RB Series 2022B  | 5.00% | 07/15/52 *(b)* | &nbsp;&nbsp; 3000000 | &nbsp;&nbsp; 3246067 |
| **Dallas** | **Dallas** | **Dallas** | **Dallas** | **Dallas** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2021  | 4.00% | 08/15/32 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1004438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2021  | 4.00% | 08/15/33 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000862 |
| **Denton ISD** | **Denton ISD** | **Denton ISD** | **Denton ISD** | **Denton ISD** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2014B  | 2.00% | 08/01/44 *(a)(b)(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 267528 |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2014B  | 2.00% | 08/01/44 *(a)(b)(e)* | &nbsp;&nbsp; 1730000 | &nbsp;&nbsp; 1688518 |
| **Donna ISD** | **Donna ISD** | **Donna ISD** | **Donna ISD** | **Donna ISD** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT Refunding Bonds Series 2019  | 5.00% | 02/15/27 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 846772 |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT Refunding Bonds Series 2019  | 5.00% | 02/15/28 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 472891 |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT Refunding Bonds Series 2019  | 5.00% | 02/15/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 650705 |
| **Falls City ISD** | **Falls City ISD** | **Falls City ISD** | **Falls City ISD** | **Falls City ISD** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2014  | 5.00% | 08/15/30 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 930000 | &nbsp;&nbsp;&nbsp;&nbsp; 931928 |
| **Forney ISD** | **Forney ISD** | **Forney ISD** | **Forney ISD** | **Forney ISD** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Refunding Bonds Series 2015  | 5.00% | 08/15/32 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 422779 |
| **Fort Bend ISD** | **Fort Bend ISD** | **Fort Bend ISD** | **Fort Bend ISD** | **Fort Bend ISD** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Refunding Bonds Series 2020B  | 0.88% | 08/01/50 *(a)(b)(e)* | &nbsp;&nbsp; 2200000 | &nbsp;&nbsp; 2042362 |
| **Frisco ISD** | **Frisco ISD** | **Frisco ISD** | **Frisco ISD** | **Frisco ISD** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Refunding Bonds Series 2022B  | 5.00% | 02/15/27 *(a)* | &nbsp;&nbsp; 3500000 | &nbsp;&nbsp; 3816853 |
| **Godley ISD** | **Godley ISD** | **Godley ISD** | **Godley ISD** | **Godley ISD** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Refunding Bonds Series 2021  | 5.00% | 02/15/30 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 271479 |
| **Granger ISD** | **Granger ISD** | **Granger ISD** | **Granger ISD** | **Granger ISD** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2022  | 5.00% | 02/15/52 *(a)(b)* | 10000000 | 10700287 |
| **Gulf Coast Waste Disposal Auth** | **Gulf Coast Waste Disposal Auth** | **Gulf Coast Waste Disposal Auth** | **Gulf Coast Waste Disposal Auth** | **Gulf Coast Waste Disposal Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (ExxonMobil) Series 2000  | 1.05% | 06/01/30 *(b)(h)* | &nbsp;&nbsp;&nbsp;&nbsp; 770000 | &nbsp;&nbsp;&nbsp;&nbsp; 770000 |
| **Houston** | **Houston** | **Houston** | **Houston** | **Houston** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System Sub Lien Refunding RB Series 2020A  | 4.00% | 07/01/47 *(b)* | &nbsp;&nbsp; 1810000 | &nbsp;&nbsp; 1651479 |
| **McKinney** | **McKinney** | **McKinney** | **McKinney** | **McKinney** |
| &nbsp;&nbsp;&nbsp;&nbsp; Waterworks & Sewer System RB Series 2022  | 5.00% | 03/15/37 *(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 411690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waterworks & Sewer System RB Series 2022  | 5.00% | 03/15/38 *(b)* | &nbsp;&nbsp; 1090000 | &nbsp;&nbsp; 1224101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waterworks & Sewer System RB Series 2022  | 5.00% | 03/15/40 *(b)* | &nbsp;&nbsp; 1200000 | &nbsp;&nbsp; 1337543 |
| **New Braunfels** | **New Braunfels** | **New Braunfels** | **New Braunfels** | **New Braunfels** |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility System Refunding RB Series 2022  | 5.00% | 07/01/53 *(b)* | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2158555 |
| **Newark Higher Education Finance Corp** | **Newark Higher Education Finance Corp** | **Newark Higher Education Finance Corp** | **Newark Higher Education Finance Corp** | **Newark Higher Education Finance Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; Education RB (The Hughen Center) Series 2022A  | 5.00% | 08/15/37 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 531058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Education RB (The Hughen Center) Series 2022A  | 5.00% | 08/15/42 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 629632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Education RB (The Hughen Center) Series 2022A  | 5.00% | 08/15/47 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 704917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Education RB (The Hughen Center) Series 2022A  | 5.00% | 08/15/52 *(a)(b)* | &nbsp;&nbsp;&nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 514078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Education RB (The Hughen Center) Series 2022A  | 5.00% | 08/15/57 *(a)(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1017201 |
| **North Texas Tollway Auth** | **North Texas Tollway Auth** | **North Texas Tollway Auth** | **North Texas Tollway Auth** | **North Texas Tollway Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; System 2nd Tier Refunding RB Series 2021B  | 4.00% | 01/01/36 *(b)* | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1013512 |
| **Northside ISD** | **Northside ISD** | **Northside ISD** | **Northside ISD** | **Northside ISD** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Series 2019  | 1.60% | 08/01/49 *(a)(b)(e)* | &nbsp;&nbsp; 2940000 | &nbsp;&nbsp; 2849281 |

---

**15**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Northwest ISD** | **Northwest ISD** | **Northwest ISD** | **Northwest ISD** | **Northwest ISD** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2022A  | 5.00% | 02/15/48 *(a)(b)* | 2000000 | &nbsp;&nbsp; 2190336 |
| **Seguin ISD** | **Seguin ISD** | **Seguin ISD** | **Seguin ISD** | **Seguin ISD** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Refunding Bonds Series 2016  | 5.00% | 08/15/28 *(a)(b)* | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 470341 |
| **Spring Branch ISD** | **Spring Branch ISD** | **Spring Branch ISD** | **Spring Branch ISD** | **Spring Branch ISD** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2019  | 5.00% | 02/01/28 *(a)* | &nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 688769 |
| **Spring ISD** | **Spring ISD** | **Spring ISD** | **Spring ISD** | **Spring ISD** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT Refunding GO Bonds Series 2020  | 5.00% | 08/15/23 *(a)* | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 635647 |
| **Tarrant Cnty Cultural Education Facilities Finance Corp** | **Tarrant Cnty Cultural Education Facilities Finance Corp** | **Tarrant Cnty Cultural Education Facilities Finance Corp** | **Tarrant Cnty Cultural Education Facilities Finance Corp** | **Tarrant Cnty Cultural Education Facilities Finance Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital RB (Baylor Scott & White) Series 2022D  | 5.00% | 11/15/51 *(b)* | 1000000 | &nbsp;&nbsp; 1055385 |
| **Texas Dept of Housing & Community Affairs** | **Texas Dept of Housing & Community Affairs** | **Texas Dept of Housing & Community Affairs** | **Texas Dept of Housing & Community Affairs** | **Texas Dept of Housing & Community Affairs** |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential Mortgage RB Series 2019A  | 4.75% | 01/01/49 *(b)* | 1395000 | &nbsp;&nbsp; 1418758 |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage RB Series 2018A  | 4.75% | 03/01/49 *(b)* | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 890033 |
| **Texas Municipal Gas Corp III** | **Texas Municipal Gas Corp III** | **Texas Municipal Gas Corp III** | **Texas Municipal Gas Corp III** | **Texas Municipal Gas Corp III** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Supply Refunding RB Series 2021  | 5.00% | 12/15/32  | 1250000 | &nbsp;&nbsp; 1309505 |
| **Texas State Affordable Housing Corp Heroes 2019 Program** | **Texas State Affordable Housing Corp Heroes 2019 Program** | **Texas State Affordable Housing Corp Heroes 2019 Program** | **Texas State Affordable Housing Corp Heroes 2019 Program** | **Texas State Affordable Housing Corp Heroes 2019 Program** |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage RB Series 2019A  | 4.25% | 03/01/49 *(b)* | &nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp;&nbsp; 659346 |
| **Texas Water Dev Brd** | **Texas Water Dev Brd** | **Texas Water Dev Brd** | **Texas Water Dev Brd** | **Texas Water Dev Brd** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2016  | 4.00% | 10/15/30 *(b)* | 3900000 | &nbsp;&nbsp; 4077677 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Revolving Fund RB Series 2020  | 5.00% | 08/01/23  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 508346 |
| **Van Alstyne ISD** | **Van Alstyne ISD** | **Van Alstyne ISD** | **Van Alstyne ISD** | **Van Alstyne ISD** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2022  | 5.00% | 02/15/47 *(a)(b)* | 1500000 | &nbsp;&nbsp; 1657896 |
|  |  |  |  | **70367086** |
| **UTAH** 1.1%  | **UTAH** 1.1%  | **UTAH** 1.1%  | **UTAH** 1.1%  | **UTAH** 1.1%  |
| **Univ of Utah** | **Univ of Utah** | **Univ of Utah** | **Univ of Utah** | **Univ of Utah** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022B  | 5.00% | 08/01/47 *(b)* | 5000000 | &nbsp;&nbsp; 5541735 |
| **Utah Board of Regents** | **Utah Board of Regents** | **Utah Board of Regents** | **Utah Board of Regents** | **Utah Board of Regents** |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Building Fee RB Series 2018  | 5.00% | 03/01/27 *(b)* | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 377161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Building Fee RB Series 2018  | 5.00% | 03/01/28 *(b)* | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 444313 |
|  |  |  |  | **6363209** |
| **VERMONT** 0.7%  | **VERMONT** 0.7%  | **VERMONT** 0.7%  | **VERMONT** 0.7%  | **VERMONT** 0.7%  |
| **Vermont HFA** | **Vermont HFA** | **Vermont HFA** | **Vermont HFA** | **Vermont HFA** |
| &nbsp;&nbsp;&nbsp;&nbsp; Multiple Purpose Bonds Series 2017D  | 4.00% | 05/01/48 *(b)* | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 465479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multiple Purpose Bonds Series 2018A  | 4.00% | 11/01/48 *(b)* | 2485000 | &nbsp;&nbsp; 2487367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Multiple Purpose Bonds Series 2018C  | 4.75% | 11/01/48 *(b)* | 1294000 | &nbsp;&nbsp; 1314010 |
|  |  |  |  | **4266856** |
| **VIRGINIA** 0.1%  | **VIRGINIA** 0.1%  | **VIRGINIA** 0.1%  | **VIRGINIA** 0.1%  | **VIRGINIA** 0.1%  |
| **Lynchburg Economic Development Auth** | **Lynchburg Economic Development Auth** | **Lynchburg Economic Development Auth** | **Lynchburg Economic Development Auth** | **Lynchburg Economic Development Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Central Health Obligated Group) Series 2021  | 4.00% | 01/01/41 *(b)* | &nbsp;&nbsp; 600000 | **553613** |
| **WASHINGTON** 2.9%  | **WASHINGTON** 2.9%  | **WASHINGTON** 2.9%  | **WASHINGTON** 2.9%  | **WASHINGTON** 2.9%  |
| **East Pierce Fire & Rescue** | **East Pierce Fire & Rescue** | **East Pierce Fire & Rescue** | **East Pierce Fire & Rescue** | **East Pierce Fire & Rescue** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2022  | 5.00% | 12/01/37 *(b)* | 3980000 | &nbsp;&nbsp; 4447711 |
| **King Cnty Public Hospital District #2** | **King Cnty Public Hospital District #2** | **King Cnty Public Hospital District #2** | **King Cnty Public Hospital District #2** | **King Cnty Public Hospital District #2** |
| &nbsp;&nbsp;&nbsp;&nbsp; LT GO Refunding Bonds (EvergreenHealth) Series 2015  | 5.00% | 12/01/22 *(g)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp; LT GO Refunding Bonds (EvergreenHealth) Series 2015  | 5.00% | 12/01/22  | 1725000 | &nbsp;&nbsp; 1725000 |

---

**16** 

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; LT GO Refunding Bonds (EvergreenHealth) Series 2015  | 5.00% | 12/01/24 *(g)* | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213992 |
| &nbsp;&nbsp;&nbsp;&nbsp; LT GO Refunding Bonds (EvergreenHealth) Series 2015  | 5.00% | 12/01/24  | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507526 |
| **Moses Lake SD #161** | **Moses Lake SD #161** | **Moses Lake SD #161** | **Moses Lake SD #161** | **Moses Lake SD #161** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2018  | 5.00% | 12/01/33 *(a)(b)* | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1105737 |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2018  | 5.00% | 12/01/34 *(a)(b)* | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1099898 |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2018  | 5.00% | 12/01/35 *(a)(b)* | 1250000 | &nbsp;&nbsp;&nbsp;&nbsp; 1370067 |
| **Port of Bellingham** | **Port of Bellingham** | **Port of Bellingham** | **Port of Bellingham** | **Port of Bellingham** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB 2019  | 5.00% | 12/01/27  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB 2019  | 5.00% | 12/01/28  | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB 2019  | 5.00% | 12/01/29 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB 2019  | 5.00% | 12/01/30 *(b)* | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 692403 |
| **Port of Seattle** | **Port of Seattle** | **Port of Seattle** | **Port of Seattle** | **Port of Seattle** |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermediate Lien Refunding RB Series 2022B  | 5.50% | 08/01/47 *(b)* | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1076933 |
| **Tukwila SD #406** | **Tukwila SD #406** | **Tukwila SD #406** | **Tukwila SD #406** | **Tukwila SD #406** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Series 2018  | 5.00% | 12/01/37 *(a)(b)* | 2830000 | &nbsp;&nbsp;&nbsp;&nbsp; 3103953 |
|  |  |  |  | **16982717** |
| **WISCONSIN** 2.0%  | **WISCONSIN** 2.0%  | **WISCONSIN** 2.0%  | **WISCONSIN** 2.0%  | **WISCONSIN** 2.0%  |
| **Wisconsin Center District** | **Wisconsin Center District** | **Wisconsin Center District** | **Wisconsin Center District** | **Wisconsin Center District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr Dedicated Tax RB Series 2020D  | 0.00% | 12/15/30 *(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr Dedicated Tax RB Series 2020D  | 0.00% | 12/15/33 *(b)(f)* | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1307390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr Dedicated Tax RB Series 2020D  | 0.00% | 12/15/34 *(b)(f)* | 1820000 | &nbsp;&nbsp;&nbsp;&nbsp; 1130275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr Dedicated Tax RB Series 2020D  | 0.00% | 12/15/35 *(b)(f)* | 2900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1704401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr Dedicated Tax RB Series 2020D  | 0.00% | 12/15/36 *(b)(f)* | 3000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1668970 |
| **Wisconsin Health & Educational Facilities Auth** | **Wisconsin Health & Educational Facilities Auth** | **Wisconsin Health & Educational Facilities Auth** | **Wisconsin Health & Educational Facilities Auth** | **Wisconsin Health & Educational Facilities Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Advocate Aurora Health) Series 2018C4 (SIFMA Municipal Swap Index + <br> 0.65%) <br>| 2.55% | 08/15/54 *(b)(d)* | 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 1694653 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Franciscan Sisters of Christian Charity) Series 2017A  | 5.00% | 09/01/31 *(b)(g)* | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1092007 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Franciscan Sisters of Christian Charity) Series 2017A  | 5.00% | 09/01/32 *(b)(g)* | 1025000 | &nbsp;&nbsp;&nbsp;&nbsp; 1119307 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Thedacare) Series 2015  | 5.00% | 12/15/22  | 1045000 | &nbsp;&nbsp;&nbsp;&nbsp; 1045823 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (UnityPoint Health) Series 2014A  | 5.00% | 12/01/24 *(b)* | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp; 1039206 |
|  |  |  |  | **11850855** |
| **WYOMING** 0.3%  | **WYOMING** 0.3%  | **WYOMING** 0.3%  | **WYOMING** 0.3%  | **WYOMING** 0.3%  |
| **Laramie Cnty** | **Laramie Cnty** | **Laramie Cnty** | **Laramie Cnty** | **Laramie Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Cheyenne Regional Medical Center) Series 2021  | 4.00% | 05/01/28  | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 459170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Cheyenne Regional Medical Center) Series 2021  | 4.00% | 05/01/34 *(b)* | &nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Cheyenne Regional Medical Center) Series 2021  | 3.00% | 05/01/42 *(b)* | 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763878 |
|  |  |  |  | **1721182** |
| **Total Municipal Securities**<br> **(Cost $596,397,589)** | **Total Municipal Securities**<br> **(Cost $596,397,589)** | **Total Municipal Securities**<br> **(Cost $596,397,589)** | **Total Municipal Securities**<br> **(Cost $596,397,589)** | **582638626** |
| **Total Investments in Securities**<br> **(Cost $596,397,589)** | **Total Investments in Securities**<br> **(Cost $596,397,589)** | **Total Investments in Securities**<br> **(Cost $596,397,589)** | **Total Investments in Securities**<br> **(Cost $596,397,589)** | **582638626** |

---

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

**17**

------

Schwab Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* Variable rate security; rate shown is effective rate at period end.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(i)* Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be resold
 in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $3,750,000 or 0.6% of net assets.

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

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

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

---

| | |
|:---|:---|
| BAN — | Bond anticipation note |
| COP — | Certificate of participation |
| GO — | General obligation |
| HFA — | Housing finance agency/authority |
| IDA — | Industrial development agency/authority |
| IDRB — | Industrial development revenue bond |
| ISD — | Independent school district |
| LT — | Limited tax |
| PFC — | Passenger facility charge |
| RB — | Revenue bond |
| S/F — | Single-family |
| SD — | School district |
| SIFMA — | Securities Industry and Financial Markets Association. The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate <br> Demand Obligations with certain characteristics.<br>|
| TOB — | Tender option bond |
| ULT — | Unlimited tax |
| USD — | Unified school district |
| VRDN — | Variable rate demand note |

---

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

------

The following is a summary of the inputs used to value the fund's investments as of November 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT<br> UNOBSERVABLE INPUTS<br> (LEVEL 3)<br>| TOTAL |
| **Assets** |  |  |  |  |
| Municipal Securities<sup>1</sup> <br>| $— | $582638626 | $— | $582638626 |
| **Total** | **$—** | **$582638626** | **$—** | **$582638626** |

---

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

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

**18** 

------

Schwab Investments <br>Schwab California Tax-Free Bond Fund

------

**Portfolio Holdings** as of November 30, 2022 (Unaudited)

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

The following are the portfolio holdings as of the report date. For more information, please refer to the fund's semiannual or annual shareholder reports. You can also obtain this information at no cost by calling 1-866-414-6349 or by sending an email request to orders@mysummaryprospectus.com.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MUNICIPAL SECURITIES** 99.5% OF NET ASSETS | **MUNICIPAL SECURITIES** 99.5% OF NET ASSETS | **MUNICIPAL SECURITIES** 99.5% OF NET ASSETS | **MUNICIPAL SECURITIES** 99.5% OF NET ASSETS | **MUNICIPAL SECURITIES** 99.5% OF NET ASSETS |
| **CALIFORNIA** 97.9%  | **CALIFORNIA** 97.9%  | **CALIFORNIA** 97.9%  | **CALIFORNIA** 97.9%  | **CALIFORNIA** 97.9%  |
| **Alameda City USD** | **Alameda City USD** | **Alameda City USD** | **Alameda City USD** | **Alameda City USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series C  | 4.00% | 08/01/28 *(a)* | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 115771 |
| **Alameda Corridor Transportation Auth** | **Alameda Corridor Transportation Auth** | **Alameda Corridor Transportation Auth** | **Alameda Corridor Transportation Auth** | **Alameda Corridor Transportation Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Sub Lien Refunding RB Series 2022C  | 5.00% | 10/01/52 *(a)* | 2500000 | 2629632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Lien Refunding RB Series 2022A  | 0.00% | 10/01/50 *(a)(b)* | 3000000 | 1437653 |
| **American Canyon Finance Auth** | **American Canyon Finance Auth** | **American Canyon Finance Auth** | **American Canyon Finance Auth** | **American Canyon Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2015  | 5.00% | 09/02/23  | &nbsp;&nbsp; 575000 | &nbsp;&nbsp; 585315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2015  | 5.00% | 09/02/25  | &nbsp;&nbsp; 690000 | &nbsp;&nbsp; 732190 |
| **Banning Financing Auth** | **Banning Financing Auth** | **Banning Financing Auth** | **Banning Financing Auth** | **Banning Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric System Refunding RB Series 2015  | 5.00% | 06/01/27 *(a)* | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 684775 |
| **Bay Area Toll Auth** | **Bay Area Toll Auth** | **Bay Area Toll Auth** | **Bay Area Toll Auth** | **Bay Area Toll Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Bridge RB Series 2006C1 (SIFMA Municipal Swap Index + 0.90%)  | 2.80% | 04/01/45 *(a)(c)* | 5000000 | 5002835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Bridge RB Series 2017H  | 2.13% | 04/01/53 *(a)(d)* | 3000000 | 2924332 |
| **Beverly Hills USD** | **Beverly Hills USD** | **Beverly Hills USD** | **Beverly Hills USD** | **Beverly Hills USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2009  | 0.00% | 08/01/26 *(e)* | &nbsp;&nbsp; 555000 | &nbsp;&nbsp; 497567 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017  | 0.00% | 08/01/34 *(a)(e)* | 7705000 | 4876468 |
| **California** | **California** | **California** | **California** | **California** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds  | 5.00% | 09/01/25 *(a)* | 1815000 | 1849223 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds  | 5.00% | 10/01/26 *(a)* | 7000000 | 7059202 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series CQ  | 4.00% | 12/01/47 *(a)* | 2555000 | 2559720 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds  | 5.00% | 08/01/27  | 2730000 | 3021095 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2016  | 5.00% | 09/01/29 *(a)* | 1290000 | 1401336 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2017  | 5.00% | 08/01/32 *(a)* | 2000000 | 2168702 |
| **California Cnty Tobacco Securitization Agency** | **California Cnty Tobacco Securitization Agency** | **California Cnty Tobacco Securitization Agency** | **California Cnty Tobacco Securitization Agency** | **California Cnty Tobacco Securitization Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement (Gold Country) Sr Refunding Bonds Series 2020A  | 4.00% | 06/01/37 *(a)* | 1095000 | 1039809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement (Gold Country) Sub Refunding Bonds Series 2020B1  | 4.00% | 06/01/49 *(a)* | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 187691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement (Los Angeles Cnty Securitization) RB Series 2020A  | 4.00% | 06/01/36 *(a)* | 1510000 | 1444515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement (Los Angeles Cnty Securitization) RB Series 2020A  | 4.00% | 06/01/37 *(a)* | &nbsp;&nbsp; 310000 | &nbsp;&nbsp; 294394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement (Los Angeles Cnty Securitization) RB Series 2020A  | 4.00% | 06/01/38 *(a)* | &nbsp;&nbsp; 340000 | &nbsp;&nbsp; 320162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement (Los Angeles Cnty Securitization) Sr RB Series 2020A  | 4.00% | 06/01/49 *(a)* | 1000000 | &nbsp;&nbsp; 861988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Sr RB (Sonoma Cnty Securitization Corp) Series 2020A  | 5.00% | 06/01/24  | &nbsp;&nbsp; 210000 | &nbsp;&nbsp; 215545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Sr RB (Sonoma Cnty Securitization Corp) Series 2020A  | 5.00% | 06/01/25  | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 181662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Sr RB (Sonoma Cnty Securitization Corp) Series 2020A  | 5.00% | 06/01/26  | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 234927 |

---

**19**

------

Schwab California Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Sr RB (Sonoma Cnty Securitization Corp) Series 2020A  | 5.00% | 06/01/27  | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 105224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Sr RB (Sonoma Cnty Securitization Corp) Series 2020A  | 5.00% | 06/01/28  | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 158596 |
| **California Community Choice Finance Auth** | **California Community Choice Finance Auth** | **California Community Choice Finance Auth** | **California Community Choice Finance Auth** | **California Community Choice Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Energy RB Series 2021A  | 4.00% | 10/01/52 *(a)(d)* | 4000000 | 4020618 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021B1  | 4.00% | 02/01/52 *(a)(d)* | 5715000 | 5642451 |
| **California Community Choice Financing Auth** | **California Community Choice Financing Auth** | **California Community Choice Financing Auth** | **California Community Choice Financing Auth** | **California Community Choice Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022A1  | 4.00% | 05/01/53 *(a)(f)* | 5000000 | 5000914 |
| **California Educational Facilities Auth** | **California Educational Facilities Auth** | **California Educational Facilities Auth** | **California Educational Facilities Auth** | **California Educational Facilities Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Art Center College of Design) Series 2018A  | 5.00% | 12/01/35 *(a)* | 1250000 | 1294700 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (University of Redlands) Series 2022A  | 5.00% | 10/01/44 *(a)* | 3000000 | 3060554 |
| **California Health Facilities Financing Auth** | **California Health Facilities Financing Auth** | **California Health Facilities Financing Auth** | **California Health Facilities Financing Auth** | **California Health Facilities Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured RB (Northern CA Presbyterian Home & Services) Series 2015  | 5.00% | 07/01/23 *(f)* | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 177408 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Adventist Health System) Series 2011A  | 3.00% | 03/01/41 *(a)(d)* | 2625000 | 2622454 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Childrens Hospital of Orange Cnty) Series 2019A  | 4.00% | 11/01/29  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 536800 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Childrens Hospital of Orange Cnty) Series 2019A  | 5.00% | 11/01/30 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 567671 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Childrens Hospital of Orange Cnty) Series 2019A  | 5.00% | 11/01/31 *(a)* | &nbsp;&nbsp; 965000 | 1090967 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (CommonSpirit Health) Series 2020A  | 4.00% | 04/01/38 *(a)* | 2500000 | 2378409 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (CommonSpirit Health) Series 2020A  | 4.00% | 04/01/45 *(a)* | 5000000 | 4603728 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (On Lok Sr Health Services) Series 2020  | 5.00% | 08/01/40 *(a)* | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 676808 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (On Lok Sr Health Services) Series 2020  | 5.00% | 08/01/50 *(a)* | 1000000 | 1029126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Marshall Medical Center) Series 2015  | 5.00% | 11/01/25 *(a)(f)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 208248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Marshall Medical Center) Series 2015  | 5.00% | 11/01/28 *(a)(f)* | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 835498 |
| **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** | **California Infrastructure & Economic Development Bank** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Academy of Motion Picture Arts & Sciences) Series 2015A  | 5.00% | 11/01/24 *(a)* | 1635000 | 1669950 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021B  | 4.00% | 11/01/36 *(a)* | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 354862 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021B  | 4.00% | 11/01/38 *(a)* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 584095 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021B  | 4.00% | 11/01/39 *(a)* | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 607984 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021B  | 4.00% | 11/01/40 *(a)* | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 621076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Cal ISO Corp) Series 2013  | 5.00% | 02/01/30 *(a)(g)* | 4130000 | 4147514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Los Angeles Cnty Museum of Art) Series 2021A  | 1.20% | 12/01/50 *(a)* | 3000000 | 2605388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Los Angeles Cnty Museum of Natural History) Series 2020  | 4.00% | 07/01/50 *(a)* | 1500000 | 1407493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Performing Arts Center of Los Angeles Cnty) Series 2020  | 4.00% | 12/01/37 *(a)* | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 473315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Performing Arts Center of Los Angeles Cnty) Series 2020  | 5.00% | 12/01/39 *(a)* | 1000000 | 1079051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Performing Arts Center of Los Angeles Cnty) Series 2020  | 5.00% | 12/01/41 *(a)* | &nbsp;&nbsp; 995000 | 1067979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Walt Disney Family Museum) Series 2016  | 5.00% | 02/01/29 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 266607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Walt Disney Family Museum) Series 2016  | 5.00% | 02/01/30 *(a)* | &nbsp;&nbsp; 330000 | &nbsp;&nbsp; 352203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Walt Disney Family Museum) Series 2016  | 5.00% | 02/01/31 *(a)* | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 373597 |
| **California Municipal Finance Auth** | **California Municipal Finance Auth** | **California Municipal Finance Auth** | **California Municipal Finance Auth** | **California Municipal Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; COP Series 2022A  | 5.00% | 11/01/27  | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 106107 |
| &nbsp;&nbsp;&nbsp;&nbsp; COP Series 2022A  | 5.00% | 11/01/28  | &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 122703 |
| &nbsp;&nbsp;&nbsp;&nbsp; COP Series 2022A  | 5.00% | 11/01/29  | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 134509 |
| &nbsp;&nbsp;&nbsp;&nbsp; COP Series 2022A  | 5.00% | 11/01/30  | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 108485 |
| &nbsp;&nbsp;&nbsp;&nbsp; COP Series 2022A  | 5.25% | 11/01/52 *(a)* | 2000000 | 2113006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured Refunding RB (Channing House) Series 2017A  | 5.00% | 05/15/26 *(f)* | &nbsp;&nbsp; 360000 | &nbsp;&nbsp; 386043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured Refunding RB (Channing House) Series 2017A  | 5.00% | 05/15/27 *(f)* | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 381904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured Refunding RB (Channing House) Series 2017A  | 5.00% | 05/15/34 *(a)(f)* | 1040000 | 1130375 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Community Health System) Series 2021A  | 5.00% | 02/01/35 *(a)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 808433 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Inland Christian Home) Series 2020  | 4.00% | 12/01/39 *(a)(f)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 494030 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (National Univ) Series 2019A  | 5.00% | 04/01/26  | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 694429 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (National Univ) Series 2019A  | 5.00% | 04/01/27  | 1100000 | 1195359 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Samuel Merritt Univ) Series 2022  | 5.25% | 06/01/53 *(a)(h)* | 2000000 | 2142076 |

---

**20** 

------

Schwab California Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Univ of La Verne) Series 2017A  | 5.00% | 06/01/29 *(a)* | 1000000 | 1079842 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021  | 4.00% | 10/01/46 *(a)* | 2000000 | 1855200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Biola Univ) Series 2017  | 5.00% | 10/01/25  | &nbsp;&nbsp; 155000 | &nbsp;&nbsp; 161720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Eisenhower Medical Center) Series 2017B  | 5.00% | 07/01/27  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 633384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Eisenhower Medical Center) Series 2017B  | 5.00% | 07/01/30 *(a)* | 1150000 | 1209097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (HumanGood California) Series 2019A  | 4.00% | 10/01/29 *(a)* | &nbsp;&nbsp; 655000 | &nbsp;&nbsp; 660546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (HumanGood California) Series 2019A  | 4.00% | 10/01/30 *(a)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 755011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (HumanGood California) Series 2019A  | 4.00% | 10/01/31 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 502653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Institute of Aging) Series 2017  | 5.00% | 08/15/29 *(a)(f)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 274209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Institute of Aging) Series 2017  | 5.00% | 08/15/31 *(a)(f)* | &nbsp;&nbsp; 575000 | &nbsp;&nbsp; 630278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Institute of Aging) Series 2017  | 5.00% | 08/15/32 *(a)(f)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 273681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Institute of Aging) Series 2017  | 5.00% | 08/15/33 *(a)(f)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 273094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Southwestern Law School) Series 2021  | 4.00% | 11/01/31  | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Southwestern Law School) Series 2021  | 4.00% | 11/01/34 *(a)* | &nbsp;&nbsp; 260000 | &nbsp;&nbsp; 250303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Southwestern Law School) Series 2021  | 4.00% | 11/01/35 *(a)* | &nbsp;&nbsp; 270000 | &nbsp;&nbsp; 256857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Southwestern Law School) Series 2021  | 4.00% | 11/01/36 *(a)* | &nbsp;&nbsp; 115000 | &nbsp;&nbsp; 108465 |
| **California Public Finance Auth** | **California Public Finance Auth** | **California Public Finance Auth** | **California Public Finance Auth** | **California Public Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Henry Mayo Newhall Hospital) Series 2017  | 5.00% | 10/15/33 *(a)* | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 439830 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Henry Mayo Newhall Hospital) Series 2017  | 5.00% | 10/15/47 *(a)* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 605881 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Hoag Memorial Hospital Presbyterian) Series 2022B  | 0.55% | 07/15/62 *(a)(f)(i)* | 4760000 | 4760000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Hoag Memorial Hospital Presbyterian) Series 2022B1  | 0.55% | 07/15/62 *(a)(f)(i)* | &nbsp;&nbsp;&nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Sharp Healthcare) Series 2017B  | 0.55% | 08/01/52 *(a)(f)(i)* | &nbsp;&nbsp; 615000 | &nbsp;&nbsp; 615000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Sharp Healthcare) Series 2017C  | 0.55% | 08/01/52 *(a)(f)(i)* | 3900000 | 3900000 |
| **California Public Works Board** | **California Public Works Board** | **California Public Works Board** | **California Public Works Board** | **California Public Works Board** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease RB Series 2014B  | 5.00% | 10/01/24  | 1000000 | 1045130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Refunding RB Series 2022A  | 5.00% | 08/01/33 *(a)* | 2000000 | 2354605 |
| **California School Finance Auth** | **California School Finance Auth** | **California School Finance Auth** | **California School Finance Auth** | **California School Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; School Facility RB (Kipp LA) Series 2017A  | 4.00% | 07/01/23  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200871 |
| &nbsp;&nbsp;&nbsp;&nbsp; School Facility RB (Kipp LA) Series 2017A  | 5.00% | 07/01/24  | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 168996 |
| &nbsp;&nbsp;&nbsp;&nbsp; School Facility RB (Kipp LA) Series 2017A  | 5.00% | 07/01/37 *(a)* | &nbsp;&nbsp; 590000 | &nbsp;&nbsp; 602736 |
| **California Statewide Communities Development Auth** | **California Statewide Communities Development Auth** | **California Statewide Communities Development Auth** | **California Statewide Communities Development Auth** | **California Statewide Communities Development Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Methodist Hospital of Southern California) Series 2018  | 5.00% | 01/01/24  | &nbsp;&nbsp; 870000 | &nbsp;&nbsp; 887964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Methodist Hospital of Southern California) Series 2018  | 5.00% | 01/01/31 *(a)* | 1700000 | 1790577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Methodist Hospital of Southern California) Series 2018  | 5.00% | 01/01/33 *(a)* | 1355000 | 1419190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured Health Facility Refunding RB (Los Angeles Jewish Home for the Aging) Series <br> 2019A <br>| 5.00% | 11/15/34 *(a)(f)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 838011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insured Health Facility Refunding RB (Los Angeles Jewish Home for the Aging) Series <br> 2019A <br>| 5.00% | 11/15/37 *(a)(f)* | &nbsp;&nbsp; 735000 | &nbsp;&nbsp; 809525 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/F Housing Refunding RB (Kelvin Court) Series 2012B  | 1.89% | 06/15/51 *(a)(f)(i)* | &nbsp;&nbsp; 335000 | &nbsp;&nbsp; 335000 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Adventist Health System West) Series 2018A  | 5.00% | 03/01/48 *(a)* | 1765000 | 1800261 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Adventist Health System) Series 2007A  | 5.00% | 03/01/37 *(a)(d)* | 1715000 | 1822093 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Loma Linda Univ Medical Center) Series 2018A  | 5.25% | 12/01/43 *(a)* | 2500000 | 2525782 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Redlands Community Hospital) Series 2016  | 5.00% | 10/01/30 *(a)* | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 834471 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Redlands Community Hospital) Series 2016  | 5.00% | 10/01/32 *(a)* | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 728169 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Viamonte Sr Living 1) Series 2018A  | 5.00% | 07/01/29 *(a)(f)* | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 333609 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Viamonte Sr Living 1) Series 2018A  | 5.00% | 07/01/30 *(a)(f)* | &nbsp;&nbsp; 235000 | &nbsp;&nbsp; 260927 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Viamonte Sr Living 1) Series 2018A  | 5.00% | 07/01/32 *(a)(f)* | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 993367 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Viamonte Sr Living 1) Series 2018A  | 4.00% | 07/01/35 *(a)(f)* | &nbsp;&nbsp; 275000 | &nbsp;&nbsp; 279508 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Viamonte Sr Living 1) Series 2018A  | 4.00% | 07/01/36 *(a)(f)* | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 430527 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021A  | 4.00% | 06/01/29  | 1000000 | 1068690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (CHF-Irvine) Series 2016  | 5.00% | 05/15/30 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 516129 |

---

**21**

------

Schwab California Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (CHF-Irvine) Series 2016  | 5.00% | 05/15/32 *(a)* | 1250000 | 1282612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salinas Transportation Revenue COPs Series 2018B  | 5.00% | 12/01/33 *(a)* | 1075000 | 1190653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salinas Transportation Revenue COPs Series 2018B  | 5.00% | 12/01/36 *(a)* | 1475000 | 1612939 |
| **Carpinteria Valley Water District** | **Carpinteria Valley Water District** | **Carpinteria Valley Water District** | **Carpinteria Valley Water District** | **Carpinteria Valley Water District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020A  | 5.00% | 07/01/29  | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 140333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020A  | 5.00% | 07/01/30  | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 170778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020A  | 5.00% | 07/01/31 *(a)* | &nbsp;&nbsp; 145000 | &nbsp;&nbsp; 164768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020A  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 225842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020A  | 5.00% | 07/01/34 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 280629 |
| **Cathedral City Successor Redevelopment Agency** | **Cathedral City Successor Redevelopment Agency** | **Cathedral City Successor Redevelopment Agency** | **Cathedral City Successor Redevelopment Agency** | **Cathedral City Successor Redevelopment Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Tax Allocation Refunding RB Series 2021C  | 4.00% | 08/01/24  | &nbsp;&nbsp; 650000 | &nbsp;&nbsp; 659529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Tax Allocation Refunding RB Series 2021C  | 4.00% | 08/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 73176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Tax Allocation Refunding RB Series 2021C  | 4.00% | 08/01/30  | &nbsp;&nbsp; 570000 | &nbsp;&nbsp; 597306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation Refunding RB Series 2021A  | 4.00% | 08/01/31 *(a)* | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 394692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation Refunding RB Series 2021A  | 4.00% | 08/01/32 *(a)* | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 497355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation Refunding RB Series 2021A  | 4.00% | 08/01/33 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 259470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation Refunding RB Series 2021A  | 4.00% | 08/01/34 *(a)* | 1000000 | 1029089 |
| **Centinela Valley UHSD** | **Centinela Valley UHSD** | **Centinela Valley UHSD** | **Centinela Valley UHSD** | **Centinela Valley UHSD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2013B  | 6.00% | 08/01/36 *(a)(g)* | 1300000 | 1329940 |
| **Ceres Successor Redevelopment Agency** | **Ceres Successor Redevelopment Agency** | **Ceres Successor Redevelopment Agency** | **Ceres Successor Redevelopment Agency** | **Ceres Successor Redevelopment Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Tax Allocation Refunding Bonds Series 2020  | 4.00% | 12/15/34 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 517884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Tax Allocation Refunding Bonds Series 2020  | 4.00% | 12/15/35 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 512765 |
| **Chico** | **Chico** | **Chico** | **Chico** | **Chico** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sewer Refunding RB Series 2020  | 5.00% | 12/01/22  | &nbsp;&nbsp; 625000 | &nbsp;&nbsp; 625000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sewer Refunding RB Series 2020  | 5.00% | 12/01/23  | &nbsp;&nbsp; 780000 | &nbsp;&nbsp; 798798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sewer Refunding RB Series 2020  | 5.00% | 12/01/25  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 426040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sewer Refunding RB Series 2020  | 5.00% | 12/01/26  | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 347029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sewer Refunding RB Series 2020  | 5.00% | 12/01/27  | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 469116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sewer Refunding RB Series 2020  | 5.00% | 12/01/28  | &nbsp;&nbsp; 450000 | &nbsp;&nbsp; 504879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sewer Refunding RB Series 2020  | 5.00% | 12/01/29  | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 56770 |
| **Chino Valley USD** | **Chino Valley USD** | **Chino Valley USD** | **Chino Valley USD** | **Chino Valley USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022C  | 0.00% | 08/01/31 *(e)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 370148 |
| **Clovis** | **Clovis** | **Clovis** | **Clovis** | **Clovis** |
| &nbsp;&nbsp;&nbsp;&nbsp; Wastewater Refunding RB Series 2015  | 5.25% | 08/01/30 *(a)* | 1060000 | 1131861 |
| **Compton USD** | **Compton USD** | **Compton USD** | **Compton USD** | **Compton USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2016F  | 5.50% | 06/01/28 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 273735 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2016F  | 5.50% | 06/01/30 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 546484 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2016F  | 5.50% | 06/01/31 *(a)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 819013 |
| **Cordova Recreation & Park District** | **Cordova Recreation & Park District** | **Cordova Recreation & Park District** | **Cordova Recreation & Park District** | **Cordova Recreation & Park District** |
| &nbsp;&nbsp;&nbsp;&nbsp; COP Series 2018  | 5.00% | 03/01/43 *(a)* | &nbsp;&nbsp; 655000 | &nbsp;&nbsp; 669715 |
| **Corona-Norco USD** | **Corona-Norco USD** | **Corona-Norco USD** | **Corona-Norco USD** | **Corona-Norco USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 1998D  | 0.00% | 09/01/27 *(e)* | 2400000 | 2062320 |
| **Cotati-Rohnert Park USD** | **Cotati-Rohnert Park USD** | **Cotati-Rohnert Park USD** | **Cotati-Rohnert Park USD** | **Cotati-Rohnert Park USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2014B  | 5.00% | 08/01/23  | &nbsp;&nbsp; 735000 | &nbsp;&nbsp; 747465 |
| **Cucamonga Valley Water District Financing Auth** | **Cucamonga Valley Water District Financing Auth** | **Cucamonga Valley Water District Financing Auth** | **Cucamonga Valley Water District Financing Auth** | **Cucamonga Valley Water District Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Refunding RB Series 2021B  | 5.00% | 09/01/27  | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 155174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Refunding RB Series 2021B  | 5.00% | 09/01/28  | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 169318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Refunding RB Series 2021B  | 5.00% | 09/01/31  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 235877 |
| **Desert CCD** | **Desert CCD** | **Desert CCD** | **Desert CCD** | **Desert CCD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018  | 5.00% | 08/01/37 *(a)(g)* | &nbsp;&nbsp; 415000 | &nbsp;&nbsp; 422038 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018  | 5.00% | 08/01/38 *(a)(g)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 508480 |

---

**22** 

------

Schwab California Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Diablo Water District** | **Diablo Water District** | **Diablo Water District** | **Diablo Water District** | **Diablo Water District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Revenue COP Series 2019  | 4.00% | 01/01/23  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 400517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Revenue COP Series 2019  | 4.00% | 01/01/27  | &nbsp;&nbsp; 470000 | &nbsp;&nbsp; 491127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Revenue COP Series 2019  | 4.00% | 01/01/28  | &nbsp;&nbsp; 490000 | &nbsp;&nbsp; 517476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Revenue COP Series 2019  | 4.00% | 01/01/29 *(a)* | &nbsp;&nbsp; 505000 | &nbsp;&nbsp; 532218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Revenue COP Series 2019  | 4.00% | 01/01/30 *(a)* | &nbsp;&nbsp; 480000 | &nbsp;&nbsp; 505278 |
| **Discovery Bay Public Financing Auth** | **Discovery Bay Public Financing Auth** | **Discovery Bay Public Financing Auth** | **Discovery Bay Public Financing Auth** | **Discovery Bay Public Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Wastewater Enterprise RB Series 2022  | 5.00% | 12/01/52 *(a)* | 4000000 | 4411732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Wastewater RB Series 2017  | 5.00% | 12/01/25  | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 240518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Wastewater RB Series 2017  | 5.00% | 12/01/26  | &nbsp;&nbsp; 240000 | &nbsp;&nbsp; 261315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Wastewater RB Series 2017  | 5.00% | 12/01/27  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 277306 |
| **East Bay Municipal Utility District** | **East Bay Municipal Utility District** | **East Bay Municipal Utility District** | **East Bay Municipal Utility District** | **East Bay Municipal Utility District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System RB Series 2022A  | 5.25% | 06/01/52 *(a)* | 1315000 | 1486477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System Refunding Bonds Series 2015A  | 5.00% | 06/01/35 *(a)* | &nbsp;&nbsp; 475000 | &nbsp;&nbsp; 501558 |
| **East Side UHSD** | **East Side UHSD** | **East Side UHSD** | **East Side UHSD** | **East Side UHSD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2013  | 5.00% | 08/01/28 *(a)* | 3000000 | 3046687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2020  | 5.00% | 08/01/26  | 1200000 | 1303764 |
| **Elk Grove Finance Auth** | **Elk Grove Finance Auth** | **Elk Grove Finance Auth** | **Elk Grove Finance Auth** | **Elk Grove Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Tax RB Series 2015  | 5.00% | 09/01/23  | &nbsp;&nbsp; 775000 | &nbsp;&nbsp; 786776 |
| **Foothill Eastern Transportation Corridor Agency** | **Foothill Eastern Transportation Corridor Agency** | **Foothill Eastern Transportation Corridor Agency** | **Foothill Eastern Transportation Corridor Agency** | **Foothill Eastern Transportation Corridor Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Road Sr Lien Refunding RB Series 2021A  | 4.00% | 01/15/46 *(a)* | 2000000 | 1841463 |
| **Fort Bragg USD** | **Fort Bragg USD** | **Fort Bragg USD** | **Fort Bragg USD** | **Fort Bragg USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series B  | 5.50% | 08/01/52 *(a)* | 1000000 | 1094280 |
| **Franklin-McKinley SD** | **Franklin-McKinley SD** | **Franklin-McKinley SD** | **Franklin-McKinley SD** | **Franklin-McKinley SD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series C  | 0.00% | 08/01/40 *(a)(e)(g)* | 1000000 | &nbsp;&nbsp; 339898 |
| **Fresno Jt Power Finance Auth** | **Fresno Jt Power Finance Auth** | **Fresno Jt Power Finance Auth** | **Fresno Jt Power Finance Auth** | **Fresno Jt Power Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Refunding RB Series 2017A  | 5.00% | 04/01/26  | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 917090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Refunding RB Series 2017A  | 5.00% | 04/01/28 *(a)* | 1415000 | 1557619 |
| **Fresno USD** | **Fresno USD** | **Fresno USD** | **Fresno USD** | **Fresno USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2016A  | 0.00% | 08/01/33 *(a)(e)(g)* | 1120000 | &nbsp;&nbsp; 761476 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2016A  | 0.00% | 08/01/34 *(a)(e)(g)* | 1900000 | 1230969 |
| **Golden West Schools Financing Auth** | **Golden West Schools Financing Auth** | **Golden West Schools Financing Auth** | **Golden West Schools Financing Auth** | **Golden West Schools Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO RB (Rowland USD) Series 2005  | 5.25% | 09/01/24  | 1675000 | 1750617 |
| **Goleta Water District** | **Goleta Water District** | **Goleta Water District** | **Goleta Water District** | **Goleta Water District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding COP Series 2014A  | 5.00% | 12/01/24 *(a)* | &nbsp;&nbsp; 900000 | &nbsp;&nbsp; 920782 |
| **Greenfield Redevelopment Agency** | **Greenfield Redevelopment Agency** | **Greenfield Redevelopment Agency** | **Greenfield Redevelopment Agency** | **Greenfield Redevelopment Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation Refunding Bonds Series 2016  | 4.00% | 02/01/25  | &nbsp;&nbsp; 790000 | &nbsp;&nbsp; 807126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation Refunding Bonds Series 2016  | 5.00% | 02/01/29 *(a)* | &nbsp;&nbsp; 730000 | &nbsp;&nbsp; 777123 |
| **Hastings Campus Housing Financing Auth** | **Hastings Campus Housing Financing Auth** | **Hastings Campus Housing Financing Auth** | **Hastings Campus Housing Financing Auth** | **Hastings Campus Housing Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Campus Housing RB Series 2020A  | 5.00% | 07/01/45 *(a)* | 2800000 | 2452880 |
| **Hastings College of the Law** | **Hastings College of the Law** | **Hastings College of the Law** | **Hastings College of the Law** | **Hastings College of the Law** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Bonds Series 2017  | 5.00% | 04/01/25  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 419089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Bonds Series 2017  | 5.00% | 04/01/27  | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 189133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Bonds Series 2017  | 5.00% | 04/01/28 *(a)* | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 195064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Bonds Series 2017  | 5.00% | 04/01/32 *(a)* | 1100000 | 1192451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding Bonds Series 2017  | 5.00% | 04/01/34 *(a)* | 1115000 | 1204345 |
| **Imperial USD** | **Imperial USD** | **Imperial USD** | **Imperial USD** | **Imperial USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series A  | 5.25% | 08/01/43 *(a)(g)* | 1430000 | 1592771 |

---

**23**

------

Schwab California Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Independent Cities Finance Auth** | **Independent Cities Finance Auth** | **Independent Cities Finance Auth** | **Independent Cities Finance Auth** | **Independent Cities Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile Home Park Refunding RB (Union City Tropics) Series 2019  | 4.25% | 05/15/25  | &nbsp;&nbsp; 780000 | &nbsp;&nbsp; 794730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile Home Park Refunding RB (Union City Tropics) Series 2019  | 4.25% | 05/15/26  | &nbsp;&nbsp; 810000 | &nbsp;&nbsp; 829388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mobile Home Park Refunding RB (Union City Tropics) Series 2019  | 5.00% | 05/15/48 *(a)* | 2000000 | 2064917 |
| **Indian Wells Successor Redevelopment Agency** | **Indian Wells Successor Redevelopment Agency** | **Indian Wells Successor Redevelopment Agency** | **Indian Wells Successor Redevelopment Agency** | **Indian Wells Successor Redevelopment Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Whitewater Redevelopment Sub Tax Allocation Refunding Bonds Series <br> 2015A <br>| 5.00% | 09/01/23  | 1075000 | 1093902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Whitewater Redevelopment Sub Tax Allocation Refunding Bonds Series <br> 2015A <br>| 5.00% | 09/01/27 *(a)* | 1250000 | 1320822 |
| **Inglewood Successor Redevelopment Agency** | **Inglewood Successor Redevelopment Agency** | **Inglewood Successor Redevelopment Agency** | **Inglewood Successor Redevelopment Agency** | **Inglewood Successor Redevelopment Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Lien Tax Allocation RB Series 2017A  | 5.00% | 05/01/26  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 531602 |
| **Inglewood USD** | **Inglewood USD** | **Inglewood USD** | **Inglewood USD** | **Inglewood USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series A  | 6.25% | 08/01/37 *(a)(g)* | &nbsp;&nbsp; 685000 | &nbsp;&nbsp; 701896 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series B  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 161513 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series B  | 5.00% | 08/01/32 *(a)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 214767 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series B  | 5.00% | 08/01/33 *(a)* | &nbsp;&nbsp; 125000 | &nbsp;&nbsp; 133871 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series B  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 213610 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series B  | 5.00% | 08/01/37 *(a)* | &nbsp;&nbsp; 720000 | &nbsp;&nbsp; 763604 |
| **Kern CCD** | **Kern CCD** | **Kern CCD** | **Kern CCD** | **Kern CCD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO BANs 2020  | 0.00% | 08/01/23 *(e)* | 4200000 | 4126835 |
| **Kern Cnty** | **Kern Cnty** | **Kern Cnty** | **Kern Cnty** | **Kern Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding COP Series 2016A  | 5.00% | 11/01/23  | 3020000 | 3083573 |
| **Kern Cnty Water Agency Improvement District #4** | **Kern Cnty Water Agency Improvement District #4** | **Kern Cnty Water Agency Improvement District #4** | **Kern Cnty Water Agency Improvement District #4** | **Kern Cnty Water Agency Improvement District #4** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2016A  | 5.00% | 05/01/30 *(a)* | 1500000 | 1611473 |
| **Kern High School District** | **Kern High School District** | **Kern High School District** | **Kern High School District** | **Kern High School District** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2016A  | 3.00% | 08/01/29 *(a)* | 1000000 | &nbsp;&nbsp; 994173 |
| **Lake Tahoe USD** | **Lake Tahoe USD** | **Lake Tahoe USD** | **Lake Tahoe USD** | **Lake Tahoe USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2019  | 4.00% | 08/01/26  | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 572330 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2019  | 4.00% | 08/01/28  | &nbsp;&nbsp; 375000 | &nbsp;&nbsp; 396886 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2019  | 4.00% | 08/01/29  | &nbsp;&nbsp; 605000 | &nbsp;&nbsp; 644674 |
| **Lancaster Redevelopment Agency** | **Lancaster Redevelopment Agency** | **Lancaster Redevelopment Agency** | **Lancaster Redevelopment Agency** | **Lancaster Redevelopment Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation Refunding Bonds Series 2017  | 4.00% | 08/01/26  | 1360000 | 1405581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation Refunding Bonds Series 2017  | 5.00% | 08/01/29 *(a)* | &nbsp;&nbsp; 820000 | &nbsp;&nbsp; 880681 |
| **Livermore Valley Joint USD** | **Livermore Valley Joint USD** | **Livermore Valley Joint USD** | **Livermore Valley Joint USD** | **Livermore Valley Joint USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019  | 4.00% | 08/01/30 *(a)* | &nbsp;&nbsp; 430000 | &nbsp;&nbsp; 446359 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019  | 4.00% | 08/01/31 *(a)* | &nbsp;&nbsp; 325000 | &nbsp;&nbsp; 337170 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019  | 4.00% | 08/01/32 *(a)* | &nbsp;&nbsp; 335000 | &nbsp;&nbsp; 347127 |
| **Long Beach CCD** | **Long Beach CCD** | **Long Beach CCD** | **Long Beach CCD** | **Long Beach CCD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2015F  | 5.00% | 06/01/25  | &nbsp;&nbsp; 925000 | &nbsp;&nbsp; 980393 |
| **Long Beach Cnty Redevelopment Agency** | **Long Beach Cnty Redevelopment Agency** | **Long Beach Cnty Redevelopment Agency** | **Long Beach Cnty Redevelopment Agency** | **Long Beach Cnty Redevelopment Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation Refunding Bonds Series 2021  | 4.00% | 08/01/29  | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 302674 |
| **Long Beach Harbor Dept** | **Long Beach Harbor Dept** | **Long Beach Harbor Dept** | **Long Beach Harbor Dept** | **Long Beach Harbor Dept** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020B  | 5.00% | 05/15/23  | 1430000 | 1443325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Airport RB Series 2022C  | 5.25% | 06/01/47 *(a)* | 1000000 | 1051267 |
| **Los Angeles Cnty Public Works Financing Auth** | **Los Angeles Cnty Public Works Financing Auth** | **Los Angeles Cnty Public Works Financing Auth** | **Los Angeles Cnty Public Works Financing Auth** | **Los Angeles Cnty Public Works Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease RB Series 2021F  | 5.00% | 12/01/26  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 273097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease RB Series 2021F  | 5.00% | 12/01/27  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 278420 |
| **Los Angeles Cnty Redevelopment Refunding Auth** | **Los Angeles Cnty Redevelopment Refunding Auth** | **Los Angeles Cnty Redevelopment Refunding Auth** | **Los Angeles Cnty Redevelopment Refunding Auth** | **Los Angeles Cnty Redevelopment Refunding Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation Refunding RB (South Gate) Series 2014A  | 5.00% | 09/01/24  | 1390000 | 1446855 |
| **Los Angeles Cnty Sanitation Districts Financing Auth** | **Los Angeles Cnty Sanitation Districts Financing Auth** | **Los Angeles Cnty Sanitation Districts Financing Auth** | **Los Angeles Cnty Sanitation Districts Financing Auth** | **Los Angeles Cnty Sanitation Districts Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub RB (District #14) Series 2015A  | 5.00% | 10/01/31 *(a)* | 3880000 | 4153411 |

---

**24** 

------

Schwab California Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Los Angeles Community Facilities District #4** | **Los Angeles Community Facilities District #4** | **Los Angeles Community Facilities District #4** | **Los Angeles Community Facilities District #4** | **Los Angeles Community Facilities District #4** |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Tax Refunding Bonds Series 2014  | 5.00% | 09/01/23  | &nbsp;&nbsp; 980000 | &nbsp;&nbsp; 996499 |
| **Los Angeles Dept of Airports** | **Los Angeles Dept of Airports** | **Los Angeles Dept of Airports** | **Los Angeles Dept of Airports** | **Los Angeles Dept of Airports** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Refunding RB Series 2018B  | 5.00% | 05/15/32 *(a)* | 1675000 | 1785549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Refunding RB Series 2018B  | 5.00% | 05/15/33 *(a)* | 3325000 | 3535459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr. RB Series 2020C  | 5.00% | 05/15/27  | 1290000 | 1381342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Refunding RB Series 2021A  | 5.00% | 05/15/28  | 1250000 | 1350737 |
| **Los Angeles Dept of Water & Power** | **Los Angeles Dept of Water & Power** | **Los Angeles Dept of Water & Power** | **Los Angeles Dept of Water & Power** | **Los Angeles Dept of Water & Power** |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System RB Series 2002A5  | 0.67% | 07/01/35 *(a)(f)(i)* | &nbsp;&nbsp; 740000 | &nbsp;&nbsp; 740000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power System RB Series 2015A  | 5.00% | 07/01/30 *(a)* | 3015000 | 3164492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System RB Series 2001B4 VRDN  | 0.55% | 07/01/35 *(a)(f)(i)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 200000 |
| **Los Angeles Harbor Dept** | **Los Angeles Harbor Dept** | **Los Angeles Harbor Dept** | **Los Angeles Harbor Dept** | **Los Angeles Harbor Dept** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2014C  | 5.00% | 08/01/31 *(a)* | 1450000 | 1505031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2015A  | 5.00% | 08/01/26 *(a)* | &nbsp;&nbsp; 850000 | &nbsp;&nbsp; 902964 |
| **Los Angeles Municipal Improvement Corp** | **Los Angeles Municipal Improvement Corp** | **Los Angeles Municipal Improvement Corp** | **Los Angeles Municipal Improvement Corp** | **Los Angeles Municipal Improvement Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease RB Series 2014A  | 5.00% | 05/01/31 *(a)(g)* | 1050000 | 1085859 |
| **Los Osos Community Facilities Wastewater Assessment District #1** | **Los Osos Community Facilities Wastewater Assessment District #1** | **Los Osos Community Facilities Wastewater Assessment District #1** | **Los Osos Community Facilities Wastewater Assessment District #1** | **Los Osos Community Facilities Wastewater Assessment District #1** |
| &nbsp;&nbsp;&nbsp;&nbsp; Limited Obligation Refunding Bonds Series 2019  | 5.00% | 09/02/24  | &nbsp;&nbsp; 675000 | &nbsp;&nbsp; 698538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Limited Obligation Refunding Bonds Series 2019  | 5.00% | 09/02/26  | &nbsp;&nbsp; 740000 | &nbsp;&nbsp; 792183 |
| **Lynwood USD** | **Lynwood USD** | **Lynwood USD** | **Lynwood USD** | **Lynwood USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series E  | 0.00% | 08/01/43 *(a)(e)(g)* | 2290000 | &nbsp;&nbsp; 892417 |
| **Madera Irrigation District** | **Madera Irrigation District** | **Madera Irrigation District** | **Madera Irrigation District** | **Madera Irrigation District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Refunding RB Series 2015  | 5.00% | 09/01/28 *(a)* | 2205000 | 2347721 |
| **Merced UHSD** | **Merced UHSD** | **Merced UHSD** | **Merced UHSD** | **Merced UHSD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2015  | 0.00% | 08/01/49 *(a)(e)* | 2550000 | &nbsp;&nbsp; 642299 |
| **Modesto Irrigation District Financing Auth** | **Modesto Irrigation District Financing Auth** | **Modesto Irrigation District Financing Auth** | **Modesto Irrigation District Financing Auth** | **Modesto Irrigation District Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric System RB Series 2015A  | 5.00% | 10/01/26 *(a)* | 1250000 | 1329943 |
| **Mountain View Shoreline Regional Park Community** | **Mountain View Shoreline Regional Park Community** | **Mountain View Shoreline Regional Park Community** | **Mountain View Shoreline Regional Park Community** | **Mountain View Shoreline Regional Park Community** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2011A  | 5.75% | 08/01/40 *(a)* | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 700192 |
| **Northern California Energy Auth** | **Northern California Energy Auth** | **Northern California Energy Auth** | **Northern California Energy Auth** | **Northern California Energy Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Commodity Supply RB Series 2018  | 5.00% | 07/01/24 *(f)* | 3000000 | 3060578 |
| **Novato** | **Novato** | **Novato** | **Novato** | **Novato** |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Tax Refunding Bonds Series 2020  | 4.00% | 09/01/24  | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Tax Refunding Bonds Series 2020  | 4.00% | 09/01/25  | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 154472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Tax Refunding Bonds Series 2020  | 4.00% | 09/01/26  | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Tax Refunding Bonds Series 2020  | 4.00% | 09/01/27  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 209016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Tax Refunding Bonds Series 2020  | 4.00% | 09/01/28 *(a)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 210004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Tax Refunding Bonds Series 2020  | 4.00% | 09/01/30 *(a)* | &nbsp;&nbsp; 140000 | &nbsp;&nbsp; 149111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Tax Refunding Bonds Series 2020  | 4.00% | 09/01/31 *(a)* | &nbsp;&nbsp; 285000 | &nbsp;&nbsp; 297541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Special Tax Refunding Bonds Series 2020  | 4.00% | 09/01/32 *(a)* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 156432 |
| **Oakland** | **Oakland** | **Oakland** | **Oakland** | **Oakland** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2015A  | 5.00% | 01/15/31 *(a)* | &nbsp;&nbsp; 620000 | &nbsp;&nbsp; 656992 |
| **Oakland USD** | **Oakland USD** | **Oakland USD** | **Oakland USD** | **Oakland USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2015A  | 5.00% | 08/01/23  | &nbsp;&nbsp; 700000 | &nbsp;&nbsp; 710894 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2015A  | 5.00% | 08/01/24  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 622337 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019A  | 5.00% | 08/01/29 *(a)* | 1500000 | 1648994 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2019A  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 547738 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2017C  | 5.00% | 08/01/34 *(a)* | 2000000 | 2165740 |
| **Oakley Successor Redevelopment Agency** | **Oakley Successor Redevelopment Agency** | **Oakley Successor Redevelopment Agency** | **Oakley Successor Redevelopment Agency** | **Oakley Successor Redevelopment Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation Refunding Bonds Series 2018  | 5.00% | 09/01/29 *(a)* | &nbsp;&nbsp;&nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 55468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation Refunding Bonds Series 2018  | 5.00% | 09/01/30 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 554389 |

---

**25**

------

Schwab California Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation Refunding Bonds Series 2018  | 5.00% | 09/01/31 *(a)* | &nbsp;&nbsp; 660000 | &nbsp;&nbsp; 730472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation Refunding Bonds Series 2018  | 5.00% | 09/01/32 *(a)* | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 386587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation Refunding Bonds Series 2018  | 5.00% | 09/01/33 *(a)* | &nbsp;&nbsp; 725000 | &nbsp;&nbsp; 798282 |
| **Oceanside Successor Redevelopment Agency** | **Oceanside Successor Redevelopment Agency** | **Oceanside Successor Redevelopment Agency** | **Oceanside Successor Redevelopment Agency** | **Oceanside Successor Redevelopment Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation Refunding Bonds Series 2015A  | 5.00% | 09/01/24  | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 622974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tax Allocation Refunding Bonds Series 2015A  | 5.00% | 09/01/25  | &nbsp;&nbsp; 225000 | &nbsp;&nbsp; 238193 |
| **Ontario Int'l Airport** | **Ontario Int'l Airport** | **Ontario Int'l Airport** | **Ontario Int'l Airport** | **Ontario Int'l Airport** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021B  | 5.00% | 05/15/33 *(a)* | &nbsp;&nbsp; 545000 | &nbsp;&nbsp; 587934 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2021B  | 5.00% | 05/15/34 *(a)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 536108 |
| **Oxnard** | **Oxnard** | **Oxnard** | **Oxnard** | **Oxnard** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Refunding RB Series 2018  | 5.00% | 06/01/33 *(a)* | 1250000 | 1376504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Refunding RB Series 2018  | 5.00% | 06/01/34 *(a)* | 1235000 | 1357367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Refunding RB Series 2018  | 5.00% | 06/01/35 *(a)* | &nbsp;&nbsp; 770000 | &nbsp;&nbsp; 840957 |
| **Oxnard Financing Auth** | **Oxnard Financing Auth** | **Oxnard Financing Auth** | **Oxnard Financing Auth** | **Oxnard Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Wastewater Refunding RB Series 2014  | 5.00% | 06/01/23  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 506103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wastewater Refunding RB Series 2014  | 5.00% | 06/01/24  | 1750000 | 1810034 |
| **Oxnard SD** | **Oxnard SD** | **Oxnard SD** | **Oxnard SD** | **Oxnard SD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series D  | 5.00% | 08/01/31 *(a)(g)* | 1365000 | 1451459 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series D  | 5.00% | 08/01/32 *(a)(g)* | 1490000 | 1584377 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series D  | 5.00% | 08/01/33 *(a)(g)* | 1685000 | 1791728 |
| **Pacifica** | **Pacifica** | **Pacifica** | **Pacifica** | **Pacifica** |
| &nbsp;&nbsp;&nbsp;&nbsp; Wastewater RB Series 2017  | 5.00% | 10/01/32 *(a)* | 1030000 | 1125427 |
| **Palm Springs USD** | **Palm Springs USD** | **Palm Springs USD** | **Palm Springs USD** | **Palm Springs USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2016  | 5.00% | 08/01/26  | 3000000 | 3260506 |
| **Palmdale SD** | **Palmdale SD** | **Palmdale SD** | **Palmdale SD** | **Palmdale SD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017B  | 5.25% | 08/01/42 *(a)* | 2500000 | 2690066 |
| **Palo Alto** | **Palo Alto** | **Palo Alto** | **Palo Alto** | **Palo Alto** |
| &nbsp;&nbsp;&nbsp;&nbsp; COP Series 2019A  | 5.00% | 11/01/44 *(a)* | 2000000 | 2163399 |
| **Pasadena** | **Pasadena** | **Pasadena** | **Pasadena** | **Pasadena** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding COP Series 2015A  | 5.00% | 02/01/26 *(a)* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp; 630367 |
| **Peralta CCD** | **Peralta CCD** | **Peralta CCD** | **Peralta CCD** | **Peralta CCD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022B  | 5.00% | 08/01/23  | 2500000 | 2540734 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022B  | 5.00% | 08/01/24  | 1500000 | 1558331 |
| **Pico Rivera Public Financing Auth** | **Pico Rivera Public Financing Auth** | **Pico Rivera Public Financing Auth** | **Pico Rivera Public Financing Auth** | **Pico Rivera Public Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Refunding RB Series 2016  | 5.50% | 09/01/29 *(a)* | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 384186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Refunding RB Series 2016  | 5.25% | 09/01/33 *(a)* | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 867526 |
| **Pleasant Hill Recreation & Park District** | **Pleasant Hill Recreation & Park District** | **Pleasant Hill Recreation & Park District** | **Pleasant Hill Recreation & Park District** | **Pleasant Hill Recreation & Park District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding GO Bonds Series 2017  | 5.00% | 08/01/30 *(a)* | &nbsp;&nbsp; 770000 | &nbsp;&nbsp; 841860 |
| **Pleasant Valley SD** | **Pleasant Valley SD** | **Pleasant Valley SD** | **Pleasant Valley SD** | **Pleasant Valley SD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2002A  | 5.85% | 08/01/31  | 2000000 | 2252139 |
| **Pomona** | **Pomona** | **Pomona** | **Pomona** | **Pomona** |
| &nbsp;&nbsp;&nbsp;&nbsp; S/F Mortgage Refunding RB Series 1990B  | 7.50% | 08/01/23 *(g)* | &nbsp;&nbsp; 110000 | &nbsp;&nbsp; 112185 |
| **Port of Oakland** | **Port of Oakland** | **Port of Oakland** | **Port of Oakland** | **Port of Oakland** |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermediate Lien Refunding RB Series 2021H  | 5.00% | 05/01/26  | 1750000 | 1844903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermediate Lien Refunding RB Series 2021H  | 5.00% | 05/01/28  | 1250000 | 1347543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2017D  | 5.00% | 11/01/27  | 1895000 | 2034535 |
| **Reedley** | **Reedley** | **Reedley** | **Reedley** | **Reedley** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Refunding RB Series 2017  | 5.00% | 09/01/25  | &nbsp;&nbsp; 540000 | &nbsp;&nbsp; 573135 |
| **Richmond California Redevelopment Agency** | **Richmond California Redevelopment Agency** | **Richmond California Redevelopment Agency** | **Richmond California Redevelopment Agency** | **Richmond California Redevelopment Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2021A  | 4.00% | 09/01/24  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 306404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2021A  | 4.00% | 09/01/26  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 413778 |

---

**26** 

------

Schwab California Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Richmond Jt Powers Financing Auth** | **Richmond Jt Powers Financing Auth** | **Richmond Jt Powers Financing Auth** | **Richmond Jt Powers Financing Auth** | **Richmond Jt Powers Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2019B  | 5.00% | 05/01/23  | 1000000 | 1010021 |
| **Riverside Cnty** | **Riverside Cnty** | **Riverside Cnty** | **Riverside Cnty** | **Riverside Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Refunding RB Series 2015A  | 5.00% | 11/01/25 *(g)* | &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 191620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease Refunding RB Series 2015A  | 5.00% | 11/01/25  | 1020000 | 1086139 |
| **Riverside Cnty Transportation Commission** | **Riverside Cnty Transportation Commission** | **Riverside Cnty Transportation Commission** | **Riverside Cnty Transportation Commission** | **Riverside Cnty Transportation Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax RB Series 2013A  | 5.25% | 06/01/24 *(a)(g)* | &nbsp;&nbsp; 710000 | &nbsp;&nbsp; 719892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Lien Toll Refunding RB Series 2021B1  | 4.00% | 06/01/40 *(a)* | 4000000 | 3824893 |
| **Rosedale-Rio Bravo Water Storage District** | **Rosedale-Rio Bravo Water Storage District** | **Rosedale-Rio Bravo Water Storage District** | **Rosedale-Rio Bravo Water Storage District** | **Rosedale-Rio Bravo Water Storage District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020A  | 5.00% | 01/01/23  | &nbsp;&nbsp; 810000 | &nbsp;&nbsp; 811586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020A  | 5.00% | 01/01/24  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp; 512098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020A  | 5.00% | 01/01/25  | &nbsp;&nbsp; 545000 | &nbsp;&nbsp; 569163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020A  | 5.00% | 01/01/26  | &nbsp;&nbsp; 825000 | &nbsp;&nbsp; 876288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020A  | 5.00% | 01/01/28  | &nbsp;&nbsp; 810000 | &nbsp;&nbsp; 886864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020A  | 5.00% | 01/01/29  | &nbsp;&nbsp; 855000 | &nbsp;&nbsp; 947905 |
| **Ross Valley Public Financing Auth** | **Ross Valley Public Financing Auth** | **Ross Valley Public Financing Auth** | **Ross Valley Public Financing Auth** | **Ross Valley Public Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Marin Cnty Sanitary District #1) Series 2013  | 5.00% | 10/01/27 *(a)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 204076 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Marin Cnty Sanitary District #1) Series 2013  | 5.00% | 10/01/43 *(a)* | 1000000 | 1018637 |
| **Sacramento Cnty** | **Sacramento Cnty** | **Sacramento Cnty** | **Sacramento Cnty** | **Sacramento Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System Sr Refunding RB Series 2020  | 5.00% | 07/01/34 *(a)* | 1550000 | 1734357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding COP Series 2020  | 5.00% | 10/01/24  | 1420000 | 1478633 |
| **San Diego Assoc of Governments** | **San Diego Assoc of Governments** | **San Diego Assoc of Governments** | **San Diego Assoc of Governments** | **San Diego Assoc of Governments** |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Grant Receipts RB (Mid Coast Corridor Transit) Series 2019A  | 5.00% | 11/15/25 *(a)* | 2500000 | 2613160 |
| **San Diego Cnty** | **San Diego Cnty** | **San Diego Cnty** | **San Diego Cnty** | **San Diego Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Sanford Burnham Institute) Series 2015A  | 4.00% | 11/01/23  | &nbsp;&nbsp; 745000 | &nbsp;&nbsp; 754206 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Sanford Burnham Institute) Series 2015A  | 5.00% | 11/01/24  | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 573480 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Sanford Burnham Institute) Series 2015A  | 5.00% | 11/01/25  | &nbsp;&nbsp; 350000 | &nbsp;&nbsp; 371987 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Sanford Burnham Institute) Series 2015A  | 5.00% | 11/01/26 *(a)* | 1000000 | 1064259 |
| **San Diego Cnty Regional Airport Auth** | **San Diego Cnty Regional Airport Auth** | **San Diego Cnty Regional Airport Auth** | **San Diego Cnty Regional Airport Auth** | **San Diego Cnty Regional Airport Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2017B  | 5.00% | 07/01/31 *(a)* | 1360000 | 1429299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Airport RB Series 2017B  | 5.00% | 07/01/29 *(a)* | 1980000 | 2088671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub Airport RB Series 2021B  | 5.00% | 07/01/29  | &nbsp;&nbsp; 955000 | 1027701 |
| **San Diego Cnty Regional Transportation Commission** | **San Diego Cnty Regional Transportation Commission** | **San Diego Cnty Regional Transportation Commission** | **San Diego Cnty Regional Transportation Commission** | **San Diego Cnty Regional Transportation Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales Tax RB Series 2008B  | 1.46% | 04/01/38 *(a)(f)(i)* | 1000000 | 1000000 |
| **San Diego Unified Port District** | **San Diego Unified Port District** | **San Diego Unified Port District** | **San Diego Unified Port District** | **San Diego Unified Port District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2013A  | 5.00% | 09/01/23  | &nbsp;&nbsp; 550000 | &nbsp;&nbsp; 559014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2013A  | 5.00% | 09/01/25 *(a)* | &nbsp;&nbsp; 245000 | &nbsp;&nbsp; 249209 |
| **San Francisco Airport Commission** | **San Francisco Airport Commission** | **San Francisco Airport Commission** | **San Francisco Airport Commission** | **San Francisco Airport Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB 2nd Series 2019E  | 5.00% | 05/01/39 *(a)* | 2450000 | 2550384 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB 2nd Series 2019E  | 5.00% | 05/01/40 *(a)* | &nbsp;&nbsp; 425000 | &nbsp;&nbsp; 440777 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB 2nd Series 2022A  | 5.00% | 05/01/30  | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; 864412 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB 2nd Series 2022A  | 5.00% | 05/01/31  | 1690000 | 1838639 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2018G  | 5.00% | 05/01/27  | 2700000 | 2846457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB 2nd Series 2020A  | 5.00% | 05/01/37 *(a)* | 3500000 | 3692031 |
| **San Francisco Public Utilities Commission** | **San Francisco Public Utilities Commission** | **San Francisco Public Utilities Commission** | **San Francisco Public Utilities Commission** | **San Francisco Public Utilities Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water RB Series 2017A  | 5.00% | 11/01/36 *(a)* | 2000000 | 2072106 |
| **San Francisco Successor Redevelopment Agency** | **San Francisco Successor Redevelopment Agency** | **San Francisco Successor Redevelopment Agency** | **San Francisco Successor Redevelopment Agency** | **San Francisco Successor Redevelopment Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; Subordinate Tax Allocation Refunding Bonds Series 2014C  | 5.00% | 08/01/23  | &nbsp;&nbsp; 265000 | &nbsp;&nbsp; 269283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subordinate Tax Allocation Refunding Bonds Series 2014C  | 5.00% | 08/01/25 *(a)* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp; 155658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subordinate Tax Allocation Refunding Bonds Series 2014C  | 5.00% | 08/01/26 *(a)* | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 171145 |

---

**27**

------

Schwab California Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| &nbsp;&nbsp;&nbsp;&nbsp; Subordinate Tax Allocation Refunding Bonds Series 2014C  | 5.00% | 08/01/28 *(a)* | &nbsp;&nbsp; 305000 | &nbsp;&nbsp; 316213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Subordinate Tax Allocation Refunding Bonds Series 2014C  | 5.00% | 08/01/29 *(a)* | &nbsp;&nbsp; 430000 | &nbsp;&nbsp; 445706 |
| **San Jacinto USD** | **San Jacinto USD** | **San Jacinto USD** | **San Jacinto USD** | **San Jacinto USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017  | 5.00% | 08/01/34 *(a)* | 1155000 | 1251760 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2017  | 5.00% | 08/01/36 *(a)* | &nbsp;&nbsp; 925000 | &nbsp;&nbsp; 994394 |
| **San Joaquin Hills Transportation Corridor Agency Toll** | **San Joaquin Hills Transportation Corridor Agency Toll** | **San Joaquin Hills Transportation Corridor Agency Toll** | **San Joaquin Hills Transportation Corridor Agency Toll** | **San Joaquin Hills Transportation Corridor Agency Toll** |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Road Sr. Lien Refunding RB Series 2021A  | 4.00% | 01/15/50 *(a)* | 2500000 | 2252781 |
| **San Mateo Cnty CCD** | **San Mateo Cnty CCD** | **San Mateo Cnty CCD** | **San Mateo Cnty CCD** | **San Mateo Cnty CCD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2018  | 5.00% | 09/01/39 *(a)* | 1045000 | 1152121 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2018  | 5.00% | 09/01/40 *(a)* | 1150000 | 1262211 |
| **San Mateo Foster City Public Finance Auth** | **San Mateo Foster City Public Finance Auth** | **San Mateo Foster City Public Finance Auth** | **San Mateo Foster City Public Finance Auth** | **San Mateo Foster City Public Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020A  | 5.00% | 05/01/33 *(a)* | &nbsp;&nbsp; 190000 | &nbsp;&nbsp; 211727 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020A  | 5.00% | 05/01/36 *(a)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp; 438247 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020A  | 5.00% | 05/01/37 *(a)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp; 272944 |
| **Sanger Public Financing Auth** | **Sanger Public Financing Auth** | **Sanger Public Financing Auth** | **Sanger Public Financing Auth** | **Sanger Public Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease RB Series 2020A  | 4.00% | 02/01/40 *(a)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp; 736518 |
| **Santa Cruz Cnty Capital Financing Auth** | **Santa Cruz Cnty Capital Financing Auth** | **Santa Cruz Cnty Capital Financing Auth** | **Santa Cruz Cnty Capital Financing Auth** | **Santa Cruz Cnty Capital Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease RB Series 2014  | 3.00% | 08/01/24  | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 176172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease RB Series 2014  | 5.00% | 08/01/25 *(a)* | &nbsp;&nbsp; 175000 | &nbsp;&nbsp; 181689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease RB Series 2014  | 5.00% | 08/01/26 *(a)* | &nbsp;&nbsp; 165000 | &nbsp;&nbsp; 171197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease RB Series 2014  | 5.00% | 08/01/27 *(a)* | &nbsp;&nbsp; 320000 | &nbsp;&nbsp; 331701 |
| **Santa Monica Public Financing Auth** | **Santa Monica Public Financing Auth** | **Santa Monica Public Financing Auth** | **Santa Monica Public Financing Auth** | **Santa Monica Public Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Lease RB Series 2018  | 5.00% | 07/01/35 *(a)* | &nbsp;&nbsp; 575000 | &nbsp;&nbsp; 626261 |
| **Santa Rosa HSD** | **Santa Rosa HSD** | **Santa Rosa HSD** | **Santa Rosa HSD** | **Santa Rosa HSD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2018C  | 5.00% | 08/01/35 *(a)* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 107200 |
| **Sierra View Healthcare District** | **Sierra View Healthcare District** | **Sierra View Healthcare District** | **Sierra View Healthcare District** | **Sierra View Healthcare District** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2019  | 5.00% | 07/01/24  | &nbsp;&nbsp; 915000 | &nbsp;&nbsp; 939433 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2019  | 4.00% | 07/01/25  | 1270000 | 1288551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020  | 4.00% | 07/01/26  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; 305595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020  | 5.00% | 07/01/27  | &nbsp;&nbsp; 630000 | &nbsp;&nbsp; 670795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020  | 5.00% | 07/01/30  | &nbsp;&nbsp; 645000 | &nbsp;&nbsp; 700978 |
| **South Placer Wastewater Auth** | **South Placer Wastewater Auth** | **South Placer Wastewater Auth** | **South Placer Wastewater Auth** | **South Placer Wastewater Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Wastewater Refunding RB Series 2020  | 5.00% | 11/01/34  | 1000000 | 1177621 |
| **Southern California Metropolitan Water District** | **Southern California Metropolitan Water District** | **Southern California Metropolitan Water District** | **Southern California Metropolitan Water District** | **Southern California Metropolitan Water District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Refunding RB Series 2016A  | 5.00% | 07/01/34 *(a)(g)* | &nbsp;&nbsp; 390000 | &nbsp;&nbsp; 418176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Refunding RB Series 2022B  | 3.00% | 07/01/28  | 5000000 | 5110665 |
| **Southern California Public Power Auth** | **Southern California Public Power Auth** | **Southern California Public Power Auth** | **Southern California Public Power Auth** | **Southern California Public Power Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2020-1  | 5.00% | 07/01/30 *(a)* | 3000000 | 3074203 |
| **Susanville Natural Gas** | **Susanville Natural Gas** | **Susanville Natural Gas** | **Susanville Natural Gas** | **Susanville Natural Gas** |
| &nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Refunding RB Series 2019  | 3.00% | 06/01/25  | &nbsp;&nbsp; 575000 | &nbsp;&nbsp; 578009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Refunding RB Series 2019  | 4.00% | 06/01/28 *(a)* | &nbsp;&nbsp; 615000 | &nbsp;&nbsp; 649227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Refunding RB Series 2019  | 4.00% | 06/01/30 *(a)* | &nbsp;&nbsp; 680000 | &nbsp;&nbsp; 716105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natural Gas Refunding RB Series 2019  | 4.00% | 06/01/33 *(a)* | &nbsp;&nbsp; 580000 | &nbsp;&nbsp; 608630 |
| **Tobacco Securitization Auth of Northern California** | **Tobacco Securitization Auth of Northern California** | **Tobacco Securitization Auth of Northern California** | **Tobacco Securitization Auth of Northern California** | **Tobacco Securitization Auth of Northern California** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Refunding Bonds (Sacramento Cnty Tobacco Corp) Series 2021A1  | 4.00% | 06/01/49 *(a)* | 1000000 | &nbsp;&nbsp; 860612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Refunding Bonds (Sacramento Cnty Tobacco Corp) Series 2021B1  | 4.00% | 06/01/49 *(a)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 198822 |
| **Truckee Donner Public Utility District** | **Truckee Donner Public Utility District** | **Truckee Donner Public Utility District** | **Truckee Donner Public Utility District** | **Truckee Donner Public Utility District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System Refunding RB Series 2015  | 4.00% | 11/15/23  | &nbsp;&nbsp; 655000 | &nbsp;&nbsp; 664162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System Refunding RB Series 2015  | 4.00% | 11/15/24  | &nbsp;&nbsp; 680000 | &nbsp;&nbsp; 696871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System Refunding RB Series 2015  | 4.00% | 11/15/25  | &nbsp;&nbsp; 710000 | &nbsp;&nbsp; 734758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System Revenue COP Series 2022A  | 5.00% | 11/15/52 *(a)* | 3925000 | 4303531 |

---

**28** 

------

Schwab California Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Upland** | **Upland** | **Upland** | **Upland** | **Upland** |
| &nbsp;&nbsp;&nbsp;&nbsp; COP (San Antonio Regional Hospital) Series 2017  | 5.00% | 01/01/24  | 1200000 | &nbsp;&nbsp;&nbsp;&nbsp; 1223621 |
| **Val Verde USD** | **Val Verde USD** | **Val Verde USD** | **Val Verde USD** | **Val Verde USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2021B  | 4.00% | 08/01/24  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511254 |
| **Vernon** | **Vernon** | **Vernon** | **Vernon** | **Vernon** |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric System RB Series 2021A  | 5.00% | 10/01/26  | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2091317 |
| **Victorville** | **Victorville** | **Victorville** | **Victorville** | **Victorville** |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric RB Series 2022A  | 5.00% | 05/01/30  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric RB Series 2022A  | 5.00% | 05/01/32  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547010 |
| **West Contra Costa USD** | **West Contra Costa USD** | **West Contra Costa USD** | **West Contra Costa USD** | **West Contra Costa USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2002C  | 0.00% | 08/01/24 *(e)* | 2885000 | &nbsp;&nbsp;&nbsp;&nbsp; 2751640 |
| **West Hills CCD** | **West Hills CCD** | **West Hills CCD** | **West Hills CCD** | **West Hills CCD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2016B  | 5.00% | 08/01/25  | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337642 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2016B  | 5.00% | 08/01/26  | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 482869 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2016B  | 5.00% | 08/01/30 *(a)* | &nbsp;&nbsp; 595000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 641377 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Refunding Bonds Series 2016B  | 5.00% | 08/01/31 *(a)* | &nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 683736 |
|  |  |  |  | **395084659** |
| **GUAM** 0.8%  | **GUAM** 0.8%  | **GUAM** 0.8%  | **GUAM** 0.8%  | **GUAM** 0.8%  |
| **Guam Power Auth** | **Guam Power Auth** | **Guam Power Auth** | **Guam Power Auth** | **Guam Power Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022A  | 5.00% | 10/01/32  | 2000000 | &nbsp;&nbsp;&nbsp;&nbsp; 2136256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2022A  | 5.00% | 10/01/39 *(a)* | 1190000 | &nbsp;&nbsp;&nbsp;&nbsp; 1227945 |
|  |  |  |  | **3364201** |
| **PUERTO RICO** 0.8%  | **PUERTO RICO** 0.8%  | **PUERTO RICO** 0.8%  | **PUERTO RICO** 0.8%  | **PUERTO RICO** 0.8%  |
| **Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Auth** | **Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Auth** | **Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Auth** | **Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Auth** | **Puerto Rico Industrial, Tourist, Educational, Medical & Environmental Control Facilities Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB Series 2021  | 5.00% | 07/01/28  | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 750902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB Series 2021  | 5.00% | 07/01/30  | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB Series 2021  | 5.00% | 07/01/31  | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 905286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB Series 2021  | 5.00% | 07/01/33 *(a)* | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 839832 |
|  |  |  |  | **3096033** |
| **Total Municipal Securities**<br> **(Cost $412,670,429)** | **Total Municipal Securities**<br> **(Cost $412,670,429)** | **Total Municipal Securities**<br> **(Cost $412,670,429)** | **Total Municipal Securities**<br> **(Cost $412,670,429)** | **401544893** |
| **Total Investments in Securities**<br> **(Cost $412,670,429)** | **Total Investments in Securities**<br> **(Cost $412,670,429)** | **Total Investments in Securities**<br> **(Cost $412,670,429)** | **Total Investments in Securities**<br> **(Cost $412,670,429)** | **401544893** |

---

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

**29**

------

Schwab California Tax-Free Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Variable rate security; rate shown is effective rate at period end.

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| BAN — | Bond anticipation note |
| CCD — | Community college district |
| COP — | Certificate of participation |
| GO — | General obligation |
| HSD — | High school district |
| M/F — | Multi-family |
| RB — | Revenue bond |
| S/F — | Single-family |
| SD — | School district |
| SIFMA — | Securities Industry and Financial Markets Association. The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate <br> Demand Obligations with certain characteristics.<br>|
| UHSD — | Union high school district |
| USD — | Unified school district |
| VRDN — | Variable rate demand note |

---

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

------

The following is a summary of the inputs used to value the fund's investments as of November 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT<br> UNOBSERVABLE INPUTS<br> (LEVEL 3)<br>| TOTAL |
| **Assets** |  |  |  |  |
| Municipal Securities<sup>1</sup> <br>| $— | $401544893 | $— | $401544893 |
| **Total** | **$—** | **$401544893** | **$—** | **$401544893** |

---

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

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

**30** 

------

Schwab Investments <br>Schwab Opportunistic Municipal Bond Fund

------

**Portfolio Holdings** as of November 30, 2022 (Unaudited)

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

The following are the portfolio holdings as of the report date. For more information, please refer to the fund's semiannual or annual shareholder reports. You can also obtain this information at no cost by calling 1-866-414-6349 or by sending an email request to orders@mysummaryprospectus.com.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MUNICIPAL SECURITIES** 102.9% OF NET ASSETS | **MUNICIPAL SECURITIES** 102.9% OF NET ASSETS | **MUNICIPAL SECURITIES** 102.9% OF NET ASSETS | **MUNICIPAL SECURITIES** 102.9% OF NET ASSETS | **MUNICIPAL SECURITIES** 102.9% OF NET ASSETS |
| **ALABAMA** 2.6%  | **ALABAMA** 2.6%  | **ALABAMA** 2.6%  | **ALABAMA** 2.6%  | **ALABAMA** 2.6%  |
| **Black Belt Energy Gas District** | **Black Belt Energy Gas District** | **Black Belt Energy Gas District** | **Black Belt Energy Gas District** | **Black Belt Energy Gas District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Supply RB Series 2022D1  | 4.00% | 07/01/52 *(a)(b)* | 1000000 | **1004272** |
| **ARIZONA** 3.7%  | **ARIZONA** 3.7%  | **ARIZONA** 3.7%  | **ARIZONA** 3.7%  | **ARIZONA** 3.7%  |
| **La Paz Cnty Industrial Development Auth** | **La Paz Cnty Industrial Development Auth** | **La Paz Cnty Industrial Development Auth** | **La Paz Cnty Industrial Development Auth** | **La Paz Cnty Industrial Development Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Education Facility Lease RB (Harmony Public Schools) Series 2018A  | 5.00% | 02/15/38 *(b)* | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp; 705677 |
| **Phoenix Civic Improvement Corp** | **Phoenix Civic Improvement Corp** | **Phoenix Civic Improvement Corp** | **Phoenix Civic Improvement Corp** | **Phoenix Civic Improvement Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; Jr Lien Airport RB Series 2019B  | 4.00% | 07/01/39 *(b)* | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp; 764183 |
|  |  |  |  | **1469860** |
| **CALIFORNIA** 0.7%  | **CALIFORNIA** 0.7%  | **CALIFORNIA** 0.7%  | **CALIFORNIA** 0.7%  | **CALIFORNIA** 0.7%  |
| **Chino Valley USD** | **Chino Valley USD** | **Chino Valley USD** | **Chino Valley USD** | **Chino Valley USD** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022C  | 0.00% | 08/01/39 *(b)(c)* | &nbsp;&nbsp; 600000 | **293143** |
| **COLORADO** 3.7%  | **COLORADO** 3.7%  | **COLORADO** 3.7%  | **COLORADO** 3.7%  | **COLORADO** 3.7%  |
| **Colorado Health Facilities Auth** | **Colorado Health Facilities Auth** | **Colorado Health Facilities Auth** | **Colorado Health Facilities Auth** | **Colorado Health Facilities Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Intermountain Healthcare) Series 2022A  | 5.00% | 05/15/47 *(b)* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp; 215965 |
| **Denver** | **Denver** | **Denver** | **Denver** | **Denver** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System RB Series 2022A  | 4.13% | 11/15/53 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 460569 |
| **Park Creek Metropolitan District** | **Park Creek Metropolitan District** | **Park Creek Metropolitan District** | **Park Creek Metropolitan District** | **Park Creek Metropolitan District** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr LT RB Series 2019A  | 4.00% | 12/01/34 *(b)* | &nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp; 767584 |
|  |  |  |  | **1444118** |
| **CONNECTICUT** 1.3%  | **CONNECTICUT** 1.3%  | **CONNECTICUT** 1.3%  | **CONNECTICUT** 1.3%  | **CONNECTICUT** 1.3%  |
| **Connecticut Health & Educational Facilities Auth** | **Connecticut Health & Educational Facilities Auth** | **Connecticut Health & Educational Facilities Auth** | **Connecticut Health & Educational Facilities Auth** | **Connecticut Health & Educational Facilities Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Sacred Heart Univ) Series L  | 5.00% | 07/01/47 *(b)* | &nbsp;&nbsp; 500000 | **523298** |
| **DISTRICT OF COLUMBIA** 1.2%  | **DISTRICT OF COLUMBIA** 1.2%  | **DISTRICT OF COLUMBIA** 1.2%  | **DISTRICT OF COLUMBIA** 1.2%  | **DISTRICT OF COLUMBIA** 1.2%  |
| **Washington DC Convention Center Auth** | **Washington DC Convention Center Auth** | **Washington DC Convention Center Auth** | **Washington DC Convention Center Auth** | **Washington DC Convention Center Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Sr Lien Dedicated Tax Refunding RB Series 2021A  | 4.00% | 10/01/40 *(b)* | &nbsp;&nbsp; 500000 | **476612** |

---

**31**

------

Schwab Opportunistic Municipal Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **FLORIDA** 7.8%  | **FLORIDA** 7.8%  | **FLORIDA** 7.8%  | **FLORIDA** 7.8%  | **FLORIDA** 7.8%  |
| **Halifax Hospital Medical Center** | **Halifax Hospital Medical Center** | **Halifax Hospital Medical Center** | **Halifax Hospital Medical Center** | **Halifax Hospital Medical Center** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Revenue & Refunding Bonds Series 2016  | 5.00% | 06/01/36 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 512011 |
| **Lake Worth Beach** | **Lake Worth Beach** | **Lake Worth Beach** | **Lake Worth Beach** | **Lake Worth Beach** |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Utility RB Series 2022  | 4.00% | 10/01/52 *(b)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 699967 |
| **Lee Cnty Industrial Development Auth** | **Lee Cnty Industrial Development Auth** | **Lee Cnty Industrial Development Auth** | **Lee Cnty Industrial Development Auth** | **Lee Cnty Industrial Development Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Facilities Improvement RB (Shell Point Alliance) Series 2019  | 5.00% | 11/15/49 *(b)* | 1000000 | &nbsp;&nbsp;&nbsp; 988299 |
| **Pompano Beach** | **Pompano Beach** | **Pompano Beach** | **Pompano Beach** | **Pompano Beach** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (John Knox Village) Series 2021A  | 4.00% | 09/01/51 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 385131 |
| **Tampa** | **Tampa** | **Tampa** | **Tampa** | **Tampa** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Moffitt Cancer Center) Series 2020A  | 0.00% | 09/01/53 *(b)(c)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 56507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue & Refunding Bonds (Univ of Tampa) Series 2020A  | 4.00% | 04/01/50 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 444856 |
|  |  |  |  | **3086771** |
| **GUAM** 1.3%  | **GUAM** 1.3%  | **GUAM** 1.3%  | **GUAM** 1.3%  | **GUAM** 1.3%  |
| **Guam Waterworks Auth** | **Guam Waterworks Auth** | **Guam Waterworks Auth** | **Guam Waterworks Auth** | **Guam Waterworks Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Wastewater System Refunding RB Series 2014A  | 5.00% | 07/01/35 *(b)* | &nbsp;&nbsp; 500000 | **504464** |
| **IDAHO** 0.6%  | **IDAHO** 0.6%  | **IDAHO** 0.6%  | **IDAHO** 0.6%  | **IDAHO** 0.6%  |
| **Jerome Jt SD #261** | **Jerome Jt SD #261** | **Jerome Jt SD #261** | **Jerome Jt SD #261** | **Jerome Jt SD #261** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022  | 5.00% | 09/15/37 *(a)(b)* | &nbsp;&nbsp; 225000 | **249548** |
| **ILLINOIS** 3.3%  | **ILLINOIS** 3.3%  | **ILLINOIS** 3.3%  | **ILLINOIS** 3.3%  | **ILLINOIS** 3.3%  |
| **Chicago** | **Chicago** | **Chicago** | **Chicago** | **Chicago** |
| &nbsp;&nbsp;&nbsp;&nbsp; 2nd Lien Water RB Series 2014  | 5.00% | 11/01/44 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 500701 |
| **Illinois Finance Auth** | **Illinois Finance Auth** | **Illinois Finance Auth** | **Illinois Finance Auth** | **Illinois Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Northshore Edward Elmhurst Health) Series 2022F  | 1.00% | 08/15/57 *(a)(b)(d)* | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp; 440000 |
| **Northern Illinois Univ** | **Northern Illinois Univ** | **Northern Illinois Univ** | **Northern Illinois Univ** | **Northern Illinois Univ** |
| &nbsp;&nbsp;&nbsp;&nbsp; Auxiliary Facilities System RB Series 2021  | 4.00% | 10/01/43 *(a)(b)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 372172 |
|  |  |  |  | **1312873** |
| **LOUISIANA** 3.5%  | **LOUISIANA** 3.5%  | **LOUISIANA** 3.5%  | **LOUISIANA** 3.5%  | **LOUISIANA** 3.5%  |
| **Louisiana Public Facilities Auth** | **Louisiana Public Facilities Auth** | **Louisiana Public Facilities Auth** | **Louisiana Public Facilities Auth** | **Louisiana Public Facilities Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2020A  | 4.00% | 04/01/50 *(e)* | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 64268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue & Refunding Bonds (Ochsner Clinic) Series 2017  | 5.00% | 05/15/42 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 514051 |
| **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** | **Louisiana Stadium & Exposition District** |
| &nbsp;&nbsp;&nbsp;&nbsp; BAN 2021  | 4.00% | 07/03/23 *(b)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 401435 |
| **Tangipahoa District #1 North Oaks Health System** | **Tangipahoa District #1 North Oaks Health System** | **Tangipahoa District #1 North Oaks Health System** | **Tangipahoa District #1 North Oaks Health System** | **Tangipahoa District #1 North Oaks Health System** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB Series 2021  | 4.00% | 02/01/35 *(b)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 383133 |
|  |  |  |  | **1362887** |
| **MARYLAND** 2.6%  | **MARYLAND** 2.6%  | **MARYLAND** 2.6%  | **MARYLAND** 2.6%  | **MARYLAND** 2.6%  |
| **Baltimore Cnty** | **Baltimore Cnty** | **Baltimore Cnty** | **Baltimore Cnty** | **Baltimore Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan District GO Bonds 78th Issue  | 5.00% | 02/01/46 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 521829 |
| **Maryland Economic Development Corp** | **Maryland Economic Development Corp** | **Maryland Economic Development Corp** | **Maryland Economic Development Corp** | **Maryland Economic Development Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; Refunding RB (Transportation Facilities) Series 2017A  | 5.00% | 06/01/35 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 519935 |
|  |  |  |  | **1041764** |

---

**32** 

------

Schwab Opportunistic Municipal Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **MASSACHUSETTS** 0.8%  | **MASSACHUSETTS** 0.8%  | **MASSACHUSETTS** 0.8%  | **MASSACHUSETTS** 0.8%  | **MASSACHUSETTS** 0.8%  |
| **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** | **Massachusetts Development Finance Agency** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Southcoast Health System) Series 2021G  | 5.00% | 07/01/50 *(b)* | &nbsp;&nbsp; 300000 | **303437** |
| **MICHIGAN** 1.4%  | **MICHIGAN** 1.4%  | **MICHIGAN** 1.4%  | **MICHIGAN** 1.4%  | **MICHIGAN** 1.4%  |
| **Great Lakes Water Auth** | **Great Lakes Water Auth** | **Great Lakes Water Auth** | **Great Lakes Water Auth** | **Great Lakes Water Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water System Sr. Lien RB Series 2022B  | 5.25% | 07/01/47 *(b)* | &nbsp;&nbsp; 500000 | **536218** |
| **MINNESOTA** 9.7%  | **MINNESOTA** 9.7%  | **MINNESOTA** 9.7%  | **MINNESOTA** 9.7%  | **MINNESOTA** 9.7%  |
| **South Central Minnesota Multi-Cnty Hsg & Redevelopment Auth** | **South Central Minnesota Multi-Cnty Hsg & Redevelopment Auth** | **South Central Minnesota Multi-Cnty Hsg & Redevelopment Auth** | **South Central Minnesota Multi-Cnty Hsg & Redevelopment Auth** | **South Central Minnesota Multi-Cnty Hsg & Redevelopment Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Pooled Housing Development RB Series 1993  | 6.25% | 02/01/00 *(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pooled Housing Development RB Series 1993  | 6.75% | 02/01/02 *(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 11400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pooled Housing Development RB Series 1993  | 7.05% | 02/01/05 *(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pooled Housing Development RB Series 1993  | 7.10% | 02/01/06 *(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pooled Housing Development RB Series 1993  | 7.20% | 02/01/07 *(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 24700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pooled Housing Development RB Series 1993  | 7.25% | 02/01/08 *(f)* | &nbsp;&nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pooled Housing Development RB Series 1993  | 7.50% | 02/01/17 *(f)* | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp; 171000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pooled Housing Development RB Series 1993  | 8.00% | 02/01/25 *(b)(f)* | 9500000 | 3610000 |
|  |  |  |  | **3841800** |
| **NEW JERSEY** 8.4%  | **NEW JERSEY** 8.4%  | **NEW JERSEY** 8.4%  | **NEW JERSEY** 8.4%  | **NEW JERSEY** 8.4%  |
| **New Jersey Economic Development Auth** | **New Jersey Economic Development Auth** | **New Jersey Economic Development Auth** | **New Jersey Economic Development Auth** | **New Jersey Economic Development Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; School Facilities Construction Bonds Series 2014 UU  | 5.00% | 06/15/34 *(b)* | 1000000 | 1017962 |
| **New Jersey Turnpike Auth** | **New Jersey Turnpike Auth** | **New Jersey Turnpike Auth** | **New Jersey Turnpike Auth** | **New Jersey Turnpike Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022B  | 4.50% | 01/01/48 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 508469 |
| **South Jersey Transportation Auth** | **South Jersey Transportation Auth** | **South Jersey Transportation Auth** | **South Jersey Transportation Auth** | **South Jersey Transportation Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation System Refunding RB Series 2014A  | 5.00% | 11/01/39 *(b)* | 1000000 | 1017062 |
| **Tobacco Settlement Financing Corp** | **Tobacco Settlement Financing Corp** | **Tobacco Settlement Financing Corp** | **Tobacco Settlement Financing Corp** | **Tobacco Settlement Financing Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Bonds Series 2018A  | 5.25% | 06/01/46 *(b)* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp; 755690 |
|  |  |  |  | **3299183** |
| **NEW YORK** 15.3%  | **NEW YORK** 15.3%  | **NEW YORK** 15.3%  | **NEW YORK** 15.3%  | **NEW YORK** 15.3%  |
| **Metropolitan Transportation Auth** | **Metropolitan Transportation Auth** | **Metropolitan Transportation Auth** | **Metropolitan Transportation Auth** | **Metropolitan Transportation Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation RB Series 2020C1  | 4.75% | 11/15/45 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 487424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transportation RB Series 2020C1  | 5.25% | 11/15/55 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 505007 |
| **New York City** | **New York City** | **New York City** | **New York City** | **New York City** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2021 Series F1  | 4.00% | 03/01/47 *(b)* | &nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp; 520171 |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Fiscal 2022 Series D1  | 5.50% | 05/01/46 *(b)* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp; 279002 |
| **New York City Transitional Finance Auth** | **New York City Transitional Finance Auth** | **New York City Transitional Finance Auth** | **New York City Transitional Finance Auth** | **New York City Transitional Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2017 Series E1  | 5.00% | 02/01/43 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 524986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tax Secured Sub Bonds Fiscal 2023 Series A1  | 4.00% | 08/01/48 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 473375 |
| **New York Liberty Development Corp** | **New York Liberty Development Corp** | **New York Liberty Development Corp** | **New York Liberty Development Corp** | **New York Liberty Development Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Goldman Sachs Headquarters) Series 2005  | 5.25% | 10/01/35  | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 549301 |
| **New York State Dormitory Auth** | **New York State Dormitory Auth** | **New York State Dormitory Auth** | **New York State Dormitory Auth** | **New York State Dormitory Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Northwell Health) Series 2022A  | 5.00% | 05/01/52 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 521510 |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Rochester Institute of Technology) Series 2022A  | 5.00% | 07/01/41 *(b)(g)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 549241 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2017A  | 4.00% | 02/15/36 *(b)* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp; 504448 |
| **New York State Urban Development Corp** | **New York State Urban Development Corp** | **New York State Urban Development Corp** | **New York State Urban Development Corp** | **New York State Urban Development Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; State Personal Income Tax RB Series 2020C  | 5.00% | 03/15/47 *(b)* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp; 426559 |

---

**33**

------

Schwab Opportunistic Municipal Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **Port Auth of New York & New Jersey** | **Port Auth of New York & New Jersey** | **Port Auth of New York & New Jersey** | **Port Auth of New York & New Jersey** | **Port Auth of New York & New Jersey** |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 223rd Series  | 4.00% | 07/15/61 *(b)* | 500000 | &nbsp;&nbsp;&nbsp; 430278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Bonds 234th Series  | 5.50% | 08/01/52 *(b)* | 250000 | &nbsp;&nbsp;&nbsp; 269900 |
|  |  |  |  | **6041202** |
| **NORTH CAROLINA** 1.9%  | **NORTH CAROLINA** 1.9%  | **NORTH CAROLINA** 1.9%  | **NORTH CAROLINA** 1.9%  | **NORTH CAROLINA** 1.9%  |
| **Charlotte** | **Charlotte** | **Charlotte** | **Charlotte** | **Charlotte** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport RB (Charlotte Douglas Intl) Series 2021B  | 4.00% | 07/01/51 *(b)* | 250000 | &nbsp;&nbsp;&nbsp; 225922 |
| **Greater Asheville Regional Airport Auth** | **Greater Asheville Regional Airport Auth** | **Greater Asheville Regional Airport Auth** | **Greater Asheville Regional Airport Auth** | **Greater Asheville Regional Airport Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Airport System RB Series 2022A  | 5.50% | 07/01/52 *(b)* | 500000 | &nbsp;&nbsp;&nbsp; 530333 |
|  |  |  |  | **756255** |
| **OKLAHOMA** 1.2%  | **OKLAHOMA** 1.2%  | **OKLAHOMA** 1.2%  | **OKLAHOMA** 1.2%  | **OKLAHOMA** 1.2%  |
| **Oklahoma Development Finance Auth** | **Oklahoma Development Finance Auth** | **Oklahoma Development Finance Auth** | **Oklahoma Development Finance Auth** | **Oklahoma Development Finance Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Health System RB (OU Medicine) Series 2018B  | 5.50% | 08/15/57 *(b)* | 500000 | **453852** |
| **OREGON** 0.4%  | **OREGON** 0.4%  | **OREGON** 0.4%  | **OREGON** 0.4%  | **OREGON** 0.4%  |
| **Beaverton SD #48J** | **Beaverton SD #48J** | **Beaverton SD #48J** | **Beaverton SD #48J** | **Beaverton SD #48J** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022A  | 0.00% | 06/15/48 *(a)(b)(c)* | 500000 | **146517** |
| **PENNSYLVANIA** 5.4%  | **PENNSYLVANIA** 5.4%  | **PENNSYLVANIA** 5.4%  | **PENNSYLVANIA** 5.4%  | **PENNSYLVANIA** 5.4%  |
| **Commonwealth Financing Auth** | **Commonwealth Financing Auth** | **Commonwealth Financing Auth** | **Commonwealth Financing Auth** | **Commonwealth Financing Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement RB Series 2018  | 5.00% | 06/01/35 *(b)* | 500000 | &nbsp;&nbsp;&nbsp; 536677 |
| **Pennsylvania State Turnpike Commission** | **Pennsylvania State Turnpike Commission** | **Pennsylvania State Turnpike Commission** | **Pennsylvania State Turnpike Commission** | **Pennsylvania State Turnpike Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022B  | 5.00% | 12/01/47 *(b)(g)* | 500000 | &nbsp;&nbsp;&nbsp; 530357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sub RB Series 2017B1  | 5.25% | 06/01/47 *(b)* | 250000 | &nbsp;&nbsp;&nbsp; 258500 |
| **Pennsylvania State Univ** | **Pennsylvania State Univ** | **Pennsylvania State Univ** | **Pennsylvania State Univ** | **Pennsylvania State Univ** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022A  | 5.25% | 09/01/52 *(b)* | 250000 | &nbsp;&nbsp;&nbsp; 277873 |
| **Philadelphia** | **Philadelphia** | **Philadelphia** | **Philadelphia** | **Philadelphia** |
| &nbsp;&nbsp;&nbsp;&nbsp; Water & Wastewater RB Series 2019B  | 5.00% | 11/01/54 *(b)* | 500000 | &nbsp;&nbsp;&nbsp; 522686 |
|  |  |  |  | **2126093** |
| **SOUTH CAROLINA** 3.3%  | **SOUTH CAROLINA** 3.3%  | **SOUTH CAROLINA** 3.3%  | **SOUTH CAROLINA** 3.3%  | **SOUTH CAROLINA** 3.3%  |
| **South Carolina Public Service Auth** | **South Carolina Public Service Auth** | **South Carolina Public Service Auth** | **South Carolina Public Service Auth** | **South Carolina Public Service Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022E  | 5.75% | 12/01/47 *(b)* | 750000 | &nbsp;&nbsp;&nbsp; 815473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revenue & Refunding Bonds Series 2016B  | 5.00% | 12/01/56 *(b)* | 500000 | &nbsp;&nbsp;&nbsp; 499534 |
|  |  |  |  | **1315007** |
| **SOUTH DAKOTA** 1.4%  | **SOUTH DAKOTA** 1.4%  | **SOUTH DAKOTA** 1.4%  | **SOUTH DAKOTA** 1.4%  | **SOUTH DAKOTA** 1.4%  |
| **Tea Area SD #41-5** | **Tea Area SD #41-5** | **Tea Area SD #41-5** | **Tea Area SD #41-5** | **Tea Area SD #41-5** |
| &nbsp;&nbsp;&nbsp;&nbsp; GO Bonds Series 2022A  | 5.00% | 08/01/47 *(b)* | 500000 | **539385** |
| **TENNESSEE** 2.6%  | **TENNESSEE** 2.6%  | **TENNESSEE** 2.6%  | **TENNESSEE** 2.6%  | **TENNESSEE** 2.6%  |
| **Chattanooga Health Educational & Housing Facilities Board** | **Chattanooga Health Educational & Housing Facilities Board** | **Chattanooga Health Educational & Housing Facilities Board** | **Chattanooga Health Educational & Housing Facilities Board** | **Chattanooga Health Educational & Housing Facilities Board** |
| &nbsp;&nbsp;&nbsp;&nbsp; Student Housing Refunding RB (CDFI Univ of Tennessee at Chattanooga) Series 2015  | 5.00% | 10/01/29 *(b)* | 500000 | &nbsp;&nbsp;&nbsp; 504296 |
| **Metropolitan Nashville Airport Auth** | **Metropolitan Nashville Airport Auth** | **Metropolitan Nashville Airport Auth** | **Metropolitan Nashville Airport Auth** | **Metropolitan Nashville Airport Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB Series 2022B  | 5.25% | 07/01/47 *(b)(g)* | 500000 | &nbsp;&nbsp;&nbsp; 523399 |
|  |  |  |  | **1027695** |

---

**34** 

------

Schwab Opportunistic Municipal Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; ISSUER<br> TYPE OF SECURITY, SERIES<br>| RATE | MATURITY | FACE<br> AMOUNT ($)<br>| VALUE ($) |
| **TEXAS** 11.8%  | **TEXAS** 11.8%  | **TEXAS** 11.8%  | **TEXAS** 11.8%  | **TEXAS** 11.8%  |
| **Bullard ISD** | **Bullard ISD** | **Bullard ISD** | **Bullard ISD** | **Bullard ISD** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2022  | 5.00% | 02/15/47 *(a)(b)* | 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 383529 |
| **Harris Cnty Cultural Education Facilities Finance Corp** | **Harris Cnty Cultural Education Facilities Finance Corp** | **Harris Cnty Cultural Education Facilities Finance Corp** | **Harris Cnty Cultural Education Facilities Finance Corp** | **Harris Cnty Cultural Education Facilities Finance Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Houston Methodist) Series 2020B  | 1.00% | 12/01/59 *(b)(d)* | 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 650000 |
| **Lower Neches Valley Auth** | **Lower Neches Valley Auth** | **Lower Neches Valley Auth** | **Lower Neches Valley Auth** | **Lower Neches Valley Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Exempt Facilities Refunding RB (ExxonMobil) Series 2001B  | 1.05% | 11/01/29 *(b)(d)* | 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 875000 |
| **McKinney** | **McKinney** | **McKinney** | **McKinney** | **McKinney** |
| &nbsp;&nbsp;&nbsp;&nbsp; Waterworks & Sewer System RB Series 2022  | 5.00% | 03/15/42 *(b)* | 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 443542 |
| **New Hope Cultural Educational Facilities Corp** | **New Hope Cultural Educational Facilities Corp** | **New Hope Cultural Educational Facilities Corp** | **New Hope Cultural Educational Facilities Corp** | **New Hope Cultural Educational Facilities Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; Education RB (Beta Academy) Series 2019A  | 5.00% | 08/15/49 *(b)* | 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 452245 |
| **Newark Higher Education Finance Corp** | **Newark Higher Education Finance Corp** | **Newark Higher Education Finance Corp** | **Newark Higher Education Finance Corp** | **Newark Higher Education Finance Corp** |
| &nbsp;&nbsp;&nbsp;&nbsp; Education RB (The Hughen Center) Series 2022A  | 5.00% | 08/15/57 *(a)(b)* | 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 508600 |
| **North Texas Tollway Auth** | **North Texas Tollway Auth** | **North Texas Tollway Auth** | **North Texas Tollway Auth** | **North Texas Tollway Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; 1st Tier System Revenue & Refunding Bonds Series 2017A  | 5.00% | 01/01/43 *(b)* | 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 523167 |
| **Texas Transportation Commission** | **Texas Transportation Commission** | **Texas Transportation Commission** | **Texas Transportation Commission** | **Texas Transportation Commission** |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Turnpike System 2nd Tier Refunding RB Series 2015C  | 5.00% | 08/15/34 *(b)* | 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 816006 |
|  |  |  |  | **4652089** |
| **VIRGINIA** 1.3%  | **VIRGINIA** 1.3%  | **VIRGINIA** 1.3%  | **VIRGINIA** 1.3%  | **VIRGINIA** 1.3%  |
| **Lynchburg Economic Development Auth** | **Lynchburg Economic Development Auth** | **Lynchburg Economic Development Auth** | **Lynchburg Economic Development Auth** | **Lynchburg Economic Development Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Central Health Obligated Group) Series 2021  | 4.00% | 01/01/41 *(b)* | 535000 | **493638** |
| **WASHINGTON** 3.6%  | **WASHINGTON** 3.6%  | **WASHINGTON** 3.6%  | **WASHINGTON** 3.6%  | **WASHINGTON** 3.6%  |
| **East Pierce Fire & Rescue** | **East Pierce Fire & Rescue** | **East Pierce Fire & Rescue** | **East Pierce Fire & Rescue** | **East Pierce Fire & Rescue** |
| &nbsp;&nbsp;&nbsp;&nbsp; ULT GO Bonds Series 2022  | 5.00% | 12/01/38 *(b)* | 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 890757 |
| **Port Vancouver Washington** | **Port Vancouver Washington** | **Port Vancouver Washington** | **Port Vancouver Washington** | **Port Vancouver Washington** |
| &nbsp;&nbsp;&nbsp;&nbsp; LT GO Bonds Series 2022A  | 5.00% | 12/01/33 *(b)* | 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 545172 |
|  |  |  |  | **1435929** |
| **WISCONSIN** 1.1%  | **WISCONSIN** 1.1%  | **WISCONSIN** 1.1%  | **WISCONSIN** 1.1%  | **WISCONSIN** 1.1%  |
| **Wisconsin Health & Educational Facilities Auth** | **Wisconsin Health & Educational Facilities Auth** | **Wisconsin Health & Educational Facilities Auth** | **Wisconsin Health & Educational Facilities Auth** | **Wisconsin Health & Educational Facilities Auth** |
| &nbsp;&nbsp;&nbsp;&nbsp; RB (Woodland Hill Sr Housing) Series 2014  | 5.25% | 12/01/49 *(b)* | 500000 | **423736** |
| **WYOMING** 1.0%  | **WYOMING** 1.0%  | **WYOMING** 1.0%  | **WYOMING** 1.0%  | **WYOMING** 1.0%  |
| **Laramie Cnty** | **Laramie Cnty** | **Laramie Cnty** | **Laramie Cnty** | **Laramie Cnty** |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospital Refunding RB (Cheyenne Regional Medical Center) Series 2021  | 3.00% | 05/01/42 *(b)* | 500000 | **381939** |
| **Total Municipal Securities**<br> **(Cost $43,047,321)** | **Total Municipal Securities**<br> **(Cost $43,047,321)** | **Total Municipal Securities**<br> **(Cost $43,047,321)** | **Total Municipal Securities**<br> **(Cost $43,047,321)** | **40543585** |
| **Total Investments in Securities**<br> **(Cost $43,047,321)** | **Total Investments in Securities**<br> **(Cost $43,047,321)** | **Total Investments in Securities**<br> **(Cost $43,047,321)** | **Total Investments in Securities**<br> **(Cost $43,047,321)** | **40543585** |

---

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

**35**

------

Schwab Opportunistic Municipal Bond Fund

**Portfolio Holdings** (Unaudited) continued

------

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* The securities are in default and are not making full payments of interest and principal when due. The securities are making
 semi-annual distributions of variable amounts of cash flow. These amounts are determined by factors including, but not limited to, property occupancy levels, per unit rental
 rates and capital reinvestment expenses. The coupon accrual rate utilized by the Fund is reviewed at least annually and will generally be based on interest payments
 received historically along with any known changes in the previously mentioned factors.

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

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

---

| | |
|:---|:---|
| BAN — | Bond anticipation note |
| GO — | General obligation |
| ISD — | Independent school district |
| LT — | Limited tax |
| RB — | Revenue bond |
| SD — | School district |
| SIFMA — | Securities Industry and Financial Markets Association. The SIFMA Municipal Swap Index is a market index comprised of high-grade 7-day tax-exempt Variable Rate <br> Demand Obligations with certain characteristics.<br>|
| ULT — | Unlimited tax |
| USD — | Unified school district |
| VRDN — | Variable rate demand note |

---

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

------

The following is a summary of the inputs used to value the fund's investments as of November 30, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT<br> UNOBSERVABLE INPUTS<br> (LEVEL 3)<br>| TOTAL |
| **Assets** |  |  |  |  |
| Municipal Securities<sup>1</sup> <br>| $— | $40543585 | $— | $40543585 |
| **Total** | **$—** | **$40543585** | **$—** | **$40543585** |

---

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

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

**36** 

------

Schwab Municipal Bond Funds

**Notes to Portfolio Holdings (Unaudited)** 

------

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 — quoted prices in active markets for identical securities — Investments whose values are based on quoted market prices in active markets, and whose values are therefore classified as Level 1 prices, include active listed equities.

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

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

**37**

------

Schwab Municipal Bond Funds

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

------

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

REG89446NOV22

**38** 

------

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** SAN FRANCISCO

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 94105

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

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

- **a. Name of Series:** Schwab California Tax-Free Bond Fund

- **b. EDGAR series identifier (if any):** S000006818

- **c. LEI of Series:** 549300IO883LGHG5V969

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

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $406285173.56

**Total Liabilities:** $3111793.65

**Net Assets:** $403173379.91

**Delayed Delivery Securities:** $2108180.00

**Cash Not Reported:** $123379.96

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 145.06000000 | **1-Year:** 8462.70000000 | **5-Year:** 32962.83000000 | **10-Year:** 82269.62000000 | **30-Year:** 75868.95000000

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

- **3-Month:** 0.00000000 | **1-Year:** 275.86000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** 5324.40000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000018451 | -2.98%               | -0.36%               | 3.41%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-3169544.31             | $-10202008.53                              |
| Month 2  | $-700018.06              | $-1721483.43                               |
| Month 3  | $-1285995.63             | $14194036.11                               |

### Schedule of Portfolio Investments

| Name                                                        | Title                                                                                     | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| California Municipal Finance Auth                           | RB (Univ of La Verne) Series 2017A                                                        | CUSIP: 13048T2J1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079842.40   | 0.27%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sierra View Healthcare District                             | Refunding RB Series 2020                                                                  | CUSIP: 82650PDL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    645000 | PA      | $700977.81    | 0.17%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank       | RB Series 2021B                                                                           | CUSIP: 13035ABZ1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    600000 | PA      | $584094.66    | 0.14%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Auth           | Hospital Refunding RB (Methodist Hospital of Southern California) Series 2018             | CUSIP: 13081KAM2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1790577.36   | 0.44%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Auth                      | RB (University of Redlands) Series 2022A                                                  | CUSIP: 130179UQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3060553.50   | 0.76%             | 2044-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Auth           | RB (Viamonte Sr Living 1) Series 2018A                                                    | CUSIP: 13080SUP7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    235000 | PA      | $260927.43    | 0.06%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Auth           | RB (Viamonte Sr Living 1) Series 2018A                                                    | CUSIP: 13080SUU6<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    275000 | PA      | $279507.53    | 0.07%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | Refunding RB (Institute of Aging) Series 2017                                             | CUSIP: 13048T3Q4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $273094.48    | 0.07%             | 2033-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland USD                                                 | GO Refunding Bonds Series 2017C                                                           | CUSIP: 672325E78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2165740.40   | 0.54%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Finance Auth                    | Clean Energy RB Series 2021A                                                              | CUSIP: 13013JAX4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4020618.40   | 1.00%             | 2052-10-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| San Mateo Foster City Public Finance Auth                   | RB Series 2020A                                                                           | CUSIP: 799056AS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $272944.33    | 0.07%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Cnty Regional Transportation Commission           | Sales Tax RB Series 2008B                                                                 | CUSIP: 797400FG8<br>LEI: W4FR340A6EQ2SSI17B56 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1000000.00   | 0.25%             | 2038-04-01      | Floating      | 1.46%                 | No            |                  2 | On Loan: No      |
| Hastings College of the Law                                 | Refunding Bonds Series 2017                                                               | CUSIP: 418342CF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $195063.66    | 0.05%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Richmond California Redevelopment Agency                    | Refunding RB Series 2021A                                                                 | CUSIP: 86460EBN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $306404.40    | 0.08%             | 2024-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Auth                 | RB (CommonSpirit Health) Series 2020A                                                     | CUSIP: 13032UWZ7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2378408.50   | 0.59%             | 2038-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Riverside Cnty Transportation Commission                    | Sr Lien Toll Refunding RB Series 2021B1                                                   | CUSIP: 76912DAX6<br>LEI: 5493003G0IESJS57M350 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $3824893.20   | 0.95%             | 2040-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Diablo Water District                                       | Water Revenue COP Series 2019                                                             | CUSIP: 25245ABT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $400517.28    | 0.10%             | 2023-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Cnty Tobacco Securitization Agency               | Tobacco Settlement (Gold Country) Sr Refunding Bonds Series 2020A                         | CUSIP: 13016NHU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1095000 | PA      | $1039809.04   | 0.26%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | COP Series 2022A                                                                          | CUSIP: 130493CL1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2113006.40   | 0.52%             | 2052-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Oxnard                                                      | Lease Refunding RB Series 2018                                                            | CUSIP: 691875CT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1376504.13   | 0.34%             | 2033-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Joaquin Hills Transportation Corridor Agency Toll       | Toll Road Sr. Lien Refunding RB Series 2021A                                              | CUSIP: 798111GN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2252780.75   | 0.56%             | 2050-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Placer Wastewater Auth                                | Wastewater Refunding RB Series 2020                                                       | CUSIP: 839423CT5<br>LEI: 549300FGO2EDNXECW829 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1177620.80   | 0.29%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Osos Community Facilities Wastewater Assessment Distric | Limited Obligation Refunding Bonds Series 2019                                            | CUSIP: 54559PAS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    675000 | PA      | $698537.93    | 0.17%             | 2024-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakley Successor Redevelopment Agency                       | Tax Allocation Refunding Bonds Series 2018                                                | CUSIP: 673638BA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    660000 | PA      | $730471.90    | 0.18%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Hills CCD                                              | GO Refunding Bonds Series 2016B                                                           | CUSIP: 95330PGY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $337642.46    | 0.08%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Desert CCD                                                  | GO Bonds Series 2018                                                                      | CUSIP: 250375HU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $508479.50    | 0.13%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District                         | Water System Refunding Bonds Series 2015A                                                 | CUSIP: 271014ZC9<br>LEI: 549300IZZ5HKLDKRTF96 | Long             | DBT              | MUN               | US        |    475000 | PA      | $501557.87    | 0.12%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rosedale-Rio Bravo Water Storage District                   | Refunding RB Series 2020A                                                                 | CUSIP: 77735AAW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512097.65    | 0.13%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified Port District                             | Refunding RB Series 2013A                                                                 | CUSIP: 797352BK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $559013.51    | 0.14%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palmdale SD                                                 | GO Bonds Series 2017B                                                                     | CUSIP: 696735NT2<br>LEI: 549300YBE1L2RGBY7L18 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2690066.00   | 0.67%             | 2042-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | Insured Refunding RB (Channing House) Series 2017A                                        | CUSIP: 13048TZ48<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1040000 | PA      | $1130374.54   | 0.28%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland USD                                                 | GO Bonds Series 2015A                                                                     | CUSIP: 672325XH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $622336.86    | 0.15%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Tahoe USD                                              | GO Refunding Bonds Series 2019                                                            | CUSIP: 511012ND4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $396886.46    | 0.10%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Auth                 | Insured RB (Northern CA Presbyterian Home & Services) Series 2015                         | CUSIP: 13033L7E1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    175000 | PA      | $177407.76    | 0.04%             | 2023-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | RB (Inland Christian Home) Series 2020                                                    | CUSIP: 13048VPS1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $494030.30    | 0.12%             | 2039-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial, Tourist, Educational, Medical & Env | Hospital Refunding RB Series 2021                                                         | CUSIP: 74527EFP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $839831.70    | 0.21%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Discovery Bay Public Financing Auth                         | Water & Wastewater Enterprise RB Series 2022                                              | CUSIP: 25471TCJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4411732.40   | 1.09%             | 2052-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Independent Cities Finance Auth                             | Mobile Home Park Refunding RB (Union City Tropics) Series 2019                            | CUSIP: 45385LMQ3<br>LEI: 549300ZZZYTBUL6FR983 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2064916.80   | 0.51%             | 2048-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Reedley                                                     | Water Refunding RB Series 2017                                                            | CUSIP: 758334AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    540000 | PA      | $573135.26    | 0.14%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Auth           | RB (Redlands Community Hospital) Series 2016                                              | CUSIP: 13080SPD0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    800000 | PA      | $834470.80    | 0.21%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Auth                                          | Toll Bridge RB Series 2017H                                                               | CUSIP: 072024UR1<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2924331.60   | 0.73%             | 2053-04-01      | Floating      | 2.13%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Auth           | Insured Health Facility Refunding RB (Los Angeles Jewish Home for the Aging) Series 2019A | CUSIP: 13080SXB5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    735000 | PA      | $809525.47    | 0.20%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Diablo Water District                                       | Water Revenue COP Series 2019                                                             | CUSIP: 25245ABZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    505000 | PA      | $532217.78    | 0.13%             | 2029-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Truckee Donner Public Utility District                      | Water System Refunding RB Series 2015                                                     | CUSIP: 89781PAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $664162.47    | 0.16%             | 2023-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Clovis                                                      | Wastewater Refunding RB Series 2015                                                       | CUSIP: 18934VBG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1060000 | PA      | $1131860.90   | 0.28%             | 2030-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Inglewood Successor Redevelopment Agency                    | Sub Lien Tax Allocation RB Series 2017A                                                   | CUSIP: 34637QAJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $531602.35    | 0.13%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ceres Successor Redevelopment Agency                        | Sub Tax Allocation Refunding Bonds Series 2020                                            | CUSIP: 156747BJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $517883.75    | 0.13%             | 2034-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rosedale-Rio Bravo Water Storage District                   | Refunding RB Series 2020A                                                                 | CUSIP: 77735ABB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    855000 | PA      | $947904.90    | 0.24%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oxnard SD                                                   | GO Bonds Series D                                                                         | CUSIP: 692020H94<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1584376.75   | 0.39%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bay Area Toll Auth                                          | Toll Bridge RB Series 2006C1                                                              | CUSIP: 072024SU7<br>LEI: 5493001FUZGUQMIP5D78 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5002835.00   | 1.24%             | 2045-04-01      | Floating      | 2.80%                 | No            |                  2 | On Loan: No      |
| California Cnty Tobacco Securitization Agency               | Tobacco Settlement Sr RB (Sonoma Cnty Securitization Corp) Series 2020A                   | CUSIP: 13016NGF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | PA      | $215545.01    | 0.05%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kern CCD                                                    | GO BANs 2020                                                                              | CUSIP: 492244FY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4126834.74   | 1.02%             | 2023-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| East Bay Municipal Utility District                         | Water System RB Series 2022A                                                              | CUSIP: 271014M33<br>LEI: 549300IZZ5HKLDKRTF96 | Long             | DBT              | MUN               | US        |   1315000 | PA      | $1486476.92   | 0.37%             | 2052-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Los Angeles Cnty Sanitation Districts Financing Auth        | Sub RB (District #14) Series 2015A                                                        | CUSIP: 545149JL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3880000 | PA      | $4153411.18   | 1.03%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | Refunding RB (Southwestern Law School) Series 2021                                        | CUSIP: 13048VB31<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    260000 | PA      | $250303.30    | 0.06%             | 2034-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Truckee Donner Public Utility District                      | Water System Revenue COP Series 2022A                                                     | CUSIP: 897819AS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3925000 | PA      | $4303531.32   | 1.07%             | 2052-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Mountain View Shoreline Regional Park Community             | RB Series 2011A                                                                           | CUSIP: 624410GX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $700191.94    | 0.17%             | 2040-08-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Novato                                                      | Special Tax Refunding Bonds Series 2020                                                   | CUSIP: 669883GU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $156431.75    | 0.04%             | 2032-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Harbor Dept                                     | RB Series 2014C                                                                           | CUSIP: 544552YE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1505030.55   | 0.37%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Independent Cities Finance Auth                             | Mobile Home Park Refunding RB (Union City Tropics) Series 2019                            | CUSIP: 45385LMC4<br>LEI: 549300ZZZYTBUL6FR983 | Long             | DBT              | MUN               | US        |    780000 | PA      | $794730.30    | 0.20%             | 2025-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Chino Valley USD                                            | GO Bonds Series 2022C                                                                     | CUSIP: 169583JF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $370148.30    | 0.09%             | 2031-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Beverly Hills USD                                           | GO Bonds Series 2017                                                                      | CUSIP: 088023LX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7705000 | PA      | $4876467.53   | 1.21%             | 2034-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Municipal Improvement Corp                      | Lease RB Series 2014A                                                                     | CUSIP: 544587ZP6<br>LEI: 549300ZJ0YLTZNSR8F57 | Long             | DBT              | MUN               | US        |   1050000 | PA      | $1085858.97   | 0.27%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | Insured Refunding RB (Channing House) Series 2017A                                        | CUSIP: 13048TY56<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    350000 | PA      | $381904.11    | 0.09%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Auth of Northern California          | Sr Refunding Bonds (Sacramento Cnty Tobacco Corp) Series 2021A1                           | CUSIP: 888794BX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $860611.90    | 0.21%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oxnard SD                                                   | GO Bonds Series D                                                                         | CUSIP: 692020J27<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1685000 | PA      | $1791728.07   | 0.44%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Tahoe USD                                              | GO Refunding Bonds Series 2019                                                            | CUSIP: 511012NB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $572329.84    | 0.14%             | 2026-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oakley Successor Redevelopment Agency                       | Tax Allocation Refunding Bonds Series 2018                                                | CUSIP: 673638AZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $554388.90    | 0.14%             | 2030-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Cnty Tobacco Securitization Agency               | Tobacco Settlement (Los Angeles Cnty Securitization) Sr RB Series 2020A                   | CUSIP: 13016NEZ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $861987.70    | 0.21%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chico                                                       | Sewer Refunding RB Series 2020                                                            | CUSIP: 168519AG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $347028.64    | 0.09%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Cnty                                              | RB (Sanford Burnham Institute) Series 2015A                                               | CUSIP: 79742YAH5<br>LEI: 254900MKIGRAYVDUZ926 | Long             | DBT              | MUN               | US        |    745000 | PA      | $754205.89    | 0.19%             | 2023-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Novato                                                      | Special Tax Refunding Bonds Series 2020                                                   | CUSIP: 669883GQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $210004.36    | 0.05%             | 2028-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cathedral City Successor Redevelopment Agency               | Tax Allocation Refunding RB Series 2021A                                                  | CUSIP: 14916YCU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029088.90   | 0.26%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | Refunding RB (Biola Univ) Series 2017                                                     | CUSIP: 13048TV67<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    155000 | PA      | $161720.13    | 0.04%             | 2025-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rosedale-Rio Bravo Water Storage District                   | Refunding RB Series 2020A                                                                 | CUSIP: 77735AAY3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $876287.78    | 0.22%             | 2026-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chico                                                       | Sewer Refunding RB Series 2020                                                            | CUSIP: 168519AC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | PA      | $625000.00    | 0.16%             | 2022-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cathedral City Successor Redevelopment Agency               | Tax Allocation Refunding RB Series 2021A                                                  | CUSIP: 14916YCS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    475000 | PA      | $497354.78    | 0.12%             | 2032-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank       | RB Series 2021B                                                                           | CUSIP: 13035ACB3<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    650000 | PA      | $621076.24    | 0.15%             | 2040-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Auth                 | RB (Childrens Hospital of Orange Cnty) Series 2019A                                       | CUSIP: 13032UTK4<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    500000 | PA      | $536800.30    | 0.13%             | 2029-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Vernon                                                      | Electric System RB Series 2021A                                                           | CUSIP: 924397EK4<br>LEI: 549300RGLMUYL6QZZG27 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2091317.00   | 0.52%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Upland                                                      | COP (San Antonio Regional Hospital) Series 2017                                           | CUSIP: 915346FM7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1223621.28   | 0.30%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Beach Harbor Dept                                      | Refunding RB Series 2020B                                                                 | CUSIP: 542424WF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1443325.17   | 0.36%             | 2023-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Imperial USD                                                | GO Bonds Series A                                                                         | CUSIP: 452678HJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1430000 | PA      | $1592771.47   | 0.40%             | 2043-08-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | Refunding RB (HumanGood California) Series 2019A                                          | CUSIP: 13048VKQ0<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    750000 | PA      | $755011.28    | 0.19%             | 2030-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southern California Metropolitan Water District             | Water Refunding RB Series 2022B                                                           | CUSIP: 59266TUZ2<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5110665.50   | 1.27%             | 2028-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Palo Alto                                                   | COP Series 2019A                                                                          | CUSIP: 697364FB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2163398.60   | 0.54%             | 2044-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Cnty Tobacco Securitization Agency               | Tobacco Settlement (Los Angeles Cnty Securitization) RB Series 2020A                      | CUSIP: 13016NEV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | PA      | $294393.92    | 0.07%             | 2037-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Merced UHSD                                                 | GO Refunding Bonds Series 2015                                                            | CUSIP: 587635FP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2550000 | PA      | $642298.59    | 0.16%             | 2049-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sierra View Healthcare District                             | RB Series 2019                                                                            | CUSIP: 82650PCQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    915000 | PA      | $939433.06    | 0.23%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Public Utilities Commission                   | Water RB Series 2017A                                                                     | CUSIP: 79765RS42<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2072105.60   | 0.51%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Auth           | RB (Adventist Health System) Series 2007A                                                 | CUSIP: 13080SYC2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1715000 | PA      | $1822092.66   | 0.45%             | 2037-03-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Pleasant Hill Recreation & Park District                    | Refunding GO Bonds Series 2017                                                            | CUSIP: 728343CZ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $841859.87    | 0.21%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | Refunding RB (Institute of Aging) Series 2017                                             | CUSIP: 13048T3L5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $274208.78    | 0.07%             | 2029-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Financing Auth                  | RB Series 2022A1                                                                          | CUSIP: 13013JBJ4<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5000914.00   | 1.24%             | 2053-05-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Successor Redevelopment Agency                | Subordinate Tax Allocation Refunding Bonds Series 2014C                                   | CUSIP: 79770GBJ4<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |    165000 | PA      | $171145.14    | 0.04%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Novato                                                      | Special Tax Refunding Bonds Series 2020                                                   | CUSIP: 669883GL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101972.58    | 0.03%             | 2024-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Cnty Tobacco Securitization Agency               | Tobacco Settlement Sr RB (Sonoma Cnty Securitization Corp) Series 2020A                   | CUSIP: 13016NGG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $181662.34    | 0.05%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Airport Commission                            | RB 2nd Series 2019E                                                                       | CUSIP: 79766DRX9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2550383.85   | 0.63%             | 2039-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Dept of Airports                                | Sr Refunding RB Series 2018B                                                              | CUSIP: 544445FC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1785549.00   | 0.44%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Susanville Natural Gas                                      | Natural Gas Refunding RB Series 2019                                                      | CUSIP: 869082AP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    580000 | PA      | $608629.84    | 0.15%             | 2033-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alameda City USD                                            | GO Bonds Series C                                                                         | CUSIP: 010824LR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $115770.71    | 0.03%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Rosedale-Rio Bravo Water Storage District                   | Refunding RB Series 2020A                                                                 | CUSIP: 77735AAV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $811585.74    | 0.20%             | 2023-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Discovery Bay Public Financing Auth                         | Water & Wastewater RB Series 2017                                                         | CUSIP: 25471TBA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $261315.43    | 0.06%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alameda Corridor Transportation Auth                        | Sr Lien Refunding RB Series 2022A                                                         | CUSIP: 010869JQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $1437652.80   | 0.36%             | 2050-10-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Peralta CCD                                                 | GO Bonds Series 2022B                                                                     | CUSIP: 713575XT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2540734.00   | 0.63%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Beverly Hills USD                                           | GO Bonds Series 2009                                                                      | CUSIP: 088023HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    555000 | PA      | $497566.94    | 0.12%             | 2026-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank       | Refunding RB (Cal ISO Corp) Series 2013                                                   | CUSIP: 13034ADK3<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   4130000 | PA      | $4147513.68   | 1.03%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Cnty Tobacco Securitization Agency               | Tobacco Settlement Sr RB (Sonoma Cnty Securitization Corp) Series 2020A                   | CUSIP: 13016NGH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $234926.71    | 0.06%             | 2026-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Cruz Cnty Capital Financing Auth                      | Lease RB Series 2014                                                                      | CUSIP: 80181PAK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $176172.40    | 0.04%             | 2024-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Northern California Energy Auth                             | Commodity Supply RB Series 2018                                                           | CUSIP: 664840AC9<br>LEI: 5493001ZIJGWU7HYLH34 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3060578.40   | 0.76%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Inglewood USD                                               | GO Bonds Series B                                                                         | CUSIP: 457110LH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    720000 | PA      | $763603.99    | 0.19%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Unified Port District                             | Refunding RB Series 2013A                                                                 | CUSIP: 797352BM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $249208.93    | 0.06%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Auth                              | School Facility RB (Kipp LA) Series 2017A                                                 | CUSIP: 13059TEV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    590000 | PA      | $602736.09    | 0.15%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Auth           | RB (Loma Linda Univ Medical Center) Series 2018A                                          | CUSIP: 13080SVL5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2525782.00   | 0.63%             | 2043-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Chico                                                       | Sewer Refunding RB Series 2020                                                            | CUSIP: 168519AH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $469115.72    | 0.12%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Auth           | Salinas Transportation Revenue COPs Series 2018B                                          | CUSIP: 13079XBJ4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1475000 | PA      | $1612938.90   | 0.40%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland USD                                                 | GO Bonds Series 2019A                                                                     | CUSIP: 672325G92<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1648993.50   | 0.41%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Successor Redevelopment Agency                | Subordinate Tax Allocation Refunding Bonds Series 2014C                                   | CUSIP: 79770GBH8<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |    150000 | PA      | $155657.96    | 0.04%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Livermore Valley Joint USD                                  | GO Bonds Series 2019                                                                      | CUSIP: 538310J95<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    430000 | PA      | $446358.79    | 0.11%             | 2030-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Osos Community Facilities Wastewater Assessment Distric | Limited Obligation Refunding Bonds Series 2019                                            | CUSIP: 54559PAU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    740000 | PA      | $792183.17    | 0.20%             | 2026-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Guam Power Auth                                             | Refunding RB Series 2022A                                                                 | CUSIP: 400653JX0<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2136256.20   | 0.53%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Successor Redevelopment Agency                | Subordinate Tax Allocation Refunding Bonds Series 2014C                                   | CUSIP: 79770GBM7<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |    430000 | PA      | $445705.62    | 0.11%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Auth                              | School Facility RB (Kipp LA) Series 2017A                                                 | CUSIP: 13059TEQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200870.84    | 0.05%             | 2023-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Cruz Cnty Capital Financing Auth                      | Lease RB Series 2014                                                                      | CUSIP: 80181PAL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $181689.06    | 0.05%             | 2025-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Auth                 | Refunding RB (Marshall Medical Center) Series 2015                                        | CUSIP: 13033L6P7<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    800000 | PA      | $835497.60    | 0.21%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sierra View Healthcare District                             | RB Series 2019                                                                            | CUSIP: 82650PCR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1270000 | PA      | $1288551.02   | 0.32%             | 2025-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Novato                                                      | Special Tax Refunding Bonds Series 2020                                                   | CUSIP: 669883GT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $297541.00    | 0.07%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Redevelopment Agency                              | Tax Allocation Refunding Bonds Series 2017                                                | CUSIP: 513802DT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    820000 | PA      | $880680.90    | 0.22%             | 2029-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oxnard                                                      | Lease Refunding RB Series 2018                                                            | CUSIP: 691875CU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1235000 | PA      | $1357367.01   | 0.34%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakley Successor Redevelopment Agency                       | Tax Allocation Refunding Bonds Series 2018                                                | CUSIP: 673638BC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    725000 | PA      | $798282.42    | 0.20%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chico                                                       | Sewer Refunding RB Series 2020                                                            | CUSIP: 168519AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $504879.12    | 0.13%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sanger Public Financing Auth                                | Lease RB Series 2020A                                                                     | CUSIP: 80083CBH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $736518.45    | 0.18%             | 2040-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial, Tourist, Educational, Medical & Env | Hospital Refunding RB Series 2021                                                         | CUSIP: 74527EFJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $750902.53    | 0.19%             | 2028-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank       | RB Series 2021B                                                                           | CUSIP: 13035ACA5<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    630000 | PA      | $607984.27    | 0.15%             | 2039-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Airport Commission                            | RB Series 2018G                                                                           | CUSIP: 79766DRP6<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2846457.18   | 0.71%             | 2027-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cathedral City Successor Redevelopment Agency               | Sub Tax Allocation Refunding RB Series 2021C                                              | CUSIP: 14916YDS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     70000 | PA      | $73176.25     | 0.02%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | Refunding RB (Institute of Aging) Series 2017                                             | CUSIP: 13048T3N1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    575000 | PA      | $630277.74    | 0.16%             | 2031-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside Cnty                                              | Lease Refunding RB Series 2015A                                                           | CUSIP: 76913DEW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1086139.45   | 0.27%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Beach Harbor Dept                                      | Sr Airport RB Series 2022C                                                                | CUSIP: 542403DR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1051266.90   | 0.26%             | 2047-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Guam Power Auth                                             | Refunding RB Series 2022A                                                                 | CUSIP: 400653KE0<br>LEI: 549300IPOV320QCKW060 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1227945.05   | 0.30%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank       | Refunding RB (Los Angeles Cnty Museum of Art) Series 2021A                                | CUSIP: 13034AN30<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2605388.40   | 0.65%             | 2050-12-01      | Floating      | 1.20%                 | No            |                  2 | On Loan: No      |
| Carpinteria Valley Water District                           | Refunding RB Series 2020A                                                                 | CUSIP: 14440RBG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $225842.00    | 0.06%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Discovery Bay Public Financing Auth                         | Water & Wastewater RB Series 2017                                                         | CUSIP: 25471TBB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $277305.55    | 0.07%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Jacinto USD                                             | GO Bonds Series 2017                                                                      | CUSIP: 797848HR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $994394.15    | 0.25%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland                                                     | GO Refunding Bonds Series 2015A                                                           | CUSIP: 672240SZ2<br>LEI: 549300BRTTFKDQCGL048 | Long             | DBT              | MUN               | US        |    620000 | PA      | $656991.74    | 0.16%             | 2031-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | COP Series 2022A                                                                          | CUSIP: 130493CD9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $108484.56    | 0.03%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Golden West Schools Financing Auth                          | GO RB (Rowland USD) Series 2005                                                           | CUSIP: 38134LAV4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1675000 | PA      | $1750617.21   | 0.43%             | 2024-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Los Angeles Dept of Water & Power                           | Power System RB Series 2015A                                                              | CUSIP: 544495M27<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   3015000 | PA      | $3164491.54   | 0.78%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hastings College of the Law                                 | Refunding Bonds Series 2017                                                               | CUSIP: 418342CE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    175000 | PA      | $189132.72    | 0.05%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Auth                              | RB (Sharp Healthcare) Series 2017B                                                        | CUSIP: 13057EBD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $615000.00    | 0.15%             | 2052-08-01      | Floating      | 0.55%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | Refunding RB (Southwestern Law School) Series 2021                                        | CUSIP: 13048VB56<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    115000 | PA      | $108464.57    | 0.03%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank       | RB (Academy of Motion Picture Arts & Sciences) Series 2015A                               | CUSIP: 13034AHR4<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1669949.92   | 0.41%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pacifica                                                    | Wastewater RB Series 2017                                                                 | CUSIP: 695103AL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1030000 | PA      | $1125427.13   | 0.28%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oceanside Successor Redevelopment Agency                    | Tax Allocation Refunding Bonds Series 2015A                                               | CUSIP: 67537RAJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $622974.30    | 0.15%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | COP Series 2022A                                                                          | CUSIP: 130493CA5<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $106106.57    | 0.03%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ontario Int'l Airport                                       | RB Series 2021B                                                                           | CUSIP: 683042AU9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $587934.39    | 0.15%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fresno USD                                                  | GO Bonds Series 2016A                                                                     | CUSIP: 3582324K9<br>LEI: 549300WL4QIP65TFU882 | Long             | DBT              | MUN               | US        |   1120000 | PA      | $761476.35    | 0.19%             | 2033-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Sierra View Healthcare District                             | Refunding RB Series 2020                                                                  | CUSIP: 82650PDH5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    630000 | PA      | $670794.71    | 0.17%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oxnard Financing Auth                                       | Wastewater Refunding RB Series 2014                                                       | CUSIP: 691878BM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1810033.93   | 0.45%             | 2024-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Cnty Tobacco Securitization Agency               | Tobacco Settlement (Gold Country) Sub Refunding Bonds Series 2020B1                       | CUSIP: 13016NJA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $187691.23    | 0.05%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cathedral City Successor Redevelopment Agency               | Tax Allocation Refunding RB Series 2021A                                                  | CUSIP: 14916YCR8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    375000 | PA      | $394692.45    | 0.10%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Diego Assoc of Governments                              | Capital Grant Receipts RB (Mid Coast Corridor Transit) Series 2019A                       | CUSIP: 797258AC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2613160.00   | 0.65%             | 2025-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hastings College of the Law                                 | Refunding Bonds Series 2017                                                               | CUSIP: 418342CC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $419088.60    | 0.10%             | 2025-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oxnard                                                      | Lease Refunding RB Series 2018                                                            | CUSIP: 691875CV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    770000 | PA      | $840956.89    | 0.21%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ross Valley Public Financing Auth                           | RB (Marin Cnty Sanitary District #1) Series 2013                                          | CUSIP: 778388AP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $204076.16    | 0.05%             | 2027-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Cnty                                             | Airport System Sr Refunding RB Series 2020                                                | CUSIP: 786107TS1<br>LEI: 549300OXI5MD45L13R20 | Long             | DBT              | MUN               | US        |   1550000 | PA      | $1734357.00   | 0.43%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Auth           | Insured Health Facility Refunding RB (Los Angeles Jewish Home for the Aging) Series 2019A | CUSIP: 13080SXA7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    750000 | PA      | $838010.93    | 0.21%             | 2034-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank       | Refunding RB (Walt Disney Family Museum) Series 2016                                      | CUSIP: 13034AKT6<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    250000 | PA      | $266606.88    | 0.07%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Inglewood USD                                               | GO Bonds Series B                                                                         | CUSIP: 457110LC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $214766.76    | 0.05%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| American Canyon Finance Auth                                | Refunding RB Series 2015                                                                  | CUSIP: 024885AJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $585315.16    | 0.15%             | 2023-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Susanville Natural Gas                                      | Natural Gas Refunding RB Series 2019                                                      | CUSIP: 869082AF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $578008.52    | 0.14%             | 2025-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Pico Rivera Public Financing Auth                           | Lease Refunding RB Series 2016                                                            | CUSIP: 71988TBK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $867526.48    | 0.22%             | 2033-09-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Auth                 | RB (On Lok Sr Health Services) Series 2020                                                | CUSIP: 13032UYH5<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    650000 | PA      | $676807.82    | 0.17%             | 2040-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Novato                                                      | Special Tax Refunding Bonds Series 2020                                                   | CUSIP: 669883GM6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $154471.70    | 0.04%             | 2025-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Cnty Public Works Financing Auth                | Lease RB Series 2021F                                                                     | CUSIP: 54473EVX9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $273097.18    | 0.07%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | RB (Samuel Merritt Univ) Series 2022                                                      | CUSIP: 13048VF37<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2142076.20   | 0.53%             | 2053-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Los Angeles Dept of Airports                                | Sub Refunding RB Series 2021A                                                             | CUSIP: 544445SH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1350736.88   | 0.34%             | 2028-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Rosa HSD                                              | GO Bonds Series 2018C                                                                     | CUSIP: 802615H64<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107200.12    | 0.03%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Auth                              | RB (Hoag Memorial Hospital Presbyterian) Series 2022B                                     | CUSIP: 13057EFR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4760000 | PA      | $4760000.00   | 1.18%             | 2062-07-15      | Floating      | 0.55%                 | No            |                  2 | On Loan: No      |
| Cathedral City Successor Redevelopment Agency               | Sub Tax Allocation Refunding RB Series 2021C                                              | CUSIP: 14916YDM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $659529.33    | 0.16%             | 2024-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pico Rivera Public Financing Auth                           | Lease Refunding RB Series 2016                                                            | CUSIP: 71988TBF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $384186.01    | 0.10%             | 2029-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Cathedral City Successor Redevelopment Agency               | Sub Tax Allocation Refunding RB Series 2021C                                              | CUSIP: 14916YDT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    570000 | PA      | $597306.31    | 0.15%             | 2030-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Public Works Board                               | Lease RB Series 2014B                                                                     | CUSIP: 13068LNJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045129.50   | 0.26%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sierra View Healthcare District                             | Refunding RB Series 2020                                                                  | CUSIP: 82650PDG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $305594.67    | 0.08%             | 2026-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Auth                 | Refunding RB (Marshall Medical Center) Series 2015                                        | CUSIP: 13033L6L6<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    200000 | PA      | $208248.20    | 0.05%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Elk Grove Finance Auth                                      | Special Tax RB Series 2015                                                                | CUSIP: 287254CQ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    775000 | PA      | $786776.44    | 0.20%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Corona-Norco USD                                            | GO Bonds Series 1998D                                                                     | CUSIP: 219764GW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2400000 | PA      | $2062320.24   | 0.51%             | 2027-09-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California                                                  | GO Bonds Series CQ                                                                        | CUSIP: 13063DEK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2555000 | PA      | $2559720.36   | 0.63%             | 2047-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Port of Oakland                                             | Intermediate Lien Refunding RB Series 2021H                                               | CUSIP: 735000TF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1347542.50   | 0.33%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | Refunding RB (Southwestern Law School) Series 2021                                        | CUSIP: 13048VA81<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    100000 | PA      | $99019.68     | 0.02%             | 2031-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pleasant Valley SD                                          | GO Refunding Bonds Series 2002A                                                           | CUSIP: 72869BGX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2252139.00   | 0.56%             | 2031-08-01      | Fixed         | 5.85%                 | No            |                  2 | On Loan: No      |
| Ceres Successor Redevelopment Agency                        | Sub Tax Allocation Refunding Bonds Series 2020                                            | CUSIP: 156747BK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512764.65    | 0.13%             | 2035-12-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Southern California Metropolitan Water District             | Water Refunding RB Series 2016A                                                           | CUSIP: 59266TMM0<br>LEI: 5493003GD0S0P56RLT45 | Long             | DBT              | MUN               | US        |    390000 | PA      | $418176.41    | 0.10%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | Refunding RB (Southwestern Law School) Series 2021                                        | CUSIP: 13048VB49<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    270000 | PA      | $256857.13    | 0.06%             | 2035-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Carpinteria Valley Water District                           | Refunding RB Series 2020A                                                                 | CUSIP: 14440RBH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $280628.60    | 0.07%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Mateo Cnty CCD                                          | GO Refunding Bonds Series 2018                                                            | CUSIP: 799038NK6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1262211.02   | 0.31%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Cnty Tobacco Securitization Agency               | Tobacco Settlement (Los Angeles Cnty Securitization) RB Series 2020A                      | CUSIP: 13016NEU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1510000 | PA      | $1444515.23   | 0.36%             | 2036-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | Refunding RB (HumanGood California) Series 2019A                                          | CUSIP: 13048VKP2<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    645000 | PA      | $650461.47    | 0.16%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hastings Campus Housing Financing Auth                      | Campus Housing RB Series 2020A                                                            | CUSIP: 418338AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2800000 | PA      | $2452879.52   | 0.61%             | 2045-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Cnty Regional Airport Auth                        | RB Series 2017B                                                                           | CUSIP: 79739GGF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1429298.94   | 0.35%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rosedale-Rio Bravo Water Storage District                   | Refunding RB Series 2020A                                                                 | CUSIP: 77735ABA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    810000 | PA      | $886864.06    | 0.22%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Dept of Water & Power                           | Power System RB Series 2002A5                                                             | CUSIP: 544495DY7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    740000 | PA      | $740000.00    | 0.18%             | 2035-07-01      | Floating      | 0.67%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial, Tourist, Educational, Medical & Env | Hospital Refunding RB Series 2021                                                         | CUSIP: 74527EFL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    550000 | PA      | $600013.15    | 0.15%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fresno Jt Power Finance Auth                                | Lease Refunding RB Series 2017A                                                           | CUSIP: 358184PN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $917089.99    | 0.23%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Side UHSD                                              | GO Refunding Bonds Series 2013                                                            | CUSIP: 275282GC9<br>LEI: 549300FHNKBG2V8ZLG85 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3046687.20   | 0.76%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | COP Series 2022A                                                                          | CUSIP: 130493CB3<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    115000 | PA      | $122702.50    | 0.03%             | 2028-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside Cnty                                              | Lease Refunding RB Series 2015A                                                           | CUSIP: 76913DEG8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $191619.56    | 0.05%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank       | RB Series 2021B                                                                           | CUSIP: 13035ABX6<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    360000 | PA      | $354862.40    | 0.09%             | 2036-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Alameda Corridor Transportation Auth                        | 2nd Sub Lien Refunding RB Series 2022C                                                    | CUSIP: 010869JS5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2629631.50   | 0.65%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cucamonga Valley Water District Financing Auth              | Water Refunding RB Series 2021B                                                           | CUSIP: 22972PDC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $169317.86    | 0.04%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Successor Redevelopment Agency                | Subordinate Tax Allocation Refunding Bonds Series 2014C                                   | CUSIP: 79770GBL9<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |    305000 | PA      | $316212.56    | 0.08%             | 2028-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Harbor Dept                                     | Refunding RB Series 2015A                                                                 | CUSIP: 544552YY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $902963.84    | 0.22%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Diablo Water District                                       | Water Revenue COP Series 2019                                                             | CUSIP: 25245ABX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    470000 | PA      | $491127.25    | 0.12%             | 2027-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Diego Cnty Regional Airport Auth                        | Sub Airport RB Series 2021B                                                               | CUSIP: 79739GNF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    955000 | PA      | $1027701.00   | 0.25%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Modesto Irrigation District Financing Auth                  | Electric System RB Series 2015A                                                           | CUSIP: 607767AP5<br>LEI: S6U6XLZ7IOWYIG8C8H50 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1329943.00   | 0.33%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Dept of Airports                                | Sr. RB Series 2020C                                                                       | CUSIP: 544445QR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1381341.80   | 0.34%             | 2027-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank       | Refunding RB (Performing Arts Center of Los Angeles Cnty) Series 2020                     | CUSIP: 13034AK58<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1079050.80   | 0.27%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland USD                                                 | GO Bonds Series 2015A                                                                     | CUSIP: 672325XG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    700000 | PA      | $710893.68    | 0.18%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Auth                              | RB (Henry Mayo Newhall Hospital) Series 2017                                              | CUSIP: 13057EAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    600000 | PA      | $605881.38    | 0.15%             | 2047-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rosedale-Rio Bravo Water Storage District                   | Refunding RB Series 2020A                                                                 | CUSIP: 77735AAX5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    545000 | PA      | $569163.39    | 0.14%             | 2025-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Beach Cnty Redevelopment Agency                        | Tax Allocation Refunding Bonds Series 2021                                                | CUSIP: 54243FAJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | PA      | $302674.47    | 0.08%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Dept of Water & Power                           | Water System RB Series 2001B4                                                             | CUSIP: 544525DD7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    200000 | PA      | $200000.00    | 0.05%             | 2035-07-01      | Floating      | 0.55%                 | No            |                  2 | On Loan: No      |
| Val Verde USD                                               | GO Bonds Series 2021B                                                                     | CUSIP: 91882RJD5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $511253.60    | 0.13%             | 2024-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Compton USD                                                 | GO Refunding Bonds Series 2016F                                                           | CUSIP: 204736EP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $819013.05    | 0.20%             | 2031-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California                                                  | GO Refunding Bonds Series 2017                                                            | CUSIP: 13063C6L9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2168702.40   | 0.54%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Madera Irrigation District                                  | Water Refunding RB Series 2015                                                            | CUSIP: 556437BU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2205000 | PA      | $2347720.83   | 0.58%             | 2028-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Cnty                                              | RB (Sanford Burnham Institute) Series 2015A                                               | CUSIP: 79742YAK8<br>LEI: 254900MKIGRAYVDUZ926 | Long             | DBT              | MUN               | US        |    350000 | PA      | $371986.58    | 0.09%             | 2025-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Airport Commission                            | RB 2nd Series 2022A                                                                       | CUSIP: 79766DUE7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   1690000 | PA      | $1838638.71   | 0.46%             | 2031-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Greenfield Redevelopment Agency                             | Tax Allocation Refunding Bonds Series 2016                                                | CUSIP: 394849AJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    790000 | PA      | $807125.70    | 0.20%             | 2025-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Lancaster Redevelopment Agency                              | Tax Allocation Refunding Bonds Series 2017                                                | CUSIP: 513802DQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1405580.54   | 0.35%             | 2026-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Inglewood USD                                               | GO Bonds Series B                                                                         | CUSIP: 457110LB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $161512.55    | 0.04%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank       | Refunding RB (Performing Arts Center of Los Angeles Cnty) Series 2020                     | CUSIP: 13034AK66<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    995000 | PA      | $1067978.77   | 0.26%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cucamonga Valley Water District Financing Auth              | Water Refunding RB Series 2021B                                                           | CUSIP: 22972PDB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $155173.98    | 0.04%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Indian Wells Successor Redevelopment Agency                 | Consolidated Whitewater Redevelopment Sub Tax Allocation Refunding Bonds Series 2015A     | CUSIP: 45454RAM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1320821.88   | 0.33%             | 2027-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Cnty Redevelopment Refunding Auth               | Tax Allocation Refunding RB (South Gate) Series 2014A                                     | CUSIP: 54465ADG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1390000 | PA      | $1446854.61   | 0.36%             | 2024-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Goleta Water District                                       | Refunding COP Series 2014A                                                                | CUSIP: 38162EDL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    900000 | PA      | $920782.44    | 0.23%             | 2024-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Hastings College of the Law                                 | Refunding Bonds Series 2017                                                               | CUSIP: 418342CM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1115000 | PA      | $1204345.28   | 0.30%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California                                                  | GO Bonds                                                                                  | CUSIP: 13063CEQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1849222.91   | 0.46%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cucamonga Valley Water District Financing Auth              | Water Refunding RB Series 2021B                                                           | CUSIP: 22972PDF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $235877.40    | 0.06%             | 2031-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Cnty Tobacco Securitization Agency               | Tobacco Settlement (Los Angeles Cnty Securitization) RB Series 2020A                      | CUSIP: 13016NEW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    340000 | PA      | $320161.58    | 0.08%             | 2038-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Auth           | M/F Housing Refunding RB (Kelvin Court) Series 2012B                                      | CUSIP: 13079PTU7<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    335000 | PA      | $335000.00    | 0.08%             | 2051-06-15      | Floating      | 1.89%                 | No            |                  2 | On Loan: No      |
| San Francisco Airport Commission                            | RB 2nd Series 2019E                                                                       | CUSIP: 79766DRY7<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    425000 | PA      | $440777.19    | 0.11%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kern Cnty                                                   | Refunding COP Series 2016A                                                                | CUSIP: 49225HKU1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3020000 | PA      | $3083573.42   | 0.76%             | 2023-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Auth                              | RB (Sharp Healthcare) Series 2017C                                                        | CUSIP: 13057EBE3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3900000 | PA      | $3900000.00   | 0.97%             | 2052-08-01      | Floating      | 0.55%                 | No            |                  2 | On Loan: No      |
| Greenfield Redevelopment Agency                             | Tax Allocation Refunding Bonds Series 2016                                                | CUSIP: 394849AN3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    730000 | PA      | $777123.40    | 0.19%             | 2029-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Compton USD                                                 | GO Refunding Bonds Series 2016F                                                           | CUSIP: 204736EN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $546483.95    | 0.14%             | 2030-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Southern California Public Power Auth                       | Refunding RB Series 2020-1                                                                | CUSIP: 84247PLL3<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3074202.60   | 0.76%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Hills CCD                                              | GO Refunding Bonds Series 2016B                                                           | CUSIP: 95330PGZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    450000 | PA      | $482868.63    | 0.12%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Auth                 | RB (Childrens Hospital of Orange Cnty) Series 2019A                                       | CUSIP: 13032UTM0<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    965000 | PA      | $1090966.85   | 0.27%             | 2031-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lynwood USD                                                 | GO Bonds Series E                                                                         | CUSIP: 551800KH7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2290000 | PA      | $892416.66    | 0.22%             | 2043-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| East Side UHSD                                              | Refunding GO Bonds Series 2020                                                            | CUSIP: 275282PL9<br>LEI: 549300FHNKBG2V8ZLG85 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1303763.76   | 0.32%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank       | Refunding RB (Walt Disney Family Museum) Series 2016                                      | CUSIP: 13034AKV1<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    350000 | PA      | $373597.07    | 0.09%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Mateo Cnty CCD                                          | GO Refunding Bonds Series 2018                                                            | CUSIP: 799038NJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1152121.07   | 0.29%             | 2039-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakley Successor Redevelopment Agency                       | Tax Allocation Refunding Bonds Series 2018                                                | CUSIP: 673638BB7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    350000 | PA      | $386586.94    | 0.10%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Diablo Water District                                       | Water Revenue COP Series 2019                                                             | CUSIP: 25245ACA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    480000 | PA      | $505278.38    | 0.13%             | 2030-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Airport Commission                            | Refunding RB 2nd Series 2020A                                                             | CUSIP: 79766DTB5<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3692031.35   | 0.92%             | 2037-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Airport Commission                            | RB 2nd Series 2022A                                                                       | CUSIP: 79766DUD9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |    800000 | PA      | $864412.00    | 0.21%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Auth                 | RB (On Lok Sr Health Services) Series 2020                                                | CUSIP: 13032UYJ1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1029126.40   | 0.26%             | 2050-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Riverside Cnty Transportation Commission                    | Sales Tax RB Series 2013A                                                                 | CUSIP: 769125ED3<br>LEI: 5493003G0IESJS57M350 | Long             | DBT              | MUN               | US        |    710000 | PA      | $719892.00    | 0.18%             | 2024-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Cordova Recreation & Park District                          | COP Series 2018                                                                           | CUSIP: 218634AW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    655000 | PA      | $669714.64    | 0.17%             | 2043-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Auth           | Refunding RB (CHF-Irvine) Series 2016                                                     | CUSIP: 13078RGE4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1282612.13   | 0.32%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Auth           | RB (Viamonte Sr Living 1) Series 2018A                                                    | CUSIP: 13080SUV4<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    425000 | PA      | $430526.70    | 0.11%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Industrial, Tourist, Educational, Medical & Env | Hospital Refunding RB Series 2021                                                         | CUSIP: 74527EFM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    825000 | PA      | $905285.78    | 0.22%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oxnard Financing Auth                                       | Wastewater Refunding RB Series 2014                                                       | CUSIP: 691878BL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506103.40    | 0.13%             | 2023-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Long Beach CCD                                              | GO Refunding Bonds Series 2015F                                                           | CUSIP: 542411KL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    925000 | PA      | $980393.26    | 0.24%             | 2025-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakley Successor Redevelopment Agency                       | Tax Allocation Refunding Bonds Series 2018                                                | CUSIP: 673638AY8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $55468.43     | 0.01%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Livermore Valley Joint USD                                  | GO Bonds Series 2019                                                                      | CUSIP: 538310K28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $337170.31    | 0.08%             | 2031-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Auth           | Refunding RB (CHF-Irvine) Series 2016                                                     | CUSIP: 13078RGC8<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    500000 | PA      | $516128.55    | 0.13%             | 2030-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California                                                  | GO Refunding Bonds                                                                        | CUSIP: 13063DDR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2730000 | PA      | $3021094.99   | 0.75%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Santa Cruz Cnty Capital Financing Auth                      | Lease RB Series 2014                                                                      | CUSIP: 80181PAM9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $171197.33    | 0.04%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | Refunding RB (HumanGood California) Series 2019A                                          | CUSIP: 13048VKR8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    500000 | PA      | $502653.00    | 0.12%             | 2031-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Auth           | RB Series 2021A                                                                           | CUSIP: 13080SG24<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068689.50   | 0.27%             | 2029-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Palm Springs USD                                            | GO Refunding Bonds Series 2016                                                            | CUSIP: 6966673C6<br>LEI: 549300VO66CCEHGE5291 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3260506.50   | 0.81%             | 2026-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Richmond Jt Powers Financing Auth                           | Refunding RB Series 2019B                                                                 | CUSIP: 764440JZ7<br>LEI: 549300O54N3JTBY74Q35 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1010021.00   | 0.25%             | 2023-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Compton USD                                                 | GO Refunding Bonds Series 2016F                                                           | CUSIP: 204736EL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $273735.30    | 0.07%             | 2028-06-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Auth                 | RB (Adventist Health System) Series 2011A                                                 | CUSIP: 13032UUX4<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   2625000 | PA      | $2622454.28   | 0.65%             | 2041-03-01      | Floating      | 3.00%                 | No            |                  2 | On Loan: No      |
| Susanville Natural Gas                                      | Natural Gas Refunding RB Series 2019                                                      | CUSIP: 869082AL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $716105.08    | 0.18%             | 2030-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chico                                                       | Sewer Refunding RB Series 2020                                                            | CUSIP: 168519AD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    780000 | PA      | $798798.31    | 0.20%             | 2023-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Mateo Foster City Public Finance Auth                   | RB Series 2020A                                                                           | CUSIP: 799056AN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    190000 | PA      | $211727.30    | 0.05%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carpinteria Valley Water District                           | Refunding RB Series 2020A                                                                 | CUSIP: 14440RBC2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $140332.96    | 0.03%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California                                                  | GO Refunding Bonds Series 2016                                                            | CUSIP: 13063CX39<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1290000 | PA      | $1401336.03   | 0.35%             | 2029-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Contra Costa USD                                       | GO Bonds Series 2002C                                                                     | CUSIP: 952347QD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2885000 | PA      | $2751640.01   | 0.68%             | 2024-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Oxnard SD                                                   | GO Bonds Series D                                                                         | CUSIP: 692020H86<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1365000 | PA      | $1451459.24   | 0.36%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Inglewood USD                                               | GO Bonds Series A                                                                         | CUSIP: 457110KM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    685000 | PA      | $701895.80    | 0.17%             | 2037-08-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| Ross Valley Public Financing Auth                           | RB (Marin Cnty Sanitary District #1) Series 2013                                          | CUSIP: 778388AT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1018636.60   | 0.25%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pomona                                                      | S/F Mortgage Refunding RB Series 1990B                                                    | CUSIP: 732095BJ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    110000 | PA      | $112185.46    | 0.03%             | 2023-08-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Fresno Jt Power Finance Auth                                | Lease Refunding RB Series 2017A                                                           | CUSIP: 358184PQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1557619.41   | 0.39%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Hills CCD                                              | GO Refunding Bonds Series 2016B                                                           | CUSIP: 95330PHE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    635000 | PA      | $683736.44    | 0.17%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Victorville                                                 | Electric RB Series 2022A                                                                  | CUSIP: 92642CAJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $542616.25    | 0.13%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Foothill Eastern Transportation Corridor Agency             | Toll Road Sr Lien Refunding RB Series 2021A                                               | CUSIP: 345105JH4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1841462.60   | 0.46%             | 2046-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Oceanside Successor Redevelopment Agency                    | Tax Allocation Refunding Bonds Series 2015A                                               | CUSIP: 67537RAK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $238192.83    | 0.06%             | 2025-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sacramento Cnty                                             | Refunding COP Series 2020                                                                 | CUSIP: 786110VA1<br>LEI: 549300OXI5MD45L13R20 | Long             | DBT              | MUN               | US        |   1420000 | PA      | $1478632.94   | 0.37%             | 2024-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank       | Refunding RB (Los Angeles Cnty Museum of Natural History) Series 2020                     | CUSIP: 13034AK82<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1407493.05   | 0.35%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Educational Facilities Auth                      | RB (Art Center College of Design) Series 2018A                                            | CUSIP: 130179PF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1294700.25   | 0.32%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | Refunding RB (Institute of Aging) Series 2017                                             | CUSIP: 13048T3P6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    250000 | PA      | $273681.38    | 0.07%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Auth           | Hospital Refunding RB (Methodist Hospital of Southern California) Series 2018             | CUSIP: 13081KAE0<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    870000 | PA      | $887964.28    | 0.22%             | 2024-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Auth           | RB (Adventist Health System West) Series 2018A                                            | CUSIP: 13080SWJ9<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1765000 | PA      | $1800260.82   | 0.45%             | 2048-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Cnty Regional Airport Auth                        | Sub Airport RB Series 2017B                                                               | CUSIP: 79739GGD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1980000 | PA      | $2088671.11   | 0.52%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Auth           | Hospital Refunding RB (Methodist Hospital of Southern California) Series 2018             | CUSIP: 13081KAP5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1355000 | PA      | $1419190.14   | 0.35%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Desert CCD                                                  | GO Bonds Series 2018                                                                      | CUSIP: 250375HT2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $422037.99    | 0.10%             | 2037-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| West Hills CCD                                              | GO Refunding Bonds Series 2016B                                                           | CUSIP: 95330PHD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    595000 | PA      | $641377.16    | 0.16%             | 2030-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Cnty Tobacco Securitization Agency               | Tobacco Settlement Sr RB (Sonoma Cnty Securitization Corp) Series 2020A                   | CUSIP: 13016NGJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $105223.77    | 0.03%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Auth                 | RB (CommonSpirit Health) Series 2020A                                                     | CUSIP: 13032UXE3<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4603728.50   | 1.14%             | 2045-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Chico                                                       | Sewer Refunding RB Series 2020                                                            | CUSIP: 168519AK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $56770.41     | 0.01%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank       | Refunding RB (Walt Disney Family Museum) Series 2016                                      | CUSIP: 13034AKU3<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    330000 | PA      | $352202.99    | 0.09%             | 2030-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Infrastructure & Economic Development Bank       | Refunding RB (Performing Arts Center of Los Angeles Cnty) Series 2020                     | CUSIP: 13034AK41<br>LEI: 549300C1OG9RDIM8ET06 | Long             | DBT              | MUN               | US        |    475000 | PA      | $473315.18    | 0.12%             | 2037-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fort Bragg USD                                              | GO Bonds Series B                                                                         | CUSIP: 347028LL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1094279.60   | 0.27%             | 2052-08-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Inglewood USD                                               | GO Bonds Series B                                                                         | CUSIP: 457110LD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | PA      | $133870.60    | 0.03%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Pasadena                                                    | Refunding COP Series 2015A                                                                | CUSIP: 702204NK0<br>LEI: 5493007ZF3ZMBUWLWB58 | Long             | DBT              | MUN               | US        |    600000 | PA      | $630366.84    | 0.16%             | 2026-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Inglewood USD                                               | GO Bonds Series B                                                                         | CUSIP: 457110LF9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $213610.34    | 0.05%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | Refunding RB (Eisenhower Medical Center) Series 2017B                                     | CUSIP: 13048T4X8<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1209097.24   | 0.30%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Oakland USD                                                 | GO Bonds Series 2019A                                                                     | CUSIP: 672325H34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $547738.10    | 0.14%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Truckee Donner Public Utility District                      | Water System Refunding RB Series 2015                                                     | CUSIP: 89781PAL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    710000 | PA      | $734758.13    | 0.18%             | 2025-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Independent Cities Finance Auth                             | Mobile Home Park Refunding RB (Union City Tropics) Series 2019                            | CUSIP: 45385LMD2<br>LEI: 549300ZZZYTBUL6FR983 | Long             | DBT              | MUN               | US        |    810000 | PA      | $829388.24    | 0.21%             | 2026-05-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| California Health Facilities Financing Auth                 | RB (Childrens Hospital of Orange Cnty) Series 2019A                                       | CUSIP: 13032UTL2<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    500000 | PA      | $567671.35    | 0.14%             | 2030-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Diablo Water District                                       | Water Revenue COP Series 2019                                                             | CUSIP: 25245ABY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    490000 | PA      | $517475.77    | 0.13%             | 2028-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Novato                                                      | Special Tax Refunding Bonds Series 2020                                                   | CUSIP: 669883GS3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $149111.16    | 0.04%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | Insured Refunding RB (Channing House) Series 2017A                                        | CUSIP: 13048TY49<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    360000 | PA      | $386042.87    | 0.10%             | 2026-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Susanville Natural Gas                                      | Natural Gas Refunding RB Series 2019                                                      | CUSIP: 869082AJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    615000 | PA      | $649227.03    | 0.16%             | 2028-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| San Francisco Successor Redevelopment Agency                | Subordinate Tax Allocation Refunding Bonds Series 2014C                                   | CUSIP: 79770GBF2<br>LEI: 5493001TPOZL3UK8DX25 | Long             | DBT              | MUN               | US        |    265000 | PA      | $269282.56    | 0.07%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carpinteria Valley Water District                           | Refunding RB Series 2020A                                                                 | CUSIP: 14440RBD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $170777.66    | 0.04%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | RB Series 2021                                                                            | CUSIP: 13048VXH6<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1855200.40   | 0.46%             | 2046-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Hastings College of the Law                                 | Refunding Bonds Series 2017                                                               | CUSIP: 418342CK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1192451.48   | 0.30%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kern High School District                                   | GO Bonds Series 2016A                                                                     | CUSIP: 492246QY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $994172.70    | 0.25%             | 2029-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| California School Finance Auth                              | School Facility RB (Kipp LA) Series 2017A                                                 | CUSIP: 13059TER6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $168995.67    | 0.04%             | 2024-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Dept of Airports                                | Sr Refunding RB Series 2018B                                                              | CUSIP: 544445FD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3325000 | PA      | $3535458.54   | 0.88%             | 2033-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chico                                                       | Sewer Refunding RB Series 2020                                                            | CUSIP: 168519AF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $426039.52    | 0.11%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lake Tahoe USD                                              | GO Refunding Bonds Series 2019                                                            | CUSIP: 511012NE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    605000 | PA      | $644673.72    | 0.16%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Cruz Cnty Capital Financing Auth                      | Lease RB Series 2014                                                                      | CUSIP: 80181PAN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | PA      | $331700.93    | 0.08%             | 2027-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Franklin-McKinley SD                                        | GO Bonds Series C                                                                         | CUSIP: 353856H34<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $339897.50    | 0.08%             | 2040-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Auth           | Salinas Transportation Revenue COPs Series 2018B                                          | CUSIP: 13079XBF2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1190653.02   | 0.30%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Oakland                                             | Intermediate Lien Refunding RB Series 2021H                                               | CUSIP: 735000TD3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1844903.03   | 0.46%             | 2026-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | RB (National Univ) Series 2019A                                                           | CUSIP: 13048VFY9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1195358.89   | 0.30%             | 2027-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fresno USD                                                  | GO Bonds Series 2016A                                                                     | CUSIP: 3582324L7<br>LEI: 549300WL4QIP65TFU882 | Long             | DBT              | MUN               | US        |   1900000 | PA      | $1230968.77   | 0.31%             | 2034-08-01      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Community Facilities District #4                | Special Tax Refunding Bonds Series 2014                                                   | CUSIP: 544386DB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    980000 | PA      | $996499.28    | 0.25%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Kern Cnty Water Agency Improvement District #4              | Refunding RB Series 2016A                                                                 | CUSIP: 49228YAP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1611472.80   | 0.40%             | 2030-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Mateo Foster City Public Finance Auth                   | RB Series 2020A                                                                           | CUSIP: 799056AR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $438247.48    | 0.11%             | 2036-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cotati-Rohnert Park USD                                     | GO Refunding Bonds Series 2014B                                                           | CUSIP: 221623VJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    735000 | PA      | $747464.87    | 0.19%             | 2023-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | RB (National Univ) Series 2019A                                                           | CUSIP: 13048VFX1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    650000 | PA      | $694429.19    | 0.17%             | 2026-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Richmond California Redevelopment Agency                    | Refunding RB Series 2021A                                                                 | CUSIP: 86460EBQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | PA      | $413778.40    | 0.10%             | 2026-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Discovery Bay Public Financing Auth                         | Water & Wastewater RB Series 2017                                                         | CUSIP: 25471TAZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $240518.03    | 0.06%             | 2025-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Community Choice Finance Auth                    | RB Series 2021B1                                                                          | CUSIP: 13013JAP1<br>LEI: 549300X8VKJ215S2R571 | Long             | DBT              | MUN               | US        |   5715000 | PA      | $5642451.50   | 1.40%             | 2052-02-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Novato                                                      | Special Tax Refunding Bonds Series 2020                                                   | CUSIP: 669883GN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $155598.44    | 0.04%             | 2026-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| American Canyon Finance Auth                                | Refunding RB Series 2015                                                                  | CUSIP: 024885AL9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    690000 | PA      | $732189.57    | 0.18%             | 2025-09-02      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Tobacco Securitization Auth of Northern California          | Sr Refunding Bonds (Sacramento Cnty Tobacco Corp) Series 2021B1                           | CUSIP: 888794BZ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $198822.08    | 0.05%             | 2049-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Peralta CCD                                                 | GO Bonds Series 2022B                                                                     | CUSIP: 713575XU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1558330.95   | 0.39%             | 2024-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | RB (Community Health System) Series 2021A                                                 | CUSIP: 13048VZA9<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    750000 | PA      | $808433.33    | 0.20%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Port of Oakland                                             | Refunding RB Series 2017D                                                                 | CUSIP: 735000RP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1895000 | PA      | $2034535.29   | 0.50%             | 2027-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Centinela Valley UHSD                                       | GO Bonds Series 2013B                                                                     | CUSIP: 152339MT1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1329940.17   | 0.33%             | 2036-08-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Indian Wells Successor Redevelopment Agency                 | Consolidated Whitewater Redevelopment Sub Tax Allocation Refunding Bonds Series 2015A     | CUSIP: 45454RAH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1075000 | PA      | $1093901.94   | 0.27%             | 2023-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Novato                                                      | Special Tax Refunding Bonds Series 2020                                                   | CUSIP: 669883GP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $209015.64    | 0.05%             | 2027-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California                                                  | GO Bonds                                                                                  | CUSIP: 13063B5C2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7059201.80   | 1.75%             | 2026-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Auth           | RB (Redlands Community Hospital) Series 2016                                              | CUSIP: 13080SPF5<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    700000 | PA      | $728169.33    | 0.18%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Livermore Valley Joint USD                                  | GO Bonds Series 2019                                                                      | CUSIP: 538310K36<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $347126.90    | 0.09%             | 2032-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Santa Monica Public Financing Auth                          | Lease RB Series 2018                                                                      | CUSIP: 802437GP2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    575000 | PA      | $626260.50    | 0.16%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Cnty                                              | RB (Sanford Burnham Institute) Series 2015A                                               | CUSIP: 79742YAL6<br>LEI: 254900MKIGRAYVDUZ926 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1064259.30   | 0.26%             | 2026-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carpinteria Valley Water District                           | Refunding RB Series 2020A                                                                 | CUSIP: 14440RBE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $164767.60    | 0.04%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | Refunding RB (Eisenhower Medical Center) Series 2017B                                     | CUSIP: 13048T4U4<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    600000 | PA      | $633384.30    | 0.16%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Truckee Donner Public Utility District                      | Water System Refunding RB Series 2015                                                     | CUSIP: 89781PAK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    680000 | PA      | $696870.94    | 0.17%             | 2024-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| California Public Works Board                               | Lease Refunding RB Series 2022A                                                           | CUSIP: 13068XAM1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2354604.60   | 0.58%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cathedral City Successor Redevelopment Agency               | Tax Allocation Refunding RB Series 2021A                                                  | CUSIP: 14916YCT4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $259470.45    | 0.06%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Banning Financing Auth                                      | Electric System Refunding RB Series 2015                                                  | CUSIP: 066614BH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    650000 | PA      | $684775.07    | 0.17%             | 2027-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Victorville                                                 | Electric RB Series 2022A                                                                  | CUSIP: 92642CAL8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $547009.85    | 0.14%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Auth           | RB (Viamonte Sr Living 1) Series 2018A                                                    | CUSIP: 13080SUN2<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    300000 | PA      | $333609.21    | 0.08%             | 2029-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Auth                              | RB (Hoag Memorial Hospital Presbyterian) Series 2022B1                                    | CUSIP: 13057EFQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25000.00     | 0.01%             | 2062-07-15      | Floating      | 0.55%                 | No            |                  2 | On Loan: No      |
| Ontario Int'l Airport                                       | RB Series 2021B                                                                           | CUSIP: 683042AV7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $536107.70    | 0.13%             | 2034-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Public Finance Auth                              | RB (Henry Mayo Newhall Hospital) Series 2017                                              | CUSIP: 13057EAR5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    425000 | PA      | $439829.65    | 0.11%             | 2033-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Jacinto USD                                             | GO Bonds Series 2017                                                                      | CUSIP: 797848HP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1155000 | PA      | $1251760.01   | 0.31%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Cnty Public Works Financing Auth                | Lease RB Series 2021F                                                                     | CUSIP: 54473EVY7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $278420.13    | 0.07%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Municipal Finance Auth                           | COP Series 2022A                                                                          | CUSIP: 130493CC1<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    125000 | PA      | $134509.45    | 0.03%             | 2029-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Cnty Tobacco Securitization Agency               | Tobacco Settlement Sr RB (Sonoma Cnty Securitization Corp) Series 2020A                   | CUSIP: 13016NGK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $158596.41    | 0.04%             | 2028-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California Statewide Communities Development Auth           | RB (Viamonte Sr Living 1) Series 2018A                                                    | CUSIP: 13080SUR3<br>LEI: 549300KTNI2GCJNX2U48 | Long             | DBT              | MUN               | US        |    900000 | PA      | $993366.63    | 0.25%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| San Diego Cnty                                              | RB (Sanford Burnham Institute) Series 2015A                                               | CUSIP: 79742YAJ1<br>LEI: 254900MKIGRAYVDUZ926 | Long             | DBT              | MUN               | US        |    550000 | PA      | $573480.44    | 0.14%             | 2024-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-27

**Name of Applicant:** SCHWAB INVESTMENTS

**Signature:** Mark Fischer

**Name of Signer:** Mark Fischer

**Title:** CFO