# EDGAR Filing Document

**Accession Number:** 0000904333
**File Stem:** 0001193125-25-153900
**Filing Date:** 2025-7
**Character Count:** 2015124
**Document Hash:** b453760ca15b8917551ed83985ad7d8a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-153900.hdr.sgml**: 20250701

**ACCESSION NUMBER**: 0001193125-25-153900

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 137

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250701

**DATE AS OF CHANGE**: 20250701

**EFFECTIVENESS DATE**: 20250701

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07704
- **FILM NUMBER:** 251095630

**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 Large-Cap Growth Fund (Series ID: S000005513)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? Schwab Capital Trust

------

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

------

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07704

------

Schwab Capital Trust

(Exact name of registrant as specified in charter)

------

211 Main Street, San Francisco, California 94105

(Address of principal executive offices) (Zip code)

------

Omar Aguilar

Schwab Capital Trust

211 Main Street, San Francisco, California 94105

(Name and address of agent for service)

------

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2025

------

Item 1: Report(s) to Shareholders.

------

![](g70396g2img20b97e2b1.jpg)

Semiannual Report \| April 30, 2025

Schwab International Opportunities Fund

Ticker Symbol: SWMIX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab International Opportunities Fund | $43 | &nbsp;&nbsp;0.85%<br>\*<br>|

---

\*

Annualized.

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

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab International Opportunities Fund (04/02/2004)<br>1,2,3<br>| 5.97% | &nbsp;&nbsp;&nbsp;&nbsp;9.95% | &nbsp;&nbsp;&nbsp;&nbsp;8.03% | &nbsp;&nbsp;&nbsp;&nbsp;4.46% |
| <br>MSCI EAFE<br>®<br> Index (Net)<br>4<br>| 8.60% | &nbsp;&nbsp;&nbsp;&nbsp;12.57% | &nbsp;&nbsp;&nbsp;&nbsp;11.37% | &nbsp;&nbsp;&nbsp;&nbsp;5.45% |

---

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

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

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

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

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

These

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

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

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

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

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

Schwab International Opportunities Fund \| Semiannual Report

REG127711-00 00314203

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $1065 |
| Number of Holdings<br>(excludes derivatives)<br>| 900 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 29% |
| Weighted Average Market Cap (millions) | $93024 |
| Price/Earnings Ratio (P/E) | 17.5 |
| Price/Book Ratio (P/B) | 2.4 |

---

Sector Weightings % of Investments

![](g70396g2img8258684e2.jpg)

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

Top Equity Holdings % of Net Assets

![](g70396g2img901a40653.jpg)

Top Country Weightings % of Investments

![](g70396g2img76ed0b334.jpg)

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

Portfolio holdings may have changed since the report date.

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

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

Excludes derivatives.

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

2Schwab International Opportunities Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab International Opportunities Fund \| Semiannual Report

------

![](g70396g3img1801477e1.jpg)

Semiannual Report \| April 30, 2025

Schwab Core Equity Fund

Ticker Symbol: SWANX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Core Equity Fund | $36 | &nbsp;&nbsp;0.73%<br>\*<br>|

---

\*

Annualized.

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

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Core Equity Fund (07/01/1996)<br>1<br>| -2.69% | &nbsp;&nbsp;&nbsp;&nbsp;11.73% | &nbsp;&nbsp;&nbsp;&nbsp;13.78% | &nbsp;&nbsp;&nbsp;&nbsp;10.15% |
| <br>S&P 500<br>®<br> Index<br>| -1.74% | &nbsp;&nbsp;&nbsp;&nbsp;12.10% | &nbsp;&nbsp;&nbsp;&nbsp;15.61% | &nbsp;&nbsp;&nbsp;&nbsp;12.32% |

---

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

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

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

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

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

These

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

Schwab Core Equity Fund \| Semiannual Report

REG127684-00 00314162

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $1345 |
| Number of Holdings | 53 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 9% |
| Weighted Average Market Cap (millions) | $1047375 |
| Price/Earnings Ratio (P/E) | 27.0 |
| Price/Book Ratio (P/B) | 6.0 |

---

Sector Weightings % of Investments

![](g70396g3img997c31a82.jpg)

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

Top Equity Holdings % of Net Assets

![](g70396g3img43a2d5223.jpg)

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

Portfolio holdings may have changed since the report date.

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

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

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

2Schwab Core Equity Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Core Equity Fund \| Semiannual Report

------

![](g70396g4img53ba803c1.jpg)

Semiannual Report \| April 30, 2025

Schwab Dividend Equity Fund

Ticker Symbol: SWDSX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Dividend Equity Fund | $44 | &nbsp;&nbsp;0.89%<br>\*<br>|

---

\*

Annualized.

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

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Dividend Equity Fund (09/02/2003)<br>1,2<br>| 0.63% | &nbsp;&nbsp;&nbsp;&nbsp;15.62% | &nbsp;&nbsp;&nbsp;&nbsp;13.04% | &nbsp;&nbsp;&nbsp;&nbsp;6.97% |
| <br>S&P 500<br>®<br> Index<br>3<br>| -1.74% | &nbsp;&nbsp;&nbsp;&nbsp;12.10% | &nbsp;&nbsp;&nbsp;&nbsp;15.61% | &nbsp;&nbsp;&nbsp;&nbsp;12.32% |
| <br>Russell 1000<br>®<br> Value Index<br>| -1.86% | &nbsp;&nbsp;&nbsp;&nbsp;8.55% | &nbsp;&nbsp;&nbsp;&nbsp;13.00% | &nbsp;&nbsp;&nbsp;&nbsp;8.36% |

---

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

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

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

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

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

These

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

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

The S&P 500®

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

Value Index is the fund's additional

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

Schwab Dividend Equity Fund \| Semiannual Report

REG127685-00 00314165

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (thousands) | $520333 |
| Number of Holdings | 60 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 1% |
| Weighted Average Market Cap (millions) | $367231 |
| Price/Earnings Ratio (P/E) | 20.7 |
| Price/Book Ratio (P/B) | 3.3 |
| 30-Day SEC Yield | 1.86% |

---

Sector Weightings % of Investments

![](g70396g4img27347b522.jpg)

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

Top Equity Holdings % of Net Assets

![](g70396g4img1023105b3.jpg)

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

Portfolio holdings may have changed since the report date.

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

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

2Schwab Dividend Equity Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Dividend Equity Fund \| Semiannual Report

------

![](g70396g5img08033fa11.jpg)

Semiannual Report \| April 30, 2025

Schwab Large-Cap Growth Fund

Ticker Symbol: SWLSX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Large-Cap Growth Fund | $49 | &nbsp;&nbsp;0.99%<br>\*<br>|

---

\*

Annualized.

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

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Large-Cap Growth Fund (10/03/2005)<br>1<br>| -2.00% | &nbsp;&nbsp;&nbsp;&nbsp;12.48% | &nbsp;&nbsp;&nbsp;&nbsp;15.97% | &nbsp;&nbsp;&nbsp;&nbsp;12.65% |
| <br>S&P 500<br>®<br> Index<br>2<br>| -1.74% | &nbsp;&nbsp;&nbsp;&nbsp;12.10% | &nbsp;&nbsp;&nbsp;&nbsp;15.61% | &nbsp;&nbsp;&nbsp;&nbsp;12.32% |
| <br>Russell 1000<br>®<br> Growth Index<br>| -1.57% | &nbsp;&nbsp;&nbsp;&nbsp;14.53% | &nbsp;&nbsp;&nbsp;&nbsp;17.23% | &nbsp;&nbsp;&nbsp;&nbsp;15.27% |

---

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

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

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

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

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

These

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

The S&P 500®

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

Growth Index is the fund's additional

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

Schwab Large-Cap Growth Fund \| Semiannual Report

REG127712-00 00314204

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (thousands) | $457545 |
| Number of Holdings | 57 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 14% |
| Weighted Average Market Cap (millions) | $1215114 |
| Price/Earnings Ratio (P/E) | 33.6 |
| Price/Book Ratio (P/B) | 10.3 |

---

Sector Weightings % of Investments

![](g70396g5img07cf32e02.jpg)

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

Top Equity Holdings % of Net Assets

![](g70396g5imgc108455d3.jpg)

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

Portfolio holdings may have changed since the report date.

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

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

2Schwab Large-Cap Growth Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Large-Cap Growth Fund \| Semiannual Report

------

![](g70396g6img7b83fab11.jpg)

Semiannual Report \| April 30, 2025

Schwab Small-Cap Equity Fund

Ticker Symbol: SWSCX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Small-Cap Equity Fund | $51 | &nbsp;&nbsp;1.09%<br>\*<br>|

---

\*

Annualized.

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

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Small-Cap Equity Fund (07/01/2003)<br>1<br>| -10.43% | &nbsp;&nbsp;&nbsp;&nbsp;-0.86% | &nbsp;&nbsp;&nbsp;&nbsp;13.35% | &nbsp;&nbsp;&nbsp;&nbsp;6.39% |
| <br>S&P 500<br>®<br> Index<br>2<br>| -1.74% | &nbsp;&nbsp;&nbsp;&nbsp;12.10% | &nbsp;&nbsp;&nbsp;&nbsp;15.61% | &nbsp;&nbsp;&nbsp;&nbsp;12.32% |
| <br>Russell 2000<br>®<br> Index<br>| -9.97% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;9.88% | &nbsp;&nbsp;&nbsp;&nbsp;6.32% |

---

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

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

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

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

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

These

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

The S&P 500®

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

Index is the fund's additional index and

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

Schwab Small-Cap Equity Fund \| Semiannual Report

REG127718-00 00314210

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (thousands) | $546308 |
| Number of Holdings<br>(excludes derivatives)<br>| 346 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 50% |
| Weighted Average Market Cap (millions) | $4048 |
| Price/Earnings Ratio (P/E) | 14.8 |
| Price/Book Ratio (P/B) | 1.9 |

---

Sector Weightings % of Investments

![](g70396g6img3b4debc32.jpg)

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

Top Equity Holdings % of Net Assets

![](g70396g6img606366703.jpg)

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

Portfolio holdings may have changed since the report date.

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

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

Excludes derivatives.

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

Less than 0.05%.

2Schwab Small-Cap Equity Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Small-Cap Equity Fund \| Semiannual Report

------

![](g70396g7img094897ee1.jpg)

Semiannual Report \| April 30, 2025

Schwab Health Care Fund

Ticker Symbol: SWHFX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Health Care Fund | $39 | &nbsp;&nbsp;0.79%<br>\*<br>|

---

\*

Annualized.

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

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Health Care Fund (07/03/2000)<br>1,2<br>| -3.09% | &nbsp;&nbsp;&nbsp;&nbsp;0.45% | &nbsp;&nbsp;&nbsp;&nbsp;7.23% | &nbsp;&nbsp;&nbsp;&nbsp;6.96% |
| <br>S&P 500<br>®<br> Index<br>3<br>| -1.74% | &nbsp;&nbsp;&nbsp;&nbsp;12.10% | &nbsp;&nbsp;&nbsp;&nbsp;15.61% | &nbsp;&nbsp;&nbsp;&nbsp;12.32% |
| Dow Jones Global Health Care Index | -4.05% | &nbsp;&nbsp;&nbsp;&nbsp;1.37% | &nbsp;&nbsp;&nbsp;&nbsp;6.17% | &nbsp;&nbsp;&nbsp;&nbsp;6.69% |

---

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

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

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

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

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

These

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

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

The S&P 500®

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

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

Schwab Health Care Fund \| Semiannual Report

REG127708-00 00314200

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (thousands) | $685042 |
| Number of Holdings | 79 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 19% |
| Weighted Average Market Cap (millions) | $243528 |
| Price/Earnings Ratio (P/E) | 25.5 |
| Price/Book Ratio (P/B) | 5.0 |

---

Industry Weightings % of Investments

![](g70396g7imgdd29e9132.jpg)

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

Top Equity Holdings % of Net Assets

![](g70396g7img3dcc66563.jpg)

Top Country Weightings % of Investments

![](g70396g7img7bf5e5484.jpg)

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

Portfolio holdings may have changed since the report date.

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

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

2Schwab Health Care Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Health Care Fund \| Semiannual Report

------

![](g70396g8imgb13815071.jpg)

Semiannual Report \| April 30, 2025

Schwab International Core Equity Fund

Ticker Symbol: SICNX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

.

You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

.

If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab International Core Equity Fund\* | $45 | &nbsp;&nbsp;0.86%<br>\*\*<br>|

---

\*

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

\*\*

Annualized.

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

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab International Core Equity Fund (05/30/2008)<br>1,2<br>| 10.95% | &nbsp;&nbsp;&nbsp;&nbsp;16.64% | &nbsp;&nbsp;&nbsp;&nbsp;12.67% | &nbsp;&nbsp;&nbsp;&nbsp;5.31% |
| <br>MSCI EAFE<br>®<br> Index (Net)<br>3<br>| 8.60% | &nbsp;&nbsp;&nbsp;&nbsp;12.57% | &nbsp;&nbsp;&nbsp;&nbsp;11.37% | &nbsp;&nbsp;&nbsp;&nbsp;5.45% |

---

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

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

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

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

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

These

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

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

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

Schwab International Core Equity Fund \| Semiannual Report

REG127709-00 00314201

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (thousands) | $686653 |
| Number of Holdings | 139 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 40% |
| Weighted Average Market Cap (millions) | $101090 |
| Price/Earnings Ratio (P/E) | 14.2 |
| Price/Book Ratio (P/B) | 1.9 |

---

Sector Weightings % of Investments

![](g70396g8img2b3655622.jpg)

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

Top Equity Holdings % of Net Assets

![](g70396g8img16525bcf3.jpg)

Top Country Weightings % of Investments

![](g70396g8img01f982474.jpg)

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

Portfolio holdings may have changed since the report date.

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

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

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

2Schwab International Core Equity Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab International Core Equity Fund \| Semiannual Report

------

![](g70396g9img9a587d591.jpg)

Semiannual Report \| April 30, 2025

Schwab Balanced Fund

Ticker Symbol: SWOBX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Balanced Fund\* | $0 | &nbsp;&nbsp;0.00%<br>\*\*<br>|

---

\*

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

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

\*\*

Annualized.

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

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Balanced Fund (11/18/1996)<br>1<br>| -0.35% | &nbsp;&nbsp;&nbsp;&nbsp;9.04% | &nbsp;&nbsp;&nbsp;&nbsp;7.70% | &nbsp;&nbsp;&nbsp;&nbsp;6.78% |
| <br>S&P 500<br>®<br> Index<br>| -1.74% | &nbsp;&nbsp;&nbsp;&nbsp;12.10% | &nbsp;&nbsp;&nbsp;&nbsp;15.61% | &nbsp;&nbsp;&nbsp;&nbsp;12.32% |
| Bloomberg US Aggregate Bond Index | 2.57% | &nbsp;&nbsp;&nbsp;&nbsp;8.02% | &nbsp;&nbsp;&nbsp;&nbsp;-0.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% |
| Balanced Blended Index | 0.37% | &nbsp;&nbsp;&nbsp;&nbsp;9.68% | &nbsp;&nbsp;&nbsp;&nbsp;8.67% | &nbsp;&nbsp;&nbsp;&nbsp;7.62% |

---

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

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

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

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

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

These

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

Schwab Balanced Fund \| Semiannual Report

REG127683-00 00314161

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (thousands) | $663679 |
| Number of Holdings | 7 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 7% |

---

Asset Class Weightings % of Investments

![](g70396g9img1cc11dd02.jpg)

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

Top Holdings % of Net

Assets

![](g70396g9imgd3d8374f3.jpg)

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

Portfolio holdings may have changed since the report date.

The holdings listed exclude any temporary liquidity investments.

2Schwab Balanced Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Balanced Fund \| Semiannual Report

------

![](g70396g10img4deb5fc01.jpg)

Semiannual Report \| April 30, 2025

Schwab S&P 500 Index Fund

Ticker Symbol: SWPPX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab S&P 500 Index Fund | $1 | &nbsp;&nbsp;0.02%<br>\*<br>|

---

\*

Annualized.

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

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost.

Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab S&P 500 Index Fund (05/19/1997)<br>1<br>| -1.76% | &nbsp;&nbsp;&nbsp;&nbsp;12.06% | &nbsp;&nbsp;&nbsp;&nbsp;15.58% | &nbsp;&nbsp;&nbsp;&nbsp;12.27% |
| <br>S&P 500<br>®<br> Index<br>| -1.74% | &nbsp;&nbsp;&nbsp;&nbsp;12.10% | &nbsp;&nbsp;&nbsp;&nbsp;15.61% | &nbsp;&nbsp;&nbsp;&nbsp;12.32% |

---

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

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

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

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

Index ownership – "Standard & Poor's®

," "S&P®

," and "S&P 500®

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

" is a

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

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

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

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

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

advisability of investing in the fund.

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

Schwab S&P 500 Index Fund \| Semiannual Report

REG127717-00 00314209

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $104967 |
| Number of Holdings<br>(excludes derivatives)<br>| 502 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 1% |
| Weighted Average Market Cap (millions) | $911753 |
| Price/Earnings Ratio (P/E) | 24.5 |
| Price/Book Ratio (P/B) | 4.5 |

---

Sector Weightings % of Investments

![](g70396g10img466950322.jpg)

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

Top Equity Holdings % of Net Assets

![](g70396g10img95fdb7aa3.jpg)

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

Portfolio holdings may have changed since the report date.

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

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

Excludes derivatives.

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

Less than 0.05%.

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

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab S&P 500 Index Fund \| Semiannual Report

------

![](g70396g11imge02fa4971.jpg)

Semiannual Report \| April 30, 2025

Schwab Small-Cap Index Fund

Ticker Symbol: SWSSX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Small-Cap Index Fund | $2 | &nbsp;&nbsp;0.04%<br>\*<br>|

---

\*

Annualized.

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

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Small-Cap Index Fund (05/19/1997)<br>1<br>| -9.94% | &nbsp;&nbsp;&nbsp;&nbsp;0.94% | &nbsp;&nbsp;&nbsp;&nbsp;9.93% | &nbsp;&nbsp;&nbsp;&nbsp;6.38% |
| <br>S&P 500<br>®<br> Index<br>2<br>| -1.74% | &nbsp;&nbsp;&nbsp;&nbsp;12.10% | &nbsp;&nbsp;&nbsp;&nbsp;15.61% | &nbsp;&nbsp;&nbsp;&nbsp;12.32% |
| <br>Russell 2000<br>®<br> Index<br>| -9.97% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;9.88% | &nbsp;&nbsp;&nbsp;&nbsp;6.32% |

---

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

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

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

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

Index ownership – "Russell 2000®

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

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

fund.

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

The S&P 500®

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

the Russell 2000®

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

Schwab Small-Cap Index Fund \| Semiannual Report

REG127719-00 00314211

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $5827 |
| Number of Holdings<br>(excludes derivatives)<br>| 1938 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 2% |
| Weighted Average Market Cap (millions) | $3472 |
| Price/Earnings Ratio (P/E) | 16.4 |
| Price/Book Ratio (P/B) | 1.7 |

---

Sector Weightings % of Investments

![](g70396g11img6f0fae6f2.jpg)

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

Top Equity Holdings % of Net Assets

![](g70396g11img60a345df3.jpg)

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

Portfolio holdings may have changed since the report date.

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

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

Excludes derivatives.

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

2Schwab Small-Cap Index Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Small-Cap Index Fund \| Semiannual Report

------

![](g70396g12img0d85aba21.jpg)

Semiannual Report \| April 30, 2025

Schwab Total Stock Market Index Fund

Ticker Symbol: SWTSX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Total Stock Market Index Fund | $1 | &nbsp;&nbsp;0.03%<br>\*<br>|

---

\*

Annualized.

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

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Total Stock Market Index Fund (06/01/1999)<br>1<br>| -2.29% | &nbsp;&nbsp;&nbsp;&nbsp;11.21% | &nbsp;&nbsp;&nbsp;&nbsp;15.00% | &nbsp;&nbsp;&nbsp;&nbsp;11.56% |
| Dow Jones U.S. Total Stock Market Index<br>SM<br>| -2.27% | &nbsp;&nbsp;&nbsp;&nbsp;11.25% | &nbsp;&nbsp;&nbsp;&nbsp;15.02% | &nbsp;&nbsp;&nbsp;&nbsp;11.59% |

---

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

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

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

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

Index ownership – "Standard & Poor's®

" and "S&P®

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

" is a registered trademark

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

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

SM

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

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

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

representation regarding the advisability of investing in the fund.

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

Schwab Total Stock Market Index Fund \| Semiannual Report

REG127732-00 00314225

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $25637 |
| Number of Holdings<br>(excludes derivatives)<br>| 3061 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 1% |
| Weighted Average Market Cap (millions) | $803428 |
| Price/Earnings Ratio (P/E) | 23.8 |
| Price/Book Ratio (P/B) | 4.0 |

---

Sector Weightings % of Investments

![](g70396g12img31931b782.jpg)

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

Top Equity Holdings % of Net Assets

![](g70396g12img3902585e3.jpg)

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

Portfolio holdings may have changed since the report date.

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

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

Excludes derivatives.

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

2Schwab Total Stock Market Index Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Total Stock Market Index Fund \| Semiannual Report

------

![](g70396g13img4154adf31.jpg)

Semiannual Report \| April 30, 2025

Schwab U.S. Large-Cap Growth Index Fund

Ticker Symbol: SWLGX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

.

You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

.

If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab U.S. Large-Cap Growth Index Fund | $2 | &nbsp;&nbsp;0.035%<br>\*<br>|

---

\*

Annualized.

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

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

Average Annual Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | Since Inception |
| Fund: Schwab U.S. Large-Cap Growth Index Fund (12/20/2017)<br>1<br>| -1.57% | &nbsp;&nbsp;&nbsp;&nbsp;14.51% | &nbsp;&nbsp;&nbsp;&nbsp;17.19% | &nbsp;&nbsp;&nbsp;&nbsp;15.60% |
| <br>S&P 500<br>®<br> Index<br>2<br>| -1.74% | &nbsp;&nbsp;&nbsp;&nbsp;12.10% | &nbsp;&nbsp;&nbsp;&nbsp;15.61% | &nbsp;&nbsp;&nbsp;&nbsp;12.30% |
| <br>Russell 1000<br>®<br> Growth Index<br>| -1.57% | &nbsp;&nbsp;&nbsp;&nbsp;14.53% | &nbsp;&nbsp;&nbsp;&nbsp;17.23% | &nbsp;&nbsp;&nbsp;&nbsp;15.64% |

---

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

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

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

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

Index ownership – The Russell 1000®

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

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

the advisability of investing in the fund.

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

The S&P 500®

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

the Russell 1000®

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

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

REG127733-00 00314226

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $3097 |
| Number of Holdings<br>(excludes derivatives)<br>| 390 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 4% |
| Weighted Average Market Cap (millions) | $1384652 |
| Price/Earnings Ratio (P/E) | 31.8 |
| Price/Book Ratio (P/B) | 11.1 |

---

Sector Weightings % of Investments

![](g70396g13img0ba12e7f2.jpg)

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

Top Equity Holdings % of Net Assets

![](g70396g13img52fc51f43.jpg)

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

Portfolio holdings may have changed since the report date.

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

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

Excludes derivatives.

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

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

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

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

------

![](g70396g14img8fc444b71.jpg)

Semiannual Report \| April 30, 2025

Schwab U.S. Large-Cap Value Index Fund

Ticker Symbol: SWLVX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab U.S. Large-Cap Value Index Fund | $2 | &nbsp;&nbsp;0.035%<br>\*<br>|

---

\*

Annualized.

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

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

Average Annual Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | Since Inception |
| Fund: Schwab U.S. Large-Cap Value Index Fund (12/20/2017)<br>1<br>| -1.89% | &nbsp;&nbsp;&nbsp;&nbsp;8.53% | &nbsp;&nbsp;&nbsp;&nbsp;12.93% | &nbsp;&nbsp;&nbsp;&nbsp;7.82% |
| <br>S&P 500<br>®<br> Index<br>2<br>| -1.74% | &nbsp;&nbsp;&nbsp;&nbsp;12.10% | &nbsp;&nbsp;&nbsp;&nbsp;15.61% | &nbsp;&nbsp;&nbsp;&nbsp;12.30% |
| <br>Russell 1000<br>®<br> Value Index<br>| -1.86% | &nbsp;&nbsp;&nbsp;&nbsp;8.55% | &nbsp;&nbsp;&nbsp;&nbsp;13.00% | &nbsp;&nbsp;&nbsp;&nbsp;7.88% |

---

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

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

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

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

Index ownership – The Russell 1000®

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

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

advisability of investing in the fund.

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

The S&P 500®

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

the Russell 1000®

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

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

REG127734-00 00314227

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (thousands) | $777792 |
| Number of Holdings<br>(excludes derivatives)<br>| 859 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 3% |
| Weighted Average Market Cap (millions) | $186115 |
| Price/Earnings Ratio (P/E) | 19.0 |
| Price/Book Ratio (P/B) | 2.5 |

---

Sector Weightings % of Investments

![](g70396g14img6fd454b62.jpg)

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

Top Equity Holdings % of Net Assets

![](g70396g14img8db1c4223.jpg)

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

Portfolio holdings may have changed since the report date.

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

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

Excludes derivatives.

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

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

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

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

------

![](g70396g15img27c963c81.jpg)

Semiannual Report \| April 30, 2025

Schwab U.S. Mid-Cap Index Fund

Ticker Symbol: SWMCX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab U.S. Mid-Cap Index Fund | $2 | &nbsp;&nbsp;0.04%<br>\*<br>|

---

\*

Annualized.

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

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

Average Annual Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | Since Inception |
| Fund: Schwab U.S. Mid-Cap Index Fund (12/20/2017)<br>1<br>| -3.34% | &nbsp;&nbsp;&nbsp;&nbsp;7.26% | &nbsp;&nbsp;&nbsp;&nbsp;12.93% | &nbsp;&nbsp;&nbsp;&nbsp;8.50% |
| <br>S&P 500<br>®<br> Index<br>2<br>| -1.74% | &nbsp;&nbsp;&nbsp;&nbsp;12.10% | &nbsp;&nbsp;&nbsp;&nbsp;15.61% | &nbsp;&nbsp;&nbsp;&nbsp;12.30% |
| <br>Russell Midcap<br>®<br> Index<br>| -3.29% | &nbsp;&nbsp;&nbsp;&nbsp;7.33% | &nbsp;&nbsp;&nbsp;&nbsp;12.96% | &nbsp;&nbsp;&nbsp;&nbsp;8.54% |

---

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

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

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

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

Index ownership – The Russell Midcap®

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

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

investing in the fund.

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

The S&P 500®

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

the Russell Midcap®

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

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

REG127735-00 00314228

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $1864 |
| Number of Holdings<br>(excludes derivatives)<br>| 795 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 2% |
| Weighted Average Market Cap (millions) | $32330 |
| Price/Earnings Ratio (P/E) | 20.9 |
| Price/Book Ratio (P/B) | 2.7 |

---

Sector Weightings % of Investments

![](g70396g15img38a483a72.jpg)

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

Top Equity Holdings % of Net Assets

![](g70396g15imgb705d5b53.jpg)

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

Portfolio holdings may have changed since the report date.

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

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

Excludes derivatives.

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

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

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

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

------

![](g70396g16imgd305c9f51.jpg)

Semiannual Report \| April 30, 2025

Schwab International Index Fund

Ticker Symbol: SWISX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab International Index Fund | $3 | &nbsp;&nbsp;0.06%<br>\*<br>|

---

\*

Annualized.

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

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab International Index Fund (05/19/1997)<br>1,2<br>| 8.93% | &nbsp;&nbsp;&nbsp;&nbsp;13.64% | &nbsp;&nbsp;&nbsp;&nbsp;11.63% | &nbsp;&nbsp;&nbsp;&nbsp;5.57% |
| <br>MSCI EAFE<br>®<br> Index (Net)<br>3<br>| 8.60% | &nbsp;&nbsp;&nbsp;&nbsp;12.57% | &nbsp;&nbsp;&nbsp;&nbsp;11.37% | &nbsp;&nbsp;&nbsp;&nbsp;5.45% |

---

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

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

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

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

Index ownership – "MSCI EAFE®

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

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

description of the limited relationship MSCI has with the fund.

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

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

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

Schwab International Index Fund \| Semiannual Report

REG127710-00 00314202

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $10937 |
| Number of Holdings<br>(excludes derivatives)<br>| 697 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 4% |
| Weighted Average Market Cap (millions) | $91579 |
| Price/Earnings Ratio (P/E) | 16.1 |
| Price/Book Ratio (P/B) | 1.8 |

---

Sector Weightings % of Investments

![](g70396g16img57f7be152.jpg)

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

Top Equity Holdings % of Net Assets

![](g70396g16imgd4c7340c3.jpg)

Top Country Weightings % of Investments

![](g70396g16img0e4b759d4.jpg)

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

Portfolio holdings may have changed since the report date.

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

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

Excludes derivatives.

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

2Schwab International Index Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab International Index Fund \| Semiannual Report

------

![](g70396g17img5b9fca051.jpg)

Semiannual Report \| April 30, 2025

Schwab Fundamental U.S. Large Company Index Fund

(formerly Schwab Fundamental US Large Company Index Fund)

Ticker Symbol: SFLNX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Fundamental U.S. Large Company Index Fund | $12 | &nbsp;&nbsp;0.25%<br>\*<br>|

---

\*

Annualized.

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

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Fundamental U.S. Large Company Index Fund (04/02/2007)<br>1<br>| -2.49% | &nbsp;&nbsp;&nbsp;&nbsp;8.48% | &nbsp;&nbsp;&nbsp;&nbsp;16.56% | &nbsp;&nbsp;&nbsp;&nbsp;10.83% |
| <br>Russell 1000<br>®<br> Index<br>2<br>| -1.76% | &nbsp;&nbsp;&nbsp;&nbsp;11.94% | &nbsp;&nbsp;&nbsp;&nbsp;15.42% | &nbsp;&nbsp;&nbsp;&nbsp;12.03% |
| RAFI Fundamental High Liquidity US Large Index<br>3<br>| -2.35% | &nbsp;&nbsp;&nbsp;&nbsp;8.75% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| <br>Russell RAFI<br>TM<br> US Large Company Index<br>| -2.47% | &nbsp;&nbsp;&nbsp;&nbsp;8.67% | &nbsp;&nbsp;&nbsp;&nbsp;16.83% | &nbsp;&nbsp;&nbsp;&nbsp;11.09% |
| Fundamental US Large Spliced Index | -2.35% | &nbsp;&nbsp;&nbsp;&nbsp;8.74% | &nbsp;&nbsp;&nbsp;&nbsp;16.84% | &nbsp;&nbsp;&nbsp;&nbsp;11.10% |

---

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

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

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

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

Index ownership – The RAFI Fundamental High Liquidity US Large Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and has been

licensed for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The Schwab

Fundamental U.S. Large Company Index Fund is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The RAFI

Parties: (i) make no representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in negligence or

otherwise) to any person for any error in the Index. For full disclaimer, please see the fund's statement of additional information.

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

The Russell 1000®

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

included in the RAFI Fundamental High Liquidity US Large Index. The fund does not seek to track the regulatory index.

Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ US Large Company Index to the RAFI Fundamental High Liquidity US Large Index in

connection with a change to the fund's investment objective and investment strategy to invest its assets in accordance with the index. The inception date of the RAFI

Fundamental High Liquidity US Large Index is January 31, 2024. The fund began tracking the index after the close of business on June 21, 2024.

Schwab Fundamental U.S. Large Company Index Fund \| Semiannual Report

REG127706-00 00314198

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $9156 |
| Number of Holdings<br>(excludes derivatives)<br>| 744 |
| Portfolio Turnover Rate<br>(not annualized; excludes in-kind transactions)<br>| 6% |
| Weighted Average Market Cap (millions) | $482168 |
| Price/Earnings Ratio (P/E) | 18.0 |
| Price/Book Ratio (P/B) | 2.4 |

---

Sector Weightings % of Investments

![](g70396g17imgb35348572.jpg)

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

Top Equity Holdings % of Net Assets

![](g70396g17img07e432ed3.jpg)

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

Portfolio holdings may have changed since the report date.

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

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

Excludes derivatives.

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

2Schwab Fundamental U.S. Large Company Index Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Fundamental U.S. Large Company Index Fund \| Semiannual Report

------

![](g70396g18img7c7a550e1.jpg)

Semiannual Report \| April 30, 2025

Schwab Fundamental U.S. Small Company Index Fund

(formerly Schwab Fundamental US Small Company Index Fund)

Ticker Symbol: SFSNX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

.

If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Fundamental U.S. Small Company Index Fund | $12 | &nbsp;&nbsp;0.25%<br>\*<br>|

---

\*

Annualized.

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Fundamental U.S. Small Company Index Fund (04/02/2007)<br>1<br>| -9.62% | &nbsp;&nbsp;&nbsp;&nbsp;-0.52% | &nbsp;&nbsp;&nbsp;&nbsp;13.75% | &nbsp;&nbsp;&nbsp;&nbsp;7.11% |
| <br>S&P 500<br>®<br> Index<br>2<br>| -1.74% | &nbsp;&nbsp;&nbsp;&nbsp;12.10% | &nbsp;&nbsp;&nbsp;&nbsp;15.61% | &nbsp;&nbsp;&nbsp;&nbsp;12.32% |
| RAFI Fundamental High Liquidity US Small Index<br>3<br>| -9.57% | &nbsp;&nbsp;&nbsp;&nbsp;-0.40% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| <br>Russell RAFI<br>TM<br> US Small Company Index<br>| -10.17% | &nbsp;&nbsp;&nbsp;&nbsp;-1.00% | &nbsp;&nbsp;&nbsp;&nbsp;13.78% | &nbsp;&nbsp;&nbsp;&nbsp;7.23% |
| Fundamental US Small Spliced Index | -9.57% | &nbsp;&nbsp;&nbsp;&nbsp;-0.40% | &nbsp;&nbsp;&nbsp;&nbsp;13.92% | &nbsp;&nbsp;&nbsp;&nbsp;7.30% |
| <br>Russell 2000<br>®<br> Index<br>| -9.97% | &nbsp;&nbsp;&nbsp;&nbsp;0.87% | &nbsp;&nbsp;&nbsp;&nbsp;9.88% | &nbsp;&nbsp;&nbsp;&nbsp;6.32% |

---

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

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

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

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

Index ownership – The RAFI Fundamental High Liquidity US Small Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and has been

licensed for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The Schwab

Fundamental U.S. Small Company Index Fund is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The RAFI

Parties: (i) make no representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in negligence or

otherwise) to any person for any error in the Index. For full disclaimer, please see the fund's statement of additional information.

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

The S&P 500®

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

the RAFI Fundamental High Liquidity US Small Index. The fund does not seek to track the regulatory index.

Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ US Small Company Index to the RAFI Fundamental High Liquidity US Small Index in

connection with a change to the fund's investment objective and investment strategy to invest its assets in accordance with the index. The inception date of the RAFI

Fundamental High Liquidity US Small Index is January 31, 2024. The fund began tracking the index after the close of business on June 21, 2024.

Schwab Fundamental U.S. Small Company Index Fund \| Semiannual Report

REG127707-00 00314199

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $1588 |
| Number of Holdings<br>(excludes derivatives)<br>| 991 |
| Portfolio Turnover Rate<br>(not annualized; excludes in-kind transactions)<br>| 13% |
| Weighted Average Market Cap (millions) | $7927 |
| Price/Earnings Ratio (P/E) | 17.1 |
| Price/Book Ratio (P/B) | 1.6 |

---

Sector Weightings % of Investments

![](g70396g18imgb07965fe2.jpg)

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

Top Equity Holdings % of Net Assets

![](g70396g18img98eae4873.jpg)

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

Portfolio holdings may have changed since the report date.

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

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

Excludes derivatives.

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

2Schwab Fundamental U.S. Small Company Index Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Fundamental U.S. Small Company Index Fund \| Semiannual Report

------

![](g70396g19img08890ba91.jpg)

Semiannual Report \| April 30, 2025

Schwab Fundamental International Equity Index Fund

(formerly Schwab Fundamental International Large Company Index Fund)

Ticker Symbol: SFNNX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

.

If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Fundamental International Equity Index Fund | $13 | &nbsp;&nbsp;0.25%<br>\*<br>|

---

\*

Annualized.

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

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Fundamental International Equity Index Fund (04/02/2007)<br>1,2<br>| 8.49% | &nbsp;&nbsp;&nbsp;&nbsp;11.71% | &nbsp;&nbsp;&nbsp;&nbsp;14.46% | &nbsp;&nbsp;&nbsp;&nbsp;6.02% |
| <br>MSCI EAFE<br>®<br> Index (Net)<br>3,4<br>| 8.60% | &nbsp;&nbsp;&nbsp;&nbsp;12.57% | &nbsp;&nbsp;&nbsp;&nbsp;11.37% | &nbsp;&nbsp;&nbsp;&nbsp;5.45% |
| RAFI Fundamental High Liquidity Developed ex US Large Index (Net)<br>3,5<br>| 8.19% | &nbsp;&nbsp;&nbsp;&nbsp;10.95% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| <br>Russell RAFI<br>TM<br> Developed ex US Large Company Index (Net)<br>3<br>| 8.26% | &nbsp;&nbsp;&nbsp;&nbsp;11.06% | &nbsp;&nbsp;&nbsp;&nbsp;14.55% | &nbsp;&nbsp;&nbsp;&nbsp;6.13% |
| Fundamental Developed ex US Large Spliced Index | 8.19% | &nbsp;&nbsp;&nbsp;&nbsp;10.93% | &nbsp;&nbsp;&nbsp;&nbsp;14.52% | &nbsp;&nbsp;&nbsp;&nbsp;6.12% |

---

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

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

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

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

Index ownership – The RAFI Fundamental High Liquidity Developed ex US Large Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and

has been licensed for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The

Schwab Fundamental International Equity Index Fund is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The

RAFI Parties: (i) make no representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in negligence

or otherwise) to any person for any error in the Index. For full disclaimer, please see the fund's statement of additional information.

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

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

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

The MSCI EAFE®

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

included in the RAFI Fundamental High Liquidity Developed ex US Large Index (Net). The fund does not seek to track the regulatory index.

Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ Developed ex US Large Company Index (Net) to the RAFI Fundamental High

Liquidity Developed ex US Large Index (Net) in connection with a change to the fund's investment objective and investment strategy to invest its assets in accordance with

the index. The inception date of the RAFI Fundamental High Liquidity Developed ex US Large Index (Net) is January 31, 2024. The fund began tracking the index after the

close of business on June 21, 2024.

Schwab Fundamental International Equity Index Fund \| Semiannual Report

REG127704-00 00314196

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (millions) | $3247 |
| Number of Holdings<br>(excludes derivatives)<br>| 930 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 12% |
| Weighted Average Market Cap (millions) | $70014 |
| Price/Earnings Ratio (P/E) | 12.4 |
| Price/Book Ratio (P/B) | 1.1 |

---

Sector Weightings % of

Investments

![](g70396g19imgbe1765c42.jpg)

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

Top Equity Holdings % of Net Assets

![](g70396g19imgd1200f103.jpg)

Top Country Weightings % of Investments

![](g70396g19img8208a43c4.jpg)

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

Portfolio holdings may have changed since the report date.

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

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

Excludes derivatives.

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

2Schwab Fundamental International Equity Index Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Fundamental International Equity Index Fund \| Semiannual Report

------

![](g70396g20imgba979ac91.jpg)

Semiannual Report \| April 30, 2025

Schwab Fundamental International Small Equity Index Fund

(formerly Schwab Fundamental International Small Company Index Fund)

Ticker Symbol: SFILX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Fundamental International Small Equity Index Fund | $20 | &nbsp;&nbsp;0.39%<br>\*<br>|

---

\*

Annualized.

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

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Fundamental International Small Equity Index Fund (01/31/2008)<br>1,2<br>| 8.99% | &nbsp;&nbsp;&nbsp;&nbsp;14.80% | &nbsp;&nbsp;&nbsp;&nbsp;10.76% | &nbsp;&nbsp;&nbsp;&nbsp;5.48% |
| <br>MSCI EAFE<br>®<br> Index (Net)<br>3,4<br>| 8.60% | &nbsp;&nbsp;&nbsp;&nbsp;12.57% | &nbsp;&nbsp;&nbsp;&nbsp;11.37% | &nbsp;&nbsp;&nbsp;&nbsp;5.45% |
| RAFI Fundamental High Liquidity Developed ex US Small Index (Net)<br>3,5<br>| 8.91% | &nbsp;&nbsp;&nbsp;&nbsp;14.39% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| <br>Russell RAFI<br>TM<br> Developed ex US Small Company Index (Net)<br>3<br>| 8.93% | &nbsp;&nbsp;&nbsp;&nbsp;14.26% | &nbsp;&nbsp;&nbsp;&nbsp;10.95% | &nbsp;&nbsp;&nbsp;&nbsp;5.77% |
| Fundamental Developed ex US Small Spliced Index | 8.91% | &nbsp;&nbsp;&nbsp;&nbsp;14.38% | &nbsp;&nbsp;&nbsp;&nbsp;10.97% | &nbsp;&nbsp;&nbsp;&nbsp;5.78% |
| S&P Developed ex-U.S. Small Cap Index (Net)<br>3<br>| 5.66% | &nbsp;&nbsp;&nbsp;&nbsp;9.84% | &nbsp;&nbsp;&nbsp;&nbsp;8.57% | &nbsp;&nbsp;&nbsp;&nbsp;4.70% |

---

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

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

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

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

Index ownership – The RAFI Fundamental High Liquidity Developed ex US Small Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and

has been licensed for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The

Schwab Fundamental International Small Equity Index Fund is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI

Parties). The RAFI Parties: (i) make no representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in

negligence or otherwise) to any person for any error in the Index. For full disclaimer, please see the fund's statement of additional information.

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

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

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

The MSCI EAFE®

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

included in the RAFI Fundamental High Liquidity Developed ex US Small Index (Net). The fund does not seek to track the regulatory index.

Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ Developed ex US Small Company Index (Net) to the RAFI Fundamental High

Liquidity Developed ex US Small Index (Net) in connection with a change to the fund's investment objective and investment strategy to invest its assets in accordance with

the index. The inception date of the RAFI Fundamental High Liquidity Developed ex US Small Index (Net) is January 31, 2024. The fund began tracking the index after the

close of business on June 21, 2024.

Schwab Fundamental International Small Equity Index Fund \| Semiannual Report

REG127705-00 00314197

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (thousands) | $580835 |
| Number of Holdings<br>(excludes derivatives)<br>| 1725 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 15% |
| Weighted Average Market Cap (millions) | $4881 |
| Price/Earnings Ratio (P/E) | 13.2 |
| Price/Book Ratio (P/B) | 1.1 |

---

Sector Weightings % of Investments

![](g70396g20img9344916e2.jpg)

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

Top Equity Holdings % of Net Assets

![](g70396g20imgb8f7aefa3.jpg)

Top Country Weightings % of Investments

![](g70396g20img316f7d594.jpg)

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

Portfolio holdings may have changed since the report date.

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

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

Excludes derivatives.

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

2Schwab Fundamental International Small Equity Index Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Fundamental International Small Equity Index Fund \| Semiannual Report

------

![](g70396g21img2756b0431.jpg)

Semiannual Report \| April 30, 2025

Schwab Fundamental Emerging Markets Equity Index Fund

(formerly Schwab Fundamental Emerging Markets Large Company Index Fund)

Ticker Symbol: SFENX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Fundamental Emerging Markets Equity Index Fund | $19 | &nbsp;&nbsp;0.39%<br>\*<br>|

---

\*

Annualized.

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

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Fundamental Emerging Markets Equity Index Fund (01/31/2008)<br>1,2<br>| 0.63% | &nbsp;&nbsp;&nbsp;&nbsp;11.63% | &nbsp;&nbsp;&nbsp;&nbsp;10.86% | &nbsp;&nbsp;&nbsp;&nbsp;4.89% |
| MSCI Emerging Markets Index (Net)<br>3,4<br>| 0.40% | &nbsp;&nbsp;&nbsp;&nbsp;9.02% | &nbsp;&nbsp;&nbsp;&nbsp;6.35% | &nbsp;&nbsp;&nbsp;&nbsp;3.07% |
| RAFI Fundamental High Liquidity Emerging Markets Index (Net)<br>3,5<br>| 0.49% | &nbsp;&nbsp;&nbsp;&nbsp;11.59% | &nbsp;&nbsp;&nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;N/A |
| <br>Russell RAFI<br>TM<br> Emerging Markets Large Company Index (Net)<br>3<br>| 0.95% | &nbsp;&nbsp;&nbsp;&nbsp;12.01% | &nbsp;&nbsp;&nbsp;&nbsp;11.32% | &nbsp;&nbsp;&nbsp;&nbsp;5.51% |
| Fundamental Emerging Markets Spliced Index | 0.49% | &nbsp;&nbsp;&nbsp;&nbsp;11.60% | &nbsp;&nbsp;&nbsp;&nbsp;11.24% | &nbsp;&nbsp;&nbsp;&nbsp;5.47% |

---

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

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

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

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

Index ownership – The RAFI Fundamental High Liquidity Emerging Markets Index (the Index) is a service mark of RAFI Indices, LLC or its affiliates (collectively, RAFI) and has

been licensed for use by Charles Schwab Investment Management, Inc. The intellectual and other property rights to the Index are owned by or licensed to RAFI. The Schwab

Fundamental Emerging Markets Equity Index Fund is not sponsored, endorsed, sold or promoted by RAFI, its agents or service providers (collectively, the RAFI Parties). The

RAFI Parties: (i) make no representation or warranty as to the results to be obtained from the use of the Index or otherwise; and (ii) shall not be liable (whether in negligence

or otherwise) to any person for any error in the Index. For full disclaimer, please see the fund's statement of additional information.

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

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

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

The MSCI Emerging Markets Index (Net) serves as the fund's regulatory index and provides a broad measure of market performance. The fund generally invests in securities

that are included in the RAFI Fundamental High Liquidity Emerging Markets Index (Net). The fund does not seek to track the regulatory index.

Effective June 21, 2024, the fund changed its comparative index from the Russell RAFI™ Emerging Markets Large Company Index (Net) to the RAFI Fundamental High

Liquidity Emerging Markets Index (Net) in connection with a change to the fund's investment objective and investment strategy to invest its assets in accordance with the

index. The inception date of the RAFI Fundamental High Liquidity Emerging Markets Index (Net) is January 31, 2024. The fund began tracking the index after the close of

business on June 21, 2024.

Schwab Fundamental Emerging Markets Equity Index Fund \| Semiannual Report

REG127686-00 00314168

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (thousands) | $975922 |
| Number of Holdings<br>(excludes derivatives)<br>| 364 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 14% |
| Weighted Average Market Cap (millions) | $117491 |
| Price/Earnings Ratio (P/E) | 9.5 |
| Price/Book Ratio (P/B) | 1.2 |

---

Sector Weightings % of Investments

![](g70396g21img671871682.jpg)

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

Top Equity Holdings % of Net Assets

![](g70396g21img8f2f8c713.jpg)

Top Country Weightings % of Investments

![](g70396g21img2e7f15764.jpg)

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

Portfolio holdings may have changed since the report date.

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

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

Excludes derivatives.

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

2Schwab Fundamental Emerging Markets Equity Index Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Fundamental Emerging Markets Equity Index Fund \| Semiannual Report

------

![](g70396g22img724feda21.jpg)

Semiannual Report \| April 30, 2025

Schwab MarketTrack All Equity Portfolio™

Ticker Symbol: SWEGX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab MarketTrack All Equity Porfolio | $19 | &nbsp;&nbsp;0.38%<br>\*<br>|

---

\*

Annualized.

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

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab MarketTrack All Equity Portfolio (05/19/1998)<br>1<br>| 0.05% | &nbsp;&nbsp;&nbsp;&nbsp;10.87% | &nbsp;&nbsp;&nbsp;&nbsp;13.48% | &nbsp;&nbsp;&nbsp;&nbsp;8.53% |
| <br>S&P 500<br>®<br> Index<br>| -1.74% | &nbsp;&nbsp;&nbsp;&nbsp;12.10% | &nbsp;&nbsp;&nbsp;&nbsp;15.61% | &nbsp;&nbsp;&nbsp;&nbsp;12.32% |
| All Equity Composite Index | 0.24% | &nbsp;&nbsp;&nbsp;&nbsp;11.11% | &nbsp;&nbsp;&nbsp;&nbsp;13.96% | &nbsp;&nbsp;&nbsp;&nbsp;9.06% |

---

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

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

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

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

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

These

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

Schwab MarketTrack All Equity Portfolio™ \| Semiannual Report

REG127713-00 00314205

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (thousands) | $912006 |
| Number of Holdings | 10 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 9% |

---

Asset Class Weightings % of Investments

![](g70396g22imgd53eb50d2.jpg)

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

Top Holdings % of Net Assets

![](g70396g22imga1c3f1173.jpg)

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

Portfolio holdings may have changed since the report date.

2Schwab MarketTrack All Equity Portfolio™ \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab MarketTrack All Equity Portfolio™ \| Semiannual Report

------

![](g70396g23img29e7529d1.jpg)

Semiannual Report \| April 30, 2025

Schwab MarketTrack Growth Portfolio™

Ticker Symbol: SWHGX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

.

You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab MarketTrack Growth Porfolio | $19 | &nbsp;&nbsp;0.39%<br>\*<br>|

---

\*

Annualized.

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

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab MarketTrack Growth Portfolio (11/20/1995)<br>1<br>| 0.32% | &nbsp;&nbsp;&nbsp;&nbsp;10.11% | &nbsp;&nbsp;&nbsp;&nbsp;10.87% | &nbsp;&nbsp;&nbsp;&nbsp;7.44% |
| <br>S&P 500<br>®<br> Index<br>| -1.74% | &nbsp;&nbsp;&nbsp;&nbsp;12.10% | &nbsp;&nbsp;&nbsp;&nbsp;15.61% | &nbsp;&nbsp;&nbsp;&nbsp;12.32% |
| Bloomberg US Aggregate Bond Index | 2.57% | &nbsp;&nbsp;&nbsp;&nbsp;8.02% | &nbsp;&nbsp;&nbsp;&nbsp;-0.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% |
| Growth Composite Index | 0.53% | &nbsp;&nbsp;&nbsp;&nbsp;10.44% | &nbsp;&nbsp;&nbsp;&nbsp;11.37% | &nbsp;&nbsp;&nbsp;&nbsp;7.95% |

---

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

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

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

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

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

These

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

Schwab MarketTrack Growth Portfolio™ \| Semiannual Report

REG127716-00 00314208

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (thousands) | $922400 |
| Number of Holdings | 12 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 8% |

---

Asset Class Weightings % of Investments

![](g70396g23img8831ef7d2.jpg)

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

Top Holdings % of Net Assets

![](g70396g23imgc053b4693.jpg)

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

Portfolio holdings may have changed since the report date.

2Schwab MarketTrack Growth Portfolio™ \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab MarketTrack Growth Portfolio™ \| Semiannual Report

------

![](g70396g24img612682ba1.jpg)

Semiannual Report \| April 30, 2025

Schwab MarketTrack Balanced Portfolio™

Ticker Symbol: SWBGX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

.

If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab MarketTrack Balanced Portfolio | $19 | &nbsp;&nbsp;0.39%<br>\*<br>|

---

\*

Annualized.

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

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

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

Average Annual Total Returns

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab MarketTrack Balanced Portfolio (11/20/1995)<br>1<br>| 0.89% | &nbsp;&nbsp;&nbsp;&nbsp;9.49% | &nbsp;&nbsp;&nbsp;&nbsp;7.94% | &nbsp;&nbsp;&nbsp;&nbsp;5.96% |
| <br>S&P 500<br>®<br> Index<br>| -1.74% | &nbsp;&nbsp;&nbsp;&nbsp;12.10% | &nbsp;&nbsp;&nbsp;&nbsp;15.61% | &nbsp;&nbsp;&nbsp;&nbsp;12.32% |
| Bloomberg US Aggregate Bond Index | 2.57% | &nbsp;&nbsp;&nbsp;&nbsp;8.02% | &nbsp;&nbsp;&nbsp;&nbsp;-0.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% |
| Balanced Composite Index | 1.11% | &nbsp;&nbsp;&nbsp;&nbsp;9.89% | &nbsp;&nbsp;&nbsp;&nbsp;8.43% | &nbsp;&nbsp;&nbsp;&nbsp;6.48% |

---

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

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

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

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

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

These

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

Schwab MarketTrack Balanced Portfolio™ \| Semiannual Report

REG127714-00 00314206

------

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

Statistics

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

---

| | |
|:---|:---|
| Net Assets (thousands) | $567819 |
| Number of Holdings | 13 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 9% |

---

Asset Class Weightings % of Investments

![](g70396g24img3d67b5d12.jpg)

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

Top Holdings % of Net Assets

![](g70396g24img1c4b5c933.jpg)

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

Portfolio holdings may have changed since the report date.

2Schwab MarketTrack Balanced Portfolio™ \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

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

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

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

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

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

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

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

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

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab MarketTrack Balanced Portfolio™ \| Semiannual Report

------

![](g70396g25img08def0841.jpg)

**Semiannual Report \|** April 30, 2025

Schwab MarketTrack Conservative Portfolio™

**Ticker Symbol: SWCGX**

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30, 2025. You can find additional information about the fund at **www.schwabassetmanagement.com/prospectus**. You can also request this information by calling **1-866-414-6349** or by sending an email request to **orders@mysummaryprospectus.com**. If you purchase or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders and other information about the fund are available from your financial intermediary.

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

**FUND COSTS FOR THE LAST six months ENDED April 30, 2025** *(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)*

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab MarketTrack Conservative Portfolio | $21 | &nbsp;&nbsp;0.42%<br>\*<br>|

---

\*

Annualized.

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

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

Average Annual Total Returns

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab MarketTrack Conservative Portfolio (11/20/1995)<sup>1</sup> <br>| 1.46% | &nbsp;&nbsp;&nbsp;&nbsp;8.87% | &nbsp;&nbsp;&nbsp;&nbsp;4.93% | &nbsp;&nbsp;&nbsp;&nbsp;4.34% |
| S&P 500<sup>®</sup> Index | -1.74% | &nbsp;&nbsp;&nbsp;&nbsp;12.10% | &nbsp;&nbsp;&nbsp;&nbsp;15.61% | &nbsp;&nbsp;&nbsp;&nbsp;12.32% |
| Bloomberg US Aggregate Bond Index | 2.57% | &nbsp;&nbsp;&nbsp;&nbsp;8.02% | &nbsp;&nbsp;&nbsp;&nbsp;-0.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% |
| Conservative Composite Index | 1.61% | &nbsp;&nbsp;&nbsp;&nbsp;9.22% | &nbsp;&nbsp;&nbsp;&nbsp;5.44% | &nbsp;&nbsp;&nbsp;&nbsp;4.90% |

---

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

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

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

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower. These returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Schwab MarketTrack Conservative Portfolio™ \| Semiannual Report

REG127715-00 00314207

------

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

Statistics

---

| | |
|:---|:---|
| Net Assets (thousands) | $192820 |
| Number of Holdings | 13 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 8% |

---

Asset Class Weightings % of Investments

![](g70396g25img5984c74f2.jpg)

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

Top Holdings % of Net Assets

![](g70396g25imgabf1d4cc3.jpg)

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

Portfolio holdings may have changed since the report date.

2Schwab MarketTrack Conservative Portfolio™ \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

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

Proxy Voting Policies, Procedures and Results

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

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

Schwab MarketTrack Conservative Portfolio™ \| Semiannual Report

------

![](g70396g26img2a91a1a81.jpg)

Semiannual Report \| April 30, 2025

Schwab Target 2010 Fund

Ticker Symbol: SWBRX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

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

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

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

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

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

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2010 Fund\* | $0 | &nbsp;&nbsp;0.00%<br>\*\*<br>|

---

\*

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

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

\*\*

Annualized.

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

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

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

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Target 2010 Fund (07/01/2005)<br>1<br>| 1.82% | &nbsp;&nbsp;&nbsp;&nbsp;9.12% | &nbsp;&nbsp;&nbsp;&nbsp;4.94% | &nbsp;&nbsp;&nbsp;&nbsp;4.50% |
| Dow Jones U.S. Total Stock Market Index<br>SM<br>| -2.27% | &nbsp;&nbsp;&nbsp;&nbsp;11.25% | &nbsp;&nbsp;&nbsp;&nbsp;15.02% | &nbsp;&nbsp;&nbsp;&nbsp;11.59% |
| Bloomberg US Aggregate Bond Index | 2.57% | &nbsp;&nbsp;&nbsp;&nbsp;8.02% | &nbsp;&nbsp;&nbsp;&nbsp;-0.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% |
| Target 2010 Composite Index | 1.85% | &nbsp;&nbsp;&nbsp;&nbsp;9.28% | &nbsp;&nbsp;&nbsp;&nbsp;4.94% | &nbsp;&nbsp;&nbsp;&nbsp;4.74% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Schwab Target 2010 Fund \| Semiannual Report

REG127720-00 00314212

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (thousands) | $39621 |
| Number of Holdings | 21 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 8% |

---

Asset Class Weightings % of Investments

![](g70396g26img13b3ba3f2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g70396g26imga5232ac13.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

2Schwab Target 2010 Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Target 2010 Fund \| Semiannual Report

------

![](g70396g27img5e826d161.jpg)

Semiannual Report \| April 30, 2025

Schwab Target 2015 Fund

Ticker Symbol: SWGRX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2015 Fund\* | $0 | &nbsp;&nbsp;0.00%<br>\*\*<br>|

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund. This agreement to limit the total annual

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

\*\*

Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Target 2015 Fund (03/12/2008)<br>1<br>| 1.72% | &nbsp;&nbsp;&nbsp;&nbsp;9.22% | &nbsp;&nbsp;&nbsp;&nbsp;5.28% | &nbsp;&nbsp;&nbsp;&nbsp;4.67% |
| Dow Jones U.S. Total Stock Market Index<br>SM<br>| -2.27% | &nbsp;&nbsp;&nbsp;&nbsp;11.25% | &nbsp;&nbsp;&nbsp;&nbsp;15.02% | &nbsp;&nbsp;&nbsp;&nbsp;11.59% |
| Bloomberg US Aggregate Bond Index | 2.57% | &nbsp;&nbsp;&nbsp;&nbsp;8.02% | &nbsp;&nbsp;&nbsp;&nbsp;-0.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% |
| Target 2015 Composite Index | 1.75% | &nbsp;&nbsp;&nbsp;&nbsp;9.42% | &nbsp;&nbsp;&nbsp;&nbsp;5.35% | &nbsp;&nbsp;&nbsp;&nbsp;4.96% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Schwab Target 2015 Fund \| Semiannual Report

REG127721-00 00314213

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (thousands) | $49084 |
| Number of Holdings | 21 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 11% |

---

Asset Class Weightings % of Investments

![](g70396g27img309118c62.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g70396g27img8815729a3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

2Schwab Target 2015 Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Target 2015 Fund \| Semiannual Report

------

![](g70396g28imge5da19af1.jpg)

Semiannual Report \| April 30, 2025

Schwab Target 2020 Fund

Ticker Symbol: SWCRX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2020 Fund\* | $0 | &nbsp;&nbsp;0.00%<br>\*\*<br>|

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund. This agreement to limit the total annual

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

\*\*

Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Target 2020 Fund (07/01/2005)<br>1<br>| 1.67% | &nbsp;&nbsp;&nbsp;&nbsp;9.45% | &nbsp;&nbsp;&nbsp;&nbsp;5.56% | &nbsp;&nbsp;&nbsp;&nbsp;4.99% |
| Dow Jones U.S. Total Stock Market Index<br>SM<br>| -2.27% | &nbsp;&nbsp;&nbsp;&nbsp;11.25% | &nbsp;&nbsp;&nbsp;&nbsp;15.02% | &nbsp;&nbsp;&nbsp;&nbsp;11.59% |
| Bloomberg US Aggregate Bond Index | 2.57% | &nbsp;&nbsp;&nbsp;&nbsp;8.02% | &nbsp;&nbsp;&nbsp;&nbsp;-0.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% |
| Target 2020 Composite Index | 1.70% | &nbsp;&nbsp;&nbsp;&nbsp;9.52% | &nbsp;&nbsp;&nbsp;&nbsp;5.62% | &nbsp;&nbsp;&nbsp;&nbsp;5.31% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Schwab Target 2020 Fund \| Semiannual Report

REG127722-00 00314214

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (thousands) | $293409 |
| Number of Holdings | 21 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 7% |

---

Asset Class Weightings % of Investments

![](g70396g28imga401b6f02.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g70396g28img720a0df93.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

2Schwab Target 2020 Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Target 2020 Fund \| Semiannual Report

------

![](g70396g29img633a08fb1.jpg)

Semiannual Report \| April 30, 2025

Schwab Target 2025 Fund

Ticker Symbol: SWHRX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

.

You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

.

If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2025 Fund\* | $0 | &nbsp;&nbsp;0.00%<br>\*\*<br>|

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund. This agreement to limit the total annual

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

\*\*

Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Target 2025 Fund (03/12/2008)<br>1<br>| 1.77% | &nbsp;&nbsp;&nbsp;&nbsp;9.70% | &nbsp;&nbsp;&nbsp;&nbsp;6.97% | &nbsp;&nbsp;&nbsp;&nbsp;5.69% |
| Dow Jones U.S. Total Stock Market Index<br>SM<br>| -2.27% | &nbsp;&nbsp;&nbsp;&nbsp;11.25% | &nbsp;&nbsp;&nbsp;&nbsp;15.02% | &nbsp;&nbsp;&nbsp;&nbsp;11.59% |
| Bloomberg US Aggregate Bond Index | 2.57% | &nbsp;&nbsp;&nbsp;&nbsp;8.02% | &nbsp;&nbsp;&nbsp;&nbsp;-0.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% |
| Target 2025 Composite Index | 1.79% | &nbsp;&nbsp;&nbsp;&nbsp;9.84% | &nbsp;&nbsp;&nbsp;&nbsp;7.06% | &nbsp;&nbsp;&nbsp;&nbsp;6.11% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Schwab Target 2025 Fund \| Semiannual Report

REG127723-00 00314215

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (thousands) | $409096 |
| Number of Holdings | 21 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 10% |

---

Asset Class Weightings % of Investments

![](g70396g29imgb9d074bf2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g70396g29img620a9c363.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

2Schwab Target 2025 Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Target 2025 Fund \| Semiannual Report

------

![](g70396g30img756188c21.jpg)

Semiannual Report \| April 30, 2025

Schwab Target 2030 Fund

Ticker Symbol: SWDRX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2030 Fund\* | $0 | &nbsp;&nbsp;&nbsp;&nbsp;0.00%<br>\*\*<br>|

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund. This agreement to limit the total annual

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

\*\*

Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Target 2030 Fund (07/01/2005)<br>1<br>| 1.36% | &nbsp;&nbsp;&nbsp;&nbsp;9.95% | &nbsp;&nbsp;&nbsp;&nbsp;8.38% | &nbsp;&nbsp;&nbsp;&nbsp;6.36% |
| Dow Jones U.S. Total Stock Market Index<br>SM<br>| -2.27% | &nbsp;&nbsp;&nbsp;&nbsp;11.25% | &nbsp;&nbsp;&nbsp;&nbsp;15.02% | &nbsp;&nbsp;&nbsp;&nbsp;11.59% |
| Bloomberg US Aggregate Bond Index | 2.57% | &nbsp;&nbsp;&nbsp;&nbsp;8.02% | &nbsp;&nbsp;&nbsp;&nbsp;-0.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% |
| Target 2030 Composite Index | 1.48% | &nbsp;&nbsp;&nbsp;&nbsp;10.29% | &nbsp;&nbsp;&nbsp;&nbsp;8.52% | &nbsp;&nbsp;&nbsp;&nbsp;6.86% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Schwab Target 2030 Fund \| Semiannual Report

REG127724-00 00314216

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (thousands) | $939756 |
| Number of Holdings | 22 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 11% |

---

Asset Class Weightings % of Investments

![](g70396g30img2b890e442.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g70396g30img4d3e9b5e3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

2Schwab Target 2030 Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Target 2030 Fund \| Semiannual Report

------

![](g70396g31img30ca892b1.jpg)

Semiannual Report \| April 30, 2025

Schwab Target 2035 Fund

Ticker Symbol: SWIRX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2035 Fund\* | $0 | &nbsp;&nbsp;0.00%<br>\*\*<br>|

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund. This agreement to limit the total annual

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

\*\*

Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Target 2035 Fund (03/12/2008)<br>1<br>| 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;10.06% | &nbsp;&nbsp;&nbsp;&nbsp;9.36% | &nbsp;&nbsp;&nbsp;&nbsp;6.82% |
| Dow Jones U.S. Total Stock Market Index<br>SM<br>| -2.27% | &nbsp;&nbsp;&nbsp;&nbsp;11.25% | &nbsp;&nbsp;&nbsp;&nbsp;15.02% | &nbsp;&nbsp;&nbsp;&nbsp;11.59% |
| Bloomberg US Aggregate Bond Index | 2.57% | &nbsp;&nbsp;&nbsp;&nbsp;8.02% | &nbsp;&nbsp;&nbsp;&nbsp;-0.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% |
| Target 2035 Composite Index | 1.20% | &nbsp;&nbsp;&nbsp;&nbsp;10.54% | &nbsp;&nbsp;&nbsp;&nbsp;9.58% | &nbsp;&nbsp;&nbsp;&nbsp;7.40% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Schwab Target 2035 Fund \| Semiannual Report

REG127725-00 00314217

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (thousands) | $591087 |
| Number of Holdings | 22 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 12% |

---

Asset Class Weightings % of Investments

![](g70396g31img9e2e11232.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g70396g31imgc4759c163.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

2Schwab Target 2035 Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Target 2035 Fund \| Semiannual Report

------

![](g70396g32img54d899d81.jpg)

Semiannual Report \| April 30, 2025

Schwab Target 2040 Fund

Ticker Symbol: SWERX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2040 Fund\* | $0 | &nbsp;&nbsp;0.00%<br>\*\*<br>|

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund. This agreement to limit the total annual

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

\*\*

Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Target 2040 Fund (07/01/2005)<br>1<br>| 0.79% | &nbsp;&nbsp;&nbsp;&nbsp;10.26% | &nbsp;&nbsp;&nbsp;&nbsp;10.23% | &nbsp;&nbsp;&nbsp;&nbsp;7.21% |
| Dow Jones U.S. Total Stock Market Index<br>SM<br>| -2.27% | &nbsp;&nbsp;&nbsp;&nbsp;11.25% | &nbsp;&nbsp;&nbsp;&nbsp;15.02% | &nbsp;&nbsp;&nbsp;&nbsp;11.59% |
| Bloomberg US Aggregate Bond Index | 2.57% | &nbsp;&nbsp;&nbsp;&nbsp;8.02% | &nbsp;&nbsp;&nbsp;&nbsp;-0.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% |
| Target 2040 Composite Index | 0.99% | &nbsp;&nbsp;&nbsp;&nbsp;10.77% | &nbsp;&nbsp;&nbsp;&nbsp;10.45% | &nbsp;&nbsp;&nbsp;&nbsp;7.84% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Schwab Target 2040 Fund \| Semiannual Report

REG127726-00 00314218

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (thousands) | $1160813 |
| Number of Holdings | 21 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 10% |

---

Asset Class Weightings % of Investments

![](g70396g32img493ae1eb2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g70396g32imge220859e3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

2Schwab Target 2040 Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Target 2040 Fund \| Semiannual Report

------

![](g70396g33img1eac294d1.jpg)

Semiannual Report \| April 30, 2025

Schwab Target 2045 Fund

Ticker Symbol: SWMRX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2045 Fund\* | $0 | &nbsp;&nbsp;0.00%<br>\*\*<br>|

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund. This agreement to limit the total annual

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

\*\*

Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Target 2045 Fund (01/23/2013)<br>1<br>| 0.59% | &nbsp;&nbsp;&nbsp;&nbsp;10.25% | &nbsp;&nbsp;&nbsp;&nbsp;10.93% | &nbsp;&nbsp;&nbsp;&nbsp;7.50% |
| Dow Jones U.S. Total Stock Market Index<br>SM<br>| -2.27% | &nbsp;&nbsp;&nbsp;&nbsp;11.25% | &nbsp;&nbsp;&nbsp;&nbsp;15.02% | &nbsp;&nbsp;&nbsp;&nbsp;11.59% |
| Bloomberg US Aggregate Bond Index | 2.57% | &nbsp;&nbsp;&nbsp;&nbsp;8.02% | &nbsp;&nbsp;&nbsp;&nbsp;-0.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% |
| Target 2045 Composite Index | 0.82% | &nbsp;&nbsp;&nbsp;&nbsp;10.94% | &nbsp;&nbsp;&nbsp;&nbsp;11.21% | &nbsp;&nbsp;&nbsp;&nbsp;8.18% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Schwab Target 2045 Fund \| Semiannual Report

REG127727-00 00314219

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (thousands) | $309393 |
| Number of Holdings | 21 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 7% |

---

Asset Class Weightings % of Investments

![](g70396g33img6e606d1d2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g70396g33imgb8a88ec93.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

2Schwab Target 2045 Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Target 2045 Fund \| Semiannual Report

------

![](g70396g34img983c5b101.jpg)

Semiannual Report \| April 30, 2025

Schwab Target 2050 Fund

Ticker Symbol: SWNRX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2050 Fund\* | $0 | &nbsp;&nbsp;0.00%<br>\*\*<br>|

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund. This agreement to limit the total annual

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

\*\*

Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Target 2050 Fund (01/23/2013)<br>1<br>| 0.40% | &nbsp;&nbsp;&nbsp;&nbsp;10.20% | &nbsp;&nbsp;&nbsp;&nbsp;11.37% | &nbsp;&nbsp;&nbsp;&nbsp;7.68% |
| Dow Jones U.S. Total Stock Market Index<br>SM<br>| -2.27% | &nbsp;&nbsp;&nbsp;&nbsp;11.25% | &nbsp;&nbsp;&nbsp;&nbsp;15.02% | &nbsp;&nbsp;&nbsp;&nbsp;11.59% |
| Bloomberg US Aggregate Bond Index | 2.57% | &nbsp;&nbsp;&nbsp;&nbsp;8.02% | &nbsp;&nbsp;&nbsp;&nbsp;-0.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% |
| Target 2050 Composite Index | 0.67% | &nbsp;&nbsp;&nbsp;&nbsp;11.01% | &nbsp;&nbsp;&nbsp;&nbsp;11.65% | &nbsp;&nbsp;&nbsp;&nbsp;8.37% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Schwab Target 2050 Fund \| Semiannual Report

REG127728-00 00314221

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (thousands) | $316062 |
| Number of Holdings | 21 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 7% |

---

Asset Class Weightings % of Investments

![](g70396g34imgd26b8e7e2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g70396g34imgf4a5d17b3.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

2Schwab Target 2050 Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Target 2050 Fund \| Semiannual Report

------

![](g70396g35img0731ff461.jpg)

Semiannual Report \| April 30, 2025

Schwab Target 2055 Fund

Ticker Symbol: SWORX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2055 Fund\* | $0 | &nbsp;&nbsp;0.00%<br>\*\*<br>|

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund. This agreement to limit the total annual

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

\*\*

Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | 10 Years |
| Fund: Schwab Target 2055 Fund (01/23/2013)<br>1<br>| 0.39% | &nbsp;&nbsp;&nbsp;&nbsp;10.26% | &nbsp;&nbsp;&nbsp;&nbsp;11.57% | &nbsp;&nbsp;&nbsp;&nbsp;7.75% |
| Dow Jones U.S. Total Stock Market Index<br>SM<br>| -2.27% | &nbsp;&nbsp;&nbsp;&nbsp;11.25% | &nbsp;&nbsp;&nbsp;&nbsp;15.02% | &nbsp;&nbsp;&nbsp;&nbsp;11.59% |
| Bloomberg US Aggregate Bond Index | 2.57% | &nbsp;&nbsp;&nbsp;&nbsp;8.02% | &nbsp;&nbsp;&nbsp;&nbsp;-0.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.54% |
| Target 2055 Composite Index | 0.59% | &nbsp;&nbsp;&nbsp;&nbsp;11.05% | &nbsp;&nbsp;&nbsp;&nbsp;11.92% | &nbsp;&nbsp;&nbsp;&nbsp;8.50% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Schwab Target 2055 Fund \| Semiannual Report

REG127730-00 00314222

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (thousands) | $225841 |
| Number of Holdings | 20 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 5% |

---

Asset Class Weightings % of Investments

![](g70396g35img4b7017672.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g70396g35img8155f5933.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

2Schwab Target 2055 Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Target 2055 Fund \| Semiannual Report

------

![](g70396g36imgee8b88b71.jpg)

Semiannual Report \| April 30, 2025

Schwab Target 2060 Fund

Ticker Symbol: SWPRX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2060 Fund\* | $0 | &nbsp;&nbsp;0.00%<br>\*\*<br>|

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund. This agreement to limit the total annual

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

\*\*

Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | 5 Years | Since Inception |
| Fund: Schwab Target 2060 Fund (08/25/2016)<br>1<br>| 0.38% | &nbsp;&nbsp;&nbsp;&nbsp;10.37% | &nbsp;&nbsp;&nbsp;&nbsp;11.84% | &nbsp;&nbsp;&nbsp;&nbsp;9.02% |
| <br>Dow Jones U.S. Total Stock Market Index<br>SM<br>| -2.27% | &nbsp;&nbsp;&nbsp;&nbsp;11.25% | &nbsp;&nbsp;&nbsp;&nbsp;15.02% | &nbsp;&nbsp;&nbsp;&nbsp;12.70% |
| Bloomberg US Aggregate Bond Index | 2.57% | &nbsp;&nbsp;&nbsp;&nbsp;8.02% | &nbsp;&nbsp;&nbsp;&nbsp;-0.67% | &nbsp;&nbsp;&nbsp;&nbsp;1.20% |
| Target 2060 Composite Index | 0.54% | &nbsp;&nbsp;&nbsp;&nbsp;11.09% | &nbsp;&nbsp;&nbsp;&nbsp;12.20% | &nbsp;&nbsp;&nbsp;&nbsp;9.64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Schwab Target 2060 Fund \| Semiannual Report

REG127729-00 00314223

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (thousands) | $93469 |
| Number of Holdings | 19 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 5% |

---

Asset Class Weightings % of Investments

![](g70396g36imga75768562.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g70396g36imgffd673e73.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

2Schwab Target 2060 Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Target 2060 Fund \| Semiannual Report

------

![](g70396g37img68a73f641.jpg)

Semiannual Report \| April 30, 2025

Schwab Target 2065 Fund

Ticker Symbol: SWQRX

------

This semiannual shareholder report contains important information about the fund for the period of November 1, 2024, to April 30,

2025. You can find additional information about the fund at

www.schwabassetmanagement.com/prospectus

. You can also request

this information by calling

1-866-414-6349

or by sending an email request to

orders@mysummaryprospectus.com

. If you purchase

or hold fund shares through a financial intermediary, the fund's prospectus, Statement of Additional Information (SAI), reports to

shareholders and other information about the fund are available from your financial intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUND COSTS FOR THE LAST six months ENDED April 30, 2025

(BASED ON A HYPOTHETICAL $10,000 INVESTMENT)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | COSTS OF A<br>$10,000 INVESTMENT<br>| &nbsp;&nbsp;COSTS PAID AS A<br>PERCENTAGE OF A<br>$10,000 INVESTMENT<br>|
| Schwab Target 2065 Fund\* | $0 | &nbsp;&nbsp;0.00%<br>\*\*<br>|

---

\*

Expenses were reduced by a contractual fee waiver in effect for so long as the investment adviser serves as adviser to the fund. This agreement to limit the total annual

fund operating expenses is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses (AFFE), which are indirect

expenses incurred by the fund through its investments in the underlying funds.

\*\*

Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The performance data quoted represents past performance. Past performance does not guarantee future results. Investment returns

and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than performance data quoted.

To obtain performance information current to the most

recent month end, please visit

www.schwabassetmanagement.com/prospectus

.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Average Annual Total Returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Fund and Inception Date | 6 Months | 1 Year | Since Inception |
| Fund: Schwab Target 2065 Fund (02/25/2021)<br>1<br>| 0.28% | &nbsp;&nbsp;&nbsp;&nbsp;10.31% | &nbsp;&nbsp;&nbsp;&nbsp;5.77% |
| <br>Dow Jones U.S. Total Stock Market Index<br>SM<br>| -2.27% | &nbsp;&nbsp;&nbsp;&nbsp;11.25% | &nbsp;&nbsp;&nbsp;&nbsp;9.23% |
| Bloomberg US Aggregate Bond Index | 2.57% | &nbsp;&nbsp;&nbsp;&nbsp;8.02% | &nbsp;&nbsp;&nbsp;&nbsp;-0.65% |
| Target 2065 Composite Index | 0.48% | &nbsp;&nbsp;&nbsp;&nbsp;11.10% | &nbsp;&nbsp;&nbsp;&nbsp;6.71% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower

performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.

For index definitions, please see www.schwabassetmanagement.com/glossary.

Fund expenses may have been partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund's returns would have been lower.

These

returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Schwab Target 2065 Fund \| Semiannual Report

REG127731-00 00314224

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Net Assets (thousands) | $28495 |
| Number of Holdings | 18 |
| Portfolio Turnover Rate<br>(not annualized)<br>| 4% |

---

Asset Class Weightings % of Investments

![](g70396g37imgbec9ef6a2.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Top Holdings % of Net Assets

![](g70396g37imge2312c073.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Portfolio holdings may have changed since the report date.

2Schwab Target 2065 Fund \| Semiannual Report

------

AVAILABILITY OF ADDITIONAL INFORMATION

You can find the fund's prospectus, Statement of Additional Information (SAI), reports to shareholders, financial information,

holdings, certain tax information, proxy voting information, and other information about the fund online at

www.schwabassetmanagement.com/prospectus

.

Proxy Voting Policies, Procedures and Results

A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available

without charge, upon request, by visiting the Schwab Funds' website at

www.schwabassetmanagement.com/prospectus

, the

SEC's website at

www.sec.gov

, or by contacting Schwab Funds at 1-877-824-5615.

Information regarding how a fund voted proxies relating to portfolio securities during the most recent twelve-month period ended

June 30 is available, without charge, by visiting the fund's website at

www.schwabassetmanagement.com/prospectus

or the

SEC's website at

www.sec.gov

, by calling

1-866-414-6349

, or by sending an email request to

orders@mysummaryprospectus.com

.

Schwab Target 2065 Fund \| Semiannual Report

------

#### Item 2: Code of Ethics.
Not applicable to this semi-annual report.

#### Item 3: Audit Committee Financial Expert.
Not applicable to this semi-annual report.

#### Item 4: Principal Accountant Fees and Services.
Not applicable to this semi-annual report.

#### Item 5: Audit Committee of Listed Registrants.
Not applicable.

#### Item 6: Schedule of Investments.
The schedules of investments are included under Item 7 of this Form.

#### Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g189946imgcd76c7be1.jpg)

**Semiannual Holdings and Financial Statements** \| April 30, 2025

Schwab International Opportunities Fund

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Financial Statements and Portfolio Holdings](#xx_e2ec48c4-ffb7-4f6f-94aa-9ac5c0c11be8_1) | 2 |
| [Financial Notes](#xx_5757859b-85fb-48d6-b1be-16aba09b0f4b_1) | 17  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: Charles Schwab & Co., Inc. (Schwab)

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by, and is the exclusive property of, MSCI Inc. (MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Schwab.

Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

**1**

------

Schwab International Opportunities Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $20.75 | &nbsp;&nbsp; $17.49 | &nbsp;&nbsp; $16.90 | &nbsp;&nbsp; $30.60 | &nbsp;&nbsp; $24.37 | &nbsp;&nbsp; $22.89 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.14 | 0.32 | 0.33 | 0.26 | 0.01 | 0.00 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) | 1.07 | 3.28 | 0.91 | &nbsp;&nbsp; (9.58)<br>| 7.94 | 1.95 |
| Total from investment operations | 1.21 | 3.60 | 1.24 | &nbsp;&nbsp; (9.32)<br>| 7.95 | 1.95 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (4.10)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (0.04)<br>|
| Total distributions | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (4.38)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (0.47)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $21.56 | &nbsp;&nbsp; $20.75 | &nbsp;&nbsp; $17.49 | &nbsp;&nbsp; $16.90 | &nbsp;&nbsp; $30.60 | &nbsp;&nbsp; $24.37 |
| Total return | 5.97 %<sup>3</sup><br>| 20.75<br> %<br>| 7.09<br> %<br>| &nbsp;&nbsp; (34.79<br> %)<br>| 33.50<br> %<br>| 8.56<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses | 0.85 %<sup>4,5</sup><br>| 0.85 %<sup>5</sup><br>| 0.85 %<sup>5</sup><br>| 0.99 %<sup>6,7</sup><br>| 1.25<br> %<br>| 1.25<br> %<br>|
| Total expenses | 0.85 %<sup>4,5</sup><br>| 0.85 %<sup>5</sup><br>| 0.85 %<sup>5</sup><br>| 1.08 %<sup>7</sup><br>| 1.47<br> %<br>| 1.51<br> %<br>|
| Net investment income (loss) | 1.42 %<sup>4</sup><br>| 1.58<br> %<br>| 1.70<br> %<br>| 1.24<br> %<br>| 0.05<br> %<br>| 0.00 %<sup>8</sup><br>|
| Portfolio turnover rate | &nbsp;&nbsp; 29 %<sup>3</sup><br>| &nbsp;&nbsp; 57<br> %<br>| &nbsp;&nbsp; 63<br> %<br>| &nbsp;&nbsp; 81<br> %<br>| &nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp; 65<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $1065 | &nbsp;&nbsp; $1025 | &nbsp;&nbsp; $927 | &nbsp;&nbsp; $982 | &nbsp;&nbsp; $1495 | &nbsp;&nbsp; $1243 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Per-share amount was less than $0.005.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

<sup>5</sup> Ratio excludes less than 0.01% of acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds and are subject to a contractual expense limitation (see financial note 3, Expense Limitation, for additional information). 

<sup>6</sup> Effective February 25, 2022, the net operating expense limitation was lowered from 1.25% to 0.86%. The ratio presented for the period ended October 31, 2022, is a blended ratio. 

<sup>7</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>8</sup> Less than 0.005%

*See financial notes*

**2**Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 93.7% OF NET ASSETS | **COMMON STOCKS** 93.7% OF NET ASSETS | **COMMON STOCKS** 93.7% OF NET ASSETS |
| **Australia 3.6%** | **Australia 3.6%** | **Australia 3.6%** |
| AGL Energy Ltd.  | 18246 | 124347 |
| ALS Ltd.  | 259911 | 2851864 |
| Ampol Ltd.  | 5638 | 85609 |
| Aristocrat Leisure Ltd.  | 18820 | 803784 |
| Atlas Arteria Ltd.  | 21579 | 71477 |
| Aurizon Holdings Ltd.  | 36313 | 71090 |
| Beach Energy Ltd.  | 50003 | 37639 |
| BHP Group Ltd.  | 157028 | 3742551 |
| BlueScope Steel Ltd.  | 12118 | 185605 |
| Brambles Ltd.  | 62220 | 817674 |
| CAR Group Ltd.  | 52254 | 1115325 |
| Cleanaway Waste Management Ltd.  | 44676 | 74350 |
| Cochlear Ltd.  | 2078 | 363921 |
| Coles Group Ltd.  | 25826 | 350712 |
| Computershare Ltd.  | 40293 | 1052913 |
| CSL Ltd.  | 10487 | 1683299 |
| Deterra Royalties Ltd.  | 13829 | 32243 |
| Domino's Pizza Enterprises Ltd.  | 1201 | 19410 |
| Downer EDI Ltd.  | 15008 | 54804 |
| Dyno Nobel Ltd.  | 32434 | 47081 |
| Endeavour Group Ltd.  | 30134 | 77080 |
| Evolution Mining Ltd.  | 42676 | 214021 |
| Flight Centre Travel Group Ltd.  | 5238 | 42979 |
| Fortescue Ltd.  | 51142 | 528179 |
| Harvey Norman Holdings Ltd.  | 12381 | 41394 |
| IDP Education Ltd.  | 6657 | 37754 |
| IGO Ltd.  | 19370 | 48533 |
| Iluka Resources Ltd.  | 8289 | 21961 |
| Insurance Australia Group Ltd.  | 104590 | 549356 |
| JB Hi-Fi Ltd.  | 3180 | 210731 |
| Lottery Corp. Ltd.  | 53745 | 179107 |
| Magellan Financial Group Ltd.  | 9694 | 47525 |
| Medibank Pvt Ltd.  | 204980 | 609759 |
| New Hope Corp. Ltd.  | 17076 | 40058 |
| Northern Star Resources Ltd.  | 363098 | 4460178 |
| Orica Ltd.  | 9048 | 93917 |
| Origin Energy Ltd.  | 32637 | 222454 |
| Paladin Energy Ltd. \* | 414720 | 1556117 |
| Pro Medicus Ltd.  | 7105 | 1041808 |
| Qantas Airways Ltd.  | 19051 | 107713 |
| QBE Insurance Group Ltd.  | 66120 | 913773 |
| Qube Holdings Ltd.  | 36425 | 92217 |
| Ramsay Health Care Ltd.  | 3608 | 76817 |
| REA Group Ltd.  | 1715 | 272479 |
| Reece Ltd.  | 4685 | 47245 |
| Rio Tinto Ltd.  | 11451 | 856732 |
| Santos Ltd.  | 744952 | 2863866 |
| SEEK Ltd.  | 6029 | 82079 |
| SGH Ltd.  | 64116 | 2096892 |
| Sonic Healthcare Ltd.  | 8452 | 141123 |
| South32 Ltd.  | 82444 | 142075 |
| Steadfast Group Ltd.  | 58624 | 220301 |
| Telix Pharmaceuticals Ltd. \* | 128977 | 2242116 |
| Telstra Group Ltd.  | 81487 | 235179 |
| Transurban Group  | 57159 | 515081 |
| Vicinity Ltd.  | 77601 | 117360 |
| Washington H Soul Pattinson & Co. Ltd.  | 4982 | 118584 |
| Wesfarmers Ltd.  | 27730 | 1389169 |
| WiseTech Global Ltd.  | 4293 | 244113 |
| Woodside Energy Group Ltd.  | 49866 | 650010 |
| Woolworths Group Ltd.  | 28778 | 580816 |
| Worley Ltd.  | 11424 | 91016 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Yancoal Australia Ltd.  | 9038 | 28819 |
| Zip Co. Ltd. \* | 564213 | 632069 |
|  |  | **38366253** |
| **Austria 0.2%** | **Austria 0.2%** | **Austria 0.2%** |
| ANDRITZ AG  | 1683 | 120940 |
| Kontron AG  | 55764 | 1355070 |
| Verbund AG  | 2164 | 166305 |
| Wienerberger AG  | 10055 | 353050 |
|  |  | **1995365** |
| **Belgium 0.0%** | **Belgium 0.0%** | **Belgium 0.0%** |
| D'ieteren Group  | 533 | 106440 |
| Groupe Bruxelles Lambert NV  | 3329 | 274623 |
| Lotus Bakeries NV  | 9 | 86536 |
|  |  | **467599** |
| **Brazil 1.2%** | **Brazil 1.2%** | **Brazil 1.2%** |
| Direcional Engenharia SA  | 217200 | 1391191 |
| Embraer SA, ADR \* | 77074 | 3540780 |
| Inter & Co., Inc., Class A  | 239794 | 1587436 |
| Itau Unibanco Holding SA, ADR  | 488557 | 3082795 |
| JBS SA  | 285457 | 2217200 |
| NU Holdings Ltd., Class A \* | 109400 | 1359842 |
|  |  | **13179244** |
| **Canada 5.5%** | **Canada 5.5%** | **Canada 5.5%** |
| Agnico Eagle Mines Ltd.  | 8034 | 944254 |
| Alamos Gold, Inc., Class A  | 119612 | 3419345 |
| Aritzia, Inc. \* | 34498 | 1213411 |
| AtkinsRealis Group, Inc.  | 47993 | 2376674 |
| BCE, Inc.  | 7049 | 156667 |
| Brookfield Asset Management Ltd., <br> Class A <br>| 29653 | 1582239 |
| Cameco Corp.  | 65052 | 2937098 |
| Canadian National Railway Co.  | 16167 | 1565687 |
| Canadian Natural Resources Ltd.  | 51210 | 1469511 |
| Canadian Pacific Kansas City Ltd.  | 20130 | 1462075 |
| Capstone Copper Corp. \* | 181159 | 872549 |
| Celestica, Inc. *\*(a)* | 11840 | 1010256 |
| Celestica, Inc. *\*(a)* | 11706 | 999107 |
| CGI, Inc.  | 4487 | 475780 |
| Chartwell Retirement Residences  | 160926 | 2020622 |
| Constellation Software, Inc.  | 383 | 1380297 |
| Descartes Systems Group, Inc. \* | 18400 | 1937699 |
| Dollarama, Inc.  | 7695 | 949456 |
| Energy Fuels, Inc. \* | 182577 | 825248 |
| Fairfax Financial Holdings Ltd.  | 1000 | 1561222 |
| FirstService Corp.  | 10742 | 1885543 |
| Fortis, Inc.  | 8480 | 419940 |
| Franco-Nevada Corp.  | 4333 | 744618 |
| George Weston Ltd.  | 1047 | 203993 |
| Hudbay Minerals, Inc.  | 125506 | 913119 |
| Hydro One Ltd.  | 5319 | 204642 |
| Imperial Oil Ltd.  | 3002 | 202492 |
| Kinaxis, Inc. \* | 11031 | 1489497 |
| Loblaw Cos. Ltd.  | 3117 | 506009 |
| Lundin Gold, Inc.  | 89360 | 3644794 |
| Magna International, Inc.  | 6065 | 210731 |
| Metro, Inc.  | 5035 | 388016 |
| Open Text Corp.  | 89351 | 2418816 |
| Pan American Silver Corp.  | 97085 | 2444600 |
| Shopify, Inc., Class A *\*(a)* | 26357 | 2506840 |
| Shopify, Inc., Class A *\*(a)* | 29666 | 2818270 |

---

*See financial notes*

Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

**3**

------

Schwab International Opportunities Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Suncor Energy, Inc.  | 20784 | 734058 |
| TELUS Corp.  | 9970 | 153463 |
| Thomson Reuters Corp.  | 9912 | 1844426 |
| Tourmaline Oil Corp.  | 7186 | 317443 |
| TransAlta Corp.  | 39088 | 348463 |
| Vermilion Energy, Inc.  | 79815 | 481284 |
| Waste Connections, Inc.  | 6000 | 1184985 |
| Wheaton Precious Metals Corp.  | 9604 | 801912 |
| Whitecap Resources, Inc.  | 498427 | 2827288 |
|  |  | **58854439** |
| **China 2.1%** | **China 2.1%** | **China 2.1%** |
| AAC Technologies Holdings, Inc.  | 190000 | 909522 |
| Airtac International Group  | 49000 | 1345845 |
| Alibaba Group Holding Ltd.  | 175940 | 2626789 |
| Bosideng International Holdings Ltd.  | 3588000 | 1856611 |
| Budweiser Brewing Co. APAC Ltd.  | 48600 | 51352 |
| BYD Co. Ltd., H Shares  | 47500 | 2256070 |
| Chow Tai Fook Jewellery Group Ltd.  | 45800 | 61226 |
| GDS Holdings Ltd., ADR \* | 42087 | 1061013 |
| HUTCHMED China Ltd. \* | 12500 | 37251 |
| Meituan, B Shares \* | 208290 | 3448749 |
| PDD Holdings, Inc., ADR \* | 21602 | 2280523 |
| Shenzhou International Group Holdings <br> Ltd. <br>| 16300 | 112987 |
| SITC International Holdings Co. Ltd.  | 36000 | 99567 |
| Tencent Holdings Ltd.  | 59300 | 3632181 |
| Tongcheng Travel Holdings Ltd.  | 856800 | 2247401 |
| Xinyi Glass Holdings Ltd.  | 50839 | 47600 |
|  |  | **22074687** |
| **Denmark 1.7%** | **Denmark 1.7%** | **Denmark 1.7%** |
| Ambu AS, Class B  | 63030 | 1137723 |
| AP Moller - Maersk AS, Class A  | 56 | 95707 |
| AP Moller - Maersk AS, Class B  | 71 | 122254 |
| Carlsberg AS, Class B  | 2716 | 370065 |
| Demant AS \* | 2222 | 80918 |
| DSV AS  | 15420 | 3268419 |
| Genmab AS \* | 2246 | 476239 |
| H Lundbeck AS  | 8929 | 42730 |
| Novo Nordisk AS, Class B  | 165980 | 11097674 |
| Novonesis Novozymes B, Class B  | 10293 | 668606 |
| Pandora AS  | 2695 | 401185 |
| Rockwool AS, Class B  | 2650 | 120973 |
|  |  | **17882493** |
| **Finland 0.6%** | **Finland 0.6%** | **Finland 0.6%** |
| Elisa OYJ  | 4109 | 219207 |
| Kemira OYJ  | 37613 | 776109 |
| Kesko OYJ, B Shares  | 5396 | 123886 |
| Kone OYJ, B Shares  | 11254 | 696981 |
| Nokia OYJ  | 103981 | 519819 |
| Orion OYJ, B Shares  | 2500 | 156529 |
| UPM-Kymmene OYJ  | 139427 | 3692877 |
| Wartsila OYJ Abp  | 15540 | 287122 |
|  |  | **6472530** |
| **France 9.1%** | **France 9.1%** | **France 9.1%** |
| Accor SA  | 53611 | 2641542 |
| Air Liquide SA  | 10494 | 2156288 |
| AXA SA  | 101379 | 4794810 |
| BioMerieux  | 1229 | 165891 |
| BNP Paribas SA  | 65303 | 5533089 |
| Bouygues SA  | 4477 | 196788 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Bureau Veritas SA  | 5972 | 189570 |
| Capgemini SE  | 20370 | 3252119 |
| Carrefour SA  | 9851 | 151939 |
| Cie de Saint-Gobain SA  | 43441 | 4722818 |
| Cie Generale des Etablissements Michelin <br> SCA <br>| 18525 | 677380 |
| Danone SA  | 27025 | 2325405 |
| Dassault Systemes SE  | 13146 | 492661 |
| Edenred SE  | 109444 | 3413225 |
| Eiffage SA  | 32185 | 4379501 |
| Engie SA  | 38338 | 792383 |
| EssilorLuxottica SA  | 6962 | 2006121 |
| Eurazeo SE  | 3952 | 288968 |
| Hermes International SCA  | 2594 | 7133967 |
| Ipsen SA  | 909 | 105720 |
| Kering SA  | 33265 | 6767852 |
| La Francaise des Jeux SACA  | 3095 | 110319 |
| Legrand SA  | 6141 | 674895 |
| L'Oreal SA \* | 10246 | 4527355 |
| LVMH Moet Hennessy Louis Vuitton SE  | 8929 | 4946035 |
| Orange SA  | 32751 | 475153 |
| Pernod Ricard SA  | 29000 | 3143468 |
| Publicis Groupe SA  | 18670 | 1899616 |
| Safran SA  | 9445 | 2513500 |
| Sanofi SA  | 75342 | 8241799 |
| Schneider Electric SE  | 12156 | 2840198 |
| SEB SA  | 430 | 40561 |
| Societe Generale SA  | 91678 | 4779997 |
| SPIE SA  | 32798 | 1607514 |
| TotalEnergies SE  | 83198 | 4738559 |
| Veolia Environnement SA  | 11755 | 429340 |
| Vinci SA  | 10077 | 1415489 |
| VusionGroup  | 6260 | 1255422 |
| Worldline SA \* | 204600 | 1133593 |
|  |  | **96960850** |
| **Germany 8.1%** | **Germany 8.1%** | **Germany 8.1%** |
| adidas AG  | 15525 | 3572171 |
| Allianz SE  | 5995 | 2479392 |
| Auto1 Group SE \* | 113671 | 2731234 |
| Bayer AG  | 192905 | 5055497 |
| Bayerische Motoren Werke AG  | 46000 | 3901604 |
| Bechtle AG  | 1489 | 63525 |
| Beiersdorf AG  | 3187 | 449042 |
| BioNTech SE, ADR \* | 11303 | 1177207 |
| Brenntag SE  | 59705 | 3987330 |
| Carl Zeiss Meditec AG, Bearer Shares  | 21744 | 1494411 |
| Continental AG  | 65193 | 5096440 |
| CTS Eventim AG & Co. KGaA  | 10076 | 1193875 |
| Daimler Truck Holding AG  | 86031 | 3456423 |
| Delivery Hero SE \* | 93525 | 2643254 |
| Deutsche Telekom AG  | 71209 | 2557652 |
| Duerr AG  | 38135 | 902801 |
| DWS Group GmbH & Co. KGaA  | 1482 | 78017 |
| Fielmann Group AG  | 464 | 26367 |
| flatexDEGIRO AG  | 82999 | 2184271 |
| Fresenius Medical Care AG  | 139568 | 7100602 |
| Fresenius SE & Co. KGaA \* | 82598 | 3923150 |
| FUCHS SE  | 909 | 34945 |
| GEA Group AG  | 5459 | 356143 |
| Heidelberg Materials AG  | 2880 | 575751 |
| Henkel AG & Co. KGaA  | 12666 | 893968 |
| HOCHTIEF AG  | 408 | 77192 |
| Infineon Technologies AG  | 30034 | 994818 |
| IONOS Group SE \* | 42967 | 1433331 |
| KION Group AG  | 44466 | 1892292 |
| Knorr-Bremse AG  | 1555 | 154220 |

---

*See financial notes*

**4**Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Lanxess AG  | 32180 | 966172 |
| Mercedes-Benz Group AG  | 46894 | 2803736 |
| Merck KGaA  | 2861 | 398309 |
| Nemetschek SE  | 1684 | 223778 |
| Puma SE  | 2205 | 56935 |
| Rational AG  | 162 | 139001 |
| RENK Group AG  | 32332 | 1947813 |
| SAP SE  | 24248 | 7094691 |
| Scout24 SE  | 21483 | 2560274 |
| Siemens AG  | 21798 | 5019238 |
| Siemens Healthineers AG  | 5259 | 283499 |
| TAG Immobilien AG \* | 58269 | 948674 |
| TeamViewer SE \* | 93384 | 1434633 |
| thyssenkrupp AG  | 127500 | 1462203 |
| Wacker Chemie AG  | 324 | 24493 |
| Zalando SE \* | 4421 | 161438 |
|  |  | **86011812** |
| **Greece 1.0%** | **Greece 1.0%** | **Greece 1.0%** |
| Jumbo SA  | 109171 | 3438149 |
| National Bank of Greece SA  | 641293 | 6806343 |
|  |  | **10244492** |
| **Guernsey 0.2%** | **Guernsey 0.2%** | **Guernsey 0.2%** |
| Burford Capital Ltd.  | 188365 | **2557997** |
| **Hong Kong 0.9%** | **Hong Kong 0.9%** | **Hong Kong 0.9%** |
| BOC Hong Kong Holdings Ltd.  | 780000 | 3235737 |
| Cathay Pacific Airways Ltd.  | 31000 | 35621 |
| CK Asset Holdings Ltd.  | 34500 | 140945 |
| CK Infrastructure Holdings Ltd.  | 9000 | 60657 |
| CLP Holdings Ltd.  | 31500 | 268589 |
| CTF Services Ltd.  | 18000 | 17046 |
| Galaxy Entertainment Group Ltd.  | 63000 | 227531 |
| Hong Kong & China Gas Co. Ltd.  | 172000 | 154761 |
| Hong Kong Exchanges & Clearing Ltd.  | 46300 | 2022832 |
| Man Wah Holdings Ltd.  | 40400 | 21470 |
| MMG Ltd. \* | 72000 | 21794 |
| MTR Corp. Ltd.  | 24500 | 84582 |
| Power Assets Holdings Ltd.  | 38500 | 254608 |
| Sino Land Co. Ltd.  | 59069 | 60705 |
| Sun Hung Kai Properties Ltd.  | 22000 | 208701 |
| Swire Pacific Ltd., A Shares  | 6000 | 51886 |
| Swire Pacific Ltd., B Shares  | 15000 | 20646 |
| Techtronic Industries Co. Ltd.  | 35000 | 352239 |
| VTech Holdings Ltd.  | 3600 | 24185 |
| WH Group Ltd.  | 2550650 | 2280810 |
| Yue Yuen Industrial Holdings Ltd.  | 12000 | 17228 |
|  |  | **9562573** |
| **India 1.5%** | **India 1.5%** | **India 1.5%** |
| Afcons Infrastructure Ltd. \* | 347913 | 1721762 |
| Amber Enterprises India Ltd. \* | 19285 | 1407618 |
| Anant Raj Ltd.  | 219515 | 1173346 |
| Axis Bank Ltd.  | 126832 | 1779087 |
| Coforge Ltd.  | 12610 | 1096301 |
| Kalyan Jewellers India Ltd.  | 148662 | 907969 |
| Kaynes Technology India Ltd. \* | 24966 | 1707182 |
| Max Healthcare Institute Ltd.  | 172749 | 2241289 |
| Oberoi Realty Ltd.  | 89650 | 1740346 |
| Rainbow Children's Medicare Ltd.  | 110293 | 1802951 |
|  |  | **15577851** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Indonesia 0.3%** | **Indonesia 0.3%** | **Indonesia 0.3%** |
| Bank Mandiri Persero Tbk. PT  | 9697700 | **2863803** |
| **Ireland 1.6%** | **Ireland 1.6%** | **Ireland 1.6%** |
| AIB Group PLC  | 400300 | 2690441 |
| DCC PLC  | 39528 | 2583465 |
| Flutter Entertainment PLC \* | 23782 | 5731224 |
| Glanbia PLC  | 5008 | 64830 |
| James Hardie Industries PLC, CDI \* | 12805 | 300561 |
| Jazz Pharmaceuticals PLC \* | 18570 | 2171947 |
| Kerry Group PLC, Class A  | 2994 | 316950 |
| Kingspan Group PLC  | 3278 | 276612 |
| Ryanair Holdings PLC, ADR  | 52502 | 2512746 |
|  |  | **16648776** |
| **Israel 1.1%** | **Israel 1.1%** | **Israel 1.1%** |
| Amot Investments Ltd.  | 4605 | 24368 |
| Azrieli Group Ltd.  | 1101 | 80158 |
| Bezeq The Israeli Telecommunication <br> Corp. Ltd. <br>| 60420 | 91877 |
| Big Shopping Centers Ltd. \* | 270 | 39423 |
| Cellebrite DI Ltd. \* | 42802 | 847052 |
| Check Point Software Technologies Ltd. \* | 24174 | 5307643 |
| CyberArk Software Ltd. \* | 4147 | 1460407 |
| Delek Group Ltd.  | 224 | 35736 |
| Elbit Systems Ltd.  | 646 | 248374 |
| Energix-Renewable Energies Ltd.  | 8754 | 25926 |
| Enlight Renewable Energy Ltd. \* | 2618 | 42403 |
| Fattal Holdings 1998 Ltd. \* | 111 | 14496 |
| ICL Group Ltd.  | 21546 | 143829 |
| Israel Corp. Ltd.  | 100 | 31479 |
| Melisron Ltd.  | 643 | 54705 |
| Nice Ltd. \* | 2083 | 325414 |
| Nova Ltd. \* | 6070 | 1190995 |
| Shapir Engineering & Industry Ltd.  | 2926 | 20411 |
| Strauss Group Ltd.  | 1419 | 32116 |
| Teva Pharmaceutical Industries Ltd. \* | 29475 | 457058 |
| Tower Semiconductor Ltd. *\*(a)* | 2295 | 83879 |
| Tower Semiconductor Ltd. *\*(a)* | 34113 | 1220563 |
|  |  | **11778312** |
| **Italy 0.7%** | **Italy 0.7%** | **Italy 0.7%** |
| Amplifon SpA  | 2458 | 47043 |
| Brunello Cucinelli SpA  | 815 | 92013 |
| Buzzi SpA  | 61649 | 3230594 |
| DiaSorin SpA  | 398 | 45482 |
| Infrastrutture Wireless Italiane SpA  | 6942 | 82902 |
| Interpump Group SpA  | 1624 | 55700 |
| Intesa Sanpaolo SpA  | 396700 | 2117698 |
| Moncler SpA  | 7571 | 467289 |
| PRADA SpA \* | 10600 | 66185 |
| Prysmian SpA  | 5078 | 278946 |
| Recordati Industria Chimica e <br> Farmaceutica SpA <br>| 2124 | 125334 |
| Reply SpA  | 692 | 123542 |
| Technogym SpA  | 40379 | 545635 |
|  |  | **7278363** |
| **Japan 15.0%** | **Japan 15.0%** | **Japan 15.0%** |
| ABC-Mart, Inc.  | 2400 | 44635 |
| Aica Kogyo Co. Ltd.  | 1200 | 27821 |
| Aisin Corp.  | 8400 | 106691 |
| Alfresa Holdings Corp.  | 3800 | 57365 |

---

*See financial notes*

Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

**5**

------

Schwab International Opportunities Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Alps Alpine Co. Ltd.  | 3800 | 38601 |
| Amada Co. Ltd.  | 10400 | 104135 |
| Amano Corp.  | 59000 | 1717853 |
| As One Corp.  | 1800 | 28528 |
| Asahi Group Holdings Ltd.  | 42100 | 581918 |
| Asahi Intecc Co. Ltd.  | 4300 | 66112 |
| Asics Corp.  | 154800 | 3327278 |
| Azbil Corp.  | 17100 | 147253 |
| Bandai Namco Holdings, Inc.  | 19000 | 660298 |
| BayCurrent, Inc.  | 58100 | 3130635 |
| BIPROGY, Inc.  | 1800 | 58785 |
| Bridgestone Corp.  | 13800 | 577049 |
| Brother Industries Ltd.  | 5300 | 93140 |
| Calbee, Inc.  | 1800 | 36207 |
| Canon Marketing Japan, Inc.  | 1200 | 42480 |
| Canon, Inc.  | 21400 | 660398 |
| Capcom Co. Ltd.  | 11900 | 344511 |
| Casio Computer Co. Ltd.  | 3600 | 28154 |
| Chugai Pharmaceutical Co. Ltd.  | 20100 | 1157951 |
| Chugoku Electric Power Co., Inc.  | 5600 | 29770 |
| COMSYS Holdings Corp.  | 3800 | 84223 |
| Cosmos Pharmaceutical Corp.  | 1000 | 64340 |
| CyberAgent, Inc.  | 185400 | 1587028 |
| Dai Nippon Printing Co. Ltd.  | 9900 | 137993 |
| Daifuku Co. Ltd.  | 7026 | 185869 |
| Daiichi Sankyo Co. Ltd.  | 44700 | 1143453 |
| Daikin Industries Ltd.  | 5400 | 615185 |
| Daito Trust Construction Co. Ltd.  | 1900 | 211540 |
| Denso Corp.  | 37300 | 481615 |
| Dentsu Soken, Inc.  | 700 | 30654 |
| Dexerials Corp.  | 4200 | 49346 |
| Disco Corp.  | 2600 | 503047 |
| DMG Mori Co. Ltd.  | 2400 | 41716 |
| Dowa Holdings Co. Ltd.  | 1500 | 48127 |
| Ebara Corp.  | 12400 | 186270 |
| EXEO Group, Inc.  | 3300 | 38535 |
| Ezaki Glico Co. Ltd.  | 1000 | 32992 |
| FANUC Corp.  | 30200 | 766466 |
| Fast Retailing Co. Ltd.  | 3200 | 1052623 |
| FP Corp.  | 1300 | 28033 |
| Fuji Electric Co. Ltd.  | 2900 | 128953 |
| Fuji Soft, Inc.  | 400 | 27469 |
| Fujikura Ltd.  | 5400 | 200917 |
| Fujitsu General Ltd.  | 1700 | 33371 |
| Fujitsu Ltd.  | 113600 | 2523676 |
| Furukawa Electric Co. Ltd.  | 29100 | 919024 |
| GENDA, Inc. \* | 178100 | 1365013 |
| GMO Payment Gateway, Inc.  | 800 | 50107 |
| Goldwin, Inc.  | 1200 | 68799 |
| Hamamatsu Photonics KK  | 6100 | 56407 |
| Harmonic Drive Systems, Inc.  | 1300 | 30560 |
| Hirose Electric Co. Ltd.  | 700 | 79179 |
| Hisamitsu Pharmaceutical Co., Inc.  | 1400 | 42480 |
| Hitachi Ltd.  | 199490 | 4930498 |
| Hoshizaki Corp.  | 4100 | 174316 |
| House Foods Group, Inc.  | 2300 | 45097 |
| Hoya Corp.  | 10200 | 1200194 |
| Inpex Corp.  | 21200 | 265201 |
| Internet Initiative Japan, Inc.  | 47600 | 882665 |
| Isuzu Motors Ltd.  | 14100 | 189623 |
| ITOCHU Corp.  | 91520 | 4680601 |
| Japan Airlines Co. Ltd.  | 2700 | 48917 |
| Japan Airport Terminal Co. Ltd.  | 1500 | 43144 |
| Japan Elevator Service Holdings Co. Ltd.  | 80200 | 1733857 |
| Japan Steel Works Ltd.  | 1500 | 61808 |
| Jeol Ltd.  | 1300 | 41810 |
| JGC Holdings Corp.  | 4900 | 39190 |
| JTEKT Corp.  | 3300 | 25486 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Justsystems Corp.  | 800 | 19146 |
| Kakaku.com, Inc.  | 110500 | 1954288 |
| Kamigumi Co. Ltd.  | 3100 | 75887 |
| Kandenko Co. Ltd.  | 2600 | 51539 |
| Kansai Electric Power Co., Inc.  | 17900 | 220536 |
| Kansai Paint Co. Ltd.  | 4800 | 72352 |
| Kao Corp.  | 9500 | 406804 |
| Kawasaki Kisen Kaisha Ltd.  | 11600 | 159086 |
| KDDI Corp.  | 87400 | 1549043 |
| Keikyu Corp.  | 5400 | 56196 |
| Keio Corp.  | 36000 | 979273 |
| Keisei Electric Railway Co. Ltd.  | 9000 | 93257 |
| Kewpie Corp.  | 1700 | 38667 |
| Keyence Corp.  | 6500 | 2717595 |
| Kikkoman Corp.  | 18600 | 182079 |
| Kinden Corp.  | 194727 | 5040361 |
| Kobayashi Pharmaceutical Co. Ltd.  | 1300 | 49595 |
| Kobe Bussan Co. Ltd.  | 4100 | 125297 |
| Kobe Steel Ltd.  | 6600 | 77404 |
| Koei Tecmo Holdings Co. Ltd.  | 3400 | 58328 |
| Koito Manufacturing Co. Ltd.  | 5400 | 65408 |
| Kokuyo Co. Ltd.  | 3200 | 65576 |
| Komatsu Ltd.  | 193300 | 5590152 |
| Konami Group Corp.  | 3200 | 457011 |
| Kose Corp.  | 1100 | 47444 |
| Kotobuki Spirits Co. Ltd.  | 3000 | 44653 |
| K's Holdings Corp.  | 4300 | 41181 |
| Kuraray Co. Ltd.  | 6400 | 74762 |
| Kurita Water Industries Ltd.  | 2500 | 82769 |
| Kyocera Corp.  | 21100 | 250071 |
| Kyowa Kirin Co. Ltd.  | 6900 | 107741 |
| Kyudenko Corp.  | 1800 | 60460 |
| Kyushu Electric Power Co., Inc.  | 8700 | 77542 |
| Lasertec Corp.  | 2900 | 269614 |
| Lifedrink Co., Inc.  | 71500 | 850937 |
| Lion Corp.  | 5500 | 67413 |
| M3, Inc.  | 78600 | 985061 |
| Mabuchi Motor Co. Ltd.  | 3400 | 49671 |
| Macnica Holdings, Inc.  | 209103 | 2907258 |
| Makita Corp.  | 7300 | 213482 |
| Maruichi Steel Tube Ltd.  | 2000 | 47248 |
| Maruwa Co. Ltd.  | 7500 | 1542198 |
| MatsukiyoCocokara & Co.  | 176403 | 3238163 |
| Mazda Motor Corp.  | 16600 | 99248 |
| McDonald's Holdings Co. Japan Ltd.  | 2200 | 93023 |
| Medipal Holdings Corp.  | 5000 | 84728 |
| MEIJI Holdings Co. Ltd.  | 6700 | 164732 |
| MISUMI Group, Inc.  | 8500 | 119079 |
| Mitsubishi Electric Corp.  | 57100 | 1104622 |
| Mitsubishi Estate Co. Ltd.  | 48400 | 850193 |
| Mitsubishi Gas Chemical Co., Inc.  | 3600 | 54851 |
| Mitsubishi UFJ Financial Group, Inc.  | 332544 | 4189762 |
| Mitsui Mining & Smelting Co. Ltd.  | 900 | 24468 |
| Miura Co. Ltd.  | 3400 | 72421 |
| MonotaRO Co. Ltd.  | 7900 | 151940 |
| Morinaga & Co. Ltd.  | 2400 | 42792 |
| Morinaga Milk Industry Co. Ltd.  | 1500 | 35644 |
| Murata Manufacturing Co. Ltd.  | 41200 | 586958 |
| Nabtesco Corp.  | 2300 | 34521 |
| Nagase & Co. Ltd.  | 2300 | 40511 |
| Nexon Co. Ltd.  | 10200 | 160035 |
| NGK Insulators Ltd.  | 5100 | 62934 |
| NHK Spring Co. Ltd.  | 4200 | 46676 |
| NIDEC Corp.  | 20100 | 357204 |
| Nifco, Inc.  | 2500 | 61990 |
| Nihon Kohden Corp.  | 3300 | 39863 |
| Nihon M&A Center Holdings, Inc.  | 22500 | 91772 |
| Nintendo Co. Ltd.  | 33900 | 2814378 |

---

*See financial notes*

**6**Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Nippon Kayaku Co. Ltd.  | 4300 | 40513 |
| Nippon Shinyaku Co. Ltd.  | 1100 | 28363 |
| Nippon Shokubai Co. Ltd.  | 3600 | 42189 |
| Nippon Telegraph & Telephone Corp.  | 498400 | 520966 |
| Nissan Chemical Corp.  | 4114 | 120329 |
| Nissin Foods Holdings Co. Ltd.  | 4700 | 103629 |
| Niterra Co. Ltd.  | 88200 | 2746269 |
| Nitori Holdings Co. Ltd.  | 2000 | 237969 |
| Nitto Denko Corp.  | 22300 | 391963 |
| NOF Corp.  | 6500 | 97844 |
| NOK Corp.  | 2700 | 37311 |
| Nomura Holdings, Inc.  | 260800 | 1453585 |
| Nomura Research Institute Ltd.  | 8900 | 337020 |
| OBIC Business Consultants Co. Ltd.  | 1000 | 48072 |
| Obic Co. Ltd.  | 7700 | 269588 |
| OKUMA Corp.  | 1300 | 29206 |
| Olympus Corp.  | 20000 | 262060 |
| Ono Pharmaceutical Co. Ltd.  | 13700 | 157700 |
| Open House Group Co. Ltd.  | 2600 | 115289 |
| Oracle Corp. Japan  | 800 | 96177 |
| Organo Corp.  | 600 | 28721 |
| Oriental Land Co. Ltd.  | 33400 | 707395 |
| Osaka Gas Co. Ltd.  | 6700 | 169899 |
| Otsuka Corp.  | 172214 | 3819544 |
| Otsuka Holdings Co. Ltd.  | 11100 | 541134 |
| PAL GROUP Holdings Co. Ltd.  | 65400 | 1799469 |
| PALTAC Corp.  | 800 | 22185 |
| Park24 Co. Ltd.  | 3000 | 42505 |
| PeptiDream, Inc. \* | 68300 | 929770 |
| Persol Holdings Co. Ltd.  | 55400 | 100344 |
| Pola Orbis Holdings, Inc.  | 1600 | 14690 |
| Rakus Co. Ltd.  | 2200 | 33429 |
| Rakuten Bank Ltd. \* | 59600 | 2506639 |
| Recruit Holdings Co. Ltd.  | 43400 | 2405022 |
| Resonac Holdings Corp.  | 53900 | 980331 |
| Resorttrust, Inc.  | 3200 | 32933 |
| Rinnai Corp.  | 2600 | 58236 |
| Rohto Pharmaceutical Co. Ltd.  | 4900 | 81963 |
| Ryohin Keikaku Co. Ltd.  | 85500 | 2889947 |
| Sankyo Co. Ltd.  | 318820 | 4852615 |
| Sanrio Co. Ltd.  | 36132 | 1439723 |
| Santen Pharmaceutical Co. Ltd.  | 9000 | 91155 |
| Sanwa Holdings Corp.  | 128916 | 4231369 |
| SCREEN Holdings Co. Ltd.  | 1600 | 106395 |
| SCSK Corp.  | 3600 | 94160 |
| Secom Co. Ltd.  | 12200 | 448599 |
| Sega Sammy Holdings, Inc.  | 2700 | 56669 |
| Seino Holdings Co. Ltd.  | 4100 | 64527 |
| Sekisui Chemical Co. Ltd.  | 9300 | 162507 |
| SG Holdings Co. Ltd.  | 11700 | 123197 |
| SHIFT, Inc. \* | 6000 | 54901 |
| Shikoku Electric Power Co., Inc.  | 3500 | 28763 |
| Shimadzu Corp.  | 8100 | 207339 |
| Shimamura Co. Ltd.  | 55210 | 3673616 |
| Shimano, Inc.  | 1800 | 253594 |
| Shin-Etsu Chemical Co. Ltd.  | 61900 | 1883708 |
| Shionogi & Co. Ltd.  | 18100 | 304089 |
| Ship Healthcare Holdings, Inc.  | 116795 | 1694400 |
| SHO-BOND Holdings Co. Ltd.  | 1600 | 57434 |
| Skylark Holdings Co. Ltd.  | 4800 | 99620 |
| SMC Corp.  | 1600 | 517825 |
| Socionext, Inc.  | 6200 | 66685 |
| SoftBank Corp.  | 544700 | 824264 |
| Sohgo Security Services Co. Ltd.  | 12300 | 97215 |
| Sojitz Corp.  | 58900 | 1393446 |
| Square Enix Holdings Co. Ltd.  | 2500 | 144558 |
| Stanley Electric Co. Ltd.  | 2800 | 52469 |
| Subaru Corp.  | 17000 | 307835 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sugi Holdings Co. Ltd.  | 2000 | 42012 |
| Sumitomo Bakelite Co. Ltd.  | 1500 | 34876 |
| Sumitomo Corp.  | 50200 | 1225702 |
| Sumitomo Rubber Industries Ltd.  | 3800 | 47854 |
| Sundrug Co. Ltd.  | 1300 | 43319 |
| Suntory Beverage & Food Ltd.  | 2700 | 94340 |
| Suzuken Co. Ltd.  | 94300 | 3406836 |
| SWCC Corp.  | 48700 | 2213051 |
| Sysmex Corp.  | 12400 | 230183 |
| Taiheiyo Cement Corp.  | 2200 | 59236 |
| TBS Holdings, Inc.  | 93800 | 3146554 |
| TDK Corp.  | 42700 | 455671 |
| TechnoPro Holdings, Inc.  | 84900 | 1893237 |
| TIS, Inc.  | 6100 | 176065 |
| Toei Animation Co. Ltd.  | 1700 | 41108 |
| Toho Co. Ltd.  | 2900 | 165565 |
| Tokyo Electron Ltd.  | 9400 | 1399644 |
| Tokyo Ohka Kogyo Co. Ltd.  | 89500 | 1968989 |
| TOPPAN Holdings, Inc.  | 148189 | 4160042 |
| Tosoh Corp.  | 6200 | 87400 |
| TOTO Ltd.  | 4400 | 116021 |
| Toyo Seikan Group Holdings Ltd.  | 3100 | 54122 |
| Toyo Suisan Kaisha Ltd.  | 28100 | 1816546 |
| Toyo Tire Corp.  | 2800 | 52351 |
| Toyoda Gosei Co. Ltd.  | 1700 | 32643 |
| Toyota Boshoku Corp.  | 1800 | 25828 |
| Trend Micro, Inc.  | 4100 | 294177 |
| TS Tech Co. Ltd.  | 1900 | 21475 |
| Tsuruha Holdings, Inc.  | 25500 | 2051198 |
| Unicharm Corp.  | 30600 | 284125 |
| Ushio, Inc.  | 1700 | 20447 |
| USS Co. Ltd.  | 285352 | 2844314 |
| Welcia Holdings Co. Ltd.  | 2300 | 40552 |
| West Japan Railway Co.  | 8200 | 172495 |
| Workman Co. Ltd.  | 1300 | 40964 |
| Yakult Honsha Co. Ltd.  | 5600 | 115035 |
| Yamaha Corp.  | 8700 | 63588 |
| Yamato Holdings Co. Ltd.  | 7300 | 103644 |
| Yamato Kogyo Co. Ltd.  | 1000 | 59549 |
| Yamazaki Baking Co. Ltd.  | 3200 | 76603 |
| Yaskawa Electric Corp.  | 5900 | 124309 |
| Yokogawa Electric Corp.  | 8100 | 175285 |
| Zenkoku Hosho Co. Ltd.  | 6600 | 143194 |
| Zeon Corp.  | 4800 | 47070 |
| ZOZO, Inc.  | 11400 | 115773 |
|  |  | **160107745** |
| **Jersey 1.3%** | **Jersey 1.3%** | **Jersey 1.3%** |
| Experian PLC  | 18906 | 940593 |
| Glencore PLC \* | 1436423 | 4709649 |
| TP ICAP Group PLC  | 943006 | 3238227 |
| WPP PLC  | 577089 | 4473914 |
|  |  | **13362383** |
| **Luxembourg 1.4%** | **Luxembourg 1.4%** | **Luxembourg 1.4%** |
| Allegro.eu SA \* | 12207 | 107109 |
| B&M European Value Retail SA  | 22037 | 99109 |
| Eurofins Scientific SE  | 58521 | 3693047 |
| InPost SA \* | 4151 | 70118 |
| RTL Group SA \* | 750 | 30758 |
| Samsonite Group SA  | 28500 | 51065 |
| Spotify Technology SA \* | 17423 | 10697373 |
| Tenaris SA  | 15013 | 250341 |
|  |  | **14998920** |

---

*See financial notes*

Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

**7**

------

Schwab International Opportunities Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Macau 0.0%** | **Macau 0.0%** | **Macau 0.0%** |
| MGM China Holdings Ltd.  | 17600 | 22808 |
| Sands China Ltd. \* | 51600 | 92413 |
| Wynn Macau Ltd.  | 30800 | 20504 |
|  |  | **135725** |
| **Malaysia 0.1%** | **Malaysia 0.1%** | **Malaysia 0.1%** |
| Gamuda Bhd.  | 600800 | **591949** |
| **Mexico 0.4%** | **Mexico 0.4%** | **Mexico 0.4%** |
| BBB Foods, Inc., Class A \* | 46289 | 1414592 |
| Gruma SAB de CV, B Shares  | 57613 | 1100994 |
| Vista Energy SAB de CV, ADR \* | 46631 | 2106322 |
|  |  | **4621908** |
| **Netherlands 7.4%** | **Netherlands 7.4%** | **Netherlands 7.4%** |
| Aalberts NV  | 2761 | 91683 |
| Adyen NV \* | 5105 | 8260977 |
| Airbus SE  | 29219 | 4958187 |
| Akzo Nobel NV  | 49890 | 3149782 |
| ASM International NV  | 7300 | 3568145 |
| ASML Holding NV  | 20806 | 13928407 |
| ASR Nederland NV  | 83752 | 5284653 |
| BE Semiconductor Industries NV  | 2046 | 221589 |
| CNH Industrial NV  | 381192 | 4410391 |
| CTP NV  | 3464 | 65064 |
| EXOR NV  | 29372 | 2773149 |
| Ferrari NV  | 18022 | 8250125 |
| ING Groep NV, Series N  | 220840 | 4288562 |
| Koninklijke Ahold Delhaize NV  | 141464 | 5808377 |
| Koninklijke KPN NV  | 91636 | 426277 |
| Koninklijke Philips NV  | 18015 | 457217 |
| Koninklijke Vopak NV  | 1282 | 53012 |
| Prosus NV \* | 138971 | 6515598 |
| Randstad NV  | 3289 | 132020 |
| Redcare Pharmacy NV \* | 15010 | 2243028 |
| SBM Offshore NV  | 63204 | 1328805 |
| Stellantis NV  | 52867 | 491950 |
| STMicroelectronics NV  | 15364 | 349272 |
| Universal Music Group NV  | 19497 | 573319 |
| Wolters Kluwer NV  | 7175 | 1266810 |
|  |  | **78896399** |
| **New Zealand 0.1%** | **New Zealand 0.1%** | **New Zealand 0.1%** |
| a2 Milk Co. Ltd.  | 19126 | 100060 |
| Contact Energy Ltd.  | 24136 | 127148 |
| EBOS Group Ltd.  | 3600 | 78266 |
| Fisher & Paykel Healthcare Corp. Ltd.  | 19775 | 398921 |
| Mercury NZ Ltd.  | 17230 | 57175 |
| Ryman Healthcare Ltd. \* | 14139 | 18545 |
| Spark New Zealand Ltd.  | 45783 | 56566 |
| Xero Ltd. \* | 2881 | 303407 |
|  |  | **1140088** |
| **Norway 0.6%** | **Norway 0.6%** | **Norway 0.6%** |
| Aker BP ASA  | 8521 | 182925 |
| DOF Group ASA \* | 196782 | 1543204 |
| Equinor ASA  | 18507 | 418918 |
| Kitron ASA  | 181270 | 898064 |
| Kongsberg Gruppen ASA  | 2385 | 384244 |
| Mowi ASA  | 9898 | 181494 |
| Orkla ASA  | 16024 | 178707 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Salmar ASA  | 44490 | 2198478 |
| Var Energi ASA  | 21281 | 58517 |
|  |  | **6044551** |
| **Panama 0.1%** | **Panama 0.1%** | **Panama 0.1%** |
| Intercorp Financial Services, Inc.  | 31034 | **1051122** |
| **Poland 0.3%** | **Poland 0.3%** | **Poland 0.3%** |
| Dino Polska SA \* | 1678 | 235234 |
| KGHM Polska Miedz SA  | 3666 | 117028 |
| LPP SA  | 34 | 139154 |
| ORLEN SA  | 19848 | 358422 |
| Powszechna Kasa Oszczednosci Bank <br> Polski SA <br>| 130174 | 2502715 |
|  |  | **3352553** |
| **Portugal 0.1%** | **Portugal 0.1%** | **Portugal 0.1%** |
| Banco Comercial Portugues SA, Class R  | 1146041 | 733006 |
| Jeronimo Martins SGPS SA  | 7338 | 177597 |
|  |  | **910603** |
| **Republic of Korea 2.6%** | **Republic of Korea 2.6%** | **Republic of Korea 2.6%** |
| Amorepacific Corp.  | 914 | 80159 |
| BGF retail Co. Ltd.  | 224 | 16927 |
| Cheil Worldwide, Inc.  | 2093 | 27317 |
| CJ Corp.  | 236 | 20630 |
| Coway Co. Ltd.  | 22029 | 1356336 |
| Doosan Bobcat, Inc.  | 1661 | 57106 |
| Doosan Enerbility Co. Ltd. \* | 11196 | 227464 |
| Douzone Bizon Co. Ltd.  | 22648 | 971538 |
| F&F Co. Ltd.  | 522 | 25919 |
| GS Engineering & Construction Corp.  | 1448 | 18614 |
| Hankook Tire & Technology Co. Ltd.  | 2631 | 76420 |
| Hanmi Pharm Co. Ltd.  | 198 | 37451 |
| Hanwha Aerospace Co. Ltd.  | 583 | 327648 |
| Hanwha Vision Co. Ltd. \* | 744 | 31568 |
| HD Hyundai Heavy Industries Co. Ltd. \* | 494 | 139718 |
| HD Korea Shipbuilding & Offshore <br> Engineering Co. Ltd. <br>| 1273 | 243521 |
| HL Mando Co. Ltd.  | 567 | 14877 |
| Hugel, Inc. \* | 5552 | 1422662 |
| HYBE Co. Ltd. \* | 5590 | 1051927 |
| Hyundai Autoever Corp.  | 225 | 19501 |
| Hyundai Engineering & Construction Co. <br> Ltd. <br>| 1468 | 43021 |
| Hyundai Glovis Co. Ltd.  | 871 | 69838 |
| Hyundai Mobis Co. Ltd.  | 2273 | 426662 |
| Hyundai Rotem Co. Ltd.  | 20563 | 1620755 |
| Kangwon Land, Inc.  | 3463 | 39531 |
| KB Financial Group, Inc.  | 51872 | 3278243 |
| KCC Corp.  | 61 | 10712 |
| Kia Corp.  | 8621 | 547893 |
| Korea Zinc Co. Ltd.  | 245 | 136628 |
| Korean Air Lines Co. Ltd.  | 3906 | 57586 |
| Krafton, Inc. \* | 1171 | 306570 |
| KT&G Corp.  | 3437 | 277415 |
| Kumho Petrochemical Co. Ltd.  | 347 | 29034 |
| LG Corp.  | 2708 | 126813 |
| LG Electronics, Inc.  | 1901 | 95422 |
| LG Energy Solution Ltd. \* | 816 | 186171 |
| LG H&H Co. Ltd.  | 305 | 72267 |
| LG Innotek Co. Ltd.  | 318 | 31258 |
| LG Uplus Corp.  | 4652 | 39280 |
| LS Corp.  | 441 | 40855 |

---

*See financial notes*

**8**Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| LS Electric Co. Ltd.  | 316 | 45641 |
| Misto Holdings Corp.  | 1072 | 27876 |
| NAVER Corp.  | 15765 | 2218223 |
| NongShim Co. Ltd.  | 120 | 34008 |
| Orion Corp.  | 628 | 54434 |
| PharmaResearch Co. Ltd.  | 4022 | 1065303 |
| Posco DX Co. Ltd.  | 1921 | 33133 |
| S-1 Corp.  | 589 | 26252 |
| Samsung Biologics Co. Ltd. \* | 571 | 422579 |
| Samsung Electro-Mechanics Co. Ltd.  | 1609 | 132749 |
| Samsung Electronics Co. Ltd.  | 216738 | 8456582 |
| Samsung SDI Co. Ltd.  | 966 | 119620 |
| Samsung SDS Co. Ltd.  | 682 | 61460 |
| SK Bioscience Co. Ltd. \* | 808 | 22542 |
| Youngone Corp.  | 45788 | 1526814 |
| Yuhan Corp.  | 1501 | 120287 |
|  |  | **27970760** |
| **Singapore 1.1%** | **Singapore 1.1%** | **Singapore 1.1%** |
| CapitaLand Integrated Commercial Trust  | 101400 | 166874 |
| ComfortDelGro Corp. Ltd.  | 59400 | 69687 |
| DBS Group Holdings Ltd.  | 96136 | 3123380 |
| Genting Singapore Ltd.  | 163400 | 92659 |
| Keppel DC REIT  | 20959 | 34675 |
| Keppel Ltd.  | 34700 | 174461 |
| Mapletree Pan Asia Commercial Trust  | 47900 | 44859 |
| Netlink NBN Trust  | 53300 | 37340 |
| SATS Ltd.  | 18600 | 40111 |
| Sea Ltd., ADR \* | 31476 | 4219358 |
| Singapore Airlines Ltd.  | 21000 | 107770 |
| Singapore Exchange Ltd.  | 57100 | 628149 |
| Singapore Technologies Engineering Ltd.  | 30300 | 172051 |
| Singapore Telecommunications Ltd.  | 153800 | 444973 |
| UOL Group Ltd.  | 9000 | 39813 |
| Venture Corp. Ltd.  | 229836 | 2040258 |
|  |  | **11436418** |
| **South Africa 0.1%** | **South Africa 0.1%** | **South Africa 0.1%** |
| Impala Platinum Holdings Ltd. \* | 215325 | **1280565** |
| **Spain 0.9%** | **Spain 0.9%** | **Spain 0.9%** |
| Aena SME SA  | 1634 | 410487 |
| Amadeus IT Group SA  | 26620 | 2095340 |
| Endesa SA  | 139034 | 4175549 |
| Fluidra SA  | 30324 | 702049 |
| Industria de Diseno Textil SA  | 36308 | 1952462 |
| International Consolidated Airlines Group <br> SA <br>| 40823 | 141838 |
| Telefonica SA  | 80094 | 411462 |
|  |  | **9889187** |
| **Sweden 2.3%** | **Sweden 2.3%** | **Sweden 2.3%** |
| AAK AB  | 24534 | 641610 |
| Alfa Laval AB  | 7178 | 297713 |
| Atlas Copco AB, A Shares *(b)* | 66477 | 1028977 |
| Atlas Copco AB, B Shares  | 123929 | 1720843 |
| Axfood AB  | 2519 | 70422 |
| Beijer Ref AB  | 30200 | 460651 |
| Boliden AB \* | 4029 | 123449 |
| BoneSupport Holding AB \* | 36564 | 1196169 |
| Camurus AB \* | 15873 | 1020108 |
| Epiroc AB, A Shares  | 14274 | 308814 |
| Epiroc AB, B Shares  | 8079 | 158442 |
| Essity AB, B Shares  | 9359 | 270653 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Evolution AB \* | 4810 | 333211 |
| Getinge AB, B Shares  | 3642 | 70389 |
| H & M Hennes & Mauritz AB, B Shares *(b)* | 12000 | 173887 |
| Hemnet Group AB \* | 55032 | 1889013 |
| Holmen AB, B Shares  | 1663 | 65753 |
| Industrivarden AB, A Shares  | 7388 | 259630 |
| Industrivarden AB, C Shares  | 9732 | 341756 |
| Indutrade AB  | 5440 | 147172 |
| Investment AB Latour, B Shares  | 2756 | 74375 |
| Investor AB, A Shares  | 29908 | 890729 |
| Investor AB, B Shares  | 109614 | 3247694 |
| Kinnevik AB, B Shares \* | 93267 | 746486 |
| Lifco AB, B Shares  | 3709 | 143593 |
| Saab AB, B Shares  | 6177 | 287629 |
| Sandvik AB *(b)* | 98032 | 2023815 |
| Securitas AB, B Shares  | 7823 | 123969 |
| SKF AB, B Shares  | 120912 | 2370042 |
| SSAB AB, A Shares  | 5273 | 33319 |
| SSAB AB, B Shares  | 15297 | 95084 |
| Sweco AB, B Shares  | 67555 | 1188424 |
| Tele2 AB, B Shares  | 9717 | 143365 |
| Telefonaktiebolaget LM Ericsson, B Shares  | 41563 | 351098 |
| Telia Co. AB  | 37693 | 141593 |
| Trelleborg AB, B Shares  | 5702 | 196614 |
| Volvo AB, A Shares  | 2677 | 73019 |
| Volvo AB, B Shares  | 86261 | 2344878 |
| Volvo Car AB, B Shares *\*(b)* | 14233 | 24278 |
|  |  | **25078666** |
| **Switzerland 5.6%** | **Switzerland 5.6%** | **Switzerland 5.6%** |
| ABB Ltd.  | 44772 | 2364443 |
| Adecco Group AG  | 3784 | 98483 |
| Alcon AG  | 10833 | 1052540 |
| Bachem Holding AG \* | 1029 | 63060 |
| Belimo Holding AG  | 2328 | 1978012 |
| BKW AG \* | 347 | 69569 |
| Chocoladefabriken Lindt & Spruengli AG  | 3 | 424928 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates <br>| 25 | 364350 |
| Cie Financiere Richemont SA, Class A  | 7390 | 1305851 |
| Clariant AG \* | 3920 | 43877 |
| Coca-Cola HBC AG \* | 6043 | 314682 |
| DKSH Holding AG  | 816 | 60114 |
| Emmi AG  | 48 | 47216 |
| EMS-Chemie Holding AG  | 239 | 176215 |
| Flughafen Zurich AG  | 394 | 99281 |
| Geberit AG  | 1054 | 730127 |
| Georg Fischer AG  | 10709 | 774311 |
| Givaudan SA  | 149 | 718830 |
| Holcim AG \* | 18076 | 2019955 |
| Kuehne & Nagel International AG  | 1109 | 255399 |
| Landis & Gyr Group AG \* | 25199 | 1620726 |
| Logitech International SA  | 4900 | 372351 |
| Lonza Group AG  | 1968 | 1414026 |
| Nestle SA  | 84568 | 9001197 |
| Novartis AG  | 107273 | 12235259 |
| Partners Group Holding AG  | 1713 | 2244495 |
| Roche Holding AG  | 30616 | 10011014 |
| Roche Holding AG, Bearer Shares  | 1012 | 352051 |
| Sandoz Group AG  | 8168 | 354284 |
| Schindler Holding AG  | 658 | 233290 |
| Schindler Holding AG, Participation <br> Certificates <br>| 1288 | 471079 |
| SGS SA  | 3498 | 341619 |
| Siegfried Holding AG \* | 13680 | 1628694 |
| SIG Group AG \* | 6374 | 122954 |
| Sonova Holding AG  | 1164 | 357830 |

---

*See financial notes*

Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

**9**

------

Schwab International Opportunities Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Straumann Holding AG  | 3265 | 398124 |
| Sulzer AG  | 8725 | 1476795 |
| Swatch Group AG  | 1268 | 44069 |
| Swatch Group AG, Bearer Shares  | 9860 | 1711126 |
| Swisscom AG  | 629 | 419469 |
| Swissquote Group Holding SA  | 3150 | 1626020 |
| VAT Group AG  | 790 | 285182 |
|  |  | **59682897** |
| **Taiwan 1.8%** | **Taiwan 1.8%** | **Taiwan 1.8%** |
| ASPEED Technology, Inc.  | 9000 | 846687 |
| Elite Material Co. Ltd.  | 80000 | 1392274 |
| King Yuan Electronics Co. Ltd.  | 316000 | 859336 |
| Lai Yih Footwear Co. Ltd. \* | 160000 | 1710737 |
| Lotes Co. Ltd.  | 36000 | 1415510 |
| Parade Technologies Ltd.  | 103000 | 1740990 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd. <br>| 355000 | 10058766 |
| Tong Yang Industry Co. Ltd.  | 360000 | 1481295 |
|  |  | **19505595** |
| **Thailand 0.0%** | **Thailand 0.0%** | **Thailand 0.0%** |
| Thai Beverage PCL  | 164100 | **62891** |
| **Turkey 0.1%** | **Turkey 0.1%** | **Turkey 0.1%** |
| Migros Ticaret AS  | 49540 | **617772** |
| **United Arab Emirates 0.3%** | **United Arab Emirates 0.3%** | **United Arab Emirates 0.3%** |
| Emaar Properties PJSC  | 847502 | **3028338** |
| **United Kingdom 10.2%** | **United Kingdom 10.2%** | **United Kingdom 10.2%** |
| 3i Group PLC  | 70155 | 3977159 |
| Admiral Group PLC  | 15298 | 665348 |
| Airtel Africa PLC  | 32597 | 74598 |
| Antofagasta PLC  | 7379 | 161936 |
| Ashtead Group PLC  | 62200 | 3329716 |
| Associated British Foods PLC  | 8559 | 235930 |
| AstraZeneca PLC  | 33497 | 4799008 |
| AstraZeneca PLC, ADR  | 82061 | 5891159 |
| Auto Trader Group PLC  | 27571 | 309756 |
| BAE Systems PLC  | 80901 | 1875499 |
| Balfour Beatty PLC  | 316712 | 1937129 |
| Beazley PLC  | 186203 | 2206257 |
| Berkeley Group Holdings PLC  | 1821 | 101509 |
| BP PLC  | 307599 | 1420305 |
| British American Tobacco PLC  | 36657 | 1596718 |
| BT Group PLC  | 118652 | 275386 |
| Burberry Group PLC  | 6369 | 62026 |
| Centrica PLC  | 178314 | 381776 |
| CK Hutchison Holdings Ltd.  | 39500 | 222744 |
| Compass Group PLC  | 52327 | 1764195 |
| ConvaTec Group PLC  | 29547 | 102725 |
| Diageo PLC  | 91900 | 2580588 |
| Diploma PLC  | 47322 | 2510978 |
| Fresnillo PLC  | 3790 | 50796 |
| GSK PLC  | 97577 | 1930336 |
| Halma PLC  | 7846 | 289609 |
| Hikma Pharmaceuticals PLC  | 4039 | 107032 |
| Hiscox Ltd.  | 19500 | 286994 |
| Howden Joinery Group PLC  | 11565 | 118929 |
| IMI PLC  | 5984 | 142017 |
| Imperial Brands PLC  | 61978 | 2543147 |
| InterContinental Hotels Group PLC  | 4832 | 515622 |
| Intermediate Capital Group PLC  | 52723 | 1326193 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Intertek Group PLC  | 3901 | 239580 |
| J Sainsbury PLC  | 38127 | 135508 |
| JD Sports Fashion PLC  | 1995920 | 2101316 |
| Just Group PLC  | 523112 | 986681 |
| Kingfisher PLC  | 37098 | 142586 |
| Lloyds Banking Group PLC  | 2535910 | 2491475 |
| Marex Group PLC  | 66950 | 2969232 |
| Marks & Spencer Group PLC  | 1215358 | 6315661 |
| Melrose Industries PLC  | 23874 | 138787 |
| Mondi PLC  | 11673 | 177186 |
| Next PLC  | 2609 | 430424 |
| Ocado Group PLC \* | 320536 | 1211004 |
| Pearson PLC  | 16492 | 264387 |
| Prudential PLC  | 339600 | 3610890 |
| Reckitt Benckiser Group PLC  | 61433 | 3965287 |
| RELX PLC  | 48251 | 2633305 |
| Rentokil Initial PLC  | 225400 | 1032623 |
| Rightmove PLC  | 27536 | 271950 |
| Rio Tinto PLC  | 32390 | 1930102 |
| Rolls-Royce Holdings PLC  | 183449 | 1856957 |
| Schroders PLC  | 703592 | 3100152 |
| Shell PLC  | 290819 | 9385237 |
| Smith & Nephew PLC  | 176015 | 2476985 |
| Smiths Group PLC  | 59548 | 1483912 |
| Spirax Group PLC  | 1517 | 119564 |
| SSE PLC  | 20256 | 456693 |
| St. James's Place PLC  | 143391 | 1807493 |
| Taylor Wimpey PLC  | 82545 | 129704 |
| TechnipFMC PLC  | 29250 | 823973 |
| Tesco PLC  | 118999 | 588926 |
| Unilever PLC  | 60306 | 3839676 |
| United Utilities Group PLC  | 14169 | 213022 |
| Vodafone Group PLC  | 3075478 | 3022273 |
| Weir Group PLC  | 80572 | 2428723 |
| Wise PLC, Class A \* | 201251 | 2639688 |
|  |  | **109214082** |
| **United States 2.5%** | **United States 2.5%** | **United States 2.5%** |
| ACADIA Pharmaceuticals, Inc. \* | 18447 | 269326 |
| Coupang, Inc., Class A \* | 129132 | 3017815 |
| GQG Partners, Inc., CDI  | 49249 | 69036 |
| Insmed, Inc. \* | 8300 | 597600 |
| MercadoLibre, Inc. \* | 5689 | 13260206 |
| Moderna, Inc. \* | 24580 | 701513 |
| NVIDIA Corp.  | 39562 | 4309093 |
| Primo Brands Corp.  | 123128 | 4022592 |
|  |  | **26247181** |
| **Total Common Stocks** <br>**(Cost $841,717,488)** | **Total Common Stocks** <br>**(Cost $841,717,488)** | **998005737** |
| **PREFERRED STOCKS** 0.4% OF NET ASSETS | **PREFERRED STOCKS** 0.4% OF NET ASSETS | **PREFERRED STOCKS** 0.4% OF NET ASSETS |
| **Germany 0.0%** | **Germany 0.0%** | **Germany 0.0%** |
| FUCHS SE  | 2428 | 121746 |
| Henkel AG & Co. KGaA  | 5180 | 402312 |
|  |  | **524058** |
| **Republic of Korea 0.4%** | **Republic of Korea 0.4%** | **Republic of Korea 0.4%** |
| LG Chem Ltd.  | 188 | 14119 |
| Samsung Electronics Co. Ltd.  | 113399 | 3743374 |
|  |  | **3757493** |
| **Total Preferred Stocks** <br>**(Cost $5,940,624)** | **Total Preferred Stocks** <br>**(Cost $5,940,624)** | **4281551** |

---

*See financial notes*

**10**Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **RIGHTS** 0.0% OF NET ASSETS | **RIGHTS** 0.0% OF NET ASSETS | **RIGHTS** 0.0% OF NET ASSETS |
| **Republic of Korea 0.0%** | **Republic of Korea 0.0%** | **Republic of Korea 0.0%** |
| Samsung SDI Co. Ltd. | Samsung SDI Co. Ltd. | Samsung SDI Co. Ltd. |
| expires 05/22/25, strike KRW <br> 146,200.00 \*<br>| 136 | **3296** |
| **Total Rights** <br>**(Cost $0)** | **Total Rights** <br>**(Cost $0)** | **3296** |
| **WARRANTS** 0.0% OF NET ASSETS | **WARRANTS** 0.0% OF NET ASSETS | **WARRANTS** 0.0% OF NET ASSETS |
| **Canada 0.0%** | **Canada 0.0%** | **Canada 0.0%** |
| Constellation Software, Inc. | Constellation Software, Inc. | Constellation Software, Inc. |
| expires 03/31/40 *\*(c)* | 344 | **1732** |
| **Total Warrants** <br>**(Cost $0)** | **Total Warrants** <br>**(Cost $0)** | **1732** |
| **INVESTMENT COMPANIES** 2.0% OF NET ASSETS | **INVESTMENT COMPANIES** 2.0% OF NET ASSETS | **INVESTMENT COMPANIES** 2.0% OF NET ASSETS |
| **United States 2.0%** | **United States 2.0%** | **United States 2.0%** |
| Schwab Emerging Markets Equity ETF *(d)* | 777230 | **21474865** |
| **Total Investment Companies** <br>**(Cost $22,426,246)** | **Total Investment Companies** <br>**(Cost $22,426,246)** | **21474865** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **SHORT-TERM INVESTMENTS** 3.1% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 3.1% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 3.1% OF NET ASSETS |
| **Money Market Funds 3.1%** | **Money Market Funds 3.1%** | **Money Market Funds 3.1%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.29% *(e)*<br>| 31625759 | 31625759 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.29% *(e)(f)*<br>| 1619524 | 1619524 |
|  |  | **33245283** |
| **Total Short-Term Investments** <br>**(Cost $33,245,283)** | **Total Short-Term Investments** <br>**(Cost $33,245,283)** | **33245283** |
| **Total Investments in Securities** <br>**(Cost $903,329,641)** | **Total Investments in Securities** <br>**(Cost $903,329,641)** | **1057012464** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| MSCI EAFE Index, expires <br> 06/20/25<br>| 220 | 27441700 | **1012929** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SETTLEMENT<br> DATE<br>| COUNTERPARTY | &nbsp;&nbsp; CURRENCY<br> TO BE<br> RECEIVED <br>| &nbsp;&nbsp; AMOUNT OF<br> CURRENCY<br> TO BE<br> RECEIVED<br>| &nbsp;&nbsp; CURRENCY<br> TO BE<br> DELIVERED<br>| &nbsp;&nbsp; AMOUNT OF<br> CURRENCY<br> TO BE<br> DELIVERED<br>| &nbsp;&nbsp; UNREALIZED <br>APPRECIATION <br>(DEPRECIATION) <br>($)<br>|
| **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** | **FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS** |
| 06/11/25 | HSBC Bank USA | &nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp; 12450000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 7920983 | &nbsp;&nbsp;&nbsp; 57306 |
| 06/11/25 | Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp; CHF | &nbsp;&nbsp;&nbsp; 4670000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 5740747 | &nbsp;&nbsp;&nbsp; (57229)<br>|
| 06/11/25 | State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 5696000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 6489453 | &nbsp;&nbsp;&nbsp; (22188)<br>|
| 06/11/25 | UBS AG | &nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 976988 | &nbsp;&nbsp;&nbsp; (540)<br>|
| 06/11/25 | Barclays Capital | &nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp; 1996000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 2641222 | &nbsp;&nbsp;&nbsp; 19240 |
| 06/11/25 | Wells Fargo Bank NA | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp; 107101000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 752154 | &nbsp;&nbsp;&nbsp; 285 |
| 06/11/25 | Citibank N.A. | &nbsp;&nbsp;&nbsp; SEK | &nbsp;&nbsp;&nbsp; 63293000 | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 6551901 | &nbsp;&nbsp;&nbsp; 11166 |
| 06/11/25 | Morgan Stanley & Co. | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 7214699 | &nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp; 10000000 | &nbsp;&nbsp;&nbsp; (53939)<br>|
| 06/11/25 | JP Morgan Chase Bank | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 730316 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp; 104148000 | &nbsp;&nbsp;&nbsp; (1376)<br>|
| 06/11/25 | Citibank N.A. | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 12011307 | &nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp; 1703261000 | &nbsp;&nbsp;&nbsp; 45037 |
| 06/11/25 | State Street Bank & Trust Co. | &nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp; 4331460 | &nbsp;&nbsp;&nbsp; SGD | &nbsp;&nbsp;&nbsp; 5670000 | &nbsp;&nbsp;&nbsp; (18721)<br>|
| **Net Unrealized Depreciation on Forward Foreign Currency Exchange Contracts** | **Net Unrealized Depreciation on Forward Foreign Currency Exchange Contracts** | **Net Unrealized Depreciation on Forward Foreign Currency Exchange Contracts** | **Net Unrealized Depreciation on Forward Foreign Currency Exchange Contracts** | **Net Unrealized Depreciation on Forward Foreign Currency Exchange Contracts** | **Net Unrealized Depreciation on Forward Foreign Currency Exchange Contracts** | &nbsp;&nbsp;&nbsp; **(20959)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* Security is traded on separate exchanges for the same issuer.

*(b)* All or a portion of this security is on loan. Securities on loan were valued at $1,551,493.

*(c)* Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information).

*(d)* Issuer is affiliated with the fund's investment adviser.

*(e)* The rate shown is the annualized 7-day yield.

*(f)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See financial notes*

Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

**11**

------

Schwab International Opportunities Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | |
|:---|:---|
| ADR — | American Depositary Receipt |
| CDI — | CHESS Depositary Interest |
| ETF — | Exchange-Traded Fund |
| REIT — | Real Estate Investment Trust |
| AUD — | Australian Dollar |
| CAD — | Canadian Dollar |
| CHF — | Swiss Franc |
| EUR — | Euro |
| GBP — | British Pound |
| JPY — | Japanese Yen |
| KRW — | South Korean Won |
| SEK — | Swedish Krona |
| SGD — | Singapore Dollar |
| USD — | U.S. Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | % OF NET ASSETS |
| **SECTOR WEIGHTINGS *(a)*** | **SECTOR WEIGHTINGS *(a)*** |
| Industrials | 17.2<br> %<br>|
| Consumer Discretionary | 15.2<br> %<br>|
| Financials | 13.2<br> %<br>|
| Information Technology | 12.1<br> %<br>|
| Health Care | 11.7<br> %<br>|
| Consumer Staples | 7.8<br> %<br>|
| Communication Services | 5.7<br> %<br>|
| Materials | 5.7<br> %<br>|
| Energy | 3.6<br> %<br>|
| Real Estate | 1.0<br> %<br>|
| Other *(b)* | 0.9<br> %<br>|
| Investment Companies | 2.0<br> %<br>|
| Short-Term Investments | 3.1<br> %<br>|
| **Total** | **99.2%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Excludes derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Includes holdings within sectors that are less than 1.0% of net assets.

Below is a summary of the fund's transactions with affiliated issuers during the period ended April 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DIVIDENDS<br> RECEIVED<sup>(a)</sup> <br>|
| **INVESTMENT COMPANIES** 2.0% OF NET ASSETS | **INVESTMENT COMPANIES** 2.0% OF NET ASSETS | **INVESTMENT COMPANIES** 2.0% OF NET ASSETS | **INVESTMENT COMPANIES** 2.0% OF NET ASSETS | **INVESTMENT COMPANIES** 2.0% OF NET ASSETS | **INVESTMENT COMPANIES** 2.0% OF NET ASSETS | **INVESTMENT COMPANIES** 2.0% OF NET ASSETS | **INVESTMENT COMPANIES** 2.0% OF NET ASSETS | **INVESTMENT COMPANIES** 2.0% OF NET ASSETS |
| **United States 2.0%** | **United States 2.0%** | **United States 2.0%** | **United States 2.0%** | **United States 2.0%** | **United States 2.0%** | **United States 2.0%** | **United States 2.0%** | **United States 2.0%** |
| Schwab Emerging Markets Equity ETF | $18816840 | $7251480 | ($4014322)<br>| ($237803)<br>| ($341330)<br>| $21474865 | 777230 | $632314 |
| **Total** | **$18816840** | **$7251480** | **($4014322)**<br>| **($237803)**<br>| **($341330)**<br>| **$21474865** |  | **$632314** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying fund.

------

The following is a summary of the inputs used to value the fund's investments as of April 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $— | &nbsp;&nbsp; $529049860 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $529049860 |
| Brazil | 13179244 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13179244 |
| Canada | 58854439 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58854439 |
| China | 3441103 | &nbsp;&nbsp; 18633584 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22074687 |
| Germany | 1177207 | &nbsp;&nbsp; 84834605 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86011812 |

---

*See financial notes*

**12**Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT<br> UNOBSERVABLE INPUTS<br> (LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** (continued) |  |  |  |  |
| Greece | $3438149 | &nbsp;&nbsp; $6806343 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $10244492 |
| Guernsey | 2557997 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2557997 |
| Ireland | 10415917 | &nbsp;&nbsp; 6232859 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16648776 |
| Israel | 10026660 | &nbsp;&nbsp; 1751652 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11778312 |
| Luxembourg | 10697373 | &nbsp;&nbsp; 4301547 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14998920 |
| Mexico | 4621908 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4621908 |
| Netherlands | 4410391 | &nbsp;&nbsp; 74486008 | &nbsp;&nbsp; — | &nbsp;&nbsp; 78896399 |
| New Zealand | 134832 | &nbsp;&nbsp; 1005256 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1140088 |
| Panama | 1051122 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1051122 |
| Singapore | 4256698 | &nbsp;&nbsp; 7179720 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11436418 |
| United Kingdom | 9684364 | &nbsp;&nbsp; 99529718 | &nbsp;&nbsp; — | &nbsp;&nbsp; 109214082 |
| United States | 26178145 | &nbsp;&nbsp; 69036 | &nbsp;&nbsp; — | &nbsp;&nbsp; 26247181 |
| Preferred Stocks<sup>1</sup> <br>|  | &nbsp;&nbsp; 4281551 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4281551 |
| Rights<sup>1</sup> <br>| 3296 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3296 |
| Warrants |  |  |  |  |
| Canada |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1732 | &nbsp;&nbsp; 1732 |
| Investment Companies<sup>1</sup> <br>| 21474865 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 21474865 |
| Short-Term Investments<sup>1</sup> <br>| 33245283 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 33245283 |
| Futures Contracts<sup>2</sup> <br>| 1012929 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1012929 |
| Forward Foreign Currency Exchange Contracts<sup>2</sup> <br>|  | &nbsp;&nbsp; 133034 | &nbsp;&nbsp; — | &nbsp;&nbsp; 133034 |
| **<u>Liabilities</u>** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts<sup>2</sup> <br>|  | &nbsp;&nbsp; (153993)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (153993)<br>|
| **Total** | **$219861922** | &nbsp;&nbsp; **$838140780** | &nbsp;&nbsp; **$1732** | &nbsp;&nbsp; **$1058004434** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts and forward foreign currency exchange contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

**13**

------

Schwab International Opportunities Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $22,426,246)  |  | $21474865 |
| Investments in securities, at value - unaffiliated issuers (cost $880,903,395) including securities on loan of $1,551,493 |  | 1035537599 |
| Foreign currency, at value (cost $822,301) |  | 820599 |
| Deposit with broker for futures contracts |  | 4561920 |
| Receivables: |  |  |
| Investments sold |  | 4799489 |
| Dividends |  | 3484296 |
| Foreign tax reclaims |  | 1653659 |
| Fund shares sold |  | 131667 |
| Income from securities on loan |  | 4756 |
| Unrealized appreciation on forward foreign currency exchange contracts |  | 133034 |
| Prepaid expenses | + | 14781 |
| **Total assets** |  | **1072616665** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 1619524 |
| Payables: |  |  |
| Investments bought |  | 3958915 |
| Fund shares redeemed |  | 565359 |
| Investment adviser and administrator fees |  | 525863 |
| Foreign capital gains tax |  | 153798 |
| Shareholder service fees |  | 126974 |
| Variation margin on futures contracts |  | 52800 |
| Unrealized depreciation on forward foreign currency exchange contracts |  | 153993 |
| Accrued expenses | + | 284207 |
| **Total liabilities** |  | **7441433** |
| **Net assets** |  | **$1065175232** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $945470130 |
| Total distributable earnings | + | 119705102 |
| **Net assets** |  | **$1065175232** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $1065175232 |  | &nbsp;&nbsp;&nbsp;&nbsp; 49400761 |  | &nbsp;&nbsp;&nbsp;&nbsp; $21.56 |

---

*See financial notes*

**14**Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $1,065,377) |  | $10843205 |
| Dividends received from securities - affiliated issuers |  | 632314 |
| Other Interest |  | 90043 |
| Securities on loan, net | + | 6526 |
| **Total investment income**  |  | **11572088** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | 3236989 |
| Shareholder service fees |  | 757118 |
| Custodian fees |  | 125456 |
| Portfolio accounting fees |  | 109670 |
| Professional fees |  | 26742 <br><sup>1</sup><br>|
| Registration fees |  | 14606 |
| Shareholder reports |  | 13982 |
| Independent trustees' fees |  | 3871 |
| Transfer agent fees  |  | 1435 |
| Other expenses | + | 33723 |
| **Total expenses** |  | **4323592** |
| Expense reduction | – | 1928 <br><sup>1</sup><br>|
| **Net expenses** | – | **4321664** |
| **Net investment income** |  | **7250424** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers  |  | (237803)<br>|
| Net realized gains on sales of securities - unaffiliated issuers (net of foreign capital gains tax paid of $506,234) |  | 16644273 |
| Net realized losses on futures contracts |  | (627314)<br>|
| Net realized gains on forward foreign currency exchange contracts |  | 248625 |
| Net realized losses on foreign currency transactions | + | (214909)<br>|
| **Net realized gains** |  | **15812872** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (341330)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers (net of change in foreign capital gains tax of <br> $1,083,748)<br>|  | 35673351 |
| Net change in unrealized appreciation (depreciation) on futures contracts |  | 1797542 |
| Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts |  | 152838 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 239357 |
| **Net change in unrealized appreciation (depreciation)** | **+** | **37521758** |
| **Net realized and unrealized gains** |  | **53334630** |
| **Increase in net assets resulting from operations** |  | **$60585054** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Includes professional fees of $1,928 associated with the filing of foreign withholding tax claims in the European Union are deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d) and 3 for additional information). 

*See financial notes*

Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

**15**

------

Schwab International Opportunities Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $7250424 | &nbsp;&nbsp;&nbsp; $16304711 |
| Net realized gains |  | 15812872 | &nbsp;&nbsp;&nbsp; 40063574 |
| Net change in unrealized appreciation (depreciation) | + | 37521758 | &nbsp;&nbsp;&nbsp; 132113769 |
| **Increase in net assets resulting from operations** |  | **$60585054** | &nbsp;&nbsp;&nbsp; **$188482054** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($20313965)**<br>| &nbsp;&nbsp;&nbsp; **($18123990)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 2734919 | &nbsp;&nbsp;&nbsp; $56176622 | &nbsp;&nbsp;&nbsp; 2166582 | &nbsp;&nbsp;&nbsp; $44317575 |
| Shares reinvested |  | 769217 | &nbsp;&nbsp;&nbsp; 15576629 | &nbsp;&nbsp;&nbsp; 734414 | &nbsp;&nbsp;&nbsp; 14225597 |
| Shares redeemed | + | (3493473)<br>| &nbsp;&nbsp;&nbsp; (71670684)<br>| &nbsp;&nbsp;&nbsp; (6514006)<br>| &nbsp;&nbsp;&nbsp; (131336256)<br>|
| **Net transactions in fund shares**  |  | **10663** | &nbsp;&nbsp;&nbsp; **$82567** | &nbsp;&nbsp;&nbsp; **(3613010)**<br>| &nbsp;&nbsp;&nbsp; **($72793084)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 49390098 | &nbsp;&nbsp;&nbsp; $1024821576 | &nbsp;&nbsp;&nbsp; 53003108 | &nbsp;&nbsp;&nbsp; $927256596 |
| Total increase (decrease) | + | 10663 | &nbsp;&nbsp;&nbsp; 40353656 | &nbsp;&nbsp;&nbsp; (3613010)<br>| &nbsp;&nbsp;&nbsp; 97564980 |
| **End of period** |  | **49400761** | &nbsp;&nbsp;&nbsp; **$1065175232** | &nbsp;&nbsp;&nbsp; **49390098** | &nbsp;&nbsp;&nbsp; **$1024821576** |

---

*See financial notes*

**16**Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Financial Notes, unaudited

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Business Structure of the Fund:**

The fund in this report is a series of Schwab Capital Trust (the trust), a no-load, open-end management investment company. The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the fund discussed in this report, which is highlighted:

---

| | |
|:---|:---|
| **SCHWAB CAPITAL TRUST** | **SCHWAB CAPITAL TRUST** |
| **Schwab International Opportunities Fund** | Schwab Target 2045 Fund |
| Schwab S&P 500 Index Fund | Schwab Target 2050 Fund |
| Schwab Small-Cap Index Fund | Schwab Target 2055 Fund |
| Schwab Total Stock Market Index Fund | Schwab Target 2060 Fund |
| Schwab U.S. Large-Cap Growth Index Fund | Schwab Target 2065 Fund |
| Schwab U.S. Large-Cap Value Index Fund | Schwab Fundamental U.S. Large Company Index Fund |
| Schwab U.S. Mid-Cap Index Fund | Schwab Fundamental U.S. Small Company Index Fund |
| Schwab International Index Fund | Schwab Fundamental International Equity Index Fund |
| Schwab MarketTrack All Equity Portfolio™ | Schwab Fundamental International Small Equity Index Fund |
| Schwab MarketTrack Growth Portfolio™ | Schwab Fundamental Emerging Markets Equity Index Fund |
| Schwab MarketTrack Balanced Portfolio™ | Schwab Fundamental Global Real Estate Index Fund |
| Schwab MarketTrack Conservative Portfolio™ | Schwab Target 2010 Index Fund |
| Schwab Balanced Fund | Schwab Target 2015 Index Fund |
| Schwab Core Equity Fund | Schwab Target 2020 Index Fund |
| Schwab Dividend Equity Fund | Schwab Target 2025 Index Fund |
| Schwab Large-Cap Growth Fund | Schwab Target 2030 Index Fund |
| Schwab Small-Cap Equity Fund | Schwab Target 2035 Index Fund |
| Schwab Health Care Fund | Schwab Target 2040 Index Fund |
| Schwab International Core Equity Fund | Schwab Target 2045 Index Fund |
| Schwab Target 2010 Fund | Schwab Target 2050 Index Fund |
| Schwab Target 2015 Fund | Schwab Target 2055 Index Fund |
| Schwab Target 2020 Fund | Schwab Target 2060 Index Fund |
| Schwab Target 2025 Fund | Schwab Target 2065 Index Fund |
| Schwab Target 2030 Fund | Schwab Monthly Income Fund – Target Payout |
| Schwab Target 2035 Fund | Schwab Monthly Income Fund – Flexible Payout |
| Schwab Target 2040 Fund | Schwab Monthly Income Fund – Income Payout |

---

The fund offers one share class. Shares are bought and sold at closing net asset value per share (NAV), which is the price for all outstanding shares of the fund. Each share has a par value of 1/1,000 of a cent, and the fund's Board of Trustees (the Board) may authorize the issuance of as many shares as necessary.

The fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, the fund may also keep certain assets in segregated accounts, as required by securities law. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

**Investment Objective** 

The **Schwab International Opportunities Fund** seeks long-term capital appreciation.

------

**2. Significant Accounting Policies:**

The following is a summary of the significant accounting policies the fund uses in its preparation of financial statements. The fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) *Topic 946 Financial Services — Investment Companies*. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, ASC Topic 280 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The

Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

**17**

------

Schwab International Opportunities Fund

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

management committee of the fund's investment adviser acts as the fund's CODM. The CODM has determined that the fund operates as a single operating segment given the fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of the fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the fund, is presented within the fund's financial statements.

The fund may invest in mutual funds and exchange-traded funds (ETFs), which are referred to as "underlying funds". For more information about the underlying funds' operations and policies, please refer to those funds' semiannual and annual reports and holdings and financial statements, which are filed in Form N-CSR with the U.S. Securities and Exchange Commission (SEC) and available on the SEC's website at www.sec.gov.

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the fund's investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities held in the fund's portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities traded on an exchange or over-the-counter:** Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign equity security fair valuation:** The Valuation Designee has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the valuation of the fund's holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the Valuation Designee seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter "arbitrage" market timers, who seek to exploit delays between the change in the value of the fund's portfolio holdings and the NAV of the fund's shares and seeks to help ensure that the prices at which the fund's shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of the fund and that of its comparative index or benchmark.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Futures contracts and forward foreign currency exchange contracts (forwards):** Futures contracts are valued at their settlement prices as of the close of their exchanges. Forwards are valued based on that day's forward exchange rates or by using an interpolated forward exchange rate for contracts with interim settlement dates.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mutual funds:** Mutual funds are valued at their respective NAVs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities for which no quoted value is available:** The Valuation Designee has adopted procedures to fair value the fund's securities when market prices are not "readily available" or are unreliable. For example, a security may be fair valued when it's de-listed or its trading is halted or suspended; when a security's primary pricing source is unable or unwilling to provide a price; or when a security's primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that the fund could obtain the fair value assigned to the security upon the sale of such security.

**18**Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the fund discloses the fair value of its investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee's judgment will be required to estimate fair value.

The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, ETFs and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2 or Level 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include forward foreign currency exchange contracts, U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. In addition, international securities whose markets close hours before the valuation of the fund's holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of foreign markets. The Valuation Designee has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Valuation Designee's assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore the fund's results of operations.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The levels associated with valuing the fund's investments as of April 30, 2025, are disclosed in the fund's Portfolio Holdings.

**(b) Accounting Policies for certain Portfolio Investments (if held):**

**Futures Contracts:** Futures contracts are instruments that represent an agreement between two parties that obligates one party to buy, and the other party to sell, specific instruments at an agreed upon price on a stipulated future date. The fund must give the broker a deposit of cash and/or securities (initial margin) whenever it enters into a futures contract. The amount of the deposit may vary from one contract to another. Subsequent payments (variation margin) are made or received by the fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized appreciation or depreciation until the contract is closed, at which time the gains or losses are realized. Futures contracts are traded publicly on exchanges, and their value may change daily.

**Forward Foreign Currency Exchange Contracts (forwards):** Forwards are contracts to buy and sell a currency at a set price on a future date. The value of the forwards is accounted for as unrealized appreciation or depreciation until the contracts settle, at which time the gains or losses are realized.

**Securities Lending:** Under the trust's Securities Lending Program, the fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the

Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

**19**

------

Schwab International Opportunities Fund

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides the fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. The fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the fund or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in the fund's Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between the fund and the lending agent. The aggregate fair value of securities loaned will not at any time exceed one-third of the total assets of the fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agents start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.

As of April 30, 2025, the fund had securities on loan, all of which were classified as common stock. The value of securities on loan and the related collateral as of April 30, 2025, is disclosed in the fund's Portfolio Holdings and Statement of Assets and Liabilities.

**Passive Foreign Investment Companies:** The fund may own shares in certain foreign corporations that meet the Internal Revenue Code, as amended, definition of a Passive Foreign Investment Company (PFIC). The fund may elect for tax purposes to mark-to-market annually the shares of each PFIC lot held and would be required to distribute as ordinary income to shareholders any such marked-to- market gains (as well as any gains realized on sale).

**Central Securities Depositories Regulation:** The Central Securities Depositories Regulation (CSDR) introduced measures for the authorization and supervision of European Union Central Security Depositories and created a common set of prudential, organizational, and conduct of business standards at a European level. CSDR is designed to support securities settlement and operational aspects of securities settlement, including the provision of shorter settlement periods; mandatory buy-ins; and cash penalties, to prevent and address settlement fails. CSDR measures are aimed to prevent settlement fails by ensuring that all transaction details are provided to facilitate settlement, as well as further incentivizing timely settlement by imposing cash penalty fines and buy-ins. The fund may be subject to pay cash penalties and may also receive cash penalties with certain counterparties in instances where there are settlement fails. These cash penalties are included in net realized gains (losses) on sales of securities in the fund's Statement of Operations, if any.

**(c) Security Transactions:** 

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

Assets and liabilities denominated in foreign currencies are reported in U.S. dollars. For assets and liabilities held on a given date, the dollar value is based on market exchange rates in effect on that date. Transactions involving foreign currencies, including purchases, sales, income receipts and expense payments, are calculated using exchange rates in effect on the transaction date. Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the differences between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange appreciation or depreciation arises from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period. These realized and unrealized foreign exchange gains or losses are reported in foreign currency transactions or translations in the fund's Statement of Operations, if any. The fund does not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments, if any.

Gains realized by the fund on the sale of securities in certain foreign countries may be subject to non-U.S. taxes. In those instances, the fund records a liability based on unrealized appreciation to provide for potential non-U.S. taxes payable upon the sale of these securities.

When the fund closes out a futures contract position, it calculates the difference between the value of the position at the beginning and at the end of the contract, and records a realized gain or loss accordingly.

**20**Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Financial Notes, unaudited (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(d) Investment Income:**

Interest income is recorded as it accrues. Dividends and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date), although the fund records certain foreign security dividends on the date the ex-dividend date is confirmed. Non-cash dividends in the form of additional securities are recorded on the ex-dividend date at fair value, if any. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities and there are no significant uncertainties on collectibility in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.

The fund filed claims to recover taxes previously withheld in certain European Union countries on the basis that those countries had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. These filings are subject to various administrative and judicial proceedings within these countries, and all professional fees associated with these filings have been paid by the investment adviser. The professional fees related to European Union foreign withholding tax claims are non-contingent and non-routine expenses which are subject to repayment to the investment adviser (see financial note 3 for additional information).

For U.S. income tax purposes, European Union reclaims received reduce the amounts of foreign taxes that the fund passes through to its shareholders. If European Union reclaims received exceed foreign withholding taxes paid, the fund will evaluate the requirements to enter into a closing agreement with the Internal Revenue Service (IRS) to address any prior years' U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by fund shareholders on their tax returns in prior years. During the period ended April 30, 2025, the fund did not incur any compliance fees.

**(e) Expenses:**

Expenses that are specific to the fund are charged directly to the fund. Expenses that are common to more than one fund in the trusts generally are allocated among those funds in proportion to their average daily net assets.

**(f) Distributions to Shareholders:**

The fund makes distributions from net investment income and net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(g) Accounting Estimates:**

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It's possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

**(h) Federal Income Taxes:**

The fund intends to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the fund distributes substantially all of its net investment income and net realized capital gains, if any, to its shareholders each year. As long as the fund meets the tax requirements, it is not required to pay federal income tax.

**(i) Foreign Taxes:**

The fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, foreign currency exchanges and capital gains on investments. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in foreign markets in which the fund invests. These foreign taxes, if any, are paid by the fund and are disclosed in the fund's Statement of Operations. Foreign taxes accrued as of April 30, 2025, if any, are reflected in the fund's Statement of Assets and Liabilities.

Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

**21**

------

Schwab International Opportunities Fund

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(j) Indemnification:**

Under the fund's organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business the fund enters into contracts with its vendors and others that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the fund. However, based on experience, the fund expects the risk of loss attributable to these arrangements to be remote.

------

**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as the fund's investment adviser and administrator pursuant to an Investment Advisory and Administration Agreement between the investment adviser and the fund.

For its advisory and administrative services to the fund, the investment adviser is entitled to receive an annual fee, payable monthly, equal to 0.63% of the fund's average daily net assets. The investment adviser (not the fund) pays a portion of the advisory fees it receives to the subadvisers in return for their portfolio management services.

**Shareholder Servicing**

The Board has adopted a Shareholder Servicing Plan (the Plan) on behalf of the fund. The Plan enables the fund to bear expenses relating to the provision by financial intermediaries, including Charles Schwab & Co., Inc. (Schwab), a broker-dealer affiliate of the investment adviser, (together, service providers), of certain account maintenance, customer liaison and shareholder services to the current shareholders of the fund.

Pursuant to the Plan, the fund's shares are subject to an annual shareholder servicing fee up to 0.20%. The shareholder servicing fee paid to a particular service provider is made pursuant to its written agreement with Schwab, as distributor of the fund (or, in the case of payments made to Schwab acting as a service provider, pursuant to Schwab's written agreement with the fund). Payments under the Plan are made as described above without regard to whether the fee is more or less than the service provider's actual cost of providing the services, and if more, such excess may be retained as profit by the service provider.

**Expense Limitation**

The investment adviser and its affiliates have made an additional agreement with the fund, for so long as the investment adviser serves as the investment adviser to the fund, in which the agreement may only be amended or terminated with the approval of the Board, to limit the total annual fund operating expenses charged (including acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds), excluding interest, taxes and certain non-routine expenses to 0.86%.

**22**Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

**Investments from Affiliates**

Funds in the Fund Complex may own shares of other funds in the Fund Complex. The table below reflects the percentage of shares of the fund in this report that is owned by other funds in the Fund Complex as of April 30, 2025, as applicable:

---

| | |
|:---|:---|
| Schwab Balanced Fund | 6.5<br> %<br>|
| Schwab Target 2010 Fund | 0.2<br> %<br>|
| Schwab Target 2015 Fund | 0.2<br> %<br>|
| Schwab Target 2020 Fund | 1.6<br> %<br>|
| Schwab Target 2025 Fund | 2.3<br> %<br>|
| Schwab Target 2030 Fund | 7.9<br> %<br>|
| Schwab Target 2035 Fund | 6.0<br> %<br>|
| Schwab Target 2040 Fund | 13.2<br> %<br>|
| Schwab Target 2045 Fund | 3.9<br> %<br>|
| Schwab Target 2050 Fund | 4.2<br> %<br>|
| Schwab Target 2055 Fund | 3.1<br> %<br>|
| Schwab Target 2060 Fund | 1.3<br> %<br>|
| Schwab Target 2065 Fund | 0.4<br> %<br>|

---

**Investments in Affiliates**

The fund may engage in certain transactions involving affiliated parties. Pursuant to an exemptive order issued by the SEC, the fund may invest in other affiliated funds. As of April 30, 2025, the fund's ownership percentage of other affiliated fund's shares is as follows:

---

| | |
|:---|:---|
| Schwab Emerging Markets Equity ETF | 0.2<br> %<br>|

---

**Other Affiliated Transactions**

The professional fees related to European Union foreign withholding tax claims discussed in financial note 2(d) are non-contingent and non-routine expenses. The investment adviser agreed to pay these professional fees, on behalf of the fund, subject to reimbursement by the fund to the investment adviser to the extent the fund is able to successfully recover taxes withheld in the future.

During the period ended April 30, 2025, the professional fees incurred by the fund and paid by the investment adviser were $1,928, as shown as Professional fees in the fund's Statement of Operations.

During the period ended April 30, 2025, the fund did not recover any previously withheld foreign taxes and made no reimbursement to the investment adviser.

As of April 30, 2025, the balance of professional fees related to foreign withholding tax claims subject to future reimbursement by the fund to the investment adviser was $15,572.

No other amounts for additional foreign withholding tax claims are reflected in the financial statements due to the uncertainty surrounding the ultimate resolution of proceedings, the likelihood of receipt of these claims, and the potential timing of payment.

**Interfund Transactions**

The fund's investment adviser or subadvisers may engage in direct transactions with other funds they manage in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment adviser and/or subadviser. The net realized gains or losses on sales of interfund transactions are recorded in Net realized gains (losses) on sales of securities — unaffiliated issuers in the Statement of Operations. For the period ended April 30, 2025, the fund's purchases and sales of securities with other funds managed by the investment adviser or subadvisers was $1,945,633 and $976,282 respectively, and includes net realized losses of $213,226.

Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

**23**

------

Schwab International Opportunities Fund

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the fund may enter into interfund borrowing and lending transactions with other funds in the Fund Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board. The fund had no interfund borrowing or lending activity during the period.

------

**4. Board of Trustees:**

The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trust was in compliance with these limitations throughout the report period. The fund did not pay any of these interested persons for their services as trustees, but did pay non-interested persons (independent trustees), as noted in the fund's Statement of Operations.

------

**5. Borrowing from Banks:**

During the period, the fund was a participant with other funds in the Fund Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), maturing on September 25, 2025. Under the terms of the Syndicated Credit Facility, in addition to the interest charged on any borrowings by the fund, the fund paid a commitment fee of 0.15% per annum on the fund's proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the fund was a participant with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, maturing on September 25, 2025. Under the terms of the Uncommitted Credit Facility, the fund pays interest on the amount the fund borrows. There were no borrowings by the fund from either line of credit during the period.

The fund also has access to custodian overdraft facilities. The fund may have utilized the overdraft facility and incurred an interest expense, which is disclosed in the fund's Statement of Operations, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

------

**6. Derivatives:**

The fund entered into futures contracts during the report period to equitize available cash. The fund also invested in forwards to minimize the uncertainty of changes in future foreign currency exchange rates and to hedge exposure to certain currencies.

As of April 30, 2025, the Statement of Assets and Liabilities included the following financial derivative instrument fair values held at period end:

---

| | | | |
|:---|:---|:---|:---|
|  | EQUITY CONTRACTS | FOREIGN <br>CURRENCY <br>EXCHANGE <br>CONTRACTS<br>| TOTAL |
| **Asset Derivatives** |  |  |  |
| Futures Contracts<sup>1</sup> <br>| $1012929 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1012929 |
| Forward Foreign Currency Exchange Contracts<sup>2</sup> <br>|  | &nbsp;&nbsp; 133034 | &nbsp;&nbsp; 133034 |
| **Liability Derivatives** |  |  |  |
| Forward Foreign Currency Exchange Contracts<sup>2</sup> <br>| $— | &nbsp;&nbsp; ($153993)<br>| &nbsp;&nbsp; ($153993)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Includes cumulative unrealized appreciation of futures contracts as reported in the fund's Portfolio Holdings. Only current day's variation margin on futures contracts is reported in the Statement of Assets and Liabilities. 

<sup>2</sup> Statement of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts and Unrealized depreciation on forward foreign currency exchange contracts. 

**24**Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Derivatives (continued):** 

The effects of the derivative contracts in the Statement of Operations for the period ended April 30, 2025, were:

---

| | | | |
|:---|:---|:---|:---|
|  | EQUITY CONTRACTS | FOREIGN <br>CURRENCY <br>EXCHANGE <br>CONTRACTS<br>| TOTAL |
| **Net Realized Gains (Losses)** |  |  |  |
| Futures Contracts<sup>1</sup> <br>| ($627314)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; ($627314)<br>|
| Forward Foreign Currency Exchange Contracts<sup>1</sup> <br>|  | &nbsp;&nbsp; 248625 | &nbsp;&nbsp; 248625 |
| **Net Change in Unrealized Appreciation (Depreciation)** |  |  |  |
| Futures Contracts<sup>2</sup> <br>| $1797542 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1797542 |
| Forward Foreign Currency Exchange Contracts<sup>2</sup> <br>|  | &nbsp;&nbsp; 152838 | &nbsp;&nbsp; 152838 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Statement of Operations location: Net realized gains (losses) on futures contracts and net realized gains (losses) on forward foreign currency exchange contracts.

<sup>2</sup> Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts and net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts. 

During the period ended April 30, 2025, the month-end average notional amounts of futures contracts held by the fund and the month-end average number of contracts held were as follows:

---

| | |
|:---|:---|
| NOTIONAL AMOUNT | NUMBER OF CONTRACTS |
| $21121366 | 178 |

---

During the period ended April 30, 2025, the month-end average notional amounts of forwards held by the fund and the month-end average unrealized appreciation (depreciation) were as follows:

---

| | |
|:---|:---|
| NOTIONAL AMOUNT | UNREALIZED APPRECIATION (DEPRECIATION) |
| $106662378 | ($44029)<br>|

---

The fund's forwards are entered into pursuant to International Swaps and Derivatives Association, Inc. (ISDA) agreements which govern certain terms of derivative transactions. ISDA agreements typically contain, among other things, master netting provisions in the event of a default or other termination event. Master netting provisions allow the fund and the counterparty, in the event of a default or other termination event, to offset payable and receivable amounts for each party related to derivative contracts to one net amount payable by either the fund or the counterparty. The fund's forwards, which are reported gross in the Statement of Assets and Liabilities, are presented in the table below. The following table presents the fund's forwards, net of amounts available for offset under a master netting agreement and net of any related collateral received by the fund for assets and pledged by the fund for liabilities as of April 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| COUNTERPARTY | GROSS AMOUNTS OF ASSETS<br> PRESENTED IN THE<br> STATEMENT OF ASSETS AND LIABILITIES<br>| &nbsp;&nbsp; FINANCIAL<br> INSTRUMENTS<br> AVAILABLE FOR OFFSET<br>| &nbsp;&nbsp; CASH COLLATERAL<br> PLEDGED<br>| &nbsp;&nbsp; NET<br> AMOUNT<sup>(a)</sup> <br>|
| Barclays Capital | $19240 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $19240 |
| Citibank N.A. | 56203 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56203 |
| HSBC Bank USA | 57306 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 57306 |
| Wells Fargo Bank NA | 285 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 285 |
| **Total** | **$133034** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$133034** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

**25**

------

Schwab International Opportunities Fund

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Derivatives (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| COUNTERPARTY | GROSS AMOUNTS OF LIABILITIES<br> PRESENTED IN THE<br> STATEMENT OF ASSETS AND LIABILITIES<br>| &nbsp;&nbsp; FINANCIAL<br> INSTRUMENTS<br> AVAILABLE FOR OFFSET<br>| &nbsp;&nbsp; CASH COLLATERAL<br> RECEIVED<br>| &nbsp;&nbsp; NET<br> AMOUNT<sup>(a)</sup> <br>|
| JP Morgan Chase Bank | ($1376)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; ($1376)<br>|
| Morgan Stanley & Co. | (111168)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (111168)<br>|
| State Street Bank & Trust Co. | (40909)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (40909)<br>|
| UBS AG | (540)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (540)<br>|
| **Total** | **($153993)**<br>| &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **($153993)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Represents the net amount due from/due to the counterparty in the event of default.

------

**7. Purchases and Sales of Investment Securities:**

For the period ended April 30, 2025, purchases and sales of securities (excluding short-term obligations) were as follows:

---

| | |
|:---|:---|
| PURCHASES <br>OF SECURITIES <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SALES <br>OF SECURITIES<br>|
| $288417406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $310229035 |

---

------

**8. Federal Income Taxes:**

As of April 30, 2025, the tax basis cost of the fund's investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | |
|:---|:---|:---|:---|
| TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| &nbsp;&nbsp; $921158593 | &nbsp;&nbsp; $197712797 | &nbsp;&nbsp; ($60866956)<br>| &nbsp;&nbsp; $136845841 |

---

The primary difference between book basis and tax basis unrealized appreciation or unrealized depreciation of investments is the tax deferral of losses on wash sales. The tax cost of the fund's investments, disclosed above, have been adjusted from its book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of October 31, 2024, the fund had capital loss carryforwards of $35,748,733.

The tax basis components of distributions and components of distributable earnings on a tax basis are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of April 30, 2025. The tax basis components of distributions paid during the fiscal year ended October 31, 2024 were as follows:

---

| |
|:---|
| PRIOR FISCAL YEAR END DISTRIBUTIONS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ORDINARY <br>INCOME <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18123990 |

---

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

As of October 31, 2024, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the fund, and has determined that no provision for income tax is required in the fund's financial statements. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the fund's Statement of Operations. During the fiscal year ended October 31, 2024, the fund did not incur any interest or penalties.

**26**Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

------

Schwab International Opportunities Fund

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**9. Subsequent Events:**

Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

Schwab International Opportunities Fund \| Semiannual Holdings and Financial Statements

**27**

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g189946imgcd76c7be1.jpg)

MFR13563-28

00314157

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g179769img09018f501.jpg)

**Semiannual Holdings and Financial Statements** \| April 30, 2025

Schwab Active Equity Funds

------

Schwab Core Equity Fund

Schwab Dividend Equity Fund

Schwab Large-Cap Growth Fund

Schwab Small-Cap Equity Fund

Schwab Health Care Fund

Schwab International Core Equity Fund

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Financial Statements and Portfolio Holdings](#xx_eafdbc0e-24c0-49c2-ad3b-ec47b903e156_1) <br>|  |
| [Schwab Core Equity Fund](#xx_eafdbc0e-24c0-49c2-ad3b-ec47b903e156_1) | 2 |
| [Schwab Dividend Equity Fund](#xx_c94afdb9-9abe-44bf-ac8a-f5b055eee546_1) | 8 |
| [Schwab Large-Cap Growth Fund](#xx_5b77e926-1d69-42db-bdba-5f26ddb96ace_1) | 14 |
| [Schwab Small-Cap Equity Fund](#xx_a987e506-c74f-466b-a3c4-241bf48ebc6f_1) | 20 |
| [Schwab Health Care Fund](#xx_bfb8157e-5839-4fd0-b28c-38a83aa17776_1) | 28 |
| [Schwab International Core Equity Fund](#xx_b19e474e-3bbc-4383-a280-fd5a023e4d9b_1) | 34 |
| [Financial Notes](#xx_ef550ddd-995a-43ea-a1c9-a8becf9b9870_1) | 41  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: Charles Schwab & Co., Inc. (Schwab)

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc. (MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Schwab. The Industry classifications used in the Portfolio Holdings are sub-categories of Sector classifications.

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**1**

------

Schwab Core Equity Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $24.41 | &nbsp;&nbsp; $18.45 | &nbsp;&nbsp; $19.46 | &nbsp;&nbsp; $29.22 | &nbsp;&nbsp; $22.24 | &nbsp;&nbsp; $21.87 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.05 | 0.13 | 0.21 | 0.26 | 0.21 | 0.20 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.53)<br>| 6.41 | 1.57 | &nbsp;&nbsp; (3.16)<br>| 7.90 | 0.82 |
| Total from investment operations | &nbsp;&nbsp; (0.48)<br>| 6.54 | 1.78 | &nbsp;&nbsp; (2.90)<br>| 8.11 | 1.02 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.20)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (2.52)<br>| &nbsp;&nbsp; (6.60)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (0.45)<br>|
| Total distributions | &nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (6.86)<br>| &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; (0.65)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $21.97 | &nbsp;&nbsp; $24.41 | &nbsp;&nbsp; $18.45 | &nbsp;&nbsp; $19.46 | &nbsp;&nbsp; $29.22 | &nbsp;&nbsp; $22.24 |
| Total return | &nbsp;&nbsp; (2.69 %)<sup>2</sup><br>| 36.17<br> %<br>| 9.99<br> %<br>| &nbsp;&nbsp; (13.84<br> %)<br>| 37.62<br> %<br>| 4.65<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | 0.73 %<sup>3</sup><br>| 0.73 %<sup>3</sup><br>| 0.73<br> %<br>| 0.73<br> %<br>|
| Total expenses | 0.73 %<sup>4</sup><br>| 0.72<br> %<br>| 0.73 %<sup>3</sup><br>| 0.73 %<sup>3</sup><br>| 0.73<br> %<br>| 0.73<br> %<br>|
| Net investment income (loss) | 0.42 %<sup>4</sup><br>| 0.57<br> %<br>| 1.11<br> %<br>| 1.18<br> %<br>| 0.81<br> %<br>| 0.91<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 9 %<sup>2</sup><br>| &nbsp;&nbsp; 30<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 28<br> %<br>| &nbsp;&nbsp; 86<br> %<br>| &nbsp;&nbsp; 97<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $1345 | &nbsp;&nbsp; $1463 | &nbsp;&nbsp; $1199 | &nbsp;&nbsp; $1268 | &nbsp;&nbsp; $1860 | &nbsp;&nbsp; $1957 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>4</sup> Annualized.

*See financial notes*

**2**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

------

Schwab Core Equity Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.6% OF NET ASSETS  | **COMMON STOCKS** 99.6% OF NET ASSETS  | **COMMON STOCKS** 99.6% OF NET ASSETS  |
| **Capital Goods 5.0%** | **Capital Goods 5.0%** | **Capital Goods 5.0%** |
| A.O. Smith Corp.  | 189437 | 12855195 |
| Caterpillar, Inc.  | 52565 | 16256778 |
| CNH Industrial NV  | 670153 | 7753670 |
| Fastenal Co.  | 122982 | 9957853 |
| Parker-Hannifin Corp.  | 12337 | 7464625 |
| Rockwell Automation, Inc.  | 49912 | 12362204 |
|  |  | **66650325** |
| **Commercial & Professional Services 2.5%** | **Commercial & Professional Services 2.5%** | **Commercial & Professional Services 2.5%** |
| Republic Services, Inc., Class A  | 80544 | 20196408 |
| Rollins, Inc.  | 238162 | 13606195 |
|  |  | **33802603** |
| **Consumer Discretionary Distribution & Retail 6.3%** | **Consumer Discretionary Distribution & Retail 6.3%** | **Consumer Discretionary Distribution & Retail 6.3%** |
| Amazon.com, Inc. \* | 322527 | 59480429 |
| TJX Cos., Inc.  | 198528 | 25546583 |
|  |  | **85027012** |
| **Consumer Staples Distribution & Retail 1.6%** | **Consumer Staples Distribution & Retail 1.6%** | **Consumer Staples Distribution & Retail 1.6%** |
| Walmart, Inc.  | 218272 | **21226952** |
| **Energy 4.3%** | **Energy 4.3%** | **Energy 4.3%** |
| EOG Resources, Inc.  | 161844 | 17856249 |
| Exxon Mobil Corp.  | 377413 | 39866135 |
|  |  | **57722384** |
| **Equity Real Estate Investment Trusts (REITs) 0.6%** | **Equity Real Estate Investment Trusts (REITs) 0.6%** | **Equity Real Estate Investment Trusts (REITs) 0.6%** |
| Public Storage  | 26907 | **8083670** |
| **Financial Services 12.1%** | **Financial Services 12.1%** | **Financial Services 12.1%** |
| Blackrock, Inc.  | 11812 | 10799239 |
| CME Group, Inc.  | 41495 | 11497435 |
| Fidelity National Information Services, <br> Inc. <br>| 630979 | 49771623 |
| Morgan Stanley  | 123592 | 14264989 |
| PayPal Holdings, Inc. \* | 563877 | 37125662 |
| Visa, Inc., Class A  | 114272 | 39480976 |
|  |  | **162939924** |
| **Food, Beverage & Tobacco 1.5%** | **Food, Beverage & Tobacco 1.5%** | **Food, Beverage & Tobacco 1.5%** |
| Constellation Brands, Inc., Class A  | 109687 | **20570700** |
| **Health Care Equipment & Services 7.1%** | **Health Care Equipment & Services 7.1%** | **Health Care Equipment & Services 7.1%** |
| Becton Dickinson & Co.  | 52755 | 10925033 |
| Boston Scientific Corp. \* | 185329 | 19064794 |
| Dexcom, Inc. \* | 197154 | 14072852 |
| Intuitive Surgical, Inc. \* | 40692 | 20988934 |
| UnitedHealth Group, Inc.  | 73611 | 30286510 |
|  |  | **95338123** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Household & Personal Products 2.3%** | **Household & Personal Products 2.3%** | **Household & Personal Products 2.3%** |
| Kenvue, Inc.  | 794004 | 18738494 |
| L'Oreal SA, Sponsored ADR *\*(a)* | 141090 | 12387702 |
|  |  | **31126196** |
| **Insurance 2.9%** | **Insurance 2.9%** | **Insurance 2.9%** |
| Marsh & McLennan Cos., Inc.  | 34710 | 7826063 |
| Progressive Corp.  | 111528 | 31421899 |
|  |  | **39247962** |
| **Materials 1.3%** | **Materials 1.3%** | **Materials 1.3%** |
| Linde PLC  | 38378 | **17394061** |
| **Media & Entertainment 9.1%** | **Media & Entertainment 9.1%** | **Media & Entertainment 9.1%** |
| Alphabet, Inc., Class A  | 397231 | 63080283 |
| Meta Platforms, Inc., Class A  | 107340 | 58929660 |
|  |  | **122009943** |
| **Pharmaceuticals, Biotechnology & Life Sciences 6.5%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.5%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.5%** |
| Eli Lilly & Co.  | 42701 | 38386064 |
| Johnson & Johnson  | 127955 | 20000646 |
| Thermo Fisher Scientific, Inc.  | 45948 | 19711692 |
| Zoetis, Inc.  | 61886 | 9678970 |
|  |  | **87777372** |
| **Semiconductors & Semiconductor Equipment 10.9%** | **Semiconductors & Semiconductor Equipment 10.9%** | **Semiconductors & Semiconductor Equipment 10.9%** |
| ASML Holding NV, Registry Shares  | 20750 | 13862660 |
| Broadcom, Inc.  | 226000 | 43498220 |
| NVIDIA Corp.  | 813380 | 88593350 |
|  |  | **145954230** |
| **Software & Services 14.7%** | **Software & Services 14.7%** | **Software & Services 14.7%** |
| Accenture PLC, Class A  | 37155 | 11114918 |
| Gartner, Inc. \* | 17008 | 7161729 |
| Manhattan Associates, Inc. \* | 40182 | 7127885 |
| Microsoft Corp.  | 315528 | 124715597 |
| Palo Alto Networks, Inc. \* | 78684 | 14708400 |
| Salesforce, Inc.  | 90494 | 24316643 |
| VeriSign, Inc. \* | 32732 | 9234352 |
|  |  | **198379524** |
| **Technology Hardware & Equipment 6.8%** | **Technology Hardware & Equipment 6.8%** | **Technology Hardware & Equipment 6.8%** |
| Apple, Inc.  | 387826 | 82413025 |
| Motorola Solutions, Inc.  | 21898 | 9643660 |
|  |  | **92056685** |
| **Transportation 1.1%** | **Transportation 1.1%** | **Transportation 1.1%** |
| Uber Technologies, Inc. \* | 180966 | **14660056** |
| **Utilities 3.0%** | **Utilities 3.0%** | **Utilities 3.0%** |
| NextEra Energy, Inc.  | 213529 | 14280820 |
| WEC Energy Group, Inc.  | 235695 | 25813316 |
|  |  | **40094136** |
| **Total Common Stocks** <br>**(Cost $779,217,371)** | **Total Common Stocks** <br>**(Cost $779,217,371)** | **1340061858** |

---

*See financial notes*

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**3**

------

Schwab Core Equity Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **SHORT-TERM INVESTMENTS** 0.9% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.9% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.9% OF NET ASSETS  |
| **Money Market Funds 0.9%** | **Money Market Funds 0.9%** | **Money Market Funds 0.9%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.29% *(b)*<br>| 5264861 | 5264861 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.29% *(b)(c)*<br>| 6109925 | 6109925 |
|  |  | **11374786** |
| **Total Short-Term Investments** <br>**(Cost $11,374,786)** | **Total Short-Term Investments** <br>**(Cost $11,374,786)** | **11374786** |
| **Total Investments in Securities** <br>**(Cost $790,592,157)** | **Total Investments in Securities** <br>**(Cost $790,592,157)** | **1351436644** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $5,944,060. 

*(b)* The rate shown is the annualized 7-day yield.

*(c)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR — American Depositary Receipt <br> REIT — Real Estate Investment Trust

------

The following is a summary of the inputs used to value the fund's investments as of April 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $1340061858 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1340061858 |
| Short-Term Investments<sup>1</sup> <br>| 11374786 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11374786 |
| **Total** | **$1351436644** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$1351436644** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

**4**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

------

Schwab Core Equity Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $790,592,157) including securities on loan of $5,944,060 |  | $1351436644 |
| Receivables: |  |  |
| Dividends |  | 581136 |
| Foreign tax reclaims |  | 387792 |
| Fund shares sold |  | 85154 |
| Income from securities on loan |  | 1214 |
| Prepaid expenses | + | 20782 |
| **Total assets** |  | **1352512722** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 6109925 |
| Payables: |  |  |
| Investment adviser and administrator fees |  | 503148 |
| Shareholder service fees |  | 256726 |
| Fund shares redeemed |  | 204922 |
| Accrued expenses | + | 154437 |
| **Total liabilities** |  | **7229158** |
| **Net assets** |  | **$1345283564** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $740786332 |
| Total distributable earnings | + | 604497232 |
| **Net assets** |  | **$1345283564** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $1345283564 |  | &nbsp;&nbsp;&nbsp;&nbsp; 61243996 |  | &nbsp;&nbsp;&nbsp;&nbsp; $21.97 |

---

*See financial notes*

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**5**

------

Schwab Core Equity Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $3,318) |  | $8212741 |
| Securities on loan, net | + | 16832 |
| **Total investment income**  |  | **8229573** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | 3378236 |
| Shareholder service fees |  | 1715768 |
| Portfolio accounting fees |  | 26399 |
| Custodian fees |  | 17941 |
| Professional fees |  | 16936 |
| Registration fees |  | 15619 |
| Shareholder reports |  | 14320 |
| Independent trustees' fees |  | 4232 |
| Transfer agent fees  |  | 2151 |
| Other expenses | + | 7934 |
| **Total expenses** | – | **5199536** |
| **Net investment income** |  | **3030037** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| **Net realized gains on sales of securities - unaffiliated issuers**  |  | **42228037** |
| **Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers** | + | **(80934418)**<br>|
| **Net realized and unrealized losses** |  | **(38706381)**<br>|
| **Decrease in net assets resulting from operations** |  | **($35676344)**<br>|

---

*See financial notes*

**6**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

------

Schwab Core Equity Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $3030037 | &nbsp;&nbsp;&nbsp; $7888514 |
| Net realized gains |  | 42228037 | &nbsp;&nbsp;&nbsp; 108830479 |
| Net change in unrealized appreciation (depreciation) | + | (80934418)<br>| &nbsp;&nbsp;&nbsp; 295962604 |
| **Increase (decrease) in net assets resulting from operations** |  | **($35676344)**<br>| &nbsp;&nbsp;&nbsp; **$412681597** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($115689705)**<br>| &nbsp;&nbsp;&nbsp; **($37066028)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 986593 | &nbsp;&nbsp;&nbsp; $22783467 | &nbsp;&nbsp;&nbsp; 1649682 | &nbsp;&nbsp;&nbsp; $36951425 |
| Shares reinvested |  | 4287657 | &nbsp;&nbsp;&nbsp; 103032405 | &nbsp;&nbsp;&nbsp; 1672817 | &nbsp;&nbsp;&nbsp; 33188680 |
| Shares redeemed | + | (3948886)<br>| &nbsp;&nbsp;&nbsp; (91997240)<br>| &nbsp;&nbsp;&nbsp; (8407499)<br>| &nbsp;&nbsp;&nbsp; (182375446)<br>|
| **Net transactions in fund shares**  |  | **1325364** | &nbsp;&nbsp;&nbsp; **$33818632** | &nbsp;&nbsp;&nbsp; **(5085000)**<br>| &nbsp;&nbsp;&nbsp; **($112235341)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 59918632 | &nbsp;&nbsp;&nbsp; $1462830981 | &nbsp;&nbsp;&nbsp; 65003632 | &nbsp;&nbsp;&nbsp; $1199450753 |
| Total increase (decrease) | + | 1325364 | &nbsp;&nbsp;&nbsp; (117547417)<br>| &nbsp;&nbsp;&nbsp; (5085000)<br>| &nbsp;&nbsp;&nbsp; 263380228 |
| **End of period** |  | **61243996** | &nbsp;&nbsp;&nbsp; **$1345283564** | &nbsp;&nbsp;&nbsp; **59918632** | &nbsp;&nbsp;&nbsp; **$1462830981** |

---

*See financial notes*

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**7**

------

Schwab Dividend Equity Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $16.46 | &nbsp;&nbsp; $12.80 | &nbsp;&nbsp; $13.92 | &nbsp;&nbsp; $16.92 | &nbsp;&nbsp; $12.14 | &nbsp;&nbsp; $15.07 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.15 | 0.30 | 0.29 | 0.29 | 0.31 | 0.28 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.04)<br>| 3.68 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.81)<br>| 4.80 | &nbsp;&nbsp; (2.15)<br>|
| Total from investment operations | 0.11 | 3.98 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.52)<br>| 5.11 | &nbsp;&nbsp; (1.87)<br>|
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.26)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.80)<br>|
| Total distributions | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (2.48)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (1.06)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $16.29 | &nbsp;&nbsp; $16.46 | &nbsp;&nbsp; $12.80 | &nbsp;&nbsp; $13.92 | &nbsp;&nbsp; $16.92 | &nbsp;&nbsp; $12.14 |
| Total return | 0.63 %<sup>2</sup><br>| 31.34<br> %<br>| &nbsp;&nbsp; (1.74<br> %)<br>| &nbsp;&nbsp; (3.96<br> %)<br>| 42.38<br> %<br>| &nbsp;&nbsp; (13.30<br> %)<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | 0.88<br> %<br>| 0.89 %<sup>3</sup><br>| 0.89<br> %<br>| 0.89<br> %<br>|
| Total expenses | 0.89 %<sup>4</sup><br>| 0.89<br> %<br>| 0.88<br> %<br>| 0.90 %<sup>3</sup><br>| 0.90<br> %<br>| 0.90<br> %<br>|
| Net investment income (loss) | 1.90 %<sup>4</sup><br>| 2.00<br> %<br>| 2.17<br> %<br>| 1.99<br> %<br>| 2.01<br> %<br>| 2.16<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 1 %<sup>2</sup><br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 27<br> %<br>| &nbsp;&nbsp; 83<br> %<br>| &nbsp;&nbsp; 70<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $520333 | &nbsp;&nbsp; $550210 | &nbsp;&nbsp; $446084 | &nbsp;&nbsp; $524330 | &nbsp;&nbsp; $670765 | &nbsp;&nbsp; $576701 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>4</sup> Annualized.

*See financial notes*

**8**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

------

Schwab Dividend Equity Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 98.7% OF NET ASSETS  | **COMMON STOCKS** 98.7% OF NET ASSETS  | **COMMON STOCKS** 98.7% OF NET ASSETS  |
| **Banks 7.3%** | **Banks 7.3%** | **Banks 7.3%** |
| Bank of America Corp.  | 250000 | 9970000 |
| JPMorgan Chase & Co.  | 100000 | 24462000 |
| Truist Financial Corp.  | 90000 | 3450600 |
|  |  | **37882600** |
| **Capital Goods 9.9%** | **Capital Goods 9.9%** | **Capital Goods 9.9%** |
| Caterpillar, Inc.  | 10000 | 3092700 |
| CNH Industrial NV  | 200000 | 2314000 |
| Fastenal Co.  | 62000 | 5020140 |
| General Dynamics Corp.  | 15000 | 4081800 |
| Illinois Tool Works, Inc.  | 18500 | 4438335 |
| Lockheed Martin Corp.  | 27000 | 12899250 |
| Parker-Hannifin Corp.  | 13000 | 7865780 |
| Rockwell Automation, Inc.  | 9750 | 2414880 |
| RTX Corp.  | 43000 | 5423590 |
| Watsco, Inc.  | 8000 | 3678720 |
|  |  | **51229195** |
| **Consumer Discretionary Distribution & Retail 5.2%** | **Consumer Discretionary Distribution & Retail 5.2%** | **Consumer Discretionary Distribution & Retail 5.2%** |
| Genuine Parts Co.  | 35000 | 4114250 |
| Home Depot, Inc.  | 30150 | 10868774 |
| TJX Cos., Inc.  | 95000 | 12224600 |
|  |  | **27207624** |
| **Consumer Services 2.4%** | **Consumer Services 2.4%** | **Consumer Services 2.4%** |
| McDonald's Corp.  | 39000 | **12466350** |
| **Consumer Staples Distribution & Retail 3.5%** | **Consumer Staples Distribution & Retail 3.5%** | **Consumer Staples Distribution & Retail 3.5%** |
| Walmart, Inc.  | 185000 | **17991250** |
| **Energy 7.4%** | **Energy 7.4%** | **Energy 7.4%** |
| Chevron Corp.  | 100000 | 13606000 |
| Exxon Mobil Corp.  | 165000 | 17428950 |
| Kinder Morgan, Inc.  | 290000 | 7627000 |
|  |  | **38661950** |
| **Equity Real Estate Investment Trusts (REITs) 2.3%** | **Equity Real Estate Investment Trusts (REITs) 2.3%** | **Equity Real Estate Investment Trusts (REITs) 2.3%** |
| Lamar Advertising Co., Class A  | 40000 | 4552400 |
| Public Storage  | 25000 | 7510750 |
|  |  | **12063150** |
| **Financial Services 9.9%** | **Financial Services 9.9%** | **Financial Services 9.9%** |
| Blackrock, Inc.  | 14000 | 12799640 |
| Fidelity National Information Services, Inc.  | 155000 | 12226400 |
| Morgan Stanley  | 155000 | 17890100 |
| Visa, Inc., Class A  | 25000 | 8637500 |
|  |  | **51553640** |
| **Food, Beverage & Tobacco 8.4%** | **Food, Beverage & Tobacco 8.4%** | **Food, Beverage & Tobacco 8.4%** |
| Altria Group, Inc.  | 85000 | 5027750 |
| Coca-Cola Co.  | 245000 | 17774750 |
| Constellation Brands, Inc., Class A  | 15000 | 2813100 |
| Philip Morris International, Inc.  | 105000 | 17992800 |
|  |  | **43608400** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Health Care Equipment & Services 6.2%** | **Health Care Equipment & Services 6.2%** | **Health Care Equipment & Services 6.2%** |
| Abbott Laboratories  | 72000 | 9414000 |
| Becton Dickinson & Co.  | 19000 | 3934710 |
| CVS Health Corp.  | 50000 | 3335500 |
| Medtronic PLC  | 85000 | 7204600 |
| UnitedHealth Group, Inc.  | 20000 | 8228800 |
|  |  | **32117610** |
| **Household & Personal Products 3.8%** | **Household & Personal Products 3.8%** | **Household & Personal Products 3.8%** |
| Kenvue, Inc.  | 280000 | 6608000 |
| Procter & Gamble Co.  | 82000 | 13330740 |
|  |  | **19938740** |
| **Insurance 3.7%** | **Insurance 3.7%** | **Insurance 3.7%** |
| Allstate Corp.  | 40000 | 7935600 |
| Cincinnati Financial Corp.  | 30000 | 4176300 |
| Progressive Corp.  | 25000 | 7043500 |
|  |  | **19155400** |
| **Materials 0.7%** | **Materials 0.7%** | **Materials 0.7%** |
| PPG Industries, Inc.  | 35000 | **3810100** |
| **Media & Entertainment 2.0%** | **Media & Entertainment 2.0%** | **Media & Entertainment 2.0%** |
| Comcast Corp., Class A  | 260000 | 8892000 |
| Omnicom Group, Inc.  | 20000 | 1523200 |
|  |  | **10415200** |
| **Pharmaceuticals, Biotechnology & Life Sciences 5.7%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.7%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.7%** |
| AbbVie, Inc.  | 60000 | 11706000 |
| Johnson & Johnson  | 72310 | 11302776 |
| Merck & Co., Inc.  | 30000 | 2556000 |
| Pfizer, Inc.  | 170000 | 4149700 |
|  |  | **29714476** |
| **Semiconductors & Semiconductor Equipment 3.3%** | **Semiconductors & Semiconductor Equipment 3.3%** | **Semiconductors & Semiconductor Equipment 3.3%** |
| Broadcom, Inc.  | 70000 | 13472900 |
| Texas Instruments, Inc.  | 22000 | 3521100 |
|  |  | **16994000** |
| **Software & Services 6.4%** | **Software & Services 6.4%** | **Software & Services 6.4%** |
| Accenture PLC, Class A  | 20000 | 5983000 |
| International Business Machines Corp.  | 55000 | 13300100 |
| Microsoft Corp.  | 36000 | 14229360 |
|  |  | **33512460** |
| **Technology Hardware & Equipment 2.7%** | **Technology Hardware & Equipment 2.7%** | **Technology Hardware & Equipment 2.7%** |
| Apple, Inc.  | 26000 | 5525000 |
| Cisco Systems, Inc.  | 150000 | 8659500 |
|  |  | **14184500** |
| **Telecommunication Services 2.3%** | **Telecommunication Services 2.3%** | **Telecommunication Services 2.3%** |
| Verizon Communications, Inc.  | 275000 | **12116500** |
| **Transportation 0.4%** | **Transportation 0.4%** | **Transportation 0.4%** |
| United Parcel Service, Inc., Class B  | 21500 | **2048950** |

---

*See financial notes*

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**9**

------

Schwab Dividend Equity Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Utilities 5.2%** | **Utilities 5.2%** | **Utilities 5.2%** |
| Duke Energy Corp.  | 127500 | 15557550 |
| Eversource Energy  | 80000 | 4758400 |
| NextEra Energy, Inc.  | 100000 | 6688000 |
|  |  | **27003950** |
| **Total Common Stocks** <br>**(Cost $354,081,118)** | **Total Common Stocks** <br>**(Cost $354,081,118)** | **513676045** |
| **Total Investments in Securities** <br>**(Cost $354,081,118)** | **Total Investments in Securities** <br>**(Cost $354,081,118)** | **513676045** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

REIT — Real Estate Investment Trust

------

The following is a summary of the inputs used to value the fund's investments as of April 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $513676045 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $513676045 |
| **Total** | **$513676045** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$513676045** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

**10**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

------

Schwab Dividend Equity Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $354,081,118) |  | $513676045 |
| Cash |  | 5944219 |
| Receivables: |  |  |
| Dividends |  | 814000 |
| Foreign tax reclaims |  | 297001 |
| Fund shares sold |  | 129334 |
| Prepaid expenses | + | 11469 |
| **Total assets** |  | **520872068** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investment adviser and administrator fees |  | 257351 |
| Fund shares redeemed |  | 128689 |
| Shareholder service fees |  | 98633 |
| Accrued expenses | + | 54332 |
| **Total liabilities** |  | **539005** |
| **Net assets** |  | **$520333063** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $352298225 |
| Total distributable earnings | + | 168034838 |
| **Net assets** |  | **$520333063** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $520333063 |  | &nbsp;&nbsp;&nbsp;&nbsp; 31948637 |  | &nbsp;&nbsp;&nbsp;&nbsp; $16.29 |

---

*See financial notes*

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**11**

------

Schwab Dividend Equity Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers  |  | $7282624 |
| Other Interest | + | 23645 |
| **Total investment income**  |  | **7306269** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | 1635054 |
| Shareholder service fees |  | 620572 |
| Portfolio accounting fees |  | 28703 |
| Professional fees |  | 16317 |
| Registration fees |  | 14404 |
| Shareholder reports |  | 10246 |
| Independent trustees' fees |  | 3478 |
| Transfer agent fees  |  | 1723 |
| Custodian fees |  | 1322 |
| Other expenses | + | 3372 |
| **Total expenses** | – | **2335191** |
| **Net investment income** |  | **4971078** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 8093994 |
| Net realized losses on foreign currency transactions | + | (135)<br>|
| **Net realized gains** |  | **8093859** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | (8729127)<br>|
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 12461 |
| **Net change in unrealized appreciation (depreciation)** | **+** | **(8716666)**<br>|
| **Net realized and unrealized losses** |  | **(622807)**<br>|
| **Increase in net assets resulting from operations** |  | **$4348271** |

---

*See financial notes*

**12**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

------

Schwab Dividend Equity Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $4971078 | &nbsp;&nbsp;&nbsp; $10193485 |
| Net realized gains |  | 8093859 | &nbsp;&nbsp;&nbsp; 4380939 |
| Net change in unrealized appreciation (depreciation) | + | (8716666)<br>| &nbsp;&nbsp;&nbsp; 121118911 |
| **Increase in net assets resulting from operations** |  | **$4348271** | &nbsp;&nbsp;&nbsp; **$135693335** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($8855805)**<br>| &nbsp;&nbsp;&nbsp; **($10796286)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 1971852 | &nbsp;&nbsp;&nbsp; $32342993 | &nbsp;&nbsp;&nbsp; 3364755 | &nbsp;&nbsp;&nbsp; $50029779 |
| Shares reinvested |  | 411891 | &nbsp;&nbsp;&nbsp; 6809253 | &nbsp;&nbsp;&nbsp; 532844 | &nbsp;&nbsp;&nbsp; 7968286 |
| Shares redeemed | + | (3864709)<br>| &nbsp;&nbsp;&nbsp; (64521292)<br>| &nbsp;&nbsp;&nbsp; (5321829)<br>| &nbsp;&nbsp;&nbsp; (78769369)<br>|
| **Net transactions in fund shares**  |  | **(1480966)**<br>| &nbsp;&nbsp;&nbsp; **($25369046)**<br>| &nbsp;&nbsp;&nbsp; **(1424230)**<br>| &nbsp;&nbsp;&nbsp; **($20771304)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 33429603 | &nbsp;&nbsp;&nbsp; $550209643 | &nbsp;&nbsp;&nbsp; 34853833 | &nbsp;&nbsp;&nbsp; $446083898 |
| Total increase (decrease) | + | (1480966)<br>| &nbsp;&nbsp;&nbsp; (29876580)<br>| &nbsp;&nbsp;&nbsp; (1424230)<br>| &nbsp;&nbsp;&nbsp; 104125745 |
| **End of period** |  | **31948637** | &nbsp;&nbsp;&nbsp; **$520333063** | &nbsp;&nbsp;&nbsp; **33429603** | &nbsp;&nbsp;&nbsp; **$550209643** |

---

*See financial notes*

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**13**

------

Schwab Large-Cap Growth Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $34.09 | &nbsp;&nbsp; $24.35 | &nbsp;&nbsp; $20.80 | &nbsp;&nbsp; $28.96 | &nbsp;&nbsp; $20.85 | &nbsp;&nbsp; $18.07 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.05)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.06)<br>| 0.00 <br><sup>2</sup><br>|
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.62)<br>| 9.80 | 3.95 | &nbsp;&nbsp; (5.97)<br>| 8.42 | 3.76 |
| Total from investment operations | &nbsp;&nbsp; (0.68)<br>| 9.75 | 3.96 | &nbsp;&nbsp; (5.98)<br>| 8.36 | 3.76 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.95)<br>|
| Total distributions | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.98)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $33.37 | &nbsp;&nbsp; $34.09 | &nbsp;&nbsp; $24.35 | &nbsp;&nbsp; $20.80 | &nbsp;&nbsp; $28.96 | &nbsp;&nbsp; $20.85 |
| Total return | &nbsp;&nbsp; (2.00 %)<sup>3</sup><br>| 40.05<br> %<br>| 19.37<br> %<br>| &nbsp;&nbsp; (22.45<br> %)<br>| 40.41<br> %<br>| 21.60<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses | &nbsp;&nbsp; N/A | 0.99<br> %<br>| 0.99<br> %<br>| 0.99 %<sup>4</sup><br>| 0.99<br> %<br>| 0.99<br> %<br>|
| Total expenses | 0.99 %<sup>5</sup><br>| 1.00<br> %<br>| 1.01<br> %<br>| 1.02 %<sup>4</sup><br>| 1.02<br> %<br>| 1.02<br> %<br>|
| Net investment income (loss) | &nbsp;&nbsp; (0.32 %)<sup>5</sup><br>| &nbsp;&nbsp; (0.16<br> %)<br>| 0.02<br> %<br>| &nbsp;&nbsp; (0.05<br> %)<br>| &nbsp;&nbsp; (0.23<br> %)<br>| 0.01<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 14 %<sup>3</sup><br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 42<br> %<br>| &nbsp;&nbsp; 65<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $457545 | &nbsp;&nbsp; $464599 | &nbsp;&nbsp; $281640 | &nbsp;&nbsp; $218329 | &nbsp;&nbsp; $292447 | &nbsp;&nbsp; $210033 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Per-share amount was less than $0.005.

<sup>3</sup> Not annualized.

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>5</sup> Annualized.

*See financial notes*

**14**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

------

Schwab Large-Cap Growth Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.0% OF NET ASSETS  | **COMMON STOCKS** 99.0% OF NET ASSETS  | **COMMON STOCKS** 99.0% OF NET ASSETS  |
| **Automobiles & Components 2.6%** | **Automobiles & Components 2.6%** | **Automobiles & Components 2.6%** |
| Tesla, Inc. \* | 42749 | **12062058** |
| **Capital Goods 3.6%** | **Capital Goods 3.6%** | **Capital Goods 3.6%** |
| Caterpillar, Inc.  | 11998 | 3710622 |
| Parker-Hannifin Corp.  | 10673 | 6457805 |
| Quanta Services, Inc.  | 9885 | 2893241 |
| Vertiv Holdings Co., Class A  | 41403 | 3534988 |
|  |  | **16596656** |
| **Commercial & Professional Services 1.0%** | **Commercial & Professional Services 1.0%** | **Commercial & Professional Services 1.0%** |
| Republic Services, Inc., Class A  | 17758 | **4452818** |
| **Consumer Discretionary Distribution & Retail 9.1%** | **Consumer Discretionary Distribution & Retail 9.1%** | **Consumer Discretionary Distribution & Retail 9.1%** |
| Amazon.com, Inc. \* | 131419 | 24236292 |
| Home Depot, Inc.  | 18915 | 6818668 |
| O'Reilly Automotive, Inc. \* | 2926 | 4140875 |
| TJX Cos., Inc.  | 48942 | 6297857 |
|  |  | **41493692** |
| **Consumer Services 2.5%** | **Consumer Services 2.5%** | **Consumer Services 2.5%** |
| Booking Holdings, Inc.  | 955 | 4869813 |
| Chipotle Mexican Grill, Inc., Class A \* | 67889 | 3429752 |
| DoorDash, Inc., Class A \* | 5208 | 1004571 |
| Starbucks Corp.  | 26920 | 2154946 |
|  |  | **11459082** |
| **Consumer Staples Distribution & Retail 2.4%** | **Consumer Staples Distribution & Retail 2.4%** | **Consumer Staples Distribution & Retail 2.4%** |
| Costco Wholesale Corp.  | 7253 | 7213108 |
| Walmart, Inc.  | 38958 | 3788666 |
|  |  | **11001774** |
| **Energy 0.4%** | **Energy 0.4%** | **Energy 0.4%** |
| EOG Resources, Inc.  | 14768 | **1629353** |
| **Financial Services 6.0%** | **Financial Services 6.0%** | **Financial Services 6.0%** |
| American Express Co.  | 18405 | 4903276 |
| Blackrock, Inc.  | 2062 | 1885204 |
| Blackstone, Inc.  | 12491 | 1645190 |
| Interactive Brokers Group, Inc., Class A  | 12956 | 2226489 |
| Mastercard, Inc., Class A  | 14854 | 8140883 |
| Visa, Inc., Class A  | 24440 | 8444020 |
|  |  | **27245062** |
| **Food, Beverage & Tobacco 1.3%** | **Food, Beverage & Tobacco 1.3%** | **Food, Beverage & Tobacco 1.3%** |
| Philip Morris International, Inc.  | 34383 | **5891871** |
| **Health Care Equipment & Services 2.7%** | **Health Care Equipment & Services 2.7%** | **Health Care Equipment & Services 2.7%** |
| Boston Scientific Corp. \* | 53695 | 5523605 |
| Intuitive Surgical, Inc. \* | 13548 | 6988058 |
|  |  | **12511663** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Insurance 1.8%** | **Insurance 1.8%** | **Insurance 1.8%** |
| Arthur J Gallagher & Co.  | 13345 | 4279608 |
| Progressive Corp.  | 14442 | 4068889 |
|  |  | **8348497** |
| **Media & Entertainment 12.3%** | **Media & Entertainment 12.3%** | **Media & Entertainment 12.3%** |
| Alphabet, Inc., Class A  | 143465 | 22782242 |
| Meta Platforms, Inc., Class A  | 42692 | 23437908 |
| Netflix, Inc. \* | 8854 | 10020249 |
|  |  | **56240399** |
| **Pharmaceuticals, Biotechnology & Life Sciences 5.2%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.2%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.2%** |
| Eli Lilly & Co.  | 18561 | 16685411 |
| Thermo Fisher Scientific, Inc.  | 5343 | 2292147 |
| Vertex Pharmaceuticals, Inc. \* | 9008 | 4589576 |
|  |  | **23567134** |
| **Semiconductors & Semiconductor Equipment 14.3%** | **Semiconductors & Semiconductor Equipment 14.3%** | **Semiconductors & Semiconductor Equipment 14.3%** |
| Advanced Micro Devices, Inc. \* | 35376 | 3443854 |
| Broadcom, Inc.  | 99786 | 19205811 |
| KLA Corp.  | 2590 | 1819967 |
| Lam Research Corp.  | 43231 | 3098366 |
| NVIDIA Corp.  | 322560 | 35133235 |
| QUALCOMM, Inc.  | 17015 | 2526047 |
|  |  | **65227280** |
| **Software & Services 22.0%** | **Software & Services 22.0%** | **Software & Services 22.0%** |
| Accenture PLC, Class A  | 16552 | 4951531 |
| Crowdstrike Holdings, Inc., Class A \* | 10692 | 4585478 |
| Datadog, Inc., Class A \* | 31836 | 3252366 |
| Gartner, Inc. \* | 10548 | 4441552 |
| International Business Machines Corp.  | 19008 | 4596514 |
| Intuit, Inc.  | 4573 | 2869420 |
| Microsoft Corp.  | 99364 | 39274615 |
| Oracle Corp.  | 34209 | 4813890 |
| Palantir Technologies, Inc., Class A \* | 35355 | 4187446 |
| Palo Alto Networks, Inc. \* | 41199 | 7701329 |
| Salesforce, Inc.  | 33051 | 8881134 |
| ServiceNow, Inc. \* | 9192 | 8778452 |
| Synopsys, Inc. \* | 5560 | 2552096 |
|  |  | **100885823** |
| **Technology Hardware & Equipment 10.9%** | **Technology Hardware & Equipment 10.9%** | **Technology Hardware & Equipment 10.9%** |
| Amphenol Corp., Class A  | 74208 | 5710306 |
| Apple, Inc.  | 186176 | 39562400 |
| Arista Networks, Inc. \* | 57793 | 4754630 |
|  |  | **50027336** |
| **Transportation 0.9%** | **Transportation 0.9%** | **Transportation 0.9%** |
| Uber Technologies, Inc. \* | 52644 | **4264690** |
| **Total Common Stocks** <br>**(Cost $221,499,197)** | **Total Common Stocks** <br>**(Cost $221,499,197)** | **452905188** |
| **Total Investments in Securities** <br>**(Cost $221,499,197)** | **Total Investments in Securities** <br>**(Cost $221,499,197)** | **452905188** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*See financial notes*

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**15**

------

Schwab Large-Cap Growth Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

The following is a summary of the inputs used to value the fund's investments as of April 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $452905188 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $452905188 |
| **Total** | **$452905188** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$452905188** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

**16**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

------

Schwab Large-Cap Growth Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $221,499,197) |  | $452905188 |
| Cash |  | 4235129 |
| Deposit with broker for futures contracts |  | 331153 |
| Receivables: |  |  |
| Investments sold |  | 2223279 |
| Fund shares sold |  | 270892 |
| Dividends |  | 72241 |
| Foreign tax reclaims |  | 3415 |
| Prepaid expenses | + | 19840 |
| **Total assets** |  | **460061137** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 2093423 |
| Investment adviser and administrator fees |  | 255496 |
| Shareholder service fees |  | 82411 |
| Fund shares redeemed |  | 42872 |
| Accrued expenses | + | 42125 |
| **Total liabilities** |  | **2516327** |
| **Net assets** |  | **$457544810** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $226756037 |
| Total distributable earnings | + | 230788773 |
| **Net assets** |  | **$457544810** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $457544810 |  | &nbsp;&nbsp;&nbsp;&nbsp; 13709607 |  | &nbsp;&nbsp;&nbsp;&nbsp; $33.37 |

---

*See financial notes*

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**17**

------

Schwab Large-Cap Growth Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $842) |  | $1514308 |
| Other Interest | + | 99976 |
| **Total investment income**  |  | **1614284** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | 1728919 |
| Shareholder service fees |  | 566204 |
| Portfolio accounting fees |  | 23847 |
| Registration fees |  | 22733 |
| Professional fees |  | 17635 |
| Shareholder reports |  | 7993 |
| Independent trustees' fees |  | 3438 |
| Transfer agent fees  |  | 1839 |
| Custodian fees |  | 1424 |
| Other expenses | + | 2115 |
| **Total expenses** | – | **2376147** |
| **Net investment loss** |  | **(761863)**<br>|
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 1722552 |
| Net realized losses on futures contracts | + | (704396)<br>|
| **Net realized gains** |  | **1018156** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | (11002845)<br>|
| Net change in unrealized appreciation (depreciation) on futures contracts | + | (47813)<br>|
| **Net change in unrealized appreciation (depreciation)** | **+** | **(11050658)**<br>|
| **Net realized and unrealized losses** |  | **(10032502)**<br>|
| **Decrease in net assets resulting from operations** |  | **($10794365)**<br>|

---

*See financial notes*

**18**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

------

Schwab Large-Cap Growth Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment loss |  | ($761863)<br>| &nbsp;&nbsp;&nbsp; ($641673)<br>|
| Net realized gains |  | 1018156 | &nbsp;&nbsp;&nbsp; 3484145 |
| Net change in unrealized appreciation (depreciation) | + | (11050658)<br>| &nbsp;&nbsp;&nbsp; 115526918 |
| **Increase (decrease) in net assets resulting from operations** |  | **($10794365)**<br>| &nbsp;&nbsp;&nbsp; **$118369390** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($562663)**<br>| &nbsp;&nbsp;&nbsp; **($115375)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 1865068 | &nbsp;&nbsp;&nbsp; $65573117 | &nbsp;&nbsp;&nbsp; 4195809 | &nbsp;&nbsp;&nbsp; $131271986 |
| Shares reinvested |  | 12993 | &nbsp;&nbsp;&nbsp; 483853 | &nbsp;&nbsp;&nbsp; 3498 | &nbsp;&nbsp;&nbsp; 97193 |
| Shares redeemed | + | (1797280)<br>| &nbsp;&nbsp;&nbsp; (61754314)<br>| &nbsp;&nbsp;&nbsp; (2134726)<br>| &nbsp;&nbsp;&nbsp; (66664088)<br>|
| **Net transactions in fund shares**  |  | **80781** | &nbsp;&nbsp;&nbsp; **$4302656** | &nbsp;&nbsp;&nbsp; **2064581** | &nbsp;&nbsp;&nbsp; **$64705091** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 13628826 | &nbsp;&nbsp;&nbsp; $464599182 | &nbsp;&nbsp;&nbsp; 11564245 | &nbsp;&nbsp;&nbsp; $281640076 |
| Total increase (decrease) | + | 80781 | &nbsp;&nbsp;&nbsp; (7054372)<br>| &nbsp;&nbsp;&nbsp; 2064581 | &nbsp;&nbsp;&nbsp; 182959106 |
| **End of period** |  | **13709607** | &nbsp;&nbsp;&nbsp; **$457544810** | &nbsp;&nbsp;&nbsp; **13628826** | &nbsp;&nbsp;&nbsp; **$464599182** |

---

*See financial notes*

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**19**

------

Schwab Small-Cap Equity Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $21.85 | &nbsp;&nbsp; $16.60 | &nbsp;&nbsp; $18.94 | &nbsp;&nbsp; $23.77 | &nbsp;&nbsp; $15.02 | &nbsp;&nbsp; $16.68 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.03 | 0.06 | 0.07 | 0.03 | 0.02 | 0.03 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (1.90)<br>| 5.26 | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (2.27)<br>| 8.76 | &nbsp;&nbsp; (1.67)<br>|
| Total from investment operations | &nbsp;&nbsp; (1.87)<br>| 5.32 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (2.24)<br>| 8.78 | &nbsp;&nbsp; (1.64)<br>|
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.02)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (2.69)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (2.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (2.74)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (2.59)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.02)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $17.24 | &nbsp;&nbsp; $21.85 | &nbsp;&nbsp; $16.60 | &nbsp;&nbsp; $18.94 | &nbsp;&nbsp; $23.77 | &nbsp;&nbsp; $15.02 |
| Total return | &nbsp;&nbsp; (10.43 %)<sup>2</sup><br>| 32.12<br> %<br>| &nbsp;&nbsp; (3.68<br> %)<br>| &nbsp;&nbsp; (10.25<br> %)<br>| 58.55<br> %<br>| &nbsp;&nbsp; (9.86<br> %)<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | 1.09 %<sup>3</sup><br>| 1.09 %<sup>3</sup><br>| 1.08<br> %<br>| 1.09<br> %<br>|
| Total expenses | 1.09 %<sup>4</sup><br>| 1.08<br> %<br>| 1.09 %<sup>3</sup><br>| 1.09 %<sup>3</sup><br>| 1.08<br> %<br>| 1.10<br> %<br>|
| Net investment income (loss) | 0.26 %<sup>4</sup><br>| 0.31<br> %<br>| 0.37<br> %<br>| 0.13<br> %<br>| 0.11<br> %<br>| 0.17<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 50 %<sup>2</sup><br>| &nbsp;&nbsp; 106<br> %<br>| &nbsp;&nbsp; 43<br> %<br>| &nbsp;&nbsp; 74<br> %<br>| &nbsp;&nbsp; 84<br> %<br>| &nbsp;&nbsp; 113<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $546308 | &nbsp;&nbsp; $620080 | &nbsp;&nbsp; $482280 | &nbsp;&nbsp; $542600 | &nbsp;&nbsp; $669489 | &nbsp;&nbsp; $491478 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>4</sup> Annualized.

*See financial notes*

**20**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

------

Schwab Small-Cap Equity Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 95.4% OF NET ASSETS  | **COMMON STOCKS** 95.4% OF NET ASSETS  | **COMMON STOCKS** 95.4% OF NET ASSETS  |
| **Automobiles & Components 1.0%** | **Automobiles & Components 1.0%** | **Automobiles & Components 1.0%** |
| American Axle & Manufacturing Holdings, <br> Inc. \*<br>| 503605 | 1923771 |
| Dana, Inc.  | 89398 | 1228329 |
| Dorman Products, Inc. \* | 10152 | 1150222 |
| Modine Manufacturing Co. \* | 16438 | 1341998 |
|  |  | **5644320** |
| **Banks 9.7%** | **Banks 9.7%** | **Banks 9.7%** |
| Amalgamated Financial Corp.  | 65865 | 1854758 |
| Ameris Bancorp  | 90472 | 5301659 |
| Associated Banc-Corp.  | 173993 | 3838286 |
| Axos Financial, Inc. \* | 35570 | 2257984 |
| BankUnited, Inc.  | 133230 | 4357953 |
| Cadence Bank  | 40902 | 1196792 |
| Enterprise Financial Services Corp.  | 64343 | 3347123 |
| Hancock Whitney Corp.  | 122770 | 6395089 |
| Hanmi Financial Corp.  | 63980 | 1463223 |
| Home BancShares, Inc.  | 26834 | 744643 |
| HomeTrust Bancshares, Inc.  | 15720 | 536681 |
| Hope Bancorp, Inc.  | 233045 | 2323459 |
| Independent Bank Corp.  | 9133 | 539669 |
| International Bancshares Corp.  | 46216 | 2821025 |
| OceanFirst Financial Corp.  | 88355 | 1463159 |
| Provident Financial Services, Inc.  | 26838 | 439338 |
| Southern Missouri Bancorp, Inc.  | 6894 | 362969 |
| SouthState Corp.  | 8919 | 773991 |
| Trustmark Corp.  | 152644 | 5121206 |
| UMB Financial Corp.  | 40437 | 3824127 |
| Valley National Bancorp  | 413639 | 3557295 |
| Veritex Holdings, Inc.  | 27618 | 642947 |
|  |  | **53163376** |
| **Capital Goods 13.0%** | **Capital Goods 13.0%** | **Capital Goods 13.0%** |
| Allient, Inc.  | 39495 | 843218 |
| Applied Industrial Technologies, Inc.  | 19742 | 4802834 |
| Array Technologies, Inc. \* | 103378 | 494147 |
| Atkore, Inc.  | 27810 | 1776225 |
| Atmus Filtration Technologies, Inc.  | 73899 | 2562078 |
| Blue Bird Corp. \* | 47634 | 1660998 |
| Boise Cascade Co.  | 6360 | 593261 |
| Chart Industries, Inc. \* | 9578 | 1292838 |
| Comfort Systems USA, Inc.  | 9530 | 3788651 |
| Ducommun, Inc. \* | 16323 | 935634 |
| EMCOR Group, Inc.  | 12607 | 5051625 |
| EnerSys  | 41475 | 3591735 |
| ESCO Technologies, Inc.  | 13170 | 2060446 |
| Federal Signal Corp.  | 42007 | 3420630 |
| FTAI Aviation Ltd.  | 10528 | 1127654 |
| Griffon Corp.  | 39151 | 2666575 |
| Herc Holdings, Inc.  | 19885 | 2176214 |
| Hyster-Yale, Inc.  | 12128 | 466079 |
| IES Holdings, Inc. \* | 8106 | 1594288 |
| JBT Marel Corp.  | 9442 | 993865 |
| Leonardo DRS, Inc.  | 56712 | 2096075 |
| Moog, Inc., Class A  | 16392 | 2741562 |
| MRC Global, Inc. \* | 63704 | 742152 |
| Mueller Industries, Inc.  | 30203 | 2221733 |
| Mueller Water Products, Inc., Class A  | 98590 | 2587002 |
| NEXTracker, Inc., Class A \* | 65028 | 2640787 |
| Powell Industries, Inc.  | 8201 | 1501685 |
| Preformed Line Products Co.  | 9869 | 1355705 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Primoris Services Corp.  | 30462 | 1826806 |
| Resideo Technologies, Inc. \* | 42032 | 705297 |
| REV Group, Inc.  | 24009 | 785094 |
| SPX Technologies, Inc. \* | 15769 | 2115411 |
| Sterling Infrastructure, Inc. \* | 19455 | 2907161 |
| Thermon Group Holdings, Inc. \* | 100064 | 2624679 |
| V2X, Inc. \* | 20743 | 1032172 |
| Watts Water Technologies, Inc., Class A  | 6465 | 1343104 |
|  |  | **71125420** |
| **Commercial & Professional Services 2.4%** | **Commercial & Professional Services 2.4%** | **Commercial & Professional Services 2.4%** |
| Cimpress PLC \* | 42908 | 1802994 |
| Deluxe Corp.  | 30096 | 439402 |
| ExlService Holdings, Inc. \* | 21583 | 1046344 |
| HNI Corp.  | 9726 | 411410 |
| Huron Consulting Group, Inc. \* | 6585 | 887592 |
| IBEX Holdings Ltd. \* | 11701 | 292993 |
| Interface, Inc., Class A  | 97839 | 1839373 |
| Legalzoom.com, Inc. \* | 236041 | 1727820 |
| Liquidity Services, Inc. \* | 13033 | 414189 |
| Maximus, Inc.  | 29194 | 1954830 |
| Pitney Bowes, Inc.  | 85043 | 738173 |
| Upwork, Inc. \* | 22465 | 295415 |
| Verra Mobility Corp., Class A \* | 47421 | 1033778 |
|  |  | **12884313** |
| **Consumer Discretionary Distribution & Retail 2.0%** | **Consumer Discretionary Distribution & Retail 2.0%** | **Consumer Discretionary Distribution & Retail 2.0%** |
| Abercrombie & Fitch Co., Class A \* | 30888 | 2144245 |
| Build-A-Bear Workshop, Inc.  | 22131 | 780782 |
| Carvana Co., Class A \* | 1589 | 388272 |
| Group 1 Automotive, Inc.  | 2503 | 1010286 |
| J Jill, Inc.  | 40492 | 616288 |
| Sally Beauty Holdings, Inc. \* | 116000 | 944240 |
| Upbound Group, Inc.  | 53991 | 1074421 |
| Urban Outfitters, Inc. \* | 49724 | 2624433 |
| Victoria's Secret & Co. \* | 38319 | 720397 |
| Warby Parker, Inc., Class A \* | 49048 | 809782 |
|  |  | **11113146** |
| **Consumer Durables & Apparel 2.6%** | **Consumer Durables & Apparel 2.6%** | **Consumer Durables & Apparel 2.6%** |
| Funko, Inc., Class A \* | 110905 | 444729 |
| Green Brick Partners, Inc. \* | 11961 | 705580 |
| Installed Building Products, Inc.  | 5776 | 957834 |
| Kontoor Brands, Inc.  | 40733 | 2450090 |
| M/I Homes, Inc. \* | 27968 | 2983626 |
| Peloton Interactive, Inc., Class A \* | 191317 | 1318174 |
| Taylor Morrison Home Corp., Class A \* | 32201 | 1846727 |
| Tri Pointe Homes, Inc. \* | 107875 | 3317156 |
|  |  | **14023916** |
| **Consumer Services 2.9%** | **Consumer Services 2.9%** | **Consumer Services 2.9%** |
| Adtalem Global Education, Inc. \* | 8292 | 880610 |
| Brinker International, Inc. \* | 31923 | 4287259 |
| Cheesecake Factory, Inc.  | 18242 | 918850 |
| Coursera, Inc. \* | 31188 | 262603 |
| Frontdoor, Inc. \* | 53000 | 2178830 |
| Life Time Group Holdings, Inc. \* | 19092 | 585361 |
| Light & Wonder, Inc. \* | 25080 | 2141330 |
| Monarch Casino & Resort, Inc.  | 16018 | 1252448 |
| Red Rock Resorts, Inc., Class A  | 8392 | 358338 |
| Rush Street Interactive, Inc. \* | 175647 | 2130598 |
| Udemy, Inc. \* | 61759 | 424284 |

---

*See financial notes*

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**21**

------

Schwab Small-Cap Equity Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Universal Technical Institute, Inc. \* | 19168 | 537854 |
|  |  | **15958365** |
| **Consumer Staples Distribution & Retail 1.6%** | **Consumer Staples Distribution & Retail 1.6%** | **Consumer Staples Distribution & Retail 1.6%** |
| Sprouts Farmers Market, Inc. \* | 49065 | 8390115 |
| United Natural Foods, Inc. \* | 20563 | 549238 |
|  |  | **8939353** |
| **Energy 3.4%** | **Energy 3.4%** | **Energy 3.4%** |
| Archrock, Inc.  | 56558 | 1330810 |
| Berry Corp.  | 377020 | 935010 |
| Bristow Group, Inc. \* | 41897 | 1216689 |
| California Resources Corp.  | 18057 | 623147 |
| Centrus Energy Corp., Class A \* | 2957 | 204891 |
| Crescent Energy Co., Class A  | 75416 | 624444 |
| DHT Holdings, Inc.  | 64366 | 688073 |
| Excelerate Energy, Inc., Class A  | 26394 | 675159 |
| Gulfport Energy Corp. \* | 6219 | 1072777 |
| Helix Energy Solutions Group, Inc. \* | 203426 | 1238864 |
| Matador Resources Co.  | 39715 | 1570331 |
| Oceaneering International, Inc. \* | 82824 | 1470126 |
| Peabody Energy Corp.  | 62072 | 765968 |
| Riley Exploration Permian, Inc.  | 33053 | 815748 |
| Scorpio Tankers, Inc.  | 49513 | 1866145 |
| SM Energy Co.  | 16949 | 386268 |
| Teekay Corp. Ltd.  | 89569 | 645792 |
| Tidewater, Inc. \* | 39820 | 1441086 |
| Weatherford International PLC  | 17190 | 711666 |
|  |  | **18282994** |
| **Equity Real Estate Investment Trusts (REITs) 6.1%** | **Equity Real Estate Investment Trusts (REITs) 6.1%** | **Equity Real Estate Investment Trusts (REITs) 6.1%** |
| Alexander & Baldwin, Inc.  | 323021 | 5549501 |
| American Assets Trust, Inc.  | 282697 | 5294915 |
| American Healthcare REIT, Inc.  | 52787 | 1703964 |
| COPT Defense Properties  | 116614 | 3044792 |
| Empire State Realty Trust, Inc., Class A  | 252292 | 1796319 |
| Gladstone Commercial Corp.  | 186556 | 2636036 |
| Innovative Industrial Properties, Inc.  | 21646 | 1175594 |
| Kite Realty Group Trust  | 34736 | 752035 |
| LTC Properties, Inc.  | 60392 | 2166261 |
| National Health Investors, Inc.  | 11244 | 850834 |
| Piedmont Office Realty Trust, Inc., Class A  | 131398 | 776562 |
| Sabra Health Care REIT, Inc.  | 197391 | 3523429 |
| SL Green Realty Corp.  | 72599 | 3819433 |
|  |  | **33089675** |
| **Financial Services 7.1%** | **Financial Services 7.1%** | **Financial Services 7.1%** |
| BGC Group, Inc., Class A  | 138459 | 1254439 |
| Bread Financial Holdings, Inc.  | 22099 | 1048598 |
| Enact Holdings, Inc.  | 152692 | 5464847 |
| Enova International, Inc. \* | 61054 | 5604147 |
| Essent Group Ltd.  | 30771 | 1751793 |
| EVERTEC, Inc.  | 33430 | 1134614 |
| Jackson Financial, Inc., Class A  | 83270 | 6487566 |
| LendingTree, Inc. \* | 7873 | 406168 |
| Moelis & Co., Class A  | 50330 | 2696681 |
| NCR Atleos Corp. \* | 38994 | 1088712 |
| NMI Holdings, Inc., Class A \* | 86555 | 3130694 |
| Pagseguro Digital Ltd., Class A \* | 167501 | 1680035 |
| Paysafe Ltd. \* | 15415 | 234770 |
| Regional Management Corp.  | 20875 | 687414 |
| Remitly Global, Inc. \* | 25832 | 522323 |
| Stifel Financial Corp.  | 5326 | 456385 |
| StoneX Group, Inc. \* | 13424 | 1188897 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Victory Capital Holdings, Inc., Class A  | 31055 | 1779141 |
| Virtus Investment Partners, Inc.  | 14219 | 2183896 |
|  |  | **38801120** |
| **Food, Beverage & Tobacco 2.3%** | **Food, Beverage & Tobacco 2.3%** | **Food, Beverage & Tobacco 2.3%** |
| Cal-Maine Foods, Inc.  | 32406 | 3025748 |
| Coca-Cola Consolidated, Inc.  | 328 | 444706 |
| Dole PLC  | 73308 | 1113549 |
| National Beverage Corp.  | 56672 | 2516237 |
| Primo Brands Corp.  | 45230 | 1477664 |
| Seneca Foods Corp., Class A \* | 3473 | 311493 |
| Simply Good Foods Co. \* | 13284 | 479685 |
| Turning Point Brands, Inc.  | 47949 | 2943110 |
|  |  | **12312192** |
| **Health Care Equipment & Services 3.9%** | **Health Care Equipment & Services 3.9%** | **Health Care Equipment & Services 3.9%** |
| Avanos Medical, Inc. \* | 82866 | 1039968 |
| Axogen, Inc. \* | 30246 | 492102 |
| Bioventus, Inc., Class A \* | 71532 | 522899 |
| Castle Biosciences, Inc. \* | 12966 | 259968 |
| Embecta Corp.  | 26798 | 326668 |
| Ensign Group, Inc.  | 7632 | 984452 |
| HealthEquity, Inc. \* | 25015 | 2144286 |
| Hims & Hers Health, Inc. \* | 49057 | 1623787 |
| Lantheus Holdings, Inc. \* | 21539 | 2247379 |
| LifeStance Health Group, Inc. \* | 37680 | 247558 |
| LivaNova PLC \* | 18109 | 670033 |
| Novocure Ltd. \* | 56887 | 1031930 |
| OmniAb, Inc., Class A *\*(a)* | 5508 | 0 |
| OmniAb, Inc., Class B *\*(a)* | 5508 | 0 |
| Option Care Health, Inc. \* | 82155 | 2654428 |
| Owens & Minor, Inc. \* | 47957 | 338576 |
| Pediatrix Medical Group, Inc. \* | 70583 | 909109 |
| Phreesia, Inc. \* | 72277 | 1804034 |
| Select Medical Holdings Corp.  | 20075 | 366168 |
| Teladoc Health, Inc. \* | 143103 | 1028910 |
| Tenet Healthcare Corp. \* | 8325 | 1190059 |
| UFP Technologies, Inc. \* | 1898 | 395809 |
| Waystar Holding Corp. \* | 26686 | 991919 |
|  |  | **21270042** |
| **Insurance 1.8%** | **Insurance 1.8%** | **Insurance 1.8%** |
| CNO Financial Group, Inc.  | 115713 | 4390151 |
| Fidelis Insurance Holdings Ltd.  | 128510 | 2101138 |
| Genworth Financial, Inc., Class A \* | 170057 | 1166591 |
| Mercury General Corp.  | 22378 | 1240189 |
| Selective Insurance Group, Inc.  | 8513 | 742589 |
|  |  | **9640658** |
| **Materials 2.6%** | **Materials 2.6%** | **Materials 2.6%** |
| Alpha Metallurgical Resources, Inc. \* | 4155 | 504209 |
| Cabot Corp.  | 12971 | 1018742 |
| Carpenter Technology Corp.  | 13555 | 2651494 |
| Century Aluminum Co. \* | 31975 | 524710 |
| Coeur Mining, Inc. \* | 276113 | 1532427 |
| Constellium SE, Class A \* | 104276 | 1054230 |
| Hecla Mining Co.  | 347820 | 1989530 |
| Ingevity Corp. \* | 36359 | 1199120 |
| Minerals Technologies, Inc.  | 34294 | 1769228 |
| Perimeter Solutions, Inc. \* | 21948 | 222333 |
| U.S. Lime & Minerals, Inc.  | 14687 | 1373381 |
| Worthington Steel, Inc.  | 15966 | 409688 |
|  |  | **14249092** |

---

*See financial notes*

**22**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

------

Schwab Small-Cap Equity Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Media & Entertainment 1.7%** | **Media & Entertainment 1.7%** | **Media & Entertainment 1.7%** |
| Cargurus, Inc. \* | 47272 | 1321725 |
| Cinemark Holdings, Inc.  | 25353 | 758308 |
| EverQuote, Inc., Class A \* | 32916 | 781426 |
| Grindr, Inc. \* | 12629 | 277459 |
| Magnite, Inc. \* | 58972 | 701177 |
| MediaAlpha, Inc., Class A \* | 39555 | 332262 |
| Playtika Holding Corp.  | 422973 | 2229068 |
| QuinStreet, Inc. \* | 48386 | 847723 |
| TEGNA, Inc.  | 44046 | 714866 |
| Thryv Holdings, Inc. \* | 96498 | 1322023 |
|  |  | **9286037** |
| **Pharmaceuticals, Biotechnology & Life Sciences 13.6%** | **Pharmaceuticals, Biotechnology & Life Sciences 13.6%** | **Pharmaceuticals, Biotechnology & Life Sciences 13.6%** |
| ACADIA Pharmaceuticals, Inc. \* | 49336 | 720306 |
| ADMA Biologics, Inc. \* | 100350 | 2388330 |
| Alkermes PLC \* | 101483 | 2919666 |
| Amicus Therapeutics, Inc. \* | 237545 | 1824346 |
| Amneal Pharmaceuticals, Inc. \* | 317635 | 2433084 |
| ANI Pharmaceuticals, Inc. \* | 5291 | 374709 |
| Anika Therapeutics, Inc. \* | 17494 | 254188 |
| Arcellx, Inc. \* | 8845 | 574483 |
| Arcus Biosciences, Inc. \* | 115694 | 1012323 |
| Arcutis Biotherapeutics, Inc. \* | 71160 | 1060996 |
| Ardelyx, Inc. \* | 136172 | 749627 |
| Aurinia Pharmaceuticals, Inc. \* | 195813 | 1613499 |
| Avidity Biosciences, Inc. \* | 31745 | 1036474 |
| Axsome Therapeutics, Inc. \* | 16302 | 1830552 |
| BioCryst Pharmaceuticals, Inc. \* | 231898 | 2052297 |
| Blueprint Medicines Corp. \* | 51304 | 4591708 |
| Bridgebio Pharma, Inc. \* | 33080 | 1268949 |
| CareDx, Inc. \* | 64359 | 1086380 |
| Catalyst Pharmaceuticals, Inc. \* | 96859 | 2352705 |
| Collegium Pharmaceutical, Inc. \* | 23343 | 630144 |
| Corcept Therapeutics, Inc. \* | 39110 | 2811227 |
| Cytek Biosciences, Inc. \* | 77602 | 287903 |
| Halozyme Therapeutics, Inc. \* | 76735 | 4713064 |
| Harmony Biosciences Holdings, Inc. \* | 92857 | 2736496 |
| Insmed, Inc. \* | 25928 | 1866816 |
| Janux Therapeutics, Inc. \* | 13401 | 444913 |
| Kiniksa Pharmaceuticals International PLC \* | 70315 | 1896396 |
| Krystal Biotech, Inc. \* | 11416 | 1939350 |
| Madrigal Pharmaceuticals, Inc. \* | 3587 | 1197735 |
| MannKind Corp. \* | 109983 | 554314 |
| Medpace Holdings, Inc. \* | 6355 | 1959818 |
| Mesa Laboratories, Inc.  | 12292 | 1416653 |
| MiMedx Group, Inc. \* | 138611 | 953644 |
| Myriad Genetics, Inc. \* | 138859 | 1028945 |
| Organogenesis Holdings, Inc., Class A \* | 209555 | 1028915 |
| Pacira BioSciences, Inc. \* | 37296 | 1003262 |
| Phibro Animal Health Corp., Class A  | 60529 | 1126445 |
| Prestige Consumer Healthcare, Inc. \* | 22193 | 1802737 |
| Protagonist Therapeutics, Inc. \* | 13005 | 595889 |
| PTC Therapeutics, Inc. \* | 36610 | 1824642 |
| Rhythm Pharmaceuticals, Inc. \* | 14031 | 914681 |
| Summit Therapeutics, Inc. *\*(b)* | 8869 | 213920 |
| Supernus Pharmaceuticals, Inc. \* | 74507 | 2419987 |
| TG Therapeutics, Inc. \* | 40939 | 1863134 |
| Travere Therapeutics, Inc. \* | 57764 | 1202069 |
| Twist Bioscience Corp. \* | 19557 | 749424 |
| Vaxcyte, Inc. \* | 51722 | 1853716 |
| Veracyte, Inc. \* | 59540 | 1815970 |
| Vir Biotechnology, Inc. \* | 106478 | 651645 |
| WaVe Life Sciences Ltd. \* | 85822 | 662546 |
|  |  | **74311022** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Real Estate Management & Development 0.8%** | **Real Estate Management & Development 0.8%** | **Real Estate Management & Development 0.8%** |
| Compass, Inc., Class A \* | 175521 | 1355022 |
| Cushman & Wakefield PLC \* | 131923 | 1236119 |
| Newmark Group, Inc., Class A  | 60546 | 665401 |
| Real Brokerage, Inc. \* | 122796 | 541530 |
| St. Joe Co.  | 16164 | 684060 |
|  |  | **4482132** |
| **Semiconductors & Semiconductor Equipment 1.2%** | **Semiconductors & Semiconductor Equipment 1.2%** | **Semiconductors & Semiconductor Equipment 1.2%** |
| Ambarella, Inc. \* | 5097 | 244605 |
| Amkor Technology, Inc.  | 28034 | 489193 |
| FormFactor, Inc. \* | 25848 | 727363 |
| Impinj, Inc. \* | 9323 | 858928 |
| Onto Innovation, Inc. \* | 7084 | 864036 |
| Penguin Solutions, Inc. \* | 48021 | 819718 |
| Photronics, Inc. \* | 35333 | 645534 |
| Semtech Corp. \* | 59979 | 1874344 |
|  |  | **6523721** |
| **Software & Services 6.7%** | **Software & Services 6.7%** | **Software & Services 6.7%** |
| 8x8, Inc. \* | 264099 | 467455 |
| ACI Worldwide, Inc. \* | 59453 | 3172412 |
| Alarm.com Holdings, Inc. \* | 20606 | 1104482 |
| Alkami Technology, Inc. \* | 38391 | 1024656 |
| Appfolio, Inc., Class A \* | 10519 | 2172384 |
| Asana, Inc., Class A \* | 63560 | 1025858 |
| BigCommerce Holdings, Inc. \* | 90891 | 470815 |
| Blackbaud, Inc. \* | 45387 | 2747729 |
| BlackLine, Inc. \* | 9532 | 450196 |
| Box, Inc., Class A \* | 68887 | 2150652 |
| Clear Secure, Inc., Class A  | 38078 | 939765 |
| Clearwater Analytics Holdings, Inc., <br> Class A \*<br>| 19912 | 452799 |
| Commvault Systems, Inc. \* | 2764 | 461947 |
| DigitalOcean Holdings, Inc. \* | 26949 | 832724 |
| eGain Corp. \* | 98492 | 506249 |
| Freshworks, Inc., Class A \* | 64260 | 949120 |
| Intapp, Inc. \* | 23019 | 1249011 |
| Life360, Inc. \* | 26973 | 1157142 |
| OneSpan, Inc.  | 35388 | 526220 |
| PagerDuty, Inc. \* | 49702 | 770878 |
| PROS Holdings, Inc. \* | 93014 | 1588679 |
| Q2 Holdings, Inc. \* | 24731 | 1959932 |
| RingCentral, Inc., Class A \* | 109175 | 2783963 |
| SEMrush Holdings, Inc., Class A \* | 75552 | 776675 |
| Sprout Social, Inc., Class A \* | 68244 | 1426982 |
| SPS Commerce, Inc. \* | 6532 | 937407 |
| Tenable Holdings, Inc. \* | 54889 | 1677957 |
| Unisys Corp. \* | 90805 | 360496 |
| Verint Systems, Inc. \* | 31906 | 562822 |
| Weave Communications, Inc. \* | 69103 | 732492 |
| Workiva, Inc., Class A \* | 9846 | 741108 |
| Zeta Global Holdings Corp., Class A \* | 48221 | 629766 |
|  |  | **36810773** |
| **Technology Hardware & Equipment 4.6%** | **Technology Hardware & Equipment 4.6%** | **Technology Hardware & Equipment 4.6%** |
| ADTRAN Holdings, Inc. \* | 90497 | 693207 |
| Advanced Energy Industries, Inc.  | 5200 | 506532 |
| Arlo Technologies, Inc. \* | 75052 | 737761 |
| Badger Meter, Inc.  | 27579 | 6089995 |
| Belden, Inc.  | 8985 | 926443 |
| CommScope Holding Co., Inc. \* | 49386 | 184704 |
| Daktronics, Inc. \* | 45893 | 582382 |
| Extreme Networks, Inc. \* | 168362 | 2215644 |

---

*See financial notes*

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**23**

------

Schwab Small-Cap Equity Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Fabrinet \* | 16503 | 3384105 |
| FARO Technologies, Inc. \* | 32840 | 965824 |
| Harmonic, Inc. \* | 75122 | 674596 |
| Itron, Inc. \* | 14851 | 1652768 |
| Mirion Technologies, Inc., Class A \* | 63414 | 1000673 |
| Napco Security Technologies, Inc.  | 47282 | 1080394 |
| OSI Systems, Inc. \* | 3629 | 743001 |
| Plexus Corp. \* | 20901 | 2558909 |
| TTM Technologies, Inc. \* | 44487 | 890630 |
| Xerox Holdings Corp.  | 58491 | 257945 |
|  |  | **25145513** |
| **Telecommunication Services 0.4%** | **Telecommunication Services 0.4%** | **Telecommunication Services 0.4%** |
| Bandwidth, Inc., Class A \* | 62099 | 771270 |
| Lumen Technologies, Inc. \* | 302598 | 1071197 |
| Telephone & Data Systems, Inc.  | 11890 | 445756 |
|  |  | **2288223** |
| **Transportation 1.4%** | **Transportation 1.4%** | **Transportation 1.4%** |
| Costamare, Inc.  | 177298 | 1654190 |
| Matson, Inc.  | 22978 | 2506670 |
| SkyWest, Inc. \* | 41524 | 3702695 |
|  |  | **7863555** |
| **Utilities 2.6%** | **Utilities 2.6%** | **Utilities 2.6%** |
| Avista Corp.  | 56580 | 2346372 |
| Clearway Energy, Inc., Class A  | 56522 | 1545877 |
| Consolidated Water Co. Ltd.  | 47463 | 1103040 |
| Hawaiian Electric Industries, Inc. \* | 76273 | 800866 |
| MGE Energy, Inc.  | 5485 | 495954 |
| Northwestern Energy Group, Inc.  | 6193 | 360618 |
| Otter Tail Corp.  | 13308 | 1056389 |
| Portland General Electric Co.  | 25905 | 1091119 |
| Southwest Gas Holdings, Inc.  | 63951 | 4617902 |
| Spire, Inc.  | 6389 | 489014 |
|  |  | **13907151** |
| **Total Common Stocks** <br>**(Cost $509,141,246)** | **Total Common Stocks** <br>**(Cost $509,141,246)** | **521116109** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **SHORT-TERM INVESTMENTS** 0.0% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.0% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.0% OF NET ASSETS  |
| **Money Market Funds 0.0%** | **Money Market Funds 0.0%** | **Money Market Funds 0.0%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.29% *(c)(d)*<br>| 204306 | **204306** |
| **Total Short-Term Investments** <br>**(Cost $204,306)** | **Total Short-Term Investments** <br>**(Cost $204,306)** | **204306** |
| **Total Investments in Securities** <br>**(Cost $509,345,552)** | **Total Investments in Securities** <br>**(Cost $509,345,552)** | **521320415** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>DEPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| Russell 2000 Index, e-mini, <br> expires 06/20/25<br>| 240 | 23637600 | **(397109)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). 

*(b)* All or a portion of this security is on loan. Securities on loan were valued at $203,211. 

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

REIT — Real Estate Investment Trust

------

The following is a summary of the inputs used to value the fund's investments as of April 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $499846067 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $499846067 |
| Health Care Equipment & Services | 21270042 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 21270042 |
| Short-Term Investments<sup>1</sup> <br>| 204306 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 204306 |
| **<u>Liabilities</u>** |  |  |  |  |
| Futures Contracts<sup>2</sup> <br>| (397109)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (397109)<br>|
| **Total** | **$520923306** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$520923306** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Level 3 amount shown includes securities determined to have no value at April 30, 2025.

<sup>1</sup> As categorized in the Portfolio Holdings. 

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

**24**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

------

Schwab Small-Cap Equity Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $509,345,552) including securities on loan of $203,211 |  | $521320415 |
| Cash |  | 23203847 |
| Deposit with broker for futures contracts |  | 2244973 |
| Receivables: |  |  |
| Investments sold |  | 8635506 |
| Dividends |  | 225241 |
| Fund shares sold |  | 33910 |
| Income from securities on loan |  | 100 |
| Prepaid expenses | + | 10745 |
| **Total assets** |  | **555674737** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 204306 |
| Payables: |  |  |
| Investments bought |  | 7948921 |
| Fund shares redeemed |  | 536513 |
| Investment adviser and administrator fees |  | 350278 |
| Variation margin on futures contracts |  | 165600 |
| Shareholder service fees |  | 105922 |
| Accrued expenses | + | 54836 |
| **Total liabilities** |  | **9366376** |
| **Net assets** |  | **$546308361** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $534658665 |
| Total distributable earnings | + | 11649696 |
| **Net assets** |  | **$546308361** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $546308361 |  | &nbsp;&nbsp;&nbsp;&nbsp; 31687512 |  | &nbsp;&nbsp;&nbsp;&nbsp; $17.24 |

---

*See financial notes*

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**25**

------

Schwab Small-Cap Equity Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $3,505) |  | $3738755 |
| Other Interest |  | 299097 |
| Securities on loan, net | + | 347 |
| **Total investment income**  |  | **4038199** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | 2438781 |
| Shareholder service fees |  | 734289 |
| Portfolio accounting fees |  | 25847 |
| Professional fees |  | 17917 |
| Registration fees |  | 15778 |
| Shareholder reports |  | 9270 |
| Custodian fees |  | 7607 |
| Independent trustees' fees |  | 3550 |
| Transfer agent fees  |  | 1169 |
| Other expenses | + | 2578 |
| **Total expenses** | – | **3256786** |
| **Net investment income** |  | **781413** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 749630 |
| Net realized losses on futures contracts | + | (516134)<br>|
| **Net realized gains** |  | **233496** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | (62025552)<br>|
| Net change in unrealized appreciation (depreciation) on futures contracts | + | (423065)<br>|
| **Net change in unrealized appreciation (depreciation)** | **+** | **(62448617)**<br>|
| **Net realized and unrealized losses** |  | **(62215121)**<br>|
| **Decrease in net assets resulting from operations** |  | **($61433708)**<br>|

---

*See financial notes*

**26**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

------

Schwab Small-Cap Equity Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $781413 | &nbsp;&nbsp;&nbsp; $1800130 |
| Net realized gains |  | 233496 | &nbsp;&nbsp;&nbsp; 77856085 |
| Net change in unrealized appreciation (depreciation) | + | (62448617)<br>| &nbsp;&nbsp;&nbsp; 72997282 |
| **Increase (decrease) in net assets resulting from operations** |  | **($61433708)**<br>| &nbsp;&nbsp;&nbsp; **$152653497** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($77173565)**<br>| &nbsp;&nbsp;&nbsp; **($2107396)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 2817563 | &nbsp;&nbsp;&nbsp; $53751954 | &nbsp;&nbsp;&nbsp; 2757497 | &nbsp;&nbsp;&nbsp; $57435040 |
| Shares reinvested |  | 2866426 | &nbsp;&nbsp;&nbsp; 58073813 | &nbsp;&nbsp;&nbsp; 82244 | &nbsp;&nbsp;&nbsp; 1578256 |
| Shares redeemed | + | (2374184)<br>| &nbsp;&nbsp;&nbsp; (46989927)<br>| &nbsp;&nbsp;&nbsp; (3507338)<br>| &nbsp;&nbsp;&nbsp; (71759542)<br>|
| **Net transactions in fund shares**  |  | **3309805** | &nbsp;&nbsp;&nbsp; **$64835840** | &nbsp;&nbsp;&nbsp; **(667597)**<br>| &nbsp;&nbsp;&nbsp; **($12746246)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 28377707 | &nbsp;&nbsp;&nbsp; $620079794 | &nbsp;&nbsp;&nbsp; 29045304 | &nbsp;&nbsp;&nbsp; $482279939 |
| Total increase (decrease) | + | 3309805 | &nbsp;&nbsp;&nbsp; (73771433)<br>| &nbsp;&nbsp;&nbsp; (667597)<br>| &nbsp;&nbsp;&nbsp; 137799855 |
| **End of period** |  | **31687512** | &nbsp;&nbsp;&nbsp; **$546308361** | &nbsp;&nbsp;&nbsp; **28377707** | &nbsp;&nbsp;&nbsp; **$620079794** |

---

*See financial notes*

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**27**

------

Schwab Health Care Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $27.31 | &nbsp;&nbsp; $24.05 | &nbsp;&nbsp; $26.08 | &nbsp;&nbsp; $30.58 | &nbsp;&nbsp; $26.27 | &nbsp;&nbsp; $25.08 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.13 | 0.17 | 0.20 | 0.20 | 0.21 | 0.26 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (1.02)<br>| 4.00 | &nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp; (1.13)<br>| 7.09 | 2.11 |
| Total from investment operations | &nbsp;&nbsp; (0.89)<br>| 4.17 | &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.93)<br>| 7.30 | 2.37 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.29)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (3.34)<br>| &nbsp;&nbsp; (2.76)<br>| &nbsp;&nbsp; (0.89)<br>|
| Total distributions | &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp; (1.18)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $24.21 | &nbsp;&nbsp; $27.31 | &nbsp;&nbsp; $24.05 | &nbsp;&nbsp; $26.08 | &nbsp;&nbsp; $30.58 | &nbsp;&nbsp; $26.27 |
| Total return | &nbsp;&nbsp; (3.12 %)<sup>2</sup><br>| 17.67<br> %<br>| &nbsp;&nbsp; (4.04<br> %)<br>| &nbsp;&nbsp; (3.82<br> %)<br>| 30.02<br> %<br>| 9.57<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | 0.79 %<sup>3</sup><br>| 0.80 %<sup>3</sup><br>| 0.80<br> %<br>| 0.80<br> %<br>|
| Total expenses | 0.79 %<sup>4</sup><br>| 0.79<br> %<br>| 0.79 %<sup>3</sup><br>| 0.80 %<sup>3</sup><br>| 0.80<br> %<br>| 0.80<br> %<br>|
| Net investment income (loss) | 1.04 %<sup>4</sup><br>| 0.62<br> %<br>| 0.79<br> %<br>| 0.76<br> %<br>| 0.76<br> %<br>| 1.01<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 19 %<sup>2</sup><br>| &nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp; 53<br> %<br>| &nbsp;&nbsp; 59<br> %<br>| &nbsp;&nbsp; 70<br> %<br>| &nbsp;&nbsp; 73<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $685042 | &nbsp;&nbsp; $791539 | &nbsp;&nbsp; $733285 | &nbsp;&nbsp; $829028 | &nbsp;&nbsp; $901637 | &nbsp;&nbsp; $745705 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>4</sup> Annualized.

*See financial notes*

**28**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

------

Schwab Health Care Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.5% OF NET ASSETS | **COMMON STOCKS** 99.5% OF NET ASSETS | **COMMON STOCKS** 99.5% OF NET ASSETS |
| **Australia 0.9%** | **Australia 0.9%** | **Australia 0.9%** |
| CSL Ltd.  | 24387 | 3914429 |
| Pro Medicus Ltd.  | 17122 | 2510604 |
|  |  | **6425033** |
| **China 0.3%** | **China 0.3%** | **China 0.3%** |
| Consun Pharmaceutical Group Ltd.  | 265000 | 315596 |
| Hansoh Pharmaceutical Group Co. Ltd.  | 530000 | 1642454 |
|  |  | **1958050** |
| **Denmark 1.9%** | **Denmark 1.9%** | **Denmark 1.9%** |
| Novo Nordisk AS, Class B  | 195625 | **13079783** |
| **Finland 0.3%** | **Finland 0.3%** | **Finland 0.3%** |
| Orion OYJ, B Shares  | 31245 | **1956297** |
| **France 1.2%** | **France 1.2%** | **France 1.2%** |
| BioMerieux  | 12745 | 1720324 |
| EssilorLuxottica SA  | 15084 | 4346500 |
| Ipsen SA  | 21090 | 2452832 |
|  |  | **8519656** |
| **Germany 0.5%** | **Germany 0.5%** | **Germany 0.5%** |
| Siemens Healthineers AG  | 66146 | **3565756** |
| **Hong Kong 0.3%** | **Hong Kong 0.3%** | **Hong Kong 0.3%** |
| United Laboratories International Holdings <br> Ltd. <br>| 1024000 | **1835075** |
| **Ireland 4.0%** | **Ireland 4.0%** | **Ireland 4.0%** |
| Jazz Pharmaceuticals PLC \* | 52417 | 6130692 |
| Medtronic PLC  | 247047 | 20939704 |
|  |  | **27070396** |
| **Italy 0.3%** | **Italy 0.3%** | **Italy 0.3%** |
| Recordati Industria Chimica e <br> Farmaceutica SpA <br>| 35927 | **2119992** |
| **Japan 3.4%** | **Japan 3.4%** | **Japan 3.4%** |
| Alfresa Holdings Corp.  | 57000 | 860480 |
| Daiichi Sankyo Co. Ltd.  | 117000 | 2992931 |
| Hoya Corp.  | 106700 | 12554971 |
| Jeol Ltd.  | 20000 | 643225 |
| Medipal Holdings Corp.  | 25000 | 423642 |
| Santen Pharmaceutical Co. Ltd.  | 325000 | 3291724 |
| Sysmex Corp.  | 100000 | 1856315 |
| Toho Holdings Co. Ltd.  | 15000 | 490371 |
|  |  | **23113659** |
| **Republic of Korea 1.7%** | **Republic of Korea 1.7%** | **Republic of Korea 1.7%** |
| Classys, Inc.  | 66910 | 3025502 |
| Hanmi Pharm Co. Ltd.  | 10584 | 2001952 |
| Hugel, Inc. \* | 12409 | 3179721 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Samsung Biologics Co. Ltd. \* | 4757 | 3520506 |
|  |  | **11727681** |
| **Sweden 0.3%** | **Sweden 0.3%** | **Sweden 0.3%** |
| Swedish Orphan Biovitrum AB \* | 60116 | **1828410** |
| **Switzerland 5.5%** | **Switzerland 5.5%** | **Switzerland 5.5%** |
| Alcon AG  | 30672 | 2980107 |
| Novartis AG  | 202339 | 23078221 |
| Roche Holding AG  | 35909 | 11741753 |
|  |  | **37800081** |
| **United Kingdom 3.0%** | **United Kingdom 3.0%** | **United Kingdom 3.0%** |
| AstraZeneca PLC  | 55728 | 7983972 |
| GSK PLC  | 643509 | 12730343 |
|  |  | **20714315** |
| **United States 75.9%** | **United States 75.9%** | **United States 75.9%** |
| Abbott Laboratories  | 166323 | 21746732 |
| AbbVie, Inc.  | 176334 | 34402763 |
| ADMA Biologics, Inc. \* | 234433 | 5579505 |
| Amgen, Inc.  | 72161 | 20993078 |
| ANI Pharmaceuticals, Inc. \* | 75806 | 5368581 |
| Becton Dickinson & Co.  | 75976 | 15733870 |
| Bio-Techne Corp.  | 35888 | 1806961 |
| Boston Scientific Corp. \* | 142647 | 14674097 |
| Bristol-Myers Squibb Co.  | 150750 | 7567650 |
| Cardinal Health, Inc.  | 14310 | 2021860 |
| Catalyst Pharmaceuticals, Inc. \* | 174317 | 4234160 |
| Cencora, Inc.  | 33083 | 9682402 |
| Cigna Group  | 56631 | 19256805 |
| CVS Health Corp.  | 19319 | 1288770 |
| Danaher Corp.  | 13600 | 2710888 |
| DaVita, Inc. \* | 24904 | 3525161 |
| Eli Lilly & Co.  | 95696 | 86025919 |
| Encompass Health Corp.  | 40593 | 4748975 |
| Ensign Group, Inc.  | 9054 | 1167875 |
| Exelixis, Inc. \* | 189268 | 7409842 |
| GE HealthCare Technologies, Inc.  | 88105 | 6196425 |
| Gilead Sciences, Inc.  | 219140 | 23347176 |
| Globus Medical, Inc., Class A \* | 11969 | 859015 |
| Halozyme Therapeutics, Inc. \* | 72665 | 4463084 |
| Harmony Biosciences Holdings, Inc. \* | 16600 | 489202 |
| HCA Healthcare, Inc.  | 10098 | 3484618 |
| HealthEquity, Inc. \* | 32737 | 2806216 |
| Hologic, Inc. \* | 34846 | 2028037 |
| Innoviva, Inc. \* | 20959 | 391724 |
| Intuitive Surgical, Inc. \* | 7152 | 3689002 |
| IQVIA Holdings, Inc. \* | 62725 | 9726766 |
| Johnson & Johnson  | 206798 | 32324595 |
| McKesson Corp.  | 13813 | 9845768 |
| Merck & Co., Inc.  | 171598 | 14620150 |
| Merit Medical Systems, Inc. \* | 72286 | 6827413 |
| Mettler-Toledo International, Inc. \* | 4386 | 4695520 |
| Natera, Inc. \* | 11800 | 1780974 |
| Pfizer, Inc.  | 82677 | 2018146 |
| Prestige Consumer Healthcare, Inc. \* | 51801 | 4207795 |
| Stryker Corp.  | 71166 | 26610391 |
| Thermo Fisher Scientific, Inc.  | 50108 | 21496332 |
| Twist Bioscience Corp. \* | 28666 | 1098481 |
| United Therapeutics Corp. \* | 23007 | 6973192 |
| UnitedHealth Group, Inc.  | 98893 | 40688536 |
| Veracyte, Inc. \* | 56961 | 1737311 |
| Vertex Pharmaceuticals, Inc. \* | 31915 | 16260692 |

---

*See financial notes*

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**29**

------

Schwab Health Care Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Zimmer Biomet Holdings, Inc.  | 13761 | 1418071 |
|  |  | **520030526** |
| **Total Common Stocks** <br>**(Cost $454,485,365)** | **Total Common Stocks** <br>**(Cost $454,485,365)** | **681744710** |
| **Total Investments in Securities** <br>**(Cost $454,485,365)** | **Total Investments in Securities** <br>**(Cost $454,485,365)** | **681744710** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | % OF NET ASSETS |
| **INDUSTRY WEIGHTINGS** | **INDUSTRY WEIGHTINGS** |
| Pharmaceuticals  | 36.0<br> %<br>|
| Biotechnology  | 20.0<br> %<br>|
| Health Care Equipment  | 18.1<br> %<br>|
| Life Sciences Tools & Services  | 6.4<br> %<br>|
| Managed Health Care  | 6.3<br> %<br>|

---

---

| | |
|:---|:---|
|  | % OF NET ASSETS |
| Health Care Supplies  | 3.9<br> %<br>|
| Health Care Services  | 3.5<br> %<br>|
| Health Care Distributors  | 3.4<br> %<br>|
| Health Care Facilities  | 1.4<br> %<br>|
| Other *(a)* | 0.5<br> %<br>|
| **Total** | **99.5%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Includes holdings within industries that are less than 1.0% of net assets.

------

The following is a summary of the inputs used to value the fund's investments as of April 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $547100922 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $547100922 |
| Australia |  | &nbsp;&nbsp; 6425033 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6425033 |
| China |  | &nbsp;&nbsp; 1958050 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1958050 |
| Denmark |  | &nbsp;&nbsp; 13079783 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13079783 |
| Finland |  | &nbsp;&nbsp; 1956297 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1956297 |
| France |  | &nbsp;&nbsp; 8519656 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8519656 |
| Germany |  | &nbsp;&nbsp; 3565756 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3565756 |
| Hong Kong |  | &nbsp;&nbsp; 1835075 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1835075 |
| Italy |  | &nbsp;&nbsp; 2119992 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2119992 |
| Japan |  | &nbsp;&nbsp; 23113659 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23113659 |
| Republic of Korea |  | &nbsp;&nbsp; 11727681 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11727681 |
| Sweden |  | &nbsp;&nbsp; 1828410 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1828410 |
| Switzerland |  | &nbsp;&nbsp; 37800081 | &nbsp;&nbsp; — | &nbsp;&nbsp; 37800081 |
| United Kingdom |  | &nbsp;&nbsp; 20714315 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20714315 |
| **Total** | **$547100922** | &nbsp;&nbsp; **$134643788** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$681744710** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

**30**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

------

Schwab Health Care Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $454,485,365) |  | $681744710 |
| Cash |  | 1560274 |
| Foreign currency, at value (cost $400,047) |  | 404409 |
| Receivables: |  |  |
| Foreign tax reclaims |  | 1435494 |
| Dividends |  | 612262 |
| Fund shares sold |  | 108140 |
| Prepaid expenses | + | 22746 |
| **Total assets** |  | **685888035** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Fund shares redeemed |  | 353323 |
| Investment adviser and administrator fees |  | 294143 |
| Shareholder service fees |  | 129439 |
| Accrued expenses | + | 69077 |
| **Total liabilities** |  | **845982** |
| **Net assets** |  | **$685042053** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $438731042 |
| Total distributable earnings | + | 246311011 |
| **Net assets** |  | **$685042053** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $685042053 |  | &nbsp;&nbsp;&nbsp;&nbsp; 28292693 |  | &nbsp;&nbsp;&nbsp;&nbsp; $24.21 |

---

*See financial notes*

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**31**

------

Schwab Health Care Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $269,048) |  | $6542442 |
| Other Interest | + | 9339 |
| **Total investment income**  |  | **6551781** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | 1908867 |
| Shareholder service fees |  | 837317 |
| Portfolio accounting fees |  | 27855 |
| Registration fees |  | 16787 |
| Professional fees |  | 16654 |
| Shareholder reports |  | 13903 |
| Independent trustees' fees |  | 3640 |
| Custodian fees |  | 2673 |
| Transfer agent fees  |  | 1985 |
| Other expenses | + | 5586 |
| **Total expenses** | – | **2835267** |
| **Net investment income** |  | **3716514** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 16853662 |
| Net realized losses on foreign currency transactions | + | (104474)<br>|
| **Net realized gains** |  | **16749188** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | (45636052)<br>|
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 107742 |
| **Net change in unrealized appreciation (depreciation)** | **+** | **(45528310)**<br>|
| **Net realized and unrealized losses** |  | **(28779122)**<br>|
| **Decrease in net assets resulting from operations** |  | **($25062608)**<br>|

---

*See financial notes*

**32**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

------

Schwab Health Care Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $3716514 | &nbsp;&nbsp;&nbsp; $5016695 |
| Net realized gains |  | 16749188 | &nbsp;&nbsp;&nbsp; 57872039 |
| Net change in unrealized appreciation (depreciation) | + | (45528310)<br>| &nbsp;&nbsp;&nbsp; 64245495 |
| **Increase (decrease) in net assets resulting from operations** |  | **($25062608)**<br>| &nbsp;&nbsp;&nbsp; **$127134229** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($62431161)**<br>| &nbsp;&nbsp;&nbsp; **($27546281)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 805928 | &nbsp;&nbsp;&nbsp; $20087140 | &nbsp;&nbsp;&nbsp; 1798834 | &nbsp;&nbsp;&nbsp; $49025672 |
| Shares reinvested |  | 2227054 | &nbsp;&nbsp;&nbsp; 52870270 | &nbsp;&nbsp;&nbsp; 936699 | &nbsp;&nbsp;&nbsp; 23623551 |
| Shares redeemed | + | (3727293)<br>| &nbsp;&nbsp;&nbsp; (91960936)<br>| &nbsp;&nbsp;&nbsp; (4236872)<br>| &nbsp;&nbsp;&nbsp; (113983157)<br>|
| **Net transactions in fund shares**  |  | **(694311)**<br>| &nbsp;&nbsp;&nbsp; **($19003526)**<br>| &nbsp;&nbsp;&nbsp; **(1501339)**<br>| &nbsp;&nbsp;&nbsp; **($41333934)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 28987004 | &nbsp;&nbsp;&nbsp; $791539348 | &nbsp;&nbsp;&nbsp; 30488343 | &nbsp;&nbsp;&nbsp; $733285334 |
| Total increase (decrease) | + | (694311)<br>| &nbsp;&nbsp;&nbsp; (106497295)<br>| &nbsp;&nbsp;&nbsp; (1501339)<br>| &nbsp;&nbsp;&nbsp; 58254014 |
| **End of period** |  | **28292693** | &nbsp;&nbsp;&nbsp; **$685042053** | &nbsp;&nbsp;&nbsp; **28987004** | &nbsp;&nbsp;&nbsp; **$791539348** |

---

*See financial notes*

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**33**

------

Schwab International Core Equity Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $12.08 | &nbsp;&nbsp; $9.84 | &nbsp;&nbsp; $8.71 | &nbsp;&nbsp; $11.55 | &nbsp;&nbsp; $9.11 | &nbsp;&nbsp; $10.04 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.16 | 0.26 | 0.27 | 0.34 | 0.21 | 0.14 |
| Net realized and unrealized gains (losses) | 1.13 | 2.27 | 1.18 | &nbsp;&nbsp; (2.86)<br>| 2.34 | &nbsp;&nbsp; (0.71)<br>|
| Total from investment operations | 1.29 | 2.53 | 1.45 | &nbsp;&nbsp; (2.52)<br>| 2.55 | &nbsp;&nbsp; (0.57)<br>|
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.36)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $13.07 | &nbsp;&nbsp; $12.08 | &nbsp;&nbsp; $9.84 | &nbsp;&nbsp; $8.71 | &nbsp;&nbsp; $11.55 | &nbsp;&nbsp; $9.11 |
| Total return | 10.95 %<sup>2</sup><br>| 26.12<br> %<br>| 16.74<br> %<br>| &nbsp;&nbsp; (22.40<br> %)<br>| 28.12<br> %<br>| &nbsp;&nbsp; (6.01<br> %)<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses | 0.86 %<sup>3</sup><br>| 0.86<br> %<br>| 0.86<br> %<br>| 0.86 %<sup>4</sup><br>| 0.86<br> %<br>| 0.86<br> %<br>|
| Total expenses | 0.87 %<sup>3</sup><br>| 0.87<br> %<br>| 0.87<br> %<br>| 0.89 %<sup>4</sup><br>| 0.86<br> %<br>| 0.88<br> %<br>|
| Net investment income (loss) | 2.60 %<sup>3</sup><br>| 2.20<br> %<br>| 2.65<br> %<br>| 3.40<br> %<br>| 1.93<br> %<br>| 1.51<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 40 %<sup>2</sup><br>| &nbsp;&nbsp; 64<br> %<br>| &nbsp;&nbsp; 62<br> %<br>| &nbsp;&nbsp; 94<br> %<br>| &nbsp;&nbsp; 103<br> %<br>| &nbsp;&nbsp; 97<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $686653 | &nbsp;&nbsp; $611077 | &nbsp;&nbsp; $511144 | &nbsp;&nbsp; $507380 | &nbsp;&nbsp; $692619 | &nbsp;&nbsp; $664487 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**34**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

------

Schwab International Core Equity Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 97.3% OF NET ASSETS | **COMMON STOCKS** 97.3% OF NET ASSETS | **COMMON STOCKS** 97.3% OF NET ASSETS |
| **Australia 6.0%** | **Australia 6.0%** | **Australia 6.0%** |
| AGL Energy Ltd.  | 1125892 | 7672961 |
| ANZ Group Holdings Ltd.  | 206416 | 3947140 |
| Aristocrat Leisure Ltd.  | 67704 | 2891573 |
| BHP Group Ltd.  | 167183 | 3984581 |
| Fortescue Ltd.  | 93474 | 965370 |
| JB Hi-Fi Ltd.  | 44131 | 2924461 |
| Northern Star Resources Ltd.  | 368085 | 4521437 |
| QBE Insurance Group Ltd.  | 327147 | 4521146 |
| Suncorp Group Ltd.  | 133766 | 1739504 |
| Technology One Ltd.  | 15847 | 305882 |
| Telstra Group Ltd.  | 1632195 | 4710672 |
| Westpac Banking Corp.  | 147213 | 3089288 |
|  |  | **41274015** |
| **Brazil 0.3%** | **Brazil 0.3%** | **Brazil 0.3%** |
| BB Seguridade Participacoes SA  | 298200 | **2247344** |
| **Canada 0.6%** | **Canada 0.6%** | **Canada 0.6%** |
| Suncor Energy, Inc.  | 114000 | **4026302** |
| **China 1.4%** | **China 1.4%** | **China 1.4%** |
| China Hongqiao Group Ltd.  | 1268000 | 2276078 |
| PetroChina Co. Ltd., H Shares  | 4276000 | 3267454 |
| Tencent Holdings Ltd.  | 61200 | 3748558 |
|  |  | **9292090** |
| **Denmark 1.8%** | **Denmark 1.8%** | **Denmark 1.8%** |
| Novo Nordisk AS, Class B  | 68500 | 4580014 |
| Pandora AS  | 16552 | 2463978 |
| Rockwool AS, Class B  | 119920 | 5474367 |
|  |  | **12518359** |
| **Finland 0.9%** | **Finland 0.9%** | **Finland 0.9%** |
| Nordea Bank Abp  | 353215 | 4847083 |
| Wartsila OYJ Abp  | 71582 | 1322573 |
|  |  | **6169656** |
| **France 11.9%** | **France 11.9%** | **France 11.9%** |
| BNP Paribas SA  | 130500 | 11057197 |
| Christian Dior SE  | 2520 | 1303139 |
| Cie de Saint-Gobain SA  | 85303 | 9273971 |
| Cie Generale des Etablissements Michelin <br> SCA <br>| 138583 | 5067390 |
| Credit Agricole SA  | 463715 | 8697710 |
| Eiffage SA  | 15412 | 2097153 |
| Engie SA  | 498175 | 10296447 |
| Hermes International SCA  | 890 | 2447660 |
| Ipsen SA  | 60657 | 7054596 |
| La Francaise des Jeux SACA  | 100378 | 3577887 |
| LVMH Moet Hennessy Louis Vuitton SE  | 9416 | 5215798 |
| Safran SA  | 18655 | 4964462 |
| Sanofi SA  | 59492 | 6507939 |
| Schneider Electric SE  | 4691 | 1096032 |
| Societe Generale SA  | 60184 | 3137932 |
|  |  | **81795313** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Germany 12.1%** | **Germany 12.1%** | **Germany 12.1%** |
| Allianz SE  | 31945 | 13211708 |
| Deutsche Post AG  | 125677 | 5369926 |
| Deutsche Telekom AG  | 360530 | 12949349 |
| Heidelberg Materials AG  | 57284 | 11451843 |
| Henkel AG & Co. KGaA  | 106631 | 7526030 |
| Muenchener <br> Rueckversicherungs-Gesellschaft AG in <br> Muenchen \*<br>| 8256 | 5652136 |
| Rheinmetall AG  | 1034 | 1760956 |
| SAP SE  | 53282 | 15589712 |
| Siemens AG  | 35468 | 8166912 |
| Vonovia SE  | 50300 | 1668456 |
|  |  | **83347028** |
| **Greece 1.0%** | **Greece 1.0%** | **Greece 1.0%** |
| OPAP SA  | 315164 | **7002696** |
| **Hong Kong 1.5%** | **Hong Kong 1.5%** | **Hong Kong 1.5%** |
| AIA Group Ltd.  | 395000 | 2959700 |
| Hong Kong Exchanges & Clearing Ltd.  | 24600 | 1074766 |
| Jardine Matheson Holdings Ltd.  | 63600 | 2826070 |
| Sino Biopharmaceutical Ltd.  | 3308000 | 1661275 |
| WH Group Ltd.  | 1677000 | 1499586 |
|  |  | **10021397** |
| **Israel 0.3%** | **Israel 0.3%** | **Israel 0.3%** |
| Check Point Software Technologies Ltd. \* | 9000 | **1976040** |
| **Italy 2.7%** | **Italy 2.7%** | **Italy 2.7%** |
| Enel SpA  | 754675 | 6542257 |
| Poste Italiane SpA  | 141765 | 2877432 |
| UniCredit SpA  | 157760 | 9178613 |
|  |  | **18598302** |
| **Japan 18.0%** | **Japan 18.0%** | **Japan 18.0%** |
| ABC-Mart, Inc.  | 135200 | 2514447 |
| Asics Corp.  | 187300 | 4025834 |
| Central Japan Railway Co.  | 93100 | 1959183 |
| Daifuku Co. Ltd.  | 119500 | 3161309 |
| Daiwa Securities Group, Inc.  | 341000 | 2242390 |
| Disco Corp.  | 1700 | 328915 |
| Hitachi Ltd.  | 176000 | 4349930 |
| Honda Motor Co. Ltd.  | 236000 | 2401239 |
| Hoya Corp.  | 57603 | 6777919 |
| Hulic Co. Ltd.  | 220800 | 2308884 |
| Japan Post Insurance Co. Ltd.  | 91500 | 1839439 |
| Japan Tobacco, Inc.  | 102800 | 3167066 |
| Komatsu Ltd.  | 84100 | 2432135 |
| Konami Group Corp.  | 27900 | 3984564 |
| Makita Corp.  | 233100 | 6816788 |
| Mitsubishi Electric Corp.  | 70000 | 1354178 |
| Mitsubishi Estate Co. Ltd.  | 72000 | 1264750 |
| Mitsubishi UFJ Financial Group, Inc.  | 42700 | 537983 |
| MS&AD Insurance Group Holdings, Inc.  | 12800 | 290941 |
| Nomura Holdings, Inc.  | 220000 | 1226183 |
| Olympus Corp.  | 84100 | 1101962 |
| Oracle Corp. Japan  | 38100 | 4580436 |
| ORIX Corp.  | 356800 | 7157419 |
| Otsuka Holdings Co. Ltd.  | 123300 | 6010970 |
| Persol Holdings Co. Ltd.  | 1249600 | 2263366 |
| Recruit Holdings Co. Ltd.  | 53300 | 2953633 |

---

*See financial notes*

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**35**

------

Schwab International Core Equity Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Santen Pharmaceutical Co. Ltd.  | 163100 | 1651939 |
| Shionogi & Co. Ltd.  | 212400 | 3568429 |
| Sompo Holdings, Inc.  | 165500 | 5423616 |
| Sony Group Corp.  | 516000 | 13613517 |
| Sumitomo Mitsui Financial Group, Inc.  | 468300 | 11172333 |
| Tokio Marine Holdings, Inc.  | 171500 | 6874123 |
| Tokyo Electron Ltd.  | 24600 | 3662899 |
| Toyo Suisan Kaisha Ltd.  | 11000 | 711103 |
|  |  | **123729822** |
| **Luxembourg 0.5%** | **Luxembourg 0.5%** | **Luxembourg 0.5%** |
| Spotify Technology SA \* | 6000 | **3683880** |
| **Netherlands 4.5%** | **Netherlands 4.5%** | **Netherlands 4.5%** |
| ABN AMRO Bank NV, GDR  | 420767 | 8719489 |
| ASML Holding NV  | 9290 | 6219115 |
| Koninklijke Ahold Delhaize NV  | 222708 | 9144178 |
| Wolters Kluwer NV  | 40276 | 7111088 |
|  |  | **31193870** |
| **Norway 0.2%** | **Norway 0.2%** | **Norway 0.2%** |
| DNB Bank ASA  | 57502 | **1437441** |
| **Republic of Korea 1.2%** | **Republic of Korea 1.2%** | **Republic of Korea 1.2%** |
| Kia Corp.  | 47159 | 2997109 |
| Samsung Electronics Co. Ltd.  | 36000 | 1404631 |
| SK Hynix, Inc.  | 27820 | 3471187 |
|  |  | **7872927** |
| **Singapore 0.1%** | **Singapore 0.1%** | **Singapore 0.1%** |
| Yangzijiang Shipbuilding Holdings Ltd. \* | 519800 | **890398** |
| **South Africa 0.2%** | **South Africa 0.2%** | **South Africa 0.2%** |
| Harmony Gold Mining Co. Ltd.  | 82201 | **1291573** |
| **Spain 3.6%** | **Spain 3.6%** | **Spain 3.6%** |
| Aena SME SA  | 24693 | 6203275 |
| Banco Bilbao Vizcaya Argentaria SA  | 382141 | 5244518 |
| Banco Santander SA  | 1078329 | 7592364 |
| Industria de Diseno Textil SA *(a)* | 90640 | 4874164 |
| International Consolidated Airlines Group <br> SA <br>| 195677 | 679873 |
|  |  | **24594194** |
| **Sweden 2.3%** | **Sweden 2.3%** | **Sweden 2.3%** |
| Atlas Copco AB, A Shares *(a)* | 351919 | 5447247 |
| Telefonaktiebolaget LM Ericsson, B Shares  | 820000 | 6926851 |
| Volvo AB, B Shares  | 124682 | 3389296 |
|  |  | **15763394** |
| **Switzerland 11.4%** | **Switzerland 11.4%** | **Switzerland 11.4%** |
| ABB Ltd.  | 134500 | 7103045 |
| Geberit AG  | 9260 | 6414590 |
| Holcim AG \* | 97111 | 10851950 |
| Logitech International SA  | 33212 | 2523782 |
| Nestle SA  | 149043 | 15863747 |
| Novartis AG  | 143478 | 16364700 |
| Roche Holding AG  | 43264 | 14146737 |
| Schindler Holding AG, Participation <br> Certificates <br>| 7141 | 2611784 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Zurich Insurance Group AG  | 3000 | 2127812 |
|  |  | **78008147** |
| **Taiwan 1.3%** | **Taiwan 1.3%** | **Taiwan 1.3%** |
| MediaTek, Inc.  | 107000 | 4546758 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd. <br>| 162000 | 4590198 |
|  |  | **9136956** |
| **United Kingdom 13.5%** | **United Kingdom 13.5%** | **United Kingdom 13.5%** |
| AstraZeneca PLC  | 49464 | 7086549 |
| BAE Systems PLC  | 94800 | 2197714 |
| Barclays PLC  | 996505 | 3969718 |
| Centrica PLC  | 1842241 | 3944296 |
| Fresnillo PLC  | 60872 | 815841 |
| Games Workshop Group PLC  | 39803 | 8197124 |
| GSK PLC  | 493053 | 9753917 |
| HSBC Holdings PLC  | 918206 | 10235591 |
| IMI PLC  | 127553 | 3027191 |
| Imperial Brands PLC  | 240572 | 9871404 |
| NatWest Group PLC  | 511461 | 3289865 |
| RELX PLC  | 86206 | 4704705 |
| Rightmove PLC  | 254020 | 2508741 |
| Rolls-Royce Holdings PLC  | 272996 | 2763394 |
| Shell PLC  | 412231 | 13303415 |
| Unilever PLC  | 90675 | 5773266 |
| Vodafone Group PLC  | 956437 | 939891 |
|  |  | **92382622** |
| **Total Common Stocks** <br>**(Cost $527,474,412)** | **Total Common Stocks** <br>**(Cost $527,474,412)** | **668253766** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 1.3% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 1.3% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 1.3% OF NET ASSETS |
| **Money Market Funds 1.3%** | **Money Market Funds 1.3%** | **Money Market Funds 1.3%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.29% *(b)*<br>| 1814860 | 1814860 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.29% *(b)(c)*<br>| 7075180 | 7075180 |
|  |  | **8890040** |
| **Total Short-Term Investments** <br>**(Cost $8,890,040)** | **Total Short-Term Investments** <br>**(Cost $8,890,040)** | **8890040** |
| **Total Investments in Securities** <br>**(Cost $536,364,452)** | **Total Investments in Securities** <br>**(Cost $536,364,452)** | **677143806** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $6,809,547. 

*(b)* The rate shown is the annualized 7-day yield.

*(c)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

GDR — Global Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See financial notes*

**36**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

------

Schwab International Core Equity Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | |
|:---|:---|
|  | % OF NET ASSETS |
| **SECTOR WEIGHTINGS** | **SECTOR WEIGHTINGS** |
| Financials | 22.9<br> %<br>|
| Industrials | 17.5<br> %<br>|
| Health Care | 12.6<br> %<br>|
| Consumer Discretionary | 10.4<br> %<br>|
| Information Technology | 8.2<br> %<br>|
| Consumer Staples | 7.8<br> %<br>|
| Materials | 5.3<br> %<br>|
| Communication Services | 4.7<br> %<br>|
| Utilities | 4.1<br> %<br>|
| Energy | 3.0<br> %<br>|
| Other *(a)* | 0.8<br> %<br>|
| Short-Term Investments | 1.3<br> %<br>|
| **Total** | **98.6%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Includes holdings within sectors that are less than 1.0% of net assets.

------

The following is a summary of the inputs used to value the fund's investments as of April 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $— | &nbsp;&nbsp; $656320200 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $656320200 |
| Brazil | 2247344 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2247344 |
| Canada | 4026302 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4026302 |
| Israel | 1976040 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1976040 |
| Luxembourg | 3683880 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3683880 |
| Short-Term Investments<sup>1</sup> <br>| 8890040 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8890040 |
| **Total** | **$20823606** | &nbsp;&nbsp; **$656320200** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$677143806** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings.

*See financial notes*

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**37**

------

Schwab International Core Equity Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $536,364,452) including securities on loan of $6,809,547 |  | $677143806 |
| Foreign currency, at value (cost $12,618,221) |  | 12650922 |
| Receivables: |  |  |
| Dividends |  | 2656179 |
| Foreign tax reclaims |  | 1644309 |
| Fund shares sold |  | 624607 |
| Income from securities on loan |  | 15659 |
| Prepaid expenses | + | 23328 |
| **Total assets** |  | **694758810** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 7075180 |
| Payables: |  |  |
| Fund shares redeemed |  | 479561 |
| Investment adviser and administrator fees |  | 309992 |
| Shareholder service fees |  | 126940 |
| Due to custodian  |  | 25 |
| Accrued expenses | + | 114451 |
| **Total liabilities** |  | **8106149** |
| **Net assets** |  | **$686652661** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $563609183 |
| Total distributable earnings | + | 123043478 |
| **Net assets** |  | **$686652661** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $686652661 |  | &nbsp;&nbsp;&nbsp;&nbsp; 52536434 |  | &nbsp;&nbsp;&nbsp;&nbsp; $13.07 |

---

*See financial notes*

**38**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

------

Schwab International Core Equity Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $1,140,596) |  | $10800988 |
| Securities on loan, net | + | 29837 |
| **Total investment income**  |  | **10830825** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser and administrator fees |  | 1820472 |
| Shareholder service fees |  | 772122 |
| Portfolio accounting fees |  | 33995 |
| Custodian fees |  | 29119 |
| Professional fees |  | 22059 <br><sup>1</sup><br>|
| Registration fees |  | 13858 |
| Shareholder reports |  | 6596 |
| Transfer agent fees  |  | 5551 |
| Independent trustees' fees |  | 3541 |
| Other expenses | + | 11848 |
| **Total expenses** |  | **2719161** |
| Expense reduction | – | 19336 <br><sup>1</sup><br>|
| **Net expenses** | – | **2699825** |
| **Net investment income** |  | **8131000** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 34398611 |
| Net realized gains on foreign currency transactions | + | 220139 |
| **Net realized gains** |  | **34618750** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 24010443 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 244399 |
| **Net change in unrealized appreciation (depreciation)** | **+** | **24254842** |
| **Net realized and unrealized gains** |  | **58873592** |
| **Increase in net assets resulting from operations** |  | **$67004592** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Includes professional fees of $1,620 associated with the filing of foreign withholding tax claims in the European Union. Fees are deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d) and 3 for additional information). 

*See financial notes*

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**39**

------

Schwab International Core Equity Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $8131000 | &nbsp;&nbsp;&nbsp; $13084452 |
| Net realized gains |  | 34618750 | &nbsp;&nbsp;&nbsp; 48548012 |
| Net change in unrealized appreciation (depreciation) | + | 24254842 | &nbsp;&nbsp;&nbsp; 69198213 |
| **Increase in net assets resulting from operations** |  | **$67004592** | &nbsp;&nbsp;&nbsp; **$130830677** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($15343968)**<br>| &nbsp;&nbsp;&nbsp; **($14962629)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 4117254 | &nbsp;&nbsp;&nbsp; $50899633 | &nbsp;&nbsp;&nbsp; 3780391 | &nbsp;&nbsp;&nbsp; $44409332 |
| Shares reinvested |  | 1151053 | &nbsp;&nbsp;&nbsp; 13651480 | &nbsp;&nbsp;&nbsp; 1254919 | &nbsp;&nbsp;&nbsp; 13302138 |
| Shares redeemed | + | (3311639)<br>| &nbsp;&nbsp;&nbsp; (40635622)<br>| &nbsp;&nbsp;&nbsp; (6395731)<br>| &nbsp;&nbsp;&nbsp; (73647131)<br>|
| **Net transactions in fund shares**  |  | **1956668** | &nbsp;&nbsp;&nbsp; **$23915491** | &nbsp;&nbsp;&nbsp; **(1360421)**<br>| &nbsp;&nbsp;&nbsp; **($15935661)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 50579766 | &nbsp;&nbsp;&nbsp; $611076546 | &nbsp;&nbsp;&nbsp; 51940187 | &nbsp;&nbsp;&nbsp; $511144159 |
| Total increase (decrease) | + | 1956668 | &nbsp;&nbsp;&nbsp; 75576115 | &nbsp;&nbsp;&nbsp; (1360421)<br>| &nbsp;&nbsp;&nbsp; 99932387 |
| **End of period** |  | **52536434** | &nbsp;&nbsp;&nbsp; **$686652661** | &nbsp;&nbsp;&nbsp; **50579766** | &nbsp;&nbsp;&nbsp; **$611076546** |

---

*See financial notes*

**40**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

------

Schwab Active Equity Funds

Financial Notes, unaudited

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Business Structure of the Funds:**

Each of the funds in this report is a series of Schwab Capital Trust (the trust), a no-load, open-end management investment company. The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the funds discussed in this report, which are highlighted:

---

| | |
|:---|:---|
| **SCHWAB CAPITAL TRUST** | **SCHWAB CAPITAL TRUST** |
| **Schwab Core Equity Fund** | Schwab Target 2045 Fund |
| **Schwab Dividend Equity Fund** | Schwab Target 2050 Fund |
| **Schwab Large-Cap Growth Fund** | Schwab Target 2055 Fund |
| **Schwab Small-Cap Equity Fund** | Schwab Target 2060 Fund |
| **Schwab Health Care Fund** | Schwab Target 2065 Fund |
| **Schwab International Core Equity Fund** | Schwab Fundamental U.S. Large Company Index Fund |
| Schwab S&P 500 Index Fund | Schwab Fundamental U.S. Small Company Index Fund |
| Schwab Small-Cap Index Fund | Schwab Fundamental International Equity Index Fund |
| Schwab Total Stock Market Index Fund | Schwab Fundamental International Small Equity Index Fund |
| Schwab U.S. Large-Cap Growth Index Fund | Schwab Fundamental Emerging Markets Equity Index Fund |
| Schwab U.S. Large-Cap Value Index Fund | Schwab Fundamental Global Real Estate Index Fund |
| Schwab U.S. Mid-Cap Index Fund | Schwab Target 2010 Index Fund |
| Schwab International Index Fund | Schwab Target 2015 Index Fund |
| Schwab MarketTrack All Equity Portfolio™ | Schwab Target 2020 Index Fund |
| Schwab MarketTrack Growth Portfolio™ | Schwab Target 2025 Index Fund |
| Schwab MarketTrack Balanced Portfolio™ | Schwab Target 2030 Index Fund |
| Schwab MarketTrack Conservative Portfolio™ | Schwab Target 2035 Index Fund |
| Schwab International Opportunities Fund | Schwab Target 2040 Index Fund |
| Schwab Balanced Fund | Schwab Target 2045 Index Fund |
| Schwab Target 2010 Fund | Schwab Target 2050 Index Fund |
| Schwab Target 2015 Fund | Schwab Target 2055 Index Fund |
| Schwab Target 2020 Fund | Schwab Target 2060 Index Fund |
| Schwab Target 2025 Fund | Schwab Target 2065 Index Fund |
| Schwab Target 2030 Fund | Schwab Monthly Income Fund - Target Payout |
| Schwab Target 2035 Fund | Schwab Monthly Income Fund - Flexible Payout |
| Schwab Target 2040 Fund | Schwab Monthly Income Fund - Income Payout |

---

Each fund offers one share class. Shares are bought and sold at closing net asset value per share (NAV), which is the price for all outstanding shares of a fund. Each share has a par value of 1/1,000 of a cent, and the funds' Board of Trustees (the Board) may authorize the issuance of as many shares as necessary.

Each fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each fund may also keep certain assets in segregated accounts, as required by securities law. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

**Investment Objectives** 

The **Schwab Core Equity Fund** seeks long-term capital growth.

The **Schwab Dividend Equity Fund** seeks current income and capital appreciation.

The **Schwab Large-Cap Growth Fund** seeks long-term capital growth.

The **Schwab Small-Cap Equity Fund** seeks long-term capital growth.

The **Schwab Health Care Fund** seeks long-term capital growth.

The **Schwab International Core Equity Fund** seeks long-term capital growth.

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**41**

------

Schwab Active Equity Funds

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies:**

The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) *Topic 946 Financial Services — Investment Companies*. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

In this reporting period, the funds adopted FASB Accounting Standards Update 2023-07, ASC Topic 280 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the funds' financial position or the results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management committee of each fund's investment adviser acts as the funds' CODM. The CODM has determined that each fund operates as a single operating segment given each fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of each fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the funds, is presented within each of the fund's financial statements.

The funds may invest in mutual funds and exchange-traded funds (ETFs), which are referred to as "underlying funds". For more information about the underlying funds' operations and policies, please refer to those funds' semiannual and annual reports and holdings and financial statements, which are filed in Form N-CSR with the U.S. Securities and Exchange Commission (SEC) and available on the SEC's website at www.sec.gov.

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the funds' investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities held in the funds' portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities traded on an exchange or over-the-counter:** Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign equity security fair valuation:** The Valuation Designee has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the valuation of a fund's holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the Valuation Designee seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter "arbitrage" market timers, who seek to exploit delays between the change in the value of a fund's portfolio holdings and the NAV of a fund's shares and seeks to help ensure that the prices at which a fund's shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of a fund and that of its comparative index or benchmark.

&nbsp;&nbsp;&nbsp;&nbsp;● **Futures contracts:** Futures contracts are valued at their settlement prices as of the close of their exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mutual funds:** Mutual funds are valued at their respective NAVs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities for which no quoted value is available:** The Valuation Designee has adopted procedures to fair value a fund's securities when market prices are not "readily available" or are unreliable. For example, a security may be fair valued when it's de-listed or its trading is halted or suspended; when a security's primary pricing source is unable or unwilling to provide a price; or when a security's primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including

**42**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

------

Schwab Active Equity Funds

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security.

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee's judgment will be required to estimate fair value.

The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, ETFs and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2 or Level 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include forward foreign currency exchange contracts, U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. In addition, international securities whose markets close hours before the valuation of a fund's holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of foreign markets. The Valuation Designee has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Valuation Designee's assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund's results of operations.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The levels associated with valuing the funds' investments as of April 30, 2025, are disclosed in each fund's Portfolio Holdings.

**(b) Accounting Policies for certain Portfolio Investments (if held):**

**Futures Contracts:** Futures contracts are instruments that represent an agreement between two parties that obligates one party to buy, and the other party to sell, specific instruments at an agreed upon price on a stipulated future date. A fund must give the broker a deposit of cash and/or securities (initial margin) whenever it enters into a futures contract. The amount of the deposit may vary from one contract to another. Subsequent payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized appreciation or depreciation until the contract is closed, at which time the gains or losses are realized. Futures contracts are traded publicly on exchanges, and their value may change daily.

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**43**

------

Schwab Active Equity Funds

Financial Notes, unaudited (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**Cash Investments:** The funds, except for Schwab Core Equity Fund and Schwab International Core Equity Fund, may invest a portion of their assets in cash. Cash includes cash bank balances in an interest-bearing demand deposit account with maturity on demand by the funds.

**Securities Lending:** Under the trust's Securities Lending Program, a fund (lender) may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides a fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. Each fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the funds or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in each fund's Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between a fund and the lending agent. The aggregate fair value of securities loaned will not at any time exceed one-third of the total assets of a fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agents start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.

As of April 30, 2025, Schwab Core Equity Fund, Schwab Small-Cap Equity Fund and Schwab International Core Equity Fund had securities on loan, all of which were classified as common stocks. The value of the securities on loan and the related collateral as of April 30, 2025, are disclosed in each fund's Portfolio Holdings and Statement of Assets and Liabilities.

**Passive Foreign Investment Companies:** Certain funds may own shares in certain foreign corporations that meet the Internal Revenue Code, as amended, definition of a Passive Foreign Investment Company (PFIC). The funds may elect for tax purposes to mark-to-market annually the shares of each PFIC lot held and would be required to distribute as ordinary income to shareholders any such marked-to-market gains (as well as any gains realized on sale).

**Central Securities Depositories Regulation:** The Central Securities Depositories Regulation (CSDR) introduced measures for the authorization and supervision of European Union Central Security Depositories and created a common set of prudential, organizational, and conduct of business standards at a European level. CSDR is designed to support securities settlement and operational aspects of securities settlement, including the provision of shorter settlement periods; mandatory buy-ins; and cash penalties, to prevent and address settlement fails. CSDR measures are aimed to prevent settlement fails by ensuring that all transaction details are provided to facilitate settlement, as well as further incentivizing timely settlement by imposing cash penalty fines and buy-ins. Certain funds may be subject to pay cash penalties and may also receive cash penalties with certain counterparties in instances where there are settlement fails. These cash penalties are included in net realized gains (losses) on sales of securities — unaffiliated issuers in each fund's Statement of Operations, if any.

**(c) Security Transactions:** 

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

Assets and liabilities denominated in foreign currencies are reported in U.S. dollars. For assets and liabilities held on a given date, the dollar value is based on market exchange rates in effect on that date. Transactions involving foreign currencies, including purchases, sales, income receipts and expense payments, are calculated using exchange rates in effect on the transaction date. Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the differences between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange appreciation or depreciation arises from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period. These realized and unrealized foreign exchange gains or losses are

**44**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

------

Schwab Active Equity Funds

Financial Notes, unaudited (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

reported in foreign currency transactions or translations, if any, in each fund's Statement of Operations. The funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments, if any.

Gains realized by the funds on the sale of securities in certain foreign countries may be subject to non-U.S. taxes. In those instances, the funds record a liability based on unrealized appreciation to provide for potential non-U.S. taxes payable upon the sale of these securities.

When a fund closes out a futures contract position, it calculates the difference between the value of the position at the beginning and at the end of the contract, and records a realized gain or loss accordingly.

**(d) Investment Income:**

Interest income is recorded as it accrues. Dividends and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date), although the funds record certain foreign security dividends on the date the ex-dividend date is confirmed. Non-cash dividends in the form of additional securities are recorded on the ex-dividend date at fair value, if any. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities and there are no significant uncertainties on collectibility in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.

The Schwab International Core Equity Fund filed claims to recover taxes previously withheld in certain European Union countries on the basis that those countries had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. These filings are subject to various administrative and judicial proceedings within these countries, and all professional fees associated with these filings have been paid by the investment adviser. The professional fees related to European Union foreign withholding tax claims are non-contingent and non-routine expenses which are subject to repayment to the investment adviser (see financial note 3 for additional information).

For U.S. income tax purposes, European Union reclaims received reduce the amounts of foreign taxes that the fund passes through to its shareholders. If European Union reclaims received exceed foreign withholding taxes paid, the Schwab International Core Equity Fund will evaluate the requirements to enter into a closing agreement with the Internal Revenue Service (IRS) to address any prior years' U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by fund shareholders on their tax returns in prior years. During the period ended April 30, 2025, the Schwab International Core Equity Fund did not incur any compliance fees.

**(e) Expenses:**

Expenses that are specific to a fund are charged directly to the fund. Expenses that are common to more than one fund in the trusts generally are allocated among those funds in proportion to their average daily net assets.

**(f) Distributions to Shareholders:**

The funds make distributions from net investment income, if any, once a year, with the exception of the Schwab Dividend Equity Fund which typically pays quarterly distributions. The funds make distributions from net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(g) Accounting Estimates:**

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It's possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**45**

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Schwab Active Equity Funds

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(h) Federal Income Taxes:**

The funds intend to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the funds distribute substantially all of their net investment income and net realized capital gains, if any, to their shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.

**(i) Foreign Taxes:**

Certain funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, foreign currency exchanges and capital gains on investments. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in foreign markets in which the funds invest. These foreign taxes, if any, are paid by the funds and are disclosed in each fund's Statement of Operations. Foreign taxes accrued as of April 30, 2025, if any, are reflected in each fund's Statement of Assets and Liabilities.

**(j) Indemnification:**

Under the funds' organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business the funds enter into contracts with their vendors and others that provide general indemnifications. The funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. However, based on experience, the funds expect the risk of loss attributable to these arrangements to be remote.

------

**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as each fund's investment adviser and administrator pursuant to the Investment Advisory and Administration Agreement between the investment adviser and each fund.

For its advisory and administrative services to the funds, the investment adviser is entitled to receive an annual fee, payable monthly, based on a percentage of each fund's average daily net assets as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| % OF AVERAGE DAILY NET ASSETS | SCHWAB<br> CORE<br> EQUITY FUND<br>| SCHWAB<br> DIVIDEND<br> EQUITY FUND<br>| SCHWAB<br> LARGE-CAP<br> GROWTH FUND<br>| SCHWAB<br> SMALL-CAP<br> EQUITY FUND<br>| SCHWAB<br> INTERNATIONAL<br> CORE<br> EQUITY FUND<br>|
| Flat rate | 0.47<br> %<br>| 0.62<br> %<br>| 0.72<br> %<br>| 0.81<br> %<br>| 0.58<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| % OF AVERAGE DAILY NET ASSETS | SCHWAB<br> HEALTH CARE<br> FUND<br>|
| First $500 million | 0.54<br> %<br>|
| $500 million to $1 billion | 0.515<br> %<br>|
| Over $1 billion | 0.49<br> %<br>|

---

For the period ended April 30, 2025, the aggregate advisory fee paid to the investment adviser by the Schwab Health Care Fund was 0.53%, as a percentage of the fund's average daily net assets.

**Shareholder Servicing**

The Board has adopted a Shareholder Servicing Plan (the Plan) on behalf of the funds. The Plan enables each fund to bear expenses relating to the provision by financial intermediaries, including Charles Schwab & Co., Inc. (Schwab), a broker-dealer affiliate of the investment adviser (together, service providers), of certain account maintenance, customer liaison and shareholder services to the current shareholders of the funds.

**46**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

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Schwab Active Equity Funds

Financial Notes, unaudited (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

Pursuant to the Plan, each fund's shares are subject to an annual shareholder servicing fee up to 0.25%. The shareholder servicing fee paid to a particular service provider is made pursuant to its written agreement with Schwab, as distributor of the funds (or, in the case of payments made to Schwab acting as a service provider, pursuant to Schwab's written agreement with the funds). Payments under the Plan are made as described above without regard to whether the fee is more or less than the service provider's actual cost of providing the services, and if more, such excess may be retained as profit by the service provider.

**Expense Limitation**

The investment adviser and its affiliates have made an additional agreement with the funds, for so long as the investment adviser serves as the investment adviser to the funds, in which the agreement may only be amended or terminated with the approval of the Board, to limit the total annual fund operating expenses charged, excluding interest, taxes and certain non-routine expenses (expense limitation). The below expense limitation also excludes paying acquired fund fees and expenses, which are indirect expenses incurred by the funds through their investments in underlying funds. Acquired fund fees and expenses are reflected in the net asset values of the underlying funds. The expense limitation as a percentage of average daily net assets is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| SCHWAB<br> CORE<br> EQUITY FUND<br>| SCHWAB<br> DIVIDEND<br> EQUITY FUND<br>| SCHWAB<br> LARGE-CAP<br> GROWTH FUND<br>| SCHWAB<br> SMALL-CAP<br> EQUITY FUND<br>| SCHWAB<br> HEALTH CARE<br> FUND<br>| SCHWAB<br> INTERNATIONAL<br> CORE<br> EQUITY FUND<br>|
| 0.75<br> %<br>| 0.89<br> %<br>| 0.99<br> %<br>| 1.12<br> %<br>| 0.82<br> %<br>| 0.86<br> %<br>|

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**Investments from Affiliates**

Funds in the Fund Complex may own shares of other funds in the Fund Complex. The table below reflects the percentage of shares of each fund in this report that is owned by other funds in the Fund Complex as of April 30, 2025, as applicable:

---

| | | | |
|:---|:---|:---|:---|
|  | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS |
|  | SCHWAB<br> CORE<br> EQUITY FUND<br>| SCHWAB<br> SMALL-CAP<br> EQUITY FUND<br>| SCHWAB<br> INTERNATIONAL<br> CORE<br> EQUITY FUND<br>|
| Schwab Balanced Fund | 13.0<br> %<br>| 9.9<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2010 Fund | 0.0<br> %\*<br>| 0.1<br> %<br>| 0.2<br> %<br>|
| Schwab Target 2015 Fund | 0.1<br> %<br>| 0.1<br> %<br>| 0.3<br> %<br>|
| Schwab Target 2020 Fund | 0.4<br> %<br>| 0.9<br> %<br>| 1.8<br> %<br>|
| Schwab Target 2025 Fund | 0.6<br> %<br>| 1.4<br> %<br>| 2.7<br> %<br>|
| Schwab Target 2030 Fund | 2.1<br> %<br>| 4.5<br> %<br>| 9.1<br> %<br>|
| Schwab Target 2035 Fund | 1.5<br> %<br>| 3.5<br> %<br>| 6.9<br> %<br>|
| Schwab Target 2040 Fund | 3.3<br> %<br>| 7.9<br> %<br>| 15.4<br> %<br>|
| Schwab Target 2045 Fund | 0.9<br> %<br>| 2.4<br> %<br>| 4.5<br> %<br>|
| Schwab Target 2050 Fund | 1.0<br> %<br>| 2.6<br> %<br>| 4.9<br> %<br>|
| Schwab Target 2055 Fund | 0.7<br> %<br>| 2.0<br> %<br>| 3.5<br> %<br>|
| Schwab Target 2060 Fund | 0.3<br> %<br>| 0.9<br> %<br>| 1.5<br> %<br>|
| Schwab Target 2065 Fund | 0.1<br> %<br>| 0.3<br> %<br>| 0.5<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

**Other Affiliated Transactions**

The professional fees related to European Union foreign withholding tax claims discussed in financial note 2(d) are non-contingent and non-routine expenses. The investment adviser agreed to pay these professional fees, on behalf of the Schwab International Core Equity Fund, subject to reimbursement by the fund to the investment adviser to the extent the fund is able to successfully recover taxes in the future.

During the period ended April 30, 2025, the professional fees incurred by the Schwab International Core Equity Fund and paid by the investment adviser were $1,620, as shown as Professional fees in the fund's Statement of Operations.

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**47**

------

Schwab Active Equity Funds

Financial Notes, unaudited (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

During the period ended April 30, 2025, the Schwab International Core Equity Fund did not recover any previously withheld foreign taxes and made no reimbursement to the investment adviser.

As of April 30, 2025, the balance of professional fees related to foreign withholding tax claims subject to future reimbursement by the Schwab International Core Equity Fund to the investment adviser was $22,130.

No other amounts for additional foreign withholding tax claims are reflected in the financial statements due to the uncertainty surrounding the ultimate resolution of proceedings, the likelihood of receipt of these claims, and the potential timing of payment.

**Interfund Transactions**

The funds may engage in direct transactions with other funds in the Fund Complex in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment adviser. The net realized gains or losses on sales of interfund transactions are recorded in Net realized gains (losses) on sales of securities — unaffiliated issuers in the Statement of Operations. For the period ended April 30, 2025, each fund's purchases and sales of securities with other funds in the Fund Complex as well as any net realized gains (losses) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | PURCHASE COST | SALE PROCEEDS | NET REALIZED GAINS (LOSSES) |
| Schwab Core Equity Fund | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Schwab Dividend Equity Fund |  | &nbsp;&nbsp; 4518 | &nbsp;&nbsp; 1502 |
| Schwab Large-Cap Growth Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Schwab Small-Cap Equity Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Schwab Health Care Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Schwab International Core Equity Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the Fund Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board. The funds had no interfund borrowing or lending activity during the period.

------

**4. Board of Trustees:**

The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trust was in compliance with these limitations throughout the report period. The funds did not pay any of these interested persons for their services as trustees, but did pay non-interested persons (independent trustees), as noted in each fund's Statement of Operations.

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**5. Borrowing from Banks:**

During the period, the funds were participants with other funds in the Fund Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), maturing on September 25, 2025. Under the terms of the Syndicated Credit Facility, in addition to the interest charged on any borrowings by a fund, each fund paid a commitment fee of 0.15% per annum on the funds' proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the funds were participants with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility), with State Street Bank and Trust Company, maturing on September 25, 2025. Under the terms of the Uncommitted Credit Facility, each fund pays interest on the amount a fund borrows. There were no borrowings by any of the funds from either line of credit during the period.

The funds also have access to custodian overdraft facilities. A fund may have utilized the overdraft facility and incurred an interest expense, which is disclosed in each fund's Statement of Operations, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

**48**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

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Schwab Active Equity Funds

Financial Notes, unaudited (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Derivatives:**

Certain funds entered into futures contracts during the report period to equitize available cash.

As of April 30, 2025, the Statement of Assets and Liabilities included the following financial derivative instrument fair values held at period end:

---

| | | |
|:---|:---|:---|
|  | EQUITY CONTRACTS | TOTAL |
| **Liability Derivatives** |  |  |
| Schwab Small-Cap Equity Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| ($397109)<br>| &nbsp;&nbsp; ($397109)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Includes cumulative unrealized depreciation of futures contracts as reported in the fund's Portfolio Holdings. Only current day's variation margin on futures contracts is reported in the Statement of Assets and Liabilities.

The effects of the derivative contracts in the Statement of Operations for the period ended April 30, 2025, were:

---

| | | |
|:---|:---|:---|
|  | EQUITY CONTRACTS | TOTAL |
| **Net Realized Gains (Losses)** |  |  |
| Schwab Large-Cap Growth Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| ($704396)<br>| &nbsp;&nbsp; ($704396)<br>|
| Schwab Small-Cap Equity Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| (516134)<br>| &nbsp;&nbsp; (516134)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Statement of Operations location: Net realized gains (losses) on futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation)** |  |  |
| Schwab Large-Cap Growth Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| ($47813)<br>| &nbsp;&nbsp; ($47813)<br>|
| Schwab Small-Cap Equity Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| (423065)<br>| &nbsp;&nbsp; (423065)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts.

During the period ended April 30, 2025, the month-end average notional amounts of futures contracts held by the funds and the month-end average number of contracts held were as follows:

---

| | | |
|:---|:---|:---|
|  | NOTIONAL AMOUNTS  | NUMBER OF CONTRACTS  |
| Schwab Core Equity Fund | $— | &nbsp;&nbsp; — |
| Schwab Dividend Equity Fund |  | &nbsp;&nbsp; — |
| Schwab Large-Cap Growth Fund | 5058500 | &nbsp;&nbsp; 17 |
| Schwab Small-Cap Equity Fund | 21027486 | &nbsp;&nbsp; 191 |
| Schwab Health Care Fund |  | &nbsp;&nbsp; — |
| Schwab International Core Equity Fund |  | &nbsp;&nbsp; — |

---

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**49**

------

Schwab Active Equity Funds

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Purchases and Sales of Investment Securities:**

For the period ended April 30, 2025, purchases and sales of securities (excluding short-term obligations) were as follows:

---

| | | |
|:---|:---|:---|
|  | PURCHASES <br>OF SECURITIES <br>| SALES <br>OF SECURITIES<br>|
| Schwab Core Equity Fund | $134473588 | &nbsp;&nbsp; $216105229 |
| Schwab Dividend Equity Fund | 6675291 | &nbsp;&nbsp; 40161708 |
| Schwab Large-Cap Growth Fund | 74095621 | &nbsp;&nbsp; 66296322 |
| Schwab Small-Cap Equity Fund | 290602579 | &nbsp;&nbsp; 295637908 |
| Schwab Health Care Fund | 140090099 | &nbsp;&nbsp; 218610356 |
| Schwab International Core Equity Fund | 259385781 | &nbsp;&nbsp; 249061779 |

---

------

**8. Federal Income Taxes:**

As of April 30, 2025, the tax basis cost of the funds' investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| Schwab Core Equity Fund | $790615074 | &nbsp;&nbsp; $592433206 | &nbsp;&nbsp; ($31611636)<br>| &nbsp;&nbsp; $560821570 |
| Schwab Dividend Equity Fund | 354514404 | &nbsp;&nbsp; 169882788 | &nbsp;&nbsp; (10721147)<br>| &nbsp;&nbsp; 159161641 |
| Schwab Large-Cap Growth Fund | 221499197 | &nbsp;&nbsp; 237471499 | &nbsp;&nbsp; (6065508)<br>| &nbsp;&nbsp; 231405991 |
| Schwab Small-Cap Equity Fund | 511254631 | &nbsp;&nbsp; 66529213 | &nbsp;&nbsp; (56860538)<br>| &nbsp;&nbsp; 9668675 |
| Schwab Health Care Fund | 455543235 | &nbsp;&nbsp; 238666213 | &nbsp;&nbsp; (12464738)<br>| &nbsp;&nbsp; 226201475 |
| Schwab International Core Equity Fund | 536921448 | &nbsp;&nbsp; 147169995 | &nbsp;&nbsp; (6947637)<br>| &nbsp;&nbsp; 140222358 |

---

The primary difference between book basis and tax basis unrealized appreciation or unrealized depreciation of investments is the tax deferral of losses on wash sales. The tax cost of the funds' investments, disclosed above, have been adjusted from their book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of October 31, 2024, the funds had capital loss carryforwards available as follows:

---

| | |
|:---|:---|
| Schwab Core Equity Fund | $— |
| Schwab Dividend Equity Fund |  |
| Schwab Large-Cap Growth Fund |  |
| Schwab Small-Cap Equity Fund |  |
| Schwab Health Care Fund |  |
| Schwab International Core Equity Fund | 57692555 |

---

For tax purposes, late-year ordinary losses may be deferred and treated as occurring on the first day of the following fiscal year. For the fiscal year ended October 31, 2024, the Schwab Large-Cap Growth Fund had late-year ordinary losses deferred of $824,993.

**50**Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

------

Schwab Active Equity Funds

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Federal Income Taxes (continued):** 

The tax basis components of distributions and components of distributable earnings on a tax basis are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of April 30, 2025. The tax basis components of distributions paid during the fiscal year ended October 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | PRIOR FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | ORDINARY <br>INCOME <br>| LONG-TERM <br>CAPITAL <br>GAINS <br>|
| Schwab Core Equity Fund | $13254300 | &nbsp;&nbsp; $23811728 |
| Schwab Dividend Equity Fund | 10178461 | &nbsp;&nbsp; 617825 |
| Schwab Large-Cap Growth Fund | 115375 | &nbsp;&nbsp; — |
| Schwab Small-Cap Equity Fund | 2107396 | &nbsp;&nbsp; — |
| Schwab Health Care Fund | 6726032 | &nbsp;&nbsp; 20820249 |
| Schwab International Core Equity Fund | 14962629 | &nbsp;&nbsp; — |

---

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

As of October 31, 2024, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds' financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in each fund's Statement of Operations. During the fiscal year ended October 31, 2024, the funds did not incur any interest or penalties.

------

**9. Subsequent Events:**

Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

Schwab Active Equity Funds \| Semiannual Holdings and Financial Statements

**51**

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g179769img09018f501.jpg)

MFR27230-22

00314153

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g179765img051884de1.jpg)

**Semiannual Holdings and Financial Statements** \| April 30, 2025

Schwab Balanced Fund

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Financial Statements and Portfolio Holdings](#xx_d58a20d3-702c-4788-9e0b-5857999e70ae_1) | 2 |
| [Financial Notes](#xx_9a536e72-6383-4fa7-8286-b2e07544c063_1) | 7  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: Charles Schwab & Co., Inc. (Schwab)

Schwab Balanced Fund \| Semiannual Holdings and Financial Statements

**1**

------

Schwab Balanced Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $17.29 | &nbsp;&nbsp; $14.64 | &nbsp;&nbsp; $15.11 | &nbsp;&nbsp; $19.74 | &nbsp;&nbsp; $16.50 | &nbsp;&nbsp; $15.99 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.19 | 0.32 | 0.27 | 0.21 | 0.19 | 0.20 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.23)<br>| 3.21 | 0.68 | &nbsp;&nbsp; (3.62)<br>| 3.58 | 1.13 |
| Total from investment operations | &nbsp;&nbsp; (0.04)<br>| 3.53 | 0.95 | &nbsp;&nbsp; (3.41)<br>| 3.77 | 1.33 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.22)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.60)<br>|
| Total distributions | &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.82)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $16.42 | &nbsp;&nbsp; $17.29 | &nbsp;&nbsp; $14.64 | &nbsp;&nbsp; $15.11 | &nbsp;&nbsp; $19.74 | &nbsp;&nbsp; $16.50 |
| Total return | &nbsp;&nbsp; (0.35 %)<sup>2</sup><br>| 24.80<br> %<br>| 6.74<br> %<br>| &nbsp;&nbsp; (18.51<br> %)<br>| 23.20<br> %<br>| 8.58<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| 0.00 %<sup>4</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>5</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>|
| Total expenses<sup>3</sup> <br>| 0.02 %<sup>4</sup><br>| 0.02<br> %<br>| 0.02<br> %<br>| 0.03 %<sup>5</sup><br>| 0.02<br> %<br>| 0.03<br> %<br>|
| Net investment income (loss) | 2.30 %<sup>4</sup><br>| 1.98<br> %<br>| 1.78<br> %<br>| 1.25<br> %<br>| 1.01<br> %<br>| 1.26<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 7 %<sup>2</sup><br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 31<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 18<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $663679 | &nbsp;&nbsp; $694080 | &nbsp;&nbsp; $585145 | &nbsp;&nbsp; $619501 | &nbsp;&nbsp; $803812 | &nbsp;&nbsp; $577427 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>4</sup> Annualized.

<sup>5</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**2**Schwab Balanced Fund \| Semiannual Holdings and Financial Statements

------

Schwab Balanced Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS |
| **U.S. Stocks 49.6%** | **U.S. Stocks 49.6%** | **U.S. Stocks 49.6%** | **U.S. Stocks 49.6%** | **U.S. Stocks 49.6%** | **U.S. Stocks 49.6%** | **U.S. Stocks 49.6%** | **U.S. Stocks 49.6%** | **U.S. Stocks 49.6%** |
| **Large-Cap 41.5%** | **Large-Cap 41.5%** | **Large-Cap 41.5%** | **Large-Cap 41.5%** | **Large-Cap 41.5%** | **Large-Cap 41.5%** | **Large-Cap 41.5%** | **Large-Cap 41.5%** | **Large-Cap 41.5%** |
| Schwab Core Equity Fund  | $186856806 | $16421438 | ($9031996)<br>| ($171249)<br>| ($19325009)<br>| $174749990 | 7954028 | $14777655 |
| Schwab Select Large Cap Growth Fund \* | 107222986 | 11087743 | (6495268)<br>| 138386 | (11269054)<br>| 100684793 | 4251892 | 8322884 |
|  |  |  |  |  |  | 275434783 |  |  |
| **Small-Cap 8.1%** | **Small-Cap 8.1%** | **Small-Cap 8.1%** | **Small-Cap 8.1%** | **Small-Cap 8.1%** | **Small-Cap 8.1%** | **Small-Cap 8.1%** | **Small-Cap 8.1%** | **Small-Cap 8.1%** |
| Schwab Small-Cap Equity Fund  | 60295384 | 9273216 | (2236510)<br>| 436548 | (13659345)<br>| 54109293 | 3138590 | 7303919 |
|  |  |  |  |  |  | 329544076 |  |  |
| **International Stocks 10.5%** | **International Stocks 10.5%** | **International Stocks 10.5%** | **International Stocks 10.5%** | **International Stocks 10.5%** | **International Stocks 10.5%** | **International Stocks 10.5%** | **International Stocks 10.5%** | **International Stocks 10.5%** |
| **Developed Markets 10.5%** | **Developed Markets 10.5%** | **Developed Markets 10.5%** | **Developed Markets 10.5%** | **Developed Markets 10.5%** | **Developed Markets 10.5%** | **Developed Markets 10.5%** | **Developed Markets 10.5%** | **Developed Markets 10.5%** |
| Schwab International Opportunities Fund  | 66490396 | 3393279 | (2786576)<br>| (388979)<br>| 2791377 | 69499497 | 3223539 | 1293278 |
| **Fixed Income 36.9%** | **Fixed Income 36.9%** | **Fixed Income 36.9%** | **Fixed Income 36.9%** | **Fixed Income 36.9%** | **Fixed Income 36.9%** | **Fixed Income 36.9%** | **Fixed Income 36.9%** | **Fixed Income 36.9%** |
| **Intermediate-Term Bond 36.9%** | **Intermediate-Term Bond 36.9%** | **Intermediate-Term Bond 36.9%** | **Intermediate-Term Bond 36.9%** | **Intermediate-Term Bond 36.9%** | **Intermediate-Term Bond 36.9%** | **Intermediate-Term Bond 36.9%** | **Intermediate-Term Bond 36.9%** | **Intermediate-Term Bond 36.9%** |
| Schwab U.S. Aggregate Bond Index Fund  | 252441217 | 16134950 | (25052678)<br>| (5123469)<br>| 6540546 | 244940566 | 27398274 | 5154442 |
| **Money Market Funds 2.6%** | **Money Market Funds 2.6%** | **Money Market Funds 2.6%** | **Money Market Funds 2.6%** | **Money Market Funds 2.6%** | **Money Market Funds 2.6%** | **Money Market Funds 2.6%** | **Money Market Funds 2.6%** | **Money Market Funds 2.6%** |
| Schwab Government Money Fund, Ultra <br> Shares, 4.21% <sup>(b)</sup> <br>| 16754068 | 367176 |  |  |  | 17121244 | 17121244 | 363351 |
| **Total Affiliated Underlying Funds** <br>**(Cost $621,249,230)**<br>| **$690060857** | **$56677802** | **($45603028)**<br>| **($5108763)**<br>| **($34921485)**<br>| **$661105383** |  | **$37215529** |
| **UNAFFILIATED UNDERLYING FUNDS** 0.2% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 0.2% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 0.2% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 0.2% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 0.2% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 0.2% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 0.2% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 0.2% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 0.2% OF NET ASSETS |
| **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class, 4.29% <sup>(b)</sup> <br>|  |  |  |  |  | $1078875 | 1078875 |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $1,078,875)**<br>|  |  |  |  |  | **$1078875** |  |  |
| **Total Investments in Securities** <br>**(Cost $622,328,105)**<br>|  |  |  |  |  | **$662184258** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(c) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

At April 30, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional information).

*See financial notes*

Schwab Balanced Fund \| Semiannual Holdings and Financial Statements

**3**

------

Schwab Balanced Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $621,249,230)  |  | $661105383 |
| Investments in securities, at value - unaffiliated issuers (cost $1,078,875) |  | 1078875 |
| Receivables: |  |  |
| Investments sold |  | 1700000 |
| Dividends |  | 872078 |
| Fund shares sold |  | 143636 |
| Due from investment adviser |  | 10094 |
| Prepaid expenses | + | 17916 |
| **Total assets** |  | **664927982** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 832740 |
| Fund shares redeemed |  | 367656 |
| Accrued expenses | + | 48271 |
| **Total liabilities** |  | **1248667** |
| **Net assets** |  | **$663679315** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $616816468 |
| Total distributable earnings | + | 46862847 |
| **Net assets** |  | **$663679315** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $663679315 |  | &nbsp;&nbsp;&nbsp;&nbsp; 40418763 |  | &nbsp;&nbsp;&nbsp;&nbsp; $16.42 |

---

*See financial notes*

**4**Schwab Balanced Fund \| Semiannual Holdings and Financial Statements

------

Schwab Balanced Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $7827981 |
| Dividends received from securities - unaffiliated issuers  | + | 89195 |
| **Total investment income**  |  | **7917176** |
| **Expenses** | **Expenses** | **Expenses** |
| Registration fees |  | 21835 |
| Professional fees |  | 12315 |
| Shareholder reports |  | 11978 |
| Portfolio accounting fees |  | 11524 |
| Independent trustees' fees |  | 3608 |
| Transfer agent fees  |  | 3262 |
| Custodian fees |  | 772 |
| Other expenses | + | 2853 |
| **Total expenses** |  | **68147** |
| Expense reduction | – | 68147 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **7917176** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 29387548 |
| Net realized losses on sales of securities - affiliated issuers | + | (5108763)<br>|
| **Net realized gains** |  | **24278785** |
| **Net change in unrealized appreciation (depreciation) on securities - affiliated issuers**  | + | **(34921485)**<br>|
| **Net realized and unrealized losses** |  | **(10642700)**<br>|
| **Decrease in net assets resulting from operations** |  | **($2725524)**<br>|

---

*See financial notes*

Schwab Balanced Fund \| Semiannual Holdings and Financial Statements

**5**

------

Schwab Balanced Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $7917176 | &nbsp;&nbsp;&nbsp; $13084425 |
| Net realized gains |  | 24278785 | &nbsp;&nbsp;&nbsp; 18809913 |
| Net change in unrealized appreciation (depreciation) | + | (34921485)<br>| &nbsp;&nbsp;&nbsp; 109190388 |
| **Increase (decrease) in net assets resulting from operations** |  | **($2725524)**<br>| &nbsp;&nbsp;&nbsp; **$141084726** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($33519433)**<br>| &nbsp;&nbsp;&nbsp; **($34752458)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 4860194 | &nbsp;&nbsp;&nbsp; $82836532 | &nbsp;&nbsp;&nbsp; 7973533 | &nbsp;&nbsp;&nbsp; $131229093 |
| Shares reinvested |  | 1724231 | &nbsp;&nbsp;&nbsp; 28915346 | &nbsp;&nbsp;&nbsp; 1945108 | &nbsp;&nbsp;&nbsp; 30324232 |
| Shares redeemed | + | (6318584)<br>| &nbsp;&nbsp;&nbsp; (105907471)<br>| &nbsp;&nbsp;&nbsp; (9739635)<br>| &nbsp;&nbsp;&nbsp; (158951095)<br>|
| **Net transactions in fund shares**  |  | **265841** | &nbsp;&nbsp;&nbsp; **$5844407** | &nbsp;&nbsp;&nbsp; **179006** | &nbsp;&nbsp;&nbsp; **$2602230** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 40152922 | &nbsp;&nbsp;&nbsp; $694079865 | &nbsp;&nbsp;&nbsp; 39973916 | &nbsp;&nbsp;&nbsp; $585145367 |
| Total increase (decrease) | + | 265841 | &nbsp;&nbsp;&nbsp; (30400550)<br>| &nbsp;&nbsp;&nbsp; 179006 | &nbsp;&nbsp;&nbsp; 108934498 |
| **End of period** |  | **40418763** | &nbsp;&nbsp;&nbsp; **$663679315** | &nbsp;&nbsp;&nbsp; **40152922** | &nbsp;&nbsp;&nbsp; **$694079865** |

---

*See financial notes*

**6**Schwab Balanced Fund \| Semiannual Holdings and Financial Statements

------

Schwab Balanced Fund

Financial Notes, unaudited

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Business Structure of the Fund:**

The fund in this report is a series of Schwab Capital Trust (the trust), a no-load, open-end management investment company. The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the fund discussed in this report, which is highlighted:

---

| | |
|:---|:---|
| **SCHWAB CAPITAL TRUST** | **SCHWAB CAPITAL TRUST** |
| **Schwab Balanced Fund** | Schwab Target 2045 Fund |
| Schwab S&P 500 Index Fund | Schwab Target 2050 Fund |
| Schwab Small-Cap Index Fund | Schwab Target 2055 Fund |
| Schwab Total Stock Market Index Fund | Schwab Target 2060 Fund |
| Schwab U.S. Large-Cap Growth Index Fund | Schwab Target 2065 Fund |
| Schwab U.S. Large-Cap Value Index Fund | Schwab Fundamental U.S. Large Company Index Fund |
| Schwab U.S. Mid-Cap Index Fund | Schwab Fundamental U.S. Small Company Index Fund |
| Schwab International Index Fund | Schwab Fundamental International Equity Index Fund |
| Schwab MarketTrack All Equity Portfolio™ | Schwab Fundamental International Small Equity Index Fund |
| Schwab MarketTrack Growth Portfolio™ | Schwab Fundamental Emerging Markets Equity Index Fund |
| Schwab MarketTrack Balanced Portfolio™ | Schwab Fundamental Global Real Estate Index Fund |
| Schwab MarketTrack Conservative Portfolio™ | Schwab Target 2010 Index Fund |
| Schwab International Opportunities Fund | Schwab Target 2015 Index Fund |
| Schwab Core Equity Fund | Schwab Target 2020 Index Fund |
| Schwab Dividend Equity Fund | Schwab Target 2025 Index Fund |
| Schwab Large-Cap Growth Fund | Schwab Target 2030 Index Fund |
| Schwab Small-Cap Equity Fund | Schwab Target 2035 Index Fund |
| Schwab Health Care Fund | Schwab Target 2040 Index Fund |
| Schwab International Core Equity Fund | Schwab Target 2045 Index Fund |
| Schwab Target 2010 Fund | Schwab Target 2050 Index Fund |
| Schwab Target 2015 Fund | Schwab Target 2055 Index Fund |
| Schwab Target 2020 Fund | Schwab Target 2060 Index Fund |
| Schwab Target 2025 Fund | Schwab Target 2065 Index Fund |
| Schwab Target 2030 Fund | Schwab Monthly Income Fund – Target Payout |
| Schwab Target 2035 Fund | Schwab Monthly Income Fund – Flexible Payout |
| Schwab Target 2040 Fund | Schwab Monthly Income Fund – Income Payout |

---

The fund is a "fund of funds" because it invests in other mutual funds or exchange-traded funds (ETFs). The fund seeks to achieve its investment objective, capital growth and income, by generally investing in a diversified group of other affiliated Schwab Funds but may also invest in ETFs or other unaffiliated mutual funds (referred to herein, together with Schwab Funds, as the underlying funds). The fund invests in accordance with its target portfolio allocation.

The fund offers one share class. Shares are bought and sold at closing net asset value per share (NAV), which is the price for all outstanding shares of the fund. Each share has a par value of 1/1,000 of a cent, and the fund's Board of Trustees (the Board) may authorize the issuance of as many shares as necessary.

The fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, the fund may also keep certain assets in segregated accounts, as required by securities law. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

------

**2. Significant Accounting Policies:**

The following is a summary of the significant accounting policies the fund uses in its preparation of financial statements. The fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) *Topic 946 Financial Services — Investment Companies*. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

In this reporting period, the fund adopted FASB Accounting Standards Update 2023-07, ASC Topic 280 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the fund's financial position or the results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has

Schwab Balanced Fund \| Semiannual Holdings and Financial Statements

**7**

------

Schwab Balanced Fund

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management committee of the fund's investment adviser acts as the fund's CODM. The CODM has determined that the fund operates as a single operating segment given the fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of the fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the fund, is presented within the fund's financial statements.

The financial statements of the fund should be read in conjunction with the underlying funds' financial statements. For more information about the underlying funds' operations and policies, please refer to those funds' semiannual and annual reports and holdings and financial statements, which are filed in Form N-CSR with the U.S. Securities and Exchange Commission (SEC) and are available on the SEC's website at www.sec.gov.

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the fund's investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities held in the fund's portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;● **Mutual funds:** Mutual funds are valued at their respective NAVs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities for which no quoted value is available:** The Valuation Designee has adopted procedures to fair value the fund's securities when market prices are not "readily available" or are unreliable. For example, a security may be fair valued when it's de-listed or its trading is halted or suspended; when a security's primary pricing source is unable or unwilling to provide a price; or when a security's primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that the fund could obtain the fair value assigned to the security upon the sale of such security.

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the fund discloses the fair value of its investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee's judgment will be required to estimate fair value.

The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical investments —Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, ETFs and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2 or Level 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs

**8**Schwab Balanced Fund \| Semiannual Holdings and Financial Statements

------

Schwab Balanced Fund

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

are classified as Level 2 prices. These generally include forward foreign currency exchange contracts, U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Valuation Designee's assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore the fund's results of operations.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The levels associated with valuing the fund's investments as of April 30, 2025, are disclosed in the fund's Portfolio Holdings.

**(b) Security Transactions:** 

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

**(c) Investment Income:**

Interest income is recorded as it accrues. Dividends and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date). Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

**(d) Expenses:**

Expenses that are specific to the fund are charged directly to the fund. Expenses that are common to more than one fund in the trusts generally are allocated among those funds in proportion to their average daily net assets. The fund bears its share of the acquired fund fees and expenses of the underlying funds, which are indirect expenses incurred by the fund through its investments in the underlying funds. Such expenses are reflected in the NAVs of the underlying funds.

**(e) Distributions to Shareholders:**

The fund makes distributions from net investment income and net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(f) Accounting Estimates:**

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It's possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

**(g) Federal Income Taxes:**

The fund intends to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the fund distributes substantially all of its net investment income and net realized capital gains, if any, to its shareholders each year. As long as the fund meets the tax requirements, it is not required to pay federal income tax.

Schwab Balanced Fund \| Semiannual Holdings and Financial Statements

**9**

------

Schwab Balanced Fund

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(h) Indemnification:**

Under the fund's organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business the fund enters into contracts with its vendors and others that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the fund. However, based on experience, the fund expects the risk of loss attributable to these arrangements to be remote.

------

**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as the fund's investment adviser and administrator pursuant to an Investment Advisory and Administration Agreement between the investment adviser and the fund. The investment adviser does not receive a fee for the services it performs for the fund. However, the investment adviser is entitled to receive an annual management fee from each of the affiliated Schwab Funds that serve as underlying funds.

**Expense Limitation**

The investment adviser and its affiliates have agreed with the fund, for so long as the investment adviser serves as the investment adviser to the fund, in which the agreement may only be amended or terminated with the approval of the Board, to limit the total annual fund operating expenses charged, excluding interest, taxes and certain non-routine expenses to 0.00%.

The agreement to limit the fund's total expenses charged is limited to the fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in the underlying funds.

**Investments in Affiliates**

The fund may engage in certain transactions involving affiliated parties. Pursuant to an exemptive order issued by the SEC, the fund may invest in other affiliated funds. As of April 30, 2025, the fund's ownership percentages of other affiliated funds' shares are as follows:

---

| | |
|:---|:---|
| Schwab Core Equity Fund | 13.0<br> %<br>|
| Schwab Government Money Fund, Ultra Shares | 0.1<br> %<br>|
| Schwab International Opportunities Fund | 6.5<br> %<br>|
| Schwab Select Large Cap Growth Fund | 5.1<br> %<br>|
| Schwab Small-Cap Equity Fund | 9.9<br> %<br>|
| Schwab U.S. Aggregate Bond Index Fund | 4.5<br> %<br>|

---

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the fund may enter into interfund borrowing and lending transactions with other funds in the Fund Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board. The fund had no interfund borrowing or lending activity during the period.

------

**4. Board of Trustees:**

The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trust was in compliance with these limitations throughout the report period. The fund did not pay any of these interested persons for their services as trustees, but did pay non-interested persons (independent trustees), as noted in the fund's Statement of Operations.

**10**Schwab Balanced Fund \| Semiannual Holdings and Financial Statements

------

Schwab Balanced Fund

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Borrowing from Banks:**

During the period, the fund was a participant with other funds in the Fund Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), maturing on September 25, 2025. Under the terms of the Syndicated Credit Facility, in addition to the interest charged on any borrowings by the fund, the fund paid a commitment fee of 0.15% per annum on the fund's proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the fund was a participant with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, maturing on September 25, 2025. Under the terms of the Uncommitted Credit Facility, the fund pays interest on the amount the fund borrows. There were no borrowings by the fund from either line of credit during the period.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The fund also has access to custodian overdraft facilities. The fund may have utilized the overdraft facility and incurred an interest expense, which is disclosed in the fund's Statement of Operations, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

------

**6. Purchases and Sales of Investment Securities:**

For the period ended April 30, 2025, purchases and sales of securities (excluding short-term obligations) were as follows:

---

| | |
|:---|:---|
| PURCHASES <br>OF SECURITIES <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SALES <br>OF SECURITIES<br>|
| $56677802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $45603028 |

---

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**7. Federal Income Taxes:**

As of April 30, 2025, the tax basis cost of the fund's investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | |
|:---|:---|:---|:---|
| TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| &nbsp;&nbsp; $641362412 | &nbsp;&nbsp; $40660334 | &nbsp;&nbsp; ($19838488)<br>| &nbsp;&nbsp; $20821846 |

---

The primary difference between book basis and tax basis unrealized appreciation or unrealized depreciation of investments is the tax deferral of losses on wash sales. The tax cost of the fund's investments, disclosed above, have been adjusted from its book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

The tax basis components of distributions and components of distributable earnings on a tax basis are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of April 30, 2025. The tax basis components of distributions paid during the fiscal year ended October 31, 2024 were as follows:

---

| | |
|:---|:---|
| PRIOR FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ORDINARY <br>INCOME <br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LONG-TERM <br>CAPITAL <br>GAINS <br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13139802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21612656 |

---

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The fund may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

As of October 31, 2024, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the fund, and has determined that no provision for income tax is required in the fund's financial statements. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the fund's Statement of Operations. During the fiscal year ended October 31, 2024, the fund did not incur any interest or penalties.

Schwab Balanced Fund \| Semiannual Holdings and Financial Statements

**11**

------

Schwab Balanced Fund

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Subsequent Events:**

Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

**12**Schwab Balanced Fund \| Semiannual Holdings and Financial Statements

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g179765img051884de1.jpg)

MFR34721-19

00314154

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g186757img2968ce2c1.jpg)

**Semiannual Holdings and Financial Statements** \| April 30, 2025

Schwab Equity Index Funds<sup>®</sup>

------

Schwab S&P 500 Index Fund

Schwab 1000 Index<sup>®</sup> Fund

Schwab Small-Cap Index Fund

Schwab Total Stock Market Index Fund

Schwab U.S. Large-Cap Growth

Index Fund

Schwab U.S. Large-Cap Value

Index Fund

Schwab U.S. Mid-Cap Index Fund

Schwab International Index Fund

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Financial Statements and Portfolio Holdings](#xx_6e09239f-47f6-45e7-8224-292a8f4ed5e3_1) <br>|  |
| [Schwab S&P 500 Index Fund](#xx_6e09239f-47f6-45e7-8224-292a8f4ed5e3_1) | 2 |
| [Schwab 1000 Index Fund](#xx_57494fe3-418c-4c8d-94f4-e38bda582942_1) | 12 |
| [Schwab Small-Cap Index Fund](#xx_03d43462-a6c2-4163-a4cf-824c8a83b780_1) | 26 |
| [Schwab Total Stock Market Index Fund](#xx_f0661852-6387-4b30-94ad-754bd305e9bf_1) | 47 |
| [Schwab U.S.](#xx_52c3af4b-eeff-48da-bcf2-89ff1bb4c365_1)[Large-Cap Growth Index Fund](#xx_52c3af4b-eeff-48da-bcf2-89ff1bb4c365_1) | 77 |
| [Schwab U.S.](#xx_6dc0f8fa-e1f7-474d-8891-fa42a968eae8_1)[Large-Cap Value Index Fund](#xx_6dc0f8fa-e1f7-474d-8891-fa42a968eae8_1) | 86 |
| [Schwab U.S.](#xx_4fae138a-aa4a-48e5-b799-9a0d65aa0a98_1)[Mid-Cap Index Fund](#xx_4fae138a-aa4a-48e5-b799-9a0d65aa0a98_1) | 99 |
| [Schwab International Index Fund](#xx_ab8b454d-f798-432a-b3bb-6b74310e302d_1) | 111 |
| [Financial Notes](#xx_51c4f6ea-678b-4b6f-b585-48ba023fd97e_1) | 123  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: Charles Schwab & Co., Inc. (Schwab)

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc. (MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Schwab. The Industry classifications used in the Portfolio Holdings are sub-categories of Sector classifications.

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**1**

------

Schwab S&P 500 Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $88.40 | &nbsp;&nbsp; $65.03 | &nbsp;&nbsp; $60.02 | &nbsp;&nbsp; $71.21 | &nbsp;&nbsp; $50.75 | &nbsp;&nbsp; $47.17 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.60 | 1.13 | 1.05 | 0.97 | 0.90 | 1.02 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (2.07)<br>| 23.29 | 4.94 | &nbsp;&nbsp; (11.23)<br>| 20.60 | 3.52 |
| Total from investment operations | &nbsp;&nbsp; (1.47)<br>| 24.42 | 5.99 | &nbsp;&nbsp; (10.26)<br>| 21.50 | 4.54 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.87)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>|
| Total distributions | &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.96)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $85.82 | &nbsp;&nbsp; $88.40 | &nbsp;&nbsp; $65.03 | &nbsp;&nbsp; $60.02 | &nbsp;&nbsp; $71.21 | &nbsp;&nbsp; $50.75 |
| Total return | &nbsp;&nbsp; (1.76 %)<sup>2</sup><br>| 37.95<br> %<br>| 10.11<br> %<br>| &nbsp;&nbsp; (14.63<br> %)<br>| 42.89<br> %<br>| 9.69<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Total expenses | 0.02 %<sup>3</sup><br>| 0.02<br> %<br>| 0.02 %<sup>4</sup><br>| 0.02 %<sup>4</sup><br>| 0.02<br> %<br>| 0.02<br> %<br>|
| Net investment income (loss) | 1.35 %<sup>3</sup><br>| 1.41<br> %<br>| 1.63<br> %<br>| 1.49<br> %<br>| 1.42<br> %<br>| 2.11<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 1 %<sup>2</sup><br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 2 %<sup>5</sup><br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 4<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $104967 | &nbsp;&nbsp; $104140 | &nbsp;&nbsp; $70062 | &nbsp;&nbsp; $61068 | &nbsp;&nbsp; $67401 | &nbsp;&nbsp; $44184 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>5</sup> Portfolio turnover rate excludes in-kind transactions.

*See financial notes*

**2**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab S&P 500 Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.6% OF NET ASSETS  | **COMMON STOCKS** 99.6% OF NET ASSETS  | **COMMON STOCKS** 99.6% OF NET ASSETS  |
| **Automobiles & Components 1.9%** | **Automobiles & Components 1.9%** | **Automobiles & Components 1.9%** |
| Aptiv PLC \* | 506713 | 28913044 |
| Ford Motor Co.  | 8641472 | 86501135 |
| General Motors Co.  | 2209587 | 99961716 |
| Tesla, Inc. \* | 6200067 | 1749410904 |
|  |  | **1964786799** |
| **Banks 3.4%** | **Banks 3.4%** | **Banks 3.4%** |
| Bank of America Corp.  | 14670482 | 585058822 |
| Citigroup, Inc.  | 4160514 | 284495947 |
| Citizens Financial Group, Inc.  | 970611 | 35805840 |
| Fifth Third Bancorp  | 1480386 | 53205073 |
| Huntington Bancshares, Inc.  | 3224575 | 46853075 |
| JPMorgan Chase & Co.  | 6195052 | 1515433620 |
| KeyCorp  | 2221662 | 32969464 |
| M&T Bank Corp.  | 366295 | 62182241 |
| PNC Financial Services Group, Inc.  | 877238 | 140963374 |
| Regions Financial Corp.  | 2023035 | 41290144 |
| Truist Financial Corp.  | 2909012 | 111531520 |
| U.S. Bancorp  | 3452231 | 139262999 |
| Wells Fargo & Co.  | 7286886 | 517441775 |
|  |  | **3566493894** |
| **Capital Goods 5.8%** | **Capital Goods 5.8%** | **Capital Goods 5.8%** |
| 3M Co.  | 1201245 | 166864943 |
| A.O. Smith Corp.  | 264274 | 17933634 |
| Allegion PLC  | 192840 | 26843328 |
| AMETEK, Inc.  | 513889 | 87145297 |
| Axon Enterprise, Inc. \* | 160346 | 98340202 |
| Boeing Co. \* | 1662433 | 304624223 |
| Builders FirstSource, Inc. \* | 253939 | 30378723 |
| Carrier Global Corp.  | 1791948 | 112068428 |
| Caterpillar, Inc.  | 1058906 | 327487859 |
| Cummins, Inc.  | 304386 | 89440782 |
| Deere & Co.  | 561493 | 260285695 |
| Dover Corp.  | 303983 | 51874699 |
| Eaton Corp. PLC  | 876268 | 257947011 |
| Emerson Electric Co.  | 1250508 | 131440896 |
| Fastenal Co.  | 1270730 | 102891008 |
| Fortive Corp.  | 754239 | 52562916 |
| GE Vernova, Inc.  | 610559 | 226407488 |
| Generac Holdings, Inc. \* | 131567 | 15048633 |
| General Dynamics Corp.  | 562207 | 152987769 |
| General Electric Co.  | 2377983 | 479258694 |
| Honeywell International, Inc.  | 1440860 | 303301030 |
| Howmet Aerospace, Inc.  | 895243 | 124062775 |
| Hubbell, Inc., Class B  | 118408 | 43003417 |
| Huntington Ingalls Industries, Inc.  | 87528 | 20161200 |
| IDEX Corp.  | 167261 | 29098396 |
| Illinois Tool Works, Inc.  | 592463 | 142137798 |
| Ingersoll Rand, Inc.  | 894498 | 67471984 |
| Johnson Controls International PLC  | 1464339 | 122858042 |
| L3Harris Technologies, Inc.  | 418131 | 91997183 |
| Lennox International, Inc.  | 70540 | 38567745 |
| Lockheed Martin Corp.  | 463675 | 221520731 |
| Masco Corp.  | 468372 | 28388027 |
| Nordson Corp.  | 120513 | 22845649 |
| Northrop Grumman Corp.  | 301478 | 146669047 |
| Otis Worldwide Corp.  | 880396 | 84755723 |
| PACCAR, Inc.  | 1160354 | 104675534 |
| Parker-Hannifin Corp.  | 285292 | 172618778 |
| Pentair PLC  | 363358 | 32967471 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Quanta Services, Inc.  | 327277 | 95790705 |
| Rockwell Automation, Inc.  | 249421 | 61776593 |
| RTX Corp.  | 2951451 | 372266515 |
| Snap-on, Inc.  | 115744 | 36321625 |
| Stanley Black & Decker, Inc.  | 339357 | 20368207 |
| Textron, Inc.  | 402368 | 28314636 |
| Trane Technologies PLC  | 496939 | 190481688 |
| TransDigm Group, Inc.  | 124172 | 175463728 |
| United Rentals, Inc.  | 144233 | 91075928 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 379496 | 70108091 |
| WW Grainger, Inc.  | 98161 | 100547294 |
| Xylem, Inc.  | 538967 | 64983251 |
|  |  | **6096431019** |
| **Commercial & Professional Services 1.3%** | **Commercial & Professional Services 1.3%** | **Commercial & Professional Services 1.3%** |
| Automatic Data Processing, Inc.  | 901812 | 271084687 |
| Broadridge Financial Solutions, Inc.  | 258382 | 62631797 |
| Cintas Corp.  | 759978 | 160872143 |
| Copart, Inc. \* | 1943872 | 118634508 |
| Dayforce, Inc. \* | 354958 | 20541420 |
| Equifax, Inc.  | 274751 | 71470978 |
| Jacobs Solutions, Inc.  | 270993 | 33548934 |
| Leidos Holdings, Inc.  | 289885 | 42665274 |
| Paychex, Inc.  | 709569 | 104391791 |
| Paycom Software, Inc.  | 104024 | 23549993 |
| Republic Services, Inc., Class A  | 450165 | 112878874 |
| Rollins, Inc.  | 622233 | 35548171 |
| Veralto Corp.  | 547819 | 52535842 |
| Verisk Analytics, Inc., Class A  | 313106 | 92814012 |
| Waste Management, Inc.  | 809612 | 188931056 |
|  |  | **1392099480** |
| **Consumer Discretionary Distribution & Retail 5.7%** | **Consumer Discretionary Distribution & Retail 5.7%** | **Consumer Discretionary Distribution & Retail 5.7%** |
| Amazon.com, Inc. \* | 20897489 | 3853914921 |
| AutoZone, Inc. \* | 37193 | 139942382 |
| Best Buy Co., Inc.  | 430461 | 28707444 |
| CarMax, Inc. \* | 338386 | 21883423 |
| eBay, Inc.  | 1058996 | 72181167 |
| Genuine Parts Co.  | 307006 | 36088555 |
| Home Depot, Inc.  | 2200895 | 793400639 |
| LKQ Corp.  | 572572 | 21877976 |
| Lowe's Cos., Inc.  | 1251323 | 279745770 |
| O'Reilly Automotive, Inc. \* | 127302 | 180157791 |
| Pool Corp.  | 84967 | 24907226 |
| Ross Stores, Inc.  | 732190 | 101774410 |
| TJX Cos., Inc.  | 2490684 | 320501217 |
| Tractor Supply Co.  | 1188242 | 60148810 |
| Ulta Beauty, Inc. \* | 102450 | 40533318 |
| Williams-Sonoma, Inc.  | 271638 | 41959922 |
|  |  | **6017724971** |
| **Consumer Durables & Apparel 0.6%** | **Consumer Durables & Apparel 0.6%** | **Consumer Durables & Apparel 0.6%** |
| Deckers Outdoor Corp. \* | 334237 | 37043487 |
| DR Horton, Inc.  | 630573 | 79666593 |
| Garmin Ltd.  | 341700 | 63853479 |
| Hasbro, Inc.  | 290634 | 17990244 |
| Lennar Corp., Class A  | 515834 | 56024731 |
| Lululemon Athletica, Inc. \* | 247518 | 67020449 |
| Mohawk Industries, Inc. \* | 116943 | 12436888 |
| NIKE, Inc., Class B  | 2617153 | 147607429 |
| NVR, Inc. \* | 6601 | 47037076 |
| PulteGroup, Inc.  | 451225 | 46286660 |
| Ralph Lauren Corp., Class A  | 89327 | 20094109 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**3**

------

Schwab S&P 500 Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Tapestry, Inc.  | 457007 | 32287544 |
|  |  | **627348689** |
| **Consumer Services 2.1%** | **Consumer Services 2.1%** | **Consumer Services 2.1%** |
| Airbnb, Inc., Class A \* | 958349 | 116841910 |
| Booking Holdings, Inc.  | 73330 | 373930202 |
| Caesars Entertainment, Inc. \* | 470484 | 12731297 |
| Carnival Corp. \* | 2327437 | 42685195 |
| Chipotle Mexican Grill, Inc., Class A \* | 3002929 | 151707973 |
| Darden Restaurants, Inc.  | 258452 | 51855809 |
| Domino's Pizza, Inc.  | 76309 | 37419644 |
| DoorDash, Inc., Class A \* | 751247 | 144908034 |
| Expedia Group, Inc.  | 273265 | 42883477 |
| Hilton Worldwide Holdings, Inc.  | 532381 | 120041268 |
| Las Vegas Sands Corp.  | 765145 | 28057867 |
| Marriott International, Inc., Class A  | 506146 | 120756313 |
| McDonald's Corp.  | 1587743 | 507522050 |
| MGM Resorts International \* | 489331 | 15394353 |
| Norwegian Cruise Line Holdings Ltd. \* | 962286 | 15425445 |
| Royal Caribbean Cruises Ltd.  | 549807 | 118159022 |
| Starbucks Corp.  | 2519504 | 201686295 |
| Wynn Resorts Ltd.  | 197922 | 15895116 |
| Yum! Brands, Inc.  | 618616 | 93064591 |
|  |  | **2210965861** |
| **Consumer Staples Distribution & Retail 2.2%** | **Consumer Staples Distribution & Retail 2.2%** | **Consumer Staples Distribution & Retail 2.2%** |
| Costco Wholesale Corp.  | 983502 | 978092739 |
| Dollar General Corp.  | 488957 | 45810381 |
| Dollar Tree, Inc. \* | 446266 | 36491171 |
| Kroger Co.  | 1476559 | 106622325 |
| Sysco Corp.  | 1082661 | 77301995 |
| Target Corp.  | 1012503 | 97909040 |
| Walgreens Boots Alliance, Inc.  | 1607212 | 17631116 |
| Walmart, Inc.  | 9611334 | 934702232 |
|  |  | **2294560999** |
| **Energy 3.2%** | **Energy 3.2%** | **Energy 3.2%** |
| APA Corp.  | 819541 | 12735667 |
| Baker Hughes Co., Class A  | 2194867 | 77698292 |
| Chevron Corp.  | 3702920 | 503819295 |
| ConocoPhillips  | 2828320 | 252059878 |
| Coterra Energy, Inc.  | 1631081 | 40059349 |
| Devon Energy Corp.  | 1460984 | 44428523 |
| Diamondback Energy, Inc.  | 412760 | 54488448 |
| EOG Resources, Inc.  | 1244736 | 137331723 |
| EQT Corp.  | 1320299 | 65275583 |
| Expand Energy Corp.  | 468025 | 48627798 |
| Exxon Mobil Corp.  | 9644505 | 1018749063 |
| Halliburton Co.  | 1917046 | 37995852 |
| Hess Corp.  | 611570 | 78923108 |
| Kinder Morgan, Inc.  | 4278599 | 112527154 |
| Marathon Petroleum Corp.  | 702124 | 96478859 |
| Occidental Petroleum Corp.  | 1496438 | 58974622 |
| ONEOK, Inc.  | 1376614 | 113102606 |
| Phillips 66  | 912624 | 94967653 |
| Schlumberger NV  | 3106193 | 103280917 |
| Targa Resources Corp.  | 484372 | 82779175 |
| Texas Pacific Land Corp.  | 41717 | 53767790 |
| Valero Energy Corp.  | 701275 | 81411015 |
| Williams Cos., Inc.  | 2698406 | 158045639 |
|  |  | **3327528009** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Equity Real Estate Investment Trusts (REITs) 2.1%** | **Equity Real Estate Investment Trusts (REITs) 2.1%** | **Equity Real Estate Investment Trusts (REITs) 2.1%** |
| Alexandria Real Estate Equities, Inc.  | 341046 | 24780402 |
| American Tower Corp.  | 1034255 | 233131420 |
| AvalonBay Communities, Inc.  | 313423 | 65812562 |
| BXP, Inc.  | 321794 | 20507932 |
| Camden Property Trust  | 235270 | 26773726 |
| Crown Castle, Inc.  | 963689 | 101919749 |
| Digital Realty Trust, Inc.  | 702281 | 112744192 |
| Equinix, Inc.  | 215649 | 185619877 |
| Equity Residential  | 755583 | 53087262 |
| Essex Property Trust, Inc.  | 142870 | 39882161 |
| Extra Space Storage, Inc.  | 469670 | 68816048 |
| Federal Realty Investment Trust  | 173095 | 16274392 |
| Healthpeak Properties, Inc.  | 1543230 | 27531223 |
| Host Hotels & Resorts, Inc.  | 1553392 | 21933895 |
| Invitation Homes, Inc.  | 1266107 | 43288198 |
| Iron Mountain, Inc.  | 652629 | 58521242 |
| Kimco Realty Corp.  | 1515739 | 30284465 |
| Mid-America Apartment Communities, <br> Inc. <br>| 260256 | 41549870 |
| Prologis, Inc.  | 2055273 | 210048901 |
| Public Storage  | 349208 | 104912559 |
| Realty Income Corp.  | 1939600 | 112225256 |
| Regency Centers Corp.  | 361240 | 26074303 |
| SBA Communications Corp., Class A  | 238763 | 58114914 |
| Simon Property Group, Inc.  | 678060 | 106713083 |
| UDR, Inc.  | 660883 | 27677780 |
| Ventas, Inc.  | 965016 | 67628321 |
| VICI Properties, Inc., Class A  | 2340959 | 74957507 |
| Welltower, Inc.  | 1348843 | 205819953 |
| Weyerhaeuser Co.  | 1603623 | 41549872 |
|  |  | **2208181065** |
| **Financial Services 8.7%** | **Financial Services 8.7%** | **Financial Services 8.7%** |
| American Express Co.  | 1229658 | 327593188 |
| Ameriprise Financial, Inc.  | 212617 | 100146859 |
| Apollo Global Management, Inc.  | 988315 | 134885231 |
| Bank of New York Mellon Corp.  | 1592753 | 128073269 |
| Berkshire Hathaway, Inc., Class B \* | 4061084 | 2165573043 |
| Blackrock, Inc.  | 322597 | 294937533 |
| Blackstone, Inc.  | 1621655 | 213588180 |
| Capital One Financial Corp.  | 843262 | 152006408 |
| Cboe Global Markets, Inc.  | 231045 | 51245781 |
| Charles Schwab Corp. *(a)* | 3752646 | 305465384 |
| CME Group, Inc.  | 798761 | 221320698 |
| Corpay, Inc. \* | 154081 | 50133335 |
| Discover Financial Services  | 555672 | 101504604 |
| FactSet Research Systems, Inc.  | 84417 | 36486716 |
| Fidelity National Information Services, <br> Inc. <br>| 1170641 | 92340162 |
| Fiserv, Inc. \* | 1261001 | 232742955 |
| Franklin Resources, Inc.  | 680431 | 12764886 |
| Global Payments, Inc.  | 547489 | 41778886 |
| Goldman Sachs Group, Inc.  | 691354 | 378550883 |
| Intercontinental Exchange, Inc.  | 1271587 | 213588468 |
| Invesco Ltd.  | 1004598 | 13994050 |
| Jack Henry & Associates, Inc.  | 159936 | 27737701 |
| KKR & Co., Inc.  | 1495650 | 170907926 |
| MarketAxess Holdings, Inc.  | 83765 | 18561486 |
| Mastercard, Inc., Class A  | 1804387 | 988912339 |
| Moody's Corp.  | 343120 | 155474534 |
| Morgan Stanley  | 2741561 | 316430971 |
| MSCI, Inc., Class A  | 172449 | 94003674 |
| Nasdaq, Inc.  | 917761 | 69942566 |
| Northern Trust Corp.  | 436545 | 41026499 |
| PayPal Holdings, Inc. \* | 2193393 | 144412995 |

---

*See financial notes*

**4**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab S&P 500 Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Raymond James Financial, Inc.  | 408734 | 56012907 |
| S&P Global, Inc.  | 697914 | 348991896 |
| State Street Corp.  | 638370 | 56240397 |
| Synchrony Financial  | 862921 | 44828746 |
| T. Rowe Price Group, Inc.  | 492628 | 43622209 |
| Visa, Inc., Class A  | 3818280 | 1319215740 |
|  |  | **9165043105** |
| **Food, Beverage & Tobacco 2.7%** | **Food, Beverage & Tobacco 2.7%** | **Food, Beverage & Tobacco 2.7%** |
| Altria Group, Inc.  | 3751278 | 221888094 |
| Archer-Daniels-Midland Co.  | 1060975 | 50661556 |
| Brown-Forman Corp., Class B  | 405022 | 14110967 |
| Bunge Global SA  | 295260 | 23242867 |
| Campbell's Co.  | 440063 | 16044697 |
| Coca-Cola Co.  | 8578359 | 622359945 |
| Conagra Brands, Inc.  | 1048209 | 25901244 |
| Constellation Brands, Inc., Class A  | 343872 | 64489755 |
| General Mills, Inc.  | 1218310 | 69126909 |
| Hershey Co.  | 326362 | 54564463 |
| Hormel Foods Corp.  | 652341 | 19504996 |
| J.M. Smucker Co.  | 234290 | 27240898 |
| Kellanova  | 598212 | 49514007 |
| Keurig Dr. Pepper, Inc.  | 2650273 | 91672943 |
| Kraft Heinz Co.  | 1928093 | 56107506 |
| Lamb Weston Holdings, Inc.  | 314717 | 16620205 |
| McCormick & Co., Inc. - Non Voting <br> Shares <br>| 557386 | 42729211 |
| Molson Coors Beverage Co., Class B  | 383430 | 22058728 |
| Mondelez International, Inc., Class A  | 2863873 | 195115668 |
| Monster Beverage Corp. \* | 1554576 | 93461109 |
| PepsiCo, Inc.  | 3038695 | 411986268 |
| Philip Morris International, Inc.  | 3444941 | 590325090 |
| Tyson Foods, Inc., Class A  | 637469 | 39038602 |
|  |  | **2817765728** |
| **Health Care Equipment & Services 4.6%** | **Health Care Equipment & Services 4.6%** | **Health Care Equipment & Services 4.6%** |
| Abbott Laboratories  | 3842858 | 502453684 |
| Align Technology, Inc. \* | 154718 | 26812629 |
| Baxter International, Inc.  | 1139032 | 35503627 |
| Becton Dickinson & Co.  | 636835 | 131882160 |
| Boston Scientific Corp. \* | 3265411 | 335912830 |
| Cardinal Health, Inc.  | 534850 | 75568957 |
| Cencora, Inc.  | 382958 | 112080318 |
| Centene Corp. \* | 1095128 | 65543411 |
| Cigna Group  | 606134 | 206109805 |
| Cooper Cos., Inc. \* | 445037 | 36346172 |
| CVS Health Corp.  | 2795131 | 186463189 |
| DaVita, Inc. \* | 98088 | 13884356 |
| Dexcom, Inc. \* | 863344 | 61625495 |
| Edwards Lifesciences Corp. \* | 1306722 | 98644444 |
| Elevance Health, Inc.  | 513268 | 215870255 |
| GE HealthCare Technologies, Inc.  | 1013878 | 71306040 |
| HCA Healthcare, Inc.  | 396350 | 136772458 |
| Henry Schein, Inc. \* | 275355 | 17889814 |
| Hologic, Inc. \* | 496225 | 28880295 |
| Humana, Inc.  | 266366 | 69851820 |
| IDEXX Laboratories, Inc. \* | 181738 | 78628946 |
| Insulet Corp. \* | 154998 | 39104445 |
| Intuitive Surgical, Inc. \* | 790209 | 407589802 |
| Labcorp Holdings, Inc.  | 184911 | 44565400 |
| McKesson Corp.  | 277672 | 197921825 |
| Medtronic PLC  | 2843333 | 241000905 |
| Molina Healthcare, Inc. \* | 122531 | 40068862 |
| Quest Diagnostics, Inc.  | 245092 | 43680296 |
| ResMed, Inc.  | 324364 | 76741279 |
| Solventum Corp. \* | 308403 | 20391606 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| STERIS PLC  | 217363 | 48850161 |
| Stryker Corp.  | 761127 | 284600608 |
| UnitedHealth Group, Inc.  | 2038981 | 838918343 |
| Universal Health Services, Inc., Class B  | 130149 | 23045483 |
| Zimmer Biomet Holdings, Inc.  | 439250 | 45264713 |
|  |  | **4859774433** |
| **Household & Personal Products 1.3%** | **Household & Personal Products 1.3%** | **Household & Personal Products 1.3%** |
| Church & Dwight Co., Inc.  | 546554 | 54294674 |
| Clorox Co.  | 271960 | 38699908 |
| Colgate-Palmolive Co.  | 1798039 | 165761216 |
| Estee Lauder Cos., Inc., Class A  | 516097 | 30945176 |
| Kenvue, Inc.  | 4249614 | 100290891 |
| Kimberly-Clark Corp.  | 736018 | 96992452 |
| Procter & Gamble Co.  | 5195253 | 844592280 |
|  |  | **1331576597** |
| **Insurance 2.3%** | **Insurance 2.3%** | **Insurance 2.3%** |
| Aflac, Inc.  | 1096976 | 119219352 |
| Allstate Corp.  | 588023 | 116657883 |
| American International Group, Inc.  | 1313842 | 107104400 |
| Aon PLC, Class A  | 478643 | 169817750 |
| Arch Capital Group Ltd.  | 830550 | 75314274 |
| Arthur J Gallagher & Co.  | 562912 | 180520249 |
| Assurant, Inc.  | 114807 | 22127901 |
| Brown & Brown, Inc.  | 527363 | 58326348 |
| Chubb Ltd.  | 826368 | 236407357 |
| Cincinnati Financial Corp.  | 346344 | 48214548 |
| Erie Indemnity Co., Class A  | 55623 | 19947520 |
| Everest Group Ltd.  | 95671 | 34329625 |
| Globe Life, Inc.  | 187299 | 23101459 |
| Hartford Insurance Group, Inc.  | 638465 | 78320502 |
| Loews Corp.  | 390165 | 33878027 |
| Marsh & McLennan Cos., Inc.  | 1088916 | 245517890 |
| MetLife, Inc.  | 1284787 | 96834396 |
| Principal Financial Group, Inc.  | 466320 | 34577628 |
| Progressive Corp.  | 1297925 | 365677389 |
| Prudential Financial, Inc.  | 781756 | 80294159 |
| Travelers Cos., Inc.  | 502336 | 132682008 |
| W.R. Berkley Corp.  | 666479 | 47779879 |
| Willis Towers Watson PLC  | 220407 | 67841275 |
|  |  | **2394491819** |
| **Materials 2.0%** | **Materials 2.0%** | **Materials 2.0%** |
| Air Products & Chemicals, Inc.  | 493039 | 133657942 |
| Albemarle Corp.  | 260072 | 15227216 |
| Amcor PLC  | 5062302 | 46573178 |
| Avery Dennison Corp.  | 177446 | 30362785 |
| Ball Corp.  | 660332 | 34297644 |
| CF Industries Holdings, Inc.  | 384199 | 30109676 |
| Corteva, Inc.  | 1520420 | 94250836 |
| Dow, Inc.  | 1568518 | 47980966 |
| DuPont de Nemours, Inc.  | 928814 | 61292436 |
| Eastman Chemical Co.  | 253052 | 19485004 |
| Ecolab, Inc.  | 559231 | 140607450 |
| Freeport-McMoRan, Inc.  | 3180639 | 114598423 |
| International Flavors & Fragrances, Inc.  | 564256 | 44271526 |
| International Paper Co.  | 1166674 | 53293668 |
| Linde PLC  | 1054976 | 478146772 |
| LyondellBasell Industries NV, Class A  | 573539 | 33385705 |
| Martin Marietta Materials, Inc.  | 135126 | 70803321 |
| Mosaic Co.  | 710205 | 21590232 |
| Newmont Corp.  | 2519079 | 132705082 |
| Nucor Corp.  | 519072 | 61961625 |
| Packaging Corp. of America  | 198754 | 36890730 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**5**

------

Schwab S&P 500 Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| PPG Industries, Inc.  | 514837 | 56045156 |
| Sherwin-Williams Co.  | 513365 | 181176776 |
| Smurfit WestRock PLC  | 1093180 | 45935424 |
| Steel Dynamics, Inc.  | 312807 | 40574196 |
| Vulcan Materials Co.  | 293661 | 77036090 |
|  |  | **2102259859** |
| **Media & Entertainment 8.2%** | **Media & Entertainment 8.2%** | **Media & Entertainment 8.2%** |
| Alphabet, Inc., Class A  | 12923593 | 2052266568 |
| Alphabet, Inc., Class C  | 10474070 | 1685173122 |
| Charter Communications, Inc., Class A \* | 214472 | 84042998 |
| Comcast Corp., Class A  | 8356892 | 285805706 |
| Electronic Arts, Inc.  | 527121 | 76479986 |
| Fox Corp., Class A  | 750316 | 37358234 |
| Interpublic Group of Cos., Inc.  | 827817 | 20794763 |
| Live Nation Entertainment, Inc. \* | 346138 | 45845978 |
| Match Group, Inc.  | 563495 | 16713262 |
| Meta Platforms, Inc., Class A  | 4851937 | 2663713413 |
| Netflix, Inc. \* | 947738 | 1072574049 |
| News Corp., Class A  | 1128457 | 30603754 |
| Omnicom Group, Inc.  | 432671 | 32952223 |
| Paramount Global, Class B *(b)* | 1302382 | 15289965 |
| Take-Two Interactive Software, Inc. \* | 364888 | 85135668 |
| TKO Group Holdings, Inc.  | 146901 | 23931642 |
| Walt Disney Co.  | 4005337 | 364285400 |
| Warner Bros Discovery, Inc. \* | 4924183 | 42692667 |
|  |  | **8635659398** |
| **Pharmaceuticals, Biotechnology & Life Sciences 6.2%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.2%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.2%** |
| AbbVie, Inc.  | 3911320 | 763098532 |
| Agilent Technologies, Inc.  | 634405 | 68261978 |
| Amgen, Inc.  | 1190231 | 346262003 |
| Biogen, Inc. \* | 324005 | 39230525 |
| Bio-Techne Corp.  | 350054 | 17625219 |
| Bristol-Myers Squibb Co.  | 4500379 | 225919026 |
| Charles River Laboratories International, <br> Inc. \*<br>| 114455 | 13576652 |
| Danaher Corp.  | 1418460 | 282741632 |
| Eli Lilly & Co.  | 1745742 | 1569334771 |
| Gilead Sciences, Inc.  | 2761402 | 294199769 |
| Incyte Corp. \* | 351924 | 22051558 |
| IQVIA Holdings, Inc. \* | 372366 | 57742796 |
| Johnson & Johnson  | 5334315 | 833806778 |
| Merck & Co., Inc.  | 5604661 | 477517117 |
| Mettler-Toledo International, Inc. \* | 46502 | 49783646 |
| Moderna, Inc. \* | 744621 | 21251483 |
| Pfizer, Inc.  | 12558045 | 306541879 |
| Regeneron Pharmaceuticals, Inc.  | 232986 | 139502697 |
| Revvity, Inc.  | 267698 | 25011024 |
| Thermo Fisher Scientific, Inc.  | 847467 | 363563343 |
| Vertex Pharmaceuticals, Inc. \* | 569076 | 289944222 |
| Viatris, Inc.  | 2625765 | 22108941 |
| Waters Corp. \* | 132091 | 45932003 |
| West Pharmaceutical Services, Inc.  | 159871 | 33779144 |
| Zoetis, Inc.  | 992128 | 155168819 |
|  |  | **6463955557** |
| **Real Estate Management & Development 0.1%** | **Real Estate Management & Development 0.1%** | **Real Estate Management & Development 0.1%** |
| CBRE Group, Inc., Class A \* | 656762 | 80243181 |
| CoStar Group, Inc. \* | 930754 | 69034024 |
|  |  | **149277205** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Semiconductors & Semiconductor Equipment 10.1%** | **Semiconductors & Semiconductor Equipment 10.1%** | **Semiconductors & Semiconductor Equipment 10.1%** |
| Advanced Micro Devices, Inc. \* | 3590331 | 349518723 |
| Analog Devices, Inc.  | 1100280 | 214466578 |
| Applied Materials, Inc.  | 1801496 | 271503462 |
| Broadcom, Inc.  | 10385304 | 1998859461 |
| Enphase Energy, Inc. \* | 289226 | 12896587 |
| First Solar, Inc. \* | 235277 | 29602552 |
| Intel Corp.  | 9593547 | 192830295 |
| KLA Corp.  | 294105 | 206664642 |
| Lam Research Corp.  | 2841150 | 203625221 |
| Microchip Technology, Inc.  | 1198053 | 55206282 |
| Micron Technology, Inc.  | 2465386 | 189711453 |
| Monolithic Power Systems, Inc.  | 105588 | 62624243 |
| NVIDIA Corp.  | 54260036 | 5910003121 |
| NXP Semiconductors NV  | 563602 | 103877485 |
| ON Semiconductor Corp. \* | 940732 | 37347060 |
| QUALCOMM, Inc.  | 2450453 | 363794252 |
| Skyworks Solutions, Inc.  | 358119 | 23019889 |
| Teradyne, Inc.  | 361657 | 26838566 |
| Texas Instruments, Inc.  | 2016933 | 322810127 |
|  |  | **10575199999** |
| **Software & Services 11.6%** | **Software & Services 11.6%** | **Software & Services 11.6%** |
| Accenture PLC, Class A  | 1385813 | 414565959 |
| Adobe, Inc. \* | 964470 | 361656961 |
| Akamai Technologies, Inc. \* | 332440 | 26788015 |
| ANSYS, Inc. \* | 194466 | 62594716 |
| Autodesk, Inc. \* | 477310 | 130902268 |
| Cadence Design Systems, Inc. \* | 606773 | 180660593 |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 1098017 | 80781111 |
| Crowdstrike Holdings, Inc., Class A \* | 545727 | 234045939 |
| EPAM Systems, Inc. \* | 126051 | 19778662 |
| Fair Isaac Corp. \* | 54125 | 107691430 |
| Fortinet, Inc. \* | 1408305 | 146125727 |
| Gartner, Inc. \* | 169618 | 71422747 |
| Gen Digital, Inc.  | 1192130 | 30840403 |
| GoDaddy, Inc., Class A \* | 312455 | 58844650 |
| International Business Machines Corp.  | 2048643 | 495402850 |
| Intuit, Inc.  | 620184 | 389146854 |
| Microsoft Corp.  | 16470728 | 6510219949 |
| Oracle Corp.  | 3594222 | 505778920 |
| Palantir Technologies, Inc., Class A \* | 4541569 | 537903432 |
| Palo Alto Networks, Inc. \* | 1467853 | 274385761 |
| PTC, Inc. \* | 265972 | 41217681 |
| Roper Technologies, Inc.  | 237409 | 132968033 |
| Salesforce, Inc.  | 2120329 | 569753606 |
| ServiceNow, Inc. \* | 456414 | 435879934 |
| Synopsys, Inc. \* | 342657 | 157282990 |
| Tyler Technologies, Inc. \* | 94703 | 51452140 |
| VeriSign, Inc. \* | 179468 | 50631512 |
| Workday, Inc., Class A \* | 473631 | 116039595 |
|  |  | **12194762438** |
| **Technology Hardware & Equipment 8.5%** | **Technology Hardware & Equipment 8.5%** | **Technology Hardware & Equipment 8.5%** |
| Amphenol Corp., Class A  | 2681026 | 206304951 |
| Apple, Inc.  | 33282900 | 7072616250 |
| Arista Networks, Inc. \* | 2292069 | 188568517 |
| CDW Corp.  | 295465 | 47439860 |
| Cisco Systems, Inc.  | 8824197 | 509420893 |
| Corning, Inc.  | 1709371 | 75861885 |
| Dell Technologies, Inc., Class C  | 689045 | 63226769 |
| F5, Inc. \* | 128513 | 34022532 |
| Hewlett Packard Enterprise Co.  | 2901366 | 47060157 |
| HP, Inc.  | 2073057 | 53008067 |

---

*See financial notes*

**6**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab S&P 500 Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Jabil, Inc.  | 241926 | 35456675 |
| Juniper Networks, Inc.  | 740265 | 26886425 |
| Keysight Technologies, Inc. \* | 384686 | 55933344 |
| Motorola Solutions, Inc.  | 370280 | 163067609 |
| NetApp, Inc.  | 451402 | 40513329 |
| Seagate Technology Holdings PLC  | 469127 | 42704631 |
| Super Micro Computer, Inc. \* | 1113491 | 35475823 |
| TE Connectivity PLC  | 662385 | 96959916 |
| Teledyne Technologies, Inc. \* | 103126 | 48059810 |
| Trimble, Inc. \* | 547251 | 34006177 |
| Western Digital Corp. \* | 773403 | 33921456 |
| Zebra Technologies Corp., Class A \* | 113795 | 28485164 |
|  |  | **8939000240** |
| **Telecommunication Services 1.1%** | **Telecommunication Services 1.1%** | **Telecommunication Services 1.1%** |
| AT&T, Inc.  | 15903980 | 440540246 |
| T-Mobile U.S., Inc.  | 1062725 | 262439939 |
| Verizon Communications, Inc.  | 9327019 | 410948457 |
|  |  | **1113928642** |
| **Transportation 1.4%** | **Transportation 1.4%** | **Transportation 1.4%** |
| CH Robinson Worldwide, Inc.  | 261130 | 23298019 |
| CSX Corp.  | 4277006 | 120055559 |
| Delta Air Lines, Inc.  | 1423108 | 59243986 |
| Expeditors International of Washington, <br> Inc. <br>| 311692 | 34258068 |
| FedEx Corp.  | 491991 | 103480467 |
| JB Hunt Transport Services, Inc.  | 177699 | 23203935 |
| Norfolk Southern Corp.  | 501467 | 112353681 |
| Old Dominion Freight Line, Inc.  | 415723 | 63722022 |
| Southwest Airlines Co.  | 1314996 | 36767288 |
| Uber Technologies, Inc. \* | 4628408 | 374947332 |
| Union Pacific Corp.  | 1338856 | 288737685 |
| United Airlines Holdings, Inc. \* | 730311 | 50260003 |
| United Parcel Service, Inc., Class B  | 1622298 | 154604999 |
|  |  | **1444933044** |
| **Utilities 2.5%** | **Utilities 2.5%** | **Utilities 2.5%** |
| AES Corp.  | 1569923 | 15699230 |
| Alliant Energy Corp.  | 571909 | 34909325 |
| Ameren Corp.  | 597865 | 59332123 |
| American Electric Power Co., Inc.  | 1181953 | 128052788 |
| American Water Works Co., Inc.  | 431747 | 63471127 |
| Atmos Energy Corp.  | 350725 | 56336957 |
| CenterPoint Energy, Inc.  | 1441183 | 55889077 |
| CMS Energy Corp.  | 662087 | 48762708 |
| Consolidated Edison, Inc.  | 768856 | 86688514 |
| Constellation Energy Corp.  | 692923 | 154826715 |
| Dominion Energy, Inc.  | 1866006 | 101473406 |
| DTE Energy Co.  | 458167 | 62768879 |
| Duke Energy Corp.  | 1719305 | 209789596 |
| Edison International  | 853844 | 45689192 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Entergy Corp.  | 948985 | 78927082 |
| Evergy, Inc.  | 509203 | 35185927 |
| Eversource Energy  | 815801 | 48523844 |
| Exelon Corp.  | 2231111 | 104639106 |
| FirstEnergy Corp.  | 1131081 | 48500753 |
| NextEra Energy, Inc.  | 4556170 | 304716650 |
| NiSource, Inc.  | 1035703 | 40506344 |
| NRG Energy, Inc.  | 447150 | 48998697 |
| PG&E Corp.  | 4853788 | 80184578 |
| Pinnacle West Capital Corp.  | 252067 | 23991737 |
| PPL Corp.  | 1641420 | 59911830 |
| Public Service Enterprise Group, Inc.  | 1105950 | 88398584 |
| Sempra  | 1400119 | 103986838 |
| Southern Co.  | 2427597 | 223071888 |
| Vistra Corp.  | 754661 | 97826705 |
| WEC Energy Group, Inc.  | 704129 | 77116208 |
| Xcel Energy, Inc.  | 1275219 | 90157983 |
|  |  | **2678334391** |
| **Total Common Stocks** <br>**(Cost $44,912,687,918)** | **Total Common Stocks** <br>**(Cost $44,912,687,918)** | **104572083241** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.0% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.0% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.0% OF NET ASSETS  |
| **Money Market Funds 0.0%** | **Money Market Funds 0.0%** | **Money Market Funds 0.0%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.29% *(c)(d)*<br>| 4744572 | **4744572** |
| **Total Short-Term Investments** <br>**(Cost $4,744,572)** | **Total Short-Term Investments** <br>**(Cost $4,744,572)** | **4744572** |
| **Total Investments in Securities** <br>**(Cost $44,917,432,490)** | **Total Investments in Securities** <br>**(Cost $44,917,432,490)** | **104576827813** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| S&P 500 Index, e-mini, <br> expires 06/20/25<br>| 1371 | 382988850 | **18811384** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* Issuer is affiliated with the fund's investment adviser.

*(b)* All or a portion of this security is on loan. Securities on loan were valued at $4,641,773. 

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers during the period ended April 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS |
| **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** |
| Charles Schwab Corp. | $225922626 | $46320697 | ($420204)<br>| ($76281)<br>| $33718546 | **$305465384** | 3752646 | $1808516 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**7**

------

Schwab S&P 500 Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

The following is a summary of the inputs used to value the fund's investments as of April 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $104572083241 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $104572083241 |
| Short-Term Investments<sup>1</sup> <br>| 4744572 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4744572 |
| Futures Contracts<sup>2</sup> <br>| 18811384 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18811384 |
| **Total** | **$104595639197** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$104595639197** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

**8**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab S&P 500 Index Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $159,648,440)  |  | $305465384 |
| Investments in securities, at value - unaffiliated issuers (cost $44,757,784,050) including securities on loan of $4,641,773 |  | 104271362429 |
| Cash |  | 298225414 |
| Deposit with broker for futures contracts |  | 39093410 |
| Receivables: |  |  |
| Fund shares sold |  | 64914314 |
| Dividends |  | 58635854 |
| Variation margin on future contracts |  | 229726 |
| Income from securities on loan | + | 4344 |
| **Total assets** |  | **105037930875** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 4744572 |
| Payables: |  |  |
| Fund shares redeemed |  | 47473562 |
| Investments bought |  | 16899342 |
| Investment adviser fees | + | 1658744 |
| **Total liabilities** |  | **70776220** |
| **Net assets** |  | **$104967154655** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $45979255676 |
| Total distributable earnings | + | 58987898979 |
| **Net assets** |  | **$104967154655** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $104967154655 |  | &nbsp;&nbsp;&nbsp;&nbsp; 1223076570 |  | &nbsp;&nbsp;&nbsp;&nbsp; $85.82 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**9**

------

Schwab S&P 500 Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $173,680) |  | $725520210 |
| Other Interest |  | 3937149 |
| Dividends received from securities - affiliated issuers |  | 1808516 |
| Securities on loan, net | + | 20371 |
| **Total investment income**  |  | **731286246** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 10771824 |
| **Total expenses** | – | **10771824** |
| **Net investment income** |  | **720514422** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers  |  | (76281)<br>|
| Net realized losses on sales of securities - unaffiliated issuers  |  | (171645521)<br>|
| Net realized losses on futures contracts | + | (36840077)<br>|
| **Net realized losses** |  | **(208561879)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 33718546 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | (2566787890)<br>|
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 27062589 |
| **Net change in unrealized appreciation (depreciation)** | **+** | **(2506006755)**<br>|
| **Net realized and unrealized losses** |  | **(2714568634)**<br>|
| **Decrease in net assets resulting from operations** |  | **($1994054212)**<br>|

---

*See financial notes*

**10**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab S&P 500 Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $720514422 | &nbsp;&nbsp;&nbsp; $1282136668 |
| Net realized losses |  | (208561879)<br>| &nbsp;&nbsp;&nbsp; (132774728)<br>|
| Net change in unrealized appreciation (depreciation) | + | (2506006755)<br>| &nbsp;&nbsp;&nbsp; 26189344946 |
| **Increase (decrease) in net assets resulting from operations** |  | **($1994054212)**<br>| &nbsp;&nbsp;&nbsp; **$27338706886** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($1322087859)**<br>| &nbsp;&nbsp;&nbsp; **($1135808670)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 139934607 | &nbsp;&nbsp;&nbsp; $12534264364 | &nbsp;&nbsp;&nbsp; 235261245 | &nbsp;&nbsp;&nbsp; $18780662028 |
| Shares reinvested |  | 11550676 | &nbsp;&nbsp;&nbsp; 1072249303 | &nbsp;&nbsp;&nbsp; 13102805 | &nbsp;&nbsp;&nbsp; 923878716 |
| Shares redeemed | + | (106452856)<br>| &nbsp;&nbsp;&nbsp; (9463365558)<br>| &nbsp;&nbsp;&nbsp; (147780023)<br>| &nbsp;&nbsp;&nbsp; (11829511743)<br>|
| **Net transactions in fund shares**  |  | **45032427** | &nbsp;&nbsp;&nbsp; **$4143148109** | &nbsp;&nbsp;&nbsp; **100584027** | &nbsp;&nbsp;&nbsp; **$7875029001** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 1178044143 | &nbsp;&nbsp;&nbsp; $104140148617 | &nbsp;&nbsp;&nbsp; 1077460116 | &nbsp;&nbsp;&nbsp; $70062221400 |
| Total increase | + | 45032427 | &nbsp;&nbsp;&nbsp; 827006038 | &nbsp;&nbsp;&nbsp; 100584027 | &nbsp;&nbsp;&nbsp; 34077927217 |
| **End of period** |  | **1223076570** | &nbsp;&nbsp;&nbsp; **$104967154655** | &nbsp;&nbsp;&nbsp; **1178044143** | &nbsp;&nbsp;&nbsp; **$104140148617** |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**11**

------

Schwab 1000 Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $123.18 | &nbsp;&nbsp; $90.46 | &nbsp;&nbsp; $84.03 | &nbsp;&nbsp; $102.69 | &nbsp;&nbsp; $73.73 | &nbsp;&nbsp; $68.68 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.80 | 1.52 | 1.41 | 1.29 | 1.24 | 1.38 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (3.03)<br>| 32.64 | 6.34 | &nbsp;&nbsp; (18.14)<br>| 30.02 | 5.81 |
| Total from investment operations | &nbsp;&nbsp; (2.23)<br>| 34.16 | 7.75 | &nbsp;&nbsp; (16.85)<br>| 31.26 | 7.19 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.29)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.85)<br>|
| Total distributions | &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp; (2.30)<br>| &nbsp;&nbsp; (2.14)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $119.40 | &nbsp;&nbsp; $123.18 | &nbsp;&nbsp; $90.46 | &nbsp;&nbsp; $84.03 | &nbsp;&nbsp; $102.69 | &nbsp;&nbsp; $73.73 |
| Total return | &nbsp;&nbsp; (1.91 %)<sup>2</sup><br>| 38.17<br> %<br>| 9.35<br> %<br>| &nbsp;&nbsp; (16.73<br> %)<br>| 43.16<br> %<br>| 10.60<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Total expenses | 0.05 %<sup>3</sup><br>| 0.05<br> %<br>| 0.05<br> %<br>| 0.05 %<sup>4</sup><br>| 0.05<br> %<br>| 0.05<br> %<br>|
| Net investment income (loss) | 1.30 %<sup>3</sup><br>| 1.36<br> %<br>| 1.57<br> %<br>| 1.40<br> %<br>| 1.36<br> %<br>| 1.97<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 1 %<sup>2,5</sup><br>| &nbsp;&nbsp; 3 %<sup>5</sup><br>| &nbsp;&nbsp; 3 %<sup>5</sup><br>| &nbsp;&nbsp; 2 %<sup>5</sup><br>| &nbsp;&nbsp; 5 %<sup>5</sup><br>| &nbsp;&nbsp; 4<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $16855 | &nbsp;&nbsp; $17357 | &nbsp;&nbsp; $12811 | &nbsp;&nbsp; $11888 | &nbsp;&nbsp; $14222 | &nbsp;&nbsp; $9774 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>5</sup> Portfolio turnover rate excludes in-kind transactions.

*See financial notes*

**12**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab 1000 Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.8% OF NET ASSETS  | **COMMON STOCKS** 99.8% OF NET ASSETS  | **COMMON STOCKS** 99.8% OF NET ASSETS  |
| **Automobiles & Components 1.8%** | **Automobiles & Components 1.8%** | **Automobiles & Components 1.8%** |
| Aptiv PLC \* | 75092 | 4284749 |
| Autoliv, Inc.  | 23249 | 2167504 |
| BorgWarner, Inc.  | 70936 | 2013164 |
| Ford Motor Co.  | 1271517 | 12727885 |
| General Motors Co.  | 324335 | 14672915 |
| Gentex Corp.  | 72704 | 1583493 |
| Harley-Davidson, Inc.  | 38603 | 865479 |
| Lear Corp.  | 17523 | 1502597 |
| Lucid Group, Inc. *\*(a)* | 371270 | 931888 |
| Modine Manufacturing Co. \* | 17123 | 1397922 |
| Rivian Automotive, Inc., Class A \* | 238626 | 3259631 |
| Tesla, Inc. \* | 912642 | 257511067 |
| Thor Industries, Inc.  | 17656 | 1278648 |
|  |  | **304196942** |
| **Banks 3.5%** | **Banks 3.5%** | **Banks 3.5%** |
| Bank of America Corp.  | 2159477 | 86119943 |
| BOK Financial Corp.  | 7325 | 682470 |
| Cadence Bank  | 59154 | 1730846 |
| Citigroup, Inc.  | 612796 | 41902991 |
| Citizens Financial Group, Inc.  | 143972 | 5311127 |
| Columbia Banking System, Inc.  | 70158 | 1572942 |
| Comerica, Inc.  | 42796 | 2300285 |
| Commerce Bancshares, Inc.  | 39771 | 2415691 |
| Cullen/Frost Bankers, Inc.  | 21274 | 2477783 |
| East West Bancorp, Inc.  | 45176 | 3864807 |
| Fifth Third Bancorp  | 218842 | 7865181 |
| First Citizens BancShares, Inc., <br> Class A <br>| 3768 | 6703800 |
| First Financial Bankshares, Inc.  | 41597 | 1393915 |
| First Horizon Corp.  | 169728 | 3068682 |
| FNB Corp.  | 114185 | 1494682 |
| Glacier Bancorp, Inc.  | 36844 | 1501761 |
| Home BancShares, Inc.  | 61763 | 1713923 |
| Huntington Bancshares, Inc.  | 473086 | 6873940 |
| JPMorgan Chase & Co.  | 911904 | 223069957 |
| KeyCorp  | 324197 | 4811083 |
| M&T Bank Corp.  | 54042 | 9174170 |
| Old National Bancorp  | 103385 | 2128697 |
| Pinnacle Financial Partners, Inc.  | 25092 | 2515222 |
| PNC Financial Services Group, Inc.  | 129333 | 20782520 |
| Popular, Inc.  | 22891 | 2184259 |
| Prosperity Bancshares, Inc.  | 31329 | 2127239 |
| Regions Financial Corp.  | 298877 | 6100080 |
| SouthState Corp.  | 31949 | 2772534 |
| Synovus Financial Corp.  | 46085 | 1996402 |
| Truist Financial Corp.  | 428621 | 16433329 |
| U.S. Bancorp  | 510074 | 20576385 |
| UMB Financial Corp.  | 22155 | 2095198 |
| United Bankshares, Inc.  | 47188 | 1618077 |
| Webster Financial Corp.  | 56336 | 2664693 |
| Wells Fargo & Co.  | 1072620 | 76166746 |
| Western Alliance Bancorp  | 35185 | 2452746 |
| Wintrust Financial Corp.  | 21559 | 2396714 |
| Zions Bancorp NA  | 48872 | 2197774 |
|  |  | **583258594** |
| **Capital Goods 6.4%** | **Capital Goods 6.4%** | **Capital Goods 6.4%** |
| 3M Co.  | 177338 | 24634022 |
| A.O. Smith Corp.  | 38646 | 2622518 |
| AAON, Inc.  | 22465 | 2050381 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Acuity, Inc.  | 9777 | 2381775 |
| Advanced Drainage Systems, Inc.  | 22786 | 2585983 |
| AECOM  | 43606 | 4301732 |
| AeroVironment, Inc. \* | 9123 | 1382317 |
| AGCO Corp.  | 19641 | 1666146 |
| Air Lease Corp., Class A  | 34577 | 1616821 |
| Allegion PLC  | 28375 | 3949800 |
| Allison Transmission Holdings, Inc.  | 27485 | 2535216 |
| AMETEK, Inc.  | 75322 | 12773105 |
| API Group Corp. \* | 78693 | 2976956 |
| Applied Industrial Technologies, Inc.  | 12406 | 3018132 |
| Armstrong World Industries, Inc.  | 13979 | 2027235 |
| Axon Enterprise, Inc. \* | 23600 | 14473880 |
| AZEK Co., Inc., Class A \* | 47628 | 2360444 |
| Boeing Co. \* | 244624 | 44824902 |
| Boise Cascade Co.  | 12293 | 1146691 |
| Builders FirstSource, Inc. \* | 37487 | 4484570 |
| BWX Technologies, Inc.  | 29619 | 3232025 |
| Carlisle Cos., Inc.  | 14524 | 5511567 |
| Carrier Global Corp.  | 263412 | 16473786 |
| Caterpillar, Inc.  | 155814 | 48188596 |
| CNH Industrial NV  | 285348 | 3301476 |
| Comfort Systems USA, Inc.  | 11547 | 4590510 |
| Core & Main, Inc., Class A \* | 62879 | 3312466 |
| Crane Co.  | 16198 | 2607554 |
| CSW Industrials, Inc.  | 5606 | 1751763 |
| Cummins, Inc.  | 44765 | 13153748 |
| Curtiss-Wright Corp.  | 12232 | 4218694 |
| Deere & Co.  | 82605 | 38292374 |
| Donaldson Co., Inc.  | 39362 | 2587264 |
| Dover Corp.  | 44862 | 7655700 |
| Dycom Industries, Inc. \* | 9476 | 1587704 |
| Eaton Corp. PLC  | 128888 | 37940761 |
| EMCOR Group, Inc.  | 14987 | 6005291 |
| Emerson Electric Co.  | 183800 | 19319218 |
| Esab Corp.  | 18535 | 2226424 |
| Everus Construction Group, Inc. \* | 16477 | 663034 |
| Fastenal Co.  | 187313 | 15166734 |
| Federal Signal Corp.  | 19668 | 1601565 |
| Ferguson Enterprises, Inc.  | 65279 | 11075235 |
| Flowserve Corp.  | 43269 | 1957057 |
| Fluor Corp. \* | 56026 | 1954747 |
| Fortive Corp.  | 111866 | 7795942 |
| Fortune Brands Innovations, Inc.  | 40928 | 2202745 |
| FTAI Aviation Ltd.  | 33386 | 3575974 |
| GATX Corp.  | 11668 | 1703061 |
| GE Vernova, Inc.  | 89887 | 33331897 |
| Generac Holdings, Inc. \* | 19489 | 2229152 |
| General Dynamics Corp.  | 82875 | 22551945 |
| General Electric Co.  | 350036 | 70546255 |
| Graco, Inc.  | 54768 | 4469616 |
| HEICO Corp.  | 32436 | 8133651 |
| Hexcel Corp.  | 25747 | 1247957 |
| Honeywell International, Inc.  | 212067 | 44640103 |
| Howmet Aerospace, Inc.  | 132280 | 18331362 |
| Hubbell, Inc., Class B  | 17505 | 6357466 |
| Huntington Ingalls Industries, Inc.  | 12944 | 2981521 |
| IDEX Corp.  | 24938 | 4338464 |
| Illinois Tool Works, Inc.  | 87199 | 20919912 |
| Ingersoll Rand, Inc.  | 131683 | 9932849 |
| ITT, Inc.  | 26878 | 3682824 |
| Johnson Controls International PLC  | 215098 | 18046722 |
| L3Harris Technologies, Inc.  | 61637 | 13561373 |
| Lennox International, Inc.  | 10439 | 5707523 |
| Leonardo DRS, Inc.  | 23668 | 874769 |
| Lincoln Electric Holdings, Inc.  | 18299 | 3224284 |
| Loar Holdings, Inc. \* | 5788 | 547429 |
| Lockheed Martin Corp.  | 68395 | 32675711 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**13**

------

Schwab 1000 Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Masco Corp.  | 69742 | 4227063 |
| MasTec, Inc. \* | 19933 | 2537870 |
| Middleby Corp. \* | 17136 | 2285086 |
| Moog, Inc., Class A  | 9170 | 1533682 |
| Mueller Industries, Inc.  | 36368 | 2675230 |
| NEXTracker, Inc., Class A \* | 46714 | 1897056 |
| Nordson Corp.  | 17591 | 3334726 |
| Northrop Grumman Corp.  | 44370 | 21586005 |
| nVent Electric PLC  | 53535 | 2939607 |
| Oshkosh Corp.  | 21627 | 1811477 |
| Otis Worldwide Corp.  | 128949 | 12413920 |
| Owens Corning  | 27553 | 4006482 |
| PACCAR, Inc.  | 171087 | 15433758 |
| Parker-Hannifin Corp.  | 42061 | 25449429 |
| Pentair PLC  | 53798 | 4881093 |
| Quanta Services, Inc.  | 48120 | 14084243 |
| QXO, Inc.  | 92022 | 1227573 |
| RBC Bearings, Inc. \* | 10215 | 3356343 |
| Regal Rexnord Corp.  | 21589 | 2284980 |
| Rockwell Automation, Inc.  | 37002 | 9164655 |
| RTX Corp.  | 434450 | 54797178 |
| Sensata Technologies Holding PLC  | 46908 | 1003831 |
| Simpson Manufacturing Co., Inc.  | 13933 | 2141363 |
| SiteOne Landscape Supply, Inc. \* | 14138 | 1623184 |
| Snap-on, Inc.  | 17108 | 5368661 |
| SPX Technologies, Inc. \* | 14890 | 1997493 |
| Stanley Black & Decker, Inc.  | 50513 | 3031790 |
| Textron, Inc.  | 59850 | 4211644 |
| Timken Co.  | 20293 | 1303825 |
| Toro Co.  | 33420 | 2281918 |
| Trane Technologies PLC  | 73189 | 28054076 |
| TransDigm Group, Inc.  | 18321 | 25888855 |
| Trex Co., Inc. \* | 34858 | 2015490 |
| UFP Industries, Inc.  | 19682 | 1945566 |
| United Rentals, Inc.  | 21243 | 13413892 |
| Valmont Industries, Inc.  | 6332 | 1856669 |
| Vertiv Holdings Co., Class A  | 124593 | 10637750 |
| Watsco, Inc.  | 11333 | 5211367 |
| Watts Water Technologies, Inc., <br> Class A <br>| 9019 | 1873697 |
| WESCO International, Inc.  | 14386 | 2344343 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 55947 | 10335649 |
| WillScot Holdings Corp.  | 60282 | 1514284 |
| Woodward, Inc.  | 19471 | 3652175 |
| WW Grainger, Inc.  | 14463 | 14814596 |
| Xylem, Inc.  | 79189 | 9547818 |
| Zurn Elkay Water Solutions Corp.  | 45626 | 1549459 |
|  |  | **1085345277** |
| **Commercial & Professional Services 1.6%** | **Commercial & Professional Services 1.6%** | **Commercial & Professional Services 1.6%** |
| Amentum Holdings, Inc. \* | 46942 | 1024274 |
| Automatic Data Processing, Inc.  | 132658 | 39876995 |
| Booz Allen Hamilton Holding Corp., <br> Class A <br>| 41341 | 4961747 |
| Broadridge Financial Solutions, Inc.  | 38096 | 9234470 |
| CACI International, Inc., Class A \* | 7309 | 3346572 |
| Casella Waste Systems, Inc., Class A \* | 20149 | 2366500 |
| Cintas Corp.  | 112085 | 23726153 |
| Clarivate PLC \* | 153234 | 660439 |
| Clean Harbors, Inc. \* | 16627 | 3557180 |
| Concentrix Corp.  | 15290 | 780707 |
| Copart, Inc. \* | 285795 | 17442069 |
| Dayforce, Inc. \* | 51341 | 2971104 |
| Dun & Bradstreet Holdings, Inc.  | 100447 | 901010 |
| Equifax, Inc.  | 40468 | 10526941 |
| ExlService Holdings, Inc. \* | 52082 | 2524935 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Exponent, Inc.  | 16733 | 1316552 |
| FTI Consulting, Inc. \* | 11804 | 1962769 |
| Genpact Ltd.  | 52540 | 2640660 |
| Jacobs Solutions, Inc.  | 39854 | 4933925 |
| KBR, Inc.  | 42568 | 2248016 |
| Leidos Holdings, Inc.  | 42742 | 6290768 |
| Maximus, Inc.  | 18664 | 1249741 |
| MSA Safety, Inc.  | 12850 | 2022847 |
| Parsons Corp. \* | 15099 | 1009519 |
| Paychex, Inc.  | 104767 | 15413321 |
| Paycom Software, Inc.  | 15421 | 3491160 |
| Paylocity Holding Corp. \* | 14139 | 2716102 |
| RB Global, Inc.  | 59885 | 6030420 |
| Republic Services, Inc., Class A  | 66200 | 16599650 |
| Robert Half, Inc.  | 33433 | 1481082 |
| Rollins, Inc.  | 91657 | 5236364 |
| Science Applications International <br> Corp. <br>| 16170 | 1957055 |
| SS&C Technologies Holdings, Inc.  | 70456 | 5326474 |
| Tetra Tech, Inc.  | 85788 | 2675728 |
| TransUnion  | 63153 | 5239173 |
| Veralto Corp.  | 80861 | 7754570 |
| Verisk Analytics, Inc., Class A  | 45943 | 13618884 |
| Waste Management, Inc.  | 119066 | 27785242 |
|  |  | **262901118** |
| **Consumer Discretionary Distribution & Retail 5.5%** | **Consumer Discretionary Distribution & Retail 5.5%** | **Consumer Discretionary Distribution & Retail 5.5%** |
| Abercrombie & Fitch Co., Class A \* | 16691 | 1158689 |
| Amazon.com, Inc. \* | 3076084 | 567291411 |
| AutoNation, Inc. \* | 8671 | 1510055 |
| AutoZone, Inc. \* | 5471 | 20585185 |
| Bath & Body Works, Inc.  | 71310 | 2175668 |
| Best Buy Co., Inc.  | 62722 | 4182930 |
| Burlington Stores, Inc. \* | 20635 | 4643700 |
| CarMax, Inc. \* | 49777 | 3219079 |
| Carvana Co., Class A \* | 38506 | 9408941 |
| Dick's Sporting Goods, Inc.  | 18850 | 3538899 |
| eBay, Inc.  | 156064 | 10637322 |
| Etsy, Inc. \* | 37369 | 1624804 |
| Floor & Decor Holdings, Inc., Class A \* | 35004 | 2500686 |
| GameStop Corp., Class A \* | 132496 | 3691338 |
| Gap, Inc.  | 72258 | 1582450 |
| Genuine Parts Co.  | 45396 | 5336300 |
| Home Depot, Inc.  | 323969 | 116787585 |
| Lithia Motors, Inc., Class A  | 8693 | 2544963 |
| LKQ Corp.  | 85589 | 3270356 |
| Lowe's Cos., Inc.  | 184346 | 41212392 |
| Murphy USA, Inc.  | 5812 | 2897689 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 20340 | 2158277 |
| O'Reilly Automotive, Inc. \* | 18743 | 26525094 |
| Penske Automotive Group, Inc.  | 5885 | 916118 |
| Pool Corp.  | 12381 | 3629366 |
| Ross Stores, Inc.  | 107753 | 14977667 |
| TJX Cos., Inc.  | 366529 | 47164952 |
| Tractor Supply Co.  | 174501 | 8833241 |
| Ulta Beauty, Inc. \* | 15083 | 5967438 |
| Valvoline, Inc. \* | 42059 | 1440941 |
| Williams-Sonoma, Inc.  | 40294 | 6224214 |
|  |  | **927637750** |
| **Consumer Durables & Apparel 0.7%** | **Consumer Durables & Apparel 0.7%** | **Consumer Durables & Apparel 0.7%** |
| Brunswick Corp.  | 21241 | 978148 |
| Champion Homes, Inc. \* | 17149 | 1483389 |
| Columbia Sportswear Co.  | 10384 | 645573 |
| Crocs, Inc. \* | 18144 | 1749444 |
| Deckers Outdoor Corp. \* | 49316 | 5465692 |

---

*See financial notes*

**14**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab 1000 Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| DR Horton, Inc.  | 92851 | 11730795 |
| Garmin Ltd.  | 50186 | 9378258 |
| Hasbro, Inc.  | 43117 | 2668942 |
| Installed Building Products, Inc.  | 7599 | 1260142 |
| KB Home  | 22036 | 1190605 |
| Lennar Corp., Class A  | 79329 | 8615923 |
| Lululemon Athletica, Inc. \* | 36660 | 9926428 |
| Mattel, Inc. \* | 111221 | 1767302 |
| Meritage Homes Corp.  | 23448 | 1597747 |
| Mohawk Industries, Inc. \* | 17002 | 1808163 |
| NIKE, Inc., Class B  | 384881 | 21707288 |
| NVR, Inc. \* | 979 | 6976109 |
| PulteGroup, Inc.  | 66014 | 6771716 |
| PVH Corp.  | 17822 | 1229362 |
| Ralph Lauren Corp., Class A  | 13223 | 2974514 |
| SharkNinja, Inc. \* | 21430 | 1725115 |
| Skechers USA, Inc., Class A \* | 43337 | 2081043 |
| Somnigroup International, Inc.  | 62892 | 3840186 |
| Tapestry, Inc.  | 67779 | 4788586 |
| Taylor Morrison Home Corp., Class A \* | 33191 | 1903504 |
| Toll Brothers, Inc.  | 32815 | 3310049 |
| TopBuild Corp. \* | 9524 | 2816818 |
| VF Corp.  | 107006 | 1271231 |
| Whirlpool Corp.  | 17925 | 1367319 |
|  |  | **123029391** |
| **Consumer Services 2.3%** | **Consumer Services 2.3%** | **Consumer Services 2.3%** |
| ADT, Inc.  | 131942 | 1058175 |
| Airbnb, Inc., Class A \* | 141028 | 17194134 |
| Aramark  | 85923 | 2872406 |
| Booking Holdings, Inc.  | 10794 | 55041628 |
| Boyd Gaming Corp.  | 21968 | 1518868 |
| Bright Horizons Family Solutions, <br> Inc. \*<br>| 19073 | 2392136 |
| Caesars Entertainment, Inc. \* | 70442 | 1906160 |
| Carnival Corp. \* | 342976 | 6290180 |
| Cava Group, Inc. \* | 26572 | 2456050 |
| Chipotle Mexican Grill, Inc., Class A \* | 441689 | 22314128 |
| Choice Hotels International, Inc.  | 7396 | 932710 |
| Churchill Downs, Inc.  | 23822 | 2153747 |
| Darden Restaurants, Inc.  | 38138 | 7652008 |
| Domino's Pizza, Inc.  | 11280 | 5531374 |
| DoorDash, Inc., Class A \* | 110527 | 21319553 |
| DraftKings, Inc., Class A \* | 159683 | 5315847 |
| Duolingo, Inc. \* | 12374 | 4819425 |
| Expedia Group, Inc.  | 39998 | 6276886 |
| Flutter Entertainment PLC \* | 58017 | 13981517 |
| H&R Block, Inc.  | 43091 | 2601404 |
| Hilton Worldwide Holdings, Inc.  | 78424 | 17683043 |
| Hyatt Hotels Corp., Class A  | 13709 | 1544730 |
| Las Vegas Sands Corp.  | 111227 | 4078694 |
| Life Time Group Holdings, Inc. \* | 30286 | 928569 |
| Light & Wonder, Inc. \* | 28632 | 2444600 |
| Marriott International, Inc., Class A  | 74599 | 17797829 |
| McDonald's Corp.  | 233714 | 74706680 |
| MGM Resorts International \* | 72183 | 2270877 |
| Norwegian Cruise Line Holdings Ltd. \* | 143423 | 2299071 |
| Planet Fitness, Inc., Class A \* | 27546 | 2605576 |
| Royal Caribbean Cruises Ltd.  | 80879 | 17381706 |
| Service Corp. International  | 46753 | 3735565 |
| Starbucks Corp.  | 370455 | 29654923 |
| Texas Roadhouse, Inc., Class A  | 21694 | 3600336 |
| Vail Resorts, Inc.  | 12178 | 1695178 |
| Viking Holdings Ltd. \* | 29795 | 1222489 |
| Wingstop, Inc.  | 9677 | 2553664 |
| Wyndham Hotels & Resorts, Inc.  | 25468 | 2172420 |
| Wynn Resorts Ltd.  | 29213 | 2346096 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Yum! Brands, Inc.  | 90937 | 13680562 |
|  |  | **388030944** |
| **Consumer Staples Distribution & Retail 2.2%** | **Consumer Staples Distribution & Retail 2.2%** | **Consumer Staples Distribution & Retail 2.2%** |
| Albertsons Cos., Inc., Class A  | 133044 | 2924307 |
| BJ's Wholesale Club Holdings, Inc. \* | 43118 | 5068952 |
| Casey's General Stores, Inc.  | 11981 | 5542291 |
| Costco Wholesale Corp.  | 144770 | 143973765 |
| Dollar General Corp.  | 71766 | 6723756 |
| Dollar Tree, Inc. \* | 65990 | 5396002 |
| Kroger Co.  | 216900 | 15662349 |
| Maplebear, Inc. \* | 51383 | 2049668 |
| Performance Food Group Co. \* | 50666 | 4086720 |
| Sprouts Farmers Market, Inc. \* | 32696 | 5591016 |
| Sysco Corp.  | 159300 | 11374020 |
| Target Corp.  | 149713 | 14477247 |
| U.S. Foods Holding Corp. \* | 74560 | 4895610 |
| Walgreens Boots Alliance, Inc.  | 235518 | 2583632 |
| Walmart, Inc.  | 1414776 | 137586966 |
|  |  | **367936301** |
| **Energy 3.2%** | **Energy 3.2%** | **Energy 3.2%** |
| Antero Midstream Corp.  | 107769 | 1783577 |
| Antero Resources Corp. \* | 94326 | 3285375 |
| APA Corp.  | 119125 | 1851203 |
| Baker Hughes Co., Class A  | 323918 | 11466697 |
| ChampionX Corp.  | 63418 | 1530276 |
| Cheniere Energy, Inc.  | 73074 | 16888132 |
| Chevron Corp.  | 545065 | 74161544 |
| Chord Energy Corp.  | 19647 | 1772749 |
| Civitas Resources, Inc.  | 28633 | 780249 |
| ConocoPhillips  | 415859 | 37061354 |
| Coterra Energy, Inc.  | 240286 | 5901424 |
| Devon Energy Corp.  | 215017 | 6538667 |
| Diamondback Energy, Inc.  | 61237 | 8083896 |
| DT Midstream, Inc.  | 32724 | 3180773 |
| EOG Resources, Inc.  | 183173 | 20209477 |
| EQT Corp.  | 194058 | 9594228 |
| Expand Energy Corp.  | 68515 | 7118709 |
| Exxon Mobil Corp.  | 1419659 | 149958580 |
| Halliburton Co.  | 284259 | 5634013 |
| Hess Corp.  | 90076 | 11624308 |
| HF Sinclair Corp.  | 52612 | 1582043 |
| Kinder Morgan, Inc.  | 630189 | 16573971 |
| Marathon Petroleum Corp.  | 102884 | 14137290 |
| Matador Resources Co.  | 36754 | 1453253 |
| Murphy Oil Corp.  | 45784 | 939946 |
| Noble Corp. PLC  | 45248 | 983692 |
| NOV, Inc.  | 125792 | 1460445 |
| Occidental Petroleum Corp.  | 220796 | 8701570 |
| ONEOK, Inc.  | 202003 | 16596567 |
| Ovintiv, Inc.  | 83417 | 2801143 |
| Permian Resources Corp., Class A  | 212655 | 2509329 |
| Phillips 66  | 134603 | 14006788 |
| Range Resources Corp.  | 79999 | 2714366 |
| Schlumberger NV  | 458101 | 15231858 |
| Targa Resources Corp.  | 71028 | 12138685 |
| TechnipFMC PLC  | 139982 | 3943293 |
| Texas Pacific Land Corp.  | 6176 | 7960061 |
| Valero Energy Corp.  | 103146 | 11974219 |
| Weatherford International PLC  | 23272 | 963461 |
| Williams Cos., Inc.  | 397185 | 23263125 |
|  |  | **538360336** |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**15**

------

Schwab 1000 Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Equity Real Estate Investment Trusts (REITs) 2.3%** | **Equity Real Estate Investment Trusts (REITs) 2.3%** | **Equity Real Estate Investment Trusts (REITs) 2.3%** |
| Agree Realty Corp.  | 34294 | 2661557 |
| Alexandria Real Estate Equities, Inc.  | 49794 | 3618032 |
| American Homes 4 Rent, Class A  | 102700 | 3839953 |
| American Tower Corp.  | 152399 | 34352259 |
| Americold Realty Trust, Inc.  | 84882 | 1641618 |
| AvalonBay Communities, Inc.  | 46370 | 9736773 |
| Brixmor Property Group, Inc.  | 98553 | 2454955 |
| BXP, Inc.  | 47347 | 3017424 |
| Camden Property Trust  | 34508 | 3927010 |
| Crown Castle, Inc.  | 142098 | 15028284 |
| CubeSmart  | 72838 | 2962321 |
| Digital Realty Trust, Inc.  | 102957 | 16528717 |
| EastGroup Properties, Inc.  | 17040 | 2784677 |
| Equinix, Inc.  | 31734 | 27315040 |
| Equity LifeStyle Properties, Inc.  | 62569 | 4053220 |
| Equity Residential  | 111379 | 7825489 |
| Essential Properties Realty Trust, Inc.  | 62172 | 2000073 |
| Essex Property Trust, Inc.  | 20913 | 5837864 |
| Extra Space Storage, Inc.  | 69311 | 10155448 |
| Federal Realty Investment Trust  | 25288 | 2377578 |
| First Industrial Realty Trust, Inc.  | 42795 | 2036186 |
| Gaming & Leisure Properties, Inc.  | 90335 | 4323433 |
| Healthcare Realty Trust, Inc., Class A  | 113306 | 1759642 |
| Healthpeak Properties, Inc.  | 227794 | 4063845 |
| Host Hotels & Resorts, Inc.  | 229147 | 3235556 |
| Invitation Homes, Inc.  | 185934 | 6357083 |
| Iron Mountain, Inc.  | 95876 | 8597201 |
| Kimco Realty Corp.  | 223736 | 4470245 |
| Kite Realty Group Trust  | 69722 | 1509481 |
| Lamar Advertising Co., Class A  | 28997 | 3300149 |
| Lineage, Inc.  | 19172 | 924666 |
| Mid-America Apartment <br> Communities, Inc. <br>| 37958 | 6059995 |
| Millrose Properties, Inc., Class A  | 36772 | 920771 |
| NNN REIT, Inc.  | 60688 | 2494884 |
| Omega Healthcare Investors, Inc.  | 92164 | 3599004 |
| Prologis, Inc.  | 302026 | 30867057 |
| Public Storage  | 51529 | 15480857 |
| Realty Income Corp.  | 285096 | 16495655 |
| Regency Centers Corp.  | 53054 | 3829438 |
| Rexford Industrial Realty, Inc.  | 74686 | 2472107 |
| Ryman Hospitality Properties, Inc.  | 19484 | 1713618 |
| SBA Communications Corp., Class A  | 35122 | 8548695 |
| Simon Property Group, Inc.  | 100278 | 15781752 |
| STAG Industrial, Inc.  | 61405 | 2028207 |
| Sun Communities, Inc.  | 38998 | 4852521 |
| Terreno Realty Corp.  | 32271 | 1817825 |
| UDR, Inc.  | 97969 | 4102942 |
| Ventas, Inc.  | 143043 | 10024453 |
| VICI Properties, Inc., Class A  | 344677 | 11036557 |
| Vornado Realty Trust  | 55092 | 1943646 |
| Welltower, Inc.  | 198694 | 30318717 |
| Weyerhaeuser Co.  | 237557 | 6155102 |
| WP Carey, Inc.  | 72057 | 4499239 |
|  |  | **387738821** |
| **Financial Services 8.9%** | **Financial Services 8.9%** | **Financial Services 8.9%** |
| Affiliated Managers Group, Inc.  | 9646 | 1597667 |
| Affirm Holdings, Inc. \* | 82584 | 4109380 |
| AGNC Investment Corp.  | 296602 | 2618996 |
| Ally Financial, Inc.  | 88916 | 2903997 |
| American Express Co.  | 180979 | 48214615 |
| Ameriprise Financial, Inc.  | 31398 | 14789086 |
| Annaly Capital Management, Inc.  | 189196 | 3708242 |
| Apollo Global Management, Inc.  | 145610 | 19872853 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| ARES Management Corp., Class A  | 60762 | 9268028 |
| Bank of New York Mellon Corp.  | 234117 | 18825348 |
| Berkshire Hathaway, Inc., Class B \* | 597786 | 318769384 |
| Blackrock, Inc.  | 47481 | 43409979 |
| Blackstone, Inc.  | 238706 | 31439967 |
| Block, Inc. \* | 182204 | 10653468 |
| Blue Owl Capital, Inc., Class A  | 168273 | 3118099 |
| Capital One Financial Corp.  | 124277 | 22402172 |
| Carlyle Group, Inc.  | 68752 | 2656577 |
| Cboe Global Markets, Inc.  | 34149 | 7574248 |
| Charles Schwab Corp. *(b)* | 552350 | 44961290 |
| CME Group, Inc.  | 117513 | 32560502 |
| Coinbase Global, Inc., Class A \* | 68746 | 13947876 |
| Corebridge Financial, Inc.  | 83146 | 2463616 |
| Corpay, Inc. \* | 22669 | 7375812 |
| Credit Acceptance Corp. \* | 1984 | 967041 |
| Discover Financial Services  | 81941 | 14968162 |
| Enact Holdings, Inc.  | 7456 | 266850 |
| Equitable Holdings, Inc.  | 101240 | 5006318 |
| Essent Group Ltd.  | 33690 | 1917972 |
| Evercore, Inc., Class A  | 11558 | 2372742 |
| FactSet Research Systems, Inc.  | 12441 | 5377249 |
| Fidelity National Information Services, <br> Inc. <br>| 172470 | 13604434 |
| FirstCash Holdings, Inc.  | 12765 | 1709999 |
| Fiserv, Inc. \* | 185544 | 34245856 |
| Franklin Resources, Inc.  | 99212 | 1861217 |
| Global Payments, Inc.  | 81042 | 6184315 |
| Goldman Sachs Group, Inc.  | 101766 | 55721973 |
| Hamilton Lane, Inc., Class A  | 14397 | 2224193 |
| Houlihan Lokey, Inc., Class A  | 17473 | 2832024 |
| Interactive Brokers Group, Inc., <br> Class A <br>| 35739 | 6141747 |
| Intercontinental Exchange, Inc.  | 187231 | 31449191 |
| Invesco Ltd.  | 142368 | 1983186 |
| Jack Henry & Associates, Inc.  | 23621 | 4096590 |
| Jackson Financial, Inc., Class A  | 24508 | 1909418 |
| Janus Henderson Group PLC  | 41519 | 1378846 |
| Jefferies Financial Group, Inc.  | 53200 | 2486036 |
| KKR & Co., Inc.  | 219958 | 25134601 |
| Lazard, Inc.  | 36704 | 1427786 |
| LPL Financial Holdings, Inc.  | 25923 | 8289916 |
| MarketAxess Holdings, Inc.  | 12381 | 2743506 |
| Mastercard, Inc., Class A  | 265603 | 145566380 |
| MGIC Investment Corp.  | 80587 | 2007422 |
| Moody's Corp.  | 50463 | 22865795 |
| Morgan Stanley  | 403384 | 46558581 |
| Morningstar, Inc.  | 8804 | 2506675 |
| Mr. Cooper Group, Inc. \* | 20775 | 2472433 |
| MSCI, Inc., Class A  | 25403 | 13847429 |
| Nasdaq, Inc.  | 135235 | 10306259 |
| Northern Trust Corp.  | 63871 | 6002597 |
| OneMain Holdings, Inc.  | 39470 | 1857853 |
| PayPal Holdings, Inc. \* | 322312 | 21221022 |
| PennyMac Financial Services, Inc.  | 10352 | 1008699 |
| Radian Group, Inc.  | 46021 | 1469911 |
| Raymond James Financial, Inc.  | 60441 | 8282835 |
| Rithm Capital Corp.  | 170053 | 1901193 |
| Robinhood Markets, Inc., Class A \* | 231994 | 11393225 |
| S&P Global, Inc.  | 102832 | 51421142 |
| SEI Investments Co.  | 31199 | 2442570 |
| Shift4 Payments, Inc., Class A \* | 22569 | 1846144 |
| SoFi Technologies, Inc. \* | 353918 | 4427514 |
| Starwood Property Trust, Inc.  | 104951 | 2014010 |
| State Street Corp.  | 93769 | 8261049 |
| Stifel Financial Corp.  | 33457 | 2866930 |
| Synchrony Financial  | 126980 | 6596611 |
| T. Rowe Price Group, Inc.  | 72627 | 6431121 |

---

*See financial notes*

**16**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab 1000 Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Toast, Inc., Class A \* | 135292 | 4813689 |
| Tradeweb Markets, Inc., Class A  | 37638 | 5205335 |
| Visa, Inc., Class A  | 562046 | 194186893 |
| Voya Financial, Inc.  | 32011 | 1895051 |
| WEX, Inc. \* | 11417 | 1488434 |
|  |  | **1496707172** |
| **Food, Beverage & Tobacco 2.6%** | **Food, Beverage & Tobacco 2.6%** | **Food, Beverage & Tobacco 2.6%** |
| Altria Group, Inc.  | 552735 | 32694275 |
| Archer-Daniels-Midland Co.  | 156135 | 7455446 |
| Brown-Forman Corp., Class B  | 77802 | 2710622 |
| Bunge Global SA  | 43802 | 3448093 |
| Campbell's Co.  | 64545 | 2353311 |
| Celsius Holdings, Inc. \* | 52286 | 1827919 |
| Coca-Cola Co.  | 1262724 | 91610626 |
| Coca-Cola Consolidated, Inc.  | 1922 | 2605867 |
| Conagra Brands, Inc.  | 154301 | 3812778 |
| Constellation Brands, Inc., Class A  | 50820 | 9530783 |
| Darling Ingredients, Inc. \* | 51251 | 1649770 |
| Flowers Foods, Inc.  | 61848 | 1087906 |
| Freshpet, Inc. \* | 15828 | 1163991 |
| General Mills, Inc.  | 180374 | 10234421 |
| Hershey Co.  | 48170 | 8053542 |
| Hormel Foods Corp.  | 96141 | 2874616 |
| Ingredion, Inc.  | 20986 | 2787361 |
| J.M. Smucker Co.  | 34892 | 4056893 |
| Kellanova  | 87656 | 7255287 |
| Keurig Dr. Pepper, Inc.  | 389384 | 13468793 |
| Kraft Heinz Co.  | 285054 | 8295071 |
| Lamb Weston Holdings, Inc.  | 46319 | 2446106 |
| Lancaster Colony Corp.  | 6244 | 1016398 |
| McCormick & Co., Inc. - Non Voting <br> Shares <br>| 82000 | 6286120 |
| Molson Coors Beverage Co., Class B  | 55872 | 3214316 |
| Mondelez International, Inc., Class A  | 422458 | 28782064 |
| Monster Beverage Corp. \* | 228687 | 13748662 |
| PepsiCo, Inc.  | 447292 | 60643849 |
| Philip Morris International, Inc.  | 507091 | 86895114 |
| Pilgrim's Pride Corp.  | 13039 | 711669 |
| Post Holdings, Inc. \* | 14688 | 1662241 |
| Tyson Foods, Inc., Class A  | 93201 | 5707629 |
|  |  | **430091539** |
| **Health Care Equipment & Services 4.5%** | **Health Care Equipment & Services 4.5%** | **Health Care Equipment & Services 4.5%** |
| Abbott Laboratories  | 565664 | 73960568 |
| Acadia Healthcare Co., Inc. \* | 29408 | 688147 |
| Align Technology, Inc. \* | 22839 | 3957999 |
| Baxter International, Inc.  | 167577 | 5223375 |
| Becton Dickinson & Co.  | 93596 | 19382796 |
| Boston Scientific Corp. \* | 480664 | 49445906 |
| Cardinal Health, Inc.  | 78828 | 11137608 |
| Cencora, Inc.  | 56256 | 16464444 |
| Centene Corp. \* | 162292 | 9713176 |
| Chemed Corp.  | 4831 | 2809275 |
| Cigna Group  | 89374 | 30390735 |
| Cooper Cos., Inc. \* | 65533 | 5352080 |
| CorVel Corp. \* | 8847 | 962200 |
| CVS Health Corp.  | 411454 | 27448096 |
| DaVita, Inc. \* | 14477 | 2049219 |
| DENTSPLY SIRONA, Inc.  | 63908 | 888321 |
| Dexcom, Inc. \* | 127261 | 9083890 |
| Edwards Lifesciences Corp. \* | 192177 | 14507442 |
| Elevance Health, Inc.  | 75638 | 31811830 |
| Encompass Health Corp.  | 32248 | 3772694 |
| Ensign Group, Inc.  | 18467 | 2382058 |
| GE HealthCare Technologies, Inc.  | 149269 | 10498089 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Glaukos Corp. \* | 17872 | 1684436 |
| Globus Medical, Inc., Class A \* | 37260 | 2674150 |
| HCA Healthcare, Inc.  | 58298 | 20117474 |
| HealthEquity, Inc. \* | 28099 | 2408646 |
| Henry Schein, Inc. \* | 41201 | 2676829 |
| Hologic, Inc. \* | 73569 | 4281716 |
| Humana, Inc.  | 39375 | 10325700 |
| IDEXX Laboratories, Inc. \* | 26694 | 11549159 |
| Inspire Medical Systems, Inc. \* | 9863 | 1562102 |
| Insulet Corp. \* | 23017 | 5806959 |
| Intuitive Surgical, Inc. \* | 116318 | 59996824 |
| Labcorp Holdings, Inc.  | 27374 | 6597408 |
| Lantheus Holdings, Inc. \* | 22718 | 2370396 |
| Masimo Corp. \* | 14475 | 2329896 |
| McKesson Corp.  | 40912 | 29161665 |
| Medtronic PLC  | 418196 | 35446293 |
| Merit Medical Systems, Inc. \* | 18874 | 1782649 |
| Molina Healthcare, Inc. \* | 18177 | 5944061 |
| Option Care Health, Inc. \* | 55441 | 1791299 |
| PACS Group, Inc. \* | 12094 | 116465 |
| Penumbra, Inc. \* | 12511 | 3663721 |
| Quest Diagnostics, Inc.  | 36324 | 6473663 |
| ResMed, Inc.  | 48005 | 11357503 |
| Solventum Corp. \* | 44625 | 2950605 |
| STERIS PLC  | 31807 | 7148305 |
| Stryker Corp.  | 111951 | 41860718 |
| Teleflex, Inc.  | 15009 | 2056983 |
| Tenet Healthcare Corp. \* | 30640 | 4379988 |
| UnitedHealth Group, Inc.  | 300135 | 123487544 |
| Universal Health Services, Inc., <br> Class B <br>| 18936 | 3352998 |
| Veeva Systems, Inc., Class A \* | 48859 | 11417860 |
| Zimmer Biomet Holdings, Inc.  | 64865 | 6684338 |
|  |  | **765388301** |
| **Household & Personal Products 1.2%** | **Household & Personal Products 1.2%** | **Household & Personal Products 1.2%** |
| BellRing Brands, Inc. \* | 41804 | 3224761 |
| Church & Dwight Co., Inc.  | 80638 | 8010579 |
| Clorox Co.  | 40306 | 5735544 |
| Colgate-Palmolive Co.  | 264858 | 24417259 |
| Coty, Inc., Class A \* | 117200 | 591860 |
| elf Beauty, Inc. \* | 18093 | 1119414 |
| Estee Lauder Cos., Inc., Class A  | 76121 | 4564215 |
| Kenvue, Inc.  | 625264 | 14756230 |
| Kimberly-Clark Corp.  | 108432 | 14289169 |
| Procter & Gamble Co.  | 764735 | 124322969 |
| Reynolds Consumer Products, Inc.  | 17315 | 398245 |
|  |  | **201430245** |
| **Insurance 2.4%** | **Insurance 2.4%** | **Insurance 2.4%** |
| Aflac, Inc.  | 161235 | 17523020 |
| Allstate Corp.  | 86581 | 17176805 |
| American Financial Group, Inc.  | 23413 | 2965491 |
| American International Group, Inc.  | 193523 | 15775995 |
| Aon PLC, Class A  | 70491 | 25009502 |
| Arch Capital Group Ltd.  | 122519 | 11110023 |
| Arthur J Gallagher & Co.  | 82888 | 26581353 |
| Assurant, Inc.  | 16757 | 3229744 |
| Axis Capital Holdings Ltd.  | 24471 | 2357047 |
| Brown & Brown, Inc.  | 77510 | 8572606 |
| Chubb Ltd.  | 121442 | 34742127 |
| Cincinnati Financial Corp.  | 51072 | 7109733 |
| CNA Financial Corp.  | 6753 | 325224 |
| Enstar Group Ltd. \* | 4036 | 1349679 |
| Erie Indemnity Co., Class A  | 8119 | 2911636 |
| Everest Group Ltd.  | 14129 | 5069909 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**17**

------

Schwab 1000 Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| F&G Annuities & Life, Inc.  | 5666 | 197233 |
| Fidelity National Financial, Inc.  | 84690 | 5424395 |
| First American Financial Corp.  | 34161 | 2077330 |
| Globe Life, Inc.  | 27468 | 3387903 |
| Hanover Insurance Group, Inc.  | 11702 | 1943702 |
| Hartford Insurance Group, Inc.  | 93828 | 11509881 |
| Kinsale Capital Group, Inc.  | 7207 | 3136919 |
| Lincoln National Corp.  | 53945 | 1719227 |
| Loews Corp.  | 57693 | 5009483 |
| Markel Group, Inc. \* | 4172 | 7587199 |
| Marsh & McLennan Cos., Inc.  | 160174 | 36114432 |
| MetLife, Inc.  | 188434 | 14202271 |
| Old Republic International Corp.  | 77446 | 2911970 |
| Primerica, Inc.  | 10962 | 2872811 |
| Principal Financial Group, Inc.  | 68239 | 5059922 |
| Progressive Corp.  | 191053 | 53827272 |
| Prudential Financial, Inc.  | 115840 | 11897926 |
| Reinsurance Group of America, Inc.  | 21350 | 3999069 |
| RenaissanceRe Holdings Ltd.  | 16151 | 3907411 |
| RLI Corp.  | 27184 | 2011888 |
| Ryan Specialty Holdings, Inc., Class A  | 34769 | 2277717 |
| Selective Insurance Group, Inc.  | 20045 | 1748525 |
| Travelers Cos., Inc.  | 74125 | 19578636 |
| Unum Group  | 53287 | 4138268 |
| W.R. Berkley Corp.  | 98229 | 7042037 |
| Willis Towers Watson PLC  | 32650 | 10049670 |
|  |  | **405442991** |
| **Materials 2.3%** | **Materials 2.3%** | **Materials 2.3%** |
| Air Products & Chemicals, Inc.  | 72689 | 19705261 |
| Albemarle Corp.  | 39176 | 2293755 |
| Alcoa Corp.  | 84336 | 2068762 |
| Amcor PLC  | 743935 | 6844202 |
| Anglogold Ashanti PLC  | 138929 | 5857247 |
| AptarGroup, Inc.  | 21944 | 3290503 |
| ATI, Inc. \* | 46564 | 2532150 |
| Avery Dennison Corp.  | 26243 | 4490440 |
| Axalta Coating Systems Ltd. \* | 70587 | 2294077 |
| Balchem Corp.  | 10805 | 1691523 |
| Ball Corp.  | 97476 | 5062903 |
| Cabot Corp.  | 17524 | 1376335 |
| Carpenter Technology Corp.  | 16304 | 3189225 |
| Celanese Corp., Class A  | 35470 | 1578770 |
| CF Industries Holdings, Inc.  | 56633 | 4438328 |
| Cleveland-Cliffs, Inc. \* | 157603 | 1298649 |
| Commercial Metals Co.  | 37999 | 1692475 |
| Corteva, Inc.  | 223833 | 13875408 |
| CRH PLC  | 221887 | 21172458 |
| Crown Holdings, Inc.  | 38214 | 3681155 |
| Dow, Inc.  | 228756 | 6997646 |
| DuPont de Nemours, Inc.  | 136229 | 8989752 |
| Eagle Materials, Inc.  | 10561 | 2390905 |
| Eastman Chemical Co.  | 37642 | 2898434 |
| Ecolab, Inc.  | 82367 | 20709535 |
| Element Solutions, Inc.  | 73899 | 1508279 |
| FMC Corp.  | 39873 | 1671476 |
| Freeport-McMoRan, Inc.  | 469823 | 16927723 |
| Graphic Packaging Holding Co.  | 97603 | 2470332 |
| International Flavors & Fragrances, <br> Inc. <br>| 83462 | 6548428 |
| International Paper Co.  | 172484 | 7879069 |
| Linde PLC  | 155291 | 70382540 |
| Louisiana-Pacific Corp.  | 20391 | 1759947 |
| LyondellBasell Industries NV, Class A  | 84023 | 4890979 |
| Martin Marietta Materials, Inc.  | 19925 | 10440301 |
| Mosaic Co.  | 103329 | 3141202 |
| NewMarket Corp.  | 2468 | 1518560 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Newmont Corp.  | 370735 | 19530320 |
| Nucor Corp.  | 76649 | 9149591 |
| Olin Corp.  | 37941 | 820284 |
| Packaging Corp. of America  | 29073 | 5396240 |
| PPG Industries, Inc.  | 75244 | 8191062 |
| Reliance, Inc.  | 17619 | 5078324 |
| Royal Gold, Inc.  | 21236 | 3880030 |
| RPM International, Inc.  | 42035 | 4487236 |
| Sealed Air Corp.  | 47196 | 1300722 |
| Sherwin-Williams Co.  | 75514 | 26650401 |
| Silgan Holdings, Inc.  | 25726 | 1328748 |
| Smurfit WestRock PLC  | 161248 | 6775641 |
| Sonoco Products Co.  | 32711 | 1341151 |
| Steel Dynamics, Inc.  | 46071 | 5975869 |
| U.S. Steel Corp.  | 73982 | 3233753 |
| Vulcan Materials Co.  | 43022 | 11285961 |
| Westlake Corp.  | 11382 | 1052038 |
|  |  | **395036105** |
| **Media & Entertainment 7.8%** | **Media & Entertainment 7.8%** | **Media & Entertainment 7.8%** |
| Alphabet, Inc., Class A  | 1902337 | 302091115 |
| Alphabet, Inc., Class C  | 1541770 | 248055375 |
| Charter Communications, Inc., <br> Class A \*<br>| 31510 | 12347509 |
| Comcast Corp., Class A  | 1229259 | 42040658 |
| Electronic Arts, Inc.  | 77480 | 11241573 |
| Fox Corp., Class A  | 111178 | 5535553 |
| Interpublic Group of Cos., Inc.  | 121830 | 3060370 |
| Liberty Broadband Corp., Class C \* | 36372 | 3287665 |
| Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 72628 | 6439925 |
| Live Nation Entertainment, Inc. \* | 51107 | 6769122 |
| Match Group, Inc.  | 81156 | 2407087 |
| Meta Platforms, Inc., Class A  | 714199 | 392095251 |
| Netflix, Inc. \* | 139506 | 157881730 |
| New York Times Co., Class A  | 52570 | 2736794 |
| News Corp., Class A  | 165399 | 4485621 |
| Nexstar Media Group, Inc., Class A  | 9551 | 1429403 |
| Omnicom Group, Inc.  | 63674 | 4849412 |
| Paramount Global, Class B *(a)* | 194111 | 2278863 |
| Pinterest, Inc., Class A \* | 192390 | 4871315 |
| Reddit, Inc., Class A \* | 34917 | 4070275 |
| ROBLOX Corp., Class A \* | 177944 | 11931145 |
| Roku, Inc. \* | 41433 | 2824902 |
| Sirius XM Holdings, Inc.  | 71833 | 1538663 |
| Snap, Inc., Class A \* | 349378 | 2781049 |
| Take-Two Interactive Software, Inc. \* | 53701 | 12529517 |
| TKO Group Holdings, Inc.  | 21705 | 3535961 |
| Trade Desk, Inc., Class A \* | 147667 | 7919381 |
| Walt Disney Co.  | 589365 | 53602747 |
| Warner Bros Discovery, Inc. \* | 731709 | 6343917 |
|  |  | **1320981898** |
| **Pharmaceuticals, Biotechnology & Life Sciences 6.2%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.2%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.2%** |
| AbbVie, Inc.  | 575741 | 112327069 |
| Agilent Technologies, Inc.  | 92949 | 10001312 |
| Alnylam Pharmaceuticals, Inc. \* | 42270 | 11127155 |
| Amgen, Inc.  | 175190 | 50966275 |
| Apellis Pharmaceuticals, Inc. \* | 35268 | 677498 |
| Avantor, Inc. \* | 221897 | 2882442 |
| Avidity Biosciences, Inc. \* | 38222 | 1247948 |
| Biogen, Inc. \* | 47592 | 5762439 |
| BioMarin Pharmaceutical, Inc. \* | 61704 | 3929928 |
| Bio-Rad Laboratories, Inc., Class A \* | 6235 | 1521839 |
| Bio-Techne Corp.  | 50514 | 2543380 |
| Blueprint Medicines Corp. \* | 20636 | 1846922 |

---

*See financial notes*

**18**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab 1000 Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Bridgebio Pharma, Inc. \* | 49387 | 1894485 |
| Bristol-Myers Squibb Co.  | 661487 | 33206647 |
| Bruker Corp.  | 35990 | 1441759 |
| Charles River Laboratories <br> International, Inc. \*<br>| 16459 | 1952367 |
| Cytokinetics, Inc. \* | 38269 | 1639444 |
| Danaher Corp.  | 208725 | 41605154 |
| Elanco Animal Health, Inc. \* | 155283 | 1472083 |
| Eli Lilly & Co.  | 256971 | 231004080 |
| Exact Sciences Corp. \* | 60391 | 2756245 |
| Exelixis, Inc. \* | 90809 | 3555172 |
| Gilead Sciences, Inc.  | 406449 | 43303076 |
| Halozyme Therapeutics, Inc. \* | 41568 | 2553107 |
| Illumina, Inc. \* | 51795 | 4019292 |
| Immunovant, Inc. \* | 25955 | 419173 |
| Incyte Corp. \* | 52673 | 3300490 |
| Insmed, Inc. \* | 58267 | 4195224 |
| Ionis Pharmaceuticals, Inc. \* | 51551 | 1583131 |
| IQVIA Holdings, Inc. \* | 54771 | 8493339 |
| Jazz Pharmaceuticals PLC \* | 19849 | 2321539 |
| Johnson & Johnson  | 785205 | 122735394 |
| Krystal Biotech, Inc. \* | 8261 | 1403379 |
| Madrigal Pharmaceuticals, Inc. \* | 5537 | 1848860 |
| Medpace Holdings, Inc. \* | 8086 | 2493642 |
| Merck & Co., Inc.  | 824999 | 70289915 |
| Mettler-Toledo International, Inc. \* | 6854 | 7337687 |
| Moderna, Inc. \* | 110385 | 3150388 |
| Natera, Inc. \* | 43026 | 6493914 |
| Neurocrine Biosciences, Inc. \* | 32504 | 3500356 |
| Nuvalent, Inc., Class A \* | 12202 | 936503 |
| Organon & Co.  | 83300 | 1077069 |
| Pfizer, Inc.  | 1848195 | 45114440 |
| Regeneron Pharmaceuticals, Inc.  | 34281 | 20526092 |
| Repligen Corp. \* | 17121 | 2362527 |
| Revolution Medicines, Inc. \* | 57345 | 2315591 |
| Revvity, Inc.  | 40139 | 3750187 |
| Roivant Sciences Ltd. \* | 134218 | 1559613 |
| Royalty Pharma PLC, Class A  | 121656 | 3992750 |
| Sarepta Therapeutics, Inc. \* | 31709 | 1978642 |
| Summit Therapeutics, Inc. \* | 45071 | 1087112 |
| Thermo Fisher Scientific, Inc.  | 124746 | 53516034 |
| Ultragenyx Pharmaceutical, Inc. \* | 30112 | 1173766 |
| United Therapeutics Corp. \* | 14515 | 4399351 |
| Vaxcyte, Inc. \* | 37446 | 1342065 |
| Vertex Pharmaceuticals, Inc. \* | 83868 | 42730746 |
| Viatris, Inc.  | 383123 | 3225896 |
| Viking Therapeutics, Inc. \* | 36221 | 1045700 |
| Waters Corp. \* | 19362 | 6732748 |
| West Pharmaceutical Services, Inc.  | 23826 | 5034196 |
| Zoetis, Inc.  | 146024 | 22838154 |
|  |  | **1041542731** |
| **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** |
| CBRE Group, Inc., Class A \* | 96168 | 11749806 |
| CoStar Group, Inc. \* | 137791 | 10219959 |
| Jones Lang LaSalle, Inc. \* | 15496 | 3523945 |
| Zillow Group, Inc., Class C \* | 52465 | 3532469 |
|  |  | **29026179** |
| **Semiconductors & Semiconductor Equipment 9.5%** | **Semiconductors & Semiconductor Equipment 9.5%** | **Semiconductors & Semiconductor Equipment 9.5%** |
| Advanced Micro Devices, Inc. \* | 528431 | 51442758 |
| Amkor Technology, Inc.  | 37312 | 651094 |
| Analog Devices, Inc.  | 161924 | 31562226 |
| Applied Materials, Inc.  | 265335 | 39988638 |
| Astera Labs, Inc. \* | 6538 | 426997 |
| Broadcom, Inc.  | 1528704 | 294229659 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cirrus Logic, Inc. \* | 17283 | 1659859 |
| Enphase Energy, Inc. \* | 43484 | 1938952 |
| Entegris, Inc.  | 49191 | 3891992 |
| First Solar, Inc. \* | 34957 | 4398290 |
| GLOBALFOUNDRIES, Inc. \* | 27339 | 958779 |
| Intel Corp.  | 1412116 | 28383532 |
| KLA Corp.  | 43339 | 30453882 |
| Lam Research Corp.  | 419308 | 30051804 |
| Lattice Semiconductor Corp. \* | 45112 | 2207330 |
| MACOM Technology Solutions <br> Holdings, Inc. \*<br>| 18957 | 1966789 |
| Marvell Technology, Inc.  | 282002 | 16460457 |
| Microchip Technology, Inc.  | 174848 | 8056996 |
| Micron Technology, Inc.  | 363277 | 27954165 |
| MKS Instruments, Inc.  | 21823 | 1530665 |
| Monolithic Power Systems, Inc.  | 15647 | 9280236 |
| NVIDIA Corp.  | 7987009 | 869945020 |
| NXP Semiconductors NV  | 83100 | 15316161 |
| ON Semiconductor Corp. \* | 138452 | 5496544 |
| Onto Innovation, Inc. \* | 16255 | 1982622 |
| Qorvo, Inc. \* | 30796 | 2207149 |
| QUALCOMM, Inc.  | 360600 | 53534676 |
| Skyworks Solutions, Inc.  | 51869 | 3334139 |
| Teradyne, Inc.  | 53214 | 3949011 |
| Texas Instruments, Inc.  | 297177 | 47563179 |
| Universal Display Corp.  | 14402 | 1809323 |
|  |  | **1592632924** |
| **Software & Services 11.9%** | **Software & Services 11.9%** | **Software & Services 11.9%** |
| Accenture PLC, Class A  | 203990 | 61023608 |
| ACI Worldwide, Inc. \* | 33990 | 1813706 |
| Adobe, Inc. \* | 141969 | 53235536 |
| Akamai Technologies, Inc. \* | 48276 | 3890080 |
| Amdocs Ltd.  | 36266 | 3212442 |
| ANSYS, Inc. \* | 28520 | 9180018 |
| Appfolio, Inc., Class A \* | 7497 | 1548280 |
| AppLovin Corp., Class A \* | 72529 | 19532785 |
| Atlassian Corp., Class A \* | 53628 | 12243809 |
| Aurora Innovation, Inc. \* | 335894 | 2431873 |
| Autodesk, Inc. \* | 70084 | 19220537 |
| Bentley Systems, Inc., Class B  | 50027 | 2150661 |
| Bill Holdings, Inc. \* | 30358 | 1383414 |
| Box, Inc., Class A \* | 47243 | 1474926 |
| Cadence Design Systems, Inc. \* | 89368 | 26608428 |
| CCC Intelligent Solutions Holdings, <br> Inc. \*<br>| 156839 | 1452329 |
| Cloudflare, Inc., Class A \* | 100757 | 12169430 |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 161765 | 11901051 |
| Commvault Systems, Inc. \* | 14226 | 2377591 |
| Confluent, Inc., Class A \* | 84488 | 2011659 |
| Crowdstrike Holdings, Inc., Class A \* | 80330 | 34451127 |
| Datadog, Inc., Class A \* | 102057 | 10426143 |
| Docusign, Inc., Class A \* | 66102 | 5403839 |
| Dropbox, Inc., Class A \* | 69937 | 1996701 |
| Dynatrace, Inc. \* | 97210 | 4565954 |
| Elastic NV \* | 28183 | 2429375 |
| EPAM Systems, Inc. \* | 18597 | 2918055 |
| Fair Isaac Corp. \* | 7976 | 15869688 |
| Fortinet, Inc. \* | 207472 | 21527295 |
| Gartner, Inc. \* | 25018 | 10534579 |
| Gen Digital, Inc.  | 176589 | 4568357 |
| Gitlab, Inc., Class A \* | 39207 | 1829791 |
| GoDaddy, Inc., Class A \* | 45982 | 8659790 |
| Guidewire Software, Inc. \* | 27093 | 5547834 |
| HubSpot, Inc. \* | 17079 | 10443808 |
| Informatica, Inc., Class A \* | 27037 | 509107 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**19**

------

Schwab 1000 Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| International Business Machines <br> Corp. <br>| 301558 | 72922756 |
| Intuit, Inc.  | 91290 | 57281736 |
| Kyndryl Holdings, Inc. \* | 75092 | 2434483 |
| Manhattan Associates, Inc. \* | 19979 | 3544075 |
| Microsoft Corp.  | 2424470 | 958296012 |
| MicroStrategy, Inc., Class A \* | 77715 | 29540249 |
| MongoDB, Inc., Class A \* | 24320 | 4187174 |
| Nutanix, Inc., Class A \* | 81663 | 5610248 |
| Okta, Inc. \* | 52913 | 5934722 |
| Oracle Corp.  | 529065 | 74450027 |
| Palantir Technologies, Inc., Class A \* | 668513 | 79178680 |
| Palo Alto Networks, Inc. \* | 215933 | 40364356 |
| Pegasystems, Inc.  | 14430 | 1328714 |
| Procore Technologies, Inc. \* | 34438 | 2207131 |
| PTC, Inc. \* | 38949 | 6035927 |
| Roper Technologies, Inc.  | 34956 | 19578156 |
| Salesforce, Inc.  | 312110 | 83867078 |
| Samsara, Inc., Class A \* | 82927 | 3288885 |
| SentinelOne, Inc., Class A \* | 98049 | 1813907 |
| ServiceNow, Inc. \* | 67155 | 64133697 |
| Snowflake, Inc., Class A \* | 107426 | 17133373 |
| SPS Commerce, Inc. \* | 12131 | 1740920 |
| Synopsys, Inc. \* | 50396 | 23132268 |
| Twilio, Inc., Class A \* | 50040 | 4839368 |
| Tyler Technologies, Inc. \* | 13879 | 7540461 |
| UiPath, Inc., Class A \* | 139111 | 1660985 |
| Unity Software, Inc. \* | 94732 | 1996003 |
| Varonis Systems, Inc., Class B \* | 36538 | 1565288 |
| VeriSign, Inc. \* | 26664 | 7522448 |
| Workday, Inc., Class A \* | 69704 | 17077480 |
| Zeta Global Holdings Corp., Class A \* | 68944 | 900409 |
| Zoom Communications, Inc. \* | 85447 | 6625560 |
| Zscaler, Inc. \* | 31081 | 7029590 |
|  |  | **2005305772** |
| **Technology Hardware & Equipment 8.0%** | **Technology Hardware & Equipment 8.0%** | **Technology Hardware & Equipment 8.0%** |
| Amphenol Corp., Class A  | 395151 | 30406870 |
| Apple, Inc.  | 4899201 | 1041080213 |
| Arista Networks, Inc. \* | 336608 | 27692740 |
| Arrow Electronics, Inc. \* | 16786 | 1869289 |
| Badger Meter, Inc.  | 9639 | 2128484 |
| CDW Corp.  | 43601 | 7000577 |
| Ciena Corp. \* | 46064 | 3093658 |
| Cisco Systems, Inc.  | 1298911 | 74986132 |
| Cognex Corp.  | 54624 | 1491235 |
| Coherent Corp. \* | 50950 | 3277104 |
| Corning, Inc.  | 251485 | 11160904 |
| Dell Technologies, Inc., Class C  | 102087 | 9367503 |
| F5, Inc. \* | 18832 | 4985584 |
| Fabrinet \* | 11938 | 2448006 |
| Flex Ltd. \* | 126079 | 4329553 |
| Hewlett Packard Enterprise Co.  | 430133 | 6976757 |
| HP, Inc.  | 307475 | 7862136 |
| Insight Enterprises, Inc. \* | 9155 | 1265953 |
| Jabil, Inc.  | 35928 | 5265608 |
| Juniper Networks, Inc.  | 108244 | 3931422 |
| Keysight Technologies, Inc. \* | 56427 | 8204486 |
| Littelfuse, Inc.  | 8253 | 1504604 |
| Motorola Solutions, Inc.  | 54451 | 23979676 |
| NetApp, Inc.  | 66192 | 5940732 |
| Novanta, Inc. \* | 11672 | 1387334 |
| Pure Storage, Inc., Class A \* | 101161 | 4588663 |
| Sandisk Corp. \* | 37580 | 1206694 |
| Seagate Technology Holdings PLC  | 69508 | 6327313 |
| Super Micro Computer, Inc. \* | 164630 | 5245112 |
| TD SYNNEX Corp.  | 24110 | 2671388 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| TE Connectivity PLC  | 97387 | 14255509 |
| Teledyne Technologies, Inc. \* | 15186 | 7077132 |
| Trimble, Inc. \* | 80746 | 5017556 |
| Ubiquiti, Inc.  | 1380 | 450501 |
| Vontier Corp.  | 48825 | 1553123 |
| Western Digital Corp. \* | 112741 | 4944820 |
| Zebra Technologies Corp., Class A \* | 16744 | 4191358 |
|  |  | **1349165729** |
| **Telecommunication Services 1.0%** | **Telecommunication Services 1.0%** | **Telecommunication Services 1.0%** |
| AT&T, Inc.  | 2341046 | 64846974 |
| Frontier Communications Parent, <br> Inc. \*<br>| 72288 | 2620440 |
| GCI Liberty, Inc. *\*(c)* | 32171 | 0 |
| Lumen Technologies, Inc. \* | 332328 | 1176441 |
| T-Mobile U.S., Inc.  | 156392 | 38621004 |
| Verizon Communications, Inc.  | 1372925 | 60491076 |
|  |  | **167755935** |
| **Transportation 1.4%** | **Transportation 1.4%** | **Transportation 1.4%** |
| Alaska Air Group, Inc. \* | 40403 | 1788641 |
| American Airlines Group, Inc. \* | 214308 | 2132365 |
| CH Robinson Worldwide, Inc.  | 38559 | 3440234 |
| CSX Corp.  | 630523 | 17698781 |
| Delta Air Lines, Inc.  | 209414 | 8717905 |
| Expeditors International of <br> Washington, Inc. <br>| 45833 | 5037505 |
| FedEx Corp.  | 72121 | 15169210 |
| GXO Logistics, Inc. \* | 39725 | 1439634 |
| JB Hunt Transport Services, Inc.  | 25735 | 3360476 |
| Kirby Corp. \* | 18735 | 1805492 |
| Knight-Swift Transportation Holdings, <br> Inc. <br>| 53344 | 2089484 |
| Landstar System, Inc.  | 11273 | 1512273 |
| Norfolk Southern Corp.  | 73815 | 16538251 |
| Old Dominion Freight Line, Inc.  | 61119 | 9368320 |
| Ryder System, Inc.  | 13714 | 1888006 |
| Saia, Inc. \* | 8642 | 2108648 |
| Southwest Airlines Co.  | 195010 | 5452480 |
| Uber Technologies, Inc. \* | 680997 | 55167567 |
| U-Haul Holding Co., Non Voting <br> Shares <br>| 32569 | 1784781 |
| Union Pacific Corp.  | 196971 | 42478766 |
| United Airlines Holdings, Inc. \* | 107200 | 7377504 |
| United Parcel Service, Inc., Class B  | 238902 | 22767361 |
| XPO, Inc. \* | 38129 | 4046249 |
|  |  | **233169933** |
| **Utilities 2.4%** | **Utilities 2.4%** | **Utilities 2.4%** |
| AES Corp.  | 231207 | 2312070 |
| Alliant Energy Corp.  | 83456 | 5094154 |
| Ameren Corp.  | 87875 | 8720715 |
| American Electric Power Co., Inc.  | 174129 | 18865136 |
| American Water Works Co., Inc.  | 63662 | 9358951 |
| Atmos Energy Corp.  | 51763 | 8314691 |
| CenterPoint Energy, Inc.  | 213089 | 8263591 |
| CMS Energy Corp.  | 97495 | 7180507 |
| Consolidated Edison, Inc.  | 112894 | 12728798 |
| Constellation Energy Corp.  | 101876 | 22763173 |
| Dominion Energy, Inc.  | 274653 | 14935630 |
| DTE Energy Co.  | 67498 | 9247226 |
| Duke Energy Corp.  | 253431 | 30923651 |
| Edison International  | 126135 | 6749484 |
| Entergy Corp.  | 139659 | 11615439 |
| Essential Utilities, Inc.  | 81578 | 3355303 |

---

*See financial notes*

**20**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab 1000 Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Evergy, Inc.  | 74630 | 5156933 |
| Eversource Energy  | 119386 | 7101079 |
| Exelon Corp.  | 328544 | 15408714 |
| FirstEnergy Corp.  | 167285 | 7173181 |
| IDACORP, Inc.  | 17459 | 2061733 |
| MDU Resources Group, Inc.  | 65908 | 1129663 |
| National Fuel Gas Co.  | 29220 | 2243512 |
| NextEra Energy, Inc.  | 670663 | 44853941 |
| NiSource, Inc.  | 152098 | 5948553 |
| NRG Energy, Inc.  | 66074 | 7240389 |
| OGE Energy Corp.  | 66099 | 2999573 |
| PG&E Corp.  | 714104 | 11796998 |
| Pinnacle West Capital Corp.  | 37547 | 3573723 |
| Portland General Electric Co.  | 35440 | 1492733 |
| PPL Corp.  | 241156 | 8802194 |
| Public Service Enterprise Group, Inc.  | 162688 | 13003652 |
| Sempra  | 207099 | 15381243 |
| Southern Co.  | 357339 | 32835881 |
| Southwest Gas Holdings, Inc.  | 19799 | 1429686 |
| UGI Corp.  | 71322 | 2338648 |
| Vistra Corp.  | 110731 | 14354059 |
| WEC Energy Group, Inc.  | 103250 | 11307940 |
| Xcel Energy, Inc.  | 187154 | 13231788 |
|  |  | **411294335** |
| **Total Common Stocks** <br>**(Cost $3,442,593,609)** | **Total Common Stocks** <br>**(Cost $3,442,593,609)** | **16813407263** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  |
| **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.29% *(d)*<br>| 32293120 | 32293120 |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.29% *(d)(e)*<br>| 3182725 | 3182725 |
|  |  | **35475845** |
| **Total Short-Term Investments** <br>**(Cost $35,475,845)** | **Total Short-Term Investments** <br>**(Cost $35,475,845)** | **35475845** |
| **Total Investments in Securities** <br>**(Cost $3,478,069,454)** | **Total Investments in Securities** <br>**(Cost $3,478,069,454)** | **16848883108** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| S&P 400 Mid-Cap Index, <br> e-mini, expires 06/20/25<br>| 15 | 4286700 | 37845 |
| S&P 500 Index, e-mini, expires <br> 06/20/25<br>| 139 | 38829650 | 939997 |
|  |  |  | **977842** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $3,050,133. 

*(b)* Issuer is affiliated with the fund's investment adviser.

*(c)* Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). 

*(d)* The rate shown is the annualized 7-day yield.

*(e)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers during the period ended April 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS |
| **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** |
| Charles Schwab Corp. | $34260471 | $5833940 | ($184501)<br>| $7113 | $5044267 | **$44961290** | 552350 | $269803 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**21**

------

Schwab 1000 Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

The following is a summary of the inputs used to value the fund's investments as of April 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $16645651328 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $16645651328 |
| Telecommunication Services | 167755935 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 167755935 |
| Short-Term Investments<sup>1</sup> <br>| 35475845 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35475845 |
| Futures Contracts<sup>2</sup> <br>| 977842 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 977842 |
| **Total** | **$16849860950** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$16849860950** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Level 3 amount shown includes securities determined to have no value at April 30, 2025.

<sup>1</sup> As categorized in the Portfolio Holdings. 

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

**22**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab 1000 Index Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $9,942,132)  |  | $44961290 |
| Investments in securities, at value - unaffiliated issuers (cost $3,468,127,322) including securities on loan of $3,050,133 |  | 16803921818 |
| Cash |  | 2575413 |
| Deposit with broker for futures contracts |  | 3878106 |
| Receivables: |  |  |
| Dividends |  | 9038039 |
| Fund shares sold |  | 2091872 |
| Variation margin on future contracts |  | 11501 |
| Income from securities on loan | + | 1597 |
| **Total assets** |  | **16866479636** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 3182725 |
| Payables: |  |  |
| Fund shares redeemed |  | 7462798 |
| Investment adviser fees | + | 667731 |
| **Total liabilities** |  | **11313254** |
| **Net assets** |  | **$16855166382** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $3444697322 |
| Total distributable earnings | + | 13410469060 |
| **Net assets** |  | **$16855166382** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $16855166382 |  | &nbsp;&nbsp;&nbsp;&nbsp; 141166228 |  | &nbsp;&nbsp;&nbsp;&nbsp; $119.40 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**23**

------

Schwab 1000 Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $33,797) |  | $117625262 |
| Dividends received from securities - affiliated issuers |  | 269803 |
| Other Interest |  | 62749 |
| Securities on loan, net | + | 122049 |
| **Total investment income**  |  | **118079863** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 4400967 |
| **Total expenses** | – | **4400967** |
| **Net investment income** |  | **113678896** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - affiliated issuers  |  | 7113 |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 39837360 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 14904602 |
| Net realized losses on futures contracts | + | (4356855)<br>|
| **Net realized gains** |  | **50392220** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 5044267 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | (497889537)<br>|
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 1627092 |
| **Net change in unrealized appreciation (depreciation)** | **+** | **(491218178)**<br>|
| **Net realized and unrealized losses** |  | **(440825958)**<br>|
| **Decrease in net assets resulting from operations** |  | **($327147062)**<br>|

---

*See financial notes*

**24**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab 1000 Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $113678896 | &nbsp;&nbsp;&nbsp; $215942227 |
| Net realized gains |  | 50392220 | &nbsp;&nbsp;&nbsp; 192063037 |
| Net change in unrealized appreciation (depreciation) | + | (491218178)<br>| &nbsp;&nbsp;&nbsp; 4452269453 |
| **Increase (decrease) in net assets resulting from operations** |  | **($327147062)**<br>| &nbsp;&nbsp;&nbsp; **$4860274717** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($218384415)**<br>| &nbsp;&nbsp;&nbsp; **($204576918)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 6444721 | &nbsp;&nbsp;&nbsp; $805116843 | &nbsp;&nbsp;&nbsp; 11138456 | &nbsp;&nbsp;&nbsp; $1240390357 |
| Shares reinvested |  | 1312130 | &nbsp;&nbsp;&nbsp; 170314465 | &nbsp;&nbsp;&nbsp; 1638307 | &nbsp;&nbsp;&nbsp; 161356836 |
| Shares redeemed | + | (7498676)<br>| &nbsp;&nbsp;&nbsp; (932027095)<br>| &nbsp;&nbsp;&nbsp; (13478717)<br>| &nbsp;&nbsp;&nbsp; (1510750063)<br>|
| **Net transactions in fund shares**  |  | **258175** | &nbsp;&nbsp;&nbsp; **$43404213** | &nbsp;&nbsp;&nbsp; **(701954)**<br>| &nbsp;&nbsp;&nbsp; **($109002870)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 140908053 | &nbsp;&nbsp;&nbsp; $17357293646 | &nbsp;&nbsp;&nbsp; 141610007 | &nbsp;&nbsp;&nbsp; $12810598717 |
| Total increase (decrease) | + | 258175 | &nbsp;&nbsp;&nbsp; (502127264)<br>| &nbsp;&nbsp;&nbsp; (701954)<br>| &nbsp;&nbsp;&nbsp; 4546694929 |
| **End of period** |  | **141166228** | &nbsp;&nbsp;&nbsp; **$16855166382** | &nbsp;&nbsp;&nbsp; **140908053** | &nbsp;&nbsp;&nbsp; **$17357293646** |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**25**

------

Schwab Small-Cap Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $35.63 | &nbsp;&nbsp; $26.99 | &nbsp;&nbsp; $29.87 | &nbsp;&nbsp; $39.97 | &nbsp;&nbsp; $27.18 | &nbsp;&nbsp; $28.84 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.26 | 0.47 | 0.47 | 0.40 | 0.37 | 0.35 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (3.71)<br>| 8.66 | &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (7.31)<br>| 13.29 | &nbsp;&nbsp; (0.23)<br>|
| Total from investment operations | &nbsp;&nbsp; (3.45)<br>| 9.13 | &nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp; (6.91)<br>| 13.66 | 0.12 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.42)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (1.36)<br>|
| Total distributions | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (3.19)<br>| &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (1.78)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $31.59 | &nbsp;&nbsp; $35.63 | &nbsp;&nbsp; $26.99 | &nbsp;&nbsp; $29.87 | &nbsp;&nbsp; $39.97 | &nbsp;&nbsp; $27.18 |
| Total return | &nbsp;&nbsp; (9.94 %)<sup>2</sup><br>| 34.14<br> %<br>| &nbsp;&nbsp; (8.47<br> %)<br>| &nbsp;&nbsp; (18.53<br> %)<br>| 50.82<br> %<br>| 0.00<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Total expenses | 0.04 %<sup>3</sup><br>| 0.04<br> %<br>| 0.04<br> %<br>| 0.04 %<sup>4</sup><br>| 0.04<br> %<br>| 0.04<br> %<br>|
| Net investment income (loss) | 1.47 %<sup>3</sup><br>| 1.42<br> %<br>| 1.60<br> %<br>| 1.25<br> %<br>| 0.98<br> %<br>| 1.31<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 2 %<sup>2</sup><br>| &nbsp;&nbsp; 15 %<sup>5</sup><br>| &nbsp;&nbsp; 10 %<sup>5</sup><br>| &nbsp;&nbsp; 16 %<sup>5</sup><br>| &nbsp;&nbsp; 19 %<sup>5</sup><br>| &nbsp;&nbsp; 21<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $5827 | &nbsp;&nbsp; $6330 | &nbsp;&nbsp; $4881 | &nbsp;&nbsp; $5372 | &nbsp;&nbsp; $6587 | &nbsp;&nbsp; $3988 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>5</sup> Portfolio turnover rate excludes in-kind transactions.

*See financial notes*

**26**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.4% OF NET ASSETS  | **COMMON STOCKS** 99.4% OF NET ASSETS  | **COMMON STOCKS** 99.4% OF NET ASSETS  |
| **Automobiles & Components 1.1%** | **Automobiles & Components 1.1%** | **Automobiles & Components 1.1%** |
| Adient PLC \* | 209104 | 2645166 |
| American Axle & Manufacturing <br> Holdings, Inc. \*<br>| 287423 | 1097956 |
| Cooper-Standard Holdings, Inc. \* | 42661 | 625837 |
| Dana, Inc.  | 324823 | 4463068 |
| Dorman Products, Inc. \* | 64411 | 7297766 |
| Fox Factory Holding Corp. \* | 105085 | 2134276 |
| Gentherm, Inc. \* | 76298 | 1984511 |
| Goodyear Tire & Rubber Co. \* | 709648 | 7720970 |
| Holley, Inc. \* | 119592 | 257123 |
| LCI Industries  | 61545 | 4743889 |
| Livewire Group, Inc., Class A *\*(a)* | 46511 | 83255 |
| Luminar Technologies, Inc. *\*(a)* | 62895 | 245919 |
| Modine Manufacturing Co. \* | 128553 | 10495067 |
| Patrick Industries, Inc.  | 80752 | 6216289 |
| Phinia, Inc.  | 103786 | 4167008 |
| Solid Power, Inc. \* | 395374 | 430958 |
| Standard Motor Products, Inc.  | 52405 | 1420175 |
| Stoneridge, Inc. \* | 64899 | 250510 |
| Visteon Corp. \* | 67705 | 5361559 |
| Winnebago Industries, Inc.  | 68769 | 2188230 |
| XPEL, Inc. \* | 63360 | 1814630 |
|  |  | **65644162** |
| **Banks 10.7%** | **Banks 10.7%** | **Banks 10.7%** |
| 1st Source Corp.  | 45538 | 2730003 |
| ACNB Corp.  | 20468 | 857814 |
| Amalgamated Financial Corp.  | 44181 | 1244137 |
| Amerant Bancorp, Inc.  | 91926 | 1548034 |
| Ameris Bancorp  | 163855 | 9601903 |
| Ames National Corp.  | 22703 | 394124 |
| Arrow Financial Corp.  | 40947 | 1004430 |
| Associated Banc-Corp.  | 408013 | 9000767 |
| Atlantic Union Bankshares Corp.  | 321114 | 8894858 |
| Axos Financial, Inc. \* | 136042 | 8635946 |
| Banc of California, Inc.  | 344838 | 4648416 |
| BancFirst Corp.  | 49445 | 5825610 |
| Bancorp, Inc. \* | 113303 | 5473668 |
| Bank First Corp.  | 24088 | 2629928 |
| Bank of Hawaii Corp.  | 97396 | 6438850 |
| Bank of Marin Bancorp  | 39277 | 805964 |
| Bank of NT Butterfield & Son Ltd.  | 110126 | 4424863 |
| Bank7 Corp.  | 10250 | 373100 |
| BankUnited, Inc.  | 185041 | 6052691 |
| Bankwell Financial Group, Inc.  | 16260 | 551377 |
| Banner Corp.  | 85168 | 5207172 |
| Bar Harbor Bankshares  | 37224 | 1103319 |
| BayCom Corp.  | 26083 | 678419 |
| BCB Bancorp, Inc.  | 36640 | 301181 |
| Berkshire Hills Bancorp, Inc.  | 106529 | 2645115 |
| Blue Foundry Bancorp \* | 48725 | 455091 |
| Bridgewater Bancshares, Inc. \* | 49266 | 758204 |
| Brookline Bancorp, Inc.  | 219144 | 2287863 |
| Burke & Herbert Financial Services <br> Corp. <br>| 33554 | 1876004 |
| Business First Bancshares, Inc.  | 59631 | 1374495 |
| Byline Bancorp, Inc.  | 77131 | 1969926 |
| Cadence Bank  | 453015 | 13255219 |
| California BanCorp \* | 61513 | 859337 |
| Camden National Corp.  | 41852 | 1612139 |
| Capital Bancorp, Inc.  | 23111 | 730076 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Capital City Bank Group, Inc.  | 34258 | 1251787 |
| Capitol Federal Financial, Inc.  | 309028 | 1752189 |
| Carter Bankshares, Inc. \* | 57656 | 882713 |
| Cathay General Bancorp  | 169064 | 7048278 |
| Central Pacific Financial Corp.  | 66660 | 1712495 |
| Chemung Financial Corp.  | 8038 | 356405 |
| ChoiceOne Financial Services, Inc.  | 21009 | 597286 |
| Citizens & Northern Corp.  | 36695 | 706379 |
| Citizens Financial Services, Inc.  | 11159 | 607384 |
| City Holding Co.  | 35973 | 4168191 |
| Civista Bancshares, Inc.  | 38773 | 872780 |
| CNB Financial Corp.  | 51507 | 1130579 |
| Coastal Financial Corp. \* | 31208 | 2563737 |
| Colony Bankcorp, Inc.  | 41105 | 637950 |
| Columbia Financial, Inc. \* | 67838 | 913778 |
| Community Financial System, Inc.  | 130321 | 7114223 |
| Community Trust Bancorp, Inc.  | 38187 | 1869636 |
| Community West Bancshares  | 41609 | 728157 |
| ConnectOne Bancorp, Inc.  | 89928 | 2026078 |
| Customers Bancorp, Inc. \* | 73702 | 3685100 |
| CVB Financial Corp.  | 330252 | 6122872 |
| Dime Community Bancshares, Inc.  | 99271 | 2550272 |
| Eagle Bancorp, Inc.  | 72998 | 1310314 |
| Eastern Bankshares, Inc.  | 480641 | 7171164 |
| Enterprise Bancorp, Inc.  | 24305 | 904146 |
| Enterprise Financial Services Corp.  | 90567 | 4711295 |
| Equity Bancshares, Inc., Class A  | 40770 | 1569237 |
| Esquire Financial Holdings, Inc.  | 17547 | 1454997 |
| ESSA Bancorp, Inc.  | 19870 | 367595 |
| Farmers & Merchants Bancorp, Inc.  | 31253 | 817891 |
| Farmers National Banc Corp.  | 90618 | 1181659 |
| FB Financial Corp.  | 88440 | 3764006 |
| Fidelity D&D Bancorp, Inc.  | 11926 | 482764 |
| Financial Institutions, Inc.  | 47341 | 1201988 |
| First BanCorp  | 403128 | 7917434 |
| First Bancorp, Inc.  | 27124 | 662639 |
| First Bancorp/Southern Pines NC  | 99383 | 4021036 |
| First Bank  | 51526 | 740944 |
| First Busey Corp.  | 207391 | 4311659 |
| First Business Financial Services, Inc.  | 19431 | 935408 |
| First Commonwealth Financial Corp.  | 251147 | 3847572 |
| First Community Bankshares, Inc.  | 42105 | 1586516 |
| First Financial Bancorp  | 234291 | 5423837 |
| First Financial Bankshares, Inc.  | 323718 | 10847790 |
| First Financial Corp.  | 28574 | 1411556 |
| First Foundation, Inc.  | 155898 | 782608 |
| First Internet Bancorp  | 20028 | 425795 |
| First Interstate BancSystem, Inc., <br> Class A <br>| 196890 | 5157534 |
| First Merchants Corp.  | 144697 | 5157001 |
| First Mid Bancshares, Inc.  | 56843 | 1900261 |
| First of Long Island Corp.  | 54281 | 625317 |
| First Western Financial, Inc. \* | 19768 | 416907 |
| Five Star Bancorp  | 41716 | 1154699 |
| Flagstar Financial, Inc.  | 631790 | 7398261 |
| Flushing Financial Corp.  | 79518 | 951830 |
| FS Bancorp, Inc.  | 16721 | 653791 |
| Fulton Financial Corp.  | 452265 | 7543780 |
| FVCBankcorp, Inc. \* | 41083 | 469168 |
| German American Bancorp, Inc.  | 71232 | 2700405 |
| Glacier Bancorp, Inc.  | 283368 | 11550080 |
| Great Southern Bancorp, Inc.  | 21440 | 1179200 |
| Greene County Bancorp, Inc.  | 17109 | 380675 |
| Guaranty Bancshares, Inc.  | 19303 | 761696 |
| Hancock Whitney Corp.  | 215872 | 11244772 |
| Hanmi Financial Corp.  | 75301 | 1722134 |
| HarborOne Bancorp, Inc.  | 93671 | 1060356 |
| HBT Financial, Inc.  | 31454 | 728946 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**27**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Heritage Commerce Corp.  | 147471 | 1333138 |
| Heritage Financial Corp.  | 83682 | 1909623 |
| Hilltop Holdings, Inc.  | 115580 | 3413077 |
| Hingham Institution For Savings  | 3937 | 982518 |
| Home Bancorp, Inc.  | 17324 | 872090 |
| Home BancShares, Inc.  | 463354 | 12858073 |
| HomeStreet, Inc. \* | 47300 | 537328 |
| HomeTrust Bancshares, Inc.  | 36605 | 1249695 |
| Hope Bancorp, Inc.  | 302267 | 3013602 |
| Horizon Bancorp, Inc.  | 106998 | 1570731 |
| Independent Bank Corp.  | 50058 | 1524767 |
| Independent Bank Corp.  | 105823 | 6253081 |
| International Bancshares Corp.  | 134613 | 8216778 |
| Investar Holding Corp.  | 22445 | 429373 |
| John Marshall Bancorp, Inc.  | 30203 | 519190 |
| Kearny Financial Corp.  | 134612 | 842671 |
| Lakeland Financial Corp.  | 61733 | 3436676 |
| LCNB Corp.  | 31071 | 466686 |
| LINKBANCORP, Inc.  | 54708 | 384050 |
| Live Oak Bancshares, Inc.  | 85790 | 2242551 |
| Mercantile Bank Corp.  | 39149 | 1656394 |
| Metrocity Bankshares, Inc.  | 45647 | 1258488 |
| Metropolitan Bank Holding Corp. \* | 26074 | 1614763 |
| Mid Penn Bancorp, Inc.  | 51835 | 1505807 |
| Middlefield Banc Corp.  | 17952 | 465495 |
| Midland States Bancorp, Inc.  | 50998 | 830247 |
| MidWestOne Financial Group, Inc.  | 47737 | 1324224 |
| MVB Financial Corp.  | 29253 | 499056 |
| National Bank Holdings Corp., Class A  | 91561 | 3310846 |
| National Bankshares, Inc.  | 13762 | 354647 |
| NB Bancorp, Inc. \* | 97337 | 1669330 |
| NBT Bancorp, Inc.  | 114205 | 4835440 |
| Nicolet Bankshares, Inc.  | 33992 | 3970606 |
| Northeast Bank  | 17501 | 1449433 |
| Northeast Community Bancorp, Inc.  | 30892 | 703102 |
| Northfield Bancorp, Inc.  | 94436 | 996300 |
| Northrim BanCorp, Inc.  | 13427 | 1078054 |
| Northwest Bancshares, Inc.  | 316458 | 3908256 |
| Norwood Financial Corp.  | 21226 | 530862 |
| Oak Valley Bancorp  | 16476 | 431671 |
| OceanFirst Financial Corp.  | 143100 | 2369736 |
| OFG Bancorp  | 111474 | 4386502 |
| Old National Bancorp  | 782378 | 16109163 |
| Old Second Bancorp, Inc.  | 107587 | 1698799 |
| Orange County Bancorp, Inc.  | 25220 | 598471 |
| Origin Bancorp, Inc.  | 73443 | 2353114 |
| Orrstown Financial Services, Inc.  | 46301 | 1387641 |
| Pacific Premier Bancorp, Inc.  | 237751 | 4835855 |
| Park National Corp.  | 35745 | 5365324 |
| Parke Bancorp, Inc.  | 25805 | 486424 |
| Pathward Financial, Inc.  | 59977 | 4760374 |
| PCB Bancorp  | 27649 | 542197 |
| Peapack-Gladstone Financial Corp.  | 41172 | 1139641 |
| Peoples Bancorp of North Carolina, Inc.  | 10577 | 292137 |
| Peoples Bancorp, Inc.  | 85802 | 2489116 |
| Peoples Financial Services Corp.  | 23045 | 996005 |
| Pioneer Bancorp, Inc. \* | 28353 | 318121 |
| Plumas Bancorp  | 13359 | 588998 |
| Ponce Financial Group, Inc. \* | 49103 | 631956 |
| Preferred Bank  | 30528 | 2437966 |
| Primis Financial Corp.  | 57017 | 469820 |
| Princeton Bancorp, Inc.  | 13483 | 410962 |
| Provident Bancorp, Inc. \* | 39796 | 441736 |
| Provident Financial Services, Inc.  | 312402 | 5114021 |
| QCR Holdings, Inc.  | 40876 | 2654896 |
| RBB Bancorp  | 39943 | 622312 |
| Red River Bancshares, Inc.  | 11618 | 612269 |
| Renasant Corp.  | 231465 | 7423083 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Republic Bancorp, Inc., Class A  | 20504 | 1391196 |
| S&T Bancorp, Inc.  | 95013 | 3462274 |
| Seacoast Banking Corp. of Florida  | 209596 | 4969521 |
| ServisFirst Bancshares, Inc.  | 126291 | 8994445 |
| Shore Bancshares, Inc.  | 76774 | 1061784 |
| Sierra Bancorp  | 32262 | 853653 |
| Simmons First National Corp., Class A  | 307958 | 5746496 |
| SmartFinancial, Inc.  | 39213 | 1192859 |
| South Plains Financial, Inc.  | 29529 | 995423 |
| Southern First Bancshares, Inc. \* | 19415 | 689427 |
| Southern Missouri Bancorp, Inc.  | 23441 | 1234169 |
| Southern States Bancshares, Inc.  | 20616 | 688781 |
| Southside Bancshares, Inc.  | 71068 | 2003407 |
| SouthState Corp.  | 243183 | 21103421 |
| Stellar Bancorp, Inc.  | 121890 | 3042374 |
| Sterling Bancorp, Inc. *\*(b)* | 46061 | 6474 |
| Stock Yards Bancorp, Inc.  | 63619 | 4630827 |
| Texas Capital Bancshares, Inc. \* | 115476 | 7869689 |
| Third Coast Bancshares, Inc. \* | 27811 | 828768 |
| Timberland Bancorp, Inc.  | 18808 | 578158 |
| Tompkins Financial Corp.  | 31642 | 1885863 |
| Towne Bank  | 174402 | 5746546 |
| TriCo Bancshares  | 79381 | 3062519 |
| Triumph Financial, Inc. \* | 55115 | 2944243 |
| TrustCo Bank Corp.  | 45901 | 1397685 |
| Trustmark Corp.  | 150987 | 5065614 |
| UMB Financial Corp.  | 169524 | 16031885 |
| United Bankshares, Inc.  | 328888 | 11277569 |
| United Community Banks, Inc.  | 297848 | 8223583 |
| Unity Bancorp, Inc.  | 17610 | 729054 |
| Univest Financial Corp.  | 71561 | 2113912 |
| USCB Financial Holdings, Inc.  | 26483 | 449152 |
| Valley National Bancorp  | 1179118 | 10140415 |
| Veritex Holdings, Inc.  | 130817 | 3045420 |
| Virginia National Bankshares Corp.  | 11162 | 410538 |
| WaFd, Inc.  | 200593 | 5722918 |
| Washington Trust Bancorp, Inc.  | 47329 | 1306280 |
| WesBanco, Inc.  | 213968 | 6371967 |
| West BanCorp, Inc.  | 40305 | 782119 |
| Westamerica BanCorp  | 63777 | 3088720 |
| WSFS Financial Corp.  | 145766 | 7514237 |
|  |  | **620795718** |
| **Capital Goods 12.1%** | **Capital Goods 12.1%** | **Capital Goods 12.1%** |
| 374Water, Inc. \* | 142650 | 46932 |
| 3D Systems Corp. \* | 315930 | 581311 |
| AAR Corp. \* | 86676 | 4633699 |
| AeroVironment, Inc. \* | 69776 | 10572460 |
| AerSale Corp. \* | 85198 | 593830 |
| Alamo Group, Inc.  | 25417 | 4244131 |
| Albany International Corp., Class A  | 77440 | 5092454 |
| Allient, Inc.  | 35729 | 762814 |
| Alta Equipment Group, Inc.  | 63783 | 271078 |
| Ameresco, Inc., Class A \* | 81384 | 865112 |
| American Superconductor Corp. \* | 86382 | 1714683 |
| American Woodmark Corp. \* | 37408 | 2207072 |
| Amprius Technologies, Inc. *\*(a)* | 39890 | 86162 |
| Apogee Enterprises, Inc.  | 54573 | 2164911 |
| Applied Industrial Technologies, Inc.  | 95632 | 23265353 |
| Archer Aviation, Inc., Class A \* | 801261 | 6674504 |
| Arcosa, Inc.  | 120772 | 9670214 |
| Argan, Inc.  | 31349 | 4800472 |
| Array Technologies, Inc. \* | 379842 | 1815645 |
| Astec Industries, Inc.  | 56561 | 2049205 |
| Astronics Corp. \* | 72427 | 1643369 |
| Atkore, Inc.  | 86060 | 5496652 |
| Atmus Filtration Technologies, Inc.  | 208751 | 7237397 |

---

*See financial notes*

**28**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| AZZ, Inc.  | 72848 | 6320292 |
| Blink Charging Co. *\*(a)* | 227789 | 166764 |
| Bloom Energy Corp., Class A \* | 500355 | 9166504 |
| Blue Bird Corp. \* | 79885 | 2785590 |
| BlueLinx Holdings, Inc. \* | 20421 | 1330224 |
| Boise Cascade Co.  | 95685 | 8925497 |
| Bowman Consulting Group Ltd., <br> Class A \*<br>| 33337 | 737414 |
| Brookfield Business Corp., Class A  | 65000 | 1704950 |
| Byrna Technologies, Inc. \* | 42765 | 957508 |
| Cadre Holdings, Inc.  | 64319 | 1874899 |
| Caesarstone Ltd. \* | 57766 | 149614 |
| Centuri Holdings, Inc. *\*(a)* | 42482 | 762977 |
| ChargePoint Holdings, Inc., Class A \* | 1004833 | 625810 |
| Chart Industries, Inc. \* | 106883 | 14427067 |
| Columbus McKinnon Corp.  | 71143 | 1056474 |
| Commercial Vehicle Group, Inc. \* | 79252 | 76106 |
| Concrete Pumping Holdings, Inc.  | 56294 | 337764 |
| Construction Partners, Inc., Class A \* | 115041 | 9449468 |
| CSW Industrials, Inc.  | 41653 | 13015729 |
| Custom Truck One Source, Inc. \* | 125940 | 507538 |
| Distribution Solutions Group, Inc. \* | 26190 | 681988 |
| DNOW, Inc. \* | 261669 | 4152687 |
| Douglas Dynamics, Inc.  | 55822 | 1338612 |
| Ducommun, Inc. \* | 33701 | 1931741 |
| DXP Enterprises, Inc. \* | 30433 | 2692103 |
| Dycom Industries, Inc. \* | 70657 | 11838580 |
| Eastern Co.  | 12211 | 256309 |
| Energy Recovery, Inc. \* | 140394 | 2169087 |
| Energy Vault Holdings, Inc. *\*(a)* | 254229 | 190214 |
| Enerpac Tool Group Corp., Class A  | 134919 | 5446680 |
| EnerSys  | 98147 | 8499530 |
| Enovix Corp. *\*(a)* | 407226 | 2728414 |
| Enpro, Inc.  | 52297 | 7813172 |
| ESCO Technologies, Inc.  | 64414 | 10077570 |
| Eve Holding, Inc. *\*(a)* | 131072 | 466616 |
| EVI Industries, Inc.  | 15744 | 253951 |
| Federal Signal Corp.  | 149593 | 12181358 |
| Fluence Energy, Inc. *\*(a)* | 156783 | 641242 |
| Fluor Corp. \* | 424564 | 14813038 |
| Franklin Electric Co., Inc.  | 112725 | 9577116 |
| FTAI Aviation Ltd.  | 252567 | 27052451 |
| FuelCell Energy, Inc. *\*(a)* | 49870 | 204467 |
| GATX Corp.  | 88746 | 12953366 |
| Gencor Industries, Inc. \* | 25595 | 324801 |
| Gibraltar Industries, Inc. \* | 75954 | 4021764 |
| Global Industrial Co.  | 34494 | 885806 |
| GMS, Inc. \* | 97177 | 7119187 |
| Gorman-Rupp Co.  | 51981 | 1864039 |
| GrafTech International Ltd. \* | 626822 | 396778 |
| Graham Corp. \* | 25466 | 776204 |
| Granite Construction, Inc.  | 109630 | 8911823 |
| Great Lakes Dredge & Dock Corp. \* | 165443 | 1503877 |
| Greenbrier Cos., Inc.  | 76510 | 3245554 |
| Griffon Corp.  | 98140 | 6684315 |
| H&E Equipment Services, Inc.  | 80362 | 7217311 |
| Helios Technologies, Inc.  | 82334 | 2244425 |
| Herc Holdings, Inc.  | 70108 | 7672620 |
| Hillenbrand, Inc.  | 174353 | 3527161 |
| Hillman Solutions Corp. \* | 488711 | 3416090 |
| Hudson Technologies, Inc. \* | 110225 | 737405 |
| Hyliion Holdings Corp. \* | 342905 | 517787 |
| Hyster-Yale, Inc.  | 28199 | 1083688 |
| IES Holdings, Inc. \* | 20461 | 4024269 |
| Insteel Industries, Inc.  | 46844 | 1588480 |
| Intuitive Machines, Inc., Class A \* | 104706 | 858589 |
| Janus International Group, Inc. \* | 340154 | 2340260 |
| JBT Marel Corp.  | 116823 | 12296789 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| JELD-WEN Holding, Inc. \* | 207837 | 1147260 |
| Kadant, Inc.  | 29182 | 8608690 |
| Karat Packaging, Inc.  | 16757 | 442050 |
| Kennametal, Inc.  | 193789 | 3775010 |
| Kratos Defense & Security Solutions, <br> Inc. \*<br>| 367977 | 12432103 |
| L.B. Foster Co., Class A \* | 21740 | 434148 |
| Leonardo DRS, Inc.  | 183462 | 6780756 |
| Limbach Holdings, Inc. \* | 25362 | 2428158 |
| Lindsay Corp.  | 26870 | 3467842 |
| LSI Industries, Inc.  | 70600 | 1065354 |
| Luxfer Holdings PLC  | 67834 | 729894 |
| Manitowoc Co., Inc. \* | 85110 | 670667 |
| Masterbrand, Inc. \* | 315210 | 3829801 |
| Matrix Service Co. \* | 65047 | 754545 |
| Mayville Engineering Co., Inc. \* | 30925 | 395222 |
| McGrath RentCorp  | 60551 | 6458975 |
| Mercury Systems, Inc. \* | 129035 | 6451750 |
| Miller Industries, Inc.  | 27801 | 1134559 |
| Moog, Inc., Class A  | 69656 | 11649966 |
| MRC Global, Inc. \* | 210303 | 2450030 |
| Mueller Industries, Inc.  | 277867 | 20439897 |
| Mueller Water Products, Inc., Class A  | 386623 | 10144988 |
| MYR Group, Inc. \* | 39708 | 4857083 |
| NANO Nuclear Energy, Inc. *\*(a)* | 60438 | 1374964 |
| National Presto Industries, Inc.  | 12854 | 1084235 |
| Net Power, Inc. \* | 53370 | 90729 |
| NEXTracker, Inc., Class A \* | 358615 | 14563355 |
| NN, Inc. \* | 108301 | 217685 |
| Northwest Pipe Co. \* | 24218 | 1025874 |
| NuScale Power Corp. *\*(a)* | 224487 | 3719750 |
| Omega Flex, Inc.  | 9282 | 278089 |
| Orion Group Holdings, Inc. \* | 91821 | 586736 |
| Park Aerospace Corp.  | 45249 | 591404 |
| Park-Ohio Holdings Corp.  | 22863 | 455202 |
| Plug Power, Inc. *\*(a)* | 2049678 | 1788549 |
| Powell Industries, Inc.  | 23265 | 4260054 |
| Preformed Line Products Co.  | 5975 | 820786 |
| Primoris Services Corp.  | 133124 | 7983446 |
| Proto Labs, Inc. \* | 61155 | 2150210 |
| Quanex Building Products Corp.  | 117509 | 1931848 |
| Redwire Corp. *\*(a)* | 55351 | 596684 |
| Resideo Technologies, Inc. \* | 362389 | 6080887 |
| REV Group, Inc.  | 127650 | 4174155 |
| Rocket Lab USA, Inc. \* | 877770 | 19126608 |
| Rush Enterprises, Inc., Class A  | 176323 | 8990710 |
| SES AI Corp. \* | 323734 | 290972 |
| Shoals Technologies Group, Inc., <br> Class A \*<br>| 420362 | 1517507 |
| Shyft Group, Inc.  | 82359 | 696757 |
| SolarMax Technology, Inc. *\*(a)* | 72186 | 85179 |
| Solidion Technology, Inc. \* | 139753 | 15163 |
| Southland Holdings, Inc. \* | 32525 | 105381 |
| SPX Technologies, Inc. \* | 111945 | 15017422 |
| Standex International Corp.  | 28864 | 4081947 |
| Stem, Inc. \* | 364053 | 196916 |
| Sterling Infrastructure, Inc. \* | 74232 | 11092488 |
| Sunrun, Inc. \* | 549063 | 3783044 |
| T1 Energy, Inc. *\*(a)* | 276372 | 334410 |
| Taylor Devices, Inc. \* | 6947 | 221609 |
| Tecnoglass, Inc.  | 55860 | 3981142 |
| Tennant Co.  | 47036 | 3394118 |
| Terex Corp.  | 165336 | 5819827 |
| Thermon Group Holdings, Inc. \* | 82984 | 2176670 |
| Titan International, Inc. \* | 123604 | 908489 |
| Titan Machinery, Inc. \* | 51266 | 850503 |
| TPI Composites, Inc. *\*(a)* | 108727 | 99409 |
| Transcat, Inc. \* | 23044 | 1828081 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**29**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Trinity Industries, Inc.  | 202787 | 5089954 |
| Triumph Group, Inc. \* | 182047 | 4623994 |
| Tutor Perini Corp. \* | 107715 | 2311564 |
| Twin Disc, Inc.  | 29932 | 219701 |
| UFP Industries, Inc.  | 148505 | 14679719 |
| Ultralife Corp. \* | 23696 | 106158 |
| V2X, Inc. \* | 41326 | 2056382 |
| Vicor Corp. \* | 56547 | 2256508 |
| Virgin Galactic Holdings, Inc. *\*(a)* | 72942 | 210802 |
| VirTra, Inc. \* | 24915 | 116602 |
| Wabash National Corp.  | 105938 | 732032 |
| Watts Water Technologies, Inc., Class A  | 68113 | 14150476 |
| Willis Lease Finance Corp.  | 7043 | 1089693 |
| Worthington Enterprises, Inc.  | 78279 | 3963266 |
| Xometry, Inc., Class A \* | 109616 | 2810554 |
| Zurn Elkay Water Solutions Corp.  | 358304 | 12168004 |
|  |  | **707610114** |
| **Commercial & Professional Services 4.2%** | **Commercial & Professional Services 4.2%** | **Commercial & Professional Services 4.2%** |
| ABM Industries, Inc.  | 154773 | 7543636 |
| ACCO Brands Corp.  | 227574 | 878436 |
| ACV Auctions, Inc., Class A \* | 367144 | 5393345 |
| Alight, Inc., Class A  | 1041246 | 5320767 |
| Asure Software, Inc. \* | 60054 | 610149 |
| Barrett Business Services, Inc.  | 63603 | 2579738 |
| BlackSky Technology, Inc. \* | 64043 | 535399 |
| Bridger Aerospace Group Holdings, <br> Inc. *\*(a)*<br>| 20501 | 29726 |
| BrightView Holdings, Inc. \* | 148640 | 2039341 |
| Brink's Co.  | 109108 | 9736798 |
| Casella Waste Systems, Inc., Class A \* | 155265 | 18235874 |
| CBIZ, Inc. \* | 119276 | 8122696 |
| CECO Environmental Corp. \* | 72552 | 1726012 |
| Cimpress PLC \* | 42087 | 1768496 |
| CompX International, Inc.  | 3306 | 89923 |
| Conduent, Inc. \* | 389318 | 821461 |
| CoreCivic, Inc. \* | 270352 | 6120769 |
| CRA International, Inc.  | 16469 | 2671272 |
| CSG Systems International, Inc.  | 71726 | 4312884 |
| Deluxe Corp.  | 110584 | 1614526 |
| DLH Holdings Corp. \* | 19820 | 78091 |
| Driven Brands Holdings, Inc. \* | 149257 | 2465726 |
| Ennis, Inc.  | 63091 | 1132483 |
| Enviri Corp. \* | 196707 | 1351377 |
| ExlService Holdings, Inc. \* | 390839 | 18947875 |
| Exponent, Inc.  | 125767 | 9895348 |
| First Advantage Corp. \* | 149688 | 2110601 |
| FiscalNote Holdings, Inc. \* | 190314 | 115483 |
| Forrester Research, Inc. \* | 29599 | 276751 |
| Franklin Covey Co. \* | 27841 | 565451 |
| GEO Group, Inc. \* | 316790 | 9909191 |
| Healthcare Services Group, Inc. \* | 182652 | 2595485 |
| Heidrick & Struggles International, Inc.  | 49944 | 1948815 |
| HireQuest, Inc.  | 14505 | 149111 |
| HNI Corp.  | 117809 | 4983321 |
| Huron Consulting Group, Inc. \* | 43584 | 5874687 |
| IBEX Holdings Ltd. \* | 21826 | 546523 |
| ICF International, Inc.  | 46399 | 3942059 |
| Innodata, Inc. \* | 67502 | 2552926 |
| Insperity, Inc.  | 89445 | 5814819 |
| Interface, Inc., Class A  | 143431 | 2696503 |
| Kelly Services, Inc., Class A  | 76783 | 886844 |
| Kforce, Inc.  | 45637 | 1743333 |
| Korn Ferry  | 127815 | 7886185 |
| LanzaTech Global, Inc. \* | 263561 | 64520 |
| Legalzoom.com, Inc. \* | 312192 | 2285245 |
| Liquidity Services, Inc. \* | 53375 | 1696257 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Matthews International Corp., Class A  | 74099 | 1515325 |
| Maximus, Inc.  | 142081 | 9513744 |
| MillerKnoll, Inc.  | 169258 | 2775831 |
| Mistras Group, Inc. \* | 51173 | 466698 |
| Montrose Environmental Group, Inc. \* | 78831 | 1153297 |
| NL Industries, Inc.  | 19881 | 170579 |
| NV5 Global, Inc. \* | 142766 | 2648309 |
| OPENLANE, Inc. \* | 262844 | 4865242 |
| Perma-Fix Environmental Services, Inc. \* | 40834 | 334839 |
| Pitney Bowes, Inc.  | 407460 | 3536753 |
| Planet Labs PBC \* | 549883 | 1809115 |
| Pursuit Attractions & Hospitality, Inc. \* | 50993 | 1493585 |
| Quad/Graphics, Inc.  | 77794 | 371077 |
| Quest Resource Holding Corp. \* | 40568 | 95740 |
| Resolute Holdings Management, Inc. \* | 4911 | 132450 |
| Resources Connection, Inc.  | 82771 | 474692 |
| Spire Global, Inc., Class A *\*(a)* | 55899 | 524892 |
| Steelcase, Inc., Class A  | 231528 | 2296758 |
| TriNet Group, Inc.  | 79299 | 6211491 |
| TrueBlue, Inc. \* | 70793 | 307242 |
| TTEC Holdings, Inc. \* | 45649 | 182596 |
| UniFirst Corp.  | 37520 | 6696194 |
| Upwork, Inc. \* | 309063 | 4064178 |
| Verra Mobility Corp., Class A \* | 410166 | 8941619 |
| Virco Mfg. Corp.  | 26988 | 248020 |
| VSE Corp.  | 43681 | 5002348 |
| Willdan Group, Inc. \* | 32060 | 1256752 |
| WNS Holdings Ltd. \* | 107009 | 6476185 |
|  |  | **246231809** |
| **Consumer Discretionary Distribution & Retail 2.0%** | **Consumer Discretionary Distribution & Retail 2.0%** | **Consumer Discretionary Distribution & Retail 2.0%** |
| 1-800-Flowers.com, Inc., Class A *\*(a)* | 62322 | 344641 |
| 1stdibs.com, Inc. \* | 56257 | 138955 |
| Abercrombie & Fitch Co., Class A \* | 123396 | 8566150 |
| Academy Sports & Outdoors, Inc.  | 168695 | 6356428 |
| aka Brands Holding Corp. \* | 2506 | 19020 |
| A-Mark Precious Metals, Inc.  | 44225 | 1077321 |
| American Eagle Outfitters, Inc.  | 440796 | 4641582 |
| America's Car-Mart, Inc. \* | 18436 | 874235 |
| Arhaus, Inc. \* | 126202 | 991948 |
| Arko Corp.  | 203001 | 817079 |
| Asbury Automotive Group, Inc. \* | 48933 | 10674245 |
| BARK, Inc. \* | 329244 | 372046 |
| Beyond, Inc. \* | 110296 | 448905 |
| Boot Barn Holdings, Inc. \* | 73724 | 7692362 |
| Buckle, Inc.  | 76791 | 2669255 |
| Build-A-Bear Workshop, Inc.  | 30724 | 1083943 |
| Caleres, Inc.  | 80600 | 1228344 |
| Camping World Holdings, Inc., Class A  | 140638 | 1696094 |
| Citi Trends, Inc. \* | 16732 | 373626 |
| Designer Brands, Inc., Class A  | 82528 | 230253 |
| Destination XL Group, Inc. \* | 114363 | 113174 |
| EVgo, Inc., Class A \* | 311362 | 859359 |
| Foot Locker, Inc. \* | 207958 | 2551645 |
| Genesco, Inc. \* | 26730 | 518562 |
| GigaCloud Technology, Inc., Class A \* | 58204 | 729878 |
| Group 1 Automotive, Inc.  | 32461 | 13102233 |
| Groupon, Inc., Class A \* | 58094 | 1057892 |
| GrowGeneration Corp. \* | 129717 | 151769 |
| Haverty Furniture Cos., Inc.  | 37117 | 674045 |
| J Jill, Inc.  | 14495 | 220614 |
| Lands' End, Inc. \* | 34061 | 302462 |
| Leslie's, Inc. \* | 465290 | 279267 |
| MarineMax, Inc. \* | 54584 | 1171373 |
| Monro, Inc.  | 74528 | 1038920 |
| National Vision Holdings, Inc. \* | 192911 | 2382451 |
| ODP Corp. \* | 73056 | 999406 |

---

*See financial notes*

**30**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| OneWater Marine, Inc., Class A \* | 30197 | 453257 |
| Petco Health & Wellness Co., Inc., <br> Class A \*<br>| 211775 | 624736 |
| QVC Group, Inc., Class B \* | 3032 | 16858 |
| RealReal, Inc. \* | 251494 | 1458665 |
| Revolve Group, Inc. \* | 95275 | 1894067 |
| RumbleON, Inc., Class B \* | 40804 | 103234 |
| Sally Beauty Holdings, Inc. \* | 252900 | 2058606 |
| Savers Value Village, Inc. \* | 58121 | 557380 |
| Shoe Carnival, Inc.  | 44361 | 770994 |
| Signet Jewelers Ltd.  | 103565 | 6141404 |
| Sleep Number Corp. \* | 51383 | 400274 |
| Sonic Automotive, Inc., Class A  | 36488 | 2215551 |
| Stitch Fix, Inc., Class A \* | 250902 | 820449 |
| ThredUp, Inc., Class A \* | 196499 | 882280 |
| Tile Shop Holdings, Inc. \* | 72599 | 411636 |
| Tilly's, Inc., Class A \* | 33968 | 51971 |
| Torrid Holdings, Inc. *\*(a)* | 48401 | 307346 |
| Upbound Group, Inc.  | 133287 | 2652411 |
| Urban Outfitters, Inc. \* | 157759 | 8326520 |
| Victoria's Secret & Co. \* | 195422 | 3673934 |
| Warby Parker, Inc., Class A \* | 219741 | 3627924 |
| Weyco Group, Inc.  | 14913 | 445899 |
| Winmark Corp.  | 7227 | 2601792 |
| Zumiez, Inc. \* | 39481 | 461928 |
|  |  | **117408598** |
| **Consumer Durables & Apparel 2.7%** | **Consumer Durables & Apparel 2.7%** | **Consumer Durables & Apparel 2.7%** |
| Acushnet Holdings Corp.  | 69068 | 4573683 |
| AMMO, Inc. \* | 218658 | 430756 |
| Beazer Homes USA, Inc. \* | 73158 | 1430970 |
| Cavco Industries, Inc. \* | 20007 | 9880457 |
| Century Communities, Inc.  | 68615 | 3742262 |
| Champion Homes, Inc. \* | 133460 | 11544290 |
| Clarus Corp.  | 79544 | 261700 |
| Cricut, Inc., Class A  | 116930 | 582311 |
| Dream Finders Homes, Inc., Class A \* | 69806 | 1581804 |
| Escalade, Inc.  | 24983 | 379242 |
| Ethan Allen Interiors, Inc.  | 56787 | 1614454 |
| Figs, Inc., Class A \* | 319950 | 1289399 |
| Flexsteel Industries, Inc.  | 11453 | 382416 |
| Funko, Inc., Class A \* | 75673 | 303449 |
| G-III Apparel Group Ltd. \* | 97021 | 2446870 |
| GoPro, Inc., Class A \* | 294182 | 169449 |
| Green Brick Partners, Inc. \* | 77197 | 4553851 |
| Hamilton Beach Brands Holding Co., <br> Class A <br>| 20221 | 400376 |
| Hanesbrands, Inc. \* | 877526 | 4027844 |
| Helen of Troy Ltd. \* | 56504 | 1574201 |
| Hooker Furnishings Corp.  | 25960 | 249216 |
| Hovnanian Enterprises, Inc., Class A \* | 12261 | 1186865 |
| Installed Building Products, Inc.  | 59018 | 9786955 |
| iRobot Corp. \* | 73736 | 180653 |
| JAKKS Pacific, Inc.  | 20204 | 389735 |
| Johnson Outdoors, Inc., Class A  | 11236 | 256518 |
| KB Home  | 159259 | 8604764 |
| Kontoor Brands, Inc.  | 137079 | 8245302 |
| Landsea Homes Corp. \* | 69640 | 424804 |
| Latham Group, Inc. \* | 98272 | 537056 |
| La-Z-Boy, Inc.  | 103807 | 4100377 |
| Legacy Housing Corp. \* | 27654 | 672684 |
| LGI Homes, Inc. \* | 52026 | 2841140 |
| Lifetime Brands, Inc.  | 29397 | 107005 |
| Lovesac Co. \* | 35934 | 698916 |
| M/I Homes, Inc. \* | 66350 | 7078218 |
| Malibu Boats, Inc., Class A \* | 48987 | 1399069 |
| Marine Products Corp.  | 20561 | 172712 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| MasterCraft Boat Holdings, Inc. \* | 40684 | 668845 |
| Meritage Homes Corp.  | 178678 | 12175119 |
| Movado Group, Inc.  | 36907 | 512638 |
| Oxford Industries, Inc.  | 36678 | 1782551 |
| Peloton Interactive, Inc., Class A \* | 873873 | 6020985 |
| Purple Innovation, Inc., Class A \* | 127139 | 86048 |
| Rocky Brands, Inc.  | 18258 | 390539 |
| Smith & Wesson Brands, Inc.  | 109468 | 1043230 |
| Sonos, Inc. \* | 298792 | 2751874 |
| Steven Madden Ltd.  | 177358 | 3724518 |
| Sturm Ruger & Co., Inc.  | 40831 | 1660188 |
| Superior Group of Cos., Inc.  | 30722 | 318894 |
| Taylor Morrison Home Corp., Class A \* | 254425 | 14591274 |
| Topgolf Callaway Brands Corp. \* | 352381 | 2329238 |
| Traeger, Inc. \* | 82049 | 119792 |
| Tri Pointe Homes, Inc. \* | 229654 | 7061860 |
| United Homes Group, Inc. \* | 20068 | 39133 |
| Vera Bradley, Inc. \* | 55463 | 108153 |
| Wolverine World Wide, Inc.  | 196328 | 2562080 |
|  |  | **156048732** |
| **Consumer Services 3.2%** | **Consumer Services 3.2%** | **Consumer Services 3.2%** |
| Accel Entertainment, Inc., Class A \* | 133967 | 1379860 |
| Adtalem Global Education, Inc. \* | 93291 | 9907504 |
| American Public Education, Inc. \* | 38778 | 911283 |
| Biglari Holdings, Inc., Class B \* | 1818 | 423430 |
| BJ's Restaurants, Inc. \* | 46097 | 1534569 |
| Bloomin' Brands, Inc.  | 192609 | 1544724 |
| Brinker International, Inc. \* | 109585 | 14717265 |
| Carriage Services, Inc., Class A  | 34143 | 1364354 |
| Cheesecake Factory, Inc.  | 119791 | 6033873 |
| Chegg, Inc. \* | 251147 | 182634 |
| Coursera, Inc. \* | 342279 | 2881989 |
| Cracker Barrel Old Country Store, Inc.  | 55027 | 2349653 |
| Dave & Buster's Entertainment, Inc. \* | 78349 | 1503517 |
| Denny's Corp. \* | 124567 | 459652 |
| Despegar.com Corp. \* | 177035 | 3445101 |
| Dine Brands Global, Inc.  | 36917 | 735017 |
| El Pollo Loco Holdings, Inc. \* | 63716 | 595745 |
| European Wax Center, Inc., Class A \* | 79755 | 248836 |
| Everi Holdings, Inc. \* | 201384 | 2829445 |
| First Watch Restaurant Group, Inc. \* | 95532 | 1687095 |
| Frontdoor, Inc. \* | 191803 | 7885021 |
| Full House Resorts, Inc. \* | 80111 | 258759 |
| Global Business Travel Group I \* | 314129 | 2107806 |
| Golden Entertainment, Inc.  | 48104 | 1236273 |
| Graham Holdings Co., Class B  | 7950 | 7314398 |
| Hilton Grand Vacations, Inc. \* | 172122 | 5788463 |
| Inspired Entertainment, Inc. \* | 56427 | 418124 |
| International Game Technology PLC  | 282286 | 4629490 |
| Jack in the Box, Inc.  | 46834 | 1219557 |
| KinderCare Learning Cos., Inc. \* | 69009 | 846050 |
| Krispy Kreme, Inc.  | 214481 | 879372 |
| Kura Sushi USA, Inc., Class A \* | 16811 | 989832 |
| Laureate Education, Inc. \* | 324649 | 6515705 |
| Life Time Group Holdings, Inc. \* | 209538 | 6424435 |
| Lincoln Educational Services Corp. \* | 65742 | 1111040 |
| Lindblad Expeditions Holdings, Inc. \* | 90684 | 801647 |
| Mister Car Wash, Inc. \* | 237572 | 1629744 |
| Monarch Casino & Resort, Inc.  | 32084 | 2508648 |
| Nathan's Famous, Inc.  | 6870 | 671543 |
| Nerdy, Inc. \* | 191229 | 304054 |
| ONE Group Hospitality, Inc. \* | 50200 | 151102 |
| OneSpaWorld Holdings Ltd.  | 249277 | 4162926 |
| Papa John's International, Inc.  | 82513 | 2849174 |
| Perdoceo Education Corp.  | 162563 | 4083583 |
| PlayAGS, Inc. \* | 99023 | 1200159 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**31**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Portillo's, Inc., Class A *\*(a)* | 137793 | 1424780 |
| Potbelly Corp. \* | 67455 | 546386 |
| RCI Hospitality Holdings, Inc.  | 20898 | 829233 |
| Red Rock Resorts, Inc., Class A  | 122048 | 5211450 |
| Rush Street Interactive, Inc. \* | 189837 | 2302723 |
| Sabre Corp. \* | 955569 | 2264699 |
| Shake Shack, Inc., Class A \* | 94677 | 8306960 |
| Six Flags Entertainment Corp.  | 231064 | 7950912 |
| Strategic Education, Inc.  | 55087 | 4493997 |
| Stride, Inc. \* | 105872 | 15060292 |
| Super Group SGHC Ltd.  | 371783 | 3018878 |
| Sweetgreen, Inc., Class A \* | 252538 | 4919440 |
| Target Hospitality Corp. \* | 82173 | 558776 |
| Udemy, Inc. \* | 226905 | 1558837 |
| United Parks & Resorts, Inc. \* | 76946 | 3358693 |
| Universal Technical Institute, Inc. \* | 115656 | 3245307 |
| Xponential Fitness, Inc., Class A \* | 59711 | 499781 |
| Zspace, Inc. *\*(a)* | 5265 | 44015 |
|  |  | **186317610** |
| **Consumer Staples Distribution & Retail 1.2%** | **Consumer Staples Distribution & Retail 1.2%** | **Consumer Staples Distribution & Retail 1.2%** |
| Andersons, Inc.  | 81346 | 3067558 |
| Chefs' Warehouse, Inc. \* | 88152 | 5022019 |
| Guardian Pharmacy Services, Inc., <br> Class A *\*(a)*<br>| 21731 | 544144 |
| HF Foods Group, Inc. \* | 99321 | 372454 |
| Ingles Markets, Inc., Class A  | 35879 | 2213376 |
| Natural Grocers by Vitamin Cottage, Inc.  | 23477 | 1177606 |
| PriceSmart, Inc.  | 62219 | 6314606 |
| SpartanNash Co.  | 83753 | 1661660 |
| Sprouts Farmers Market, Inc. \* | 250491 | 42833961 |
| United Natural Foods, Inc. \* | 145889 | 3896695 |
| Village Super Market, Inc., Class A  | 21560 | 794486 |
| Weis Markets, Inc.  | 40916 | 3518367 |
|  |  | **71416932** |
| **Energy 4.5%** | **Energy 4.5%** | **Energy 4.5%** |
| Aemetis, Inc. *\*(a)* | 85177 | 107323 |
| Amplify Energy Corp. \* | 96970 | 252122 |
| Archrock, Inc.  | 415279 | 9771515 |
| Ardmore Shipping Corp.  | 105493 | 1006403 |
| Aris Water Solutions, Inc., Class A  | 66417 | 1657768 |
| Atlas Energy Solutions, Inc., Class A  | 185285 | 2506906 |
| Berry Corp.  | 188525 | 467542 |
| BKV Corp. \* | 35925 | 651320 |
| Borr Drilling Ltd. \* | 586492 | 997036 |
| Bristow Group, Inc. \* | 60891 | 1768275 |
| Cactus, Inc., Class A  | 166121 | 6302631 |
| California Resources Corp.  | 174424 | 6019372 |
| Centrus Energy Corp., Class A \* | 36002 | 2494579 |
| ChampionX Corp.  | 474482 | 11449251 |
| Clean Energy Fuels Corp. \* | 434297 | 629731 |
| CNX Resources Corp. \* | 363001 | 10683119 |
| Comstock Resources, Inc. \* | 229246 | 4188324 |
| Core Laboratories, Inc.  | 116203 | 1321228 |
| Core Natural Resources, Inc.  | 130816 | 9446223 |
| Crescent Energy Co., Class A  | 411471 | 3406980 |
| CVR Energy, Inc.  | 85130 | 1605552 |
| Delek U.S. Holdings, Inc.  | 155291 | 2021889 |
| DHT Holdings, Inc.  | 334908 | 3580167 |
| Diversified Energy Co. PLC  | 117979 | 1464119 |
| DMC Global, Inc. \* | 50035 | 324727 |
| Dorian LPG Ltd.  | 89856 | 1924716 |
| Drilling Tools International Corp. \* | 28283 | 57132 |
| Empire Petroleum Corp. \* | 39376 | 180736 |
| Encore Energy Corp. \* | 458347 | 692104 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Energy Fuels, Inc. *\*(a)* | 465374 | 2103490 |
| Evolution Petroleum Corp.  | 79550 | 333315 |
| Excelerate Energy, Inc., Class A  | 41055 | 1050187 |
| Expro Group Holdings NV \* | 236093 | 1952489 |
| FLEX LNG Ltd. *(a)* | 75716 | 1786140 |
| Flowco Holdings, Inc., Class A \* | 48630 | 939532 |
| Forum Energy Technologies, Inc. \* | 29096 | 426256 |
| FutureFuel Corp.  | 65415 | 268856 |
| Geospace Technologies Corp. \* | 29596 | 190598 |
| Golar LNG Ltd.  | 246271 | 10467749 |
| Granite Ridge Resources, Inc.  | 129613 | 623439 |
| Green Plains, Inc. \* | 155524 | 556776 |
| Gulfport Energy Corp. \* | 31502 | 5434095 |
| Hallador Energy Co. \* | 62109 | 873563 |
| Helix Energy Solutions Group, Inc. \* | 358795 | 2185062 |
| Helmerich & Payne, Inc.  | 244434 | 4617358 |
| HighPeak Energy, Inc. *(a)* | 37489 | 300287 |
| Infinity Natural Resources, Inc., Class A \* | 32147 | 493456 |
| Innovex International, Inc. \* | 87672 | 1323847 |
| International Seaways, Inc.  | 100538 | 3414270 |
| Kinetik Holdings, Inc., Class A  | 94969 | 3926018 |
| Kodiak Gas Services, Inc.  | 112103 | 3812623 |
| Kosmos Energy Ltd. \* | 1165015 | 1794123 |
| Liberty Energy, Inc., Class A  | 392823 | 4517464 |
| Magnolia Oil & Gas Corp., Class A  | 431051 | 8849477 |
| Mammoth Energy Services, Inc. \* | 59935 | 151636 |
| Murphy Oil Corp.  | 345326 | 7089543 |
| Nabors Industries Ltd. \* | 22960 | 616246 |
| NACCO Industries, Inc., Class A  | 10473 | 365508 |
| Natural Gas Services Group, Inc. \* | 27080 | 486628 |
| NextDecade Corp. \* | 285946 | 2138876 |
| Noble Corp. PLC  | 331283 | 7202092 |
| Nordic American Tankers Ltd.  | 512772 | 1312696 |
| Northern Oil & Gas, Inc.  | 244316 | 5936879 |
| NPK International, Inc. \* | 209361 | 1210107 |
| Oceaneering International, Inc. \* | 250795 | 4451611 |
| Oil States International, Inc. \* | 152379 | 534850 |
| Par Pacific Holdings, Inc. \* | 134988 | 1933028 |
| Patterson-UTI Energy, Inc.  | 965517 | 5445516 |
| PBF Energy, Inc., Class A  | 249482 | 4286101 |
| Peabody Energy Corp.  | 303141 | 3740760 |
| Prairie Operating Co. *\*(a)* | 9873 | 40084 |
| PrimeEnergy Resources Corp. \* | 1690 | 287080 |
| ProFrac Holding Corp., Class A *\*(a)* | 53241 | 220950 |
| ProPetro Holding Corp. \* | 217805 | 1084669 |
| Ranger Energy Services, Inc., Class A  | 38592 | 427985 |
| REX American Resources Corp. \* | 38527 | 1530292 |
| Riley Exploration Permian, Inc.  | 27822 | 686647 |
| Ring Energy, Inc. \* | 367098 | 325286 |
| RPC, Inc.  | 211781 | 1001724 |
| Sable Offshore Corp. \* | 125227 | 2336736 |
| SandRidge Energy, Inc.  | 80972 | 737655 |
| Scorpio Tankers, Inc.  | 110913 | 4180311 |
| SEACOR Marine Holdings, Inc. \* | 58515 | 285553 |
| Seadrill Ltd. \* | 161954 | 3326535 |
| Select Water Solutions, Inc.  | 227126 | 1935114 |
| SFL Corp. Ltd.  | 324152 | 2664529 |
| Sitio Royalties Corp., Class A  | 197126 | 3343257 |
| SM Energy Co.  | 285114 | 6497748 |
| Solaris Energy Infrastructure, Inc.  | 75663 | 1599516 |
| Talos Energy, Inc. \* | 359668 | 2474516 |
| Teekay Corp. Ltd.  | 136127 | 981476 |
| Teekay Tankers Ltd., Class A  | 59382 | 2527892 |
| TETRA Technologies, Inc. \* | 315707 | 899765 |
| Tidewater, Inc. \* | 121031 | 4380112 |
| Transocean Ltd. \* | 1811267 | 3857999 |
| Uranium Energy Corp. \* | 1021671 | 5363773 |
| Ur-Energy, Inc. \* | 894107 | 672905 |

---

*See financial notes*

**32**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| VAALCO Energy, Inc.  | 258985 | 846881 |
| Valaris Ltd. \* | 152961 | 4942170 |
| Verde Clean Fuels, Inc. \* | 7966 | 26845 |
| Vital Energy, Inc. \* | 71218 | 1009871 |
| Vitesse Energy, Inc.  | 63766 | 1304015 |
| W&T Offshore, Inc. *(a)* | 252857 | 290786 |
| World Kinect Corp.  | 142261 | 3569328 |
|  |  | **261781342** |
| **Equity Real Estate Investment Trusts (REITs) 5.6%** | **Equity Real Estate Investment Trusts (REITs) 5.6%** | **Equity Real Estate Investment Trusts (REITs) 5.6%** |
| Acadia Realty Trust  | 290728 | 5552905 |
| Alexander & Baldwin, Inc.  | 180599 | 3102691 |
| Alexander's, Inc.  | 5346 | 1103414 |
| Alpine Income Property Trust, Inc.  | 31294 | 483492 |
| American Assets Trust, Inc.  | 118616 | 2221678 |
| American Healthcare REIT, Inc.  | 378194 | 12208102 |
| Apartment Investment & Management <br> Co., Class A <br>| 345387 | 2732011 |
| Apple Hospitality REIT, Inc.  | 568010 | 6685478 |
| Armada Hoffler Properties, Inc.  | 196114 | 1327692 |
| Braemar Hotels & Resorts, Inc.  | 162019 | 302975 |
| Brandywine Realty Trust  | 421057 | 1667386 |
| Broadstone Net Lease, Inc.  | 469777 | 7600992 |
| BRT Apartments Corp.  | 28748 | 444732 |
| CareTrust REIT, Inc.  | 467698 | 13689520 |
| CBL & Associates Properties, Inc.  | 54642 | 1282448 |
| Centerspace  | 41146 | 2483573 |
| Chatham Lodging Trust  | 120728 | 829401 |
| City Office REIT, Inc.  | 95115 | 483184 |
| Clipper Realty, Inc.  | 32924 | 118526 |
| Community Healthcare Trust, Inc.  | 67867 | 1159168 |
| COPT Defense Properties  | 280401 | 7321270 |
| CTO Realty Growth, Inc.  | 72018 | 1315769 |
| Curbline Properties Corp.  | 235679 | 5394692 |
| DiamondRock Hospitality Co.  | 515224 | 3781744 |
| Diversified Healthcare Trust  | 537870 | 1215586 |
| Douglas Emmett, Inc.  | 400699 | 5541667 |
| Easterly Government Properties, Inc.  | 98636 | 1989488 |
| Elme Communities  | 219317 | 3414766 |
| Empire State Realty Trust, Inc., Class A  | 340117 | 2421633 |
| Essential Properties Realty Trust, Inc.  | 436250 | 14034162 |
| Farmland Partners, Inc.  | 109664 | 1103220 |
| Four Corners Property Trust, Inc.  | 240365 | 6718202 |
| Franklin Street Properties Corp.  | 246322 | 389189 |
| FrontView REIT, Inc.  | 36720 | 456797 |
| Getty Realty Corp.  | 125464 | 3511737 |
| Gladstone Commercial Corp.  | 109211 | 1543151 |
| Gladstone Land Corp.  | 84384 | 837933 |
| Global Medical REIT, Inc.  | 153449 | 1187695 |
| Global Net Lease, Inc.  | 499128 | 3768416 |
| Hudson Pacific Properties, Inc.  | 340871 | 698786 |
| Independence Realty Trust, Inc.  | 562185 | 10923255 |
| Industrial Logistics Properties Trust  | 160604 | 420782 |
| Innovative Industrial Properties, Inc.  | 69925 | 3797627 |
| InvenTrust Properties Corp.  | 192326 | 5358202 |
| JBG SMITH Properties  | 203541 | 2845503 |
| Kite Realty Group Trust  | 540085 | 11692840 |
| LTC Properties, Inc.  | 111065 | 3983902 |
| LXP Industrial Trust  | 721185 | 5690150 |
| Macerich Co.  | 621229 | 9107217 |
| National Health Investors, Inc.  | 108992 | 8247425 |
| NET Lease Office Properties \* | 37089 | 1121200 |
| NETSTREIT Corp.  | 203431 | 3309822 |
| NexPoint Diversified Real Estate Trust  | 85349 | 299575 |
| NexPoint Residential Trust, Inc.  | 55282 | 2060913 |
| One Liberty Properties, Inc.  | 39618 | 966679 |
| Orion Properties, Inc.  | 140696 | 257474 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Outfront Media, Inc.  | 358421 | 5422910 |
| Paramount Group, Inc.  | 456289 | 1957480 |
| Peakstone Realty Trust  | 89847 | 1034139 |
| Pebblebrook Hotel Trust  | 297114 | 2688882 |
| Phillips Edison & Co., Inc.  | 305433 | 10598525 |
| Piedmont Office Realty Trust, Inc., <br> Class A <br>| 307667 | 1818312 |
| Plymouth Industrial REIT, Inc.  | 99318 | 1476859 |
| Postal Realty Trust, Inc., Class A  | 55395 | 733430 |
| PotlatchDeltic Corp.  | 195766 | 7515457 |
| RLJ Lodging Trust  | 373917 | 2621158 |
| Ryman Hospitality Properties, Inc.  | 145849 | 12827420 |
| Sabra Health Care REIT, Inc.  | 588390 | 10502761 |
| Safehold, Inc.  | 128951 | 2030978 |
| Saul Centers, Inc.  | 26021 | 850887 |
| Service Properties Trust  | 407150 | 732870 |
| SITE Centers Corp.  | 118405 | 1401915 |
| SL Green Realty Corp.  | 178480 | 9389833 |
| Strawberry Fields REIT, Inc.  | 22553 | 237258 |
| Summit Hotel Properties, Inc.  | 257581 | 1048355 |
| Sunstone Hotel Investors, Inc.  | 497794 | 4151602 |
| Tanger, Inc.  | 268682 | 8466170 |
| Terreno Realty Corp.  | 245435 | 13825353 |
| UMH Properties, Inc.  | 179969 | 3180052 |
| Uniti Group, Inc.  | 603128 | 2967390 |
| Universal Health Realty Income Trust  | 31935 | 1220236 |
| Urban Edge Properties  | 312495 | 5646785 |
| Veris Residential, Inc.  | 195816 | 3039064 |
| Whitestone REIT  | 123192 | 1606424 |
| Xenia Hotels & Resorts, Inc.  | 253442 | 2706761 |
|  |  | **323907103** |
| **Financial Services 6.7%** | **Financial Services 6.7%** | **Financial Services 6.7%** |
| Acacia Research Corp. \* | 95107 | 293881 |
| Acadian Asset Management, Inc.  | 67362 | 1814732 |
| Advanced Flower Capital, Inc.  | 45415 | 250237 |
| AG Mortgage Investment Trust, Inc.  | 71760 | 468593 |
| Alerus Financial Corp.  | 55561 | 1104553 |
| AlTi Global, Inc. \* | 84187 | 288761 |
| Angel Oak Mortgage REIT, Inc.  | 30456 | 287809 |
| Apollo Commercial Real Estate Finance, <br> Inc. <br>| 346006 | 3242076 |
| Arbor Realty Trust, Inc. *(a)* | 456933 | 5268437 |
| Ares Commercial Real Estate Corp.  | 135305 | 550691 |
| ARMOUR Residential REIT, Inc.  | 140097 | 2307398 |
| Artisan Partners Asset Management, <br> Inc., Class A <br>| 156308 | 5780270 |
| Atlanticus Holdings Corp. \* | 13563 | 743524 |
| AvidXchange Holdings, Inc. \* | 431491 | 3508022 |
| B Riley Financial, Inc. *(a)* | 49131 | 143954 |
| Banco Latinoamericano de Comercio <br> Exterior SA, Class E <br>| 68134 | 2609532 |
| BGC Group, Inc., Class A  | 884967 | 8017801 |
| Blackstone Mortgage Trust, Inc., Class A  | 432300 | 8235315 |
| Bread Financial Holdings, Inc.  | 123376 | 5854191 |
| BrightSpire Capital, Inc., Class A  | 321049 | 1608455 |
| Burford Capital Ltd.  | 499139 | 6778308 |
| Cannae Holdings, Inc.  | 139766 | 2475256 |
| Cantaloupe, Inc. \* | 146264 | 1170112 |
| Cass Information Systems, Inc.  | 33414 | 1361286 |
| Chicago Atlantic Real Estate Finance, <br> Inc. <br>| 43844 | 634423 |
| Chimera Investment Corp.  | 199296 | 2459313 |
| Claros Mortgage Trust, Inc.  | 219693 | 540445 |
| Cohen & Steers, Inc.  | 68236 | 5207772 |
| Compass Diversified Holdings  | 165343 | 2842246 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**33**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Consumer Portfolio Services, Inc. \* | 19828 | 183012 |
| Dave, Inc. \* | 20106 | 1906451 |
| Diamond Hill Investment Group, Inc.  | 6508 | 819878 |
| DigitalBridge Group, Inc.  | 394421 | 3313136 |
| Donnelley Financial Solutions, Inc. \* | 69778 | 3363300 |
| Dynex Capital, Inc.  | 209446 | 2582469 |
| Ellington Financial, Inc.  | 218830 | 2851355 |
| Enact Holdings, Inc.  | 70918 | 2538155 |
| Encore Capital Group, Inc. \* | 57972 | 1994237 |
| Enova International, Inc. \* | 63244 | 5805167 |
| Essent Group Ltd.  | 259481 | 14772253 |
| EVERTEC, Inc.  | 158034 | 5363674 |
| Federal Agricultural Mortgage Corp., <br> Class C <br>| 22689 | 3978062 |
| FirstCash Holdings, Inc.  | 95787 | 12831627 |
| Flywire Corp. \* | 300000 | 2823000 |
| Forge Global Holdings, Inc. \* | 20769 | 300943 |
| Franklin BSP Realty Trust, Inc.  | 203714 | 2318265 |
| GCM Grosvenor, Inc., Class A  | 107814 | 1351988 |
| Granite Point Mortgage Trust, Inc.  | 117851 | 232166 |
| Green Dot Corp., Class A \* | 132126 | 1105895 |
| HA Sustainable Infrastructure Capital, <br> Inc. <br>| 292741 | 7312670 |
| Hamilton Lane, Inc., Class A  | 98592 | 15231478 |
| International Money Express, Inc. \* | 75003 | 931537 |
| Invesco Mortgage Capital, Inc. *(a)* | 151010 | 1106903 |
| Jackson Financial, Inc., Class A  | 181863 | 14168946 |
| KKR Real Estate Finance Trust, Inc.  | 145292 | 1343951 |
| Ladder Capital Corp., Class A  | 281660 | 2940530 |
| LendingClub Corp. \* | 274225 | 2679178 |
| LendingTree, Inc. \* | 24798 | 1279329 |
| MarketWise, Inc.  | 4889 | 66686 |
| Marqeta, Inc., Class A \* | 1161873 | 4856629 |
| Medallion Financial Corp.  | 46008 | 404870 |
| Merchants Bancorp  | 44944 | 1351916 |
| MFA Financial, Inc.  | 253184 | 2486267 |
| Moelis & Co., Class A  | 175896 | 9424508 |
| Mr. Cooper Group, Inc. \* | 156892 | 18671717 |
| Navient Corp.  | 186156 | 2304611 |
| NCR Atleos Corp. \* | 179024 | 4998350 |
| Nelnet, Inc., Class A  | 35395 | 3755056 |
| NerdWallet, Inc., Class A \* | 87631 | 785174 |
| New York Mortgage Trust, Inc.  | 223513 | 1312021 |
| NewtekOne, Inc.  | 61092 | 635357 |
| Nexpoint Real Estate Finance, Inc.  | 20605 | 301451 |
| NMI Holdings, Inc., Class A \* | 195497 | 7071126 |
| Onity Group, Inc. \* | 15797 | 592545 |
| Open Lending Corp., Class A \* | 249341 | 309183 |
| OppFi, Inc. *(a)* | 47193 | 441255 |
| Orchid Island Capital, Inc.  | 196806 | 1407163 |
| P10, Inc., Class A  | 100410 | 1111539 |
| Pagseguro Digital Ltd., Class A \* | 457154 | 4585255 |
| Patria Investments Ltd., Class A  | 144798 | 1517483 |
| Payoneer Global, Inc. \* | 672381 | 4726838 |
| Paysafe Ltd. \* | 79722 | 1214166 |
| Paysign, Inc. \* | 82062 | 196949 |
| PennyMac Financial Services, Inc.  | 66627 | 6492135 |
| PennyMac Mortgage Investment Trust  | 215887 | 2771989 |
| Perella Weinberg Partners, Class A  | 129172 | 2217883 |
| Piper Sandler Cos.  | 43202 | 10416866 |
| PJT Partners, Inc., Class A  | 58036 | 8224282 |
| PRA Group, Inc. \* | 96537 | 1766627 |
| Priority Technology Holdings, Inc. \* | 53554 | 388802 |
| PROG Holdings, Inc.  | 101968 | 2687876 |
| Radian Group, Inc.  | 370495 | 11833610 |
| Ready Capital Corp.  | 400972 | 1784325 |
| Redwood Trust, Inc.  | 325301 | 2020119 |
| Regional Management Corp.  | 20741 | 683001 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Remitly Global, Inc. \* | 371833 | 7518463 |
| Repay Holdings Corp., Class A \* | 213706 | 854824 |
| Seven Hills Realty Trust  | 30974 | 369520 |
| Sezzle, Inc. \* | 34629 | 1798977 |
| Silvercrest Asset Management Group, <br> Inc., Class A <br>| 23605 | 361157 |
| StepStone Group, Inc., Class A  | 165604 | 8281856 |
| StoneCo Ltd., Class A \* | 712372 | 10015950 |
| StoneX Group, Inc. \* | 109336 | 9683343 |
| Sunrise Realty Trust, Inc.  | 25253 | 271722 |
| SWK Holdings Corp.  | 7728 | 108888 |
| TPG RE Finance Trust, Inc.  | 146582 | 1119886 |
| Two Harbors Investment Corp.  | 257638 | 3058163 |
| Upstart Holdings, Inc. \* | 199228 | 9523098 |
| Value Line, Inc.  | 1790 | 73211 |
| Velocity Financial, Inc. \* | 22819 | 407776 |
| Victory Capital Holdings, Inc., Class A  | 102057 | 5846846 |
| Virtus Investment Partners, Inc.  | 16646 | 2556659 |
| Walker & Dunlop, Inc.  | 80116 | 6132079 |
| Waterstone Financial, Inc.  | 39240 | 474804 |
| WisdomTree, Inc.  | 334437 | 2909602 |
| World Acceptance Corp. \* | 8407 | 1085512 |
|  |  | **391544914** |
| **Food, Beverage & Tobacco 1.5%** | **Food, Beverage & Tobacco 1.5%** | **Food, Beverage & Tobacco 1.5%** |
| Alico, Inc.  | 17884 | 510409 |
| B&G Foods, Inc.  | 191578 | 1319972 |
| Beyond Meat, Inc. *\*(a)* | 150618 | 373533 |
| BRC, Inc., Class A \* | 136302 | 310769 |
| Calavo Growers, Inc.  | 41574 | 1148274 |
| Cal-Maine Foods, Inc.  | 109493 | 10223361 |
| Dole PLC  | 186216 | 2828621 |
| Forafric Global PLC *\*(a)* | 11701 | 96065 |
| Fresh Del Monte Produce, Inc.  | 84023 | 2857622 |
| Hain Celestial Group, Inc. \* | 222907 | 677637 |
| Ispire Technology, Inc. \* | 46503 | 128348 |
| J&J Snack Foods Corp.  | 37854 | 4905500 |
| John B Sanfilippo & Son, Inc.  | 22202 | 1471327 |
| Lancaster Colony Corp.  | 48693 | 7926247 |
| Lifeway Foods, Inc. \* | 11732 | 277814 |
| Limoneira Co.  | 41908 | 629877 |
| Mama's Creations, Inc. \* | 81373 | 537062 |
| MGP Ingredients, Inc.  | 35654 | 1050723 |
| Mission Produce, Inc. \* | 107991 | 1131206 |
| National Beverage Corp.  | 58131 | 2581016 |
| Primo Brands Corp.  | 495715 | 16195009 |
| Seneca Foods Corp., Class A \* | 11529 | 1034036 |
| Simply Good Foods Co. \* | 229609 | 8291181 |
| SunOpta, Inc. \* | 232114 | 1002732 |
| TreeHouse Foods, Inc. \* | 115986 | 2701314 |
| Turning Point Brands, Inc.  | 42524 | 2610123 |
| Universal Corp.  | 59641 | 3475281 |
| Utz Brands, Inc.  | 163206 | 2169008 |
| Vita Coco Co., Inc. \* | 97731 | 3230010 |
| Vital Farms, Inc. \* | 84456 | 2891773 |
| Westrock Coffee Co. *\*(a)* | 87346 | 506607 |
| WK Kellogg Co.  | 162891 | 2920636 |
|  |  | **88013093** |
| **Health Care Equipment & Services 6.3%** | **Health Care Equipment & Services 6.3%** | **Health Care Equipment & Services 6.3%** |
| Accuray, Inc. \* | 241749 | 374711 |
| AdaptHealth Corp., Class A \* | 253654 | 2158596 |
| Addus HomeCare Corp. \* | 43230 | 4519696 |
| agilon health, Inc. \* | 766886 | 3266934 |
| AirSculpt Technologies, Inc. *\*(a)* | 33787 | 73318 |
| Alignment Healthcare, Inc. \* | 248332 | 4400443 |

---

*See financial notes*

**34**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Alphatec Holdings, Inc. \* | 258280 | 2835914 |
| AMN Healthcare Services, Inc. \* | 95018 | 1941218 |
| AngioDynamics, Inc. \* | 97429 | 905115 |
| Anteris Technologies Global Corp. \* | 35748 | 176953 |
| Ardent Health Partners, Inc. \* | 59440 | 756671 |
| Artivion, Inc. \* | 99207 | 2350214 |
| Astrana Health, Inc. \* | 106922 | 3332759 |
| AtriCure, Inc. \* | 117688 | 3520048 |
| Avanos Medical, Inc. \* | 112605 | 1413193 |
| Aveanna Healthcare Holdings, Inc. \* | 129013 | 594750 |
| Axogen, Inc. \* | 105099 | 1709961 |
| Beta Bionics, Inc. *\*(a)* | 31715 | 350451 |
| Bioventus, Inc., Class A \* | 94651 | 691899 |
| BrightSpring Health Services, Inc. \* | 135960 | 2383379 |
| Brookdale Senior Living, Inc. \* | 475982 | 3122442 |
| Castle Biosciences, Inc. \* | 65636 | 1316002 |
| Ceribell, Inc. \* | 30861 | 496553 |
| Cerus Corp. \* | 452049 | 596705 |
| Community Health Systems, Inc. \* | 316285 | 863458 |
| Concentra Group Holdings Parent, Inc.  | 273120 | 5940360 |
| CONMED Corp.  | 76649 | 3764232 |
| CorVel Corp. \* | 66255 | 7205894 |
| Cross Country Healthcare, Inc. \* | 77920 | 1055816 |
| CVRx, Inc. \* | 36095 | 264215 |
| Definitive Healthcare Corp., Class A \* | 130696 | 355493 |
| DocGo, Inc. \* | 248926 | 555105 |
| Embecta Corp.  | 145332 | 1771597 |
| Enhabit, Inc. \* | 124267 | 992893 |
| Ensign Group, Inc.  | 138006 | 17801394 |
| Evolent Health, Inc., Class A \* | 288291 | 2842549 |
| Fractyl Health, Inc. *\*(a)* | 80664 | 102443 |
| Fulgent Genetics, Inc. \* | 51104 | 886654 |
| GeneDx Holdings Corp. \* | 31697 | 2118944 |
| Glaukos Corp. \* | 121726 | 11472675 |
| Guardant Health, Inc. \* | 297447 | 14048422 |
| Haemonetics Corp. \* | 123616 | 7790280 |
| Health Catalyst, Inc. \* | 149879 | 592022 |
| HealthEquity, Inc. \* | 213354 | 18288705 |
| HealthStream, Inc.  | 60378 | 2030512 |
| Hims & Hers Health, Inc. \* | 480700 | 15911170 |
| ICU Medical, Inc. \* | 53410 | 7295272 |
| InfuSystem Holdings, Inc. \* | 46723 | 220533 |
| Inmode Ltd. \* | 163911 | 2311145 |
| Innovage Holding Corp. \* | 52185 | 163339 |
| Inogen, Inc. \* | 60805 | 433540 |
| Integer Holdings Corp. \* | 82968 | 10479688 |
| Integra LifeSciences Holdings Corp. \* | 168058 | 2754471 |
| iRadimed Corp.  | 20245 | 1061040 |
| iRhythm Technologies, Inc. \* | 77847 | 8321066 |
| Joint Corp. \* | 28727 | 287557 |
| Lantheus Holdings, Inc. \* | 171219 | 17864990 |
| LeMaitre Vascular, Inc.  | 50325 | 4566490 |
| LifeMD, Inc. \* | 93205 | 685989 |
| LifeStance Health Group, Inc. \* | 346876 | 2278975 |
| LivaNova PLC \* | 135330 | 5007210 |
| Merit Medical Systems, Inc. \* | 142295 | 13439763 |
| ModivCare, Inc. *\*(a)* | 26786 | 31875 |
| Nano-X Imaging Ltd. *\*(a)* | 138015 | 694215 |
| National HealthCare Corp.  | 31029 | 2931930 |
| National Research Corp.  | 37610 | 427250 |
| Neogen Corp. \* | 540201 | 2728015 |
| NeoGenomics, Inc. \* | 316892 | 2026524 |
| NeuroPace, Inc. \* | 34881 | 407759 |
| Novocure Ltd. \* | 264224 | 4793023 |
| OmniAb, Inc., Class A *\*(b)* | 12825 | 0 |
| OmniAb, Inc., Class B *\*(b)* | 12825 | 0 |
| Omnicell, Inc. \* | 113357 | 3543540 |
| OPKO Health, Inc. \* | 787622 | 1086918 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| OptimizeRx Corp. \* | 46224 | 421563 |
| Option Care Health, Inc. \* | 426608 | 13783704 |
| OraSure Technologies, Inc. \* | 180886 | 540849 |
| Orchestra BioMed Holdings, Inc. \* | 58779 | 174574 |
| Orthofix Medical, Inc. \* | 84670 | 1177760 |
| OrthoPediatrics Corp. \* | 40989 | 853391 |
| Owens & Minor, Inc. \* | 189560 | 1338294 |
| PACS Group, Inc. \* | 98357 | 947178 |
| Pediatrix Medical Group, Inc. \* | 213903 | 2755071 |
| Pennant Group, Inc. \* | 80657 | 2066432 |
| Performant Healthcare, Inc. \* | 178970 | 422369 |
| Phreesia, Inc. \* | 139060 | 3470938 |
| Privia Health Group, Inc. \* | 255990 | 6010645 |
| PROCEPT BioRobotics Corp. \* | 110547 | 5967327 |
| Progyny, Inc. \* | 185952 | 4247144 |
| Pulmonx Corp. \* | 93850 | 453296 |
| Pulse Biosciences, Inc. *\*(a)* | 45489 | 774223 |
| Quipt Home Medical Corp. \* | 87829 | 188832 |
| RadNet, Inc. \* | 164617 | 8622638 |
| RxSight, Inc. \* | 91712 | 1350001 |
| Sanara Medtech, Inc. \* | 9702 | 309882 |
| Schrodinger, Inc. \* | 138458 | 3548679 |
| Select Medical Holdings Corp.  | 268603 | 4899319 |
| Semler Scientific, Inc. *\*(a)* | 17106 | 553037 |
| SI-BONE, Inc. \* | 102718 | 1402101 |
| Sight Sciences, Inc. \* | 92855 | 283208 |
| Simulations Plus, Inc.  | 39787 | 1366683 |
| Sonida Senior Living, Inc. \* | 11270 | 261689 |
| STAAR Surgical Co. \* | 123175 | 2249175 |
| Stereotaxis, Inc. \* | 146393 | 292786 |
| Surgery Partners, Inc. \* | 190745 | 4186853 |
| Surmodics, Inc. \* | 34592 | 968922 |
| Tactile Systems Technology, Inc. \* | 58963 | 832558 |
| Talkspace, Inc. \* | 301983 | 927088 |
| Tandem Diabetes Care, Inc. \* | 163717 | 2758631 |
| Teladoc Health, Inc. \* | 427667 | 3074926 |
| TransMedics Group, Inc. \* | 81667 | 7514181 |
| Treace Medical Concepts, Inc. \* | 119878 | 848736 |
| U.S. Physical Therapy, Inc.  | 37292 | 2651834 |
| UFP Technologies, Inc. \* | 18074 | 3769152 |
| Utah Medical Products, Inc.  | 7870 | 407273 |
| Varex Imaging Corp. \* | 96106 | 799602 |
| Viemed Healthcare, Inc. \* | 83493 | 590296 |
| Waystar Holding Corp. \* | 196316 | 7297066 |
| Zimvie, Inc. \* | 67683 | 613208 |
| Zynex, Inc. \* | 44713 | 74224 |
|  |  | **363832213** |
| **Household & Personal Products 0.6%** | **Household & Personal Products 0.6%** | **Household & Personal Products 0.6%** |
| Beauty Health Co. \* | 180895 | 179357 |
| Central Garden & Pet Co. \* | 23315 | 782451 |
| Central Garden & Pet Co., Class A \* | 127191 | 3761038 |
| Edgewell Personal Care Co.  | 119117 | 3639024 |
| Energizer Holdings, Inc.  | 178402 | 4823990 |
| Herbalife Ltd. \* | 250239 | 1801721 |
| Honest Co., Inc. \* | 207368 | 993293 |
| Interparfums, Inc.  | 45222 | 4938243 |
| Medifast, Inc. \* | 27979 | 367644 |
| Nature's Sunshine Products, Inc. \* | 32466 | 399981 |
| Nu Skin Enterprises, Inc., Class A  | 124696 | 789326 |
| Oil-Dri Corp. of America  | 24066 | 1012938 |
| Olaplex Holdings, Inc. \* | 343251 | 449659 |
| USANA Health Sciences, Inc. \* | 28192 | 791913 |
| Waldencast PLC, Class A \* | 64895 | 176514 |
| WD-40 Co.  | 33924 | 7746885 |
|  |  | **32653977** |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**35**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Insurance 2.3%** | **Insurance 2.3%** | **Insurance 2.3%** |
| Ambac Financial Group, Inc. \* | 113001 | 901748 |
| American Coastal Insurance Corp., <br> Class C <br>| 59867 | 684280 |
| AMERISAFE, Inc.  | 47370 | 2202231 |
| Baldwin Insurance Group, Inc., Class A \* | 168088 | 6995823 |
| Bowhead Specialty Holdings, Inc. \* | 39597 | 1591403 |
| CNO Financial Group, Inc.  | 253939 | 9634446 |
| Crawford & Co., Class A  | 36600 | 406992 |
| Donegal Group, Inc., Class A  | 39507 | 764460 |
| Employers Holdings, Inc.  | 61323 | 2979685 |
| Enstar Group Ltd. \* | 31510 | 10537259 |
| F&G Annuities & Life, Inc.  | 46328 | 1612678 |
| Fidelis Insurance Holdings Ltd.  | 122827 | 2008221 |
| Genworth Financial, Inc., Class A \* | 1055252 | 7239029 |
| GoHealth, Inc., Class A \* | 12060 | 126992 |
| Goosehead Insurance, Inc., Class A  | 55773 | 5421693 |
| Greenlight Capital Re Ltd., Class A \* | 67116 | 880226 |
| Hamilton Insurance Group Ltd., Class B \* | 103076 | 1906906 |
| HCI Group, Inc.  | 20537 | 3004563 |
| Heritage Insurance Holdings, Inc. \* | 56749 | 1072556 |
| Hippo Holdings, Inc. \* | 48780 | 1127794 |
| Horace Mann Educators Corp.  | 102031 | 4238368 |
| Investors Title Co.  | 3593 | 830666 |
| James River Group Holdings Ltd.  | 97146 | 462415 |
| Kingsway Financial Services, Inc. \* | 30090 | 260279 |
| Lemonade, Inc. \* | 130023 | 3799272 |
| Maiden Holdings Ltd. \* | 227151 | 318011 |
| MBIA, Inc. \* | 109301 | 512622 |
| Mercury General Corp.  | 66437 | 3681939 |
| NI Holdings, Inc. \* | 18872 | 235900 |
| Oscar Health, Inc., Class A \* | 507048 | 6596694 |
| Palomar Holdings, Inc. \* | 64685 | 9380619 |
| ProAssurance Corp. \* | 127011 | 2947925 |
| Root, Inc., Class A \* | 21570 | 3012682 |
| Safety Insurance Group, Inc.  | 36635 | 2802577 |
| Selective Insurance Group, Inc.  | 151253 | 13193799 |
| Selectquote, Inc. \* | 334743 | 1061135 |
| SiriusPoint Ltd. \* | 233981 | 3930881 |
| Skyward Specialty Insurance Group, <br> Inc. \*<br>| 92157 | 4892615 |
| Stewart Information Services Corp.  | 67136 | 4396065 |
| Tiptree, Inc.  | 62361 | 1391274 |
| Trupanion, Inc. \* | 82005 | 3001383 |
| United Fire Group, Inc.  | 52245 | 1445619 |
| Universal Insurance Holdings, Inc.  | 58880 | 1427251 |
|  |  | **134918976** |
| **Materials 3.9%** | **Materials 3.9%** | **Materials 3.9%** |
| AdvanSix, Inc.  | 64056 | 1372080 |
| Alpha Metallurgical Resources, Inc. \* | 27269 | 3309093 |
| American Vanguard Corp.  | 66623 | 281149 |
| Ardagh Metal Packaging SA  | 359792 | 1334828 |
| Arq, Inc. \* | 74883 | 283807 |
| ASP Isotopes, Inc. *\*(a)* | 134653 | 710968 |
| Aspen Aerogels, Inc. \* | 153378 | 828241 |
| Avient Corp.  | 224979 | 7494050 |
| Balchem Corp.  | 80388 | 12584741 |
| Cabot Corp.  | 131920 | 10360997 |
| Caledonia Mining Corp. PLC  | 40524 | 533701 |
| Carpenter Technology Corp.  | 119622 | 23399259 |
| Century Aluminum Co. \* | 131224 | 2153386 |
| Clearwater Paper Corp. \* | 40022 | 1074991 |
| Coeur Mining, Inc. \* | 1555570 | 8633414 |
| Commercial Metals Co.  | 283332 | 12619607 |
| Compass Minerals International, Inc. \* | 85054 | 1143126 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Constellium SE, Class A \* | 323383 | 3269402 |
| Contango ORE, Inc. \* | 26486 | 372393 |
| Core Molding Technologies, Inc. \* | 19715 | 303217 |
| Critical Metals Corp. *\*(a)* | 17306 | 27863 |
| Dakota Gold Corp. \* | 170234 | 459632 |
| Ecovyst, Inc. \* | 287139 | 1717091 |
| Greif, Inc., Class A  | 74930 | 3932326 |
| Hawkins, Inc.  | 47985 | 5843613 |
| HB Fuller Co.  | 136381 | 7370029 |
| Hecla Mining Co.  | 1487480 | 8508386 |
| i-80 Gold Corp. \* | 800989 | 491967 |
| Ingevity Corp. \* | 90364 | 2980205 |
| Innospec, Inc.  | 61853 | 5534606 |
| Intrepid Potash, Inc. \* | 27066 | 894261 |
| Ivanhoe Electric, Inc. \* | 210063 | 1323397 |
| Kaiser Aluminum Corp.  | 39585 | 2551649 |
| Knife River Corp. \* | 141283 | 13193007 |
| Koppers Holdings, Inc.  | 48607 | 1218091 |
| Kronos Worldwide, Inc.  | 52742 | 406641 |
| Lifezone Metals Ltd. *\*(a)* | 94868 | 339627 |
| LSB Industries, Inc. \* | 134436 | 857702 |
| MAC Copper Ltd., Class A \* | 133004 | 1195706 |
| Materion Corp.  | 51103 | 4242060 |
| Mativ Holdings, Inc.  | 135775 | 693810 |
| Metallus, Inc. \* | 102516 | 1296827 |
| Minerals Technologies, Inc.  | 78677 | 4058946 |
| Myers Industries, Inc.  | 91589 | 961685 |
| Northern Technologies International <br> Corp. <br>| 18519 | 137967 |
| Novagold Resources, Inc. \* | 604530 | 2557162 |
| O-I Glass, Inc. \* | 384422 | 4866783 |
| Olympic Steel, Inc.  | 24655 | 795124 |
| Orion SA  | 141771 | 1706923 |
| Perimeter Solutions, Inc. \* | 332037 | 3363535 |
| Perpetua Resources Corp. \* | 104433 | 1538298 |
| Piedmont Lithium, Inc. *\*(a)* | 46799 | 350057 |
| PureCycle Technologies, Inc. \* | 308015 | 2066781 |
| Quaker Chemical Corp.  | 34310 | 3634801 |
| Radius Recycling, Inc., Class A  | 65847 | 1931293 |
| Ramaco Resources, Inc., Class A  | 77795 | 784174 |
| Ranpak Holdings Corp., Class A \* | 110128 | 452626 |
| Rayonier Advanced Materials, Inc. \* | 156977 | 668722 |
| Ryerson Holding Corp.  | 67158 | 1570154 |
| Sensient Technologies Corp.  | 104902 | 9855543 |
| Smith-Midland Corp. \* | 11301 | 338917 |
| SSR Mining, Inc. \* | 503513 | 5357378 |
| Stepan Co.  | 53277 | 2693685 |
| SunCoke Energy, Inc.  | 209439 | 1897517 |
| Sylvamo Corp.  | 86305 | 5145504 |
| Tredegar Corp. \* | 64362 | 500093 |
| TriMas Corp.  | 101048 | 2430204 |
| Tronox Holdings PLC  | 293781 | 1589355 |
| U.S. Lime & Minerals, Inc.  | 26116 | 2442107 |
| Valhi, Inc.  | 6412 | 110543 |
| Warrior Met Coal, Inc.  | 129214 | 6179013 |
| Worthington Steel, Inc.  | 81075 | 2080385 |
|  |  | **229206221** |
| **Media & Entertainment 1.8%** | **Media & Entertainment 1.8%** | **Media & Entertainment 1.8%** |
| Advantage Solutions, Inc. \* | 261505 | 350417 |
| AMC Entertainment Holdings, Inc., <br> Class A *\*(a)*<br>| 1007846 | 2690949 |
| AMC Networks, Inc., Class A \* | 78919 | 505082 |
| Atlanta Braves Holdings, Inc., Class C \* | 152748 | 6088535 |
| Boston Omaha Corp., Class A \* | 61303 | 952036 |
| Bumble, Inc., Class A \* | 206054 | 869548 |
| Cable One, Inc.  | 13998 | 3741245 |

---

*See financial notes*

**36**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cardlytics, Inc. \* | 103916 | 149639 |
| Cargurus, Inc. \* | 215222 | 6017607 |
| Cars.com, Inc. \* | 160625 | 1869675 |
| Cinemark Holdings, Inc.  | 274792 | 8219029 |
| Clear Channel Outdoor Holdings, Inc. \* | 890501 | 876431 |
| EchoStar Corp., Class A \* | 303356 | 6819443 |
| Emerald Holding, Inc.  | 35934 | 141221 |
| Entravision Communications Corp., <br> Class A <br>| 151520 | 277282 |
| Eventbrite, Inc., Class A \* | 204061 | 432609 |
| EverQuote, Inc., Class A \* | 61891 | 1469292 |
| EW Scripps Co., Class A \* | 154623 | 310792 |
| fuboTV, Inc. \* | 822244 | 2466732 |
| Gambling.com Group Ltd. \* | 41763 | 537490 |
| Gannett Co., Inc. \* | 351240 | 1123968 |
| Getty Images Holdings, Inc. *\*(a)* | 245792 | 469463 |
| Golden Matrix Group, Inc. \* | 54047 | 101608 |
| Gray Media, Inc.  | 211172 | 707426 |
| Grindr, Inc. \* | 61566 | 1352605 |
| Ibotta, Inc., Class A \* | 38619 | 1884607 |
| iHeartMedia, Inc., Class A \* | 260396 | 268208 |
| IMAX Corp. \* | 106630 | 2594308 |
| Integral Ad Science Holding Corp. \* | 181590 | 1283841 |
| John Wiley & Sons, Inc., Class A  | 97743 | 4265504 |
| Lions Gate Entertainment Corp., <br> Class A \*<br>| 426379 | 3786246 |
| LiveOne, Inc. \* | 181284 | 159240 |
| Madison Square Garden Entertainment <br> Corp., Class A \*<br>| 98802 | 3205137 |
| Magnite, Inc. \* | 312162 | 3711606 |
| Marcus Corp.  | 57925 | 944757 |
| MediaAlpha, Inc., Class A \* | 74707 | 627539 |
| National CineMedia, Inc. \* | 173687 | 995226 |
| Nextdoor Holdings, Inc. \* | 421803 | 620050 |
| Outbrain, Inc. \* | 93864 | 332279 |
| Playstudios, Inc. \* | 208131 | 264326 |
| PubMatic, Inc., Class A \* | 100867 | 985471 |
| QuinStreet, Inc. \* | 134185 | 2350921 |
| Reservoir Media, Inc. \* | 48007 | 360052 |
| Scholastic Corp.  | 58412 | 1053168 |
| Shutterstock, Inc.  | 59927 | 956435 |
| Sinclair, Inc.  | 79467 | 1144325 |
| Sphere Entertainment Co. \* | 67032 | 1826622 |
| Stagwell, Inc., Class A \* | 220538 | 1230602 |
| System1, Inc. \* | 54967 | 31760 |
| TechTarget, Inc. \* | 67399 | 537170 |
| TEGNA, Inc.  | 400070 | 6493136 |
| Thryv Holdings, Inc. \* | 93690 | 1283553 |
| Townsquare Media, Inc., Class A  | 34693 | 229668 |
| TrueCar, Inc. \* | 203987 | 303941 |
| Vimeo, Inc. \* | 360394 | 1816386 |
| Vivid Seats, Inc., Class A \* | 189650 | 532916 |
| Webtoon Entertainment, Inc. *\*(a)* | 38519 | 346671 |
| WideOpenWest, Inc. \* | 122559 | 536808 |
| Yelp, Inc., Class A \* | 157873 | 5538185 |
| Ziff Davis, Inc. \* | 104598 | 3088779 |
| ZipRecruiter, Inc., Class A \* | 177372 | 915240 |
|  |  | **105044807** |
| **Pharmaceuticals, Biotechnology & Life Sciences 10.8%** | **Pharmaceuticals, Biotechnology & Life Sciences 10.8%** | **Pharmaceuticals, Biotechnology & Life Sciences 10.8%** |
| 2seventy bio, Inc. \* | 122039 | 608975 |
| 4D Molecular Therapeutics, Inc. \* | 109166 | 367889 |
| 89bio, Inc. \* | 279504 | 2241622 |
| Absci Corp. *\*(a)* | 204853 | 628899 |
| ACADIA Pharmaceuticals, Inc. \* | 296911 | 4334901 |
| ACELYRIN, Inc. \* | 186030 | 459494 |
| Achieve Life Sciences, Inc. \* | 81283 | 211336 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Acrivon Therapeutics, Inc. \* | 28192 | 39469 |
| Actinium Pharmaceuticals, Inc. \* | 97604 | 148358 |
| Acumen Pharmaceuticals, Inc. \* | 116902 | 132099 |
| Adaptive Biotechnologies Corp. \* | 288871 | 2126091 |
| ADC Therapeutics SA \* | 194258 | 277789 |
| ADMA Biologics, Inc. \* | 571197 | 13594489 |
| Adverum Biotechnologies, Inc. \* | 49021 | 159808 |
| Aerovate Therapeutics, Inc.  | 839 | 7967 |
| Agenus, Inc. *\*(a)* | 63685 | 184050 |
| Agios Pharmaceuticals, Inc. \* | 140663 | 4176284 |
| Akebia Therapeutics, Inc. \* | 538160 | 1296966 |
| Akero Therapeutics, Inc. \* | 185695 | 8469549 |
| Akoya Biosciences, Inc. *\*(a)* | 63002 | 75602 |
| Aldeyra Therapeutics, Inc. \* | 118897 | 315077 |
| Alector, Inc. \* | 196054 | 235265 |
| Alkermes PLC \* | 400579 | 11524658 |
| Allogene Therapeutics, Inc. \* | 326033 | 547735 |
| Altimmune, Inc. *\*(a)* | 178682 | 938081 |
| Alto Neuroscience, Inc. \* | 50956 | 126880 |
| Alumis, Inc. \* | 52337 | 216675 |
| ALX Oncology Holdings, Inc. \* | 78090 | 42169 |
| Amicus Therapeutics, Inc. \* | 727997 | 5591017 |
| Amneal Pharmaceuticals, Inc. \* | 395920 | 3032747 |
| Amphastar Pharmaceuticals, Inc. \* | 93729 | 2287925 |
| AnaptysBio, Inc. \* | 53687 | 1192925 |
| Anavex Life Sciences Corp. *\*(a)* | 187672 | 1782884 |
| ANI Pharmaceuticals, Inc. \* | 45993 | 3257224 |
| Anika Therapeutics, Inc. \* | 31356 | 455603 |
| Annexon, Inc. \* | 250633 | 466177 |
| Apogee Therapeutics, Inc. \* | 94014 | 3690049 |
| Applied Therapeutics, Inc. \* | 230581 | 94354 |
| Aquestive Therapeutics, Inc. \* | 182802 | 534696 |
| Arbutus Biopharma Corp. \* | 367281 | 1303848 |
| Arcellx, Inc. \* | 108964 | 7077212 |
| Arcturus Therapeutics Holdings, Inc. \* | 57801 | 740431 |
| Arcus Biosciences, Inc. \* | 134350 | 1175563 |
| Arcutis Biotherapeutics, Inc. \* | 267766 | 3992391 |
| Ardelyx, Inc. \* | 586131 | 3226651 |
| ArriVent Biopharma, Inc. \* | 70125 | 1490858 |
| Arrowhead Pharmaceuticals, Inc. \* | 296199 | 4114204 |
| ARS Pharmaceuticals, Inc. *\*(a)* | 123260 | 1721942 |
| Artiva Biotherapeutics, Inc. *\*(a)* | 47877 | 114426 |
| Arvinas, Inc. \* | 159725 | 1536554 |
| Astria Therapeutics, Inc. \* | 112638 | 581212 |
| Atea Pharmaceuticals, Inc. \* | 193033 | 569447 |
| Atossa Therapeutics, Inc. \* | 342582 | 307604 |
| Aura Biosciences, Inc. \* | 113104 | 659396 |
| Aurinia Pharmaceuticals, Inc. \* | 333079 | 2744571 |
| Avadel Pharmaceuticals PLC \* | 229851 | 2043375 |
| Avidity Biosciences, Inc. \* | 282753 | 9231885 |
| Avita Medical, Inc. \* | 64215 | 622243 |
| Axsome Therapeutics, Inc. \* | 91621 | 10288122 |
| Beam Therapeutics, Inc. \* | 227322 | 4530527 |
| Bicara Therapeutics, Inc. *\*(a)* | 48540 | 697520 |
| BioAge Labs, Inc. \* | 29376 | 123379 |
| BioCryst Pharmaceuticals, Inc. \* | 513838 | 4547466 |
| Biohaven Ltd. \* | 213130 | 4714436 |
| BioLife Solutions, Inc. \* | 89146 | 2149310 |
| Biomea Fusion, Inc. *\*(a)* | 65244 | 137012 |
| Biote Corp., Class A \* | 68623 | 228515 |
| Black Diamond Therapeutics, Inc. \* | 94740 | 161058 |
| Bluebird Bio, Inc. \* | 23235 | 94799 |
| Blueprint Medicines Corp. \* | 158097 | 14149681 |
| Boundless Bio, Inc. \* | 40458 | 71206 |
| Bridgebio Pharma, Inc. \* | 349584 | 13410042 |
| C4 Therapeutics, Inc. \* | 143626 | 235547 |
| Cabaletta Bio, Inc. \* | 109260 | 144223 |
| CAMP4 Therapeutics Corp. *\*(a)* | 16685 | 29532 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**37**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Candel Therapeutics, Inc. *\*(a)* | 68880 | 338201 |
| Capricor Therapeutics, Inc. *\*(a)* | 90380 | 1147826 |
| Cardiff Oncology, Inc. *\*(a)* | 140873 | 385992 |
| CareDx, Inc. \* | 127577 | 2153500 |
| Cargo Therapeutics, Inc. \* | 84023 | 383985 |
| Caribou Biosciences, Inc. \* | 201072 | 171092 |
| Cartesian Therapeutics, Inc. *\*(a)* | 24810 | 297720 |
| Cassava Sciences, Inc. *\*(a)* | 97334 | 151841 |
| Catalyst Pharmaceuticals, Inc. \* | 281602 | 6840113 |
| Celcuity, Inc. \* | 81565 | 908634 |
| Celldex Therapeutics, Inc. \* | 160583 | 3344944 |
| Century Therapeutics, Inc. \* | 108037 | 58513 |
| CervoMed, Inc. *\*(a)* | 12722 | 115261 |
| CG oncology, Inc. \* | 134777 | 3630892 |
| Cibus, Inc. \* | 55142 | 118555 |
| Climb Bio, Inc. \* | 70093 | 93925 |
| Codexis, Inc. \* | 204375 | 470063 |
| Cogent Biosciences, Inc. \* | 230958 | 1203291 |
| Coherus Biosciences, Inc. \* | 288709 | 297370 |
| Collegium Pharmaceutical, Inc. \* | 80282 | 2167213 |
| Compass Therapeutics, Inc. \* | 255113 | 474510 |
| Conduit Pharmaceuticals, Inc. \* | 531 | 296 |
| Contineum Therapeutics, Inc., Class A \* | 25234 | 103712 |
| Corbus Pharmaceuticals Holdings, Inc. \* | 28093 | 209855 |
| Corcept Therapeutics, Inc. \* | 201051 | 14451546 |
| CorMedix, Inc. \* | 151916 | 1396108 |
| Crinetics Pharmaceuticals, Inc. \* | 228266 | 7621802 |
| CryoPort, Inc. \* | 109871 | 613080 |
| Cullinan Therapeutics, Inc. \* | 131262 | 1086849 |
| Cytek Biosciences, Inc. \* | 293059 | 1087249 |
| Cytokinetics, Inc. \* | 284314 | 12180012 |
| Day One Biopharmaceuticals, Inc. \* | 135892 | 1057240 |
| Denali Therapeutics, Inc. \* | 309028 | 5145316 |
| Design Therapeutics, Inc. \* | 80332 | 390414 |
| Dianthus Therapeutics, Inc. \* | 59026 | 1289718 |
| Disc Medicine, Inc. \* | 57054 | 2819609 |
| Dynavax Technologies Corp. \* | 327352 | 3846386 |
| Dyne Therapeutics, Inc. \* | 208260 | 2455385 |
| Edgewise Therapeutics, Inc. \* | 183681 | 3012368 |
| Editas Medicine, Inc. \* | 198750 | 327938 |
| Elevation Oncology, Inc. \* | 181694 | 67517 |
| Enanta Pharmaceuticals, Inc. \* | 48739 | 296821 |
| Enliven Therapeutics, Inc. \* | 91514 | 1733275 |
| Entrada Therapeutics, Inc. \* | 59851 | 546440 |
| Erasca, Inc. \* | 447980 | 654051 |
| Esperion Therapeutics, Inc. *\*(a)* | 458446 | 458171 |
| Evolus, Inc. \* | 138159 | 1575013 |
| EyePoint Pharmaceuticals, Inc. \* | 163018 | 1111783 |
| Fate Therapeutics, Inc. \* | 243831 | 312104 |
| Fennec Pharmaceuticals, Inc. *\*(a)* | 61146 | 369322 |
| Fibrobiologics, Inc. \* | 69732 | 78100 |
| Foghorn Therapeutics, Inc. \* | 66114 | 277679 |
| Fulcrum Therapeutics, Inc. \* | 130506 | 502448 |
| Galectin Therapeutics, Inc. *\*(a)* | 22913 | 31391 |
| Generation Bio Co. \* | 120426 | 52157 |
| Geron Corp. \* | 1470717 | 2073711 |
| Greenwich Lifesciences, Inc. *\*(a)* | 16290 | 164529 |
| Gyre Therapeutics, Inc. *\*(a)* | 16429 | 160347 |
| Halozyme Therapeutics, Inc. \* | 310176 | 19051010 |
| Harmony Biosciences Holdings, Inc. \* | 94565 | 2786831 |
| Harrow, Inc. \* | 76037 | 1883436 |
| Harvard Bioscience, Inc. \* | 98883 | 35232 |
| Heron Therapeutics, Inc. *\*(a)* | 290903 | 703985 |
| HilleVax, Inc. \* | 75596 | 146656 |
| Humacyte, Inc. *\*(a)* | 222358 | 322419 |
| Ideaya Biosciences, Inc. \* | 214396 | 4315791 |
| IGM Biosciences, Inc. \* | 36233 | 50183 |
| ImmunityBio, Inc. *\*(a)* | 379473 | 952477 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Immunome, Inc. \* | 175927 | 1546398 |
| Immunovant, Inc. \* | 145211 | 2345158 |
| Inhibrx Biosciences, Inc. \* | 30013 | 370060 |
| Inmune Bio, Inc. *\*(a)* | 34986 | 274990 |
| Innoviva, Inc. \* | 137583 | 2571426 |
| Inovio Pharmaceuticals, Inc. \* | 87418 | 169591 |
| Inozyme Pharma, Inc. \* | 122279 | 140621 |
| Insmed, Inc. \* | 428686 | 30865392 |
| Intellia Therapeutics, Inc. \* | 251774 | 2233235 |
| Invivyd, Inc. \* | 186680 | 117646 |
| Iovance Biotherapeutics, Inc. \* | 681928 | 2448122 |
| Ironwood Pharmaceuticals, Inc., <br> Class A \*<br>| 340139 | 317112 |
| iTeos Therapeutics, Inc. \* | 67647 | 490441 |
| Janux Therapeutics, Inc. \* | 78477 | 2605436 |
| Jasper Therapeutics, Inc. \* | 26648 | 146298 |
| KalVista Pharmaceuticals, Inc. \* | 96493 | 1328709 |
| Keros Therapeutics, Inc. \* | 82207 | 1187069 |
| Kiniksa Pharmaceuticals International <br> PLC \*<br>| 95387 | 2572587 |
| Kodiak Sciences, Inc. \* | 85066 | 370888 |
| Korro Bio, Inc. \* | 15141 | 268753 |
| Krystal Biotech, Inc. \* | 61711 | 10483465 |
| Kura Oncology, Inc. \* | 183588 | 1204337 |
| Kymera Therapeutics, Inc. \* | 116734 | 4000474 |
| Kyverna Therapeutics, Inc. \* | 62142 | 143548 |
| Larimar Therapeutics, Inc. \* | 100457 | 266211 |
| LENZ Therapeutics, Inc. \* | 31518 | 898736 |
| Lexeo Therapeutics, Inc. \* | 56174 | 220764 |
| Lexicon Pharmaceuticals, Inc. *\*(a)* | 271000 | 198047 |
| Lifecore Biomedical, Inc. \* | 61019 | 412488 |
| Ligand Pharmaceuticals, Inc. \* | 44433 | 4881409 |
| Lineage Cell Therapeutics, Inc. \* | 435010 | 217070 |
| Liquidia Corp. \* | 158475 | 2213896 |
| Lyell Immunopharma, Inc. \* | 380074 | 180611 |
| Lyra Therapeutics, Inc. \* | 111609 | 13259 |
| MacroGenics, Inc. \* | 158259 | 274579 |
| Madrigal Pharmaceuticals, Inc. \* | 44698 | 14925109 |
| MannKind Corp. \* | 670491 | 3379275 |
| Maravai LifeSciences Holdings, Inc., <br> Class A \*<br>| 280650 | 566913 |
| MaxCyte, Inc. \* | 266316 | 756337 |
| Maze Therapeutics, Inc. *\*(a)* | 21145 | 195591 |
| MBX Biosciences, Inc. *\*(a)* | 30122 | 315980 |
| MediWound Ltd. *\*(a)* | 22468 | 397796 |
| MeiraGTx Holdings PLC \* | 116027 | 822631 |
| Mersana Therapeutics, Inc. \* | 280631 | 121485 |
| Mesa Laboratories, Inc.  | 12941 | 1491450 |
| Metagenomi, Inc. *\*(a)* | 65753 | 113753 |
| Metsera, Inc. *\*(a)* | 38715 | 933419 |
| MiMedx Group, Inc. \* | 293014 | 2015936 |
| Mind Medicine MindMed, Inc. \* | 182693 | 1167408 |
| Mineralys Therapeutics, Inc. \* | 71604 | 1017493 |
| Mirum Pharmaceuticals, Inc. \* | 98543 | 4281693 |
| Monte Rosa Therapeutics, Inc. \* | 104570 | 513439 |
| Myriad Genetics, Inc. \* | 223455 | 1655802 |
| Nautilus Biotechnology, Inc. \* | 115231 | 79348 |
| Nektar Therapeutics, Class A \* | 449765 | 357788 |
| Neumora Therapeutics, Inc. \* | 201871 | 157419 |
| Neurogene, Inc. \* | 28730 | 430950 |
| Niagen Bioscience, Inc. \* | 124113 | 974287 |
| Nkarta, Inc. \* | 137605 | 291723 |
| Novavax, Inc. \* | 383693 | 2559232 |
| Nurix Therapeutics, Inc. \* | 187150 | 2157839 |
| Nuvalent, Inc., Class A \* | 87192 | 6691986 |
| Nuvation Bio, Inc. \* | 446308 | 1004193 |
| Ocugen, Inc. \* | 731017 | 546216 |
| Ocular Therapeutix, Inc. \* | 392287 | 3255982 |

---

*See financial notes*

**38**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Olema Pharmaceuticals, Inc. \* | 103752 | 535360 |
| Omeros Corp., Class B \* | 138629 | 1018923 |
| OmniAb, Inc. \* | 237037 | 402963 |
| Organogenesis Holdings, Inc., Class A \* | 171895 | 844004 |
| ORIC Pharmaceuticals, Inc. \* | 154367 | 881436 |
| Outlook Therapeutics, Inc. *\*(a)* | 36029 | 56566 |
| Ovid therapeutics, Inc. \* | 135487 | 44318 |
| Pacific Biosciences of California, Inc. *\*(a)* | 688844 | 764617 |
| Pacira BioSciences, Inc. \* | 113717 | 3058987 |
| PepGen, Inc. *\*(a)* | 40037 | 62858 |
| Perspective Therapeutics, Inc. \* | 129433 | 317111 |
| Phathom Pharmaceuticals, Inc. \* | 98943 | 424465 |
| Phibro Animal Health Corp., Class A  | 50021 | 930891 |
| Pliant Therapeutics, Inc. \* | 138926 | 220892 |
| Praxis Precision Medicines, Inc. \* | 42622 | 1604292 |
| Precigen, Inc. \* | 326609 | 509510 |
| Prelude Therapeutics, Inc. \* | 33475 | 32126 |
| Prestige Consumer Healthcare, Inc. \* | 123256 | 10012085 |
| Prime Medicine, Inc. *\*(a)* | 134070 | 231941 |
| ProKidney Corp. *\*(a)* | 268198 | 237516 |
| Protagonist Therapeutics, Inc. \* | 147962 | 6779619 |
| Prothena Corp. PLC \* | 105063 | 966580 |
| PTC Therapeutics, Inc. \* | 189542 | 9446773 |
| Puma Biotechnology, Inc. \* | 107859 | 342992 |
| Pyxis Oncology, Inc. \* | 115237 | 126761 |
| Q32 Bio, Inc. *\*(a)* | 14190 | 22704 |
| Quanterix Corp. \* | 87575 | 504432 |
| Quantum-Si, Inc. *\*(a)* | 290760 | 331466 |
| Rapport Therapeutics, Inc. \* | 43110 | 493610 |
| RAPT Therapeutics, Inc. \* | 70946 | 65753 |
| Recursion Pharmaceuticals, Inc., <br> Class A *\*(a)*<br>| 623843 | 3487282 |
| REGENXBIO, Inc. \* | 116551 | 1120055 |
| Regulus Therapeutics, Inc. *\*(a)* | 162276 | 1294962 |
| Relay Therapeutics, Inc. \* | 314416 | 1047005 |
| Renovaro, Inc. \* | 277727 | 99898 |
| Replimune Group, Inc. \* | 169295 | 1655705 |
| Revolution Medicines, Inc. \* | 423404 | 17097054 |
| Rhythm Pharmaceuticals, Inc. \* | 136308 | 8885919 |
| Rigel Pharmaceuticals, Inc. \* | 43773 | 856200 |
| Rocket Pharmaceuticals, Inc. \* | 191710 | 1462747 |
| Sage Therapeutics, Inc. \* | 135877 | 990543 |
| Sana Biotechnology, Inc. *\*(a)* | 335124 | 636736 |
| Savara, Inc. *\*(a)* | 300583 | 961866 |
| Scholar Rock Holding Corp. \* | 199480 | 6564887 |
| Scilex Holding Co. \* | 4217 | 19990 |
| scPharmaceuticals, Inc. \* | 95047 | 242370 |
| Septerna, Inc. *\*(a)* | 44612 | 310500 |
| Sera Prognostics, Inc., Class A \* | 69228 | 203530 |
| Shattuck Labs, Inc. \* | 93258 | 92232 |
| SIGA Technologies, Inc.  | 115428 | 637163 |
| Skye Bioscience, Inc. *\*(a)* | 51299 | 111832 |
| Soleno Therapeutics, Inc. \* | 63479 | 4752038 |
| Solid Biosciences, Inc. \* | 58331 | 193076 |
| SpringWorks Therapeutics, Inc. \* | 171253 | 7929014 |
| Spyre Therapeutics, Inc. \* | 98787 | 1504526 |
| Standard BioTools, Inc. \* | 731901 | 812410 |
| Stoke Therapeutics, Inc. \* | 90024 | 878634 |
| Summit Therapeutics, Inc. *\*(a)* | 228174 | 5503557 |
| Supernus Pharmaceuticals, Inc. \* | 124593 | 4046781 |
| Sutro Biopharma, Inc. \* | 199901 | 209896 |
| Syndax Pharmaceuticals, Inc. \* | 204215 | 2889642 |
| Tango Therapeutics, Inc. \* | 114407 | 161314 |
| Tarsus Pharmaceuticals, Inc. \* | 92403 | 4796640 |
| Taysha Gene Therapies, Inc. *\*(a)* | 441522 | 856553 |
| Telomir Pharmaceuticals, Inc. *\*(a)* | 46406 | 118335 |
| Tenaya Therapeutics, Inc. \* | 130192 | 61841 |
| Terns Pharmaceuticals, Inc. \* | 179165 | 591245 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Tevogen Bio Holdings, Inc. *\*(a)* | 49581 | 51068 |
| TG Therapeutics, Inc. \* | 347135 | 15798114 |
| Theravance Biopharma, Inc. \* | 93101 | 909597 |
| Third Harmonic Bio, Inc. \* | 55272 | 285756 |
| Tourmaline Bio, Inc. \* | 56978 | 980591 |
| Travere Therapeutics, Inc. \* | 208709 | 4343234 |
| Trevi Therapeutics, Inc. \* | 184366 | 1273969 |
| TScan Therapeutics, Inc. \* | 90837 | 145793 |
| Twist Bioscience Corp. \* | 147074 | 5635876 |
| Tyra Biosciences, Inc. \* | 49890 | 513867 |
| Upstream Bio, Inc. \* | 44644 | 413403 |
| UroGen Pharma Ltd. \* | 96116 | 1118790 |
| Vanda Pharmaceuticals, Inc. \* | 141730 | 639202 |
| Vaxcyte, Inc. \* | 308984 | 11073987 |
| Ventyx Biosciences, Inc. \* | 143315 | 190609 |
| Vera Therapeutics, Inc., Class A \* | 112441 | 2627746 |
| Veracyte, Inc. \* | 193280 | 5895040 |
| Verastem, Inc. \* | 96538 | 723070 |
| Vericel Corp. \* | 121840 | 4632357 |
| Verrica Pharmaceuticals, Inc. \* | 99505 | 46190 |
| Veru, Inc. \* | 310246 | 168060 |
| Verve Therapeutics, Inc. \* | 178588 | 1012594 |
| Vir Biotechnology, Inc. \* | 227653 | 1393236 |
| Viridian Therapeutics, Inc. \* | 184806 | 2504121 |
| Voyager Therapeutics, Inc. \* | 112343 | 399941 |
| WaVe Life Sciences Ltd. \* | 242133 | 1869267 |
| Werewolf Therapeutics, Inc. \* | 95712 | 86361 |
| X4 Pharmaceuticals, Inc. \* | 16050 | 69176 |
| XBiotech, Inc. \* | 56878 | 172909 |
| Xencor, Inc. \* | 166454 | 1834323 |
| Xeris Biopharma Holdings, Inc. \* | 347364 | 1587453 |
| XOMA Royalty Corp. \* | 20270 | 487291 |
| Y-mAbs Therapeutics, Inc. \* | 90297 | 383762 |
| Zenas Biopharma, Inc. *\*(a)* | 37010 | 428576 |
| Zentalis Pharmaceuticals, Inc. \* | 142515 | 202371 |
| Zevra Therapeutics, Inc. \* | 134823 | 988253 |
| Zura Bio Ltd., Class A *\*(a)* | 120080 | 184923 |
| Zymeworks, Inc. \* | 135923 | 1768358 |
|  |  | **627753231** |
| **Real Estate Management & Development 0.6%** | **Real Estate Management & Development 0.6%** | **Real Estate Management & Development 0.6%** |
| American Realty Investors, Inc. \* | 3281 | 39667 |
| Anywhere Real Estate, Inc. \* | 240619 | 832542 |
| Compass, Inc., Class A \* | 917797 | 7085393 |
| Cushman & Wakefield PLC \* | 568142 | 5323490 |
| eXp World Holdings, Inc.  | 205193 | 1879568 |
| Forestar Group, Inc. \* | 47438 | 913656 |
| FRP Holdings, Inc. \* | 32712 | 869648 |
| Kennedy-Wilson Holdings, Inc.  | 282674 | 1809114 |
| Marcus & Millichap, Inc.  | 57987 | 1762805 |
| Maui Land & Pineapple Co., Inc. \* | 17964 | 278981 |
| Newmark Group, Inc., Class A  | 327188 | 3595796 |
| Offerpad Solutions, Inc. \* | 25044 | 27799 |
| Opendoor Technologies, Inc. \* | 1593492 | 1208345 |
| RE/MAX Holdings, Inc., Class A \* | 43474 | 332576 |
| Real Brokerage, Inc. \* | 248064 | 1093962 |
| Redfin Corp. \* | 303836 | 2889480 |
| RMR Group, Inc., Class A  | 37988 | 557664 |
| St. Joe Co.  | 89471 | 3786413 |
| Star Holdings \* | 31054 | 209304 |
| Stratus Properties, Inc. \* | 12884 | 204469 |
| Tejon Ranch Co. \* | 52360 | 886455 |
| Transcontinental Realty Investors, Inc. \* | 2933 | 84353 |
|  |  | **35671480** |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**39**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Semiconductors & Semiconductor Equipment 2.0%** | **Semiconductors & Semiconductor Equipment 2.0%** | **Semiconductors & Semiconductor Equipment 2.0%** |
| ACM Research, Inc., Class A \* | 128479 | 2501486 |
| Aehr Test Systems *\*(a)* | 72069 | 614749 |
| Alpha & Omega Semiconductor Ltd. \* | 58786 | 1106940 |
| Ambarella, Inc. \* | 95783 | 4596626 |
| Axcelis Technologies, Inc. \* | 81080 | 3971298 |
| CEVA, Inc. \* | 57917 | 1518005 |
| Cohu, Inc. \* | 113993 | 1823888 |
| Credo Technology Group Holding Ltd. \* | 352669 | 15182401 |
| Diodes, Inc. \* | 113177 | 4345997 |
| Everspin Technologies, Inc. \* | 50777 | 269118 |
| FormFactor, Inc. \* | 192098 | 5405638 |
| GCT Semiconductor Holding, Inc. *\*(a)* | 18157 | 25238 |
| Ichor Holdings Ltd. \* | 82900 | 1639762 |
| Impinj, Inc. \* | 56901 | 5242289 |
| indie Semiconductor, Inc., Class A *\*(a)* | 425617 | 846978 |
| Kulicke & Soffa Industries, Inc.  | 129902 | 4186742 |
| MaxLinear, Inc. \* | 197376 | 1971786 |
| Navitas Semiconductor Corp., Class A \* | 316943 | 611700 |
| NVE Corp.  | 11684 | 678957 |
| PDF Solutions, Inc. \* | 77031 | 1413519 |
| Penguin Solutions, Inc. \* | 129729 | 2214474 |
| Photronics, Inc. \* | 153392 | 2802472 |
| Power Integrations, Inc.  | 141038 | 6927787 |
| QuickLogic Corp. *\*(a)* | 32609 | 186197 |
| Rambus, Inc. \* | 265748 | 12965845 |
| Rigetti Computing, Inc. *\*(a)* | 468985 | 4159897 |
| Semtech Corp. \* | 183565 | 5736406 |
| Silicon Laboratories, Inc. \* | 79826 | 8123094 |
| SiTime Corp. \* | 46341 | 6805639 |
| SkyWater Technology, Inc. \* | 66581 | 472059 |
| Synaptics, Inc. \* | 98230 | 5467482 |
| Ultra Clean Holdings, Inc. \* | 110209 | 2061459 |
| Veeco Instruments, Inc. \* | 137543 | 2572054 |
|  |  | **118447982** |
| **Software & Services 6.5%** | **Software & Services 6.5%** | **Software & Services 6.5%** |
| 8x8, Inc. \* | 319989 | 566381 |
| A10 Networks, Inc.  | 175887 | 2898618 |
| ACI Worldwide, Inc. \* | 262240 | 13993126 |
| Adeia, Inc.  | 269956 | 3323158 |
| Agilysys, Inc. \* | 55991 | 4162931 |
| Airship AI Holdings, Inc., Class A *\*(a)* | 20619 | 80208 |
| Alarm.com Holdings, Inc. \* | 117476 | 6296714 |
| Alkami Technology, Inc. \* | 150483 | 4016391 |
| Amplitude, Inc., Class A \* | 193885 | 1781803 |
| Appian Corp., Class A \* | 100140 | 3109347 |
| Applied Digital Corp. *\*(a)* | 492380 | 2235405 |
| Arteris, Inc. \* | 73384 | 488737 |
| Asana, Inc., Class A \* | 202327 | 3265558 |
| ASGN, Inc. \* | 107630 | 5422399 |
| AudioEye, Inc. \* | 20671 | 224280 |
| Aurora Innovation, Inc. \* | 2387114 | 17282705 |
| AvePoint, Inc. \* | 319574 | 5225035 |
| Backblaze, Inc., Class A \* | 117554 | 517238 |
| BigBear.ai Holdings, Inc. *\*(a)* | 260293 | 887599 |
| BigCommerce Holdings, Inc. \* | 179008 | 927261 |
| Bit Digital, Inc. \* | 305170 | 592030 |
| Blackbaud, Inc. \* | 97663 | 5912518 |
| BlackLine, Inc. \* | 145405 | 6867478 |
| Blend Labs, Inc., Class A \* | 595919 | 1996329 |
| Box, Inc., Class A \* | 350364 | 10938364 |
| Braze, Inc., Class A \* | 163580 | 5092245 |
| C3.ai, Inc., Class A \* | 279007 | 6140944 |
| Cerence, Inc. \* | 107318 | 972301 |
| Cipher Mining, Inc. \* | 504194 | 1436953 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cleanspark, Inc. \* | 684924 | 5595829 |
| Clear Secure, Inc., Class A  | 220142 | 5433105 |
| Clearwater Analytics Holdings, Inc., <br> Class A \*<br>| 492384 | 11196812 |
| Commvault Systems, Inc. \* | 108528 | 18138285 |
| Consensus Cloud Solutions, Inc. \* | 45638 | 906371 |
| Core Scientific, Inc. \* | 442509 | 3584323 |
| Couchbase, Inc. \* | 101810 | 1795928 |
| CS Disco, Inc. \* | 69330 | 258601 |
| Daily Journal Corp. \* | 3432 | 1300659 |
| Digimarc Corp. \* | 36819 | 481961 |
| Digital Turbine, Inc. \* | 240848 | 722544 |
| DigitalOcean Holdings, Inc. \* | 164998 | 5098438 |
| Domo, Inc., Class B \* | 88446 | 657154 |
| D-Wave Quantum, Inc. *\*(a)* | 453708 | 3135122 |
| E2open Parent Holdings, Inc. \* | 503412 | 991722 |
| eGain Corp. \* | 42057 | 216173 |
| EverCommerce, Inc. \* | 53631 | 523439 |
| Fastly, Inc., Class A \* | 329981 | 1897391 |
| Freshworks, Inc., Class A \* | 515335 | 7611498 |
| Grid Dynamics Holdings, Inc. \* | 152783 | 2163407 |
| Hackett Group, Inc.  | 62745 | 1602507 |
| Hut 8 Corp. \* | 202210 | 2489205 |
| I3 Verticals, Inc., Class A \* | 57127 | 1435030 |
| Information Services Group, Inc.  | 86014 | 333734 |
| Intapp, Inc. \* | 132882 | 7210177 |
| InterDigital, Inc.  | 62913 | 12645513 |
| Jamf Holding Corp. \* | 206427 | 2388360 |
| Kaltura, Inc. \* | 239894 | 515772 |
| Life360, Inc. \* | 26227 | 1125138 |
| LiveRamp Holdings, Inc. \* | 159787 | 4180028 |
| MARA Holdings, Inc. \* | 848354 | 11342493 |
| Meridianlink, Inc. \* | 81848 | 1384050 |
| Mitek Systems, Inc. \* | 111709 | 924951 |
| N-able, Inc. \* | 178276 | 1258629 |
| NCR Voyix Corp. \* | 360994 | 3093719 |
| NextNav, Inc. \* | 198069 | 2460017 |
| Olo, Inc., Class A \* | 264293 | 1638617 |
| ON24, Inc. \* | 70344 | 329210 |
| OneSpan, Inc.  | 93688 | 1393141 |
| Ooma, Inc. \* | 63482 | 776385 |
| Pagaya Technologies Ltd., Class A \* | 89275 | 978454 |
| PagerDuty, Inc. \* | 215247 | 3338481 |
| Porch Group, Inc. \* | 198865 | 1153417 |
| Progress Software Corp.  | 107409 | 6440244 |
| PROS Holdings, Inc. \* | 113615 | 1940544 |
| Q2 Holdings, Inc. \* | 146372 | 11599981 |
| Qualys, Inc. \* | 92354 | 11609821 |
| Rackspace Technology, Inc. \* | 179029 | 243479 |
| Rapid7, Inc. \* | 156546 | 3697617 |
| Red Violet, Inc.  | 27507 | 1074423 |
| Rekor Systems, Inc. *\*(a)* | 186060 | 195363 |
| ReposiTrak, Inc. *(a)* | 29236 | 631498 |
| Rimini Street, Inc. \* | 128370 | 453146 |
| Riot Platforms, Inc. \* | 771635 | 5586637 |
| Roadzen, Inc. \* | 90672 | 87707 |
| Sapiens International Corp. NV  | 76273 | 2089118 |
| SEMrush Holdings, Inc., Class A \* | 91355 | 939129 |
| Silvaco Group, Inc. \* | 20263 | 107799 |
| SoundHound AI, Inc., Class A \* | 806883 | 7495943 |
| SoundThinking, Inc. \* | 24890 | 386293 |
| Sprinklr, Inc., Class A \* | 288288 | 2216935 |
| Sprout Social, Inc., Class A \* | 124161 | 2596207 |
| SPS Commerce, Inc. \* | 93739 | 13452484 |
| Telos Corp. \* | 132103 | 360641 |
| Tenable Holdings, Inc. \* | 296904 | 9076355 |
| Terawulf, Inc. \* | 669880 | 1862266 |
| Tucows, Inc., Class A \* | 19351 | 314647 |

---

*See financial notes*

**40**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Unisys Corp. \* | 161502 | 641163 |
| Varonis Systems, Inc., Class B \* | 274244 | 11748613 |
| Verint Systems, Inc. \* | 151608 | 2674365 |
| Vertex, Inc., Class A \* | 136923 | 5481028 |
| Viant Technology, Inc., Class A \* | 36775 | 526250 |
| Weave Communications, Inc. \* | 100915 | 1069699 |
| WM Technology, Inc. \* | 218931 | 282421 |
| Workiva, Inc., Class A \* | 127212 | 9575247 |
| Xperi, Inc. \* | 110273 | 814918 |
| Yext, Inc. \* | 263460 | 1791528 |
| Zeta Global Holdings Corp., Class A \* | 443454 | 5791509 |
|  |  | **377214864** |
| **Technology Hardware & Equipment 4.0%** | **Technology Hardware & Equipment 4.0%** | **Technology Hardware & Equipment 4.0%** |
| 908 Devices, Inc. *\*(a)* | 61582 | 334390 |
| ADTRAN Holdings, Inc. \* | 194568 | 1490391 |
| Advanced Energy Industries, Inc.  | 93182 | 9076859 |
| Aeva Technologies, Inc. \* | 57793 | 410908 |
| Applied Optoelectronics, Inc. \* | 106469 | 1361738 |
| Arlo Technologies, Inc. \* | 243983 | 2398353 |
| Aviat Networks, Inc. \* | 28882 | 507168 |
| Badger Meter, Inc.  | 73084 | 16138409 |
| Bel Fuse, Inc., Class B  | 30011 | 1973823 |
| Belden, Inc.  | 100883 | 10402046 |
| Benchmark Electronics, Inc.  | 88555 | 2880694 |
| Calix, Inc. \* | 147615 | 6038930 |
| Clearfield, Inc. \* | 29966 | 859125 |
| Climb Global Solutions, Inc.  | 10498 | 1106489 |
| CommScope Holding Co., Inc. \* | 530766 | 1985065 |
| CompoSecure, Inc., Class A  | 61535 | 676270 |
| Corsair Gaming, Inc. \* | 111892 | 792195 |
| CPI Card Group, Inc. \* | 11771 | 307694 |
| CTS Corp.  | 74842 | 2849983 |
| Daktronics, Inc. \* | 101079 | 1282692 |
| Diebold Nixdorf, Inc. \* | 62712 | 2780023 |
| Digi International, Inc. \* | 90420 | 2459424 |
| Eastman Kodak Co. \* | 148833 | 936160 |
| ePlus, Inc. \* | 65406 | 4078718 |
| Evolv Technologies Holdings, Inc. \* | 328416 | 1441746 |
| Extreme Networks, Inc. \* | 320935 | 4223505 |
| Fabrinet \* | 90684 | 18595661 |
| FARO Technologies, Inc. \* | 46762 | 1375270 |
| Harmonic, Inc. \* | 274064 | 2461095 |
| Immersion Corp.  | 77717 | 561894 |
| Insight Enterprises, Inc. \* | 67768 | 9370959 |
| IonQ, Inc. \* | 505346 | 13876801 |
| Itron, Inc. \* | 112357 | 12504211 |
| Kimball Electronics, Inc. \* | 61450 | 881193 |
| Knowles Corp. \* | 215924 | 3398644 |
| Lightwave Logic, Inc. \* | 291673 | 259618 |
| Methode Electronics, Inc.  | 89230 | 559472 |
| MicroVision, Inc. *\*(a)* | 515832 | 582890 |
| Mirion Technologies, Inc., Class A \* | 514557 | 8119709 |
| Napco Security Technologies, Inc.  | 88146 | 2014136 |
| NETGEAR, Inc. \* | 69360 | 1672963 |
| NetScout Systems, Inc. \* | 172103 | 3617605 |
| nLight, Inc. \* | 115364 | 889456 |
| Novanta, Inc. \* | 89266 | 10610157 |
| OSI Systems, Inc. \* | 39513 | 8089892 |
| Ouster, Inc. \* | 119429 | 887357 |
| PAR Technology Corp. \* | 83440 | 4872896 |
| PC Connection, Inc.  | 28723 | 1781975 |
| Plexus Corp. \* | 66751 | 8172325 |
| Powerfleet, Inc. NJ \* | 247729 | 1248554 |
| Ribbon Communications, Inc. \* | 225081 | 722510 |
| Richardson Electronics Ltd.  | 29832 | 258345 |
| Rogers Corp. \* | 46667 | 2884487 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sanmina Corp. \* | 133654 | 10263291 |
| ScanSource, Inc. \* | 58127 | 1917610 |
| SmartRent, Inc. \* | 441417 | 420715 |
| TTM Technologies, Inc. \* | 250501 | 5015030 |
| Turtle Beach Corp. \* | 40713 | 470235 |
| Viasat, Inc. \* | 306951 | 2845436 |
| Viavi Solutions, Inc. \* | 546320 | 5780066 |
| Vishay Intertechnology, Inc.  | 310220 | 4029758 |
| Vishay Precision Group, Inc. \* | 29522 | 736279 |
| Xerox Holdings Corp.  | 287226 | 1266667 |
|  |  | **231807960** |
| **Telecommunication Services 0.8%** | **Telecommunication Services 0.8%** | **Telecommunication Services 0.8%** |
| Anterix, Inc. \* | 25155 | 750877 |
| AST SpaceMobile, Inc., Class A *\*(a)* | 333691 | 7744968 |
| ATN International, Inc.  | 25681 | 454297 |
| Bandwidth, Inc., Class A \* | 62144 | 771829 |
| Cogent Communications Holdings, Inc.  | 109277 | 5939205 |
| Globalstar, Inc. \* | 121355 | 2332443 |
| Gogo, Inc. \* | 164163 | 1242714 |
| IDT Corp., Class B  | 38173 | 1918193 |
| Liberty Latin America Ltd., Class C \* | 401062 | 2205841 |
| Lumen Technologies, Inc. \* | 2520129 | 8921257 |
| Shenandoah Telecommunications Co.  | 120539 | 1342804 |
| Spok Holdings, Inc.  | 45062 | 646189 |
| Telephone & Data Systems, Inc.  | 245539 | 9205257 |
|  |  | **43475874** |
| **Transportation 1.1%** | **Transportation 1.1%** | **Transportation 1.1%** |
| Allegiant Travel Co.  | 38785 | 1820180 |
| ArcBest Corp.  | 58471 | 3421723 |
| Blade Air Mobility, Inc. \* | 143435 | 380103 |
| Costamare, Inc.  | 106475 | 993412 |
| Covenant Logistics Group, Inc., Class A  | 40999 | 815880 |
| Forward Air Corp. \* | 62551 | 920751 |
| Frontier Group Holdings, Inc. \* | 103954 | 309783 |
| FTAI Infrastructure, Inc.  | 251910 | 1088251 |
| Genco Shipping & Trading Ltd.  | 105521 | 1367552 |
| Golden Ocean Group Ltd. *(a)* | 303634 | 2344054 |
| Heartland Express, Inc.  | 115185 | 875406 |
| Hertz Global Holdings, Inc. *\*(a)* | 304486 | 2076595 |
| Himalaya Shipping Ltd. \* | 72404 | 377949 |
| Hub Group, Inc., Class A  | 148650 | 4695853 |
| JetBlue Airways Corp. \* | 775030 | 3379131 |
| Joby Aviation, Inc. \* | 1076993 | 6785056 |
| Marten Transport Ltd.  | 144723 | 1858243 |
| Matson, Inc.  | 81551 | 8896399 |
| PAMT Corp. \* | 15938 | 222654 |
| Pangaea Logistics Solutions Ltd.  | 92906 | 374411 |
| Proficient Auto Logistics, Inc. \* | 51253 | 425912 |
| Radiant Logistics, Inc. \* | 89770 | 525154 |
| RXO, Inc. \* | 395712 | 5575582 |
| Safe Bulkers, Inc.  | 151320 | 512975 |
| Sky Harbour Group Corp. *\*(a)* | 29070 | 310177 |
| SkyWest, Inc. \* | 98627 | 8794570 |
| Sun Country Airlines Holdings, Inc. \* | 98521 | 965506 |
| Universal Logistics Holdings, Inc.  | 16781 | 364819 |
| Werner Enterprises, Inc.  | 153051 | 3774238 |
| Wheels Up Experience, Inc. *\*(a)* | 211028 | 242682 |
|  |  | **64495001** |
| **Utilities 3.2%** | **Utilities 3.2%** | **Utilities 3.2%** |
| ALLETE, Inc.  | 144534 | 9465532 |
| American States Water Co.  | 93906 | 7616716 |
| Avista Corp.  | 197395 | 8185971 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**41**

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Black Hills Corp.  | 178860 | 10892574 |
| Brookfield Infrastructure Corp., Class A  | 298537 | 11177225 |
| Cadiz, Inc. \* | 101979 | 289620 |
| California Water Service Group  | 147891 | 7490679 |
| Chesapeake Utilities Corp.  | 56122 | 7389584 |
| Consolidated Water Co. Ltd.  | 37251 | 865713 |
| Genie Energy Ltd., Class B  | 32192 | 475476 |
| Global Water Resources, Inc.  | 30342 | 316467 |
| Hawaiian Electric Industries, Inc. \* | 431356 | 4529238 |
| MGE Energy, Inc.  | 90760 | 8206519 |
| Middlesex Water Co.  | 44068 | 2781572 |
| Montauk Renewables, Inc. \* | 159117 | 334146 |
| New Jersey Resources Corp.  | 247975 | 12135897 |
| Northwest Natural Holding Co.  | 99334 | 4281295 |
| Northwestern Energy Group, Inc.  | 153444 | 8935044 |
| ONE Gas, Inc.  | 140118 | 11000664 |
| Ormat Technologies, Inc.  | 143584 | 10424198 |
| Otter Tail Corp.  | 102634 | 8147087 |
| Portland General Electric Co.  | 258762 | 10899055 |
| Pure Cycle Corp. \* | 50167 | 496653 |
| RGC Resources, Inc.  | 20545 | 430829 |
| SJW Group  | 82986 | 4708626 |
| Southwest Gas Holdings, Inc.  | 151518 | 10941115 |
| Spire, Inc.  | 141340 | 10818164 |
| Sunnova Energy International, Inc. \* | 262216 | 49428 |
| TXNM Energy, Inc.  | 223934 | 11913289 |
| Unitil Corp.  | 39728 | 2330444 |
| York Water Co.  | 35890 | 1263328 |
|  |  | **188792148** |
| **Total Common Stocks** <br>**(Cost $4,628,597,786)** | **Total Common Stocks** <br>**(Cost $4,628,597,786)** | **5790034861** |
| **RIGHTS** 0.0% OF NET ASSETS  | **RIGHTS** 0.0% OF NET ASSETS  | **RIGHTS** 0.0% OF NET ASSETS  |
| **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** |
| Aduro Biotech, Inc. CVR *\*(b)* | 27867 | 72998 |
| Cartesian Therapeutics, Inc. CVR *\*(b)* | 265512 | 597410 |
| GTx, Inc. CVR *\*(b)* | 592 | 607 |
| Jounce Therapeutics, Inc. CVR *\*(b)* | 100774 | 3023 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Tobira Therapeutics, Inc. CVR *\*(b)* | 14029 | 39702 |
|  |  | **713740** |
| **Total Rights** <br>**(Cost $44,006)** | **Total Rights** <br>**(Cost $44,006)** | **713740** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 1.4% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 1.4% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 1.4% OF NET ASSETS  |
| **Money Market Funds 1.4%** | **Money Market Funds 1.4%** | **Money Market Funds 1.4%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.29% *(c)(d)*<br>| 80570838 | **80570838** |
| **Total Short-Term Investments** <br>**(Cost $80,570,838)** | **Total Short-Term Investments** <br>**(Cost $80,570,838)** | **80570838** |
| **Total Investments in Securities** <br>**(Cost $4,709,212,630)** | **Total Investments in Securities** <br>**(Cost $4,709,212,630)** | **5871319439** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| Russell 2000 Index, e-mini, <br> expires 06/20/25<br>| 364 | 35850360 | **503613** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $76,669,731. 

*(b)* Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). 

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CVR — Contingent Value Rights <br> REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers and affiliated companies which are or were affiliates during the period ended April 30, 2025. An affiliated company is a company in which the investment adviser has or had an ownership of at least 5% of the voting securities of a security issue during the report period. A dash in the Value at October 31, 2024, and/or Value and Balance of Shares Held at April 30, 2025, columns means either the issuer was not held or not held as an affiliate on the stated date.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS |
| **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** |
| Cracker Barrel Old Country Store, Inc. | $— | $88962 | $— | $— | ($261803)<br>| $— |  | $27028 |
| **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** |
| Diversified Healthcare Trust | 1878473 | 26500 |  |  | (689387)<br>|  |  | 10641 |
| **Total** | **$1878473** | **$115462** | **$—** | **$—** | **($951190)**<br>| **$—** |  | **$37669** |

---

*See financial notes*

**42**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

The following is a summary of the inputs used to value the fund's investments as of April 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $4805406930 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $4805406930 |
| Banks | 620789244 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6474 | &nbsp;&nbsp; 620795718 |
| Health Care Equipment & Services | 363832213 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 363832213 |
| Rights |  |  |  |  |
| Pharmaceuticals, Biotechnology & Life Sciences |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 713740 | &nbsp;&nbsp; 713740 |
| Short-Term Investments<sup>1</sup> <br>| 80570838 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 80570838 |
| Futures Contracts<sup>2</sup> <br>| 503613 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 503613 |
| **Total** | **$5871102838** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$720214** | &nbsp;&nbsp; **$5871823052** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Level 3 amount shown includes securities determined to have no value at April 30, 2025.

<sup>1</sup> As categorized in the Portfolio Holdings. 

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**43**

------

Schwab Small-Cap Index Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $4,709,212,630) including securities on loan of $76,669,731 |  | $5871319439 |
| Cash |  | 9516464 |
| Deposit with broker for futures contracts |  | 3073235 |
| Receivables: |  |  |
| Investments sold |  | 19290660 |
| Fund shares sold |  | 5935351 |
| Dividends |  | 1818903 |
| Income from securities on loan | + | 320059 |
| **Total assets** |  | **5911274111** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 80570838 |
| Payables: |  |  |
| Fund shares redeemed |  | 2971395 |
| Investments bought |  | 252306 |
| Variation margin on futures contracts |  | 226098 |
| Investment adviser fees | + | 183625 |
| **Total liabilities** |  | **84204262** |
| **Net assets** |  | **$5827069849** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $5126950252 |
| Total distributable earnings | + | 700119597 |
| **Net assets** |  | **$5827069849** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $5827069849 |  | &nbsp;&nbsp;&nbsp;&nbsp; 184434074 |  | &nbsp;&nbsp;&nbsp;&nbsp; $31.59 |

---

*See financial notes*

**44**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Small-Cap Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $136,302) |  | $45301118 |
| Other Interest |  | 264263 |
| Dividends received from securities - affiliated issuers |  | 37669 |
| Securities on loan, net | + | 1980433 |
| **Total investment income**  |  | **47583483** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 1265185 |
| **Total expenses** | – | **1265185** |
| **Net investment income** |  | **46318298** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 5199523 |
| Net realized losses on futures contracts | + | (7443193)<br>|
| **Net realized losses** |  | **(2243670)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (951190)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | (672269682)<br>|
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 814840 |
| **Net change in unrealized appreciation (depreciation)** | **+** | **(672406032)**<br>|
| **Net realized and unrealized losses** |  | **(674649702)**<br>|
| **Decrease in net assets resulting from operations** |  | **($628331404)**<br>|

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**45**

------

Schwab Small-Cap Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $46318298 | &nbsp;&nbsp;&nbsp; $83748510 |
| Net realized gains (losses) |  | (2243670)<br>| &nbsp;&nbsp;&nbsp; 228783465 |
| Net change in unrealized appreciation (depreciation) | + | (672406032)<br>| &nbsp;&nbsp;&nbsp; 1335031226 |
| **Increase (decrease) in net assets resulting from operations** |  | **($628331404)**<br>| &nbsp;&nbsp;&nbsp; **$1647563201** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($105904769)**<br>| &nbsp;&nbsp;&nbsp; **($86736454)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 21262186 | &nbsp;&nbsp;&nbsp; $734577602 | &nbsp;&nbsp;&nbsp; 38304539 | &nbsp;&nbsp;&nbsp; $1258012921 |
| Shares reinvested |  | 2137076 | &nbsp;&nbsp;&nbsp; 80247227 | &nbsp;&nbsp;&nbsp; 2232953 | &nbsp;&nbsp;&nbsp; 67256541 |
| Shares redeemed | + | (16588529)<br>| &nbsp;&nbsp;&nbsp; (583103365)<br>| &nbsp;&nbsp;&nbsp; (43772659)<br>| &nbsp;&nbsp;&nbsp; (1437652600)<br>|
| **Net transactions in fund shares**  |  | **6810733** | &nbsp;&nbsp;&nbsp; **$231721464** | &nbsp;&nbsp;&nbsp; **(3235167)**<br>| &nbsp;&nbsp;&nbsp; **($112383138)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 177623341 | &nbsp;&nbsp;&nbsp; $6329584558 | &nbsp;&nbsp;&nbsp; 180858508 | &nbsp;&nbsp;&nbsp; $4881140949 |
| Total increase (decrease) | + | 6810733 | &nbsp;&nbsp;&nbsp; (502514709)<br>| &nbsp;&nbsp;&nbsp; (3235167)<br>| &nbsp;&nbsp;&nbsp; 1448443609 |
| **End of period** |  | **184434074** | &nbsp;&nbsp;&nbsp; **$5827069849** | &nbsp;&nbsp;&nbsp; **177623341** | &nbsp;&nbsp;&nbsp; **$6329584558** |

---

*See financial notes*

**46**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $96.95 | &nbsp;&nbsp; $71.29 | &nbsp;&nbsp; $66.82 | &nbsp;&nbsp; $81.64 | &nbsp;&nbsp; $57.62 | &nbsp;&nbsp; $53.42 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.65 | 1.22 | 1.13 | 1.05 | 1.00 | 1.07 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (2.76)<br>| 25.58 | 4.39 | &nbsp;&nbsp; (14.67)<br>| 24.10 | 4.21 |
| Total from investment operations | &nbsp;&nbsp; (2.11)<br>| 26.80 | 5.52 | &nbsp;&nbsp; (13.62)<br>| 25.10 | 5.28 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.94)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>|
| Total distributions | &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (1.08)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $93.61 | &nbsp;&nbsp; $96.95 | &nbsp;&nbsp; $71.29 | &nbsp;&nbsp; $66.82 | &nbsp;&nbsp; $81.64 | &nbsp;&nbsp; $57.62 |
| Total return | &nbsp;&nbsp; (2.29 %)<sup>2</sup><br>| 37.98<br> %<br>| 8.38<br> %<br>| &nbsp;&nbsp; (16.94<br> %)<br>| 44.01<br> %<br>| 9.94<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Total expenses | 0.03 %<sup>3</sup><br>| 0.03<br> %<br>| 0.03 %<sup>4</sup><br>| 0.03 %<sup>4</sup><br>| 0.03<br> %<br>| 0.03<br> %<br>|
| Net investment income (loss) | 1.33 %<sup>3</sup><br>| 1.39<br> %<br>| 1.58<br> %<br>| 1.44<br> %<br>| 1.37<br> %<br>| 1.96<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 1 %<sup>2</sup><br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 4<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $25637 | &nbsp;&nbsp; $25665 | &nbsp;&nbsp; $17787 | &nbsp;&nbsp; $16046 | &nbsp;&nbsp; $18232 | &nbsp;&nbsp; $11487 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**47**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.6% OF NET ASSETS  | **COMMON STOCKS** 99.6% OF NET ASSETS  | **COMMON STOCKS** 99.6% OF NET ASSETS  |
| **Automobiles & Components 1.8%** | **Automobiles & Components 1.8%** | **Automobiles & Components 1.8%** |
| American Axle & Manufacturing <br> Holdings, Inc. \*<br>| 60450 | 230919 |
| Aptiv PLC \* | 109286 | 6235859 |
| Autoliv, Inc.  | 33857 | 3156488 |
| BorgWarner, Inc.  | 105903 | 3005527 |
| Cooper-Standard Holdings, Inc. \* | 8444 | 123873 |
| Dana, Inc.  | 64236 | 882603 |
| Dorman Products, Inc. \* | 13391 | 1517200 |
| Ford Motor Co.  | 1859477 | 18613365 |
| Fox Factory Holding Corp. \* | 18890 | 383656 |
| Garrett Motion, Inc.  | 66397 | 612180 |
| General Motors Co.  | 474750 | 21477690 |
| Gentex Corp.  | 108849 | 2370731 |
| Gentherm, Inc. \* | 14378 | 373972 |
| Goodyear Tire & Rubber Co. \* | 143485 | 1561117 |
| Harley-Davidson, Inc.  | 56679 | 1270743 |
| Holley, Inc. \* | 27094 | 58252 |
| LCI Industries  | 11790 | 908773 |
| Lear Corp.  | 26114 | 2239276 |
| Lucid Group, Inc. *\*(a)* | 549706 | 1379762 |
| Luminar Technologies, Inc. *\*(a)* | 20634 | 80679 |
| Mobileye Global, Inc., Class A *\*(a)* | 51082 | 744776 |
| Modine Manufacturing Co. \* | 25419 | 2075207 |
| Motorcar Parts of America, Inc. \* | 10000 | 89100 |
| Patrick Industries, Inc.  | 15969 | 1229294 |
| Phinia, Inc.  | 20144 | 808782 |
| QuantumScape Corp., Class A \* | 197718 | 773077 |
| Rivian Automotive, Inc., Class A \* | 350193 | 4783636 |
| Solid Power, Inc. *\*(a)* | 56200 | 61258 |
| Standard Motor Products, Inc.  | 9698 | 262816 |
| Stoneridge, Inc. \* | 11655 | 44988 |
| Strattec Security Corp. \* | 1500 | 49980 |
| Tesla, Inc. \* | 1331870 | 375800439 |
| Thor Industries, Inc.  | 25361 | 1836644 |
| Visteon Corp. \* | 12757 | 1010227 |
| Winnebago Industries, Inc.  | 13059 | 415537 |
| XPEL, Inc. \* | 9832 | 281589 |
|  |  | **456750015** |
| **Banks 3.7%** | **Banks 3.7%** | **Banks 3.7%** |
| 1st Source Corp.  | 8134 | 487633 |
| ACNB Corp.  | 5076 | 212735 |
| Affinity Bancshares, Inc.  | 1146 | 21041 |
| Amalgamated Financial Corp.  | 11518 | 324347 |
| Amerant Bancorp, Inc.  | 19131 | 322166 |
| Ameris Bancorp  | 30743 | 1801540 |
| Ames National Corp.  | 4056 | 70412 |
| Arrow Financial Corp.  | 6961 | 170753 |
| Associated Banc-Corp.  | 77934 | 1719224 |
| Atlantic Union Bankshares Corp.  | 63229 | 1751443 |
| Auburn National BanCorp, Inc.  | 800 | 15744 |
| Axos Financial, Inc. \* | 25566 | 1622930 |
| Banc of California, Inc.  | 65552 | 883641 |
| BancFirst Corp.  | 9480 | 1116934 |
| Bancorp, Inc. \* | 23768 | 1148232 |
| Bank First Corp.  | 4459 | 486834 |
| Bank of America Corp.  | 3149889 | 125617573 |
| Bank of Hawaii Corp.  | 18380 | 1215102 |
| Bank of Marin Bancorp  | 6631 | 136068 |
| Bank of the James Financial Group, <br> Inc. <br>| 2744 | 37099 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Bank OZK  | 50011 | 2130469 |
| Bank7 Corp.  | 2054 | 74766 |
| BankFinancial Corp.  | 3213 | 39488 |
| BankUnited, Inc.  | 36102 | 1180896 |
| Bankwell Financial Group, Inc.  | 2376 | 80570 |
| Banner Corp.  | 15660 | 957452 |
| Bar Harbor Bankshares  | 5903 | 174965 |
| BayCom Corp.  | 4901 | 127475 |
| BCB Bancorp, Inc.  | 7033 | 57811 |
| Berkshire Hills Bancorp, Inc.  | 24410 | 606100 |
| Blue Foundry Bancorp \* | 9742 | 90990 |
| Blue Ridge Bankshares, Inc. \* | 40597 | 139248 |
| BOK Financial Corp.  | 10921 | 1017510 |
| Bridgewater Bancshares, Inc. \* | 8542 | 131461 |
| Broadway Financial Corp. \* | 2507 | 16295 |
| Brookline Bancorp, Inc.  | 38717 | 404205 |
| Burke & Herbert Financial Services <br> Corp. <br>| 6104 | 341275 |
| Business First Bancshares, Inc.  | 15152 | 349254 |
| BV Financial, Inc. \* | 5000 | 76750 |
| Byline Bancorp, Inc.  | 14729 | 376179 |
| C&F Financial Corp.  | 1200 | 77724 |
| Cadence Bank  | 87138 | 2549658 |
| California BanCorp \* | 8995 | 125660 |
| Camden National Corp.  | 8027 | 309200 |
| Capital Bancorp, Inc.  | 5770 | 182274 |
| Capital City Bank Group, Inc.  | 5558 | 203089 |
| Capitol Federal Financial, Inc.  | 63473 | 359892 |
| Carter Bankshares, Inc. \* | 9825 | 150421 |
| Catalyst Bancorp, Inc. \* | 1959 | 22391 |
| Cathay General Bancorp  | 35165 | 1466029 |
| CB Financial Services, Inc.  | 2090 | 59941 |
| Central Pacific Financial Corp.  | 11311 | 290580 |
| CF Bankshares, Inc.  | 2505 | 57565 |
| Chemung Financial Corp.  | 1306 | 57908 |
| ChoiceOne Financial Services, Inc.  | 3747 | 106527 |
| Citigroup, Inc.  | 893697 | 61111001 |
| Citizens & Northern Corp.  | 5947 | 114480 |
| Citizens Community Bancorp, Inc.  | 3309 | 49039 |
| Citizens Financial Group, Inc.  | 209242 | 7718937 |
| Citizens Financial Services, Inc.  | 2013 | 109568 |
| City Holding Co.  | 6963 | 806803 |
| Civista Bancshares, Inc.  | 5755 | 129545 |
| CNB Financial Corp.  | 8219 | 180407 |
| Coastal Financial Corp. \* | 5270 | 432930 |
| Colony Bankcorp, Inc.  | 7200 | 111744 |
| Columbia Banking System, Inc.  | 98774 | 2214513 |
| Columbia Financial, Inc. \* | 14396 | 193914 |
| Comerica, Inc.  | 63346 | 3404847 |
| Commerce Bancshares, Inc.  | 57710 | 3505305 |
| Community Financial System, Inc.  | 25119 | 1371246 |
| Community Trust Bancorp, Inc.  | 7370 | 360835 |
| Community West Bancshares  | 6826 | 119455 |
| ConnectOne Bancorp, Inc.  | 16968 | 382289 |
| Cullen/Frost Bankers, Inc.  | 30449 | 3546395 |
| Customers Bancorp, Inc. \* | 14966 | 748300 |
| CVB Financial Corp.  | 61166 | 1134018 |
| Dime Community Bancshares, Inc.  | 18909 | 485772 |
| Eagle Bancorp Montana, Inc.  | 2563 | 44596 |
| Eagle Bancorp, Inc.  | 13609 | 244282 |
| Eagle Financial Services, Inc.  | 2313 | 69459 |
| East West Bancorp, Inc.  | 66299 | 5671879 |
| Eastern Bankshares, Inc.  | 88248 | 1316660 |
| ECB Bancorp, Inc. \* | 4412 | 71783 |
| Enterprise Bancorp, Inc.  | 3412 | 126926 |
| Enterprise Financial Services Corp.  | 16939 | 881167 |
| Equity Bancshares, Inc., Class A  | 6351 | 244450 |
| Esquire Financial Holdings, Inc.  | 3256 | 269987 |

---

*See financial notes*

**48**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| ESSA Bancorp, Inc.  | 3176 | 58756 |
| Evans Bancorp, Inc.  | 2622 | 100816 |
| Farmers & Merchants Bancorp, Inc.  | 6004 | 157125 |
| Farmers National Banc Corp.  | 14833 | 193422 |
| FB Bancorp, Inc. \* | 10000 | 112500 |
| FB Financial Corp.  | 17225 | 733096 |
| Fidelity D&D Bancorp, Inc.  | 1779 | 72014 |
| Fifth Third Bancorp  | 319319 | 11476325 |
| Financial Institutions, Inc.  | 9261 | 235137 |
| Finward Bancorp  | 1806 | 55372 |
| Finwise Bancorp \* | 4562 | 68977 |
| First BanCorp  | 76777 | 1507900 |
| First Bancorp, Inc.  | 3588 | 87655 |
| First Bancorp/Southern Pines NC  | 20264 | 819881 |
| First Bank  | 9056 | 130225 |
| First Busey Corp.  | 39551 | 822265 |
| First Business Financial Services, Inc.  | 2713 | 130604 |
| First Capital, Inc.  | 1074 | 48448 |
| First Citizens BancShares, Inc., <br> Class A <br>| 5483 | 9755025 |
| First Commonwealth Financial Corp.  | 47600 | 729232 |
| First Community Bankshares, Inc.  | 8451 | 318434 |
| First Community Corp.  | 3520 | 82720 |
| First Financial Bancorp  | 44725 | 1035384 |
| First Financial Bankshares, Inc.  | 62840 | 2105768 |
| First Financial Corp.  | 4167 | 205850 |
| First Foundation, Inc.  | 42399 | 212843 |
| First Hawaiian, Inc.  | 61009 | 1394666 |
| First Horizon Corp.  | 248932 | 4500691 |
| First Internet Bancorp  | 3435 | 73028 |
| First Interstate BancSystem, Inc., <br> Class A <br>| 39857 | 1044054 |
| First Merchants Corp.  | 28372 | 1011178 |
| First Mid Bancshares, Inc.  | 9125 | 305049 |
| First National Corp.  | 2648 | 51636 |
| First Northwest Bancorp  | 3416 | 35185 |
| First of Long Island Corp.  | 9603 | 110627 |
| First Savings Financial Group, Inc.  | 2389 | 63643 |
| First Seacoast Bancorp, Inc. \* | 3389 | 37381 |
| First U.S. Bancshares, Inc.  | 4841 | 60512 |
| First United Corp.  | 2849 | 84815 |
| First Western Financial, Inc. \* | 2786 | 58757 |
| Firstsun Capital Bancorp \* | 5528 | 193425 |
| Five Star Bancorp  | 9216 | 255099 |
| Flagstar Financial, Inc.  | 144343 | 1690257 |
| Flushing Financial Corp.  | 16608 | 198798 |
| FNB Corp.  | 171097 | 2239660 |
| Franklin Financial Services Corp.  | 1992 | 76891 |
| FS Bancorp, Inc.  | 3171 | 123986 |
| Fulton Financial Corp.  | 85085 | 1419218 |
| FVCBankcorp, Inc. \* | 8954 | 102255 |
| German American Bancorp, Inc.  | 17793 | 674533 |
| Glacier Bancorp, Inc.  | 53043 | 2162033 |
| Great Southern Bancorp, Inc.  | 4013 | 220715 |
| Greene County Bancorp, Inc.  | 3212 | 71467 |
| Guaranty Bancshares, Inc.  | 3536 | 139531 |
| Hancock Whitney Corp.  | 41248 | 2148608 |
| Hanmi Financial Corp.  | 13522 | 309248 |
| Hanover Bancorp, Inc.  | 2522 | 58485 |
| HarborOne Bancorp, Inc.  | 18808 | 212907 |
| Hawthorn Bancshares, Inc.  | 2065 | 60959 |
| HBT Financial, Inc.  | 5821 | 134902 |
| Heritage Commerce Corp.  | 26186 | 236721 |
| Heritage Financial Corp.  | 14372 | 327969 |
| Hilltop Holdings, Inc.  | 24556 | 725139 |
| Hingham Institution For Savings  | 707 | 176439 |
| Home Bancorp, Inc.  | 3387 | 170502 |
| Home BancShares, Inc.  | 88010 | 2442277 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| HomeStreet, Inc. \* | 8389 | 95299 |
| HomeTrust Bancshares, Inc.  | 6363 | 217233 |
| Hope Bancorp, Inc.  | 59050 | 588728 |
| Horizon Bancorp, Inc.  | 20544 | 301586 |
| Huntington Bancshares, Inc.  | 691100 | 10041683 |
| Independent Bank Corp.  | 9444 | 287664 |
| Independent Bank Corp.  | 21381 | 1263403 |
| International Bancshares Corp.  | 24669 | 1505796 |
| Investar Holding Corp.  | 3333 | 63760 |
| John Marshall Bancorp, Inc.  | 4443 | 76375 |
| JPMorgan Chase & Co.  | 1330589 | 325488681 |
| Kearny Financial Corp.  | 30246 | 189340 |
| KeyCorp  | 474000 | 7034160 |
| Lakeland Financial Corp.  | 12289 | 684129 |
| Landmark Bancorp, Inc.  | 2179 | 61470 |
| LCNB Corp.  | 4732 | 71075 |
| LINKBANCORP, Inc.  | 12773 | 89666 |
| Live Oak Bancshares, Inc.  | 16949 | 443047 |
| M&T Bank Corp.  | 78791 | 13375560 |
| Magyar Bancorp, Inc.  | 1051 | 14483 |
| MainStreet Bancshares, Inc.  | 3000 | 57360 |
| Mercantile Bank Corp.  | 7502 | 317410 |
| Meridian Corp.  | 3846 | 51921 |
| Metrocity Bankshares, Inc.  | 7678 | 211682 |
| Metropolitan Bank Holding Corp. \* | 4799 | 297202 |
| Mid Penn Bancorp, Inc.  | 10939 | 317778 |
| Middlefield Banc Corp.  | 3452 | 89510 |
| Midland States Bancorp, Inc.  | 8785 | 143020 |
| MidWestOne Financial Group, Inc.  | 9344 | 259203 |
| MVB Financial Corp.  | 4605 | 78561 |
| National Bank Holdings Corp., <br> Class A <br>| 16969 | 613599 |
| National Bankshares, Inc.  | 2506 | 64580 |
| NB Bancorp, Inc. \* | 18000 | 308700 |
| NBT Bancorp, Inc.  | 21649 | 916619 |
| Nicolet Bankshares, Inc.  | 6917 | 807975 |
| Northeast Bank  | 3001 | 248543 |
| Northeast Community Bancorp, Inc.  | 5675 | 129163 |
| Northfield Bancorp, Inc.  | 18804 | 198382 |
| Northpointe Bancshares, Inc.  | 5000 | 68750 |
| Northrim BanCorp, Inc.  | 2596 | 208433 |
| Northwest Bancshares, Inc.  | 59395 | 733528 |
| Norwood Financial Corp.  | 3060 | 76531 |
| NSTS Bancorp, Inc. \* | 1610 | 18338 |
| Oak Valley Bancorp  | 3707 | 97123 |
| OceanFirst Financial Corp.  | 25110 | 415822 |
| OFG Bancorp  | 23182 | 912212 |
| Ohio Valley Banc Corp.  | 1400 | 50428 |
| Old National Bancorp  | 153962 | 3170078 |
| Old Point Financial Corp.  | 1643 | 63814 |
| Old Second Bancorp, Inc.  | 20972 | 331148 |
| OP Bancorp  | 5203 | 66806 |
| Orange County Bancorp, Inc.  | 3324 | 78878 |
| Origin Bancorp, Inc.  | 14052 | 450226 |
| Orrstown Financial Services, Inc.  | 8410 | 252048 |
| Pacific Premier Bancorp, Inc.  | 45517 | 925816 |
| Park National Corp.  | 7007 | 1051751 |
| Parke Bancorp, Inc.  | 4518 | 85164 |
| Pathward Financial, Inc.  | 11847 | 940296 |
| PB Bankshares, Inc. \* | 2277 | 35726 |
| PCB Bancorp  | 4081 | 80028 |
| Peapack-Gladstone Financial Corp.  | 6657 | 184266 |
| Penns Woods Bancorp, Inc.  | 2250 | 65767 |
| Peoples Bancorp of North Carolina, <br> Inc. <br>| 1896 | 52367 |
| Peoples Bancorp, Inc.  | 15377 | 446087 |
| Peoples Financial Services Corp.  | 3954 | 170892 |
| Pinnacle Financial Partners, Inc.  | 36094 | 3618063 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**49**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Pioneer Bancorp, Inc. \* | 2717 | 30485 |
| Plumas Bancorp  | 2267 | 99952 |
| PNC Financial Services Group, Inc.  | 188781 | 30335219 |
| Ponce Financial Group, Inc. \* | 10983 | 141351 |
| Popular, Inc.  | 33493 | 3195902 |
| Preferred Bank  | 5696 | 454883 |
| Primis Financial Corp.  | 10278 | 84691 |
| Princeton Bancorp, Inc.  | 1590 | 48463 |
| Prosperity Bancshares, Inc.  | 46250 | 3140375 |
| Provident Bancorp, Inc. \* | 6035 | 66988 |
| Provident Financial Holdings, Inc.  | 3562 | 53466 |
| Provident Financial Services, Inc.  | 62095 | 1016495 |
| QCR Holdings, Inc.  | 8130 | 528043 |
| RBB Bancorp  | 6055 | 94337 |
| Red River Bancshares, Inc.  | 1974 | 104030 |
| Regions Financial Corp.  | 432245 | 8822120 |
| Renasant Corp.  | 44575 | 1429520 |
| Republic Bancorp, Inc., Class A  | 4781 | 324391 |
| Richmond Mutual BanCorp, Inc.  | 4348 | 61002 |
| Riverview Bancorp, Inc.  | 6215 | 39279 |
| S&T Bancorp, Inc.  | 19181 | 698956 |
| SB Financial Group, Inc.  | 3301 | 64171 |
| Seacoast Banking Corp. of Florida  | 40295 | 955394 |
| ServisFirst Bancshares, Inc.  | 23675 | 1686133 |
| Shore Bancshares, Inc.  | 11833 | 163650 |
| Sierra Bancorp  | 5854 | 154897 |
| Simmons First National Corp., <br> Class A <br>| 60532 | 1129527 |
| SmartFinancial, Inc.  | 6197 | 188513 |
| Sound Financial Bancorp, Inc.  | 1096 | 55644 |
| South Plains Financial, Inc.  | 5663 | 190900 |
| Southern First Bancshares, Inc. \* | 2967 | 105358 |
| Southern Missouri Bancorp, Inc.  | 4045 | 212969 |
| Southern States Bancshares, Inc.  | 2910 | 97223 |
| Southside Bancshares, Inc.  | 12464 | 351360 |
| SouthState Corp.  | 46198 | 4009062 |
| SR Bancorp, Inc.  | 3800 | 49856 |
| Stellar Bancorp, Inc.  | 23106 | 576726 |
| Sterling Bancorp, Inc. *\*(b)* | 9738 | 1369 |
| Stock Yards Bancorp, Inc.  | 13389 | 974585 |
| Synovus Financial Corp.  | 68172 | 2953211 |
| Texas Capital Bancshares, Inc. \* | 21446 | 1461545 |
| TFS Financial Corp.  | 26645 | 345319 |
| Third Coast Bancshares, Inc. \* | 6287 | 187353 |
| Timberland Bancorp, Inc.  | 3571 | 109773 |
| Tompkins Financial Corp.  | 5291 | 315344 |
| Towne Bank  | 31866 | 1049985 |
| TriCo Bancshares  | 17078 | 658869 |
| Triumph Financial, Inc. \* | 10188 | 544243 |
| Truist Financial Corp.  | 629186 | 24122991 |
| TrustCo Bank Corp.  | 7608 | 231664 |
| Trustmark Corp.  | 28468 | 955101 |
| U.S. Bancorp  | 741405 | 29908278 |
| UMB Financial Corp.  | 32584 | 3081469 |
| Union Bankshares, Inc.  | 2125 | 70295 |
| United Bancorp, Inc.  | 3371 | 41969 |
| United Bankshares, Inc.  | 67922 | 2329045 |
| United Community Banks, Inc.  | 55701 | 1537905 |
| United Security Bancshares  | 6461 | 57503 |
| Unity Bancorp, Inc.  | 2383 | 98656 |
| Univest Financial Corp.  | 12810 | 378407 |
| USCB Financial Holdings, Inc.  | 5422 | 91957 |
| Valley National Bancorp  | 231446 | 1990436 |
| Veritex Holdings, Inc.  | 25908 | 603138 |
| Virginia National Bankshares Corp.  | 2256 | 82976 |
| WaFd, Inc.  | 37211 | 1061630 |
| Washington Trust Bancorp, Inc.  | 9175 | 253230 |
| Webster Financial Corp.  | 81794 | 3868856 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Wells Fargo & Co.  | 1565095 | 111137396 |
| WesBanco, Inc.  | 47799 | 1423454 |
| West BanCorp, Inc.  | 6294 | 122135 |
| Westamerica BanCorp  | 14285 | 691823 |
| Western Alliance Bancorp  | 52251 | 3642417 |
| Western New England Bancorp, Inc.  | 10349 | 95521 |
| William Penn Bancorp  | 4788 | 58988 |
| Wintrust Financial Corp.  | 31227 | 3471506 |
| WSFS Financial Corp.  | 28278 | 1457731 |
| Zions Bancorp NA  | 70968 | 3191431 |
|  |  | **954460588** |
| **Capital Goods 6.6%** | **Capital Goods 6.6%** | **Capital Goods 6.6%** |
| 3D Systems Corp. \* | 66133 | 121685 |
| 3M Co.  | 258543 | 35914208 |
| A.O. Smith Corp.  | 57428 | 3897064 |
| AAON, Inc.  | 32083 | 2928215 |
| AAR Corp. \* | 16708 | 893210 |
| Acuity, Inc.  | 14783 | 3601287 |
| Advanced Drainage Systems, Inc.  | 34022 | 3861157 |
| AECOM  | 63607 | 6274831 |
| AeroVironment, Inc. \* | 13280 | 2012186 |
| AerSale Corp. \* | 13422 | 93551 |
| AGCO Corp.  | 29277 | 2483568 |
| Air Lease Corp., Class A  | 49288 | 2304707 |
| AirJoule Technologies Corp. *\*(a)* | 15696 | 78480 |
| Alamo Group, Inc.  | 4923 | 822043 |
| Albany International Corp., Class A  | 14231 | 935831 |
| Allegion PLC  | 41328 | 5752858 |
| Allient, Inc.  | 6061 | 129402 |
| Allison Transmission Holdings, Inc.  | 40814 | 3764683 |
| Alpha Pro Tech Ltd. \* | 5970 | 26149 |
| Alta Equipment Group, Inc.  | 10115 | 42989 |
| American Infrastructure Corp. *\*(a)(b)* | 6920 | 42 |
| American Superconductor Corp. \* | 19925 | 395511 |
| American Woodmark Corp. \* | 7275 | 429225 |
| AMETEK, Inc.  | 110159 | 18680763 |
| Amprius Technologies, Inc. *\*(a)* | 20000 | 43200 |
| API Group Corp. \* | 116054 | 4390323 |
| Apogee Enterprises, Inc.  | 9815 | 389361 |
| Applied Industrial Technologies, Inc.  | 18256 | 4441320 |
| Archer Aviation, Inc., Class A \* | 192868 | 1606590 |
| Arcosa, Inc.  | 23068 | 1847055 |
| Argan, Inc.  | 6694 | 1025052 |
| Armstrong World Industries, Inc.  | 20728 | 3005975 |
| Array Technologies, Inc. \* | 69065 | 330131 |
| Astec Industries, Inc.  | 9833 | 356250 |
| Astronics Corp. \* | 14113 | 320224 |
| Atkore, Inc.  | 16714 | 1067523 |
| Atmus Filtration Technologies, Inc.  | 39240 | 1360451 |
| Axon Enterprise, Inc. \* | 34395 | 21094454 |
| AZEK Co., Inc., Class A \* | 67533 | 3346935 |
| AZZ, Inc.  | 14026 | 1216896 |
| Babcock & Wilcox Enterprises, Inc. \* | 51145 | 23066 |
| Blink Charging Co. *\*(a)* | 53168 | 38924 |
| Bloom Energy Corp., Class A \* | 100206 | 1835774 |
| Blue Bird Corp. \* | 15059 | 525107 |
| BlueLinx Holdings, Inc. \* | 3850 | 250789 |
| Boeing Co. \* | 356804 | 65380765 |
| Boise Cascade Co.  | 18823 | 1755809 |
| Bowman Consulting Group Ltd., <br> Class A \*<br>| 6300 | 139356 |
| Broadwind, Inc. \* | 7298 | 11385 |
| Builders FirstSource, Inc. \* | 54444 | 6513136 |
| BWX Technologies, Inc.  | 43193 | 4713220 |
| Byrna Technologies, Inc. \* | 8100 | 181359 |
| Cadre Holdings, Inc.  | 13121 | 382477 |

---

*See financial notes*

**50**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Carlisle Cos., Inc.  | 21154 | 8027520 |
| Carrier Global Corp.  | 383976 | 24013859 |
| Caterpillar, Inc.  | 227399 | 70327689 |
| Centuri Holdings, Inc. *\*(a)* | 8034 | 144291 |
| ChargePoint Holdings, Inc., Class A \* | 196893 | 122625 |
| Chart Industries, Inc. \* | 20356 | 2747653 |
| ClearSign Technologies Corp. \* | 25555 | 15144 |
| CNH Industrial NV  | 416104 | 4814323 |
| Columbus McKinnon Corp.  | 13948 | 207128 |
| Comfort Systems USA, Inc.  | 16913 | 6723763 |
| Concrete Pumping Holdings, Inc.  | 9442 | 56652 |
| Construction Partners, Inc., Class A \* | 22641 | 1859732 |
| Core & Main, Inc., Class A \* | 91133 | 4800886 |
| CPI Aerostructures, Inc. \* | 9173 | 29537 |
| Crane Co.  | 23480 | 3779810 |
| CSW Industrials, Inc.  | 7896 | 2467342 |
| Cummins, Inc.  | 65490 | 19243582 |
| Curtiss-Wright Corp.  | 18079 | 6235266 |
| Custom Truck One Source, Inc. \* | 24214 | 97582 |
| Deere & Co.  | 120445 | 55833484 |
| Distribution Solutions Group, Inc. \* | 4920 | 128117 |
| DNOW, Inc. \* | 54266 | 861201 |
| Donaldson Co., Inc.  | 56818 | 3734647 |
| Douglas Dynamics, Inc.  | 10577 | 253636 |
| Dover Corp.  | 65472 | 11172797 |
| Ducommun, Inc. \* | 6692 | 383585 |
| DXP Enterprises, Inc. \* | 6811 | 602501 |
| Dycom Industries, Inc. \* | 13950 | 2337323 |
| Eastern Co.  | 1809 | 37971 |
| Eaton Corp. PLC  | 188112 | 55374529 |
| EMCOR Group, Inc.  | 21852 | 8756096 |
| Emerson Electric Co.  | 268301 | 28201118 |
| Energy Recovery, Inc. \* | 27634 | 426945 |
| Energy Vault Holdings, Inc. \* | 72860 | 54514 |
| Enerpac Tool Group Corp., Class A  | 25676 | 1036540 |
| EnerSys  | 18659 | 1615869 |
| Enovix Corp. *\*(a)* | 80616 | 540127 |
| Enpro, Inc.  | 10347 | 1545842 |
| Eos Energy Enterprises, Inc. *\*(a)* | 118278 | 617411 |
| Esab Corp.  | 27079 | 3252729 |
| ESCO Technologies, Inc.  | 12466 | 1950306 |
| Eve Holding, Inc. *\*(a)* | 39143 | 139349 |
| Everus Construction Group, Inc. \* | 23227 | 934654 |
| EVI Industries, Inc.  | 2765 | 44599 |
| Fastenal Co.  | 273284 | 22127805 |
| Federal Signal Corp.  | 28615 | 2330119 |
| Ferguson Enterprises, Inc.  | 95735 | 16242400 |
| Flowserve Corp.  | 62253 | 2815703 |
| Fluor Corp. \* | 80897 | 2822496 |
| Fortive Corp.  | 162053 | 11293474 |
| Fortune Brands Innovations, Inc.  | 61036 | 3284958 |
| Franklin Electric Co., Inc.  | 18479 | 1569976 |
| FreightCar America, Inc. \* | 5033 | 29091 |
| FTAI Aviation Ltd.  | 48919 | 5239714 |
| FuelCell Energy, Inc. *\*(a)* | 13176 | 54022 |
| Gates Industrial Corp. PLC \* | 111819 | 2115615 |
| GATX Corp.  | 16926 | 2470519 |
| GE Vernova, Inc.  | 131470 | 48751705 |
| Gencor Industries, Inc. \* | 3418 | 43374 |
| Generac Holdings, Inc. \* | 28164 | 3221398 |
| General Dynamics Corp.  | 120652 | 32831822 |
| General Electric Co.  | 510691 | 102924664 |
| Gibraltar Industries, Inc. \* | 14337 | 759144 |
| Global Industrial Co.  | 6777 | 174033 |
| GMS, Inc. \* | 18841 | 1380292 |
| Gorman-Rupp Co.  | 9748 | 349563 |
| Graco, Inc.  | 80310 | 6554099 |
| GrafTech International Ltd. \* | 88000 | 55704 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Graham Corp. \* | 4043 | 123231 |
| Granite Construction, Inc.  | 20835 | 1693677 |
| Great Lakes Dredge & Dock Corp. \* | 30154 | 274100 |
| Greenbrier Cos., Inc.  | 15526 | 658613 |
| Griffon Corp.  | 19552 | 1331687 |
| H&E Equipment Services, Inc.  | 15763 | 1415675 |
| Hayward Holdings, Inc. \* | 67611 | 901255 |
| HEICO Corp.  | 47172 | 11828851 |
| Helios Technologies, Inc.  | 16121 | 439458 |
| Herc Holdings, Inc.  | 13417 | 1468356 |
| Hexcel Corp.  | 39351 | 1907343 |
| Hillenbrand, Inc.  | 37666 | 761983 |
| Hillman Solutions Corp. \* | 92449 | 646219 |
| Honeywell International, Inc.  | 309527 | 65155434 |
| Howmet Aerospace, Inc.  | 193104 | 26760352 |
| Hubbell, Inc., Class B  | 25518 | 9267627 |
| Hudson Technologies, Inc. \* | 17443 | 116694 |
| Huntington Ingalls Industries, Inc.  | 18671 | 4300678 |
| Hurco Cos., Inc. \* | 3214 | 53610 |
| Hyliion Holdings Corp. \* | 54325 | 82031 |
| Hyster-Yale, Inc.  | 5997 | 230465 |
| Ideal Power, Inc. \* | 3471 | 17181 |
| IDEX Corp.  | 36024 | 6267095 |
| IES Holdings, Inc. \* | 3869 | 760955 |
| Illinois Tool Works, Inc.  | 126970 | 30461373 |
| Ingersoll Rand, Inc.  | 191410 | 14438056 |
| Innovative Solutions & Support, Inc. \* | 6865 | 46270 |
| Insteel Industries, Inc.  | 8973 | 304274 |
| Intuitive Machines, Inc., Class A \* | 38955 | 319431 |
| ITT, Inc.  | 38733 | 5307196 |
| Janus International Group, Inc. \* | 71323 | 490702 |
| JBT Marel Corp.  | 21914 | 2306668 |
| Johnson Controls International PLC  | 314259 | 26366330 |
| Kadant, Inc.  | 5473 | 1614535 |
| Karat Packaging, Inc.  | 3014 | 79509 |
| Karman Holdings, Inc. \* | 10566 | 377735 |
| Kennametal, Inc.  | 36795 | 716767 |
| Kratos Defense & Security Solutions, <br> Inc. \*<br>| 71450 | 2413938 |
| KULR Technology Group, Inc. *\*(a)* | 113471 | 141839 |
| L.B. Foster Co., Class A \* | 5290 | 105641 |
| L3Harris Technologies, Inc.  | 89441 | 19678809 |
| Lennox International, Inc.  | 15214 | 8318255 |
| Leonardo DRS, Inc.  | 35510 | 1312450 |
| Limbach Holdings, Inc. \* | 4683 | 448350 |
| Lincoln Electric Holdings, Inc.  | 26902 | 4740132 |
| Lindsay Corp.  | 5079 | 655496 |
| Loar Holdings, Inc. \* | 8354 | 790121 |
| Lockheed Martin Corp.  | 99783 | 47671328 |
| LSI Industries, Inc.  | 12912 | 194842 |
| Luxfer Holdings PLC  | 12212 | 131401 |
| Manitowoc Co., Inc. \* | 15925 | 125489 |
| Masco Corp.  | 100698 | 6103306 |
| MasTec, Inc. \* | 29646 | 3774529 |
| Masterbrand, Inc. \* | 61652 | 749072 |
| Matrix Service Co. \* | 10847 | 125825 |
| Mayville Engineering Co., Inc. \* | 3327 | 42519 |
| McGrath RentCorp  | 11733 | 1251559 |
| Mercury Systems, Inc. \* | 24175 | 1208750 |
| Microvast Holdings, Inc. \* | 110747 | 213742 |
| Middleby Corp. \* | 25429 | 3390957 |
| Miller Industries, Inc.  | 5104 | 208294 |
| Moog, Inc., Class A  | 13459 | 2251018 |
| MRC Global, Inc. \* | 40400 | 470660 |
| MSC Industrial Direct Co., Inc., <br> Class A <br>| 21058 | 1610516 |
| Mueller Industries, Inc.  | 53886 | 3963854 |
| Mueller Water Products, Inc., Class A  | 73402 | 1926068 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**51**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| MYR Group, Inc. \* | 7578 | 926941 |
| National Presto Industries, Inc.  | 2215 | 186835 |
| NeoVolta, Inc. *\*(a)* | 12964 | 43300 |
| Net Power, Inc. \* | 17621 | 29956 |
| NEXTracker, Inc., Class A \* | 70357 | 2857198 |
| NN, Inc. \* | 28401 | 57086 |
| Nordson Corp.  | 25970 | 4923133 |
| Northrop Grumman Corp.  | 64820 | 31534930 |
| Northwest Pipe Co. \* | 4286 | 181555 |
| NuScale Power Corp. \* | 53617 | 888434 |
| nVent Electric PLC  | 78783 | 4325975 |
| Ocean Power Technologies, Inc. \* | 50000 | 20380 |
| Omega Flex, Inc.  | 1422 | 42603 |
| Optex Systems Holdings, Inc. \* | 1633 | 10419 |
| Orion Energy Systems, Inc. \* | 16987 | 13250 |
| Orion Group Holdings, Inc. \* | 16674 | 106547 |
| Oshkosh Corp.  | 30889 | 2587263 |
| Otis Worldwide Corp.  | 188711 | 18167208 |
| Owens Corning  | 40953 | 5954976 |
| PACCAR, Inc.  | 249206 | 22480873 |
| Palladyne AI Corp. *\*(a)* | 16115 | 97979 |
| Park Aerospace Corp.  | 8310 | 108612 |
| Parker-Hannifin Corp.  | 61213 | 37037538 |
| Park-Ohio Holdings Corp.  | 3931 | 78266 |
| Pentair PLC  | 78861 | 7155059 |
| Perma-Pipe International Holdings, <br> Inc. \*<br>| 3363 | 40356 |
| Plug Power, Inc. *\*(a)* | 412966 | 360354 |
| Powell Industries, Inc.  | 4603 | 842855 |
| Power Solutions International, Inc. \* | 3000 | 75660 |
| Preformed Line Products Co.  | 1284 | 176383 |
| Primoris Services Corp.  | 25678 | 1539910 |
| Proto Labs, Inc. \* | 11556 | 406309 |
| Quanex Building Products Corp.  | 20402 | 335409 |
| Quanta Services, Inc.  | 70175 | 20539521 |
| QXO, Inc.  | 134062 | 1788387 |
| RBC Bearings, Inc. \* | 14941 | 4909164 |
| Redwire Corp. *\*(a)* | 10290 | 110926 |
| Regal Rexnord Corp.  | 32288 | 3417362 |
| Resideo Technologies, Inc. \* | 69274 | 1162418 |
| REV Group, Inc.  | 23688 | 774598 |
| Richtech Robotics, Inc., Class B \* | 20000 | 39400 |
| Rocket Lab USA, Inc. \* | 166715 | 3632720 |
| Rockwell Automation, Inc.  | 53761 | 13315524 |
| RTX Corp.  | 633919 | 79956203 |
| Rush Enterprises, Inc., Class A  | 34390 | 1753546 |
| Sensata Technologies Holding PLC  | 71760 | 1535664 |
| SES AI Corp. \* | 80000 | 71904 |
| Shoals Technologies Group, Inc., <br> Class A \*<br>| 103476 | 373548 |
| Shyft Group, Inc.  | 13268 | 112247 |
| Simpson Manufacturing Co., Inc.  | 19849 | 3050593 |
| SiteOne Landscape Supply, Inc. \* | 21201 | 2434087 |
| SKYX Platforms Corp. \* | 16813 | 22193 |
| Snap-on, Inc.  | 24971 | 7836150 |
| Southland Holdings, Inc. \* | 4155 | 13462 |
| Spirit AeroSystems Holdings, Inc., <br> Class A \*<br>| 55050 | 1981800 |
| SPX Technologies, Inc. \* | 22408 | 3006033 |
| Standardaero, Inc. \* | 48345 | 1306282 |
| Standex International Corp.  | 5702 | 806377 |
| Stanley Black & Decker, Inc.  | 73285 | 4398566 |
| Stem, Inc. \* | 80000 | 43272 |
| Sterling Infrastructure, Inc. \* | 14438 | 2157470 |
| Symbotic, Inc. *\*(a)* | 19722 | 425601 |
| Taylor Devices, Inc. \* | 2017 | 64342 |
| TechPrecision Corp. \* | 4478 | 10926 |
| Tecnoglass, Inc.  | 9961 | 709920 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Tennant Co.  | 8760 | 632122 |
| Terex Corp.  | 30889 | 1087293 |
| Textron, Inc.  | 88182 | 6205367 |
| Thermon Group Holdings, Inc. \* | 14491 | 380099 |
| Timken Co.  | 29679 | 1906876 |
| Titan International, Inc. \* | 20997 | 154328 |
| Titan Machinery, Inc. \* | 8199 | 136021 |
| Toro Co.  | 48190 | 3290413 |
| TPI Composites, Inc. *\*(a)* | 21000 | 19200 |
| Trane Technologies PLC  | 106745 | 40916426 |
| Transcat, Inc. \* | 4012 | 318272 |
| TransDigm Group, Inc.  | 26663 | 37676685 |
| Trex Co., Inc. \* | 50283 | 2907363 |
| Trinity Industries, Inc.  | 38655 | 970241 |
| Triumph Group, Inc. \* | 38079 | 967207 |
| Tutor Perini Corp. \* | 21007 | 450810 |
| Twin Disc, Inc.  | 5599 | 41097 |
| UFP Industries, Inc.  | 29060 | 2872581 |
| Ultralife Corp. \* | 6691 | 29976 |
| United Rentals, Inc.  | 31005 | 19578107 |
| V2X, Inc. \* | 6991 | 347872 |
| Valmont Industries, Inc.  | 9518 | 2790868 |
| Vertiv Holdings Co., Class A  | 180962 | 15450536 |
| Vicor Corp. \* | 11782 | 470161 |
| Virgin Galactic Holdings, Inc. *\*(a)* | 29504 | 85267 |
| VirTra, Inc. \* | 3586 | 16782 |
| Wabash National Corp.  | 19725 | 136300 |
| Watsco, Inc.  | 16622 | 7643460 |
| Watts Water Technologies, Inc., <br> Class A <br>| 12974 | 2695349 |
| WESCO International, Inc.  | 20927 | 3410264 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 81158 | 14993129 |
| Westwater Resources, Inc. \* | 34475 | 16738 |
| Willis Lease Finance Corp.  | 1159 | 179320 |
| WillScot Holdings Corp.  | 88444 | 2221713 |
| Woodward, Inc.  | 28007 | 5253273 |
| Worthington Enterprises, Inc.  | 14782 | 748413 |
| WW Grainger, Inc.  | 21061 | 21572993 |
| Xometry, Inc., Class A \* | 22639 | 580464 |
| Xylem, Inc.  | 115437 | 13918239 |
| Zurn Elkay Water Solutions Corp.  | 69048 | 2344870 |
|  |  | **1682108945** |
| **Commercial & Professional Services 1.6%** | **Commercial & Professional Services 1.6%** | **Commercial & Professional Services 1.6%** |
| ABM Industries, Inc.  | 31067 | 1514206 |
| ACCO Brands Corp.  | 38516 | 148672 |
| Acme United Corp.  | 1454 | 56008 |
| ACV Auctions, Inc., Class A \* | 76473 | 1123388 |
| Alight, Inc., Class A  | 226702 | 1158447 |
| Amentum Holdings, Inc. \* | 68160 | 1487251 |
| Asure Software, Inc. \* | 7413 | 75316 |
| Automatic Data Processing, Inc.  | 193561 | 58184437 |
| Barrett Business Services, Inc.  | 12336 | 500348 |
| BGSF, Inc. \* | 6465 | 21334 |
| BlackSky Technology, Inc. \* | 11649 | 97386 |
| Booz Allen Hamilton Holding Corp., <br> Class A <br>| 60883 | 7307178 |
| Brady Corp., Class A  | 21188 | 1489305 |
| Bridger Aerospace Group Holdings, <br> Inc. *\*(a)*<br>| 12500 | 18125 |
| BrightView Holdings, Inc. \* | 25817 | 354209 |
| Brink's Co.  | 21400 | 1909736 |
| Broadridge Financial Solutions, Inc.  | 55677 | 13496105 |
| CACI International, Inc., Class A \* | 10714 | 4905619 |
| Casella Waste Systems, Inc., Class A \* | 29367 | 3449154 |
| CBIZ, Inc. \* | 23252 | 1583461 |

---

*See financial notes*

**52**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| CECO Environmental Corp. \* | 12430 | 295710 |
| Cimpress PLC \* | 8208 | 344900 |
| Cintas Corp.  | 163032 | 34510614 |
| Clean Harbors, Inc. \* | 24091 | 5154029 |
| Concentrix Corp.  | 23573 | 1203637 |
| Conduent, Inc. \* | 70351 | 148441 |
| Copart, Inc. \* | 417161 | 25459336 |
| CoreCivic, Inc. \* | 52808 | 1195573 |
| CRA International, Inc.  | 3254 | 527799 |
| CSG Systems International, Inc.  | 12935 | 777782 |
| Dayforce, Inc. \* | 75650 | 4377865 |
| Deluxe Corp.  | 19740 | 288204 |
| DLH Holdings Corp. \* | 3968 | 15634 |
| Driven Brands Holdings, Inc. \* | 31309 | 517225 |
| Dun & Bradstreet Holdings, Inc.  | 147391 | 1322097 |
| Ennis, Inc.  | 10401 | 186698 |
| Enviri Corp. \* | 55516 | 381395 |
| Equifax, Inc.  | 59038 | 15357555 |
| ExlService Holdings, Inc. \* | 76335 | 3700721 |
| Exponent, Inc.  | 23887 | 1879429 |
| First Advantage Corp. \* | 31460 | 443586 |
| FiscalNote Holdings, Inc. \* | 35000 | 21238 |
| Forrester Research, Inc. \* | 4414 | 41271 |
| Franklin Covey Co. \* | 5263 | 106892 |
| FTI Consulting, Inc. \* | 17015 | 2829254 |
| GEE Group, Inc. \* | 66522 | 12320 |
| Genpact Ltd.  | 76315 | 3835592 |
| GEO Group, Inc. \* | 65932 | 2062353 |
| Healthcare Services Group, Inc. \* | 33424 | 474955 |
| Heidrick & Struggles International, <br> Inc. <br>| 9808 | 382708 |
| HireQuest, Inc.  | 1724 | 17723 |
| HNI Corp.  | 22682 | 959449 |
| Huron Consulting Group, Inc. \* | 7782 | 1048936 |
| ICF International, Inc.  | 8748 | 743230 |
| Innodata, Inc. \* | 12104 | 457773 |
| Insperity, Inc.  | 16996 | 1104910 |
| Interface, Inc., Class A  | 28517 | 536120 |
| Jacobs Solutions, Inc.  | 58269 | 7213702 |
| KBR, Inc.  | 63193 | 3337222 |
| Kelly Services, Inc., Class A  | 14539 | 167925 |
| Kforce, Inc.  | 8111 | 309840 |
| Korn Ferry  | 24435 | 1507639 |
| Legalzoom.com, Inc. \* | 58398 | 427473 |
| Leidos Holdings, Inc.  | 62685 | 9225978 |
| Liquidity Services, Inc. \* | 10485 | 333213 |
| ManpowerGroup, Inc.  | 23037 | 992204 |
| Mastech Digital, Inc. \* | 3073 | 22617 |
| Matthews International Corp., Class A  | 14759 | 301822 |
| Maximus, Inc.  | 28019 | 1876152 |
| MillerKnoll, Inc.  | 32897 | 539511 |
| Mistras Group, Inc. \* | 7028 | 64095 |
| Mobile Infrastructure Corp. \* | 22500 | 84375 |
| Montrose Environmental Group, Inc. \* | 15161 | 221805 |
| MSA Safety, Inc.  | 18524 | 2916048 |
| NL Industries, Inc.  | 5834 | 50056 |
| NV5 Global, Inc. \* | 24968 | 463156 |
| OPENLANE, Inc. \* | 52761 | 976606 |
| Parsons Corp. \* | 22053 | 1474464 |
| Paychex, Inc.  | 152642 | 22456691 |
| Paycom Software, Inc.  | 22678 | 5134072 |
| Paylocity Holding Corp. \* | 20857 | 4006630 |
| Perma-Fix Environmental Services, <br> Inc. \*<br>| 5410 | 44362 |
| Pitney Bowes, Inc.  | 72387 | 628319 |
| Planet Labs PBC \* | 100241 | 329793 |
| Pursuit Attractions & Hospitality, Inc. \* | 9565 | 280159 |
| Quad/Graphics, Inc.  | 10911 | 52045 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Quest Resource Holding Corp. \* | 7972 | 18814 |
| RB Global, Inc.  | 87491 | 8810344 |
| RCM Technologies, Inc. \* | 3160 | 55110 |
| Republic Services, Inc., Class A  | 96625 | 24228719 |
| Resolute Holdings Management, Inc. \* | 836 | 22547 |
| Resources Connection, Inc.  | 29811 | 170966 |
| Robert Half, Inc.  | 48156 | 2133311 |
| Rollins, Inc.  | 133554 | 7629940 |
| Science Applications International <br> Corp. <br>| 23997 | 2904357 |
| Spire Global, Inc., Class A *\*(a)* | 13858 | 130127 |
| SS&C Technologies Holdings, Inc.  | 102623 | 7758299 |
| Steelcase, Inc., Class A  | 41203 | 408734 |
| TaskUS, Inc., Class A \* | 9000 | 125640 |
| Team, Inc. \* | 2284 | 46868 |
| Tetra Tech, Inc.  | 127881 | 3988608 |
| TransUnion  | 93009 | 7716027 |
| TriNet Group, Inc.  | 14580 | 1142051 |
| UL Solutions, Inc., Class A  | 29949 | 1712783 |
| UniFirst Corp.  | 7337 | 1309434 |
| Upwork, Inc. \* | 58356 | 767381 |
| Veralto Corp.  | 117453 | 11263743 |
| Verisk Analytics, Inc., Class A  | 67151 | 19905571 |
| Verra Mobility Corp., Class A \* | 78130 | 1703234 |
| Vestis Corp.  | 53053 | 464744 |
| Virco Mfg. Corp.  | 8190 | 75266 |
| VSE Corp.  | 8387 | 960479 |
| Waste Management, Inc.  | 173819 | 40562402 |
| Willdan Group, Inc. \* | 5928 | 232378 |
|  |  | **423288490** |
| **Consumer Discretionary Distribution & Retail 5.4%** | **Consumer Discretionary Distribution & Retail 5.4%** | **Consumer Discretionary Distribution & Retail 5.4%** |
| 1-800-Flowers.com, Inc., Class A \* | 11856 | 65564 |
| 1stdibs.com, Inc. \* | 9755 | 24095 |
| Abercrombie & Fitch Co., Class A \* | 24473 | 1698916 |
| Academy Sports & Outdoors, Inc.  | 33263 | 1253350 |
| Advance Auto Parts, Inc.  | 31013 | 1014745 |
| A-Mark Precious Metals, Inc.  | 8227 | 200410 |
| Amazon.com, Inc. \* | 4488707 | 827807345 |
| AMCON Distributing Co.  | 430 | 51720 |
| American Eagle Outfitters, Inc.  | 84396 | 888690 |
| America's Car-Mart, Inc. \* | 3851 | 182614 |
| Arhaus, Inc. \* | 27308 | 214641 |
| Arko Corp.  | 30423 | 122453 |
| Asbury Automotive Group, Inc. \* | 9220 | 2011251 |
| AutoNation, Inc. \* | 12324 | 2146225 |
| AutoZone, Inc. \* | 7982 | 30033073 |
| Barnes & Noble Education, Inc. \* | 12663 | 133341 |
| Bath & Body Works, Inc.  | 103146 | 3146984 |
| Best Buy Co., Inc.  | 92888 | 6194701 |
| Beyond, Inc. \* | 23582 | 95979 |
| Boot Barn Holdings, Inc. \* | 14135 | 1474846 |
| Buckle, Inc.  | 14381 | 499884 |
| Build-A-Bear Workshop, Inc.  | 4907 | 173119 |
| Burlington Stores, Inc. \* | 30003 | 6751875 |
| Caleres, Inc.  | 20958 | 319400 |
| Camping World Holdings, Inc., <br> Class A <br>| 27578 | 332591 |
| CarMax, Inc. \* | 73648 | 4762816 |
| Carvana Co., Class A \* | 56196 | 13731493 |
| Chewy, Inc., Class A \* | 77467 | 2905012 |
| Children's Place, Inc. *\*(a)* | 6000 | 30480 |
| Citi Trends, Inc. \* | 3328 | 74314 |
| ContextLogic, Inc., Class A \* | 9687 | 69165 |
| Designer Brands, Inc., Class A  | 22662 | 63227 |
| Destination XL Group, Inc. \* | 23026 | 22787 |
| Dick's Sporting Goods, Inc.  | 27501 | 5163038 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**53**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Dillard's, Inc., Class A  | 1317 | 456551 |
| eBay, Inc.  | 227269 | 15490655 |
| Envela Corp. \* | 4047 | 25779 |
| Etsy, Inc. \* | 53849 | 2341355 |
| EVgo, Inc., Class A \* | 53220 | 146887 |
| Five Below, Inc. \* | 25665 | 1947717 |
| Floor & Decor Holdings, Inc., Class A \* | 51128 | 3652584 |
| Foot Locker, Inc. \* | 40245 | 493806 |
| GameStop Corp., Class A \* | 194033 | 5405759 |
| Gap, Inc.  | 107935 | 2363776 |
| Genesco, Inc. \* | 5301 | 102839 |
| Genuine Parts Co.  | 66393 | 7804497 |
| GigaCloud Technology, Inc., Class A \* | 13833 | 173466 |
| Group 1 Automotive, Inc.  | 6053 | 2443172 |
| Groupon, Inc., Class A \* | 16848 | 306802 |
| Grove Collaborative Holdings \* | 30520 | 32962 |
| GrowGeneration Corp. \* | 28000 | 32760 |
| Guess?, Inc.  | 12378 | 139252 |
| Haverty Furniture Cos., Inc.  | 5993 | 108833 |
| Home Depot, Inc.  | 472656 | 170387761 |
| J Jill, Inc.  | 6517 | 99189 |
| Lands' End, Inc. \* | 4426 | 39303 |
| Leslie's, Inc. \* | 103195 | 61938 |
| Lithia Motors, Inc., Class A  | 12499 | 3659207 |
| LKQ Corp.  | 123531 | 4720119 |
| Lowe's Cos., Inc.  | 268635 | 60056041 |
| Macy's, Inc.  | 132008 | 1507531 |
| MarineMax, Inc. \* | 9973 | 214021 |
| Monro, Inc.  | 13330 | 185820 |
| Murphy USA, Inc.  | 8739 | 4357003 |
| National Vision Holdings, Inc. \* | 41236 | 509265 |
| Nordstrom, Inc.  | 47287 | 1141508 |
| ODP Corp. \* | 14773 | 202095 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 29621 | 3143084 |
| OneWater Marine, Inc., Class A \* | 4282 | 64273 |
| O'Reilly Automotive, Inc. \* | 27359 | 38718457 |
| Penske Automotive Group, Inc.  | 9206 | 1433098 |
| Petco Health & Wellness Co., Inc., <br> Class A \*<br>| 38893 | 114734 |
| PetMed Express, Inc. \* | 10000 | 33800 |
| Pool Corp.  | 18103 | 5306713 |
| QVC Group, Inc. \* | 147875 | 22181 |
| RealReal, Inc. \* | 43796 | 254017 |
| Revolve Group, Inc. \* | 18087 | 359570 |
| RH \* | 7107 | 1307901 |
| Ross Stores, Inc.  | 156660 | 21775740 |
| Sally Beauty Holdings, Inc. \* | 52790 | 429711 |
| Savers Value Village, Inc. \* | 10670 | 102325 |
| Shoe Carnival, Inc.  | 7662 | 133166 |
| Signet Jewelers Ltd.  | 20487 | 1214879 |
| Sleep Number Corp. \* | 9204 | 71699 |
| Sonic Automotive, Inc., Class A  | 6954 | 422247 |
| Stitch Fix, Inc., Class A \* | 56716 | 185461 |
| Tandy Leather Factory, Inc.  | 3329 | 9255 |
| ThredUp, Inc., Class A \* | 31702 | 142342 |
| Tile Shop Holdings, Inc. \* | 15152 | 85912 |
| TJX Cos., Inc.  | 534920 | 68833506 |
| Tractor Supply Co.  | 254640 | 12889877 |
| Ulta Beauty, Inc. \* | 22122 | 8752348 |
| Upbound Group, Inc.  | 25070 | 498893 |
| Urban Outfitters, Inc. \* | 27360 | 1444061 |
| Valvoline, Inc. \* | 62919 | 2155605 |
| Victoria's Secret & Co. \* | 38345 | 720886 |
| Warby Parker, Inc., Class A \* | 44940 | 741959 |
| Wayfair, Inc., Class A \* | 48854 | 1473437 |
| Weyco Group, Inc.  | 3125 | 93437 |
| Williams-Sonoma, Inc.  | 58700 | 9067389 |
| Winmark Corp.  | 1442 | 519134 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Zumiez, Inc. \* | 6961 | 81444 |
|  |  | **1386872938** |
| **Consumer Durables & Apparel 0.8%** | **Consumer Durables & Apparel 0.8%** | **Consumer Durables & Apparel 0.8%** |
| Acushnet Holdings Corp.  | 13529 | 895890 |
| American Outdoor Brands, Inc. \* | 6310 | 70830 |
| AMMO, Inc. \* | 42500 | 83725 |
| Bassett Furniture Industries, Inc.  | 4101 | 72383 |
| Beazer Homes USA, Inc. \* | 12137 | 237400 |
| Brunswick Corp.  | 30997 | 1427412 |
| Capri Holdings Ltd. \* | 59911 | 901061 |
| Carter's, Inc.  | 19464 | 643285 |
| Cavco Industries, Inc. \* | 3805 | 1879099 |
| Century Communities, Inc.  | 12966 | 707166 |
| Champion Homes, Inc. \* | 25310 | 2189315 |
| Clarus Corp.  | 14055 | 46241 |
| Columbia Sportswear Co.  | 15157 | 942311 |
| Cricut, Inc., Class A  | 25000 | 124500 |
| Crocs, Inc. \* | 26679 | 2572389 |
| Crown Crafts, Inc.  | 5621 | 16807 |
| Culp, Inc. \* | 2586 | 9827 |
| Deckers Outdoor Corp. \* | 72668 | 8053794 |
| DR Horton, Inc.  | 135529 | 17122734 |
| Dream Finders Homes, Inc., Class A \* | 16669 | 377720 |
| Escalade, Inc.  | 3803 | 57730 |
| Ethan Allen Interiors, Inc.  | 10573 | 300590 |
| Figs, Inc., Class A \* | 61500 | 247845 |
| Flexsteel Industries, Inc.  | 2656 | 88684 |
| Funko, Inc., Class A \* | 14201 | 56946 |
| Garmin Ltd.  | 73409 | 13717940 |
| G-III Apparel Group Ltd. \* | 17626 | 444528 |
| GoPro, Inc., Class A \* | 149829 | 86301 |
| Green Brick Partners, Inc. \* | 14150 | 834708 |
| Hamilton Beach Brands Holding Co., <br> Class A <br>| 3706 | 73379 |
| Hanesbrands, Inc. \* | 171255 | 786060 |
| Hasbro, Inc.  | 62310 | 3856989 |
| Helen of Troy Ltd. \* | 11293 | 314623 |
| Hooker Furnishings Corp.  | 5571 | 53482 |
| Hovnanian Enterprises, Inc., Class A \* | 2031 | 196601 |
| Installed Building Products, Inc.  | 11091 | 1839221 |
| iRobot Corp. \* | 16534 | 40508 |
| JAKKS Pacific, Inc.  | 5309 | 102411 |
| Johnson Outdoors, Inc., Class A  | 2681 | 61207 |
| KB Home  | 33012 | 1783638 |
| Kontoor Brands, Inc.  | 23446 | 1410277 |
| Lakeland Industries, Inc.  | 3608 | 58919 |
| Landsea Homes Corp. \* | 6542 | 39906 |
| Latham Group, Inc. \* | 20641 | 112803 |
| La-Z-Boy, Inc.  | 19021 | 751329 |
| Legacy Housing Corp. \* | 4652 | 113160 |
| Lennar Corp., Class A  | 117011 | 12708565 |
| Levi Strauss & Co., Class A  | 49226 | 788108 |
| LGI Homes, Inc. \* | 9867 | 538837 |
| Lifetime Brands, Inc.  | 5690 | 20712 |
| Lovesac Co. \* | 6938 | 134944 |
| Lululemon Athletica, Inc. \* | 53278 | 14426084 |
| M/I Homes, Inc. \* | 12695 | 1354303 |
| Malibu Boats, Inc., Class A \* | 8904 | 254298 |
| Marine Products Corp.  | 5165 | 43386 |
| MasterCraft Boat Holdings, Inc. \* | 7841 | 128906 |
| Mattel, Inc. \* | 159829 | 2539683 |
| Meritage Homes Corp.  | 34368 | 2341835 |
| Mohawk Industries, Inc. \* | 24918 | 2650029 |
| Movado Group, Inc.  | 6936 | 96341 |
| Newell Brands, Inc.  | 197485 | 943978 |
| NIKE, Inc., Class B  | 562895 | 31747278 |

---

*See financial notes*

**54**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| NVR, Inc. \* | 1431 | 10196948 |
| Oxford Industries, Inc.  | 7014 | 340880 |
| Peloton Interactive, Inc., Class A \* | 172824 | 1190757 |
| Polaris, Inc.  | 24306 | 825432 |
| PulteGroup, Inc.  | 96672 | 9916614 |
| PVH Corp.  | 27172 | 1874325 |
| Ralph Lauren Corp., Class A  | 19298 | 4341085 |
| Rocky Brands, Inc.  | 2880 | 61603 |
| Skechers USA, Inc., Class A \* | 61769 | 2966147 |
| Smith & Wesson Brands, Inc.  | 20549 | 195832 |
| Smith Douglas Homes Corp. \* | 4614 | 89742 |
| Somnigroup International, Inc.  | 90955 | 5553712 |
| Sonos, Inc. \* | 60399 | 556275 |
| Steven Madden Ltd.  | 32680 | 686280 |
| Sturm Ruger & Co., Inc.  | 7968 | 323979 |
| Superior Group of Cos., Inc.  | 5398 | 56031 |
| Tapestry, Inc.  | 99027 | 6996258 |
| Taylor Morrison Home Corp., Class A \* | 48752 | 2795927 |
| Toll Brothers, Inc.  | 48023 | 4844080 |
| TopBuild Corp. \* | 14076 | 4163118 |
| Topgolf Callaway Brands Corp. \* | 68746 | 454411 |
| Traeger, Inc. \* | 23917 | 34919 |
| Tri Pointe Homes, Inc. \* | 43323 | 1332182 |
| Under Armour, Inc., Class A \* | 150126 | 858721 |
| United Homes Group, Inc. \* | 3328 | 6490 |
| VF Corp.  | 155817 | 1851106 |
| Whirlpool Corp.  | 27336 | 2085190 |
| Wolverine World Wide, Inc.  | 37412 | 488227 |
| YETI Holdings, Inc. \* | 40379 | 1152820 |
|  |  | **202760052** |
| **Consumer Services 2.4%** | **Consumer Services 2.4%** | **Consumer Services 2.4%** |
| Accel Entertainment, Inc., Class A \* | 23774 | 244872 |
| ADT, Inc.  | 191927 | 1539255 |
| Adtalem Global Education, Inc. \* | 17401 | 1847986 |
| Airbnb, Inc., Class A \* | 206492 | 25175505 |
| American Public Education, Inc. \* | 8505 | 199867 |
| Aramark  | 126086 | 4215055 |
| Bally's Corp. \* | 3500 | 43750 |
| Biglari Holdings, Inc., Class B \* | 514 | 119716 |
| BJ's Restaurants, Inc. \* | 10196 | 339425 |
| Bloomin' Brands, Inc.  | 50416 | 404336 |
| Booking Holdings, Inc.  | 15756 | 80344256 |
| Boyd Gaming Corp.  | 30860 | 2133660 |
| Bright Horizons Family Solutions, <br> Inc. \*<br>| 28045 | 3517404 |
| Brinker International, Inc. \* | 21173 | 2843534 |
| Caesars Entertainment, Inc. \* | 100107 | 2708895 |
| Canterbury Park Holding Corp.  | 1452 | 25047 |
| Carnival Corp. \* | 498145 | 9135979 |
| Carriage Services, Inc., Class A  | 5752 | 229850 |
| Cava Group, Inc. \* | 38397 | 3549035 |
| Cheesecake Factory, Inc.  | 22932 | 1155085 |
| Chipotle Mexican Grill, Inc., Class A \* | 645351 | 32603132 |
| Choice Hotels International, Inc.  | 10433 | 1315706 |
| Churchill Downs, Inc.  | 34967 | 3161366 |
| Coursera, Inc. \* | 59000 | 496780 |
| Cracker Barrel Old Country Store, Inc.  | 11203 | 478368 |
| Darden Restaurants, Inc.  | 55869 | 11209556 |
| Dave & Buster's Entertainment, Inc. \* | 14984 | 287543 |
| Denny's Corp. \* | 24016 | 88619 |
| Dine Brands Global, Inc.  | 6725 | 133895 |
| Domino's Pizza, Inc.  | 16420 | 8051875 |
| DoorDash, Inc., Class A \* | 161239 | 31101391 |
| DraftKings, Inc., Class A \* | 232079 | 7725910 |
| Duolingo, Inc. \* | 18189 | 7084252 |
| Dutch Bros, Inc., Class A \* | 55278 | 3302308 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| El Pollo Loco Holdings, Inc. \* | 9086 | 84954 |
| Everi Holdings, Inc. \* | 38486 | 540728 |
| Expedia Group, Inc.  | 59279 | 9302653 |
| First Watch Restaurant Group, Inc. \* | 17223 | 304158 |
| Flutter Entertainment PLC \* | 84664 | 20403177 |
| Frontdoor, Inc. \* | 35506 | 1459652 |
| Full House Resorts, Inc. \* | 15255 | 49274 |
| GAN Ltd. \* | 31476 | 56342 |
| Global Business Travel Group I \* | 40326 | 270587 |
| Golden Entertainment, Inc.  | 9398 | 241529 |
| Graham Holdings Co., Class B  | 1610 | 1481280 |
| Grand Canyon Education, Inc. \* | 13768 | 2455798 |
| H&R Block, Inc.  | 63984 | 3862714 |
| Hilton Grand Vacations, Inc. \* | 29359 | 987343 |
| Hilton Worldwide Holdings, Inc.  | 114340 | 25781383 |
| Hyatt Hotels Corp., Class A  | 20348 | 2292813 |
| Inspired Entertainment, Inc. \* | 10938 | 81051 |
| Jack in the Box, Inc.  | 8973 | 233657 |
| KinderCare Learning Cos., Inc. \* | 11428 | 140107 |
| Krispy Kreme, Inc.  | 37458 | 153578 |
| Kura Sushi USA, Inc., Class A \* | 2756 | 162273 |
| Las Vegas Sands Corp.  | 164794 | 6042996 |
| Laureate Education, Inc. \* | 63773 | 1279924 |
| Life Time Group Holdings, Inc. \* | 45980 | 1409747 |
| Light & Wonder, Inc. \* | 42267 | 3608756 |
| Lincoln Educational Services Corp. \* | 14839 | 250779 |
| Lindblad Expeditions Holdings, Inc. \* | 24542 | 216951 |
| Lucky Strike Entertainment Corp., <br> Class A *(a)*<br>| 14987 | 140878 |
| Marriott International, Inc., Class A  | 108672 | 25926966 |
| Marriott Vacations Worldwide Corp.  | 14742 | 808009 |
| McDonald's Corp.  | 340923 | 108976037 |
| MGM Resorts International \* | 107717 | 3388777 |
| Mister Car Wash, Inc. \* | 47073 | 322921 |
| Monarch Casino & Resort, Inc.  | 5776 | 451625 |
| Nathan's Famous, Inc.  | 1235 | 120721 |
| Nerdy, Inc. \* | 39000 | 62010 |
| Norwegian Cruise Line Holdings Ltd. \* | 211054 | 3383196 |
| ONE Group Hospitality, Inc. \* | 12060 | 36301 |
| OneSpaWorld Holdings Ltd.  | 50012 | 835200 |
| Papa John's International, Inc.  | 14861 | 513150 |
| Penn Entertainment, Inc. \* | 72872 | 1109112 |
| Perdoceo Education Corp.  | 29123 | 731570 |
| Planet Fitness, Inc., Class A \* | 40412 | 3822571 |
| Playa Hotels & Resorts NV \* | 46109 | 618783 |
| PlayAGS, Inc. \* | 23905 | 289729 |
| Portillo's, Inc., Class A *\*(a)* | 27494 | 284288 |
| Potbelly Corp. \* | 11690 | 94689 |
| Rave Restaurant Group, Inc. \* | 10012 | 24630 |
| RCI Hospitality Holdings, Inc.  | 3668 | 145546 |
| Red Rock Resorts, Inc., Class A  | 23238 | 992263 |
| Royal Caribbean Cruises Ltd.  | 117834 | 25323705 |
| Rush Street Interactive, Inc. \* | 41714 | 505991 |
| Sabre Corp. \* | 183956 | 435976 |
| Serve Robotics, Inc. *\*(a)* | 12728 | 78532 |
| Service Corp. International  | 67989 | 5432321 |
| Shake Shack, Inc., Class A \* | 18690 | 1639861 |
| Six Flags Entertainment Corp.  | 43629 | 1501274 |
| Soho House & Co., Inc. \* | 16810 | 101028 |
| Starbucks Corp.  | 541024 | 43308971 |
| Strategic Education, Inc.  | 12183 | 993889 |
| Stride, Inc. \* | 20383 | 2899482 |
| Sweetgreen, Inc., Class A \* | 48262 | 940144 |
| Target Hospitality Corp. \* | 21320 | 144976 |
| Texas Roadhouse, Inc., Class A  | 31698 | 5260600 |
| Travel & Leisure Co.  | 32601 | 1432162 |
| Udemy, Inc. \* | 40027 | 274985 |
| United Parks & Resorts, Inc. \* | 14466 | 631441 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**55**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Universal Technical Institute, Inc. \* | 21431 | 601354 |
| Vail Resorts, Inc.  | 17659 | 2458133 |
| Wendy's Co.  | 84650 | 1058125 |
| Wingstop, Inc.  | 14065 | 3711613 |
| WW International, Inc. \* | 99577 | 76714 |
| Wyndham Hotels & Resorts, Inc.  | 36751 | 3134860 |
| Wynn Resorts Ltd.  | 42525 | 3415183 |
| Xponential Fitness, Inc., Class A \* | 9583 | 80210 |
| Yum! Brands, Inc.  | 132608 | 19949547 |
|  |  | **608437466** |
| **Consumer Staples Distribution & Retail 2.1%** | **Consumer Staples Distribution & Retail 2.1%** | **Consumer Staples Distribution & Retail 2.1%** |
| Albertsons Cos., Inc., Class A  | 192525 | 4231700 |
| Andersons, Inc.  | 15277 | 576096 |
| BJ's Wholesale Club Holdings, Inc. \* | 62732 | 7374774 |
| Casey's General Stores, Inc.  | 17638 | 8159162 |
| Chefs' Warehouse, Inc. \* | 16784 | 956184 |
| Costco Wholesale Corp.  | 211456 | 210292992 |
| Dollar General Corp.  | 104745 | 9813559 |
| Dollar Tree, Inc. \* | 96697 | 7906914 |
| Grocery Outlet Holding Corp. \* | 47258 | 793462 |
| Guardian Pharmacy Services, Inc., <br> Class A *\*(a)*<br>| 6352 | 159054 |
| Ingles Markets, Inc., Class A  | 6246 | 385316 |
| Kroger Co.  | 316388 | 22846378 |
| Maplebear, Inc. \* | 77300 | 3083497 |
| Natural Grocers by Vitamin Cottage, <br> Inc. <br>| 4452 | 223312 |
| Performance Food Group Co. \* | 74333 | 5995700 |
| PriceSmart, Inc.  | 11274 | 1144198 |
| SpartanNash Co.  | 15368 | 304901 |
| Sprouts Farmers Market, Inc. \* | 47419 | 8108649 |
| Sysco Corp.  | 232881 | 16627703 |
| Target Corp.  | 217680 | 21049656 |
| U.S. Foods Holding Corp. \* | 109406 | 7183598 |
| United Natural Foods, Inc. \* | 27992 | 747666 |
| Village Super Market, Inc., Class A  | 2371 | 87371 |
| Walgreens Boots Alliance, Inc.  | 336556 | 3692019 |
| Walmart, Inc.  | 2064410 | 200763873 |
| Weis Markets, Inc.  | 7674 | 659887 |
|  |  | **543167621** |
| **Energy 3.2%** | **Energy 3.2%** | **Energy 3.2%** |
| Amplify Energy Corp. \* | 16372 | 42567 |
| Antero Midstream Corp.  | 159669 | 2642522 |
| Antero Resources Corp. \* | 138291 | 4816676 |
| APA Corp.  | 175988 | 2734854 |
| Archrock, Inc.  | 82999 | 1952966 |
| Aris Water Solutions, Inc., Class A  | 14288 | 356628 |
| Atlas Energy Solutions, Inc., Class A  | 35316 | 477825 |
| Baker Hughes Co., Class A  | 469891 | 16634141 |
| Berry Corp.  | 27783 | 68902 |
| BKV Corp. \* | 8423 | 152709 |
| Bristow Group, Inc. \* | 13008 | 377752 |
| Cactus, Inc., Class A  | 31094 | 1179706 |
| California Resources Corp.  | 34515 | 1191113 |
| Calumet, Inc. \* | 34512 | 365827 |
| Centrus Energy Corp., Class A \* | 7627 | 528475 |
| ChampionX Corp.  | 89262 | 2153892 |
| Cheniere Energy, Inc.  | 106507 | 24614833 |
| Chevron Corp.  | 795194 | 108194096 |
| Chord Energy Corp.  | 28856 | 2603677 |
| Civitas Resources, Inc.  | 41746 | 1137578 |
| Clean Energy Fuels Corp. \* | 78451 | 113754 |
| CNX Resources Corp. \* | 70699 | 2080672 |
| Comstock Resources, Inc. \* | 43020 | 785975 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| ConocoPhillips  | 607191 | 54112862 |
| Core Laboratories, Inc.  | 22510 | 255939 |
| Core Natural Resources, Inc.  | 23913 | 1726758 |
| Coterra Energy, Inc.  | 349996 | 8595902 |
| Crescent Energy Co., Class A  | 86529 | 716460 |
| CVR Energy, Inc.  | 17792 | 335557 |
| Delek U.S. Holdings, Inc.  | 32241 | 419778 |
| Devon Energy Corp.  | 312610 | 9506470 |
| Diamondback Energy, Inc.  | 89064 | 11757339 |
| DMC Global, Inc. \* | 8283 | 53757 |
| Dorian LPG Ltd.  | 17028 | 364740 |
| DT Midstream, Inc.  | 48204 | 4685429 |
| Empire Petroleum Corp. \* | 14255 | 65430 |
| Energy Services of America Corp.  | 8556 | 73154 |
| EOG Resources, Inc.  | 267706 | 29536003 |
| Epsilon Energy Ltd.  | 5425 | 38138 |
| EQT Corp.  | 284104 | 14046102 |
| Evolution Petroleum Corp.  | 15426 | 64635 |
| Excelerate Energy, Inc., Class A  | 11119 | 284424 |
| Expand Energy Corp.  | 99868 | 10376285 |
| Expro Group Holdings NV \* | 50353 | 416419 |
| Exxon Mobil Corp.  | 2071244 | 218785504 |
| Flowco Holdings, Inc., Class A \* | 10000 | 193200 |
| Forum Energy Technologies, Inc. \* | 4222 | 61852 |
| FutureFuel Corp.  | 9399 | 38630 |
| Geospace Technologies Corp. \* | 3725 | 23989 |
| Gevo, Inc. \* | 99561 | 109517 |
| Granite Ridge Resources, Inc.  | 22980 | 110534 |
| Gulf Island Fabrication, Inc. \* | 6007 | 42950 |
| Gulfport Energy Corp. \* | 5965 | 1028962 |
| Hallador Energy Co. \* | 16191 | 227726 |
| Halliburton Co.  | 418600 | 8296652 |
| Helix Energy Solutions Group, Inc. \* | 70570 | 429771 |
| Helmerich & Payne, Inc.  | 47141 | 890493 |
| Hess Corp.  | 131157 | 16925811 |
| HF Sinclair Corp.  | 75977 | 2284628 |
| HighPeak Energy, Inc. *(a)* | 11338 | 90817 |
| Infinity Natural Resources, Inc., <br> Class A \*<br>| 6300 | 96705 |
| Innovex International, Inc. \* | 17876 | 269928 |
| International Seaways, Inc.  | 19219 | 652677 |
| Kinder Morgan, Inc.  | 919954 | 24194790 |
| Kinetik Holdings, Inc., Class A  | 17578 | 726675 |
| KLX Energy Services Holdings, Inc. \* | 8329 | 16741 |
| Kodiak Gas Services, Inc.  | 18430 | 626804 |
| Kosmos Energy Ltd. \* | 217678 | 335224 |
| Liberty Energy, Inc., Class A  | 76251 | 876887 |
| Lightbridge Corp. *\*(a)* | 5562 | 49836 |
| Magnolia Oil & Gas Corp., Class A  | 90844 | 1865027 |
| Mammoth Energy Services, Inc. \* | 10739 | 27170 |
| Marathon Petroleum Corp.  | 150235 | 20643791 |
| Matador Resources Co.  | 54610 | 2159279 |
| Murphy Oil Corp.  | 67275 | 1381156 |
| NACCO Industries, Inc., Class A  | 1966 | 68613 |
| Natural Gas Services Group, Inc. \* | 4213 | 75708 |
| New Fortress Energy, Inc.  | 60705 | 329628 |
| NextDecade Corp. \* | 65662 | 491152 |
| Noble Corp. PLC  | 62160 | 1351358 |
| Northern Oil & Gas, Inc.  | 46016 | 1118189 |
| NOV, Inc.  | 180928 | 2100574 |
| NPK International, Inc. \* | 41111 | 237622 |
| Occidental Petroleum Corp.  | 323730 | 12758199 |
| Oceaneering International, Inc. \* | 48506 | 860982 |
| Oil States International, Inc. \* | 29052 | 101973 |
| ONEOK, Inc.  | 295113 | 24246484 |
| OPAL Fuels, Inc., Class A \* | 5715 | 9887 |
| Ovintiv, Inc.  | 123791 | 4156902 |
| Par Pacific Holdings, Inc. \* | 26679 | 382043 |

---

*See financial notes*

**56**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Patterson-UTI Energy, Inc.  | 167426 | 944283 |
| PBF Energy, Inc., Class A  | 48089 | 826169 |
| Peabody Energy Corp.  | 61147 | 754554 |
| Permian Resources Corp., Class A  | 304487 | 3592947 |
| Phillips 66  | 197010 | 20500861 |
| PHX Minerals, Inc.  | 18580 | 71161 |
| PrimeEnergy Resources Corp. \* | 362 | 61493 |
| ProPetro Holding Corp. \* | 39887 | 198637 |
| Range Resources Corp.  | 114590 | 3888039 |
| Ranger Energy Services, Inc., Class A  | 5075 | 56282 |
| REX American Resources Corp. \* | 8751 | 347590 |
| Riley Exploration Permian, Inc.  | 5555 | 137097 |
| Ring Energy, Inc. \* | 96457 | 85471 |
| RPC, Inc.  | 36343 | 171902 |
| Sable Offshore Corp. \* | 29933 | 558550 |
| SandRidge Energy, Inc.  | 12685 | 115560 |
| Schlumberger NV  | 669350 | 22255887 |
| SEACOR Marine Holdings, Inc. \* | 10252 | 50030 |
| Select Water Solutions, Inc.  | 48335 | 411814 |
| Sitio Royalties Corp., Class A  | 38649 | 655487 |
| SM Energy Co.  | 55363 | 1261723 |
| Smart Sand, Inc.  | 17439 | 36622 |
| Solaris Energy Infrastructure, Inc.  | 16327 | 345153 |
| Summit Midstream Corp. \* | 4783 | 133159 |
| Talos Energy, Inc. \* | 63295 | 435470 |
| Targa Resources Corp.  | 103451 | 17679776 |
| TechnipFMC PLC  | 202977 | 5717862 |
| TETRA Technologies, Inc. \* | 48733 | 138889 |
| Texas Pacific Land Corp.  | 8980 | 11574053 |
| Tidewater, Inc. \* | 25379 | 918466 |
| Transocean Ltd. \* | 424431 | 904038 |
| Uranium Energy Corp. \* | 197097 | 1034759 |
| VAALCO Energy, Inc.  | 43433 | 142026 |
| Valaris Ltd. \* | 31641 | 1022321 |
| Valero Energy Corp.  | 150797 | 17506024 |
| Venture Global, Inc., Class A *(a)* | 37502 | 314642 |
| Viper Energy, Inc.  | 62301 | 2512599 |
| Vital Energy, Inc. \* | 11591 | 164360 |
| Vitesse Energy, Inc.  | 13373 | 273478 |
| Weatherford International PLC  | 35131 | 1454423 |
| Williams Cos., Inc.  | 580085 | 33975578 |
| World Kinect Corp.  | 27459 | 688946 |
|  |  | **828309942** |
| **Equity Real Estate Investment Trusts (REITs) 2.5%** | **Equity Real Estate Investment Trusts (REITs) 2.5%** | **Equity Real Estate Investment Trusts (REITs) 2.5%** |
| Acadia Realty Trust  | 58151 | 1110684 |
| Agree Realty Corp.  | 51420 | 3990706 |
| Alexander & Baldwin, Inc.  | 35571 | 611110 |
| Alexander's, Inc.  | 964 | 198970 |
| Alexandria Real Estate Equities, Inc.  | 73593 | 5347267 |
| Alpine Income Property Trust, Inc.  | 4623 | 71425 |
| American Assets Trust, Inc.  | 21772 | 407790 |
| American Healthcare REIT, Inc.  | 73517 | 2373129 |
| American Homes 4 Rent, Class A  | 152398 | 5698161 |
| American Tower Corp.  | 222257 | 50098950 |
| Americold Realty Trust, Inc.  | 124063 | 2399378 |
| Apartment Investment & Management <br> Co., Class A <br>| 64227 | 508036 |
| Apple Hospitality REIT, Inc.  | 105963 | 1247185 |
| Armada Hoffler Properties, Inc.  | 38123 | 258093 |
| AvalonBay Communities, Inc.  | 67771 | 14230555 |
| Bluerock Homes Trust, Inc.  | 1536 | 15636 |
| Braemar Hotels & Resorts, Inc.  | 24766 | 46312 |
| Brandywine Realty Trust  | 80539 | 318934 |
| Brixmor Property Group, Inc.  | 144200 | 3592022 |
| Broadstone Net Lease, Inc.  | 89652 | 1450569 |
| BRT Apartments Corp.  | 5530 | 85549 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| BXP, Inc.  | 69070 | 4401831 |
| Camden Property Trust  | 50722 | 5772164 |
| CareTrust REIT, Inc.  | 87732 | 2567916 |
| CBL & Associates Properties, Inc.  | 5626 | 132042 |
| Centerspace  | 8509 | 513603 |
| Chatham Lodging Trust  | 21672 | 148887 |
| City Office REIT, Inc.  | 16407 | 83348 |
| Clipper Realty, Inc.  | 5283 | 19019 |
| Community Healthcare Trust, Inc.  | 16827 | 287405 |
| COPT Defense Properties  | 55553 | 1450489 |
| Cousins Properties, Inc.  | 78630 | 2165470 |
| Crown Castle, Inc.  | 206660 | 21856362 |
| CTO Realty Growth, Inc.  | 15942 | 291260 |
| CubeSmart  | 108927 | 4430061 |
| Curbline Properties Corp.  | 44358 | 1015355 |
| DiamondRock Hospitality Co.  | 99179 | 727974 |
| Digital Realty Trust, Inc.  | 150863 | 24219546 |
| Diversified Healthcare Trust  | 100000 | 226000 |
| Douglas Emmett, Inc.  | 82507 | 1141072 |
| Easterly Government Properties, Inc.  | 19370 | 390693 |
| EastGroup Properties, Inc.  | 24981 | 4082395 |
| Elme Communities  | 40011 | 622971 |
| Empire State Realty Trust, Inc., <br> Class A <br>| 64131 | 456613 |
| EPR Properties  | 35314 | 1747690 |
| Equinix, Inc.  | 46287 | 39841535 |
| Equity LifeStyle Properties, Inc.  | 90283 | 5848533 |
| Equity Residential  | 163183 | 11465238 |
| Essential Properties Realty Trust, Inc.  | 89280 | 2872138 |
| Essex Property Trust, Inc.  | 30516 | 8518541 |
| Extra Space Storage, Inc.  | 100924 | 14787384 |
| Farmland Partners, Inc.  | 21207 | 213342 |
| Federal Realty Investment Trust  | 36667 | 3447431 |
| First Industrial Realty Trust, Inc.  | 63730 | 3032273 |
| Four Corners Property Trust, Inc.  | 48097 | 1344311 |
| Franklin Street Properties Corp.  | 38431 | 60721 |
| FrontView REIT, Inc.  | 7000 | 87080 |
| Gaming & Leisure Properties, Inc.  | 131430 | 6290240 |
| Getty Realty Corp.  | 23634 | 661516 |
| Gladstone Commercial Corp.  | 22360 | 315947 |
| Gladstone Land Corp.  | 14746 | 146428 |
| Global Medical REIT, Inc.  | 26096 | 201983 |
| Global Net Lease, Inc.  | 94810 | 715815 |
| Healthcare Realty Trust, Inc., Class A  | 174248 | 2706071 |
| Healthpeak Properties, Inc.  | 333583 | 5951121 |
| Highwoods Properties, Inc.  | 49859 | 1417990 |
| Host Hotels & Resorts, Inc.  | 332660 | 4697159 |
| Hudson Pacific Properties, Inc.  | 103441 | 212054 |
| Independence Realty Trust, Inc.  | 109856 | 2134502 |
| Industrial Logistics Properties Trust  | 24875 | 65172 |
| Innovative Industrial Properties, Inc.  | 15177 | 824263 |
| InvenTrust Properties Corp.  | 38416 | 1070270 |
| Invitation Homes, Inc.  | 273205 | 9340879 |
| Iron Mountain, Inc.  | 140566 | 12604553 |
| JBG SMITH Properties  | 40899 | 571768 |
| Kilroy Realty Corp.  | 50004 | 1575626 |
| Kimco Realty Corp.  | 323056 | 6454659 |
| Kite Realty Group Trust  | 102603 | 2221355 |
| Lamar Advertising Co., Class A  | 42157 | 4797888 |
| Lineage, Inc.  | 30109 | 1452157 |
| LTC Properties, Inc.  | 20899 | 749647 |
| LXP Industrial Trust  | 139647 | 1101815 |
| Macerich Co.  | 118219 | 1733091 |
| Medical Properties Trust, Inc.  | 305397 | 1685791 |
| Mid-America Apartment <br> Communities, Inc. <br>| 55489 | 8858819 |
| Millrose Properties, Inc., Class A  | 58990 | 1477110 |
| Modiv Industrial, Inc., Class C  | 3196 | 52350 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**57**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| National Health Investors, Inc.  | 21414 | 1620397 |
| National Storage Affiliates Trust  | 32600 | 1212720 |
| NET Lease Office Properties \* | 6279 | 189814 |
| NETSTREIT Corp.  | 38339 | 623776 |
| New Century Financial Corp. *\*(b)* | 3600 | 0 |
| NexPoint Diversified Real Estate Trust  | 17088 | 59979 |
| NexPoint Residential Trust, Inc.  | 9644 | 359528 |
| NNN REIT, Inc.  | 90810 | 3733199 |
| Omega Healthcare Investors, Inc.  | 133894 | 5228561 |
| One Liberty Properties, Inc.  | 6163 | 150377 |
| Orion Properties, Inc.  | 25500 | 46665 |
| Outfront Media, Inc.  | 65436 | 990047 |
| Paramount Group, Inc.  | 85678 | 367559 |
| Park Hotels & Resorts, Inc.  | 97416 | 968315 |
| Pebblebrook Hotel Trust  | 56936 | 515271 |
| Phillips Edison & Co., Inc.  | 58983 | 2046710 |
| Piedmont Office Realty Trust, Inc., <br> Class A <br>| 59125 | 349429 |
| Plymouth Industrial REIT, Inc.  | 16461 | 244775 |
| Postal Realty Trust, Inc., Class A  | 13537 | 179230 |
| PotlatchDeltic Corp.  | 33248 | 1276391 |
| Prologis, Inc.  | 441941 | 45166370 |
| Public Storage  | 74917 | 22507314 |
| Rayonier, Inc.  | 66636 | 1629917 |
| Realty Income Corp.  | 417687 | 24167370 |
| Regency Centers Corp.  | 77593 | 5600663 |
| Rexford Industrial Realty, Inc.  | 108245 | 3582909 |
| RLJ Lodging Trust  | 69831 | 489515 |
| Ryman Hospitality Properties, Inc.  | 28509 | 2507367 |
| Sabra Health Care REIT, Inc.  | 112814 | 2013730 |
| Safehold, Inc.  | 21044 | 331443 |
| Saul Centers, Inc.  | 5768 | 188614 |
| SBA Communications Corp., Class A  | 51529 | 12542159 |
| Service Properties Trust  | 79200 | 142560 |
| Sila Realty Trust, Inc.  | 26410 | 680322 |
| Simon Property Group, Inc.  | 145636 | 22920194 |
| SITE Centers Corp.  | 22400 | 265216 |
| SL Green Realty Corp.  | 33202 | 1746757 |
| STAG Industrial, Inc.  | 88709 | 2930058 |
| Summit Hotel Properties, Inc.  | 47221 | 192189 |
| Sun Communities, Inc.  | 57204 | 7117894 |
| Sunstone Hotel Investors, Inc.  | 101945 | 850221 |
| Tanger, Inc.  | 52925 | 1667667 |
| Terreno Realty Corp.  | 47203 | 2658945 |
| UDR, Inc.  | 144019 | 6031516 |
| UMH Properties, Inc.  | 34350 | 606964 |
| Universal Health Realty Income Trust  | 5432 | 207557 |
| Urban Edge Properties  | 58172 | 1051168 |
| Ventas, Inc.  | 208193 | 14590165 |
| Veris Residential, Inc.  | 37721 | 585430 |
| VICI Properties, Inc., Class A  | 501574 | 16060399 |
| Vornado Realty Trust  | 80457 | 2838523 |
| Welltower, Inc.  | 289926 | 44239808 |
| Weyerhaeuser Co.  | 347200 | 8995952 |
| Whitestone REIT  | 20066 | 261661 |
| WP Carey, Inc.  | 104178 | 6504874 |
| Xenia Hotels & Resorts, Inc.  | 45844 | 489614 |
|  |  | **630942961** |
| **Financial Services 8.8%** | **Financial Services 8.8%** | **Financial Services 8.8%** |
| Acacia Research Corp. \* | 29703 | 91782 |
| Acadian Asset Management, Inc.  | 14000 | 377160 |
| ACRES Commercial Realty Corp. \* | 3144 | 60774 |
| Advanced Flower Capital, Inc.  | 8444 | 46526 |
| Affiliated Managers Group, Inc.  | 13909 | 2303748 |
| Affirm Holdings, Inc. \* | 121256 | 6033699 |
| AG Mortgage Investment Trust, Inc.  | 14032 | 91629 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| AGNC Investment Corp.  | 435866 | 3848697 |
| Alerus Financial Corp.  | 11281 | 224266 |
| Ally Financial, Inc.  | 131106 | 4281922 |
| AlTi Global, Inc. \* | 40478 | 138840 |
| American Express Co.  | 264182 | 70380727 |
| Ameriprise Financial, Inc.  | 45701 | 21526085 |
| Angel Oak Mortgage REIT, Inc.  | 9942 | 93952 |
| Annaly Capital Management, Inc.  | 274205 | 5374418 |
| Apollo Commercial Real Estate <br> Finance, Inc. <br>| 61373 | 575065 |
| Apollo Global Management, Inc.  | 212485 | 28999953 |
| Arbor Realty Trust, Inc. *(a)* | 92240 | 1063527 |
| Ares Commercial Real Estate Corp.  | 22535 | 91717 |
| ARES Management Corp., Class A  | 88630 | 13518734 |
| ARMOUR Residential REIT, Inc.  | 36345 | 598602 |
| Artisan Partners Asset Management, <br> Inc., Class A <br>| 32819 | 1213647 |
| Associated Capital Group, Inc., <br> Class A <br>| 1818 | 65666 |
| Atlanticus Holdings Corp. \* | 2144 | 117534 |
| AvidXchange Holdings, Inc. \* | 89883 | 730749 |
| Bakkt Holdings, Inc. *\*(a)* | 5451 | 51130 |
| Bank of New York Mellon Corp.  | 341167 | 27433238 |
| Berkshire Hathaway, Inc., Class B \* | 872306 | 465157175 |
| BGC Group, Inc., Class A  | 187349 | 1697382 |
| Blackrock, Inc.  | 69303 | 63360961 |
| Blackstone Mortgage Trust, Inc., <br> Class A <br>| 85957 | 1637481 |
| Blackstone, Inc.  | 348550 | 45907521 |
| Block, Inc. \* | 268396 | 15693114 |
| Blue Owl Capital, Inc., Class A  | 246342 | 4564717 |
| Bread Financial Holdings, Inc.  | 23925 | 1135241 |
| Bridge Investment Group Holdings, <br> Inc., Class A <br>| 28624 | 274504 |
| BrightSpire Capital, Inc., Class A  | 69114 | 346261 |
| Cannae Holdings, Inc.  | 25712 | 455360 |
| Cantaloupe, Inc. \* | 26721 | 213768 |
| Capital One Financial Corp.  | 181419 | 32702589 |
| Carlyle Group, Inc.  | 101156 | 3908668 |
| Cass Information Systems, Inc.  | 5702 | 232299 |
| Cboe Global Markets, Inc.  | 49814 | 11048745 |
| Charles Schwab Corp. *(c)* | 805407 | 65560130 |
| Cherry Hill Mortgage Investment <br> Corp. <br>| 15001 | 45303 |
| Chicago Atlantic Real Estate Finance, <br> Inc. <br>| 9254 | 133905 |
| Chimera Investment Corp.  | 41204 | 508457 |
| CME Group, Inc.  | 171598 | 47546374 |
| Cohen & Steers, Inc.  | 12467 | 951481 |
| Coinbase Global, Inc., Class A \* | 100314 | 20352707 |
| Consumer Portfolio Services, Inc. \* | 5099 | 47064 |
| Corebridge Financial, Inc.  | 120507 | 3570622 |
| Corpay, Inc. \* | 33242 | 10815950 |
| Credit Acceptance Corp. \* | 3121 | 1521238 |
| Dave, Inc. \* | 3855 | 365531 |
| Diamond Hill Investment Group, Inc.  | 1364 | 171837 |
| Discover Financial Services  | 119261 | 21785407 |
| Donnelley Financial Solutions, Inc. \* | 12417 | 598499 |
| Dynex Capital, Inc.  | 37657 | 464311 |
| Ellington Financial, Inc.  | 43305 | 564264 |
| Enact Holdings, Inc.  | 14940 | 534703 |
| Encore Capital Group, Inc. \* | 12761 | 438978 |
| Enova International, Inc. \* | 12373 | 1135718 |
| Equitable Holdings, Inc.  | 148260 | 7331457 |
| Essent Group Ltd.  | 49937 | 2842913 |
| Euronet Worldwide, Inc. \* | 20230 | 2004793 |
| Evercore, Inc., Class A  | 16650 | 3418079 |

---

*See financial notes*

**58**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| EVERTEC, Inc.  | 29799 | 1011378 |
| EZCORP, Inc., Class A \* | 25151 | 411722 |
| FactSet Research Systems, Inc.  | 18129 | 7835716 |
| Federal Agricultural Mortgage Corp., <br> Class C <br>| 4622 | 810375 |
| Federated Hermes, Inc.  | 38340 | 1556987 |
| Fidelity National Information Services, <br> Inc. <br>| 251917 | 19871213 |
| Finance of America Cos., Inc., <br> Class A \*<br>| 5723 | 119496 |
| FirstCash Holdings, Inc.  | 18911 | 2533318 |
| Fiserv, Inc. \* | 270560 | 49937259 |
| Flywire Corp. \* | 51215 | 481933 |
| Forge Global Holdings, Inc. \* | 3010 | 43615 |
| Franklin BSP Realty Trust, Inc.  | 44583 | 507355 |
| Franklin Resources, Inc.  | 150755 | 2828164 |
| GCM Grosvenor, Inc., Class A  | 19770 | 247916 |
| Global Payments, Inc.  | 117775 | 8987410 |
| Goldman Sachs Group, Inc.  | 148513 | 81318293 |
| Granite Point Mortgage Trust, Inc.  | 23221 | 45745 |
| Great Elm Group, Inc. \* | 9772 | 18567 |
| Guild Holdings Co., Class A  | 4604 | 59668 |
| HA Sustainable Infrastructure Capital, <br> Inc. <br>| 57260 | 1430355 |
| Hamilton Lane, Inc., Class A  | 21058 | 3253250 |
| Heritage Global, Inc. \* | 16791 | 33918 |
| Houlihan Lokey, Inc., Class A  | 25694 | 4164484 |
| Innventure, Inc. \* | 15812 | 66410 |
| Interactive Brokers Group, Inc., <br> Class A <br>| 51859 | 8911969 |
| Intercontinental Exchange, Inc.  | 273562 | 45950209 |
| International Money Express, Inc. \* | 18445 | 229087 |
| Invesco Ltd.  | 218602 | 3045126 |
| Invesco Mortgage Capital, Inc. *(a)* | 28900 | 211837 |
| Jack Henry & Associates, Inc.  | 34445 | 5973796 |
| Jackson Financial, Inc., Class A  | 34689 | 2702620 |
| Janus Henderson Group PLC  | 59917 | 1989844 |
| Jefferies Financial Group, Inc.  | 77140 | 3604752 |
| KKR & Co., Inc.  | 321239 | 36707981 |
| KKR Real Estate Finance Trust, Inc.  | 24272 | 224516 |
| Ladder Capital Corp., Class A  | 54768 | 571778 |
| Lazard, Inc.  | 53051 | 2063684 |
| LendingClub Corp. \* | 52098 | 508997 |
| LendingTree, Inc. \* | 6556 | 338224 |
| loanDepot, Inc., Class A \* | 36984 | 41052 |
| LPL Financial Holdings, Inc.  | 37642 | 12037535 |
| Lument Finance Trust, Inc. *(a)* | 24035 | 63452 |
| Manhattan Bridge Capital, Inc.  | 7727 | 39562 |
| MarketAxess Holdings, Inc.  | 18220 | 4037370 |
| Marqeta, Inc., Class A \* | 195000 | 815100 |
| Mastercard, Inc., Class A  | 387625 | 212441758 |
| Medallion Financial Corp.  | 6557 | 57702 |
| Merchants Bancorp  | 12767 | 384031 |
| MFA Financial, Inc.  | 47437 | 465831 |
| MGIC Investment Corp.  | 119975 | 2988577 |
| Moelis & Co., Class A  | 33803 | 1811165 |
| Moody's Corp.  | 73812 | 33445693 |
| Morgan Stanley  | 588575 | 67933327 |
| Morningstar, Inc.  | 12943 | 3685131 |
| Mr. Cooper Group, Inc. \* | 30229 | 3597553 |
| MSCI, Inc., Class A  | 36979 | 20157623 |
| Nasdaq, Inc.  | 197272 | 15034099 |
| Navient Corp.  | 37356 | 462467 |
| NCR Atleos Corp. \* | 32791 | 915525 |
| Nelnet, Inc., Class A  | 8414 | 892641 |
| NerdWallet, Inc., Class A \* | 22319 | 199978 |
| New York Mortgage Trust, Inc.  | 40532 | 237923 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| NewtekOne, Inc.  | 11192 | 116397 |
| Nexpoint Real Estate Finance, Inc.  | 5703 | 83435 |
| NMI Holdings, Inc., Class A \* | 36089 | 1305339 |
| Northern Trust Corp.  | 92924 | 8732998 |
| Old Market Capital Corp. \* | 6032 | 34443 |
| OneMain Holdings, Inc.  | 56769 | 2672117 |
| Onity Group, Inc. \* | 3090 | 115906 |
| Open Lending Corp., Class A \* | 50000 | 62000 |
| Oportun Financial Corp. \* | 16000 | 81920 |
| Oppenheimer Holdings, Inc., Class A  | 3500 | 206535 |
| OppFi, Inc.  | 7166 | 67002 |
| Orchid Island Capital, Inc. *(a)* | 44361 | 317181 |
| P10, Inc., Class A  | 27410 | 303429 |
| Paymentus Holdings, Inc., Class A \* | 8752 | 284090 |
| Payoneer Global, Inc. \* | 120097 | 844282 |
| PayPal Holdings, Inc. \* | 471641 | 31052843 |
| Paysign, Inc. \* | 9553 | 22927 |
| PennyMac Financial Services, Inc.  | 14754 | 1437630 |
| PennyMac Mortgage Investment Trust  | 41298 | 530266 |
| Perella Weinberg Partners, Class A  | 27101 | 465324 |
| Piper Sandler Cos.  | 7659 | 1846738 |
| PJT Partners, Inc., Class A  | 11152 | 1580350 |
| PRA Group, Inc. \* | 21991 | 402435 |
| Priority Technology Holdings, Inc. \* | 9469 | 68745 |
| PROG Holdings, Inc.  | 19924 | 525197 |
| Radian Group, Inc.  | 68984 | 2203349 |
| Raymond James Financial, Inc.  | 87932 | 12050201 |
| Redwood Trust, Inc.  | 69393 | 430931 |
| Regional Management Corp.  | 3411 | 112324 |
| Remitly Global, Inc. \* | 70377 | 1423023 |
| Rithm Capital Corp.  | 243881 | 2726590 |
| Rithm Property Trust, Inc.  | 21615 | 63116 |
| Robinhood Markets, Inc., Class A \* | 338205 | 16609248 |
| Rocket Cos., Inc., Class A *(a)* | 65077 | 840144 |
| S&P Global, Inc.  | 149905 | 74959995 |
| Security National Financial Corp., <br> Class A \*<br>| 7403 | 75807 |
| SEI Investments Co.  | 45864 | 3590693 |
| Seven Hills Realty Trust  | 5666 | 67595 |
| Sezzle, Inc. \* | 8400 | 436380 |
| Shift4 Payments, Inc., Class A \* | 32081 | 2624226 |
| Silvercrest Asset Management Group, <br> Inc., Class A <br>| 3213 | 49159 |
| SLM Corp.  | 98776 | 2855614 |
| SoFi Technologies, Inc. \* | 527522 | 6599300 |
| Starwood Property Trust, Inc.  | 156374 | 3000817 |
| State Street Corp.  | 137253 | 12091989 |
| StepStone Group, Inc., Class A  | 31109 | 1555761 |
| Stifel Financial Corp.  | 48843 | 4185357 |
| StoneX Group, Inc. \* | 21112 | 1869784 |
| Sunrise Realty Trust, Inc.  | 2814 | 30279 |
| SWK Holdings Corp.  | 1451 | 20445 |
| Synchrony Financial  | 185261 | 9624309 |
| T. Rowe Price Group, Inc.  | 106271 | 9410297 |
| Toast, Inc., Class A \* | 197183 | 7015771 |
| TPG RE Finance Trust, Inc.  | 31952 | 244113 |
| TPG, Inc.  | 44401 | 2062426 |
| Tradeweb Markets, Inc., Class A  | 55578 | 7686437 |
| Two Harbors Investment Corp.  | 51925 | 616350 |
| U.S. Global Investors, Inc., Class A  | 6234 | 13278 |
| Upstart Holdings, Inc. \* | 38067 | 1819603 |
| Usio, Inc. \* | 17787 | 28993 |
| UWM Holdings Corp.  | 43383 | 203900 |
| Velocity Financial, Inc. \* | 5032 | 89922 |
| Victory Capital Holdings, Inc., Class A  | 21725 | 1244625 |
| Virtu Financial, Inc., Class A  | 38843 | 1520703 |
| Virtus Investment Partners, Inc.  | 3633 | 557992 |
| Visa, Inc., Class A  | 820103 | 283345587 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**59**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Voya Financial, Inc.  | 46953 | 2779618 |
| Walker & Dunlop, Inc.  | 15262 | 1168153 |
| Waterstone Financial, Inc.  | 8861 | 107218 |
| Western Union Co.  | 160667 | 1592210 |
| Westwood Holdings Group, Inc.  | 2653 | 44305 |
| WEX, Inc. \* | 16578 | 2161274 |
| WisdomTree, Inc.  | 51234 | 445736 |
| World Acceptance Corp. \* | 1349 | 174183 |
|  |  | **2250322015** |
| **Food, Beverage & Tobacco 2.5%** | **Food, Beverage & Tobacco 2.5%** | **Food, Beverage & Tobacco 2.5%** |
| Alico, Inc.  | 2213 | 63159 |
| Altria Group, Inc.  | 806755 | 47719558 |
| Archer-Daniels-Midland Co.  | 228074 | 10890533 |
| B&G Foods, Inc.  | 42071 | 289869 |
| Beyond Meat, Inc. *\*(a)* | 28812 | 71454 |
| Boston Beer Co., Inc., Class A \* | 4323 | 1062593 |
| Brown-Forman Corp., Class B  | 111689 | 3891245 |
| Bunge Global SA  | 63437 | 4993761 |
| Calavo Growers, Inc.  | 7291 | 201377 |
| Cal-Maine Foods, Inc.  | 20534 | 1917260 |
| Campbell's Co.  | 93546 | 3410687 |
| Celsius Holdings, Inc. \* | 73866 | 2582355 |
| Coca-Cola Co.  | 1842308 | 133659445 |
| Coca-Cola Consolidated, Inc.  | 2804 | 3801691 |
| Conagra Brands, Inc.  | 226683 | 5601337 |
| Constellation Brands, Inc., Class A  | 73881 | 13855643 |
| Darling Ingredients, Inc. \* | 78445 | 2525145 |
| Farmer Bros Co. \* | 11781 | 22030 |
| Flowers Foods, Inc.  | 97373 | 1712791 |
| Fresh Del Monte Produce, Inc.  | 17575 | 597726 |
| Freshpet, Inc. \* | 23189 | 1705319 |
| General Mills, Inc.  | 261966 | 14863951 |
| Hershey Co.  | 70613 | 11805787 |
| Hormel Foods Corp.  | 138595 | 4143990 |
| Ingredion, Inc.  | 31040 | 4122733 |
| J&J Snack Foods Corp.  | 7048 | 913350 |
| J.M. Smucker Co.  | 50613 | 5884774 |
| John B Sanfilippo & Son, Inc.  | 3955 | 262098 |
| Kellanova  | 128547 | 10639835 |
| Keurig Dr. Pepper, Inc.  | 567040 | 19613914 |
| Kraft Heinz Co.  | 418272 | 12171715 |
| Lamb Weston Holdings, Inc.  | 68751 | 3630740 |
| Lancaster Colony Corp.  | 9454 | 1538922 |
| Lifeway Foods, Inc. \* | 2366 | 56027 |
| Limoneira Co.  | 7226 | 108607 |
| Mama's Creations, Inc. \* | 16154 | 106616 |
| McCormick & Co., Inc. - Non Voting <br> Shares <br>| 120078 | 9205179 |
| MGP Ingredients, Inc.  | 7544 | 222322 |
| Mission Produce, Inc. \* | 18304 | 191734 |
| Molson Coors Beverage Co., Class B  | 83203 | 4786669 |
| Mondelez International, Inc., Class A  | 615474 | 41932244 |
| Monster Beverage Corp. \* | 333476 | 20048577 |
| National Beverage Corp.  | 10019 | 444844 |
| PepsiCo, Inc.  | 653084 | 88545129 |
| Philip Morris International, Inc.  | 740229 | 126845641 |
| Pilgrim's Pride Corp.  | 19693 | 1074844 |
| Post Holdings, Inc. \* | 21711 | 2457034 |
| Primo Brands Corp.  | 94656 | 3092412 |
| Seaboard Corp.  | 139 | 359451 |
| Seneca Foods Corp., Class A \* | 2612 | 234270 |
| Simply Good Foods Co. \* | 42953 | 1551033 |
| SunOpta, Inc. \* | 43000 | 185760 |
| Tootsie Roll Industries, Inc.  | 7873 | 251936 |
| TreeHouse Foods, Inc. \* | 22159 | 516083 |
| Turning Point Brands, Inc.  | 8413 | 516390 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Tyson Foods, Inc., Class A  | 136183 | 8339847 |
| Universal Corp.  | 12751 | 743001 |
| Utz Brands, Inc.  | 34013 | 452033 |
| Vita Coco Co., Inc. \* | 18490 | 611095 |
| Vital Farms, Inc. \* | 14019 | 480011 |
| Westrock Coffee Co. *\*(a)* | 15240 | 88392 |
| WK Kellogg Co.  | 31616 | 566875 |
| Zevia PBC, Class A \* | 20011 | 45225 |
|  |  | **644226068** |
| **Health Care Equipment & Services 4.6%** | **Health Care Equipment & Services 4.6%** | **Health Care Equipment & Services 4.6%** |
| Abbott Laboratories  | 825367 | 107916735 |
| Acadia Healthcare Co., Inc. \* | 43513 | 1018204 |
| Accuray, Inc. \* | 36635 | 56784 |
| AdaptHealth Corp., Class A \* | 56230 | 478517 |
| Addus HomeCare Corp. \* | 8398 | 878011 |
| agilon health, Inc. \* | 161701 | 688846 |
| Align Technology, Inc. \* | 33475 | 5801217 |
| Alignment Healthcare, Inc. \* | 51148 | 906343 |
| Alphatec Holdings, Inc. \* | 48583 | 533441 |
| Amedisys, Inc. \* | 15348 | 1456525 |
| American Well Corp., Class A \* | 6250 | 45813 |
| AMN Healthcare Services, Inc. \* | 17098 | 349312 |
| AngioDynamics, Inc. \* | 16851 | 156546 |
| Artivion, Inc. \* | 17724 | 419882 |
| Astrana Health, Inc. \* | 19744 | 615420 |
| AtriCure, Inc. \* | 23192 | 693673 |
| Avanos Medical, Inc. \* | 19723 | 247524 |
| Aveanna Healthcare Holdings, Inc. \* | 23737 | 109428 |
| Axogen, Inc. \* | 20819 | 338725 |
| Baxter International, Inc.  | 243278 | 7582975 |
| Becton Dickinson & Co.  | 136824 | 28334882 |
| Beta Bionics, Inc. *\*(a)* | 5770 | 63759 |
| Biodesix, Inc. \* | 20622 | 11020 |
| Bioventus, Inc., Class A \* | 20832 | 152282 |
| Boston Scientific Corp. \* | 701188 | 72131210 |
| BrightSpring Health Services, Inc. \* | 25000 | 438250 |
| Brookdale Senior Living, Inc. \* | 96082 | 630298 |
| Butterfly Network, Inc. \* | 79217 | 185368 |
| Cardinal Health, Inc.  | 115481 | 16316310 |
| Castle Biosciences, Inc. \* | 13247 | 265602 |
| Cencora, Inc.  | 82060 | 24016500 |
| Centene Corp. \* | 235750 | 14109637 |
| Ceribell, Inc. \* | 7386 | 118841 |
| Certara, Inc. \* | 51767 | 717491 |
| Cerus Corp. \* | 76254 | 100655 |
| Chemed Corp.  | 7177 | 4173497 |
| Cigna Group  | 130366 | 44329655 |
| Claritev Corp. \* | 4000 | 89720 |
| ClearPoint Neuro, Inc. \* | 10369 | 149210 |
| Clover Health Investments Corp., <br> Class A \*<br>| 212274 | 721732 |
| Community Health Systems, Inc. \* | 51561 | 140762 |
| Concentra Group Holdings Parent, <br> Inc. <br>| 52939 | 1151423 |
| CONMED Corp.  | 14231 | 698884 |
| Cooper Cos., Inc. \* | 94748 | 7738069 |
| CorVel Corp. \* | 13077 | 1422255 |
| Cross Country Healthcare, Inc. \* | 14884 | 201678 |
| CVRx, Inc. \* | 5810 | 42529 |
| CVS Health Corp.  | 600162 | 40036807 |
| DaVita, Inc. \* | 21273 | 3011193 |
| Definitive Healthcare Corp., Class A \* | 24978 | 67940 |
| Delcath Systems, Inc. \* | 12977 | 156243 |
| DENTSPLY SIRONA, Inc.  | 95706 | 1330313 |
| Dexcom, Inc. \* | 185830 | 13264545 |
| DocGo, Inc. \* | 50278 | 112120 |

---

*See financial notes*

**60**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Doximity, Inc., Class A \* | 63986 | 3639524 |
| Edwards Lifesciences Corp. \* | 281841 | 21276177 |
| ElectroCore, Inc. \* | 3035 | 22322 |
| Electromed, Inc. \* | 3594 | 82770 |
| Elevance Health, Inc.  | 110384 | 46425303 |
| Embecta Corp.  | 27343 | 333311 |
| Encompass Health Corp.  | 48343 | 5655648 |
| Enhabit, Inc. \* | 23015 | 183890 |
| Enovis Corp. \* | 29799 | 1030747 |
| Ensign Group, Inc.  | 27338 | 3526329 |
| Envista Holdings Corp. \* | 86035 | 1383443 |
| Evolent Health, Inc., Class A \* | 60209 | 593661 |
| FONAR Corp. \* | 3312 | 41566 |
| Fulgent Genetics, Inc. \* | 9036 | 156775 |
| GE HealthCare Technologies, Inc.  | 217437 | 15292344 |
| GeneDx Holdings Corp. \* | 9756 | 652189 |
| Glaukos Corp. \* | 26238 | 2472931 |
| Globus Medical, Inc., Class A \* | 53888 | 3867542 |
| GoodRx Holdings, Inc., Class A \* | 51094 | 236565 |
| Guardant Health, Inc. \* | 58617 | 2768481 |
| Haemonetics Corp. \* | 23730 | 1495465 |
| HCA Healthcare, Inc.  | 85009 | 29334906 |
| Health Catalyst, Inc. \* | 26200 | 103490 |
| HealthEquity, Inc. \* | 41817 | 3584553 |
| HealthStream, Inc.  | 11829 | 397809 |
| HeartBeam, Inc. \* | 14543 | 25450 |
| Henry Schein, Inc. \* | 59619 | 3873446 |
| Hims & Hers Health, Inc. \* | 90280 | 2988268 |
| Hologic, Inc. \* | 106689 | 6209300 |
| Humana, Inc.  | 57306 | 15027925 |
| ICU Medical, Inc. \* | 11535 | 1575566 |
| IDEXX Laboratories, Inc. \* | 39160 | 16942574 |
| InfuSystem Holdings, Inc. \* | 10655 | 50292 |
| Inogen, Inc. \* | 16555 | 118037 |
| Inspire Medical Systems, Inc. \* | 14056 | 2226189 |
| Insulet Corp. \* | 33434 | 8435064 |
| Integer Holdings Corp. \* | 15723 | 1985972 |
| Integra LifeSciences Holdings Corp. \* | 30569 | 501026 |
| Intuitive Surgical, Inc. \* | 169721 | 87542092 |
| iRadimed Corp.  | 3278 | 171800 |
| iRhythm Technologies, Inc. \* | 14707 | 1572031 |
| Joint Corp. \* | 7452 | 74595 |
| Kewaunee Scientific Corp. \* | 1200 | 38004 |
| KORU Medical Systems, Inc. \* | 12813 | 35236 |
| Labcorp Holdings, Inc.  | 39683 | 9564000 |
| Lantheus Holdings, Inc. \* | 33429 | 3487982 |
| LeMaitre Vascular, Inc.  | 9838 | 892700 |
| LENSAR, Inc. \* | 4846 | 68086 |
| LifeMD, Inc. \* | 20209 | 148738 |
| LifeStance Health Group, Inc. \* | 73312 | 481660 |
| LivaNova PLC \* | 25025 | 925925 |
| Masimo Corp. \* | 21076 | 3392393 |
| McKesson Corp.  | 59648 | 42516498 |
| Medtronic PLC  | 610081 | 51710466 |
| Merit Medical Systems, Inc. \* | 27482 | 2595675 |
| Milestone Scientific, Inc. \* | 34400 | 31648 |
| Molina Healthcare, Inc. \* | 26374 | 8624562 |
| Myomo, Inc. \* | 21495 | 101027 |
| National HealthCare Corp.  | 6222 | 587917 |
| National Research Corp.  | 6098 | 69273 |
| Neogen Corp. \* | 93023 | 469766 |
| NeoGenomics, Inc. \* | 59570 | 380950 |
| Neuronetics, Inc. \* | 15000 | 65700 |
| NeuroPace, Inc. \* | 4356 | 50922 |
| Novocure Ltd. \* | 46100 | 836254 |
| Nutex Health, Inc. \* | 1600 | 175952 |
| OmniAb, Inc., Class A *\*(b)* | 2395 | 0 |
| OmniAb, Inc., Class B *\*(b)* | 2395 | 0 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Omnicell, Inc. \* | 21903 | 684688 |
| OPKO Health, Inc. \* | 185881 | 256516 |
| OptimizeRx Corp. \* | 8000 | 72960 |
| Option Care Health, Inc. \* | 82185 | 2655397 |
| OraSure Technologies, Inc. \* | 30500 | 91195 |
| Orchestra BioMed Holdings, Inc. \* | 12514 | 37167 |
| Orthofix Medical, Inc. \* | 18213 | 253343 |
| OrthoPediatrics Corp. \* | 7124 | 148322 |
| Owens & Minor, Inc. \* | 33542 | 236807 |
| PACS Group, Inc. \* | 17234 | 165963 |
| Pediatrix Medical Group, Inc. \* | 44894 | 578235 |
| Pennant Group, Inc. \* | 17830 | 456805 |
| Penumbra, Inc. \* | 18442 | 5400555 |
| Performant Healthcare, Inc. \* | 24843 | 58629 |
| Phreesia, Inc. \* | 26389 | 658669 |
| Premier, Inc., Class A  | 49019 | 997537 |
| Privia Health Group, Inc. \* | 49235 | 1156038 |
| PROCEPT BioRobotics Corp. \* | 25602 | 1381996 |
| Pro-Dex, Inc. \* | 1916 | 125843 |
| Progyny, Inc. \* | 36695 | 838114 |
| Pulmonx Corp. \* | 17853 | 86230 |
| Pulse Biosciences, Inc. *\*(a)* | 9273 | 157826 |
| Quest Diagnostics, Inc.  | 53000 | 9445660 |
| QuidelOrtho Corp. \* | 31588 | 877831 |
| RadNet, Inc. \* | 30538 | 1599580 |
| ResMed, Inc.  | 69897 | 16536931 |
| Rockwell Medical, Inc. \* | 7846 | 8474 |
| RxSight, Inc. \* | 16645 | 245014 |
| Sanara Medtech, Inc. \* | 1654 | 52829 |
| Schrodinger, Inc. \* | 25953 | 665175 |
| Select Medical Holdings Corp.  | 48777 | 889692 |
| Semler Scientific, Inc. *\*(a)* | 6174 | 199605 |
| Senseonics Holdings, Inc. \* | 315306 | 234808 |
| Sensus Healthcare, Inc. \* | 6026 | 25912 |
| SI-BONE, Inc. \* | 19218 | 262326 |
| Simulations Plus, Inc.  | 7164 | 246083 |
| Solventum Corp. \* | 66678 | 4408749 |
| Sonida Senior Living, Inc. \* | 6855 | 159173 |
| STAAR Surgical Co. \* | 24350 | 444631 |
| Stereotaxis, Inc. \* | 22696 | 45392 |
| STERIS PLC  | 46931 | 10547273 |
| Stryker Corp.  | 163349 | 61079458 |
| Surgery Partners, Inc. \* | 37410 | 821150 |
| Surmodics, Inc. \* | 7188 | 201336 |
| Tactile Systems Technology, Inc. \* | 10021 | 141497 |
| Talkspace, Inc. \* | 88164 | 270663 |
| Tandem Diabetes Care, Inc. \* | 31215 | 525973 |
| Teladoc Health, Inc. \* | 82002 | 589594 |
| Teleflex, Inc.  | 22476 | 3080336 |
| Tenet Healthcare Corp. \* | 44997 | 6432321 |
| TransMedics Group, Inc. \* | 15824 | 1455966 |
| Treace Medical Concepts, Inc. \* | 27099 | 191861 |
| TruBridge, Inc. \* | 6539 | 170210 |
| U.S. Physical Therapy, Inc.  | 7360 | 523370 |
| UFP Technologies, Inc. \* | 3430 | 715292 |
| UnitedHealth Group, Inc.  | 437911 | 180174102 |
| Universal Health Services, Inc., <br> Class B <br>| 27948 | 4948752 |
| Utah Medical Products, Inc.  | 2665 | 137914 |
| Varex Imaging Corp. \* | 17095 | 142230 |
| Veeva Systems, Inc., Class A \* | 71202 | 16639195 |
| Viemed Healthcare, Inc. \* | 16000 | 113120 |
| Vivani Medical, Inc. \* | 30016 | 30916 |
| Waystar Holding Corp. \* | 33013 | 1227093 |
| Zimmer Biomet Holdings, Inc.  | 94633 | 9751931 |
| Zimvie, Inc. \* | 16179 | 146582 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**61**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Zynex, Inc. \* | 7546 | 12526 |
|  |  | **1180770664** |
| **Household & Personal Products 1.2%** | **Household & Personal Products 1.2%** | **Household & Personal Products 1.2%** |
| Beauty Health Co. \* | 59555 | 59049 |
| BellRing Brands, Inc. \* | 61798 | 4767098 |
| Central Garden & Pet Co. \* | 4564 | 153168 |
| Central Garden & Pet Co., Class A \* | 25542 | 755277 |
| Church & Dwight Co., Inc.  | 117144 | 11637085 |
| Clorox Co.  | 58811 | 8368805 |
| Colgate-Palmolive Co.  | 386745 | 35654021 |
| Coty, Inc., Class A \* | 168936 | 853127 |
| Edgewell Personal Care Co.  | 22085 | 674697 |
| elf Beauty, Inc. \* | 27006 | 1670861 |
| Energizer Holdings, Inc.  | 31376 | 848407 |
| Estee Lauder Cos., Inc., Class A  | 110850 | 6646566 |
| Herbalife Ltd. \* | 46075 | 331740 |
| Honest Co., Inc. \* | 29467 | 141147 |
| Interparfums, Inc.  | 8373 | 914332 |
| Kenvue, Inc.  | 910307 | 21483245 |
| Kimberly-Clark Corp.  | 157868 | 20803845 |
| Lifevantage Corp.  | 7299 | 90289 |
| Medifast, Inc. \* | 8935 | 117406 |
| Natural Alternatives International, <br> Inc. \*<br>| 3654 | 10962 |
| Natural Health Trends Corp.  | 6750 | 33480 |
| Nature's Sunshine Products, Inc. \* | 4762 | 58668 |
| Nu Skin Enterprises, Inc., Class A  | 23590 | 149325 |
| Oil-Dri Corp. of America  | 4284 | 180313 |
| Olaplex Holdings, Inc. \* | 49924 | 65400 |
| Procter & Gamble Co.  | 1115923 | 181415602 |
| Reynolds Consumer Products, Inc.  | 26473 | 608879 |
| Spectrum Brands Holdings, Inc.  | 12510 | 789381 |
| United-Guardian, Inc.  | 3342 | 26435 |
| USANA Health Sciences, Inc. \* | 4815 | 135253 |
| WD-40 Co.  | 6485 | 1480915 |
|  |  | **300924778** |
| **Insurance 2.4%** | **Insurance 2.4%** | **Insurance 2.4%** |
| Abacus Global Management, Inc. \* | 12400 | 102424 |
| Aflac, Inc.  | 235225 | 25564253 |
| Allstate Corp.  | 126524 | 25101096 |
| Ambac Financial Group, Inc. \* | 26370 | 210433 |
| American Coastal Insurance Corp., <br> Class C <br>| 16093 | 183943 |
| American Financial Group, Inc.  | 34067 | 4314926 |
| American International Group, Inc.  | 283765 | 23132523 |
| AMERISAFE, Inc.  | 9109 | 423477 |
| Aon PLC, Class A  | 102914 | 36512858 |
| Arch Capital Group Ltd.  | 178105 | 16150561 |
| Arthur J Gallagher & Co.  | 121039 | 38815997 |
| Assurant, Inc.  | 24413 | 4705362 |
| Assured Guaranty Ltd.  | 23422 | 2054812 |
| Axis Capital Holdings Ltd.  | 36189 | 3485725 |
| Baldwin Insurance Group, Inc., <br> Class A \*<br>| 31502 | 1311113 |
| Bowhead Specialty Holdings, Inc. \* | 3023 | 121494 |
| Brighthouse Financial, Inc. \* | 27922 | 1625619 |
| Brown & Brown, Inc.  | 112983 | 12495920 |
| Chubb Ltd.  | 177291 | 50719409 |
| Cincinnati Financial Corp.  | 74490 | 10369753 |
| Citizens, Inc., Class A *\*(a)* | 24606 | 99162 |
| CNA Financial Corp.  | 11874 | 571852 |
| CNO Financial Group, Inc.  | 47869 | 1816150 |
| Crawford & Co., Class A  | 10215 | 113591 |
| Donegal Group, Inc., Class A  | 6507 | 125911 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| eHealth, Inc. \* | 13577 | 75488 |
| Employers Holdings, Inc.  | 11659 | 566511 |
| Enstar Group Ltd. \* | 5808 | 1942253 |
| Erie Indemnity Co., Class A  | 11903 | 4268654 |
| Everest Group Ltd.  | 20429 | 7330538 |
| F&G Annuities & Life, Inc.  | 11227 | 390812 |
| Fidelity National Financial, Inc.  | 123139 | 7887053 |
| First American Financial Corp.  | 49299 | 2997872 |
| Genworth Financial, Inc., Class A \* | 204265 | 1401258 |
| Globe Life, Inc.  | 40441 | 4987993 |
| GoHealth, Inc., Class A \* | 3311 | 34865 |
| Goosehead Insurance, Inc., Class A  | 11407 | 1108875 |
| Greenlight Capital Re Ltd., Class A \* | 9834 | 128973 |
| Hagerty, Inc., Class A \* | 15234 | 134212 |
| Hanover Insurance Group, Inc.  | 17134 | 2845957 |
| Hartford Insurance Group, Inc.  | 136746 | 16774632 |
| HCI Group, Inc.  | 4137 | 605243 |
| Heritage Insurance Holdings, Inc. \* | 10125 | 191363 |
| Hippo Holdings, Inc. \* | 8627 | 199456 |
| Horace Mann Educators Corp.  | 19846 | 824403 |
| Investors Title Co.  | 697 | 161139 |
| James River Group Holdings Ltd.  | 17990 | 85632 |
| Kemper Corp.  | 28377 | 1677648 |
| Kingstone Cos., Inc. \* | 5000 | 85000 |
| Kingsway Financial Services, Inc. \* | 5983 | 51753 |
| Kinsale Capital Group, Inc.  | 10516 | 4577194 |
| Lemonade, Inc. \* | 27997 | 818072 |
| Lincoln National Corp.  | 80886 | 2577837 |
| Loews Corp.  | 83992 | 7293025 |
| Markel Group, Inc. \* | 6085 | 11066181 |
| Marsh & McLennan Cos., Inc.  | 233853 | 52726836 |
| MBIA, Inc. \* | 22069 | 103504 |
| Mercury General Corp.  | 13587 | 752992 |
| MetLife, Inc.  | 276136 | 20812370 |
| NI Holdings, Inc. \* | 3782 | 47275 |
| Old Republic International Corp.  | 111561 | 4194694 |
| Oscar Health, Inc., Class A \* | 99206 | 1290670 |
| Palomar Holdings, Inc. \* | 12717 | 1844219 |
| Primerica, Inc.  | 15826 | 4147520 |
| Principal Financial Group, Inc.  | 101354 | 7515399 |
| ProAssurance Corp. \* | 24020 | 557504 |
| Progressive Corp.  | 278891 | 78574750 |
| Prudential Financial, Inc.  | 168825 | 17340016 |
| Reinsurance Group of America, Inc.  | 31269 | 5856996 |
| RenaissanceRe Holdings Ltd.  | 23469 | 5677855 |
| RLI Corp.  | 39574 | 2928872 |
| Root, Inc., Class A \* | 4420 | 617341 |
| Ryan Specialty Holdings, Inc., Class A  | 50143 | 3284868 |
| Safety Insurance Group, Inc.  | 7104 | 543456 |
| Selective Insurance Group, Inc.  | 28852 | 2516760 |
| Selectquote, Inc. \* | 82616 | 261893 |
| SiriusPoint Ltd. \* | 44279 | 743887 |
| Skyward Specialty Insurance Group, <br> Inc. \*<br>| 15421 | 818701 |
| Stewart Information Services Corp.  | 13159 | 861651 |
| Tiptree, Inc.  | 9652 | 215336 |
| Travelers Cos., Inc.  | 107895 | 28498306 |
| Trupanion, Inc. \* | 16359 | 598739 |
| TWFG, Inc. \* | 5800 | 183744 |
| United Fire Group, Inc.  | 9091 | 251548 |
| Universal Insurance Holdings, Inc.  | 15138 | 366945 |
| Unum Group  | 78119 | 6066722 |
| W.R. Berkley Corp.  | 142746 | 10233461 |
| White Mountains Insurance Group <br> Ltd. <br>| 1229 | 2172196 |
| Willis Towers Watson PLC  | 47601 | 14651588 |
|  |  | **620476870** |

---

*See financial notes*

**62**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Materials 2.3%** | **Materials 2.3%** | **Materials 2.3%** |
| AdvanSix, Inc.  | 11778 | 252285 |
| Air Products & Chemicals, Inc.  | 105743 | 28665870 |
| Albemarle Corp.  | 56465 | 3306026 |
| Alcoa Corp.  | 126124 | 3093822 |
| Alpha Metallurgical Resources, Inc. \* | 5295 | 642548 |
| Alto Ingredients, Inc. \* | 33727 | 30415 |
| Amcor PLC  | 1083424 | 9967501 |
| American Battery Technology Co. *\*(a)* | 69330 | 118554 |
| AptarGroup, Inc.  | 31707 | 4754465 |
| Arq, Inc. \* | 12500 | 47375 |
| Ascent Industries Co. \* | 4646 | 61327 |
| Ashland, Inc.  | 24102 | 1310908 |
| ASP Isotopes, Inc. *\*(a)* | 30711 | 162154 |
| Aspen Aerogels, Inc. \* | 26945 | 145503 |
| ATI, Inc. \* | 66916 | 3638892 |
| Avery Dennison Corp.  | 38683 | 6619048 |
| Avient Corp.  | 42722 | 1423070 |
| Axalta Coating Systems Ltd. \* | 103891 | 3376457 |
| Balchem Corp.  | 15726 | 2461905 |
| Ball Corp.  | 141954 | 7373091 |
| Cabot Corp.  | 25607 | 2011174 |
| Carpenter Technology Corp.  | 23791 | 4653757 |
| Celanese Corp., Class A  | 52417 | 2333081 |
| Century Aluminum Co. \* | 22913 | 376002 |
| CF Industries Holdings, Inc.  | 83480 | 6542328 |
| Chemours Co.  | 74926 | 927584 |
| Clearwater Paper Corp. \* | 7639 | 205183 |
| Cleveland-Cliffs, Inc. \* | 229438 | 1890569 |
| Coeur Mining, Inc. \* | 302534 | 1679064 |
| Commercial Metals Co.  | 53599 | 2387299 |
| Compass Minerals International, Inc. \* | 21363 | 287119 |
| Contango ORE, Inc. \* | 6450 | 90687 |
| Core Molding Technologies, Inc. \* | 2885 | 44371 |
| Corteva, Inc.  | 327128 | 20278665 |
| CRH PLC  | 323287 | 30848045 |
| Crown Holdings, Inc.  | 55405 | 5337164 |
| Dakota Gold Corp. \* | 24511 | 66180 |
| Dow, Inc.  | 339022 | 10370683 |
| DuPont de Nemours, Inc.  | 198844 | 13121715 |
| Eagle Materials, Inc.  | 15757 | 3567227 |
| Eastman Chemical Co.  | 54569 | 4201813 |
| Ecolab, Inc.  | 119719 | 30100948 |
| Ecovyst, Inc. \* | 46051 | 275385 |
| Element Solutions, Inc.  | 106288 | 2169338 |
| Flotek Industries, Inc. \* | 15581 | 108444 |
| FMC Corp.  | 60478 | 2535238 |
| Freeport-McMoRan, Inc.  | 685218 | 24688404 |
| Friedman Industries, Inc.  | 2834 | 48773 |
| Ginkgo Bioworks Holdings, Inc. *\*(a)* | 16311 | 120212 |
| Graphic Packaging Holding Co.  | 142535 | 3607561 |
| Greif, Inc., Class A  | 14564 | 764319 |
| Hawkins, Inc.  | 9241 | 1125369 |
| HB Fuller Co.  | 26013 | 1405742 |
| Hecla Mining Co.  | 292621 | 1673792 |
| Huntsman Corp.  | 81401 | 1083447 |
| Hycroft Mining Holding Corp. \* | 6015 | 20752 |
| Idaho Strategic Resources, Inc. \* | 4628 | 74002 |
| Ingevity Corp. \* | 17756 | 585593 |
| Innospec, Inc.  | 11817 | 1057385 |
| International Flavors & Fragrances, <br> Inc. <br>| 121555 | 9537205 |
| International Paper Co.  | 250901 | 11461158 |
| Intrepid Potash, Inc. \* | 3965 | 131004 |
| Ivanhoe Electric, Inc. \* | 44102 | 277843 |
| Kaiser Aluminum Corp.  | 7681 | 495117 |
| Knife River Corp. \* | 27236 | 2543298 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Koppers Holdings, Inc.  | 10777 | 270072 |
| Kronos Worldwide, Inc.  | 9190 | 70855 |
| Linde PLC  | 226581 | 102693307 |
| Louisiana-Pacific Corp.  | 29525 | 2548303 |
| LSB Industries, Inc. \* | 21659 | 138184 |
| LyondellBasell Industries NV, Class A  | 124134 | 7225840 |
| Magnera Corp. \* | 15392 | 225801 |
| Martin Marietta Materials, Inc.  | 29033 | 15212711 |
| Materion Corp.  | 9668 | 802541 |
| McEwen Mining, Inc. \* | 18704 | 145891 |
| Mercer International, Inc.  | 18274 | 81685 |
| Metallus, Inc. \* | 16743 | 211799 |
| Minerals Technologies, Inc.  | 15242 | 786335 |
| Mosaic Co.  | 153175 | 4656520 |
| MP Materials Corp. \* | 58450 | 1429687 |
| Myers Industries, Inc.  | 15888 | 166824 |
| NewMarket Corp.  | 3618 | 2226155 |
| Newmont Corp.  | 541737 | 28538705 |
| Northern Technologies International <br> Corp. <br>| 2657 | 19795 |
| Novusterra, Inc. *\*(b)* | 3229 | 0 |
| Nucor Corp.  | 111512 | 13311187 |
| O-I Glass, Inc. \* | 72227 | 914394 |
| Olin Corp.  | 60735 | 1313091 |
| Olympic Steel, Inc.  | 4090 | 131902 |
| Origin Materials, Inc. \* | 60000 | 42396 |
| Orion SA  | 27306 | 328764 |
| Packaging Corp. of America  | 42367 | 7863739 |
| Perimeter Solutions, Inc. \* | 64240 | 650751 |
| Piedmont Lithium, Inc. *\*(a)* | 11327 | 84726 |
| PPG Industries, Inc.  | 111587 | 12147361 |
| PureCycle Technologies, Inc. \* | 76640 | 514254 |
| Quaker Chemical Corp.  | 6333 | 670918 |
| Radius Recycling, Inc., Class A  | 15653 | 459102 |
| Ramaco Resources, Inc., Class A  | 18035 | 181793 |
| Ranpak Holdings Corp., Class A \* | 15372 | 63179 |
| Rayonier Advanced Materials, Inc. \* | 26864 | 114441 |
| Reliance, Inc.  | 25845 | 7449304 |
| Royal Gold, Inc.  | 31163 | 5693792 |
| RPM International, Inc.  | 61058 | 6517941 |
| Ryerson Holding Corp.  | 12949 | 302748 |
| Scotts Miracle-Gro Co.  | 20499 | 1032740 |
| Sealed Air Corp.  | 69473 | 1914676 |
| Sensient Technologies Corp.  | 19516 | 1833528 |
| Sherwin-Williams Co.  | 110515 | 39002954 |
| Silgan Holdings, Inc.  | 37619 | 1943021 |
| Smith-Midland Corp. \* | 1800 | 53982 |
| Smurfit WestRock PLC  | 234173 | 9839949 |
| Solitario Resources Corp. \* | 44899 | 28062 |
| Sonoco Products Co.  | 47045 | 1928845 |
| Steel Dynamics, Inc.  | 67766 | 8789928 |
| Stepan Co.  | 11705 | 591805 |
| SunCoke Energy, Inc.  | 44951 | 407256 |
| Sylvamo Corp.  | 15710 | 936630 |
| Tredegar Corp. \* | 10770 | 83683 |
| TriMas Corp.  | 17344 | 417123 |
| Trinseo PLC  | 19239 | 76571 |
| Tronox Holdings PLC  | 62743 | 339440 |
| U.S. Antimony Corp. \* | 59275 | 190273 |
| U.S. Gold Corp. \* | 7270 | 79752 |
| U.S. Lime & Minerals, Inc.  | 4810 | 449783 |
| U.S. Steel Corp.  | 106715 | 4664513 |
| Valhi, Inc.  | 1628 | 28067 |
| Vulcan Materials Co.  | 62689 | 16445205 |
| Warrior Met Coal, Inc.  | 24646 | 1178572 |
| Westlake Corp.  | 15492 | 1431925 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**63**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Worthington Steel, Inc.  | 16439 | 421825 |
|  |  | **604878156** |
| **Media & Entertainment 7.6%** | **Media & Entertainment 7.6%** | **Media & Entertainment 7.6%** |
| Alphabet, Inc., Class A  | 2775631 | 440770203 |
| Alphabet, Inc., Class C  | 2249495 | 361921251 |
| Altice USA, Inc., Class A \* | 117818 | 292189 |
| AMC Entertainment Holdings, Inc., <br> Class A *\*(a)*<br>| 173192 | 462423 |
| AMC Networks, Inc., Class A \* | 15598 | 99827 |
| Angi, Inc. \* | 22390 | 256589 |
| Atlanta Braves Holdings, Inc., <br> Class C \*<br>| 22692 | 904503 |
| Boston Omaha Corp., Class A \* | 8359 | 129815 |
| Bumble, Inc., Class A \* | 43000 | 181460 |
| Cable One, Inc.  | 2387 | 637974 |
| Cargurus, Inc. \* | 42540 | 1189418 |
| Cars.com, Inc. \* | 26286 | 305969 |
| Charter Communications, Inc., <br> Class A \*<br>| 45857 | 17969524 |
| Cinemark Holdings, Inc.  | 51363 | 1536267 |
| Clear Channel Outdoor Holdings, <br> Inc. \*<br>| 153084 | 150665 |
| Comcast Corp., Class A  | 1794143 | 61359691 |
| CuriosityStream, Inc.  | 23041 | 75574 |
| DHI Group, Inc. \* | 17605 | 24823 |
| EchoStar Corp., Class A \* | 59196 | 1330726 |
| Electronic Arts, Inc.  | 113179 | 16421141 |
| Emerald Holding, Inc.  | 6732 | 26457 |
| Entravision Communications Corp., <br> Class A <br>| 34841 | 63759 |
| Eventbrite, Inc., Class A \* | 44108 | 93509 |
| EverQuote, Inc., Class A \* | 12961 | 307694 |
| EW Scripps Co., Class A \* | 29000 | 58290 |
| Fox Corp., Class A  | 161945 | 8063242 |
| fuboTV, Inc. \* | 161375 | 484125 |
| Gaia, Inc., Class A \* | 10263 | 53778 |
| Gannett Co., Inc. \* | 69602 | 222726 |
| Golden Matrix Group, Inc. \* | 8251 | 15512 |
| Gray Media, Inc.  | 68415 | 229190 |
| Grindr, Inc. \* | 10471 | 230048 |
| Harte Hanks, Inc. \* | 3347 | 16735 |
| IAC, Inc. \* | 33694 | 1177268 |
| Ibotta, Inc., Class A \* | 3269 | 159527 |
| iHeartMedia, Inc., Class A \* | 47000 | 48410 |
| Integral Ad Science Holding Corp. \* | 33997 | 240359 |
| Interpublic Group of Cos., Inc.  | 179127 | 4499670 |
| IZEA Worldwide, Inc. \* | 8623 | 17850 |
| John Wiley & Sons, Inc., Class A  | 18846 | 822439 |
| Liberty Broadband Corp., Class C \* | 60660 | 5483057 |
| Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 116118 | 10296183 |
| Liberty Media Corp.-Liberty Live, <br> Class C \*<br>| 31561 | 2256927 |
| Lions Gate Entertainment Corp., <br> Class A \*<br>| 80296 | 713029 |
| Lionsgate Studios Corp. \* | 16000 | 116960 |
| Live Nation Entertainment, Inc. \* | 74288 | 9839446 |
| LiveOne, Inc. \* | 39793 | 34954 |
| Madison Square Garden <br> Entertainment Corp., Class A \*<br>| 18450 | 598518 |
| Madison Square Garden Sports <br> Corp. \*<br>| 7999 | 1540367 |
| Magnite, Inc. \* | 61457 | 730724 |
| Marchex, Inc., Class B \* | 24313 | 35740 |
| Marcus Corp.  | 10398 | 169591 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Match Group, Inc.  | 121291 | 3597491 |
| MediaAlpha, Inc., Class A \* | 18518 | 155551 |
| Mega Matrix, Inc. \* | 24173 | 22481 |
| Meta Platforms, Inc., Class A  | 1042245 | 572192505 |
| National CineMedia, Inc. \* | 44303 | 253856 |
| Netflix, Inc. \* | 203570 | 230384240 |
| New York Times Co., Class A  | 77421 | 4030537 |
| News Corp., Class A  | 240215 | 6514631 |
| Nexstar Media Group, Inc., Class A  | 13766 | 2060220 |
| Nextdoor Holdings, Inc. \* | 113778 | 167254 |
| Omnicom Group, Inc.  | 93287 | 7104738 |
| Outbrain, Inc. \* | 10250 | 36285 |
| Paramount Global, Class B *(a)* | 295810 | 3472809 |
| Pinterest, Inc., Class A \* | 282860 | 7162015 |
| PubMatic, Inc., Class A \* | 19401 | 189548 |
| QuinStreet, Inc. \* | 28747 | 503647 |
| Reddit, Inc., Class A \* | 51007 | 5945886 |
| Reservoir Media, Inc. \* | 14527 | 108953 |
| ROBLOX Corp., Class A \* | 258954 | 17362866 |
| Roku, Inc. \* | 61217 | 4173775 |
| Rumble, Inc. *\*(a)* | 69009 | 532750 |
| Saga Communications, Inc., Class A  | 1989 | 22575 |
| Scholastic Corp.  | 12861 | 231884 |
| Shutterstock, Inc.  | 10396 | 165920 |
| Sinclair, Inc.  | 23794 | 342634 |
| Sirius XM Holdings, Inc.  | 110645 | 2370016 |
| Skillz, Inc., Class A \* | 6303 | 32271 |
| Snap, Inc., Class A \* | 512191 | 4077040 |
| Sphere Entertainment Co. \* | 12111 | 330025 |
| Stagwell, Inc., Class A \* | 44700 | 249426 |
| Take-Two Interactive Software, Inc. \* | 78378 | 18287155 |
| TechTarget, Inc. \* | 11292 | 89997 |
| TEGNA, Inc.  | 74071 | 1202172 |
| Thryv Holdings, Inc. \* | 20334 | 278576 |
| TKO Group Holdings, Inc.  | 31747 | 5171904 |
| Townsquare Media, Inc., Class A  | 6366 | 42143 |
| Trade Desk, Inc., Class A \* | 215154 | 11538709 |
| Travelzoo \* | 4020 | 55757 |
| TripAdvisor, Inc. \* | 51355 | 639370 |
| Trump Media & Technology Group <br> Corp. \*<br>| 42707 | 1048030 |
| Urban One, Inc., Class A \* | 12237 | 18356 |
| Vimeo, Inc. \* | 71535 | 360536 |
| Vivid Seats, Inc., Class A \* | 41337 | 116157 |
| Walt Disney Co.  | 859847 | 78203085 |
| Warner Bros Discovery, Inc. \* | 1066209 | 9244032 |
| Warner Music Group Corp., Class A  | 69159 | 2105892 |
| Webtoon Entertainment, Inc. *\*(a)* | 10247 | 92223 |
| WideOpenWest, Inc. \* | 23881 | 104599 |
| Yelp, Inc., Class A \* | 31656 | 1110493 |
| Zedge, Inc., Class B \* | 11319 | 27392 |
| Ziff Davis, Inc. \* | 20342 | 600699 |
| ZipRecruiter, Inc., Class A \* | 33246 | 171549 |
| ZoomInfo Technologies, Inc., Class A \* | 131117 | 1122362 |
|  |  | **1960091133** |
| **Pharmaceuticals, Biotechnology & Life Sciences 6.3%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.3%** | **Pharmaceuticals, Biotechnology & Life Sciences 6.3%** |
| 10X Genomics, Inc., Class A \* | 53815 | 445050 |
| 2seventy bio, Inc. \* | 41139 | 205284 |
| 4D Molecular Therapeutics, Inc. \* | 16050 | 54088 |
| 89bio, Inc. \* | 62094 | 497994 |
| AbbVie, Inc.  | 840102 | 163903900 |
| Abeona Therapeutics, Inc. \* | 23850 | 156456 |
| Absci Corp. *\*(a)* | 39263 | 120537 |
| ACADIA Pharmaceuticals, Inc. \* | 57762 | 843325 |
| Achieve Life Sciences, Inc. \* | 8279 | 21525 |
| Aclaris Therapeutics, Inc. \* | 33079 | 45649 |

---

*See financial notes*

**64**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Adaptive Biotechnologies Corp. \* | 49118 | 361508 |
| Adicet Bio, Inc. \* | 30000 | 19863 |
| ADMA Biologics, Inc. \* | 110884 | 2639039 |
| Agilent Technologies, Inc.  | 135484 | 14578078 |
| Agios Pharmaceuticals, Inc. \* | 27110 | 804896 |
| Akebia Therapeutics, Inc. \* | 99804 | 240528 |
| Akero Therapeutics, Inc. \* | 33290 | 1518357 |
| Aldeyra Therapeutics, Inc. \* | 19049 | 50480 |
| Alector, Inc. \* | 50000 | 60000 |
| Aligos Therapeutics, Inc. \* | 1255 | 7003 |
| Alkermes PLC \* | 78524 | 2259135 |
| Allogene Therapeutics, Inc. *\*(a)* | 71083 | 119419 |
| Alnylam Pharmaceuticals, Inc. \* | 61889 | 16291660 |
| Alpha Teknova, Inc. *\*(a)* | 7000 | 46690 |
| Altimmune, Inc. \* | 38866 | 204046 |
| Amgen, Inc.  | 255680 | 74382426 |
| Amicus Therapeutics, Inc. \* | 125964 | 967404 |
| Amneal Pharmaceuticals, Inc. \* | 70593 | 540742 |
| Amphastar Pharmaceuticals, Inc. \* | 19039 | 464742 |
| Amylyx Pharmaceuticals, Inc. \* | 27499 | 140520 |
| Anavex Life Sciences Corp. *\*(a)* | 46710 | 443745 |
| ANI Pharmaceuticals, Inc. \* | 7569 | 536037 |
| Anika Therapeutics, Inc. \* | 5811 | 84434 |
| Anixa Biosciences, Inc. \* | 12785 | 35670 |
| Annexon, Inc. \* | 40232 | 74832 |
| Apellis Pharmaceuticals, Inc. \* | 51868 | 996384 |
| Apogee Therapeutics, Inc. \* | 16064 | 630512 |
| Aquestive Therapeutics, Inc. \* | 27867 | 81511 |
| Arbutus Biopharma Corp. \* | 68681 | 243818 |
| Arcellx, Inc. \* | 18501 | 1201640 |
| Arcturus Therapeutics Holdings, Inc. \* | 10730 | 137451 |
| Arcus Biosciences, Inc. \* | 32937 | 288199 |
| Arcutis Biotherapeutics, Inc. \* | 51056 | 761245 |
| Ardelyx, Inc. \* | 111347 | 612965 |
| ArriVent Biopharma, Inc. \* | 9269 | 197059 |
| Arrowhead Pharmaceuticals, Inc. \* | 58099 | 806995 |
| ARS Pharmaceuticals, Inc. *\*(a)* | 23670 | 330670 |
| Artiva Biotherapeutics, Inc. *\*(a)* | 7000 | 16730 |
| Arvinas, Inc. \* | 31695 | 304906 |
| Assembly Biosciences, Inc. \* | 2704 | 30799 |
| Astria Therapeutics, Inc. \* | 18061 | 93195 |
| Atara Biotherapeutics, Inc. \* | 1643 | 13128 |
| Atea Pharmaceuticals, Inc. \* | 35000 | 103250 |
| Atossa Therapeutics, Inc. \* | 80000 | 71832 |
| aTyr Pharma, Inc. \* | 39689 | 137721 |
| Aura Biosciences, Inc. \* | 25362 | 147860 |
| Avantor, Inc. \* | 325570 | 4229154 |
| Avidity Biosciences, Inc. \* | 58245 | 1901699 |
| Axsome Therapeutics, Inc. \* | 19349 | 2172699 |
| Azenta, Inc. \* | 23499 | 618964 |
| Beam Therapeutics, Inc. \* | 42734 | 851689 |
| Benitec Biopharma, Inc. \* | 9000 | 122310 |
| Bicara Therapeutics, Inc. *\*(a)* | 11159 | 160355 |
| BioAge Labs, Inc. \* | 7000 | 29400 |
| BioCryst Pharmaceuticals, Inc. \* | 103077 | 912231 |
| Biogen, Inc. \* | 69668 | 8435401 |
| Biohaven Ltd. \* | 39337 | 870134 |
| BioLife Solutions, Inc. \* | 17453 | 420792 |
| BioMarin Pharmaceutical, Inc. \* | 91278 | 5813496 |
| Bio-Rad Laboratories, Inc., Class A \* | 9115 | 2224789 |
| Biote Corp., Class A \* | 7115 | 23693 |
| Bio-Techne Corp.  | 76030 | 3828110 |
| Black Diamond Therapeutics, Inc. \* | 14484 | 24623 |
| Blueprint Medicines Corp. \* | 31053 | 2779243 |
| Bridgebio Pharma, Inc. \* | 69124 | 2651597 |
| Bristol-Myers Squibb Co.  | 965549 | 48470560 |
| Bruker Corp.  | 52321 | 2095979 |
| C4 Therapeutics, Inc. \* | 40958 | 67171 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Cabaletta Bio, Inc. \* | 50606 | 66800 |
| Candel Therapeutics, Inc. *\*(a)* | 15000 | 73650 |
| Capricor Therapeutics, Inc. *\*(a)* | 23201 | 294653 |
| Cardiff Oncology, Inc. *\*(a)* | 29101 | 79737 |
| CareDx, Inc. \* | 26640 | 449683 |
| Caribou Biosciences, Inc. \* | 46922 | 39926 |
| Cartesian Therapeutics, Inc. *\*(a)* | 4493 | 53916 |
| Cassava Sciences, Inc. *\*(a)* | 25000 | 39000 |
| Catalyst Pharmaceuticals, Inc. \* | 55477 | 1347536 |
| Celcuity, Inc. \* | 12719 | 141690 |
| Celldex Therapeutics, Inc. \* | 30271 | 630545 |
| CG oncology, Inc. \* | 25004 | 673608 |
| Champions Oncology, Inc. \* | 6854 | 49006 |
| Charles River Laboratories <br> International, Inc. \*<br>| 24336 | 2886736 |
| Checkpoint Therapeutics, Inc. \* | 20000 | 82200 |
| Cidara Therapeutics, Inc. \* | 1340 | 27986 |
| Codexis, Inc. \* | 45863 | 105485 |
| Cogent Biosciences, Inc. \* | 54747 | 285232 |
| Coherus Biosciences, Inc. \* | 39420 | 40603 |
| Collegium Pharmaceutical, Inc. \* | 14303 | 386109 |
| Compass Therapeutics, Inc. \* | 42767 | 79547 |
| Corbus Pharmaceuticals Holdings, <br> Inc. \*<br>| 4813 | 35953 |
| Corcept Therapeutics, Inc. \* | 44377 | 3189819 |
| CorMedix, Inc. \* | 28604 | 262871 |
| Corvus Pharmaceuticals, Inc. \* | 29968 | 107585 |
| Coya Therapeutics, Inc. \* | 10000 | 65900 |
| Crinetics Pharmaceuticals, Inc. \* | 44309 | 1479478 |
| CRISPR Therapeutics AG \* | 40545 | 1567875 |
| Cullinan Therapeutics, Inc. \* | 24598 | 203671 |
| Cyteir Therapeutics, Inc. *\*(b)* | 15972 | 0 |
| Cytek Biosciences, Inc. \* | 46745 | 173424 |
| Cytokinetics, Inc. \* | 55366 | 2371879 |
| CytomX Therapeutics, Inc. \* | 24817 | 18471 |
| Danaher Corp.  | 304534 | 60702762 |
| Day One Biopharmaceuticals, Inc. \* | 30778 | 239453 |
| Denali Therapeutics, Inc. \* | 57056 | 949982 |
| Design Therapeutics, Inc. \* | 15000 | 72900 |
| DiaMedica Therapeutics, Inc. \* | 13251 | 54992 |
| Dianthus Therapeutics, Inc. \* | 10881 | 237750 |
| Disc Medicine, Inc. \* | 11054 | 546289 |
| Dyadic International, Inc. \* | 16336 | 19930 |
| Dynavax Technologies Corp. \* | 58800 | 690900 |
| Dyne Therapeutics, Inc. \* | 37318 | 439979 |
| Edgewise Therapeutics, Inc. \* | 32789 | 537740 |
| Editas Medicine, Inc. \* | 39120 | 64548 |
| Elanco Animal Health, Inc. \* | 245041 | 2322989 |
| Eledon Pharmaceuticals, Inc. \* | 29987 | 94759 |
| Eli Lilly & Co.  | 375005 | 337110745 |
| Emergent BioSolutions, Inc. \* | 27070 | 144554 |
| Enanta Pharmaceuticals, Inc. \* | 8754 | 53312 |
| Enliven Therapeutics, Inc. \* | 13153 | 249118 |
| Entrada Therapeutics, Inc. \* | 11643 | 106301 |
| Esperion Therapeutics, Inc. *\*(a)* | 95770 | 95713 |
| Eton Pharmaceuticals, Inc. \* | 13239 | 223077 |
| Evolus, Inc. \* | 22279 | 253981 |
| Exact Sciences Corp. \* | 88427 | 4035808 |
| Exelixis, Inc. \* | 133715 | 5234942 |
| EyePoint Pharmaceuticals, Inc. \* | 33819 | 230646 |
| Fate Therapeutics, Inc. \* | 38651 | 49473 |
| Foghorn Therapeutics, Inc. \* | 15974 | 67091 |
| Fortrea Holdings, Inc. \* | 41466 | 258333 |
| Fulcrum Therapeutics, Inc. \* | 20522 | 79010 |
| Genelux Corp. *\*(a)* | 25000 | 67250 |
| Geron Corp. \* | 246465 | 347516 |
| Gilead Sciences, Inc.  | 592887 | 63166181 |
| Gossamer Bio, Inc. \* | 156778 | 159914 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**65**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| GRAIL, Inc. *\*(a)* | 15655 | 540019 |
| Greenwich Lifesciences, Inc. *\*(a)* | 2671 | 26977 |
| Gyre Therapeutics, Inc. *\*(a)* | 6662 | 65021 |
| Halozyme Therapeutics, Inc. \* | 61782 | 3794650 |
| Harmony Biosciences Holdings, Inc. \* | 18480 | 544606 |
| Harrow, Inc. \* | 14898 | 369023 |
| Heron Therapeutics, Inc. *\*(a)* | 69211 | 167491 |
| Humacyte, Inc. *\*(a)* | 40237 | 58344 |
| Ideaya Biosciences, Inc. \* | 41060 | 826538 |
| Illumina, Inc. \* | 75689 | 5873466 |
| Immuneering Corp., Class A \* | 12000 | 14280 |
| Immunic, Inc. \* | 25000 | 24752 |
| ImmunityBio, Inc. *\*(a)* | 110694 | 277842 |
| Immunome, Inc. \* | 37004 | 325265 |
| Immunovant, Inc. \* | 36372 | 587408 |
| Incyte Corp. \* | 77112 | 4831838 |
| Inhibrx Biosciences, Inc. \* | 5000 | 61650 |
| Inmune Bio, Inc. *\*(a)* | 10000 | 78600 |
| Innoviva, Inc. \* | 24927 | 465886 |
| Inotiv, Inc. \* | 15000 | 29550 |
| Inovio Pharmaceuticals, Inc. \* | 11075 | 21485 |
| Insmed, Inc. \* | 85944 | 6187968 |
| Instil Bio, Inc. \* | 2981 | 38306 |
| Ionis Pharmaceuticals, Inc. \* | 76279 | 2342528 |
| IQVIA Holdings, Inc. \* | 79598 | 12343262 |
| Ironwood Pharmaceuticals, Inc., <br> Class A \*<br>| 89328 | 83280 |
| iTeos Therapeutics, Inc. \* | 17333 | 125664 |
| Janux Therapeutics, Inc. \* | 14998 | 497934 |
| Jazz Pharmaceuticals PLC \* | 28712 | 3358156 |
| Johnson & Johnson  | 1145711 | 179086086 |
| KalVista Pharmaceuticals, Inc. \* | 18163 | 250105 |
| Karyopharm Therapeutics, Inc. \* | 3400 | 22950 |
| Kezar Life Sciences, Inc. \* | 6335 | 27747 |
| Kodiak Sciences, Inc. \* | 15730 | 68583 |
| Korro Bio, Inc. \* | 3147 | 55859 |
| Krystal Biotech, Inc. \* | 11941 | 2028537 |
| Kura Oncology, Inc. \* | 36794 | 241369 |
| Kymera Therapeutics, Inc. \* | 21904 | 750650 |
| LENZ Therapeutics, Inc. \* | 9817 | 279932 |
| Lifecore Biomedical, Inc. \* | 18427 | 124567 |
| Ligand Pharmaceuticals, Inc. \* | 9005 | 989289 |
| Lineage Cell Therapeutics, Inc. \* | 68183 | 34023 |
| Lipocine, Inc. \* | 2942 | 9738 |
| Liquidia Corp. \* | 20793 | 290478 |
| Lyell Immunopharma, Inc. \* | 162864 | 77393 |
| MacroGenics, Inc. \* | 30000 | 52050 |
| Madrigal Pharmaceuticals, Inc. \* | 8273 | 2762437 |
| MannKind Corp. \* | 128873 | 649520 |
| Maravai LifeSciences Holdings, Inc., <br> Class A \*<br>| 69631 | 140655 |
| MaxCyte, Inc. \* | 43954 | 124829 |
| Maze Therapeutics, Inc. *\*(a)* | 6000 | 55500 |
| MBX Biosciences, Inc. *\*(a)* | 7189 | 75413 |
| MediciNova, Inc. \* | 71506 | 108689 |
| Medpace Holdings, Inc. \* | 11878 | 3663056 |
| MEI Pharma, Inc. \* | 4822 | 9837 |
| Merck & Co., Inc.  | 1203732 | 102557966 |
| Merrimack Pharmaceuticals, Inc. *\*(b)* | 5681 | 0 |
| Mesa Laboratories, Inc.  | 2622 | 302185 |
| Metsera, Inc. *\*(a)* | 7348 | 177160 |
| Mettler-Toledo International, Inc. \* | 10014 | 10720688 |
| MiMedx Group, Inc. \* | 65801 | 452711 |
| Mind Medicine MindMed, Inc. \* | 34045 | 217548 |
| Mineralys Therapeutics, Inc. \* | 22691 | 322439 |
| Mirum Pharmaceuticals, Inc. \* | 19108 | 830243 |
| Moderna, Inc. \* | 161968 | 4622567 |
| Monopar Therapeutics, Inc. \* | 3000 | 125460 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Monte Rosa Therapeutics, Inc. \* | 26927 | 132212 |
| Myriad Genetics, Inc. \* | 41186 | 305188 |
| Natera, Inc. \* | 62926 | 9497421 |
| Nektar Therapeutics, Class A \* | 99411 | 79081 |
| Neurocrine Biosciences, Inc. \* | 47407 | 5105260 |
| Neurogene, Inc. \* | 5239 | 78585 |
| Niagen Bioscience, Inc. \* | 24667 | 193636 |
| Nkarta, Inc. \* | 22478 | 47653 |
| Novavax, Inc. \* | 80744 | 538562 |
| Nurix Therapeutics, Inc. \* | 32751 | 377619 |
| Nuvalent, Inc., Class A \* | 17980 | 1379965 |
| Nuvation Bio, Inc. \* | 134296 | 302166 |
| Nuvectis Pharma, Inc. *\*(a)* | 5600 | 55776 |
| Ocugen, Inc. \* | 170254 | 127214 |
| Ocular Therapeutix, Inc. \* | 63512 | 527150 |
| Olema Pharmaceuticals, Inc. \* | 26228 | 135336 |
| Omeros Corp., Class B \* | 26846 | 197318 |
| OmniAb, Inc. \* | 48133 | 81826 |
| Organogenesis Holdings, Inc., <br> Class A \*<br>| 29326 | 143991 |
| Organon & Co.  | 121943 | 1576723 |
| ORIC Pharmaceuticals, Inc. \* | 21653 | 123639 |
| Oruka Therapeutics, Inc.  | 15609 | 162958 |
| Pacific Biosciences of California, <br> Inc. *\*(a)*<br>| 118754 | 131817 |
| Pacira BioSciences, Inc. \* | 23777 | 639601 |
| Palvella Therapeutics, Inc. \* | 3787 | 91948 |
| Perrigo Co. PLC  | 66322 | 1705802 |
| Personalis, Inc. \* | 22941 | 86717 |
| Pfizer, Inc.  | 2696142 | 65812826 |
| Phathom Pharmaceuticals, Inc. \* | 20962 | 89927 |
| Phibro Animal Health Corp., Class A  | 8185 | 152323 |
| Praxis Precision Medicines, Inc. \* | 8268 | 311208 |
| Precigen, Inc. \* | 67713 | 105632 |
| Prestige Consumer Healthcare, Inc. \* | 23185 | 1883318 |
| ProKidney Corp. *\*(a)* | 85000 | 75276 |
| Protagonist Therapeutics, Inc. \* | 28025 | 1284105 |
| Protara Therapeutics, Inc. \* | 15000 | 52500 |
| Prothena Corp. PLC \* | 17365 | 159758 |
| PTC Therapeutics, Inc. \* | 36928 | 1840492 |
| Puma Biotechnology, Inc. \* | 19453 | 61861 |
| Quanterix Corp. \* | 15633 | 90046 |
| Quantum-Si, Inc. *\*(a)* | 76645 | 87375 |
| Rapport Therapeutics, Inc. \* | 4000 | 45800 |
| RAPT Therapeutics, Inc. \* | 80000 | 74144 |
| Recursion Pharmaceuticals, Inc., <br> Class A *\*(a)*<br>| 145890 | 815525 |
| Regeneron Pharmaceuticals, Inc.  | 50079 | 29985302 |
| REGENXBIO, Inc. \* | 37310 | 358549 |
| Regulus Therapeutics, Inc. \* | 30113 | 240302 |
| Relay Therapeutics, Inc. \* | 70432 | 234539 |
| Renovaro, Inc. \* | 84399 | 30358 |
| RenovoRx, Inc. \* | 49232 | 47263 |
| Repligen Corp. \* | 24733 | 3412907 |
| Replimune Group, Inc. \* | 36096 | 353019 |
| Reviva Pharmaceuticals Holdings, <br> Inc. \*<br>| 15000 | 13350 |
| Revolution Medicines, Inc. \* | 82561 | 3333813 |
| Revvity, Inc.  | 57923 | 5411746 |
| Rezolute, Inc. \* | 22757 | 85566 |
| Rhythm Pharmaceuticals, Inc. \* | 25661 | 1672841 |
| Rigel Pharmaceuticals, Inc. \* | 8579 | 167805 |
| Rocket Pharmaceuticals, Inc. \* | 39729 | 303132 |
| Roivant Sciences Ltd. \* | 207765 | 2414229 |
| Royalty Pharma PLC, Class A  | 177639 | 5830112 |
| Sage Therapeutics, Inc. \* | 24082 | 175558 |
| Sagimet Biosciences, Inc., Class A \* | 15000 | 51750 |
| Sana Biotechnology, Inc. *\*(a)* | 89715 | 170458 |

---

*See financial notes*

**66**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sangamo Therapeutics, Inc. \* | 80106 | 61850 |
| Sarepta Therapeutics, Inc. \* | 45830 | 2859792 |
| Savara, Inc. \* | 55048 | 176154 |
| Scholar Rock Holding Corp. \* | 34693 | 1141747 |
| Scilex Holding Co. \* | 867 | 4111 |
| scPharmaceuticals, Inc. \* | 7807 | 19908 |
| Seer, Inc., Class A \* | 17867 | 35555 |
| SELLAS Life Sciences Group, Inc. \* | 16238 | 25169 |
| Sera Prognostics, Inc., Class A \* | 12000 | 35280 |
| Seres Therapeutics, Inc. *\*(a)* | 4184 | 40585 |
| Shattuck Labs, Inc. \* | 20881 | 20651 |
| SIGA Technologies, Inc.  | 17097 | 94375 |
| Sionna Therapeutics, Inc. *\*(a)* | 5054 | 60800 |
| Skye Bioscience, Inc. *\*(a)* | 11064 | 24120 |
| Soleno Therapeutics, Inc. \* | 13430 | 1005370 |
| Solid Biosciences, Inc. \* | 10276 | 34014 |
| Sotera Health Co. \* | 73426 | 844399 |
| Spero Therapeutics, Inc. \* | 28565 | 18796 |
| SpringWorks Therapeutics, Inc. \* | 34819 | 1612120 |
| Spyre Therapeutics, Inc. \* | 25536 | 388913 |
| Standard BioTools, Inc. \* | 150000 | 166500 |
| Stoke Therapeutics, Inc. \* | 16208 | 158190 |
| Summit Therapeutics, Inc. *\*(a)* | 69091 | 1666475 |
| Supernus Pharmaceuticals, Inc. \* | 26488 | 860330 |
| Syndax Pharmaceuticals, Inc. \* | 39996 | 565943 |
| Tango Therapeutics, Inc. \* | 48653 | 68601 |
| Tarsus Pharmaceuticals, Inc. \* | 17277 | 896849 |
| Taysha Gene Therapies, Inc. \* | 124333 | 241206 |
| Tectonic Therapeutic, Inc. \* | 4711 | 98271 |
| Terns Pharmaceuticals, Inc. \* | 37305 | 123106 |
| TG Therapeutics, Inc. \* | 64928 | 2954873 |
| Theravance Biopharma, Inc. \* | 21449 | 209557 |
| Thermo Fisher Scientific, Inc.  | 182061 | 78104169 |
| Third Harmonic Bio, Inc. \* | 11232 | 58069 |
| Tonix Pharmaceuticals Holding <br> Corp. *\*(a)*<br>| 2700 | 48627 |
| Tourmaline Bio, Inc. \* | 8869 | 152635 |
| Travere Therapeutics, Inc. \* | 36451 | 758545 |
| Trevi Therapeutics, Inc. \* | 27557 | 190419 |
| TriSalus Life Sciences, Inc. \* | 10000 | 51300 |
| TScan Therapeutics, Inc. \* | 22104 | 35477 |
| TuHURA Biosciences, Inc. \* | 15000 | 56700 |
| Twist Bioscience Corp. \* | 27806 | 1065526 |
| Tyra Biosciences, Inc. \* | 9880 | 101764 |
| Ultragenyx Pharmaceutical, Inc. \* | 45508 | 1773902 |
| uniQure NV \* | 23627 | 348735 |
| United Therapeutics Corp. \* | 21294 | 6453998 |
| Upstream Bio, Inc. \* | 9901 | 91683 |
| Vanda Pharmaceuticals, Inc. \* | 24287 | 109534 |
| Vaxart, Inc. \* | 153547 | 67499 |
| Vaxcyte, Inc. \* | 54573 | 1955896 |
| Ventyx Biosciences, Inc. \* | 30926 | 41132 |
| Vera Therapeutics, Inc., Class A \* | 26354 | 615893 |
| Veracyte, Inc. \* | 37583 | 1146281 |
| Verastem, Inc. \* | 21159 | 158481 |
| Vericel Corp. \* | 23544 | 895143 |
| Vertex Pharmaceuticals, Inc. \* | 122229 | 62275675 |
| Veru, Inc. \* | 65000 | 35210 |
| Verve Therapeutics, Inc. \* | 28192 | 159849 |
| Viatris, Inc.  | 566662 | 4771294 |
| Viking Therapeutics, Inc. \* | 53084 | 1532535 |
| Vir Biotechnology, Inc. \* | 49897 | 305370 |
| Viridian Therapeutics, Inc. \* | 33966 | 460239 |
| Vistagen Therapeutics, Inc. \* | 23302 | 54527 |
| Voyager Therapeutics, Inc. \* | 25228 | 89812 |
| Waters Corp. \* | 28208 | 9808768 |
| WaVe Life Sciences Ltd. \* | 56206 | 433910 |
| West Pharmaceutical Services, Inc.  | 34392 | 7266686 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| XBiotech, Inc. \* | 10477 | 31850 |
| Xencor, Inc. \* | 35371 | 389788 |
| Xeris Biopharma Holdings, Inc. \* | 82840 | 378579 |
| XOMA Royalty Corp. \* | 2843 | 68346 |
| Y-mAbs Therapeutics, Inc. \* | 14556 | 61863 |
| Zenas Biopharma, Inc. *\*(a)* | 7000 | 81060 |
| Zentalis Pharmaceuticals, Inc. \* | 41861 | 59443 |
| Zevra Therapeutics, Inc. \* | 22339 | 163745 |
| Zoetis, Inc.  | 212887 | 33295527 |
|  |  | **1615144554** |
| **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** |
| AMREP Corp. \* | 2361 | 53241 |
| Anywhere Real Estate, Inc. \* | 50250 | 173865 |
| CBRE Group, Inc., Class A \* | 140494 | 17165557 |
| Compass, Inc., Class A \* | 208897 | 1612685 |
| CoStar Group, Inc. \* | 199874 | 14824655 |
| Cushman & Wakefield PLC \* | 111185 | 1041803 |
| Douglas Elliman, Inc. \* | 40000 | 66400 |
| eXp World Holdings, Inc.  | 50778 | 465127 |
| Forestar Group, Inc. \* | 9724 | 187284 |
| FRP Holdings, Inc. \* | 5956 | 158340 |
| Howard Hughes Holdings, Inc. \* | 14474 | 962955 |
| InterGroup Corp. \* | 1138 | 14566 |
| Jones Lang LaSalle, Inc. \* | 22660 | 5153111 |
| Kennedy-Wilson Holdings, Inc.  | 67369 | 431162 |
| Marcus & Millichap, Inc.  | 11056 | 336102 |
| Maui Land & Pineapple Co., Inc. \* | 3498 | 54324 |
| Newmark Group, Inc., Class A  | 65820 | 723362 |
| Opendoor Technologies, Inc. \* | 303558 | 230188 |
| RE/MAX Holdings, Inc., Class A \* | 14967 | 114498 |
| RMR Group, Inc., Class A  | 7541 | 110702 |
| Seaport Entertainment Group, Inc. \* | 4108 | 78668 |
| Seritage Growth Properties, Class A \* | 31941 | 94545 |
| St. Joe Co.  | 18058 | 764215 |
| Star Holdings \* | 6000 | 40440 |
| Stratus Properties, Inc. \* | 3398 | 53926 |
| Tejon Ranch Co. \* | 11108 | 188058 |
| Zillow Group, Inc., Class C \* | 101385 | 6826252 |
|  |  | **51926031** |
| **Semiconductors & Semiconductor Equipment 9.2%** | **Semiconductors & Semiconductor Equipment 9.2%** | **Semiconductors & Semiconductor Equipment 9.2%** |
| ACM Research, Inc., Class A \* | 27920 | 543602 |
| Advanced Micro Devices, Inc. \* | 771085 | 75065125 |
| Aehr Test Systems *\*(a)* | 11116 | 94820 |
| Allegro MicroSystems, Inc. \* | 62273 | 1187546 |
| Alpha & Omega Semiconductor Ltd. \* | 10471 | 197169 |
| Ambarella, Inc. \* | 18585 | 891894 |
| Amkor Technology, Inc.  | 53364 | 931202 |
| Amtech Systems, Inc. \* | 6347 | 21897 |
| Analog Devices, Inc.  | 236253 | 46050435 |
| Applied Materials, Inc.  | 386662 | 58273830 |
| Astera Labs, Inc. \* | 10169 | 664137 |
| Atomera, Inc. *\*(a)* | 12488 | 54822 |
| Axcelis Technologies, Inc. \* | 17421 | 853281 |
| Blaize Holdings, Inc. *\*(a)* | 27000 | 65340 |
| Broadcom, Inc.  | 2230620 | 429327431 |
| CEVA, Inc. \* | 10247 | 268574 |
| Cirrus Logic, Inc. \* | 24858 | 2387362 |
| Cohu, Inc. \* | 25139 | 402224 |
| Credo Technology Group Holding <br> Ltd. \*<br>| 68431 | 2945955 |
| Diodes, Inc. \* | 23096 | 886886 |
| Enphase Energy, Inc. \* | 62575 | 2790219 |
| Entegris, Inc.  | 71887 | 5687699 |
| Everspin Technologies, Inc. \* | 8698 | 46099 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**67**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| First Solar, Inc. \* | 50983 | 6414681 |
| FormFactor, Inc. \* | 35591 | 1001531 |
| GCT Semiconductor Holding, Inc. *\*(a)* | 24775 | 34437 |
| Ichor Holdings Ltd. \* | 16163 | 319704 |
| Impinj, Inc. \* | 12220 | 1125829 |
| indie Semiconductor, Inc., Class A *\*(a)* | 89545 | 178195 |
| Intel Corp.  | 2063035 | 41467004 |
| inTEST Corp. \* | 4591 | 28464 |
| KLA Corp.  | 63321 | 44495034 |
| Kopin Corp. \* | 49841 | 63797 |
| Kulicke & Soffa Industries, Inc.  | 29764 | 959294 |
| Lam Research Corp.  | 610779 | 43774531 |
| Lattice Semiconductor Corp. \* | 66212 | 3239753 |
| MACOM Technology Solutions <br> Holdings, Inc. \*<br>| 28077 | 2912989 |
| Marvell Technology, Inc.  | 411552 | 24022290 |
| MaxLinear, Inc. \* | 36453 | 364165 |
| Microchip Technology, Inc.  | 255877 | 11790812 |
| Micron Technology, Inc.  | 530635 | 40832363 |
| MKS Instruments, Inc.  | 32627 | 2288458 |
| Monolithic Power Systems, Inc.  | 22704 | 13465742 |
| NVE Corp.  | 2299 | 133595 |
| NVIDIA Corp.  | 11654741 | 1269434390 |
| NXP Semiconductors NV  | 120939 | 22290267 |
| ON Semiconductor Corp. \* | 200566 | 7962470 |
| Onto Innovation, Inc. \* | 23662 | 2886054 |
| PDF Solutions, Inc. \* | 14956 | 274443 |
| Penguin Solutions, Inc. \* | 26108 | 445664 |
| Photronics, Inc. \* | 31345 | 572673 |
| Power Integrations, Inc.  | 27802 | 1365634 |
| Qorvo, Inc. \* | 44126 | 3162510 |
| QUALCOMM, Inc.  | 526213 | 78121582 |
| QuickLogic Corp. *\*(a)* | 7578 | 43270 |
| Rambus, Inc. \* | 50344 | 2456284 |
| Rigetti Computing, Inc. *\*(a)* | 117299 | 1040442 |
| Semtech Corp. \* | 40859 | 1276844 |
| Silicon Laboratories, Inc. \* | 15681 | 1595699 |
| SiTime Corp. \* | 9068 | 1331727 |
| SkyWater Technology, Inc. \* | 12405 | 87951 |
| Skyworks Solutions, Inc.  | 76393 | 4910542 |
| SolarEdge Technologies, Inc. \* | 28622 | 350190 |
| Synaptics, Inc. \* | 19574 | 1089489 |
| Teradyne, Inc.  | 77541 | 5754318 |
| Texas Instruments, Inc.  | 433424 | 69369511 |
| Ultra Clean Holdings, Inc. \* | 21314 | 398678 |
| Universal Display Corp.  | 21706 | 2726925 |
| Veeco Instruments, Inc. \* | 27566 | 515484 |
| Wolfspeed, Inc. *\*(a)* | 74195 | 263392 |
|  |  | **2348276650** |
| **Software & Services 11.7%** | **Software & Services 11.7%** | **Software & Services 11.7%** |
| 8x8, Inc. \* | 70702 | 125143 |
| A10 Networks, Inc.  | 35602 | 586721 |
| Accenture PLC, Class A  | 297669 | 89047681 |
| ACCESS Newswire, Inc. \* | 1318 | 10742 |
| ACI Worldwide, Inc. \* | 49858 | 2660423 |
| Adeia, Inc.  | 52866 | 650780 |
| Adobe, Inc. \* | 207226 | 77705605 |
| Agilysys, Inc. \* | 11841 | 880378 |
| Airship AI Holdings, Inc., Class A *\*(a)* | 8888 | 34574 |
| Akamai Technologies, Inc. \* | 71284 | 5744065 |
| Alarm.com Holdings, Inc. \* | 22683 | 1215809 |
| Alkami Technology, Inc. \* | 31929 | 852185 |
| Amplitude, Inc., Class A \* | 38091 | 350056 |
| ANSYS, Inc. \* | 41434 | 13336776 |
| Appfolio, Inc., Class A \* | 11277 | 2328926 |
| Appian Corp., Class A \* | 21338 | 662545 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Applied Digital Corp. *\*(a)* | 81794 | 371345 |
| AppLovin Corp., Class A \* | 105980 | 28541474 |
| Arteris, Inc. \* | 9920 | 66067 |
| Asana, Inc., Class A \* | 40781 | 658205 |
| ASGN, Inc. \* | 21209 | 1068509 |
| Atlassian Corp., Class A \* | 77835 | 17770509 |
| AudioEye, Inc. \* | 4308 | 46742 |
| Aurora Innovation, Inc. \* | 496131 | 3591988 |
| Autodesk, Inc. \* | 102144 | 28012992 |
| AvePoint, Inc. \* | 47367 | 774450 |
| Backblaze, Inc., Class A \* | 18678 | 82183 |
| Bentley Systems, Inc., Class B  | 72575 | 3119999 |
| BigBear.ai Holdings, Inc. *\*(a)* | 49665 | 169358 |
| BigCommerce Holdings, Inc. \* | 30500 | 157990 |
| Bill Holdings, Inc. \* | 44640 | 2034245 |
| Blackbaud, Inc. \* | 18090 | 1095169 |
| BlackLine, Inc. \* | 23896 | 1128608 |
| Blend Labs, Inc., Class A \* | 109476 | 366745 |
| Box, Inc., Class A \* | 67671 | 2112689 |
| Braze, Inc., Class A \* | 32457 | 1010386 |
| C3.ai, Inc., Class A \* | 53976 | 1188012 |
| Cadence Design Systems, Inc. \* | 130854 | 38960470 |
| CCC Intelligent Solutions Holdings, <br> Inc. \*<br>| 225615 | 2089195 |
| Cerence, Inc. \* | 24000 | 217440 |
| Cipher Mining, Inc. \* | 115715 | 329788 |
| Cleanspark, Inc. \* | 133128 | 1087656 |
| Clear Secure, Inc., Class A  | 45219 | 1116005 |
| Clearwater Analytics Holdings, Inc., <br> Class A \*<br>| 108416 | 2465380 |
| Cloudflare, Inc., Class A \* | 146374 | 17679052 |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 234796 | 17273942 |
| Commvault Systems, Inc. \* | 20747 | 3467446 |
| Confluent, Inc., Class A \* | 121744 | 2898725 |
| Consensus Cloud Solutions, Inc. \* | 8336 | 165553 |
| Core Scientific, Inc. \* | 131101 | 1061918 |
| CoreCard Corp. \* | 2218 | 43074 |
| Couchbase, Inc. \* | 21729 | 383300 |
| Crowdstrike Holdings, Inc., Class A \* | 117090 | 50216388 |
| CS Disco, Inc. \* | 11500 | 42895 |
| CSP, Inc.  | 5818 | 96811 |
| Daily Journal Corp. \* | 412 | 156140 |
| Datadog, Inc., Class A \* | 148842 | 15205699 |
| Digimarc Corp. \* | 9106 | 119198 |
| Digital Turbine, Inc. \* | 62036 | 186108 |
| DigitalOcean Holdings, Inc. \* | 30236 | 934292 |
| Docusign, Inc., Class A \* | 96460 | 7885605 |
| Dolby Laboratories, Inc., Class A  | 29612 | 2273905 |
| Domo, Inc., Class B \* | 16000 | 118880 |
| DoubleVerify Holdings, Inc. \* | 69812 | 925707 |
| Dropbox, Inc., Class A \* | 102693 | 2931885 |
| D-Wave Quantum, Inc. *\*(a)* | 99310 | 686232 |
| DXC Technology Co. \* | 83666 | 1298496 |
| Dynatrace, Inc. \* | 142222 | 6680167 |
| eGain Corp. \* | 7634 | 39239 |
| Elastic NV \* | 42382 | 3653328 |
| EPAM Systems, Inc. \* | 26937 | 4226685 |
| EverCommerce, Inc. \* | 12868 | 125592 |
| Exodus Movement, Inc., Class A \* | 2623 | 102402 |
| Expensify, Inc., Class A \* | 35000 | 103600 |
| Fair Isaac Corp. \* | 11591 | 23062381 |
| Fastly, Inc., Class A \* | 57803 | 332367 |
| Five9, Inc. \* | 37138 | 933649 |
| Fortinet, Inc. \* | 302361 | 31372977 |
| Freshworks, Inc., Class A \* | 87065 | 1285950 |
| Gartner, Inc. \* | 36598 | 15410686 |
| Gen Digital, Inc.  | 258347 | 6683437 |

---

*See financial notes*

**68**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Gitlab, Inc., Class A \* | 58408 | 2725901 |
| GoDaddy, Inc., Class A \* | 66992 | 12616603 |
| Grid Dynamics Holdings, Inc. \* | 30774 | 435760 |
| Guidewire Software, Inc. \* | 39730 | 8135512 |
| Hackett Group, Inc.  | 12220 | 312099 |
| HubSpot, Inc. \* | 24800 | 15165200 |
| Hut 8 Corp. \* | 36990 | 455347 |
| I3 Verticals, Inc., Class A \* | 10325 | 259364 |
| Informatica, Inc., Class A \* | 38229 | 719852 |
| Information Services Group, Inc.  | 16112 | 62515 |
| Intapp, Inc. \* | 26069 | 1414504 |
| Intellicheck, Inc. \* | 12962 | 34479 |
| InterDigital, Inc.  | 12078 | 2427678 |
| International Business Machines <br> Corp. <br>| 439930 | 106383873 |
| Intuit, Inc.  | 133209 | 83584651 |
| Jamf Holding Corp. \* | 29817 | 344983 |
| Kaltura, Inc. \* | 33164 | 71303 |
| Klaviyo, Inc., Class A \* | 37052 | 1127863 |
| Kyndryl Holdings, Inc. \* | 110492 | 3582151 |
| LiveRamp Holdings, Inc. \* | 30335 | 793564 |
| Manhattan Associates, Inc. \* | 29032 | 5149986 |
| MARA Holdings, Inc. \* | 161346 | 2157196 |
| Meridianlink, Inc. \* | 14846 | 251046 |
| Microsoft Corp.  | 3537691 | 1398307745 |
| MicroStrategy, Inc., Class A \* | 113610 | 43184297 |
| Mitek Systems, Inc. \* | 18641 | 154347 |
| MongoDB, Inc., Class A \* | 35955 | 6190372 |
| N-able, Inc. \* | 29867 | 210861 |
| nCino, Inc. \* | 45500 | 1055600 |
| NCR Voyix Corp. \* | 66187 | 567223 |
| NextNav, Inc. \* | 32844 | 407922 |
| Nutanix, Inc., Class A \* | 118651 | 8151324 |
| Okta, Inc. \* | 78831 | 8841685 |
| Olo, Inc., Class A \* | 54208 | 336090 |
| ON24, Inc. \* | 17135 | 80192 |
| OneSpan, Inc.  | 14940 | 222158 |
| Onestream, Inc. \* | 24465 | 523551 |
| Ooma, Inc. \* | 9711 | 118765 |
| Oracle Corp.  | 771987 | 108634011 |
| PagerDuty, Inc. \* | 42859 | 664743 |
| Palantir Technologies, Inc., Class A \* | 976089 | 115607981 |
| Palo Alto Networks, Inc. \* | 315082 | 58898278 |
| Pegasystems, Inc.  | 21368 | 1967565 |
| Phunware, Inc. \* | 10000 | 29100 |
| Porch Group, Inc. \* | 38009 | 220452 |
| Procore Technologies, Inc. \* | 50538 | 3238980 |
| Progress Software Corp.  | 20511 | 1229840 |
| PROS Holdings, Inc. \* | 21413 | 365734 |
| PTC, Inc. \* | 57212 | 8866144 |
| Q2 Holdings, Inc. \* | 28358 | 2247371 |
| Qualys, Inc. \* | 17368 | 2183331 |
| Quantum Computing, Inc. *\*(a)* | 50867 | 342844 |
| Rackspace Technology, Inc. \* | 28860 | 39250 |
| Rapid7, Inc. \* | 29867 | 705459 |
| Red Violet, Inc.  | 5306 | 207252 |
| Rekor Systems, Inc. *\*(a)* | 22007 | 23107 |
| ReposiTrak, Inc. *(a)* | 6299 | 136058 |
| Research Solutions, Inc. \* | 18069 | 49509 |
| Rimini Street, Inc. \* | 21843 | 77106 |
| RingCentral, Inc., Class A \* | 42341 | 1079695 |
| Riot Platforms, Inc. \* | 153227 | 1109363 |
| Roper Technologies, Inc.  | 51090 | 28614487 |
| Rubrik, Inc., Class A \* | 41435 | 2922411 |
| SailPoint, Inc. \* | 30000 | 514800 |
| Salesforce, Inc.  | 455359 | 122359517 |
| Samsara, Inc., Class A \* | 120929 | 4796044 |
| SEMrush Holdings, Inc., Class A \* | 17212 | 176939 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| SentinelOne, Inc., Class A \* | 138435 | 2561047 |
| ServiceNow, Inc. \* | 98017 | 93607215 |
| ServiceTitan, Inc., Class A *\*(a)* | 4368 | 504984 |
| Snowflake, Inc., Class A \* | 156924 | 25027809 |
| SoundHound AI, Inc., Class A \* | 171830 | 1596301 |
| SoundThinking, Inc. \* | 4200 | 65184 |
| Sprinklr, Inc., Class A \* | 57049 | 438707 |
| Sprout Social, Inc., Class A \* | 26923 | 562960 |
| SPS Commerce, Inc. \* | 18139 | 2603128 |
| SRAX, Inc. *\*(b)* | 9789 | 34 |
| Synchronoss Technologies, Inc. \* | 5000 | 52500 |
| Synopsys, Inc. \* | 73504 | 33739071 |
| Telos Corp. \* | 25409 | 69367 |
| Tenable Holdings, Inc. \* | 57298 | 1751600 |
| Teradata Corp. \* | 44373 | 954019 |
| Terawulf, Inc. \* | 152220 | 423172 |
| TSS, Inc. \* | 6157 | 42114 |
| Tucows, Inc., Class A \* | 5000 | 81300 |
| Twilio, Inc., Class A \* | 72858 | 7046097 |
| Tyler Technologies, Inc. \* | 20270 | 11012691 |
| UiPath, Inc., Class A \* | 200195 | 2390328 |
| Unity Software, Inc. \* | 145102 | 3057299 |
| Upland Software, Inc. \* | 22775 | 54888 |
| Varonis Systems, Inc., Class B \* | 52574 | 2252270 |
| Verint Systems, Inc. \* | 32647 | 575893 |
| VeriSign, Inc. \* | 38688 | 10914659 |
| Veritone, Inc. *\*(a)* | 20000 | 40800 |
| Vertex, Inc., Class A \* | 24634 | 986099 |
| Viant Technology, Inc., Class A \* | 10390 | 148681 |
| Weave Communications, Inc. \* | 21621 | 229183 |
| WM Technology, Inc. \* | 40927 | 52796 |
| Workday, Inc., Class A \* | 101734 | 24924830 |
| Workiva, Inc., Class A \* | 24504 | 1844416 |
| Yext, Inc. \* | 46726 | 317737 |
| Zeta Global Holdings Corp., Class A \* | 99752 | 1302761 |
| Zoom Communications, Inc. \* | 124336 | 9641013 |
| Zscaler, Inc. \* | 45038 | 10186244 |
|  |  | **2990819849** |
| **Technology Hardware & Equipment 7.8%** | **Technology Hardware & Equipment 7.8%** | **Technology Hardware & Equipment 7.8%** |
| 908 Devices, Inc. *\*(a)* | 20374 | 110631 |
| ADTRAN Holdings, Inc. \* | 33081 | 253400 |
| Advanced Energy Industries, Inc.  | 18358 | 1788253 |
| Aeva Technologies, Inc. \* | 12000 | 85320 |
| Airgain, Inc. \* | 7096 | 26610 |
| Amphenol Corp., Class A  | 576304 | 44346593 |
| Apple, Inc.  | 7149047 | 1519172487 |
| Applied Optoelectronics, Inc. \* | 20315 | 259829 |
| Arista Networks, Inc. \* | 491967 | 40474125 |
| Arlo Technologies, Inc. \* | 48708 | 478800 |
| Arrow Electronics, Inc. \* | 24411 | 2718409 |
| AstroNova, Inc. \* | 4083 | 33930 |
| Aviat Networks, Inc. \* | 4936 | 86676 |
| Avnet, Inc.  | 41153 | 1933779 |
| Badger Meter, Inc.  | 13974 | 3085739 |
| Bel Fuse, Inc., Class B  | 5365 | 352856 |
| Belden, Inc.  | 19416 | 2001984 |
| Benchmark Electronics, Inc.  | 17566 | 571422 |
| Calix, Inc. \* | 27533 | 1126375 |
| CDW Corp.  | 63368 | 10174366 |
| Ciena Corp. \* | 68132 | 4575745 |
| Cisco Systems, Inc.  | 1895121 | 109405335 |
| Clearfield, Inc. \* | 5453 | 156337 |
| Climb Global Solutions, Inc.  | 1603 | 168956 |
| Cognex Corp.  | 82622 | 2255581 |
| Coherent Corp. \* | 73757 | 4744050 |
| CommScope Holding Co., Inc. \* | 113638 | 425006 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**69**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| CompoSecure, Inc., Class A  | 22126 | 243165 |
| Corning, Inc.  | 366016 | 16243790 |
| Corsair Gaming, Inc. \* | 23511 | 166458 |
| CPI Card Group, Inc. \* | 1805 | 47183 |
| Crane NXT Co.  | 22746 | 1067242 |
| CTS Corp.  | 13417 | 510919 |
| Daktronics, Inc. \* | 24125 | 306146 |
| Dell Technologies, Inc., Class C  | 148186 | 13597547 |
| Diebold Nixdorf, Inc. \* | 17287 | 766333 |
| Digi International, Inc. \* | 17947 | 488158 |
| Eastman Kodak Co. \* | 50916 | 320262 |
| ePlus, Inc. \* | 12538 | 781870 |
| Evolv Technologies Holdings, Inc. \* | 65781 | 288779 |
| Extreme Networks, Inc. \* | 61060 | 803550 |
| F5, Inc. \* | 27474 | 7273467 |
| Fabrinet \* | 16984 | 3482739 |
| FARO Technologies, Inc. \* | 8279 | 243485 |
| Flex Ltd. \* | 182881 | 6280134 |
| Frequency Electronics, Inc.  | 4719 | 87773 |
| Genasys, Inc. \* | 20918 | 44765 |
| Harmonic, Inc. \* | 56948 | 511393 |
| Hewlett Packard Enterprise Co.  | 627338 | 10175422 |
| HP, Inc.  | 445625 | 11394631 |
| Identiv, Inc. \* | 8288 | 27516 |
| Immersion Corp.  | 13101 | 94720 |
| Inseego Corp. \* | 4205 | 34229 |
| Insight Enterprises, Inc. \* | 13614 | 1882544 |
| IonQ, Inc. \* | 92366 | 2536370 |
| IPG Photonics Corp. \* | 13349 | 799472 |
| Itron, Inc. \* | 20969 | 2333640 |
| Jabil, Inc.  | 52342 | 7671243 |
| Juniper Networks, Inc.  | 158375 | 5752180 |
| Key Tronic Corp. \* | 4943 | 12160 |
| Keysight Technologies, Inc. \* | 82421 | 11984013 |
| Kimball Electronics, Inc. \* | 10963 | 157209 |
| Knowles Corp. \* | 40205 | 632827 |
| KVH Industries, Inc. \* | 5414 | 27666 |
| Lantronix, Inc. \* | 11128 | 23703 |
| LightPath Technologies, Inc., Class A \* | 24173 | 56807 |
| Littelfuse, Inc.  | 11851 | 2160556 |
| Lumentum Holdings, Inc. \* | 34609 | 2043315 |
| Methode Electronics, Inc.  | 15172 | 95128 |
| MicroVision, Inc. *\*(a)* | 167237 | 188978 |
| Mirion Technologies, Inc., Class A \* | 90569 | 1429179 |
| Motorola Solutions, Inc.  | 79595 | 35052842 |
| M-Tron Industries, Inc. \* | 2643 | 146607 |
| Napco Security Technologies, Inc.  | 18552 | 423913 |
| Neonode, Inc. \* | 4440 | 54390 |
| NetApp, Inc.  | 96581 | 8668145 |
| NETGEAR, Inc. \* | 13065 | 315128 |
| NetScout Systems, Inc. \* | 34140 | 717623 |
| nLight, Inc. \* | 20404 | 157315 |
| Novanta, Inc. \* | 18011 | 2140787 |
| Ondas Holdings, Inc. \* | 32000 | 24858 |
| One Stop Systems, Inc. \* | 12911 | 29824 |
| OSI Systems, Inc. \* | 7329 | 1500539 |
| Ouster, Inc. \* | 21483 | 159619 |
| PAR Technology Corp. \* | 18480 | 1079232 |
| PC Connection, Inc.  | 5698 | 353504 |
| Plexus Corp. \* | 12972 | 1588162 |
| Powerfleet, Inc. NJ \* | 54255 | 273445 |
| Pure Storage, Inc., Class A \* | 148029 | 6714595 |
| Red Cat Holdings, Inc. *\*(a)* | 30059 | 150896 |
| ReElement Technologies LLC *\*(b)* | 12919 | 4 |
| Research Frontiers, Inc. \* | 21870 | 22963 |
| RF Industries Ltd. \* | 7044 | 26979 |
| Ribbon Communications, Inc. \* | 38255 | 122799 |
| Richardson Electronics Ltd.  | 5554 | 48098 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Rogers Corp. \* | 8205 | 507151 |
| Sandisk Corp. \* | 54460 | 1748711 |
| Sanmina Corp. \* | 26460 | 2031863 |
| ScanSource, Inc. \* | 10228 | 337422 |
| Seagate Technology Holdings PLC  | 100335 | 9133495 |
| Super Micro Computer, Inc. \* | 239400 | 7627284 |
| TD SYNNEX Corp.  | 35703 | 3955892 |
| TE Connectivity PLC  | 141844 | 20763125 |
| Teledyne Technologies, Inc. \* | 22160 | 10327225 |
| TransAct Technologies, Inc. \* | 3397 | 11822 |
| Trimble, Inc. \* | 116803 | 7258138 |
| TTM Technologies, Inc. \* | 50171 | 1004423 |
| Turtle Beach Corp. \* | 7827 | 90402 |
| Ubiquiti, Inc.  | 2218 | 724066 |
| Viasat, Inc. \* | 45366 | 420543 |
| Viavi Solutions, Inc. \* | 109669 | 1160298 |
| Vishay Intertechnology, Inc.  | 62111 | 806822 |
| Vishay Precision Group, Inc. \* | 5394 | 134526 |
| Vontier Corp.  | 72249 | 2298241 |
| Vuzix Corp. \* | 48683 | 103695 |
| Western Digital Corp. \* | 165372 | 7253216 |
| Wrap Technologies, Inc. *\*(a)* | 21515 | 32703 |
| Zebra Technologies Corp., Class A \* | 24552 | 6145857 |
|  |  | **2009530447** |
| **Telecommunication Services 1.0%** | **Telecommunication Services 1.0%** | **Telecommunication Services 1.0%** |
| Anterix, Inc. \* | 8567 | 255725 |
| AST SpaceMobile, Inc., Class A *\*(a)* | 75618 | 1755094 |
| AT&T, Inc.  | 3415354 | 94605306 |
| ATN International, Inc.  | 5256 | 92979 |
| Bandwidth, Inc., Class A \* | 15306 | 190101 |
| Cogent Communications Holdings, <br> Inc. <br>| 19826 | 1077543 |
| Frontier Communications Parent, <br> Inc. \*<br>| 104749 | 3797151 |
| GCI Liberty, Inc. *\*(b)* | 35715 | 0 |
| Globalstar, Inc. \* | 26231 | 504160 |
| Gogo, Inc. \* | 27853 | 210847 |
| IDT Corp., Class B  | 8928 | 448632 |
| Iridium Communications, Inc.  | 51747 | 1248655 |
| Liberty Global Ltd., Class C \* | 151474 | 1717715 |
| Liberty Latin America Ltd., Class C \* | 78742 | 433081 |
| Lumen Technologies, Inc. \* | 491512 | 1739952 |
| NII Holdings, Inc. Escrow *\*(b)* | 28127 | 15048 |
| Shenandoah Telecommunications Co.  | 21835 | 243242 |
| Spok Holdings, Inc.  | 9849 | 141235 |
| Telephone & Data Systems, Inc.  | 46178 | 1731213 |
| T-Mobile U.S., Inc.  | 228261 | 56369054 |
| U.S. Cellular Corp. \* | 6696 | 459747 |
| Verizon Communications, Inc.  | 2002832 | 88244778 |
|  |  | **255281258** |
| **Transportation 1.4%** | **Transportation 1.4%** | **Transportation 1.4%** |
| Alaska Air Group, Inc. \* | 59568 | 2637075 |
| Allegiant Travel Co.  | 6715 | 315135 |
| American Airlines Group, Inc. \* | 309647 | 3080988 |
| ArcBest Corp.  | 11604 | 679066 |
| Avis Budget Group, Inc. \* | 8421 | 780037 |
| Blade Air Mobility, Inc. \* | 26008 | 68921 |
| CH Robinson Worldwide, Inc.  | 56308 | 5023800 |
| Covenant Logistics Group, Inc., <br> Class A <br>| 6788 | 135081 |
| CSX Corp.  | 917083 | 25742520 |
| Delta Air Lines, Inc.  | 307483 | 12800517 |
| Expeditors International of <br> Washington, Inc. <br>| 67019 | 7366058 |

---

*See financial notes*

**70**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| FedEx Corp.  | 105280 | 22143542 |
| Forward Air Corp. \* | 10889 | 160286 |
| Frontier Group Holdings, Inc. \* | 35279 | 105131 |
| FTAI Infrastructure, Inc.  | 59598 | 257463 |
| Genco Shipping & Trading Ltd.  | 21083 | 273236 |
| GXO Logistics, Inc. \* | 58300 | 2112792 |
| Heartland Express, Inc.  | 26008 | 197661 |
| Hertz Global Holdings, Inc. *\*(a)* | 75147 | 512503 |
| Hub Group, Inc., Class A  | 28838 | 910992 |
| JB Hunt Transport Services, Inc.  | 37990 | 4960734 |
| JetBlue Airways Corp. \* | 167083 | 728482 |
| Joby Aviation, Inc. \* | 237080 | 1493604 |
| Kirby Corp. \* | 27367 | 2637358 |
| Knight-Swift Transportation Holdings, <br> Inc. <br>| 77736 | 3044919 |
| Landstar System, Inc.  | 16707 | 2241244 |
| Lyft, Inc., Class A \* | 174695 | 2166218 |
| Marten Transport Ltd.  | 24450 | 313938 |
| Matson, Inc.  | 16186 | 1765731 |
| Norfolk Southern Corp.  | 107640 | 24116742 |
| Old Dominion Freight Line, Inc.  | 89381 | 13700320 |
| PAMT Corp. \* | 3071 | 42902 |
| Pangaea Logistics Solutions Ltd.  | 13298 | 53591 |
| Proficient Auto Logistics, Inc. \* | 9150 | 76036 |
| Radiant Logistics, Inc. \* | 16850 | 98572 |
| RXO, Inc. \* | 65686 | 925516 |
| Ryder System, Inc.  | 19907 | 2740597 |
| Saia, Inc. \* | 12696 | 3097824 |
| Schneider National, Inc., Class B  | 23306 | 500846 |
| Sky Harbour Group Corp. *\*(a)* | 9000 | 96030 |
| SkyWest, Inc. \* | 19023 | 1696281 |
| Southwest Airlines Co.  | 281394 | 7867776 |
| Sun Country Airlines Holdings, Inc. \* | 20591 | 201792 |
| Uber Technologies, Inc. \* | 993753 | 80503931 |
| U-Haul Holding Co., Non Voting <br> Shares <br>| 53498 | 2931690 |
| Union Pacific Corp.  | 287439 | 61989095 |
| United Airlines Holdings, Inc. \* | 156779 | 10789531 |
| United Parcel Service, Inc., Class B  | 348832 | 33243690 |
| Universal Logistics Holdings, Inc.  | 3300 | 71742 |
| Werner Enterprises, Inc.  | 29435 | 725867 |
| Wheels Up Experience, Inc. *\*(a)* | 85298 | 98093 |
| XPO, Inc. \* | 56378 | 5982833 |
|  |  | **356206329** |
| **Utilities 2.5%** | **Utilities 2.5%** | **Utilities 2.5%** |
| AES Corp.  | 336918 | 3369180 |
| ALLETE, Inc.  | 27530 | 1802940 |
| Alliant Energy Corp.  | 122307 | 7465619 |
| Ameren Corp.  | 128132 | 12715820 |
| American Electric Power Co., Inc.  | 253454 | 27459206 |
| American States Water Co.  | 17953 | 1456168 |
| American Water Works Co., Inc.  | 92451 | 13591222 |
| Artesian Resources Corp., Class A  | 5123 | 181969 |
| Atmos Energy Corp.  | 75474 | 12123389 |
| Avista Corp.  | 37141 | 1540237 |
| Black Hills Corp.  | 33457 | 2037531 |
| Cadiz, Inc. \* | 22878 | 64974 |
| California Water Service Group  | 27919 | 1414097 |
| CenterPoint Energy, Inc.  | 311902 | 12095560 |
| Chesapeake Utilities Corp.  | 10866 | 1430726 |
| Clearway Energy, Inc., Class C  | 54942 | 1611998 |
| CMS Energy Corp.  | 142349 | 10484004 |
| Consolidated Edison, Inc.  | 164899 | 18592362 |
| Consolidated Water Co. Ltd.  | 7055 | 163958 |
| Constellation Energy Corp.  | 148940 | 33279154 |
| Dominion Energy, Inc.  | 401717 | 21845370 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| DTE Energy Co.  | 99160 | 13584920 |
| Duke Energy Corp.  | 369252 | 45056129 |
| Edison International  | 185567 | 9929690 |
| Entergy Corp.  | 204090 | 16974165 |
| Essential Utilities, Inc.  | 119070 | 4897349 |
| Evergy, Inc.  | 110313 | 7622628 |
| Eversource Energy  | 174373 | 10371706 |
| Exelon Corp.  | 480247 | 22523584 |
| FirstEnergy Corp.  | 244909 | 10501698 |
| Genie Energy Ltd., Class B  | 9550 | 141054 |
| Global Water Resources, Inc.  | 4694 | 48958 |
| Hawaiian Electric Industries, Inc. \* | 81641 | 857230 |
| IDACORP, Inc.  | 25260 | 2982953 |
| MDU Resources Group, Inc.  | 96911 | 1661055 |
| MGE Energy, Inc.  | 17135 | 1549347 |
| Middlesex Water Co.  | 9717 | 613337 |
| National Fuel Gas Co.  | 42902 | 3294016 |
| New Jersey Resources Corp.  | 48098 | 2353916 |
| NextEra Energy, Inc.  | 978355 | 65432382 |
| NiSource, Inc.  | 223663 | 8747460 |
| Northwest Natural Holding Co.  | 19065 | 821701 |
| Northwestern Energy Group, Inc.  | 29338 | 1708352 |
| NRG Energy, Inc.  | 95774 | 10494915 |
| OGE Energy Corp.  | 96452 | 4376992 |
| Oklo, Inc. *\*(a)* | 33267 | 789759 |
| ONE Gas, Inc.  | 26579 | 2086717 |
| Ormat Technologies, Inc.  | 27003 | 1960418 |
| Otter Tail Corp.  | 19403 | 1540210 |
| PG&E Corp.  | 1048694 | 17324425 |
| Pinnacle West Capital Corp.  | 54402 | 5177982 |
| Portland General Electric Co.  | 53974 | 2273385 |
| PPL Corp.  | 352685 | 12873002 |
| Public Service Enterprise Group, Inc.  | 238150 | 19035329 |
| Pure Cycle Corp. \* | 8445 | 83606 |
| RGC Resources, Inc.  | 3883 | 81427 |
| Sempra  | 301437 | 22387726 |
| SJW Group  | 15143 | 859214 |
| Southern Co.  | 521404 | 47911814 |
| Southwest Gas Holdings, Inc.  | 28636 | 2067806 |
| Spire, Inc.  | 28415 | 2174884 |
| Talen Energy Corp. \* | 21918 | 4714123 |
| TXNM Energy, Inc.  | 43143 | 2295208 |
| UGI Corp.  | 104341 | 3421341 |
| Unitil Corp.  | 7063 | 414316 |
| Vistra Corp.  | 161987 | 20998375 |
| WEC Energy Group, Inc.  | 151830 | 16628422 |
| Xcel Energy, Inc.  | 272800 | 19286960 |
| York Water Co.  | 6196 | 218099 |
|  |  | **637875569** |
| **Total Common Stocks** <br>**(Cost $11,803,406,235)** | **Total Common Stocks** <br>**(Cost $11,803,406,235)** | **25543849389** |
| **RIGHTS** 0.0% OF NET ASSETS  | **RIGHTS** 0.0% OF NET ASSETS  | **RIGHTS** 0.0% OF NET ASSETS  |
| **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** |
| Aduro Biotech, Inc. CVR *\*(b)* | 5747 | 15055 |
| Cartesian Therapeutics, Inc. CVR *\*(b)* | 59796 | 134543 |
| Frequency Therapeutics, Inc. CVR *\*(b)* | 23364 | 931 |
| F-star Therapeutics, Inc. Agonist CVR <br> *\*(b)*<br>| 975 | 421 |
| F-star Therapeutics, Inc. Antagonist <br> CVR *\*(b)*<br>| 975 | 421 |
| Homology Medicines, Inc. CVR *\*(b)* | 21971 | 1332 |
| IMARA, Inc. CVR *\*(b)* | 11519 | 0 |
| Magenta Therapeutics, Inc. CVR *\*(b)* | 27369 | 1341 |
| Miromatrix Medical, Inc. CVR *\*(b)* | 11036 | 9096 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**71**

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Pardes Biosciences, Inc. CVR *\*(b)* | 19235 | 577 |
| Sesen Bio CVR *\*(b)* | 67895 | 0 |
| Surface Oncology, Inc. CVR *\*(b)* | 44721 | 463 |
| Tectonic Therapeutic, Inc. CVR *\*(b)* | 816 | 0 |
| Zynerba Pharmaceuticals, Inc. CVR <br> *\*(b)*<br>| 37596 | 7298 |
|  |  | **171478** |
| **Total Rights** <br>**(Cost $28,544)** | **Total Rights** <br>**(Cost $28,544)** | **171478** |
| **WARRANTS** 0.0% OF NET ASSETS  | **WARRANTS** 0.0% OF NET ASSETS  | **WARRANTS** 0.0% OF NET ASSETS  |
| **Technology Hardware & Equipment 0.0%** | **Technology Hardware & Equipment 0.0%** | **Technology Hardware & Equipment 0.0%** |
| M-Tron Industries, Inc. expires <br> 03/11/28, *\**<br>| 2643 | **4625** |
| **Total Warrants** <br>**(Cost $0)** | **Total Warrants** <br>**(Cost $0)** | **4625** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS  |
| **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.29% *(d)(e)*<br>| 27955568 | **27955568** |
| **Total Short-Term Investments** <br>**(Cost $27,955,568)** | **Total Short-Term Investments** <br>**(Cost $27,955,568)** | **27955568** |
| **Total Investments in Securities** <br>**(Cost $11,831,390,347)** | **Total Investments in Securities** <br>**(Cost $11,831,390,347)** | **25571981060** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| Russell 2000 Index, e-mini, <br> expires 06/20/25<br>| 83 | 8174670 | 449589 |
| S&P 500 Index, e-mini, expires <br> 06/20/25<br>| 268 | 74865800 | 4572553 |
|  |  |  | **5022142** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $25,363,300. 

*(b)* Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). 

*(c)* Issuer is affiliated with the fund's investment adviser.

*(d)* The rate shown is the annualized 7-day yield.

*(e)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CVR — Contingent Value Rights <br> REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers and affiliated companies which are or were affiliates during the period ended April 30, 2025. An affiliated company is a company in which the investment adviser has or had an ownership of at least 5% of the voting securities of a security issue during the report period. A dash in the Value at October 31, 2024, and/or Value and Balance of Shares Held at April 30, 2025, columns means either the issuer was not held or not held as an affiliate on the stated date.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS | **COMMON STOCKS** 0.3% OF NET ASSETS |
| **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** |
| Cracker Barrel Old Country Store, Inc. | $— | $— | $— | $— | ($54559)<br>| $— |  | $5602 |
| **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** |
| Diversified Healthcare Trust | 357000 |  |  |  | (131000)<br>|  |  | 2000 |
| **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** | **Financial Services 0.3%** |
| Charles Schwab Corp. | 48402176 | 10246613 | (318757)<br>| (24885)<br>| 7254983 | 65560130 | 805407 | 387813 |
| **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** |
| Emergent BioSolutions, Inc. | 245254 |  |  |  | (100700)<br>|  |  |  |
| **Total** | **$49004430** | **$10246613** | **($318757)**<br>| **($24885)**<br>| **$6968724** | **$65560130** |  | **$395415** |

---

*See financial notes*

**72**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

The following is a summary of the inputs used to value the fund's investments as of April 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $13619911967 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $13619911967 |
| Banks | 954459219 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1369 | &nbsp;&nbsp; 954460588 |
| Capital Goods | 1682108903 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 1682108945 |
| Equity Real Estate Investment Trusts (REITs) | 630942961 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 630942961 |
| Health Care Equipment & Services | 1180770664 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 1180770664 |
| Materials | 604878156 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 604878156 |
| Pharmaceuticals, Biotechnology & Life Sciences | 1615144554 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 1615144554 |
| Software & Services | 2990819815 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 2990819849 |
| Technology Hardware & Equipment | 2009530443 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 2009530447 |
| Telecommunication Services | 255266210 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15,048<br> \*<br>| &nbsp;&nbsp; 255281258 |
| Rights |  |  |  |  |
| Pharmaceuticals, Biotechnology & Life Sciences |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 171,478<br> \*<br>| &nbsp;&nbsp; 171478 |
| Warrants<sup>1</sup> <br>| 4625 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4625 |
| Short-Term Investments<sup>1</sup> <br>| 27955568 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 27955568 |
| Futures Contracts<sup>2</sup> <br>| 5022142 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5022142 |
| **Total** | **$25576815227** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$187975** | &nbsp;&nbsp; **$25577003202** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Level 3 amount shown includes securities determined to have no value at April 30, 2025.

<sup>1</sup> As categorized in the Portfolio Holdings. 

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**73**

------

Schwab Total Stock Market Index Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $36,884,007)  |  | $65560130 |
| Investments in securities, at value - unaffiliated issuers (cost $11,794,506,340) including securities on loan of $25,363,300 |  | 25506420930 |
| Cash |  | 61184486 |
| Deposit with broker for futures contracts |  | 8620660 |
| Receivables: |  |  |
| Fund shares sold |  | 19077089 |
| Dividends |  | 13420379 |
| Investments sold |  | 3642087 |
| Variation margin on future contracts |  | 226522 |
| Income from securities on loan | + | 101141 |
| **Total assets** |  | **25678253424** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 27955568 |
| Payables: |  |  |
| Fund shares redeemed |  | 12838118 |
| Investment adviser fees | + | 608124 |
| **Total liabilities** |  | **41401810** |
| **Net assets** |  | **$25636851614** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $12299877930 |
| Total distributable earnings | + | 13336973684 |
| **Net assets** |  | **$25636851614** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $25636851614 |  | &nbsp;&nbsp;&nbsp;&nbsp; 273855942 |  | &nbsp;&nbsp;&nbsp;&nbsp; $93.61 |

---

*See financial notes*

**74**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Total Stock Market Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $57,771) |  | $177393606 |
| Other Interest |  | 1027438 |
| Dividends received from securities - affiliated issuers |  | 395415 |
| Securities on loan, net | + | 806059 |
| **Total investment income**  |  | **179622518** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 3986967 |
| **Total expenses** | – | **3986967** |
| **Net investment income** |  | **175635551** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers  |  | (24885)<br>|
| Net realized losses on sales of securities - unaffiliated issuers  |  | (97840422)<br>|
| Net realized losses on futures contracts | + | (10602544)<br>|
| **Net realized losses** |  | **(108467851)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 6968724 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | (709445155)<br>|
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 6159976 |
| **Net change in unrealized appreciation (depreciation)** | **+** | **(696316455)**<br>|
| **Net realized and unrealized losses** |  | **(804784306)**<br>|
| **Decrease in net assets resulting from operations** |  | **($629148755)**<br>|

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**75**

------

Schwab Total Stock Market Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $175635551 | &nbsp;&nbsp;&nbsp; $317220234 |
| Net realized losses |  | (108467851)<br>| &nbsp;&nbsp;&nbsp; (104509067)<br>|
| Net change in unrealized appreciation (depreciation) | + | (696316455)<br>| &nbsp;&nbsp;&nbsp; 6686608505 |
| **Increase (decrease) in net assets resulting from operations** |  | **($629148755)**<br>| &nbsp;&nbsp;&nbsp; **$6899319672** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($327953620)**<br>| &nbsp;&nbsp;&nbsp; **($286776664)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 26645991 | &nbsp;&nbsp;&nbsp; $2624853237 | &nbsp;&nbsp;&nbsp; 39522767 | &nbsp;&nbsp;&nbsp; $3428570833 |
| Shares reinvested |  | 2626964 | &nbsp;&nbsp;&nbsp; 268554434 | &nbsp;&nbsp;&nbsp; 3034125 | &nbsp;&nbsp;&nbsp; 235903178 |
| Shares redeemed | + | (20147682)<br>| &nbsp;&nbsp;&nbsp; (1964950211)<br>| &nbsp;&nbsp;&nbsp; (27336118)<br>| &nbsp;&nbsp;&nbsp; (2398427249)<br>|
| **Net transactions in fund shares**  |  | **9125273** | &nbsp;&nbsp;&nbsp; **$928457460** | &nbsp;&nbsp;&nbsp; **15220774** | &nbsp;&nbsp;&nbsp; **$1266046762** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 264730669 | &nbsp;&nbsp;&nbsp; $25665496529 | &nbsp;&nbsp;&nbsp; 249509895 | &nbsp;&nbsp;&nbsp; $17786906759 |
| Total increase (decrease) | + | 9125273 | &nbsp;&nbsp;&nbsp; (28644915)<br>| &nbsp;&nbsp;&nbsp; 15220774 | &nbsp;&nbsp;&nbsp; 7878589770 |
| **End of period** |  | **273855942** | &nbsp;&nbsp;&nbsp; **$25636851614** | &nbsp;&nbsp;&nbsp; **264730669** | &nbsp;&nbsp;&nbsp; **$25665496529** |

---

*See financial notes*

**76**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Growth Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $111.20 | &nbsp;&nbsp; $77.88 | &nbsp;&nbsp; $66.09 | &nbsp;&nbsp; $89.23 | &nbsp;&nbsp; $62.76 | &nbsp;&nbsp; $49.06 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.35 | 0.69 | 0.67 | 0.64 | 0.56 | 0.55 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (2.03)<br>| 33.23 | 11.71 | &nbsp;&nbsp; (22.20)<br>| 26.39 | 13.65 |
| Total from investment operations | &nbsp;&nbsp; (1.68)<br>| 33.92 | 12.38 | &nbsp;&nbsp; (21.56)<br>| 26.95 | 14.20 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.50)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.50)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $108.90 | &nbsp;&nbsp; $111.20 | &nbsp;&nbsp; $77.88 | &nbsp;&nbsp; $66.09 | &nbsp;&nbsp; $89.23 | &nbsp;&nbsp; $62.76 |
| Total return | &nbsp;&nbsp; (1.57 %)<sup>2</sup><br>| 43.77<br> %<br>| 18.89<br> %<br>| &nbsp;&nbsp; (24.63<br> %)<br>| 43.14<br> %<br>| 29.16<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Total expenses | 0.035 %<sup>3</sup><br>| 0.035<br> %<br>| 0.035<br> %<br>| 0.035 %<sup>4</sup><br>| 0.035<br> %<br>| 0.035<br> %<br>|
| Net investment income (loss) | 0.62 %<sup>3</sup><br>| 0.69<br> %<br>| 0.91<br> %<br>| 0.86<br> %<br>| 0.73<br> %<br>| 0.97<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 4 %<sup>2</sup><br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 20 %<sup>5</sup><br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 41<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $3097 | &nbsp;&nbsp; $2899 | &nbsp;&nbsp; $1352 | &nbsp;&nbsp; $929 | &nbsp;&nbsp; $881 | &nbsp;&nbsp; $487 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>5</sup> Portfolio turnover rate excludes in-kind transactions.

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**77**

------

Schwab U.S. Large-Cap Growth Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.7% OF NET ASSETS  | **COMMON STOCKS** 99.7% OF NET ASSETS  | **COMMON STOCKS** 99.7% OF NET ASSETS  |
| **Automobiles & Components 3.0%** | **Automobiles & Components 3.0%** | **Automobiles & Components 3.0%** |
| Tesla, Inc. \* | 327111 | **92297640** |
| **Banks 0.2%** | **Banks 0.2%** | **Banks 0.2%** |
| NU Holdings Ltd., Class A \* | 381583 | 4743077 |
| Popular, Inc.  | 800 | 76336 |
|  |  | **4819413** |
| **Capital Goods 2.0%** | **Capital Goods 2.0%** | **Capital Goods 2.0%** |
| 3M Co.  | 11895 | 1652335 |
| AAON, Inc.  | 8251 | 753069 |
| Advanced Drainage Systems, Inc.  | 3073 | 348755 |
| Armstrong World Industries, Inc.  | 1541 | 223476 |
| Axon Enterprise, Inc. \* | 8531 | 5232062 |
| AZEK Co., Inc., Class A \* | 11467 | 568305 |
| Boeing Co. \* | 14439 | 2645802 |
| Builders FirstSource, Inc. \* | 1121 | 134105 |
| BWX Technologies, Inc.  | 2581 | 281639 |
| Carlisle Cos., Inc.  | 653 | 247800 |
| Caterpillar, Inc.  | 8179 | 2529519 |
| Comfort Systems USA, Inc.  | 4119 | 1637508 |
| Core & Main, Inc., Class A \* | 14725 | 775713 |
| EMCOR Group, Inc.  | 2091 | 837864 |
| Fastenal Co.  | 56772 | 4596829 |
| Ferguson Enterprises, Inc.  | 1522 | 258223 |
| Generac Holdings, Inc. \* | 3313 | 378941 |
| General Electric Co.  | 27207 | 5483299 |
| HEICO Corp.  | 12857 | 3224021 |
| Honeywell International, Inc.  | 11855 | 2495478 |
| Howmet Aerospace, Inc.  | 2947 | 408395 |
| Illinois Tool Works, Inc.  | 12824 | 3076606 |
| Lennox International, Inc.  | 3819 | 2088038 |
| Lincoln Electric Holdings, Inc.  | 1644 | 289673 |
| Loar Holdings, Inc. \* | 3700 | 349946 |
| Lockheed Martin Corp.  | 7910 | 3779003 |
| Quanta Services, Inc.  | 5378 | 1574087 |
| Rockwell Automation, Inc.  | 1172 | 290281 |
| Simpson Manufacturing Co., Inc.  | 386 | 59324 |
| SiteOne Landscape Supply, Inc. \* | 2427 | 278644 |
| Spirit AeroSystems Holdings, Inc., <br> Class A \*<br>| 1394 | 50184 |
| Standardaero, Inc. \* | 3912 | 105702 |
| Trane Technologies PLC  | 9127 | 3498470 |
| TransDigm Group, Inc.  | 1289 | 1821447 |
| Trex Co., Inc. \* | 12197 | 705231 |
| United Rentals, Inc.  | 1841 | 1162499 |
| Vertiv Holdings Co., Class A  | 42000 | 3585960 |
| WillScot Holdings Corp.  | 6018 | 151172 |
| WW Grainger, Inc.  | 4446 | 4554082 |
|  |  | **62133487** |
| **Commercial & Professional Services 1.8%** | **Commercial & Professional Services 1.8%** | **Commercial & Professional Services 1.8%** |
| Automatic Data Processing, Inc.  | 44836 | 13477702 |
| Booz Allen Hamilton Holding Corp., <br> Class A <br>| 14781 | 1774016 |
| Broadridge Financial Solutions, Inc.  | 12575 | 3048180 |
| Cintas Corp.  | 38575 | 8165556 |
| Copart, Inc. \* | 96212 | 5871818 |
| Dayforce, Inc. \* | 1998 | 115624 |
| Equifax, Inc.  | 2907 | 756198 |
| KBR, Inc.  | 1401 | 73987 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Paychex, Inc.  | 13799 | 2030109 |
| Paycom Software, Inc.  | 3776 | 854849 |
| Paylocity Holding Corp. \* | 5030 | 966263 |
| Rollins, Inc.  | 32599 | 1862381 |
| Tetra Tech, Inc.  | 6628 | 206727 |
| TransUnion  | 1246 | 103368 |
| Veralto Corp.  | 12916 | 1238644 |
| Verisk Analytics, Inc., Class A  | 16594 | 4918959 |
| Waste Management, Inc.  | 47291 | 11035828 |
|  |  | **56500209** |
| **Consumer Discretionary Distribution & Retail 8.8%** | **Consumer Discretionary Distribution & Retail 8.8%** | **Consumer Discretionary Distribution & Retail 8.8%** |
| Amazon.com, Inc. \* | 1056634 | 194864442 |
| AutoZone, Inc. \* | 1817 | 6836644 |
| Burlington Stores, Inc. \* | 7652 | 1722006 |
| CarMax, Inc. \* | 2054 | 132832 |
| Carvana Co., Class A \* | 4448 | 1086869 |
| Coupang, Inc., Class A \* | 136216 | 3183368 |
| Dick's Sporting Goods, Inc.  | 562 | 105510 |
| Etsy, Inc. \* | 8563 | 372319 |
| Five Below, Inc. \* | 5136 | 389771 |
| Floor & Decor Holdings, Inc., Class A \* | 4324 | 308907 |
| Home Depot, Inc.  | 93218 | 33604157 |
| Murphy USA, Inc.  | 2129 | 1061455 |
| O'Reilly Automotive, Inc. \* | 6264 | 8864813 |
| Pool Corp.  | 4341 | 1272521 |
| RH \* | 339 | 62386 |
| Ross Stores, Inc.  | 8827 | 1226953 |
| TJX Cos., Inc.  | 78696 | 10126601 |
| Tractor Supply Co.  | 62388 | 3158081 |
| Ulta Beauty, Inc. \* | 4689 | 1855156 |
| Valvoline, Inc. \* | 14746 | 505198 |
| Williams-Sonoma, Inc.  | 8471 | 1308515 |
|  |  | **272048504** |
| **Consumer Durables & Apparel 0.4%** | **Consumer Durables & Apparel 0.4%** | **Consumer Durables & Apparel 0.4%** |
| Crocs, Inc. \* | 1157 | 111558 |
| Deckers Outdoor Corp. \* | 17907 | 1984633 |
| Hasbro, Inc.  | 14034 | 868705 |
| Lululemon Athletica, Inc. \* | 13686 | 3705758 |
| NIKE, Inc., Class B  | 85961 | 4848200 |
| SharkNinja, Inc. \* | 1436 | 115598 |
| Skechers USA, Inc., Class A \* | 1227 | 58920 |
| Somnigroup International, Inc.  | 19744 | 1205569 |
| TopBuild Corp. \* | 284 | 83996 |
| YETI Holdings, Inc. \* | 2924 | 83480 |
|  |  | **13066417** |
| **Consumer Services 2.4%** | **Consumer Services 2.4%** | **Consumer Services 2.4%** |
| Airbnb, Inc., Class A \* | 50653 | 6175614 |
| Booking Holdings, Inc.  | 3664 | 18683762 |
| Bright Horizons Family Solutions, Inc. \* | 1483 | 185998 |
| Cava Group, Inc. \* | 8934 | 825770 |
| Chipotle Mexican Grill, Inc., Class A \* | 160781 | 8122656 |
| Choice Hotels International, Inc.  | 2594 | 327129 |
| Churchill Downs, Inc.  | 8212 | 742447 |
| Darden Restaurants, Inc.  | 7228 | 1450226 |
| Domino's Pizza, Inc.  | 1383 | 678182 |
| DoorDash, Inc., Class A \* | 36256 | 6993420 |
| DraftKings, Inc., Class A \* | 52826 | 1758577 |
| Duolingo, Inc. \* | 4399 | 1713322 |
| Dutch Bros, Inc., Class A \* | 5039 | 301030 |
| Expedia Group, Inc.  | 14386 | 2257595 |
| Grand Canyon Education, Inc. \* | 1102 | 196564 |
| H&R Block, Inc.  | 4210 | 254158 |

---

*See financial notes*

**78**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Growth Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Hilton Worldwide Holdings, Inc.  | 14395 | 3245784 |
| Hyatt Hotels Corp., Class A  | 648 | 73017 |
| Las Vegas Sands Corp.  | 40823 | 1496979 |
| Light & Wonder, Inc. \* | 10402 | 888123 |
| McDonald's Corp.  | 5452 | 1742732 |
| Norwegian Cruise Line Holdings Ltd. \* | 54843 | 879133 |
| Planet Fitness, Inc., Class A \* | 5292 | 500570 |
| Royal Caribbean Cruises Ltd.  | 9821 | 2110631 |
| Starbucks Corp.  | 103455 | 8281573 |
| Texas Roadhouse, Inc., Class A  | 7728 | 1282539 |
| Vail Resorts, Inc.  | 3585 | 499032 |
| Wendy's Co.  | 9932 | 124150 |
| Wingstop, Inc.  | 3432 | 905670 |
| Wyndham Hotels & Resorts, Inc.  | 735 | 62695 |
| Wynn Resorts Ltd.  | 838 | 67300 |
| Yum! Brands, Inc.  | 12836 | 1931048 |
|  |  | **74757426** |
| **Consumer Staples Distribution & Retail 1.8%** | **Consumer Staples Distribution & Retail 1.8%** | **Consumer Staples Distribution & Retail 1.8%** |
| Casey's General Stores, Inc.  | 877 | 405691 |
| Costco Wholesale Corp.  | 52210 | 51922845 |
| Performance Food Group Co. \* | 2378 | 191810 |
| Sysco Corp.  | 36227 | 2586608 |
|  |  | **55106954** |
| **Energy 0.5%** | **Energy 0.5%** | **Energy 0.5%** |
| Antero Midstream Corp.  | 18446 | 305281 |
| Cheniere Energy, Inc.  | 13366 | 3089016 |
| Civitas Resources, Inc.  | 4533 | 123524 |
| EQT Corp.  | 4325 | 213828 |
| Hess Corp.  | 21005 | 2710695 |
| Matador Resources Co.  | 860 | 34004 |
| New Fortress Energy, Inc.  | 4528 | 24587 |
| Permian Resources Corp., Class A  | 15427 | 182039 |
| Targa Resources Corp.  | 25359 | 4333853 |
| Texas Pacific Land Corp.  | 2203 | 2839381 |
| Viper Energy, Inc.  | 4160 | 167773 |
| Weatherford International PLC  | 8706 | 360429 |
|  |  | **14384410** |
| **Equity Real Estate Investment Trusts (REITs) 0.6%** | **Equity Real Estate Investment Trusts (REITs) 0.6%** | **Equity Real Estate Investment Trusts (REITs) 0.6%** |
| American Tower Corp.  | 54877 | 12369825 |
| Equinix, Inc.  | 607 | 522475 |
| Iron Mountain, Inc.  | 19961 | 1789903 |
| Lamar Advertising Co., Class A  | 2356 | 268136 |
| Public Storage  | 2828 | 849616 |
| Simon Property Group, Inc.  | 9726 | 1530678 |
|  |  | **17330633** |
| **Financial Services 6.5%** | **Financial Services 6.5%** | **Financial Services 6.5%** |
| Ally Financial, Inc.  | 5801 | 189461 |
| American Express Co.  | 24522 | 6532906 |
| Ameriprise Financial, Inc.  | 10361 | 4880238 |
| Apollo Global Management, Inc.  | 45895 | 6263750 |
| ARES Management Corp., Class A  | 21707 | 3310969 |
| Blackstone, Inc.  | 84902 | 11182442 |
| Block, Inc. \* | 27280 | 1595062 |
| Blue Owl Capital, Inc., Class A  | 61670 | 1142745 |
| Charles Schwab Corp. *(a)* | 18904 | 1538786 |
| Coinbase Global, Inc., Class A \* | 20094 | 4076872 |
| Corpay, Inc. \* | 7995 | 2601333 |
| Credit Acceptance Corp. \* | 543 | 264669 |
| Equitable Holdings, Inc.  | 36382 | 1799090 |
| FactSet Research Systems, Inc.  | 1594 | 688959 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Fiserv, Inc. \* | 20991 | 3874309 |
| Goldman Sachs Group, Inc.  | 9561 | 5235125 |
| Houlihan Lokey, Inc., Class A  | 531 | 86064 |
| Jefferies Financial Group, Inc.  | 5745 | 268464 |
| KKR & Co., Inc.  | 22735 | 2597928 |
| Lazard, Inc.  | 11776 | 458086 |
| LPL Financial Holdings, Inc.  | 9272 | 2965093 |
| Mastercard, Inc., Class A  | 95974 | 52599510 |
| Moody's Corp.  | 18604 | 8429844 |
| Morgan Stanley  | 7893 | 911010 |
| Morningstar, Inc.  | 3083 | 877792 |
| MSCI, Inc., Class A  | 5239 | 2855831 |
| Shift4 Payments, Inc., Class A \* | 7057 | 577263 |
| SoFi Technologies, Inc. \* | 19670 | 246072 |
| Toast, Inc., Class A \* | 54584 | 1942099 |
| TPG, Inc.  | 2265 | 105209 |
| Tradeweb Markets, Inc., Class A  | 5448 | 753458 |
| UWM Holdings Corp.  | 6201 | 29145 |
| Visa, Inc., Class A  | 203028 | 70146174 |
| Western Union Co.  | 6986 | 69231 |
| WEX, Inc. \* | 388 | 50584 |
| XP, Inc., Class A  | 4698 | 75638 |
|  |  | **201221211** |
| **Food, Beverage & Tobacco 1.4%** | **Food, Beverage & Tobacco 1.4%** | **Food, Beverage & Tobacco 1.4%** |
| Boston Beer Co., Inc., Class A \* | 443 | 108889 |
| Celsius Holdings, Inc. \* | 20569 | 719092 |
| Coca-Cola Co.  | 261670 | 18984159 |
| Freshpet, Inc. \* | 1630 | 119870 |
| Hershey Co.  | 2357 | 394067 |
| Lamb Weston Holdings, Inc.  | 5038 | 266057 |
| Monster Beverage Corp. \* | 66495 | 3997679 |
| PepsiCo, Inc.  | 127714 | 17315464 |
| Pilgrim's Pride Corp.  | 370 | 20195 |
|  |  | **41925472** |
| **Health Care Equipment & Services 2.2%** | **Health Care Equipment & Services 2.2%** | **Health Care Equipment & Services 2.2%** |
| Align Technology, Inc. \* | 5448 | 944138 |
| Cardinal Health, Inc.  | 16954 | 2395431 |
| Cencora, Inc.  | 20439 | 5981882 |
| Chemed Corp.  | 194 | 112813 |
| Cigna Group  | 2838 | 965033 |
| DaVita, Inc. \* | 5498 | 778242 |
| Dexcom, Inc. \* | 45937 | 3278983 |
| Doximity, Inc., Class A \* | 1113 | 63307 |
| Edwards Lifesciences Corp. \* | 13121 | 990504 |
| Elevance Health, Inc.  | 4462 | 1876628 |
| GE HealthCare Technologies, Inc.  | 5146 | 361918 |
| HCA Healthcare, Inc.  | 5295 | 1827199 |
| IDEXX Laboratories, Inc. \* | 9527 | 4121857 |
| Inspire Medical Systems, Inc. \* | 3395 | 537700 |
| Insulet Corp. \* | 8154 | 2057173 |
| Intuitive Surgical, Inc. \* | 41624 | 21469659 |
| Masimo Corp. \* | 2667 | 429280 |
| McKesson Corp.  | 6426 | 4580389 |
| Molina Healthcare, Inc. \* | 4186 | 1368864 |
| Penumbra, Inc. \* | 4300 | 1259212 |
| ResMed, Inc.  | 4681 | 1107478 |
| Stryker Corp.  | 12626 | 4721114 |
| UnitedHealth Group, Inc.  | 7355 | 3026141 |
| Veeva Systems, Inc., Class A \* | 17303 | 4043538 |
|  |  | **68298483** |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**79**

------

Schwab U.S. Large-Cap Growth Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Household & Personal Products 0.6%** | **Household & Personal Products 0.6%** | **Household & Personal Products 0.6%** |
| Clorox Co.  | 14477 | 2060077 |
| Colgate-Palmolive Co.  | 52586 | 4847903 |
| elf Beauty, Inc. \* | 6174 | 381986 |
| Estee Lauder Cos., Inc., Class A  | 9619 | 576755 |
| Kimberly-Clark Corp.  | 15941 | 2100705 |
| Procter & Gamble Co.  | 61921 | 10066497 |
|  |  | **20033923** |
| **Insurance 0.8%** | **Insurance 0.8%** | **Insurance 0.8%** |
| Allstate Corp.  | 4830 | 958224 |
| Arthur J Gallagher & Co.  | 2029 | 650680 |
| Brown & Brown, Inc.  | 12439 | 1375753 |
| Everest Group Ltd.  | 794 | 284911 |
| Kinsale Capital Group, Inc.  | 2577 | 1121665 |
| Markel Group, Inc. \* | 343 | 623780 |
| Marsh & McLennan Cos., Inc.  | 7943 | 1790908 |
| Progressive Corp.  | 58020 | 16346555 |
| RLI Corp.  | 530 | 39225 |
| Ryan Specialty Holdings, Inc., Class A  | 11909 | 780159 |
|  |  | **23971860** |
| **Materials 0.6%** | **Materials 0.6%** | **Materials 0.6%** |
| Avery Dennison Corp.  | 3864 | 661169 |
| Celanese Corp., Class A  | 3643 | 162150 |
| Chemours Co.  | 822 | 10176 |
| Cleveland-Cliffs, Inc. \* | 17345 | 142923 |
| Eagle Materials, Inc.  | 2861 | 647702 |
| Ecolab, Inc.  | 25450 | 6398893 |
| Louisiana-Pacific Corp.  | 5063 | 436988 |
| Martin Marietta Materials, Inc.  | 363 | 190205 |
| RPM International, Inc.  | 3171 | 338504 |
| Sealed Air Corp.  | 763 | 21028 |
| Sherwin-Williams Co.  | 25123 | 8866409 |
| Southern Copper Corp.  | 10515 | 941303 |
| Vulcan Materials Co.  | 4211 | 1104672 |
|  |  | **19922122** |
| **Media & Entertainment 12.8%** | **Media & Entertainment 12.8%** | **Media & Entertainment 12.8%** |
| Alphabet, Inc., Class A  | 661836 | 105099557 |
| Alphabet, Inc., Class C  | 546234 | 87883588 |
| Liberty Broadband Corp., Class C \* | 3898 | 352340 |
| Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 9823 | 871005 |
| Live Nation Entertainment, Inc. \* | 18679 | 2474034 |
| Madison Square Garden Sports Corp. \* | 258 | 49683 |
| Meta Platforms, Inc., Class A  | 224301 | 123141249 |
| Netflix, Inc. \* | 50433 | 57076035 |
| Nexstar Media Group, Inc., Class A  | 1422 | 212816 |
| Pinterest, Inc., Class A \* | 70634 | 1788453 |
| ROBLOX Corp., Class A \* | 61911 | 4151133 |
| Roku, Inc. \* | 3041 | 207335 |
| Spotify Technology SA \* | 17316 | 10631678 |
| TKO Group Holdings, Inc.  | 1656 | 269779 |
| Trade Desk, Inc., Class A \* | 52533 | 2817345 |
| TripAdvisor, Inc. \* | 4396 | 54730 |
| Trump Media & Technology Group <br> Corp. \*<br>| 6240 | 153130 |
|  |  | **397233890** |
| **Pharmaceuticals, Biotechnology & Life Sciences 5.6%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.6%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.6%** |
| 10X Genomics, Inc., Class A \* | 7390 | 61115 |
| AbbVie, Inc.  | 90058 | 17570316 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Alnylam Pharmaceuticals, Inc. \* | 13394 | 3525837 |
| Amgen, Inc.  | 49177 | 14306573 |
| Apellis Pharmaceuticals, Inc. \* | 13904 | 267096 |
| Bruker Corp.  | 9054 | 362703 |
| Eli Lilly & Co.  | 94233 | 84710755 |
| Exact Sciences Corp. \* | 8189 | 373746 |
| Exelixis, Inc. \* | 27612 | 1081010 |
| Fortrea Holdings, Inc. \* | 843 | 5252 |
| Incyte Corp. \* | 1021 | 63976 |
| Ionis Pharmaceuticals, Inc. \* | 16769 | 514976 |
| IQVIA Holdings, Inc. \* | 2338 | 362554 |
| Medpace Holdings, Inc. \* | 2971 | 916227 |
| Merck & Co., Inc.  | 298519 | 25433819 |
| Natera, Inc. \* | 13450 | 2030008 |
| Neurocrine Biosciences, Inc. \* | 11702 | 1260188 |
| Regeneron Pharmaceuticals, Inc.  | 1031 | 617322 |
| Repligen Corp. \* | 873 | 120465 |
| Sarepta Therapeutics, Inc. \* | 10831 | 675854 |
| Ultragenyx Pharmaceutical, Inc. \* | 9783 | 381341 |
| Vertex Pharmaceuticals, Inc. \* | 15216 | 7752552 |
| Viking Therapeutics, Inc. \* | 12354 | 356660 |
| Waters Corp. \* | 4212 | 1464639 |
| West Pharmaceutical Services, Inc.  | 5178 | 1094060 |
| Zoetis, Inc.  | 43771 | 6845784 |
|  |  | **172154828** |
| **Real Estate Management & Development 0.0%** | **Real Estate Management & Development 0.0%** | **Real Estate Management & Development 0.0%** |
| Jones Lang LaSalle, Inc. \* | 1674 | **380684** |
| **Semiconductors & Semiconductor Equipment 14.9%** | **Semiconductors & Semiconductor Equipment 14.9%** | **Semiconductors & Semiconductor Equipment 14.9%** |
| Advanced Micro Devices, Inc. \* | 124958 | 12164661 |
| Applied Materials, Inc.  | 88002 | 13262781 |
| Astera Labs, Inc. \* | 792 | 51726 |
| Broadcom, Inc.  | 525919 | 101223630 |
| Enphase Energy, Inc. \* | 15464 | 689540 |
| Entegris, Inc.  | 17647 | 1396231 |
| KLA Corp.  | 15665 | 11007639 |
| Lam Research Corp.  | 151093 | 10828835 |
| Lattice Semiconductor Corp. \* | 14015 | 685754 |
| Marvell Technology, Inc.  | 8120 | 473964 |
| MKS Instruments, Inc.  | 679 | 47625 |
| Monolithic Power Systems, Inc.  | 5544 | 3288146 |
| NVIDIA Corp.  | 2614493 | 284770578 |
| Onto Innovation, Inc. \* | 1616 | 197104 |
| QUALCOMM, Inc.  | 123169 | 18285670 |
| Teradyne, Inc.  | 16731 | 1241607 |
| Texas Instruments, Inc.  | 13166 | 2107218 |
| Universal Display Corp.  | 2870 | 360558 |
|  |  | **462083267** |
| **Software & Services 19.3%** | **Software & Services 19.3%** | **Software & Services 19.3%** |
| Adobe, Inc. \* | 51129 | 19172352 |
| Appfolio, Inc., Class A \* | 2904 | 599734 |
| AppLovin Corp., Class A \* | 30867 | 8312792 |
| Atlassian Corp., Class A \* | 19241 | 4392913 |
| Autodesk, Inc. \* | 25452 | 6980211 |
| Bentley Systems, Inc., Class B  | 16327 | 701898 |
| Bill Holdings, Inc. \* | 3235 | 147419 |
| Cadence Design Systems, Inc. \* | 32038 | 9538994 |
| Cloudflare, Inc., Class A \* | 35800 | 4323924 |
| Confluent, Inc., Class A \* | 28411 | 676466 |
| Crowdstrike Holdings, Inc., Class A \* | 27068 | 11608653 |
| Datadog, Inc., Class A \* | 35576 | 3634444 |
| Docusign, Inc., Class A \* | 23437 | 1915975 |
| DoubleVerify Holdings, Inc. \* | 9797 | 129908 |

---

*See financial notes*

**80**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Growth Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Dropbox, Inc., Class A \* | 8437 | 240876 |
| Dynatrace, Inc. \* | 35418 | 1663583 |
| Elastic NV \* | 10223 | 881223 |
| EPAM Systems, Inc. \* | 589 | 92420 |
| Fair Isaac Corp. \* | 2359 | 4693655 |
| Five9, Inc. \* | 8816 | 221634 |
| Fortinet, Inc. \* | 60616 | 6289516 |
| Gartner, Inc. \* | 8846 | 3724874 |
| Gitlab, Inc., Class A \* | 14728 | 687356 |
| Globant SA \* | 3739 | 439594 |
| GoDaddy, Inc., Class A \* | 16417 | 3091814 |
| Guidewire Software, Inc. \* | 4328 | 886245 |
| HubSpot, Inc. \* | 5799 | 3546088 |
| Intuit, Inc.  | 32149 | 20172533 |
| Manhattan Associates, Inc. \* | 7126 | 1264081 |
| Microsoft Corp.  | 830208 | 328148014 |
| MicroStrategy, Inc., Class A \* | 1874 | 712326 |
| MongoDB, Inc., Class A \* | 8371 | 1441235 |
| nCino, Inc. \* | 6129 | 142193 |
| Nutanix, Inc., Class A \* | 8492 | 583400 |
| Okta, Inc. \* | 8517 | 955267 |
| Oracle Corp.  | 188239 | 26488992 |
| Palantir Technologies, Inc., Class A \* | 242295 | 28697420 |
| Palo Alto Networks, Inc. \* | 76246 | 14252665 |
| Pegasystems, Inc.  | 5259 | 484249 |
| Procore Technologies, Inc. \* | 12393 | 794267 |
| PTC, Inc. \* | 8301 | 1286406 |
| RingCentral, Inc., Class A \* | 9368 | 238884 |
| Salesforce, Inc.  | 92282 | 24797096 |
| SentinelOne, Inc., Class A \* | 5522 | 102157 |
| ServiceNow, Inc. \* | 24165 | 23077817 |
| Snowflake, Inc., Class A \* | 36675 | 5849296 |
| Synopsys, Inc. \* | 18146 | 8329195 |
| Teradata Corp. \* | 11459 | 246369 |
| Twilio, Inc., Class A \* | 3589 | 347092 |
| Tyler Technologies, Inc. \* | 4245 | 2306309 |
| UiPath, Inc., Class A \* | 42530 | 507808 |
| Unity Software, Inc. \* | 15512 | 326838 |
| VeriSign, Inc. \* | 673 | 189867 |
| Workday, Inc., Class A \* | 24871 | 6093395 |
| Zscaler, Inc. \* | 11183 | 2529259 |
|  |  | **598958991** |
| **Technology Hardware & Equipment 12.2%** | **Technology Hardware & Equipment 12.2%** | **Technology Hardware & Equipment 12.2%** |
| Amphenol Corp., Class A  | 81424 | 6265577 |
| Apple, Inc.  | 1641914 | 348906725 |
| Arista Networks, Inc. \* | 121186 | 9969972 |
| CDW Corp.  | 8187 | 1314505 |
| Cognex Corp.  | 1272 | 34725 |
| Dell Technologies, Inc., Class C  | 5153 | 472839 |
| HP, Inc.  | 26870 | 687066 |
| Ingram Micro Holding Corp.  | 526 | 9352 |
| Jabil, Inc.  | 1087 | 159311 |
| Motorola Solutions, Inc.  | 9257 | 4076690 |
| NetApp, Inc.  | 10725 | 962569 |
| Pure Storage, Inc., Class A \* | 31641 | 1435236 |
| Super Micro Computer, Inc. \* | 58191 | 1853965 |
| Ubiquiti, Inc.  | 271 | 88468 |
| Zebra Technologies Corp., Class A \* | 1228 | 307393 |
|  |  | **376544393** |
| **Telecommunication Services 0.0%** | **Telecommunication Services 0.0%** | **Telecommunication Services 0.0%** |
| Iridium Communications, Inc.  | 2173 | **52434** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Transportation 1.1%** | **Transportation 1.1%** | **Transportation 1.1%** |
| American Airlines Group, Inc. \* | 9370 | 93231 |
| Avis Budget Group, Inc. \* | 844 | 78180 |
| Expeditors International of Washington, <br> Inc. <br>| 2593 | 284997 |
| Lyft, Inc., Class A \* | 30082 | 373017 |
| Old Dominion Freight Line, Inc.  | 22799 | 3494631 |
| Saia, Inc. \* | 1777 | 433588 |
| Uber Technologies, Inc. \* | 239228 | 19379860 |
| U-Haul Holding Co., Non Voting Shares  | 6480 | 355104 |
| Union Pacific Corp.  | 34227 | 7381395 |
| XPO, Inc. \* | 13352 | 1416914 |
|  |  | **33290917** |
| **Utilities 0.2%** | **Utilities 0.2%** | **Utilities 0.2%** |
| Constellation Energy Corp.  | 5871 | 1311816 |
| NRG Energy, Inc.  | 9710 | 1064022 |
| Vistra Corp.  | 39889 | 5170811 |
|  |  | **7546649** |
| **Total Common Stocks** <br>**(Cost $2,168,471,746)** | **Total Common Stocks** <br>**(Cost $2,168,471,746)** | **3086064217** |
| **INVESTMENT COMPANIES** 0.1% OF NET ASSETS  | **INVESTMENT COMPANIES** 0.1% OF NET ASSETS  | **INVESTMENT COMPANIES** 0.1% OF NET ASSETS  |
| **Equity Funds 0.1%** | **Equity Funds 0.1%** | **Equity Funds 0.1%** |
| iShares Russell 1000 Growth ETF  | 13000 | **4768270** |
| **Total Investment Companies** <br>**(Cost $4,566,365)** | **Total Investment Companies** <br>**(Cost $4,566,365)** | **4768270** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  |
| **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.29% *(b)*<br>| 7411981 | **7411981** |
| **Total Short-Term Investments** <br>**(Cost $7,411,981)** | **Total Short-Term Investments** <br>**(Cost $7,411,981)** | **7411981** |
| **Total Investments in Securities** <br>**(Cost $2,180,450,092)** | **Total Investments in Securities** <br>**(Cost $2,180,450,092)** | **3098244468** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| NASDAQ 100 Index, e-mini, <br> expires 06/20/25<br>| 13 | 5111210 | 101941 |
| S&P 500 Index, e-mini, expires <br> 06/20/25<br>| 1 | 279350 | 7284 |
|  |  |  | **109225** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> *(a)* Issuer is affiliated with the fund's investment adviser. <br> *(b)* The rate shown is the annualized 7-day yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ETF — Exchange-Traded Fund <br> REIT — Real Estate Investment Trust

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**81**

------

Schwab U.S. Large-Cap Growth Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

Below is a summary of the fund's transactions with affiliated issuers during the period ended April 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS |
| **Financial Services 0.0%** | **Financial Services 0.0%** | **Financial Services 0.0%** | **Financial Services 0.0%** | **Financial Services 0.0%** | **Financial Services 0.0%** | **Financial Services 0.0%** | **Financial Services 0.0%** | **Financial Services 0.0%** |
| Charles Schwab Corp. | $1058129 | $316766 | $— | $— | $163891 | **$1538786** | 18904 | $8631 |

---

------

The following is a summary of the inputs used to value the fund's investments as of April 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $3086064217 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3086064217 |
| Investment Companies<sup>1</sup> <br>| 4768270 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4768270 |
| Short-Term Investments<sup>1</sup> <br>| 7411981 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 7411981 |
| Futures Contracts<sup>2</sup> <br>| 109225 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 109225 |
| **Total** | **$3098353693** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$3098353693** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

**82**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Growth Index Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $1,409,563)  |  | $1538786 |
| Investments in securities, at value - unaffiliated issuers (cost $2,179,040,529) |  | 3096705682 |
| Deposit with broker for futures contracts |  | 996955 |
| Receivables: |  |  |
| Fund shares sold |  | 3140952 |
| Dividends |  | 604101 |
| Variation margin on future contracts | + | 3430 |
| **Total assets** |  | **3102989906** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Fund shares redeemed |  | 6147234 |
| Investment adviser fees | + | 84256 |
| **Total liabilities** |  | **6231490** |
| **Net assets** |  | **$3096758416** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $2249452312 |
| Total distributable earnings | + | 847306104 |
| **Net assets** |  | **$3096758416** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $3096758416 |  | &nbsp;&nbsp;&nbsp;&nbsp; 28437140 |  | &nbsp;&nbsp;&nbsp;&nbsp; $108.90 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**83**

------

Schwab U.S. Large-Cap Growth Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $95) |  | $10205919 |
| Other Interest |  | 12147 |
| Dividends received from securities - affiliated issuers |  | 8631 |
| Securities on loan, net | + | 2860 |
| **Total investment income**  |  | **10229557** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 550666 |
| **Total expenses** | – | **550666** |
| **Net investment income** |  | **9678891** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (6983489)<br>|
| Net realized losses on futures contracts | + | (1186607)<br>|
| **Net realized losses** |  | **(8170096)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 163891 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | (66683267)<br>|
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 254428 |
| **Net change in unrealized appreciation (depreciation)** | **+** | **(66264948)**<br>|
| **Net realized and unrealized losses** |  | **(74435044)**<br>|
| **Decrease in net assets resulting from operations** |  | **($64756153)**<br>|

---

*See financial notes*

**84**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Growth Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $9678891 | &nbsp;&nbsp;&nbsp; $15611030 |
| Net realized gains (losses) |  | (8170096)<br>| &nbsp;&nbsp;&nbsp; 9022611 |
| Net change in unrealized appreciation (depreciation) | + | (66264948)<br>| &nbsp;&nbsp;&nbsp; 680783495 |
| **Increase (decrease) in net assets resulting from operations** |  | **($64756153)**<br>| &nbsp;&nbsp;&nbsp; **$705417136** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($16684287)**<br>| &nbsp;&nbsp;&nbsp; **($11280497)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 6333312 | &nbsp;&nbsp;&nbsp; $730996638 | &nbsp;&nbsp;&nbsp; 14503073 | &nbsp;&nbsp;&nbsp; $1436032229 |
| Shares reinvested |  | 116040 | &nbsp;&nbsp;&nbsp; 14205612 | &nbsp;&nbsp;&nbsp; 109605 | &nbsp;&nbsp;&nbsp; 9527758 |
| Shares redeemed | + | (4083797)<br>| &nbsp;&nbsp;&nbsp; (466107263)<br>| &nbsp;&nbsp;&nbsp; (5902491)<br>| &nbsp;&nbsp;&nbsp; (592645790)<br>|
| **Net transactions in fund shares**  |  | **2365555** | &nbsp;&nbsp;&nbsp; **$279094987** | &nbsp;&nbsp;&nbsp; **8710187** | &nbsp;&nbsp;&nbsp; **$852914197** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 26071585 | &nbsp;&nbsp;&nbsp; $2899103869 | &nbsp;&nbsp;&nbsp; 17361398 | &nbsp;&nbsp;&nbsp; $1352053033 |
| Total increase | + | 2365555 | &nbsp;&nbsp;&nbsp; 197654547 | &nbsp;&nbsp;&nbsp; 8710187 | &nbsp;&nbsp;&nbsp; 1547050836 |
| **End of period** |  | **28437140** | &nbsp;&nbsp;&nbsp; **$3096758416** | &nbsp;&nbsp;&nbsp; **26071585** | &nbsp;&nbsp;&nbsp; **$2899103869** |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**85**

------

Schwab U.S. Large-Cap Value Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $59.31 | &nbsp;&nbsp; $46.50 | &nbsp;&nbsp; $47.51 | &nbsp;&nbsp; $53.65 | &nbsp;&nbsp; $38.09 | &nbsp;&nbsp; $43.06 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.62 | 1.19 | 1.12 | 1.01 | 0.97 | 1.00 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (1.68)<br>| 12.94 | &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (4.60)<br>| 15.47 | &nbsp;&nbsp; (4.07)<br>|
| Total from investment operations | &nbsp;&nbsp; (1.06)<br>| 14.13 | 0.08 | &nbsp;&nbsp; (3.59)<br>| 16.44 | &nbsp;&nbsp; (3.07)<br>|
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.06)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.84)<br>|
| Total distributions | &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (2.55)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.90)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $56.68 | &nbsp;&nbsp; $59.31 | &nbsp;&nbsp; $46.50 | &nbsp;&nbsp; $47.51 | &nbsp;&nbsp; $53.65 | &nbsp;&nbsp; $38.09 |
| Total return | &nbsp;&nbsp; (1.89 %)<sup>2</sup><br>| 30.97<br> %<br>| 0.11<br> %<br>| &nbsp;&nbsp; (7.04<br> %)<br>| 43.70<br> %<br>| &nbsp;&nbsp; (7.69<br> %)<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Total expenses | 0.035 %<sup>3</sup><br>| 0.035<br> %<br>| 0.035<br> %<br>| 0.035 %<sup>4</sup><br>| 0.035<br> %<br>| 0.035<br> %<br>|
| Net investment income (loss) | 2.14 %<sup>3</sup><br>| 2.18<br> %<br>| 2.31<br> %<br>| 2.05<br> %<br>| 1.97<br> %<br>| 2.57<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 3 %<sup>2</sup><br>| &nbsp;&nbsp; 30 %<sup>5</sup><br>| &nbsp;&nbsp; 42 %<sup>5</sup><br>| &nbsp;&nbsp; 15 %<sup>5</sup><br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 50<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $777792 | &nbsp;&nbsp; $762787 | &nbsp;&nbsp; $592653 | &nbsp;&nbsp; $647796 | &nbsp;&nbsp; $575972 | &nbsp;&nbsp; $331322 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>5</sup> Portfolio turnover rate excludes in-kind transactions.

*See financial notes*

**86**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.5% OF NET ASSETS  | **COMMON STOCKS** 99.5% OF NET ASSETS  | **COMMON STOCKS** 99.5% OF NET ASSETS  |
| **Automobiles & Components 0.6%** | **Automobiles & Components 0.6%** | **Automobiles & Components 0.6%** |
| Aptiv PLC \* | 7564 | 431602 |
| BorgWarner, Inc.  | 6956 | 197411 |
| Ford Motor Co.  | 126199 | 1263252 |
| General Motors Co.  | 31807 | 1438949 |
| Gentex Corp.  | 7345 | 159974 |
| Harley-Davidson, Inc.  | 3668 | 82237 |
| Lear Corp.  | 1748 | 149891 |
| Lucid Group, Inc. *\*(a)* | 31679 | 79514 |
| QuantumScape Corp., Class A \* | 11397 | 44562 |
| Rivian Automotive, Inc., Class A \* | 27161 | 371019 |
| Thor Industries, Inc.  | 1611 | 116669 |
|  |  | **4335080** |
| **Banks 7.2%** | **Banks 7.2%** | **Banks 7.2%** |
| Bank of America Corp.  | 213834 | 8527700 |
| Bank OZK  | 3380 | 143988 |
| BOK Financial Corp.  | 725 | 67548 |
| Citigroup, Inc.  | 60773 | 4155658 |
| Citizens Financial Group, Inc.  | 14147 | 521883 |
| Columbia Banking System, Inc.  | 6748 | 151290 |
| Comerica, Inc.  | 4250 | 228437 |
| Commerce Bancshares, Inc.  | 3938 | 239194 |
| Cullen/Frost Bankers, Inc.  | 1884 | 219429 |
| East West Bancorp, Inc.  | 4409 | 377190 |
| Fifth Third Bancorp  | 21667 | 778712 |
| First Citizens BancShares, Inc., Class A  | 370 | 658282 |
| First Hawaiian, Inc.  | 4168 | 95280 |
| First Horizon Corp.  | 16750 | 302840 |
| FNB Corp.  | 11530 | 150928 |
| Huntington Bancshares, Inc.  | 46299 | 672724 |
| JPMorgan Chase & Co.  | 90221 | 22069861 |
| KeyCorp  | 29815 | 442455 |
| M&T Bank Corp.  | 5333 | 905330 |
| Pinnacle Financial Partners, Inc.  | 2428 | 243383 |
| PNC Financial Services Group, Inc.  | 12740 | 2047191 |
| Popular, Inc.  | 1999 | 190745 |
| Prosperity Bancshares, Inc.  | 2855 | 193855 |
| Regions Financial Corp.  | 29145 | 594849 |
| Synovus Financial Corp.  | 4504 | 195113 |
| TFS Financial Corp.  | 1698 | 22006 |
| Truist Financial Corp.  | 42905 | 1644978 |
| U.S. Bancorp  | 50023 | 2017928 |
| Webster Financial Corp.  | 5491 | 259724 |
| Wells Fargo & Co.  | 105687 | 7504834 |
| Western Alliance Bancorp  | 3457 | 240987 |
| Wintrust Financial Corp.  | 2099 | 233346 |
| Zions Bancorp NA  | 4632 | 208301 |
|  |  | **56305969** |
| **Capital Goods 11.2%** | **Capital Goods 11.2%** | **Capital Goods 11.2%** |
| 3M Co.  | 14203 | 1972939 |
| A.O. Smith Corp.  | 3802 | 258004 |
| Acuity, Inc.  | 992 | 241661 |
| Advanced Drainage Systems, Inc.  | 1395 | 158319 |
| AECOM  | 4256 | 419854 |
| AGCO Corp.  | 2005 | 170084 |
| Air Lease Corp., Class A  | 3320 | 155243 |
| Allegion PLC  | 2816 | 391987 |
| Allison Transmission Holdings, Inc.  | 2787 | 257073 |
| AMETEK, Inc.  | 7420 | 1258284 |
| API Group Corp. \* | 7427 | 280963 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Armstrong World Industries, Inc.  | 927 | 134434 |
| AZEK Co., Inc., Class A \* | 1374 | 68095 |
| Boeing Co. \* | 20083 | 3680009 |
| Builders FirstSource, Inc. \* | 3294 | 394061 |
| BWX Technologies, Inc.  | 2325 | 253704 |
| Carlisle Cos., Inc.  | 1258 | 477386 |
| Carrier Global Corp.  | 26966 | 1686454 |
| Caterpillar, Inc.  | 13300 | 4113291 |
| CNH Industrial NV  | 28119 | 325337 |
| Core & Main, Inc., Class A \* | 2081 | 109627 |
| Crane Co.  | 1564 | 251773 |
| Cummins, Inc.  | 4391 | 1290251 |
| Curtiss-Wright Corp.  | 1220 | 420766 |
| Deere & Co.  | 8003 | 3709871 |
| Donaldson Co., Inc.  | 3860 | 253718 |
| Dover Corp.  | 4400 | 750860 |
| Eaton Corp. PLC  | 12672 | 3730257 |
| EMCOR Group, Inc.  | 887 | 355421 |
| Emerson Electric Co.  | 18332 | 1926877 |
| Esab Corp.  | 1804 | 216696 |
| Everus Construction Group, Inc. \* | 1625 | 65390 |
| Fastenal Co.  | 2867 | 232141 |
| Ferguson Enterprises, Inc.  | 6003 | 1018469 |
| Flowserve Corp.  | 4231 | 191368 |
| Fortive Corp.  | 11119 | 774883 |
| Fortune Brands Innovations, Inc.  | 3984 | 214419 |
| Gates Industrial Corp. PLC \* | 7682 | 145343 |
| GE Vernova, Inc.  | 8747 | 3243563 |
| Generac Holdings, Inc. \* | 934 | 106831 |
| General Dynamics Corp.  | 8764 | 2384860 |
| General Electric Co.  | 27132 | 5468183 |
| Graco, Inc.  | 5359 | 437348 |
| Hayward Holdings, Inc. \* | 4627 | 61678 |
| Hexcel Corp.  | 2616 | 126798 |
| Honeywell International, Inc.  | 17682 | 3722061 |
| Howmet Aerospace, Inc.  | 12228 | 1694556 |
| Hubbell, Inc., Class B  | 1714 | 622491 |
| Huntington Ingalls Industries, Inc.  | 1252 | 288386 |
| IDEX Corp.  | 2421 | 421181 |
| Illinois Tool Works, Inc.  | 5881 | 1410911 |
| Ingersoll Rand, Inc.  | 12945 | 976441 |
| ITT, Inc.  | 2649 | 362966 |
| Johnson Controls International PLC  | 21201 | 1778764 |
| L3Harris Technologies, Inc.  | 6086 | 1339042 |
| Lincoln Electric Holdings, Inc.  | 1275 | 224655 |
| Loar Holdings, Inc. \* | 84 | 7945 |
| Lockheed Martin Corp.  | 4603 | 2199083 |
| Masco Corp.  | 6950 | 421239 |
| MasTec, Inc. \* | 2008 | 255659 |
| Middleby Corp. \* | 1718 | 229095 |
| MSC Industrial Direct Co., Inc., Class A  | 1484 | 113496 |
| Nordson Corp.  | 1813 | 343690 |
| Northrop Grumman Corp.  | 4382 | 2131843 |
| nVent Electric PLC  | 5340 | 293219 |
| Oshkosh Corp.  | 2085 | 174640 |
| Otis Worldwide Corp.  | 12807 | 1232930 |
| Owens Corning  | 2730 | 396969 |
| PACCAR, Inc.  | 16532 | 1491352 |
| Parker-Hannifin Corp.  | 4105 | 2483771 |
| Pentair PLC  | 5283 | 479327 |
| Quanta Services, Inc.  | 3232 | 945974 |
| RBC Bearings, Inc. \* | 914 | 300313 |
| Regal Rexnord Corp.  | 2145 | 227027 |
| Rockwell Automation, Inc.  | 3288 | 814372 |
| RTX Corp.  | 42700 | 5385751 |
| Sensata Technologies Holding PLC  | 4782 | 102335 |
| Simpson Manufacturing Co., Inc.  | 1221 | 187655 |
| SiteOne Landscape Supply, Inc. \* | 910 | 104477 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**87**

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Snap-on, Inc.  | 1660 | 520925 |
| Spirit AeroSystems Holdings, Inc., Class A \* | 3206 | 115416 |
| Standardaero, Inc. \* | 2304 | 62254 |
| Stanley Black & Decker, Inc.  | 4924 | 295538 |
| Textron, Inc.  | 5973 | 420320 |
| Timken Co.  | 2056 | 132098 |
| Toro Co.  | 3264 | 222866 |
| Trane Technologies PLC  | 4791 | 1836438 |
| TransDigm Group, Inc.  | 1396 | 1972646 |
| United Rentals, Inc.  | 1590 | 1004005 |
| Valmont Industries, Inc.  | 637 | 186781 |
| Watsco, Inc.  | 1112 | 511342 |
| WESCO International, Inc.  | 1338 | 218040 |
| Westinghouse Air Brake Technologies Corp.  | 5482 | 1012745 |
| WillScot Holdings Corp.  | 4087 | 102665 |
| Woodward, Inc.  | 1893 | 355070 |
| WW Grainger, Inc.  | 184 | 188473 |
| Xylem, Inc.  | 7771 | 936949 |
|  |  | **87442760** |
| **Commercial & Professional Services 1.3%** | **Commercial & Professional Services 1.3%** | **Commercial & Professional Services 1.3%** |
| Amentum Holdings, Inc. \* | 4742 | 103471 |
| Automatic Data Processing, Inc.  | 949 | 285269 |
| Broadridge Financial Solutions, Inc.  | 327 | 79265 |
| CACI International, Inc., Class A \* | 707 | 323714 |
| Cintas Corp.  | 567 | 120023 |
| Clarivate PLC \* | 13127 | 56577 |
| Clean Harbors, Inc. \* | 1634 | 349578 |
| Concentrix Corp.  | 1439 | 73475 |
| Copart, Inc. \* | 1894 | 115591 |
| Dayforce, Inc. \* | 4294 | 248494 |
| Dun & Bradstreet Holdings, Inc.  | 9466 | 84910 |
| Equifax, Inc.  | 3149 | 819149 |
| FTI Consulting, Inc. \* | 1137 | 189060 |
| Genpact Ltd.  | 5541 | 278491 |
| Jacobs Solutions, Inc.  | 3968 | 491239 |
| KBR, Inc.  | 3920 | 207015 |
| Leidos Holdings, Inc.  | 4274 | 629047 |
| ManpowerGroup, Inc.  | 1514 | 65208 |
| MSA Safety, Inc.  | 1184 | 186385 |
| Parsons Corp. \* | 1434 | 95877 |
| Paychex, Inc.  | 6618 | 973640 |
| Paycom Software, Inc.  | 608 | 137645 |
| RB Global, Inc.  | 5868 | 590908 |
| Republic Services, Inc., Class A  | 6597 | 1654198 |
| Robert Half, Inc.  | 3261 | 144462 |
| Science Applications International Corp.  | 1556 | 188323 |
| SS&C Technologies Holdings, Inc.  | 6877 | 519901 |
| Tetra Tech, Inc.  | 6689 | 208630 |
| TransUnion  | 5874 | 487307 |
| Veralto Corp.  | 4350 | 417165 |
| Vestis Corp.  | 3697 | 32386 |
|  |  | **10156403** |
| **Consumer Discretionary Distribution & Retail 2.0%** | **Consumer Discretionary Distribution & Retail 2.0%** | **Consumer Discretionary Distribution & Retail 2.0%** |
| Advance Auto Parts, Inc.  | 1893 | 61939 |
| AutoNation, Inc. \* | 804 | 140017 |
| AutoZone, Inc. \* | 47 | 176842 |
| Bath & Body Works, Inc.  | 6976 | 212838 |
| Best Buy Co., Inc.  | 6843 | 456360 |
| CarMax, Inc. \* | 4627 | 299228 |
| Carvana Co., Class A \* | 2252 | 550276 |
| Dick's Sporting Goods, Inc.  | 1630 | 306016 |
| Dillard's, Inc., Class A  | 92 | 31893 |
| eBay, Inc.  | 15340 | 1045574 |
| Etsy, Inc. \* | 1216 | 52872 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Five Below, Inc. \* | 335 | 25423 |
| Floor & Decor Holdings, Inc., Class A \* | 2164 | 154596 |
| GameStop Corp., Class A \* | 12665 | 352847 |
| Gap, Inc.  | 6590 | 144321 |
| Genuine Parts Co.  | 4467 | 525096 |
| Home Depot, Inc.  | 6431 | 2318311 |
| Kohl's Corp. *(a)* | 3680 | 24656 |
| Lithia Motors, Inc., Class A  | 845 | 247382 |
| LKQ Corp.  | 8317 | 317792 |
| Lowe's Cos., Inc.  | 18144 | 4056273 |
| Macy's, Inc.  | 8814 | 100656 |
| Nordstrom, Inc.  | 3197 | 77176 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 1952 | 207127 |
| O'Reilly Automotive, Inc. \* | 144 | 203789 |
| Penske Automotive Group, Inc.  | 579 | 90133 |
| RH \* | 386 | 71036 |
| Ross Stores, Inc.  | 8032 | 1116448 |
| TJX Cos., Inc.  | 14894 | 1916560 |
| Ulta Beauty, Inc. \* | 196 | 77545 |
| Wayfair, Inc., Class A \* | 3171 | 95637 |
| Williams-Sonoma, Inc.  | 1601 | 247306 |
|  |  | **15703965** |
| **Consumer Durables & Apparel 1.1%** | **Consumer Durables & Apparel 1.1%** | **Consumer Durables & Apparel 1.1%** |
| Amer Sports, Inc. \* | 2049 | 49688 |
| Birkenstock Holding PLC \* | 1253 | 64442 |
| Brunswick Corp.  | 2071 | 95370 |
| Capri Holdings Ltd. \* | 3625 | 54520 |
| Carter's, Inc.  | 1187 | 39230 |
| Columbia Sportswear Co.  | 1014 | 63040 |
| Crocs, Inc. \* | 1517 | 146269 |
| DR Horton, Inc.  | 9120 | 1152221 |
| Garmin Ltd.  | 4961 | 927062 |
| Hasbro, Inc.  | 590 | 36521 |
| Leggett & Platt, Inc.  | 4044 | 38903 |
| Lennar Corp., Class A  | 7698 | 836080 |
| Mattel, Inc. \* | 10922 | 173551 |
| Mohawk Industries, Inc. \* | 1691 | 179838 |
| Newell Brands, Inc.  | 13131 | 62766 |
| NIKE, Inc., Class B  | 14471 | 816164 |
| NVR, Inc. \* | 90 | 641318 |
| Polaris, Inc.  | 1684 | 57189 |
| PulteGroup, Inc.  | 6562 | 673130 |
| PVH Corp.  | 1780 | 122784 |
| Ralph Lauren Corp., Class A  | 1277 | 287261 |
| SharkNinja, Inc. \* | 1727 | 139024 |
| Skechers USA, Inc., Class A \* | 3845 | 184637 |
| Tapestry, Inc.  | 7488 | 529027 |
| Toll Brothers, Inc.  | 3189 | 321674 |
| TopBuild Corp. \* | 867 | 256424 |
| Under Armour, Inc., Class A \* | 12042 | 68880 |
| VF Corp.  | 11243 | 133567 |
| Whirlpool Corp.  | 1720 | 131202 |
| YETI Holdings, Inc. \* | 1904 | 54359 |
|  |  | **8336141** |
| **Consumer Services 2.2%** | **Consumer Services 2.2%** | **Consumer Services 2.2%** |
| ADT, Inc.  | 11772 | 94411 |
| Aramark  | 8354 | 279274 |
| Booking Holdings, Inc.  | 65 | 331453 |
| Boyd Gaming Corp.  | 2047 | 141530 |
| Bright Horizons Family Solutions, Inc. \* | 1569 | 196784 |
| Caesars Entertainment, Inc. \* | 6800 | 184008 |
| Carnival Corp. \* | 32898 | 603349 |
| Choice Hotels International, Inc.  | 132 | 16647 |
| Darden Restaurants, Inc.  | 1776 | 356337 |

---

*See financial notes*

**88**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Domino's Pizza, Inc.  | 723 | 354538 |
| DoorDash, Inc., Class A \* | 1448 | 279305 |
| Dutch Bros, Inc., Class A \* | 2146 | 128202 |
| Grand Canyon Education, Inc. \* | 625 | 111481 |
| H&R Block, Inc.  | 3499 | 211235 |
| Hilton Worldwide Holdings, Inc.  | 3742 | 843746 |
| Hyatt Hotels Corp., Class A  | 1133 | 127666 |
| Marriott International, Inc., Class A  | 7262 | 1732568 |
| Marriott Vacations Worldwide Corp.  | 1098 | 60181 |
| McDonald's Corp.  | 21658 | 6922980 |
| MGM Resorts International \* | 7304 | 229784 |
| Penn Entertainment, Inc. \* | 4799 | 73041 |
| Planet Fitness, Inc., Class A \* | 1253 | 118521 |
| Royal Caribbean Cruises Ltd.  | 4962 | 1066383 |
| Service Corp. International  | 4521 | 361228 |
| Starbucks Corp.  | 8133 | 651047 |
| Travel & Leisure Co.  | 2154 | 94625 |
| Vail Resorts, Inc.  | 183 | 25474 |
| Wendy's Co.  | 2929 | 36612 |
| Wyndham Hotels & Resorts, Inc.  | 2225 | 189792 |
| Wynn Resorts Ltd.  | 2980 | 239324 |
| Yum! Brands, Inc.  | 5569 | 837800 |
|  |  | **16899326** |
| **Consumer Staples Distribution & Retail 2.7%** | **Consumer Staples Distribution & Retail 2.7%** | **Consumer Staples Distribution & Retail 2.7%** |
| Albertsons Cos., Inc., Class A  | 13467 | 296005 |
| BJ's Wholesale Club Holdings, Inc. \* | 4218 | 495868 |
| Casey's General Stores, Inc.  | 979 | 452876 |
| Dollar General Corp.  | 7067 | 662107 |
| Dollar Tree, Inc. \* | 6501 | 531587 |
| Grocery Outlet Holding Corp. \* | 2942 | 49396 |
| Kroger Co.  | 21268 | 1535762 |
| Maplebear, Inc. \* | 5306 | 211656 |
| Performance Food Group Co. \* | 4208 | 339417 |
| Sysco Corp.  | 5969 | 426187 |
| Target Corp.  | 14873 | 1438219 |
| U.S. Foods Holding Corp. \* | 6955 | 456665 |
| Walgreens Boots Alliance, Inc.  | 22908 | 251301 |
| Walmart, Inc.  | 139378 | 13554511 |
|  |  | **20701557** |
| **Energy 6.3%** | **Energy 6.3%** | **Energy 6.3%** |
| Antero Midstream Corp.  | 6631 | 109743 |
| Antero Resources Corp. \* | 9358 | 325939 |
| APA Corp.  | 11580 | 179953 |
| Baker Hughes Co., Class A  | 32008 | 1133083 |
| Cheniere Energy, Inc.  | 3513 | 811889 |
| Chevron Corp.  | 52563 | 7151722 |
| Chord Energy Corp.  | 1928 | 173963 |
| Civitas Resources, Inc.  | 2277 | 62048 |
| ConocoPhillips  | 41555 | 3703382 |
| Coterra Energy, Inc.  | 23487 | 576841 |
| Devon Energy Corp.  | 20033 | 609204 |
| Diamondback Energy, Inc.  | 6041 | 797472 |
| DT Midstream, Inc.  | 3246 | 315511 |
| EOG Resources, Inc.  | 17972 | 1982851 |
| EQT Corp.  | 17738 | 876967 |
| Expand Energy Corp.  | 7400 | 768860 |
| Exxon Mobil Corp.  | 141203 | 14915273 |
| Halliburton Co.  | 28229 | 559499 |
| Hess Corp.  | 3153 | 406895 |
| HF Sinclair Corp.  | 4921 | 147974 |
| Kinder Morgan, Inc.  | 62306 | 1638648 |
| Marathon Petroleum Corp.  | 10327 | 1419033 |
| Matador Resources Co.  | 3461 | 136848 |
| New Fortress Energy, Inc.  | 1252 | 6798 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| NOV, Inc.  | 12523 | 145392 |
| Occidental Petroleum Corp.  | 21905 | 863276 |
| ONEOK, Inc.  | 19884 | 1633669 |
| Ovintiv, Inc.  | 8346 | 280259 |
| Permian Resources Corp., Class A  | 16617 | 196081 |
| Phillips 66  | 13268 | 1380668 |
| Range Resources Corp.  | 7564 | 256647 |
| Schlumberger NV  | 45378 | 1508818 |
| TechnipFMC PLC  | 13552 | 381760 |
| Valero Energy Corp.  | 10140 | 1177153 |
| Viper Energy, Inc.  | 2905 | 117159 |
| Williams Cos., Inc.  | 39048 | 2287041 |
|  |  | **49038319** |
| **Equity Real Estate Investment Trusts (REITs) 4.4%** | **Equity Real Estate Investment Trusts (REITs) 4.4%** | **Equity Real Estate Investment Trusts (REITs) 4.4%** |
| Agree Realty Corp.  | 3289 | 255259 |
| Alexandria Real Estate Equities, Inc.  | 5523 | 401301 |
| American Homes 4 Rent, Class A  | 10801 | 403849 |
| Americold Realty Trust, Inc.  | 9180 | 177541 |
| AvalonBay Communities, Inc.  | 4552 | 955829 |
| Brixmor Property Group, Inc.  | 9557 | 238065 |
| BXP, Inc.  | 5063 | 322665 |
| Camden Property Trust  | 3322 | 378044 |
| Cousins Properties, Inc.  | 5425 | 149405 |
| Crown Castle, Inc.  | 13972 | 1477679 |
| CubeSmart  | 7198 | 292743 |
| Digital Realty Trust, Inc.  | 10624 | 1705577 |
| EastGroup Properties, Inc.  | 1584 | 258857 |
| EPR Properties  | 2427 | 120112 |
| Equinix, Inc.  | 2926 | 2518554 |
| Equity LifeStyle Properties, Inc.  | 6036 | 391012 |
| Equity Residential  | 12114 | 851130 |
| Essex Property Trust, Inc.  | 2045 | 570862 |
| Extra Space Storage, Inc.  | 6703 | 982124 |
| Federal Realty Investment Trust  | 2724 | 256110 |
| First Industrial Realty Trust, Inc.  | 4252 | 202310 |
| Gaming & Leisure Properties, Inc.  | 8397 | 401880 |
| Healthcare Realty Trust, Inc., Class A  | 11376 | 176669 |
| Healthpeak Properties, Inc.  | 22516 | 401685 |
| Highwoods Properties, Inc.  | 3284 | 93397 |
| Host Hotels & Resorts, Inc.  | 22464 | 317192 |
| Invitation Homes, Inc.  | 19584 | 669577 |
| Iron Mountain, Inc.  | 3995 | 358232 |
| Kilroy Realty Corp.  | 3765 | 118635 |
| Kimco Realty Corp.  | 21056 | 420699 |
| Lamar Advertising Co., Class A  | 2079 | 236611 |
| Lineage, Inc.  | 2004 | 96653 |
| Medical Properties Trust, Inc.  | 18891 | 104278 |
| Mid-America Apartment Communities, Inc.  | 3718 | 593579 |
| Millrose Properties, Inc., Class A  | 4000 | 100160 |
| National Storage Affiliates Trust  | 2185 | 81282 |
| NNN REIT, Inc.  | 5971 | 245468 |
| Omega Healthcare Investors, Inc.  | 8651 | 337822 |
| Park Hotels & Resorts, Inc.  | 6653 | 66131 |
| Prologis, Inc.  | 29669 | 3032172 |
| Public Storage  | 4302 | 1292450 |
| Rayonier, Inc.  | 4992 | 122104 |
| Realty Income Corp.  | 28012 | 1620774 |
| Regency Centers Corp.  | 5773 | 416695 |
| Rexford Industrial Realty, Inc.  | 7090 | 234679 |
| SBA Communications Corp., Class A  | 3445 | 838513 |
| Simon Property Group, Inc.  | 7724 | 1215603 |
| STAG Industrial, Inc.  | 5829 | 192532 |
| Sun Communities, Inc.  | 4058 | 504937 |
| UDR, Inc.  | 10489 | 439279 |
| Ventas, Inc.  | 13411 | 939843 |
| VICI Properties, Inc., Class A  | 33762 | 1081059 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**89**

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Vornado Realty Trust  | 5598 | 197497 |
| Welltower, Inc.  | 19786 | 3019146 |
| Weyerhaeuser Co.  | 23466 | 608004 |
| WP Carey, Inc.  | 6979 | 435769 |
|  |  | **33920034** |
| **Financial Services 11.8%** | **Financial Services 11.8%** | **Financial Services 11.8%** |
| Affiliated Managers Group, Inc.  | 961 | 159170 |
| Affirm Holdings, Inc. \* | 8321 | 414053 |
| AGNC Investment Corp.  | 27841 | 245836 |
| Ally Financial, Inc.  | 7604 | 248347 |
| American Express Co.  | 11119 | 2962213 |
| Ameriprise Financial, Inc.  | 268 | 126233 |
| Annaly Capital Management, Inc.  | 17897 | 350781 |
| Apollo Global Management, Inc.  | 4233 | 577720 |
| Bank of New York Mellon Corp.  | 23051 | 1853531 |
| Berkshire Hathaway, Inc., Class B \* | 58780 | 31344435 |
| Blackrock, Inc.  | 4741 | 4334507 |
| Block, Inc. \* | 10334 | 604229 |
| Capital One Financial Corp.  | 12147 | 2189618 |
| Carlyle Group, Inc.  | 7041 | 272064 |
| Cboe Global Markets, Inc.  | 3392 | 752346 |
| Charles Schwab Corp. *(b)* | 47713 | 3883838 |
| CME Group, Inc.  | 11542 | 3198057 |
| Coinbase Global, Inc., Class A \* | 1034 | 209788 |
| Corebridge Financial, Inc.  | 9143 | 270907 |
| Credit Acceptance Corp. \* | 40 | 19497 |
| Discover Financial Services  | 8021 | 1465196 |
| Euronet Worldwide, Inc. \* | 1315 | 130316 |
| Evercore, Inc., Class A  | 1128 | 231567 |
| FactSet Research Systems, Inc.  | 787 | 340157 |
| Fidelity National Information Services, Inc.  | 17288 | 1363677 |
| Fiserv, Inc. \* | 12398 | 2288299 |
| Franklin Resources, Inc.  | 9983 | 187281 |
| Global Payments, Inc.  | 8154 | 622232 |
| Goldman Sachs Group, Inc.  | 7081 | 3877202 |
| Houlihan Lokey, Inc., Class A  | 1556 | 252196 |
| Interactive Brokers Group, Inc., Class A  | 3395 | 583431 |
| Intercontinental Exchange, Inc.  | 18243 | 3064277 |
| Invesco Ltd.  | 11657 | 162382 |
| Jack Henry & Associates, Inc.  | 2325 | 403225 |
| Janus Henderson Group PLC  | 4107 | 136393 |
| Jefferies Financial Group, Inc.  | 4053 | 189397 |
| KKR & Co., Inc.  | 15415 | 1761472 |
| Lazard, Inc.  | 199 | 7741 |
| MarketAxess Holdings, Inc.  | 1179 | 261255 |
| MGIC Investment Corp.  | 8086 | 201422 |
| Morgan Stanley  | 34654 | 3999765 |
| MSCI, Inc., Class A  | 1030 | 561463 |
| Nasdaq, Inc.  | 13204 | 1006277 |
| Northern Trust Corp.  | 6217 | 584274 |
| OneMain Holdings, Inc.  | 3667 | 172606 |
| PayPal Holdings, Inc. \* | 32175 | 2118402 |
| Raymond James Financial, Inc.  | 6520 | 893501 |
| Rithm Capital Corp.  | 16490 | 184358 |
| Robinhood Markets, Inc., Class A \* | 21551 | 1058370 |
| Rocket Cos., Inc., Class A *(a)* | 4526 | 58431 |
| S&P Global, Inc.  | 10049 | 5025002 |
| SEI Investments Co.  | 3189 | 249667 |
| SLM Corp.  | 6737 | 194767 |
| SoFi Technologies, Inc. \* | 28947 | 362127 |
| Starwood Property Trust, Inc.  | 10309 | 197830 |
| State Street Corp.  | 9381 | 826466 |
| Stifel Financial Corp.  | 3202 | 274379 |
| Synchrony Financial  | 12503 | 649531 |
| T. Rowe Price Group, Inc.  | 7037 | 623126 |
| TPG, Inc.  | 2056 | 95501 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Tradeweb Markets, Inc., Class A  | 2261 | 312696 |
| UWM Holdings Corp.  | 887 | 4169 |
| Virtu Financial, Inc., Class A  | 2616 | 102416 |
| Voya Financial, Inc.  | 3080 | 182336 |
| Western Union Co.  | 8858 | 87783 |
| WEX, Inc. \* | 1154 | 150447 |
| XP, Inc., Class A  | 11828 | 190431 |
|  |  | **91712409** |
| **Food, Beverage & Tobacco 4.0%** | **Food, Beverage & Tobacco 4.0%** | **Food, Beverage & Tobacco 4.0%** |
| Altria Group, Inc.  | 54456 | 3221072 |
| Archer-Daniels-Midland Co.  | 15310 | 731053 |
| Boston Beer Co., Inc., Class A \* | 220 | 54076 |
| Brown-Forman Corp., Class B  | 7046 | 245483 |
| Bunge Global SA  | 4273 | 336371 |
| Campbell's Co.  | 6124 | 223281 |
| Coca-Cola Co.  | 53232 | 3861982 |
| Coca-Cola Consolidated, Inc.  | 193 | 261671 |
| Conagra Brands, Inc.  | 15304 | 378162 |
| Constellation Brands, Inc., Class A  | 5058 | 948577 |
| Darling Ingredients, Inc. \* | 5097 | 164072 |
| Flowers Foods, Inc.  | 6060 | 106595 |
| Freshpet, Inc. \* | 1030 | 75746 |
| General Mills, Inc.  | 17684 | 1003390 |
| Hershey Co.  | 4033 | 674277 |
| Hormel Foods Corp.  | 9289 | 277741 |
| Ingredion, Inc.  | 2114 | 280781 |
| J.M. Smucker Co.  | 3321 | 386133 |
| Kellanova  | 8433 | 697999 |
| Keurig Dr. Pepper, Inc.  | 38358 | 1326803 |
| Kraft Heinz Co.  | 28486 | 828943 |
| Lamb Weston Holdings, Inc.  | 3080 | 162655 |
| McCormick & Co., Inc. - Non Voting Shares  | 8106 | 621406 |
| Molson Coors Beverage Co., Class B  | 5474 | 314919 |
| Mondelez International, Inc., Class A  | 42997 | 2929386 |
| Monster Beverage Corp. \* | 4522 | 271863 |
| PepsiCo, Inc.  | 9283 | 1258589 |
| Philip Morris International, Inc.  | 49920 | 8554291 |
| Pilgrim's Pride Corp.  | 1214 | 66260 |
| Post Holdings, Inc. \* | 1682 | 190352 |
| Seaboard Corp.  | 8 | 20688 |
| Smithfield Foods, Inc.  | 848 | 18834 |
| Tyson Foods, Inc., Class A  | 9053 | 554406 |
|  |  | **31047857** |
| **Health Care Equipment & Services 7.2%** | **Health Care Equipment & Services 7.2%** | **Health Care Equipment & Services 7.2%** |
| Abbott Laboratories  | 55544 | 7262378 |
| Acadia Healthcare Co., Inc. \* | 2881 | 67415 |
| Align Technology, Inc. \* | 986 | 170874 |
| Amedisys, Inc. \* | 1013 | 96134 |
| Baxter International, Inc.  | 16354 | 509754 |
| Becton Dickinson & Co.  | 9275 | 1920760 |
| Boston Scientific Corp. \* | 47165 | 4851864 |
| Cardinal Health, Inc.  | 3162 | 446759 |
| Centene Corp. \* | 16173 | 967954 |
| Certara, Inc. \* | 3954 | 54802 |
| Chemed Corp.  | 425 | 247142 |
| Cigna Group  | 7851 | 2669654 |
| Cooper Cos., Inc. \* | 6269 | 511989 |
| CVS Health Corp.  | 40499 | 2701688 |
| DENTSPLY SIRONA, Inc.  | 6306 | 87653 |
| Doximity, Inc., Class A \* | 3739 | 212674 |
| Edwards Lifesciences Corp. \* | 15174 | 1145485 |
| Elevance Health, Inc.  | 6271 | 2637457 |
| Encompass Health Corp.  | 3178 | 371794 |
| Enovis Corp. \* | 1843 | 63749 |

---

*See financial notes*

**90**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Envista Holdings Corp. \* | 5442 | 87507 |
| GE HealthCare Technologies, Inc.  | 13238 | 931029 |
| Globus Medical, Inc., Class A \* | 3609 | 259018 |
| HCA Healthcare, Inc.  | 4493 | 1550444 |
| Henry Schein, Inc. \* | 3969 | 257866 |
| Hologic, Inc. \* | 7108 | 413686 |
| Humana, Inc.  | 3865 | 1013558 |
| Labcorp Holdings, Inc.  | 2705 | 651932 |
| Masimo Corp. \* | 669 | 107682 |
| McKesson Corp.  | 2322 | 1655098 |
| Medtronic PLC  | 41221 | 3493892 |
| Molina Healthcare, Inc. \* | 672 | 219751 |
| Premier, Inc., Class A  | 2973 | 60501 |
| Quest Diagnostics, Inc.  | 3558 | 634107 |
| QuidelOrtho Corp. \* | 2132 | 59248 |
| ResMed, Inc.  | 3394 | 802987 |
| Solventum Corp. \* | 4433 | 293110 |
| STERIS PLC  | 3157 | 709504 |
| Stryker Corp.  | 8168 | 3054179 |
| Teleflex, Inc.  | 1503 | 205986 |
| Tenet Healthcare Corp. \* | 3039 | 434425 |
| UnitedHealth Group, Inc.  | 27525 | 11324886 |
| Universal Health Services, Inc., Class B  | 1825 | 323153 |
| Zimmer Biomet Holdings, Inc.  | 6371 | 656532 |
|  |  | **56198060** |
| **Household & Personal Products 1.9%** | **Household & Personal Products 1.9%** | **Household & Personal Products 1.9%** |
| BellRing Brands, Inc. \* | 4100 | 316274 |
| Church & Dwight Co., Inc.  | 7827 | 777534 |
| Colgate-Palmolive Co.  | 11729 | 1081297 |
| Coty, Inc., Class A \* | 12159 | 61403 |
| Estee Lauder Cos., Inc., Class A  | 4725 | 283311 |
| Kenvue, Inc.  | 61546 | 1452486 |
| Kimberly-Clark Corp.  | 6255 | 824284 |
| Procter & Gamble Co.  | 58876 | 9571471 |
| Reynolds Consumer Products, Inc.  | 1813 | 41699 |
| Spectrum Brands Holdings, Inc.  | 815 | 51426 |
|  |  | **14461185** |
| **Insurance 4.3%** | **Insurance 4.3%** | **Insurance 4.3%** |
| Aflac, Inc.  | 17711 | 1924831 |
| Allstate Corp.  | 7125 | 1413529 |
| American Financial Group, Inc.  | 2294 | 290558 |
| American International Group, Inc.  | 19998 | 1630237 |
| Aon PLC, Class A  | 6301 | 2235532 |
| Arch Capital Group Ltd.  | 11594 | 1051344 |
| Arthur J Gallagher & Co.  | 7344 | 2355147 |
| Assurant, Inc.  | 1649 | 317828 |
| Assured Guaranty Ltd.  | 1544 | 135455 |
| Axis Capital Holdings Ltd.  | 2474 | 238296 |
| Brighthouse Financial, Inc. \* | 1862 | 108406 |
| Brown & Brown, Inc.  | 4296 | 475138 |
| Chubb Ltd.  | 12992 | 3716751 |
| Cincinnati Financial Corp.  | 4923 | 685331 |
| CNA Financial Corp.  | 740 | 35638 |
| Everest Group Ltd.  | 1141 | 409425 |
| Fidelity National Financial, Inc.  | 8347 | 534625 |
| First American Financial Corp.  | 3193 | 194166 |
| Globe Life, Inc.  | 2664 | 328578 |
| Hanover Insurance Group, Inc.  | 1155 | 191846 |
| Hartford Insurance Group, Inc.  | 9303 | 1141199 |
| Kemper Corp.  | 1949 | 115225 |
| Lincoln National Corp.  | 5474 | 174456 |
| Loews Corp.  | 5759 | 500054 |
| Markel Group, Inc. \* | 310 | 563766 |
| Marsh & McLennan Cos., Inc.  | 13663 | 3080597 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| MetLife, Inc.  | 18606 | 1402334 |
| Old Republic International Corp.  | 7454 | 280270 |
| Primerica, Inc.  | 1071 | 280677 |
| Principal Financial Group, Inc.  | 7261 | 538403 |
| Progressive Corp.  | 2943 | 829161 |
| Prudential Financial, Inc.  | 11552 | 1186506 |
| Reinsurance Group of America, Inc.  | 2117 | 396535 |
| RenaissanceRe Holdings Ltd.  | 1643 | 397491 |
| RLI Corp.  | 2500 | 185025 |
| Travelers Cos., Inc.  | 7251 | 1915207 |
| Unum Group  | 5852 | 454466 |
| W.R. Berkley Corp.  | 9422 | 675463 |
| White Mountains Insurance Group Ltd.  | 79 | 139629 |
| Willis Towers Watson PLC  | 3227 | 993271 |
|  |  | **33522396** |
| **Materials 4.2%** | **Materials 4.2%** | **Materials 4.2%** |
| Air Products & Chemicals, Inc.  | 7120 | 1930161 |
| Albemarle Corp.  | 3780 | 221319 |
| Alcoa Corp.  | 7927 | 194449 |
| Amcor PLC  | 73216 | 673587 |
| AptarGroup, Inc.  | 2130 | 319394 |
| Ashland, Inc.  | 1510 | 82129 |
| ATI, Inc. \* | 3965 | 215617 |
| Avery Dennison Corp.  | 1599 | 273605 |
| Axalta Coating Systems Ltd. \* | 7046 | 228995 |
| Ball Corp.  | 9509 | 493897 |
| Celanese Corp., Class A  | 2618 | 116527 |
| CF Industries Holdings, Inc.  | 5547 | 434718 |
| Chemours Co.  | 4455 | 55153 |
| Cleveland-Cliffs, Inc. \* | 10163 | 83743 |
| Corteva, Inc.  | 22109 | 1370537 |
| CRH PLC  | 22039 | 2102961 |
| Crown Holdings, Inc.  | 3760 | 362201 |
| Dow, Inc.  | 22552 | 689866 |
| DuPont de Nemours, Inc.  | 13397 | 884068 |
| Eagle Materials, Inc.  | 252 | 57050 |
| Eastman Chemical Co.  | 3678 | 283206 |
| Ecolab, Inc.  | 1052 | 264504 |
| Element Solutions, Inc.  | 7130 | 145523 |
| FMC Corp.  | 4039 | 169315 |
| Freeport-McMoRan, Inc.  | 46006 | 1657596 |
| Graphic Packaging Holding Co.  | 9478 | 239888 |
| Huntsman Corp.  | 5358 | 71315 |
| International Flavors & Fragrances, Inc.  | 8228 | 645569 |
| International Paper Co.  | 16769 | 766008 |
| Linde PLC  | 15429 | 6992886 |
| Louisiana-Pacific Corp.  | 591 | 51009 |
| LyondellBasell Industries NV, Class A  | 8389 | 488324 |
| Martin Marietta Materials, Inc.  | 1857 | 973031 |
| Mosaic Co.  | 10186 | 309654 |
| MP Materials Corp. \* | 4186 | 102390 |
| NewMarket Corp.  | 214 | 131674 |
| Newmont Corp.  | 36560 | 1925981 |
| Nucor Corp.  | 7515 | 897066 |
| Olin Corp.  | 3736 | 80772 |
| Packaging Corp. of America  | 2847 | 528432 |
| PPG Industries, Inc.  | 7413 | 806979 |
| Reliance, Inc.  | 1722 | 496332 |
| Royal Gold, Inc.  | 2104 | 384422 |
| RPM International, Inc.  | 3157 | 337010 |
| Scotts Miracle-Gro Co.  | 1413 | 71187 |
| Sealed Air Corp.  | 4387 | 120906 |
| Sherwin-Williams Co.  | 671 | 236809 |
| Silgan Holdings, Inc.  | 2665 | 137647 |
| Smurfit WestRock PLC  | 16568 | 696187 |
| Sonoco Products Co.  | 3122 | 128002 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**91**

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Steel Dynamics, Inc.  | 4611 | 598093 |
| U.S. Steel Corp.  | 7185 | 314056 |
| Vulcan Materials Co.  | 3150 | 826340 |
| Westlake Corp.  | 1085 | 100287 |
|  |  | **32768377** |
| **Media & Entertainment 2.3%** | **Media & Entertainment 2.3%** | **Media & Entertainment 2.3%** |
| Angi, Inc. \* | 1230 | 14096 |
| Charter Communications, Inc., Class A \* | 2974 | 1165392 |
| Comcast Corp., Class A  | 120418 | 4118295 |
| Electronic Arts, Inc.  | 8500 | 1233265 |
| Fox Corp., Class A  | 11024 | 548885 |
| IAC, Inc. \* | 2343 | 81864 |
| Interpublic Group of Cos., Inc.  | 11930 | 299682 |
| Liberty Broadband Corp., Class C \* | 3074 | 277859 |
| Liberty Media Corp.-Liberty Formula One, <br> Class C \*<br>| 4754 | 421537 |
| Liberty Media Corp.-Liberty Live, Class C \* | 2097 | 149956 |
| Madison Square Garden Sports Corp. \* | 538 | 103603 |
| Match Group, Inc.  | 8053 | 238852 |
| New York Times Co., Class A  | 5201 | 270764 |
| News Corp., Class A  | 16319 | 442571 |
| Nexstar Media Group, Inc., Class A  | 574 | 85905 |
| Omnicom Group, Inc.  | 6223 | 473944 |
| Paramount Global, Class B *(a)* | 19703 | 231313 |
| Playtika Holding Corp.  | 2121 | 11178 |
| Roku, Inc. \* | 3435 | 234198 |
| Sirius XM Holdings, Inc.  | 6973 | 149362 |
| Take-Two Interactive Software, Inc. \* | 5527 | 1289560 |
| TKO Group Holdings, Inc.  | 2185 | 355958 |
| TripAdvisor, Inc. \* | 3422 | 42604 |
| Trump Media & Technology Group Corp. \* | 1053 | 25841 |
| Walt Disney Co.  | 58314 | 5303658 |
| Warner Bros Discovery, Inc. \* | 77769 | 674257 |
| ZoomInfo Technologies, Inc., Class A \* | 9122 | 78084 |
|  |  | **18322483** |
| **Pharmaceuticals, Biotechnology & Life Sciences 7.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 7.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 7.0%** |
| 10X Genomics, Inc., Class A \* | 1225 | 10131 |
| AbbVie, Inc.  | 32316 | 6304852 |
| Agilent Technologies, Inc.  | 9230 | 993148 |
| Alnylam Pharmaceuticals, Inc. \* | 461 | 121354 |
| Amgen, Inc.  | 3811 | 1108696 |
| Avantor, Inc. \* | 21739 | 282390 |
| Azenta, Inc. \* | 1294 | 34084 |
| Biogen, Inc. \* | 4689 | 567744 |
| BioMarin Pharmaceutical, Inc. \* | 6042 | 384815 |
| Bio-Rad Laboratories, Inc., Class A \* | 607 | 148156 |
| Bio-Techne Corp.  | 5055 | 254519 |
| Bristol-Myers Squibb Co.  | 65133 | 3269677 |
| Bruker Corp.  | 1294 | 51838 |
| Charles River Laboratories International, <br> Inc. \*<br>| 1654 | 196197 |
| Danaher Corp.  | 20728 | 4131712 |
| Elanco Animal Health, Inc. \* | 15742 | 149234 |
| Exact Sciences Corp. \* | 3529 | 161063 |
| Exelixis, Inc. \* | 1452 | 56846 |
| Fortrea Holdings, Inc. \* | 2443 | 15220 |
| Gilead Sciences, Inc.  | 40076 | 4269697 |
| GRAIL, Inc. \* | 829 | 28596 |
| Illumina, Inc. \* | 5133 | 398321 |
| Incyte Corp. \* | 4789 | 300079 |
| Ionis Pharmaceuticals, Inc. \* | 311 | 9551 |
| IQVIA Holdings, Inc. \* | 5144 | 797680 |
| Jazz Pharmaceuticals PLC \* | 1888 | 220820 |
| Johnson & Johnson  | 77466 | 12108710 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Mettler-Toledo International, Inc. \* | 670 | 717282 |
| Moderna, Inc. \* | 10346 | 295275 |
| Organon & Co.  | 8297 | 107280 |
| Perrigo Co. PLC  | 4385 | 112782 |
| Pfizer, Inc.  | 182065 | 4444207 |
| Qiagen NV \* | 6962 | 297625 |
| Regeneron Pharmaceuticals, Inc.  | 3077 | 1842384 |
| Repligen Corp. \* | 1533 | 211539 |
| Revvity, Inc.  | 3902 | 364564 |
| Roivant Sciences Ltd. \* | 13276 | 154267 |
| Royalty Pharma PLC, Class A  | 12380 | 406312 |
| Sotera Health Co. \* | 4816 | 55384 |
| Thermo Fisher Scientific, Inc.  | 12263 | 5260827 |
| United Therapeutics Corp. \* | 1407 | 426448 |
| Vertex Pharmaceuticals, Inc. \* | 4148 | 2113406 |
| Viatris, Inc.  | 38094 | 320751 |
| Waters Corp. \* | 734 | 255234 |
| West Pharmaceutical Services, Inc.  | 911 | 192485 |
| Zoetis, Inc.  | 2539 | 397100 |
|  |  | **54350282** |
| **Real Estate Management & Development 0.4%** | **Real Estate Management & Development 0.4%** | **Real Estate Management & Development 0.4%** |
| CBRE Group, Inc., Class A \* | 9831 | 1201152 |
| CoStar Group, Inc. \* | 13311 | 987277 |
| Howard Hughes Holdings, Inc. \* | 985 | 65532 |
| Jones Lang LaSalle, Inc. \* | 1041 | 236734 |
| Seaport Entertainment Group, Inc. \* | 242 | 4634 |
| Zillow Group, Inc., Class C \* | 6455 | 434615 |
|  |  | **2929944** |
| **Semiconductors & Semiconductor Equipment 2.6%** | **Semiconductors & Semiconductor Equipment 2.6%** | **Semiconductors & Semiconductor Equipment 2.6%** |
| Advanced Micro Devices, Inc. \* | 17556 | 1709077 |
| Allegro MicroSystems, Inc. \* | 3762 | 71741 |
| Amkor Technology, Inc.  | 3561 | 62140 |
| Analog Devices, Inc.  | 15909 | 3100982 |
| Applied Materials, Inc.  | 2104 | 317094 |
| Astera Labs, Inc. \* | 3373 | 220291 |
| Cirrus Logic, Inc. \* | 1720 | 165189 |
| First Solar, Inc. \* | 3433 | 431940 |
| GLOBALFOUNDRIES, Inc. \* | 3177 | 111417 |
| Intel Corp.  | 139174 | 2797397 |
| Lattice Semiconductor Corp. \* | 554 | 27107 |
| MACOM Technology Solutions Holdings, <br> Inc. \*<br>| 2016 | 209160 |
| Marvell Technology, Inc.  | 25341 | 1479154 |
| Microchip Technology, Inc.  | 16979 | 782392 |
| Micron Technology, Inc.  | 35389 | 2723184 |
| MKS Instruments, Inc.  | 2038 | 142945 |
| ON Semiconductor Corp. \* | 13681 | 543136 |
| Onto Innovation, Inc. \* | 1182 | 144169 |
| Qorvo, Inc. \* | 2988 | 214150 |
| QUALCOMM, Inc.  | 2218 | 329284 |
| Skyworks Solutions, Inc.  | 5160 | 331685 |
| Teradyne, Inc.  | 445 | 33023 |
| Texas Instruments, Inc.  | 25692 | 4112005 |
| Universal Display Corp.  | 731 | 91836 |
| Wolfspeed, Inc. *\*(a)* | 4948 | 17565 |
|  |  | **20168063** |
| **Software & Services 3.5%** | **Software & Services 3.5%** | **Software & Services 3.5%** |
| Accenture PLC, Class A  | 20150 | 6027873 |
| Akamai Technologies, Inc. \* | 4759 | 383480 |
| Amdocs Ltd.  | 3557 | 315079 |
| ANSYS, Inc. \* | 2796 | 899977 |
| Bill Holdings, Inc. \* | 2383 | 108593 |

---

*See financial notes*

**92**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| CCC Intelligent Solutions Holdings, Inc. \* | 15527 | 143780 |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 15997 | 1176899 |
| Dolby Laboratories, Inc., Class A  | 1941 | 149049 |
| DoubleVerify Holdings, Inc. \* | 1919 | 25446 |
| Dropbox, Inc., Class A \* | 4986 | 142350 |
| DXC Technology Co. \* | 5682 | 88185 |
| EPAM Systems, Inc. \* | 1652 | 259215 |
| Fair Isaac Corp. \* | 116 | 230803 |
| Fortinet, Inc. \* | 3711 | 385053 |
| Gen Digital, Inc.  | 17490 | 452466 |
| Globant SA \* | 337 | 39621 |
| Guidewire Software, Inc. \* | 1427 | 292207 |
| Informatica, Inc., Class A \* | 2616 | 49259 |
| International Business Machines Corp.  | 29459 | 7123775 |
| Kyndryl Holdings, Inc. \* | 7295 | 236504 |
| MicroStrategy, Inc., Class A \* | 6945 | 2639864 |
| nCino, Inc. \* | 1057 | 24522 |
| Nutanix, Inc., Class A \* | 5732 | 393789 |
| Okta, Inc. \* | 2885 | 323582 |
| PTC, Inc. \* | 1485 | 230131 |
| Roper Technologies, Inc.  | 3425 | 1918274 |
| Salesforce, Inc.  | 4516 | 1213494 |
| SentinelOne, Inc., Class A \* | 7581 | 140249 |
| Twilio, Inc., Class A \* | 3955 | 382488 |
| Tyler Technologies, Inc. \* | 200 | 108660 |
| UiPath, Inc., Class A \* | 1977 | 23605 |
| Unity Software, Inc. \* | 5545 | 116833 |
| VeriSign, Inc. \* | 2495 | 703890 |
| Zoom Communications, Inc. \* | 8488 | 658160 |
|  |  | **27407155** |
| **Technology Hardware & Equipment 2.5%** | **Technology Hardware & Equipment 2.5%** | **Technology Hardware & Equipment 2.5%** |
| Amphenol Corp., Class A  | 15805 | 1216195 |
| Arrow Electronics, Inc. \* | 1692 | 188421 |
| Avnet, Inc.  | 2752 | 129316 |
| CDW Corp.  | 2136 | 342956 |
| Ciena Corp. \* | 4544 | 305175 |
| Cisco Systems, Inc.  | 128175 | 7399543 |
| Cognex Corp.  | 5235 | 142915 |
| Coherent Corp. \* | 4030 | 259210 |
| Corning, Inc.  | 24585 | 1091082 |
| Crane NXT Co.  | 1541 | 72304 |
| Dell Technologies, Inc., Class C  | 7450 | 683612 |
| F5, Inc. \* | 1848 | 489240 |
| Hewlett Packard Enterprise Co.  | 42229 | 684954 |
| HP, Inc.  | 22864 | 584632 |
| Ingram Micro Holding Corp.  | 387 | 6881 |
| IPG Photonics Corp. \* | 863 | 51685 |
| Jabil, Inc.  | 3154 | 462250 |
| Juniper Networks, Inc.  | 10461 | 379944 |
| Keysight Technologies, Inc. \* | 5582 | 811623 |
| Littelfuse, Inc.  | 783 | 142749 |
| Lumentum Holdings, Inc. \* | 2198 | 129770 |
| Motorola Solutions, Inc.  | 2769 | 1219440 |
| NetApp, Inc.  | 3593 | 322472 |
| Pure Storage, Inc., Class A \* | 1298 | 58877 |
| Sandisk Corp. \* | 3696 | 118679 |
| TD SYNNEX Corp.  | 2423 | 268468 |
| Teledyne Technologies, Inc. \* | 1489 | 693919 |
| Trimble, Inc. \* | 7804 | 484941 |
| Ubiquiti, Inc.  | 70 | 22851 |
| Vontier Corp.  | 4822 | 153388 |
| Western Digital Corp. \* | 11043 | 484346 |
| Zebra Technologies Corp., Class A \* | 1289 | 322662 |
|  |  | **19724500** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Telecommunication Services 2.1%** | **Telecommunication Services 2.1%** | **Telecommunication Services 2.1%** |
| AT&T, Inc.  | 230527 | 6385598 |
| Frontier Communications Parent, Inc. \* | 7854 | 284707 |
| GCI Liberty, Inc. *\*(c)* | 2247 | 0 |
| Iridium Communications, Inc.  | 3264 | 78760 |
| Liberty Global Ltd., Class C \* | 10128 | 114852 |
| T-Mobile U.S., Inc.  | 15125 | 3735119 |
| Verizon Communications, Inc.  | 135325 | 5962419 |
|  |  | **16561455** |
| **Transportation 1.8%** | **Transportation 1.8%** | **Transportation 1.8%** |
| Alaska Air Group, Inc. \* | 3913 | 173229 |
| American Airlines Group, Inc. \* | 19698 | 195995 |
| Avis Budget Group, Inc. \* | 331 | 30661 |
| CH Robinson Worldwide, Inc.  | 3717 | 331631 |
| CSX Corp.  | 61827 | 1735484 |
| Delta Air Lines, Inc.  | 20721 | 862615 |
| Expeditors International of Washington, <br> Inc. <br>| 3748 | 411943 |
| FedEx Corp.  | 7123 | 1498181 |
| GXO Logistics, Inc. \* | 3796 | 137567 |
| JB Hunt Transport Services, Inc.  | 2592 | 338463 |
| Kirby Corp. \* | 1812 | 174623 |
| Knight-Swift Transportation Holdings, Inc.  | 5071 | 198631 |
| Landstar System, Inc.  | 1142 | 153199 |
| Lyft, Inc., Class A \* | 3686 | 45706 |
| Norfolk Southern Corp.  | 7264 | 1627499 |
| Ryder System, Inc.  | 1323 | 182138 |
| Saia, Inc. \* | 354 | 86376 |
| Schneider National, Inc., Class B  | 1423 | 30580 |
| Southwest Airlines Co.  | 19122 | 534651 |
| U-Haul Holding Co., Non Voting Shares  | 2001 | 109655 |
| Union Pacific Corp.  | 10202 | 2200163 |
| United Airlines Holdings, Inc. \* | 10482 | 721371 |
| United Parcel Service, Inc., Class B  | 23398 | 2229829 |
|  |  | **14010190** |
| **Utilities 4.9%** | **Utilities 4.9%** | **Utilities 4.9%** |
| AES Corp.  | 22864 | 228640 |
| Alliant Energy Corp.  | 8222 | 501871 |
| Ameren Corp.  | 8536 | 847113 |
| American Electric Power Co., Inc.  | 17090 | 1851531 |
| American Water Works Co., Inc.  | 6256 | 919695 |
| Atmos Energy Corp.  | 4969 | 798170 |
| Brookfield Renewable Corp.  | 4418 | 125736 |
| CenterPoint Energy, Inc.  | 20752 | 804763 |
| Clearway Energy, Inc., Class C  | 3721 | 109174 |
| CMS Energy Corp.  | 9571 | 704904 |
| Consolidated Edison, Inc.  | 11131 | 1255020 |
| Constellation Energy Corp.  | 8494 | 1897899 |
| Dominion Energy, Inc.  | 26896 | 1462604 |
| DTE Energy Co.  | 6626 | 907762 |
| Duke Energy Corp.  | 24774 | 3022924 |
| Edison International  | 12236 | 654748 |
| Entergy Corp.  | 13679 | 1137682 |
| Essential Utilities, Inc.  | 8044 | 330850 |
| Evergy, Inc.  | 7130 | 492683 |
| Eversource Energy  | 11803 | 702042 |
| Exelon Corp.  | 32076 | 1504364 |
| FirstEnergy Corp.  | 18482 | 792508 |
| IDACORP, Inc.  | 1713 | 202288 |
| MDU Resources Group, Inc.  | 6491 | 111256 |
| National Fuel Gas Co.  | 2877 | 220896 |
| NextEra Energy, Inc.  | 66029 | 4416020 |
| NiSource, Inc.  | 14955 | 584890 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**93**

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| NRG Energy, Inc.  | 3833 | 420020 |
| OGE Energy Corp.  | 6376 | 289343 |
| PG&E Corp.  | 70175 | 1159291 |
| Pinnacle West Capital Corp.  | 3657 | 348073 |
| PPL Corp.  | 23693 | 864795 |
| Public Service Enterprise Group, Inc.  | 16000 | 1278880 |
| Sempra  | 20362 | 1512286 |
| Southern Co.  | 35163 | 3231128 |
| UGI Corp.  | 6891 | 225956 |
| WEC Energy Group, Inc.  | 10146 | 1111190 |
| Xcel Energy, Inc.  | 18440 | 1303708 |
|  |  | **38332703** |
| **Total Common Stocks** <br>**(Cost $574,100,375)** | **Total Common Stocks** <br>**(Cost $574,100,375)** | **774356613** |
| **INVESTMENT COMPANIES** 0.2% OF NET ASSETS  | **INVESTMENT COMPANIES** 0.2% OF NET ASSETS  | **INVESTMENT COMPANIES** 0.2% OF NET ASSETS  |
| **Equity Funds 0.2%** | **Equity Funds 0.2%** | **Equity Funds 0.2%** |
| iShares Russell 1000 Value ETF  | 6800 | **1239436** |
| **Total Investment Companies** <br>**(Cost $1,236,167)** | **Total Investment Companies** <br>**(Cost $1,236,167)** | **1239436** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  |
| **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.29% *(d)*<br>| 1381155 | 1381155 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.29% *(d)(e)*<br>| 395365 | 395365 |
|  |  | **1776520** |
| **Total Short-Term Investments** <br>**(Cost $1,776,520)** | **Total Short-Term Investments** <br>**(Cost $1,776,520)** | **1776520** |
| **Total Investments in Securities** <br>**(Cost $577,113,062)** | **Total Investments in Securities** <br>**(Cost $577,113,062)** | **777372569** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| DJIA CBOT, e-mini, expires <br> 06/20/25<br>| 9 | 1834650 | 44629 |
| S&P 400 Mid-Cap Index, e-mini, <br> expires 06/20/25<br>| 1 | 285780 | 11418 |
|  |  |  | **56047** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $380,307. 

*(b)* Issuer is affiliated with the fund's investment adviser.

*(c)* Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). 

*(d)* The rate shown is the annualized 7-day yield.

*(e)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CBOT — Chicago Board of Trade <br> ETF — Exchange-Traded Fund <br> REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers during the period ended April 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS | **COMMON STOCKS** 0.5% OF NET ASSETS |
| **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** | **Financial Services 0.5%** |
| Charles Schwab Corp. | $2879098 | $643182 | ($73429)<br>| ($4985)<br>| $439972 | **$3883838** | 47713 | $22806 |

---

------

The following is a summary of the inputs used to value the fund's investments as of April 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $757795158 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $757795158 |
| Telecommunication Services | 16561455 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 16561455 |

---

*See financial notes*

**94**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Value Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN<br> ACTIVE MARKETS FOR<br> IDENTICAL ASSETS<br> (LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT<br> OBSERVABLE INPUTS<br> (LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT<br> UNOBSERVABLE INPUTS<br> (LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** (continued) |  |  |  |  |
| Investment Companies<sup>1</sup> <br>| $1239436 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1239436 |
| Short-Term Investments<sup>1</sup> <br>| 1776520 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1776520 |
| Futures Contracts<sup>2</sup> <br>| 56047 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 56047 |
| **Total** | **$777428616** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$777428616** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Level 3 amount shown includes securities determined to have no value at April 30, 2025.

<sup>1</sup> As categorized in the Portfolio Holdings. 

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**95**

------

Schwab U.S. Large-Cap Value Index Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $2,447,690)  |  | $3883838 |
| Investments in securities, at value - unaffiliated issuers (cost $574,665,372) including securities on loan of $380,307 |  | 773488731 |
| Deposit with broker for futures contracts |  | 143552 |
| Receivables: |  |  |
| Dividends |  | 727891 |
| Fund shares sold |  | 358799 |
| Variation margin on future contracts |  | 4440 |
| Income from securities on loan | + | 578 |
| **Total assets** |  | **778607829** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 395365 |
| Payables: |  |  |
| Fund shares redeemed |  | 398217 |
| Investment adviser fees | + | 21900 |
| **Total liabilities** |  | **815482** |
| **Net assets** |  | **$777792347** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $619556185 |
| Total distributable earnings | + | 158236162 |
| **Net assets** |  | **$777792347** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $777792347 |  | &nbsp;&nbsp;&nbsp;&nbsp; 13722117 |  | &nbsp;&nbsp;&nbsp;&nbsp; $56.68 |

---

*See financial notes*

**96**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Large-Cap Value Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $1,232) |  | $8443712 |
| Dividends received from securities - affiliated issuers |  | 22806 |
| Other Interest |  | 3686 |
| Securities on loan, net | + | 1573 |
| **Total investment income**  |  | **8471777** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 136891 |
| **Total expenses** | – | **136891** |
| **Net investment income** |  | **8334886** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers  |  | (4985)<br>|
| Net realized losses on sales of securities - unaffiliated issuers  |  | (1815127)<br>|
| Net realized losses on futures contracts | + | (442703)<br>|
| **Net realized losses** |  | **(2262815)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 439972 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | (22970675)<br>|
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 116273 |
| **Net change in unrealized appreciation (depreciation)** | **+** | **(22414430)**<br>|
| **Net realized and unrealized losses** |  | **(24677245)**<br>|
| **Decrease in net assets resulting from operations** |  | **($16342359)**<br>|

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**97**

------

Schwab U.S. Large-Cap Value Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $8334886 | &nbsp;&nbsp;&nbsp; $15189021 |
| Net realized gains (losses) |  | (2262815)<br>| &nbsp;&nbsp;&nbsp; 13422280 |
| Net change in unrealized appreciation (depreciation) | + | (22414430)<br>| &nbsp;&nbsp;&nbsp; 149883961 |
| **Increase (decrease) in net assets resulting from operations** |  | **($16342359)**<br>| &nbsp;&nbsp;&nbsp; **$178495262** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($20519678)**<br>| &nbsp;&nbsp;&nbsp; **($16362330)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 2253092 | &nbsp;&nbsp;&nbsp; $132789431 | &nbsp;&nbsp;&nbsp; 4522785 | &nbsp;&nbsp;&nbsp; $245441328 |
| Shares reinvested |  | 238133 | &nbsp;&nbsp;&nbsp; 14073705 | &nbsp;&nbsp;&nbsp; 261070 | &nbsp;&nbsp;&nbsp; 12821154 |
| Shares redeemed | + | (1629802)<br>| &nbsp;&nbsp;&nbsp; (94995688)<br>| &nbsp;&nbsp;&nbsp; (4667183)<br>| &nbsp;&nbsp;&nbsp; (250261407)<br>|
| **Net transactions in fund shares**  |  | **861423** | &nbsp;&nbsp;&nbsp; **$51867448** | &nbsp;&nbsp;&nbsp; **116672** | &nbsp;&nbsp;&nbsp; **$8001075** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 12860694 | &nbsp;&nbsp;&nbsp; $762786936 | &nbsp;&nbsp;&nbsp; 12744022 | &nbsp;&nbsp;&nbsp; $592652929 |
| Total increase | + | 861423 | &nbsp;&nbsp;&nbsp; 15005411 | &nbsp;&nbsp;&nbsp; 116672 | &nbsp;&nbsp;&nbsp; 170134007 |
| **End of period** |  | **13722117** | &nbsp;&nbsp;&nbsp; **$777792347** | &nbsp;&nbsp;&nbsp; **12860694** | &nbsp;&nbsp;&nbsp; **$762786936** |

---

*See financial notes*

**98**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Mid-Cap Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $67.32 | &nbsp;&nbsp; $50.52 | &nbsp;&nbsp; $51.84 | &nbsp;&nbsp; $64.44 | &nbsp;&nbsp; $44.98 | &nbsp;&nbsp; $44.29 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.55 | 0.97 | 0.89 | 0.79 | 0.69 | 0.72 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (2.66)<br>| 16.71 | &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (11.54)<br>| 19.54 | 1.09 |
| Total from investment operations | &nbsp;&nbsp; (2.11)<br>| 17.68 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (10.75)<br>| 20.23 | 1.81 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.64)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>|
| Total distributions | &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (1.85)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (1.12)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $63.49 | &nbsp;&nbsp; $67.32 | &nbsp;&nbsp; $50.52 | &nbsp;&nbsp; $51.84 | &nbsp;&nbsp; $64.44 | &nbsp;&nbsp; $44.98 |
| Total return | &nbsp;&nbsp; (3.34 %)<sup>2</sup><br>| 35.35<br> %<br>| &nbsp;&nbsp; (1.03<br> %)<br>| &nbsp;&nbsp; (17.15<br> %)<br>| 45.35<br> %<br>| 4.04<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Total expenses | 0.04 %<sup>3</sup><br>| 0.04<br> %<br>| 0.04<br> %<br>| 0.04 %<sup>4</sup><br>| 0.04<br> %<br>| 0.04<br> %<br>|
| Net investment income (loss) | 1.67 %<sup>3</sup><br>| 1.57<br> %<br>| 1.66<br> %<br>| 1.41<br> %<br>| 1.19<br> %<br>| 1.69<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 2 %<sup>2</sup><br>| &nbsp;&nbsp; 13 %<sup>5</sup><br>| &nbsp;&nbsp; 8 %<sup>5</sup><br>| &nbsp;&nbsp; 11 %<sup>5</sup><br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 29<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $1864 | &nbsp;&nbsp; $1630 | &nbsp;&nbsp; $1063 | &nbsp;&nbsp; $903 | &nbsp;&nbsp; $891 | &nbsp;&nbsp; $483 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>5</sup> Portfolio turnover rate excludes in-kind transactions.

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**99**

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.6% OF NET ASSETS  | **COMMON STOCKS** 99.6% OF NET ASSETS  | **COMMON STOCKS** 99.6% OF NET ASSETS  |
| **Automobiles & Components 0.5%** | **Automobiles & Components 0.5%** | **Automobiles & Components 0.5%** |
| Aptiv PLC \* | 38983 | 2224370 |
| BorgWarner, Inc.  | 36339 | 1031301 |
| Gentex Corp.  | 38018 | 828032 |
| Harley-Davidson, Inc.  | 18936 | 424545 |
| Lear Corp.  | 8931 | 765833 |
| Lucid Group, Inc. *\*(a)* | 163444 | 410245 |
| QuantumScape Corp., Class A \* | 59629 | 233150 |
| Rivian Automotive, Inc., Class A \* | 140335 | 1916976 |
| Thor Industries, Inc.  | 8408 | 608907 |
|  |  | **8443359** |
| **Banks 2.7%** | **Banks 2.7%** | **Banks 2.7%** |
| Bank OZK  | 17571 | 748525 |
| BOK Financial Corp.  | 3751 | 349481 |
| Citizens Financial Group, Inc.  | 73172 | 2699315 |
| Columbia Banking System, Inc.  | 34473 | 772885 |
| Comerica, Inc.  | 22092 | 1187445 |
| Commerce Bancshares, Inc.  | 20539 | 1247539 |
| Cullen/Frost Bankers, Inc.  | 9802 | 1141639 |
| East West Bancorp, Inc.  | 22923 | 1961063 |
| Fifth Third Bancorp  | 112411 | 4040051 |
| First Citizens BancShares, Inc., Class A  | 1916 | 3408832 |
| First Hawaiian, Inc.  | 21059 | 481409 |
| First Horizon Corp.  | 86661 | 1566831 |
| FNB Corp.  | 58807 | 769784 |
| Huntington Bancshares, Inc.  | 240305 | 3491632 |
| KeyCorp  | 153658 | 2280285 |
| M&T Bank Corp.  | 27643 | 4692676 |
| NU Holdings Ltd., Class A \* | 539766 | 6709291 |
| Pinnacle Financial Partners, Inc.  | 12623 | 1265329 |
| Popular, Inc.  | 11537 | 1100860 |
| Prosperity Bancshares, Inc.  | 14967 | 1016259 |
| Regions Financial Corp.  | 151270 | 3087421 |
| Synovus Financial Corp.  | 23476 | 1016980 |
| TFS Financial Corp.  | 8431 | 109266 |
| Webster Financial Corp.  | 28412 | 1343888 |
| Western Alliance Bancorp  | 17888 | 1246972 |
| Wintrust Financial Corp.  | 10812 | 1201970 |
| Zions Bancorp NA  | 24114 | 1084406 |
|  |  | **50022034** |
| **Capital Goods 11.3%** | **Capital Goods 11.3%** | **Capital Goods 11.3%** |
| A.O. Smith Corp.  | 19735 | 1339217 |
| AAON, Inc.  | 11252 | 1026970 |
| Acuity, Inc.  | 5130 | 1249719 |
| Advanced Drainage Systems, Inc.  | 11676 | 1325109 |
| AECOM  | 21978 | 2168130 |
| AGCO Corp.  | 10289 | 872816 |
| Air Lease Corp., Class A  | 17242 | 806236 |
| Allegion PLC  | 14532 | 2022854 |
| Allison Transmission Holdings, Inc.  | 14388 | 1327149 |
| AMETEK, Inc.  | 38404 | 6512550 |
| API Group Corp. \* | 38504 | 1456606 |
| Armstrong World Industries, Inc.  | 7251 | 1051540 |
| Axon Enterprise, Inc. \* | 12069 | 7401918 |
| AZEK Co., Inc., Class A \* | 23554 | 1167336 |
| Builders FirstSource, Inc. \* | 18800 | 2249044 |
| BWX Technologies, Inc.  | 15161 | 1654368 |
| Carlisle Cos., Inc.  | 7515 | 2851792 |
| CNH Industrial NV  | 145128 | 1679131 |
| Comfort Systems USA, Inc.  | 5838 | 2320897 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Core & Main, Inc., Class A \* | 31576 | 1663424 |
| Crane Co.  | 8150 | 1311987 |
| Cummins, Inc.  | 22728 | 6678396 |
| Curtiss-Wright Corp.  | 6335 | 2184878 |
| Donaldson Co., Inc.  | 19993 | 1314140 |
| Dover Corp.  | 22818 | 3893892 |
| EMCOR Group, Inc.  | 7578 | 3036505 |
| Esab Corp.  | 9428 | 1132491 |
| Everus Construction Group, Inc. \* | 8395 | 337815 |
| Fastenal Co.  | 95221 | 7710044 |
| Ferguson Enterprises, Inc.  | 33281 | 5646454 |
| Flowserve Corp.  | 21924 | 991623 |
| Fortive Corp.  | 57706 | 4021531 |
| Fortune Brands Innovations, Inc.  | 20533 | 1105086 |
| Gates Industrial Corp. PLC \* | 39124 | 740226 |
| Generac Holdings, Inc. \* | 9666 | 1105597 |
| Graco, Inc.  | 27769 | 2266228 |
| Hayward Holdings, Inc. \* | 23570 | 314188 |
| HEICO Corp.  | 18197 | 4563080 |
| Hexcel Corp.  | 13454 | 652115 |
| Howmet Aerospace, Inc.  | 67405 | 9340985 |
| Hubbell, Inc., Class B  | 8915 | 3237750 |
| Huntington Ingalls Industries, Inc.  | 6491 | 1495137 |
| IDEX Corp.  | 12579 | 2188369 |
| Ingersoll Rand, Inc.  | 67134 | 5063918 |
| ITT, Inc.  | 13691 | 1875941 |
| L3Harris Technologies, Inc.  | 31503 | 6931290 |
| Lennox International, Inc.  | 5338 | 2918551 |
| Lincoln Electric Holdings, Inc.  | 9176 | 1616811 |
| Loar Holdings, Inc. \* | 5790 | 547618 |
| Masco Corp.  | 35790 | 2169232 |
| MasTec, Inc. \* | 10437 | 1328839 |
| Middleby Corp. \* | 8874 | 1183348 |
| MSC Industrial Direct Co., Inc., Class A  | 7587 | 580254 |
| Nordson Corp.  | 9431 | 1787835 |
| nVent Electric PLC  | 27489 | 1509421 |
| Oshkosh Corp.  | 10892 | 912314 |
| Otis Worldwide Corp.  | 66397 | 6392039 |
| Owens Corning  | 14186 | 2062786 |
| Pentair PLC  | 27404 | 2486365 |
| Quanta Services, Inc.  | 24162 | 7071976 |
| RBC Bearings, Inc. \* | 4727 | 1553150 |
| Regal Rexnord Corp.  | 11063 | 1170908 |
| Rockwell Automation, Inc.  | 18805 | 4657622 |
| Sensata Technologies Holding PLC  | 24706 | 528708 |
| Simpson Manufacturing Co., Inc.  | 7068 | 1086281 |
| SiteOne Landscape Supply, Inc. \* | 7372 | 846379 |
| Snap-on, Inc.  | 8618 | 2704415 |
| Spirit AeroSystems Holdings, Inc., <br> Class A \*<br>| 19171 | 690156 |
| Standardaero, Inc. \* | 17396 | 470040 |
| Stanley Black & Decker, Inc.  | 25565 | 1534411 |
| Textron, Inc.  | 31038 | 2184144 |
| Timken Co.  | 10683 | 686383 |
| Toro Co.  | 16865 | 1151542 |
| Trex Co., Inc. \* | 17825 | 1030642 |
| United Rentals, Inc.  | 10892 | 6877753 |
| Valmont Industries, Inc.  | 3323 | 974370 |
| Vertiv Holdings Co., Class A  | 59552 | 5084550 |
| Watsco, Inc.  | 5761 | 2649138 |
| WESCO International, Inc.  | 7011 | 1142513 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 28356 | 5238487 |
| WillScot Holdings Corp.  | 29599 | 743527 |
| Woodward, Inc.  | 9787 | 1835748 |
| WW Grainger, Inc.  | 7239 | 7414980 |

---

*See financial notes*

**100**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Xylem, Inc.  | 40196 | 4846432 |
|  |  | **210956140** |
| **Commercial & Professional Services 3.6%** | **Commercial & Professional Services 3.6%** | **Commercial & Professional Services 3.6%** |
| Amentum Holdings, Inc. \* | 24493 | 534437 |
| Booz Allen Hamilton Holding Corp., <br> Class A <br>| 20931 | 2512139 |
| Broadridge Financial Solutions, Inc.  | 19477 | 4721225 |
| CACI International, Inc., Class A \* | 3671 | 1680841 |
| Clarivate PLC \* | 66207 | 285352 |
| Clean Harbors, Inc. \* | 8462 | 1810360 |
| Concentrix Corp.  | 7663 | 391273 |
| Dayforce, Inc. \* | 25070 | 1450801 |
| Dun & Bradstreet Holdings, Inc.  | 50002 | 448518 |
| Equifax, Inc.  | 20434 | 5315496 |
| FTI Consulting, Inc. \* | 5868 | 975731 |
| Genpact Ltd.  | 28591 | 1436984 |
| Jacobs Solutions, Inc.  | 20462 | 2533196 |
| KBR, Inc.  | 22179 | 1171273 |
| Leidos Holdings, Inc.  | 22148 | 3259743 |
| ManpowerGroup, Inc.  | 7667 | 330218 |
| MSA Safety, Inc.  | 6180 | 972856 |
| Parsons Corp. \* | 7564 | 505729 |
| Paychex, Inc.  | 53499 | 7870773 |
| Paycom Software, Inc.  | 8462 | 1915712 |
| Paylocity Holding Corp. \* | 7222 | 1387346 |
| RB Global, Inc.  | 30485 | 3069839 |
| Robert Half, Inc.  | 16726 | 740962 |
| Rollins, Inc.  | 46548 | 2659287 |
| Science Applications International Corp.  | 8130 | 983974 |
| SS&C Technologies Holdings, Inc.  | 35791 | 2705800 |
| Tetra Tech, Inc.  | 44349 | 1383245 |
| TransUnion  | 32327 | 2681848 |
| Veralto Corp.  | 41098 | 3941298 |
| Verisk Analytics, Inc., Class A  | 23440 | 6948319 |
| Vestis Corp.  | 18940 | 165914 |
|  |  | **66790489** |
| **Consumer Discretionary Distribution & Retail 3.3%** | **Consumer Discretionary Distribution & Retail 3.3%** | **Consumer Discretionary Distribution & Retail 3.3%** |
| Advance Auto Parts, Inc.  | 9841 | 321998 |
| AutoNation, Inc. \* | 4202 | 731778 |
| Bath & Body Works, Inc.  | 36137 | 1102540 |
| Best Buy Co., Inc.  | 35362 | 2358292 |
| Burlington Stores, Inc. \* | 10527 | 2368996 |
| CarMax, Inc. \* | 25723 | 1663506 |
| Carvana Co., Class A \* | 18001 | 4398544 |
| Coupang, Inc., Class A \* | 192669 | 4502675 |
| Dick's Sporting Goods, Inc.  | 9307 | 1747296 |
| Dillard's, Inc., Class A  | 495 | 171597 |
| eBay, Inc.  | 79629 | 5427513 |
| Etsy, Inc. \* | 18641 | 810511 |
| Five Below, Inc. \* | 8987 | 682023 |
| Floor & Decor Holdings, Inc., Class A \* | 17488 | 1249343 |
| GameStop Corp., Class A \* | 65210 | 1816751 |
| Gap, Inc.  | 33547 | 734679 |
| Genuine Parts Co.  | 23164 | 2722928 |
| Kohl's Corp. *(a)* | 18332 | 122824 |
| Lithia Motors, Inc., Class A  | 4365 | 1277897 |
| LKQ Corp.  | 43085 | 1646278 |
| Macy's, Inc.  | 45277 | 517063 |
| Murphy USA, Inc.  | 3046 | 1518644 |
| Nordstrom, Inc.  | 16720 | 403621 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 10160 | 1078078 |
| Penske Automotive Group, Inc.  | 3051 | 474949 |
| Pool Corp.  | 6192 | 1815123 |
| RH \* | 2500 | 460075 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Ross Stores, Inc.  | 54151 | 7526989 |
| Tractor Supply Co.  | 88805 | 4495309 |
| Ulta Beauty, Inc. \* | 7708 | 3049593 |
| Valvoline, Inc. \* | 21131 | 723948 |
| Wayfair, Inc., Class A \* | 16050 | 484068 |
| Williams-Sonoma, Inc.  | 20299 | 3135587 |
|  |  | **61541016** |
| **Consumer Durables & Apparel 2.4%** | **Consumer Durables & Apparel 2.4%** | **Consumer Durables & Apparel 2.4%** |
| Amer Sports, Inc. \* | 10404 | 252297 |
| Birkenstock Holding PLC \* | 6493 | 333935 |
| Brunswick Corp.  | 10843 | 499320 |
| Capri Holdings Ltd. \* | 18953 | 285053 |
| Carter's, Inc.  | 5869 | 193970 |
| Columbia Sportswear Co.  | 5288 | 328755 |
| Crocs, Inc. \* | 9535 | 919365 |
| Deckers Outdoor Corp. \* | 25264 | 2800009 |
| DR Horton, Inc.  | 47205 | 5963880 |
| Garmin Ltd.  | 25758 | 4813398 |
| Hasbro, Inc.  | 23164 | 1433852 |
| Leggett & Platt, Inc.  | 22396 | 215450 |
| Lennar Corp., Class A  | 39986 | 4342879 |
| Mattel, Inc. \* | 56543 | 898468 |
| Mohawk Industries, Inc. \* | 8757 | 931307 |
| Newell Brands, Inc.  | 68585 | 327836 |
| NVR, Inc. \* | 466 | 3320600 |
| Polaris, Inc.  | 8516 | 289203 |
| PulteGroup, Inc.  | 33944 | 3481976 |
| PVH Corp.  | 9170 | 632547 |
| Ralph Lauren Corp., Class A  | 6575 | 1479046 |
| SharkNinja, Inc. \* | 11060 | 890330 |
| Skechers USA, Inc., Class A \* | 21972 | 1055095 |
| Somnigroup International, Inc.  | 27886 | 1702719 |
| Tapestry, Inc.  | 38710 | 2734862 |
| Toll Brothers, Inc.  | 16537 | 1668087 |
| TopBuild Corp. \* | 4900 | 1449224 |
| Under Armour, Inc., Class A \* | 60850 | 348062 |
| VF Corp.  | 57850 | 687258 |
| Whirlpool Corp.  | 8748 | 667297 |
| YETI Holdings, Inc. \* | 14082 | 402041 |
|  |  | **45348121** |
| **Consumer Services 3.8%** | **Consumer Services 3.8%** | **Consumer Services 3.8%** |
| ADT, Inc.  | 61368 | 492171 |
| Aramark  | 43570 | 1456545 |
| Boyd Gaming Corp.  | 10481 | 724656 |
| Bright Horizons Family Solutions, Inc. \* | 9604 | 1204534 |
| Caesars Entertainment, Inc. \* | 35253 | 953946 |
| Carnival Corp. \* | 170846 | 3133316 |
| Cava Group, Inc. \* | 12579 | 1162677 |
| Choice Hotels International, Inc.  | 4523 | 570396 |
| Churchill Downs, Inc.  | 11606 | 1049298 |
| Darden Restaurants, Inc.  | 19497 | 3911878 |
| Domino's Pizza, Inc.  | 5791 | 2839733 |
| DraftKings, Inc., Class A \* | 75422 | 2510798 |
| Duolingo, Inc. \* | 6249 | 2433861 |
| Dutch Bros, Inc., Class A \* | 18218 | 1088343 |
| Expedia Group, Inc.  | 20366 | 3196036 |
| Grand Canyon Education, Inc. \* | 4781 | 852787 |
| H&R Block, Inc.  | 22686 | 1369554 |
| Hilton Worldwide Holdings, Inc.  | 39848 | 8984927 |
| Hyatt Hotels Corp., Class A  | 6779 | 763858 |
| Las Vegas Sands Corp.  | 57872 | 2122166 |
| Light & Wonder, Inc. \* | 14757 | 1259953 |
| Marriott Vacations Worldwide Corp.  | 5754 | 315377 |
| MGM Resorts International \* | 38163 | 1200608 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**101**

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Norwegian Cruise Line Holdings Ltd. \* | 73070 | 1171312 |
| Penn Entertainment, Inc. \* | 24907 | 379085 |
| Planet Fitness, Inc., Class A \* | 14067 | 1330598 |
| Royal Caribbean Cruises Ltd.  | 39437 | 8475406 |
| Service Corp. International  | 23356 | 1866144 |
| Texas Roadhouse, Inc., Class A  | 11079 | 1838671 |
| Travel & Leisure Co.  | 10865 | 477299 |
| Vail Resorts, Inc.  | 6261 | 871531 |
| Wendy's Co.  | 28519 | 356487 |
| Wingstop, Inc.  | 4893 | 1291214 |
| Wyndham Hotels & Resorts, Inc.  | 12630 | 1077339 |
| Wynn Resorts Ltd.  | 16668 | 1338607 |
| Yum! Brands, Inc.  | 46871 | 7051273 |
|  |  | **71122384** |
| **Consumer Staples Distribution & Retail 1.8%** | **Consumer Staples Distribution & Retail 1.8%** | **Consumer Staples Distribution & Retail 1.8%** |
| Albertsons Cos., Inc., Class A  | 69488 | 1527346 |
| BJ's Wholesale Club Holdings, Inc. \* | 21974 | 2583263 |
| Casey's General Stores, Inc.  | 6163 | 2850942 |
| Dollar General Corp.  | 36566 | 3425869 |
| Dollar Tree, Inc. \* | 33677 | 2753768 |
| Grocery Outlet Holding Corp. \* | 15686 | 263368 |
| Kroger Co.  | 110367 | 7969601 |
| Maplebear, Inc. \* | 27711 | 1105392 |
| Performance Food Group Co. \* | 25381 | 2047232 |
| Sysco Corp.  | 81761 | 5837735 |
| U.S. Foods Holding Corp. \* | 36110 | 2370983 |
| Walgreens Boots Alliance, Inc.  | 119191 | 1307525 |
|  |  | **34043024** |
| **Energy 5.3%** | **Energy 5.3%** | **Energy 5.3%** |
| Antero Midstream Corp.  | 56583 | 936449 |
| Antero Resources Corp. \* | 48232 | 1679921 |
| APA Corp.  | 60407 | 938725 |
| Baker Hughes Co., Class A  | 166039 | 5877781 |
| Cheniere Energy, Inc.  | 37160 | 8588048 |
| Chord Energy Corp.  | 10135 | 914481 |
| Civitas Resources, Inc.  | 15932 | 434147 |
| Coterra Energy, Inc.  | 121538 | 2984973 |
| Devon Energy Corp.  | 103695 | 3153365 |
| Diamondback Energy, Inc.  | 31378 | 4142210 |
| DT Midstream, Inc.  | 16755 | 1628586 |
| EQT Corp.  | 98027 | 4846455 |
| Expand Energy Corp.  | 38379 | 3987578 |
| Halliburton Co.  | 146790 | 2909378 |
| Hess Corp.  | 46473 | 5997341 |
| HF Sinclair Corp.  | 25563 | 768679 |
| Kinder Morgan, Inc.  | 322496 | 8481645 |
| Matador Resources Co.  | 19434 | 768420 |
| New Fortress Energy, Inc.  | 14878 | 80787 |
| NOV, Inc.  | 64048 | 743597 |
| ONEOK, Inc.  | 103157 | 8475379 |
| Ovintiv, Inc.  | 43189 | 1450287 |
| Permian Resources Corp., Class A  | 108949 | 1285598 |
| Range Resources Corp.  | 39464 | 1339013 |
| Targa Resources Corp.  | 35985 | 6149836 |
| TechnipFMC PLC  | 70350 | 1981759 |
| Texas Pacific Land Corp.  | 3124 | 4026430 |
| Viper Energy, Inc.  | 21071 | 849793 |
| Weatherford International PLC  | 11930 | 493902 |
| Williams Cos., Inc.  | 202459 | 11858024 |
|  |  | **97772587** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Equity Real Estate Investment Trusts (REITs) 7.0%** | **Equity Real Estate Investment Trusts (REITs) 7.0%** | **Equity Real Estate Investment Trusts (REITs) 7.0%** |
| Agree Realty Corp.  | 16958 | 1316110 |
| Alexandria Real Estate Equities, Inc.  | 28466 | 2068340 |
| American Homes 4 Rent, Class A  | 56062 | 2096158 |
| Americold Realty Trust, Inc.  | 47428 | 917258 |
| AvalonBay Communities, Inc.  | 23596 | 4954688 |
| Brixmor Property Group, Inc.  | 49887 | 1242685 |
| BXP, Inc.  | 26106 | 1663735 |
| Camden Property Trust  | 17187 | 1955881 |
| Cousins Properties, Inc.  | 27938 | 769413 |
| Crown Castle, Inc.  | 72320 | 7648563 |
| CubeSmart  | 37217 | 1513615 |
| Digital Realty Trust, Inc.  | 55124 | 8849607 |
| EastGroup Properties, Inc.  | 8177 | 1336285 |
| EPR Properties  | 12353 | 611350 |
| Equity LifeStyle Properties, Inc.  | 31352 | 2030983 |
| Equity Residential  | 62834 | 4414717 |
| Essex Property Trust, Inc.  | 10630 | 2967365 |
| Extra Space Storage, Inc.  | 34790 | 5097431 |
| Federal Realty Investment Trust  | 14053 | 1321263 |
| First Industrial Realty Trust, Inc.  | 22026 | 1047997 |
| Gaming & Leisure Properties, Inc.  | 43247 | 2069801 |
| Healthcare Realty Trust, Inc., Class A  | 58963 | 915695 |
| Healthpeak Properties, Inc.  | 115989 | 2069244 |
| Highwoods Properties, Inc.  | 17242 | 490362 |
| Host Hotels & Resorts, Inc.  | 115884 | 1636282 |
| Invitation Homes, Inc.  | 101851 | 3482286 |
| Iron Mountain, Inc.  | 48440 | 4343615 |
| Kilroy Realty Corp.  | 19322 | 608836 |
| Kimco Realty Corp.  | 109796 | 2193724 |
| Lamar Advertising Co., Class A  | 14478 | 1647741 |
| Lineage, Inc.  | 10188 | 491367 |
| Medical Properties Trust, Inc.  | 98138 | 541722 |
| Mid-America Apartment Communities, <br> Inc. <br>| 19332 | 3086354 |
| Millrose Properties, Inc., Class A  | 20362 | 509864 |
| National Storage Affiliates Trust  | 11557 | 429920 |
| NNN REIT, Inc.  | 31058 | 1276794 |
| Omega Healthcare Investors, Inc.  | 44827 | 1750494 |
| Park Hotels & Resorts, Inc.  | 33660 | 334580 |
| Rayonier, Inc.  | 25488 | 623437 |
| Realty Income Corp.  | 144991 | 8389179 |
| Regency Centers Corp.  | 29976 | 2163668 |
| Rexford Industrial Realty, Inc.  | 36677 | 1214009 |
| SBA Communications Corp., Class A  | 17854 | 4345664 |
| Simon Property Group, Inc.  | 53820 | 8470192 |
| STAG Industrial, Inc.  | 30193 | 997275 |
| Sun Communities, Inc.  | 20998 | 2612781 |
| UDR, Inc.  | 54709 | 2291213 |
| Ventas, Inc.  | 69621 | 4879040 |
| VICI Properties, Inc., Class A  | 175250 | 5611505 |
| Vornado Realty Trust  | 29234 | 1031376 |
| Weyerhaeuser Co.  | 121365 | 3144567 |
| WP Carey, Inc.  | 36119 | 2255270 |
|  |  | **129731301** |
| **Financial Services 8.3%** | **Financial Services 8.3%** | **Financial Services 8.3%** |
| Affiliated Managers Group, Inc.  | 4919 | 814734 |
| Affirm Holdings, Inc. \* | 43063 | 2142815 |
| AGNC Investment Corp.  | 144033 | 1271811 |
| Ally Financial, Inc.  | 45663 | 1491354 |
| Ameriprise Financial, Inc.  | 16004 | 7538204 |
| Annaly Capital Management, Inc.  | 93160 | 1825936 |
| ARES Management Corp., Class A  | 30776 | 4694263 |
| Bank of New York Mellon Corp.  | 119563 | 9614061 |
| Block, Inc. \* | 92406 | 5402979 |

---

*See financial notes*

**102**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Blue Owl Capital, Inc., Class A  | 87194 | 1615705 |
| Carlyle Group, Inc.  | 36450 | 1408428 |
| Cboe Global Markets, Inc.  | 17554 | 3893477 |
| Coinbase Global, Inc., Class A \* | 33704 | 6838205 |
| Corebridge Financial, Inc.  | 47280 | 1400906 |
| Corpay, Inc. \* | 11230 | 3653905 |
| Credit Acceptance Corp. \* | 1028 | 501068 |
| Discover Financial Services  | 41596 | 7598341 |
| Equitable Holdings, Inc.  | 51867 | 2564823 |
| Euronet Worldwide, Inc. \* | 6844 | 678240 |
| Evercore, Inc., Class A  | 5910 | 1213264 |
| FactSet Research Systems, Inc.  | 6335 | 2738114 |
| Fidelity National Information Services, <br> Inc. <br>| 89651 | 7071671 |
| Franklin Resources, Inc.  | 51672 | 969367 |
| Global Payments, Inc.  | 42381 | 3234094 |
| Houlihan Lokey, Inc., Class A  | 8828 | 1430842 |
| Interactive Brokers Group, Inc., Class A  | 17576 | 3020436 |
| Invesco Ltd.  | 60413 | 841553 |
| Jack Henry & Associates, Inc.  | 12044 | 2088791 |
| Janus Henderson Group PLC  | 21070 | 699735 |
| Jefferies Financial Group, Inc.  | 29065 | 1358208 |
| Lazard, Inc.  | 18097 | 703973 |
| LPL Financial Holdings, Inc.  | 13162 | 4209076 |
| MarketAxess Holdings, Inc.  | 6147 | 1362114 |
| MGIC Investment Corp.  | 41942 | 1044775 |
| Morningstar, Inc.  | 4446 | 1265865 |
| MSCI, Inc., Class A  | 12644 | 6892371 |
| Nasdaq, Inc.  | 68518 | 5221757 |
| Northern Trust Corp.  | 32259 | 3031701 |
| OneMain Holdings, Inc.  | 18660 | 878326 |
| Raymond James Financial, Inc.  | 33710 | 4619618 |
| Rithm Capital Corp.  | 86606 | 968255 |
| Robinhood Markets, Inc., Class A \* | 111761 | 5488583 |
| Rocket Cos., Inc., Class A *(a)* | 22884 | 295432 |
| SEI Investments Co.  | 16645 | 1303137 |
| Shift4 Payments, Inc., Class A \* | 10131 | 828716 |
| SLM Corp.  | 35191 | 1017372 |
| SoFi Technologies, Inc. \* | 177416 | 2219474 |
| Starwood Property Trust, Inc.  | 53115 | 1019277 |
| State Street Corp.  | 48711 | 4291439 |
| Stifel Financial Corp.  | 16517 | 1415342 |
| Synchrony Financial  | 64723 | 3362360 |
| T. Rowe Price Group, Inc.  | 36517 | 3233580 |
| Toast, Inc., Class A \* | 77092 | 2742933 |
| TPG, Inc.  | 14062 | 653180 |
| Tradeweb Markets, Inc., Class A  | 19267 | 2664626 |
| UWM Holdings Corp.  | 16509 | 77592 |
| Virtu Financial, Inc., Class A  | 13233 | 518072 |
| Voya Financial, Inc.  | 16064 | 950989 |
| Western Union Co.  | 55900 | 553969 |
| WEX, Inc. \* | 6552 | 854184 |
| XP, Inc., Class A  | 68058 | 1095734 |
|  |  | **154399152** |
| **Food, Beverage & Tobacco 2.3%** | **Food, Beverage & Tobacco 2.3%** | **Food, Beverage & Tobacco 2.3%** |
| Archer-Daniels-Midland Co.  | 79349 | 3788915 |
| Boston Beer Co., Inc., Class A \* | 1432 | 351986 |
| Brown-Forman Corp., Class B  | 36731 | 1279708 |
| Bunge Global SA  | 22064 | 1736878 |
| Campbell's Co.  | 31987 | 1166246 |
| Celsius Holdings, Inc. \* | 29361 | 1026460 |
| Coca-Cola Consolidated, Inc.  | 1005 | 1362589 |
| Conagra Brands, Inc.  | 79144 | 1955648 |
| Darling Ingredients, Inc. \* | 26213 | 843796 |
| Flowers Foods, Inc.  | 30984 | 545009 |
| Freshpet, Inc. \* | 7696 | 565964 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| General Mills, Inc.  | 91736 | 5205101 |
| Hershey Co.  | 24233 | 4051515 |
| Hormel Foods Corp.  | 48231 | 1442107 |
| Ingredion, Inc.  | 10902 | 1448004 |
| J.M. Smucker Co.  | 17139 | 1992751 |
| Kellanova  | 43629 | 3611172 |
| Lamb Weston Holdings, Inc.  | 23665 | 1249749 |
| McCormick & Co., Inc. - Non Voting <br> Shares <br>| 41933 | 3214584 |
| Molson Coors Beverage Co., Class B  | 28405 | 1634140 |
| Pilgrim's Pride Corp.  | 6819 | 372181 |
| Post Holdings, Inc. \* | 8700 | 984579 |
| Seaboard Corp.  | 42 | 108611 |
| Smithfield Foods, Inc.  | 4396 | 97635 |
| Tyson Foods, Inc., Class A  | 46837 | 2868298 |
|  |  | **42903626** |
| **Health Care Equipment & Services 5.5%** | **Health Care Equipment & Services 5.5%** | **Health Care Equipment & Services 5.5%** |
| Acadia Healthcare Co., Inc. \* | 15044 | 352030 |
| Align Technology, Inc. \* | 12444 | 2156545 |
| Amedisys, Inc. \* | 5298 | 502780 |
| Baxter International, Inc.  | 84837 | 2644369 |
| Cardinal Health, Inc.  | 40515 | 5724364 |
| Cencora, Inc.  | 28819 | 8434457 |
| Centene Corp. \* | 83954 | 5024647 |
| Certara, Inc. \* | 19885 | 275606 |
| Chemed Corp.  | 2445 | 1421792 |
| Cooper Cos., Inc. \* | 32510 | 2655092 |
| DaVita, Inc. \* | 7860 | 1112583 |
| DENTSPLY SIRONA, Inc.  | 32762 | 455392 |
| Dexcom, Inc. \* | 64907 | 4633062 |
| Doximity, Inc., Class A \* | 20936 | 1190840 |
| Encompass Health Corp.  | 16452 | 1924719 |
| Enovis Corp. \* | 9321 | 322413 |
| Envista Holdings Corp. \* | 28411 | 456849 |
| GE HealthCare Technologies, Inc.  | 75637 | 5319550 |
| Globus Medical, Inc., Class A \* | 18638 | 1337649 |
| Henry Schein, Inc. \* | 20550 | 1335134 |
| Hologic, Inc. \* | 36899 | 2147522 |
| Humana, Inc.  | 20055 | 5259223 |
| IDEXX Laboratories, Inc. \* | 13520 | 5849428 |
| Inspire Medical Systems, Inc. \* | 4843 | 767034 |
| Insulet Corp. \* | 11630 | 2934133 |
| Labcorp Holdings, Inc.  | 13994 | 3372694 |
| Masimo Corp. \* | 7233 | 1164224 |
| Molina Healthcare, Inc. \* | 9438 | 3086320 |
| Penumbra, Inc. \* | 6129 | 1794816 |
| Premier, Inc., Class A  | 15788 | 321286 |
| Quest Diagnostics, Inc.  | 18477 | 3292971 |
| QuidelOrtho Corp. \* | 10914 | 303300 |
| ResMed, Inc.  | 24186 | 5722166 |
| Solventum Corp. \* | 23057 | 1524529 |
| STERIS PLC  | 16402 | 3686185 |
| Teleflex, Inc.  | 7746 | 1061589 |
| Tenet Healthcare Corp. \* | 15803 | 2259039 |
| Universal Health Services, Inc., Class B  | 9408 | 1665875 |
| Veeva Systems, Inc., Class A \* | 24535 | 5733584 |
| Zimmer Biomet Holdings, Inc.  | 32976 | 3398177 |
|  |  | **102623968** |
| **Household & Personal Products 0.9%** | **Household & Personal Products 0.9%** | **Household & Personal Products 0.9%** |
| BellRing Brands, Inc. \* | 21378 | 1649099 |
| Church & Dwight Co., Inc.  | 40590 | 4032210 |
| Clorox Co.  | 20672 | 2941626 |
| Coty, Inc., Class A \* | 63060 | 318453 |
| elf Beauty, Inc. \* | 8887 | 549839 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**103**

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kenvue, Inc.  | 318562 | 7518063 |
| Reynolds Consumer Products, Inc.  | 9023 | 207529 |
| Spectrum Brands Holdings, Inc.  | 4372 | 275873 |
|  |  | **17492692** |
| **Insurance 5.6%** | **Insurance 5.6%** | **Insurance 5.6%** |
| Aflac, Inc.  | 91860 | 9983345 |
| Allstate Corp.  | 43698 | 8669246 |
| American Financial Group, Inc.  | 11936 | 1511814 |
| Arch Capital Group Ltd.  | 60008 | 5441525 |
| Arthur J Gallagher & Co.  | 40898 | 13115580 |
| Assurant, Inc.  | 8521 | 1642338 |
| Assured Guaranty Ltd.  | 8035 | 704911 |
| Axis Capital Holdings Ltd.  | 12773 | 1230295 |
| Brighthouse Financial, Inc. \* | 9694 | 564385 |
| Brown & Brown, Inc.  | 39726 | 4393696 |
| Cincinnati Financial Corp.  | 25482 | 3547349 |
| CNA Financial Corp.  | 3628 | 174724 |
| Everest Group Ltd.  | 7051 | 2530110 |
| Fidelity National Financial, Inc.  | 43220 | 2768241 |
| First American Financial Corp.  | 16672 | 1013824 |
| Globe Life, Inc.  | 13762 | 1697405 |
| Hanover Insurance Group, Inc.  | 5956 | 989292 |
| Hartford Insurance Group, Inc.  | 48152 | 5906806 |
| Kemper Corp.  | 10015 | 592087 |
| Kinsale Capital Group, Inc.  | 3660 | 1593052 |
| Lincoln National Corp.  | 28127 | 896407 |
| Loews Corp.  | 29725 | 2581022 |
| Markel Group, Inc. \* | 2109 | 3835427 |
| Old Republic International Corp.  | 38568 | 1450157 |
| Primerica, Inc.  | 5530 | 1449247 |
| Principal Financial Group, Inc.  | 37791 | 2802203 |
| Prudential Financial, Inc.  | 59795 | 6141544 |
| Reinsurance Group of America, Inc.  | 10908 | 2043177 |
| RenaissanceRe Holdings Ltd.  | 8519 | 2061002 |
| RLI Corp.  | 13813 | 1022300 |
| Ryan Specialty Holdings, Inc., Class A  | 17044 | 1116552 |
| Unum Group  | 30139 | 2340595 |
| W.R. Berkley Corp.  | 48904 | 3505928 |
| White Mountains Insurance Group Ltd.  | 407 | 719352 |
| Willis Towers Watson PLC  | 16751 | 5155958 |
|  |  | **105190896** |
| **Materials 5.2%** | **Materials 5.2%** | **Materials 5.2%** |
| Albemarle Corp.  | 19560 | 1145238 |
| Alcoa Corp.  | 41154 | 1009508 |
| Amcor PLC  | 376966 | 3468087 |
| AptarGroup, Inc.  | 10975 | 1645701 |
| Ashland, Inc.  | 7777 | 422991 |
| ATI, Inc. \* | 20579 | 1119086 |
| Avery Dennison Corp.  | 13352 | 2284661 |
| Axalta Coating Systems Ltd. \* | 36271 | 1178807 |
| Ball Corp.  | 49182 | 2554513 |
| Celanese Corp., Class A  | 18037 | 802827 |
| CF Industries Holdings, Inc.  | 28812 | 2257996 |
| Chemours Co.  | 24648 | 305142 |
| Cleveland-Cliffs, Inc. \* | 79669 | 656473 |
| Corteva, Inc.  | 114435 | 7093826 |
| Crown Holdings, Inc.  | 19434 | 1872077 |
| Dow, Inc.  | 117155 | 3583771 |
| DuPont de Nemours, Inc.  | 69571 | 4590990 |
| Eagle Materials, Inc.  | 5542 | 1254653 |
| Eastman Chemical Co.  | 19171 | 1476167 |
| Element Solutions, Inc.  | 37001 | 755190 |
| FMC Corp.  | 20817 | 872649 |
| Graphic Packaging Holding Co.  | 49454 | 1251681 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Huntsman Corp.  | 27016 | 359583 |
| International Flavors & Fragrances, Inc.  | 42567 | 3339807 |
| International Paper Co.  | 87082 | 3977906 |
| Louisiana-Pacific Corp.  | 10458 | 902630 |
| LyondellBasell Industries NV, Class A  | 43371 | 2524626 |
| Martin Marietta Materials, Inc.  | 10197 | 5343024 |
| Mosaic Co.  | 52600 | 1599040 |
| MP Materials Corp. \* | 21378 | 522906 |
| NewMarket Corp.  | 1112 | 684214 |
| Nucor Corp.  | 39018 | 4657579 |
| Olin Corp.  | 19093 | 412791 |
| Packaging Corp. of America  | 14764 | 2740346 |
| PPG Industries, Inc.  | 38472 | 4188062 |
| Reliance, Inc.  | 8965 | 2583982 |
| Royal Gold, Inc.  | 10908 | 1993001 |
| RPM International, Inc.  | 21103 | 2252745 |
| Scotts Miracle-Gro Co.  | 7116 | 358504 |
| Sealed Air Corp.  | 24052 | 662873 |
| Silgan Holdings, Inc.  | 13702 | 707708 |
| Smurfit WestRock PLC  | 86026 | 3614813 |
| Sonoco Products Co.  | 16191 | 663831 |
| Steel Dynamics, Inc.  | 23854 | 3094102 |
| U.S. Steel Corp.  | 37058 | 1619805 |
| Vulcan Materials Co.  | 22012 | 5774408 |
| Westlake Corp.  | 5544 | 512432 |
|  |  | **96692752** |
| **Media & Entertainment 3.5%** | **Media & Entertainment 3.5%** | **Media & Entertainment 3.5%** |
| Angi, Inc. \* | 6803 | 77962 |
| Charter Communications, Inc., Class A \* | 15383 | 6027982 |
| Electronic Arts, Inc.  | 43961 | 6378302 |
| Fox Corp., Class A  | 57105 | 2843258 |
| IAC, Inc. \* | 12299 | 429727 |
| Interpublic Group of Cos., Inc.  | 61852 | 1553722 |
| Liberty Broadband Corp., Class C \* | 21057 | 1903342 |
| Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 38404 | 3405283 |
| Liberty Media Corp.-Liberty Live, <br> Class C \*<br>| 10983 | 785394 |
| Live Nation Entertainment, Inc. \* | 26281 | 3480918 |
| Madison Square Garden Sports Corp. \* | 3074 | 591960 |
| Match Group, Inc.  | 41684 | 1236347 |
| New York Times Co., Class A  | 26759 | 1393074 |
| News Corp., Class A  | 85092 | 2307695 |
| Nexstar Media Group, Inc., Class A  | 4851 | 726001 |
| Omnicom Group, Inc.  | 32258 | 2456769 |
| Paramount Global, Class B *(a)* | 101813 | 1195285 |
| Pinterest, Inc., Class A \* | 98470 | 2493260 |
| Playtika Holding Corp.  | 12101 | 63772 |
| ROBLOX Corp., Class A \* | 87362 | 5857622 |
| Roku, Inc. \* | 21045 | 1434848 |
| Sirius XM Holdings, Inc.  | 35575 | 762017 |
| Take-Two Interactive Software, Inc. \* | 28680 | 6691618 |
| TKO Group Holdings, Inc.  | 13105 | 2134936 |
| Trade Desk, Inc., Class A \* | 74301 | 3984763 |
| TripAdvisor, Inc. \* | 17954 | 223527 |
| Trump Media & Technology Group <br> Corp. \*<br>| 13349 | 327584 |
| Warner Bros Discovery, Inc. \* | 404031 | 3502949 |
| ZoomInfo Technologies, Inc., Class A \* | 46914 | 401584 |
|  |  | **64671501** |
| **Pharmaceuticals, Biotechnology & Life Sciences 3.6%** | **Pharmaceuticals, Biotechnology & Life Sciences 3.6%** | **Pharmaceuticals, Biotechnology & Life Sciences 3.6%** |
| 10X Genomics, Inc., Class A \* | 17774 | 146991 |
| Agilent Technologies, Inc.  | 47772 | 5140267 |
| Alnylam Pharmaceuticals, Inc. \* | 21427 | 5640444 |

---

*See financial notes*

**104**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Apellis Pharmaceuticals, Inc. \* | 17707 | 340151 |
| Avantor, Inc. \* | 112731 | 1464376 |
| Azenta, Inc. \* | 6600 | 173844 |
| Biogen, Inc. \* | 24261 | 2937522 |
| BioMarin Pharmaceutical, Inc. \* | 31367 | 1997764 |
| Bio-Rad Laboratories, Inc., Class A \* | 3161 | 771537 |
| Bio-Techne Corp.  | 26142 | 1316250 |
| Bruker Corp.  | 18051 | 723123 |
| Charles River Laboratories International, <br> Inc. \*<br>| 8528 | 1011591 |
| Elanco Animal Health, Inc. \* | 81394 | 771615 |
| Exact Sciences Corp. \* | 30365 | 1385859 |
| Exelixis, Inc. \* | 46643 | 1826073 |
| Fortrea Holdings, Inc. \* | 15696 | 97786 |
| GRAIL, Inc. *\*(a)* | 4446 | 153365 |
| Illumina, Inc. \* | 26462 | 2053451 |
| Incyte Corp. \* | 26449 | 1657294 |
| Ionis Pharmaceuticals, Inc. \* | 25870 | 794468 |
| IQVIA Holdings, Inc. \* | 29984 | 4649619 |
| Jazz Pharmaceuticals PLC \* | 9844 | 1151354 |
| Medpace Holdings, Inc. \* | 4233 | 1305415 |
| Mettler-Toledo International, Inc. \* | 3465 | 3709525 |
| Natera, Inc. \* | 19068 | 2877933 |
| Neurocrine Biosciences, Inc. \* | 16578 | 1785285 |
| Organon & Co.  | 42535 | 549978 |
| Perrigo Co. PLC  | 22406 | 576282 |
| Qiagen NV \* | 36128 | 1544472 |
| Repligen Corp. \* | 9275 | 1279857 |
| Revvity, Inc.  | 20140 | 1881680 |
| Roivant Sciences Ltd. \* | 69265 | 804859 |
| Royalty Pharma PLC, Class A  | 64027 | 2101366 |
| Sarepta Therapeutics, Inc. \* | 15287 | 953909 |
| Sotera Health Co. \* | 24905 | 286408 |
| Ultragenyx Pharmaceutical, Inc. \* | 14682 | 572304 |
| United Therapeutics Corp. \* | 7252 | 2198009 |
| Viatris, Inc.  | 197402 | 1662125 |
| Viking Therapeutics, Inc. \* | 17572 | 507304 |
| Waters Corp. \* | 9810 | 3411231 |
| West Pharmaceutical Services, Inc.  | 12093 | 2555130 |
|  |  | **66767816** |
| **Real Estate Management & Development 0.8%** | **Real Estate Management & Development 0.8%** | **Real Estate Management & Development 0.8%** |
| CBRE Group, Inc., Class A \* | 50884 | 6217007 |
| CoStar Group, Inc. \* | 69072 | 5123070 |
| Howard Hughes Holdings, Inc. \* | 5120 | 340634 |
| Jones Lang LaSalle, Inc. \* | 7855 | 1786305 |
| Seaport Entertainment Group, Inc. \* | 1064 | 20376 |
| Zillow Group, Inc., Class C \* | 33331 | 2244176 |
|  |  | **15731568** |
| **Semiconductors & Semiconductor Equipment 1.6%** | **Semiconductors & Semiconductor Equipment 1.6%** | **Semiconductors & Semiconductor Equipment 1.6%** |
| Allegro MicroSystems, Inc. \* | 19361 | 369214 |
| Amkor Technology, Inc.  | 18639 | 325251 |
| Astera Labs, Inc. \* | 18400 | 1201704 |
| Cirrus Logic, Inc. \* | 8758 | 841118 |
| Enphase Energy, Inc. \* | 21954 | 978929 |
| Entegris, Inc.  | 25027 | 1980136 |
| First Solar, Inc. \* | 17699 | 2226888 |
| GLOBALFOUNDRIES, Inc. \* | 16257 | 570133 |
| Lattice Semiconductor Corp. \* | 22722 | 1111788 |
| MACOM Technology Solutions Holdings, <br> Inc. \*<br>| 10397 | 1078689 |
| Microchip Technology, Inc.  | 88248 | 4066468 |
| MKS Instruments, Inc.  | 11053 | 775257 |
| Monolithic Power Systems, Inc.  | 7814 | 4634483 |
| ON Semiconductor Corp. \* | 70782 | 2810045 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Onto Innovation, Inc. \* | 8173 | 996861 |
| Qorvo, Inc. \* | 15558 | 1115042 |
| Skyworks Solutions, Inc.  | 26712 | 1717047 |
| Teradyne, Inc.  | 25951 | 1925824 |
| Universal Display Corp.  | 7789 | 978532 |
| Wolfspeed, Inc. *\*(a)* | 27294 | 96894 |
|  |  | **29800303** |
| **Software & Services 9.3%** | **Software & Services 9.3%** | **Software & Services 9.3%** |
| Akamai Technologies, Inc. \* | 24741 | 1993630 |
| Amdocs Ltd.  | 18445 | 1633858 |
| ANSYS, Inc. \* | 14513 | 4671444 |
| Appfolio, Inc., Class A \* | 3786 | 781885 |
| AppLovin Corp., Class A \* | 43628 | 11749457 |
| Bentley Systems, Inc., Class B  | 23375 | 1004891 |
| Bill Holdings, Inc. \* | 16667 | 759515 |
| CCC Intelligent Solutions Holdings, Inc. \* | 79650 | 737559 |
| Cloudflare, Inc., Class A \* | 50652 | 6117749 |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 82798 | 6091449 |
| Confluent, Inc., Class A \* | 41349 | 984520 |
| Datadog, Inc., Class A \* | 50548 | 5163984 |
| Docusign, Inc., Class A \* | 33391 | 2729714 |
| Dolby Laboratories, Inc., Class A  | 9942 | 763446 |
| DoubleVerify Holdings, Inc. \* | 23603 | 312976 |
| Dropbox, Inc., Class A \* | 37101 | 1059234 |
| DXC Technology Co. \* | 29569 | 458911 |
| Dynatrace, Inc. \* | 49516 | 2325766 |
| Elastic NV \* | 14511 | 1250848 |
| EPAM Systems, Inc. \* | 9090 | 1426312 |
| Fair Isaac Corp. \* | 3946 | 7851277 |
| Five9, Inc. \* | 12262 | 308267 |
| Gartner, Inc. \* | 12537 | 5279080 |
| Gen Digital, Inc.  | 90255 | 2334897 |
| Gitlab, Inc., Class A \* | 21079 | 983757 |
| Globant SA \* | 6953 | 817464 |
| GoDaddy, Inc., Class A \* | 23259 | 4380367 |
| Guidewire Software, Inc. \* | 13632 | 2791425 |
| HubSpot, Inc. \* | 8242 | 5039983 |
| Informatica, Inc., Class A \* | 13398 | 252284 |
| Kyndryl Holdings, Inc. \* | 37886 | 1228264 |
| Manhattan Associates, Inc. \* | 10075 | 1787204 |
| MicroStrategy, Inc., Class A \* | 38442 | 14612189 |
| MongoDB, Inc., Class A \* | 11898 | 2048479 |
| nCino, Inc. \* | 13790 | 319928 |
| Nutanix, Inc., Class A \* | 41680 | 2863416 |
| Okta, Inc. \* | 26963 | 3024170 |
| Palantir Technologies, Inc., Class A \* | 342589 | 40576241 |
| Pegasystems, Inc.  | 7370 | 678630 |
| Procore Technologies, Inc. \* | 17844 | 1143622 |
| PTC, Inc. \* | 19713 | 3054924 |
| RingCentral, Inc., Class A \* | 13201 | 336625 |
| SentinelOne, Inc., Class A \* | 46773 | 865300 |
| Teradata Corp. \* | 15784 | 339356 |
| Twilio, Inc., Class A \* | 25400 | 2456434 |
| Tyler Technologies, Inc. \* | 7053 | 3831895 |
| UiPath, Inc., Class A \* | 70535 | 842188 |
| Unity Software, Inc. \* | 51141 | 1077541 |
| VeriSign, Inc. \* | 13854 | 3908490 |
| Zoom Communications, Inc. \* | 43895 | 3403618 |
| Zscaler, Inc. \* | 15508 | 3507444 |
|  |  | **173961907** |
| **Technology Hardware & Equipment 3.1%** | **Technology Hardware & Equipment 3.1%** | **Technology Hardware & Equipment 3.1%** |
| Arrow Electronics, Inc. \* | 8757 | 975179 |
| Avnet, Inc.  | 14210 | 667728 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**105**

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| CDW Corp.  | 22362 | 3590443 |
| Ciena Corp. \* | 23538 | 1580812 |
| Cognex Corp.  | 28419 | 775839 |
| Coherent Corp. \* | 20778 | 1336441 |
| Corning, Inc.  | 127500 | 5658450 |
| Crane NXT Co.  | 8103 | 380193 |
| F5, Inc. \* | 9632 | 2549976 |
| Hewlett Packard Enterprise Co.  | 218529 | 3544540 |
| HP, Inc.  | 155984 | 3988511 |
| Ingram Micro Holding Corp.  | 2960 | 52629 |
| IPG Photonics Corp. \* | 4462 | 267229 |
| Jabil, Inc.  | 17774 | 2604957 |
| Juniper Networks, Inc.  | 54108 | 1965203 |
| Keysight Technologies, Inc. \* | 28993 | 4215582 |
| Littelfuse, Inc.  | 4035 | 735621 |
| Lumentum Holdings, Inc. \* | 11234 | 663255 |
| NetApp, Inc.  | 33801 | 3033640 |
| Pure Storage, Inc., Class A \* | 50976 | 2312271 |
| Sandisk Corp. \* | 19044 | 611503 |
| Super Micro Computer, Inc. \* | 82523 | 2629183 |
| TD SYNNEX Corp.  | 12546 | 1390097 |
| Teledyne Technologies, Inc. \* | 7706 | 3591227 |
| Trimble, Inc. \* | 40424 | 2511947 |
| Ubiquiti, Inc.  | 689 | 224924 |
| Vontier Corp.  | 24797 | 788793 |
| Western Digital Corp. \* | 57375 | 2516467 |
| Zebra Technologies Corp., Class A \* | 8497 | 2126969 |
|  |  | **57289609** |
| **Telecommunication Services 0.1%** | **Telecommunication Services 0.1%** | **Telecommunication Services 0.1%** |
| Frontier Communications Parent, Inc. \* | 40836 | 1480305 |
| GCI Liberty, Inc. *\*(b)* | 6049 | 0 |
| Iridium Communications, Inc.  | 18574 | 448191 |
| Liberty Global Ltd., Class C \* | 51792 | 587321 |
|  |  | **2515817** |
| **Transportation 1.8%** | **Transportation 1.8%** | **Transportation 1.8%** |
| Alaska Air Group, Inc. \* | 20500 | 907535 |
| American Airlines Group, Inc. \* | 109193 | 1086470 |
| Avis Budget Group, Inc. \* | 2802 | 259549 |
| CH Robinson Worldwide, Inc.  | 19300 | 1721946 |
| Delta Air Lines, Inc.  | 107156 | 4460904 |
| Expeditors International of Washington, <br> Inc. <br>| 23118 | 2540899 |
| GXO Logistics, Inc. \* | 19408 | 703346 |
| JB Hunt Transport Services, Inc.  | 13472 | 1759174 |
| Kirby Corp. \* | 9510 | 916479 |
| Knight-Swift Transportation Holdings, <br> Inc. <br>| 26099 | 1022298 |
| Landstar System, Inc.  | 5810 | 779412 |
| Lyft, Inc., Class A \* | 61456 | 762054 |
| Old Dominion Freight Line, Inc.  | 32176 | 4931937 |
| Ryder System, Inc.  | 6940 | 955430 |
| Saia, Inc. \* | 4406 | 1075064 |
| Schneider National, Inc., Class B  | 7697 | 165409 |
| Southwest Airlines Co.  | 99528 | 2782803 |
| U-Haul Holding Co., Non Voting Shares  | 18180 | 996264 |
| United Airlines Holdings, Inc. \* | 54474 | 3748901 |
| XPO, Inc. \* | 18994 | 2015643 |
|  |  | **33591517** |
| **Utilities 6.3%** | **Utilities 6.3%** | **Utilities 6.3%** |
| AES Corp.  | 118145 | 1181450 |
| Alliant Energy Corp.  | 42532 | 2596153 |
| Ameren Corp.  | 44260 | 4392362 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| American Water Works Co., Inc.  | 32444 | 4769593 |
| Atmos Energy Corp.  | 25755 | 4137026 |
| Brookfield Renewable Corp.  | 22663 | 644989 |
| CenterPoint Energy, Inc.  | 107371 | 4163847 |
| Clearway Energy, Inc., Class C  | 18913 | 554907 |
| CMS Energy Corp.  | 49528 | 3647737 |
| Consolidated Edison, Inc.  | 57612 | 6495753 |
| DTE Energy Co.  | 34388 | 4711156 |
| Edison International  | 63309 | 3387665 |
| Entergy Corp.  | 70921 | 5898500 |
| Essential Utilities, Inc.  | 41848 | 1721208 |
| Evergy, Inc.  | 36964 | 2554212 |
| Eversource Energy  | 61065 | 3632146 |
| Exelon Corp.  | 166448 | 7806411 |
| FirstEnergy Corp.  | 95787 | 4107347 |
| IDACORP, Inc.  | 8863 | 1046632 |
| MDU Resources Group, Inc.  | 33580 | 575561 |
| National Fuel Gas Co.  | 14921 | 1145634 |
| NiSource, Inc.  | 77763 | 3041311 |
| NRG Energy, Inc.  | 33574 | 3679039 |
| OGE Energy Corp.  | 33247 | 1508749 |
| PG&E Corp.  | 363224 | 6000461 |
| Pinnacle West Capital Corp.  | 18865 | 1795571 |
| PPL Corp.  | 122848 | 4483952 |
| Public Service Enterprise Group, Inc.  | 82954 | 6630513 |
| UGI Corp.  | 35813 | 1174308 |
| Vistra Corp.  | 56438 | 7316058 |
| WEC Energy Group, Inc.  | 52612 | 5762066 |
| Xcel Energy, Inc.  | 95620 | 6760334 |
|  |  | **117322651** |
| **Total Common Stocks** <br>**(Cost $1,574,374,888)** | **Total Common Stocks** <br>**(Cost $1,574,374,888)** | **1856726230** |
| **INVESTMENT COMPANIES** 0.2% OF NET ASSETS  | **INVESTMENT COMPANIES** 0.2% OF NET ASSETS  | **INVESTMENT COMPANIES** 0.2% OF NET ASSETS  |
| **Equity Funds 0.2%** | **Equity Funds 0.2%** | **Equity Funds 0.2%** |
| iShares Russell Mid-Cap ETF  | 34500 | **2903175** |
| **Total Investment Companies** <br>**(Cost $2,751,917)** | **Total Investment Companies** <br>**(Cost $2,751,917)** | **2903175** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.3% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.3% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.3% OF NET ASSETS  |
| **Money Market Funds 0.3%** | **Money Market Funds 0.3%** | **Money Market Funds 0.3%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.29% *(c)*<br>| 3880874 | 3880874 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.29% *(c)(d)*<br>| 2041890 | 2041890 |
|  |  | **5922764** |
| **Total Short-Term Investments** <br>**(Cost $5,922,764)** | **Total Short-Term Investments** <br>**(Cost $5,922,764)** | **5922764** |
| **Total Investments in Securities** <br>**(Cost $1,583,049,569)** | **Total Investments in Securities** <br>**(Cost $1,583,049,569)** | **1865552169** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See financial notes*

**106**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Mid-Cap Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| S&P 400 Mid-Cap Index, e-mini, <br> expires 06/20/25<br>| 16 | 4572480 | **128547** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $1,956,037. 

*(b)* Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). 

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ETF — Exchange-Traded Fund <br> REIT — Real Estate Investment Trust

------

The following is a summary of the inputs used to value the fund's investments as of April 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $1854210413 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1854210413 |
| Telecommunication Services | 2515817 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 2515817 |
| Investment Companies<sup>1</sup> <br>| 2903175 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2903175 |
| Short-Term Investments<sup>1</sup> <br>| 5922764 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5922764 |
| Futures Contracts<sup>2</sup> <br>| 128547 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 128547 |
| **Total** | **$1865680716** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$1865680716** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Level 3 amount shown includes securities determined to have no value at April 30, 2025.

<sup>1</sup> As categorized in the Portfolio Holdings. 

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**107**

------

Schwab U.S. Mid-Cap Index Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $1,583,049,569) including securities on loan of $1,956,037 |  | $1865552169 |
| Deposit with broker for futures contracts |  | 377689 |
| Receivables: |  |  |
| Fund shares sold |  | 1195057 |
| Dividends |  | 698574 |
| Variation margin on future contracts |  | 8130 |
| Income from securities on loan | + | 2969 |
| **Total assets** |  | **1867834588** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 2041890 |
| Payables: |  |  |
| Fund shares redeemed |  | 1292370 |
| Investment adviser fees | + | 56177 |
| **Total liabilities** |  | **3390437** |
| **Net assets** |  | **$1864444151** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $1620729563 |
| Total distributable earnings | + | 243714588 |
| **Net assets** |  | **$1864444151** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $1864444151 |  | &nbsp;&nbsp;&nbsp;&nbsp; 29366812 |  | &nbsp;&nbsp;&nbsp;&nbsp; $63.49 |

---

*See financial notes*

**108**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab U.S. Mid-Cap Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $5,881) |  | $14629281 |
| Other Interest |  | 8243 |
| Securities on loan, net | + | 12425 |
| **Total investment income**  |  | **14649949** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 343627 |
| **Total expenses** | – | **343627** |
| **Net investment income** |  | **14306322** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (3143841)<br>|
| Net realized losses on futures contracts | + | (1789238)<br>|
| **Net realized losses** |  | **(4933079)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | (69557023)<br>|
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 192803 |
| **Net change in unrealized appreciation (depreciation)** | **+** | **(69364220)**<br>|
| **Net realized and unrealized losses** |  | **(74297299)**<br>|
| **Decrease in net assets resulting from operations** |  | **($59990977)**<br>|

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**109**

------

Schwab U.S. Mid-Cap Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $14306322 | &nbsp;&nbsp;&nbsp; $22005304 |
| Net realized gains (losses) |  | (4933079)<br>| &nbsp;&nbsp;&nbsp; 46616523 |
| Net change in unrealized appreciation (depreciation) | + | (69364220)<br>| &nbsp;&nbsp;&nbsp; 321578034 |
| **Increase (decrease) in net assets resulting from operations** |  | **($59990977)**<br>| &nbsp;&nbsp;&nbsp; **$390199861** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($42219991)**<br>| &nbsp;&nbsp;&nbsp; **($18556015)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 7328101 | &nbsp;&nbsp;&nbsp; $481378109 | &nbsp;&nbsp;&nbsp; 7673060 | &nbsp;&nbsp;&nbsp; $472023059 |
| Shares reinvested |  | 504061 | &nbsp;&nbsp;&nbsp; 34971734 | &nbsp;&nbsp;&nbsp; 274351 | &nbsp;&nbsp;&nbsp; 15325220 |
| Shares redeemed | + | (2676445)<br>| &nbsp;&nbsp;&nbsp; (179678923)<br>| &nbsp;&nbsp;&nbsp; (4772760)<br>| &nbsp;&nbsp;&nbsp; (291842392)<br>|
| **Net transactions in fund shares**  |  | **5155717** | &nbsp;&nbsp;&nbsp; **$336670920** | &nbsp;&nbsp;&nbsp; **3174651** | &nbsp;&nbsp;&nbsp; **$195505887** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 24211095 | &nbsp;&nbsp;&nbsp; $1629984199 | &nbsp;&nbsp;&nbsp; 21036444 | &nbsp;&nbsp;&nbsp; $1062834466 |
| Total increase | + | 5155717 | &nbsp;&nbsp;&nbsp; 234459952 | &nbsp;&nbsp;&nbsp; 3174651 | &nbsp;&nbsp;&nbsp; 567149733 |
| **End of period** |  | **29366812** | &nbsp;&nbsp;&nbsp; **$1864444151** | &nbsp;&nbsp;&nbsp; **24211095** | &nbsp;&nbsp;&nbsp; **$1629984199** |

---

*See financial notes*

**110**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab International Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $24.10 | &nbsp;&nbsp; $20.39 | &nbsp;&nbsp; $18.17 | &nbsp;&nbsp; $24.45 | &nbsp;&nbsp; $18.56 | &nbsp;&nbsp; $20.48 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.35 | 0.67 | 0.63 | 0.65 | 0.64 | 0.47 |
| Net realized and unrealized gains (losses) | 1.70 | 3.79 | 2.13 | &nbsp;&nbsp; (6.14)<br>| 5.66 | &nbsp;&nbsp; (1.75)<br>|
| Total from investment operations | 2.05 | 4.46 | 2.76 | &nbsp;&nbsp; (5.49)<br>| 6.30 | &nbsp;&nbsp; (1.28)<br>|
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.64)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $25.41 | &nbsp;&nbsp; $24.10 | &nbsp;&nbsp; $20.39 | &nbsp;&nbsp; $18.17 | &nbsp;&nbsp; $24.45 | &nbsp;&nbsp; $18.56 |
| Total return | 8.93 %<sup>2</sup><br>| 22.21<br> %<br>| 15.30<br> %<br>| &nbsp;&nbsp; (23.12<br> %)<br>| 34.24<br> %<br>| &nbsp;&nbsp; (6.56<br> %)<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Total expenses | 0.06 %<sup>3</sup><br>| 0.06<br> %<br>| 0.06<br> %<br>| 0.06 %<sup>4</sup><br>| 0.06<br> %<br>| 0.06<br> %<br>|
| Net investment income (loss) | 2.98 %<sup>3</sup><br>| 2.84<br> %<br>| 2.99<br> %<br>| 3.12<br> %<br>| 2.76<br> %<br>| 2.47<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 4 %<sup>2</sup><br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 3<br> %<br>| &nbsp;&nbsp; 7<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $10937 | &nbsp;&nbsp; $9873 | &nbsp;&nbsp; $7952 | &nbsp;&nbsp; $7127 | &nbsp;&nbsp; $8781 | &nbsp;&nbsp; $5937 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**111**

------

Schwab International Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 98.6% OF NET ASSETS | **COMMON STOCKS** 98.6% OF NET ASSETS | **COMMON STOCKS** 98.6% OF NET ASSETS |
| **Australia 6.7%** | **Australia 6.7%** | **Australia 6.7%** |
| ANZ Group Holdings Ltd.  | 1844279 | 35266775 |
| APA Group  | 812881 | 4277358 |
| Aristocrat Leisure Ltd.  | 344047 | 14693920 |
| ASX Ltd.  | 120780 | 5469150 |
| BHP Group Ltd.  | 3112486 | 74181907 |
| BlueScope Steel Ltd.  | 265698 | 4069553 |
| Brambles Ltd.  | 849174 | 11159553 |
| CAR Group Ltd.  | 231658 | 4944578 |
| Cochlear Ltd.  | 40570 | 7105048 |
| Coles Group Ltd.  | 818252 | 11111703 |
| Commonwealth Bank of Australia  | 1024561 | 109207026 |
| Computershare Ltd.  | 324123 | 8469789 |
| CSL Ltd.  | 295361 | 47409261 |
| Fortescue Ltd.  | 1034867 | 10687782 |
| Goodman Group  | 1239195 | 23722945 |
| GPT Group  | 1147416 | 3401346 |
| Insurance Australia Group Ltd.  | 1440679 | 7567122 |
| James Hardie Industries PLC, CDI \* | 260378 | 6111643 |
| Lottery Corp. Ltd.  | 1342283 | 4473194 |
| Macquarie Group Ltd.  | 220261 | 27218759 |
| Medibank Pvt Ltd.  | 1718499 | 5112061 |
| National Australia Bank Ltd.  | 1881318 | 43440957 |
| Northern Star Resources Ltd.  | 840951 | 10329969 |
| Origin Energy Ltd.  | 1048679 | 7147801 |
| Pro Medicus Ltd.  | 35441 | 5196725 |
| Qantas Airways Ltd.  | 454167 | 2567824 |
| QBE Insurance Group Ltd.  | 921752 | 12738540 |
| REA Group Ltd.  | 32401 | 5147863 |
| Reece Ltd.  | 141461 | 1426533 |
| Rio Tinto Ltd.  | 224943 | 16829611 |
| Santos Ltd.  | 1966476 | 7559848 |
| Scentre Group  | 3184171 | 7376908 |
| SGH Ltd.  | 123121 | 4026631 |
| Sonic Healthcare Ltd.  | 274229 | 4578791 |
| South32 Ltd.  | 2803949 | 4832032 |
| Stockland  | 1491373 | 5241036 |
| Suncorp Group Ltd.  | 661336 | 8600069 |
| Telstra Group Ltd.  | 2470011 | 7128689 |
| Transurban Group  | 1884099 | 16978319 |
| Treasury Wine Estates Ltd.  | 478210 | 2733442 |
| Vicinity Ltd.  | 2306237 | 3487843 |
| Washington H Soul Pattinson & Co. <br> Ltd. <br>| 143341 | 3411885 |
| Wesfarmers Ltd.  | 697916 | 34962973 |
| Westpac Banking Corp.  | 2110819 | 44295875 |
| WiseTech Global Ltd.  | 112769 | 6412376 |
| Woodside Energy Group Ltd.  | 1167879 | 15223457 |
| Woolworths Group Ltd.  | 745087 | 15037818 |
| Xero Ltd. \* | 88148 | 9283137 |
|  |  | **731657425** |
| **Austria 0.2%** | **Austria 0.2%** | **Austria 0.2%** |
| Erste Group Bank AG  | 187589 | 12703829 |
| OMV AG  | 90211 | 4664234 |
| Verbund AG  | 42736 | 3284303 |
|  |  | **20652366** |
| **Belgium 1.0%** | **Belgium 1.0%** | **Belgium 1.0%** |
| Ageas SA  | 91934 | 5765754 |
| Anheuser-Busch InBev SA  | 548810 | 36171492 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Argenx SE \* | 36893 | 23849452 |
| D'ieteren Group  | 13255 | 2647035 |
| Groupe Bruxelles Lambert NV  | 49987 | 4123633 |
| KBC Group NV  | 139181 | 12833707 |
| Lotus Bakeries NV  | 260 | 2499919 |
| Sofina SA  | 9337 | 2608685 |
| Syensqo SA  | 45426 | 3249449 |
| UCB SA  | 77311 | 14174131 |
|  |  | **107923257** |
| **Denmark 2.3%** | **Denmark 2.3%** | **Denmark 2.3%** |
| AP Moller - Maersk AS, Class A  | 2028 | 3465974 |
| AP Moller - Maersk AS, Class B  | 2490 | 4287492 |
| Carlsberg AS, Class B  | 58284 | 7941407 |
| Coloplast AS, Class B  | 77717 | 8794693 |
| Danske Bank AS  | 418966 | 14700493 |
| Demant AS \* | 58210 | 2119826 |
| DSV AS  | 124746 | 26441126 |
| Genmab AS \* | 38676 | 8200805 |
| Novo Nordisk AS, Class B  | 1974759 | 132035371 |
| Novonesis Novozymes B, Class B  | 215551 | 14001616 |
| Orsted AS \* | 104505 | 4158564 |
| Pandora AS  | 49180 | 7321076 |
| Rockwool AS, Class B  | 59530 | 2717554 |
| Tryg AS  | 205440 | 4901376 |
| Vestas Wind Systems AS  | 616729 | 8222354 |
| Zealand Pharma AS \* | 38955 | 2755135 |
|  |  | **252064862** |
| **Finland 1.0%** | **Finland 1.0%** | **Finland 1.0%** |
| Elisa OYJ  | 86492 | 4614177 |
| Fortum OYJ  | 282266 | 4732628 |
| Kesko OYJ, B Shares  | 167284 | 3840643 |
| Kone OYJ, B Shares  | 206221 | 12771639 |
| Metso OYJ  | 369156 | 4011140 |
| Neste OYJ  | 263367 | 2731994 |
| Nokia OYJ  | 3236671 | 16180678 |
| Nordea Bank Abp  | 1934173 | 26786261 |
| Orion OYJ, B Shares  | 64569 | 4042764 |
| Sampo OYJ, A Shares  | 1491969 | 14947448 |
| Stora Enso OYJ, R Shares  | 354151 | 3289492 |
| UPM-Kymmene OYJ  | 330600 | 8756305 |
| Wartsila OYJ Abp  | 304811 | 5631789 |
|  |  | **112336958** |
| **France 11.3%** | **France 11.3%** | **France 11.3%** |
| Accor SA  | 119782 | 5901945 |
| Aeroports de Paris SA  | 21124 | 2641487 |
| Air Liquide SA  | 353295 | 72594413 |
| Airbus SE  | 362884 | 61577968 |
| Alstom SA \* | 212671 | 5135827 |
| Amundi SA  | 37132 | 2933101 |
| ArcelorMittal SA  | 283570 | 8385656 |
| Arkema SA  | 36161 | 2749157 |
| AXA SA  | 1095871 | 51830198 |
| BioMerieux  | 26383 | 3561186 |
| BNP Paribas SA  | 620732 | 52594297 |
| Bollore SE  | 444834 | 2751486 |
| Bouygues SA  | 114810 | 5046508 |
| Bureau Veritas SA  | 194274 | 6166850 |
| Capgemini SE  | 94467 | 15081881 |
| Carrefour SA  | 331828 | 5118019 |
| Cie de Saint-Gobain SA  | 275720 | 29975724 |
| Cie Generale des Etablissements <br> Michelin SCA <br>| 407524 | 14901417 |

---

*See financial notes*

**112**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab International Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Covivio SA  | 33021 | 1851649 |
| Credit Agricole SA  | 651793 | 12225411 |
| Danone SA  | 394404 | 33937052 |
| Dassault Aviation SA  | 12101 | 4363216 |
| Dassault Systemes SE  | 407355 | 15266093 |
| Edenred SE  | 149417 | 4659862 |
| Eiffage SA  | 42144 | 5734650 |
| Engie SA  | 1117838 | 23103848 |
| EssilorLuxottica SA  | 182569 | 52607802 |
| Eurazeo SE  | 26128 | 1910468 |
| Eurofins Scientific SE  | 82414 | 5200847 |
| Euronext NV  | 47487 | 7937318 |
| Gecina SA  | 27170 | 2789234 |
| Getlink SE  | 183264 | 3479856 |
| Hermes International SCA  | 19359 | 53240734 |
| Ipsen SA  | 23117 | 2688578 |
| Kering SA  | 46057 | 9370419 |
| Klepierre SA  | 129332 | 4733960 |
| La Francaise des Jeux SACA  | 64694 | 2305962 |
| Legrand SA  | 159471 | 17525833 |
| L'Oreal SA \* | 146681 | 64813296 |
| LVMH Moet Hennessy Louis Vuitton <br> SE <br>| 167871 | 92988669 |
| Orange SA  | 1130365 | 16399384 |
| Pernod Ricard SA  | 122629 | 13292427 |
| Publicis Groupe SA  | 139206 | 14163791 |
| Renault SA  | 118850 | 6312264 |
| Rexel SA  | 136391 | 3789437 |
| Safran SA  | 219787 | 58489639 |
| Sanofi SA  | 699812 | 76553715 |
| Sartorius Stedim Biotech  | 17592 | 4151552 |
| Schneider Electric SE  | 335814 | 78461514 |
| Societe Generale SA  | 441386 | 23013411 |
| Sodexo SA  | 53578 | 3400960 |
| STMicroelectronics NV  | 413980 | 9411053 |
| Teleperformance SE  | 34384 | 3770379 |
| Thales SA  | 56514 | 15830833 |
| TotalEnergies SE  | 1325494 | 75493775 |
| Unibail-Rodamco-Westfield \* | 72644 | 6149681 |
| Veolia Environnement SA  | 427184 | 15602496 |
| Vinci SA  | 306099 | 42996906 |
|  |  | **1238965094** |
| **Germany 9.9%** | **Germany 9.9%** | **Germany 9.9%** |
| adidas AG  | 105765 | 24335631 |
| Allianz SE  | 237631 | 98278646 |
| BASF SE \* | 546668 | 27918041 |
| Bayer AG  | 596864 | 15642125 |
| Bayerische Motoren Werke AG  | 174229 | 14777664 |
| Beiersdorf AG  | 60378 | 8507138 |
| Brenntag SE  | 75095 | 5015133 |
| Commerzbank AG  | 576706 | 15263987 |
| Continental AG  | 67168 | 5250835 |
| Covestro AG \* | 109820 | 7389933 |
| CTS Eventim AG & Co. KGaA  | 39050 | 4626916 |
| Daimler Truck Holding AG  | 290451 | 11669298 |
| Delivery Hero SE \* | 120822 | 3414736 |
| Deutsche Bank AG  | 1126401 | 29534619 |
| Deutsche Boerse AG  | 114953 | 37025655 |
| Deutsche Lufthansa AG  | 375796 | 2700336 |
| Deutsche Post AG  | 586055 | 25040956 |
| Deutsche Telekom AG  | 2140900 | 76895849 |
| E.ON SE  | 1369742 | 23956227 |
| Evonik Industries AG  | 151576 | 3406344 |
| Fresenius Medical Care AG  | 125984 | 6409508 |
| Fresenius SE & Co. KGaA \* | 257129 | 12212834 |
| GEA Group AG  | 95513 | 6231238 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Hannover Rueck SE  | 36820 | 11819205 |
| Heidelberg Materials AG  | 83043 | 16601415 |
| Henkel AG & Co. KGaA  | 61984 | 4374839 |
| Infineon Technologies AG  | 796131 | 26370284 |
| Knorr-Bremse AG  | 43781 | 4342057 |
| LEG Immobilien SE  | 45287 | 3838942 |
| Mercedes-Benz Group AG  | 440258 | 26322502 |
| Merck KGaA  | 79809 | 11111016 |
| MTU Aero Engines AG  | 32545 | 11264003 |
| Muenchener <br> Rueckversicherungs-Gesellschaft <br> AG in Muenchen \*<br>| 82207 | 56279692 |
| Nemetschek SE  | 35451 | 4710897 |
| Puma SE  | 64613 | 1668362 |
| Qiagen NV \* | 134625 | 5777523 |
| Rational AG  | 3232 | 2773166 |
| Rheinmetall AG  | 26581 | 45268832 |
| RWE AG  | 386208 | 14998058 |
| SAP SE  | 639568 | 187130378 |
| Scout24 SE  | 46436 | 5534092 |
| Siemens AG  | 465895 | 107277645 |
| Siemens Energy AG \* | 390140 | 30112434 |
| Siemens Healthineers AG  | 172955 | 9323546 |
| Symrise AG  | 82373 | 9500197 |
| Talanx AG  | 38281 | 4393438 |
| Vonovia SE  | 450534 | 14944256 |
| Zalando SE \* | 136993 | 5002474 |
|  |  | **1086242902** |
| **Hong Kong 1.9%** | **Hong Kong 1.9%** | **Hong Kong 1.9%** |
| AIA Group Ltd.  | 6584800 | 49339325 |
| BOC Hong Kong Holdings Ltd.  | 2285090 | 9479422 |
| CK Asset Holdings Ltd.  | 1200211 | 4903297 |
| CK Hutchison Holdings Ltd.  | 1675025 | 9445596 |
| CK Infrastructure Holdings Ltd.  | 381000 | 2567807 |
| CLP Holdings Ltd.  | 1009426 | 8607012 |
| Futu Holdings Ltd., ADR  | 33565 | 3098385 |
| Galaxy Entertainment Group Ltd.  | 1362000 | 4918995 |
| Hang Seng Bank Ltd.  | 457640 | 6388097 |
| Henderson Land Development Co. <br> Ltd. <br>| 875735 | 2483531 |
| HKT Trust & HKT Ltd.  | 2267000 | 3225894 |
| Hong Kong & China Gas Co. Ltd.  | 6925696 | 6231558 |
| Hong Kong Exchanges & Clearing Ltd.  | 736165 | 32162817 |
| Hongkong Land Holdings Ltd.  | 655401 | 3207532 |
| Jardine Matheson Holdings Ltd.  | 99217 | 4408713 |
| Link REIT  | 1625840 | 7611947 |
| MTR Corp. Ltd.  | 938360 | 3239525 |
| Power Assets Holdings Ltd.  | 839938 | 5554675 |
| Sands China Ltd. \* | 1492800 | 2673529 |
| Sino Land Co. Ltd.  | 2414425 | 2481305 |
| SITC International Holdings Co. Ltd.  | 796000 | 2201532 |
| Sun Hung Kai Properties Ltd.  | 889604 | 8439150 |
| Swire Pacific Ltd., A Shares  | 267590 | 2314027 |
| Techtronic Industries Co. Ltd.  | 839000 | 8443681 |
| WH Group Ltd.  | 5056789 | 4521818 |
| Wharf Holdings Ltd.  | 666000 | 1672925 |
| Wharf Real Estate Investment Co. <br> Ltd. <br>| 1072188 | 2564191 |
|  |  | **202186286** |
| **Ireland 0.3%** | **Ireland 0.3%** | **Ireland 0.3%** |
| AIB Group PLC  | 1293742 | 8695318 |
| Bank of Ireland Group PLC  | 609375 | 7154950 |
| Kerry Group PLC, Class A  | 91624 | 9699476 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**113**

------

Schwab International Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kingspan Group PLC  | 93097 | 7855936 |
|  |  | **33405680** |
| **Israel 0.9%** | **Israel 0.9%** | **Israel 0.9%** |
| Azrieli Group Ltd.  | 26608 | 1937179 |
| Bank Hapoalim BM  | 765621 | 11230581 |
| Bank Leumi Le-Israel BM  | 913897 | 12978277 |
| Check Point Software Technologies <br> Ltd. \*<br>| 54097 | 11877537 |
| CyberArk Software Ltd. \* | 28732 | 10118261 |
| Elbit Systems Ltd.  | 16193 | 6225885 |
| Global-e Online Ltd. \* | 63336 | 2274396 |
| ICL Group Ltd.  | 472381 | 3153344 |
| Israel Discount Bank Ltd., A Shares  | 746036 | 5572503 |
| Mizrahi Tefahot Bank Ltd.  | 94720 | 4796383 |
| Monday.com Ltd. \* | 22432 | 6303168 |
| Nice Ltd. \* | 38067 | 5946978 |
| Nova Ltd. \* | 18554 | 3582274 |
| Teva Pharmaceutical Industries Ltd., <br> ADR \*<br>| 690940 | 10716479 |
| Wix.com Ltd. \* | 32201 | 5460968 |
|  |  | **102174213** |
| **Italy 3.0%** | **Italy 3.0%** | **Italy 3.0%** |
| Amplifon SpA  | 77357 | 1480531 |
| Banco BPM SpA  | 781962 | 8728665 |
| BPER Banca SpA  | 608383 | 4941338 |
| Davide Campari-Milano NV  | 366061 | 2456357 |
| DiaSorin SpA  | 13862 | 1584104 |
| Enel SpA  | 4956862 | 42970904 |
| Eni SpA  | 1292599 | 18512006 |
| Ferrari NV  | 77933 | 35676227 |
| FinecoBank Banca Fineco SpA  | 373624 | 7476562 |
| Generali  | 572136 | 20910275 |
| Infrastrutture Wireless Italiane SpA  | 198623 | 2371984 |
| Intesa Sanpaolo SpA  | 9246178 | 49358733 |
| Leonardo SpA  | 247440 | 12863990 |
| Mediobanca Banca di Credito <br> Finanziario SpA <br>| 303847 | 6214893 |
| Moncler SpA  | 141535 | 8735663 |
| Nexi SpA \* | 307242 | 1794619 |
| Poste Italiane SpA  | 281142 | 5706395 |
| Prysmian SpA  | 173746 | 9544252 |
| Recordati Industria Chimica e <br> Farmaceutica SpA <br>| 72728 | 4291557 |
| Snam SpA  | 1239073 | 7111634 |
| Stellantis NV  | 1233113 | 11474644 |
| Telecom Italia SpA \* | 6145017 | 2433638 |
| Tenaris SA  | 253549 | 4227914 |
| Terna - Rete Elettrica Nazionale  | 851558 | 8467729 |
| UniCredit SpA  | 851572 | 49545191 |
| Unipol Assicurazioni SpA  | 217104 | 3894131 |
|  |  | **332773936** |
| **Japan 21.7%** | **Japan 21.7%** | **Japan 21.7%** |
| Advantest Corp.  | 468892 | 19616536 |
| Aeon Co. Ltd.  | 401000 | 11858040 |
| AGC, Inc.  | 117293 | 3662109 |
| Aisin Corp.  | 323200 | 4105065 |
| Ajinomoto Co., Inc.  | 556800 | 11388828 |
| ANA Holdings, Inc.  | 93400 | 1794160 |
| Asahi Group Holdings Ltd.  | 896100 | 12386153 |
| Asahi Kasei Corp.  | 737900 | 5142234 |
| Asics Corp.  | 397100 | 8535285 |
| Astellas Pharma, Inc.  | 1097050 | 10986018 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Bandai Namco Holdings, Inc.  | 363700 | 12639490 |
| Bridgestone Corp.  | 346857 | 14503878 |
| Canon, Inc.  | 574195 | 17719500 |
| Capcom Co. Ltd.  | 215900 | 6250415 |
| Central Japan Railway Co.  | 471600 | 9924282 |
| Chiba Bank Ltd.  | 340300 | 3025770 |
| Chubu Electric Power Co., Inc.  | 392000 | 5090246 |
| Chugai Pharmaceutical Co. Ltd.  | 412400 | 23758162 |
| Concordia Financial Group Ltd.  | 653400 | 4226161 |
| Dai Nippon Printing Co. Ltd.  | 245796 | 3426083 |
| Daifuku Co. Ltd.  | 201490 | 5330310 |
| Dai-ichi Life Holdings, Inc.  | 2197600 | 15867653 |
| Daiichi Sankyo Co. Ltd.  | 1077000 | 27550317 |
| Daikin Industries Ltd.  | 160700 | 18307462 |
| Daito Trust Construction Co. Ltd.  | 36400 | 4052668 |
| Daiwa House Industry Co. Ltd.  | 341800 | 12367323 |
| Daiwa Securities Group, Inc.  | 823800 | 5417246 |
| Denso Corp.  | 1164900 | 15041106 |
| Dentsu Group, Inc.  | 129400 | 2713016 |
| Disco Corp.  | 56300 | 10892894 |
| East Japan Railway Co.  | 552880 | 11984709 |
| Eisai Co. Ltd.  | 164300 | 4748921 |
| ENEOS Holdings, Inc.  | 1664100 | 8011357 |
| FANUC Corp.  | 574500 | 14580615 |
| Fast Retailing Co. Ltd.  | 116700 | 38387855 |
| Fuji Electric Co. Ltd.  | 83300 | 3704078 |
| FUJIFILM Holdings Corp.  | 676533 | 13856999 |
| Fujikura Ltd.  | 155800 | 5796831 |
| Fujitsu Ltd.  | 1076000 | 23903828 |
| Hankyu Hanshin Holdings, Inc.  | 141600 | 4038740 |
| Hikari Tsushin, Inc.  | 11293 | 3132424 |
| Hitachi Ltd.  | 2836475 | 70104933 |
| Honda Motor Co. Ltd.  | 2733317 | 27810789 |
| Hoshizaki Corp.  | 66800 | 2840076 |
| Hoya Corp.  | 212507 | 25004866 |
| Hulic Co. Ltd.  | 282800 | 2957212 |
| Idemitsu Kosan Co. Ltd.  | 576115 | 3570192 |
| Inpex Corp.  | 542200 | 6782647 |
| Isuzu Motors Ltd.  | 349900 | 4705607 |
| ITOCHU Corp.  | 728400 | 37252514 |
| Japan Airlines Co. Ltd.  | 88700 | 1607014 |
| Japan Exchange Group, Inc.  | 600700 | 6683245 |
| Japan Post Bank Co. Ltd.  | 1109000 | 11402675 |
| Japan Post Holdings Co. Ltd.  | 1187400 | 11541840 |
| Japan Post Insurance Co. Ltd.  | 111900 | 2249543 |
| Japan Tobacco, Inc.  | 733900 | 22610018 |
| JFE Holdings, Inc.  | 348800 | 4062131 |
| Kajima Corp.  | 245700 | 5866737 |
| Kansai Electric Power Co., Inc.  | 586800 | 7229632 |
| Kao Corp.  | 285819 | 12239206 |
| Kawasaki Kisen Kaisha Ltd.  | 228000 | 3126861 |
| KDDI Corp.  | 1876100 | 33251260 |
| Keyence Corp.  | 119100 | 49794699 |
| Kikkoman Corp.  | 409485 | 4008519 |
| Kirin Holdings Co. Ltd.  | 474400 | 7176097 |
| Kobe Bussan Co. Ltd.  | 96900 | 2961276 |
| Komatsu Ltd.  | 554909 | 16047727 |
| Konami Group Corp.  | 60300 | 8611800 |
| Kubota Corp.  | 599000 | 6960613 |
| Kyocera Corp.  | 789600 | 9358124 |
| Kyowa Kirin Co. Ltd.  | 143300 | 2237573 |
| Lasertec Corp.  | 50200 | 4667110 |
| LY Corp.  | 1763100 | 6668080 |
| M3, Inc.  | 270600 | 3391319 |
| Makita Corp.  | 146400 | 4281329 |
| Marubeni Corp.  | 859800 | 15243099 |
| MatsukiyoCocokara & Co.  | 202100 | 3709874 |
| MEIJI Holdings Co. Ltd.  | 144000 | 3540505 |

---

*See financial notes*

**114**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab International Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Minebea Mitsumi, Inc.  | 222400 | 3259500 |
| Mitsubishi Chemical Group Corp.  | 843400 | 4100236 |
| Mitsubishi Corp.  | 2095700 | 39790175 |
| Mitsubishi Electric Corp.  | 1162400 | 22487086 |
| Mitsubishi Estate Co. Ltd.  | 656902 | 11539124 |
| Mitsubishi HC Capital, Inc.  | 555038 | 3926415 |
| Mitsubishi Heavy Industries Ltd.  | 1960200 | 38641111 |
| Mitsubishi UFJ Financial Group, Inc.  | 7013909 | 88369091 |
| Mitsui & Co. Ltd.  | 1546000 | 31261852 |
| Mitsui Fudosan Co. Ltd.  | 1606431 | 15920770 |
| Mitsui OSK Lines Ltd.  | 207000 | 6893891 |
| Mizuho Financial Group, Inc.  | 1480313 | 37011691 |
| MonotaRO Co. Ltd.  | 150900 | 2902240 |
| MS&AD Insurance Group Holdings, <br> Inc. <br>| 781486 | 17763019 |
| Murata Manufacturing Co. Ltd.  | 1024400 | 14594175 |
| NEC Corp.  | 756900 | 18425079 |
| Nexon Co. Ltd.  | 201200 | 3156762 |
| NIDEC Corp.  | 516400 | 9177110 |
| Nintendo Co. Ltd.  | 676290 | 56145590 |
| Nippon Building Fund, Inc.  | 4565 | 4237275 |
| Nippon Paint Holdings Co. Ltd.  | 575000 | 4380791 |
| Nippon Sanso Holdings Corp.  | 105500 | 3376342 |
| Nippon Steel Corp.  | 596141 | 12547401 |
| Nippon Telegraph & Telephone Corp.  | 18269275 | 19096443 |
| Nippon Yusen KK  | 266600 | 8710595 |
| Nissan Motor Co. Ltd. \* | 1290196 | 3071477 |
| Nissin Foods Holdings Co. Ltd.  | 118900 | 2621604 |
| Nitori Holdings Co. Ltd.  | 49900 | 5937338 |
| Nitto Denko Corp.  | 433700 | 7623063 |
| Nomura Holdings, Inc.  | 1836500 | 10235844 |
| Nomura Research Institute Ltd.  | 231500 | 8766310 |
| NTT Data Group Corp.  | 382400 | 7594613 |
| Obayashi Corp.  | 402900 | 6251064 |
| Obic Co. Ltd.  | 196400 | 6876257 |
| Olympus Corp.  | 686300 | 8992583 |
| Omron Corp.  | 109300 | 3244564 |
| Ono Pharmaceutical Co. Ltd.  | 227800 | 2622189 |
| Oracle Corp. Japan  | 23200 | 2789137 |
| Oriental Land Co. Ltd.  | 665000 | 14084365 |
| ORIX Corp.  | 700200 | 14046032 |
| Osaka Gas Co. Ltd.  | 224100 | 5682741 |
| Otsuka Corp.  | 136300 | 3023006 |
| Otsuka Holdings Co. Ltd.  | 269700 | 13148083 |
| Pan Pacific International Holdings <br> Corp. <br>| 226600 | 6976432 |
| Panasonic Holdings Corp.  | 1435312 | 16457233 |
| Rakuten Group, Inc. \* | 923320 | 5444197 |
| Recruit Holdings Co. Ltd.  | 858200 | 47557370 |
| Renesas Electronics Corp.  | 1027800 | 12061498 |
| Resona Holdings, Inc.  | 1272085 | 10204402 |
| Ricoh Co. Ltd.  | 321300 | 3379469 |
| SBI Holdings, Inc.  | 171290 | 4503980 |
| SCREEN Holdings Co. Ltd.  | 49400 | 3284952 |
| SCSK Corp.  | 95400 | 2495227 |
| Secom Co. Ltd.  | 255500 | 9394845 |
| Seiko Epson Corp.  | 174800 | 2425013 |
| Sekisui Chemical Co. Ltd.  | 234200 | 4092392 |
| Sekisui House Ltd.  | 361369 | 8307945 |
| Seven & i Holdings Co. Ltd.  | 1356509 | 19968654 |
| SG Holdings Co. Ltd.  | 209128 | 2202044 |
| Shimadzu Corp.  | 142500 | 3647633 |
| Shimano, Inc.  | 47100 | 6635698 |
| Shin-Etsu Chemical Co. Ltd.  | 1092400 | 33243337 |
| Shionogi & Co. Ltd.  | 468300 | 7867680 |
| Shiseido Co. Ltd.  | 245000 | 4028102 |
| SMC Corp.  | 34800 | 11262703 |
| SoftBank Corp.  | 17463500 | 26426552 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| SoftBank Group Corp.  | 582800 | 29471982 |
| Sompo Holdings, Inc.  | 544900 | 17856970 |
| Sony Group Corp.  | 3762200 | 99257311 |
| Subaru Corp.  | 357900 | 6480824 |
| Sumitomo Corp.  | 664000 | 16212472 |
| Sumitomo Electric Industries Ltd.  | 445700 | 7163913 |
| Sumitomo Metal Mining Co. Ltd.  | 147200 | 3265929 |
| Sumitomo Mitsui Financial Group, <br> Inc. <br>| 2280238 | 54400125 |
| Sumitomo Mitsui Trust Group, Inc.  | 403400 | 9979604 |
| Sumitomo Realty & Development Co. <br> Ltd. <br>| 189900 | 7073067 |
| Suntory Beverage & Food Ltd.  | 85600 | 2990936 |
| Suzuki Motor Corp.  | 972600 | 11655305 |
| Sysmex Corp.  | 304200 | 5646911 |
| T&D Holdings, Inc.  | 290200 | 6175051 |
| Taisei Corp.  | 103200 | 5595709 |
| Takeda Pharmaceutical Co. Ltd.  | 969290 | 29319666 |
| TDK Corp.  | 1185600 | 12652062 |
| Terumo Corp.  | 816200 | 15622657 |
| TIS, Inc.  | 129200 | 3729122 |
| Toho Co. Ltd.  | 67108 | 3831294 |
| Tokio Marine Holdings, Inc.  | 1085897 | 43525306 |
| Tokyo Electron Ltd.  | 273400 | 40708800 |
| Tokyo Gas Co. Ltd.  | 216340 | 7187419 |
| Tokyo Metro Co. Ltd.  | 188300 | 2385956 |
| Tokyu Corp.  | 331800 | 4024087 |
| TOPPAN Holdings, Inc.  | 146300 | 4107013 |
| Toray Industries, Inc.  | 862700 | 5509645 |
| Toyota Industries Corp.  | 99200 | 11633667 |
| Toyota Motor Corp.  | 5797615 | 110731036 |
| Toyota Tsusho Corp.  | 394007 | 7829992 |
| Trend Micro, Inc.  | 79300 | 5689822 |
| Unicharm Corp.  | 689900 | 6405817 |
| West Japan Railway Co.  | 271464 | 5710515 |
| Yakult Honsha Co. Ltd.  | 156800 | 3220989 |
| Yamaha Motor Co. Ltd.  | 571700 | 4489979 |
| Yaskawa Electric Corp.  | 135100 | 2846461 |
| Yokogawa Electric Corp.  | 146000 | 3159461 |
| Zensho Holdings Co. Ltd.  | 57900 | 3577833 |
| ZOZO, Inc.  | 248100 | 2519576 |
|  |  | **2371117185** |
| **Netherlands 4.4%** | **Netherlands 4.4%** | **Netherlands 4.4%** |
| ABN AMRO Bank NV, GDR  | 280201 | 5806562 |
| Adyen NV \* | 13477 | 21808655 |
| Aegon Ltd.  | 806305 | 5186109 |
| AerCap Holdings NV  | 119308 | 12646648 |
| Akzo Nobel NV  | 104274 | 6583290 |
| ASM International NV  | 28551 | 13955356 |
| ASML Holding NV  | 241758 | 161842931 |
| ASR Nederland NV  | 97353 | 6142860 |
| BE Semiconductor Industries NV  | 48677 | 5271899 |
| Coca-Cola Europacific Partners PLC  | 127211 | 11543126 |
| CVC Capital Partners PLC \* | 137019 | 2444816 |
| DSM-Firmenich AG  | 113419 | 12321064 |
| EXOR NV *(a)* | 59900 | 5655441 |
| Heineken Holding NV  | 78289 | 6121404 |
| Heineken NV  | 175212 | 15684131 |
| IMCD NV  | 35392 | 4706451 |
| ING Groep NV, Series N  | 1919706 | 37279383 |
| InPost SA \* | 145746 | 2461924 |
| JDE Peet's NV  | 101824 | 2465048 |
| Koninklijke Ahold Delhaize NV  | 564286 | 23169044 |
| Koninklijke KPN NV  | 2380096 | 11071858 |
| Koninklijke Philips NV  | 489249 | 12417050 |
| NN Group NV  | 162522 | 9965913 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**115**

------

Schwab International Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Prosus NV \* | 834477 | 39124113 |
| Randstad NV  | 66376 | 2664313 |
| Universal Music Group NV  | 502871 | 14787163 |
| Wolters Kluwer NV  | 145677 | 25720578 |
|  |  | **478847130** |
| **New Zealand 0.2%** | **New Zealand 0.2%** | **New Zealand 0.2%** |
| Auckland International Airport Ltd.  | 1006522 | 4496012 |
| Contact Energy Ltd.  | 499432 | 2630998 |
| Fisher & Paykel Healthcare Corp. Ltd.  | 362929 | 7321372 |
| Infratil Ltd.  | 550293 | 3449086 |
| Meridian Energy Ltd.  | 800090 | 2604388 |
|  |  | **20501856** |
| **Norway 0.6%** | **Norway 0.6%** | **Norway 0.6%** |
| Aker BP ASA  | 194804 | 4181956 |
| DNB Bank ASA  | 549349 | 13732683 |
| Equinor ASA  | 514261 | 11640619 |
| Gjensidige Forsikring ASA  | 119153 | 2788042 |
| Kongsberg Gruppen ASA  | 54926 | 8849056 |
| Mowi ASA  | 287360 | 5269166 |
| Norsk Hydro ASA  | 857746 | 4549840 |
| Orkla ASA  | 420562 | 4690299 |
| Salmar ASA  | 39663 | 1959952 |
| Telenor ASA  | 369934 | 5556402 |
| Yara International ASA  | 97859 | 3175871 |
|  |  | **66393886** |
| **Portugal 0.2%** | **Portugal 0.2%** | **Portugal 0.2%** |
| EDP Renovaveis SA  | 181278 | 1697624 |
| EDP SA  | 1902788 | 7500149 |
| Galp Energia SGPS SA  | 247415 | 3833392 |
| Jeronimo Martins SGPS SA  | 169370 | 4099155 |
|  |  | **17130320** |
| **Singapore 1.7%** | **Singapore 1.7%** | **Singapore 1.7%** |
| CapitaLand Ascendas REIT  | 2334895 | 4757717 |
| CapitaLand Integrated Commercial <br> Trust <br>| 3591634 | 5910753 |
| CapitaLand Investment Ltd.  | 1417649 | 2987825 |
| DBS Group Holdings Ltd.  | 1216382 | 39519258 |
| Genting Singapore Ltd.  | 3627200 | 2056865 |
| Grab Holdings Ltd., Class A \* | 1431020 | 6983378 |
| Keppel Ltd.  | 883800 | 4443481 |
| Oversea-Chinese Banking Corp. Ltd.  | 2059801 | 25491610 |
| Sea Ltd., ADR \* | 223152 | 29913526 |
| Sembcorp Industries Ltd.  | 563700 | 2851290 |
| Singapore Airlines Ltd.  | 934650 | 4796543 |
| Singapore Exchange Ltd.  | 516500 | 5681940 |
| Singapore Technologies Engineering <br> Ltd. <br>| 960049 | 5451389 |
| Singapore Telecommunications Ltd.  | 4573737 | 13232710 |
| United Overseas Bank Ltd.  | 772733 | 20522889 |
| Wilmar International Ltd.  | 1147734 | 2691986 |
| Yangzijiang Shipbuilding Holdings <br> Ltd. \*<br>| 1637000 | 2804120 |
|  |  | **180097280** |
| **Spain 3.2%** | **Spain 3.2%** | **Spain 3.2%** |
| Acciona SA  | 14646 | 2134264 |
| ACS Actividades de Construccion y <br> Servicios SA <br>| 108786 | 6815968 |
| Aena SME SA  | 45833 | 11513979 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Amadeus IT Group SA  | 275152 | 21658039 |
| Banco Bilbao Vizcaya Argentaria SA  | 3517094 | 48268734 |
| Banco de Sabadell SA  | 3343242 | 9754856 |
| Banco Santander SA  | 9329173 | 65685408 |
| CaixaBank SA  | 2422297 | 18564984 |
| Cellnex Telecom SA \* | 325165 | 13159216 |
| Endesa SA  | 193196 | 5802174 |
| Ferrovial SE  | 288808 | 14088775 |
| Grifols SA \* | 183497 | 1737464 |
| Iberdrola SA  | 3585778 | 64636710 |
| Industria de Diseno Textil SA  | 666063 | 35817526 |
| Redeia Corp. SA  | 247740 | 5195179 |
| Repsol SA  | 716589 | 8759345 |
| Telefonica SA  | 2426871 | 12467425 |
|  |  | **346060046** |
| **Sweden 3.6%** | **Sweden 3.6%** | **Sweden 3.6%** |
| AddTech AB, B Shares  | 157494 | 5298482 |
| Alfa Laval AB  | 174219 | 7225877 |
| Assa Abloy AB, B Shares  | 606475 | 18408927 |
| Atlas Copco AB, A Shares  | 1630033 | 25230786 |
| Atlas Copco AB, B Shares  | 955224 | 13263973 |
| Beijer Ref AB  | 228866 | 3490973 |
| Boliden AB \* | 169877 | 5205037 |
| Epiroc AB, A Shares  | 415693 | 8993397 |
| Epiroc AB, B Shares  | 223679 | 4386694 |
| EQT AB  | 231281 | 6683448 |
| Essity AB, B Shares  | 372578 | 10774596 |
| Evolution AB *\*(a)* | 97410 | 6748039 |
| Fastighets AB Balder, B Shares \* | 424231 | 3049558 |
| H & M Hennes & Mauritz AB, <br> B Shares <br>| 350742 | 5082454 |
| Hexagon AB, B Shares  | 1287208 | 12527832 |
| Holmen AB, B Shares  | 44602 | 1763519 |
| Industrivarden AB, A Shares  | 82630 | 2903790 |
| Industrivarden AB, C Shares  | 84711 | 2974770 |
| Indutrade AB  | 170405 | 4610075 |
| Investment AB Latour, B Shares  | 88274 | 2382219 |
| Investor AB, B Shares  | 1057130 | 31321133 |
| L E Lundbergforetagen AB, B Shares  | 48605 | 2564595 |
| Lifco AB, B Shares  | 143067 | 5538802 |
| Nibe Industrier AB, B Shares  | 919975 | 3923142 |
| Saab AB, B Shares  | 196970 | 9171810 |
| Sagax AB, B Shares  | 139378 | 3167962 |
| Sandvik AB  | 647679 | 13370962 |
| Securitas AB, B Shares  | 292029 | 4627710 |
| Skandinaviska Enskilda Banken AB, <br> A Shares <br>| 973440 | 15446225 |
| Skanska AB, B Shares  | 210817 | 4898677 |
| SKF AB, B Shares  | 211661 | 4148847 |
| Spotify Technology SA \* | 93906 | 57656406 |
| Svenska Cellulosa AB SCA, B Shares  | 373926 | 4835069 |
| Svenska Handelsbanken AB, <br> A Shares <br>| 928344 | 12151847 |
| Swedbank AB, A Shares  | 516621 | 12896847 |
| Swedish Orphan Biovitrum AB \* | 117030 | 3559433 |
| Tele2 AB, B Shares  | 334263 | 4931726 |
| Telefonaktiebolaget LM Ericsson, <br> B Shares <br>| 1689719 | 14273698 |
| Telia Co. AB  | 1447489 | 5437448 |
| Trelleborg AB, B Shares  | 131096 | 4520409 |
| Volvo AB, B Shares  | 967301 | 26294648 |
|  |  | **395741842** |

---

*See financial notes*

**116**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab International Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Switzerland 9.8%** | **Switzerland 9.8%** | **Switzerland 9.8%** |
| ABB Ltd.  | 978072 | 51652711 |
| Alcon AG  | 304189 | 29555152 |
| Avolta AG  | 54480 | 2482532 |
| Baloise Holding AG  | 25506 | 5674383 |
| Banque Cantonale Vaudoise \* | 18600 | 2289244 |
| Barry Callebaut AG  | 2373 | 2127429 |
| BKW AG \* | 13553 | 2717204 |
| Chocoladefabriken Lindt & Spruengli <br> AG <br>| 65 | 9206764 |
| Chocoladefabriken Lindt & Spruengli <br> AG, Participation Certificates <br>| 577 | 8409195 |
| Cie Financiere Richemont SA, Class A  | 327930 | 57946936 |
| EMS-Chemie Holding AG  | 4388 | 3235278 |
| Galderma Group AG  | 59172 | 6872568 |
| Geberit AG  | 20305 | 14065685 |
| Givaudan SA  | 5726 | 27624282 |
| Helvetia Holding AG  | 23004 | 5074625 |
| Holcim AG \* | 318336 | 35573377 |
| Julius Baer Group Ltd.  | 127404 | 8261900 |
| Kuehne & Nagel International AG  | 29738 | 6848572 |
| Logitech International SA  | 92254 | 7010388 |
| Lonza Group AG  | 43958 | 31584227 |
| Nestle SA  | 1607614 | 171110229 |
| Novartis AG  | 1202306 | 137131665 |
| Partners Group Holding AG  | 13903 | 18216703 |
| Roche Holding AG  | 431440 | 141074992 |
| Roche Holding AG, Bearer Shares  | 19854 | 6906743 |
| Sandoz Group AG  | 254878 | 11055249 |
| Schindler Holding AG  | 12873 | 4564044 |
| Schindler Holding AG, Participation <br> Certificates <br>| 26051 | 9528020 |
| SGS SA  | 91157 | 8902500 |
| SIG Group AG \* | 189061 | 3646977 |
| Sika AG  | 93002 | 23241902 |
| Sonova Holding AG  | 30359 | 9332780 |
| Straumann Holding AG  | 68462 | 8348037 |
| Swatch Group AG, Bearer Shares *(a)* | 17157 | 2977463 |
| Swiss Life Holding AG  | 17479 | 17452080 |
| Swiss Prime Site AG  | 46456 | 6550575 |
| Swiss Re AG  | 183897 | 33010286 |
| Swisscom AG  | 15957 | 10641453 |
| Temenos AG  | 35070 | 2512077 |
| UBS Group AG  | 2007586 | 60941007 |
| VAT Group AG  | 16724 | 6037198 |
| Zurich Insurance Group AG  | 89251 | 63303106 |
|  |  | **1074697538** |
| **United Kingdom 14.7%** | **United Kingdom 14.7%** | **United Kingdom 14.7%** |
| 3i Group PLC  | 592229 | 33574066 |
| Admiral Group PLC  | 160109 | 6963535 |
| Anglo American PLC  | 785769 | 21450223 |
| Antofagasta PLC  | 241023 | 5289377 |
| Ashtead Group PLC  | 268959 | 14398024 |
| Associated British Foods PLC  | 199314 | 5494120 |
| AstraZeneca PLC  | 945817 | 135504176 |
| Auto Trader Group PLC  | 538637 | 6051509 |
| Aviva PLC  | 1633404 | 12238118 |
| BAE Systems PLC  | 1834175 | 42521014 |
| Barclays PLC  | 8808879 | 35091412 |
| Barratt Redrow PLC  | 828852 | 5167220 |
| BP PLC  | 9823883 | 45360708 |
| British American Tobacco PLC  | 1214606 | 52906228 |
| BT Group PLC  | 3977583 | 9231794 |
| Bunzl PLC  | 200307 | 6294550 |
| Centrica PLC  | 3090818 | 6617539 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Coca-Cola HBC AG \* | 130761 | 6809211 |
| Compass Group PLC  | 1045345 | 35243621 |
| Croda International PLC  | 78481 | 3097936 |
| DCC PLC  | 61378 | 4011535 |
| Diageo PLC  | 1359108 | 38164282 |
| Entain PLC  | 379404 | 3243491 |
| Experian PLC  | 564760 | 28097399 |
| Glencore PLC \* | 6272891 | 20567143 |
| GSK PLC  | 2531374 | 50077400 |
| Haleon PLC  | 5529134 | 27821885 |
| Halma PLC  | 234371 | 8651015 |
| Hikma Pharmaceuticals PLC  | 98378 | 2606973 |
| HSBC Holdings PLC  | 10979681 | 122394670 |
| Imperial Brands PLC  | 488265 | 20035005 |
| Informa PLC  | 807359 | 7887033 |
| InterContinental Hotels Group PLC  | 97098 | 10361322 |
| Intertek Group PLC  | 98703 | 6061835 |
| J Sainsbury PLC  | 1105641 | 3929573 |
| JD Sports Fashion PLC  | 1747635 | 1839920 |
| Kingfisher PLC  | 1110984 | 4270062 |
| Land Securities Group PLC  | 422187 | 3345532 |
| Legal & General Group PLC  | 3572450 | 11249935 |
| Lloyds Banking Group PLC  | 37106709 | 36456512 |
| London Stock Exchange Group PLC  | 296210 | 46123295 |
| M&G PLC  | 1446270 | 4013234 |
| Marks & Spencer Group PLC  | 1257369 | 6533973 |
| Melrose Industries PLC  | 786498 | 4572160 |
| Mondi PLC  | 262238 | 3980546 |
| National Grid PLC  | 2993309 | 43205723 |
| NatWest Group PLC  | 4690120 | 30168203 |
| Next PLC  | 71121 | 11733293 |
| NMC Health PLC *\*(b)* | 48950 | 0 |
| Pearson PLC  | 372989 | 5979474 |
| Phoenix Group Holdings PLC  | 440562 | 3524644 |
| Prudential PLC  | 1625162 | 17279981 |
| Reckitt Benckiser Group PLC  | 417392 | 26941207 |
| RELX PLC  | 1145131 | 62495687 |
| Rentokil Initial PLC  | 1554882 | 7123369 |
| Rio Tinto PLC  | 689763 | 41102592 |
| Rolls-Royce Holdings PLC  | 5195128 | 52587534 |
| Sage Group PLC  | 604331 | 10018986 |
| Schroders PLC  | 484837 | 2136279 |
| Segro PLC  | 795679 | 7238018 |
| Severn Trent PLC  | 161573 | 6010073 |
| Shell PLC  | 3741228 | 120735964 |
| Smith & Nephew PLC  | 496450 | 6986333 |
| Smiths Group PLC  | 207912 | 5181082 |
| Spirax Group PLC  | 44328 | 3493755 |
| SSE PLC  | 661584 | 14916120 |
| Standard Chartered PLC  | 1252103 | 18034359 |
| Tesco PLC  | 4113345 | 20356951 |
| Unilever PLC  | 1522869 | 96960888 |
| United Utilities Group PLC  | 420294 | 6318851 |
| Vodafone Group PLC  | 12370267 | 12156264 |
| Whitbread PLC  | 107878 | 3746714 |
| Wise PLC, Class A \* | 409573 | 5372123 |
| WPP PLC  | 661931 | 5131656 |
|  |  | **1612536234** |
| **Total Common Stocks** <br>**(Cost $6,872,661,892)** | **Total Common Stocks** <br>**(Cost $6,872,661,892)** | **10783506296** |
| **PREFERRED STOCKS** 0.3% OF NET ASSETS | **PREFERRED STOCKS** 0.3% OF NET ASSETS | **PREFERRED STOCKS** 0.3% OF NET ASSETS |
| **Germany 0.3%** | **Germany 0.3%** | **Germany 0.3%** |
| Bayerische Motoren Werke AG  | 38474 | 3104726 |
| Dr. Ing hc F Porsche AG  | 68259 | 3431492 |

---

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**117**

------

Schwab International Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Henkel AG & Co. KGaA  | 105551 | 8197762 |
| Porsche Automobil Holding SE  | 94269 | 3886791 |
| Sartorius AG  | 16123 | 4185443 |
| Volkswagen AG  | 125904 | 13699658 |
|  |  | **36505872** |
| **Total Preferred Stocks** <br>**(Cost $42,969,988)** | **Total Preferred Stocks** <br>**(Cost $42,969,988)** | **36505872** |
| **RIGHTS** 0.0% OF NET ASSETS | **RIGHTS** 0.0% OF NET ASSETS | **RIGHTS** 0.0% OF NET ASSETS |
| **Portugal 0.0%** | **Portugal 0.0%** | **Portugal 0.0%** |
| EDP Renovaveis SA | EDP Renovaveis SA | EDP Renovaveis SA |
| expires 05/07/25, strike EUR <br> 0.09 \*<br>| 181278 | **18482** |
| **Total Rights** <br>**(Cost $17,333)** | **Total Rights** <br>**(Cost $17,333)** | **18482** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.1% OF NET ASSETS |
| **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** |
| State Street Institutional <br> U.S. Government Money Market <br> Fund, Premier Class 4.29% *(c)(d)*<br>| 12049691 | **12049691** |
| **Total Short-Term Investments** <br>**(Cost $12,049,691)** | **Total Short-Term Investments** <br>**(Cost $12,049,691)** | **12049691** |
| **Total Investments in Securities** <br>**(Cost $6,927,698,904)** | **Total Investments in Securities** <br>**(Cost $6,927,698,904)** | **10832080341** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| MSCI EAFE Index, expires <br> 06/20/25<br>| 940 | 117250900 | **5860153** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $9,967,554. 

*(b)* Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). 

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ADR — | American Depositary Receipt |
| CDI — | CHESS Depositary Interest |
| GDR — | Global Depositary Receipt |
| REIT — | Real Estate Investment Trust |
| EUR — | Euro |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | % OF NET ASSETS |
| **SECTOR WEIGHTINGS *(a)*** | **SECTOR WEIGHTINGS *(a)*** |
| Financials | 23.2<br> %<br>|
| Industrials | 17.9<br> %<br>|
| Health Care | 11.9<br> %<br>|
| Consumer Discretionary | 10.2<br> %<br>|
| Consumer Staples | 8.4<br> %<br>|
| Information Technology | 8.0<br> %<br>|
| Materials | 5.6<br> %<br>|
| Communication Services | 5.2<br> %<br>|
| Utilities | 3.5<br> %<br>|
| Energy | 3.1<br> %<br>|
| Real Estate | 1.9<br> %<br>|
| Short-Term Investments | 0.1<br> %<br>|
| **Total** | **99.0%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Excludes derivatives.

*See financial notes*

**118**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab International Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

The following is a summary of the inputs used to value the fund's investments as of April 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $— | &nbsp;&nbsp; $6453113691 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6453113691 |
| Denmark | 4901376 | &nbsp;&nbsp; 247163486 | &nbsp;&nbsp; — | &nbsp;&nbsp; 252064862 |
| Germany | 7389933 | &nbsp;&nbsp; 1078852969 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1086242902 |
| Hong Kong | 5299917 | &nbsp;&nbsp; 196886369 | &nbsp;&nbsp; — | &nbsp;&nbsp; 202186286 |
| Israel | 46750809 | &nbsp;&nbsp; 55423404 | &nbsp;&nbsp; — | &nbsp;&nbsp; 102174213 |
| Netherlands | 24189774 | &nbsp;&nbsp; 454657356 | &nbsp;&nbsp; — | &nbsp;&nbsp; 478847130 |
| New Zealand | 7100400 | &nbsp;&nbsp; 13401456 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20501856 |
| Singapore | 36896904 | &nbsp;&nbsp; 143200376 | &nbsp;&nbsp; — | &nbsp;&nbsp; 180097280 |
| Sweden | 57656406 | &nbsp;&nbsp; 338085436 | &nbsp;&nbsp; — | &nbsp;&nbsp; 395741842 |
| United Kingdom |  | &nbsp;&nbsp; 1612536234 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 1612536234 |
| Preferred Stocks<sup>1</sup> <br>|  | &nbsp;&nbsp; 36505872 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36505872 |
| Rights<sup>1</sup> <br>| 18482 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18482 |
| Short-Term Investments<sup>1</sup> <br>| 12049691 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 12049691 |
| Futures Contracts<sup>2</sup> <br>| 5860153 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5860153 |
| **Total** | **$208113845** | &nbsp;&nbsp; **$10629826649** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$10837940494** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Level 3 amount shown includes securities determined to have no value at April 30, 2025.

<sup>1</sup> As categorized in the Portfolio Holdings. 

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**119**

------

Schwab International Index Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $6,927,698,904) including securities on loan of $9,967,554 |  | $10832080341 |
| Cash |  | 79434204 |
| Foreign currency, at value (cost $11,147,477) |  | 11125585 |
| Deposit with broker for futures contracts |  | 7289133 |
| Receivables: |  |  |
| Dividends |  | 42219401 |
| Foreign tax reclaims |  | 29994496 |
| Fund shares sold |  | 6685825 |
| Income from securities on loan |  | 74306 |
| Investments sold | + | 24945 |
| **Total assets** |  | **11008928236** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 12049691 |
| Payables: |  |  |
| Investments bought |  | 40806530 |
| Fund shares redeemed |  | 18072543 |
| Investment adviser fees |  | 505841 |
| Variation margin on futures contracts | + | 287386 |
| **Total liabilities** |  | **71721991** |
| **Net assets** |  | **$10937206245** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $8151049559 |
| Total distributable earnings | + | 2786156686 |
| **Net assets** |  | **$10937206245** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $10937206245 |  | &nbsp;&nbsp;&nbsp;&nbsp; 430500251 |  | &nbsp;&nbsp;&nbsp;&nbsp; $25.41 |

---

*See financial notes*

**120**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab International Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $17,658,489) |  | $150993287 |
| Other Interest |  | 346342 |
| Securities on loan, net | + | 143072 |
| **Total investment income**  |  | **151482701** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 3002638 |
| Professional fees | + | 82856 <br><sup>1</sup><br>|
| **Total expenses** |  | **3085494** |
| Expense reduction | – | 82856 <br><sup>1</sup><br>|
| **Net expenses** | – | **3002638** |
| **Net investment income** |  | **148480063** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - unaffiliated issuers  |  | (103110198)<br>|
| Net realized losses on futures contracts |  | (5668843)<br>|
| Net realized losses on foreign currency transactions | + | (936141)<br>|
| **Net realized losses** |  | **(109715182)**<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 832333573 |
| Net change in unrealized appreciation (depreciation) on futures contracts |  | 7149031 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 3623479 |
| **Net change in unrealized appreciation (depreciation)** | **+** | **843106083** |
| **Net realized and unrealized gains** |  | **733390901** |
| **Increase in net assets resulting from operations** |  | **$881870964** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Professional fees associated with the filing of foreign withholding tax claims in the European Union are deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d) and 3 for additional information).

*See financial notes*

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**121**

------

Schwab International Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $148480063 | &nbsp;&nbsp;&nbsp; $265923542 |
| Net realized losses |  | (109715182)<br>| &nbsp;&nbsp;&nbsp; (86329574)<br>|
| Net change in unrealized appreciation (depreciation) | + | 843106083 | &nbsp;&nbsp;&nbsp; 1565760181 |
| **Increase in net assets resulting from operations** |  | **$881870964** | &nbsp;&nbsp;&nbsp; **$1745354149** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($309722312)**<br>| &nbsp;&nbsp;&nbsp; **($284048299)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 56637272 | &nbsp;&nbsp;&nbsp; $1358594522 | &nbsp;&nbsp;&nbsp; 79329526 | &nbsp;&nbsp;&nbsp; $1864040426 |
| Shares reinvested |  | 9656634 | &nbsp;&nbsp;&nbsp; 217081134 | &nbsp;&nbsp;&nbsp; 9247190 | &nbsp;&nbsp;&nbsp; 203253237 |
| Shares redeemed | + | (45420647)<br>| &nbsp;&nbsp;&nbsp; (1084056606)<br>| &nbsp;&nbsp;&nbsp; (68978397)<br>| &nbsp;&nbsp;&nbsp; (1607634817)<br>|
| **Net transactions in fund shares**  |  | **20873259** | &nbsp;&nbsp;&nbsp; **$491619050** | &nbsp;&nbsp;&nbsp; **19598319** | &nbsp;&nbsp;&nbsp; **$459658846** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 409626992 | &nbsp;&nbsp;&nbsp; $9873438543 | &nbsp;&nbsp;&nbsp; 390028673 | &nbsp;&nbsp;&nbsp; $7952473847 |
| Total increase | + | 20873259 | &nbsp;&nbsp;&nbsp; 1063767702 | &nbsp;&nbsp;&nbsp; 19598319 | &nbsp;&nbsp;&nbsp; 1920964696 |
| **End of period** |  | **430500251** | &nbsp;&nbsp;&nbsp; **$10937206245** | &nbsp;&nbsp;&nbsp; **409626992** | &nbsp;&nbsp;&nbsp; **$9873438543** |

---

*See financial notes*

**122**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Equity Index Funds

Financial Notes, unaudited

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Business Structure of the Funds:**

Each of the funds in this report is a series of Schwab Capital Trust, except Schwab 1000 Index Fund, which is a series of Schwab Investments. Both Schwab Capital Trust and Schwab Investments (the trusts) are no-load, open-end management investment companies. Each trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trusts as of the end of the period, including the funds discussed in this report, which are highlighted:

---

| | |
|:---|:---|
| **SCHWAB CAPITAL TRUST** | **SCHWAB CAPITAL TRUST** |
| **Schwab S&P 500 Index Fund** | Schwab Target 2045 Fund |
| **Schwab Small-Cap Index Fund** | Schwab Target 2050 Fund |
| **Schwab Total Stock Market Index Fund** | Schwab Target 2055 Fund |
| **Schwab U.S. Large-Cap Growth Index Fund** | Schwab Target 2060 Fund |
| **Schwab U.S. Large-Cap Value Index Fund** | Schwab Target 2065 Fund |
| **Schwab U.S. Mid-Cap Index Fund** | Schwab Fundamental U.S. Large Company Index Fund |
| **Schwab International Index Fund** | Schwab Fundamental U.S. Small Company Index Fund |
| Schwab MarketTrack All Equity Portfolio™ | Schwab Fundamental International Equity Index Fund |
| Schwab MarketTrack Growth Portfolio™ | Schwab Fundamental International Small Equity Index Fund |
| Schwab MarketTrack Balanced Portfolio™ | Schwab Fundamental Emerging Markets Equity Index Fund |
| Schwab MarketTrack Conservative Portfolio™ | Schwab Fundamental Global Real Estate Index Fund |
| Schwab International Opportunities Fund | Schwab Target 2010 Index Fund |
| Schwab Balanced Fund | Schwab Target 2015 Index Fund |
| Schwab Core Equity Fund | Schwab Target 2020 Index Fund |
| Schwab Dividend Equity Fund | Schwab Target 2025 Index Fund |
| Schwab Large-Cap Growth Fund | Schwab Target 2030 Index Fund |
| Schwab Small-Cap Equity Fund | Schwab Target 2035 Index Fund |
| Schwab Health Care Fund | Schwab Target 2040 Index Fund |
| Schwab International Core Equity Fund | Schwab Target 2045 Index Fund |
| Schwab Target 2010 Fund | Schwab Target 2050 Index Fund |
| Schwab Target 2015 Fund | Schwab Target 2055 Index Fund |
| Schwab Target 2020 Fund | Schwab Target 2060 Index Fund |
| Schwab Target 2025 Fund | Schwab Target 2065 Index Fund |
| Schwab Target 2030 Fund | Schwab Monthly Income Fund – Target Payout |
| Schwab Target 2035 Fund | Schwab Monthly Income Fund – Flexible Payout |
| Schwab Target 2040 Fund | Schwab Monthly Income Fund – Income Payout |
| **SCHWAB INVESTMENTS** | **SCHWAB INVESTMENTS** |
| **Schwab 1000 Index Fund** | Schwab Tax-Free Bond Fund |
| Schwab Treasury Inflation Protected Securities Index Fund | Schwab California Tax-Free Bond Fund |
| Schwab U.S. Aggregate Bond Index Fund | Schwab Opportunistic Municipal Bond Fund |
| Schwab Short-Term Bond Index Fund | Schwab Global Real Estate Fund |

---

Each fund offers one share class. Shares are bought and sold at closing net asset value per share (NAV), which is the price for all outstanding shares of a fund. Each share has a par value of 1/1,000 of a cent, and the funds' Board of Trustees (the Board) may authorize the issuance of as many shares as necessary.

Each fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each fund may also keep certain assets in segregated accounts, as required by securities law. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

**Investment Objectives** 

The **Schwab S&P 500 Index Fund's** goal is to track the total return of the S&P 500<sup>®</sup> Index.

The **Schwab 1000 Index Fund's** goal is to match the total return of the Schwab 1000 Index<sup>®</sup>.

The **Schwab Small-Cap Index Fund's** goal is to track the performance of a benchmark index that measures the total return of small capitalization U.S. Stocks.

The **Schwab Total Stock Market Index Fund's** goal is to track the total return of the entire U.S. stock market, as measured by the Dow Jones U.S. Total Stock Market Index<sup>SM</sup>.

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**123**

------

Schwab Equity Index Funds

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Business Structure of the Funds (continued):** 

The **Schwab U.S. Large-Cap Growth Index Fund's** goal is to track the performance of a benchmark index that measures the total return of large capitalization U.S. growth stocks.

The **Schwab U.S. Large-Cap Value Index Fund's** goal is to track the performance of a benchmark index that measures the total return of large capitalization U.S. value stocks.

The **Schwab U.S. Mid-Cap Index Fund's** goal is to track the performance of a benchmark index that measures the total return of mid capitalization U.S. stocks.

The **Schwab International Index Fund's** goal is to track the performance of a benchmark index that measures the total return of large, publicly traded non-U.S. companies from countries with developed equity markets outside of the United States.

------

**2. Significant Accounting Policies:**

The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) *Topic 946 Financial Services — Investment Companies*. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

In this reporting period, the funds adopted FASB Accounting Standards Update 2023-07, ASC Topic 280 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the funds' financial position or the results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management committee of each fund's investment adviser acts as the funds' CODM. The CODM has determined that each fund operates as a single operating segment given each fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of each fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the funds, is presented within each of the fund's financial statements.

The funds may invest in mutual funds and exchange-traded funds (ETFs), which are referred to as "underlying funds". For more information about the underlying funds' operations and policies, please refer to those funds' semiannual and annual reports and holdings and financial statements, which are filed in Form N-CSR with the U.S. Securities and Exchange Commission (SEC) and available on the SEC's website at www.sec.gov.

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the funds' investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities held in the funds' portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities traded on an exchange or over-the-counter:** Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign equity security fair valuation:** The Valuation Designee has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the valuation of a fund's holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the Valuation Designee seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter "arbitrage"

**124**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

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Schwab Equity Index Funds

Financial Notes, unaudited (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

market timers, who seek to exploit delays between the change in the value of a fund's portfolio holdings and the NAV of a fund's shares and seeks to help ensure that the prices at which a fund's shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of a fund and that of its comparative index or benchmark.

&nbsp;&nbsp;&nbsp;&nbsp;● **Futures contracts:** Futures contracts are valued at their settlement prices as of the close of their exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mutual funds:** Mutual funds are valued at their respective NAVs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities for which no quoted value is available:** The Valuation Designee has adopted procedures to fair value a fund's securities when market prices are not "readily available" or are unreliable. For example, a security may be fair valued when it's de-listed or its trading is halted or suspended; when a security's primary pricing source is unable or unwilling to provide a price; or when a security's primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security.

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee's judgment will be required to estimate fair value.

The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, ETFs and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2, or Level 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include forward foreign currency exchange contracts, U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. In addition, international securities whose markets close hours before the valuation of a fund's holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of foreign markets. The Valuation Designee has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Valuation Designee's assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund's results of operations.

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**125**

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Schwab Equity Index Funds

Financial Notes, unaudited (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The levels associated with valuing the funds' investments as of April 30, 2025, are disclosed in each fund's Portfolio Holdings.

**(b) Accounting Policies for certain Portfolio Investments (if held):**

**Futures Contracts:** Futures contracts are instruments that represent an agreement between two parties that obligates one party to buy, and the other party to sell, specific instruments at an agreed upon price on a stipulated future date. A fund must give the broker a deposit of cash and/or securities (initial margin) whenever it enters into a futures contract. The amount of the deposit may vary from one contract to another. Subsequent payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized appreciation or depreciation until the contract is closed, at which time the gains or losses are realized. Futures contracts are traded publicly on exchanges, and their value may change daily.

**Cash Investments:** The funds may invest a portion of their assets in cash. Cash includes cash bank balances in an interest-bearing demand deposit account with maturity on demand by the funds.

**Securities Lending:** Under the trusts' Securities Lending Program, a fund (lender), may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides a fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. Each fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the funds or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in each fund's Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between a fund and the lending agent. The aggregate fair value of securities loaned will not at any time exceed one-third of the total assets of a fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agents start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.

As of April 30, 2025, Schwab S&P 500 Index Fund, Schwab 1000 Index Fund, Schwab Small-Cap Index Fund, Schwab Total Stock Market Index Fund, Schwab U.S. Large-Cap Value Index Fund, Schwab U.S. Mid-Cap Index Fund and Schwab International Index Fund had securities on loan, all of which were classified as common stocks. The value of the securities on loan and the related collateral as of April 30, 2025, are disclosed within each fund's Portfolio Holdings and Statement of Assets and Liabilities.

**Passive Foreign Investment Companies:** Certain funds may own shares in certain foreign corporations that meet the Internal Revenue Code, as amended, definition of a Passive Foreign Investment Company (PFIC). The funds may elect for tax purposes to mark-to-market annually the shares of each PFIC lot held and would be required to distribute as ordinary income to shareholders any such marked-to-market gains (as well as any gains realized on sale).

**Central Securities Depositories Regulation:** The Central Securities Depositories Regulation (CSDR) introduced measures for the authorization and supervision of European Union Central Security Depositories and created a common set of prudential, organizational, and conduct of business standards at a European level. CSDR is designed to support securities settlement and operational aspects of securities settlement, including the provision of shorter settlement periods; mandatory buy-ins; and cash penalties, to prevent and address settlement fails. CSDR measures are aimed to prevent settlement fails by ensuring that all transaction details are provided to facilitate settlement, as well as further incentivizing timely settlement by imposing cash penalty fines and buy-ins. Certain funds may be subject to pay cash penalties and may also receive cash penalties with certain counterparties in instances where there are settlement fails. These cash penalties are included within net realized gains (losses) on sales of securities — unaffiliated issuers within the Schwab International Index Fund's Statement of Operations, if any.

**126**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

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Schwab Equity Index Funds

Financial Notes, unaudited (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(c) Security Transactions:** 

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

Assets and liabilities denominated in foreign currencies are reported in U.S. dollars. For assets and liabilities held on a given date, the dollar value is based on market exchange rates in effect on that date. Transactions involving foreign currencies, including purchases, sales, income receipts and expense payments, are calculated using exchange rates in effect on the transaction date. Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange appreciation or depreciation arises from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period. These realized and unrealized foreign exchange gains or losses are reported in foreign currency transactions or translations in each fund's Statement of Operations, if any. The funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments, if any.

Gains realized by the funds on the sale of securities in certain foreign countries may be subject to non-U.S. taxes. In those instances, the funds record a liability based on unrealized appreciation to provide for potential non-U.S. taxes payable upon the sale of these securities.

When a fund closes out a futures contract position, it calculates the difference between the value of the position at the beginning and at the end of the contract, and records a realized gain or loss accordingly.

**(d) Investment Income:**

Interest income is recorded as it accrues. Dividends and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date), although the funds record certain foreign security dividends on the date the ex-dividend date is confirmed. Non-cash dividends in the form of additional securities are recorded on the ex-dividend date at fair value, if any. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities and there are no significant uncertainties on collectibility in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.

The Schwab International Index Fund filed claims to recover taxes previously withheld in certain European Union countries on the basis that those countries had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. These filings are subject to various administrative and judicial proceedings within these countries, and all professional fees associated with these filings have been paid by the investment adviser. The professional fees related to European Union foreign withholding tax claims are non-contingent and non-routine expenses which are subject to repayment to the investment adviser (see financial note 3 for additional information).

For U.S. income tax purposes, European Union reclaims received reduce the amounts of foreign taxes that the fund passes through to its shareholders. If European Union reclaims received exceed foreign withholding taxes paid, the Schwab International Index Fund will evaluate the requirements for entering into a closing agreement with the Internal Revenue Service (IRS) to address any prior years' U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by fund shareholders on their tax returns in prior years. During the period ended April 30, 2025, the Schwab International Index Fund did not incur any compliance fees.

**(e) Expenses:**

Pursuant to an Amended and Restated Investment Advisory and Administration Agreement (Advisory Agreement) between the investment adviser and each fund, the investment adviser pays the operating expenses of each fund, excluding acquired fund fees and expenses, taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to a fund are charged directly to the fund. Acquired fund fees and expenses are indirect expenses incurred by a fund through its investments in underlying funds. Such expenses are reflected in the NAVs of the underlying funds.

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**127**

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Schwab Equity Index Funds

Financial Notes, unaudited (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(f) Distributions to Shareholders:**

The funds make distributions from net investment income and net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(g) Accounting Estimates:**

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It's possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

**(h) Federal Income Taxes:**

The funds intend to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the funds distribute substantially all of their net investment income and net realized capital gains, if any, to their shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.

**(i) Foreign Taxes:**

Certain funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, foreign currency exchanges and capital gains on investments. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in foreign markets in which the funds invest. These foreign taxes, if any, are paid by the funds and are disclosed in each fund's Statement of Operations. Foreign taxes accrued as of April 30, 2025, if any, are reflected in each fund's Statement of Assets and Liabilities.

**(j) Indemnification:**

Under the funds' organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business the funds enter into contracts with their vendors and others that provide general indemnifications. The funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. However, based on experience, the funds expect the risk of loss attributable to these arrangements to be remote.

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**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

Charles Schwab Investment Management Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as each fund's investment adviser and administrator pursuant to the Advisory Agreement between the investment adviser and each fund.

For its advisory and administrative services to the funds, the investment adviser is entitled to receive an annual fee, payable monthly, based on a percentage of each fund's average daily net assets as follows:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| SCHWAB<br> S&P 500<br> INDEX FUND<br>| &nbsp;&nbsp;&nbsp; SCHWAB<br> 1000<br> INDEX FUND<br>| &nbsp;&nbsp;&nbsp; SCHWAB<br> SMALL-CAP<br> INDEX FUND<br>| &nbsp;&nbsp;&nbsp; SCHWAB<br> TOTAL STOCK<br> MARKET<br> INDEX FUND<br>| &nbsp;&nbsp;&nbsp; SCHWAB<br> U.S. LARGE-CAP<br> GROWTH<br> INDEX FUND<br>| &nbsp;&nbsp;&nbsp; SCHWAB<br> U.S. LARGE-CAP<br> VALUE<br> INDEX FUND<br>| &nbsp;&nbsp;&nbsp; SCHWAB<br> U.S. MID-CAP<br> INDEX FUND<br>| &nbsp;&nbsp;&nbsp; SCHWAB<br> INTERNATIONAL<br> INDEX FUND<br>|
| 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.035<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.035<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>|

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**128**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

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Schwab Equity Index Funds

Financial Notes, unaudited (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

**Investments from Affiliates**

Funds in the Fund Complex may own shares of other funds in the Fund Complex. The table below reflects the percentage of shares of each fund in this report that is owned by other funds in the Fund Complex as of April 30, 2025, as applicable:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS |
|  | SCHWAB<br> S&P 500<br> INDEX FUND<br>| SCHWAB<br> SMALL-CAP<br> INDEX FUND<br>| SCHWAB<br> U.S. LARGE-CAP<br> GROWTH<br> INDEX FUND<br>| SCHWAB<br> U.S. MID-CAP<br> INDEX FUND<br>| SCHWAB<br> INTERNATIONAL<br> INDEX FUND<br>|
| Schwab MarketTrack All Equity Portfolio | 0.2<br> %<br>| 1.3<br> %<br>| 2.7<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 1.3<br> %<br>|
| Schwab MarketTrack Balanced Portfolio | 0.1<br> %<br>| 0.4<br> %<br>| 1.0<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.5<br> %<br>|
| Schwab MarketTrack Conservative Portfolio | 0.0<br> %\*<br>| 0.1<br> %<br>| 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.1<br> %<br>|
| Schwab MarketTrack Growth Portfolio | 0.2<br> %<br>| 1.0<br> %<br>| 2.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 1.0<br> %<br>|
| Schwab Target 2010 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2015 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2020 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2025 Fund | 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2030 Fund | 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.8<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2035 Fund | 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.5<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2040 Fund | 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 1.0<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2045 Fund | 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2050 Fund | 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2055 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2060 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2065 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

**Other Affiliated Transactions**

The professional fees related to European Union foreign withholding tax claims discussed in financial note 2(d) are non-contingent and non-routine expenses. The investment adviser agreed to pay these professional fees, on behalf of the Schwab International Index Fund, subject to reimbursement by the fund to the investment adviser to the extent the fund is able to successfully recover tax claims in the future.

During the period ended April 30, 2025, the professional fees incurred by the Schwab International Index Fund and paid by the investment adviser were $82,856, as shown as Professional fees in the fund's Statement of Operations.

During the period ended April 30, 2025, Schwab International Index Fund did not recover any previously withheld foreign taxes and made no reimbursements to the investment adviser.

As of April 30, 2025, the balance of professional fees related to foreign withholding tax claims subject to future reimbursement by the Schwab International Index Fund to the investment adviser was $140,511.

No other amounts for additional foreign withholding tax claims are reflected in the financial statements due to the uncertainty surrounding the ultimate resolution of proceedings, the likelihood of receipt of these claims, and the potential timing of payment.

**Interfund Transactions**

The funds may engage in direct transactions with other funds in the Fund Complex in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment adviser. The net realized

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**129**

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Schwab Equity Index Funds

Financial Notes, unaudited (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

gains or losses on sales of interfund transactions are recorded in Net realized gains (losses) on sales of securities — unaffiliated issuers in the Statement of Operations. For the period ended April 30, 2025, each fund's purchases and sales of securities with other funds in the Fund Complex as well as any net realized gains (losses) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | PURCHASE COST | SALE PROCEEDS | NET REALIZED GAINS (LOSSES) |
| Schwab S&P 500 Index Fund | $207348911 | &nbsp;&nbsp; $299439262 | &nbsp;&nbsp; ($54511096)<br>|
| Schwab 1000 Index Fund | 47568026 | &nbsp;&nbsp; 63087800 | &nbsp;&nbsp; 12217351 |
| Schwab Small-Cap Index Fund | 20560704 | &nbsp;&nbsp; 30213873 | &nbsp;&nbsp; (10091924)<br>|
| Schwab Total Stock Market Index Fund | 127017643 | &nbsp;&nbsp; 39468193 | &nbsp;&nbsp; (32578120)<br>|
| Schwab U.S. Large-Cap Growth Index Fund | 50783854 | &nbsp;&nbsp; 43486035 | &nbsp;&nbsp; (4756562)<br>|
| Schwab U.S. Large-Cap Value Index Fund | 4536226 | &nbsp;&nbsp; 3113785 | &nbsp;&nbsp; (283121)<br>|
| Schwab U.S. Mid-Cap Index Fund | 10713011 | &nbsp;&nbsp; 6244575 | &nbsp;&nbsp; (2069555)<br>|
| Schwab International Index Fund | 5099931 | &nbsp;&nbsp; 24574695 | &nbsp;&nbsp; (9779350)<br>|

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**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the Fund Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board. The funds had no interfund borrowing or lending activity during the period.

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**4. Board of Trustees:**

The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trusts were in compliance with these limitations throughout the report period. The funds did not pay any interested persons or non-interested persons (independent trustees). The independent trustees are paid by the investment adviser pursuant to the Advisory Agreement where the investment adviser pays the operational expenses of each fund which includes trustee fees.

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**5. Borrowing from Banks:**

During the period, the funds were participants with other funds in the Fund Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), maturing on September 25, 2025. Under the terms of the Syndicated Credit Facility, in addition to the investment adviser paying the interest charged on any borrowings by a fund, the investment adviser paid a commitment fee of 0.15% per annum on the funds' proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the funds were participants with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, maturing on September 25, 2025. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount a fund borrows. There were no borrowings by any of the funds from either line of credit during the period.

The funds also have access to custodian overdraft facilities. A fund may have utilized the overdraft facility and incurred an interest expense, which is paid by the investment adviser, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

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**6. Derivatives:**

Certain funds entered into futures contracts during the report period to equitize available cash.

**130**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

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Schwab Equity Index Funds

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Derivatives (continued):** 

As of April 30, 2025, the Statement of Assets and Liabilities included the following financial derivative instrument fair values held at period end:

---

| | | |
|:---|:---|:---|
|  | EQUITY CONTRACTS | TOTAL |
| **Asset Derivatives** |  |  |
| Schwab S&P 500 Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| $18811384 | &nbsp;&nbsp; $18811384 |
| Schwab 1000 Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 977842 | &nbsp;&nbsp; 977842 |
| Schwab Small-Cap Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 503613 | &nbsp;&nbsp; 503613 |
| Schwab Total Stock Market Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 5022142 | &nbsp;&nbsp; 5022142 |
| Schwab U.S. Large-Cap Growth Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 109225 | &nbsp;&nbsp; 109225 |
| Schwab U.S. Large-Cap Value Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 56047 | &nbsp;&nbsp; 56047 |
| Schwab U.S. Mid-Cap Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 128547 | &nbsp;&nbsp; 128547 |
| Schwab International Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 5860153 | &nbsp;&nbsp; 5860153 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Includes cumulative unrealized appreciation of futures contracts as reported in each fund's Portfolio Holdings. Only current day's variation margin on futures contracts is reported in the Statement of Assets and Liabilities.

The effects of the derivative contracts in the Statement of Operations for the period ended April 30, 2025, were:

---

| | | |
|:---|:---|:---|
|  | EQUITY CONTRACTS | TOTAL |
| **Net Realized Gains (Losses)** |  |  |
| Schwab S&P 500 Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| ($36840077)<br>| &nbsp;&nbsp; ($36840077)<br>|
| Schwab 1000 Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| (4356855)<br>| &nbsp;&nbsp; (4356855)<br>|
| Schwab Small-Cap Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| (7443193)<br>| &nbsp;&nbsp; (7443193)<br>|
| Schwab Total Stock Market Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| (10602544)<br>| &nbsp;&nbsp; (10602544)<br>|
| Schwab U.S. Large-Cap Growth Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| (1186607)<br>| &nbsp;&nbsp; (1186607)<br>|
| Schwab U.S. Large-Cap Value Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| (442703)<br>| &nbsp;&nbsp; (442703)<br>|
| Schwab U.S. Mid-Cap Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| (1789238)<br>| &nbsp;&nbsp; (1789238)<br>|
| Schwab International Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| (5668843)<br>| &nbsp;&nbsp; (5668843)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Statement of Operations location: Net realized gains (losses) on futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**131**

------

Schwab Equity Index Funds

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Derivatives (continued):** 

---

| | | |
|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation)** |  |  |
| Schwab S&P 500 Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| $27062589 | &nbsp;&nbsp; $27062589 |
| Schwab 1000 Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 1627092 | &nbsp;&nbsp; 1627092 |
| Schwab Small-Cap Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 814840 | &nbsp;&nbsp; 814840 |
| Schwab Total Stock Market Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 6159976 | &nbsp;&nbsp; 6159976 |
| Schwab U.S. Large-Cap Growth Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 254428 | &nbsp;&nbsp; 254428 |
| Schwab U.S. Large-Cap Value Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 116273 | &nbsp;&nbsp; 116273 |
| Schwab U.S. Mid-Cap Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 192803 | &nbsp;&nbsp; 192803 |
| Schwab International Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 7149031 | &nbsp;&nbsp; 7149031 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts.

During the period ended April 30, 2025, the month-end average notional amounts of futures contracts held by the funds and the month-end average number of contracts held were as follows:

---

| | | |
|:---|:---|:---|
|  | NOTIONAL AMOUNTS  | NUMBER OF CONTRACTS  |
| Schwab S&P 500 Index Fund | $395568036 | &nbsp;&nbsp; 1349 |
| Schwab 1000 Index Fund | 51608793 | &nbsp;&nbsp; 176 |
| Schwab Small-Cap Index Fund | 25789686 | &nbsp;&nbsp; 237 |
| Schwab Total Stock Market Index Fund | 105229896 | &nbsp;&nbsp; 444 |
| Schwab U.S. Large-Cap Growth Index Fund | 8203876 | &nbsp;&nbsp; 27 |
| Schwab U.S. Large-Cap Value Index Fund | 3042590 | &nbsp;&nbsp; 11 |
| Schwab U.S. Mid-Cap Index Fund | 5677479 | &nbsp;&nbsp; 18 |
| Schwab International Index Fund | 80466438 | &nbsp;&nbsp; 675 |

---

------

**7. Purchases and Sales of Investment Securities:**

For the period ended April 30, 2025, purchases and sales of securities (excluding in-kind transactions and short-term obligations) were as follows:

---

| | | |
|:---|:---|:---|
|  | PURCHASES <br>OF SECURITIES <br>| SALES <br>OF SECURITIES<br>|
| Schwab S&P 500 Index Fund | $4649511265 | &nbsp;&nbsp; $1090056802 |
| Schwab 1000 Index Fund | 171517846 | &nbsp;&nbsp; 195869765 |
| Schwab Small-Cap Index Fund | 419244320 | &nbsp;&nbsp; 122755945 |
| Schwab Total Stock Market Index Fund | 1120470690 | &nbsp;&nbsp; 307939491 |
| Schwab U.S. Large-Cap Growth Index Fund | 399724150 | &nbsp;&nbsp; 123909515 |
| Schwab U.S. Large-Cap Value Index Fund | 67607642 | &nbsp;&nbsp; 26502336 |
| Schwab U.S. Mid-Cap Index Fund | 354719482 | &nbsp;&nbsp; 40135107 |
| Schwab International Index Fund | 716231707 | &nbsp;&nbsp; 417443208 |

---

**132**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Equity Index Funds

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Purchases and Sales of Investment Securities (continued):** 

During the period ended April 30, 2025, the following funds had transactions in connection with in-kind transactions:

---

| | | |
|:---|:---|:---|
|  | IN-KIND PURCHASES <br>OF SECURITIES <br>| IN-KIND SALES <br>OF SECURITIES<br>|
| Schwab 1000 Index Fund | $— | &nbsp;&nbsp; $17279136 |

---

The funds may realize net capital gains or losses resulting from in-kind redemptions. Because such gains or losses are not taxable to the funds and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the funds' tax year. These reclassifications have no effect on net assets or net asset values per share. The net realized gains or losses on sales of in-kind redemptions for the period ended April 30, 2025, are disclosed in the funds' Statements of Operations, if any.

------

**8. Federal Income Taxes:**

As of April 30, 2025, the tax basis cost of the funds' investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| Schwab S&P 500 Index Fund | $45694463603 | &nbsp;&nbsp; $60428925006 | &nbsp;&nbsp; ($1527749412)<br>| &nbsp;&nbsp; $58901175594 |
| Schwab 1000 Index Fund | 3507518312 | &nbsp;&nbsp; 13509155604 | &nbsp;&nbsp; (166812966)<br>| &nbsp;&nbsp; 13342342638 |
| Schwab Small-Cap Index Fund | 5051838127 | &nbsp;&nbsp; 1737911453 | &nbsp;&nbsp; (917926528)<br>| &nbsp;&nbsp; 819984925 |
| Schwab Total Stock Market Index Fund | 12089932413 | &nbsp;&nbsp; 14082079197 | &nbsp;&nbsp; (595008408)<br>| &nbsp;&nbsp; 13487070789 |
| Schwab U.S. Large-Cap Growth Index Fund | 2229470941 | &nbsp;&nbsp; 912656635 | &nbsp;&nbsp; (43773883)<br>| &nbsp;&nbsp; 868882752 |
| Schwab U.S. Large-Cap Value Index Fund | 623868642 | &nbsp;&nbsp; 184353683 | &nbsp;&nbsp; (30793709)<br>| &nbsp;&nbsp; 153559974 |
| Schwab U.S. Mid-Cap Index Fund | 1630488020 | &nbsp;&nbsp; 370296802 | &nbsp;&nbsp; (135104106)<br>| &nbsp;&nbsp; 235192696 |
| Schwab International Index Fund | 7350819723 | &nbsp;&nbsp; 3677172199 | &nbsp;&nbsp; (190051428)<br>| &nbsp;&nbsp; 3487120771 |

---

The primary difference between book basis and tax basis unrealized appreciation or unrealized depreciation of investments is the tax deferral of losses on wash sales. The tax cost of the funds' investments, disclosed above, have been adjusted from their book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of October 31, 2024, the funds had capital loss carryforwards available as follows:

---

| | |
|:---|:---|
| Schwab S&P 500 Index Fund | $276675148 |
| Schwab 1000 Index Fund | 77204524 |
| Schwab Small-Cap Index Fund | 137861900 |
| Schwab Total Stock Market Index Fund | 166695510 |
| Schwab U.S. Large-Cap Growth Index Fund | 26409852 |
| Schwab U.S. Large-Cap Value Index Fund |  |
| Schwab U.S. Mid-Cap Index Fund |  |
| Schwab International Index Fund | 637150659 |

---

Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

**133**

------

Schwab Equity Index Funds

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Federal Income Taxes (continued):** 

The tax basis components of distributions and components of distributable earnings on a tax basis are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of April 30, 2025. The tax basis components of distributions paid during the fiscal year ended October 31, 2024 were as follows:

---

| | |
|:---|:---|
|  | PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | ORDINARY <br>INCOME <br>|
| Schwab S&P 500 Index Fund | $1135808670 |
| Schwab 1000 Index Fund | 204576918 |
| Schwab Small-Cap Index Fund | 86736454 |
| Schwab Total Stock Market Index Fund | 286776664 |
| Schwab U.S. Large-Cap Growth Index Fund | 11280497 |
| Schwab U.S. Large-Cap Value Index Fund | 16362330 |
| Schwab U.S. Mid-Cap Index Fund | 18556015 |
| Schwab International Index Fund | 284048299 |

---

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

As of October 31, 2024, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds' financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in each fund's Statement of Operations. During the fiscal year ended October 31, 2024, the funds did not incur any interest or penalties.

------

**9. Subsequent Events:**

Effective June 5, 2025, the Board authorized a 10-for-1 share split for the Schwab 1000 Index Fund, a 8-for-1 share split for the Schwab U.S. Large-Cap Growth Index Fund, a 7-for-1 share split for the Schwab Total Stock Market Index Fund, a 6-for-1 share split for the Schwab S&P 500 Index Fund, a 5-for-1 share split for the Schwab U.S. Mid-Cap Index Fund and a 4-for-1 share split for the Schwab U.S. Large-Cap Value Index Fund which will occur on or about August 15, 2025. Shares will begin trading at their post-split price on or about August 18, 2025. The share splits will increase the number of shares outstanding and decrease the NAV per share. The share splits will not change the total value of a shareholder's investment.

Other than the planned changes for the share splits as discussed above, management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

**134**Schwab Equity Index Funds \| Semiannual Holdings and Financial Statements

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g186757img2968ce2c1.jpg)

MFR13562-29

00314155

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g187642imgd17860661.jpg)

**Semiannual Holdings and Financial Statements** \| April 30, 2025

Schwab Fundamental Index\* Funds

------

Schwab Fundamental

U.S. Large Company Index Fund

*(formerly Schwab Fundamental*

*US Large Company Index Fund)*

Schwab Fundamental

U.S. Small Company Index Fund

*(formerly Schwab Fundamental*

*US Small Company Index Fund)*

Schwab Fundamental International

Equity Index Fund

*(formerly Schwab Fundamental International*

*Large Company Index Fund)*

Schwab Fundamental International

Small Equity Index Fund

*(formerly Schwab Fundamental International*

*Small Company Index Fund)*

Schwab Fundamental Emerging

Markets Equity Index Fund

*(formerly Schwab Fundamental Emerging*

*Markets Large Company Index Fund)*

\*

SCHWAB is a registered trademark of Charles Schwab & Co., Inc.

FUNDAMENTAL INDEX is a registered trademark of Research Affiliates LLC.

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Financial Statements and Portfolio Holdings](#xx_e3268f55-4517-4aaa-80f8-574385c94256_1) <br>|  |
| [Schwab Fundamental U.S.](#xx_e3268f55-4517-4aaa-80f8-574385c94256_1)[Large Company Index Fund](#xx_e3268f55-4517-4aaa-80f8-574385c94256_1) | 2 |
| [Schwab Fundamental U.S.](#xx_32d8e1f1-17f1-4964-b6c4-f4ce79a692f3_1)[Small Company Index Fund](#xx_32d8e1f1-17f1-4964-b6c4-f4ce79a692f3_1) | 14 |
| [Schwab Fundamental International Equity Index Fund](#xx_42248630-c799-478c-9a8a-c174100c32b4_1) | 28 |
| [Schwab Fundamental International Small Equity Index Fund](#xx_3a260364-6194-4d20-a656-bdea8dbeae9f_1) | 42 |
| [Schwab Fundamental Emerging Markets Equity Index Fund](#xx_41c1b60f-626d-40ad-ad62-976650418126_1) | 62 |
| [Financial Notes](#xx_e05271ae-ff2c-4795-b466-51f9b7d96f1a_1) | 71  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: Charles Schwab & Co., Inc. (Schwab)

The Sector/Industry classifications in this report use the Global Industry Classification Standard (GICS) which was developed by and is the exclusive property of MSCI Inc. (MSCI) and Standard & Poor's (S&P). GICS is a service mark of MSCI and S&P and has been licensed for use by Schwab. The Industry classifications used in the Portfolio Holdings are sub-categories of Sector classifications.

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**1**

------

Schwab Fundamental U.S. Large Company Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $28.17 | &nbsp;&nbsp; $21.69 | &nbsp;&nbsp; $21.19 | &nbsp;&nbsp; $23.19 | &nbsp;&nbsp; $16.28 | &nbsp;&nbsp; $17.56 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.26 | 0.49 | 0.45 | 0.43 | 0.39 | 0.42 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.93)<br>| 6.44 | 0.49 | &nbsp;&nbsp; (1.33)<br>| 7.64 | &nbsp;&nbsp; (0.75)<br>|
| Total from investment operations | &nbsp;&nbsp; (0.67)<br>| 6.93 | 0.94 | &nbsp;&nbsp; (0.90)<br>| 8.03 | &nbsp;&nbsp; (0.33)<br>|
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.43)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.52)<br>|
| Total distributions | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (0.95)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $27.00 | &nbsp;&nbsp; $28.17 | &nbsp;&nbsp; $21.69 | &nbsp;&nbsp; $21.19 | &nbsp;&nbsp; $23.19 | &nbsp;&nbsp; $16.28 |
| Total return | &nbsp;&nbsp; (2.49 %)<sup>2</sup><br>| 32.39<br> %<br>| 4.48<br> %<br>| &nbsp;&nbsp; (4.18<br> %)<br>| 51.33<br> %<br>| &nbsp;&nbsp; (2.33<br> %)<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Total expenses | 0.25 %<sup>3</sup><br>| 0.25<br> %<br>| 0.25 %<sup>4</sup><br>| 0.25 %<sup>4</sup><br>| 0.25<br> %<br>| 0.25<br> %<br>|
| Net investment income (loss) | 1.89 %<sup>3</sup><br>| 1.89<br> %<br>| 2.05<br> %<br>| 1.95<br> %<br>| 1.87<br> %<br>| 2.57<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 6 %<sup>2,5</sup><br>| &nbsp;&nbsp; 8 %<sup>5</sup><br>| &nbsp;&nbsp; 7 %<sup>5</sup><br>| &nbsp;&nbsp; 13 %<sup>5</sup><br>| &nbsp;&nbsp; 16 %<sup>5</sup><br>| &nbsp;&nbsp; 13<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $9156 | &nbsp;&nbsp; $9375 | &nbsp;&nbsp; $6836 | &nbsp;&nbsp; $6460 | &nbsp;&nbsp; $6821 | &nbsp;&nbsp; $4547 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>5</sup> Portfolio turnover rate excludes in-kind transactions.

*See financial notes*

**2**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental U.S. Large Company Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.6% OF NET ASSETS  | **COMMON STOCKS** 99.6% OF NET ASSETS  | **COMMON STOCKS** 99.6% OF NET ASSETS  |
| **Automobiles & Components 1.6%** | **Automobiles & Components 1.6%** | **Automobiles & Components 1.6%** |
| Adient PLC \* | 125591 | 1588726 |
| Aptiv PLC \* | 14624 | 834445 |
| BorgWarner, Inc.  | 178777 | 5073691 |
| Dana, Inc.  | 198819 | 2731773 |
| Ford Motor Co.  | 3777578 | 37813556 |
| General Motors Co.  | 1230424 | 55664382 |
| Gentex Corp.  | 97842 | 2130999 |
| Goodyear Tire & Rubber Co. \* | 505682 | 5501820 |
| Harley-Davidson, Inc.  | 74166 | 1662802 |
| Lear Corp.  | 66739 | 5722869 |
| Tesla, Inc. \* | 98928 | 27913525 |
| Thor Industries, Inc.  | 46007 | 3331827 |
|  |  | **149970415** |
| **Banks 6.1%** | **Banks 6.1%** | **Banks 6.1%** |
| Bank of America Corp.  | 2337518 | 93220218 |
| Citigroup, Inc.  | 1231579 | 84215372 |
| Citizens Financial Group, Inc.  | 184597 | 6809783 |
| Comerica, Inc.  | 79514 | 4273878 |
| East West Bancorp, Inc.  | 27031 | 2312502 |
| Fifth Third Bancorp  | 211698 | 7608426 |
| First Citizens BancShares, Inc., Class A  | 1200 | 2134968 |
| First Horizon Corp.  | 140809 | 2545827 |
| Flagstar Financial, Inc.  | 191201 | 2238964 |
| Huntington Bancshares, Inc.  | 399983 | 5811753 |
| JPMorgan Chase & Co.  | 681591 | 166730790 |
| KeyCorp  | 434066 | 6441539 |
| M&T Bank Corp.  | 38068 | 6462424 |
| PNC Financial Services Group, Inc.  | 124103 | 19942111 |
| Regions Financial Corp.  | 299584 | 6114509 |
| Synovus Financial Corp.  | 41137 | 1782055 |
| Truist Financial Corp.  | 453824 | 17399612 |
| U.S. Bancorp  | 568444 | 22931031 |
| Webster Financial Corp.  | 8463 | 400300 |
| Wells Fargo & Co.  | 1410596 | 100166422 |
| Zions Bancorp NA  | 78102 | 3512247 |
|  |  | **563054731** |
| **Capital Goods 6.3%** | **Capital Goods 6.3%** | **Capital Goods 6.3%** |
| 3M Co.  | 207255 | 28789792 |
| A.O. Smith Corp.  | 33550 | 2276703 |
| Acuity, Inc.  | 10357 | 2523069 |
| AECOM  | 41232 | 4067537 |
| AGCO Corp.  | 43500 | 3690105 |
| Air Lease Corp., Class A  | 41000 | 1917160 |
| Allison Transmission Holdings, Inc.  | 30572 | 2819961 |
| AMETEK, Inc.  | 28418 | 4819124 |
| Atkore, Inc.  | 7656 | 488989 |
| Boeing Co. \* | 65920 | 12079181 |
| Boise Cascade Co.  | 29173 | 2721257 |
| Builders FirstSource, Inc. \* | 56236 | 6727513 |
| Carlisle Cos., Inc.  | 9797 | 3717766 |
| Carrier Global Corp.  | 145360 | 9090814 |
| Caterpillar, Inc.  | 99510 | 30775458 |
| CNH Industrial NV  | 118936 | 1376090 |
| Cummins, Inc.  | 43468 | 12772637 |
| Curtiss-Wright Corp.  | 4623 | 1594426 |
| Deere & Co.  | 65084 | 30170339 |
| Donaldson Co., Inc.  | 28621 | 1881258 |
| Dover Corp.  | 29370 | 5011990 |
| Eaton Corp. PLC  | 51490 | 15157111 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| EMCOR Group, Inc.  | 9342 | 3743339 |
| Emerson Electric Co.  | 119548 | 12565690 |
| Everus Construction Group, Inc. \* | 10216 | 411092 |
| Fastenal Co.  | 89630 | 7257341 |
| Ferguson Enterprises, Inc.  | 14816 | 2513683 |
| Fluor Corp. \* | 56455 | 1969715 |
| Fortive Corp.  | 49846 | 3473768 |
| Fortune Brands Innovations, Inc.  | 48013 | 2584060 |
| Gates Industrial Corp. PLC \* | 20928 | 395958 |
| GE Vernova, Inc.  | 2964 | 1099110 |
| Generac Holdings, Inc. \* | 13389 | 1531434 |
| General Dynamics Corp.  | 70287 | 19126498 |
| General Electric Co.  | 65262 | 13152903 |
| Graco, Inc.  | 25642 | 2092644 |
| Honeywell International, Inc.  | 161676 | 34032798 |
| Howmet Aerospace, Inc.  | 42229 | 5852095 |
| Hubbell, Inc., Class B  | 7468 | 2712228 |
| Huntington Ingalls Industries, Inc.  | 20242 | 4662542 |
| IDEX Corp.  | 12530 | 2179844 |
| Illinois Tool Works, Inc.  | 55172 | 13236315 |
| Ingersoll Rand, Inc.  | 38411 | 2897342 |
| ITT, Inc.  | 16525 | 2264255 |
| Johnson Controls International PLC  | 164787 | 13825629 |
| L3Harris Technologies, Inc.  | 67191 | 14783364 |
| Lennox International, Inc.  | 2714 | 1483880 |
| Lincoln Electric Holdings, Inc.  | 10480 | 1846576 |
| Lockheed Martin Corp.  | 76819 | 36700277 |
| Masco Corp.  | 61470 | 3725697 |
| MasTec, Inc. \* | 18987 | 2417425 |
| Middleby Corp. \* | 13790 | 1838896 |
| MSC Industrial Direct Co., Inc., Class A  | 6043 | 462169 |
| Mueller Industries, Inc.  | 31629 | 2326629 |
| Nordson Corp.  | 8376 | 1587838 |
| Northrop Grumman Corp.  | 42242 | 20550733 |
| nVent Electric PLC  | 27980 | 1536382 |
| Oshkosh Corp.  | 32250 | 2701260 |
| Otis Worldwide Corp.  | 52628 | 5066498 |
| Owens Corning  | 32962 | 4793004 |
| PACCAR, Inc.  | 136419 | 12306358 |
| Parker-Hannifin Corp.  | 15424 | 9332445 |
| Pentair PLC  | 29949 | 2717273 |
| Quanta Services, Inc.  | 19478 | 5701016 |
| Regal Rexnord Corp.  | 19054 | 2016675 |
| Resideo Technologies, Inc. \* | 97911 | 1642947 |
| Rockwell Automation, Inc.  | 21365 | 5291683 |
| RTX Corp.  | 281393 | 35492099 |
| Rush Enterprises, Inc., Class A  | 39715 | 2025068 |
| Sensata Technologies Holding PLC  | 75057 | 1606220 |
| Snap-on, Inc.  | 14834 | 4655058 |
| Stanley Black & Decker, Inc.  | 82090 | 4927042 |
| Textron, Inc.  | 68400 | 4813308 |
| Timken Co.  | 26086 | 1676026 |
| Toro Co.  | 26560 | 1813517 |
| TransDigm Group, Inc.  | 4346 | 6141202 |
| UFP Industries, Inc.  | 31928 | 3156083 |
| United Rentals, Inc.  | 13743 | 8678017 |
| Watsco, Inc.  | 6236 | 2867562 |
| WESCO International, Inc.  | 23480 | 3826301 |
| Westinghouse Air Brake Technologies <br> Corp. <br>| 29781 | 5501742 |
| WillScot Holdings Corp.  | 14002 | 351730 |
| WW Grainger, Inc.  | 6654 | 6815759 |
| Xylem, Inc.  | 26621 | 3209694 |
|  |  | **576434016** |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**3**

------

Schwab Fundamental U.S. Large Company Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Commercial & Professional Services 1.2%** | **Commercial & Professional Services 1.2%** | **Commercial & Professional Services 1.2%** |
| ABM Industries, Inc.  | 42252 | 2059363 |
| Amentum Holdings, Inc. \* | 18614 | 406157 |
| Automatic Data Processing, Inc.  | 47024 | 14135414 |
| Booz Allen Hamilton Holding Corp., <br> Class A <br>| 21114 | 2534102 |
| Broadridge Financial Solutions, Inc.  | 14438 | 3499771 |
| CACI International, Inc., Class A \* | 6355 | 2909764 |
| Cintas Corp.  | 33220 | 7032010 |
| Concentrix Corp.  | 41708 | 2129611 |
| Copart, Inc. \* | 51975 | 3172034 |
| Equifax, Inc.  | 11952 | 3109074 |
| Genpact Ltd.  | 59262 | 2978508 |
| Jacobs Solutions, Inc.  | 39287 | 4863731 |
| KBR, Inc.  | 33061 | 1745951 |
| Leidos Holdings, Inc.  | 38836 | 5715883 |
| ManpowerGroup, Inc.  | 81572 | 3513306 |
| Maximus, Inc.  | 7265 | 486464 |
| Paychex, Inc.  | 42875 | 6307770 |
| Republic Services, Inc., Class A  | 28000 | 7021000 |
| Robert Half, Inc.  | 61676 | 2732247 |
| Science Applications International Corp.  | 22083 | 2672706 |
| SS&C Technologies Holdings, Inc.  | 48847 | 3692833 |
| TransUnion  | 25323 | 2100796 |
| Veralto Corp.  | 7443 | 713784 |
| Verisk Analytics, Inc., Class A  | 15508 | 4597036 |
| Waste Management, Inc.  | 65376 | 15256143 |
|  |  | **105385458** |
| **Consumer Discretionary Distribution & Retail 4.3%** | **Consumer Discretionary Distribution & Retail 4.3%** | **Consumer Discretionary Distribution & Retail 4.3%** |
| Academy Sports & Outdoors, Inc.  | 49048 | 1848129 |
| Advance Auto Parts, Inc.  | 91987 | 3009815 |
| Amazon.com, Inc. \* | 720465 | 132868155 |
| American Eagle Outfitters, Inc.  | 35970 | 378764 |
| Asbury Automotive Group, Inc. \* | 12219 | 2665453 |
| AutoNation, Inc. \* | 30577 | 5324984 |
| AutoZone, Inc. \* | 1866 | 7021011 |
| Bath & Body Works, Inc.  | 96290 | 2937808 |
| Best Buy Co., Inc.  | 162090 | 10809782 |
| Burlington Stores, Inc. \* | 8760 | 1971350 |
| CarMax, Inc. \* | 80358 | 5196752 |
| Dick's Sporting Goods, Inc.  | 18405 | 3455355 |
| eBay, Inc.  | 230357 | 15701133 |
| Foot Locker, Inc. \* | 161496 | 1981556 |
| Gap, Inc.  | 130133 | 2849913 |
| Genuine Parts Co.  | 49357 | 5801915 |
| Group 1 Automotive, Inc.  | 11547 | 4660716 |
| Home Depot, Inc.  | 186586 | 67262387 |
| Kohl's Corp. *(a)* | 431079 | 2888229 |
| Lithia Motors, Inc., Class A  | 19717 | 5772349 |
| LKQ Corp.  | 178908 | 6836075 |
| Lowe's Cos., Inc.  | 163914 | 36644614 |
| Macy's, Inc.  | 415696 | 4747248 |
| Murphy USA, Inc.  | 7271 | 3625102 |
| ODP Corp. \* | 94094 | 1287206 |
| O'Reilly Automotive, Inc. \* | 8325 | 11781540 |
| Penske Automotive Group, Inc.  | 12818 | 1995378 |
| Pool Corp.  | 7020 | 2057843 |
| QVC Group, Inc. \* | 2096521 | 314478 |
| Ross Stores, Inc.  | 53273 | 7404947 |
| Signet Jewelers Ltd.  | 11627 | 689481 |
| TJX Cos., Inc.  | 175651 | 22602771 |
| Tractor Supply Co.  | 102114 | 5169011 |
| Ulta Beauty, Inc. \* | 10701 | 4233744 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Williams-Sonoma, Inc.  | 25673 | 3965708 |
|  |  | **397760702** |
| **Consumer Durables & Apparel 1.3%** | **Consumer Durables & Apparel 1.3%** | **Consumer Durables & Apparel 1.3%** |
| Brunswick Corp.  | 41168 | 1895787 |
| Capri Holdings Ltd. \* | 126406 | 1901146 |
| Carter's, Inc.  | 34273 | 1132723 |
| Crocs, Inc. \* | 4681 | 451342 |
| Deckers Outdoor Corp. \* | 17348 | 1922679 |
| DR Horton, Inc.  | 107768 | 13615409 |
| Hanesbrands, Inc. \* | 326442 | 1498369 |
| Hasbro, Inc.  | 50920 | 3151948 |
| KB Home  | 34241 | 1850041 |
| Leggett & Platt, Inc.  | 206471 | 1986251 |
| Lennar Corp., Class A  | 104654 | 11366471 |
| M/I Homes, Inc. \* | 4104 | 437815 |
| Mattel, Inc. \* | 24679 | 392149 |
| Meritage Homes Corp.  | 38959 | 2654666 |
| Mohawk Industries, Inc. \* | 39386 | 4188701 |
| Newell Brands, Inc.  | 451267 | 2157056 |
| NIKE, Inc., Class B  | 322835 | 18207894 |
| NVR, Inc. \* | 880 | 6270660 |
| Polaris, Inc.  | 45954 | 1560598 |
| PulteGroup, Inc.  | 84741 | 8692732 |
| PVH Corp.  | 46900 | 3235162 |
| Ralph Lauren Corp., Class A  | 11286 | 2538786 |
| Skechers USA, Inc., Class A \* | 40029 | 1922193 |
| Somnigroup International, Inc.  | 35271 | 2153647 |
| Tapestry, Inc.  | 84529 | 5971974 |
| Taylor Morrison Home Corp., Class A \* | 57835 | 3316837 |
| Toll Brothers, Inc.  | 33544 | 3383583 |
| TopBuild Corp. \* | 1737 | 513735 |
| Tri Pointe Homes, Inc. \* | 64304 | 1977348 |
| VF Corp.  | 295251 | 3507582 |
| Whirlpool Corp.  | 71537 | 5456842 |
|  |  | **119312126** |
| **Consumer Services 1.5%** | **Consumer Services 1.5%** | **Consumer Services 1.5%** |
| ADT, Inc.  | 74769 | 599647 |
| Aramark  | 74030 | 2474823 |
| Booking Holdings, Inc.  | 4102 | 20917246 |
| Caesars Entertainment, Inc. \* | 72749 | 1968588 |
| Carnival Corp. \* | 160896 | 2950833 |
| Chipotle Mexican Grill, Inc., Class A \* | 66934 | 3381506 |
| Darden Restaurants, Inc.  | 30360 | 6091430 |
| Domino's Pizza, Inc.  | 6390 | 3133464 |
| Expedia Group, Inc.  | 18561 | 2912778 |
| Flutter Entertainment PLC \* | 3106 | 748515 |
| Hilton Worldwide Holdings, Inc.  | 21354 | 4814900 |
| Las Vegas Sands Corp.  | 76401 | 2801625 |
| Marriott International, Inc., Class A  | 26608 | 6348137 |
| Marriott Vacations Worldwide Corp.  | 23044 | 1263042 |
| McDonald's Corp.  | 114978 | 36752718 |
| MGM Resorts International \* | 159079 | 5004625 |
| Penn Entertainment, Inc. \* | 119287 | 1815548 |
| Royal Caribbean Cruises Ltd.  | 1819 | 390921 |
| Service Corp. International  | 31513 | 2517889 |
| Starbucks Corp.  | 281377 | 22524229 |
| Texas Roadhouse, Inc., Class A  | 2815 | 467177 |
| Vail Resorts, Inc.  | 11014 | 1533149 |
| Yum! Brands, Inc.  | 54309 | 8170246 |
|  |  | **139583036** |

---

*See financial notes*

**4**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental U.S. Large Company Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Consumer Staples Distribution & Retail 4.0%** | **Consumer Staples Distribution & Retail 4.0%** | **Consumer Staples Distribution & Retail 4.0%** |
| Albertsons Cos., Inc., Class A  | 252490 | 5549730 |
| Andersons, Inc.  | 16138 | 608564 |
| BJ's Wholesale Club Holdings, Inc. \* | 31235 | 3671987 |
| Casey's General Stores, Inc.  | 11611 | 5371132 |
| Costco Wholesale Corp.  | 61403 | 61065284 |
| Dollar General Corp.  | 167128 | 15658222 |
| Dollar Tree, Inc. \* | 122573 | 10022794 |
| Kroger Co.  | 485921 | 35088355 |
| Performance Food Group Co. \* | 79245 | 6391902 |
| SpartanNash Co.  | 27638 | 548338 |
| Sprouts Farmers Market, Inc. \* | 21298 | 3641958 |
| Sysco Corp.  | 136103 | 9717754 |
| Target Corp.  | 261219 | 25259877 |
| U.S. Foods Holding Corp. \* | 109109 | 7164097 |
| United Natural Foods, Inc. \* | 33653 | 898872 |
| Walgreens Boots Alliance, Inc.  | 3012332 | 33045282 |
| Walmart, Inc.  | 1439684 | 140009269 |
|  |  | **363713417** |
| **Energy 7.5%** | **Energy 7.5%** | **Energy 7.5%** |
| Antero Resources Corp. \* | 99906 | 3479726 |
| APA Corp.  | 235822 | 3664674 |
| Baker Hughes Co., Class A  | 300949 | 10653595 |
| California Resources Corp.  | 11581 | 399660 |
| Cheniere Energy, Inc.  | 36539 | 8444528 |
| Chevron Corp.  | 881357 | 119917433 |
| Chord Energy Corp.  | 8087 | 729690 |
| Civitas Resources, Inc.  | 13061 | 355912 |
| CNX Resources Corp. \* | 20688 | 608848 |
| ConocoPhillips  | 608761 | 54252780 |
| Coterra Energy, Inc.  | 274062 | 6730963 |
| Delek U.S. Holdings, Inc.  | 67871 | 883680 |
| Devon Energy Corp.  | 347826 | 10577389 |
| Diamondback Energy, Inc.  | 34000 | 4488340 |
| EOG Resources, Inc.  | 202163 | 22304644 |
| EQT Corp.  | 122429 | 6052890 |
| Expand Energy Corp.  | 105363 | 10947216 |
| Exxon Mobil Corp.  | 1803076 | 190458918 |
| Halliburton Co.  | 277051 | 5491151 |
| Helmerich & Payne, Inc.  | 18622 | 351770 |
| Hess Corp.  | 49935 | 6444112 |
| HF Sinclair Corp.  | 193018 | 5804051 |
| Kinder Morgan, Inc.  | 735882 | 19353697 |
| Marathon Petroleum Corp.  | 311906 | 42859003 |
| Matador Resources Co.  | 8752 | 346054 |
| Murphy Oil Corp.  | 87757 | 1801651 |
| NOV, Inc.  | 158674 | 1842205 |
| Occidental Petroleum Corp.  | 286155 | 11277368 |
| ONEOK, Inc.  | 117401 | 9645666 |
| Ovintiv, Inc.  | 174953 | 5874922 |
| Patterson-UTI Energy, Inc.  | 57411 | 323798 |
| PBF Energy, Inc., Class A  | 212475 | 3650320 |
| Peabody Energy Corp.  | 128087 | 1580594 |
| Phillips 66  | 307796 | 32029252 |
| Range Resources Corp.  | 20165 | 684198 |
| Schlumberger NV  | 350581 | 11656818 |
| SM Energy Co.  | 54466 | 1241280 |
| Targa Resources Corp.  | 30003 | 5127513 |
| TechnipFMC PLC  | 23069 | 649854 |
| Valero Energy Corp.  | 330743 | 38395955 |
| Williams Cos., Inc.  | 259015 | 15170508 |
| World Kinect Corp.  | 266475 | 6685858 |
|  |  | **683238484** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Equity Real Estate Investment Trusts (REITs) 1.7%** | **Equity Real Estate Investment Trusts (REITs) 1.7%** | **Equity Real Estate Investment Trusts (REITs) 1.7%** |
| Alexandria Real Estate Equities, Inc.  | 33443 | 2429968 |
| American Tower Corp.  | 62872 | 14171978 |
| AvalonBay Communities, Inc.  | 20677 | 4341756 |
| Brixmor Property Group, Inc.  | 57599 | 1434791 |
| BXP, Inc.  | 55882 | 3561360 |
| Camden Property Trust  | 18603 | 2117021 |
| Crown Castle, Inc.  | 100928 | 10674145 |
| Digital Realty Trust, Inc.  | 43525 | 6987504 |
| Equinix, Inc.  | 9051 | 7790648 |
| Equity Residential  | 70395 | 4945953 |
| Essex Property Trust, Inc.  | 9748 | 2721154 |
| Extra Space Storage, Inc.  | 16726 | 2450694 |
| Gaming & Leisure Properties, Inc.  | 41544 | 1988296 |
| Healthpeak Properties, Inc.  | 143264 | 2555830 |
| Host Hotels & Resorts, Inc.  | 229709 | 3243491 |
| Invitation Homes, Inc.  | 86268 | 2949503 |
| Iron Mountain, Inc.  | 43889 | 3935527 |
| Kimco Realty Corp.  | 109916 | 2196122 |
| Lamar Advertising Co., Class A  | 16496 | 1877410 |
| Medical Properties Trust, Inc. *(a)* | 331732 | 1831161 |
| Mid-America Apartment Communities, <br> Inc. <br>| 21161 | 3378354 |
| Millrose Properties, Inc., Class A  | 35092 | 878704 |
| Park Hotels & Resorts, Inc.  | 113031 | 1123528 |
| Prologis, Inc.  | 77386 | 7908849 |
| Public Storage  | 16795 | 5045722 |
| Realty Income Corp.  | 70426 | 4074848 |
| Regency Centers Corp.  | 30287 | 2186116 |
| SBA Communications Corp., Class A  | 11721 | 2852891 |
| Simon Property Group, Inc.  | 47918 | 7541335 |
| Sun Communities, Inc.  | 21859 | 2719915 |
| UDR, Inc.  | 54709 | 2291213 |
| Ventas, Inc.  | 100400 | 7036032 |
| VICI Properties, Inc., Class A  | 98022 | 3138664 |
| Vornado Realty Trust  | 70892 | 2501070 |
| Welltower, Inc.  | 62711 | 9569071 |
| Weyerhaeuser Co.  | 332474 | 8614401 |
| WP Carey, Inc.  | 39709 | 2479430 |
|  |  | **157544455** |
| **Financial Services 8.4%** | **Financial Services 8.4%** | **Financial Services 8.4%** |
| Affiliated Managers Group, Inc.  | 18616 | 3083368 |
| AGNC Investment Corp.  | 45422 | 401076 |
| Ally Financial, Inc.  | 241008 | 7871321 |
| American Express Co.  | 94399 | 25148838 |
| Ameriprise Financial, Inc.  | 21577 | 10163199 |
| Annaly Capital Management, Inc.  | 147732 | 2895547 |
| Apollo Global Management, Inc.  | 4955 | 676258 |
| Bank of New York Mellon Corp.  | 265967 | 21386406 |
| Berkshire Hathaway, Inc., Class A \* | 77 | 61641580 |
| Berkshire Hathaway, Inc., Class B \* | 299335 | 159620389 |
| Blackrock, Inc.  | 23791 | 21751160 |
| Blackstone, Inc.  | 59693 | 7862165 |
| Block, Inc. \* | 45878 | 2682487 |
| Bread Financial Holdings, Inc.  | 68842 | 3266553 |
| Capital One Financial Corp.  | 217572 | 39219529 |
| Carlyle Group, Inc.  | 61735 | 2385440 |
| Charles Schwab Corp. *(b)* | 162770 | 13249478 |
| CME Group, Inc.  | 37813 | 10477226 |
| Corebridge Financial, Inc.  | 161308 | 4779556 |
| Corpay, Inc. \* | 13592 | 4422429 |
| Discover Financial Services  | 115121 | 21029153 |
| Equitable Holdings, Inc.  | 87313 | 4317628 |
| Evercore, Inc., Class A  | 11059 | 2270302 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**5**

------

Schwab Fundamental U.S. Large Company Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Fidelity National Information Services, <br> Inc. <br>| 111348 | 8783130 |
| Fiserv, Inc. \* | 59889 | 11053713 |
| Franklin Resources, Inc.  | 221624 | 4157666 |
| Global Payments, Inc.  | 91269 | 6964737 |
| Goldman Sachs Group, Inc.  | 84502 | 46269070 |
| Intercontinental Exchange, Inc.  | 64305 | 10801311 |
| Invesco Ltd.  | 273488 | 3809688 |
| Jack Henry & Associates, Inc.  | 12752 | 2211579 |
| Jackson Financial, Inc., Class A  | 39987 | 3115387 |
| Janus Henderson Group PLC  | 44272 | 1470273 |
| Jefferies Financial Group, Inc.  | 51616 | 2412016 |
| KKR & Co., Inc.  | 55396 | 6330101 |
| LPL Financial Holdings, Inc.  | 12761 | 4080840 |
| Mastercard, Inc., Class A  | 52932 | 29009912 |
| MGIC Investment Corp.  | 89726 | 2235075 |
| Moody's Corp.  | 13435 | 6087667 |
| Morgan Stanley  | 319476 | 36873920 |
| MSCI, Inc., Class A  | 4969 | 2708652 |
| Nasdaq, Inc.  | 41267 | 3144958 |
| Navient Corp.  | 99097 | 1226821 |
| Northern Trust Corp.  | 61799 | 5807870 |
| OneMain Holdings, Inc.  | 109214 | 5140703 |
| PayPal Holdings, Inc. \* | 250837 | 16515108 |
| PROG Holdings, Inc.  | 18287 | 482045 |
| Raymond James Financial, Inc.  | 31123 | 4265096 |
| Rithm Capital Corp.  | 225180 | 2517512 |
| S&P Global, Inc.  | 31412 | 15707571 |
| SEI Investments Co.  | 35521 | 2780939 |
| SLM Corp.  | 138278 | 3997617 |
| Starwood Property Trust, Inc.  | 117324 | 2251448 |
| State Street Corp.  | 102033 | 8989107 |
| StoneX Group, Inc. \* | 6154 | 545029 |
| Synchrony Financial  | 387652 | 20138521 |
| T. Rowe Price Group, Inc.  | 110160 | 9754668 |
| Visa, Inc., Class A  | 116405 | 40217928 |
| Voya Financial, Inc.  | 33780 | 1999776 |
| Western Union Co.  | 334771 | 3317581 |
|  |  | **767776123** |
| **Food, Beverage & Tobacco 3.8%** | **Food, Beverage & Tobacco 3.8%** | **Food, Beverage & Tobacco 3.8%** |
| Altria Group, Inc.  | 617473 | 36523528 |
| Archer-Daniels-Midland Co.  | 541261 | 25845213 |
| Brown-Forman Corp., Class B  | 72995 | 2543146 |
| Bunge Global SA  | 178535 | 14054275 |
| Campbell's Co.  | 75495 | 2752548 |
| Coca-Cola Co.  | 546361 | 39638491 |
| Conagra Brands, Inc.  | 248838 | 6148787 |
| Constellation Brands, Inc., Class A  | 37811 | 7091075 |
| Darling Ingredients, Inc. \* | 70251 | 2261380 |
| Flowers Foods, Inc.  | 90209 | 1586776 |
| General Mills, Inc.  | 209519 | 11888108 |
| Hershey Co.  | 27211 | 4549407 |
| Hormel Foods Corp.  | 121971 | 3646933 |
| Ingredion, Inc.  | 29692 | 3943691 |
| J.M. Smucker Co.  | 55001 | 6394966 |
| Kellanova  | 72657 | 6013820 |
| Keurig Dr. Pepper, Inc.  | 253986 | 8785376 |
| Kraft Heinz Co.  | 390375 | 11359913 |
| Lamb Weston Holdings, Inc.  | 33124 | 1749278 |
| McCormick & Co., Inc. - Non Voting <br> Shares <br>| 50922 | 3903681 |
| Molson Coors Beverage Co., Class B  | 98166 | 5647490 |
| Mondelez International, Inc., Class A  | 347693 | 23688324 |
| Monster Beverage Corp. \* | 92012 | 5531761 |
| PepsiCo, Inc.  | 290687 | 39411343 |
| Philip Morris International, Inc.  | 322685 | 55295302 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Post Holdings, Inc. \* | 17579 | 1989415 |
| Tyson Foods, Inc., Class A  | 326410 | 19989348 |
|  |  | **352233375** |
| **Health Care Equipment & Services 6.3%** | **Health Care Equipment & Services 6.3%** | **Health Care Equipment & Services 6.3%** |
| Abbott Laboratories  | 316055 | 41324191 |
| Align Technology, Inc. \* | 13060 | 2263298 |
| AMN Healthcare Services, Inc. \* | 20411 | 416997 |
| Baxter International, Inc.  | 230170 | 7174399 |
| Becton Dickinson & Co.  | 57025 | 11809307 |
| Boston Scientific Corp. \* | 90543 | 9314158 |
| Cardinal Health, Inc.  | 52458 | 7411791 |
| Cencora, Inc.  | 14095 | 4125184 |
| Centene Corp. \* | 439063 | 26277921 |
| Cigna Group  | 175874 | 59804195 |
| Community Health Systems, Inc. \* | 146713 | 400527 |
| Cooper Cos., Inc. \* | 27675 | 2260217 |
| CVS Health Corp.  | 1485025 | 99066018 |
| DaVita, Inc. \* | 28489 | 4032618 |
| DENTSPLY SIRONA, Inc.  | 113527 | 1578025 |
| Edwards Lifesciences Corp. \* | 82038 | 6193049 |
| Elevance Health, Inc.  | 109808 | 46183049 |
| Encompass Health Corp.  | 21531 | 2518912 |
| GE HealthCare Technologies, Inc.  | 162364 | 11419060 |
| HCA Healthcare, Inc.  | 59181 | 20422179 |
| Henry Schein, Inc. \* | 67918 | 4412632 |
| Hologic, Inc. \* | 62707 | 3649547 |
| Humana, Inc.  | 93618 | 24550384 |
| IDEXX Laboratories, Inc. \* | 6224 | 2692814 |
| Intuitive Surgical, Inc. \* | 13836 | 7136609 |
| Labcorp Holdings, Inc.  | 59768 | 14404686 |
| McKesson Corp.  | 18034 | 12854455 |
| Molina Healthcare, Inc. \* | 19595 | 6407761 |
| Quest Diagnostics, Inc.  | 43104 | 7681995 |
| QuidelOrtho Corp. \* | 11799 | 327894 |
| ResMed, Inc.  | 14333 | 3391044 |
| Solventum Corp. \* | 20490 | 1354799 |
| STERIS PLC  | 14782 | 3322107 |
| Stryker Corp.  | 32995 | 12337490 |
| Teleflex, Inc.  | 11269 | 1544416 |
| Tenet Healthcare Corp. \* | 34530 | 4936064 |
| UnitedHealth Group, Inc.  | 219235 | 90202048 |
| Universal Health Services, Inc., Class B  | 35226 | 6237468 |
| Zimmer Biomet Holdings, Inc.  | 52185 | 5377664 |
|  |  | **576816972** |
| **Household & Personal Products 1.4%** | **Household & Personal Products 1.4%** | **Household & Personal Products 1.4%** |
| Church & Dwight Co., Inc.  | 38655 | 3839988 |
| Clorox Co.  | 23824 | 3390155 |
| Colgate-Palmolive Co.  | 133810 | 12335944 |
| Estee Lauder Cos., Inc., Class A  | 84774 | 5083049 |
| Kenvue, Inc.  | 463801 | 10945704 |
| Kimberly-Clark Corp.  | 75253 | 9916840 |
| Procter & Gamble Co.  | 481063 | 78206412 |
|  |  | **123718092** |
| **Insurance 3.3%** | **Insurance 3.3%** | **Insurance 3.3%** |
| Aflac, Inc.  | 168921 | 18358334 |
| Allstate Corp.  | 108600 | 21545154 |
| American Financial Group, Inc.  | 35453 | 4490477 |
| American International Group, Inc.  | 370083 | 30169166 |
| Aon PLC, Class A  | 33554 | 11904624 |
| Arthur J Gallagher & Co.  | 16569 | 5313513 |
| Assurant, Inc.  | 12872 | 2480949 |
| Brown & Brown, Inc.  | 20207 | 2234894 |

---

*See financial notes*

**6**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental U.S. Large Company Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Chubb Ltd.  | 81678 | 23366442 |
| Cincinnati Financial Corp.  | 43813 | 6099208 |
| CNO Financial Group, Inc.  | 70615 | 2679133 |
| Fidelity National Financial, Inc.  | 95392 | 6109858 |
| First American Financial Corp.  | 64937 | 3948819 |
| Genworth Financial, Inc., Class A \* | 406548 | 2788919 |
| Globe Life, Inc.  | 31857 | 3929242 |
| Hanover Insurance Group, Inc.  | 10566 | 1755013 |
| Hartford Insurance Group, Inc.  | 101754 | 12482163 |
| Lincoln National Corp.  | 109657 | 3494769 |
| Loews Corp.  | 55016 | 4777039 |
| Markel Group, Inc. \* | 2824 | 5135727 |
| Marsh & McLennan Cos., Inc.  | 64714 | 14591066 |
| MetLife, Inc.  | 267006 | 20124242 |
| Old Republic International Corp.  | 119101 | 4478198 |
| Primerica, Inc.  | 7915 | 2074284 |
| Principal Financial Group, Inc.  | 106488 | 7896085 |
| Progressive Corp.  | 72364 | 20387833 |
| Prudential Financial, Inc.  | 147403 | 15139762 |
| Reinsurance Group of America, Inc.  | 14333 | 2684714 |
| Travelers Cos., Inc.  | 99493 | 26279086 |
| Unum Group  | 65142 | 5058928 |
| W.R. Berkley Corp.  | 56309 | 4036792 |
| Willis Towers Watson PLC  | 20802 | 6402856 |
|  |  | **302217289** |
| **Materials 3.7%** | **Materials 3.7%** | **Materials 3.7%** |
| Air Products & Chemicals, Inc.  | 39785 | 10785316 |
| Albemarle Corp.  | 40996 | 2400316 |
| Alcoa Corp.  | 136331 | 3344199 |
| Alpha Metallurgical Resources, Inc. \* | 3211 | 389655 |
| Amcor PLC  | 1091848 | 10045002 |
| AptarGroup, Inc.  | 13556 | 2032722 |
| Ashland, Inc.  | 8275 | 450077 |
| Avery Dennison Corp.  | 20068 | 3433835 |
| Axalta Coating Systems Ltd. \* | 58104 | 1888380 |
| Ball Corp.  | 103954 | 5399371 |
| Celanese Corp., Class A  | 63335 | 2819041 |
| CF Industries Holdings, Inc.  | 94214 | 7383551 |
| Chemours Co.  | 145599 | 1802516 |
| Cleveland-Cliffs, Inc. \* | 449168 | 3701144 |
| Commercial Metals Co.  | 66531 | 2963291 |
| Corteva, Inc.  | 172652 | 10702697 |
| CRH PLC  | 144480 | 13786282 |
| Crown Holdings, Inc.  | 47469 | 4572689 |
| Dow, Inc.  | 548793 | 16787578 |
| DuPont de Nemours, Inc.  | 219421 | 14479592 |
| Eagle Materials, Inc.  | 7774 | 1759956 |
| Eastman Chemical Co.  | 71485 | 5504345 |
| Ecolab, Inc.  | 31346 | 7881325 |
| FMC Corp.  | 70087 | 2938047 |
| Freeport-McMoRan, Inc.  | 343235 | 12366757 |
| Graphic Packaging Holding Co.  | 115346 | 2919407 |
| Huntsman Corp.  | 220567 | 2935747 |
| International Flavors & Fragrances, Inc.  | 60058 | 4712151 |
| International Paper Co.  | 247896 | 11323889 |
| Linde PLC  | 74473 | 33753398 |
| Louisiana-Pacific Corp.  | 25099 | 2166295 |
| LyondellBasell Industries NV, Class A  | 201474 | 11727801 |
| Magnera Corp. \* | 8415 | 123448 |
| Martin Marietta Materials, Inc.  | 7618 | 3991680 |
| Mosaic Co.  | 346459 | 10532354 |
| Newmont Corp.  | 277866 | 14637981 |
| Nucor Corp.  | 164867 | 19680174 |
| O-I Glass, Inc. \* | 185672 | 2350607 |
| Olin Corp.  | 123602 | 2672275 |
| Packaging Corp. of America  | 27946 | 5187057 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| PPG Industries, Inc.  | 73034 | 7950481 |
| Reliance, Inc.  | 31650 | 9122479 |
| RPM International, Inc.  | 27143 | 2897515 |
| Sealed Air Corp.  | 67669 | 1864958 |
| Sherwin-Williams Co.  | 20695 | 7303679 |
| Smurfit WestRock PLC  | 55413 | 2328454 |
| Sonoco Products Co.  | 58502 | 2398582 |
| Steel Dynamics, Inc.  | 87343 | 11329260 |
| U.S. Steel Corp.  | 201321 | 8799741 |
| Vulcan Materials Co.  | 16442 | 4313230 |
| Westlake Corp.  | 14765 | 1364729 |
|  |  | **338005056** |
| **Media & Entertainment 6.6%** | **Media & Entertainment 6.6%** | **Media & Entertainment 6.6%** |
| Alphabet, Inc., Class A  | 793601 | 126023839 |
| Alphabet, Inc., Class C  | 649990 | 104576891 |
| Altice USA, Inc., Class A \* | 324376 | 804453 |
| Charter Communications, Inc., Class A \* | 87599 | 34326544 |
| Comcast Corp., Class A  | 2134699 | 73006706 |
| Electronic Arts, Inc.  | 56735 | 8231681 |
| Fox Corp., Class A  | 184008 | 9161758 |
| Interpublic Group of Cos., Inc.  | 153748 | 3862150 |
| Lions Gate Entertainment Corp., <br> Class A \*<br>| 56420 | 501010 |
| Meta Platforms, Inc., Class A  | 243931 | 133918119 |
| Netflix, Inc. \* | 22056 | 24961216 |
| News Corp., Class A  | 149083 | 4043131 |
| Nexstar Media Group, Inc., Class A  | 23703 | 3547391 |
| Omnicom Group, Inc.  | 76009 | 5788845 |
| Paramount Global, Class B *(a)* | 1043670 | 12252686 |
| Sirius XM Holdings, Inc.  | 32934 | 705446 |
| Take-Two Interactive Software, Inc. \* | 15600 | 3639792 |
| TEGNA, Inc.  | 139365 | 2261894 |
| Walt Disney Co.  | 424040 | 38566438 |
| Warner Bros Discovery, Inc. \* | 1256484 | 10893716 |
|  |  | **601073706** |
| **Pharmaceuticals, Biotechnology & Life Sciences 5.9%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.9%** | **Pharmaceuticals, Biotechnology & Life Sciences 5.9%** |
| AbbVie, Inc.  | 296796 | 57904900 |
| Agilent Technologies, Inc.  | 45589 | 4905376 |
| Amgen, Inc.  | 125421 | 36487477 |
| Avantor, Inc. \* | 143444 | 1863338 |
| Biogen, Inc. \* | 70750 | 8566410 |
| Bristol-Myers Squibb Co.  | 918414 | 46104383 |
| Charles River Laboratories International, <br> Inc. \*<br>| 3462 | 410662 |
| Danaher Corp.  | 72486 | 14448634 |
| Elanco Animal Health, Inc. \* | 52711 | 499700 |
| Eli Lilly & Co.  | 24336 | 21876847 |
| Gilead Sciences, Inc.  | 378240 | 40297690 |
| GRAIL, Inc. \* | 791 | 27286 |
| Illumina, Inc. \* | 19642 | 1524219 |
| IQVIA Holdings, Inc. \* | 34128 | 5292229 |
| Jazz Pharmaceuticals PLC \* | 4400 | 514624 |
| Johnson & Johnson  | 627012 | 98008246 |
| Merck & Co., Inc.  | 545374 | 46465865 |
| Mettler-Toledo International, Inc. \* | 2578 | 2759929 |
| Moderna, Inc. \* | 173474 | 4950948 |
| Organon & Co.  | 273355 | 3534480 |
| Pfizer, Inc.  | 3107737 | 75859860 |
| Regeneron Pharmaceuticals, Inc.  | 16444 | 9846009 |
| Revvity, Inc.  | 25526 | 2384894 |
| Thermo Fisher Scientific, Inc.  | 53501 | 22951929 |
| United Therapeutics Corp. \* | 1487 | 450695 |
| Vertex Pharmaceuticals, Inc. \* | 17308 | 8818426 |
| Viatris, Inc.  | 878363 | 7395817 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**7**

------

Schwab Fundamental U.S. Large Company Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Waters Corp. \* | 9319 | 3240496 |
| West Pharmaceutical Services, Inc.  | 8301 | 1753918 |
| Zoetis, Inc.  | 47369 | 7408512 |
|  |  | **536553799** |
| **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** | **Real Estate Management & Development 0.2%** |
| CBRE Group, Inc., Class A \* | 88096 | 10763569 |
| Cushman & Wakefield PLC \* | 36771 | 344544 |
| Jones Lang LaSalle, Inc. \* | 26448 | 6014540 |
|  |  | **17122653** |
| **Semiconductors & Semiconductor Equipment 3.6%** | **Semiconductors & Semiconductor Equipment 3.6%** | **Semiconductors & Semiconductor Equipment 3.6%** |
| Advanced Micro Devices, Inc. \* | 91769 | 8933712 |
| Analog Devices, Inc.  | 68308 | 13314595 |
| Applied Materials, Inc.  | 135726 | 20455266 |
| Broadcom, Inc.  | 262361 | 50496622 |
| First Solar, Inc. \* | 3087 | 388406 |
| Intel Corp.  | 4071945 | 81846095 |
| KLA Corp.  | 13127 | 9224212 |
| Lam Research Corp.  | 216248 | 15498494 |
| Marvell Technology, Inc.  | 43193 | 2521175 |
| Microchip Technology, Inc.  | 105367 | 4855311 |
| Micron Technology, Inc.  | 336093 | 25862356 |
| MKS Instruments, Inc.  | 12099 | 848624 |
| NVIDIA Corp.  | 219493 | 23907178 |
| ON Semiconductor Corp. \* | 82262 | 3265801 |
| Qorvo, Inc. \* | 56130 | 4022837 |
| QUALCOMM, Inc.  | 241002 | 35779157 |
| Skyworks Solutions, Inc.  | 61625 | 3961255 |
| Teradyne, Inc.  | 35690 | 2648555 |
| Texas Instruments, Inc.  | 160119 | 25627046 |
|  |  | **333456697** |
| **Software & Services 5.1%** | **Software & Services 5.1%** | **Software & Services 5.1%** |
| Accenture PLC, Class A  | 107066 | 32028794 |
| Adobe, Inc. \* | 44583 | 16717733 |
| Akamai Technologies, Inc. \* | 39975 | 3221186 |
| Amdocs Ltd.  | 48392 | 4286563 |
| ANSYS, Inc. \* | 5970 | 1921624 |
| ASGN, Inc. \* | 24374 | 1227962 |
| Autodesk, Inc. \* | 11003 | 3017573 |
| Cadence Design Systems, Inc. \* | 12408 | 3694358 |
| Cognizant Technology Solutions Corp., <br> Class A <br>| 224964 | 16550601 |
| DXC Technology Co. \* | 256086 | 3974455 |
| EPAM Systems, Inc. \* | 10389 | 1630138 |
| Fortinet, Inc. \* | 36523 | 3789626 |
| Gartner, Inc. \* | 6186 | 2604801 |
| Gen Digital, Inc.  | 133638 | 3457215 |
| GoDaddy, Inc., Class A \* | 13715 | 2582946 |
| International Business Machines Corp.  | 209969 | 50774704 |
| Intuit, Inc.  | 17155 | 10764248 |
| Kyndryl Holdings, Inc. \* | 114873 | 3724183 |
| Microsoft Corp.  | 608747 | 240613339 |
| Oracle Corp.  | 233378 | 32840952 |
| Palo Alto Networks, Inc. \* | 14637 | 2736094 |
| Roper Technologies, Inc.  | 9843 | 5512867 |
| Salesforce, Inc.  | 50184 | 13484943 |
| ServiceNow, Inc. \* | 702 | 670417 |
| Synopsys, Inc. \* | 6549 | 3006057 |
| Zoom Communications, Inc. \* | 7284 | 564801 |
|  |  | **465398180** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Technology Hardware & Equipment 6.8%** | **Technology Hardware & Equipment 6.8%** | **Technology Hardware & Equipment 6.8%** |
| Amphenol Corp., Class A  | 110713 | 8519365 |
| Apple, Inc.  | 1850641 | 393261212 |
| Arista Networks, Inc. \* | 31229 | 2569210 |
| Arrow Electronics, Inc. \* | 71561 | 7969033 |
| Avnet, Inc.  | 137150 | 6444678 |
| CDW Corp.  | 28387 | 4557817 |
| Ciena Corp. \* | 40343 | 2709436 |
| Cisco Systems, Inc.  | 1286657 | 74278709 |
| Coherent Corp. \* | 20171 | 1297399 |
| Corning, Inc.  | 240881 | 10690299 |
| Dell Technologies, Inc., Class C  | 41677 | 3824282 |
| F5, Inc. \* | 11076 | 2932260 |
| Flex Ltd. \* | 135731 | 4661003 |
| Hewlett Packard Enterprise Co.  | 875125 | 14194527 |
| HP, Inc.  | 552817 | 14135531 |
| Insight Enterprises, Inc. \* | 13400 | 1852952 |
| Jabil, Inc.  | 46640 | 6835558 |
| Juniper Networks, Inc.  | 113479 | 4121557 |
| Keysight Technologies, Inc. \* | 27527 | 4002426 |
| Motorola Solutions, Inc.  | 12300 | 5416797 |
| NetApp, Inc.  | 48286 | 4333669 |
| Sandisk Corp. \* | 50039 | 1606752 |
| Sanmina Corp. \* | 37894 | 2909880 |
| Seagate Technology Holdings PLC  | 75997 | 6918007 |
| TD SYNNEX Corp.  | 32345 | 3583826 |
| TE Connectivity PLC  | 75767 | 11090773 |
| Teledyne Technologies, Inc. \* | 6156 | 2868881 |
| Trimble, Inc. \* | 42327 | 2630200 |
| Vishay Intertechnology, Inc.  | 25481 | 330998 |
| Western Digital Corp. \* | 151140 | 6629000 |
| Xerox Holdings Corp.  | 323541 | 1426816 |
| Zebra Technologies Corp., Class A \* | 9531 | 2385800 |
|  |  | **620988653** |
| **Telecommunication Services 3.3%** | **Telecommunication Services 3.3%** | **Telecommunication Services 3.3%** |
| AT&T, Inc.  | 4793997 | 132793717 |
| Frontier Communications Parent, Inc. \* | 118724 | 4303745 |
| Liberty Global Ltd., Class C \* | 457073 | 5183208 |
| Liberty Latin America Ltd., Class C \* | 72960 | 401280 |
| Lumen Technologies, Inc. \* | 4402041 | 15583225 |
| Sunrise Communications AG, Class A, <br> ADR \*<br>| 72507 | 3909577 |
| Telephone & Data Systems, Inc.  | 106450 | 3990811 |
| T-Mobile U.S., Inc.  | 92439 | 22827811 |
| Verizon Communications, Inc.  | 2670421 | 117658749 |
|  |  | **306652123** |
| **Transportation 1.9%** | **Transportation 1.9%** | **Transportation 1.9%** |
| Alaska Air Group, Inc. \* | 50227 | 2223549 |
| American Airlines Group, Inc. \* | 123426 | 1228089 |
| Avis Budget Group, Inc. \* | 40298 | 3732804 |
| CH Robinson Worldwide, Inc.  | 67136 | 5989874 |
| CSX Corp.  | 628318 | 17636886 |
| Delta Air Lines, Inc.  | 38879 | 1618533 |
| Expeditors International of Washington, <br> Inc. <br>| 66733 | 7334624 |
| FedEx Corp.  | 112918 | 23750043 |
| GXO Logistics, Inc. \* | 43447 | 1574519 |
| Hertz Global Holdings, Inc. *\*(a)* | 620183 | 4229648 |
| Hub Group, Inc., Class A  | 45287 | 1430616 |
| JB Hunt Transport Services, Inc.  | 29456 | 3846365 |
| Knight-Swift Transportation Holdings, <br> Inc. <br>| 86306 | 3380606 |
| Landstar System, Inc.  | 16205 | 2173901 |

---

*See financial notes*

**8**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental U.S. Large Company Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Matson, Inc.  | 18577 | 2026565 |
| Norfolk Southern Corp.  | 75481 | 16911518 |
| Old Dominion Freight Line, Inc.  | 27839 | 4267162 |
| Ryder System, Inc.  | 37172 | 5117469 |
| Southwest Airlines Co.  | 57042 | 1594894 |
| Uber Technologies, Inc. \* | 48785 | 3952073 |
| U-Haul Holding Co., Non Voting Shares  | 33642 | 1843582 |
| Union Pacific Corp.  | 148384 | 32000493 |
| United Parcel Service, Inc., Class B  | 285620 | 27219586 |
| Werner Enterprises, Inc.  | 39621 | 977054 |
|  |  | **176060453** |
| **Utilities 3.8%** | **Utilities 3.8%** | **Utilities 3.8%** |
| AES Corp.  | 469286 | 4692860 |
| Alliant Energy Corp.  | 69242 | 4226532 |
| Ameren Corp.  | 76042 | 7546408 |
| American Electric Power Co., Inc.  | 162500 | 17605250 |
| American Water Works Co., Inc.  | 33937 | 4989078 |
| Atmos Energy Corp.  | 27638 | 4439492 |
| CenterPoint Energy, Inc.  | 211961 | 8219848 |
| CMS Energy Corp.  | 85928 | 6328597 |
| Consolidated Edison, Inc.  | 125590 | 14160272 |
| Constellation Energy Corp.  | 33398 | 7462449 |
| Dominion Energy, Inc.  | 304547 | 16561266 |
| DTE Energy Co.  | 58452 | 8007924 |
| Duke Energy Corp.  | 260977 | 31844414 |
| Edison International  | 144650 | 7740222 |
| Entergy Corp.  | 141525 | 11770634 |
| Essential Utilities, Inc.  | 15788 | 649360 |
| Evergy, Inc.  | 109197 | 7545513 |
| Eversource Energy  | 138279 | 8224835 |
| Exelon Corp.  | 442468 | 20751749 |
| FirstEnergy Corp.  | 211056 | 9050081 |
| MDU Resources Group, Inc.  | 54027 | 926023 |
| National Fuel Gas Co.  | 32540 | 2498421 |
| NextEra Energy, Inc.  | 328867 | 21994625 |
| NiSource, Inc.  | 121135 | 4737590 |
| NRG Energy, Inc.  | 78930 | 8649149 |
| OGE Energy Corp.  | 71079 | 3225565 |
| PG&E Corp.  | 289395 | 4780805 |
| Pinnacle West Capital Corp.  | 45000 | 4283100 |
| Portland General Electric Co.  | 43816 | 1845530 |
| PPL Corp.  | 292142 | 10663183 |
| Public Service Enterprise Group, Inc.  | 114219 | 9129525 |
| Sempra  | 145866 | 10833468 |
| Southern Co.  | 285716 | 26254443 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| UGI Corp.  | 195485 | 6409953 |
| Vistra Corp.  | 57346 | 7433762 |
| WEC Energy Group, Inc.  | 83981 | 9197599 |
| Xcel Energy, Inc.  | 182621 | 12911305 |
|  |  | **347590830** |
| **Total Common Stocks** <br>**(Cost $5,762,733,868)** | **Total Common Stocks** <br>**(Cost $5,762,733,868)** | **9121660841** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.5% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.5% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.5% OF NET ASSETS  |
| **Money Market Funds 0.5%** | **Money Market Funds 0.5%** | **Money Market Funds 0.5%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.29% *(c)*<br>| 23765523 | 23765523 |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.29% *(c)(d)*<br>| 19601025 | 19601025 |
|  |  | **43366548** |
| **Total Short-Term Investments** <br>**(Cost $43,366,548)** | **Total Short-Term Investments** <br>**(Cost $43,366,548)** | **43366548** |
| **Total Investments in Securities** <br>**(Cost $5,806,100,416)** | **Total Investments in Securities** <br>**(Cost $5,806,100,416)** | **9165027389** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| S&P 500 Index, e-mini, expires <br> 06/20/25<br>| 125 | 34918750 | **4107** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $18,758,604. 

*(b)* Issuer is affiliated with the fund's investment adviser.

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADR — American Depositary Receipt <br> REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers during the period ended April 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.1% OF NET ASSETS | **COMMON STOCKS** 0.1% OF NET ASSETS | **COMMON STOCKS** 0.1% OF NET ASSETS | **COMMON STOCKS** 0.1% OF NET ASSETS | **COMMON STOCKS** 0.1% OF NET ASSETS | **COMMON STOCKS** 0.1% OF NET ASSETS | **COMMON STOCKS** 0.1% OF NET ASSETS | **COMMON STOCKS** 0.1% OF NET ASSETS | **COMMON STOCKS** 0.1% OF NET ASSETS |
| **Financial Services 0.1%** | **Financial Services 0.1%** | **Financial Services 0.1%** | **Financial Services 0.1%** | **Financial Services 0.1%** | **Financial Services 0.1%** | **Financial Services 0.1%** | **Financial Services 0.1%** | **Financial Services 0.1%** |
| Charles Schwab Corp. | $10859939 | $847771 | ($111813)<br>| ($1877)<br>| $1655458 | **$13249478** | 162770 | $80329 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**9**

------

Schwab Fundamental U.S. Large Company Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

The following is a summary of the inputs used to value the fund's investments as of April 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $9121660841 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $9121660841 |
| Short-Term Investments<sup>1</sup> <br>| 43366548 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 43366548 |
| Futures Contracts<sup>2</sup> <br>| 4107 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4107 |
| **Total** | **$9165031496** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$9165031496** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

**10**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental U.S. Large Company Index Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $7,562,798)  |  | $13249478 |
| Investments in securities, at value - unaffiliated issuers (cost $5,798,537,618) including securities on loan of $18,758,604 |  | 9151777911 |
| Deposit with broker for futures contracts |  | 3152753 |
| Receivables: |  |  |
| Fund shares sold |  | 13187842 |
| Dividends |  | 9159538 |
| Investments sold |  | 3114470 |
| Variation margin on future contracts |  | 19163 |
| Income from securities on loan | + | 16736 |
| **Total assets** |  | **9193677891** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 19601025 |
| Payables: |  |  |
| Investments bought |  | 11792378 |
| Fund shares redeemed |  | 4140430 |
| Investment adviser fees | + | 1831150 |
| **Total liabilities** |  | **37364983** |
| **Net assets** |  | **$9156312908** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $5653817827 |
| Total distributable earnings | + | 3502495081 |
| **Net assets** |  | **$9156312908** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $9156312908 |  | &nbsp;&nbsp;&nbsp;&nbsp; 339084548 |  | &nbsp;&nbsp;&nbsp;&nbsp; $27.00 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**11**

------

Schwab Fundamental U.S. Large Company Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $136,581) |  | $100426727 |
| Dividends received from securities - affiliated issuers |  | 80329 |
| Other Interest |  | 44507 |
| Securities on loan, net | + | 156784 |
| **Total investment income**  |  | **100708347** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 11822953 |
| **Total expenses** | – | **11822953** |
| **Net investment income** |  | **88885394** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized losses on sales of securities - affiliated issuers  |  | (1877)<br>|
| Net realized gains on sales of securities - unaffiliated issuers  |  | 45482958 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 255052483 |
| Net realized losses on futures contracts | + | (1137596)<br>|
| **Net realized gains** |  | **299395968** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | 1655458 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | (620441897)<br>|
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 362358 |
| **Net change in unrealized appreciation (depreciation)** | **+** | **(618424081)**<br>|
| **Net realized and unrealized losses** |  | **(319028113)**<br>|
| **Decrease in net assets resulting from operations** |  | **($230142719)**<br>|

---

*See financial notes*

**12**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental U.S. Large Company Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $88885394 | &nbsp;&nbsp;&nbsp; $160455183 |
| Net realized gains |  | 299395968 | &nbsp;&nbsp;&nbsp; 449995242 |
| Net change in unrealized appreciation (depreciation) | + | (618424081)<br>| &nbsp;&nbsp;&nbsp; 1637312062 |
| **Increase (decrease) in net assets resulting from operations** |  | **($230142719)**<br>| &nbsp;&nbsp;&nbsp; **$2247762487** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($165577503)**<br>| &nbsp;&nbsp;&nbsp; **($142700838)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 45024162 | &nbsp;&nbsp;&nbsp; $1269283130 | &nbsp;&nbsp;&nbsp; 92576928 | &nbsp;&nbsp;&nbsp; $2391029003 |
| Shares reinvested |  | 4198098 | &nbsp;&nbsp;&nbsp; 120653345 | &nbsp;&nbsp;&nbsp; 4359762 | &nbsp;&nbsp;&nbsp; 101408064 |
| Shares redeemed | + | (42996872)<br>| &nbsp;&nbsp;&nbsp; (1212957219)<br>| &nbsp;&nbsp;&nbsp; (79224901)<br>| &nbsp;&nbsp;&nbsp; (2058413474)<br>|
| **Net transactions in fund shares**  |  | **6225388** | &nbsp;&nbsp;&nbsp; **$176979256** | &nbsp;&nbsp;&nbsp; **17711789** | &nbsp;&nbsp;&nbsp; **$434023593** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 332859160 | &nbsp;&nbsp;&nbsp; $9375053874 | &nbsp;&nbsp;&nbsp; 315147371 | &nbsp;&nbsp;&nbsp; $6835968632 |
| Total increase (decrease) | + | 6225388 | &nbsp;&nbsp;&nbsp; (218740966)<br>| &nbsp;&nbsp;&nbsp; 17711789 | &nbsp;&nbsp;&nbsp; 2539085242 |
| **End of period** |  | **339084548** | &nbsp;&nbsp;&nbsp; **$9156312908** | &nbsp;&nbsp;&nbsp; **332859160** | &nbsp;&nbsp;&nbsp; **$9375053874** |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**13**

------

Schwab Fundamental U.S. Small Company Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $17.71 | &nbsp;&nbsp; $13.80 | &nbsp;&nbsp; $15.22 | &nbsp;&nbsp; $19.32 | &nbsp;&nbsp; $11.97 | &nbsp;&nbsp; $13.85 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.14 | 0.25 | 0.23 | 0.22 | 0.18 | 0.17 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (1.81)<br>| 3.89 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (2.17)<br>| 7.38 | &nbsp;&nbsp; (1.53)<br>|
| Total from investment operations | &nbsp;&nbsp; (1.67)<br>| 4.14 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.95)<br>| 7.56 | &nbsp;&nbsp; (1.36)<br>|
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.20)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32)<br>|
| Total distributions | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (2.15)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.52)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $15.74 | &nbsp;&nbsp; $17.71 | &nbsp;&nbsp; $13.80 | &nbsp;&nbsp; $15.22 | &nbsp;&nbsp; $19.32 | &nbsp;&nbsp; $11.97 |
| Total return | &nbsp;&nbsp; (9.68 %)<sup>2</sup><br>| 30.22<br> %<br>| &nbsp;&nbsp; (3.04<br> %)<br>| &nbsp;&nbsp; (11.37<br> %)<br>| 63.73<br> %<br>| &nbsp;&nbsp; (10.42<br> %)<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Total expenses | 0.25 %<sup>3</sup><br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.25 %<sup>4</sup><br>| 0.25<br> %<br>| 0.25<br> %<br>|
| Net investment income (loss) | 1.63 %<sup>3</sup><br>| 1.49<br> %<br>| 1.56<br> %<br>| 1.35<br> %<br>| 1.02<br> %<br>| 1.43<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 13 %<sup>2,5</sup><br>| &nbsp;&nbsp; 40 %<sup>5</sup><br>| &nbsp;&nbsp; 22 %<sup>5</sup><br>| &nbsp;&nbsp; 35 %<sup>5</sup><br>| &nbsp;&nbsp; 36 %<sup>5</sup><br>| &nbsp;&nbsp; 28<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $1588 | &nbsp;&nbsp; $1746 | &nbsp;&nbsp; $1524 | &nbsp;&nbsp; $1631 | &nbsp;&nbsp; $1945 | &nbsp;&nbsp; $1394 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>5</sup> Portfolio turnover rate excludes in-kind transactions.

*See financial notes*

**14**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental U.S. Small Company Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 99.7% OF NET ASSETS  | **COMMON STOCKS** 99.7% OF NET ASSETS  | **COMMON STOCKS** 99.7% OF NET ASSETS  |
| **Automobiles & Components 1.2%** | **Automobiles & Components 1.2%** | **Automobiles & Components 1.2%** |
| American Axle & Manufacturing <br> Holdings, Inc. \*<br>| 167306 | 639109 |
| Dorman Products, Inc. \* | 14735 | 1669475 |
| Fox Factory Holding Corp. \* | 52718 | 1070703 |
| Gentherm, Inc. \* | 38945 | 1012959 |
| LCI Industries  | 37260 | 2872001 |
| Modine Manufacturing Co. \* | 16713 | 1364449 |
| Patrick Industries, Inc.  | 39356 | 3029625 |
| Phinia, Inc.  | 60486 | 2428513 |
| Rivian Automotive, Inc., Class A \* | 15051 | 205597 |
| Standard Motor Products, Inc.  | 10408 | 282057 |
| Visteon Corp. \* | 25778 | 2041360 |
| Winnebago Industries, Inc.  | 73164 | 2328078 |
|  |  | **18943926** |
| **Banks 8.6%** | **Banks 8.6%** | **Banks 8.6%** |
| Ameris Bancorp  | 33985 | 1991521 |
| Associated Banc-Corp.  | 132141 | 2915030 |
| Atlantic Union Bankshares Corp.  | 93154 | 2580366 |
| Axos Financial, Inc. \* | 21003 | 1333270 |
| Bancorp, Inc. \* | 3282 | 158553 |
| Bank of Hawaii Corp.  | 29508 | 1950774 |
| Bank OZK  | 83861 | 3572479 |
| BankUnited, Inc.  | 115071 | 3763972 |
| Banner Corp.  | 26935 | 1646806 |
| Berkshire Hills Bancorp, Inc.  | 8046 | 199782 |
| BOK Financial Corp.  | 15406 | 1435377 |
| Brookline Bancorp, Inc.  | 15982 | 166852 |
| Cadence Bank  | 103260 | 3021388 |
| Capitol Federal Financial, Inc.  | 28225 | 160036 |
| Cathay General Bancorp  | 59453 | 2478596 |
| City Holding Co.  | 6882 | 797417 |
| Columbia Banking System, Inc.  | 82529 | 1850300 |
| Commerce Bancshares, Inc.  | 53146 | 3228088 |
| Community Financial System, Inc.  | 28171 | 1537855 |
| Cullen/Frost Bankers, Inc.  | 28845 | 3359577 |
| Customers Bancorp, Inc. \* | 22920 | 1146000 |
| CVB Financial Corp.  | 93038 | 1724924 |
| Dime Community Bancshares, Inc.  | 6162 | 158302 |
| Eagle Bancorp, Inc.  | 11568 | 207646 |
| Eastern Bankshares, Inc.  | 64459 | 961728 |
| Enterprise Financial Services Corp.  | 19391 | 1008720 |
| FB Financial Corp.  | 3317 | 141172 |
| First Bancorp/Southern Pines NC  | 21049 | 851643 |
| First Busey Corp.  | 42825 | 890332 |
| First Commonwealth Financial Corp.  | 66096 | 1012591 |
| First Financial Bancorp  | 69569 | 1610522 |
| First Financial Bankshares, Inc.  | 39722 | 1331084 |
| First Hawaiian, Inc.  | 120330 | 2750744 |
| First Interstate BancSystem, Inc., <br> Class A <br>| 70260 | 1840461 |
| First Merchants Corp.  | 38035 | 1355567 |
| FNB Corp.  | 253111 | 3313223 |
| Fulton Financial Corp.  | 110639 | 1845458 |
| Glacier Bancorp, Inc.  | 50936 | 2076151 |
| Hancock Whitney Corp.  | 59662 | 3107794 |
| Hilltop Holdings, Inc.  | 69491 | 2052069 |
| Home BancShares, Inc.  | 97989 | 2719195 |
| HomeStreet, Inc. \* | 17766 | 201822 |
| Hope Bancorp, Inc.  | 151134 | 1506806 |
| Independent Bank Corp.  | 25030 | 1479023 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| International Bancshares Corp.  | 28672 | 1750139 |
| Lakeland Financial Corp.  | 11091 | 617436 |
| National Bank Holdings Corp., Class A  | 4124 | 149124 |
| NBT Bancorp, Inc.  | 26228 | 1110494 |
| Northwest Bancshares, Inc.  | 105513 | 1303086 |
| OceanFirst Financial Corp.  | 11802 | 195441 |
| Old National Bancorp  | 145137 | 2988371 |
| Pacific Premier Bancorp, Inc.  | 79515 | 1617335 |
| Park National Corp.  | 6975 | 1046947 |
| Pathward Financial, Inc.  | 14644 | 1162294 |
| Pinnacle Financial Partners, Inc.  | 31752 | 3182820 |
| Preferred Bank  | 2045 | 163314 |
| Prosperity Bancshares, Inc.  | 52449 | 3561287 |
| Provident Financial Services, Inc.  | 81815 | 1339312 |
| Renasant Corp.  | 42659 | 1368074 |
| S&T Bancorp, Inc.  | 26213 | 955202 |
| Seacoast Banking Corp. of Florida  | 28711 | 680738 |
| ServisFirst Bancshares, Inc.  | 14044 | 1000214 |
| Simmons First National Corp., Class A  | 123426 | 2303129 |
| Southside Bancshares, Inc.  | 6189 | 174468 |
| SouthState Corp.  | 50538 | 4385688 |
| Texas Capital Bancshares, Inc. \* | 28614 | 1950044 |
| Towne Bank  | 41471 | 1366469 |
| TriCo Bancshares  | 3965 | 152970 |
| Triumph Financial, Inc. \* | 2498 | 133443 |
| Trustmark Corp.  | 42514 | 1426345 |
| UMB Financial Corp.  | 31499 | 2978860 |
| United Bankshares, Inc.  | 86370 | 2961627 |
| United Community Banks, Inc.  | 60576 | 1672503 |
| Valley National Bancorp  | 400619 | 3445323 |
| Veritex Holdings, Inc.  | 37661 | 876748 |
| WaFd, Inc.  | 75779 | 2161975 |
| Webster Financial Corp.  | 67135 | 3175485 |
| WesBanco, Inc.  | 57670 | 1717413 |
| Westamerica BanCorp  | 3348 | 162144 |
| Western Alliance Bancorp  | 52251 | 3642417 |
| Wintrust Financial Corp.  | 30144 | 3351108 |
| WSFS Financial Corp.  | 33228 | 1712903 |
|  |  | **137383706** |
| **Capital Goods 12.0%** | **Capital Goods 12.0%** | **Capital Goods 12.0%** |
| AAON, Inc.  | 10830 | 988454 |
| AAR Corp. \* | 35466 | 1896012 |
| Advanced Drainage Systems, Inc.  | 26827 | 3044596 |
| AeroVironment, Inc. \* | 1233 | 186824 |
| Alamo Group, Inc.  | 8321 | 1389441 |
| Albany International Corp., Class A  | 24705 | 1624601 |
| American Woodmark Corp. \* | 27172 | 1603148 |
| API Group Corp. \* | 77289 | 2923843 |
| Apogee Enterprises, Inc.  | 29009 | 1150787 |
| Applied Industrial Technologies, Inc.  | 17751 | 4318463 |
| Arcosa, Inc.  | 34473 | 2760253 |
| Armstrong World Industries, Inc.  | 21667 | 3142148 |
| Astec Industries, Inc.  | 9932 | 359836 |
| Atkore, Inc.  | 29530 | 1886081 |
| Atmus Filtration Technologies, Inc.  | 7594 | 263284 |
| Axon Enterprise, Inc. \* | 267 | 163751 |
| AZEK Co., Inc., Class A \* | 36781 | 1822866 |
| AZZ, Inc.  | 17298 | 1500775 |
| BlueLinx Holdings, Inc. \* | 27795 | 1810566 |
| BWX Technologies, Inc.  | 33422 | 3647009 |
| Chart Industries, Inc. \* | 11471 | 1548356 |
| Columbus McKinnon Corp.  | 35496 | 527116 |
| Comfort Systems USA, Inc.  | 8455 | 3361285 |
| Construction Partners, Inc., Class A \* | 12204 | 1002437 |
| Core & Main, Inc., Class A \* | 79937 | 4211081 |
| Crane Co.  | 22107 | 3558785 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**15**

------

Schwab Fundamental U.S. Small Company Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| CSW Industrials, Inc.  | 3215 | 1004623 |
| Curtiss-Wright Corp.  | 3328 | 1147794 |
| DNOW, Inc. \* | 171741 | 2725530 |
| Douglas Dynamics, Inc.  | 6865 | 164623 |
| Ducommun, Inc. \* | 2975 | 170527 |
| DXP Enterprises, Inc. \* | 2169 | 191870 |
| Dycom Industries, Inc. \* | 19514 | 3269571 |
| Enerpac Tool Group Corp., Class A  | 19061 | 769493 |
| EnerSys  | 40055 | 3468763 |
| Enpro, Inc.  | 9618 | 1436929 |
| Esab Corp.  | 23376 | 2807925 |
| ESCO Technologies, Inc.  | 10856 | 1698421 |
| Everus Construction Group, Inc. \* | 10347 | 416363 |
| Federal Signal Corp.  | 22417 | 1825416 |
| Flowserve Corp.  | 82377 | 3725912 |
| Franklin Electric Co., Inc.  | 22914 | 1946773 |
| FTAI Aviation Ltd.  | 14977 | 1604186 |
| Gates Industrial Corp. PLC \* | 125034 | 2365643 |
| GATX Corp.  | 25147 | 3670456 |
| Gibraltar Industries, Inc. \* | 28380 | 1502721 |
| GMS, Inc. \* | 44768 | 3279704 |
| GrafTech International Ltd. \* | 472355 | 299001 |
| Granite Construction, Inc.  | 37515 | 3049594 |
| Greenbrier Cos., Inc.  | 47967 | 2034760 |
| Griffon Corp.  | 21040 | 1433034 |
| H&E Equipment Services, Inc.  | 35195 | 3160863 |
| Hayward Holdings, Inc. \* | 95359 | 1271135 |
| HEICO Corp.  | 15477 | 3881013 |
| Helios Technologies, Inc.  | 26144 | 712685 |
| Herc Holdings, Inc.  | 23393 | 2560130 |
| Hexcel Corp.  | 55502 | 2690182 |
| Hillenbrand, Inc.  | 80790 | 1634382 |
| Hillman Solutions Corp. \* | 151503 | 1059006 |
| Insteel Industries, Inc.  | 8318 | 282063 |
| Janus International Group, Inc. \* | 27478 | 189049 |
| JBT Marel Corp.  | 19755 | 2079411 |
| JELD-WEN Holding, Inc. \* | 299887 | 1655376 |
| Kadant, Inc.  | 3830 | 1129850 |
| Kennametal, Inc.  | 133019 | 2591210 |
| Kratos Defense & Security Solutions, <br> Inc. \*<br>| 40890 | 1381469 |
| Lennox International, Inc.  | 1715 | 937676 |
| Leonardo DRS, Inc.  | 32993 | 1219421 |
| Lindsay Corp.  | 6967 | 899161 |
| Manitowoc Co., Inc. \* | 29585 | 233130 |
| Masterbrand, Inc. \* | 219659 | 2668857 |
| McGrath RentCorp  | 14681 | 1566022 |
| Mercury Systems, Inc. \* | 33338 | 1666900 |
| Miller Industries, Inc.  | 3479 | 141978 |
| Moog, Inc., Class A  | 17038 | 2849606 |
| MRC Global, Inc. \* | 30516 | 355511 |
| MSC Industrial Direct Co., Inc., Class A  | 41549 | 3177668 |
| Mueller Water Products, Inc., Class A  | 77779 | 2040921 |
| MYR Group, Inc. \* | 16360 | 2001155 |
| NEXTracker, Inc., Class A \* | 4124 | 167476 |
| Primoris Services Corp.  | 46584 | 2793643 |
| Proto Labs, Inc. \* | 5595 | 196720 |
| Quanex Building Products Corp.  | 52711 | 866569 |
| RBC Bearings, Inc. \* | 5408 | 1776907 |
| REV Group, Inc.  | 37851 | 1237728 |
| Shyft Group, Inc.  | 16444 | 139116 |
| Simpson Manufacturing Co., Inc.  | 18158 | 2790703 |
| SiteOne Landscape Supply, Inc. \* | 24609 | 2825359 |
| Spirit AeroSystems Holdings, Inc., <br> Class A \*<br>| 60763 | 2187468 |
| SPX Technologies, Inc. \* | 10390 | 1393819 |
| Standex International Corp.  | 6363 | 899855 |
| Sterling Infrastructure, Inc. \* | 8916 | 1332318 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sunrun, Inc. \* | 46796 | 322424 |
| Tennant Co.  | 14692 | 1060175 |
| Terex Corp.  | 78099 | 2749085 |
| Titan International, Inc. \* | 27658 | 203286 |
| Titan Machinery, Inc. \* | 17084 | 283424 |
| Trex Co., Inc. \* | 38350 | 2217397 |
| Trinity Industries, Inc.  | 88038 | 2209754 |
| Triumph Group, Inc. \* | 6486 | 164744 |
| Tutor Perini Corp. \* | 20572 | 441475 |
| V2X, Inc. \* | 4191 | 208544 |
| Valmont Industries, Inc.  | 13980 | 4099216 |
| Vertiv Holdings Co., Class A  | 29254 | 2497707 |
| Wabash National Corp.  | 109784 | 758607 |
| Watts Water Technologies, Inc., Class A  | 13206 | 2743547 |
| WillScot Holdings Corp.  | 51225 | 1286772 |
| Woodward, Inc.  | 25539 | 4790350 |
| Worthington Enterprises, Inc.  | 40047 | 2027580 |
| Zurn Elkay Water Solutions Corp.  | 40244 | 1366686 |
|  |  | **190775714** |
| **Commercial & Professional Services 5.5%** | **Commercial & Professional Services 5.5%** | **Commercial & Professional Services 5.5%** |
| ACCO Brands Corp.  | 78812 | 304214 |
| Alight, Inc., Class A  | 376541 | 1924124 |
| Amentum Holdings, Inc. \* | 18596 | 405765 |
| Barrett Business Services, Inc.  | 4144 | 168081 |
| Brady Corp., Class A  | 32618 | 2292719 |
| BrightView Holdings, Inc. \* | 23171 | 317906 |
| Brink's Co.  | 30599 | 2730655 |
| Casella Waste Systems, Inc., Class A \* | 10852 | 1274567 |
| CBIZ, Inc. \* | 19871 | 1353215 |
| Civeo Corp.  | 7492 | 142273 |
| Clarivate PLC \* | 98662 | 425233 |
| Clean Harbors, Inc. \* | 18767 | 4015012 |
| Conduent, Inc. \* | 157148 | 331582 |
| CoreCivic, Inc. \* | 197893 | 4480297 |
| CSG Systems International, Inc.  | 30991 | 1863489 |
| Dayforce, Inc. \* | 3203 | 185358 |
| Deluxe Corp.  | 29196 | 426262 |
| Dun & Bradstreet Holdings, Inc.  | 229294 | 2056767 |
| Ennis, Inc.  | 10103 | 181349 |
| Enviri Corp. \* | 32874 | 225844 |
| ExlService Holdings, Inc. \* | 52557 | 2547963 |
| Exponent, Inc.  | 13922 | 1095383 |
| FTI Consulting, Inc. \* | 20551 | 3417220 |
| GEO Group, Inc. \* | 200081 | 6258534 |
| Healthcare Services Group, Inc. \* | 46258 | 657326 |
| Heidrick & Struggles International, Inc.  | 4740 | 184955 |
| HNI Corp.  | 52132 | 2205184 |
| Huron Consulting Group, Inc. \* | 9906 | 1335230 |
| ICF International, Inc.  | 12021 | 1021304 |
| Insperity, Inc.  | 22391 | 1455639 |
| Interface, Inc., Class A  | 12463 | 234304 |
| Kelly Services, Inc., Class A  | 63094 | 728736 |
| Kforce, Inc.  | 30524 | 1166017 |
| Korn Ferry  | 51306 | 3165580 |
| Matthews International Corp., Class A  | 13542 | 276934 |
| Maximus, Inc.  | 40661 | 2722661 |
| MillerKnoll, Inc.  | 119115 | 1953486 |
| MSA Safety, Inc.  | 12148 | 1912338 |
| NV5 Global, Inc. \* | 42735 | 792734 |
| OPENLANE, Inc. \* | 119389 | 2209890 |
| Parsons Corp. \* | 21382 | 1429601 |
| Paycom Software, Inc.  | 10201 | 2309404 |
| Pitney Bowes, Inc.  | 24376 | 211584 |
| Resources Connection, Inc.  | 33287 | 190901 |
| Rollins, Inc.  | 64754 | 3699396 |
| Steelcase, Inc., Class A  | 199462 | 1978663 |

---

*See financial notes*

**16**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental U.S. Small Company Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Tetra Tech, Inc.  | 94437 | 2945490 |
| TriNet Group, Inc.  | 30296 | 2373086 |
| TrueBlue, Inc. \* | 62511 | 271298 |
| TTEC Holdings, Inc. \* | 79690 | 318760 |
| UL Solutions, Inc., Class A  | 3745 | 214177 |
| UniFirst Corp.  | 16491 | 2943149 |
| Veralto Corp.  | 30440 | 2919196 |
| Verra Mobility Corp., Class A \* | 43548 | 949346 |
| Vestis Corp.  | 302877 | 2653203 |
| VSE Corp.  | 8146 | 932880 |
|  |  | **86786264** |
| **Consumer Discretionary Distribution & Retail 3.8%** | **Consumer Discretionary Distribution & Retail 3.8%** | **Consumer Discretionary Distribution & Retail 3.8%** |
| 1-800-Flowers.com, Inc., Class A \* | 19216 | 106264 |
| Abercrombie & Fitch Co., Class A \* | 25720 | 1785482 |
| A-Mark Precious Metals, Inc.  | 30460 | 742006 |
| American Eagle Outfitters, Inc.  | 173045 | 1822164 |
| America's Car-Mart, Inc. \* | 3900 | 184938 |
| Arko Corp.  | 24755 | 99639 |
| Boot Barn Holdings, Inc. \* | 13078 | 1364559 |
| Buckle, Inc.  | 40463 | 1406494 |
| Caleres, Inc.  | 59653 | 909112 |
| Camping World Holdings, Inc., Class A  | 55139 | 664976 |
| ContextLogic, Inc., Class A \* | 34260 | 244616 |
| Coupang, Inc., Class A \* | 134578 | 3145088 |
| Designer Brands, Inc., Class A  | 58470 | 163131 |
| Dillard's, Inc., Class A  | 4473 | 1550610 |
| Etsy, Inc. \* | 56436 | 2453837 |
| Five Below, Inc. \* | 33929 | 2574872 |
| Floor & Decor Holdings, Inc., Class A \* | 29285 | 2092120 |
| GameStop Corp., Class A \* | 192236 | 5355695 |
| Genesco, Inc. \* | 9701 | 188199 |
| Guess?, Inc.  | 65026 | 731542 |
| Haverty Furniture Cos., Inc.  | 10940 | 198670 |
| MarineMax, Inc. \* | 14949 | 320806 |
| Monro, Inc.  | 18520 | 258169 |
| National Vision Holdings, Inc. \* | 167757 | 2071799 |
| Nordstrom, Inc.  | 193326 | 4666890 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 31320 | 3323365 |
| OneWater Marine, Inc., Class A \* | 9063 | 136036 |
| Petco Health & Wellness Co., Inc., <br> Class A \*<br>| 86215 | 254334 |
| RH \* | 10182 | 1873793 |
| Sally Beauty Holdings, Inc. \* | 281648 | 2292615 |
| Shoe Carnival, Inc.  | 9173 | 159427 |
| Signet Jewelers Ltd.  | 35299 | 2093231 |
| Sleep Number Corp. \* | 19226 | 149771 |
| Sonic Automotive, Inc., Class A  | 37125 | 2254230 |
| Stitch Fix, Inc., Class A \* | 36340 | 118832 |
| Upbound Group, Inc.  | 85367 | 1698803 |
| Urban Outfitters, Inc. \* | 90988 | 4802347 |
| Valvoline, Inc. \* | 83669 | 2866500 |
| Victoria's Secret & Co. \* | 137061 | 2576747 |
| Wayfair, Inc., Class A \* | 27214 | 820774 |
| Zumiez, Inc. \* | 17542 | 205241 |
|  |  | **60727724** |
| **Consumer Durables & Apparel 3.3%** | **Consumer Durables & Apparel 3.3%** | **Consumer Durables & Apparel 3.3%** |
| Acushnet Holdings Corp.  | 21750 | 1440285 |
| Beazer Homes USA, Inc. \* | 18353 | 358985 |
| Cavco Industries, Inc. \* | 5609 | 2770005 |
| Century Communities, Inc.  | 49761 | 2713965 |
| Champion Homes, Inc. \* | 32011 | 2768951 |
| Columbia Sportswear Co.  | 42738 | 2657021 |
| Crocs, Inc. \* | 23149 | 2232027 |
| Ethan Allen Interiors, Inc.  | 9446 | 268550 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| G-III Apparel Group Ltd. \* | 103249 | 2603940 |
| GoPro, Inc., Class A \* | 344089 | 198195 |
| Green Brick Partners, Inc. \* | 21284 | 1255543 |
| Helen of Troy Ltd. \* | 51678 | 1439749 |
| Hooker Furnishings Corp.  | 12746 | 122362 |
| Hovnanian Enterprises, Inc., Class A \* | 2011 | 194665 |
| Installed Building Products, Inc.  | 9444 | 1566099 |
| iRobot Corp. \* | 25392 | 62210 |
| Kontoor Brands, Inc.  | 29683 | 1785432 |
| La-Z-Boy, Inc.  | 65588 | 2590726 |
| Levi Strauss & Co., Class A  | 79221 | 1268328 |
| LGI Homes, Inc. \* | 33452 | 1826814 |
| M/I Homes, Inc. \* | 22578 | 2408621 |
| Malibu Boats, Inc., Class A \* | 9682 | 276518 |
| MasterCraft Boat Holdings, Inc. \* | 9649 | 158630 |
| Mattel, Inc. \* | 178586 | 2837732 |
| Movado Group, Inc.  | 10071 | 139886 |
| Oxford Industries, Inc.  | 20324 | 987746 |
| Peloton Interactive, Inc., Class A \* | 154618 | 1065318 |
| SharkNinja, Inc. \* | 22773 | 1833226 |
| Smith & Wesson Brands, Inc.  | 34888 | 332483 |
| Sonos, Inc. \* | 106669 | 982421 |
| Steven Madden Ltd.  | 77001 | 1617021 |
| Sturm Ruger & Co., Inc.  | 9855 | 400704 |
| TopBuild Corp. \* | 9502 | 2810312 |
| Topgolf Callaway Brands Corp. \* | 200856 | 1327658 |
| Under Armour, Inc., Class A \* | 521965 | 2985640 |
| Wolverine World Wide, Inc.  | 20897 | 272706 |
| YETI Holdings, Inc. \* | 46731 | 1334170 |
|  |  | **51894644** |
| **Consumer Services 5.9%** | **Consumer Services 5.9%** | **Consumer Services 5.9%** |
| ADT, Inc.  | 436322 | 3499302 |
| Adtalem Global Education, Inc. \* | 31168 | 3310042 |
| Airbnb, Inc., Class A \* | 22427 | 2734300 |
| BJ's Restaurants, Inc. \* | 5576 | 185625 |
| Bloomin' Brands, Inc.  | 154180 | 1236524 |
| Boyd Gaming Corp.  | 61297 | 4238075 |
| Bright Horizons Family Solutions, Inc. \* | 18391 | 2306599 |
| Brinker International, Inc. \* | 17469 | 2346087 |
| Cheesecake Factory, Inc.  | 25107 | 1264640 |
| Chegg, Inc. \* | 134094 | 97513 |
| Choice Hotels International, Inc.  | 11842 | 1493395 |
| Churchill Downs, Inc.  | 19691 | 1780263 |
| Cracker Barrel Old Country Store, Inc.  | 73869 | 3154206 |
| Dave & Buster's Entertainment, Inc. \* | 38259 | 734190 |
| Dine Brands Global, Inc.  | 10129 | 201668 |
| DoorDash, Inc., Class A \* | 19933 | 3844876 |
| Everi Holdings, Inc. \* | 18548 | 260599 |
| Frontdoor, Inc. \* | 26519 | 1090196 |
| Golden Entertainment, Inc.  | 27100 | 696470 |
| Graham Holdings Co., Class B  | 4144 | 3812687 |
| Grand Canyon Education, Inc. \* | 23532 | 4197403 |
| H&R Block, Inc.  | 79508 | 4799898 |
| Hilton Grand Vacations, Inc. \* | 63593 | 2138633 |
| Hyatt Hotels Corp., Class A  | 13820 | 1557238 |
| International Game Technology PLC  | 172068 | 2821915 |
| Jack in the Box, Inc.  | 47547 | 1238124 |
| Laureate Education, Inc. \* | 178196 | 3576394 |
| Light & Wonder, Inc. \* | 31364 | 2677858 |
| Papa John's International, Inc.  | 16557 | 571713 |
| Perdoceo Education Corp.  | 55728 | 1399887 |
| Planet Fitness, Inc., Class A \* | 23233 | 2197610 |
| Red Rock Resorts, Inc., Class A  | 30216 | 1290223 |
| Royal Caribbean Cruises Ltd.  | 15944 | 3426525 |
| Sabre Corp. \* | 230398 | 546043 |
| Six Flags Entertainment Corp.  | 8656 | 297853 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**17**

------

Schwab Fundamental U.S. Small Company Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Strategic Education, Inc.  | 18788 | 1532725 |
| Stride, Inc. \* | 17611 | 2505165 |
| Texas Roadhouse, Inc., Class A  | 19216 | 3189087 |
| Travel & Leisure Co.  | 95775 | 4207396 |
| United Parks & Resorts, Inc. \* | 30306 | 1322857 |
| Wendy's Co.  | 163234 | 2040425 |
| Wingstop, Inc.  | 2289 | 604044 |
| Wyndham Hotels & Resorts, Inc.  | 46856 | 3996817 |
| Wynn Resorts Ltd.  | 34306 | 2755115 |
|  |  | **93178205** |
| **Consumer Staples Distribution & Retail 1.1%** | **Consumer Staples Distribution & Retail 1.1%** | **Consumer Staples Distribution & Retail 1.1%** |
| Andersons, Inc.  | 74564 | 2811809 |
| Chefs' Warehouse, Inc. \* | 20960 | 1194091 |
| Grocery Outlet Holding Corp. \* | 125787 | 2111964 |
| Ingles Markets, Inc., Class A  | 61570 | 3798253 |
| Maplebear, Inc. \* | 3896 | 155411 |
| PriceSmart, Inc.  | 37945 | 3851038 |
| Village Super Market, Inc., Class A  | 6585 | 242657 |
| Weis Markets, Inc.  | 47407 | 4076528 |
|  |  | **18241751** |
| **Energy 4.1%** | **Energy 4.1%** | **Energy 4.1%** |
| Antero Midstream Corp.  | 134238 | 2221639 |
| Archrock, Inc.  | 98960 | 2328529 |
| Berry Corp.  | 82113 | 203640 |
| Bristow Group, Inc. \* | 5821 | 169042 |
| Cactus, Inc., Class A  | 17832 | 676546 |
| California Resources Corp.  | 51132 | 1764565 |
| ChampionX Corp.  | 102507 | 2473494 |
| Chord Energy Corp.  | 20498 | 1849535 |
| Civitas Resources, Inc.  | 51356 | 1399451 |
| CNX Resources Corp. \* | 117371 | 3454229 |
| Comstock Resources, Inc. \* | 102759 | 1877407 |
| Core Laboratories, Inc.  | 9297 | 105707 |
| Core Natural Resources, Inc.  | 27473 | 1983825 |
| Crescent Energy Co., Class A  | 109370 | 905584 |
| CVR Energy, Inc.  | 90902 | 1714412 |
| Delek U.S. Holdings, Inc.  | 52539 | 684058 |
| Dorian LPG Ltd.  | 38159 | 817366 |
| DT Midstream, Inc.  | 38031 | 3696613 |
| Expro Group Holdings NV \* | 65310 | 540114 |
| Green Plains, Inc. \* | 185684 | 664749 |
| Gulfport Energy Corp. \* | 3888 | 670680 |
| Helix Energy Solutions Group, Inc. \* | 133495 | 812985 |
| Helmerich & Payne, Inc.  | 83907 | 1585003 |
| International Seaways, Inc.  | 30272 | 1028037 |
| Kodiak Gas Services, Inc.  | 4586 | 155970 |
| Kosmos Energy Ltd. \* | 639318 | 984550 |
| Liberty Energy, Inc., Class A  | 183979 | 2115758 |
| Magnolia Oil & Gas Corp., Class A  | 96280 | 1976628 |
| Matador Resources Co.  | 52088 | 2059560 |
| Nabors Industries Ltd. \* | 13166 | 353375 |
| New Fortress Energy, Inc.  | 31684 | 172044 |
| Noble Corp. PLC  | 44170 | 960256 |
| Northern Oil & Gas, Inc.  | 43413 | 1054936 |
| NPK International, Inc. \* | 25839 | 149349 |
| Oceaneering International, Inc. \* | 52568 | 933082 |
| Oil States International, Inc. \* | 37961 | 133243 |
| Par Pacific Holdings, Inc. \* | 109088 | 1562140 |
| Patterson-UTI Energy, Inc.  | 340784 | 1922022 |
| Permian Resources Corp., Class A  | 142784 | 1684851 |
| ProPetro Holding Corp. \* | 53558 | 266719 |
| Range Resources Corp.  | 73684 | 2500098 |
| REX American Resources Corp. \* | 4567 | 181401 |
| RPC, Inc.  | 160802 | 760593 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Select Water Solutions, Inc.  | 23459 | 199871 |
| Summit Midstream Corp. \* | 4909 | 136667 |
| Talos Energy, Inc. \* | 180607 | 1242576 |
| TechnipFMC PLC  | 133690 | 3766047 |
| Texas Pacific Land Corp.  | 2062 | 2657650 |
| Tidewater, Inc. \* | 3793 | 137269 |
| Transocean Ltd. \* | 578225 | 1231619 |
| Valaris Ltd. \* | 19282 | 623001 |
| Vital Energy, Inc. \* | 55172 | 782339 |
| W&T Offshore, Inc.  | 94494 | 108668 |
| Weatherford International PLC  | 17761 | 735305 |
|  |  | **65174797** |
| **Equity Real Estate Investment Trusts (REITs) 7.9%** | **Equity Real Estate Investment Trusts (REITs) 7.9%** | **Equity Real Estate Investment Trusts (REITs) 7.9%** |
| Acadia Realty Trust  | 52128 | 995645 |
| Agree Realty Corp.  | 19688 | 1527986 |
| Alexander & Baldwin, Inc.  | 74205 | 1274842 |
| American Assets Trust, Inc.  | 43170 | 808574 |
| American Healthcare REIT, Inc.  | 10061 | 324769 |
| American Homes 4 Rent, Class A  | 100515 | 3758256 |
| Americold Realty Trust, Inc.  | 179027 | 3462382 |
| Apple Hospitality REIT, Inc.  | 204210 | 2403552 |
| Brandywine Realty Trust  | 99468 | 393893 |
| Brixmor Property Group, Inc.  | 37819 | 942071 |
| Broadstone Net Lease, Inc.  | 84766 | 1371514 |
| CareTrust REIT, Inc.  | 30724 | 899291 |
| Centerspace  | 2866 | 172992 |
| COPT Defense Properties  | 83590 | 2182535 |
| Cousins Properties, Inc.  | 111075 | 3059006 |
| CubeSmart  | 76839 | 3125042 |
| Curbline Properties Corp.  | 34711 | 794535 |
| DiamondRock Hospitality Co.  | 218883 | 1606601 |
| Diversified Healthcare Trust  | 174626 | 394655 |
| Douglas Emmett, Inc.  | 199943 | 2765212 |
| Easterly Government Properties, Inc.  | 33321 | 672085 |
| EastGroup Properties, Inc.  | 10327 | 1687638 |
| Elme Communities  | 64496 | 1004203 |
| Empire State Realty Trust, Inc., Class A  | 156651 | 1115355 |
| EPR Properties  | 57821 | 2861561 |
| Equity LifeStyle Properties, Inc.  | 55492 | 3594772 |
| Essential Properties Realty Trust, Inc.  | 31385 | 1009655 |
| Federal Realty Investment Trust  | 38560 | 3625411 |
| First Industrial Realty Trust, Inc.  | 41503 | 1974713 |
| Four Corners Property Trust, Inc.  | 31328 | 875618 |
| Global Net Lease, Inc.  | 187321 | 1414274 |
| Healthcare Realty Trust, Inc., Class A  | 214470 | 3330719 |
| Highwoods Properties, Inc.  | 108561 | 3087475 |
| HomeBanc Corp. *\*(a)* | 6875 | 0 |
| Hudson Pacific Properties, Inc.  | 691807 | 1418204 |
| Independence Realty Trust, Inc.  | 68317 | 1327399 |
| Innovative Industrial Properties, Inc.  | 2869 | 155815 |
| InvenTrust Properties Corp.  | 38172 | 1063472 |
| JBG SMITH Properties  | 160533 | 2244251 |
| Kilroy Realty Corp.  | 108802 | 3428351 |
| Kite Realty Group Trust  | 81433 | 1763024 |
| Lineage, Inc.  | 6196 | 298833 |
| LTC Properties, Inc.  | 22185 | 795776 |
| LXP Industrial Trust  | 186855 | 1474286 |
| Macerich Co.  | 213318 | 3127242 |
| Medical Properties Trust, Inc.  | 211343 | 1166613 |
| National Health Investors, Inc.  | 19266 | 1457858 |
| National Storage Affiliates Trust  | 30526 | 1135567 |
| NNN REIT, Inc.  | 75232 | 3092788 |
| Omega Healthcare Investors, Inc.  | 113877 | 4446897 |
| Outfront Media, Inc.  | 139291 | 2107473 |
| Paramount Group, Inc.  | 89428 | 383646 |
| Park Hotels & Resorts, Inc.  | 69678 | 692599 |

---

*See financial notes*

**18**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental U.S. Small Company Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Peakstone Realty Trust  | 30852 | 355107 |
| Pebblebrook Hotel Trust  | 129345 | 1170572 |
| Phillips Edison & Co., Inc.  | 55293 | 1918667 |
| Piedmont Office Realty Trust, Inc., <br> Class A <br>| 72210 | 426761 |
| PotlatchDeltic Corp.  | 88764 | 3407650 |
| Rayonier, Inc.  | 97381 | 2381939 |
| Rexford Industrial Realty, Inc.  | 45378 | 1502012 |
| RLJ Lodging Trust  | 252008 | 1766576 |
| Ryman Hospitality Properties, Inc.  | 16142 | 1419689 |
| Sabra Health Care REIT, Inc.  | 168730 | 3011831 |
| Service Properties Trust  | 933374 | 1680073 |
| Sila Realty Trust, Inc.  | 7244 | 186605 |
| SITE Centers Corp.  | 21079 | 249575 |
| SL Green Realty Corp.  | 67077 | 3528921 |
| STAG Industrial, Inc.  | 65494 | 2163267 |
| Summit Hotel Properties, Inc.  | 26699 | 108665 |
| Sunstone Hotel Investors, Inc.  | 183677 | 1531866 |
| Tanger, Inc.  | 49938 | 1573546 |
| Terreno Realty Corp.  | 16935 | 953949 |
| Uniti Group, Inc.  | 646976 | 3183122 |
| Urban Edge Properties  | 75382 | 1362153 |
| Veris Residential, Inc.  | 46964 | 728881 |
| Xenia Hotels & Resorts, Inc.  | 122388 | 1307104 |
|  |  | **126015457** |
| **Financial Services 7.4%** | **Financial Services 7.4%** | **Financial Services 7.4%** |
| Acadian Asset Management, Inc.  | 11028 | 297094 |
| AGNC Investment Corp.  | 267452 | 2361601 |
| Apollo Commercial Real Estate Finance, <br> Inc. <br>| 184313 | 1727013 |
| Apollo Global Management, Inc.  | 25530 | 3484334 |
| Arbor Realty Trust, Inc. *(b)* | 145559 | 1678295 |
| ARES Management Corp., Class A  | 17596 | 2683918 |
| Artisan Partners Asset Management, <br> Inc., Class A <br>| 62257 | 2302264 |
| B Riley Financial, Inc. *(b)* | 46355 | 135820 |
| BGC Group, Inc., Class A  | 186321 | 1688068 |
| Blackstone Mortgage Trust, Inc., Class A  | 167117 | 3183579 |
| BrightSpire Capital, Inc., Class A  | 46131 | 231116 |
| Chimera Investment Corp.  | 188139 | 2321635 |
| Claros Mortgage Trust, Inc.  | 236977 | 582963 |
| Cohen & Steers, Inc.  | 12522 | 955679 |
| Coinbase Global, Inc., Class A \* | 5902 | 1197457 |
| Credit Acceptance Corp. \* | 5942 | 2896250 |
| DigitalBridge Group, Inc.  | 261508 | 2196667 |
| Donnelley Financial Solutions, Inc. \* | 21627 | 1042421 |
| Enact Holdings, Inc.  | 5181 | 185428 |
| Encore Capital Group, Inc. \* | 48815 | 1679236 |
| Enova International, Inc. \* | 28141 | 2583062 |
| Essent Group Ltd.  | 56964 | 3242961 |
| Euronet Worldwide, Inc. \* | 34833 | 3451950 |
| EZCORP, Inc., Class A \* | 15165 | 248251 |
| FactSet Research Systems, Inc.  | 8654 | 3740432 |
| Federal Agricultural Mortgage Corp., <br> Class C <br>| 4174 | 731828 |
| Federated Hermes, Inc.  | 96307 | 3911027 |
| FirstCash Holdings, Inc.  | 29378 | 3935477 |
| Franklin BSP Realty Trust, Inc.  | 86676 | 986373 |
| Green Dot Corp., Class A \* | 24011 | 200972 |
| Hamilton Lane, Inc., Class A  | 1355 | 209334 |
| Houlihan Lokey, Inc., Class A  | 18364 | 2976437 |
| Interactive Brokers Group, Inc., Class A  | 10422 | 1791021 |
| Janus Henderson Group PLC  | 22599 | 750513 |
| KKR Real Estate Finance Trust, Inc.  | 19422 | 179654 |
| Ladder Capital Corp., Class A  | 117464 | 1226324 |
| LendingClub Corp. \* | 14111 | 137865 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| loanDepot, Inc., Class A \* | 99568 | 110521 |
| MarketAxess Holdings, Inc.  | 11293 | 2502416 |
| MFA Financial, Inc.  | 156773 | 1539511 |
| Moelis & Co., Class A  | 46523 | 2492702 |
| Morningstar, Inc.  | 5936 | 1690098 |
| Mr. Cooper Group, Inc. \* | 42201 | 5022341 |
| Navient Corp.  | 75617 | 936139 |
| NCR Atleos Corp. \* | 29189 | 814957 |
| Nelnet, Inc., Class A  | 10193 | 1081375 |
| New York Mortgage Trust, Inc.  | 45069 | 264555 |
| NMI Holdings, Inc., Class A \* | 35420 | 1281141 |
| Oppenheimer Holdings, Inc., Class A  | 3292 | 194261 |
| Paysafe Ltd. \* | 11948 | 181968 |
| PennyMac Financial Services, Inc.  | 31969 | 3115059 |
| PennyMac Mortgage Investment Trust  | 121227 | 1556555 |
| Piper Sandler Cos.  | 8385 | 2021791 |
| PJT Partners, Inc., Class A  | 6504 | 921682 |
| PRA Group, Inc. \* | 12367 | 226316 |
| PROG Holdings, Inc.  | 64880 | 1710237 |
| Radian Group, Inc.  | 131306 | 4193914 |
| Ready Capital Corp.  | 161347 | 717994 |
| Redwood Trust, Inc.  | 37330 | 231819 |
| Regional Management Corp.  | 5626 | 185264 |
| Rocket Cos., Inc., Class A *(b)* | 75091 | 969425 |
| Shift4 Payments, Inc., Class A \* | 1359 | 111166 |
| Stifel Financial Corp.  | 45119 | 3866247 |
| Toast, Inc., Class A \* | 39795 | 1415906 |
| TPG RE Finance Trust, Inc.  | 21818 | 166690 |
| TPG, Inc.  | 26387 | 1225676 |
| Tradeweb Markets, Inc., Class A  | 13551 | 1874103 |
| Two Harbors Investment Corp.  | 95654 | 1135413 |
| Victory Capital Holdings, Inc., Class A  | 20447 | 1171409 |
| Virtu Financial, Inc., Class A  | 104071 | 4074380 |
| Virtus Investment Partners, Inc.  | 6905 | 1060539 |
| Walker & Dunlop, Inc.  | 28222 | 2160112 |
| WEX, Inc. \* | 17106 | 2230109 |
| World Acceptance Corp. \* | 1360 | 175603 |
|  |  | **117763713** |
| **Food, Beverage & Tobacco 2.3%** | **Food, Beverage & Tobacco 2.3%** | **Food, Beverage & Tobacco 2.3%** |
| B&G Foods, Inc.  | 89485 | 616552 |
| Boston Beer Co., Inc., Class A \* | 7778 | 1911832 |
| Calavo Growers, Inc.  | 10480 | 289458 |
| Cal-Maine Foods, Inc.  | 42024 | 3923781 |
| Coca-Cola Consolidated, Inc.  | 2148 | 2912280 |
| Fresh Del Monte Produce, Inc.  | 135045 | 4592880 |
| Hain Celestial Group, Inc. \* | 148363 | 451023 |
| J&J Snack Foods Corp.  | 8109 | 1050845 |
| John B Sanfilippo & Son, Inc.  | 11884 | 787553 |
| Lancaster Colony Corp.  | 11368 | 1850483 |
| MGP Ingredients, Inc.  | 5115 | 150739 |
| Nomad Foods Ltd.  | 196400 | 3926036 |
| Pilgrim's Pride Corp.  | 39970 | 2181563 |
| Seaboard Corp.  | 914 | 2363586 |
| Seneca Foods Corp., Class A \* | 3041 | 272747 |
| Simply Good Foods Co. \* | 36047 | 1301657 |
| TreeHouse Foods, Inc. \* | 85927 | 2001240 |
| Universal Corp.  | 58061 | 3383214 |
| WK Kellogg Co.  | 113945 | 2043034 |
|  |  | **36010503** |
| **Health Care Equipment & Services 4.6%** | **Health Care Equipment & Services 4.6%** | **Health Care Equipment & Services 4.6%** |
| Acadia Healthcare Co., Inc. \* | 75433 | 1765132 |
| AdaptHealth Corp., Class A \* | 56031 | 476824 |
| Addus HomeCare Corp. \* | 8864 | 926731 |
| agilon health, Inc. \* | 394358 | 1679965 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**19**

------

Schwab Fundamental U.S. Small Company Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Amedisys, Inc. \* | 27623 | 2621423 |
| AMN Healthcare Services, Inc. \* | 80662 | 1647925 |
| Astrana Health, Inc. \* | 21081 | 657095 |
| Avanos Medical, Inc. \* | 16483 | 206862 |
| BrightSpring Health Services, Inc. \* | 8544 | 149776 |
| Brookdale Senior Living, Inc. \* | 232417 | 1524656 |
| Chemed Corp.  | 7900 | 4593929 |
| Claritev Corp. \* | 10325 | 231590 |
| Clover Health Investments Corp., <br> Class A \*<br>| 37820 | 128588 |
| Concentra Group Holdings Parent, Inc.  | 91704 | 1994562 |
| CONMED Corp.  | 19306 | 948118 |
| Cross Country Healthcare, Inc. \* | 23989 | 325051 |
| Dexcom, Inc. \* | 38417 | 2742205 |
| Embecta Corp.  | 27596 | 336395 |
| Enhabit, Inc. \* | 30980 | 247530 |
| Enovis Corp. \* | 56114 | 1940983 |
| Ensign Group, Inc.  | 18772 | 2421400 |
| Envista Holdings Corp. \* | 215347 | 3462780 |
| Evolent Health, Inc., Class A \* | 21539 | 212375 |
| Fulgent Genetics, Inc. \* | 12303 | 213457 |
| Globus Medical, Inc., Class A \* | 25097 | 1801212 |
| Haemonetics Corp. \* | 24147 | 1521744 |
| HealthEquity, Inc. \* | 13767 | 1180107 |
| ICU Medical, Inc. \* | 13898 | 1898328 |
| Insulet Corp. \* | 3842 | 969298 |
| Integer Holdings Corp. \* | 14988 | 1893134 |
| Integra LifeSciences Holdings Corp. \* | 85036 | 1393740 |
| Lantheus Holdings, Inc. \* | 3030 | 316150 |
| LivaNova PLC \* | 20024 | 740888 |
| Masimo Corp. \* | 18853 | 3034579 |
| Merit Medical Systems, Inc. \* | 16667 | 1574198 |
| National HealthCare Corp.  | 12963 | 1224874 |
| Neogen Corp. \* | 75249 | 380007 |
| OmniAb, Inc., Class A *\*(a)* | 2660 | 0 |
| OmniAb, Inc., Class B *\*(a)* | 2660 | 0 |
| Omnicell, Inc. \* | 32975 | 1030799 |
| Option Care Health, Inc. \* | 104457 | 3375006 |
| Owens & Minor, Inc. \* | 331994 | 2343878 |
| Pediatrix Medical Group, Inc. \* | 36580 | 471150 |
| Penumbra, Inc. \* | 3926 | 1149690 |
| Premier, Inc., Class A  | 204836 | 4168413 |
| Privia Health Group, Inc. \* | 40461 | 950024 |
| QuidelOrtho Corp. \* | 60050 | 1668790 |
| RadNet, Inc. \* | 3352 | 175578 |
| Select Medical Holdings Corp.  | 110085 | 2007950 |
| Surgery Partners, Inc. \* | 45181 | 991723 |
| Teladoc Health, Inc. \* | 172886 | 1243050 |
| Varex Imaging Corp. \* | 15620 | 129958 |
| Veeva Systems, Inc., Class A \* | 14171 | 3311621 |
| Waystar Holding Corp. \* | 3725 | 138458 |
| Zimvie, Inc. \* | 26089 | 236366 |
|  |  | **72776065** |
| **Household & Personal Products 1.1%** | **Household & Personal Products 1.1%** | **Household & Personal Products 1.1%** |
| BellRing Brands, Inc. \* | 12228 | 943268 |
| Central Garden & Pet Co. \* | 8736 | 293180 |
| Central Garden & Pet Co., Class A \* | 69670 | 2060142 |
| Coty, Inc., Class A \* | 225974 | 1141169 |
| Edgewell Personal Care Co.  | 70887 | 2165598 |
| elf Beauty, Inc. \* | 2429 | 150282 |
| Energizer Holdings, Inc.  | 64687 | 1749136 |
| Herbalife Ltd. \* | 361443 | 2602390 |
| Interparfums, Inc.  | 6271 | 684793 |
| Medifast, Inc. \* | 27794 | 365213 |
| Nu Skin Enterprises, Inc., Class A  | 106274 | 672714 |
| Reynolds Consumer Products, Inc.  | 47906 | 1101838 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Spectrum Brands Holdings, Inc.  | 47719 | 3011069 |
| USANA Health Sciences, Inc. \* | 9828 | 276069 |
| WD-40 Co.  | 4119 | 940615 |
|  |  | **18157476** |
| **Insurance 1.7%** | **Insurance 1.7%** | **Insurance 1.7%** |
| AMERISAFE, Inc.  | 4743 | 220502 |
| Brighthouse Financial, Inc. \* | 6404 | 372841 |
| CNA Financial Corp.  | 21118 | 1017043 |
| Employers Holdings, Inc.  | 31160 | 1514064 |
| Erie Indemnity Co., Class A  | 6254 | 2242809 |
| Hanover Insurance Group, Inc.  | 6135 | 1019024 |
| Horace Mann Educators Corp.  | 31039 | 1289360 |
| Kemper Corp.  | 61337 | 3626243 |
| Kinsale Capital Group, Inc.  | 1856 | 807843 |
| Mercury General Corp.  | 24525 | 1359175 |
| ProAssurance Corp. \* | 11379 | 264107 |
| RLI Corp.  | 33466 | 2476819 |
| Safety Insurance Group, Inc.  | 17340 | 1326510 |
| Selective Insurance Group, Inc.  | 34514 | 3010656 |
| Stewart Information Services Corp.  | 45820 | 3000294 |
| White Mountains Insurance Group Ltd.  | 1593 | 2815548 |
|  |  | **26362838** |
| **Materials 5.3%** | **Materials 5.3%** | **Materials 5.3%** |
| AdvanSix, Inc.  | 13937 | 298531 |
| Alpha Metallurgical Resources, Inc. \* | 11209 | 1360212 |
| Ardagh Metal Packaging SA  | 63989 | 237399 |
| Ashland, Inc.  | 36220 | 1970006 |
| ATI, Inc. \* | 34175 | 1858436 |
| Avient Corp.  | 79430 | 2645813 |
| Balchem Corp.  | 9828 | 1538573 |
| Cabot Corp.  | 38060 | 2989232 |
| Carpenter Technology Corp.  | 16250 | 3178662 |
| Clearwater Paper Corp. \* | 16324 | 438463 |
| Coeur Mining, Inc. \* | 146986 | 815772 |
| Compass Minerals International, Inc. \* | 32175 | 432432 |
| Ecovyst, Inc. \* | 200756 | 1200521 |
| Element Solutions, Inc.  | 141302 | 2883974 |
| Ferroglobe PLC  | 55150 | 192473 |
| Greif, Inc., Class A  | 56320 | 2955674 |
| Hawkins, Inc.  | 9350 | 1138643 |
| HB Fuller Co.  | 49594 | 2680060 |
| Hecla Mining Co.  | 262210 | 1499841 |
| Ingevity Corp. \* | 54749 | 1805622 |
| Innospec, Inc.  | 21258 | 1902166 |
| Kaiser Aluminum Corp.  | 24489 | 1578561 |
| Knife River Corp. \* | 33261 | 3105912 |
| Koppers Holdings, Inc.  | 40470 | 1014178 |
| LSB Industries, Inc. \* | 22505 | 143582 |
| Magnera Corp. \* | 7809 | 114558 |
| Materion Corp.  | 14088 | 1169445 |
| Mativ Holdings, Inc.  | 46944 | 239884 |
| Metallus, Inc. \* | 22181 | 280590 |
| Minerals Technologies, Inc.  | 35698 | 1841660 |
| MP Materials Corp. \* | 41899 | 1024850 |
| Myers Industries, Inc.  | 17800 | 186900 |
| NewMarket Corp.  | 5655 | 3479521 |
| Olympic Steel, Inc.  | 12428 | 400803 |
| Orion SA  | 90878 | 1094171 |
| Perimeter Solutions, Inc. \* | 4068 | 41209 |
| Quaker Chemical Corp.  | 9200 | 974648 |
| Radius Recycling, Inc., Class A  | 48721 | 1428987 |
| Rayonier Advanced Materials, Inc. \* | 45208 | 192586 |
| Royal Gold, Inc.  | 16623 | 3037188 |
| Ryerson Holding Corp.  | 157293 | 3677510 |

---

*See financial notes*

**20**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental U.S. Small Company Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Scotts Miracle-Gro Co.  | 41895 | 2110670 |
| Sensient Technologies Corp.  | 33479 | 3145352 |
| Silgan Holdings, Inc.  | 80127 | 4138560 |
| Southern Copper Corp.  | 37073 | 3318775 |
| Stepan Co.  | 38310 | 1936954 |
| SunCoke Energy, Inc.  | 48509 | 439492 |
| Sylvamo Corp.  | 38261 | 2281121 |
| Tredegar Corp. \* | 23083 | 179355 |
| TriMas Corp.  | 48717 | 1171644 |
| Trinseo PLC  | 55382 | 220420 |
| Tronox Holdings PLC  | 303126 | 1639912 |
| Warrior Met Coal, Inc.  | 66868 | 3197628 |
| Worthington Steel, Inc.  | 22250 | 570935 |
|  |  | **83400066** |
| **Media & Entertainment 3.0%** | **Media & Entertainment 3.0%** | **Media & Entertainment 3.0%** |
| Advantage Solutions, Inc. \* | 77698 | 104115 |
| AMC Entertainment Holdings, Inc., <br> Class A \*<br>| 148628 | 396837 |
| AMC Networks, Inc., Class A \* | 66117 | 423149 |
| Angi, Inc. \* | 29408 | 337016 |
| Cable One, Inc.  | 8074 | 2157938 |
| Cargurus, Inc. \* | 40705 | 1138112 |
| Cars.com, Inc. \* | 47601 | 554076 |
| Cinemark Holdings, Inc.  | 51636 | 1544433 |
| Clear Channel Outdoor Holdings, Inc. \* | 145016 | 142725 |
| EchoStar Corp., Class A \* | 108611 | 2441575 |
| EW Scripps Co., Class A \* | 227092 | 456455 |
| Gannett Co., Inc. \* | 74792 | 239334 |
| Gray Media, Inc.  | 204806 | 686100 |
| IAC, Inc. \* | 56383 | 1970022 |
| iHeartMedia, Inc., Class A \* | 216610 | 223108 |
| John Wiley & Sons, Inc., Class A  | 51366 | 2241612 |
| Liberty Broadband Corp., Class C \* | 22941 | 2073637 |
| Liberty Media Corp.-Liberty Formula <br> One, Class C \*<br>| 42121 | 3734869 |
| Lions Gate Entertainment Corp., <br> Class A \*<br>| 95240 | 845731 |
| Live Nation Entertainment, Inc. \* | 7592 | 1005560 |
| Match Group, Inc.  | 117134 | 3474194 |
| New York Times Co., Class A  | 62514 | 3254479 |
| Pinterest, Inc., Class A \* | 66858 | 1692845 |
| Roku, Inc. \* | 26222 | 1787816 |
| Scholastic Corp.  | 65330 | 1177900 |
| Shutterstock, Inc.  | 25910 | 413524 |
| Sinclair, Inc.  | 68844 | 991354 |
| Sirius XM Holdings, Inc.  | 33893 | 725988 |
| Snap, Inc., Class A \* | 144594 | 1150968 |
| Thryv Holdings, Inc. \* | 17587 | 240942 |
| TKO Group Holdings, Inc.  | 6803 | 1108277 |
| Trade Desk, Inc., Class A \* | 13905 | 745725 |
| TripAdvisor, Inc. \* | 86146 | 1072518 |
| Warner Music Group Corp., Class A  | 27201 | 828270 |
| WideOpenWest, Inc. \* | 39816 | 174394 |
| Yelp, Inc., Class A \* | 83069 | 2914060 |
| Ziff Davis, Inc. \* | 63124 | 1864052 |
| ZoomInfo Technologies, Inc., Class A \* | 110333 | 944450 |
|  |  | **47278160** |
| **Pharmaceuticals, Biotechnology & Life Sciences 2.9%** | **Pharmaceuticals, Biotechnology & Life Sciences 2.9%** | **Pharmaceuticals, Biotechnology & Life Sciences 2.9%** |
| Amneal Pharmaceuticals, Inc. \* | 23335 | 178746 |
| Azenta, Inc. \* | 22782 | 600078 |
| BioMarin Pharmaceutical, Inc. \* | 34926 | 2224437 |
| Bio-Rad Laboratories, Inc., Class A \* | 11952 | 2917244 |
| Bio-Techne Corp.  | 32760 | 1649466 |
| Bruker Corp.  | 41888 | 1678033 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Charles River Laboratories International, <br> Inc. \*<br>| 16757 | 1987715 |
| Collegium Pharmaceutical, Inc. \* | 5519 | 148985 |
| Corcept Therapeutics, Inc. \* | 26707 | 1919699 |
| Elanco Animal Health, Inc. \* | 236944 | 2246229 |
| Emergent BioSolutions, Inc. \* | 43702 | 233369 |
| Exact Sciences Corp. \* | 21500 | 981260 |
| Exelixis, Inc. \* | 97025 | 3798529 |
| Fortrea Holdings, Inc. \* | 55779 | 347503 |
| Halozyme Therapeutics, Inc. \* | 24319 | 1493673 |
| Incyte Corp. \* | 61190 | 3834165 |
| Innoviva, Inc. \* | 14608 | 273024 |
| Ironwood Pharmaceuticals, Inc., <br> Class A \*<br>| 218273 | 203496 |
| Jazz Pharmaceuticals PLC \* | 31598 | 3695702 |
| Medpace Holdings, Inc. \* | 3340 | 1030023 |
| Myriad Genetics, Inc. \* | 39777 | 294748 |
| Neurocrine Biosciences, Inc. \* | 14513 | 1562905 |
| Pacira BioSciences, Inc. \* | 7944 | 213694 |
| Prestige Consumer Healthcare, Inc. \* | 24839 | 2017672 |
| Repligen Corp. \* | 6984 | 963722 |
| Royalty Pharma PLC, Class A  | 151875 | 4984537 |
| Sotera Health Co. \* | 14745 | 169568 |
| Supernus Pharmaceuticals, Inc. \* | 29297 | 951567 |
| United Therapeutics Corp. \* | 10455 | 3168806 |
| Vir Biotechnology, Inc. \* | 79020 | 483602 |
|  |  | **46252197** |
| **Real Estate Management & Development 1.3%** | **Real Estate Management & Development 1.3%** | **Real Estate Management & Development 1.3%** |
| Anywhere Real Estate, Inc. \* | 235254 | 813979 |
| Compass, Inc., Class A \* | 467118 | 3606151 |
| CoStar Group, Inc. \* | 52222 | 3873306 |
| Cushman & Wakefield PLC \* | 239402 | 2243197 |
| eXp World Holdings, Inc.  | 144960 | 1327834 |
| Howard Hughes Holdings, Inc. \* | 11969 | 796298 |
| Kennedy-Wilson Holdings, Inc.  | 144460 | 924544 |
| Marcus & Millichap, Inc.  | 27629 | 839922 |
| Newmark Group, Inc., Class A  | 136359 | 1498585 |
| Opendoor Technologies, Inc. \* | 1117267 | 847223 |
| Seaport Entertainment Group, Inc. \* | 483 | 9249 |
| Zillow Group, Inc., Class C \* | 59035 | 3974826 |
|  |  | **20755114** |
| **Semiconductors & Semiconductor Equipment 2.3%** | **Semiconductors & Semiconductor Equipment 2.3%** | **Semiconductors & Semiconductor Equipment 2.3%** |
| Allegro MicroSystems, Inc. \* | 9761 | 186142 |
| Alpha & Omega Semiconductor Ltd. \* | 4985 | 93868 |
| Amkor Technology, Inc.  | 158405 | 2764167 |
| Axcelis Technologies, Inc. \* | 14537 | 712022 |
| Cirrus Logic, Inc. \* | 35982 | 3455711 |
| Cohu, Inc. \* | 47352 | 757632 |
| Diodes, Inc. \* | 50863 | 1953139 |
| Enphase Energy, Inc. \* | 23812 | 1061777 |
| Entegris, Inc.  | 34754 | 2749736 |
| First Solar, Inc. \* | 17770 | 2235821 |
| FormFactor, Inc. \* | 31278 | 880163 |
| GLOBALFOUNDRIES, Inc. \* | 40266 | 1412129 |
| Ichor Holdings Ltd. \* | 33289 | 658456 |
| Lattice Semiconductor Corp. \* | 22250 | 1088693 |
| MACOM Technology Solutions Holdings, <br> Inc. \*<br>| 1626 | 168698 |
| MaxLinear, Inc. \* | 62727 | 626643 |
| MKS Instruments, Inc.  | 9630 | 675448 |
| Monolithic Power Systems, Inc.  | 4022 | 2385448 |
| Onto Innovation, Inc. \* | 8389 | 1023206 |
| Penguin Solutions, Inc. \* | 49400 | 843258 |
| Photronics, Inc. \* | 61758 | 1128319 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**21**

------

Schwab Fundamental U.S. Small Company Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Power Integrations, Inc.  | 32333 | 1588197 |
| Rambus, Inc. \* | 17547 | 856118 |
| Semtech Corp. \* | 31291 | 977844 |
| Silicon Laboratories, Inc. \* | 27327 | 2780796 |
| Synaptics, Inc. \* | 24858 | 1383596 |
| Ultra Clean Holdings, Inc. \* | 44867 | 839237 |
| Universal Display Corp.  | 9454 | 1187706 |
| Wolfspeed, Inc. *\*(b)* | 43125 | 153094 |
|  |  | **36627064** |
| **Software & Services 4.4%** | **Software & Services 4.4%** | **Software & Services 4.4%** |
| ACI Worldwide, Inc. \* | 50025 | 2669334 |
| Alarm.com Holdings, Inc. \* | 13077 | 700927 |
| AppLovin Corp., Class A \* | 9212 | 2480884 |
| Bentley Systems, Inc., Class B  | 21036 | 904338 |
| Blackbaud, Inc. \* | 14342 | 868265 |
| CCC Intelligent Solutions Holdings, Inc. \* | 24377 | 225731 |
| Commvault Systems, Inc. \* | 10548 | 1762887 |
| Consensus Cloud Solutions, Inc. \* | 5906 | 117293 |
| Crowdstrike Holdings, Inc., Class A \* | 512 | 219581 |
| Datadog, Inc., Class A \* | 1347 | 137610 |
| DigitalOcean Holdings, Inc. \* | 4085 | 126227 |
| Docusign, Inc., Class A \* | 2272 | 185736 |
| Dolby Laboratories, Inc., Class A  | 38457 | 2953113 |
| Dropbox, Inc., Class A \* | 159750 | 4560862 |
| Dynatrace, Inc. \* | 18010 | 845930 |
| Fair Isaac Corp. \* | 2161 | 4299698 |
| Globant SA \* | 2311 | 271704 |
| Guidewire Software, Inc. \* | 5912 | 1210600 |
| HubSpot, Inc. \* | 231 | 141257 |
| InterDigital, Inc.  | 10060 | 2022060 |
| LiveRamp Holdings, Inc. \* | 64195 | 1679341 |
| Manhattan Associates, Inc. \* | 7740 | 1372999 |
| NCR Voyix Corp. \* | 237445 | 2034904 |
| Okta, Inc. \* | 12239 | 1372726 |
| Palantir Technologies, Inc., Class A \* | 34137 | 4043186 |
| Progress Software Corp.  | 17989 | 1078620 |
| PTC, Inc. \* | 13685 | 2120764 |
| Qualys, Inc. \* | 10227 | 1285636 |
| RingCentral, Inc., Class A \* | 33690 | 859095 |
| ServiceNow, Inc. \* | 4384 | 4186764 |
| Snowflake, Inc., Class A \* | 6791 | 1083097 |
| SPS Commerce, Inc. \* | 4382 | 628861 |
| Teradata Corp. \* | 110651 | 2378997 |
| Twilio, Inc., Class A \* | 36296 | 3510186 |
| Tyler Technologies, Inc. \* | 4016 | 2181893 |
| Unisys Corp. \* | 31386 | 124602 |
| Unity Software, Inc. \* | 22679 | 477847 |
| Verint Systems, Inc. \* | 31476 | 555237 |
| VeriSign, Inc. \* | 22978 | 6482553 |
| Workday, Inc., Class A \* | 11210 | 2746450 |
| Zoom Communications, Inc. \* | 43345 | 3360971 |
|  |  | **70268766** |
| **Technology Hardware & Equipment 3.5%** | **Technology Hardware & Equipment 3.5%** | **Technology Hardware & Equipment 3.5%** |
| Advanced Energy Industries, Inc.  | 19448 | 1894430 |
| Badger Meter, Inc.  | 5339 | 1178958 |
| Belden, Inc.  | 24715 | 2548364 |
| Benchmark Electronics, Inc.  | 63133 | 2053717 |
| Calix, Inc. \* | 24179 | 989163 |
| Cognex Corp.  | 79125 | 2160113 |
| Coherent Corp. \* | 10192 | 655549 |
| CommScope Holding Co., Inc. \* | 173353 | 648340 |
| Crane NXT Co.  | 26090 | 1224143 |
| CTS Corp.  | 20261 | 771539 |
| ePlus, Inc. \* | 24973 | 1557316 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Ingram Micro Holding Corp.  | 14850 | 264033 |
| IPG Photonics Corp. \* | 35829 | 2145799 |
| Itron, Inc. \* | 20279 | 2256850 |
| Kimball Electronics, Inc. \* | 16175 | 231950 |
| Knowles Corp. \* | 76683 | 1206990 |
| Littelfuse, Inc.  | 15115 | 2755616 |
| Lumentum Holdings, Inc. \* | 51254 | 3026036 |
| Methode Electronics, Inc.  | 34227 | 214603 |
| NETGEAR, Inc. \* | 9710 | 234205 |
| NetScout Systems, Inc. \* | 89851 | 1888668 |
| Novanta, Inc. \* | 6161 | 732296 |
| OSI Systems, Inc. \* | 10723 | 2195427 |
| PC Connection, Inc.  | 23187 | 1438521 |
| Plexus Corp. \* | 25531 | 3125760 |
| Pure Storage, Inc., Class A \* | 22027 | 999145 |
| Rogers Corp. \* | 15967 | 986920 |
| ScanSource, Inc. \* | 15352 | 506462 |
| Super Micro Computer, Inc. \* | 79703 | 2539338 |
| TTM Technologies, Inc. \* | 140600 | 2814812 |
| Viasat, Inc. \* | 242326 | 2246362 |
| Viavi Solutions, Inc. \* | 214866 | 2273282 |
| Vishay Intertechnology, Inc.  | 183519 | 2383912 |
| Vontier Corp.  | 85643 | 2724304 |
|  |  | **54872923** |
| **Telecommunication Services 0.4%** | **Telecommunication Services 0.4%** | **Telecommunication Services 0.4%** |
| Cogent Communications Holdings, Inc.  | 19277 | 1047705 |
| GCI Liberty, Inc. *\*(a)* | 14650 | 0 |
| IDT Corp., Class B  | 3952 | 198588 |
| IHS Holding Ltd. \* | 80207 | 393014 |
| Iridium Communications, Inc.  | 64520 | 1556868 |
| Liberty Latin America Ltd., Class C \* | 400443 | 2202436 |
| Shenandoah Telecommunications Co.  | 17148 | 191029 |
| U.S. Cellular Corp. \* | 17699 | 1215213 |
|  |  | **6804853** |
| **Transportation 2.1%** | **Transportation 2.1%** | **Transportation 2.1%** |
| Allegiant Travel Co.  | 31009 | 1455252 |
| American Airlines Group, Inc. \* | 56658 | 563747 |
| ArcBest Corp.  | 36887 | 2158627 |
| Covenant Logistics Group, Inc., Class A  | 6423 | 127818 |
| Forward Air Corp. \* | 90460 | 1331571 |
| Genco Shipping & Trading Ltd.  | 20474 | 265343 |
| Global Ship Lease, Inc., Class A  | 12223 | 263039 |
| Heartland Express, Inc.  | 81464 | 619126 |
| JetBlue Airways Corp. \* | 688906 | 3003630 |
| Kirby Corp. \* | 27944 | 2692963 |
| Lyft, Inc., Class A \* | 43200 | 535680 |
| Marten Transport Ltd.  | 91205 | 1171072 |
| RXO, Inc. \* | 128613 | 1812157 |
| Saia, Inc. \* | 8981 | 2191364 |
| Schneider National, Inc., Class B  | 76556 | 1645188 |
| SkyWest, Inc. \* | 47021 | 4192863 |
| Southwest Airlines Co.  | 25746 | 719858 |
| Sun Country Airlines Holdings, Inc. \* | 10181 | 99774 |
| United Airlines Holdings, Inc. \* | 65919 | 4536546 |
| Werner Enterprises, Inc.  | 30022 | 740343 |
| XPO, Inc. \* | 30172 | 3201853 |
|  |  | **33327814** |
| **Utilities 4.0%** | **Utilities 4.0%** | **Utilities 4.0%** |
| ALLETE, Inc.  | 49838 | 3263891 |
| American States Water Co.  | 15371 | 1246742 |
| Avista Corp.  | 84636 | 3509855 |
| Black Hills Corp.  | 74401 | 4531021 |

---

*See financial notes*

**22**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental U.S. Small Company Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| California Water Service Group  | 31151 | 1577798 |
| Chesapeake Utilities Corp.  | 10322 | 1359098 |
| Clearway Energy, Inc., Class C  | 73843 | 2166554 |
| Essential Utilities, Inc.  | 91376 | 3758295 |
| Hawaiian Electric Industries, Inc. \* | 358771 | 3767095 |
| IDACORP, Inc.  | 34448 | 4067964 |
| MDU Resources Group, Inc.  | 37451 | 641910 |
| MGE Energy, Inc.  | 16906 | 1528640 |
| New Jersey Resources Corp.  | 74370 | 3639668 |
| Northwest Natural Holding Co.  | 42791 | 1844292 |
| Northwestern Energy Group, Inc.  | 61859 | 3602050 |
| ONE Gas, Inc.  | 52731 | 4139911 |
| Ormat Technologies, Inc.  | 24679 | 1791695 |
| Otter Tail Corp.  | 26670 | 2117065 |
| SJW Group  | 19869 | 1127367 |
| Southwest Gas Holdings, Inc.  | 61624 | 4449869 |
| Spire, Inc.  | 56068 | 4291445 |
| Talen Energy Corp. \* | 2054 | 441774 |
| TXNM Energy, Inc.  | 84383 | 4489176 |
| Unitil Corp.  | 3437 | 201614 |
|  |  | **63554789** |
| **Total Common Stocks** <br>**(Cost $1,311,783,724)** | **Total Common Stocks** <br>**(Cost $1,311,783,724)** | **1583334529** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS  |
| **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.29% *(c)(d)*<br>| 2895080 | **2895080** |
| **Total Short-Term Investments** <br>**(Cost $2,895,080)** | **Total Short-Term Investments** <br>**(Cost $2,895,080)** | **2895080** |
| **Total Investments in Securities** <br>**(Cost $1,314,678,804)** | **Total Investments in Securities** <br>**(Cost $1,314,678,804)** | **1586229609** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| Russell 2000 Index, e-mini, <br> expires 06/20/25<br>| 53 | 5219970 | **129884** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information). 

*(b)* All or a portion of this security is on loan. Securities on loan were valued at $2,796,080. 

*(c)* The rate shown is the annualized 7-day yield.

*(d)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

REIT — Real Estate Investment Trust

Below is a summary of the fund's transactions with affiliated issuers and companies which are or were affiliates during the period ended April 30, 2025. An affiliated company is a company in which the investment adviser has or had an ownership of at least 5% of the voting securities of a security issue during the report period. A dash in the Value at October 31, 2024, and/or Value and Balance of Shares Held at April 30, 2025, columns means either the issuer was not held or not held as an affiliate on the stated date.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE<br> IN UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DIVIDENDS<br> RECEIVED<br>|
| **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS | **COMMON STOCKS** 0.0% OF NET ASSETS |
| **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** | **Consumer Services 0.0%** |
| Cracker Barrel Old Country Store, Inc. | $— | $948959 | ($59263)<br>| ($94341)<br>| ($293747)<br>| $— |  | $35171 |
| **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** | **Equity Real Estate Investment Trusts (REITs) 0.0%** |
| Diversified Healthcare Trust | 2705178 | 83400 | (1440836)<br>| 447326 | (1400413)<br>|  |  | 5474 |
| **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** | **Pharmaceuticals, Biotechnology & Life Sciences 0.0%** |
| Emergent BioSolutions, Inc. | 2807241 | 72445 | (1962790)<br>| 1233877 | (1917404)<br>|  |  |  |
| **Total** | **$5512419** | **$1104804** | **($3462889)**<br>| **$1586862** | **($3611564)**<br>| **$—** |  | **$40645** |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**23**

------

Schwab Fundamental U.S. Small Company Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

The following is a summary of the inputs used to value the fund's investments as of April 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $1377738154 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1377738154 |
| Equity Real Estate Investment Trusts (REITs) | 126015457 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 126015457 |
| Health Care Equipment & Services | 72776065 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 72776065 |
| Telecommunication Services | 6804853 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 6804853 |
| Short-Term Investments<sup>1</sup> <br>| 2895080 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2895080 |
| Futures Contracts<sup>2</sup> <br>| 129884 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 129884 |
| **Total** | **$1586359493** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$0** | &nbsp;&nbsp; **$1586359493** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Level 3 amount shown includes securities determined to have no value at April 30, 2025.

<sup>1</sup> As categorized in the Portfolio Holdings. 

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

**24**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental U.S. Small Company Index Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $1,314,678,804) including securities on loan of $2,796,080 |  | $1586229609 |
| Deposit with broker for futures contracts |  | 466449 |
| Receivables: |  |  |
| Investments sold |  | 5382317 |
| Fund shares sold |  | 4086300 |
| Dividends |  | 704317 |
| Income from securities on loan | + | 9992 |
| **Total assets** |  | **1596878984** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 2895080 |
| Payables: |  |  |
| Due to custodian  |  | 2764161 |
| Fund shares redeemed |  | 2536892 |
| Investment adviser fees |  | 319674 |
| Variation margin on futures contracts | + | 17610 |
| **Total liabilities** |  | **8533417** |
| **Net assets** |  | **$1588345567** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $1410523799 |
| Total distributable earnings | + | 177821768 |
| **Net assets** |  | **$1588345567** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $1588345567 |  | &nbsp;&nbsp;&nbsp;&nbsp; 100880483 |  | &nbsp;&nbsp;&nbsp;&nbsp; $15.74 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**25**

------

Schwab Fundamental U.S. Small Company Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $2,154) |  | $16022154 |
| Dividends received from securities - affiliated issuers |  | 40645 |
| Other Interest |  | 9498 |
| Securities on loan, net | + | 85771 |
| **Total investment income**  |  | **16158068** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 2159989 |
| **Total expenses** | – | **2159989** |
| **Net investment income** |  | **13998079** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - affiliated issuers  |  | 1586862 |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 7385006 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers  |  | 47811477 |
| Net realized losses on futures contracts | + | (1470354)<br>|
| **Net realized gains** |  | **55312991** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (3611564)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | (233482665)<br>|
| Net change in unrealized appreciation (depreciation) on futures contracts | + | 168743 |
| **Net change in unrealized appreciation (depreciation)** | **+** | **(236925486)**<br>|
| **Net realized and unrealized losses** |  | **(181612495)**<br>|
| **Decrease in net assets resulting from operations** |  | **($167614416)**<br>|

---

*See financial notes*

**26**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental U.S. Small Company Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $13998079 | &nbsp;&nbsp;&nbsp; $27451939 |
| Net realized gains |  | 55312991 | &nbsp;&nbsp;&nbsp; 82788184 |
| Net change in unrealized appreciation (depreciation) | + | (236925486)<br>| &nbsp;&nbsp;&nbsp; 353444664 |
| **Increase (decrease) in net assets resulting from operations** |  | **($167614416)**<br>| &nbsp;&nbsp;&nbsp; **$463684787** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($29592585)**<br>| &nbsp;&nbsp;&nbsp; **($25436316)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 16920814 | &nbsp;&nbsp;&nbsp; $290849805 | &nbsp;&nbsp;&nbsp; 41441738 | &nbsp;&nbsp;&nbsp; $684183548 |
| Shares reinvested |  | 1105993 | &nbsp;&nbsp;&nbsp; 20648891 | &nbsp;&nbsp;&nbsp; 1165225 | &nbsp;&nbsp;&nbsp; 17979415 |
| Shares redeemed | + | (15704228)<br>| &nbsp;&nbsp;&nbsp; (271796030)<br>| &nbsp;&nbsp;&nbsp; (54430530)<br>| &nbsp;&nbsp;&nbsp; (918346336)<br>|
| **Net transactions in fund shares**  |  | **2322579** | &nbsp;&nbsp;&nbsp; **$39702666** | &nbsp;&nbsp;&nbsp; **(11823567)**<br>| &nbsp;&nbsp;&nbsp; **($216183373)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 98557904 | &nbsp;&nbsp;&nbsp; $1745849902 | &nbsp;&nbsp;&nbsp; 110381471 | &nbsp;&nbsp;&nbsp; $1523784804 |
| Total increase (decrease) | + | 2322579 | &nbsp;&nbsp;&nbsp; (157504335)<br>| &nbsp;&nbsp;&nbsp; (11823567)<br>| &nbsp;&nbsp;&nbsp; 222065098 |
| **End of period** |  | **100880483** | &nbsp;&nbsp;&nbsp; **$1588345567** | &nbsp;&nbsp;&nbsp; **98557904** | &nbsp;&nbsp;&nbsp; **$1745849902** |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**27**

------

Schwab Fundamental International Equity Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $11.11 | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $8.41 | &nbsp;&nbsp; $10.56 | &nbsp;&nbsp; $7.51 | &nbsp;&nbsp; $8.98 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.18 | 0.35 | 0.33 | 0.34 | 0.31 | 0.21 |
| Net realized and unrealized gains (losses) | 0.71 | 1.51 | 1.11 | &nbsp;&nbsp; (2.10)<br>| 2.96 | &nbsp;&nbsp; (1.35)<br>|
| Total from investment operations | 0.89 | 1.86 | 1.44 | &nbsp;&nbsp; (1.76)<br>| 3.27 | &nbsp;&nbsp; (1.14)<br>|
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.33)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $11.63 | &nbsp;&nbsp; $11.11 | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $8.41 | &nbsp;&nbsp; $10.56 | &nbsp;&nbsp; $7.51 |
| Total return | 8.49 %<sup>2</sup><br>| 19.74<br> %<br>| 17.40<br> %<br>| &nbsp;&nbsp; (17.25<br> %)<br>| 44.03<br> %<br>| &nbsp;&nbsp; (13.29<br> %)<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Total expenses | 0.25 %<sup>3</sup><br>| 0.25<br> %<br>| 0.25 %<sup>4</sup><br>| 0.25 %<sup>4</sup><br>| 0.25<br> %<br>| 0.25<br> %<br>|
| Net investment income (loss) | 3.25 %<sup>3</sup><br>| 3.24<br> %<br>| 3.40<br> %<br>| 3.56<br> %<br>| 3.10<br> %<br>| 2.60<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 12 %<sup>2</sup><br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 14<br> %<br>|
| Net assets, end of period (x 1,000,000) | &nbsp;&nbsp; $3247 | &nbsp;&nbsp; $2929 | &nbsp;&nbsp; $2085 | &nbsp;&nbsp; $1565 | &nbsp;&nbsp; $1406 | &nbsp;&nbsp; $966 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**28**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental International Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 97.7% OF NET ASSETS | **COMMON STOCKS** 97.7% OF NET ASSETS | **COMMON STOCKS** 97.7% OF NET ASSETS |
| **Australia 4.4%** | **Australia 4.4%** | **Australia 4.4%** |
| AGL Energy Ltd.  | 246691 | 1681201 |
| Ampol Ltd.  | 89181 | 1354143 |
| ANZ Group Holdings Ltd.  | 405514 | 7754343 |
| APA Group  | 213831 | 1125173 |
| Aristocrat Leisure Ltd.  | 31128 | 1329447 |
| Aurizon Holdings Ltd.  | 584974 | 1145211 |
| BHP Group Ltd.  | 1051013 | 25049478 |
| BlueScope Steel Ltd.  | 193736 | 2967350 |
| Brambles Ltd.  | 173420 | 2279026 |
| Coles Group Ltd.  | 237328 | 3222868 |
| Commonwealth Bank of Australia  | 122626 | 13070594 |
| Computershare Ltd.  | 41019 | 1071884 |
| CSL Ltd.  | 21640 | 3473500 |
| Downer EDI Ltd.  | 342014 | 1248922 |
| Dyno Nobel Ltd.  | 459401 | 666867 |
| Endeavour Group Ltd.  | 308558 | 789263 |
| Fortescue Ltd.  | 397902 | 4109407 |
| Goodman Group  | 33651 | 644209 |
| Insurance Australia Group Ltd.  | 218948 | 1150018 |
| JB Hi-Fi Ltd.  | 22275 | 1476114 |
| Lendlease Corp. Ltd.  | 270991 | 913109 |
| Macquarie Group Ltd.  | 29835 | 3686861 |
| Medibank Pvt Ltd.  | 437682 | 1301983 |
| Metcash Ltd.  | 397741 | 819255 |
| Mineral Resources Ltd. \* | 25715 | 338177 |
| Mirvac Group  | 433271 | 631992 |
| National Australia Bank Ltd.  | 317059 | 7321115 |
| Northern Star Resources Ltd.  | 76327 | 937576 |
| Orica Ltd.  | 69849 | 725022 |
| Origin Energy Ltd.  | 240821 | 1641437 |
| QBE Insurance Group Ltd.  | 144704 | 1999798 |
| Ramsay Health Care Ltd.  | 40023 | 852116 |
| Rio Tinto Ltd.  | 102330 | 7656047 |
| Santos Ltd.  | 524637 | 2016895 |
| Scentre Group  | 525178 | 1216703 |
| Sims Ltd.  | 74398 | 694431 |
| Sonic Healthcare Ltd.  | 90088 | 1504196 |
| South32 Ltd.  | 1143960 | 1971381 |
| Stockland  | 288858 | 1015115 |
| Suncorp Group Ltd.  | 147238 | 1914695 |
| Telstra Group Ltd.  | 943680 | 2723551 |
| Transurban Group  | 194614 | 1753739 |
| Treasury Wine Estates Ltd.  | 70986 | 405755 |
| Viva Energy Group Ltd.  | 449347 | 494068 |
| Wesfarmers Ltd.  | 108696 | 5445262 |
| Westpac Banking Corp.  | 416139 | 8732744 |
| Whitehaven Coal Ltd.  | 229544 | 734251 |
| Woodside Energy Group Ltd.  | 312293 | 4070781 |
| Woolworths Group Ltd.  | 185663 | 3747168 |
| Worley Ltd.  | 128401 | 1022981 |
|  |  | **143897222** |
| **Austria 0.4%** | **Austria 0.4%** | **Austria 0.4%** |
| ams-OSRAM AG \* | 84320 | 748551 |
| BAWAG Group AG \* | 13749 | 1507000 |
| Erste Group Bank AG  | 45955 | 3112147 |
| OMV AG  | 83429 | 4313580 |
| Raiffeisen Bank International AG  | 61383 | 1639619 |
| voestalpine AG  | 81815 | 2155993 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Wienerberger AG  | 28693 | 1007466 |
|  |  | **14484356** |
| **Belgium 0.6%** | **Belgium 0.6%** | **Belgium 0.6%** |
| Ageas SA  | 38297 | 2401844 |
| Anheuser-Busch InBev SA  | 143111 | 9432296 |
| KBC Group NV  | 35535 | 3276638 |
| Proximus SADP  | 134592 | 1033751 |
| Syensqo SA  | 11591 | 829136 |
| UCB SA  | 7384 | 1353776 |
| Umicore SA  | 171540 | 1559305 |
|  |  | **19886746** |
| **Canada 8.0%** | **Canada 8.0%** | **Canada 8.0%** |
| Agnico Eagle Mines Ltd.  | 23457 | 2756955 |
| Algonquin Power & Utilities Corp.  | 170561 | 919243 |
| Alimentation Couche-Tard, Inc.  | 146824 | 7663902 |
| AltaGas Ltd.  | 48495 | 1435221 |
| ARC Resources Ltd.  | 82910 | 1534190 |
| Atco Ltd., Class I  | 34799 | 1308307 |
| AtkinsRealis Group, Inc.  | 14030 | 694783 |
| B2Gold Corp.  | 317018 | 991112 |
| Bank of Montreal  | 83615 | 8011537 |
| Bank of Nova Scotia  | 209512 | 10483199 |
| Barrick Gold Corp.  | 291495 | 5558830 |
| Bausch Health Cos., Inc. \* | 142618 | 758298 |
| BCE, Inc.  | 128823 | 2863149 |
| Brookfield Corp.  | 162211 | 8714164 |
| Brookfield Infrastructure Corp., Class A  | 4271 | 159984 |
| Canadian Imperial Bank of Commerce  | 113414 | 7153161 |
| Canadian National Railway Co.  | 54166 | 5245686 |
| Canadian Natural Resources Ltd.  | 343752 | 9864231 |
| Canadian Pacific Kansas City Ltd.  | 46881 | 3405045 |
| Canadian Tire Corp. Ltd., Class A  | 18326 | 2005677 |
| Capital Power Corp.  | 4982 | 189147 |
| CCL Industries, Inc., Class B  | 17689 | 924355 |
| Cenovus Energy, Inc.  | 324831 | 3824175 |
| CGI, Inc.  | 23408 | 2482070 |
| Constellation Software, Inc.  | 319 | 1149647 |
| Dollarama, Inc.  | 10119 | 1248543 |
| Element Fleet Management Corp.  | 8867 | 194179 |
| Emera, Inc.  | 46992 | 2115083 |
| Empire Co. Ltd., Class A  | 60360 | 2241718 |
| Enbridge, Inc.  | 309056 | 14452953 |
| Fairfax Financial Holdings Ltd.  | 2358 | 3681360 |
| Finning International, Inc.  | 35032 | 988753 |
| First Quantum Minerals Ltd. \* | 134124 | 1800838 |
| Fortis, Inc.  | 69601 | 3446729 |
| Franco-Nevada Corp.  | 5791 | 995173 |
| George Weston Ltd.  | 13894 | 2707042 |
| Gildan Activewear, Inc.  | 23223 | 1070185 |
| Great-West Lifeco, Inc.  | 31203 | 1213400 |
| Hydro One Ltd.  | 33872 | 1303185 |
| iA Financial Corp., Inc.  | 11675 | 1134133 |
| Imperial Oil Ltd.  | 36348 | 2451763 |
| Intact Financial Corp.  | 11943 | 2652393 |
| Keyera Corp.  | 34396 | 1067608 |
| Kinross Gold Corp.  | 172518 | 2546599 |
| Linamar Corp.  | 20091 | 737272 |
| Loblaw Cos. Ltd.  | 25113 | 4076809 |
| Lundin Mining Corp.  | 99922 | 817583 |
| Magna International, Inc.  | 169702 | 5896363 |
| Manulife Financial Corp.  | 225110 | 6898954 |
| MEG Energy Corp.  | 49139 | 689358 |
| Methanex Corp.  | 21987 | 688988 |
| Metro, Inc.  | 42218 | 3253475 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**29**

------

Schwab Fundamental International Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| National Bank of Canada  | 31536 | 2769751 |
| Northland Power, Inc.  | 33879 | 460289 |
| Nutrien Ltd.  | 182215 | 10402089 |
| Onex Corp.  | 16777 | 1187874 |
| Open Text Corp.  | 40084 | 1085112 |
| Parkland Corp.  | 45416 | 1144130 |
| Pembina Pipeline Corp.  | 71999 | 2752319 |
| Power Corp. of Canada  | 87956 | 3329134 |
| Quebecor, Inc., Class B  | 39385 | 1080473 |
| Restaurant Brands International, Inc.  | 22709 | 1463253 |
| Rogers Communications, Inc., Class B  | 67819 | 1768036 |
| Royal Bank of Canada  | 126095 | 15134876 |
| Saputo, Inc.  | 72493 | 1414523 |
| Shopify, Inc., Class A \* | 1453 | 138196 |
| South Bow Corp.  | 15195 | 375301 |
| Sun Life Financial, Inc.  | 62979 | 3752883 |
| Suncor Energy, Inc.  | 328744 | 11610725 |
| TC Energy Corp.  | 133024 | 6720674 |
| Teck Resources Ltd., Class B  | 82321 | 2797576 |
| TELUS Corp.  | 138666 | 2134406 |
| TFI International, Inc.  | 8787 | 714318 |
| Thomson Reuters Corp.  | 6912 | 1286186 |
| Toromont Industries Ltd.  | 8741 | 739555 |
| Toronto-Dominion Bank  | 232284 | 14842520 |
| Tourmaline Oil Corp.  | 38681 | 1708743 |
| Veren, Inc.  | 169590 | 1003811 |
| Vermilion Energy, Inc.  | 75177 | 453701 |
| Waste Connections, Inc.  | 11513 | 2273788 |
| West Fraser Timber Co. Ltd.  | 30339 | 2246266 |
| Wheaton Precious Metals Corp.  | 12195 | 1018255 |
| Whitecap Resources, Inc.  | 111687 | 633536 |
| WSP Global, Inc.  | 8251 | 1462509 |
|  |  | **260371315** |
| **China 0.1%** | **China 0.1%** | **China 0.1%** |
| China Gas Holdings Ltd.  | 1217600 | 1100872 |
| GCL Technology Holdings Ltd. \* | 4212000 | 428087 |
| Kingboard Holdings Ltd.  | 460000 | 1235757 |
| SITC International Holdings Co. Ltd.  | 316000 | 873975 |
|  |  | **3638691** |
| **Denmark 0.9%** | **Denmark 0.9%** | **Denmark 0.9%** |
| AP Moller - Maersk AS, Class A  | 1852 | 3165180 |
| AP Moller - Maersk AS, Class B  | 2670 | 4597431 |
| Carlsberg AS, Class B  | 14917 | 2032496 |
| Coloplast AS, Class B  | 6668 | 754571 |
| Danske Bank AS  | 63334 | 2222235 |
| DSV AS  | 19976 | 4234107 |
| Genmab AS \* | 889 | 188502 |
| ISS AS  | 12259 | 307596 |
| Novo Nordisk AS, Class B  | 78392 | 5241408 |
| Novonesis Novozymes B, Class B  | 16384 | 1064261 |
| Orsted AS \* | 25651 | 1020729 |
| Pandora AS  | 6570 | 978029 |
| Rockwool AS, Class B  | 14176 | 647137 |
| Vestas Wind Systems AS  | 89193 | 1189139 |
|  |  | **27642821** |
| **Finland 1.0%** | **Finland 1.0%** | **Finland 1.0%** |
| Elisa OYJ  | 20487 | 1092941 |
| Fortum OYJ  | 118042 | 1979157 |
| Kesko OYJ, B Shares  | 89128 | 2046274 |
| Kone OYJ, B Shares  | 35853 | 2220441 |
| Metso OYJ  | 17230 | 187216 |
| Neste OYJ  | 203532 | 2111305 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Nokia OYJ  | 1125936 | 5628749 |
| Nordea Bank Abp  | 541940 | 7505299 |
| Outokumpu OYJ  | 341101 | 1312942 |
| Sampo OYJ, A Shares  | 328764 | 3293757 |
| Stora Enso OYJ, R Shares  | 198218 | 1841126 |
| UPM-Kymmene OYJ  | 115779 | 3066534 |
| Wartsila OYJ Abp  | 46830 | 865247 |
|  |  | **33150988** |
| **France 8.8%** | **France 8.8%** | **France 8.8%** |
| Accor SA  | 18541 | 913559 |
| Air Liquide SA  | 48459 | 9957267 |
| Alstom SA \* | 76630 | 1850550 |
| Arkema SA  | 23057 | 1752919 |
| AXA SA  | 289321 | 13683695 |
| Ayvens SA  | 161803 | 1640152 |
| BNP Paribas SA  | 241483 | 20460728 |
| Bollore SE  | 127311 | 787472 |
| Bouygues SA  | 108354 | 4762733 |
| Bureau Veritas SA  | 26248 | 833192 |
| Capgemini SE  | 18947 | 3024933 |
| Carrefour SA  | 386849 | 5966647 |
| Cie de Saint-Gobain SA  | 85895 | 9338332 |
| Cie Generale des Etablissements <br> Michelin SCA <br>| 179386 | 6559382 |
| Credit Agricole SA  | 221189 | 4148750 |
| Danone SA  | 96574 | 8309847 |
| Dassault Systemes SE  | 24616 | 922513 |
| Eiffage SA  | 31659 | 4307927 |
| Elis SA  | 35432 | 909507 |
| Emeis SA \* | 21793 | 280915 |
| Engie SA  | 456516 | 9435425 |
| EssilorLuxottica SA  | 18868 | 5436870 |
| Eurazeo SE  | 7134 | 521635 |
| Forvia SE  | 183011 | 1413707 |
| Hermes International SCA  | 614 | 1688610 |
| Kering SA  | 14580 | 2966340 |
| Klepierre SA  | 19331 | 707576 |
| Legrand SA  | 22207 | 2440545 |
| L'Oreal SA \* | 16834 | 7438366 |
| Louis Hachette Group \* | 66402 | 104695 |
| LVMH Moet Hennessy Louis Vuitton SE  | 17067 | 9453912 |
| Orange SA  | 983160 | 14263727 |
| Pernod Ricard SA  | 24323 | 2636503 |
| Publicis Groupe SA  | 24373 | 2479879 |
| Renault SA  | 100236 | 5323652 |
| Rexel SA  | 95545 | 2654587 |
| Rubis SCA  | 38277 | 1245945 |
| Safran SA  | 16385 | 4360370 |
| Sanofi SA  | 165283 | 18080610 |
| Schneider Electric SE  | 35579 | 8312882 |
| SCOR SE  | 53055 | 1671720 |
| SEB SA  | 7201 | 679263 |
| Societe Generale SA  | 311867 | 16260424 |
| Sodexo SA  | 10999 | 698181 |
| Teleperformance SE  | 14573 | 1598003 |
| Thales SA  | 8354 | 2340142 |
| TotalEnergies SE  | 702533 | 40012907 |
| Unibail-Rodamco-Westfield \* | 12075 | 1022210 |
| Valeo SE  | 168176 | 1670184 |
| Veolia Environnement SA  | 146363 | 5345772 |
| Vinci SA  | 86818 | 12195092 |
| Vivendi SE  | 82971 | 258742 |
| Worldline SA \* | 22148 | 122712 |
|  |  | **285252208** |

---

*See financial notes*

**30**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental International Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Germany 8.5%** | **Germany 8.5%** | **Germany 8.5%** |
| adidas AG  | 18579 | 4274871 |
| Allianz SE  | 51547 | 21318638 |
| Aurubis AG  | 21002 | 1833654 |
| BASF SE \* | 378027 | 19305635 |
| Bayer AG  | 415809 | 10897183 |
| Bayerische Motoren Werke AG  | 146740 | 12446116 |
| Beiersdorf AG  | 6594 | 929081 |
| BioNTech SE, ADR \* | 43847 | 4566665 |
| Brenntag SE  | 30074 | 2008458 |
| Commerzbank AG  | 97657 | 2584740 |
| Continental AG  | 52956 | 4139816 |
| Daimler Truck Holding AG  | 82133 | 3299815 |
| Deutsche Bank AG  | 266731 | 6993778 |
| Deutsche Boerse AG  | 8443 | 2719438 |
| Deutsche Lufthansa AG  | 316477 | 2274091 |
| Deutsche Post AG  | 313056 | 13376256 |
| Deutsche Telekom AG  | 729403 | 26198357 |
| E.ON SE  | 484023 | 8465364 |
| Evonik Industries AG  | 91220 | 2049973 |
| Freenet AG  | 29836 | 1240673 |
| Fresenius Medical Care AG  | 78584 | 3998006 |
| Fresenius SE & Co. KGaA \* | 167905 | 7974969 |
| FUCHS SE  | 4105 | 157808 |
| GEA Group AG  | 19586 | 1277785 |
| Hannover Rueck SE  | 5599 | 1797277 |
| Hapag-Lloyd AG *(a)* | 10202 | 1606309 |
| Heidelberg Materials AG  | 31576 | 6312468 |
| Henkel AG & Co. KGaA  | 11405 | 804966 |
| Infineon Technologies AG  | 97786 | 3238970 |
| K&S AG  | 106394 | 1855712 |
| KION Group AG  | 26467 | 1126328 |
| Lanxess AG  | 51376 | 1542512 |
| Mercedes-Benz Group AG  | 345856 | 20678319 |
| Merck KGaA  | 12500 | 1740251 |
| MTU Aero Engines AG  | 3311 | 1145955 |
| Muenchener <br> Rueckversicherungs-Gesellschaft AG <br> in Muenchen \*<br>| 11601 | 7942155 |
| Puma SE  | 19566 | 505211 |
| Rheinmetall AG  | 2008 | 3419729 |
| RWE AG  | 69587 | 2702352 |
| SAP SE  | 46229 | 13526084 |
| Schaeffler AG  | 83458 | 360166 |
| Siemens AG  | 76781 | 17679702 |
| Siemens Energy AG \* | 66549 | 5136496 |
| Siemens Healthineers AG  | 20996 | 1131839 |
| Symrise AG  | 9865 | 1137745 |
| thyssenkrupp AG  | 705466 | 8090468 |
| Volkswagen AG  | 27444 | 3063720 |
| Vonovia SE  | 80428 | 2667804 |
| Zalando SE \* | 33495 | 1223113 |
|  |  | **274766821** |
| **Hong Kong 1.1%** | **Hong Kong 1.1%** | **Hong Kong 1.1%** |
| AIA Group Ltd.  | 1076000 | 8062373 |
| CK Asset Holdings Ltd.  | 468500 | 1913992 |
| CLP Holdings Ltd.  | 331500 | 2826581 |
| Galaxy Entertainment Group Ltd.  | 121000 | 437003 |
| Hang Seng Bank Ltd.  | 104100 | 1453109 |
| HKT Trust & HKT Ltd.  | 734000 | 1044467 |
| Hong Kong & China Gas Co. Ltd.  | 1517676 | 1365565 |
| Hong Kong Exchanges & Clearing Ltd.  | 34606 | 1511925 |
| Jardine Matheson Holdings Ltd.  | 63346 | 2814783 |
| Link REIT  | 237100 | 1110068 |
| MTR Corp. Ltd.  | 167147 | 577046 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| New World Development Co. Ltd. *\*(a)* | 1713422 | 1049268 |
| Pacific Basin Shipping Ltd.  | 3444000 | 772218 |
| Sun Hung Kai Properties Ltd.  | 314564 | 2984084 |
| Swire Pacific Ltd., A Shares  | 133300 | 1152733 |
| Swire Pacific Ltd., B Shares  | 250000 | 344091 |
| Techtronic Industries Co. Ltd.  | 113206 | 1139303 |
| WH Group Ltd.  | 4535499 | 4055676 |
| Wharf Real Estate Investment Co. Ltd.  | 187000 | 447220 |
| Yue Yuen Industrial Holdings Ltd.  | 422000 | 605865 |
|  |  | **35667370** |
| **Ireland 1.0%** | **Ireland 1.0%** | **Ireland 1.0%** |
| AIB Group PLC  | 47526 | 319425 |
| Allegion PLC  | 6302 | 877238 |
| Bank of Ireland Group PLC  | 100348 | 1178232 |
| CRH PLC  | 21023 | 2006015 |
| DCC PLC  | 35828 | 2341641 |
| Flutter Entertainment PLC \* | 3686 | 894654 |
| Glanbia PLC  | 30392 | 393430 |
| ICON PLC \* | 4842 | 733272 |
| James Hardie Industries PLC, CDI \* | 26454 | 620933 |
| Kerry Group PLC, Class A  | 18141 | 1920438 |
| Kingspan Group PLC  | 13133 | 1108221 |
| Medtronic PLC  | 155017 | 13139241 |
| Perrigo Co. PLC  | 38602 | 992843 |
| Ryanair Holdings PLC, ADR  | 38942 | 1863764 |
| Smurfit WestRock PLC *(b)* | 15782 | 662621 |
| Smurfit WestRock PLC *(b)* | 12088 | 507938 |
| Trane Technologies PLC  | 8009 | 3069930 |
|  |  | **32629836** |
| **Isle Of Man 0.0%** | **Isle Of Man 0.0%** | **Isle Of Man 0.0%** |
| Entain PLC  | 131379 | **1123147** |
| **Israel 0.4%** | **Israel 0.4%** | **Israel 0.4%** |
| Bank Hapoalim BM  | 135917 | 1993711 |
| Bank Leumi Le-Israel BM  | 190581 | 2706446 |
| Check Point Software Technologies Ltd. \* | 6444 | 1414845 |
| ICL Group Ltd.  | 284802 | 1901174 |
| Israel Discount Bank Ltd., A Shares  | 139694 | 1043442 |
| Mizrahi Tefahot Bank Ltd.  | 3426 | 173484 |
| Oil Refineries Ltd.  | 639493 | 160560 |
| Teva Pharmaceutical Industries Ltd., <br> ADR \*<br>| 100787 | 1563207 |
| ZIM Integrated Shipping Services Ltd. *(a)* | 158861 | 2438516 |
|  |  | **13395385** |
| **Italy 2.4%** | **Italy 2.4%** | **Italy 2.4%** |
| A2A SpA  | 382786 | 973528 |
| Banco BPM SpA  | 158404 | 1768187 |
| BPER Banca SpA  | 136743 | 1110638 |
| Enel SpA  | 1949663 | 16901576 |
| Eni SpA  | 956182 | 13693997 |
| Generali  | 166793 | 6095906 |
| Hera SpA  | 166102 | 786365 |
| Intesa Sanpaolo SpA  | 2098490 | 11202338 |
| Leonardo SpA  | 48571 | 2525125 |
| Mediobanca Banca di Credito Finanziario <br> SpA <br>| 59649 | 1220062 |
| Moncler SpA  | 13279 | 819591 |
| Poste Italiane SpA  | 66868 | 1357233 |
| Prysmian SpA  | 24579 | 1350179 |
| Snam SpA  | 265463 | 1523620 |
| Telecom Italia SpA \* | 9720226 | 3849543 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**31**

------

Schwab Fundamental International Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Terna - Rete Elettrica Nazionale  | 132313 | 1315695 |
| UniCredit SpA  | 196346 | 11423579 |
| Unipol Assicurazioni SpA  | 77031 | 1381683 |
|  |  | **79298845** |
| **Japan 24.7%** | **Japan 24.7%** | **Japan 24.7%** |
| Advantest Corp.  | 27300 | 1142121 |
| Aeon Co. Ltd.  | 159700 | 4722516 |
| AGC, Inc.  | 100100 | 3125311 |
| Air Water, Inc.  | 78600 | 1071821 |
| Aisin Corp.  | 320100 | 4065691 |
| Ajinomoto Co., Inc.  | 113000 | 2311310 |
| Alfresa Holdings Corp.  | 133200 | 2010805 |
| Alps Alpine Co. Ltd.  | 112600 | 1143818 |
| Amada Co. Ltd.  | 82300 | 824072 |
| ANA Holdings, Inc.  | 65900 | 1265901 |
| Asahi Group Holdings Ltd.  | 347200 | 4799099 |
| Asahi Kasei Corp.  | 625600 | 4359644 |
| Astellas Pharma, Inc.  | 371400 | 3719254 |
| Bandai Namco Holdings, Inc.  | 84700 | 2943538 |
| Bridgestone Corp.  | 174576 | 7299922 |
| Brother Industries Ltd.  | 88300 | 1551746 |
| Canon, Inc.  | 192600 | 5943583 |
| Central Japan Railway Co.  | 160900 | 3385956 |
| Chubu Electric Power Co., Inc.  | 339585 | 4409620 |
| Chugai Pharmaceutical Co. Ltd.  | 38900 | 2241010 |
| Chugoku Electric Power Co., Inc.  | 131000 | 696405 |
| Coca-Cola Bottlers Japan Holdings, Inc.  | 62100 | 1166660 |
| COMSYS Holdings Corp.  | 44300 | 981868 |
| Cosmo Energy Holdings Co. Ltd.  | 36400 | 1493930 |
| Dai Nippon Printing Co. Ltd.  | 118100 | 1646164 |
| Daifuku Co. Ltd.  | 49570 | 1311348 |
| Dai-ichi Life Holdings, Inc.  | 565900 | 4086051 |
| Daiichi Sankyo Co. Ltd.  | 81960 | 2096587 |
| Daikin Industries Ltd.  | 44400 | 5058191 |
| Daito Trust Construction Co. Ltd.  | 17100 | 1903863 |
| Daiwa House Industry Co. Ltd.  | 201281 | 7282935 |
| Daiwa Securities Group, Inc.  | 134100 | 881831 |
| Daiwabo Holdings Co. Ltd.  | 47470 | 803810 |
| Denka Co. Ltd.  | 41600 | 567713 |
| Denso Corp.  | 477100 | 6160281 |
| Dentsu Group, Inc.  | 44201 | 926723 |
| DIC Corp.  | 44100 | 860607 |
| Disco Corp.  | 2700 | 522395 |
| Dowa Holdings Co. Ltd.  | 31270 | 1003285 |
| East Japan Railway Co.  | 195654 | 4241167 |
| Ebara Corp.  | 68100 | 1022983 |
| Eisai Co. Ltd.  | 48800 | 1410513 |
| Electric Power Development Co. Ltd.  | 103700 | 1820500 |
| ENEOS Holdings, Inc.  | 2025550 | 9751460 |
| EXEO Group, Inc.  | 77402 | 903834 |
| FANUC Corp.  | 99500 | 2525276 |
| Fast Retailing Co. Ltd.  | 8900 | 2927608 |
| Fuji Electric Co. Ltd.  | 25500 | 1133901 |
| Fuji Media Holdings, Inc.  | 51200 | 1060218 |
| FUJIFILM Holdings Corp.  | 236900 | 4852274 |
| Fujikura Ltd.  | 33500 | 1246430 |
| Fujitsu Ltd.  | 339500 | 7542146 |
| Furukawa Electric Co. Ltd.  | 32700 | 1032718 |
| Hakuhodo DY Holdings, Inc.  | 65000 | 488697 |
| Hankyu Hanshin Holdings, Inc.  | 47000 | 1340542 |
| Hanwa Co. Ltd.  | 27200 | 901812 |
| Haseko Corp.  | 97700 | 1395412 |
| Hino Motors Ltd. \* | 216365 | 688012 |
| Hitachi Construction Machinery Co. Ltd.  | 34150 | 1020569 |
| Hitachi Ltd.  | 597300 | 14762576 |
| Honda Motor Co. Ltd.  | 2139000 | 21763768 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Hoya Corp.  | 19350 | 2276839 |
| Ibiden Co. Ltd.  | 16200 | 449084 |
| Idemitsu Kosan Co. Ltd.  | 597645 | 3703613 |
| IHI Corp.  | 31400 | 2459629 |
| Iida Group Holdings Co. Ltd.  | 95500 | 1511650 |
| Inpex Corp.  | 268400 | 3357548 |
| Isetan Mitsukoshi Holdings Ltd.  | 60000 | 771268 |
| Isuzu Motors Ltd.  | 222400 | 2990932 |
| ITOCHU Corp.  | 291800 | 14923509 |
| Iwatani Corp.  | 65004 | 622406 |
| Japan Airlines Co. Ltd.  | 80300 | 1454828 |
| Japan Post Bank Co. Ltd.  | 153700 | 1580335 |
| Japan Post Holdings Co. Ltd.  | 466900 | 4538391 |
| Japan Post Insurance Co. Ltd.  | 62100 | 1248406 |
| Japan Tobacco, Inc.  | 177000 | 5453023 |
| JFE Holdings, Inc.  | 399800 | 4656078 |
| JTEKT Corp.  | 186100 | 1437262 |
| Kajima Corp.  | 119700 | 2858154 |
| Kaneka Corp.  | 38500 | 940910 |
| Kansai Electric Power Co., Inc.  | 236700 | 2916247 |
| Kansai Paint Co. Ltd.  | 34800 | 524551 |
| Kao Corp.  | 84547 | 3620432 |
| Kawasaki Heavy Industries Ltd.  | 34800 | 2075878 |
| Kawasaki Kisen Kaisha Ltd.  | 64200 | 880458 |
| KDDI Corp.  | 717200 | 12711371 |
| Kewpie Corp.  | 33500 | 761968 |
| Keyence Corp.  | 6392 | 2672441 |
| Kikkoman Corp.  | 83100 | 813480 |
| Kintetsu Group Holdings Co. Ltd.  | 37700 | 811775 |
| Kirin Holdings Co. Ltd.  | 214500 | 3244673 |
| Kobe Steel Ltd.  | 182200 | 2136820 |
| Koito Manufacturing Co. Ltd.  | 99500 | 1205198 |
| Komatsu Ltd.  | 210900 | 6099136 |
| Konica Minolta, Inc. \* | 343300 | 1053693 |
| K's Holdings Corp.  | 102200 | 978772 |
| Kubota Corp.  | 272000 | 3160746 |
| Kuraray Co. Ltd.  | 111100 | 1297813 |
| Kyocera Corp.  | 352800 | 4181289 |
| Kyushu Electric Power Co., Inc.  | 186800 | 1664914 |
| Lixil Corp.  | 166500 | 1961971 |
| LY Corp.  | 392700 | 1485199 |
| Makita Corp.  | 44890 | 1312765 |
| Marubeni Corp.  | 437200 | 7750969 |
| MatsukiyoCocokara & Co.  | 80700 | 1481379 |
| Mazda Motor Corp.  | 510300 | 3050987 |
| Medipal Holdings Corp.  | 137872 | 2336334 |
| MEIJI Holdings Co. Ltd.  | 94900 | 2333291 |
| Minebea Mitsumi, Inc.  | 97500 | 1428962 |
| MISUMI Group, Inc.  | 54100 | 757901 |
| Mitsubishi Chemical Group Corp.  | 786400 | 3823127 |
| Mitsubishi Corp.  | 968300 | 18384705 |
| Mitsubishi Electric Corp.  | 509700 | 9860347 |
| Mitsubishi Estate Co. Ltd.  | 176000 | 3091612 |
| Mitsubishi Gas Chemical Co., Inc.  | 66487 | 1013027 |
| Mitsubishi HC Capital, Inc.  | 54600 | 386248 |
| Mitsubishi Heavy Industries Ltd.  | 372100 | 7335148 |
| Mitsubishi Materials Corp.  | 91700 | 1446342 |
| Mitsubishi Motors Corp.  | 366400 | 1014346 |
| Mitsubishi UFJ Financial Group, Inc.  | 933634 | 11762968 |
| Mitsui & Co. Ltd.  | 601300 | 12158960 |
| Mitsui Chemicals, Inc.  | 83100 | 1826098 |
| Mitsui Fudosan Co. Ltd.  | 375600 | 3722439 |
| Mitsui Mining & Smelting Co. Ltd.  | 28200 | 766673 |
| Mitsui OSK Lines Ltd.  | 78400 | 2611020 |
| Mizuho Financial Group, Inc.  | 284721 | 7118769 |
| MS&AD Insurance Group Holdings, Inc.  | 167270 | 3802013 |
| Murata Manufacturing Co. Ltd.  | 310400 | 4422132 |
| Nagase & Co. Ltd.  | 42000 | 739771 |

---

*See financial notes*

**32**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental International Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Nagoya Railroad Co. Ltd.  | 45900 | 559759 |
| NEC Corp.  | 246000 | 5988333 |
| NGK Insulators Ltd.  | 95800 | 1182173 |
| NH Foods Ltd.  | 54600 | 2061330 |
| NHK Spring Co. Ltd.  | 49900 | 554552 |
| Nichirei Corp.  | 66600 | 913581 |
| NIDEC Corp.  | 147300 | 2617716 |
| Nikon Corp.  | 96500 | 927890 |
| Nintendo Co. Ltd.  | 106900 | 8874837 |
| Nippon Express Holdings, Inc.  | 153500 | 2741181 |
| Nippon Paper Industries Co. Ltd.  | 146500 | 1132677 |
| Nippon Sanso Holdings Corp.  | 6700 | 214422 |
| Nippon Steel Corp.  | 396400 | 8343311 |
| Nippon Telegraph & Telephone Corp.  | 9881525 | 10328926 |
| Nippon Yusen KK  | 136400 | 4456584 |
| Nissan Motor Co. Ltd. \* | 2394400 | 5700177 |
| Nisshin Seifun Group, Inc.  | 82330 | 1062197 |
| Nissin Foods Holdings Co. Ltd.  | 32200 | 709972 |
| Nissui Corp.  | 127157 | 773399 |
| Niterra Co. Ltd.  | 41800 | 1301520 |
| Nitori Holdings Co. Ltd.  | 12600 | 1499208 |
| Nitto Denko Corp.  | 145500 | 2557426 |
| Nomura Holdings, Inc.  | 315000 | 1755672 |
| Nomura Research Institute Ltd.  | 34700 | 1314000 |
| NSK Ltd.  | 292900 | 1279415 |
| NTT Data Group Corp.  | 102900 | 2043634 |
| Obayashi Corp.  | 185002 | 2870338 |
| Oji Holdings Corp.  | 542500 | 2560889 |
| Olympus Corp.  | 105200 | 1378435 |
| Omron Corp.  | 46583 | 1382813 |
| Ono Pharmaceutical Co. Ltd.  | 94400 | 1086632 |
| ORIX Corp.  | 153700 | 3083226 |
| Osaka Gas Co. Ltd.  | 125700 | 3187508 |
| Otsuka Corp.  | 42300 | 938174 |
| Otsuka Holdings Co. Ltd.  | 62100 | 3027423 |
| Pan Pacific International Holdings Corp.  | 43500 | 1339253 |
| Panasonic Holdings Corp.  | 1104050 | 12658996 |
| Persol Holdings Co. Ltd.  | 658500 | 1192723 |
| Recruit Holdings Co. Ltd.  | 92900 | 5148077 |
| Renesas Electronics Corp.  | 129500 | 1519716 |
| Rengo Co. Ltd.  | 126917 | 708513 |
| Resona Holdings, Inc.  | 252358 | 2024364 |
| Resonac Holdings Corp.  | 67300 | 1224050 |
| Ricoh Co. Ltd.  | 285200 | 2999765 |
| Rohm Co. Ltd.  | 101000 | 919604 |
| Ryohin Keikaku Co. Ltd.  | 46100 | 1558205 |
| Sankyu, Inc.  | 24000 | 1050384 |
| Sanwa Holdings Corp.  | 34430 | 1130085 |
| SBI Holdings, Inc.  | 40900 | 1075444 |
| Secom Co. Ltd.  | 70500 | 2592315 |
| Seiko Epson Corp.  | 97600 | 1354012 |
| Seino Holdings Co. Ltd.  | 37400 | 588612 |
| Sekisui Chemical Co. Ltd.  | 127700 | 2231419 |
| Sekisui House Ltd.  | 183983 | 4229805 |
| Seven & i Holdings Co. Ltd.  | 592500 | 8721967 |
| SG Holdings Co. Ltd.  | 165100 | 1738445 |
| Sharp Corp. \* | 103300 | 612408 |
| Shimadzu Corp.  | 33200 | 849834 |
| Shimamura Co. Ltd.  | 17300 | 1151124 |
| Shimano, Inc.  | 10000 | 1408853 |
| Shimizu Corp.  | 213100 | 2276566 |
| Shin-Etsu Chemical Co. Ltd.  | 223800 | 6810563 |
| Shionogi & Co. Ltd.  | 109500 | 1839656 |
| Shiseido Co. Ltd.  | 92300 | 1517526 |
| SMC Corp.  | 6000 | 1941845 |
| SoftBank Corp.  | 6098500 | 9228524 |
| SoftBank Group Corp.  | 195600 | 9891420 |
| Sojitz Corp.  | 88060 | 2083308 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Sompo Holdings, Inc.  | 138100 | 4525688 |
| Sony Group Corp.  | 734535 | 19379078 |
| Stanley Electric Co. Ltd.  | 48475 | 908368 |
| Subaru Corp.  | 266100 | 4818517 |
| SUMCO Corp.  | 110200 | 759949 |
| Sumitomo Chemical Co. Ltd.  | 1178500 | 2848798 |
| Sumitomo Corp.  | 302900 | 7395719 |
| Sumitomo Electric Industries Ltd.  | 309800 | 4979538 |
| Sumitomo Forestry Co. Ltd.  | 43600 | 1255428 |
| Sumitomo Heavy Industries Ltd.  | 58800 | 1224322 |
| Sumitomo Metal Mining Co. Ltd.  | 88700 | 1967989 |
| Sumitomo Mitsui Financial Group, Inc.  | 401730 | 9584158 |
| Sumitomo Mitsui Trust Group, Inc.  | 80600 | 1993942 |
| Sumitomo Realty & Development Co. <br> Ltd. <br>| 46800 | 1743125 |
| Sumitomo Rubber Industries Ltd.  | 103100 | 1298366 |
| Suntory Beverage & Food Ltd.  | 33900 | 1184494 |
| Suzuken Co. Ltd.  | 44330 | 1601538 |
| Suzuki Motor Corp.  | 476500 | 5710213 |
| Sysmex Corp.  | 45900 | 852049 |
| T&D Holdings, Inc.  | 62850 | 1337360 |
| Taiheiyo Cement Corp.  | 54442 | 1465871 |
| Taisei Corp.  | 48200 | 2613500 |
| Taiyo Yuden Co. Ltd.  | 42700 | 644012 |
| Takeda Pharmaceutical Co. Ltd.  | 348821 | 10551347 |
| TDK Corp.  | 291500 | 3110725 |
| Teijin Ltd.  | 131300 | 1100909 |
| Terumo Corp.  | 109000 | 2086339 |
| TIS, Inc.  | 40700 | 1174731 |
| Tobu Railway Co. Ltd.  | 46600 | 850354 |
| Toho Gas Co. Ltd.  | 33800 | 1011055 |
| Tohoku Electric Power Co., Inc.  | 247500 | 1778672 |
| Tokio Marine Holdings, Inc.  | 169500 | 6793959 |
| Tokyo Electric Power Co. Holdings, Inc. \* | 1186000 | 3628157 |
| Tokyo Electron Ltd.  | 32900 | 4898755 |
| Tokyo Gas Co. Ltd.  | 144600 | 4804016 |
| Tokyu Corp.  | 101800 | 1234636 |
| Tokyu Fudosan Holdings Corp.  | 150700 | 1055475 |
| TOPPAN Holdings, Inc.  | 76000 | 2133513 |
| Toray Industries, Inc.  | 608900 | 3888748 |
| Tosoh Corp.  | 138100 | 1946757 |
| TOTO Ltd.  | 44000 | 1160212 |
| Toyo Seikan Group Holdings Ltd.  | 69900 | 1220363 |
| Toyo Suisan Kaisha Ltd.  | 13647 | 882221 |
| Toyota Boshoku Corp.  | 14800 | 212361 |
| Toyota Industries Corp.  | 30600 | 3588611 |
| Toyota Motor Corp.  | 2087890 | 39877471 |
| Toyota Tsusho Corp.  | 262400 | 5214603 |
| Tsuruha Holdings, Inc.  | 16300 | 1311158 |
| UBE Corp.  | 60000 | 880287 |
| Unicharm Corp.  | 127000 | 1179212 |
| West Japan Railway Co.  | 93926 | 1975827 |
| Yakult Honsha Co. Ltd.  | 39600 | 813464 |
| Yamada Holdings Co. Ltd.  | 446600 | 1439293 |
| Yamaha Corp.  | 131400 | 960394 |
| Yamaha Motor Co. Ltd.  | 324500 | 2548536 |
| Yamato Holdings Co. Ltd.  | 185400 | 2632265 |
| Yamazaki Baking Co. Ltd.  | 46000 | 1101173 |
| Yaskawa Electric Corp.  | 29000 | 611009 |
| Yokogawa Electric Corp.  | 35900 | 776881 |
| Yokohama Rubber Co. Ltd.  | 49000 | 1071376 |
|  |  | **802474422** |
| **Jersey 0.8%** | **Jersey 0.8%** | **Jersey 0.8%** |
| Aptiv PLC \* | 37645 | 2148024 |
| Experian PLC  | 45868 | 2281981 |
| Glencore PLC \* | 5610692 | 18395968 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**33**

------

Schwab Fundamental International Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| International Workplace Group PLC  | 73149 | 181116 |
| Man Group PLC  | 192807 | 420832 |
| WPP PLC  | 224773 | 1742565 |
|  |  | **25170486** |
| **Luxembourg 0.5%** | **Luxembourg 0.5%** | **Luxembourg 0.5%** |
| Aperam SA  | 27248 | 792847 |
| ArcelorMittal SA  | 338038 | 9996369 |
| B&M European Value Retail SA  | 223153 | 1003604 |
| Eurofins Scientific SE  | 19017 | 1200093 |
| Millicom International Cellular SA  | 40521 | 1399595 |
| SES SA, Class A  | 270792 | 1435738 |
| Subsea 7 SA  | 14576 | 220696 |
| Tenaris SA  | 67702 | 1128927 |
|  |  | **17177869** |
| **Mauritius 0.0%** | **Mauritius 0.0%** | **Mauritius 0.0%** |
| Golden Agri-Resources Ltd.  | 5081800 | **933797** |
| **Netherlands 2.9%** | **Netherlands 2.9%** | **Netherlands 2.9%** |
| Aalberts NV  | 19564 | 649654 |
| ABN AMRO Bank NV, GDR  | 194888 | 4038634 |
| Aegon Ltd.  | 171827 | 1105182 |
| AerCap Holdings NV  | 19383 | 2054598 |
| Airbus SE  | 31275 | 5307071 |
| Akzo Nobel NV  | 68677 | 4335890 |
| ASM International NV  | 301 | 147125 |
| ASML Holding NV  | 11169 | 7476996 |
| ASR Nederland NV  | 27700 | 1747837 |
| Ferrari NV  | 2503 | 1145825 |
| Ferrovial SE  | 15722 | 766958 |
| Heineken Holding NV  | 28969 | 2265081 |
| Heineken NV  | 37570 | 3363085 |
| IMCD NV  | 992 | 131917 |
| ING Groep NV, Series N  | 517507 | 10049634 |
| Iveco Group NV  | 68884 | 1100497 |
| Koninklijke Ahold Delhaize NV  | 378014 | 15520894 |
| Koninklijke KPN NV  | 672829 | 3129902 |
| Koninklijke Philips NV  | 137687 | 3494471 |
| NN Group NV  | 68290 | 4187570 |
| NXP Semiconductors NV  | 16227 | 2990798 |
| Prosus NV \* | 35247 | 1652541 |
| Randstad NV  | 55480 | 2226951 |
| SBM Offshore NV  | 12377 | 260215 |
| Signify NV  | 53747 | 1114126 |
| Stellantis NV  | 1079770 | 10047722 |
| STMicroelectronics NV  | 99864 | 2270640 |
| Universal Music Group NV  | 28069 | 825382 |
| Wolters Kluwer NV  | 10708 | 1890593 |
|  |  | **95297789** |
| **New Zealand 0.1%** | **New Zealand 0.1%** | **New Zealand 0.1%** |
| Fletcher Building Ltd. \* | 536570 | 976951 |
| Spark New Zealand Ltd.  | 478311 | 590963 |
|  |  | **1567914** |
| **Norway 0.8%** | **Norway 0.8%** | **Norway 0.8%** |
| Aker BP ASA  | 84159 | 1806684 |
| DNB Bank ASA  | 126349 | 3158485 |
| Equinor ASA  | 378900 | 8576638 |
| Mowi ASA  | 73865 | 1354423 |
| Norsk Hydro ASA  | 458886 | 2434121 |
| Orkla ASA  | 120246 | 1341038 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Telenor ASA  | 184849 | 2776429 |
| Var Energi ASA  | 58870 | 161876 |
| Yara International ASA  | 93287 | 3027494 |
|  |  | **24637188** |
| **Poland 0.4%** | **Poland 0.4%** | **Poland 0.4%** |
| Bank Polska Kasa Opieki SA \* | 20263 | 1015615 |
| KGHM Polska Miedz SA  | 36414 | 1162425 |
| ORLEN SA  | 274816 | 4962722 |
| PGE Polska Grupa Energetyczna SA \* | 781389 | 1706641 |
| Powszechna Kasa Oszczednosci Bank <br> Polski SA <br>| 62622 | 1203966 |
| Powszechny Zaklad Ubezpieczen SA  | 122289 | 1907806 |
| Tauron Polska Energia SA \* | 164072 | 257499 |
|  |  | **12216674** |
| **Portugal 0.2%** | **Portugal 0.2%** | **Portugal 0.2%** |
| EDP SA  | 784344 | 3091619 |
| Galp Energia SGPS SA  | 104626 | 1621052 |
| Jeronimo Martins SGPS SA  | 56733 | 1373073 |
|  |  | **6085744** |
| **Republic of Korea 5.1%** | **Republic of Korea 5.1%** | **Republic of Korea 5.1%** |
| BNK Financial Group, Inc.  | 124203 | 905319 |
| CJ CheilJedang Corp.  | 4980 | 837563 |
| CJ Corp.  | 17147 | 1498882 |
| DB Insurance Co. Ltd.  | 12276 | 790885 |
| DL E&C Co. Ltd.  | 27182 | 830807 |
| Doosan Enerbility Co. Ltd. \* | 64773 | 1315965 |
| E-MART, Inc.  | 30218 | 1944023 |
| GS Engineering & Construction Corp.  | 52742 | 677993 |
| GS Holdings Corp.  | 84176 | 2288844 |
| Hana Financial Group, Inc.  | 70717 | 3207023 |
| Hankook Tire & Technology Co. Ltd.  | 33136 | 962462 |
| Hanwha Corp.  | 29793 | 1010482 |
| Hanwha Solutions Corp.  | 45120 | 948606 |
| HD Hyundai Co. Ltd.  | 19657 | 1087131 |
| HMM Co. Ltd.  | 172604 | 2221488 |
| Hyundai Engineering & Construction Co. <br> Ltd. <br>| 48141 | 1410804 |
| Hyundai Glovis Co. Ltd.  | 15059 | 1207458 |
| Hyundai Mobis Co. Ltd.  | 26619 | 4996615 |
| Hyundai Motor Co.  | 40667 | 5449358 |
| Hyundai Steel Co.  | 115441 | 1987354 |
| Industrial Bank of Korea  | 62098 | 670187 |
| KB Financial Group, Inc.  | 64574 | 4080993 |
| Kia Corp.  | 85292 | 5420585 |
| Korea Electric Power Corp.  | 157797 | 2845876 |
| Korea Gas Corp.  | 41000 | 1116920 |
| Korea Zinc Co. Ltd.  | 2160 | 1204555 |
| Korean Air Lines Co. Ltd.  | 82120 | 1210682 |
| KT Corp.  | 34209 | 1250091 |
| KT&G Corp.  | 21009 | 1695726 |
| Kumho Petrochemical Co. Ltd.  | 8965 | 750114 |
| LG Chem Ltd.  | 17516 | 2654730 |
| LG Corp.  | 18387 | 861043 |
| LG Display Co. Ltd. \* | 278171 | 1652584 |
| LG Electronics, Inc.  | 75256 | 3777519 |
| LG H&H Co. Ltd.  | 4145 | 982122 |
| LG Innotek Co. Ltd.  | 6908 | 679036 |
| LG Uplus Corp.  | 221177 | 1867525 |
| Lotte Chemical Corp.  | 24481 | 1038475 |
| NAVER Corp.  | 10826 | 1523279 |
| POSCO Holdings, Inc.  | 44963 | 8217114 |
| Posco International Corp.  | 27361 | 943259 |

---

*See financial notes*

**34**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental International Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Samsung C&T Corp.  | 20216 | 1739777 |
| Samsung Electro-Mechanics Co. Ltd.  | 14579 | 1202822 |
| Samsung Electronics Co. Ltd.  | 1382033 | 53923520 |
| Samsung Fire & Marine Insurance Co. <br> Ltd. <br>| 5768 | 1521758 |
| Samsung Life Insurance Co. Ltd.  | 12918 | 784350 |
| Samsung SDI Co. Ltd.  | 9224 | 1142213 |
| Samsung SDS Co. Ltd.  | 10920 | 984074 |
| Shinhan Financial Group Co. Ltd.  | 115241 | 4164806 |
| SK Hynix, Inc.  | 72271 | 9017475 |
| SK Innovation Co. Ltd.  | 31310 | 2079646 |
| SK Telecom Co. Ltd.  | 53905 | 2059536 |
| SK, Inc.  | 35701 | 3322721 |
| S-Oil Corp.  | 23559 | 860512 |
| Woori Financial Group, Inc.  | 196206 | 2443266 |
|  |  | **165267953** |
| **Singapore 0.7%** | **Singapore 0.7%** | **Singapore 0.7%** |
| ComfortDelGro Corp. Ltd.  | 561100 | 658270 |
| DBS Group Holdings Ltd.  | 168108 | 5461692 |
| Keppel Ltd.  | 36000 | 180997 |
| Olam Group Ltd.  | 1020100 | 755111 |
| Oversea-Chinese Banking Corp. Ltd.  | 359144 | 4444681 |
| Singapore Airlines Ltd.  | 274470 | 1408557 |
| Singapore Telecommunications Ltd.  | 1059086 | 3064142 |
| United Overseas Bank Ltd.  | 144152 | 3828509 |
| Venture Corp. Ltd.  | 52800 | 468706 |
| Wilmar International Ltd.  | 913866 | 2143453 |
|  |  | **22414118** |
| **Spain 3.2%** | **Spain 3.2%** | **Spain 3.2%** |
| Acciona SA  | 4393 | 640163 |
| Acerinox SA  | 75929 | 858095 |
| ACS Actividades de Construccion y <br> Servicios SA <br>| 51104 | 3201912 |
| Aena SME SA  | 4169 | 1047319 |
| Amadeus IT Group SA  | 21039 | 1656043 |
| Banco Bilbao Vizcaya Argentaria SA  | 1050457 | 14416513 |
| Banco de Sabadell SA  | 781288 | 2279629 |
| Banco Santander SA  | 4037166 | 28425124 |
| CaixaBank SA  | 228061 | 1747906 |
| Cellnex Telecom SA \* | 6102 | 246944 |
| Enagas SA  | 35878 | 559404 |
| Endesa SA  | 77471 | 2326654 |
| Grifols SA \* | 76086 | 720430 |
| Iberdrola SA  | 891634 | 16072464 |
| Industria de Diseno Textil SA  | 80547 | 4331413 |
| International Consolidated Airlines Group <br> SA <br>| 450202 | 1564212 |
| Mapfre SA  | 76370 | 271877 |
| Naturgy Energy Group SA  | 7081 | 210957 |
| Redeia Corp. SA  | 63272 | 1326832 |
| Repsol SA  | 653466 | 7987751 |
| Telefonica SA  | 2468520 | 12681386 |
|  |  | **102573028** |
| **Sweden 1.8%** | **Sweden 1.8%** | **Sweden 1.8%** |
| Alfa Laval AB  | 20691 | 858176 |
| Assa Abloy AB, B Shares  | 87885 | 2667659 |
| Atlas Copco AB, A Shares  | 142791 | 2210219 |
| Atlas Copco AB, B Shares  | 88409 | 1227623 |
| Boliden AB \* | 73099 | 2239756 |
| Electrolux AB, B Shares \* | 121573 | 758973 |
| Epiroc AB, A Shares  | 48051 | 1039569 |
| Epiroc AB, B Shares  | 25879 | 507528 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Essity AB, B Shares  | 98605 | 2851562 |
| H & M Hennes & Mauritz AB, B Shares  | 128810 | 1866531 |
| Hexagon AB, B Shares  | 131921 | 1283929 |
| Husqvarna AB, B Shares  | 119504 | 555844 |
| Sandvik AB  | 128573 | 2654316 |
| Securitas AB, B Shares  | 114288 | 1811093 |
| Skandinaviska Enskilda Banken AB, <br> A Shares <br>| 166496 | 2641904 |
| Skanska AB, B Shares  | 98284 | 2283789 |
| SKF AB, B Shares  | 93439 | 1831533 |
| SSAB AB, A Shares  | 93944 | 593616 |
| SSAB AB, B Shares  | 324415 | 2016528 |
| Svenska Cellulosa AB SCA, B Shares  | 54367 | 702995 |
| Svenska Handelsbanken AB, A Shares  | 202560 | 2651472 |
| Svenska Handelsbanken AB, <br> B Shares *(a)*<br>| 4784 | 94022 |
| Swedbank AB, A Shares  | 140838 | 3515858 |
| Tele2 AB, B Shares  | 117884 | 1739264 |
| Telefonaktiebolaget LM Ericsson, <br> B Shares <br>| 645734 | 5454760 |
| Telia Co. AB  | 722410 | 2713711 |
| Trelleborg AB, B Shares  | 23000 | 793078 |
| Volvo AB, A Shares  | 28390 | 774379 |
| Volvo AB, B Shares  | 264102 | 7179222 |
| Volvo Car AB, B Shares *\*(a)* | 355020 | 605568 |
|  |  | **58124477** |
| **Switzerland 5.0%** | **Switzerland 5.0%** | **Switzerland 5.0%** |
| ABB Ltd.  | 104034 | 5494113 |
| Adecco Group AG  | 95738 | 2491696 |
| Alcon AG  | 25753 | 2502174 |
| Baloise Holding AG  | 3843 | 854962 |
| Barry Callebaut AG  | 572 | 512806 |
| Bucher Industries AG  | 404 | 174497 |
| Chocoladefabriken Lindt & Spruengli AG  | 7 | 991498 |
| Chocoladefabriken Lindt & Spruengli AG, <br> Participation Certificates <br>| 50 | 728700 |
| Cie Financiere Richemont SA, Class A  | 31793 | 5617988 |
| Coca-Cola HBC AG \* | 26280 | 1368497 |
| DSM-Firmenich AG  | 4876 | 529695 |
| Garmin Ltd.  | 8780 | 1640719 |
| Geberit AG  | 2451 | 1697857 |
| Givaudan SA  | 373 | 1799486 |
| Holcim AG \* | 76241 | 8519771 |
| Julius Baer Group Ltd.  | 21425 | 1389369 |
| Kuehne & Nagel International AG  | 7525 | 1732985 |
| Logitech International SA  | 14959 | 1136736 |
| Lonza Group AG  | 3332 | 2394073 |
| Nestle SA  | 274155 | 29180341 |
| Novartis AG  | 176332 | 20111936 |
| Partners Group Holding AG  | 780 | 1022012 |
| Roche Holding AG  | 90275 | 29518693 |
| Roche Holding AG, Bearer Shares  | 3771 | 1311843 |
| Sandoz Group AG  | 49246 | 2136029 |
| Schindler Holding AG  | 1729 | 613006 |
| Schindler Holding AG, Participation <br> Certificates <br>| 3396 | 1242070 |
| SGS SA  | 12616 | 1232093 |
| Sika AG  | 8229 | 2056489 |
| Sonova Holding AG  | 2732 | 839855 |
| Sunrise Communications AG, Class A \* | 4781 | 258573 |
| Swatch Group AG  | 14719 | 511559 |
| Swatch Group AG, Bearer Shares *(a)* | 7324 | 1271023 |
| Swiss Life Holding AG  | 3174 | 3169112 |
| Swiss Re AG  | 26190 | 4701215 |
| Swisscom AG  | 4498 | 2999640 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**35**

------

Schwab Fundamental International Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Transocean Ltd. \* | 55414 | 118032 |
| UBS Group AG  | 256186 | 7776620 |
| Zurich Insurance Group AG  | 16001 | 11349038 |
|  |  | **162996801** |
| **United Kingdom 13.7%** | **United Kingdom 13.7%** | **United Kingdom 13.7%** |
| 3i Group PLC  | 48827 | 2768052 |
| Aberdeen Group PLC  | 708264 | 1398826 |
| Admiral Group PLC  | 26163 | 1137893 |
| Anglo American PLC  | 382821 | 10450394 |
| Anglogold Ashanti PLC  | 44646 | 1882275 |
| Antofagasta PLC  | 43820 | 961653 |
| ARM Holdings PLC, ADR \* | 5886 | 671298 |
| Ashtead Group PLC  | 44269 | 2369826 |
| Associated British Foods PLC  | 69203 | 1907591 |
| AstraZeneca PLC  | 77764 | 11141000 |
| Aviva PLC  | 472193 | 3537859 |
| BAE Systems PLC  | 316327 | 7333294 |
| Balfour Beatty PLC  | 157180 | 961372 |
| Barclays PLC  | 3092495 | 12319390 |
| Barratt Redrow PLC  | 390251 | 2432898 |
| Bellway PLC  | 36938 | 1326138 |
| Berkeley Group Holdings PLC  | 18714 | 1043180 |
| BP PLC  | 5741384 | 26510215 |
| British American Tobacco PLC  | 559181 | 24356999 |
| BT Group PLC  | 3532757 | 8199372 |
| Bunzl PLC  | 44471 | 1397480 |
| Burberry Group PLC  | 124455 | 1212039 |
| Centrica PLC  | 1179811 | 2526013 |
| CK Hutchison Holdings Ltd.  | 1469088 | 8284301 |
| Coca-Cola Europacific Partners PLC  | 14605 | 1325258 |
| Compass Group PLC  | 143632 | 4842527 |
| Croda International PLC  | 17891 | 706224 |
| Currys PLC \* | 1188712 | 1761718 |
| Diageo PLC  | 209985 | 5896461 |
| Direct Line Insurance Group PLC  | 460797 | 1740431 |
| Dowlais Group PLC  | 1198311 | 929680 |
| Drax Group PLC  | 32409 | 267340 |
| Firstgroup PLC  | 459915 | 1058529 |
| GSK PLC  | 561508 | 11108150 |
| Haleon PLC  | 884060 | 4448475 |
| Harbour Energy PLC  | 153361 | 313429 |
| Hays PLC  | 999234 | 954570 |
| HSBC Holdings PLC  | 2513088 | 28014345 |
| Imperial Brands PLC  | 205337 | 8425604 |
| Inchcape PLC  | 103092 | 923765 |
| Informa PLC  | 90232 | 881470 |
| International Distribution Services PLC  | 413309 | 2020398 |
| Intertek Group PLC  | 16484 | 1012363 |
| Investec PLC  | 27713 | 174014 |
| ITV PLC  | 1076780 | 1160545 |
| J Sainsbury PLC  | 1232616 | 4380857 |
| JD Sports Fashion PLC  | 196885 | 207282 |
| John Wood Group PLC \* | 672569 | 165284 |
| Johnson Matthey PLC  | 117088 | 2015960 |
| Kingfisher PLC  | 1033126 | 3970815 |
| Legal & General Group PLC  | 1025999 | 3230954 |
| Lloyds Banking Group PLC  | 12452275 | 12234082 |
| London Stock Exchange Group PLC  | 15315 | 2384721 |
| M&G PLC  | 976248 | 2708976 |
| Marks & Spencer Group PLC  | 455787 | 2368517 |
| Melrose Industries PLC  | 191573 | 1113674 |
| Mondi PLC  | 129032 | 1958594 |
| National Grid PLC  | 606572 | 8755321 |
| NatWest Group PLC  | 1114306 | 7167537 |
| Next PLC  | 11796 | 1946063 |
| Pearson PLC  | 102835 | 1648572 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Persimmon PLC  | 135950 | 2352747 |
| Phoenix Group Holdings PLC  | 112790 | 902358 |
| Prudential PLC  | 330477 | 3513887 |
| Reckitt Benckiser Group PLC  | 75716 | 4887205 |
| RELX PLC  | 82861 | 4522151 |
| Rentokil Initial PLC  | 169523 | 776634 |
| Rio Tinto PLC  | 305802 | 18222570 |
| Rolls-Royce Holdings PLC  | 31871 | 322613 |
| RS Group PLC  | 24512 | 169010 |
| Sage Group PLC  | 61542 | 1020283 |
| Serco Group PLC  | 94769 | 217492 |
| Severn Trent PLC  | 32123 | 1194888 |
| Shell PLC  | 2144600 | 69209989 |
| Smith & Nephew PLC  | 128166 | 1803627 |
| Smiths Group PLC  | 48624 | 1211690 |
| SSE PLC  | 167346 | 3772995 |
| St. James's Place PLC  | 18017 | 227111 |
| Standard Chartered PLC  | 418794 | 6031997 |
| Taylor Wimpey PLC  | 1031107 | 1620186 |
| Tesco PLC  | 2312111 | 11442641 |
| Travis Perkins PLC  | 117859 | 879767 |
| Unilever PLC  | 278284 | 17718309 |
| United Utilities Group PLC  | 92093 | 1384559 |
| Vodafone Group PLC  | 20035148 | 19688544 |
| Whitbread PLC  | 8670 | 301118 |
|  |  | **443746234** |
| **United States 0.2%** | **United States 0.2%** | **United States 0.2%** |
| Autoliv, Inc.  | 12809 | 1194183 |
| Coronado Global Resources, Inc., CDI  | 485397 | 60538 |
| Ferguson Enterprises, Inc.  | 25952 | 4406880 |
| Lululemon Athletica, Inc. \* | 5867 | 1588608 |
|  |  | **7250209** |
| **Total Common Stocks** <br>**(Cost $2,438,873,806)** | **Total Common Stocks** <br>**(Cost $2,438,873,806)** | **3173140454** |
| **PREFERRED STOCKS** 1.2% OF NET ASSETS | **PREFERRED STOCKS** 1.2% OF NET ASSETS | **PREFERRED STOCKS** 1.2% OF NET ASSETS |
| **Germany 0.8%** | **Germany 0.8%** | **Germany 0.8%** |
| Bayerische Motoren Werke AG  | 29440 | 2375712 |
| Dr. Ing hc F Porsche AG  | 12419 | 624324 |
| FUCHS SE  | 14186 | 711323 |
| Henkel AG & Co. KGaA  | 20189 | 1568006 |
| Porsche Automobil Holding SE  | 9743 | 401712 |
| Volkswagen AG  | 186375 | 20279529 |
|  |  | **25960606** |
| **Italy 0.1%** | **Italy 0.1%** | **Italy 0.1%** |
| Telecom Italia SpA \* | 5801129 | **2580159** |
| **Republic of Korea 0.3%** | **Republic of Korea 0.3%** | **Republic of Korea 0.3%** |
| Hanwha Corp.  | 27426 | 403391 |
| Hyundai Motor Co. *(b)* | 12418 | 1333064 |
| Hyundai Motor Co. *(b)* | 7814 | 823541 |
| LG Chem Ltd.  | 3277 | 246110 |
| Samsung Electronics Co. Ltd.  | 231365 | 7637508 |
| Samsung Fire & Marine Insurance Co. <br> Ltd. <br>| 719 | 142831 |
|  |  | **10586445** |

---

*See financial notes*

**36**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental International Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Spain 0.0%** | **Spain 0.0%** | **Spain 0.0%** |
| Grifols SA, B Shares \* | 51220 | **362913** |
| **Total Preferred Stocks** <br>**(Cost $40,135,084)** | **Total Preferred Stocks** <br>**(Cost $40,135,084)** | **39490123** |
| **RIGHTS** 0.0% OF NET ASSETS | **RIGHTS** 0.0% OF NET ASSETS | **RIGHTS** 0.0% OF NET ASSETS |
| **Republic of Korea 0.0%** | **Republic of Korea 0.0%** | **Republic of Korea 0.0%** |
| Samsung SDI Co. Ltd. | Samsung SDI Co. Ltd. | Samsung SDI Co. Ltd. |
| expires 05/22/25, strike KRW <br> 146,200.00 \*<br>| 1235 | **29930** |
| **Total Rights** <br>**(Cost $0)** | **Total Rights** <br>**(Cost $0)** | **29930** |
| **WARRANTS** 0.0% OF NET ASSETS | **WARRANTS** 0.0% OF NET ASSETS | **WARRANTS** 0.0% OF NET ASSETS |
| **Canada 0.0%** | **Canada 0.0%** | **Canada 0.0%** |
| Constellation Software, Inc. | Constellation Software, Inc. | Constellation Software, Inc. |
| expires 03/31/40 *\*(c)* | 290 | **1460** |
| **Total Warrants** <br>**(Cost $0)** | **Total Warrants** <br>**(Cost $0)** | **1460** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.2% OF NET ASSETS |
| **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.29% *(d)(e)*<br>| 4522907 | **4522907** |
| **Total Short-Term Investments** <br>**(Cost $4,522,907)** | **Total Short-Term Investments** <br>**(Cost $4,522,907)** | **4522907** |
| **Total Investments in Securities** <br>**(Cost $2,483,531,797)** | **Total Investments in Securities** <br>**(Cost $2,483,531,797)** | **3217184874** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| MSCI EAFE Index, expires <br> 06/20/25<br>| 270 | 33678450 | **2020955** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $4,379,117. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Security is traded on separate exchanges for the same issuer.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Fair-valued using significant unobservable inputs (see Notes for additional information).

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* The rate shown is the annualized 7-day yield.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ADR — | American Depositary Receipt |
| CDI — | CHESS Depositary Interest |
| GDR — | Global Depositary Receipt |
| REIT — | Real Estate Investment Trust |
| KRW — | South Korean Won |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | % OF NET ASSETS |
| **SECTOR WEIGHTINGS *(a)*** | **SECTOR WEIGHTINGS *(a)*** |
| Financials | 19.2<br> %<br>|
| Industrials | 16.0<br> %<br>|
| Consumer Discretionary | 12.0<br> %<br>|
| Materials | 10.2<br> %<br>|
| Consumer Staples | 8.7<br> %<br>|
| Energy | 8.5<br> %<br>|
| Health Care | 6.7<br> %<br>|
| Information Technology | 6.2<br> %<br>|
| Communication Services | 5.9<br> %<br>|
| Utilities | 4.5<br> %<br>|
| Real Estate | 1.1<br> %<br>|
| Short-Term Investments | 0.1<br> %<br>|
| **Total** | **99.1%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Excludes derivatives.

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**37**

------

Schwab Fundamental International Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

The following is a summary of the inputs used to value the fund's investments as of April 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $— | &nbsp;&nbsp; $1834197307 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1834197307 |
| Canada | 260371315 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 260371315 |
| China | 873975 | &nbsp;&nbsp; 2764716 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3638691 |
| Germany | 4566665 | &nbsp;&nbsp; 270200156 | &nbsp;&nbsp; — | &nbsp;&nbsp; 274766821 |
| Ireland | 23190241 | &nbsp;&nbsp; 9439595 | &nbsp;&nbsp; — | &nbsp;&nbsp; 32629836 |
| Israel | 5416568 | &nbsp;&nbsp; 7978817 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13395385 |
| Jersey | 2148024 | &nbsp;&nbsp; 23022462 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25170486 |
| Luxembourg | 1399595 | &nbsp;&nbsp; 15778274 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17177869 |
| Mauritius | 933797 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 933797 |
| Netherlands | 5045396 | &nbsp;&nbsp; 90252393 | &nbsp;&nbsp; — | &nbsp;&nbsp; 95297789 |
| New Zealand | 590963 | &nbsp;&nbsp; 976951 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1567914 |
| Switzerland | 1758751 | &nbsp;&nbsp; 161238050 | &nbsp;&nbsp; — | &nbsp;&nbsp; 162996801 |
| United Kingdom | 7123042 | &nbsp;&nbsp; 436623192 | &nbsp;&nbsp; — | &nbsp;&nbsp; 443746234 |
| United States | 2782791 | &nbsp;&nbsp; 4467418 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7250209 |
| Preferred Stocks<sup>1</sup> <br>|  | &nbsp;&nbsp; 39490123 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39490123 |
| Rights<sup>1</sup> <br>| 29930 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29930 |
| Warrants |  |  |  |  |
| Canada |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 1460 | &nbsp;&nbsp; 1460 |
| Short-Term Investments<sup>1</sup> <br>| 4522907 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4522907 |
| Futures Contracts<sup>2</sup> <br>| 2020955 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2020955 |
| **Total** | **$322774915** | &nbsp;&nbsp; **$2896429454** | &nbsp;&nbsp; **$1460** | &nbsp;&nbsp; **$3219205829** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

**38**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental International Equity Index Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $2,483,531,797) including securities on loan of $4,379,117 |  | $3217184874 |
| Cash |  | 12332589 |
| Foreign currency, at value (cost $5,921,424) |  | 5932359 |
| Deposit with broker for futures contracts |  | 1941390 |
| Receivables: |  |  |
| Dividends |  | 15634419 |
| Foreign tax reclaims |  | 4979295 |
| Fund shares sold |  | 3235357 |
| Income from securities on loan |  | 11117 |
| Investments sold | + | 3070 |
| **Total assets** |  | **3261254470** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 4522907 |
| Payables: |  |  |
| Investments bought |  | 6859195 |
| Fund shares redeemed |  | 2510568 |
| Investment adviser fees |  | 630933 |
| Variation margin on futures contracts | + | 69160 |
| **Total liabilities** |  | **14592763** |
| **Net assets** |  | **$3246661707** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $2674658489 |
| Total distributable earnings | + | 572003218 |
| **Net assets** |  | **$3246661707** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $3246661707 |  | &nbsp;&nbsp;&nbsp;&nbsp; 279260736 |  | &nbsp;&nbsp;&nbsp;&nbsp; $11.63 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**39**

------

Schwab Fundamental International Equity Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $6,836,740) |  | $51350490 |
| Other Interest |  | 68432 |
| Interest received from securities - unaffiliated issuers |  | 4363 |
| Securities on loan, net | + | 206095 |
| **Total investment income**  |  | **51629380** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 3704966 |
| Professional fees | + | 14790 <br><sup>1</sup><br>|
| **Total expenses** |  | **3719756** |
| Expense reduction | – | 14790 <br><sup>1</sup><br>|
| **Net expenses** | – | **3704966** |
| **Net investment income** |  | **47924414** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 22824778 |
| Net realized gains on futures contracts |  | 737567 |
| Net realized losses on foreign currency transactions | + | (108689)<br>|
| **Net realized gains** |  | **23453656** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 173565883 |
| Net change in unrealized appreciation (depreciation) on futures contracts |  | 2615359 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 1261037 |
| **Net change in unrealized appreciation (depreciation)** | **+** | **177442279** |
| **Net realized and unrealized gains** |  | **200895935** |
| **Increase in net assets resulting from operations** |  | **$248820349** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Professional fees associated with the filing of foreign withholding tax claims in the European Union are deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d) and 3 for additional information).

*See financial notes*

**40**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental International Equity Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $47924414 | &nbsp;&nbsp;&nbsp; $84672279 |
| Net realized gains |  | 23453656 | &nbsp;&nbsp;&nbsp; 3479504 |
| Net change in unrealized appreciation (depreciation) | + | 177442279 | &nbsp;&nbsp;&nbsp; 330798510 |
| **Increase in net assets resulting from operations** |  | **$248820349** | &nbsp;&nbsp;&nbsp; **$418950293** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($99501576)**<br>| &nbsp;&nbsp;&nbsp; **($75574529)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 42835027 | &nbsp;&nbsp;&nbsp; $471044809 | &nbsp;&nbsp;&nbsp; 78326390 | &nbsp;&nbsp;&nbsp; $854242514 |
| Shares reinvested |  | 6866150 | &nbsp;&nbsp;&nbsp; 70515388 | &nbsp;&nbsp;&nbsp; 5098704 | &nbsp;&nbsp;&nbsp; 52057764 |
| Shares redeemed | + | (33929489)<br>| &nbsp;&nbsp;&nbsp; (372768213)<br>| &nbsp;&nbsp;&nbsp; (37331526)<br>| &nbsp;&nbsp;&nbsp; (406534987)<br>|
| **Net transactions in fund shares**  |  | **15771688** | &nbsp;&nbsp;&nbsp; **$168791984** | &nbsp;&nbsp;&nbsp; **46093568** | &nbsp;&nbsp;&nbsp; **$499765291** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 263489048 | &nbsp;&nbsp;&nbsp; $2928550950 | &nbsp;&nbsp;&nbsp; 217395480 | &nbsp;&nbsp;&nbsp; $2085409895 |
| Total increase | + | 15771688 | &nbsp;&nbsp;&nbsp; 318110757 | &nbsp;&nbsp;&nbsp; 46093568 | &nbsp;&nbsp;&nbsp; 843141055 |
| **End of period** |  | **279260736** | &nbsp;&nbsp;&nbsp; **$3246661707** | &nbsp;&nbsp;&nbsp; **263489048** | &nbsp;&nbsp;&nbsp; **$2928550950** |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**41**

------

Schwab Fundamental International Small Equity Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $13.23 | &nbsp;&nbsp; $11.35 | &nbsp;&nbsp; $10.66 | &nbsp;&nbsp; $15.42 | &nbsp;&nbsp; $11.46 | &nbsp;&nbsp; $12.57 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.18 | 0.33 | 0.30 | 0.30 | 0.27 | 0.22 |
| Net realized and unrealized gains (losses) | 0.94 | 1.95 | 0.95 | &nbsp;&nbsp; (4.21)<br>| 3.96 | &nbsp;&nbsp; (0.97)<br>|
| Total from investment operations | 1.12 | 2.28 | 1.25 | &nbsp;&nbsp; (3.91)<br>| 4.23 | &nbsp;&nbsp; (0.75)<br>|
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.36)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.36)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $13.77 | &nbsp;&nbsp; $13.23 | &nbsp;&nbsp; $11.35 | &nbsp;&nbsp; $10.66 | &nbsp;&nbsp; $15.42 | &nbsp;&nbsp; $11.46 |
| Total return | 8.99 %<sup>2</sup><br>| 20.31<br> %<br>| 11.76<br> %<br>| &nbsp;&nbsp; (26.61<br> %)<br>| 37.25<br> %<br>| &nbsp;&nbsp; (6.28<br> %)<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Total expenses | 0.39 %<sup>3</sup><br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39 %<sup>4</sup><br>| 0.39<br> %<br>| 0.39<br> %<br>|
| Net investment income (loss) | 2.77 %<sup>3</sup><br>| 2.58<br> %<br>| 2.48<br> %<br>| 2.37<br> %<br>| 1.84<br> %<br>| 1.89<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 15 %<sup>2</sup><br>| &nbsp;&nbsp; 29<br> %<br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 36<br> %<br>| &nbsp;&nbsp; 35<br> %<br>| &nbsp;&nbsp; 25<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $580835 | &nbsp;&nbsp; $576432 | &nbsp;&nbsp; $524292 | &nbsp;&nbsp; $530184 | &nbsp;&nbsp; $708349 | &nbsp;&nbsp; $576948 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**42**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 98.6% OF NET ASSETS | **COMMON STOCKS** 98.6% OF NET ASSETS | **COMMON STOCKS** 98.6% OF NET ASSETS |
| **Australia 4.6%** | **Australia 4.6%** | **Australia 4.6%** |
| Accent Group Ltd.  | 28694 | 34055 |
| ALS Ltd.  | 43495 | 477247 |
| Amotiv Ltd.  | 19463 | 96510 |
| AMP Ltd.  | 432754 | 357436 |
| Ansell Ltd.  | 32335 | 627284 |
| ARB Corp. Ltd.  | 6297 | 126897 |
| ASX Ltd.  | 11084 | 501905 |
| Austal Ltd. \* | 94732 | 320955 |
| Bank of Queensland Ltd.  | 116461 | 556319 |
| Bapcor Ltd.  | 101033 | 328269 |
| Beach Energy Ltd.  | 481243 | 362245 |
| Bega Cheese Ltd.  | 73615 | 266294 |
| Bendigo & Adelaide Bank Ltd.  | 77341 | 553284 |
| Breville Group Ltd.  | 8067 | 147911 |
| Brickworks Ltd.  | 5815 | 93670 |
| CAR Group Ltd.  | 10215 | 218032 |
| Challenger Ltd.  | 61021 | 276496 |
| Champion Iron Ltd.  | 89376 | 261270 |
| Charter Hall Group  | 40461 | 437462 |
| Cleanaway Waste Management Ltd.  | 256901 | 427536 |
| Cochlear Ltd.  | 2579 | 451662 |
| Collins Foods Ltd.  | 19807 | 104276 |
| Credit Corp. Group Ltd.  | 13709 | 118623 |
| Cromwell Property Group  | 377643 | 90620 |
| Dexus  | 108806 | 523751 |
| Domino's Pizza Enterprises Ltd.  | 10295 | 166380 |
| Eagers Automotive Ltd.  | 68590 | 809507 |
| Elders Ltd.  | 54865 | 222233 |
| Evolution Mining Ltd.  | 231959 | 1163279 |
| FleetPartners Group Ltd. \* | 74024 | 132765 |
| Flight Centre Travel Group Ltd.  | 13407 | 110007 |
| G8 Education Ltd.  | 355051 | 285470 |
| GPT Group  | 157580 | 467123 |
| GrainCorp Ltd., Class A  | 112866 | 480532 |
| Harvey Norman Holdings Ltd.  | 152738 | 510657 |
| Healius Ltd. \* | 425877 | 396503 |
| Helia Group Ltd.  | 60847 | 188590 |
| IDP Education Ltd.  | 15598 | 88462 |
| IGO Ltd.  | 94525 | 236841 |
| Iluka Resources Ltd.  | 103464 | 274117 |
| Inghams Group Ltd.  | 110306 | 242162 |
| Insignia Financial Ltd. \* | 122998 | 296382 |
| IPH Ltd.  | 34663 | 101246 |
| IRESS Ltd.  | 27164 | 138329 |
| Lottery Corp. Ltd.  | 102916 | 342970 |
| Lynas Rare Earths Ltd. \* | 41393 | 226285 |
| Magellan Financial Group Ltd.  | 56052 | 274798 |
| Mirvac Group  | 154092 | 224767 |
| Monadelphous Group Ltd.  | 28370 | 293367 |
| Myer Holdings Ltd.  | 75246 | 34713 |
| New Hope Corp. Ltd.  | 121575 | 285197 |
| nib holdings Ltd.  | 88608 | 386565 |
| Nickel Industries Ltd.  | 325246 | 117453 |
| Nine Entertainment Co. Holdings Ltd.  | 533035 | 488505 |
| NRW Holdings Ltd.  | 156602 | 271435 |
| Nufarm Ltd.  | 138878 | 342872 |
| oOh!media Ltd.  | 139805 | 136971 |
| Orora Ltd.  | 355112 | 411441 |
| Perenti Ltd.  | 428021 | 374331 |
| Perpetual Ltd.  | 16139 | 171450 |
| Perseus Mining Ltd.  | 143305 | 307133 |
| Pilbara Minerals Ltd. \* | 77499 | 74665 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Premier Investments Ltd.  | 12291 | 163719 |
| Qantas Airways Ltd.  | 92863 | 525040 |
| Qube Holdings Ltd.  | 192057 | 486232 |
| Ramelius Resources Ltd.  | 126245 | 212446 |
| REA Group Ltd.  | 1207 | 191768 |
| Reece Ltd.  | 29359 | 296065 |
| Region RE Ltd.  | 122767 | 181968 |
| Regis Resources Ltd. \* | 219446 | 634438 |
| Reliance Worldwide Corp. Ltd.  | 107245 | 288304 |
| Ridley Corp. Ltd.  | 63525 | 96031 |
| Sandfire Resources Ltd. \* | 48468 | 308687 |
| SEEK Ltd.  | 23392 | 318459 |
| Service Stream Ltd.  | 34410 | 41212 |
| SGH Ltd.  | 16772 | 548523 |
| Sigma Healthcare Ltd.  | 217167 | 419061 |
| Sims Ltd.  | 22998 | 214663 |
| SmartGroup Corp. Ltd.  | 17662 | 88572 |
| Stanmore Resources Ltd.  | 25534 | 31716 |
| Star Entertainment Group Ltd. \* | 1618636 | 107568 |
| Steadfast Group Ltd.  | 57657 | 216667 |
| Super Retail Group Ltd.  | 44619 | 382667 |
| Tabcorp Holdings Ltd.  | 671326 | 239274 |
| TPG Telecom Ltd.  | 126706 | 410282 |
| Treasury Wine Estates Ltd.  | 28473 | 162751 |
| Ventia Services Group Pty. Ltd.  | 107207 | 290261 |
| Vicinity Ltd.  | 519030 | 784956 |
| Virgin Australia Holdings Pty. Ltd. *\*(a)* | 176214 | 0 |
| West African Resources Ltd. \* | 33911 | 51898 |
| Westgold Resources Ltd.  | 54798 | 104101 |
|  |  | **26632841** |
| **Austria 0.8%** | **Austria 0.8%** | **Austria 0.8%** |
| ANDRITZ AG  | 12667 | 910247 |
| AT&S Austria Technologie & Systemtechnik <br> AG \*<br>| 8588 | 139071 |
| EVN AG  | 6666 | 174444 |
| Kontron AG  | 7494 | 182105 |
| Lenzing AG \* | 8137 | 255905 |
| Mayr Melnhof Karton AG  | 5766 | 534236 |
| Oesterreichische Post AG  | 6842 | 230676 |
| Palfinger AG  | 6705 | 218540 |
| Strabag SE  | 8497 | 745464 |
| Telekom Austria AG  | 36956 | 390188 |
| UNIQA Insurance Group AG  | 28005 | 324513 |
| Verbund AG  | 2895 | 222483 |
| Vienna Insurance Group AG Wiener <br> Versicherung Gruppe <br>| 8280 | 393817 |
|  |  | **4721689** |
| **Belgium 1.1%** | **Belgium 1.1%** | **Belgium 1.1%** |
| Ackermans & van Haaren NV  | 3507 | 857768 |
| Aedifica SA *(a)* | 2718 | 217892 |
| Azelis Group NV  | 15469 | 239693 |
| Barco NV  | 16781 | 229611 |
| Bekaert SA  | 16800 | 648252 |
| bpost SA  | 108839 | 174545 |
| Cofinimmo SA *(a)* | 4357 | 348382 |
| Colruyt Group NV  | 13817 | 664427 |
| Deme Group NV  | 1141 | 171032 |
| D'ieteren Group  | 1660 | 331503 |
| Elia Group SA  | 4522 | 490273 |
| Fagron  | 7614 | 177490 |
| KBC Ancora  | 3323 | 217723 |
| Lotus Bakeries NV  | 4 | 38460 |
| Melexis NV  | 2907 | 174445 |
| Ontex Group NV \* | 28905 | 237288 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**43**

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Solvay SA  | 12563 | 475416 |
| Tessenderlo Group SA  | 6541 | 193602 |
| Titan Cement International SA  | 5689 | 262735 |
| Warehouses De Pauw CVA \* | 7750 | 197951 |
|  |  | **6348488** |
| **Canada 7.3%** | **Canada 7.3%** | **Canada 7.3%** |
| ADENTRA, Inc.  | 4485 | 87872 |
| Advantage Energy Ltd. \* | 30905 | 219469 |
| Aecon Group, Inc.  | 24330 | 284844 |
| Air Canada \* | 35659 | 361349 |
| Alamos Gold, Inc., Class A  | 19937 | 569938 |
| Algoma Steel Group, Inc.  | 60645 | 310571 |
| Allied Properties Real Estate Investment <br> Trust <br>| 24588 | 273596 |
| Altus Group Ltd.  | 685 | 25510 |
| Aris Mining Corp. \* | 9399 | 51406 |
| Aritzia, Inc. \* | 6344 | 223140 |
| Artis Real Estate Investment Trust  | 23342 | 122416 |
| Athabasca Oil Corp. \* | 59299 | 195283 |
| AtkinsRealis Group, Inc.  | 4173 | 206652 |
| ATS Corp. \* | 7467 | 188165 |
| Badger Infrastructure Solutions Ltd.  | 5308 | 151239 |
| Bausch & Lomb Corp. \* | 6326 | 69978 |
| Baytex Energy Corp.  | 202991 | 313630 |
| Birchcliff Energy Ltd.  | 88669 | 362111 |
| Bird Construction, Inc.  | 7555 | 115687 |
| Boardwalk Real Estate Investment Trust  | 2164 | 102047 |
| Bombardier, Inc., Class B \* | 7980 | 527446 |
| Boralex, Inc., Class A  | 11779 | 261623 |
| Boyd Group Services, Inc.  | 2079 | 298594 |
| Brookfield Business Corp., Class A  | 11208 | 293980 |
| Brookfield Infrastructure Corp., Class A  | 14174 | 530934 |
| Brookfield Renewable Corp.  | 13642 | 388796 |
| Brookfield Wealth Solutions Ltd. \* | 4954 | 266817 |
| BRP, Inc.  | 8021 | 271711 |
| CAE, Inc. \* | 34111 | 853394 |
| Calibre Mining Corp. \* | 16299 | 38188 |
| Cameco Corp.  | 8671 | 391409 |
| Canaccord Genuity Group, Inc.  | 27372 | 167774 |
| Canada Goose Holdings, Inc. \* | 3353 | 28067 |
| Canadian Apartment Properties REIT  | 15676 | 478717 |
| Canadian Solar, Inc. *\*(b)* | 38216 | 344708 |
| Canadian Utilities Ltd., Class A  | 28883 | 808498 |
| Canfor Corp. \* | 58962 | 563274 |
| Capital Power Corp.  | 15123 | 574161 |
| Capstone Copper Corp. \* | 42045 | 202509 |
| Cardinal Energy Ltd.  | 27021 | 112506 |
| Cargojet, Inc.  | 2234 | 138227 |
| Cascades, Inc.  | 62957 | 403243 |
| Celestica, Inc. \* | 10853 | 926040 |
| Centerra Gold, Inc.  | 77512 | 518958 |
| CES Energy Solutions Corp.  | 38614 | 170298 |
| Chartwell Retirement Residences  | 24190 | 303735 |
| Chemtrade Logistics Income Fund  | 38914 | 269570 |
| China Gold International Resources Corp. <br> Ltd. <br>| 41900 | 264460 |
| Choice Properties Real Estate Investment <br> Trust <br>| 26678 | 282532 |
| CI Financial Corp.  | 50496 | 1144639 |
| Cogeco Communications, Inc.  | 13198 | 649082 |
| Colliers International Group, Inc.  | 2224 | 265877 |
| Crombie Real Estate Investment Trust  | 21940 | 232195 |
| CT Real Estate Investment Trust  | 9571 | 103097 |
| Curaleaf Holdings, Inc. \* | 31417 | 34184 |
| Definity Financial Corp.  | 5106 | 254856 |
| Descartes Systems Group, Inc. \* | 1838 | 193559 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Dream Industrial Real Estate Investment <br> Trust <br>| 16602 | 127652 |
| Dundee Precious Metals, Inc.  | 29490 | 386540 |
| E-L Financial Corp. Ltd.  | 61 | 59832 |
| Eldorado Gold Corp. \* | 21936 | 412752 |
| Element Fleet Management Corp.  | 23206 | 508189 |
| Enerflex Ltd.  | 42151 | 275789 |
| Enghouse Systems Ltd.  | 6639 | 120635 |
| EQB, Inc.  | 2272 | 157076 |
| Equinox Gold Corp. \* | 41379 | 278241 |
| ERO Copper Corp. \* | 8723 | 108958 |
| Exchange Income Corp.  | 8686 | 319188 |
| Fiera Capital Corp.  | 17140 | 78700 |
| First Capital Real Estate Investment Trust  | 33639 | 416766 |
| First Majestic Silver Corp.  | 8135 | 50807 |
| FirstService Corp.  | 2272 | 398762 |
| Fortuna Mining Corp. \* | 36977 | 230670 |
| GFL Environmental, Inc.  | 13307 | 663999 |
| Gibson Energy, Inc.  | 41906 | 659322 |
| goeasy Ltd.  | 1433 | 161792 |
| Granite Real Estate Investment Trust  | 3653 | 167573 |
| H&R Real Estate Investment Trust  | 71938 | 511905 |
| Hudbay Minerals, Inc.  | 47724 | 347216 |
| IAMGOLD Corp. \* | 59661 | 422812 |
| IGM Financial, Inc.  | 16965 | 539124 |
| Innergex Renewable Energy, Inc.  | 36944 | 363920 |
| Interfor Corp. \* | 42228 | 406781 |
| International Petroleum Corp. \* | 16568 | 226396 |
| Killam Apartment Real Estate Investment <br> Trust <br>| 11499 | 145301 |
| Labrador Iron Ore Royalty Corp.  | 6231 | 134961 |
| Lassonde Industries, Inc., Class A  | 1165 | 175147 |
| Laurentian Bank of Canada  | 14016 | 278165 |
| Leon's Furniture Ltd.  | 7346 | 122558 |
| Maple Leaf Foods, Inc.  | 22181 | 405938 |
| Martinrea International, Inc.  | 45109 | 240171 |
| Mattr Corp. \* | 10688 | 73807 |
| Mullen Group Ltd.  | 31044 | 295217 |
| NagaCorp Ltd. \* | 254000 | 107889 |
| New Gold, Inc. \* | 15611 | 62168 |
| NFI Group, Inc. \* | 21062 | 177223 |
| North West Co., Inc.  | 13073 | 524399 |
| Northland Power, Inc.  | 17688 | 240314 |
| NorthWest Healthcare Properties Real <br> Estate Investment Trust <br>| 43184 | 154117 |
| NuVista Energy Ltd. \* | 27782 | 236790 |
| Obsidian Energy Ltd. \* | 19089 | 80449 |
| OceanaGold Corp.  | 131984 | 467200 |
| Onex Corp.  | 687 | 48642 |
| Osisko Gold Royalties Ltd.  | 1808 | 43331 |
| Pan American Silver Corp.  | 26610 | 669979 |
| Paramount Resources Ltd., Class A  | 11847 | 134488 |
| Parex Resources, Inc.  | 59976 | 482906 |
| Pason Systems, Inc.  | 12097 | 96348 |
| Peyto Exploration & Development Corp.  | 26809 | 335647 |
| Precision Drilling Corp. \* | 4741 | 198361 |
| Premium Brands Holdings Corp.  | 9227 | 524666 |
| RB Global, Inc.  | 6060 | 610703 |
| Richelieu Hardware Ltd.  | 10330 | 244350 |
| RioCan Real Estate Investment Trust  | 53532 | 668665 |
| Russel Metals, Inc.  | 26759 | 776411 |
| Sagicor Financial Co. Ltd.  | 9100 | 50827 |
| Secure Waste Infrastructure Corp.  | 47236 | 449883 |
| Shopify, Inc., Class A \* | 6747 | 641714 |
| Sienna Senior Living, Inc.  | 11833 | 145316 |
| SmartCentres Real Estate Investment <br> Trust <br>| 15418 | 285075 |
| Spin Master Corp.  | 7685 | 135906 |

---

*See financial notes*

**44**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| SSR Mining, Inc. \* | 81116 | 863762 |
| Stantec, Inc.  | 8584 | 753419 |
| Stella-Jones, Inc.  | 10660 | 522716 |
| Superior Plus Corp.  | 83640 | 419838 |
| Tamarack Valley Energy Ltd.  | 66052 | 171047 |
| Teekay Tankers Ltd., Class A  | 4273 | 181902 |
| TELUS International CDA, Inc. \* | 33376 | 81588 |
| TMX Group Ltd.  | 13180 | 534141 |
| Torex Gold Resources, Inc. \* | 22270 | 721279 |
| TransAlta Corp.  | 53862 | 480171 |
| Transcontinental, Inc., Class A  | 47501 | 647772 |
| Trican Well Service Ltd.  | 30964 | 90965 |
| Wajax Corp.  | 8230 | 105248 |
| Winpak Ltd.  | 5192 | 160852 |
|  |  | **42393690** |
| **China 1.0%** | **China 1.0%** | **China 1.0%** |
| Alibaba Health Information Technology <br> Ltd. *\*(b)*<br>| 388000 | 251004 |
| BeiGene Ltd. \* | 2100 | 42440 |
| Bosideng International Holdings Ltd.  | 566000 | 292877 |
| Budweiser Brewing Co. APAC Ltd.  | 323900 | 342242 |
| China Medical System Holdings Ltd.  | 384000 | 409859 |
| China Water Affairs Group Ltd.  | 396000 | 304887 |
| Chow Tai Fook Jewellery Group Ltd.  | 448800 | 599961 |
| FIH Mobile Ltd. \* | 2465000 | 238519 |
| GCL Technology Holdings Ltd. \* | 1234000 | 125418 |
| Health & Happiness H&H International <br> Holdings Ltd. <br>| 79000 | 89939 |
| Hopson Development Holdings Ltd. \* | 863300 | 323171 |
| JOYY, Inc., ADR  | 18729 | 770886 |
| KLN Logistics Group Ltd.  | 198000 | 159704 |
| Lee & Man Paper Manufacturing Ltd.  | 955000 | 256635 |
| Shangri-La Asia Ltd.  | 160000 | 89535 |
| Towngas Smart Energy Co. Ltd. \* | 403000 | 181593 |
| VSTECS Holdings Ltd.  | 476000 | 366495 |
| Want Want China Holdings Ltd.  | 963000 | 630200 |
| Xinyi Glass Holdings Ltd.  | 555000 | 519636 |
|  |  | **5995001** |
| **Cyprus 0.1%** | **Cyprus 0.1%** | **Cyprus 0.1%** |
| Frontline PLC  | 17250 | **289973** |
| **Denmark 1.4%** | **Denmark 1.4%** | **Denmark 1.4%** |
| Alm Brand AS  | 152692 | 361974 |
| D/S Norden AS  | 16161 | 440098 |
| Demant AS \* | 8380 | 305173 |
| Dfds AS \* | 17109 | 237940 |
| FLSmidth & Co. AS  | 7951 | 376418 |
| Genmab AS \* | 2085 | 442101 |
| GN Store Nord AS \* | 20008 | 302086 |
| H Lundbeck AS  | 56093 | 268434 |
| H Lundbeck AS, Class A  | 2038 | 8418 |
| ISS AS  | 30397 | 762705 |
| Jyske Bank AS  | 5712 | 468489 |
| Matas AS  | 1839 | 37956 |
| Netcompany Group AS \* | 3613 | 163105 |
| NKT AS \* | 3507 | 285547 |
| NTG Nordic Transport Group AS \* | 928 | 35274 |
| Per Aarsleff Holding AS  | 5179 | 417278 |
| Ringkjoebing Landbobank AS  | 1030 | 196932 |
| Rockwool AS, Class B  | 5330 | 243315 |
| Royal Unibrew AS  | 5938 | 471778 |
| Scandinavian Tobacco Group AS, <br> A Shares <br>| 32976 | 479984 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Schouw & Co. AS  | 3911 | 356486 |
| Spar Nord Bank AS \* | 8732 | 280156 |
| Svitzer Group AS  | 1308 | 54849 |
| Sydbank AS  | 6663 | 426701 |
| Tryg AS  | 28977 | 691332 |
|  |  | **8114529** |
| **Finland 1.4%** | **Finland 1.4%** | **Finland 1.4%** |
| Finnair OYJ \* | 49501 | 133841 |
| Fiskars OYJ Abp  | 5899 | 98018 |
| Hiab OYJ, B Shares  | 3372 | 160449 |
| Huhtamaki OYJ  | 19430 | 715368 |
| Kalmar OYJ, B Shares  | 4535 | 143673 |
| Kemira OYJ  | 24760 | 510899 |
| Kojamo OYJ \* | 15222 | 177183 |
| Konecranes OYJ  | 8289 | 555347 |
| Mandatum OYJ  | 84565 | 597666 |
| Metsa Board OYJ, B Shares  | 59159 | 215987 |
| Metso OYJ  | 50697 | 550859 |
| Nokian Renkaat OYJ  | 80442 | 639900 |
| Olvi OYJ, Class A  | 913 | 34233 |
| Orion OYJ, B Shares  | 13563 | 849200 |
| Sanoma OYJ  | 30890 | 340289 |
| Terveystalo OYJ  | 21942 | 304945 |
| TietoEVRY OYJ  | 36530 | 654436 |
| Tokmanni Group Corp.  | 15233 | 240344 |
| Valmet OYJ  | 29844 | 911259 |
|  |  | **7833896** |
| **France 3.8%** | **France 3.8%** | **France 3.8%** |
| Aeroports de Paris SA  | 3887 | 486057 |
| Air France-KLM \* | 65118 | 568536 |
| Altarea SCA  | 894 | 103306 |
| Alten SA  | 6287 | 532907 |
| Amundi SA  | 9855 | 778458 |
| Beneteau SACA  | 13138 | 120198 |
| BioMerieux  | 4208 | 567997 |
| Carmila SA \* | 10994 | 238983 |
| Cie de L'Odet SE  | 223 | 347145 |
| Clariane SE \* | 63707 | 270699 |
| Coface SA  | 21185 | 434224 |
| Constellium SE, Class A \* | 48503 | 490365 |
| Covivio SA  | 8155 | 457291 |
| Criteo SA, ADR \* | 12787 | 435525 |
| Dassault Aviation SA  | 1297 | 467655 |
| Derichebourg SA  | 67820 | 466517 |
| Edenred SE  | 20029 | 624644 |
| Emeis SA \* | 36422 | 469484 |
| Eramet SA  | 3464 | 192073 |
| Eurazeo SE  | 1861 | 136076 |
| Eutelsat Communications SACA *\*(b)* | 81560 | 333082 |
| Fnac Darty SA  | 4082 | 142128 |
| Gaztransport Et Technigaz SA  | 1774 | 289167 |
| Gecina SA  | 5750 | 590287 |
| Getlink SE  | 21986 | 417475 |
| ICADE  | 15196 | 360978 |
| ID Logistics Group SACA \* | 302 | 136026 |
| Imerys SA  | 14323 | 478448 |
| Ipsen SA  | 4359 | 506965 |
| IPSOS SA  | 9362 | 443241 |
| JCDecaux SE \* | 22284 | 387836 |
| Klepierre SA  | 6449 | 236054 |
| La Francaise des Jeux SACA  | 9829 | 350346 |
| LISI SA  | 4119 | 128982 |
| Mercialys SA \* | 17797 | 238250 |
| Mersen SA  | 5233 | 112157 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**45**

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Metropole Television SA  | 22988 | 361207 |
| Nexans SA  | 5913 | 649593 |
| Nexity SA \* | 50400 | 528469 |
| Opmobility  | 45657 | 511689 |
| Pierre Et Vacances SA \* | 20597 | 32301 |
| Quadient SA  | 12944 | 245016 |
| Remy Cointreau SA  | 3599 | 195115 |
| Sartorius Stedim Biotech  | 1404 | 331331 |
| Societe BIC SA  | 6119 | 395908 |
| Societe LDC SADIR  | 1810 | 157065 |
| SOITEC \* | 2523 | 143194 |
| Sopra Steria Group  | 3458 | 709025 |
| SPIE SA  | 21356 | 1046712 |
| Stef SA  | 283 | 40805 |
| Television Francaise 1 SA  | 50723 | 484681 |
| Trigano SA  | 2413 | 286655 |
| Ubisoft Entertainment SA \* | 37626 | 443321 |
| Vallourec SACA \* | 28048 | 518404 |
| Verallia SA  | 15455 | 516793 |
| Vicat SACA  | 9027 | 505453 |
| Virbac SACA  | 508 | 179104 |
| Vivendi SE  | 23514 | 73327 |
| Worldline SA \* | 52578 | 291310 |
|  |  | **21986040** |
| **Germany 4.1%** | **Germany 4.1%** | **Germany 4.1%** |
| 1&1 AG  | 21413 | 380496 |
| AIXTRON SE  | 9345 | 126895 |
| Auto1 Group SE \* | 28595 | 687067 |
| BayWa AG *\*(b)* | 17273 | 158488 |
| Bechtle AG  | 18068 | 770829 |
| Bilfinger SE  | 7006 | 595860 |
| CANCOM SE  | 9370 | 287700 |
| Carl Zeiss Meditec AG, Bearer Shares  | 4149 | 285150 |
| Ceconomy AG \* | 154215 | 548063 |
| Cewe Stiftung & Co. KGaA  | 1536 | 177628 |
| CompuGroup Medical SE & Co. KGaA  | 7184 | 180914 |
| CTS Eventim AG & Co. KGaA  | 1858 | 220149 |
| Delivery Hero SE \* | 8631 | 243934 |
| Deutsche Pfandbriefbank AG \* | 61946 | 379939 |
| Deutz AG  | 66195 | 513966 |
| Duerr AG  | 16282 | 385457 |
| DWS Group GmbH & Co. KGaA  | 5740 | 302173 |
| Evotec SE \* | 14645 | 122585 |
| Fielmann Group AG  | 3361 | 190988 |
| Fraport AG Frankfurt Airport Services <br> Worldwide \*<br>| 5645 | 374103 |
| Gerresheimer AG  | 4837 | 328179 |
| Grenke AG  | 7400 | 113432 |
| Hella GmbH & Co. KGaA \* | 1414 | 142127 |
| HelloFresh SE \* | 82757 | 861733 |
| Hensoldt AG  | 3515 | 272303 |
| HOCHTIEF AG  | 2877 | 544315 |
| Hornbach Holding AG & Co. KGaA  | 6200 | 698040 |
| HUGO BOSS AG  | 12841 | 535589 |
| Indus Holding AG  | 11244 | 316757 |
| Jenoptik AG  | 8678 | 173255 |
| JOST Werke SE  | 4608 | 259319 |
| Kloeckner & Co. SE  | 137753 | 1108783 |
| Knorr-Bremse AG  | 9809 | 972825 |
| Krones AG  | 2617 | 382522 |
| LEG Immobilien SE  | 6280 | 532351 |
| Mutares SE & Co. KGaA  | 7315 | 267460 |
| Nemetschek SE  | 1419 | 188563 |
| Nordex SE \* | 12768 | 239060 |
| ProSiebenSat.1 Media SE  | 94402 | 658805 |
| Rational AG  | 213 | 182761 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| SAF-Holland SE  | 12843 | 233025 |
| Salzgitter AG  | 31209 | 771248 |
| Schaeffler AG  | 39632 | 171033 |
| Scout24 SE  | 4067 | 484692 |
| Siltronic AG  | 6234 | 253478 |
| Sixt SE  | 3869 | 367838 |
| Stabilus SE  | 7797 | 216275 |
| Stroeer SE & Co. KGaA  | 4843 | 289182 |
| Suedzucker AG  | 25473 | 342967 |
| TAG Immobilien AG \* | 27392 | 445967 |
| Takkt AG  | 9362 | 80864 |
| Talanx AG  | 8852 | 1015927 |
| TeamViewer SE \* | 10428 | 160203 |
| Traton SE  | 17108 | 563624 |
| TUI AG \* | 59482 | 457684 |
| United Internet AG  | 38057 | 863011 |
| Wacker Chemie AG  | 7152 | 540660 |
| Wacker Neuson SE  | 10569 | 284208 |
| Wuestenrot & Wuerttembergische AG  | 21104 | 339489 |
|  |  | **23591938** |
| **Guernsey 0.0%** | **Guernsey 0.0%** | **Guernsey 0.0%** |
| Burford Capital Ltd.  | 12130 | 166011 |
| Sirius Real Estate Ltd.  | 89822 | 110668 |
|  |  | **276679** |
| **Hong Kong 2.5%** | **Hong Kong 2.5%** | **Hong Kong 2.5%** |
| ASMPT Ltd.  | 59900 | 402976 |
| Bank of East Asia Ltd.  | 314600 | 433226 |
| Brightoil Petroleum Holdings Ltd. *\*(a)* | 1150000 | 0 |
| Cafe de Coral Holdings Ltd.  | 114000 | 104765 |
| Cathay Pacific Airways Ltd.  | 238363 | 273895 |
| CK Infrastructure Holdings Ltd.  | 27000 | 181971 |
| Cowell e Holdings, Inc. \* | 36000 | 103457 |
| Crystal International Group Ltd.  | 55500 | 32357 |
| CTF Services Ltd.  | 204000 | 193191 |
| Dah Sing Financial Holdings Ltd.  | 60800 | 221993 |
| DFI Retail Group Holdings Ltd.  | 119100 | 300625 |
| Fortune Real Estate Investment Trust  | 301000 | 168425 |
| Futu Holdings Ltd., ADR  | 3720 | 343393 |
| Galaxy Entertainment Group Ltd.  | 45000 | 162522 |
| Grand Pharmaceutical Group Ltd.  | 268000 | 205364 |
| Hang Lung Group Ltd.  | 348000 | 499544 |
| Hang Lung Properties Ltd.  | 402614 | 330200 |
| Henderson Land Development Co. Ltd.  | 189000 | 535993 |
| HK Electric Investments & HK Electric <br> Investments Ltd. <br>| 403000 | 280646 |
| HKBN Ltd.  | 614500 | 401695 |
| Hongkong Land Holdings Ltd.  | 197800 | 968033 |
| Hysan Development Co. Ltd.  | 147000 | 239624 |
| Johnson Electric Holdings Ltd.  | 243000 | 442697 |
| Kerry Properties Ltd.  | 278500 | 654038 |
| Kingboard Laminates Holdings Ltd.  | 355500 | 371161 |
| Luk Fook Holdings International Ltd.  | 156000 | 340409 |
| Man Wah Holdings Ltd.  | 389600 | 207049 |
| Melco Resorts & Entertainment Ltd., ADR \* | 63083 | 324877 |
| MTR Corp. Ltd.  | 55000 | 189878 |
| Nine Dragons Paper Holdings Ltd. \* | 1605000 | 589042 |
| PAX Global Technology Ltd.  | 291000 | 175238 |
| PCCW Ltd.  | 1278000 | 851984 |
| Sino Biopharmaceutical Ltd.  | 1863000 | 935597 |
| Sino Land Co. Ltd.  | 492000 | 505629 |
| SJM Holdings Ltd. \* | 279500 | 77973 |
| Skyworth Group Ltd.  | 972000 | 373058 |
| Stella International Holdings Ltd.  | 150000 | 268838 |
| Sun Art Retail Group Ltd.  | 498000 | 118851 |

---

*See financial notes*

**46**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Swire Properties Ltd.  | 151800 | 335474 |
| United Energy Group Ltd.  | 2166000 | 113082 |
| United Laboratories International Holdings <br> Ltd. <br>| 182000 | 326156 |
| Vitasoy International Holdings Ltd.  | 178000 | 229338 |
| VTech Holdings Ltd.  | 43800 | 294256 |
| Wharf Holdings Ltd.  | 140000 | 351666 |
| Wharf Real Estate Investment Co. Ltd.  | 79000 | 188932 |
|  |  | **14649118** |
| **Indonesia 0.2%** | **Indonesia 0.2%** | **Indonesia 0.2%** |
| First Pacific Co. Ltd.  | 1432000 | **963546** |
| **Ireland 0.5%** | **Ireland 0.5%** | **Ireland 0.5%** |
| AIB Group PLC  | 87183 | 585962 |
| Alkermes PLC \* | 6154 | 177051 |
| Bank of Cyprus Holdings PLC \* | 10664 | 68860 |
| Cairn Homes PLC  | 123938 | 272937 |
| Cimpress PLC \* | 2926 | 122950 |
| Dalata Hotel Group PLC  | 20211 | 115854 |
| Dole PLC  | 34019 | 516749 |
| Glanbia PLC  | 12885 | 166799 |
| Glenveagh Properties PLC \* | 31713 | 59438 |
| Grafton Group PLC, CDI  | 60946 | 737755 |
| Greencore Group PLC  | 30750 | 75814 |
| Uniphar PLC  | 50478 | 169996 |
|  |  | **3070165** |
| **Israel 2.1%** | **Israel 2.1%** | **Israel 2.1%** |
| Alony Hetz Properties & Investments Ltd.  | 23402 | 195466 |
| Ashtrom Group Ltd.  | 7127 | 112078 |
| Azrieli Group Ltd.  | 2023 | 147283 |
| Bezeq The Israeli Telecommunication <br> Corp. Ltd. <br>| 422760 | 642864 |
| Cellcom Israel Ltd. \* | 38315 | 242628 |
| Clal Insurance Enterprises Holdings Ltd.  | 10689 | 293286 |
| Delek Automotive Systems Ltd. \* | 28583 | 205975 |
| Delek Group Ltd.  | 3495 | 557543 |
| Delta Galil Ltd.  | 2860 | 134858 |
| Elbit Systems Ltd.  | 1994 | 766653 |
| Elco Ltd.  | 3833 | 170128 |
| Electra Ltd.  | 293 | 154993 |
| Equital Ltd. \* | 5693 | 213532 |
| Fattal Holdings 1998 Ltd. \* | 224 | 29253 |
| FIBI Holdings Ltd.  | 5466 | 316551 |
| First International Bank of Israel Ltd.  | 6515 | 357832 |
| Formula Systems 1985 Ltd.  | 2414 | 213134 |
| Fox Wizel Ltd.  | 1467 | 123386 |
| G City Ltd.  | 40581 | 140630 |
| Harel Insurance Investments & Financial <br> Services Ltd. <br>| 23514 | 390849 |
| Inmode Ltd. \* | 2032 | 28651 |
| Isracard Ltd.  | 40646 | 191412 |
| Israel Corp. Ltd.  | 3330 | 1048264 |
| Melisron Ltd.  | 1274 | 108388 |
| Mivne Real Estate KD Ltd.  | 51998 | 151719 |
| Mizrahi Tefahot Bank Ltd.  | 12504 | 633171 |
| Nice Ltd. \* | 3665 | 572561 |
| Nova Ltd. \* | 124 | 24330 |
| Oil Refineries Ltd.  | 2359555 | 592423 |
| Partner Communications Co. Ltd.  | 33217 | 220684 |
| Paz Retail & Energy Ltd.  | 2330 | 328986 |
| Phoenix Financial Ltd.  | 33241 | 654617 |
| Plus500 Ltd.  | 18688 | 766064 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Rami Levy Chain Stores Hashikma <br> Marketing 2006 Ltd. <br>| 2121 | 162279 |
| Shikun & Binui Ltd. \* | 60973 | 199747 |
| Shufersal Ltd.  | 59320 | 555405 |
| Strauss Group Ltd.  | 10087 | 228296 |
| Taboola.com Ltd. \* | 8921 | 26317 |
| Tower Semiconductor Ltd. \* | 14027 | 512669 |
|  |  | **12414905** |
| **Italy 2.0%** | **Italy 2.0%** | **Italy 2.0%** |
| ACEA SpA  | 13312 | 312734 |
| Alitalia - Linee Aeree Italiane SpA *\*(a)* | 14782 | 0 |
| Amplifon SpA  | 9450 | 180863 |
| Azimut Holding SpA  | 18921 | 525798 |
| Banca Generali SpA  | 7816 | 463705 |
| Banca Mediolanum SpA  | 28076 | 419732 |
| Banca Monte dei Paschi di Siena SpA  | 57872 | 489411 |
| Banca Popolare di Sondrio SpA  | 43106 | 540156 |
| BFF Bank SpA \* | 25815 | 244566 |
| Buzzi SpA  | 13998 | 733538 |
| CIR SpA-Compagnie Industriali \* | 267435 | 177432 |
| Danieli & C Officine Meccaniche SpA  | 3115 | 107282 |
| De' Longhi SpA  | 7930 | 245408 |
| DiaSorin SpA  | 2028 | 231753 |
| Enav SpA  | 44819 | 198466 |
| ERG SpA  | 8428 | 172418 |
| FinecoBank Banca Fineco SpA  | 34429 | 688956 |
| Hera SpA  | 55696 | 263678 |
| Infrastrutture Wireless Italiane SpA  | 19180 | 229050 |
| Interpump Group SpA  | 9238 | 316843 |
| Iren SpA  | 267448 | 763545 |
| Italgas SpA  | 106949 | 878695 |
| Lottomatica Group SpA  | 2436 | 55526 |
| Maire SpA  | 12566 | 135720 |
| Nexi SpA \* | 67550 | 394564 |
| OVS SpA  | 63330 | 228575 |
| Piaggio & C SpA  | 63929 | 125496 |
| Pirelli & C SpA  | 101948 | 630293 |
| PRADA SpA \* | 37200 | 232271 |
| Recordati Industria Chimica e <br> Farmaceutica SpA <br>| 7391 | 436131 |
| Reply SpA  | 1653 | 295109 |
| Saipem SpA \* | 104881 | 242272 |
| Salvatore Ferragamo SpA  | 20662 | 129455 |
| Sesa SpA  | 1424 | 120355 |
| SOL SpA  | 3598 | 164059 |
| Technogym SpA  | 13163 | 177870 |
| Webuild SpA  | 79951 | 290067 |
|  |  | **11841792** |
| **Japan 33.6%** | **Japan 33.6%** | **Japan 33.6%** |
| 77 Bank Ltd.  | 7800 | 244458 |
| ABC-Mart, Inc.  | 17700 | 329184 |
| Acom Co. Ltd.  | 109200 | 305989 |
| Activia Properties, Inc.  | 80 | 191828 |
| Adastria Co. Ltd.  | 9380 | 191652 |
| ADEKA Corp.  | 30600 | 551624 |
| Advance Residence Investment Corp.  | 222 | 228750 |
| AEON Financial Service Co. Ltd.  | 40700 | 336790 |
| Aeon Mall Co. Ltd.  | 29730 | 570448 |
| AEON REIT Investment Corp.  | 237 | 207418 |
| Aica Kogyo Co. Ltd.  | 17500 | 405725 |
| Aichi Steel Corp.  | 1300 | 76623 |
| Aiful Corp.  | 57900 | 144652 |
| Ain Holdings, Inc.  | 12600 | 485659 |
| Aisan Industry Co. Ltd.  | 19000 | 256787 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**47**

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Amano Corp.  | 13500 | 393068 |
| Anritsu Corp.  | 44300 | 442841 |
| AOKI Holdings, Inc.  | 16000 | 142570 |
| Aoyama Trading Co. Ltd.  | 24500 | 351826 |
| Aozora Bank Ltd.  | 23600 | 325846 |
| Arata Corp.  | 27800 | 619488 |
| ARCLANDS Corp.  | 20500 | 249202 |
| Arcs Co. Ltd.  | 40800 | 820844 |
| ARE Holdings, Inc.  | 27200 | 337935 |
| Artience Co. Ltd.  | 17100 | 352888 |
| As One Corp.  | 9260 | 146758 |
| Asahi Intecc Co. Ltd.  | 13500 | 207560 |
| Asics Corp.  | 36400 | 782383 |
| ASKUL Corp.  | 13000 | 138365 |
| Autobacs Seven Co. Ltd.  | 36700 | 380854 |
| Axial Retailing, Inc.  | 41000 | 311889 |
| Azbil Corp.  | 85700 | 737988 |
| Bando Chemical Industries Ltd.  | 11900 | 124385 |
| BayCurrent, Inc.  | 6200 | 334078 |
| Belc Co. Ltd.  | 5700 | 281877 |
| Bic Camera, Inc.  | 39000 | 418220 |
| BIPROGY, Inc.  | 16900 | 551923 |
| BML, Inc.  | 12600 | 262815 |
| Bunka Shutter Co. Ltd.  | 23100 | 330706 |
| Calbee, Inc.  | 21300 | 428445 |
| Canon Marketing Japan, Inc.  | 17200 | 608878 |
| Capcom Co. Ltd.  | 14700 | 425572 |
| Casio Computer Co. Ltd.  | 79900 | 624864 |
| Central Glass Co. Ltd.  | 14300 | 299186 |
| Chiba Bank Ltd.  | 67600 | 601064 |
| Chudenko Corp.  | 10500 | 258195 |
| Chugin Financial Group, Inc.  | 20800 | 233669 |
| Chugoku Marine Paints Ltd.  | 9700 | 140890 |
| Citizen Watch Co. Ltd.  | 82200 | 475490 |
| CKD Corp.  | 14800 | 215727 |
| Colowide Co. Ltd.  | 11700 | 147373 |
| Concordia Financial Group Ltd.  | 125400 | 811081 |
| Cosmos Pharmaceutical Corp.  | 13540 | 871158 |
| Create SD Holdings Co. Ltd.  | 11900 | 253547 |
| Credit Saison Co. Ltd.  | 30400 | 709929 |
| CyberAgent, Inc.  | 107800 | 922771 |
| Daicel Corp.  | 85500 | 727790 |
| Dai-Dan Co. Ltd.  | 8700 | 252894 |
| Daido Steel Co. Ltd.  | 79400 | 598273 |
| Daihen Corp.  | 4700 | 207385 |
| Daiichikosho Co. Ltd.  | 21200 | 247932 |
| Daio Paper Corp.  | 76100 | 485519 |
| Daiseki Co. Ltd.  | 7160 | 182478 |
| Daishi Hokuetsu Financial Group, Inc.  | 11700 | 256160 |
| Daiwa House REIT Investment Corp.  | 223 | 373519 |
| Daiwa Office Investment Corp.  | 65 | 139262 |
| Daiwa Securities Living Investments Corp.  | 215 | 135748 |
| DCM Holdings Co. Ltd.  | 59100 | 561957 |
| DeNA Co. Ltd.  | 13786 | 372714 |
| Denka Co. Ltd.  | 14200 | 193787 |
| Dexerials Corp.  | 16100 | 189160 |
| DMG Mori Co. Ltd.  | 24900 | 432805 |
| Doshisha Co. Ltd.  | 7600 | 119111 |
| Doutor Nichires Holdings Co. Ltd.  | 11600 | 217274 |
| DTS Corp.  | 7600 | 216158 |
| Duskin Co. Ltd.  | 12800 | 336457 |
| DyDo Group Holdings, Inc.  | 7700 | 157349 |
| Eagle Industry Co. Ltd.  | 12300 | 158504 |
| Earth Corp.  | 6700 | 241266 |
| EDION Corp.  | 67700 | 903452 |
| Eizo Corp.  | 8200 | 117323 |
| Elecom Co. Ltd.  | 15427 | 181011 |
| Exedy Corp.  | 17600 | 528508 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Ezaki Glico Co. Ltd.  | 20200 | 666446 |
| FCC Co. Ltd.  | 18900 | 387796 |
| Ferrotec Holdings Corp.  | 17900 | 309032 |
| Food & Life Cos. Ltd.  | 14000 | 518073 |
| FP Corp.  | 13560 | 292410 |
| Frontier Real Estate Investment Corp.  | 260 | 144340 |
| Fuji Co. Ltd.  | 16200 | 236676 |
| Fuji Corp.  | 28938 | 430337 |
| Fuji Media Holdings, Inc.  | 9600 | 198791 |
| Fuji Oil Co. Ltd.  | 19100 | 419023 |
| Fuji Seal International, Inc.  | 16900 | 301750 |
| Fuji Soft, Inc.  | 7000 | 480713 |
| Fujimi, Inc.  | 5300 | 69373 |
| Fujitec Co. Ltd.  | 9600 | 376111 |
| Fujitsu General Ltd.  | 18710 | 367277 |
| Fukuda Denshi Co. Ltd.  | 4900 | 207955 |
| Fukuoka Financial Group, Inc.  | 21200 | 560109 |
| Fukuyama Transporting Co. Ltd.  | 14499 | 359734 |
| Furukawa Co. Ltd.  | 14300 | 211496 |
| Futaba Industrial Co. Ltd.  | 54100 | 299389 |
| Fuyo General Lease Co. Ltd.  | 12135 | 338621 |
| Geo Holdings Corp.  | 16800 | 228467 |
| Glory Ltd.  | 24800 | 436671 |
| GLP J-Reit  | 338 | 291541 |
| GMO internet group, Inc.  | 10400 | 244558 |
| Godo Steel Ltd.  | 3800 | 99073 |
| Goldwin, Inc.  | 3900 | 223596 |
| GS Yuasa Corp.  | 40200 | 706109 |
| G-Tekt Corp.  | 16600 | 190565 |
| GungHo Online Entertainment, Inc.  | 13350 | 282494 |
| Gunma Bank Ltd.  | 41000 | 341930 |
| Gunze Ltd.  | 12400 | 222957 |
| H.U. Group Holdings, Inc.  | 33600 | 659281 |
| H2O Retailing Corp.  | 42500 | 581303 |
| Hachijuni Bank Ltd.  | 43500 | 328338 |
| Hakuhodo DY Holdings, Inc.  | 28300 | 212771 |
| Hamakyorex Co. Ltd.  | 5500 | 51361 |
| Hamamatsu Photonics KK  | 42400 | 392077 |
| Happinet Corp.  | 8600 | 322755 |
| Hazama Ando Corp.  | 66600 | 663310 |
| Heiwa Corp.  | 15200 | 236600 |
| Heiwa Real Estate Co. Ltd.  | 3600 | 118634 |
| Heiwado Co. Ltd.  | 27300 | 508274 |
| Hikari Tsushin, Inc.  | 2850 | 790526 |
| Hino Motors Ltd. \* | 52200 | 165989 |
| Hirogin Holdings, Inc.  | 33300 | 276788 |
| Hirose Electric Co. Ltd.  | 4539 | 513422 |
| Hisamitsu Pharmaceutical Co., Inc.  | 11200 | 339841 |
| Hogy Medical Co. Ltd.  | 5200 | 148834 |
| Hokkaido Electric Power Co., Inc.  | 123100 | 584865 |
| Hokkoku Financial Holdings, Inc.  | 4000 | 149066 |
| Hokuetsu Corp.  | 36300 | 277817 |
| Hokuhoku Financial Group, Inc.  | 22400 | 401727 |
| Hokuriku Electric Power Co.  | 88700 | 455841 |
| Horiba Ltd.  | 7700 | 526309 |
| Hoshizaki Corp.  | 16500 | 701516 |
| Hosiden Corp.  | 27000 | 362507 |
| House Foods Group, Inc.  | 21600 | 423521 |
| Hulic Co. Ltd.  | 79900 | 835507 |
| Hyakugo Bank Ltd.  | 35200 | 170631 |
| Ibiden Co. Ltd.  | 8700 | 241175 |
| Idec Corp.  | 6500 | 104137 |
| IDOM, Inc.  | 29400 | 226405 |
| Iino Kaiun Kaisha Ltd.  | 23700 | 172733 |
| Inaba Denki Sangyo Co. Ltd.  | 21100 | 555841 |
| Inabata & Co. Ltd.  | 33600 | 720976 |
| Industrial & Infrastructure Fund Investment <br> Corp. <br>| 209 | 170976 |

---

*See financial notes*

**48**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| INFRONEER Holdings, Inc.  | 93500 | 797490 |
| Internet Initiative Japan, Inc.  | 18500 | 343052 |
| Invincible Investment Corp.  | 336 | 138871 |
| Ito En Ltd.  | 18500 | 442599 |
| Itochu Enex Co. Ltd.  | 39500 | 426317 |
| Itoham Yonekyu Holdings, Inc.  | 28000 | 877529 |
| Iyogin Holdings, Inc.  | 25900 | 300420 |
| Izumi Co. Ltd.  | 30000 | 690688 |
| J Front Retailing Co. Ltd.  | 61800 | 756441 |
| Jaccs Co. Ltd.  | 11400 | 301930 |
| JAFCO Group Co. Ltd.  | 15600 | 262689 |
| Japan Airport Terminal Co. Ltd.  | 4200 | 120804 |
| Japan Aviation Electronics Industry Ltd.  | 19400 | 310770 |
| Japan Excellent, Inc.  | 160 | 144562 |
| Japan Exchange Group, Inc.  | 61100 | 679784 |
| Japan Hotel REIT Investment Corp.  | 272 | 134507 |
| Japan Lifeline Co. Ltd.  | 4000 | 42828 |
| Japan Logistics Fund, Inc.  | 215 | 140603 |
| Japan Metropolitan Fund Invest  | 768 | 511703 |
| Japan Petroleum Exploration Co. Ltd.  | 58600 | 420651 |
| Japan Prime Realty Investment Corp.  | 103 | 254376 |
| Japan Pulp & Paper Co. Ltd.  | 51500 | 221448 |
| Japan Real Estate Investment Corp.  | 651 | 516642 |
| Japan Steel Works Ltd.  | 11400 | 469739 |
| Japan Wool Textile Co. Ltd.  | 22400 | 231869 |
| Jeol Ltd.  | 5900 | 189751 |
| JGC Holdings Corp.  | 90000 | 719812 |
| Joyful Honda Co. Ltd.  | 18300 | 259657 |
| Juroku Financial Group, Inc.  | 5700 | 192814 |
| JVCKenwood Corp.  | 47500 | 354496 |
| Kadokawa Corp.  | 14000 | 376500 |
| Kaga Electronics Co. Ltd.  | 25000 | 447772 |
| Kagome Co. Ltd.  | 14800 | 304622 |
| Kakaku.com, Inc.  | 12700 | 224610 |
| Kaken Pharmaceutical Co. Ltd.  | 9182 | 261428 |
| Kameda Seika Co. Ltd.  | 3400 | 94277 |
| Kamigumi Co. Ltd.  | 30800 | 753969 |
| Kanadevia Corp.  | 70900 | 454749 |
| Kanamoto Co. Ltd.  | 20100 | 450683 |
| Kandenko Co. Ltd.  | 38400 | 761187 |
| Kanematsu Corp.  | 39000 | 677295 |
| Kansai Paint Co. Ltd.  | 12960 | 195350 |
| Katitas Co. Ltd.  | 10461 | 151570 |
| Kato Sangyo Co. Ltd.  | 24900 | 871131 |
| KDX Realty Investment Corp.  | 214 | 222853 |
| Keihan Holdings Co. Ltd.  | 21000 | 514329 |
| Keikyu Corp.  | 50700 | 527618 |
| Keio Corp.  | 21800 | 593004 |
| Keisei Electric Railway Co. Ltd.  | 41400 | 428983 |
| Kewpie Corp.  | 9900 | 225179 |
| KH Neochem Co. Ltd.  | 10500 | 186088 |
| Kinden Corp.  | 35600 | 921479 |
| Kitz Corp.  | 32200 | 245577 |
| Kiyo Bank Ltd.  | 10900 | 185262 |
| Kobayashi Pharmaceutical Co. Ltd.  | 8400 | 320459 |
| Kobe Bussan Co. Ltd.  | 13500 | 412562 |
| Koei Tecmo Holdings Co. Ltd.  | 12460 | 213755 |
| Kohnan Shoji Co. Ltd.  | 12900 | 339900 |
| Kokusai Electric Corp.  | 10700 | 197577 |
| Kokuyo Co. Ltd.  | 26400 | 540998 |
| Komeri Co. Ltd.  | 16100 | 343087 |
| Konami Group Corp.  | 7700 | 1099683 |
| Konishi Co. Ltd.  | 16400 | 128841 |
| Konoike Transport Co. Ltd.  | 15100 | 277231 |
| Kose Corp.  | 8400 | 362300 |
| Kumagai Gumi Co. Ltd.  | 18800 | 560247 |
| Kumiai Chemical Industry Co. Ltd.  | 32900 | 175666 |
| Kurabo Industries Ltd.  | 1500 | 65715 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Kureha Corp.  | 21200 | 371071 |
| Kurita Water Industries Ltd.  | 18900 | 625735 |
| Kusuri No. Aoki Holdings Co. Ltd.  | 10900 | 259593 |
| KYB Corp.  | 21900 | 447680 |
| Kyoei Steel Ltd.  | 12200 | 171963 |
| Kyokuto Kaihatsu Kogyo Co. Ltd.  | 12800 | 215011 |
| Kyorin Pharmaceutical Co. Ltd.  | 13700 | 141649 |
| Kyoritsu Maintenance Co. Ltd.  | 7800 | 165547 |
| Kyoto Financial Group, Inc.  | 17100 | 293513 |
| Kyowa Kirin Co. Ltd.  | 36800 | 574617 |
| Kyudenko Corp.  | 14900 | 500477 |
| Kyushu Financial Group, Inc.  | 45300 | 228673 |
| Kyushu Railway Co.  | 29500 | 763499 |
| Lasertec Corp.  | 1300 | 120861 |
| Leopalace21 Corp.  | 12900 | 52848 |
| Life Corp.  | 35100 | 508435 |
| Lintec Corp.  | 17700 | 338579 |
| Lion Corp.  | 71900 | 881276 |
| M3, Inc.  | 47700 | 597804 |
| Mabuchi Motor Co. Ltd.  | 24400 | 356464 |
| Macnica Holdings, Inc.  | 57200 | 795279 |
| Makino Milling Machine Co. Ltd.  | 6750 | 532248 |
| Maruha Nichiro Corp.  | 36100 | 824867 |
| Marui Group Co. Ltd.  | 26600 | 529486 |
| Maruichi Steel Tube Ltd.  | 20100 | 474840 |
| Maruwa Co. Ltd.  | 500 | 102813 |
| Maruzen Showa Unyu Co. Ltd.  | 5800 | 243860 |
| Max Co. Ltd.  | 6900 | 203495 |
| Maxell Ltd.  | 13900 | 170369 |
| McDonald's Holdings Co. Japan Ltd.  | 13300 | 562369 |
| MCJ Co. Ltd.  | 27100 | 253352 |
| Mebuki Financial Group, Inc.  | 127876 | 624818 |
| Megachips Corp.  | 3400 | 110623 |
| Megmilk Snow Brand Co. Ltd.  | 38300 | 704248 |
| Meidensha Corp.  | 11700 | 321428 |
| Meiko Electronics Co. Ltd.  | 4000 | 175710 |
| MEITEC Group Holdings, Inc.  | 12800 | 262727 |
| Menicon Co. Ltd.  | 17300 | 171173 |
| Milbon Co. Ltd.  | 1600 | 30424 |
| Mirait One Corp.  | 50700 | 797309 |
| Mitsubishi HC Capital, Inc.  | 64300 | 454867 |
| Mitsubishi Logisnext Co. Ltd.  | 2800 | 39331 |
| Mitsubishi Logistics Corp.  | 67700 | 467224 |
| Mitsubishi Pencil Co. Ltd.  | 8100 | 125704 |
| Mitsubishi Shokuhin Co. Ltd.  | 19400 | 726271 |
| Mitsuboshi Belting Ltd.  | 6400 | 160486 |
| Mitsui E&S Co. Ltd.  | 25800 | 329191 |
| Mitsui High-Tec, Inc.  | 6350 | 29661 |
| Mitsui-Soko Holdings Co. Ltd.  | 29100 | 599788 |
| Mitsuuroko Group Holdings Co. Ltd.  | 23100 | 291788 |
| Miura Co. Ltd.  | 16100 | 342937 |
| MIXI, Inc.  | 12900 | 286634 |
| Mizuho Leasing Co. Ltd.  | 28500 | 209988 |
| Mizuno Corp.  | 14700 | 262355 |
| Mochida Pharmaceutical Co. Ltd.  | 7900 | 171010 |
| Modec, Inc.  | 6500 | 197261 |
| MonotaRO Co. Ltd.  | 13800 | 265414 |
| Morinaga & Co. Ltd.  | 21200 | 377993 |
| Morinaga Milk Industry Co. Ltd.  | 37500 | 891099 |
| Morita Holdings Corp.  | 2700 | 40287 |
| MOS Food Services, Inc.  | 3700 | 95909 |
| Musashi Seimitsu Industry Co. Ltd.  | 19800 | 340523 |
| Nabtesco Corp.  | 37500 | 562840 |
| Nachi-Fujikoshi Corp.  | 9600 | 205514 |
| Nagoya Railroad Co. Ltd.  | 16600 | 202440 |
| Nakanishi, Inc.  | 8100 | 105749 |
| Nankai Electric Railway Co. Ltd.  | 26300 | 416407 |
| Nexon Co. Ltd.  | 40122 | 629501 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**49**

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Nextage Co. Ltd.  | 15100 | 188203 |
| NHK Spring Co. Ltd.  | 15900 | 176701 |
| Nichias Corp.  | 14400 | 484443 |
| Nichicon Corp.  | 25000 | 204507 |
| Nichiha Corp.  | 10200 | 206902 |
| Nichireki Group Co. Ltd.  | 7500 | 129701 |
| Nifco, Inc.  | 26700 | 662049 |
| Nihon Kohden Corp.  | 36600 | 442112 |
| Nihon M&A Center Holdings, Inc.  | 41800 | 170491 |
| Nihon Parkerizing Co. Ltd.  | 29900 | 249073 |
| Nikkiso Co. Ltd.  | 24300 | 202879 |
| Nikkon Holdings Co. Ltd.  | 34100 | 703861 |
| Nippn Corp.  | 28500 | 449219 |
| Nippon Accommodations Fund, Inc.  | 195 | 159075 |
| Nippon Building Fund, Inc.  | 694 | 644177 |
| Nippon Densetsu Kogyo Co. Ltd.  | 16600 | 252286 |
| Nippon Electric Glass Co. Ltd.  | 30300 | 693287 |
| Nippon Gas Co. Ltd.  | 22100 | 407630 |
| Nippon Kayaku Co. Ltd.  | 60700 | 571892 |
| Nippon Light Metal Holdings Co. Ltd.  | 64900 | 676643 |
| Nippon Paint Holdings Co. Ltd.  | 117600 | 895967 |
| Nippon Prologis REIT, Inc.  | 173 | 286112 |
| Nippon Road Co. Ltd.  | 9700 | 132860 |
| Nippon Sanso Holdings Corp.  | 19000 | 608062 |
| Nippon Seiki Co. Ltd.  | 31900 | 244260 |
| Nippon Shinyaku Co. Ltd.  | 17300 | 446070 |
| Nippon Shokubai Co. Ltd.  | 55484 | 650224 |
| Nippon Soda Co. Ltd.  | 17300 | 324585 |
| Nippon Television Holdings, Inc.  | 43300 | 1002740 |
| Nipro Corp.  | 64700 | 573352 |
| Nishimatsu Construction Co. Ltd.  | 10500 | 390676 |
| Nishimatsuya Chain Co. Ltd.  | 13300 | 205810 |
| Nishi-Nippon Financial Holdings, Inc.  | 19100 | 280576 |
| Nishi-Nippon Railroad Co. Ltd.  | 28000 | 430462 |
| Nissan Chemical Corp.  | 23200 | 678568 |
| Nissha Co. Ltd.  | 15800 | 135402 |
| Nisshin Oillio Group Ltd.  | 13800 | 476366 |
| Nisshinbo Holdings, Inc.  | 102300 | 611519 |
| Nitta Corp.  | 4000 | 102828 |
| Nittetsu Mining Co. Ltd.  | 4800 | 208745 |
| Nitto Boseki Co. Ltd.  | 4100 | 108967 |
| Nitto Kogyo Corp.  | 10400 | 218326 |
| NOF Corp.  | 38800 | 584051 |
| Nojima Corp.  | 33100 | 595128 |
| NOK Corp.  | 47000 | 649484 |
| Nomura Co. Ltd.  | 31500 | 190154 |
| Nomura Real Estate Holdings, Inc.  | 134600 | 800526 |
| Nomura Real Estate Master Fund, Inc.  | 498 | 495788 |
| Noritake Co. Ltd.  | 9600 | 250198 |
| Noritz Corp.  | 13800 | 169689 |
| North Pacific Bank Ltd.  | 58300 | 203833 |
| NPR-RIKEN Corp.  | 8800 | 145942 |
| NS Solutions Corp.  | 10300 | 244365 |
| NS United Kaiun Kaisha Ltd.  | 4900 | 129645 |
| NSD Co. Ltd.  | 8700 | 204819 |
| NTN Corp.  | 363403 | 559683 |
| NTT UD REIT Investment Corp.  | 165 | 154988 |
| Obic Co. Ltd.  | 12300 | 430641 |
| Odakyu Electric Railway Co. Ltd.  | 67400 | 744116 |
| Okamoto Industries, Inc.  | 3300 | 116340 |
| Okamura Corp.  | 27300 | 379064 |
| Oki Electric Industry Co. Ltd.  | 46500 | 309702 |
| Okinawa Cellular Telephone Co.  | 3900 | 115642 |
| OKUMA Corp.  | 17400 | 390918 |
| Okumura Corp.  | 11300 | 350490 |
| Onward Holdings Co. Ltd.  | 38500 | 155892 |
| Open House Group Co. Ltd.  | 19900 | 882404 |
| Open Up Group, Inc.  | 3200 | 41220 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Oracle Corp. Japan  | 3300 | 396731 |
| Organo Corp.  | 700 | 33508 |
| Orient Corp.  | 24360 | 133730 |
| Oriental Land Co. Ltd.  | 30200 | 639621 |
| Orix JREIT, Inc.  | 312 | 392956 |
| Osaka Soda Co. Ltd.  | 16800 | 175140 |
| OSG Corp.  | 27700 | 329267 |
| Pacific Industrial Co. Ltd.  | 25300 | 222172 |
| PALTAC Corp.  | 24300 | 673878 |
| Paramount Bed Holdings Co. Ltd.  | 10700 | 172360 |
| Park24 Co. Ltd.  | 23100 | 327286 |
| Pasona Group, Inc.  | 7700 | 119450 |
| Penta-Ocean Construction Co. Ltd.  | 139200 | 798539 |
| Pigeon Corp.  | 37300 | 451698 |
| Pilot Corp.  | 9300 | 259574 |
| Piolax, Inc.  | 6400 | 98132 |
| Pola Orbis Holdings, Inc.  | 26700 | 245134 |
| Prima Meat Packers Ltd.  | 21500 | 346050 |
| Raito Kogyo Co. Ltd.  | 16600 | 308751 |
| Raiznext Corp.  | 13700 | 143124 |
| Rakuten Group, Inc. \* | 65683 | 387288 |
| Relo Group, Inc.  | 15800 | 208770 |
| Resorttrust, Inc.  | 23376 | 240574 |
| Restar Corp.  | 8400 | 131671 |
| Retail Partners Co. Ltd.  | 17800 | 171119 |
| Ricoh Leasing Co. Ltd.  | 1000 | 38511 |
| Rinnai Corp.  | 26900 | 602518 |
| Rohto Pharmaceutical Co. Ltd.  | 23800 | 398107 |
| Round One Corp.  | 22200 | 137803 |
| Ryobi Ltd.  | 17000 | 247861 |
| S Foods, Inc.  | 12600 | 237945 |
| Saizeriya Co. Ltd.  | 4800 | 154733 |
| Sakai Moving Service Co. Ltd.  | 6200 | 106061 |
| Sakata INX Corp.  | 22700 | 294621 |
| Sakata Seed Corp.  | 6900 | 159812 |
| San-A Co. Ltd.  | 16200 | 321689 |
| San-Ai Obbli Co. Ltd.  | 47200 | 554284 |
| Sangetsu Corp.  | 14100 | 286778 |
| San-In Godo Bank Ltd.  | 20000 | 177684 |
| Sanken Electric Co. Ltd. \* | 6600 | 291494 |
| Sanki Engineering Co. Ltd.  | 18100 | 462473 |
| Sankyo Co. Ltd.  | 24700 | 375947 |
| Santen Pharmaceutical Co. Ltd.  | 70300 | 712025 |
| Sanyo Chemical Industries Ltd.  | 5650 | 142341 |
| Sanyo Denki Co. Ltd.  | 2800 | 192430 |
| Sapporo Holdings Ltd.  | 10900 | 605315 |
| Sawai Group Holdings Co. Ltd.  | 30000 | 432282 |
| SBI Holdings, Inc.  | 4300 | 113066 |
| SBS Holdings, Inc.  | 5600 | 112406 |
| SCREEN Holdings Co. Ltd.  | 10400 | 691569 |
| SCSK Corp.  | 25628 | 670311 |
| Sega Sammy Holdings, Inc.  | 32500 | 682126 |
| Seibu Holdings, Inc.  | 27055 | 653884 |
| Seiko Group Corp.  | 8200 | 216453 |
| Seino Holdings Co. Ltd.  | 13900 | 218762 |
| Seiren Co. Ltd.  | 12200 | 189554 |
| Sekisui House Reit, Inc.  | 378 | 203923 |
| Sekisui Jushi Corp.  | 8600 | 112424 |
| Senko Group Holdings Co. Ltd.  | 63800 | 758428 |
| Seria Co. Ltd.  | 17200 | 349197 |
| Seven Bank Ltd.  | 132000 | 237537 |
| Sharp Corp. \* | 22200 | 131611 |
| Shibaura Machine Co. Ltd.  | 4900 | 123702 |
| Shibuya Corp.  | 2200 | 47764 |
| Shiga Bank Ltd.  | 5300 | 213113 |
| Shikoku Electric Power Co., Inc.  | 84800 | 696889 |
| Shinmaywa Industries Ltd.  | 29000 | 273270 |
| Ship Healthcare Holdings, Inc.  | 32300 | 468591 |

---

*See financial notes*

**50**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Shizuoka Financial Group, Inc.  | 56400 | 626747 |
| SHO-BOND Holdings Co. Ltd.  | 6100 | 218968 |
| Shoei Foods Corp.  | 3400 | 96780 |
| Showa Sangyo Co. Ltd.  | 10100 | 213876 |
| Siix Corp.  | 16000 | 117819 |
| SKY Perfect JSAT Holdings, Inc.  | 39700 | 320940 |
| Skylark Holdings Co. Ltd.  | 38900 | 807340 |
| Socionext, Inc.  | 18900 | 203280 |
| Sohgo Security Services Co. Ltd.  | 121200 | 957924 |
| Sotetsu Holdings, Inc.  | 20600 | 314085 |
| Square Enix Holdings Co. Ltd.  | 18000 | 1040814 |
| Starts Corp., Inc.  | 11600 | 315499 |
| Sugi Holdings Co. Ltd.  | 34500 | 724701 |
| Sumitomo Bakelite Co. Ltd.  | 16100 | 374339 |
| Sumitomo Densetsu Co. Ltd.  | 5200 | 191109 |
| Sumitomo Osaka Cement Co. Ltd.  | 19100 | 521594 |
| Sumitomo Pharma Co. Ltd. \* | 118531 | 654268 |
| Sumitomo Riko Co. Ltd.  | 5100 | 58325 |
| Sumitomo Warehouse Co. Ltd.  | 18600 | 361290 |
| Sundrug Co. Ltd.  | 29200 | 973010 |
| Suruga Bank Ltd.  | 4800 | 42518 |
| SWCC Corp.  | 7000 | 318098 |
| T Hasegawa Co. Ltd.  | 6600 | 132277 |
| Tachibana Eletech Co. Ltd.  | 8300 | 135741 |
| Tadano Ltd.  | 45000 | 311763 |
| Taihei Dengyo Kaisha Ltd.  | 6100 | 208616 |
| Taikisha Ltd.  | 17800 | 291350 |
| Taiyo Holdings Co. Ltd.  | 6300 | 233251 |
| Takamatsu Construction Group Co. Ltd.  | 8400 | 170160 |
| Takara Holdings, Inc.  | 67763 | 546919 |
| Takara Standard Co. Ltd.  | 27800 | 351365 |
| Takasago International Corp.  | 1700 | 79854 |
| Takasago Thermal Engineering Co. Ltd.  | 9800 | 433591 |
| Takashimaya Co. Ltd.  | 92600 | 713960 |
| Takeuchi Manufacturing Co. Ltd.  | 7800 | 244158 |
| Takuma Co. Ltd.  | 21400 | 275742 |
| Tamron Co. Ltd.  | 3800 | 85912 |
| TBS Holdings, Inc.  | 16600 | 556853 |
| TechnoPro Holdings, Inc.  | 18000 | 401393 |
| THK Co. Ltd.  | 34700 | 854834 |
| TKC Corp.  | 7300 | 205766 |
| Toa Corp.  | 26000 | 251198 |
| Toagosei Co. Ltd.  | 38600 | 363164 |
| TOBISHIMA HOLDINGS, Inc.  | 100 | 1258 |
| Tocalo Co. Ltd.  | 11500 | 132457 |
| Toda Corp.  | 78600 | 500754 |
| Toei Co. Ltd.  | 4600 | 168529 |
| Toho Co. Ltd.  | 12500 | 713643 |
| Toho Holdings Co. Ltd.  | 25800 | 843438 |
| Tokai Carbon Co. Ltd.  | 112900 | 728520 |
| Tokai Corp.  | 11200 | 164728 |
| TOKAI Holdings Corp.  | 55200 | 387077 |
| Tokai Rika Co. Ltd.  | 43769 | 651877 |
| Token Corp.  | 4150 | 387874 |
| Tokuyama Corp.  | 35000 | 714434 |
| Tokyo Century Corp.  | 36500 | 384394 |
| Tokyo Kiraboshi Financial Group, Inc.  | 1200 | 47435 |
| Tokyo Metro Co. Ltd.  | 7900 | 100101 |
| Tokyo Ohka Kogyo Co. Ltd.  | 14200 | 312398 |
| Tokyo Seimitsu Co. Ltd.  | 6200 | 345979 |
| Tokyo Steel Manufacturing Co. Ltd.  | 28400 | 321113 |
| Tokyo Tatemono Co. Ltd.  | 41600 | 745818 |
| Tokyu Construction Co. Ltd.  | 36100 | 209595 |
| Tomy Co. Ltd.  | 13500 | 297229 |
| Topcon Corp.  | 27600 | 626819 |
| Topre Corp.  | 33400 | 408094 |
| Toshiba TEC Corp.  | 11000 | 207338 |
| Totetsu Kogyo Co. Ltd.  | 10300 | 227298 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Towa Pharmaceutical Co. Ltd.  | 7700 | 142880 |
| Toyo Construction Co. Ltd.  | 23500 | 220434 |
| Toyo Tire Corp.  | 47400 | 886228 |
| Toyobo Co. Ltd.  | 59100 | 366646 |
| Toyoda Gosei Co. Ltd.  | 43700 | 839112 |
| Toyota Boshoku Corp.  | 44000 | 631344 |
| Transcosmos, Inc.  | 12100 | 264401 |
| Trend Micro, Inc.  | 12700 | 911233 |
| Trusco Nakayama Corp.  | 21200 | 316283 |
| TS Tech Co. Ltd.  | 52900 | 597913 |
| TSI Holdings Co. Ltd.  | 6200 | 46659 |
| Tsubakimoto Chain Co.  | 38100 | 462851 |
| Tsumura & Co.  | 12690 | 381601 |
| TV Asahi Holdings Corp.  | 19990 | 363595 |
| Tv Tokyo Holdings Corp.  | 6700 | 186276 |
| UACJ Corp.  | 18730 | 631919 |
| Uchida Yoko Co. Ltd.  | 3100 | 169588 |
| Ulvac, Inc.  | 10700 | 362887 |
| United Super Markets Holdings, Inc.  | 74912 | 481803 |
| United Urban Investment Corp.  | 342 | 359889 |
| Ushio, Inc.  | 21800 | 262208 |
| USS Co. Ltd.  | 46746 | 465952 |
| UT Group Co. Ltd.  | 2400 | 33735 |
| Valor Holdings Co. Ltd.  | 43900 | 768099 |
| Valqua Ltd.  | 3800 | 79943 |
| Wacoal Holdings Corp.  | 11900 | 415334 |
| Wacom Co. Ltd.  | 42300 | 161930 |
| Wakita & Co. Ltd.  | 11200 | 138399 |
| Welcia Holdings Co. Ltd.  | 42900 | 756375 |
| YAMABIKO Corp.  | 3700 | 55371 |
| Yamae Group Holdings Co. Ltd.  | 17900 | 324689 |
| Yamaguchi Financial Group, Inc.  | 20400 | 241012 |
| Yamato Kogyo Co. Ltd.  | 6300 | 375156 |
| Yamazen Corp.  | 39900 | 392314 |
| Yaoko Co. Ltd.  | 6892 | 461611 |
| Yellow Hat Ltd.  | 30400 | 289720 |
| Yodogawa Steel Works Ltd.  | 7000 | 283416 |
| Yokogawa Bridge Holdings Corp.  | 13500 | 247333 |
| Yoshinoya Holdings Co. Ltd.  | 13200 | 289327 |
| Yuasa Trading Co. Ltd.  | 11300 | 345810 |
| Yurtec Corp.  | 20300 | 262132 |
| Zacros Corp.  | 5500 | 152512 |
| Zenkoku Hosho Co. Ltd.  | 14200 | 308084 |
| Zensho Holdings Co. Ltd.  | 8700 | 537602 |
| Zeon Corp.  | 62300 | 610927 |
| Zojirushi Corp.  | 9900 | 95098 |
| ZOZO, Inc.  | 28200 | 286385 |
|  |  | **195353435** |
| **Jersey 0.2%** | **Jersey 0.2%** | **Jersey 0.2%** |
| boohoo Group PLC *\*(b)* | 287260 | 82910 |
| CVC Capital Partners PLC \* | 1691 | 30173 |
| International Workplace Group PLC  | 215946 | 534679 |
| Man Group PLC  | 66453 | 145044 |
| TP ICAP Group PLC  | 185392 | 636625 |
|  |  | **1429431** |
| **Luxembourg 0.6%** | **Luxembourg 0.6%** | **Luxembourg 0.6%** |
| Allegro.eu SA \* | 27555 | 241779 |
| Aroundtown SA \* | 196635 | 587469 |
| Befesa SA  | 10351 | 314744 |
| Espirito Santo Financial Group SA *\*(a)* | 69773 | 0 |
| Grand City Properties SA \* | 10537 | 125761 |
| InPost SA \* | 2202 | 37196 |
| RTL Group SA \* | 19160 | 785762 |
| Samsonite Group SA  | 120257 | 215469 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**51**

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Spotify Technology SA \* | 1285 | 788964 |
| Subsea 7 SA  | 31746 | 480667 |
|  |  | **3577811** |
| **Macau 0.1%** | **Macau 0.1%** | **Macau 0.1%** |
| Sands China Ltd. \* | 172800 | 309476 |
| Wynn Macau Ltd.  | 127200 | 84679 |
|  |  | **394155** |
| **Netherlands 1.9%** | **Netherlands 1.9%** | **Netherlands 1.9%** |
| Adyen NV \* | 508 | 822052 |
| Arcadis NV  | 7746 | 375612 |
| ASM International NV  | 933 | 456038 |
| Basic-Fit NV *\*(b)* | 7107 | 161539 |
| BE Semiconductor Industries NV  | 3389 | 367041 |
| Brembo NV  | 35623 | 333100 |
| Cementir Holding NV  | 12409 | 203453 |
| Corbion NV  | 11899 | 254465 |
| CTP NV  | 2426 | 45568 |
| Davide Campari-Milano NV  | 51469 | 345369 |
| Eurocommercial Properties NV  | 7034 | 203257 |
| Euronext NV  | 4476 | 748151 |
| Ferrovial SE  | 3241 | 158104 |
| Flow Traders Ltd.  | 2089 | 61853 |
| Fugro NV  | 17847 | 209303 |
| IMCD NV  | 3673 | 488438 |
| JDE Peet's NV  | 26968 | 652866 |
| Just Eat Takeaway.com NV \* | 37199 | 814104 |
| Koninklijke BAM Groep NV \* | 30832 | 208849 |
| Koninklijke Heijmans NV  | 1714 | 87789 |
| Koninklijke Vopak NV  | 9067 | 374927 |
| MFE-MediaForEurope NV, Class A  | 77139 | 280576 |
| MFE-MediaForEurope NV, Class B  | 31543 | 153514 |
| OCI NV \* | 37122 | 308433 |
| Pepco Group NV  | 38705 | 183158 |
| Qiagen NV \* | 15499 | 665150 |
| RHI Magnesita NV  | 4987 | 208288 |
| SBM Offshore NV  | 32773 | 689022 |
| Technip Energies NV  | 22313 | 761412 |
| TKH Group NV  | 10814 | 427263 |
| Van Lanschot Kempen NV  | 4142 | 241841 |
|  |  | **11290535** |
| **New Zealand 0.8%** | **New Zealand 0.8%** | **New Zealand 0.8%** |
| a2 Milk Co. Ltd.  | 81206 | 422732 |
| Air New Zealand Ltd.  | 705040 | 242900 |
| Auckland International Airport Ltd.  | 57251 | 255733 |
| Chorus Ltd.  | 69121 | 326000 |
| Contact Energy Ltd.  | 125819 | 662812 |
| EBOS Group Ltd.  | 32623 | 709237 |
| Fisher & Paykel Healthcare Corp. Ltd.  | 29594 | 597000 |
| Freightways Group Ltd.  | 4931 | 28827 |
| Genesis Energy Ltd.  | 187149 | 244566 |
| Mercury NZ Ltd.  | 76411 | 253556 |
| Meridian Energy Ltd.  | 147988 | 481719 |
| Ryman Healthcare Ltd. \* | 41554 | 54504 |
| SKYCITY Entertainment Group Ltd. \* | 271774 | 184519 |
| Xero Ltd. \* | 1474 | 155232 |
|  |  | **4619337** |
| **Norway 1.8%** | **Norway 1.8%** | **Norway 1.8%** |
| AF Gruppen ASA \* | 10172 | 145995 |
| Aker Solutions ASA  | 58421 | 158561 |
| Atea ASA \* | 22796 | 311151 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Austevoll Seafood ASA  | 33332 | 314016 |
| Bluenord ASA \* | 655 | 37523 |
| Bonheur ASA  | 1478 | 34224 |
| Borregaard ASA  | 12115 | 207751 |
| DNO ASA  | 468149 | 533935 |
| DOF Group ASA \* | 5033 | 39470 |
| Elkem ASA \* | 266195 | 468257 |
| Europris ASA  | 35005 | 259540 |
| Gjensidige Forsikring ASA  | 23667 | 553780 |
| Golden Ocean Group Ltd. *(c)* | 27054 | 207259 |
| Golden Ocean Group Ltd. *(c)* | 2000 | 15440 |
| Hoegh Autoliners ASA  | 21465 | 172762 |
| Kongsberg Gruppen ASA  | 3239 | 521831 |
| Leroy Seafood Group ASA  | 79293 | 347550 |
| MPC Container Ships ASA  | 128387 | 188815 |
| Norconsult Norge AS  | 43456 | 196387 |
| Nordic Semiconductor ASA \* | 12288 | 123216 |
| Norwegian Air Shuttle ASA  | 43813 | 57858 |
| Odfjell Drilling Ltd.  | 6270 | 32637 |
| Opera Ltd., ADR  | 9211 | 157232 |
| Salmar ASA  | 5801 | 286657 |
| Scatec ASA \* | 4643 | 35434 |
| Schibsted ASA, A Shares  | 8405 | 255788 |
| Schibsted ASA, B Shares  | 14801 | 425390 |
| SFL Corp. Ltd.  | 24871 | 204440 |
| SpareBank 1 Nord Norge  | 22998 | 307432 |
| SpareBank 1 SMN  | 16991 | 308349 |
| SpareBank 1 Sor-Norge ASA  | 25021 | 399266 |
| Sparebanken Vest  | 18352 | 246542 |
| Stolt-Nielsen Ltd.  | 7534 | 169154 |
| Storebrand ASA  | 36574 | 441580 |
| TGS ASA  | 47233 | 352283 |
| TOMRA Systems ASA \* | 18775 | 296218 |
| Var Energi ASA  | 127462 | 350484 |
| Veidekke ASA  | 29384 | 442141 |
| Wallenius Wilhelmsen ASA  | 71670 | 519427 |
| Wilh Wilhelmsen Holding ASA, Class A  | 2158 | 80484 |
| Wilh Wilhelmsen Holding ASA, Class B  | 1449 | 52648 |
|  |  | **10258907** |
| **Poland 1.3%** | **Poland 1.3%** | **Poland 1.3%** |
| Alior Bank SA  | 11990 | 324903 |
| Asseco Poland SA  | 20538 | 848064 |
| Bank Millennium SA \* | 20361 | 78764 |
| Budimex SA  | 1102 | 185224 |
| CD Projekt SA  | 3051 | 188918 |
| Cognor Holding SA \* | 58173 | 113888 |
| Cyfrowy Polsat SA \* | 175399 | 860219 |
| Dino Polska SA \* | 2896 | 405983 |
| Enea SA \* | 187351 | 709056 |
| Eurocash SA  | 62315 | 182693 |
| Grupa Azoty SA \* | 64690 | 354957 |
| Grupa Kety SA  | 1748 | 400281 |
| Jastrzebska Spolka Weglowa SA \* | 68215 | 436924 |
| KRUK SA  | 1700 | 180341 |
| LPP SA  | 69 | 282400 |
| mBank SA \* | 1016 | 221371 |
| Orange Polska SA  | 250578 | 642910 |
| Santander Bank Polska SA  | 3147 | 484034 |
| Tauron Polska Energia SA \* | 533120 | 836693 |
|  |  | **7737623** |
| **Portugal 0.4%** | **Portugal 0.4%** | **Portugal 0.4%** |
| Banco Comercial Portugues SA, Class R  | 820411 | 524734 |
| Navigator Co. SA  | 60856 | 230947 |
| NOS SGPS SA  | 79153 | 330338 |

---

*See financial notes*

**52**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| REN - Redes Energeticas Nacionais SGPS <br> SA <br>| 111670 | 366521 |
| Sonae SGPS SA  | 529116 | 671943 |
|  |  | **2124483** |
| **Republic of Korea 6.7%** | **Republic of Korea 6.7%** | **Republic of Korea 6.7%** |
| Amorepacific Corp.  | 6736 | 590759 |
| Amorepacific Holdings Corp.  | 20081 | 324851 |
| Asiana Airlines, Inc. \* | 53923 | 359331 |
| BGF retail Co. Ltd.  | 3626 | 274000 |
| BH Co. Ltd.  | 9055 | 78450 |
| Binggrae Co. Ltd.  | 533 | 35422 |
| Celltrion, Inc.  | 4080 | 462700 |
| Cheil Worldwide, Inc.  | 21806 | 284602 |
| CJ ENM Co. Ltd. \* | 8757 | 380885 |
| CJ Logistics Corp.  | 5387 | 314256 |
| Coway Co. Ltd.  | 16311 | 1004276 |
| Daeduck Electronics Co. Ltd.  | 11368 | 111597 |
| Daesang Corp.  | 14241 | 239361 |
| Daewoo Engineering & Construction Co. <br> Ltd. \*<br>| 177639 | 443200 |
| Daishin Securities Co. Ltd.  | 6705 | 84451 |
| Daou Data Corp.  | 19049 | 158676 |
| Daou Technology, Inc.  | 18518 | 282828 |
| DB HiTek Co. Ltd.  | 9400 | 254111 |
| DL E&C Co. Ltd.  | 7624 | 233024 |
| DL Holdings Co. Ltd.  | 6192 | 141528 |
| Dongjin Semichem Co. Ltd.  | 6785 | 138927 |
| Dongwon Industries Co. Ltd.  | 1552 | 45447 |
| Doosan Bobcat, Inc.  | 17543 | 603137 |
| Doosan Co. Ltd.  | 3454 | 734757 |
| DoubleDown Interactive Co. Ltd., ADR \* | 4046 | 38316 |
| E1 Corp.  | 3457 | 150599 |
| Ecopro BM Co. Ltd. \* | 458 | 32623 |
| Ecopro Co. Ltd.  | 3501 | 125164 |
| F&F Co. Ltd.  | 4643 | 230538 |
| Gravity Co. Ltd., ADR \* | 521 | 31208 |
| GS Engineering & Construction Corp.  | 15423 | 198261 |
| GS P&L Co. Ltd. \* | 4177 | 62155 |
| GS Retail Co. Ltd.  | 25708 | 267547 |
| Handsome Co. Ltd.  | 10318 | 112244 |
| Hanjin Transportation Co. Ltd.  | 7854 | 105833 |
| Hanon Systems \* | 83587 | 209463 |
| Hansol Chemical Co. Ltd.  | 1715 | 139748 |
| Hanwha Aerospace Co. Ltd.  | 1476 | 829517 |
| Hanwha General Insurance Co. Ltd. \* | 36213 | 103823 |
| Hanwha Life Insurance Co. Ltd. \* | 230710 | 430360 |
| Hanwha Vision Co. Ltd. \* | 1888 | 80108 |
| Harim Holdings Co. Ltd.  | 134458 | 565350 |
| HD Hyundai Construction Equipment Co. <br> Ltd. <br>| 5458 | 259907 |
| HD Hyundai Infracore Co. Ltd. \* | 45040 | 261654 |
| HD Hyundai Mipo  | 2395 | 281348 |
| HD Korea Shipbuilding & Offshore <br> Engineering Co. Ltd. <br>| 5355 | 1024394 |
| HDC Holdings Co. Ltd.  | 27375 | 370072 |
| HDC Hyundai Development <br> Co-Engineering & Construction, <br> Class E <br>| 19640 | 343637 |
| Hite Jinro Co. Ltd.  | 10244 | 139299 |
| HL Mando Co. Ltd.  | 17012 | 446371 |
| Hotel Shilla Co. Ltd. \* | 9235 | 285288 |
| HS Hyosung Advanced Materials Corp.  | 1042 | 130320 |
| HS Hyosung Corp. \* | 367 | 10554 |
| HYBE Co. Ltd. \* | 198 | 37260 |
| Hyosung Corp.  | 2617 | 97705 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Hyosung TNC Corp.  | 2027 | 339076 |
| Hyundai Department Store Co. Ltd.  | 10479 | 440195 |
| Hyundai Elevator Co. Ltd.  | 4754 | 246812 |
| Hyundai Green Food  | 24539 | 268602 |
| Hyundai Home Shopping Network Corp.  | 3780 | 129078 |
| Hyundai Marine & Fire Insurance Co. Ltd. \* | 33304 | 521107 |
| Hyundai Rotem Co. Ltd.  | 684 | 53912 |
| Hyundai Wia Corp.  | 14893 | 448222 |
| iM Financial Group Co. Ltd.  | 91219 | 659547 |
| Industrial Bank of Korea  | 15274 | 164843 |
| IS Dongseo Co. Ltd.  | 5086 | 64884 |
| JB Financial Group Co. Ltd.  | 38714 | 465150 |
| Kakao Corp.  | 20742 | 557228 |
| Kangwon Land, Inc.  | 16961 | 193612 |
| KCC Corp.  | 1758 | 308716 |
| KCC Glass Corp.  | 6029 | 135789 |
| KEPCO Plant Service & Engineering Co. <br> Ltd. <br>| 5332 | 164717 |
| KG Chemical Corp.  | 49497 | 138644 |
| KG Dongbusteel  | 25180 | 104949 |
| KIWOOM Securities Co. Ltd.  | 2751 | 264534 |
| Kolon Industries, Inc.  | 18572 | 394083 |
| Korea Aerospace Industries Ltd.  | 4994 | 292302 |
| Korea Investment Holdings Co. Ltd.  | 10380 | 606037 |
| Korea Petrochemical Ind Co. Ltd.  | 3676 | 217324 |
| Korean Reinsurance Co.  | 53293 | 303364 |
| Krafton, Inc. \* | 1760 | 460772 |
| Kumho Tire Co., Inc. \* | 37582 | 127203 |
| Kwang Dong Pharmaceutical Co. Ltd.  | 21985 | 84778 |
| LF Corp.  | 16937 | 177206 |
| LG Energy Solution Ltd. \* | 1288 | 293859 |
| Lotte Chilsung Beverage Co. Ltd.  | 505 | 38970 |
| Lotte Corp.  | 18464 | 292914 |
| LOTTE Fine Chemical Co. Ltd.  | 8244 | 201376 |
| Lotte Rental Co. Ltd.  | 11344 | 234443 |
| Lotte Shopping Co. Ltd.  | 15527 | 736808 |
| LS Corp.  | 7370 | 682766 |
| LS Electric Co. Ltd.  | 1528 | 220692 |
| LX Hausys Ltd.  | 6040 | 122554 |
| LX International Corp.  | 36969 | 689498 |
| LX Semicon Co. Ltd.  | 4825 | 183639 |
| Macquarie Korea Infrastructure Fund  | 29376 | 236770 |
| Mcnex Co. Ltd.  | 7215 | 121562 |
| Meritz Financial Group, Inc.  | 7489 | 654244 |
| Mirae Asset Securities Co. Ltd.  | 49583 | 412150 |
| Misto Holdings Corp.  | 11269 | 293041 |
| NCSoft Corp.  | 3765 | 387550 |
| Netmarble Corp.  | 804 | 25291 |
| NH Investment & Securities Co. Ltd.  | 28905 | 312489 |
| NHN Corp.  | 12942 | 201913 |
| NICE Holdings Co. Ltd. \* | 17683 | 139987 |
| NongShim Co. Ltd.  | 904 | 256197 |
| OCI Holdings Co. Ltd.  | 5134 | 233817 |
| Orion Corp.  | 5132 | 444836 |
| Orion Holdings Corp.  | 16415 | 211470 |
| Otoki Corp.  | 770 | 216873 |
| Pan Ocean Co. Ltd.  | 137410 | 323332 |
| Partron Co. Ltd.  | 24470 | 118236 |
| Poongsan Corp.  | 6719 | 280539 |
| POSCO Future M Co. Ltd. \* | 563 | 49428 |
| Posco International Corp.  | 5206 | 179475 |
| S-1 Corp.  | 7119 | 317297 |
| Samchully Co. Ltd.  | 2149 | 138573 |
| Samsung Biologics Co. Ltd. \* | 36 | 26642 |
| Samsung Card Co. Ltd.  | 5732 | 169279 |
| Samsung E&A Co. Ltd.  | 45044 | 609056 |
| Samsung Heavy Industries Co. Ltd. \* | 36982 | 378903 |
| Samsung Life Insurance Co. Ltd.  | 3144 | 190896 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**53**

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Samsung Securities Co. Ltd.  | 11963 | 438522 |
| Samyang Holdings Corp. \* | 1261 | 54578 |
| SD Biosensor, Inc.  | 28598 | 189084 |
| SeAH Besteel Holdings Corp.  | 7559 | 95146 |
| SeAH Steel Holdings Corp.  | 1404 | 222040 |
| Seegene, Inc.  | 14812 | 273887 |
| Seoul Semiconductor Co. Ltd. \* | 16603 | 77733 |
| Seoyon E-Hwa Co. Ltd.  | 8637 | 71606 |
| SFA Engineering Corp.  | 11693 | 166966 |
| Shinsegae, Inc.  | 5474 | 606915 |
| SIMMTECH Co. Ltd.  | 11178 | 124118 |
| SK Chemicals Co. Ltd.  | 6036 | 168932 |
| SK Discovery Co. Ltd.  | 11274 | 329947 |
| SK Gas Ltd.  | 1132 | 190744 |
| SK Networks Co. Ltd.  | 113115 | 335937 |
| SKC Co. Ltd. \* | 2073 | 148717 |
| SL Corp.  | 5974 | 137966 |
| Soulbrain Co. Ltd.  | 1024 | 124741 |
| Sungwoo Hitech Co. Ltd.  | 36896 | 144615 |
| Taekwang Industrial Co. Ltd.  | 237 | 126223 |
| Taihan Electric Wire Co. Ltd. \* | 15529 | 127221 |
| WONIK IPS Co. Ltd.  | 7811 | 124426 |
| Young Poong Corp.  | 4570 | 119368 |
| Youngone Corp.  | 9180 | 306110 |
| Youngone Holdings Co. Ltd.  | 4079 | 274586 |
| Yuhan Corp.  | 3300 | 264456 |
|  |  | **39185877** |
| **Singapore 2.0%** | **Singapore 2.0%** | **Singapore 2.0%** |
| BW LPG Ltd.  | 22124 | 222248 |
| CapitaLand Ascendas REIT  | 276921 | 564270 |
| CapitaLand Ascott Trust  | 276004 | 180591 |
| CapitaLand Integrated Commercial Trust  | 323858 | 532973 |
| CapitaLand Investment Ltd.  | 213098 | 449124 |
| City Developments Ltd.  | 104900 | 399411 |
| ComfortDelGro Corp. Ltd.  | 197300 | 231468 |
| Frasers Logistics & Commercial Trust  | 246300 | 168946 |
| Genting Singapore Ltd.  | 711500 | 403468 |
| Grab Holdings Ltd., Class A \* | 9594 | 46819 |
| Hafnia Ltd.  | 38293 | 176515 |
| Hutchison Port Holdings Trust, U Shares  | 3502700 | 521451 |
| IGG, Inc.  | 493900 | 237946 |
| Jardine Cycle & Carriage Ltd.  | 34400 | 683243 |
| Keppel Infrastructure Trust  | 938415 | 287671 |
| Keppel Ltd.  | 107900 | 542489 |
| Mapletree Industrial Trust  | 144266 | 223162 |
| Mapletree Logistics Trust  | 251132 | 216107 |
| Mapletree Pan Asia Commercial Trust  | 218792 | 204903 |
| Netlink NBN Trust  | 256200 | 179483 |
| SATS Ltd.  | 89949 | 193976 |
| Sea Ltd., ADR \* | 7744 | 1038083 |
| Seatrium Ltd. \* | 104973 | 154158 |
| Sembcorp Industries Ltd.  | 112400 | 568538 |
| Sheng Siong Group Ltd.  | 112000 | 150901 |
| Singapore Exchange Ltd.  | 71500 | 786561 |
| Singapore Post Ltd.  | 594800 | 260316 |
| Singapore Technologies Engineering Ltd.  | 172100 | 977225 |
| StarHub Ltd.  | 105300 | 94327 |
| UOL Group Ltd.  | 108301 | 479089 |
| Venture Corp. Ltd.  | 22000 | 195294 |
|  |  | **11370756** |
| **Spain 1.7%** | **Spain 1.7%** | **Spain 1.7%** |
| Abengoa SA, B Shares *\*(a)* | 66135341 | 0 |
| Acciona SA  | 1212 | 176617 |
| Almirall SA  | 10820 | 120056 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Atresmedia Corp. de Medios de <br> Comunicacion SA <br>| 7460 | 47094 |
| Bankinter SA  | 69495 | 809618 |
| Caja de Ahorros del Mediterraneo *\*(a)* | 5382 | 0 |
| Cellnex Telecom SA \* | 14187 | 574139 |
| CIE Automotive SA  | 10275 | 271627 |
| Construcciones y Auxiliar de Ferrocarriles <br> SA <br>| 5377 | 262817 |
| Corp. ACCIONA Energias Renovables SA  | 9220 | 172351 |
| Ebro Foods SA  | 14422 | 281695 |
| EDP Renovaveis SA  | 24388 | 228388 |
| Elecnor SA  | 8030 | 171747 |
| Enagas SA  | 15393 | 240005 |
| Ence Energia y Celulosa SA  | 30435 | 98148 |
| Faes Farma SA  | 49457 | 240145 |
| Fluidra SA  | 9332 | 216051 |
| Gestamp Automocion SA  | 121838 | 363949 |
| Grupo Catalana Occidente SA  | 7904 | 439644 |
| Indra Sistemas SA  | 14830 | 472838 |
| Inmobiliaria Colonial Socimi SA  | 33695 | 218381 |
| Linea Directa Aseguradora SA Cia de <br> Seguros y Reaseguros <br>| 163801 | 237934 |
| Logista Integral SA  | 9801 | 335079 |
| Mapfre SA  | 201647 | 717863 |
| Merlin Properties Socimi SA  | 40381 | 457931 |
| Naturgy Energy Group SA  | 21263 | 633468 |
| Prosegur Cia de Seguridad SA  | 83842 | 234462 |
| Puig Brands SA, Class B \* | 1878 | 35163 |
| Sacyr SA  | 124735 | 457545 |
| Unicaja Banco SA  | 140843 | 268454 |
| Vidrala SA  | 2483 | 270642 |
| Viscofan SA  | 7336 | 529230 |
|  |  | **9583081** |
| **Sweden 3.4%** | **Sweden 3.4%** | **Sweden 3.4%** |
| AAK AB  | 18671 | 488281 |
| AcadeMedia AB  | 33032 | 271810 |
| AddLife AB, B Shares  | 9712 | 184305 |
| AddTech AB, B Shares  | 10410 | 350218 |
| AFRY AB  | 21687 | 375715 |
| Alleima AB  | 59232 | 465701 |
| Ambea AB  | 3192 | 38561 |
| Arjo AB, B Shares  | 44927 | 150508 |
| Asmodee Group AB, Class B \* | 9825 | 108257 |
| Attendo AB \* | 30499 | 207620 |
| Avanza Bank Holding AB  | 5298 | 176053 |
| Axfood AB  | 18159 | 507659 |
| Beijer Ref AB  | 16841 | 256882 |
| Betsson AB, Class B  | 21473 | 375543 |
| Bilia AB, A Shares  | 30289 | 379078 |
| Billerud Aktiebolag  | 79945 | 843582 |
| Bravida Holding AB  | 47794 | 455420 |
| Castellum AB \* | 36533 | 444614 |
| Clas Ohlson AB, B Shares  | 6582 | 186455 |
| Corem Property Group AB, B Shares  | 104430 | 52809 |
| Dometic Group AB  | 89865 | 323985 |
| Electrolux Professional AB, B Shares \* | 21142 | 122499 |
| Elekta AB, B Shares  | 64704 | 329481 |
| Embracer Group AB \* | 16549 | 208844 |
| EQT AB  | 14400 | 416124 |
| Evolution AB *\*(b)* | 7071 | 489841 |
| Fabege AB  | 18883 | 161078 |
| Fastighets AB Balder, B Shares \* | 29482 | 211930 |
| Getinge AB, B Shares  | 35106 | 678494 |
| Granges AB  | 27504 | 343542 |
| Hexpol AB  | 45669 | 397113 |
| Holmen AB, B Shares  | 15410 | 609296 |

---

*See financial notes*

**54**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Indutrade AB  | 16082 | 435077 |
| Investment AB Latour, B Shares  | 4139 | 111698 |
| Inwido AB  | 11883 | 251833 |
| JM AB  | 21909 | 349530 |
| Lagercrantz Group AB, B Shares  | 1493 | 34019 |
| Lifco AB, B Shares  | 7526 | 291367 |
| Lindab International AB  | 12132 | 255071 |
| Loomis AB  | 18448 | 767832 |
| MEKO AB  | 12488 | 163828 |
| Mycronic AB  | 4049 | 161681 |
| NCAB Group AB  | 18406 | 81113 |
| NCC AB, B Shares  | 34237 | 637406 |
| New Wave Group AB, B Shares  | 13199 | 161514 |
| Nibe Industrier AB, B Shares  | 158787 | 677131 |
| Nolato AB, B Shares  | 27851 | 156481 |
| Pandox AB  | 5122 | 85424 |
| Peab AB, B Shares  | 84391 | 701971 |
| Ratos AB, B Shares  | 93295 | 318397 |
| Saab AB, B Shares  | 22641 | 1054267 |
| Sagax AB, B Shares  | 5833 | 132580 |
| Samhallsbyggnadsbolaget i Norden AB *(b)* | 473716 | 192312 |
| Scandic Hotels Group AB  | 33427 | 260170 |
| Sinch AB \* | 123550 | 287225 |
| Stillfront Group AB \* | 123232 | 63181 |
| Svenska Cellulosa AB SCA, B Shares  | 11367 | 146982 |
| Sweco AB, B Shares  | 21915 | 385527 |
| Swedish Orphan Biovitrum AB \* | 12612 | 383590 |
| Thule Group AB  | 12579 | 286725 |
| Wihlborgs Fastigheter AB  | 18137 | 188124 |
|  |  | **19633354** |
| **Switzerland 3.2%** | **Switzerland 3.2%** | **Switzerland 3.2%** |
| Accelleron Industries AG  | 4596 | 246734 |
| Allreal Holding AG  | 1651 | 363781 |
| ALSO Holding AG  | 2199 | 671587 |
| Aryzta AG \* | 134754 | 337985 |
| Avolta AG  | 13852 | 631205 |
| Baloise Holding AG  | 1029 | 228924 |
| Banque Cantonale Vaudoise \* | 2211 | 272125 |
| Belimo Holding AG  | 615 | 522542 |
| Bell Food Group AG  | 971 | 312408 |
| BKW AG \* | 2220 | 445082 |
| Bossard Holding AG, Class A  | 712 | 155266 |
| Bucher Industries AG  | 1458 | 629745 |
| Burckhardt Compression Holding AG  | 56 | 38074 |
| Bystronic AG  | 537 | 163959 |
| Cembra Money Bank AG  | 3631 | 438293 |
| Clariant AG \* | 48103 | 538418 |
| Comet Holding AG  | 447 | 115406 |
| Daetwyler Holding AG  | 775 | 111903 |
| DKSH Holding AG  | 10425 | 768003 |
| DocMorris AG *\*(b)* | 1750 | 49336 |
| dormakaba Holding AG  | 464 | 391410 |
| DSM-Firmenich AG  | 2268 | 246380 |
| Emmi AG  | 339 | 333463 |
| EMS-Chemie Holding AG  | 543 | 400354 |
| Flughafen Zurich AG  | 1433 | 361091 |
| Forbo Holding AG  | 245 | 235066 |
| Galderma Group AG  | 445 | 51685 |
| Galenica AG  | 9251 | 968974 |
| Georg Fischer AG  | 9716 | 702512 |
| Helvetia Holding AG  | 4424 | 975923 |
| Huber & Suhner AG  | 3357 | 295393 |
| Inficon Holding AG  | 1070 | 113535 |
| Interroll Holding AG  | 66 | 144845 |
| Kardex Holding AG  | 85 | 21413 |
| Landis & Gyr Group AG \* | 4821 | 310073 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Luzerner Kantonalbank AG  | 402 | 33984 |
| Mobimo Holding AG  | 588 | 227110 |
| OC Oerlikon Corp. AG Pfaffikon  | 76697 | 325360 |
| On Holding AG, Class A \* | 805 | 38729 |
| PSP Swiss Property AG  | 2194 | 390687 |
| SFS Group AG \* | 2026 | 273866 |
| Siegfried Holding AG \* | 1850 | 220255 |
| SIG Group AG \* | 25703 | 495810 |
| Softwareone Holding AG \* | 22094 | 152939 |
| St. Galler Kantonalbank AG  | 267 | 160843 |
| Stadler Rail AG  | 9362 | 246941 |
| Straumann Holding AG  | 3745 | 456653 |
| Sulzer AG  | 1695 | 286896 |
| Swiss Prime Site AG  | 6401 | 902579 |
| Swissquote Group Holding SA  | 69 | 35618 |
| Tecan Group AG  | 1062 | 206834 |
| Temenos AG  | 5011 | 358940 |
| Valiant Holding AG  | 1834 | 270108 |
| VAT Group AG  | 960 | 346550 |
| Vontobel Holding AG  | 5300 | 382997 |
|  |  | **18406592** |
| **Taiwan 0.0%** | **Taiwan 0.0%** | **Taiwan 0.0%** |
| FIT Hon Teng Ltd. \* | 110000 | **27615** |
| **United Kingdom 7.8%** | **United Kingdom 7.8%** | **United Kingdom 7.8%** |
| 4imprint Group PLC  | 2635 | 120693 |
| AG Barr PLC  | 15951 | 147599 |
| Airtel Africa PLC  | 363621 | 832145 |
| Allfunds Group PLC  | 14098 | 79589 |
| Ashmore Group PLC  | 95920 | 184974 |
| ASOS PLC *\*(b)* | 49651 | 189908 |
| Assura PLC  | 260509 | 168464 |
| Auto Trader Group PLC  | 36680 | 412094 |
| Babcock International Group PLC  | 47713 | 514002 |
| Bakkavor Group PLC  | 31414 | 72009 |
| Beazley PLC  | 52420 | 621107 |
| Big Yellow Group PLC  | 11929 | 160599 |
| Bodycote PLC  | 44634 | 283143 |
| Breedon Group PLC  | 61641 | 353734 |
| British Land Co. PLC  | 98793 | 519736 |
| Carnival PLC, ADR \* | 11603 | 192842 |
| Chemring Group PLC  | 35791 | 191172 |
| Clarkson PLC  | 3064 | 134673 |
| Close Brothers Group PLC \* | 108679 | 472612 |
| Coats Group PLC  | 257849 | 249708 |
| Computacenter PLC  | 16027 | 518371 |
| ConvaTec Group PLC  | 169367 | 588831 |
| Cranswick PLC  | 10826 | 749276 |
| Crest Nicholson Holdings PLC  | 86290 | 207834 |
| CVS Group PLC  | 10843 | 155832 |
| Deliveroo PLC \* | 25315 | 57486 |
| Derwent London PLC  | 9194 | 238073 |
| Diploma PLC  | 5634 | 298949 |
| Diversified Energy Co. PLC  | 6069 | 76451 |
| Domino's Pizza Group PLC  | 44133 | 158753 |
| Dr. Martens PLC  | 289655 | 212313 |
| Drax Group PLC  | 70852 | 584455 |
| Dunelm Group PLC  | 18903 | 277594 |
| easyJet PLC  | 100153 | 664019 |
| Elementis PLC  | 100367 | 168699 |
| Endava PLC, ADR \* | 5607 | 102103 |
| Endeavour Mining PLC  | 23406 | 634132 |
| Energean PLC  | 4897 | 58013 |
| Essentra PLC  | 89549 | 107527 |
| FDM Group Holdings PLC  | 20696 | 61921 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**55**

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Fevertree Drinks PLC  | 9689 | 103168 |
| Frasers Group PLC \* | 35532 | 314175 |
| Fresnillo PLC  | 37477 | 502288 |
| Future PLC  | 16705 | 158866 |
| Games Workshop Group PLC  | 2391 | 492408 |
| Gamma Communications PLC  | 9414 | 167364 |
| Genuit Group PLC  | 39627 | 201793 |
| Genus PLC  | 8320 | 204457 |
| Grainger PLC  | 67351 | 193226 |
| Greggs PLC  | 13998 | 348480 |
| Halfords Group PLC  | 149944 | 310380 |
| Halma PLC  | 22013 | 812536 |
| Harbour Energy PLC  | 56850 | 116186 |
| Hikma Pharmaceuticals PLC  | 23684 | 627615 |
| Hill & Smith PLC  | 9376 | 225401 |
| Hilton Food Group PLC  | 29733 | 352268 |
| Howden Joinery Group PLC  | 70005 | 719896 |
| Hunting PLC  | 46755 | 161322 |
| Ibstock PLC  | 98065 | 235244 |
| IG Group Holdings PLC  | 70507 | 1004934 |
| IMI PLC  | 32310 | 766807 |
| Indivior PLC \* | 4801 | 54481 |
| InterContinental Hotels Group PLC  | 6693 | 714210 |
| Intermediate Capital Group PLC  | 21331 | 536559 |
| Investec PLC  | 41110 | 258136 |
| J D Wetherspoon PLC  | 19049 | 166577 |
| James Halstead PLC  | 15541 | 31841 |
| JD Sports Fashion PLC  | 354526 | 373247 |
| JET2 PLC  | 18048 | 381922 |
| Johnson Service Group PLC  | 71428 | 133269 |
| Jupiter Fund Management PLC  | 183672 | 177221 |
| Just Group PLC  | 136629 | 257706 |
| Keller Group PLC  | 24867 | 473523 |
| Kier Group PLC  | 184069 | 357870 |
| Lancashire Holdings Ltd.  | 20216 | 152168 |
| Land Securities Group PLC  | 86794 | 687781 |
| Lion Finance Group PLC  | 4767 | 382375 |
| LondonMetric Property PLC  | 49294 | 126474 |
| Marshalls PLC  | 59027 | 221050 |
| Mitchells & Butlers PLC \* | 74469 | 247138 |
| Mitie Group PLC  | 241710 | 466105 |
| Mobico Group PLC \* | 400253 | 166201 |
| MONY Group PLC  | 98731 | 267213 |
| Morgan Advanced Materials PLC  | 80707 | 211675 |
| Morgan Sindall Group PLC  | 11316 | 534900 |
| Ninety One PLC  | 74026 | 146897 |
| Ocado Group PLC \* | 53596 | 202489 |
| OSB Group PLC  | 89123 | 566488 |
| Oxford Instruments PLC  | 5222 | 114891 |
| Pagegroup PLC  | 103764 | 374241 |
| Paragon Banking Group PLC  | 27199 | 307269 |
| Pennon Group PLC  | 91890 | 615143 |
| Pets at Home Group PLC  | 140233 | 444133 |
| Pinewood Technologies Group PLC \* | 39635 | 190158 |
| Polar Capital Holdings PLC  | 18621 | 97682 |
| Premier Foods PLC  | 111963 | 297233 |
| Primary Health Properties PLC  | 112444 | 153451 |
| PZ Cussons PLC  | 113144 | 117741 |
| QinetiQ Group PLC  | 75514 | 397474 |
| Quilter PLC  | 269878 | 485550 |
| Renew Holdings PLC  | 12868 | 130252 |
| Renewi PLC  | 23348 | 267597 |
| Renishaw PLC  | 3777 | 113141 |
| Rightmove PLC  | 35618 | 351769 |
| Rolls-Royce Holdings PLC  | 86396 | 874541 |
| Rotork PLC  | 100448 | 409001 |
| RS Group PLC  | 59003 | 406826 |
| RWS Holdings PLC  | 104152 | 92998 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Safestore Holdings PLC  | 18828 | 158467 |
| Savills PLC  | 33308 | 413051 |
| Schroders PLC  | 166370 | 733056 |
| Segro PLC  | 54459 | 495395 |
| Senior PLC  | 109434 | 202138 |
| Serco Group PLC  | 253239 | 581175 |
| Serica Energy PLC  | 86064 | 146092 |
| Softcat PLC  | 8883 | 198398 |
| Spectris PLC  | 21350 | 571546 |
| Spirax Group PLC  | 6822 | 537683 |
| Spire Healthcare Group PLC  | 53709 | 138872 |
| Spirent Communications PLC \* | 91947 | 226205 |
| SSP Group PLC  | 158220 | 313365 |
| St. James's Place PLC  | 67859 | 855386 |
| SThree PLC  | 41963 | 136426 |
| Tate & Lyle PLC  | 92715 | 691006 |
| Telecom Plus PLC  | 11556 | 291381 |
| THG PLC \* | 273501 | 90285 |
| TORM PLC, Class A *(b)* | 9068 | 150766 |
| Tritax Big Box REIT PLC  | 104019 | 198977 |
| Tullow Oil PLC *\*(b)* | 514211 | 87854 |
| UNITE Group PLC  | 16052 | 184422 |
| Vesuvius PLC  | 112084 | 511159 |
| Victrex PLC  | 22110 | 245421 |
| Vistry Group PLC \* | 61979 | 522541 |
| Watches of Switzerland Group PLC \* | 53737 | 255670 |
| Weir Group PLC  | 28017 | 844531 |
| WH Smith PLC  | 14406 | 174329 |
| Whitbread PLC  | 15512 | 538748 |
| Zigup PLC  | 107301 | 448035 |
|  |  | **45319236** |
| **United States 0.2%** | **United States 0.2%** | **United States 0.2%** |
| Coronado Global Resources, Inc., CDI  | 775296 | 96695 |
| Garrett Motion, Inc.  | 19065 | 175780 |
| Kulicke & Soffa Industries, Inc.  | 11136 | 358913 |
| Magnachip Semiconductor Corp. \* | 25756 | 80874 |
| Mercer International, Inc.  | 23241 | 103887 |
| SolarEdge Technologies, Inc. \* | 19567 | 239402 |
|  |  | **1055551** |
| **Total Common Stocks** <br>**(Cost $444,861,621)** | **Total Common Stocks** <br>**(Cost $444,861,621)** | **572492069** |
| **PREFERRED STOCKS** 0.4% OF NET ASSETS | **PREFERRED STOCKS** 0.4% OF NET ASSETS | **PREFERRED STOCKS** 0.4% OF NET ASSETS |
| **Germany 0.4%** | **Germany 0.4%** | **Germany 0.4%** |
| Draegerwerk AG & Co. KGaA  | 7355 | 501171 |
| Jungheinrich AG  | 15594 | 566730 |
| KSB SE & Co. KGaA  | 297 | 270274 |
| Sartorius AG  | 1459 | 378748 |
| Sixt SE  | 4345 | 289379 |
| STO SE & Co. KGaA  | 1204 | 172185 |
|  |  | **2178487** |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Danieli & C Officine Meccaniche SpA  | 8939 | **241935** |

---

*See financial notes*

**56**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Republic of Korea 0.0%** | **Republic of Korea 0.0%** | **Republic of Korea 0.0%** |
| Daesang Corp.  | 1064 | 12496 |
| Daishin Securities Co. Ltd.  | 7876 | 92872 |
|  |  | **105368** |
| **Total Preferred Stocks** <br>**(Cost $2,079,314)** | **Total Preferred Stocks** <br>**(Cost $2,079,314)** | **2525790** |
| **RIGHTS** 0.0% OF NET ASSETS | **RIGHTS** 0.0% OF NET ASSETS | **RIGHTS** 0.0% OF NET ASSETS |
| **Spain 0.0%** | **Spain 0.0%** | **Spain 0.0%** |
| EDP Renovaveis SA | EDP Renovaveis SA | EDP Renovaveis SA |
| expires 05/07/25, strike EUR 0.09 \* | 24388 | **2487** |
| **Total Rights** <br>**(Cost $2,332)** | **Total Rights** <br>**(Cost $2,332)** | **2487** |
| **WARRANTS** 0.0% OF NET ASSETS | **WARRANTS** 0.0% OF NET ASSETS | **WARRANTS** 0.0% OF NET ASSETS |
| **Italy 0.0%** | **Italy 0.0%** | **Italy 0.0%** |
| Webuild SpA | Webuild SpA | Webuild SpA |
| expires 08/02/30 *\*(a)* | 9173 | **33280** |
| **Total Warrants** <br>**(Cost $0)** | **Total Warrants** <br>**(Cost $0)** | **33280** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.4% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.4% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.4% OF NET ASSETS |
| **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.29% *(d)(e)*<br>| 2282569 | **2282569** |
| **Total Short-Term Investments** <br>**(Cost $2,282,569)** | **Total Short-Term Investments** <br>**(Cost $2,282,569)** | **2282569** |
| **Total Investments in Securities** <br>**(Cost $449,225,836)** | **Total Investments in Securities** <br>**(Cost $449,225,836)** | **577336195** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| MSCI EAFE Index, expires <br> 06/20/25<br>| 48 | 5987280 | **327440** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> *(a)* Fair valued using significant unobservable inputs (see financial note 2(a), Securities for which no quoted value is available, for additional information).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* All or a portion of this security is on loan. Securities on loan were valued at $2,057,704.

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* Security is traded on separate exchanges for the same issuer.

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* The rate shown is the annualized 7-day yield.

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ADR — | American Depositary Receipt |
| CDI — | CHESS Depositary Interest |
| CVA — | Dutch Certificate |
| REIT — | Real Estate Investment Trust |
| EUR — | Euro |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | % OF NET ASSETS |
| **SECTOR WEIGHTINGS *(a)*** | **SECTOR WEIGHTINGS *(a)*** |
| Industrials | 24.5<br> %<br>|
| Consumer Discretionary | 12.7<br> %<br>|
| Financials | 11.6<br> %<br>|
| Materials | 10.5<br> %<br>|
| Consumer Staples | 8.6<br> %<br>|
| Real Estate | 7.1<br> %<br>|
| Information Technology | 6.7<br> %<br>|
| Communication Services | 6.0<br> %<br>|
| Health Care | 5.3<br> %<br>|
| Utilities | 3.1<br> %<br>|
| Energy | 2.9<br> %<br>|
| Short-Term Investments | 0.4<br> %<br>|
| **Total** | **99.4%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Excludes derivatives.

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**57**

------

Schwab Fundamental International Small Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

The following is a summary of the inputs used to value the fund's investments as of April 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $— | &nbsp;&nbsp; $219417096 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $219417096 |
| Australia | 228796 | &nbsp;&nbsp; 26404045 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 26632841 |
| Austria | 390188 | &nbsp;&nbsp; 4331501 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4721689 |
| Belgium |  | &nbsp;&nbsp; 5782214 | &nbsp;&nbsp; 566274 | &nbsp;&nbsp; 6348488 |
| Canada | 41794945 | &nbsp;&nbsp; 598745 | &nbsp;&nbsp; — | &nbsp;&nbsp; 42393690 |
| China | 860421 | &nbsp;&nbsp; 5134580 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5995001 |
| Cyprus | 289973 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 289973 |
| Denmark | 1805240 | &nbsp;&nbsp; 6309289 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8114529 |
| France | 1082955 | &nbsp;&nbsp; 20903085 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21986040 |
| Germany | 339489 | &nbsp;&nbsp; 23252449 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23591938 |
| Guernsey | 110668 | &nbsp;&nbsp; 166011 | &nbsp;&nbsp; — | &nbsp;&nbsp; 276679 |
| Hong Kong | 1370334 | &nbsp;&nbsp; 13278784 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 14649118 |
| Ireland | 1077278 | &nbsp;&nbsp; 1992887 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3070165 |
| Israel | 79298 | &nbsp;&nbsp; 12335607 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12414905 |
| Italy | 164059 | &nbsp;&nbsp; 11677733 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 11841792 |
| Luxembourg | 788964 | &nbsp;&nbsp; 2788847 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 3577811 |
| New Zealand | 2260155 | &nbsp;&nbsp; 2359182 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4619337 |
| Norway | 2097152 | &nbsp;&nbsp; 8161755 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10258907 |
| Poland | 756798 | &nbsp;&nbsp; 6980825 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7737623 |
| Republic of Korea | 69524 | &nbsp;&nbsp; 39116353 | &nbsp;&nbsp; — | &nbsp;&nbsp; 39185877 |
| Singapore | 1358712 | &nbsp;&nbsp; 10012044 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11370756 |
| Spain | 611391 | &nbsp;&nbsp; 8971690 | &nbsp;&nbsp; 0<br> \*<br>| &nbsp;&nbsp; 9583081 |
| Sweden | 518587 | &nbsp;&nbsp; 19114767 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19633354 |
| Switzerland | 202688 | &nbsp;&nbsp; 18203904 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18406592 |
| United Kingdom | 7234157 | &nbsp;&nbsp; 38085079 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45319236 |
| United States | 958856 | &nbsp;&nbsp; 96695 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1055551 |
| Preferred Stocks<sup>1</sup> <br>|  | &nbsp;&nbsp; 2525790 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2525790 |
| Rights<sup>1</sup> <br>| 2487 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2487 |
| Warrants |  |  |  |  |
| Italy |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 33280 | &nbsp;&nbsp; 33280 |
| Short-Term Investments<sup>1</sup> <br>| 2282569 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2282569 |
| Futures Contracts<sup>2</sup> <br>| 327440 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 327440 |
| **Total** | **$69063124** | &nbsp;&nbsp; **$508000957** | &nbsp;&nbsp; **$599554** | &nbsp;&nbsp; **$577663635** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Level 3 amount shown includes securities determined to have no value at April 30, 2025.

<sup>1</sup> As categorized in the Portfolio Holdings. 

<sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

**58**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity Index Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $449,225,836) including securities on loan of $2,057,704 |  | $577336195 |
| Cash |  | 407346 |
| Foreign currency, at value (cost $669,488) |  | 670881 |
| Deposit with broker for futures contracts |  | 404549 |
| Receivables: |  |  |
| Investments sold |  | 4889042 |
| Dividends |  | 3649740 |
| Foreign tax reclaims |  | 976421 |
| Fund shares sold |  | 121131 |
| Income from securities on loan | + | 8415 |
| **Total assets** |  | **588463720** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 2282569 |
| Payables: |  |  |
| Fund shares redeemed |  | 5155279 |
| Investment adviser fees |  | 178435 |
| Variation margin on futures contracts | + | 12824 |
| **Total liabilities** |  | **7629107** |
| **Net assets** |  | **$580834613** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $471719485 |
| Total distributable earnings | + | 109115128 |
| **Net assets** |  | **$580834613** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $580834613 |  | &nbsp;&nbsp;&nbsp;&nbsp; 42180203 |  | &nbsp;&nbsp;&nbsp;&nbsp; $13.77 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**59**

------

Schwab Fundamental International Small Equity Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $1,286,986) |  | $8697557 |
| Other Interest |  | 1989 |
| Securities on loan, net | + | 78242 |
| **Total investment income**  |  | **8777788** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 1089030 |
| Professional fees | + | 3445 <br><sup>1</sup><br>|
| **Total expenses** |  | **1092475** |
| Expense reduction | – | 3445 <br><sup>1</sup><br>|
| **Net expenses** | – | **1089030** |
| **Net investment income** |  | **7688758** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated issuers  |  | 18208825 |
| Net realized losses on futures contracts |  | (279255)<br>|
| Net realized losses on foreign currency transactions | + | (73185)<br>|
| **Net realized gains** |  | **17856385** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |  | 21940480 |
| Net change in unrealized appreciation (depreciation) on futures contracts |  | 544565 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 307139 |
| **Net change in unrealized appreciation (depreciation)** | **+** | **22792184** |
| **Net realized and unrealized gains** |  | **40648569** |
| **Increase in net assets resulting from operations** |  | **$48337327** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Professional fees associated with the filing of foreign withholding tax claims in the European Union are deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d) and 3 for additional information).

*See financial notes*

**60**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental International Small Equity Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $7688758 | &nbsp;&nbsp;&nbsp; $14932675 |
| Net realized gains |  | 17856385 | &nbsp;&nbsp;&nbsp; 18740064 |
| Net change in unrealized appreciation (depreciation) | + | 22792184 | &nbsp;&nbsp;&nbsp; 70855486 |
| **Increase in net assets resulting from operations** |  | **$48337327** | &nbsp;&nbsp;&nbsp; **$104528225** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($25042016)**<br>| &nbsp;&nbsp;&nbsp; **($18018592)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 2399982 | &nbsp;&nbsp;&nbsp; $31145966 | &nbsp;&nbsp;&nbsp; 5145625 | &nbsp;&nbsp;&nbsp; $65878606 |
| Shares reinvested |  | 1591547 | &nbsp;&nbsp;&nbsp; 19591936 | &nbsp;&nbsp;&nbsp; 1128372 | &nbsp;&nbsp;&nbsp; 13946682 |
| Shares redeemed | + | (5374491)<br>| &nbsp;&nbsp;&nbsp; (69631081)<br>| &nbsp;&nbsp;&nbsp; (8921096)<br>| &nbsp;&nbsp;&nbsp; (114194679)<br>|
| **Net transactions in fund shares**  |  | **(1382962)**<br>| &nbsp;&nbsp;&nbsp; **($18893179)**<br>| &nbsp;&nbsp;&nbsp; **(2647099)**<br>| &nbsp;&nbsp;&nbsp; **($34369391)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 43563165 | &nbsp;&nbsp;&nbsp; $576432481 | &nbsp;&nbsp;&nbsp; 46210264 | &nbsp;&nbsp;&nbsp; $524292239 |
| Total increase (decrease) | + | (1382962)<br>| &nbsp;&nbsp;&nbsp; 4402132 | &nbsp;&nbsp;&nbsp; (2647099)<br>| &nbsp;&nbsp;&nbsp; 52140242 |
| **End of period** |  | **42180203** | &nbsp;&nbsp;&nbsp; **$580834613** | &nbsp;&nbsp;&nbsp; **43563165** | &nbsp;&nbsp;&nbsp; **$576432481** |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**61**

------

Schwab Fundamental Emerging Markets Equity Index Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $9.85 | &nbsp;&nbsp; $8.02 | &nbsp;&nbsp; $7.35 | &nbsp;&nbsp; $10.24 | &nbsp;&nbsp; $7.51 | &nbsp;&nbsp; $9.25 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.16 | 0.39 | 0.39 | 0.52 | 0.36 | 0.27 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.11)<br>| 1.87 | 0.71 | &nbsp;&nbsp; (2.96)<br>| 2.63 | &nbsp;&nbsp; (1.65)<br>|
| Total from investment operations | 0.05 | 2.26 | 1.10 | &nbsp;&nbsp; (2.44)<br>| 2.99 | &nbsp;&nbsp; (1.38)<br>|
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.36)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $9.47 | &nbsp;&nbsp; $9.85 | &nbsp;&nbsp; $8.02 | &nbsp;&nbsp; $7.35 | &nbsp;&nbsp; $10.24 | &nbsp;&nbsp; $7.51 |
| Total return | 0.63 %<sup>2</sup><br>| 29.16<br> %<br>| 15.14<br> %<br>| &nbsp;&nbsp; (24.86<br> %)<br>| 40.39<br> %<br>| &nbsp;&nbsp; (15.68<br> %)<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Total expenses | 0.39 %<sup>3</sup><br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.39 %<sup>4</sup><br>| 0.39<br> %<br>| 0.39<br> %<br>|
| Net investment income (loss) | 3.45 %<sup>3</sup><br>| 4.29<br> %<br>| 4.75<br> %<br>| 5.83<br> %<br>| 3.75<br> %<br>| 3.32<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 14 %<sup>2</sup><br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 20<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 32<br> %<br>| &nbsp;&nbsp; 32<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $975922 | &nbsp;&nbsp; $933156 | &nbsp;&nbsp; $695445 | &nbsp;&nbsp; $604159 | &nbsp;&nbsp; $707652 | &nbsp;&nbsp; $550134 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Annualized.

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**62**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental Emerging Markets Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **COMMON STOCKS** 95.1% OF NET ASSETS | **COMMON STOCKS** 95.1% OF NET ASSETS | **COMMON STOCKS** 95.1% OF NET ASSETS |
| **Brazil 7.2%** | **Brazil 7.2%** | **Brazil 7.2%** |
| Ambev SA  | 1160648 | 2979770 |
| B3 SA - Brasil Bolsa Balcao  | 736683 | 1751117 |
| Banco Bradesco SA  | 567683 | 1223362 |
| Banco do Brasil SA  | 961176 | 4899751 |
| Banco Santander Brasil SA  | 161124 | 838107 |
| Centrais Eletricas Brasileiras SA  | 183411 | 1420388 |
| Cia de Saneamento Basico do Estado de <br> Sao Paulo SABESP <br>| 66478 | 1334093 |
| Cia Energetica de Minas Gerais  | 110338 | 296301 |
| Cia Paranaense de Energia - Copel  | 273339 | 502834 |
| Cia Siderurgica Nacional SA  | 682625 | 1118633 |
| Cosan SA  | 194864 | 266793 |
| Equatorial Energia SA  | 210904 | 1367960 |
| Itau Unibanco Holding SA  | 113518 | 621682 |
| JBS SA  | 585306 | 4546186 |
| Klabin SA  | 284619 | 929313 |
| Localiza Rent a Car SA  | 48443 | 366706 |
| Marfrig Global Foods SA  | 412630 | 1561772 |
| Natura & Co. Holding SA \* | 111800 | 187346 |
| Petroleo Brasileiro SA  | 2590074 | 14627256 |
| Suzano SA  | 205282 | 1811498 |
| Telefonica Brasil SA  | 331037 | 1621018 |
| Ultrapar Participacoes SA  | 509079 | 1599408 |
| Vale SA  | 2255821 | 21011374 |
| Vibra Energia SA  | 969334 | 3211101 |
|  |  | **70093769** |
| **Chile 0.6%** | **Chile 0.6%** | **Chile 0.6%** |
| Banco de Chile  | 8540639 | 1253735 |
| Cencosud SA  | 687074 | 2350980 |
| Empresas CMPC SA  | 488972 | 766851 |
| Empresas Copec SA  | 258923 | 1777397 |
| Enel Americas SA  | 2300613 | 225909 |
|  |  | **6374872** |
| **China 36.6%** | **China 36.6%** | **China 36.6%** |
| Agile Group Holdings Ltd. \* | 10128000 | 590184 |
| Agricultural Bank of China Ltd., A Shares  | 1483400 | 1106242 |
| Agricultural Bank of China Ltd., H Shares  | 9392600 | 5731521 |
| Alibaba Group Holding Ltd.  | 2515092 | 37550391 |
| Aluminum Corp. of China Ltd., A Shares  | 454000 | 400294 |
| Aluminum Corp. of China Ltd., H Shares  | 1236000 | 663404 |
| Anhui Conch Cement Co. Ltd., A Shares  | 259300 | 858493 |
| Anhui Conch Cement Co. Ltd., H Shares  | 756500 | 2131106 |
| ANTA Sports Products Ltd.  | 124600 | 1472251 |
| BAIC Motor Corp. Ltd., H Shares  | 6944000 | 1706979 |
| Baidu, Inc., A Shares \* | 413900 | 4564080 |
| Bank of Beijing Co. Ltd., A Shares  | 1306300 | 1078479 |
| Bank of China Ltd., A Shares  | 851300 | 647366 |
| Bank of China Ltd., H Shares  | 27292234 | 15239258 |
| Bank of Communications Co. Ltd., <br> A Shares <br>| 1378500 | 1417154 |
| Bank of Communications Co. Ltd., <br> H Shares <br>| 2858000 | 2499203 |
| BOE Technology Group Co. Ltd., A Shares  | 1983800 | 1048284 |
| BYD Co. Ltd., A Shares  | 8800 | 427921 |
| BYD Co. Ltd., H Shares  | 61500 | 2921017 |
| CGN Power Co. Ltd., A Shares  | 61800 | 29941 |
| CGN Power Co. Ltd., H Shares  | 787000 | 250512 |
| China CITIC Bank Corp. Ltd., A Shares  | 273200 | 271051 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| China CITIC Bank Corp. Ltd., H Shares  | 3980000 | 3147886 |
| China Coal Energy Co. Ltd., A Shares  | 92300 | 128742 |
| China Coal Energy Co. Ltd., H Shares  | 830000 | 857563 |
| China Communications Services Corp. <br> Ltd., H Shares <br>| 1562000 | 813490 |
| China Construction Bank Corp., A Shares  | 563100 | 701500 |
| China Construction Bank Corp., H Shares  | 38984960 | 32023333 |
| China Everbright Bank Co. Ltd., A Shares  | 2139500 | 1112894 |
| China Everbright Bank Co. Ltd., H Shares  | 4286000 | 1861071 |
| China Hongqiao Group Ltd.  | 1364000 | 2448400 |
| China Life Insurance Co. Ltd., A Shares  | 13400 | 66881 |
| China Life Insurance Co. Ltd., H Shares  | 667000 | 1219006 |
| China Mengniu Dairy Co. Ltd.  | 934000 | 2326268 |
| China Merchants Bank Co. Ltd., A Shares  | 549400 | 3080937 |
| China Merchants Bank Co. Ltd., H Shares  | 977150 | 5330002 |
| China Minsheng Banking Corp. Ltd., <br> A Shares <br>| 3620500 | 1984102 |
| China Minsheng Banking Corp. Ltd., <br> H Shares <br>| 5576910 | 2617017 |
| China National Building Material Co. Ltd., <br> H Shares <br>| 10218562 | 4954937 |
| China Pacific Insurance Group Co. Ltd., <br> A Shares <br>| 113100 | 464473 |
| China Pacific Insurance Group Co. Ltd., <br> H Shares <br>| 570800 | 1553012 |
| China Petroleum & Chemical Corp., <br> A Shares <br>| 1484500 | 1156177 |
| China Petroleum & Chemical Corp., <br> H Shares <br>| 20162400 | 10292326 |
| China Railway Group Ltd., A Shares  | 1054700 | 800937 |
| China Railway Group Ltd., H Shares  | 2850000 | 1226258 |
| China Resources Gas Group Ltd.  | 213300 | 595832 |
| China Resources Land Ltd.  | 1227000 | 4128373 |
| China Shenhua Energy Co. Ltd., A Shares  | 98500 | 519129 |
| China Shenhua Energy Co. Ltd., H Shares  | 871500 | 3275225 |
| China State Construction Engineering <br> Corp. Ltd., A Shares <br>| 2643900 | 2004428 |
| China Tower Corp. Ltd., Class H  | 1652900 | 2394187 |
| China United Network Communications <br> Ltd., A Shares <br>| 1760650 | 1288913 |
| China Vanke Co. Ltd., A Shares \* | 1419100 | 1330036 |
| China Vanke Co. Ltd., H Shares \* | 2557800 | 1753440 |
| China Yongda Automobiles Services <br> Holdings Ltd. <br>| 5601000 | 1785640 |
| CITIC Securities Co. Ltd., A Shares  | 202200 | 696329 |
| CITIC Securities Co. Ltd., H Shares  | 221000 | 546208 |
| COSCO SHIPPING Holdings Co. Ltd., <br> A Shares <br>| 527400 | 1041446 |
| COSCO SHIPPING Holdings Co. Ltd., <br> H Shares <br>| 1583000 | 2388803 |
| CRRC Corp. Ltd., A Shares  | 466330 | 450105 |
| CRRC Corp. Ltd., H Shares  | 1157000 | 714042 |
| Daqo New Energy Corp., ADR \* | 13354 | 170130 |
| ENN Energy Holdings Ltd.  | 259800 | 2050959 |
| Geely Automobile Holdings Ltd.  | 1804000 | 3787140 |
| Gree Electric Appliances, Inc. of Zhuhai, <br> A Shares <br>| 50300 | 315355 |
| Guangzhou R&F Properties Co. Ltd., <br> H Shares *\*(a)*<br>| 5433346 | 716909 |
| Haier Smart Home Co. Ltd., A Shares  | 146200 | 499302 |
| Haier Smart Home Co. Ltd., H Shares  | 611600 | 1774881 |
| Hello Group, Inc., ADR  | 30403 | 173601 |
| Huaneng Power International, Inc., <br> A Shares <br>| 42300 | 41660 |
| Huaneng Power International, Inc., <br> H Shares <br>| 468000 | 289904 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**63**

------

Schwab Fundamental Emerging Markets Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Industrial & Commercial Bank of China <br> Ltd., A Shares <br>| 1295100 | 1248716 |
| Industrial & Commercial Bank of China <br> Ltd., H Shares <br>| 25407172 | 17404201 |
| Industrial Bank Co. Ltd., A Shares  | 1081700 | 3108245 |
| iQIYI, Inc., ADR \* | 174553 | 321178 |
| JD.com, Inc., ADR  | 425701 | 13886367 |
| Jiangxi Copper Co. Ltd., A Shares  | 128300 | 376067 |
| Jiangxi Copper Co. Ltd., H Shares  | 997000 | 1675254 |
| JinkoSolar Holding Co. Ltd., ADR  | 11497 | 197289 |
| KE Holdings, Inc., ADR  | 71073 | 1442782 |
| Kunlun Energy Co. Ltd.  | 2442000 | 2327653 |
| Kweichow Moutai Co. Ltd., A Shares  | 5300 | 1128211 |
| Li Ning Co. Ltd.  | 500500 | 943612 |
| Longfor Group Holdings Ltd.  | 2097500 | 2805557 |
| Lufax Holding Ltd., ADR  | 616220 | 1787038 |
| Meituan, B Shares \* | 166070 | 2749694 |
| Midea Group Co. Ltd., A Shares  | 158900 | 1609659 |
| NetEase, Inc.  | 182443 | 3921859 |
| PDD Holdings, Inc., ADR \* | 20646 | 2179598 |
| People's Insurance Co. Group of China <br> Ltd., A Shares <br>| 122200 | 118711 |
| People's Insurance Co. Group of China <br> Ltd., H Shares <br>| 1644000 | 972946 |
| PetroChina Co. Ltd., A Shares  | 783500 | 861554 |
| PetroChina Co. Ltd., H Shares  | 11168000 | 8533894 |
| PICC Property & Casualty Co. Ltd., <br> H Shares <br>| 2376000 | 4375260 |
| Ping An Bank Co. Ltd., A Shares  | 842300 | 1265242 |
| Ping An Insurance Group Co. of China Ltd., <br> A Shares <br>| 669800 | 4676294 |
| Ping An Insurance Group Co. of China Ltd., <br> H Shares <br>| 2569000 | 15375547 |
| Poly Developments & Holdings Group Co. <br> Ltd., A Shares <br>| 266000 | 306120 |
| Postal Savings Bank of China Co. Ltd., <br> A Shares <br>| 438700 | 308975 |
| Postal Savings Bank of China Co. Ltd., <br> H Shares <br>| 3381000 | 2078577 |
| Seazen Group Ltd. \* | 3710000 | 933103 |
| Shanghai Pudong Development Bank Co. <br> Ltd., A Shares <br>| 1632000 | 2459823 |
| Shenzhou International Group Holdings <br> Ltd. <br>| 123200 | 853985 |
| Sinopharm Group Co. Ltd., H Shares  | 1240400 | 2923310 |
| Sunac China Holdings Ltd. *\*(a)* | 6417000 | 1231262 |
| Sunny Optical Technology Group Co. Ltd.  | 142100 | 1195665 |
| Tencent Holdings Ltd.  | 492300 | 30153839 |
| Vipshop Holdings Ltd., ADR  | 245902 | 3349185 |
| Weichai Power Co. Ltd., A Shares  | 296900 | 622178 |
| Weichai Power Co. Ltd., H Shares  | 601000 | 1172491 |
| Xiaomi Corp., B Shares \* | 1656200 | 10603322 |
| Yankuang Energy Group Co. Ltd., <br> A Shares <br>| 119385 | 200421 |
| Yankuang Energy Group Co. Ltd., <br> H Shares <br>| 1147600 | 1198579 |
| Zhongsheng Group Holdings Ltd.  | 907000 | 1364746 |
| Zijin Mining Group Co. Ltd., A Shares  | 294700 | 709952 |
| Zijin Mining Group Co. Ltd., H Shares  | 658000 | 1437521 |
| ZTO Express Cayman, Inc.  | 14900 | 277496 |
| ZTO Express Cayman, Inc., ADR  | 36959 | 683741 |
|  |  | **356861039** |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| **Colombia 0.2%** | **Colombia 0.2%** | **Colombia 0.2%** |
| Bancolombia SA  | 78419 | 929766 |
| Ecopetrol SA, ADR *(a)* | 133853 | 1085548 |
|  |  | **2015314** |
| **Czech Republic 0.2%** | **Czech Republic 0.2%** | **Czech Republic 0.2%** |
| CEZ AS  | 38334 | **1945816** |
| **Greece 0.3%** | **Greece 0.3%** | **Greece 0.3%** |
| Alpha Services & Holdings SA  | 451797 | 1101585 |
| Motor Oil Hellas Corinth Refineries SA  | 14476 | 350755 |
| National Bank of Greece SA  | 137032 | 1454385 |
|  |  | **2906725** |
| **Hong Kong 2.6%** | **Hong Kong 2.6%** | **Hong Kong 2.6%** |
| BOC Hong Kong Holdings Ltd.  | 752500 | 3121656 |
| China Everbright Environment Group Ltd.  | 2490000 | 1150527 |
| China Jinmao Holdings Group Ltd.  | 7566000 | 1119530 |
| China Overseas Land & Investment Ltd.  | 2868000 | 5088260 |
| China Resources Power Holdings Co. Ltd.  | 614000 | 1481224 |
| China Taiping Insurance Holdings Co. Ltd.  | 178400 | 247042 |
| CITIC Ltd.  | 5624000 | 6836939 |
| CSPC Pharmaceutical Group Ltd.  | 2000000 | 1575278 |
| Fosun International Ltd.  | 1687000 | 874533 |
| Lenovo Group Ltd.  | 2636000 | 3048735 |
| Orient Overseas International Ltd.  | 90500 | 1264147 |
|  |  | **25807871** |
| **Hungary 0.6%** | **Hungary 0.6%** | **Hungary 0.6%** |
| MOL Hungarian Oil & Gas PLC  | 446932 | 3784487 |
| OTP Bank Nyrt  | 32444 | 2396574 |
|  |  | **6181061** |
| **India 10.8%** | **India 10.8%** | **India 10.8%** |
| Axis Bank Ltd.  | 233704 | 3278192 |
| Bajaj Finserv Ltd.  | 13326 | 307801 |
| Bharat Petroleum Corp. Ltd.  | 960040 | 3518325 |
| Bharti Airtel Ltd.  | 158972 | 3506641 |
| Coal India Ltd.  | 309908 | 1412028 |
| GAIL India Ltd.  | 706975 | 1580470 |
| Grasim Industries Ltd.  | 56256 | 1825543 |
| HCL Technologies Ltd.  | 116788 | 2166173 |
| HDFC Bank Ltd.  | 353366 | 8026336 |
| Hindalco Industries Ltd.  | 401001 | 2963781 |
| Hindustan Petroleum Corp. Ltd.  | 487411 | 2181357 |
| Hindustan Unilever Ltd.  | 46933 | 1302998 |
| ICICI Bank Ltd.  | 351696 | 5911754 |
| Indian Oil Corp. Ltd.  | 1647677 | 2686326 |
| IndusInd Bank Ltd.  | 88434 | 878292 |
| Infosys Ltd.  | 342154 | 6048575 |
| ITC Hotels Ltd. \* | 49297 | 113452 |
| ITC Ltd.  | 640971 | 3227287 |
| JSW Steel Ltd.  | 144430 | 1764529 |
| Kotak Mahindra Bank Ltd.  | 73955 | 1932874 |
| Larsen & Toubro Ltd.  | 80814 | 3198829 |
| Mahindra & Mahindra Ltd.  | 64861 | 2247252 |
| Maruti Suzuki India Ltd.  | 11450 | 1659719 |
| NTPC Ltd.  | 710474 | 2976526 |
| Oil & Natural Gas Corp. Ltd.  | 1296477 | 3751460 |
| Power Finance Corp. Ltd.  | 296870 | 1436069 |
| Power Grid Corp. of India Ltd.  | 521648 | 1894593 |
| Rajesh Exports Ltd. \* | 707614 | 1517063 |

---

*See financial notes*

**64**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental Emerging Markets Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Reliance Industries Ltd.  | 683770 | 11353539 |
| Shriram Finance Ltd.  | 49167 | 356299 |
| State Bank of India  | 335674 | 3135061 |
| Steel Authority of India Ltd.  | 204199 | 275697 |
| Sun Pharmaceutical Industries Ltd.  | 52959 | 1148604 |
| Tata Consultancy Services Ltd.  | 84542 | 3450994 |
| Tata Motors Ltd.  | 258585 | 1970597 |
| Tata Steel Ltd.  | 2519046 | 4192899 |
| Tech Mahindra Ltd.  | 78627 | 1398503 |
| UltraTech Cement Ltd.  | 6221 | 857269 |
| UPL Ltd.  | 126215 | 1000973 |
| Vedanta Ltd.  | 378041 | 1877173 |
| Wipro Ltd.  | 349435 | 998018 |
|  |  | **105329871** |
| **Indonesia 1.3%** | **Indonesia 1.3%** | **Indonesia 1.3%** |
| Alamtri Resources Indonesia Tbk. PT  | 6507600 | 745446 |
| Astra International Tbk. PT  | 8372400 | 2419841 |
| Bank Central Asia Tbk. PT  | 3008800 | 1599750 |
| Bank Mandiri Persero Tbk. PT  | 5141000 | 1518175 |
| Bank Rakyat Indonesia Persero Tbk. PT  | 10998796 | 2547428 |
| Telkom Indonesia Persero Tbk. PT, Class B  | 19111900 | 3012392 |
| United Tractors Tbk. PT  | 863600 | 1180213 |
|  |  | **13023245** |
| **Kuwait 0.6%** | **Kuwait 0.6%** | **Kuwait 0.6%** |
| Kuwait Finance House KSCP  | 636122 | 1502155 |
| Mobile Telecommunications Co. KSCP  | 955725 | 1476294 |
| National Bank of Kuwait SAKP  | 920882 | 2863862 |
|  |  | **5842311** |
| **Malaysia 0.8%** | **Malaysia 0.8%** | **Malaysia 0.8%** |
| Axiata Group Bhd.  | 581413 | 282970 |
| CIMB Group Holdings Bhd.  | 763653 | 1261482 |
| Malayan Banking Bhd.  | 957140 | 2217987 |
| Public Bank Bhd.  | 1558625 | 1615754 |
| Sime Darby Bhd.  | 617700 | 297687 |
| Tenaga Nasional Bhd.  | 677500 | 2178935 |
|  |  | **7854815** |
| **Mexico 3.7%** | **Mexico 3.7%** | **Mexico 3.7%** |
| Alfa SAB de CV, A Shares  | 3349695 | 2447726 |
| America Movil SAB de CV, Series B  | 7655746 | 6605401 |
| Cemex SAB de CV, Series CPO  | 5761708 | 3555068 |
| Controladora Alpek SAB de CV \* | 3349695 | 515850 |
| Fibra Uno Administracion SA de CV  | 575198 | 741784 |
| Fomento Economico Mexicano SAB de CV  | 468551 | 4930770 |
| Grupo Bimbo SAB de CV, Series A  | 367688 | 1118036 |
| Grupo Comercial Chedraui SA de CV  | 68164 | 440848 |
| Grupo Financiero Banorte SAB de CV, <br> O Shares <br>| 567990 | 4880940 |
| Grupo Mexico SAB de CV, Series B  | 801021 | 4162262 |
| Grupo Televisa SAB, Series CPO  | 4148963 | 1510599 |
| Nemak SAB de CV \* | 6092347 | 897829 |
| Orbia Advance Corp. SAB de CV  | 1439647 | 962432 |
| Wal-Mart de Mexico SAB de CV  | 1049146 | 3324975 |
|  |  | **36094520** |
| **Qatar 0.9%** | **Qatar 0.9%** | **Qatar 0.9%** |
| Industries Qatar QSC  | 243697 | 840552 |
| Ooredoo QPSC  | 389194 | 1386569 |
| Qatar Fuel QSC  | 345823 | 1424732 |
| Qatar Islamic Bank QPSC  | 202739 | 1175452 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Qatar National Bank QPSC  | 799816 | 3668364 |
|  |  | **8495669** |
| **Saudi Arabia 2.3%** | **Saudi Arabia 2.3%** | **Saudi Arabia 2.3%** |
| Al Rajhi Bank  | 74695 | 1940423 |
| Riyad Bank  | 144864 | 1189226 |
| Saudi Arabian Mining Co. \* | 20724 | 282475 |
| Saudi Arabian Oil Co.  | 831965 | 5624914 |
| Saudi Basic Industries Corp.  | 308241 | 5012784 |
| Saudi Electricity Co.  | 354700 | 1416457 |
| Saudi National Bank  | 210706 | 2007611 |
| Saudi Telecom Co.  | 375236 | 4763908 |
|  |  | **22237798** |
| **South Africa 4.3%** | **South Africa 4.3%** | **South Africa 4.3%** |
| Absa Group Ltd.  | 274776 | 2535886 |
| Anglo American Platinum Ltd.  | 36979 | 1266308 |
| Bid Corp. Ltd.  | 67381 | 1693468 |
| Bidvest Group Ltd.  | 80231 | 1017119 |
| Exxaro Resources Ltd.  | 78585 | 643364 |
| FirstRand Ltd.  | 940917 | 3684011 |
| Gold Fields Ltd.  | 121883 | 2733708 |
| Impala Platinum Holdings Ltd. \* | 601514 | 3577280 |
| MTN Group Ltd.  | 931501 | 6164967 |
| Naspers Ltd., N Shares  | 3914 | 1029156 |
| Nedbank Group Ltd.  | 148913 | 2029003 |
| Old Mutual Ltd.  | 1360466 | 828658 |
| Sanlam Ltd.  | 308126 | 1402911 |
| Sappi Ltd.  | 449083 | 842064 |
| Sasol Ltd. \* | 536295 | 1852397 |
| Shoprite Holdings Ltd.  | 113965 | 1753486 |
| Sibanye Stillwater Ltd. \* | 2925991 | 3342949 |
| Standard Bank Group Ltd.  | 309965 | 3870891 |
| Vodacom Group Ltd.  | 207284 | 1533743 |
|  |  | **41801369** |
| **Taiwan 16.9%** | **Taiwan 16.9%** | **Taiwan 16.9%** |
| Acer, Inc.  | 1061496 | 1159923 |
| ASE Technology Holding Co. Ltd.  | 1037000 | 4418863 |
| Asia Cement Corp.  | 524000 | 738078 |
| Asustek Computer, Inc.  | 185041 | 3383825 |
| AUO Corp. \* | 4960440 | 1908528 |
| Catcher Technology Co. Ltd.  | 197000 | 1341022 |
| Cathay Financial Holding Co. Ltd.  | 1347622 | 2483006 |
| Chailease Holding Co. Ltd.  | 282052 | 1014850 |
| China Steel Corp.  | 4903198 | 3170864 |
| Chunghwa Telecom Co. Ltd.  | 783956 | 3169459 |
| Compal Electronics, Inc.  | 3050305 | 2628364 |
| CTBC Financial Holding Co. Ltd.  | 2356201 | 2903403 |
| Delta Electronics, Inc.  | 212590 | 2227560 |
| E.Sun Financial Holding Co. Ltd.  | 886506 | 786310 |
| Eva Airways Corp.  | 237000 | 284668 |
| Evergreen Marine Corp. Taiwan Ltd.  | 1193000 | 7729422 |
| Far Eastern New Century Corp.  | 1215817 | 1251132 |
| Far EasTone Telecommunications Co. Ltd.  | 282000 | 756199 |
| First Financial Holding Co. Ltd.  | 1359591 | 1082652 |
| Formosa Chemicals & Fibre Corp.  | 1967442 | 1537467 |
| Formosa Petrochemical Corp.  | 409330 | 448112 |
| Formosa Plastics Corp.  | 1996732 | 2127385 |
| Fubon Financial Holding Co. Ltd.  | 1337351 | 3544555 |
| Hon Hai Precision Industry Co. Ltd.  | 4719572 | 21027094 |
| Innolux Corp.  | 6425411 | 2751741 |
| Inventec Corp.  | 879639 | 1123607 |
| KGI Financial Holding Co. Ltd.  | 2867000 | 1487043 |
| Largan Precision Co. Ltd.  | 12050 | 859064 |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**65**

------

Schwab Fundamental Emerging Markets Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| Lite-On Technology Corp., ADR  | 451167 | 1364431 |
| MediaTek, Inc.  | 177838 | 7556882 |
| Mega Financial Holding Co. Ltd.  | 1139213 | 1349148 |
| Micro-Star International Co. Ltd.  | 225000 | 984054 |
| Nan Ya Plastics Corp.  | 2280622 | 2185539 |
| Novatek Microelectronics Corp.  | 114000 | 1854010 |
| Pegatron Corp.  | 1260264 | 3202044 |
| Pou Chen Corp.  | 1261267 | 1298812 |
| Powertech Technology, Inc.  | 268000 | 910669 |
| Quanta Computer, Inc. \* | 379500 | 2851065 |
| Realtek Semiconductor Corp.  | 16000 | 263025 |
| Synnex Technology International Corp.  | 618850 | 1372941 |
| Taishin Financial Holding Co. Ltd.  | 541000 | 282710 |
| Taiwan Mobile Co. Ltd.  | 384196 | 1364090 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd. <br>| 1336803 | 37877713 |
| TCC Group Holdings Co. Ltd.  | 1819926 | 1691271 |
| Unimicron Technology Corp.  | 68000 | 200604 |
| Uni-President Enterprises Corp.  | 1124678 | 2702785 |
| United Microelectronics Corp.  | 2875965 | 4035700 |
| Wan Hai Lines Ltd.  | 653000 | 1697259 |
| Wistron Corp.  | 798682 | 2562775 |
| WPG Holdings Ltd.  | 876880 | 1857744 |
| WT Microelectronics Co. Ltd.  | 85000 | 311361 |
| Yageo Corp.  | 69517 | 996748 |
| Yang Ming Marine Transport Corp.  | 1975000 | 4219543 |
| Yuanta Financial Holding Co. Ltd.  | 1670891 | 1637073 |
| Zhen Ding Technology Holding Ltd.  | 280000 | 857755 |
|  |  | **164831947** |
| **Thailand 2.9%** | **Thailand 2.9%** | **Thailand 2.9%** |
| Advanced Info Service PCL NVDR  | 168975 | 1490473 |
| Bangkok Bank PCL NVDR  | 542500 | 2272157 |
| Banpu PCL NVDR  | 9299700 | 1195251 |
| Charoen Pokphand Foods PCL NVDR  | 2350000 | 1861393 |
| CP ALL PCL NVDR  | 871300 | 1341603 |
| Kasikornbank PCL NVDR  | 751300 | 3587821 |
| PTT Exploration & Production PCL NVDR  | 419600 | 1248763 |
| PTT Global Chemical PCL NVDR  | 2237500 | 1158180 |
| PTT PCL NVDR  | 9126370 | 8463615 |
| SCB X PCL NVDR  | 778800 | 2775084 |
| Siam Cement PCL NVDR  | 453800 | 2168400 |
| Thai Oil PCL NVDR  | 937885 | 750266 |
|  |  | **28313006** |
| **Turkey 1.3%** | **Turkey 1.3%** | **Turkey 1.3%** |
| Akbank TAS  | 1092934 | 1388813 |
| BIM Birlesik Magazalar AS  | 93743 | 1101317 |
| Eregli Demir ve Celik Fabrikalari TAS  | 2710027 | 1591378 |
| Haci Omer Sabanci Holding AS  | 500440 | 957201 |
| KOC Holding AS  | 453122 | 1631437 |
| Turk Hava Yollari AO \* | 223164 | 1655860 |
| Turkcell Iletisim Hizmetleri AS  | 403341 | 946057 |
| Turkiye Is Bankasi AS, Class C  | 3202851 | 862352 |
| Turkiye Petrol Rafinerileri AS  | 410412 | 1333973 |
| Yapi ve Kredi Bankasi AS \* | 1497365 | 890535 |
|  |  | **12358923** |
| **United Arab Emirates 0.7%** | **United Arab Emirates 0.7%** | **United Arab Emirates 0.7%** |
| Dubai Electricity & Water Authority PJSC  | 391362 | 285574 |
| Emaar Properties PJSC  | 694843 | 2482849 |
| Emirates NBD Bank PJSC  | 270669 | 1514793 |
| Emirates Telecommunications Group Co. <br> PJSC <br>| 192854 | 913589 |

---

---

| | | |
|:---|:---|:---|
| SECURITY | NUMBER<br> OF SHARES<br>| VALUE ($) |
| First Abu Dhabi Bank PJSC  | 389818 | 1594983 |
|  |  | **6791788** |
| **United States 0.3%** | **United States 0.3%** | **United States 0.3%** |
| Yum China Holdings, Inc.  | 71781 | **3108835** |
| **Total Common Stocks** <br>**(Cost $717,013,742)** | **Total Common Stocks** <br>**(Cost $717,013,742)** | **928270564** |
| **PREFERRED STOCKS** 4.0% OF NET ASSETS | **PREFERRED STOCKS** 4.0% OF NET ASSETS | **PREFERRED STOCKS** 4.0% OF NET ASSETS |
| **Brazil 3.7%** | **Brazil 3.7%** | **Brazil 3.7%** |
| Banco Bradesco SA  | 1885674 | 4562048 |
| Centrais Eletricas Brasileiras SA, B Shares  | 39725 | 337601 |
| Cia Energetica de Minas Gerais  | 602456 | 1162418 |
| Cia Paranaense de Energia - Copel, <br> B Shares <br>| 404123 | 821042 |
| Gerdau SA  | 1080368 | 2853619 |
| Itau Unibanco Holding SA  | 1199469 | 7519996 |
| Metalurgica Gerdau SA  | 1138682 | 1687412 |
| Petroleo Brasileiro SA  | 3106707 | 16417212 |
| Raizen SA  | 1942559 | 619549 |
|  |  | **35980897** |
| **Chile 0.1%** | **Chile 0.1%** | **Chile 0.1%** |
| Sociedad Quimica y Minera de Chile SA, <br> B Shares <br>| 43293 | **1490513** |
| **Colombia 0.2%** | **Colombia 0.2%** | **Colombia 0.2%** |
| Bancolombia SA  | 159640 | **1639631** |
| **Total Preferred Stocks** <br>**(Cost $33,612,298)** | **Total Preferred Stocks** <br>**(Cost $33,612,298)** | **39111041** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **SHORT-TERM INVESTMENTS** 0.3% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.3% OF NET ASSETS | **SHORT-TERM INVESTMENTS** 0.3% OF NET ASSETS |
| **Money Market Funds 0.3%** | **Money Market Funds 0.3%** | **Money Market Funds 0.3%** |
| State Street Institutional U.S. Government <br> Money Market Fund, Premier Class <br> 4.29% *(b)(c)*<br>| 2723987 | **2723987** |
| **Total Short-Term Investments** <br>**(Cost $2,723,987)** | **Total Short-Term Investments** <br>**(Cost $2,723,987)** | **2723987** |
| **Total Investments in Securities** <br>**(Cost $753,350,027)** | **Total Investments in Securities** <br>**(Cost $753,350,027)** | **970105592** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | NUMBER OF<br> CONTRACTS<br>| NOTIONAL<br> AMOUNT<br> ($)<br>| CURRENT VALUE/ <br>UNREALIZED <br>APPRECIATION <br>($)<br>|
| **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** | **FUTURES CONTRACTS** |
| **Long** |  |  |  |
| MSCI Emerging Markets Index, <br> expires 06/20/25<br>| 138 | 7659000 | **189786** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

*(a)* All or a portion of this security is on loan. Securities on loan were valued at $2,407,295. 

*(b)* The rate shown is the annualized 7-day yield.

*(c)* Security purchased with cash collateral received for securities on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See financial notes*

**66**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental Emerging Markets Equity Index Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

ADR — American Depositary Receipt <br> NVDR — Non-Voting Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | % OF NET ASSETS |
| **SECTOR WEIGHTINGS *(a)*** | **SECTOR WEIGHTINGS *(a)*** |
| Financials | 28.2<br> %<br>|
| Information Technology | 14.6<br> %<br>|
| Energy | 11.6<br> %<br>|
| Materials | 10.9<br> %<br>|
| Consumer Discretionary | 10.1<br> %<br>|
| Communication Services | 8.5<br> %<br>|
| Industrials | 5.0<br> %<br>|
| Consumer Staples | 4.3<br> %<br>|
| Utilities | 2.8<br> %<br>|
| Real Estate | 2.5<br> %<br>|
| Other *(b)* | 0.6<br> %<br>|
| Short-Term Investments | 0.3<br> %<br>|
| **Total** | **99.4%**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* Excludes derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* Includes holdings within sectors that are less than 1.0% of net assets.

------

The following is a summary of the inputs used to value the fund's investments as of April 30, 2025 (see financial note 2(a) for additional information):

---

| | | | | |
|:---|:---|:---|:---|:---|
| DESCRIPTION | QUOTED PRICES IN <br>ACTIVE MARKETS FOR <br>IDENTICAL ASSETS <br>(LEVEL 1)<br>| &nbsp;&nbsp; OTHER SIGNIFICANT <br>OBSERVABLE INPUTS <br>(LEVEL 2)<br>| &nbsp;&nbsp; SIGNIFICANT <br>UNOBSERVABLE INPUTS <br>(LEVEL 3)<br>| TOTAL |
| **<u>Assets</u>** |  |  |  |  |
| Common Stocks<sup>1</sup> <br>| $— | &nbsp;&nbsp; $269065720 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $269065720 |
| Brazil | 70093769 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 70093769 |
| Chile | 6374872 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6374872 |
| China | 24190909 | &nbsp;&nbsp; 332670130 | &nbsp;&nbsp; — | &nbsp;&nbsp; 356861039 |
| Colombia | 2015314 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2015314 |
| India | 113452 | &nbsp;&nbsp; 105216419 | &nbsp;&nbsp; — | &nbsp;&nbsp; 105329871 |
| Mexico | 36094520 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 36094520 |
| Qatar | 1175452 | &nbsp;&nbsp; 7320217 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8495669 |
| Saudi Arabia | 5012784 | &nbsp;&nbsp; 17225014 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22237798 |
| South Africa | 4551129 | &nbsp;&nbsp; 37250240 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41801369 |
| United Arab Emirates | 913589 | &nbsp;&nbsp; 5878199 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6791788 |
| United States | 3108835 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3108835 |
| Preferred Stocks<sup>1</sup> <br>| 39111041 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 39111041 |
| Short-Term Investments<sup>1</sup> <br>| 2723987 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2723987 |
| Futures Contracts<sup>2</sup> <br>| 189786 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 189786 |
| **Total** | **$195669439** | &nbsp;&nbsp; **$774625939** | &nbsp;&nbsp; **$—** | &nbsp;&nbsp; **$970295378** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> As categorized in the Portfolio Holdings. <br> <sup>2</sup> Futures contracts are reported at cumulative unrealized appreciation or depreciation.

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**67**

------

Schwab Fundamental Emerging Markets Equity Index Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - unaffiliated issuers (cost $753,350,027) including securities on loan of $2,407,295 |  | $970105592 |
| Cash |  | 8502539 |
| Foreign currency, at value (cost $2,286,013) |  | 2300561 |
| Deposit with broker for futures contracts |  | 526244 |
| Receivables: |  |  |
| Dividends |  | 3872564 |
| Fund shares sold |  | 3841256 |
| Income from securities on loan |  | 18630 |
| Variation margin on future contracts | + | 15922 |
| **Total assets** |  | **989183308** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Collateral held for securities on loan |  | 2723987 |
| Payables: |  |  |
| Investments bought |  | 5215557 |
| Foreign capital gains tax |  | 4734714 |
| Investment adviser fees |  | 302058 |
| Fund shares redeemed | + | 285319 |
| **Total liabilities** |  | **13261635** |
| **Net assets** |  | **$975921673** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $912813008 |
| Total distributable earnings | + | 63108665 |
| **Net assets** |  | **$975921673** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $975921673 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103099543 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.47 |

---

*See financial notes*

**68**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental Emerging Markets Equity Index Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $1,657,245) |  | $17638534 |
| Other Interest |  | 67702 |
| Securities on loan, net | + | 99605 |
| **Total investment income**  |  | **17805841** |
| **Expenses** | **Expenses** | **Expenses** |
| Investment adviser fees |  | 1817915 |
| **Total expenses** | – | **1817915** |
| **Net investment income** |  | **15987926** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Net realized gains on sales of securities - unaffiliated issuers (net of foreign capital gains tax paid of $1,122,628) |  | 8160608 |
| Net realized gains on futures contracts |  | 131774 |
| Net realized losses on foreign currency transactions | + | (101435)<br>|
| **Net realized gains** |  | **8190947** |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers (net of change in foreign capital gains tax of <br> $1,509,809)<br>|  | (20878461)<br>|
| Net change in unrealized appreciation (depreciation) on futures contracts |  | 262041 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations | + | 119750 |
| **Net change in unrealized appreciation (depreciation)** | **+** | **(20496670)**<br>|
| **Net realized and unrealized losses** |  | **(12305723)**<br>|
| **Increase in net assets resulting from operations** |  | **$3682203** |

---

*See financial notes*

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**69**

------

Schwab Fundamental Emerging Markets Equity Index Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $15987926 | &nbsp;&nbsp;&nbsp; $35889269 |
| Net realized gains |  | 8190947 | &nbsp;&nbsp;&nbsp; 3775666 |
| Net change in unrealized appreciation (depreciation) | + | (20496670)<br>| &nbsp;&nbsp;&nbsp; 168798199 |
| **Increase in net assets resulting from operations** |  | **$3682203** | &nbsp;&nbsp;&nbsp; **$208463134** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($40857853)**<br>| &nbsp;&nbsp;&nbsp; **($37187563)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 18459093 | &nbsp;&nbsp;&nbsp; $174891906 | &nbsp;&nbsp;&nbsp; 23281064 | &nbsp;&nbsp;&nbsp; $207468797 |
| Shares reinvested |  | 2914241 | &nbsp;&nbsp;&nbsp; 26607028 | &nbsp;&nbsp;&nbsp; 3008395 | &nbsp;&nbsp;&nbsp; 24789177 |
| Shares redeemed | + | (12976402)<br>| &nbsp;&nbsp;&nbsp; (121557796)<br>| &nbsp;&nbsp;&nbsp; (18338843)<br>| &nbsp;&nbsp;&nbsp; (165822201)<br>|
| **Net transactions in fund shares**  |  | **8396932** | &nbsp;&nbsp;&nbsp; **$79941138** | &nbsp;&nbsp;&nbsp; **7950616** | &nbsp;&nbsp;&nbsp; **$66435773** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 94702611 | &nbsp;&nbsp;&nbsp; $933156185 | &nbsp;&nbsp;&nbsp; 86751995 | &nbsp;&nbsp;&nbsp; $695444841 |
| Total increase | + | 8396932 | &nbsp;&nbsp;&nbsp; 42765488 | &nbsp;&nbsp;&nbsp; 7950616 | &nbsp;&nbsp;&nbsp; 237711344 |
| **End of period** |  | **103099543** | &nbsp;&nbsp;&nbsp; **$975921673** | &nbsp;&nbsp;&nbsp; **94702611** | &nbsp;&nbsp;&nbsp; **$933156185** |

---

*See financial notes*

**70**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental Index Funds

Financial Notes, unaudited

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Business Structure of the Funds:**

Each of the funds in this report is a series of Schwab Capital Trust (the trust), a no-load, open-end management investment company. The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the funds discussed in this report, which are highlighted:

---

| | |
|:---|:---|
| **SCHWAB CAPITAL TRUST**  | **SCHWAB CAPITAL TRUST**  |
| **Schwab Fundamental U.S. Large Company Index Fund** | Schwab Target 2015 Fund |
| **Schwab Fundamental U.S. Small Company Index Fund** | Schwab Target 2020 Fund |
| **Schwab Fundamental International Equity Index Fund** | Schwab Target 2025 Fund |
| **Schwab Fundamental International Small Equity Index Fund** | Schwab Target 2030 Fund |
| **Schwab Fundamental Emerging Markets Equity Index Fund** | Schwab Target 2035 Fund |
| Schwab Fundamental Global Real Estate Index Fund | Schwab Target 2040 Fund |
| Schwab S&P 500 Index Fund | Schwab Target 2045 Fund |
| Schwab Small-Cap Index Fund | Schwab Target 2050 Fund |
| Schwab U.S. Large-Cap Growth Index Fund | Schwab Target 2055 Fund |
| Schwab U.S. Large-Cap Value Index Fund | Schwab Target 2060 Fund |
| Schwab U.S. Mid-Cap Index Fund | Schwab Target 2065 Fund |
| Schwab Total Stock Market Index Fund | Schwab Target 2010 Index Fund |
| Schwab International Index Fund | Schwab Target 2015 Index Fund |
| Schwab MarketTrack All Equity Portfolio™ | Schwab Target 2020 Index Fund |
| Schwab MarketTrack Growth Portfolio™ | Schwab Target 2025 Index Fund |
| Schwab MarketTrack Balanced Portfolio™ | Schwab Target 2030 Index Fund |
| Schwab MarketTrack Conservative Portfolio™ | Schwab Target 2035 Index Fund |
| Schwab International Opportunities Fund | Schwab Target 2040 Index Fund |
| Schwab Balanced Fund | Schwab Target 2045 Index Fund |
| Schwab Core Equity Fund | Schwab Target 2050 Index Fund |
| Schwab Dividend Equity Fund | Schwab Target 2055 Index Fund |
| Schwab Large-Cap Growth Fund | Schwab Target 2060 Index Fund |
| Schwab Small-Cap Equity Fund | Schwab Target 2065 Index Fund |
| Schwab Health Care Fund | Schwab Monthly Income Fund - Target Payout |
| Schwab International Core Equity Fund | Schwab Monthly Income Fund - Flexible Payout |
| Schwab Target 2010 Fund | Schwab Monthly Income Fund - Income Payout |

---

Each fund offers one share class. Shares are bought and sold at closing net asset value per share (NAV), which is the price for all outstanding shares of a fund. Each share has a par value of 1/1,000 of a cent, and the funds' Board of Trustees (the Board) may authorize the issuance of as many shares as necessary.

Each fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each fund may also keep certain assets in segregated accounts, as required by securities law. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

**Investment Objectives** 

The **Schwab Fundamental U.S. Large Company Index Fund'**s goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of large U.S. companies based on their fundamental size and weight.

The **Schwab Fundamental U.S. Small Company Index Fund's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of small U.S. companies based on their fundamental size and weight.

The **Schwab Fundamental International Equity Index Fund's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of large non-U.S. developed market companies based on their fundamental size and weight.

The **Schwab Fundamental International Small Equity Index Fund's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of small non-U.S. developed market companies based on their fundamental size and weight.

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**71**

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Schwab Fundamental Index Funds

Financial Notes, unaudited (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Business Structure of the Funds (continued):** 

The **Schwab Fundamental Emerging Markets Equity Index Fund's** goal is to track as closely as possible, before fees and expenses, the total return of an index that measures the performance of large sized companies, based on their fundamental size and weight, in emerging market countries.

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**2. Significant Accounting Policies:**

The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) *Topic 946 Financial Services — Investment Companies*. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

In this reporting period, the funds adopted FASB Accounting Standards Update 2023-07, ASC Topic 280 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the funds' financial position or the results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management committee of each fund's investment adviser acts as the funds' CODM. The CODM has determined that each fund operates as a single operating segment given each fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of each fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the funds, is presented within each of the fund's financial statements.

The funds may invest in mutual funds and exchange-traded funds (ETFs), which are referred to as "underlying funds". For more information about the underlying funds' operations and policies, please refer to those funds' semiannual and annual reports and holdings and financial statements, which are filed in Form N-CSR with the U.S. Securities and Exchange Commission (SEC) and available on the SEC's website at www.sec.gov.

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the funds' investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities held in the funds' portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities traded on an exchange or over-the-counter:** Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes. Securities that are primarily traded on foreign exchanges are valued at the official closing price or the last sales price on the exchange where the securities are principally traded with these values then translated into U.S. dollars at the current exchange rate, unless these securities are fair valued as discussed below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign equity security fair valuation:** The Valuation Designee has adopted procedures to fair value foreign equity securities that are traded in markets that close prior to the valuation of a fund's holdings. By fair valuing securities whose prices may have been affected by events occurring after the close of trading, the Valuation Designee seeks to establish prices that investors might expect to realize upon the current sales of these securities. This methodology is designed to deter "arbitrage" market timers, who seek to exploit delays between the change in the value of a fund's portfolio holdings and the NAV of a fund's shares and seeks to help ensure that the prices at which a fund's shares are purchased and redeemed are fair and do not result in dilution of shareholder interest or other harm to shareholders. When fair value pricing is used at the open or close of a reporting period, it may cause a temporary divergence between the return of a fund and that of its comparative index or benchmark.

&nbsp;&nbsp;&nbsp;&nbsp;● **Futures contracts:** Futures contracts are valued at their settlement prices as of the close of their exchanges.

**72**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental Index Funds

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

&nbsp;&nbsp;&nbsp;&nbsp;● **Mutual funds:** Mutual funds are valued at their respective NAVs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities for which no quoted value is available:** The Valuation Designee has adopted procedures to fair value a fund's securities when market prices are not "readily available" or are unreliable. For example, a security may be fair valued when it's de-listed or its trading is halted or suspended; when a security's primary pricing source is unable or unwilling to provide a price; or when a security's primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security.

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee's judgment will be required to estimate fair value.

The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, ETFs and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2 or Level 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include forward foreign currency exchange contracts. U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations. In addition, international securities whose markets close hours before the valuation of a fund's holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of foreign markets. The Valuation Designee has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Valuation Designee's assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund's results of operations.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The levels associated with valuing the funds' investments as of April 30, 2025, are disclosed in each fund's Portfolio Holdings.

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**73**

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Schwab Fundamental Index Funds

Financial Notes, unaudited (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(b) Accounting Policies for certain Portfolio Investments (if held):**

**Futures Contracts:** Futures contracts are instruments that represent an agreement between two parties that obligates one party to buy, and the other party to sell, specific instruments at an agreed upon price on a stipulated future date. A fund must give the broker a deposit of cash and/or securities (initial margin) whenever it enters into a futures contract. The amount of the deposit may vary from one contract to another. Subsequent payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contract and are accounted for as unrealized appreciation or depreciation until the contract is closed, at which time the gains or losses are realized. Futures contracts are traded publicly on exchanges, and their value may change daily.

**Cash Investments:** The funds, except for Schwab Fundamental U.S. Large Company Index Fund and Schwab Fundamental U.S. Small Company Index Fund, may invest a portion of their assets in cash. Cash includes cash bank balances in an interest-bearing demand deposit account with maturity on demand by the funds.

**Securities Lending:** Under the trust's Securities Lending Program, a fund (lender), may make short-term loans of its securities to another party (borrower) to generate additional revenue for the fund. The borrower pledges collateral in the form of cash, securities issued or fully guaranteed by the U.S. government or foreign governments, or letters of credit issued by a bank. Collateral at the individual loan level is required to be maintained on a daily marked-to-market basis in an amount at least equal to the current value of the securities loaned. The lending agent provides a fund with indemnification against borrower default (the borrower fails to return the security on loan) reducing the risk of loss as a result of default. The cash collateral of securities loaned is currently invested in money market portfolios operating pursuant to Rule 2a-7 under the 1940 Act. Each fund bears the risk of loss with respect to the investment of cash collateral. The terms of the securities lending agreement allow the funds or the lending agent to terminate any loan at any given time and the securities must be returned within the earlier of the standard trade settlement period or the specified time period under the relevant securities lending agreement. Securities lending income, as disclosed in each fund's Statement of Operations, if applicable, represents the income earned from the investment of the cash collateral plus any fees paid by borrowers, less the fees paid to the lending agent and broker rebates which are subject to adjustments pursuant to the securities lending agreement. On loans not collateralized by cash, a fee is received from the borrower, and is allocated between a fund and the lending agent. The aggregate fair value of securities loaned will not at any time exceed one-third of the total assets of a fund, including collateral received from the loan. Securities lending fees paid to the unaffiliated lending agents start at 9% of gross lending revenue, with subsequent breakpoints to a low of 5%. In this context, the gross lending revenue equals the income received from the investment of cash collateral and fees paid by borrowers less any rebates paid to the borrowers. Any expenses charged by the cash collateral fund are in addition to these fees. All remaining revenue is retained by the fund, as applicable. No portion of lending revenue is paid to or retained by the investment adviser or any of its affiliates.

As of April 30, 2025, Schwab Fundamental U.S. Large Company Index Fund, Schwab Fundamental U.S. Small Company Index Fund, Schwab Fundamental International Equity Index Fund, Schwab Fundamental International Small Equity Index Fund and Schwab Fundamental Emerging Markets Equity Index Fund had securities on loan, all of which were classified as common stocks. The value of the securities on loan and the related collateral as of April 30, 2025, are disclosed in each fund's Portfolio Holdings and Statement of Assets and Liabilities.

**Passive Foreign Investment Companies:** Certain funds may own shares in certain foreign corporations that meet the Internal Revenue Code, as amended, definition of a Passive Foreign Investment Company (PFIC). The funds may elect for tax purposes to mark-to-market annually the shares of each PFIC lot held and would be required to distribute as ordinary income to shareholders any such marked-to-market gains (as well as any gains realized on sale).

**Central Securities Depositories Regulation:** The Central Securities Depositories Regulation (CSDR) introduced measures for the authorization and supervision of European Union Central Security Depositories and created a common set of prudential, organizational, and conduct of business standards at a European level. CSDR is designed to support securities settlement and operational aspects of securities settlement, including the provision of shorter settlement periods; mandatory buy-ins; and cash penalties, to prevent and address settlement fails. CSDR measures are aimed to prevent settlement fails by ensuring that all transaction details are provided to facilitate settlement, as well as further incentivizing timely settlement by imposing cash penalty fines and buy-ins. Certain funds may be subject to pay cash penalties and may also receive cash penalties with certain counterparties in instances where there are settlement fails. These cash penalties are included in the net realized gains (losses) on sales of securities — unaffiliated issuers in each fund's Statement of Operations, if any.

**(c) Security Transactions:** 

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

**74**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental Index Funds

Financial Notes, unaudited (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

Assets and liabilities denominated in foreign currencies are reported in U.S. dollars. For assets and liabilities held on a given date, the dollar value is based on market exchange rates in effect on that date. Transactions involving foreign currencies, including purchases, sales, income receipts and expense payments, are calculated using exchange rates in effect on the transaction date. Realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange appreciation or depreciation arises from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period. These realized and unrealized foreign exchange gains or losses are reported in foreign currency transactions or translations in each fund's Statement of Operations, if any. The funds do not isolate the portion of the fluctuations on investments resulting from changes in foreign currency exchange rates from the fluctuations in market prices of investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments, if any.

Gains realized by the funds on the sale of securities in certain foreign countries may be subject to non-U.S. taxes. In those instances, the funds record a liability based on unrealized appreciation to provide for potential non-U.S. taxes payable upon the sale of these securities.

When a fund closes out a futures contract position, it calculates the difference between the value of the position at the beginning and at the end of the contract, and records a realized gain or loss accordingly.

**(d) Investment Income:**

Interest income is recorded as it accrues. Dividends and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date), although the funds record certain foreign security dividends on the date the ex-dividend date is confirmed. Non-cash dividends in the form of additional securities are recorded on the ex-dividend date at fair value, if any. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

Income received from foreign sources may result in withholding tax. Withholding taxes are accrued at the same time as the related income if the tax rate is fixed and known, unless a tax withheld is reclaimable from the local tax authorities and there are no significant uncertainties on collectibility in which case it is recorded as receivable. If the tax rate is not known or estimable, such expense or reclaim receivable is recorded when the net proceeds are received.

The Schwab Fundamental International Equity Index Fund and Schwab Fundamental International Small Equity Index Fund filed claims to recover taxes previously withheld in certain European Union countries on the basis that those countries had purportedly violated certain provisions in the Treaty on the Functioning of the European Union. These filings are subject to various administrative and judicial proceedings within these countries, and all professional fees associated with these filings have been paid by the investment adviser. The professional fees related to European Union foreign withholding tax claims are non-contingent and non-routine expenses which are subject to repayment to the investment adviser (see financial note 3 for additional information).

For U.S. income tax purposes, European Union reclaims received reduce the amounts of foreign taxes that the fund passes through to its shareholders. If European Union reclaims received exceed foreign withholding taxes paid, the Schwab Fundamental International Equity Index Fund and Schwab Fundamental International Small Equity Index Fund will evaluate the requirements to enter into a closing agreement with the Internal Revenue Service (IRS) to address any prior years' U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by fund shareholders on their tax returns in prior years. During the period ended April 30, 2025, the Schwab Fundamental International Equity Index Fund and Schwab Fundamental International Small Equity Index Fund did not incur any compliance fees.

**(e) Expenses:**

Pursuant to the Amended and Restated Investment Advisory and Administration Agreement (Advisory Agreement) between the investment adviser and each fund, the investment adviser pays the operating expenses of each fund, excluding acquired fund fees and expenses, taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to a fund are charged directly to the fund. Acquired fund fees and expenses are indirect expenses incurred by a fund through its investments in underlying funds. Such expenses are reflected in the NAVs of the underlying funds.

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**75**

------

Schwab Fundamental Index Funds

Financial Notes, unaudited (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(f) Distributions to Shareholders:**

The funds make distributions from net investment income and net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(g) Accounting Estimates:**

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It's possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

**(h) Federal Income Taxes:**

The funds intend to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the funds distribute substantially all of their net investment income and net realized capital gains, if any, to their shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.

**(i) Foreign Taxes:**

Certain funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, corporate events, foreign currency exchanges and capital gains on investments. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in foreign markets in which the funds invest. These foreign taxes, if any, are paid by the funds and are disclosed in each fund's Statement of Operations. Foreign taxes accrued as of April 30, 2025, if any, are reflected in each fund's Statement of Assets and Liabilities.

**(j) Indemnification:**

Under the funds' organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business the funds enter into contracts with their vendors and others that provide general indemnifications. The funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. However, based on experience, the funds expect the risk of loss attributable to these arrangements to be remote.

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**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as each fund's investment adviser and administrator pursuant to the Advisory Agreement between the investment adviser and each fund.

For its advisory and administrative services to the funds, the investment adviser is entitled to receive an annual fee, payable monthly, based on a percentage of each fund's average daily net assets as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| SCHWAB<br> FUNDAMENTAL<br> U.S. LARGE<br> COMPANY<br> INDEX FUND<br>| SCHWAB<br> FUNDAMENTAL<br> U.S. SMALL<br> COMPANY<br> INDEX FUND<br>| SCHWAB<br> FUNDAMENTAL<br> INTERNATIONAL<br> EQUITY<br> INDEX FUND<br>| SCHWAB<br> FUNDAMENTAL<br> INTERNATIONAL<br> SMALL EQUITY<br> INDEX FUND<br>| SCHWAB<br> FUNDAMENTAL<br> EMERGING<br> MARKETS<br> EQUITY<br> INDEX FUND<br>|
| 0.25<br> %<br>| 0.25<br> %<br>| 0.25<br> %<br>| 0.39<br> %<br>| 0.39<br> %<br>|

---

**76**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental Index Funds

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

**Investments from Affiliates**

Funds in the Fund Complex may own shares of other funds in the Fund Complex. The table below reflects the percentage of shares of each fund in this report that is owned by other funds in the Fund Complex as of April 30, 2025, as applicable:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS | UNDERLYING FUNDS |
|  | SCHWAB<br> FUNDAMENTAL<br> U.S. LARGE<br> COMPANY<br> INDEX FUND<br>| SCHWAB<br> FUNDAMENTAL<br> U.S. SMALL<br> COMPANY<br> INDEX FUND<br>| SCHWAB<br> FUNDAMENTAL<br> INTERNATIONAL<br> EQUITY<br> INDEX FUND<br>| SCHWAB<br> FUNDAMENTAL<br> INTERNATIONAL<br> SMALL EQUITY<br> INDEX FUND<br>| SCHWAB<br> FUNDAMENTAL<br> EMERGING<br> MARKETS<br> EQUITY<br> INDEX FUND<br>|
| Schwab MarketTrack All Equity Portfolio | 1.3<br> %<br>| 2.0<br> %<br>| 2.0<br> %<br>| 7.8<br> %<br>| 4.7<br> %<br>|
| Schwab MarketTrack Balanced Portfolio | 0.6<br> %<br>| 0.6<br> %<br>| 0.7<br> %<br>| 2.4<br> %<br>| 1.4<br> %<br>|
| Schwab MarketTrack Conservative Portfolio | 0.1<br> %<br>| 0.1<br> %<br>| 0.2<br> %<br>| 0.6<br> %<br>| 0.3<br> %<br>|
| Schwab MarketTrack Growth Portfolio | 1.2<br> %<br>| 1.5<br> %<br>| 1.5<br> %<br>| 5.3<br> %<br>| 3.1<br> %<br>|
| Schwab Target 2010 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2015 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2020 Fund | 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2025 Fund | 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2030 Fund | 0.3<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2035 Fund | 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2040 Fund | 0.6<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.4<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2045 Fund | 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2050 Fund | 0.2<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2055 Fund | 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2060 Fund | 0.1<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|
| Schwab Target 2065 Fund | 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| 0.0<br> %\*<br>| &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; —<br> %<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

**Other Affiliated Transactions**

The professional fees related to European Union foreign withholding tax claims discussed in financial note 2(d) are non-contingent and non-routine expenses. The investment adviser agreed to pay these professional fees, on behalf of the funds, subject to reimbursement by the funds to the investment adviser to the extent the funds are able to successfully recover tax claims in the future.

During the period ended April 30, 2025, the professional fees incurred by the Schwab Fundamental International Equity Index Fund and Schwab Fundamental International Small Equity Index Fund and paid by the investment adviser were $14,790 and $3,445, respectively, as shown as Professional fees in each fund's Statement of Operations.

During the period ended April 30, 2025, the Schwab Fundamental International Equity Index Fund and the Schwab Fundamental International Small Equity Index Fund did not recover any previously withheld foreign taxes and made no reimbursements to the investment adviser.

As of April 30, 2025, the balance of professional fees related to foreign withholding tax claims subject to future reimbursement by the Schwab Fundamental International Equity Index Fund and Schwab Fundamental International Small Equity Index Fund to the investment adviser were $30,874 and $12,404, respectively.

No other amounts for additional foreign withholding tax claims are reflected in the financial statements due to the uncertainty surrounding the ultimate resolution of proceedings, the likelihood of receipt of these claims, and the potential timing of payment.

**Interfund Transactions**

The funds may engage in direct transactions with other funds in the Fund Complex in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**77**

------

Schwab Fundamental Index Funds

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

transaction at the current market price. This practice is limited to funds that share the same investment adviser. The net realized gains or losses on sales of interfund transactions are recorded in Net realized gains (losses) on sales of securities — unaffiliated issuers in the Statement of Operations. For the period ended April 30, 2025, each fund's purchases and sales of securities with other funds in the Fund Complex as well as any net realized gains (losses) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | PURCHASE COST | SALE PROCEEDS | NET REALIZED GAINS (LOSSES) |
| Schwab Fundamental U.S. Large Company Index Fund | $257047052 | &nbsp;&nbsp; $168474950 | &nbsp;&nbsp; $13461991 |
| Schwab Fundamental U.S. Small Company Index Fund | 54041865 | &nbsp;&nbsp; 27633871 | &nbsp;&nbsp; (1420133)<br>|
| Schwab Fundamental International Equity Index Fund | 40895462 | &nbsp;&nbsp; 66610439 | &nbsp;&nbsp; 10462811 |
| Schwab Fundamental International Small Equity Index <br> Fund<br>| 24701353 | &nbsp;&nbsp; 10830609 | &nbsp;&nbsp; 1868675 |
| Schwab Fundamental Emerging Markets Equity Index <br> Fund<br>| 5628546 | &nbsp;&nbsp; 5117431 | &nbsp;&nbsp; (138724)<br>|

---

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the Fund Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board. The funds had no interfund borrowing or lending activity during the period.

------

**4. Board of Trustees:**

The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trust was in compliance with these limitations throughout the report period. The funds did not pay any interested persons or non-interested persons (independent trustees). The independent trustees are paid by the investment adviser pursuant to the Advisory Agreement where the investment adviser pays the operational expenses of each fund which includes trustee fees.

------

**5. Borrowing from Banks:**

During the period, the funds were participants with other funds in the Fund Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), maturing on September 25, 2025. Under the terms of the Syndicated Credit Facility, in addition to the investment adviser paying the interest charged on any borrowings by a fund, the investment adviser paid a commitment fee of 0.15% per annum on the funds' proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the funds were participants with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, maturing on September 25, 2025. Under the terms of the Uncommitted Credit Facility, the investment adviser pays interest on the amount a fund borrows. There were no borrowings by any of the funds from either line of credit during the period.

The funds also have access to custodian overdraft facilities. A fund may have utilized the overdraft facility and incurred an interest expense, which is paid by the investment adviser, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

------

**6. Derivatives:**

Certain funds entered into futures contracts during the report period to equitize available cash.

**78**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental Index Funds

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Derivatives (continued):** 

As of April 30, 2025, the Statement of Assets and Liabilities included the following financial derivative instrument fair values held at period end:

---

| | | |
|:---|:---|:---|
|  | EQUITY CONTRACTS | TOTAL |
| **Asset Derivatives** |  |  |
| Schwab Fundamental U.S. Large Company Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| $4107 | &nbsp;&nbsp; $4107 |
| Schwab Fundamental U.S. Small Company Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 129884 | &nbsp;&nbsp; 129884 |
| Schwab Fundamental International Equity Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 2020955 | &nbsp;&nbsp; 2020955 |
| Schwab Fundamental International Small Equity Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 327440 | &nbsp;&nbsp; 327440 |
| Schwab Fundamental Emerging Markets Equity Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 189786 | &nbsp;&nbsp; 189786 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Includes cumulative unrealized appreciation of futures contracts as reported in each fund's Portfolio Holdings. Only current day's variation margin on futures contracts is reported in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Liability Derivatives**<br>

The effects of the derivative contracts in the Statement of Operations for the period ended April 30, 2025, were:

---

| | | |
|:---|:---|:---|
|  | EQUITY CONTRACTS | TOTAL |
| **Net Realized Gains (Losses)** |  |  |
| Schwab Fundamental U.S. Large Company Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| ($1137596)<br>| &nbsp;&nbsp; ($1137596)<br>|
| Schwab Fundamental U.S. Small Company Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| (1470354)<br>| &nbsp;&nbsp; (1470354)<br>|
| Schwab Fundamental International Equity Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 737567 | &nbsp;&nbsp; 737567 |
| Schwab Fundamental International Small Equity Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| (279255)<br>| &nbsp;&nbsp; (279255)<br>|
| Schwab Fundamental Emerging Markets Equity Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 131774 | &nbsp;&nbsp; 131774 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Statement of Operations location: Net realized gains (losses) on futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**79**

------

Schwab Fundamental Index Funds

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**6. Derivatives (continued):** 

---

| | | |
|:---|:---|:---|
| **Net Change in Unrealized Appreciation (Depreciation)** |  |  |
| Schwab Fundamental U.S. Large Company Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| $362358 | &nbsp;&nbsp; $362358 |
| Schwab Fundamental U.S. Small Company Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 168743 | &nbsp;&nbsp; 168743 |
| Schwab Fundamental International Equity Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 2615359 | &nbsp;&nbsp; 2615359 |
| Schwab Fundamental International Small Equity Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 544565 | &nbsp;&nbsp; 544565 |
| Schwab Fundamental Emerging Markets Equity Index Fund |  |  |
| Futures Contracts<sup>1</sup> <br>| 262041 | &nbsp;&nbsp; 262041 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> <sup>1</sup> Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts.

During the period ended April 30, 2025, the month-end average notional amounts of futures contracts held by the funds and the month-end average number of contracts held were as follows:

---

| | | |
|:---|:---|:---|
|  | NOTIONAL AMOUNTS  | NUMBER OF CONTRACTS  |
| Schwab Fundamental U.S. Large Company Index Fund | $32795029 | &nbsp;&nbsp; 112 |
| Schwab Fundamental U.S. Small Company Index Fund | 5640553 | &nbsp;&nbsp; 52 |
| Schwab Fundamental International Equity Index Fund | 19776055 | &nbsp;&nbsp; 165 |
| Schwab Fundamental International Small Equity Index Fund | 4064104 | &nbsp;&nbsp; 34 |
| Schwab Fundamental Emerging Markets Equity Index Fund | 4725828 | &nbsp;&nbsp; 86 |

---

------

**7. Purchases and Sales of Investment Securities:**

For the period ended April 30, 2025, purchases and sales of securities (excluding in-kind transactions and short-term obligations) were as follows:

---

| | | |
|:---|:---|:---|
|  | PURCHASES <br>OF SECURITIES <br>| SALES <br>OF SECURITIES<br>|
| Schwab Fundamental U.S. Large Company Index Fund | $1000624106 | &nbsp;&nbsp; $566004692 |
| Schwab Fundamental U.S. Small Company Index Fund | 352824251 | &nbsp;&nbsp; 233290598 |
| Schwab Fundamental International Equity Index Fund | 463723198 | &nbsp;&nbsp; 355048212 |
| Schwab Fundamental International Small Equity Index Fund | 85097867 | &nbsp;&nbsp; 121838856 |
| Schwab Fundamental Emerging Markets Equity Index Fund | 182383108 | &nbsp;&nbsp; 130052613 |

---

During the period ended April 30, 2025, the following funds had transactions in connection with in-kind transactions:

---

| | | |
|:---|:---|:---|
|  | IN-KIND PURCHASES <br>OF SECURITIES <br>| IN-KIND SALES <br>OF SECURITIES<br>|
| Schwab Fundamental U.S. Large Company Index Fund | $— | &nbsp;&nbsp; $339257053 |
| Schwab Fundamental U.S. Small Company Index Fund |  | &nbsp;&nbsp; 74837686 |

---

The funds may realize net capital gains or losses resulting from in-kind redemptions. Because such gains or losses are not taxable to the funds and are not distributed to existing fund shareholders, the gains or losses are reclassified from accumulated net realized gains or losses to capital received from investors at the end of the funds' tax year. These reclassifications have no effect on net assets or net asset values per share. The net realized gains or losses on sales of in-kind redemptions for the period ended April 30, 2025, are disclosed in the funds' Statements of Operations, if any.

**80**Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

------

Schwab Fundamental Index Funds

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Federal Income Taxes:**

As of April 30, 2025, the tax basis cost of the funds' investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| Schwab Fundamental U.S. Large Company Index Fund | $5959970306 | &nbsp;&nbsp; $3437901781 | &nbsp;&nbsp; ($232840591)<br>| &nbsp;&nbsp; $3205061190 |
| Schwab Fundamental U.S. Small Company Index Fund | 1386728747 | &nbsp;&nbsp; 346170287 | &nbsp;&nbsp; (146539541)<br>| &nbsp;&nbsp; 199630746 |
| Schwab Fundamental International Equity Index Fund | 2661086685 | &nbsp;&nbsp; 661756318 | &nbsp;&nbsp; (103637174)<br>| &nbsp;&nbsp; 558119144 |
| Schwab Fundamental International Small Equity Index Fund | 478513655 | &nbsp;&nbsp; 132169767 | &nbsp;&nbsp; (33019787)<br>| &nbsp;&nbsp; 99149980 |
| Schwab Fundamental Emerging Markets Equity Index Fund | 816962118 | &nbsp;&nbsp; 193892190 | &nbsp;&nbsp; (40558930)<br>| &nbsp;&nbsp; 153333260 |

---

The primary difference between book basis and tax basis unrealized appreciation or unrealized depreciation of investments is the tax deferral of losses on wash sales, The tax cost of the funds' investments, disclosed above, have been adjusted from their book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

Capital loss carryforwards have no expiration and may be used to offset future realized capital gains for federal income tax purposes. As of October 31, 2024, the funds had capital loss carryforwards available as follows:

---

| | |
|:---|:---|
| Schwab Fundamental U.S. Large Company Index Fund | $59984934 |
| Schwab Fundamental U.S. Small Company Index Fund | 75206215 |
| Schwab Fundamental International Equity Index Fund | 45145023 |
| Schwab Fundamental International Small Equity Index Fund |  |
| Schwab Fundamental Emerging Markets Equity Index Fund | 101554350 |

---

The tax basis components of distributions and components of distributable earnings on a tax basis are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of April 30, 2025. The tax basis components of distributions paid during the fiscal year ended October 31, 2024 were as follows:

---

| | |
|:---|:---|
|  | PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | ORDINARY <br>INCOME <br>|
| Schwab Fundamental U.S. Large Company Index Fund | $142700838 |
| Schwab Fundamental U.S. Small Company Index Fund | 25436316 |
| Schwab Fundamental International Equity Index Fund | 75574529 |
| Schwab Fundamental International Small Equity Index Fund | 18018592 |
| Schwab Fundamental Emerging Markets Equity Index Fund | 37187563 |

---

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

As of October 31, 2024, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds' financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in each fund's Statement of Operations. During the fiscal year ended October 31, 2024, the funds did not incur any interest or penalties.

------

**9. Subsequent Events:**

Management has determined there are no other subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

Schwab Fundamental Index Funds \| Semiannual Holdings and Financial Statements

**81**

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g187642imgd17860661.jpg)

MFR37675-18

00314156

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![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g187321imgc62d8dd91.jpg)

**Semiannual Holdings and Financial Statements** \| April 30, 2025

Schwab MarketTrack Portfolios<sup>®</sup>

------

Schwab MarketTrack

All Equity Portfolio™

Schwab MarketTrack

Growth Portfolio™

Schwab MarketTrack

Balanced Portfolio™

Schwab MarketTrack

Conservative Portfolio™

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Financial Statements and Portfolio Holdings](#xx_2d8e44c7-1ebd-47cb-8c4d-f0c6cd9e34d8_1) <br>|  |
| [Schwab MarketTrack All Equity Portfolio](#xx_2d8e44c7-1ebd-47cb-8c4d-f0c6cd9e34d8_1) | 2 |
| [Schwab MarketTrack Growth Portfolio](#xx_3a74137b-9d80-4151-bab3-143ee142ddbf_1) | 7 |
| [Schwab MarketTrack Balanced Portfolio](#xx_407a11d9-c504-4365-8494-8ae2413389e5_1) | 13 |
| [Schwab MarketTrack Conservative Portfolio](#xx_603cd0d1-5992-4e34-bc1c-777ab23c2fcc_1) | 19 |
| [Financial Notes](#xx_bf41ccaa-47bf-4455-b5c8-0da94831300b_1) | 25  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: Charles Schwab & Co., Inc. (Schwab)

Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

**1**

------

Schwab MarketTrack All Equity Portfolio

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $24.89 | &nbsp;&nbsp; $19.55 | &nbsp;&nbsp; $19.11 | &nbsp;&nbsp; $23.89 | &nbsp;&nbsp; $17.73 | &nbsp;&nbsp; $19.15 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.45 | 0.39 | 0.32 | 0.37 | 0.29 | 0.37 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.43)<br>| 5.64 | 1.04 | &nbsp;&nbsp; (4.23)<br>| 7.21 | &nbsp;&nbsp; (0.54)<br>|
| Total from investment operations | 0.02 | 6.03 | 1.36 | &nbsp;&nbsp; (3.86)<br>| 7.50 | &nbsp;&nbsp; (0.17)<br>|
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.53)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; (0.72)<br>|
| Total distributions | &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp; (1.25)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $23.15 | &nbsp;&nbsp; $24.89 | &nbsp;&nbsp; $19.55 | &nbsp;&nbsp; $19.11 | &nbsp;&nbsp; $23.89 | &nbsp;&nbsp; $17.73 |
| Total return | 0.05 %<sup>2</sup><br>| 31.32<br> %<br>| 7.32<br> %<br>| &nbsp;&nbsp; (16.89<br> %)<br>| 43.90<br> %<br>| &nbsp;&nbsp; (1.35<br> %)<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | 0.39<br> %<br>| 0.39 %<sup>4</sup><br>| 0.38<br> %<br>| 0.40<br> %<br>|
| Total expenses<sup>3</sup> <br>| 0.38 %<sup>5</sup><br>| 0.38<br> %<br>| 0.39<br> %<br>| 0.39 %<sup>4</sup><br>| 0.38<br> %<br>| 0.40<br> %<br>|
| Net investment income (loss) | 3.76 %<sup>5</sup><br>| 1.68<br> %<br>| 1.60<br> %<br>| 1.75<br> %<br>| 1.33<br> %<br>| 2.08<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 9 %<sup>2</sup><br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 18<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $912006 | &nbsp;&nbsp; $926961 | &nbsp;&nbsp; $730571 | &nbsp;&nbsp; $698899 | &nbsp;&nbsp; $861267 | &nbsp;&nbsp; $623095 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>5</sup> Annualized.

*See financial notes*

**2**Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

------

Schwab MarketTrack All Equity Portfolio

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.6% OF NET ASSETS |
| **U.S. Stocks 61.5%** | **U.S. Stocks 61.5%** | **U.S. Stocks 61.5%** | **U.S. Stocks 61.5%** | **U.S. Stocks 61.5%** | **U.S. Stocks 61.5%** | **U.S. Stocks 61.5%** | **U.S. Stocks 61.5%** | **U.S. Stocks 61.5%** |
| **Large-Cap 50.0%** | **Large-Cap 50.0%** | **Large-Cap 50.0%** | **Large-Cap 50.0%** | **Large-Cap 50.0%** | **Large-Cap 50.0%** | **Large-Cap 50.0%** | **Large-Cap 50.0%** | **Large-Cap 50.0%** |
| Schwab Fundamental U.S. Large <br> Company Index Fund <br>| $125143200 | $8663244 | ($5632572)<br>| $1347136 | ($6321861)<br>| $123199147 | 4562931 | $2165060 |
| Schwab S&P 500 Index Fund  | 253374917 | 15829038 | (11886864)<br>| 5384732 | (12670604)<br>| 250031219 | 2913438 | 3130691 |
| Schwab U.S. Large-Cap Growth Index <br> Fund <br>| 83392750 | 9862222 | (9313340)<br>| 827506 | (2250308)<br>| 82518830 | 757749 | 456122 |
|  |  |  |  |  |  | 455749196 |  |  |
| **Small-Cap 11.5%** | **Small-Cap 11.5%** | **Small-Cap 11.5%** | **Small-Cap 11.5%** | **Small-Cap 11.5%** | **Small-Cap 11.5%** | **Small-Cap 11.5%** | **Small-Cap 11.5%** | **Small-Cap 11.5%** |
| Schwab Fundamental U.S. Small <br> Company Index Fund <br>| 31533639 | 4934902 | (1709948)<br>| 292523 | (3809412)<br>| 31241704 | 1983600 | 514576 |
| Schwab Small-Cap Index Fund  | 74583593 | 12868455 | (5368419)<br>| 1223153 | (9664159)<br>| 73642623 | 2331200 | 1168562 |
|  |  |  |  |  |  | 104884327 |  |  |
|  |  |  |  |  |  | 560633523 |  |  |
| **International Stocks 33.1%** | **International Stocks 33.1%** | **International Stocks 33.1%** | **International Stocks 33.1%** | **International Stocks 33.1%** | **International Stocks 33.1%** | **International Stocks 33.1%** | **International Stocks 33.1%** | **International Stocks 33.1%** |
| **Developed Markets 28.1%** | **Developed Markets 28.1%** | **Developed Markets 28.1%** | **Developed Markets 28.1%** | **Developed Markets 28.1%** | **Developed Markets 28.1%** | **Developed Markets 28.1%** | **Developed Markets 28.1%** | **Developed Markets 28.1%** |
| Schwab Fundamental International <br> Equity Index Fund <br>| 66062818 | 5522435 | (10022518)<br>| (47650)<br>| 2988778 | 64503863 | 5546334 | 2314320 |
| Schwab Fundamental International Small <br> Equity Index Fund <br>| 46650235 | 4039392 | (7103328)<br>| 128432 | 1757877 | 45472608 | 3302295 | 2110650 |
| Schwab International Index Fund  | 149960649 | 12998823 | (24763343)<br>| 428395 | 7713246 | 146337770 | 5759062 | 4797536 |
|  |  |  |  |  |  | 256314241 |  |  |
| **Emerging Markets 5.0%** | **Emerging Markets 5.0%** | **Emerging Markets 5.0%** | **Emerging Markets 5.0%** | **Emerging Markets 5.0%** | **Emerging Markets 5.0%** | **Emerging Markets 5.0%** | **Emerging Markets 5.0%** | **Emerging Markets 5.0%** |
| Schwab Fundamental Emerging Markets <br> Equity Index Fund <br>| 46448230 | 7688436 | (6821378)<br>| (80505)<br>| (1713878)<br>| 45520905 | 4806854 | 2141901 |
|  |  |  |  |  |  | 301835146 |  |  |
| **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** | **Real Estate 5.0%** |
| **U.S. REITs 5.0%** | **U.S. REITs 5.0%** | **U.S. REITs 5.0%** | **U.S. REITs 5.0%** | **U.S. REITs 5.0%** | **U.S. REITs 5.0%** | **U.S. REITs 5.0%** | **U.S. REITs 5.0%** | **U.S. REITs 5.0%** |
| Schwab U.S. REIT ETF  | 45948644 | 4555876 | (2350060)<br>| 40794 | (2637734)<br>| 45557520 | 2166311 | 708619 |
| **Total Affiliated Underlying Funds** <br>**(Cost $491,312,708)**<br>| **$923098675** | **$86962823** | **($84971770)**<br>| **$9544516** | **($26608055)**<br>| **$908026189** |  | **$19508037** |
| **Total Investments in Securities** <br>**(Cost $491,312,708)**<br>|  |  |  |  |  | **$908026189** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ETF — Exchange-Traded Fund <br> REIT — Real Estate Investment Trust

At April 30, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional information).

*See financial notes*

Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

**3**

------

Schwab MarketTrack All Equity Portfolio

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $491,312,708)  |  | $908026189 |
| Cash |  | 3655693 |
| Receivables: |  |  |
| Investments sold |  | 10376120 |
| Fund shares sold |  | 252043 |
| Prepaid expenses | + | 20805 |
| **Total assets** |  | **922330850** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 9619210 |
| Fund shares redeemed |  | 391896 |
| Shareholder service fees |  | 170628 |
| Investment adviser and administrator fees |  | 93704 |
| Accrued expenses | + | 49437 |
| **Total liabilities** |  | **10324875** |
| **Net assets** |  | **$912005975** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $495439143 |
| Total distributable earnings | + | 416566832 |
| **Net assets** |  | **$912005975** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $912005975 |  | &nbsp;&nbsp;&nbsp;&nbsp; 39397553 |  | &nbsp;&nbsp;&nbsp;&nbsp; $23.15 |

---

*See financial notes*

**4**Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

------

Schwab MarketTrack All Equity Portfolio

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $18992100 |
| Other Interest | + | 48510 |
| **Total investment income**  |  | **19040610** |
| **Expenses** | **Expenses** | **Expenses** |
| Shareholder service fees |  | 1086100 |
| Investment adviser and administrator fees |  | 600552 |
| Registration fees |  | 17872 |
| Shareholder reports |  | 17345 |
| Portfolio accounting fees |  | 12161 |
| Professional fees |  | 11414 |
| Independent trustees' fees |  | 3799 |
| Transfer agent fees  |  | 2022 |
| Custodian fees |  | 121 |
| Other expenses | + | 3367 |
| **Total expenses** | – | **1754753** |
| **Net investment income** |  | **17285857** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 515937 |
| Net realized gains on sales of securities - affiliated issuers  | + | 9544516 |
| **Net realized gains** |  | **10060453** |
| **Net change in unrealized appreciation (depreciation) on securities - affiliated issuers**  | + | **(26608055)**<br>|
| **Net realized and unrealized losses** |  | **(16547602)**<br>|
| **Increase in net assets resulting from operations** |  | **$738255** |

---

*See financial notes*

Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

**5**

------

Schwab MarketTrack All Equity Portfolio

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $17285857 | &nbsp;&nbsp;&nbsp; $14568884 |
| Net realized gains |  | 10060453 | &nbsp;&nbsp;&nbsp; 49530520 |
| Net change in unrealized appreciation (depreciation) | + | (26608055)<br>| &nbsp;&nbsp;&nbsp; 161254821 |
| **Increase in net assets resulting from operations** |  | **$738255** | &nbsp;&nbsp;&nbsp; **$225354225** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($65521634)**<br>| &nbsp;&nbsp;&nbsp; **($25564421)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 2438131 | &nbsp;&nbsp;&nbsp; $58377599 | &nbsp;&nbsp;&nbsp; 3355716 | &nbsp;&nbsp;&nbsp; $77859967 |
| Shares reinvested |  | 2474321 | &nbsp;&nbsp;&nbsp; 57676422 | &nbsp;&nbsp;&nbsp; 1021261 | &nbsp;&nbsp;&nbsp; 22447317 |
| Shares redeemed | + | (2762767)<br>| &nbsp;&nbsp;&nbsp; (66225779)<br>| &nbsp;&nbsp;&nbsp; (4504953)<br>| &nbsp;&nbsp;&nbsp; (103706572)<br>|
| **Net transactions in fund shares**  |  | **2149685** | &nbsp;&nbsp;&nbsp; **$49828242** | &nbsp;&nbsp;&nbsp; **(127976)**<br>| &nbsp;&nbsp;&nbsp; **($3399288)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 37247868 | &nbsp;&nbsp;&nbsp; $926961112 | &nbsp;&nbsp;&nbsp; 37375844 | &nbsp;&nbsp;&nbsp; $730570596 |
| Total increase (decrease) | + | 2149685 | &nbsp;&nbsp;&nbsp; (14955137)<br>| &nbsp;&nbsp;&nbsp; (127976)<br>| &nbsp;&nbsp;&nbsp; 196390516 |
| **End of period** |  | **39397553** | &nbsp;&nbsp;&nbsp; **$912005975** | &nbsp;&nbsp;&nbsp; **37247868** | &nbsp;&nbsp;&nbsp; **$926961112** |

---

*See financial notes*

**6**Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

------

Schwab MarketTrack Growth Portfolio

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $27.67 | &nbsp;&nbsp; $22.64 | &nbsp;&nbsp; $22.39 | &nbsp;&nbsp; $27.84 | &nbsp;&nbsp; $22.42 | &nbsp;&nbsp; $23.54 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.47 | 0.53 | 0.43 | 0.40 | 0.35 | 0.43 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.37)<br>| 5.49 | 0.81 | &nbsp;&nbsp; (4.49)<br>| 7.03 | &nbsp;&nbsp; (0.20)<br>|
| Total from investment operations | 0.10 | 6.02 | 1.24 | &nbsp;&nbsp; (4.09)<br>| 7.38 | 0.23 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.47)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (0.88)<br>|
| Total distributions | &nbsp;&nbsp; (2.91)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp; (1.35)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $24.86 | &nbsp;&nbsp; $27.67 | &nbsp;&nbsp; $22.64 | &nbsp;&nbsp; $22.39 | &nbsp;&nbsp; $27.84 | &nbsp;&nbsp; $22.42 |
| Total return | 0.32 %<sup>2</sup><br>| 27.11<br> %<br>| 5.68<br> %<br>| &nbsp;&nbsp; (15.52<br> %)<br>| 34.32<br> %<br>| 0.74<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | 0.39 %<sup>4</sup><br>| 0.39 %<sup>4</sup><br>| 0.39<br> %<br>| 0.39<br> %<br>|
| Total expenses<sup>3</sup> <br>| 0.39 %<sup>5</sup><br>| 0.39<br> %<br>| 0.39 %<sup>4</sup><br>| 0.39 %<sup>4</sup><br>| 0.39<br> %<br>| 0.40<br> %<br>|
| Net investment income (loss) | 3.65 %<sup>5</sup><br>| 2.02<br> %<br>| 1.86<br> %<br>| 1.63<br> %<br>| 1.33<br> %<br>| 1.92<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 8 %<sup>2</sup><br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 19<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $922400 | &nbsp;&nbsp; $967928 | &nbsp;&nbsp; $811692 | &nbsp;&nbsp; $801906 | &nbsp;&nbsp; $982246 | &nbsp;&nbsp; $748492 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>5</sup> Annualized.

*See financial notes*

Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

**7**

------

Schwab MarketTrack Growth Portfolio

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 99.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.8% OF NET ASSETS |
| **U.S. Stocks 52.2%** | **U.S. Stocks 52.2%** | **U.S. Stocks 52.2%** | **U.S. Stocks 52.2%** | **U.S. Stocks 52.2%** | **U.S. Stocks 52.2%** | **U.S. Stocks 52.2%** | **U.S. Stocks 52.2%** | **U.S. Stocks 52.2%** |
| **Large-Cap 43.5%** | **Large-Cap 43.5%** | **Large-Cap 43.5%** | **Large-Cap 43.5%** | **Large-Cap 43.5%** | **Large-Cap 43.5%** | **Large-Cap 43.5%** | **Large-Cap 43.5%** | **Large-Cap 43.5%** |
| Schwab Fundamental U.S. Large <br> Company Index Fund <br>| $116005515 | $7493557 | ($8160129)<br>| $2173985 | ($6647567)<br>| $110865361 | 4106124 | $1987658 |
| Schwab S&P 500 Index Fund  | 231954455 | 16931638 | (20380709)<br>| 10366258 | (16689619)<br>| 222182023 | 2588931 | 2832511 |
| Schwab U.S. Large-Cap Growth Index <br> Fund <br>| 70539765 | 7554799 | (9275788)<br>| 851664 | (1913338)<br>| 67757102 | 622196 | 382111 |
|  |  |  |  |  |  | 400804486 |  |  |
| **Small-Cap 8.7%** | **Small-Cap 8.7%** | **Small-Cap 8.7%** | **Small-Cap 8.7%** | **Small-Cap 8.7%** | **Small-Cap 8.7%** | **Small-Cap 8.7%** | **Small-Cap 8.7%** | **Small-Cap 8.7%** |
| Schwab Fundamental U.S. Small <br> Company Index Fund <br>| 25095679 | 3869741 | (2136338)<br>| 326368 | (3017420)<br>| 24138030 | 1532573 | 405584 |
| Schwab Small-Cap Index Fund  | 58649840 | 9870754 | (5885911)<br>| 1663078 | (8083945)<br>| 56213816 | 1779481 | 910013 |
|  |  |  |  |  |  | 80351846 |  |  |
|  |  |  |  |  |  | 481156332 |  |  |
| **International Stocks 24.0%** | **International Stocks 24.0%** | **International Stocks 24.0%** | **International Stocks 24.0%** | **International Stocks 24.0%** | **International Stocks 24.0%** | **International Stocks 24.0%** | **International Stocks 24.0%** | **International Stocks 24.0%** |
| **Developed Markets 20.7%** | **Developed Markets 20.7%** | **Developed Markets 20.7%** | **Developed Markets 20.7%** | **Developed Markets 20.7%** | **Developed Markets 20.7%** | **Developed Markets 20.7%** | **Developed Markets 20.7%** | **Developed Markets 20.7%** |
| Schwab Fundamental International <br> Equity Index Fund <br>| 50599951 | 4275191 | (8996192)<br>| (45467)<br>| 2124236 | 47957719 | 4123622 | 1755490 |
| Schwab Fundamental International Small <br> Equity Index Fund <br>| 32400882 | 2145009 | (5154933)<br>| 236102 | 1032568 | 30659628 | 2226553 | 1451878 |
| Schwab International Index Fund  | 118044327 | 8881429 | (21378322)<br>| 591302 | 5688337 | 111827073 | 4400908 | 3725350 |
|  |  |  |  |  |  | 190444420 |  |  |
| **Emerging Markets 3.3%** | **Emerging Markets 3.3%** | **Emerging Markets 3.3%** | **Emerging Markets 3.3%** | **Emerging Markets 3.3%** | **Emerging Markets 3.3%** | **Emerging Markets 3.3%** | **Emerging Markets 3.3%** | **Emerging Markets 3.3%** |
| Schwab Fundamental Emerging Markets <br> Equity Index Fund <br>| 32259633 | 4182897 | (4509739)<br>| 40238 | (1280672)<br>| 30692357 | 3241009 | 1473293 |
|  |  |  |  |  |  | 221136777 |  |  |
| **Real Estate 4.0%** | **Real Estate 4.0%** | **Real Estate 4.0%** | **Real Estate 4.0%** | **Real Estate 4.0%** | **Real Estate 4.0%** | **Real Estate 4.0%** | **Real Estate 4.0%** | **Real Estate 4.0%** |
| **U.S. REITs 4.0%** | **U.S. REITs 4.0%** | **U.S. REITs 4.0%** | **U.S. REITs 4.0%** | **U.S. REITs 4.0%** | **U.S. REITs 4.0%** | **U.S. REITs 4.0%** | **U.S. REITs 4.0%** | **U.S. REITs 4.0%** |
| Schwab U.S. REIT ETF  | 38302734 | 3646900 | (2871153)<br>| (12345)<br>| (2169842)<br>| 36896294 | 1754460 | 586966 |
| **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** | **Fixed Income 16.0%** |
| **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** |
| Schwab U.S. Aggregate Bond Index Fund  | 155590807 | 10542364 | (19683530)<br>| (2837624)<br>| 3653885 | 147265902 | 16472696 | 3076640 |
| **Money Market Funds 3.6%** | **Money Market Funds 3.6%** | **Money Market Funds 3.6%** | **Money Market Funds 3.6%** | **Money Market Funds 3.6%** | **Money Market Funds 3.6%** | **Money Market Funds 3.6%** | **Money Market Funds 3.6%** | **Money Market Funds 3.6%** |
| Schwab Government Money Fund, Ultra <br> Shares, 4.21% <sup>(b)</sup> <br>| 32979235 | 722760 |  |  |  | 33701995 | 33701995 | 715230 |
| **Total Affiliated Underlying Funds** <br>**(Cost $554,368,496)**<br>| **$962422823** | **$80117039** | **($108432744)**<br>| **$13353559** | **($27303377)**<br>| **$920157300** |  | **$19302724** |
| **Total Investments in Securities** <br>**(Cost $554,368,496)**<br>|  |  |  |  |  | **$920157300** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See financial notes*

**8**Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

------

Schwab MarketTrack Growth Portfolio

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

ETF — Exchange-Traded Fund <br> REIT — Real Estate Investment Trust

At April 30, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional information).

*See financial notes*

Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

**9**

------

Schwab MarketTrack Growth Portfolio

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $554,368,496)  |  | $920157300 |
| Cash |  | 2368424 |
| Receivables: |  |  |
| Investments sold |  | 9854589 |
| Dividends |  | 559416 |
| Fund shares sold |  | 62099 |
| Prepaid expenses | + | 13900 |
| **Total assets** |  | **933015728** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 9651421 |
| Fund shares redeemed |  | 640035 |
| Shareholder service fees |  | 177040 |
| Investment adviser and administrator fees |  | 95657 |
| Accrued expenses | + | 51114 |
| **Total liabilities** |  | **10615267** |
| **Net assets** |  | **$922400461** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $546410947 |
| Total distributable earnings | + | 375989514 |
| **Net assets** |  | **$922400461** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $922400461 |  | &nbsp;&nbsp;&nbsp;&nbsp; 37098699 |  | &nbsp;&nbsp;&nbsp;&nbsp; $24.86 |

---

*See financial notes*

**10**Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

------

Schwab MarketTrack Growth Portfolio

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $18947799 |
| Other Interest | + | 56728 |
| **Total investment income**  |  | **19004527** |
| **Expenses** | **Expenses** | **Expenses** |
| Shareholder service fees |  | 1135038 |
| Investment adviser and administrator fees |  | 615975 |
| Registration fees |  | 19599 |
| Shareholder reports |  | 15997 |
| Portfolio accounting fees |  | 12274 |
| Professional fees |  | 11435 |
| Independent trustees' fees |  | 3820 |
| Transfer agent fees  |  | 1918 |
| Custodian fees |  | 157 |
| Other expenses | + | 3461 |
| **Total expenses** | – | **1819674** |
| **Net investment income** |  | **17184853** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 354925 |
| Net realized gains on sales of securities - affiliated issuers  | + | 13353559 |
| **Net realized gains** |  | **13708484** |
| **Net change in unrealized appreciation (depreciation) on securities - affiliated issuers**  | + | **(27303377)**<br>|
| **Net realized and unrealized losses** |  | **(13594893)**<br>|
| **Increase in net assets resulting from operations** |  | **$3589960** |

---

*See financial notes*

Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

**11**

------

Schwab MarketTrack Growth Portfolio

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $17184853 | &nbsp;&nbsp;&nbsp; $18772169 |
| Net realized gains |  | 13708484 | &nbsp;&nbsp;&nbsp; 80402312 |
| Net change in unrealized appreciation (depreciation) | + | (27303377)<br>| &nbsp;&nbsp;&nbsp; 115728197 |
| **Increase in net assets resulting from operations** |  | **$3589960** | &nbsp;&nbsp;&nbsp; **$214902678** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($100784746)**<br>| &nbsp;&nbsp;&nbsp; **($35285077)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 1547592 | &nbsp;&nbsp;&nbsp; $40119861 | &nbsp;&nbsp;&nbsp; 2730103 | &nbsp;&nbsp;&nbsp; $71099129 |
| Shares reinvested |  | 3638916 | &nbsp;&nbsp;&nbsp; 90827337 | &nbsp;&nbsp;&nbsp; 1282352 | &nbsp;&nbsp;&nbsp; 31904899 |
| Shares redeemed | + | (3069391)<br>| &nbsp;&nbsp;&nbsp; (79280412)<br>| &nbsp;&nbsp;&nbsp; (4884198)<br>| &nbsp;&nbsp;&nbsp; (126385445)<br>|
| **Net transactions in fund shares**  |  | **2117117** | &nbsp;&nbsp;&nbsp; **$51666786** | &nbsp;&nbsp;&nbsp; **(871743)**<br>| &nbsp;&nbsp;&nbsp; **($23381417)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 34981582 | &nbsp;&nbsp;&nbsp; $967928461 | &nbsp;&nbsp;&nbsp; 35853325 | &nbsp;&nbsp;&nbsp; $811692277 |
| Total increase (decrease) | + | 2117117 | &nbsp;&nbsp;&nbsp; (45528000)<br>| &nbsp;&nbsp;&nbsp; (871743)<br>| &nbsp;&nbsp;&nbsp; 156236184 |
| **End of period** |  | **37098699** | &nbsp;&nbsp;&nbsp; **$922400461** | &nbsp;&nbsp;&nbsp; **34981582** | &nbsp;&nbsp;&nbsp; **$967928461** |

---

*See financial notes*

**12**Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

------

Schwab MarketTrack Balanced Portfolio

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $20.49 | &nbsp;&nbsp; $17.42 | &nbsp;&nbsp; $17.36 | &nbsp;&nbsp; $21.53 | &nbsp;&nbsp; $18.38 | &nbsp;&nbsp; $18.75 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.35 | 0.46 | 0.38 | 0.32 | 0.28 | 0.35 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.18)<br>| 3.40 | 0.38 | &nbsp;&nbsp; (3.45)<br>| 4.11 | 0.10 |
| Total from investment operations | 0.17 | 3.86 | 0.76 | &nbsp;&nbsp; (3.13)<br>| 4.39 | 0.45 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.39)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (0.43)<br>|
| Total distributions | &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (0.82)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $18.67 | &nbsp;&nbsp; $20.49 | &nbsp;&nbsp; $17.42 | &nbsp;&nbsp; $17.36 | &nbsp;&nbsp; $21.53 | &nbsp;&nbsp; $18.38 |
| Total return | 0.89 %<sup>2</sup><br>| 22.60<br> %<br>| 4.47<br> %<br>| &nbsp;&nbsp; (15.32<br> %)<br>| 24.66<br> %<br>| 2.37<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | 0.39<br> %<br>| 0.40 %<sup>4</sup><br>| 0.39<br> %<br>| 0.40<br> %<br>|
| Total expenses<sup>3</sup> <br>| 0.39 %<sup>5</sup><br>| 0.39<br> %<br>| 0.39<br> %<br>| 0.40 %<sup>4</sup><br>| 0.39<br> %<br>| 0.40<br> %<br>|
| Net investment income (loss) | 3.63 %<sup>5</sup><br>| 2.38<br> %<br>| 2.10<br> %<br>| 1.67<br> %<br>| 1.39<br> %<br>| 1.91<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 9 %<sup>2</sup><br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 22<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $567819 | &nbsp;&nbsp; $590023 | &nbsp;&nbsp; $519615 | &nbsp;&nbsp; $519474 | &nbsp;&nbsp; $654876 | &nbsp;&nbsp; $517619 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>5</sup> Annualized.

*See financial notes*

Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

**13**

------

Schwab MarketTrack Balanced Portfolio

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 99.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.8% OF NET ASSETS |
| **U.S. Stocks 39.1%** | **U.S. Stocks 39.1%** | **U.S. Stocks 39.1%** | **U.S. Stocks 39.1%** | **U.S. Stocks 39.1%** | **U.S. Stocks 39.1%** | **U.S. Stocks 39.1%** | **U.S. Stocks 39.1%** | **U.S. Stocks 39.1%** |
| **Large-Cap 33.1%** | **Large-Cap 33.1%** | **Large-Cap 33.1%** | **Large-Cap 33.1%** | **Large-Cap 33.1%** | **Large-Cap 33.1%** | **Large-Cap 33.1%** | **Large-Cap 33.1%** | **Large-Cap 33.1%** |
| Schwab Fundamental U.S. Large <br> Company Index Fund <br>| $53010234 | $4945433 | ($4700771)<br>| $968689 | ($3021994)<br>| $51201591 | 1896355 | $904181 |
| Schwab S&P 500 Index Fund  | 108939570 | 10542720 | (11024316)<br>| 4814913 | (7810863)<br>| 105462024 | 1228875 | 1327070 |
| Schwab U.S. Large-Cap Growth Index <br> Fund <br>| 32381765 | 4224943 | (4662203)<br>| 389516 | (900017)<br>| 31434004 | 288650 | 174618 |
|  |  |  |  |  |  | 188097619 |  |  |
| **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** | **Small-Cap 6.0%** |
| Schwab Fundamental U.S. Small <br> Company Index Fund <br>| 10544289 | 1887489 | (1048948)<br>| 259322 | (1391230)<br>| 10250922 | 650852 | 169653 |
| Schwab Small-Cap Index Fund  | 24839236 | 5094530 | (3452529)<br>| 1034957 | (3683528)<br>| 23832666 | 754437 | 380029 |
|  |  |  |  |  |  | 34083588 |  |  |
|  |  |  |  |  |  | 222181207 |  |  |
| **International Stocks 18.0%** | **International Stocks 18.0%** | **International Stocks 18.0%** | **International Stocks 18.0%** | **International Stocks 18.0%** | **International Stocks 18.0%** | **International Stocks 18.0%** | **International Stocks 18.0%** | **International Stocks 18.0%** |
| **Developed Markets 15.5%** | **Developed Markets 15.5%** | **Developed Markets 15.5%** | **Developed Markets 15.5%** | **Developed Markets 15.5%** | **Developed Markets 15.5%** | **Developed Markets 15.5%** | **Developed Markets 15.5%** | **Developed Markets 15.5%** |
| Schwab Fundamental International <br> Equity Index Fund <br>| 23122480 | 1863701 | (3851623)<br>| 61471 | 956228 | 22152257 | 1904751 | 798655 |
| Schwab Fundamental International Small <br> Equity Index Fund <br>| 14920953 | 1156589 | (2479206)<br>| 100103 | 475662 | 14174101 | 1029346 | 661087 |
| Schwab International Index Fund  | 53957507 | 3865080 | (9066289)<br>| 281236 | 2620638 | 51658172 | 2032986 | 1699728 |
|  |  |  |  |  |  | 87984530 |  |  |
| **Emerging Markets 2.5%** | **Emerging Markets 2.5%** | **Emerging Markets 2.5%** | **Emerging Markets 2.5%** | **Emerging Markets 2.5%** | **Emerging Markets 2.5%** | **Emerging Markets 2.5%** | **Emerging Markets 2.5%** | **Emerging Markets 2.5%** |
| Schwab Fundamental Emerging Markets <br> Equity Index Fund <br>| 14566513 | 1570312 | (1612794)<br>| (22604)<br>| (537025)<br>| 13964402 | 1474594 | 670881 |
|  |  |  |  |  |  | 101948932 |  |  |
| **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** | **Real Estate 3.0%** |
| **U.S. REITs 3.0%** | **U.S. REITs 3.0%** | **U.S. REITs 3.0%** | **U.S. REITs 3.0%** | **U.S. REITs 3.0%** | **U.S. REITs 3.0%** | **U.S. REITs 3.0%** | **U.S. REITs 3.0%** | **U.S. REITs 3.0%** |
| Schwab U.S. REIT ETF  | 17314416 | 1669991 | (964380)<br>| 9055 | (988620)<br>| 17040462 | 810293 | 265345 |
| **Fixed Income 36.0%** | **Fixed Income 36.0%** | **Fixed Income 36.0%** | **Fixed Income 36.0%** | **Fixed Income 36.0%** | **Fixed Income 36.0%** | **Fixed Income 36.0%** | **Fixed Income 36.0%** | **Fixed Income 36.0%** |
| **Intermediate-Term Bond 35.0%** | **Intermediate-Term Bond 35.0%** | **Intermediate-Term Bond 35.0%** | **Intermediate-Term Bond 35.0%** | **Intermediate-Term Bond 35.0%** | **Intermediate-Term Bond 35.0%** | **Intermediate-Term Bond 35.0%** | **Intermediate-Term Bond 35.0%** | **Intermediate-Term Bond 35.0%** |
| Schwab U.S. Aggregate Bond Index Fund  | 207211734 | 13034262 | (22982641)<br>| (3080798)<br>| 4187993 | 198370550 | 22189100 | 4106967 |
| **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** |
| Schwab Short-Term Bond Index Fund  | 5923086 | 120523 | (288243)<br>| (20396)<br>| 87445 | 5822415 | 601489 | 120524 |
|  |  |  |  |  |  | 204192965 |  |  |
| **Money Market Funds 3.7%** | **Money Market Funds 3.7%** | **Money Market Funds 3.7%** | **Money Market Funds 3.7%** | **Money Market Funds 3.7%** | **Money Market Funds 3.7%** | **Money Market Funds 3.7%** | **Money Market Funds 3.7%** | **Money Market Funds 3.7%** |
| Schwab Government Money Fund, Ultra <br> Shares, 4.21% <sup>(b)</sup> <br>| 20711686 | 453909 |  |  |  | 21165595 | 21165595 | 449180 |
| **Total Affiliated Underlying Funds** <br>**(Cost $400,618,565)**<br>| **$587443469** | **$50429482** | **($66133943)**<br>| **$4795464** | **($10005311)**<br>| **$566529161** |  | **$11727918** |
| **Total Investments in Securities** <br>**(Cost $400,618,565)**<br>|  |  |  |  |  | **$566529161** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See financial notes*

**14**Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

------

Schwab MarketTrack Balanced Portfolio

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ETF — Exchange-Traded Fund <br> REIT — Real Estate Investment Trust

At April 30, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional information).

*See financial notes*

Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

**15**

------

Schwab MarketTrack Balanced Portfolio

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $400,618,565)  |  | $566529161 |
| Cash |  | 1738170 |
| Receivables: |  |  |
| Investments sold |  | 4518304 |
| Dividends |  | 725356 |
| Fund shares sold |  | 86914 |
| Prepaid expenses | + | 12263 |
| **Total assets** |  | **573610168** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 5496868 |
| Shareholder service fees |  | 110506 |
| Fund shares redeemed |  | 90352 |
| Investment adviser and administrator fees |  | 59210 |
| Accrued expenses | + | 34178 |
| **Total liabilities** |  | **5791114** |
| **Net assets** |  | **$567819054** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $403743917 |
| Total distributable earnings | + | 164075137 |
| **Net assets** |  | **$567819054** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $567819054 |  | &nbsp;&nbsp;&nbsp;&nbsp; 30406901 |  | &nbsp;&nbsp;&nbsp;&nbsp; $18.67 |

---

*See financial notes*

**16**Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

------

Schwab MarketTrack Balanced Portfolio

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $11566305 |
| Other Interest | + | 27549 |
| **Total investment income**  |  | **11593854** |
| **Expenses** | **Expenses** | **Expenses** |
| Shareholder service fees |  | 697709 |
| Investment adviser and administrator fees |  | 376505 |
| Registration fees |  | 16532 |
| Portfolio accounting fees |  | 11304 |
| Professional fees |  | 11235 |
| Shareholder reports |  | 9358 |
| Independent trustees' fees |  | 3515 |
| Transfer agent fees  |  | 1210 |
| Custodian fees |  | 44 |
| Other expenses | + | 2545 |
| **Total expenses** | – | **1129957** |
| **Net investment income** |  | **10463897** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 161613 |
| Net realized gains on sales of securities - affiliated issuers  | + | 4795464 |
| **Net realized gains** |  | **4957077** |
| **Net change in unrealized appreciation (depreciation) on securities - affiliated issuers**  | + | **(10005311)**<br>|
| **Net realized and unrealized losses** |  | **(5048234)**<br>|
| **Increase in net assets resulting from operations** |  | **$5415663** |

---

*See financial notes*

Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

**17**

------

Schwab MarketTrack Balanced Portfolio

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $10463897 | &nbsp;&nbsp;&nbsp; $13741077 |
| Net realized gains |  | 4957077 | &nbsp;&nbsp;&nbsp; 41738676 |
| Net change in unrealized appreciation (depreciation) | + | (10005311)<br>| &nbsp;&nbsp;&nbsp; 58967459 |
| **Increase in net assets resulting from operations** |  | **$5415663** | &nbsp;&nbsp;&nbsp; **$114447212** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($57009176)**<br>| &nbsp;&nbsp;&nbsp; **($23345576)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 1614730 | &nbsp;&nbsp;&nbsp; $31081604 | &nbsp;&nbsp;&nbsp; 2993022 | &nbsp;&nbsp;&nbsp; $58723416 |
| Shares reinvested |  | 2726726 | &nbsp;&nbsp;&nbsp; 50689830 | &nbsp;&nbsp;&nbsp; 1111767 | &nbsp;&nbsp;&nbsp; 20934579 |
| Shares redeemed | + | (2732427)<br>| &nbsp;&nbsp;&nbsp; (52382119)<br>| &nbsp;&nbsp;&nbsp; (5137681)<br>| &nbsp;&nbsp;&nbsp; (100351692)<br>|
| **Net transactions in fund shares**  |  | **1609029** | &nbsp;&nbsp;&nbsp; **$29389315** | &nbsp;&nbsp;&nbsp; **(1032892)**<br>| &nbsp;&nbsp;&nbsp; **($20693697)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 28797872 | &nbsp;&nbsp;&nbsp; $590023252 | &nbsp;&nbsp;&nbsp; 29830764 | &nbsp;&nbsp;&nbsp; $519615313 |
| Total increase (decrease) | + | 1609029 | &nbsp;&nbsp;&nbsp; (22204198)<br>| &nbsp;&nbsp;&nbsp; (1032892)<br>| &nbsp;&nbsp;&nbsp; 70407939 |
| **End of period** |  | **30406901** | &nbsp;&nbsp;&nbsp; **$567819054** | &nbsp;&nbsp;&nbsp; **28797872** | &nbsp;&nbsp;&nbsp; **$590023252** |

---

*See financial notes*

**18**Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

------

Schwab MarketTrack Conservative Portfolio

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $16.21 | &nbsp;&nbsp; $14.68 | &nbsp;&nbsp; $14.90 | &nbsp;&nbsp; $18.47 | &nbsp;&nbsp; $16.50 | &nbsp;&nbsp; $16.43 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.28 | 0.43 | 0.36 | 0.29 | 0.26 | 0.30 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.06)<br>| 2.17 | 0.10 | &nbsp;&nbsp; (2.97)<br>| 2.27 | 0.27 |
| Total from investment operations | 0.22 | 2.60 | 0.46 | &nbsp;&nbsp; (2.68)<br>| 2.53 | 0.57 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.31)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.19)<br>|
| Total distributions | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.50)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $15.08 | &nbsp;&nbsp; $16.21 | &nbsp;&nbsp; $14.68 | &nbsp;&nbsp; $14.90 | &nbsp;&nbsp; $18.47 | &nbsp;&nbsp; $16.50 |
| Total return | 1.46 %<sup>2</sup><br>| 18.11<br> %<br>| 3.01<br> %<br>| &nbsp;&nbsp; (15.23<br> %)<br>| 15.50<br> %<br>| 3.57<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | 0.42<br> %<br>| 0.42 %<sup>4</sup><br>| 0.41<br> %<br>| 0.42<br> %<br>|
| Total expenses<sup>3</sup> <br>| 0.42 %<sup>5</sup><br>| 0.42<br> %<br>| 0.42<br> %<br>| 0.42 %<sup>4</sup><br>| 0.41<br> %<br>| 0.42<br> %<br>|
| Net investment income (loss) | 3.63 %<sup>5</sup><br>| 2.74<br> %<br>| 2.35<br> %<br>| 1.73<br> %<br>| 1.45<br> %<br>| 1.84<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 8 %<sup>2</sup><br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 35<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $192820 | &nbsp;&nbsp; $203850 | &nbsp;&nbsp; $195092 | &nbsp;&nbsp; $227991 | &nbsp;&nbsp; $335110 | &nbsp;&nbsp; $278883 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>4</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

<sup>5</sup> Annualized.

*See financial notes*

Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

**19**

------

Schwab MarketTrack Conservative Portfolio

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 99.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 99.9% OF NET ASSETS |
| **U.S. Stocks 26.1%** | **U.S. Stocks 26.1%** | **U.S. Stocks 26.1%** | **U.S. Stocks 26.1%** | **U.S. Stocks 26.1%** | **U.S. Stocks 26.1%** | **U.S. Stocks 26.1%** | **U.S. Stocks 26.1%** | **U.S. Stocks 26.1%** |
| **Large-Cap 22.1%** | **Large-Cap 22.1%** | **Large-Cap 22.1%** | **Large-Cap 22.1%** | **Large-Cap 22.1%** | **Large-Cap 22.1%** | **Large-Cap 22.1%** | **Large-Cap 22.1%** | **Large-Cap 22.1%** |
| Schwab Fundamental U.S. Large <br> Company Index Fund <br>| $12190850 | $1372379 | ($1503995)<br>| $332825 | ($790243)<br>| $11601816 | 429697 | $205218 |
| Schwab S&P 500 Index Fund  | 26407511 | 2814867 | (3338393)<br>| 1656287 | (2351553)<br>| 25188719 | 293506 | 317481 |
| Schwab U.S. Large-Cap Growth Index <br> Fund <br>| 6092785 | 926743 | (1104431)<br>| 98421 | (185757)<br>| 5827761 | 53515 | 32428 |
|  |  |  |  |  |  | 42618296 |  |  |
| **Small-Cap 4.0%** | **Small-Cap 4.0%** | **Small-Cap 4.0%** | **Small-Cap 4.0%** | **Small-Cap 4.0%** | **Small-Cap 4.0%** | **Small-Cap 4.0%** | **Small-Cap 4.0%** | **Small-Cap 4.0%** |
| Schwab Fundamental U.S. Small <br> Company Index Fund <br>| 2476228 | 447585 | (356858)<br>| 78569 | (323361)<br>| 2322163 | 147439 | 38503 |
| Schwab Small-Cap Index Fund  | 5618057 | 1250412 | (855655)<br>| 269334 | (882061)<br>| 5400087 | 170943 | 86252 |
|  |  |  |  |  |  | 7722250 |  |  |
|  |  |  |  |  |  | 50340546 |  |  |
| **International Stocks 12.0%** | **International Stocks 12.0%** | **International Stocks 12.0%** | **International Stocks 12.0%** | **International Stocks 12.0%** | **International Stocks 12.0%** | **International Stocks 12.0%** | **International Stocks 12.0%** | **International Stocks 12.0%** |
| **Developed Markets 10.3%** | **Developed Markets 10.3%** | **Developed Markets 10.3%** | **Developed Markets 10.3%** | **Developed Markets 10.3%** | **Developed Markets 10.3%** | **Developed Markets 10.3%** | **Developed Markets 10.3%** | **Developed Markets 10.3%** |
| Schwab Fundamental International <br> Equity Index Fund <br>| 5317383 | 352135 | (887121)<br>| 3068 | 214773 | 5000238 | 429943 | 181262 |
| Schwab Fundamental International Small <br> Equity Index Fund <br>| 3415238 | 318360 | (637118)<br>| 31115 | 90055 | 3217650 | 233671 | 150335 |
| Schwab International Index Fund  | 12415697 | 907150 | (2268193)<br>| 64996 | 591782 | 11711432 | 460899 | 382916 |
|  |  |  |  |  |  | 19929320 |  |  |
| **Emerging Markets 1.7%** | **Emerging Markets 1.7%** | **Emerging Markets 1.7%** | **Emerging Markets 1.7%** | **Emerging Markets 1.7%** | **Emerging Markets 1.7%** | **Emerging Markets 1.7%** | **Emerging Markets 1.7%** | **Emerging Markets 1.7%** |
| Schwab Fundamental Emerging Markets <br> Equity Index Fund <br>| 3380089 | 401265 | (437931)<br>| 768 | (142561)<br>| 3201630 | 338081 | 151650 |
|  |  |  |  |  |  | 23130950 |  |  |
| **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** | **Real Estate 2.0%** |
| **U.S. REITs 2.0%** | **U.S. REITs 2.0%** | **U.S. REITs 2.0%** | **U.S. REITs 2.0%** | **U.S. REITs 2.0%** | **U.S. REITs 2.0%** | **U.S. REITs 2.0%** | **U.S. REITs 2.0%** | **U.S. REITs 2.0%** |
| Schwab U.S. REIT ETF  | 4036145 | 503510 | (451075)<br>| 14416 | (242014)<br>| 3860982 | 183594 | 60720 |
| **Fixed Income 56.0%** | **Fixed Income 56.0%** | **Fixed Income 56.0%** | **Fixed Income 56.0%** | **Fixed Income 56.0%** | **Fixed Income 56.0%** | **Fixed Income 56.0%** | **Fixed Income 56.0%** | **Fixed Income 56.0%** |
| **Intermediate-Term Bond 55.0%** | **Intermediate-Term Bond 55.0%** | **Intermediate-Term Bond 55.0%** | **Intermediate-Term Bond 55.0%** | **Intermediate-Term Bond 55.0%** | **Intermediate-Term Bond 55.0%** | **Intermediate-Term Bond 55.0%** | **Intermediate-Term Bond 55.0%** | **Intermediate-Term Bond 55.0%** |
| Schwab U.S. Aggregate Bond Index Fund  | 112414593 | 5853372 | (12902312)<br>| (1746699)<br>| 2327053 | 105946007 | 11850784 | 2199520 |
| **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** | **Short-Term Bond 1.0%** |
| Schwab Short-Term Bond Index Fund  | 2087569 | 41170 | (218150)<br>| (13587)<br>| 36176 | 1933178 | 199709 | 41170 |
|  |  |  |  |  |  | 107879185 |  |  |
| **Money Market Funds 3.8%** | **Money Market Funds 3.8%** | **Money Market Funds 3.8%** | **Money Market Funds 3.8%** | **Money Market Funds 3.8%** | **Money Market Funds 3.8%** | **Money Market Funds 3.8%** | **Money Market Funds 3.8%** | **Money Market Funds 3.8%** |
| Schwab Government Money Fund, Ultra <br> Shares, 4.21% <sup>(b)</sup> <br>| 7201537 | 157826 |  |  |  | 7359363 | 7359363 | 156182 |
| **Total Affiliated Underlying Funds** <br>**(Cost $157,007,661)**<br>| **$203053682** | **$15346774** | **($24961232)**<br>| **$789513** | **($1657711)**<br>| **$192571026** |  | **$4003637** |
| **Total Investments in Securities** <br>**(Cost $157,007,661)**<br>|  |  |  |  |  | **$192571026** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*See financial notes*

**20**Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

------

Schwab MarketTrack Conservative Portfolio

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ETF — Exchange-Traded Fund <br> REIT — Real Estate Investment Trust

At April 30, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional information).

*See financial notes*

Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

**21**

------

Schwab MarketTrack Conservative Portfolio

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $157,007,661)  |  | $192571026 |
| Cash |  | 195648 |
| Receivables: |  |  |
| Investments sold |  | 1184929 |
| Dividends |  | 377208 |
| Fund shares sold |  | 16931 |
| Prepaid expenses | + | 8881 |
| **Total assets** |  | **194354623** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 1411648 |
| Fund shares redeemed |  | 40625 |
| Shareholder service fees |  | 38312 |
| Investment adviser and administrator fees |  | 20317 |
| Accrued expenses | + | 23441 |
| **Total liabilities** |  | **1534343** |
| **Net assets** |  | **$192820280** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $163073611 |
| Total distributable earnings | + | 29746669 |
| **Net assets** |  | **$192820280** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $192820280 |  | &nbsp;&nbsp;&nbsp;&nbsp; 12789745 |  | &nbsp;&nbsp;&nbsp;&nbsp; $15.08 |

---

*See financial notes*

**22**Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

------

Schwab MarketTrack Conservative Portfolio

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $3966883 |
| Other Interest | + | 8433 |
| **Total investment income**  |  | **3975316** |
| **Expenses** | **Expenses** | **Expenses** |
| Shareholder service fees |  | 238498 |
| Investment adviser and administrator fees |  | 128470 |
| Professional fees |  | 11014 |
| Registration fees |  | 10499 |
| Portfolio accounting fees |  | 10296 |
| Shareholder reports |  | 3882 |
| Independent trustees' fees |  | 3203 |
| Transfer agent fees  |  | 658 |
| Custodian fees |  | 138 |
| Other expenses | + | 1595 |
| **Total expenses** | – | **408253** |
| **Net investment income** |  | **3567063** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 36754 |
| Net realized gains on sales of securities - affiliated issuers | + | 789513 |
| **Net realized gains** |  | **826267** |
| **Net change in unrealized appreciation (depreciation) on securities - affiliated issuers**  | + | **(1657711)**<br>|
| **Net realized and unrealized losses** |  | **(831444)**<br>|
| **Increase in net assets resulting from operations** |  | **$2735619** |

---

*See financial notes*

Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

**23**

------

Schwab MarketTrack Conservative Portfolio

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $3567063 | &nbsp;&nbsp;&nbsp; $5575700 |
| Net realized gains |  | 826267 | &nbsp;&nbsp;&nbsp; 11844944 |
| Net change in unrealized appreciation (depreciation) | + | (1657711)<br>| &nbsp;&nbsp;&nbsp; 16314807 |
| **Increase in net assets resulting from operations** |  | **$2735619** | &nbsp;&nbsp;&nbsp; **$33735451** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($16802917)**<br>| &nbsp;&nbsp;&nbsp; **($13865927)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 743164 | &nbsp;&nbsp;&nbsp; $11520120 | &nbsp;&nbsp;&nbsp; 1245017 | &nbsp;&nbsp;&nbsp; $19798447 |
| Shares reinvested |  | 951944 | &nbsp;&nbsp;&nbsp; 14245663 | &nbsp;&nbsp;&nbsp; 759741 | &nbsp;&nbsp;&nbsp; 11843352 |
| Shares redeemed | + | (1477242)<br>| &nbsp;&nbsp;&nbsp; (22727717)<br>| &nbsp;&nbsp;&nbsp; (2722720)<br>| &nbsp;&nbsp;&nbsp; (42753557)<br>|
| **Net transactions in fund shares**  |  | **217866** | &nbsp;&nbsp;&nbsp; **$3038066** | &nbsp;&nbsp;&nbsp; **(717962)**<br>| &nbsp;&nbsp;&nbsp; **($11111758)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 12571879 | &nbsp;&nbsp;&nbsp; $203849512 | &nbsp;&nbsp;&nbsp; 13289841 | &nbsp;&nbsp;&nbsp; $195091746 |
| Total increase (decrease) | + | 217866 | &nbsp;&nbsp;&nbsp; (11029232)<br>| &nbsp;&nbsp;&nbsp; (717962)<br>| &nbsp;&nbsp;&nbsp; 8757766 |
| **End of period** |  | **12789745** | &nbsp;&nbsp;&nbsp; **$192820280** | &nbsp;&nbsp;&nbsp; **12571879** | &nbsp;&nbsp;&nbsp; **$203849512** |

---

*See financial notes*

**24**Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

------

Schwab MarketTrack Portfolios

Financial Notes, unaudited

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Business Structure of the Funds:**

Each of the funds in this report is a series of Schwab Capital Trust (the trust), a no-load, open-end management investment company. The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the funds discussed in this report, which are highlighted:

---

| | |
|:---|:---|
| **SCHWAB CAPITAL TRUST** | **SCHWAB CAPITAL TRUST** |
| **Schwab MarketTrack All Equity Portfolio** | Schwab Target 2045 Fund |
| **Schwab MarketTrack Growth Portfolio** | Schwab Target 2050 Fund |
| **Schwab MarketTrack Balanced Portfolio** | Schwab Target 2055 Fund |
| **Schwab MarketTrack Conservative Portfolio** | Schwab Target 2060 Fund |
| Schwab S&P 500 Index Fund | Schwab Target 2065 Fund |
| Schwab Small-Cap Index Fund | Schwab Fundamental U.S. Large Company Index Fund |
| Schwab Total Stock Market Index Fund | Schwab Fundamental U.S. Small Company Index Fund |
| Schwab U.S. Large-Cap Growth Index Fund | Schwab Fundamental International Equity Index Fund |
| Schwab U.S. Large-Cap Value Index Fund | Schwab Fundamental International Small Company Index Fund |
| Schwab U.S. Mid-Cap Index Fund | Schwab Fundamental Emerging Markets Equity Index Fund |
| Schwab International Index Fund | Schwab Fundamental Global Real Estate Index Fund |
| Schwab International Opportunities Fund | Schwab Target 2010 Index Fund |
| Schwab Balanced Fund | Schwab Target 2015 Index Fund |
| Schwab Core Equity Fund | Schwab Target 2020 Index Fund |
| Schwab Dividend Equity Fund | Schwab Target 2025 Index Fund |
| Schwab Large-Cap Growth Fund | Schwab Target 2030 Index Fund |
| Schwab Small-Cap Equity Fund | Schwab Target 2035 Index Fund |
| Schwab Health Care Fund | Schwab Target 2040 Index Fund |
| Schwab International Core Equity Fund | Schwab Target 2045 Index Fund |
| Schwab Target 2010 Fund | Schwab Target 2050 Index Fund |
| Schwab Target 2015 Fund | Schwab Target 2055 Index Fund |
| Schwab Target 2020 Fund | Schwab Target 2060 Index Fund |
| Schwab Target 2025 Fund | Schwab Target 2065 Index Fund |
| Schwab Target 2030 Fund | Schwab Monthly Income Fund - Target Payout |
| Schwab Target 2035 Fund | Schwab Monthly Income Fund - Flexible Payout |
| Schwab Target 2040 Fund | Schwab Monthly Income Fund - Income Payout |

---

Each of the Schwab MarketTrack Portfolios is considered a "fund of funds" because it invests in other mutual funds or exchange traded funds (ETFs). Each of the funds seeks to achieve its investment objective by investing mainly in a combination of other affiliated Schwab Funds, including Schwab index funds and ETFs (underlying funds), which use a variety of indexing strategies, in accordance with its target portfolio allocation

Each fund offers one share class. Shares are bought and sold at closing net asset value per share (NAV), which is the price for all outstanding shares of a fund. Each share has a par value of 1/1,000 of a cent, and the funds' Board of Trustees (the Board) may authorize the issuance of as many shares as necessary.

Each fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each fund may also keep certain assets in segregated accounts, as required by securities law. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

**Investment Objectives** 

The **Schwab MarketTrack All Equity Portfolio** seeks high capital growth through an all-stock portfolio.

The **Schwab MarketTrack Growth Portfolio** seeks high capital growth with less volatility than an all-stock portfolio.

The **Schwab MarketTrack Balanced Portfolio** seeks both capital growth and income.

The **Schwab MarketTrack Conservative Portfolio** seeks income and more growth potential than an all-bond portfolio.

Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

**25**

------

Schwab MarketTrack Portfolios

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies:**

The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) *Topic 946 Financial Services — Investment Companies*. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

In this reporting period, the funds adopted FASB Accounting Standards Update 2023-07, ASC Topic 280 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the funds' financial position or the results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management committee of each fund's investment adviser acts as the funds' CODM. The CODM has determined that each fund operates as a single operating segment given each fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of each fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the funds, is presented within each of the fund's financial statements.

The financial statements of the funds should be read in conjunction with the underlying funds' financial statements. For more information about the underlying funds' operations and policies, please refer to those funds' semiannual and annual reports and holdings and financial statements, which are filed in Form N-CSR with the U.S. Securities and Exchange Commission (SEC) and available on the SEC's website at www.sec.gov.

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the funds' investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities held in the funds' portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities traded on an exchange or over-the-counter:** Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mutual funds:** Mutual funds are valued at their respective NAVs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities for which no quoted value is available:** The Valuation Designee has adopted procedures to fair value a fund's securities when market prices are not "readily available" or are unreliable. For example, a security may be fair valued when it's de-listed or its trading is halted or suspended; when a security's primary pricing source is unable or unwilling to provide a price; or when a security's primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security.

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the

**26**Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

------

Schwab MarketTrack Portfolios

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee's judgment will be required to estimate fair value.

The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, ETFs and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2 or Level 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include forward foreign currency exchange contracts, U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Valuation Designee's assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund's results of operations.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The levels associated with valuing the funds' investments as of April 30, 2025, are disclosed in each fund's Portfolio Holdings.

**(b) Accounting Policies for certain Portfolio Investments (if held):**

**Cash Investments:** The funds may invest a portion of their assets in cash. Cash includes cash bank balances in an interest-bearing demand deposit account with maturity on demand by the funds.

**(c) Security Transactions:** 

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

**(d) Investment Income:**

Interest income is recorded as it accrues. Dividends and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date). Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

**(e) Expenses:**

Expenses that are specific to a fund are charged directly to the fund. Expenses that are common to more than one fund in the trusts generally are allocated among those funds in proportion to their average daily net assets. The fund bears its share of the acquired fund fees and expenses of the underlying funds, which are indirect expenses incurred by the fund through its investments in the underlying funds. Such expenses are reflected in the NAVs of the underlying funds.

Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

**27**

------

Schwab MarketTrack Portfolios

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(f) Distributions to Shareholders:**

The funds make distributions from net investment income and net realized capital gains, if any, once a year, except for the Schwab MarketTrack Conservative Portfolio, which typically makes distributions from net investment income at the end of each calendar quarter. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**(g) Accounting Estimates:**

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It's possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

**(h) Federal Income Taxes:**

The funds intend to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the funds distribute substantially all of their net investment income and net realized capital gains, if any, to their shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.

**(i) Indemnification:**

Under the funds' organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business the funds enter into contracts with their vendors and others that provide general indemnifications. The funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. However, based on experience, the funds expect the risk of loss attributable to these arrangements to be remote.

------

**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as each fund's investment adviser and administrator pursuant to an Investment Advisory and Administration Agreement between the investment adviser and each fund.

For its advisory and administrative services to the funds, the investment adviser is entitled to receive an annual fee of 0.13%, payable monthly, based on a percentage of each fund's average daily net assets. The investment adviser also is entitled to receive an advisory and/or administrative services fee from each of the affiliated Schwab Funds that serve as underlying funds.

**Shareholder Servicing**

The Board has adopted a Shareholder Servicing Plan (the Plan) on behalf of the funds. The Plan enables each fund to bear expenses relating to the provision by financial intermediaries, including Charles Schwab & Co., Inc. (Schwab), a broker-dealer affiliate of the investment adviser, (together, service providers), of certain account maintenance, customer liaison and shareholder services to the current shareholders of the funds.

Pursuant to the Plan, each fund's shares are subject to an annual shareholder servicing fee of up to 0.25%. The shareholder servicing fee paid to a particular service provider is made pursuant to its written agreement with Schwab, as distributor of the funds (or, in the case of payments made to Schwab acting as a service provider, pursuant to Schwab's written agreement with the funds). Payments under the Plan are made as described above without regard to whether the fee is more or less than the service provider's actual cost of providing the services, and if more, such excess may be retained as profit by the service provider.

**28**Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

------

Schwab MarketTrack Portfolios

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

**Expense Limitation**

The investment adviser and its affiliates have agreed with the funds, for so long as the investment adviser serves as the investment adviser to the funds, in which the agreement may only be amended or terminated with the approval of the Board, to limit the total annual fund operating expenses charged, excluding interest, taxes and certain non-routine expenses as a percentage of average daily net assets as follows:

---

| | | | |
|:---|:---|:---|:---|
| SCHWAB<br> MARKETTRACK<br> ALL EQUITY<br> PORTFOLIO<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCHWAB<br> MARKETTRACK<br> GROWTH<br> PORTFOLIO<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCHWAB<br> MARKETTRACK<br> BALANCED<br> PORTFOLIO<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SCHWAB<br> MARKETTRACK<br> CONSERVATIVE<br> PORTFOLIO<br>|
| 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>|

---

The agreement to limit the funds' total expenses charged is limited to each fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses, which are indirect expenses incurred by each fund through its investments in the underlying funds.

**Investments in Affiliates**

The funds may engage in certain transactions involving affiliated parties. Pursuant to an exemptive order issued by the SEC, each fund may invest in affiliated funds. As of April 30, 2025, each fund's ownership percentages of other affiliated funds' shares are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| UNDERLYING FUNDS | SCHWAB<br> MARKETTRACK<br> ALL EQUITY<br> PORTFOLIO<br>| SCHWAB<br> MARKETTRACK<br> GROWTH<br> PORTFOLIO<br>| SCHWAB<br> MARKETTRACK<br> BALANCED<br> PORTFOLIO<br>| SCHWAB<br> MARKETTRACK<br> CONSERVATIVE<br> PORTFOLIO<br>|
| Schwab Fundamental Emerging Markets Equity Index Fund | 4.7<br> %<br>| 3.1<br> %<br>| 1.4<br> %<br>| 0.3<br> %<br>|
| Schwab Fundamental International Equity Index Fund | 2.0<br> %<br>| 1.5<br> %<br>| 0.7<br> %<br>| 0.2<br> %<br>|
| Schwab Fundamental International Small Equity Index Fund | 7.8<br> %<br>| 5.3<br> %<br>| 2.4<br> %<br>| 0.6<br> %<br>|
| Schwab Fundamental U.S. Large Company Index Fund | 1.3<br> %<br>| 1.2<br> %<br>| 0.6<br> %<br>| 0.1<br> %<br>|
| Schwab Fundamental U.S. Small Company Index Fund | 2.0<br> %<br>| 1.5<br> %<br>| 0.6<br> %<br>| 0.1<br> %<br>|
| Schwab Government Money Fund, Ultra Shares | —<br> %<br>| 0.1<br> %<br>| 0.1<br> %<br>| 0.0<br> %\*<br>|
| Schwab International Index Fund | 1.3<br> %<br>| 1.0<br> %<br>| 0.5<br> %<br>| 0.1<br> %<br>|
| Schwab S&P 500 Index Fund | 0.2<br> %<br>| 0.2<br> %<br>| 0.1<br> %<br>| 0.0<br> %\*<br>|
| Schwab Short-Term Bond Index Fund | —<br> %<br>| &nbsp;&nbsp; —<br> %<br>| 0.4<br> %<br>| 0.1<br> %<br>|
| Schwab Small-Cap Index Fund | 1.3<br> %<br>| 1.0<br> %<br>| 0.4<br> %<br>| 0.1<br> %<br>|
| Schwab U.S. Aggregate Bond Index Fund | —<br> %<br>| 2.7<br> %<br>| 3.7<br> %<br>| 2.0<br> %<br>|
| Schwab U.S. Large-Cap Growth Index Fund | 2.7<br> %<br>| 2.2<br> %<br>| 1.0<br> %<br>| 0.2<br> %<br>|
| Schwab U.S. REIT ETF | 0.6<br> %<br>| 0.5<br> %<br>| 0.2<br> %<br>| 0.0<br> %\*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

**Interfund Transactions**

The funds may engage in direct transactions with certain other funds in the Fund Complex in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When one fund is seeking to sell a security that another fund is seeking to buy, an interfund transaction can allow both funds to benefit by reducing transaction costs while allowing each fund to execute the transaction at the current market price. This practice is limited to funds that share the same investment adviser. The net realized

Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

**29**

------

Schwab MarketTrack Portfolios

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

gains or losses on sales of interfund transactions are recorded in Net realized gains (losses) on sales of securities — affiliated issuers in the Statement of Operations. For the period ended April 30, 2025, each fund's purchases and sales of securities with other funds in the Fund Complex as well as any net realized gains (losses) were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | PURCHASE COST | SALE PROCEEDS | NET REALIZED GAINS (LOSSES) |
| Schwab MarketTrack All Equity Portfolio | $863654 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— |
| Schwab MarketTrack Growth Portfolio | 803177 | &nbsp;&nbsp; 479145 | &nbsp;&nbsp; (1044)<br>|
| Schwab MarketTrack Balanced Portfolio |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Schwab MarketTrack Conservative Portfolio | 39442 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the Fund Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board. The funds had no interfund borrowing or lending activity during the period.

------

**4. Board of Trustees:**

The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trust was in compliance with these limitations throughout the report period. The funds did not pay any of these interested persons for their services as trustees, but did pay non-interested persons (independent trustees), as noted in each fund's Statement of Operations.

------

**5. Borrowing from Banks:**

During the period, the funds were participants with other funds in the Fund Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), maturing on September 25, 2025. Under the terms of the Syndicated Credit Facility, in addition to interest charged on any borrowings by a fund, each fund paid a commitment fee of 0.15% per annum on the funds' proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the funds were participants with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, maturing on September 25, 2025. Under the terms of the Uncommitted Credit Facility, each fund pays interest on the amount a fund borrows. There were no borrowings by any of the funds from either line of credit during the period.

The funds also have access to custodian overdraft facilities. A fund may have utilized the overdraft facility and incurred an interest expense, which is disclosed in each fund's Statement of Operations, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

------

**6. Purchases and Sales of Investment Securities:**

For the period ended April 30, 2025, purchases and sales of securities (excluding short-term obligations) were as follows:

---

| | | |
|:---|:---|:---|
|  | PURCHASES <br>OF SECURITIES <br>| SALES <br>OF SECURITIES<br>|
| Schwab MarketTrack All Equity Portfolio | $86962823 | &nbsp;&nbsp; $84971770 |
| Schwab MarketTrack Growth Portfolio | 80117039 | &nbsp;&nbsp; 108432744 |
| Schwab MarketTrack Balanced Portfolio | 50429482 | &nbsp;&nbsp; 66133943 |
| Schwab MarketTrack Conservative Portfolio | 15346774 | &nbsp;&nbsp; 24961232 |

---

**30**Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

------

Schwab MarketTrack Portfolios

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Federal Income Taxes:**

As of April 30, 2025, the tax basis cost of the funds' investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| Schwab MarketTrack All Equity Portfolio | $504977262 | &nbsp;&nbsp; $403048927 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $403048927 |
| Schwab MarketTrack Growth Portfolio | 561371365 | &nbsp;&nbsp; 367779632 | &nbsp;&nbsp; (8993697)<br>| &nbsp;&nbsp; 358785935 |
| Schwab MarketTrack Balanced Portfolio | 411590772 | &nbsp;&nbsp; 168338908 | &nbsp;&nbsp; (13400519)<br>| &nbsp;&nbsp; 154938389 |
| Schwab MarketTrack Conservative Portfolio | 164897231 | &nbsp;&nbsp; 35075679 | &nbsp;&nbsp; (7401884)<br>| &nbsp;&nbsp; 27673795 |

---

The primary difference between book basis and tax basis unrealized appreciation or unrealized depreciation of investments is the tax deferral of losses on wash sales. The tax cost of the funds' investments, disclosed above, have been adjusted from their book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

The tax basis components of distributions and components of distributable earnings on a tax basis are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of April 30, 2025. The tax basis components of distributions paid during the fiscal year ended October 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | PRIOR FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | ORDINARY <br>INCOME <br>| LONG-TERM <br>CAPITAL <br>GAINS <br>|
| Schwab MarketTrack All Equity Portfolio | $15696088 | &nbsp;&nbsp; $9868333 |
| Schwab MarketTrack Growth Portfolio | 18966394 | &nbsp;&nbsp; 16318683 |
| Schwab MarketTrack Balanced Portfolio | 13038206 | &nbsp;&nbsp; 10307370 |
| Schwab MarketTrack Conservative Portfolio | 5760268 | &nbsp;&nbsp; 8105659 |

---

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

As of October 31, 2024, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds' financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in each fund's Statement of Operations. During the fiscal year ended October 31, 2024, the funds did not incur any interest or penalties.

------

**8. Subsequent Events:**

Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

Schwab MarketTrack Portfolios \| Semiannual Holdings and Financial Statements

**31**

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g187321imgc62d8dd91.jpg)

MFR13559-28

00314158

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g124419img73637d1f1.jpg)

**Semiannual Holdings and Financial Statements** \| April 30, 2025

Schwab Target Funds

------

Schwab Target 2010 Fund

Schwab Target 2015 Fund

Schwab Target 2020 Fund

Schwab Target 2025 Fund

Schwab Target 2030 Fund

Schwab Target 2035 Fund

Schwab Target 2040 Fund

Schwab Target 2045 Fund

Schwab Target 2050 Fund

Schwab Target 2055 Fund

Schwab Target 2060 Fund

Schwab Target 2065 Fund

------

**In This Report**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| [Financial Statements and Portfolio Holdings](#xx_d2807640-c6c1-44a2-a023-89be163c3112_1) <br>|  |
| [Schwab Target 2010 Fund](#xx_d2807640-c6c1-44a2-a023-89be163c3112_1) | 2 |
| [Schwab Target 2015 Fund](#xx_a5192b66-636f-4c48-91b5-9c8a6b21dd5a_1) | 8 |
| [Schwab Target 2020 Fund](#xx_e2132e63-9ee1-4525-b022-ea0d48f86aa2_1) | 14 |
| [Schwab Target 2025 Fund](#xx_bcec9a1f-ab7e-4fb4-8f24-95f15625de5e_1) | 20 |
| [Schwab Target 2030 Fund](#xx_43b9cc05-cae5-4a78-942a-e8735d6b3ada_1) | 26 |
| [Schwab Target 2035 Fund](#xx_eb07979e-ab41-42e8-b89d-ed869a83590c_1) | 32 |
| [Schwab Target 2040 Fund](#xx_3dfa0cbf-befa-44f1-94c4-8718672e70a4_1) | 38 |
| [Schwab Target 2045 Fund](#xx_580366d7-a218-4768-bb02-4e5440e71a33_1) | 44 |
| [Schwab Target 2050 Fund](#xx_47682799-2fc0-4b18-b714-b2969c834ec2_1) | 50 |
| [Schwab Target 2055 Fund](#xx_757bd847-3450-48d0-80d8-804ffe02e057_1) | 56 |
| [Schwab Target 2060 Fund](#xx_f8956e60-efaa-4e40-a844-2a6dcff7ce34_1) | 62 |
| [Schwab Target 2065 Fund](#xx_6c2f22c0-09c9-49fb-b4b8-e9fdc6904cd5_1)  | 68 |
| [Financial Notes](#xx_ef03dbcb-6ead-450f-a31d-7bd284551e9f_1) | 74  |

---

Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management<sup>®</sup>

Distributor: Charles Schwab & Co., Inc. (Schwab)

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**1**

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Schwab Target 2010 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $13.76 | &nbsp;&nbsp; $12.19 | &nbsp;&nbsp; $12.23 | &nbsp;&nbsp; $15.21 | &nbsp;&nbsp; $13.76 | &nbsp;&nbsp; $13.57 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.23 | 0.40 | 0.35 | 0.28 | 0.22 | 0.27 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| 1.73 | 0.16 | &nbsp;&nbsp; (2.55)<br>| 1.61 | 0.57 |
| Total from investment operations | 0.23 | 2.13 | 0.51 | &nbsp;&nbsp; (2.27)<br>| 1.83 | 0.84 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.34)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.31)<br>|
| Total distributions | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.65)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $13.11 | &nbsp;&nbsp; $13.76 | &nbsp;&nbsp; $12.19 | &nbsp;&nbsp; $12.23 | &nbsp;&nbsp; $15.21 | &nbsp;&nbsp; $13.76 |
| Total return | 1.82 %<sup>3</sup><br>| 17.77<br> %<br>| 4.24<br> %<br>| &nbsp;&nbsp; (15.69<br> %)<br>| 13.46<br> %<br>| 6.38<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| 0.00 %<sup>5</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>6</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>|
| Total expenses<sup>4</sup> <br>| 0.16 %<sup>5</sup><br>| 0.15<br> %<br>| 0.14<br> %<br>| 0.14 %<sup>6</sup><br>| 0.12<br> %<br>| 0.14<br> %<br>|
| Net investment income (loss) | 3.51 %<sup>5</sup><br>| 3.04<br> %<br>| 2.76<br> %<br>| 2.04<br> %<br>| 1.50<br> %<br>| 2.03<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 8 %<sup>3</sup><br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 21<br> %<br>| &nbsp;&nbsp; 27<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $39621 | &nbsp;&nbsp; $42809 | &nbsp;&nbsp; $43307 | &nbsp;&nbsp; $46359 | &nbsp;&nbsp; $65477 | &nbsp;&nbsp; $55507 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Per-share amount was less than ($0.005).

<sup>3</sup> Not annualized.

<sup>4</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>5</sup> Annualized.

<sup>6</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**2**Schwab Target Funds \| Semiannual Holdings and Financial Statements

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Schwab Target 2010 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

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This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 76.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.6% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.6% OF NET ASSETS |
| **U.S. Stocks 20.8%** | **U.S. Stocks 20.8%** | **U.S. Stocks 20.8%** | **U.S. Stocks 20.8%** | **U.S. Stocks 20.8%** | **U.S. Stocks 20.8%** | **U.S. Stocks 20.8%** | **U.S. Stocks 20.8%** | **U.S. Stocks 20.8%** |
| **Large-Cap 18.2%** | **Large-Cap 18.2%** | **Large-Cap 18.2%** | **Large-Cap 18.2%** | **Large-Cap 18.2%** | **Large-Cap 18.2%** | **Large-Cap 18.2%** | **Large-Cap 18.2%** | **Large-Cap 18.2%** |
| Schwab Core Equity Fund  | $716638 | $53776 | ($85000)<br>| $13647 | ($85665)<br>| $613396 | 27920 | $53776 |
| Schwab Fundamental U.S. Large Company <br> Index Fund <br>| 841684 | 14026 | (90000)<br>| 14502 | (46884)<br>| 733328 | 27160 | 14026 |
| Schwab S&P 500 Index Fund  | 5240842 | 197969 | (828000)<br>| 535841 | (674502)<br>| 4472150 | 52111 | 62969 |
| Schwab Select Large Cap Growth Fund \* | 1144827 | 429293 |  |  | (166794)<br>| 1407326 | 59431 | 94293 |
|  |  |  |  |  |  | 7226200 |  |  |
| **Mid-Cap 1.2%** | **Mid-Cap 1.2%** | **Mid-Cap 1.2%** | **Mid-Cap 1.2%** | **Mid-Cap 1.2%** | **Mid-Cap 1.2%** | **Mid-Cap 1.2%** | **Mid-Cap 1.2%** | **Mid-Cap 1.2%** |
| Schwab U.S. Mid-Cap Index Fund  | 528853 | 12369 | (50000)<br>| 13151 | (38725)<br>| 465648 | 7334 | 12369 |
| **Small-Cap 1.4%** | **Small-Cap 1.4%** | **Small-Cap 1.4%** | **Small-Cap 1.4%** | **Small-Cap 1.4%** | **Small-Cap 1.4%** | **Small-Cap 1.4%** | **Small-Cap 1.4%** | **Small-Cap 1.4%** |
| Schwab Small-Cap Equity Fund  | 611707 | 76686 |  |  | (140492)<br>| 547901 | 31781 | 76686 |
|  |  |  |  |  |  | 8239749 |  |  |
| **International Stocks 7.7%** | **International Stocks 7.7%** | **International Stocks 7.7%** | **International Stocks 7.7%** | **International Stocks 7.7%** | **International Stocks 7.7%** | **International Stocks 7.7%** | **International Stocks 7.7%** | **International Stocks 7.7%** |
| **Developed Markets 7.7%** | **Developed Markets 7.7%** | **Developed Markets 7.7%** | **Developed Markets 7.7%** | **Developed Markets 7.7%** | **Developed Markets 7.7%** | **Developed Markets 7.7%** | **Developed Markets 7.7%** | **Developed Markets 7.7%** |
| Schwab Fundamental International Equity <br> Index Fund <br>| 154555 | 5203 | (30000)<br>| 2874 | 3186 | 135818 | 11678 | 5203 |
| Schwab International Core Equity Fund  | 1315514 | 32844 | (210000)<br>| 33585 | 64617 | 1236560 | 94611 | 32844 |
| Schwab International Opportunities Fund  | 1732073 | 33690 | (130000)<br>| 1153 | 55931 | 1692847 | 78518 | 33690 |
|  |  |  |  |  |  | 3065225 |  |  |
| **Real Estate 2.1%** | **Real Estate 2.1%** | **Real Estate 2.1%** | **Real Estate 2.1%** | **Real Estate 2.1%** | **Real Estate 2.1%** | **Real Estate 2.1%** | **Real Estate 2.1%** | **Real Estate 2.1%** |
| **Global Real Estate 2.1%** | **Global Real Estate 2.1%** | **Global Real Estate 2.1%** | **Global Real Estate 2.1%** | **Global Real Estate 2.1%** | **Global Real Estate 2.1%** | **Global Real Estate 2.1%** | **Global Real Estate 2.1%** | **Global Real Estate 2.1%** |
| Schwab Global Real Estate Fund  | 946542 | 74001 | (138000)<br>| (13613)<br>| (20797)<br>| 848133 | 133354 | 14001 |
| **Fixed Income 43.1%** | **Fixed Income 43.1%** | **Fixed Income 43.1%** | **Fixed Income 43.1%** | **Fixed Income 43.1%** | **Fixed Income 43.1%** | **Fixed Income 43.1%** | **Fixed Income 43.1%** | **Fixed Income 43.1%** |
| **Inflation-Protected Bond 7.0%** | **Inflation-Protected Bond 7.0%** | **Inflation-Protected Bond 7.0%** | **Inflation-Protected Bond 7.0%** | **Inflation-Protected Bond 7.0%** | **Inflation-Protected Bond 7.0%** | **Inflation-Protected Bond 7.0%** | **Inflation-Protected Bond 7.0%** | **Inflation-Protected Bond 7.0%** |
| Schwab Treasury Inflation Protected <br> Securities Index Fund <br>| 2876621 | 165207 | (341000)<br>| (30112)<br>| 72637 | 2743353 | 263278 | 45207 |
| **Intermediate-Term Bond 27.8%** | **Intermediate-Term Bond 27.8%** | **Intermediate-Term Bond 27.8%** | **Intermediate-Term Bond 27.8%** | **Intermediate-Term Bond 27.8%** | **Intermediate-Term Bond 27.8%** | **Intermediate-Term Bond 27.8%** | **Intermediate-Term Bond 27.8%** | **Intermediate-Term Bond 27.8%** |
| Schwab U.S. Aggregate Bond Index Fund  | 11557937 | 789195 | (1383000)<br>| (190163)<br>| 246026 | 11019995 | 1232662 | 233665 |
| **Short-Term Bond 8.3%** | **Short-Term Bond 8.3%** | **Short-Term Bond 8.3%** | **Short-Term Bond 8.3%** | **Short-Term Bond 8.3%** | **Short-Term Bond 8.3%** | **Short-Term Bond 8.3%** | **Short-Term Bond 8.3%** | **Short-Term Bond 8.3%** |
| Schwab Short-Term Bond Index Fund  | 3556509 | 216128 | (515000)<br>| (23332)<br>| 61788 | 3296093 | 340505 | 71128 |
|  |  |  |  |  |  | 17059441 |  |  |
| **Money Market Funds 2.9%** | **Money Market Funds 2.9%** | **Money Market Funds 2.9%** | **Money Market Funds 2.9%** | **Money Market Funds 2.9%** | **Money Market Funds 2.9%** | **Money Market Funds 2.9%** | **Money Market Funds 2.9%** | **Money Market Funds 2.9%** |
| Schwab Government Money Fund, Ultra <br> Shares, 4.21% <sup>(b)</sup> <br>| 1107987 | 24282 |  |  |  | 1132269 | 1132269 | 24029 |
| **Total Affiliated Underlying Funds** <br>**(Cost $25,828,686)**<br>| **$32332289** | **$2124669** | **($3800000)**<br>| **$357533** | **($669674)**<br>| **$30344817** |  | **$773886** |

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*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**3**

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Schwab Target 2010 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **UNAFFILIATED UNDERLYING FUNDS** 23.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.1% OF NET ASSETS |
| **U.S. Stocks 3.8%** | **U.S. Stocks 3.8%** | **U.S. Stocks 3.8%** | **U.S. Stocks 3.8%** | **U.S. Stocks 3.8%** | **U.S. Stocks 3.8%** | **U.S. Stocks 3.8%** | **U.S. Stocks 3.8%** | **U.S. Stocks 3.8%** |
| **Large-Cap 3.5%** | **Large-Cap 3.5%** | **Large-Cap 3.5%** | **Large-Cap 3.5%** | **Large-Cap 3.5%** | **Large-Cap 3.5%** | **Large-Cap 3.5%** | **Large-Cap 3.5%** | **Large-Cap 3.5%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $1030426 | 4072 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 337593 | 5174 |  |
|  |  |  |  |  |  | 1368019 |  |  |
| **Small-Cap 0.3%** | **Small-Cap 0.3%** | **Small-Cap 0.3%** | **Small-Cap 0.3%** | **Small-Cap 0.3%** | **Small-Cap 0.3%** | **Small-Cap 0.3%** | **Small-Cap 0.3%** | **Small-Cap 0.3%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | 136863 | 6905 |  |
|  |  |  |  |  |  | 1504882 |  |  |
| **Fixed Income 19.3%** | **Fixed Income 19.3%** | **Fixed Income 19.3%** | **Fixed Income 19.3%** | **Fixed Income 19.3%** | **Fixed Income 19.3%** | **Fixed Income 19.3%** | **Fixed Income 19.3%** | **Fixed Income 19.3%** |
| **Intermediate-Term Bond 17.3%** | **Intermediate-Term Bond 17.3%** | **Intermediate-Term Bond 17.3%** | **Intermediate-Term Bond 17.3%** | **Intermediate-Term Bond 17.3%** | **Intermediate-Term Bond 17.3%** | **Intermediate-Term Bond 17.3%** | **Intermediate-Term Bond 17.3%** | **Intermediate-Term Bond 17.3%** |
| Allspring Core Plus Bond Fund, Class R6  |  |  |  |  |  | 514297 | 45838 |  |
| Baird Aggregate Bond Fund, Institutional <br> Class <br>|  |  |  |  |  | 6085265 | 619050 |  |
| Loomis Sayles Investment Grade Bond Fund, <br> Class Y <br>|  |  |  |  |  | 273054 | 27920 |  |
|  |  |  |  |  |  | 6872616 |  |  |
| **International Bond 2.0%** | **International Bond 2.0%** | **International Bond 2.0%** | **International Bond 2.0%** | **International Bond 2.0%** | **International Bond 2.0%** | **International Bond 2.0%** | **International Bond 2.0%** | **International Bond 2.0%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional Class <br>|  |  |  |  |  | 781938 | 78904 |  |
|  |  |  |  |  |  | 7654554 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $9,157,548)**<br>|  |  |  |  |  | **$9159436** |  |  |
| **Total Investments in Securities** <br>**(Cost $34,986,234)**<br>|  |  |  |  |  | **$39504253** |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

At April 30, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional information).

*See financial notes*

**4**Schwab Target Funds \| Semiannual Holdings and Financial Statements

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Schwab Target 2010 Fund

Statement of Assets and Liabilities

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As of April 30, 2025; unaudited

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| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $25,828,686)  |  | $30344817 |
| Investments in securities, at value - unaffiliated issuers (cost $9,157,548) |  | 9159436 |
| Cash |  | 118790 |
| Receivables: |  |  |
| Dividends |  | 54441 |
| Due from investment adviser |  | 5741 |
| Fund shares sold |  | 3727 |
| Prepaid expenses | + | 5786 |
| **Total assets** |  | **39692738** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 52354 |
| Fund shares redeemed |  | 5000 |
| Accrued expenses | + | 14660 |
| **Total liabilities** |  | **72014** |
| **Net assets** |  | **$39620724** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $35132751 |
| Total distributable earnings | + | 4487973 |
| **Net assets** |  | **$39620724** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $39620724 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3023041 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $13.11 |

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*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**5**

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Schwab Target 2010 Fund

Statement of Operations

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| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $548183 |
| Dividends received from securities - unaffiliated issuers  |  | 178923 |
| Other Interest | + | 1964 |
| **Total investment income**  |  | **729070** |
| **Expenses** | **Expenses** | **Expenses** |
| Professional fees |  | 11980 |
| Registration fees |  | 10039 |
| Portfolio accounting fees |  | 5527 |
| Independent trustees' fees |  | 3075 |
| Shareholder reports |  | 1049 |
| Transfer agent fees  |  | 527 |
| Custodian fees |  | 166 |
| Other expenses | + | 1259 |
| **Total expenses** |  | **33622** |
| Expense reduction | – | 33622 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **729070** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 225703 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 111471 |
| Net realized gains on sales of securities - affiliated issuers  |  | 357533 |
| Net realized gains on sales of securities - unaffiliated issuers  | + | 311970 |
| **Net realized gains** |  | **1006677** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (669674)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | (403014)<br>|
| **Net change in unrealized appreciation (depreciation)** | **+** | **(1072688)**<br>|
| **Net realized and unrealized losses** |  | **(66011)**<br>|
| **Increase in net assets resulting from operations** |  | **$663059** |

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*See financial notes*

**6**Schwab Target Funds \| Semiannual Holdings and Financial Statements

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Schwab Target 2010 Fund

Statement of Changes in Net Assets

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For the current and prior report periods

Figures for the current period are unaudited

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| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $729070 | &nbsp;&nbsp;&nbsp; $1326612 |
| Net realized gains |  | 1006677 | &nbsp;&nbsp;&nbsp; 1197389 |
| Net change in unrealized appreciation (depreciation) | + | (1072688)<br>| &nbsp;&nbsp;&nbsp; 4659233 |
| **Increase in net assets resulting from operations** |  | **$663059** | &nbsp;&nbsp;&nbsp; **$7183234** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($2713948)**<br>| &nbsp;&nbsp;&nbsp; **($1890752)**<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 254517 | &nbsp;&nbsp;&nbsp; $3397217 | &nbsp;&nbsp;&nbsp; 214971 | &nbsp;&nbsp;&nbsp; $2877559 |
| Shares reinvested |  | 169666 | &nbsp;&nbsp;&nbsp; 2192082 | &nbsp;&nbsp;&nbsp; 116816 | &nbsp;&nbsp;&nbsp; 1503428 |
| Shares redeemed | + | (512541)<br>| &nbsp;&nbsp;&nbsp; (6726965)<br>| &nbsp;&nbsp;&nbsp; (773951)<br>| &nbsp;&nbsp;&nbsp; (10170754)<br>|
| **Net transactions in fund shares**  |  | **(88358)**<br>| &nbsp;&nbsp;&nbsp; **($1137666)**<br>| &nbsp;&nbsp;&nbsp; **(442164)**<br>| &nbsp;&nbsp;&nbsp; **($5789767)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 3111399 | &nbsp;&nbsp;&nbsp; $42809279 | &nbsp;&nbsp;&nbsp; 3553563 | &nbsp;&nbsp;&nbsp; $43306564 |
| Total decrease | + | (88358)<br>| &nbsp;&nbsp;&nbsp; (3188555)<br>| &nbsp;&nbsp;&nbsp; (442164)<br>| &nbsp;&nbsp;&nbsp; (497285)<br>|
| **End of period** |  | **3023041** | &nbsp;&nbsp;&nbsp; **$39620724** | &nbsp;&nbsp;&nbsp; **3111399** | &nbsp;&nbsp;&nbsp; **$42809279** |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**7**

------

Schwab Target 2015 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $11.51 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $10.48 | &nbsp;&nbsp; $13.36 | &nbsp;&nbsp; $12.18 | &nbsp;&nbsp; $12.07 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.19 | 0.33 | 0.29 | 0.23 | 0.19 | 0.25 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.01)<br>| 1.54 | 0.17 | &nbsp;&nbsp; (2.24)<br>| 1.54 | 0.50 |
| Total from investment operations | 0.18 | 1.87 | 0.46 | &nbsp;&nbsp; (2.01)<br>| 1.73 | 0.75 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.31)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.33)<br>|
| Total distributions | &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.64)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $10.84 | &nbsp;&nbsp; $11.51 | &nbsp;&nbsp; $10.29 | &nbsp;&nbsp; $10.48 | &nbsp;&nbsp; $13.36 | &nbsp;&nbsp; $12.18 |
| Total return | 1.72 %<sup>2</sup><br>| 18.62<br> %<br>| 4.53<br> %<br>| &nbsp;&nbsp; (16.15<br> %)<br>| 14.54<br> %<br>| 6.41<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| 0.00 %<sup>4</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>5</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>|
| Total expenses<sup>3</sup> <br>| 0.13 %<sup>4</sup><br>| 0.13<br> %<br>| 0.12<br> %<br>| 0.11 %<sup>5</sup><br>| 0.08<br> %<br>| 0.10<br> %<br>|
| Net investment income (loss) | 3.47 %<sup>4</sup><br>| 2.94<br> %<br>| 2.71<br> %<br>| 1.97<br> %<br>| 1.47<br> %<br>| 2.07<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 11 %<sup>2</sup><br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 15<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $49084 | &nbsp;&nbsp; $48628 | &nbsp;&nbsp; $49402 | &nbsp;&nbsp; $57879 | &nbsp;&nbsp; $81399 | &nbsp;&nbsp; $77274 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>4</sup> Annualized.

<sup>5</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**8**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2015 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 76.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.9% OF NET ASSETS |
| **U.S. Stocks 23.0%** | **U.S. Stocks 23.0%** | **U.S. Stocks 23.0%** | **U.S. Stocks 23.0%** | **U.S. Stocks 23.0%** | **U.S. Stocks 23.0%** | **U.S. Stocks 23.0%** | **U.S. Stocks 23.0%** | **U.S. Stocks 23.0%** |
| **Large-Cap 20.2%** | **Large-Cap 20.2%** | **Large-Cap 20.2%** | **Large-Cap 20.2%** | **Large-Cap 20.2%** | **Large-Cap 20.2%** | **Large-Cap 20.2%** | **Large-Cap 20.2%** | **Large-Cap 20.2%** |
| Schwab Core Equity Fund  | $874288 | $145302 | ($105000)<br>| $27747 | ($119637)<br>| $822700 | 37446 | $70953 |
| Schwab Fundamental U.S. Large Company <br> Index Fund <br>| 1040166 | 72488 | (100000)<br>| 12330 | (52540)<br>| 972444 | 36016 | 18447 |
| Schwab S&P 500 Index Fund  | 6616814 | 601325 | (772000)<br>| 334404 | (511028)<br>| 6269515 | 73054 | 82614 |
| Schwab Select Large Cap Growth Fund \* | 1311664 | 772632 |  |  | (221563)<br>| 1862733 | 78663 | 115561 |
|  |  |  |  |  |  | 9927392 |  |  |
| **Mid-Cap 1.3%** | **Mid-Cap 1.3%** | **Mid-Cap 1.3%** | **Mid-Cap 1.3%** | **Mid-Cap 1.3%** | **Mid-Cap 1.3%** | **Mid-Cap 1.3%** | **Mid-Cap 1.3%** | **Mid-Cap 1.3%** |
| Schwab U.S. Mid-Cap Index Fund  | 672057 | 16075 | (50000)<br>| 13670 | (46644)<br>| 605158 | 9532 | 16075 |
| **Small-Cap 1.5%** | **Small-Cap 1.5%** | **Small-Cap 1.5%** | **Small-Cap 1.5%** | **Small-Cap 1.5%** | **Small-Cap 1.5%** | **Small-Cap 1.5%** | **Small-Cap 1.5%** | **Small-Cap 1.5%** |
| Schwab Small-Cap Equity Fund  | 744941 | 206650 |  |  | (199454)<br>| 752137 | 43627 | 105271 |
|  |  |  |  |  |  | 11284687 |  |  |
| **International Stocks 9.5%** | **International Stocks 9.5%** | **International Stocks 9.5%** | **International Stocks 9.5%** | **International Stocks 9.5%** | **International Stocks 9.5%** | **International Stocks 9.5%** | **International Stocks 9.5%** | **International Stocks 9.5%** |
| **Developed Markets 9.5%** | **Developed Markets 9.5%** | **Developed Markets 9.5%** | **Developed Markets 9.5%** | **Developed Markets 9.5%** | **Developed Markets 9.5%** | **Developed Markets 9.5%** | **Developed Markets 9.5%** | **Developed Markets 9.5%** |
| Schwab Fundamental International Equity <br> Index Fund <br>| 221853 | 7468 |  |  | 11373 | 240694 | 20696 | 7468 |
| Schwab International Core Equity Fund  | 1712360 | 120002 | (60000)<br>| (742)<br>| 145828 | 1917448 | 146706 | 44604 |
| Schwab International Opportunities Fund  | 2246281 | 285062 | (100000)<br>| (1008)<br>| 95467 | 2525802 | 117152 | 48276 |
|  |  |  |  |  |  | 4683944 |  |  |
| **Real Estate 2.3%** | **Real Estate 2.3%** | **Real Estate 2.3%** | **Real Estate 2.3%** | **Real Estate 2.3%** | **Real Estate 2.3%** | **Real Estate 2.3%** | **Real Estate 2.3%** | **Real Estate 2.3%** |
| **Global Real Estate 2.3%** | **Global Real Estate 2.3%** | **Global Real Estate 2.3%** | **Global Real Estate 2.3%** | **Global Real Estate 2.3%** | **Global Real Estate 2.3%** | **Global Real Estate 2.3%** | **Global Real Estate 2.3%** | **Global Real Estate 2.3%** |
| Schwab Global Real Estate Fund  | 1214105 | 103463 | (160000)<br>| 19386 | (53294)<br>| 1123660 | 176676 | 17751 |
| **Fixed Income 39.9%** | **Fixed Income 39.9%** | **Fixed Income 39.9%** | **Fixed Income 39.9%** | **Fixed Income 39.9%** | **Fixed Income 39.9%** | **Fixed Income 39.9%** | **Fixed Income 39.9%** | **Fixed Income 39.9%** |
| **Inflation-Protected Bond 6.5%** | **Inflation-Protected Bond 6.5%** | **Inflation-Protected Bond 6.5%** | **Inflation-Protected Bond 6.5%** | **Inflation-Protected Bond 6.5%** | **Inflation-Protected Bond 6.5%** | **Inflation-Protected Bond 6.5%** | **Inflation-Protected Bond 6.5%** | **Inflation-Protected Bond 6.5%** |
| Schwab Treasury Inflation Protected <br> Securities Index Fund <br>| 3060759 | 278434 | (185000)<br>| (15628)<br>| 63661 | 3202226 | 307315 | 50434 |
| **Intermediate-Term Bond 25.7%** | **Intermediate-Term Bond 25.7%** | **Intermediate-Term Bond 25.7%** | **Intermediate-Term Bond 25.7%** | **Intermediate-Term Bond 25.7%** | **Intermediate-Term Bond 25.7%** | **Intermediate-Term Bond 25.7%** | **Intermediate-Term Bond 25.7%** | **Intermediate-Term Bond 25.7%** |
| Schwab U.S. Aggregate Bond Index Fund  | 12234414 | 1334820 | (1025000)<br>| (134790)<br>| 205381 | 12614825 | 1411054 | 254901 |
| **Short-Term Bond 7.7%** | **Short-Term Bond 7.7%** | **Short-Term Bond 7.7%** | **Short-Term Bond 7.7%** | **Short-Term Bond 7.7%** | **Short-Term Bond 7.7%** | **Short-Term Bond 7.7%** | **Short-Term Bond 7.7%** | **Short-Term Bond 7.7%** |
| Schwab Short-Term Bond Index Fund  | 3705618 | 344897 | (340000)<br>| (15324)<br>| 58082 | 3753273 | 387735 | 77261 |
|  |  |  |  |  |  | 19570324 |  |  |
| **Money Market Funds 2.2%** | **Money Market Funds 2.2%** | **Money Market Funds 2.2%** | **Money Market Funds 2.2%** | **Money Market Funds 2.2%** | **Money Market Funds 2.2%** | **Money Market Funds 2.2%** | **Money Market Funds 2.2%** | **Money Market Funds 2.2%** |
| Schwab Government Money Fund, Ultra <br> Shares, 4.21% <sup>(b)</sup> <br>| 1050041 | 23012 |  |  |  | 1073053 | 1073053 | 22772 |
| **Total Affiliated Underlying Funds** <br>**(Cost $31,855,762)**<br>| **$36705361** | **$4311630** | **($2897000)**<br>| **$240045** | **($624368)**<br>| **$37735668** |  | **$932388** |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**9**

------

Schwab Target 2015 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **UNAFFILIATED UNDERLYING FUNDS** 22.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.7% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.7% OF NET ASSETS |
| **U.S. Stocks 4.0%** | **U.S. Stocks 4.0%** | **U.S. Stocks 4.0%** | **U.S. Stocks 4.0%** | **U.S. Stocks 4.0%** | **U.S. Stocks 4.0%** | **U.S. Stocks 4.0%** | **U.S. Stocks 4.0%** | **U.S. Stocks 4.0%** |
| **Large-Cap 3.8%** | **Large-Cap 3.8%** | **Large-Cap 3.8%** | **Large-Cap 3.8%** | **Large-Cap 3.8%** | **Large-Cap 3.8%** | **Large-Cap 3.8%** | **Large-Cap 3.8%** | **Large-Cap 3.8%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $1410287 | 5572 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 441122 | 6760 |  |
|  |  |  |  |  |  | 1851409 |  |  |
| **Small-Cap 0.2%** | **Small-Cap 0.2%** | **Small-Cap 0.2%** | **Small-Cap 0.2%** | **Small-Cap 0.2%** | **Small-Cap 0.2%** | **Small-Cap 0.2%** | **Small-Cap 0.2%** | **Small-Cap 0.2%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | 133356 | 6728 |  |
|  |  |  |  |  |  | 1984765 |  |  |
| **Fixed Income 18.7%** | **Fixed Income 18.7%** | **Fixed Income 18.7%** | **Fixed Income 18.7%** | **Fixed Income 18.7%** | **Fixed Income 18.7%** | **Fixed Income 18.7%** | **Fixed Income 18.7%** | **Fixed Income 18.7%** |
| **Intermediate-Term Bond 16.6%** | **Intermediate-Term Bond 16.6%** | **Intermediate-Term Bond 16.6%** | **Intermediate-Term Bond 16.6%** | **Intermediate-Term Bond 16.6%** | **Intermediate-Term Bond 16.6%** | **Intermediate-Term Bond 16.6%** | **Intermediate-Term Bond 16.6%** | **Intermediate-Term Bond 16.6%** |
| Allspring Core Plus Bond Fund, Class R6  |  |  |  |  |  | 642462 | 57260 |  |
| Baird Aggregate Bond Fund, Institutional <br> Class <br>|  |  |  |  |  | 6886175 | 700526 |  |
| Loomis Sayles Investment Grade Bond Fund, <br> Class Y <br>|  |  |  |  |  | 600791 | 61431 |  |
|  |  |  |  |  |  | 8129428 |  |  |
| **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional Class <br>|  |  |  |  |  | 1029509 | 103886 |  |
|  |  |  |  |  |  | 9158937 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $11,244,682)**<br>|  |  |  |  |  | **$11143702** |  |  |
| **Total Investments in Securities** <br>**(Cost $43,100,444)**<br>|  |  |  |  |  | **$48879370** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

At April 30, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional information).

*See financial notes*

**10**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2015 Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $31,855,762)  |  | $37735668 |
| Investments in securities, at value - unaffiliated issuers (cost $11,244,682) |  | 11143702 |
| Cash |  | 221298 |
| Receivables: |  |  |
| Dividends |  | 60876 |
| Due from investment adviser |  | 5686 |
| Fund shares sold |  | 324 |
| Prepaid expenses | + | 13829 |
| **Total assets** |  | **49181383** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 58898 |
| Fund shares redeemed |  | 23420 |
| Accrued expenses | + | 15029 |
| **Total liabilities** |  | **97347** |
| **Net assets** |  | **$49084036** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $42573490 |
| Total distributable earnings | + | 6510546 |
| **Net assets** |  | **$49084036** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $49084036 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4528918 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.84 |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**11**

------

Schwab Target 2015 Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $639544 |
| Dividends received from securities - unaffiliated issuers  |  | 205434 |
| Other Interest | + | 2148 |
| **Total investment income**  |  | **847126** |
| **Expenses** | **Expenses** | **Expenses** |
| Professional fees |  | 11983 |
| Registration fees |  | 9185 |
| Portfolio accounting fees |  | 5543 |
| Independent trustees' fees |  | 3080 |
| Shareholder reports |  | 1003 |
| Transfer agent fees  |  | 736 |
| Custodian fees |  | 124 |
| Other expenses | + | 1275 |
| **Total expenses** |  | **32929** |
| Expense reduction | – | 32929 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **847126** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 292844 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 144754 |
| Net realized gains on sales of securities - affiliated issuers  |  | 240045 |
| Net realized gains on sales of securities - unaffiliated issuers  | + | 514318 |
| **Net realized gains** |  | **1191961** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (624368)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | (632962)<br>|
| **Net change in unrealized appreciation (depreciation)** | **+** | **(1257330)**<br>|
| **Net realized and unrealized losses** |  | **(65369)**<br>|
| **Increase in net assets resulting from operations** |  | **$781757** |

---

*See financial notes*

**12**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2015 Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $847126 | &nbsp;&nbsp;&nbsp; $1486651 |
| Net realized gains |  | 1191961 | &nbsp;&nbsp;&nbsp; 2111972 |
| Net change in unrealized appreciation (depreciation) | + | (1257330)<br>| &nbsp;&nbsp;&nbsp; 5144508 |
| **Increase in net assets resulting from operations** |  | **$781757** | &nbsp;&nbsp;&nbsp; **$8743131** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($3743193)**<br>| &nbsp;&nbsp;&nbsp; **($3052801)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 362999 | &nbsp;&nbsp;&nbsp; $4195743 | &nbsp;&nbsp;&nbsp; 186013 | &nbsp;&nbsp;&nbsp; $2088962 |
| Shares reinvested |  | 320347 | &nbsp;&nbsp;&nbsp; 3430916 | &nbsp;&nbsp;&nbsp; 258525 | &nbsp;&nbsp;&nbsp; 2771391 |
| Shares redeemed | + | (377610)<br>| &nbsp;&nbsp;&nbsp; (4209084)<br>| &nbsp;&nbsp;&nbsp; (1023638)<br>| &nbsp;&nbsp;&nbsp; (11324982)<br>|
| **Net transactions in fund shares**  |  | **305736** | &nbsp;&nbsp;&nbsp; **$3417575** | &nbsp;&nbsp;&nbsp; **(579100)**<br>| &nbsp;&nbsp;&nbsp; **($6464629)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 4223182 | &nbsp;&nbsp;&nbsp; $48627897 | &nbsp;&nbsp;&nbsp; 4802282 | &nbsp;&nbsp;&nbsp; $49402196 |
| Total increase (decrease) | + | 305736 | &nbsp;&nbsp;&nbsp; 456139 | &nbsp;&nbsp;&nbsp; (579100)<br>| &nbsp;&nbsp;&nbsp; (774299)<br>|
| **End of period** |  | **4528918** | &nbsp;&nbsp;&nbsp; **$49084036** | &nbsp;&nbsp;&nbsp; **4223182** | &nbsp;&nbsp;&nbsp; **$48627897** |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**13**

------

Schwab Target 2020 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $13.80 | &nbsp;&nbsp; $12.38 | &nbsp;&nbsp; $12.55 | &nbsp;&nbsp; $16.14 | &nbsp;&nbsp; $14.55 | &nbsp;&nbsp; $14.46 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.22 | 0.38 | 0.34 | 0.28 | 0.23 | 0.30 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.00 )<sup>2</sup><br>| 1.95 | 0.24 | &nbsp;&nbsp; (2.72)<br>| 1.94 | 0.58 |
| Total from investment operations | 0.22 | 2.33 | 0.58 | &nbsp;&nbsp; (2.44)<br>| 2.17 | 0.88 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.36)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.43)<br>|
| Total distributions | &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.79)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $12.87 | &nbsp;&nbsp; $13.80 | &nbsp;&nbsp; $12.38 | &nbsp;&nbsp; $12.55 | &nbsp;&nbsp; $16.14 | &nbsp;&nbsp; $14.55 |
| Total return | 1.67 %<sup>3</sup><br>| 19.39<br> %<br>| 4.68<br> %<br>| &nbsp;&nbsp; (16.35<br> %)<br>| 15.27<br> %<br>| 6.33<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| 0.00 %<sup>5</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>6</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>|
| Total expenses<sup>4</sup> <br>| 0.03 %<sup>5</sup><br>| 0.03<br> %<br>| 0.03<br> %<br>| 0.03 %<sup>6</sup><br>| 0.02<br> %<br>| 0.02<br> %<br>|
| Net investment income (loss) | 3.44 %<sup>5</sup><br>| 2.88<br> %<br>| 2.67<br> %<br>| 1.97<br> %<br>| 1.47<br> %<br>| 2.13<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 7 %<sup>3</sup><br>| &nbsp;&nbsp; 8<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 17<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 17<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $293409 | &nbsp;&nbsp; $317158 | &nbsp;&nbsp; $323339 | &nbsp;&nbsp; $383963 | &nbsp;&nbsp; $531012 | &nbsp;&nbsp; $525444 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Per unit amount was less than ($0.005).

<sup>3</sup> Not annualized.

<sup>4</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>5</sup> Annualized.

<sup>6</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**14**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2020 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS |
| **U.S. Stocks 24.3%** | **U.S. Stocks 24.3%** | **U.S. Stocks 24.3%** | **U.S. Stocks 24.3%** | **U.S. Stocks 24.3%** | **U.S. Stocks 24.3%** | **U.S. Stocks 24.3%** | **U.S. Stocks 24.3%** | **U.S. Stocks 24.3%** |
| **Large-Cap 21.3%** | **Large-Cap 21.3%** | **Large-Cap 21.3%** | **Large-Cap 21.3%** | **Large-Cap 21.3%** | **Large-Cap 21.3%** | **Large-Cap 21.3%** | **Large-Cap 21.3%** | **Large-Cap 21.3%** |
| Schwab Core Equity Fund  | $6251013 | $475162 | ($820000)<br>| $177529 | ($757317)<br>| $5326387 | 242439 | $475162 |
| Schwab Fundamental U.S. Large Company <br> Index Fund <br>| 7119765 | 119027 | (700000)<br>| 135085 | (377275)<br>| 6296602 | 233207 | 119027 |
| Schwab S&P 500 Index Fund  | 45497289 | 749302 | (5755000)<br>| 4464146 | (5435304)<br>| 39520433 | 460504 | 549302 |
| Schwab Select Large Cap Growth Fund \* | 8995767 | 3608700 |  |  | (1284410)<br>| 11320057 | 478043 | 705990 |
|  |  |  |  |  |  | 62463479 |  |  |
| **Mid-Cap 1.4%** | **Mid-Cap 1.4%** | **Mid-Cap 1.4%** | **Mid-Cap 1.4%** | **Mid-Cap 1.4%** | **Mid-Cap 1.4%** | **Mid-Cap 1.4%** | **Mid-Cap 1.4%** | **Mid-Cap 1.4%** |
| Schwab U.S. Mid-Cap Index Fund  | 4780116 | 109658 | (550000)<br>| 139748 | (351274)<br>| 4128248 | 65022 | 109658 |
| **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** | **Small-Cap 1.6%** |
| Schwab Small-Cap Equity Fund  | 5396188 | 676487 |  |  | (1239348)<br>| 4833327 | 280355 | 676487 |
|  |  |  |  |  |  | 71425054 |  |  |
| **International Stocks 10.6%** | **International Stocks 10.6%** | **International Stocks 10.6%** | **International Stocks 10.6%** | **International Stocks 10.6%** | **International Stocks 10.6%** | **International Stocks 10.6%** | **International Stocks 10.6%** | **International Stocks 10.6%** |
| **Developed Markets 10.6%** | **Developed Markets 10.6%** | **Developed Markets 10.6%** | **Developed Markets 10.6%** | **Developed Markets 10.6%** | **Developed Markets 10.6%** | **Developed Markets 10.6%** | **Developed Markets 10.6%** | **Developed Markets 10.6%** |
| Schwab Fundamental International Equity <br> Index Fund <br>| 1579517 | 53171 |  |  | 80971 | 1713659 | 147348 | 53171 |
| Schwab International Core Equity Fund  | 12289728 | 306836 | (980000)<br>| 165973 | 819518 | 12602055 | 964197 | 306836 |
| Schwab International Opportunities Fund  | 16345081 | 317922 | (620000)<br>| 67830 | 587928 | 16698761 | 774525 | 317922 |
|  |  |  |  |  |  | 31014475 |  |  |
| **Real Estate 2.6%** | **Real Estate 2.6%** | **Real Estate 2.6%** | **Real Estate 2.6%** | **Real Estate 2.6%** | **Real Estate 2.6%** | **Real Estate 2.6%** | **Real Estate 2.6%** | **Real Estate 2.6%** |
| **Global Real Estate 2.6%** | **Global Real Estate 2.6%** | **Global Real Estate 2.6%** | **Global Real Estate 2.6%** | **Global Real Estate 2.6%** | **Global Real Estate 2.6%** | **Global Real Estate 2.6%** | **Global Real Estate 2.6%** | **Global Real Estate 2.6%** |
| Schwab Global Real Estate Fund  | 8577204 | 119576 | (870000)<br>| (66648)<br>| (190634)<br>| 7569498 | 1190173 | 119576 |
| **Fixed Income 37.8%** | **Fixed Income 37.8%** | **Fixed Income 37.8%** | **Fixed Income 37.8%** | **Fixed Income 37.8%** | **Fixed Income 37.8%** | **Fixed Income 37.8%** | **Fixed Income 37.8%** | **Fixed Income 37.8%** |
| **Inflation-Protected Bond 6.3%** | **Inflation-Protected Bond 6.3%** | **Inflation-Protected Bond 6.3%** | **Inflation-Protected Bond 6.3%** | **Inflation-Protected Bond 6.3%** | **Inflation-Protected Bond 6.3%** | **Inflation-Protected Bond 6.3%** | **Inflation-Protected Bond 6.3%** | **Inflation-Protected Bond 6.3%** |
| Schwab Treasury Inflation Protected <br> Securities Index Fund <br>| 19287850 | 293941 | (1290000)<br>| (103217)<br>| 386687 | 18575261 | 1782655 | 293941 |
| **Intermediate-Term Bond 24.2%** | **Intermediate-Term Bond 24.2%** | **Intermediate-Term Bond 24.2%** | **Intermediate-Term Bond 24.2%** | **Intermediate-Term Bond 24.2%** | **Intermediate-Term Bond 24.2%** | **Intermediate-Term Bond 24.2%** | **Intermediate-Term Bond 24.2%** | **Intermediate-Term Bond 24.2%** |
| Schwab U.S. Aggregate Bond Index Fund  | 75361257 | 2333539 | (7235000)<br>| (989264)<br>| 1359094 | 70829626 | 7922777 | 1483539 |
| **Short-Term Bond 7.3%** | **Short-Term Bond 7.3%** | **Short-Term Bond 7.3%** | **Short-Term Bond 7.3%** | **Short-Term Bond 7.3%** | **Short-Term Bond 7.3%** | **Short-Term Bond 7.3%** | **Short-Term Bond 7.3%** | **Short-Term Bond 7.3%** |
| Schwab Short-Term Bond Index Fund  | 23123946 | 699894 | (2670000)<br>| (119921)<br>| 362468 | 21396387 | 2210371 | 449893 |
|  |  |  |  |  |  | 110801274 |  |  |
| **Money Market Funds 1.9%** | **Money Market Funds 1.9%** | **Money Market Funds 1.9%** | **Money Market Funds 1.9%** | **Money Market Funds 1.9%** | **Money Market Funds 1.9%** | **Money Market Funds 1.9%** | **Money Market Funds 1.9%** | **Money Market Funds 1.9%** |
| Schwab Government Money Fund, Ultra <br> Shares, 4.21% <sup>(b)</sup> <br>| 5485787 | 120224 |  |  |  | 5606011 | 5606011 | 118972 |
| **Total Affiliated Underlying Funds** <br>**(Cost $185,107,135)**<br>| **$240090508** | **$9983439** | **($21490000)**<br>| **$3871261** | **($6038896)**<br>| **$226416312** |  | **$5779476** |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**15**

------

Schwab Target 2020 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **UNAFFILIATED UNDERLYING FUNDS** 22.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.5% OF NET ASSETS |
| **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** | **U.S. Stocks 4.3%** |
| **Large-Cap 4.1%** | **Large-Cap 4.1%** | **Large-Cap 4.1%** | **Large-Cap 4.1%** | **Large-Cap 4.1%** | **Large-Cap 4.1%** | **Large-Cap 4.1%** | **Large-Cap 4.1%** | **Large-Cap 4.1%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $9105392 | 35978 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 3087478 | 47318 |  |
|  |  |  |  |  |  | 12192870 |  |  |
| **Small-Cap 0.2%** | **Small-Cap 0.2%** | **Small-Cap 0.2%** | **Small-Cap 0.2%** | **Small-Cap 0.2%** | **Small-Cap 0.2%** | **Small-Cap 0.2%** | **Small-Cap 0.2%** | **Small-Cap 0.2%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | 475480 | 23990 |  |
|  |  |  |  |  |  | 12668350 |  |  |
| **Fixed Income 18.2%** | **Fixed Income 18.2%** | **Fixed Income 18.2%** | **Fixed Income 18.2%** | **Fixed Income 18.2%** | **Fixed Income 18.2%** | **Fixed Income 18.2%** | **Fixed Income 18.2%** | **Fixed Income 18.2%** |
| **Intermediate-Term Bond 16.1%** | **Intermediate-Term Bond 16.1%** | **Intermediate-Term Bond 16.1%** | **Intermediate-Term Bond 16.1%** | **Intermediate-Term Bond 16.1%** | **Intermediate-Term Bond 16.1%** | **Intermediate-Term Bond 16.1%** | **Intermediate-Term Bond 16.1%** | **Intermediate-Term Bond 16.1%** |
| Allspring Core Plus Bond Fund, Class R6  |  |  |  |  |  | 5303614 | 472693 |  |
| Baird Aggregate Bond Fund, Institutional <br> Class <br>|  |  |  |  |  | 37795628 | 3844927 |  |
| Loomis Sayles Investment Grade Bond <br> Fund, Class Y <br>|  |  |  |  |  | 4016996 | 410736 |  |
|  |  |  |  |  |  | 47116238 |  |  |
| **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** | **International Bond 2.1%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional <br> Class <br>|  |  |  |  |  | 6278657 | 633568 |  |
|  |  |  |  |  |  | 53394895 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $66,183,577)**<br>|  |  |  |  |  | **$66063245** |  |  |
| **Total Investments in Securities** <br>**(Cost $251,290,712)**<br>|  |  |  |  |  | **$292479557** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

At April 30, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional information).

*See financial notes*

**16**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2020 Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $185,107,135)  |  | $226416312 |
| Investments in securities, at value - unaffiliated issuers (cost $66,183,577) |  | 66063245 |
| Cash |  | 200832 |
| Receivables: |  |  |
| Investments sold |  | 770000 |
| Dividends |  | 345687 |
| Due from investment adviser |  | 6839 |
| Fund shares sold |  | 4384 |
| Prepaid expenses | + | 6047 |
| **Total assets** |  | **293813346** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 335354 |
| Fund shares redeemed |  | 43220 |
| Accrued expenses | + | 26244 |
| **Total liabilities** |  | **404818** |
| **Net assets** |  | **$293408528** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $244968001 |
| Total distributable earnings | + | 48440527 |
| **Net assets** |  | **$293408528** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $293408528 |  | &nbsp;&nbsp;&nbsp;&nbsp; 22806088 |  | &nbsp;&nbsp;&nbsp;&nbsp; $12.87 |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**17**

------

Schwab Target 2020 Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $3913281 |
| Dividends received from securities - unaffiliated issuers  |  | 1242103 |
| Other Interest | + | 9975 |
| **Total investment income**  |  | **5165359** |
| **Expenses** | **Expenses** | **Expenses** |
| Professional fees |  | 12102 |
| Registration fees |  | 11029 |
| Portfolio accounting fees |  | 10639 |
| Shareholder reports |  | 3623 |
| Independent trustees' fees |  | 3289 |
| Transfer agent fees  |  | 855 |
| Custodian fees |  | 183 |
| Other expenses | + | 1846 |
| **Total expenses** |  | **43566** |
| Expense reduction | – | 43566 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **5165359** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 1866195 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 956356 |
| Net realized gains on sales of securities - affiliated issuers  |  | 3871261 |
| Net realized gains on sales of securities - unaffiliated issuers  | + | 2936522 |
| **Net realized gains** |  | **9630334** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (6038896)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | (3667854)<br>|
| **Net change in unrealized appreciation (depreciation)** | **+** | **(9706750)**<br>|
| **Net realized and unrealized losses** |  | **(76416)**<br>|
| **Increase in net assets resulting from operations** |  | **$5088943** |

---

*See financial notes*

**18**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2020 Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $5165359 | &nbsp;&nbsp;&nbsp; $9520704 |
| Net realized gains |  | 9630334 | &nbsp;&nbsp;&nbsp; 15511662 |
| Net change in unrealized appreciation (depreciation) | + | (9706750)<br>| &nbsp;&nbsp;&nbsp; 33826925 |
| **Increase in net assets resulting from operations** |  | **$5088943** | &nbsp;&nbsp;&nbsp; **$58859291** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($25478391)**<br>| &nbsp;&nbsp;&nbsp; **($22957254)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 530765 | &nbsp;&nbsp;&nbsp; $6939435 | &nbsp;&nbsp;&nbsp; 1056628 | &nbsp;&nbsp;&nbsp; $13928973 |
| Shares reinvested |  | 1836277 | &nbsp;&nbsp;&nbsp; 23357436 | &nbsp;&nbsp;&nbsp; 1663818 | &nbsp;&nbsp;&nbsp; 21313509 |
| Shares redeemed | + | (2542519)<br>| &nbsp;&nbsp;&nbsp; (33657288)<br>| &nbsp;&nbsp;&nbsp; (5847403)<br>| &nbsp;&nbsp;&nbsp; (77325561)<br>|
| **Net transactions in fund shares**  |  | **(175477)**<br>| &nbsp;&nbsp;&nbsp; **($3360417)**<br>| &nbsp;&nbsp;&nbsp; **(3126957)**<br>| &nbsp;&nbsp;&nbsp; **($42083079)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 22981565 | &nbsp;&nbsp;&nbsp; $317158393 | &nbsp;&nbsp;&nbsp; 26108522 | &nbsp;&nbsp;&nbsp; $323339435 |
| Total decrease | + | (175477)<br>| &nbsp;&nbsp;&nbsp; (23749865)<br>| &nbsp;&nbsp;&nbsp; (3126957)<br>| &nbsp;&nbsp;&nbsp; (6181042)<br>|
| **End of period** |  | **22806088** | &nbsp;&nbsp;&nbsp; **$293408528** | &nbsp;&nbsp;&nbsp; **22981565** | &nbsp;&nbsp;&nbsp; **$317158393** |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**19**

------

Schwab Target 2025 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $15.36 | &nbsp;&nbsp; $13.40 | &nbsp;&nbsp; $13.43 | &nbsp;&nbsp; $17.30 | &nbsp;&nbsp; $14.81 | &nbsp;&nbsp; $14.74 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.25 | 0.41 | 0.35 | 0.27 | 0.22 | 0.31 |
| Net realized and unrealized gains (losses) | 0.00 <br><sup>2</sup><br>| 2.28 | 0.37 | &nbsp;&nbsp; (3.09)<br>| 2.74 | 0.55 |
| Total from investment operations | 0.25 | 2.69 | 0.72 | &nbsp;&nbsp; (2.82)<br>| 2.96 | 0.86 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.35)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.44)<br>|
| Total distributions | &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.79)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $14.50 | &nbsp;&nbsp; $15.36 | &nbsp;&nbsp; $13.40 | &nbsp;&nbsp; $13.43 | &nbsp;&nbsp; $17.30 | &nbsp;&nbsp; $14.81 |
| Total return | 1.77 %<sup>3</sup><br>| 20.57<br> %<br>| 5.46<br> %<br>| &nbsp;&nbsp; (17.39<br> %)<br>| 20.25<br> %<br>| 5.98<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| 0.00 %<sup>5</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>6</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>|
| Total expenses<sup>4</sup> <br>| 0.02 %<sup>5</sup><br>| 0.02<br> %<br>| 0.02<br> %<br>| 0.03 %<sup>6</sup><br>| 0.02<br> %<br>| 0.02<br> %<br>|
| Net investment income (loss) | 3.44 %<sup>5</sup><br>| 2.78<br> %<br>| 2.53<br> %<br>| 1.82<br> %<br>| 1.33<br> %<br>| 2.14<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 10 %<sup>3</sup><br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 16<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $409096 | &nbsp;&nbsp; $447612 | &nbsp;&nbsp; $445714 | &nbsp;&nbsp; $494852 | &nbsp;&nbsp; $662236 | &nbsp;&nbsp; $571738 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Per unit amount was less than $0.005.

<sup>3</sup> Not annualized.

<sup>4</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>5</sup> Annualized.

<sup>6</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**20**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2025 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 77.2% OF NET ASSETS |
| **U.S. Stocks 25.7%** | **U.S. Stocks 25.7%** | **U.S. Stocks 25.7%** | **U.S. Stocks 25.7%** | **U.S. Stocks 25.7%** | **U.S. Stocks 25.7%** | **U.S. Stocks 25.7%** | **U.S. Stocks 25.7%** | **U.S. Stocks 25.7%** |
| **Large-Cap 22.5%** | **Large-Cap 22.5%** | **Large-Cap 22.5%** | **Large-Cap 22.5%** | **Large-Cap 22.5%** | **Large-Cap 22.5%** | **Large-Cap 22.5%** | **Large-Cap 22.5%** | **Large-Cap 22.5%** |
| Schwab Core Equity Fund  | $10175583 | $729310 | ($2256024)<br>| $619294 | ($1452276)<br>| $7815887 | 355753 | $729310 |
| Schwab Fundamental U.S. Large <br> Company Index Fund <br>| 11089130 | 184046 | (1737651)<br>| 350378 | (686224)<br>| 9199679 | 340729 | 184046 |
| Schwab S&P 500 Index Fund  | 67851886 | 2022551 | (10216404)<br>| 6643925 | (8104970)<br>| 58196988 | 678129 | 822552 |
| Schwab Select Large Cap Growth Fund \* | 13625728 | 4873269 |  |  | (1880028)<br>| 16618969 | 701815 | 1069350 |
|  |  |  |  |  |  | 91831523 |  |  |
| **Mid-Cap 1.4%** | **Mid-Cap 1.4%** | **Mid-Cap 1.4%** | **Mid-Cap 1.4%** | **Mid-Cap 1.4%** | **Mid-Cap 1.4%** | **Mid-Cap 1.4%** | **Mid-Cap 1.4%** | **Mid-Cap 1.4%** |
| Schwab U.S. Mid-Cap Index Fund  | 6438291 | 155862 | (400000)<br>| 172264 | (498774)<br>| 5867643 | 92418 | 155862 |
| **Small-Cap 1.8%** | **Small-Cap 1.8%** | **Small-Cap 1.8%** | **Small-Cap 1.8%** | **Small-Cap 1.8%** | **Small-Cap 1.8%** | **Small-Cap 1.8%** | **Small-Cap 1.8%** | **Small-Cap 1.8%** |
| Schwab Small-Cap Equity Fund  | 8700423 | 1090719 | (320000)<br>| (10270)<br>| (1949004)<br>| 7511868 | 435723 | 1090719 |
|  |  |  |  |  |  | 105211034 |  |  |
| **International Stocks 11.2%** | **International Stocks 11.2%** | **International Stocks 11.2%** | **International Stocks 11.2%** | **International Stocks 11.2%** | **International Stocks 11.2%** | **International Stocks 11.2%** | **International Stocks 11.2%** | **International Stocks 11.2%** |
| **Developed Markets 11.2%** | **Developed Markets 11.2%** | **Developed Markets 11.2%** | **Developed Markets 11.2%** | **Developed Markets 11.2%** | **Developed Markets 11.2%** | **Developed Markets 11.2%** | **Developed Markets 11.2%** | **Developed Markets 11.2%** |
| Schwab Fundamental International <br> Equity Index Fund <br>| 2455391 | 82656 | (479999)<br>| 63124 | 50035 | 2171207 | 186690 | 82656 |
| Schwab International Core Equity Fund  | 21138721 | 1007768 | (5101956)<br>| 890610 | 557265 | 18492408 | 1414874 | 527768 |
| Schwab International Opportunities Fund  | 28475648 | 1033868 | (5527627)<br>| 79106 | 881148 | 24942143 | 1156871 | 553868 |
|  |  |  |  |  |  | 45605758 |  |  |
| **Real Estate 2.8%** | **Real Estate 2.8%** | **Real Estate 2.8%** | **Real Estate 2.8%** | **Real Estate 2.8%** | **Real Estate 2.8%** | **Real Estate 2.8%** | **Real Estate 2.8%** | **Real Estate 2.8%** |
| **Global Real Estate 2.8%** | **Global Real Estate 2.8%** | **Global Real Estate 2.8%** | **Global Real Estate 2.8%** | **Global Real Estate 2.8%** | **Global Real Estate 2.8%** | **Global Real Estate 2.8%** | **Global Real Estate 2.8%** | **Global Real Estate 2.8%** |
| Schwab Global Real Estate Fund  | 13434168 | 187126 | (1610000)<br>| (107174)<br>| (302613)<br>| 11601507 | 1824136 | 187125 |
| **Fixed Income 35.9%** | **Fixed Income 35.9%** | **Fixed Income 35.9%** | **Fixed Income 35.9%** | **Fixed Income 35.9%** | **Fixed Income 35.9%** | **Fixed Income 35.9%** | **Fixed Income 35.9%** | **Fixed Income 35.9%** |
| **Inflation-Protected Bond 6.0%** | **Inflation-Protected Bond 6.0%** | **Inflation-Protected Bond 6.0%** | **Inflation-Protected Bond 6.0%** | **Inflation-Protected Bond 6.0%** | **Inflation-Protected Bond 6.0%** | **Inflation-Protected Bond 6.0%** | **Inflation-Protected Bond 6.0%** | **Inflation-Protected Bond 6.0%** |
| Schwab Treasury Inflation Protected <br> Securities Index Fund <br>| 22393426 | 4091747 | (2236000)<br>| (303604)<br>| 713249 | 24658818 | 2366489 | 369975 |
| **Intermediate-Term Bond 23.0%** | **Intermediate-Term Bond 23.0%** | **Intermediate-Term Bond 23.0%** | **Intermediate-Term Bond 23.0%** | **Intermediate-Term Bond 23.0%** | **Intermediate-Term Bond 23.0%** | **Intermediate-Term Bond 23.0%** | **Intermediate-Term Bond 23.0%** | **Intermediate-Term Bond 23.0%** |
| Schwab U.S. Aggregate Bond Index Fund  | 95262692 | 5808816 | (7550000)<br>| (1024430)<br>| 1581121 | 94078199 | 10523288 | 1923255 |
| **Short-Term Bond 6.9%** | **Short-Term Bond 6.9%** | **Short-Term Bond 6.9%** | **Short-Term Bond 6.9%** | **Short-Term Bond 6.9%** | **Short-Term Bond 6.9%** | **Short-Term Bond 6.9%** | **Short-Term Bond 6.9%** | **Short-Term Bond 6.9%** |
| Schwab Short-Term Bond Index Fund  | 28462657 | 2422249 | (3010000)<br>| (123171)<br>| 457550 | 28209285 | 2914182 | 588397 |
|  |  |  |  |  |  | 146946302 |  |  |
| **Money Market Funds 1.6%** | **Money Market Funds 1.6%** | **Money Market Funds 1.6%** | **Money Market Funds 1.6%** | **Money Market Funds 1.6%** | **Money Market Funds 1.6%** | **Money Market Funds 1.6%** | **Money Market Funds 1.6%** | **Money Market Funds 1.6%** |
| Schwab Government Money Fund, Ultra <br> Shares, 4.21% <sup>(b)</sup> <br>| 6265241 | 137307 |  |  |  | 6402548 | 6402548 | 135876 |
| **Total Affiliated Underlying Funds** <br>**(Cost $257,039,897)**<br>| **$335768985** | **$23827294** | **($40445661)**<br>| **$7250052** | **($10633521)**<br>| **$315767149** |  | **$8420759** |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**21**

------

Schwab Target 2025 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **UNAFFILIATED UNDERLYING FUNDS** 22.4% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.4% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.4% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.4% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.4% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.4% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.4% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.4% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.4% OF NET ASSETS |
| **U.S. Stocks 4.4%** | **U.S. Stocks 4.4%** | **U.S. Stocks 4.4%** | **U.S. Stocks 4.4%** | **U.S. Stocks 4.4%** | **U.S. Stocks 4.4%** | **U.S. Stocks 4.4%** | **U.S. Stocks 4.4%** | **U.S. Stocks 4.4%** |
| **Large-Cap 4.1%** | **Large-Cap 4.1%** | **Large-Cap 4.1%** | **Large-Cap 4.1%** | **Large-Cap 4.1%** | **Large-Cap 4.1%** | **Large-Cap 4.1%** | **Large-Cap 4.1%** | **Large-Cap 4.1%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $12675892 | 50087 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 4177371 | 64021 |  |
|  |  |  |  |  |  | 16853263 |  |  |
| **Small-Cap 0.3%** | **Small-Cap 0.3%** | **Small-Cap 0.3%** | **Small-Cap 0.3%** | **Small-Cap 0.3%** | **Small-Cap 0.3%** | **Small-Cap 0.3%** | **Small-Cap 0.3%** | **Small-Cap 0.3%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | 926822 | 46762 |  |
|  |  |  |  |  |  | 17780085 |  |  |
| **Fixed Income 18.0%** | **Fixed Income 18.0%** | **Fixed Income 18.0%** | **Fixed Income 18.0%** | **Fixed Income 18.0%** | **Fixed Income 18.0%** | **Fixed Income 18.0%** | **Fixed Income 18.0%** | **Fixed Income 18.0%** |
| **Intermediate-Term Bond 15.8%** | **Intermediate-Term Bond 15.8%** | **Intermediate-Term Bond 15.8%** | **Intermediate-Term Bond 15.8%** | **Intermediate-Term Bond 15.8%** | **Intermediate-Term Bond 15.8%** | **Intermediate-Term Bond 15.8%** | **Intermediate-Term Bond 15.8%** | **Intermediate-Term Bond 15.8%** |
| Allspring Core Plus Bond Fund, Class R6  |  |  |  |  |  | 9848135 | 877730 |  |
| Baird Aggregate Bond Fund, Institutional <br> Class <br>|  |  |  |  |  | 48221527 | 4905547 |  |
| Loomis Sayles Investment Grade Bond <br> Fund, Class Y <br>|  |  |  |  |  | 6788333 | 694104 |  |
|  |  |  |  |  |  | 64857995 |  |  |
| **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional <br> Class <br>|  |  |  |  |  | 8939203 | 902039 |  |
|  |  |  |  |  |  | 73797198 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $90,820,944)**<br>|  |  |  |  |  | **$91577283** |  |  |
| **Total Investments in Securities** <br>**(Cost $347,860,841)**<br>|  |  |  |  |  | **$407344432** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

At April 30, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional information).

*See financial notes*

**22**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2025 Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $257,039,897)  |  | $315767149 |
| Investments in securities, at value - unaffiliated issuers (cost $90,820,944) |  | 91577283 |
| Cash |  | 1525228 |
| Receivables: |  |  |
| Investments sold |  | 710000 |
| Dividends |  | 459910 |
| Fund shares sold |  | 225945 |
| Due from investment adviser |  | 7633 |
| Prepaid expenses | + | 19030 |
| **Total assets** |  | **410292178** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Fund shares redeemed |  | 717944 |
| Investments bought |  | 448110 |
| Accrued expenses | + | 29678 |
| **Total liabilities** |  | **1195732** |
| **Net assets** |  | **$409096446** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $336576799 |
| Total distributable earnings | + | 72519647 |
| **Net assets** |  | **$409096446** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $409096446 |  | &nbsp;&nbsp;&nbsp;&nbsp; 28219262 |  | &nbsp;&nbsp;&nbsp;&nbsp; $14.50 |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**23**

------

Schwab Target 2025 Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $5524909 |
| Dividends received from securities - unaffiliated issuers  |  | 1763344 |
| Other Interest | + | 18042 |
| **Total investment income**  |  | **7306295** |
| **Expenses** | **Expenses** | **Expenses** |
| Registration fees |  | 12505 |
| Professional fees |  | 12175 |
| Portfolio accounting fees |  | 10989 |
| Shareholder reports |  | 4484 |
| Independent trustees' fees |  | 3393 |
| Transfer agent fees  |  | 2508 |
| Custodian fees |  | 145 |
| Other expenses | + | 2128 |
| **Total expenses** |  | **48327** |
| Expense reduction | – | 48327 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **7306295** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 2895850 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 1494888 |
| Net realized gains on sales of securities - affiliated issuers  |  | 7250052 |
| Net realized gains on sales of securities - unaffiliated issuers  | + | 5087267 |
| **Net realized gains** |  | **16728057** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (10633521)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | (6004345)<br>|
| **Net change in unrealized appreciation (depreciation)** | **+** | **(16637866)**<br>|
| **Net realized and unrealized gains** |  | **90191** |
| **Increase in net assets resulting from operations** |  | **$7396486** |

---

*See financial notes*

**24**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2025 Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $7306295 | &nbsp;&nbsp;&nbsp; $12879601 |
| Net realized gains |  | 16728057 | &nbsp;&nbsp;&nbsp; 18134842 |
| Net change in unrealized appreciation (depreciation) | + | (16637866)<br>| &nbsp;&nbsp;&nbsp; 55784926 |
| **Increase in net assets resulting from operations** |  | **$7396486** | &nbsp;&nbsp;&nbsp; **$86799369** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($31706342)**<br>| &nbsp;&nbsp;&nbsp; **($23623785)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 1209864 | &nbsp;&nbsp;&nbsp; $17964868 | &nbsp;&nbsp;&nbsp; 2015114 | &nbsp;&nbsp;&nbsp; $29509322 |
| Shares reinvested |  | 2058291 | &nbsp;&nbsp;&nbsp; 29474726 | &nbsp;&nbsp;&nbsp; 1558816 | &nbsp;&nbsp;&nbsp; 22135185 |
| Shares redeemed | + | (4185474)<br>| &nbsp;&nbsp;&nbsp; (61645183)<br>| &nbsp;&nbsp;&nbsp; (7694238)<br>| &nbsp;&nbsp;&nbsp; (112922363)<br>|
| **Net transactions in fund shares**  |  | **(917319)**<br>| &nbsp;&nbsp;&nbsp; **($14205589)**<br>| &nbsp;&nbsp;&nbsp; **(4120308)**<br>| &nbsp;&nbsp;&nbsp; **($61277856)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 29136581 | &nbsp;&nbsp;&nbsp; $447611891 | &nbsp;&nbsp;&nbsp; 33256889 | &nbsp;&nbsp;&nbsp; $445714163 |
| Total increase (decrease) | + | (917319)<br>| &nbsp;&nbsp;&nbsp; (38515445)<br>| &nbsp;&nbsp;&nbsp; (4120308)<br>| &nbsp;&nbsp;&nbsp; 1897728 |
| **End of period** |  | **28219262** | &nbsp;&nbsp;&nbsp; **$409096446** | &nbsp;&nbsp;&nbsp; **29136581** | &nbsp;&nbsp;&nbsp; **$447611891** |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**25**

------

Schwab Target 2030 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $17.02 | &nbsp;&nbsp; $14.36 | &nbsp;&nbsp; $14.39 | &nbsp;&nbsp; $18.88 | &nbsp;&nbsp; $15.67 | &nbsp;&nbsp; $15.79 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.26 | 0.40 | 0.33 | 0.27 | 0.22 | 0.33 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.04)<br>| 2.93 | 0.58 | &nbsp;&nbsp; (3.53)<br>| 3.54 | 0.57 |
| Total from investment operations | 0.22 | 3.33 | 0.91 | &nbsp;&nbsp; (3.26)<br>| 3.76 | 0.90 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.37)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.65)<br>|
| Total distributions | &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (1.02)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $16.22 | &nbsp;&nbsp; $17.02 | &nbsp;&nbsp; $14.36 | &nbsp;&nbsp; $14.39 | &nbsp;&nbsp; $18.88 | &nbsp;&nbsp; $15.67 |
| Total return | 1.36 %<sup>2</sup><br>| 23.59<br> %<br>| 6.52<br> %<br>| &nbsp;&nbsp; (18.51<br> %)<br>| 24.38<br> %<br>| 5.81<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| 0.00 %<sup>4</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>5</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>|
| Total expenses<sup>3</sup> <br>| 0.01 %<sup>4</sup><br>| 0.01<br> %<br>| 0.01<br> %<br>| 0.02 %<sup>5</sup><br>| 0.01<br> %<br>| 0.02<br> %<br>|
| Net investment income (loss) | 3.23 %<sup>4</sup><br>| 2.47<br> %<br>| 2.26<br> %<br>| 1.65<br> %<br>| 1.21<br> %<br>| 2.15<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 11 %<sup>2</sup><br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 16<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 13<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $939756 | &nbsp;&nbsp; $987569 | &nbsp;&nbsp; $884929 | &nbsp;&nbsp; $901007 | &nbsp;&nbsp; $1166390 | &nbsp;&nbsp; $965288 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>4</sup> Annualized.

<sup>5</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**26**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2030 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 76.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.1% OF NET ASSETS |
| **U.S. Stocks 32.0%** | **U.S. Stocks 32.0%** | **U.S. Stocks 32.0%** | **U.S. Stocks 32.0%** | **U.S. Stocks 32.0%** | **U.S. Stocks 32.0%** | **U.S. Stocks 32.0%** | **U.S. Stocks 32.0%** | **U.S. Stocks 32.0%** |
| **Large-Cap 27.9%** | **Large-Cap 27.9%** | **Large-Cap 27.9%** | **Large-Cap 27.9%** | **Large-Cap 27.9%** | **Large-Cap 27.9%** | **Large-Cap 27.9%** | **Large-Cap 27.9%** | **Large-Cap 27.9%** |
| Schwab Core Equity Fund  | $32294825 | $2482065 | ($3483027)<br>| $509912 | ($3630051)<br>| $28173724 | 1282373 | $2482065 |
| Schwab Fundamental U.S. Large <br> Company Index Fund <br>| 30196265 | 533071 | (1953739)<br>| 302452 | (1454770)<br>| 27623279 | 1023084 | 533071 |
| Schwab S&P 500 Index Fund  | 176919823 | 2979371 | (18640492)<br>| 12772333 | (16958955)<br>| 157072080 | 1830250 | 2179371 |
| Schwab Select Large Cap Growth Fund \* | 39858899 | 14805769 |  |  | (5657595)<br>| 49007073 | 2069555 | 3128136 |
|  |  |  |  |  |  | 261876156 |  |  |
| **Mid-Cap 1.5%** | **Mid-Cap 1.5%** | **Mid-Cap 1.5%** | **Mid-Cap 1.5%** | **Mid-Cap 1.5%** | **Mid-Cap 1.5%** | **Mid-Cap 1.5%** | **Mid-Cap 1.5%** | **Mid-Cap 1.5%** |
| Schwab U.S. Mid-Cap Index Fund  | 15665016 | 378021 | (1000000)<br>| 328916 | (1140822)<br>| 14231131 | 224148 | 378021 |
| **Small-Cap 2.6%** | **Small-Cap 2.6%** | **Small-Cap 2.6%** | **Small-Cap 2.6%** | **Small-Cap 2.6%** | **Small-Cap 2.6%** | **Small-Cap 2.6%** | **Small-Cap 2.6%** | **Small-Cap 2.6%** |
| Schwab Small-Cap Equity Fund  | 27323553 | 3425386 |  |  | (6275429)<br>| 24473510 | 1419577 | 3425386 |
|  |  |  |  |  |  | 300580797 |  |  |
| **International Stocks 16.4%** | **International Stocks 16.4%** | **International Stocks 16.4%** | **International Stocks 16.4%** | **International Stocks 16.4%** | **International Stocks 16.4%** | **International Stocks 16.4%** | **International Stocks 16.4%** | **International Stocks 16.4%** |
| **Developed Markets 16.4%** | **Developed Markets 16.4%** | **Developed Markets 16.4%** | **Developed Markets 16.4%** | **Developed Markets 16.4%** | **Developed Markets 16.4%** | **Developed Markets 16.4%** | **Developed Markets 16.4%** | **Developed Markets 16.4%** |
| Schwab Fundamental International <br> Equity Index Fund <br>| 7484295 | 251947 | (1000000)<br>| 157534 | 230410 | 7124186 | 612570 | 251947 |
| Schwab International Core Equity Fund  | 61764005 | 1542055 | (5401527)<br>| 849627 | 4027264 | 62781424 | 4803475 | 1542055 |
| Schwab International Opportunities Fund  | 83255843 | 1619376 | (4442690)<br>| (369965)<br>| 3634185 | 83696749 | 3882038 | 1619376 |
|  |  |  |  |  |  | 153602359 |  |  |
| **Real Estate 3.8%** | **Real Estate 3.8%** | **Real Estate 3.8%** | **Real Estate 3.8%** | **Real Estate 3.8%** | **Real Estate 3.8%** | **Real Estate 3.8%** | **Real Estate 3.8%** | **Real Estate 3.8%** |
| **Global Real Estate 3.8%** | **Global Real Estate 3.8%** | **Global Real Estate 3.8%** | **Global Real Estate 3.8%** | **Global Real Estate 3.8%** | **Global Real Estate 3.8%** | **Global Real Estate 3.8%** | **Global Real Estate 3.8%** | **Global Real Estate 3.8%** |
| Schwab Global Real Estate Fund  | 39014481 | 579456 | (2700000)<br>| (667737)<br>| (661172)<br>| 35565028 | 5591985 | 579456 |
| **Fixed Income 22.8%** | **Fixed Income 22.8%** | **Fixed Income 22.8%** | **Fixed Income 22.8%** | **Fixed Income 22.8%** | **Fixed Income 22.8%** | **Fixed Income 22.8%** | **Fixed Income 22.8%** | **Fixed Income 22.8%** |
| **Inflation-Protected Bond 2.3%** | **Inflation-Protected Bond 2.3%** | **Inflation-Protected Bond 2.3%** | **Inflation-Protected Bond 2.3%** | **Inflation-Protected Bond 2.3%** | **Inflation-Protected Bond 2.3%** | **Inflation-Protected Bond 2.3%** | **Inflation-Protected Bond 2.3%** | **Inflation-Protected Bond 2.3%** |
| Schwab Treasury Inflation Protected <br> Securities Index Fund <br>| 17420032 | 5039947 | (1100000)<br>| (206317)<br>| 569600 | 21723262 | 2084766 | 313494 |
| **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** | **Intermediate-Term Bond 16.0%** |
| Schwab U.S. Aggregate Bond Index Fund  | 143961878 | 10565366 | (5400000)<br>| (949929)<br>| 1819663 | 149996978 | 16778185 | 2958859 |
| **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** | **Short-Term Bond 4.5%** |
| Schwab Short-Term Bond Index Fund  | 42241070 | 3978187 | (3870000)<br>| (152066)<br>| 664033 | 42861224 | 4427812 | 886227 |
|  |  |  |  |  |  | 214581464 |  |  |
| **Money Market Funds 1.1%** | **Money Market Funds 1.1%** | **Money Market Funds 1.1%** | **Money Market Funds 1.1%** | **Money Market Funds 1.1%** | **Money Market Funds 1.1%** | **Money Market Funds 1.1%** | **Money Market Funds 1.1%** | **Money Market Funds 1.1%** |
| Schwab Government Money Fund, Ultra <br> Shares, 4.21% <sup>(b)</sup> <br>| 10038366 | 219997 |  |  |  | 10258363 | 10258363 | 217705 |
| **Total Affiliated Underlying Funds** <br>**(Cost $526,842,348)**<br>| **$727438351** | **$48400014** | **($48991475)**<br>| **$12574760** | **($24833639)**<br>| **$714588011** |  | **$20495169** |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**27**

------

Schwab Target 2030 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **UNAFFILIATED UNDERLYING FUNDS** 23.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.5% OF NET ASSETS |
| **U.S. Stocks 5.9%** | **U.S. Stocks 5.9%** | **U.S. Stocks 5.9%** | **U.S. Stocks 5.9%** | **U.S. Stocks 5.9%** | **U.S. Stocks 5.9%** | **U.S. Stocks 5.9%** | **U.S. Stocks 5.9%** | **U.S. Stocks 5.9%** |
| **Large-Cap 5.4%** | **Large-Cap 5.4%** | **Large-Cap 5.4%** | **Large-Cap 5.4%** | **Large-Cap 5.4%** | **Large-Cap 5.4%** | **Large-Cap 5.4%** | **Large-Cap 5.4%** | **Large-Cap 5.4%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $38290615 | 151298 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 12543274 | 192234 |  |
|  |  |  |  |  |  | 50833889 |  |  |
| **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** | **Small-Cap 0.5%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | 4352585 | 219606 |  |
|  |  |  |  |  |  | 55186474 |  |  |
| **International Stocks 0.8%** | **International Stocks 0.8%** | **International Stocks 0.8%** | **International Stocks 0.8%** | **International Stocks 0.8%** | **International Stocks 0.8%** | **International Stocks 0.8%** | **International Stocks 0.8%** | **International Stocks 0.8%** |
| **Emerging Markets 0.8%** | **Emerging Markets 0.8%** | **Emerging Markets 0.8%** | **Emerging Markets 0.8%** | **Emerging Markets 0.8%** | **Emerging Markets 0.8%** | **Emerging Markets 0.8%** | **Emerging Markets 0.8%** | **Emerging Markets 0.8%** |
| Goldman Sachs Emerging Markets Equity <br> Insights Fund, Institutional Class <br>|  |  |  |  |  | 8116734 | 911993 |  |
| **Fixed Income 16.8%** | **Fixed Income 16.8%** | **Fixed Income 16.8%** | **Fixed Income 16.8%** | **Fixed Income 16.8%** | **Fixed Income 16.8%** | **Fixed Income 16.8%** | **Fixed Income 16.8%** | **Fixed Income 16.8%** |
| **Intermediate-Term Bond 12.9%** | **Intermediate-Term Bond 12.9%** | **Intermediate-Term Bond 12.9%** | **Intermediate-Term Bond 12.9%** | **Intermediate-Term Bond 12.9%** | **Intermediate-Term Bond 12.9%** | **Intermediate-Term Bond 12.9%** | **Intermediate-Term Bond 12.9%** | **Intermediate-Term Bond 12.9%** |
| Allspring Core Plus Bond Fund, Class R6  |  |  |  |  |  | 29160650 | 2598988 |  |
| Baird Aggregate Bond Fund, Institutional <br> Class <br>|  |  |  |  |  | 64991950 | 6611592 |  |
| Loomis Sayles Investment Grade Bond <br> Fund, Class Y <br>|  |  |  |  |  | 26679039 | 2727918 |  |
|  |  |  |  |  |  | 120831639 |  |  |
| **International Bond 3.9%** | **International Bond 3.9%** | **International Bond 3.9%** | **International Bond 3.9%** | **International Bond 3.9%** | **International Bond 3.9%** | **International Bond 3.9%** | **International Bond 3.9%** | **International Bond 3.9%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional <br> Class <br>|  |  |  |  |  | 36938249 | 3727371 |  |
|  |  |  |  |  |  | 157769888 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $215,852,220)**<br>|  |  |  |  |  | **$221073096** |  |  |
| **Total Investments in Securities** <br>**(Cost $742,694,568)**<br>|  |  |  |  |  | **$935661107** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

At April 30, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional information).

*See financial notes*

**28**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2030 Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $526,842,348)  |  | $714588011 |
| Investments in securities, at value - unaffiliated issuers (cost $215,852,220) |  | 221073096 |
| Cash |  | 3243716 |
| Receivables: |  |  |
| Investments sold |  | 900000 |
| Dividends |  | 806407 |
| Fund shares sold |  | 176188 |
| Due from investment adviser |  | 9308 |
| Prepaid expenses | + | 12002 |
| **Total assets** |  | **940808728** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 787499 |
| Fund shares redeemed |  | 223431 |
| Accrued expenses | + | 41990 |
| **Total liabilities** |  | **1052920** |
| **Net assets** |  | **$939755808** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $714171695 |
| Total distributable earnings | + | 225584113 |
| **Net assets** |  | **$939755808** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $939755808 |  | &nbsp;&nbsp;&nbsp;&nbsp; 57926675 |  | &nbsp;&nbsp;&nbsp;&nbsp; $16.22 |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**29**

------

Schwab Target 2030 Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $11501211 |
| Dividends received from securities - unaffiliated issuers  |  | 4017408 |
| Other Interest | + | 40025 |
| **Total investment income**  |  | **15558644** |
| **Expenses** | **Expenses** | **Expenses** |
| Registration fees |  | 18245 |
| Professional fees |  | 12461 |
| Portfolio accounting fees |  | 12394 |
| Shareholder reports |  | 9312 |
| Independent trustees' fees |  | 3834 |
| Transfer agent fees  |  | 1169 |
| Other expenses | + | 3586 |
| **Total expenses** |  | **61001** |
| Expense reduction | – | 61001 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **15558644** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 8993958 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 4590340 |
| Net realized gains on sales of securities - affiliated issuers  |  | 12574760 |
| Net realized gains on sales of securities - unaffiliated issuers  | + | 12794907 |
| **Net realized gains** |  | **38953965** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (24833639)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | (16502510)<br>|
| **Net change in unrealized appreciation (depreciation)** | **+** | **(41336149)**<br>|
| **Net realized and unrealized losses** |  | **(2382184)**<br>|
| **Increase in net assets resulting from operations** |  | **$13176460** |

---

*See financial notes*

**30**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2030 Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $15558644 | &nbsp;&nbsp;&nbsp; $24135863 |
| Net realized gains |  | 38953965 | &nbsp;&nbsp;&nbsp; 33027258 |
| Net change in unrealized appreciation (depreciation) | + | (41336149)<br>| &nbsp;&nbsp;&nbsp; 145522388 |
| **Increase in net assets resulting from operations** |  | **$13176460** | &nbsp;&nbsp;&nbsp; **$202685509** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($58750271)**<br>| &nbsp;&nbsp;&nbsp; **($40462010)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 2954300 | &nbsp;&nbsp;&nbsp; $48858283 | &nbsp;&nbsp;&nbsp; 5094284 | &nbsp;&nbsp;&nbsp; $82152715 |
| Shares reinvested |  | 3461919 | &nbsp;&nbsp;&nbsp; 55771510 | &nbsp;&nbsp;&nbsp; 2477182 | &nbsp;&nbsp;&nbsp; 38421086 |
| Shares redeemed | + | (6502911)<br>| &nbsp;&nbsp;&nbsp; (106869242)<br>| &nbsp;&nbsp;&nbsp; (11176949)<br>| &nbsp;&nbsp;&nbsp; (180156886)<br>|
| **Net transactions in fund shares**  |  | **(86692)**<br>| &nbsp;&nbsp;&nbsp; **($2239449)**<br>| &nbsp;&nbsp;&nbsp; **(3605483)**<br>| &nbsp;&nbsp;&nbsp; **($59583085)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 58013367 | &nbsp;&nbsp;&nbsp; $987569068 | &nbsp;&nbsp;&nbsp; 61618850 | &nbsp;&nbsp;&nbsp; $884928654 |
| Total increase (decrease) | + | (86692)<br>| &nbsp;&nbsp;&nbsp; (47813260)<br>| &nbsp;&nbsp;&nbsp; (3605483)<br>| &nbsp;&nbsp;&nbsp; 102640414 |
| **End of period** |  | **57926675** | &nbsp;&nbsp;&nbsp; **$939755808** | &nbsp;&nbsp;&nbsp; **58013367** | &nbsp;&nbsp;&nbsp; **$987569068** |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**31**

------

Schwab Target 2035 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $17.62 | &nbsp;&nbsp; $14.49 | &nbsp;&nbsp; $14.51 | &nbsp;&nbsp; $19.05 | &nbsp;&nbsp; $15.34 | &nbsp;&nbsp; $15.46 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.26 | 0.37 | 0.31 | 0.25 | 0.20 | 0.31 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.09)<br>| 3.30 | 0.70 | &nbsp;&nbsp; (3.73)<br>| 3.99 | 0.53 |
| Total from investment operations | 0.17 | 3.67 | 1.01 | &nbsp;&nbsp; (3.48)<br>| 4.19 | 0.84 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.34)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.62)<br>|
| Total distributions | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.96)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $17.12 | &nbsp;&nbsp; $17.62 | &nbsp;&nbsp; $14.49 | &nbsp;&nbsp; $14.51 | &nbsp;&nbsp; $19.05 | &nbsp;&nbsp; $15.34 |
| Total return | 1.00 %<sup>2</sup><br>| 25.75<br> %<br>| 7.22<br> %<br>| &nbsp;&nbsp; (19.41<br> %)<br>| 27.76<br> %<br>| 5.51<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| 0.00 %<sup>4</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>5</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>|
| Total expenses<sup>3</sup> <br>| 0.02 %<sup>4</sup><br>| 0.02<br> %<br>| 0.02<br> %<br>| 0.03 %<sup>5</sup><br>| 0.02<br> %<br>| 0.03<br> %<br>|
| Net investment income (loss) | 3.05 %<sup>4</sup><br>| 2.22<br> %<br>| 2.06<br> %<br>| 1.55<br> %<br>| 1.11<br> %<br>| 2.06<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 12 %<sup>2</sup><br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 13<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 12<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $591087 | &nbsp;&nbsp; $607476 | &nbsp;&nbsp; $498614 | &nbsp;&nbsp; $482594 | &nbsp;&nbsp; $612195 | &nbsp;&nbsp; $476911 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>4</sup> Annualized.

<sup>5</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**32**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2035 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 76.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.0% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.0% OF NET ASSETS |
| **U.S. Stocks 36.5%** | **U.S. Stocks 36.5%** | **U.S. Stocks 36.5%** | **U.S. Stocks 36.5%** | **U.S. Stocks 36.5%** | **U.S. Stocks 36.5%** | **U.S. Stocks 36.5%** | **U.S. Stocks 36.5%** | **U.S. Stocks 36.5%** |
| **Large-Cap 31.7%** | **Large-Cap 31.7%** | **Large-Cap 31.7%** | **Large-Cap 31.7%** | **Large-Cap 31.7%** | **Large-Cap 31.7%** | **Large-Cap 31.7%** | **Large-Cap 31.7%** | **Large-Cap 31.7%** |
| Schwab Core Equity Fund  | $22801623 | $1749957 | ($1665973)<br>| $262178 | ($2505530)<br>| $20642255 | 939566 | $1749957 |
| Schwab Fundamental U.S. Large <br> Company Index Fund <br>| 24807656 | 416963 | (2006293)<br>| 365292 | (1258015)<br>| 22325603 | 826874 | 416963 |
| Schwab S&P 500 Index Fund  | 116586838 | 1439790 | (9267873)<br>| 4809323 | (7809224)<br>| 105758854 | 1232333 | 1439790 |
| Schwab Select Large Cap Growth Fund \* | 29021077 | 13831184 |  |  | (4382187)<br>| 38470074 | 1624581 | 2277581 |
|  |  |  |  |  |  | 187196786 |  |  |
| **Mid-Cap 1.6%** | **Mid-Cap 1.6%** | **Mid-Cap 1.6%** | **Mid-Cap 1.6%** | **Mid-Cap 1.6%** | **Mid-Cap 1.6%** | **Mid-Cap 1.6%** | **Mid-Cap 1.6%** | **Mid-Cap 1.6%** |
| Schwab U.S. Mid-Cap Index Fund  | 10598347 | 262675 | (878991)<br>| 117073 | (649422)<br>| 9449682 | 148837 | 262675 |
| **Small-Cap 3.2%** | **Small-Cap 3.2%** | **Small-Cap 3.2%** | **Small-Cap 3.2%** | **Small-Cap 3.2%** | **Small-Cap 3.2%** | **Small-Cap 3.2%** | **Small-Cap 3.2%** | **Small-Cap 3.2%** |
| Schwab Small-Cap Equity Fund  | 21144415 | 2650745 |  |  | (4856258)<br>| 18938902 | 1098544 | 2650745 |
|  |  |  |  |  |  | 215585370 |  |  |
| **International Stocks 19.9%** | **International Stocks 19.9%** | **International Stocks 19.9%** | **International Stocks 19.9%** | **International Stocks 19.9%** | **International Stocks 19.9%** | **International Stocks 19.9%** | **International Stocks 19.9%** | **International Stocks 19.9%** |
| **Developed Markets 19.9%** | **Developed Markets 19.9%** | **Developed Markets 19.9%** | **Developed Markets 19.9%** | **Developed Markets 19.9%** | **Developed Markets 19.9%** | **Developed Markets 19.9%** | **Developed Markets 19.9%** | **Developed Markets 19.9%** |
| Schwab Fundamental International <br> Equity Index Fund <br>| 5363103 | 180540 |  |  | 274926 | 5818569 | 500307 | 180540 |
| Schwab International Core Equity Fund  | 44313116 | 1106361 | (1850000)<br>| 223158 | 3477232 | 47269867 | 3616669 | 1106361 |
| Schwab International Opportunities Fund  | 60649162 | 1179663 |  |  | 2443824 | 64272649 | 2981106 | 1179663 |
|  |  |  |  |  |  | 117361085 |  |  |
| **Real Estate 4.3%** | **Real Estate 4.3%** | **Real Estate 4.3%** | **Real Estate 4.3%** | **Real Estate 4.3%** | **Real Estate 4.3%** | **Real Estate 4.3%** | **Real Estate 4.3%** | **Real Estate 4.3%** |
| **Global Real Estate 4.3%** | **Global Real Estate 4.3%** | **Global Real Estate 4.3%** | **Global Real Estate 4.3%** | **Global Real Estate 4.3%** | **Global Real Estate 4.3%** | **Global Real Estate 4.3%** | **Global Real Estate 4.3%** | **Global Real Estate 4.3%** |
| Schwab Global Real Estate Fund  | 28807461 | 417819 | (2600000)<br>| (610901)<br>| (328657)<br>| 25685722 | 4038635 | 417819 |
| **Fixed Income 14.6%** | **Fixed Income 14.6%** | **Fixed Income 14.6%** | **Fixed Income 14.6%** | **Fixed Income 14.6%** | **Fixed Income 14.6%** | **Fixed Income 14.6%** | **Fixed Income 14.6%** | **Fixed Income 14.6%** |
| **Inflation-Protected Bond 0.6%** | **Inflation-Protected Bond 0.6%** | **Inflation-Protected Bond 0.6%** | **Inflation-Protected Bond 0.6%** | **Inflation-Protected Bond 0.6%** | **Inflation-Protected Bond 0.6%** | **Inflation-Protected Bond 0.6%** | **Inflation-Protected Bond 0.6%** | **Inflation-Protected Bond 0.6%** |
| Schwab Treasury Inflation Protected <br> Securities Index Fund <br>|  | 3317559 |  |  | 70986 | 3388545 | 325196 | 27546 |
| **Intermediate-Term Bond 10.9%** | **Intermediate-Term Bond 10.9%** | **Intermediate-Term Bond 10.9%** | **Intermediate-Term Bond 10.9%** | **Intermediate-Term Bond 10.9%** | **Intermediate-Term Bond 10.9%** | **Intermediate-Term Bond 10.9%** | **Intermediate-Term Bond 10.9%** | **Intermediate-Term Bond 10.9%** |
| Schwab U.S. Aggregate Bond Index Fund  | 60700639 | 3698802 |  |  | 366218 | 64765659 | 7244481 | 1260382 |
| **Short-Term Bond 3.1%** | **Short-Term Bond 3.1%** | **Short-Term Bond 3.1%** | **Short-Term Bond 3.1%** | **Short-Term Bond 3.1%** | **Short-Term Bond 3.1%** | **Short-Term Bond 3.1%** | **Short-Term Bond 3.1%** | **Short-Term Bond 3.1%** |
| Schwab Short-Term Bond Index Fund  | 17730654 | 2005830 | (1550000)<br>| (95461)<br>| 317784 | 18408807 | 1901736 | 375716 |
|  |  |  |  |  |  | 86563011 |  |  |
| **Money Market Funds 0.7%** | **Money Market Funds 0.7%** | **Money Market Funds 0.7%** | **Money Market Funds 0.7%** | **Money Market Funds 0.7%** | **Money Market Funds 0.7%** | **Money Market Funds 0.7%** | **Money Market Funds 0.7%** | **Money Market Funds 0.7%** |
| Schwab Government Money Fund, Ultra <br> Shares, 4.21% <sup>(b)</sup> <br>| 4019680 | 88093 |  |  |  | 4107773 | 4107773 | 87176 |
| **Total Affiliated Underlying Funds** <br>**(Cost $340,659,042)**<br>| **$446543771** | **$32345981** | **($19819130)**<br>| **$5070662** | **($14838323)**<br>| **$449302961** |  | **$13432914** |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**33**

------

Schwab Target 2035 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **UNAFFILIATED UNDERLYING FUNDS** 23.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.5% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 23.5% OF NET ASSETS |
| **U.S. Stocks 7.2%** | **U.S. Stocks 7.2%** | **U.S. Stocks 7.2%** | **U.S. Stocks 7.2%** | **U.S. Stocks 7.2%** | **U.S. Stocks 7.2%** | **U.S. Stocks 7.2%** | **U.S. Stocks 7.2%** | **U.S. Stocks 7.2%** |
| **Large-Cap 6.5%** | **Large-Cap 6.5%** | **Large-Cap 6.5%** | **Large-Cap 6.5%** | **Large-Cap 6.5%** | **Large-Cap 6.5%** | **Large-Cap 6.5%** | **Large-Cap 6.5%** | **Large-Cap 6.5%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $28861328 | 114040 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 9684030 | 148414 |  |
|  |  |  |  |  |  | 38545358 |  |  |
| **Small-Cap 0.7%** | **Small-Cap 0.7%** | **Small-Cap 0.7%** | **Small-Cap 0.7%** | **Small-Cap 0.7%** | **Small-Cap 0.7%** | **Small-Cap 0.7%** | **Small-Cap 0.7%** | **Small-Cap 0.7%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | 4139037 | 208831 |  |
|  |  |  |  |  |  | 42684395 |  |  |
| **International Stocks 1.8%** | **International Stocks 1.8%** | **International Stocks 1.8%** | **International Stocks 1.8%** | **International Stocks 1.8%** | **International Stocks 1.8%** | **International Stocks 1.8%** | **International Stocks 1.8%** | **International Stocks 1.8%** |
| **Emerging Markets 1.8%** | **Emerging Markets 1.8%** | **Emerging Markets 1.8%** | **Emerging Markets 1.8%** | **Emerging Markets 1.8%** | **Emerging Markets 1.8%** | **Emerging Markets 1.8%** | **Emerging Markets 1.8%** | **Emerging Markets 1.8%** |
| Goldman Sachs Emerging Markets Equity <br> Insights Fund, Institutional Class <br>|  |  |  |  |  | 10653254 | 1196995 |  |
| **Fixed Income 14.5%** | **Fixed Income 14.5%** | **Fixed Income 14.5%** | **Fixed Income 14.5%** | **Fixed Income 14.5%** | **Fixed Income 14.5%** | **Fixed Income 14.5%** | **Fixed Income 14.5%** | **Fixed Income 14.5%** |
| **Intermediate-Term Bond 10.4%** | **Intermediate-Term Bond 10.4%** | **Intermediate-Term Bond 10.4%** | **Intermediate-Term Bond 10.4%** | **Intermediate-Term Bond 10.4%** | **Intermediate-Term Bond 10.4%** | **Intermediate-Term Bond 10.4%** | **Intermediate-Term Bond 10.4%** | **Intermediate-Term Bond 10.4%** |
| Allspring Core Plus Bond Fund, Class R6  |  |  |  |  |  | 16421769 | 1463616 |  |
| Baird Aggregate Bond Fund, Institutional <br> Class <br>|  |  |  |  |  | 24805117 | 2523410 |  |
| Loomis Sayles Investment Grade Bond <br> Fund, Class Y <br>|  |  |  |  |  | 20165005 | 2061862 |  |
|  |  |  |  |  |  | 61391891 |  |  |
| **International Bond 4.1%** | **International Bond 4.1%** | **International Bond 4.1%** | **International Bond 4.1%** | **International Bond 4.1%** | **International Bond 4.1%** | **International Bond 4.1%** | **International Bond 4.1%** | **International Bond 4.1%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional <br> Class <br>|  |  |  |  |  | 23924121 | 2414139 |  |
|  |  |  |  |  |  | 85316012 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $135,503,114)**<br>|  |  |  |  |  | **$138653661** |  |  |
| **Total Investments in Securities** <br>**(Cost $476,162,156)**<br>|  |  |  |  |  | **$587956622** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

At April 30, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional information).

*See financial notes*

**34**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2035 Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $340,659,042)  |  | $449302961 |
| Investments in securities, at value - unaffiliated issuers (cost $135,503,114) |  | 138653661 |
| Cash |  | 1711106 |
| Receivables: |  |  |
| Investments sold |  | 1100000 |
| Dividends |  | 377113 |
| Fund shares sold |  | 331456 |
| Due from investment adviser |  | 8505 |
| Prepaid expenses | + | 19452 |
| **Total assets** |  | **591504254** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 369542 |
| Fund shares redeemed |  | 15448 |
| Accrued expenses | + | 31848 |
| **Total liabilities** |  | **416838** |
| **Net assets** |  | **$591087416** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $455891338 |
| Total distributable earnings | + | 135196078 |
| **Net assets** |  | **$591087416** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $591087416 |  | &nbsp;&nbsp;&nbsp;&nbsp; 34518251 |  | &nbsp;&nbsp;&nbsp;&nbsp; $17.12 |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**35**

------

Schwab Target 2035 Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $6790271 |
| Dividends received from securities - unaffiliated issuers  |  | 2314166 |
| Other Interest | + | 31889 |
| **Total investment income**  |  | **9136326** |
| **Expenses** | **Expenses** | **Expenses** |
| Registration fees |  | 13436 |
| Professional fees |  | 12275 |
| Portfolio accounting fees |  | 11391 |
| Shareholder reports |  | 6187 |
| Independent trustees' fees |  | 3535 |
| Transfer agent fees  |  | 3265 |
| Other expenses | + | 2578 |
| **Total expenses** |  | **52667** |
| Expense reduction | – | 52667 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **9136326** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 6642643 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 3343904 |
| Net realized gains on sales of securities - affiliated issuers  |  | 5070662 |
| Net realized gains on sales of securities - unaffiliated issuers  | + | 9535717 |
| **Net realized gains** |  | **24592926** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (14838323)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | (12769587)<br>|
| **Net change in unrealized appreciation (depreciation)** | **+** | **(27607910)**<br>|
| **Net realized and unrealized losses** |  | **(3014984)**<br>|
| **Increase in net assets resulting from operations** |  | **$6121342** |

---

*See financial notes*

**36**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2035 Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $9136326 | &nbsp;&nbsp;&nbsp; $12877798 |
| Net realized gains |  | 24592926 | &nbsp;&nbsp;&nbsp; 9852746 |
| Net change in unrealized appreciation (depreciation) | + | (27607910)<br>| &nbsp;&nbsp;&nbsp; 104644416 |
| **Increase in net assets resulting from operations** |  | **$6121342** | &nbsp;&nbsp;&nbsp; **$127374960** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($23067266)**<br>| &nbsp;&nbsp;&nbsp; **($18716571)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 2033193 | &nbsp;&nbsp;&nbsp; $35272414 | &nbsp;&nbsp;&nbsp; 3472908 | &nbsp;&nbsp;&nbsp; $57739759 |
| Shares reinvested |  | 1296076 | &nbsp;&nbsp;&nbsp; 22124014 | &nbsp;&nbsp;&nbsp; 1135743 | &nbsp;&nbsp;&nbsp; 18046967 |
| Shares redeemed | + | (3285806)<br>| &nbsp;&nbsp;&nbsp; (56839359)<br>| &nbsp;&nbsp;&nbsp; (4537465)<br>| &nbsp;&nbsp;&nbsp; (75583306)<br>|
| **Net transactions in fund shares**  |  | **43463** | &nbsp;&nbsp;&nbsp; **$557069** | &nbsp;&nbsp;&nbsp; **71186** | &nbsp;&nbsp;&nbsp; **$203420** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 34474788 | &nbsp;&nbsp;&nbsp; $607476271 | &nbsp;&nbsp;&nbsp; 34403602 | &nbsp;&nbsp;&nbsp; $498614462 |
| Total increase (decrease) | + | 43463 | &nbsp;&nbsp;&nbsp; (16388855)<br>| &nbsp;&nbsp;&nbsp; 71186 | &nbsp;&nbsp;&nbsp; 108861809 |
| **End of period** |  | **34518251** | &nbsp;&nbsp;&nbsp; **$591087416** | &nbsp;&nbsp;&nbsp; **34474788** | &nbsp;&nbsp;&nbsp; **$607476271** |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**37**

------

Schwab Target 2040 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $18.74 | &nbsp;&nbsp; $15.26 | &nbsp;&nbsp; $15.33 | &nbsp;&nbsp; $20.52 | &nbsp;&nbsp; $16.24 | &nbsp;&nbsp; $16.61 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.26 | 0.36 | 0.30 | 0.26 | 0.20 | 0.32 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.11)<br>| 3.76 | 0.84 | &nbsp;&nbsp; (4.10)<br>| 4.68 | 0.56 |
| Total from investment operations | 0.15 | 4.12 | 1.14 | &nbsp;&nbsp; (3.84)<br>| 4.88 | 0.88 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.35)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.90)<br>|
| Total distributions | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (1.25)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $17.99 | &nbsp;&nbsp; $18.74 | &nbsp;&nbsp; $15.26 | &nbsp;&nbsp; $15.33 | &nbsp;&nbsp; $20.52 | &nbsp;&nbsp; $16.24 |
| Total return | 0.79 %<sup>2</sup><br>| 27.49<br> %<br>| 7.79<br> %<br>| &nbsp;&nbsp; (20.10<br> %)<br>| 30.57<br> %<br>| 5.31<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| 0.00 %<sup>4</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>5</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>|
| Total expenses<sup>3</sup> <br>| 0.01 %<sup>4</sup><br>| 0.01<br> %<br>| 0.01<br> %<br>| 0.02 %<sup>5</sup><br>| 0.01<br> %<br>| 0.02<br> %<br>|
| Net investment income (loss) | 2.90 %<sup>4</sup><br>| 2.02<br> %<br>| 1.90<br> %<br>| 1.49<br> %<br>| 1.05<br> %<br>| 2.01<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 10 %<sup>2</sup><br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 9<br> %<br>| &nbsp;&nbsp; 10<br> %<br>| &nbsp;&nbsp; 14<br> %<br>| &nbsp;&nbsp; 10<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $1160813 | &nbsp;&nbsp; $1182019 | &nbsp;&nbsp; $981571 | &nbsp;&nbsp; $959722 | &nbsp;&nbsp; $1235538 | &nbsp;&nbsp; $985325 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>4</sup> Annualized.

<sup>5</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**38**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2040 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 76.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.9% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 76.9% OF NET ASSETS |
| **U.S. Stocks 39.9%** | **U.S. Stocks 39.9%** | **U.S. Stocks 39.9%** | **U.S. Stocks 39.9%** | **U.S. Stocks 39.9%** | **U.S. Stocks 39.9%** | **U.S. Stocks 39.9%** | **U.S. Stocks 39.9%** | **U.S. Stocks 39.9%** |
| **Large-Cap 34.5%** | **Large-Cap 34.5%** | **Large-Cap 34.5%** | **Large-Cap 34.5%** | **Large-Cap 34.5%** | **Large-Cap 34.5%** | **Large-Cap 34.5%** | **Large-Cap 34.5%** | **Large-Cap 34.5%** |
| Schwab Core Equity Fund  | $48966709 | $3837959 | ($3374870)<br>| $371492 | ($5269501)<br>| $44531789 | 2026936 | $3837959 |
| Schwab Fundamental U.S. Large <br> Company Index Fund <br>| 56229204 | 992643 | (1822459)<br>| 170945 | (2441339)<br>| 53128994 | 1967741 | 992643 |
| Schwab S&P 500 Index Fund  | 231362713 | 2887703 | (10418931)<br>| 5110964 | (11342111)<br>| 217600338 | 2535543 | 2887703 |
| Schwab Select Large Cap Growth <br> Fund \*<br>| 67640982 | 27543833 |  |  | (9867155)<br>| 85317660 | 3602942 | 5308481 |
|  |  |  |  |  |  | 400578781 |  |  |
| **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** | **Mid-Cap 1.7%** |
| Schwab U.S. Mid-Cap Index Fund  | 22141395 | 544883 | (2088976)<br>| 216782 | (1299464)<br>| 19514620 | 307365 | 544883 |
| **Small-Cap 3.7%** | **Small-Cap 3.7%** | **Small-Cap 3.7%** | **Small-Cap 3.7%** | **Small-Cap 3.7%** | **Small-Cap 3.7%** | **Small-Cap 3.7%** | **Small-Cap 3.7%** | **Small-Cap 3.7%** |
| Schwab Small-Cap Equity Fund  | 48463006 | 6075509 |  |  | (11130547)<br>| 43407968 | 2517864 | 6075509 |
|  |  |  |  |  |  | 463501369 |  |  |
| **International Stocks 22.4%** | **International Stocks 22.4%** | **International Stocks 22.4%** | **International Stocks 22.4%** | **International Stocks 22.4%** | **International Stocks 22.4%** | **International Stocks 22.4%** | **International Stocks 22.4%** | **International Stocks 22.4%** |
| **Developed Markets 22.4%** | **Developed Markets 22.4%** | **Developed Markets 22.4%** | **Developed Markets 22.4%** | **Developed Markets 22.4%** | **Developed Markets 22.4%** | **Developed Markets 22.4%** | **Developed Markets 22.4%** | **Developed Markets 22.4%** |
| Schwab Fundamental International <br> Equity Index Fund <br>| 12142153 | 408746 |  |  | 622437 | 13173336 | 1132703 | 408746 |
| Schwab International Core Equity Fund  | 97461467 | 2433309 | (2200000)<br>| 50742 | 8016302 | 105761820 | 8091953 | 2433309 |
| Schwab International Opportunities <br> Fund <br>| 132737060 | 2581816 |  |  | 5348565 | 140667441 | 6524464 | 2581816 |
|  |  |  |  |  |  | 259602597 |  |  |
| **Real Estate 4.8%** | **Real Estate 4.8%** | **Real Estate 4.8%** | **Real Estate 4.8%** | **Real Estate 4.8%** | **Real Estate 4.8%** | **Real Estate 4.8%** | **Real Estate 4.8%** | **Real Estate 4.8%** |
| **Global Real Estate 4.8%** | **Global Real Estate 4.8%** | **Global Real Estate 4.8%** | **Global Real Estate 4.8%** | **Global Real Estate 4.8%** | **Global Real Estate 4.8%** | **Global Real Estate 4.8%** | **Global Real Estate 4.8%** | **Global Real Estate 4.8%** |
| Schwab Global Real Estate Fund  | 61869771 | 914753 | (4750000)<br>| (1180427)<br>| (897175)<br>| 55956922 | 8798258 | 914753 |
| **Fixed Income 9.4%** | **Fixed Income 9.4%** | **Fixed Income 9.4%** | **Fixed Income 9.4%** | **Fixed Income 9.4%** | **Fixed Income 9.4%** | **Fixed Income 9.4%** | **Fixed Income 9.4%** | **Fixed Income 9.4%** |
| **Intermediate-Term Bond 7.3%** | **Intermediate-Term Bond 7.3%** | **Intermediate-Term Bond 7.3%** | **Intermediate-Term Bond 7.3%** | **Intermediate-Term Bond 7.3%** | **Intermediate-Term Bond 7.3%** | **Intermediate-Term Bond 7.3%** | **Intermediate-Term Bond 7.3%** | **Intermediate-Term Bond 7.3%** |
| Schwab U.S. Aggregate Bond Index <br> Fund <br>| 78124977 | 5517701 |  |  | 485962 | 84128640 | 9410362 | 1628561 |
| **Short-Term Bond 2.1%** | **Short-Term Bond 2.1%** | **Short-Term Bond 2.1%** | **Short-Term Bond 2.1%** | **Short-Term Bond 2.1%** | **Short-Term Bond 2.1%** | **Short-Term Bond 2.1%** | **Short-Term Bond 2.1%** | **Short-Term Bond 2.1%** |
| Schwab Short-Term Bond Index Fund  | 23103693 | 3089500 | (1800000)<br>| (73877)<br>| 364412 | 24683728 | 2549972 | 496609 |
|  |  |  |  |  |  | 108812368 |  |  |
| **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** | **Money Market Funds 0.4%** |
| Schwab Government Money Fund, Ultra <br> Shares, 4.21% <sup>(b)</sup> <br>| 5028399 | 110201 |  |  |  | 5138600 | 5138600 | 109052 |
| **Total Affiliated Underlying Funds** <br>**(Cost $619,829,315)**<br>| **$885271529** | **$56938556** | **($26455236)**<br>| **$4666621** | **($27409614)**<br>| **$893011856** |  | **$28220024** |
| **UNAFFILIATED UNDERLYING FUNDS** 22.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 22.6% OF NET ASSETS |
| **U.S. Stocks 8.2%** | **U.S. Stocks 8.2%** | **U.S. Stocks 8.2%** | **U.S. Stocks 8.2%** | **U.S. Stocks 8.2%** | **U.S. Stocks 8.2%** | **U.S. Stocks 8.2%** | **U.S. Stocks 8.2%** | **U.S. Stocks 8.2%** |
| **Large-Cap 7.3%** | **Large-Cap 7.3%** | **Large-Cap 7.3%** | **Large-Cap 7.3%** | **Large-Cap 7.3%** | **Large-Cap 7.3%** | **Large-Cap 7.3%** | **Large-Cap 7.3%** | **Large-Cap 7.3%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $62272876 | 246060 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 21829957 | 334559 |  |
|  |  |  |  |  |  | 84102833 |  |  |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**39**

------

Schwab Target 2040 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **Small-Cap 0.9%** | **Small-Cap 0.9%** | **Small-Cap 0.9%** | **Small-Cap 0.9%** | **Small-Cap 0.9%** | **Small-Cap 0.9%** | **Small-Cap 0.9%** | **Small-Cap 0.9%** | **Small-Cap 0.9%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | $10894823 | 549688 |  |
|  |  |  |  |  |  | 94997656 |  |  |
| **International Stocks 2.8%** | **International Stocks 2.8%** | **International Stocks 2.8%** | **International Stocks 2.8%** | **International Stocks 2.8%** | **International Stocks 2.8%** | **International Stocks 2.8%** | **International Stocks 2.8%** | **International Stocks 2.8%** |
| **Emerging Markets 2.8%** | **Emerging Markets 2.8%** | **Emerging Markets 2.8%** | **Emerging Markets 2.8%** | **Emerging Markets 2.8%** | **Emerging Markets 2.8%** | **Emerging Markets 2.8%** | **Emerging Markets 2.8%** | **Emerging Markets 2.8%** |
| Goldman Sachs Emerging Markets <br> Equity Insights Fund, Institutional <br> Class <br>|  |  |  |  |  | 32646708 | 3668169 |  |
| **Fixed Income 11.6%** | **Fixed Income 11.6%** | **Fixed Income 11.6%** | **Fixed Income 11.6%** | **Fixed Income 11.6%** | **Fixed Income 11.6%** | **Fixed Income 11.6%** | **Fixed Income 11.6%** | **Fixed Income 11.6%** |
| **Intermediate-Term Bond 8.4%** | **Intermediate-Term Bond 8.4%** | **Intermediate-Term Bond 8.4%** | **Intermediate-Term Bond 8.4%** | **Intermediate-Term Bond 8.4%** | **Intermediate-Term Bond 8.4%** | **Intermediate-Term Bond 8.4%** | **Intermediate-Term Bond 8.4%** | **Intermediate-Term Bond 8.4%** |
| Allspring Core Plus Bond Fund, <br> Class R6 <br>|  |  |  |  |  | 17956021 | 1600358 |  |
| Baird Aggregate Bond Fund, <br> Institutional Class <br>|  |  |  |  |  | 39276924 | 3995618 |  |
| Loomis Sayles Investment Grade Bond <br> Fund, Class Y <br>|  |  |  |  |  | 40305115 | 4121177 |  |
|  |  |  |  |  |  | 97538060 |  |  |
| **International Bond 3.2%** | **International Bond 3.2%** | **International Bond 3.2%** | **International Bond 3.2%** | **International Bond 3.2%** | **International Bond 3.2%** | **International Bond 3.2%** | **International Bond 3.2%** | **International Bond 3.2%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional <br> Class <br>|  |  |  |  |  | 36680167 | 3701329 |  |
|  |  |  |  |  |  | 134218227 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $256,531,020)**<br>|  |  |  |  |  | **$261862591** |  |  |
| **Total Investments in Securities** <br>**(Cost $876,360,335)**<br>|  |  |  |  |  | **$1154874447** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

At April 30, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional information).

*See financial notes*

**40**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2040 Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $619,829,315)  |  | $893011856 |
| Investments in securities, at value - unaffiliated issuers (cost $256,531,020) |  | 261862591 |
| Cash |  | 3891607 |
| Receivables: |  |  |
| Investments sold |  | 2200000 |
| Dividends |  | 513059 |
| Fund shares sold |  | 183407 |
| Due from investment adviser |  | 9921 |
| Prepaid expenses | + | 9380 |
| **Total assets** |  | **1161681821** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 503588 |
| Fund shares redeemed |  | 312602 |
| Accrued expenses | + | 52555 |
| **Total liabilities** |  | **868745** |
| **Net assets** |  | **$1160813076** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $840299730 |
| Total distributable earnings | + | 320513346 |
| **Net assets** |  | **$1160813076** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $1160813076 |  | &nbsp;&nbsp;&nbsp;&nbsp; 64540123 |  | &nbsp;&nbsp;&nbsp;&nbsp; $17.99 |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**41**

------

Schwab Target 2040 Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $13095456 |
| Dividends received from securities - unaffiliated issuers  |  | 3846102 |
| Other Interest | + | 55552 |
| **Total investment income**  |  | **16997110** |
| **Expenses** | **Expenses** | **Expenses** |
| Registration fees |  | 15136 |
| Shareholder reports |  | 14114 |
| Portfolio accounting fees |  | 12891 |
| Professional fees |  | 12567 |
| Independent trustees' fees |  | 4006 |
| Transfer agent fees  |  | 1452 |
| Other expenses | + | 4021 |
| **Total expenses** |  | **64187** |
| Expense reduction | – | 64187 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **16997110** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 15124568 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 7251639 |
| Net realized gains on sales of securities - affiliated issuers  |  | 4666621 |
| Net realized gains on sales of securities - unaffiliated issuers  | + | 23204199 |
| **Net realized gains** |  | **50247027** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (27409614)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | (30845510)<br>|
| **Net change in unrealized appreciation (depreciation)** | **+** | **(58255124)**<br>|
| **Net realized and unrealized losses** |  | **(8008097)**<br>|
| **Increase in net assets resulting from operations** |  | **$8989013** |

---

*See financial notes*

**42**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2040 Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $16997110 | &nbsp;&nbsp;&nbsp; $22982196 |
| Net realized gains |  | 50247027 | &nbsp;&nbsp;&nbsp; 31609173 |
| Net change in unrealized appreciation (depreciation) | + | (58255124)<br>| &nbsp;&nbsp;&nbsp; 210600293 |
| **Increase in net assets resulting from operations** |  | **$8989013** | &nbsp;&nbsp;&nbsp; **$265191662** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($56442806)**<br>| &nbsp;&nbsp;&nbsp; **($40800665)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 2557181 | &nbsp;&nbsp;&nbsp; $47038155 | &nbsp;&nbsp;&nbsp; 5669372 | &nbsp;&nbsp;&nbsp; $99990935 |
| Shares reinvested |  | 3042614 | &nbsp;&nbsp;&nbsp; 54706191 | &nbsp;&nbsp;&nbsp; 2371619 | &nbsp;&nbsp;&nbsp; 39724621 |
| Shares redeemed | + | (4138724)<br>| &nbsp;&nbsp;&nbsp; (75496606)<br>| &nbsp;&nbsp;&nbsp; (9305398)<br>| &nbsp;&nbsp;&nbsp; (163658175)<br>|
| **Net transactions in fund shares**  |  | **1461071** | &nbsp;&nbsp;&nbsp; **$26247740** | &nbsp;&nbsp;&nbsp; **(1264407)**<br>| &nbsp;&nbsp;&nbsp; **($23942619)**<br>|
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 63079052 | &nbsp;&nbsp;&nbsp; $1182019129 | &nbsp;&nbsp;&nbsp; 64343459 | &nbsp;&nbsp;&nbsp; $981570751 |
| Total increase (decrease) | + | 1461071 | &nbsp;&nbsp;&nbsp; (21206053)<br>| &nbsp;&nbsp;&nbsp; (1264407)<br>| &nbsp;&nbsp;&nbsp; 200448378 |
| **End of period** |  | **64540123** | &nbsp;&nbsp;&nbsp; **$1160813076** | &nbsp;&nbsp;&nbsp; **63079052** | &nbsp;&nbsp;&nbsp; **$1182019129** |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**43**

------

Schwab Target 2045 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $17.00 | &nbsp;&nbsp; $13.59 | &nbsp;&nbsp; $13.54 | &nbsp;&nbsp; $17.97 | &nbsp;&nbsp; $13.83 | &nbsp;&nbsp; $13.88 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.23 | 0.29 | 0.24 | 0.22 | 0.16 | 0.25 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.13)<br>| 3.57 | 0.83 | &nbsp;&nbsp; (3.76)<br>| 4.36 | 0.46 |
| Total from investment operations | 0.10 | 3.86 | 1.07 | &nbsp;&nbsp; (3.54)<br>| 4.52 | 0.71 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.28)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.48)<br>|
| Total distributions | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.76)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $16.58 | &nbsp;&nbsp; $17.00 | &nbsp;&nbsp; $13.59 | &nbsp;&nbsp; $13.54 | &nbsp;&nbsp; $17.97 | &nbsp;&nbsp; $13.83 |
| Total return | 0.59 %<sup>2</sup><br>| 28.81<br> %<br>| 8.24<br> %<br>| &nbsp;&nbsp; (20.76<br> %)<br>| 33.13<br> %<br>| 5.10<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| 0.00 %<sup>4</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>5</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>|
| Total expenses<sup>3</sup> <br>| 0.03 %<sup>4</sup><br>| 0.03<br> %<br>| 0.04<br> %<br>| 0.05 %<sup>5</sup><br>| 0.04<br> %<br>| 0.05<br> %<br>|
| Net investment income (loss) | 2.75 %<sup>4</sup><br>| 1.84<br> %<br>| 1.73<br> %<br>| 1.46<br> %<br>| 0.96<br> %<br>| 1.87<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 7 %<sup>2</sup><br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 12<br> %<br>| &nbsp;&nbsp; 6<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $309393 | &nbsp;&nbsp; $304518 | &nbsp;&nbsp; $234114 | &nbsp;&nbsp; $206203 | &nbsp;&nbsp; $252294 | &nbsp;&nbsp; $177992 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>4</sup> Annualized.

<sup>5</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**44**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2045 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 78.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 78.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 78.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 78.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 78.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 78.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 78.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 78.3% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 78.3% OF NET ASSETS |
| **U.S. Stocks 42.5%** | **U.S. Stocks 42.5%** | **U.S. Stocks 42.5%** | **U.S. Stocks 42.5%** | **U.S. Stocks 42.5%** | **U.S. Stocks 42.5%** | **U.S. Stocks 42.5%** | **U.S. Stocks 42.5%** | **U.S. Stocks 42.5%** |
| **Large-Cap 36.4%** | **Large-Cap 36.4%** | **Large-Cap 36.4%** | **Large-Cap 36.4%** | **Large-Cap 36.4%** | **Large-Cap 36.4%** | **Large-Cap 36.4%** | **Large-Cap 36.4%** | **Large-Cap 36.4%** |
| Schwab Core Equity Fund  | $13268133 | $1060744 | ($300000)<br>| ($1884)<br>| ($1391324)<br>| $12635669 | 575133 | $1060744 |
| Schwab Fundamental U.S. Large <br> Company Index Fund <br>| 15157387 | 267581 |  |  | (645740)<br>| 14779228 | 547379 | 267581 |
| Schwab S&P 500 Index Fund  | 61793801 | 773100 | (1430000)<br>| 131428 | (1934718)<br>| 59333611 | 691373 | 773100 |
| Schwab Select Large Cap Growth Fund \* | 21502618 | 7137725 |  |  | (2814569)<br>| 25825774 | 1090615 | 1687531 |
|  |  |  |  |  |  | 112574282 |  |  |
| **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** |
| Schwab U.S. Mid-Cap Index Fund  | 5746924 | 147557 |  |  | (339483)<br>| 5554998 | 87494 | 147557 |
| **Small-Cap 4.3%** | **Small-Cap 4.3%** | **Small-Cap 4.3%** | **Small-Cap 4.3%** | **Small-Cap 4.3%** | **Small-Cap 4.3%** | **Small-Cap 4.3%** | **Small-Cap 4.3%** | **Small-Cap 4.3%** |
| Schwab Small-Cap Equity Fund  | 14420808 | 2309705 |  |  | (3443393)<br>| 13287120 | 770715 | 1859704 |
|  |  |  |  |  |  | 131416400 |  |  |
| **International Stocks 24.5%** | **International Stocks 24.5%** | **International Stocks 24.5%** | **International Stocks 24.5%** | **International Stocks 24.5%** | **International Stocks 24.5%** | **International Stocks 24.5%** | **International Stocks 24.5%** | **International Stocks 24.5%** |
| **Developed Markets 24.5%** | **Developed Markets 24.5%** | **Developed Markets 24.5%** | **Developed Markets 24.5%** | **Developed Markets 24.5%** | **Developed Markets 24.5%** | **Developed Markets 24.5%** | **Developed Markets 24.5%** | **Developed Markets 24.5%** |
| Schwab Fundamental International <br> Equity Index Fund <br>| 3366484 | 113328 |  |  | 172574 | 3652386 | 314049 | 113328 |
| Schwab International Core Equity Fund  | 27580120 | 996218 |  |  | 2361930 | 30938268 | 2367121 | 696218 |
| Schwab International Opportunities Fund  | 37397553 | 2292098 |  |  | 1578857 | 41268508 | 1914124 | 742099 |
|  |  |  |  |  |  | 75859162 |  |  |
| **Real Estate 5.1%** | **Real Estate 5.1%** | **Real Estate 5.1%** | **Real Estate 5.1%** | **Real Estate 5.1%** | **Real Estate 5.1%** | **Real Estate 5.1%** | **Real Estate 5.1%** | **Real Estate 5.1%** |
| **Global Real Estate 5.1%** | **Global Real Estate 5.1%** | **Global Real Estate 5.1%** | **Global Real Estate 5.1%** | **Global Real Estate 5.1%** | **Global Real Estate 5.1%** | **Global Real Estate 5.1%** | **Global Real Estate 5.1%** | **Global Real Estate 5.1%** |
| Schwab Global Real Estate Fund  | 17290906 | 256462 | (1260000)<br>| (295958)<br>| (266299)<br>| 15725111 | 2472502 | 256462 |
| **Fixed Income 6.0%** | **Fixed Income 6.0%** | **Fixed Income 6.0%** | **Fixed Income 6.0%** | **Fixed Income 6.0%** | **Fixed Income 6.0%** | **Fixed Income 6.0%** | **Fixed Income 6.0%** | **Fixed Income 6.0%** |
| **Intermediate-Term Bond 4.7%** | **Intermediate-Term Bond 4.7%** | **Intermediate-Term Bond 4.7%** | **Intermediate-Term Bond 4.7%** | **Intermediate-Term Bond 4.7%** | **Intermediate-Term Bond 4.7%** | **Intermediate-Term Bond 4.7%** | **Intermediate-Term Bond 4.7%** | **Intermediate-Term Bond 4.7%** |
| Schwab U.S. Aggregate Bond Index Fund  | 12593281 | 1871853 |  |  | 106215 | 14571349 | 1629905 | 271853 |
| **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** | **Short-Term Bond 1.3%** |
| Schwab Short-Term Bond Index Fund  | 3682256 | 793153 | (400000)<br>| (24626)<br>| 78111 | 4128894 | 426539 | 83154 |
|  |  |  |  |  |  | 18700243 |  |  |
| **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** | **Money Market Funds 0.2%** |
| Schwab Government Money Fund, Ultra <br> Shares, 4.21% <sup>(b)</sup> <br>| 657928 | 14419 |  |  |  | 672347 | 672347 | 14269 |
| **Total Affiliated Underlying Funds** <br>**(Cost $194,930,026)**<br>| **$234458199** | **$18033943** | **($3390000)**<br>| **($191040)**<br>| **($6537839)**<br>| **$242373263** |  | **$7973600** |
| **UNAFFILIATED UNDERLYING FUNDS** 21.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 21.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 21.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 21.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 21.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 21.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 21.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 21.1% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 21.1% OF NET ASSETS |
| **U.S. Stocks 9.4%** | **U.S. Stocks 9.4%** | **U.S. Stocks 9.4%** | **U.S. Stocks 9.4%** | **U.S. Stocks 9.4%** | **U.S. Stocks 9.4%** | **U.S. Stocks 9.4%** | **U.S. Stocks 9.4%** | **U.S. Stocks 9.4%** |
| **Large-Cap 8.2%** | **Large-Cap 8.2%** | **Large-Cap 8.2%** | **Large-Cap 8.2%** | **Large-Cap 8.2%** | **Large-Cap 8.2%** | **Large-Cap 8.2%** | **Large-Cap 8.2%** | **Large-Cap 8.2%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $18571253 | 73381 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 6660452 | 102076 |  |
|  |  |  |  |  |  | 25231705 |  |  |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**45**

------

Schwab Target 2045 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** | **Small-Cap 1.2%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | $3686276 | 185988 |  |
|  |  |  |  |  |  | 28917981 |  |  |
| **International Stocks 3.6%** | **International Stocks 3.6%** | **International Stocks 3.6%** | **International Stocks 3.6%** | **International Stocks 3.6%** | **International Stocks 3.6%** | **International Stocks 3.6%** | **International Stocks 3.6%** | **International Stocks 3.6%** |
| **Emerging Markets 3.6%** | **Emerging Markets 3.6%** | **Emerging Markets 3.6%** | **Emerging Markets 3.6%** | **Emerging Markets 3.6%** | **Emerging Markets 3.6%** | **Emerging Markets 3.6%** | **Emerging Markets 3.6%** | **Emerging Markets 3.6%** |
| Goldman Sachs Emerging Markets Equity <br> Insights Fund, Institutional Class <br>|  |  |  |  |  | 11238365 | 1262738 |  |
| **Fixed Income 8.1%** | **Fixed Income 8.1%** | **Fixed Income 8.1%** | **Fixed Income 8.1%** | **Fixed Income 8.1%** | **Fixed Income 8.1%** | **Fixed Income 8.1%** | **Fixed Income 8.1%** | **Fixed Income 8.1%** |
| **Intermediate-Term Bond 5.9%** | **Intermediate-Term Bond 5.9%** | **Intermediate-Term Bond 5.9%** | **Intermediate-Term Bond 5.9%** | **Intermediate-Term Bond 5.9%** | **Intermediate-Term Bond 5.9%** | **Intermediate-Term Bond 5.9%** | **Intermediate-Term Bond 5.9%** | **Intermediate-Term Bond 5.9%** |
| Allspring Core Plus Bond Fund, Class R6  |  |  |  |  |  | 1835866 | 163624 |  |
| Baird Aggregate Bond Fund, Institutional <br> Class <br>|  |  |  |  |  | 6507050 | 661958 |  |
| Loomis Sayles Investment Grade Bond <br> Fund, Class Y <br>|  |  |  |  |  | 9991874 | 1021664 |  |
|  |  |  |  |  |  | 18334790 |  |  |
| **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** | **International Bond 2.2%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional <br> Class <br>|  |  |  |  |  | 6800121 | 686188 |  |
|  |  |  |  |  |  | 25134911 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $64,099,015)**<br>|  |  |  |  |  | **$65291257** |  |  |
| **Total Investments in Securities** <br>**(Cost $259,029,041)**<br>|  |  |  |  |  | **$307664520** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

At April 30, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional information).

*See financial notes*

**46**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2045 Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $194,930,026)  |  | $242373263 |
| Investments in securities, at value - unaffiliated issuers (cost $64,099,015) |  | 65291257 |
| Cash |  | 1289501 |
| Receivables: |  |  |
| Investments sold |  | 400000 |
| Dividends |  | 90000 |
| Fund shares sold |  | 60968 |
| Due from investment adviser |  | 8051 |
| Prepaid expenses | + | 17610 |
| **Total assets** |  | **309530650** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 88761 |
| Fund shares redeemed |  | 24627 |
| Accrued expenses | + | 24461 |
| **Total liabilities** |  | **137849** |
| **Net assets** |  | **$309392801** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $250341597 |
| Total distributable earnings | + | 59051204 |
| **Net assets** |  | **$309392801** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $309392801 |  | &nbsp;&nbsp;&nbsp;&nbsp; 18666106 |  | &nbsp;&nbsp;&nbsp;&nbsp; $16.58 |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**47**

------

Schwab Target 2045 Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $3397394 |
| Dividends received from securities - unaffiliated issuers  |  | 813189 |
| Other Interest | + | 20923 |
| **Total investment income**  |  | **4231506** |
| **Expenses** | **Expenses** | **Expenses** |
| Registration fees |  | 13498 |
| Professional fees |  | 12121 |
| Portfolio accounting fees |  | 10599 |
| Shareholder reports |  | 4578 |
| Independent trustees' fees |  | 3293 |
| Transfer agent fees  |  | 1818 |
| Other expenses | + | 1790 |
| **Total expenses** |  | **47697** |
| Expense reduction | – | 47697 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **4231506** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 4576206 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 1940010 |
| Net realized losses on sales of securities - affiliated issuers  |  | (191040)<br>|
| Net realized gains on sales of securities - unaffiliated issuers  | + | 5246073 |
| **Net realized gains** |  | **11571249** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (6537839)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | (7614480)<br>|
| **Net change in unrealized appreciation (depreciation)** | **+** | **(14152319)**<br>|
| **Net realized and unrealized losses** |  | **(2581070)**<br>|
| **Increase in net assets resulting from operations** |  | **$1650436** |

---

*See financial notes*

**48**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2045 Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $4231506 | &nbsp;&nbsp;&nbsp; $5181342 |
| Net realized gains |  | 11571249 | &nbsp;&nbsp;&nbsp; 3235172 |
| Net change in unrealized appreciation (depreciation) | + | (14152319)<br>| &nbsp;&nbsp;&nbsp; 58732167 |
| **Increase in net assets resulting from operations** |  | **$1650436** | &nbsp;&nbsp;&nbsp; **$67148681** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($9372604)**<br>| &nbsp;&nbsp;&nbsp; **($7761646)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 1505492 | &nbsp;&nbsp;&nbsp; $25430013 | &nbsp;&nbsp;&nbsp; 2745975 | &nbsp;&nbsp;&nbsp; $43669860 |
| Shares reinvested |  | 550757 | &nbsp;&nbsp;&nbsp; 9148086 | &nbsp;&nbsp;&nbsp; 502206 | &nbsp;&nbsp;&nbsp; 7593347 |
| Shares redeemed | + | (1302026)<br>| &nbsp;&nbsp;&nbsp; (21980996)<br>| &nbsp;&nbsp;&nbsp; (2563008)<br>| &nbsp;&nbsp;&nbsp; (40246233)<br>|
| **Net transactions in fund shares**  |  | **754223** | &nbsp;&nbsp;&nbsp; **$12597103** | &nbsp;&nbsp;&nbsp; **685173** | &nbsp;&nbsp;&nbsp; **$11016974** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 17911883 | &nbsp;&nbsp;&nbsp; $304517866 | &nbsp;&nbsp;&nbsp; 17226710 | &nbsp;&nbsp;&nbsp; $234113857 |
| Total increase | + | 754223 | &nbsp;&nbsp;&nbsp; 4874935 | &nbsp;&nbsp;&nbsp; 685173 | &nbsp;&nbsp;&nbsp; 70404009 |
| **End of period** |  | **18666106** | &nbsp;&nbsp;&nbsp; **$309392801** | &nbsp;&nbsp;&nbsp; **17911883** | &nbsp;&nbsp;&nbsp; **$304517866** |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**49**

------

Schwab Target 2050 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $17.31 | &nbsp;&nbsp; $13.79 | &nbsp;&nbsp; $13.74 | &nbsp;&nbsp; $18.48 | &nbsp;&nbsp; $14.03 | &nbsp;&nbsp; $14.03 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.22 | 0.28 | 0.24 | 0.22 | 0.16 | 0.25 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.15)<br>| 3.76 | 0.89 | &nbsp;&nbsp; (3.90)<br>| 4.66 | 0.45 |
| Total from investment operations | 0.07 | 4.04 | 1.13 | &nbsp;&nbsp; (3.68)<br>| 4.82 | 0.70 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.27)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.43)<br>|
| Total distributions | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.70)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $16.82 | &nbsp;&nbsp; $17.31 | &nbsp;&nbsp; $13.79 | &nbsp;&nbsp; $13.74 | &nbsp;&nbsp; $18.48 | &nbsp;&nbsp; $14.03 |
| Total return | 0.40 %<sup>2</sup><br>| 29.76<br> %<br>| 8.62<br> %<br>| &nbsp;&nbsp; (21.22<br> %)<br>| 34.83<br> %<br>| 4.96<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| 0.00 %<sup>4</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>5</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>|
| Total expenses<sup>3</sup> <br>| 0.03 %<sup>4</sup><br>| 0.03<br> %<br>| 0.04<br> %<br>| 0.05 %<sup>5</sup><br>| 0.04<br> %<br>| 0.06<br> %<br>|
| Net investment income (loss) | 2.63 %<sup>4</sup><br>| 1.71<br> %<br>| 1.66<br> %<br>| 1.44<br> %<br>| 0.93<br> %<br>| 1.83<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 7 %<sup>2</sup><br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 5<br> %<br>| &nbsp;&nbsp; 6<br> %<br>| &nbsp;&nbsp; 19<br> %<br>| &nbsp;&nbsp; 5<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $316062 | &nbsp;&nbsp; $314584 | &nbsp;&nbsp; $235323 | &nbsp;&nbsp; $203896 | &nbsp;&nbsp; $245059 | &nbsp;&nbsp; $181391 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>4</sup> Annualized.

<sup>5</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**50**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2050 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 79.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 79.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 79.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 79.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 79.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 79.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 79.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 79.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 79.8% OF NET ASSETS |
| **U.S. Stocks 44.2%** | **U.S. Stocks 44.2%** | **U.S. Stocks 44.2%** | **U.S. Stocks 44.2%** | **U.S. Stocks 44.2%** | **U.S. Stocks 44.2%** | **U.S. Stocks 44.2%** | **U.S. Stocks 44.2%** | **U.S. Stocks 44.2%** |
| **Large-Cap 37.8%** | **Large-Cap 37.8%** | **Large-Cap 37.8%** | **Large-Cap 37.8%** | **Large-Cap 37.8%** | **Large-Cap 37.8%** | **Large-Cap 37.8%** | **Large-Cap 37.8%** | **Large-Cap 37.8%** |
| Schwab Core Equity Fund  | $14668054 | $1172663 | ($648819)<br>| ($4076)<br>| ($1510762)<br>| $13677060 | 622533 | $1172663 |
| Schwab Fundamental U.S. Large <br> Company Index Fund <br>| 17051778 | 301024 |  |  | (726446)<br>| 16626356 | 615791 | 301024 |
| Schwab S&P 500 Index Fund  | 63409731 | 795993 | (461765)<br>| (249)<br>| (1875866)<br>| 61867844 | 720902 | 795993 |
| Schwab Select Large Cap Growth Fund \* | 28345751 | 2224581 |  |  | (3114561)<br>| 27455771 | 1159450 | 2224581 |
|  |  |  |  |  |  | 119627031 |  |  |
| **Mid-Cap 1.9%** | **Mid-Cap 1.9%** | **Mid-Cap 1.9%** | **Mid-Cap 1.9%** | **Mid-Cap 1.9%** | **Mid-Cap 1.9%** | **Mid-Cap 1.9%** | **Mid-Cap 1.9%** | **Mid-Cap 1.9%** |
| Schwab U.S. Mid-Cap Index Fund  | 6105640 | 156768 |  |  | (360674)<br>| 5901734 | 92955 | 156768 |
| **Small-Cap 4.5%** | **Small-Cap 4.5%** | **Small-Cap 4.5%** | **Small-Cap 4.5%** | **Small-Cap 4.5%** | **Small-Cap 4.5%** | **Small-Cap 4.5%** | **Small-Cap 4.5%** | **Small-Cap 4.5%** |
| Schwab Small-Cap Equity Fund  | 15906186 | 1994061 |  |  | (3653190)<br>| 14247057 | 826395 | 1994061 |
|  |  |  |  |  |  | 139775822 |  |  |
| **International Stocks 26.1%** | **International Stocks 26.1%** | **International Stocks 26.1%** | **International Stocks 26.1%** | **International Stocks 26.1%** | **International Stocks 26.1%** | **International Stocks 26.1%** | **International Stocks 26.1%** | **International Stocks 26.1%** |
| **Developed Markets 26.1%** | **Developed Markets 26.1%** | **Developed Markets 26.1%** | **Developed Markets 26.1%** | **Developed Markets 26.1%** | **Developed Markets 26.1%** | **Developed Markets 26.1%** | **Developed Markets 26.1%** | **Developed Markets 26.1%** |
| Schwab Fundamental International <br> Equity Index Fund <br>| 3463149 | 594091 |  |  | 215659 | 4272899 | 367403 | 116581 |
| Schwab International Core Equity Fund  | 29682211 | 1192117 |  |  | 2543036 | 33417364 | 2556799 | 741072 |
| Schwab International Opportunities Fund  | 40462814 | 2597259 |  |  | 1775884 | 44835957 | 2079590 | 787026 |
|  |  |  |  |  |  | 82526220 |  |  |
| **Real Estate 5.5%** | **Real Estate 5.5%** | **Real Estate 5.5%** | **Real Estate 5.5%** | **Real Estate 5.5%** | **Real Estate 5.5%** | **Real Estate 5.5%** | **Real Estate 5.5%** | **Real Estate 5.5%** |
| **Global Real Estate 5.5%** | **Global Real Estate 5.5%** | **Global Real Estate 5.5%** | **Global Real Estate 5.5%** | **Global Real Estate 5.5%** | **Global Real Estate 5.5%** | **Global Real Estate 5.5%** | **Global Real Estate 5.5%** | **Global Real Estate 5.5%** |
| Schwab Global Real Estate Fund  | 18804449 | 282516 | (981422)<br>| (238321)<br>| (381778)<br>| 17485444 | 2749284 | 282517 |
| **Fixed Income 3.9%** | **Fixed Income 3.9%** | **Fixed Income 3.9%** | **Fixed Income 3.9%** | **Fixed Income 3.9%** | **Fixed Income 3.9%** | **Fixed Income 3.9%** | **Fixed Income 3.9%** | **Fixed Income 3.9%** |
| **Intermediate-Term Bond 3.0%** | **Intermediate-Term Bond 3.0%** | **Intermediate-Term Bond 3.0%** | **Intermediate-Term Bond 3.0%** | **Intermediate-Term Bond 3.0%** | **Intermediate-Term Bond 3.0%** | **Intermediate-Term Bond 3.0%** | **Intermediate-Term Bond 3.0%** | **Intermediate-Term Bond 3.0%** |
| Schwab U.S. Aggregate Bond Index Fund  | 7239713 | 1988953 |  |  | 87006 | 9315672 | 1042021 | 168952 |
| **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** | **Short-Term Bond 0.9%** |
| Schwab Short-Term Bond Index Fund  | 2542973 | 370310 |  |  | 33986 | 2947269 | 304470 | 55470 |
|  |  |  |  |  |  | 12262941 |  |  |
| **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** | **Money Market Funds 0.1%** |
| Schwab Government Money Fund, Ultra <br> Shares, 4.21% <sup>(b)</sup> <br>| 283304 | 6209 |  |  |  | 289513 | 289513 | 6144 |
| **Total Affiliated Underlying Funds** <br>**(Cost $203,314,509)**<br>| **$247965753** | **$13676545** | **($2092006)**<br>| **($242646)**<br>| **($6967706)**<br>| **$252339940** |  | **$8802852** |
| **UNAFFILIATED UNDERLYING FUNDS** 19.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.6% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.6% OF NET ASSETS |
| **U.S. Stocks 9.4%** | **U.S. Stocks 9.4%** | **U.S. Stocks 9.4%** | **U.S. Stocks 9.4%** | **U.S. Stocks 9.4%** | **U.S. Stocks 9.4%** | **U.S. Stocks 9.4%** | **U.S. Stocks 9.4%** | **U.S. Stocks 9.4%** |
| **Large-Cap 8.0%** | **Large-Cap 8.0%** | **Large-Cap 8.0%** | **Large-Cap 8.0%** | **Large-Cap 8.0%** | **Large-Cap 8.0%** | **Large-Cap 8.0%** | **Large-Cap 8.0%** | **Large-Cap 8.0%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $18626531 | 73599 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 6606670 | 101252 |  |
|  |  |  |  |  |  | 25233201 |  |  |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**51**

------

Schwab Target 2050 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **Small-Cap 1.4%** | **Small-Cap 1.4%** | **Small-Cap 1.4%** | **Small-Cap 1.4%** | **Small-Cap 1.4%** | **Small-Cap 1.4%** | **Small-Cap 1.4%** | **Small-Cap 1.4%** | **Small-Cap 1.4%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | $4473477 | 225705 |  |
|  |  |  |  |  |  | 29706678 |  |  |
| **International Stocks 4.8%** | **International Stocks 4.8%** | **International Stocks 4.8%** | **International Stocks 4.8%** | **International Stocks 4.8%** | **International Stocks 4.8%** | **International Stocks 4.8%** | **International Stocks 4.8%** | **International Stocks 4.8%** |
| **Emerging Markets 4.8%** | **Emerging Markets 4.8%** | **Emerging Markets 4.8%** | **Emerging Markets 4.8%** | **Emerging Markets 4.8%** | **Emerging Markets 4.8%** | **Emerging Markets 4.8%** | **Emerging Markets 4.8%** | **Emerging Markets 4.8%** |
| Goldman Sachs Emerging Markets Equity <br> Insights Fund, Institutional Class <br>|  |  |  |  |  | 15104846 | 1697174 |  |
| **Fixed Income 5.4%** | **Fixed Income 5.4%** | **Fixed Income 5.4%** | **Fixed Income 5.4%** | **Fixed Income 5.4%** | **Fixed Income 5.4%** | **Fixed Income 5.4%** | **Fixed Income 5.4%** | **Fixed Income 5.4%** |
| **Intermediate-Term Bond 4.0%** | **Intermediate-Term Bond 4.0%** | **Intermediate-Term Bond 4.0%** | **Intermediate-Term Bond 4.0%** | **Intermediate-Term Bond 4.0%** | **Intermediate-Term Bond 4.0%** | **Intermediate-Term Bond 4.0%** | **Intermediate-Term Bond 4.0%** | **Intermediate-Term Bond 4.0%** |
| Allspring Core Plus Bond Fund, Class R6  |  |  |  |  |  | 2177235 | 194049 |  |
| Baird Aggregate Bond Fund, Institutional <br> Class <br>|  |  |  |  |  | 2882412 | 293226 |  |
| Loomis Sayles Investment Grade Bond <br> Fund, Class Y <br>|  |  |  |  |  | 7464825 | 763275 |  |
|  |  |  |  |  |  | 12524472 |  |  |
| **International Bond 1.4%** | **International Bond 1.4%** | **International Bond 1.4%** | **International Bond 1.4%** | **International Bond 1.4%** | **International Bond 1.4%** | **International Bond 1.4%** | **International Bond 1.4%** | **International Bond 1.4%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional <br> Class <br>|  |  |  |  |  | 4499249 | 454011 |  |
|  |  |  |  |  |  | 17023721 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $60,321,372)**<br>|  |  |  |  |  | **$61835245** |  |  |
| **Total Investments in Securities** <br>**(Cost $263,635,881)**<br>|  |  |  |  |  | **$314175185** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

<sup>(b)</sup> The rate shown is the annualized 7-day yield.

At April 30, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional information).

*See financial notes*

**52**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2050 Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $203,314,509)  |  | $252339940 |
| Investments in securities, at value - unaffiliated issuers (cost $60,321,372) |  | 61835245 |
| Cash |  | 1848578 |
| Receivables: |  |  |
| Fund shares sold |  | 63346 |
| Dividends |  | 58010 |
| Due from investment adviser |  | 8074 |
| Prepaid expenses | + | 16800 |
| **Total assets** |  | **316169993** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 57476 |
| Fund shares redeemed |  | 23783 |
| Accrued expenses | + | 27052 |
| **Total liabilities** |  | **108311** |
| **Net assets** |  | **$316061682** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $256101618 |
| Total distributable earnings | + | 59960064 |
| **Net assets** |  | **$316061682** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $316061682 |  | &nbsp;&nbsp;&nbsp;&nbsp; 18785951 |  | &nbsp;&nbsp;&nbsp;&nbsp; $16.82 |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**53**

------

Schwab Target 2050 Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $3448366 |
| Dividends received from securities - unaffiliated issuers  |  | 684274 |
| Other Interest | + | 18361 |
| **Total investment income**  |  | **4151001** |
| **Expenses** | **Expenses** | **Expenses** |
| Registration fees |  | 13641 |
| Professional fees |  | 12128 |
| Portfolio accounting fees |  | 10629 |
| Shareholder reports |  | 5646 |
| Independent trustees' fees |  | 3300 |
| Transfer agent fees  |  | 2041 |
| Other expenses | + | 1812 |
| **Total expenses** |  | **49197** |
| Expense reduction | – | 49197 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **4151001** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 5354486 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 1942832 |
| Net realized losses on sales of securities - affiliated issuers  |  | (242646)<br>|
| Net realized gains on sales of securities - unaffiliated issuers  | + | 4873103 |
| **Net realized gains** |  | **11927775** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (6967706)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | (7557211)<br>|
| **Net change in unrealized appreciation (depreciation)** | **+** | **(14524917)**<br>|
| **Net realized and unrealized losses** |  | **(2597142)**<br>|
| **Increase in net assets resulting from operations** |  | **$1553859** |

---

*See financial notes*

**54**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2050 Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $4151001 | &nbsp;&nbsp;&nbsp; $4941068 |
| Net realized gains |  | 11927775 | &nbsp;&nbsp;&nbsp; 4526267 |
| Net change in unrealized appreciation (depreciation) | + | (14524917)<br>| &nbsp;&nbsp;&nbsp; 61240910 |
| **Increase in net assets resulting from operations** |  | **$1553859** | &nbsp;&nbsp;&nbsp; **$70708245** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($10184744)**<br>| &nbsp;&nbsp;&nbsp; **($8896272)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 1417101 | &nbsp;&nbsp;&nbsp; $24109283 | &nbsp;&nbsp;&nbsp; 2930832 | &nbsp;&nbsp;&nbsp; $47448829 |
| Shares reinvested |  | 585208 | &nbsp;&nbsp;&nbsp; 9884154 | &nbsp;&nbsp;&nbsp; 563280 | &nbsp;&nbsp;&nbsp; 8635082 |
| Shares redeemed | + | (1392022)<br>| &nbsp;&nbsp;&nbsp; (23884632)<br>| &nbsp;&nbsp;&nbsp; (2383085)<br>| &nbsp;&nbsp;&nbsp; (38634732)<br>|
| **Net transactions in fund shares**  |  | **610287** | &nbsp;&nbsp;&nbsp; **$10108805** | &nbsp;&nbsp;&nbsp; **1111027** | &nbsp;&nbsp;&nbsp; **$17449179** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 18175664 | &nbsp;&nbsp;&nbsp; $314583762 | &nbsp;&nbsp;&nbsp; 17064637 | &nbsp;&nbsp;&nbsp; $235322610 |
| Total increase | + | 610287 | &nbsp;&nbsp;&nbsp; 1477920 | &nbsp;&nbsp;&nbsp; 1111027 | &nbsp;&nbsp;&nbsp; 79261152 |
| **End of period** |  | **18785951** | &nbsp;&nbsp;&nbsp; **$316061682** | &nbsp;&nbsp;&nbsp; **18175664** | &nbsp;&nbsp;&nbsp; **$314583762** |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**55**

------

Schwab Target 2055 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $17.64 | &nbsp;&nbsp; $14.00 | &nbsp;&nbsp; $13.97 | &nbsp;&nbsp; $18.74 | &nbsp;&nbsp; $14.11 | &nbsp;&nbsp; $14.15 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.22 | 0.27 | 0.23 | 0.23 | 0.15 | 0.24 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.15)<br>| 3.89 | 0.92 | &nbsp;&nbsp; (4.05)<br>| 4.83 | 0.45 |
| Total from investment operations | 0.07 | 4.16 | 1.15 | &nbsp;&nbsp; (3.82)<br>| 4.98 | 0.69 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.27)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.46)<br>|
| Total distributions | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.73)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $17.12 | &nbsp;&nbsp; $17.64 | &nbsp;&nbsp; $14.00 | &nbsp;&nbsp; $13.97 | &nbsp;&nbsp; $18.74 | &nbsp;&nbsp; $14.11 |
| Total return | 0.39 %<sup>2</sup><br>| 30.16<br> %<br>| 8.62<br> %<br>| &nbsp;&nbsp; (21.54<br> %)<br>| 35.79<br> %<br>| 4.86<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| 0.00 %<sup>4</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>5</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>|
| Total expenses<sup>3</sup> <br>| 0.04 %<sup>4</sup><br>| 0.04<br> %<br>| 0.05<br> %<br>| 0.07 %<sup>5</sup><br>| 0.06<br> %<br>| 0.09<br> %<br>|
| Net investment income (loss) | 2.60 %<sup>4</sup><br>| 1.65<br> %<br>| 1.59<br> %<br>| 1.43<br> %<br>| 0.88<br> %<br>| 1.78<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 5 %<sup>2</sup><br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 6<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $225841 | &nbsp;&nbsp; $220761 | &nbsp;&nbsp; $161654 | &nbsp;&nbsp; $135741 | &nbsp;&nbsp; $158223 | &nbsp;&nbsp; $107401 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>4</sup> Annualized.

<sup>5</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**56**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2055 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 80.5% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.5% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.5% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.5% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.5% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.5% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.5% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.5% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.5% OF NET ASSETS |
| **U.S. Stocks 45.4%** | **U.S. Stocks 45.4%** | **U.S. Stocks 45.4%** | **U.S. Stocks 45.4%** | **U.S. Stocks 45.4%** | **U.S. Stocks 45.4%** | **U.S. Stocks 45.4%** | **U.S. Stocks 45.4%** | **U.S. Stocks 45.4%** |
| **Large-Cap 38.5%** | **Large-Cap 38.5%** | **Large-Cap 38.5%** | **Large-Cap 38.5%** | **Large-Cap 38.5%** | **Large-Cap 38.5%** | **Large-Cap 38.5%** | **Large-Cap 38.5%** | **Large-Cap 38.5%** |
| Schwab Core Equity Fund  | $10210497 | $816296 | $— | $— | ($1090609)<br>| $9936184 | 452261 | $816296 |
| Schwab Fundamental U.S. Large <br> Company Index Fund <br>| 12950599 | 228624 |  |  | (551727)<br>| 12627496 | 467685 | 228624 |
| Schwab S&P 500 Index Fund  | 44256321 | 555557 |  |  | (1333596)<br>| 43478282 | 506622 | 555557 |
| Schwab Select Large Cap Growth Fund \* | 21439777 | 1892599 |  |  | (2346297)<br>| 20986079 | 886236 | 1682599 |
|  |  |  |  |  |  | 87028041 |  |  |
| **Mid-Cap 1.9%** | **Mid-Cap 1.9%** | **Mid-Cap 1.9%** | **Mid-Cap 1.9%** | **Mid-Cap 1.9%** | **Mid-Cap 1.9%** | **Mid-Cap 1.9%** | **Mid-Cap 1.9%** | **Mid-Cap 1.9%** |
| Schwab U.S. Mid-Cap Index Fund  | 4475373 | 114909 |  |  | (264370)<br>| 4325912 | 68135 | 114909 |
| **Small-Cap 5.0%** | **Small-Cap 5.0%** | **Small-Cap 5.0%** | **Small-Cap 5.0%** | **Small-Cap 5.0%** | **Small-Cap 5.0%** | **Small-Cap 5.0%** | **Small-Cap 5.0%** | **Small-Cap 5.0%** |
| Schwab Small-Cap Equity Fund  | 12262731 | 1761268 |  |  | (2869135)<br>| 11154864 | 647034 | 1561268 |
|  |  |  |  |  |  | 102508817 |  |  |
| **International Stocks 26.8%** | **International Stocks 26.8%** | **International Stocks 26.8%** | **International Stocks 26.8%** | **International Stocks 26.8%** | **International Stocks 26.8%** | **International Stocks 26.8%** | **International Stocks 26.8%** | **International Stocks 26.8%** |
| **Developed Markets 26.8%** | **Developed Markets 26.8%** | **Developed Markets 26.8%** | **Developed Markets 26.8%** | **Developed Markets 26.8%** | **Developed Markets 26.8%** | **Developed Markets 26.8%** | **Developed Markets 26.8%** | **Developed Markets 26.8%** |
| Schwab Fundamental International <br> Equity Index Fund <br>| 2603907 | 376559 |  |  | 156553 | 3137019 | 269735 | 87656 |
| Schwab International Core Equity Fund  | 21520513 | 1583276 | (700000)<br>| 27611 | 1867076 | 24298476 | 1859103 | 546200 |
| Schwab International Opportunities Fund  | 29016103 | 2803324 |  |  | 1281424 | 33100851 | 1535290 | 591359 |
|  |  |  |  |  |  | 60536346 |  |  |
| **Real Estate 5.7%** | **Real Estate 5.7%** | **Real Estate 5.7%** | **Real Estate 5.7%** | **Real Estate 5.7%** | **Real Estate 5.7%** | **Real Estate 5.7%** | **Real Estate 5.7%** | **Real Estate 5.7%** |
| **Global Real Estate 5.7%** | **Global Real Estate 5.7%** | **Global Real Estate 5.7%** | **Global Real Estate 5.7%** | **Global Real Estate 5.7%** | **Global Real Estate 5.7%** | **Global Real Estate 5.7%** | **Global Real Estate 5.7%** | **Global Real Estate 5.7%** |
| Schwab Global Real Estate Fund  | 13757121 | 208052 | (560935)<br>| (157661)<br>| (308908)<br>| 12937669 | 2034225 | 208052 |
| **Fixed Income 2.6%** | **Fixed Income 2.6%** | **Fixed Income 2.6%** | **Fixed Income 2.6%** | **Fixed Income 2.6%** | **Fixed Income 2.6%** | **Fixed Income 2.6%** | **Fixed Income 2.6%** | **Fixed Income 2.6%** |
| **Intermediate-Term Bond 1.9%** | **Intermediate-Term Bond 1.9%** | **Intermediate-Term Bond 1.9%** | **Intermediate-Term Bond 1.9%** | **Intermediate-Term Bond 1.9%** | **Intermediate-Term Bond 1.9%** | **Intermediate-Term Bond 1.9%** | **Intermediate-Term Bond 1.9%** | **Intermediate-Term Bond 1.9%** |
| Schwab U.S. Aggregate Bond Index Fund  | 3626686 | 871208 | (150000)<br>| (25748)<br>| 51353 | 4373499 | 489206 | 81208 |
| **Short-Term Bond 0.7%** | **Short-Term Bond 0.7%** | **Short-Term Bond 0.7%** | **Short-Term Bond 0.7%** | **Short-Term Bond 0.7%** | **Short-Term Bond 0.7%** | **Short-Term Bond 0.7%** | **Short-Term Bond 0.7%** | **Short-Term Bond 0.7%** |
| Schwab Short-Term Bond Index Fund  | 1417855 | 29172 |  |  | 16553 | 1463580 | 151196 | 29172 |
|  |  |  |  |  |  | 5837079 |  |  |
| **Total Affiliated Underlying Funds** <br>**(Cost $149,365,150)**<br>| **$177537483** | **$11240844** | **($1410935)**<br>| **($155798)**<br>| **($5391683)**<br>| **$181819911** |  | **$6502900** |
| **UNAFFILIATED UNDERLYING FUNDS** 19.0% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.0% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.0% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.0% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.0% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.0% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.0% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.0% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 19.0% OF NET ASSETS |
| **U.S. Stocks 9.7%** | **U.S. Stocks 9.7%** | **U.S. Stocks 9.7%** | **U.S. Stocks 9.7%** | **U.S. Stocks 9.7%** | **U.S. Stocks 9.7%** | **U.S. Stocks 9.7%** | **U.S. Stocks 9.7%** | **U.S. Stocks 9.7%** |
| **Large-Cap 8.2%** | **Large-Cap 8.2%** | **Large-Cap 8.2%** | **Large-Cap 8.2%** | **Large-Cap 8.2%** | **Large-Cap 8.2%** | **Large-Cap 8.2%** | **Large-Cap 8.2%** | **Large-Cap 8.2%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $13473059 | 53236 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 4978222 | 76295 |  |
|  |  |  |  |  |  | 18451281 |  |  |
| **Small-Cap 1.5%** | **Small-Cap 1.5%** | **Small-Cap 1.5%** | **Small-Cap 1.5%** | **Small-Cap 1.5%** | **Small-Cap 1.5%** | **Small-Cap 1.5%** | **Small-Cap 1.5%** | **Small-Cap 1.5%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | 3517923 | 177494 |  |
|  |  |  |  |  |  | 21969204 |  |  |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**57**

------

Schwab Target 2055 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **International Stocks 5.4%** | **International Stocks 5.4%** | **International Stocks 5.4%** | **International Stocks 5.4%** | **International Stocks 5.4%** | **International Stocks 5.4%** | **International Stocks 5.4%** | **International Stocks 5.4%** | **International Stocks 5.4%** |
| **Emerging Markets 5.4%** | **Emerging Markets 5.4%** | **Emerging Markets 5.4%** | **Emerging Markets 5.4%** | **Emerging Markets 5.4%** | **Emerging Markets 5.4%** | **Emerging Markets 5.4%** | **Emerging Markets 5.4%** | **Emerging Markets 5.4%** |
| Goldman Sachs Emerging Markets Equity <br> Insights Fund, Institutional Class <br>|  |  |  |  |  | $12192762 | 1369973 |  |
| **Fixed Income 3.9%** | **Fixed Income 3.9%** | **Fixed Income 3.9%** | **Fixed Income 3.9%** | **Fixed Income 3.9%** | **Fixed Income 3.9%** | **Fixed Income 3.9%** | **Fixed Income 3.9%** | **Fixed Income 3.9%** |
| **Intermediate-Term Bond 2.8%** | **Intermediate-Term Bond 2.8%** | **Intermediate-Term Bond 2.8%** | **Intermediate-Term Bond 2.8%** | **Intermediate-Term Bond 2.8%** | **Intermediate-Term Bond 2.8%** | **Intermediate-Term Bond 2.8%** | **Intermediate-Term Bond 2.8%** | **Intermediate-Term Bond 2.8%** |
| Allspring Core Plus Bond Fund, Class R6  |  |  |  |  |  | 1459080 | 130043 |  |
| Baird Aggregate Bond Fund, Institutional <br> Class <br>|  |  |  |  |  | 394292 | 40111 |  |
| Loomis Sayles Investment Grade Bond <br> Fund, Class Y <br>|  |  |  |  |  | 4448325 | 454839 |  |
|  |  |  |  |  |  | 6301697 |  |  |
| **International Bond 1.1%** | **International Bond 1.1%** | **International Bond 1.1%** | **International Bond 1.1%** | **International Bond 1.1%** | **International Bond 1.1%** | **International Bond 1.1%** | **International Bond 1.1%** | **International Bond 1.1%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional <br> Class <br>|  |  |  |  |  | 2367982 | 238949 |  |
|  |  |  |  |  |  | 8669679 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $41,826,629)**<br>|  |  |  |  |  | **$42831645** |  |  |
| **Total Investments in Securities** <br>**(Cost $191,191,779)**<br>|  |  |  |  |  | **$224651556** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

At April 30, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional information).

*See financial notes*

**58**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2055 Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $149,365,150)  |  | $181819911 |
| Investments in securities, at value - unaffiliated issuers (cost $41,826,629) |  | 42831645 |
| Cash |  | 644590 |
| Receivables: |  |  |
| Investments sold |  | 530000 |
| Fund shares sold |  | 55592 |
| Dividends |  | 28262 |
| Due from investment adviser |  | 9311 |
| Prepaid expenses | + | 14800 |
| **Total assets** |  | **225934111** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Fund shares redeemed |  | 44514 |
| Investments bought |  | 28262 |
| Accrued expenses | + | 19977 |
| **Total liabilities** |  | **92753** |
| **Net assets** |  | **$225841358** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $186357529 |
| Total distributable earnings | + | 39483829 |
| **Net assets** |  | **$225841358** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $225841358 |  | &nbsp;&nbsp;&nbsp;&nbsp; 13193360 |  | &nbsp;&nbsp;&nbsp;&nbsp; $17.12 |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**59**

------

Schwab Target 2055 Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $2469082 |
| Dividends received from securities - unaffiliated issuers  |  | 423733 |
| Other Interest | + | 15889 |
| **Total investment income**  |  | **2908704** |
| **Expenses** | **Expenses** | **Expenses** |
| Professional fees |  | 12082 |
| Registration fees |  | 11734 |
| Portfolio accounting fees |  | 11513 |
| Shareholder reports |  | 5167 |
| Independent trustees' fees |  | 3224 |
| Transfer agent fees  |  | 1702 |
| Other expenses | + | 1625 |
| **Total expenses** |  | **47047** |
| Expense reduction | – | 47047 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **2908704** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 4033818 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 1306862 |
| Net realized losses on sales of securities - affiliated issuers  |  | (155798)<br>|
| Net realized gains on sales of securities - unaffiliated issuers  | + | 2715272 |
| **Net realized gains** |  | **7900154** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (5391683)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | (4653707)<br>|
| **Net change in unrealized appreciation (depreciation)** | **+** | **(10045390)**<br>|
| **Net realized and unrealized losses** |  | **(2145236)**<br>|
| **Increase in net assets resulting from operations** |  | **$763468** |

---

*See financial notes*

**60**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2055 Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $2908704 | &nbsp;&nbsp;&nbsp; $3352368 |
| Net realized gains |  | 7900154 | &nbsp;&nbsp;&nbsp; 3271291 |
| Net change in unrealized appreciation (depreciation) | + | (10045390)<br>| &nbsp;&nbsp;&nbsp; 43197562 |
| **Increase in net assets resulting from operations** |  | **$763468** | &nbsp;&nbsp;&nbsp; **$49821221** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($7485566)**<br>| &nbsp;&nbsp;&nbsp; **($6096130)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 1173285 | &nbsp;&nbsp;&nbsp; $20560697 | &nbsp;&nbsp;&nbsp; 2501248 | &nbsp;&nbsp;&nbsp; $41010551 |
| Shares reinvested |  | 426108 | &nbsp;&nbsp;&nbsp; 7324800 | &nbsp;&nbsp;&nbsp; 381713 | &nbsp;&nbsp;&nbsp; 5958540 |
| Shares redeemed | + | (921585)<br>| &nbsp;&nbsp;&nbsp; (16082562)<br>| &nbsp;&nbsp;&nbsp; (1910034)<br>| &nbsp;&nbsp;&nbsp; (31587248)<br>|
| **Net transactions in fund shares**  |  | **677808** | &nbsp;&nbsp;&nbsp; **$11802935** | &nbsp;&nbsp;&nbsp; **972927** | &nbsp;&nbsp;&nbsp; **$15381843** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 12515552 | &nbsp;&nbsp;&nbsp; $220760521 | &nbsp;&nbsp;&nbsp; 11542625 | &nbsp;&nbsp;&nbsp; $161653587 |
| Total increase | + | 677808 | &nbsp;&nbsp;&nbsp; 5080837 | &nbsp;&nbsp;&nbsp; 972927 | &nbsp;&nbsp;&nbsp; 59106934 |
| **End of period** |  | **13193360** | &nbsp;&nbsp;&nbsp; **$225841358** | &nbsp;&nbsp;&nbsp; **12515552** | &nbsp;&nbsp;&nbsp; **$220760521** |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**61**

------

Schwab Target 2060 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 11/1/20– <br>10/31/21<br>| 11/1/19– <br>10/31/20<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $15.90 | &nbsp;&nbsp; $12.58 | &nbsp;&nbsp; $12.26 | &nbsp;&nbsp; $16.42 | &nbsp;&nbsp; $12.21 | &nbsp;&nbsp; $12.16 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss)<sup>1</sup> <br>| 0.20 | 0.23 | 0.20 | 0.19 | 0.12 | 0.20 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.14)<br>| 3.55 | 0.85 | &nbsp;&nbsp; (3.61)<br>| 4.34 | 0.38 |
| Total from investment operations | 0.06 | 3.78 | 1.05 | &nbsp;&nbsp; (3.42)<br>| 4.46 | 0.58 |
| Less distributions: |  |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.22)<br>|
| Distributions from net realized gains  | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.31)<br>|
| Total distributions | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.53)<br>|
| Net asset value at end of period | &nbsp;&nbsp; $15.48 | &nbsp;&nbsp; $15.90 | &nbsp;&nbsp; $12.58 | &nbsp;&nbsp; $12.26 | &nbsp;&nbsp; $16.42 | &nbsp;&nbsp; $12.21 |
| Total return | 0.38 %<sup>2</sup><br>| 30.55<br> %<br>| 8.82<br> %<br>| &nbsp;&nbsp; (21.88<br> %)<br>| 36.89<br> %<br>| 4.73<br> %<br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |  |
| Net expenses<sup>3</sup> <br>| 0.00 %<sup>4</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>5</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>|
| Total expenses<sup>3</sup> <br>| 0.09 %<sup>4</sup><br>| 0.10<br> %<br>| 0.15<br> %<br>| 0.20 %<sup>5</sup><br>| 0.22<br> %<br>| 0.41<br> %<br>|
| Net investment income (loss) | 2.54 %<sup>4</sup><br>| 1.54<br> %<br>| 1.51<br> %<br>| 1.35<br> %<br>| 0.80<br> %<br>| 1.67<br> %<br>|
| Portfolio turnover rate | &nbsp;&nbsp; 5 %<sup>2</sup><br>| &nbsp;&nbsp; 2<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 15<br> %<br>| &nbsp;&nbsp; 11<br> %<br>| &nbsp;&nbsp; 8<br> %<br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $93469 | &nbsp;&nbsp; $86512 | &nbsp;&nbsp; $54261 | &nbsp;&nbsp; $39741 | &nbsp;&nbsp; $40077 | &nbsp;&nbsp; $21509 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Calculated based on the average shares outstanding during the period.

<sup>2</sup> Not annualized.

<sup>3</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>4</sup> Annualized.

<sup>5</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**62**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2060 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 80.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.8% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 80.8% OF NET ASSETS |
| **U.S. Stocks 46.0%** | **U.S. Stocks 46.0%** | **U.S. Stocks 46.0%** | **U.S. Stocks 46.0%** | **U.S. Stocks 46.0%** | **U.S. Stocks 46.0%** | **U.S. Stocks 46.0%** | **U.S. Stocks 46.0%** | **U.S. Stocks 46.0%** |
| **Large-Cap 38.9%** | **Large-Cap 38.9%** | **Large-Cap 38.9%** | **Large-Cap 38.9%** | **Large-Cap 38.9%** | **Large-Cap 38.9%** | **Large-Cap 38.9%** | **Large-Cap 38.9%** | **Large-Cap 38.9%** |
| Schwab Core Equity Fund  | $4156013 | $532260 | $— | $— | ($454472)<br>| $4233801 | 192708 | $332260 |
| Schwab Fundamental U.S. Large Company <br> Index Fund <br>| 5102473 | 520077 | (100000)<br>| 1157 | (227521)<br>| 5296186 | 196155 | 90077 |
| Schwab S&P 500 Index Fund  | 17341443 | 1077690 | (150000)<br>| 1624 | (541925)<br>| 17728832 | 206582 | 217690 |
| Schwab Select Large Cap Growth Fund \* | 8703170 | 1308027 |  |  | (924801)<br>| 9086396 | 383716 | 683027 |
|  |  |  |  |  |  | 36345215 |  |  |
| **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** | **Mid-Cap 1.8%** |
| Schwab U.S. Mid-Cap Index Fund  | 1789560 | 45948 |  |  | (105713)<br>| 1729795 | 27245 | 45948 |
| **Small-Cap 5.3%** | **Small-Cap 5.3%** | **Small-Cap 5.3%** | **Small-Cap 5.3%** | **Small-Cap 5.3%** | **Small-Cap 5.3%** | **Small-Cap 5.3%** | **Small-Cap 5.3%** | **Small-Cap 5.3%** |
| Schwab Small-Cap Equity Fund  | 5053176 | 1050675 |  |  | (1174640)<br>| 4929211 | 285917 | 640675 |
|  |  |  |  |  |  | 43004221 |  |  |
| **International Stocks 27.3%** | **International Stocks 27.3%** | **International Stocks 27.3%** | **International Stocks 27.3%** | **International Stocks 27.3%** | **International Stocks 27.3%** | **International Stocks 27.3%** | **International Stocks 27.3%** | **International Stocks 27.3%** |
| **Developed Markets 27.3%** | **Developed Markets 27.3%** | **Developed Markets 27.3%** | **Developed Markets 27.3%** | **Developed Markets 27.3%** | **Developed Markets 27.3%** | **Developed Markets 27.3%** | **Developed Markets 27.3%** | **Developed Markets 27.3%** |
| Schwab Fundamental International Equity <br> Index Fund <br>| 1050106 | 205350 |  |  | 73938 | 1329394 | 114307 | 35350 |
| Schwab International Core Equity Fund  | 8604440 | 1033356 | (90000)<br>| (211)<br>| 810406 | 10357991 | 792501 | 223356 |
| Schwab International Opportunities Fund  | 11601757 | 1704122 | (100000)<br>| (27092)<br>| 578883 | 13757670 | 638111 | 244122 |
|  |  |  |  |  |  | 25445055 |  |  |
| **Real Estate 5.6%** | **Real Estate 5.6%** | **Real Estate 5.6%** | **Real Estate 5.6%** | **Real Estate 5.6%** | **Real Estate 5.6%** | **Real Estate 5.6%** | **Real Estate 5.6%** | **Real Estate 5.6%** |
| **Global Real Estate 5.6%** | **Global Real Estate 5.6%** | **Global Real Estate 5.6%** | **Global Real Estate 5.6%** | **Global Real Estate 5.6%** | **Global Real Estate 5.6%** | **Global Real Estate 5.6%** | **Global Real Estate 5.6%** | **Global Real Estate 5.6%** |
| Schwab Global Real Estate Fund  | 5442748 | 83503 | (100000)<br>| (23557)<br>| (157305)<br>| 5245389 | 824747 | 83503 |
| **Fixed Income 1.9%** | **Fixed Income 1.9%** | **Fixed Income 1.9%** | **Fixed Income 1.9%** | **Fixed Income 1.9%** | **Fixed Income 1.9%** | **Fixed Income 1.9%** | **Fixed Income 1.9%** | **Fixed Income 1.9%** |
| **Intermediate-Term Bond 1.4%** | **Intermediate-Term Bond 1.4%** | **Intermediate-Term Bond 1.4%** | **Intermediate-Term Bond 1.4%** | **Intermediate-Term Bond 1.4%** | **Intermediate-Term Bond 1.4%** | **Intermediate-Term Bond 1.4%** | **Intermediate-Term Bond 1.4%** | **Intermediate-Term Bond 1.4%** |
| Schwab U.S. Aggregate Bond Index Fund  | 866281 | 432638 |  |  | 13412 | 1312331 | 146793 | 22638 |
| **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** |
| Schwab Short-Term Bond Index Fund  | 427306 | 48900 |  |  | 5030 | 481236 | 49714 | 8900 |
|  |  |  |  |  |  | 1793567 |  |  |
| **Total Affiliated Underlying Funds** <br>**(Cost $65,679,166)**<br>| **$70138473** | **$8042546** | **($540000)**<br>| **($48079)**<br>| **($2104708)**<br>| **$75488232** |  | **$2627546** |
| **UNAFFILIATED UNDERLYING FUNDS** 18.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.8% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.8% OF NET ASSETS |
| **U.S. Stocks 10.5%** | **U.S. Stocks 10.5%** | **U.S. Stocks 10.5%** | **U.S. Stocks 10.5%** | **U.S. Stocks 10.5%** | **U.S. Stocks 10.5%** | **U.S. Stocks 10.5%** | **U.S. Stocks 10.5%** | **U.S. Stocks 10.5%** |
| **Large-Cap 8.7%** | **Large-Cap 8.7%** | **Large-Cap 8.7%** | **Large-Cap 8.7%** | **Large-Cap 8.7%** | **Large-Cap 8.7%** | **Large-Cap 8.7%** | **Large-Cap 8.7%** | **Large-Cap 8.7%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $5887359 | 23263 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 2260793 | 34648 |  |
|  |  |  |  |  |  | 8148152 |  |  |
| **Small-Cap 1.8%** | **Small-Cap 1.8%** | **Small-Cap 1.8%** | **Small-Cap 1.8%** | **Small-Cap 1.8%** | **Small-Cap 1.8%** | **Small-Cap 1.8%** | **Small-Cap 1.8%** | **Small-Cap 1.8%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | 1633757 | 82430 |  |
|  |  |  |  |  |  | 9781909 |  |  |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**63**

------

Schwab Target 2060 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **International Stocks 5.7%** | **International Stocks 5.7%** | **International Stocks 5.7%** | **International Stocks 5.7%** | **International Stocks 5.7%** | **International Stocks 5.7%** | **International Stocks 5.7%** | **International Stocks 5.7%** | **International Stocks 5.7%** |
| **Emerging Markets 5.7%** | **Emerging Markets 5.7%** | **Emerging Markets 5.7%** | **Emerging Markets 5.7%** | **Emerging Markets 5.7%** | **Emerging Markets 5.7%** | **Emerging Markets 5.7%** | **Emerging Markets 5.7%** | **Emerging Markets 5.7%** |
| Goldman Sachs Emerging Markets Equity <br> Insights Fund, Institutional Class <br>|  |  |  |  |  | $5359668 | 602210 |  |
| **Fixed Income 2.6%** | **Fixed Income 2.6%** | **Fixed Income 2.6%** | **Fixed Income 2.6%** | **Fixed Income 2.6%** | **Fixed Income 2.6%** | **Fixed Income 2.6%** | **Fixed Income 2.6%** | **Fixed Income 2.6%** |
| **Intermediate-Term Bond 1.9%** | **Intermediate-Term Bond 1.9%** | **Intermediate-Term Bond 1.9%** | **Intermediate-Term Bond 1.9%** | **Intermediate-Term Bond 1.9%** | **Intermediate-Term Bond 1.9%** | **Intermediate-Term Bond 1.9%** | **Intermediate-Term Bond 1.9%** | **Intermediate-Term Bond 1.9%** |
| Allspring Core Plus Bond Fund, Class R6  |  |  |  |  |  | 406730 | 36250 |  |
| Loomis Sayles Investment Grade Bond Fund, <br> Class Y <br>|  |  |  |  |  | 1321904 | 135164 |  |
|  |  |  |  |  |  | 1728634 |  |  |
| **International Bond 0.7%** | **International Bond 0.7%** | **International Bond 0.7%** | **International Bond 0.7%** | **International Bond 0.7%** | **International Bond 0.7%** | **International Bond 0.7%** | **International Bond 0.7%** | **International Bond 0.7%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional Class <br>|  |  |  |  |  | 695967 | 70229 |  |
|  |  |  |  |  |  | 2424601 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $17,209,522)**<br>|  |  |  |  |  | **$17566178** |  |  |
| **Total Investments in Securities** <br>**(Cost $82,888,688)**<br>|  |  |  |  |  | **$93054410** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

At April 30, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional information).

*See financial notes*

**64**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2060 Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $65,679,166)  |  | $75488232 |
| Investments in securities, at value - unaffiliated issuers (cost $17,209,522) |  | 17566178 |
| Cash |  | 381880 |
| Receivables: |  |  |
| Fund shares sold |  | 44638 |
| Dividends |  | 8482 |
| Due from investment adviser |  | 6615 |
| Prepaid expenses | + | 9177 |
| **Total assets** |  | **93505202** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Fund shares redeemed |  | 8682 |
| Investments bought |  | 8482 |
| Accrued expenses | + | 19403 |
| **Total liabilities** |  | **36567** |
| **Net assets** |  | **$93468635** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $81870599 |
| Total distributable earnings | + | 11598036 |
| **Net assets** |  | **$93468635** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $93468635 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6036853 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15.48 |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**65**

------

Schwab Target 2060 Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $982781 |
| Dividends received from securities - unaffiliated issuers  |  | 152619 |
| Other Interest | + | 6194 |
| **Total investment income**  |  | **1141594** |
| **Expenses** | **Expenses** | **Expenses** |
| Registration fees |  | 12277 |
| Professional fees |  | 12016 |
| Portfolio accounting fees |  | 5628 |
| Shareholder reports |  | 4094 |
| Independent trustees' fees |  | 3114 |
| Transfer agent fees  |  | 543 |
| Other expenses | + | 1339 |
| **Total expenses** |  | **39011** |
| Expense reduction | – | 39011 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **1141594** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 1644765 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 523116 |
| Net realized losses on sales of securities - affiliated issuers  |  | (48079)<br>|
| Net realized gains on sales of securities - unaffiliated issuers  | + | 749165 |
| **Net realized gains** |  | **2868967** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (2104708)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | (1576279)<br>|
| **Net change in unrealized appreciation (depreciation)** | **+** | **(3680987)**<br>|
| **Net realized and unrealized losses** |  | **(812020)**<br>|
| **Increase in net assets resulting from operations** |  | **$329574** |

---

*See financial notes*

**66**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2060 Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $1141594 | &nbsp;&nbsp;&nbsp; $1124550 |
| Net realized gains |  | 2868967 | &nbsp;&nbsp;&nbsp; 1096520 |
| Net change in unrealized appreciation (depreciation) | + | (3680987)<br>| &nbsp;&nbsp;&nbsp; 15325826 |
| **Increase in net assets resulting from operations** |  | **$329574** | &nbsp;&nbsp;&nbsp; **$17546896** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($2690018)**<br>| &nbsp;&nbsp;&nbsp; **($2026592)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 795498 | &nbsp;&nbsp;&nbsp; $12542181 | &nbsp;&nbsp;&nbsp; 1714423 | &nbsp;&nbsp;&nbsp; $25575817 |
| Shares reinvested |  | 166344 | &nbsp;&nbsp;&nbsp; 2584990 | &nbsp;&nbsp;&nbsp; 141021 | &nbsp;&nbsp;&nbsp; 1978525 |
| Shares redeemed | + | (366598)<br>| &nbsp;&nbsp;&nbsp; (5810052)<br>| &nbsp;&nbsp;&nbsp; (728522)<br>| &nbsp;&nbsp;&nbsp; (10823838)<br>|
| **Net transactions in fund shares**  |  | **595244** | &nbsp;&nbsp;&nbsp; **$9317119** | &nbsp;&nbsp;&nbsp; **1126922** | &nbsp;&nbsp;&nbsp; **$16730504** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 5441609 | &nbsp;&nbsp;&nbsp; $86511960 | &nbsp;&nbsp;&nbsp; 4314687 | &nbsp;&nbsp;&nbsp; $54261152 |
| Total increase | + | 595244 | &nbsp;&nbsp;&nbsp; 6956675 | &nbsp;&nbsp;&nbsp; 1126922 | &nbsp;&nbsp;&nbsp; 32250808 |
| **End of period** |  | **6036853** | &nbsp;&nbsp;&nbsp; **$93468635** | &nbsp;&nbsp;&nbsp; **5441609** | &nbsp;&nbsp;&nbsp; **$86511960** |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**67**

------

Schwab Target 2065 Fund

Financial Statements

**FINANCIAL HIGHLIGHTS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 11/1/24– <br>4/30/25\*<br>| 11/1/23– <br>10/31/24<br>| 11/1/22– <br>10/31/23<br>| 11/1/21– <br>10/31/22<br>| 2/26/21<sup>1</sup>– <br>10/31/21<br>|
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** |
| Net asset value at beginning of period | &nbsp;&nbsp; $11.32 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $8.63 | &nbsp;&nbsp; $11.33 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss)<sup>2</sup> <br>| 0.14 | 0.15 | 0.12 | 0.11 | 0.03 |
| Net realized and unrealized gains (losses) | &nbsp;&nbsp; (0.11)<br>| 2.56 | 0.61 | &nbsp;&nbsp; (2.51)<br>| 1.30 |
| Total from investment operations | 0.03 | 2.71 | 0.73 | &nbsp;&nbsp; (2.40)<br>| 1.33 |
| Less distributions: |  |  |  |  |  |
| Distributions from net investment income | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — |
| Distributions from net realized gains  | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — |
| Net asset value at end of period | &nbsp;&nbsp; $11.03 | &nbsp;&nbsp; $11.32 | &nbsp;&nbsp; $8.94 | &nbsp;&nbsp; $8.63 | &nbsp;&nbsp; $11.33 |
| Total return | 0.28 %<sup>3</sup><br>| 30.80<br> %<br>| 8.75<br> %<br>| &nbsp;&nbsp; (21.78<br> %)<br>| 13.30 %<sup>3</sup><br>|
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Ratios to average net assets: |  |  |  |  |  |
| Net expenses<sup>4</sup> <br>| 0.00 %<sup>5</sup><br>| 0.00<br> %<br>| 0.00<br> %<br>| 0.00 %<sup>6</sup><br>| 0.00 %<sup>5</sup><br>|
| Total expenses<sup>4</sup> <br>| 0.26 %<sup>5</sup><br>| 0.34<br> %<br>| 0.70<br> %<br>| 1.10 %<sup>6</sup><br>| 1.90 %<sup>5</sup><br>|
| Net investment income (loss) | 2.48 %<sup>5</sup><br>| 1.41<br> %<br>| 1.32<br> %<br>| 1.17<br> %<br>| 0.35 %<sup>5</sup><br>|
| Portfolio turnover rate | &nbsp;&nbsp; 4 %<sup>3</sup><br>| &nbsp;&nbsp; 7<br> %<br>| &nbsp;&nbsp; 4<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 34 %<sup>3</sup><br>|
| Net assets, end of period (x 1,000) | &nbsp;&nbsp; $28495 | &nbsp;&nbsp; $23829 | &nbsp;&nbsp; $12391 | &nbsp;&nbsp; $6611 | &nbsp;&nbsp; $4489 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Unaudited.

<sup>1</sup> Commencement of operations.

<sup>2</sup> Calculated based on the average shares outstanding during the period.

<sup>3</sup> Not annualized.

<sup>4</sup> Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds.

<sup>5</sup> Annualized.

<sup>6</sup> Ratio includes less than 0.005% of non-routine proxy expenses.

*See financial notes*

**68**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2065 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited)

------

This section includes a summary of the fund's transactions with its affiliated underlying funds during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup> <br>|
| **AFFILIATED UNDERLYING FUNDS** 81.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 81.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 81.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 81.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 81.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 81.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 81.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 81.1% OF NET ASSETS | **AFFILIATED UNDERLYING FUNDS** 81.1% OF NET ASSETS |
| **U.S. Stocks 47.6%** | **U.S. Stocks 47.6%** | **U.S. Stocks 47.6%** | **U.S. Stocks 47.6%** | **U.S. Stocks 47.6%** | **U.S. Stocks 47.6%** | **U.S. Stocks 47.6%** | **U.S. Stocks 47.6%** | **U.S. Stocks 47.6%** |
| **Large-Cap 39.9%** | **Large-Cap 39.9%** | **Large-Cap 39.9%** | **Large-Cap 39.9%** | **Large-Cap 39.9%** | **Large-Cap 39.9%** | **Large-Cap 39.9%** | **Large-Cap 39.9%** | **Large-Cap 39.9%** |
| Schwab Core Equity Fund  | $1161136 | $313829 | $— | $— | ($126290)<br>| $1348675 | 61387 | $92829 |
| Schwab Fundamental U.S. Large Company <br> Index Fund <br>| 1434240 | 337833 |  |  | (64575)<br>| 1707498 | 63241 | 25833 |
| Schwab S&P 500 Index Fund  | 4768359 | 858346 |  |  | (153249)<br>| 5473456 | 63778 | 60346 |
| Schwab Select Large Cap Growth Fund \* | 2535019 | 556979 |  |  | (266644)<br>| 2825354 | 119314 | 201979 |
|  |  |  |  |  |  | 11354983 |  |  |
| **Mid-Cap 2.0%** | **Mid-Cap 2.0%** | **Mid-Cap 2.0%** | **Mid-Cap 2.0%** | **Mid-Cap 2.0%** | **Mid-Cap 2.0%** | **Mid-Cap 2.0%** | **Mid-Cap 2.0%** | **Mid-Cap 2.0%** |
| Schwab U.S. Mid-Cap Index Fund  | 487095 | 115548 |  |  | (33793)<br>| 568850 | 8960 | 13248 |
| **Small-Cap 5.7%** | **Small-Cap 5.7%** | **Small-Cap 5.7%** | **Small-Cap 5.7%** | **Small-Cap 5.7%** | **Small-Cap 5.7%** | **Small-Cap 5.7%** | **Small-Cap 5.7%** | **Small-Cap 5.7%** |
| Schwab Small-Cap Equity Fund  | 1425058 | 547105 |  |  | (340717)<br>| 1631446 | 94631 | 182106 |
|  |  |  |  |  |  | 13555279 |  |  |
| **International Stocks 27.2%** | **International Stocks 27.2%** | **International Stocks 27.2%** | **International Stocks 27.2%** | **International Stocks 27.2%** | **International Stocks 27.2%** | **International Stocks 27.2%** | **International Stocks 27.2%** | **International Stocks 27.2%** |
| **Developed Markets 27.2%** | **Developed Markets 27.2%** | **Developed Markets 27.2%** | **Developed Markets 27.2%** | **Developed Markets 27.2%** | **Developed Markets 27.2%** | **Developed Markets 27.2%** | **Developed Markets 27.2%** | **Developed Markets 27.2%** |
| Schwab Fundamental International Equity <br> Index Fund <br>| 311206 | 55476 |  |  | 20521 | 387203 | 33293 | 10476 |
| Schwab International Core Equity Fund  | 2381005 | 485392 |  |  | 237621 | 3104018 | 237492 | 65392 |
| Schwab International Opportunities Fund  | 3257257 | 822739 |  |  | 166922 | 4246918 | 196981 | 70739 |
|  |  |  |  |  |  | 7738139 |  |  |
| **Real Estate 5.5%** | **Real Estate 5.5%** | **Real Estate 5.5%** | **Real Estate 5.5%** | **Real Estate 5.5%** | **Real Estate 5.5%** | **Real Estate 5.5%** | **Real Estate 5.5%** | **Real Estate 5.5%** |
| **Global Real Estate 5.5%** | **Global Real Estate 5.5%** | **Global Real Estate 5.5%** | **Global Real Estate 5.5%** | **Global Real Estate 5.5%** | **Global Real Estate 5.5%** | **Global Real Estate 5.5%** | **Global Real Estate 5.5%** | **Global Real Estate 5.5%** |
| Schwab Global Real Estate Fund  | 1492553 | 124125 |  |  | (47651)<br>| 1569027 | 246702 | 24126 |
| **Fixed Income 0.8%** | **Fixed Income 0.8%** | **Fixed Income 0.8%** | **Fixed Income 0.8%** | **Fixed Income 0.8%** | **Fixed Income 0.8%** | **Fixed Income 0.8%** | **Fixed Income 0.8%** | **Fixed Income 0.8%** |
| **Intermediate-Term Bond 0.3%** | **Intermediate-Term Bond 0.3%** | **Intermediate-Term Bond 0.3%** | **Intermediate-Term Bond 0.3%** | **Intermediate-Term Bond 0.3%** | **Intermediate-Term Bond 0.3%** | **Intermediate-Term Bond 0.3%** | **Intermediate-Term Bond 0.3%** | **Intermediate-Term Bond 0.3%** |
| Schwab U.S. Aggregate Bond Index Fund  | 70533 | 66972 | (40000)<br>| 136 | 1412 | 99053 | 11080 | 1972 |
| **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** | **Short-Term Bond 0.5%** |
| Schwab Short-Term Bond Index Fund  | 110755 | 24663 |  |  | 1572 | 136990 | 14152 | 2662 |
|  |  |  |  |  |  | 236043 |  |  |
| **Total Affiliated Underlying Funds** <br>**(Cost $21,293,006)**<br>| **$19434216** | **$4309007** | **($40000)**<br>| **$136** | **($604871)**<br>| **$23098488** |  | **$751708** |
| **UNAFFILIATED UNDERLYING FUNDS** 18.4% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.4% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.4% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.4% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.4% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.4% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.4% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.4% OF NET ASSETS | **UNAFFILIATED UNDERLYING FUNDS** 18.4% OF NET ASSETS |
| **U.S. Stocks 10.8%** | **U.S. Stocks 10.8%** | **U.S. Stocks 10.8%** | **U.S. Stocks 10.8%** | **U.S. Stocks 10.8%** | **U.S. Stocks 10.8%** | **U.S. Stocks 10.8%** | **U.S. Stocks 10.8%** | **U.S. Stocks 10.8%** |
| **Large-Cap 8.9%** | **Large-Cap 8.9%** | **Large-Cap 8.9%** | **Large-Cap 8.9%** | **Large-Cap 8.9%** | **Large-Cap 8.9%** | **Large-Cap 8.9%** | **Large-Cap 8.9%** | **Large-Cap 8.9%** |
| Dodge & Cox Stock Fund, Class I  |  |  |  |  |  | $1821059 | 7196 |  |
| PGIM Jennison Growth Fund, Class R6  |  |  |  |  |  | 710121 | 10883 |  |
|  |  |  |  |  |  | 2531180 |  |  |
| **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** | **Small-Cap 1.9%** |
| Driehaus Small Cap Growth Fund, <br> Institutional Class <br>|  |  |  |  |  | 539334 | 27212 |  |
|  |  |  |  |  |  | 3070514 |  |  |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**69**

------

Schwab Target 2065 Fund

Portfolio Holdings as of April 30, 2025 (Unaudited) (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SECURITY | VALUE AT<br> 10/31/24<br>| PURCHASES | SALES | NET REALIZED<br> GAINS (LOSSES)<br>| NET CHANGE IN<br> UNREALIZED<br> APPRECIATION<br> (DEPRECIATION)<br>| VALUE AT<br> 4/30/25<br>| BALANCE<br> OF SHARES<br> HELD AT<br> 4/30/25<br>| DISTRIBUTIONS<br> RECEIVED<sup>(a)</sup><br>|
| **International Stocks 5.9%** | **International Stocks 5.9%** | **International Stocks 5.9%** | **International Stocks 5.9%** | **International Stocks 5.9%** | **International Stocks 5.9%** | **International Stocks 5.9%** | **International Stocks 5.9%** | **International Stocks 5.9%** |
| **Emerging Markets 5.9%** | **Emerging Markets 5.9%** | **Emerging Markets 5.9%** | **Emerging Markets 5.9%** | **Emerging Markets 5.9%** | **Emerging Markets 5.9%** | **Emerging Markets 5.9%** | **Emerging Markets 5.9%** | **Emerging Markets 5.9%** |
| Goldman Sachs Emerging Markets Equity <br> Insights Fund, Institutional Class <br>|  |  |  |  |  | $1694479 | 190391 |  |
| **Fixed Income 1.7%** | **Fixed Income 1.7%** | **Fixed Income 1.7%** | **Fixed Income 1.7%** | **Fixed Income 1.7%** | **Fixed Income 1.7%** | **Fixed Income 1.7%** | **Fixed Income 1.7%** | **Fixed Income 1.7%** |
| **Intermediate-Term Bond 1.2%** | **Intermediate-Term Bond 1.2%** | **Intermediate-Term Bond 1.2%** | **Intermediate-Term Bond 1.2%** | **Intermediate-Term Bond 1.2%** | **Intermediate-Term Bond 1.2%** | **Intermediate-Term Bond 1.2%** | **Intermediate-Term Bond 1.2%** | **Intermediate-Term Bond 1.2%** |
| Loomis Sayles Investment Grade Bond Fund, <br> Class Y <br>|  |  |  |  |  | 340327 | 34798 |  |
| **International Bond 0.5%** | **International Bond 0.5%** | **International Bond 0.5%** | **International Bond 0.5%** | **International Bond 0.5%** | **International Bond 0.5%** | **International Bond 0.5%** | **International Bond 0.5%** | **International Bond 0.5%** |
| PIMCO International Bond Fund <br> (U.S. Dollar-Hedged), Institutional Class <br>|  |  |  |  |  | 143686 | 14499 |  |
|  |  |  |  |  |  | 484013 |  |  |
| **Total Unaffiliated Underlying Funds** <br>**(Cost $5,240,217)**<br>|  |  |  |  |  | **$5249006** |  |  |
| **Total Investments in Securities** <br>**(Cost $26,533,223)**<br>|  |  |  |  |  | **$28347494** |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>(a)</sup> Distributions received include distributions from net investment income and capital gains, if any, from the underlying funds. Amounts shown are only presented for affiliated underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable (see financial note 2(d) for additional information). 

At April 30, 2025, all of the fund's investment securities were classified as Level 1 (see financial note 2(a) for additional information).

*See financial notes*

**70**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2065 Fund

Statement of Assets and Liabilities

------

As of April 30, 2025; unaudited

---

| | | |
|:---|:---|:---|
| **Assets** | **Assets** | **Assets** |
| Investments in securities, at value - affiliated issuers (cost $21,293,006)  |  | $23098488 |
| Investments in securities, at value - unaffiliated issuers (cost $5,240,217) |  | 5249006 |
| Cash |  | 158769 |
| Receivables: |  |  |
| Fund shares sold |  | 16940 |
| Due from investment adviser |  | 6023 |
| Dividends |  | 1318 |
| Prepaid expenses | + | 14745 |
| **Total assets** |  | **28545289** |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Payables: |  |  |
| Investments bought |  | 31318 |
| Fund shares redeemed |  | 3843 |
| Accrued expenses | + | 15422 |
| **Total liabilities** |  | **50583** |
| **Net assets** |  | **$28494706** |
| **Net Assets by Source** | **Net Assets by Source** | **Net Assets by Source** |
| Capital received from investors |  | $26423421 |
| Total distributable earnings | + | 2071285 |
| **Net assets** |  | **$28494706** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  | **Net Asset Value (NAV)**  |
| **Net Assets**  | **÷** | &nbsp;&nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **=** | **NAV** |
| $28494706 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2583566 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.03 |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**71**

------

Schwab Target 2065 Fund

Statement of Operations

------

---

| | | |
|:---|:---|:---|
| For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited | For the period November 1, 2024 through April 30, 2025; unaudited |
| **Investment Income**  | **Investment Income**  | **Investment Income**  |
| Dividends received from securities - affiliated issuers |  | $277796 |
| Dividends received from securities - unaffiliated issuers  |  | 39532 |
| Other Interest | + | 1871 |
| **Total investment income**  |  | **319199** |
| **Expenses** | **Expenses** | **Expenses** |
| Professional fees |  | 11978 |
| Registration fees |  | 9717 |
| Portfolio accounting fees |  | 5464 |
| Independent trustees' fees |  | 3062 |
| Shareholder reports |  | 2028 |
| Transfer agent fees  |  | 421 |
| Custodian fees |  | 165 |
| Other expenses | + | 1216 |
| **Total expenses** |  | **34051** |
| Expense reduction | – | 34051 |
| **Net expenses** | – | **—** |
| **Net investment income** |  | **319199** |
| **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** | **REALIZED AND UNREALIZED GAINS (LOSSES)** |
| Realized capital gain distributions received from underlying funds - affiliated issuers  |  | 473912 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers  |  | 141053 |
| Net realized gains on sales of securities - affiliated issuers  |  | 136 |
| Net realized gains on sales of securities - unaffiliated issuers  | + | 124115 |
| **Net realized gains** |  | **739216** |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers  |  | (604871)<br>|
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers | + | (369839)<br>|
| **Net change in unrealized appreciation (depreciation)** | **+** | **(974710)**<br>|
| **Net realized and unrealized losses** |  | **(235494)**<br>|
| **Increase in net assets resulting from operations** |  | **$83705** |

---

*See financial notes*

**72**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target 2065 Fund

Statement of Changes in Net Assets

------

For the current and prior report periods

Figures for the current period are unaudited

---

| | | | |
|:---|:---|:---|:---|
| **OPERATIONS** | **OPERATIONS** | **OPERATIONS** | **OPERATIONS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 |
| Net investment income |  | $319199 | &nbsp;&nbsp;&nbsp; $269915 |
| Net realized gains |  | 739216 | &nbsp;&nbsp;&nbsp; 157684 |
| Net change in unrealized appreciation (depreciation) | + | (974710)<br>| &nbsp;&nbsp;&nbsp; 4011778 |
| **Increase in net assets resulting from operations** |  | **$83705** | &nbsp;&nbsp;&nbsp; **$4439377** |
| **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** | **DISTRIBUTIONS TO SHAREHOLDERS** |
| **Total distributions** |  | **($706731)**<br>| &nbsp;&nbsp;&nbsp; **($492579)**<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** | **TRANSACTIONS IN FUND SHARES** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | VALUE | SHARES | VALUE |
| Shares sold |  | 617456 | &nbsp;&nbsp;&nbsp; $6877682 | &nbsp;&nbsp;&nbsp; 1105413 | &nbsp;&nbsp;&nbsp; $11677357 |
| Shares reinvested |  | 61484 | &nbsp;&nbsp;&nbsp; 681248 | &nbsp;&nbsp;&nbsp; 47498 | &nbsp;&nbsp;&nbsp; 474024 |
| Shares redeemed | + | (201225)<br>| &nbsp;&nbsp;&nbsp; (2270597)<br>| &nbsp;&nbsp;&nbsp; (433269)<br>| &nbsp;&nbsp;&nbsp; (4660016)<br>|
| **Net transactions in fund shares**  |  | **477715** | &nbsp;&nbsp;&nbsp; **$5288333** | &nbsp;&nbsp;&nbsp; **719642** | &nbsp;&nbsp;&nbsp; **$7491365** |
| **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** | **SHARES OUTSTANDING AND NET ASSETS** |
|  | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/24-4/30/25 | 11/1/23-10/31/24 | 11/1/23-10/31/24 |
|  |  | SHARES | NET ASSETS | SHARES | NET ASSETS |
| Beginning of period |  | 2105851 | &nbsp;&nbsp;&nbsp; $23829399 | &nbsp;&nbsp;&nbsp; 1386209 | &nbsp;&nbsp;&nbsp; $12391236 |
| Total increase | + | 477715 | &nbsp;&nbsp;&nbsp; 4665307 | &nbsp;&nbsp;&nbsp; 719642 | &nbsp;&nbsp;&nbsp; 11438163 |
| **End of period** |  | **2583566** | &nbsp;&nbsp;&nbsp; **$28494706** | &nbsp;&nbsp;&nbsp; **2105851** | &nbsp;&nbsp;&nbsp; **$23829399** |

---

*See financial notes*

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**73**

------

Schwab Target Funds

Financial Notes, unaudited

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Business Structure of the Funds:**

Each of the funds in this report is a series of Schwab Capital Trust (the trust), a no-load, open-end management investment company. The trust is organized as a Massachusetts business trust and is registered under the Investment Company Act of 1940, as amended (the 1940 Act). The list below shows all the operational funds in the trust as of the end of the period, including the funds discussed in this report, which are highlighted:

---

| | |
|:---|:---|
| **SCHWAB CAPITAL TRUST** | **SCHWAB CAPITAL TRUST** |
| **Schwab Target 2010 Fund** | Schwab Dividend Equity Fund |
| **Schwab Target 2015 Fund** | Schwab Large-Cap Growth Fund |
| **Schwab Target 2020 Fund** | Schwab Small-Cap Equity Fund |
| **Schwab Target 2025 Fund** | Schwab Health Care Fund |
| **Schwab Target 2030 Fund** | Schwab International Core Equity Fund |
| **Schwab Target 2035 Fund** | Schwab Fundamental U.S. Large Company Index Fund |
| **Schwab Target 2040 Fund** | Schwab Fundamental U.S. Small Company Index Fund |
| **Schwab Target 2045 Fund** | Schwab Fundamental International Equity Index Fund |
| **Schwab Target 2050 Fund** | Schwab Fundamental International Small Equity Index Fund |
| **Schwab Target 2055 Fund** | Schwab Fundamental Emerging Markets Equity Index Fund |
| **Schwab Target 2060 Fund** | Schwab Fundamental Global Real Estate Index Fund |
| **Schwab Target 2065 Fund** | Schwab Target 2010 Index Fund |
| Schwab S&P 500 Index Fund | Schwab Target 2015 Index Fund |
| Schwab Small-Cap Index Fund | Schwab Target 2020 Index Fund |
| Schwab Total Stock Market Index Fund | Schwab Target 2025 Index Fund |
| Schwab U.S. Large-Cap Growth Index Fund | Schwab Target 2030 Index Fund |
| Schwab U.S. Large-Cap Value Index Fund | Schwab Target 2035 Index Fund |
| Schwab U.S. Mid-Cap Index Fund | Schwab Target 2040 Index Fund |
| Schwab International Index Fund | Schwab Target 2045 Index Fund |
| Schwab MarketTrack All Equity Portfolio™ | Schwab Target 2050 Index Fund |
| Schwab MarketTrack Growth Portfolio™ | Schwab Target 2055 Index Fund |
| Schwab MarketTrack Balanced Portfolio™ | Schwab Target 2060 Index Fund |
| Schwab MarketTrack Conservative Portfolio™ | Schwab Target 2065 Index Fund |
| Schwab International Opportunities Fund | Schwab Monthly Income Fund - Target Payout |
| Schwab Balanced Fund | Schwab Monthly Income Fund - Flexible Payout |
| Schwab Core Equity Fund | Schwab Monthly Income Fund - Income Payout |

---

Each fund is considered a "fund of funds" because it invests in other exchange traded-funds (ETFs) or mutual funds. Each fund seeks to provide capital appreciation and income consistent with its current asset allocation. Each of the funds seeks to achieve its investment objective by investing primarily in affiliated Schwab ETFs. Each fund may also invest in affiliated Schwab mutual funds,and unaffiliated third-party ETFs and mutual funds (referred to herein as unaffiliated funds and, together with Schwab ETFs and Schwab mutual funds, as the "underlying funds"). Each fund invests in the underlying funds in accordance with its target portfolio allocation.

Each fund offers one share class. Shares are bought and sold at closing net asset value per share (NAV), which is the price for all outstanding shares of a fund. Each share has a par value of 1/1,000 of a cent, and the funds' Board of Trustees (the Board) may authorize the issuance of as many shares as necessary.

Each fund maintains its own account for purposes of holding assets and accounting, and is considered a separate entity for tax purposes. Within its account, each fund may also keep certain assets in segregated accounts, as required by securities law. The "Fund Complex" includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust.

------

**2. Significant Accounting Policies:**

The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) *Topic 946 Financial Services — Investment Companies*. The accounting policies are in conformity with accounting principles generally accepted in the United States of America (GAAP).

**74**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target Funds

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

In this reporting period, the funds adopted FASB Accounting Standards Update 2023-07, ASC Topic 280 Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the funds' financial position or the results of operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The management committee of each fund's investment adviser acts as the funds' CODM. The CODM has determined that each fund operates as a single operating segment given each fund has a single defined investment strategy disclosed in its respective prospectus. The discrete financial information in the form of each fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, shares sold and shares redeemed), which is used by the CODM to assess performance against the prospectus and to make resource allocation decisions with respect to the funds, is presented within each of the fund's financial statements.

The financial statements of the funds should be read in conjunction with the underlying funds' financial statements. For more information about the underlying funds' operations and policies, please refer to those funds' semiannual and annual reports and holdings and financial statements, which are filed in Form N-CSR with the U.S. Securities and Exchange Commission (SEC) and available on the SEC's website at www.sec.gov.

**(a) Security Valuation:**

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated authority to a Valuation Designee, the funds' investment adviser, to make fair valuation determinations under adopted procedures, subject to Board oversight. The investment adviser has formed a Pricing Committee to administer the pricing and valuation of portfolio securities and other assets and liabilities as well as to ensure that prices used for internal purposes or provided by third parties reasonably reflect fair value. The Valuation Designee may utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.

Securities held in the funds' portfolio are valued every business day. The following valuation policies and procedures are used by the Valuation Designee to value various types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities traded on an exchange or over-the-counter:** Traded securities are valued at the closing value for the day, or, on days when no closing value has been reported, at the mean of the most recent bid and ask quotes.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mutual funds:** Mutual funds are valued at their respective NAVs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● **Securities for which no quoted value is available:** The Valuation Designee has adopted procedures to fair value a fund's securities when market prices are not "readily available" or are unreliable. For example, a security may be fair valued when it's de-listed or its trading is halted or suspended; when a security's primary pricing source is unable or unwilling to provide a price; or when a security's primary trading market is closed during regular market hours. Fair value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including unobservable market inputs, when arriving at fair value. The Valuation Designee may employ methods such as the review of related or comparable assets or liabilities, related market activities, recent transactions, market multiples, book values, transactional back-testing, disposition analysis and other relevant information. Due to the subjective and variable nature of fair value pricing, there can be no assurance that a fund could obtain the fair value assigned to the security upon the sale of such security.

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the funds disclose the fair value of their investments in a hierarchy that prioritizes the significant inputs to valuation methods used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). If inputs used to measure the financial instruments fall within different levels of the hierarchy, the categorization is based on the lowest level input that is significant to the valuation. If it is determined that either the volume and/or level of activity for an asset or liability has significantly decreased (from normal conditions for that asset or liability) or price quotations or observable inputs are not associated with orderly transactions, increased analysis and the Valuation Designee's judgment will be required to estimate fair value.

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**75**

------

Schwab Target Funds

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

The three levels of the fair value hierarchy are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 1 — quoted prices in active markets for identical investments — Investments whose values are based on quoted market prices in active markets. These generally include active listed equities, mutual funds, ETFs and futures contracts. Mutual funds and ETFs are classified as Level 1 prices, without consideration to the classification level of the underlying securities held which could be Level 1, Level 2 or Level 3 in the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) — Investments that trade in markets that are not considered to be active, but whose values are based on quoted market prices, dealer quotations or valuations provided by alternative pricing sources supported by observable inputs are classified as Level 2 prices. These generally include forward foreign currency exchange contracts, U.S. government and sovereign obligations, most government agency securities, investment-grade corporate bonds, certain mortgage products, less liquid listed equities, and state, municipal and provincial obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Level 3 — significant unobservable inputs (including the Valuation Designee's assumptions in determining the fair value of investments) — Investments whose values are classified as Level 3 prices have significant unobservable inputs, as they may trade infrequently or not at all. When observable prices are not readily available for these securities, one or more valuation methods are used for which sufficient and reliable data is available. The inputs used in estimating the value of Level 3 prices may include the original transaction price, quoted prices for similar securities or assets in active markets, completed or pending third-party transactions in the underlying investment or comparable issuers, and changes in financial ratios or cash flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore a fund's results of operations.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

As disclosed in the Portfolio Holdings, as of April 30, 2025, each of the fund's investments were classified as Level 1.

**(b) Accounting Policies for certain Portfolio Investments (if held):**

**Cash Investments:** The funds may invest a portion of their assets in cash. Cash includes cash bank balances in an interest-bearing demand deposit account with maturity on demand by the funds.

**(c) Security Transactions:** 

Security transactions are recorded as of the date the order to buy or sell the security is executed. Realized gains and losses from security transactions are based on the identified costs of the securities involved.

**(d) Investment Income:**

Interest income is recorded as it accrues. Dividends and distributions from portfolio securities and underlying funds are recorded on the date they are effective (the ex-dividend date). Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the underlying funds.

**(e) Expenses:**

Expenses that are specific to a fund are charged directly to the fund. Expenses that are common to more than one fund in the trusts generally are allocated among those funds in proportion to their average daily net assets. Each fund bears its share of the acquired fund fees and expenses of the underlying funds, which are indirect expenses incurred by a fund through its investments in the underlying funds. Such expenses are reflected in the NAVs of the underlying funds.

**(f) Distributions to Shareholders:**

The funds make distributions from net investment income and net realized capital gains, if any, once a year. To receive a distribution, you must be a registered shareholder on the record date. Distributions are paid to shareholders on the payable date.

**76**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target Funds

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**2. Significant Accounting Policies (continued):** 

**(g) Accounting Estimates:**

The accounting policies described in this report conform to GAAP. Notwithstanding this, shareholders should understand that in order to follow these principles, fund management has to make estimates and assumptions that affect the information reported in the financial statements. It's possible that once the results are known, they may turn out to be different from these estimates and these differences may be material.

**(h) Federal Income Taxes:**

The funds intend to meet federal income and excise tax requirements for regulated investment companies under subchapter M of the Internal Revenue Code, as amended. Accordingly, the funds distribute substantially all of their net investment income and net realized capital gains, if any, to their shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.

**(i) Indemnification:**

Under the funds' organizational documents, the officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business the funds enter into contracts with their vendors and others that provide general indemnifications. The funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. However, based on experience, the funds expect the risk of loss attributable to these arrangements to be remote.

------

**3. Affiliates and Affiliated Transactions:**

**Investment Adviser**

Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned subsidiary of The Charles Schwab Corporation, serves as each fund's investment adviser and administrator pursuant to an Investment Advisory and Administration Agreement between the investment adviser and each fund. The investment adviser does not receive a fee for the services it performs for the funds. However, the investment adviser is entitled to receive an annual management fee from each of the affiliated Schwab Funds that serve as underlying funds.

**Expense Limitation**

The investment adviser and its affiliates have agreed with the funds, for so long as the investment adviser serves as the investment adviser to the funds, in which the agreement may only be amended or terminated with the approval of the Board, to limit the total annual fund operating expenses charged, excluding interest, taxes and certain non-routine expenses to 0.00%.

The agreement to limit the funds' total expenses charged is limited to each fund's direct operating expenses and, therefore, does not apply to acquired fund fees and expenses, which are indirect expenses incurred by a fund through its investments in the underlying funds.

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**77**

------

Schwab Target Funds

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**3. Affiliates and Affiliated Transactions (continued):** 

**Investments in Affiliates**

The funds may engage in certain transactions involving affiliated parties. Pursuant to an exemptive order issued by the SEC, each fund may invest in affiliated funds. As of April 30, 2025, each fund's ownership percentages of other affiliated funds' shares are as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| UNDERLYING FUNDS | SCHWAB<br> TARGET<br> 2010<br> FUND<br>| SCHWAB<br> TARGET<br> 2015<br> FUND<br>| SCHWAB<br> TARGET<br> 2020<br> FUND<br>| SCHWAB<br> TARGET<br> 2025<br> FUND<br>| SCHWAB<br> TARGET<br> 2030<br> FUND<br>| SCHWAB<br> TARGET<br> 2035<br> FUND<br>| SCHWAB<br> TARGET<br> 2040<br> FUND<br>| SCHWAB<br> TARGET<br> 2045<br> FUND<br>| SCHWAB<br> TARGET<br> 2050<br> FUND<br>| SCHWAB<br> TARGET<br> 2055<br> FUND<br>| SCHWAB<br> TARGET<br> 2060<br> FUND<br>| SCHWAB<br> TARGET<br> 2065<br> FUND<br>|
| Schwab Core Equity Fund | 0.0<br> %\*<br>| 0.1<br> %<br>| 0.4<br> %<br>| 0.6<br> %<br>| 2.1<br> %<br>| 1.5<br> %<br>| 3.3<br> %<br>| 0.9<br> %<br>| 1.0<br> %<br>| 0.7<br> %<br>| 0.3<br> %<br>| 0.1<br> %<br>|
| Schwab Fundamental International <br> Equity Index Fund<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>| 0.1<br> %<br>| 0.1<br> %<br>| 0.2<br> %<br>| 0.2<br> %<br>| 0.4<br> %<br>| 0.1<br> %<br>| 0.1<br> %<br>| 0.1<br> %<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>|
| Schwab Fundamental U.S. Large <br> Company Index Fund<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>| 0.1<br> %<br>| 0.1<br> %<br>| 0.3<br> %<br>| 0.2<br> %<br>| 0.6<br> %<br>| 0.2<br> %<br>| 0.2<br> %<br>| 0.1<br> %<br>| 0.1<br> %<br>| 0.0<br> %\*<br>|
| Schwab Global Real Estate Fund | 0.3<br> %<br>| 0.4<br> %<br>| 2.8<br> %<br>| 4.2<br> %<br>| 13.0<br> %<br>| 9.4<br> %<br>| 20.4<br> %<br>| 5.7<br> %<br>| 6.4<br> %<br>| 4.7<br> %<br>| 1.9<br> %<br>| 0.6<br> %<br>|
| Schwab Government Money Fund, <br> Ultra Shares<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>|
| Schwab International Core Equity <br> Fund<br>| 0.2<br> %<br>| 0.3<br> %<br>| 1.8<br> %<br>| 2.7<br> %<br>| 9.1<br> %<br>| 6.9<br> %<br>| 15.4<br> %<br>| 4.5<br> %<br>| 4.9<br> %<br>| 3.5<br> %<br>| 1.5<br> %<br>| 0.5<br> %<br>|
| Schwab International Opportunities <br> Fund<br>| 0.2<br> %<br>| 0.2<br> %<br>| 1.6<br> %<br>| 2.3<br> %<br>| 7.9<br> %<br>| 6.0<br> %<br>| 13.2<br> %<br>| 3.9<br> %<br>| 4.2<br> %<br>| 3.1<br> %<br>| 1.3<br> %<br>| 0.4<br> %<br>|
| Schwab S&P 500 Index Fund | 0.0<br> %\*<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>| 0.1<br> %<br>| 0.1<br> %<br>| 0.1<br> %<br>| 0.2<br> %<br>| 0.1<br> %<br>| 0.1<br> %<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>|
| Schwab Select Large Cap Growth <br> Fund<br>| 0.1<br> %<br>| 0.1<br> %<br>| 0.6<br> %<br>| 0.8<br> %<br>| 2.5<br> %<br>| 1.9<br> %<br>| 4.3<br> %<br>| 1.3<br> %<br>| 1.4<br> %<br>| 1.1<br> %<br>| 0.5<br> %<br>| 0.1<br> %<br>|
| Schwab Short-Term Bond Index <br> Fund<br>| 0.2<br> %<br>| 0.3<br> %<br>| 1.5<br> %<br>| 1.9<br> %<br>| 2.9<br> %<br>| 1.3<br> %<br>| 1.7<br> %<br>| 0.3<br> %<br>| 0.2<br> %<br>| 0.1<br> %<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>|
| Schwab Small-Cap Equity Fund | 0.1<br> %<br>| 0.1<br> %<br>| 0.9<br> %<br>| 1.4<br> %<br>| 4.5<br> %<br>| 3.5<br> %<br>| 7.9<br> %<br>| 2.4<br> %<br>| 2.6<br> %<br>| 2.0<br> %<br>| 0.9<br> %<br>| 0.3<br> %<br>|
| Schwab Treasury Inflation Protected <br> Securities Index Fund<br>| 0.1<br> %<br>| 0.1<br> %<br>| 0.7<br> %<br>| 1.0<br> %<br>| 0.8<br> %<br>| 0.1<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>| —<br> %<br>|
| Schwab U.S. Aggregate Bond Index <br> Fund<br>| 0.2<br> %<br>| 0.2<br> %<br>| 1.3<br> %<br>| 1.7<br> %<br>| 2.8<br> %<br>| 1.2<br> %<br>| 1.6<br> %<br>| 0.3<br> %<br>| 0.2<br> %<br>| 0.1<br> %<br>| 0.0<br> %\*<br>| 0.0<br> %\*<br>|
| Schwab U.S. Mid Cap Index Fund | 0.0<br> %\*<br>| 0.0<br> %\*<br>| 0.2<br> %<br>| 0.3<br> %<br>| 0.8<br> %<br>| 0.5<br> %<br>| 1.0<br> %<br>| 0.3<br> %<br>| 0.3<br> %<br>| 0.2<br> %<br>| 0.1<br> %<br>| 0.0<br> %\*<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Less than 0.05%

**Interfund Borrowing and Lending**

Pursuant to an exemptive order issued by the SEC, the funds may enter into interfund borrowing and lending transactions with other funds in the Fund Complex. All loans are for temporary or emergency purposes and the interest rate to be charged will be the average of the overnight repurchase agreement rate and the short-term bank loan rate. All loans are subject to numerous conditions designed to ensure fair and equitable treatment of all participating funds. The interfund lending facility is subject to the oversight and periodic review by the Board. The funds had no interfund borrowing or lending activity during the period.

------

**4. Board of Trustees:**

The Board may include people who are officers and/or directors of the investment adviser or its affiliates. Federal securities law limits the percentage of such "interested persons" who may serve on a trust's board, and the trust was in compliance with these limitations throughout the report period. The funds did not pay any of these interested persons for their services as trustees, but did pay non-interested persons (independent trustees), as noted in each fund's Statement of Operations.

**78**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

Schwab Target Funds

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Borrowing from Banks:**

During the period, the funds were participants with other funds in the Fund Complex in a joint, syndicated, committed $1.2 billion line of credit (the Syndicated Credit Facility), maturing on September 25, 2025. Under the terms of the Syndicated Credit Facility, in addition to interest charged on any borrowings by a fund, each fund paid a commitment fee of 0.15% per annum on the funds' proportionate share of the unused portion of the Syndicated Credit Facility.

During the period, the funds were participants with other funds in the Fund Complex in a joint, unsecured, uncommitted $400 million line of credit (the Uncommitted Credit Facility) with State Street Bank and Trust Company, maturing on September 25, 2025. Under the terms of the Uncommitted Credit Facility, each fund pays interest on the amount a fund borrows. There were no borrowings by any of the funds from either line of credit during the period.

The funds also have access to custodian overdraft facilities. A fund may have utilized the overdraft facility and incurred an interest expense, which is disclosed in each fund's Statement of Operations, if any. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.

------

**6. Purchases and Sales of Investment Securities:**

For the period ended April 30, 2025, purchases and sales of securities (excluding short-term obligations) were as follows:

---

| | | |
|:---|:---|:---|
|  | PURCHASES <br>OF SECURITIES <br>| SALES <br>OF SECURITIES<br>|
| Schwab Target 2010 Fund | $3499632 | &nbsp;&nbsp; $6209188 |
| Schwab Target 2015 Fund | 6494797 | &nbsp;&nbsp; 5551019 |
| Schwab Target 2020 Fund | 21349183 | &nbsp;&nbsp; 42004394 |
| Schwab Target 2025 Fund | 42404144 | &nbsp;&nbsp; 76539380 |
| Schwab Target 2030 Fund | 104593430 | &nbsp;&nbsp; 136443070 |
| Schwab Target 2035 Fund | 70427934 | &nbsp;&nbsp; 73699023 |
| Schwab Target 2040 Fund | 126149068 | &nbsp;&nbsp; 117412235 |
| Schwab Target 2045 Fund | 35496946 | &nbsp;&nbsp; 21373300 |
| Schwab Target 2050 Fund | 32336842 | &nbsp;&nbsp; 21495246 |
| Schwab Target 2055 Fund | 25296423 | &nbsp;&nbsp; 12328222 |
| Schwab Target 2060 Fund | 14961380 | &nbsp;&nbsp; 4853120 |
| Schwab Target 2065 Fund  | 6680594 | &nbsp;&nbsp; 1061665 |

---

------

**7. Federal Income Taxes:**

As of April 30, 2025, the tax basis cost of the funds' investments and gross unrealized appreciation and depreciation were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | TAX COST | GROSS UNREALIZED <br>APPRECIATION<br>| GROSS UNREALIZED <br>DEPRECIATION<br>| NET UNREALIZED <br>APPRECIATION <br>(DEPRECIATION)<br>|
| Schwab Target 2010 Fund | $36420660 | &nbsp;&nbsp; $4334022 | &nbsp;&nbsp; ($1250429)<br>| &nbsp;&nbsp; $3083593 |
| Schwab Target 2015 Fund | 44025908 | &nbsp;&nbsp; 6726074 | &nbsp;&nbsp; (1872612)<br>| &nbsp;&nbsp; 4853462 |
| Schwab Target 2020 Fund | 256023270 | &nbsp;&nbsp; 47677272 | &nbsp;&nbsp; (11220985)<br>| &nbsp;&nbsp; 36456287 |
| Schwab Target 2025 Fund | 354742564 | &nbsp;&nbsp; 64296209 | &nbsp;&nbsp; (11694341)<br>| &nbsp;&nbsp; 52601868 |
| Schwab Target 2030 Fund | 754189394 | &nbsp;&nbsp; 202367151 | &nbsp;&nbsp; (20895438)<br>| &nbsp;&nbsp; 181471713 |
| Schwab Target 2035 Fund | 479419437 | &nbsp;&nbsp; 120412091 | &nbsp;&nbsp; (11874906)<br>| &nbsp;&nbsp; 108537185 |
| Schwab Target 2040 Fund | 886855818 | &nbsp;&nbsp; 290846082 | &nbsp;&nbsp; (22827453)<br>| &nbsp;&nbsp; 268018629 |
| Schwab Target 2045 Fund | 260400025 | &nbsp;&nbsp; 53400672 | &nbsp;&nbsp; (6136177)<br>| &nbsp;&nbsp; 47264495 |
| Schwab Target 2050 Fund | 266131281 | &nbsp;&nbsp; 53391130 | &nbsp;&nbsp; (5347226)<br>| &nbsp;&nbsp; 48043904 |
| Schwab Target 2055 Fund | 192981747 | &nbsp;&nbsp; 35315697 | &nbsp;&nbsp; (3645888)<br>| &nbsp;&nbsp; 31669809 |
| Schwab Target 2060 Fund | 84181363 | &nbsp;&nbsp; 9839667 | &nbsp;&nbsp; (966620)<br>| &nbsp;&nbsp; 8873047 |
| Schwab Target 2065 Fund  | 26975339 | &nbsp;&nbsp; 1717802 | &nbsp;&nbsp; (345647)<br>| &nbsp;&nbsp; 1372155 |

---

Schwab Target Funds \| Semiannual Holdings and Financial Statements

**79**

------

Schwab Target Funds

Financial Notes, unaudited (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**7. Federal Income Taxes (continued):** 

The primary difference between book basis and tax basis unrealized appreciation or unrealized depreciation of investments is the tax deferral of losses on wash sales. The tax cost of the funds' investments, disclosed above, have been adjusted from their book amounts to reflect these unrealized appreciation or depreciation differences, as applicable.

The tax basis components of distributions and components of distributable earnings on a tax basis are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of April 30, 2025. The tax basis components of distributions paid during the fiscal year ended October 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | PRIOR FISCAL YEAR END DISTRIBUTIONS | PRIOR FISCAL YEAR END DISTRIBUTIONS |
|  | ORDINARY <br>INCOME <br>| LONG-TERM <br>CAPITAL <br>GAINS <br>|
| Schwab Target 2010 Fund | $1271573 | &nbsp;&nbsp; $619179 |
| Schwab Target 2015 Fund | 1458869 | &nbsp;&nbsp; 1593932 |
| Schwab Target 2020 Fund | 9520093 | &nbsp;&nbsp; 13437161 |
| Schwab Target 2025 Fund | 12258169 | &nbsp;&nbsp; 11365616 |
| Schwab Target 2030 Fund | 22367653 | &nbsp;&nbsp; 18094357 |
| Schwab Target 2035 Fund | 11858776 | &nbsp;&nbsp; 6857795 |
| Schwab Target 2040 Fund | 21973024 | &nbsp;&nbsp; 18827641 |
| Schwab Target 2045 Fund | 5034628 | &nbsp;&nbsp; 2727018 |
| Schwab Target 2050 Fund | 4978884 | &nbsp;&nbsp; 3917388 |
| Schwab Target 2055 Fund | 3423676 | &nbsp;&nbsp; 2672454 |
| Schwab Target 2060 Fund | 1127201 | &nbsp;&nbsp; 899391 |
| Schwab Target 2065 Fund  | 264373 | &nbsp;&nbsp; 228206 |

---

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts in the financial statements. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.

As of October 31, 2024, management has reviewed the tax positions for open periods (for federal purposes, three years from the date of filing and for state purposes, four years from the date of filing) as applicable to the funds, and has determined that no provision for income tax is required in the funds' financial statements. The funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in each fund's Statement of Operations. During the fiscal year ended October 31, 2024, the funds did not incur any interest or penalties.

------

**8. Subsequent Events:**

Management has determined there are no subsequent events or transactions through the date the financial statements were issued that would have materially impacted the financial statements as presented.

**80**Schwab Target Funds \| Semiannual Holdings and Financial Statements

------

![(CHARLES SCHWAB ASSET MANAGMENT LOGO)](g124419img73637d1f1.jpg)

MFR34720-19

00314159

------

#### Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9: Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10: Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The remuneration paid to directors, officers and others are included under Item 7 of this Form.

#### Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.

#### Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14: Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

------

#### Item 15: Submission of Matters to a Vote of Security Holders.
Not applicable.

#### Item 16: Controls and Procedures.
(a) Based on their evaluation of Registrant's disclosure controls and procedures, as of a date within 90 days of the filing date, Registrant's Principal Executive Officer, Omar Aguilar and Registrant's Principal Financial Officer, Dana Smith, have concluded that Registrant's disclosure controls and procedures are: (i) reasonably designed to ensure that information required to be disclosed in this report is appropriately communicated to Registrant's officers to allow timely decisions regarding disclosures required in this report; (ii) reasonably designed to ensure that information required to be disclosed in this report is recorded, processed, summarized and reported in a timely manner; and (iii) are effective in achieving the goals described in (i) and (ii) above.

(b) During the period covered by this report, there have been no changes in Registrant's internal control over financial reporting that the above officers believe to have materially affected, or to be reasonably likely to materially affect, Registrant's internal control over financial reporting.

#### Item 17: Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18: Recovery of Erroneously Awarded Compensation.
(a) Not applicable.

(b) Not applicable.

#### Item 19: Exhibits.
(a) (1) Registrant's code of ethics – not applicable to this semi-annual report.

(2) Not applicable.

(3) [Separate certifications for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended (the "1940 Act"), are attached.](d70396dex99cert.htm)

(b) [A certification for Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(b) under the 1940 Act, is attached. This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSRS with the Commission.](d70396dex99906cert.htm)

------

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Schwab Capital Trust</u>

---

| | |
|:---|:---|
| By: | /s/ Omar Aguilar |
|  | Omar Aguilar<br> Principal Executive Officer (Chief Executive Officer) |
| Date: | June 13, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Omar Aguilar |
|  | Omar Aguilar<br> Principal Executive Officer (Chief Executive Officer) |
| Date: | June 13, 2025 |
| By: | /s/ Dana Smith |
|  | Dana Smith<br> Principal Financial Officer (Chief Financial Officer) |
| Date: | June 13, 2025 |

---

## Ex-99.Cert

**<u>CERTIFICATIONS</u>**

I, Omar Aguilar, certify that:

1. I have reviewed this report on Form N-CSRS of Schwab Capital Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 13, 2025 | /s/ Omar Aguilar |
|  | Omar Aguilar<br> Principal Executive Officer (Chief Executive Officer) |

---

------

**<u>CERTIFICATIONS</u>**

I, Dana Smith, certify that:

1. I have reviewed this report on Form N-CSRS of Schwab Capital Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: June 13, 2025 | /s/ Dana Smith |
|  | Dana Smith<br> Principal Financial Officer (Chief Financial Officer) |

---

## Exhibit 99.906

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES**-**OXLEY ACT OF 2002

In connection with the Semiannual Report for Schwab Capital Trust (the "Funds") on Form N-CSRS for the period ended April 30, 2025 ("periodic report"), each of the undersigned, being the Principal Executive Officer and Principal Financial Officer, respectively, hereby certifies, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes**-**Oxley Act of 2002, that to the best of my knowledge:

(1) The periodic report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the periodic report fairly presents, in all material respects, the financial condition and results of operations of the Funds for the period presented therein.

---

| | |
|:---|:---|
| /s/ Omar Aguilar | Date: June 13, 2025 |
| Omar Aguilar |  |
| Principal Executive Officer (Chief Executive Officer) |  |
| /s/ Dana Smith | Date: June 13, 2025 |
| Dana Smith |  |
| Principal Financial Officer (Chief Financial Officer) |  |

---

This certification is being furnished to the Securities and Exchange Commission solely pursuant to 18 U.S.C. section 1350 and is not being filed as part of the Form N-CSRS with the Commission.