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, 2024
Item 1: Report(s) to Shareholders.
Semiannual Report | April 30, 2024
Schwab Equity Index
Funds®
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 Growth
Index Fund
Index Fund
Schwab U.S. Large-Cap Value
Index Fund
Index Fund
Schwab U.S. Mid-Cap Index Fund
Schwab International Index Fund®
| No Action Required – Notice Regarding Shareholder Report Delivery |
| Beginning on July 24, 2024, fund shareholder reports will be streamlined to highlight key information deemed important for investors to assess
and monitor their fund investments. Other information, including financial
statements, will not appear in the streamlined shareholder reports
but will available online and delivered free of charge upon
request. |
| • If you already receive the full shareholder reports, you
will receive the streamlined shareholder reports in the same way that you currently receive the full shareholder reports (either in paper or electronically). |
| • If you currently receive a notification when a shareholder
report is available on a fund’s website, beginning July 24, 2024, you will begin to receive the streamlined shareholder report (in paper). |
Eight cost-efficient ways to tap into the power
of the stock market for long-term growth potential.
In
This Report
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Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management®
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.
| |
1
Schwab Equity Index
Funds | Semiannual ReportSchwab Equity Index Funds
Performance
at a Glance
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/schwabfunds_prospectus.
| Total Return for the 6 Months
Ended April 30, 2024 | |
| Schwab S&P 500 Index Fund (Ticker Symbol:
SWPPX) |
20.94% |
| S&P 500® Index |
20.98% |
| Fund Category: Morningstar Large
Blend1 |
19.86% |
| Performance Details |
pages 5-6 |
| |
|
| Schwab 1000 Index Fund (Ticker Symbol: SNXFX)
|
21.39% |
| Russell 1000® Index2 |
21.17% |
| Schwab 1000 Index® |
21.38% |
| Fund Category: Morningstar Large
Blend1 |
19.86% |
| Performance Details |
pages 7-8 |
| |
|
| Schwab Small-Cap Index Fund (Ticker Symbol:
SWSSX) |
19.68% |
| S&P 500® Index3 |
20.98% |
| Russell 2000® Index |
19.66% |
| Fund Category: Morningstar Small
Blend1 |
18.81% |
| Performance Details |
pages 9-10 |
| |
|
| Schwab Total Stock Market Index Fund (Ticker
Symbol: SWTSX) |
21.23% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
| Fund Category: Morningstar Large
Blend1 |
19.86% |
| Performance Details |
pages 11-12 |
| Total Return for the 6 Months
Ended April 30, 2024 | |
| |
|
| Schwab U.S. Large-Cap Growth Index Fund (Ticker
Symbol: SWLGX) |
23.58% |
| S&P 500® Index3 |
20.98% |
| Russell 1000® Growth Index |
23.56% |
| Fund Category: Morningstar Large
Growth1 |
24.13% |
| Performance Details |
pages 13-14 |
| |
|
| Schwab U.S. Large-Cap Value Index Fund (Ticker
Symbol: SWLVX) |
18.40% |
| S&P 500® Index3 |
20.98% |
| Russell 1000® Value Index |
18.42% |
| Fund Category: Morningstar Large
Value1 |
17.99% |
| Performance Details |
pages 15-16 |
| |
|
| Schwab U.S. Mid-Cap Index Fund (Ticker
Symbol: SWMCX) |
21.98% |
| S&P 500® Index3 |
20.98% |
| Russell Midcap® Index |
22.00% |
| Fund Category: Morningstar Mid-Cap
Blend1 |
20.84% |
| Performance Details |
pages 17-18 |
| |
|
| Schwab International Index Fund4 (Ticker
Symbol: SWISX) |
17.14% |
| MSCI EAFE® Index (Net)5
|
18.63% |
| Fund Category: Morningstar Foreign Large
Blend1 |
16.61% |
| Performance Details |
pages 19-20 |
All total returns on this page assume dividends and distributions were reinvested.
Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less
than one year are not annualized.
For index definitions, please
see the Glossary.
Performance does not reflect the deduction of
taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.
1
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
2
In anticipation of new regulatory requirements, the fund’s regulatory index has
changed to the Russell 1000® Index. The Russell 1000® Index provides a broad measure of market performance. The fund generally invests in securities that are included in the second index listed. The fund does not seek to track the regulatory index.
3
In anticipation of new regulatory requirements, the fund’s regulatory index has changed to the S&P 500® Index. The S&P 500® Index provides a broad measure of market performance. The fund generally invests in securities that are included in the second index listed. The fund does not seek to track the regulatory index.
4
The fund’s performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations. See financial note 2 for more information.
5
The net version of the index reflects reinvested dividends net of withholding taxes but
reflects no deductions for expenses or other taxes.
Schwab Equity Index Funds | Semiannual Report
2
Schwab Equity Index Funds
Fund
Management
 |
Christopher Bliss, CFA, Managing Director and Head of Passive Equity
Strategies for Schwab Asset Management, is responsible for overseeing the investment
process and portfolio management of investment strategies for passive equity Schwab Funds
and Schwab ETFs, and Schwab Personalized Indexing™ separately managed accounts.
Before joining Schwab in 2016, Mr. Bliss spent 12 years at BlackRock (formerly Barclays
Global Investors) managing and leading institutional index teams, most recently as a managing director
and the head of the Americas institutional index team. In this role, Mr. Bliss was
responsible for overseeing a team of portfolio managers managing domestic, developed
international and emerging markets index strategies. Prior to BlackRock, he worked as an
equity analyst and portfolio manager for Harris Bretall and before that, as a research
analyst for JP Morgan. |
 |
Jeremy Brown, CFA, Senior Portfolio Manager for Schwab Asset Management,
is responsible for the day-to-day co-management of the funds, except for the Schwab
International Index Fund. Prior to joining Schwab in 2017, Mr. Brown spent six years with
ALPS Advisors, Inc. in Denver, most recently as a senior analyst on the ETF portfolio
management and research team where he performed portfolio management, trading, and
analytics/research functions for ALPS ETFs and passive funds. Additionally, Mr. Brown led a
number of investment research, commentary, industry trend analysis, and sales and marketing support
initiatives. |
 |
Joselle Duncan, CFA, Portfolio Manager for Schwab Asset Management, is
responsible for the day-to-day co-management of the Schwab International Index Fund. Prior
to joining Schwab in 2022, Ms. Duncan worked at BlackRock, Inc. for over 20 years as a
vice president and portfolio manager focused on international ETFs. Before that, she held
several positions at BlackRock (formerly Barclays Global Investors) including portfolio
manager for institutional and mutual funds, securities lending trader, and securities lending product
specialist. |
 |
Jiwei Gu, CFA, Portfolio Manager for Schwab Asset Management, is
responsible for the day-to-day co-management of the Schwab International Index Fund. Ms.
Gu joined the portfolio management team as an associate portfolio manager in 2018. Prior
to joining Schwab, she spent four years at CoBank, most recently as an enterprise risk
analyst performing bank-level loan portfolio credit risk analysis, data analytics, and risk
management methodology research. Before that, Ms. Gu worked in commercial credit underwriting and
capital markets supporting lending activities. |
 |
Ferian Juwono, CFA, Senior Portfolio Manager for Schwab Asset Management,
is responsible for the oversight and day-to-day co-management of the funds, except for the
Schwab International Index Fund. Prior to joining Schwab in 2010, Mr. Juwono worked at
BlackRock (formerly Barclays Global Investors) where he spent more than three years as a
portfolio manager, managing equity index funds for institutional clients, and two years as
a senior business analyst. Prior to that, Mr. Juwono worked for more than four years as a senior financial analyst with Union Bank of California. |
 |
David Rios, Portfolio Manager for Schwab Asset Management, is responsible
for the day-to-day co-management of the Schwab International Index Fund. Prior to this
role, Mr. Rios was an associate portfolio manager on the equity index strategies team for
four years. His first role with Schwab Asset Management was as a trade operations
specialist. Prior to joining Schwab in 2008, Mr. Rios was a senior fund accountant at
Investors Bank & Trust (subsequently acquired by State Street Corporation). |
3
Schwab Equity Index Funds | Semiannual ReportSchwab Equity Index Funds
Fund Management (continued)
 |
Agnes Zau, CFA, Portfolio Manager for Schwab Asset Management, is
responsible for the day-to-day co-management of the funds, except for the Schwab
International Index Fund. Prior to joining Schwab in 2018, Ms. Zau was at BlackRock for
three years, most recently as a multi-asset portfolio investment consultant where she
advised institutional clients on asset allocation and strategy, constructed risk
decomposition and portfolio optimization, and conducted scenario analyses for the core multi-asset
target risk strategies. She spent the preceding three years as a derivatives specialist at
Mellon Capital. |
Schwab Equity Index Funds | Semiannual Report
4
Schwab S&P 500 Index Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab S&P 500 Index Fund (5/19/97)
|
20.94% |
22.62% |
13.16% |
12.35% |
| S&P 500® Index |
20.98% |
22.66% |
13.19% |
12.41% |
| Fund Category: Morningstar Large Blend
2 |
19.86% |
20.31% |
11.78% |
10.96% |
| Fund Expense Ratio3:
0.02% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
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.
1
Performance does not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares.
2
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
3
As stated in the prospectus.
5
Schwab Equity
Index Funds | Semiannual ReportSchwab S&P 500
Index Fund
Performance and Fund Facts as of April 30, 2024
Statistics1
| Number of Holdings |
501 |
| Weighted Average Market Cap (millions) |
$780,890 |
| Price/Earnings Ratio (P/E) |
25.1 |
| Price/Book Ratio (P/B) |
4.2 |
| Portfolio Turnover Rate |
1% 2 |
Sector Weightings % of Investments3
Top Equity Holdings % of Net Assets4
Portfolio holdings may have changed since the report date.
Source of Sector Classification: S&P and MSCI.
1
Excludes derivatives.
2
Not annualized.
3
The percentage may differ from the Portfolio Holdings because the above calculation is
based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
4
This list is not a recommendation of any security by the investment adviser.
Schwab Equity Index Funds | Semiannual Report
6
Schwab 1000
Index Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab 1000 Index Fund (4/2/91)
|
21.39% |
22.98% |
12.69% |
11.94% |
| Russell 1000® Index 2 |
21.17% |
22.82% |
12.87% |
12.14% |
| Schwab 1000 Index® |
21.38% |
23.00% |
12.73% |
12.05% |
| Fund Category: Morningstar Large Blend
3 |
19.86% |
20.31% |
11.78% |
10.96% |
| Fund Expense Ratio4:
0.05% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
Performance does not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares.
2
In anticipation of new regulatory requirements, the fund’s regulatory index has
changed from the Schwab 1000 Index® to the Russell 1000® Index. The Russell 1000® Index provides a broad measure of market performance. The fund generally invests in securities that are included in the Schwab 1000 Index®. The fund does not seek to track the regulatory index.
3
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
4
As stated in the prospectus.
7
Schwab Equity
Index Funds | Semiannual ReportSchwab 1000
Index Fund
Performance and Fund Facts as of April 30, 2024
Statistics1
| Number of Holdings |
994 2 |
| Weighted Average Market Cap (millions) |
$711,678 |
| Price/Earnings Ratio (P/E) |
24.6 |
| Price/Book Ratio (P/B) |
4.1 |
| Portfolio Turnover Rate |
1% 3,4 |
Sector Weightings % of Investments5
Top Equity Holdings % of Net Assets7
Portfolio holdings may have changed since the report date.
Source of Sector Classification: S&P and MSCI.
1
Excludes derivatives.
2
As a result of the Schwab 1000 Index®’s once per year reconstitution and the effects of certain corporate actions, the fund may hold more or less than 1,000 securities.
3
Not annualized.
4
Portfolio turnover rate excludes in-kind transactions.
5
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
6
Includes the fund’s position(s) in money market mutual funds registered under the
Investment Company Act of 1940, as amended.
7
This list is not a recommendation of any security by the investment
adviser.
Schwab Equity Index Funds | Semiannual Report
8
Schwab Small-Cap Index Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab Small-Cap Index Fund (5/19/97)
|
19.68% |
13.38% |
5.90% |
7.28% |
| S&P 500® Index 2 |
20.98% |
22.66% |
13.19% |
12.41% |
| Russell 2000® Index |
19.66% |
13.32% |
5.83% |
7.22% |
| Fund Category: Morningstar Small Blend
3 |
18.81% |
13.98% |
7.17% |
7.28% |
| Fund Expense Ratio4:
0.04% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
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.
1
Performance does not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares.
2
In anticipation of new regulatory requirements, the fund’s regulatory index has
changed from the Russell 2000® Index to the S&P 500® Index. The S&P 500® Index 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.
3
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
4
As stated in the prospectus.
9
Schwab Equity
Index Funds | Semiannual ReportSchwab Small-Cap Index Fund
Performance and Fund Facts as of April 30, 2024
Statistics1
| Number of Holdings |
1,943 |
| Weighted Average Market Cap (millions) |
$4,245 |
| Price/Earnings Ratio (P/E) |
15.5 |
| Price/Book Ratio (P/B) |
1.9 |
| Portfolio Turnover Rate |
5% 2,3 |
Sector Weightings % of Investments4
Top Equity Holdings % of Net Assets6
Portfolio holdings may have changed since the report date.
Source of Sector Classification: S&P and MSCI.
Small-company stocks are subject to greater volatility than many other asset
classes.
1
Excludes derivatives.
2
Not annualized.
3
Portfolio turnover rate excludes in-kind transactions.
4
The percentage may differ from the Portfolio Holdings because the above calculation is
based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
5
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
6
This list is not a recommendation of any security by the investment adviser.
Schwab Equity Index Funds | Semiannual Report
10
Schwab Total Stock
Market Index Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab Total Stock Market Index Fund (6/1/99)
|
21.23% |
22.42% |
12.30% |
11.70% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
22.42% |
12.32% |
11.73% |
| Fund Category: Morningstar Large Blend
2 |
19.86% |
20.31% |
11.78% |
10.96% |
| Fund Expense Ratio3:
0.03% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
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 IndexSM” 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.
1
Performance does not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares.
2
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
3
As stated in the prospectus.
11
Schwab Equity
Index Funds | Semiannual ReportSchwab Total Stock Market
Index Fund
Performance and Fund Facts as of April 30, 2024
Statistics1
| Number of Holdings |
3,354 |
| Weighted Average Market Cap (millions) |
$678,994 |
| Price/Earnings Ratio (P/E) |
24.1 |
| Price/Book Ratio (P/B) |
3.8 |
| Portfolio Turnover Rate |
0% 2,3 |
Sector Weightings % of Investments4
Top Equity Holdings % of Net Assets6
Portfolio holdings may have changed since the report date.
Source of Sector Classification: S&P and MSCI.
1
Excludes derivatives.
2
Less than 0.5%.
3
Not annualized.
4
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
5
Includes the fund’s position(s) in money market mutual funds registered under the
Investment Company Act of 1940, as amended.
6
This list is not a recommendation of any security by the investment
adviser.
Schwab Equity Index Funds | Semiannual Report
12
Schwab U.S. Large-Cap
Growth Index Fund
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/schwabfunds_prospectus.
Average Annual Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
Since Inception |
| Fund: Schwab U.S. Large-Cap Growth Index Fund (12/20/17)
|
23.58% |
31.78% |
16.42% |
15.77% |
| S&P 500® Index 2 |
20.98% |
22.66% |
13.19% |
12.33% |
| Russell 1000® Growth Index |
23.56% |
31.80% |
16.46% |
15.81% |
| Fund Category: Morningstar Large Growth
3 |
24.13% |
29.19% |
12.82% |
N/A |
| Fund Expense Ratio4:
0.035% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
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.
1
Performance does not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares.
2
In anticipation of new regulatory requirements, the fund’s regulatory index has
changed from the Russell 1000® Growth Index to the S&P
500® Index. The S&P 500® Index 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.
3
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
4
As stated in the prospectus.
13
Schwab Equity
Index Funds | Semiannual ReportSchwab U.S. Large-Cap Growth Index
Fund
Performance and Fund Facts as of April 30, 2024
Statistics1
| Number of Holdings |
439 |
| Weighted Average Market Cap (millions) |
$1,183,307 |
| Price/Earnings Ratio (P/E) |
32.8 |
| Price/Book Ratio (P/B) |
10.9 |
| Portfolio Turnover Rate |
2% 2 |
Sector Weightings % of Investments3
Top Equity Holdings % of Net Assets5
Portfolio holdings may have changed since the report date.
Source of Sector Classification: S&P and MSCI.
1
Excludes derivatives.
2
Not annualized.
3
The percentage may differ from the Portfolio Holdings because the above calculation is
based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
4
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
5
This list is not a recommendation of any security by the investment adviser.
Schwab Equity Index Funds | Semiannual Report
14
Schwab U.S. Large-Cap Value
Index Fund
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/schwabfunds_prospectus.
Average Annual Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
Since Inception |
| Fund: Schwab U.S. Large-Cap Value Index Fund (12/20/17)
|
18.40% |
13.38% |
8.53% |
7.71% |
| S&P 500® Index 2 |
20.98% |
22.66% |
13.19% |
12.33% |
| Russell 1000® Value Index |
18.42% |
13.42% |
8.60% |
7.78% |
| Fund Category: Morningstar Large Value
3 |
17.99% |
14.37% |
9.20% |
N/A |
| Fund Expense Ratio4:
0.035% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
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.
1
Performance does not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares.
2
In anticipation of new regulatory requirements, the fund’s regulatory index has
changed from the Russell 1000® Value Index to the S&P
500® Index. The S&P 500® Index 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.
3
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
4
As stated in the prospectus.
15
Schwab Equity
Index Funds | Semiannual ReportSchwab U.S. Large-Cap Value Index
Fund
Performance and Fund Facts as of April 30, 2024
Statistics1
| Number of Holdings |
836 |
| Weighted Average Market Cap (millions) |
$152,173 |
| Price/Earnings Ratio (P/E) |
18.7 |
| Price/Book Ratio (P/B) |
2.3 |
| Portfolio Turnover Rate |
8% 2 |
Sector Weightings % of Investments3
Top Equity Holdings % of Net Assets5
Portfolio holdings may have changed since the report date.
Source of Sector Classification: S&P and MSCI.
1
Excludes derivatives.
2
Not annualized.
3
The percentage may differ from the Portfolio Holdings because the above calculation is
based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
4
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
5
This list is not a recommendation of any security by the investment adviser.
Schwab Equity Index Funds | Semiannual Report
16
Schwab U.S. Mid-Cap Index
Fund
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/schwabfunds_prospectus.
Average Annual Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
Since Inception |
| Fund: Schwab U.S. Mid-Cap Index Fund (12/20/17)
|
21.98% |
16.32% |
9.02% |
8.69% |
| S&P 500® Index 2 |
20.98% |
22.66% |
13.19% |
12.33% |
| Russell Midcap® Index |
22.00% |
16.35% |
9.06% |
8.73% |
| Fund Category: Morningstar Mid-Cap Blend
3 |
20.84% |
16.38% |
8.79% |
N/A |
| Fund Expense Ratio4:
0.04% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
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.
1
Performance does not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares.
2
In anticipation of new regulatory requirements, the fund’s regulatory index has
changed from the Russell Midcap® Index to the S&P 500® Index. The S&P 500® Index 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.
3
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
4
As stated in the prospectus.
17
Schwab Equity
Index Funds | Semiannual ReportSchwab U.S. Mid-Cap Index
Fund
Performance and Fund Facts as of April 30, 2024
Statistics1
| Number of Holdings |
798 |
| Weighted Average Market Cap (millions) |
$26,609 |
| Price/Earnings Ratio (P/E) |
20.3 |
| Price/Book Ratio (P/B) |
2.8 |
| Portfolio Turnover Rate |
3% 2 |
Sector Weightings % of Investments3
Top Equity Holdings % of Net Assets5
Portfolio holdings may have changed since the report date.
Source of Sector Classification: S&P and MSCI.
1
Excludes derivatives.
2
Not annualized.
3
The percentage may differ from the Portfolio Holdings because the above calculation is
based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
4
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
5
This list is not a recommendation of any security by the investment adviser.
Schwab Equity Index Funds | Semiannual Report
18
Schwab International
Index Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1,2
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab International Index Fund (5/19/97)
|
17.14% |
8.37% |
6.05% |
4.32% |
| MSCI EAFE® Index (Net) 3
|
18.63% |
9.28% |
6.18% |
4.38% |
| Fund Category: Morningstar Foreign Large Blend
4 |
16.61% |
8.18% |
5.40% |
4.18% |
| Fund Expense Ratio5:
0.06% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
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.
1
Performance does not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares.
2
The fund’s performance relative to the index may be affected by fair-value pricing
and timing differences in foreign exchange calculations. See financial note 2 for more information.
3
The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
4
Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.
5
As stated in the prospectus.
19
Schwab Equity
Index Funds | Semiannual ReportSchwab International
Index Fund
Performance and Fund Facts as of April 30, 2024
Statistics1
| Number of Holdings |
768 |
| Weighted Average Market Cap (millions) |
$98,696 |
| Price/Earnings Ratio (P/E) |
15.4 |
| Price/Book Ratio (P/B) |
1.9 |
| Portfolio Turnover Rate |
5% 2 |
Sector Weightings % of Investments1
Top Equity Holdings % of Net Assets4
Top Country Weightings % of Investments5
Portfolio holdings may have changed since the report date.
Source of Sector Classification: S&P and MSCI.
International investments are subject to additional risks such as currency fluctuation, geopolitical risk and the potential for illiquid markets.
1
Excludes derivatives.
2
Not annualized.
3
Includes the fund’s position(s) in money market mutual funds registered under the
Investment Company Act of 1940, as amended.
4
This list is not a recommendation of any security by the investment
adviser.
5
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
Schwab Equity Index Funds | Semiannual Report
20
Schwab Equity Index Funds
Fund Expenses (Unaudited)
Examples for a $1,000 Investment
As a fund shareholder, you may incur two types of costs: (1) transaction costs; and (2) ongoing costs, including
management fees.
The expense examples below are intended to help you understand your ongoing cost (in dollars) of investing in a fund and
to compare this cost with the ongoing cost of investing in other mutual funds. These examples are based on an
investment of $1,000 invested for six months beginning November 1, 2023 and held through April 30,
2024.
Actual Return lines in the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so,
simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then
multiply the result by the number given for your fund under the heading entitled “Expenses Paid During
Period.”
Hypothetical Return lines in the table below
provide information about hypothetical account values and hypothetical expenses based on a fund’s
actual expense ratio and an assumed return of 5% per year before expenses. Because the return used is not an
actual return, it may not be used to estimate the actual ending account value or expenses you paid for the
period.
You may use this information to compare the ongoing costs of investing in a fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any
transactional costs. Therefore, the hypothetical return lines of the table are useful in comparing ongoing
costs only and will not help you determine the relative total costs of owning different funds. In addition,
if these transactional costs were included, your costs would have been higher.
| |
EXPENSE RATIO
(ANNUALIZED) 1 |
BEGINNING ACCOUNT
VALUE AT 11/1/23 |
ENDING ACCOUNT
VALUE (NET OF EXPENSES)
AT 4/30/24 |
EXPENSES PAID DURING PERIOD
11/1/23-4/30/24 2 |
| Schwab S&P 500 Index Fund |
|
|
|
|
| Actual Return |
0.02% |
$1,000.00
|
$1,209.40
|
$0.11
|
| Hypothetical 5% Return |
0.02% |
$1,000.00 |
$1,024.76 |
$0.10
|
| Schwab 1000 Index Fund |
|
|
|
|
| Actual Return |
0.05% |
$1,000.00
|
$1,213.90
|
$0.28
|
| Hypothetical 5% Return |
0.05% |
$1,000.00 |
$1,024.61 |
$0.25
|
| Schwab Small-Cap Index Fund |
|
|
|
|
| Actual Return |
0.04% |
$1,000.00
|
$1,196.80
|
$0.22
|
| Hypothetical 5% Return |
0.04% |
$1,000.00 |
$1,024.66 |
$0.20
|
| Schwab Total Stock Market Index Fund |
|
|
|
|
| Actual Return |
0.03% |
$1,000.00
|
$1,212.30
|
$0.17
|
| Hypothetical 5% Return |
0.03% |
$1,000.00 |
$1,024.71 |
$0.15
|
| Schwab U.S. Large-Cap Growth Index Fund |
|
|
|
|
| Actual Return |
0.035% |
$1,000.00
|
$1,235.80
|
$0.19
|
| Hypothetical 5% Return |
0.035% |
$1,000.00 |
$1,024.69 |
$0.18
|
| Schwab U.S. Large-Cap Value Index Fund |
|
|
|
|
| Actual Return |
0.035% |
$1,000.00
|
$1,184.00
|
$0.19
|
| Hypothetical 5% Return |
0.035% |
$1,000.00 |
$1,024.69 |
$0.18
|
| Schwab U.S. Mid-Cap Index Fund |
|
|
|
|
| Actual Return |
0.04% |
$1,000.00
|
$1,219.80
|
$0.22
|
| Hypothetical 5% Return |
0.04% |
$1,000.00 |
$1,024.66 |
$0.20
|
| Schwab International Index Fund |
|
|
|
|
| Actual Return |
0.06% |
$1,000.00
|
$1,171.40
|
$0.32
|
| Hypothetical 5% Return |
0.06% |
$1,000.00
|
$1,024.57
|
$0.30
|
| 1 |
Based on the most recent six-month expense ratio. |
| 2 |
Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the
period, multiplied by 182 days in the period, and divided by 366 days in the fiscal
year. |
21
Schwab Equity Index Funds | Semiannual ReportSchwab S&P 500 Index
Fund
Financial Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$65.03 |
$60.02 |
$71.21 |
$50.75 |
$47.17 |
$42.41 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.57 |
1.05 |
0.97 |
0.90 |
1.02 |
0.92 |
| Net realized and unrealized gains (losses) |
12.95 |
4.94 |
(11.23 ) |
20.60 |
3.52 |
4.86 |
| Total from investment operations |
13.52 |
5.99 |
(10.26 ) |
21.50 |
4.54 |
5.78 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(1.05 ) |
(0.98 ) |
(0.86 ) |
(1.04 ) |
(0.87 ) |
(0.84 ) |
| Distributions from net realized gains |
— |
— |
(0.07 ) |
— |
(0.09 ) |
(0.18 ) |
| Total distributions |
(1.05 ) |
(0.98 ) |
(0.93 ) |
(1.04 ) |
(0.96 ) |
(1.02 ) |
| Net asset value at end of period |
$77.50 |
$65.03 |
$60.02 |
$71.21 |
$50.75 |
$47.17 |
| Total return |
20.94
%2 |
10.11 % |
(14.63 %) |
42.89 % |
9.69 % |
14.30 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Total expenses |
0.02
%3 |
0.02
%4 |
0.02
%4 |
0.02 % |
0.02 % |
0.02
%5 |
| Net investment income (loss) |
1.53
%3 |
1.63 % |
1.49 % |
1.42 % |
2.11 % |
2.11 % |
| Portfolio turnover rate |
1
%2 |
2
%6 |
2 % |
3 % |
4 % |
3 % |
| Net assets, end of period (x 1,000,000) |
$88,328 |
$70,062 |
$61,068 |
$67,401 |
$44,184 |
$40,232 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Annualized. |
| 4 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
| 5 |
Effective December 20, 2018, the annual operating expense ratio was reduced to 0.02%. The ratio presented for period ended October 31, 2019, is a blended
ratio. |
| 6 |
Portfolio turnover rate excludes in-kind transactions. |
See financial notes
Schwab Equity Index Funds | Semiannual Report
22
Schwab S&P 500 Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to
orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to
20 days after the end of the month on the fund’s website.
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| COMMON STOCKS 99.6% OF NET ASSETS | ||
| | ||
| Automobiles & Components 1.5% |
||
| Aptiv PLC * |
578,442 |
41,069,382 |
| BorgWarner, Inc. |
481,064 |
15,764,467 |
| Ford Motor Co. |
8,128,638 |
98,762,952 |
| General Motors Co. |
2,404,579 |
107,075,903 |
| Tesla, Inc. * |
5,770,902 |
1,057,690,918 |
| |
|
1,320,363,622 |
| | ||
| Banks 3.4% | ||
| Bank of America Corp. |
14,339,837 |
530,717,367 |
| Citigroup, Inc. |
3,963,741 |
243,096,236 |
| Citizens Financial Group, Inc. |
967,933 |
33,016,195 |
| Comerica, Inc. |
276,713 |
13,882,691 |
| Fifth Third Bancorp |
1,412,806 |
51,510,907 |
| Huntington Bancshares, Inc. |
3,021,803 |
40,703,686 |
| JPMorgan Chase & Co. |
6,021,337 |
1,154,531,156 |
| KeyCorp |
1,941,076 |
28,126,191 |
| M&T Bank Corp. |
346,304 |
50,002,836 |
| PNC Financial Services Group, Inc. |
828,449 |
126,968,094 |
| Regions Financial Corp. |
1,929,393 |
37,179,403 |
| Truist Financial Corp. |
2,774,705 |
104,190,173 |
| U.S. Bancorp |
3,247,050 |
131,927,641 |
| Wells Fargo & Co. |
7,495,644 |
444,641,602 |
| |
|
2,990,494,178 |
| | ||
| Capital Goods 5.9% | ||
| 3M Co. |
1,151,878 |
111,167,746 |
| A O Smith Corp. |
256,802 |
21,273,478 |
| Allegion PLC |
181,269 |
22,035,060 |
| AMETEK, Inc. |
480,170 |
83,866,492 |
| Axon Enterprise, Inc. * |
146,955 |
46,093,905 |
| Boeing Co. * |
1,194,736 |
200,524,490 |
| Builders FirstSource, Inc. * |
257,621 |
47,098,271 |
| Carrier Global Corp. |
1,742,831 |
107,166,678 |
| Caterpillar, Inc. |
1,060,313 |
354,748,920 |
| Cummins, Inc. |
283,609 |
80,116,706 |
| Deere & Co. |
542,348 |
212,280,431 |
| Dover Corp. |
292,103 |
52,374,068 |
| Eaton Corp. PLC |
831,654 |
264,682,202 |
| Emerson Electric Co. |
1,192,318 |
128,508,034 |
| Fastenal Co. |
1,192,234 |
81,000,378 |
| Fortive Corp. |
729,859 |
54,936,487 |
| GE Vernova, Inc. * |
566,248 |
87,037,980 |
| Generac Holdings, Inc. * |
126,707 |
17,227,084 |
| General Dynamics Corp. |
472,412 |
135,624,761 |
| General Electric Co. |
2,266,761 |
366,807,265 |
| Honeywell International, Inc. |
1,373,076 |
264,632,937 |
| Howmet Aerospace, Inc. |
818,026 |
54,603,236 |
| Hubbell, Inc., Class B |
112,176 |
41,563,452 |
| Huntington Ingalls Industries, Inc. |
83,068 |
23,004,021 |
| IDEX Corp. |
157,576 |
34,739,205 |
| Illinois Tool Works, Inc. |
566,945 |
138,396,944 |
| Ingersoll Rand, Inc. |
844,266 |
78,786,903 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Johnson Controls International PLC |
1,416,180 |
92,150,833 |
| L3Harris Technologies, Inc. |
395,083 |
84,567,516 |
| Lockheed Martin Corp. |
447,965 |
208,272,367 |
| Masco Corp. |
455,532 |
31,181,165 |
| Nordson Corp. |
113,801 |
29,382,280 |
| Northrop Grumman Corp. |
293,751 |
142,478,048 |
| Otis Worldwide Corp. |
843,960 |
76,969,152 |
| PACCAR, Inc. |
1,091,144 |
115,781,290 |
| Parker-Hannifin Corp. |
267,709 |
145,877,311 |
| Pentair PLC |
345,726 |
27,343,469 |
| Quanta Services, Inc. |
303,284 |
78,417,111 |
| Rockwell Automation, Inc. |
238,525 |
64,630,734 |
| RTX Corp. |
2,763,490 |
280,549,505 |
| Snap-on, Inc. |
109,117 |
29,238,991 |
| Stanley Black & Decker, Inc. |
316,962 |
28,970,327 |
| Textron, Inc. |
408,293 |
34,537,505 |
| Trane Technologies PLC |
474,170 |
150,473,108 |
| TransDigm Group, Inc. |
115,689 |
144,383,343 |
| United Rentals, Inc. |
140,004 |
93,521,272 |
| Westinghouse Air Brake Technologies Corp. |
373,009 |
60,084,290 |
| WW Grainger, Inc. |
92,121 |
84,875,683 |
| Xylem, Inc. |
503,334 |
65,785,754 |
| |
|
5,179,768,188 |
| | ||
| Commercial & Professional Services 1.3% | ||
| Automatic Data Processing, Inc. |
855,631 |
206,968,582 |
| Broadridge Financial Solutions, Inc. |
244,624 |
47,312,728 |
| Cintas Corp. |
179,605 |
118,241,156 |
| Copart, Inc. * |
1,817,593 |
98,713,476 |
| Dayforce, Inc. * |
321,655 |
19,739,967 |
| Equifax, Inc. |
256,702 |
56,523,213 |
| Jacobs Solutions, Inc. |
260,773 |
37,428,749 |
| Leidos Holdings, Inc. |
284,672 |
39,916,708 |
| Paychex, Inc. |
666,722 |
79,213,241 |
| Paycom Software, Inc. |
99,546 |
18,712,657 |
| Republic Services, Inc., Class A |
424,990 |
81,470,583 |
| Robert Half, Inc. |
213,943 |
14,792,019 |
| Rollins, Inc. |
580,133 |
25,850,726 |
| Veralto Corp. |
458,548 |
42,956,777 |
| Verisk Analytics, Inc., Class A |
302,426 |
65,916,771 |
| Waste Management, Inc. |
764,396 |
159,009,656 |
| |
|
1,112,767,009 |
| | ||
| Consumer Discretionary Distribution & Retail
5.9% | ||
| Amazon.com, Inc. * |
19,038,484 |
3,331,734,700 |
| AutoZone, Inc. * |
35,984 |
106,383,098 |
| Bath & Body Works, Inc. |
473,761 |
21,518,225 |
| Best Buy Co., Inc. |
396,384 |
29,189,718 |
| CarMax, Inc. * |
326,342 |
22,181,466 |
| eBay, Inc. |
1,084,249 |
55,882,193 |
| Etsy, Inc. * |
252,141 |
17,314,522 |
| Genuine Parts Co. |
291,574 |
45,838,348 |
| Home Depot, Inc. |
2,072,913 |
692,808,983 |
| LKQ Corp. |
560,605 |
24,178,894 |
| Lowe's Cos., Inc. |
1,197,834 |
273,094,174 |
See financial
notes
23
Schwab Equity Index Funds | Semiannual
ReportSchwab S&P 500 Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| O'Reilly Automotive, Inc. * |
122,828 |
124,456,699 |
| Pool Corp. |
80,766 |
29,280,098 |
| Ross Stores, Inc. |
700,124 |
90,701,064 |
| TJX Cos., Inc. |
2,373,698 |
223,341,245 |
| Tractor Supply Co. |
224,703 |
61,361,895 |
| Ulta Beauty, Inc. * |
100,797 |
40,806,657 |
| |
|
5,190,071,979 |
| | ||
| Consumer Durables & Apparel 0.8% |
||
| Deckers Outdoor Corp. * |
53,661 |
43,919,919 |
| DR Horton, Inc. |
622,557 |
88,708,147 |
| Garmin Ltd. |
319,719 |
46,189,804 |
| Hasbro, Inc. |
272,899 |
16,728,709 |
| Lennar Corp., Class A |
515,105 |
78,100,220 |
| Lululemon Athletica, Inc. * |
239,684 |
86,430,050 |
| Mohawk Industries, Inc. * |
109,536 |
12,631,691 |
| NIKE, Inc., Class B |
2,535,213 |
233,898,751 |
| NVR, Inc. * |
6,661 |
49,550,180 |
| PulteGroup, Inc. |
442,087 |
49,257,334 |
| Ralph Lauren Corp., Class A |
81,347 |
13,311,623 |
| Tapestry, Inc. |
477,939 |
19,079,325 |
| |
|
737,805,753 |
| | ||
| Consumer Services 2.1% | ||
| Airbnb, Inc., Class A * |
907,236 |
143,860,413 |
| Booking Holdings, Inc. |
72,668 |
250,852,116 |
| Caesars Entertainment, Inc. * |
449,445 |
16,099,120 |
| Carnival Corp. * |
2,109,802 |
31,267,266 |
| Chipotle Mexican Grill, Inc., Class A * |
57,060 |
180,286,776 |
| Darden Restaurants, Inc. |
248,070 |
38,056,419 |
| Domino's Pizza, Inc. |
72,354 |
38,294,802 |
| Expedia Group, Inc. * |
272,055 |
36,626,765 |
| Hilton Worldwide Holdings, Inc. |
525,615 |
103,693,327 |
| Las Vegas Sands Corp. |
770,909 |
34,197,523 |
| Marriott International, Inc., Class A |
513,418 |
121,233,392 |
| McDonald's Corp. |
1,510,729 |
412,489,446 |
| MGM Resorts International * |
565,600 |
22,307,264 |
| Norwegian Cruise Line Holdings Ltd. * |
890,311 |
16,844,684 |
| Royal Caribbean Cruises Ltd. * |
492,469 |
68,763,446 |
| Starbucks Corp. |
2,358,382 |
208,693,223 |
| Wynn Resorts Ltd. |
199,405 |
18,275,468 |
| Yum! Brands, Inc. |
585,112 |
82,647,070 |
| |
|
1,824,488,520 |
| | ||
| Consumer Staples Distribution & Retail 1.9%
| ||
| Costco Wholesale Corp. |
924,188 |
668,095,505 |
| Dollar General Corp. |
456,691 |
63,566,820 |
| Dollar Tree, Inc. * |
431,920 |
51,074,540 |
| Kroger Co. |
1,375,020 |
76,148,608 |
| Sysco Corp. |
1,038,788 |
77,202,724 |
| Target Corp. |
960,424 |
154,609,055 |
| Walgreens Boots Alliance, Inc. |
1,480,246 |
26,244,762 |
| Walmart, Inc. |
8,915,660 |
529,144,421 |
| |
|
1,646,086,435 |
| | ||
| Energy 4.1% | ||
| APA Corp. |
758,909 |
23,860,099 |
| Baker Hughes Co., Class A |
2,083,951 |
67,978,482 |
| Chevron Corp. |
3,612,480 |
582,584,650 |
| ConocoPhillips |
2,453,729 |
308,237,437 |
| Coterra Energy, Inc. |
1,571,161 |
42,986,965 |
| Devon Energy Corp. |
1,336,908 |
68,422,951 |
| Diamondback Energy, Inc. |
372,001 |
74,820,561 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| EOG Resources, Inc. |
1,214,574 |
160,481,663 |
| EQT Corp. |
856,487 |
34,336,564 |
| Exxon Mobil Corp. |
8,270,724 |
978,178,528 |
| Halliburton Co. |
1,858,282 |
69,629,827 |
| Hess Corp. |
572,613 |
90,180,821 |
| Kinder Morgan, Inc. |
4,025,576 |
73,587,529 |
| Marathon Oil Corp. |
1,218,121 |
32,706,549 |
| Marathon Petroleum Corp. |
767,557 |
139,480,458 |
| Occidental Petroleum Corp. |
1,373,132 |
90,818,950 |
| ONEOK, Inc. |
1,214,315 |
96,076,603 |
| Phillips 66 |
894,539 |
128,106,930 |
| Pioneer Natural Resources Co. |
486,168 |
130,934,766 |
| Schlumberger NV |
2,971,236 |
141,074,285 |
| Targa Resources Corp. |
462,771 |
52,783,660 |
| Valero Energy Corp. |
709,637 |
113,449,667 |
| Williams Cos., Inc. |
2,528,675 |
96,999,973 |
| |
|
3,597,717,918 |
| | ||
| Equity Real Estate Investment Trusts (REITs) 2.0%
| ||
| Alexandria Real Estate Equities, Inc. |
326,825 |
37,869,213 |
| American Tower Corp. |
971,855 |
166,731,444 |
| AvalonBay Communities, Inc. |
295,035 |
55,929,785 |
| Boston Properties, Inc. |
299,879 |
18,559,511 |
| Camden Property Trust |
221,733 |
22,102,345 |
| Crown Castle, Inc. |
902,608 |
84,646,578 |
| Digital Realty Trust, Inc. |
629,818 |
87,406,142 |
| Equinix, Inc. |
195,577 |
139,076,760 |
| Equity Residential |
715,962 |
46,107,953 |
| Essex Property Trust, Inc. |
133,868 |
32,964,995 |
| Extra Space Storage, Inc. |
440,385 |
59,134,898 |
| Federal Realty Investment Trust |
153,262 |
15,965,302 |
| Healthpeak Properties, Inc. |
1,471,642 |
27,387,258 |
| Host Hotels & Resorts, Inc. |
1,473,903 |
27,812,550 |
| Invitation Homes, Inc. |
1,192,839 |
40,795,094 |
| Iron Mountain, Inc. |
609,186 |
47,224,099 |
| Kimco Realty Corp. |
1,400,460 |
26,090,570 |
| Mid-America Apartment Communities, Inc. |
242,580 |
31,535,400 |
| Prologis, Inc. |
1,924,767 |
196,422,472 |
| Public Storage |
329,420 |
85,468,019 |
| Realty Income Corp. |
1,735,056 |
92,894,898 |
| Regency Centers Corp. |
342,544 |
20,285,456 |
| SBA Communications Corp., Class A |
224,443 |
41,773,331 |
| Simon Property Group, Inc. |
680,098 |
95,574,172 |
| UDR, Inc. |
636,851 |
24,251,286 |
| Ventas, Inc. |
835,593 |
37,000,058 |
| VICI Properties, Inc., Class A |
2,156,811 |
61,576,954 |
| Welltower, Inc. |
1,151,356 |
109,701,200 |
| Weyerhaeuser Co. |
1,519,372 |
45,839,453 |
| |
|
1,778,127,196 |
| | ||
| Financial Services 7.6% | ||
| American Express Co. |
1,191,054 |
278,742,368 |
| Ameriprise Financial, Inc. |
209,112 |
86,110,230 |
| Bank of New York Mellon Corp. |
1,584,286 |
89,496,316 |
| Berkshire Hathaway, Inc., Class B * |
3,789,500 |
1,503,408,335 |
| BlackRock, Inc. |
291,248 |
219,787,391 |
| Blackstone, Inc. |
1,499,114 |
174,811,684 |
| Capital One Financial Corp. |
791,486 |
113,522,837 |
| Cboe Global Markets, Inc. |
219,175 |
39,703,551 |
| Charles Schwab Corp. (a) |
3,081,146 |
227,850,747 |
| CME Group, Inc. |
749,780 |
157,183,879 |
| Corpay, Inc. * |
150,518 |
45,477,508 |
| Discover Financial Services |
522,361 |
66,198,809 |
| FactSet Research Systems, Inc. |
79,674 |
33,215,294 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
24
Schwab S&P 500 Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Fidelity National Information Services, Inc. |
1,234,436 |
83,842,893 |
| Fiserv, Inc. * |
1,250,575 |
190,925,285 |
| Franklin Resources, Inc. |
630,207 |
14,393,928 |
| Global Payments, Inc. |
542,070 |
66,549,934 |
| Goldman Sachs Group, Inc. |
679,220 |
289,829,966 |
| Intercontinental Exchange, Inc. |
1,190,909 |
153,341,443 |
| Invesco Ltd. |
944,757 |
13,387,207 |
| Jack Henry & Associates, Inc. |
151,198 |
24,598,403 |
| MarketAxess Holdings, Inc. |
79,357 |
15,878,542 |
| Mastercard, Inc., Class A |
1,718,357 |
775,322,678 |
| Moody's Corp. |
328,357 |
121,600,448 |
| Morgan Stanley |
2,609,287 |
237,027,631 |
| MSCI, Inc., Class A |
164,472 |
76,609,413 |
| Nasdaq, Inc. |
789,677 |
47,262,168 |
| Northern Trust Corp. |
427,646 |
35,233,754 |
| PayPal Holdings, Inc. * |
2,232,702 |
151,645,120 |
| Raymond James Financial, Inc. |
393,236 |
47,974,792 |
| S&P Global, Inc. |
669,198 |
278,272,604 |
| State Street Corp. |
626,600 |
45,422,234 |
| Synchrony Financial |
851,262 |
37,438,503 |
| T Rowe Price Group, Inc. |
464,737 |
50,921,233 |
| Visa, Inc., Class A |
3,294,106 |
884,829,813 |
| |
|
6,677,816,941 |
| | ||
| Food, Beverage & Tobacco 2.8% |
||
| Altria Group, Inc. |
3,678,302 |
161,146,411 |
| Archer-Daniels-Midland Co. |
1,113,676 |
65,328,234 |
| Brown-Forman Corp., Class B |
380,530 |
18,208,361 |
| Bunge Global SA |
302,624 |
30,795,018 |
| Campbell Soup Co. |
414,954 |
18,967,547 |
| Coca-Cola Co. |
8,104,252 |
500,599,646 |
| Conagra Brands, Inc. |
992,812 |
30,558,753 |
| Constellation Brands, Inc., Class A |
335,900 |
85,137,214 |
| General Mills, Inc. |
1,185,303 |
83,516,449 |
| Hershey Co. |
311,925 |
60,488,496 |
| Hormel Foods Corp. |
603,515 |
21,460,993 |
| J M Smucker Co. |
220,780 |
25,356,583 |
| Kellanova |
546,595 |
31,625,987 |
| Keurig Dr Pepper, Inc. |
2,171,204 |
73,169,575 |
| Kraft Heinz Co. |
1,660,241 |
64,101,905 |
| Lamb Weston Holdings, Inc. |
300,649 |
25,056,088 |
| McCormick & Co., Inc. - Non Voting Shares |
523,305 |
39,802,578 |
| Molson Coors Beverage Co., Class B |
382,981 |
21,929,492 |
| Mondelez International, Inc., Class A |
2,805,424 |
201,822,203 |
| Monster Beverage Corp. * |
1,537,043 |
82,154,948 |
| PepsiCo, Inc. |
2,862,635 |
503,566,123 |
| Philip Morris International, Inc. |
3,233,428 |
306,981,654 |
| Tyson Foods, Inc., Class A |
598,329 |
36,288,654 |
| |
|
2,488,062,912 |
| | ||
| Health Care Equipment & Services 5.1% | ||
| Abbott Laboratories |
3,615,831 |
383,169,611 |
| Align Technology, Inc. * |
148,716 |
41,994,424 |
| Baxter International, Inc. |
1,061,947 |
42,870,800 |
| Becton Dickinson & Co. |
601,061 |
141,008,911 |
| Boston Scientific Corp. * |
3,051,239 |
219,292,547 |
| Cardinal Health, Inc. |
508,184 |
52,363,279 |
| Cencora, Inc. |
345,510 |
82,594,165 |
| Centene Corp. * |
1,111,167 |
81,181,861 |
| Cigna Group |
609,222 |
217,516,623 |
| Cooper Cos., Inc. |
411,907 |
36,684,437 |
| CVS Health Corp. |
2,623,159 |
177,614,096 |
| DaVita, Inc. * |
111,461 |
15,494,194 |
| Dexcom, Inc. * |
802,812 |
102,270,221 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Edwards Lifesciences Corp. * |
1,264,780 |
107,088,923 |
| Elevance Health, Inc. |
489,368 |
258,670,137 |
| GE HealthCare Technologies, Inc. |
882,080 |
67,249,779 |
| HCA Healthcare, Inc. |
412,165 |
127,696,960 |
| Henry Schein, Inc. * |
268,999 |
18,636,251 |
| Hologic, Inc. * |
487,076 |
36,905,749 |
| Humana, Inc. |
254,043 |
76,743,850 |
| IDEXX Laboratories, Inc. * |
172,738 |
85,118,377 |
| Insulet Corp. * |
145,086 |
24,946,087 |
| Intuitive Surgical, Inc. * |
733,818 |
271,967,627 |
| Laboratory Corp. of America Holdings |
176,907 |
35,623,763 |
| McKesson Corp. |
273,952 |
147,169,754 |
| Medtronic PLC |
2,769,378 |
222,214,891 |
| Molina Healthcare, Inc. * |
120,231 |
41,131,025 |
| Quest Diagnostics, Inc. |
230,842 |
31,897,748 |
| ResMed, Inc. |
306,665 |
65,623,243 |
| Solventum Corp. * |
285,527 |
18,562,110 |
| STERIS PLC |
206,584 |
42,258,823 |
| Stryker Corp. |
704,282 |
236,990,893 |
| Teleflex, Inc. |
98,011 |
20,459,796 |
| UnitedHealth Group, Inc. |
1,926,416 |
931,807,419 |
| Universal Health Services, Inc., Class B |
128,121 |
21,835,662 |
| Zimmer Biomet Holdings, Inc. |
436,479 |
52,499,694 |
| |
|
4,537,153,730 |
| | ||
| Household & Personal Products 1.5% |
||
| Church & Dwight Co., Inc. |
512,701 |
55,315,311 |
| Clorox Co. |
258,493 |
38,223,360 |
| Colgate-Palmolive Co. |
1,713,803 |
157,532,772 |
| Estee Lauder Cos., Inc., Class A |
484,061 |
71,016,589 |
| Kenvue, Inc. |
3,580,163 |
67,378,668 |
| Kimberly-Clark Corp. |
701,654 |
95,796,821 |
| Procter & Gamble Co. |
4,900,828 |
799,815,129 |
| |
|
1,285,078,650 |
| | ||
| Insurance 2.1% | ||
| Aflac, Inc. |
1,096,129 |
91,691,191 |
| Allstate Corp. |
545,798 |
92,818,408 |
| American International Group, Inc. |
1,462,196 |
110,117,981 |
| Aon PLC, Class A |
416,710 |
117,516,387 |
| Arch Capital Group Ltd. * |
770,779 |
72,098,668 |
| Arthur J Gallagher & Co. |
452,263 |
106,141,604 |
| Assurant, Inc. |
107,901 |
18,817,934 |
| Brown & Brown, Inc. |
491,965 |
40,114,826 |
| Chubb Ltd. |
844,158 |
209,891,445 |
| Cincinnati Financial Corp. |
327,038 |
37,835,026 |
| Everest Group Ltd. |
90,268 |
33,075,098 |
| Globe Life, Inc. |
178,266 |
13,578,521 |
| Hartford Financial Services Group, Inc. |
622,930 |
60,355,688 |
| Loews Corp. |
378,555 |
28,448,408 |
| Marsh & McLennan Cos., Inc. |
1,024,825 |
204,380,850 |
| MetLife, Inc. |
1,278,243 |
90,857,512 |
| Principal Financial Group, Inc. |
458,099 |
36,253,955 |
| Progressive Corp. |
1,219,052 |
253,867,579 |
| Prudential Financial, Inc. |
752,236 |
83,107,033 |
| Travelers Cos., Inc. |
475,009 |
100,777,909 |
| W R Berkley Corp. |
420,906 |
32,397,135 |
| Willis Towers Watson PLC |
213,126 |
53,524,464 |
| |
|
1,887,667,622 |
| | ||
See financial
notes
25
Schwab Equity Index Funds | Semiannual
ReportSchwab S&P 500 Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Materials 2.3% | ||
| Air Products & Chemicals, Inc. |
463,684 |
109,587,077 |
| Albemarle Corp. |
245,160 |
29,495,200 |
| Amcor PLC |
3,021,465 |
27,011,897 |
| Avery Dennison Corp. |
167,685 |
36,434,597 |
| Ball Corp. |
654,912 |
45,562,228 |
| Celanese Corp., Class A |
208,888 |
32,087,286 |
| CF Industries Holdings, Inc. |
397,156 |
31,363,409 |
| Corteva, Inc. |
1,461,135 |
79,091,237 |
| Dow, Inc. |
1,464,974 |
83,357,021 |
| DuPont de Nemours, Inc. |
898,692 |
65,155,170 |
| Eastman Chemical Co. |
245,047 |
23,142,239 |
| Ecolab, Inc. |
528,514 |
119,523,441 |
| FMC Corp. |
259,102 |
15,289,609 |
| Freeport-McMoRan, Inc. |
2,989,487 |
149,294,981 |
| International Flavors & Fragrances, Inc. |
531,114 |
44,958,800 |
| International Paper Co. |
684,912 |
23,930,825 |
| Linde PLC |
1,009,920 |
445,334,323 |
| LyondellBasell Industries NV, Class A |
533,604 |
53,344,392 |
| Martin Marietta Materials, Inc. |
128,823 |
75,628,119 |
| Mosaic Co. |
676,742 |
21,242,931 |
| Newmont Corp. |
2,401,650 |
97,603,056 |
| Nucor Corp. |
512,149 |
86,312,471 |
| Packaging Corp. of America |
186,351 |
32,234,996 |
| PPG Industries, Inc. |
491,077 |
63,348,933 |
| Sherwin-Williams Co. |
490,559 |
146,976,382 |
| Steel Dynamics, Inc. |
316,299 |
41,156,826 |
| Vulcan Materials Co. |
276,931 |
71,345,733 |
| Westrock Co. |
535,571 |
25,685,985 |
| |
|
2,075,499,164 |
| | ||
| Media & Entertainment 8.2% | ||
| Alphabet, Inc., Class A * |
12,273,829 |
1,997,933,885 |
| Alphabet, Inc., Class C * |
10,275,963 |
1,691,834,548 |
| Charter Communications, Inc., Class A * |
206,233 |
52,783,274 |
| Comcast Corp., Class A |
8,252,839 |
314,515,694 |
| Electronic Arts, Inc. |
506,832 |
64,276,434 |
| Fox Corp., Class A |
749,250 |
23,234,243 |
| Interpublic Group of Cos., Inc. |
798,889 |
24,318,181 |
| Live Nation Entertainment, Inc. * |
295,074 |
26,235,029 |
| Match Group, Inc. * |
570,153 |
17,572,116 |
| Meta Platforms, Inc., Class A |
4,582,220 |
1,971,133,578 |
| Netflix, Inc. * |
901,344 |
496,316,060 |
| News Corp., Class A |
1,034,728 |
24,626,526 |
| Omnicom Group, Inc. |
410,206 |
38,083,525 |
| Paramount Global, Class B |
1,013,651 |
11,545,485 |
| Take-Two Interactive Software, Inc. * |
329,411 |
47,043,185 |
| Walt Disney Co. |
3,820,449 |
424,451,884 |
| Warner Bros Discovery, Inc. * |
4,638,147 |
34,136,762 |
| |
|
7,260,040,409 |
| | ||
| Pharmaceuticals, Biotechnology & Life Sciences
7.1% | ||
| AbbVie, Inc. |
3,677,227 |
598,064,199 |
| Agilent Technologies, Inc. |
610,531 |
83,667,168 |
| Amgen, Inc. |
1,114,288 |
305,248,055 |
| Biogen, Inc. * |
302,343 |
64,949,323 |
| Bio-Rad Laboratories, Inc., Class A * |
43,203 |
11,654,009 |
| Bio-Techne Corp. |
328,674 |
20,775,484 |
| Bristol-Myers Squibb Co. |
4,239,167 |
186,268,998 |
| Catalent, Inc. * |
374,089 |
20,892,871 |
| Charles River Laboratories International, Inc. * |
106,370 |
24,358,730 |
| Danaher Corp. |
1,369,731 |
337,803,059 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Eli Lilly & Co. |
1,660,847 |
1,297,287,592 |
| Gilead Sciences, Inc. |
2,592,100 |
169,004,920 |
| Illumina, Inc. * |
331,414 |
40,780,493 |
| Incyte Corp. * |
384,805 |
20,029,100 |
| IQVIA Holdings, Inc. * |
379,622 |
87,984,991 |
| Johnson & Johnson |
5,013,835 |
724,950,403 |
| Merck & Co., Inc. |
5,277,815 |
681,999,254 |
| Mettler-Toledo International, Inc. * |
44,863 |
55,168,031 |
| Moderna, Inc. * |
691,015 |
76,225,865 |
| Pfizer, Inc. |
11,760,242 |
301,297,400 |
| Regeneron Pharmaceuticals, Inc. * |
220,088 |
196,023,578 |
| Revvity, Inc. |
258,836 |
26,522,925 |
| Thermo Fisher Scientific, Inc. |
804,728 |
457,664,908 |
| Vertex Pharmaceuticals, Inc. * |
536,746 |
210,839,196 |
| Viatris, Inc. |
2,495,287 |
28,870,471 |
| Waters Corp. * |
123,696 |
38,227,012 |
| West Pharmaceutical Services, Inc. |
153,538 |
54,886,764 |
| Zoetis, Inc. |
956,405 |
152,297,932 |
| |
|
6,273,742,731 |
| | ||
| Real Estate Management & Development 0.1%
| ||
| CBRE Group, Inc., Class A * |
620,325 |
53,900,039 |
| CoStar Group, Inc. * |
851,112 |
77,902,282 |
| |
|
131,802,321 |
| | ||
| Semiconductors & Semiconductor Equipment 10.1%
| ||
| Advanced Micro Devices, Inc. * |
3,365,331 |
533,001,124 |
| Analog Devices, Inc. |
1,032,888 |
207,207,662 |
| Applied Materials, Inc. |
1,733,003 |
344,261,046 |
| Broadcom, Inc. |
916,533 |
1,191,740,364 |
| Enphase Energy, Inc. * |
281,339 |
30,598,430 |
| First Solar, Inc. * |
221,567 |
39,062,262 |
| Intel Corp. |
8,805,998 |
268,318,759 |
| KLA Corp. |
281,909 |
194,317,055 |
| Lam Research Corp. |
273,059 |
244,226,700 |
| Microchip Technology, Inc. |
1,126,335 |
103,600,293 |
| Micron Technology, Inc. |
2,299,201 |
259,717,745 |
| Monolithic Power Systems, Inc. |
100,225 |
67,083,599 |
| NVIDIA Corp. |
5,144,469 |
4,444,924,105 |
| NXP Semiconductors NV |
537,639 |
137,737,735 |
| ON Semiconductor Corp. * |
890,682 |
62,490,249 |
| Qorvo, Inc. * |
199,689 |
23,331,663 |
| QUALCOMM, Inc. |
2,324,384 |
385,499,086 |
| Skyworks Solutions, Inc. |
335,216 |
35,730,674 |
| Teradyne, Inc. |
318,392 |
37,035,358 |
| Texas Instruments, Inc. |
1,893,848 |
334,112,664 |
| |
|
8,943,996,573 |
| | ||
| Software & Services 11.3% | ||
| Accenture PLC, Class A |
1,305,887 |
392,954,457 |
| Adobe, Inc. * |
941,417 |
435,716,030 |
| Akamai Technologies, Inc. * |
316,277 |
31,921,838 |
| ANSYS, Inc. * |
181,010 |
58,806,529 |
| Autodesk, Inc. * |
446,024 |
94,936,208 |
| Cadence Design Systems, Inc. * |
567,290 |
156,362,143 |
| Cognizant Technology Solutions Corp., Class A |
1,039,583 |
68,279,811 |
| EPAM Systems, Inc. * |
121,071 |
28,483,164 |
| Fair Isaac Corp. * |
51,768 |
58,670,227 |
| Fortinet, Inc. * |
1,326,962 |
83,837,459 |
| Gartner, Inc. * |
162,826 |
67,180,379 |
| Gen Digital, Inc. |
1,176,150 |
23,687,661 |
| International Business Machines Corp. |
1,905,774 |
316,739,639 |
| Intuit, Inc. |
583,045 |
364,764,613 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
26
Schwab S&P 500 Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Microsoft Corp. |
15,475,972 |
6,025,260,179 |
| Oracle Corp. |
3,320,734 |
377,733,493 |
| Palo Alto Networks, Inc. * |
656,096 |
190,851,765 |
| PTC, Inc. * |
248,668 |
44,123,650 |
| Roper Technologies, Inc. |
222,126 |
113,608,564 |
| Salesforce, Inc. |
2,016,132 |
542,218,540 |
| ServiceNow, Inc. * |
426,970 |
296,031,110 |
| Synopsys, Inc. * |
317,372 |
168,394,410 |
| Tyler Technologies, Inc. * |
88,088 |
40,657,016 |
| VeriSign, Inc. * |
183,033 |
31,020,433 |
| |
|
10,012,239,318 |
| | ||
| Technology Hardware & Equipment 7.6% | ||
| Amphenol Corp., Class A |
1,248,874 |
150,826,513 |
| Apple, Inc. |
30,232,334 |
5,149,473,450 |
| Arista Networks, Inc. * |
524,905 |
134,669,627 |
| CDW Corp. |
278,179 |
67,280,373 |
| Cisco Systems, Inc. |
8,463,331 |
397,607,290 |
| Corning, Inc. |
1,596,297 |
53,284,394 |
| F5, Inc. * |
121,409 |
20,070,122 |
| Hewlett Packard Enterprise Co. |
2,696,861 |
45,846,637 |
| HP, Inc. |
1,818,179 |
51,072,648 |
| Jabil, Inc. |
265,311 |
31,136,899 |
| Juniper Networks, Inc. |
670,406 |
23,343,537 |
| Keysight Technologies, Inc. * |
364,882 |
53,980,643 |
| Motorola Solutions, Inc. |
346,233 |
117,424,922 |
| NetApp, Inc. |
427,571 |
43,702,032 |
| Seagate Technology Holdings PLC |
405,735 |
34,856,694 |
| Super Micro Computer, Inc. * |
104,601 |
89,831,339 |
| TE Connectivity Ltd. |
641,777 |
90,798,610 |
| Teledyne Technologies, Inc. * |
98,131 |
37,435,014 |
| Trimble, Inc. * |
516,019 |
30,997,261 |
| Western Digital Corp. * |
678,502 |
48,058,296 |
| Zebra Technologies Corp., Class A * |
106,677 |
33,556,317 |
| |
|
6,705,252,618 |
| | ||
| Telecommunication Services 0.9% | ||
| AT&T, Inc. |
14,891,885 |
251,523,938 |
| T-Mobile U.S., Inc. |
1,086,346 |
178,345,423 |
| Verizon Communications, Inc. |
8,756,578 |
345,797,265 |
| |
|
775,666,626 |
| | ||
| Transportation 1.7% | ||
| American Airlines Group, Inc. * |
1,372,805 |
18,546,596 |
| CH Robinson Worldwide, Inc. |
245,255 |
17,413,105 |
| CSX Corp. |
4,110,994 |
136,567,221 |
| Delta Air Lines, Inc. |
1,329,338 |
66,559,954 |
| Expeditors International of Washington, Inc. |
301,053 |
33,510,209 |
| FedEx Corp. |
478,931 |
125,374,557 |
| JB Hunt Transport Services, Inc. |
170,645 |
27,741,758 |
| Norfolk Southern Corp. |
471,010 |
108,483,023 |
| Old Dominion Freight Line, Inc. |
372,053 |
67,605,751 |
| Southwest Airlines Co. |
1,238,760 |
32,133,434 |
| Uber Technologies, Inc. * |
4,286,068 |
284,037,726 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Union Pacific Corp. |
1,270,034 |
301,201,264 |
| United Airlines Holdings, Inc. * |
681,029 |
35,045,752 |
| United Parcel Service, Inc., Class B |
1,506,386 |
222,161,807 |
| |
|
1,476,382,157 |
| | ||
| Utilities 2.3% | ||
| AES Corp. |
1,406,687 |
25,179,697 |
| Alliant Energy Corp. |
535,134 |
26,649,673 |
| Ameren Corp. |
546,977 |
40,405,191 |
| American Electric Power Co., Inc. |
1,095,842 |
94,275,287 |
| American Water Works Co., Inc. |
404,959 |
49,534,585 |
| Atmos Energy Corp. |
313,257 |
36,933,000 |
| CenterPoint Energy, Inc. |
1,310,671 |
38,192,953 |
| CMS Energy Corp. |
615,427 |
37,301,030 |
| Consolidated Edison, Inc. |
720,520 |
68,017,088 |
| Constellation Energy Corp. |
664,706 |
123,595,434 |
| Dominion Energy, Inc. |
1,744,977 |
88,958,927 |
| DTE Energy Co. |
429,736 |
47,408,476 |
| Duke Energy Corp. |
1,608,159 |
158,017,703 |
| Edison International |
800,409 |
56,877,064 |
| Entergy Corp. |
440,100 |
46,945,467 |
| Evergy, Inc. |
475,088 |
24,918,366 |
| Eversource Energy |
731,382 |
44,336,377 |
| Exelon Corp. |
2,069,758 |
77,781,506 |
| FirstEnergy Corp. |
1,071,598 |
41,085,067 |
| NextEra Energy, Inc. |
4,273,259 |
286,180,155 |
| NiSource, Inc. |
857,812 |
23,898,642 |
| NRG Energy, Inc. |
470,337 |
34,179,390 |
| PG&E Corp. |
4,446,933 |
76,087,024 |
| Pinnacle West Capital Corp. |
233,891 |
17,226,072 |
| PPL Corp. |
1,529,487 |
41,999,713 |
| Public Service Enterprise Group, Inc. |
1,037,582 |
71,676,165 |
| Sempra |
1,308,560 |
93,732,153 |
| Southern Co. |
2,274,294 |
167,160,609 |
| WEC Energy Group, Inc. |
659,095 |
54,467,611 |
| Xcel Energy, Inc. |
1,146,989 |
61,627,719 |
| |
|
2,054,648,144 |
| Total Common Stocks
(Cost $37,812,019,080) |
87,962,740,714 | |
| Total Investments in Securities
(Cost $37,812,019,080) |
87,962,740,714 | |
| |
NUMBER OF CONTRACTS |
NOTIONAL AMOUNT
($) |
CURRENT VALUE/ UNREALIZED
DEPRECIATION ($) |
| FUTURES CONTRACTS | |||
| Long |
|
|
|
| S&P 500 Index, e-mini, expires 06/21/24 |
1,180 |
298,953,000 |
(1,359,958 ) |
| * |
Non-income producing security. |
| (a) |
Issuer is affiliated with the fund’s investment adviser. |
See financial notes
27
Schwab Equity Index Funds | Semiannual ReportSchwab S&P 500 Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
Below is a summary of the fund’s transactions
with affiliated issuers during the period ended April 30, 2024:
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DIVIDENDS RECEIVED |
| COMMON STOCKS 0.3% OF NET ASSETS | ||||||||
| | ||||||||
| Financial Services 0.3% | ||||||||
| Charles Schwab Corp. |
$152,666,938 |
$9,895,759 |
$—
|
$— |
$65,288,050 |
$227,850,747 |
3,081,146 |
$1,483,198 |
The following is a summary of the inputs used to value the fund’s investments as of April 30, 2024 (see financial note 2(a) for additional information):
| DESCRIPTION |
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) |
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) |
TOTAL |
| Assets |
|
|
|
|
| Common Stocks1
|
$87,962,740,714 |
$— |
$— |
$87,962,740,714
|
| Liabilities |
|
|
|
|
| Futures Contracts2
|
(1,359,958 ) |
— |
— |
(1,359,958 ) |
| Total |
$87,961,380,756 |
$— |
$— |
$87,961,380,756 |
| 1 |
As categorized in the Portfolio Holdings.
|
| 2 |
Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
See financial notes
Schwab Equity Index Funds | Semiannual Report
28
Schwab S&P 500 Index
Fund
Statement of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $106,772,735) |
|
$227,850,747
|
| Investments in securities, at value - unaffiliated issuers (cost $37,705,246,345) |
|
87,734,889,967 |
| Cash |
|
217,603,390 |
| Deposit with broker for futures contracts |
|
20,260,600 |
| Receivables: |
|
|
| Fund shares sold |
|
116,194,508 |
| Dividends |
+ |
52,872,868 |
| Total assets |
|
88,369,672,080 |
| | ||
| Liabilities | ||
| Payables: |
|
|
| Fund shares redeemed |
|
35,429,075 |
| Variation margin on futures contracts |
|
4,297,723 |
| Investment adviser fees |
+ |
1,465,280 |
| Total liabilities |
|
41,192,078 |
| Net assets |
|
$88,328,480,002 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$38,589,667,836
|
| Total distributable earnings |
+ |
49,738,812,166 |
| Net assets |
|
$88,328,480,002 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares Outstanding |
= |
NAV |
| $88,328,480,002 |
|
1,139,686,064 |
|
$77.50 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
29
Schwab Equity Index Funds | Semiannual
ReportSchwab S&P 500 Index
Fund
Statement of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $158,849) |
|
$634,678,669
|
| Other interest |
|
5,064,446 |
| Dividends received from securities - affiliated issuers |
|
1,483,198 |
| Securities on loan, net |
+ |
58 |
| Total investment income
|
|
641,226,371 |
| | ||
| Expenses | ||
| Investment adviser fees |
|
8,276,166 |
| Total expenses |
– |
8,276,166 |
| Net investment income |
|
632,950,205 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized losses on sales of securities - unaffiliated issuers |
|
(62,177,689 ) |
| Net realized gains on futures contracts |
+ |
48,313,617 |
| Net realized losses |
|
(13,864,072 ) |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
|
65,288,050 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
|
14,084,762,680 |
| Net change in unrealized appreciation (depreciation) on futures contracts |
+ |
4,442,430 |
| Net change in unrealized appreciation (depreciation) |
+ |
14,154,493,160 |
| Net realized and unrealized gains |
|
14,140,629,088 |
| Increase in net assets resulting from operations |
|
$14,773,579,293 |
See financial notes
Schwab Equity Index Funds | Semiannual Report
30
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 | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$632,950,205 |
$1,096,359,862
|
| Net realized losses |
|
(13,864,072 ) |
(260,101,329 ) |
| Net change in unrealized appreciation (depreciation) |
+ |
14,154,493,160 |
5,263,994,272 |
| Increase in net assets resulting from operations |
|
$14,773,579,293 |
$6,100,252,805 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($1,135,808,670
) |
($999,828,367 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
124,335,713 |
$9,350,905,267 |
176,030,065 |
$11,382,757,051
|
| Shares reinvested |
|
13,102,802 |
923,878,457 |
13,335,796 |
802,281,581 |
| Shares redeemed |
+ |
(75,212,567 ) |
(5,646,295,745
) |
(129,402,948 ) |
(8,291,585,464
) |
| Net transactions in fund shares |
|
62,225,948 |
$4,628,487,979 |
59,962,913 |
$3,893,453,168 |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
1,077,460,116 |
$70,062,221,400 |
1,017,497,203 |
$61,068,343,794
|
| Total increase |
+ |
62,225,948 |
18,266,258,602 |
59,962,913 |
8,993,877,606 |
| End of period |
|
1,139,686,064 |
$88,328,480,002 |
1,077,460,116 |
$70,062,221,400 |
See financial notes
31
Schwab Equity Index Funds | Semiannual ReportSchwab 1000 Index Fund
Financial
Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$90.46 |
$84.03 |
$102.69 |
$73.73 |
$68.68 |
$64.19 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.77 |
1.41 |
1.29 |
1.24 |
1.38 |
1.38 |
| Net realized and unrealized gains (losses) |
18.43 |
6.34 |
(18.14 ) |
30.02 |
5.81 |
6.73 |
| Total from investment operations |
19.20 |
7.75 |
(16.85 ) |
31.26 |
7.19 |
8.11 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(1.44 ) |
(1.32 ) |
(1.23 ) |
(1.42 ) |
(1.29 ) |
(1.28 ) |
| Distributions from net realized gains |
— |
— |
(0.58 ) |
(0.88 ) |
(0.85 ) |
(2.34 ) |
| Total distributions |
(1.44 ) |
(1.32 ) |
(1.81 ) |
(2.30 ) |
(2.14 ) |
(3.62 ) |
| Net asset value at end of period |
$108.22 |
$90.46 |
$84.03 |
$102.69 |
$73.73 |
$68.68 |
| Total return |
21.39
%2 |
9.35 % |
(16.73 %) |
43.16 % |
10.60 % |
14.20 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Total expenses |
0.05
%3 |
0.05 % |
0.05
%4 |
0.05 % |
0.05 % |
0.05 % |
| Net investment income (loss) |
1.48
%3 |
1.57 % |
1.40 % |
1.36 % |
1.97 % |
2.15 % |
| Portfolio turnover rate |
1
%2,5 |
3
%5 |
2
%5 |
5
%5 |
4 % |
5 % |
| Net assets, end of period (x 1,000,000) |
$15,402 |
$12,811 |
$11,888 |
$14,222 |
$9,774 |
$9,346 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Annualized. |
| 4 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
| 5 |
Portfolio turnover rate excludes in-kind transactions. |
See financial notes
Schwab Equity Index Funds | Semiannual Report
32
Schwab 1000 Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to
orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to
20 days after the end of the month on the fund’s website.
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| COMMON STOCKS 99.7% OF NET ASSETS | ||
| | ||
| Automobiles & Components 1.5% |
||
| Aptiv PLC * |
92,010 |
6,532,710 |
| Autoliv, Inc. |
24,115 |
2,888,736 |
| BorgWarner, Inc. |
74,665 |
2,446,772 |
| Ford Motor Co. |
1,288,139 |
15,650,889 |
| Fox Factory Holding Corp. * |
13,342 |
519,271 |
| General Motors Co. |
380,486 |
16,943,041 |
| Gentex Corp. |
75,612 |
2,593,492 |
| Harley-Davidson, Inc. |
43,839 |
1,507,623 |
| Lear Corp. |
18,528 |
2,332,119 |
| Lucid Group, Inc. *(a) |
295,144 |
752,617 |
| Rivian Automotive, Inc., Class A *(a) |
222,858 |
1,983,436 |
| Tesla, Inc. * |
915,889 |
167,864,136 |
| Thor Industries, Inc. |
17,593 |
1,749,096 |
| |
|
223,763,938 |
| | ||
| Banks 3.4% | ||
| Bank of America Corp. |
2,275,847 |
84,229,097 |
| Bank OZK |
33,342 |
1,488,720 |
| BOK Financial Corp. |
8,701 |
772,040 |
| Citigroup, Inc. |
629,078 |
38,581,354 |
| Citizens Financial Group, Inc. |
155,330 |
5,298,306 |
| Columbia Banking System, Inc. |
65,419 |
1,230,531 |
| Comerica, Inc. |
42,330 |
2,123,696 |
| Commerce Bancshares, Inc. |
39,157 |
2,141,105 |
| Cullen/Frost Bankers, Inc. |
21,276 |
2,219,938 |
| East West Bancorp, Inc. |
46,075 |
3,432,127 |
| Fifth Third Bancorp |
225,149 |
8,208,933 |
| First Citizens BancShares, Inc., Class A |
3,916 |
6,605,352 |
| First Horizon Corp. |
179,658 |
2,680,497 |
| Home BancShares, Inc. |
65,356 |
1,547,630 |
| Huntington Bancshares, Inc. |
478,748 |
6,448,736 |
| JPMorgan Chase & Co. |
955,635 |
183,233,455 |
| KeyCorp |
304,704 |
4,415,161 |
| M&T Bank Corp. |
54,921 |
7,930,043 |
| New York Community Bancorp, Inc. |
241,285 |
639,405 |
| Old National Bancorp |
103,385 |
1,709,988 |
| Pinnacle Financial Partners, Inc. |
25,092 |
1,924,556 |
| PNC Financial Services Group, Inc. |
131,520 |
20,156,755 |
| Popular, Inc. |
23,851 |
2,027,097 |
| Prosperity Bancshares, Inc. |
32,453 |
2,011,112 |
| Regions Financial Corp. |
303,129 |
5,841,296 |
| SouthState Corp. |
25,298 |
1,915,059 |
| Synovus Financial Corp. |
47,781 |
1,710,082 |
| Truist Financial Corp. |
441,245 |
16,568,750 |
| U.S. Bancorp |
512,640 |
20,828,563 |
| Valley National Bancorp |
144,582 |
1,013,520 |
| Webster Financial Corp. |
58,029 |
2,543,411 |
| Wells Fargo & Co. |
1,189,619 |
70,568,199 |
| Western Alliance Bancorp |
37,670 |
2,140,786 |
| Wintrust Financial Corp. |
20,348 |
1,966,431 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Zions Bancorp NA |
48,988 |
1,997,731 |
| |
|
518,149,462 |
| | ||
| Capital Goods 6.5% | ||
| 3M Co. |
182,531 |
17,616,067 |
| A O Smith Corp. |
41,151 |
3,408,949 |
| AAON, Inc. |
23,231 |
2,185,805 |
| Acuity Brands, Inc. |
10,099 |
2,507,582 |
| Advanced Drainage Systems, Inc. |
22,285 |
3,498,745 |
| AECOM |
44,834 |
4,140,868 |
| AGCO Corp. |
20,552 |
2,346,833 |
| Air Lease Corp., Class A |
32,864 |
1,651,087 |
| Allegion PLC |
29,118 |
3,539,584 |
| Allison Transmission Holdings, Inc. |
29,247 |
2,151,117 |
| AMETEK, Inc. |
76,292 |
13,325,161 |
| API Group Corp. * |
70,021 |
2,700,710 |
| Applied Industrial Technologies, Inc. |
12,782 |
2,342,301 |
| Atkore, Inc. |
11,990 |
2,101,847 |
| Axon Enterprise, Inc. * |
23,284 |
7,303,259 |
| AZEK Co., Inc., Class A * |
47,628 |
2,173,742 |
| Beacon Roofing Supply, Inc. * |
20,947 |
2,063,908 |
| Boeing Co. * |
189,236 |
31,761,370 |
| Boise Cascade Co. |
13,601 |
1,799,004 |
| Builders FirstSource, Inc. * |
40,496 |
7,403,479 |
| BWX Technologies, Inc. |
29,692 |
2,843,603 |
| Carlisle Cos., Inc. |
15,896 |
6,171,622 |
| Carrier Global Corp. |
275,480 |
16,939,265 |
| Caterpillar, Inc. |
168,280 |
56,301,440 |
| Chart Industries, Inc. * |
14,266 |
2,055,160 |
| Comfort Systems USA, Inc. |
11,771 |
3,642,065 |
| Core & Main, Inc., Class A * |
56,947 |
3,215,797 |
| Crane Co. |
16,763 |
2,346,988 |
| Cummins, Inc. |
44,956 |
12,699,620 |
| Curtiss-Wright Corp. |
12,431 |
3,150,264 |
| Deere & Co. |
86,073 |
33,689,833 |
| Donaldson Co., Inc. |
39,196 |
2,829,951 |
| Dover Corp. |
46,300 |
8,301,590 |
| Eaton Corp. PLC |
131,953 |
41,995,362 |
| EMCOR Group, Inc. |
15,758 |
5,628,285 |
| Emerson Electric Co. |
188,978 |
20,368,049 |
| Esab Corp. |
18,609 |
1,970,321 |
| Fastenal Co. |
188,645 |
12,816,541 |
| Ferguson PLC |
67,692 |
14,208,551 |
| Flowserve Corp. |
45,133 |
2,128,472 |
| Fluor Corp. * |
56,000 |
2,258,480 |
| Fortive Corp. |
115,468 |
8,691,276 |
| Fortune Brands Innovations, Inc. |
40,928 |
2,991,837 |
| Franklin Electric Co., Inc. |
13,152 |
1,266,143 |
| GE Vernova, Inc. * |
89,801 |
13,803,312 |
| Generac Holdings, Inc. * |
20,602 |
2,801,048 |
| General Dynamics Corp. |
75,003 |
21,532,611 |
| General Electric Co. |
359,753 |
58,215,230 |
| Graco, Inc. |
56,398 |
4,523,120 |
| HEICO Corp. |
33,775 |
7,004,935 |
| Hexcel Corp. |
26,860 |
1,724,681 |
| Honeywell International, Inc. |
217,918 |
41,999,336 |
| Howmet Aerospace, Inc. |
129,925 |
8,672,494 |
See financial
notes
33
Schwab Equity Index Funds | Semiannual
ReportSchwab 1000 Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Hubbell, Inc., Class B |
17,927 |
6,642,312 |
| Huntington Ingalls Industries, Inc. |
12,944 |
3,584,582 |
| IDEX Corp. |
25,186 |
5,552,506 |
| Illinois Tool Works, Inc. |
89,880 |
21,940,607 |
| Ingersoll Rand, Inc. |
134,338 |
12,536,422 |
| ITT, Inc. |
27,173 |
3,514,556 |
| Johnson Controls International PLC |
224,233 |
14,590,841 |
| L3Harris Technologies, Inc. |
62,464 |
13,370,419 |
| Lennox International, Inc. |
10,474 |
4,853,861 |
| Leonardo DRS, Inc. * |
23,668 |
509,335 |
| Lincoln Electric Holdings, Inc. |
18,742 |
4,114,431 |
| Lockheed Martin Corp. |
70,935 |
32,979,810 |
| Masco Corp. |
72,286 |
4,947,977 |
| MasTec, Inc. * |
20,500 |
1,818,145 |
| Middleby Corp. * |
17,694 |
2,458,935 |
| MSC Industrial Direct Co., Inc., Class A |
15,612 |
1,424,439 |
| Mueller Industries, Inc. |
37,422 |
2,088,896 |
| Nordson Corp. |
18,323 |
4,730,815 |
| Northrop Grumman Corp. |
46,589 |
22,597,063 |
| nVent Electric PLC |
54,759 |
3,946,481 |
| Oshkosh Corp. |
21,664 |
2,432,217 |
| Otis Worldwide Corp. |
133,544 |
12,179,213 |
| Owens Corning |
29,080 |
4,891,547 |
| PACCAR, Inc. |
172,585 |
18,312,994 |
| Parker-Hannifin Corp. |
42,410 |
23,109,633 |
| Pentair PLC |
54,709 |
4,326,935 |
| Plug Power, Inc. *(a) |
178,600 |
412,566 |
| Quanta Services, Inc. |
48,025 |
12,417,344 |
| RBC Bearings, Inc. * |
9,824 |
2,402,459 |
| Regal Rexnord Corp. |
21,541 |
3,476,071 |
| Rockwell Automation, Inc. |
37,955 |
10,284,287 |
| RTX Corp. |
438,588 |
44,525,454 |
| Sensata Technologies Holding PLC |
50,073 |
1,918,297 |
| Simpson Manufacturing Co., Inc. |
14,403 |
2,504,538 |
| SiteOne Landscape Supply, Inc. * |
14,826 |
2,326,051 |
| Snap-on, Inc. |
17,672 |
4,735,389 |
| Stanley Black & Decker, Inc. |
50,587 |
4,623,652 |
| Textron, Inc. |
64,944 |
5,493,613 |
| Timken Co. |
22,462 |
2,004,060 |
| Toro Co. |
34,370 |
3,010,468 |
| Trane Technologies PLC |
75,220 |
23,870,315 |
| TransDigm Group, Inc. |
18,381 |
22,940,039 |
| Trex Co., Inc. * |
36,051 |
3,192,316 |
| UFP Industries, Inc. |
19,853 |
2,237,433 |
| United Rentals, Inc. |
22,154 |
14,798,650 |
| Valmont Industries, Inc. |
6,592 |
1,350,042 |
| Vertiv Holdings Co., Class A |
116,000 |
10,788,000 |
| Watsco, Inc. |
10,296 |
4,609,725 |
| Watts Water Technologies, Inc., Class A |
9,019 |
1,789,911 |
| WESCO International, Inc. |
14,875 |
2,272,156 |
| Westinghouse Air Brake Technologies Corp. |
59,314 |
9,554,299 |
| WillScot Mobile Mini Holdings Corp. * |
62,825 |
2,322,012 |
| Woodward, Inc. |
20,303 |
3,296,395 |
| WW Grainger, Inc. |
14,658 |
13,505,148 |
| Xylem, Inc. |
79,162 |
10,346,473 |
| Zurn Elkay Water Solutions Corp. |
45,111 |
1,411,072 |
| |
|
1,006,681,907 |
| | ||
| Commercial & Professional Services 1.5% | ||
| Automatic Data Processing, Inc. |
135,789 |
32,846,001 |
| Booz Allen Hamilton Holding Corp., Class A |
42,515 |
6,278,190 |
| Broadridge Financial Solutions, Inc. |
38,998 |
7,542,603 |
| CACI International, Inc., Class A * |
7,309 |
2,939,899 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Casella Waste Systems, Inc., Class A * |
19,413 |
1,754,935 |
| Cintas Corp. |
28,380 |
18,683,689 |
| Clarivate PLC * |
140,745 |
951,436 |
| Clean Harbors, Inc. * |
16,627 |
3,149,985 |
| Copart, Inc. * |
289,116 |
15,701,890 |
| Dayforce, Inc. * |
52,393 |
3,215,358 |
| Dun & Bradstreet Holdings, Inc. |
77,222 |
702,720 |
| Equifax, Inc. |
40,626 |
8,945,439 |
| ExlService Holdings, Inc. * |
57,872 |
1,678,288 |
| Exponent, Inc. |
16,733 |
1,537,930 |
| FTI Consulting, Inc. * |
11,315 |
2,419,487 |
| Genpact Ltd. |
54,268 |
1,668,198 |
| Jacobs Solutions, Inc. |
41,236 |
5,918,603 |
| KBR, Inc. |
45,148 |
2,931,911 |
| Leidos Holdings, Inc. |
45,453 |
6,373,420 |
| Maximus, Inc. |
20,953 |
1,682,107 |
| MSA Safety, Inc. |
12,118 |
2,186,087 |
| Parsons Corp. * |
13,384 |
1,050,778 |
| Paychex, Inc. |
105,857 |
12,576,870 |
| Paycom Software, Inc. |
15,879 |
2,984,935 |
| Paylocity Holding Corp. * |
14,624 |
2,269,060 |
| RB Global, Inc. |
60,772 |
4,350,060 |
| Republic Services, Inc., Class A |
67,757 |
12,989,017 |
| Robert Half, Inc. |
33,607 |
2,323,588 |
| Rollins, Inc. |
91,966 |
4,098,005 |
| Science Applications International Corp. |
16,804 |
2,162,675 |
| SS&C Technologies Holdings, Inc. |
72,576 |
4,491,729 |
| Tetra Tech, Inc. |
18,081 |
3,520,732 |
| TransUnion |
64,083 |
4,678,059 |
| TriNet Group, Inc. |
10,957 |
1,099,754 |
| Veralto Corp. |
72,672 |
6,807,913 |
| Verisk Analytics, Inc., Class A |
48,045 |
10,471,888 |
| Vestis Corp. |
42,956 |
791,250 |
| Waste Management, Inc. |
121,156 |
25,202,871 |
| |
|
230,977,360 |
| | ||
| Consumer Discretionary Distribution & Retail
5.6% | ||
| Amazon.com, Inc. * |
3,021,560 |
528,773,000 |
| Asbury Automotive Group, Inc. * |
6,775 |
1,424,376 |
| AutoNation, Inc. * |
8,856 |
1,427,144 |
| AutoZone, Inc. * |
5,707 |
16,872,175 |
| Bath & Body Works, Inc. |
73,959 |
3,359,218 |
| Best Buy Co., Inc. |
63,008 |
4,639,909 |
| Burlington Stores, Inc. * |
21,034 |
3,784,858 |
| CarMax, Inc. * |
53,298 |
3,622,665 |
| Carvana Co., Class A * |
33,889 |
2,810,076 |
| Dick's Sporting Goods, Inc. |
19,258 |
3,869,703 |
| Dillard's, Inc., Class A |
1,348 |
590,411 |
| eBay, Inc. |
171,088 |
8,817,876 |
| Etsy, Inc. * |
40,586 |
2,787,041 |
| Five Below, Inc. * |
17,919 |
2,622,266 |
| Floor & Decor Holdings, Inc., Class A * |
35,329 |
3,897,849 |
| GameStop Corp., Class A *(a) |
88,308 |
979,336 |
| Genuine Parts Co. |
46,160 |
7,256,814 |
| Home Depot, Inc. |
328,988 |
109,954,369 |
| Lithia Motors, Inc., Class A |
9,190 |
2,337,752 |
| LKQ Corp. |
89,764 |
3,871,521 |
| Lowe's Cos., Inc. |
190,106 |
43,342,267 |
| Murphy USA, Inc. |
6,170 |
2,553,269 |
| Ollie's Bargain Outlet Holdings, Inc. * |
20,340 |
1,487,668 |
| O'Reilly Automotive, Inc. * |
19,571 |
19,830,511 |
| Penske Automotive Group, Inc. |
6,451 |
986,422 |
| Pool Corp. |
12,878 |
4,668,661 |
| RH * |
5,386 |
1,330,611 |
| Ross Stores, Inc. |
111,133 |
14,397,280 |
| TJX Cos., Inc. |
376,725 |
35,446,055 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
34
Schwab 1000 Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Tractor Supply Co. |
35,738 |
9,759,333 |
| Ulta Beauty, Inc. * |
16,030 |
6,489,585 |
| Valvoline, Inc. * |
44,057 |
1,873,304 |
| Wayfair, Inc., Class A * |
29,647 |
1,486,797 |
| Williams-Sonoma, Inc. |
21,158 |
6,067,691 |
| |
|
863,417,813 |
| | ||
| Consumer Durables & Apparel 1.0% |
||
| Brunswick Corp. |
22,310 |
1,799,078 |
| Capri Holdings Ltd. * |
38,108 |
1,352,072 |
| Columbia Sportswear Co. |
10,652 |
848,219 |
| Crocs, Inc. * |
19,885 |
2,473,097 |
| Deckers Outdoor Corp. * |
8,423 |
6,893,973 |
| DR Horton, Inc. |
98,600 |
14,049,514 |
| Garmin Ltd. |
50,510 |
7,297,180 |
| Hasbro, Inc. |
43,117 |
2,643,072 |
| KB Home |
24,375 |
1,578,525 |
| Lennar Corp., Class A |
81,701 |
12,387,506 |
| Lululemon Athletica, Inc. * |
37,964 |
13,689,818 |
| Mattel, Inc. * |
115,874 |
2,122,812 |
| Meritage Homes Corp. |
12,145 |
2,012,912 |
| Mohawk Industries, Inc. * |
17,641 |
2,034,360 |
| Newell Brands, Inc. |
122,925 |
976,024 |
| NIKE, Inc., Class B |
402,359 |
37,121,641 |
| NVR, Inc. * |
1,053 |
7,833,109 |
| Polaris, Inc. |
18,019 |
1,534,498 |
| PulteGroup, Inc. |
70,048 |
7,804,748 |
| PVH Corp. |
19,857 |
2,160,442 |
| Ralph Lauren Corp., Class A |
12,819 |
2,097,701 |
| SharkNinja, Inc. |
15,934 |
1,024,237 |
| Skechers USA, Inc., Class A * |
43,337 |
2,862,409 |
| Tapestry, Inc. |
76,464 |
3,052,443 |
| Taylor Morrison Home Corp., Class A * |
36,059 |
2,019,665 |
| Tempur Sealy International, Inc. |
57,230 |
2,864,934 |
| Toll Brothers, Inc. |
34,426 |
4,100,481 |
| TopBuild Corp. * |
10,503 |
4,250,249 |
| VF Corp. |
104,918 |
1,307,278 |
| Whirlpool Corp. |
18,846 |
1,787,732 |
| YETI Holdings, Inc. * |
28,594 |
1,021,378 |
| |
|
155,001,107 |
| | ||
| Consumer Services 2.3% | ||
| ADT, Inc. |
88,956 |
578,214 |
| Airbnb, Inc., Class A * |
143,858 |
22,811,563 |
| Aramark |
88,331 |
2,783,310 |
| Booking Holdings, Inc. |
11,533 |
39,812,262 |
| Boyd Gaming Corp. |
22,968 |
1,229,018 |
| Bright Horizons Family Solutions, Inc. * |
19,834 |
2,056,984 |
| Caesars Entertainment, Inc. * |
72,625 |
2,601,427 |
| Carnival Corp. * |
331,029 |
4,905,850 |
| Chipotle Mexican Grill, Inc., Class A * |
9,066 |
28,644,934 |
| Choice Hotels International, Inc. |
8,060 |
953,176 |
| Churchill Downs, Inc. |
22,452 |
2,896,308 |
| Darden Restaurants, Inc. |
39,472 |
6,055,399 |
| Domino's Pizza, Inc. |
11,440 |
6,054,849 |
| DoorDash, Inc., Class A * |
100,333 |
12,969,043 |
| DraftKings, Inc., Class A * |
154,568 |
6,423,846 |
| Duolingo, Inc. * |
11,960 |
2,699,970 |
| Expedia Group, Inc. * |
43,118 |
5,804,976 |
| H&R Block, Inc. |
45,779 |
2,162,142 |
| Hilton Grand Vacations, Inc. * |
23,542 |
980,289 |
| Hilton Worldwide Holdings, Inc. |
83,156 |
16,405,016 |
| Hyatt Hotels Corp., Class A |
14,630 |
2,176,798 |
| Las Vegas Sands Corp. |
121,561 |
5,392,446 |
| Light & Wonder, Inc. * |
29,388 |
2,623,173 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Marriott International, Inc., Class A |
81,700 |
19,291,821 |
| McDonald's Corp. |
239,765 |
65,465,436 |
| MGM Resorts International * |
90,374 |
3,564,350 |
| Norwegian Cruise Line Holdings Ltd. * |
139,998 |
2,648,762 |
| Planet Fitness, Inc., Class A * |
29,307 |
1,753,731 |
| Royal Caribbean Cruises Ltd. * |
78,568 |
10,970,450 |
| Service Corp. International |
48,889 |
3,505,830 |
| Starbucks Corp. |
374,253 |
33,117,648 |
| Texas Roadhouse, Inc., Class A |
21,673 |
3,484,585 |
| Vail Resorts, Inc. |
12,723 |
2,409,354 |
| Wingstop, Inc. |
9,621 |
3,702,065 |
| Wyndham Hotels & Resorts, Inc. |
27,442 |
2,017,261 |
| Wynn Resorts Ltd. |
31,097 |
2,850,040 |
| Yum! Brands, Inc. |
93,180 |
13,161,675 |
| |
|
346,964,001 |
| | ||
| Consumer Staples Distribution & Retail 1.8%
| ||
| Albertsons Cos., Inc., Class A |
135,703 |
2,768,341 |
| BJ's Wholesale Club Holdings, Inc. * |
43,065 |
3,216,094 |
| Casey's General Stores, Inc. |
12,203 |
3,899,835 |
| Costco Wholesale Corp. |
146,676 |
106,032,080 |
| Dollar General Corp. |
72,982 |
10,158,365 |
| Dollar Tree, Inc. * |
68,280 |
8,074,110 |
| Kroger Co. |
218,605 |
12,106,345 |
| Performance Food Group Co. * |
50,498 |
3,427,804 |
| Sysco Corp. |
164,226 |
12,205,276 |
| Target Corp. |
152,339 |
24,523,532 |
| U.S. Foods Holding Corp. * |
74,835 |
3,760,459 |
| Walgreens Boots Alliance, Inc. |
235,518 |
4,175,734 |
| Walmart, Inc. |
1,414,987 |
83,979,479 |
| |
|
278,327,454 |
| | ||
| Energy 4.2% | ||
| Antero Midstream Corp. |
113,320 |
1,568,349 |
| Antero Resources Corp. * |
92,890 |
3,159,189 |
| APA Corp. |
119,125 |
3,745,290 |
| Baker Hughes Co., Class A |
330,543 |
10,782,313 |
| ChampionX Corp. |
63,418 |
2,128,942 |
| Cheniere Energy, Inc. |
78,633 |
12,409,860 |
| Chesapeake Energy Corp. |
36,769 |
3,304,798 |
| Chevron Corp. |
573,330 |
92,460,929 |
| Chord Energy Corp. |
13,795 |
2,441,439 |
| Civitas Resources, Inc. |
27,942 |
2,010,706 |
| ConocoPhillips |
389,426 |
48,919,694 |
| Coterra Energy, Inc. |
249,806 |
6,834,692 |
| Devon Energy Corp. |
211,385 |
10,818,684 |
| Diamondback Energy, Inc. |
59,281 |
11,923,187 |
| DT Midstream, Inc. |
32,329 |
2,010,864 |
| EOG Resources, Inc. |
192,489 |
25,433,572 |
| EQT Corp. |
135,337 |
5,425,660 |
| Exxon Mobil Corp. |
1,312,630 |
155,244,750 |
| Halliburton Co. |
294,713 |
11,042,896 |
| Hess Corp. |
90,883 |
14,313,164 |
| HF Sinclair Corp. |
51,359 |
2,786,226 |
| Kinder Morgan, Inc. |
638,134 |
11,665,089 |
| Magnolia Oil & Gas Corp., Class A |
61,817 |
1,549,752 |
| Marathon Oil Corp. |
193,503 |
5,195,556 |
| Marathon Petroleum Corp. |
121,644 |
22,105,148 |
| Matador Resources Co. |
36,362 |
2,265,353 |
| Murphy Oil Corp. |
48,795 |
2,178,209 |
| New Fortress Energy, Inc. |
21,766 |
570,269 |
| Noble Corp. PLC |
36,742 |
1,630,610 |
| NOV, Inc. |
130,977 |
2,421,765 |
| Occidental Petroleum Corp. |
217,134 |
14,361,243 |
| ONEOK, Inc. |
192,796 |
15,254,019 |
| Ovintiv, Inc. |
83,116 |
4,265,513 |
See financial
notes
35
Schwab Equity Index Funds | Semiannual
ReportSchwab 1000 Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Patterson-UTI Energy, Inc. |
105,450 |
1,140,969 |
| PBF Energy, Inc., Class A |
36,360 |
1,936,897 |
| Permian Resources Corp., Class A |
151,843 |
2,543,370 |
| Phillips 66 |
141,922 |
20,324,650 |
| Pioneer Natural Resources Co. |
77,233 |
20,800,392 |
| Range Resources Corp. |
79,999 |
2,872,764 |
| Schlumberger NV |
471,831 |
22,402,536 |
| SM Energy Co. |
38,363 |
1,860,222 |
| Southwestern Energy Co. * |
365,970 |
2,741,115 |
| Targa Resources Corp. |
73,596 |
8,394,360 |
| TechnipFMC PLC |
143,413 |
3,674,241 |
| Texas Pacific Land Corp. |
6,186 |
3,564,992 |
| Transocean Ltd. * |
234,013 |
1,221,548 |
| Valaris Ltd. * |
20,857 |
1,356,956 |
| Valero Energy Corp. |
112,538 |
17,991,450 |
| Weatherford International PLC * |
24,203 |
2,991,975 |
| Williams Cos., Inc. |
402,534 |
15,441,204 |
| |
|
643,487,371 |
| | ||
| Equity Real Estate Investment Trusts (REITs) 2.2%
| ||
| Agree Realty Corp. |
33,136 |
1,896,042 |
| Alexandria Real Estate Equities, Inc. |
52,041 |
6,029,991 |
| American Homes 4 Rent, Class A |
103,423 |
3,702,543 |
| American Tower Corp. |
153,871 |
26,398,109 |
| Americold Realty Trust, Inc. |
87,894 |
1,931,031 |
| Apartment Income REIT Corp. |
48,573 |
1,864,232 |
| AvalonBay Communities, Inc. |
46,974 |
8,904,861 |
| Boston Properties, Inc. |
47,345 |
2,930,182 |
| Brixmor Property Group, Inc. |
98,553 |
2,178,021 |
| Camden Property Trust |
35,247 |
3,513,421 |
| Crown Castle, Inc. |
142,956 |
13,406,414 |
| CubeSmart |
74,329 |
3,005,865 |
| Digital Realty Trust, Inc. |
100,189 |
13,904,229 |
| EastGroup Properties, Inc. |
15,766 |
2,449,406 |
| Equinix, Inc. |
31,023 |
22,060,766 |
| Equity LifeStyle Properties, Inc. |
61,225 |
3,691,255 |
| Equity Residential |
114,637 |
7,382,623 |
| Essex Property Trust, Inc. |
21,194 |
5,219,023 |
| Extra Space Storage, Inc. |
69,789 |
9,371,267 |
| Federal Realty Investment Trust |
24,366 |
2,538,206 |
| First Industrial Realty Trust, Inc. |
42,554 |
1,932,803 |
| Gaming & Leisure Properties, Inc. |
88,495 |
3,781,391 |
| Healthcare Realty Trust, Inc., Class A |
126,283 |
1,797,007 |
| Healthpeak Properties, Inc. |
233,045 |
4,336,968 |
| Host Hotels & Resorts, Inc. |
235,403 |
4,442,055 |
| Invitation Homes, Inc. |
190,537 |
6,516,365 |
| Iron Mountain, Inc. |
96,314 |
7,466,261 |
| Kilroy Realty Corp. |
33,831 |
1,143,488 |
| Kimco Realty Corp. |
223,284 |
4,159,781 |
| Kite Realty Group Trust |
69,528 |
1,515,710 |
| Lamar Advertising Co., Class A |
29,602 |
3,429,392 |
| Medical Properties Trust, Inc. (a) |
213,887 |
983,880 |
| Mid-America Apartment Communities, Inc. |
38,544 |
5,010,720 |
| NET Lease Office Properties |
4,763 |
108,882 |
| NNN REIT, Inc. |
60,524 |
2,453,038 |
| Omega Healthcare Investors, Inc. |
80,246 |
2,440,281 |
| Prologis, Inc. |
305,434 |
31,169,540 |
| Public Storage |
52,407 |
13,596,996 |
| Rayonier, Inc. |
45,598 |
1,352,437 |
| Realty Income Corp. |
274,769 |
14,711,132 |
| Regency Centers Corp. |
54,256 |
3,213,040 |
| Rexford Industrial Realty, Inc. |
69,720 |
2,984,713 |
| Ryman Hospitality Properties, Inc. |
20,315 |
2,142,826 |
| SBA Communications Corp., Class A |
35,384 |
6,585,670 |
| Simon Property Group, Inc. |
107,389 |
15,091,376 |
| STAG Industrial, Inc. |
61,000 |
2,097,790 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Sun Communities, Inc. |
41,138 |
4,579,482 |
| Terreno Realty Corp. |
30,843 |
1,676,317 |
| UDR, Inc. |
99,840 |
3,801,907 |
| Ventas, Inc. |
131,764 |
5,834,510 |
| VICI Properties, Inc., Class A |
342,985 |
9,792,222 |
| Vornado Realty Trust |
52,846 |
1,375,581 |
| Welltower, Inc. |
183,079 |
17,443,767 |
| Weyerhaeuser Co. |
241,632 |
7,290,038 |
| WP Carey, Inc. |
72,316 |
3,965,809 |
| |
|
342,600,662 |
| | ||
| Financial Services 7.8% | ||
| Affiliated Managers Group, Inc. |
11,185 |
1,745,979 |
| Affirm Holdings, Inc. * |
78,011 |
2,486,991 |
| AGNC Investment Corp. |
231,236 |
2,115,809 |
| Ally Financial, Inc. |
89,346 |
3,426,419 |
| American Express Co. |
189,030 |
44,238,691 |
| Ameriprise Financial, Inc. |
33,051 |
13,610,071 |
| Annaly Capital Management, Inc. |
168,818 |
3,163,649 |
| Apollo Global Management, Inc. |
144,461 |
15,656,683 |
| ARES Management Corp., Class A |
56,448 |
7,512,664 |
| Bank of New York Mellon Corp. |
250,506 |
14,151,084 |
| Berkshire Hathaway, Inc., Class B * |
601,424 |
238,602,944 |
| BlackRock, Inc. |
46,210 |
34,871,914 |
| Blackstone, Inc. |
237,182 |
27,657,793 |
| Block, Inc. * |
182,536 |
13,325,128 |
| Blue Owl Capital, Inc., Class A |
134,078 |
2,532,733 |
| Capital One Financial Corp. |
125,819 |
18,046,219 |
| Carlyle Group, Inc. |
73,670 |
3,300,416 |
| Cboe Global Markets, Inc. |
34,451 |
6,240,799 |
| Charles Schwab Corp. (b) |
488,350 |
36,113,483 |
| CME Group, Inc. |
118,898 |
24,925,777 |
| Coinbase Global, Inc., Class A * |
56,358 |
11,493,087 |
| Corebridge Financial, Inc. (a) |
78,962 |
2,097,231 |
| Corpay, Inc. * |
23,821 |
7,197,277 |
| Credit Acceptance Corp. * |
1,981 |
1,017,679 |
| Discover Financial Services |
82,585 |
10,465,997 |
| Enact Holdings, Inc. |
10,030 |
298,192 |
| Equitable Holdings, Inc. |
104,716 |
3,865,068 |
| Essent Group Ltd. |
36,296 |
1,922,599 |
| Evercore, Inc., Class A |
11,907 |
2,161,121 |
| FactSet Research Systems, Inc. |
12,660 |
5,277,827 |
| Fidelity National Information Services, Inc. |
196,666 |
13,357,555 |
| Fiserv, Inc. * |
198,224 |
30,262,858 |
| Franklin Resources, Inc. |
99,212 |
2,266,002 |
| Global Payments, Inc. |
86,073 |
10,567,182 |
| Goldman Sachs Group, Inc. |
107,710 |
45,960,934 |
| Houlihan Lokey, Inc., Class A |
17,473 |
2,227,633 |
| Interactive Brokers Group, Inc., Class A |
35,739 |
4,114,274 |
| Intercontinental Exchange, Inc. |
189,417 |
24,389,333 |
| Invesco Ltd. |
153,400 |
2,173,678 |
| Jack Henry & Associates, Inc. |
24,267 |
3,947,998 |
| Janus Henderson Group PLC |
43,807 |
1,367,655 |
| Jefferies Financial Group, Inc. |
55,875 |
2,405,978 |
| KKR & Co., Inc. |
219,332 |
20,413,229 |
| LPL Financial Holdings, Inc. |
24,678 |
6,641,590 |
| MarketAxess Holdings, Inc. |
12,292 |
2,459,506 |
| Mastercard, Inc., Class A |
272,717 |
123,049,910 |
| MGIC Investment Corp. |
85,833 |
1,740,693 |
| Moody's Corp. |
52,120 |
19,301,600 |
| Morgan Stanley |
414,115 |
37,618,207 |
| Morningstar, Inc. |
8,816 |
2,491,842 |
| MSCI, Inc., Class A |
26,041 |
12,129,637 |
| Nasdaq, Inc. |
125,358 |
7,502,676 |
| Northern Trust Corp. |
67,058 |
5,524,909 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
36
Schwab 1000 Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| OneMain Holdings, Inc. |
41,911 |
2,183,982 |
| PayPal Holdings, Inc. * |
353,676 |
24,021,674 |
| Raymond James Financial, Inc. |
62,347 |
7,606,334 |
| Remitly Global, Inc. * |
43,486 |
775,355 |
| Rithm Capital Corp. |
153,464 |
1,706,520 |
| Robinhood Markets, Inc., Class A * |
175,597 |
2,895,595 |
| S&P Global, Inc. |
106,207 |
44,164,057 |
| SEI Investments Co. |
32,431 |
2,138,824 |
| SoFi Technologies, Inc. *(a) |
322,797 |
2,188,564 |
| Starwood Property Trust, Inc. |
103,256 |
1,958,766 |
| State Street Corp. |
99,600 |
7,220,004 |
| Stifel Financial Corp. |
33,344 |
2,664,852 |
| Synchrony Financial |
133,663 |
5,878,499 |
| T Rowe Price Group, Inc. |
74,323 |
8,143,571 |
| Toast, Inc., Class A * |
123,786 |
2,925,063 |
| Tradeweb Markets, Inc., Class A |
39,089 |
3,975,742 |
| Visa, Inc., Class A |
522,801 |
140,429,577 |
| Voya Financial, Inc. |
33,581 |
2,288,881 |
| Western Union Co. |
114,054 |
1,532,886 |
| WEX, Inc. * |
14,090 |
2,976,653 |
| |
|
1,209,111,602 |
| | ||
| Food, Beverage & Tobacco 2.7% |
||
| Altria Group, Inc. |
582,920 |
25,537,725 |
| Archer-Daniels-Midland Co. |
177,073 |
10,387,102 |
| Brown-Forman Corp., Class B |
60,000 |
2,871,000 |
| Bunge Global SA |
48,004 |
4,884,887 |
| Campbell Soup Co. |
66,170 |
3,024,631 |
| Celsius Holdings, Inc. * |
49,801 |
3,549,317 |
| Coca-Cola Co. |
1,286,210 |
79,449,192 |
| Coca-Cola Consolidated, Inc. |
1,545 |
1,276,170 |
| Conagra Brands, Inc. |
157,208 |
4,838,862 |
| Constellation Brands, Inc., Class A |
52,911 |
13,410,822 |
| Darling Ingredients, Inc. * |
53,622 |
2,271,964 |
| Flowers Foods, Inc. |
62,600 |
1,561,244 |
| General Mills, Inc. |
187,373 |
13,202,302 |
| Hershey Co. |
49,926 |
9,681,650 |
| Hormel Foods Corp. |
95,622 |
3,400,318 |
| Ingredion, Inc. |
21,779 |
2,495,656 |
| J M Smucker Co. |
35,581 |
4,086,478 |
| Kellanova |
86,599 |
5,010,618 |
| Keurig Dr Pepper, Inc. |
345,585 |
11,646,214 |
| Kraft Heinz Co. |
263,534 |
10,175,048 |
| Lamb Weston Holdings, Inc. |
47,615 |
3,968,234 |
| Lancaster Colony Corp. |
6,465 |
1,233,587 |
| McCormick & Co., Inc. - Non Voting Shares |
84,287 |
6,410,869 |
| Molson Coors Beverage Co., Class B |
62,037 |
3,552,239 |
| Mondelez International, Inc., Class A |
444,237 |
31,958,410 |
| Monster Beverage Corp. * |
243,692 |
13,025,337 |
| National Beverage Corp. * |
7,583 |
337,443 |
| PepsiCo, Inc. |
454,323 |
79,919,959 |
| Philip Morris International, Inc. |
513,171 |
48,720,455 |
| Pilgrim's Pride Corp. * |
15,417 |
555,320 |
| Post Holdings, Inc. * |
16,104 |
1,709,440 |
| Tyson Foods, Inc., Class A |
94,651 |
5,740,583 |
| WK Kellogg Co. |
21,231 |
495,532 |
| |
|
410,388,608 |
| | ||
| Health Care Equipment & Services 5.0% | ||
| Abbott Laboratories |
573,861 |
60,812,050 |
| Acadia Healthcare Co., Inc. * |
30,501 |
2,255,244 |
| agilon health, Inc. * |
99,327 |
546,299 |
| Align Technology, Inc. * |
23,614 |
6,668,121 |
| Baxter International, Inc. |
167,277 |
6,752,972 |
| Becton Dickinson & Co. |
95,318 |
22,361,603 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Boston Scientific Corp. * |
484,308 |
34,807,216 |
| Cardinal Health, Inc. |
80,230 |
8,266,899 |
| Cencora, Inc. |
54,492 |
13,026,313 |
| Centene Corp. * |
176,461 |
12,892,241 |
| Chemed Corp. |
4,979 |
2,828,072 |
| Cigna Group |
96,575 |
34,481,138 |
| Cooper Cos., Inc. |
65,336 |
5,818,824 |
| CVS Health Corp. |
415,886 |
28,159,641 |
| DaVita, Inc. * |
18,142 |
2,521,919 |
| DENTSPLY SIRONA, Inc. |
68,524 |
2,056,405 |
| Dexcom, Inc. * |
127,392 |
16,228,467 |
| Edwards Lifesciences Corp. * |
200,162 |
16,947,717 |
| Elevance Health, Inc. |
77,675 |
41,057,452 |
| Encompass Health Corp. |
33,148 |
2,763,880 |
| Ensign Group, Inc. |
18,467 |
2,185,754 |
| Envista Holdings Corp. * |
60,747 |
1,195,501 |
| GE HealthCare Technologies, Inc. |
139,700 |
10,650,728 |
| Globus Medical, Inc., Class A * |
37,860 |
1,885,049 |
| Haemonetics Corp. * |
16,597 |
1,526,094 |
| HCA Healthcare, Inc. |
65,392 |
20,259,749 |
| HealthEquity, Inc. * |
29,143 |
2,299,674 |
| Henry Schein, Inc. * |
43,535 |
3,016,105 |
| Hologic, Inc. * |
77,487 |
5,871,190 |
| Humana, Inc. |
40,647 |
12,279,052 |
| IDEXX Laboratories, Inc. * |
27,360 |
13,481,914 |
| Inspire Medical Systems, Inc. * |
10,288 |
2,486,198 |
| Insulet Corp. * |
23,037 |
3,960,982 |
| Intuitive Surgical, Inc. * |
116,463 |
43,163,517 |
| Laboratory Corp. of America Holdings |
27,748 |
5,587,615 |
| Lantheus Holdings, Inc. * |
23,756 |
1,580,724 |
| Masimo Corp. * |
15,262 |
2,051,365 |
| McKesson Corp. |
43,370 |
23,298,798 |
| Medtronic PLC |
439,523 |
35,267,326 |
| Molina Healthcare, Inc. * |
19,202 |
6,569,004 |
| Neogen Corp. * |
64,750 |
798,368 |
| Option Care Health, Inc. * |
56,848 |
1,699,187 |
| Penumbra, Inc. * |
12,947 |
2,543,697 |
| Quest Diagnostics, Inc. |
36,397 |
5,029,337 |
| QuidelOrtho Corp. * |
16,191 |
656,545 |
| R1 RCM, Inc. * |
65,068 |
799,686 |
| ResMed, Inc. |
48,621 |
10,404,408 |
| Shockwave Medical, Inc. * |
12,128 |
4,004,544 |
| Solventum Corp. * |
45,632 |
2,966,536 |
| STERIS PLC |
32,698 |
6,688,703 |
| Stryker Corp. |
111,775 |
37,612,288 |
| Surgery Partners, Inc. * |
24,184 |
603,391 |
| Teleflex, Inc. |
15,519 |
3,239,591 |
| Tenet Healthcare Corp. * |
34,526 |
3,876,925 |
| UnitedHealth Group, Inc. |
305,738 |
147,885,471 |
| Universal Health Services, Inc., Class B |
19,815 |
3,377,070 |
| Veeva Systems, Inc., Class A * |
48,461 |
9,622,416 |
| Zimmer Biomet Holdings, Inc. |
69,080 |
8,308,942 |
| |
|
769,985,917 |
| | ||
| Household & Personal Products 1.4% |
||
| BellRing Brands, Inc. * |
43,140 |
2,380,034 |
| Church & Dwight Co., Inc. |
81,567 |
8,800,264 |
| Clorox Co. |
40,870 |
6,043,447 |
| Colgate-Palmolive Co. |
271,983 |
25,000,677 |
| Coty, Inc., Class A * |
117,200 |
1,340,768 |
| elf Beauty, Inc. * |
18,411 |
2,992,340 |
| Estee Lauder Cos., Inc., Class A |
77,124 |
11,314,862 |
| Inter Parfums, Inc. |
5,918 |
688,737 |
| Kenvue, Inc. |
569,709 |
10,721,923 |
| Kimberly-Clark Corp. |
111,358 |
15,203,708 |
| Procter & Gamble Co. |
777,801 |
126,937,123 |
See financial
notes
37
Schwab Equity Index Funds | Semiannual
ReportSchwab 1000 Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Reynolds Consumer Products, Inc. |
17,599 |
503,859 |
| |
|
211,927,742 |
| | ||
| Insurance 2.2% | ||
| Aflac, Inc. |
173,708 |
14,530,674 |
| Allstate Corp. |
86,655 |
14,736,549 |
| American Financial Group, Inc. |
21,245 |
2,714,049 |
| American International Group, Inc. |
232,062 |
17,476,589 |
| Aon PLC, Class A |
66,182 |
18,663,986 |
| Arch Capital Group Ltd. * |
121,949 |
11,407,109 |
| Arthur J Gallagher & Co. |
71,511 |
16,782,917 |
| Assurant, Inc. |
17,184 |
2,996,890 |
| Axis Capital Holdings Ltd. |
27,131 |
1,663,944 |
| Brown & Brown, Inc. |
77,801 |
6,343,894 |
| Chubb Ltd. |
133,692 |
33,241,179 |
| Cincinnati Financial Corp. |
52,674 |
6,093,855 |
| CNA Financial Corp. |
8,907 |
391,374 |
| Erie Indemnity Co., Class A |
8,051 |
3,080,796 |
| Everest Group Ltd. |
14,353 |
5,259,083 |
| Fidelity National Financial, Inc. |
86,554 |
4,284,423 |
| First American Financial Corp. |
34,035 |
1,823,255 |
| Globe Life, Inc. |
28,700 |
2,186,079 |
| Hartford Financial Services Group, Inc. |
98,510 |
9,544,634 |
| Kinsale Capital Group, Inc. |
7,207 |
2,617,943 |
| Lincoln National Corp. |
56,360 |
1,536,937 |
| Loews Corp. |
61,009 |
4,584,826 |
| Markel Group, Inc. * |
4,299 |
6,269,662 |
| Marsh & McLennan Cos., Inc. |
162,633 |
32,433,899 |
| MetLife, Inc. |
202,918 |
14,423,411 |
| Old Republic International Corp. |
85,185 |
2,543,624 |
| Primerica, Inc. |
11,281 |
2,389,993 |
| Principal Financial Group, Inc. |
72,908 |
5,769,939 |
| Progressive Corp. |
193,473 |
40,290,752 |
| Prudential Financial, Inc. |
119,050 |
13,152,644 |
| Reinsurance Group of America, Inc. |
21,387 |
3,999,155 |
| RenaissanceRe Holdings Ltd. |
17,418 |
3,818,896 |
| RLI Corp. |
13,544 |
1,914,444 |
| Ryan Specialty Holdings, Inc., Class A |
34,191 |
1,686,984 |
| Selective Insurance Group, Inc. |
20,045 |
2,037,574 |
| Travelers Cos., Inc. |
75,432 |
16,003,653 |
| Unum Group |
61,415 |
3,113,741 |
| W R Berkley Corp. |
67,986 |
5,232,882 |
| Willis Towers Watson PLC |
33,849 |
8,500,838 |
| |
|
345,543,076 |
| | ||
| Materials 2.5% | ||
| Air Products & Chemicals, Inc. |
73,370 |
17,340,266 |
| Albemarle Corp. |
38,928 |
4,683,428 |
| Alcoa Corp. |
61,013 |
2,143,997 |
| Amcor PLC |
476,347 |
4,258,542 |
| AptarGroup, Inc. |
22,167 |
3,200,471 |
| Ashland, Inc. |
16,400 |
1,563,412 |
| ATI, Inc. * |
42,313 |
2,526,086 |
| Avery Dennison Corp. |
26,748 |
5,811,805 |
| Axalta Coating Systems Ltd. * |
73,146 |
2,299,710 |
| Balchem Corp. |
10,266 |
1,451,407 |
| Ball Corp. |
105,080 |
7,310,416 |
| Berry Global Group, Inc. |
38,005 |
2,152,603 |
| Celanese Corp., Class A |
32,992 |
5,067,901 |
| CF Industries Holdings, Inc. |
63,285 |
4,997,616 |
| Chemours Co. |
49,159 |
1,315,003 |
| Cleveland-Cliffs, Inc. * |
164,116 |
2,773,560 |
| Commercial Metals Co. |
39,389 |
2,116,765 |
| Corteva, Inc. |
232,161 |
12,566,875 |
| Crown Holdings, Inc. |
39,187 |
3,216,077 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Dow, Inc. |
231,969 |
13,199,036 |
| DuPont de Nemours, Inc. |
141,896 |
10,287,460 |
| Eagle Materials, Inc. |
11,430 |
2,865,615 |
| Eastman Chemical Co. |
38,578 |
3,643,306 |
| Ecolab, Inc. |
83,905 |
18,975,116 |
| Element Solutions, Inc. |
73,899 |
1,709,284 |
| FMC Corp. |
41,511 |
2,449,564 |
| Freeport-McMoRan, Inc. |
473,455 |
23,644,343 |
| Graphic Packaging Holding Co. |
99,058 |
2,560,649 |
| Huntsman Corp. |
53,525 |
1,277,107 |
| International Flavors & Fragrances, Inc. |
85,156 |
7,208,455 |
| International Paper Co. |
108,977 |
3,807,656 |
| Linde PLC |
160,282 |
70,677,951 |
| Louisiana-Pacific Corp. |
21,230 |
1,553,824 |
| LyondellBasell Industries NV, Class A |
85,223 |
8,519,743 |
| Martin Marietta Materials, Inc. |
20,425 |
11,990,905 |
| Mosaic Co. |
107,504 |
3,374,551 |
| NewMarket Corp. |
2,270 |
1,196,108 |
| Newmont Corp. |
381,822 |
15,517,246 |
| Nucor Corp. |
81,222 |
13,688,344 |
| Olin Corp. |
40,000 |
2,091,200 |
| Packaging Corp. of America |
29,211 |
5,052,919 |
| PPG Industries, Inc. |
77,734 |
10,027,686 |
| Reliance, Inc. |
18,900 |
5,381,208 |
| Royal Gold, Inc. |
21,766 |
2,614,750 |
| RPM International, Inc. |
42,756 |
4,571,044 |
| Sealed Air Corp. |
49,310 |
1,552,279 |
| Sherwin-Williams Co. |
77,842 |
23,322,242 |
| Silgan Holdings, Inc. |
27,479 |
1,282,170 |
| Sonoco Products Co. |
32,329 |
1,812,040 |
| Steel Dynamics, Inc. |
50,872 |
6,619,465 |
| Summit Materials, Inc., Class A * |
39,104 |
1,521,146 |
| U.S. Steel Corp. |
73,982 |
2,700,343 |
| Vulcan Materials Co. |
43,981 |
11,330,825 |
| Westlake Corp. |
10,589 |
1,560,395 |
| Westrock Co. |
84,636 |
4,059,143 |
| |
|
390,441,058 |
| | ||
| Media & Entertainment 7.8% | ||
| Alphabet, Inc., Class A * |
1,947,955 |
317,088,115 |
| Alphabet, Inc., Class C * |
1,630,878 |
268,507,754 |
| Charter Communications, Inc., Class A * |
32,605 |
8,344,924 |
| Comcast Corp., Class A |
1,309,792 |
49,916,173 |
| Electronic Arts, Inc. |
80,272 |
10,180,095 |
| Endeavor Group Holdings, Inc., Class A |
59,267 |
1,565,241 |
| Fox Corp., Class A |
118,292 |
3,668,235 |
| IAC, Inc. * |
22,099 |
1,051,028 |
| Interpublic Group of Cos., Inc. |
128,100 |
3,899,364 |
| Liberty Broadband Corp., Class C * |
37,734 |
1,876,512 |
| Liberty Media Corp.-Liberty Formula One, Class C * |
69,221 |
4,843,393 |
| Liberty Media Corp.-Liberty SiriusXM, Class C * |
48,500 |
1,166,910 |
| Live Nation Entertainment, Inc. * |
46,617 |
4,144,718 |
| Match Group, Inc. * |
90,740 |
2,796,607 |
| Meta Platforms, Inc., Class A |
727,235 |
312,834,680 |
| Netflix, Inc. * |
143,051 |
78,769,603 |
| New York Times Co., Class A |
55,761 |
2,399,396 |
| News Corp., Class A |
125,773 |
2,993,397 |
| Nexstar Media Group, Inc., Class A |
10,622 |
1,700,157 |
| Omnicom Group, Inc. |
66,485 |
6,172,467 |
| Paramount Global, Class B |
159,144 |
1,812,650 |
| Pinterest, Inc., Class A * |
195,637 |
6,544,058 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
38
Schwab 1000 Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| ROBLOX Corp., Class A * |
162,958 |
5,794,787 |
| Roku, Inc. * |
41,433 |
2,389,027 |
| Sirius XM Holdings, Inc. (a) |
214,050 |
629,307 |
| Snap, Inc., Class A * |
341,262 |
5,135,993 |
| Take-Two Interactive Software, Inc. * |
52,778 |
7,537,226 |
| TKO Group Holdings, Inc. |
19,726 |
1,867,460 |
| Trade Desk, Inc., Class A * |
147,607 |
12,229,240 |
| Walt Disney Co. |
606,336 |
67,363,930 |
| Warner Bros Discovery, Inc. * |
732,648 |
5,392,289 |
| Warner Music Group Corp., Class A |
45,495 |
1,501,335 |
| ZoomInfo Technologies, Inc., Class A * |
102,859 |
1,631,344 |
| |
|
1,203,747,415 |
| | ||
| Pharmaceuticals, Biotechnology & Life Sciences
6.9% | ||
| 10X Genomics, Inc., Class A * |
34,014 |
995,930 |
| AbbVie, Inc. |
583,606 |
94,917,680 |
| ACADIA Pharmaceuticals, Inc. * |
39,378 |
658,006 |
| Agilent Technologies, Inc. |
96,868 |
13,274,791 |
| Alkermes PLC * |
54,557 |
1,338,829 |
| Alnylam Pharmaceuticals, Inc. * |
41,618 |
5,990,911 |
| Amgen, Inc. |
176,846 |
48,445,193 |
| Apellis Pharmaceuticals, Inc. * |
33,214 |
1,467,727 |
| Avantor, Inc. * |
225,167 |
5,455,796 |
| Biogen, Inc. * |
47,700 |
10,246,914 |
| BioMarin Pharmaceutical, Inc. * |
62,902 |
5,079,966 |
| Bio-Rad Laboratories, Inc., Class A * |
6,869 |
1,852,913 |
| Bio-Techne Corp. |
51,921 |
3,281,926 |
| Bridgebio Pharma, Inc. * |
42,564 |
1,090,490 |
| Bristol-Myers Squibb Co. |
671,547 |
29,507,775 |
| Bruker Corp. |
30,629 |
2,389,368 |
| Catalent, Inc. * |
59,744 |
3,336,702 |
| Charles River Laboratories International, Inc. * |
16,899 |
3,869,871 |
| Danaher Corp. |
217,387 |
53,611,982 |
| Elanco Animal Health, Inc. * |
167,897 |
2,209,525 |
| Eli Lilly & Co. |
263,590 |
205,890,149 |
| Exact Sciences Corp. * |
59,738 |
3,545,450 |
| Exelixis, Inc. * |
97,804 |
2,294,482 |
| Gilead Sciences, Inc. |
411,508 |
26,830,322 |
| Halozyme Therapeutics, Inc. * |
42,934 |
1,635,785 |
| Illumina, Inc. * |
52,348 |
6,441,421 |
| Incyte Corp. * |
63,360 |
3,297,888 |
| Intra-Cellular Therapies, Inc. * |
33,755 |
2,423,947 |
| Ionis Pharmaceuticals, Inc. * |
47,141 |
1,945,038 |
| IQVIA Holdings, Inc. * |
60,067 |
13,921,729 |
| Jazz Pharmaceuticals PLC * |
20,615 |
2,283,111 |
| Johnson & Johnson |
795,736 |
115,055,468 |
| Medpace Holdings, Inc. * |
7,639 |
2,966,606 |
| Merck & Co., Inc. |
837,632 |
108,238,807 |
| Mettler-Toledo International, Inc. * |
7,053 |
8,673,074 |
| Moderna, Inc. * |
110,385 |
12,176,569 |
| Mural Oncology PLC * |
5,455 |
20,184 |
| Natera, Inc. * |
37,334 |
3,467,582 |
| Neurocrine Biosciences, Inc. * |
32,748 |
4,504,160 |
| Organon & Co. |
90,285 |
1,680,204 |
| Perrigo Co. PLC |
47,984 |
1,567,157 |
| Pfizer, Inc. |
1,866,445 |
47,818,321 |
| Regeneron Pharmaceuticals, Inc. * |
34,866 |
31,053,752 |
| Repligen Corp. * |
17,121 |
2,811,268 |
| Revvity, Inc. |
40,129 |
4,112,019 |
| Roivant Sciences Ltd. * |
113,753 |
1,239,908 |
| Royalty Pharma PLC, Class A |
127,931 |
3,543,689 |
| Sarepta Therapeutics, Inc. * |
31,541 |
3,994,983 |
| Sotera Health Co. * |
40,942 |
458,550 |
| Thermo Fisher Scientific, Inc. |
127,717 |
72,635,212 |
| United Therapeutics Corp. * |
15,453 |
3,621,101 |
| Vaxcyte, Inc. * |
32,174 |
1,948,136 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Vertex Pharmaceuticals, Inc. * |
85,184 |
33,461,127 |
| Viatris, Inc. |
398,555 |
4,611,281 |
| Waters Corp. * |
19,478 |
6,019,481 |
| West Pharmaceutical Services, Inc. |
24,396 |
8,721,082 |
| Zoetis, Inc. |
151,709 |
24,158,141 |
| |
|
1,068,089,479 |
| | ||
| Real Estate Management & Development 0.2%
| ||
| CBRE Group, Inc., Class A * |
99,010 |
8,602,979 |
| CoStar Group, Inc. * |
134,692 |
12,328,359 |
| Jones Lang LaSalle, Inc. * |
15,868 |
2,867,348 |
| Zillow Group, Inc., Class C * |
53,271 |
2,267,746 |
| |
|
26,066,432 |
| | ||
| Semiconductors & Semiconductor Equipment 9.5%
| ||
| Advanced Micro Devices, Inc. * |
534,105 |
84,591,550 |
| Allegro MicroSystems, Inc. * |
23,617 |
701,189 |
| Amkor Technology, Inc. |
36,875 |
1,192,906 |
| Analog Devices, Inc. |
163,641 |
32,828,021 |
| Applied Materials, Inc. |
274,648 |
54,558,825 |
| Axcelis Technologies, Inc. * |
10,789 |
1,116,877 |
| Broadcom, Inc. |
145,461 |
189,138,575 |
| Cirrus Logic, Inc. * |
17,332 |
1,535,095 |
| Enphase Energy, Inc. * |
44,730 |
4,864,835 |
| Entegris, Inc. |
49,996 |
6,645,468 |
| First Solar, Inc. * |
35,018 |
6,173,673 |
| GLOBALFOUNDRIES, Inc. *(a) |
27,339 |
1,336,330 |
| Intel Corp. |
1,397,583 |
42,584,354 |
| KLA Corp. |
44,638 |
30,768,527 |
| Lam Research Corp. |
43,269 |
38,700,226 |
| Lattice Semiconductor Corp. * |
46,486 |
3,188,940 |
| MACOM Technology Solutions Holdings, Inc. * |
18,105 |
1,845,805 |
| Marvell Technology, Inc. |
285,718 |
18,831,673 |
| Microchip Technology, Inc. |
177,730 |
16,347,606 |
| Micron Technology, Inc. |
364,902 |
41,219,330 |
| MKS Instruments, Inc. |
20,756 |
2,469,549 |
| Monolithic Power Systems, Inc. |
15,876 |
10,626,283 |
| NVIDIA Corp. |
816,469 |
705,445,545 |
| NXP Semiconductors NV |
85,205 |
21,828,669 |
| ON Semiconductor Corp. * |
141,416 |
9,921,747 |
| Onto Innovation, Inc. * |
16,132 |
2,992,325 |
| Power Integrations, Inc. |
18,172 |
1,212,436 |
| Qorvo, Inc. * |
31,677 |
3,701,141 |
| QUALCOMM, Inc. |
368,898 |
61,181,733 |
| Rambus, Inc. * |
34,506 |
1,891,619 |
| Skyworks Solutions, Inc. |
52,505 |
5,596,508 |
| SolarEdge Technologies, Inc. * |
18,663 |
1,094,585 |
| Teradyne, Inc. |
51,048 |
5,937,903 |
| Texas Instruments, Inc. |
300,569 |
53,026,383 |
| Universal Display Corp. |
14,402 |
2,275,228 |
| Wolfspeed, Inc. * |
40,813 |
1,103,175 |
| |
|
1,468,474,634 |
| | ||
| Software & Services 11.7% | ||
| Accenture PLC, Class A |
207,255 |
62,365,102 |
| Adobe, Inc. * |
149,410 |
69,151,430 |
| Akamai Technologies, Inc. * |
49,423 |
4,988,263 |
| Amdocs Ltd. |
39,099 |
3,283,925 |
| ANSYS, Inc. * |
28,808 |
9,359,143 |
| AppLovin Corp., Class A * |
60,055 |
4,238,081 |
| Aspen Technology, Inc. * |
9,171 |
1,805,495 |
| Atlassian Corp., Class A * |
52,018 |
8,962,701 |
| Autodesk, Inc. * |
70,689 |
15,046,154 |
| Bentley Systems, Inc., Class B |
77,096 |
4,049,853 |
See financial
notes
39
Schwab Equity Index Funds | Semiannual
ReportSchwab 1000 Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Bill Holdings, Inc. * |
32,089 |
2,001,070 |
| Cadence Design Systems, Inc. * |
90,013 |
24,810,283 |
| CCC Intelligent Solutions Holdings, Inc. * |
89,976 |
1,009,531 |
| Cloudflare, Inc., Class A * |
98,473 |
8,606,540 |
| Cognizant Technology Solutions Corp., Class A |
164,090 |
10,777,431 |
| Confluent, Inc., Class A * |
75,214 |
2,115,018 |
| Crowdstrike Holdings, Inc., Class A * |
75,079 |
21,963,611 |
| Datadog, Inc., Class A * |
99,882 |
12,535,191 |
| DocuSign, Inc., Class A * |
66,944 |
3,789,030 |
| Dolby Laboratories, Inc., Class A |
20,643 |
1,603,135 |
| DoubleVerify Holdings, Inc. * |
45,456 |
1,331,861 |
| Dropbox, Inc., Class A * |
87,988 |
2,037,802 |
| Dynatrace, Inc. * |
79,410 |
3,598,067 |
| Elastic NV * |
27,292 |
2,789,788 |
| EPAM Systems, Inc. * |
19,161 |
4,507,817 |
| Fair Isaac Corp. * |
8,227 |
9,323,906 |
| Five9, Inc. * |
23,627 |
1,360,206 |
| Fortinet, Inc. * |
210,684 |
13,311,015 |
| Gartner, Inc. * |
25,923 |
10,695,571 |
| Gen Digital, Inc. |
184,741 |
3,720,684 |
| Gitlab, Inc., Class A * |
29,932 |
1,570,532 |
| GoDaddy, Inc., Class A * |
47,321 |
5,791,144 |
| Guidewire Software, Inc. * |
26,933 |
2,973,403 |
| HubSpot, Inc. * |
16,749 |
10,130,968 |
| Informatica, Inc., Class A * |
14,768 |
457,365 |
| International Business Machines Corp. |
302,462 |
50,269,184 |
| Intuit, Inc. |
92,534 |
57,891,121 |
| Manhattan Associates, Inc. * |
20,142 |
4,150,461 |
| Microsoft Corp. |
2,456,161 |
956,257,162 |
| MongoDB, Inc., Class A * |
23,748 |
8,672,295 |
| Nutanix, Inc., Class A * |
80,359 |
4,877,791 |
| Okta, Inc. * |
52,091 |
4,843,421 |
| Oracle Corp. |
527,027 |
59,949,321 |
| Palantir Technologies, Inc., Class A * |
637,798 |
14,012,422 |
| Palo Alto Networks, Inc. * |
104,036 |
30,263,032 |
| Procore Technologies, Inc. * |
29,408 |
2,012,095 |
| PTC, Inc. * |
39,574 |
7,022,011 |
| Qualys, Inc. * |
12,068 |
1,978,066 |
| Roper Technologies, Inc. |
35,171 |
17,988,560 |
| Salesforce, Inc. |
319,976 |
86,054,346 |
| Samsara, Inc., Class A * |
56,840 |
1,985,421 |
| ServiceNow, Inc. * |
67,764 |
46,982,814 |
| Smartsheet, Inc., Class A * |
44,429 |
1,680,749 |
| Snowflake, Inc., Class A * |
108,851 |
16,893,675 |
| SPS Commerce, Inc. * |
12,131 |
2,109,217 |
| Synopsys, Inc. * |
50,416 |
26,750,226 |
| Tenable Holdings, Inc. * |
38,159 |
1,716,010 |
| Teradata Corp. * |
34,916 |
1,295,384 |
| Twilio, Inc., Class A * |
59,441 |
3,559,327 |
| Tyler Technologies, Inc. * |
14,027 |
6,474,162 |
| UiPath, Inc., Class A * |
132,050 |
2,504,989 |
| Unity Software, Inc. * |
82,348 |
1,998,586 |
| VeriSign, Inc. * |
29,075 |
4,927,631 |
| Workday, Inc., Class A * |
68,934 |
16,870,218 |
| Workiva, Inc., Class A * |
15,581 |
1,227,783 |
| Zoom Video Communications, Inc., Class A * |
85,064 |
5,197,410 |
| Zscaler, Inc. * |
29,143 |
5,039,990 |
| |
|
1,799,515,996 |
| | ||
| Technology Hardware & Equipment 7.2% | ||
| Advanced Energy Industries, Inc. |
12,551 |
1,202,888 |
| Amphenol Corp., Class A |
197,707 |
23,877,074 |
| Apple, Inc. |
4,798,115 |
817,262,928 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Arista Networks, Inc. * |
83,311 |
21,374,270 |
| Arrow Electronics, Inc. * |
18,162 |
2,318,743 |
| Avnet, Inc. |
30,117 |
1,471,818 |
| Badger Meter, Inc. |
9,639 |
1,763,166 |
| CDW Corp. |
44,538 |
10,771,961 |
| Ciena Corp. * |
47,580 |
2,199,623 |
| Cisco Systems, Inc. |
1,343,199 |
63,103,489 |
| Cognex Corp. |
59,370 |
2,466,230 |
| Coherent Corp. * |
42,891 |
2,343,135 |
| Corning, Inc. |
253,818 |
8,472,445 |
| Dell Technologies, Inc., Class C |
87,870 |
10,952,117 |
| F5, Inc. * |
19,159 |
3,167,174 |
| Fabrinet * |
11,889 |
2,057,629 |
| Hewlett Packard Enterprise Co. |
428,277 |
7,280,709 |
| HP, Inc. |
289,437 |
8,130,285 |
| Insight Enterprises, Inc. * |
9,153 |
1,671,063 |
| IPG Photonics Corp. * |
10,416 |
874,736 |
| Jabil, Inc. |
41,703 |
4,894,264 |
| Juniper Networks, Inc. |
107,810 |
3,753,944 |
| Keysight Technologies, Inc. * |
57,693 |
8,535,102 |
| Littelfuse, Inc. |
8,248 |
1,902,319 |
| Motorola Solutions, Inc. |
54,782 |
18,579,315 |
| NetApp, Inc. |
67,669 |
6,916,449 |
| Novanta, Inc. * |
12,177 |
1,905,701 |
| Pure Storage, Inc., Class A * |
97,903 |
4,934,311 |
| Seagate Technology Holdings PLC |
64,996 |
5,583,806 |
| Super Micro Computer, Inc. * |
16,611 |
14,265,527 |
| TD SYNNEX Corp. |
25,688 |
3,027,074 |
| TE Connectivity Ltd. |
101,906 |
14,417,661 |
| Teledyne Technologies, Inc. * |
15,542 |
5,928,962 |
| Trimble, Inc. * |
83,066 |
4,989,775 |
| Ubiquiti, Inc. |
1,380 |
148,460 |
| Vontier Corp. |
51,143 |
2,077,940 |
| Western Digital Corp. * |
108,149 |
7,660,194 |
| Zebra Technologies Corp., Class A * |
17,243 |
5,423,958 |
| |
|
1,107,706,245 |
| | ||
| Telecommunication Services 0.8% | ||
| AT&T, Inc. |
2,361,191 |
39,880,516 |
| GCI Liberty, Inc. *(c) |
32,171 |
0 |
| Iridium Communications, Inc. |
38,428 |
1,183,198 |
| Liberty Global Ltd., Class C * |
63,255 |
1,035,484 |
| T-Mobile U.S., Inc. |
172,538 |
28,325,564 |
| Verizon Communications, Inc. |
1,389,739 |
54,880,793 |
| |
|
125,305,555 |
| | ||
| Transportation 1.7% | ||
| Alaska Air Group, Inc. * |
42,500 |
1,828,350 |
| American Airlines Group, Inc. * |
220,708 |
2,981,765 |
| Avis Budget Group, Inc. |
6,097 |
581,959 |
| CH Robinson Worldwide, Inc. |
38,559 |
2,737,689 |
| CSX Corp. |
652,914 |
21,689,803 |
| Delta Air Lines, Inc. |
210,433 |
10,536,380 |
| Expeditors International of Washington, Inc. |
48,059 |
5,349,447 |
| FedEx Corp. |
75,995 |
19,893,971 |
| GXO Logistics, Inc. * |
39,400 |
1,956,604 |
| Hertz Global Holdings, Inc. * |
44,500 |
202,475 |
| JB Hunt Transport Services, Inc. |
26,742 |
4,347,447 |
| Joby Aviation, Inc. *(a) |
121,223 |
612,176 |
| Kirby Corp. * |
19,590 |
2,137,857 |
| Knight-Swift Transportation Holdings, Inc. |
53,305 |
2,464,290 |
| Landstar System, Inc. |
11,995 |
2,092,048 |
| Lyft, Inc., Class A * |
113,445 |
1,774,280 |
| Norfolk Southern Corp. |
74,736 |
17,213,196 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
40
Schwab 1000 Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Old Dominion Freight Line, Inc. |
59,076 |
10,734,700 |
| Ryder System, Inc. |
14,269 |
1,738,678 |
| Saia, Inc. * |
8,651 |
3,432,976 |
| Southwest Airlines Co. |
197,861 |
5,132,514 |
| Uber Technologies, Inc. * |
679,442 |
45,026,621 |
| U-Haul Holding Co. - Non Voting |
32,657 |
2,002,527 |
| Union Pacific Corp. |
201,341 |
47,750,032 |
| United Airlines Holdings, Inc. * |
110,589 |
5,690,910 |
| United Parcel Service, Inc., Class B |
238,731 |
35,208,048 |
| XPO, Inc. * |
38,909 |
4,181,161 |
| |
|
259,297,904 |
| | ||
| Utilities 2.3% | ||
| AES Corp. |
220,912 |
3,954,325 |
| Alliant Energy Corp. |
84,672 |
4,216,666 |
| Ameren Corp. |
86,646 |
6,400,540 |
| American Electric Power Co., Inc. |
173,895 |
14,960,187 |
| American Water Works Co., Inc. |
64,361 |
7,872,638 |
| Atmos Energy Corp. |
49,815 |
5,873,188 |
| Avangrid, Inc. |
23,049 |
841,980 |
| CenterPoint Energy, Inc. |
208,319 |
6,070,416 |
| CMS Energy Corp. |
96,313 |
5,837,531 |
| Consolidated Edison, Inc. |
113,712 |
10,734,413 |
| Constellation Energy Corp. |
105,312 |
19,581,713 |
| Dominion Energy, Inc. |
275,953 |
14,068,084 |
| DTE Energy Co. |
68,021 |
7,504,077 |
| Duke Energy Corp. |
254,834 |
25,039,989 |
| Edison International |
126,604 |
8,996,480 |
| Entergy Corp. |
69,751 |
7,440,339 |
| Essential Utilities, Inc. |
83,448 |
3,052,528 |
| Evergy, Inc. |
76,014 |
3,986,934 |
| Eversource Energy |
115,609 |
7,008,218 |
| Exelon Corp. |
330,418 |
12,417,108 |
| FirstEnergy Corp. |
170,821 |
6,549,277 |
| IDACORP, Inc. |
16,635 |
1,576,665 |
| National Fuel Gas Co. |
30,539 |
1,621,621 |
| NextEra Energy, Inc. |
678,201 |
45,419,121 |
| NiSource, Inc. |
136,452 |
3,801,553 |
| NRG Energy, Inc. |
74,496 |
5,413,624 |
| OGE Energy Corp. |
66,206 |
2,294,038 |
| Ormat Technologies, Inc. |
16,991 |
1,084,536 |
| PG&E Corp. |
703,684 |
12,040,033 |
| Pinnacle West Capital Corp. |
37,505 |
2,762,243 |
| Portland General Electric Co. |
33,396 |
1,443,709 |
| PPL Corp. |
244,557 |
6,715,535 |
| Public Service Enterprise Group, Inc. |
165,546 |
11,435,918 |
| Sempra |
208,237 |
14,916,016 |
| Southern Co. |
360,633 |
26,506,525 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Southwest Gas Holdings, Inc. |
20,893 |
1,559,036 |
| UGI Corp. |
71,262 |
1,821,457 |
| Vistra Corp. |
111,099 |
8,425,748 |
| WEC Energy Group, Inc. |
104,461 |
8,632,657 |
| Xcel Energy, Inc. |
183,078 |
9,836,781 |
| |
|
349,713,447 |
| Total Common Stocks
(Cost $3,398,153,785) |
15,354,686,185 | |
| |
|
|
| SHORT-TERM INVESTMENTS 0.3% OF NET ASSETS | ||
| | ||
| Money Market Funds 0.3% | ||
| State Street Institutional U.S. Government Money Market Fund, Premier Class 5.25% (d) |
39,995,410 |
39,995,410 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 5.25% (d)(e) |
11,610,625 |
11,610,625 |
| |
|
51,606,035 |
| Total Short-Term Investments
(Cost $51,606,035) |
51,606,035 | |
| Total Investments in Securities
(Cost $3,449,759,820) |
15,406,292,220 | |
| |
NUMBER OF CONTRACTS |
NOTIONAL AMOUNT
($) |
CURRENT VALUE/ UNREALIZED
DEPRECIATION ($) |
| FUTURES CONTRACTS | |||
| Long |
|
|
|
| S&P 500 Index, e-mini, expires 06/21/24 |
188 |
47,629,800 |
(1,245,549 ) |
| * |
Non-income producing security. |
| (a) |
All or a portion of this security is on loan. Securities on loan were valued at $10,598,858. |
| (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. |
| REIT — |
Real Estate Investment Trust |
Below is a summary of the fund’s transactions
with affiliated issuers during the period ended April 30, 2024:
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DIVIDENDS RECEIVED |
| COMMON STOCKS 0.2% OF NET ASSETS | ||||||||
| | ||||||||
| Financial Services 0.2% | ||||||||
| Charles Schwab Corp. |
$25,223,788 |
$340,197 |
($97,994 ) |
($8,622 ) |
$10,656,114 |
$36,113,483 |
488,350 |
$243,350 |
See financial notes
41
Schwab Equity Index Funds | Semiannual ReportSchwab 1000 Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
The following is a summary of the inputs used to
value the fund’s investments as of April 30, 2024 (see financial note 2(a) for additional
information):
| DESCRIPTION |
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) |
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) |
TOTAL |
| Assets |
|
|
|
|
| Common Stocks1
|
$15,229,380,630 |
$— |
$— |
$15,229,380,630
|
| Telecommunication Services |
125,305,555 |
— |
0 * |
125,305,555 |
| Short-Term Investments1
|
51,606,035 |
— |
— |
51,606,035 |
| Liabilities |
|
|
|
|
| Futures Contracts2
|
(1,245,549 ) |
— |
— |
(1,245,549 ) |
| Total |
$15,405,046,671 |
$— |
$0 |
$15,405,046,671 |
| * |
Level 3 amount shown includes securities determined to have no value at April 30, 2024. |
| 1 |
As categorized in the Portfolio Holdings.
|
| 2 |
Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
See financial notes
Schwab Equity Index Funds | Semiannual Report
42
Schwab 1000 Index Fund
Statement
of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $4,611,974) |
|
$36,113,483
|
| Investments in securities, at value - unaffiliated issuers (cost $3,445,147,846) including securities on loan of $10,598,858 |
|
15,370,178,737 |
| Deposit with broker for futures contracts |
|
2,218,400 |
| Receivables: |
|
|
| Dividends |
|
9,061,169 |
| Fund shares sold |
|
1,566,393 |
| Income from securities on loan |
+ |
28,894 |
| Total assets |
|
15,419,167,076 |
| | ||
| Liabilities | ||
| Collateral held for securities on loan |
|
11,610,625 |
| Payables: |
|
|
| Fund shares redeemed |
|
3,885,104 |
| Variation margin on futures contracts |
|
752,000 |
| Investment adviser fees |
+ |
641,546 |
| Total liabilities |
|
16,889,275 |
| Net assets |
|
$15,402,277,801 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$3,404,332,573
|
| Total distributable earnings |
+ |
11,997,945,228 |
| Net assets |
|
$15,402,277,801 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares Outstanding |
= |
NAV |
| $15,402,277,801 |
|
142,321,519 |
|
$108.22 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
43
Schwab Equity Index Funds | Semiannual
ReportSchwab 1000 Index Fund
Statement
of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $33,573) |
|
$112,750,953
|
| Dividends received from securities - affiliated issuers |
|
243,350 |
| Other interest |
|
120,531 |
| Securities on loan, net |
+ |
247,871 |
| Total investment income
|
|
113,362,705 |
| | ||
| Expenses | ||
| Investment adviser fees |
|
3,707,990 |
| Total expenses |
– |
3,707,990 |
| Net investment income |
|
109,654,715 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized losses on sales of securities - affiliated issuers |
|
(8,622 ) |
| Net realized gains on sales of securities - unaffiliated issuers |
|
18,609,404 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers |
|
54,227,326 |
| Net realized gains on futures contracts |
+ |
7,742,689 |
| Net realized gains |
|
80,570,797 |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
|
10,656,114 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
|
2,531,910,993 |
| Net change in unrealized appreciation (depreciation) on futures contracts |
+ |
1,979,523 |
| Net change in unrealized appreciation (depreciation) |
+ |
2,544,546,630 |
| Net realized and unrealized gains |
|
2,625,117,427 |
| Increase in net assets resulting from operations |
|
$2,734,772,142 |
See financial notes
Schwab Equity Index Funds | Semiannual Report
44
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 | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$109,654,715 |
$200,447,118
|
| Net realized gains |
|
80,570,797 |
35,256,500 |
| Net change in unrealized appreciation (depreciation) |
+ |
2,544,546,630 |
867,956,867 |
| Increase in net assets resulting from operations |
|
$2,734,772,142 |
$1,103,660,485 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($204,576,918
) |
($187,210,509 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
5,774,089 |
$604,012,081 |
10,449,076 |
$932,613,677
|
| Shares reinvested |
|
1,638,307 |
161,356,836 |
1,790,033 |
150,434,406 |
| Shares redeemed |
+ |
(6,700,884 ) |
(703,885,057 ) |
(12,095,922 ) |
(1,077,003,486
) |
| Net transactions in fund shares |
|
711,512 |
$61,483,860 |
143,187 |
$6,044,597 |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
141,610,007 |
$12,810,598,717 |
141,466,820 |
$11,888,104,144
|
| Total increase |
+ |
711,512 |
2,591,679,084 |
143,187 |
922,494,573 |
| End of period |
|
142,321,519 |
$15,402,277,801 |
141,610,007 |
$12,810,598,717 |
See financial notes
45
Schwab Equity Index Funds | Semiannual ReportSchwab Small-Cap Index
Fund
Financial Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$26.99 |
$29.87 |
$39.97 |
$27.18 |
$28.84 |
$30.48 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.27 |
0.47 |
0.40 |
0.37 |
0.35 |
0.40 |
| Net realized and unrealized gains (losses) |
5.02 |
(2.98 ) |
(7.31 ) |
13.29 |
(0.23 ) |
0.54 |
| Total from investment operations |
5.29 |
(2.51 ) |
(6.91 ) |
13.66 |
0.12 |
0.94 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.49 ) |
(0.37 ) |
(0.42 ) |
(0.38 ) |
(0.42 ) |
(0.40 ) |
| Distributions from net realized gains |
— |
— |
(2.77 ) |
(0.49 ) |
(1.36 ) |
(2.18 ) |
| Total distributions |
(0.49 ) |
(0.37 ) |
(3.19 ) |
(0.87 ) |
(1.78 ) |
(2.58 ) |
| Net asset value at end of period |
$31.79 |
$26.99 |
$29.87 |
$39.97 |
$27.18 |
$28.84 |
| Total return |
19.68
%2 |
(8.47 %) |
(18.53 %) |
50.82 % |
0.00 % |
4.95 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Total expenses |
0.04
%3 |
0.04 % |
0.04
%4 |
0.04 % |
0.04 % |
0.04
%5 |
| Net investment income (loss) |
1.71
%3 |
1.60 % |
1.25 % |
0.98 % |
1.31 % |
1.43 % |
| Portfolio turnover rate |
5
%2,6 |
10
%6 |
16
%6 |
19
%6 |
21 % |
14 % |
| Net assets, end of period (x 1,000,000) |
$5,634 |
$4,881 |
$5,372 |
$6,587 |
$3,988 |
$4,187 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Annualized. |
| 4 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
| 5 |
Effective December 20, 2018, the annual operating expense ratio was reduced to 0.04%. The ratio presented for period ended October 31, 2019, is a blended
ratio. |
| 6 |
Portfolio turnover rate excludes in-kind transactions. |
See financial notes
Schwab Equity Index Funds | Semiannual Report
46
Schwab Small-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to
orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to
20 days after the end of the month on the fund’s website.
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| COMMON STOCKS 99.7% OF NET ASSETS | ||
| | ||
| Automobiles & Components 1.3% |
||
| Adient PLC * |
207,684 |
6,203,521 |
| American Axle & Manufacturing Holdings, Inc. * |
257,750 |
1,891,885 |
| Cooper-Standard Holdings, Inc. * |
37,998 |
586,309 |
| Dana, Inc. |
295,762 |
3,676,322 |
| Dorman Products, Inc. * |
59,908 |
5,238,954 |
| Fox Factory Holding Corp. * |
96,609 |
3,760,022 |
| Gentherm, Inc. * |
74,340 |
3,759,374 |
| Goodyear Tire & Rubber Co. * |
639,050 |
7,643,038 |
| Holley, Inc. * |
121,940 |
490,199 |
| LCI Industries |
56,148 |
5,838,269 |
| Livewire Group, Inc., Class A *(a) |
44,591 |
298,314 |
| Luminar Technologies, Inc., Class A *(a) |
660,724 |
971,264 |
| Modine Manufacturing Co. * |
117,006 |
10,838,266 |
| Patrick Industries, Inc. |
48,079 |
5,023,775 |
| Solid Power, Inc. *(a) |
354,285 |
598,742 |
| Standard Motor Products, Inc. |
46,622 |
1,496,566 |
| Stoneridge, Inc. * |
60,162 |
901,227 |
| Visteon Corp. * |
62,659 |
6,931,965 |
| Winnebago Industries, Inc. |
64,315 |
3,960,518 |
| Workhorse Group, Inc. * |
500,432 |
75,665 |
| XPEL, Inc. * |
51,155 |
2,688,195 |
| |
|
72,872,390 |
| | ||
| Banks 8.4% | ||
| 1st Source Corp. |
37,232 |
1,846,707 |
| ACNB Corp. |
18,584 |
604,723 |
| Amalgamated Financial Corp. |
39,633 |
972,594 |
| Amerant Bancorp, Inc. |
59,166 |
1,281,536 |
| Ameris Bancorp |
150,332 |
7,137,763 |
| Ames National Corp. |
19,703 |
379,283 |
| Arrow Financial Corp. |
33,859 |
754,040 |
| Associated Banc-Corp. |
343,668 |
7,241,085 |
| Atlantic Union Bankshares Corp. |
202,249 |
6,425,441 |
| Axos Financial, Inc. * |
124,323 |
6,291,987 |
| Banc of California, Inc. |
310,918 |
4,256,467 |
| BancFirst Corp. |
49,949 |
4,453,952 |
| Bancorp, Inc. * |
116,548 |
3,489,447 |
| Bank First Corp. |
21,083 |
1,627,397 |
| Bank of Hawaii Corp. |
89,266 |
5,060,490 |
| Bank of Marin Bancorp |
36,102 |
518,425 |
| Bank of NT Butterfield & Son Ltd. |
109,989 |
3,739,626 |
| Bank7 Corp. |
8,538 |
233,087 |
| BankUnited, Inc. |
168,553 |
4,505,422 |
| Bankwell Financial Group, Inc. |
13,580 |
311,389 |
| Banner Corp. |
77,626 |
3,386,822 |
| Bar Harbor Bankshares |
34,114 |
855,579 |
| BayCom Corp. |
24,190 |
478,478 |
| BCB Bancorp, Inc. |
33,720 |
317,642 |
| Berkshire Hills Bancorp, Inc. |
99,088 |
2,112,556 |
| Blue Foundry Bancorp * |
48,725 |
416,112 |
| Blue Ridge Bankshares, Inc. * |
40,458 |
101,145 |
| Bridgewater Bancshares, Inc. * |
46,748 |
508,618 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Brookline Bancorp, Inc. |
197,912 |
1,642,670 |
| Burke & Herbert Financial Services Corp. (a) |
14,724 |
771,243 |
| Business First Bancshares, Inc. |
54,804 |
1,106,493 |
| Byline Bancorp, Inc. |
56,111 |
1,215,925 |
| C&F Financial Corp. |
7,510 |
294,167 |
| Cadence Bank |
414,122 |
11,458,756 |
| Cambridge Bancorp |
17,117 |
1,050,470 |
| Camden National Corp. |
32,254 |
1,006,970 |
| Capital Bancorp, Inc. |
22,071 |
428,177 |
| Capital City Bank Group, Inc. |
29,657 |
786,504 |
| Capitol Federal Financial, Inc. |
284,753 |
1,358,272 |
| Carter Bankshares, Inc. * |
52,321 |
636,747 |
| Cathay General Bancorp |
158,142 |
5,446,411 |
| Central Pacific Financial Corp. |
60,169 |
1,199,770 |
| Chemung Financial Corp. |
8,015 |
337,952 |
| ChoiceOne Financial Services, Inc. |
15,973 |
397,089 |
| Citizens & Northern Corp. |
33,739 |
575,250 |
| Citizens Financial Services, Inc. |
8,765 |
354,106 |
| City Holding Co. |
33,162 |
3,350,025 |
| Civista Bancshares, Inc. |
35,430 |
505,940 |
| CNB Financial Corp. |
46,298 |
879,662 |
| Coastal Financial Corp. * |
24,363 |
942,361 |
| Codorus Valley Bancorp, Inc. |
20,656 |
458,563 |
| Colony Bankcorp, Inc. |
37,758 |
410,429 |
| Columbia Financial, Inc. * |
67,008 |
1,112,333 |
| Community Bank System, Inc. |
121,161 |
5,236,578 |
| Community Trust Bancorp, Inc. |
35,140 |
1,476,231 |
| Community West Bancshares |
35,457 |
608,797 |
| ConnectOne Bancorp, Inc. |
83,863 |
1,501,986 |
| CrossFirst Bankshares, Inc. * |
103,416 |
1,249,265 |
| Customers Bancorp, Inc. * |
64,888 |
2,963,435 |
| CVB Financial Corp. |
302,949 |
4,950,187 |
| Dime Community Bancshares, Inc. |
79,692 |
1,450,394 |
| Eagle Bancorp, Inc. |
66,826 |
1,235,613 |
| Eastern Bankshares, Inc. |
351,122 |
4,410,092 |
| Enterprise Bancorp, Inc. |
22,340 |
542,862 |
| Enterprise Financial Services Corp. |
82,274 |
3,127,235 |
| Equity Bancshares, Inc., Class A |
32,981 |
1,098,597 |
| Esquire Financial Holdings, Inc. |
15,698 |
738,748 |
| ESSA Bancorp, Inc. |
19,870 |
321,894 |
| Evans Bancorp, Inc. |
11,987 |
306,747 |
| Farmers & Merchants Bancorp, Inc. |
29,405 |
602,803 |
| Farmers National Banc Corp. |
83,460 |
987,332 |
| FB Financial Corp. |
80,454 |
2,948,639 |
| Fidelity D&D Bancorp, Inc. |
10,667 |
484,282 |
| Financial Institutions, Inc. |
34,817 |
599,549 |
| First BanCorp |
379,289 |
6,542,735 |
| First Bancorp, Inc. |
22,376 |
494,062 |
| First Bancorp/Southern Pines NC |
90,252 |
2,744,563 |
| First Bancshares, Inc. |
70,094 |
1,678,050 |
| First Bank |
46,604 |
544,335 |
| First Busey Corp. |
117,689 |
2,629,172 |
| First Business Financial Services, Inc. |
17,986 |
594,797 |
| First Commonwealth Financial Corp. |
229,631 |
3,028,833 |
| First Community Bankshares, Inc. |
38,762 |
1,286,123 |
| First Community Corp. |
16,859 |
278,679 |
| First Financial Bancorp |
213,447 |
4,719,313 |
See financial
notes
47
Schwab Equity Index Funds | Semiannual
ReportSchwab Small-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| First Financial Bankshares, Inc. |
295,710 |
8,741,188 |
| First Financial Corp. |
25,668 |
934,572 |
| First Foundation, Inc. |
116,833 |
640,245 |
| First Interstate BancSystem, Inc., Class A |
188,205 |
5,025,074 |
| First Merchants Corp. |
133,970 |
4,477,277 |
| First Mid Bancshares, Inc. |
50,450 |
1,561,932 |
| First of Long Island Corp. |
48,848 |
462,591 |
| First Western Financial, Inc. * |
18,176 |
302,994 |
| Five Star Bancorp |
29,245 |
632,277 |
| Flushing Financial Corp. |
64,034 |
705,655 |
| FS Bancorp, Inc. |
15,155 |
472,381 |
| Fulton Financial Corp. |
365,593 |
6,050,564 |
| FVCBankcorp, Inc. * |
36,756 |
423,062 |
| German American Bancorp, Inc. |
63,528 |
2,015,743 |
| Glacier Bancorp, Inc. |
253,739 |
9,180,277 |
| Great Southern Bancorp, Inc. |
19,848 |
1,020,187 |
| Greene County Bancorp, Inc. |
16,070 |
472,779 |
| Guaranty Bancshares, Inc. |
18,325 |
526,477 |
| Hancock Whitney Corp. |
196,875 |
8,936,156 |
| Hanmi Financial Corp. |
68,760 |
1,052,028 |
| HarborOne Bancorp, Inc. |
91,381 |
925,690 |
| HBT Financial, Inc. |
29,948 |
552,690 |
| Heartland Financial USA, Inc. |
95,894 |
4,038,096 |
| Heritage Commerce Corp. |
133,925 |
1,063,365 |
| Heritage Financial Corp. |
78,369 |
1,390,266 |
| Hilltop Holdings, Inc. |
105,912 |
3,098,985 |
| Hingham Institution For Savings (a) |
3,451 |
582,874 |
| Home Bancorp, Inc. |
16,575 |
580,125 |
| Home BancShares, Inc. |
429,326 |
10,166,440 |
| HomeStreet, Inc. |
41,302 |
505,950 |
| HomeTrust Bancshares, Inc. |
33,980 |
873,286 |
| Hope Bancorp, Inc. |
261,741 |
2,622,645 |
| Horizon Bancorp, Inc. |
97,777 |
1,122,480 |
| Independent Bank Corp. |
45,131 |
1,119,700 |
| Independent Bank Corp. |
100,624 |
5,055,350 |
| Independent Bank Group, Inc. |
82,080 |
3,056,659 |
| International Bancshares Corp. |
122,018 |
6,790,302 |
| John Marshall Bancorp, Inc. |
28,487 |
470,605 |
| Kearny Financial Corp. |
124,974 |
674,860 |
| Lakeland Bancorp, Inc. |
141,395 |
1,723,605 |
| Lakeland Financial Corp. |
56,311 |
3,309,397 |
| LCNB Corp. |
26,189 |
369,265 |
| Live Oak Bancshares, Inc. |
76,314 |
2,466,469 |
| Macatawa Bank Corp. |
60,449 |
846,286 |
| MainStreet Bancshares, Inc. |
15,928 |
243,221 |
| Mercantile Bank Corp. |
35,679 |
1,287,298 |
| Metrocity Bankshares, Inc. |
41,111 |
944,731 |
| Metropolitan Bank Holding Corp. * |
23,800 |
944,860 |
| Mid Penn Bancorp, Inc. |
32,620 |
659,903 |
| Middlefield Banc Corp. |
17,969 |
385,794 |
| Midland States Bancorp, Inc. |
46,816 |
1,025,270 |
| MidWestOne Financial Group, Inc. |
32,728 |
660,124 |
| MVB Financial Corp. |
25,950 |
466,322 |
| National Bank Holdings Corp., Class A |
83,504 |
2,733,086 |
| National Bankshares, Inc. |
13,212 |
354,214 |
| NBT Bancorp, Inc. |
103,885 |
3,637,014 |
| Nicolet Bankshares, Inc. |
29,916 |
2,289,471 |
| Northeast Bank |
15,207 |
786,506 |
| Northeast Community Bancorp, Inc. |
28,888 |
455,853 |
| Northfield Bancorp, Inc. |
89,759 |
748,590 |
| Northrim BanCorp, Inc. |
12,105 |
578,619 |
| Northwest Bancshares, Inc. |
288,679 |
3,059,997 |
| Norwood Financial Corp. |
16,877 |
406,567 |
| Oak Valley Bancorp |
15,395 |
371,789 |
| OceanFirst Financial Corp. |
131,899 |
1,946,829 |
| OFG Bancorp |
104,601 |
3,777,142 |
| Old National Bancorp |
715,980 |
11,842,315 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Old Second Bancorp, Inc. |
98,313 |
1,346,888 |
| Orange County Bancorp, Inc. |
11,677 |
504,563 |
| Origin Bancorp, Inc. |
66,080 |
1,962,576 |
| Orrstown Financial Services, Inc. |
23,501 |
616,196 |
| Pacific Premier Bancorp, Inc. |
216,143 |
4,647,075 |
| Park National Corp. |
32,481 |
4,278,073 |
| Parke Bancorp, Inc. |
23,991 |
394,892 |
| Pathward Financial, Inc. |
59,139 |
2,978,831 |
| PCB Bancorp |
24,946 |
363,214 |
| Peapack-Gladstone Financial Corp. |
38,382 |
858,989 |
| Penns Woods Bancorp, Inc. |
15,676 |
274,016 |
| Peoples Bancorp, Inc. |
79,469 |
2,307,780 |
| Peoples Financial Services Corp. |
15,298 |
579,335 |
| Pioneer Bancorp, Inc. * |
26,534 |
234,959 |
| Plumas Bancorp |
12,503 |
439,605 |
| Ponce Financial Group, Inc. * |
43,138 |
346,830 |
| Preferred Bank |
28,910 |
2,188,198 |
| Premier Financial Corp. |
80,369 |
1,557,551 |
| Primis Financial Corp. |
46,338 |
450,405 |
| Princeton Bancorp, Inc. |
11,623 |
338,810 |
| Provident Financial Services, Inc. |
166,489 |
2,444,059 |
| QCR Holdings, Inc. |
37,292 |
2,049,568 |
| RBB Bancorp |
36,921 |
655,717 |
| Red River Bancshares, Inc. |
10,667 |
482,255 |
| Renasant Corp. |
125,143 |
3,636,656 |
| Republic Bancorp, Inc., Class A |
19,108 |
969,158 |
| S&T Bancorp, Inc. |
86,408 |
2,605,201 |
| Sandy Spring Bancorp, Inc. |
99,339 |
2,031,483 |
| Seacoast Banking Corp. of Florida |
190,841 |
4,402,702 |
| ServisFirst Bancshares, Inc. |
115,718 |
6,822,733 |
| Shore Bancshares, Inc. |
68,451 |
708,468 |
| Sierra Bancorp |
31,160 |
617,591 |
| Simmons First National Corp., Class A |
282,523 |
4,828,318 |
| SmartFinancial, Inc. |
36,269 |
745,328 |
| South Plains Financial, Inc. |
25,887 |
670,991 |
| Southern First Bancshares, Inc. * |
17,543 |
452,960 |
| Southern Missouri Bancorp, Inc. |
21,244 |
851,884 |
| Southern States Bancshares, Inc. |
17,156 |
414,661 |
| Southside Bancshares, Inc. |
65,117 |
1,736,019 |
| SouthState Corp. |
172,937 |
13,091,331 |
| Stellar Bancorp, Inc. |
110,463 |
2,452,279 |
| Sterling Bancorp, Inc. * |
46,944 |
222,045 |
| Stock Yards Bancorp, Inc. |
61,477 |
2,738,800 |
| Summit Financial Group, Inc. |
25,643 |
678,770 |
| Texas Capital Bancshares, Inc. * |
107,374 |
6,163,268 |
| Third Coast Bancshares, Inc. * |
28,701 |
557,373 |
| Timberland Bancorp, Inc. |
16,572 |
404,357 |
| Tompkins Financial Corp. |
31,414 |
1,381,588 |
| Towne Bank |
159,065 |
4,115,012 |
| TriCo Bancshares |
70,442 |
2,449,268 |
| Triumph Financial, Inc. * |
50,429 |
3,548,184 |
| TrustCo Bank Corp. |
42,028 |
1,118,785 |
| Trustmark Corp. |
137,950 |
4,083,320 |
| UMB Financial Corp. |
100,489 |
8,004,954 |
| United Bankshares, Inc. |
297,595 |
9,659,934 |
| United Community Banks, Inc. |
262,572 |
6,624,692 |
| Unity Bancorp, Inc. |
16,861 |
453,898 |
| Univest Financial Corp. |
65,706 |
1,371,284 |
| USCB Financial Holdings, Inc. |
24,056 |
267,984 |
| Valley National Bancorp |
979,890 |
6,869,029 |
| Veritex Holdings, Inc. |
118,922 |
2,316,601 |
| Virginia National Bankshares Corp. |
10,808 |
304,894 |
| WaFd, Inc. |
153,903 |
4,169,232 |
| Washington Trust Bancorp, Inc. |
38,689 |
985,022 |
| WesBanco, Inc. |
130,829 |
3,532,383 |
| West BanCorp, Inc. |
37,167 |
604,335 |
| Westamerica BanCorp |
58,713 |
2,733,090 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
48
Schwab Small-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| WSFS Financial Corp. |
137,249 |
5,864,650 |
| |
|
475,621,290 |
| | ||
| Capital Goods 12.2% | ||
| 374Water, Inc. * |
135,387 |
201,727 |
| 3D Systems Corp. * |
296,113 |
991,979 |
| AAON, Inc. |
153,876 |
14,478,193 |
| AAR Corp. * |
76,661 |
5,300,342 |
| AeroVironment, Inc. * |
61,254 |
9,787,777 |
| AerSale Corp. * |
76,485 |
545,338 |
| Alamo Group, Inc. |
22,999 |
4,470,546 |
| Albany International Corp., Class A |
71,088 |
5,669,268 |
| Allient, Inc. |
28,969 |
851,399 |
| Alta Equipment Group, Inc. |
52,959 |
588,374 |
| Ameresco, Inc., Class A * |
72,448 |
1,516,337 |
| American Woodmark Corp. * |
36,373 |
3,349,226 |
| Amprius Technologies, Inc. * |
12,291 |
22,984 |
| API Group Corp. * |
475,132 |
18,325,841 |
| Apogee Enterprises, Inc. |
50,152 |
3,098,391 |
| Applied Industrial Technologies, Inc. |
87,654 |
16,062,595 |
| Archer Aviation, Inc., Class A *(a) |
348,610 |
1,352,607 |
| Arcosa, Inc. |
110,077 |
8,368,053 |
| Argan, Inc. |
28,774 |
1,733,921 |
| Array Technologies, Inc. * |
342,996 |
4,232,571 |
| Astec Industries, Inc. |
51,374 |
2,147,433 |
| Astronics Corp. * |
62,899 |
1,054,816 |
| Atkore, Inc. |
84,579 |
14,826,699 |
| Atmus Filtration Technologies, Inc. * |
191,347 |
5,795,901 |
| AZZ, Inc. |
65,403 |
4,684,817 |
| Babcock & Wilcox Enterprises, Inc. * |
140,086 |
142,888 |
| Barnes Group, Inc. |
111,039 |
3,855,274 |
| Beacon Roofing Supply, Inc. * |
143,641 |
14,152,948 |
| Blink Charging Co. *(a) |
125,706 |
318,036 |
| Bloom Energy Corp., Class A *(a) |
439,070 |
4,886,849 |
| Blue Bird Corp. * |
63,294 |
2,085,854 |
| BlueLinx Holdings, Inc. * |
19,177 |
2,103,142 |
| Boise Cascade Co. |
90,237 |
11,935,648 |
| Bowman Consulting Group Ltd., Class A * |
24,296 |
789,377 |
| Brookfield Business Corp., Class A |
58,975 |
1,200,141 |
| Cadre Holdings, Inc. |
43,847 |
1,462,297 |
| Chart Industries, Inc. * |
97,629 |
14,064,434 |
| Columbus McKinnon Corp. |
64,069 |
2,644,128 |
| Comfort Systems USA, Inc. |
80,404 |
24,877,802 |
| Commercial Vehicle Group, Inc. * |
73,434 |
441,338 |
| Concrete Pumping Holdings, Inc. * |
55,510 |
369,141 |
| Construction Partners, Inc., Class A * |
97,598 |
5,039,961 |
| CSW Industrials, Inc. |
34,973 |
8,310,284 |
| Custom Truck One Source, Inc. * |
126,519 |
631,330 |
| Desktop Metal, Inc., Class A *(a) |
650,004 |
508,563 |
| Distribution Solutions Group, Inc. * |
23,080 |
760,948 |
| DNOW, Inc. * |
241,644 |
3,409,597 |
| Douglas Dynamics, Inc. |
50,983 |
1,154,255 |
| Dragonfly Energy Holdings Corp. * |
64,702 |
55,501 |
| Ducommun, Inc. * |
30,270 |
1,637,304 |
| DXP Enterprises, Inc. * |
29,856 |
1,455,779 |
| Dycom Industries, Inc. * |
65,023 |
9,104,520 |
| Encore Wire Corp. |
34,202 |
9,554,671 |
| Energy Recovery, Inc. * |
125,588 |
1,871,261 |
| Energy Vault Holdings, Inc. * |
224,131 |
284,646 |
| Enerpac Tool Group Corp., Class A |
123,738 |
4,408,785 |
| EnerSys |
92,589 |
8,374,675 |
| Enovix Corp. *(a) |
314,610 |
1,969,459 |
| Enpro, Inc. |
47,571 |
7,141,834 |
| Eos Energy Enterprises, Inc. *(a) |
346,894 |
268,218 |
| ESCO Technologies, Inc. |
58,208 |
5,905,202 |
| ESS Tech, Inc. * |
201,873 |
152,192 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Eve Holding, Inc. * |
41,374 |
223,006 |
| EVI Industries, Inc. |
14,660 |
300,823 |
| Federal Signal Corp. |
136,212 |
11,074,036 |
| Fluence Energy, Inc. * |
132,710 |
2,367,546 |
| Fluor Corp. * |
323,947 |
13,064,782 |
| Franklin Electric Co., Inc. |
105,004 |
10,108,735 |
| FTAI Aviation Ltd. |
226,088 |
15,873,638 |
| FTC Solar, Inc. * |
145,416 |
66,891 |
| FuelCell Energy, Inc. *(a) |
1,023,701 |
949,790 |
| GATX Corp. |
80,747 |
9,880,203 |
| Gencor Industries, Inc. * |
24,095 |
408,892 |
| Gibraltar Industries, Inc. * |
69,566 |
4,971,186 |
| Global Industrial Co. |
30,115 |
1,159,729 |
| GMS, Inc. * |
90,916 |
8,411,548 |
| Gorman-Rupp Co. |
51,958 |
1,723,447 |
| GrafTech International Ltd. |
435,411 |
748,907 |
| Granite Construction, Inc. |
100,336 |
5,568,648 |
| Great Lakes Dredge & Dock Corp. * |
148,593 |
980,714 |
| Greenbrier Cos., Inc. |
69,219 |
3,418,726 |
| Griffon Corp. |
89,438 |
5,859,978 |
| H&E Equipment Services, Inc. |
72,851 |
3,517,975 |
| Helios Technologies, Inc. |
75,240 |
3,393,324 |
| Herc Holdings, Inc. |
64,303 |
9,197,258 |
| Hillenbrand, Inc. |
159,073 |
7,590,964 |
| Hillman Solutions Corp. * |
442,341 |
4,228,780 |
| Hudson Technologies, Inc. * |
100,472 |
996,682 |
| Hyliion Holdings Corp. * |
342,611 |
441,968 |
| Hyster-Yale Materials Handling, Inc. |
25,197 |
1,475,788 |
| IES Holdings, Inc. * |
18,510 |
2,501,071 |
| INNOVATE Corp. * |
55,460 |
38,916 |
| Insteel Industries, Inc. |
42,531 |
1,365,245 |
| Janus International Group, Inc. * |
192,755 |
2,777,600 |
| JELD-WEN Holding, Inc. * |
193,034 |
3,957,197 |
| John Bean Technologies Corp. |
72,334 |
6,444,236 |
| Kadant, Inc. |
26,537 |
7,265,565 |
| Karat Packaging, Inc. |
15,653 |
424,196 |
| Kennametal, Inc. |
180,711 |
4,252,130 |
| Kratos Defense & Security Solutions, Inc. * |
327,304 |
5,832,557 |
| Leonardo DRS, Inc. * |
155,904 |
3,355,054 |
| Limbach Holdings, Inc. * |
21,075 |
955,330 |
| Lindsay Corp. |
25,083 |
2,913,390 |
| LSI Industries, Inc. |
64,536 |
942,226 |
| Luxfer Holdings PLC |
59,849 |
576,346 |
| Manitowoc Co., Inc. * |
78,393 |
948,555 |
| Masonite International Corp. * |
49,761 |
6,595,821 |
| Masterbrand, Inc. * |
291,304 |
4,856,038 |
| Mayville Engineering Co., Inc. * |
25,193 |
346,656 |
| McGrath RentCorp |
56,104 |
5,984,053 |
| Microvast Holdings, Inc. * |
496,170 |
194,449 |
| Miller Industries, Inc. |
25,190 |
1,227,005 |
| Moog, Inc., Class A |
65,564 |
10,429,265 |
| MRC Global, Inc. * |
190,319 |
2,137,282 |
| Mueller Industries, Inc. |
254,612 |
14,212,442 |
| Mueller Water Products, Inc., Class A |
353,036 |
5,592,090 |
| MYR Group, Inc. * |
37,350 |
6,209,437 |
| National Presto Industries, Inc. |
11,796 |
967,154 |
| NEXTracker, Inc., Class A * |
285,835 |
12,230,880 |
| Nikola Corp. *(a) |
1,677,189 |
1,040,863 |
| Northwest Pipe Co. * |
22,322 |
706,491 |
| NuScale Power Corp. *(a) |
126,882 |
735,916 |
| Omega Flex, Inc. |
7,464 |
494,565 |
| Park Aerospace Corp. |
43,088 |
614,866 |
| Park-Ohio Holdings Corp. |
19,087 |
487,291 |
| Powell Industries, Inc. |
21,056 |
3,011,008 |
| Preformed Line Products Co. |
5,549 |
671,595 |
| Primoris Services Corp. |
120,848 |
5,631,517 |
| Proto Labs, Inc. * |
58,896 |
1,795,150 |
See financial
notes
49
Schwab Equity Index Funds | Semiannual
ReportSchwab Small-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Quanex Building Products Corp. |
75,348 |
2,503,061 |
| Redwire Corp. *(a) |
17,938 |
67,806 |
| Resideo Technologies, Inc. * |
332,645 |
6,496,557 |
| REV Group, Inc. |
72,327 |
1,581,068 |
| Rocket Lab USA, Inc. * |
639,523 |
2,404,606 |
| Rush Enterprises, Inc., Class A |
137,793 |
6,051,869 |
| Rush Enterprises, Inc., Class B |
20,660 |
845,201 |
| SES AI Corp. * |
283,373 |
447,729 |
| Shoals Technologies Group, Inc., Class A * |
388,622 |
3,283,856 |
| Shyft Group, Inc. |
76,874 |
836,389 |
| Simpson Manufacturing Co., Inc. |
97,494 |
16,953,232 |
| SKYX Platforms Corp. *(a) |
147,033 |
151,444 |
| Southland Holdings, Inc. * |
7,398 |
32,403 |
| SPX Technologies, Inc. * |
100,305 |
12,218,152 |
| Standex International Corp. |
26,726 |
4,620,391 |
| Stem, Inc. *(a) |
326,784 |
601,283 |
| Sterling Infrastructure, Inc. * |
68,009 |
6,909,714 |
| SunPower Corp. *(a) |
201,271 |
414,618 |
| Tennant Co. |
42,163 |
4,911,146 |
| Terex Corp. |
150,851 |
8,455,199 |
| Terran Orbital Corp. *(a) |
229,525 |
302,973 |
| Thermon Group Holdings, Inc. * |
75,769 |
2,419,304 |
| Titan International, Inc. * |
116,596 |
1,284,888 |
| Titan Machinery, Inc. * |
46,532 |
1,035,802 |
| TPI Composites, Inc. *(a) |
96,647 |
307,337 |
| Transcat, Inc. * |
18,609 |
1,998,048 |
| Trinity Industries, Inc. |
184,947 |
4,812,321 |
| Triumph Group, Inc. * |
147,463 |
1,970,106 |
| Tutor Perini Corp. * |
97,057 |
1,614,058 |
| UFP Industries, Inc. |
136,423 |
15,374,872 |
| V2X, Inc. * |
26,004 |
1,263,274 |
| Velo3D, Inc. * |
203,467 |
53,837 |
| Vicor Corp. * |
50,573 |
1,637,554 |
| Virgin Galactic Holdings, Inc. * |
811,192 |
705,818 |
| Wabash National Corp. |
104,440 |
2,413,608 |
| Watts Water Technologies, Inc., Class A |
62,135 |
12,331,312 |
| Willis Lease Finance Corp. * |
6,688 |
325,104 |
| Xometry, Inc., Class A *(a) |
77,710 |
1,388,678 |
| Zurn Elkay Water Solutions Corp. |
336,381 |
10,521,998 |
| |
|
687,057,445 |
| | ||
| Commercial & Professional Services 4.1% | ||
| ABM Industries, Inc. |
143,096 |
6,253,295 |
| ACCO Brands Corp. |
209,004 |
1,007,399 |
| ACV Auctions, Inc., Class A * |
289,196 |
5,046,470 |
| Alight, Inc., Class A * |
939,940 |
8,478,259 |
| Aris Water Solutions, Inc., Class A |
68,277 |
957,926 |
| ASGN, Inc. * |
104,834 |
10,111,239 |
| Asure Software, Inc. * |
53,725 |
397,028 |
| Barrett Business Services, Inc. |
14,749 |
1,792,004 |
| Blacksky Technology, Inc. * |
288,397 |
348,960 |
| BrightView Holdings, Inc. * |
94,209 |
1,059,851 |
| Brink's Co. |
101,394 |
8,867,919 |
| Casella Waste Systems, Inc., Class A * |
128,276 |
11,596,150 |
| CBIZ, Inc. * |
108,751 |
7,740,896 |
| CECO Environmental Corp. * |
68,022 |
1,470,636 |
| Cimpress PLC * |
40,838 |
3,482,256 |
| CompX International, Inc. |
3,409 |
107,349 |
| Conduent, Inc. * |
390,621 |
1,230,456 |
| CoreCivic, Inc. * |
257,816 |
3,841,458 |
| CRA International, Inc. |
15,422 |
2,237,578 |
| CSG Systems International, Inc. |
67,220 |
3,175,473 |
| Deluxe Corp. |
98,436 |
1,944,111 |
| Ennis, Inc. |
57,524 |
1,144,728 |
| Enviri Corp. * |
178,440 |
1,388,263 |
| ExlService Holdings, Inc. * |
367,548 |
10,658,892 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Exponent, Inc. |
114,879 |
10,558,529 |
| First Advantage Corp. |
122,545 |
1,997,484 |
| FiscalNote Holdings, Inc. * |
142,336 |
193,577 |
| Forrester Research, Inc. * |
26,356 |
479,416 |
| Franklin Covey Co. * |
26,128 |
1,017,424 |
| GEO Group, Inc. * |
273,121 |
4,058,578 |
| Healthcare Services Group, Inc. * |
168,552 |
1,790,022 |
| Heidrick & Struggles International, Inc. |
45,097 |
1,329,460 |
| HireQuest, Inc. |
12,249 |
157,032 |
| HireRight Holdings Corp. * |
29,756 |
425,511 |
| HNI Corp. |
104,635 |
4,389,438 |
| Huron Consulting Group, Inc. * |
42,141 |
3,929,227 |
| IBEX Holdings Ltd. * |
21,846 |
286,183 |
| ICF International, Inc. |
42,551 |
6,139,684 |
| Innodata, Inc. *(a) |
60,590 |
353,846 |
| Insperity, Inc. |
80,668 |
8,303,157 |
| Interface, Inc., Class A |
130,848 |
2,000,666 |
| Kelly Services, Inc., Class A |
70,964 |
1,627,914 |
| Kforce, Inc. |
42,688 |
2,636,411 |
| Korn Ferry |
118,423 |
7,190,645 |
| LanzaTech Global, Inc. * |
47,134 |
102,045 |
| Legalzoom.com, Inc. * |
303,237 |
3,623,682 |
| Li-Cycle Holdings Corp. * |
318,432 |
208,605 |
| Liquidity Services, Inc. * |
52,629 |
908,377 |
| Matthews International Corp., Class A |
67,744 |
1,827,733 |
| Maximus, Inc. |
138,254 |
11,099,031 |
| MillerKnoll, Inc. |
167,251 |
4,253,193 |
| Mistras Group, Inc. * |
47,603 |
416,526 |
| Montrose Environmental Group, Inc. * |
64,050 |
2,781,051 |
| NL Industries, Inc. |
18,784 |
154,217 |
| NV5 Global, Inc. * |
31,577 |
2,944,239 |
| OPENLANE, Inc. * |
242,129 |
4,159,776 |
| Parsons Corp. * |
93,680 |
7,354,817 |
| Performant Financial Corp. * |
153,846 |
409,230 |
| Pitney Bowes, Inc. |
398,652 |
1,698,258 |
| Planet Labs PBC * |
391,106 |
660,969 |
| Quad/Graphics, Inc. |
70,560 |
316,814 |
| Resources Connection, Inc. |
73,695 |
814,330 |
| Skillsoft Corp. * |
10,299 |
74,050 |
| SP Plus Corp. * |
44,383 |
2,266,196 |
| Steelcase, Inc., Class A |
209,470 |
2,519,924 |
| Sterling Check Corp. * |
69,347 |
1,049,220 |
| TriNet Group, Inc. |
72,833 |
7,310,248 |
| TrueBlue, Inc. * |
67,879 |
707,299 |
| TTEC Holdings, Inc. |
44,925 |
327,054 |
| UniFirst Corp. |
34,128 |
5,464,917 |
| Upwork, Inc. * |
283,862 |
3,321,185 |
| Verra Mobility Corp., Class A * |
310,594 |
7,323,807 |
| Viad Corp. * |
45,927 |
1,583,563 |
| VSE Corp. |
29,657 |
2,315,322 |
| Willdan Group, Inc. * |
27,961 |
788,221 |
| |
|
231,986,699 |
| | ||
| Consumer Discretionary Distribution & Retail
2.8% | ||
| 1-800-Flowers.com, Inc., Class A * |
59,555 |
540,164 |
| Aaron's Co., Inc. |
70,095 |
484,356 |
| Abercrombie & Fitch Co., Class A * |
110,869 |
13,472,801 |
| Academy Sports & Outdoors, Inc. |
164,036 |
9,563,299 |
| American Eagle Outfitters, Inc. |
414,445 |
10,054,436 |
| America's Car-Mart, Inc. * |
13,304 |
761,521 |
| Arko Corp. |
181,467 |
780,308 |
| Asbury Automotive Group, Inc. * |
47,085 |
9,899,150 |
| BARK, Inc. * |
308,341 |
339,175 |
| Beyond, Inc. * |
102,750 |
2,068,357 |
| Big 5 Sporting Goods Corp. |
49,178 |
174,090 |
| Big Lots, Inc. *(a) |
65,069 |
229,043 |
| Boot Barn Holdings, Inc. * |
68,605 |
7,304,374 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
50
Schwab Small-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Buckle, Inc. |
69,215 |
2,587,949 |
| Build-A-Bear Workshop, Inc. |
29,182 |
880,129 |
| Caleres, Inc. |
77,068 |
2,838,414 |
| Camping World Holdings, Inc., Class A |
94,775 |
1,921,089 |
| CarParts.com, Inc. * |
118,534 |
145,797 |
| Carvana Co., Class A * |
234,265 |
19,425,254 |
| Cato Corp., Class A |
39,806 |
191,865 |
| Children's Place, Inc. *(a) |
26,596 |
185,108 |
| ContextLogic, Inc., Class A * |
50,734 |
281,574 |
| Designer Brands, Inc., Class A |
95,450 |
886,730 |
| Destination XL Group, Inc. * |
129,962 |
417,178 |
| Dillard's, Inc., Class A |
7,717 |
3,379,969 |
| Duluth Holdings, Inc., Class B * |
31,550 |
132,826 |
| Envela Corp. * |
17,343 |
74,401 |
| EVgo, Inc., Class A *(a) |
235,755 |
426,717 |
| Foot Locker, Inc. |
185,933 |
3,876,703 |
| Genesco, Inc. * |
25,364 |
641,963 |
| Group 1 Automotive, Inc. |
30,979 |
9,108,446 |
| GrowGeneration Corp. * |
133,787 |
400,023 |
| Guess?, Inc. |
63,822 |
1,709,153 |
| Haverty Furniture Cos., Inc. |
33,501 |
1,031,831 |
| Hibbett, Inc. |
26,349 |
2,272,338 |
| J Jill, Inc. * |
10,402 |
259,218 |
| Lands' End, Inc. * |
34,061 |
465,954 |
| Lazydays Holdings, Inc. * |
17,977 |
63,639 |
| Leslie's, Inc. * |
405,146 |
1,592,224 |
| MarineMax, Inc. * |
49,339 |
1,217,193 |
| Monro, Inc. |
67,270 |
1,833,107 |
| National Vision Holdings, Inc. * |
176,328 |
3,071,634 |
| ODP Corp. * |
72,336 |
3,682,626 |
| OneWater Marine, Inc., Class A * |
26,450 |
547,780 |
| PetMed Express, Inc. |
50,250 |
198,488 |
| Qurate Retail, Inc., Class B * |
3,032 |
11,582 |
| Rent the Runway, Inc., Class A *(a) |
5,495 |
55,774 |
| Revolve Group, Inc. * |
90,330 |
1,798,470 |
| Sally Beauty Holdings, Inc. * |
243,393 |
2,640,814 |
| Savers Value Village, Inc. * |
58,184 |
961,200 |
| Shoe Carnival, Inc. |
41,280 |
1,380,403 |
| Signet Jewelers Ltd. |
99,339 |
9,738,202 |
| Sleep Number Corp. * |
47,938 |
638,055 |
| Sonic Automotive, Inc., Class A |
33,235 |
1,922,312 |
| Sportsman's Warehouse Holdings, Inc. * |
86,556 |
276,979 |
| Stitch Fix, Inc., Class A * |
204,677 |
433,915 |
| ThredUp, Inc., Class A * |
164,143 |
262,629 |
| Tile Shop Holdings, Inc. * |
66,888 |
449,487 |
| Tilly's, Inc., Class A * |
51,150 |
310,481 |
| Torrid Holdings, Inc. *(a) |
27,619 |
140,028 |
| Upbound Group, Inc. |
121,322 |
3,762,195 |
| Urban Outfitters, Inc. * |
145,049 |
5,651,109 |
| Warby Parker, Inc., Class A * |
194,654 |
2,285,238 |
| Weyco Group, Inc. |
13,968 |
409,961 |
| Winmark Corp. |
6,472 |
2,325,519 |
| Zumiez, Inc. * |
36,639 |
630,191 |
| |
|
157,502,938 |
| | ||
| Consumer Durables & Apparel 3.2% |
||
| Acushnet Holdings Corp. |
68,651 |
4,186,338 |
| Allbirds, Inc., Class A * |
230,876 |
139,287 |
| AMMO, Inc. * |
200,967 |
510,456 |
| Beazer Homes USA, Inc. * |
67,316 |
1,886,867 |
| Cavco Industries, Inc. * |
19,025 |
6,929,095 |
| Century Communities, Inc. |
64,695 |
5,131,607 |
| Clarus Corp. |
66,909 |
423,534 |
| Cricut, Inc., Class A |
110,093 |
585,695 |
| Dream Finders Homes, Inc., Class A * |
55,296 |
1,963,008 |
| Escalade, Inc. |
22,762 |
283,615 |
| Ethan Allen Interiors, Inc. |
51,768 |
1,461,928 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Figs, Inc., Class A * |
287,789 |
1,470,602 |
| Fossil Group, Inc. *(b) |
110,605 |
86,029 |
| Funko, Inc., Class A * |
83,510 |
508,576 |
| G-III Apparel Group Ltd. * |
93,690 |
2,637,373 |
| GoPro, Inc., Class A * |
294,182 |
508,935 |
| Green Brick Partners, Inc. * |
59,112 |
3,199,733 |
| Hanesbrands, Inc. * |
797,436 |
3,636,308 |
| Helen of Troy Ltd. * |
54,081 |
5,013,850 |
| Hooker Furnishings Corp. |
23,825 |
405,025 |
| Hovnanian Enterprises, Inc., Class A * |
11,125 |
1,644,609 |
| Installed Building Products, Inc. |
53,846 |
12,693,118 |
| iRobot Corp. * |
60,795 |
520,405 |
| JAKKS Pacific, Inc. * |
16,527 |
312,526 |
| Johnson Outdoors, Inc., Class A |
12,258 |
502,701 |
| KB Home |
155,024 |
10,039,354 |
| Kontoor Brands, Inc. |
127,573 |
7,917,180 |
| Landsea Homes Corp. * |
44,586 |
514,968 |
| Latham Group, Inc. * |
88,803 |
248,648 |
| La-Z-Boy, Inc. |
98,427 |
3,232,343 |
| Legacy Housing Corp. * |
24,487 |
498,800 |
| LGI Homes, Inc. * |
47,417 |
4,264,211 |
| Lovesac Co. * |
32,088 |
711,712 |
| M/I Homes, Inc. * |
61,168 |
7,108,945 |
| Malibu Boats, Inc., Class A * |
45,924 |
1,562,334 |
| Marine Products Corp. |
19,228 |
206,701 |
| MasterCraft Boat Holdings, Inc. * |
39,108 |
791,155 |
| Meritage Homes Corp. |
82,740 |
13,713,328 |
| Movado Group, Inc. |
35,097 |
893,921 |
| Oxford Industries, Inc. |
33,964 |
3,660,640 |
| Purple Innovation, Inc., Class A * |
127,139 |
193,251 |
| Rocky Brands, Inc. |
15,946 |
410,928 |
| Skyline Champion Corp. * |
122,757 |
9,205,547 |
| Smith & Wesson Brands, Inc. |
103,878 |
1,762,810 |
| Snap One Holdings Corp. * |
41,194 |
435,833 |
| Solo Brands, Inc., Class A * |
44,960 |
84,525 |
| Sonos, Inc. * |
281,958 |
4,765,090 |
| Steven Madden Ltd. |
167,801 |
6,780,838 |
| Sturm Ruger & Co., Inc. |
39,427 |
1,822,710 |
| Taylor Morrison Home Corp., Class A * |
235,326 |
13,180,609 |
| Topgolf Callaway Brands Corp. * |
327,530 |
5,247,031 |
| Traeger, Inc. * |
81,565 |
175,365 |
| Tri Pointe Homes, Inc. * |
218,287 |
8,043,876 |
| United Homes Group, Inc. * |
14,068 |
93,974 |
| Vera Bradley, Inc. * |
59,949 |
395,064 |
| Vista Outdoor, Inc. * |
130,923 |
4,594,088 |
| Vizio Holding Corp., Class A * |
174,388 |
1,848,513 |
| VOXX International Corp., Class A * |
27,479 |
162,126 |
| Wolverine World Wide, Inc. |
175,485 |
1,884,709 |
| Worthington Enterprises, Inc. |
69,808 |
3,990,225 |
| |
|
177,082,572 |
| | ||
| Consumer Services 3.3% | ||
| 2U, Inc. * |
182,090 |
45,158 |
| Accel Entertainment, Inc., Class A * |
121,826 |
1,308,411 |
| Adtalem Global Education, Inc. * |
88,616 |
4,397,126 |
| Bally's Corp. * |
66,343 |
871,747 |
| Biglari Holdings, Inc., Class B * |
1,689 |
332,919 |
| BJ's Restaurants, Inc. * |
51,017 |
1,662,644 |
| Bloomin' Brands, Inc. |
199,369 |
5,141,727 |
| Bowlero Corp., Class A (a) |
36,617 |
430,250 |
| Brinker International, Inc. * |
99,917 |
5,355,551 |
| Carriage Services, Inc., Class A |
30,682 |
784,846 |
| Carrols Restaurant Group, Inc. |
79,489 |
756,735 |
| Century Casinos, Inc. * |
62,870 |
186,724 |
| Cheesecake Factory, Inc. |
108,325 |
3,739,379 |
| Chegg, Inc. * |
260,207 |
1,345,270 |
| Chuy's Holdings, Inc. * |
39,272 |
1,156,953 |
See financial
notes
51
Schwab Equity Index Funds | Semiannual
ReportSchwab Small-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Coursera, Inc. * |
300,107 |
3,067,094 |
| Cracker Barrel Old Country Store, Inc. (a) |
50,097 |
2,915,144 |
| Dave & Buster's Entertainment, Inc. * |
76,650 |
4,093,110 |
| Denny's Corp. * |
115,048 |
922,685 |
| Dine Brands Global, Inc. |
35,077 |
1,546,896 |
| Duolingo, Inc. * |
67,204 |
15,171,303 |
| El Pollo Loco Holdings, Inc. * |
62,215 |
530,072 |
| European Wax Center, Inc., Class A * |
76,769 |
902,803 |
| Everi Holdings, Inc. * |
184,581 |
1,508,027 |
| First Watch Restaurant Group, Inc. * |
50,170 |
1,280,338 |
| Frontdoor, Inc. * |
184,410 |
5,659,543 |
| Full House Resorts, Inc. * |
75,097 |
382,995 |
| Global Business Travel Group I * |
73,773 |
446,327 |
| Golden Entertainment, Inc. |
45,804 |
1,468,018 |
| Graham Holdings Co., Class B |
7,910 |
5,547,837 |
| Hilton Grand Vacations, Inc. * |
179,007 |
7,453,852 |
| Inspired Entertainment, Inc. * |
49,619 |
421,762 |
| International Game Technology PLC |
247,193 |
4,879,590 |
| Jack in the Box, Inc. |
44,824 |
2,558,106 |
| Krispy Kreme, Inc. |
198,064 |
2,505,510 |
| Kura Sushi USA, Inc., Class A * |
13,281 |
1,461,972 |
| Laureate Education, Inc. |
296,954 |
4,305,833 |
| Life Time Group Holdings, Inc. * |
101,124 |
1,381,354 |
| Light & Wonder, Inc. * |
205,261 |
18,321,597 |
| Lincoln Educational Services Corp. * |
54,578 |
581,801 |
| Lindblad Expeditions Holdings, Inc. * |
77,761 |
570,766 |
| Monarch Casino & Resort, Inc. |
30,524 |
2,068,611 |
| Mondee Holdings, Inc., Class A *(a) |
103,793 |
227,307 |
| Nathan's Famous, Inc. |
6,447 |
416,541 |
| Nerdy, Inc. * |
152,694 |
395,477 |
| Noodles & Co., Class A * |
91,768 |
138,570 |
| ONE Group Hospitality, Inc. * |
50,200 |
269,072 |
| OneSpaWorld Holdings Ltd. * |
189,190 |
2,406,497 |
| Papa John's International, Inc. |
74,887 |
4,619,779 |
| Perdoceo Education Corp. |
148,177 |
2,711,639 |
| PlayAGS, Inc. * |
87,556 |
773,995 |
| Portillo's, Inc., Class A * |
102,367 |
1,255,019 |
| Potbelly Corp. * |
59,617 |
607,497 |
| RCI Hospitality Holdings, Inc. |
19,698 |
999,870 |
| Red Robin Gourmet Burgers, Inc. * |
36,084 |
272,434 |
| Red Rock Resorts, Inc., Class A |
108,134 |
5,744,078 |
| Rush Street Interactive, Inc. * |
144,765 |
925,048 |
| Sabre Corp. * |
756,013 |
2,169,757 |
| Shake Shack, Inc., Class A * |
85,693 |
9,070,604 |
| Six Flags Entertainment Corp. * |
165,400 |
3,900,132 |
| Strategic Education, Inc. |
51,516 |
5,916,097 |
| Stride, Inc. * |
96,439 |
6,437,303 |
| Super Group SGHC Ltd. * |
307,798 |
972,642 |
| Sweetgreen, Inc., Class A * |
222,620 |
5,002,271 |
| Target Hospitality Corp. * |
70,223 |
781,231 |
| Udemy, Inc. * |
203,358 |
2,037,647 |
| United Parks & Resorts, Inc. * |
82,393 |
4,187,212 |
| Universal Technical Institute, Inc. * |
89,640 |
1,364,321 |
| WW International, Inc. * |
127,364 |
230,529 |
| Xponential Fitness, Inc., Class A * |
52,765 |
672,754 |
| |
|
183,973,709 |
| | ||
| Consumer Staples Distribution & Retail 0.6%
| ||
| Andersons, Inc. |
72,943 |
4,007,488 |
| Chefs' Warehouse, Inc. * |
79,982 |
2,645,805 |
| HF Foods Group, Inc. * |
92,601 |
270,395 |
| Ingles Markets, Inc., Class A |
32,274 |
2,315,660 |
| Natural Grocers by Vitamin Cottage, Inc. |
21,852 |
357,499 |
| PriceSmart, Inc. |
58,017 |
4,675,590 |
| SpartanNash Co. |
79,030 |
1,508,683 |
| Sprouts Farmers Market, Inc. * |
231,415 |
15,280,332 |
| United Natural Foods, Inc. * |
134,836 |
1,204,085 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Village Super Market, Inc., Class A |
19,625 |
548,911 |
| Weis Markets, Inc. |
37,406 |
2,361,441 |
| |
|
35,175,889 |
| | ||
| Energy 7.5% | ||
| Amplify Energy Corp. * |
82,931 |
585,493 |
| Archrock, Inc. |
315,907 |
6,062,255 |
| Ardmore Shipping Corp. |
95,560 |
1,600,630 |
| Atlas Energy Solutions, Inc., Class A |
40,906 |
908,522 |
| Berry Corp. |
172,629 |
1,465,620 |
| Borr Drilling Ltd. * |
499,630 |
2,648,039 |
| Bristow Group, Inc. * |
53,462 |
1,406,585 |
| Cactus, Inc., Class A |
148,697 |
7,381,319 |
| California Resources Corp. |
158,059 |
8,354,999 |
| Centrus Energy Corp., Class A * |
27,817 |
1,194,184 |
| ChampionX Corp. |
444,727 |
14,929,485 |
| Chord Energy Corp. |
95,054 |
16,822,657 |
| Civitas Resources, Inc. |
183,654 |
13,215,742 |
| Clean Energy Fuels Corp. * |
391,562 |
908,424 |
| CNX Resources Corp. * |
355,395 |
8,358,890 |
| Comstock Resources, Inc. |
209,604 |
2,108,616 |
| CONSOL Energy, Inc. |
69,486 |
5,750,661 |
| Core Laboratories, Inc. |
106,957 |
1,689,921 |
| Crescent Energy Co., Class A |
174,791 |
1,859,776 |
| CVR Energy, Inc. |
67,163 |
2,040,412 |
| Delek U.S. Holdings, Inc. |
143,836 |
3,931,038 |
| DHT Holdings, Inc. |
307,310 |
3,509,480 |
| Diamond Offshore Drilling, Inc. * |
230,656 |
2,823,229 |
| DMC Global, Inc. * |
44,001 |
697,416 |
| Dorian LPG Ltd. |
78,227 |
3,232,340 |
| Dril-Quip, Inc. * |
77,188 |
1,403,278 |
| Empire Petroleum Corp. *(a) |
33,956 |
175,892 |
| Encore Energy Corp. * |
370,425 |
1,633,574 |
| Energy Fuels, Inc. *(a) |
365,880 |
1,895,258 |
| Equitrans Midstream Corp. |
992,186 |
13,424,277 |
| Evolution Petroleum Corp. |
73,010 |
394,254 |
| Excelerate Energy, Inc., Class A |
40,791 |
687,736 |
| Expro Group Holdings NV * |
203,037 |
3,808,974 |
| FLEX LNG Ltd. |
67,606 |
1,758,432 |
| Forum Energy Technologies, Inc. * |
22,424 |
418,208 |
| FutureFuel Corp. |
59,766 |
323,932 |
| Gevo, Inc. * |
532,289 |
350,672 |
| Golar LNG Ltd. |
225,254 |
5,523,228 |
| Granite Ridge Resources, Inc. |
77,854 |
507,608 |
| Green Plains, Inc. * |
133,470 |
2,758,825 |
| Gulfport Energy Corp. * |
24,795 |
3,935,214 |
| Hallador Energy Co. * |
52,560 |
268,582 |
| Helix Energy Solutions Group, Inc. * |
326,197 |
3,503,356 |
| Helmerich & Payne, Inc. |
220,879 |
8,687,171 |
| HighPeak Energy, Inc. (a) |
27,792 |
394,924 |
| International Seaways, Inc. |
92,524 |
5,115,652 |
| Kinetik Holdings, Inc., Class A |
82,617 |
3,167,536 |
| KLX Energy Services Holdings, Inc. *(a) |
28,956 |
191,978 |
| Kodiak Gas Services, Inc. |
35,888 |
975,436 |
| Kosmos Energy Ltd. * |
1,037,627 |
5,883,345 |
| Liberty Energy, Inc., Class A |
372,801 |
8,201,622 |
| Magnolia Oil & Gas Corp., Class A |
402,137 |
10,081,575 |
| Mammoth Energy Services, Inc. * |
53,242 |
173,036 |
| Matador Resources Co. |
257,364 |
16,033,777 |
| Murphy Oil Corp. |
330,221 |
14,741,065 |
| Nabors Industries Ltd. * |
20,974 |
1,510,757 |
| NACCO Industries, Inc., Class A |
9,708 |
267,358 |
| Newpark Resources, Inc. * |
169,687 |
1,177,628 |
| NextDecade Corp. * |
179,248 |
1,150,772 |
| Noble Corp. PLC |
255,891 |
11,356,443 |
| Nordic American Tankers Ltd. |
464,062 |
1,809,842 |
| Northern Oil & Gas, Inc. |
199,697 |
8,145,641 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
52
Schwab Small-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Oceaneering International, Inc. * |
228,712 |
5,239,792 |
| Oil States International, Inc. * |
141,324 |
563,883 |
| Overseas Shipholding Group, Inc., Class A |
131,988 |
802,487 |
| Par Pacific Holdings, Inc. * |
125,195 |
3,856,006 |
| Patterson-UTI Energy, Inc. |
802,087 |
8,678,581 |
| PBF Energy, Inc., Class A |
250,591 |
13,348,983 |
| Peabody Energy Corp. |
256,586 |
5,629,497 |
| Permian Resources Corp., Class A |
1,035,889 |
17,351,141 |
| PrimeEnergy Resources Corp. * |
1,690 |
173,157 |
| ProFrac Holding Corp., Class A * |
60,024 |
436,374 |
| ProPetro Holding Corp. * |
214,103 |
1,866,978 |
| Ranger Energy Services, Inc. |
32,593 |
320,715 |
| REX American Resources Corp. * |
35,185 |
1,946,786 |
| Riley Exploration Permian, Inc. |
20,223 |
524,382 |
| Ring Energy, Inc. * |
269,790 |
512,601 |
| RPC, Inc. |
193,461 |
1,294,254 |
| SandRidge Energy, Inc. |
72,393 |
991,784 |
| Scorpio Tankers, Inc. |
108,397 |
7,626,813 |
| SEACOR Marine Holdings, Inc. * |
53,989 |
659,746 |
| Seadrill Ltd. * |
106,612 |
5,176,013 |
| Select Water Solutions, Inc. |
180,609 |
1,668,827 |
| SFL Corp. Ltd. |
261,341 |
3,483,676 |
| SilverBow Resources, Inc. * |
52,883 |
1,624,566 |
| Sitio Royalties Corp., Class A |
186,240 |
4,328,218 |
| SM Energy Co. |
263,171 |
12,761,162 |
| Solaris Oilfield Infrastructure, Inc., Class A |
67,085 |
591,019 |
| Talos Energy, Inc. * |
315,306 |
4,155,733 |
| Teekay Corp. * |
142,441 |
1,042,668 |
| Teekay Tankers Ltd., Class A |
54,202 |
3,158,351 |
| Tellurian, Inc. * |
1,327,539 |
570,975 |
| TETRA Technologies, Inc. * |
284,509 |
1,220,544 |
| Tidewater, Inc. * |
105,323 |
9,673,918 |
| U.S. Silica Holdings, Inc. * |
170,607 |
2,632,466 |
| Uranium Energy Corp. * |
875,255 |
5,907,971 |
| VAALCO Energy, Inc. |
238,892 |
1,528,909 |
| Valaris Ltd. * |
135,007 |
8,783,555 |
| Verde Clean Fuels, Inc. * |
1,285 |
6,296 |
| Vertex Energy, Inc. * |
154,976 |
201,469 |
| Vital Energy, Inc. * |
52,991 |
2,809,583 |
| Vitesse Energy, Inc. |
56,820 |
1,260,836 |
| W&T Offshore, Inc. |
221,250 |
497,812 |
| Weatherford International PLC * |
161,721 |
19,991,950 |
| World Kinect Corp. |
135,669 |
3,188,221 |
| |
|
423,411,289 |
| | ||
| Equity Real Estate Investment Trusts (REITs) 5.0%
| ||
| Acadia Realty Trust |
227,794 |
3,936,280 |
| Alexander & Baldwin, Inc. |
164,573 |
2,710,517 |
| Alexander's, Inc. |
4,898 |
1,036,221 |
| Alpine Income Property Trust, Inc. |
29,557 |
441,286 |
| American Assets Trust, Inc. |
110,762 |
2,364,769 |
| Apartment Investment & Management Co., Class A * |
327,332 |
2,618,656 |
| Apple Hospitality REIT, Inc. |
489,449 |
7,224,267 |
| Armada Hoffler Properties, Inc. |
152,475 |
1,604,037 |
| Braemar Hotels & Resorts, Inc. |
149,968 |
409,413 |
| Brandywine Realty Trust |
386,322 |
1,753,902 |
| Broadstone Net Lease, Inc. |
427,110 |
6,218,722 |
| BRT Apartments Corp. |
27,032 |
484,954 |
| CareTrust REIT, Inc. |
272,314 |
6,731,602 |
| CBL & Associates Properties, Inc. |
61,037 |
1,327,555 |
| Centerspace |
34,192 |
2,299,412 |
| Chatham Lodging Trust |
109,196 |
1,001,327 |
| City Office REIT, Inc. |
89,169 |
415,528 |
| Clipper Realty, Inc. |
24,413 |
102,535 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Community Healthcare Trust, Inc. |
60,406 |
1,602,571 |
| COPT Defense Properties |
256,356 |
6,144,853 |
| CTO Realty Growth, Inc. |
50,164 |
870,345 |
| DiamondRock Hospitality Co. |
476,508 |
4,240,921 |
| Diversified Healthcare Trust (b) |
547,139 |
1,291,248 |
| Douglas Emmett, Inc. |
367,379 |
5,036,766 |
| Easterly Government Properties, Inc., Class A |
216,761 |
2,533,936 |
| Elme Communities |
199,426 |
3,023,298 |
| Empire Resorts, Inc. *(c) |
8,021 |
19,696 |
| Empire State Realty Trust, Inc., Class A |
299,830 |
2,728,453 |
| Equity Commonwealth * |
231,394 |
4,331,696 |
| Essential Properties Realty Trust, Inc. |
353,812 |
9,319,408 |
| Farmland Partners, Inc. |
100,468 |
1,081,036 |
| Four Corners Property Trust, Inc. |
206,104 |
4,833,139 |
| Getty Realty Corp. |
108,264 |
2,933,954 |
| Gladstone Commercial Corp. |
90,967 |
1,216,229 |
| Gladstone Land Corp. |
75,247 |
954,132 |
| Global Medical REIT, Inc. |
138,036 |
1,119,472 |
| Global Net Lease, Inc. |
441,589 |
3,069,044 |
| Hudson Pacific Properties, Inc. |
316,228 |
1,834,122 |
| Independence Realty Trust, Inc. |
512,038 |
8,074,839 |
| Innovative Industrial Properties, Inc. |
63,451 |
6,560,833 |
| InvenTrust Properties Corp. |
154,157 |
3,906,338 |
| JBG SMITH Properties |
213,136 |
3,199,171 |
| Kite Realty Group Trust |
495,009 |
10,791,196 |
| LTC Properties, Inc. |
93,058 |
3,080,220 |
| LXP Industrial Trust |
658,930 |
5,502,066 |
| Macerich Co. |
490,531 |
6,749,707 |
| National Health Investors, Inc. |
94,920 |
5,985,655 |
| NETSTREIT Corp. |
156,583 |
2,638,424 |
| NexPoint Diversified Real Estate Trust |
73,188 |
437,664 |
| NexPoint Residential Trust, Inc. |
50,952 |
1,744,596 |
| Office Properties Income Trust |
110,253 |
222,711 |
| One Liberty Properties, Inc. |
37,206 |
852,389 |
| Orion Office REIT, Inc. |
124,684 |
389,014 |
| Outfront Media, Inc. |
335,867 |
5,326,851 |
| Paramount Group, Inc. |
420,889 |
1,952,925 |
| Peakstone Realty Trust |
81,650 |
1,140,651 |
| Pebblebrook Hotel Trust |
269,606 |
3,917,375 |
| Phillips Edison & Co., Inc. |
272,948 |
8,925,400 |
| Piedmont Office Realty Trust, Inc., Class A |
279,072 |
1,922,806 |
| Plymouth Industrial REIT, Inc. |
103,631 |
2,163,815 |
| Postal Realty Trust, Inc., Class A |
45,528 |
630,563 |
| PotlatchDeltic Corp. |
179,610 |
7,186,196 |
| Retail Opportunity Investments Corp. |
279,235 |
3,426,213 |
| RLJ Lodging Trust |
347,730 |
3,825,030 |
| Ryman Hospitality Properties, Inc. |
132,558 |
13,982,218 |
| Sabra Health Care REIT, Inc. |
525,527 |
7,315,336 |
| Safehold, Inc. |
111,009 |
2,024,804 |
| Saul Centers, Inc. |
26,358 |
959,695 |
| Service Properties Trust |
373,574 |
2,290,009 |
| SITE Centers Corp. |
433,245 |
5,844,475 |
| SL Green Realty Corp. |
147,079 |
7,328,947 |
| Summit Hotel Properties, Inc. |
239,712 |
1,440,669 |
| Sunstone Hotel Investors, Inc. |
468,137 |
4,774,997 |
| Tanger, Inc. |
237,610 |
6,736,244 |
| Terreno Realty Corp. |
204,045 |
11,089,846 |
| UMH Properties, Inc. |
138,207 |
2,200,255 |
| Uniti Group, Inc. |
541,376 |
3,112,912 |
| Universal Health Realty Income Trust |
28,993 |
1,044,618 |
| Urban Edge Properties |
260,417 |
4,356,776 |
| Veris Residential, Inc. |
179,650 |
2,588,757 |
| Whitestone REIT |
110,366 |
1,269,209 |
| Xenia Hotels & Resorts, Inc. |
239,645 |
3,323,876 |
| |
|
283,101,593 |
| |
See financial
notes
53
Schwab Equity Index Funds | Semiannual
ReportSchwab Small-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Financial Services 5.7% | ||
| Acacia Research Corp. * |
86,870 |
423,057 |
| AFC Gamma, Inc. |
37,292 |
447,504 |
| Alerus Financial Corp. |
40,316 |
794,225 |
| AlTi Global, Inc. * |
52,822 |
242,981 |
| A-Mark Precious Metals, Inc. |
42,834 |
1,716,358 |
| Angel Oak Mortgage REIT, Inc. |
27,502 |
289,596 |
| Apollo Commercial Real Estate Finance, Inc. |
322,010 |
3,100,956 |
| Arbor Realty Trust, Inc. (a) |
418,841 |
5,373,730 |
| Ares Commercial Real Estate Corp. |
116,643 |
792,006 |
| ARMOUR Residential REIT, Inc. |
112,129 |
2,037,384 |
| Artisan Partners Asset Management, Inc., Class A |
139,623 |
5,714,769 |
| AssetMark Financial Holdings, Inc. * |
50,010 |
1,690,838 |
| Atlanticus Holdings Corp. * |
10,585 |
279,973 |
| AvidXchange Holdings, Inc. * |
342,117 |
3,989,084 |
| B Riley Financial, Inc. (a) |
47,051 |
1,618,554 |
| Bakkt Holdings, Inc. * |
6,496 |
43,588 |
| Banco Latinoamericano de Comercio Exterior SA, Class E |
62,625 |
1,779,176 |
| BGC Group, Inc., Class A |
813,571 |
6,370,261 |
| Blackstone Mortgage Trust, Inc., Class A |
391,166 |
6,900,168 |
| Bread Financial Holdings, Inc. |
112,654 |
4,158,059 |
| Brightsphere Investment Group, Inc. |
73,508 |
1,634,818 |
| BrightSpire Capital, Inc., Class A |
293,422 |
1,845,624 |
| Cannae Holdings, Inc. * |
150,343 |
2,924,171 |
| Cantaloupe, Inc. * |
130,462 |
755,375 |
| Cass Information Systems, Inc. |
31,016 |
1,339,581 |
| Chicago Atlantic Real Estate Finance, Inc. |
37,538 |
590,848 |
| Chimera Investment Corp. |
516,067 |
2,126,196 |
| Claros Mortgage Trust, Inc. |
205,461 |
1,787,511 |
| Cohen & Steers, Inc. |
58,934 |
4,053,481 |
| Compass Diversified Holdings |
143,403 |
3,150,564 |
| Consumer Portfolio Services, Inc. * |
19,828 |
169,728 |
| Diamond Hill Investment Group, Inc. |
6,299 |
939,937 |
| Donnelley Financial Solutions, Inc. * |
56,082 |
3,520,828 |
| Dynex Capital, Inc. |
128,053 |
1,494,379 |
| Ellington Financial, Inc. |
171,594 |
1,963,035 |
| Enact Holdings, Inc. |
67,604 |
2,009,867 |
| Encore Capital Group, Inc. * |
52,798 |
2,169,470 |
| Enova International, Inc. * |
64,265 |
3,889,960 |
| Essent Group Ltd. |
238,029 |
12,608,396 |
| EVERTEC, Inc. |
148,607 |
5,577,221 |
| Federal Agricultural Mortgage Corp., Class C |
20,694 |
3,851,774 |
| Finance of America Cos., Inc., Class A * |
122,094 |
58,605 |
| FirstCash Holdings, Inc. |
85,626 |
9,674,026 |
| Flywire Corp. * |
241,793 |
4,956,757 |
| Forge Global Holdings, Inc. * |
254,489 |
465,715 |
| Franklin BSP Realty Trust, Inc. |
188,616 |
2,355,814 |
| GCM Grosvenor, Inc., Class A |
97,500 |
920,400 |
| Granite Point Mortgage Trust, Inc. |
117,145 |
502,552 |
| Green Dot Corp., Class A * |
106,402 |
931,018 |
| Hamilton Lane, Inc., Class A |
82,881 |
9,259,465 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. |
249,465 |
6,239,120 |
| I3 Verticals, Inc., Class A * |
50,950 |
1,157,075 |
| International Money Express, Inc. * |
71,439 |
1,445,211 |
| Invesco Mortgage Capital, Inc. |
111,001 |
949,059 |
| Jackson Financial, Inc., Class A |
181,360 |
12,390,515 |
| KKR Real Estate Finance Trust, Inc. |
132,643 |
1,248,171 |
| Ladder Capital Corp., Class A |
256,921 |
2,756,762 |
| LendingClub Corp. * |
245,118 |
1,843,287 |
| LendingTree, Inc. * |
24,153 |
1,165,865 |
| MarketWise, Inc. |
72,420 |
112,975 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Marqeta, Inc., Class A * |
1,071,822 |
5,948,612 |
| Merchants Bancorp |
35,756 |
1,442,039 |
| MFA Financial, Inc. |
232,253 |
2,459,559 |
| Moelis & Co., Class A |
151,597 |
7,440,381 |
| Mr Cooper Group, Inc. * |
146,581 |
11,316,053 |
| Navient Corp. |
189,118 |
2,840,552 |
| Nelnet, Inc., Class A |
29,173 |
2,747,513 |
| NerdWallet, Inc., Class A * |
76,330 |
959,468 |
| New York Mortgage Trust, Inc. |
205,430 |
1,407,196 |
| NewtekOne, Inc. |
53,043 |
572,334 |
| Nexpoint Real Estate Finance, Inc. |
18,441 |
238,995 |
| NMI Holdings, Inc., Class A * |
181,266 |
5,593,869 |
| Ocwen Financial Corp. * |
14,688 |
342,818 |
| Open Lending Corp., Class A * |
224,356 |
1,144,216 |
| OppFi, Inc. |
25,079 |
66,961 |
| Orchid Island Capital, Inc. (a) |
117,160 |
975,943 |
| P10, Inc., Class A |
99,806 |
708,623 |
| Pagseguro Digital Ltd., Class A * |
451,502 |
5,621,200 |
| Patria Investments Ltd., Class A |
125,367 |
1,679,918 |
| Payoneer Global, Inc. * |
600,593 |
2,966,929 |
| Paysafe Ltd. * |
74,368 |
1,057,513 |
| Paysign, Inc. * |
74,618 |
343,243 |
| PennyMac Financial Services, Inc. |
58,073 |
4,973,372 |
| PennyMac Mortgage Investment Trust |
197,279 |
2,732,314 |
| Perella Weinberg Partners, Class A |
94,972 |
1,416,982 |
| Piper Sandler Cos. |
39,377 |
7,709,623 |
| PJT Partners, Inc., Class A |
54,025 |
5,104,822 |
| PRA Group, Inc. * |
88,338 |
2,101,561 |
| Priority Technology Holdings, Inc. * |
39,369 |
126,375 |
| PROG Holdings, Inc. |
100,490 |
3,340,288 |
| Radian Group, Inc. |
349,398 |
10,436,518 |
| Ready Capital Corp. |
363,246 |
3,094,856 |
| Redwood Trust, Inc. |
298,758 |
1,652,132 |
| Regional Management Corp. |
18,664 |
470,519 |
| Remitly Global, Inc. * |
309,121 |
5,511,627 |
| Repay Holdings Corp., Class A * |
188,293 |
1,914,940 |
| Security National Financial Corp., Class A * |
28,551 |
187,866 |
| Silvercrest Asset Management Group, Inc., Class A |
21,764 |
318,843 |
| StepStone Group, Inc., Class A |
124,789 |
4,501,139 |
| StoneCo Ltd., Class A * |
661,819 |
10,324,376 |
| StoneX Group, Inc. * |
61,427 |
4,459,600 |
| SWK Holdings Corp. * |
8,736 |
151,482 |
| TPG RE Finance Trust, Inc. |
156,175 |
1,144,763 |
| Two Harbors Investment Corp. |
235,645 |
2,976,196 |
| Upstart Holdings, Inc. *(a) |
168,026 |
3,718,415 |
| Value Line, Inc. |
2,043 |
73,957 |
| Velocity Financial, Inc. * |
19,685 |
337,598 |
| Victory Capital Holdings, Inc., Class A |
60,805 |
3,092,542 |
| Virtus Investment Partners, Inc. |
15,495 |
3,398,363 |
| Walker & Dunlop, Inc. |
72,251 |
6,620,359 |
| Waterstone Financial, Inc. |
40,081 |
454,519 |
| WisdomTree, Inc. |
313,170 |
2,787,213 |
| World Acceptance Corp. * |
9,166 |
1,260,967 |
| |
|
318,865,485 |
| | ||
| Food, Beverage & Tobacco 1.5% |
||
| Alico, Inc. |
16,272 |
454,152 |
| B&G Foods, Inc. |
176,574 |
1,959,971 |
| Benson Hill, Inc. * |
395,910 |
72,650 |
| Beyond Meat, Inc. *(a) |
133,218 |
903,218 |
| BRC, Inc., Class A *(a) |
91,854 |
358,231 |
| Calavo Growers, Inc. |
39,072 |
1,052,990 |
| Cal-Maine Foods, Inc. |
93,382 |
5,166,826 |
| Coca-Cola Consolidated, Inc. |
10,832 |
8,947,232 |
| Dole PLC |
161,789 |
1,968,972 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
54
Schwab Small-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Duckhorn Portfolio, Inc. * |
121,441 |
1,028,605 |
| Forafric Global PLC * |
11,937 |
122,593 |
| Fresh Del Monte Produce, Inc. |
77,003 |
1,968,967 |
| Hain Celestial Group, Inc. * |
202,022 |
1,240,415 |
| Ispire Technology, Inc. * |
40,909 |
211,500 |
| J & J Snack Foods Corp. |
34,321 |
4,711,930 |
| John B Sanfilippo & Son, Inc. |
20,310 |
2,024,907 |
| Lancaster Colony Corp. |
44,325 |
8,457,653 |
| Limoneira Co. |
40,207 |
795,294 |
| MGP Ingredients, Inc. |
36,019 |
2,825,330 |
| Mission Produce, Inc. * |
109,240 |
1,239,874 |
| National Beverage Corp. * |
53,822 |
2,395,079 |
| Primo Water Corp. |
355,440 |
6,707,153 |
| Seneca Foods Corp., Class A * |
11,041 |
641,372 |
| Simply Good Foods Co. * |
206,183 |
7,515,370 |
| SunOpta, Inc. * |
212,274 |
1,390,395 |
| TreeHouse Foods, Inc. * |
115,045 |
4,319,940 |
| Turning Point Brands, Inc. |
38,674 |
1,115,358 |
| Universal Corp. |
54,705 |
2,813,478 |
| Utz Brands, Inc. |
163,368 |
2,945,525 |
| Vector Group Ltd. |
329,891 |
3,414,372 |
| Vita Coco Co., Inc. * |
85,591 |
2,074,726 |
| Vital Farms, Inc. * |
70,363 |
1,882,914 |
| Westrock Coffee Co. *(a) |
65,109 |
660,205 |
| Zevia PBC, Class A * |
56,995 |
49,067 |
| |
|
83,436,264 |
| | ||
| Health Care Equipment & Services 5.5% | ||
| 23andMe Holding Co., Class A * |
705,420 |
354,262 |
| Accolade, Inc. * |
156,818 |
1,196,521 |
| Accuray, Inc. * |
211,089 |
449,620 |
| AdaptHealth Corp., Class A * |
217,000 |
2,137,450 |
| Addus HomeCare Corp. * |
35,513 |
3,414,575 |
| Agiliti, Inc. * |
68,046 |
690,667 |
| AirSculpt Technologies, Inc. *(a) |
28,965 |
159,597 |
| Alignment Healthcare, Inc. * |
191,878 |
988,172 |
| Alphatec Holdings, Inc. * |
209,145 |
2,639,410 |
| American Well Corp., Class A * |
568,020 |
289,974 |
| AMN Healthcare Services, Inc. * |
86,757 |
5,203,685 |
| AngioDynamics, Inc. * |
84,825 |
491,137 |
| Artivion, Inc. * |
89,833 |
1,762,523 |
| Astrana Health, Inc. * |
98,328 |
3,652,885 |
| AtriCure, Inc. * |
106,030 |
2,557,444 |
| Atrion Corp. |
3,094 |
1,309,659 |
| Avanos Medical, Inc. * |
104,664 |
1,892,325 |
| Aveanna Healthcare Holdings, Inc. * |
116,553 |
262,244 |
| Axogen, Inc. * |
93,348 |
598,361 |
| Axonics, Inc. * |
112,848 |
7,512,291 |
| Beyond Air, Inc. *(a) |
58,597 |
63,285 |
| BrightSpring Health Services, Inc. * |
122,342 |
1,307,836 |
| Brookdale Senior Living, Inc. * |
422,395 |
2,868,062 |
| Butterfly Network, Inc. *(a) |
320,332 |
248,610 |
| CareMax, Inc. * |
5,726 |
20,442 |
| Castle Biosciences, Inc. * |
56,942 |
1,200,907 |
| Cerus Corp. * |
399,731 |
667,551 |
| ClearPoint Neuro, Inc. * |
52,401 |
284,537 |
| Community Health Systems, Inc. * |
283,193 |
934,537 |
| CONMED Corp. |
69,772 |
4,743,101 |
| CorVel Corp. * |
19,860 |
4,743,561 |
| Cross Country Healthcare, Inc. * |
76,091 |
1,339,202 |
| Cutera, Inc. *(a) |
42,386 |
102,574 |
| CVRx, Inc. * |
25,423 |
394,311 |
| Definitive Healthcare Corp., Class A * |
109,514 |
760,027 |
| DocGo, Inc. * |
178,658 |
603,864 |
| Embecta Corp. |
130,425 |
1,321,205 |
| Enhabit, Inc. * |
113,837 |
1,148,615 |
| Ensign Group, Inc. |
123,836 |
14,657,229 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Evolent Health, Inc., Class A * |
254,968 |
7,072,812 |
| Fulgent Genetics, Inc. * |
45,939 |
934,859 |
| Glaukos Corp. * |
107,785 |
10,347,360 |
| Guardant Health, Inc. * |
257,235 |
4,630,230 |
| Haemonetics Corp. * |
114,039 |
10,485,886 |
| Health Catalyst, Inc. * |
128,532 |
799,469 |
| HealthEquity, Inc. * |
193,156 |
15,241,940 |
| HealthStream, Inc. |
55,254 |
1,423,896 |
| Hims & Hers Health, Inc. * |
280,538 |
3,515,141 |
| Inari Medical, Inc. * |
121,777 |
4,547,153 |
| InfuSystem Holdings, Inc. * |
41,516 |
311,785 |
| Inmode Ltd. * |
175,932 |
3,024,271 |
| Innovage Holding Corp. * |
43,240 |
153,502 |
| Inogen, Inc. * |
53,386 |
363,025 |
| Integer Holdings Corp. * |
75,313 |
8,407,190 |
| iRadimed Corp. |
16,495 |
669,862 |
| iRhythm Technologies, Inc. * |
69,604 |
7,627,206 |
| Joint Corp. * |
32,546 |
388,599 |
| KORU Medical Systems, Inc. * |
79,915 |
173,416 |
| Lantheus Holdings, Inc. * |
154,684 |
10,292,673 |
| LeMaitre Vascular, Inc. |
44,835 |
2,905,308 |
| LifeStance Health Group, Inc. * |
239,364 |
1,479,270 |
| LivaNova PLC * |
123,161 |
6,866,226 |
| Merit Medical Systems, Inc. * |
128,921 |
9,553,046 |
| ModivCare, Inc. * |
28,460 |
667,956 |
| Multiplan Corp. * |
852,432 |
553,910 |
| Nano-X Imaging Ltd. *(a) |
107,095 |
959,571 |
| National HealthCare Corp. |
28,286 |
2,570,349 |
| National Research Corp. |
32,471 |
1,112,132 |
| Neogen Corp. * |
494,907 |
6,102,203 |
| NeoGenomics, Inc. * |
288,603 |
4,017,354 |
| Nevro Corp. * |
82,291 |
870,639 |
| OmniAb, Inc., Class A *(c) |
12,825 |
0 |
| OmniAb, Inc., Class B *(c) |
12,825 |
0 |
| Omnicell, Inc. * |
101,945 |
2,733,145 |
| OPKO Health, Inc. *(a) |
924,952 |
1,128,441 |
| OptimizeRx Corp. * |
36,146 |
368,689 |
| Option Care Health, Inc. * |
380,830 |
11,383,009 |
| OraSure Technologies, Inc. * |
161,837 |
856,118 |
| Orchestra BioMed Holdings, Inc. *(a) |
33,684 |
148,546 |
| Orthofix Medical, Inc. * |
79,172 |
1,029,236 |
| OrthoPediatrics Corp. * |
35,594 |
1,054,650 |
| Outset Medical, Inc. * |
113,729 |
287,734 |
| Owens & Minor, Inc. * |
168,202 |
4,161,318 |
| P3 Health Partners, Inc. *(a) |
91,086 |
48,931 |
| Paragon 28, Inc. * |
98,499 |
908,161 |
| Patterson Cos., Inc. |
190,190 |
4,844,139 |
| Pediatrix Medical Group, Inc. * |
191,830 |
1,701,532 |
| Pennant Group, Inc. * |
64,667 |
1,352,187 |
| PetIQ, Inc., Class A * |
62,187 |
1,014,892 |
| Phreesia, Inc. * |
120,207 |
2,493,093 |
| Privia Health Group, Inc. * |
254,933 |
4,690,767 |
| PROCEPT BioRobotics Corp. * |
91,419 |
4,843,379 |
| Progyny, Inc. * |
180,497 |
5,786,734 |
| Pulmonx Corp. * |
84,365 |
642,018 |
| Pulse Biosciences, Inc. *(a) |
36,922 |
272,115 |
| Quipt Home Medical Corp. * |
90,817 |
326,941 |
| RadNet, Inc. * |
136,744 |
6,632,084 |
| RxSight, Inc. * |
64,432 |
3,358,840 |
| Sanara Medtech, Inc. * |
8,678 |
276,308 |
| Schrodinger, Inc. * |
123,599 |
3,013,344 |
| Select Medical Holdings Corp. |
236,028 |
6,696,114 |
| Semler Scientific, Inc. * |
10,622 |
271,180 |
| Sharecare, Inc. * |
678,098 |
485,450 |
| SI-BONE, Inc. * |
90,219 |
1,286,523 |
| Sight Sciences, Inc. * |
49,804 |
276,412 |
| Silk Road Medical, Inc. * |
86,550 |
1,682,532 |
| Simulations Plus, Inc. |
35,912 |
1,628,609 |
See financial
notes
55
Schwab Equity Index Funds | Semiannual
ReportSchwab Small-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| STAAR Surgical Co. * |
111,243 |
5,112,728 |
| Surgery Partners, Inc. * |
171,163 |
4,270,517 |
| Surmodics, Inc. * |
31,610 |
812,061 |
| Tactile Systems Technology, Inc. * |
54,396 |
749,033 |
| Tela Bio, Inc. * |
36,312 |
163,586 |
| TransMedics Group, Inc. * |
72,094 |
6,786,208 |
| Treace Medical Concepts, Inc. * |
102,020 |
1,057,947 |
| TruBridge, Inc. * |
32,648 |
257,919 |
| U.S. Physical Therapy, Inc. |
33,772 |
3,428,196 |
| UFP Technologies, Inc. * |
16,053 |
3,305,955 |
| Utah Medical Products, Inc. |
7,826 |
518,081 |
| Varex Imaging Corp. * |
89,086 |
1,447,648 |
| Vicarious Surgical, Inc. * |
260,655 |
73,140 |
| Viemed Healthcare, Inc. * |
78,880 |
646,027 |
| Zimvie, Inc. * |
59,043 |
897,454 |
| Zynex, Inc. *(a) |
42,088 |
461,705 |
| |
|
310,711,873 |
| | ||
| Household & Personal Products 1.2% |
||
| Beauty Health Co. * |
180,895 |
584,291 |
| BellRing Brands, Inc. * |
299,633 |
16,530,753 |
| Central Garden & Pet Co. * |
21,713 |
889,147 |
| Central Garden & Pet Co., Class A * |
117,032 |
4,146,444 |
| Edgewell Personal Care Co. |
112,957 |
4,249,442 |
| elf Beauty, Inc. * |
122,564 |
19,920,327 |
| Energizer Holdings, Inc. |
163,311 |
4,690,292 |
| Herbalife Ltd. * |
225,478 |
1,950,385 |
| Inter Parfums, Inc. |
41,754 |
4,859,330 |
| Medifast, Inc. |
24,515 |
674,898 |
| Nature's Sunshine Products, Inc. * |
30,185 |
587,098 |
| Nu Skin Enterprises, Inc., Class A |
113,767 |
1,337,900 |
| Oil-Dri Corp. of America |
11,207 |
776,085 |
| USANA Health Sciences, Inc. * |
25,633 |
1,064,282 |
| Waldencast PLC, Class A *(a) |
63,202 |
307,794 |
| WD-40 Co. |
30,838 |
6,973,397 |
| |
|
69,541,865 |
| | ||
| Insurance 1.9% | ||
| Ambac Financial Group, Inc. * |
101,497 |
1,466,632 |
| American Coastal Insurance Corp., Class C * |
44,838 |
469,454 |
| American Equity Investment Life Holding Co. |
178,800 |
10,032,468 |
| AMERISAFE, Inc. |
43,276 |
1,973,386 |
| BRP Group, Inc., Class A * |
136,556 |
3,637,852 |
| CNO Financial Group, Inc. |
254,376 |
6,697,720 |
| Crawford & Co., Class A |
33,123 |
307,381 |
| Donegal Group, Inc., Class A |
36,221 |
486,810 |
| eHealth, Inc. * |
62,445 |
267,265 |
| Employers Holdings, Inc. |
58,053 |
2,472,477 |
| Enstar Group Ltd. * |
27,080 |
7,863,220 |
| F&G Annuities & Life, Inc. |
42,447 |
1,605,346 |
| Fidelis Insurance Holdings Ltd. (a) |
137,444 |
2,553,710 |
| Genworth Financial, Inc., Class A * |
1,022,625 |
6,064,166 |
| GoHealth, Inc., Class A * |
8,961 |
90,237 |
| Goosehead Insurance, Inc., Class A * |
48,973 |
2,787,053 |
| Greenlight Capital Re Ltd., Class A * |
58,940 |
714,353 |
| Hamilton Insurance Group Ltd., Class B * |
37,837 |
513,826 |
| HCI Group, Inc. |
16,535 |
1,887,966 |
| Hippo Holdings, Inc. * |
23,956 |
512,419 |
| Horace Mann Educators Corp. |
93,204 |
3,435,499 |
| Investors Title Co. |
2,791 |
447,760 |
| James River Group Holdings Ltd. |
84,640 |
752,450 |
| Kingsway Financial Services, Inc. * |
24,339 |
216,617 |
| Lemonade, Inc. * |
115,584 |
1,991,512 |
| Maiden Holdings Ltd. * |
207,487 |
431,573 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| MBIA, Inc. * |
101,313 |
637,259 |
| Mercury General Corp. |
60,797 |
3,177,251 |
| National Western Life Group, Inc., Class A |
5,161 |
2,522,800 |
| NI Holdings, Inc. * |
18,872 |
280,627 |
| Oscar Health, Inc., Class A * |
366,142 |
6,359,887 |
| Palomar Holdings, Inc. * |
55,254 |
4,346,832 |
| ProAssurance Corp. * |
115,765 |
1,546,620 |
| Safety Insurance Group, Inc. |
32,563 |
2,591,038 |
| Selective Insurance Group, Inc. |
136,765 |
13,902,162 |
| Selectquote, Inc. * |
311,916 |
470,993 |
| SiriusPoint Ltd. * |
161,516 |
1,902,659 |
| Skyward Specialty Insurance Group, Inc. * |
67,536 |
2,358,357 |
| Stewart Information Services Corp. |
60,682 |
3,762,891 |
| Tiptree, Inc. |
55,036 |
876,724 |
| Trupanion, Inc. *(a) |
89,840 |
2,021,400 |
| United Fire Group, Inc. |
47,437 |
1,047,883 |
| Universal Insurance Holdings, Inc. |
55,845 |
1,090,094 |
| |
|
108,574,629 |
| | ||
| Materials 4.8% | ||
| 5E Advanced Materials, Inc. *(a) |
89,888 |
103,371 |
| AdvanSix, Inc. |
58,968 |
1,489,532 |
| Alpha Metallurgical Resources, Inc. |
26,202 |
8,571,198 |
| American Vanguard Corp. |
59,806 |
681,190 |
| Arcadium Lithium PLC * |
2,321,042 |
10,212,585 |
| Arch Resources, Inc. |
40,891 |
6,492,673 |
| Aspen Aerogels, Inc. * |
115,271 |
1,805,144 |
| ATI, Inc. * |
292,940 |
17,488,518 |
| Avient Corp. |
205,159 |
8,702,845 |
| Balchem Corp. |
72,732 |
10,282,850 |
| Cabot Corp. |
123,619 |
11,277,761 |
| Caledonia Mining Corp. PLC |
38,017 |
372,947 |
| Carpenter Technology Corp. |
110,999 |
9,512,614 |
| Century Aluminum Co. * |
119,598 |
2,075,025 |
| Clearwater Paper Corp. * |
36,891 |
1,661,571 |
| Coeur Mining, Inc. * |
812,015 |
3,670,308 |
| Commercial Metals Co. |
266,105 |
14,300,483 |
| Compass Minerals International, Inc. |
77,054 |
959,322 |
| Constellium SE, Class A * |
292,697 |
5,763,204 |
| Contango ORE, Inc. * |
17,346 |
362,011 |
| Core Molding Technologies, Inc. * |
16,179 |
291,546 |
| Dakota Gold Corp. * |
140,374 |
373,395 |
| Danimer Scientific, Inc. *(a) |
200,587 |
150,440 |
| Ecovyst, Inc. * |
209,332 |
1,974,001 |
| Glatfelter Corp. * |
102,934 |
147,196 |
| Greif, Inc., Class A |
67,216 |
4,118,996 |
| Hawkins, Inc. |
43,890 |
3,325,545 |
| Haynes International, Inc. |
28,950 |
1,741,343 |
| HB Fuller Co. |
122,732 |
9,169,308 |
| Hecla Mining Co. |
1,387,317 |
6,562,009 |
| i-80 Gold Corp. * |
444,218 |
524,177 |
| Ingevity Corp. * |
82,873 |
4,238,125 |
| Innospec, Inc. |
56,649 |
6,797,880 |
| Intrepid Potash, Inc. * |
24,005 |
482,981 |
| Ivanhoe Electric, Inc. * |
145,572 |
1,470,277 |
| Kaiser Aluminum Corp. |
36,154 |
3,271,575 |
| Knife River Corp. * |
128,687 |
10,062,037 |
| Koppers Holdings, Inc. |
45,755 |
2,346,316 |
| Kronos Worldwide, Inc. |
50,645 |
579,885 |
| LSB Industries, Inc. * |
123,398 |
1,147,601 |
| Materion Corp. |
46,707 |
5,368,503 |
| Mativ Holdings, Inc. |
121,825 |
2,224,525 |
| Metallus, Inc. * |
96,971 |
1,993,724 |
| Minerals Technologies, Inc. |
74,058 |
5,398,088 |
| Myers Industries, Inc. |
83,666 |
1,832,285 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
56
Schwab Small-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| NioCorp Developments Ltd. *(a) |
4,462 |
9,058 |
| Novagold Resources, Inc. * |
549,011 |
1,592,132 |
| O-I Glass, Inc. * |
353,435 |
5,287,388 |
| Olympic Steel, Inc. |
22,428 |
1,425,748 |
| Origin Materials, Inc. * |
270,638 |
219,081 |
| Orion SA |
125,367 |
2,966,183 |
| Pactiv Evergreen, Inc. |
91,898 |
1,400,526 |
| Perimeter Solutions SA * |
341,808 |
2,392,656 |
| Perpetua Resources Corp. * |
86,353 |
471,487 |
| Piedmont Lithium, Inc. * |
41,118 |
503,696 |
| PureCycle Technologies, Inc. *(a) |
266,319 |
1,243,710 |
| Quaker Chemical Corp. |
31,562 |
5,887,260 |
| Radius Recycling, Inc., Class A |
59,670 |
1,039,451 |
| Ramaco Resources, Inc., Class A |
50,300 |
788,704 |
| Ramaco Resources, Inc., Class B |
10,643 |
118,244 |
| Ranpak Holdings Corp., Class A * |
97,831 |
708,296 |
| Rayonier Advanced Materials, Inc. * |
146,630 |
546,930 |
| Ryerson Holding Corp. |
63,663 |
1,817,579 |
| Sensient Technologies Corp. |
95,605 |
7,000,198 |
| Stepan Co. |
48,288 |
4,007,421 |
| Summit Materials, Inc., Class A * |
271,590 |
10,564,851 |
| SunCoke Energy, Inc. |
191,191 |
1,971,179 |
| Sylvamo Corp. |
81,554 |
5,097,125 |
| Tredegar Corp. |
60,362 |
385,110 |
| TriMas Corp. |
94,067 |
2,444,801 |
| Trinseo PLC |
80,925 |
211,214 |
| Tronox Holdings PLC |
265,272 |
4,506,971 |
| U.S. Lime & Minerals, Inc. |
4,684 |
1,452,040 |
| Valhi, Inc. |
5,287 |
78,089 |
| Warrior Met Coal, Inc. |
117,404 |
8,024,563 |
| Worthington Steel, Inc. |
69,751 |
2,147,633 |
| |
|
267,686,234 |
| | ||
| Media & Entertainment 1.7% | ||
| Advantage Solutions, Inc. * |
199,682 |
850,645 |
| AMC Networks, Inc., Class A * |
69,022 |
733,014 |
| Atlanta Braves Holdings, Inc., Class C * |
128,247 |
4,800,285 |
| Boston Omaha Corp., Class A * |
53,525 |
826,426 |
| Bumble, Inc., Class A * |
229,561 |
2,318,566 |
| Cardlytics, Inc. * |
83,036 |
1,017,191 |
| Cargurus, Inc. * |
217,167 |
4,877,571 |
| Cars.com, Inc. * |
150,998 |
2,523,177 |
| Cinemark Holdings, Inc. * |
249,037 |
4,268,494 |
| Clear Channel Outdoor Holdings, Inc. * |
848,448 |
1,179,343 |
| DHI Group, Inc. * |
101,283 |
237,002 |
| EchoStar Corp., Class A * |
276,034 |
4,413,784 |
| Emerald Holding, Inc. * |
35,666 |
205,079 |
| Entravision Communications Corp., Class A |
138,513 |
289,492 |
| Eventbrite, Inc., Class A * |
176,254 |
930,621 |
| EverQuote, Inc., Class A * |
49,011 |
988,552 |
| EW Scripps Co., Class A * |
132,446 |
497,997 |
| fuboTV, Inc. * |
635,608 |
902,563 |
| Gambling.com Group Ltd. * |
35,321 |
305,527 |
| Gannett Co., Inc. * |
325,497 |
787,703 |
| Gray Television, Inc. |
191,057 |
1,098,578 |
| Grindr, Inc. * |
94,284 |
923,040 |
| iHeartMedia, Inc., Class A * |
233,933 |
491,259 |
| IMAX Corp. * |
101,659 |
1,627,561 |
| Integral Ad Science Holding Corp. * |
152,805 |
1,465,400 |
| John Wiley & Sons, Inc., Class A |
81,682 |
3,068,793 |
| Lions Gate Entertainment Corp., Class A * |
386,559 |
3,900,380 |
| Loop Media, Inc. * |
83,321 |
25,588 |
| Madison Square Garden Entertainment Corp., Class A * |
90,149 |
3,529,333 |
| Magnite, Inc. * |
307,714 |
2,717,115 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Marcus Corp. |
55,333 |
721,542 |
| MediaAlpha, Inc., Class A * |
52,514 |
1,063,408 |
| Nextdoor Holdings, Inc. * |
344,665 |
703,117 |
| Outbrain, Inc. * |
93,813 |
379,943 |
| Playstudios, Inc. * |
194,082 |
419,217 |
| PubMatic, Inc., Class A * |
94,617 |
2,123,205 |
| QuinStreet, Inc. * |
119,430 |
2,160,489 |
| Reservoir Media, Inc. * |
45,337 |
405,766 |
| Scholastic Corp. |
58,372 |
2,079,211 |
| Shutterstock, Inc. |
56,058 |
2,394,237 |
| Sinclair, Inc. |
75,799 |
932,328 |
| Sphere Entertainment Co. * |
60,387 |
2,346,639 |
| Stagwell, Inc., Class A * |
188,403 |
1,120,998 |
| System1, Inc. * |
80,049 |
136,884 |
| TechTarget, Inc. * |
58,751 |
1,615,652 |
| TEGNA, Inc. |
448,649 |
6,119,572 |
| Thryv Holdings, Inc. * |
70,155 |
1,614,267 |
| Townsquare Media, Inc., Class A |
26,692 |
322,172 |
| TrueCar, Inc. * |
197,987 |
522,686 |
| Urban One, Inc. * |
23,446 |
36,341 |
| Urban One, Inc., Class A * |
24,438 |
48,632 |
| Vimeo, Inc. * |
348,077 |
1,249,596 |
| Vivid Seats, Inc., Class A * |
169,418 |
891,139 |
| WideOpenWest, Inc. * |
117,264 |
418,632 |
| Yelp, Inc., Class A * |
151,327 |
6,089,398 |
| Ziff Davis, Inc. * |
104,064 |
5,214,647 |
| ZipRecruiter, Inc., Class A * |
154,409 |
1,587,325 |
| |
|
94,517,122 |
| | ||
| Pharmaceuticals, Biotechnology & Life Sciences
9.4% | ||
| 2seventy bio, Inc. * |
116,417 |
530,862 |
| 4D Molecular Therapeutics, Inc. * |
92,443 |
2,212,161 |
| 89bio, Inc. * |
179,791 |
1,530,021 |
| Aadi Bioscience, Inc. * |
37,075 |
71,184 |
| ACADIA Pharmaceuticals, Inc. * |
279,219 |
4,665,749 |
| ACELYRIN, Inc. * |
164,696 |
688,429 |
| Aclaris Therapeutics, Inc. * |
160,330 |
193,999 |
| Acrivon Therapeutics, Inc. * |
27,342 |
248,539 |
| Actinium Pharmaceuticals, Inc. * |
63,682 |
490,351 |
| Adaptive Biotechnologies Corp. * |
262,202 |
686,969 |
| Adicet Bio, Inc. * |
120,076 |
178,913 |
| ADMA Biologics, Inc. * |
482,726 |
3,147,374 |
| Aerovate Therapeutics, Inc. * |
25,922 |
518,699 |
| Agenus, Inc. * |
41,710 |
505,525 |
| Agios Pharmaceuticals, Inc. * |
125,878 |
4,091,035 |
| Akero Therapeutics, Inc. * |
139,772 |
2,780,065 |
| Akoya Biosciences, Inc. *(a) |
51,893 |
198,231 |
| Aldeyra Therapeutics, Inc. * |
106,476 |
419,515 |
| Alector, Inc. * |
164,054 |
833,394 |
| Alkermes PLC * |
376,123 |
9,230,058 |
| Allakos, Inc. * |
151,975 |
159,574 |
| Allogene Therapeutics, Inc. * |
212,263 |
585,846 |
| Allovir, Inc. * |
118,150 |
93,858 |
| Alpine Immune Sciences, Inc. * |
87,110 |
5,626,435 |
| Altimmune, Inc. * |
122,309 |
801,124 |
| ALX Oncology Holdings, Inc. *(a) |
59,761 |
1,017,132 |
| Amicus Therapeutics, Inc. * |
658,426 |
6,577,676 |
| Amneal Pharmaceuticals, Inc. * |
279,256 |
1,689,499 |
| Amphastar Pharmaceuticals, Inc. * |
85,661 |
3,533,516 |
| Amylyx Pharmaceuticals, Inc. * |
116,593 |
211,033 |
| AnaptysBio, Inc. * |
42,229 |
1,027,854 |
| Anavex Life Sciences Corp. *(a) |
168,121 |
613,642 |
| ANI Pharmaceuticals, Inc. * |
33,343 |
2,200,638 |
| Anika Therapeutics, Inc. * |
33,543 |
868,428 |
| Annexon, Inc. * |
152,719 |
694,871 |
| Apogee Therapeutics, Inc. * |
94,104 |
4,733,431 |
| Arbutus Biopharma Corp. * |
288,534 |
787,698 |
See financial
notes
57
Schwab Equity Index Funds | Semiannual
ReportSchwab Small-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Arcellx, Inc. * |
87,254 |
4,364,445 |
| Arcturus Therapeutics Holdings, Inc. * |
52,593 |
1,344,803 |
| Arcus Biosciences, Inc. * |
121,518 |
1,850,719 |
| Arcutis Biotherapeutics, Inc. * |
181,133 |
1,507,027 |
| Ardelyx, Inc. * |
522,919 |
3,346,682 |
| ArriVent Biopharma, Inc. * |
22,256 |
367,669 |
| Arrowhead Pharmaceuticals, Inc. * |
263,628 |
5,963,265 |
| ARS Pharmaceuticals, Inc. * |
55,441 |
482,337 |
| Arvinas, Inc. * |
114,199 |
3,628,102 |
| Assertio Holdings, Inc. * |
204,683 |
181,165 |
| Astria Therapeutics, Inc. * |
113,008 |
1,037,413 |
| Atara Biotherapeutics, Inc. * |
235,645 |
162,595 |
| Atea Pharmaceuticals, Inc. * |
173,792 |
643,030 |
| Aura Biosciences, Inc. * |
80,882 |
598,527 |
| Aurinia Pharmaceuticals, Inc. * |
310,029 |
1,578,048 |
| Avid Bioservices, Inc. * |
143,075 |
1,091,662 |
| Avidity Biosciences, Inc. * |
167,529 |
4,042,475 |
| Avita Medical, Inc. * |
57,246 |
480,866 |
| Axsome Therapeutics, Inc. * |
80,977 |
5,972,864 |
| Beam Therapeutics, Inc. * |
169,919 |
3,605,681 |
| BioAtla, Inc. * |
101,115 |
228,014 |
| BioCryst Pharmaceuticals, Inc. * |
429,424 |
1,773,521 |
| Biohaven Ltd. * |
155,313 |
6,026,144 |
| BioLife Solutions, Inc. * |
80,247 |
1,407,532 |
| Biomea Fusion, Inc. *(a) |
44,232 |
475,052 |
| Biote Corp., Class A * |
32,001 |
176,326 |
| BioVie, Inc., Class A * |
29,935 |
14,668 |
| Bioxcel Therapeutics, Inc. *(a) |
49,908 |
125,768 |
| Bluebird Bio, Inc. * |
434,109 |
385,098 |
| Blueprint Medicines Corp. * |
138,042 |
12,608,756 |
| Bridgebio Pharma, Inc. * |
264,760 |
6,783,151 |
| Bright Green Corp. * |
137,897 |
34,598 |
| Cabaletta Bio, Inc. * |
79,079 |
841,796 |
| Cara Therapeutics, Inc. * |
107,050 |
80,491 |
| CareDx, Inc. * |
117,016 |
908,044 |
| Cargo Therapeutics, Inc. *(a) |
48,745 |
931,029 |
| Caribou Biosciences, Inc. * |
183,381 |
665,673 |
| Carisma Therapeutics, Inc. *(a) |
60,952 |
99,352 |
| Cartesian Therapeutics, Inc. *(a) |
8,850 |
195,328 |
| Cassava Sciences, Inc. *(a) |
91,379 |
2,024,045 |
| Catalyst Pharmaceuticals, Inc. * |
252,520 |
3,800,426 |
| Celcuity, Inc. * |
41,824 |
659,564 |
| Celldex Therapeutics, Inc. * |
141,281 |
5,286,735 |
| Century Therapeutics, Inc. * |
53,526 |
155,761 |
| Cerevel Therapeutics Holdings, Inc. * |
162,495 |
6,940,161 |
| CG oncology, Inc. * |
52,730 |
2,119,219 |
| Citius Pharmaceuticals, Inc. * |
309,894 |
231,274 |
| Codexis, Inc. * |
158,691 |
461,791 |
| Cogent Biosciences, Inc. * |
188,940 |
1,228,110 |
| Coherus Biosciences, Inc. * |
243,185 |
476,643 |
| Collegium Pharmaceutical, Inc. * |
74,186 |
2,739,689 |
| Compass Therapeutics, Inc. * |
216,166 |
311,279 |
| Corcept Therapeutics, Inc. * |
185,422 |
4,324,041 |
| CorMedix, Inc. *(a) |
127,039 |
667,590 |
| Crinetics Pharmaceuticals, Inc. * |
149,712 |
6,560,380 |
| CryoPort, Inc. * |
98,207 |
1,589,971 |
| Cue Biopharma, Inc. * |
74,459 |
141,472 |
| Cullinan Therapeutics, Inc. * |
57,951 |
1,565,257 |
| Cytek Biosciences, Inc. * |
273,935 |
1,646,349 |
| Cytokinetics, Inc. * |
216,838 |
13,296,506 |
| Day One Biopharmaceuticals, Inc. * |
142,887 |
2,443,368 |
| Deciphera Pharmaceuticals, Inc. * |
121,274 |
3,064,594 |
| Denali Therapeutics, Inc. * |
271,832 |
4,197,086 |
| Design Therapeutics, Inc. * |
74,915 |
263,701 |
| Disc Medicine, Inc. * |
21,365 |
594,802 |
| Dynavax Technologies Corp. * |
293,722 |
3,339,619 |
| Dyne Therapeutics, Inc. * |
134,091 |
3,393,843 |
| Eagle Pharmaceuticals, Inc. * |
23,660 |
96,769 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Edgewise Therapeutics, Inc. * |
130,673 |
2,344,274 |
| Editas Medicine, Inc. * |
185,003 |
963,866 |
| Emergent BioSolutions, Inc. *(b) |
115,644 |
217,411 |
| Enanta Pharmaceuticals, Inc. * |
46,447 |
638,182 |
| Enliven Therapeutics, Inc. *(a) |
53,393 |
928,504 |
| Entrada Therapeutics, Inc. * |
47,973 |
568,480 |
| Erasca, Inc. * |
184,468 |
370,781 |
| Evolus, Inc. * |
95,577 |
1,124,941 |
| Eyenovia, Inc. *(a) |
63,574 |
47,744 |
| EyePoint Pharmaceuticals, Inc. * |
84,704 |
1,490,790 |
| Fate Therapeutics, Inc. * |
193,069 |
762,623 |
| Fennec Pharmaceuticals, Inc. * |
41,497 |
380,942 |
| FibroGen, Inc. * |
209,142 |
234,239 |
| Foghorn Therapeutics, Inc. * |
46,468 |
253,715 |
| Genelux Corp. *(a) |
42,791 |
133,080 |
| Generation Bio Co. * |
103,517 |
292,953 |
| Geron Corp. * |
1,160,284 |
4,559,916 |
| Gritstone bio, Inc. * |
200,640 |
160,512 |
| Halozyme Therapeutics, Inc. * |
294,910 |
11,236,071 |
| Harmony Biosciences Holdings, Inc. * |
73,651 |
2,276,552 |
| Harrow, Inc. * |
69,252 |
705,678 |
| Harvard Bioscience, Inc. * |
88,966 |
339,850 |
| Heron Therapeutics, Inc. * |
236,703 |
549,151 |
| HilleVax, Inc. * |
59,000 |
778,800 |
| Humacyte, Inc. * |
139,698 |
547,616 |
| Ideaya Biosciences, Inc. * |
149,456 |
6,075,386 |
| IGM Biosciences, Inc. *(a) |
29,613 |
285,173 |
| Ikena Oncology, Inc. * |
73,880 |
97,522 |
| Immuneering Corp., Class A * |
51,835 |
73,606 |
| ImmunityBio, Inc. *(a) |
300,628 |
2,402,018 |
| Immunovant, Inc. * |
122,349 |
3,357,257 |
| Inhibrx, Inc. * |
77,891 |
2,651,410 |
| Innoviva, Inc. * |
132,373 |
2,000,156 |
| Inozyme Pharma, Inc. * |
105,656 |
465,943 |
| Insmed, Inc. * |
313,531 |
7,750,486 |
| Intellia Therapeutics, Inc. * |
204,080 |
4,367,312 |
| Intra-Cellular Therapies, Inc. * |
227,853 |
16,362,124 |
| Iovance Biotherapeutics, Inc. * |
538,650 |
6,345,297 |
| Ironwood Pharmaceuticals, Inc., Class A * |
314,483 |
2,437,243 |
| iTeos Therapeutics, Inc. * |
56,509 |
606,907 |
| Janux Therapeutics, Inc. * |
39,368 |
2,243,976 |
| KalVista Pharmaceuticals, Inc. * |
71,727 |
814,101 |
| Karyopharm Therapeutics, Inc. * |
258,909 |
266,676 |
| Keros Therapeutics, Inc. * |
58,255 |
3,284,999 |
| Kezar Life Sciences, Inc. * |
163,132 |
134,502 |
| Kiniksa Pharmaceuticals Ltd., Class A * |
72,960 |
1,365,811 |
| Kodiak Sciences, Inc. * |
74,143 |
237,999 |
| Krystal Biotech, Inc. * |
49,021 |
7,506,096 |
| Kura Oncology, Inc. * |
160,213 |
3,143,379 |
| Kymera Therapeutics, Inc. * |
92,536 |
3,111,060 |
| Larimar Therapeutics, Inc. * |
58,339 |
401,956 |
| LENZ Therapeutics, Inc. |
9,149 |
145,195 |
| Lexeo Therapeutics, Inc. * |
23,161 |
288,354 |
| Lexicon Pharmaceuticals, Inc. *(a) |
208,977 |
321,825 |
| Ligand Pharmaceuticals, Inc. * |
38,220 |
2,671,196 |
| Lineage Cell Therapeutics, Inc. * |
297,769 |
324,568 |
| Liquidia Corp. * |
114,252 |
1,468,138 |
| Longboard Pharmaceuticals, Inc. * |
56,477 |
1,202,960 |
| Lyell Immunopharma, Inc. * |
399,765 |
867,490 |
| MacroGenics, Inc. * |
138,324 |
2,044,429 |
| Madrigal Pharmaceuticals, Inc. * |
33,567 |
6,848,339 |
| MannKind Corp. * |
590,502 |
2,426,963 |
| Marinus Pharmaceuticals, Inc. * |
124,166 |
175,074 |
| MaxCyte, Inc. * |
198,938 |
722,145 |
| MeiraGTx Holdings PLC * |
74,544 |
363,775 |
| Merrimack Pharmaceuticals, Inc. * |
23,947 |
352,979 |
| Mersana Therapeutics, Inc. * |
251,301 |
796,624 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
58
Schwab Small-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Mesa Laboratories, Inc. |
11,640 |
1,234,771 |
| MiMedx Group, Inc. * |
261,906 |
1,613,341 |
| Mineralys Therapeutics, Inc. * |
45,318 |
555,146 |
| Mirum Pharmaceuticals, Inc. * |
56,062 |
1,407,717 |
| Monte Rosa Therapeutics, Inc. *(a) |
69,530 |
369,900 |
| Morphic Holding, Inc. * |
86,544 |
2,360,055 |
| Mural Oncology PLC * |
38,728 |
143,294 |
| Myriad Genetics, Inc. * |
198,698 |
3,888,520 |
| Nautilus Biotechnology, Inc. * |
114,098 |
289,809 |
| Neumora Therapeutics, Inc. *(a) |
32,558 |
295,952 |
| Nkarta, Inc. * |
69,109 |
461,648 |
| Novavax, Inc. *(a) |
257,028 |
1,112,931 |
| Nurix Therapeutics, Inc. * |
107,156 |
1,288,015 |
| Nuvalent, Inc., Class A * |
60,169 |
4,144,441 |
| Nuvation Bio, Inc. * |
332,937 |
995,482 |
| Nuvectis Pharma, Inc. *(a) |
17,590 |
106,947 |
| Ocean Biomedical, Inc. * |
19,835 |
27,769 |
| Ocular Therapeutix, Inc. * |
262,607 |
1,244,757 |
| Olema Pharmaceuticals, Inc. * |
60,729 |
617,614 |
| Omega Therapeutics, Inc. *(a) |
55,712 |
124,238 |
| Omeros Corp. *(a) |
139,171 |
438,389 |
| OmniAb, Inc. * |
213,690 |
948,784 |
| Optinose, Inc. * |
166,635 |
136,807 |
| Organogenesis Holdings, Inc., Class A * |
160,584 |
377,372 |
| ORIC Pharmaceuticals, Inc. * |
87,891 |
776,078 |
| Outlook Therapeutics, Inc. * |
17,730 |
158,152 |
| Ovid therapeutics, Inc. * |
135,487 |
413,235 |
| Pacific Biosciences of California, Inc. * |
572,148 |
944,044 |
| Pacira BioSciences, Inc. * |
103,459 |
2,715,799 |
| PDS Biotechnology Corp. *(a) |
63,925 |
214,149 |
| PepGen, Inc. * |
22,976 |
282,145 |
| Phathom Pharmaceuticals, Inc. * |
74,192 |
669,954 |
| Phibro Animal Health Corp., Class A |
46,720 |
780,224 |
| Pliant Therapeutics, Inc. * |
129,245 |
1,527,676 |
| PMV Pharmaceuticals, Inc. * |
88,482 |
159,268 |
| Poseida Therapeutics, Inc., Class A * |
155,344 |
375,932 |
| Precigen, Inc. * |
309,642 |
408,727 |
| Prelude Therapeutics, Inc. * |
33,475 |
126,201 |
| Prestige Consumer Healthcare, Inc. * |
113,037 |
8,111,535 |
| Prime Medicine, Inc. *(a) |
87,329 |
429,659 |
| ProKidney Corp. *(a) |
103,938 |
214,632 |
| Protagonist Therapeutics, Inc. * |
129,530 |
3,252,498 |
| Protalix BioTherapeutics, Inc. * |
153,561 |
175,060 |
| Prothena Corp. PLC * |
95,740 |
1,947,352 |
| PTC Therapeutics, Inc. * |
163,131 |
5,244,662 |
| Quanterix Corp. * |
80,208 |
1,292,953 |
| Quantum-Si, Inc. * |
229,457 |
369,426 |
| Rallybio Corp. * |
69,890 |
134,189 |
| RAPT Therapeutics, Inc. * |
68,425 |
526,873 |
| Recursion Pharmaceuticals, Inc., Class A *(a) |
317,072 |
2,479,503 |
| REGENXBIO, Inc. * |
92,557 |
1,420,750 |
| Relay Therapeutics, Inc. * |
215,065 |
1,402,224 |
| Reneo Pharmaceuticals, Inc. * |
30,078 |
50,230 |
| Replimune Group, Inc. * |
110,786 |
703,491 |
| Revance Therapeutics, Inc. * |
197,529 |
713,080 |
| REVOLUTION Medicines, Inc. * |
316,759 |
11,808,776 |
| Rhythm Pharmaceuticals, Inc. * |
121,541 |
4,832,470 |
| Rigel Pharmaceuticals, Inc. * |
391,223 |
410,784 |
| Rocket Pharmaceuticals, Inc. * |
142,296 |
3,062,210 |
| Sage Therapeutics, Inc. * |
120,061 |
1,673,650 |
| Sagimet Biosciences, Inc., Class A * |
51,869 |
202,289 |
| Sana Biotechnology, Inc. * |
217,089 |
1,953,801 |
| Sangamo Therapeutics, Inc. * |
334,204 |
172,082 |
| Savara, Inc. * |
202,527 |
927,574 |
| Scholar Rock Holding Corp. * |
130,501 |
1,914,450 |
| Scilex Holding Co. *(c) |
147,603 |
105,022 |
| scPharmaceuticals, Inc. * |
64,751 |
289,437 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Seer, Inc., Class A * |
134,013 |
278,747 |
| Seres Therapeutics, Inc. * |
225,395 |
223,276 |
| SIGA Technologies, Inc. |
105,114 |
922,901 |
| SpringWorks Therapeutics, Inc. * |
155,427 |
7,256,887 |
| Stoke Therapeutics, Inc. * |
63,060 |
695,552 |
| Summit Therapeutics, Inc. * |
259,842 |
1,021,179 |
| Supernus Pharmaceuticals, Inc. * |
111,514 |
3,356,571 |
| Sutro Biopharma, Inc. * |
137,495 |
466,796 |
| Syndax Pharmaceuticals, Inc. * |
178,505 |
3,771,811 |
| Tango Therapeutics, Inc. * |
102,672 |
790,574 |
| Taro Pharmaceutical Industries Ltd. * |
18,686 |
793,781 |
| Tarsus Pharmaceuticals, Inc. * |
66,484 |
2,089,592 |
| Tenaya Therapeutics, Inc. * |
105,724 |
479,987 |
| Terns Pharmaceuticals, Inc. * |
97,966 |
494,728 |
| TG Therapeutics, Inc. * |
313,968 |
4,288,803 |
| Theravance Biopharma, Inc. * |
110,373 |
931,548 |
| Third Harmonic Bio, Inc. * |
44,524 |
495,997 |
| Travere Therapeutics, Inc. * |
164,359 |
908,905 |
| Trevi Therapeutics, Inc. * |
95,150 |
278,790 |
| Turnstone Biologics Corp. * |
34,443 |
89,552 |
| Twist Bioscience Corp. * |
130,986 |
4,090,693 |
| Tyra Biosciences, Inc. *(a) |
31,103 |
531,861 |
| UroGen Pharma Ltd. * |
62,880 |
869,002 |
| Vanda Pharmaceuticals, Inc. * |
128,172 |
610,099 |
| Vaxcyte, Inc. * |
240,910 |
14,587,100 |
| Vaxxinity, Inc., Class A * |
97,417 |
11,953 |
| Ventyx Biosciences, Inc. * |
106,353 |
397,760 |
| Vera Therapeutics, Inc., Class A * |
90,929 |
3,592,605 |
| Veracyte, Inc. * |
165,047 |
3,229,970 |
| Vericel Corp. * |
108,317 |
4,968,501 |
| Verrica Pharmaceuticals, Inc. *(a) |
47,719 |
332,363 |
| Verve Therapeutics, Inc. * |
149,635 |
899,306 |
| Vigil Neuroscience, Inc. * |
36,733 |
95,873 |
| Viking Therapeutics, Inc. * |
232,404 |
18,494,710 |
| Vir Biotechnology, Inc. * |
191,899 |
1,623,466 |
| Viridian Therapeutics, Inc. * |
112,848 |
1,496,364 |
| Vor BioPharma, Inc. * |
86,126 |
148,137 |
| Voyager Therapeutics, Inc. * |
89,224 |
697,732 |
| WaVe Life Sciences Ltd. * |
166,748 |
822,068 |
| X4 Pharmaceuticals, Inc. * |
281,457 |
315,232 |
| Xencor, Inc. * |
131,816 |
2,760,227 |
| Xeris Biopharma Holdings, Inc. * |
305,453 |
534,543 |
| XOMA Corp. * |
16,717 |
423,609 |
| Y-mAbs Therapeutics, Inc. * |
82,932 |
1,261,396 |
| Zentalis Pharmaceuticals, Inc. * |
131,696 |
1,456,558 |
| Zevra Therapeutics, Inc. * |
80,271 |
367,641 |
| Zura Bio Ltd., Class A * |
39,744 |
169,707 |
| Zymeworks, Inc. * |
125,491 |
1,076,713 |
| |
|
529,845,320 |
| | ||
| Real Estate Management & Development 0.6%
| ||
| American Realty Investors, Inc. * |
3,281 |
45,212 |
| Anywhere Real Estate, Inc. * |
244,231 |
1,186,963 |
| Compass, Inc., Class A * |
645,773 |
2,034,185 |
| Cushman & Wakefield PLC * |
376,812 |
3,636,236 |
| DigitalBridge Group, Inc. |
367,498 |
6,041,667 |
| Douglas Elliman, Inc. * |
176,327 |
239,805 |
| eXp World Holdings, Inc. (a) |
161,347 |
1,607,016 |
| Forestar Group, Inc. * |
42,100 |
1,304,679 |
| FRP Holdings, Inc. * |
30,227 |
916,180 |
| Kennedy-Wilson Holdings, Inc. |
271,274 |
2,330,244 |
| Marcus & Millichap, Inc. |
54,172 |
1,715,627 |
| Maui Land & Pineapple Co., Inc. * |
17,243 |
335,894 |
| Newmark Group, Inc., Class A |
308,023 |
2,947,780 |
| Opendoor Technologies, Inc. * |
1,289,051 |
2,565,212 |
| RE/MAX Holdings, Inc., Class A |
39,978 |
280,646 |
| Redfin Corp. * |
253,530 |
1,422,303 |
See financial
notes
59
Schwab Equity Index Funds | Semiannual
ReportSchwab Small-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| RMR Group, Inc., Class A |
35,070 |
831,860 |
| St. Joe Co. |
78,045 |
4,464,174 |
| Star Holdings * |
29,626 |
352,253 |
| Stratus Properties, Inc. * |
12,884 |
292,209 |
| Tejon Ranch Co. * |
47,715 |
800,658 |
| Transcontinental Realty Investors, Inc. * |
2,933 |
84,030 |
| |
|
35,434,833 |
| | ||
| Semiconductors & Semiconductor Equipment 3.1%
| ||
| ACM Research, Inc., Class A * |
111,523 |
2,846,067 |
| Aehr Test Systems * |
61,902 |
741,586 |
| Alpha & Omega Semiconductor Ltd. * |
53,423 |
1,168,361 |
| Ambarella, Inc. * |
87,387 |
4,017,180 |
| Amkor Technology, Inc. |
255,488 |
8,265,037 |
| Atomera, Inc. *(a) |
52,430 |
243,275 |
| Axcelis Technologies, Inc. * |
73,995 |
7,659,962 |
| CEVA, Inc. * |
52,650 |
1,067,216 |
| Cohu, Inc. * |
105,906 |
3,211,070 |
| Credo Technology Group Holding Ltd. * |
282,765 |
5,053,011 |
| Diodes, Inc. * |
102,543 |
7,486,664 |
| FormFactor, Inc. * |
175,165 |
7,810,607 |
| Ichor Holdings Ltd. * |
65,504 |
2,540,245 |
| Impinj, Inc. * |
52,973 |
8,442,837 |
| indie Semiconductor, Inc., Class A * |
344,181 |
1,934,297 |
| inTEST Corp. * |
27,297 |
307,637 |
| Kulicke & Soffa Industries, Inc. |
126,147 |
5,838,083 |
| MACOM Technology Solutions Holdings, Inc. * |
125,885 |
12,833,976 |
| Maxeon Solar Technologies Ltd. *(a) |
67,876 |
132,358 |
| MaxLinear, Inc. * |
172,597 |
3,588,292 |
| Navitas Semiconductor Corp., Class A * |
260,457 |
1,127,779 |
| NVE Corp. |
10,865 |
884,411 |
| Onto Innovation, Inc. * |
111,233 |
20,632,609 |
| PDF Solutions, Inc. * |
70,357 |
2,116,339 |
| Photronics, Inc. * |
138,464 |
3,795,298 |
| Power Integrations, Inc. |
128,909 |
8,600,808 |
| Rambus, Inc. * |
244,654 |
13,411,932 |
| Semtech Corp. * |
144,843 |
5,448,994 |
| Silicon Laboratories, Inc. * |
72,047 |
8,752,990 |
| SiTime Corp. * |
40,264 |
3,588,328 |
| SkyWater Technology, Inc. * |
41,250 |
423,225 |
| SMART Global Holdings, Inc. * |
116,958 |
2,136,823 |
| Synaptics, Inc. * |
89,603 |
8,060,686 |
| Transphorm, Inc. * |
66,481 |
319,109 |
| Ultra Clean Holdings, Inc. * |
100,770 |
4,215,209 |
| Veeco Instruments, Inc. * |
115,286 |
4,074,207 |
| |
|
172,776,508 |
| | ||
| Software & Services 6.4% | ||
| 8x8, Inc. * |
277,657 |
613,622 |
| A10 Networks, Inc. |
160,404 |
2,094,876 |
| ACI Worldwide, Inc. * |
246,161 |
8,394,090 |
| Adeia, Inc. |
242,834 |
2,389,487 |
| Agilysys, Inc. * |
45,863 |
3,808,922 |
| Alarm.com Holdings, Inc. * |
108,768 |
7,233,072 |
| Alkami Technology, Inc. * |
92,714 |
2,231,626 |
| Altair Engineering, Inc., Class A * |
124,772 |
10,037,907 |
| American Software, Inc., Class A |
72,827 |
736,281 |
| Amplitude, Inc., Class A * |
156,696 |
1,534,054 |
| Appfolio, Inc., Class A * |
43,685 |
9,906,884 |
| Appian Corp., Class A * |
93,147 |
3,487,424 |
| Applied Digital Corp. *(a) |
197,846 |
535,173 |
| Asana, Inc., Class A * |
188,716 |
2,806,207 |
| Aurora Innovation, Inc. * |
809,672 |
2,246,840 |
| AvePoint, Inc. * |
335,885 |
2,609,826 |
| BigBear.ai Holdings, Inc. *(a) |
118,096 |
196,039 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| BigCommerce Holdings, Inc. * |
154,701 |
875,608 |
| Bit Digital, Inc. *(a) |
204,171 |
415,488 |
| Blackbaud, Inc. * |
98,842 |
7,701,769 |
| BlackLine, Inc. * |
129,240 |
7,502,382 |
| Box, Inc., Class A * |
319,822 |
8,321,768 |
| Braze, Inc., Class A * |
121,761 |
5,101,786 |
| Brightcove, Inc. * |
99,091 |
176,382 |
| C3.ai, Inc., Class A *(a) |
186,928 |
4,211,488 |
| Cerence, Inc. * |
93,889 |
855,329 |
| Cipher Mining, Inc. *(a) |
96,211 |
357,905 |
| Cleanspark, Inc. * |
437,372 |
7,164,153 |
| Clear Secure, Inc., Class A |
188,469 |
3,292,553 |
| CommVault Systems, Inc. * |
100,236 |
10,271,183 |
| Consensus Cloud Solutions, Inc. * |
42,837 |
498,623 |
| CoreCard Corp. * |
16,551 |
198,281 |
| Couchbase, Inc. * |
81,086 |
1,957,416 |
| CS Disco, Inc. * |
51,204 |
386,590 |
| CXApp, Inc. * |
4,459 |
14,982 |
| Daily Journal Corp. * |
3,159 |
1,058,897 |
| Digimarc Corp. * |
32,271 |
682,209 |
| Digital Turbine, Inc. * |
226,986 |
433,543 |
| DigitalOcean Holdings, Inc. * |
139,505 |
4,584,134 |
| Domo, Inc., Class B * |
72,712 |
547,521 |
| E2open Parent Holdings, Inc. * |
392,846 |
1,905,303 |
| eGain Corp. * |
48,556 |
301,533 |
| Enfusion, Inc., Class A * |
90,271 |
840,423 |
| Envestnet, Inc. * |
113,785 |
7,062,635 |
| Everbridge, Inc. * |
93,473 |
3,248,187 |
| EverCommerce, Inc. * |
53,324 |
479,916 |
| Expensify, Inc., Class A * |
126,263 |
202,021 |
| Fastly, Inc., Class A * |
277,454 |
3,509,793 |
| Freshworks, Inc., Class A * |
367,943 |
6,567,783 |
| Grid Dynamics Holdings, Inc. * |
127,745 |
1,248,069 |
| Hackett Group, Inc. |
57,333 |
1,243,553 |
| Information Services Group, Inc. |
76,739 |
258,610 |
| Instructure Holdings, Inc. * |
44,271 |
846,904 |
| Intapp, Inc. * |
90,379 |
2,794,519 |
| InterDigital, Inc. |
58,504 |
5,776,100 |
| Jamf Holding Corp. * |
160,508 |
3,125,091 |
| Kaltura, Inc. * |
189,727 |
233,364 |
| LivePerson, Inc. * |
181,747 |
91,037 |
| LiveRamp Holdings, Inc. * |
147,081 |
4,722,771 |
| Marathon Digital Holdings, Inc. * |
508,211 |
8,161,869 |
| Matterport, Inc. * |
590,136 |
2,714,626 |
| MeridianLink, Inc. * |
57,801 |
964,121 |
| MicroStrategy, Inc., Class A * |
33,735 |
35,928,787 |
| Mitek Systems, Inc. * |
100,004 |
1,263,051 |
| Model N, Inc. * |
87,929 |
2,607,095 |
| N-able, Inc. * |
158,392 |
1,941,886 |
| NextNav, Inc. *(a) |
128,776 |
1,173,149 |
| Olo, Inc., Class A * |
232,716 |
1,117,037 |
| ON24, Inc. |
66,316 |
437,022 |
| OneSpan, Inc. * |
92,428 |
1,000,071 |
| PagerDuty, Inc. * |
202,212 |
4,036,152 |
| Perficient, Inc. * |
77,793 |
3,676,497 |
| PowerSchool Holdings, Inc., Class A * |
128,953 |
2,233,466 |
| Progress Software Corp. |
100,389 |
5,001,380 |
| PROS Holdings, Inc. * |
101,417 |
3,321,407 |
| Q2 Holdings, Inc. * |
129,280 |
6,643,699 |
| Qualys, Inc. * |
84,487 |
13,848,264 |
| Rackspace Technology, Inc. * |
147,037 |
252,904 |
| Rapid7, Inc. * |
137,728 |
6,170,214 |
| Red Violet, Inc. * |
25,499 |
427,873 |
| Rimini Street, Inc. * |
114,282 |
303,990 |
| Riot Platforms, Inc. * |
450,026 |
4,549,763 |
| Sapiens International Corp. NV |
69,612 |
2,144,050 |
| SEMrush Holdings, Inc., Class A * |
71,942 |
880,570 |
| SolarWinds Corp. |
118,260 |
1,303,225 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
60
Schwab Small-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| SoundHound AI, Inc., Class A *(a) |
311,211 |
1,319,535 |
| SoundThinking, Inc. * |
22,013 |
294,094 |
| Sprinklr, Inc., Class A * |
239,914 |
2,804,595 |
| Sprout Social, Inc., Class A * |
110,313 |
5,565,291 |
| SPS Commerce, Inc. * |
83,357 |
14,493,282 |
| Squarespace, Inc., Class A * |
128,625 |
4,483,867 |
| Tenable Holdings, Inc. * |
264,362 |
11,888,359 |
| Terawulf, Inc. * |
353,643 |
767,405 |
| Thoughtworks Holding, Inc. * |
213,772 |
495,951 |
| Tucows, Inc., Class A * |
22,699 |
401,091 |
| Unisys Corp. * |
149,219 |
810,259 |
| Varonis Systems, Inc., Class B * |
247,083 |
10,809,881 |
| Verint Systems, Inc. * |
138,720 |
4,200,442 |
| Veritone, Inc. *(a) |
59,872 |
195,781 |
| Viant Technology, Inc., Class A * |
33,212 |
291,933 |
| Weave Communications, Inc. * |
77,987 |
833,681 |
| Workiva, Inc., Class A * |
112,766 |
8,885,961 |
| Xperi, Inc. * |
97,987 |
1,029,843 |
| Yext, Inc. * |
244,558 |
1,342,623 |
| Zeta Global Holdings Corp., Class A * |
318,488 |
3,936,512 |
| Zuora, Inc., Class A * |
307,896 |
3,035,855 |
| |
|
361,918,341 |
| | ||
| Technology Hardware & Equipment 5.1% | ||
| 908 Devices, Inc. * |
50,129 |
285,735 |
| ADTRAN Holdings, Inc. |
179,986 |
788,339 |
| Advanced Energy Industries, Inc. |
85,376 |
8,182,436 |
| Aeva Technologies, Inc. * |
36,311 |
113,290 |
| Akoustis Technologies, Inc. * |
213,442 |
125,312 |
| Arlo Technologies, Inc. * |
203,020 |
2,513,388 |
| Aviat Networks, Inc. * |
26,285 |
879,233 |
| Badger Meter, Inc. |
66,837 |
12,225,824 |
| Bel Fuse, Inc., Class B |
23,641 |
1,388,200 |
| Belden, Inc. |
94,552 |
7,684,241 |
| Benchmark Electronics, Inc. |
80,218 |
2,423,386 |
| Calix, Inc. * |
133,664 |
3,706,503 |
| Cambium Networks Corp. * |
27,989 |
94,883 |
| Clearfield, Inc. * |
29,269 |
881,582 |
| Climb Global Solutions, Inc. |
9,506 |
612,757 |
| CommScope Holding Co., Inc. * |
468,537 |
418,872 |
| CompoSecure, Inc. *(a) |
37,585 |
261,216 |
| Comtech Telecommunications Corp. * |
62,916 |
118,282 |
| Corsair Gaming, Inc. * |
82,828 |
919,391 |
| CPI Card Group, Inc. * |
9,729 |
167,825 |
| CTS Corp. |
70,297 |
3,216,088 |
| Daktronics, Inc. * |
86,879 |
821,007 |
| Digi International, Inc. * |
80,681 |
2,473,679 |
| DZS, Inc. * |
49,884 |
48,891 |
| Eastman Kodak Co. * |
126,684 |
570,078 |
| ePlus, Inc. * |
60,213 |
4,629,175 |
| Evolv Technologies Holdings, Inc. * |
259,500 |
1,014,645 |
| Extreme Networks, Inc. * |
286,430 |
3,208,016 |
| Fabrinet * |
83,601 |
14,468,825 |
| FARO Technologies, Inc. * |
42,407 |
795,131 |
| Harmonic, Inc. * |
249,911 |
2,684,044 |
| Immersion Corp. |
72,081 |
524,029 |
| Infinera Corp. * |
451,699 |
2,177,189 |
| Insight Enterprises, Inc. * |
63,891 |
11,664,580 |
| Intevac, Inc. * |
58,321 |
246,698 |
| IonQ, Inc. *(a) |
372,171 |
3,182,062 |
| Iteris, Inc. * |
97,633 |
437,396 |
| Itron, Inc. * |
103,620 |
9,545,474 |
| Kimball Electronics, Inc. * |
53,790 |
1,125,825 |
| Knowles Corp. * |
201,676 |
3,192,531 |
| KVH Industries, Inc. * |
42,847 |
205,666 |
| Lightwave Logic, Inc. *(a) |
262,754 |
1,003,720 |
| Luna Innovations, Inc. * |
72,680 |
149,721 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Methode Electronics, Inc. |
76,479 |
932,279 |
| MicroVision, Inc. *(a) |
442,824 |
642,095 |
| Mirion Technologies, Inc., Class A * |
456,179 |
4,958,666 |
| Napco Security Technologies, Inc. |
75,330 |
3,065,931 |
| NETGEAR, Inc. * |
65,340 |
965,725 |
| NetScout Systems, Inc. * |
155,029 |
2,985,859 |
| nLight, Inc. * |
101,887 |
1,160,493 |
| Novanta, Inc. * |
81,331 |
12,728,301 |
| OSI Systems, Inc. * |
36,658 |
4,818,328 |
| PAR Technology Corp. * |
61,841 |
2,614,637 |
| PC Connection, Inc. |
26,095 |
1,617,107 |
| Plexus Corp. * |
62,398 |
6,302,822 |
| Presto Automation, Inc. * |
7,273 |
1,226 |
| Ribbon Communications, Inc. * |
200,308 |
634,976 |
| Richardson Electronics Ltd. |
27,359 |
288,090 |
| Rogers Corp. * |
39,232 |
4,672,139 |
| Sanmina Corp. * |
125,082 |
7,588,725 |
| ScanSource, Inc. * |
56,324 |
2,344,205 |
| SmartRent, Inc. * |
426,523 |
989,533 |
| Super Micro Computer, Inc. * |
115,543 |
99,228,328 |
| TTM Technologies, Inc. * |
231,247 |
3,452,518 |
| Turtle Beach Corp. * |
38,012 |
535,969 |
| Viavi Solutions, Inc. * |
501,367 |
3,960,799 |
| Vishay Intertechnology, Inc. |
288,975 |
6,686,881 |
| Vishay Precision Group, Inc. * |
27,936 |
921,888 |
| Vuzix Corp. *(a) |
142,266 |
189,214 |
| Xerox Holdings Corp. |
265,006 |
3,521,930 |
| |
|
288,983,829 |
| | ||
| Telecommunication Services 0.5% | ||
| Anterix, Inc. * |
28,925 |
911,716 |
| AST SpaceMobile, Inc., Class A *(a) |
260,177 |
574,991 |
| ATN International, Inc. |
24,765 |
472,516 |
| Bandwidth, Inc., Class A * |
52,882 |
962,452 |
| Cogent Communications Holdings, Inc. |
99,453 |
6,382,894 |
| Consolidated Communications Holdings, Inc. * |
170,235 |
735,415 |
| Globalstar, Inc. * |
1,644,419 |
2,121,300 |
| Gogo, Inc. * |
151,867 |
1,375,915 |
| IDT Corp., Class B |
35,116 |
1,248,023 |
| Liberty Latin America Ltd., Class C * |
389,690 |
2,938,263 |
| Lumen Technologies, Inc. * |
2,289,108 |
2,724,039 |
| Ooma, Inc. * |
53,383 |
376,884 |
| Shenandoah Telecommunications Co. |
109,792 |
1,407,533 |
| Spok Holdings, Inc. |
41,157 |
635,876 |
| Telephone & Data Systems, Inc. |
224,529 |
3,513,879 |
| |
|
26,381,696 |
| | ||
| Transportation 1.3% | ||
| Air Transport Services Group, Inc. * |
116,910 |
1,498,786 |
| Allegiant Travel Co. |
35,829 |
1,954,830 |
| ArcBest Corp. |
54,026 |
5,992,024 |
| Blade Air Mobility, Inc. * |
140,659 |
448,702 |
| Costamare, Inc. |
104,431 |
1,251,083 |
| Covenant Logistics Group, Inc., Class A |
19,217 |
868,416 |
| Forward Air Corp. |
58,888 |
1,296,714 |
| Frontier Group Holdings, Inc. * |
86,836 |
524,489 |
| FTAI Infrastructure, Inc. |
225,959 |
1,635,943 |
| Genco Shipping & Trading Ltd. |
96,046 |
2,049,622 |
| Golden Ocean Group Ltd. |
279,183 |
3,933,689 |
| Hawaiian Holdings, Inc. * |
116,106 |
1,474,546 |
| Heartland Express, Inc. |
105,486 |
1,048,531 |
| Himalaya Shipping Ltd. * |
69,223 |
565,552 |
| Hub Group, Inc., Class A |
142,922 |
5,748,323 |
| JetBlue Airways Corp. * |
765,447 |
4,347,739 |
| Joby Aviation, Inc. *(a) |
632,732 |
3,195,297 |
See financial
notes
61
Schwab Equity Index Funds | Semiannual
ReportSchwab Small-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Marten Transport Ltd. |
131,965 |
2,232,848 |
| Matson, Inc. |
78,306 |
8,439,821 |
| PAM Transportation Services, Inc. * |
13,871 |
237,610 |
| Pangaea Logistics Solutions Ltd. |
83,238 |
599,314 |
| Radiant Logistics, Inc. * |
79,045 |
390,482 |
| RXO, Inc. * |
264,419 |
5,000,163 |
| Safe Bulkers, Inc. |
152,360 |
760,276 |
| SkyWest, Inc. * |
91,999 |
6,718,687 |
| Spirit Airlines, Inc. (a) |
247,207 |
872,641 |
| Sun Country Airlines Holdings, Inc. * |
97,284 |
1,294,850 |
| Universal Logistics Holdings, Inc. |
15,506 |
692,808 |
| Werner Enterprises, Inc. |
144,114 |
4,928,699 |
| |
|
70,002,485 |
| | ||
| Utilities 2.6% | ||
| ALLETE, Inc. |
131,176 |
7,768,243 |
| Altus Power, Inc., Class A * |
145,704 |
534,734 |
| American States Water Co. |
84,247 |
5,968,057 |
| Artesian Resources Corp., Class A |
21,024 |
735,419 |
| Avista Corp. |
176,215 |
6,340,216 |
| Black Hills Corp. |
155,129 |
8,516,582 |
| Brookfield Infrastructure Corp., Class A |
271,978 |
8,287,170 |
| Cadiz, Inc. * |
92,704 |
211,365 |
| California Water Service Group |
131,372 |
6,452,993 |
| Chesapeake Utilities Corp. |
49,778 |
5,269,997 |
| Consolidated Water Co. Ltd. |
34,507 |
878,203 |
| Genie Energy Ltd., Class B |
44,174 |
675,420 |
| Global Water Resources, Inc. |
25,957 |
317,714 |
| MGE Energy, Inc. |
82,888 |
6,491,788 |
| Middlesex Water Co. |
40,041 |
2,030,879 |
| Montauk Renewables, Inc. * |
149,439 |
537,980 |
| New Jersey Resources Corp. |
221,122 |
9,660,820 |
| Northwest Natural Holding Co. |
83,384 |
3,181,100 |
| Northwestern Energy Group, Inc. |
140,015 |
7,062,357 |
| ONE Gas, Inc. |
125,267 |
8,082,227 |
| Ormat Technologies, Inc. |
122,694 |
7,831,558 |
| Otter Tail Corp. |
93,699 |
7,998,147 |
| PNM Resources, Inc. |
194,737 |
7,216,953 |
| Portland General Electric Co. |
231,217 |
9,995,511 |
| Pure Cycle Corp. * |
47,117 |
449,496 |
| RGC Resources, Inc. |
18,313 |
377,614 |
| SJW Group |
72,397 |
3,942,017 |
| Southwest Gas Holdings, Inc. |
141,918 |
10,589,921 |
| Spire, Inc. |
118,534 |
7,324,216 |
| Sunnova Energy International, Inc. *(a) |
239,852 |
1,009,777 |
| Unitil Corp. |
36,065 |
1,837,151 |
| York Water Co. |
32,145 |
1,141,469 |
| |
|
148,717,094 |
| Total Common Stocks
(Cost $4,180,444,745) |
5,615,179,392 | |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| RIGHTS 0.0% OF NET ASSETS | ||
| | ||
| Pharmaceuticals, Biotechnology & Life Sciences
0.0% | ||
| Aduro Biotech, Inc. CVR *(c) |
27,867 |
72,998 |
| Cartesian Therapeutics, Inc. CVR *(c) |
265,512 |
47,792 |
| Gtx, Inc. CVR *(c) |
592 |
607 |
| Jounce Therapeutics, Inc. CVR *(c) |
100,774 |
3,023 |
| Tobira Therapeutics, Inc. CVR *(c) |
14,029 |
60,606 |
| |
|
185,026 |
| Total Rights
(Cost $44,006) |
185,026 | |
| |
|
|
| SHORT-TERM INVESTMENTS 1.2% OF NET ASSETS | ||
| | ||
| Money Market Funds 1.2% | ||
| State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.25% (d)(e) |
68,498,560 |
68,498,560 |
| Total Short-Term Investments
(Cost $68,498,560) |
68,498,560 | |
| Total Investments in Securities
(Cost $4,248,987,311) |
5,683,862,978 | |
| |
NUMBER OF CONTRACTS |
NOTIONAL AMOUNT
($) |
CURRENT VALUE/ UNREALIZED
APPRECIATION ($) |
| FUTURES CONTRACTS | |||
| Long |
|
|
|
| Russell 2000 Index, e-mini, expires 06/21/24 |
168 |
16,679,040 |
159,016 |
| * |
Non-income producing security. |
| (a) |
All or a portion of this security is on loan. Securities on loan were valued at $62,833,036. |
| (b) |
Issuer is an affiliated company, as the investment adviser owns at least 5% of the voting securities of such company. |
| (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. |
| CVR — |
Contingent Value Rights |
| REIT — |
Real Estate Investment Trust |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
62
Schwab Small-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
Below is a summary of the fund’s transactions
with affiliated issuers and affiliated companies which are or were affiliates during the period April 30, 2024. 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, 2023, and/or Value at April
30, 2024, columns means either the issuer was not held or not held as an affiliate at the beginning of period and is no longer held at period end or the issuer is held at period end but is no longer an affiliate.
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DIVIDENDS RECEIVED |
| COMMON STOCKS 0.0% OF NET ASSETS | ||||||||
| | ||||||||
| Consumer Durables & Apparel 0.0% |
||||||||
| Fossil Group, Inc. |
$— |
$— |
$—
|
$— |
($86,515 ) |
$86,029 |
110,605 |
$— |
| | ||||||||
| Equity Real Estate Investment Trusts (REITs) 0.0%
| ||||||||
| Diversified Healthcare Trust |
— |
28,570 |
(56,121
) |
(99,851 ) |
268,912 |
1,291,248 |
547,139 |
10,908 |
| | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences
0.0% | ||||||||
| Emergent BioSolutions, Inc. |
— |
— |
— |
— |
(24,285 ) |
217,411 |
115,644 |
— |
| | ||||||||
| Transportation 0.0% | ||||||||
| Daseke, Inc. |
— |
98,747 |
(889,815 ) |
86,957 |
293,020 |
— |
— |
— |
| Total |
$— |
$127,317 |
($945,936
) |
($12,894
) |
$451,132 |
$1,594,688 |
|
$10,908 |
The following is a summary of the inputs used to value the fund’s investments
as of April 30, 2024 (see financial note 2(a) for additional information):
| DESCRIPTION |
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) |
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) |
TOTAL |
| Assets |
|
|
|
|
| Common Stocks1
|
$4,802,232,479 |
$— |
$— |
$4,802,232,479
|
| Equity Real Estate Investment Trusts (REITs) |
283,081,897 |
— |
19,696 |
283,101,593 |
| Pharmaceuticals, Biotechnology & Life Sciences |
529,740,298 |
— |
105,022 |
529,845,320 |
| Rights |
|
|
|
|
| Pharmaceuticals, Biotechnology & Life Sciences |
— |
— |
185,026 |
185,026 |
| Short-Term Investments1
|
68,498,560 |
— |
— |
68,498,560 |
| Futures Contracts2
|
159,016 |
— |
— |
159,016 |
| Total |
$5,683,712,250 |
$— |
$309,744 |
$5,684,021,994 |
| 1 |
As categorized in the Portfolio Holdings.
|
| 2 |
Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
See financial notes
63
Schwab Equity Index Funds | Semiannual ReportSchwab Small-Cap Index
Fund
Statement of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $8,913,894) |
|
$1,594,688
|
| Investments in securities, at value - unaffiliated issuers (cost $4,240,073,417) including securities on loan of $62,833,036 |
|
5,682,268,290 |
| Cash |
|
11,673,287 |
| Deposit with broker for futures contracts |
|
981,500 |
| Receivables: |
|
|
| Fund shares sold |
|
7,363,384 |
| Dividends |
|
1,679,549 |
| Income from securities on loan |
+ |
555,983 |
| Total assets |
|
5,706,116,681 |
| | ||
| Liabilities | ||
| Collateral held for securities on loan |
|
68,498,560 |
| Payables: |
|
|
| Fund shares redeemed |
|
2,392,290 |
| Investments bought |
|
655,985 |
| Variation margin on futures contracts |
|
278,401 |
| Investment adviser fees |
+ |
188,418 |
| Total liabilities |
|
72,013,654 |
| Net assets |
|
$5,634,103,027 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$4,640,638,117
|
| Total distributable earnings |
+ |
993,464,910 |
| Net assets |
|
$5,634,103,027 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares Outstanding |
= |
NAV |
| $5,634,103,027 |
|
177,212,964 |
|
$31.79 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab Equity Index Funds | Semiannual Report
64
Schwab Small-Cap Index
Fund
Statement of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $75,115) |
|
$45,786,263
|
| Other interest |
|
337,178 |
| Dividends received from securities - affiliated issuers |
|
10,908 |
| Securities on loan, net |
+ |
3,254,037 |
| Total investment income
|
|
49,388,386 |
| | ||
| Expenses | ||
| Investment adviser fees |
|
1,129,447 |
| Total expenses |
– |
1,129,447 |
| Net investment income |
|
48,258,939 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized losses on sales of securities - affiliated issuers |
|
(12,894 ) |
| Net realized losses on sales of securities - unaffiliated issuers |
|
(29,484,496 ) |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers |
|
3,472,124 |
| Net realized gains on futures contracts |
+ |
1,817,554 |
| Net realized losses |
|
(24,207,712 ) |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
|
451,132 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
|
933,674,953 |
| Net change in unrealized appreciation (depreciation) on futures contracts |
+ |
923,370 |
| Net change in unrealized appreciation (depreciation) |
+ |
935,049,455 |
| Net realized and unrealized gains |
|
910,841,743 |
| Increase in net assets resulting from operations |
|
$959,100,682 |
See financial notes
65
Schwab Equity Index Funds | Semiannual ReportSchwab 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 | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$48,258,939 |
$85,960,469
|
| Net realized gains (losses) |
|
(24,207,712 ) |
35,197,324 |
| Net change in unrealized appreciation (depreciation) |
+ |
935,049,455 |
(573,316,322 ) |
| Increase (decrease) in net assets resulting from operations |
|
$959,100,682 |
($452,158,529 ) |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($86,736,454
) |
($67,319,807 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
15,910,887 |
$502,070,824 |
37,521,878 |
$1,105,017,562
|
| Shares reinvested |
|
2,232,953 |
67,256,541 |
1,875,048 |
53,907,613 |
| Shares redeemed |
+ |
(21,789,384 ) |
(688,729,515 ) |
(38,355,459 ) |
(1,130,035,083
) |
| Net transactions in fund shares |
|
(3,645,544
) |
($119,402,150
) |
1,041,467 |
$28,890,092 |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
180,858,508 |
$4,881,140,949 |
179,817,041 |
$5,371,729,193
|
| Total increase (decrease) |
+ |
(3,645,544 ) |
752,962,078 |
1,041,467 |
(490,588,244 ) |
| End of period |
|
177,212,964 |
$5,634,103,027 |
180,858,508 |
$4,881,140,949 |
See financial notes
Schwab Equity Index Funds | Semiannual Report
66
Schwab Total Stock Market Index
Fund
Financial Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$71.29 |
$66.82 |
$81.64 |
$57.62 |
$53.42 |
$48.38 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.62 |
1.13 |
1.05 |
1.00 |
1.07 |
0.99 |
| Net realized and unrealized gains (losses) |
14.41 |
4.39 |
(14.67 ) |
24.10 |
4.21 |
5.18 |
| Total from investment operations |
15.03 |
5.52 |
(13.62 ) |
25.10 |
5.28 |
6.17 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(1.14 ) |
(1.05 ) |
(0.96 ) |
(1.08 ) |
(0.94 ) |
(0.90 ) |
| Distributions from net realized gains |
— |
— |
(0.24 ) |
— |
(0.14 ) |
(0.23 ) |
| Total distributions |
(1.14 ) |
(1.05 ) |
(1.20 ) |
(1.08 ) |
(1.08 ) |
(1.13 ) |
| Net asset value at end of period |
$85.18 |
$71.29 |
$66.82 |
$81.64 |
$57.62 |
$53.42 |
| Total return |
21.23
%2 |
8.38 % |
(16.94 %) |
44.01 % |
9.94 % |
13.37 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Total expenses |
0.03
%3 |
0.03
%4 |
0.03
%4 |
0.03 % |
0.03 % |
0.03 % |
| Net investment income (loss) |
1.52
%3 |
1.58 % |
1.44 % |
1.37 % |
1.96 % |
1.99 % |
| Portfolio turnover rate |
0
%2,5 |
2 % |
2 % |
3 % |
4 % |
3 % |
| Net assets, end of period (x 1,000,000) |
$22,249 |
$17,787 |
$16,046 |
$18,232 |
$11,487 |
$10,220 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Annualized. |
| 4 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
| 5 |
Less
than 0.5% |
See financial notes
67
Schwab Equity Index Funds | Semiannual ReportSchwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to
orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to
20 days after the end of the month on the fund’s website.
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| COMMON STOCKS 99.6% OF NET ASSETS | ||
| | ||
| Automobiles & Components 1.5% |
||
| Adient PLC * |
40,665 |
1,214,664 |
| American Axle & Manufacturing Holdings, Inc. * |
60,450 |
443,703 |
| Aptiv PLC * |
127,397 |
9,045,187 |
| Autoliv, Inc. |
33,157 |
3,971,877 |
| BorgWarner, Inc. |
105,976 |
3,472,834 |
| Canoo, Inc. *(a) |
23,749 |
68,397 |
| Cooper-Standard Holdings, Inc. * |
8,444 |
130,291 |
| Dana, Inc. |
54,773 |
680,828 |
| Dorman Products, Inc. * |
13,443 |
1,175,590 |
| Envirotech Vehicles, Inc. * |
9,637 |
20,912 |
| Ford Motor Co. |
1,777,163 |
21,592,530 |
| Fox Factory Holding Corp. * |
18,890 |
735,199 |
| Garrett Motion, Inc. * |
66,397 |
634,755 |
| General Motors Co. |
525,925 |
23,419,440 |
| Gentex Corp. |
105,044 |
3,603,009 |
| Gentherm, Inc. * |
14,378 |
727,095 |
| Goodyear Tire & Rubber Co. * |
127,808 |
1,528,584 |
| Harley-Davidson, Inc. |
56,679 |
1,949,191 |
| Holley, Inc. * |
22,922 |
92,146 |
| LCI Industries |
11,790 |
1,225,924 |
| Lear Corp. |
26,114 |
3,286,969 |
| Lucid Group, Inc. *(a) |
410,570 |
1,046,954 |
| Luminar Technologies, Inc., Class A *(a) |
121,127 |
178,057 |
| Mobileye Global, Inc., Class A *(a) |
35,165 |
968,796 |
| Modine Manufacturing Co. * |
24,298 |
2,250,724 |
| Motorcar Parts of America, Inc. * |
7,218 |
40,998 |
| Patrick Industries, Inc. |
9,154 |
956,502 |
| Phinia, Inc. |
20,144 |
785,616 |
| QuantumScape Corp., Class A * |
170,800 |
925,736 |
| Rivian Automotive, Inc., Class A * |
308,710 |
2,747,519 |
| Standard Motor Products, Inc. |
7,798 |
250,316 |
| Stoneridge, Inc. * |
11,655 |
174,592 |
| Strattec Security Corp. * |
1,500 |
34,140 |
| Superior Industries International, Inc. * |
10,350 |
38,709 |
| Tesla, Inc. * |
1,261,222 |
231,156,768 |
| Thor Industries, Inc. |
24,055 |
2,391,548 |
| Visteon Corp. * |
12,716 |
1,406,771 |
| Winnebago Industries, Inc. |
13,059 |
804,173 |
| Workhorse Group, Inc. * |
79,433 |
12,010 |
| Worksport Ltd. * |
13,921 |
11,624 |
| XPEL, Inc. * |
9,832 |
516,672 |
| |
|
325,717,350 |
| | ||
| Banks 3.6% | ||
| 1895 Bancorp of Wisconsin, Inc. * |
1,526 |
11,064 |
| 1st Source Corp. |
6,934 |
343,926 |
| ACNB Corp. |
3,576 |
116,363 |
| Affinity Bancshares, Inc. * |
1,146 |
19,184 |
| Amalgamated Financial Corp. |
7,518 |
184,492 |
| Amerant Bancorp, Inc. |
10,892 |
235,921 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Ameris Bancorp |
29,643 |
1,407,450 |
| AmeriServ Financial, Inc. |
4,001 |
9,682 |
| Ames National Corp. |
4,056 |
78,078 |
| Arrow Financial Corp. |
6,961 |
155,021 |
| Associated Banc-Corp. |
69,004 |
1,453,914 |
| Atlantic Union Bankshares Corp. |
40,437 |
1,284,668 |
| Auburn National BanCorp, Inc. |
800 |
14,808 |
| Axos Financial, Inc. * |
22,736 |
1,150,669 |
| Banc of California, Inc. |
62,790 |
859,595 |
| BancFirst Corp. |
6,480 |
577,822 |
| Bancorp, Inc. * |
23,768 |
711,614 |
| Bank First Corp. |
3,759 |
290,157 |
| Bank of America Corp. |
3,131,718 |
115,904,883 |
| Bank of Hawaii Corp. |
18,380 |
1,041,962 |
| Bank of Marin Bancorp |
6,631 |
95,221 |
| Bank of the James Financial Group, Inc. |
2,744 |
27,934 |
| Bank OZK |
46,860 |
2,092,299 |
| Bank7 Corp. |
2,054 |
56,074 |
| BankFinancial Corp. |
3,213 |
31,070 |
| BankUnited, Inc. |
36,102 |
965,006 |
| Bankwell Financial Group, Inc. |
2,376 |
54,482 |
| Banner Corp. |
15,660 |
683,246 |
| Bar Harbor Bankshares |
5,903 |
148,047 |
| BayCom Corp. |
4,901 |
96,942 |
| Bayfirst Financial Corp. |
784 |
10,098 |
| BCB Bancorp, Inc. |
7,033 |
66,251 |
| Berkshire Hills Bancorp, Inc. |
19,410 |
413,821 |
| Blue Foundry Bancorp * |
9,742 |
83,197 |
| Bogota Financial Corp. * |
1,050 |
7,109 |
| BOK Financial Corp. |
12,146 |
1,077,715 |
| Bridgewater Bancshares, Inc. * |
8,542 |
92,937 |
| Broadway Financial Corp. * |
2,507 |
12,435 |
| Brookline Bancorp, Inc. |
38,717 |
321,351 |
| Burke & Herbert Financial Services Corp. |
2,960 |
155,045 |
| Business First Bancshares, Inc. |
9,475 |
191,300 |
| Byline Bancorp, Inc. |
14,729 |
319,177 |
| C&F Financial Corp. |
1,200 |
47,004 |
| Cadence Bank |
83,438 |
2,308,729 |
| California BanCorp * |
2,455 |
53,274 |
| Cambridge Bancorp |
3,535 |
216,943 |
| Camden National Corp. |
5,912 |
184,573 |
| Capital Bancorp, Inc. |
3,170 |
61,498 |
| Capital City Bank Group, Inc. |
5,558 |
147,398 |
| Capitol Federal Financial, Inc. |
63,473 |
302,766 |
| Carter Bankshares, Inc. * |
9,825 |
119,570 |
| Catalyst Bancorp, Inc. * |
1,359 |
15,900 |
| Cathay General Bancorp |
32,565 |
1,121,539 |
| CB Financial Services, Inc. |
2,090 |
46,419 |
| Central Pacific Financial Corp. |
11,311 |
225,541 |
| CF Bankshares, Inc. |
2,505 |
46,292 |
| Chemung Financial Corp. |
1,306 |
55,068 |
| ChoiceOne Financial Services, Inc. |
2,484 |
61,752 |
| Citigroup, Inc. |
866,042 |
53,114,356 |
| Citizens & Northern Corp. |
5,947 |
101,396 |
| Citizens Community Bancorp, Inc. |
3,309 |
36,399 |
| Citizens Financial Group, Inc. |
213,390 |
7,278,733 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
68
Schwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Citizens Financial Services, Inc. |
1,994 |
80,558 |
| City Holding Co. |
6,363 |
642,790 |
| Civista Bancshares, Inc. |
5,755 |
82,181 |
| CNB Financial Corp. |
8,219 |
156,161 |
| Coastal Financial Corp. * |
5,270 |
203,844 |
| Codorus Valley Bancorp, Inc. |
4,360 |
96,792 |
| Colony Bankcorp, Inc. |
7,200 |
78,264 |
| Columbia Banking System, Inc. |
93,886 |
1,765,996 |
| Columbia Financial, Inc. * |
14,396 |
238,974 |
| Comerica, Inc. |
61,134 |
3,067,093 |
| Commerce Bancshares, Inc. |
52,932 |
2,894,322 |
| Community Bank System, Inc. |
25,119 |
1,085,643 |
| Community Trust Bancorp, Inc. |
6,370 |
267,604 |
| Community West Bancshares |
6,826 |
117,202 |
| ConnectOne Bancorp, Inc. |
14,768 |
264,495 |
| CrossFirst Bankshares, Inc. * |
17,616 |
212,801 |
| Cullen/Frost Bankers, Inc. |
28,859 |
3,011,148 |
| Cullman Bancorp, Inc. |
1,374 |
14,386 |
| Customers Bancorp, Inc. * |
12,356 |
564,299 |
| CVB Financial Corp. |
61,166 |
999,452 |
| Dime Community Bancshares, Inc. |
18,909 |
344,144 |
| Eagle Bancorp Montana, Inc. |
2,563 |
32,806 |
| Eagle Bancorp, Inc. |
13,609 |
251,630 |
| East West Bancorp, Inc. |
63,899 |
4,759,837 |
| Eastern Bankshares, Inc. |
70,729 |
888,356 |
| ECB Bancorp, Inc. * |
4,412 |
51,179 |
| Enterprise Bancorp, Inc. |
3,412 |
82,912 |
| Enterprise Financial Services Corp. |
16,939 |
643,851 |
| Equity Bancshares, Inc., Class A |
6,351 |
211,552 |
| Esquire Financial Holdings, Inc. |
3,256 |
153,227 |
| ESSA Bancorp, Inc. |
3,176 |
51,451 |
| Evans Bancorp, Inc. |
2,622 |
67,097 |
| Farmers & Merchants Bancorp, Inc. |
6,004 |
123,082 |
| Farmers National Banc Corp. |
14,833 |
175,474 |
| FB Financial Corp. |
17,225 |
631,296 |
| Fidelity D&D Bancorp, Inc. |
1,779 |
80,767 |
| Fifth Third Bancorp |
308,582 |
11,250,900 |
| Financial Institutions, Inc. |
6,134 |
105,627 |
| Finward Bancorp |
1,806 |
44,229 |
| Finwise Bancorp * |
4,562 |
48,403 |
| First BanCorp |
76,777 |
1,324,403 |
| First Bancorp, Inc. |
3,588 |
79,223 |
| First Bancorp/Southern Pines NC |
20,264 |
616,228 |
| First Bancshares, Inc. |
11,989 |
287,017 |
| First Bank |
9,056 |
105,774 |
| First Busey Corp. |
25,293 |
565,046 |
| First Business Financial Services, Inc. |
2,713 |
89,719 |
| First Capital, Inc. |
1,074 |
29,535 |
| First Citizens BancShares, Inc., Class A |
5,438 |
9,172,601 |
| First Commonwealth Financial Corp. |
43,700 |
576,403 |
| First Community Bankshares, Inc. |
8,451 |
280,404 |
| First Community Corp. |
3,520 |
58,186 |
| First Financial Bancorp |
42,225 |
933,595 |
| First Financial Bankshares, Inc. |
59,024 |
1,744,749 |
| First Financial Corp. |
4,167 |
151,720 |
| First Financial Northwest, Inc. |
2,960 |
60,295 |
| First Foundation, Inc. |
23,207 |
127,174 |
| First Guaranty Bancshares, Inc. |
2,887 |
32,421 |
| First Hawaiian, Inc. |
58,509 |
1,233,955 |
| First Horizon Corp. |
251,327 |
3,749,799 |
| First Internet Bancorp |
3,435 |
106,657 |
| First Interstate BancSystem, Inc., Class A |
37,307 |
996,097 |
| First Merchants Corp. |
28,372 |
948,192 |
| First Mid Bancshares, Inc. |
12,345 |
382,201 |
| First National Corp. |
2,648 |
39,084 |
| First Northwest Bancorp |
3,416 |
35,014 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| First of Long Island Corp. |
9,603 |
90,940 |
| First Savings Financial Group, Inc. |
2,389 |
38,296 |
| First Seacoast Bancorp, Inc. * |
3,389 |
29,620 |
| First U.S. Bancshares, Inc. |
4,841 |
50,056 |
| First United Corp. |
2,849 |
64,359 |
| First Western Financial, Inc. * |
2,786 |
46,443 |
| Five Star Bancorp |
4,893 |
105,787 |
| Flushing Financial Corp. |
12,108 |
133,430 |
| FNB Corp. |
167,523 |
2,234,757 |
| FNCB Bancorp, Inc. |
8,643 |
47,796 |
| Franklin Financial Services Corp. |
1,992 |
60,298 |
| FS Bancorp, Inc. |
3,171 |
98,840 |
| Fulton Financial Corp. |
82,085 |
1,358,507 |
| FVCBankcorp, Inc. * |
8,954 |
103,061 |
| German American Bancorp, Inc. |
14,939 |
474,014 |
| Glacier Bancorp, Inc. |
50,234 |
1,817,466 |
| Great Southern Bancorp, Inc. |
4,013 |
206,268 |
| Greene County Bancorp, Inc. |
3,212 |
94,497 |
| Guaranty Bancshares, Inc. |
3,536 |
101,589 |
| Hancock Whitney Corp. |
39,748 |
1,804,162 |
| Hanmi Financial Corp. |
13,522 |
206,887 |
| HarborOne Bancorp, Inc. |
18,808 |
190,525 |
| Hawthorn Bancshares, Inc. |
2,065 |
37,645 |
| HBT Financial, Inc. |
5,821 |
107,427 |
| Heartland Financial USA, Inc. |
18,495 |
778,824 |
| Heritage Commerce Corp. |
26,186 |
207,917 |
| Heritage Financial Corp. |
14,372 |
254,959 |
| Hilltop Holdings, Inc. |
19,849 |
580,782 |
| Hingham Institution For Savings (a) |
707 |
119,412 |
| HMN Financial, Inc. |
2,233 |
44,437 |
| Home Bancorp, Inc. |
3,387 |
118,545 |
| Home BancShares, Inc. |
83,150 |
1,968,992 |
| HomeStreet, Inc. |
8,389 |
102,765 |
| HomeTrust Bancshares, Inc. |
6,363 |
163,529 |
| Hope Bancorp, Inc. |
59,050 |
591,681 |
| Horizon Bancorp, Inc. |
16,744 |
192,221 |
| Huntington Bancshares, Inc. |
654,417 |
8,814,997 |
| IF Bancorp, Inc. |
584 |
9,636 |
| Independent Bank Corp. |
9,444 |
234,306 |
| Independent Bank Corp. |
19,247 |
966,969 |
| Independent Bank Group, Inc. |
17,129 |
637,884 |
| International Bancshares Corp. |
24,669 |
1,372,830 |
| Investar Holding Corp. |
3,333 |
55,594 |
| John Marshall Bancorp, Inc. |
4,443 |
73,398 |
| JPMorgan Chase & Co. |
1,315,017 |
252,141,360 |
| Kearny Financial Corp. |
30,246 |
163,328 |
| KeyCorp |
422,099 |
6,116,215 |
| Lakeland Bancorp, Inc. |
27,779 |
338,626 |
| Lakeland Financial Corp. |
12,289 |
722,225 |
| Landmark Bancorp, Inc. |
2,076 |
37,368 |
| LCNB Corp. |
4,732 |
66,721 |
| LINKBANCORP, Inc. |
5,773 |
38,275 |
| Live Oak Bancshares, Inc. |
14,105 |
455,874 |
| M&T Bank Corp. |
75,587 |
10,914,007 |
| Macatawa Bank Corp. |
10,493 |
146,902 |
| Magyar Bancorp, Inc. |
1,051 |
11,971 |
| MainStreet Bancshares, Inc. |
3,000 |
45,810 |
| Mercantile Bank Corp. |
5,802 |
209,336 |
| Meridian Corp. |
3,846 |
35,614 |
| Metrocity Bankshares, Inc. |
7,678 |
176,440 |
| Metropolitan Bank Holding Corp. * |
4,799 |
190,520 |
| Mid Penn Bancorp, Inc. |
5,597 |
113,227 |
| Middlefield Banc Corp. |
3,452 |
74,114 |
| Midland States Bancorp, Inc. |
8,785 |
192,392 |
| MidWestOne Financial Group, Inc. |
5,792 |
116,825 |
| MVB Financial Corp. |
4,605 |
82,752 |
| National Bank Holdings Corp., Class A |
16,969 |
555,395 |
See financial
notes
69
Schwab Equity Index Funds | Semiannual
ReportSchwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| National Bankshares, Inc. |
2,506 |
67,186 |
| NB Bancorp, Inc. * |
18,000 |
263,160 |
| NBT Bancorp, Inc. |
21,649 |
757,932 |
| New York Community Bancorp, Inc. |
329,468 |
873,090 |
| Nicolet Bankshares, Inc. |
5,917 |
452,828 |
| Northeast Bank |
3,001 |
155,212 |
| Northeast Community Bancorp, Inc. |
5,675 |
89,552 |
| Northfield Bancorp, Inc. |
18,804 |
156,825 |
| Northrim BanCorp, Inc. |
2,596 |
124,089 |
| Northwest Bancshares, Inc. |
54,295 |
575,527 |
| Norwood Financial Corp. |
3,060 |
73,715 |
| NSTS Bancorp, Inc. * |
1,610 |
15,440 |
| Oak Valley Bancorp |
3,707 |
89,524 |
| OceanFirst Financial Corp. |
25,110 |
370,624 |
| OFG Bancorp |
23,182 |
837,102 |
| Ohio Valley Banc Corp. |
1,400 |
32,900 |
| Old National Bancorp |
139,479 |
2,306,990 |
| Old Point Financial Corp. |
1,643 |
23,166 |
| Old Second Bancorp, Inc. |
17,372 |
237,996 |
| OP Bancorp |
5,203 |
47,503 |
| Orange County Bancorp, Inc. |
1,662 |
71,815 |
| Origin Bancorp, Inc. |
12,052 |
357,944 |
| Orrstown Financial Services, Inc. |
4,595 |
120,481 |
| Pacific Premier Bancorp, Inc. |
45,517 |
978,616 |
| Park National Corp. |
7,007 |
922,892 |
| Parke Bancorp, Inc. |
4,518 |
74,366 |
| Pathfinder Bancorp, Inc. |
593 |
7,543 |
| Pathward Financial, Inc. |
11,847 |
596,733 |
| PB Bankshares, Inc. * |
2,277 |
28,144 |
| PCB Bancorp |
4,081 |
59,419 |
| Peapack-Gladstone Financial Corp. |
6,657 |
148,984 |
| Penns Woods Bancorp, Inc. |
2,250 |
39,330 |
| Peoples Bancorp of North Carolina, Inc. |
1,896 |
55,155 |
| Peoples Bancorp, Inc. |
15,377 |
446,548 |
| Peoples Financial Services Corp. |
2,693 |
101,984 |
| Pinnacle Financial Partners, Inc. |
34,743 |
2,664,788 |
| Pioneer Bancorp, Inc. * |
2,717 |
24,059 |
| Plumas Bancorp |
2,267 |
79,708 |
| PNC Financial Services Group, Inc. |
181,284 |
27,783,586 |
| Ponce Financial Group, Inc. * |
10,983 |
88,303 |
| Popular, Inc. |
33,493 |
2,846,570 |
| Preferred Bank |
5,696 |
431,130 |
| Premier Financial Corp. |
14,638 |
283,684 |
| Primis Financial Corp. |
10,278 |
99,902 |
| Princeton Bancorp, Inc. |
1,590 |
46,349 |
| Prosperity Bancshares, Inc. |
42,545 |
2,636,514 |
| Provident Bancorp, Inc. * |
6,035 |
53,681 |
| Provident Financial Holdings, Inc. |
3,562 |
46,092 |
| Provident Financial Services, Inc. |
32,096 |
471,169 |
| QCR Holdings, Inc. |
7,130 |
391,865 |
| RBB Bancorp |
6,055 |
107,537 |
| Red River Bancshares, Inc. |
1,974 |
89,245 |
| Regions Financial Corp. |
419,248 |
8,078,909 |
| Renasant Corp. |
26,630 |
773,868 |
| Republic Bancorp, Inc., Class A |
3,781 |
191,772 |
| Richmond Mutual BanCorp, Inc. |
4,348 |
47,263 |
| Riverview Bancorp, Inc. |
6,215 |
23,182 |
| S&T Bancorp, Inc. |
16,257 |
490,149 |
| Sandy Spring Bancorp, Inc. |
19,518 |
399,143 |
| SB Financial Group, Inc. |
3,301 |
44,167 |
| Seacoast Banking Corp. of Florida |
37,995 |
876,545 |
| ServisFirst Bancshares, Inc. |
22,675 |
1,336,918 |
| Shore Bancshares, Inc. |
11,833 |
122,472 |
| Sierra Bancorp |
5,854 |
116,026 |
| Simmons First National Corp., Class A |
54,646 |
933,900 |
| SmartFinancial, Inc. |
6,197 |
127,348 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Sound Financial Bancorp, Inc. |
596 |
23,834 |
| South Plains Financial, Inc. |
5,663 |
146,785 |
| Southern California Bancorp * |
5,092 |
71,237 |
| Southern First Bancshares, Inc. * |
2,967 |
76,608 |
| Southern Missouri Bancorp, Inc. |
4,045 |
162,205 |
| Southern States Bancshares, Inc. |
2,910 |
70,335 |
| Southside Bancshares, Inc. |
12,464 |
332,290 |
| SouthState Corp. |
35,121 |
2,658,660 |
| Stellar Bancorp, Inc. |
23,106 |
512,953 |
| Sterling Bancorp, Inc. * |
9,738 |
46,061 |
| Stock Yards Bancorp, Inc. |
13,389 |
596,480 |
| Summit Financial Group, Inc. |
6,235 |
165,040 |
| Summit State Bank |
1,071 |
10,678 |
| Synovus Financial Corp. |
66,672 |
2,386,191 |
| TC Bancshares, Inc. |
3,005 |
41,018 |
| Territorial Bancorp, Inc. |
4,386 |
33,027 |
| Texas Capital Bancshares, Inc. * |
21,446 |
1,231,000 |
| TFS Financial Corp. |
26,645 |
320,006 |
| Third Coast Bancshares, Inc. * |
6,287 |
122,094 |
| Timberland Bancorp, Inc. |
3,571 |
87,132 |
| Tompkins Financial Corp. |
5,291 |
232,698 |
| Towne Bank |
31,866 |
824,373 |
| TriCo Bancshares |
14,278 |
496,446 |
| Triumph Financial, Inc. * |
9,395 |
661,032 |
| Truist Financial Corp. |
605,147 |
22,723,270 |
| TrustCo Bank Corp. |
7,608 |
202,525 |
| Trustmark Corp. |
26,268 |
777,533 |
| U.S. Bancorp |
708,230 |
28,775,385 |
| UMB Financial Corp. |
19,832 |
1,579,817 |
| Union Bankshares, Inc. |
2,125 |
55,675 |
| United Bancorp, Inc. |
3,371 |
42,104 |
| United Bankshares, Inc. |
60,481 |
1,963,213 |
| United Community Banks, Inc. |
53,201 |
1,342,261 |
| United Security Bancshares |
6,461 |
46,002 |
| Unity Bancorp, Inc. |
2,383 |
64,150 |
| Univest Financial Corp. |
12,810 |
267,345 |
| USCB Financial Holdings, Inc. |
5,422 |
60,401 |
| Valley National Bancorp |
191,195 |
1,340,277 |
| Veritex Holdings, Inc. |
23,608 |
459,884 |
| Virginia National Bankshares Corp. |
2,256 |
63,642 |
| WaFd, Inc. |
33,211 |
899,686 |
| Washington Trust Bancorp, Inc. |
7,375 |
187,768 |
| Webster Financial Corp. |
78,794 |
3,453,541 |
| Wells Fargo & Co. |
1,636,995 |
97,106,543 |
| WesBanco, Inc. |
28,444 |
767,988 |
| West BanCorp, Inc. |
6,294 |
102,340 |
| Westamerica BanCorp |
11,683 |
543,844 |
| Western Alliance Bancorp |
48,934 |
2,780,919 |
| Western New England Bancorp, Inc. |
10,349 |
62,508 |
| William Penn Bancorp |
4,788 |
58,605 |
| Wintrust Financial Corp. |
28,405 |
2,745,059 |
| WSFS Financial Corp. |
28,278 |
1,208,319 |
| Zions Bancorp NA |
66,517 |
2,712,563 |
| |
|
804,669,651 |
| | ||
| Capital Goods 6.7% | ||
| 374Water, Inc. * |
24,532 |
36,553 |
| 3D Systems Corp. * |
57,208 |
191,647 |
| 3M Co. |
250,693 |
24,194,381 |
| A O Smith Corp. |
55,488 |
4,596,626 |
| AAON, Inc. |
30,751 |
2,893,362 |
| AAR Corp. * |
15,508 |
1,072,223 |
| Acuity Brands, Inc. |
14,056 |
3,490,105 |
| Advanced Drainage Systems, Inc. |
30,856 |
4,844,392 |
| AECOM |
62,336 |
5,757,353 |
| AeroVironment, Inc. * |
13,018 |
2,080,146 |
| AerSale Corp. * |
13,422 |
95,699 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
70
Schwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| AGCO Corp. |
28,277 |
3,228,951 |
| Air Lease Corp., Class A |
46,954 |
2,358,969 |
| Alamo Group, Inc. |
4,523 |
879,181 |
| Albany International Corp., Class A |
14,231 |
1,134,922 |
| Allegion PLC |
40,284 |
4,896,923 |
| Allient, Inc. |
6,061 |
178,133 |
| Allison Transmission Holdings, Inc. |
40,814 |
3,001,870 |
| Alpha Pro Tech Ltd. * |
5,970 |
35,641 |
| Alta Equipment Group, Inc. |
10,115 |
112,378 |
| Ameresco, Inc., Class A * |
14,647 |
306,562 |
| American Superconductor Corp. * |
15,966 |
197,180 |
| American Woodmark Corp. * |
7,275 |
669,882 |
| AMETEK, Inc. |
105,210 |
18,375,979 |
| Amprius Technologies, Inc. *(a) |
6,864 |
12,836 |
| API Group Corp. * |
95,749 |
3,693,039 |
| Apogee Enterprises, Inc. |
9,815 |
606,371 |
| Applied Industrial Technologies, Inc. |
17,335 |
3,176,639 |
| Archer Aviation, Inc., Class A *(a) |
85,720 |
332,594 |
| Arcosa, Inc. |
21,785 |
1,656,096 |
| Argan, Inc. |
5,730 |
345,290 |
| Armstrong World Industries, Inc. |
20,233 |
2,324,367 |
| Array Technologies, Inc. * |
67,077 |
827,730 |
| Astec Industries, Inc. |
9,833 |
411,019 |
| Astronics Corp. * |
12,013 |
201,458 |
| Atkore, Inc. |
16,714 |
2,929,964 |
| Atmus Filtration Technologies, Inc. * |
37,740 |
1,143,145 |
| Axon Enterprise, Inc. * |
32,035 |
10,048,098 |
| AZEK Co., Inc., Class A * |
67,533 |
3,082,206 |
| AZZ, Inc. |
13,226 |
947,378 |
| Barnes Group, Inc. |
24,691 |
857,272 |
| Beacon Roofing Supply, Inc. * |
29,289 |
2,885,845 |
| Beam Global *(a) |
3,328 |
21,632 |
| Bloom Energy Corp., Class A * |
99,158 |
1,103,629 |
| Blue Bird Corp. * |
7,221 |
237,968 |
| BlueLinx Holdings, Inc. * |
3,850 |
422,230 |
| Boeing Co. * |
260,877 |
43,785,596 |
| Boise Cascade Co. |
17,746 |
2,347,263 |
| Bowman Consulting Group Ltd., Class A * |
6,300 |
204,687 |
| Broadwind, Inc. * |
7,298 |
15,472 |
| Builders FirstSource, Inc. * |
56,352 |
10,302,273 |
| BWX Technologies, Inc. |
41,486 |
3,973,114 |
| Byrna Technologies, Inc. * |
8,100 |
100,278 |
| Cadre Holdings, Inc. |
8,267 |
275,704 |
| Carlisle Cos., Inc. |
21,916 |
8,508,887 |
| Carrier Global Corp. |
380,742 |
23,411,826 |
| Caterpillar, Inc. |
231,565 |
77,474,702 |
| ChargePoint Holdings, Inc. *(a) |
196,893 |
261,868 |
| Chart Industries, Inc. * |
18,899 |
2,722,590 |
| ClearSign Technologies Corp. * |
25,555 |
20,191 |
| CNH Industrial NV * |
442,830 |
5,048,262 |
| Columbus McKinnon Corp. |
11,948 |
493,094 |
| Comfort Systems USA, Inc. |
16,181 |
5,006,563 |
| Commercial Vehicle Group, Inc. * |
13,417 |
80,636 |
| Concrete Pumping Holdings, Inc. * |
9,442 |
62,789 |
| Construction Partners, Inc., Class A * |
19,811 |
1,023,040 |
| Core & Main, Inc., Class A * |
76,992 |
4,347,738 |
| CPI Aerostructures, Inc. * |
9,173 |
24,217 |
| Crane Co. |
21,790 |
3,050,818 |
| CSW Industrials, Inc. |
7,187 |
1,707,775 |
| Cummins, Inc. |
62,113 |
17,546,301 |
| Curtiss-Wright Corp. |
17,335 |
4,393,036 |
| Custom Truck One Source, Inc. * |
24,214 |
120,828 |
| Deere & Co. |
118,324 |
46,313,197 |
| Desktop Metal, Inc., Class A *(a) |
150,462 |
117,721 |
| Distribution Solutions Group, Inc. * |
4,920 |
162,212 |
| DNOW, Inc. * |
46,130 |
650,894 |
| Donaldson Co., Inc. |
55,044 |
3,974,177 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Douglas Dynamics, Inc. |
10,577 |
239,463 |
| Dover Corp. |
63,291 |
11,348,076 |
| Ducommun, Inc. * |
6,692 |
361,970 |
| DXP Enterprises, Inc. * |
6,811 |
332,104 |
| Dycom Industries, Inc. * |
13,550 |
1,897,271 |
| Eastern Co. |
1,809 |
57,508 |
| Eaton Corp. PLC |
181,627 |
57,804,609 |
| EMCOR Group, Inc. |
21,512 |
7,683,441 |
| Emerson Electric Co. |
259,541 |
27,973,329 |
| Encore Wire Corp. |
7,016 |
1,959,990 |
| Energy Recovery, Inc. * |
23,814 |
354,829 |
| Energy Vault Holdings, Inc. *(a) |
35,879 |
45,566 |
| Enerpac Tool Group Corp., Class A |
24,176 |
861,391 |
| EnerSys |
18,542 |
1,677,124 |
| Enovix Corp. *(a) |
65,857 |
412,265 |
| Enpro, Inc. |
9,537 |
1,431,790 |
| Eos Energy Enterprises, Inc. *(a) |
166,111 |
128,437 |
| Esab Corp. |
25,979 |
2,750,657 |
| ESCO Technologies, Inc. |
11,966 |
1,213,951 |
| ESS Tech, Inc. * |
37,500 |
28,271 |
| Eve Holding, Inc. *(a) |
13,706 |
73,875 |
| EVI Industries, Inc. |
2,765 |
56,738 |
| Fastenal Co. |
259,725 |
17,645,716 |
| Federal Signal Corp. |
27,302 |
2,219,653 |
| Ferguson PLC |
92,606 |
19,437,999 |
| Flowserve Corp. |
59,998 |
2,829,506 |
| Fluence Energy, Inc. * |
25,579 |
456,329 |
| Fluor Corp. * |
76,171 |
3,071,976 |
| Flux Power Holdings, Inc. * |
3,973 |
18,474 |
| Fortive Corp. |
159,352 |
11,994,425 |
| Fortune Brands Innovations, Inc. |
57,048 |
4,170,209 |
| Franklin Electric Co., Inc. |
17,679 |
1,701,957 |
| FreightCar America, Inc. * |
5,033 |
17,565 |
| FTAI Aviation Ltd. |
46,347 |
3,254,023 |
| FuelCell Energy, Inc. *(a) |
245,463 |
227,741 |
| Gates Industrial Corp. PLC * |
78,823 |
1,388,861 |
| GATX Corp. |
16,085 |
1,968,161 |
| GE Vernova, Inc. * |
123,273 |
18,948,293 |
| Gencor Industries, Inc. * |
3,418 |
58,003 |
| Generac Holdings, Inc. * |
27,474 |
3,735,365 |
| General Dynamics Corp. |
103,317 |
29,661,278 |
| General Electric Co. |
495,045 |
80,108,182 |
| Gibraltar Industries, Inc. * |
13,337 |
953,062 |
| Global Industrial Co. |
6,777 |
260,982 |
| GMS, Inc. * |
18,841 |
1,743,169 |
| Gorman-Rupp Co. |
9,748 |
323,341 |
| Graco, Inc. |
77,211 |
6,192,322 |
| GrafTech International Ltd. |
88,000 |
151,360 |
| Graham Corp. * |
4,043 |
112,557 |
| Granite Construction, Inc. |
20,835 |
1,156,342 |
| Great Lakes Dredge & Dock Corp. * |
30,154 |
199,016 |
| Greenbrier Cos., Inc. |
15,526 |
766,829 |
| Griffon Corp. |
17,893 |
1,172,349 |
| H&E Equipment Services, Inc. |
14,463 |
698,418 |
| Hayward Holdings, Inc. * |
54,969 |
746,479 |
| HEICO Corp. |
46,220 |
9,586,028 |
| Helios Technologies, Inc. |
16,121 |
727,057 |
| Herc Holdings, Inc. |
12,917 |
1,847,519 |
| Hexcel Corp. |
37,494 |
2,407,490 |
| Hillenbrand, Inc. |
31,846 |
1,519,691 |
| Hillman Solutions Corp. * |
86,449 |
826,452 |
| Honeywell International, Inc. |
299,870 |
57,793,945 |
| Howmet Aerospace, Inc. |
178,259 |
11,898,788 |
| Hubbell, Inc., Class B |
24,250 |
8,985,110 |
| Hudson Technologies, Inc. * |
17,443 |
173,035 |
| Huntington Ingalls Industries, Inc. |
17,977 |
4,978,371 |
| Hurco Cos., Inc. |
3,214 |
58,173 |
| Hydrofarm Holdings Group, Inc. * |
27,153 |
26,341 |
See financial
notes
71
Schwab Equity Index Funds | Semiannual
ReportSchwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Hyliion Holdings Corp. * |
54,325 |
70,079 |
| Hyster-Yale Materials Handling, Inc. |
4,451 |
260,695 |
| Hyzon Motors, Inc. *(a) |
59,135 |
32,229 |
| Ideal Power, Inc. * |
3,471 |
27,109 |
| IDEX Corp. |
34,223 |
7,544,803 |
| IES Holdings, Inc. * |
3,807 |
514,402 |
| Illinois Tool Works, Inc. |
123,648 |
30,183,713 |
| Ingersoll Rand, Inc. |
184,128 |
17,182,825 |
| INNOVATE Corp. *(a) |
23,119 |
16,223 |
| Innovative Solutions & Support, Inc. * |
6,865 |
44,485 |
| Insteel Industries, Inc. |
8,973 |
288,033 |
| Intuitive Machines, Inc. * |
4,780 |
24,187 |
| ITT, Inc. |
37,201 |
4,811,577 |
| Janus International Group, Inc. * |
42,467 |
611,949 |
| JELD-WEN Holding, Inc. * |
41,048 |
841,484 |
| John Bean Technologies Corp. |
14,561 |
1,297,239 |
| Johnson Controls International PLC |
309,780 |
20,157,385 |
| Kadant, Inc. |
5,473 |
1,498,453 |
| Karat Packaging, Inc. |
3,014 |
81,679 |
| Kennametal, Inc. |
34,295 |
806,961 |
| Kratos Defense & Security Solutions, Inc. * |
65,438 |
1,166,105 |
| L B Foster Co., Class A * |
5,290 |
122,993 |
| L3Harris Technologies, Inc. |
86,130 |
18,436,126 |
| Lennox International, Inc. |
14,503 |
6,720,980 |
| Leonardo DRS, Inc. * |
30,996 |
667,034 |
| Limbach Holdings, Inc. * |
4,683 |
212,280 |
| Lincoln Electric Holdings, Inc. |
26,176 |
5,746,417 |
| Lindsay Corp. |
4,679 |
543,466 |
| Lockheed Martin Corp. |
97,751 |
45,447,372 |
| LS Starrett Co., Class A * |
2,865 |
46,155 |
| LSI Industries, Inc. |
12,912 |
188,515 |
| Luxfer Holdings PLC |
12,212 |
117,602 |
| Manitex International, Inc. * |
9,465 |
49,313 |
| Manitowoc Co., Inc. * |
15,925 |
192,693 |
| Masco Corp. |
99,743 |
6,827,408 |
| Masonite International Corp. * |
10,179 |
1,349,226 |
| MasTec, Inc. * |
27,749 |
2,461,059 |
| Masterbrand, Inc. * |
54,311 |
905,364 |
| Matrix Service Co. * |
10,847 |
122,137 |
| Mayville Engineering Co., Inc. * |
3,327 |
45,780 |
| McGrath RentCorp |
11,233 |
1,198,112 |
| MDU Resources Group, Inc. |
92,911 |
2,294,902 |
| Mega Matrix Corp. *(a) |
24,173 |
55,840 |
| Mercury Systems, Inc. * |
26,411 |
744,790 |
| Microvast Holdings, Inc. * |
86,292 |
33,818 |
| Middleby Corp. * |
24,472 |
3,400,874 |
| Miller Industries, Inc. |
5,104 |
248,616 |
| Moog, Inc., Class A |
12,812 |
2,038,005 |
| MRC Global, Inc. * |
35,400 |
397,542 |
| MSC Industrial Direct Co., Inc., Class A |
21,058 |
1,921,332 |
| Mueller Industries, Inc. |
52,122 |
2,909,450 |
| Mueller Water Products, Inc., Class A |
73,402 |
1,162,688 |
| MYR Group, Inc. * |
7,578 |
1,259,842 |
| National Presto Industries, Inc. |
2,215 |
181,608 |
| NeoVolta, Inc. * |
12,964 |
29,947 |
| Net Power, Inc. * |
11,532 |
125,699 |
| NEXTracker, Inc., Class A * |
56,212 |
2,405,311 |
| Nikola Corp. *(a) |
475,977 |
295,391 |
| NN, Inc. * |
28,401 |
101,108 |
| Nordson Corp. |
24,814 |
6,406,727 |
| Northrop Grumman Corp. |
64,151 |
31,115,160 |
| Northwest Pipe Co. * |
4,286 |
135,652 |
| NuScale Power Corp. *(a) |
18,303 |
106,157 |
| nVent Electric PLC |
75,960 |
5,474,437 |
| Ocean Power Technologies, Inc. * |
48,625 |
9,385 |
| Omega Flex, Inc. |
1,422 |
94,222 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Optex Systems Holdings, Inc. * |
1,633 |
11,627 |
| Orion Energy Systems, Inc. * |
16,987 |
14,689 |
| Orion Group Holdings, Inc. * |
16,674 |
118,552 |
| Oshkosh Corp. |
30,089 |
3,378,092 |
| Otis Worldwide Corp. |
184,205 |
16,799,496 |
| Owens Corning |
40,347 |
6,786,769 |
| PACCAR, Inc. |
237,935 |
25,247,283 |
| Palladyne AI Corp. *(a) |
16,115 |
21,755 |
| Park Aerospace Corp. |
8,310 |
118,584 |
| Parker-Hannifin Corp. |
58,410 |
31,828,193 |
| Park-Ohio Holdings Corp. |
3,931 |
100,358 |
| Pentair PLC |
75,010 |
5,932,541 |
| Perma-Pipe International Holdings, Inc. * |
3,363 |
28,922 |
| Plug Power, Inc. *(a) |
257,087 |
593,871 |
| Powell Industries, Inc. |
4,127 |
590,161 |
| Preformed Line Products Co. |
1,284 |
155,403 |
| Primoris Services Corp. |
23,266 |
1,084,196 |
| Proto Labs, Inc. * |
11,556 |
352,227 |
| Quanex Building Products Corp. |
14,804 |
491,789 |
| Quanta Services, Inc. |
66,048 |
17,077,371 |
| RBC Bearings, Inc. * |
13,311 |
3,255,205 |
| Redwire Corp. *(a) |
10,290 |
38,896 |
| Regal Rexnord Corp. |
30,331 |
4,894,513 |
| Resideo Technologies, Inc. * |
66,274 |
1,294,331 |
| REV Group, Inc. |
17,261 |
377,325 |
| Rocket Lab USA, Inc. * |
115,703 |
435,043 |
| Rockwell Automation, Inc. |
51,956 |
14,077,998 |
| RTX Corp. |
603,527 |
61,270,061 |
| Rush Enterprises, Inc., Class A |
27,445 |
1,205,384 |
| Rush Enterprises, Inc., Class B |
4,245 |
173,663 |
| Sensata Technologies Holding PLC |
71,760 |
2,749,126 |
| SES AI Corp. * |
59,899 |
94,640 |
| Shoals Technologies Group, Inc., Class A * |
78,954 |
667,161 |
| Shyft Group, Inc. |
13,268 |
144,356 |
| Simpson Manufacturing Co., Inc. |
19,349 |
3,364,598 |
| SiteOne Landscape Supply, Inc. * |
20,317 |
3,187,534 |
| SKYX Platforms Corp. *(a) |
16,813 |
17,317 |
| Snap-on, Inc. |
23,784 |
6,373,161 |
| Southland Holdings, Inc. * |
4,155 |
18,199 |
| Spirit AeroSystems Holdings, Inc., Class A * |
53,050 |
1,697,600 |
| SPX Technologies, Inc. * |
20,639 |
2,514,037 |
| Standex International Corp. |
5,059 |
874,600 |
| Stanley Black & Decker, Inc. |
69,413 |
6,344,348 |
| Stem, Inc. *(a) |
66,115 |
121,652 |
| Sterling Infrastructure, Inc. * |
14,438 |
1,466,901 |
| SunPower Corp. *(a) |
35,778 |
73,703 |
| Sunrun, Inc. * |
100,949 |
1,038,765 |
| Symbotic, Inc. *(a) |
16,004 |
617,274 |
| Taylor Devices, Inc. * |
2,017 |
100,124 |
| TechPrecision Corp. * |
4,478 |
21,808 |
| Tecnoglass, Inc. |
9,961 |
553,334 |
| Tennant Co. |
8,134 |
947,448 |
| Terex Corp. |
30,889 |
1,731,328 |
| Terran Orbital Corp. * |
140,347 |
185,258 |
| Textron, Inc. |
89,512 |
7,571,820 |
| Thermon Group Holdings, Inc. * |
14,491 |
462,698 |
| Timken Co. |
29,679 |
2,647,960 |
| Titan International, Inc. * |
20,997 |
231,387 |
| Titan Machinery, Inc. * |
8,199 |
182,510 |
| Toro Co. |
48,190 |
4,220,962 |
| TPI Composites, Inc. * |
21,000 |
66,780 |
| Trane Technologies PLC |
103,508 |
32,847,229 |
| Transcat, Inc. * |
4,012 |
430,768 |
| TransDigm Group, Inc. |
25,329 |
31,611,352 |
| Trex Co., Inc. * |
49,341 |
4,369,146 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
72
Schwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Trinity Industries, Inc. |
38,655 |
1,005,803 |
| Triumph Group, Inc. * |
38,079 |
508,735 |
| Tutor Perini Corp. * |
18,907 |
314,423 |
| Twin Disc, Inc. |
5,599 |
90,032 |
| UFP Industries, Inc. |
28,460 |
3,207,442 |
| Ultralife Corp. * |
6,691 |
78,285 |
| United Rentals, Inc. |
30,628 |
20,459,198 |
| Urban-Gro, Inc. * |
4,382 |
9,158 |
| V2X, Inc. * |
4,770 |
231,727 |
| Valmont Industries, Inc. |
9,518 |
1,949,286 |
| Vertiv Holdings Co., Class A |
159,479 |
14,831,547 |
| Vicor Corp. * |
11,782 |
381,501 |
| Virgin Galactic Holdings, Inc. * |
161,816 |
140,796 |
| VirTra, Inc. * |
3,586 |
56,515 |
| Wabash National Corp. |
19,725 |
455,845 |
| Watsco, Inc. |
14,231 |
6,371,503 |
| Watts Water Technologies, Inc., Class A |
12,334 |
2,447,806 |
| WESCO International, Inc. |
19,943 |
3,046,293 |
| Westinghouse Air Brake Technologies Corp. |
81,372 |
13,107,402 |
| Westwater Resources, Inc. * |
34,475 |
15,303 |
| Willis Lease Finance Corp. * |
1,159 |
56,339 |
| WillScot Mobile Mini Holdings Corp. * |
88,444 |
3,268,890 |
| Woodward, Inc. |
27,253 |
4,424,797 |
| WW Grainger, Inc. |
20,131 |
18,547,697 |
| Xometry, Inc., Class A * |
18,299 |
327,003 |
| Xylem, Inc. |
109,709 |
14,338,966 |
| Zurn Elkay Water Solutions Corp. |
65,405 |
2,045,868 |
| |
|
1,497,163,702 |
| | ||
| Commercial & Professional Services 1.6% | ||
| ABM Industries, Inc. |
28,429 |
1,242,347 |
| ACCO Brands Corp. |
38,516 |
185,647 |
| Acme United Corp. |
1,454 |
59,483 |
| ACV Auctions, Inc., Class A * |
61,272 |
1,069,196 |
| Alight, Inc., Class A * |
169,421 |
1,528,177 |
| ARC Document Solutions, Inc. |
19,042 |
50,271 |
| Aris Water Solutions, Inc., Class A |
14,973 |
210,071 |
| ASGN, Inc. * |
21,209 |
2,045,608 |
| Asure Software, Inc. * |
7,413 |
54,782 |
| Automatic Data Processing, Inc. |
186,653 |
45,149,494 |
| Barrett Business Services, Inc. |
3,084 |
374,706 |
| BGSF, Inc. |
6,465 |
55,405 |
| Blacksky Technology, Inc. * |
43,595 |
52,750 |
| Booz Allen Hamilton Holding Corp., Class A |
59,085 |
8,725,082 |
| Brady Corp., Class A |
19,596 |
1,156,164 |
| BrightView Holdings, Inc. * |
19,228 |
216,315 |
| Brink's Co. |
19,911 |
1,741,416 |
| Broadridge Financial Solutions, Inc. |
53,657 |
10,377,800 |
| CACI International, Inc., Class A * |
10,112 |
4,067,350 |
| Casella Waste Systems, Inc., Class A * |
25,307 |
2,287,753 |
| CBIZ, Inc. * |
23,252 |
1,655,077 |
| CECO Environmental Corp. * |
12,430 |
268,737 |
| Cimpress PLC * |
8,208 |
699,896 |
| Cintas Corp. |
39,194 |
25,802,978 |
| Clarivate PLC * |
200,493 |
1,355,333 |
| Clean Harbors, Inc. * |
22,979 |
4,353,372 |
| Concentrix Corp. |
21,127 |
1,155,013 |
| Conduent, Inc. * |
68,566 |
215,983 |
| Copart, Inc. * |
396,390 |
21,527,941 |
| CoreCivic, Inc. * |
49,662 |
739,964 |
| CRA International, Inc. |
2,904 |
421,341 |
| CSG Systems International, Inc. |
12,935 |
611,049 |
| Dayforce, Inc. * |
71,589 |
4,393,417 |
| Deluxe Corp. |
19,740 |
389,865 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| DLH Holdings Corp. * |
3,968 |
42,140 |
| Driven Brands Holdings, Inc. * |
31,309 |
448,658 |
| Dun & Bradstreet Holdings, Inc. |
103,398 |
940,922 |
| Ennis, Inc. |
10,401 |
206,980 |
| Enviri Corp. * |
34,248 |
266,449 |
| Equifax, Inc. |
56,255 |
12,386,788 |
| ExlService Holdings, Inc. * |
75,035 |
2,176,015 |
| Exponent, Inc. |
22,633 |
2,080,199 |
| First Advantage Corp. |
24,470 |
398,861 |
| FiscalNote Holdings, Inc. * |
35,000 |
47,600 |
| Forrester Research, Inc. * |
4,414 |
80,291 |
| Franklin Covey Co. * |
5,263 |
204,941 |
| FTI Consulting, Inc. * |
15,747 |
3,367,181 |
| GEE Group, Inc. * |
66,522 |
20,908 |
| Genpact Ltd. |
79,064 |
2,430,427 |
| GEO Group, Inc. * |
52,634 |
782,141 |
| Healthcare Services Group, Inc. * |
33,424 |
354,963 |
| Heidrick & Struggles International, Inc. |
8,008 |
236,076 |
| HireQuest, Inc. |
1,724 |
22,102 |
| HireRight Holdings Corp. * |
8,556 |
122,351 |
| HNI Corp. |
20,010 |
839,420 |
| Hudson Global, Inc. * |
1,522 |
24,733 |
| Huron Consulting Group, Inc. * |
8,075 |
752,913 |
| ICF International, Inc. |
7,937 |
1,145,230 |
| Innodata, Inc. *(a) |
11,159 |
65,169 |
| Insperity, Inc. |
16,296 |
1,677,347 |
| Interface, Inc., Class A |
23,118 |
353,474 |
| Jacobs Solutions, Inc. |
57,333 |
8,229,005 |
| KBR, Inc. |
61,122 |
3,969,263 |
| Kelly Services, Inc., Class A |
14,539 |
333,525 |
| Kforce, Inc. |
8,111 |
500,935 |
| Korn Ferry |
24,435 |
1,483,693 |
| LanzaTech Global, Inc. * |
41,157 |
89,105 |
| Legalzoom.com, Inc. * |
58,398 |
697,856 |
| Leidos Holdings, Inc. |
62,804 |
8,806,377 |
| Liquidity Services, Inc. * |
10,485 |
180,971 |
| ManpowerGroup, Inc. |
23,037 |
1,738,142 |
| Mastech Digital, Inc. * |
3,073 |
27,288 |
| Matthews International Corp., Class A |
12,972 |
349,985 |
| Maximus, Inc. |
27,241 |
2,186,907 |
| MillerKnoll, Inc. |
32,897 |
836,571 |
| Mistras Group, Inc. * |
7,028 |
61,495 |
| Montrose Environmental Group, Inc. * |
11,954 |
519,043 |
| MSA Safety, Inc. |
16,898 |
3,048,399 |
| NL Industries, Inc. |
5,834 |
47,897 |
| NV5 Global, Inc. * |
6,242 |
582,004 |
| Odyssey Marine Exploration, Inc., Class B * |
9,740 |
35,551 |
| OPENLANE, Inc. * |
46,068 |
791,448 |
| Parsons Corp. * |
19,123 |
1,501,347 |
| Paychex, Inc. |
145,747 |
17,316,201 |
| Paycom Software, Inc. |
22,108 |
4,155,862 |
| Paycor HCM, Inc. * |
29,019 |
504,060 |
| Paylocity Holding Corp. * |
20,057 |
3,112,044 |
| Performant Financial Corp. * |
24,843 |
66,082 |
| Perma-Fix Environmental Services, Inc. * |
5,410 |
61,945 |
| Pitney Bowes, Inc. |
72,387 |
308,369 |
| Planet Labs PBC * |
85,241 |
144,057 |
| Quad/Graphics, Inc. |
10,911 |
48,990 |
| Quest Resource Holding Corp. * |
7,972 |
80,836 |
| RB Global, Inc. |
82,628 |
5,914,512 |
| RCM Technologies, Inc. * |
3,160 |
59,882 |
| Republic Services, Inc., Class A |
92,971 |
17,822,541 |
| Resources Connection, Inc. |
13,566 |
149,904 |
| Robert Half, Inc. |
48,156 |
3,329,506 |
| Rollins, Inc. |
126,566 |
5,639,781 |
See financial
notes
73
Schwab Equity Index Funds | Semiannual
ReportSchwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Science Applications International Corp. |
23,997 |
3,088,414 |
| SP Plus Corp. * |
8,590 |
438,605 |
| Spire Global, Inc. * |
13,858 |
144,678 |
| SS&C Technologies Holdings, Inc. |
97,772 |
6,051,109 |
| Steel Connect, Inc. * |
3,096 |
38,669 |
| Steelcase, Inc., Class A |
41,203 |
495,672 |
| Stericycle, Inc. * |
41,790 |
1,869,267 |
| Sterling Check Corp. * |
18,145 |
274,534 |
| Team, Inc. * |
2,284 |
16,262 |
| Tetra Tech, Inc. |
24,555 |
4,781,350 |
| TransUnion |
88,758 |
6,479,334 |
| TriNet Group, Inc. |
14,580 |
1,463,395 |
| TrueBlue, Inc. * |
14,017 |
146,057 |
| TTEC Holdings, Inc. |
8,462 |
61,603 |
| UniFirst Corp. |
6,937 |
1,110,822 |
| Upwork, Inc. * |
54,356 |
635,965 |
| Veralto Corp. |
100,194 |
9,386,174 |
| Verisk Analytics, Inc., Class A |
65,884 |
14,360,077 |
| Verra Mobility Corp., Class A * |
74,041 |
1,745,887 |
| Vestis Corp. |
61,471 |
1,132,296 |
| Viad Corp. * |
9,565 |
329,801 |
| Virco Mfg. Corp. |
8,190 |
87,387 |
| VSE Corp. |
6,424 |
501,522 |
| Waste Management, Inc. |
166,483 |
34,631,794 |
| Where Food Comes From, Inc. * |
1,066 |
13,090 |
| Willdan Group, Inc. * |
5,928 |
167,110 |
| |
|
359,896,315 |
| | ||
| Consumer Discretionary Distribution & Retail
5.5% | ||
| 1-800-Flowers.com, Inc., Class A * |
11,856 |
107,534 |
| 1stdibs.com, Inc. * |
9,755 |
55,799 |
| Aaron's Co., Inc. |
12,845 |
88,759 |
| Abercrombie & Fitch Co., Class A * |
22,890 |
2,781,593 |
| Academy Sports & Outdoors, Inc. |
33,236 |
1,937,659 |
| Advance Auto Parts, Inc. |
27,690 |
2,020,816 |
| Amazon.com, Inc. * |
4,157,869 |
727,627,075 |
| AMCON Distributing Co. |
430 |
63,578 |
| American Eagle Outfitters, Inc. |
84,396 |
2,047,447 |
| America's Car-Mart, Inc. * |
2,651 |
151,743 |
| Arhaus, Inc. |
18,293 |
231,589 |
| Arko Corp. |
30,423 |
130,819 |
| Asbury Automotive Group, Inc. * |
9,220 |
1,938,413 |
| AutoNation, Inc. * |
11,624 |
1,873,208 |
| AutoZone, Inc. * |
7,859 |
23,234,348 |
| BARK, Inc. * |
57,147 |
62,862 |
| Barnes & Noble Education, Inc. * |
11,885 |
2,417 |
| Bath & Body Works, Inc. |
103,146 |
4,684,891 |
| Best Buy Co., Inc. |
87,403 |
6,436,357 |
| Beyond, Inc. * |
23,329 |
469,613 |
| Big 5 Sporting Goods Corp. |
12,375 |
43,808 |
| Big Lots, Inc. *(a) |
11,917 |
41,948 |
| Boot Barn Holdings, Inc. * |
14,135 |
1,504,953 |
| Buckle, Inc. |
12,881 |
481,621 |
| Build-A-Bear Workshop, Inc. |
4,907 |
147,995 |
| Burlington Stores, Inc. * |
29,502 |
5,308,590 |
| Caleres, Inc. |
14,963 |
551,087 |
| Camping World Holdings, Inc., Class A |
17,775 |
360,299 |
| CarMax, Inc. * |
72,165 |
4,905,055 |
| CarParts.com, Inc. * |
19,856 |
24,423 |
| Carvana Co., Class A * |
47,257 |
3,918,550 |
| Cato Corp., Class A |
7,948 |
38,309 |
| Chewy, Inc., Class A * |
55,098 |
825,919 |
| Children's Place, Inc. *(a) |
5,140 |
35,774 |
| Citi Trends, Inc. * |
3,328 |
71,352 |
| ContextLogic, Inc., Class A * |
9,687 |
53,763 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Designer Brands, Inc., Class A |
22,662 |
210,530 |
| Destination XL Group, Inc. * |
23,026 |
73,913 |
| Dick's Sporting Goods, Inc. |
26,889 |
5,403,076 |
| Dillard's, Inc., Class A |
1,671 |
731,881 |
| Duluth Holdings, Inc., Class B * |
5,930 |
24,965 |
| eBay, Inc. |
236,739 |
12,201,528 |
| Envela Corp. * |
4,047 |
17,362 |
| Etsy, Inc. * |
53,952 |
3,704,884 |
| EVgo, Inc., Class A *(a) |
53,220 |
96,328 |
| Five Below, Inc. * |
24,848 |
3,636,256 |
| Floor & Decor Holdings, Inc., Class A * |
48,495 |
5,350,453 |
| Foot Locker, Inc. |
37,695 |
785,941 |
| GameStop Corp., Class A *(a) |
122,867 |
1,362,595 |
| Gap, Inc. |
97,133 |
1,993,169 |
| Genesco, Inc. * |
5,301 |
134,168 |
| Genuine Parts Co. |
63,869 |
10,040,846 |
| Group 1 Automotive, Inc. |
6,053 |
1,779,703 |
| Groupon, Inc., Class A *(a) |
10,000 |
115,600 |
| Grove Collaborative Holdings *(a) |
30,520 |
45,780 |
| Guess?, Inc. |
12,378 |
331,483 |
| Haverty Furniture Cos., Inc. |
5,993 |
184,584 |
| Hibbett, Inc. |
5,232 |
451,208 |
| Home Depot, Inc. |
452,709 |
151,304,402 |
| J Jill, Inc. * |
1,560 |
38,875 |
| Kirkland's, Inc. *(a) |
6,028 |
11,513 |
| Kohl's Corp. |
51,320 |
1,228,601 |
| Lands' End, Inc. * |
4,426 |
60,548 |
| Lazydays Holdings, Inc. * |
5,770 |
20,426 |
| Leslie's, Inc. * |
81,713 |
321,132 |
| Lithia Motors, Inc., Class A |
12,499 |
3,179,496 |
| LKQ Corp. |
120,641 |
5,203,246 |
| LL Flooring Holdings, Inc. * |
17,182 |
27,148 |
| Lowe's Cos., Inc. |
261,599 |
59,641,956 |
| Macy's, Inc. |
122,724 |
2,261,803 |
| MarineMax, Inc. * |
9,973 |
246,034 |
| Monro, Inc. |
13,330 |
363,243 |
| Murphy USA, Inc. |
8,739 |
3,616,373 |
| National Vision Holdings, Inc. * |
33,045 |
575,644 |
| Nordstrom, Inc. |
41,618 |
791,158 |
| ODP Corp. * |
14,773 |
752,093 |
| Ollie's Bargain Outlet Holdings, Inc. * |
28,375 |
2,075,348 |
| OneWater Marine, Inc., Class A * |
4,282 |
88,680 |
| O'Reilly Automotive, Inc. * |
26,870 |
27,226,296 |
| Penske Automotive Group, Inc. |
8,480 |
1,296,677 |
| Petco Health & Wellness Co., Inc., Class A * |
38,893 |
58,340 |
| Pool Corp. |
17,535 |
6,356,964 |
| Qurate Retail, Inc. * |
147,875 |
121,479 |
| RealReal, Inc. *(a) |
43,796 |
167,301 |
| Revolve Group, Inc. * |
18,087 |
360,112 |
| RH * |
7,107 |
1,755,784 |
| Ross Stores, Inc. |
153,196 |
19,846,542 |
| RumbleON, Inc., Class B * |
6,108 |
31,517 |
| Sally Beauty Holdings, Inc. * |
52,790 |
572,772 |
| Savers Value Village, Inc. * |
10,670 |
176,268 |
| Shoe Carnival, Inc. |
7,662 |
256,217 |
| Signet Jewelers Ltd. |
20,487 |
2,008,341 |
| Sleep Number Corp. * |
9,204 |
122,505 |
| Sonic Automotive, Inc., Class A |
6,954 |
402,219 |
| Sportsman's Warehouse Holdings, Inc. * |
14,642 |
46,854 |
| Stitch Fix, Inc., Class A * |
35,867 |
76,038 |
| Tandy Leather Factory, Inc. * |
3,329 |
15,813 |
| ThredUp, Inc., Class A * |
31,702 |
50,723 |
| Tile Shop Holdings, Inc. * |
15,152 |
101,821 |
| Tilly's, Inc., Class A * |
9,759 |
59,237 |
| TJX Cos., Inc. |
518,734 |
48,807,682 |
| Tractor Supply Co. |
48,871 |
13,345,693 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
74
Schwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Ulta Beauty, Inc. * |
22,175 |
8,977,327 |
| Upbound Group, Inc. |
18,628 |
577,654 |
| Urban Outfitters, Inc. * |
25,860 |
1,007,506 |
| Valvoline, Inc. * |
59,157 |
2,515,356 |
| Victoria's Secret & Co. * |
39,845 |
702,069 |
| Warby Parker, Inc., Class A * |
32,957 |
386,915 |
| Wayfair, Inc., Class A * |
41,312 |
2,071,797 |
| Weyco Group, Inc. |
3,125 |
91,719 |
| Williams-Sonoma, Inc. |
29,292 |
8,400,360 |
| Winmark Corp. |
1,442 |
518,139 |
| Zumiez, Inc. * |
6,961 |
119,729 |
| |
|
1,223,375,704 |
| | ||
| Consumer Durables & Apparel 1.1% |
||
| Acushnet Holdings Corp. |
13,529 |
824,998 |
| American Outdoor Brands, Inc. * |
6,310 |
49,344 |
| AMMO, Inc. * |
41,078 |
104,338 |
| Aterian, Inc. * |
3,271 |
7,425 |
| Bassett Furniture Industries, Inc. |
4,101 |
57,332 |
| Beazer Homes USA, Inc. * |
12,137 |
340,200 |
| Brunswick Corp. |
30,997 |
2,499,598 |
| Capri Holdings Ltd. * |
52,409 |
1,859,471 |
| Carter's, Inc. |
16,335 |
1,117,477 |
| Cavco Industries, Inc. * |
3,534 |
1,287,118 |
| Century Communities, Inc. |
12,516 |
992,769 |
| Clarus Corp. |
11,806 |
74,732 |
| Columbia Sportswear Co. |
15,285 |
1,217,145 |
| Cricut, Inc., Class A |
21,338 |
113,518 |
| Crocs, Inc. * |
27,679 |
3,442,437 |
| Crown Crafts, Inc. |
5,621 |
28,667 |
| Culp, Inc. * |
2,586 |
11,792 |
| Deckers Outdoor Corp. * |
11,618 |
9,508,984 |
| DR Horton, Inc. |
135,495 |
19,306,683 |
| Dream Finders Homes, Inc., Class A * |
11,475 |
407,363 |
| Escalade, Inc. |
3,803 |
47,385 |
| Ethan Allen Interiors, Inc. |
10,573 |
298,582 |
| Figs, Inc., Class A * |
52,953 |
270,590 |
| Flexsteel Industries, Inc. |
2,656 |
87,542 |
| Funko, Inc., Class A * |
14,201 |
86,484 |
| Garmin Ltd. |
69,830 |
10,088,340 |
| G-III Apparel Group Ltd. * |
17,626 |
496,172 |
| GoPro, Inc., Class A * |
54,737 |
94,695 |
| Green Brick Partners, Inc. * |
11,324 |
612,968 |
| Hamilton Beach Brands Holding Co., Class A |
3,706 |
75,380 |
| Hanesbrands, Inc. * |
171,255 |
780,923 |
| Hasbro, Inc. |
60,210 |
3,690,873 |
| Helen of Troy Ltd. * |
11,293 |
1,046,974 |
| Hooker Furnishings Corp. |
5,571 |
94,707 |
| Hovnanian Enterprises, Inc., Class A * |
2,021 |
298,764 |
| Installed Building Products, Inc. |
10,712 |
2,525,140 |
| iRobot Corp. * |
11,608 |
99,364 |
| JAKKS Pacific, Inc. * |
5,309 |
100,393 |
| Johnson Outdoors, Inc., Class A |
2,681 |
109,948 |
| KB Home |
34,561 |
2,238,170 |
| Kontoor Brands, Inc. |
23,446 |
1,455,059 |
| Lakeland Industries, Inc. |
3,608 |
59,712 |
| Landsea Homes Corp. * |
6,542 |
75,560 |
| Latham Group, Inc. * |
20,641 |
57,795 |
| La-Z-Boy, Inc. |
19,021 |
624,650 |
| Legacy Housing Corp. * |
4,652 |
94,761 |
| Leggett & Platt, Inc. |
63,973 |
1,155,992 |
| Lennar Corp., Class A |
117,606 |
17,831,422 |
| Levi Strauss & Co., Class A |
49,226 |
1,044,576 |
| LGI Homes, Inc. * |
9,067 |
815,395 |
| Lifetime Brands, Inc. |
5,690 |
52,007 |
| Live Ventures, Inc. * |
537 |
13,715 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Lovesac Co. * |
6,938 |
153,885 |
| Lululemon Athletica, Inc. * |
52,351 |
18,877,771 |
| M/I Homes, Inc. * |
12,695 |
1,475,413 |
| Malibu Boats, Inc., Class A * |
8,904 |
302,914 |
| Marine Products Corp. |
5,165 |
55,524 |
| MasterCraft Boat Holdings, Inc. * |
7,841 |
158,623 |
| Mattel, Inc. * |
159,829 |
2,928,067 |
| Meritage Homes Corp. |
16,430 |
2,723,108 |
| Mohawk Industries, Inc. * |
23,919 |
2,758,339 |
| Movado Group, Inc. |
6,936 |
176,660 |
| Newell Brands, Inc. |
185,295 |
1,471,242 |
| NIKE, Inc., Class B |
553,315 |
51,048,842 |
| NVR, Inc. * |
1,457 |
10,838,404 |
| Oxford Industries, Inc. |
6,214 |
669,745 |
| Peloton Interactive, Inc., Class A * |
158,683 |
493,504 |
| PLBY Group, Inc. * |
2,314 |
2,268 |
| Polaris, Inc. |
24,306 |
2,069,899 |
| PulteGroup, Inc. |
96,729 |
10,777,545 |
| Purple Innovation, Inc., Class A * |
27,507 |
41,811 |
| PVH Corp. |
27,592 |
3,002,010 |
| Ralph Lauren Corp., Class A |
18,131 |
2,966,957 |
| Rocky Brands, Inc. |
2,880 |
74,218 |
| Skechers USA, Inc., Class A * |
60,769 |
4,013,792 |
| Skyline Champion Corp. * |
24,310 |
1,823,007 |
| Smith & Wesson Brands, Inc. |
20,549 |
348,717 |
| Smith Douglas Homes Corp. * |
4,614 |
134,129 |
| Snap One Holdings Corp. * |
8,443 |
89,327 |
| Solo Brands, Inc., Class A * |
14,864 |
27,944 |
| Sonos, Inc. * |
60,399 |
1,020,743 |
| Steven Madden Ltd. |
32,680 |
1,320,599 |
| Sturm Ruger & Co., Inc. |
7,968 |
368,361 |
| Superior Group of Cos., Inc. |
5,398 |
87,825 |
| Tapestry, Inc. |
104,896 |
4,187,448 |
| Taylor Morrison Home Corp., Class A * |
48,752 |
2,730,600 |
| Tempur Sealy International, Inc. |
78,252 |
3,917,295 |
| Toll Brothers, Inc. |
47,320 |
5,636,285 |
| TopBuild Corp. * |
14,216 |
5,752,789 |
| Topgolf Callaway Brands Corp. * |
68,746 |
1,101,311 |
| Traeger, Inc. * |
23,917 |
51,422 |
| Tri Pointe Homes, Inc. * |
43,323 |
1,596,453 |
| Tupperware Brands Corp. *(a)(b) |
19,817 |
21,006 |
| Under Armour, Inc., Class A * |
168,301 |
1,132,666 |
| Unifi, Inc. * |
5,875 |
35,074 |
| United Homes Group, Inc. * |
3,328 |
22,231 |
| Universal Electronics, Inc. * |
5,590 |
63,111 |
| Vera Bradley, Inc. * |
11,087 |
73,063 |
| VF Corp. |
149,038 |
1,857,014 |
| Vista Outdoor, Inc. * |
27,538 |
966,308 |
| Vizio Holding Corp., Class A * |
45,618 |
483,551 |
| VOXX International Corp., Class A * |
5,522 |
32,580 |
| Whirlpool Corp. |
24,663 |
2,339,532 |
| Wolverine World Wide, Inc. |
33,611 |
360,982 |
| Worthington Enterprises, Inc. |
14,782 |
844,939 |
| YETI Holdings, Inc. * |
38,879 |
1,388,758 |
| Yunhong Green CTI Ltd. * |
20,213 |
28,096 |
| |
|
246,599,136 |
| | ||
| Consumer Services 2.3% | ||
| 2U, Inc. * |
79,877 |
19,809 |
| Accel Entertainment, Inc., Class A * |
23,774 |
255,333 |
| ADT, Inc. |
122,154 |
794,001 |
| Adtalem Global Education, Inc. * |
18,877 |
936,677 |
| Airbnb, Inc., Class A * |
197,650 |
31,341,360 |
| American Public Education, Inc. * |
8,505 |
117,624 |
| Aramark |
120,371 |
3,792,890 |
| Bally's Corp. * |
11,844 |
155,630 |
| Beachbody Co., Inc. * |
1,211 |
11,505 |
See financial
notes
75
Schwab Equity Index Funds | Semiannual
ReportSchwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Biglari Holdings, Inc., Class B * |
514 |
101,315 |
| BJ's Restaurants, Inc. * |
10,196 |
332,288 |
| Bloomin' Brands, Inc. |
40,982 |
1,056,926 |
| Booking Holdings, Inc. |
15,870 |
54,783,716 |
| Bowlero Corp., Class A (a) |
14,987 |
176,097 |
| Boyd Gaming Corp. |
30,860 |
1,651,319 |
| Bright Horizons Family Solutions, Inc. * |
26,006 |
2,697,082 |
| Brinker International, Inc. * |
21,173 |
1,134,873 |
| Caesars Entertainment, Inc. * |
97,134 |
3,479,340 |
| Canterbury Park Holding Corp. |
1,452 |
33,396 |
| Carnival Corp. * |
456,270 |
6,761,921 |
| Carriage Services, Inc., Class A |
5,752 |
147,136 |
| Carrols Restaurant Group, Inc. |
16,994 |
161,783 |
| Cava Group, Inc. * |
6,946 |
499,695 |
| Century Casinos, Inc. * |
13,792 |
40,962 |
| Cheesecake Factory, Inc. |
20,167 |
696,165 |
| Chegg, Inc. * |
50,436 |
260,754 |
| Chipotle Mexican Grill, Inc., Class A * |
12,464 |
39,381,254 |
| Choice Hotels International, Inc. (a) |
11,454 |
1,354,550 |
| Churchill Downs, Inc. |
30,477 |
3,931,533 |
| Chuy's Holdings, Inc. * |
8,171 |
240,718 |
| Coursera, Inc. * |
45,455 |
464,550 |
| Cracker Barrel Old Country Store, Inc. (a) |
11,203 |
651,903 |
| Darden Restaurants, Inc. |
54,034 |
8,289,356 |
| Dave & Buster's Entertainment, Inc. * |
14,984 |
800,146 |
| Denny's Corp. * |
24,016 |
192,608 |
| Dine Brands Global, Inc. |
6,725 |
296,572 |
| Domino's Pizza, Inc. |
15,720 |
8,320,124 |
| DoorDash, Inc., Class A * |
138,168 |
17,859,596 |
| DraftKings, Inc., Class A * |
212,161 |
8,817,411 |
| Duolingo, Inc. * |
16,464 |
3,716,748 |
| Dutch Bros, Inc., Class A * |
33,025 |
929,984 |
| El Pollo Loco Holdings, Inc. * |
9,086 |
77,413 |
| European Wax Center, Inc., Class A * |
14,659 |
172,390 |
| Everi Holdings, Inc. * |
38,486 |
314,431 |
| Expedia Group, Inc. * |
59,557 |
8,018,159 |
| First Watch Restaurant Group, Inc. * |
10,809 |
275,846 |
| Frontdoor, Inc. * |
35,506 |
1,089,679 |
| Full House Resorts, Inc. * |
15,255 |
77,800 |
| GAN Ltd. * |
31,476 |
37,142 |
| Global Business Travel Group I * |
25,286 |
152,980 |
| Golden Entertainment, Inc. |
9,398 |
301,206 |
| Graham Holdings Co., Class B |
1,610 |
1,129,206 |
| Grand Canyon Education, Inc. * |
13,768 |
1,790,115 |
| H&R Block, Inc. |
63,338 |
2,991,454 |
| Hall of Fame Resort & Entertainment Co. *(a) |
3,096 |
9,660 |
| Hilton Grand Vacations, Inc. * |
32,843 |
1,367,583 |
| Hilton Worldwide Holdings, Inc. |
114,416 |
22,571,988 |
| Hyatt Hotels Corp., Class A |
19,972 |
2,971,634 |
| Inspirato, Inc. * |
1,919 |
7,657 |
| Inspired Entertainment, Inc. * |
10,938 |
92,973 |
| Jack in the Box, Inc. |
8,973 |
512,089 |
| Krispy Kreme, Inc. |
37,458 |
473,844 |
| Kura Sushi USA, Inc., Class A * |
2,156 |
237,332 |
| Las Vegas Sands Corp. |
168,723 |
7,484,552 |
| Laureate Education, Inc. |
58,971 |
855,079 |
| Life Time Group Holdings, Inc. * |
31,649 |
432,325 |
| Light & Wonder, Inc. * |
41,267 |
3,683,492 |
| Lincoln Educational Services Corp. * |
10,639 |
113,412 |
| Lindblad Expeditions Holdings, Inc. * |
13,166 |
96,638 |
| Marriott International, Inc., Class A |
111,932 |
26,430,503 |
| Marriott Vacations Worldwide Corp. |
14,742 |
1,416,854 |
| McDonald's Corp. |
329,932 |
90,084,633 |
| MGM Resorts International * |
124,537 |
4,911,739 |
| Mister Car Wash, Inc. * |
47,073 |
314,918 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Monarch Casino & Resort, Inc. |
5,776 |
391,440 |
| Mondee Holdings, Inc., Class A * |
17,472 |
38,264 |
| Nathan's Famous, Inc. |
1,235 |
79,793 |
| Nerdy, Inc. * |
26,826 |
69,479 |
| Noodles & Co., Class A * |
16,309 |
24,627 |
| Norwegian Cruise Line Holdings Ltd. * |
193,672 |
3,664,274 |
| ONE Group Hospitality, Inc. * |
12,060 |
64,642 |
| OneSpaWorld Holdings Ltd. * |
40,012 |
508,953 |
| Papa John's International, Inc. |
14,323 |
883,586 |
| Penn Entertainment, Inc. * |
66,091 |
1,093,145 |
| Perdoceo Education Corp. |
27,838 |
509,435 |
| Planet Fitness, Inc., Class A * |
37,940 |
2,270,330 |
| Playa Hotels & Resorts NV * |
52,884 |
475,956 |
| PlayAGS, Inc. * |
23,905 |
211,320 |
| Portillo's, Inc., Class A * |
24,798 |
304,023 |
| Potbelly Corp. * |
11,690 |
119,121 |
| Rave Restaurant Group, Inc. * |
10,012 |
20,525 |
| RCI Hospitality Holdings, Inc. |
3,668 |
186,188 |
| Red Robin Gourmet Burgers, Inc. * |
6,715 |
50,698 |
| Red Rock Resorts, Inc., Class A |
23,238 |
1,234,403 |
| Regis Corp. * |
1,641 |
8,615 |
| Royal Caribbean Cruises Ltd. * |
107,414 |
14,998,217 |
| Rush Street Interactive, Inc. * |
31,726 |
202,729 |
| Sabre Corp. * |
172,600 |
495,362 |
| Service Corp. International |
66,430 |
4,763,695 |
| Shake Shack, Inc., Class A * |
17,416 |
1,843,484 |
| Six Flags Entertainment Corp. * |
32,321 |
762,129 |
| Soho House & Co., Inc. * |
16,810 |
87,580 |
| Starbucks Corp. |
514,540 |
45,531,645 |
| Strategic Education, Inc. |
9,508 |
1,091,899 |
| Stride, Inc. * |
17,428 |
1,163,319 |
| Sweetgreen, Inc., Class A * |
40,339 |
906,417 |
| Target Hospitality Corp. * |
10,745 |
119,538 |
| Texas Roadhouse, Inc., Class A |
30,333 |
4,876,940 |
| Travel & Leisure Co. |
32,601 |
1,419,448 |
| Udemy, Inc. * |
40,027 |
401,071 |
| United Parks & Resorts, Inc. * |
16,942 |
860,992 |
| Universal Technical Institute, Inc. * |
21,431 |
326,180 |
| Vail Resorts, Inc. |
17,201 |
3,257,353 |
| Wendy's Co. |
77,071 |
1,540,649 |
| Wingstop, Inc. |
13,286 |
5,112,320 |
| WW International, Inc. * |
36,376 |
65,841 |
| Wyndham Hotels & Resorts, Inc. |
38,347 |
2,818,888 |
| Wynn Resorts Ltd. |
43,289 |
3,967,437 |
| Xponential Fitness, Inc., Class A * |
9,583 |
122,183 |
| Yum! Brands, Inc. |
128,061 |
18,088,616 |
| |
|
514,216,125 |
| | ||
| Consumer Staples Distribution & Retail 1.8%
| ||
| Albertsons Cos., Inc., Class A |
183,419 |
3,741,748 |
| Andersons, Inc. |
13,831 |
759,875 |
| BJ's Wholesale Club Holdings, Inc. * |
60,699 |
4,533,001 |
| Casey's General Stores, Inc. |
16,757 |
5,355,202 |
| Chefs' Warehouse, Inc. * |
17,993 |
595,208 |
| Costco Wholesale Corp. |
202,075 |
146,080,017 |
| Dollar General Corp. |
99,225 |
13,811,128 |
| Dollar Tree, Inc. * |
93,536 |
11,060,632 |
| Grocery Outlet Holding Corp. * |
47,258 |
1,227,290 |
| Ingles Markets, Inc., Class A |
6,246 |
448,150 |
| Kroger Co. |
299,947 |
16,611,065 |
| Natural Grocers by Vitamin Cottage, Inc. |
4,452 |
72,835 |
| Performance Food Group Co. * |
69,983 |
4,750,446 |
| PriceSmart, Inc. |
11,274 |
908,572 |
| SpartanNash Co. |
15,368 |
293,375 |
| Sprouts Farmers Market, Inc. * |
46,441 |
3,066,499 |
| Sysco Corp. |
226,562 |
16,838,088 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
76
Schwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Target Corp. |
209,374 |
33,705,027 |
| U.S. Foods Holding Corp. * |
103,706 |
5,211,226 |
| United Natural Foods, Inc. * |
25,620 |
228,787 |
| Village Super Market, Inc., Class A |
2,371 |
66,317 |
| Walgreens Boots Alliance, Inc. |
325,583 |
5,772,587 |
| Walmart, Inc. |
1,947,117 |
115,561,394 |
| Weis Markets, Inc. |
8,874 |
560,216 |
| |
|
391,258,685 |
| | ||
| Energy 4.2% | ||
| Adams Resources & Energy, Inc. |
794 |
23,423 |
| Aemetis, Inc. * |
14,199 |
55,376 |
| American Resources Corp. *(a) |
38,760 |
55,427 |
| Amplify Energy Corp. * |
16,372 |
115,586 |
| Antero Midstream Corp. |
151,508 |
2,096,871 |
| Antero Resources Corp. * |
127,511 |
4,336,649 |
| APA Corp. |
162,885 |
5,121,104 |
| Archrock, Inc. |
64,257 |
1,233,092 |
| Atlas Energy Solutions, Inc., Class A |
24,182 |
537,082 |
| Baker Hughes Co., Class A |
456,343 |
14,885,909 |
| Berry Corp. |
27,783 |
235,878 |
| Bristow Group, Inc. * |
9,727 |
255,917 |
| Cactus, Inc., Class A |
29,031 |
1,441,099 |
| California Resources Corp. |
30,067 |
1,589,342 |
| Centrus Energy Corp., Class A * |
5,939 |
254,961 |
| ChampionX Corp. |
89,262 |
2,996,525 |
| Cheniere Energy, Inc. |
108,095 |
17,059,553 |
| Chesapeake Energy Corp. |
51,111 |
4,593,857 |
| Chevron Corp. |
788,940 |
127,232,354 |
| Chord Energy Corp. |
18,990 |
3,360,850 |
| Civitas Resources, Inc. |
38,616 |
2,778,807 |
| Clean Energy Fuels Corp. * |
78,451 |
182,006 |
| CNX Resources Corp. * |
70,699 |
1,662,840 |
| Comstock Resources, Inc. |
50,535 |
508,382 |
| Comstock, Inc. * |
59,927 |
16,630 |
| ConocoPhillips |
535,877 |
67,316,869 |
| CONSOL Energy, Inc. |
12,540 |
1,037,810 |
| Core Laboratories, Inc. |
20,776 |
328,261 |
| Coterra Energy, Inc. |
341,621 |
9,346,751 |
| Crescent Energy Co., Class A |
40,522 |
431,154 |
| CVR Energy, Inc. |
11,947 |
362,950 |
| Delek U.S. Holdings, Inc. |
25,894 |
707,683 |
| Devon Energy Corp. |
291,830 |
14,935,859 |
| Diamond Offshore Drilling, Inc. * |
43,981 |
538,327 |
| Diamondback Energy, Inc. |
81,186 |
16,328,940 |
| DMC Global, Inc. * |
8,614 |
136,532 |
| Dorian LPG Ltd. |
17,028 |
703,597 |
| Dril-Quip, Inc. * |
14,876 |
270,446 |
| DT Midstream, Inc. |
43,410 |
2,700,102 |
| Empire Petroleum Corp. *(a) |
4,255 |
22,041 |
| EOG Resources, Inc. |
265,311 |
35,055,542 |
| Epsilon Energy Ltd. |
5,425 |
29,404 |
| EQT Corp. |
188,478 |
7,556,083 |
| Equitrans Midstream Corp. |
197,327 |
2,669,834 |
| Evolution Petroleum Corp. |
15,426 |
83,300 |
| Excelerate Energy, Inc., Class A |
7,154 |
120,616 |
| Expro Group Holdings NV * |
37,621 |
705,770 |
| Exxon Mobil Corp. |
1,806,267 |
213,627,198 |
| Forum Energy Technologies, Inc. * |
4,222 |
78,740 |
| FutureFuel Corp. |
9,399 |
50,943 |
| Geospace Technologies Corp. * |
3,725 |
45,259 |
| Granite Ridge Resources, Inc. |
22,980 |
149,830 |
| Green Plains, Inc. * |
28,596 |
591,079 |
| Gulf Island Fabrication, Inc. * |
6,007 |
41,448 |
| Gulfport Energy Corp. * |
4,553 |
722,607 |
| Hallador Energy Co. * |
10,747 |
54,917 |
| Halliburton Co. |
406,274 |
15,223,087 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Helix Energy Solutions Group, Inc. * |
60,683 |
651,735 |
| Helmerich & Payne, Inc. |
44,341 |
1,743,932 |
| Hess Corp. |
125,471 |
19,760,428 |
| HF Sinclair Corp. |
70,334 |
3,815,619 |
| HighPeak Energy, Inc. (a) |
11,338 |
161,113 |
| Houston American Energy Corp. * |
4,107 |
6,612 |
| Independence Contract Drilling, Inc. *(a) |
7,301 |
13,653 |
| International Seaways, Inc. |
17,558 |
970,782 |
| Kinder Morgan, Inc. |
884,070 |
16,160,800 |
| Kinetik Holdings, Inc., Class A |
15,778 |
604,929 |
| KLX Energy Services Holdings, Inc. *(a) |
8,329 |
55,221 |
| Kodiak Gas Services, Inc. |
10,144 |
275,714 |
| Kosmos Energy Ltd. * |
217,678 |
1,234,234 |
| Liberty Energy, Inc., Class A |
69,697 |
1,533,334 |
| Lightbridge Corp. * |
5,562 |
13,794 |
| Magnolia Oil & Gas Corp., Class A |
86,005 |
2,156,145 |
| Mammoth Energy Services, Inc. * |
10,739 |
34,902 |
| Marathon Oil Corp. |
265,610 |
7,131,628 |
| Marathon Petroleum Corp. |
167,390 |
30,418,111 |
| Matador Resources Co. |
49,925 |
3,110,327 |
| Murphy Oil Corp. |
64,788 |
2,892,136 |
| Nabors Industries Ltd. * |
3,829 |
275,803 |
| NACCO Industries, Inc., Class A |
1,966 |
54,144 |
| Natural Gas Services Group, Inc. * |
4,213 |
93,023 |
| New Fortress Energy, Inc. |
28,877 |
756,577 |
| Newpark Resources, Inc. * |
32,811 |
227,708 |
| NextDecade Corp. * |
49,946 |
320,653 |
| Nine Energy Service, Inc. *(a) |
5,821 |
12,573 |
| Noble Corp. PLC |
49,473 |
2,195,612 |
| Northern Oil & Gas, Inc. |
42,384 |
1,728,843 |
| NOV, Inc. |
179,177 |
3,312,983 |
| Occidental Petroleum Corp. |
299,430 |
19,804,300 |
| Oceaneering International, Inc. * |
48,506 |
1,111,272 |
| Oil States International, Inc. * |
29,052 |
115,917 |
| ONEOK, Inc. |
264,274 |
20,909,359 |
| OPAL Fuels, Inc., Class A * |
5,715 |
26,746 |
| Overseas Shipholding Group, Inc., Class A |
30,088 |
182,935 |
| Ovintiv, Inc. |
114,638 |
5,883,222 |
| Par Pacific Holdings, Inc. * |
26,679 |
821,713 |
| Patterson-UTI Energy, Inc. |
144,426 |
1,562,689 |
| PBF Energy, Inc., Class A |
49,131 |
2,617,208 |
| Peabody Energy Corp. |
49,804 |
1,092,700 |
| Permian Resources Corp., Class A |
208,522 |
3,492,743 |
| Phillips 66 |
195,357 |
27,977,076 |
| PHX Minerals, Inc. |
18,580 |
62,243 |
| Pioneer Natural Resources Co. |
106,477 |
28,676,386 |
| PrimeEnergy Resources Corp. * |
362 |
37,091 |
| Profire Energy, Inc. * |
27,669 |
50,081 |
| ProFrac Holding Corp., Class A * |
13,542 |
98,450 |
| ProPetro Holding Corp. * |
39,887 |
347,815 |
| Range Resources Corp. |
109,316 |
3,925,538 |
| Ranger Energy Services, Inc. |
5,075 |
49,938 |
| REX American Resources Corp. * |
6,150 |
340,280 |
| Riley Exploration Permian, Inc. |
1,796 |
46,570 |
| Ring Energy, Inc. * |
11,664 |
22,162 |
| RPC, Inc. |
36,343 |
243,135 |
| SandRidge Energy, Inc. |
12,685 |
173,785 |
| Schlumberger NV |
649,331 |
30,830,236 |
| SEACOR Marine Holdings, Inc. * |
10,252 |
125,279 |
| Select Water Solutions, Inc. |
33,094 |
305,789 |
| SilverBow Resources, Inc. * |
5,751 |
176,671 |
| Sitio Royalties Corp., Class A |
35,149 |
816,863 |
| SM Energy Co. |
52,363 |
2,539,082 |
| Smart Sand, Inc. * |
17,439 |
36,448 |
See financial
notes
77
Schwab Equity Index Funds | Semiannual
ReportSchwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Solaris Oilfield Infrastructure, Inc., Class A |
15,678 |
138,123 |
| Southwestern Energy Co. * |
500,626 |
3,749,689 |
| Talos Energy, Inc. * |
58,300 |
768,394 |
| Targa Resources Corp. |
101,711 |
11,601,157 |
| TechnipFMC PLC |
198,635 |
5,089,029 |
| Tellurian, Inc. * |
286,293 |
123,135 |
| TETRA Technologies, Inc. * |
48,733 |
209,065 |
| Texas Pacific Land Corp. |
8,502 |
4,899,703 |
| Tidewater, Inc. * |
22,034 |
2,023,823 |
| Transocean Ltd. * |
320,856 |
1,674,868 |
| U.S. Silica Holdings, Inc. * |
33,313 |
514,020 |
| Uranium Energy Corp. * |
180,582 |
1,218,928 |
| VAALCO Energy, Inc. |
43,433 |
277,971 |
| Valaris Ltd. * |
27,793 |
1,808,213 |
| Valero Energy Corp. |
154,882 |
24,760,985 |
| Vertex Energy, Inc. * |
44,352 |
57,658 |
| Viper Energy, Inc. |
40,000 |
1,526,400 |
| Vital Energy, Inc. * |
11,591 |
614,555 |
| Vitesse Energy, Inc. |
10,573 |
234,615 |
| W&T Offshore, Inc. |
41,992 |
94,482 |
| Weatherford International PLC * |
33,365 |
4,124,581 |
| Williams Cos., Inc. |
552,847 |
21,207,211 |
| World Kinect Corp. |
27,459 |
645,287 |
| |
|
928,189,181 |
| | ||
| Equity Real Estate Investment Trusts (REITs) 2.4%
| ||
| Acadia Realty Trust |
46,117 |
796,902 |
| Agree Realty Corp. |
45,582 |
2,608,202 |
| Alexander & Baldwin, Inc. |
35,571 |
585,854 |
| Alexander's, Inc. |
964 |
203,944 |
| Alexandria Real Estate Equities, Inc. |
72,230 |
8,369,290 |
| Alpine Income Property Trust, Inc. |
4,623 |
69,021 |
| American Assets Trust, Inc. |
21,772 |
464,832 |
| American Healthcare REIT, Inc. |
27,000 |
370,710 |
| American Homes 4 Rent, Class A |
145,574 |
5,211,549 |
| American Tower Corp. |
211,874 |
36,349,103 |
| Americold Realty Trust, Inc. |
123,643 |
2,716,437 |
| Apartment Income REIT Corp. |
66,082 |
2,536,227 |
| Apartment Investment & Management Co., Class A * |
64,227 |
513,816 |
| Apple Hospitality REIT, Inc. |
95,824 |
1,414,362 |
| Armada Hoffler Properties, Inc. |
28,123 |
295,854 |
| Ashford Hospitality Trust, Inc. *(b) |
12,463 |
14,582 |
| AvalonBay Communities, Inc. |
64,240 |
12,177,977 |
| Bluerock Homes Trust, Inc. |
1,536 |
25,851 |
| Boston Properties, Inc. |
66,270 |
4,101,450 |
| Braemar Hotels & Resorts, Inc. |
24,766 |
67,611 |
| Brandywine Realty Trust |
80,539 |
365,647 |
| Brixmor Property Group, Inc. |
135,990 |
3,005,379 |
| Broadstone Net Lease, Inc. |
87,052 |
1,267,477 |
| BRT Apartments Corp. |
5,530 |
99,208 |
| Camden Property Trust |
48,318 |
4,816,338 |
| CareTrust REIT, Inc. |
61,209 |
1,513,087 |
| CBL & Associates Properties, Inc. |
10,443 |
227,135 |
| Centerspace |
6,268 |
421,523 |
| Chatham Lodging Trust |
21,672 |
198,732 |
| City Office REIT, Inc. |
16,407 |
76,457 |
| Clipper Realty, Inc. |
5,283 |
22,189 |
| Community Healthcare Trust, Inc. |
10,035 |
266,229 |
| COPT Defense Properties |
51,553 |
1,235,725 |
| Cousins Properties, Inc. |
70,257 |
1,611,696 |
| Creative Media & Community Trust Corp. |
3,238 |
10,750 |
| Crown Castle, Inc. |
196,742 |
18,450,465 |
| CTO Realty Growth, Inc. |
7,821 |
135,694 |
| CubeSmart |
101,521 |
4,105,509 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| DiamondRock Hospitality Co. |
99,179 |
882,693 |
| Digital Realty Trust, Inc. |
138,137 |
19,170,653 |
| Diversified Healthcare Trust (b) |
100,000 |
236,000 |
| Douglas Emmett, Inc. |
73,469 |
1,007,260 |
| Easterly Government Properties, Inc., Class A |
42,425 |
495,948 |
| EastGroup Properties, Inc. |
21,981 |
3,414,968 |
| Elme Communities |
40,011 |
606,567 |
| Empire State Realty Trust, Inc., Class A |
58,131 |
528,992 |
| EPR Properties |
35,314 |
1,433,395 |
| Equinix, Inc. |
42,703 |
30,366,530 |
| Equity Commonwealth * |
45,821 |
857,769 |
| Equity LifeStyle Properties, Inc. |
85,698 |
5,166,732 |
| Equity Residential |
156,373 |
10,070,421 |
| Essential Properties Realty Trust, Inc. |
69,415 |
1,828,391 |
| Essex Property Trust, Inc. |
29,324 |
7,221,035 |
| Extra Space Storage, Inc. |
96,286 |
12,929,284 |
| Farmland Partners, Inc. |
21,207 |
228,187 |
| Federal Realty Investment Trust |
33,653 |
3,505,633 |
| First Industrial Realty Trust, Inc. |
59,960 |
2,723,383 |
| Four Corners Property Trust, Inc. |
42,097 |
987,175 |
| Franklin Street Properties Corp., Class C |
36,290 |
67,499 |
| Gaming & Leisure Properties, Inc. |
121,084 |
5,173,919 |
| Generation Income Properties, Inc. |
894 |
3,379 |
| Getty Realty Corp. |
23,634 |
640,481 |
| Gladstone Commercial Corp. |
16,360 |
218,733 |
| Gladstone Land Corp. |
14,746 |
186,979 |
| Global Medical REIT, Inc. |
26,096 |
211,639 |
| Global Net Lease, Inc. |
84,810 |
589,430 |
| Global Self Storage, Inc. |
1,987 |
8,326 |
| Healthcare Realty Trust, Inc., Class A |
173,781 |
2,472,904 |
| Healthpeak Properties, Inc. |
326,712 |
6,080,110 |
| Highwoods Properties, Inc. |
49,859 |
1,306,306 |
| Host Hotels & Resorts, Inc. |
318,406 |
6,008,321 |
| Hudson Pacific Properties, Inc. |
56,547 |
327,973 |
| Independence Realty Trust, Inc. |
103,075 |
1,625,493 |
| Industrial Logistics Properties Trust |
24,875 |
87,560 |
| Innovative Industrial Properties, Inc. |
12,910 |
1,334,894 |
| InvenTrust Properties Corp. |
29,223 |
740,511 |
| Invitation Homes, Inc. |
262,003 |
8,960,503 |
| Iron Mountain, Inc. |
132,194 |
10,247,679 |
| JBG SMITH Properties |
40,899 |
613,894 |
| Kilroy Realty Corp. |
48,504 |
1,639,435 |
| Kimco Realty Corp. |
305,865 |
5,698,265 |
| Kite Realty Group Trust |
99,353 |
2,165,895 |
| Lamar Advertising Co., Class A |
39,410 |
4,565,649 |
| LTC Properties, Inc. |
17,442 |
577,330 |
| LXP Industrial Trust |
139,647 |
1,166,052 |
| Macerich Co. |
99,583 |
1,370,262 |
| Medical Properties Trust, Inc. (a) |
278,519 |
1,281,187 |
| Mid-America Apartment Communities, Inc. |
52,853 |
6,870,890 |
| Modiv Industrial, Inc., Class C |
3,196 |
47,844 |
| National Health Investors, Inc. |
20,414 |
1,287,307 |
| National Storage Affiliates Trust |
35,246 |
1,235,020 |
| NET Lease Office Properties |
6,279 |
143,538 |
| NETSTREIT Corp. |
34,339 |
578,612 |
| New Century Financial Corp. *(c) |
3,600 |
0 |
| NexPoint Diversified Real Estate Trust |
15,748 |
94,173 |
| NexPoint Residential Trust, Inc. |
9,644 |
330,211 |
| NNN REIT, Inc. |
84,116 |
3,409,222 |
| Office Properties Income Trust |
29,171 |
58,925 |
| Omega Healthcare Investors, Inc. |
113,277 |
3,444,754 |
| One Liberty Properties, Inc. |
6,163 |
141,194 |
| Outfront Media, Inc. |
65,718 |
1,042,287 |
| Paramount Group, Inc. |
73,678 |
341,866 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
78
Schwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Park Hotels & Resorts, Inc. |
92,416 |
1,490,670 |
| Peakstone Realty Trust |
15,426 |
215,501 |
| Pebblebrook Hotel Trust |
53,690 |
780,116 |
| Phillips Edison & Co., Inc. |
55,440 |
1,812,888 |
| Piedmont Office Realty Trust, Inc., Class A |
53,125 |
366,031 |
| Plymouth Industrial REIT, Inc. |
16,461 |
343,706 |
| Postal Realty Trust, Inc., Class A |
7,337 |
101,617 |
| PotlatchDeltic Corp. |
36,149 |
1,446,322 |
| Presidio Property Trust, Inc., Class A |
8,865 |
7,619 |
| Prologis, Inc. |
420,500 |
42,912,025 |
| Public Storage |
72,042 |
18,691,297 |
| Rayonier, Inc. |
62,919 |
1,866,178 |
| Realty Income Corp. |
377,326 |
20,202,034 |
| Regency Centers Corp. |
73,868 |
4,374,463 |
| Retail Opportunity Investments Corp. |
53,563 |
657,218 |
| Rexford Industrial Realty, Inc. |
95,257 |
4,077,952 |
| RLJ Lodging Trust |
69,831 |
768,141 |
| Ryman Hospitality Properties, Inc. |
27,387 |
2,888,781 |
| Sabra Health Care REIT, Inc. |
104,314 |
1,452,051 |
| Safehold, Inc. |
21,044 |
383,843 |
| Saul Centers, Inc. |
5,768 |
210,013 |
| SBA Communications Corp., Class A |
49,088 |
9,136,259 |
| Service Properties Trust |
87,224 |
534,683 |
| Simon Property Group, Inc. |
148,246 |
20,833,010 |
| SITE Centers Corp. |
84,716 |
1,142,819 |
| SL Green Realty Corp. |
28,543 |
1,422,298 |
| STAG Industrial, Inc. |
81,841 |
2,814,512 |
| Summit Hotel Properties, Inc. |
47,221 |
283,798 |
| Sun Communities, Inc. |
56,298 |
6,267,093 |
| Sunstone Hotel Investors, Inc. |
90,577 |
923,885 |
| Tanger, Inc. |
48,488 |
1,374,635 |
| Terreno Realty Corp. |
42,356 |
2,302,049 |
| UDR, Inc. |
137,470 |
5,234,858 |
| UMH Properties, Inc. |
25,601 |
407,568 |
| Uniti Group, Inc. |
117,986 |
678,420 |
| Universal Health Realty Income Trust |
5,432 |
195,715 |
| Urban Edge Properties |
55,572 |
929,720 |
| Ventas, Inc. |
183,879 |
8,142,162 |
| Veris Residential, Inc. |
34,121 |
491,684 |
| VICI Properties, Inc., Class A |
470,776 |
13,440,655 |
| Vornado Realty Trust |
71,356 |
1,857,397 |
| Welltower, Inc. |
251,445 |
23,957,680 |
| Weyerhaeuser Co. |
330,491 |
9,970,913 |
| Whitestone REIT |
20,066 |
230,759 |
| WP Carey, Inc. |
98,679 |
5,411,556 |
| Xenia Hotels & Resorts, Inc. |
45,844 |
635,856 |
| |
|
528,448,731 |
| | ||
| Financial Services 7.8% | ||
| Acacia Research Corp. * |
29,703 |
144,654 |
| ACRES Commercial Realty Corp. |
3,144 |
41,815 |
| AFC Gamma, Inc. |
8,444 |
101,328 |
| Affiliated Managers Group, Inc. |
15,236 |
2,378,340 |
| Affirm Holdings, Inc. * |
107,616 |
3,430,798 |
| AG Mortgage Investment Trust, Inc. |
13,958 |
77,327 |
| AGNC Investment Corp. |
313,416 |
2,867,756 |
| Alerus Financial Corp. |
8,490 |
167,253 |
| Ally Financial, Inc. |
124,296 |
4,766,752 |
| AlTi Global, Inc. * |
9,783 |
45,002 |
| A-Mark Precious Metals, Inc. |
8,227 |
329,656 |
| American Express Co. |
260,118 |
60,875,416 |
| Ameriprise Financial, Inc. |
45,597 |
18,776,389 |
| Angel Oak Mortgage REIT, Inc. |
9,942 |
104,689 |
| Annaly Capital Management, Inc. |
226,910 |
4,252,293 |
| Apollo Commercial Real Estate Finance, Inc. |
61,373 |
591,022 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Apollo Global Management, Inc. |
198,343 |
21,496,414 |
| Arbor Realty Trust, Inc. (a) |
83,347 |
1,069,342 |
| Ares Commercial Real Estate Corp. |
22,535 |
153,013 |
| ARES Management Corp., Class A |
77,148 |
10,267,627 |
| ARMOUR Residential REIT, Inc. |
21,511 |
390,855 |
| Artisan Partners Asset Management, Inc., Class A |
31,419 |
1,285,980 |
| AssetMark Financial Holdings, Inc. * |
9,288 |
314,027 |
| Associated Capital Group, Inc., Class A |
1,818 |
59,067 |
| Atlanticus Holdings Corp. * |
2,144 |
56,709 |
| AvidXchange Holdings, Inc. * |
75,290 |
877,881 |
| B Riley Financial, Inc. (a) |
6,796 |
233,782 |
| Bank of New York Mellon Corp. |
345,488 |
19,516,617 |
| Berkshire Hathaway, Inc., Class B * |
827,600 |
328,333,748 |
| Better Home & Finance Holding Co. * |
212,871 |
84,510 |
| BGC Group, Inc., Class A |
171,274 |
1,341,075 |
| BlackRock, Inc. |
63,654 |
48,035,855 |
| Blackstone Mortgage Trust, Inc., Class A (a) |
78,268 |
1,380,648 |
| Blackstone, Inc. |
327,210 |
38,155,958 |
| Block, Inc. * |
253,199 |
18,483,527 |
| Blue Owl Capital, Inc., Class A |
184,413 |
3,483,562 |
| BM Technologies, Inc. * |
10,210 |
16,234 |
| Bread Financial Holdings, Inc. |
21,541 |
795,078 |
| Bridge Investment Group Holdings, Inc., Class A |
13,376 |
88,014 |
| Brightsphere Investment Group, Inc. |
14,000 |
311,360 |
| BrightSpire Capital, Inc., Class A |
69,114 |
434,727 |
| Cannae Holdings, Inc. * |
25,712 |
500,098 |
| Cantaloupe, Inc. * |
26,721 |
154,715 |
| Capital One Financial Corp. |
173,250 |
24,849,247 |
| Carlyle Group, Inc. |
98,545 |
4,414,816 |
| Cass Information Systems, Inc. |
5,702 |
246,269 |
| Cboe Global Markets, Inc. |
48,019 |
8,698,642 |
| Charles Schwab Corp. (d) |
671,907 |
49,687,523 |
| Cherry Hill Mortgage Investment Corp. |
15,001 |
51,603 |
| Chicago Atlantic Real Estate Finance, Inc. |
9,254 |
145,658 |
| Chimera Investment Corp. |
98,492 |
405,787 |
| Claros Mortgage Trust, Inc. |
50,991 |
443,622 |
| CME Group, Inc. |
163,992 |
34,379,283 |
| Cohen & Steers, Inc. |
11,667 |
802,456 |
| Coinbase Global, Inc., Class A * |
77,723 |
15,850,051 |
| Consumer Portfolio Services, Inc. * |
5,099 |
43,647 |
| Corebridge Financial, Inc. (a) |
109,893 |
2,918,758 |
| Corpay, Inc. * |
32,979 |
9,964,275 |
| Credit Acceptance Corp. * |
2,821 |
1,449,204 |
| Diamond Hill Investment Group, Inc. |
1,364 |
203,536 |
| Discover Financial Services |
113,531 |
14,387,784 |
| Donnelley Financial Solutions, Inc. * |
11,044 |
693,342 |
| Dynex Capital, Inc. |
22,582 |
263,532 |
| Ellington Credit Co. |
6,980 |
46,138 |
| Ellington Financial, Inc. |
33,849 |
387,233 |
| Enact Holdings, Inc. |
14,940 |
444,166 |
| Encore Capital Group, Inc. * |
9,929 |
407,983 |
| Enova International, Inc. * |
13,316 |
806,017 |
| Equitable Holdings, Inc. |
144,040 |
5,316,516 |
| Essent Group Ltd. |
47,371 |
2,509,242 |
| Euronet Worldwide, Inc. * |
20,230 |
2,077,216 |
| Evercore, Inc., Class A |
15,791 |
2,866,066 |
| EVERTEC, Inc. |
29,799 |
1,118,356 |
| EZCORP, Inc., Class A * |
25,151 |
276,158 |
| FactSet Research Systems, Inc. |
17,367 |
7,240,129 |
| Federal Agricultural Mortgage Corp., Class C |
4,622 |
860,293 |
See financial
notes
79
Schwab Equity Index Funds | Semiannual
ReportSchwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Federated Hermes, Inc. |
38,340 |
1,259,469 |
| Fidelity National Information Services, Inc. |
269,046 |
18,273,604 |
| Finance of America Cos., Inc., Class A * |
18,960 |
9,101 |
| FirstCash Holdings, Inc. |
16,707 |
1,887,557 |
| Fiserv, Inc. * |
272,653 |
41,625,934 |
| Flywire Corp. * |
51,215 |
1,049,908 |
| Forge Global Holdings, Inc. * |
45,163 |
82,648 |
| Franklin BSP Realty Trust, Inc. |
34,676 |
433,103 |
| Franklin Resources, Inc. |
135,716 |
3,099,753 |
| GCM Grosvenor, Inc., Class A |
19,770 |
186,629 |
| Global Payments, Inc. |
118,501 |
14,548,368 |
| Goldman Sachs Group, Inc. |
148,337 |
63,296,881 |
| Granite Point Mortgage Trust, Inc. |
23,489 |
100,768 |
| Great Ajax Corp. |
9,397 |
32,420 |
| Green Dot Corp., Class A * |
20,026 |
175,228 |
| Guild Holdings Co., Class A |
4,604 |
62,108 |
| Hamilton Lane, Inc., Class A |
16,653 |
1,860,473 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. |
49,093 |
1,227,816 |
| Heritage Global, Inc. * |
16,791 |
41,306 |
| Houlihan Lokey, Inc., Class A |
23,392 |
2,982,246 |
| I3 Verticals, Inc., Class A * |
10,325 |
234,481 |
| Interactive Brokers Group, Inc., Class A |
48,347 |
5,565,707 |
| Intercontinental Exchange, Inc. |
260,272 |
33,512,623 |
| International Money Express, Inc. * |
18,445 |
373,142 |
| Invesco Ltd. |
201,667 |
2,857,621 |
| Invesco Mortgage Capital, Inc. |
18,784 |
160,603 |
| Jack Henry & Associates, Inc. |
32,952 |
5,360,961 |
| Jackson Financial, Inc., Class A |
31,704 |
2,166,017 |
| Janus Henderson Group PLC |
59,917 |
1,870,609 |
| Jefferies Financial Group, Inc. |
76,607 |
3,298,697 |
| Katapult Holdings, Inc. * |
2,511 |
32,982 |
| KKR & Co., Inc. |
301,919 |
28,099,601 |
| KKR Real Estate Finance Trust, Inc. |
24,272 |
228,400 |
| Ladder Capital Corp., Class A |
54,768 |
587,661 |
| Lazard, Inc. |
51,551 |
1,984,713 |
| LendingClub Corp. * |
46,098 |
346,657 |
| LendingTree, Inc. * |
4,315 |
208,285 |
| loanDepot, Inc., Class A * |
36,984 |
76,927 |
| LPL Financial Holdings, Inc. |
34,013 |
9,153,919 |
| Lument Finance Trust, Inc. |
24,035 |
56,723 |
| Manhattan Bridge Capital, Inc. |
7,727 |
39,099 |
| MarketAxess Holdings, Inc. |
17,632 |
3,527,987 |
| Marqeta, Inc., Class A * |
205,057 |
1,138,066 |
| Mastercard, Inc., Class A |
375,277 |
169,324,982 |
| Medallion Financial Corp. |
6,557 |
48,260 |
| Merchants Bancorp |
12,767 |
514,893 |
| MFA Financial, Inc. |
47,437 |
502,358 |
| MGIC Investment Corp. |
125,438 |
2,543,883 |
| Moelis & Co., Class A |
30,835 |
1,513,382 |
| Moneylion, Inc. * |
2,380 |
157,818 |
| Moody's Corp. |
71,467 |
26,466,374 |
| Morgan Stanley |
569,850 |
51,765,174 |
| Morningstar, Inc. |
11,728 |
3,314,919 |
| Mr Cooper Group, Inc. * |
29,229 |
2,256,479 |
| MSCI, Inc., Class A |
35,899 |
16,721,395 |
| Nasdaq, Inc. |
172,152 |
10,303,297 |
| Navient Corp. |
37,356 |
561,087 |
| NCR Atleos Corp. * |
28,535 |
568,703 |
| Nelnet, Inc., Class A |
7,716 |
726,693 |
| NerdWallet, Inc., Class A * |
22,319 |
280,550 |
| New York Mortgage Trust, Inc. |
40,532 |
277,644 |
| NewtekOne, Inc. |
11,192 |
120,762 |
| Nexpoint Real Estate Finance, Inc. |
5,703 |
73,911 |
| Nicholas Financial, Inc. * |
6,032 |
38,665 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| NMI Holdings, Inc., Class A * |
36,089 |
1,113,707 |
| Northern Trust Corp. |
93,438 |
7,698,357 |
| Ocwen Financial Corp. * |
3,090 |
72,121 |
| OneMain Holdings, Inc. |
54,286 |
2,828,843 |
| Open Lending Corp., Class A * |
44,911 |
229,046 |
| Oportun Financial Corp. * |
13,044 |
41,349 |
| Oppenheimer Holdings, Inc., Class A |
3,500 |
140,175 |
| OppFi, Inc. |
7,166 |
19,133 |
| Orchid Island Capital, Inc. (a) |
30,417 |
253,374 |
| P10, Inc., Class A |
29,037 |
206,163 |
| Paymentus Holdings, Inc., Class A * |
8,752 |
178,628 |
| Payoneer Global, Inc. * |
113,997 |
563,145 |
| PayPal Holdings, Inc. * |
488,172 |
33,156,642 |
| Paysign, Inc. * |
9,553 |
43,944 |
| PennyMac Financial Services, Inc. |
12,693 |
1,087,029 |
| PennyMac Mortgage Investment Trust |
37,798 |
523,502 |
| Perella Weinberg Partners, Class A |
19,698 |
293,894 |
| Piper Sandler Cos. |
7,045 |
1,379,341 |
| PJT Partners, Inc., Class A |
10,452 |
987,609 |
| PRA Group, Inc. * |
16,584 |
394,533 |
| Priority Technology Holdings, Inc. * |
9,469 |
30,395 |
| PROG Holdings, Inc. |
19,924 |
662,274 |
| Radian Group, Inc. |
71,257 |
2,128,447 |
| Raymond James Financial, Inc. |
85,433 |
10,422,826 |
| Ready Capital Corp. |
69,762 |
594,372 |
| Redwood Trust, Inc. |
69,393 |
383,743 |
| Regional Management Corp. |
3,411 |
85,991 |
| Remitly Global, Inc. * |
63,447 |
1,131,260 |
| Repay Holdings Corp., Class A * |
32,506 |
330,586 |
| Rithm Capital Corp. |
214,168 |
2,381,548 |
| Robinhood Markets, Inc., Class A * |
237,488 |
3,916,177 |
| Rocket Cos., Inc., Class A * |
58,600 |
719,608 |
| Ryvyl, Inc. * |
1,042 |
1,386 |
| S&P Global, Inc. |
146,148 |
60,772,723 |
| Sachem Capital Corp. |
16,351 |
50,688 |
| Security National Financial Corp., Class A * |
7,050 |
46,389 |
| SEI Investments Co. |
45,583 |
3,006,199 |
| Seven Hills Realty Trust |
5,666 |
71,108 |
| Sezzle, Inc. * |
1,400 |
70,882 |
| Shift4 Payments, Inc., Class A * |
25,975 |
1,502,913 |
| Silvercrest Asset Management Group, Inc., Class A |
3,213 |
47,070 |
| SLM Corp. |
103,311 |
2,189,160 |
| SoFi Technologies, Inc. * |
446,993 |
3,030,613 |
| Starwood Property Trust, Inc. |
132,523 |
2,513,961 |
| State Street Corp. |
137,859 |
9,993,399 |
| StepStone Group, Inc., Class A |
25,199 |
908,928 |
| Stifel Financial Corp. |
47,043 |
3,759,677 |
| StoneX Group, Inc. * |
12,675 |
920,205 |
| SWK Holdings Corp. * |
1,451 |
25,160 |
| Synchrony Financial |
183,898 |
8,087,834 |
| T Rowe Price Group, Inc. |
101,767 |
11,150,610 |
| Toast, Inc., Class A * |
168,491 |
3,981,442 |
| TPG RE Finance Trust, Inc. |
24,952 |
182,898 |
| TPG, Inc. |
34,397 |
1,482,511 |
| Tradeweb Markets, Inc., Class A |
52,904 |
5,380,866 |
| Two Harbors Investment Corp. |
51,925 |
655,813 |
| U.S. Global Investors, Inc., Class A |
6,234 |
16,707 |
| Upstart Holdings, Inc. * |
33,301 |
736,951 |
| Usio, Inc. * |
17,787 |
26,325 |
| UWM Holdings Corp. |
43,383 |
273,313 |
| Velocity Financial, Inc. * |
8,532 |
146,324 |
| Victory Capital Holdings, Inc., Class A |
16,586 |
843,564 |
| Virtu Financial, Inc., Class A |
42,853 |
929,910 |
| Virtus Investment Partners, Inc. |
2,899 |
635,809 |
| Visa, Inc., Class A |
719,409 |
193,240,451 |
| Voya Financial, Inc. |
47,448 |
3,234,056 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
80
Schwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Walker & Dunlop, Inc. |
14,790 |
1,355,208 |
| Waterstone Financial, Inc. |
8,861 |
100,484 |
| Western Union Co. |
164,344 |
2,208,783 |
| Westwood Holdings Group, Inc. |
2,653 |
33,003 |
| WEX, Inc. * |
19,361 |
4,090,205 |
| WisdomTree, Inc. |
51,234 |
455,983 |
| World Acceptance Corp. * |
1,349 |
185,582 |
| |
|
1,734,066,346 |
| | ||
| Food, Beverage & Tobacco 2.6% |
||
| Alico, Inc. |
2,213 |
61,765 |
| Altria Group, Inc. |
801,268 |
35,103,551 |
| Archer-Daniels-Midland Co. |
242,906 |
14,248,866 |
| B&G Foods, Inc. |
42,071 |
466,988 |
| Beyond Meat, Inc. *(a) |
28,812 |
195,345 |
| Boston Beer Co., Inc., Class A * |
4,323 |
1,203,566 |
| BRC, Inc., Class A * |
18,823 |
73,410 |
| Brown-Forman Corp., Class B |
108,375 |
5,185,744 |
| Bunge Global SA |
65,435 |
6,658,666 |
| Calavo Growers, Inc. |
7,291 |
196,492 |
| Cal-Maine Foods, Inc. |
18,796 |
1,039,983 |
| Campbell Soup Co. |
90,559 |
4,139,452 |
| Celsius Holdings, Inc. * |
67,508 |
4,811,295 |
| Coca-Cola Co. |
1,771,082 |
109,399,735 |
| Coca-Cola Consolidated, Inc. |
2,124 |
1,754,424 |
| Conagra Brands, Inc. |
219,655 |
6,760,981 |
| Constellation Brands, Inc., Class A |
72,929 |
18,484,584 |
| Darling Ingredients, Inc. * |
72,463 |
3,070,257 |
| Duckhorn Portfolio, Inc. * |
19,046 |
161,320 |
| Farmer Bros Co. * |
11,781 |
36,521 |
| Flowers Foods, Inc. |
86,037 |
2,145,763 |
| Fresh Del Monte Produce, Inc. |
13,508 |
345,400 |
| Freshpet, Inc. * |
21,989 |
2,332,373 |
| General Mills, Inc. |
258,267 |
18,197,493 |
| Hain Celestial Group, Inc. * |
55,489 |
340,702 |
| Hershey Co. |
68,453 |
13,274,406 |
| Hormel Foods Corp. |
130,450 |
4,638,802 |
| Ingredion, Inc. |
29,234 |
3,349,924 |
| J & J Snack Foods Corp. |
7,048 |
967,620 |
| J M Smucker Co. |
48,724 |
5,595,951 |
| John B Sanfilippo & Son, Inc. |
3,955 |
394,314 |
| Kellanova |
120,376 |
6,964,955 |
| Keurig Dr Pepper, Inc. |
474,379 |
15,986,572 |
| Kraft Heinz Co. |
360,131 |
13,904,658 |
| Lamb Weston Holdings, Inc. |
65,349 |
5,446,186 |
| Lancaster Colony Corp. |
9,421 |
1,797,621 |
| Lifeway Foods, Inc. * |
6,566 |
134,275 |
| Limoneira Co. |
7,226 |
142,930 |
| Mama's Creations, Inc. * |
7,154 |
42,495 |
| McCormick & Co., Inc. - Non Voting Shares |
114,886 |
8,738,229 |
| MGP Ingredients, Inc. |
7,544 |
591,751 |
| Mission Produce, Inc. * |
18,304 |
207,750 |
| Molson Coors Beverage Co., Class B |
84,014 |
4,810,642 |
| Mondelez International, Inc., Class A |
612,138 |
44,037,208 |
| Monster Beverage Corp. * |
337,483 |
18,038,466 |
| National Beverage Corp. * |
9,990 |
444,555 |
| PepsiCo, Inc. |
625,179 |
109,975,238 |
| Philip Morris International, Inc. |
706,158 |
67,042,641 |
| Pilgrim's Pride Corp. * |
19,693 |
709,342 |
| Post Holdings, Inc. * |
23,321 |
2,475,524 |
| Sadot Group, Inc. * |
27,734 |
7,627 |
| Seaboard Corp. |
109 |
360,802 |
| Seneca Foods Corp., Class A * |
2,612 |
151,731 |
| Simply Good Foods Co. * |
42,953 |
1,565,637 |
| Splash Beverage Group, Inc. * |
20,360 |
6,698 |
| Tootsie Roll Industries, Inc. |
7,644 |
227,103 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| TreeHouse Foods, Inc. * |
22,159 |
832,070 |
| Turning Point Brands, Inc. |
9,980 |
287,823 |
| Tyson Foods, Inc., Class A |
129,015 |
7,824,760 |
| Universal Corp. |
10,446 |
537,238 |
| Utz Brands, Inc. |
29,813 |
537,528 |
| Vector Group Ltd. |
56,584 |
585,644 |
| Vintage Wine Estates, Inc. * |
29,567 |
6,032 |
| Vita Coco Co., Inc. * |
13,490 |
326,998 |
| Vital Farms, Inc. * |
11,214 |
300,087 |
| Westrock Coffee Co. *(a) |
15,240 |
154,534 |
| Whole Earth Brands, Inc. * |
12,768 |
61,542 |
| WK Kellogg Co. |
28,636 |
668,364 |
| Zevia PBC, Class A * |
20,011 |
17,227 |
| |
|
580,586,176 |
| | ||
| Health Care Equipment & Services 5.0% | ||
| Abbott Laboratories |
789,672 |
83,681,542 |
| Acadia Healthcare Co., Inc. * |
41,960 |
3,102,522 |
| Accolade, Inc. * |
35,923 |
274,092 |
| Accuray, Inc. * |
36,635 |
78,033 |
| AdaptHealth Corp., Class A * |
43,913 |
432,543 |
| Addus HomeCare Corp. * |
7,000 |
673,050 |
| Agiliti, Inc. * |
14,918 |
151,418 |
| agilon health, Inc. * |
138,167 |
759,918 |
| AirSculpt Technologies, Inc. *(a) |
4,242 |
23,373 |
| Akili, Inc., Class A * |
8,840 |
3,536 |
| Align Technology, Inc. * |
32,528 |
9,185,257 |
| Alignment Healthcare, Inc. * |
51,148 |
263,412 |
| Alphatec Holdings, Inc. * |
41,583 |
524,777 |
| Amedisys, Inc. * |
15,348 |
1,412,783 |
| American Well Corp., Class A * |
125,000 |
63,813 |
| AMN Healthcare Services, Inc. * |
17,098 |
1,025,538 |
| AngioDynamics, Inc. * |
16,851 |
97,567 |
| Apyx Medical Corp. * |
12,488 |
17,858 |
| Artivion, Inc. * |
17,724 |
347,745 |
| Asensus Surgical, Inc. * |
88,725 |
21,880 |
| Astrana Health, Inc. * |
19,744 |
733,490 |
| AtriCure, Inc. * |
21,692 |
523,211 |
| Atrion Corp. |
563 |
238,312 |
| Augmedix, Inc. * |
11,589 |
31,406 |
| Avanos Medical, Inc. * |
19,723 |
356,592 |
| Aveanna Healthcare Holdings, Inc. * |
23,737 |
53,408 |
| Axogen, Inc. * |
16,795 |
107,656 |
| Axonics, Inc. * |
23,420 |
1,559,069 |
| Baxter International, Inc. |
231,470 |
9,344,444 |
| Becton Dickinson & Co. |
131,516 |
30,853,654 |
| Beyond Air, Inc. *(a) |
14,110 |
15,239 |
| Biodesix, Inc. * |
20,622 |
25,571 |
| Bioventus, Inc., Class A * |
16,149 |
63,950 |
| Boston Scientific Corp. * |
666,369 |
47,891,940 |
| BrightSpring Health Services, Inc. * |
25,000 |
267,250 |
| Brookdale Senior Living, Inc. * |
96,082 |
652,397 |
| Butterfly Network, Inc. *(a) |
79,217 |
61,480 |
| Cardinal Health, Inc. |
111,192 |
11,457,224 |
| Castle Biosciences, Inc. * |
11,444 |
241,354 |
| Cencora, Inc. |
75,121 |
17,957,675 |
| Centene Corp. * |
242,765 |
17,736,411 |
| Certara, Inc. * |
51,767 |
885,733 |
| Cerus Corp. * |
76,254 |
127,344 |
| Chemed Corp. |
6,833 |
3,881,144 |
| Cigna Group |
133,050 |
47,504,172 |
| ClearPoint Neuro, Inc. * |
10,369 |
56,304 |
| Clover Health Investments Corp., Class A * |
151,697 |
95,569 |
| Community Health Systems, Inc. * |
51,561 |
170,151 |
| CONMED Corp. |
14,231 |
967,423 |
| Cooper Cos., Inc. |
90,394 |
8,050,490 |
See financial
notes
81
Schwab Equity Index Funds | Semiannual
ReportSchwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| CorVel Corp. * |
4,159 |
993,377 |
| Cross Country Healthcare, Inc. * |
14,884 |
261,958 |
| CVRx, Inc. * |
5,810 |
90,113 |
| CVS Health Corp. |
571,705 |
38,710,146 |
| DaVita, Inc. * |
24,484 |
3,403,521 |
| Definitive Healthcare Corp., Class A * |
18,692 |
129,722 |
| Delcath Systems, Inc. * |
6,977 |
36,280 |
| DENTSPLY SIRONA, Inc. |
95,706 |
2,872,137 |
| Dexcom, Inc. * |
175,293 |
22,330,575 |
| DocGo, Inc. * |
50,278 |
169,940 |
| Doximity, Inc., Class A * |
54,666 |
1,327,837 |
| Edwards Lifesciences Corp. * |
275,422 |
23,319,981 |
| ElectroCore, Inc. * |
3,035 |
18,574 |
| Electromed, Inc. * |
3,594 |
62,500 |
| Elevance Health, Inc. |
106,898 |
56,504,145 |
| Embecta Corp. |
24,775 |
250,971 |
| Encompass Health Corp. |
45,879 |
3,825,391 |
| Enhabit, Inc. * |
23,015 |
232,221 |
| Enovis Corp. * |
22,222 |
1,227,321 |
| Ensign Group, Inc. |
25,319 |
2,996,757 |
| Envista Holdings Corp. * |
78,934 |
1,553,421 |
| enVVeno Medical Corp. * |
2,462 |
13,049 |
| Enzo Biochem, Inc. * |
13,471 |
14,010 |
| Evolent Health, Inc., Class A * |
52,657 |
1,460,705 |
| FONAR Corp. * |
3,312 |
52,131 |
| Forian, Inc. * |
7,513 |
19,534 |
| Fulgent Genetics, Inc. * |
9,036 |
183,883 |
| GE HealthCare Technologies, Inc. |
193,149 |
14,725,680 |
| GeneDx Holdings Corp. *(a) |
7,651 |
130,603 |
| Glaukos Corp. * |
22,092 |
2,120,832 |
| Globus Medical, Inc., Class A * |
52,218 |
2,599,934 |
| GoodRx Holdings, Inc., Class A * |
32,958 |
234,002 |
| Great Elm Group, Inc. * |
9,772 |
18,665 |
| Guardant Health, Inc. * |
54,988 |
989,784 |
| Haemonetics Corp. * |
22,522 |
2,070,898 |
| HCA Healthcare, Inc. |
90,095 |
27,913,233 |
| Health Catalyst, Inc. * |
26,200 |
162,964 |
| HealthEquity, Inc. * |
39,669 |
3,130,281 |
| HealthStream, Inc. |
10,329 |
266,178 |
| HeartBeam, Inc. * |
14,543 |
29,231 |
| Henry Schein, Inc. * |
58,847 |
4,076,920 |
| Hims & Hers Health, Inc. * |
69,336 |
868,780 |
| Hologic, Inc. * |
107,104 |
8,115,270 |
| Humana, Inc. |
55,549 |
16,780,797 |
| Hyperfine, Inc. * |
14,647 |
11,864 |
| ICU Medical, Inc. * |
9,260 |
906,739 |
| IDEXX Laboratories, Inc. * |
37,738 |
18,595,777 |
| Inari Medical, Inc. * |
22,228 |
829,994 |
| InfuSystem Holdings, Inc. * |
10,655 |
80,019 |
| Innovage Holding Corp. * |
7,015 |
24,903 |
| Inogen, Inc. * |
16,555 |
112,574 |
| Inspire Medical Systems, Inc. * |
13,428 |
3,245,010 |
| Insulet Corp. * |
31,968 |
5,496,578 |
| Integer Holdings Corp. * |
15,173 |
1,693,762 |
| Integra LifeSciences Holdings Corp. * |
30,669 |
894,615 |
| Intuitive Surgical, Inc. * |
160,261 |
59,395,932 |
| iRadimed Corp. |
3,278 |
133,120 |
| iRhythm Technologies, Inc. * |
14,107 |
1,545,845 |
| Joint Corp. * |
7,452 |
88,977 |
| Know Labs, Inc. * |
35,048 |
22,935 |
| KORU Medical Systems, Inc. * |
12,813 |
27,804 |
| Laboratory Corp. of America Holdings |
38,479 |
7,748,516 |
| Lantheus Holdings, Inc. * |
30,497 |
2,029,270 |
| LeMaitre Vascular, Inc. |
8,388 |
543,542 |
| LENSAR, Inc. * |
11,846 |
36,960 |
| LifeMD, Inc. * |
20,209 |
241,093 |
| LifeStance Health Group, Inc. * |
40,123 |
247,960 |
| LivaNova PLC * |
25,025 |
1,395,144 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Lucid Diagnostics, Inc. * |
1,998 |
1,800 |
| Masimo Corp. * |
20,280 |
2,725,835 |
| McKesson Corp. |
59,861 |
32,157,928 |
| Medtronic PLC |
604,812 |
48,530,115 |
| Merit Medical Systems, Inc. * |
26,082 |
1,932,676 |
| Milestone Scientific, Inc. * |
34,400 |
21,328 |
| ModivCare, Inc. * |
5,394 |
126,597 |
| Molina Healthcare, Inc. * |
26,401 |
9,031,782 |
| Multiplan Corp. * |
104,525 |
67,920 |
| Myomo, Inc. * |
21,495 |
70,289 |
| National HealthCare Corp. |
5,672 |
515,415 |
| National Research Corp. |
6,098 |
208,856 |
| Neogen Corp. * |
89,023 |
1,097,654 |
| NeoGenomics, Inc. * |
59,570 |
829,214 |
| NeuroPace, Inc. * |
4,356 |
56,584 |
| Nevro Corp. * |
16,500 |
174,570 |
| Novocure Ltd. * |
44,300 |
542,232 |
| OmniAb, Inc., Class A *(c) |
2,395 |
0 |
| OmniAb, Inc., Class B *(c) |
2,395 |
0 |
| Omnicell, Inc. * |
21,903 |
587,219 |
| OPKO Health, Inc. *(a) |
185,881 |
226,775 |
| OptimizeRx Corp. * |
6,885 |
70,227 |
| Option Care Health, Inc. * |
82,293 |
2,459,738 |
| OraSure Technologies, Inc. * |
30,500 |
161,345 |
| Orchestra BioMed Holdings, Inc. *(a) |
5,514 |
24,317 |
| Orthofix Medical, Inc. * |
14,213 |
184,769 |
| OrthoPediatrics Corp. * |
7,124 |
211,084 |
| Outset Medical, Inc. * |
27,235 |
68,905 |
| Owens & Minor, Inc. * |
33,542 |
829,829 |
| P3 Health Partners, Inc. *(a) |
13,641 |
7,328 |
| Paragon 28, Inc. * |
18,302 |
168,744 |
| Patterson Cos., Inc. |
41,269 |
1,051,121 |
| PAVmed, Inc. * |
5,301 |
10,602 |
| Pediatrix Medical Group, Inc. * |
35,753 |
317,129 |
| Pennant Group, Inc. * |
13,217 |
276,367 |
| Penumbra, Inc. * |
17,472 |
3,432,724 |
| PetIQ, Inc., Class A * |
11,858 |
193,523 |
| Phreesia, Inc. * |
23,389 |
485,088 |
| Premier, Inc., Class A |
55,319 |
1,155,061 |
| Privia Health Group, Inc. * |
45,235 |
832,324 |
| PROCEPT BioRobotics Corp. * |
19,661 |
1,041,640 |
| Pro-Dex, Inc. * |
1,916 |
35,676 |
| Progyny, Inc. * |
36,695 |
1,176,442 |
| Pulmonx Corp. * |
15,144 |
115,246 |
| Pulse Biosciences, Inc. *(a) |
6,773 |
49,917 |
| Quest Diagnostics, Inc. |
50,668 |
7,001,304 |
| QuidelOrtho Corp. * |
24,067 |
975,917 |
| R1 RCM, Inc. * |
95,408 |
1,172,564 |
| RadNet, Inc. * |
29,538 |
1,432,593 |
| ResMed, Inc. |
66,965 |
14,329,840 |
| Rockwell Medical, Inc. * |
7,846 |
11,455 |
| RxSight, Inc. * |
11,027 |
574,838 |
| Sanara Medtech, Inc. * |
1,654 |
52,663 |
| Schrodinger, Inc. * |
25,953 |
632,734 |
| Select Medical Holdings Corp. |
48,777 |
1,383,803 |
| Semler Scientific, Inc. * |
1,873 |
47,818 |
| Senseonics Holdings, Inc. *(a) |
216,699 |
105,532 |
| Sensus Healthcare, Inc. * |
6,026 |
22,658 |
| Sharecare, Inc. * |
150,000 |
107,385 |
| Shockwave Medical, Inc. * |
16,662 |
5,501,626 |
| SI-BONE, Inc. * |
19,218 |
274,049 |
| Sight Sciences, Inc. * |
12,929 |
71,756 |
| Silk Road Medical, Inc. * |
17,297 |
336,254 |
| Simulations Plus, Inc. |
7,164 |
324,887 |
| Solventum Corp. * |
62,673 |
4,074,372 |
| Sonida Senior Living, Inc. * |
1,604 |
50,590 |
| STAAR Surgical Co. * |
24,350 |
1,119,126 |
| Stereotaxis, Inc. * |
22,696 |
53,336 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
82
Schwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| STERIS PLC |
44,948 |
9,194,563 |
| Streamline Health Solutions, Inc. * |
29,028 |
8,679 |
| Stryker Corp. |
153,810 |
51,757,065 |
| Surgery Partners, Inc. * |
32,410 |
808,629 |
| Surmodics, Inc. * |
7,188 |
184,660 |
| Tactile Systems Technology, Inc. * |
10,021 |
137,989 |
| Talkspace, Inc. * |
88,164 |
269,782 |
| Tandem Diabetes Care, Inc. * |
29,715 |
1,090,243 |
| Tela Bio, Inc. * |
6,599 |
29,729 |
| Teladoc Health, Inc. * |
75,644 |
964,461 |
| Teleflex, Inc. |
21,317 |
4,449,924 |
| Tenet Healthcare Corp. * |
45,818 |
5,144,903 |
| TransMedics Group, Inc. * |
15,124 |
1,423,622 |
| Treace Medical Concepts, Inc. * |
27,099 |
281,017 |
| TruBridge, Inc. * |
6,539 |
51,658 |
| U.S. Physical Therapy, Inc. |
7,360 |
747,114 |
| UFP Technologies, Inc. * |
3,230 |
665,186 |
| UnitedHealth Group, Inc. |
420,716 |
203,500,329 |
| Universal Health Services, Inc., Class B |
27,648 |
4,712,049 |
| Utah Medical Products, Inc. |
1,365 |
90,363 |
| Varex Imaging Corp. * |
17,095 |
277,794 |
| Veeva Systems, Inc., Class A * |
66,618 |
13,227,670 |
| Viemed Healthcare, Inc. * |
16,000 |
131,040 |
| Vivani Medical, Inc. * |
30,017 |
48,628 |
| VolitionRX Ltd. * |
15,384 |
13,844 |
| Zimmer Biomet Holdings, Inc. |
95,192 |
11,449,694 |
| Zimvie, Inc. * |
10,245 |
155,724 |
| Zomedica Corp. * |
412,334 |
58,593 |
| Zynex, Inc. *(a) |
7,546 |
82,780 |
| |
|
1,119,572,672 |
| | ||
| Household & Personal Products 1.3% |
||
| Beauty Health Co. * |
39,541 |
127,717 |
| BellRing Brands, Inc. * |
58,908 |
3,249,954 |
| Central Garden & Pet Co. * |
4,564 |
186,896 |
| Central Garden & Pet Co., Class A * |
25,542 |
904,953 |
| Church & Dwight Co., Inc. |
112,205 |
12,105,797 |
| Clorox Co. |
56,614 |
8,371,512 |
| Colgate-Palmolive Co. |
374,351 |
34,410,344 |
| Coty, Inc., Class A * |
168,936 |
1,932,628 |
| Edgewell Personal Care Co. |
22,085 |
830,838 |
| elf Beauty, Inc. * |
25,089 |
4,077,715 |
| Energizer Holdings, Inc. |
31,376 |
901,119 |
| Estee Lauder Cos., Inc., Class A |
106,102 |
15,566,224 |
| Herbalife Ltd. * |
41,704 |
360,740 |
| Honest Co., Inc. * |
29,467 |
88,696 |
| Inter Parfums, Inc. |
8,373 |
974,450 |
| Kenvue, Inc. |
781,864 |
14,714,681 |
| Kimberly-Clark Corp. |
153,342 |
20,935,783 |
| Lifevantage Corp. |
7,299 |
44,524 |
| Medifast, Inc. |
4,730 |
130,217 |
| Natural Alternatives International, Inc. * |
3,654 |
22,838 |
| Natural Health Trends Corp. |
6,750 |
45,360 |
| Nature's Sunshine Products, Inc. * |
4,762 |
92,621 |
| Nu Skin Enterprises, Inc., Class A |
22,078 |
259,637 |
| Oil-Dri Corp. of America |
1,961 |
135,799 |
| Olaplex Holdings, Inc. * |
49,924 |
69,394 |
| Procter & Gamble Co. |
1,070,306 |
174,673,939 |
| Reynolds Consumer Products, Inc. |
26,473 |
757,922 |
| Safety Shot, Inc. * |
13,500 |
20,655 |
| Spectrum Brands Holdings, Inc. |
13,831 |
1,132,344 |
| United-Guardian, Inc. |
3,342 |
27,939 |
| USANA Health Sciences, Inc. * |
4,815 |
199,919 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| WD-40 Co. |
6,185 |
1,398,614 |
| |
|
298,751,769 |
| | ||
| Insurance 2.3% | ||
| Aflac, Inc. |
239,448 |
20,029,825 |
| Allstate Corp. |
119,263 |
20,281,866 |
| Ambac Financial Group, Inc. * |
18,370 |
265,447 |
| American Coastal Insurance Corp., Class C * |
6,372 |
66,715 |
| American Equity Investment Life Holding Co. |
28,730 |
1,612,040 |
| American Financial Group, Inc. |
29,767 |
3,802,734 |
| American International Group, Inc. |
318,803 |
24,009,054 |
| AMERISAFE, Inc. |
8,109 |
369,770 |
| Aon PLC, Class A |
91,148 |
25,704,648 |
| Arch Capital Group Ltd. * |
168,812 |
15,790,674 |
| Arthur J Gallagher & Co. |
98,806 |
23,188,780 |
| Assurant, Inc. |
23,511 |
4,100,318 |
| Assured Guaranty Ltd. |
25,234 |
1,935,448 |
| Axis Capital Holdings Ltd. |
35,322 |
2,166,298 |
| Brighthouse Financial, Inc. * |
29,722 |
1,434,087 |
| Brown & Brown, Inc. |
107,916 |
8,799,471 |
| BRP Group, Inc., Class A * |
28,110 |
748,850 |
| Chubb Ltd. |
184,522 |
45,879,550 |
| Cincinnati Financial Corp. |
71,612 |
8,284,792 |
| Citizens, Inc., Class A *(a) |
24,606 |
54,871 |
| CNA Financial Corp. |
11,952 |
525,171 |
| CNO Financial Group, Inc. |
52,809 |
1,390,461 |
| Crawford & Co., Class A |
10,215 |
94,795 |
| Donegal Group, Inc., Class A |
6,507 |
87,454 |
| eHealth, Inc. * |
13,577 |
58,110 |
| Employers Holdings, Inc. |
11,659 |
496,557 |
| Enstar Group Ltd. * |
6,194 |
1,798,552 |
| Erie Indemnity Co., Class A |
11,261 |
4,309,134 |
| Everest Group Ltd. |
19,724 |
7,227,071 |
| F&G Annuities & Life, Inc. |
7,820 |
295,752 |
| Fidelity National Financial, Inc. |
118,637 |
5,872,532 |
| First American Financial Corp. |
47,799 |
2,560,592 |
| Genworth Financial, Inc., Class A * |
204,265 |
1,211,291 |
| Globe Life, Inc. |
38,517 |
2,933,840 |
| GoHealth, Inc., Class A * |
3,311 |
33,342 |
| Goosehead Insurance, Inc., Class A * |
11,407 |
649,172 |
| Greenlight Capital Re Ltd., Class A * |
9,834 |
119,188 |
| Hagerty, Inc., Class A * |
15,234 |
136,344 |
| Hanover Insurance Group, Inc. |
16,309 |
2,117,234 |
| Hartford Financial Services Group, Inc. |
136,080 |
13,184,791 |
| HCI Group, Inc. |
3,137 |
358,183 |
| Heritage Insurance Holdings, Inc. * |
10,125 |
103,376 |
| Hippo Holdings, Inc. * |
7,344 |
157,088 |
| Horace Mann Educators Corp. |
17,846 |
657,804 |
| ICC Holdings, Inc. * |
5,650 |
90,287 |
| Investors Title Co. |
697 |
111,820 |
| James River Group Holdings Ltd. |
28,410 |
252,565 |
| Kemper Corp. |
27,177 |
1,584,691 |
| Kingsway Financial Services, Inc. * |
5,983 |
53,249 |
| Kinsale Capital Group, Inc. |
10,085 |
3,663,376 |
| Lemonade, Inc. *(a) |
27,928 |
481,199 |
| Lincoln National Corp. |
78,786 |
2,148,494 |
| Loews Corp. |
83,533 |
6,277,505 |
| Maiden Holdings Ltd. * |
32,952 |
68,540 |
| Markel Group, Inc. * |
5,957 |
8,687,689 |
| Marsh & McLennan Cos., Inc. |
223,600 |
44,592,548 |
| MBIA, Inc. * |
22,069 |
138,814 |
| Mercury General Corp. |
11,235 |
587,141 |
| MetLife, Inc. |
279,659 |
19,878,162 |
See financial
notes
83
Schwab Equity Index Funds | Semiannual
ReportSchwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| National Western Life Group, Inc., Class A |
978 |
478,066 |
| NI Holdings, Inc. * |
3,782 |
56,238 |
| Old Republic International Corp. |
117,117 |
3,497,114 |
| Oscar Health, Inc., Class A * |
71,396 |
1,240,149 |
| Palomar Holdings, Inc. * |
10,660 |
838,622 |
| Primerica, Inc. |
16,071 |
3,404,802 |
| Principal Financial Group, Inc. |
100,429 |
7,947,951 |
| ProAssurance Corp. * |
24,020 |
320,907 |
| Progressive Corp. |
266,398 |
55,477,384 |
| Prudential Financial, Inc. |
164,024 |
18,121,372 |
| Reinsurance Group of America, Inc. |
29,663 |
5,546,684 |
| RenaissanceRe Holdings Ltd. |
24,268 |
5,320,759 |
| RLI Corp. |
18,179 |
2,569,602 |
| Root, Inc., Class A * |
5,666 |
394,637 |
| Ryan Specialty Holdings, Inc., Class A |
46,260 |
2,282,468 |
| Safety Insurance Group, Inc. |
6,404 |
509,566 |
| Selective Insurance Group, Inc. |
27,852 |
2,831,156 |
| Selectquote, Inc. * |
53,616 |
80,960 |
| SiriusPoint Ltd. * |
44,279 |
521,607 |
| Skyward Specialty Insurance Group, Inc. * |
15,421 |
538,501 |
| Stewart Information Services Corp. |
12,159 |
753,980 |
| Tiptree, Inc. |
9,652 |
153,756 |
| Travelers Cos., Inc. |
103,567 |
21,972,775 |
| Trupanion, Inc. *(a) |
19,237 |
432,833 |
| United Fire Group, Inc. |
9,091 |
200,820 |
| Universal Insurance Holdings, Inc. |
11,138 |
217,414 |
| Unum Group |
81,676 |
4,140,973 |
| W R Berkley Corp. |
92,716 |
7,136,351 |
| White Mountains Insurance Group Ltd. |
1,116 |
1,984,404 |
| Willis Towers Watson PLC |
46,857 |
11,767,667 |
| |
|
504,258,670 |
| | ||
| Materials 2.6% | ||
| AdvanSix, Inc. |
11,778 |
297,512 |
| Air Products & Chemicals, Inc. |
101,318 |
23,945,496 |
| Albemarle Corp. |
53,735 |
6,464,858 |
| Alcoa Corp. |
80,300 |
2,821,742 |
| Alpha Metallurgical Resources, Inc. |
5,295 |
1,732,100 |
| Alto Ingredients, Inc. * |
33,727 |
63,744 |
| Amcor PLC |
659,503 |
5,895,957 |
| American Battery Technology Co. *(a) |
32,527 |
42,285 |
| American Vanguard Corp. |
11,255 |
128,194 |
| Ampco-Pittsburgh Corp. * |
7,848 |
16,088 |
| AptarGroup, Inc. |
30,413 |
4,391,029 |
| Arcadium Lithium PLC * |
457,292 |
2,012,085 |
| Arch Resources, Inc. |
8,577 |
1,361,856 |
| Ascent Industries Co. * |
4,646 |
47,714 |
| Ashland, Inc. |
23,656 |
2,255,126 |
| Aspen Aerogels, Inc. * |
28,080 |
439,733 |
| ATI, Inc. * |
57,200 |
3,414,840 |
| Avery Dennison Corp. |
36,398 |
7,908,557 |
| Avient Corp. |
42,722 |
1,812,267 |
| Axalta Coating Systems Ltd. * |
101,891 |
3,203,453 |
| Balchem Corp. |
14,605 |
2,064,855 |
| Ball Corp. |
143,890 |
10,010,427 |
| Berry Global Group, Inc. |
53,362 |
3,022,424 |
| Cabot Corp. |
25,607 |
2,336,127 |
| Carpenter Technology Corp. |
21,950 |
1,881,115 |
| Celanese Corp., Class A |
45,293 |
6,957,458 |
| Century Aluminum Co. * |
22,913 |
397,541 |
| CF Industries Holdings, Inc. |
86,399 |
6,822,929 |
| Chemours Co. |
67,300 |
1,800,275 |
| Clearwater Paper Corp. * |
7,639 |
344,061 |
| Cleveland-Cliffs, Inc. * |
226,249 |
3,823,608 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Coeur Mining, Inc. * |
179,585 |
811,724 |
| Commercial Metals Co. |
53,599 |
2,880,410 |
| Compass Minerals International, Inc. |
14,554 |
181,197 |
| Contango ORE, Inc. * |
1,750 |
36,522 |
| Core Molding Technologies, Inc. * |
2,885 |
51,988 |
| Corteva, Inc. |
320,041 |
17,323,819 |
| Crown Holdings, Inc. |
55,207 |
4,530,838 |
| Dakota Gold Corp. * |
24,511 |
65,199 |
| Danimer Scientific, Inc. *(a) |
37,658 |
28,243 |
| Dow, Inc. |
320,353 |
18,228,086 |
| DuPont de Nemours, Inc. |
195,764 |
14,192,890 |
| Eagle Materials, Inc. |
15,897 |
3,985,537 |
| Eastman Chemical Co. |
53,335 |
5,036,957 |
| Ecolab, Inc. |
115,242 |
26,061,978 |
| Ecovyst, Inc. * |
46,051 |
434,261 |
| Element Solutions, Inc. |
99,960 |
2,312,075 |
| Flotek Industries, Inc. * |
5,581 |
19,199 |
| FMC Corp. |
57,783 |
3,409,775 |
| Freeport-McMoRan, Inc. |
652,498 |
32,585,750 |
| Friedman Industries, Inc. |
2,834 |
55,065 |
| Gatos Silver, Inc. * |
17,898 |
171,284 |
| Ginkgo Bioworks Holdings, Inc. *(a) |
585,011 |
521,303 |
| Graphic Packaging Holding Co. |
140,335 |
3,627,660 |
| Greif, Inc., Class A |
13,364 |
818,946 |
| Hawkins, Inc. |
8,063 |
610,934 |
| Haynes International, Inc. |
5,389 |
324,148 |
| HB Fuller Co. |
24,358 |
1,819,786 |
| Hecla Mining Co. |
269,311 |
1,273,841 |
| Huntsman Corp. |
73,671 |
1,757,790 |
| Hycroft Mining Holding Corp. *(a) |
6,015 |
19,910 |
| Idaho Strategic Resources, Inc. * |
4,628 |
39,391 |
| Ingevity Corp. * |
14,768 |
755,236 |
| Innospec, Inc. |
10,861 |
1,303,320 |
| International Flavors & Fragrances, Inc. |
116,149 |
9,832,013 |
| International Paper Co. |
148,622 |
5,192,853 |
| Intrepid Potash, Inc. * |
3,965 |
79,776 |
| Kaiser Aluminum Corp. |
6,881 |
622,662 |
| Knife River Corp. * |
26,236 |
2,051,393 |
| Koppers Holdings, Inc. |
10,777 |
552,645 |
| Kronos Worldwide, Inc. |
9,190 |
105,225 |
| Linde PLC |
220,559 |
97,257,697 |
| Loop Industries, Inc. * |
9,523 |
27,045 |
| Louisiana-Pacific Corp. |
29,673 |
2,171,767 |
| LSB Industries, Inc. * |
21,659 |
201,429 |
| LyondellBasell Industries NV, Class A |
116,832 |
11,679,695 |
| Martin Marietta Materials, Inc. |
28,096 |
16,494,319 |
| Materion Corp. |
9,668 |
1,111,240 |
| Mativ Holdings, Inc. |
23,942 |
437,181 |
| McEwen Mining, Inc. * |
18,704 |
214,348 |
| Mercer International, Inc. |
18,274 |
185,116 |
| Metallus, Inc. * |
16,743 |
344,236 |
| Minerals Technologies, Inc. |
15,242 |
1,110,989 |
| Mosaic Co. |
148,210 |
4,652,312 |
| MP Materials Corp. * |
70,450 |
1,127,200 |
| Myers Industries, Inc. |
15,888 |
347,947 |
| NewMarket Corp. |
3,202 |
1,687,198 |
| Newmont Corp. |
523,492 |
21,274,715 |
| Northern Technologies International Corp. |
2,657 |
47,029 |
| Novusterra, Inc. *(a)(c) |
3,229 |
0 |
| Nucor Corp. |
111,793 |
18,840,474 |
| O-I Glass, Inc. * |
72,227 |
1,080,516 |
| Olin Corp. |
54,947 |
2,872,629 |
| Olympic Steel, Inc. |
4,090 |
260,001 |
| Orion SA |
27,306 |
646,060 |
| Packaging Corp. of America |
40,411 |
6,990,295 |
| Pactiv Evergreen, Inc. |
23,506 |
358,231 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
84
Schwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Perimeter Solutions SA * |
64,240 |
449,680 |
| Piedmont Lithium, Inc. * |
6,862 |
84,059 |
| PPG Industries, Inc. |
107,362 |
13,849,698 |
| PureCycle Technologies, Inc. *(a) |
74,372 |
347,317 |
| Quaker Chemical Corp. |
6,333 |
1,181,294 |
| Radius Recycling, Inc., Class A |
11,633 |
202,647 |
| Ramaco Resources, Inc., Class A |
15,917 |
249,579 |
| Ramaco Resources, Inc., Class B |
2,118 |
23,531 |
| Ranpak Holdings Corp., Class A * |
15,372 |
111,293 |
| Rayonier Advanced Materials, Inc. * |
26,864 |
100,203 |
| Reliance, Inc. |
25,973 |
7,395,033 |
| Royal Gold, Inc. |
30,279 |
3,637,416 |
| RPM International, Inc. |
58,207 |
6,222,910 |
| Ryerson Holding Corp. |
12,949 |
369,694 |
| Scotts Miracle-Gro Co. |
19,443 |
1,332,623 |
| Sealed Air Corp. |
65,892 |
2,074,280 |
| Sensient Technologies Corp. |
19,516 |
1,428,962 |
| Sherwin-Williams Co. |
107,115 |
32,092,725 |
| Silgan Holdings, Inc. |
37,619 |
1,755,303 |
| Smith-Midland Corp. * |
1,800 |
64,296 |
| Solitario Resources Corp. * |
44,899 |
34,797 |
| Sonoco Products Co. |
44,388 |
2,487,947 |
| Steel Dynamics, Inc. |
69,058 |
8,985,827 |
| Stepan Co. |
9,304 |
772,139 |
| Summit Materials, Inc., Class A * |
53,461 |
2,079,633 |
| SunCoke Energy, Inc. |
34,174 |
352,334 |
| Sylvamo Corp. |
15,710 |
981,875 |
| Tredegar Corp. |
10,770 |
68,713 |
| TriMas Corp. |
17,344 |
450,771 |
| Trinseo PLC |
19,239 |
50,214 |
| Tronox Holdings PLC |
49,611 |
842,891 |
| U.S. Antimony Corp. * |
59,275 |
13,040 |
| U.S. Gold Corp. * |
7,270 |
30,389 |
| U.S. Lime & Minerals, Inc. |
962 |
298,220 |
| U.S. Steel Corp. |
103,099 |
3,763,113 |
| Universal Stainless & Alloy Products, Inc. * |
5,210 |
136,241 |
| Valhi, Inc. |
1,628 |
24,046 |
| Vulcan Materials Co. |
60,439 |
15,570,900 |
| Warrior Met Coal, Inc. |
24,646 |
1,684,554 |
| Westlake Corp. |
14,583 |
2,148,951 |
| Westrock Co. |
116,330 |
5,579,187 |
| Worthington Steel, Inc. |
12,939 |
398,392 |
| |
|
582,573,471 |
| | ||
| Media & Entertainment 7.6% | ||
| Advantage Solutions, Inc. * |
42,984 |
183,112 |
| Alphabet, Inc., Class A * |
2,680,517 |
436,334,557 |
| Alphabet, Inc., Class C * |
2,244,197 |
369,484,594 |
| Altice USA, Inc., Class A * |
102,606 |
198,030 |
| AMC Entertainment Holdings, Inc., Class A *(a) |
119,682 |
350,668 |
| AMC Networks, Inc., Class A * |
17,154 |
182,175 |
| Angi, Inc. * |
46,987 |
99,143 |
| Atlanta Braves Holdings, Inc., Class C * |
21,892 |
819,418 |
| Boston Omaha Corp., Class A * |
8,359 |
129,063 |
| Bumble, Inc., Class A * |
43,395 |
438,289 |
| Cable One, Inc. |
2,015 |
793,608 |
| Cardlytics, Inc. * |
25,904 |
317,324 |
| Cargurus, Inc. * |
38,901 |
873,716 |
| Cars.com, Inc. * |
26,286 |
439,239 |
| Charter Communications, Inc., Class A * |
44,755 |
11,454,595 |
| Cinemark Holdings, Inc. * |
47,010 |
805,751 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Clear Channel Outdoor Holdings, Inc. * |
153,084 |
212,787 |
| Comcast Corp., Class A |
1,802,361 |
68,687,978 |
| comScore, Inc. * |
2,302 |
31,814 |
| Cumulus Media, Inc., Class A * |
7,422 |
19,520 |
| CuriosityStream, Inc. |
23,041 |
24,423 |
| DHI Group, Inc. * |
17,605 |
41,196 |
| EchoStar Corp., Class A * |
53,476 |
855,081 |
| Electronic Arts, Inc. |
110,302 |
13,988,500 |
| Emerald Holding, Inc. * |
6,732 |
38,709 |
| Endeavor Group Holdings, Inc., Class A |
86,645 |
2,288,294 |
| Entravision Communications Corp., Class A |
34,841 |
72,818 |
| Eventbrite, Inc., Class A * |
35,982 |
189,985 |
| EverQuote, Inc., Class A * |
8,283 |
167,068 |
| EW Scripps Co., Class A * |
25,886 |
97,331 |
| Fluent, Inc. * |
5,036 |
17,475 |
| Fox Corp., Class A |
166,191 |
5,153,583 |
| fuboTV, Inc. * |
129,071 |
183,281 |
| Gaia, Inc., Class A * |
10,263 |
39,718 |
| Gannett Co., Inc. * |
69,602 |
168,437 |
| Getty Images Holdings, Inc. * |
18,585 |
68,393 |
| Golden Matrix Group, Inc. * |
8,251 |
29,621 |
| Gray Television, Inc. |
36,454 |
209,610 |
| Grindr, Inc. * |
10,471 |
102,511 |
| Harte Hanks, Inc. * |
3,347 |
23,898 |
| IAC, Inc. * |
32,541 |
1,547,650 |
| Innovid Corp. * |
35,745 |
80,426 |
| Integral Ad Science Holding Corp. * |
33,997 |
326,031 |
| Interpublic Group of Cos., Inc. |
174,119 |
5,300,182 |
| IZEA Worldwide, Inc. * |
8,623 |
24,058 |
| John Wiley & Sons, Inc., Class A |
18,846 |
708,044 |
| Lee Enterprises, Inc. * |
1,545 |
19,127 |
| Liberty Broadband Corp., Class C * |
58,818 |
2,925,019 |
| Liberty Media Corp.-Liberty Formula One, Class C * |
104,759 |
7,329,987 |
| Liberty Media Corp.-Liberty Live, Class C * |
31,561 |
1,177,857 |
| Liberty Media Corp.-Liberty SiriusXM, Class C * |
101,527 |
2,442,740 |
| Lions Gate Entertainment Corp., Class A * |
87,853 |
886,437 |
| Live Nation Entertainment, Inc. * |
64,432 |
5,728,649 |
| LiveOne, Inc. * |
39,793 |
75,607 |
| Madison Square Garden Entertainment Corp., Class A * |
18,450 |
722,317 |
| Madison Square Garden Sports Corp. * |
7,599 |
1,412,806 |
| Magnite, Inc. * |
61,457 |
542,665 |
| Marchex, Inc., Class B * |
24,313 |
33,309 |
| Marcus Corp. |
10,398 |
135,590 |
| Match Group, Inc. * |
124,126 |
3,825,563 |
| MediaAlpha, Inc., Class A * |
11,398 |
230,809 |
| Meta Platforms, Inc., Class A |
1,000,724 |
430,481,443 |
| National CineMedia, Inc. * |
44,303 |
189,617 |
| Netflix, Inc. * |
196,847 |
108,391,832 |
| New York Times Co., Class A |
74,891 |
3,222,560 |
| News Corp., Class A |
227,952 |
5,425,258 |
| Nexstar Media Group, Inc., Class A |
14,534 |
2,326,312 |
| Nextdoor Holdings, Inc. * |
62,506 |
127,512 |
| Omnicom Group, Inc. |
90,165 |
8,370,919 |
| Outbrain, Inc. * |
10,250 |
41,513 |
| Paramount Global, Class B |
226,245 |
2,576,931 |
| Pinterest, Inc., Class A * |
270,201 |
9,038,223 |
| Playstudios, Inc. * |
40,501 |
87,482 |
| Playtika Holding Corp. |
30,485 |
221,016 |
See financial
notes
85
Schwab Equity Index Funds | Semiannual
ReportSchwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| PodcastOne, Inc. * |
1,895 |
3,714 |
| PSQ Holdings, Inc. *(a) |
8,011 |
33,166 |
| PubMatic, Inc., Class A * |
19,401 |
435,358 |
| QuinStreet, Inc. * |
21,564 |
390,093 |
| Reading International, Inc., Class B * |
1,251 |
17,927 |
| Reservoir Media, Inc. * |
14,527 |
130,017 |
| ROBLOX Corp., Class A * |
224,386 |
7,979,166 |
| Roku, Inc. * |
56,658 |
3,266,900 |
| Rumble, Inc. *(a) |
34,234 |
241,692 |
| Saga Communications, Inc., Class A |
1,989 |
45,329 |
| Scholastic Corp. |
12,861 |
458,109 |
| Shutterstock, Inc. |
10,396 |
444,013 |
| Sinclair, Inc. |
15,351 |
188,817 |
| Sirius XM Holdings, Inc. (a) |
296,892 |
872,862 |
| Skillz, Inc., Class A * |
6,303 |
38,700 |
| Snap, Inc., Class A * |
476,867 |
7,176,848 |
| Sphere Entertainment Co. * |
12,111 |
470,633 |
| Stagwell, Inc., Class A * |
43,953 |
261,520 |
| Take-Two Interactive Software, Inc. * |
72,118 |
10,299,172 |
| TechTarget, Inc. * |
11,292 |
310,530 |
| TEGNA, Inc. |
88,242 |
1,203,621 |
| Thryv Holdings, Inc. * |
12,739 |
293,124 |
| TKO Group Holdings, Inc. |
28,064 |
2,656,819 |
| Townsquare Media, Inc., Class A |
6,366 |
76,838 |
| Trade Desk, Inc., Class A * |
202,483 |
16,775,717 |
| Travelzoo * |
4,020 |
35,818 |
| TripAdvisor, Inc. * |
50,308 |
1,324,610 |
| TrueCar, Inc. * |
41,115 |
108,544 |
| Urban One, Inc. * |
6,214 |
9,632 |
| Urban One, Inc., Class A * |
6,023 |
11,986 |
| Vimeo, Inc. * |
71,535 |
256,811 |
| Vivid Seats, Inc., Class A * |
41,337 |
217,433 |
| Walt Disney Co. |
834,359 |
92,697,285 |
| Warner Bros Discovery, Inc. * |
1,014,092 |
7,463,717 |
| Warner Music Group Corp., Class A |
63,189 |
2,085,237 |
| WideOpenWest, Inc. * |
23,881 |
85,255 |
| Yelp, Inc., Class A * |
31,656 |
1,273,837 |
| Zedge, Inc., Class B * |
11,319 |
27,166 |
| Ziff Davis, Inc. * |
20,262 |
1,015,329 |
| ZipRecruiter, Inc., Class A * |
33,246 |
341,769 |
| ZoomInfo Technologies, Inc., Class A * |
140,117 |
2,222,256 |
| |
|
1,684,838,174 |
| | ||
| Pharmaceuticals, Biotechnology & Life Sciences
7.1% | ||
| 10X Genomics, Inc., Class A * |
46,955 |
1,374,842 |
| 180 Life Sciences Corp. *(a) |
18,364 |
39,483 |
| 2seventy bio, Inc. * |
41,139 |
187,594 |
| 4D Molecular Therapeutics, Inc. * |
16,599 |
397,214 |
| 89bio, Inc. * |
39,098 |
332,724 |
| AbbVie, Inc. |
803,080 |
130,612,931 |
| Abeona Therapeutics, Inc. * |
8,850 |
36,639 |
| Absci Corp. * |
23,263 |
110,267 |
| ACADIA Pharmaceuticals, Inc. * |
55,262 |
923,428 |
| ACELYRIN, Inc. * |
13,426 |
56,121 |
| Achieve Life Sciences, Inc. * |
8,279 |
36,345 |
| Acrivon Therapeutics, Inc. * |
3,170 |
28,815 |
| Actinium Pharmaceuticals, Inc. * |
12,526 |
96,450 |
| Acumen Pharmaceuticals, Inc. * |
9,845 |
31,701 |
| Adaptive Biotechnologies Corp. * |
49,118 |
128,689 |
| Adicet Bio, Inc. * |
30,000 |
44,700 |
| ADMA Biologics, Inc. * |
104,554 |
681,692 |
| Adverum Biotechnologies, Inc. * |
10,713 |
104,130 |
| AEON Biopharma, Inc. * |
9,000 |
34,650 |
| Aerovate Therapeutics, Inc. * |
6,263 |
125,323 |
| Agilent Technologies, Inc. |
133,136 |
18,244,957 |
| Agios Pharmaceuticals, Inc. * |
24,055 |
781,788 |
| Akebia Therapeutics, Inc. * |
79,804 |
100,553 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Akero Therapeutics, Inc. * |
30,217 |
601,016 |
| Akoya Biosciences, Inc. * |
7,848 |
29,979 |
| Alaunos Therapeutics, Inc. *(a) |
7,353 |
9,265 |
| Aldeyra Therapeutics, Inc. * |
19,049 |
75,053 |
| Alector, Inc. * |
26,074 |
132,456 |
| Aligos Therapeutics, Inc. * |
31,383 |
24,008 |
| Alkermes PLC * |
75,777 |
1,859,568 |
| Allakos, Inc. * |
29,756 |
31,244 |
| Allogene Therapeutics, Inc. * |
51,083 |
140,989 |
| Allovir, Inc. * |
57,055 |
45,324 |
| Alnylam Pharmaceuticals, Inc. * |
56,755 |
8,169,882 |
| Alpine Immune Sciences, Inc. * |
21,192 |
1,368,791 |
| Altimmune, Inc. * |
20,396 |
133,594 |
| ALX Oncology Holdings, Inc. *(a) |
10,211 |
173,791 |
| Amgen, Inc. |
243,353 |
66,664,121 |
| Amicus Therapeutics, Inc. * |
121,964 |
1,218,420 |
| Amneal Pharmaceuticals, Inc. * |
45,474 |
275,118 |
| Amphastar Pharmaceuticals, Inc. * |
16,418 |
677,243 |
| Amylyx Pharmaceuticals, Inc. * |
17,199 |
31,130 |
| AnaptysBio, Inc. * |
7,265 |
176,830 |
| Anavex Life Sciences Corp. *(a) |
36,218 |
132,196 |
| ANI Pharmaceuticals, Inc. * |
7,569 |
499,554 |
| Anika Therapeutics, Inc. * |
5,811 |
150,447 |
| Anixa Biosciences, Inc. * |
12,785 |
37,971 |
| Annexon, Inc. * |
28,332 |
128,911 |
| Apellis Pharmaceuticals, Inc. * |
46,296 |
2,045,820 |
| Apogee Therapeutics, Inc. * |
11,749 |
590,975 |
| Applied Therapeutics, Inc. * |
24,504 |
108,308 |
| Aquestive Therapeutics, Inc. * |
19,078 |
64,102 |
| Arbutus Biopharma Corp. * |
50,681 |
138,359 |
| ARCA biopharma, Inc. *(a) |
14,988 |
52,308 |
| Arcellx, Inc. * |
15,511 |
775,860 |
| Arcturus Therapeutics Holdings, Inc. * |
10,133 |
259,101 |
| Arcus Biosciences, Inc. * |
24,937 |
379,791 |
| Arcutis Biotherapeutics, Inc. * |
45,056 |
374,866 |
| Ardelyx, Inc. * |
111,347 |
712,621 |
| ArriVent Biopharma, Inc. * |
4,500 |
74,340 |
| Arrowhead Pharmaceuticals, Inc. * |
56,099 |
1,268,959 |
| ARS Pharmaceuticals, Inc. * |
23,670 |
205,929 |
| Arvinas, Inc. * |
31,695 |
1,006,950 |
| Assembly Biosciences, Inc. * |
2,704 |
33,719 |
| Assertio Holdings, Inc. * |
40,135 |
35,523 |
| Astria Therapeutics, Inc. * |
18,061 |
165,800 |
| Atara Biotherapeutics, Inc. * |
41,098 |
28,358 |
| Atea Pharmaceuticals, Inc. * |
33,404 |
123,595 |
| Atossa Therapeutics, Inc. * |
45,962 |
69,403 |
| aTyr Pharma, Inc. * |
26,689 |
41,902 |
| Aura Biosciences, Inc. * |
25,362 |
187,679 |
| Avantor, Inc. * |
306,617 |
7,429,330 |
| Avid Bioservices, Inc. * |
27,120 |
206,926 |
| Avidity Biosciences, Inc. * |
31,152 |
751,698 |
| Avita Medical, Inc. * |
10,054 |
84,454 |
| Avrobio, Inc. * |
9,797 |
11,658 |
| Axsome Therapeutics, Inc. * |
17,254 |
1,272,655 |
| Azenta, Inc. * |
27,177 |
1,425,705 |
| Beam Therapeutics, Inc. * |
31,404 |
666,393 |
| BioAtla, Inc. * |
18,434 |
41,569 |
| BioCryst Pharmaceuticals, Inc. * |
103,077 |
425,708 |
| Biogen, Inc. * |
66,054 |
14,189,720 |
| Biohaven Ltd. * |
32,798 |
1,272,562 |
| BioLife Solutions, Inc. * |
14,953 |
262,276 |
| BioMarin Pharmaceutical, Inc. * |
86,302 |
6,969,750 |
| Biomea Fusion, Inc. *(a) |
9,488 |
101,901 |
| Bionano Genomics, Inc. * |
27,990 |
24,718 |
| Biora Therapeutics, Inc. * |
8,398 |
5,504 |
| Bio-Rad Laboratories, Inc., Class A * |
9,502 |
2,563,164 |
| Biote Corp., Class A * |
7,115 |
39,204 |
| Bio-Techne Corp. |
72,336 |
4,572,359 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
86
Schwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Bioxcel Therapeutics, Inc. * |
21,785 |
54,898 |
| Black Diamond Therapeutics, Inc. * |
14,484 |
80,676 |
| Bluebird Bio, Inc. * |
88,349 |
78,374 |
| Blueprint Medicines Corp. * |
27,519 |
2,513,585 |
| Bolt Biotherapeutics, Inc. * |
3,417 |
3,776 |
| Bridgebio Pharma, Inc. * |
57,654 |
1,477,095 |
| Bristol-Myers Squibb Co. |
924,698 |
40,631,230 |
| Bruker Corp. |
41,714 |
3,254,109 |
| C4 Therapeutics, Inc. *(a) |
21,536 |
135,677 |
| Cabaletta Bio, Inc. * |
16,585 |
176,547 |
| Capricor Therapeutics, Inc. * |
13,479 |
71,034 |
| Cardiff Oncology, Inc. * |
16,399 |
71,500 |
| CareDx, Inc. * |
22,269 |
172,807 |
| Cargo Therapeutics, Inc. * |
10,982 |
209,756 |
| Caribou Biosciences, Inc. * |
40,353 |
146,481 |
| Cartesian Therapeutics, Inc. *(a) |
1,993 |
43,990 |
| Cassava Sciences, Inc. *(a) |
17,259 |
382,287 |
| Catalent, Inc. * |
83,541 |
4,665,765 |
| Catalyst Pharmaceuticals, Inc. * |
49,175 |
740,084 |
| Celcuity, Inc. * |
4,926 |
77,683 |
| Celldex Therapeutics, Inc. * |
28,471 |
1,065,385 |
| CEL-SCI Corp. *(a) |
16,481 |
24,062 |
| Cerevel Therapeutics Holdings, Inc. * |
41,071 |
1,754,142 |
| CG oncology, Inc. * |
9,500 |
381,805 |
| Champions Oncology, Inc. * |
6,854 |
34,270 |
| Charles River Laboratories International, Inc. * |
23,447 |
5,369,363 |
| ChromaDex Corp. * |
24,667 |
87,321 |
| Cibus, Inc. * |
7,726 |
131,728 |
| Cidara Therapeutics, Inc. * |
1,340 |
16,053 |
| Citius Pharmaceuticals, Inc. * |
76,073 |
56,773 |
| Clearside Biomedical, Inc. * |
20,216 |
25,472 |
| Clene, Inc. * |
25,692 |
11,094 |
| Codexis, Inc. * |
45,863 |
133,461 |
| Cogent Biosciences, Inc. * |
35,766 |
232,479 |
| Cognition Therapeutics, Inc. * |
11,965 |
22,973 |
| Coherus Biosciences, Inc. * |
39,420 |
77,263 |
| Collegium Pharmaceutical, Inc. * |
14,303 |
528,210 |
| Compass Therapeutics, Inc. * |
42,767 |
61,584 |
| Corbus Pharmaceuticals Holdings, Inc. * |
4,813 |
178,274 |
| Corcept Therapeutics, Inc. * |
42,109 |
981,982 |
| CorMedix, Inc. *(a) |
22,604 |
118,784 |
| Corvus Pharmaceuticals, Inc. * |
15,668 |
24,285 |
| Crinetics Pharmaceuticals, Inc. * |
26,245 |
1,150,056 |
| CRISPR Therapeutics AG * |
35,651 |
1,889,146 |
| CryoPort, Inc. * |
20,286 |
328,430 |
| Cue Biopharma, Inc. * |
17,072 |
32,437 |
| Cullinan Therapeutics, Inc. * |
20,998 |
567,156 |
| Curis, Inc. * |
2,854 |
43,809 |
| Cyteir Therapeutics, Inc. *(c) |
15,972 |
49,513 |
| Cytek Biosciences, Inc. * |
46,745 |
280,937 |
| Cytokinetics, Inc. * |
44,692 |
2,740,513 |
| CytomX Therapeutics, Inc. * |
24,817 |
40,452 |
| Danaher Corp. |
299,139 |
73,773,660 |
| Dare Bioscience, Inc. * |
30,532 |
9,389 |
| Day One Biopharmaceuticals, Inc. * |
25,478 |
435,674 |
| Deciphera Pharmaceuticals, Inc. * |
24,491 |
618,888 |
| Denali Therapeutics, Inc. * |
55,676 |
859,637 |
| DermTech, Inc. * |
11,512 |
7,136 |
| DiaMedica Therapeutics, Inc. * |
13,251 |
34,188 |
| Dianthus Therapeutics, Inc. * |
1,710 |
36,509 |
| Disc Medicine, Inc. * |
5,436 |
151,338 |
| Dyadic International, Inc. * |
16,336 |
24,667 |
| Dynavax Technologies Corp. * |
58,800 |
668,556 |
| Dyne Therapeutics, Inc. * |
27,184 |
688,027 |
| Edgewise Therapeutics, Inc. * |
31,611 |
567,101 |
| Editas Medicine, Inc. * |
38,967 |
203,018 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Elanco Animal Health, Inc. * |
221,655 |
2,916,980 |
| Eledon Pharmaceuticals, Inc. * |
14,987 |
35,819 |
| Eli Lilly & Co. |
362,717 |
283,318,249 |
| Elicio Operating Co., Inc. * |
2,363 |
21,740 |
| Emergent BioSolutions, Inc. *(b) |
43,373 |
81,541 |
| Enanta Pharmaceuticals, Inc. * |
8,668 |
119,098 |
| Enliven Therapeutics, Inc. *(a) |
8,344 |
145,102 |
| Entrada Therapeutics, Inc. * |
7,643 |
90,570 |
| Erasca, Inc. * |
37,301 |
74,975 |
| Esperion Therapeutics, Inc. * |
95,770 |
188,667 |
| Eton Pharmaceuticals, Inc. * |
13,239 |
46,337 |
| Evolus, Inc. * |
17,279 |
203,374 |
| Exact Sciences Corp. * |
81,510 |
4,837,618 |
| Exelixis, Inc. * |
139,608 |
3,275,204 |
| Eyenovia, Inc. * |
12,362 |
9,284 |
| EyePoint Pharmaceuticals, Inc. * |
16,619 |
292,494 |
| Fate Therapeutics, Inc. * |
38,651 |
152,671 |
| FibroGen, Inc. * |
58,027 |
64,990 |
| Foghorn Therapeutics, Inc. * |
8,974 |
48,998 |
| Fortrea Holdings, Inc. * |
41,466 |
1,517,241 |
| Fulcrum Therapeutics, Inc. * |
24,485 |
174,578 |
| G1 Therapeutics, Inc. * |
21,516 |
81,115 |
| Gain Therapeutics, Inc. * |
7,043 |
20,636 |
| Galectin Therapeutics, Inc. * |
17,413 |
61,120 |
| Galecto, Inc. * |
15,761 |
10,859 |
| Genelux Corp. * |
9,191 |
28,584 |
| Generation Bio Co. * |
24,023 |
67,985 |
| Geron Corp. * |
235,465 |
925,377 |
| Gilead Sciences, Inc. |
566,189 |
36,915,523 |
| GlycoMimetics, Inc. * |
22,361 |
40,250 |
| Gossamer Bio, Inc. * |
156,778 |
111,312 |
| Greenwich Lifesciences, Inc. * |
2,671 |
33,174 |
| Gritstone bio, Inc. * |
66,565 |
53,252 |
| Gyre Therapeutics, Inc. *(a) |
6,662 |
103,927 |
| Halozyme Therapeutics, Inc. * |
58,977 |
2,247,024 |
| Harmony Biosciences Holdings, Inc. * |
16,728 |
517,062 |
| Harrow, Inc. * |
12,577 |
128,160 |
| Harvard Bioscience, Inc. * |
14,274 |
54,527 |
| Heron Therapeutics, Inc. * |
69,211 |
160,570 |
| HilleVax, Inc. * |
13,917 |
183,704 |
| Homology Medicines, Inc. *(c) |
21,971 |
883 |
| Hookipa Pharma, Inc. * |
36,285 |
32,196 |
| Humacyte, Inc. * |
22,996 |
90,144 |
| Ideaya Biosciences, Inc. * |
34,175 |
1,389,214 |
| IGM Biosciences, Inc. *(a) |
4,577 |
44,077 |
| Ikena Oncology, Inc. * |
12,066 |
15,927 |
| Illumina, Inc. * |
72,602 |
8,933,676 |
| Immuneering Corp., Class A * |
8,677 |
12,321 |
| Immunic, Inc. * |
25,000 |
31,500 |
| ImmunityBio, Inc. *(a) |
69,586 |
555,992 |
| Immunome, Inc. * |
17,976 |
252,743 |
| Immunovant, Inc. * |
26,185 |
718,516 |
| IN8bio, Inc. * |
13,105 |
13,367 |
| Incyte Corp. * |
85,489 |
4,449,702 |
| Inhibrx, Inc. * |
13,459 |
458,144 |
| Inmune Bio, Inc. * |
5,159 |
61,083 |
| Innoviva, Inc. * |
24,927 |
376,647 |
| Inotiv, Inc. * |
10,000 |
38,400 |
| Inovio Pharmaceuticals, Inc. * |
11,075 |
126,809 |
| Inozyme Pharma, Inc. * |
20,879 |
92,076 |
| Insmed, Inc. * |
63,877 |
1,579,039 |
| Instil Bio, Inc. * |
2,981 |
32,195 |
| Intellia Therapeutics, Inc. * |
41,185 |
881,359 |
| Intra-Cellular Therapies, Inc. * |
46,425 |
3,333,779 |
| Invivyd, Inc. * |
24,069 |
53,433 |
| Ionis Pharmaceuticals, Inc. * |
64,524 |
2,662,260 |
| Iovance Biotherapeutics, Inc. * |
108,846 |
1,282,206 |
| IQVIA Holdings, Inc. * |
83,022 |
19,242,009 |
See financial
notes
87
Schwab Equity Index Funds | Semiannual
ReportSchwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Ironwood Pharmaceuticals, Inc., Class A * |
64,385 |
498,984 |
| iTeos Therapeutics, Inc. * |
10,503 |
112,802 |
| Janux Therapeutics, Inc. *(a) |
10,462 |
596,334 |
| Jasper Therapeutics, Inc. * |
5,689 |
135,796 |
| Jazz Pharmaceuticals PLC * |
28,508 |
3,157,261 |
| Johnson & Johnson |
1,094,986 |
158,324,026 |
| KalVista Pharmaceuticals, Inc. * |
8,852 |
100,470 |
| Karyopharm Therapeutics, Inc. * |
51,000 |
52,530 |
| Keros Therapeutics, Inc. * |
12,434 |
701,153 |
| Kezar Life Sciences, Inc. * |
63,358 |
52,239 |
| Kineta, Inc. * |
8,000 |
4,515 |
| Kiniksa Pharmaceuticals Ltd., Class A * |
12,806 |
239,728 |
| Kodiak Sciences, Inc. * |
15,730 |
50,493 |
| Korro Bio, Inc. * |
3,147 |
178,718 |
| Krystal Biotech, Inc. * |
11,341 |
1,736,534 |
| Kura Oncology, Inc. * |
36,794 |
721,898 |
| Kymera Therapeutics, Inc. * |
19,183 |
644,932 |
| Kyverna Therapeutics, Inc. *(a) |
7,200 |
109,008 |
| Lantern Pharma, Inc. * |
657 |
3,351 |
| Larimar Therapeutics, Inc. * |
24,670 |
169,976 |
| LENZ Therapeutics, Inc. |
2,534 |
40,215 |
| Lexeo Therapeutics, Inc. * |
4,200 |
52,290 |
| Lexicon Pharmaceuticals, Inc. * |
46,637 |
71,821 |
| Lifecore Biomedical, Inc. * |
10,427 |
66,941 |
| Ligand Pharmaceuticals, Inc. * |
7,105 |
496,568 |
| Lineage Cell Therapeutics, Inc. * |
68,183 |
74,319 |
| Lipocine, Inc. * |
2,942 |
13,592 |
| Liquidia Corp. * |
20,793 |
267,190 |
| Longboard Pharmaceuticals, Inc. * |
11,164 |
237,793 |
| Lyell Immunopharma, Inc. * |
61,098 |
132,583 |
| Lyra Therapeutics, Inc. * |
9,060 |
46,750 |
| MacroGenics, Inc. * |
31,111 |
459,821 |
| Madrigal Pharmaceuticals, Inc. * |
7,229 |
1,474,861 |
| MannKind Corp. * |
122,373 |
502,953 |
| Maravai LifeSciences Holdings, Inc., Class A * |
48,185 |
395,117 |
| Marinus Pharmaceuticals, Inc. * |
30,501 |
43,006 |
| MaxCyte, Inc. * |
43,954 |
159,553 |
| Medpace Holdings, Inc. * |
10,475 |
4,067,966 |
| MEI Pharma, Inc. |
4,822 |
14,707 |
| Merck & Co., Inc. |
1,152,637 |
148,943,753 |
| Merrimack Pharmaceuticals, Inc. * |
5,681 |
83,738 |
| Mersana Therapeutics, Inc. * |
44,571 |
141,290 |
| Mesa Laboratories, Inc. |
2,222 |
235,710 |
| Mettler-Toledo International, Inc. * |
9,810 |
12,063,357 |
| MiMedx Group, Inc. * |
51,298 |
315,996 |
| Mind Medicine MindMed, Inc. * |
18,372 |
174,901 |
| Mineralys Therapeutics, Inc. * |
5,051 |
61,875 |
| MiNK Therapeutics, Inc. * |
1,744 |
1,727 |
| Mirum Pharmaceuticals, Inc. * |
17,908 |
449,670 |
| Moderna, Inc. * |
150,639 |
16,616,988 |
| Moleculin Biotech, Inc. * |
366 |
1,837 |
| Monte Rosa Therapeutics, Inc. * |
13,679 |
72,772 |
| Morphic Holding, Inc. * |
17,544 |
478,425 |
| Mural Oncology PLC * |
7,145 |
26,437 |
| Myriad Genetics, Inc. * |
41,186 |
806,010 |
| Natera, Inc. * |
52,224 |
4,850,565 |
| Nautilus Biotechnology, Inc. * |
22,256 |
56,530 |
| Nektar Therapeutics, Class A * |
99,411 |
145,140 |
| Neumora Therapeutics, Inc. *(a) |
10,690 |
97,172 |
| Neurocrine Biosciences, Inc. * |
45,484 |
6,255,869 |
| Neurogene, Inc. * |
5,239 |
180,641 |
| NextCure, Inc. * |
10,000 |
12,100 |
| Nkarta, Inc. * |
20,319 |
135,731 |
| Novavax, Inc. *(a) |
53,030 |
229,620 |
| NRX Pharmaceuticals, Inc. *(a) |
4,374 |
11,285 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Nurix Therapeutics, Inc. * |
24,751 |
297,507 |
| Nuvalent, Inc., Class A * |
14,627 |
1,007,508 |
| Nuvation Bio, Inc. * |
71,002 |
212,296 |
| Nuvectis Pharma, Inc. *(a) |
2,330 |
14,166 |
| Ocean Biomedical, Inc. * |
6,470 |
9,058 |
| Ocugen, Inc. *(a) |
170,254 |
224,735 |
| Ocular Therapeutix, Inc. * |
53,864 |
255,315 |
| Ocuphire Pharma, Inc. * |
5,599 |
8,874 |
| Olema Pharmaceuticals, Inc. * |
26,228 |
266,739 |
| Omega Therapeutics, Inc. * |
9,399 |
20,960 |
| Omeros Corp. *(a) |
26,846 |
84,565 |
| OmniAb, Inc. * |
48,133 |
213,711 |
| Oncternal Therapeutics, Inc. * |
1,612 |
13,154 |
| Optinose, Inc. * |
36,174 |
29,699 |
| Organogenesis Holdings, Inc., Class A * |
29,326 |
68,916 |
| Organon & Co. |
121,943 |
2,269,359 |
| ORIC Pharmaceuticals, Inc. * |
16,653 |
147,046 |
| Ovid therapeutics, Inc. * |
26,321 |
80,279 |
| Pacific Biosciences of California, Inc. * |
113,781 |
187,739 |
| Pacira BioSciences, Inc. * |
23,777 |
624,146 |
| Palatin Technologies, Inc. *(a) |
5,171 |
9,618 |
| Passage Bio, Inc. * |
7,891 |
10,179 |
| PDS Biotechnology Corp. *(a) |
13,278 |
44,481 |
| PepGen, Inc. * |
8,314 |
102,096 |
| Perrigo Co. PLC |
61,521 |
2,009,276 |
| Personalis, Inc. * |
22,941 |
33,723 |
| Perspective Therapeutics, Inc. * |
234,692 |
394,283 |
| Pfizer, Inc. |
2,568,353 |
65,801,204 |
| PharmaCyte Biotech, Inc. * |
5,947 |
12,786 |
| Phathom Pharmaceuticals, Inc. * |
21,562 |
194,705 |
| Phibro Animal Health Corp., Class A |
8,185 |
136,690 |
| Pliant Therapeutics, Inc. * |
25,045 |
296,032 |
| Poseida Therapeutics, Inc., Class A * |
31,911 |
77,225 |
| Praxis Precision Medicines, Inc. * |
6,689 |
367,025 |
| Precigen, Inc. * |
67,713 |
89,381 |
| Prelude Therapeutics, Inc. * |
7,515 |
28,332 |
| Prestige Consumer Healthcare, Inc. * |
23,185 |
1,663,756 |
| Prime Medicine, Inc. *(a) |
18,724 |
92,122 |
| ProKidney Corp. *(a) |
17,259 |
35,640 |
| ProPhase Labs, Inc. * |
5,896 |
27,181 |
| Protagonist Therapeutics, Inc. * |
28,025 |
703,708 |
| Prothena Corp. PLC * |
17,365 |
353,204 |
| PTC Therapeutics, Inc. * |
35,678 |
1,147,048 |
| Puma Biotechnology, Inc. * |
19,453 |
98,627 |
| Pyxis Oncology, Inc. * |
14,524 |
64,632 |
| Q32 Bio, Inc. * |
1,221 |
33,445 |
| Quanterix Corp. * |
14,993 |
241,687 |
| Quantum-Si, Inc. * |
32,018 |
51,549 |
| Quince Therapeutics, Inc. * |
11,013 |
12,004 |
| Rallybio Corp. * |
7,128 |
13,686 |
| Rapid Micro Biosystems, Inc., Class A * |
6,797 |
6,688 |
| RAPT Therapeutics, Inc. * |
15,769 |
121,421 |
| Recursion Pharmaceuticals, Inc., Class A * |
69,639 |
544,577 |
| Regeneron Pharmaceuticals, Inc. * |
48,054 |
42,799,776 |
| REGENXBIO, Inc. * |
18,906 |
290,207 |
| Regulus Therapeutics, Inc. *(a) |
9,113 |
20,960 |
| Relay Therapeutics, Inc. * |
46,087 |
300,487 |
| Relmada Therapeutics, Inc. * |
12,505 |
45,518 |
| Reneo Pharmaceuticals, Inc. * |
7,425 |
12,400 |
| RenovoRx, Inc. * |
49,232 |
62,525 |
| Repligen Corp. * |
23,341 |
3,832,592 |
| Replimune Group, Inc. * |
24,096 |
153,010 |
| Revance Therapeutics, Inc. * |
36,568 |
132,010 |
| Reviva Pharmaceuticals Holdings, Inc. * |
4,892 |
14,970 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
88
Schwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| REVOLUTION Medicines, Inc. * |
59,315 |
2,211,263 |
| Revvity, Inc. |
56,727 |
5,812,816 |
| Rezolute, Inc. * |
13,757 |
36,869 |
| Rhythm Pharmaceuticals, Inc. * |
22,511 |
895,037 |
| Rigel Pharmaceuticals, Inc. * |
65,618 |
68,899 |
| Rocket Pharmaceuticals, Inc. * |
31,234 |
672,156 |
| Roivant Sciences Ltd. * |
151,710 |
1,653,639 |
| Royalty Pharma PLC, Class A |
176,548 |
4,890,380 |
| SAB Biotherapeutics, Inc. * |
1,623 |
6,946 |
| Sage Therapeutics, Inc. * |
22,552 |
314,375 |
| Sana Biotechnology, Inc. * |
52,599 |
473,391 |
| Sangamo Therapeutics, Inc. * |
80,106 |
41,247 |
| Sarepta Therapeutics, Inc. * |
42,283 |
5,355,565 |
| Savara, Inc. * |
40,048 |
183,420 |
| Scholar Rock Holding Corp. * |
22,419 |
328,887 |
| Scilex Holding Co. *(c) |
30,357 |
21,600 |
| scPharmaceuticals, Inc. * |
7,807 |
34,897 |
| Seer, Inc., Class A * |
17,867 |
37,163 |
| SELLAS Life Sciences Group, Inc. *(a) |
16,238 |
20,135 |
| Sera Prognostics, Inc., Class A * |
12,000 |
140,280 |
| Shattuck Labs, Inc. * |
20,881 |
218,833 |
| SIGA Technologies, Inc. |
17,097 |
150,112 |
| Soleno Therapeutics, Inc. * |
7,195 |
321,329 |
| Solid Biosciences, Inc. * |
10,276 |
91,148 |
| Sotera Health Co. * |
55,885 |
625,912 |
| Spero Therapeutics, Inc. * |
28,565 |
40,562 |
| SpringWorks Therapeutics, Inc. * |
28,958 |
1,352,049 |
| Spruce Biosciences, Inc. * |
15,289 |
10,825 |
| Spyre Therapeutics, Inc. * |
15,000 |
495,450 |
| Standard BioTools, Inc. * |
111,584 |
276,728 |
| Stoke Therapeutics, Inc. * |
12,708 |
140,169 |
| Summit Therapeutics, Inc. * |
85,753 |
337,009 |
| Supernus Pharmaceuticals, Inc. * |
24,988 |
752,139 |
| Sutro Biopharma, Inc. * |
23,381 |
79,379 |
| Syndax Pharmaceuticals, Inc. * |
36,496 |
771,160 |
| Syros Pharmaceuticals, Inc. * |
4,670 |
25,218 |
| Talphera, Inc. * |
6,381 |
6,572 |
| Tango Therapeutics, Inc. * |
24,079 |
185,408 |
| Tarsus Pharmaceuticals, Inc. * |
14,660 |
460,764 |
| Taysha Gene Therapies, Inc. * |
51,462 |
125,053 |
| Tenaya Therapeutics, Inc. * |
22,396 |
101,678 |
| Terns Pharmaceuticals, Inc. * |
16,643 |
84,047 |
| TG Therapeutics, Inc. * |
67,278 |
919,017 |
| TherapeuticsMD, Inc. * |
7,060 |
13,273 |
| Theravance Biopharma, Inc. * |
21,449 |
181,030 |
| Theriva Biologics, Inc. * |
13,566 |
5,460 |
| Thermo Fisher Scientific, Inc. |
175,747 |
99,950,834 |
| Third Harmonic Bio, Inc. * |
5,232 |
58,284 |
| Tourmaline Bio, Inc. (a) |
6,869 |
108,736 |
| Travere Therapeutics, Inc. * |
29,285 |
161,946 |
| Trevi Therapeutics, Inc. * |
12,557 |
36,792 |
| TScan Therapeutics, Inc. * |
22,104 |
170,643 |
| Twist Bioscience Corp. * |
25,495 |
796,209 |
| Tyra Biosciences, Inc. *(a) |
9,880 |
168,948 |
| Ultragenyx Pharmaceutical, Inc. * |
37,627 |
1,600,653 |
| uniQure NV * |
23,627 |
104,195 |
| United Therapeutics Corp. * |
21,240 |
4,977,169 |
| UNITY Biotechnology, Inc. * |
4,595 |
7,076 |
| Vanda Pharmaceuticals, Inc. * |
24,287 |
115,606 |
| Vaxart, Inc. * |
153,547 |
109,740 |
| Vaxcyte, Inc. * |
43,697 |
2,645,853 |
| Vaxxinity, Inc., Class A * |
22,917 |
2,812 |
| Ventyx Biosciences, Inc. * |
30,926 |
115,663 |
| Vera Therapeutics, Inc., Class A * |
19,962 |
788,699 |
| Veracyte, Inc. * |
34,001 |
665,400 |
| Verastem, Inc. * |
11,159 |
111,367 |
| Vericel Corp. * |
22,544 |
1,034,093 |
| Verrica Pharmaceuticals, Inc. *(a) |
7,637 |
53,192 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Vertex Pharmaceuticals, Inc. * |
117,219 |
46,044,795 |
| Verve Therapeutics, Inc. * |
30,311 |
182,169 |
| Viatris, Inc. |
541,323 |
6,263,107 |
| Vigil Neuroscience, Inc. * |
5,235 |
13,663 |
| Viking Therapeutics, Inc. * |
49,372 |
3,929,024 |
| Vir Biotechnology, Inc. * |
41,660 |
352,444 |
| Viridian Therapeutics, Inc. * |
23,657 |
313,692 |
| Vistagen Therapeutics, Inc. * |
23,302 |
112,549 |
| Vor BioPharma, Inc. * |
17,792 |
30,602 |
| Voyager Therapeutics, Inc. * |
25,228 |
197,283 |
| Waters Corp. * |
27,071 |
8,366,022 |
| WaVe Life Sciences Ltd. * |
39,975 |
197,077 |
| Werewolf Therapeutics, Inc. * |
6,982 |
43,568 |
| West Pharmaceutical Services, Inc. |
33,667 |
12,035,279 |
| X4 Pharmaceuticals, Inc. * |
42,386 |
47,472 |
| XBiotech, Inc. * |
10,477 |
80,359 |
| Xencor, Inc. * |
25,852 |
541,341 |
| Xeris Biopharma Holdings, Inc. * |
60,840 |
106,470 |
| Xilio Therapeutics, Inc. * |
11,925 |
12,402 |
| XOMA Corp. * |
2,843 |
72,042 |
| Y-mAbs Therapeutics, Inc. * |
14,556 |
221,397 |
| Zentalis Pharmaceuticals, Inc. * |
24,484 |
270,793 |
| Zevra Therapeutics, Inc. * |
11,139 |
51,017 |
| Zoetis, Inc. |
208,899 |
33,265,077 |
| Zura Bio Ltd., Class A * |
5,513 |
23,541 |
| |
|
1,580,685,756 |
| | ||
| Real Estate Management & Development 0.2%
| ||
| Altisource Portfolio Solutions SA * |
9,415 |
18,736 |
| AMREP Corp. * |
2,361 |
47,891 |
| Anywhere Real Estate, Inc. * |
50,250 |
244,215 |
| CBRE Group, Inc., Class A * |
135,839 |
11,803,051 |
| Compass, Inc., Class A * |
148,596 |
468,078 |
| CoStar Group, Inc. * |
185,702 |
16,997,304 |
| Cushman & Wakefield PLC * |
82,072 |
791,995 |
| DigitalBridge Group, Inc. |
63,571 |
1,045,107 |
| Doma Holdings, Inc. * |
1,501 |
9,081 |
| Douglas Elliman, Inc. * |
28,072 |
38,178 |
| eXp World Holdings, Inc. |
38,506 |
383,520 |
| Fathom Holdings, Inc. * |
2,686 |
4,190 |
| Forestar Group, Inc. * |
9,724 |
301,347 |
| FRP Holdings, Inc. * |
5,956 |
180,526 |
| Howard Hughes Holdings, Inc. * |
14,474 |
943,126 |
| InterGroup Corp. * |
1,138 |
23,477 |
| Jones Lang LaSalle, Inc. * |
21,719 |
3,924,623 |
| Kennedy-Wilson Holdings, Inc. |
52,161 |
448,063 |
| Marcus & Millichap, Inc. |
11,056 |
350,144 |
| Maui Land & Pineapple Co., Inc. * |
3,498 |
68,141 |
| Newmark Group, Inc., Class A |
53,804 |
514,904 |
| Offerpad Solutions, Inc. * |
8,794 |
68,329 |
| Opendoor Technologies, Inc. * |
251,531 |
500,547 |
| Rafael Holdings, Inc., Class B * |
1,046 |
1,663 |
| RE/MAX Holdings, Inc., Class A |
6,967 |
48,908 |
| Redfin Corp. * |
61,840 |
346,922 |
| RMR Group, Inc., Class A |
6,145 |
145,759 |
| Seritage Growth Properties, Class A * |
16,651 |
155,520 |
| St. Joe Co. |
15,558 |
889,918 |
| Star Holdings * |
6,000 |
71,340 |
| Stratus Properties, Inc. * |
3,398 |
77,067 |
| Tejon Ranch Co. * |
11,108 |
186,392 |
| Zillow Group, Inc., Class C * |
96,981 |
4,128,481 |
| |
|
45,226,543 |
| | ||
| Semiconductors & Semiconductor Equipment 9.2%
| ||
| ACM Research, Inc., Class A * |
22,189 |
566,263 |
| Advanced Micro Devices, Inc. * |
734,964 |
116,403,598 |
See financial
notes
89
Schwab Equity Index Funds | Semiannual
ReportSchwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Aehr Test Systems * |
11,116 |
133,170 |
| Allegro MicroSystems, Inc. * |
33,142 |
983,986 |
| Alpha & Omega Semiconductor Ltd. * |
9,994 |
218,569 |
| Ambarella, Inc. * |
18,585 |
854,352 |
| Amkor Technology, Inc. |
45,775 |
1,480,821 |
| Amtech Systems, Inc. * |
6,347 |
30,593 |
| Analog Devices, Inc. |
225,392 |
45,215,889 |
| Applied Materials, Inc. |
378,475 |
75,184,059 |
| Atomera, Inc. *(a) |
12,488 |
57,944 |
| Axcelis Technologies, Inc. * |
14,904 |
1,542,862 |
| AXT, Inc. * |
15,887 |
47,661 |
| Broadcom, Inc. |
200,164 |
260,267,244 |
| CEVA, Inc. * |
10,247 |
207,707 |
| Cirrus Logic, Inc. * |
24,858 |
2,201,673 |
| Cohu, Inc. * |
20,047 |
607,825 |
| Credo Technology Group Holding Ltd. * |
55,656 |
994,573 |
| CVD Equipment Corp. * |
3,009 |
13,540 |
| Diodes, Inc. * |
20,897 |
1,525,690 |
| Enphase Energy, Inc. * |
61,877 |
6,729,742 |
| Entegris, Inc. |
68,388 |
9,090,133 |
| Everspin Technologies, Inc. * |
8,698 |
64,539 |
| First Solar, Inc. * |
48,960 |
8,631,648 |
| FormFactor, Inc. * |
35,591 |
1,587,003 |
| GSI Technology, Inc. *(a) |
8,052 |
31,644 |
| Ichor Holdings Ltd. * |
12,049 |
467,260 |
| Impinj, Inc. * |
10,626 |
1,693,572 |
| indie Semiconductor, Inc., Class A * |
56,060 |
315,057 |
| Intel Corp. |
1,923,167 |
58,598,898 |
| inTEST Corp. * |
4,591 |
51,741 |
| KLA Corp. |
61,513 |
42,400,296 |
| Kopin Corp. * |
40,189 |
31,589 |
| Kulicke & Soffa Industries, Inc. |
25,768 |
1,192,543 |
| Lam Research Corp. |
59,634 |
53,337,246 |
| Lattice Semiconductor Corp. * |
62,353 |
4,277,416 |
| MACOM Technology Solutions Holdings, Inc. * |
24,206 |
2,467,802 |
| Marvell Technology, Inc. |
393,318 |
25,923,589 |
| MaxLinear, Inc. * |
36,453 |
757,858 |
| Microchip Technology, Inc. |
245,422 |
22,573,916 |
| Micron Technology, Inc. |
502,129 |
56,720,492 |
| MKS Instruments, Inc. |
28,534 |
3,394,975 |
| Monolithic Power Systems, Inc. |
21,882 |
14,646,279 |
| Navitas Semiconductor Corp., Class A * |
53,865 |
233,235 |
| NVE Corp. |
1,890 |
153,846 |
| NVIDIA Corp. |
1,123,515 |
970,739,430 |
| NXP Semiconductors NV |
117,315 |
30,054,930 |
| ON Semiconductor Corp. * |
194,019 |
13,612,373 |
| Onto Innovation, Inc. * |
22,391 |
4,153,307 |
| PDF Solutions, Inc. * |
12,456 |
374,676 |
| Photronics, Inc. * |
27,001 |
740,097 |
| Pixelworks, Inc. * |
21,959 |
39,307 |
| Power Integrations, Inc. |
25,765 |
1,719,041 |
| Qorvo, Inc. * |
44,053 |
5,147,152 |
| QUALCOMM, Inc. |
507,629 |
84,190,270 |
| QuickLogic Corp. * |
7,578 |
117,156 |
| Rambus, Inc. * |
48,235 |
2,644,243 |
| Rigetti Computing, Inc. * |
30,086 |
38,510 |
| Semtech Corp. * |
32,037 |
1,205,232 |
| Silicon Laboratories, Inc. * |
14,608 |
1,774,726 |
| SiTime Corp. * |
7,974 |
710,643 |
| SkyWater Technology, Inc. * |
12,405 |
127,275 |
| Skyworks Solutions, Inc. |
72,652 |
7,743,977 |
| SMART Global Holdings, Inc. * |
26,108 |
476,993 |
| SolarEdge Technologies, Inc. * |
25,758 |
1,510,707 |
| Synaptics, Inc. * |
17,731 |
1,595,081 |
| Teradyne, Inc. |
69,271 |
8,057,603 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Texas Instruments, Inc. |
413,786 |
73,000,126 |
| Transphorm, Inc. * |
11,592 |
55,642 |
| Trio-Tech International * |
2,059 |
12,766 |
| Ultra Clean Holdings, Inc. * |
21,314 |
891,565 |
| Universal Display Corp. |
20,005 |
3,160,390 |
| Veeco Instruments, Inc. * |
24,931 |
881,061 |
| Wolfspeed, Inc. * |
56,169 |
1,518,248 |
| |
|
2,040,202,865 |
| | ||
| Software & Services 11.4% | ||
| 8x8, Inc. * |
46,219 |
102,144 |
| A10 Networks, Inc. |
35,602 |
464,962 |
| Accenture PLC, Class A |
285,196 |
85,818,328 |
| ACI Worldwide, Inc. * |
50,004 |
1,705,136 |
| Adeia, Inc. |
47,028 |
462,756 |
| Adobe, Inc. * |
205,599 |
95,157,385 |
| Agilysys, Inc. * |
10,163 |
844,037 |
| Airship AI Holdings, Inc. * |
8,888 |
65,416 |
| Akamai Technologies, Inc. * |
68,642 |
6,928,037 |
| Alarm.com Holdings, Inc. * |
22,683 |
1,508,419 |
| Alkami Technology, Inc. * |
15,859 |
381,726 |
| Altair Engineering, Inc., Class A * |
24,227 |
1,949,062 |
| American Software, Inc., Class A |
13,798 |
139,498 |
| Amplitude, Inc., Class A * |
38,091 |
372,911 |
| ANSYS, Inc. * |
39,643 |
12,879,218 |
| Appfolio, Inc., Class A * |
9,364 |
2,123,568 |
| Appian Corp., Class A * |
17,792 |
666,132 |
| Applied Digital Corp. *(a) |
28,011 |
75,770 |
| AppLovin Corp., Class A * |
82,468 |
5,819,767 |
| Arteris, Inc. * |
9,920 |
65,770 |
| Asana, Inc., Class A * |
42,227 |
627,915 |
| Aspen Technology, Inc. * |
12,573 |
2,475,247 |
| Atlassian Corp., Class A * |
71,282 |
12,281,889 |
| AudioEye, Inc. * |
4,308 |
67,205 |
| Aurora Innovation, Inc. * |
362,784 |
1,006,726 |
| Autodesk, Inc. * |
97,014 |
20,649,430 |
| AvePoint, Inc. * |
39,999 |
310,792 |
| Backblaze, Inc., Class A * |
18,678 |
173,892 |
| Bentley Systems, Inc., Class B |
104,651 |
5,497,317 |
| BigBear.ai Holdings, Inc. * |
49,665 |
82,444 |
| BigCommerce Holdings, Inc. * |
30,500 |
172,630 |
| Bill Holdings, Inc. * |
43,753 |
2,728,437 |
| Blackbaud, Inc. * |
19,607 |
1,527,777 |
| BlackLine, Inc. * |
23,896 |
1,387,163 |
| Blend Labs, Inc., Class A * |
73,956 |
181,192 |
| Box, Inc., Class A * |
65,647 |
1,708,135 |
| Braze, Inc., Class A * |
22,708 |
951,465 |
| Brightcove, Inc. * |
15,409 |
27,428 |
| C3.ai, Inc., Class A *(a) |
44,350 |
999,206 |
| Cadence Design Systems, Inc. * |
123,751 |
34,109,488 |
| Castellum, Inc. * |
34,318 |
9,266 |
| CCC Intelligent Solutions Holdings, Inc. * |
131,546 |
1,475,946 |
| Cerence, Inc. * |
17,854 |
162,650 |
| Cipher Mining, Inc. *(a) |
16,000 |
59,520 |
| Cleanspark, Inc. * |
91,601 |
1,500,424 |
| Clear Secure, Inc., Class A |
40,011 |
698,992 |
| Clearwater Analytics Holdings, Inc., Class A * |
64,999 |
1,025,684 |
| Cloudflare, Inc., Class A * |
135,053 |
11,803,632 |
| Cognizant Technology Solutions Corp., Class A |
226,305 |
14,863,712 |
| CommVault Systems, Inc. * |
20,147 |
2,064,463 |
| Confluent, Inc., Class A * |
98,083 |
2,758,094 |
| Consensus Cloud Solutions, Inc. * |
14,791 |
172,167 |
| CoreCard Corp. * |
2,218 |
26,572 |
| Couchbase, Inc. * |
15,315 |
369,704 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
90
Schwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Crowdstrike Holdings, Inc., Class A * |
103,302 |
30,219,967 |
| CSP, Inc. |
5,818 |
76,041 |
| Daily Journal Corp. * |
412 |
138,102 |
| Datadog, Inc., Class A * |
137,163 |
17,213,956 |
| Dave, Inc. * |
5,855 |
256,449 |
| DecisionPoint Systems, Inc. * |
4,188 |
33,718 |
| Digimarc Corp. * |
5,752 |
121,597 |
| Digital Turbine, Inc. * |
62,036 |
118,489 |
| DigitalOcean Holdings, Inc. * |
24,086 |
791,466 |
| DocuSign, Inc., Class A * |
92,645 |
5,243,707 |
| Dolby Laboratories, Inc., Class A |
26,426 |
2,052,243 |
| Domo, Inc., Class B * |
14,774 |
111,248 |
| DoubleVerify Holdings, Inc. * |
63,042 |
1,847,131 |
| Dropbox, Inc., Class A * |
115,530 |
2,675,675 |
| D-Wave Quantum, Inc. * |
23,310 |
31,935 |
| DXC Technology Co. * |
83,184 |
1,621,256 |
| Dynatrace, Inc. * |
109,581 |
4,965,115 |
| E2open Parent Holdings, Inc. * |
73,998 |
358,890 |
| Edgio, Inc. *(a) |
2,928 |
27,904 |
| eGain Corp. * |
7,634 |
47,407 |
| Elastic NV * |
37,873 |
3,871,378 |
| Enfusion, Inc., Class A * |
18,455 |
171,816 |
| Envestnet, Inc. * |
23,500 |
1,458,645 |
| EPAM Systems, Inc. * |
26,435 |
6,219,098 |
| Everbridge, Inc. * |
20,019 |
695,660 |
| EverCommerce, Inc. * |
12,868 |
115,812 |
| Fair Isaac Corp. * |
11,311 |
12,819,096 |
| Fastly, Inc., Class A * |
55,767 |
705,453 |
| Five9, Inc. * |
33,968 |
1,955,538 |
| Fortinet, Inc. * |
288,771 |
18,244,552 |
| Freshworks, Inc., Class A * |
76,129 |
1,358,903 |
| Gartner, Inc. * |
35,471 |
14,634,980 |
| Gen Digital, Inc. |
253,635 |
5,108,209 |
| Gitlab, Inc., Class A * |
41,235 |
2,163,600 |
| Glimpse Group, Inc. * |
1,370 |
1,589 |
| GoDaddy, Inc., Class A * |
64,112 |
7,846,027 |
| Grid Dynamics Holdings, Inc. * |
23,721 |
231,754 |
| Guidewire Software, Inc. * |
36,824 |
4,065,370 |
| Hackett Group, Inc. |
9,720 |
210,827 |
| HashiCorp, Inc., Class A * |
54,776 |
1,778,029 |
| HubSpot, Inc. * |
22,887 |
13,843,660 |
| Informatica, Inc., Class A * |
19,115 |
591,992 |
| Information Services Group, Inc. |
16,112 |
54,297 |
| Instructure Holdings, Inc. * |
7,509 |
143,647 |
| Intapp, Inc. * |
18,004 |
556,684 |
| Intellicheck, Inc. * |
12,962 |
41,608 |
| InterDigital, Inc. |
11,325 |
1,118,117 |
| International Business Machines Corp. |
416,207 |
69,173,603 |
| Intuit, Inc. |
127,333 |
79,662,071 |
| Issuer Direct Corp. * |
1,318 |
15,256 |
| Jamf Holding Corp. * |
24,817 |
483,187 |
| Kaltura, Inc. * |
33,164 |
40,792 |
| Klaviyo, Inc., Class A * |
12,810 |
286,944 |
| Kyndryl Holdings, Inc. * |
104,768 |
2,059,739 |
| LivePerson, Inc. * |
34,901 |
17,482 |
| LiveRamp Holdings, Inc. * |
30,335 |
974,057 |
| Manhattan Associates, Inc. * |
28,162 |
5,803,062 |
| Marathon Digital Holdings, Inc. * |
99,987 |
1,605,791 |
| MariaDB PLC * |
13,835 |
7,263 |
| Matterport, Inc. * |
108,500 |
499,100 |
| MeridianLink, Inc. * |
8,842 |
147,485 |
| Microsoft Corp. |
3,379,842 |
1,315,873,886 |
| MicroStrategy, Inc., Class A * |
6,910 |
7,359,357 |
| Mitek Systems, Inc. * |
18,641 |
235,436 |
| Model N, Inc. * |
14,577 |
432,208 |
| MongoDB, Inc., Class A * |
32,720 |
11,948,690 |
| N-able, Inc. * |
29,867 |
366,169 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| nCino, Inc. * |
26,902 |
784,462 |
| NCR Voyix Corp. * |
66,187 |
810,791 |
| NextNav, Inc. * |
23,511 |
214,185 |
| Nutanix, Inc., Class A * |
109,996 |
6,676,757 |
| Okta, Inc. * |
71,752 |
6,671,501 |
| Olo, Inc., Class A * |
44,208 |
212,198 |
| ON24, Inc. |
17,135 |
112,920 |
| OneSpan, Inc. * |
14,940 |
161,651 |
| Oracle Corp. |
725,225 |
82,494,344 |
| PagerDuty, Inc. * |
40,603 |
810,436 |
| Palantir Technologies, Inc., Class A * |
873,588 |
19,192,728 |
| Palo Alto Networks, Inc. * |
143,419 |
41,719,153 |
| Pegasystems, Inc. |
19,925 |
1,183,943 |
| Perficient, Inc. * |
16,274 |
769,109 |
| Porch Group, Inc. * |
33,000 |
105,270 |
| PowerSchool Holdings, Inc., Class A * |
25,358 |
439,201 |
| Procore Technologies, Inc. * |
40,101 |
2,743,710 |
| Progress Software Corp. |
20,511 |
1,021,858 |
| PROS Holdings, Inc. * |
18,413 |
603,026 |
| PTC, Inc. * |
54,229 |
9,622,394 |
| Q2 Holdings, Inc. * |
26,451 |
1,359,317 |
| Qualys, Inc. * |
16,495 |
2,703,695 |
| Quantum Computing, Inc. * |
10,216 |
7,841 |
| Rackspace Technology, Inc. * |
28,860 |
49,639 |
| Rapid7, Inc. * |
27,867 |
1,248,442 |
| Red Violet, Inc. * |
5,306 |
89,035 |
| Rekor Systems, Inc. * |
22,007 |
38,952 |
| ReposiTrak, Inc. |
6,299 |
99,713 |
| Research Solutions, Inc. * |
18,069 |
52,400 |
| Rimini Street, Inc. * |
21,843 |
58,102 |
| RingCentral, Inc., Class A * |
37,195 |
1,101,716 |
| Riot Platforms, Inc. * |
92,769 |
937,895 |
| Roper Technologies, Inc. |
48,649 |
24,882,018 |
| Salesforce, Inc. |
440,309 |
118,416,702 |
| Samsara, Inc., Class A * |
78,756 |
2,750,947 |
| SecureWorks Corp., Class A * |
5,067 |
30,858 |
| SEMrush Holdings, Inc., Class A * |
17,212 |
210,675 |
| SentinelOne, Inc., Class A * |
110,215 |
2,328,843 |
| ServiceNow, Inc. * |
93,247 |
64,650,943 |
| Smartsheet, Inc., Class A * |
61,516 |
2,327,150 |
| Snowflake, Inc., Class A * |
149,616 |
23,220,403 |
| SolarWinds Corp. |
20,785 |
229,051 |
| SoundHound AI, Inc., Class A *(a) |
100,991 |
428,202 |
| SoundThinking, Inc. * |
3,910 |
52,238 |
| Sprinklr, Inc., Class A * |
57,049 |
666,903 |
| Sprout Social, Inc., Class A * |
22,530 |
1,136,639 |
| SPS Commerce, Inc. * |
16,727 |
2,908,323 |
| Squarespace, Inc., Class A * |
24,349 |
848,806 |
| SRAX, Inc. *(c) |
9,789 |
27 |
| Synopsys, Inc. * |
69,302 |
36,770,948 |
| Telos Corp. * |
25,409 |
87,407 |
| Tenable Holdings, Inc. * |
54,062 |
2,431,168 |
| Teradata Corp. * |
44,613 |
1,655,142 |
| Terawulf, Inc. * |
50,627 |
109,861 |
| Thoughtworks Holding, Inc. * |
49,108 |
113,931 |
| Tucows, Inc., Class A * |
4,136 |
73,083 |
| Twilio, Inc., Class A * |
81,703 |
4,892,376 |
| Tyler Technologies, Inc. * |
18,976 |
8,758,373 |
| UiPath, Inc., Class A * |
185,380 |
3,516,659 |
| Unisys Corp. * |
28,890 |
156,873 |
| Unity Software, Inc. * |
108,279 |
2,627,931 |
| Upland Software, Inc. * |
22,775 |
49,194 |
| Varonis Systems, Inc., Class B * |
49,694 |
2,174,112 |
| Verint Systems, Inc. * |
27,662 |
837,605 |
| VeriSign, Inc. * |
40,503 |
6,864,448 |
| Vertex, Inc., Class A * |
20,655 |
601,680 |
| Viant Technology, Inc., Class A * |
10,390 |
91,328 |
| Weave Communications, Inc. * |
12,631 |
135,025 |
See financial
notes
91
Schwab Equity Index Funds | Semiannual
ReportSchwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| WM Technology, Inc. * |
40,927 |
51,773 |
| Workday, Inc., Class A * |
94,876 |
23,219,003 |
| Workiva, Inc., Class A * |
21,901 |
1,725,799 |
| Xperi, Inc. * |
20,285 |
213,195 |
| Yext, Inc. * |
46,726 |
256,526 |
| Zeta Global Holdings Corp., Class A * |
65,475 |
809,271 |
| Zoom Video Communications, Inc., Class A * |
117,756 |
7,194,892 |
| Zscaler, Inc. * |
40,551 |
7,012,890 |
| Zuora, Inc., Class A * |
61,121 |
602,653 |
| |
|
2,548,655,119 |
| | ||
| Technology Hardware & Equipment 7.0% | ||
| 908 Devices, Inc. * |
8,267 |
47,122 |
| ADTRAN Holdings, Inc. |
33,081 |
144,895 |
| Advanced Energy Industries, Inc. |
17,189 |
1,647,394 |
| Aeva Technologies, Inc. * |
12,000 |
37,440 |
| Airgain, Inc. * |
7,096 |
37,183 |
| Amphenol Corp., Class A |
272,853 |
32,952,457 |
| Apple, Inc. |
6,602,526 |
1,124,608,254 |
| Applied Optoelectronics, Inc. * |
18,315 |
180,403 |
| Arista Networks, Inc. * |
114,622 |
29,407,420 |
| Arlo Technologies, Inc. * |
40,417 |
500,363 |
| Arrow Electronics, Inc. * |
24,597 |
3,140,299 |
| AstroNova, Inc. * |
4,083 |
70,513 |
| Aviat Networks, Inc. * |
4,936 |
165,109 |
| Avnet, Inc. |
41,153 |
2,011,147 |
| Badger Meter, Inc. |
13,065 |
2,389,850 |
| Bel Fuse, Inc., Class A |
1,180 |
82,600 |
| Bel Fuse, Inc., Class B |
4,185 |
245,743 |
| Belden, Inc. |
19,416 |
1,577,938 |
| Benchmark Electronics, Inc. |
14,875 |
449,374 |
| Calix, Inc. * |
27,533 |
763,490 |
| CDW Corp. |
60,981 |
14,748,865 |
| Ciena Corp. * |
66,154 |
3,058,299 |
| Cisco Systems, Inc. |
1,848,331 |
86,834,590 |
| Clearfield, Inc. * |
5,453 |
164,244 |
| Climb Global Solutions, Inc. |
1,603 |
103,329 |
| Coda Octopus Group, Inc. * |
1,343 |
8,944 |
| Cognex Corp. |
78,831 |
3,274,640 |
| Coherent Corp. * |
61,120 |
3,338,986 |
| CommScope Holding Co., Inc. * |
94,667 |
84,632 |
| CompoSecure, Inc. *(a) |
5,277 |
36,675 |
| Comtech Telecommunications Corp. * |
11,741 |
22,073 |
| Corning, Inc. |
348,505 |
11,633,097 |
| Corsair Gaming, Inc. * |
26,615 |
295,427 |
| CPI Card Group, Inc. * |
1,805 |
31,136 |
| Crane NXT Co. |
20,920 |
1,272,145 |
| CTS Corp. |
13,417 |
613,828 |
| Daktronics, Inc. * |
15,645 |
147,845 |
| Dell Technologies, Inc., Class C |
121,364 |
15,126,809 |
| Diebold Nixdorf, Inc. * |
17,287 |
547,306 |
| Digi International, Inc. * |
17,947 |
550,255 |
| Eastman Kodak Co. * |
29,007 |
130,532 |
| ePlus, Inc. * |
12,538 |
963,921 |
| Evolv Technologies Holdings, Inc. * |
31,854 |
124,549 |
| Extreme Networks, Inc. * |
61,060 |
683,872 |
| F5, Inc. * |
27,138 |
4,486,183 |
| Fabrinet * |
16,202 |
2,804,080 |
| FARO Technologies, Inc. * |
8,279 |
155,231 |
| Frequency Electronics, Inc. * |
4,719 |
45,302 |
| Genasys, Inc. * |
20,918 |
43,928 |
| Harmonic, Inc. * |
48,599 |
521,953 |
| Hewlett Packard Enterprise Co. |
593,493 |
10,089,381 |
| HP, Inc. |
397,617 |
11,169,062 |
| Identiv, Inc. * |
8,288 |
41,772 |
| Immersion Corp. |
13,101 |
95,244 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Infinera Corp. * |
103,973 |
501,150 |
| Inseego Corp. * |
4,205 |
16,946 |
| Insight Enterprises, Inc. * |
12,752 |
2,328,133 |
| Intevac, Inc. * |
11,887 |
50,282 |
| IonQ, Inc. *(a) |
74,268 |
634,991 |
| IPG Photonics Corp. * |
13,349 |
1,121,049 |
| Iteris, Inc. * |
21,639 |
96,943 |
| Itron, Inc. * |
20,969 |
1,931,664 |
| Jabil, Inc. |
58,027 |
6,810,049 |
| Juniper Networks, Inc. |
147,851 |
5,148,172 |
| Key Tronic Corp. * |
4,943 |
21,354 |
| Keysight Technologies, Inc. * |
79,838 |
11,811,234 |
| Kimball Electronics, Inc. * |
10,963 |
229,456 |
| Knowles Corp. * |
40,205 |
636,445 |
| KVH Industries, Inc. * |
5,414 |
25,987 |
| Lantronix, Inc. * |
11,128 |
41,841 |
| LightPath Technologies, Inc., Class A * |
24,173 |
34,567 |
| Lightwave Logic, Inc. * |
49,166 |
187,814 |
| Littelfuse, Inc. |
11,080 |
2,555,491 |
| Lumentum Holdings, Inc. * |
32,261 |
1,411,741 |
| Luna Innovations, Inc. * |
15,596 |
32,128 |
| Methode Electronics, Inc. |
15,172 |
184,947 |
| MicroVision, Inc. *(a) |
76,762 |
111,305 |
| Mirion Technologies, Inc., Class A * |
82,287 |
894,460 |
| Motorola Solutions, Inc. |
75,553 |
25,623,800 |
| M-Tron Industries, Inc. *(a) |
2,643 |
73,370 |
| Napco Security Technologies, Inc. |
15,220 |
619,454 |
| Neonode, Inc. * |
4,440 |
10,612 |
| NetApp, Inc. |
93,570 |
9,563,790 |
| NETGEAR, Inc. * |
13,065 |
193,101 |
| NetScout Systems, Inc. * |
32,036 |
617,013 |
| nLight, Inc. * |
20,404 |
232,402 |
| Novanta, Inc. * |
15,969 |
2,499,149 |
| One Stop Systems, Inc. * |
12,911 |
36,667 |
| OSI Systems, Inc. * |
7,329 |
963,324 |
| Ouster, Inc. * |
11,961 |
108,486 |
| PAR Technology Corp. * |
12,016 |
508,037 |
| PC Connection, Inc. |
4,459 |
276,324 |
| Plexus Corp. * |
12,143 |
1,226,564 |
| Powerfleet, Inc. * |
44,255 |
211,981 |
| Pure Storage, Inc., Class A * |
135,306 |
6,819,422 |
| Red Cat Holdings, Inc. * |
18,398 |
28,149 |
| Research Frontiers, Inc. * |
21,870 |
33,899 |
| RF Industries Ltd. * |
7,044 |
20,252 |
| Ribbon Communications, Inc. * |
38,255 |
121,268 |
| Richardson Electronics Ltd. |
5,554 |
58,484 |
| Rogers Corp. * |
8,205 |
977,133 |
| Sanmina Corp. * |
26,460 |
1,605,328 |
| ScanSource, Inc. * |
10,228 |
425,689 |
| Seagate Technology Holdings PLC |
87,775 |
7,540,750 |
| SmartRent, Inc. * |
88,649 |
205,666 |
| Sono-Tek Corp. * |
2,719 |
12,127 |
| Super Micro Computer, Inc. * |
22,872 |
19,642,474 |
| TD SYNNEX Corp. |
35,206 |
4,148,675 |
| TE Connectivity Ltd. |
140,195 |
19,834,789 |
| Teledyne Technologies, Inc. * |
21,443 |
8,180,076 |
| TransAct Technologies, Inc. * |
3,397 |
18,174 |
| Trimble, Inc. * |
112,831 |
6,777,758 |
| TTM Technologies, Inc. * |
50,171 |
749,053 |
| Turtle Beach Corp. * |
12,904 |
181,946 |
| Ubiquiti, Inc. |
1,828 |
196,656 |
| Viasat, Inc. * |
39,177 |
623,306 |
| Viavi Solutions, Inc. * |
109,669 |
866,385 |
| Vishay Intertechnology, Inc. |
59,167 |
1,369,124 |
| Vishay Precision Group, Inc. * |
5,394 |
178,002 |
| Vontier Corp. |
69,566 |
2,826,467 |
| Western Digital Corp. * |
147,374 |
10,438,500 |
| Wrap Technologies, Inc. *(a) |
21,515 |
35,930 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
92
Schwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Xerox Holdings Corp. |
54,423 |
723,282 |
| Zebra Technologies Corp., Class A * |
23,198 |
7,297,163 |
| |
|
1,555,225,279 |
| | ||
| Telecommunication Services 0.8% | ||
| Anterix, Inc. * |
8,567 |
270,032 |
| AST SpaceMobile, Inc., Class A *(a) |
49,621 |
109,662 |
| AT&T, Inc. |
3,245,111 |
54,809,925 |
| ATN International, Inc. |
5,256 |
100,284 |
| Bandwidth, Inc., Class A * |
15,306 |
278,569 |
| Cogent Communications Holdings, Inc. |
18,826 |
1,208,253 |
| Consolidated Communications Holdings, Inc. * |
28,849 |
124,628 |
| Frontier Communications Parent, Inc. * |
99,705 |
2,307,174 |
| GCI Liberty, Inc. *(c) |
35,715 |
0 |
| Globalstar, Inc. * |
393,479 |
507,588 |
| Gogo, Inc. * |
27,853 |
252,348 |
| IDT Corp., Class B |
8,928 |
317,301 |
| Iridium Communications, Inc. |
59,821 |
1,841,889 |
| Liberty Global Ltd., Class C * |
166,066 |
2,718,500 |
| Liberty Latin America Ltd., Class C * |
78,742 |
593,715 |
| Lumen Technologies, Inc. * |
466,434 |
555,056 |
| NII Holdings, Inc. Escrow *(c) |
28,127 |
16,876 |
| Ooma, Inc. * |
9,711 |
68,560 |
| Shenandoah Telecommunications Co. |
21,835 |
279,925 |
| Spok Holdings, Inc. |
9,849 |
152,167 |
| SurgePays, Inc. * |
2,477 |
9,016 |
| Telephone & Data Systems, Inc. |
46,178 |
722,686 |
| T-Mobile U.S., Inc. |
236,794 |
38,874,471 |
| U.S. Cellular Corp. * |
5,896 |
214,379 |
| Verizon Communications, Inc. |
1,912,374 |
75,519,649 |
| |
|
181,852,653 |
| | ||
| Transportation 1.7% | ||
| Air Transport Services Group, Inc. * |
23,833 |
305,539 |
| Alaska Air Group, Inc. * |
57,126 |
2,457,561 |
| Allegiant Travel Co. |
6,715 |
366,370 |
| American Airlines Group, Inc. * |
298,086 |
4,027,142 |
| ArcBest Corp. |
10,461 |
1,160,230 |
| Avis Budget Group, Inc. |
8,421 |
803,784 |
| Blade Air Mobility, Inc. * |
26,008 |
82,966 |
| CH Robinson Worldwide, Inc. |
52,132 |
3,701,372 |
| Covenant Logistics Group, Inc., Class A |
3,394 |
153,375 |
| CSX Corp. |
899,474 |
29,880,526 |
| Delta Air Lines, Inc. |
290,627 |
14,551,694 |
| Expeditors International of Washington, Inc. |
65,856 |
7,330,431 |
| FedEx Corp. |
104,452 |
27,343,445 |
| Forward Air Corp. |
16,471 |
362,691 |
| Frontier Group Holdings, Inc. * |
16,091 |
97,190 |
| FTAI Infrastructure, Inc. |
43,117 |
312,167 |
| Genco Shipping & Trading Ltd. |
21,083 |
449,911 |
| GXO Logistics, Inc. * |
55,079 |
2,735,223 |
| Hawaiian Holdings, Inc. * |
23,476 |
298,145 |
| Heartland Express, Inc. |
26,008 |
258,520 |
| Hertz Global Holdings, Inc. * |
58,859 |
267,808 |
| Hub Group, Inc., Class A |
27,438 |
1,103,556 |
| JB Hunt Transport Services, Inc. |
37,219 |
6,050,693 |
| JetBlue Airways Corp. * |
159,399 |
905,386 |
| Joby Aviation, Inc. *(a) |
176,913 |
893,411 |
| Kirby Corp. * |
26,767 |
2,921,083 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Knight-Swift Transportation Holdings, Inc. |
72,797 |
3,365,405 |
| Landstar System, Inc. |
16,229 |
2,830,500 |
| Lyft, Inc., Class A * |
157,186 |
2,458,389 |
| Marten Transport Ltd. |
24,450 |
413,694 |
| Matson, Inc. |
15,481 |
1,668,542 |
| Mesa Air Group, Inc. * |
12,880 |
11,745 |
| Norfolk Southern Corp. |
102,798 |
23,676,435 |
| Old Dominion Freight Line, Inc. |
81,290 |
14,771,206 |
| PAM Transportation Services, Inc. * |
3,071 |
52,606 |
| Pangaea Logistics Solutions Ltd. |
13,298 |
95,746 |
| Radiant Logistics, Inc. * |
16,850 |
83,239 |
| RXO, Inc. * |
54,429 |
1,029,252 |
| Ryder System, Inc. |
19,907 |
2,425,668 |
| Saia, Inc. * |
12,101 |
4,802,040 |
| Schneider National, Inc., Class B |
16,152 |
334,023 |
| SkyWest, Inc. * |
19,023 |
1,389,250 |
| Southwest Airlines Co. |
272,830 |
7,077,210 |
| Spirit Airlines, Inc. (a) |
47,850 |
168,911 |
| Sun Country Airlines Holdings, Inc. * |
20,591 |
274,066 |
| Surf Air Mobility, Inc. * |
48,023 |
21,466 |
| Uber Technologies, Inc. * |
936,047 |
62,031,835 |
| U-Haul Holding Co. * |
4,034 |
255,070 |
| U-Haul Holding Co. - Non Voting |
44,912 |
2,754,004 |
| Union Pacific Corp. |
277,366 |
65,780,121 |
| United Airlines Holdings, Inc. * |
147,914 |
7,611,654 |
| United Parcel Service, Inc., Class B |
329,201 |
48,550,563 |
| Universal Logistics Holdings, Inc. |
3,300 |
147,444 |
| Werner Enterprises, Inc. |
27,633 |
945,049 |
| XPO, Inc. * |
53,108 |
5,706,986 |
| |
|
369,552,338 |
| | ||
| Utilities 2.3% | ||
| AES Corp. |
306,040 |
5,478,116 |
| ALLETE, Inc. |
26,534 |
1,571,343 |
| Alliant Energy Corp. |
116,028 |
5,778,194 |
| Altus Power, Inc., Class A * |
33,848 |
124,222 |
| Ameren Corp. |
119,235 |
8,807,889 |
| American Electric Power Co., Inc. |
239,618 |
20,614,337 |
| American States Water Co. |
16,953 |
1,200,950 |
| American Water Works Co., Inc. |
88,888 |
10,872,780 |
| Artesian Resources Corp., Class A |
5,123 |
179,203 |
| Atmos Energy Corp. |
69,022 |
8,137,694 |
| Avangrid, Inc. |
33,121 |
1,209,910 |
| Avista Corp. |
35,541 |
1,278,765 |
| Black Hills Corp. |
30,477 |
1,673,187 |
| Cadiz, Inc. * |
22,878 |
52,162 |
| California Water Service Group |
26,419 |
1,297,701 |
| CenterPoint Energy, Inc. |
287,421 |
8,375,448 |
| Chesapeake Utilities Corp. |
11,401 |
1,207,024 |
| Clearway Energy, Inc., Class C |
49,671 |
1,161,308 |
| CMS Energy Corp. |
134,794 |
8,169,864 |
| Consolidated Edison, Inc. |
156,924 |
14,813,626 |
| Consolidated Water Co. Ltd. |
7,055 |
179,550 |
| Constellation Energy Corp. |
145,399 |
27,035,490 |
| Dominion Energy, Inc. |
379,611 |
19,352,569 |
| DTE Energy Co. |
93,234 |
10,285,575 |
| Duke Energy Corp. |
350,914 |
34,480,810 |
| Edison International |
175,027 |
12,437,419 |
| Entergy Corp. |
95,663 |
10,204,372 |
| Essential Utilities, Inc. |
114,012 |
4,170,559 |
| Evergy, Inc. |
104,513 |
5,481,707 |
| Eversource Energy |
159,616 |
9,675,922 |
| Exelon Corp. |
453,850 |
17,055,683 |
| FirstEnergy Corp. |
234,611 |
8,994,986 |
| Genie Energy Ltd., Class B |
9,550 |
146,019 |
| Global Water Resources, Inc. |
4,694 |
57,455 |
See financial
notes
93
Schwab Equity Index Funds | Semiannual
ReportSchwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Hawaiian Electric Industries, Inc. |
54,493 |
536,756 |
| IDACORP, Inc. |
22,760 |
2,157,193 |
| MGE Energy, Inc. |
15,717 |
1,230,955 |
| Middlesex Water Co. |
7,892 |
400,282 |
| Montauk Renewables, Inc. * |
25,936 |
93,370 |
| National Fuel Gas Co. |
40,811 |
2,167,064 |
| New Jersey Resources Corp. |
43,656 |
1,907,331 |
| NextEra Energy, Inc. |
933,305 |
62,503,436 |
| NiSource, Inc. |
186,681 |
5,200,933 |
| Northwest Natural Holding Co. |
17,565 |
670,105 |
| Northwestern Energy Group, Inc. |
27,838 |
1,404,149 |
| NRG Energy, Inc. |
102,774 |
7,468,587 |
| OGE Energy Corp. |
89,795 |
3,111,397 |
| ONE Gas, Inc. |
25,379 |
1,637,453 |
| Ormat Technologies, Inc. |
23,704 |
1,513,026 |
| Otter Tail Corp. |
19,170 |
1,636,351 |
| PG&E Corp. |
968,912 |
16,578,084 |
| Pinnacle West Capital Corp. |
51,371 |
3,783,474 |
| PNM Resources, Inc. |
40,149 |
1,487,922 |
| Portland General Electric Co. |
44,770 |
1,935,407 |
| PPL Corp. |
332,815 |
9,139,100 |
| Public Service Enterprise Group, Inc. |
226,755 |
15,664,235 |
| Pure Cycle Corp. * |
8,445 |
80,565 |
| RGC Resources, Inc. |
3,883 |
80,067 |
| Sempra |
285,648 |
20,460,966 |
| SJW Group |
12,159 |
662,058 |
| Southern Co. |
496,408 |
36,485,988 |
| Southwest Gas Holdings, Inc. |
27,936 |
2,084,584 |
| Spire, Inc. |
24,005 |
1,483,269 |
| Spruce Power Holding Corp. * |
8,683 |
38,553 |
| Sunnova Energy International, Inc. * |
50,407 |
212,213 |
| UGI Corp. |
96,071 |
2,455,575 |
| Unitil Corp. |
7,063 |
359,789 |
| Via Renewables, Inc., Class A * |
1,312 |
14,288 |
| Vistra Corp. |
152,628 |
11,575,307 |
| WEC Energy Group, Inc. |
143,364 |
11,847,601 |
| Xcel Energy, Inc. |
251,864 |
13,532,653 |
| York Water Co. |
6,196 |
220,020 |
| |
|
505,381,945 |
| Total Common Stocks
(Cost $10,711,489,238) |
22,150,964,356 | |
| | ||
| RIGHTS 0.0% OF NET ASSETS | ||
| | ||
| Pharmaceuticals, Biotechnology & Life Sciences
0.0% | ||
| Aduro Biotech, Inc. CVR *(c) |
5,747 |
15,054 |
| Cartesian Therapeutics, Inc. CVR *(c) |
59,796 |
10,763 |
| Frequency Therapeutics, Inc. CVR *(c) |
23,364 |
15,888 |
| F-star Therapeutics, Inc. Agonist CVR *(c) |
975 |
421 |
| F-star Therapeutics, Inc. Antagonist CVR *(c) |
975 |
421 |
| IMARA, Inc. CVR *(c) |
11,519 |
4,391 |
| Magenta Therapeutics, Inc. CVR *(c) |
27,369 |
1,341 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Miromatrix Medical, Inc. CVR *(c) |
11,036 |
1,545 |
| Pardes Biosciences, Inc. CVR *(c) |
19,235 |
577 |
| Satsuma Pharmaceuticals, Inc. CVR *(c) |
5,234 |
995 |
| Sesen Bio CVR *(c) |
67,895 |
0 |
| Surface Oncology, Inc. CVR *(c) |
44,721 |
3,275 |
| Zynerba Pharmaceuticals, Inc. CVR *(c) |
37,596 |
7,297 |
| |
|
61,968 |
| Total Rights
(Cost $33,224) |
61,968 | |
| |
|
|
| SHORT-TERM INVESTMENTS 0.1% OF NET ASSETS | ||
| | ||
| Money Market Funds 0.1% | ||
| State Street Institutional
U.S. Government Money Market
Fund, Premier Class 5.25% (e)(f) |
27,953,654 |
27,953,654 |
| Total Short-Term Investments
(Cost $27,953,654) |
27,953,654 | |
| Total Investments in Securities
(Cost $10,739,476,116) |
22,178,979,978 | |
| |
NUMBER OF CONTRACTS |
NOTIONAL AMOUNT
($) |
CURRENT VALUE/ UNREALIZED
DEPRECIATION ($) |
| FUTURES CONTRACTS | |||
| Long |
|
|
|
| Russell 2000 Index, e-mini, expires 06/21/24 |
146 |
14,494,880 |
(275,390 ) |
| S&P 500 Index, e-mini, expires 06/21/24 |
316 |
80,058,600 |
(1,369,829 ) |
| |
|
|
(1,645,219 ) |
| * |
Non-income producing security. |
| (a) |
All or a portion of this security is on loan. Securities on loan were valued at $25,777,722. |
| (b) |
Issuer is an affiliated company, as the investment adviser owns at least 5% of the voting securities of such company. |
| (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. |
| CVR — |
Contingent Value Rights |
| REIT — |
Real Estate Investment Trust |
See
financial notes
Schwab Equity Index Funds | Semiannual
Report
94
Schwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
Below is a summary of the fund’s transactions
with affiliated issuers and affiliated companies which are or were affiliates during the period April 30, 2024. 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, 2023, and/or Value at April
30, 2024, columns means either the issuer was not held or not held as an affiliate at the beginning of period and is no longer held at period end or the issuer is held at period end but is no longer an affiliate.
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DIVIDENDS RECEIVED |
| COMMON STOCKS 0.2% OF NET ASSETS | ||||||||
| | ||||||||
| Consumer Durables & Apparel 0.0% |
||||||||
| Fossil Group, Inc. |
$— |
$— |
($28,752 ) |
($189,786 ) |
$187,389 |
$— |
— |
$— |
| Tupperware Brands Corp. |
— |
— |
— |
— |
(19,421 ) |
21,006 |
19,817 |
— |
| |
|
|
|
|
|
21,006 |
|
|
| | ||||||||
| Equity Real Estate Investment Trusts (REITs) 0.0%
| ||||||||
| Ashford Hospitality Trust, Inc. |
— |
— |
— |
— |
(11,715 ) |
14,582 |
12,463 |
— |
| Diversified Healthcare Trust |
— |
— |
— |
— |
29,000 |
236,000 |
100,000 |
2,000 |
| |
|
|
|
|
|
250,582 |
|
|
| | ||||||||
| Financial Services 0.2% | ||||||||
| Charles Schwab Corp. |
33,371,014 |
2,010,037 |
— |
— |
14,306,472 |
49,687,523 |
671,907 |
325,866 |
| | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences
0.0% | ||||||||
| Emergent BioSolutions, Inc. |
— |
92,228 |
— |
— |
(10,687 ) |
81,541 |
43,373 |
— |
| | ||||||||
| Transportation 0.0% | ||||||||
| Daseke, Inc. |
— |
— |
(158,132 ) |
(15,671 ) |
89,212 |
— |
— |
— |
| Total |
$33,371,014 |
$2,102,265 |
($186,884
) |
($205,457
) |
$14,570,250 |
$50,040,652 |
|
$327,866 |
See financial notes
95
Schwab Equity Index Funds | Semiannual ReportSchwab Total Stock Market Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
The following is a summary of the inputs used to
value the fund’s investments as of April 30, 2024 (see financial note 2(a) for additional
information):
| DESCRIPTION |
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) |
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) |
TOTAL |
| Assets |
|
|
|
|
| Common Stocks1
|
$15,609,175,954 |
$— |
$— |
$15,609,175,954
|
| Equity Real Estate Investment Trusts (REITs) |
528,448,731 |
— |
0 * |
528,448,731 |
| Health Care Equipment & Services |
1,119,572,672 |
— |
0 * |
1,119,572,672 |
| Materials |
582,573,471 |
— |
0 * |
582,573,471 |
| Pharmaceuticals, Biotechnology & Life Sciences |
1,580,613,760 |
— |
71,996 |
1,580,685,756 |
| Software & Services |
2,548,655,092 |
— |
27 |
2,548,655,119 |
| Telecommunication Services |
181,835,777 |
— |
16,876 * |
181,852,653 |
| Rights |
|
|
|
|
| Pharmaceuticals, Biotechnology & Life Sciences |
— |
— |
61,968 * |
61,968 |
| Short-Term Investments1
|
27,953,654 |
— |
— |
27,953,654 |
| Liabilities |
|
|
|
|
| Futures Contracts2
|
(1,645,219 ) |
— |
— |
(1,645,219 ) |
| Total |
$22,177,183,892 |
$— |
$150,867 |
$22,177,334,759 |
| * |
Level 3 amount shown includes securities determined to have no value at April 30, 2024. |
| 1 |
As categorized in the Portfolio Holdings.
|
| 2 |
Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
See financial notes
Schwab Equity Index Funds | Semiannual Report
96
Schwab Total Stock Market Index
Fund
Statement of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $26,695,864) including securities on loan of $19,928 |
|
$50,040,652
|
| Investments in securities, at value - unaffiliated issuers (cost $10,712,780,252) including securities on loan of $25,757,794 |
|
22,128,939,326 |
| Cash |
|
81,693,041 |
| Deposit with broker for futures contracts |
|
5,151,700 |
| Receivables: |
|
|
| Dividends |
|
12,579,901 |
| Fund shares sold |
|
9,114,937 |
| Income from securities on loan |
+ |
192,703 |
| Total assets |
|
22,287,712,260 |
| | ||
| Liabilities | ||
| Collateral held for securities on loan |
|
27,953,654 |
| Payables: |
|
|
| Fund shares redeemed |
|
8,221,779 |
| Variation margin on futures contracts |
|
1,566,949 |
| Investment adviser fees |
|
554,931 |
| Investments bought |
+ |
211,008 |
| Total liabilities |
|
38,508,321 |
| Net assets |
|
$22,249,203,939 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$11,046,644,124
|
| Total distributable earnings |
+ |
11,202,559,815 |
| Net assets |
|
$22,249,203,939 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares Outstanding |
= |
NAV |
| $22,249,203,939 |
|
261,210,752 |
|
$85.18 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
97
Schwab Equity Index Funds | Semiannual
ReportSchwab Total Stock Market Index
Fund
Statement of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $52,731) |
|
$160,761,896
|
| Other interest |
|
1,405,118 |
| Dividends received from securities - affiliated issuers |
|
327,866 |
| Securities on loan, net |
+ |
1,089,144 |
| Total investment income
|
|
163,584,024 |
| | ||
| Expenses | ||
| Investment adviser fees |
|
3,163,690 |
| Total expenses |
– |
3,163,690 |
| Net investment income |
|
160,420,334 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized losses on sales of securities - affiliated issuers |
|
(205,457 ) |
| Net realized losses on sales of securities - unaffiliated issuers |
|
(51,182,999 ) |
| Net realized gains on futures contracts |
+ |
16,256,342 |
| Net realized losses |
|
(35,132,114 ) |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
|
14,570,250 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
|
3,666,815,221 |
| Net change in unrealized appreciation (depreciation) on futures contracts |
+ |
1,152,367 |
| Net change in unrealized appreciation (depreciation) |
+ |
3,682,537,838 |
| Net realized and unrealized gains |
|
3,647,405,724 |
| Increase in net assets resulting from operations |
|
$3,807,826,058 |
See financial notes
Schwab Equity Index Funds | Semiannual Report
98
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 | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$160,420,334 |
$277,537,921
|
| Net realized losses |
|
(35,132,114 ) |
(119,476,059 ) |
| Net change in unrealized appreciation (depreciation) |
+ |
3,682,537,838 |
1,187,203,918 |
| Increase in net assets resulting from operations |
|
$3,807,826,058 |
$1,345,265,780 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($286,776,664
) |
($253,821,250 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
22,911,200 |
$1,883,414,775 |
34,717,416 |
$2,458,225,307
|
| Shares reinvested |
|
3,034,125 |
235,903,167 |
2,670,248 |
178,132,255 |
| Shares redeemed |
+ |
(14,244,468 ) |
(1,178,070,156
) |
(28,004,932 ) |
(1,987,092,998
) |
| Net transactions in fund shares |
|
11,700,857 |
$941,247,786 |
9,382,732 |
$649,264,564 |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
249,509,895 |
$17,786,906,759 |
240,127,163 |
$16,046,197,665
|
| Total increase |
+ |
11,700,857 |
4,462,297,180 |
9,382,732 |
1,740,709,094 |
| End of period |
|
261,210,752 |
$22,249,203,939 |
249,509,895 |
$17,786,906,759 |
See financial notes
99
Schwab Equity Index Funds | Semiannual ReportSchwab U.S. Large-Cap Growth Index
Fund
Financial Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$77.88 |
$66.09 |
$89.23 |
$62.76 |
$49.06 |
$42.37 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.36 |
0.67 |
0.64 |
0.56 |
0.55 |
0.57 |
| Net realized and unrealized gains (losses) |
17.94 |
11.71 |
(22.20 ) |
26.39 |
13.65 |
6.52 |
| Total from investment operations |
18.30 |
12.38 |
(21.56 ) |
26.95 |
14.20 |
7.09 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.60 ) |
(0.59 ) |
(0.51 ) |
(0.48 ) |
(0.50 ) |
(0.40 ) |
| Distributions from net realized gains |
— |
— |
(1.07 ) |
— |
— |
— |
| Total distributions |
(0.60 ) |
(0.59 ) |
(1.58 ) |
(0.48 ) |
(0.50 ) |
(0.40 ) |
| Net asset value at end of period |
$95.58 |
$77.88 |
$66.09 |
$89.23 |
$62.76 |
$49.06 |
| Total return |
23.58
%2 |
18.89 % |
(24.63 %) |
43.14 % |
29.16 % |
17.04 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Total expenses |
0.035
%3 |
0.035 % |
0.035
%4 |
0.035 % |
0.035 % |
0.035
%5 |
| Net investment income (loss) |
0.79
%3 |
0.91 % |
0.86 % |
0.73 % |
0.97 % |
1.27 % |
| Portfolio turnover rate |
2
%2 |
20
%6 |
18 % |
18 % |
41 % |
46 % |
| Net assets, end of period (x 1,000,000) |
$2,203 |
$1,352 |
$929 |
$881 |
$487 |
$166 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Annualized. |
| 4 |
Ratio includes less than 0.0005% of non-routine proxy expenses. |
| 5 |
Effective December 20, 2018, the annual operating expense ratio was reduced to 0.035%. The ratio presented for period ended October 31, 2019, is a blended
ratio. |
| 6 |
Portfolio turnover rate excludes in-kind transactions. |
See financial notes
Schwab Equity Index Funds | Semiannual Report
100
Schwab U.S. Large-Cap Growth Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to
orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to
20 days after the end of the month on the fund’s website.
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| COMMON STOCKS 99.5% OF NET ASSETS | ||
| | ||
| Automobiles & Components 2.0% |
||
| Tesla, Inc. * |
240,424 |
44,064,911 |
| | ||
| Banks 0.1% | ||
| First Citizens BancShares, Inc., Class A |
108 |
182,170 |
| NU Holdings Ltd., Class A * |
139,350 |
1,513,341 |
| |
|
1,695,511 |
| | ||
| Capital Goods 2.8% | ||
| A O Smith Corp. |
1,120 |
92,781 |
| Advanced Drainage Systems, Inc. |
5,803 |
911,071 |
| Allegion PLC |
7,026 |
854,081 |
| Allison Transmission Holdings, Inc. |
823 |
60,532 |
| Armstrong World Industries, Inc. |
1,084 |
124,530 |
| Axon Enterprise, Inc. * |
6,131 |
1,923,049 |
| Boeing Co. * |
6,678 |
1,120,836 |
| BWX Technologies, Inc. |
1,314 |
125,842 |
| Caterpillar, Inc. |
33,342 |
11,155,233 |
| ChargePoint Holdings, Inc. *(a) |
29,560 |
39,315 |
| Deere & Co. |
20,987 |
8,214,522 |
| Donaldson Co., Inc. |
4,211 |
304,034 |
| EMCOR Group, Inc. |
1,402 |
500,752 |
| Fastenal Co. |
37,380 |
2,539,597 |
| Ferguson PLC |
1,006 |
211,159 |
| Graco, Inc. |
6,019 |
482,724 |
| HEICO Corp. |
8,631 |
1,790,069 |
| Honeywell International, Inc. |
7,497 |
1,444,897 |
| Hubbell, Inc., Class B |
2,134 |
790,690 |
| IDEX Corp. |
498 |
109,789 |
| Illinois Tool Works, Inc. |
21,215 |
5,178,794 |
| Lincoln Electric Holdings, Inc. |
4,532 |
994,910 |
| Lockheed Martin Corp. |
18,813 |
8,746,728 |
| Northrop Grumman Corp. |
704 |
341,461 |
| Otis Worldwide Corp. |
2,160 |
196,992 |
| Quanta Services, Inc. |
3,287 |
849,887 |
| Rockwell Automation, Inc. |
9,972 |
2,702,013 |
| SiteOne Landscape Supply, Inc. * |
1,252 |
196,426 |
| Spirit AeroSystems Holdings, Inc., Class A * |
1,211 |
38,752 |
| Toro Co. |
8,945 |
783,493 |
| Trane Technologies PLC |
5,872 |
1,863,420 |
| TransDigm Group, Inc. |
783 |
977,207 |
| Trex Co., Inc. * |
9,448 |
836,620 |
| United Rentals, Inc. |
1,219 |
814,280 |
| Valmont Industries, Inc. |
94 |
19,251 |
| Vertiv Holdings Co., Class A |
2,198 |
204,414 |
| Watsco, Inc. |
744 |
333,104 |
| WillScot Mobile Mini Holdings Corp. * |
3,955 |
146,177 |
| WW Grainger, Inc. |
3,846 |
3,543,512 |
| Xylem, Inc. |
2,492 |
325,704 |
| |
|
61,888,648 |
| | ||
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Commercial & Professional Services 1.7% | ||
| Automatic Data Processing, Inc. |
30,899 |
7,474,159 |
| Booz Allen Hamilton Holding Corp., Class A |
11,234 |
1,658,925 |
| Broadridge Financial Solutions, Inc. |
8,522 |
1,648,240 |
| Cintas Corp. |
6,740 |
4,437,212 |
| Copart, Inc. * |
75,122 |
4,079,876 |
| Dayforce, Inc. * |
1,112 |
68,243 |
| Equifax, Inc. |
7,321 |
1,612,011 |
| FTI Consulting, Inc. * |
526 |
112,475 |
| Genpact Ltd. |
3,886 |
119,456 |
| KBR, Inc. |
4,274 |
277,553 |
| MSA Safety, Inc. |
529 |
95,432 |
| Paychex, Inc. |
27,959 |
3,321,809 |
| Paycom Software, Inc. |
4,487 |
843,466 |
| Paycor HCM, Inc. * |
2,666 |
46,308 |
| Paylocity Holding Corp. * |
3,669 |
569,282 |
| RB Global, Inc. |
12,146 |
869,411 |
| Rollins, Inc. |
21,997 |
980,186 |
| Tetra Tech, Inc. |
802 |
156,165 |
| Verisk Analytics, Inc., Class A |
12,433 |
2,709,897 |
| Waste Management, Inc. |
31,847 |
6,624,813 |
| |
|
37,704,919 |
| | ||
| Consumer Discretionary Distribution & Retail
9.5% | ||
| Amazon.com, Inc. * |
784,376 |
137,265,800 |
| AutoZone, Inc. * |
1,255 |
3,710,282 |
| Best Buy Co., Inc. |
2,173 |
160,020 |
| Burlington Stores, Inc. * |
5,654 |
1,017,381 |
| CarMax, Inc. * |
743 |
50,502 |
| Coupang, Inc., Class A * |
95,112 |
2,140,020 |
| Dick's Sporting Goods, Inc. |
373 |
74,951 |
| eBay, Inc. |
3,221 |
166,010 |
| Etsy, Inc. * |
5,893 |
404,672 |
| Five Below, Inc. * |
4,727 |
691,749 |
| Floor & Decor Holdings, Inc., Class A * |
9,056 |
999,148 |
| Home Depot, Inc. |
87,181 |
29,137,634 |
| Lowe's Cos., Inc. |
36,891 |
8,410,779 |
| Murphy USA, Inc. |
1,610 |
666,250 |
| Ollie's Bargain Outlet Holdings, Inc. * |
1,756 |
128,434 |
| O'Reilly Automotive, Inc. * |
4,372 |
4,429,973 |
| Pool Corp. |
3,374 |
1,223,176 |
| RH * |
221 |
54,598 |
| Ross Stores, Inc. |
26,831 |
3,475,956 |
| TJX Cos., Inc. |
99,399 |
9,352,452 |
| Tractor Supply Co. |
9,378 |
2,560,944 |
| Ulta Beauty, Inc. * |
4,228 |
1,711,664 |
| Valvoline, Inc. * |
3,037 |
129,133 |
| Victoria's Secret & Co. * |
2,998 |
52,825 |
| Wayfair, Inc., Class A * |
2,543 |
127,531 |
| Williams-Sonoma, Inc. |
743 |
213,078 |
| |
|
208,354,962 |
| | ||
See financial
notes
101
Schwab Equity Index Funds | Semiannual
ReportSchwab U.S. Large-Cap Growth Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Consumer Durables & Apparel 0.5% |
||
| Birkenstock Holding PLC * |
709 |
31,742 |
| Brunswick Corp. |
393 |
31,692 |
| Crocs, Inc. * |
5,229 |
650,331 |
| Deckers Outdoor Corp. * |
2,220 |
1,817,003 |
| Lululemon Athletica, Inc. * |
9,677 |
3,489,526 |
| NIKE, Inc., Class B |
54,562 |
5,033,890 |
| NVR, Inc. * |
23 |
171,094 |
| Peloton Interactive, Inc., Class A * |
28,105 |
87,407 |
| Polaris, Inc. |
403 |
34,319 |
| Skechers USA, Inc., Class A * |
846 |
55,878 |
| Tapestry, Inc. |
1,094 |
43,672 |
| Tempur Sealy International, Inc. |
2,793 |
139,818 |
| TopBuild Corp. * |
176 |
71,222 |
| YETI Holdings, Inc. * |
7,549 |
269,650 |
| |
|
11,927,244 |
| | ||
| Consumer Services 2.9% | ||
| Airbnb, Inc., Class A * |
36,096 |
5,723,743 |
| Booking Holdings, Inc. |
3,041 |
10,497,623 |
| Bright Horizons Family Solutions, Inc. * |
589 |
61,085 |
| Caesars Entertainment, Inc. * |
7,255 |
259,874 |
| Cava Group, Inc. * |
3,278 |
235,819 |
| Chipotle Mexican Grill, Inc., Class A * |
2,392 |
7,557,763 |
| Choice Hotels International, Inc. |
2,578 |
304,874 |
| Churchill Downs, Inc. |
6,126 |
790,254 |
| Darden Restaurants, Inc. |
4,844 |
743,118 |
| Domino's Pizza, Inc. |
3,043 |
1,610,569 |
| DoorDash, Inc., Class A * |
21,128 |
2,731,005 |
| DraftKings, Inc., Class A * |
36,430 |
1,514,031 |
| Expedia Group, Inc. * |
8,475 |
1,140,989 |
| Grand Canyon Education, Inc. * |
710 |
92,314 |
| H&R Block, Inc. |
8,133 |
384,122 |
| Hilton Worldwide Holdings, Inc. |
9,932 |
1,959,385 |
| Las Vegas Sands Corp. |
29,947 |
1,328,449 |
| Marriott International, Inc., Class A |
20,915 |
4,938,659 |
| McDonald's Corp. |
26,308 |
7,183,136 |
| Norwegian Cruise Line Holdings Ltd. * |
8,600 |
162,712 |
| Planet Fitness, Inc., Class A * |
3,504 |
209,680 |
| Royal Caribbean Cruises Ltd. * |
6,146 |
858,166 |
| Service Corp. International |
4,531 |
324,918 |
| Starbucks Corp. |
96,843 |
8,569,637 |
| Texas Roadhouse, Inc., Class A |
5,781 |
929,469 |
| Travel & Leisure Co. |
2,721 |
118,472 |
| Vail Resorts, Inc. |
298 |
56,432 |
| Wendy's Co. |
14,417 |
288,196 |
| Wingstop, Inc. |
2,573 |
990,065 |
| Wyndham Hotels & Resorts, Inc. |
396 |
29,110 |
| Wynn Resorts Ltd. |
543 |
49,766 |
| Yum! Brands, Inc. |
21,502 |
3,037,158 |
| |
|
64,680,593 |
| | ||
| Consumer Staples Distribution & Retail 1.9%
| ||
| Albertsons Cos., Inc., Class A |
3,424 |
69,850 |
| BJ's Wholesale Club Holdings, Inc. * |
3,991 |
298,048 |
| Casey's General Stores, Inc. |
488 |
155,955 |
| Costco Wholesale Corp. |
38,625 |
27,922,012 |
| Dollar General Corp. |
19,087 |
2,656,720 |
| Maplebear, Inc. * |
1,387 |
47,338 |
| Performance Food Group Co. * |
6,154 |
417,733 |
| Sysco Corp. |
43,227 |
3,212,631 |
| Target Corp. |
40,159 |
6,464,796 |
| |
|
41,245,083 |
| | ||
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Energy 0.5% | ||
| Antero Midstream Corp. |
9,375 |
129,750 |
| APA Corp. |
23,223 |
730,131 |
| Cheniere Energy, Inc. |
20,875 |
3,294,493 |
| Halliburton Co. |
15,666 |
587,005 |
| Hess Corp. |
13,556 |
2,134,934 |
| New Fortress Energy, Inc. |
5,741 |
150,414 |
| ONEOK, Inc. |
2,639 |
208,798 |
| Ovintiv, Inc. |
9,928 |
509,505 |
| Targa Resources Corp. |
19,197 |
2,189,610 |
| Texas Pacific Land Corp. |
1,613 |
929,572 |
| |
|
10,864,212 |
| | ||
| Equity Real Estate Investment Trusts (REITs) 0.7%
| ||
| American Tower Corp. |
40,516 |
6,950,925 |
| Crown Castle, Inc. |
4,025 |
377,465 |
| Equinix, Inc. |
4,078 |
2,899,907 |
| Equity LifeStyle Properties, Inc. |
5,033 |
303,440 |
| Iron Mountain, Inc. |
12,400 |
961,248 |
| Lamar Advertising Co., Class A |
5,758 |
667,064 |
| Public Storage |
7,920 |
2,054,844 |
| SBA Communications Corp., Class A |
976 |
181,653 |
| Simon Property Group, Inc. |
6,123 |
860,465 |
| Sun Communities, Inc. |
2,257 |
251,249 |
| UDR, Inc. |
1,743 |
66,373 |
| |
|
15,574,633 |
| | ||
| Financial Services 5.4% | ||
| American Express Co. |
16,610 |
3,887,238 |
| Ameriprise Financial, Inc. |
8,738 |
3,598,221 |
| Apollo Global Management, Inc. |
45,449 |
4,925,763 |
| ARES Management Corp., Class A |
14,497 |
1,929,406 |
| Blackstone, Inc. |
62,051 |
7,235,767 |
| Block, Inc. * |
17,889 |
1,305,897 |
| Blue Owl Capital, Inc., Class A |
5,989 |
113,132 |
| Corpay, Inc. * |
5,669 |
1,712,832 |
| Equitable Holdings, Inc. |
29,152 |
1,076,000 |
| Euronet Worldwide, Inc. * |
1,907 |
195,811 |
| FactSet Research Systems, Inc. |
3,333 |
1,389,494 |
| Fiserv, Inc. * |
14,271 |
2,178,754 |
| Houlihan Lokey, Inc., Class A |
320 |
40,797 |
| Jack Henry & Associates, Inc. |
2,066 |
336,118 |
| KKR & Co., Inc. |
14,353 |
1,335,834 |
| LPL Financial Holdings, Inc. |
6,557 |
1,764,685 |
| MarketAxess Holdings, Inc. |
3,204 |
641,088 |
| Mastercard, Inc., Class A |
72,402 |
32,667,782 |
| Moody's Corp. |
12,621 |
4,673,935 |
| Morningstar, Inc. |
2,211 |
624,939 |
| MSCI, Inc., Class A |
3,341 |
1,556,204 |
| PayPal Holdings, Inc. * |
85,029 |
5,775,170 |
| Rocket Cos., Inc., Class A * |
3,691 |
45,325 |
| S&P Global, Inc. |
2,296 |
954,746 |
| Shift4 Payments, Inc., Class A * |
4,593 |
265,751 |
| SLM Corp. |
7,231 |
153,225 |
| Toast, Inc., Class A * |
32,004 |
756,255 |
| TPG, Inc. |
1,932 |
83,269 |
| Tradeweb Markets, Inc., Class A |
3,495 |
355,476 |
| UWM Holdings Corp. |
2,410 |
15,183 |
| Visa, Inc., Class A |
139,101 |
37,363,920 |
| Western Union Co. |
4,639 |
62,348 |
| WEX, Inc. * |
1,658 |
350,269 |
| XP, Inc., Class A |
2,624 |
53,713 |
| |
|
119,424,347 |
| | ||
See financial
notes
Schwab Equity Index Funds | Semiannual Report
102
Schwab U.S. Large-Cap Growth Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Food, Beverage & Tobacco 1.5% |
||
| Boston Beer Co., Inc., Class A * |
768 |
213,819 |
| Brown-Forman Corp., Class B |
15,782 |
755,169 |
| Celsius Holdings, Inc. * |
12,465 |
888,380 |
| Coca-Cola Co. |
168,688 |
10,419,858 |
| Constellation Brands, Inc., Class A |
1,424 |
360,927 |
| Freshpet, Inc. * |
1,002 |
106,282 |
| Hershey Co. |
9,632 |
1,867,837 |
| Lamb Weston Holdings, Inc. |
11,884 |
990,413 |
| Monster Beverage Corp. * |
64,904 |
3,469,119 |
| PepsiCo, Inc. |
83,041 |
14,607,742 |
| |
|
33,679,546 |
| | ||
| Health Care Equipment & Services 3.9% | ||
| Abbott Laboratories |
9,545 |
1,011,484 |
| agilon health, Inc. * |
23,427 |
128,849 |
| Align Technology, Inc. * |
6,665 |
1,882,063 |
| Cardinal Health, Inc. |
10,967 |
1,130,040 |
| Cencora, Inc. |
14,670 |
3,506,863 |
| Certara, Inc. * |
4,131 |
70,681 |
| Chemed Corp. |
904 |
513,472 |
| Cigna Group |
1,867 |
666,594 |
| DaVita, Inc. * |
4,624 |
642,782 |
| Dexcom, Inc. * |
33,711 |
4,294,444 |
| Doximity, Inc., Class A * |
4,526 |
109,937 |
| Edwards Lifesciences Corp. * |
52,415 |
4,437,978 |
| Elevance Health, Inc. |
2,736 |
1,446,195 |
| Encompass Health Corp. |
536 |
44,692 |
| GE HealthCare Technologies, Inc. |
2,692 |
205,238 |
| Globus Medical, Inc., Class A * |
2,914 |
145,088 |
| HCA Healthcare, Inc. |
3,575 |
1,107,606 |
| Humana, Inc. |
4,631 |
1,398,979 |
| IDEXX Laboratories, Inc. * |
7,171 |
3,533,582 |
| Inspire Medical Systems, Inc. * |
2,536 |
612,850 |
| Insulet Corp. * |
6,001 |
1,031,812 |
| Intuitive Surgical, Inc. * |
30,444 |
11,283,155 |
| Masimo Corp. * |
3,723 |
500,408 |
| McKesson Corp. |
4,426 |
2,377,691 |
| Molina Healthcare, Inc. * |
2,742 |
938,038 |
| Novocure Ltd. * |
9,305 |
113,893 |
| Penumbra, Inc. * |
3,174 |
623,596 |
| ResMed, Inc. |
12,632 |
2,703,122 |
| Shockwave Medical, Inc. * |
3,178 |
1,049,344 |
| Stryker Corp. |
7,893 |
2,655,994 |
| Tandem Diabetes Care, Inc. * |
808 |
29,646 |
| UnitedHealth Group, Inc. |
68,136 |
32,957,383 |
| Veeva Systems, Inc., Class A * |
12,618 |
2,505,430 |
| |
|
85,658,929 |
| | ||
| Household & Personal Products 0.7% |
||
| Church & Dwight Co., Inc. |
19,015 |
2,051,528 |
| Clorox Co. |
10,766 |
1,591,968 |
| Estee Lauder Cos., Inc., Class A |
6,323 |
927,647 |
| Kenvue, Inc. |
51,067 |
961,081 |
| Kimberly-Clark Corp. |
27,582 |
3,765,771 |
| Procter & Gamble Co. |
38,704 |
6,316,493 |
| |
|
15,614,488 |
| | ||
| Insurance 0.8% | ||
| Arch Capital Group Ltd. * |
4,361 |
407,928 |
| Arthur J Gallagher & Co. |
1,064 |
249,710 |
| Brighthouse Financial, Inc. * |
635 |
30,639 |
| Brown & Brown, Inc. |
8,046 |
656,071 |
| Everest Group Ltd. |
500 |
183,205 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Kinsale Capital Group, Inc. |
1,900 |
690,175 |
| Lincoln National Corp. |
1,436 |
39,160 |
| Marsh & McLennan Cos., Inc. |
34,642 |
6,908,654 |
| Primerica, Inc. |
1,905 |
403,593 |
| Progressive Corp. |
38,169 |
7,948,694 |
| RenaissanceRe Holdings Ltd. |
1,200 |
263,100 |
| RLI Corp. |
747 |
105,589 |
| Ryan Specialty Holdings, Inc., Class A |
8,249 |
407,006 |
| Willis Towers Watson PLC |
1,117 |
280,523 |
| |
|
18,574,047 |
| | ||
| Materials 0.7% | ||
| Ardagh Metal Packaging SA |
12,258 |
48,419 |
| Avery Dennison Corp. |
2,276 |
494,529 |
| Axalta Coating Systems Ltd. * |
1,772 |
55,712 |
| Eagle Materials, Inc. |
1,971 |
494,150 |
| Ecolab, Inc. |
16,846 |
3,809,723 |
| FMC Corp. |
1,610 |
95,006 |
| Ginkgo Bioworks Holdings, Inc. *(a) |
10,975 |
9,780 |
| Graphic Packaging Holding Co. |
13,794 |
356,575 |
| Linde PLC |
3,984 |
1,756,785 |
| PPG Industries, Inc. |
5,169 |
666,801 |
| RPM International, Inc. |
2,096 |
224,083 |
| Scotts Miracle-Gro Co. |
3,619 |
248,046 |
| Sealed Air Corp. |
6,879 |
216,551 |
| Sherwin-Williams Co. |
17,276 |
5,176,062 |
| Southern Copper Corp. |
7,438 |
867,792 |
| Vulcan Materials Co. |
2,572 |
662,624 |
| |
|
15,182,638 |
| | ||
| Media & Entertainment 12.4% | ||
| Alphabet, Inc., Class A * |
517,129 |
84,178,258 |
| Alphabet, Inc., Class C * |
436,695 |
71,897,465 |
| Cable One, Inc. |
58 |
22,843 |
| Charter Communications, Inc., Class A * |
8,793 |
2,250,480 |
| Liberty Broadband Corp., Class C * |
2,441 |
121,391 |
| Live Nation Entertainment, Inc. * |
3,118 |
277,221 |
| Match Group, Inc. * |
21,685 |
668,332 |
| Meta Platforms, Inc., Class A |
192,792 |
82,933,335 |
| Netflix, Inc. * |
37,215 |
20,492,067 |
| Nexstar Media Group, Inc., Class A |
997 |
159,580 |
| Pinterest, Inc., Class A * |
51,167 |
1,711,536 |
| Playtika Holding Corp. |
2,699 |
19,568 |
| ROBLOX Corp., Class A * |
41,150 |
1,463,294 |
| Roku, Inc. * |
1,345 |
77,553 |
| Spotify Technology SA * |
12,261 |
3,438,475 |
| TKO Group Holdings, Inc. |
5,439 |
514,910 |
| Trade Desk, Inc., Class A * |
38,401 |
3,181,523 |
| ZoomInfo Technologies, Inc., Class A * |
13,945 |
221,168 |
| |
|
273,628,999 |
| | ||
| Pharmaceuticals, Biotechnology & Life Sciences
6.7% | ||
| 10X Genomics, Inc., Class A * |
8,006 |
234,416 |
| AbbVie, Inc. |
153,784 |
25,011,430 |
| Agilent Technologies, Inc. |
20,636 |
2,827,957 |
| Alnylam Pharmaceuticals, Inc. * |
8,735 |
1,257,403 |
| Amgen, Inc. |
31,647 |
8,669,379 |
| Apellis Pharmaceuticals, Inc. * |
8,780 |
387,988 |
| BioMarin Pharmaceutical, Inc. * |
1,873 |
151,263 |
| Bio-Techne Corp. |
12,745 |
805,611 |
| Bruker Corp. |
8,701 |
678,765 |
| Eli Lilly & Co. |
73,756 |
57,610,812 |
| Exact Sciences Corp. * |
5,321 |
315,801 |
| Exelixis, Inc. * |
20,073 |
470,913 |
| ICON PLC, ADR * |
1,040 |
309,795 |
See financial
notes
103
Schwab Equity Index Funds | Semiannual
ReportSchwab U.S. Large-Cap Growth Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Illumina, Inc. * |
4,044 |
497,614 |
| Incyte Corp. * |
12,002 |
624,704 |
| Ionis Pharmaceuticals, Inc. * |
10,522 |
434,138 |
| IQVIA Holdings, Inc. * |
14,659 |
3,397,516 |
| Jazz Pharmaceuticals PLC * |
2,641 |
292,491 |
| Maravai LifeSciences Holdings, Inc., Class A * |
5,354 |
43,903 |
| Medpace Holdings, Inc. * |
2,034 |
789,904 |
| Merck & Co., Inc. |
40,640 |
5,251,501 |
| Mettler-Toledo International, Inc. * |
1,860 |
2,287,242 |
| Natera, Inc. * |
9,434 |
876,230 |
| Neurocrine Biosciences, Inc. * |
8,467 |
1,164,551 |
| Regeneron Pharmaceuticals, Inc. * |
633 |
563,788 |
| Repligen Corp. * |
2,158 |
354,344 |
| Roivant Sciences Ltd. * |
29,714 |
323,883 |
| Sarepta Therapeutics, Inc. * |
7,821 |
990,608 |
| Sotera Health Co. * |
8,094 |
90,653 |
| Thermo Fisher Scientific, Inc. |
20,711 |
11,778,760 |
| Ultragenyx Pharmaceutical, Inc. * |
6,913 |
294,079 |
| Vertex Pharmaceuticals, Inc. * |
20,554 |
8,073,817 |
| Waters Corp. * |
5,107 |
1,578,267 |
| West Pharmaceutical Services, Inc. |
6,449 |
2,305,388 |
| Zoetis, Inc. |
40,309 |
6,418,805 |
| |
|
147,163,719 |
| | ||
| Real Estate Management & Development 0.1%
| ||
| CoStar Group, Inc. * |
15,209 |
1,392,080 |
| | ||
| Semiconductors & Semiconductor Equipment 13.6%
| ||
| Advanced Micro Devices, Inc. * |
79,484 |
12,588,676 |
| Allegro MicroSystems, Inc. * |
6,799 |
201,862 |
| Applied Materials, Inc. |
61,598 |
12,236,443 |
| Broadcom, Inc. |
37,578 |
48,861,546 |
| Enphase Energy, Inc. * |
11,567 |
1,258,027 |
| Entegris, Inc. |
757 |
100,620 |
| KLA Corp. |
11,799 |
8,132,933 |
| Lam Research Corp. |
10,872 |
9,724,026 |
| Lattice Semiconductor Corp. * |
11,898 |
816,203 |
| Microchip Technology, Inc. |
32,976 |
3,033,133 |
| Monolithic Power Systems, Inc. |
4,007 |
2,682,005 |
| NVIDIA Corp. |
206,909 |
178,773,514 |
| QUALCOMM, Inc. |
84,671 |
14,042,685 |
| Teradyne, Inc. |
11,257 |
1,309,414 |
| Texas Instruments, Inc. |
32,389 |
5,714,067 |
| Universal Display Corp. |
1,845 |
291,473 |
| |
|
299,766,627 |
| | ||
| Software & Services 19.1% | ||
| Accenture PLC, Class A |
55,096 |
16,578,937 |
| Adobe, Inc. * |
39,353 |
18,213,749 |
| ANSYS, Inc. * |
6,244 |
2,028,551 |
| AppLovin Corp., Class A * |
4,627 |
326,527 |
| Atlassian Corp., Class A * |
13,499 |
2,325,878 |
| Autodesk, Inc. * |
18,695 |
3,979,231 |
| Bentley Systems, Inc., Class B |
15,801 |
830,027 |
| Cadence Design Systems, Inc. * |
23,555 |
6,492,465 |
| Cloudflare, Inc., Class A * |
25,654 |
2,242,160 |
| Confluent, Inc., Class A * |
16,729 |
470,419 |
| Crowdstrike Holdings, Inc., Class A * |
18,590 |
5,438,319 |
| Datadog, Inc., Class A * |
24,239 |
3,041,994 |
| DocuSign, Inc., Class A * |
17,637 |
998,254 |
| DoubleVerify Holdings, Inc. * |
12,480 |
365,664 |
| Dropbox, Inc., Class A * |
19,632 |
454,677 |
| Dynatrace, Inc. * |
22,529 |
1,020,789 |
| Elastic NV * |
6,971 |
712,576 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| EPAM Systems, Inc. * |
4,852 |
1,141,481 |
| Fair Isaac Corp. * |
2,116 |
2,398,126 |
| Five9, Inc. * |
6,274 |
361,194 |
| Fortinet, Inc. * |
56,164 |
3,548,441 |
| Gartner, Inc. * |
6,591 |
2,719,381 |
| Gen Digital, Inc. |
7,331 |
147,646 |
| Gitlab, Inc., Class A * |
8,003 |
419,917 |
| Globant SA * |
3,588 |
640,781 |
| GoDaddy, Inc., Class A * |
7,505 |
918,462 |
| HashiCorp, Inc., Class A * |
5,952 |
193,202 |
| HubSpot, Inc. * |
4,036 |
2,441,255 |
| Informatica, Inc., Class A * |
582 |
18,025 |
| Intuit, Inc. |
23,798 |
14,888,505 |
| Manhattan Associates, Inc. * |
5,384 |
1,109,427 |
| Microsoft Corp. |
648,190 |
252,359,813 |
| MongoDB, Inc., Class A * |
5,881 |
2,147,624 |
| nCino, Inc. * |
546 |
15,921 |
| Nutanix, Inc., Class A * |
5,145 |
312,301 |
| Okta, Inc. * |
842 |
78,289 |
| Oracle Corp. |
55,305 |
6,290,944 |
| Palantir Technologies, Inc., Class A * |
167,451 |
3,678,898 |
| Palo Alto Networks, Inc. * |
26,604 |
7,738,838 |
| Pegasystems, Inc. |
3,617 |
214,922 |
| Procore Technologies, Inc. * |
6,957 |
475,998 |
| PTC, Inc. * |
5,251 |
931,737 |
| RingCentral, Inc., Class A * |
7,290 |
215,930 |
| Salesforce, Inc. |
61,518 |
16,544,651 |
| SentinelOne, Inc., Class A * |
2,997 |
63,327 |
| ServiceNow, Inc. * |
17,749 |
12,305,914 |
| Smartsheet, Inc., Class A * |
11,073 |
418,892 |
| Snowflake, Inc., Class A * |
27,415 |
4,254,808 |
| Synopsys, Inc. * |
13,245 |
7,027,665 |
| Teradata Corp. * |
8,411 |
312,048 |
| Twilio, Inc., Class A * |
2,535 |
151,796 |
| Tyler Technologies, Inc. * |
2,752 |
1,270,186 |
| UiPath, Inc., Class A * |
25,591 |
485,461 |
| Unity Software, Inc. * |
10,288 |
249,690 |
| VeriSign, Inc. * |
453 |
76,774 |
| Workday, Inc., Class A * |
17,488 |
4,279,838 |
| Zscaler, Inc. * |
7,681 |
1,328,352 |
| |
|
419,696,677 |
| | ||
| Technology Hardware & Equipment 10.7% | ||
| Amphenol Corp., Class A |
25,734 |
3,107,895 |
| Apple, Inc. |
1,270,055 |
216,328,468 |
| Arista Networks, Inc. * |
21,870 |
5,610,967 |
| CDW Corp. |
11,146 |
2,695,772 |
| HP, Inc. |
15,678 |
440,395 |
| Jabil, Inc. |
6,842 |
802,977 |
| Keysight Technologies, Inc. * |
3,966 |
586,730 |
| Motorola Solutions, Inc. |
13,261 |
4,497,468 |
| NetApp, Inc. |
7,163 |
732,130 |
| Pure Storage, Inc., Class A * |
20,034 |
1,009,714 |
| Ubiquiti, Inc. |
331 |
35,609 |
| Vontier Corp. |
4,574 |
185,842 |
| Zebra Technologies Corp., Class A * |
785 |
246,930 |
| |
|
236,280,897 |
| | ||
| Telecommunication Services 0.0% | ||
| Iridium Communications, Inc. |
10,141 |
312,241 |
| | ||
| Transportation 1.2% | ||
| American Airlines Group, Inc. * |
21,273 |
287,398 |
| Avis Budget Group, Inc. |
583 |
55,647 |
| CH Robinson Worldwide, Inc. |
7,792 |
553,232 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
104
Schwab U.S. Large-Cap Growth Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| CSX Corp. |
19,223 |
638,588 |
| Delta Air Lines, Inc. |
2,791 |
139,746 |
| Expeditors International of Washington, Inc. |
1,681 |
187,112 |
| JB Hunt Transport Services, Inc. |
1,409 |
229,061 |
| Landstar System, Inc. |
2,449 |
427,130 |
| Lyft, Inc., Class A * |
30,328 |
474,330 |
| Old Dominion Freight Line, Inc. |
15,996 |
2,906,633 |
| Saia, Inc. * |
261 |
103,573 |
| Uber Technologies, Inc. * |
171,479 |
11,363,913 |
| U-Haul Holding Co. * |
474 |
29,971 |
| U-Haul Holding Co. - Non Voting |
2,998 |
183,838 |
| Union Pacific Corp. |
22,752 |
5,395,864 |
| United Parcel Service, Inc., Class B |
17,442 |
2,572,346 |
| |
|
25,548,382 |
| | ||
| Utilities 0.1% | ||
| AES Corp. |
35,382 |
633,338 |
| Vistra Corp. |
8,999 |
682,484 |
| |
|
1,315,822 |
| Total Common Stocks
(Cost $1,562,313,471) |
2,191,240,155 | |
| | ||
| INVESTMENT COMPANIES 0.1% OF NET ASSETS | ||
| | ||
| Equity Funds 0.1% | ||
| iShares Russell 1000 Growth ETF |
9,300 |
3,002,412 |
| Total Investment Companies
(Cost $2,608,528) |
3,002,412 | |
| |
|
|
| SHORT-TERM INVESTMENTS 0.4% OF NET ASSETS | ||
| | ||
| Money Market Funds 0.4% | ||
| State Street Institutional U.S. Government Money Market Fund, Premier Class 5.25% (b) |
8,889,012 |
8,889,012 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 5.25% (b)(c) |
48,480 |
48,480 |
| |
|
8,937,492 |
| Total Short-Term Investments
(Cost $8,937,492) |
8,937,492 | |
| Total Investments in Securities
(Cost $1,573,859,491) |
2,203,180,059 | |
| |
NUMBER OF CONTRACTS |
NOTIONAL AMOUNT
($) |
CURRENT VALUE/ UNREALIZED
APPRECIATION ($) |
| FUTURES CONTRACTS | |||
| Long |
|
|
|
| S&P 500 Index, e-mini, expires 06/21/24 |
28 |
7,093,800 |
42,835 |
| * |
Non-income producing security. |
| (a) |
All or a portion of this security is on loan. Securities on loan were valued at $43,581. |
| (b) |
The rate shown is the annualized 7-day yield. |
| (c) |
Security purchased with cash collateral received for securities on loan. |
| ADR — |
American Depositary Receipt |
| ETF — |
Exchange-Traded Fund |
See financial notes
105
Schwab Equity Index Funds | Semiannual ReportSchwab U.S. Large-Cap Growth Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
The following is a summary of the inputs used to
value the fund’s investments as of April 30, 2024 (see financial note 2(a) for additional
information):
| DESCRIPTION |
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) |
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) |
TOTAL |
| Assets |
|
|
|
|
| Common Stocks1
|
$2,191,240,155 |
$— |
$— |
$2,191,240,155
|
| Investment Companies1
|
3,002,412 |
— |
— |
3,002,412 |
| Short-Term Investments1
|
8,937,492 |
— |
— |
8,937,492 |
| Futures Contracts2
|
42,835 |
— |
— |
42,835 |
| Total |
$2,203,222,894 |
$— |
$— |
$2,203,222,894 |
| 1 |
As categorized in the Portfolio Holdings.
|
| 2 |
Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
See financial notes
Schwab Equity Index Funds | Semiannual Report
106
Schwab U.S. Large-Cap Growth Index
Fund
Statement of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - unaffiliated issuers (cost $1,573,859,491) including securities on loan of $43,581 |
|
$2,203,180,059
|
| Deposit with broker for futures contracts |
|
306,800 |
| Receivables: |
|
|
| Fund shares sold |
|
5,298,526 |
| Dividends |
|
765,209 |
| Investments sold |
|
229,894 |
| Income from securities on loan |
+ |
333 |
| Total assets |
|
2,209,780,821 |
| | ||
| Liabilities | ||
| Collateral held for securities on loan |
|
48,480 |
| Payables: |
|
|
| Investments bought |
|
4,243,446 |
| Fund shares redeemed |
|
1,993,502 |
| Variation margin on futures contracts |
|
90,133 |
| Investment adviser fees |
+ |
63,612 |
| Total liabilities |
|
6,439,173 |
| Net assets |
|
$2,203,341,648 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$1,644,573,382
|
| Total distributable earnings |
+ |
558,768,266 |
| Net assets |
|
$2,203,341,648 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares Outstanding |
= |
NAV |
| $2,203,341,648 |
|
23,051,681 |
|
$95.58 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
107
Schwab Equity Index Funds | Semiannual
ReportSchwab U.S. Large-Cap Growth Index
Fund
Statement of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $1,134) |
|
$7,723,280
|
| Other interest |
|
13,854 |
| Securities on loan, net |
+ |
2,409 |
| Total investment income
|
|
7,739,543 |
| | ||
| Expenses | ||
| Investment adviser fees |
|
327,759 |
| Total expenses |
– |
327,759 |
| Net investment income |
|
7,411,784 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized gains on sales of securities - unaffiliated issuers |
|
757,599 |
| Net realized gains on futures contracts |
+ |
1,291,058 |
| Net realized gains |
|
2,048,657 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
|
325,858,360 |
| Net change in unrealized appreciation (depreciation) on futures contracts |
+ |
119,989 |
| Net change in unrealized appreciation (depreciation) |
+ |
325,978,349 |
| Net realized and unrealized gains |
|
328,027,006 |
| Increase in net assets resulting from operations |
|
$335,438,790 |
See financial notes
Schwab Equity Index Funds | Semiannual Report
108
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 | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$7,411,784 |
$10,256,291
|
| Net realized gains (losses) |
|
2,048,657 |
(9,170,887 ) |
| Net change in unrealized appreciation (depreciation) |
+ |
325,978,349 |
176,000,176 |
| Increase in net assets resulting from operations |
|
$335,438,790 |
$177,085,580 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($11,280,497
) |
($8,433,385 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
8,060,372 |
$747,245,105 |
8,578,433 |
$642,610,935
|
| Shares reinvested |
|
109,605 |
9,527,758 |
108,233 |
7,134,711 |
| Shares redeemed |
+ |
(2,479,694 ) |
(229,642,541 ) |
(5,382,041 ) |
(395,332,838 ) |
| Net transactions in fund shares |
|
5,690,283 |
$527,130,322 |
3,304,625 |
$254,412,808 |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
17,361,398 |
$1,352,053,033 |
14,056,773 |
$928,988,030
|
| Total increase |
+ |
5,690,283 |
851,288,615 |
3,304,625 |
423,065,003 |
| End of period |
|
23,051,681 |
$2,203,341,648 |
17,361,398 |
$1,352,053,033 |
See financial notes
109
Schwab Equity Index Funds | Semiannual ReportSchwab U.S. Large-Cap Value Index
Fund
Financial Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$46.50 |
$47.51 |
$53.65 |
$38.09 |
$43.06 |
$39.51 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.61 |
1.12 |
1.01 |
0.97 |
1.00 |
1.13 |
| Net realized and unrealized gains (losses) |
7.83 |
(1.04 ) |
(4.60 ) |
15.47 |
(4.07 ) |
3.10 |
| Total from investment operations |
8.44 |
0.08 |
(3.59 ) |
16.44 |
(3.07 ) |
4.23 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(1.18 ) |
(1.03 ) |
(0.91 ) |
(0.88 ) |
(1.06 ) |
(0.62 ) |
| Distributions from net realized gains |
(0.14 ) |
(0.06 ) |
(1.64 ) |
— |
(0.84 ) |
(0.06 ) |
| Total distributions |
(1.32 ) |
(1.09 ) |
(2.55 ) |
(0.88 ) |
(1.90 ) |
(0.68 ) |
| Net asset value at end of period |
$53.62 |
$46.50 |
$47.51 |
$53.65 |
$38.09 |
$43.06 |
| Total return |
18.40
%2 |
0.11 % |
(7.04 %) |
43.70 % |
(7.69 %) |
11.08 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Total expenses |
0.035
%3 |
0.035 % |
0.035
%4 |
0.035 % |
0.035 % |
0.035
%5 |
| Net investment income (loss) |
2.36
%3 |
2.31 % |
2.05 % |
1.97 % |
2.57 % |
2.79 % |
| Portfolio turnover rate |
8
%2 |
42
%6 |
15
%6 |
20 % |
50 % |
22 % |
| Net assets, end of period (x 1,000) |
$697,666 |
$592,653 |
$647,796 |
$575,972 |
$331,322 |
$212,213 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Annualized. |
| 4 |
Ratio includes less than 0.0005% of non-routine proxy expenses. |
| 5 |
Effective December 20, 2018, the annual operating expense ratio was reduced to 0.035%. The ratio presented for period ended October 31, 2019, is a blended
ratio. |
| 6 |
Portfolio turnover rate excludes in-kind transactions. |
See financial notes
Schwab Equity Index Funds | Semiannual Report
110
Schwab U.S. Large-Cap Value Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to
orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to
20 days after the end of the month on the fund’s website.
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| COMMON STOCKS 99.4% OF NET ASSETS | ||
| | ||
| Automobiles & Components 0.8% |
||
| Aptiv PLC * |
8,982 |
637,722 |
| BorgWarner, Inc. |
7,784 |
255,082 |
| Ford Motor Co. |
130,186 |
1,581,760 |
| General Motors Co. |
38,209 |
1,701,447 |
| Gentex Corp. |
7,720 |
264,796 |
| Harley-Davidson, Inc. |
4,236 |
145,676 |
| Lear Corp. |
1,933 |
243,307 |
| Lucid Group, Inc. *(a) |
24,342 |
62,072 |
| Phinia, Inc. |
1,533 |
59,787 |
| QuantumScape Corp., Class A * |
11,470 |
62,167 |
| Rivian Automotive, Inc., Class A * |
22,453 |
199,832 |
| Thor Industries, Inc. |
1,701 |
169,113 |
| |
|
5,382,761 |
| | ||
| Banks 7.4% | ||
| Bank of America Corp. |
228,679 |
8,463,410 |
| Bank OZK |
3,520 |
157,168 |
| BOK Financial Corp. |
926 |
82,164 |
| Citigroup, Inc. |
63,461 |
3,892,063 |
| Citizens Financial Group, Inc. |
15,451 |
527,034 |
| Columbia Banking System, Inc. |
6,929 |
130,334 |
| Comerica, Inc. |
4,366 |
219,042 |
| Commerce Bancshares, Inc. |
3,992 |
218,283 |
| Cullen/Frost Bankers, Inc. |
1,968 |
205,341 |
| East West Bancorp, Inc. |
4,639 |
345,559 |
| Fifth Third Bancorp |
22,501 |
820,386 |
| First Citizens BancShares, Inc., Class A |
321 |
541,450 |
| First Hawaiian, Inc. |
4,221 |
89,021 |
| First Horizon Corp. |
18,351 |
273,797 |
| FNB Corp. |
11,726 |
156,425 |
| Huntington Bancshares, Inc. |
47,747 |
643,152 |
| JPMorgan Chase & Co. |
95,794 |
18,367,541 |
| KeyCorp |
30,979 |
448,886 |
| M&T Bank Corp. |
5,485 |
791,979 |
| New York Community Bancorp, Inc. |
23,715 |
62,845 |
| NU Holdings Ltd., Class A * |
24,252 |
263,377 |
| Pinnacle Financial Partners, Inc. |
2,509 |
192,440 |
| PNC Financial Services Group, Inc. |
13,213 |
2,025,024 |
| Popular, Inc. |
2,351 |
199,811 |
| Prosperity Bancshares, Inc. |
2,914 |
180,581 |
| Regions Financial Corp. |
30,713 |
591,839 |
| Synovus Financial Corp. |
4,806 |
172,007 |
| TFS Financial Corp. |
1,685 |
20,237 |
| Truist Financial Corp. |
44,002 |
1,652,275 |
| U.S. Bancorp |
51,682 |
2,099,840 |
| Webster Financial Corp. |
5,700 |
249,831 |
| Wells Fargo & Co. |
119,506 |
7,089,096 |
| Western Alliance Bancorp |
3,605 |
204,872 |
| Wintrust Financial Corp. |
2,026 |
195,793 |
| Zions Bancorp NA |
4,863 |
198,313 |
| |
|
51,771,216 |
| | ||
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Capital Goods 10.9% | ||
| 3M Co. |
18,244 |
1,760,728 |
| A O Smith Corp. |
3,574 |
296,070 |
| Acuity Brands, Inc. |
1,018 |
252,769 |
| AECOM |
4,481 |
413,865 |
| AGCO Corp. |
2,083 |
237,858 |
| Air Lease Corp., Class A |
3,455 |
173,579 |
| Allegion PLC |
233 |
28,323 |
| Allison Transmission Holdings, Inc. |
2,677 |
196,893 |
| AMETEK, Inc. |
7,631 |
1,332,830 |
| Armstrong World Industries, Inc. |
1,025 |
117,752 |
| AZEK Co., Inc., Class A * |
4,772 |
217,794 |
| Boeing Co. * |
16,215 |
2,721,526 |
| Builders FirstSource, Inc. * |
4,021 |
735,119 |
| BWX Technologies, Inc. |
2,501 |
239,521 |
| Carlisle Cos., Inc. |
1,607 |
623,918 |
| Carrier Global Corp. |
27,635 |
1,699,276 |
| Caterpillar, Inc. |
4,233 |
1,416,235 |
| CNH Industrial NV * |
32,442 |
369,839 |
| Core & Main, Inc., Class A * |
5,766 |
325,606 |
| Crane Co. |
1,595 |
223,316 |
| Cummins, Inc. |
4,519 |
1,276,572 |
| Curtiss-Wright Corp. |
1,266 |
320,830 |
| Deere & Co. |
557 |
218,015 |
| Donaldson Co., Inc. |
2,362 |
170,536 |
| Dover Corp. |
4,624 |
829,083 |
| Eaton Corp. PLC |
13,214 |
4,205,488 |
| EMCOR Group, Inc. |
1,002 |
357,884 |
| Emerson Electric Co. |
18,936 |
2,040,922 |
| Esab Corp. |
1,879 |
198,949 |
| Fastenal Co. |
4,736 |
321,764 |
| Ferguson PLC |
6,409 |
1,345,249 |
| Flowserve Corp. |
4,343 |
204,816 |
| Fortive Corp. |
11,713 |
881,638 |
| Fortune Brands Innovations, Inc. |
4,197 |
306,801 |
| Gates Industrial Corp. PLC * |
5,477 |
96,505 |
| GE Vernova, Inc. * |
9,002 |
1,383,697 |
| Generac Holdings, Inc. * |
1,985 |
269,881 |
| General Dynamics Corp. |
8,121 |
2,331,458 |
| General Electric Co. |
35,977 |
5,821,798 |
| Graco, Inc. |
3,263 |
261,693 |
| Hayward Holdings, Inc. * |
4,349 |
59,059 |
| HEICO Corp. |
361 |
74,871 |
| Hexcel Corp. |
2,816 |
180,815 |
| Honeywell International, Inc. |
19,244 |
3,708,896 |
| Howmet Aerospace, Inc. |
12,570 |
839,048 |
| Hubbell, Inc., Class B |
964 |
357,181 |
| Huntington Ingalls Industries, Inc. |
1,294 |
358,347 |
| IDEX Corp. |
2,308 |
508,822 |
| Illinois Tool Works, Inc. |
1,831 |
446,965 |
| Ingersoll Rand, Inc. |
13,433 |
1,253,568 |
| ITT, Inc. |
2,741 |
354,521 |
| Johnson Controls International PLC |
22,562 |
1,468,109 |
| L3Harris Technologies, Inc. |
6,279 |
1,344,020 |
| Lennox International, Inc. |
1,062 |
492,152 |
| Lincoln Electric Holdings, Inc. |
118 |
25,905 |
| Masco Corp. |
7,466 |
511,048 |
See financial
notes
111
Schwab Equity Index Funds | Semiannual
ReportSchwab U.S. Large-Cap Value Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| MasTec, Inc. * |
2,044 |
181,282 |
| MDU Resources Group, Inc. |
6,626 |
163,662 |
| Mercury Systems, Inc. * |
1,834 |
51,719 |
| Middleby Corp. * |
1,763 |
245,004 |
| MSC Industrial Direct Co., Inc., Class A
|
1,548 |
141,240 |
| Nordson Corp. |
1,889 |
487,721 |
| Northrop Grumman Corp. |
4,425 |
2,146,258 |
| nVent Electric PLC |
5,434 |
391,628 |
| Oshkosh Corp. |
2,148 |
241,156 |
| Otis Worldwide Corp. |
12,913 |
1,177,666 |
| Owens Corning |
2,944 |
495,210 |
| PACCAR, Inc. |
17,006 |
1,804,507 |
| Parker-Hannifin Corp. |
4,239 |
2,309,874 |
| Pentair PLC |
5,458 |
431,673 |
| Plug Power, Inc. *(a) |
17,544 |
40,527 |
| Quanta Services, Inc. |
3,511 |
907,804 |
| RBC Bearings, Inc. * |
938 |
229,388 |
| Regal Rexnord Corp. |
2,199 |
354,853 |
| RTX Corp. |
47,722 |
4,844,737 |
| Sensata Technologies Holding PLC |
4,981 |
190,822 |
| SiteOne Landscape Supply, Inc. * |
990 |
155,321 |
| Snap-on, Inc. |
1,730 |
463,571 |
| Spirit AeroSystems Holdings, Inc., Class A * |
3,430 |
109,760 |
| Stanley Black & Decker, Inc. |
5,091 |
465,317 |
| Sunrun, Inc. * |
6,957 |
71,588 |
| Textron, Inc. |
6,504 |
550,173 |
| Timken Co. |
2,005 |
178,886 |
| Trane Technologies PLC |
5,325 |
1,689,836 |
| TransDigm Group, Inc. |
1,460 |
1,822,124 |
| United Rentals, Inc. |
1,781 |
1,189,690 |
| Valmont Industries, Inc. |
644 |
131,891 |
| Vertiv Holdings Co., Class A |
10,549 |
981,057 |
| Watsco, Inc. |
841 |
376,533 |
| WESCO International, Inc. |
1,470 |
224,543 |
| Westinghouse Air Brake Technologies Corp. |
5,913 |
952,466 |
| WillScot Mobile Mini Holdings Corp. * |
4,656 |
172,086 |
| Woodward, Inc. |
1,990 |
323,096 |
| Xylem, Inc. |
6,929 |
905,620 |
| |
|
75,810,012 |
| | ||
| Commercial & Professional Services 1.2% | ||
| Automatic Data Processing, Inc. |
1,942 |
469,750 |
| Broadridge Financial Solutions, Inc. |
635 |
122,815 |
| CACI International, Inc., Class A * |
729 |
293,226 |
| Cintas Corp. |
319 |
210,010 |
| Clarivate PLC * |
15,448 |
104,428 |
| Clean Harbors, Inc. * |
1,671 |
316,571 |
| Concentrix Corp. |
1,479 |
80,857 |
| Dayforce, Inc. * |
4,510 |
276,779 |
| Driven Brands Holdings, Inc. * |
1,939 |
27,786 |
| Dun & Bradstreet Holdings, Inc. |
9,178 |
83,520 |
| Equifax, Inc. |
1,248 |
274,797 |
| FTI Consulting, Inc. * |
895 |
191,378 |
| Genpact Ltd. |
4,348 |
133,658 |
| Jacobs Solutions, Inc. |
4,175 |
599,238 |
| KBR, Inc. |
2,803 |
182,027 |
| Leidos Holdings, Inc. |
4,516 |
633,233 |
| ManpowerGroup, Inc. |
1,591 |
120,041 |
| MSA Safety, Inc. |
1,007 |
181,663 |
| Paycor HCM, Inc. * |
1,135 |
19,715 |
| RB Global, Inc. |
1,436 |
102,789 |
| Republic Services, Inc., Class A |
6,855 |
1,314,103 |
| Robert Half, Inc. |
3,400 |
235,076 |
| Science Applications International Corp. |
1,719 |
221,235 |
| SS&C Technologies Holdings, Inc. |
7,229 |
447,403 |
| Stericycle, Inc. * |
3,020 |
135,085 |
| Tetra Tech, Inc. |
1,430 |
278,450 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| TransUnion |
6,421 |
468,733 |
| Veralto Corp. |
7,289 |
682,833 |
| Vestis Corp. |
3,869 |
71,267 |
| Waste Management, Inc. |
1,363 |
283,531 |
| |
|
8,561,997 |
| | ||
| Consumer Discretionary Distribution & Retail
1.1% | ||
| Advance Auto Parts, Inc. |
1,967 |
143,552 |
| AutoNation, Inc. * |
942 |
151,803 |
| AutoZone, Inc. * |
94 |
277,902 |
| Bath & Body Works, Inc. |
7,501 |
340,695 |
| Best Buy Co., Inc. |
5,505 |
405,388 |
| CarMax, Inc. * |
4,927 |
334,888 |
| Dick's Sporting Goods, Inc. |
1,730 |
347,626 |
| eBay, Inc. |
16,132 |
831,443 |
| Etsy, Inc. * |
1,735 |
119,142 |
| GameStop Corp., Class A *(a) |
9,014 |
99,965 |
| Gap, Inc. |
6,395 |
131,225 |
| Genuine Parts Co. |
4,652 |
731,341 |
| Kohl's Corp. |
3,606 |
86,328 |
| Lithia Motors, Inc., Class A |
899 |
228,688 |
| LKQ Corp. |
8,799 |
379,501 |
| Lowe's Cos., Inc. |
5,122 |
1,167,765 |
| Macy's, Inc. |
8,917 |
164,340 |
| Murphy USA, Inc. |
34 |
14,070 |
| Nordstrom, Inc. |
3,769 |
71,649 |
| Ollie's Bargain Outlet Holdings, Inc. * |
1,407 |
102,908 |
| O'Reilly Automotive, Inc. * |
298 |
301,951 |
| Penske Automotive Group, Inc. |
649 |
99,239 |
| Petco Health & Wellness Co., Inc., Class A * |
2,724 |
4,086 |
| RH * |
435 |
107,467 |
| Ross Stores, Inc. |
731 |
94,701 |
| Valvoline, Inc. * |
3,156 |
134,193 |
| Victoria's Secret & Co. * |
1,498 |
26,395 |
| Wayfair, Inc., Class A * |
1,791 |
89,819 |
| Williams-Sonoma, Inc. |
1,839 |
527,388 |
| |
|
7,515,458 |
| | ||
| Consumer Durables & Apparel 1.5% |
||
| Birkenstock Holding PLC * |
591 |
26,459 |
| Brunswick Corp. |
2,093 |
168,779 |
| Capri Holdings Ltd. * |
3,742 |
132,766 |
| Carter's, Inc. |
1,198 |
81,955 |
| Columbia Sportswear Co. |
1,151 |
91,654 |
| DR Horton, Inc. |
10,041 |
1,430,742 |
| Garmin Ltd. |
5,095 |
736,075 |
| Hasbro, Inc. |
4,336 |
265,797 |
| Leggett & Platt, Inc. |
4,462 |
80,628 |
| Lennar Corp., Class A |
8,427 |
1,277,702 |
| Mattel, Inc. * |
11,680 |
213,978 |
| Mohawk Industries, Inc. * |
1,746 |
201,349 |
| Newell Brands, Inc. |
12,478 |
99,075 |
| NIKE, Inc., Class B |
18,206 |
1,679,685 |
| NVR, Inc. * |
88 |
654,619 |
| Polaris, Inc. |
1,616 |
137,618 |
| PulteGroup, Inc. |
7,102 |
791,305 |
| PVH Corp. |
1,962 |
213,466 |
| Ralph Lauren Corp., Class A |
1,308 |
214,041 |
| Skechers USA, Inc., Class A * |
4,096 |
270,541 |
| Tapestry, Inc. |
7,122 |
284,310 |
| Tempur Sealy International, Inc. |
4,397 |
220,114 |
| Toll Brothers, Inc. |
3,458 |
411,882 |
| TopBuild Corp. * |
978 |
395,767 |
| Under Armour, Inc., Class A * |
12,746 |
85,781 |
| VF Corp. |
11,508 |
143,390 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
112
Schwab U.S. Large-Cap Value Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Whirlpool Corp. |
1,788 |
169,610 |
| |
|
10,479,088 |
| | ||
| Consumer Services 1.4% | ||
| ADT, Inc. |
8,767 |
56,986 |
| Aramark |
8,583 |
270,450 |
| Boyd Gaming Corp. |
2,360 |
126,284 |
| Bright Horizons Family Solutions, Inc. * |
1,654 |
171,536 |
| Caesars Entertainment, Inc. * |
4,059 |
145,393 |
| Carnival Corp. * |
33,037 |
489,608 |
| Cava Group, Inc. * |
351 |
25,251 |
| Darden Restaurants, Inc. |
2,103 |
322,621 |
| DoorDash, Inc., Class A * |
2,221 |
287,086 |
| Expedia Group, Inc. * |
1,177 |
158,460 |
| Grand Canyon Education, Inc. * |
713 |
92,704 |
| H&R Block, Inc. |
1,685 |
79,583 |
| Hilton Worldwide Holdings, Inc. |
4,474 |
882,631 |
| Hyatt Hotels Corp., Class A |
1,432 |
213,067 |
| Las Vegas Sands Corp. |
803 |
35,621 |
| Marriott Vacations Worldwide Corp. |
1,148 |
110,334 |
| McDonald's Corp. |
14,207 |
3,879,079 |
| MGM Resorts International * |
9,086 |
358,352 |
| Mister Car Wash, Inc. * |
2,427 |
16,237 |
| Norwegian Cruise Line Holdings Ltd. * |
10,695 |
202,349 |
| Penn Entertainment, Inc. * |
4,900 |
81,046 |
| Planet Fitness, Inc., Class A * |
1,452 |
86,888 |
| Royal Caribbean Cruises Ltd. * |
5,425 |
757,493 |
| Service Corp. International |
3,035 |
217,640 |
| Travel & Leisure Co. |
1,243 |
54,120 |
| Vail Resorts, Inc. |
1,135 |
214,935 |
| Wyndham Hotels & Resorts, Inc. |
2,527 |
185,760 |
| Wynn Resorts Ltd. |
3,236 |
296,579 |
| Yum! Brands, Inc. |
1,142 |
161,308 |
| |
|
9,979,401 |
| | ||
| Consumer Staples Distribution & Retail 1.8%
| ||
| Albertsons Cos., Inc., Class A |
12,577 |
256,571 |
| BJ's Wholesale Club Holdings, Inc. * |
2,891 |
215,900 |
| Casey's General Stores, Inc. |
1,052 |
336,198 |
| Dollar Tree, Inc. * |
6,812 |
805,519 |
| Grocery Outlet Holding Corp. * |
3,106 |
80,663 |
| Kroger Co. |
21,660 |
1,199,531 |
| Maplebear, Inc. * |
223 |
7,611 |
| Performance Food Group Co. * |
2,700 |
183,276 |
| U.S. Foods Holding Corp. * |
7,503 |
377,026 |
| Walgreens Boots Alliance, Inc. |
23,842 |
422,718 |
| Walmart, Inc. |
142,102 |
8,433,754 |
| |
|
12,318,767 |
| | ||
| Energy 8.3% | ||
| Antero Midstream Corp. |
7,565 |
104,700 |
| Antero Resources Corp. * |
9,352 |
318,062 |
| APA Corp. |
3,226 |
101,425 |
| Baker Hughes Co., Class A |
33,064 |
1,078,548 |
| Chesapeake Energy Corp. |
4,101 |
368,598 |
| Chevron Corp. |
57,101 |
9,208,678 |
| ConocoPhillips |
39,759 |
4,994,526 |
| Coterra Energy, Inc. |
24,759 |
677,406 |
| Devon Energy Corp. |
21,285 |
1,089,366 |
| Diamondback Energy, Inc. |
5,923 |
1,191,293 |
| DT Midstream, Inc. |
3,194 |
198,667 |
| EOG Resources, Inc. |
19,501 |
2,576,667 |
| EQT Corp. |
11,935 |
478,474 |
| Exxon Mobil Corp. |
132,724 |
15,697,268 |
| Halliburton Co. |
23,776 |
890,887 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Hess Corp. |
4,083 |
643,032 |
| HF Sinclair Corp. |
5,265 |
285,626 |
| Kinder Morgan, Inc. |
65,121 |
1,190,412 |
| Marathon Oil Corp. |
19,392 |
520,675 |
| Marathon Petroleum Corp. |
12,203 |
2,217,529 |
| NOV, Inc. |
13,011 |
240,573 |
| Occidental Petroleum Corp. |
22,796 |
1,507,728 |
| ONEOK, Inc. |
18,235 |
1,442,753 |
| Ovintiv, Inc. |
4,732 |
242,846 |
| Phillips 66 |
14,591 |
2,089,577 |
| Pioneer Natural Resources Co. |
7,722 |
2,079,689 |
| Range Resources Corp. |
7,744 |
278,087 |
| Schlumberger NV |
47,275 |
2,244,617 |
| Southwestern Energy Co. * |
36,260 |
271,587 |
| TechnipFMC PLC |
14,328 |
367,083 |
| Valero Energy Corp. |
11,261 |
1,800,296 |
| Williams Cos., Inc. |
40,397 |
1,549,629 |
| |
|
57,946,304 |
| | ||
| Equity Real Estate Investment Trusts (REITs) 4.1%
| ||
| Agree Realty Corp. |
3,298 |
188,712 |
| Alexandria Real Estate Equities, Inc. |
5,754 |
666,716 |
| American Homes 4 Rent, Class A |
11,033 |
394,981 |
| Americold Realty Trust, Inc. |
9,425 |
207,067 |
| Apartment Income REIT Corp. |
4,842 |
185,836 |
| AvalonBay Communities, Inc. |
4,696 |
890,221 |
| Boston Properties, Inc. |
5,196 |
321,580 |
| Brixmor Property Group, Inc. |
9,877 |
218,282 |
| Camden Property Trust |
3,441 |
342,999 |
| Cousins Properties, Inc. |
5,006 |
114,838 |
| Crown Castle, Inc. |
12,842 |
1,204,323 |
| CubeSmart |
7,420 |
300,065 |
| Digital Realty Trust, Inc. |
10,020 |
1,390,576 |
| EastGroup Properties, Inc. |
1,522 |
236,458 |
| EPR Properties |
2,455 |
99,648 |
| Equinix, Inc. |
1,540 |
1,095,109 |
| Equity LifeStyle Properties, Inc. |
3,949 |
238,085 |
| Equity Residential |
12,370 |
796,628 |
| Essex Property Trust, Inc. |
2,121 |
522,296 |
| Extra Space Storage, Inc. |
6,926 |
930,023 |
| Federal Realty Investment Trust |
2,695 |
280,738 |
| First Industrial Realty Trust, Inc. |
4,353 |
197,713 |
| Gaming & Leisure Properties, Inc. |
8,493 |
362,906 |
| Healthcare Realty Trust, Inc., Class A |
12,668 |
180,266 |
| Healthpeak Properties, Inc. |
23,407 |
435,604 |
| Highwoods Properties, Inc. |
3,384 |
88,661 |
| Host Hotels & Resorts, Inc. |
23,127 |
436,407 |
| Invitation Homes, Inc. |
20,272 |
693,302 |
| Iron Mountain, Inc. |
4,858 |
376,592 |
| Kilroy Realty Corp. |
3,880 |
131,144 |
| Kimco Realty Corp. |
21,842 |
406,916 |
| Lamar Advertising Co., Class A |
659 |
76,345 |
| Medical Properties Trust, Inc. (a) |
19,986 |
91,936 |
| Mid-America Apartment Communities, Inc. |
3,859 |
501,670 |
| National Storage Affiliates Trust |
2,510 |
87,950 |
| NET Lease Office Properties |
473 |
10,813 |
| NNN REIT, Inc. |
5,995 |
242,977 |
| Omega Healthcare Investors, Inc. |
8,097 |
246,230 |
| Park Hotels & Resorts, Inc. |
6,842 |
110,361 |
| Prologis, Inc. |
30,614 |
3,124,159 |
| Public Storage |
2,181 |
565,860 |
| Rayonier, Inc. |
4,819 |
142,932 |
| Realty Income Corp. |
27,588 |
1,477,062 |
| Regency Centers Corp. |
6,013 |
356,090 |
| Rexford Industrial Realty, Inc. |
7,012 |
300,184 |
| SBA Communications Corp., Class A |
3,204 |
596,329 |
| Simon Property Group, Inc. |
8,425 |
1,183,965 |
See financial
notes
113
Schwab Equity Index Funds | Semiannual
ReportSchwab U.S. Large-Cap Value Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| STAG Industrial, Inc. |
5,996 |
206,202 |
| Sun Communities, Inc. |
3,186 |
354,666 |
| UDR, Inc. |
10,299 |
392,186 |
| Ventas, Inc. |
13,266 |
587,418 |
| VICI Properties, Inc., Class A |
34,256 |
978,009 |
| Vornado Realty Trust |
5,840 |
152,015 |
| Welltower, Inc. |
18,381 |
1,751,342 |
| Weyerhaeuser Co. |
24,274 |
732,347 |
| WP Carey, Inc. |
7,167 |
393,038 |
| |
|
28,596,778 |
| | ||
| Financial Services 11.0% | ||
| Affiliated Managers Group, Inc. |
1,099 |
171,554 |
| Affirm Holdings, Inc. * |
7,515 |
239,578 |
| AGNC Investment Corp. |
23,047 |
210,880 |
| Ally Financial, Inc. |
8,979 |
344,345 |
| American Express Co. |
12,936 |
3,027,412 |
| Annaly Capital Management, Inc. |
16,643 |
311,890 |
| Bank of New York Mellon Corp. |
25,222 |
1,424,791 |
| Berkshire Hathaway, Inc., Class B * |
60,769 |
24,108,885 |
| BlackRock, Inc. |
4,933 |
3,722,639 |
| Block, Inc. * |
11,481 |
838,113 |
| Blue Owl Capital, Inc., Class A |
12,830 |
242,359 |
| Capital One Financial Corp. |
12,575 |
1,803,632 |
| Carlyle Group, Inc. |
6,987 |
313,018 |
| Cboe Global Markets, Inc. |
3,490 |
632,213 |
| Charles Schwab Corp. (b) |
49,053 |
3,627,469 |
| CME Group, Inc. |
11,914 |
2,497,651 |
| Coinbase Global, Inc., Class A * |
5,684 |
1,159,138 |
| Corebridge Financial, Inc. (a) |
7,511 |
199,492 |
| Corpay, Inc. * |
168 |
50,760 |
| Credit Acceptance Corp. * |
205 |
105,313 |
| Discover Financial Services |
8,262 |
1,047,043 |
| Euronet Worldwide, Inc. * |
710 |
72,903 |
| Evercore, Inc., Class A |
1,166 |
211,629 |
| Fidelity National Information Services, Inc. |
19,636 |
1,333,677 |
| Fiserv, Inc. * |
14,402 |
2,198,753 |
| Franklin Resources, Inc. |
9,928 |
226,756 |
| Global Payments, Inc. |
8,539 |
1,048,333 |
| Goldman Sachs Group, Inc. |
10,467 |
4,466,374 |
| Houlihan Lokey, Inc., Class A |
1,566 |
199,649 |
| Interactive Brokers Group, Inc., Class A |
3,429 |
394,746 |
| Intercontinental Exchange, Inc. |
18,783 |
2,418,499 |
| Invesco Ltd. |
11,931 |
169,062 |
| Jack Henry & Associates, Inc. |
1,638 |
266,486 |
| Janus Henderson Group PLC |
4,416 |
137,868 |
| Jefferies Financial Group, Inc. |
5,975 |
257,283 |
| KKR & Co., Inc. |
16,593 |
1,544,311 |
| Lazard, Inc. |
3,642 |
140,217 |
| MGIC Investment Corp. |
9,086 |
184,264 |
| Moody's Corp. |
468 |
173,314 |
| Morgan Stanley |
38,814 |
3,525,864 |
| MSCI, Inc., Class A |
1,275 |
593,882 |
| Nasdaq, Inc. |
12,217 |
731,187 |
| NCR Atleos Corp. * |
2,113 |
42,112 |
| Northern Trust Corp. |
6,718 |
553,496 |
| OneMain Holdings, Inc. |
3,751 |
195,465 |
| PayPal Holdings, Inc. * |
3,340 |
226,853 |
| Raymond James Financial, Inc. |
6,271 |
765,062 |
| Rithm Capital Corp. |
15,854 |
176,296 |
| Robinhood Markets, Inc., Class A * |
20,917 |
344,921 |
| Rocket Cos., Inc., Class A * |
2,497 |
30,663 |
| S&P Global, Inc. |
9,640 |
4,008,601 |
| SEI Investments Co. |
3,332 |
219,745 |
| SLM Corp. |
4,353 |
92,240 |
| SoFi Technologies, Inc. * |
31,583 |
214,133 |
| Starwood Property Trust, Inc. |
9,803 |
185,963 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| State Street Corp. |
9,997 |
724,683 |
| Stifel Financial Corp. |
3,230 |
258,142 |
| Synchrony Financial |
13,453 |
591,663 |
| T Rowe Price Group, Inc. |
7,310 |
800,957 |
| TPG, Inc. |
1,697 |
73,141 |
| Tradeweb Markets, Inc., Class A |
2,486 |
252,851 |
| UWM Holdings Corp. |
1,931 |
12,165 |
| Virtu Financial, Inc., Class A |
2,861 |
62,084 |
| Voya Financial, Inc. |
3,211 |
218,862 |
| Western Union Co. |
10,174 |
136,739 |
| WEX, Inc. * |
775 |
163,726 |
| XP, Inc., Class A |
9,878 |
202,203 |
| |
|
76,925,998 |
| | ||
| Food, Beverage & Tobacco 4.1% |
||
| Altria Group, Inc. |
59,271 |
2,596,663 |
| Archer-Daniels-Midland Co. |
17,736 |
1,040,394 |
| Boston Beer Co., Inc., Class A * |
23 |
6,403 |
| Brown-Forman Corp., Class B |
1,570 |
75,125 |
| Bunge Global SA |
4,807 |
489,160 |
| Campbell Soup Co. |
6,320 |
288,887 |
| Coca-Cola Co. |
65,141 |
4,023,760 |
| Conagra Brands, Inc. |
15,819 |
486,909 |
| Constellation Brands, Inc., Class A |
4,812 |
1,219,650 |
| Darling Ingredients, Inc. * |
5,248 |
222,358 |
| Flowers Foods, Inc. |
6,211 |
154,902 |
| Freshpet, Inc. * |
1,057 |
112,116 |
| General Mills, Inc. |
18,851 |
1,328,241 |
| Hershey Co. |
1,284 |
248,993 |
| Hormel Foods Corp. |
9,581 |
340,700 |
| Ingredion, Inc. |
2,147 |
246,025 |
| J M Smucker Co. |
3,408 |
391,409 |
| Kellanova |
8,635 |
499,621 |
| Keurig Dr Pepper, Inc. |
31,576 |
1,064,111 |
| Kraft Heinz Co. |
26,610 |
1,027,412 |
| Lamb Weston Holdings, Inc. |
255 |
21,252 |
| McCormick & Co., Inc. - Non Voting Shares |
8,349 |
635,025 |
| Molson Coors Beverage Co., Class B |
5,782 |
331,077 |
| Mondelez International, Inc., Class A |
45,126 |
3,246,364 |
| PepsiCo, Inc. |
14,127 |
2,485,081 |
| Philip Morris International, Inc. |
51,499 |
4,889,315 |
| Pilgrim's Pride Corp. * |
1,400 |
50,428 |
| Post Holdings, Inc. * |
1,695 |
179,924 |
| Seaboard Corp. |
7 |
23,171 |
| Tyson Foods, Inc., Class A |
9,227 |
559,618 |
| WK Kellogg Co. |
2,133 |
49,784 |
| |
|
28,333,878 |
| | ||
| Health Care Equipment & Services 6.4% | ||
| Abbott Laboratories |
53,827 |
5,704,047 |
| Acadia Healthcare Co., Inc. * |
2,975 |
219,972 |
| agilon health, Inc. * |
970 |
5,335 |
| Amedisys, Inc. * |
1,047 |
96,376 |
| Baxter International, Inc. |
16,766 |
676,843 |
| Becton Dickinson & Co. |
9,610 |
2,254,506 |
| Boston Scientific Corp. * |
48,535 |
3,488,210 |
| Cardinal Health, Inc. |
3,981 |
410,202 |
| Centene Corp. * |
17,713 |
1,294,112 |
| Certara, Inc. * |
2,550 |
43,631 |
| Chemed Corp. |
137 |
77,816 |
| Cigna Group |
8,838 |
3,155,520 |
| Cooper Cos., Inc. |
6,457 |
575,060 |
| CVS Health Corp. |
42,492 |
2,877,133 |
| DENTSPLY SIRONA, Inc. |
7,062 |
211,931 |
| Doximity, Inc., Class A * |
2,170 |
52,709 |
| Elevance Health, Inc. |
6,820 |
3,604,916 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
114
Schwab U.S. Large-Cap Value Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Encompass Health Corp. |
3,050 |
254,309 |
| Enovis Corp. * |
1,747 |
96,487 |
| Envista Holdings Corp. * |
5,440 |
107,059 |
| GE HealthCare Technologies, Inc. |
12,799 |
975,796 |
| Globus Medical, Inc., Class A * |
2,800 |
139,412 |
| HCA Healthcare, Inc. |
5,233 |
1,621,288 |
| Henry Schein, Inc. * |
4,329 |
299,913 |
| Hologic, Inc. * |
7,696 |
583,126 |
| Humana, Inc. |
2,295 |
693,297 |
| ICU Medical, Inc. * |
658 |
64,431 |
| Integra LifeSciences Holdings Corp. * |
2,227 |
64,962 |
| Laboratory Corp. of America Holdings |
2,804 |
564,642 |
| McKesson Corp. |
2,735 |
1,469,269 |
| Medtronic PLC |
44,077 |
3,536,739 |
| Molina Healthcare, Inc. * |
872 |
298,311 |
| Premier, Inc., Class A |
3,867 |
80,743 |
| Quest Diagnostics, Inc. |
3,722 |
514,306 |
| QuidelOrtho Corp. * |
1,804 |
73,152 |
| R1 RCM, Inc. * |
4,949 |
60,823 |
| Solventum Corp. * |
4,538 |
295,015 |
| STERIS PLC |
3,291 |
673,207 |
| Stryker Corp. |
8,794 |
2,959,181 |
| Tandem Diabetes Care, Inc. * |
1,818 |
66,702 |
| Teladoc Health, Inc. * |
5,512 |
70,278 |
| Teleflex, Inc. |
1,552 |
323,980 |
| Tenet Healthcare Corp. * |
3,342 |
375,273 |
| UnitedHealth Group, Inc. |
4,905 |
2,372,549 |
| Universal Health Services, Inc., Class B |
1,952 |
332,679 |
| Zimmer Biomet Holdings, Inc. |
6,965 |
837,750 |
| |
|
44,552,998 |
| | ||
| Household & Personal Products 2.1% |
||
| Church & Dwight Co., Inc. |
832 |
89,764 |
| Colgate-Palmolive Co. |
27,231 |
2,503,073 |
| Coty, Inc., Class A * |
12,333 |
141,090 |
| Estee Lauder Cos., Inc., Class A |
5,225 |
766,560 |
| Kenvue, Inc. |
38,028 |
715,687 |
| Kimberly-Clark Corp. |
651 |
88,881 |
| Olaplex Holdings, Inc. * |
4,415 |
6,137 |
| Procter & Gamble Co. |
63,439 |
10,353,245 |
| Reynolds Consumer Products, Inc. |
1,824 |
52,221 |
| Spectrum Brands Holdings, Inc. |
1,017 |
83,262 |
| |
|
14,799,920 |
| | ||
| Insurance 4.0% | ||
| Aflac, Inc. |
19,253 |
1,610,513 |
| Allstate Corp. |
8,700 |
1,479,522 |
| American Financial Group, Inc. |
2,358 |
301,234 |
| American International Group, Inc. |
23,287 |
1,753,744 |
| Aon PLC, Class A |
6,576 |
1,854,498 |
| Arch Capital Group Ltd. * |
10,178 |
952,050 |
| Arthur J Gallagher & Co. |
6,711 |
1,575,005 |
| Assurant, Inc. |
1,757 |
306,421 |
| Assured Guaranty Ltd. |
1,805 |
138,444 |
| Axis Capital Holdings Ltd. |
2,553 |
156,575 |
| Brighthouse Financial, Inc. * |
1,869 |
90,179 |
| Brown & Brown, Inc. |
4,805 |
391,800 |
| Chubb Ltd. |
13,474 |
3,350,175 |
| Cincinnati Financial Corp. |
5,104 |
590,482 |
| CNA Financial Corp. |
896 |
39,370 |
| Everest Group Ltd. |
1,226 |
449,219 |
| Fidelity National Financial, Inc. |
8,571 |
424,264 |
| First American Financial Corp. |
3,291 |
176,299 |
| Globe Life, Inc. |
2,847 |
216,856 |
| Hanover Insurance Group, Inc. |
1,168 |
151,630 |
| Hartford Financial Services Group, Inc. |
9,779 |
947,487 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Kemper Corp. |
2,000 |
116,620 |
| Lincoln National Corp. |
5,068 |
138,204 |
| Loews Corp. |
6,064 |
455,710 |
| Markel Group, Inc. * |
437 |
637,321 |
| Marsh & McLennan Cos., Inc. |
3,273 |
652,734 |
| MetLife, Inc. |
20,682 |
1,470,077 |
| Old Republic International Corp. |
8,514 |
254,228 |
| Primerica, Inc. |
400 |
84,744 |
| Principal Financial Group, Inc. |
7,874 |
623,148 |
| Progressive Corp. |
4,862 |
1,012,511 |
| Prudential Financial, Inc. |
12,047 |
1,330,953 |
| Reinsurance Group of America, Inc. |
2,206 |
412,500 |
| RenaissanceRe Holdings Ltd. |
1,254 |
274,940 |
| RLI Corp. |
1,030 |
145,591 |
| Travelers Cos., Inc. |
7,562 |
1,604,354 |
| Unum Group |
6,392 |
324,074 |
| W R Berkley Corp. |
6,639 |
511,004 |
| White Mountains Insurance Group Ltd. |
82 |
145,807 |
| Willis Towers Watson PLC |
3,000 |
753,420 |
| |
|
27,903,707 |
| | ||
| Materials 4.8% | ||
| Air Products & Chemicals, Inc. |
7,359 |
1,739,226 |
| Albemarle Corp. |
3,893 |
468,367 |
| Alcoa Corp. |
5,936 |
208,591 |
| Amcor PLC |
47,947 |
428,646 |
| AptarGroup, Inc. |
2,166 |
312,727 |
| Ardagh Metal Packaging SA |
983 |
3,883 |
| Ashland, Inc. |
1,641 |
156,437 |
| Avery Dennison Corp. |
1,793 |
389,583 |
| Axalta Coating Systems Ltd. * |
6,560 |
206,246 |
| Ball Corp. |
10,218 |
710,866 |
| Berry Global Group, Inc. |
3,839 |
217,441 |
| Celanese Corp., Class A |
3,286 |
504,763 |
| CF Industries Holdings, Inc. |
6,396 |
505,092 |
| Chemours Co. |
4,953 |
132,493 |
| Cleveland-Cliffs, Inc. * |
16,488 |
278,647 |
| Corteva, Inc. |
23,411 |
1,267,237 |
| Crown Holdings, Inc. |
3,516 |
288,558 |
| Dow, Inc. |
23,481 |
1,336,069 |
| DuPont de Nemours, Inc. |
14,291 |
1,036,098 |
| Eagle Materials, Inc. |
380 |
95,270 |
| Eastman Chemical Co. |
3,926 |
370,771 |
| Ecolab, Inc. |
1,827 |
413,176 |
| Element Solutions, Inc. |
7,447 |
172,249 |
| FMC Corp. |
3,535 |
208,600 |
| Freeport-McMoRan, Inc. |
47,395 |
2,366,906 |
| Ginkgo Bioworks Holdings, Inc. *(a) |
48,994 |
43,659 |
| Graphic Packaging Holding Co. |
4,713 |
121,831 |
| Huntsman Corp. |
5,437 |
129,727 |
| International Flavors & Fragrances, Inc. |
8,467 |
716,732 |
| International Paper Co. |
11,119 |
388,498 |
| Linde PLC |
14,573 |
6,426,110 |
| Louisiana-Pacific Corp. |
2,152 |
157,505 |
| LyondellBasell Industries NV, Class A |
8,577 |
857,443 |
| Martin Marietta Materials, Inc. |
2,049 |
1,202,906 |
| Mosaic Co. |
10,812 |
339,389 |
| MP Materials Corp. * |
3,417 |
54,672 |
| NewMarket Corp. |
208 |
109,599 |
| Newmont Corp. |
38,269 |
1,555,252 |
| Nucor Corp. |
8,148 |
1,373,182 |
| Olin Corp. |
3,962 |
207,133 |
| Packaging Corp. of America |
2,941 |
508,734 |
| PPG Industries, Inc. |
5,828 |
751,812 |
| Reliance, Inc. |
1,898 |
540,399 |
| Royal Gold, Inc. |
2,186 |
262,604 |
| RPM International, Inc. |
3,415 |
365,098 |
See financial
notes
115
Schwab Equity Index Funds | Semiannual
ReportSchwab U.S. Large-Cap Value Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Sealed Air Corp. |
2,114 |
66,549 |
| Sherwin-Williams Co. |
1,316 |
394,287 |
| Silgan Holdings, Inc. |
2,650 |
123,649 |
| Sonoco Products Co. |
3,259 |
182,667 |
| SSR Mining, Inc. |
6,742 |
36,137 |
| Steel Dynamics, Inc. |
5,053 |
657,496 |
| U.S. Steel Corp. |
7,373 |
269,115 |
| Vulcan Materials Co. |
3,426 |
882,640 |
| Westlake Corp. |
1,062 |
156,496 |
| Westrock Co. |
8,399 |
402,816 |
| |
|
33,102,079 |
| | ||
| Media & Entertainment 2.7% | ||
| AMC Entertainment Holdings, Inc., Class A *(a) |
7,921 |
23,209 |
| Cable One, Inc. |
170 |
66,955 |
| Comcast Corp., Class A |
130,727 |
4,982,006 |
| Electronic Arts, Inc. |
8,988 |
1,139,858 |
| Fox Corp., Class A |
12,112 |
375,593 |
| IAC, Inc. * |
2,452 |
116,617 |
| Interpublic Group of Cos., Inc. |
12,771 |
388,749 |
| Liberty Broadband Corp., Class C * |
3,466 |
172,364 |
| Liberty Media Corp.-Liberty Formula One, Class C * |
7,150 |
500,286 |
| Liberty Media Corp.-Liberty Live, Class C * |
2,206 |
82,328 |
| Liberty Media Corp.-Liberty SiriusXM, Class C * |
7,602 |
182,904 |
| Live Nation Entertainment, Inc. * |
4,012 |
356,707 |
| Madison Square Garden Sports Corp. * |
609 |
113,225 |
| Match Group, Inc. * |
842 |
25,950 |
| New York Times Co., Class A |
5,320 |
228,920 |
| News Corp., Class A |
16,577 |
394,533 |
| Nexstar Media Group, Inc., Class A |
704 |
112,682 |
| Omnicom Group, Inc. |
6,560 |
609,030 |
| Paramount Global, Class B |
19,837 |
225,943 |
| Roku, Inc. * |
3,648 |
210,344 |
| Sirius XM Holdings, Inc. (a) |
21,234 |
62,428 |
| Take-Two Interactive Software, Inc. * |
5,466 |
780,599 |
| TripAdvisor, Inc. * |
3,624 |
95,420 |
| Walt Disney Co. |
60,685 |
6,742,104 |
| Warner Bros Discovery, Inc. * |
73,233 |
538,995 |
| ZoomInfo Technologies, Inc., Class A * |
4,864 |
77,143 |
| |
|
18,604,892 |
| | ||
| Pharmaceuticals, Biotechnology & Life Sciences
7.6% | ||
| Agilent Technologies, Inc. |
1,805 |
247,357 |
| Alnylam Pharmaceuticals, Inc. * |
810 |
116,599 |
| Amgen, Inc. |
5,673 |
1,554,062 |
| Avantor, Inc. * |
22,326 |
540,959 |
| Azenta, Inc. * |
1,834 |
96,212 |
| Biogen, Inc. * |
4,773 |
1,025,336 |
| BioMarin Pharmaceutical, Inc. * |
5,484 |
442,888 |
| Bio-Rad Laboratories, Inc., Class A * |
683 |
184,239 |
| Bio-Techne Corp. |
290 |
18,331 |
| Bristol-Myers Squibb Co. |
67,566 |
2,968,850 |
| Catalent, Inc. * |
5,964 |
333,089 |
| Charles River Laboratories International, Inc. * |
1,678 |
384,262 |
| Danaher Corp. |
21,841 |
5,386,427 |
| Elanco Animal Health, Inc. * |
16,184 |
212,981 |
| Exact Sciences Corp. * |
3,851 |
228,557 |
| Exelixis, Inc. * |
2,637 |
61,864 |
| Fortrea Holdings, Inc. * |
2,962 |
108,380 |
| Gilead Sciences, Inc. |
41,476 |
2,704,235 |
| ICON PLC, ADR * |
2,300 |
685,124 |
| Illumina, Inc. * |
3,692 |
454,301 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Incyte Corp. * |
1,573 |
81,875 |
| Ionis Pharmaceuticals, Inc. * |
653 |
26,943 |
| IQVIA Holdings, Inc. * |
446 |
103,369 |
| Jazz Pharmaceuticals PLC * |
982 |
108,757 |
| Johnson & Johnson |
79,977 |
11,563,874 |
| Maravai LifeSciences Holdings, Inc., Class A * |
1,492 |
12,234 |
| Merck & Co., Inc. |
68,783 |
8,888,139 |
| Moderna, Inc. * |
11,039 |
1,217,712 |
| Organon & Co. |
8,462 |
157,478 |
| Perrigo Co. PLC |
4,478 |
146,251 |
| Pfizer, Inc. |
187,508 |
4,803,955 |
| QIAGEN NV * |
7,323 |
309,983 |
| Regeneron Pharmaceuticals, Inc. * |
3,170 |
2,823,392 |
| Repligen Corp. * |
1,018 |
167,156 |
| Revvity, Inc. |
4,104 |
420,537 |
| Roivant Sciences Ltd. * |
689 |
7,510 |
| Royalty Pharma PLC, Class A |
12,359 |
342,344 |
| Sotera Health Co. * |
1,191 |
13,339 |
| Thermo Fisher Scientific, Inc. |
4,916 |
2,795,828 |
| United Therapeutics Corp. * |
1,505 |
352,667 |
| Vertex Pharmaceuticals, Inc. * |
728 |
285,966 |
| Viatris, Inc. |
39,781 |
460,266 |
| |
|
52,843,628 |
| | ||
| Real Estate Management & Development 0.3%
| ||
| CBRE Group, Inc., Class A * |
10,064 |
874,461 |
| CoStar Group, Inc. * |
7,646 |
699,838 |
| Howard Hughes Holdings, Inc. * |
1,136 |
74,022 |
| Jones Lang LaSalle, Inc. * |
1,564 |
282,615 |
| Zillow Group, Inc., Class C * |
6,888 |
293,222 |
| |
|
2,224,158 |
| | ||
| Semiconductors & Semiconductor Equipment 3.8%
| ||
| Advanced Micro Devices, Inc. * |
22,926 |
3,631,020 |
| Analog Devices, Inc. |
16,526 |
3,315,281 |
| Applied Materials, Inc. |
4,298 |
853,798 |
| Cirrus Logic, Inc. * |
1,770 |
156,769 |
| Entegris, Inc. |
4,697 |
624,325 |
| First Solar, Inc. * |
3,521 |
620,752 |
| GLOBALFOUNDRIES, Inc. * |
2,585 |
126,355 |
| Intel Corp. |
140,034 |
4,266,836 |
| Lam Research Corp. |
233 |
208,398 |
| Marvell Technology, Inc. |
28,347 |
1,868,351 |
| Microchip Technology, Inc. |
5,076 |
466,891 |
| Micron Technology, Inc. |
36,266 |
4,096,607 |
| MKS Instruments, Inc. |
2,189 |
260,447 |
| ON Semiconductor Corp. * |
14,281 |
1,001,955 |
| Qorvo, Inc. * |
3,241 |
378,678 |
| QUALCOMM, Inc. |
4,736 |
785,466 |
| Skyworks Solutions, Inc. |
5,265 |
561,196 |
| Teradyne, Inc. |
841 |
97,825 |
| Texas Instruments, Inc. |
17,833 |
3,146,098 |
| Universal Display Corp. |
854 |
134,915 |
| Wolfspeed, Inc. * |
4,048 |
109,417 |
| |
|
26,711,380 |
| | ||
| Software & Services 2.8% | ||
| Akamai Technologies, Inc. * |
4,969 |
501,521 |
| Amdocs Ltd. |
3,817 |
320,590 |
| ANSYS, Inc. * |
509 |
165,364 |
| AppLovin Corp., Class A * |
4,950 |
349,321 |
| Aspen Technology, Inc. * |
905 |
178,167 |
| Bentley Systems, Inc., Class B |
475 |
24,952 |
| Bill Holdings, Inc. * |
3,415 |
212,959 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
116
Schwab U.S. Large-Cap Value Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| CCC Intelligent Solutions Holdings, Inc. * |
11,184 |
125,484 |
| Cognizant Technology Solutions Corp., Class A |
16,668 |
1,094,754 |
| Dolby Laboratories, Inc., Class A |
1,956 |
151,903 |
| Dropbox, Inc., Class A * |
949 |
21,979 |
| DXC Technology Co. * |
6,391 |
124,561 |
| Gen Digital, Inc. |
15,480 |
311,767 |
| GoDaddy, Inc., Class A * |
1,843 |
225,546 |
| Guidewire Software, Inc. * |
2,710 |
299,184 |
| HashiCorp, Inc., Class A * |
1,027 |
33,336 |
| Informatica, Inc., Class A * |
1,372 |
42,491 |
| International Business Machines Corp. |
30,153 |
5,011,429 |
| Kyndryl Holdings, Inc. * |
7,468 |
146,821 |
| nCino, Inc. * |
2,094 |
61,061 |
| NCR Voyix Corp. * |
4,305 |
52,736 |
| Nutanix, Inc., Class A * |
6,125 |
371,787 |
| Okta, Inc. * |
4,759 |
442,492 |
| Oracle Corp. |
30,156 |
3,430,245 |
| PTC, Inc. * |
1,806 |
320,457 |
| Roper Technologies, Inc. |
3,507 |
1,793,690 |
| Salesforce, Inc. |
7,640 |
2,054,702 |
| SentinelOne, Inc., Class A * |
6,850 |
144,741 |
| Twilio, Inc., Class A * |
4,659 |
278,981 |
| Tyler Technologies, Inc. * |
336 |
155,081 |
| UiPath, Inc., Class A * |
2,908 |
55,165 |
| Unity Software, Inc. * |
5,863 |
142,295 |
| VeriSign, Inc. * |
2,793 |
473,358 |
| Zoom Video Communications, Inc., Class A * |
8,539 |
521,733 |
| |
|
19,640,653 |
| | ||
| Technology Hardware & Equipment 2.3% | ||
| Amphenol Corp., Class A |
9,627 |
1,162,653 |
| Arrow Electronics, Inc. * |
1,773 |
226,359 |
| Avnet, Inc. |
3,003 |
146,757 |
| CDW Corp. |
260 |
62,884 |
| Ciena Corp. * |
4,782 |
221,072 |
| Cisco Systems, Inc. |
134,567 |
6,321,958 |
| Cognex Corp. |
5,717 |
237,484 |
| Coherent Corp. * |
4,292 |
234,472 |
| Corning, Inc. |
25,212 |
841,577 |
| Crane NXT Co. |
1,619 |
98,451 |
| F5, Inc. * |
1,966 |
324,999 |
| Hewlett Packard Enterprise Co. |
43,013 |
731,221 |
| HP, Inc. |
22,823 |
641,098 |
| IPG Photonics Corp. * |
974 |
81,796 |
| Jabil, Inc. |
1,547 |
181,556 |
| Juniper Networks, Inc. |
10,526 |
366,515 |
| Keysight Technologies, Inc. * |
4,306 |
637,030 |
| Littelfuse, Inc. |
809 |
186,588 |
| Lumentum Holdings, Inc. * |
2,185 |
95,616 |
| Motorola Solutions, Inc. |
437 |
148,209 |
| NetApp, Inc. |
4,096 |
418,652 |
| Pure Storage, Inc., Class A * |
2,086 |
105,134 |
| TD SYNNEX Corp. |
2,248 |
264,904 |
| Teledyne Technologies, Inc. * |
1,546 |
589,768 |
| Trimble, Inc. * |
8,188 |
491,853 |
| Ubiquiti, Inc. |
21 |
2,259 |
| Viasat, Inc. * |
3,939 |
62,669 |
| Vontier Corp. |
3,414 |
138,711 |
| Western Digital Corp. * |
10,749 |
761,352 |
| Zebra Technologies Corp., Class A * |
1,393 |
438,182 |
| |
|
16,221,779 |
| | ||
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Telecommunication Services 1.8% | ||
| AT&T, Inc. |
237,582 |
4,012,760 |
| Frontier Communications Parent, Inc. * |
8,047 |
186,208 |
| GCI Liberty, Inc. *(c) |
2,247 |
0 |
| Iridium Communications, Inc. |
260 |
8,005 |
| T-Mobile U.S., Inc. |
16,240 |
2,666,121 |
| Verizon Communications, Inc. |
139,653 |
5,514,897 |
| |
|
12,387,991 |
| | ||
| Transportation 2.3% | ||
| Alaska Air Group, Inc. * |
4,119 |
177,199 |
| American Airlines Group, Inc. * |
13,631 |
184,155 |
| Avis Budget Group, Inc. |
390 |
37,225 |
| CH Robinson Worldwide, Inc. |
843 |
59,853 |
| CSX Corp. |
58,206 |
1,933,603 |
| Delta Air Lines, Inc. |
20,176 |
1,010,212 |
| Expeditors International of Washington, Inc. |
4,161 |
463,161 |
| FedEx Corp. |
7,694 |
2,014,135 |
| GXO Logistics, Inc. * |
3,899 |
193,624 |
| Hertz Global Holdings, Inc. * |
4,382 |
19,938 |
| JB Hunt Transport Services, Inc. |
2,189 |
355,866 |
| Kirby Corp. * |
1,935 |
211,167 |
| Knight-Swift Transportation Holdings, Inc. |
5,139 |
237,576 |
| Landstar System, Inc. |
246 |
42,905 |
| Norfolk Southern Corp. |
7,538 |
1,736,152 |
| Old Dominion Freight Line, Inc. |
459 |
83,405 |
| Ryder System, Inc. |
1,442 |
175,708 |
| Saia, Inc. * |
787 |
312,305 |
| Schneider National, Inc., Class B |
1,842 |
38,093 |
| Southwest Airlines Co. |
19,735 |
511,926 |
| U-Haul Holding Co. * |
143 |
9,042 |
| U-Haul Holding Co. - Non Voting |
2,068 |
126,810 |
| Union Pacific Corp. |
11,570 |
2,743,941 |
| United Airlines Holdings, Inc. * |
10,850 |
558,341 |
| United Parcel Service, Inc., Class B |
17,375 |
2,562,465 |
| XPO, Inc. * |
3,762 |
404,265 |
| |
|
16,203,072 |
| | ||
| Utilities 4.9% | ||
| AES Corp. |
8,623 |
154,352 |
| Alliant Energy Corp. |
8,433 |
419,963 |
| Ameren Corp. |
8,690 |
641,930 |
| American Electric Power Co., Inc. |
17,469 |
1,502,858 |
| American Water Works Co., Inc. |
6,460 |
790,187 |
| Atmos Energy Corp. |
5,000 |
589,500 |
| Avangrid, Inc. |
2,395 |
87,489 |
| Brookfield Renewable Corp., Class A |
4,465 |
103,767 |
| CenterPoint Energy, Inc. |
20,950 |
610,483 |
| Clearway Energy, Inc., Class C |
3,737 |
87,371 |
| CMS Energy Corp. |
9,656 |
585,250 |
| Consolidated Edison, Inc. |
11,492 |
1,084,845 |
| Constellation Energy Corp. |
10,670 |
1,983,980 |
| Dominion Energy, Inc. |
27,738 |
1,414,083 |
| DTE Energy Co. |
6,833 |
753,817 |
| Duke Energy Corp. |
25,578 |
2,513,294 |
| Edison International |
12,536 |
890,808 |
| Entergy Corp. |
7,019 |
748,717 |
| Essential Utilities, Inc. |
8,293 |
303,358 |
| Evergy, Inc. |
7,396 |
387,920 |
| Eversource Energy |
11,564 |
701,010 |
| Exelon Corp. |
33,005 |
1,240,328 |
| FirstEnergy Corp. |
18,066 |
692,650 |
| Hawaiian Electric Industries, Inc. |
3,784 |
37,272 |
| IDACORP, Inc. |
1,661 |
157,430 |
See financial
notes
117
Schwab Equity Index Funds | Semiannual
ReportSchwab U.S. Large-Cap Value Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| National Fuel Gas Co. |
2,918 |
154,946 |
| NextEra Energy, Inc. |
68,118 |
4,561,863 |
| NiSource, Inc. |
13,640 |
380,010 |
| NRG Energy, Inc. |
7,447 |
541,174 |
| OGE Energy Corp. |
6,590 |
228,344 |
| PG&E Corp. |
67,657 |
1,157,611 |
| Pinnacle West Capital Corp. |
3,737 |
275,230 |
| PPL Corp. |
24,492 |
672,550 |
| Public Service Enterprise Group, Inc. |
16,519 |
1,141,133 |
| Sempra |
20,902 |
1,497,210 |
| Southern Co. |
36,159 |
2,657,687 |
| UGI Corp. |
6,859 |
175,316 |
| Vistra Corp. |
8,316 |
630,685 |
| WEC Energy Group, Inc. |
10,470 |
865,241 |
| Xcel Energy, Inc. |
18,251 |
980,626 |
| |
|
34,402,288 |
| Total Common Stocks
(Cost $519,316,714) |
693,220,203 | |
| | ||
| INVESTMENT COMPANIES 0.1% OF NET ASSETS | ||
| | ||
| Equity Funds 0.1% | ||
| iShares Russell 1000 Value ETF |
6,000 |
1,029,000 |
| Total Investment Companies
(Cost $920,996) |
1,029,000 | |
| |
|
|
| SHORT-TERM INVESTMENTS 0.4% OF NET ASSETS | ||
| | ||
| Money Market Funds 0.4% | ||
| State Street Institutional U.S. Government Money Market Fund, Premier Class 5.25% (d) |
1,960,090 |
1,960,090 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 5.25% (d)(e) |
624,092 |
624,092 |
| |
|
2,584,182 |
| Total Short-Term Investments
(Cost $2,584,182) |
2,584,182 | |
| Total Investments in Securities
(Cost $522,821,892) |
696,833,385 | |
| |
NUMBER OF CONTRACTS |
NOTIONAL AMOUNT
($) |
CURRENT VALUE/ UNREALIZED
DEPRECIATION ($) |
| FUTURES CONTRACTS | |||
| Long |
|
|
|
| S&P 500 Index, e-mini, expires 06/21/24 |
11 |
2,786,850 |
(38,433 ) |
| * |
Non-income producing security. |
| (a) |
All or a portion of this security is on loan. Securities on loan were valued at $577,988. |
| (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. |
| ADR — |
American Depositary Receipt |
| ETF — |
Exchange-Traded Fund |
| REIT — |
Real Estate Investment Trust |
Below is a summary of the fund’s transactions
with affiliated issuers during the period ended April 30, 2024:
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DIVIDENDS RECEIVED |
| COMMON STOCKS 0.5% OF NET ASSETS | ||||||||
| | ||||||||
| Financial Services 0.5% | ||||||||
| Charles Schwab Corp. |
$2,523,420 |
$294,729 |
($226,533 ) |
($19,108 ) |
$1,054,961 |
$3,627,469 |
49,053 |
$23,792 |
See financial notes
Schwab Equity Index Funds | Semiannual Report
118
Schwab U.S. Large-Cap Value Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
The following is a summary of the inputs used to
value the fund’s investments as of April 30, 2024 (see financial note 2(a) for additional
information):
| DESCRIPTION |
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) |
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) |
TOTAL |
| Assets |
|
|
|
|
| Common Stocks1
|
$680,832,212 |
$— |
$— |
$680,832,212
|
| Telecommunication Services |
12,387,991 |
— |
0 * |
12,387,991 |
| Investment Companies1
|
1,029,000 |
— |
— |
1,029,000 |
| Short-Term Investments1
|
2,584,182 |
— |
— |
2,584,182 |
| Liabilities |
|
|
|
|
| Futures Contracts2
|
(38,433 ) |
— |
— |
(38,433 ) |
| Total |
$696,794,952 |
$— |
$0 |
$696,794,952 |
| * |
Level 3 amount shown includes securities determined to have no value at April 30, 2024. |
| 1 |
As categorized in the Portfolio Holdings.
|
| 2 |
Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
See financial notes
119
Schwab Equity Index Funds | Semiannual ReportSchwab U.S. Large-Cap Value Index
Fund
Statement of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $2,356,685) |
|
$3,627,469
|
| Investments in securities, at value - unaffiliated issuers (cost $520,465,207) including securities on loan of $577,988 |
|
693,205,916 |
| Deposit with broker for futures contracts |
|
177,000 |
| Receivables: |
|
|
| Fund shares sold |
|
1,041,417 |
| Dividends |
|
618,108 |
| Income from securities on loan |
+ |
2,465 |
| Total assets |
|
698,672,375 |
| | ||
| Liabilities | ||
| Collateral held for securities on loan |
|
624,092 |
| Payables: |
|
|
| Fund shares redeemed |
|
321,622 |
| Variation margin on futures contracts |
|
40,016 |
| Investment adviser fees |
+ |
20,176 |
| Total liabilities |
|
1,005,906 |
| Net assets |
|
$697,666,469 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$565,894,030
|
| Total distributable earnings |
+ |
131,772,439 |
| Net assets |
|
$697,666,469 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $697,666,469 |
|
13,010,287 |
|
$53.62 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab Equity Index Funds | Semiannual Report
120
Schwab U.S. Large-Cap Value Index
Fund
Statement of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $900) |
|
$7,765,844
|
| Dividends received from securities - affiliated issuers |
|
23,792 |
| Other interest |
|
4,680 |
| Securities on loan, net |
+ |
22,839 |
| Total investment income
|
|
7,817,155 |
| | ||
| Expenses | ||
| Investment adviser fees |
|
114,452 |
| Total expenses |
– |
114,452 |
| Net investment income |
|
7,702,703 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized losses on sales of securities - affiliated issuers |
|
(19,108 ) |
| Net realized losses on sales of securities - unaffiliated issuers |
|
(4,295,544 ) |
| Net realized gains on futures contracts |
+ |
500,970 |
| Net realized losses |
|
(3,813,682 ) |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
|
1,054,961 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
|
100,110,302 |
| Net change in unrealized appreciation (depreciation) on futures contracts |
+ |
(38,226 ) |
| Net change in unrealized appreciation (depreciation) |
+ |
101,127,037 |
| Net realized and unrealized gains |
|
97,313,355 |
| Increase in net assets resulting from operations |
|
$105,016,058 |
See financial notes
121
Schwab Equity Index Funds | Semiannual ReportSchwab 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 | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$7,702,703 |
$14,590,528
|
| Net realized gains (losses) |
|
(3,813,682 ) |
603,093 |
| Net change in unrealized appreciation (depreciation) |
+ |
101,127,037 |
(11,298,959 ) |
| Increase in net assets resulting from operations |
|
$105,016,058 |
$3,894,662 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($16,362,330
) |
($14,210,885 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
2,295,843 |
$119,919,742 |
5,801,820 |
$283,185,301
|
| Shares reinvested |
|
261,070 |
12,821,154 |
239,623 |
11,415,609 |
| Shares redeemed |
+ |
(2,290,648 ) |
(116,381,084 ) |
(6,931,984 ) |
(339,427,728 ) |
| Net transactions in fund shares |
|
266,265 |
$16,359,812 |
(890,541
) |
($44,826,818 ) |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
12,744,022 |
$592,652,929 |
13,634,563 |
$647,795,970
|
| Total increase (decrease) |
+ |
266,265 |
105,013,540 |
(890,541 ) |
(55,143,041 ) |
| End of period |
|
13,010,287 |
$697,666,469 |
12,744,022 |
$592,652,929 |
See financial notes
Schwab Equity Index Funds | Semiannual Report
122
Schwab U.S. Mid-Cap Index
Fund
Financial Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$50.52 |
$51.84 |
$64.44 |
$44.98 |
$44.29 |
$39.55 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.51 |
0.89 |
0.79 |
0.69 |
0.72 |
0.70 |
| Net realized and unrealized gains (losses) |
10.52 |
(1.40 ) |
(11.54 ) |
19.54 |
1.09 |
4.54 |
| Total from investment operations |
11.03 |
(0.51 ) |
(10.75 ) |
20.23 |
1.81 |
5.24 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.88 ) |
(0.77 ) |
(0.63 ) |
(0.77 ) |
(0.64 ) |
(0.42 ) |
| Distributions from net realized gains |
— |
(0.04 ) |
(1.22 ) |
— |
(0.48 ) |
(0.08 ) |
| Total distributions |
(0.88 ) |
(0.81 ) |
(1.85 ) |
(0.77 ) |
(1.12 ) |
(0.50 ) |
| Net asset value at end of period |
$60.67 |
$50.52 |
$51.84 |
$64.44 |
$44.98 |
$44.29 |
| Total return |
21.98
%2 |
(1.03 %) |
(17.15 %) |
45.35 % |
4.04 % |
13.61 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Total expenses |
0.04
%3 |
0.04 % |
0.04
%4 |
0.04 % |
0.04 % |
0.04
%5 |
| Net investment income (loss) |
1.73
%3 |
1.66 % |
1.41 % |
1.19 % |
1.69 % |
1.67 % |
| Portfolio turnover rate |
3
%2 |
8
%6 |
11
%6 |
14 % |
29 % |
21 % |
| Net assets, end of period (x 1,000,000) |
$1,389 |
$1,063 |
$903 |
$891 |
$483 |
$357 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Annualized. |
| 4 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
| 5 |
Effective December 20, 2018, the annual operating expense ratio was reduced to 0.04%. The ratio presented for period ended October 31, 2019, is a blended
ratio. |
| 6 |
Portfolio turnover rate excludes in-kind transactions. |
See financial notes
123
Schwab Equity Index Funds | Semiannual ReportSchwab U.S. Mid-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to
orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to
20 days after the end of the month on the fund’s website.
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| COMMON STOCKS 99.6% OF NET ASSETS | ||
| | ||
| Automobiles & Components 0.6% |
||
| Aptiv PLC * |
34,620 |
2,458,020 |
| BorgWarner, Inc. |
29,917 |
980,380 |
| Gentex Corp. |
30,043 |
1,030,475 |
| Harley-Davidson, Inc. |
16,101 |
553,713 |
| Lear Corp. |
7,432 |
935,466 |
| Lucid Group, Inc. *(a) |
95,641 |
243,884 |
| Phinia, Inc. |
5,916 |
230,724 |
| QuantumScape Corp., Class A * |
42,963 |
232,859 |
| Rivian Automotive, Inc., Class A * |
86,114 |
766,415 |
| Thor Industries, Inc. |
6,523 |
648,517 |
| |
|
8,080,453 |
| | ||
| Banks 2.4% | ||
| Bank OZK |
13,562 |
605,543 |
| BOK Financial Corp. |
3,547 |
314,725 |
| Citizens Financial Group, Inc. |
59,482 |
2,028,931 |
| Columbia Banking System, Inc. |
26,472 |
497,938 |
| Comerica, Inc. |
16,890 |
847,371 |
| Commerce Bancshares, Inc. |
15,406 |
842,400 |
| Cullen/Frost Bankers, Inc. |
7,537 |
786,411 |
| East West Bancorp, Inc. |
17,976 |
1,339,032 |
| Fifth Third Bancorp |
86,812 |
3,165,166 |
| First Citizens BancShares, Inc., Class A |
1,388 |
2,341,223 |
| First Hawaiian, Inc. |
16,193 |
341,511 |
| First Horizon Corp. |
71,259 |
1,063,184 |
| FNB Corp. |
45,522 |
607,264 |
| Huntington Bancshares, Inc. |
183,943 |
2,477,712 |
| KeyCorp |
119,139 |
1,726,324 |
| M&T Bank Corp. |
21,154 |
3,054,426 |
| New York Community Bancorp, Inc. |
90,791 |
240,596 |
| NU Holdings Ltd., Class A * |
298,978 |
3,246,901 |
| Pinnacle Financial Partners, Inc. |
9,579 |
734,709 |
| Popular, Inc. |
8,959 |
761,426 |
| Prosperity Bancshares, Inc. |
11,090 |
687,247 |
| Regions Financial Corp. |
118,181 |
2,277,348 |
| Synovus Financial Corp. |
18,412 |
658,966 |
| TFS Financial Corp. |
6,437 |
77,308 |
| Webster Financial Corp. |
21,924 |
960,929 |
| Western Alliance Bancorp |
13,765 |
782,265 |
| Wintrust Financial Corp. |
7,745 |
748,477 |
| Zions Bancorp NA |
18,526 |
755,490 |
| |
|
33,970,823 |
| | ||
| Capital Goods 13.8% | ||
| A O Smith Corp. |
15,498 |
1,283,854 |
| Acuity Brands, Inc. |
3,955 |
982,026 |
| Advanced Drainage Systems, Inc. |
8,570 |
1,345,490 |
| AECOM |
17,364 |
1,603,739 |
| AGCO Corp. |
8,029 |
916,832 |
| Air Lease Corp., Class A |
13,172 |
661,761 |
| Allegion PLC |
11,233 |
1,365,483 |
| Allison Transmission Holdings, Inc. |
11,367 |
836,043 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| AMETEK, Inc. |
29,420 |
5,138,497 |
| Armstrong World Industries, Inc. |
5,582 |
641,260 |
| Axon Enterprise, Inc. * |
9,001 |
2,823,254 |
| AZEK Co., Inc., Class A * |
18,286 |
834,573 |
| Builders FirstSource, Inc. * |
15,513 |
2,836,087 |
| BWX Technologies, Inc. |
11,699 |
1,120,413 |
| Carlisle Cos., Inc. |
6,188 |
2,402,491 |
| Carrier Global Corp. |
106,576 |
6,553,358 |
| ChargePoint Holdings, Inc. *(a) |
43,622 |
58,017 |
| CNH Industrial NV * |
125,102 |
1,426,163 |
| Core & Main, Inc., Class A * |
22,222 |
1,254,876 |
| Crane Co. |
6,109 |
855,321 |
| Cummins, Inc. |
17,423 |
4,921,823 |
| Curtiss-Wright Corp. |
4,885 |
1,237,957 |
| Donaldson Co., Inc. |
15,515 |
1,120,183 |
| Dover Corp. |
17,840 |
3,198,712 |
| EMCOR Group, Inc. |
5,931 |
2,118,375 |
| Esab Corp. |
7,184 |
760,642 |
| Fastenal Co. |
73,037 |
4,962,134 |
| Ferguson PLC |
26,121 |
5,482,798 |
| Flowserve Corp. |
16,654 |
785,403 |
| Fortive Corp. |
45,232 |
3,404,613 |
| Fortune Brands Innovations, Inc. |
16,193 |
1,183,708 |
| Gates Industrial Corp. PLC * |
21,022 |
370,408 |
| Generac Holdings, Inc. * |
7,674 |
1,043,357 |
| Graco, Inc. |
21,366 |
1,713,553 |
| Hayward Holdings, Inc. * |
16,802 |
228,171 |
| HEICO Corp. |
14,152 |
2,935,125 |
| Hexcel Corp. |
10,731 |
689,038 |
| Howmet Aerospace, Inc. |
48,505 |
3,237,709 |
| Hubbell, Inc., Class B |
6,850 |
2,538,062 |
| Huntington Ingalls Industries, Inc. |
5,017 |
1,389,358 |
| IDEX Corp. |
9,668 |
2,131,407 |
| Ingersoll Rand, Inc. |
51,767 |
4,830,896 |
| ITT, Inc. |
10,576 |
1,367,900 |
| Lennox International, Inc. |
4,087 |
1,893,998 |
| Lincoln Electric Holdings, Inc. |
7,139 |
1,567,225 |
| Masco Corp. |
28,752 |
1,968,074 |
| MasTec, Inc. * |
7,915 |
701,981 |
| MDU Resources Group, Inc. |
25,727 |
635,457 |
| Mercury Systems, Inc. * |
6,833 |
192,691 |
| Middleby Corp. * |
6,823 |
948,192 |
| MSC Industrial Direct Co., Inc., Class A
|
5,888 |
537,221 |
| Nordson Corp. |
7,313 |
1,888,143 |
| nVent Electric PLC |
21,041 |
1,516,425 |
| Oshkosh Corp. |
8,360 |
938,577 |
| Otis Worldwide Corp. |
52,880 |
4,822,656 |
| Owens Corning |
11,323 |
1,904,642 |
| PACCAR, Inc. |
65,587 |
6,959,437 |
| Parker-Hannifin Corp. |
16,348 |
8,908,189 |
| Pentair PLC |
20,983 |
1,659,545 |
| Plug Power, Inc. *(a) |
66,485 |
153,580 |
| Quanta Services, Inc. |
18,385 |
4,753,626 |
| RBC Bearings, Inc. * |
3,600 |
880,380 |
| Regal Rexnord Corp. |
8,466 |
1,366,158 |
| Rockwell Automation, Inc. |
14,698 |
3,982,570 |
| Sensata Technologies Holding PLC |
19,207 |
735,820 |
| SiteOne Landscape Supply, Inc. * |
5,703 |
894,744 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
124
Schwab U.S. Mid-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Snap-on, Inc. |
6,655 |
1,783,274 |
| Spirit AeroSystems Holdings, Inc., Class A * |
14,664 |
469,248 |
| Stanley Black & Decker, Inc. |
19,579 |
1,789,521 |
| Sunrun, Inc. * |
27,411 |
282,059 |
| Textron, Inc. |
25,025 |
2,116,865 |
| Timken Co. |
7,785 |
694,578 |
| Toro Co. |
13,335 |
1,168,013 |
| Trane Technologies PLC |
29,129 |
9,243,797 |
| TransDigm Group, Inc. |
6,777 |
8,457,899 |
| Trex Co., Inc. * |
13,907 |
1,231,465 |
| United Rentals, Inc. |
8,654 |
5,780,785 |
| Valmont Industries, Inc. |
2,641 |
540,877 |
| Vertiv Holdings Co., Class A |
43,887 |
4,081,491 |
| Watsco, Inc. |
4,301 |
1,925,644 |
| WESCO International, Inc. |
5,634 |
860,593 |
| Westinghouse Air Brake Technologies Corp. |
22,803 |
3,673,107 |
| WillScot Mobile Mini Holdings Corp. * |
23,903 |
883,455 |
| Woodward, Inc. |
7,666 |
1,244,652 |
| WW Grainger, Inc. |
5,649 |
5,204,706 |
| Xylem, Inc. |
30,330 |
3,964,131 |
| |
|
191,796,361 |
| | ||
| Commercial & Professional Services 4.5% | ||
| Booz Allen Hamilton Holding Corp., Class A |
16,391 |
2,420,459 |
| Broadridge Financial Solutions, Inc. |
14,989 |
2,899,023 |
| CACI International, Inc., Class A * |
2,826 |
1,136,702 |
| Cintas Corp. |
11,083 |
7,296,382 |
| Clarivate PLC * |
59,570 |
402,693 |
| Clean Harbors, Inc. * |
6,481 |
1,227,825 |
| Concentrix Corp. |
5,591 |
305,660 |
| Copart, Inc. * |
109,751 |
5,960,577 |
| Dayforce, Inc. * |
19,145 |
1,174,929 |
| Driven Brands Holdings, Inc. * |
7,549 |
108,177 |
| Dun & Bradstreet Holdings, Inc. |
34,754 |
316,261 |
| Equifax, Inc. |
15,585 |
3,431,661 |
| FTI Consulting, Inc. * |
4,237 |
905,998 |
| Genpact Ltd. |
22,538 |
692,818 |
| Jacobs Solutions, Inc. |
16,089 |
2,309,254 |
| KBR, Inc. |
17,151 |
1,113,786 |
| Leidos Holdings, Inc. |
17,455 |
2,447,540 |
| ManpowerGroup, Inc. |
6,178 |
466,130 |
| MSA Safety, Inc. |
4,692 |
846,437 |
| Paychex, Inc. |
41,219 |
4,897,229 |
| Paycom Software, Inc. |
6,617 |
1,243,864 |
| Paycor HCM, Inc. * |
8,334 |
144,762 |
| Paylocity Holding Corp. * |
5,348 |
829,796 |
| RB Global, Inc. |
23,229 |
1,662,732 |
| Republic Services, Inc., Class A |
26,420 |
5,064,714 |
| Robert Half, Inc. |
13,152 |
909,329 |
| Rollins, Inc. |
32,667 |
1,455,642 |
| Science Applications International Corp. |
6,598 |
849,163 |
| SS&C Technologies Holdings, Inc. |
27,793 |
1,720,109 |
| Stericycle, Inc. * |
11,725 |
524,459 |
| Tetra Tech, Inc. |
6,785 |
1,321,175 |
| TransUnion |
24,694 |
1,802,662 |
| Verisk Analytics, Inc., Class A |
18,251 |
3,977,988 |
| Vestis Corp. |
14,913 |
274,697 |
| |
|
62,140,633 |
| | ||
| Consumer Discretionary Distribution & Retail
3.3% | ||
| Advance Auto Parts, Inc. |
7,560 |
551,729 |
| AutoNation, Inc. * |
3,618 |
583,041 |
| Bath & Body Works, Inc. |
28,946 |
1,314,727 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Best Buy Co., Inc. |
24,612 |
1,812,428 |
| Burlington Stores, Inc. * |
8,267 |
1,487,564 |
| CarMax, Inc. * |
20,218 |
1,374,217 |
| Coupang, Inc., Class A * |
140,126 |
3,152,835 |
| Dick's Sporting Goods, Inc. |
7,210 |
1,448,777 |
| eBay, Inc. |
66,375 |
3,420,967 |
| Etsy, Inc. * |
15,278 |
1,049,140 |
| Five Below, Inc. * |
7,025 |
1,028,038 |
| Floor & Decor Holdings, Inc., Class A * |
13,317 |
1,469,265 |
| GameStop Corp., Class A *(a) |
34,517 |
382,793 |
| Gap, Inc. |
24,746 |
507,788 |
| Genuine Parts Co. |
17,939 |
2,820,190 |
| Kohl's Corp. |
14,152 |
338,799 |
| Lithia Motors, Inc., Class A |
3,473 |
883,462 |
| LKQ Corp. |
34,091 |
1,470,345 |
| Macy's, Inc. |
34,451 |
634,932 |
| Murphy USA, Inc. |
2,495 |
1,032,481 |
| Nordstrom, Inc. |
14,599 |
277,527 |
| Ollie's Bargain Outlet Holdings, Inc. * |
7,848 |
574,003 |
| Penske Automotive Group, Inc. |
2,494 |
381,357 |
| Petco Health & Wellness Co., Inc., Class A * |
9,048 |
13,572 |
| Pool Corp. |
4,858 |
1,761,171 |
| RH * |
1,984 |
490,147 |
| Ross Stores, Inc. |
42,283 |
5,477,763 |
| Tractor Supply Co. |
13,821 |
3,774,239 |
| Ulta Beauty, Inc. * |
6,202 |
2,510,818 |
| Valvoline, Inc. * |
16,521 |
702,473 |
| Victoria's Secret & Co. * |
9,726 |
171,372 |
| Wayfair, Inc., Class A * |
10,706 |
536,906 |
| Williams-Sonoma, Inc. |
8,149 |
2,336,970 |
| |
|
45,771,836 |
| | ||
| Consumer Durables & Apparel 2.8% |
||
| Birkenstock Holding PLC *(a) |
3,259 |
145,905 |
| Brunswick Corp. |
8,718 |
703,020 |
| Capri Holdings Ltd. * |
14,393 |
510,664 |
| Carter's, Inc. |
4,577 |
313,113 |
| Columbia Sportswear Co. |
4,414 |
351,487 |
| Crocs, Inc. * |
7,621 |
947,824 |
| Deckers Outdoor Corp. * |
3,271 |
2,677,215 |
| DR Horton, Inc. |
38,724 |
5,517,783 |
| Garmin Ltd. |
19,650 |
2,838,835 |
| Hasbro, Inc. |
16,749 |
1,026,714 |
| Leggett & Platt, Inc. |
17,044 |
307,985 |
| Lennar Corp., Class A |
32,521 |
4,930,834 |
| Mattel, Inc. * |
44,824 |
821,176 |
| Mohawk Industries, Inc. * |
6,734 |
776,565 |
| Newell Brands, Inc. |
48,879 |
388,099 |
| NVR, Inc. * |
372 |
2,767,252 |
| Peloton Interactive, Inc., Class A * |
42,236 |
131,354 |
| Polaris, Inc. |
6,864 |
584,538 |
| PulteGroup, Inc. |
27,397 |
3,052,574 |
| PVH Corp. |
7,551 |
821,549 |
| Ralph Lauren Corp., Class A |
5,048 |
826,055 |
| Skechers USA, Inc., Class A * |
17,066 |
1,127,209 |
| Tapestry, Inc. |
29,345 |
1,171,452 |
| Tempur Sealy International, Inc. |
21,387 |
1,070,633 |
| Toll Brothers, Inc. |
13,279 |
1,581,662 |
| TopBuild Corp. * |
4,052 |
1,639,723 |
| Under Armour, Inc., Class A * |
48,931 |
329,306 |
| VF Corp. |
44,516 |
554,669 |
| Whirlpool Corp. |
6,813 |
646,281 |
| YETI Holdings, Inc. * |
11,031 |
394,027 |
| |
|
38,955,503 |
| | ||
See financial
notes
125
Schwab Equity Index Funds | Semiannual
ReportSchwab U.S. Mid-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Consumer Services 3.7% | ||
| ADT, Inc. |
32,493 |
211,205 |
| Aramark |
33,345 |
1,050,701 |
| Boyd Gaming Corp. |
8,994 |
481,269 |
| Bright Horizons Family Solutions, Inc. * |
7,312 |
758,328 |
| Caesars Entertainment, Inc. * |
26,387 |
945,182 |
| Carnival Corp. * |
127,104 |
1,883,681 |
| Cava Group, Inc. * |
6,125 |
440,633 |
| Choice Hotels International, Inc. |
3,757 |
444,303 |
| Churchill Downs, Inc. |
9,110 |
1,175,190 |
| Darden Restaurants, Inc. |
15,244 |
2,338,582 |
| Domino's Pizza, Inc. |
4,466 |
2,363,720 |
| DoorDash, Inc., Class A * |
39,656 |
5,125,935 |
| DraftKings, Inc., Class A * |
53,457 |
2,221,673 |
| Expedia Group, Inc. * |
17,006 |
2,289,518 |
| Grand Canyon Education, Inc. * |
3,788 |
492,516 |
| H&R Block, Inc. |
18,426 |
870,260 |
| Hilton Worldwide Holdings, Inc. |
31,869 |
6,287,116 |
| Hyatt Hotels Corp., Class A |
5,518 |
821,023 |
| Marriott Vacations Worldwide Corp. |
4,456 |
428,266 |
| MGM Resorts International * |
35,164 |
1,386,868 |
| Mister Car Wash, Inc. * |
9,655 |
64,592 |
| Norwegian Cruise Line Holdings Ltd. * |
54,199 |
1,025,445 |
| Penn Entertainment, Inc. * |
19,052 |
315,120 |
| Planet Fitness, Inc., Class A * |
10,854 |
649,503 |
| Royal Caribbean Cruises Ltd. * |
29,933 |
4,179,545 |
| Service Corp. International |
18,375 |
1,317,671 |
| Texas Roadhouse, Inc., Class A |
8,558 |
1,375,955 |
| Travel & Leisure Co. |
9,023 |
392,861 |
| Vail Resorts, Inc. |
4,847 |
917,876 |
| Wendy's Co. |
21,611 |
432,004 |
| Wingstop, Inc. |
3,762 |
1,447,580 |
| Wyndham Hotels & Resorts, Inc. |
10,343 |
760,314 |
| Wynn Resorts Ltd. |
13,301 |
1,219,037 |
| Yum! Brands, Inc. |
35,865 |
5,065,931 |
| |
|
51,179,403 |
| | ||
| Consumer Staples Distribution & Retail 1.2%
| ||
| Albertsons Cos., Inc., Class A |
53,047 |
1,082,159 |
| BJ's Wholesale Club Holdings, Inc. * |
17,031 |
1,271,875 |
| Casey's General Stores, Inc. |
4,765 |
1,522,799 |
| Dollar Tree, Inc. * |
26,270 |
3,106,427 |
| Grocery Outlet Holding Corp. * |
12,212 |
317,146 |
| Kroger Co. |
83,467 |
4,622,402 |
| Maplebear, Inc. * |
2,675 |
91,298 |
| Performance Food Group Co. * |
19,614 |
1,331,398 |
| U.S. Foods Holding Corp. * |
28,993 |
1,456,898 |
| Walgreens Boots Alliance, Inc. |
91,661 |
1,625,150 |
| |
|
16,427,552 |
| | ||
| Energy 5.2% | ||
| Antero Midstream Corp. |
43,170 |
597,473 |
| Antero Resources Corp. * |
36,216 |
1,231,706 |
| APA Corp. |
46,585 |
1,464,632 |
| Baker Hughes Co., Class A |
127,746 |
4,167,075 |
| Cheniere Energy, Inc. |
30,653 |
4,837,656 |
| Chesapeake Energy Corp. |
15,837 |
1,423,430 |
| Coterra Energy, Inc. |
95,471 |
2,612,087 |
| Devon Energy Corp. |
81,986 |
4,196,044 |
| Diamondback Energy, Inc. |
22,816 |
4,588,982 |
| DT Midstream, Inc. |
12,355 |
768,481 |
| EQT Corp. |
46,098 |
1,848,069 |
| Halliburton Co. |
114,917 |
4,305,940 |
| Hess Corp. |
35,550 |
5,598,770 |
| HF Sinclair Corp. |
20,484 |
1,111,257 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Marathon Oil Corp. |
74,680 |
2,005,158 |
| New Fortress Energy, Inc. |
8,229 |
215,600 |
| NOV, Inc. |
49,954 |
923,649 |
| ONEOK, Inc. |
74,419 |
5,888,031 |
| Ovintiv, Inc. |
32,823 |
1,684,476 |
| Phillips 66 |
56,273 |
8,058,856 |
| Range Resources Corp. |
29,998 |
1,077,228 |
| Southwestern Energy Co. * |
139,690 |
1,046,278 |
| Targa Resources Corp. |
28,270 |
3,224,476 |
| TechnipFMC PLC |
55,391 |
1,419,117 |
| Texas Pacific Land Corp. |
2,368 |
1,364,678 |
| Williams Cos., Inc. |
155,796 |
5,976,335 |
| |
|
71,635,484 |
| | ||
| Equity Real Estate Investment Trusts (REITs) 6.6%
| ||
| Agree Realty Corp. |
12,621 |
722,174 |
| Alexandria Real Estate Equities, Inc. |
22,184 |
2,570,460 |
| American Homes 4 Rent, Class A |
42,602 |
1,525,152 |
| Americold Realty Trust, Inc. |
36,097 |
793,051 |
| Apartment Income REIT Corp. |
18,677 |
716,823 |
| AvalonBay Communities, Inc. |
18,127 |
3,436,335 |
| Boston Properties, Inc. |
20,090 |
1,243,370 |
| Brixmor Property Group, Inc. |
38,118 |
842,408 |
| Camden Property Trust |
13,286 |
1,324,348 |
| Cousins Properties, Inc. |
19,267 |
441,985 |
| CubeSmart |
28,656 |
1,158,849 |
| Digital Realty Trust, Inc. |
38,638 |
5,362,182 |
| EastGroup Properties, Inc. |
5,826 |
905,127 |
| EPR Properties |
9,494 |
385,361 |
| Equity LifeStyle Properties, Inc. |
22,743 |
1,371,175 |
| Equity Residential |
47,708 |
3,072,395 |
| Essex Property Trust, Inc. |
8,164 |
2,010,385 |
| Extra Space Storage, Inc. |
26,749 |
3,591,856 |
| Federal Realty Investment Trust |
10,364 |
1,079,618 |
| First Industrial Realty Trust, Inc. |
16,807 |
763,374 |
| Gaming & Leisure Properties, Inc. |
32,746 |
1,399,237 |
| Healthcare Realty Trust, Inc., Class A |
48,369 |
688,291 |
| Healthpeak Properties, Inc. |
90,328 |
1,681,004 |
| Highwoods Properties, Inc. |
13,371 |
350,320 |
| Host Hotels & Resorts, Inc. |
89,405 |
1,687,072 |
| Invitation Homes, Inc. |
78,168 |
2,673,346 |
| Iron Mountain, Inc. |
37,035 |
2,870,953 |
| Kilroy Realty Corp. |
14,899 |
503,586 |
| Kimco Realty Corp. |
83,946 |
1,563,914 |
| Lamar Advertising Co., Class A |
11,128 |
1,289,179 |
| Medical Properties Trust, Inc. (a) |
75,815 |
348,749 |
| Mid-America Apartment Communities, Inc. |
14,848 |
1,930,240 |
| National Storage Affiliates Trust |
9,591 |
336,069 |
| NET Lease Office Properties |
1,979 |
45,240 |
| NNN REIT, Inc. |
23,102 |
936,324 |
| Omega Healthcare Investors, Inc. |
31,394 |
954,692 |
| Park Hotels & Resorts, Inc. |
26,466 |
426,897 |
| Rayonier, Inc. |
18,691 |
554,375 |
| Realty Income Corp. |
106,395 |
5,696,388 |
| Regency Centers Corp. |
23,132 |
1,369,877 |
| Rexford Industrial Realty, Inc. |
26,967 |
1,154,457 |
| SBA Communications Corp., Class A |
13,735 |
2,556,358 |
| Simon Property Group, Inc. |
41,507 |
5,832,979 |
| STAG Industrial, Inc. |
23,144 |
795,922 |
| Sun Communities, Inc. |
15,715 |
1,749,394 |
| UDR, Inc. |
41,976 |
1,598,446 |
| Ventas, Inc. |
51,097 |
2,262,575 |
| VICI Properties, Inc., Class A |
132,282 |
3,776,651 |
| Vornado Realty Trust |
22,506 |
585,831 |
| Welltower, Inc. |
70,890 |
6,754,399 |
| Weyerhaeuser Co. |
93,674 |
2,826,145 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
126
Schwab U.S. Mid-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| WP Carey, Inc. |
27,733 |
1,520,878 |
| |
|
92,036,216 |
| | ||
| Financial Services 8.5% | ||
| Affiliated Managers Group, Inc. |
4,251 |
663,581 |
| Affirm Holdings, Inc. * |
28,880 |
920,694 |
| AGNC Investment Corp. |
88,158 |
806,646 |
| Ally Financial, Inc. |
34,635 |
1,328,252 |
| Ameriprise Financial, Inc. |
12,815 |
5,277,089 |
| Annaly Capital Management, Inc. |
64,035 |
1,200,016 |
| Apollo Global Management, Inc. |
66,735 |
7,232,739 |
| ARES Management Corp., Class A |
21,371 |
2,844,266 |
| Bank of New York Mellon Corp. |
97,265 |
5,494,500 |
| Block, Inc. * |
70,548 |
5,150,004 |
| Blue Owl Capital, Inc., Class A |
58,382 |
1,102,836 |
| Carlyle Group, Inc. |
27,016 |
1,210,317 |
| Cboe Global Markets, Inc. |
13,450 |
2,436,467 |
| Coinbase Global, Inc., Class A * |
21,906 |
4,467,291 |
| Corebridge Financial, Inc. (a) |
28,835 |
765,858 |
| Corpay, Inc. * |
8,989 |
2,715,936 |
| Credit Acceptance Corp. * |
806 |
414,058 |
| Discover Financial Services |
31,909 |
4,043,828 |
| Equitable Holdings, Inc. |
43,107 |
1,591,079 |
| Euronet Worldwide, Inc. * |
5,567 |
571,620 |
| Evercore, Inc., Class A |
4,516 |
819,654 |
| FactSet Research Systems, Inc. |
4,908 |
2,046,096 |
| Fidelity National Information Services, Inc. |
75,727 |
5,143,378 |
| Franklin Resources, Inc. |
38,426 |
877,650 |
| Global Payments, Inc. |
32,983 |
4,049,323 |
| Houlihan Lokey, Inc., Class A |
6,442 |
821,291 |
| Interactive Brokers Group, Inc., Class A |
13,258 |
1,526,261 |
| Invesco Ltd. |
46,247 |
655,320 |
| Jack Henry & Associates, Inc. |
9,306 |
1,513,993 |
| Janus Henderson Group PLC |
17,044 |
532,114 |
| Jefferies Financial Group, Inc. |
23,225 |
1,000,069 |
| KKR & Co., Inc. |
84,870 |
7,898,851 |
| Lazard, Inc. |
13,935 |
536,498 |
| LPL Financial Holdings, Inc. |
9,637 |
2,593,606 |
| MarketAxess Holdings, Inc. |
4,753 |
951,028 |
| MGIC Investment Corp. |
35,064 |
711,098 |
| Morningstar, Inc. |
3,298 |
932,180 |
| MSCI, Inc., Class A |
9,823 |
4,575,455 |
| Nasdaq, Inc. |
47,135 |
2,821,030 |
| NCR Atleos Corp. * |
8,357 |
166,555 |
| Northern Trust Corp. |
25,870 |
2,131,429 |
| OneMain Holdings, Inc. |
14,283 |
744,287 |
| Raymond James Financial, Inc. |
24,198 |
2,952,156 |
| Rithm Capital Corp. |
61,345 |
682,156 |
| Robinhood Markets, Inc., Class A * |
80,955 |
1,334,948 |
| Rocket Cos., Inc., Class A * |
15,067 |
185,023 |
| SEI Investments Co. |
12,894 |
850,359 |
| Shift4 Payments, Inc., Class A * |
6,826 |
394,952 |
| SLM Corp. |
27,907 |
591,349 |
| SoFi Technologies, Inc. * |
121,941 |
826,760 |
| Starwood Property Trust, Inc. |
37,520 |
711,754 |
| State Street Corp. |
38,560 |
2,795,214 |
| Stifel Financial Corp. |
12,538 |
1,002,037 |
| Synchrony Financial |
51,804 |
2,278,340 |
| T Rowe Price Group, Inc. |
28,211 |
3,091,079 |
| Toast, Inc., Class A * |
46,991 |
1,110,397 |
| TPG, Inc. |
9,187 |
395,960 |
| Tradeweb Markets, Inc., Class A |
14,684 |
1,493,510 |
| UWM Holdings Corp. |
11,458 |
72,185 |
| Virtu Financial, Inc., Class A |
10,741 |
233,080 |
| Voya Financial, Inc. |
12,423 |
846,752 |
| Western Union Co. |
46,366 |
623,159 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| WEX, Inc. * |
5,478 |
1,157,282 |
| XP, Inc., Class A |
41,458 |
848,645 |
| |
|
117,761,340 |
| | ||
| Food, Beverage & Tobacco 1.7% |
||
| Boston Beer Co., Inc., Class A * |
1,210 |
336,876 |
| Brown-Forman Corp., Class B |
29,705 |
1,421,384 |
| Bunge Global SA |
18,502 |
1,882,764 |
| Campbell Soup Co. |
24,360 |
1,113,496 |
| Celsius Holdings, Inc. * |
18,390 |
1,310,655 |
| Conagra Brands, Inc. |
60,833 |
1,872,440 |
| Darling Ingredients, Inc. * |
20,181 |
855,069 |
| Flowers Foods, Inc. |
23,927 |
596,739 |
| Freshpet, Inc. * |
5,512 |
584,658 |
| Hormel Foods Corp. |
37,068 |
1,318,138 |
| Ingredion, Inc. |
8,299 |
950,983 |
| J M Smucker Co. |
13,140 |
1,509,129 |
| Kellanova |
33,229 |
1,922,630 |
| Lamb Weston Holdings, Inc. |
18,597 |
1,549,874 |
| McCormick & Co., Inc. - Non Voting Shares |
32,139 |
2,444,492 |
| Molson Coors Beverage Co., Class B |
22,374 |
1,281,135 |
| Pilgrim's Pride Corp. * |
5,168 |
186,151 |
| Post Holdings, Inc. * |
6,469 |
686,684 |
| Seaboard Corp. |
29 |
95,993 |
| Tyson Foods, Inc., Class A |
35,533 |
2,155,077 |
| WK Kellogg Co. |
8,323 |
194,259 |
| |
|
24,268,626 |
| | ||
| Health Care Equipment & Services 5.0% | ||
| Acadia Healthcare Co., Inc. * |
11,420 |
844,395 |
| agilon health, Inc. * |
36,699 |
201,845 |
| Align Technology, Inc. * |
9,764 |
2,757,158 |
| Amedisys, Inc. * |
4,106 |
377,957 |
| Baxter International, Inc. |
64,656 |
2,610,163 |
| Cardinal Health, Inc. |
31,548 |
3,250,706 |
| Cencora, Inc. |
21,506 |
5,141,009 |
| Certara, Inc. * |
15,319 |
262,108 |
| Chemed Corp. |
1,882 |
1,068,976 |
| Cooper Cos., Inc. |
24,853 |
2,213,408 |
| DaVita, Inc. * |
6,877 |
955,972 |
| DENTSPLY SIRONA, Inc. |
26,920 |
807,869 |
| Dexcom, Inc. * |
49,474 |
6,302,493 |
| Doximity, Inc., Class A * |
14,360 |
348,804 |
| Encompass Health Corp. |
12,658 |
1,055,424 |
| Enovis Corp. * |
6,718 |
371,035 |
| Envista Holdings Corp. * |
20,848 |
410,289 |
| Globus Medical, Inc., Class A * |
15,090 |
751,331 |
| Henry Schein, Inc. * |
16,694 |
1,156,560 |
| Hologic, Inc. * |
29,581 |
2,241,352 |
| ICU Medical, Inc. * |
2,618 |
256,355 |
| IDEXX Laboratories, Inc. * |
10,534 |
5,190,734 |
| Inspire Medical Systems, Inc. * |
3,711 |
896,800 |
| Insulet Corp. * |
8,871 |
1,525,280 |
| Integra LifeSciences Holdings Corp. * |
8,810 |
256,988 |
| Laboratory Corp. of America Holdings |
10,843 |
2,183,455 |
| Masimo Corp. * |
5,496 |
738,717 |
| Molina Healthcare, Inc. * |
7,388 |
2,527,435 |
| Novocure Ltd. * |
13,221 |
161,825 |
| Penumbra, Inc. * |
4,654 |
914,371 |
| Premier, Inc., Class A |
15,302 |
319,506 |
| Quest Diagnostics, Inc. |
14,321 |
1,978,876 |
| QuidelOrtho Corp. * |
6,806 |
275,983 |
| R1 RCM, Inc. * |
19,684 |
241,916 |
| ResMed, Inc. |
18,570 |
3,973,794 |
| Shockwave Medical, Inc. * |
4,640 |
1,532,082 |
See financial
notes
127
Schwab Equity Index Funds | Semiannual
ReportSchwab U.S. Mid-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| STERIS PLC |
12,685 |
2,594,844 |
| Tandem Diabetes Care, Inc. * |
8,182 |
300,198 |
| Teladoc Health, Inc. * |
20,950 |
267,112 |
| Teleflex, Inc. |
6,018 |
1,256,257 |
| Tenet Healthcare Corp. * |
12,926 |
1,451,461 |
| Universal Health Services, Inc., Class B |
7,540 |
1,285,042 |
| Veeva Systems, Inc., Class A * |
18,523 |
3,677,927 |
| Zimmer Biomet Holdings, Inc. |
26,860 |
3,230,721 |
| |
|
70,166,533 |
| | ||
| Household & Personal Products 0.5% |
||
| Church & Dwight Co., Inc. |
31,243 |
3,370,807 |
| Clorox Co. |
15,816 |
2,338,712 |
| Coty, Inc., Class A * |
47,942 |
548,457 |
| Olaplex Holdings, Inc. * |
16,821 |
23,381 |
| Reynolds Consumer Products, Inc. |
6,938 |
198,635 |
| Spectrum Brands Holdings, Inc. |
3,879 |
317,574 |
| |
|
6,797,566 |
| | ||
| Insurance 4.9% | ||
| Aflac, Inc. |
74,253 |
6,211,263 |
| Allstate Corp. |
33,551 |
5,705,683 |
| American Financial Group, Inc. |
9,168 |
1,171,212 |
| Arch Capital Group Ltd. * |
45,745 |
4,278,987 |
| Arthur J Gallagher & Co. |
27,417 |
6,434,496 |
| Assurant, Inc. |
6,775 |
1,181,560 |
| Assured Guaranty Ltd. |
6,985 |
535,750 |
| Axis Capital Holdings Ltd. |
9,897 |
606,983 |
| Brighthouse Financial, Inc. * |
8,095 |
390,584 |
| Brown & Brown, Inc. |
30,320 |
2,472,293 |
| Cincinnati Financial Corp. |
19,633 |
2,271,342 |
| CNA Financial Corp. |
3,293 |
144,694 |
| Everest Group Ltd. |
5,479 |
2,007,560 |
| Fidelity National Financial, Inc. |
33,179 |
1,642,360 |
| First American Financial Corp. |
12,760 |
683,553 |
| Globe Life, Inc. |
11,113 |
846,477 |
| Hanover Insurance Group, Inc. |
4,519 |
586,657 |
| Hartford Financial Services Group, Inc. |
37,761 |
3,658,663 |
| Kemper Corp. |
7,664 |
446,888 |
| Kinsale Capital Group, Inc. |
2,798 |
1,016,374 |
| Lincoln National Corp. |
21,518 |
586,796 |
| Loews Corp. |
23,406 |
1,758,961 |
| Markel Group, Inc. * |
1,680 |
2,450,112 |
| Old Republic International Corp. |
32,989 |
985,052 |
| Primerica, Inc. |
4,466 |
946,167 |
| Principal Financial Group, Inc. |
30,337 |
2,400,870 |
| Prudential Financial, Inc. |
46,444 |
5,131,133 |
| Reinsurance Group of America, Inc. |
8,505 |
1,590,350 |
| RenaissanceRe Holdings Ltd. |
6,616 |
1,450,558 |
| RLI Corp. |
5,121 |
723,853 |
| Ryan Specialty Holdings, Inc., Class A |
12,267 |
605,254 |
| Unum Group |
24,632 |
1,248,842 |
| W R Berkley Corp. |
25,565 |
1,967,738 |
| White Mountains Insurance Group Ltd. |
315 |
560,114 |
| Willis Towers Watson PLC |
13,227 |
3,321,829 |
| |
|
68,021,008 |
| | ||
| Materials 5.6% | ||
| Albemarle Corp. |
14,975 |
1,801,642 |
| Alcoa Corp. |
22,828 |
802,176 |
| Amcor PLC |
184,284 |
1,647,499 |
| AptarGroup, Inc. |
8,379 |
1,209,760 |
| Ardagh Metal Packaging SA |
19,179 |
75,757 |
| Ashland, Inc. |
6,428 |
612,781 |
| Avery Dennison Corp. |
10,325 |
2,243,416 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Axalta Coating Systems Ltd. * |
28,400 |
892,896 |
| Ball Corp. |
39,399 |
2,740,988 |
| Berry Global Group, Inc. |
14,890 |
843,370 |
| Celanese Corp., Class A |
12,637 |
1,941,170 |
| CF Industries Holdings, Inc. |
24,615 |
1,943,847 |
| Chemours Co. |
18,928 |
506,324 |
| Cleveland-Cliffs, Inc. * |
63,826 |
1,078,659 |
| Corteva, Inc. |
90,246 |
4,885,016 |
| Crown Holdings, Inc. |
13,597 |
1,115,906 |
| DuPont de Nemours, Inc. |
55,024 |
3,989,240 |
| Eagle Materials, Inc. |
4,371 |
1,095,853 |
| Eastman Chemical Co. |
15,175 |
1,433,127 |
| Element Solutions, Inc. |
28,490 |
658,974 |
| FMC Corp. |
16,024 |
945,576 |
| Ginkgo Bioworks Holdings, Inc. *(a) |
203,868 |
181,667 |
| Graphic Packaging Holding Co. |
39,029 |
1,008,900 |
| Huntsman Corp. |
21,099 |
503,422 |
| International Flavors & Fragrances, Inc. |
32,656 |
2,764,330 |
| International Paper Co. |
42,861 |
1,497,563 |
| Louisiana-Pacific Corp. |
8,182 |
598,841 |
| LyondellBasell Industries NV, Class A |
33,090 |
3,308,007 |
| Martin Marietta Materials, Inc. |
7,896 |
4,635,505 |
| Mosaic Co. |
41,714 |
1,309,402 |
| MP Materials Corp. * |
13,625 |
218,000 |
| NewMarket Corp. |
793 |
417,848 |
| Nucor Corp. |
31,423 |
5,295,718 |
| Olin Corp. |
15,420 |
806,158 |
| Packaging Corp. of America |
11,313 |
1,956,923 |
| PPG Industries, Inc. |
30,024 |
3,873,096 |
| Reliance, Inc. |
7,302 |
2,079,025 |
| Royal Gold, Inc. |
8,406 |
1,009,813 |
| RPM International, Inc. |
16,262 |
1,738,570 |
| Scotts Miracle-Gro Co. |
5,371 |
368,128 |
| Sealed Air Corp. |
18,308 |
576,336 |
| Silgan Holdings, Inc. |
10,274 |
479,385 |
| Sonoco Products Co. |
12,474 |
699,168 |
| SSR Mining, Inc. |
25,877 |
138,701 |
| Steel Dynamics, Inc. |
19,487 |
2,535,648 |
| U.S. Steel Corp. |
28,388 |
1,036,162 |
| Vulcan Materials Co. |
16,944 |
4,365,283 |
| Westlake Corp. |
4,167 |
614,049 |
| Westrock Co. |
32,501 |
1,558,748 |
| |
|
78,038,373 |
| | ||
| Media & Entertainment 3.2% | ||
| AMC Entertainment Holdings, Inc., Class A *(a) |
32,370 |
94,844 |
| Cable One, Inc. |
720 |
283,572 |
| Electronic Arts, Inc. |
34,619 |
4,390,382 |
| Fox Corp., Class A |
47,001 |
1,457,501 |
| IAC, Inc. * |
9,434 |
448,681 |
| Interpublic Group of Cos., Inc. |
49,326 |
1,501,483 |
| Liberty Broadband Corp., Class C * |
16,941 |
842,476 |
| Liberty Media Corp.-Liberty Formula One, Class C * |
27,498 |
1,924,035 |
| Liberty Media Corp.-Liberty Live, Class C * |
8,341 |
311,286 |
| Liberty Media Corp.-Liberty SiriusXM, Class C * |
29,076 |
699,569 |
| Live Nation Entertainment, Inc. * |
20,010 |
1,779,089 |
| Madison Square Garden Sports Corp. * |
2,367 |
440,073 |
| Match Group, Inc. * |
34,768 |
1,071,550 |
| New York Times Co., Class A |
20,726 |
891,840 |
| News Corp., Class A |
64,071 |
1,524,890 |
| Nexstar Media Group, Inc., Class A |
4,112 |
658,167 |
| Omnicom Group, Inc. |
25,232 |
2,342,539 |
| Paramount Global, Class B |
76,191 |
867,815 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
128
Schwab U.S. Mid-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Pinterest, Inc., Class A * |
74,850 |
2,503,732 |
| Playtika Holding Corp. |
3,522 |
25,534 |
| ROBLOX Corp., Class A * |
60,106 |
2,137,369 |
| Roku, Inc. * |
16,039 |
924,809 |
| Sirius XM Holdings, Inc. (a) |
82,117 |
241,424 |
| Spotify Technology SA * |
17,930 |
5,028,289 |
| Take-Two Interactive Software, Inc. * |
21,091 |
3,012,006 |
| TKO Group Holdings, Inc. |
7,869 |
744,958 |
| Trade Desk, Inc., Class A * |
56,368 |
4,670,089 |
| TripAdvisor, Inc. * |
13,690 |
360,458 |
| Warner Bros Discovery, Inc. * |
281,825 |
2,074,232 |
| ZoomInfo Technologies, Inc., Class A * |
38,318 |
607,723 |
| |
|
43,860,415 |
| | ||
| Pharmaceuticals, Biotechnology & Life Sciences
4.7% | ||
| 10X Genomics, Inc., Class A * |
11,690 |
342,283 |
| Agilent Technologies, Inc. |
37,378 |
5,122,281 |
| Alnylam Pharmaceuticals, Inc. * |
16,032 |
2,307,806 |
| Apellis Pharmaceuticals, Inc. * |
12,869 |
568,681 |
| Avantor, Inc. * |
86,279 |
2,090,540 |
| Azenta, Inc. * |
7,006 |
367,535 |
| Biogen, Inc. * |
18,429 |
3,958,918 |
| BioMarin Pharmaceutical, Inc. * |
23,929 |
1,932,506 |
| Bio-Rad Laboratories, Inc., Class A * |
2,620 |
706,745 |
| Bio-Techne Corp. |
19,929 |
1,259,712 |
| Bruker Corp. |
12,840 |
1,001,648 |
| Catalent, Inc. * |
23,030 |
1,286,226 |
| Charles River Laboratories International, Inc. * |
6,495 |
1,487,355 |
| Elanco Animal Health, Inc. * |
62,401 |
821,197 |
| Exact Sciences Corp. * |
22,859 |
1,356,682 |
| Exelixis, Inc. * |
39,103 |
917,356 |
| Fortrea Holdings, Inc. * |
11,331 |
414,601 |
| ICON PLC, ADR * |
10,422 |
3,104,505 |
| Illumina, Inc. * |
20,224 |
2,488,563 |
| Incyte Corp. * |
23,614 |
1,229,109 |
| Ionis Pharmaceuticals, Inc. * |
18,131 |
748,085 |
| IQVIA Holdings, Inc. * |
23,274 |
5,394,215 |
| Jazz Pharmaceuticals PLC * |
7,774 |
860,971 |
| Maravai LifeSciences Holdings, Inc., Class A * |
13,920 |
114,144 |
| Medpace Holdings, Inc. * |
2,985 |
1,159,225 |
| Mettler-Toledo International, Inc. * |
2,737 |
3,365,689 |
| Natera, Inc. * |
13,934 |
1,294,190 |
| Neurocrine Biosciences, Inc. * |
12,360 |
1,699,994 |
| Organon & Co. |
32,532 |
605,421 |
| Perrigo Co. PLC |
17,178 |
561,033 |
| QIAGEN NV * |
28,316 |
1,198,616 |
| Repligen Corp. * |
7,112 |
1,167,790 |
| Revvity, Inc. |
15,863 |
1,625,482 |
| Roivant Sciences Ltd. * |
46,305 |
504,725 |
| Royalty Pharma PLC, Class A |
47,545 |
1,316,997 |
| Sarepta Therapeutics, Inc. * |
11,446 |
1,449,750 |
| Sotera Health Co. * |
15,718 |
176,042 |
| Ultragenyx Pharmaceutical, Inc. * |
10,010 |
425,825 |
| United Therapeutics Corp. * |
5,779 |
1,354,193 |
| Viatris, Inc. |
152,980 |
1,769,979 |
| Waters Corp. * |
7,489 |
2,314,401 |
| West Pharmaceutical Services, Inc. |
9,465 |
3,383,548 |
| |
|
65,254,564 |
| | ||
| Real Estate Management & Development 0.8%
| ||
| CBRE Group, Inc., Class A * |
38,854 |
3,376,024 |
| CoStar Group, Inc. * |
51,708 |
4,732,833 |
| Howard Hughes Holdings, Inc. * |
4,288 |
279,406 |
| Jones Lang LaSalle, Inc. * |
6,073 |
1,097,391 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Zillow Group, Inc., Class C * |
26,563 |
1,130,787 |
| |
|
10,616,441 |
| | ||
| Semiconductors & Semiconductor Equipment 2.8%
| ||
| Allegro MicroSystems, Inc. * |
9,636 |
286,093 |
| Cirrus Logic, Inc. * |
6,856 |
607,236 |
| Enphase Energy, Inc. * |
17,019 |
1,850,986 |
| Entegris, Inc. |
19,094 |
2,537,975 |
| First Solar, Inc. * |
13,610 |
2,399,443 |
| GLOBALFOUNDRIES, Inc. * |
9,988 |
488,213 |
| Lattice Semiconductor Corp. * |
17,444 |
1,196,658 |
| Marvell Technology, Inc. |
109,324 |
7,205,545 |
| Microchip Technology, Inc. |
67,954 |
6,250,409 |
| MKS Instruments, Inc. |
8,509 |
1,012,401 |
| Monolithic Power Systems, Inc. |
5,877 |
3,933,652 |
| ON Semiconductor Corp. * |
55,154 |
3,869,605 |
| Qorvo, Inc. * |
12,527 |
1,463,655 |
| Skyworks Solutions, Inc. |
20,333 |
2,167,294 |
| Teradyne, Inc. |
19,708 |
2,292,435 |
| Universal Display Corp. |
5,994 |
946,932 |
| Wolfspeed, Inc. * |
15,940 |
430,858 |
| |
|
38,939,390 |
| | ||
| Software & Services 6.6% | ||
| Akamai Technologies, Inc. * |
19,099 |
1,927,662 |
| Amdocs Ltd. |
14,740 |
1,238,013 |
| ANSYS, Inc. * |
11,100 |
3,606,168 |
| AppLovin Corp., Class A * |
25,681 |
1,812,308 |
| Aspen Technology, Inc. * |
3,497 |
688,454 |
| Bentley Systems, Inc., Class B |
24,901 |
1,308,050 |
| Bill Holdings, Inc. * |
13,063 |
814,609 |
| CCC Intelligent Solutions Holdings, Inc. * |
43,322 |
486,073 |
| Cloudflare, Inc., Class A * |
37,591 |
3,285,453 |
| Cognizant Technology Solutions Corp., Class A |
64,207 |
4,217,116 |
| Confluent, Inc., Class A * |
24,393 |
685,931 |
| Crowdstrike Holdings, Inc., Class A * |
27,303 |
7,987,220 |
| Datadog, Inc., Class A * |
35,624 |
4,470,812 |
| DocuSign, Inc., Class A * |
25,885 |
1,465,091 |
| Dolby Laboratories, Inc., Class A |
7,438 |
577,635 |
| DoubleVerify Holdings, Inc. * |
17,911 |
524,792 |
| Dropbox, Inc., Class A * |
32,497 |
752,630 |
| DXC Technology Co. * |
24,691 |
481,228 |
| Dynatrace, Inc. * |
33,034 |
1,496,771 |
| Elastic NV * |
10,291 |
1,051,946 |
| EPAM Systems, Inc. * |
7,112 |
1,673,169 |
| Fair Isaac Corp. * |
3,099 |
3,512,190 |
| Five9, Inc. * |
9,209 |
530,162 |
| Gartner, Inc. * |
9,666 |
3,988,095 |
| Gen Digital, Inc. |
70,895 |
1,427,825 |
| Gitlab, Inc., Class A * |
11,576 |
607,393 |
| Globant SA * |
5,289 |
944,562 |
| GoDaddy, Inc., Class A * |
18,007 |
2,203,697 |
| Guidewire Software, Inc. * |
10,448 |
1,153,459 |
| HashiCorp, Inc., Class A * |
12,331 |
400,264 |
| HubSpot, Inc. * |
5,928 |
3,585,669 |
| Informatica, Inc., Class A * |
5,569 |
172,472 |
| Kyndryl Holdings, Inc. * |
28,915 |
568,469 |
| Manhattan Associates, Inc. * |
7,882 |
1,624,165 |
| MongoDB, Inc., Class A * |
8,657 |
3,161,363 |
| nCino, Inc. * |
9,093 |
265,152 |
| NCR Voyix Corp. * |
16,287 |
199,516 |
| Nutanix, Inc., Class A * |
31,065 |
1,885,645 |
| Okta, Inc. * |
19,548 |
1,817,573 |
| Palantir Technologies, Inc., Class A * |
246,275 |
5,410,662 |
| Pegasystems, Inc. |
5,310 |
315,520 |
See financial
notes
129
Schwab Equity Index Funds | Semiannual
ReportSchwab U.S. Mid-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Procore Technologies, Inc. * |
10,134 |
693,368 |
| PTC, Inc. * |
14,650 |
2,599,496 |
| RingCentral, Inc., Class A * |
10,598 |
313,913 |
| SentinelOne, Inc., Class A * |
30,560 |
645,733 |
| Smartsheet, Inc., Class A * |
16,289 |
616,213 |
| Teradata Corp. * |
12,374 |
459,075 |
| Twilio, Inc., Class A * |
21,675 |
1,297,899 |
| Tyler Technologies, Inc. * |
5,323 |
2,456,831 |
| UiPath, Inc., Class A * |
48,815 |
926,021 |
| Unity Software, Inc. * |
37,370 |
906,970 |
| VeriSign, Inc. * |
11,353 |
1,924,106 |
| Zoom Video Communications, Inc., Class A * |
32,973 |
2,014,650 |
| Zscaler, Inc. * |
11,318 |
1,957,335 |
| |
|
91,136,594 |
| | ||
| Technology Hardware & Equipment 3.7% | ||
| Amphenol Corp., Class A |
74,590 |
9,008,234 |
| Arrow Electronics, Inc. * |
6,918 |
883,221 |
| Avnet, Inc. |
11,570 |
565,426 |
| CDW Corp. |
17,288 |
4,181,276 |
| Ciena Corp. * |
18,340 |
847,858 |
| Cognex Corp. |
22,170 |
920,942 |
| Coherent Corp. * |
16,664 |
910,354 |
| Corning, Inc. |
97,285 |
3,247,373 |
| Crane NXT Co. |
6,200 |
377,022 |
| F5, Inc. * |
7,567 |
1,250,901 |
| Hewlett Packard Enterprise Co. |
165,949 |
2,821,133 |
| HP, Inc. |
110,520 |
3,104,507 |
| IPG Photonics Corp. * |
3,802 |
319,292 |
| Jabil, Inc. |
15,945 |
1,871,305 |
| Juniper Networks, Inc. |
40,737 |
1,418,462 |
| Keysight Technologies, Inc. * |
22,301 |
3,299,210 |
| Littelfuse, Inc. |
3,081 |
710,602 |
| Lumentum Holdings, Inc. * |
8,611 |
376,817 |
| NetApp, Inc. |
26,342 |
2,692,416 |
| Pure Storage, Inc., Class A * |
36,882 |
1,858,853 |
| TD SYNNEX Corp. |
8,685 |
1,023,441 |
| Teledyne Technologies, Inc. * |
5,959 |
2,273,239 |
| Trimble, Inc. * |
31,508 |
1,892,686 |
| Ubiquiti, Inc. |
524 |
56,372 |
| Viasat, Inc. * |
15,052 |
239,477 |
| Vontier Corp. |
19,816 |
805,124 |
| Western Digital Corp. * |
41,471 |
2,937,391 |
| Zebra Technologies Corp., Class A * |
6,545 |
2,058,795 |
| |
|
51,951,729 |
| | ||
| Telecommunication Services 0.1% | ||
| Frontier Communications Parent, Inc. * |
31,174 |
721,366 |
| GCI Liberty, Inc. *(b) |
6,049 |
0 |
| Iridium Communications, Inc. |
15,617 |
480,848 |
| |
|
1,202,214 |
| | ||
| Transportation 2.0% | ||
| Alaska Air Group, Inc. * |
15,790 |
679,286 |
| American Airlines Group, Inc. * |
83,226 |
1,124,383 |
| Avis Budget Group, Inc. |
2,409 |
229,939 |
| CH Robinson Worldwide, Inc. |
14,741 |
1,046,611 |
| Delta Air Lines, Inc. |
82,079 |
4,109,695 |
| Expeditors International of Washington, Inc. |
18,510 |
2,060,348 |
| GXO Logistics, Inc. * |
14,900 |
739,934 |
| Hertz Global Holdings, Inc. * |
17,232 |
78,406 |
| JB Hunt Transport Services, Inc. |
10,528 |
1,711,537 |
| Kirby Corp. * |
7,504 |
818,911 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Knight-Swift Transportation Holdings, Inc. |
20,038 |
926,357 |
| Landstar System, Inc. |
4,554 |
794,263 |
| Lyft, Inc., Class A * |
44,514 |
696,199 |
| Old Dominion Freight Line, Inc. |
25,235 |
4,585,452 |
| Ryder System, Inc. |
5,569 |
678,583 |
| Saia, Inc. * |
3,399 |
1,348,825 |
| Schneider National, Inc., Class B |
6,960 |
143,933 |
| Southwest Airlines Co. |
76,022 |
1,972,011 |
| U-Haul Holding Co. * |
993 |
62,787 |
| U-Haul Holding Co. - Non Voting |
12,774 |
783,302 |
| United Airlines Holdings, Inc. * |
41,774 |
2,149,690 |
| XPO, Inc. * |
14,569 |
1,565,585 |
| |
|
28,306,037 |
| | ||
| Utilities 5.4% | ||
| AES Corp. |
85,484 |
1,530,164 |
| Alliant Energy Corp. |
32,632 |
1,625,074 |
| Ameren Corp. |
33,494 |
2,474,202 |
| American Water Works Co., Inc. |
24,923 |
3,048,581 |
| Atmos Energy Corp. |
19,264 |
2,271,226 |
| Avangrid, Inc. |
9,096 |
332,277 |
| Brookfield Renewable Corp., Class A |
17,147 |
398,496 |
| CenterPoint Energy, Inc. |
80,718 |
2,352,122 |
| Clearway Energy, Inc., Class C |
14,597 |
341,278 |
| CMS Energy Corp. |
37,198 |
2,254,571 |
| Consolidated Edison, Inc. |
44,386 |
4,190,038 |
| Constellation Energy Corp. |
41,151 |
7,651,617 |
| DTE Energy Co. |
26,351 |
2,907,042 |
| Edison International |
48,347 |
3,435,538 |
| Entergy Corp. |
27,072 |
2,887,770 |
| Essential Utilities, Inc. |
32,141 |
1,175,718 |
| Evergy, Inc. |
28,500 |
1,494,825 |
| Eversource Energy |
44,586 |
2,702,803 |
| FirstEnergy Corp. |
69,654 |
2,670,534 |
| Hawaiian Electric Industries, Inc. |
13,885 |
136,767 |
| IDACORP, Inc. |
6,429 |
609,341 |
| National Fuel Gas Co. |
11,311 |
600,614 |
| NiSource, Inc. |
52,909 |
1,474,045 |
| NRG Energy, Inc. |
28,681 |
2,084,248 |
| OGE Energy Corp. |
25,458 |
882,120 |
| PG&E Corp. |
260,597 |
4,458,815 |
| Pinnacle West Capital Corp. |
14,515 |
1,069,030 |
| PPL Corp. |
94,403 |
2,592,306 |
| Public Service Enterprise Group, Inc. |
63,613 |
4,394,386 |
| UGI Corp. |
26,604 |
679,998 |
| Vistra Corp. |
45,186 |
3,426,906 |
| WEC Energy Group, Inc. |
40,364 |
3,335,681 |
| Xcel Energy, Inc. |
70,483 |
3,787,052 |
| |
|
75,275,185 |
| Total Common Stocks
(Cost $1,127,024,666) |
1,383,590,279 | |
| | ||
| INVESTMENT COMPANIES 0.1% OF NET ASSETS | ||
| | ||
| Equity Funds 0.1% | ||
| iShares Russell Mid-Cap ETF |
25,500 |
2,030,310 |
| Total Investment Companies
(Cost $1,810,650) |
2,030,310 | |
See financial notes
Schwab Equity Index Funds | Semiannual Report
130
Schwab U.S. Mid-Cap Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF
SHARES |
VALUE ($) |
| SHORT-TERM INVESTMENTS 0.8% OF NET ASSETS | ||
| | ||
| Money Market Funds 0.8% | ||
| State Street Institutional U.S. Government Money Market Fund, Premier Class 5.25% (c) |
8,229,710 |
8,229,710 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 5.25% (c)(d) |
2,391,088 |
2,391,088 |
| |
|
10,620,798 |
| Total Short-Term Investments
(Cost $10,620,798) |
10,620,798 | |
| Total Investments in Securities
(Cost $1,139,456,114) |
1,396,241,387 | |
| |
NUMBER OF CONTRACTS |
NOTIONAL AMOUNT
($) |
CURRENT VALUE/ UNREALIZED
DEPRECIATION ($) |
| FUTURES CONTRACTS | |||
| Long |
|
|
|
| S&P 400 Mid-Cap Index, e-mini, expires 06/21/24 |
11 |
3,164,920 |
(33,305 ) |
| * |
Non-income producing security. |
| (a) |
All or a portion of this security is on loan. Securities on loan were valued at $2,204,365. |
| (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. |
| ADR — |
American Depositary Receipt |
| ETF — |
Exchange-Traded Fund |
| REIT — |
Real Estate Investment Trust |
The following is a summary of the inputs used to value the fund’s investments as of April 30, 2024 (see financial note 2(a) for additional information):
| DESCRIPTION |
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) |
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) |
TOTAL |
| Assets |
|
|
|
|
| Common Stocks1
|
$1,382,388,065 |
$— |
$— |
$1,382,388,065
|
| Telecommunication Services |
1,202,214 |
— |
0 * |
1,202,214 |
| Investment Companies1
|
2,030,310 |
— |
— |
2,030,310 |
| Short-Term Investments1
|
10,620,798 |
— |
— |
10,620,798 |
| Liabilities |
|
|
|
|
| Futures Contracts2
|
(33,305 ) |
— |
— |
(33,305 ) |
| Total |
$1,396,208,082 |
$— |
$0 |
$1,396,208,082 |
| * |
Level 3 amount shown includes securities determined to have no value at April 30, 2024. |
| 1 |
As categorized in the Portfolio Holdings.
|
| 2 |
Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
See financial notes
131
Schwab Equity Index Funds | Semiannual ReportSchwab U.S. Mid-Cap Index
Fund
Statement of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - unaffiliated issuers (cost $1,139,456,114) including securities on loan of $2,204,365 |
|
$1,396,241,387
|
| Deposit with broker for futures contracts |
|
347,300 |
| Receivables: |
|
|
| Fund shares sold |
|
941,202 |
| Dividends |
|
630,878 |
| Income from securities on loan |
+ |
9,874 |
| Total assets |
|
1,398,170,641 |
| | ||
| Liabilities | ||
| Collateral held for securities on loan |
|
2,391,088 |
| Payables: |
|
|
| Investments bought |
|
5,516,395 |
| Fund shares redeemed |
|
737,475 |
| Variation margin on futures contracts |
|
61,002 |
| Investment adviser fees |
+ |
45,668 |
| Total liabilities |
|
8,751,628 |
| Net assets |
|
$1,389,419,013 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$1,177,433,103
|
| Total distributable earnings |
+ |
211,985,910 |
| Net assets |
|
$1,389,419,013 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares Outstanding |
= |
NAV |
| $1,389,419,013 |
|
22,900,177 |
|
$60.67 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab Equity Index Funds | Semiannual Report
132
Schwab U.S. Mid-Cap Index
Fund
Statement of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $5,220) |
|
$11,181,405
|
| Other interest |
|
9,289 |
| Securities on loan, net |
+ |
89,885 |
| Total investment income
|
|
11,280,579 |
| | ||
| Expenses | ||
| Investment adviser fees |
|
255,124 |
| Total expenses |
– |
255,124 |
| Net investment income |
|
11,025,455 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized losses on sales of securities - unaffiliated issuers |
|
(5,259,138 ) |
| Net realized gains on futures contracts |
+ |
1,150,615 |
| Net realized losses |
|
(4,108,523 ) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
|
226,387,834 |
| Net change in unrealized appreciation (depreciation) on futures contracts |
+ |
(53,199 ) |
| Net change in unrealized appreciation (depreciation) |
+ |
226,334,635 |
| Net realized and unrealized gains |
|
222,226,112 |
| Increase in net assets resulting from operations |
|
$233,251,567 |
See financial notes
133
Schwab Equity Index Funds | Semiannual ReportSchwab 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 | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$11,025,455 |
$17,187,964
|
| Net realized gains (losses) |
|
(4,108,523 ) |
3,084,904 |
| Net change in unrealized appreciation (depreciation) |
+ |
226,334,635 |
(41,931,352 ) |
| Increase (decrease) in net assets resulting from operations |
|
$233,251,567 |
($21,658,484 ) |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($18,556,015
) |
($14,308,048 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
4,143,809 |
$246,581,438 |
7,273,631 |
$391,888,488
|
| Shares reinvested |
|
274,351 |
15,325,220 |
225,612 |
11,761,152 |
| Shares redeemed |
+ |
(2,554,427 ) |
(150,017,663 ) |
(3,886,346 ) |
(208,151,675 ) |
| Net transactions in fund shares |
|
1,863,733 |
$111,888,995 |
3,612,897 |
$195,497,965 |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
21,036,444 |
$1,062,834,466 |
17,423,547 |
$903,303,033
|
| Total increase |
+ |
1,863,733 |
326,584,547 |
3,612,897 |
159,531,433 |
| End of period |
|
22,900,177 |
$1,389,419,013 |
21,036,444 |
$1,062,834,466 |
See financial notes
Schwab Equity Index Funds | Semiannual Report
134
Schwab International Index
Fund
Financial Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$20.39 |
$18.17 |
$24.45 |
$18.56 |
$20.48 |
$19.00 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.33 |
0.63 |
0.65 |
0.64 |
0.47 |
0.64 |
| Net realized and unrealized gains (losses) |
3.13 |
2.13 |
(6.14 ) |
5.66 |
(1.75 ) |
1.39 |
| Total from investment operations |
3.46 |
2.76 |
(5.49 ) |
6.30 |
(1.28 ) |
2.03 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.75 ) |
(0.54 ) |
(0.79 ) |
(0.41 ) |
(0.64 ) |
(0.55 ) |
| Net asset value at end of period |
$23.10 |
$20.39 |
$18.17 |
$24.45 |
$18.56 |
$20.48 |
| Total return |
17.14
%2 |
15.30 % |
(23.12 %) |
34.24 % |
(6.56 %) |
11.27 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Total expenses |
0.06
%3 |
0.06 % |
0.06
%4 |
0.06 % |
0.06 % |
0.06 % |
| Net investment income (loss) |
2.95
%3 |
2.99 % |
3.12 % |
2.76 % |
2.47 % |
3.32 % |
| Portfolio turnover rate |
5
%2 |
13 % |
5 % |
3 % |
7 % |
5 % |
| Net assets, end of period (x 1,000,000) |
$9,201 |
$7,952 |
$7,127 |
$8,781 |
$5,937 |
$5,443 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Annualized. |
| 4 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
135
Schwab Equity Index Funds | Semiannual ReportSchwab International Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to
orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to
20 days after the end of the month on the fund’s website.
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| COMMON STOCKS 98.6% OF NET ASSETS | ||
| | ||
| Australia 7.1% | ||
| Ampol Ltd. |
133,836 |
3,160,375 |
| ANZ Group Holdings Ltd. |
1,683,718 |
30,380,881 |
| APA Group |
719,031 |
3,837,094 |
| Aristocrat Leisure Ltd. |
321,427 |
8,202,814 |
| ASX Ltd. |
111,056 |
4,536,652 |
| Aurizon Holdings Ltd. |
1,016,278 |
2,496,234 |
| BHP Group Ltd. |
2,838,556 |
77,850,551 |
| BlueScope Steel Ltd. |
252,027 |
3,678,439 |
| Brambles Ltd. |
780,902 |
7,346,451 |
| CAR Group Ltd. |
199,064 |
4,316,405 |
| Cochlear Ltd. |
36,310 |
7,574,555 |
| Coles Group Ltd. |
752,919 |
7,852,356 |
| Commonwealth Bank of Australia |
941,512 |
68,984,147 |
| Computershare Ltd. |
304,476 |
5,349,147 |
| CSL Ltd. |
269,733 |
47,925,102 |
| Dexus |
594,607 |
2,700,830 |
| Endeavour Group Ltd. |
783,846 |
2,695,570 |
| Fortescue Ltd. |
942,785 |
15,626,137 |
| Goodman Group |
952,115 |
19,232,368 |
| GPT Group |
1,082,941 |
2,912,497 |
| IDP Education Ltd. |
146,593 |
1,528,509 |
| Insurance Australia Group Ltd. |
1,352,881 |
5,604,954 |
| James Hardie Industries PLC * |
242,907 |
8,350,646 |
| Lottery Corp. Ltd. |
1,224,049 |
3,818,410 |
| Macquarie Group Ltd. |
207,771 |
24,878,191 |
| Medibank Pvt Ltd. |
1,567,393 |
3,592,243 |
| Mineral Resources Ltd. |
96,450 |
4,375,195 |
| Mirvac Group |
2,301,362 |
3,015,402 |
| National Australia Bank Ltd. |
1,741,695 |
37,755,628 |
| Northern Star Resources Ltd. |
640,005 |
6,066,438 |
| Orica Ltd. |
266,888 |
3,090,225 |
| Origin Energy Ltd. |
961,326 |
6,067,327 |
| Pilbara Minerals Ltd. |
1,574,885 |
4,009,505 |
| Qantas Airways Ltd. * |
509,239 |
1,921,310 |
| QBE Insurance Group Ltd. |
841,092 |
9,621,225 |
| Ramsay Health Care Ltd. |
102,855 |
3,447,722 |
| REA Group Ltd. |
29,385 |
3,368,345 |
| Reece Ltd. |
129,225 |
2,292,407 |
| Rio Tinto Ltd. |
204,649 |
17,031,776 |
| Santos Ltd. |
1,835,861 |
9,009,238 |
| Scentre Group |
2,915,076 |
5,903,174 |
| SEEK Ltd. |
198,291 |
3,063,164 |
| Seven Group Holdings Ltd. |
94,664 |
2,300,250 |
| Sonic Healthcare Ltd. |
250,950 |
4,312,745 |
| South32 Ltd. |
2,515,262 |
5,738,522 |
| Stockland |
1,336,324 |
3,785,961 |
| Suncorp Group Ltd. |
705,053 |
7,530,258 |
| Telstra Group Ltd. |
2,239,543 |
5,291,173 |
| Transurban Group |
1,712,797 |
13,751,120 |
| Treasury Wine Estates Ltd. |
453,382 |
3,516,071 |
| Vicinity Ltd. |
2,160,138 |
2,645,238 |
| Washington H Soul Pattinson & Co. Ltd. |
134,635 |
2,817,586 |
| Wesfarmers Ltd. |
633,533 |
27,140,064 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Westpac Banking Corp. |
1,954,287 |
32,453,561 |
| WiseTech Global Ltd. |
91,970 |
5,418,186 |
| Woodside Energy Group Ltd. |
1,054,412 |
18,891,905 |
| Woolworths Group Ltd. |
679,868 |
13,948,928 |
| Xero Ltd. * |
79,724 |
6,189,627 |
| |
|
650,200,834 |
| | ||
| Austria 0.2% | ||
| Erste Group Bank AG |
194,372 |
9,064,553 |
| OMV AG |
81,452 |
3,865,012 |
| Verbund AG |
37,628 |
2,874,446 |
| voestalpine AG |
64,179 |
1,713,905 |
| |
|
17,517,916 |
| | ||
| Belgium 0.9% | ||
| Ageas SA |
88,604 |
4,067,062 |
| Anheuser-Busch InBev SA |
489,276 |
29,245,876 |
| Argenx SE * |
33,076 |
12,355,996 |
| D'ieteren Group |
12,348 |
2,663,742 |
| Elia Group SA |
16,766 |
1,614,257 |
| Groupe Bruxelles Lambert NV |
47,505 |
3,526,295 |
| KBC Group NV |
140,426 |
10,431,427 |
| Lotus Bakeries NV |
237 |
2,385,097 |
| Sofina SA |
8,336 |
1,951,301 |
| Syensqo SA * |
41,006 |
3,800,913 |
| UCB SA |
69,915 |
9,271,437 |
| Umicore SA |
114,477 |
2,535,692 |
| Warehouses De Pauw CVA |
99,112 |
2,620,953 |
| |
|
86,470,048 |
| | ||
| Denmark 3.7% | ||
| AP Moller - Maersk AS, Class A |
1,811 |
2,568,339 |
| AP Moller - Maersk AS, Class B |
2,259 |
3,273,445 |
| Carlsberg AS, Class B |
54,925 |
7,388,118 |
| Coloplast AS, Class B |
69,549 |
8,385,182 |
| Danske Bank AS |
386,447 |
11,124,645 |
| Demant AS * |
57,455 |
2,743,589 |
| DSV AS |
97,637 |
13,871,229 |
| Genmab AS * |
36,909 |
10,247,042 |
| Novo Nordisk AS, Class B |
1,825,796 |
234,144,085 |
| Novonesis (Novozymes) B, Class B |
209,105 |
11,579,547 |
| Orsted AS * |
104,926 |
5,766,556 |
| Pandora AS |
46,798 |
7,122,650 |
| Rockwool AS, B Shares |
4,990 |
1,626,684 |
| Svitzer AS * |
8,140 |
273,531 |
| Tryg AS |
196,999 |
3,899,049 |
| Vestas Wind Systems AS * |
562,004 |
15,060,939 |
| |
|
339,074,630 |
| | ||
| Finland 1.0% | ||
| Elisa OYJ |
77,986 |
3,516,339 |
| Fortum OYJ |
256,373 |
3,378,328 |
| Kesko OYJ, B Shares |
158,051 |
2,698,306 |
| Kone OYJ, B Shares |
190,823 |
9,302,047 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
136
Schwab International Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Metso OYJ |
365,369 |
4,142,225 |
| Neste OYJ |
235,108 |
5,329,691 |
| Nokia OYJ |
2,978,297 |
10,827,156 |
| Nordea Bank Abp |
1,756,819 |
20,586,856 |
| Orion OYJ, B Shares |
59,753 |
2,282,272 |
| Sampo OYJ, A Shares |
252,492 |
10,246,988 |
| Stora Enso OYJ, R Shares |
321,685 |
4,285,046 |
| UPM-Kymmene OYJ |
294,163 |
10,308,976 |
| Wartsila OYJ Abp |
263,307 |
4,857,354 |
| |
|
91,761,584 |
| | ||
| France 12.0% | ||
| Accor SA |
106,011 |
4,646,004 |
| Aeroports de Paris SA |
19,435 |
2,468,531 |
| Air Liquide SA |
294,069 |
57,513,621 |
| Airbus SE |
330,449 |
54,377,938 |
| Alstom SA |
166,813 |
2,630,319 |
| Amundi SA |
34,265 |
2,390,477 |
| ArcelorMittal SA |
294,996 |
7,369,840 |
| Arkema SA |
33,318 |
3,437,976 |
| AXA SA |
1,022,833 |
35,340,492 |
| BioMerieux |
23,113 |
2,457,003 |
| BNP Paribas SA |
574,279 |
41,326,186 |
| Bollore SE |
411,955 |
2,673,895 |
| Bouygues SA |
108,472 |
3,997,767 |
| Bureau Veritas SA |
181,258 |
5,286,504 |
| Capgemini SE |
86,577 |
18,196,841 |
| Carrefour SA |
322,783 |
5,430,251 |
| Cie de Saint-Gobain SA |
253,465 |
20,044,682 |
| Cie Generale des Etablissements Michelin SCA |
378,743 |
14,550,793 |
| Covivio SA |
25,895 |
1,288,953 |
| Credit Agricole SA |
590,596 |
9,138,430 |
| Danone SA |
360,431 |
22,558,416 |
| Dassault Aviation SA |
11,352 |
2,429,881 |
| Dassault Systemes SE |
371,909 |
14,598,144 |
| Edenred SE |
140,294 |
6,657,212 |
| Eiffage SA |
40,776 |
4,350,735 |
| Engie SA * |
1,017,886 |
17,671,121 |
| EssilorLuxottica SA |
165,704 |
35,333,332 |
| Eurazeo SE * |
23,823 |
2,145,919 |
| Eurofins Scientific SE |
75,145 |
4,605,542 |
| Euronext NV |
48,045 |
4,326,491 |
| Gecina SA |
25,380 |
2,591,343 |
| Getlink SE |
198,033 |
3,371,253 |
| Hermes International SCA |
17,854 |
42,742,301 |
| Ipsen SA |
21,442 |
2,608,126 |
| Kering SA |
41,504 |
14,545,873 |
| Klepierre SA |
123,079 |
3,304,967 |
| La Francaise des Jeux SAEM |
57,938 |
2,183,379 |
| Legrand SA |
146,623 |
15,067,949 |
| L'Oreal SA |
134,251 |
62,944,004 |
| LVMH Moet Hennessy Louis Vuitton SE |
153,938 |
126,450,217 |
| Orange SA |
1,050,268 |
11,689,780 |
| Pernod Ricard SA |
113,813 |
17,213,320 |
| Publicis Groupe SA |
126,141 |
13,919,253 |
| Remy Cointreau SA |
12,394 |
1,175,815 |
| Renault SA |
106,554 |
5,277,975 |
| Rexel SA |
122,721 |
3,180,909 |
| Safran SA |
192,314 |
41,699,846 |
| Sanofi SA |
634,966 |
62,730,231 |
| Sartorius Stedim Biotech |
16,604 |
3,575,954 |
| Schneider Electric SE |
305,393 |
69,633,689 |
| SEB SA |
13,593 |
1,604,304 |
| Societe Generale SA |
405,565 |
10,927,970 |
| Sodexo SA |
49,028 |
4,269,036 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| STMicroelectronics NV |
380,345 |
15,055,910 |
| Teleperformance SE * |
31,410 |
2,845,266 |
| Thales SA |
53,293 |
8,956,816 |
| TotalEnergies SE |
1,215,685 |
88,257,221 |
| Unibail-Rodamco-Westfield * |
67,215 |
5,601,224 |
| Veolia Environnement SA |
384,560 |
11,955,083 |
| Vinci SA |
281,545 |
32,990,347 |
| Vivendi SE |
376,860 |
3,834,057 |
| Worldline SA * |
133,552 |
1,385,268 |
| |
|
1,102,831,982 |
| | ||
| Germany 8.1% | ||
| adidas AG |
90,034 |
21,696,673 |
| Allianz SE |
219,798 |
62,375,382 |
| BASF SE |
498,150 |
26,101,342 |
| Bayer AG |
547,372 |
15,967,216 |
| Bayerische Motoren Werke AG |
177,125 |
19,297,643 |
| Bechtle AG |
45,919 |
2,216,034 |
| Beiersdorf AG |
56,220 |
8,450,067 |
| Brenntag SE |
75,260 |
6,006,003 |
| Carl Zeiss Meditec AG, Bearer Shares |
22,012 |
2,322,549 |
| Commerzbank AG |
585,631 |
8,703,730 |
| Continental AG |
61,267 |
3,970,793 |
| Covestro AG * |
106,924 |
5,355,218 |
| Daimler Truck Holding AG |
298,285 |
13,451,528 |
| Delivery Hero SE * |
101,228 |
2,832,112 |
| Deutsche Bank AG |
1,080,982 |
17,266,000 |
| Deutsche Boerse AG |
106,144 |
20,463,707 |
| Deutsche Lufthansa AG * |
348,156 |
2,491,623 |
| Deutsche Post AG |
552,689 |
23,141,048 |
| Deutsche Telekom AG |
1,806,939 |
41,388,956 |
| E.ON SE |
1,254,839 |
16,616,537 |
| Evonik Industries AG |
124,778 |
2,600,456 |
| Fresenius Medical Care AG |
116,162 |
4,890,734 |
| Fresenius SE & Co. KGaA |
234,428 |
6,995,420 |
| GEA Group AG * |
92,105 |
3,717,356 |
| Hannover Rueck SE |
33,690 |
8,356,601 |
| Heidelberg Materials AG |
72,221 |
7,268,008 |
| Henkel AG & Co. KGaA |
54,618 |
3,927,500 |
| Infineon Technologies AG |
729,774 |
25,325,375 |
| Knorr-Bremse AG |
41,353 |
3,068,622 |
| LEG Immobilien SE * |
40,928 |
3,474,310 |
| Mercedes-Benz Group AG |
446,834 |
33,798,920 |
| Merck KGaA |
72,386 |
11,502,256 |
| MTU Aero Engines AG |
29,813 |
7,182,456 |
| Muenchener
Rueckversicherungs-Gesellschaft
AG in Muenchen
|
75,993 |
33,422,372 |
| Nemetschek SE |
32,032 |
2,830,644 |
| Puma SE |
60,686 |
2,801,933 |
| Qiagen NV * |
123,296 |
5,147,812 |
| Rational AG |
2,983 |
2,544,492 |
| Rheinmetall AG |
24,443 |
13,469,189 |
| RWE AG |
354,367 |
12,344,564 |
| SAP SE |
584,913 |
105,616,068 |
| Scout24 SE |
42,169 |
3,097,636 |
| Siemens AG |
425,692 |
79,746,371 |
| Siemens Energy AG * |
287,879 |
5,911,149 |
| Siemens Healthineers AG |
158,550 |
8,792,783 |
| Symrise AG, Class A |
73,744 |
7,904,741 |
| Talanx AG |
35,946 |
2,703,662 |
| Volkswagen AG |
18,164 |
2,564,268 |
| Vonovia SE |
409,809 |
11,841,851 |
| Zalando SE * |
123,113 |
3,221,284 |
| |
|
746,182,994 |
| | ||
See financial
notes
137
Schwab Equity Index Funds | Semiannual
ReportSchwab International Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Hong Kong 1.9% | ||
| AIA Group Ltd. |
6,340,400 |
46,439,327 |
| BOC Hong Kong Holdings Ltd. |
2,051,090 |
6,286,782 |
| CK Asset Holdings Ltd. |
1,096,711 |
4,678,103 |
| CK Hutchison Holdings Ltd. |
1,516,025 |
7,362,988 |
| CK Infrastructure Holdings Ltd. |
347,500 |
1,963,075 |
| CLP Holdings Ltd. |
916,926 |
7,212,597 |
| ESR Group Ltd. |
957,134 |
1,048,894 |
| Futu Holdings Ltd., ADR * |
31,008 |
1,994,124 |
| Galaxy Entertainment Group Ltd. |
1,216,000 |
5,456,061 |
| Hang Lung Properties Ltd. |
1,004,000 |
1,108,126 |
| Hang Seng Bank Ltd. |
426,840 |
5,628,558 |
| Henderson Land Development Co. Ltd. |
805,735 |
2,429,147 |
| HKT Trust & HKT Ltd. |
2,099,000 |
2,317,248 |
| Hong Kong & China Gas Co. Ltd. |
6,201,696 |
4,715,472 |
| Hong Kong Exchanges & Clearing Ltd. |
671,465 |
21,335,404 |
| Hongkong Land Holdings Ltd. |
598,001 |
1,910,720 |
| Jardine Matheson Holdings Ltd. |
88,617 |
3,400,234 |
| Link REIT |
1,442,540 |
6,180,984 |
| MTR Corp. Ltd. |
884,860 |
2,908,036 |
| Power Assets Holdings Ltd. |
782,938 |
4,491,050 |
| Sands China Ltd. * |
1,402,000 |
3,306,819 |
| Sino Land Co. Ltd. |
2,204,425 |
2,356,969 |
| SITC International Holdings Co. Ltd. |
800,000 |
1,734,875 |
| Sun Hung Kai Properties Ltd. |
808,604 |
7,459,337 |
| Swire Pacific Ltd., A Shares |
242,590 |
2,054,424 |
| Swire Properties Ltd. |
628,400 |
1,299,636 |
| Techtronic Industries Co. Ltd. |
774,500 |
10,703,040 |
| WH Group Ltd. |
4,787,789 |
3,479,956 |
| Wharf Holdings Ltd. |
591,000 |
1,901,458 |
| Wharf Real Estate Investment Co. Ltd. |
930,188 |
2,885,920 |
| |
|
176,049,364 |
| | ||
| Ireland 0.4% | ||
| AIB Group PLC |
874,775 |
4,527,986 |
| Bank of Ireland Group PLC |
594,169 |
6,339,445 |
| Kerry Group PLC, Class A |
87,322 |
7,514,790 |
| Kingspan Group PLC |
86,756 |
7,716,737 |
| Smurfit Kappa Group PLC |
145,625 |
6,309,867 |
| |
|
32,408,825 |
| | ||
| Israel 0.7% | ||
| Azrieli Group Ltd. |
23,908 |
1,538,248 |
| Bank Hapoalim BM |
705,600 |
6,356,345 |
| Bank Leumi Le-Israel BM |
851,946 |
6,638,456 |
| Check Point Software Technologies Ltd. * |
52,575 |
7,855,757 |
| CyberArk Software Ltd. * |
23,395 |
5,597,254 |
| Elbit Systems Ltd. |
14,715 |
2,995,351 |
| Global-e Online Ltd. * |
55,716 |
1,868,157 |
| ICL Group Ltd. |
422,222 |
1,981,897 |
| Israel Discount Bank Ltd., A Shares |
675,813 |
3,466,395 |
| Mizrahi Tefahot Bank Ltd. |
84,528 |
3,078,022 |
| Monday.com Ltd. * |
16,008 |
3,030,795 |
| Nice Ltd. * |
35,795 |
8,004,131 |
| Teva Pharmaceutical Industries Ltd., ADR * |
630,039 |
8,852,048 |
| Wix.com Ltd. * |
29,969 |
3,562,415 |
| |
|
64,825,271 |
| | ||
| Italy 2.7% | ||
| Amplifon SpA |
70,734 |
2,361,547 |
| Assicurazioni Generali SpA |
566,160 |
13,804,362 |
| Banco BPM SpA |
668,039 |
4,386,104 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Davide Campari-Milano NV |
347,322 |
3,483,223 |
| DiaSorin SpA |
13,747 |
1,388,410 |
| Enel SpA |
4,526,029 |
29,747,059 |
| Eni SpA |
1,221,500 |
19,619,351 |
| Ferrari NV |
70,173 |
28,860,373 |
| FinecoBank Banca Fineco SpA |
338,015 |
5,178,309 |
| Infrastrutture Wireless Italiane SpA |
180,279 |
1,932,038 |
| Intesa Sanpaolo SpA |
8,279,996 |
30,992,069 |
| Leonardo SpA |
224,665 |
5,163,262 |
| Mediobanca Banca di Credito Finanziario SpA |
312,469 |
4,439,592 |
| Moncler SpA |
113,434 |
7,722,833 |
| Nexi SpA * |
326,368 |
1,898,860 |
| Poste Italiane SpA |
252,540 |
3,208,046 |
| Prysmian SpA |
145,137 |
7,874,893 |
| Recordati Industria Chimica e Farmaceutica SpA |
60,695 |
3,229,785 |
| Snam SpA |
1,162,786 |
5,320,061 |
| Stellantis NV |
1,240,217 |
27,441,657 |
| Telecom Italia SpA *(a) |
5,362,285 |
1,271,266 |
| Tenaris SA |
268,174 |
4,453,620 |
| Terna - Rete Elettrica Nazionale |
780,635 |
6,254,378 |
| UniCredit SpA |
859,462 |
31,546,008 |
| |
|
251,577,106 |
| | ||
| Japan 22.8% | ||
| Advantest Corp. |
430,792 |
13,484,071 |
| Aeon Co. Ltd. |
368,400 |
7,702,617 |
| AGC, Inc. |
110,893 |
4,100,183 |
| Aisin Corp. |
85,900 |
3,267,313 |
| Ajinomoto Co., Inc. |
262,900 |
9,775,003 |
| ANA Holdings, Inc. |
93,400 |
1,773,853 |
| Asahi Group Holdings Ltd. |
267,200 |
9,140,633 |
| Asahi Intecc Co. Ltd. |
121,700 |
1,783,232 |
| Asahi Kasei Corp. |
709,200 |
4,944,636 |
| Astellas Pharma, Inc. |
1,002,450 |
9,621,410 |
| Azbil Corp. |
69,200 |
1,932,756 |
| Bandai Namco Holdings, Inc. |
332,400 |
6,210,952 |
| Bridgestone Corp. |
314,857 |
13,893,689 |
| Brother Industries Ltd. |
127,700 |
2,258,880 |
| Canon, Inc. |
556,295 |
15,056,286 |
| Capcom Co. Ltd. |
200,800 |
3,305,657 |
| Central Japan Railway Co. |
431,300 |
9,862,958 |
| Chiba Bank Ltd. |
293,000 |
2,474,989 |
| Chubu Electric Power Co., Inc. |
357,300 |
4,586,287 |
| Chugai Pharmaceutical Co. Ltd. |
375,700 |
11,948,703 |
| Concordia Financial Group Ltd. |
586,700 |
3,161,219 |
| Dai Nippon Printing Co. Ltd. |
115,048 |
3,350,900 |
| Daifuku Co. Ltd. |
166,190 |
3,404,203 |
| Dai-ichi Life Holdings, Inc. |
519,900 |
12,041,421 |
| Daiichi Sankyo Co. Ltd. |
1,031,000 |
34,701,073 |
| Daikin Industries Ltd. |
147,900 |
20,187,062 |
| Daito Trust Construction Co. Ltd. |
32,400 |
3,473,096 |
| Daiwa House Industry Co. Ltd. |
329,900 |
9,283,023 |
| Daiwa Securities Group, Inc. |
737,000 |
5,416,256 |
| Denso Corp. |
1,051,400 |
17,919,134 |
| Dentsu Group, Inc. |
111,900 |
3,027,250 |
| Disco Corp. |
51,500 |
14,669,554 |
| East Japan Railway Co. |
509,880 |
9,345,571 |
| Eisai Co. Ltd. |
141,700 |
5,819,481 |
| ENEOS Holdings, Inc. |
1,604,400 |
7,412,667 |
| FANUC Corp. |
531,700 |
15,748,573 |
| Fast Retailing Co. Ltd. |
97,800 |
25,571,670 |
| Fuji Electric Co. Ltd. |
72,200 |
4,491,121 |
| FUJIFILM Holdings Corp. |
625,133 |
13,298,127 |
| Fujitsu Ltd. |
982,900 |
15,183,978 |
| GLP J-Reit |
2,428 |
1,974,722 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
138
Schwab International Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Hamamatsu Photonics KK |
75,300 |
2,759,118 |
| Hankyu Hanshin Holdings, Inc. |
126,900 |
3,327,094 |
| Hikari Tsushin, Inc. |
11,693 |
1,900,367 |
| Hirose Electric Co. Ltd. |
17,064 |
1,811,271 |
| Hitachi Construction Machinery Co. Ltd. |
58,453 |
1,669,551 |
| Hitachi Ltd. |
517,115 |
47,709,375 |
| Honda Motor Co. Ltd. |
2,576,117 |
29,309,969 |
| Hoshizaki Corp. |
60,400 |
2,081,305 |
| Hoya Corp. |
195,707 |
22,690,233 |
| Hulic Co. Ltd. |
218,500 |
2,013,402 |
| Ibiden Co. Ltd. |
65,900 |
2,505,088 |
| Idemitsu Kosan Co. Ltd. |
554,315 |
3,755,549 |
| Iida Group Holdings Co. Ltd. |
95,300 |
1,216,591 |
| Inpex Corp. |
538,400 |
8,065,123 |
| Isuzu Motors Ltd. |
333,300 |
4,223,860 |
| ITOCHU Corp. |
667,100 |
30,096,038 |
| Japan Airlines Co. Ltd. |
76,700 |
1,359,029 |
| Japan Exchange Group, Inc. |
283,400 |
6,637,373 |
| Japan Metropolitan Fund Invest |
3,872 |
2,337,636 |
| Japan Post Bank Co. Ltd. |
815,900 |
8,281,636 |
| Japan Post Holdings Co. Ltd. |
1,168,200 |
11,218,572 |
| Japan Post Insurance Co. Ltd. |
109,700 |
2,059,516 |
| Japan Real Estate Investment Corp. |
722 |
2,448,403 |
| Japan Tobacco, Inc. |
667,700 |
17,962,209 |
| JFE Holdings, Inc. |
320,200 |
4,779,214 |
| Kajima Corp. |
239,900 |
4,595,784 |
| Kansai Electric Power Co., Inc. |
391,300 |
5,861,446 |
| Kao Corp. |
262,319 |
10,821,236 |
| Kawasaki Kisen Kaisha Ltd. |
216,600 |
3,051,868 |
| KDDI Corp. |
831,100 |
23,062,009 |
| KDX Realty Investment Corp. |
2,349 |
2,316,906 |
| Keisei Electric Railway Co. Ltd. |
80,256 |
2,989,770 |
| Keyence Corp. |
109,000 |
47,934,886 |
| Kikkoman Corp. |
374,885 |
4,466,907 |
| Kintetsu Group Holdings Co. Ltd. |
98,400 |
2,529,723 |
| Kirin Holdings Co. Ltd. |
432,300 |
6,310,541 |
| Kobe Bussan Co. Ltd. |
89,600 |
1,935,116 |
| Koito Manufacturing Co. Ltd. |
110,100 |
1,480,926 |
| Komatsu Ltd. |
516,109 |
15,409,027 |
| Konami Group Corp. |
58,100 |
3,505,598 |
| Kubota Corp. |
559,700 |
8,977,434 |
| Kyocera Corp. |
718,900 |
8,762,412 |
| Kyowa Kirin Co. Ltd. |
149,000 |
2,502,284 |
| Lasertec Corp. |
42,400 |
9,145,906 |
| LY Corp. |
1,528,400 |
3,672,183 |
| M3, Inc. |
253,000 |
2,676,278 |
| Makita Corp. |
129,100 |
3,737,558 |
| Marubeni Corp. |
801,400 |
14,278,022 |
| MatsukiyoCocokara & Co. |
189,700 |
2,690,084 |
| Mazda Motor Corp. |
312,900 |
3,541,864 |
| McDonald's Holdings Co. Japan Ltd. |
50,000 |
2,199,434 |
| MEIJI Holdings Co. Ltd. |
127,000 |
2,841,543 |
| Minebea Mitsumi, Inc. |
200,000 |
3,746,068 |
| MISUMI Group, Inc. |
154,200 |
2,506,962 |
| Mitsubishi Chemical Group Corp. |
705,500 |
4,115,793 |
| Mitsubishi Corp. |
1,927,100 |
44,071,944 |
| Mitsubishi Electric Corp. |
1,074,900 |
18,735,428 |
| Mitsubishi Estate Co. Ltd. |
626,202 |
11,474,967 |
| Mitsubishi HC Capital, Inc. |
436,938 |
2,829,629 |
| Mitsubishi Heavy Industries Ltd. |
1,786,300 |
15,971,508 |
| Mitsubishi UFJ Financial Group, Inc. |
6,206,809 |
61,828,201 |
| Mitsui & Co. Ltd. |
721,200 |
34,816,421 |
| Mitsui Chemicals, Inc. |
93,300 |
2,655,587 |
| Mitsui Fudosan Co. Ltd. |
1,474,131 |
15,002,323 |
| Mitsui OSK Lines Ltd. |
195,300 |
6,198,741 |
| Mizuho Financial Group, Inc. |
1,347,413 |
26,044,291 |
| MonotaRO Co. Ltd. |
150,600 |
1,804,923 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| MS&AD Insurance Group Holdings, Inc. |
722,386 |
12,987,804 |
| Murata Manufacturing Co. Ltd. |
958,400 |
17,512,036 |
| NEC Corp. |
137,900 |
9,984,234 |
| Nexon Co. Ltd. |
190,900 |
2,976,388 |
| NIDEC Corp. |
231,100 |
10,823,070 |
| Nintendo Co. Ltd. |
579,390 |
28,256,254 |
| Nippon Building Fund, Inc. |
871 |
3,327,912 |
| NIPPON EXPRESS HOLDINGS, Inc. |
41,300 |
2,112,837 |
| Nippon Paint Holdings Co. Ltd. |
548,100 |
3,508,396 |
| Nippon Prologis REIT, Inc. |
1,269 |
2,193,383 |
| Nippon Sanso Holdings Corp. |
99,900 |
2,967,270 |
| Nippon Steel Corp. |
480,141 |
10,764,237 |
| Nippon Telegraph & Telephone Corp. |
16,755,875 |
18,090,681 |
| Nippon Yusen KK |
260,200 |
7,387,200 |
| Nissan Chemical Corp. |
73,166 |
2,494,095 |
| Nissan Motor Co. Ltd. |
1,379,296 |
5,047,814 |
| Nissin Foods Holdings Co. Ltd. |
111,300 |
2,970,100 |
| Nitori Holdings Co. Ltd. |
44,600 |
5,968,954 |
| Nitto Denko Corp. |
81,700 |
6,755,415 |
| Nomura Holdings, Inc. |
1,683,900 |
9,581,359 |
| Nomura Real Estate Holdings, Inc. |
60,900 |
1,705,024 |
| Nomura Real Estate Master Fund, Inc. |
2,323 |
2,220,602 |
| Nomura Research Institute Ltd. |
213,000 |
5,154,150 |
| NTT Data Group Corp. |
357,700 |
5,593,647 |
| Obayashi Corp. |
372,500 |
4,157,394 |
| Obic Co. Ltd. |
40,000 |
5,138,659 |
| Odakyu Electric Railway Co. Ltd. |
171,700 |
1,930,369 |
| Olympus Corp. |
667,700 |
9,300,867 |
| Omron Corp. |
96,900 |
3,325,838 |
| Ono Pharmaceutical Co. Ltd. |
212,500 |
3,060,713 |
| Oracle Corp. |
21,200 |
1,590,945 |
| Oriental Land Co. Ltd. |
606,700 |
16,739,893 |
| ORIX Corp. |
655,500 |
13,415,076 |
| Osaka Gas Co. Ltd. |
215,200 |
4,785,159 |
| Otsuka Corp. |
126,000 |
2,505,903 |
| Otsuka Holdings Co. Ltd. |
236,900 |
10,129,096 |
| Pan Pacific International Holdings Corp. |
210,000 |
4,932,065 |
| Panasonic Holdings Corp. |
1,241,912 |
10,839,966 |
| Rakuten Group, Inc. * |
857,620 |
4,124,674 |
| Recruit Holdings Co. Ltd. |
802,300 |
34,552,943 |
| Renesas Electronics Corp. |
821,300 |
13,334,423 |
| Resona Holdings, Inc. |
1,185,185 |
7,494,807 |
| Ricoh Co. Ltd. |
321,000 |
2,769,284 |
| Rohm Co. Ltd. |
184,700 |
2,655,034 |
| SBI Holdings, Inc. |
141,190 |
3,437,714 |
| SCREEN Holdings Co. Ltd. |
44,700 |
4,612,018 |
| SCSK Corp. |
85,600 |
1,556,139 |
| Secom Co. Ltd. |
118,700 |
8,245,195 |
| Seiko Epson Corp. |
164,500 |
2,706,023 |
| Sekisui Chemical Co. Ltd. |
207,300 |
3,015,808 |
| Sekisui House Ltd. |
328,469 |
7,548,334 |
| Seven & i Holdings Co. Ltd. |
1,272,409 |
16,441,044 |
| SG Holdings Co. Ltd. |
186,628 |
2,184,497 |
| Sharp Corp. * |
142,700 |
749,056 |
| Shimadzu Corp. |
129,300 |
3,512,830 |
| Shimano, Inc. |
43,000 |
6,988,058 |
| Shimizu Corp. |
309,800 |
1,919,042 |
| Shin-Etsu Chemical Co. Ltd. |
1,006,400 |
38,956,677 |
| Shionogi & Co. Ltd. |
136,300 |
6,365,313 |
| Shiseido Co. Ltd. |
221,200 |
5,921,134 |
| Shizuoka Financial Group, Inc. |
249,100 |
2,325,061 |
| SMC Corp. |
31,900 |
16,759,193 |
| SoftBank Corp. |
1,612,000 |
19,443,437 |
| SoftBank Group Corp. |
576,600 |
28,357,533 |
| Sompo Holdings, Inc. |
497,100 |
9,837,666 |
| Sony Group Corp. |
703,300 |
58,128,685 |
See financial
notes
139
Schwab Equity Index Funds | Semiannual
ReportSchwab International Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Square Enix Holdings Co. Ltd. |
46,700 |
1,688,071 |
| Subaru Corp. |
335,800 |
7,498,073 |
| SUMCO Corp. |
201,000 |
2,997,574 |
| Sumitomo Corp. |
581,300 |
15,286,531 |
| Sumitomo Electric Industries Ltd. |
406,700 |
6,286,083 |
| Sumitomo Metal Mining Co. Ltd. |
140,000 |
4,677,209 |
| Sumitomo Mitsui Financial Group, Inc. |
709,846 |
40,321,932 |
| Sumitomo Mitsui Trust Holdings, Inc. |
361,200 |
7,594,165 |
| Sumitomo Realty & Development Co. Ltd. |
163,900 |
5,671,579 |
| Suntory Beverage & Food Ltd. |
80,100 |
2,606,073 |
| Suzuki Motor Corp. |
882,400 |
10,276,236 |
| Sysmex Corp. |
279,900 |
4,475,706 |
| T&D Holdings, Inc. |
277,300 |
4,524,795 |
| Taisei Corp. |
93,700 |
3,430,394 |
| Takeda Pharmaceutical Co. Ltd. |
878,590 |
23,091,161 |
| TDK Corp. |
219,100 |
9,774,267 |
| Terumo Corp. |
751,400 |
12,746,842 |
| TIS, Inc. |
121,100 |
2,586,281 |
| Tobu Railway Co. Ltd. |
105,500 |
2,093,170 |
| Toho Co. Ltd. |
61,208 |
2,050,611 |
| Tokio Marine Holdings, Inc. |
1,010,997 |
31,953,961 |
| Tokyo Electric Power Co. Holdings, Inc. * |
846,690 |
5,266,648 |
| Tokyo Electron Ltd. |
263,700 |
57,841,471 |
| Tokyo Gas Co. Ltd. |
207,440 |
4,652,309 |
| Tokyu Corp. |
275,200 |
3,257,696 |
| TOPPAN Holdings, Inc. |
126,900 |
3,010,568 |
| Toray Industries, Inc. |
793,400 |
3,626,409 |
| TOTO Ltd. |
79,300 |
2,146,214 |
| Toyota Industries Corp. |
81,700 |
7,763,688 |
| Toyota Motor Corp. |
5,933,615 |
135,337,303 |
| Toyota Tsusho Corp. |
120,369 |
7,653,049 |
| Trend Micro, Inc. |
76,800 |
3,784,565 |
| Unicharm Corp. |
223,600 |
6,643,856 |
| USS Co. Ltd. |
225,600 |
1,723,425 |
| West Japan Railway Co. |
240,664 |
4,568,151 |
| Yakult Honsha Co. Ltd. |
147,900 |
2,892,885 |
| Yamaha Corp. |
74,000 |
1,559,415 |
| Yamaha Motor Co. Ltd. |
505,600 |
4,715,841 |
| Yamato Holdings Co. Ltd. |
146,300 |
1,932,137 |
| Yaskawa Electric Corp. |
132,600 |
5,463,466 |
| Yokogawa Electric Corp. |
128,700 |
2,843,730 |
| Zensho Holdings Co. Ltd. |
54,100 |
2,096,873 |
| ZOZO, Inc. |
76,500 |
1,647,693 |
| |
|
2,100,155,795 |
| | ||
| Netherlands 4.9% | ||
| ABN AMRO Bank NV, GDR |
272,024 |
4,357,433 |
| Adyen NV * |
12,155 |
14,561,691 |
| Aegon Ltd. |
797,671 |
4,967,772 |
| AerCap Holdings NV * |
111,797 |
9,445,729 |
| Akzo Nobel NV |
94,170 |
6,213,520 |
| ASM International NV |
26,143 |
16,444,964 |
| ASML Holding NV |
225,637 |
196,532,694 |
| ASR Nederland NV |
89,616 |
4,484,339 |
| BE Semiconductor Industries NV |
42,778 |
5,675,529 |
| Coca-Cola Europacific Partners PLC |
116,507 |
8,390,834 |
| DSM-Firmenich AG |
104,094 |
11,674,609 |
| EXOR NV |
51,856 |
5,661,403 |
| Heineken Holding NV |
73,300 |
5,896,544 |
| Heineken NV |
161,915 |
15,757,512 |
| IMCD NV * |
32,144 |
4,849,713 |
| ING Groep NV |
1,854,628 |
29,322,161 |
| JDE Peet's NV |
53,526 |
1,189,325 |
| Koninklijke Ahold Delhaize NV |
529,567 |
16,074,576 |
| Koninklijke KPN NV |
1,890,969 |
6,872,030 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Koninklijke Philips NV |
436,450 |
11,590,450 |
| NN Group NV |
150,649 |
6,949,571 |
| OCI NV |
58,728 |
1,579,582 |
| Prosus NV |
811,234 |
27,143,855 |
| Randstad NV |
58,640 |
2,940,851 |
| Universal Music Group NV |
458,240 |
13,479,214 |
| Wolters Kluwer NV |
139,075 |
20,820,429 |
| |
|
452,876,330 |
| | ||
| New Zealand 0.2% | ||
| Auckland International Airport Ltd. |
734,923 |
3,399,468 |
| EBOS Group Ltd. |
86,836 |
1,793,954 |
| Fisher & Paykel Healthcare Corp. Ltd. |
326,714 |
5,471,722 |
| Mercury NZ Ltd. |
386,079 |
1,451,431 |
| Meridian Energy Ltd. |
683,511 |
2,416,552 |
| Spark New Zealand Ltd. |
1,036,536 |
2,913,414 |
| |
|
17,446,541 |
| | ||
| Norway 0.6% | ||
| Aker BP ASA |
176,369 |
4,277,502 |
| DNB Bank ASA |
509,284 |
8,876,384 |
| Equinor ASA |
506,399 |
13,474,450 |
| Gjensidige Forsikring ASA |
119,153 |
1,910,415 |
| Kongsberg Gruppen ASA |
49,946 |
3,525,843 |
| Mowi ASA |
254,134 |
4,461,805 |
| Norsk Hydro ASA |
740,264 |
4,549,205 |
| Orkla ASA |
401,311 |
2,729,882 |
| Salmar ASA |
36,366 |
2,287,824 |
| Telenor ASA |
353,539 |
4,070,544 |
| Yara International ASA |
91,735 |
2,614,920 |
| |
|
52,778,774 |
| | ||
| Portugal 0.2% | ||
| EDP - Energias de Portugal SA * |
1,758,998 |
6,605,331 |
| EDP Renovaveis SA |
168,413 |
2,305,604 |
| Galp Energia SGPS SA |
256,258 |
5,504,719 |
| Jeronimo Martins SGPS SA |
157,896 |
3,248,195 |
| |
|
17,663,849 |
| | ||
| Singapore 1.4% | ||
| CapitaLand Ascendas REIT |
2,035,995 |
3,856,625 |
| CapitaLand Integrated Commercial Trust |
3,015,510 |
4,298,595 |
| CapitaLand Investment Ltd. * |
1,427,549 |
2,760,669 |
| City Developments Ltd. |
289,700 |
1,298,416 |
| DBS Group Holdings Ltd. |
1,112,682 |
28,325,994 |
| Genting Singapore Ltd. |
3,342,400 |
2,230,616 |
| Grab Holdings Ltd., Class A * |
1,073,323 |
3,756,631 |
| Jardine Cycle & Carriage Ltd. |
54,600 |
1,053,684 |
| Keppel Ltd. |
804,300 |
4,023,035 |
| Mapletree Logistics Trust |
1,893,728 |
1,858,319 |
| Mapletree Pan Asia Commercial Trust |
1,273,700 |
1,167,184 |
| Oversea-Chinese Banking Corp. Ltd. |
1,900,401 |
19,729,135 |
| Sea Ltd., ADR * |
206,520 |
13,049,999 |
| Seatrium Ltd. * |
26,443,325 |
1,888,992 |
| Sembcorp Industries Ltd. |
517,000 |
2,020,473 |
| Singapore Airlines Ltd. |
813,750 |
3,882,905 |
| Singapore Exchange Ltd. |
494,100 |
3,370,515 |
| Singapore Technologies Engineering Ltd. |
849,549 |
2,495,534 |
| Singapore Telecommunications Ltd. |
4,670,337 |
8,099,645 |
| United Overseas Bank Ltd. |
705,733 |
15,660,770 |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
140
Schwab International Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Wilmar International Ltd. |
1,066,034 |
2,505,790 |
| |
|
127,333,526 |
| | ||
| Spain 2.6% | ||
| Acciona SA |
13,188 |
1,524,613 |
| ACS Actividades de Construccion y Servicios SA |
115,572 |
4,628,711 |
| Aena SME SA |
42,121 |
7,676,113 |
| Amadeus IT Group SA |
250,510 |
15,900,853 |
| Banco Bilbao Vizcaya Argentaria SA |
3,252,493 |
35,172,372 |
| Banco Santander SA (a) |
9,035,987 |
43,965,787 |
| CaixaBank SA |
2,109,271 |
11,123,360 |
| Cellnex Telecom SA * |
252,450 |
8,344,658 |
| Enagas SA |
137,799 |
2,020,962 |
| Endesa SA |
174,227 |
3,177,141 |
| Ferrovial SE |
289,046 |
10,395,645 |
| Grifols SA * |
183,481 |
1,679,301 |
| Iberdrola SA |
3,462,492 |
42,455,609 |
| Industria de Diseno Textil SA |
607,950 |
27,680,535 |
| Redeia Corp. SA |
226,558 |
3,782,070 |
| Repsol SA |
683,579 |
10,729,510 |
| Telefonica SA |
2,733,923 |
12,246,870 |
| |
|
242,504,110 |
| | ||
| Sweden 3.0% | ||
| Alfa Laval AB |
160,046 |
6,813,919 |
| Assa Abloy AB, B Shares |
572,010 |
15,113,307 |
| Atlas Copco AB, A Shares |
1,494,459 |
26,177,067 |
| Atlas Copco AB, B Shares |
878,213 |
13,168,116 |
| Beijer Ref AB (a) |
215,577 |
3,038,204 |
| Boliden AB (a) |
151,679 |
4,984,884 |
| Epiroc AB, A Shares |
366,194 |
6,769,961 |
| Epiroc AB, B Shares |
222,125 |
3,681,939 |
| EQT AB |
211,021 |
5,693,210 |
| Essity AB, B Shares |
337,127 |
8,411,232 |
| Evolution AB |
102,373 |
11,310,696 |
| Fastighets AB Balder, B Shares * |
354,296 |
2,233,236 |
| Getinge AB, B Shares |
132,855 |
2,796,919 |
| H & M Hennes & Mauritz AB, B Shares (a) |
360,839 |
5,735,463 |
| Hexagon AB, B Shares |
1,156,681 |
12,100,007 |
| Holmen AB, B Shares |
44,602 |
1,737,126 |
| Husqvarna AB, B Shares |
196,751 |
1,595,888 |
| Industrivarden AB, A Shares |
76,002 |
2,447,532 |
| Industrivarden AB, C Shares |
78,960 |
2,538,550 |
| Indutrade AB |
148,535 |
3,417,138 |
| Investment AB Latour, B Shares |
81,680 |
1,968,129 |
| Investor AB, B Shares |
960,383 |
23,522,414 |
| L E Lundbergforetagen AB, B Shares |
44,511 |
2,193,850 |
| Lifco AB, B Shares |
129,890 |
3,147,051 |
| Nibe Industrier AB, B Shares (a) |
842,772 |
3,888,736 |
| Saab AB, B Shares |
46,142 |
3,653,003 |
| Sagax AB, B Shares |
115,072 |
2,881,640 |
| Sandvik AB |
609,954 |
12,158,538 |
| Securitas AB, B Shares (a) |
275,103 |
2,756,972 |
| Skandinaviska Enskilda Banken AB, A Shares |
887,568 |
11,623,964 |
| Skanska AB, B Shares |
191,665 |
3,292,480 |
| SKF AB, B Shares |
191,266 |
3,932,058 |
| Svenska Cellulosa AB SCA, B Shares |
338,623 |
4,962,608 |
| Svenska Handelsbanken AB, A Shares |
817,088 |
7,006,793 |
| Swedbank AB, A Shares |
479,262 |
9,164,574 |
| Swedish Orphan Biovitrum AB * |
109,897 |
2,846,050 |
| Tele2 AB, B Shares |
297,520 |
2,774,986 |
| Telefonaktiebolaget LM Ericsson, B Shares |
1,623,379 |
8,238,462 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Telia Co. AB |
1,317,913 |
3,014,694 |
| Volvo AB, A Shares |
113,484 |
2,988,742 |
| Volvo AB, B Shares |
840,965 |
21,405,233 |
| Volvo Car AB, B Shares * |
409,365 |
1,270,764 |
| |
|
278,456,135 |
| | ||
| Switzerland 9.1% | ||
| ABB Ltd. |
891,894 |
43,335,736 |
| Adecco Group AG |
88,523 |
3,096,752 |
| Alcon, Inc. |
277,478 |
21,276,119 |
| Avolta AG * |
54,480 |
2,060,261 |
| Bachem Holding AG |
19,156 |
1,662,008 |
| Baloise Holding AG |
25,617 |
3,871,058 |
| Banque Cantonale Vaudoise |
16,863 |
1,763,441 |
| Barry Callebaut AG |
1,921 |
3,104,283 |
| BKW AG |
12,413 |
1,842,560 |
| Chocoladefabriken Lindt & Spruengli AG |
61 |
7,039,562 |
| Chocoladefabriken Lindt & Spruengli AG, Participation Certificates |
526 |
6,058,971 |
| Cie Financiere Richemont SA, Class A |
302,075 |
41,754,930 |
| Clariant AG * |
131,945 |
1,974,005 |
| EMS-Chemie Holding AG |
4,103 |
3,273,518 |
| Geberit AG |
18,611 |
9,934,202 |
| Givaudan SA |
5,166 |
22,093,786 |
| Helvetia Holding AG |
20,836 |
2,725,464 |
| Holcim AG |
290,029 |
24,277,661 |
| Julius Baer Group Ltd. |
114,211 |
6,128,374 |
| Kuehne & Nagel International AG (a) |
30,034 |
7,937,880 |
| Logitech International SA |
91,498 |
7,123,776 |
| Lonza Group AG |
41,727 |
23,033,021 |
| Nestle SA |
1,495,113 |
150,109,581 |
| Novartis AG |
1,146,432 |
111,269,796 |
| Partners Group Holding AG |
12,721 |
16,366,407 |
| Roche Holding AG |
392,383 |
94,020,537 |
| Roche Holding AG, Bearer Shares |
18,699 |
4,918,929 |
| Sandoz Group AG * |
234,630 |
7,974,345 |
| Schindler Holding AG |
12,826 |
3,125,103 |
| Schindler Holding AG, Participation Certificates |
22,440 |
5,593,309 |
| SGS SA |
84,770 |
7,464,476 |
| SIG Group AG |
169,287 |
3,382,921 |
| Sika AG |
85,173 |
24,228,430 |
| Sonova Holding AG |
28,656 |
7,921,439 |
| Straumann Holding AG |
62,086 |
8,253,560 |
| Swatch Group AG |
32,748 |
1,357,714 |
| Swatch Group AG, Bearer Shares |
15,880 |
3,336,567 |
| Swiss Life Holding AG |
16,307 |
11,003,239 |
| Swiss Prime Site AG |
42,595 |
3,932,917 |
| Swiss Re AG |
167,717 |
18,231,737 |
| Swisscom AG |
14,622 |
8,021,725 |
| Temenos AG |
35,842 |
2,229,638 |
| UBS Group AG |
1,835,120 |
48,196,248 |
| VAT Group AG |
14,974 |
7,454,966 |
| Zurich Insurance Group AG |
81,655 |
39,524,802 |
| |
|
833,285,754 |
| | ||
| United Kingdom 15.1% | ||
| 3i Group PLC |
541,403 |
19,342,944 |
| abrdn PLC |
1,071,465 |
1,953,903 |
| Admiral Group PLC |
143,464 |
4,883,104 |
| Anglo American PLC |
707,632 |
23,123,616 |
| Antofagasta PLC |
224,490 |
6,158,160 |
| Ashtead Group PLC |
245,069 |
17,794,926 |
| Associated British Foods PLC |
193,078 |
6,390,434 |
| AstraZeneca PLC |
867,217 |
131,165,587 |
See financial
notes
141
Schwab Equity Index Funds | Semiannual
ReportSchwab International Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Auto Trader Group PLC |
502,156 |
4,353,431 |
| Aviva PLC |
1,542,632 |
8,956,751 |
| BAE Systems PLC |
1,692,193 |
28,144,922 |
| Barclays PLC |
8,458,192 |
21,325,575 |
| Barratt Developments PLC |
548,983 |
3,101,820 |
| Berkeley Group Holdings PLC |
57,236 |
3,361,219 |
| BP PLC |
9,549,071 |
61,549,846 |
| British American Tobacco PLC |
1,122,384 |
32,949,010 |
| BT Group PLC |
3,647,005 |
4,663,802 |
| Bunzl PLC |
191,106 |
7,328,493 |
| Burberry Group PLC |
206,814 |
2,959,226 |
| Centrica PLC |
2,970,617 |
4,741,912 |
| Coca-Cola HBC AG |
124,877 |
4,030,870 |
| Compass Group PLC |
954,580 |
26,550,410 |
| CRH PLC |
387,568 |
30,013,568 |
| Croda International PLC |
74,793 |
4,283,885 |
| DCC PLC |
55,439 |
3,785,967 |
| Diageo PLC |
1,249,118 |
43,169,107 |
| Endeavour Mining PLC |
107,158 |
2,268,869 |
| Entain PLC |
355,088 |
3,464,312 |
| Experian PLC |
514,020 |
20,732,455 |
| Flutter Entertainment PLC * |
99,308 |
18,397,691 |
| Glencore PLC |
5,785,689 |
33,664,380 |
| GSK PLC |
2,296,533 |
47,645,966 |
| Haleon PLC |
3,835,517 |
16,198,691 |
| Halma PLC |
209,798 |
5,749,900 |
| Hargreaves Lansdown PLC |
203,808 |
2,059,548 |
| Hikma Pharmaceuticals PLC |
91,392 |
2,194,374 |
| HSBC Holdings PLC |
10,727,685 |
92,987,046 |
| Imperial Brands PLC |
471,062 |
10,763,837 |
| Informa PLC |
795,529 |
7,875,647 |
| InterContinental Hotels Group PLC |
92,752 |
9,046,468 |
| Intertek Group PLC |
89,185 |
5,489,027 |
| J Sainsbury PLC |
919,672 |
3,016,687 |
| JD Sports Fashion PLC |
1,532,604 |
2,194,190 |
| Kingfisher PLC |
1,062,737 |
3,273,574 |
| Land Securities Group PLC |
399,110 |
3,225,630 |
| Legal & General Group PLC |
3,432,951 |
10,077,426 |
| Lloyds Banking Group PLC |
35,569,462 |
22,955,914 |
| London Stock Exchange Group PLC |
232,459 |
25,626,298 |
| M&G PLC |
1,218,103 |
3,049,554 |
| Melrose Industries PLC |
749,361 |
5,887,227 |
| Mondi PLC |
241,997 |
4,593,264 |
| National Grid PLC |
2,073,642 |
27,200,282 |
| NatWest Group PLC |
3,184,425 |
12,019,234 |
| Next PLC |
68,106 |
7,638,631 |
| NMC Health PLC *(b) |
48,950 |
0 |
| Ocado Group PLC * |
314,286 |
1,376,014 |
| Pearson PLC |
343,212 |
4,164,476 |
| Persimmon PLC |
181,686 |
2,942,046 |
| Phoenix Group Holdings PLC |
408,826 |
2,490,038 |
| Prudential PLC |
1,531,681 |
13,321,562 |
| Reckitt Benckiser Group PLC |
396,484 |
22,166,232 |
| RELX PLC |
1,055,004 |
43,346,815 |
| Rentokil Initial PLC |
1,399,372 |
7,063,992 |
| Rio Tinto PLC |
631,853 |
42,751,632 |
| Rolls-Royce Holdings PLC * |
4,689,801 |
24,049,412 |
| Sage Group PLC |
574,377 |
8,328,982 |
| Schroders PLC |
530,247 |
2,324,646 |
| Segro PLC |
735,136 |
7,732,250 |
| Severn Trent PLC |
150,112 |
4,627,093 |
| Shell PLC |
3,636,696 |
129,279,438 |
| Smith & Nephew PLC |
486,076 |
5,889,125 |
| Smiths Group PLC |
190,010 |
3,830,593 |
| Spirax-Sarco Engineering PLC |
42,016 |
4,623,332 |
| SSE PLC |
610,979 |
12,700,050 |
| St. James's Place PLC |
305,834 |
1,654,958 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Standard Chartered PLC |
1,268,684 |
10,899,947 |
| Taylor Wimpey PLC |
1,957,217 |
3,207,140 |
| Tesco PLC |
3,966,584 |
14,644,899 |
| Unilever PLC |
1,394,061 |
72,115,900 |
| United Utilities Group PLC |
389,909 |
5,082,531 |
| Vodafone Group PLC |
12,891,990 |
10,871,833 |
| Whitbread PLC |
102,706 |
4,047,929 |
| Wise PLC, Class A * |
340,431 |
3,271,693 |
| WPP PLC |
601,945 |
6,033,393 |
| |
|
1,390,216,561 |
| Total Common Stocks
(Cost $6,284,107,538) |
9,071,617,929 | |
| | ||
| PREFERRED STOCKS 0.4% OF NET ASSETS | ||
| | ||
| Germany 0.4% | ||
| Bayerische Motoren Werke AG |
34,682 |
3,563,634 |
| Dr Ing hc F Porsche AG |
63,211 |
5,627,450 |
| Henkel AG & Co. KGaA |
100,368 |
7,973,409 |
| Porsche Automobil Holding SE |
85,413 |
4,351,919 |
| Sartorius AG |
14,563 |
4,353,697 |
| Volkswagen AG |
114,555 |
14,033,572 |
| |
|
39,903,681 |
| Total Preferred Stocks
(Cost $40,568,855) |
39,903,681 | |
| |
|
|
| SHORT-TERM INVESTMENTS 0.7% OF NET ASSETS | ||
| | ||
| Money Market Funds 0.7% | ||
| State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.25% (c)(d) |
62,071,528 |
62,071,528 |
| Total Short-Term Investments
(Cost $62,071,528) |
62,071,528 | |
| Total Investments in Securities
(Cost $6,386,747,921) |
9,173,593,138 | |
| |
NUMBER OF CONTRACTS |
NOTIONAL AMOUNT
($) |
CURRENT VALUE/ UNREALIZED
DEPRECIATION ($) |
| FUTURES CONTRACTS | |||
| Long |
|
|
|
| MSCI EAFE Index, expires 06/21/24 |
796 |
90,246,500 |
(1,657,151 ) |
| * |
Non-income producing security. |
| (a) |
All or a portion of this security is on loan. Securities on loan were valued at $56,674,881. |
| (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. |
| ADR — |
American Depositary Receipt |
| CVA — |
Dutch Certificate |
| GDR — |
Global Depositary Receipt |
| REIT — |
Real Estate Investment Trust |
See financial
notes
Schwab Equity Index Funds | Semiannual Report
142
Schwab International Index
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
The following is a summary of the inputs used to
value the fund’s investments as of April 30, 2024 (see financial note 2(a) for additional
information):
| DESCRIPTION |
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) |
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) |
TOTAL |
| Assets |
|
|
|
|
| Common Stocks1
|
$— |
$3,894,173,370 |
$— |
$3,894,173,370
|
| Belgium |
2,385,097 |
84,084,951 |
— |
86,470,048 |
| Denmark |
273,531 |
338,801,099 |
— |
339,074,630 |
| Finland |
2,282,272 |
89,479,312 |
— |
91,761,584 |
| Hong Kong |
5,394,358 |
170,655,006 |
— |
176,049,364 |
| Israel |
30,766,426 |
34,058,845 |
— |
64,825,271 |
| Japan |
2,193,383 |
2,097,962,412 |
— |
2,100,155,795 |
| Netherlands |
17,836,563 |
435,039,767 |
— |
452,876,330 |
| New Zealand |
11,974,819 |
5,471,722 |
— |
17,446,541 |
| Norway |
4,070,544 |
48,708,230 |
— |
52,778,774 |
| Singapore |
16,806,630 |
110,526,896 |
— |
127,333,526 |
| Sweden |
2,846,050 |
275,610,085 |
— |
278,456,135 |
| United Kingdom |
4,593,264 |
1,385,623,297 |
0 * |
1,390,216,561 |
| Preferred Stocks1
|
— |
39,903,681 |
— |
39,903,681 |
| Short-Term Investments1
|
62,071,528 |
— |
— |
62,071,528 |
| Liabilities |
|
|
|
|
| Futures Contracts2
|
(1,657,151 ) |
— |
— |
(1,657,151 ) |
| Total |
$161,837,314 |
$9,010,098,673 |
$0 |
$9,171,935,987 |
| * |
Level 3 amount shown includes securities determined to have no value at April 30, 2024. |
| 1 |
As categorized in the Portfolio Holdings.
|
| 2 |
Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
See financial notes
143
Schwab Equity Index Funds | Semiannual ReportSchwab International Index
Fund
Statement of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - unaffiliated issuers (cost $6,386,747,921) including securities on loan of $56,674,881 |
|
$9,173,593,138
|
| Cash |
|
36,428,125 |
| Foreign currency, at value (cost $14,605,668) |
|
14,557,655 |
| Deposit with broker for futures contracts |
|
7,618,965 |
| Receivables: |
|
|
| Dividends |
|
36,390,219 |
| Foreign tax reclaims |
|
23,941,153 |
| Fund shares sold |
|
4,273,671 |
| Income from securities on loan |
+ |
94,246 |
| Total assets |
|
9,296,897,172 |
| | ||
| Liabilities | ||
| Collateral held for securities on loan |
|
62,071,528 |
| Payables: |
|
|
| Investments bought |
|
24,816,869 |
| Fund shares redeemed |
|
6,953,512 |
| Variation margin on futures contracts |
|
1,233,687 |
| Investment adviser fees |
+ |
456,391 |
| Total liabilities |
|
95,531,987 |
| Net assets |
|
$9,201,365,185 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$7,383,451,701
|
| Total distributable earnings |
+ |
1,817,913,484 |
| Net assets |
|
$9,201,365,185 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares Outstanding |
= |
NAV |
| $9,201,365,185 |
|
398,281,283 |
|
$23.10 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab Equity Index Funds | Semiannual Report
144
Schwab International Index
Fund
Statement of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $15,221,312) |
|
$132,529,244
|
| Other interest |
|
263,262 |
| Securities on loan, net |
+ |
145,445 |
| Total investment income
|
|
132,937,951 |
| | ||
| Expenses | ||
| Investment adviser fees |
|
2,651,901 |
| Professional fees |
+ |
19,118 1 |
| Total expenses |
|
2,671,019 |
| Expense reduction |
– |
19,118 1 |
| Net expenses |
– |
2,651,901 |
| Net investment income |
|
130,286,050 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized losses on sales of securities - unaffiliated issuers |
|
(68,632,986 ) |
| Net realized gains on futures contracts |
|
8,086,875 |
| Net realized losses on foreign currency transactions |
+ |
(62,073 ) |
| Net realized losses |
|
(60,608,184 ) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
|
1,280,050,330 |
| Net change in unrealized appreciation (depreciation) on futures contracts |
|
208,246 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations |
+ |
(676,843 ) |
| Net change in unrealized appreciation (depreciation) |
+ |
1,279,581,733 |
| Net realized and unrealized gains |
|
1,218,973,549 |
| Increase in net assets resulting from operations |
|
$1,349,259,599 |
| 1 |
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 4 for additional information). |
See financial notes
145
Schwab Equity Index Funds | Semiannual ReportSchwab International Index
Fund
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
| OPERATIONS | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$130,286,050 |
$253,165,280
|
| Net realized losses |
|
(60,608,184 ) |
(324,397,418 ) |
| Net change in unrealized appreciation (depreciation) |
+ |
1,279,581,733 |
1,142,537,840 |
| Increase in net assets resulting from operations |
|
$1,349,259,599 |
$1,071,305,702 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($284,048,299
) |
($210,690,877 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
40,844,352 |
$926,278,473 |
103,868,172 |
$2,222,077,962
|
| Shares reinvested |
|
9,247,190 |
203,253,237 |
7,715,248 |
151,373,159 |
| Shares redeemed |
+ |
(41,838,932 ) |
(945,851,672 ) |
(113,838,437 ) |
(2,408,660,480
) |
| Net transactions in fund shares |
|
8,252,610 |
$183,680,038 |
(2,255,017
) |
($35,209,359 ) |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
390,028,673 |
$7,952,473,847 |
392,283,690 |
$7,127,068,381
|
| Total increase (decrease) |
+ |
8,252,610 |
1,248,891,338 |
(2,255,017 ) |
825,405,466 |
| End of period |
|
398,281,283 |
$9,201,365,185 |
390,028,673 |
$7,952,473,847 |
See financial notes
Schwab Equity Index Funds | Semiannual Report
146
Schwab Equity Index Funds
Financial Notes, unaudited
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 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 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 US Large Company Index Fund |
| Schwab International Index Fund |
Schwab Fundamental US Small Company Index Fund |
| Schwab MarketTrack All Equity Portfolio™ |
Schwab Fundamental International Large Company Index Fund |
| Schwab MarketTrack Growth Portfolio™ |
Schwab Fundamental International Small Company Index Fund |
| Schwab MarketTrack Balanced Portfolio™ |
Schwab Fundamental Emerging Markets Large Company 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 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 in this report 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 Index.
The Schwab 1000 Index Fund’s goal is to match the total return of the Schwab 1000 Index.
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 IndexSM.
147
Schwab Equity Index Funds | Semiannual ReportSchwab Equity Index Funds
Financial Notes, unaudited (continued)
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.
The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB)
Accounting Standard Codification Topic 946 Financial Services — Investment
Companies. The accounting policies are in conformity with accounting principles generally accepted in the United
States of America (GAAP).
The funds may invest in mutual funds and
exchange-traded funds (ETFs), which are referred to as "underlying funds". For more information about the underlying funds’ operations and policies, please refer to those
funds’ semiannual and annual reports, which are filed with the U.S. Securities and Exchange Commission (SEC) and are available on the SEC’s website at www.sec.gov.
(a) Security Valuation:
Pursuant to Rule 2a-5 under the 1940 Act, the Board 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:
● 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.
● 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.
● Futures contracts: Futures
contracts are valued at their settlement prices as of the close of their exchanges.
● Mutual funds: Mutual funds
are valued at their respective NAVs.
● Securities for which no quoted value is available: The Valuation Designee has adopted procedures to fair value a fund’s securities when market prices are not
“readily available” or are unreliable. For example, a security may be fair valued when it’s de-listed or its trading is halted or suspended; when a
security’s primary pricing source is unable or unwilling to provide a price; or when a security’s primary trading market is closed during regular market hours. Fair
value determinations are made in good faith in accordance with adopted valuation procedures. The Valuation Designee considers a number of factors, including
Schwab Equity Index Funds | Semiannual Report
148
Schwab Equity Index Funds
Financial Notes, unaudited (continued)
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:
● 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.
● 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.
● 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, 2024, 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.
149
Schwab Equity Index Funds | Semiannual ReportSchwab Equity Index Funds
Financial Notes, unaudited (continued)
2. Significant Accounting
Policies (continued):
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, 2024, Schwab 1000 Index Fund, Schwab Small-Cap Index Fund, Schwab Total Stock Market Index Fund, Schwab U.S.
Large-Cap Growth Index Fund, Schwab U.S. Large-Cap Value Index Fund, Schwab U.S. Mid-Cap Index Fund and Schwab International Index Fund 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, 2024, if any, are disclosed within each fund’s Portfolio Holdings
and Statement of Assets and Liabilities.
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.
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. The Schwab International Index 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 within net realized gains (losses) on sales of securities within the Schwab International Index Fund’s Statement of Operations.
(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
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150
Schwab Equity Index Funds
Financial Notes, unaudited (continued)
2. Significant Accounting
Policies (continued):
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 gains 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, in the form of cash or non-cash income such as in the form of additional
securities, 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. 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 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 fees which are subject to repayment to the investment adviser (see financial note 4 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, 2024, 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 trust, the investment adviser pays the operating expenses of each fund, excluding acquired fund fees and expenses, taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and
extraordinary or non-routine expenses that are specific to a fund are charged directly to the fund. Acquired fund fees and expenses are indirect expenses incurred by a fund through its investments in underlying funds. Such expenses are reflected in the net asset values 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.
(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.
151
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Financial Notes, unaudited (continued)
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 respective shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.
(i) Foreign Taxes:
The 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 within each fund’s Statement of Operations. Foreign taxes accrued as of April 30, 2024, if any, are reflected within each fund’s Statement of Assets and Liabilities.
(j) Indemnification:
Under the funds’ organizational documents, the officers and trustees are indemnified
against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business the funds enter into contracts with their
vendors and others that provide general indemnifications. The funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. However, based on experience, the funds expect the risk of
loss attributable to these arrangements to be remote.
(k) Regulatory Update:
Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for
retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a
semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time,
management is evaluating the impact of these rule and form amendment changes on the content of the current shareholder report and the newly created annual and semiannual streamlined shareholder reports.
Investing in the funds may involve certain risks, as discussed in the funds’ prospectuses, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.
Market Risk. Financial markets rise and fall in response to a variety of factors, sometimes rapidly and
unpredictably. Markets may be impacted by economic, political, regulatory and other conditions, including economic sanctions and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may
also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in a fund will fluctuate, which means that an investor could lose money over short or long periods.
Equity Risk. The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual
companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.
Investment Style Risk. The funds are index funds. Therefore, each fund follows the securities included in its
respective index during upturns as well as downturns. Because of its indexing strategy, a fund does not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of a fund’s expenses, a fund’s performance may be below that of the index. Errors relating to the index may occur from time to time and may not be identified by the index provider for a period of time. In addition, market disruptions could cause delays in an index’s rebalancing schedule. Such errors and/or market disruptions may result in losses for a fund.
Tracking Error Risk. As index funds, each fund seeks to track the performance of its respective index,
although it may not be successful in doing so. The divergence between the performance of a fund and the index, positive or negative, is called “tracking error.” Tracking error can be caused by many factors and it may be significant.
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152
Schwab Equity Index Funds
Financial Notes, unaudited (continued)
3. Risk
Factors (continued):
Sampling Index Tracking Risk. To the extent a fund uses sampling techniques, a fund will not fully replicate
its index and may hold securities not included in the index. As a result, a fund will be subject to the risk that the investment adviser’s investment strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. If a fund utilizes a
sampling approach, it may not track the return of the index as well as it would if the fund purchased all of the securities in the index.
Concentration Risk. To the extent that a fund’s or its respective index’s portfolio is concentrated in the securities of issuers in a
particular market, industry, group of industries, sector, country or asset class, the fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic,
market, political or regulatory occurrences affecting that market, industry, group of industries, sector, country or asset class.
Market Capitalization Risk. Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and
economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, the fund’s performance could be
impacted.
Large-Cap Company Risk. Large-cap companies are generally more mature and the securities issued by these companies may not be able to reach the same
levels of growth as the securities issued by small- or mid-cap companies.
Mid-Cap Company Risk. Mid-cap companies may be more vulnerable to adverse business or economic events than
larger, more established companies and the value of securities issued by these companies may move sharply.
Small-Cap Company Risk. Securities issued by small-cap companies may be riskier than those issued by larger companies, and their prices may move
sharply, especially during market upturns and downturns.
Growth Investing Risk. Growth stocks can be volatile. Growth companies
usually invest a high portion of earnings in their businesses and may lack the dividends of value stocks that can cushion stock prices in a falling market. The prices of growth
stocks are based largely on projections of the issuer’s future earnings and revenues. If a company’s earnings or revenues fall short of expectations, its stock price may fall dramatically. Growth stocks may also be more expensive relative to their earnings or assets compared to value or other stocks.
Value Investing Risk. Certain funds emphasize a “value” style of investing, which targets undervalued companies with characteristics
for improved valuations. This style of investing is subject to the risk that the valuations never improve or that the returns on “value” securities may not move in
tandem with the returns on other styles of investing or the stock market in general.
Foreign Investment Risk. A fund’s investments in securities of foreign issuers involve certain risks
that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on
currency movements and exchanges); the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may negatively impact the value or liquidity of a fund’s investments, and could impair the fund’s ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar. Foreign securities also include American Depositary Receipts, Global Depositary Receipts (GDRs) and European Depositary Receipts, which may be less liquid than
the underlying shares in their primary trading market, and GDRs, in particular, many of which are issued by companies in emerging markets, may be more volatile. To the extent a fund’s investments in a single country or a limited number of countries represent a large percentage of the fund’s assets, the fund’s performance may be adversely affected by the economic, political, regulatory and social conditions in those countries, and the fund’s price may be more volatile than the price of a fund that is geographically diversified.
Derivatives Risk. A fund may use derivatives to enhance returns or hedge against market declines. Examples of
derivatives are futures and options on futures. An option is the right to buy or sell an instrument at a specific price before a specific date. A future is an agreement to buy or sell a financial instrument at a specific price on a specific day. The use of derivatives that are subject to regulation by the Commodity Futures Trading Commission (CFTC) could cause a fund to become a commodity pool, which would
require the fund to comply with certain CFTC rules.
A fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, such as liquidity risk and market risk, are discussed elsewhere in this section. A fund’s use of derivatives is also subject to lack of availability risk, credit risk, leverage risk, valuation risk, correlation risk and tax risk. Lack of availability risk is the risk that suitable derivative transactions may not be available in all circumstances for risk management or other purposes. Credit risk is the risk that the counterparty to a derivatives transaction may not fulfill its obligations. Leverage risk is the risk that a small percentage of assets invested in derivatives can have a
153
Schwab Equity Index Funds | Semiannual ReportSchwab Equity Index Funds
Financial Notes, unaudited (continued)
3. Risk
Factors (continued):
disproportionately large impact on a fund. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause a fund to realize higher amounts of short-term capital gains. A fund’s use of derivatives could reduce the fund’s performance, increase its volatility and cause the fund to lose more than the initial amount invested. A fund’s use of derivatives also could create a risk of counterparty default under certain transactions, risks that the fund would need to liquidate portfolio positions when it may not be advantageous to do so in order to meet margin and payment
obligations, and legal risks relating to insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract.
Liquidity Risk. A fund may be unable to sell certain securities, such as illiquid securities, readily at a
favorable time or price, or the fund may have to sell them at a loss.
Securities Lending Risk. Securities lending involves the risk of loss of
rights in, or delay in recovery of, the loaned securities if the borrower fails to return the security loaned or becomes insolvent.
Non-Diversification Risk. To the extent that a fund becomes non-diversified as necessary to approximate the composition of its respective index, it may
invest in the securities of relatively few issuers. As a result, a single adverse economic or regulatory occurrence may have a more significant effect on the fund’s
investments, and the fund may experience increased volatility.
Please
refer to the funds’ prospectus for a more complete description of the principal risks of investing in the funds.
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 Advisory Agreement between the investment adviser and each trust.
For its advisory and administrative services to the funds, the investment adviser is entitled to receive an annual fee, payable
monthly, based on a percentage of each fund’s average daily net assets as follows:
| SCHWAB
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
GROWTH
INDEX FUND |
SCHWAB
U.S. LARGE-CAP
VALUE
INDEX FUND |
SCHWAB
U.S. MID-CAP
INDEX FUND |
SCHWAB
INTERNATIONAL
INDEX FUND |
| 0.02 % |
0.05 % |
0.04 % |
0.03 % |
0.035 % |
0.035 % |
0.04 % |
0.06 % |
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154
Schwab Equity Index Funds
Financial Notes, unaudited (continued)
4. Affiliates and Affiliated
Transactions (continued):
Investments from Affiliates
Certain funds in the Fund Complex may own shares of other funds in the Fund Complex. The table below reflects the percentages of
shares of each fund in this report that are owned by other funds in the Fund Complex as of April 30, 2024, as applicable:
| |
UNDERLYING FUNDS | ||||
| |
SCHWAB
S&P 500
INDEX FUND |
SCHWAB
SMALL-CAP
INDEX FUND |
SCHWAB
U.S. LARGE-CAP
GROWTH
INDEX FUND |
SCHWAB
U.S. MID-CAP
INDEX FUND |
SCHWAB INTERNATIONAL
INDEX FUND |
| Schwab MarketTrack All Equity Portfolio |
0.3 % |
1.2 % |
3.4 % |
— % |
1.5 % |
| Schwab MarketTrack Balanced Portfolio |
0.1 % |
0.4 % |
1.4 % |
— % |
0.6 % |
| Schwab MarketTrack Conservative Portfolio |
0.0 %* |
0.1 % |
0.3 % |
— % |
0.1 % |
| Schwab MarketTrack Growth Portfolio |
0.2 % |
1.0 % |
3.0 % |
— % |
1.2 % |
| Schwab Target 2010 Fund |
0.0 %* |
— % |
— % |
0.0 %* |
— % |
| Schwab Target 2015 Fund |
0.0 %* |
— % |
— % |
0.0 %* |
— % |
| Schwab Target 2020 Fund |
0.1 % |
— % |
— % |
0.3 % |
— % |
| Schwab Target 2025 Fund |
0.1 % |
— % |
— % |
0.5 % |
— % |
| Schwab Target 2030 Fund |
0.2 % |
— % |
— % |
1.0 % |
— % |
| Schwab Target 2035 Fund |
0.1 % |
— % |
— % |
0.7 % |
— % |
| Schwab Target 2040 Fund |
0.2 % |
— % |
— % |
1.4 % |
— % |
| Schwab Target 2045 Fund |
0.1 % |
— % |
— % |
0.4 % |
— % |
| Schwab Target 2050 Fund |
0.1 % |
— % |
— % |
0.4 % |
— % |
| Schwab Target 2055 Fund |
0.0 %* |
— % |
— % |
0.3 % |
— % |
| Schwab Target 2060 Fund |
0.0 %* |
— % |
— % |
0.1 % |
— % |
| Schwab Target 2065 Fund |
0.0 %* |
— % |
— % |
0.0 %* |
— % |
| * |
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 withheld in the future.
For the period ended April 30, 2024, the professional fees incurred by the Schwab
International Index Fund and paid by the investment adviser were $19,118, as shown as Professional fees in the fund’s Statement of Operations.
During the period ended April 30, 2024, Schwab International Index Fund did not recover any
previously withheld foreign taxes and made no reimbursements to the investment adviser.
As of April 30, 2024, 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 $35,910.
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 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, trustees and/or
155
Schwab Equity Index Funds | Semiannual ReportSchwab Equity Index Funds
Financial Notes, unaudited (continued)
4. Affiliates and Affiliated
Transactions (continued):
officers 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, 2024, each fund’s purchases and sales of securities with other funds in the Fund Complex as well as any realized gains (losses) were as
follows:
| |
PURCHASE COST |
SALE PROCEEDS |
REALIZED GAINS (LOSSES) |
| Schwab S&P 500 Index Fund |
$127,203,038 |
$111,644,837 |
($18,418,900 ) |
| Schwab 1000 Index Fund |
26,734,890 |
15,122,882 |
(2,061,699 ) |
| Schwab Small-Cap Index Fund |
12,987,000 |
32,891,527 |
(4,622,990 ) |
| Schwab Total Stock Market Index Fund |
104,893,274 |
17,561,641 |
(29,994,370 ) |
| Schwab U.S. Large-Cap Growth Index Fund |
11,291,494 |
1,078,081 |
(257,174 ) |
| Schwab U.S. Large-Cap Value Index Fund |
2,390,500 |
1,981,124 |
9,066 |
| Schwab U.S. Mid-Cap Index Fund |
2,140,335 |
6,649,493 |
(1,469,836 ) |
| Schwab International Index Fund |
112,788 |
49,507,742 |
(3,777,362 ) |
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.
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. For information regarding the trustees, please refer to the Trustees and Officers table at the end of this report.
During the period, the funds were participants with other funds in the Fund Complex in a joint, syndicated, committed $1 billion line of credit (the Syndicated Credit Facility), maturing on September 26, 2024. 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 26, 2024. 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. The interest expense is determined based on a negotiated rate above the current Federal Funds Rate.
Certain funds entered into futures contracts during the report period to equitize available cash. Refer to financial note 2(b) for the funds’ accounting policies with respect to futures contracts and financial note 3 for disclosures concerning the risks of investing in futures contracts.
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156
Schwab Equity Index Funds
Financial Notes, unaudited (continued)
7. Derivatives (continued):
As of April 30, 2024, the
Statement of Assets and Liabilities included the following financial derivative instrument fair values held at period end:
| |
EQUITY CONTRACTS |
TOTAL |
| Asset Derivatives |
|
|
| Schwab Small-Cap Index Fund |
|
|
| Futures Contracts1
|
$159,016 |
$159,016 |
| Schwab U.S. Large-Cap Growth Index Fund |
|
|
| Futures Contracts1
|
42,835 |
42,835 |
| |
|
| 1 |
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. |
| Liability Derivatives |
|
|
| Schwab S&P 500 Index Fund |
|
|
| Futures Contracts1
|
($1,359,958 ) |
($1,359,958 ) |
| Schwab 1000 Index Fund |
|
|
| Futures Contracts1
|
(1,245,549 ) |
(1,245,549 ) |
| Schwab Total Stock Market Index Fund |
|
|
| Futures Contracts1
|
(1,645,219 ) |
(1,645,219 ) |
| Schwab U.S. Large-Cap Value Index Fund |
|
|
| Futures Contracts1
|
(38,433 ) |
(38,433 ) |
| Schwab U.S. Mid-Cap Index Fund |
|
|
| Futures Contracts1
|
(33,305 ) |
(33,305 ) |
| Schwab International Index Fund |
|
|
| Futures Contracts1
|
(1,657,151 ) |
(1,657,151 ) |
| |
|
| 1 |
Includes cumulative unrealized depreciation of futures contracts as reported in each fund’s Portfolio Holdings. Only current day’s variation margin on
futures contracts is reported in the Statement of Assets and
Liabilities. |
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Index Funds | Semiannual ReportSchwab Equity Index Funds
Financial Notes, unaudited (continued)
7. Derivatives (continued):
The effects of the derivative
contracts in the Statement of Operations for the period ended April 30, 2024, were:
| |
EQUITY CONTRACTS |
TOTAL |
| Net Realized Gains (Losses) |
|
|
| Schwab S&P 500 Index Fund |
|
|
| Futures Contracts1
|
$48,313,617 |
$48,313,617 |
| Schwab 1000 Index Fund |
|
|
| Futures Contracts1
|
7,742,689 |
7,742,689 |
| Schwab Small-Cap Index Fund |
|
|
| Futures Contracts1
|
1,817,554 |
1,817,554 |
| Schwab Total Stock Market Index Fund |
|
|
| Futures Contracts1
|
16,256,342 |
16,256,342 |
| Schwab U.S. Large-Cap Growth Index Fund |
|
|
| Futures Contracts1
|
1,291,058 |
1,291,058 |
| Schwab U.S. Large-Cap Value Index Fund |
|
|
| Futures Contracts1
|
500,970 |
500,970 |
| Schwab U.S. Mid-Cap Index Fund |
|
|
| Futures Contracts1
|
1,150,615 |
1,150,615 |
| Schwab International Index Fund |
|
|
| Futures Contracts1
|
8,086,875 |
8,086,875 |
| |
|
| 1 |
Statement of Operations location: Net realized gains (losses) on futures contracts. |
| Net Change in Unrealized Appreciation (Depreciation) |
|
|
| Schwab S&P 500 Index Fund |
|
|
| Futures Contracts1
|
$4,442,430 |
$4,442,430 |
| Schwab 1000 Index Fund |
|
|
| Futures Contracts1
|
1,979,523 |
1,979,523 |
| Schwab Small-Cap Index Fund |
|
|
| Futures Contracts1
|
923,370 |
923,370 |
| Schwab Total Stock Market Index Fund |
|
|
| Futures Contracts1
|
1,152,367 |
1,152,367 |
| Schwab U.S. Large-Cap Growth Index Fund |
|
|
| Futures Contracts1
|
119,989 |
119,989 |
| Schwab U.S. Large-Cap Value Index Fund |
|
|
| Futures Contracts1
|
(38,226 ) |
(38,226 ) |
| Schwab U.S. Mid-Cap Index Fund |
|
|
| Futures Contracts1
|
(53,199 ) |
(53,199 ) |
| Schwab International Index Fund |
|
|
| Futures Contracts1
|
208,246 |
208,246 |
| |
|
| 1 |
Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts. |
Schwab Equity Index Funds | Semiannual Report
158
Schwab Equity Index Funds
Financial Notes, unaudited (continued)
7. Derivatives (continued):
During the period ended April
30, 2024, 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 |
$308,621,904 |
1,280 |
| Schwab 1000 Index Fund |
67,017,311 |
280 |
| Schwab Small-Cap Index Fund |
25,757,151 |
260 |
| Schwab Total Stock Market Index Fund |
90,062,054 |
458 |
| Schwab U.S. Large-Cap Growth Index Fund |
7,935,675 |
33 |
| Schwab U.S. Large-Cap Value Index Fund |
3,086,766 |
13 |
| Schwab U.S. Mid-Cap Index Fund |
5,507,683 |
20 |
| Schwab International Index Fund |
76,226,526 |
689 |
For the period ended April 30, 2024, purchases and sales of securities (excluding in-kind transactions and short-term obligations) were as follows:
| |
PURCHASES
OF SECURITIES |
SALES
OF SECURITIES |
| Schwab S&P 500 Index Fund |
$4,578,267,576 |
$511,461,176 |
| Schwab 1000 Index Fund |
187,878,936 |
94,593,001 |
| Schwab Small-Cap Index Fund |
258,143,151 |
310,640,672 |
| Schwab Total Stock Market Index Fund |
974,308,274 |
97,318,115 |
| Schwab U.S. Large-Cap Growth Index Fund |
560,195,249 |
30,892,144 |
| Schwab U.S. Large-Cap Value Index Fund |
62,720,498 |
54,938,504 |
| Schwab U.S. Mid-Cap Index Fund |
154,323,919 |
39,906,532 |
| Schwab International Index Fund |
455,657,623 |
435,939,411 |
During the period ended April 30, 2024, the following funds had
transactions in connection with in-kind transactions:
| |
IN-KIND PURCHASES
OF SECURITIES |
IN-KIND SALES
OF SECURITIES |
| Schwab 1000 Index Fund |
$— |
$59,907,335 |
| Schwab Small-Cap Index Fund |
— |
4,481,718 |
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, 2024, are disclosed in the funds’ Statements of Operations, if any.
159
Schwab Equity Index Funds | Semiannual ReportSchwab Equity Index Funds
Financial Notes, unaudited (continued)
9. Federal Income Taxes:
As of April 30, 2024, the tax basis cost of the funds’ investments and gross unrealized appreciation and depreciation were as follows:
| |
TAX COST |
GROSS UNREALIZED
APPRECIATION |
GROSS UNREALIZED
DEPRECIATION |
NET UNREALIZED
APPRECIATION (DEPRECIATION) |
| Schwab S&P 500 Index Fund |
$38,368,731,524 |
$51,046,501,171 |
($1,453,851,939 ) |
$49,592,649,232 |
| Schwab 1000 Index Fund |
3,477,801,123 |
12,102,307,124 |
(175,061,576 ) |
11,927,245,548 |
| Schwab Small-Cap Index Fund |
4,568,390,340 |
1,925,396,734 |
(809,765,080 ) |
1,115,631,654 |
| Schwab Total Stock Market Index Fund |
10,936,844,270 |
11,839,310,322 |
(598,819,833 ) |
11,240,490,489 |
| Schwab U.S. Large-Cap Growth Index Fund |
1,613,904,104 |
603,683,125 |
(14,364,335 ) |
589,318,790 |
| Schwab U.S. Large-Cap Value Index Fund |
567,435,044 |
149,270,257 |
(19,910,349 ) |
129,359,908 |
| Schwab U.S. Mid-Cap Index Fund |
1,182,002,302 |
296,512,581 |
(82,306,801 ) |
214,205,780 |
| Schwab International Index Fund |
6,774,435,648 |
2,704,377,677 |
(306,877,338 ) |
2,397,500,339 |
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, 2023, the funds had capital loss carryforwards available as follows:
| |
|
| Schwab S&P 500 Index Fund |
$268,609,359 |
| Schwab 1000 Index Fund |
106,818,293 |
| Schwab Small-Cap Index Fund |
134,895,627 |
| Schwab Total Stock Market Index Fund |
109,439,609 |
| Schwab U.S. Large-Cap Growth Index Fund |
38,407,381 |
| Schwab U.S. Large-Cap Value Index Fund |
— |
| Schwab U.S. Mid-Cap Index Fund |
11,482,459 |
| Schwab International Index Fund |
560,508,636 |
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, 2024. The tax basis components of
distributions paid during the fiscal year ended October 31, 2023 were as follows:
| |
PRIOR FISCAL YEAR END DISTRIBUTIONS | |
| |
ORDINARY
INCOME
|
LONG-TERM
CAPITAL
GAINS
|
| Schwab S&P 500 Index Fund |
$999,828,367 |
$— |
| Schwab 1000 Index Fund |
187,210,509 |
— |
| Schwab Small-Cap Index Fund |
67,319,807 |
— |
| Schwab Total Stock Market Index Fund |
253,821,250 |
— |
| Schwab U.S. Large-Cap Growth Index Fund |
8,433,385 |
— |
| Schwab U.S. Large-Cap Value Index Fund |
13,415,952 |
794,933 |
| Schwab U.S. Mid-Cap Index Fund |
13,525,251 |
782,797 |
| Schwab International Index Fund |
210,690,877 |
— |
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.
Schwab Equity Index Funds | Semiannual Report
160
Schwab Equity Index Funds
Financial Notes, unaudited (continued)
9. Federal Income
Taxes (continued):
As of October 31, 2023, 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, 2023, the funds did not incur any interest or penalties.
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.
161
Schwab Equity Index Funds | Semiannual ReportSchwab Equity Index Funds
Trustees and Officers
The tables below give information about the trustees and officers of Schwab Capital Trust and Schwab Investments, which includes the funds covered in this report. The “Fund Complex” includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust. The Fund Complex includes 106 funds.
The address for all trustees and officers is 211 Main Street, San Francisco, CA 94105. You
can find more information about the trustees and officers in the funds’ Statement of Additional Information, which is available free by calling 1-877-824-5615.
| Independent Trustees | |||
| Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) |
Principal Occupations
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee |
Other Directorships |
| Michael J. Beer 1961
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022) |
Retired. Director, President and Chief Executive Officer
(Dec. 2016 – Sept. 2019), Principal Funds (investment
management). |
106 |
Director (2016 – 2019), Principal Funds, Inc. |
| Robert W. Burns 1959
Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) |
Retired/Private Investor. |
106 |
None |
| Nancy F. Heller 1956
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) |
Retired. |
106 |
None |
| David L. Mahoney 1954
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) |
Private Investor. |
106 |
Director (2004 – present), Corcept Therapeutics Incorporated
Director (2009 – 2021),
Adamas Pharmaceuticals, Inc. Director (2003 – 2019), Symantec Corporation |
| Jane P. Moncreiff 1961
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2019) |
Consultant (2018 – present), Fulham Advisers LLC (management consulting); Chief Investment Officer (2009 – 2017), CareGroup Healthcare System, Inc. (healthcare). |
106 |
None |
Schwab Equity Index Funds | Semiannual Report
162
Schwab Equity Index Funds
| Independent Trustees (continued) | |||
| Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) |
Principal Occupations
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee |
Other Directorships |
| Kimberly S. Patmore 1956
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) |
Consultant (2008 – present), Patmore Management Consulting
(management consulting). |
106 |
None |
| J. Derek Penn 1957
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021) |
Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial
services). |
106 |
None |
| Interested Trustees | |||
| Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) |
Principal Occupations
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee |
Other Directorships |
| Walter W. Bettinger II2 1960
Chairman and Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust
and Schwab Annuity Portfolios since
2008; Schwab Strategic Trust since
2009; Laudus Trust since 2010) |
Co-Chairman of the Board (July 2022 – present), Director and Chief
Executive Officer (Oct. 2008 – present) and President
(Feb. 2007 – Oct. 2021), The Charles Schwab Corporation;
President and Chief Executive Officer (Oct. 2008 – Oct. 2021)
and Director (May 2008 – Oct. 2021), Charles Schwab &
Co., Inc.; Co-Chairman of the Board (July 2022 – present) and
Director (Apr. 2006 – present), Charles Schwab Bank, SSB;
Co-Chairman of the Board (July 2022 – present) and Director
(Nov. 2017 – present), Charles Schwab Premier Bank, SSB;
Co-Chairman of the Board (July 2022 – present) and Director
(July 2019 – present), Charles Schwab Trust Bank; Director
(May 2008 – present), Chief Executive Officer (Aug. 2017 – present)
and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.;
Manager (Sept. 2023 – present), TD Ameritrade Holding LLC;
Director (Oct. 2020 – Aug. 2023), TD Ameritrade Holding
Corporation; Director (July 2016 – Oct. 2021), Charles Schwab
Investment Management, Inc. |
106 |
Director (2008 – present), The Charles Schwab Corporation |
| Richard A. Wurster2 1973
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022) |
President (Oct. 2021 – present) and Executive Vice President – Schwab
Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles
Schwab Corporation; President, Director (Oct. 2021 –
present), Executive Vice President – Schwab Asset Management
Solutions (July 2019 – Oct. 2021) and Senior Vice President
– Advisory (May 2016 – July 2019), Charles Schwab &
Co., Inc.; President (Nov. 2021 – present), Schwab Holdings,
Inc.; Director (Oct. 2021 – present) and Chief Executive
Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment
Management, Inc.; Director, Chief Executive Officer and President
(Mar. 2018 – Oct. 2022), Charles Schwab Investment Advisory,
Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and
President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive
Officer (July 2016 – Apr. 2018), Windhaven Investment
Management, Inc. |
106 |
None |
163
Schwab Equity Index Funds | Semiannual ReportSchwab Equity Index Funds
| Officers of the Trust | |
| Name, Year of Birth, and Position(s) with the
trust (Terms of office, and length of Time Served3) |
Principal Occupations During the Past Five
Years |
| Omar Aguilar 1970
Chief Executive Officer, President and Chief Investment
Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) |
Chief Executive Officer (Jan. 2022 – present), President (Oct. 2023 – present), (Chief
Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Jan.
2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer
and President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.;
Chief Executive Officer (Sept. 2023 – present), President (Oct. 2023 –
present), Chief Investment Officer (June 2011 – present) and Vice President
(June 2011 – Sept. 2023), Schwab Funds, Laudus Trust and Schwab
ETFs. |
| Mark Fischer 1970
Chief Operating Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2013) |
Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer
(Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial
Officer (Mar. 2020 – present), Chief Operating Officer (Oct. 2023 –
present), Managing Director (Mar. 2023 – present) and Vice President (Oct.
2013 – Mar. 2023), Charles Schwab Investment Management, Inc.
|
| Dana Smith 1965
Treasurer and Chief Financial Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2023) |
Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer (Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director
(Mar. 2023 – present), Vice President (Mar. 2022 – Mar. 2023) and Director
(Oct. 2015 – Mar. 2022), Charles Schwab Investment Management, Inc.; Managing
Director (May 2022 – present) and Vice President (Apr. 2022 – May 2022),
Charles Schwab & Co., Inc. |
| Patrick Cassidy 1964
Vice President and Chief Investment Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2018) |
Chief Investment Officer (Oct. 2023 – present) and Vice President (Feb. 2018 – present),
Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present),
Chief Investment Officer (Oct. 2023 – present), and Senior Vice President
(Oct. 2012 – Mar. 2023), Charles Schwab Investment Management,
Inc. |
| William P. McMahon, Jr. 1972
Vice President and Chief Investment Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2021) |
Managing Director (Mar. 2023 – present), Senior Vice President (Jan. 2020 – Mar. 2023) and
Chief Investment Officer (Jan. 2020 – present) Charles Schwab Investment
Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present),
Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief
Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019),
Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment
Officer (May 2001 – Apr. 2018), ThomasPartners, Inc. |
| Catherine MacGregor 1964
Chief Legal Officer and Secretary, Schwab Funds and
Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Trust (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009) |
Chief Legal Officer (Mar. 2022 – present), Managing Director (Mar. 2023 – present) and Vice
President (Sept. 2005 – Mar. 2023), Charles Schwab Investment Management, Inc.;
Managing Director (May 2022 – present) and Vice President (Aug. 2005 –
May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 –
present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus
Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President
(Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021),
Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and
Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs. |
1
Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first.
2
Mr. Bettinger and Mr. Wurster are Interested Trustees. Mr. Bettinger and Mr. Wurster are
Interested Trustees because each owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser
for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust.
3
The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.
Schwab Equity Index Funds | Semiannual Report
164
Schwab Equity Index Funds
Glossary
asset allocation The practice of dividing a portfolio among different asset classes, with each asset class assigned a particular
percentage.
asset class A group of securities with similar structure and basic characteristics. Stocks, bonds and cash are the three main
examples of asset classes.
bond A security representing a loan from the investor to the issuer. A bond typically pays interest at a fixed rate (the coupon rate) until a specified date (the maturity date), at which time the
issuer returns the money borrowed (principal or face value) to the bondholder. Because of their structure, bonds
are sometimes called “fixed-income securities” or “debt securities.”
An individual bond is subject to the credit risk of the issuer. Changes in interest rates
can affect a bond’s market value prior to call or maturity. There is no guarantee that a bond’s yield to call or maturity will provide a positive return over the rate of inflation.
bond fund A bond fund is subject to the same credit, interest rate, and inflation risks as bonds. In addition, a bond fund incurs ongoing fees and expenses. A bond fund’s net asset value will
fluctuate with the price of the underlying bonds and the portfolio turnover activity; return of principal is not
guaranteed.
cap, capitalization See “market cap.”
capital gain, capital loss the difference between the amount paid for an investment and its value at a later time. If the investment has been sold, the capital gain or loss is considered a
realized gain or loss. If the investment is still held, the capital gain or loss is considered unrealized
appreciation or depreciation.
Dow Jones U.S. Total Stock Market Index An index which includes all U.S. equity issues with readily available prices. The index is a float-adjusted market capitalization weighted index that
reflects the shares of securities actually available to investors in the marketplace.
expense ratio The amount that is taken from a mutual fund’s
assets each year to cover the fund’s operating expenses. An expense ratio of 0.50% means that a
fund’s expenses amount to half of one percent of its average net assets a year.
market cap, market capitalization The value of a company as determined by the total value of all shares of its stock outstanding.
MSCI EAFE Index (Net) A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets in Europe, Australasia, and the Far East.
The Net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions
for expenses or other taxes; returns are calculated applying dividend withholding rates applicable to
non-resident persons who do not benefit from double taxation treaties.
net asset value (NAV) The value of one share of a mutual fund. NAV
is calculated by taking the fund’s total assets, subtracting liabilities, and dividing by the number of
shares outstanding.
outstanding shares, shares
outstanding When speaking of a company or mutual fund, indicates all shares currently held by
investors.
price-to-book ratio (P/B) The market price of a company’s stock compared with its “book value.” A mutual fund’s P/B is
the weighted average of the P/B of all stocks in the fund’s portfolio.
price-to-earnings ratio (P/E) The market price of a company’s
stock compared with earnings over the past year. A mutual fund’s P/E is the weighted average of the P/E of
all stocks in the fund’s portfolio.
restricted and illiquid securities Restricted securities are securities that are subject to legal restrictions on their sale. Restricted securities generally can be sold in privately negotiated
transactions, pursuant to an exemption from registration under the Securities Act of 1933 (the 1933 Act), or in a
registered public offering. Certain restricted securities, such as Section 4(a)(2) commercial paper and Rule 144A
securities under the 1933 Act, may be considered to be liquid if they meet the criteria for liquidity established
by the Board. Illiquid securities generally are any securities that cannot be disposed of promptly and in the
ordinary course of business at approximately the amount at which a fund has valued the instruments. The liquidity of a fund’s investments is monitored under the supervision and direction of the Board. Investments currently not considered liquid include repurchase
agreements not maturing within seven days and certain restricted securities.
return on equity (ROE) The average yearly rate of return for each dollar of investors’ money, measured over the past five
years.
Russell 1000 Growth Index An index that measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.
Russell 1000 Index An index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, and represents approximately 92% of the total market capitalization of the
Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies
representing approximately 98% of the investable U.S. equity market.
Russell 1000 Value Index An index that measures the performance of
the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies with
lower price-to-book ratios and lower expected growth values.
Russell 2000 Index An index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S.
companies representing approximately 98% of the investable U.S. equity market.
Russell Midcap Index An index that measures the performance of the
mid-cap segment of the U.S. equity universe. The Russell Midcap Index is a subset of the Russell 1000 Index. It
includes approximately 800 of the smallest securities based on a combination of their market cap and current
index membership.
S&P 500 Index An index that is designed to measure the performance of 500 leading publicly traded companies from a broad range of
industries.
Schwab 1000 Index A float-adjusted market capitalization weighted index developed by Charles Schwab & Co., Inc. that represents the performance of the largest 1,000 publicly traded
companies in the United States. As a result of corporate actions, the index may be comprised of more or less than
1,000 securities.
stock A share of ownership, or equity, in the issuing company.
total return The percentage that an investor would have earned or lost on an investment in the fund assuming dividends and distributions were reinvested.
weighted average For mutual funds, an average that gives the same weight to each security as the security represents in the fund’s
portfolio.
yield The income paid out by an investment, expressed as a percentage of the investment’s market value.
165
Schwab Equity Index Funds | Semiannual ReportSchwab Equity Index Funds
Schwab
Asset Management
With a straightforward lineup of core products and solutions for building the foundation of
a portfolio, Schwab Asset Management advocates for investors of all sizes with a steadfast focus on lowering costs and reducing unnecessary complexity. The list below shows all
currently available Schwab Funds®.
Investors should carefully consider information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges and expenses before investing. Please call 1-877-824-5615 for a prospectus for any Schwab Fund. Please read the prospectus carefully before you invest. This report must be preceded or accompanied by a current prospectus.
Proxy Voting Policies, Procedures and Results
A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available without charge, upon request, by visiting the Schwab Funds’ website at
www.schwabassetmanagement.com/schwabfunds_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/schwabfunds_prospectus or the SEC’s website at www.sec.gov.
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
Schwab International Opportunities Fund
Schwab Select Large Cap Growth Fund
Schwab Fundamental US Large Company Index Fund
Schwab Fundamental US Small Company Index Fund
Schwab Fundamental International Large Company Index Fund
Schwab Fundamental International Small Company Index Fund
Schwab Fundamental Emerging Markets Large Company Index Fund
Schwab Fundamental Global Real Estate
Index Fund
Schwab Global Real Estate Fund
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 Growth Index Fund
Schwab U.S.
Large-Cap Value Index Fund
Schwab U.S. Mid-Cap Index Fund
Schwab International Index Fund®
Asset Allocation Funds
Schwab
Balanced Fund
Schwab MarketTrack Portfolios®
Schwab Target
Funds
Schwab Target Index Funds
Schwab Monthly Income Funds
Bond Funds
Schwab Treasury Inflation Protected Securities Index Fund
Schwab U.S. Aggregate Bond Index Fund
Schwab
Short-Term Bond Index Fund
Schwab Tax-Free Bond Fund1
Schwab California
Tax-Free Bond Fund1
Schwab Opportunistic Municipal Bond Fund
Schwab Money Funds2
Schwab provides a broad choice of taxable and tax-exempt money market funds for both retail and institutional client types.
Investment Adviser
Charles Schwab Investment Management, Inc., dba Schwab Asset Management
211 Main Street, San Francisco, CA 94105
Funds
Schwab Funds
1-877-824-5615
© 2024 Charles Schwab & Co., Inc. All rights reserved.
Member SIPC®
Printed on recycled paper.
Member SIPC®
Printed on recycled paper.
¹
State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation.
²
You could lose money by investing in the Schwab Money Funds. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares if the Fund’s Board determines that the fee is in the best interests of the Fund. An investment in the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.
Semiannual Report | April 30, 2024
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
| No Action Required – Notice Regarding Shareholder Report Delivery |
| Beginning on July 24, 2024, fund shareholder reports will be streamlined to highlight key information deemed important for investors to assess
and monitor their fund investments. Other information, including financial
statements, will not appear in the streamlined shareholder reports
but will available online and delivered free of charge upon
request. |
| • If you already receive the full shareholder reports, you
will receive the streamlined shareholder reports in the same way that you currently receive the full shareholder reports (either in paper or electronically). |
| • If you currently receive a notification when a shareholder
report is available on a fund’s website, beginning July 24, 2024, you will begin to receive the streamlined shareholder report (in paper). |
Schwab Active Equity Funds
In
This Report
| 2 | |
| 3 | |
| | |
| 5 | |
| 7 | |
| 9 | |
| 11 | |
| 13 | |
| 15 | |
| 17 | |
| | |
| 18 | |
| 24 | |
| 30 | |
| 36 | |
| 45 | |
| 51 | |
| 58 | |
| 71 | |
| 74 |
Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management®
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.
| |
1
Schwab Active Equity
Funds | Semiannual ReportSchwab Active Equity
Funds
Performance at a Glance
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/schwabfunds_prospectus.
| Total Return for the 6 Months
Ended April 30, 2024 | |
| Schwab Core Equity Fund (Ticker Symbol: SWANX)
|
18.60% |
| S&P 500® Index |
20.98% |
| Fund Category: Morningstar Large
Blend1 |
19.86% |
| Performance Details |
pages 5-6 |
| |
|
| Schwab Dividend Equity Fund2 (Ticker Symbol:
SWDSX) |
14.32% |
| S&P 500® Index3 |
20.98% |
| Russell 1000® Value Index |
18.42% |
| Fund Category: Morningstar Large
Value1 |
17.99% |
| Performance Details |
pages 7-8 |
| |
|
| Schwab Large-Cap Growth Fund (Ticker Symbol:
SWLSX) |
22.01% |
| S&P 500® Index3 |
20.98% |
| Russell 1000® Growth Index |
23.56% |
| Fund Category: Morningstar Large
Growth1 |
24.13% |
| Performance Details |
pages 9-10 |
| |
|
| Schwab Small-Cap Equity Fund (Ticker Symbol:
SWSCX) |
19.37% |
| S&P 500® Index3 |
20.98% |
| Russell 2000® Index |
19.66% |
| Fund Category: Morningstar Small
Blend1 |
18.81% |
| Performance Details |
pages 11-12 |
| |
|
| Schwab Health Care Fund2 (Ticker Symbol:
SWHFX) |
13.49% |
| S&P 500® Index3 |
20.98% |
| Dow Jones Global Health Care Index |
13.59% |
| Fund Category: Morningstar Health1
|
16.87% |
| Performance Details |
pages 13-14 |
| |
|
| Schwab International Core Equity Fund2 (Ticker Symbol:
SICNX) |
19.96% |
| MSCI EAFE® Index (Net)4
|
18.63% |
| Fund Category: Morningstar Foreign Large
Blend1 |
16.61% |
| Performance Details |
pages 15-16 |
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Fund expenses may have been partially absorbed by the investment adviser and its
affiliates. Without these reductions, a fund’s total return would have been lower. Performance does not reflect the deduction of taxes that a shareholder would pay on
fund distributions or on the redemption of fund shares.
1
Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.
2
The fund’s performance relative to the index may be affected by fair-value pricing
and timing differences in foreign exchange calculations. See financial note 2 for more information.
3
In anticipation of new regulatory requirements, the fund’s regulatory index has
changed to the S&P 500® Index. The S&P 500® Index provides a broad measure of market performance. The second index listed is the fund’s additional index and is more representative of the fund’s investment universe than the regulatory index.
4
The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
Schwab Active Equity Funds | Semiannual Report
2
Schwab Active Equity
Funds
Fund Management
 |
Bill McMahon, CFA, Managing Director and Chief Investment Officer of
Active Equity Strategies for Schwab Asset Management, is responsible for investment
management, research, and portfolio construction for Schwab Asset Management’s
active equity strategies and solutions. He is responsible for the day-to-day co-management
of the Schwab Large-Cap Growth Fund, Schwab Core Equity Fund, and Schwab Dividend Equity
Fund. Mr. McMahon has more than 20 years of experience in the financial services industry. Prior to his current role, Mr. McMahon was an SVP in Charles Schwab Investment Advisory, Inc. (CSIA), serving as CIO and
as a member of the portfolio management team for the ThomasPartners Strategies. Mr. McMahon co-founded
ThomasPartners, Inc. in 2001 and served as partner of the firm until its acquisition by
the Charles Schwab Corporation in 2012 and subsequent merger with CSIA in 2018. Mr.
McMahon began his career at State Street Corporation, with the latter half of his tenure
with State Street Global Advisors. |
 |
Iain Clayton, CFA, FRM, Senior Portfolio Manager and Head of Quantitative
Equity Portfolio Management for Schwab Asset Management, is responsible for the day-to-day
co-management of the Schwab Core Equity Fund, Schwab International Core Equity Fund,
Schwab Small-Cap Equity Fund, and Schwab Health Care Fund. Mr. Clayton also leads Schwab
Asset Management’s quantitative investment management team. Prior to joining Schwab
in 2013, Mr. Clayton spent more than five years at SSI Investment Management where he was
a portfolio manager and the director of quantitative research. In these roles, Mr. Clayton co-managed multiple investment strategies and developed quantitative models and valuation approaches. From 2004 to
2008, he worked as a portfolio manager and director at RCM Capital Management (now known as Allianz
Global Investors) and helped manage various equity portfolios and developed
fundamental-based stock selection models. Prior to that, he was a vice president at Eureka
Investment Advisors for almost three years and also served as a senior quantitative
analyst and assistant portfolio manager. He has also worked as a quantitative research
analyst at RCM Capital Management. |
 |
Brian Hillburn, CFA, Senior Portfolio Manager and Director of Fundamental
Equity Research for Schwab Asset Management, is responsible for the day-to-day
co-management of the Schwab Core Equity Fund. Mr. Hillburn also provides fundamental
equity research coverage for the ThomasPartners Strategies and the Schwab Active Equity
Funds. Previously, Mr. Hillburn was a senior equity research analyst for the ThomasPartners
Strategies at Schwab Asset Management. Prior to joining the ThomasPartners Strategies, Mr. Hillburn was
an equity analyst at Rockland Trust, and earlier positions include equity research
analysis roles on mutual fund teams at Wells Capital and Morgan Stanley Investment
Management. |
 |
Wei Li, Ph.D., CFA, Senior Portfolio Manager for Schwab Asset Management,
is responsible for the day-to-day co-management of the Schwab International Core Equity
Fund, Schwab Dividend Equity Fund, Schwab Small-Cap Equity Fund, and Schwab Health Care
Fund. Prior to joining Schwab in 2012, Ms. Li spent more than 10 years at Barclays Global
Investors (now known as BlackRock) where she held a number of positions. From 2001 to
2009, she worked in various roles in the global advanced active group, including portfolio
management and quantitative research for both U.S. and international equity markets. After 2009, she
worked in the defined contribution research and product development area for almost two
years. |
 |
Gretchen Novak, CFA, Senior Portfolio Manager for Schwab Asset
Management, is responsible for the day-to-day co-management of the Schwab Large-Cap Growth
Fund. Ms. Novak also provides fundamental equity research coverage of certain industry
sectors for the ThomasPartners Strategies and the Schwab Active Equity Funds. Previously,
Ms. Novak was a director and senior equity research analyst for the ThomasPartners
Strategies at Schwab Asset Management. Prior to joining the ThomasPartners Strategies, Ms. Novak was a
senior portfolio manager at Mazama Capital Management, Inc., where she oversaw the equity
research and portfolio management of the firm’s consumer discretionary and staples
sectors. Prior to Mazama Capital, Ms. Novak was an equity analyst at Cramer Rosenthal
McGlynn, LLC. |
 |
Jim Serhant, CFA, Senior Portfolio Manager for Schwab Asset Management,
is responsible for the day-to-day co-management of the Schwab Dividend Equity Fund and the
ThomasPartners Balanced Strategies. Mr. Serhant also provides fundamental equity research
coverage of certain industry sectors for the ThomasPartners Strategies and the Schwab
Active Equity Funds. Prior to joining Schwab in 2016, Mr. Serhant was an executive vice
president at Hartford Investment Management where he was the head of high yield and a
senior portfolio manager, overseeing the credit research and portfolio management of the firm’s high yield strategies. Previously, he was a fixed income analyst at Delaware Investments and JP Morgan. |
3
Schwab Active Equity Funds | Semiannual ReportSchwab Active Equity
Funds
Fund Management (continued)
 |
Holly Emerson, CFA, Senior Portfolio Manager for Schwab Asset Management,
is responsible for the day-to-day co-management of the Schwab Large-Cap Growth Fund and
Schwab Small-Cap Equity Fund. Prior to joining Schwab in 2014, Ms. Emerson spent nearly 10
years at Algert Coldiron Investors LLC (now known as Algert Global), a quantitative
market-neutral hedge fund manager. She held a number of positions at Algert, including
assistant portfolio manager and director of operations. In her various roles, she acted as the lead portfolio manager for the Canadian fund, conducted macroeconomic research, and managed relationships with prime brokerage investment banks. |
Schwab Active Equity Funds | Semiannual Report
4
Schwab Core Equity
Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab Core Equity Fund (7/1/96)
|
18.60% |
18.34% |
10.75% |
10.38% |
| S&P 500® Index |
20.98% |
22.66% |
13.19% |
12.41% |
| Fund Category: Morningstar Large Blend
2 |
19.86% |
20.31% |
11.78% |
10.96% |
| Fund Expense Ratio3:
0.73% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
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.
2
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
3
As stated in the prospectus. Reflects the total annual fund operating expenses without
contractual fee waivers. For actual expense ratios during the period, refer to the financial highlights section of the financial statements.
5
Schwab Active
Equity Funds | Semiannual ReportSchwab Core Equity Fund
Performance and Fund Facts as of April 30, 2024
Statistics
| Number of Holdings |
53 |
| Weighted Average Market Cap (millions) |
$939,793 |
| Price/Earnings Ratio (P/E) |
27.0 |
| Price/Book Ratio (P/B) |
5.8 |
| Portfolio Turnover Rate |
18% 1 |
Sector Weightings % of Investments2
Top Equity Holdings % of Net Assets4
Portfolio holdings may have changed since the report date.
Source of Sector Classification: S&P and MSCI.
1
Not annualized.
2
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
3
Includes the fund’s position(s) in money market mutual funds registered under the
Investment Company Act of 1940, as amended.
4
This list is not a recommendation of any security by the investment
adviser.
Schwab Active Equity Funds | Semiannual Report
6
Schwab Dividend Equity Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1,2
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab Dividend Equity Fund (9/2/03)
|
14.32% |
8.63% |
6.21% |
6.39% |
| S&P 500® Index 3 |
20.98% |
22.66% |
13.19% |
12.41% |
| Russell 1000® Value Index |
18.42% |
13.42% |
8.60% |
8.43% |
| Dividend Equity Spliced Index |
18.42% |
13.42% |
8.60% |
8.81% |
| Fund Category: Morningstar Large Value
4 |
17.99% |
14.37% |
9.20% |
8.57% |
| Fund Expense Ratio5:
0.88% | ||||
Yields1
| 30-Day SEC Yield |
2.03% |
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which
would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
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.
2
The fund’s performance relative to the index may be affected by fair-value pricing
and timing differences in foreign exchange calculations. See financial note 2 for more information.
3
In anticipation of new regulatory requirements, the fund’s regulatory index has changed from the Russell 1000® Value Index to the S&P 500® Index. The S&P 500® Index 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.
4
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
5
As stated in the prospectus. Reflects the total annual fund operating expenses without
contractual fee waivers. For actual expense ratios during the period, refer to the financial highlights section of the financial statements.
7
Schwab Active
Equity Funds | Semiannual ReportSchwab Dividend Equity Fund
Performance and Fund Facts as of April 30, 2024
Statistics
| Number of Holdings |
59 |
| Weighted Average Market Cap (millions) |
$323,852 |
| Price/Earnings Ratio (P/E) |
19.9 |
| Price/Book Ratio (P/B) |
3.2 |
| Portfolio Turnover Rate |
8% 1 |
Sector Weightings % of Investments2
Top Equity Holdings % of Net Assets3
Portfolio holdings may have changed since the report date.
Source of Sector Classification: S&P and MSCI.
1
Not annualized.
2
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
3
This list is not a recommendation of any security by the investment
adviser.
Schwab Active Equity Funds | Semiannual Report
8
Schwab Large-Cap
Growth Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab Large-Cap Growth Fund (10/3/05)
|
22.01% |
28.78% |
14.52% |
13.15% |
| S&P 500® Index 2 |
20.98% |
22.66% |
13.19% |
12.41% |
| Russell 1000® Growth Index |
23.56% |
31.80% |
16.46% |
15.48% |
| Fund Category: Morningstar Large Growth
3 |
24.13% |
29.19% |
12.82% |
12.85% |
| Fund Expense Ratios4: Net
0.99%; Gross 1.01% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
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.
2
In anticipation of new regulatory requirements, the fund’s regulatory index has
changed from the Russell 1000® Growth Index to the S&P
500® Index. The S&P 500® Index 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.
3
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
4
As stated in the prospectus. Net Expense: Expenses reduced by a contractual fee waiver
in effect for so long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For
actual expense ratios during the period, refer to the financial highlights section of the financial statements.
9
Schwab Active
Equity Funds | Semiannual ReportSchwab Large-Cap
Growth Fund
Performance and Fund Facts as of April 30, 2024
Statistics1
| Number of Holdings |
62 |
| Weighted Average Market Cap (millions) |
$1,091,780 |
| Price/Earnings Ratio (P/E) |
33.0 |
| Price/Book Ratio (P/B) |
9.4 |
| Portfolio Turnover Rate |
6% 2 |
Sector Weightings % of Investments3
Top Equity Holdings % of Net Assets5
Portfolio holdings may have changed since the report date.
Source of Sector Classification: S&P and MSCI.
1
Excludes derivatives.
2
Not annualized.
3
The percentage may differ from the Portfolio Holdings because the above calculation is
based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
4
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
5
This list is not a recommendation of any security by the investment adviser.
Schwab Active Equity Funds | Semiannual Report
10
Schwab Small-Cap Equity Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab Small-Cap Equity Fund (7/1/03)
|
19.37% |
17.80% |
7.20% |
7.46% |
| S&P 500® Index 2 |
20.98% |
22.66% |
13.19% |
12.41% |
| Russell 2000® Index |
19.66% |
13.32% |
5.83% |
7.22% |
| Fund Category: Morningstar Small Blend
3 |
18.81% |
13.98% |
7.17% |
7.28% |
| Fund Expense Ratio4:
1.09% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
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.
2
In anticipation of new regulatory requirements, the fund’s regulatory index has
changed from the Russell 2000® Index to the S&P 500® Index. The S&P 500® Index 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.
3
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
4
As stated in the prospectus. Reflects the total annual fund operating expenses without
contractual fee waivers. For actual expense ratios during the period, refer to the financial highlights section of the financial statements.
11
Schwab Active
Equity Funds | Semiannual ReportSchwab Small-Cap Equity Fund
Performance and Fund Facts as of April 30, 2024
Statistics1
| Number of Holdings |
308 |
| Weighted Average Market Cap (millions) |
$4,391 |
| Price/Earnings Ratio (P/E) |
13.7 |
| Price/Book Ratio (P/B) |
1.9 |
| Portfolio Turnover Rate |
46% 2 |
Sector Weightings % of Investments3
Top Equity Holdings % of Net Assets6
Portfolio holdings may have changed since the report date.
Source of Sector Classification: S&P and MSCI.
Small-company stocks are subject to greater volatility than many other asset
classes.
1
Excludes derivatives.
2
Not annualized.
3
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
4
Less than 0.05%.
5
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
6
This list is not a recommendation of any security by the investment adviser.
Schwab Active Equity Funds | Semiannual Report
12
Schwab Health
Care Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1,2
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab Health Care Fund (7/3/00)
|
13.49% |
6.04% |
9.45% |
9.35% |
| S&P 500® Index 3 |
20.98% |
22.66% |
13.19% |
12.41% |
| Dow Jones Global Health Care Index |
13.59% |
4.54% |
8.78% |
8.59% |
| Fund Category: Morningstar Health 4
|
16.87% |
1.63% |
6.68% |
8.71% |
| Fund Expense Ratio5:
0.79% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Since the Schwab Health Care Fund focuses its investments on companies involved in a
specific sector, this fund may involve a greater degree of risk than an investment in mutual funds that do not concentrate their investments.
1
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.
2
The fund’s performance relative to the index may be affected by fair-value pricing
and timing differences in foreign exchange calculations. See financial note 2 for more information.
3
In anticipation of new regulatory requirements, the fund’s regulatory index has changed from the Dow Jones Global Health Care Index to the S&P 500® Index. The S&P 500® Index 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.
4
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
5
As stated in the prospectus. Reflects the total annual fund operating expenses without
contractual fee waivers. For actual expense ratios during the period, refer to the financial highlights section of the financial statements.
13
Schwab Active
Equity Funds | Semiannual ReportSchwab Health
Care Fund
Performance and Fund Facts as of April 30, 2024
Statistics
| Number of Holdings |
85 |
| Weighted Average Market Cap (millions) |
$227,562 |
| Price/Earnings Ratio (P/E) |
32.7 |
| Price/Book Ratio (P/B) |
5.5 |
| Portfolio Turnover Rate |
30% 1 |
Industry Weightings % of Investments
Top Equity Holdings % of Net Assets2
Top Country Weightings % of Investments3
Portfolio holdings may have changed since the report date.
Source of Industry Classification: S&P and MSCI.
1
Not annualized.
2
This list is not a recommendation of any security by the investment adviser.
3
The percentage may differ from the Portfolio Holdings because the above calculation is
based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
Schwab Active Equity Funds | Semiannual Report
14
Schwab International
Core Equity Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1,2
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab International Core Equity Fund (5/30/08)
|
19.96% |
14.38% |
5.70% |
3.93% |
| MSCI EAFE® Index (Net) 3
|
18.63% |
9.28% |
6.18% |
4.38% |
| Fund Category: Morningstar Foreign Large Blend
4 |
16.61% |
8.18% |
5.40% |
4.18% |
| Fund Expense Ratios5: Net
0.86%; Gross 0.87% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
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.
2
The fund’s performance relative to the index may be affected by fair-value pricing
and timing differences in foreign exchange calculations. See financial note 2 for more information.
3
The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
4
Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds and ETFs within the category as of the report date.
5
As stated in the prospectus. Net Expense: Expenses reduced by a contractual fee waiver
in effect for so long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For
actual expense ratios during the period, refer to the financial highlights section of the financial statements.
15
Schwab Active
Equity Funds | Semiannual ReportSchwab International Core
Equity Fund
Performance and Fund Facts as of April 30, 2024
Statistics
| Number of Holdings |
152 |
| Weighted Average Market Cap (millions) |
$121,253 |
| Price/Earnings Ratio (P/E) |
12.8 |
| Price/Book Ratio (P/B) |
1.9 |
| Portfolio Turnover Rate |
31% 1 |
Sector Weightings % of Investments
Top Equity Holdings % of Net Assets3
Top Country Weightings % of Investments4
Portfolio holdings may have changed since the report date.
Source of Sector Classification: S&P and MSCI.
International investments are subject to additional risks such as currency fluctuation, geopolitical risk and the potential for illiquid markets.
1
Not annualized.
2
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
3
This list is not a recommendation of any security by the investment adviser.
4
The percentage may differ from the Portfolio Holdings because the above calculation is
based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
Schwab Active Equity Funds | Semiannual Report
16
Schwab Active Equity
Funds
Fund Expenses (Unaudited)
Examples for a $1,000 Investment
As a fund shareholder, you may incur two types of costs: (1) transaction costs; and (2) ongoing costs, including
management fees, transfer agent and shareholder services fees, and other fund expenses.
The expense examples below are intended to help you understand your ongoing cost (in dollars) of investing in a fund and to compare this cost with the ongoing cost of investing in other
mutual funds. These examples are based on an investment of $1,000 invested for six months beginning November
1, 2023 and held through April 30, 2024.
Actual Return lines in the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to
estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000
(for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number given for
your fund under the heading entitled “Expenses Paid During Period.”
Hypothetical Return lines in the table below provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed return of 5% per year before expenses. Because the return used
is not an actual return, it may not be used to estimate the actual ending account value or expenses you paid
for the period.
You may use this information to compare the ongoing costs of
investing in a fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical
examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing
costs only and do not reflect any transactional costs. Therefore, the hypothetical return lines of the table
are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| |
EXPENSE RATIO
(ANNUALIZED) 1 |
BEGINNING ACCOUNT
VALUE AT 11/1/23 |
ENDING ACCOUNT
VALUE (NET OF EXPENSES)
AT 4/30/24 |
EXPENSES PAID DURING PERIOD
11/1/23-4/30/24 2 |
| Schwab Core Equity Fund |
|
|
|
|
| Actual Return |
0.73% |
$1,000.00
|
$1,186.00
|
$3.97
|
| Hypothetical 5% Return |
0.73% |
$1,000.00 |
$1,021.23 |
$3.67
|
| Schwab Dividend Equity Fund |
|
|
|
|
| Actual Return |
0.89% |
$1,000.00
|
$1,143.20
|
$4.74
|
| Hypothetical 5% Return |
0.89% |
$1,000.00 |
$1,020.44 |
$4.47
|
| Schwab Large-Cap Growth Fund |
|
|
|
|
| Actual Return |
0.99% |
$1,000.00
|
$1,220.10
|
$5.46
|
| Hypothetical 5% Return |
0.99% |
$1,000.00 |
$1,019.94 |
$4.97
|
| Schwab Small-Cap Equity Fund |
|
|
|
|
| Actual Return |
1.08% |
$1,000.00
|
$1,193.70
|
$5.89
|
| Hypothetical 5% Return |
1.08% |
$1,000.00 |
$1,019.49 |
$5.42
|
| Schwab Health Care Fund |
|
|
|
|
| Actual Return |
0.79% |
$1,000.00
|
$1,134.90
|
$4.19
|
| Hypothetical 5% Return |
0.79% |
$1,000.00 |
$1,020.93 |
$3.97
|
| Schwab International Core Equity Fund |
|
|
|
|
| Actual Return |
0.86% |
$1,000.00
|
$1,199.60
|
$4.70
|
| Hypothetical 5% Return |
0.86% |
$1,000.00
|
$1,020.59
|
$4.32
|
| 1 |
Based on the most recent six-month expense ratio.
|
| 2 |
Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the
period, multiplied by 182 days in the period, and divided by 366 days in the fiscal
year. |
17
Schwab Active Equity Funds | Semiannual ReportSchwab Core Equity Fund
Financial
Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$18.45 |
$19.46 |
$29.22 |
$22.24 |
$21.87 |
$22.40 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.08 |
0.21 |
0.26 |
0.21 |
0.20 |
0.21 |
| Net realized and unrealized gains (losses) |
3.31 |
1.57 |
(3.16 ) |
7.90 |
0.82 |
1.99 |
| Total from investment operations |
3.39 |
1.78 |
(2.90 ) |
8.11 |
1.02 |
2.20 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.21 ) |
(0.27 ) |
(0.26 ) |
(0.20 ) |
(0.20 ) |
(0.27 ) |
| Distributions from net realized gains |
(0.37 ) |
(2.52 ) |
(6.60 ) |
(0.93 ) |
(0.45 ) |
(2.46 ) |
| Total distributions |
(0.58 ) |
(2.79 ) |
(6.86 ) |
(1.13 ) |
(0.65 ) |
(2.73 ) |
| Net asset value at end of period |
$21.26 |
$18.45 |
$19.46 |
$29.22 |
$22.24 |
$21.87 |
| Total return |
18.60
%2 |
9.99 % |
(13.84 %) |
37.62 % |
4.65 % |
12.02 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses |
0.73
%3 |
0.73
%4 |
0.73
%4 |
0.73 % |
0.73 % |
0.73 % |
| Gross operating expenses |
0.73
%3 |
0.73
%4 |
0.73
%4 |
0.73 % |
0.73 % |
0.73 % |
| Net investment income (loss) |
0.75
%3 |
1.11 % |
1.18 % |
0.81 % |
0.91 % |
1.01 % |
| Portfolio turnover rate |
18
%2 |
14 % |
28 % |
86 % |
97 % |
98 % |
| Net assets, end of period (x 1,000,000) |
$1,321 |
$1,199 |
$1,268 |
$1,860 |
$1,957 |
$2,182 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Annualized. |
| 4 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
Schwab Active Equity Funds | Semiannual Report
18
Schwab Core Equity Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to
orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to
20 days after the end of the month on the fund’s website.
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| COMMON STOCKS 99.9% OF NET ASSETS | ||
| | ||
| Capital Goods 5.6% | ||
| A O Smith Corp. |
189,437 |
15,692,961 |
| Caterpillar, Inc. |
52,565 |
17,586,672 |
| Fastenal Co. |
122,982 |
8,355,397 |
| General Dynamics Corp. |
45,415 |
13,038,192 |
| Lockheed Martin Corp. |
15,326 |
7,125,517 |
| Parker-Hannifin Corp. |
12,337 |
6,722,555 |
| Rockwell Automation, Inc. |
22,358 |
6,058,124 |
| |
|
74,579,418 |
| | ||
| Commercial & Professional Services 2.3% | ||
| Republic Services, Inc., Class A |
80,544 |
15,440,285 |
| Rollins, Inc. |
334,978 |
14,926,620 |
| |
|
30,366,905 |
| | ||
| Consumer Discretionary Distribution & Retail
8.0% | ||
| Amazon.com, Inc. * |
394,176 |
68,980,800 |
| Home Depot, Inc. |
36,635 |
12,244,149 |
| TJX Cos., Inc. |
261,519 |
24,606,323 |
| |
|
105,831,272 |
| | ||
| Consumer Services 3.0% | ||
| McDonald's Corp. |
50,040 |
13,662,922 |
| Starbucks Corp. |
295,544 |
26,152,688 |
| |
|
39,815,610 |
| | ||
| Consumer Staples Distribution & Retail 1.3%
| ||
| Walmart, Inc. |
299,295 |
17,763,158 |
| | ||
| Energy 5.0% | ||
| EOG Resources, Inc. |
161,844 |
21,384,448 |
| Exxon Mobil Corp. |
377,413 |
44,636,635 |
| |
|
66,021,083 |
| | ||
| Equity Real Estate Investment Trusts (REITs) 0.9%
| ||
| Public Storage |
46,451 |
12,051,712 |
| | ||
| Financial Services 12.1% | ||
| Berkshire Hathaway, Inc., Class B * |
55,625 |
22,068,106 |
| CME Group, Inc. |
41,495 |
8,699,012 |
| Fidelity National Information Services, Inc. |
630,979 |
42,856,094 |
| Morgan Stanley |
123,592 |
11,227,097 |
| PayPal Holdings, Inc. * |
563,877 |
38,298,526 |
| Visa, Inc., Class A |
134,673 |
36,174,514 |
| |
|
159,323,349 |
| | ||
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Food, Beverage & Tobacco 2.2% |
||
| Brown-Forman Corp., Class B |
134,830 |
6,451,616 |
| Constellation Brands, Inc., Class A |
91,600 |
23,216,936 |
| |
|
29,668,552 |
| | ||
| Health Care Equipment & Services 6.0% | ||
| Abbott Laboratories |
149,554 |
15,848,238 |
| Boston Scientific Corp. * |
99,374 |
7,142,009 |
| Intuitive Surgical, Inc. * |
76,479 |
28,344,647 |
| UnitedHealth Group, Inc. |
56,487 |
27,322,762 |
| |
|
78,657,656 |
| | ||
| Household & Personal Products 2.1% |
||
| Kenvue, Inc. |
794,004 |
14,943,155 |
| L'Oreal SA, Sponsored ADR |
141,090 |
13,169,341 |
| |
|
28,112,496 |
| | ||
| Insurance 1.8% | ||
| Progressive Corp. |
111,528 |
23,225,706 |
| | ||
| Materials 0.8% | ||
| Linde PLC |
23,368 |
10,304,353 |
| | ||
| Media & Entertainment 10.6% | ||
| Alphabet, Inc., Class A * |
556,341 |
90,561,188 |
| Meta Platforms, Inc., Class A |
114,677 |
49,330,605 |
| |
|
139,891,793 |
| | ||
| Pharmaceuticals, Biotechnology & Life Sciences
7.3% | ||
| Eli Lilly & Co. |
21,268 |
16,612,435 |
| Johnson & Johnson |
215,776 |
31,199,052 |
| Mettler-Toledo International, Inc. * |
5,555 |
6,830,983 |
| Thermo Fisher Scientific, Inc. |
45,948 |
26,131,546 |
| Zoetis, Inc. |
100,749 |
16,043,271 |
| |
|
96,817,287 |
| | ||
| Semiconductors & Semiconductor Equipment 11.2%
| ||
| ASML Holding NV NY Registry Shares |
20,750 |
18,103,753 |
| Broadcom, Inc. |
30,167 |
39,225,245 |
| NVIDIA Corp. |
81,338 |
70,277,659 |
| QUALCOMM, Inc. |
119,591 |
19,834,167 |
| |
|
147,440,824 |
| | ||
| Software & Services 13.1% | ||
| Accenture PLC, Class A |
37,155 |
11,180,311 |
| Adobe, Inc. * |
21,000 |
9,719,430 |
| Microsoft Corp. |
315,528 |
122,844,516 |
| Oracle Corp. |
115,283 |
13,113,442 |
See financial
notes
19
Schwab Active Equity Funds | Semiannual
ReportSchwab Core Equity Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Palo Alto Networks, Inc. * |
55,453 |
16,130,723 |
| |
|
172,988,422 |
| | ||
| Technology Hardware & Equipment 5.0% | ||
| Apple, Inc. |
387,826 |
66,058,403 |
| | ||
| Utilities 1.6% | ||
| Duke Energy Corp.
|
209,354 |
20,571,124 |
| Total Common Stocks
(Cost $821,262,314) |
1,319,489,123 | |
| |
|
|
| SHORT-TERM INVESTMENTS 0.2% OF NET ASSETS | ||
| | ||
| Money Market Funds 0.2% | ||
| State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.25% (a) |
1,955,183 |
1,955,183 |
| Total Short-Term Investments
(Cost $1,955,183) |
1,955,183 | |
| Total Investments in Securities
(Cost $823,217,497) |
1,321,444,306 | |
| * |
Non-income producing security. |
| (a) |
The rate shown is the annualized 7-day yield. |
| ADR — |
American Depositary Receipt |
The following is a summary of the inputs used to value the fund’s investments as of April 30, 2024 (see financial note 2(a) for additional information):
| DESCRIPTION |
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) |
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) |
TOTAL |
| Assets |
|
|
|
|
| Common Stocks1
|
$1,319,489,123 |
$— |
$— |
$1,319,489,123
|
| Short-Term Investments1
|
1,955,183 |
— |
— |
1,955,183 |
| Total |
$1,321,444,306 |
$— |
$— |
$1,321,444,306 |
| 1 |
As categorized in the Portfolio Holdings. |
See financial notes
Schwab Active Equity Funds | Semiannual Report
20
Schwab Core Equity Fund
Statement
of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - unaffiliated issuers (cost $823,217,497) |
|
$1,321,444,306
|
| Receivables: |
|
|
| Dividends |
|
714,046 |
| Foreign tax reclaims |
|
509,176 |
| Fund shares sold |
|
55,544 |
| Income from securities on loan |
|
24 |
| Prepaid expenses |
+ |
21,751 |
| Total assets |
|
1,322,744,847 |
| | ||
| Liabilities | ||
| Payables: |
|
|
| Fund shares redeemed |
|
1,016,703 |
| Investment adviser and administrator fees |
|
521,121 |
| Shareholder service fees |
|
266,626 |
| Independent trustees’ fees |
|
12 |
| Accrued expenses |
+ |
168,335 |
| Total liabilities |
|
1,972,797 |
| Net assets |
|
$1,320,772,050 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$758,293,588
|
| Total distributable earnings |
+ |
562,478,462 |
| Net assets |
|
$1,320,772,050 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares Outstanding |
= |
NAV |
| $1,320,772,050 |
|
62,117,219 |
|
$21.26 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
21
Schwab Active Equity Funds | Semiannual
ReportSchwab Core Equity Fund
Statement
of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $46,289) |
|
$9,703,136
|
| Securities on loan, net |
+ |
166 |
| Total investment income
|
|
9,703,302 |
| | ||
| Expenses | ||
| Investment adviser and administrator fees |
|
3,091,175 |
| Shareholder service fees |
|
1,573,859 |
| Portfolio accounting fees |
|
26,749 |
| Custodian fees |
|
25,127 |
| Shareholder reports |
|
18,361 |
| Professional fees |
|
17,606 |
| Registration fees |
|
14,147 |
| Independent trustees’ fees |
|
4,275 |
| Transfer agent fees |
|
2,375 |
| Other expenses |
+ |
10,825 |
| Total expenses |
– |
4,784,499 |
| Net investment income |
|
4,918,803 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized gains on sales of securities - unaffiliated issuers |
|
61,967,467 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
+ |
152,410,508 |
| Net realized and unrealized gains |
|
214,377,975 |
| Increase in net assets resulting from operations |
|
$219,296,778 |
See financial notes
Schwab Active Equity Funds | Semiannual Report
22
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 | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$4,918,803 |
$13,962,790
|
| Net realized gains |
|
61,967,467 |
23,836,741 |
| Net change in unrealized appreciation (depreciation) |
+ |
152,410,508 |
84,423,447 |
| Increase in net assets resulting from operations |
|
$219,296,778 |
$122,222,978 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($37,066,028
) |
($178,308,221 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
783,764 |
$16,396,195 |
1,398,439 |
$25,573,378
|
| Shares reinvested |
|
1,672,817 |
33,188,680 |
9,184,555 |
159,902,917 |
| Shares redeemed |
+ |
(5,342,994 ) |
(110,494,328 ) |
(10,722,232 ) |
(197,774,526 ) |
| Net transactions in fund shares |
|
(2,886,413
) |
($60,909,453
) |
(139,238
) |
($12,298,231 ) |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
65,003,632 |
$1,199,450,753 |
65,142,870 |
$1,267,834,227
|
| Total increase (decrease) |
+ |
(2,886,413 ) |
121,321,297 |
(139,238 ) |
(68,383,474 ) |
| End of period |
|
62,117,219 |
$1,320,772,050 |
65,003,632 |
$1,199,450,753 |
See financial notes
23
Schwab Active Equity Funds | Semiannual ReportSchwab Dividend Equity
Fund
Financial Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$12.80 |
$13.92 |
$16.92 |
$12.14 |
$15.07 |
$15.43 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.16 |
0.29 |
0.29 |
0.31 |
0.28 |
0.23 |
| Net realized and unrealized gains (losses) |
1.67 |
(0.48 ) |
(0.81 ) |
4.80 |
(2.15 ) |
0.93 |
| Total from investment operations |
1.83 |
(0.19 ) |
(0.52 ) |
5.11 |
(1.87 ) |
1.16 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.15 ) |
(0.31 ) |
(0.29 ) |
(0.33 ) |
(0.26 ) |
(0.24 ) |
| Distributions from net realized gains |
(0.02 ) |
(0.62 ) |
(2.19 ) |
— |
(0.80 ) |
(1.28 ) |
| Total distributions |
(0.17 ) |
(0.93 ) |
(2.48 ) |
(0.33 ) |
(1.06 ) |
(1.52 ) |
| Net asset value at end of period |
$14.46 |
$12.80 |
$13.92 |
$16.92 |
$12.14 |
$15.07 |
| Total return |
14.32
%2 |
(1.74 %) |
(3.96 %) |
42.38 % |
(13.30 %) |
8.78 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses |
0.89
%3 |
0.88 % |
0.89
%4 |
0.89 % |
0.89 % |
0.89 % |
| Gross operating expenses |
0.89
%3 |
0.88 % |
0.90
%4 |
0.90 % |
0.90 % |
0.89 % |
| Net investment income (loss) |
2.22
%3 |
2.17 % |
1.99 % |
2.01 % |
2.16 % |
1.58 % |
| Portfolio turnover rate |
8
%2 |
8 % |
27 % |
83 % |
70 % |
70 % |
| Net assets, end of period (x 1,000) |
$495,488 |
$446,084 |
$524,330 |
$670,765 |
$576,701 |
$846,955 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Annualized. |
| 4 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
Schwab Active Equity Funds | Semiannual Report
24
Schwab Dividend Equity
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to
orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to
20 days after the end of the month on the fund’s website.
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| COMMON STOCKS 99.6% OF NET ASSETS | ||
| | ||
| Banks 7.4% | ||
| Bank of America Corp. |
250,000 |
9,252,500 |
| JPMorgan Chase & Co. |
125,000 |
23,967,500 |
| Truist Financial Corp. |
90,000 |
3,379,500 |
| |
|
36,599,500 |
| | ||
| Capital Goods 8.9% | ||
| Caterpillar, Inc. |
10,000 |
3,345,700 |
| Fastenal Co. |
62,000 |
4,212,280 |
| General Dynamics Corp. |
15,000 |
4,306,350 |
| Illinois Tool Works, Inc. |
18,500 |
4,516,035 |
| Lockheed Martin Corp. |
27,000 |
12,553,110 |
| Parker-Hannifin Corp. |
13,000 |
7,083,830 |
| RTX Corp. |
43,000 |
4,365,360 |
| Watsco, Inc. |
8,000 |
3,581,760 |
| |
|
43,964,425 |
| | ||
| Consumer Discretionary Distribution & Retail
5.3% | ||
| Genuine Parts Co. |
35,000 |
5,502,350 |
| Home Depot, Inc. |
33,500 |
11,196,370 |
| TJX Cos., Inc. |
100,000 |
9,409,000 |
| |
|
26,107,720 |
| | ||
| Consumer Services 2.1% | ||
| McDonald's Corp. |
39,000 |
10,648,560 |
| | ||
| Consumer Staples Distribution & Retail 2.5%
| ||
| Walmart, Inc. |
210,000 |
12,463,500 |
| | ||
| Energy 8.4% | ||
| Chevron Corp. |
100,000 |
16,127,000 |
| Exxon Mobil Corp. |
170,000 |
20,105,900 |
| Kinder Morgan, Inc. |
290,000 |
5,301,200 |
| |
|
41,534,100 |
| | ||
| Equity Real Estate Investment Trusts (REITs) 2.8%
| ||
| Alexandria Real Estate Equities, Inc. |
16,500 |
1,911,855 |
| Crown Castle, Inc. |
30,000 |
2,813,400 |
| Lamar Advertising Co., Class A |
40,000 |
4,634,000 |
| Public Storage |
17,500 |
4,540,375 |
| |
|
13,899,630 |
| | ||
| Financial Services 9.1% | ||
| BlackRock, Inc. |
16,500 |
12,451,560 |
| Fidelity National Information Services, Inc. |
175,000 |
11,886,000 |
| Morgan Stanley |
155,000 |
14,080,200 |
| Visa, Inc., Class A |
25,000 |
6,715,250 |
| |
|
45,133,010 |
| | ||
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Food, Beverage & Tobacco 7.2% |
||
| Altria Group, Inc. |
85,000 |
3,723,850 |
| Coca-Cola Co. |
245,000 |
15,133,650 |
| Constellation Brands, Inc., Class A |
15,000 |
3,801,900 |
| Philip Morris International, Inc. |
138,000 |
13,101,720 |
| |
|
35,761,120 |
| | ||
| Health Care Equipment & Services 6.9% | ||
| Abbott Laboratories |
77,000 |
8,159,690 |
| CVS Health Corp. |
110,000 |
7,448,100 |
| Medtronic PLC |
113,000 |
9,067,120 |
| UnitedHealth Group, Inc. |
20,000 |
9,674,000 |
| |
|
34,348,910 |
| | ||
| Household & Personal Products 4.1% |
||
| Kenvue, Inc. |
280,000 |
5,269,600 |
| Procter & Gamble Co. |
91,000 |
14,851,200 |
| |
|
20,120,800 |
| | ||
| Insurance 3.0% | ||
| Allstate Corp. |
56,000 |
9,523,360 |
| Progressive Corp. |
25,000 |
5,206,250 |
| |
|
14,729,610 |
| | ||
| Materials 0.9% | ||
| PPG Industries, Inc. |
35,000 |
4,515,000 |
| | ||
| Media & Entertainment 2.6% | ||
| Comcast Corp., Class A |
275,000 |
10,480,250 |
| Omnicom Group, Inc. |
26,250 |
2,437,050 |
| |
|
12,917,300 |
| | ||
| Pharmaceuticals, Biotechnology & Life Sciences
7.5% | ||
| AbbVie, Inc. |
60,000 |
9,758,400 |
| Johnson & Johnson |
72,310 |
10,455,303 |
| Merck & Co., Inc. |
30,000 |
3,876,600 |
| Pfizer, Inc. |
200,000 |
5,124,000 |
| Roche Holding AG |
20,000 |
4,792,284 |
| Zoetis, Inc. |
18,750 |
2,985,750 |
| |
|
36,992,337 |
| | ||
| Semiconductors & Semiconductor Equipment 3.7%
| ||
| Broadcom, Inc. |
14,000 |
18,203,780 |
| | ||
| Software & Services 5.9% | ||
| Accenture PLC, Class A |
20,000 |
6,018,200 |
| International Business Machines Corp. |
55,000 |
9,141,000 |
| Microsoft Corp. |
36,000 |
14,015,880 |
| |
|
29,175,080 |
| | ||
See financial
notes
25
Schwab Active Equity Funds | Semiannual
ReportSchwab Dividend Equity
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Technology Hardware & Equipment 3.6% | ||
| Apple, Inc. |
26,000 |
4,428,580 |
| Cisco Systems, Inc. |
287,500 |
13,506,750 |
| |
|
17,935,330 |
| | ||
| Telecommunication Services 2.0% | ||
| Verizon Communications, Inc. |
250,000 |
9,872,500 |
| | ||
| Transportation 0.9% | ||
| United Parcel Service, Inc., Class B |
30,000 |
4,424,400 |
| | ||
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Utilities 4.8% | ||
| Duke Energy Corp. |
127,500 |
12,528,150 |
| Eversource Energy |
80,000 |
4,849,600 |
| NextEra Energy, Inc. |
100,000 |
6,697,000 |
| |
|
24,074,750 |
| Total Common Stocks
(Cost $388,002,949) |
493,421,362 | |
| Total Investments in Securities
(Cost $388,002,949) |
493,421,362 | |
The following is a summary of the inputs used to value the fund’s investments as of April 30, 2024 (see financial note 2(a) for additional information):
| DESCRIPTION |
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) |
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) |
TOTAL |
| Assets |
|
|
|
|
| Common Stocks1
|
$456,429,025 |
$— |
$— |
$456,429,025
|
| Pharmaceuticals, Biotechnology & Life Sciences |
32,200,053 |
4,792,284 |
— |
36,992,337 |
| Total |
$488,629,078 |
$4,792,284 |
$— |
$493,421,362 |
| 1 |
As categorized in the Portfolio Holdings. |
See financial notes
Schwab Active Equity Funds | Semiannual Report
26
Schwab Dividend Equity
Fund
Statement of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - unaffiliated issuers (cost $388,002,949) |
|
$493,421,362
|
| Cash |
|
1,593,110 |
| Receivables: |
|
|
| Dividends |
|
786,746 |
| Foreign tax reclaims |
|
272,369 |
| Fund shares sold |
|
55,844 |
| Prepaid expenses |
+ |
11,963 |
| Total assets |
|
496,141,394 |
| | ||
| Liabilities | ||
| Payables: |
|
|
| Investment adviser and administrator fees |
|
256,122 |
| Fund shares redeemed |
|
222,779 |
| Shareholder service fees |
|
98,324 |
| Accrued expenses |
+ |
76,098 |
| Total liabilities |
|
653,323 |
| Net assets |
|
$495,488,071 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$390,456,572
|
| Total distributable earnings |
+ |
105,031,499 |
| Net assets |
|
$495,488,071 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $495,488,071 |
|
34,272,286 |
|
$14.46 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
27
Schwab Active Equity Funds | Semiannual
ReportSchwab Dividend Equity
Fund
Statement of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $39,522) |
|
$7,582,854
|
| Other interest |
+ |
14,189 |
| Total investment income
|
|
7,597,043 |
| | ||
| Expenses | ||
| Investment adviser and administrator fees |
|
1,516,713 |
| Shareholder service fees |
|
574,381 |
| Portfolio accounting fees |
|
27,928 |
| Professional fees |
|
16,478 |
| Registration fees |
|
12,766 |
| Shareholder reports |
|
11,829 |
| Independent trustees’ fees |
|
3,421 |
| Transfer agent fees |
|
1,798 |
| Custodian fees |
|
926 |
| Other expenses |
+ |
2,706 |
| Total expenses |
– |
2,168,946 |
| Net investment income |
|
5,428,097 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized losses on sales of securities - unaffiliated issuers |
|
(343,300 ) |
| Net realized losses on foreign currency transactions |
+ |
(2,134 ) |
| Net realized losses |
|
(345,434 ) |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
|
58,209,196 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations |
+ |
(12,208 ) |
| Net change in unrealized appreciation (depreciation) |
+ |
58,196,988 |
| Net realized and unrealized gains |
|
57,851,554 |
| Increase in net assets resulting from operations |
|
$63,279,651 |
See financial notes
Schwab Active Equity Funds | Semiannual Report
28
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 | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$5,428,097 |
$10,828,133
|
| Net realized gains (losses) |
|
(345,434 ) |
758,540 |
| Net change in unrealized appreciation (depreciation) |
+ |
58,196,988 |
(17,919,252 ) |
| Increase (decrease) in net assets resulting from operations |
|
$63,279,651 |
($6,332,579 ) |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($5,893,475
) |
($34,391,214 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
2,224,162 |
$31,941,601 |
1,647,548 |
$22,504,313
|
| Shares reinvested |
|
306,816 |
4,419,607 |
1,976,602 |
27,111,544 |
| Shares redeemed |
+ |
(3,112,525 ) |
(44,343,211 ) |
(6,431,601 ) |
(87,138,179 ) |
| Net transactions in fund shares |
|
(581,547
) |
($7,982,003
) |
(2,807,451
) |
($37,522,322 ) |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
34,853,833 |
$446,083,898 |
37,661,284 |
$524,330,013
|
| Total increase (decrease) |
+ |
(581,547 ) |
49,404,173 |
(2,807,451 ) |
(78,246,115 ) |
| End of period |
|
34,272,286 |
$495,488,071 |
34,853,833 |
$446,083,898 |
See financial notes
29
Schwab Active Equity Funds | Semiannual ReportSchwab Large-Cap Growth
Fund
Financial Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$24.35 |
$20.80 |
$28.96 |
$20.85 |
$18.07 |
$18.04 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
(0.01 ) |
0.01 |
(0.01 ) |
(0.06 ) |
0.00
2
|
0.06 |
| Net realized and unrealized gains (losses) |
5.37 |
3.95 |
(5.97 ) |
8.42 |
3.76 |
1.79 |
| Total from investment operations |
5.36 |
3.96 |
(5.98 ) |
8.36 |
3.76 |
1.85 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.01 ) |
(0.00
)2 |
— |
— |
(0.03 ) |
(0.07 ) |
| Distributions from net realized gains |
— |
(0.41 ) |
(2.18 ) |
(0.25 ) |
(0.95 ) |
(1.75 ) |
| Total distributions |
(0.01 ) |
(0.41 ) |
(2.18 ) |
(0.25 ) |
(0.98 ) |
(1.82 ) |
| Net asset value at end of period |
$29.70 |
$24.35 |
$20.80 |
$28.96 |
$20.85 |
$18.07 |
| Total return |
22.01
%3 |
19.37 % |
(22.45 %) |
40.41 % |
21.60 % |
12.18 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses |
0.99
%4 |
0.99 % |
0.99
%5 |
0.99 % |
0.99 % |
0.99 % |
| Gross operating expenses |
1.00
%4 |
1.01 % |
1.02
%5 |
1.02 % |
1.02 % |
1.03 % |
| Net investment income (loss) |
(0.05
%)4 |
0.02 % |
(0.05 %) |
(0.23 %) |
0.01 % |
0.34 % |
| Portfolio turnover rate |
6
%3 |
17 % |
19 % |
42 % |
65 % |
67 % |
| Net assets, end of period (x 1,000) |
$375,589 |
$281,640 |
$218,329 |
$292,447 |
$210,033 |
$180,809 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Per-share amount was less than $0.005. |
| 3 |
Not annualized. |
| 4 |
Annualized. |
| 5 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
Schwab Active Equity Funds | Semiannual Report
30
Schwab Large-Cap Growth
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to
orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to
20 days after the end of the month on the fund’s website.
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| COMMON STOCKS 95.4% OF NET ASSETS | ||
| | ||
| Automobiles & Components 1.8% |
||
| Mobileye Global, Inc., Class A *(a) |
125,550 |
3,458,903 |
| Tesla, Inc. * |
17,116 |
3,137,020 |
| |
|
6,595,923 |
| | ||
| Capital Goods 5.2% | ||
| Caterpillar, Inc. |
11,998 |
4,014,171 |
| Fastenal Co. |
38,044 |
2,584,709 |
| Illinois Tool Works, Inc. |
4,799 |
1,171,484 |
| Lockheed Martin Corp. |
7,652 |
3,557,644 |
| Parker-Hannifin Corp. |
10,673 |
5,815,824 |
| Quanta Services, Inc. |
9,885 |
2,555,866 |
| |
|
19,699,698 |
| | ||
| Commercial & Professional Services 1.4% | ||
| Paychex, Inc. |
13,902 |
1,651,697 |
| Republic Services, Inc., Class A |
17,758 |
3,404,208 |
| |
|
5,055,905 |
| | ||
| Consumer Discretionary Distribution & Retail
8.1% | ||
| Amazon.com, Inc. * |
114,359 |
20,012,825 |
| Home Depot, Inc. |
12,073 |
4,035,038 |
| O'Reilly Automotive, Inc. * |
1,888 |
1,913,035 |
| TJX Cos., Inc. |
48,942 |
4,604,953 |
| |
|
30,565,851 |
| | ||
| Consumer Durables & Apparel 1.1% |
||
| Deckers Outdoor Corp. * |
1,850 |
1,514,169 |
| NIKE, Inc., Class B |
28,300 |
2,610,958 |
| |
|
4,125,127 |
| | ||
| Consumer Services 3.4% | ||
| Airbnb, Inc., Class A * |
22,675 |
3,595,575 |
| Booking Holdings, Inc. |
535 |
1,846,836 |
| McDonald's Corp. |
11,088 |
3,027,468 |
| Starbucks Corp. |
48,462 |
4,288,402 |
| |
|
12,758,281 |
| | ||
| Consumer Staples Distribution & Retail 1.4%
| ||
| Costco Wholesale Corp. |
7,253 |
5,243,194 |
| | ||
| Energy 0.5% | ||
| EOG Resources, Inc. |
14,768 |
1,951,296 |
| | ||
| Financial Services 5.2% | ||
| American Express Co. |
3,411 |
798,276 |
| Fidelity National Information Services, Inc. |
52,980 |
3,598,402 |
| Interactive Brokers Group, Inc., Class A |
17,464 |
2,010,456 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Mastercard, Inc., Class A |
11,969 |
5,400,413 |
| MSCI, Inc., Class A |
2,815 |
1,311,199 |
| Visa, Inc., Class A |
24,440 |
6,564,828 |
| |
|
19,683,574 |
| | ||
| Food, Beverage & Tobacco 3.2% |
||
| Celsius Holdings, Inc. * |
46,463 |
3,311,418 |
| Constellation Brands, Inc., Class A |
20,689 |
5,243,834 |
| Philip Morris International, Inc. |
34,383 |
3,264,322 |
| |
|
11,819,574 |
| | ||
| Health Care Equipment & Services 3.7% | ||
| Edwards Lifesciences Corp. * |
27,680 |
2,343,666 |
| IDEXX Laboratories, Inc. * |
3,556 |
1,752,255 |
| Intuitive Surgical, Inc. * |
16,517 |
6,121,530 |
| UnitedHealth Group, Inc. |
7,413 |
3,585,668 |
| |
|
13,803,119 |
| | ||
| Insurance 1.6% | ||
| Arthur J Gallagher & Co. |
13,345 |
3,131,938 |
| Progressive Corp. |
14,442 |
3,007,547 |
| |
|
6,139,485 |
| | ||
| Media & Entertainment 10.7% | ||
| Alphabet, Inc., Class A * |
134,413 |
21,879,748 |
| Meta Platforms, Inc., Class A |
34,877 |
15,003,039 |
| Netflix, Inc. * |
6,145 |
3,383,683 |
| |
|
40,266,470 |
| | ||
| Pharmaceuticals, Biotechnology & Life Sciences
6.6% | ||
| Eli Lilly & Co. |
12,008 |
9,379,449 |
| Thermo Fisher Scientific, Inc. |
12,359 |
7,028,810 |
| Vertex Pharmaceuticals, Inc. * |
13,581 |
5,334,753 |
| Zoetis, Inc. |
20,079 |
3,197,380 |
| |
|
24,940,392 |
| | ||
| Semiconductors & Semiconductor Equipment 12.9%
| ||
| Advanced Micro Devices, Inc. * |
21,181 |
3,354,647 |
| ASML Holding NV NY Registry Shares |
5,852 |
5,105,694 |
| Broadcom, Inc. |
9,252 |
12,030,098 |
| NVIDIA Corp. |
32,256 |
27,869,829 |
| |
|
48,360,268 |
| | ||
| Software & Services 19.7% | ||
| Accenture PLC, Class A |
16,552 |
4,980,662 |
| Adobe, Inc. * |
7,716 |
3,571,196 |
| Gartner, Inc. * |
10,548 |
4,351,999 |
| Intuit, Inc. |
4,573 |
2,860,960 |
| Microsoft Corp. |
99,364 |
38,685,386 |
| Oracle Corp. |
34,209 |
3,891,274 |
| Palo Alto Networks, Inc. * |
25,239 |
7,341,773 |
See financial
notes
31
Schwab Active Equity Funds | Semiannual
ReportSchwab Large-Cap Growth
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Salesforce, Inc. |
6,457 |
1,736,546 |
| ServiceNow, Inc. * |
5,128 |
3,555,396 |
| Synopsys, Inc. * |
5,560 |
2,950,081 |
| |
|
73,925,273 |
| | ||
| Technology Hardware & Equipment 8.4% | ||
| Apple, Inc. |
186,176 |
31,711,358 |
| | ||
| Transportation 0.5% | ||
| Uber Technologies, Inc. * |
27,145 |
1,798,899 |
| Total Common Stocks
(Cost $173,043,088) |
358,443,687 | |
| | ||
| INVESTMENT COMPANIES 1.4% OF NET ASSETS | ||
| | ||
| Equity Funds 1.4% | ||
| Invesco S&P 500 Equal Weight ETF (a) |
31,462 |
5,071,674 |
| Total Investment Companies
(Cost $4,945,908) |
5,071,674 | |
| |
|
|
| SHORT-TERM INVESTMENTS 1.6% OF NET ASSETS | ||
| | ||
| Money Market Funds 1.6% | ||
| State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.25% (b)(c) |
6,056,678 |
6,056,678 |
| Total Short-Term Investments
(Cost $6,056,678) |
6,056,678 | |
| Total Investments in Securities
(Cost $184,045,674) |
369,572,039 | |
| |
NUMBER OF CONTRACTS |
NOTIONAL AMOUNT
($) |
CURRENT VALUE/ UNREALIZED
DEPRECIATION ($) |
| FUTURES CONTRACTS | |||
| Long |
|
|
|
| S&P 500 Index, e-mini, expires 06/21/24 |
20 |
5,067,000 |
(123,987 ) |
| * |
Non-income producing security. |
| (a) |
All or a portion of this security is on loan. Securities on loan were valued at $5,833,965. |
| (b) |
The rate shown is the annualized 7-day yield. |
| (c) |
Security purchased with cash collateral received for securities on loan. |
| ETF — |
Exchange-Traded Fund |
The following is a summary of the inputs used to value the fund’s investments as of April 30, 2024 (see financial note 2(a) for additional information):
| DESCRIPTION |
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) |
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) |
TOTAL |
| Assets |
|
|
|
|
| Common Stocks1
|
$358,443,687 |
$— |
$— |
$358,443,687
|
| Investment Companies1
|
5,071,674 |
— |
— |
5,071,674 |
| Short-Term Investments1
|
6,056,678 |
— |
— |
6,056,678 |
| Liabilities |
|
|
|
|
| Futures Contracts2
|
(123,987 ) |
— |
— |
(123,987 ) |
| Total |
$369,448,052 |
$— |
$— |
$369,448,052 |
| 1 |
As categorized in the Portfolio Holdings.
|
| 2 |
Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
See financial notes
Schwab Active Equity Funds | Semiannual Report
32
Schwab Large-Cap Growth
Fund
Statement of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - unaffiliated issuers (cost $184,045,674) including securities on loan of $5,833,965 |
|
$369,572,039
|
| Cash |
|
11,895,595 |
| Deposit with broker for futures contracts |
|
236,000 |
| Receivables: |
|
|
| Fund shares sold |
|
378,684 |
| Dividends |
|
88,478 |
| Foreign tax reclaims |
|
4,849 |
| Income from securities on loan |
|
1,512 |
| Prepaid expenses |
+ |
14,699 |
| Total assets |
|
382,191,856 |
| | ||
| Liabilities | ||
| Collateral held for securities on loan |
|
6,056,678 |
| Payables: |
|
|
| Investment adviser and administrator fees |
|
223,775 |
| Fund shares redeemed |
|
114,241 |
| Variation margin on futures contracts |
|
80,000 |
| Shareholder service fees |
|
74,712 |
| Accrued expenses |
+ |
53,808 |
| Total liabilities |
|
6,603,214 |
| Net assets |
|
$375,588,642 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$189,596,667
|
| Total distributable earnings |
+ |
185,991,975 |
| Net assets |
|
$375,588,642 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $375,588,642 |
|
12,647,624 |
|
$29.70 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
33
Schwab Active Equity Funds | Semiannual
ReportSchwab Large-Cap Growth
Fund
Statement of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $4,353) |
|
$1,423,856
|
| Other interest |
|
207,837 |
| Securities on loan, net |
+ |
1,684 |
| Total investment income
|
|
1,633,377 |
| | ||
| Expenses | ||
| Investment adviser and administrator fees |
|
1,245,624 |
| Shareholder service fees |
|
411,241 |
| Portfolio accounting fees |
|
23,623 |
| Professional fees |
|
17,546 |
| Registration fees |
|
16,538 |
| Shareholder reports |
|
7,768 |
| Independent trustees’ fees |
|
3,206 |
| Transfer agent fees |
|
1,019 |
| Other expenses |
+ |
1,841 |
| Total expenses |
|
1,728,406 |
| Expense reduction |
– |
15,674 |
| Net expenses |
– |
1,712,732 |
| Net investment loss |
|
(79,355 ) |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized gains on sales of securities - unaffiliated issuers |
|
3,257,188 |
| Net realized gains on futures contracts |
+ |
565,084 |
| Net realized gains |
|
3,822,272 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
|
58,297,650 |
| Net change in unrealized appreciation (depreciation) on futures contracts |
+ |
174,997 |
| Net change in unrealized appreciation (depreciation) |
+ |
58,472,647 |
| Net realized and unrealized gains |
|
62,294,919 |
| Increase in net assets resulting from operations |
|
$62,215,564 |
See financial notes
Schwab Active Equity Funds | Semiannual Report
34
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 | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income (loss) |
|
($79,355 ) |
$58,463
|
| Net realized gains (losses) |
|
3,822,272 |
(3,031,037 ) |
| Net change in unrealized appreciation (depreciation) |
+ |
58,472,647 |
43,697,995 |
| Increase in net assets resulting from operations |
|
$62,215,564 |
$40,725,421 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($115,375
) |
($4,337,314 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
1,975,304 |
$57,598,812 |
2,619,801 |
$63,452,086
|
| Shares reinvested |
|
3,498 |
97,194 |
177,666 |
3,755,874 |
| Shares redeemed |
+ |
(895,423 ) |
(25,847,629 ) |
(1,727,327 ) |
(40,285,189 ) |
| Net transactions in fund shares |
|
1,083,379 |
$31,848,377 |
1,070,140 |
$26,922,771 |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
11,564,245 |
$281,640,076 |
10,494,105 |
$218,329,198
|
| Total increase |
+ |
1,083,379 |
93,948,566 |
1,070,140 |
63,310,878 |
| End of period |
|
12,647,624 |
$375,588,642 |
11,564,245 |
$281,640,076 |
See financial notes
35
Schwab Active Equity Funds | Semiannual ReportSchwab Small-Cap Equity
Fund
Financial Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$16.60 |
$18.94 |
$23.77 |
$15.02 |
$16.68 |
$20.87 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.07 |
0.07 |
0.03 |
0.02 |
0.03 |
0.02 |
| Net realized and unrealized gains (losses) |
3.14 |
(0.71 ) |
(2.27 ) |
8.76 |
(1.67 ) |
(0.35
)2 |
| Total from investment operations |
3.21 |
(0.64 ) |
(2.24 ) |
8.78 |
(1.64 ) |
(0.33 ) |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.07 ) |
(0.02 ) |
(0.03 ) |
(0.03 ) |
(0.02 ) |
(0.01 ) |
| Distributions from net realized gains |
— |
(1.68 ) |
(2.56 ) |
— |
— |
(3.85 ) |
| Total distributions |
(0.07 ) |
(1.70 ) |
(2.59 ) |
(0.03 ) |
(0.02 ) |
(3.86 ) |
| Net asset value at end of period |
$19.74 |
$16.60 |
$18.94 |
$23.77 |
$15.02 |
$16.68 |
| Total return |
19.37
%3 |
(3.68 %) |
(10.25 %) |
58.55 % |
(9.86 %) |
0.08 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses |
1.08
%4 |
1.09
%5 |
1.09
%5 |
1.08 % |
1.09 % |
1.09 % |
| Gross operating expenses |
1.08
%4 |
1.09
%5 |
1.09
%5 |
1.08 % |
1.10 % |
1.09 % |
| Net investment income (loss) |
0.70
%4 |
0.37 % |
0.13 % |
0.11 % |
0.17 % |
0.09 % |
| Portfolio turnover rate |
46
%3 |
43 % |
74 % |
84 % |
113 % |
117 % |
| Net assets, end of period (x 1,000) |
$555,944 |
$482,280 |
$542,600 |
$669,489 |
$491,478 |
$579,143 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
The per share amount does not accord with the change in aggregate gains and losses in securities during the period because of the timing of fund transactions in relation
to fluctuating market values. |
| 3 |
Not annualized. |
| 4 |
Annualized. |
| 5 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
Schwab Active Equity Funds | Semiannual Report
36
Schwab Small-Cap Equity
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to
orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to
20 days after the end of the month on the fund’s website.
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| COMMON STOCKS 95.8% OF NET ASSETS | ||
| | ||
| Automobiles & Components 0.6% |
||
| Adient PLC * |
19,412 |
579,837 |
| Goodyear Tire & Rubber Co. * |
36,918 |
441,539 |
| Modine Manufacturing Co. * |
21,194 |
1,963,200 |
| Visteon Corp. * |
2,149 |
237,744 |
| |
|
3,222,320 |
| | ||
| Banks 8.5% | ||
| Axos Financial, Inc. * |
76,121 |
3,852,484 |
| BankUnited, Inc. |
167,028 |
4,464,658 |
| Byline Bancorp, Inc. |
45,040 |
976,017 |
| Cathay General Bancorp |
10,760 |
370,574 |
| Customers Bancorp, Inc. * |
23,442 |
1,070,596 |
| CVB Financial Corp. |
123,534 |
2,018,546 |
| Eagle Bancorp, Inc. |
33,074 |
611,538 |
| First Financial Corp. |
9,478 |
345,094 |
| Great Southern Bancorp, Inc. |
28,686 |
1,474,460 |
| Hancock Whitney Corp. |
18,104 |
821,741 |
| Hilltop Holdings, Inc. |
16,381 |
479,308 |
| HomeTrust Bancshares, Inc. |
44,652 |
1,147,556 |
| Hope Bancorp, Inc. |
302,794 |
3,033,996 |
| International Bancshares Corp. |
114,611 |
6,378,102 |
| Mercantile Bank Corp. |
80,576 |
2,907,182 |
| OceanFirst Financial Corp. |
168,407 |
2,485,687 |
| Old Second Bancorp, Inc. |
29,615 |
405,726 |
| Peapack-Gladstone Financial Corp. |
15,019 |
336,125 |
| Premier Financial Corp. |
66,678 |
1,292,220 |
| Provident Financial Services, Inc. |
34,761 |
510,292 |
| Renasant Corp. |
59,420 |
1,726,745 |
| Republic Bancorp, Inc., Class A |
29,304 |
1,486,299 |
| Trustmark Corp. |
49,974 |
1,479,230 |
| UMB Financial Corp. |
40,165 |
3,199,544 |
| Univest Financial Corp. |
38,641 |
806,438 |
| WaFd, Inc. |
67,347 |
1,824,430 |
| WesBanco, Inc. |
54,069 |
1,459,863 |
| |
|
46,964,451 |
| | ||
| Capital Goods 12.8% | ||
| AAR Corp. * |
61,126 |
4,226,252 |
| AeroVironment, Inc. * |
11,448 |
1,829,276 |
| Allient, Inc. |
30,379 |
892,839 |
| Applied Industrial Technologies, Inc. |
8,298 |
1,520,608 |
| Array Technologies, Inc. * |
67,368 |
831,321 |
| Atkore, Inc. |
32,673 |
5,727,577 |
| Blue Bird Corp. * |
51,010 |
1,681,035 |
| Boise Cascade Co. |
3,746 |
495,483 |
| Cadre Holdings, Inc. |
23,865 |
795,898 |
| Comfort Systems USA, Inc. |
9,530 |
2,948,677 |
| Ducommun, Inc. * |
7,099 |
383,985 |
| EMCOR Group, Inc. |
18,327 |
6,545,855 |
| EnerSys |
43,820 |
3,963,519 |
| Federal Signal Corp. |
51,208 |
4,163,210 |
| Fluor Corp. * |
30,534 |
1,231,436 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| H&E Equipment Services, Inc. |
9,575 |
462,377 |
| Herc Holdings, Inc. |
7,473 |
1,068,863 |
| IES Holdings, Inc. * |
12,734 |
1,720,618 |
| JELD-WEN Holding, Inc. * |
107,803 |
2,209,961 |
| Manitowoc Co., Inc. * |
70,672 |
855,131 |
| Masterbrand, Inc. * |
90,300 |
1,505,301 |
| Moog, Inc., Class A |
35,636 |
5,668,619 |
| Mueller Industries, Inc. |
20,694 |
1,155,139 |
| NEXTracker, Inc., Class A * |
74,716 |
3,197,098 |
| Preformed Line Products Co. |
9,869 |
1,194,445 |
| REV Group, Inc. |
49,293 |
1,077,545 |
| Shoals Technologies Group, Inc., Class A * |
29,734 |
251,252 |
| Simpson Manufacturing Co., Inc. |
8,058 |
1,401,206 |
| SPX Technologies, Inc. * |
8,195 |
998,233 |
| Sterling Infrastructure, Inc. * |
29,661 |
3,013,558 |
| Tennant Co. |
8,530 |
993,574 |
| Terex Corp. |
57,028 |
3,196,419 |
| Thermon Group Holdings, Inc. * |
38,992 |
1,245,015 |
| V2X, Inc. * |
26,832 |
1,303,499 |
| Watts Water Technologies, Inc., Class A |
5,805 |
1,152,060 |
| |
|
70,906,884 |
| | ||
| Commercial & Professional Services 2.8% | ||
| Brink's Co. |
13,573 |
1,187,095 |
| Cimpress PLC * |
27,204 |
2,319,685 |
| Conduent, Inc. * |
270,375 |
851,681 |
| ExlService Holdings, Inc. * |
113,469 |
3,290,601 |
| Huron Consulting Group, Inc. * |
7,064 |
658,647 |
| IBEX Holdings Ltd. * |
50,906 |
666,869 |
| Legalzoom.com, Inc. * |
131,189 |
1,567,708 |
| Maximus, Inc. |
65,813 |
5,283,468 |
| |
|
15,825,754 |
| | ||
| Consumer Discretionary Distribution & Retail
3.7% | ||
| Abercrombie & Fitch Co., Class A * |
25,940 |
3,152,229 |
| American Eagle Outfitters, Inc. |
160,764 |
3,900,135 |
| Build-A-Bear Workshop, Inc. |
66,965 |
2,019,664 |
| Caleres, Inc. |
21,837 |
804,257 |
| CarParts.com, Inc. * |
319,180 |
392,591 |
| Dillard's, Inc., Class A |
4,168 |
1,825,542 |
| Group 1 Automotive, Inc. |
7,531 |
2,214,265 |
| Nordstrom, Inc. |
102,926 |
1,956,623 |
| ODP Corp. * |
12,318 |
627,109 |
| Signet Jewelers Ltd. |
15,020 |
1,472,411 |
| Urban Outfitters, Inc. * |
58,355 |
2,273,511 |
| |
|
20,638,337 |
| | ||
| Consumer Durables & Apparel 2.1% |
||
| Beazer Homes USA, Inc. * |
30,419 |
852,645 |
| Crocs, Inc. * |
14,586 |
1,814,061 |
| Dream Finders Homes, Inc., Class A * |
13,136 |
466,328 |
| Green Brick Partners, Inc. * |
12,785 |
692,052 |
| Hovnanian Enterprises, Inc., Class A * |
7,753 |
1,146,126 |
| JAKKS Pacific, Inc. * |
31,154 |
589,122 |
| KB Home |
14,309 |
926,651 |
See financial
notes
37
Schwab Active Equity Funds | Semiannual
ReportSchwab Small-Cap Equity
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| M/I Homes, Inc. * |
10,611 |
1,233,210 |
| Solo Brands, Inc., Class A * |
150,438 |
282,823 |
| Sonos, Inc. * |
132,241 |
2,234,873 |
| Taylor Morrison Home Corp., Class A * |
29,262 |
1,638,965 |
| |
|
11,876,856 |
| | ||
| Consumer Services 3.4% | ||
| Bloomin' Brands, Inc. |
87,655 |
2,260,623 |
| Brinker International, Inc. * |
108,924 |
5,838,326 |
| Duolingo, Inc. * |
6,322 |
1,427,192 |
| Everi Holdings, Inc. * |
50,705 |
414,260 |
| Frontdoor, Inc. * |
97,058 |
2,978,710 |
| Inspired Entertainment, Inc. * |
82,270 |
699,295 |
| International Game Technology PLC |
58,635 |
1,157,455 |
| Light & Wonder, Inc. * |
26,217 |
2,340,129 |
| PlayAGS, Inc. * |
173,835 |
1,536,701 |
| |
|
18,652,691 |
| | ||
| Consumer Staples Distribution & Retail 0.7%
| ||
| Andersons, Inc. |
71,105 |
3,906,509 |
| | ||
| Energy 6.2% | ||
| Berry Corp. |
92,086 |
781,810 |
| Chord Energy Corp. |
4,511 |
798,357 |
| Civitas Resources, Inc. |
28,425 |
2,045,463 |
| CONSOL Energy, Inc. |
11,743 |
971,851 |
| CVR Energy, Inc. |
16,294 |
495,012 |
| DHT Holdings, Inc. |
75,405 |
861,125 |
| Liberty Energy, Inc., Class A |
52,190 |
1,148,180 |
| Matador Resources Co. |
39,715 |
2,474,244 |
| Murphy Oil Corp. |
54,141 |
2,416,854 |
| Noble Corp. PLC |
23,949 |
1,062,857 |
| Par Pacific Holdings, Inc. * |
57,002 |
1,755,662 |
| PBF Energy, Inc., Class A |
16,430 |
875,226 |
| Scorpio Tankers, Inc. |
54,323 |
3,822,166 |
| Select Water Solutions, Inc. |
132,451 |
1,223,847 |
| SM Energy Co. |
49,980 |
2,423,530 |
| Teekay Corp. * |
375,819 |
2,750,995 |
| Teekay Tankers Ltd., Class A |
55,895 |
3,257,002 |
| U.S. Silica Holdings, Inc. * |
36,641 |
565,371 |
| VAALCO Energy, Inc. |
254,590 |
1,629,376 |
| W&T Offshore, Inc. |
108,409 |
243,920 |
| Weatherford International PLC * |
23,787 |
2,940,549 |
| |
|
34,543,397 |
| | ||
| Equity Real Estate Investment Trusts (REITs) 6.3%
| ||
| American Assets Trust, Inc. |
268,522 |
5,732,945 |
| Armada Hoffler Properties, Inc. |
342,157 |
3,599,492 |
| Broadstone Net Lease, Inc. |
152,678 |
2,222,992 |
| COPT Defense Properties |
254,437 |
6,098,855 |
| EastGroup Properties, Inc. |
16,695 |
2,593,735 |
| Empire State Realty Trust, Inc., Class A |
268,706 |
2,445,224 |
| Innovative Industrial Properties, Inc. |
19,042 |
1,968,943 |
| Orion Office REIT, Inc. |
230,986 |
720,676 |
| Plymouth Industrial REIT, Inc. |
65,014 |
1,357,492 |
| Ryman Hospitality Properties, Inc. |
62,213 |
6,562,227 |
| Tanger, Inc. |
64,856 |
1,838,668 |
| |
|
35,141,249 |
| | ||
| Financial Services 6.1% | ||
| AssetMark Financial Holdings, Inc. * |
16,401 |
554,518 |
| Enact Holdings, Inc. |
93,606 |
2,782,906 |
| Enova International, Inc. * |
43,105 |
2,609,146 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Essent Group Ltd. |
36,634 |
1,940,503 |
| Federal Agricultural Mortgage Corp., Class C |
13,308 |
2,477,018 |
| Jackson Financial, Inc., Class A |
19,699 |
1,345,836 |
| Merchants Bancorp |
61,060 |
2,462,550 |
| MGIC Investment Corp. |
58,667 |
1,189,767 |
| NMI Holdings, Inc., Class A * |
138,520 |
4,274,727 |
| Radian Group, Inc. |
60,648 |
1,811,556 |
| Regional Management Corp. |
47,695 |
1,202,391 |
| StepStone Group, Inc., Class A |
23,715 |
855,400 |
| Stifel Financial Corp. |
18,983 |
1,517,121 |
| StoneCo Ltd., Class A * |
206,033 |
3,214,115 |
| StoneX Group, Inc. * |
30,757 |
2,232,958 |
| Victory Capital Holdings, Inc., Class A |
15,500 |
788,330 |
| Virtus Investment Partners, Inc. |
12,939 |
2,837,781 |
| |
|
34,096,623 |
| | ||
| Food, Beverage & Tobacco 2.3% |
||
| B&G Foods, Inc. |
126,813 |
1,407,624 |
| Coca-Cola Consolidated, Inc. |
8,051 |
6,650,126 |
| National Beverage Corp. * |
19,148 |
852,086 |
| Primo Water Corp. |
198,053 |
3,737,260 |
| |
|
12,647,096 |
| | ||
| Health Care Equipment & Services 2.9% | ||
| AirSculpt Technologies, Inc. *(a) |
44,104 |
243,013 |
| Cerus Corp. * |
270,093 |
451,055 |
| CONMED Corp. |
25,244 |
1,716,087 |
| Health Catalyst, Inc. * |
87,822 |
546,253 |
| Hims & Hers Health, Inc. * |
148,085 |
1,855,505 |
| Lantheus Holdings, Inc. * |
53,601 |
3,566,611 |
| Merit Medical Systems, Inc. * |
36,937 |
2,737,032 |
| OmniAb, Inc., Class A *(b) |
5,508 |
0 |
| OmniAb, Inc., Class B *(b) |
5,508 |
0 |
| Option Care Health, Inc. * |
25,933 |
775,137 |
| OraSure Technologies, Inc. * |
190,025 |
1,005,232 |
| Tenet Healthcare Corp. * |
8,781 |
986,019 |
| UFP Technologies, Inc. * |
2,246 |
462,541 |
| Zimvie, Inc. * |
97,895 |
1,488,004 |
| |
|
15,832,489 |
| | ||
| Household & Personal Products 0.1% |
||
| Nature's Sunshine Products, Inc. * |
37,813 |
735,463 |
| | ||
| Insurance 0.6% | ||
| CNO Financial Group, Inc. |
93,393 |
2,459,037 |
| Genworth Financial, Inc., Class A * |
140,700 |
834,351 |
| Investors Title Co. |
1,667 |
267,437 |
| |
|
3,560,825 |
| | ||
| Materials 5.0% | ||
| Alpha Metallurgical Resources, Inc. |
2,709 |
886,168 |
| Cabot Corp. |
12,426 |
1,133,624 |
| Carpenter Technology Corp. |
48,050 |
4,117,885 |
| Constellium SE, Class A * |
220,404 |
4,339,755 |
| Koppers Holdings, Inc. |
33,920 |
1,739,418 |
| Mativ Holdings, Inc. |
69,807 |
1,274,676 |
| Metallus, Inc. * |
84,970 |
1,746,983 |
| Minerals Technologies, Inc. |
55,220 |
4,024,986 |
| Orion SA |
109,517 |
2,591,172 |
| Quaker Chemical Corp. |
16,828 |
3,138,927 |
| SunCoke Energy, Inc. |
197,340 |
2,034,575 |
See financial
notes
Schwab Active Equity Funds | Semiannual Report
38
Schwab Small-Cap Equity
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Worthington Steel, Inc. |
15,490 |
476,937 |
| |
|
27,505,106 |
| | ||
| Media & Entertainment 1.7% | ||
| AMC Networks, Inc., Class A * |
85,061 |
903,348 |
| Cars.com, Inc. * |
33,273 |
555,992 |
| Entravision Communications Corp., Class A |
58,320 |
121,889 |
| EW Scripps Co., Class A * |
43,160 |
162,281 |
| Gaia, Inc., Class A * |
44,500 |
172,215 |
| Gray Television, Inc. |
101,681 |
584,666 |
| Lions Gate Entertainment Corp., Class A * |
125,050 |
1,261,754 |
| Yelp, Inc., Class A * |
139,462 |
5,611,951 |
| |
|
9,374,096 |
| | ||
| Pharmaceuticals, Biotechnology & Life Sciences
12.2% | ||
| 2seventy bio, Inc. * |
130,257 |
593,972 |
| ACADIA Pharmaceuticals, Inc. * |
227,047 |
3,793,955 |
| Alector, Inc. * |
116,604 |
592,348 |
| Alkermes PLC * |
191,160 |
4,691,066 |
| Amicus Therapeutics, Inc. * |
196,040 |
1,958,440 |
| Amneal Pharmaceuticals, Inc. * |
319,232 |
1,931,354 |
| Amphastar Pharmaceuticals, Inc. * |
29,157 |
1,202,726 |
| Amylyx Pharmaceuticals, Inc. * |
527,822 |
955,358 |
| ANI Pharmaceuticals, Inc. * |
45,933 |
3,031,578 |
| Anika Therapeutics, Inc. * |
31,735 |
821,619 |
| Arcellx, Inc. * |
8,128 |
406,563 |
| Arcus Biosciences, Inc. * |
34,564 |
526,410 |
| Arrowhead Pharmaceuticals, Inc. * |
13,203 |
298,652 |
| Arvinas, Inc. * |
22,446 |
713,109 |
| Aurinia Pharmaceuticals, Inc. * |
282,225 |
1,436,525 |
| Beam Therapeutics, Inc. * |
21,295 |
451,880 |
| BioCryst Pharmaceuticals, Inc. * |
116,784 |
482,318 |
| CareDx, Inc. * |
149,284 |
1,158,444 |
| Caribou Biosciences, Inc. * |
164,797 |
598,213 |
| Catalyst Pharmaceuticals, Inc. * |
131,521 |
1,979,391 |
| Collegium Pharmaceutical, Inc. * |
30,994 |
1,144,608 |
| Deciphera Pharmaceuticals, Inc. * |
89,616 |
2,264,596 |
| Denali Therapeutics, Inc. * |
65,562 |
1,012,277 |
| Editas Medicine, Inc. * |
248,474 |
1,294,550 |
| Fate Therapeutics, Inc. * |
293,590 |
1,159,680 |
| Halozyme Therapeutics, Inc. * |
74,557 |
2,840,622 |
| Harmony Biosciences Holdings, Inc. * |
97,414 |
3,011,067 |
| Harvard Bioscience, Inc. * |
126,539 |
483,379 |
| Ironwood Pharmaceuticals, Inc., Class A * |
185,334 |
1,436,338 |
| Kymera Therapeutics, Inc. * |
20,972 |
705,079 |
| Medpace Holdings, Inc. * |
12,941 |
5,025,637 |
| MiMedx Group, Inc. * |
299,380 |
1,844,181 |
| Morphic Holding, Inc. * |
9,921 |
270,546 |
| Mural Oncology PLC * |
11,720 |
43,364 |
| Myriad Genetics, Inc. * |
39,968 |
782,174 |
| Nurix Therapeutics, Inc. * |
199,663 |
2,399,949 |
| Organogenesis Holdings, Inc., Class A * |
330,106 |
775,749 |
| Phibro Animal Health Corp., Class A |
79,718 |
1,331,291 |
| Prestige Consumer Healthcare, Inc. * |
10,201 |
732,024 |
| Protagonist Therapeutics, Inc. * |
46,332 |
1,163,396 |
| PTC Therapeutics, Inc. * |
27,076 |
870,493 |
| Quanterix Corp. * |
37,022 |
596,795 |
| Relay Therapeutics, Inc. * |
153,737 |
1,002,365 |
| Rigel Pharmaceuticals, Inc. * |
286,774 |
301,113 |
| TG Therapeutics, Inc. * |
63,272 |
864,296 |
| Vanda Pharmaceuticals, Inc. * |
209,650 |
997,934 |
| Veracyte, Inc. * |
107,783 |
2,109,313 |
| Vericel Corp. * |
17,575 |
806,165 |
| WaVe Life Sciences Ltd. * |
328,247 |
1,618,258 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Xencor, Inc. * |
60,549 |
1,267,896 |
| |
|
67,779,056 |
| | ||
| Real Estate Management & Development 0.3%
| ||
| Cushman & Wakefield PLC * |
161,391 |
1,557,423 |
| RMR Group, Inc., Class A |
12,431 |
294,863 |
| |
|
1,852,286 |
| | ||
| Semiconductors & Semiconductor Equipment 2.6%
| ||
| Ambarella, Inc. * |
5,097 |
234,309 |
| Amkor Technology, Inc. |
127,258 |
4,116,796 |
| Axcelis Technologies, Inc. * |
34,362 |
3,557,154 |
| Lattice Semiconductor Corp. * |
57,508 |
3,945,049 |
| Photronics, Inc. * |
70,994 |
1,945,946 |
| SMART Global Holdings, Inc. * |
48,021 |
877,344 |
| |
|
14,676,598 |
| | ||
| Software & Services 5.6% | ||
| 8x8, Inc. * |
315,131 |
696,440 |
| Alarm.com Holdings, Inc. * |
10,732 |
713,678 |
| Alkami Technology, Inc. * |
30,847 |
742,487 |
| Appfolio, Inc., Class A * |
22,584 |
5,121,600 |
| Asana, Inc., Class A * |
106,904 |
1,589,663 |
| BlackLine, Inc. * |
26,944 |
1,564,099 |
| CommVault Systems, Inc. * |
16,288 |
1,669,031 |
| Domo, Inc., Class B * |
74,301 |
559,487 |
| eGain Corp. * |
188,200 |
1,168,722 |
| Hackett Group, Inc. |
62,037 |
1,345,583 |
| LiveRamp Holdings, Inc. * |
13,038 |
418,650 |
| MicroStrategy, Inc., Class A * |
2,148 |
2,287,684 |
| PagerDuty, Inc. * |
45,319 |
904,567 |
| Q2 Holdings, Inc. * |
50,146 |
2,577,003 |
| Qualys, Inc. * |
1,755 |
287,662 |
| Rimini Street, Inc. * |
297,878 |
792,356 |
| Squarespace, Inc., Class A * |
39,998 |
1,394,330 |
| Tenable Holdings, Inc. * |
15,690 |
705,579 |
| Unisys Corp. * |
198,588 |
1,078,333 |
| Weave Communications, Inc. * |
115,634 |
1,236,127 |
| Xperi, Inc. * |
105,053 |
1,104,107 |
| Yext, Inc. * |
302,925 |
1,663,058 |
| Zeta Global Holdings Corp., Class A * |
74,939 |
926,246 |
| Zuora, Inc., Class A * |
66,474 |
655,434 |
| |
|
31,201,926 |
| | ||
| Technology Hardware & Equipment 6.5% | ||
| Arlo Technologies, Inc. * |
223,194 |
2,763,142 |
| Badger Meter, Inc. |
13,372 |
2,446,006 |
| Bel Fuse, Inc., Class B |
26,575 |
1,560,484 |
| Belden, Inc. |
18,548 |
1,507,396 |
| Calix, Inc. * |
36,265 |
1,005,629 |
| CommScope Holding Co., Inc. * |
256,955 |
229,718 |
| Daktronics, Inc. * |
151,363 |
1,430,380 |
| ePlus, Inc. * |
5,999 |
461,203 |
| Extreme Networks, Inc. * |
248,900 |
2,787,680 |
| Fabrinet * |
16,503 |
2,856,174 |
| Itron, Inc. * |
50,227 |
4,626,911 |
| OSI Systems, Inc. * |
15,389 |
2,022,730 |
| Sanmina Corp. * |
8,821 |
535,170 |
| Super Micro Computer, Inc. * |
11,367 |
9,761,980 |
| Xerox Holdings Corp. |
160,058 |
2,127,171 |
| |
|
36,121,774 |
| | ||
See financial
notes
39
Schwab Active Equity Funds | Semiannual
ReportSchwab Small-Cap Equity
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Telecommunication Services 0.5% | ||
| Iridium Communications, Inc. |
19,928 |
613,583 |
| Liberty Latin America Ltd., Class A * |
317,533 |
2,397,374 |
| |
|
3,010,957 |
| | ||
| Transportation 1.0% | ||
| ArcBest Corp. |
7,337 |
813,746 |
| Matson, Inc. |
7,717 |
831,738 |
| Radiant Logistics, Inc. * |
69,136 |
341,532 |
| SkyWest, Inc. * |
45,560 |
3,327,247 |
| |
|
5,314,263 |
| | ||
| Utilities 1.3% | ||
| ALLETE, Inc. |
11,993 |
710,225 |
| Avista Corp. |
23,026 |
828,476 |
| Black Hills Corp. |
36,885 |
2,024,987 |
| Chesapeake Utilities Corp. |
5,966 |
631,620 |
| Clearway Energy, Inc., Class A |
46,161 |
1,002,155 |
| Otter Tail Corp. |
18,121 |
1,546,809 |
| Via Renewables, Inc., Class A * |
21,017 |
228,875 |
| |
|
6,973,147 |
| Total Common Stocks
(Cost $472,996,467) |
532,360,153 | |
| |
|
|
| SHORT-TERM INVESTMENTS 0.0% OF NET ASSETS | ||
| | ||
| Money Market Funds 0.0% | ||
| State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.25% (c)(d) |
147,630 |
147,630 |
| Total Short-Term Investments
(Cost $147,630) |
147,630 | |
| Total Investments in Securities
(Cost $473,144,097) |
532,507,783 | |
| |
NUMBER OF CONTRACTS |
NOTIONAL AMOUNT
($) |
CURRENT VALUE/ UNREALIZED
DEPRECIATION ($) |
| FUTURES CONTRACTS | |||
| Long |
|
|
|
| Russell 2000 Index, e-mini, expires 06/21/24 |
215 |
21,345,200 |
(1,326,948 ) |
| * |
Non-income producing security. |
| (a) |
All or a portion of this security is on loan. Securities on loan were valued at $142,709. |
| (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. |
| 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 April 30, 2024. 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, 2023, and/or Value at April
30, 2024, columns means either the issuer was not held or not held as an affiliate at the beginning of period and is no longer held at period end or the issuer is held at period end but is no longer an affiliate.
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DIVIDENDS RECEIVED |
| COMMON STOCKS 0.0% OF NET ASSETS | ||||||||
| | ||||||||
| Transportation 0.0% | ||||||||
| Daseke, Inc. |
$— |
$— |
($2,010,926 ) |
$173,675 |
$734,977 |
$— |
— |
$— |
See financial
notes
Schwab Active Equity Funds | Semiannual Report
40
Schwab Small-Cap Equity
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
The following is a summary of the inputs used to
value the fund’s investments as of April 30, 2024 (see financial note 2(a) for additional
information):
| DESCRIPTION |
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) |
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) |
TOTAL |
| Assets |
|
|
|
|
| Common Stocks1
|
$516,527,664 |
$— |
$— |
$516,527,664
|
| Health Care Equipment & Services |
15,832,489 |
— |
0 * |
15,832,489 |
| Short-Term Investments1
|
147,630 |
— |
— |
147,630 |
| Liabilities |
|
|
|
|
| Futures Contracts2
|
(1,326,948 ) |
— |
— |
(1,326,948 ) |
| Total |
$531,180,835 |
$— |
$0 |
$531,180,835 |
| * |
Level 3 amount shown includes securities determined to have no value at April 30, 2024. |
| 1 |
As categorized in the Portfolio Holdings.
|
| 2 |
Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
See financial notes
41
Schwab Active Equity Funds | Semiannual ReportSchwab Small-Cap Equity
Fund
Statement of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - unaffiliated issuers (cost $473,144,097) including securities on loan of $142,709 |
|
$532,507,783
|
| Cash |
|
23,232,007 |
| Deposit with broker for futures contracts |
|
1,397,500 |
| Receivables: |
|
|
| Fund shares sold |
|
362,128 |
| Dividends |
|
88,311 |
| Income from securities on loan |
|
1,289 |
| Prepaid expenses |
+ |
9,352 |
| Total assets |
|
557,598,370 |
| | ||
| Liabilities | ||
| Collateral held for securities on loan |
|
147,630 |
| Payables: |
|
|
| Variation margin on futures contracts |
|
446,125 |
| Investments bought |
|
398,210 |
| Investment adviser and administrator fees |
|
375,451 |
| Shareholder service fees |
|
113,612 |
| Fund shares redeemed |
|
100,603 |
| Accrued expenses |
+ |
72,410 |
| Total liabilities |
|
1,654,041 |
| Net assets |
|
$555,944,329 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$464,974,133
|
| Total distributable earnings |
+ |
90,970,196 |
| Net assets |
|
$555,944,329 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $555,944,329 |
|
28,169,673 |
|
$19.74 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab Active Equity Funds | Semiannual Report
42
Schwab Small-Cap Equity
Fund
Statement of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $8,143) |
|
$4,606,330
|
| Other interest |
|
338,791 |
| Securities on loan, net |
+ |
15,995 |
| Total investment income
|
|
4,961,116 |
| | ||
| Expenses | ||
| Investment adviser and administrator fees |
|
2,253,565 |
| Shareholder service fees |
|
682,478 |
| Portfolio accounting fees |
|
26,249 |
| Professional fees |
|
18,140 |
| Registration fees |
|
15,195 |
| Shareholder reports |
|
10,948 |
| Custodian fees |
|
4,326 |
| Independent trustees’ fees |
|
3,479 |
| Transfer agent fees |
|
1,158 |
| Other expenses |
+ |
2,691 |
| Total expenses |
– |
3,018,229 |
| Net investment income |
|
1,942,887 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized gains on sales of securities - affiliated issuers |
|
173,675 |
| Net realized gains on sales of securities - unaffiliated issuers |
|
32,609,723 |
| Net realized gains on futures contracts |
+ |
1,632,790 |
| Net realized gains |
|
34,416,188 |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
|
734,977 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
|
56,071,240 |
| Net change in unrealized appreciation (depreciation) on futures contracts |
+ |
201,432 |
| Net change in unrealized appreciation (depreciation) |
+ |
57,007,649 |
| Net realized and unrealized gains |
|
91,423,837 |
| Increase in net assets resulting from operations |
|
$93,366,724 |
See financial notes
43
Schwab Active Equity Funds | Semiannual ReportSchwab 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 | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$1,942,887 |
$1,941,138
|
| Net realized gains (losses) |
|
34,416,188 |
(2,205,373 ) |
| Net change in unrealized appreciation (depreciation) |
+ |
57,007,649 |
(16,397,779 ) |
| Increase (decrease) in net assets resulting from operations |
|
$93,366,724 |
($16,662,014 ) |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($2,107,396
) |
($48,159,983 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
1,146,378 |
$22,263,941 |
2,298,167 |
$40,190,557
|
| Shares reinvested |
|
82,244 |
1,578,256 |
2,100,068 |
36,121,156 |
| Shares redeemed |
+ |
(2,104,253 ) |
(41,437,135 ) |
(4,004,689 ) |
(71,810,121 ) |
| Net transactions in fund shares |
|
(875,631
) |
($17,594,938
) |
393,546 |
$4,501,592 |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
29,045,304 |
$482,279,939 |
28,651,758 |
$542,600,344
|
| Total increase (decrease) |
+ |
(875,631 ) |
73,664,390 |
393,546 |
(60,320,405 ) |
| End of period |
|
28,169,673 |
$555,944,329 |
29,045,304 |
$482,279,939 |
See financial notes
Schwab Active Equity Funds | Semiannual Report
44
Schwab Health Care Fund
Financial
Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$24.05 |
$26.08 |
$30.58 |
$26.27 |
$25.08 |
$25.85 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.11 |
0.20 |
0.20 |
0.21 |
0.26 |
0.26 |
| Net realized and unrealized gains (losses) |
3.09 |
(1.14 ) |
(1.13 ) |
7.09 |
2.11 |
1.27 |
| Total from investment operations |
3.20 |
(0.94 ) |
(0.93 ) |
7.30 |
2.37 |
1.53 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.22 ) |
(0.19 ) |
(0.23 ) |
(0.23 ) |
(0.29 ) |
(0.24 ) |
| Distributions from net realized gains |
(0.69 ) |
(0.90 ) |
(3.34 ) |
(2.76 ) |
(0.89 ) |
(2.06 ) |
| Total distributions |
(0.91 ) |
(1.09 ) |
(3.57 ) |
(2.99 ) |
(1.18 ) |
(2.30 ) |
| Net asset value at end of period |
$26.34 |
$24.05 |
$26.08 |
$30.58 |
$26.27 |
$25.08 |
| Total return |
13.49
%2 |
(4.04 %) |
(3.82 %) |
30.02 % |
9.57 % |
6.51 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses |
0.79
%3 |
0.79
%4 |
0.80
%4 |
0.80 % |
0.80 % |
0.80 % |
| Gross operating expenses |
0.79
%3 |
0.79
%4 |
0.80
%4 |
0.80 % |
0.80 % |
0.80 % |
| Net investment income (loss) |
0.85
%3 |
0.79 % |
0.76 % |
0.76 % |
1.01 % |
1.05 % |
| Portfolio turnover rate |
30
%2 |
53 % |
59 % |
70 % |
73 % |
45 % |
| Net assets, end of period (x 1,000) |
$786,214 |
$733,285 |
$829,028 |
$901,637 |
$745,705 |
$778,753 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Annualized. |
| 4 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
45
Schwab Active Equity Funds | Semiannual ReportSchwab Health Care Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to
orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to
20 days after the end of the month on the fund’s website.
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| COMMON STOCKS 99.8% OF NET ASSETS | ||
| | ||
| Australia 0.4% | ||
| Cochlear Ltd. |
4,989 |
1,040,745 |
| Pro Medicus Ltd. |
29,403 |
2,100,700 |
| |
|
3,141,445 |
| | ||
| Denmark 6.1% | ||
| ALK-Abello AS * |
94,892 |
1,759,202 |
| Demant AS * |
33,969 |
1,622,087 |
| Novo Nordisk AS, Class B |
345,276 |
44,278,952 |
| |
|
47,660,241 |
| | ||
| France 1.2% | ||
| BioMerieux |
22,194 |
2,359,310 |
| Ipsen SA |
55,093 |
6,701,310 |
| |
|
9,060,620 |
| | ||
| Germany 0.4% | ||
| Carl Zeiss Meditec AG, Bearer Shares |
33,440 |
3,528,349 |
| | ||
| Ireland 2.6% | ||
| Medtronic PLC |
254,797 |
20,444,911 |
| | ||
| Italy 0.1% | ||
| Recordati Industria Chimica e Farmaceutica SpA |
21,963 |
1,168,725 |
| | ||
| Japan 3.7% | ||
| Chugai Pharmaceutical Co. Ltd. |
61,000 |
1,940,034 |
| Daiichi Sankyo Co. Ltd. |
244,800 |
8,239,401 |
| Hoya Corp. |
105,400 |
12,220,056 |
| Santen Pharmaceutical Co. Ltd. |
450,000 |
4,346,588 |
| Sysmex Corp. |
60,000 |
959,423 |
| Terumo Corp. |
70,000 |
1,187,489 |
| |
|
28,892,991 |
| | ||
| Republic of Korea 0.9% | ||
| Classys, Inc. |
22,910 |
623,500 |
| Hanmi Pharm Co. Ltd. |
4,140 |
943,104 |
| Hugel, Inc. * |
7,000 |
1,070,213 |
| Samsung Biologics Co. Ltd. * |
8,219 |
4,619,548 |
| |
|
7,256,365 |
| | ||
| Sweden 0.3% | ||
| Camurus AB * |
26,173 |
1,173,693 |
| Getinge AB, B Shares |
52,784 |
1,111,231 |
| |
|
2,284,924 |
| | ||
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Switzerland 3.8% | ||
| Novartis AG |
264,616 |
25,682,961 |
| Roche Holding AG |
16,694 |
4,000,119 |
| |
|
29,683,080 |
| | ||
| United Kingdom 4.5% | ||
| AstraZeneca PLC |
115,946 |
17,536,701 |
| ConvaTec Group PLC |
110,168 |
342,767 |
| GSK PLC |
858,161 |
17,804,190 |
| |
|
35,683,658 |
| | ||
| United States 75.8% | ||
| Abbott Laboratories |
136,849 |
14,501,889 |
| AbbVie, Inc. |
226,017 |
36,759,405 |
| Addus HomeCare Corp. * |
10,896 |
1,047,650 |
| ADMA Biologics, Inc. * |
161,600 |
1,053,632 |
| Agilent Technologies, Inc. |
66,382 |
9,096,989 |
| Align Technology, Inc. * |
7,581 |
2,140,723 |
| Amgen, Inc. |
78,836 |
21,596,334 |
| ANI Pharmaceuticals, Inc. * |
42,012 |
2,772,792 |
| Becton Dickinson & Co. |
67,831 |
15,913,153 |
| BioMarin Pharmaceutical, Inc. * |
20,180 |
1,629,737 |
| Blueprint Medicines Corp. * |
17,979 |
1,642,202 |
| Boston Scientific Corp. * |
83,281 |
5,985,405 |
| Bruker Corp. |
30,109 |
2,348,803 |
| Cardinal Health, Inc. |
30,972 |
3,191,355 |
| Cencora, Inc. |
48,967 |
11,705,561 |
| Cigna Group |
48,205 |
17,211,113 |
| Collegium Pharmaceutical, Inc. * |
32,622 |
1,204,730 |
| CONMED Corp. |
5,300 |
360,294 |
| Cooper Cos., Inc. |
20,532 |
1,828,580 |
| Danaher Corp. |
25,006 |
6,166,980 |
| DaVita, Inc. * |
20,872 |
2,901,417 |
| DENTSPLY SIRONA, Inc. |
62,612 |
1,878,986 |
| Dexcom, Inc. * |
17,646 |
2,247,924 |
| Edwards Lifesciences Corp. * |
17,379 |
1,471,480 |
| Elanco Animal Health, Inc. * |
326,004 |
4,290,213 |
| Elevance Health, Inc. |
25,687 |
13,577,634 |
| Eli Lilly & Co. |
95,696 |
74,748,146 |
| GE HealthCare Technologies, Inc. |
23,160 |
1,765,718 |
| Gilead Sciences, Inc. |
165,282 |
10,776,386 |
| HCA Healthcare, Inc. |
14,499 |
4,492,080 |
| HealthEquity, Inc. * |
9,733 |
768,031 |
| Hologic, Inc. * |
133,177 |
10,090,821 |
| IDEXX Laboratories, Inc. * |
13,156 |
6,482,751 |
| Intuitive Surgical, Inc. * |
8,917 |
3,304,819 |
| IQVIA Holdings, Inc. * |
54,122 |
12,543,856 |
| Jazz Pharmaceuticals PLC * |
28,774 |
3,186,720 |
| Johnson & Johnson |
209,754 |
30,328,331 |
| McKesson Corp. |
39,397 |
21,164,462 |
| Medpace Holdings, Inc. * |
18,111 |
7,033,407 |
| Merck & Co., Inc. |
311,642 |
40,270,379 |
| Merit Medical Systems, Inc. * |
43,083 |
3,192,450 |
| Mettler-Toledo International, Inc. * |
9,140 |
11,239,458 |
| Neurocrine Biosciences, Inc. * |
44,579 |
6,131,396 |
See financial
notes
Schwab Active Equity Funds | Semiannual Report
46
Schwab Health Care Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Option Care Health, Inc. * |
130,599 |
3,903,604 |
| Owens & Minor, Inc. * |
58,600 |
1,449,764 |
| Prestige Consumer Healthcare, Inc. * |
103,746 |
7,444,813 |
| Regeneron Pharmaceuticals, Inc. * |
19,352 |
17,236,052 |
| ResMed, Inc. |
8,473 |
1,813,137 |
| Stryker Corp. |
63,548 |
21,383,902 |
| Thermo Fisher Scientific, Inc. |
22,414 |
12,747,290 |
| Twist Bioscience Corp. * |
24,925 |
778,408 |
| United Therapeutics Corp. * |
37,155 |
8,706,531 |
| UnitedHealth Group, Inc. |
88,185 |
42,655,084 |
| Veeva Systems, Inc., Class A * |
37,910 |
7,527,410 |
| Veracyte, Inc. * |
39,324 |
769,571 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Vertex Pharmaceuticals, Inc. * |
58,991 |
23,172,255 |
| Zimmer Biomet Holdings, Inc. |
58,903 |
7,084,853 |
| Zoetis, Inc. |
46,219 |
7,359,914 |
| |
|
596,076,780 |
| Total Common Stocks
(Cost $502,927,710) |
784,882,089 | |
| Total Investments in Securities
(Cost $502,927,710) |
784,882,089 | |
| * |
Non-income producing security. |
The following is a summary of the inputs used to value the fund’s investments as of April 30, 2024 (see financial note 2(a) for additional information):
| DESCRIPTION |
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) |
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) |
TOTAL |
| Assets |
|
|
|
|
| Common Stocks1
|
$616,521,691 |
$— |
$— |
$616,521,691
|
| Australia |
— |
3,141,445 |
— |
3,141,445 |
| Denmark |
— |
47,660,241 |
— |
47,660,241 |
| France |
— |
9,060,620 |
— |
9,060,620 |
| Germany |
— |
3,528,349 |
— |
3,528,349 |
| Italy |
— |
1,168,725 |
— |
1,168,725 |
| Japan |
— |
28,892,991 |
— |
28,892,991 |
| Republic of Korea |
— |
7,256,365 |
— |
7,256,365 |
| Sweden |
— |
2,284,924 |
— |
2,284,924 |
| Switzerland |
— |
29,683,080 |
— |
29,683,080 |
| United Kingdom |
— |
35,683,658 |
— |
35,683,658 |
| Total |
$616,521,691 |
$168,360,398 |
$— |
$784,882,089 |
| 1 |
As categorized in the Portfolio Holdings. |
See financial notes
47
Schwab Active Equity Funds | Semiannual ReportSchwab Health Care Fund
Statement
of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - unaffiliated issuers (cost $502,927,710) |
|
$784,882,089
|
| Foreign currency, at value (cost $481,725) |
|
480,129 |
| Receivables: |
|
|
| Foreign tax reclaims |
|
1,093,340 |
| Dividends |
|
587,371 |
| Investments sold |
|
197,523 |
| Fund shares sold |
|
97,161 |
| Prepaid expenses |
+ |
22,535 |
| Total assets |
|
787,360,148 |
| | ||
| Liabilities | ||
| Payables: |
|
|
| Fund shares redeemed |
|
356,649 |
| Investment adviser and administrator fees |
|
342,832 |
| Due to custodian |
|
200,156 |
| Shareholder service fees |
|
154,891 |
| Independent trustees’ fees |
|
16 |
| Accrued expenses |
+ |
91,546 |
| Total liabilities |
|
1,146,090 |
| Net assets |
|
$786,214,058 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$481,932,468
|
| Total distributable earnings |
+ |
304,281,590 |
| Net assets |
|
$786,214,058 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $786,214,058 |
|
29,850,681 |
|
$26.34 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab Active Equity Funds | Semiannual Report
48
Schwab Health Care Fund
Statement
of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $285,190) |
|
$6,394,072
|
| Other interest |
+ |
9,078 |
| Total investment income
|
|
6,403,150 |
| | ||
| Expenses | ||
| Investment adviser and administrator fees |
|
2,080,971 |
| Shareholder service fees |
|
913,366 |
| Portfolio accounting fees |
|
27,769 |
| Shareholder reports |
|
18,792 |
| Professional fees |
|
17,153 |
| Registration fees |
|
14,130 |
| Independent trustees’ fees |
|
3,743 |
| Transfer agent fees |
|
2,438 |
| Other expenses |
+ |
5,475 |
| Total expenses |
– |
3,083,837 |
| Net investment income |
|
3,319,313 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized gains on sales of securities - unaffiliated issuers |
|
20,968,500 |
| Net realized gains on foreign currency transactions |
+ |
60,955 |
| Net realized gains |
|
21,029,455 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
|
73,281,928 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations |
+ |
(19,657 ) |
| Net change in unrealized appreciation (depreciation) |
+ |
73,262,271 |
| Net realized and unrealized gains |
|
94,291,726 |
| Increase in net assets resulting from operations |
|
$97,611,039 |
See financial notes
49
Schwab Active Equity Funds | Semiannual ReportSchwab Health Care Fund
Statement
of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
| OPERATIONS | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$3,319,313 |
$6,396,150
|
| Net realized gains |
|
21,029,455 |
21,281,179 |
| Net change in unrealized appreciation (depreciation) |
+ |
73,262,271 |
(58,022,517 ) |
| Increase (decrease) in net assets resulting from operations |
|
$97,611,039 |
($30,345,188 ) |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($27,546,281
) |
($34,603,137 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
829,193 |
$21,663,256 |
1,914,250 |
$49,354,082
|
| Shares reinvested |
|
936,699 |
23,623,551 |
1,116,087 |
30,056,232 |
| Shares redeemed |
+ |
(2,403,554 ) |
(62,422,841 ) |
(4,324,885 ) |
(110,204,717 ) |
| Net transactions in fund shares |
|
(637,662
) |
($17,136,034
) |
(1,294,548
) |
($30,794,403 ) |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
30,488,343 |
$733,285,334 |
31,782,891 |
$829,028,062
|
| Total increase (decrease) |
+ |
(637,662 ) |
52,928,724 |
(1,294,548 ) |
(95,742,728 ) |
| End of period |
|
29,850,681 |
$786,214,058 |
30,488,343 |
$733,285,334 |
See financial notes
Schwab Active Equity Funds | Semiannual Report
50
Schwab International Core Equity
Fund
Financial Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$9.84 |
$8.71 |
$11.55 |
$9.11 |
$10.04 |
$9.64 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.12 |
0.27 |
0.34 |
0.21 |
0.14 |
0.24 |
| Net realized and unrealized gains (losses) |
1.82 |
1.18 |
(2.86 ) |
2.34 |
(0.71 ) |
0.41 |
| Total from investment operations |
1.94 |
1.45 |
(2.52 ) |
2.55 |
(0.57 ) |
0.65 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.29 ) |
(0.32 ) |
(0.32 ) |
(0.11 ) |
(0.36 ) |
(0.25 ) |
| Net asset value at end of period |
$11.49 |
$9.84 |
$8.71 |
$11.55 |
$9.11 |
$10.04 |
| Total return |
19.96
%2 |
16.74 % |
(22.40 %) |
28.12 % |
(6.01 %) |
7.08 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses |
0.86
%3 |
0.86 % |
0.86
%4 |
0.86 % |
0.86 % |
0.86 % |
| Gross operating expenses |
0.87
%3 |
0.87 % |
0.89
%4 |
0.86 % |
0.88 % |
0.87 % |
| Net investment income (loss) |
2.15
%3 |
2.65 % |
3.40 % |
1.93 % |
1.51 % |
2.44 % |
| Portfolio turnover rate |
31
%2 |
62 % |
94 % |
103 % |
97 % |
91 % |
| Net assets, end of period (x 1,000) |
$584,974 |
$511,144 |
$507,380 |
$692,619 |
$664,487 |
$975,511 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Annualized. |
| 4 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
51
Schwab Active Equity Funds | Semiannual ReportSchwab International Core Equity
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to
orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to
20 days after the end of the month on the fund’s website.
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| COMMON STOCKS 98.0% OF NET ASSETS | ||
| | ||
| Australia 4.9% | ||
| ANZ Group Holdings Ltd. |
206,416 |
3,724,555 |
| Aristocrat Leisure Ltd. |
153,174 |
3,908,999 |
| BHP Group Ltd. |
167,183 |
4,585,179 |
| BlueScope Steel Ltd. |
41,000 |
598,412 |
| Commonwealth Bank of Australia |
40,263 |
2,950,051 |
| Fortescue Ltd. |
93,474 |
1,549,280 |
| James Hardie Industries PLC * |
18,000 |
618,803 |
| JB Hi-Fi Ltd. |
100,911 |
3,937,758 |
| Macquarie Group Ltd. |
23,114 |
2,767,636 |
| National Australia Bank Ltd. |
108,648 |
2,355,219 |
| Qantas Airways Ltd. * |
216,937 |
818,483 |
| Technology One Ltd. |
110,762 |
1,147,185 |
| |
|
28,961,560 |
| | ||
| Austria 0.6% | ||
| Erste Group Bank AG |
23,066 |
1,075,685 |
| Wienerberger AG |
75,246 |
2,688,939 |
| |
|
3,764,624 |
| | ||
| Belgium 0.8% | ||
| Colruyt Group NV |
96,056 |
4,451,028 |
| | ||
| Brazil 0.6% | ||
| Vale SA |
301,200 |
3,671,176 |
| | ||
| Canada 2.0% | ||
| Barrick Gold Corp. |
66,100 |
1,098,586 |
| CGI, Inc. * |
36,109 |
3,658,769 |
| Constellation Software, Inc. |
400 |
1,029,828 |
| Dollarama, Inc. |
24,500 |
2,043,787 |
| Imperial Oil Ltd. |
38,200 |
2,626,397 |
| Suncor Energy, Inc. |
27,900 |
1,064,604 |
| |
|
11,521,971 |
| | ||
| China 0.8% | ||
| COSCO SHIPPING Holdings Co. Ltd., H Shares |
1,977,500 |
2,558,555 |
| Tencent Holdings Ltd. |
48,100 |
2,110,781 |
| |
|
4,669,336 |
| | ||
| Denmark 5.4% | ||
| Novo Nordisk AS, Class B |
206,564 |
26,490,221 |
| Pandora AS |
26,176 |
3,983,984 |
| Rockwool AS, B Shares |
4,210 |
1,372,412 |
| |
|
31,846,617 |
| | ||
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| France 12.5% | ||
| Airbus SE |
13,000 |
2,139,251 |
| BNP Paribas SA |
59,023 |
4,247,405 |
| Cie de Saint-Gobain SA |
92,373 |
7,305,101 |
| Cie Generale des Etablissements Michelin SCA |
209,497 |
8,048,591 |
| Eiffage SA |
43,928 |
4,687,049 |
| Engie SA * |
351,374 |
6,100,067 |
| Hermes International SCA |
1,695 |
4,057,813 |
| Ipsen SA |
45,406 |
5,523,019 |
| L'Oreal SA |
15,092 |
7,075,932 |
| LVMH Moet Hennessy Louis Vuitton SE |
9,416 |
7,734,641 |
| Sanofi SA |
36,351 |
3,591,226 |
| Schneider Electric SE |
14,200 |
3,237,790 |
| Societe Generale SA |
127,605 |
3,438,323 |
| TotalEnergies SE |
80,744 |
5,861,914 |
| |
|
73,048,122 |
| | ||
| Germany 9.0% | ||
| Allianz SE |
24,313 |
6,899,666 |
| Bayerische Motoren Werke AG |
19,720 |
2,148,480 |
| Deutsche Telekom AG |
345,950 |
7,924,180 |
| Fresenius SE & Co. KGaA |
38,820 |
1,158,403 |
| Heidelberg Materials AG |
77,817 |
7,831,165 |
| Henkel AG & Co. KGaA |
4,356 |
313,234 |
| Mercedes-Benz Group AG |
57,599 |
4,356,839 |
| SAP SE |
60,295 |
10,887,296 |
| Siemens AG |
50,250 |
9,413,508 |
| Vonovia SE |
52,567 |
1,518,977 |
| |
|
52,451,748 |
| | ||
| Hong Kong 1.3% | ||
| China Medical System Holdings Ltd. |
366,000 |
326,783 |
| Hong Kong Exchanges & Clearing Ltd. |
78,000 |
2,478,404 |
| NetEase, Inc. |
57,000 |
1,068,444 |
| PetroChina Co. Ltd., H Shares |
3,942,000 |
3,672,923 |
| |
|
7,546,554 |
| | ||
| Israel 0.4% | ||
| Check Point Software Technologies Ltd. * |
15,600 |
2,330,952 |
| | ||
| Italy 4.1% | ||
| A2A SpA |
335,375 |
661,411 |
| Assicurazioni Generali SpA |
61,244 |
1,493,278 |
| Enel SpA |
1,069,993 |
7,032,466 |
| Stellantis NV |
297,006 |
6,571,702 |
| UniCredit SpA |
102,000 |
3,743,845 |
| Unipol Gruppo SpA |
482,074 |
4,321,650 |
| |
|
23,824,352 |
| | ||
See financial
notes
Schwab Active Equity Funds | Semiannual Report
52
Schwab International Core Equity
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Japan 21.5% | ||
| Dai-ichi Life Holdings, Inc. |
69,000 |
1,598,111 |
| Daiichi Sankyo Co. Ltd. |
47,500 |
1,598,740 |
| Disco Corp. |
10,400 |
2,962,395 |
| Fast Retailing Co. Ltd. |
17,600 |
4,601,855 |
| Fujikura Ltd. |
138,800 |
2,385,183 |
| Hikari Tsushin, Inc. |
3,600 |
585,078 |
| Hitachi Ltd. |
101,000 |
9,318,328 |
| Honda Motor Co. Ltd. |
297,000 |
3,379,140 |
| Hoya Corp. |
57,603 |
6,678,481 |
| Inpex Corp. |
348,274 |
5,217,074 |
| Japan Exchange Group, Inc. |
178,100 |
4,171,193 |
| Japan Post Insurance Co. Ltd. |
49,100 |
921,807 |
| Lawson, Inc. |
13,000 |
851,061 |
| Makita Corp. |
198,000 |
5,732,273 |
| Mitsubishi Corp. |
111,900 |
2,559,105 |
| Mitsui Fudosan Co. Ltd. |
399,000 |
4,060,648 |
| Nexon Co. Ltd. |
61,000 |
951,072 |
| Nintendo Co. Ltd. |
38,000 |
1,853,221 |
| Nippon Building Fund, Inc. |
325 |
1,241,758 |
| Nippon Yusen KK |
50,000 |
1,419,523 |
| Nitto Denko Corp. |
11,600 |
959,153 |
| Nomura Holdings, Inc. |
457,800 |
2,604,873 |
| Ono Pharmaceutical Co. Ltd. |
208,100 |
2,997,339 |
| Oracle Corp. |
38,500 |
2,889,216 |
| ORIX Corp. |
328,000 |
6,712,655 |
| Panasonic Holdings Corp. |
274,900 |
2,399,451 |
| Persol Holdings Co. Ltd. |
473,200 |
654,582 |
| Recruit Holdings Co. Ltd. |
105,400 |
4,539,300 |
| Renesas Electronics Corp. |
99,900 |
1,621,952 |
| SCREEN Holdings Co. Ltd. |
11,000 |
1,134,949 |
| Sega Sammy Holdings, Inc. |
53,200 |
696,333 |
| Shimamura Co. Ltd. |
21,200 |
1,045,093 |
| Sompo Holdings, Inc. |
87,600 |
1,733,614 |
| Sony Group Corp. |
37,800 |
3,124,221 |
| Sumitomo Mitsui Financial Group, Inc. |
156,100 |
8,867,069 |
| Tokio Marine Holdings, Inc. |
59,000 |
1,864,777 |
| Tokyo Electron Ltd. |
31,300 |
6,865,522 |
| Tokyo Gas Co. Ltd. |
97,000 |
2,175,443 |
| Toyo Suisan Kaisha Ltd. |
43,000 |
2,688,973 |
| Toyota Motor Corp. |
352,000 |
8,028,618 |
| |
|
125,689,179 |
| | ||
| Netherlands 6.2% | ||
| ABN AMRO Bank NV, GDR |
133,499 |
2,138,462 |
| ASML Holding NV |
24,119 |
21,007,955 |
| Koninklijke Ahold Delhaize NV |
213,659 |
6,485,445 |
| Wolters Kluwer NV |
45,695 |
6,840,838 |
| |
|
36,472,700 |
| | ||
| Norway 0.3% | ||
| Equinor ASA |
68,221 |
1,815,249 |
| | ||
| Republic of Korea 1.2% | ||
| Doosan Bobcat, Inc. |
72,614 |
2,713,942 |
| Kia Corp. |
49,750 |
4,214,948 |
| |
|
6,928,890 |
| | ||
| Singapore 0.8% | ||
| Jardine Cycle & Carriage Ltd. |
104,500 |
2,016,666 |
| Jardine Matheson Holdings Ltd. |
63,600 |
2,440,332 |
| |
|
4,456,998 |
| | ||
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Spain 2.0% | ||
| Banco Bilbao Vizcaya Argentaria SA |
249,581 |
2,698,962 |
| Banco Santander SA (a) |
1,078,329 |
5,246,752 |
| Endesa SA |
85,195 |
1,553,586 |
| Industria de Diseno Textil SA (a) |
45,671 |
2,079,443 |
| |
|
11,578,743 |
| | ||
| Sweden 1.8% | ||
| Atlas Copco AB, A Shares |
237,205 |
4,154,902 |
| Investor AB, B Shares |
67,688 |
1,657,865 |
| Nordea Bank Abp |
144,421 |
1,678,782 |
| SSAB AB, A Shares |
425,113 |
2,387,063 |
| Volvo AB, B Shares |
26,057 |
663,234 |
| |
|
10,541,846 |
| | ||
| Switzerland 6.8% | ||
| ABB Ltd. |
57,000 |
2,769,541 |
| Holcim AG |
88,926 |
7,443,791 |
| Logitech International SA |
17,871 |
1,391,386 |
| Nestle SA |
75,127 |
7,542,763 |
| Novartis AG |
141,850 |
13,767,603 |
| Partners Group Holding AG |
706 |
908,316 |
| Roche Holding AG |
14,740 |
3,531,913 |
| UBS Group AG |
103,535 |
2,719,167 |
| |
|
40,074,480 |
| | ||
| Taiwan 0.9% | ||
| MediaTek, Inc. |
50,000 |
1,507,558 |
| Taiwan Semiconductor Manufacturing Co. Ltd. |
148,000 |
3,543,676 |
| |
|
5,051,234 |
| | ||
| United Kingdom 14.1% | ||
| AstraZeneca PLC |
17,265 |
2,611,312 |
| BAE Systems PLC |
367,128 |
6,106,153 |
| Centrica PLC |
2,010,415 |
3,209,168 |
| CRH PLC |
17,736 |
1,373,490 |
| Games Workshop Group PLC |
28,587 |
3,533,186 |
| GSK PLC |
364,163 |
7,555,257 |
| Hikma Pharmaceuticals PLC |
105,396 |
2,530,618 |
| Howden Joinery Group PLC |
147,564 |
1,606,192 |
| HSBC Holdings PLC |
926,192 |
8,028,187 |
| Imperial Brands PLC |
271,030 |
6,193,076 |
| Investec PLC |
213,214 |
1,350,558 |
| Legal & General Group PLC |
830,297 |
2,437,336 |
| Man Group PLC |
601,917 |
1,930,289 |
| Marks & Spencer Group PLC |
527,881 |
1,681,798 |
| NatWest Group PLC |
597,172 |
2,253,955 |
| Next PLC |
58,557 |
6,567,635 |
| RELX PLC |
72,000 |
2,958,255 |
| Rio Tinto PLC |
38,893 |
2,631,529 |
| Shell PLC |
339,996 |
12,086,380 |
| Tesco PLC |
1,211,334 |
4,472,328 |
| Unilever PLC |
28,498 |
1,474,224 |
| |
|
82,590,926 |
| Total Common Stocks
(Cost $454,034,040) |
573,288,285 | |
See financial notes
53
Schwab Active Equity Funds | Semiannual ReportSchwab International Core Equity
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF
SHARES |
VALUE ($) |
| SHORT-TERM INVESTMENTS 2.2% OF NET ASSETS | ||
| | ||
| Money Market Funds 2.2% | ||
| State Street Institutional U.S. Government Money Market Fund, Premier Class 5.25% (b) |
6,674,828 |
6,674,828 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 5.25% (b)(c) |
5,890,275 |
5,890,275 |
| |
|
12,565,103 |
| Total Short-Term Investments
(Cost $12,565,103) |
12,565,103 | |
| Total Investments in Securities
(Cost $466,599,143) |
585,853,388 | |
| * |
Non-income producing security. |
| (a) |
All or a portion of this security is on loan. Securities on loan were valued at $5,369,971. |
| (b) |
The rate shown is the annualized 7-day yield. |
| (c) |
Security purchased with cash collateral received for securities on loan. |
| GDR — |
Global Depositary Receipt |
The following is a summary of the inputs used to value the fund’s investments as of April 30, 2024 (see financial note 2(a) for additional information):
| DESCRIPTION |
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) |
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) |
TOTAL |
| Assets |
|
|
|
|
| Common Stocks1
|
$— |
$421,166,981 |
$— |
$421,166,981
|
| Belgium |
4,451,028 |
— |
— |
4,451,028 |
| Brazil |
3,671,176 |
— |
— |
3,671,176 |
| Canada |
11,521,971 |
— |
— |
11,521,971 |
| Israel |
2,330,952 |
— |
— |
2,330,952 |
| Japan |
851,061 |
124,838,118 |
— |
125,689,179 |
| Singapore |
2,440,332 |
2,016,666 |
— |
4,456,998 |
| Short-Term Investments1
|
12,565,103 |
— |
— |
12,565,103 |
| Total |
$37,831,623 |
$548,021,765 |
$— |
$585,853,388 |
| 1 |
As categorized in the Portfolio Holdings. |
See financial notes
Schwab Active Equity Funds | Semiannual Report
54
Schwab International Core Equity
Fund
Statement of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - unaffiliated issuers (cost $466,599,143) including securities on loan of $5,369,971 |
|
$585,853,388
|
| Foreign currency, at value (cost $1,893,580) |
|
1,848,373 |
| Receivables: |
|
|
| Dividends |
|
2,466,460 |
| Foreign tax reclaims |
|
1,372,690 |
| Fund shares sold |
|
42,330 |
| Income from securities on loan |
|
5,153 |
| Prepaid expenses |
+ |
21,293 |
| Total assets |
|
591,609,687 |
| | ||
| Liabilities | ||
| Collateral held for securities on loan |
|
5,890,275 |
| Payables: |
|
|
| Investment adviser and administrator fees |
|
279,838 |
| Shareholder service fees |
|
113,251 |
| Fund shares redeemed |
|
107,011 |
| IRS compliance fee for foreign withholding tax claims |
|
103,830 |
| Accrued expenses |
+ |
141,172 |
| Total liabilities |
|
6,635,377 |
| Net assets |
|
$584,974,310 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$543,742,728
|
| Total distributable earnings |
+ |
41,231,582 |
| Net assets |
|
$584,974,310 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $584,974,310 |
|
50,910,845 |
|
$11.49 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
55
Schwab Active Equity Funds | Semiannual
ReportSchwab International Core Equity
Fund
Statement of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $946,312) |
|
$8,519,471
|
| Securities on loan, net |
+ |
37,495 |
| Total investment income
|
|
8,556,966 |
| | ||
| Expenses | ||
| Investment adviser and administrator fees |
|
1,648,241 |
| Shareholder service fees |
|
699,794 |
| Professional fees |
|
37,881 1 |
| Portfolio accounting fees |
|
35,640 |
| Custodian fees |
|
27,429 |
| Registration fees |
|
11,822 |
| Shareholder reports |
|
7,494 |
| Transfer agent fees |
|
6,154 |
| Independent trustees’ fees |
|
3,486 |
| Other expenses |
+ |
6,677 |
| Total expenses |
|
2,484,618 |
| Expense reduction |
– |
40,010 1 |
| Net expenses |
– |
2,444,608 |
| Net investment income |
|
6,112,358 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized gains on sales of securities - unaffiliated issuers |
|
22,970,529 |
| Net realized losses on foreign currency transactions |
+ |
(16,876 ) |
| Net realized gains |
|
22,953,653 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
|
71,700,264 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations |
+ |
(86,870 ) |
| Net change in unrealized appreciation (depreciation) |
+ |
71,613,394 |
| Net realized and unrealized gains |
|
94,567,047 |
| Increase in net assets resulting from operations |
|
$100,679,405 |
| 1 |
Includes professional
fees of $17,272 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 4 for additional information). |
See financial notes
Schwab Active Equity Funds | Semiannual Report
56
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 | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$6,112,358 |
$14,362,950
|
| Net realized gains |
|
22,953,653 |
5,351,934 |
| Net change in unrealized appreciation (depreciation) |
+ |
71,613,394 |
65,333,356 |
| Increase in net assets resulting from operations |
|
$100,679,405 |
$85,048,240 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($14,962,629
) |
($18,031,388 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
1,543,724 |
$17,079,990 |
1,846,614 |
$18,701,524
|
| Shares reinvested |
|
1,254,919 |
13,302,138 |
1,694,173 |
16,162,412 |
| Shares redeemed |
+ |
(3,827,985 ) |
(42,268,753 ) |
(9,868,515 ) |
(98,116,676 ) |
| Net transactions in fund shares |
|
(1,029,342
) |
($11,886,625
) |
(6,327,728
) |
($63,252,740 ) |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
51,940,187 |
$511,144,159 |
58,267,915 |
$507,380,047
|
| Total increase (decrease) |
+ |
(1,029,342 ) |
73,830,151 |
(6,327,728 ) |
3,764,112 |
| End of period |
|
50,910,845 |
$584,974,310 |
51,940,187 |
$511,144,159 |
See financial notes
57
Schwab Active Equity Funds | Semiannual ReportSchwab Active Equity
Funds
Financial Notes, unaudited
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 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 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 US Large Company Index Fund |
| Schwab S&P 500 Index Fund |
Schwab Fundamental US Small Company Index Fund |
| Schwab Small-Cap Index Fund® |
Schwab Fundamental International Large Company Index Fund |
| Schwab Total Stock Market Index Fund®
|
Schwab Fundamental International Small Company Index Fund |
| Schwab U.S. Large-Cap Growth Index Fund |
Schwab Fundamental Emerging Markets Large Company 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 in this report 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.
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58
Schwab Active Equity
Funds
Financial Notes, unaudited (continued)
2. Significant Accounting Policies:
The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB)
Accounting Standard Codification Topic 946 Financial Services — Investment
Companies. The accounting policies are in conformity with accounting principles generally accepted in the United
States of America (GAAP).
The funds may invest in mutual funds and
exchange-traded funds (ETFs), which are referred to as "underlying funds". For more information about the underlying funds’ operations and policies, please refer to those
funds’ semiannual and annual reports, which are filed with the U.S. Securities and Exchange Commission (SEC) and are available on the SEC’s website at www.sec.gov.
(a) Security Valuation:
Pursuant to Rule 2a-5 under the 1940 Act, the Board 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:
● 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.
● 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.
● Futures contracts: Futures
contracts are valued at their settlement prices as of the close of their exchanges.
● Mutual funds: Mutual funds
are valued at their respective NAVs.
● 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
59
Schwab Active Equity Funds | Semiannual ReportSchwab Active Equity
Funds
Financial Notes, unaudited (continued)
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:
● 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.
● 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.
● 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, 2024, 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.
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
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60
Schwab Active Equity
Funds
Financial Notes, unaudited (continued)
2. Significant Accounting
Policies (continued):
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, 2024, Schwab Large-Cap Growth Fund, Schwab Small-Cap Equity Fund and Schwab International Core Equity Fund had
securities on loan, all of which were classified as common stocks and ETFs. The value of the securities on loan and the related collateral as of April 30, 2024, are
disclosed in the fund’s Portfolio Holdings and Statement of Assets and Liabilities.
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.
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. The Schwab Dividend Equity Fund, Schwab Health Care Fund and Schwab International Core Equity 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 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 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 gains 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.
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Schwab Active Equity Funds | Semiannual
ReportSchwab Active Equity
Funds
Financial Notes, unaudited (continued)
2. Significant Accounting
Policies (continued):
(d) Investment Income:
Interest income is recorded as it accrues. Dividends, in the form of cash or non-cash income
such as in the form of additional securities, 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. 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 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 fees which are subject to repayment to the investment adviser (see
financial note 4 for additional information).
For U.S. income tax purposes, European Union reclaims received reduce the amounts of foreign taxes that the fund passes through
to its shareholders. If European Union reclaims received exceed foreign withholding taxes paid, the Schwab International Core Equity Fund will evaluate the requirements for entering into a closing agreement with the Internal Revenue Service (IRS) to address any prior years’ U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by fund shareholders on their tax returns in prior years. During the period ended April 30, 2024, the Schwab International Core Equity Fund filed a closing agreement with the IRS and its status for acceptance is under review with the IRS.
The Schwab International Core Equity Fund will pay 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. The Schwab International Core Equity Fund recorded contra income in the October 31, 2023, annual report for the estimated IRS
compliance fee for foreign withholding tax claims and a corresponding liability to be paid to the IRS, which is disclosed in the fund’s Statement of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material. Professional fees related to the preparation of the closing agreement filed with the IRS were expensed in the prior period and paid in the current period, those fees are non-routine expenses and were paid by the Schwab International Core Equity Fund and not the
adviser.
(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.
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62
Schwab Active Equity
Funds
Financial Notes, unaudited (continued)
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 respective shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.
(i) Foreign Taxes:
The 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, 2024, if any, are reflected in each fund’s Statement of Assets and Liabilities.
(j) Indemnification:
Under the funds’ organizational documents, the officers and trustees are indemnified
against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business the funds enter into contracts with their
vendors and others that provide general indemnifications. The funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. However, based on experience, the funds expect the risk of
loss attributable to these arrangements to be remote.
(k) Regulatory Update:
Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for
retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a
semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time,
management is evaluating the impact of these rule and form amendment changes on the content of the current shareholder report and the newly created annual and semiannual streamlined shareholder reports.
Investing in the funds may involve certain risks, as discussed in the funds’ prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.
Market Risk. Financial markets rise and fall in response to a variety of factors, sometimes rapidly and
unpredictably. Markets may be impacted by economic, political, regulatory and other conditions, including economic sanctions and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may
also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in a fund will fluctuate, which means that an investor could lose money over short or long periods.
Equity Risk. The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual
companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.
Management Risk. The investment techniques, risk analyses and portfolio optimization process the investment
adviser may use in constructing the fund’s portfolio do not assure successful investment outcomes. Securities selected with the assistance of the investment process may be negatively impacted by factors or events not foreseen in developing the process. The portfolio
optimization process and Schwab Equity Ratings and Schwab Equity International Ratings may not adequately take into account certain factors or may rely on inaccurate data inputs, may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs. The fund’s investment adviser may make investment decisions using historical information that may not produce the desired results in the future. As a result, a fund may have a lower return than if it were managed using another process or strategy.
Market Capitalization Risk. Securities issued by companies of different market capitalizations tend to go in
and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, a fund’s performance could be impacted.
63
Schwab Active Equity Funds | Semiannual ReportSchwab Active Equity
Funds
Financial Notes, unaudited (continued)
3. Risk
Factors (continued):
Large-Cap Company Risk. Large-cap companies are generally more mature and the securities issued by these
companies may not be able to reach the same levels of growth as the securities issued by small- or mid-cap companies.
Mid-Cap Company Risk. Mid-cap companies may be more vulnerable to adverse business or economic events than larger, more established companies and
the value of securities issued by these companies may move sharply.
Small-Cap Company Risk. Securities issued by small-cap companies may be riskier than those issued by larger
companies, and their prices may move sharply, especially during market upturns and downturns.
Growth Investing Risk. Growth stocks can be volatile. Growth companies
usually invest a high portion of earnings in their businesses and may lack the dividends of value stocks that can cushion stock prices in a falling market. The prices of growth
stocks are based largely on projections of the issuer’s future earnings and revenues. If a company’s earnings or revenues fall short of expectations, its stock price may fall dramatically. Growth stocks may also be more expensive relative to their earnings or assets compared to value or other stocks.
Dividend Paying Stock Risk. To the extent that a fund invests in dividend paying stocks, the fund’s
performance will correlate with the performance of the dividend paying stock segment of the stock market, and the fund may underperform funds that do not limit their investments to dividend paying stocks. If stocks held by a fund reduce or stop paying dividends, the fund’s ability to generate income may be affected.
Derivatives Risk. The principal type of derivative used by a fund is a futures contract. A futures contract
is an agreement to buy or sell a financial instrument at a specific price on a specific day. The use of derivatives that are subject to regulation by the Commodity Futures Trading Commission (CFTC), could cause a fund to become a commodity pool, which would require the fund to comply with
certain CFTC rules.
A fund’s use of derivative instruments involves risks different from, or possibly
greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, such as liquidity risk, market risk and
management risk, are discussed elsewhere in this section. A fund’s use of derivatives is also subject to lack of availability risk, counterparty risk, leverage risk, valuation risk, correlation risk and tax risk. Lack of availability risk is the risk that suitable derivative transactions may not be available in all circumstances for risk management or other purposes. Counterparty risk is the risk that the counterparty to a derivatives transaction may not fulfill its obligations either because the financial condition of the counterparty declines, or because the counterparty is otherwise unable or unwilling to perform under the contract. Leverage risk is the risk that a small percentage of assets invested in derivatives can have a disproportionately large impact on a fund. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause a fund to realize higher amounts of short-term capital gains. A fund’s use of derivatives could reduce the fund’s performance, increase its volatility, and could cause the fund to lose more than the initial amount invested. The fund’s use of derivatives also could create a risk of counterparty default under certain transactions, risks that the fund would need to liquidate portfolio positions when it may not be advantageous to do so in order to meet margin and payment obligations, and legal risks relating to insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract.
Liquidity Risk. A fund may be unable to sell certain securities, such as illiquid securities, readily at a
favorable time or price, or the fund may have to sell them at a loss.
Exchange-Traded Fund (ETF) Risk. When a fund invests in an ETF, it will
bear a proportionate share of the ETF’s expenses. In addition, lack of liquidity in the market for an ETF’s shares can result in its value being more volatile than the
underlying portfolio of securities.
REITs Risk. A fund’s investments in real estate investment trusts (REITs) will be subject to the risks
associated with the direct ownership of real estate, including fluctuations in the value of underlying properties, defaults by borrowers or tenants, changes in interest rates and risks related to general or local economic conditions. REITs are also subject to certain additional risks; for example, REITs are dependent upon specialized management skills and cash flows, and may have their investments in relatively few
properties, a small geographic area or a single property type. Failure of a company to qualify as a REIT under federal tax law may have adverse consequences on a fund. In addition, REITs have their own expenses, and a fund will bear a proportionate share of
those expenses.
Foreign Investment Risk. A fund’s investments in securities of foreign issuers involve certain risks
that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on
currency movements and exchanges); the imposition of economic sanctions or other government restrictions; differing accounting,
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64
Schwab Active Equity
Funds
Financial Notes, unaudited (continued)
3. Risk
Factors (continued):
auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may negatively impact the value or liquidity of a fund’s investments and could impair the fund’s ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar. Foreign securities may also include American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and European Depositary Receipts (EDRs), which may be
less liquid than the underlying shares in their primary trading market, and GDRs in particular, many of which are issued by companies in emerging markets, may be more volatile. To the extent a fund’s investments in a single country or a limited number of countries represent a large percentage of the fund’s assets, the fund’s performance may be adversely affected by the economic, political, regulatory and social conditions in those countries, and the fund’s price may be more volatile than the price of a fund that is geographically diversified.
Emerging Markets Risk. Emerging market countries may be more likely to experience political turmoil or rapid
changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements and greater risk associated with the custody of securities. In addition, the
financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with a fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be
difficult to value such investments.
Concentration Risk. The investments of certain funds are concentrated in issuers doing business in the same
sector, and therefore, the companies in which a fund invests will be affected by many of the same factors, such as legislative or regulatory changes, intense competition for market share and other competitive challenges. In addition, a fund is subject to the risks that stocks of these companies may underperform other segments of the equity market or stock market as a whole and are likely to have above-average
volatility.
Securities Lending Risk. Securities lending involves the risk of loss of rights in, or delay in recovery of,
the loaned securities if the borrower fails to return the security loaned or becomes insolvent.
Portfolio Turnover Risk. The funds buy and sell portfolio securities actively. This may cause a fund’s portfolio turnover rate and transaction
costs to rise, which may lower a fund’s performance and may increase the likelihood of capital gains distributions.
Please refer to the funds’ prospectus for a more complete description of the principal risks of investing in the funds.
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 the trust.
For its advisory and administrative services to the funds, the investment adviser is entitled to receive an annual fee, payable
monthly, based on a percentage of each fund’s average daily net assets as follows:
| % OF AVERAGE DAILY NET ASSETS |
SCHWAB
CORE
EQUITY FUND |
SCHWAB
DIVIDEND
EQUITY FUND |
SCHWAB
LARGE-CAP
GROWTH FUND |
SCHWAB
SMALL-CAP
EQUITY FUND |
SCHWAB
INTERNATIONAL
CORE
EQUITY FUND |
| Flat rate |
0.47 % |
0.62 % |
0.72 % |
0.81 % |
0.58 % |
| % OF AVERAGE DAILY NET ASSETS |
SCHWAB
HEALTH CARE
FUND |
| First $500 million |
0.54 % |
| $500 million to $1 billion |
0.515 % |
| Over $1 billion |
0.49 % |
For the period ended April 30, 2024, 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.
65
Schwab Active Equity Funds | Semiannual ReportSchwab Active Equity
Funds
Financial Notes, unaudited (continued)
4. Affiliates and Affiliated
Transactions (continued):
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 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. The expense limitation as a percentage of average
daily net assets is 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 |
| 0.75 % |
0.89 % |
0.99 % |
1.12 % |
0.82 % |
0.86 % |
Investments from Affiliates
Certain funds in the Fund Complex may own shares of other funds in the Fund Complex. The table below reflects the percentages of
shares of each fund in this report that are owned by other funds in the Fund Complex as of April 30, 2024, as applicable:
| |
UNDERLYING FUNDS | ||
| |
SCHWAB
CORE
EQUITY FUND |
SCHWAB
SMALL-CAP
EQUITY FUND |
SCHWAB INTERNATIONAL
CORE EQUITY FUND |
| Schwab Balanced Fund |
12.8 % |
9.7 % |
— % |
| Schwab Target 2010 Fund |
0.1 % |
0.1 % |
0.2 % |
| Schwab Target 2015 Fund |
0.1 % |
0.1 % |
0.3 % |
| Schwab Target 2020 Fund |
0.5 % |
0.9 % |
2.2 % |
| Schwab Target 2025 Fund |
0.7 % |
1.4 % |
3.6 % |
| Schwab Target 2030 Fund |
2.3 % |
4.5 % |
10.4 % |
| Schwab Target 2035 Fund |
1.5 % |
3.4 % |
7.3 % |
| Schwab Target 2040 Fund |
3.3 % |
8.2 % |
16.9 % |
| Schwab Target 2045 Fund |
0.9 % |
2.3 % |
4.4 % |
| Schwab Target 2050 Fund |
1.0 % |
2.6 % |
4.7 % |
| Schwab Target 2055 Fund |
0.7 % |
1.9 % |
3.4 % |
| Schwab Target 2060 Fund |
0.2 % |
0.7 % |
1.2 % |
| Schwab Target 2065 Fund |
0.1 % |
0.2 % |
0.3 % |
Other Affiliated Transactions
The professional fees related to European Union foreign withholding tax claims discussed in financial note 2(d) are non-contingent and non-routine expenses. The investment adviser agreed to pay these professional fees, on behalf of the Schwab International Core Equity Fund, subject to reimbursement by the fund to the investment adviser to the extent the fund is able to successfully
recover tax claims in the future.
Schwab Active Equity Funds | Semiannual Report
66
Schwab Active Equity
Funds
Financial Notes, unaudited (continued)
4. Affiliates and Affiliated
Transactions (continued):
For the period ended April 30, 2024, the professional fees incurred by the Schwab International Core Equity Fund and paid by the
investment adviser were $17,272, as shown as Professional fees in the fund’s Statement of Operations.
During the period ended April 30, 2024, 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, 2024, 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 $19,547.
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 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, trustees and/or officers 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, 2024, each fund’s purchases and sales of securities with other funds in the Fund Complex as well as any realized gains (losses) were as
follows:
| |
PURCHASE COST |
SALE PROCEEDS |
REALIZED GAINS (LOSSES) |
| Schwab Core Equity Fund |
$— |
$3,448,302 |
$444,368 |
| Schwab Dividend Equity Fund |
— |
— |
— |
| Schwab Large-Cap Growth Fund |
— |
— |
— |
| Schwab Small-Cap Equity Fund |
— |
— |
— |
| Schwab Health Care Fund |
— |
— |
— |
| Schwab International Core Equity Fund |
— |
— |
— |
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.
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. For information regarding the trustees, please refer to the Trustees and Officers table at the end of this report.
During the period, the funds were participants with other funds in the Fund Complex in a joint, syndicated, committed $1 billion line of credit (the Syndicated Credit Facility), maturing on September 26, 2024. 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, on September 26, 2024. 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.
67
Schwab Active Equity Funds | Semiannual ReportSchwab Active Equity
Funds
Financial Notes, unaudited (continued)
6. Borrowing from
Banks (continued):
The funds also have access to custodian overdraft facilities. A fund may have utilized the overdraft facility and incurred an interest expense, which is 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.
Certain funds entered into futures contracts during the report period to equitize available cash. Refer to financial note 2(b) for the funds’ accounting policies with respect to futures contracts and financial note 3 for disclosures concerning the risks of investing in futures contracts.
As of April 30, 2024, the Statement of Assets and Liabilities included the following financial derivative instrument fair values held at period end:
| |
EQUITY CONTRACTS |
TOTAL |
| Liability Derivatives |
|
|
| Schwab Large-Cap Growth Fund |
|
|
| Futures Contracts1
|
($123,987 ) |
($123,987 ) |
| Schwab Small-Cap Equity Fund |
|
|
| Futures Contracts1
|
(1,326,948 ) |
(1,326,948 ) |
| |
|
| 1 |
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. |
The effects of the derivative
contracts in the Statement of Operations for the period ended April 30, 2024, were:
| |
EQUITY CONTRACTS |
TOTAL |
| Net Realized Gains (Losses) |
|
|
| Schwab Large-Cap Growth Fund |
|
|
| Futures Contracts1
|
$565,084 |
$565,084 |
| Schwab Small-Cap Equity Fund |
|
|
| Futures Contracts1
|
1,632,790 |
1,632,790 |
| |
|
| 1 |
Statement of Operations location: Net realized gains (losses) on futures contracts. |
| Net Change in Unrealized Appreciation (Depreciation) |
|
|
| Schwab Large-Cap Growth Fund |
|
|
| Futures Contracts1
|
$174,997 |
$174,997 |
| Schwab Small-Cap Equity Fund |
|
|
| Futures Contracts1
|
201,432 |
201,432 |
| |
|
| 1 |
Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts. |
During the period ended April 30, 2024, 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 |
$— |
— |
| Schwab Dividend Equity Fund |
— |
— |
| Schwab Large-Cap Growth Fund |
4,851,250 |
20 |
| Schwab Small-Cap Equity Fund |
19,381,829 |
196 |
| Schwab Health Care Fund |
— |
— |
| Schwab International Core Equity Fund |
— |
— |
Schwab Active Equity Funds | Semiannual Report
68
Schwab Active Equity
Funds
Financial Notes, unaudited (continued)
8. Purchases and Sales of Investment Securities:
For the period ended April 30, 2024, purchases and sales of securities (excluding short-term
obligations) were as follows:
| |
PURCHASES
OF SECURITIES |
SALES
OF SECURITIES |
| Schwab Core Equity Fund |
$228,068,756 |
$318,684,399 |
| Schwab Dividend Equity Fund |
40,366,368 |
50,154,122 |
| Schwab Large-Cap Growth Fund |
58,385,882 |
21,514,206 |
| Schwab Small-Cap Equity Fund |
242,780,792 |
263,770,317 |
| Schwab Health Care Fund |
233,679,203 |
270,399,847 |
| Schwab International Core Equity Fund |
171,423,094 |
191,533,709 |
As of April 30, 2024, the tax basis cost of the funds’ investments and gross unrealized appreciation and depreciation were as follows:
| |
TAX COST |
GROSS UNREALIZED
APPRECIATION |
GROSS UNREALIZED
DEPRECIATION |
NET UNREALIZED
APPRECIATION (DEPRECIATION) |
| Schwab Core Equity Fund |
$823,240,414 |
$533,477,565 |
($35,273,673 ) |
$498,203,892 |
| Schwab Dividend Equity Fund |
388,869,846 |
120,879,745 |
(16,328,229 ) |
104,551,516 |
| Schwab Large-Cap Growth Fund |
184,045,674 |
189,517,824 |
(4,115,446 ) |
185,402,378 |
| Schwab Small-Cap Equity Fund |
473,296,448 |
105,418,985 |
(47,534,598 ) |
57,884,387 |
| Schwab Health Care Fund |
504,156,671 |
286,999,262 |
(6,273,844 ) |
280,725,418 |
| Schwab International Core Equity Fund |
466,873,373 |
128,920,090 |
(9,940,075 ) |
118,980,015 |
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, 2023, the funds had capital loss carryforwards available as follows:
| |
|
| Schwab Core Equity Fund |
$— |
| Schwab Dividend Equity Fund |
— |
| Schwab Large-Cap Growth Fund |
3,268,984 |
| Schwab Small-Cap Equity Fund |
4,001,364 |
| Schwab Health Care Fund |
— |
| Schwab International Core Equity Fund |
104,519,705 |
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, 2023, the Schwab Large-Cap Growth Fund had late-year ordinary losses deferred of
$67,945.
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, 2024. The tax basis components
of distributions paid during the fiscal year ended October 31, 2023 were as follows:
| |
PRIOR FISCAL YEAR END DISTRIBUTIONS | |
| |
ORDINARY
INCOME
|
LONG-TERM
CAPITAL
GAINS
|
| Schwab Core Equity Fund |
$17,094,456 |
$161,213,765 |
| Schwab Dividend Equity Fund |
11,160,645 |
23,230,569 |
| Schwab Large-Cap Growth Fund |
45,563 |
4,291,751 |
| Schwab Small-Cap Equity Fund |
658,510 |
47,501,473 |
| Schwab Health Care Fund |
6,173,136 |
28,430,001 |
| Schwab International Core Equity Fund |
18,031,388 |
— |
69
Schwab Active Equity Funds | Semiannual
ReportSchwab Active Equity
Funds
Financial Notes, unaudited (continued)
9. Federal Income
Taxes (continued):
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, 2023, 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, 2023, the funds did not incur any interest or penalties.
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 Report
70
Schwab Active Equity
Funds
Trustees and Officers
The tables below give information about the trustees and officers of Schwab Capital
Trust, which includes the funds covered in this report. The “Fund Complex” includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab
Annuity Portfolios, Schwab Strategic Trust and Laudus Trust. The Fund Complex includes 106 funds.
The address for all trustees and officers is 211 Main Street, San Francisco, CA 94105. You
can find more information about the trustees and officers in the funds’ Statement of Additional Information, which is available free by calling 1-877-824-5615.
| Independent Trustees | |||
| Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) |
Principal Occupations
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee |
Other Directorships |
| Michael J. Beer 1961
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022) |
Retired. Director, President and Chief Executive Officer
(Dec. 2016 – Sept. 2019), Principal Funds (investment
management). |
106 |
Director (2016 – 2019), Principal Funds, Inc. |
| Robert W. Burns 1959
Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) |
Retired/Private Investor. |
106 |
None |
| Nancy F. Heller 1956
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) |
Retired. |
106 |
None |
| David L. Mahoney 1954
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) |
Private Investor. |
106 |
Director (2004 – present), Corcept Therapeutics Incorporated
Director (2009 – 2021),
Adamas Pharmaceuticals, Inc. Director (2003 – 2019), Symantec Corporation |
| Jane P. Moncreiff 1961
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2019) |
Consultant (2018 – present), Fulham Advisers LLC (management consulting); Chief Investment Officer (2009 – 2017), CareGroup Healthcare System, Inc. (healthcare). |
106 |
None |
71
Schwab Active Equity Funds | Semiannual ReportSchwab Active Equity
Funds
| Independent Trustees (continued) | |||
| Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) |
Principal Occupations
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee |
Other Directorships |
| Kimberly S. Patmore 1956
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) |
Consultant (2008 – present), Patmore Management Consulting
(management consulting). |
106 |
None |
| J. Derek Penn 1957
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021) |
Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial
services). |
106 |
None |
| Interested Trustees | |||
| Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) |
Principal Occupations
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee |
Other Directorships |
| Walter W. Bettinger II2 1960
Chairman and Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust
and Schwab Annuity Portfolios since
2008; Schwab Strategic Trust since
2009; Laudus Trust since 2010) |
Co-Chairman of the Board (July 2022 – present), Director and Chief
Executive Officer (Oct. 2008 – present) and President
(Feb. 2007 – Oct. 2021), The Charles Schwab Corporation;
President and Chief Executive Officer (Oct. 2008 – Oct. 2021)
and Director (May 2008 – Oct. 2021), Charles Schwab &
Co., Inc.; Co-Chairman of the Board (July 2022 – present) and
Director (Apr. 2006 – present), Charles Schwab Bank, SSB;
Co-Chairman of the Board (July 2022 – present) and Director
(Nov. 2017 – present), Charles Schwab Premier Bank, SSB;
Co-Chairman of the Board (July 2022 – present) and Director
(July 2019 – present), Charles Schwab Trust Bank; Director
(May 2008 – present), Chief Executive Officer (Aug. 2017 – present)
and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.;
Manager (Sept. 2023 – present), TD Ameritrade Holding LLC;
Director (Oct. 2020 – Aug. 2023), TD Ameritrade Holding
Corporation; Director (July 2016 – Oct. 2021), Charles Schwab
Investment Management, Inc. |
106 |
Director (2008 – present), The Charles Schwab Corporation |
| Richard A. Wurster2 1973
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022) |
President (Oct. 2021 – present) and Executive Vice President – Schwab
Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles
Schwab Corporation; President, Director (Oct. 2021 –
present), Executive Vice President – Schwab Asset Management
Solutions (July 2019 – Oct. 2021) and Senior Vice President
– Advisory (May 2016 – July 2019), Charles Schwab &
Co., Inc.; President (Nov. 2021 – present), Schwab Holdings,
Inc.; Director (Oct. 2021 – present) and Chief Executive
Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment
Management, Inc.; Director, Chief Executive Officer and President
(Mar. 2018 – Oct. 2022), Charles Schwab Investment Advisory,
Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and
President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive
Officer (July 2016 – Apr. 2018), Windhaven Investment
Management, Inc. |
106 |
None |
Schwab Active Equity Funds | Semiannual Report
72
Schwab Active Equity
Funds
| Officers of the Trust | |
| Name, Year of Birth, and Position(s) with the
trust (Terms of office, and length of Time Served3) |
Principal Occupations During the Past Five
Years |
| Omar Aguilar 1970
Chief Executive Officer, President and Chief Investment
Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) |
Chief Executive Officer (Jan. 2022 – present), President (Oct. 2023 – present), (Chief
Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Jan.
2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer
and President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.;
Chief Executive Officer (Sept. 2023 – present), President (Oct. 2023 –
present), Chief Investment Officer (June 2011 – present) and Vice President
(June 2011 – Sept. 2023), Schwab Funds, Laudus Trust and Schwab
ETFs. |
| Mark Fischer 1970
Chief Operating Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2013) |
Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer
(Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial
Officer (Mar. 2020 – present), Chief Operating Officer (Oct. 2023 –
present), Managing Director (Mar. 2023 – present) and Vice President (Oct.
2013 – Mar. 2023), Charles Schwab Investment Management, Inc.
|
| Dana Smith 1965
Treasurer and Chief Financial Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2023) |
Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer (Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director
(Mar. 2023 – present), Vice President (Mar. 2022 – Mar. 2023) and Director
(Oct. 2015 – Mar. 2022), Charles Schwab Investment Management, Inc.; Managing
Director (May 2022 – present) and Vice President (Apr. 2022 – May 2022),
Charles Schwab & Co., Inc. |
| Patrick Cassidy 1964
Vice President and Chief Investment Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2018) |
Chief Investment Officer (Oct. 2023 – present) and Vice President (Feb. 2018 – present),
Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present),
Chief Investment Officer (Oct. 2023 – present), and Senior Vice President
(Oct. 2012 – Mar. 2023), Charles Schwab Investment Management,
Inc. |
| William P. McMahon, Jr. 1972
Vice President and Chief Investment Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2021) |
Managing Director (Mar. 2023 – present), Senior Vice President (Jan. 2020 – Mar. 2023) and
Chief Investment Officer (Jan. 2020 – present) Charles Schwab Investment
Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present),
Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief
Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019),
Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment
Officer (May 2001 – Apr. 2018), ThomasPartners, Inc. |
| Catherine MacGregor 1964
Chief Legal Officer and Secretary, Schwab Funds and
Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Trust (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009) |
Chief Legal Officer (Mar. 2022 – present), Managing Director (Mar. 2023 – present) and Vice
President (Sept. 2005 – Mar. 2023), Charles Schwab Investment Management, Inc.;
Managing Director (May 2022 – present) and Vice President (Aug. 2005 –
May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 –
present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus
Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President
(Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021),
Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and
Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs. |
1
Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first.
2
Mr. Bettinger and Mr. Wurster are Interested Trustees. Mr. Bettinger and Mr. Wurster are
Interested Trustees because each owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser
for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust.
3
The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.
73
Schwab Active Equity Funds | Semiannual ReportSchwab Active Equity
Funds
Glossary
asset
allocation The practice of dividing a portfolio among different asset classes, with each asset class
assigned a particular percentage.
asset class A group of securities with similar structure and basic characteristics. Stocks, bonds and cash are the three main
examples of asset classes.
bond A security representing a loan from the investor to the issuer. A bond typically pays interest at a fixed rate (the coupon rate) until a specified date (the maturity date), at which time the
issuer returns the money borrowed (principal or face value) to the bondholder. Because of their structure, bonds
are sometimes called “fixed-income securities” or “debt securities.”
An individual bond is subject to the credit risk of the issuer. Changes in interest rates
can affect a bond’s market value prior to call or maturity. There is no guarantee that a bond’s yield to call or maturity will provide a positive return over the rate of inflation.
bond fund A bond fund is subject to the same credit, interest rate, and inflation risks as bonds. In addition, a bond fund incurs ongoing fees and expenses. A bond fund’s net asset value will
fluctuate with the price of the underlying bonds and the portfolio turnover activity; return of principal is not
guaranteed.
cap, capitalization See “market cap.”
capital gain, capital loss the difference between the amount paid for an investment and its value at a later time. If the investment has been sold, the capital gain or loss is considered a
realized gain or loss. If the investment is still held, the capital gain or loss is considered unrealized
appreciation or depreciation.
Dividend Equity Spliced Index An internally calculated index, comprised of the S&P 500 Index from inception of the Schwab Dividend Equity Fund until the close of business on February
27, 2015, and the Russell 1000 Value Index thereafter.
Dow Jones Global Health Care Index An index that measures the performance of healthcare providers, researchers, and supplies producers around the world. The index is quoted in U.S.
dollars.
expense ratio The amount that is taken from a mutual fund’s assets each year to cover the fund’s operating expenses. An
expense ratio of 0.50% means that a fund’s expenses amount to half of one percent of its average net assets
a year.
market cap, market capitalization The value of a company as determined by the total value of all shares of its stock outstanding.
MSCI EAFE Index (Net) A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets in Europe, Australasia, and the Far East. The Net version of the index reflects reinvested dividends net of
withholding taxes, but reflects no deductions for expenses or other taxes; returns are calculated applying
dividend withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.
net asset value (NAV) The value of one share of a mutual fund. NAV is calculated by taking the fund’s total assets, subtracting
liabilities, and dividing by the number of shares outstanding.
outstanding shares, shares outstanding When speaking of a company or mutual fund, indicates all shares currently held by investors.
price-to-book ratio (P/B) The market price of a company’s stock compared with its “book value.” A mutual fund’s P/B is the weighted average of the P/B of all stocks in the
fund’s portfolio.
price-to-earnings ratio
(P/E) The market price of a company’s stock compared with earnings over the past year. A mutual
fund’s P/E is the weighted average of the P/E of all stocks in the fund’s portfolio.
return on equity (ROE) The average yearly rate of return for each dollar of investors’ money, measured over the past five
years.
Russell 1000 Growth Index An index that measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.
Russell 1000 Index An index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, and represents approximately 92% of the total market capitalization of the
Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies
representing approximately 98% of the investable U.S. equity market.
Russell 1000 Value Index An index that measures the performance of
the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 Index companies with
lower price-to-book ratios and lower expected growth values.
Russell 2000 Index An index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S.
companies representing approximately 98% of the investable U.S. equity market.
S&P 500 Index An index that is designed to measure the
performance of 500 leading publicly traded companies from a broad range of industries.
stock A share of ownership, or equity, in the issuing
company.
total return The percentage that an investor would have earned or lost on an investment in the fund assuming dividends and
distributions were reinvested.
weighted average For mutual funds, an average that gives the same weight to each security as the security represents in the fund’s portfolio.
yield The income paid out by an investment, expressed as a percentage of the investment’s market value.
Schwab Active Equity Funds | Semiannual Report
74
Schwab Active Equity
Funds
Schwab Asset Management
With a straightforward lineup of core products and solutions for building the
foundation of a portfolio, Schwab Asset Management advocates for investors of all sizes with a steadfast focus on lowering costs and reducing unnecessary complexity. The list
below shows all currently available Schwab Funds®.
Investors should carefully consider information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges and expenses before investing. Please call 1-877-824-5615 for a prospectus for any Schwab Fund. Please read the prospectus carefully before you invest. This report must be preceded or accompanied by a current prospectus.
Proxy Voting Policies, Procedures and Results
A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available without charge, upon request, by visiting the Schwab Funds’ website at
www.schwabassetmanagement.com/schwabfunds_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/schwabfunds_prospectus or the SEC’s website at www.sec.gov.
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
Schwab International Opportunities Fund
Schwab Select Large Cap Growth Fund
Schwab Fundamental US Large Company Index Fund
Schwab Fundamental US Small Company Index Fund
Schwab Fundamental International Large Company Index Fund
Schwab Fundamental International Small Company Index Fund
Schwab Fundamental Emerging Markets Large Company Index Fund
Schwab Fundamental Global Real Estate
Index Fund
Schwab Global Real Estate Fund
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 Growth Index Fund
Schwab U.S.
Large-Cap Value Index Fund
Schwab U.S. Mid-Cap Index Fund
Schwab International Index Fund®
Asset Allocation Funds
Schwab
Balanced Fund
Schwab MarketTrack Portfolios®
Schwab Target
Funds
Schwab Target Index Funds
Schwab Monthly Income Funds
Bond Funds
Schwab Treasury Inflation Protected Securities Index Fund
Schwab U.S. Aggregate Bond Index Fund
Schwab
Short-Term Bond Index Fund
Schwab Tax-Free Bond Fund1
Schwab California
Tax-Free Bond Fund1
Schwab Opportunistic Municipal Bond Fund
Schwab Money Funds2
Schwab provides a broad choice of taxable and tax-exempt money market funds for both retail and institutional client types.
Investment Adviser
Charles Schwab Investment Management, Inc., dba Schwab Asset Management
211 Main Street, San Francisco, CA 94105
Funds
Schwab Funds
1-877-824-5615
© 2024 Charles Schwab & Co., Inc. All rights reserved.
Member SIPC®
Printed on recycled paper.
Member SIPC®
Printed on recycled paper.
¹
State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation.
²
You could lose money by investing in the Schwab Money Funds. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares if the Fund’s Board determines that the fee is in the best interests of the Fund. An investment in the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.
Semiannual Report | April 30, 2024
Schwab Fundamental Index* Funds
Schwab Fundamental
US Large Company Index Fund**
US Large Company Index Fund**
Schwab Fundamental
US Small Company Index Fund**
US Small Company Index Fund**
Schwab Fundamental International
Large Company Index Fund**
Large Company Index Fund**
Schwab Fundamental International
Small Company Index Fund**
Small Company Index Fund**
Schwab Fundamental Emerging Markets
Large Company Index Fund**
Large Company Index Fund**
*
SCHWAB is
a registered trademark of Charles Schwab & Co., Inc.
FUNDAMENTAL INDEX is a registered trademark of Research Affiliates LLC.
FUNDAMENTAL INDEX is a registered trademark of Research Affiliates LLC.
**Effective June 21, 2024, the
name of the fund changed. For more information, please refer to the prospectus.
| No Action Required – Notice Regarding Shareholder Report Delivery |
| Beginning on July 24, 2024, fund shareholder reports will be streamlined to highlight key information deemed important for investors to assess
and monitor their fund investments. Other information, including financial
statements, will not appear in the streamlined shareholder reports
but will available online and delivered free of charge upon
request. |
| • If you already receive the full shareholder reports, you
will receive the streamlined shareholder reports in the same way that you currently receive the full shareholder reports (either in paper or electronically). |
| • If you currently receive a notification when a shareholder
report is available on a fund’s website, beginning July 24, 2024, you will begin to receive the streamlined shareholder report (in paper). |
Schwab Fundamental Index Funds
In
This Report
| 2 | |
| 3 | |
| | |
| 5 | |
| 7 | |
| 9 | |
| 11 | |
| 13 | |
| 15 | |
| | |
| 16 | |
| 28 | |
| 42 | |
| 56 | |
| 76 | |
| 85 | |
| 99 | |
| 102 |
Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management®
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.
| |
1
Schwab Fundamental Index
Funds | Semiannual ReportSchwab Fundamental Index
Funds
Performance at a Glance
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/schwabfunds_prospectus.
| Total Return for the 6 Months
Ended April 30, 2024 | |
| Schwab Fundamental US Large Company Index Fund1
(Ticker Symbol: SFLNX) |
19.00% |
| Russell 1000® Index2 |
21.17% |
| Russell RAFITM US Large Company Index3
|
19.12% |
| Fund Category: Morningstar Large
Value4 |
17.99% |
| Performance Details |
pages 5-6 |
| |
|
| Schwab Fundamental US Small Company Index Fund1
(Ticker Symbol: SFSNX) |
18.31% |
| S&P 500® Index5 |
20.98% |
| Russell RAFITM US Small Company Index3
|
18.35% |
| Fund Category: Morningstar Small
Blend4 |
18.81% |
| Performance Details |
pages 7-8 |
| |
|
| Schwab Fundamental International Large Company Index
Fund1,6
(Ticker Symbol: SFNNX) |
16.29% |
| MSCI EAFE® Index (Net)7,8
|
18.63% |
| Russell RAFITM Developed ex US Large Company Index (Net)3,7 |
17.82% |
| Fund Category: Morningstar Foreign Large
Value4 |
15.83% |
| Performance Details |
pages 9-10 |
| Total Return for the 6 Months
Ended April 30, 2024 | |
| |
|
| Schwab Fundamental International Small Company Index
Fund1,6
(Ticker Symbol: SFILX) |
14.22% |
| MSCI EAFE® Index (Net)7,8
|
18.63% |
| Russell RAFITM Developed ex US Small Company Index (Net)3,7 |
15.75% |
| Fund Category: Morningstar Foreign Small/Mid Value4 |
16.97% |
| Performance Details |
pages 11-12 |
| |
|
| Schwab Fundamental Emerging Markets Large Company Index
Fund1,6
(Ticker Symbol: SFENX) |
16.44% |
| MSCI Emerging Markets Index (Net)7,9
|
15.40% |
| Russell RAFITM Emerging Markets Large Company Index (Net)3,7 |
18.32% |
| Fund Category: Morningstar Diversified Emerging Markets4 |
15.17% |
| Performance Details |
pages 13-14 |
All total returns on this page assume dividends and distributions were reinvested.
Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less
than one year are not annualized.
For index definitions, please
see the Glossary.
Performance does not reflect the deduction of
taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.
Index ownership — The funds are not in any way sponsored, endorsed, sold or promoted by Frank Russell Company (Russell), by the London Stock Exchange Group companies (LSEG), or by Research Affiliates LLC (RA) (collectively the Licensor Parties), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the Russell
RAFITM Index Series (the Indices) or otherwise. The Indices are
compiled and calculated by Russell in conjunction with RA. None of the Licensor Parties shall be liable (whether in negligence or otherwise) to any person for any error in
the Indices and none of the Licensor Parties shall be under any obligation to advise any person of any error therein. “Russell®” is a trademark of Russell. The trade names “Research
Affiliates®”, “Fundamental Index®” and “RAFI®” are registered trademarks of RA. Charles Schwab Investment Management, Inc. has obtained full license from Russell to use the Indices. For full disclaimer please see the funds’ statement of additional information.
1
Effective June 21, 2024, the name of the fund changed. For more information, please
refer to the prospectus.
2
In anticipation of new regulatory requirements, the fund’s regulatory index has
changed to the Russell 1000® Index. The Russell 1000® Index provides a broad measure of market performance. The fund generally invests in securities that are included in the second index listed. The fund does not seek to track the regulatory index.
3
Effective June 21, 2024, the fund’s comparative index changed from a Russell RAFI Index to a RAFI Fundamental High Liquidity Index. For more information, please refer to the prospectus.
4
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
5
In anticipation of new regulatory requirements, the fund’s regulatory index has
changed to the S&P 500® Index. The S&P 500® Index provides a broad measure of market performance. The fund generally invests in securities that are included in the second index listed. The fund does not seek to track the regulatory index.
6
The fund’s performance relative to the index may be affected by fair-value pricing and timing differences in foreign exchange calculations. See financial note 2 for more information.
7
The net version of the index reflects reinvested dividends net of withholding taxes but
reflects no deductions for expenses or other taxes.
8
In anticipation of new regulatory requirements, the fund’s regulatory index has
changed to the MSCI EAFE® Index (Net). The MSCI EAFE® Index (Net) provides a broad measure of market performance. The fund generally invests in securities that are included in the second index listed. The fund does not seek to track the regulatory index.
9
In anticipation of new regulatory requirements, the fund’s regulatory index has changed to the MSCI Emerging Markets Index (Net). The MSCI Emerging Markets Index (Net) provides a broad measure of market performance. The fund generally invests in securities that are included in the second index listed. The fund does not seek to track the regulatory index.
Schwab Fundamental Index Funds | Semiannual Report
2
Schwab Fundamental Index
Funds
Fund Management
 |
Christopher Bliss, CFA, Managing Director and Head of Passive Equity
Strategies for Schwab Asset Management, is responsible for overseeing the investment
process and portfolio management of investment strategies for passive equity Schwab Funds
and Schwab ETFs, and Schwab Personalized Indexing™ separately managed accounts.
Before joining Schwab in 2016, Mr. Bliss spent 12 years at BlackRock (formerly Barclays
Global Investors) managing and leading institutional index teams, most recently as a managing director
and the head of the Americas institutional index team. In this role, Mr. Bliss was
responsible for overseeing a team of portfolio managers managing domestic, developed
international and emerging markets index strategies. Prior to BlackRock, he worked as an
equity analyst and portfolio manager for Harris Bretall and before that, as a research
analyst for JP Morgan. |
 |
Jeremy Brown, CFA, Senior Portfolio Manager for Schwab Asset Management,
is responsible for the day-to-day co-management of the Schwab Fundamental US Large Company
Index Fund and Schwab Fundamental US Small Company Index Fund. Prior to joining Schwab in
2017, Mr. Brown spent six years with ALPS Advisors, Inc. in Denver, most recently as a
senior analyst on the ETF portfolio management and research team where he performed
portfolio management, trading, and analytics/research functions for ALPS ETFs and passive
funds. Additionally, Mr. Brown led a number of investment research, commentary, industry
trend analysis, and sales and marketing support initiatives. |
 |
Joselle Duncan, CFA, Portfolio Manager for Schwab Asset Management, is
responsible for the day-to-day co-management of the Schwab Fundamental International Large
Company Index Fund, Schwab Fundamental International Small Company Index Fund, and Schwab
Fundamental Emerging Markets Large Company Index Fund. Prior to joining Schwab in 2022,
Ms. Duncan worked at BlackRock, Inc. for over 20 years as a vice president and portfolio
manager focused on international ETFs. Before that, she held several positions at
BlackRock (formerly Barclays Global Investors) including portfolio manager for institutional and mutual
funds, securities lending trader, and securities lending product specialist.
|
 |
Jiwei Gu, CFA, Portfolio Manager for Schwab Asset Management, is
responsible for the day-to-day co-management of the Schwab Fundamental International Large
Company Index Fund, Schwab Fundamental International Small Company Index Fund, and Schwab
Fundamental Emerging Markets Large Company Index Fund. Ms. Gu joined the portfolio
management team as an associate portfolio manager in 2018. Prior to joining Schwab, she
spent four years at CoBank, most recently as an enterprise risk analyst performing
bank-level loan portfolio credit risk analysis, data analytics, and risk management methodology
research. Before that, Ms. Gu worked in commercial credit underwriting and capital markets
supporting lending activities. |
 |
Ferian Juwono, CFA, Senior Portfolio Manager for Schwab Asset Management,
is responsible for the oversight and day-to-day co-management of the Schwab Fundamental US
Large Company Index Fund and Schwab Fundamental US Small Company Index Fund. Prior to
joining Schwab in 2010, Mr. Juwono worked at BlackRock (formerly Barclays Global
Investors) where he spent more than three years as a portfolio manager, managing equity
index funds for institutional clients, and two years as a senior business analyst. Prior to that, Mr. Juwono worked for more than four years as a senior financial analyst with Union Bank of California. |
 |
David Rios, Portfolio Manager for Schwab Asset Management, is responsible
for the day-to-day co-management of the Schwab Fundamental International Large Company
Index Fund, Schwab Fundamental International Small Company Index Fund, and Schwab
Fundamental Emerging Markets Large Company Index Fund. Prior to this role, Mr. Rios was an
associate portfolio manager on the equity index strategies team for four years. His first
role with Schwab Asset Management was as a trade operations specialist. Prior to joining
Schwab in 2008, Mr. Rios was a senior fund accountant at Investors Bank & Trust (subsequently
acquired by State Street Corporation). |
3
Schwab Fundamental Index
Funds | Semiannual ReportSchwab Fundamental Index
Funds
Fund Management (continued)
 |
Agnes Zau, CFA, Portfolio Manager for Schwab Asset Management, is
responsible for the day-to-day co-management of the Schwab Fundamental US Large Company
Index Fund and Schwab Fundamental US Small Company Index Fund. Prior to joining Schwab in
2018, Ms. Zau was at BlackRock for three years, most recently as a multi-asset portfolio
investment consultant where she advised institutional clients on asset allocation and
strategy, constructed risk decomposition and portfolio optimization, and conducted scenario
analyses for the core multi-asset target risk strategies. She spent the preceding three years as a
derivatives specialist at Mellon Capital. |
Schwab Fundamental Index Funds | Semiannual Report
4
Schwab Fundamental US Large
Company Index Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab Fundamental US Large Company Index Fund (4/2/07)2 |
19.00% |
17.70% |
12.79% |
10.98% |
| Russell 1000® Index 3 |
21.17% |
22.82% |
12.87% |
12.14% |
| Russell RAFITM US Large Company Index 4
|
19.12% |
17.96% |
13.04% |
11.26% |
| Fund Category: Morningstar Large Value
5 |
17.99% |
14.37% |
9.20% |
8.57% |
| Fund Expense Ratio6:
0.25% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Index ownership – The Schwab Fundamental US Large Company Index Fund is not in
any way sponsored, endorsed, sold or promoted by Frank Russell Company (Russell), by the London Stock Exchange Group companies (LSEG), or by Research Affiliates LLC (RA)
(collectively the Licensor Parties), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be
obtained from the use of the Russell RAFITM US Large Company Index
(the Index) or otherwise. The Index is compiled and calculated by Russell in conjunction with RA. None of the Licensor Parties shall be liable (whether in negligence or
otherwise) to any person for any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of any error therein.
“Russell®” is a trademark of Russell. The trade names “Research Affiliates®”, “Fundamental Index®” and “RAFI®” are registered trademarks of RA. Charles Schwab Investment Management, Inc. has obtained full license
from Russell to use the Index. For full disclaimer please see the fund’s statement of additional information.
1
Performance does not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares.
2
Effective June 21, 2024, the name of the fund changed. For more information, please
refer to the prospectus.
3
In anticipation of new regulatory requirements, the fund’s regulatory index has
changed from the Russell RAFI™ US Large Company Index to the Russell 1000® Index. The Russell 1000® Index provides a broad measure of market performance. The fund generally
invests in securities that are included in the Russell RAFI™ US Large Company Index. The fund does not seek to track the regulatory index.
4
Effective June 21, 2024, the fund’s comparative index changed from a Russell RAFI Index to a RAFI Fundamental High Liquidity Index. For more information, please refer to the prospectus.
5
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
6
As stated in the prospectus.
5
Schwab
Fundamental Index Funds | Semiannual ReportSchwab Fundamental US Large Company
Index Fund
Performance and Fund Facts as of April 30, 2024
Statistics1
| Number of Holdings |
729 |
| Weighted Average Market Cap (millions) |
$407,710 |
| Price/Earnings Ratio (P/E) |
17.8 |
| Price/Book Ratio (P/B) |
2.3 |
| Portfolio Turnover Rate |
4% 2,3 |
Sector Weightings % of Investments4
Top Equity Holdings % of Net Assets6
Portfolio holdings may have changed since the report date.
Source of Sector Classification: S&P and MSCI.
1
Excludes derivatives.
2
Not annualized.
3
Portfolio turnover rate excludes in-kind transactions.
4
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
5
Includes the fund’s position(s) in money market mutual funds registered under the
Investment Company Act of 1940, as amended.
6
This list is not a recommendation of any security by the investment
adviser.
Schwab Fundamental Index Funds | Semiannual Report
6
Schwab Fundamental US Small
Company Index Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab Fundamental US Small Company Index Fund (4/2/07)2 |
18.31% |
14.09% |
8.35% |
8.15% |
| S&P 500® Index 3 |
20.98% |
22.66% |
13.19% |
12.41% |
| Russell RAFITM US Small Company Index 4
|
18.35% |
14.27% |
8.52% |
8.36% |
| Russell 2000® Index |
19.66% |
13.32% |
5.83% |
7.22% |
| Fund Category: Morningstar Small Blend
5 |
18.81% |
13.98% |
7.17% |
7.28% |
| Fund Expense Ratio6:
0.25% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Index ownership – The Schwab Fundamental US Small Company Index Fund is not in any
way sponsored, endorsed, sold or promoted by Frank Russell Company (Russell), by the London Stock Exchange Group companies (LSEG), or by Research Affiliates LLC (RA)
(collectively the Licensor Parties), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results to be
obtained from the use of the Russell RAFITM US Small Company Index
(the Index) or otherwise. The Index is compiled and calculated by Russell in conjunction with RA. None of the Licensor Parties shall be liable (whether in negligence or
otherwise) to any person for any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of any error therein.
“Russell®” is a trademark of Russell. The trade names “Research Affiliates®”, “Fundamental Index®” and “RAFI®” are registered trademarks of RA. Charles Schwab Investment Management, Inc. has obtained full license
from Russell to use the Index. For full disclaimer please see the fund’s statement of additional information.
1
Performance does not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares.
2
Effective June 21, 2024, the name of the fund changed. For more information, please
refer to the prospectus.
3
In anticipation of new regulatory requirements, the fund’s regulatory index has
changed from the Russell RAFI™ US Small Company Index to the S&P 500® Index. The S&P 500® Index provides a broad measure of market performance. The fund generally
invests in securities that are included in the Russell RAFI™ US Small Company Index. The fund does not seek to track the regulatory index.
4
Effective June 21, 2024, the fund’s comparative index changed from a Russell RAFI Index to a RAFI Fundamental High Liquidity Index. For more information, please refer to the prospectus.
5
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
6
As stated in the prospectus.
7
Schwab
Fundamental Index Funds | Semiannual ReportSchwab Fundamental US Small Company
Index Fund
Performance and Fund Facts as of April 30, 2024
Statistics1
| Number of Holdings |
1,009 |
| Weighted Average Market Cap (millions) |
$5,943 |
| Price/Earnings Ratio (P/E) |
15.9 |
| Price/Book Ratio (P/B) |
1.5 |
| Portfolio Turnover Rate |
16% 2,3 |
Sector Weightings % of Investments4
Top Equity Holdings % of Net Assets6
Portfolio holdings may have changed since the report date.
Source of Sector Classification: S&P and MSCI.
Small-company stocks are subject to greater volatility than many other asset
classes.
1
Excludes derivatives.
2
Not annualized.
3
Portfolio turnover rate excludes in-kind transactions.
4
The percentage may differ from the Portfolio Holdings because the above calculation is
based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
5
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
6
This list is not a recommendation of any security by the investment adviser.
Schwab Fundamental Index Funds | Semiannual Report
8
Schwab Fundamental
International Large Company Index Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1,2
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab Fundamental International Large Company Index Fund (4/2/07)3 |
16.29% |
11.52% |
7.39% |
4.65% |
| MSCI EAFE® Index (Net) 4,5
|
18.63% |
9.28% |
6.18% |
4.38% |
| Russell RAFITM Developed ex US Large Company Index (Net)
4,6 |
17.82% |
12.72% |
7.74% |
4.89% |
| Fund Category: Morningstar Foreign Large Value
7 |
15.83% |
9.30% |
5.64% |
3.30% |
| Fund Expense Ratio8:
0.25% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Index ownership – The Schwab Fundamental International Large Company Index Fund is
not in any way sponsored, endorsed, sold or promoted by Frank Russell Company (Russell), by the London Stock Exchange Group companies (LSEG), or by Research Affiliates LLC
(RA) (collectively the Licensor Parties), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results to
be obtained from the use of the Russell RAFITM Developed ex US Large
Company Index (the Index) or otherwise. The Index is compiled and calculated by Russell in conjunction with RA. None of the Licensor Parties shall be liable (whether in
negligence or otherwise) to any person for any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of any error therein.
“Russell®” is a trademark of Russell. The trade names “Research Affiliates®”, “Fundamental Index®” and “RAFI®” are registered trademarks of RA. Charles Schwab Investment Management, Inc. has obtained full license
from Russell to use the Index. For full disclaimer please see the fund’s statement of additional information.
1
Performance does not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares.
2
The fund’s performance relative to the index may be affected by fair-value pricing
and timing differences in foreign exchange calculations. See financial note 2 for more information.
3
Effective June 21, 2024, the name of the fund changed. For more information, please refer to the prospectus.
4
The net version of the index reflects reinvested dividends net of withholding taxes but
reflects no deductions for expenses or other taxes.
5
In anticipation of new regulatory requirements, the fund’s regulatory index has
changed from the Russell RAFI™ Developed ex US Large Company Index (Net) to the MSCI EAFE® Index (Net). The MSCI EAFE® Index (Net) provides a broad measure of market performance. The fund
generally invests in securities that are included in the Russell RAFI™ Developed ex US Large Company Index (Net). The fund does not seek to track the regulatory
index.
6
Effective June 21, 2024, the fund’s comparative index changed from a Russell RAFI Index to a RAFI Fundamental High Liquidity Index. For more information, please refer to the prospectus.
7
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
8
As stated in the prospectus.
9
Schwab
Fundamental Index Funds | Semiannual ReportSchwab Fundamental International Large
Company Index Fund
Performance and Fund Facts as of April 30, 2024
Statistics1
| Number of Holdings |
911 |
| Weighted Average Market Cap (millions) |
$73,654 |
| Price/Earnings Ratio (P/E) |
11.7 |
| Price/Book Ratio (P/B) |
1.2 |
| Portfolio Turnover Rate |
6% 2 |
Sector Weightings % of Investments1
Top Equity Holdings % of Net Assets4
Top Country Weightings % of Investments5
Portfolio holdings may have changed since the report date.
Source of Sector Classification: S&P and MSCI.
International investments are subject to additional risks such as currency fluctuation, geopolitical risk and the potential for illiquid markets.
1
Excludes derivatives.
2
Not annualized.
3
Includes the fund’s position(s) in money market mutual funds registered under the
Investment Company Act of 1940, as amended.
4
This list is not a recommendation of any security by the investment
adviser.
5
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
Schwab Fundamental Index Funds | Semiannual Report
10
Schwab Fundamental
International Small Company Index Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1,2
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab Fundamental International Small Company Index Fund (1/31/08)3 |
14.22% |
5.05% |
4.00% |
4.32% |
| MSCI EAFE® Index (Net) 4,5
|
18.63% |
9.28% |
6.18% |
4.38% |
| Russell RAFITM Developed ex US Small Company Index (Net)
4,6 |
15.75% |
6.35% |
4.52% |
4.74% |
| S&P Developed ex-U.S. Small Cap Index (Net) 4 |
16.97% |
4.43% |
3.66% |
3.94% |
| Fund Category: Morningstar Foreign Small/Mid Value 7 |
16.97% |
11.13% |
6.03% |
4.20% |
| Fund Expense Ratio8:
0.39% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Index ownership – The Schwab Fundamental International Small Company Index Fund
is not in any way sponsored, endorsed, sold or promoted by Frank Russell Company (Russell), by the London Stock Exchange Group companies (LSEG), or by Research Affiliates LLC
(RA) (collectively the Licensor Parties), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results to
be obtained from the use of the Russell RAFITM Developed ex US Small
Company Index (the Index) or otherwise. The Index is compiled and calculated by Russell in conjunction with RA. None of the Licensor Parties shall be liable (whether in
negligence or otherwise) to any person for any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of any error therein.
“Russell®” is a trademark of Russell. The trade names “Research Affiliates®”, “Fundamental Index®” and “RAFI®” are registered trademarks of RA. Charles Schwab Investment Management, Inc. has obtained full license
from Russell to use the Index. For full disclaimer please see the fund’s statement of additional information.
1
Performance does not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares.
2
The fund’s performance relative to the index may be affected by fair-value pricing
and timing differences in foreign exchange calculations. See financial note 2 for more information.
3
Effective June 21, 2024, the name of the fund changed. For more information, please refer to the prospectus.
4
The net version of the index reflects reinvested dividends net of withholding taxes but
reflects no deductions for expenses or other taxes.
5
In anticipation of new regulatory requirements, the fund’s regulatory index has
changed from the Russell RAFI™ Developed ex US Small Company Index (Net) to the MSCI EAFE® Index (Net). The MSCI EAFE® Index (Net) provides a broad measure of market performance. The fund
generally invests in securities that are included in the Russell RAFI™ Developed ex US Small Company Index (Net). The fund does not seek to track the regulatory
index.
6
Effective June 21, 2024, the fund’s comparative index changed from a Russell RAFI Index to a RAFI Fundamental High Liquidity Index. For more information, please refer to the prospectus.
7
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
8
As stated in the prospectus.
11
Schwab
Fundamental Index Funds | Semiannual ReportSchwab Fundamental International Small
Company Index Fund
Performance and Fund Facts as of April 30, 2024
Statistics1
| Number of Holdings |
1,788 |
| Weighted Average Market Cap (millions) |
$3,894 |
| Price/Earnings Ratio (P/E) |
12.7 |
| Price/Book Ratio (P/B) |
1.1 |
| Portfolio Turnover Rate |
15% 2 |
Sector Weightings % of Investments1
Top Equity Holdings % of Net Assets4
Top Country Weightings % of Investments5
Portfolio holdings may have changed since the report date.
Source of Sector Classification: S&P and MSCI.
Small-company stocks are subject to greater volatility than many other asset classes.
International investments are subject to additional risks such as currency fluctuation, geopolitical risk and the potential for illiquid
markets.
1
Excludes derivatives.
2
Not annualized.
3
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
4
This list is not a recommendation of any security by the investment adviser.
5
The percentage may differ from the Portfolio Holdings because the above calculation is
based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
Schwab Fundamental Index Funds | Semiannual Report
12
Schwab Fundamental Emerging
Markets Large Company Index Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1,2
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab Fundamental Emerging Markets Large Company Index Fund (1/31/08)3 |
16.44% |
12.79% |
3.97% |
3.86% |
| MSCI Emerging Markets Index (Net) 4,5
|
15.40% |
9.88% |
1.89% |
2.96% |
| Russell RAFITM Emerging Markets Large Company Index (Net)
4,6 |
18.32% |
15.26% |
4.69% |
4.58% |
| Fund Category: Morningstar Diversified Emerging Markets 7 |
15.17% |
10.54% |
2.83% |
2.86% |
| Fund Expense Ratio8:
0.39% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Index ownership – The Schwab Fundamental Emerging Markets Large Company Index Fund
is not in any way sponsored, endorsed, sold or promoted by Frank Russell Company (Russell), by the London Stock Exchange Group companies (LSEG), or by Research Affiliates LLC
(RA) (collectively the Licensor Parties), and none of the Licensor Parties make any warranty or representation whatsoever, expressly or impliedly, either as to the results to
be obtained from the use of the Russell RAFITM Emerging Markets
Large Company Index (the Index) or otherwise. The Index is compiled and calculated by Russell in conjunction with RA. None of the Licensor Parties shall be liable (whether in
negligence or otherwise) to any person for any error in the Index and none of the Licensor Parties shall be under any obligation to advise any person of any error therein.
“Russell®” is a trademark of Russell. The trade names “Research
Affiliates®”, “Fundamental Index®” and “RAFI®” are registered trademarks of RA. Charles Schwab Investment Management, Inc. has obtained full license from Russell to use the Index. For full disclaimer please see the fund’s statement of additional information.
1
Performance does not reflect the deduction of taxes that a shareholder would pay on fund
distributions or the redemption of fund shares.
2
The fund’s performance relative to the index may be affected by fair-value pricing
and timing differences in foreign exchange calculations. See financial note 2 for more information.
3
Effective June 21, 2024, the name of the fund changed. For more information, please refer to the prospectus.
4
The net version of the index reflects reinvested dividends net of withholding taxes but
reflects no deductions for expenses or other taxes.
5
In anticipation of new regulatory requirements, the fund’s regulatory index has
changed from the Russell RAFI™ Emerging Markets Large Company Index (Net) to the MSCI EAFE® Index (Net). The MSCI EAFE® Index (Net) provides a broad measure of market performance. The fund
generally invests in securities that are included in the Russell RAFI™ Emerging Markets Large Company Index (Net). The fund does not seek to track the regulatory
index.
6
Effective June 21, 2024, the fund’s comparative index changed from a Russell RAFI Index to a RAFI Fundamental High Liquidity Index. For more information, please refer to the prospectus.
7
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
8
As stated in the prospectus.
13
Schwab
Fundamental Index Funds | Semiannual ReportSchwab Fundamental Emerging Markets
Large Company Index Fund
Performance and Fund Facts as of April 30, 2024
Statistics
| Number of Holdings |
351 |
| Weighted Average Market Cap (millions) |
$97,786 |
| Price/Earnings Ratio (P/E) |
8.9 |
| Price/Book Ratio (P/B) |
1.2 |
| Portfolio Turnover Rate |
10% 1 |
Sector Weightings % of Investments
Top Equity Holdings % of Net Assets3
Top Country Weightings % of Investments4
Portfolio holdings may have changed since the report date.
Source of Sector Classification: S&P and MSCI.
International investments are subject to additional risks such as currency fluctuation, geopolitical risk and the potential for illiquid markets. Investing in emerging markets may accentuate these risks.
1
Not annualized.
2
Includes the fund’s position(s) in money market mutual funds registered under the Investment Company Act of 1940, as amended.
3
This list is not a recommendation of any security by the investment adviser.
4
The percentage may differ from the Portfolio Holdings because the above calculation is
based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
Schwab Fundamental Index Funds | Semiannual Report
14
Schwab Fundamental Index
Funds
Fund Expenses (Unaudited)
Examples for a $1,000 Investment
As a fund shareholder, you may incur two types of costs: (1) transaction costs; and (2) ongoing costs, including
management fees.
The expense examples below are intended to help you understand your ongoing cost (in dollars) of investing in a fund and
to compare this cost with the ongoing cost of investing in other mutual funds. These examples are based on an
investment of $1,000 invested for six months beginning November 1, 2023 and held through April 30,
2024.
Actual Return lines in the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so,
simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then
multiply the result by the number given for your fund under the heading entitled “Expenses Paid During
Period.”
Hypothetical Return lines in the table below
provide information about hypothetical account values and hypothetical expenses based on a fund’s
actual expense ratio and an assumed return of 5% per year before expenses. Because the return used is not an
actual return, it may not be used to estimate the actual ending account value or expenses you paid for the
period.
You may use this information to compare the ongoing costs of investing in a fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that
appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any
transactional costs. Therefore, the hypothetical return lines of the table are useful in comparing ongoing
costs only and will not help you determine the relative total costs of owning different funds. In addition,
if these transactional costs were included, your costs would have been higher.
| |
EXPENSE RATIO
(ANNUALIZED) 1 |
BEGINNING ACCOUNT
VALUE AT 11/1/23 |
ENDING ACCOUNT
VALUE (NET OF EXPENSES)
AT 4/30/24 |
EXPENSES PAID DURING PERIOD
11/1/23-4/30/24 2 |
| Schwab Fundamental US Large Company Index Fund |
|
|
|
|
| Actual Return |
0.25% |
$1,000.00
|
$1,190.00
|
$1.36
|
| Hypothetical 5% Return |
0.25% |
$1,000.00 |
$1,023.62 |
$1.26
|
| Schwab Fundamental US Small Company Index Fund |
|
|
|
|
| Actual Return |
0.25% |
$1,000.00
|
$1,183.10
|
$1.36
|
| Hypothetical 5% Return |
0.25% |
$1,000.00 |
$1,023.62 |
$1.26
|
| Schwab Fundamental International Large Company Index Fund |
|
|
|
|
| Actual Return |
0.25% |
$1,000.00
|
$1,162.90
|
$1.34
|
| Hypothetical 5% Return |
0.25% |
$1,000.00 |
$1,023.62 |
$1.26
|
| Schwab Fundamental International Small Company Index Fund |
|
|
|
|
| Actual Return |
0.39% |
$1,000.00
|
$1,142.20
|
$2.08
|
| Hypothetical 5% Return |
0.39% |
$1,000.00 |
$1,022.92 |
$1.96
|
| Schwab Fundamental Emerging Markets Large Company Index Fund |
|
|
|
|
| Actual Return |
0.39% |
$1,000.00
|
$1,164.40
|
$2.10
|
| Hypothetical 5% Return |
0.39% |
$1,000.00
|
$1,022.92
|
$1.96
|
| 1 |
Based on the most recent six-month expense ratio.
|
| 2 |
Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the
period, multiplied by 182 days in the period, and divided by 366 days in the fiscal
year. |
15
Schwab Fundamental Index Funds | Semiannual ReportSchwab Fundamental US Large Company
Index Fund
Financial Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$21.69 |
$21.19 |
$23.19 |
$16.28 |
$17.56 |
$17.47 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.25 |
0.45 |
0.43 |
0.39 |
0.42 |
0.42 |
| Net realized and unrealized gains (losses) |
3.83 |
0.49 |
(1.33 ) |
7.64 |
(0.75 ) |
1.08 |
| Total from investment operations |
4.08 |
0.94 |
(0.90 ) |
8.03 |
(0.33 ) |
1.50 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.45 ) |
(0.44 ) |
(0.40 ) |
(0.44 ) |
(0.43 ) |
(0.42 ) |
| Distributions from net realized gains |
— |
— |
(0.70 ) |
(0.68 ) |
(0.52 ) |
(0.99 ) |
| Total distributions |
(0.45 ) |
(0.44 ) |
(1.10 ) |
(1.12 ) |
(0.95 ) |
(1.41 ) |
| Net asset value at end of period |
$25.32 |
$21.69 |
$21.19 |
$23.19 |
$16.28 |
$17.56 |
| Total return |
19.00
%2 |
4.48 % |
(4.18 %) |
51.33 % |
(2.33 %) |
10.56 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Total expenses |
0.25
%3 |
0.25
%4 |
0.25
%4 |
0.25 % |
0.25 % |
0.25 % |
| Net investment income (loss) |
2.02
%3 |
2.05 % |
1.95 % |
1.87 % |
2.57 % |
2.53 % |
| Portfolio turnover rate |
4
%2,5 |
7
%5 |
13
%5 |
16
%5 |
13 % |
20 % |
| Net assets, end of period (x 1,000,000) |
$8,279 |
$6,836 |
$6,460 |
$6,821 |
$4,547 |
$5,237 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Annualized. |
| 4 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
| 5 |
Portfolio turnover rate excludes in-kind transactions. |
See financial notes
Schwab Fundamental Index Funds | Semiannual Report
16
Schwab Fundamental US Large Company
Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to
orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to
20 days after the end of the month on the fund’s website.
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| COMMON STOCKS 99.8% OF NET ASSETS | ||
| | ||
| Automobiles & Components 1.7% |
||
| Adient PLC * |
55,436 |
1,655,873 |
| Aptiv PLC * |
75,858 |
5,385,918 |
| Autoliv, Inc. |
30,923 |
3,704,266 |
| BorgWarner, Inc. |
126,413 |
4,142,554 |
| Dana, Inc. |
136,609 |
1,698,050 |
| Ford Motor Co. |
2,569,712 |
31,222,001 |
| General Motors Co. |
1,395,395 |
62,136,939 |
| Gentex Corp. |
81,559 |
2,797,474 |
| Goodyear Tire & Rubber Co. * |
312,508 |
3,737,596 |
| Harley-Davidson, Inc. |
62,062 |
2,134,312 |
| Lear Corp. |
44,326 |
5,579,313 |
| Tesla, Inc. * |
55,157 |
10,109,175 |
| Thor Industries, Inc. |
31,597 |
3,141,374 |
| |
|
137,444,845 |
| | ||
| Banks 7.7% | ||
| Bank of America Corp. |
2,956,283 |
109,412,034 |
| Citigroup, Inc. |
1,746,416 |
107,107,693 |
| Citizens Financial Group, Inc. |
236,687 |
8,073,394 |
| Comerica, Inc. |
96,520 |
4,842,408 |
| Credicorp Ltd. |
24,806 |
4,108,122 |
| East West Bancorp, Inc. |
30,756 |
2,291,014 |
| Fifth Third Bancorp |
292,828 |
10,676,509 |
| First Citizens BancShares, Inc., Class A |
861 |
1,452,300 |
| First Horizon Corp. |
161,344 |
2,407,253 |
| Huntington Bancshares, Inc. |
415,088 |
5,591,235 |
| JPMorgan Chase & Co. |
878,107 |
168,368,236 |
| KeyCorp |
553,405 |
8,018,838 |
| M&T Bank Corp. |
54,476 |
7,865,790 |
| New York Community Bancorp, Inc. |
212,238 |
562,431 |
| PNC Financial Services Group, Inc. |
148,767 |
22,800,030 |
| Popular, Inc. |
33,488 |
2,846,145 |
| Regions Financial Corp. |
305,729 |
5,891,398 |
| Synovus Financial Corp. |
52,645 |
1,884,165 |
| Truist Financial Corp. |
488,618 |
18,347,606 |
| U.S. Bancorp |
623,581 |
25,336,096 |
| Wells Fargo & Co. |
1,982,593 |
117,607,417 |
| Zions Bancorp NA |
102,990 |
4,199,932 |
| |
|
639,690,046 |
| | ||
| Capital Goods 6.9% | ||
| 3M Co. |
276,970 |
26,730,375 |
| A O Smith Corp. |
28,290 |
2,343,544 |
| Acuity Brands, Inc. |
13,587 |
3,373,652 |
| AECOM |
39,077 |
3,609,152 |
| AerCap Holdings NV * |
35,230 |
2,976,583 |
| AGCO Corp. |
26,029 |
2,972,251 |
| Air Lease Corp., Class A |
38,725 |
1,945,544 |
| Allegion PLC |
16,259 |
1,976,444 |
| Allison Transmission Holdings, Inc. |
47,436 |
3,488,918 |
| AMETEK, Inc. |
23,821 |
4,160,576 |
| Beacon Roofing Supply, Inc. * |
17,732 |
1,747,134 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Boeing Co. * |
79,401 |
13,326,664 |
| Boise Cascade Co. |
22,493 |
2,975,149 |
| Builders FirstSource, Inc. * |
9,580 |
1,751,416 |
| Carlisle Cos., Inc. |
11,084 |
4,303,363 |
| Carrier Global Corp. |
158,465 |
9,744,013 |
| Caterpillar, Inc. |
106,338 |
35,577,505 |
| CNH Industrial NV * |
402,047 |
4,583,336 |
| Cummins, Inc. |
52,953 |
14,958,693 |
| Curtiss-Wright Corp. |
7,922 |
2,007,593 |
| Deere & Co. |
47,525 |
18,601,760 |
| Donaldson Co., Inc. |
27,224 |
1,965,573 |
| Dover Corp. |
30,221 |
5,418,625 |
| Eaton Corp. PLC |
67,749 |
21,561,797 |
| EMCOR Group, Inc. |
14,037 |
5,013,595 |
| Emerson Electric Co. |
135,628 |
14,617,986 |
| Fastenal Co. |
83,252 |
5,656,141 |
| Fluor Corp. * |
49,079 |
1,979,356 |
| Fortive Corp. |
37,890 |
2,851,980 |
| Fortune Brands Innovations, Inc. |
43,686 |
3,193,447 |
| GE Vernova, Inc. * |
25,632 |
3,939,895 |
| Generac Holdings, Inc. * |
11,884 |
1,615,749 |
| General Dynamics Corp. |
70,084 |
20,120,416 |
| General Electric Co. |
102,854 |
16,643,834 |
| Graco, Inc. |
20,115 |
1,613,223 |
| Honeywell International, Inc. |
148,286 |
28,579,161 |
| Howmet Aerospace, Inc. |
63,901 |
4,265,392 |
| Hubbell, Inc., Class B |
7,721 |
2,860,785 |
| Huntington Ingalls Industries, Inc. |
14,963 |
4,143,704 |
| IDEX Corp. |
9,866 |
2,175,058 |
| Illinois Tool Works, Inc. |
51,921 |
12,674,435 |
| Ingersoll Rand, Inc. |
27,894 |
2,603,068 |
| ITT, Inc. |
17,538 |
2,268,365 |
| Johnson Controls International PLC |
187,904 |
12,226,913 |
| L3Harris Technologies, Inc. |
61,310 |
13,123,405 |
| Lennox International, Inc. |
4,870 |
2,256,855 |
| Lincoln Electric Holdings, Inc. |
8,634 |
1,895,422 |
| Lockheed Martin Corp. |
58,862 |
27,366,710 |
| Masco Corp. |
65,449 |
4,479,984 |
| MasTec, Inc. * |
26,205 |
2,324,121 |
| MDU Resources Group, Inc. |
82,179 |
2,029,821 |
| Middleby Corp. * |
11,113 |
1,544,374 |
| MSC Industrial Direct Co., Inc., Class A
|
16,965 |
1,547,887 |
| Mueller Industries, Inc. |
38,605 |
2,154,931 |
| Nordson Corp. |
7,305 |
1,886,078 |
| Northrop Grumman Corp. |
35,990 |
17,456,230 |
| nVent Electric PLC |
30,541 |
2,201,090 |
| Oshkosh Corp. |
32,018 |
3,594,661 |
| Otis Worldwide Corp. |
45,810 |
4,177,872 |
| Owens Corning |
32,228 |
5,421,072 |
| PACCAR, Inc. |
120,114 |
12,745,296 |
| Parker-Hannifin Corp. |
18,278 |
9,959,865 |
| Pentair PLC |
36,452 |
2,882,989 |
| Quanta Services, Inc. |
22,460 |
5,807,258 |
| Regal Rexnord Corp. |
16,149 |
2,605,964 |
| Resideo Technologies, Inc. * |
87,005 |
1,699,208 |
| Rockwell Automation, Inc. |
17,368 |
4,706,033 |
| RTX Corp. |
271,476 |
27,560,243 |
| Rush Enterprises, Inc., Class A |
34,429 |
1,512,122 |
See financial
notes
17
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental US Large Company
Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Sensata Technologies Holding PLC |
55,691 |
2,133,522 |
| Snap-on, Inc. |
13,912 |
3,727,859 |
| Stanley Black & Decker, Inc. |
73,223 |
6,692,582 |
| Textron, Inc. |
63,374 |
5,360,807 |
| Timken Co. |
20,788 |
1,854,705 |
| Toro Co. |
19,131 |
1,675,684 |
| Trane Technologies PLC |
28,851 |
9,155,576 |
| TransDigm Group, Inc. |
5,450 |
6,801,763 |
| UFP Industries, Inc. |
24,040 |
2,709,308 |
| United Rentals, Inc. |
16,086 |
10,745,287 |
| Watsco, Inc. |
6,300 |
2,820,636 |
| WESCO International, Inc. |
16,608 |
2,536,872 |
| Westinghouse Air Brake Technologies Corp. |
32,168 |
5,181,621 |
| WW Grainger, Inc. |
6,705 |
6,177,652 |
| Xylem, Inc. |
27,090 |
3,540,663 |
| |
|
575,196,191 |
| | ||
| Commercial & Professional Services 1.1% | ||
| ABM Industries, Inc. |
40,425 |
1,766,572 |
| ASGN, Inc. * |
19,126 |
1,844,703 |
| Automatic Data Processing, Inc. |
45,993 |
11,125,247 |
| Booz Allen Hamilton Holding Corp., Class A |
22,334 |
3,298,062 |
| Broadridge Financial Solutions, Inc. |
14,797 |
2,861,888 |
| CACI International, Inc., Class A * |
6,405 |
2,576,283 |
| Cintas Corp. |
9,976 |
6,567,600 |
| Copart, Inc. * |
40,455 |
2,197,111 |
| Equifax, Inc. |
10,973 |
2,416,145 |
| Genpact Ltd. |
52,805 |
1,623,226 |
| Jacobs Solutions, Inc. |
33,206 |
4,766,057 |
| KBR, Inc. |
27,300 |
1,772,862 |
| Leidos Holdings, Inc. |
46,207 |
6,479,145 |
| ManpowerGroup, Inc. |
62,218 |
4,694,348 |
| Maximus, Inc. |
18,434 |
1,479,881 |
| Paychex, Inc. |
39,625 |
4,707,846 |
| Republic Services, Inc., Class A |
29,976 |
5,746,399 |
| Robert Half, Inc. |
42,356 |
2,928,494 |
| Science Applications International Corp. |
17,377 |
2,236,420 |
| SS&C Technologies Holdings, Inc. |
44,721 |
2,767,783 |
| TransUnion |
25,058 |
1,829,234 |
| Verisk Analytics, Inc., Class A |
13,376 |
2,915,433 |
| Waste Management, Inc. |
66,696 |
13,874,102 |
| |
|
92,474,841 |
| | ||
| Consumer Discretionary Distribution & Retail
4.5% | ||
| Academy Sports & Outdoors, Inc. |
28,961 |
1,688,426 |
| Advance Auto Parts, Inc. |
56,184 |
4,100,308 |
| Amazon.com, Inc. * |
674,380 |
118,016,500 |
| American Eagle Outfitters, Inc. |
84,177 |
2,042,134 |
| Asbury Automotive Group, Inc. * |
8,563 |
1,800,285 |
| AutoNation, Inc. * |
26,586 |
4,284,334 |
| AutoZone, Inc. * |
1,718 |
5,079,095 |
| Bath & Body Works, Inc. |
79,726 |
3,621,155 |
| Best Buy Co., Inc. |
169,888 |
12,510,552 |
| Big Lots, Inc. * |
341,234 |
1,201,144 |
| Burlington Stores, Inc. * |
10,296 |
1,852,662 |
| CarMax, Inc. * |
74,174 |
5,041,607 |
| Dick's Sporting Goods, Inc. |
20,412 |
4,101,587 |
| eBay, Inc. |
282,166 |
14,542,836 |
| Foot Locker, Inc. |
108,004 |
2,251,883 |
| Gap, Inc. |
187,979 |
3,857,329 |
| Genuine Parts Co. |
34,496 |
5,423,116 |
| Group 1 Automotive, Inc. |
11,457 |
3,368,587 |
| Home Depot, Inc. |
185,501 |
61,998,144 |
| Kohl's Corp. |
308,470 |
7,384,772 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Lithia Motors, Inc., Class A |
15,585 |
3,964,512 |
| LKQ Corp. |
102,429 |
4,417,763 |
| Lowe's Cos., Inc. |
143,725 |
32,767,863 |
| Macy's, Inc. |
320,294 |
5,903,018 |
| Murphy USA, Inc. |
8,107 |
3,354,839 |
| Nordstrom, Inc. |
103,067 |
1,959,304 |
| ODP Corp. * |
42,536 |
2,165,508 |
| O'Reilly Automotive, Inc. * |
7,999 |
8,105,067 |
| Penske Automotive Group, Inc. |
11,871 |
1,815,195 |
| Pool Corp. |
5,047 |
1,829,689 |
| Qurate Retail, Inc. * |
4,976,581 |
4,088,261 |
| Ross Stores, Inc. |
46,832 |
6,067,086 |
| TJX Cos., Inc. |
176,928 |
16,647,155 |
| Tractor Supply Co. |
19,336 |
5,280,275 |
| Ulta Beauty, Inc. * |
6,165 |
2,495,839 |
| Williams-Sonoma, Inc. |
19,241 |
5,517,934 |
| |
|
370,545,764 |
| | ||
| Consumer Durables & Apparel 1.6% |
||
| Brunswick Corp. |
29,348 |
2,366,623 |
| Capri Holdings Ltd. * |
51,081 |
1,812,354 |
| Carter's, Inc. |
23,957 |
1,638,898 |
| Deckers Outdoor Corp. * |
3,197 |
2,616,649 |
| DR Horton, Inc. |
91,359 |
13,017,744 |
| Garmin Ltd. |
29,283 |
4,230,515 |
| Hanesbrands, Inc. * |
479,125 |
2,184,810 |
| Hasbro, Inc. |
47,099 |
2,887,169 |
| KB Home |
34,630 |
2,242,639 |
| Leggett & Platt, Inc. |
86,246 |
1,558,465 |
| Lennar Corp., Class A |
94,218 |
14,285,333 |
| Lululemon Athletica, Inc. * |
8,096 |
2,919,418 |
| Meritage Homes Corp. |
16,100 |
2,668,414 |
| Mohawk Industries, Inc. * |
44,720 |
5,157,110 |
| Newell Brands, Inc. |
323,419 |
2,567,947 |
| NIKE, Inc., Class B |
187,766 |
17,323,291 |
| NVR, Inc. * |
762 |
5,668,404 |
| Polaris, Inc. |
24,057 |
2,048,694 |
| PulteGroup, Inc. |
86,217 |
9,606,298 |
| PVH Corp. |
37,771 |
4,109,485 |
| Ralph Lauren Corp., Class A |
15,409 |
2,521,529 |
| Skechers USA, Inc., Class A * |
33,163 |
2,190,416 |
| Tapestry, Inc. |
77,065 |
3,076,435 |
| Taylor Morrison Home Corp., Class A * |
49,575 |
2,776,696 |
| Tempur Sealy International, Inc. |
35,901 |
1,797,204 |
| Toll Brothers, Inc. |
36,338 |
4,328,219 |
| TopBuild Corp. * |
4,620 |
1,869,575 |
| Tri Pointe Homes, Inc. * |
63,659 |
2,345,834 |
| VF Corp. |
277,799 |
3,461,375 |
| Whirlpool Corp. |
56,348 |
5,345,171 |
| |
|
130,622,714 |
| | ||
| Consumer Services 1.5% | ||
| Aramark |
72,354 |
2,279,875 |
| Booking Holdings, Inc. |
4,777 |
16,490,347 |
| Caesars Entertainment, Inc. * |
32,926 |
1,179,409 |
| Carnival Corp. * |
275,236 |
4,078,997 |
| Chipotle Mexican Grill, Inc., Class A * |
1,206 |
3,810,478 |
| Darden Restaurants, Inc. |
24,302 |
3,728,170 |
| Domino's Pizza, Inc. |
8,522 |
4,510,439 |
| Expedia Group, Inc. * |
17,957 |
2,417,551 |
| H&R Block, Inc. |
40,216 |
1,899,402 |
| Hilton Worldwide Holdings, Inc. |
24,781 |
4,888,796 |
| Las Vegas Sands Corp. |
67,179 |
2,980,060 |
| Marriott International, Inc., Class A |
31,216 |
7,371,034 |
| Marriott Vacations Worldwide Corp. |
15,360 |
1,476,250 |
| McDonald's Corp. |
102,053 |
27,864,551 |
See financial
notes
Schwab Fundamental Index Funds | Semiannual Report
18
Schwab Fundamental US Large Company
Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| MGM Resorts International * |
123,412 |
4,867,369 |
| Penn Entertainment, Inc. * |
73,090 |
1,208,909 |
| Service Corp. International |
29,235 |
2,096,442 |
| Starbucks Corp. |
223,607 |
19,786,983 |
| Travel & Leisure Co. |
39,889 |
1,736,767 |
| Vail Resorts, Inc. |
6,475 |
1,226,171 |
| Yum! Brands, Inc. |
53,957 |
7,621,426 |
| |
|
123,519,426 |
| | ||
| Consumer Staples Distribution & Retail 3.5%
| ||
| Albertsons Cos., Inc., Class A |
51,395 |
1,048,458 |
| Andersons, Inc. |
24,732 |
1,358,776 |
| BJ's Wholesale Club Holdings, Inc. * |
23,676 |
1,768,124 |
| Casey's General Stores, Inc. |
12,777 |
4,083,274 |
| Costco Wholesale Corp. |
74,103 |
53,569,059 |
| Dollar General Corp. |
83,022 |
11,555,832 |
| Dollar Tree, Inc. * |
53,942 |
6,378,641 |
| Kroger Co. |
481,821 |
26,683,247 |
| Performance Food Group Co. * |
58,812 |
3,992,159 |
| SpartanNash Co. |
82,232 |
1,569,809 |
| Sprouts Farmers Market, Inc. * |
45,013 |
2,972,208 |
| Sysco Corp. |
119,712 |
8,896,996 |
| Target Corp. |
229,003 |
36,864,903 |
| U.S. Foods Holding Corp. * |
109,086 |
5,481,571 |
| United Natural Foods, Inc. * |
124,696 |
1,113,535 |
| Walgreens Boots Alliance, Inc. |
1,210,020 |
21,453,655 |
| Walmart, Inc. |
1,689,534 |
100,273,843 |
| |
|
289,064,090 |
| | ||
| Energy 7.5% | ||
| Antero Resources Corp. * |
73,482 |
2,499,123 |
| APA Corp. |
110,478 |
3,473,428 |
| Baker Hughes Co., Class A |
385,679 |
12,580,849 |
| Cheniere Energy, Inc. |
22,922 |
3,617,550 |
| Chesapeake Energy Corp. |
11,997 |
1,078,290 |
| Chevron Corp. |
660,541 |
106,525,447 |
| CNX Resources Corp. * |
73,347 |
1,725,121 |
| ConocoPhillips |
336,334 |
42,250,277 |
| Delek U.S. Holdings, Inc. |
55,533 |
1,517,717 |
| Devon Energy Corp. |
160,012 |
8,189,414 |
| Diamondback Energy, Inc. |
21,036 |
4,230,971 |
| EOG Resources, Inc. |
142,727 |
18,858,519 |
| EQT Corp. |
40,155 |
1,609,814 |
| Equitrans Midstream Corp. |
172,936 |
2,339,824 |
| Exxon Mobil Corp. |
1,407,592 |
166,475,906 |
| Halliburton Co. |
184,812 |
6,924,906 |
| Hess Corp. |
27,787 |
4,376,175 |
| HF Sinclair Corp. |
86,139 |
4,673,041 |
| Kinder Morgan, Inc. |
811,666 |
14,837,254 |
| Marathon Oil Corp. |
253,445 |
6,804,998 |
| Marathon Petroleum Corp. |
219,995 |
39,977,491 |
| Murphy Oil Corp. |
49,206 |
2,196,556 |
| NOV, Inc. |
122,375 |
2,262,714 |
| Occidental Petroleum Corp. |
186,143 |
12,311,498 |
| ONEOK, Inc. |
124,984 |
9,888,734 |
| Ovintiv, Inc. |
95,927 |
4,922,974 |
| PBF Energy, Inc., Class A |
63,710 |
3,393,832 |
| Peabody Energy Corp. |
77,543 |
1,701,293 |
| Phillips 66 |
254,741 |
36,481,459 |
| Pioneer Natural Resources Co. |
42,057 |
11,326,791 |
| Schlumberger NV |
240,751 |
11,430,857 |
| SM Energy Co. |
38,928 |
1,887,619 |
| Southwestern Energy Co. * |
324,381 |
2,429,614 |
| Targa Resources Corp. |
37,511 |
4,278,505 |
| TechnipFMC PLC |
82,439 |
2,112,087 |
| Valero Energy Corp. |
247,352 |
39,544,164 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Williams Cos., Inc. |
293,256 |
11,249,300 |
| World Kinect Corp. |
291,719 |
6,855,396 |
| |
|
618,839,508 |
| | ||
| Equity Real Estate Investment Trusts (REITs) 1.6%
| ||
| Alexandria Real Estate Equities, Inc. |
22,541 |
2,611,826 |
| American Tower Corp. |
51,892 |
8,902,592 |
| AvalonBay Communities, Inc. |
21,421 |
4,060,779 |
| Boston Properties, Inc. |
61,318 |
3,794,971 |
| Brixmor Property Group, Inc. |
78,316 |
1,730,784 |
| Camden Property Trust |
16,985 |
1,693,065 |
| Crown Castle, Inc. |
77,927 |
7,307,994 |
| Digital Realty Trust, Inc. |
45,075 |
6,255,508 |
| Equinix, Inc. |
8,149 |
5,794,835 |
| Equity Residential |
68,851 |
4,434,004 |
| Essex Property Trust, Inc. |
10,350 |
2,548,688 |
| Extra Space Storage, Inc. |
20,395 |
2,738,641 |
| Gaming & Leisure Properties, Inc. |
35,750 |
1,527,598 |
| Healthpeak Properties, Inc. |
163,318 |
3,039,348 |
| Host Hotels & Resorts, Inc. |
198,493 |
3,745,563 |
| Invitation Homes, Inc. |
68,749 |
2,351,216 |
| Iron Mountain, Inc. |
60,242 |
4,669,960 |
| Kimco Realty Corp. |
114,669 |
2,136,283 |
| Lamar Advertising Co., Class A |
17,442 |
2,020,656 |
| Medical Properties Trust, Inc. (a) |
322,686 |
1,484,356 |
| Mid-America Apartment Communities, Inc. |
19,262 |
2,504,060 |
| Park Hotels & Resorts, Inc. |
157,043 |
2,533,104 |
| Prologis, Inc. |
51,032 |
5,207,816 |
| Public Storage |
14,865 |
3,856,724 |
| Realty Income Corp. |
60,298 |
3,228,355 |
| Regency Centers Corp. |
29,849 |
1,767,658 |
| SBA Communications Corp., Class A |
7,185 |
1,337,272 |
| Simon Property Group, Inc. |
61,678 |
8,667,609 |
| SL Green Realty Corp. |
52,239 |
2,603,069 |
| Sun Communities, Inc. |
15,592 |
1,735,701 |
| UDR, Inc. |
48,810 |
1,858,685 |
| Ventas, Inc. |
124,493 |
5,512,550 |
| VICI Properties, Inc., Class A |
57,439 |
1,639,883 |
| Vornado Realty Trust |
119,812 |
3,118,706 |
| Welltower, Inc. |
77,898 |
7,422,121 |
| Weyerhaeuser Co. |
243,579 |
7,348,778 |
| WP Carey, Inc. |
29,396 |
1,612,077 |
| |
|
134,802,835 |
| | ||
| Financial Services 8.4% | ||
| Affiliated Managers Group, Inc. |
18,388 |
2,870,367 |
| Ally Financial, Inc. |
286,601 |
10,991,148 |
| American Express Co. |
138,825 |
32,489,215 |
| Ameriprise Financial, Inc. |
25,930 |
10,677,715 |
| Annaly Capital Management, Inc. |
118,707 |
2,224,569 |
| Apollo Global Management, Inc. |
32,087 |
3,477,589 |
| Bank of New York Mellon Corp. |
351,386 |
19,849,795 |
| Berkshire Hathaway, Inc., Class A * |
87 |
52,156,501 |
| Berkshire Hathaway, Inc., Class B * |
329,049 |
130,543,610 |
| BlackRock, Inc. |
26,001 |
19,621,395 |
| Blackstone, Inc. |
69,640 |
8,120,720 |
| Block, Inc. * |
20,913 |
1,526,649 |
| Bread Financial Holdings, Inc. |
101,023 |
3,728,759 |
| Capital One Financial Corp. |
257,957 |
36,998,773 |
| Carlyle Group, Inc. |
57,058 |
2,556,198 |
| Cboe Global Markets, Inc. |
9,400 |
1,702,810 |
| Charles Schwab Corp. (b) |
149,438 |
11,050,940 |
| CME Group, Inc. |
32,472 |
6,807,430 |
| Corebridge Financial, Inc. (a) |
72,982 |
1,938,402 |
| Corpay, Inc. * |
14,764 |
4,460,795 |
See financial
notes
19
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental US Large Company
Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Discover Financial Services |
150,155 |
19,029,143 |
| Equitable Holdings, Inc. |
106,110 |
3,916,520 |
| Evercore, Inc., Class A |
15,619 |
2,834,849 |
| Fidelity National Information Services, Inc. |
156,790 |
10,649,177 |
| Fiserv, Inc. * |
55,767 |
8,513,948 |
| Franklin Resources, Inc. |
167,673 |
3,829,651 |
| Global Payments, Inc. |
56,988 |
6,996,417 |
| Goldman Sachs Group, Inc. |
110,388 |
47,103,663 |
| Intercontinental Exchange, Inc. |
72,004 |
9,271,235 |
| Invesco Ltd. |
226,074 |
3,203,469 |
| Jack Henry & Associates, Inc. |
11,592 |
1,885,902 |
| Jackson Financial, Inc., Class A |
40,367 |
2,757,873 |
| Janus Henderson Group PLC |
69,705 |
2,176,190 |
| Jefferies Financial Group, Inc. |
88,421 |
3,807,408 |
| KKR & Co., Inc. |
89,978 |
8,374,252 |
| Lazard, Inc. |
48,545 |
1,868,983 |
| LPL Financial Holdings, Inc. |
11,218 |
3,019,100 |
| Mastercard, Inc., Class A |
51,168 |
23,087,002 |
| MGIC Investment Corp. |
94,517 |
1,916,805 |
| Moody's Corp. |
14,411 |
5,336,826 |
| Morgan Stanley |
316,782 |
28,776,477 |
| MSCI, Inc., Class A |
4,195 |
1,953,989 |
| Nasdaq, Inc. |
39,421 |
2,359,347 |
| Navient Corp. |
123,097 |
1,848,917 |
| Northern Trust Corp. |
70,095 |
5,775,127 |
| OneMain Holdings, Inc. |
100,947 |
5,260,348 |
| PayPal Holdings, Inc. * |
227,918 |
15,480,191 |
| Raymond James Financial, Inc. |
30,425 |
3,711,850 |
| Rithm Capital Corp. |
209,642 |
2,331,219 |
| S&P Global, Inc. |
23,788 |
9,891,764 |
| SEI Investments Co. |
30,160 |
1,989,052 |
| SLM Corp. |
159,646 |
3,382,899 |
| Starwood Property Trust, Inc. |
94,091 |
1,784,906 |
| State Street Corp. |
102,975 |
7,464,658 |
| Synchrony Financial |
553,801 |
24,356,168 |
| T Rowe Price Group, Inc. |
95,448 |
10,458,237 |
| Visa, Inc., Class A |
108,486 |
29,140,424 |
| Voya Financial, Inc. |
32,962 |
2,246,690 |
| Western Union Co. |
277,825 |
3,733,968 |
| |
|
695,318,024 |
| | ||
| Food, Beverage & Tobacco 3.4% |
||
| Altria Group, Inc. |
654,167 |
28,659,056 |
| Archer-Daniels-Midland Co. |
308,034 |
18,069,274 |
| Bunge Global SA |
88,197 |
8,974,927 |
| Campbell Soup Co. |
62,098 |
2,838,500 |
| Coca-Cola Co. |
532,500 |
32,892,525 |
| Coca-Cola Europacific Partners PLC |
47,613 |
3,429,088 |
| Conagra Brands, Inc. |
182,264 |
5,610,086 |
| Constellation Brands, Inc., Class A |
26,137 |
6,624,684 |
| Darling Ingredients, Inc. * |
43,024 |
1,822,927 |
| Flowers Foods, Inc. |
71,341 |
1,779,245 |
| General Mills, Inc. |
153,102 |
10,787,567 |
| Hershey Co. |
17,760 |
3,444,019 |
| Hormel Foods Corp. |
92,145 |
3,276,676 |
| Ingredion, Inc. |
30,459 |
3,490,297 |
| J M Smucker Co. |
42,730 |
4,907,540 |
| Kellanova |
77,276 |
4,471,189 |
| Keurig Dr Pepper, Inc. |
190,299 |
6,413,076 |
| Kraft Heinz Co. |
263,130 |
10,159,449 |
| Lamb Weston Holdings, Inc. |
16,442 |
1,370,276 |
| McCormick & Co., Inc. - Non Voting Shares |
39,509 |
3,005,055 |
| Molson Coors Beverage Co., Class B |
73,604 |
4,214,565 |
| Mondelez International, Inc., Class A |
267,115 |
19,216,253 |
| Monster Beverage Corp. * |
66,565 |
3,557,899 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| PepsiCo, Inc. |
223,605 |
39,334,356 |
| Philip Morris International, Inc. |
363,921 |
34,550,660 |
| Post Holdings, Inc. * |
17,497 |
1,857,307 |
| Tyson Foods, Inc., Class A |
289,047 |
17,530,701 |
| |
|
282,287,197 |
| | ||
| Health Care Equipment & Services 5.8% | ||
| Abbott Laboratories |
244,090 |
25,866,217 |
| Align Technology, Inc. * |
7,883 |
2,226,002 |
| Baxter International, Inc. |
188,764 |
7,620,403 |
| Becton Dickinson & Co. |
39,844 |
9,347,402 |
| Boston Scientific Corp. * |
102,096 |
7,337,639 |
| Cardinal Health, Inc. |
60,239 |
6,207,027 |
| Cencora, Inc. |
9,694 |
2,317,351 |
| Centene Corp. * |
290,288 |
21,208,441 |
| Chemed Corp. |
2,686 |
1,525,648 |
| Cigna Group |
131,548 |
46,967,898 |
| Community Health Systems, Inc. * |
379,449 |
1,252,182 |
| Cooper Cos., Inc. |
21,582 |
1,922,093 |
| CVS Health Corp. |
934,404 |
63,268,495 |
| DaVita, Inc. * |
40,332 |
5,606,551 |
| DENTSPLY SIRONA, Inc. |
58,294 |
1,749,403 |
| Edwards Lifesciences Corp. * |
44,046 |
3,729,375 |
| Elevance Health, Inc. |
81,624 |
43,144,814 |
| Encompass Health Corp. |
24,285 |
2,024,883 |
| GE HealthCare Technologies, Inc. |
36,985 |
2,819,736 |
| HCA Healthcare, Inc. |
57,519 |
17,820,537 |
| Henry Schein, Inc. * |
52,097 |
3,609,280 |
| Hologic, Inc. * |
45,262 |
3,429,502 |
| Humana, Inc. |
49,933 |
15,084,260 |
| IDEXX Laboratories, Inc. * |
4,347 |
2,142,028 |
| Intuitive Surgical, Inc. * |
15,763 |
5,842,083 |
| Laboratory Corp. of America Holdings |
33,294 |
6,704,413 |
| McKesson Corp. |
17,134 |
9,204,556 |
| Medtronic PLC |
361,276 |
28,988,786 |
| Molina Healthcare, Inc. * |
12,023 |
4,113,068 |
| Quest Diagnostics, Inc. |
41,393 |
5,719,685 |
| ResMed, Inc. |
13,638 |
2,918,396 |
| Solventum Corp. * |
68,921 |
4,480,554 |
| STERIS PLC |
11,330 |
2,317,665 |
| Stryker Corp. |
30,815 |
10,369,247 |
| Teleflex, Inc. |
7,503 |
1,566,251 |
| Tenet Healthcare Corp. * |
48,866 |
5,487,163 |
| UnitedHealth Group, Inc. |
180,773 |
87,439,900 |
| Universal Health Services, Inc., Class B |
41,834 |
7,129,769 |
| Zimmer Biomet Holdings, Inc. |
36,948 |
4,444,105 |
| |
|
484,952,808 |
| | ||
| Household & Personal Products 1.3% |
||
| Church & Dwight Co., Inc. |
36,595 |
3,948,235 |
| Clorox Co. |
20,401 |
3,016,696 |
| Colgate-Palmolive Co. |
141,038 |
12,964,213 |
| Estee Lauder Cos., Inc., Class A |
36,351 |
5,333,055 |
| Kimberly-Clark Corp. |
72,399 |
9,884,635 |
| Procter & Gamble Co. |
429,062 |
70,022,918 |
| |
|
105,169,752 |
| | ||
| Insurance 3.6% | ||
| Aflac, Inc. |
188,006 |
15,726,702 |
| Allstate Corp. |
149,603 |
25,441,486 |
| American Equity Investment Life Holding Co. |
31,065 |
1,743,057 |
| American Financial Group, Inc. |
29,677 |
3,791,237 |
| American International Group, Inc. |
354,936 |
26,730,230 |
| Aon PLC, Class A |
30,861 |
8,703,111 |
See financial
notes
Schwab Fundamental Index Funds | Semiannual Report
20
Schwab Fundamental US Large Company
Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Arch Capital Group Ltd. * |
50,015 |
4,678,403 |
| Arthur J Gallagher & Co. |
15,543 |
3,647,787 |
| Assurant, Inc. |
13,209 |
2,303,650 |
| Brown & Brown, Inc. |
22,398 |
1,826,333 |
| Chubb Ltd. |
91,883 |
22,845,789 |
| Cincinnati Financial Corp. |
47,864 |
5,537,386 |
| CNO Financial Group, Inc. |
105,896 |
2,788,242 |
| Everest Group Ltd. |
8,208 |
3,007,493 |
| Fidelity National Financial, Inc. |
101,996 |
5,048,802 |
| First American Financial Corp. |
56,687 |
3,036,723 |
| Genworth Financial, Inc., Class A * |
415,319 |
2,462,842 |
| Globe Life, Inc. |
24,373 |
1,856,491 |
| Hanover Insurance Group, Inc. |
15,514 |
2,014,027 |
| Hartford Financial Services Group, Inc. |
124,188 |
12,032,575 |
| Lincoln National Corp. |
180,488 |
4,921,908 |
| Loews Corp. |
59,174 |
4,446,926 |
| Markel Group, Inc. * |
2,606 |
3,800,590 |
| Marsh & McLennan Cos., Inc. |
56,610 |
11,289,732 |
| MetLife, Inc. |
314,644 |
22,364,895 |
| Old Republic International Corp. |
123,066 |
3,674,751 |
| Primerica, Inc. |
8,067 |
1,709,075 |
| Principal Financial Group, Inc. |
87,631 |
6,935,117 |
| Progressive Corp. |
98,120 |
20,433,490 |
| Prudential Financial, Inc. |
190,234 |
21,017,052 |
| Reinsurance Group of America, Inc. |
19,146 |
3,580,111 |
| Travelers Cos., Inc. |
116,646 |
24,747,615 |
| Unum Group |
83,213 |
4,218,899 |
| W R Berkley Corp. |
37,574 |
2,892,071 |
| Willis Towers Watson PLC |
20,698 |
5,198,096 |
| |
|
296,452,694 |
| | ||
| Materials 3.7% | ||
| Air Products & Chemicals, Inc. |
34,562 |
8,168,383 |
| Albemarle Corp. |
17,223 |
2,072,099 |
| Alcoa Corp. |
131,709 |
4,628,254 |
| AptarGroup, Inc. |
12,993 |
1,875,929 |
| Arch Resources, Inc. |
7,607 |
1,207,840 |
| Avery Dennison Corp. |
17,117 |
3,719,182 |
| Axalta Coating Systems Ltd. * |
58,355 |
1,834,681 |
| Ball Corp. |
89,298 |
6,212,462 |
| Berry Global Group, Inc. |
52,616 |
2,980,170 |
| Celanese Corp., Class A |
44,268 |
6,800,008 |
| CF Industries Holdings, Inc. |
59,891 |
4,729,592 |
| Chemours Co. |
88,863 |
2,377,085 |
| Cleveland-Cliffs, Inc. * |
178,536 |
3,017,258 |
| Commercial Metals Co. |
46,317 |
2,489,076 |
| Corteva, Inc. |
132,285 |
7,160,587 |
| Crown Holdings, Inc. |
35,867 |
2,943,605 |
| Dow, Inc. |
329,854 |
18,768,693 |
| DuPont de Nemours, Inc. |
197,372 |
14,309,470 |
| Eagle Materials, Inc. |
8,236 |
2,064,848 |
| Eastman Chemical Co. |
72,970 |
6,891,287 |
| Ecolab, Inc. |
33,915 |
7,669,877 |
| FMC Corp. |
38,291 |
2,259,552 |
| Freeport-McMoRan, Inc. |
294,526 |
14,708,628 |
| Graphic Packaging Holding Co. |
99,816 |
2,580,244 |
| Huntsman Corp. |
131,490 |
3,137,351 |
| International Flavors & Fragrances, Inc. |
52,874 |
4,475,784 |
| International Paper Co. |
277,791 |
9,706,018 |
| Linde PLC |
65,266 |
28,779,695 |
| Louisiana-Pacific Corp. |
34,463 |
2,522,347 |
| LyondellBasell Industries NV, Class A |
141,702 |
14,165,949 |
| Martin Marietta Materials, Inc. |
7,356 |
4,318,487 |
| Mosaic Co. |
160,485 |
5,037,624 |
| Newmont Corp. |
343,273 |
13,950,615 |
| Nucor Corp. |
105,565 |
17,790,869 |
| O-I Glass, Inc. * |
104,567 |
1,564,322 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Olin Corp. |
54,818 |
2,865,885 |
| Packaging Corp. of America |
29,822 |
5,158,610 |
| PPG Industries, Inc. |
56,894 |
7,339,326 |
| Reliance, Inc. |
23,828 |
6,784,308 |
| RPM International, Inc. |
26,230 |
2,804,249 |
| Sealed Air Corp. |
67,274 |
2,117,786 |
| Sherwin-Williams Co. |
21,415 |
6,416,148 |
| Sonoco Products Co. |
43,165 |
2,419,398 |
| Steel Dynamics, Inc. |
70,144 |
9,127,137 |
| U.S. Steel Corp. |
185,385 |
6,766,553 |
| Vulcan Materials Co. |
15,663 |
4,035,259 |
| Westlake Corp. |
10,545 |
1,553,911 |
| Westrock Co. |
227,128 |
10,893,059 |
| |
|
305,199,500 |
| | ||
| Media & Entertainment 6.5% | ||
| Alphabet, Inc., Class A * |
695,194 |
113,163,679 |
| Alphabet, Inc., Class C * |
610,308 |
100,481,109 |
| Charter Communications, Inc., Class A * |
79,296 |
20,295,018 |
| Comcast Corp., Class A |
1,614,593 |
61,532,139 |
| Electronic Arts, Inc. |
48,797 |
6,188,436 |
| Fox Corp., Class A |
194,177 |
6,021,429 |
| Interpublic Group of Cos., Inc. |
104,900 |
3,193,156 |
| Liberty Media Corp.-Liberty SiriusXM, Class C * |
172,613 |
4,153,069 |
| Meta Platforms, Inc., Class A |
327,918 |
141,060,486 |
| Netflix, Inc. * |
18,944 |
10,431,324 |
| News Corp., Class A |
136,493 |
3,248,533 |
| Nexstar Media Group, Inc., Class A |
16,345 |
2,616,181 |
| Omnicom Group, Inc. |
72,578 |
6,738,142 |
| Paramount Global, Class B |
800,725 |
9,120,258 |
| Take-Two Interactive Software, Inc. * |
13,807 |
1,971,778 |
| TEGNA, Inc. |
111,839 |
1,525,484 |
| Walt Disney Co. |
371,441 |
41,267,095 |
| Warner Bros Discovery, Inc. * |
603,684 |
4,443,114 |
| |
|
537,450,430 |
| | ||
| Pharmaceuticals, Biotechnology & Life Sciences
5.4% | ||
| AbbVie, Inc. |
266,476 |
43,339,657 |
| Agilent Technologies, Inc. |
38,591 |
5,288,511 |
| Amgen, Inc. |
134,304 |
36,791,238 |
| Avantor, Inc. * |
82,212 |
1,991,997 |
| Biogen, Inc. * |
44,420 |
9,542,304 |
| Bristol-Myers Squibb Co. |
569,011 |
25,002,343 |
| Catalent, Inc. * |
34,529 |
1,928,445 |
| Charles River Laboratories International, Inc. * |
6,608 |
1,513,232 |
| Danaher Corp. |
53,378 |
13,164,082 |
| Eli Lilly & Co. |
25,946 |
20,266,421 |
| Gilead Sciences, Inc. |
356,507 |
23,244,256 |
| ICON PLC, ADR * |
6,939 |
2,066,989 |
| Illumina, Inc. * |
18,120 |
2,229,666 |
| IQVIA Holdings, Inc. * |
31,195 |
7,230,065 |
| Jazz Pharmaceuticals PLC * |
13,170 |
1,458,578 |
| Johnson & Johnson |
521,083 |
75,343,391 |
| Merck & Co., Inc. |
393,618 |
50,863,318 |
| Mettler-Toledo International, Inc. * |
2,344 |
2,882,417 |
| Moderna, Inc. * |
43,477 |
4,795,948 |
| Organon & Co. |
305,987 |
5,694,418 |
| Perrigo Co. PLC |
79,084 |
2,582,883 |
| Pfizer, Inc. |
2,084,008 |
53,392,285 |
| Regeneron Pharmaceuticals, Inc. * |
11,978 |
10,668,325 |
| Revvity, Inc. |
20,673 |
2,118,362 |
| Thermo Fisher Scientific, Inc. |
41,207 |
23,435,245 |
| Vertex Pharmaceuticals, Inc. * |
13,517 |
5,309,613 |
| Viatris, Inc. |
700,645 |
8,106,463 |
See financial
notes
21
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental US Large Company
Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Waters Corp. * |
10,640 |
3,288,186 |
| West Pharmaceutical Services, Inc. |
4,581 |
1,637,616 |
| Zoetis, Inc. |
36,305 |
5,781,208 |
| |
|
450,957,462 |
| | ||
| Real Estate Management & Development 0.2%
| ||
| Anywhere Real Estate, Inc. * |
298,633 |
1,451,356 |
| CBRE Group, Inc., Class A * |
90,959 |
7,903,428 |
| Jones Lang LaSalle, Inc. * |
31,766 |
5,740,116 |
| |
|
15,094,900 |
| | ||
| Semiconductors & Semiconductor Equipment 4.5%
| ||
| Advanced Micro Devices, Inc. * |
50,740 |
8,036,201 |
| Analog Devices, Inc. |
50,964 |
10,223,888 |
| Applied Materials, Inc. |
125,701 |
24,970,504 |
| Broadcom, Inc. |
39,309 |
51,112,313 |
| First Solar, Inc. * |
9,487 |
1,672,558 |
| Intel Corp. |
2,561,549 |
78,050,398 |
| KLA Corp. |
11,722 |
8,079,857 |
| Lam Research Corp. |
18,805 |
16,819,380 |
| Marvell Technology, Inc. |
43,926 |
2,895,163 |
| Microchip Technology, Inc. |
59,435 |
5,466,831 |
| Micron Technology, Inc. |
388,603 |
43,896,595 |
| MKS Instruments, Inc. |
15,174 |
1,805,403 |
| NVIDIA Corp. |
30,723 |
26,545,286 |
| NXP Semiconductors NV |
40,129 |
10,280,648 |
| ON Semiconductor Corp. * |
42,274 |
2,965,944 |
| Qorvo, Inc. * |
39,821 |
4,652,686 |
| QUALCOMM, Inc. |
261,875 |
43,431,969 |
| Skyworks Solutions, Inc. |
40,964 |
4,366,353 |
| Teradyne, Inc. |
32,871 |
3,823,555 |
| Texas Instruments, Inc. |
157,133 |
27,721,404 |
| |
|
376,816,936 |
| | ||
| Software & Services 4.8% | ||
| Accenture PLC, Class A |
80,358 |
24,180,526 |
| Adobe, Inc. * |
30,764 |
14,238,502 |
| Akamai Technologies, Inc. * |
29,335 |
2,960,782 |
| Amdocs Ltd. |
38,064 |
3,196,995 |
| ANSYS, Inc. * |
5,111 |
1,660,462 |
| Autodesk, Inc. * |
9,807 |
2,087,420 |
| Cadence Design Systems, Inc. * |
9,732 |
2,682,431 |
| Check Point Software Technologies Ltd. * |
18,192 |
2,718,249 |
| Cognizant Technology Solutions Corp., Class A |
204,377 |
13,423,481 |
| Dropbox, Inc., Class A * |
48,478 |
1,122,750 |
| DXC Technology Co. * |
199,397 |
3,886,248 |
| EPAM Systems, Inc. * |
5,517 |
1,297,929 |
| Fortinet, Inc. * |
28,938 |
1,828,303 |
| Gartner, Inc. * |
5,707 |
2,354,651 |
| Gen Digital, Inc. |
130,168 |
2,621,583 |
| GoDaddy, Inc., Class A * |
15,636 |
1,913,534 |
| International Business Machines Corp. |
263,910 |
43,861,842 |
| Intuit, Inc. |
14,322 |
8,960,130 |
| Kyndryl Holdings, Inc. * |
212,891 |
4,185,437 |
| Microsoft Corp. |
523,414 |
203,780,773 |
| Oracle Corp. |
254,146 |
28,909,107 |
| Palo Alto Networks, Inc. * |
8,355 |
2,430,386 |
| Roper Technologies, Inc. |
8,314 |
4,252,278 |
| Salesforce, Inc. |
40,379 |
10,859,528 |
| ServiceNow, Inc. * |
2,003 |
1,388,740 |
| Synopsys, Inc. * |
5,163 |
2,739,436 |
| VeriSign, Inc. * |
7,095 |
1,202,461 |
| |
|
394,743,964 |
| | ||
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Technology Hardware & Equipment 6.2% | ||
| Amphenol Corp., Class A |
63,363 |
7,652,350 |
| Apple, Inc. |
1,747,572 |
297,663,939 |
| Arista Networks, Inc. * |
9,451 |
2,424,749 |
| Arrow Electronics, Inc. * |
57,497 |
7,340,642 |
| Avnet, Inc. |
130,003 |
6,353,247 |
| CDW Corp. |
23,064 |
5,578,259 |
| Ciena Corp. * |
40,857 |
1,888,819 |
| Cisco Systems, Inc. |
1,308,432 |
61,470,135 |
| Corning, Inc. |
291,856 |
9,742,153 |
| F5, Inc. * |
13,242 |
2,189,035 |
| Flex Ltd. * |
166,994 |
4,784,378 |
| Hewlett Packard Enterprise Co. |
957,164 |
16,271,788 |
| HP, Inc. |
521,943 |
14,661,379 |
| Insight Enterprises, Inc. * |
10,539 |
1,924,105 |
| Jabil, Inc. |
40,979 |
4,809,295 |
| Juniper Networks, Inc. |
131,490 |
4,578,482 |
| Keysight Technologies, Inc. * |
17,993 |
2,661,884 |
| Motorola Solutions, Inc. |
13,404 |
4,545,967 |
| NetApp, Inc. |
65,548 |
6,699,661 |
| Sanmina Corp. * |
43,914 |
2,664,262 |
| Seagate Technology Holdings PLC |
92,094 |
7,911,796 |
| TD SYNNEX Corp. |
18,360 |
2,163,542 |
| TE Connectivity Ltd. |
64,920 |
9,184,882 |
| Teledyne Technologies, Inc. * |
4,606 |
1,757,097 |
| Trimble, Inc. * |
40,453 |
2,430,012 |
| Vishay Intertechnology, Inc. |
61,631 |
1,426,141 |
| Western Digital Corp. * |
205,846 |
14,580,072 |
| Xerox Holdings Corp. |
170,627 |
2,267,633 |
| Zebra Technologies Corp., Class A * |
9,272 |
2,916,600 |
| |
|
510,542,304 |
| | ||
| Telecommunication Services 3.0% | ||
| AT&T, Inc. |
5,771,693 |
97,483,895 |
| Frontier Communications Parent, Inc. * |
90,932 |
2,104,167 |
| Liberty Global Ltd., Class C * |
420,147 |
6,877,806 |
| Liberty Latin America Ltd., Class C * |
187,841 |
1,416,321 |
| Lumen Technologies, Inc. * |
7,881,476 |
9,378,956 |
| Telephone & Data Systems, Inc. |
185,446 |
2,902,230 |
| T-Mobile U.S., Inc. |
103,163 |
16,936,270 |
| Verizon Communications, Inc. |
2,730,465 |
107,826,063 |
| |
|
244,925,708 |
| | ||
| Transportation 1.9% | ||
| Avis Budget Group, Inc. |
18,698 |
1,784,724 |
| CH Robinson Worldwide, Inc. |
62,708 |
4,452,268 |
| CSX Corp. |
557,135 |
18,508,025 |
| Delta Air Lines, Inc. |
45,712 |
2,288,800 |
| FedEx Corp. |
99,218 |
25,973,288 |
| GXO Logistics, Inc. * |
28,850 |
1,432,691 |
| Hertz Global Holdings, Inc. * |
66,954 |
304,641 |
| Hub Group, Inc., Class A |
36,585 |
1,471,449 |
| JB Hunt Transport Services, Inc. |
20,098 |
3,267,332 |
| Knight-Swift Transportation Holdings, Inc. |
60,350 |
2,789,980 |
| Landstar System, Inc. |
11,336 |
1,977,112 |
| Norfolk Southern Corp. |
71,348 |
16,432,871 |
| Old Dominion Freight Line, Inc. |
20,234 |
3,676,720 |
| Ryder System, Inc. |
42,736 |
5,207,382 |
| Southwest Airlines Co. |
68,136 |
1,767,448 |
| Uber Technologies, Inc. * |
46,983 |
3,113,563 |
| U-Haul Holding Co. * |
622 |
39,329 |
| U-Haul Holding Co. - Non Voting |
24,240 |
1,486,397 |
| Union Pacific Corp. |
144,645 |
34,304,008 |
| United Parcel Service, Inc., Class B |
157,389 |
23,211,730 |
See financial
notes
Schwab Fundamental Index Funds | Semiannual Report
22
Schwab Fundamental US Large Company
Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Werner Enterprises, Inc. |
39,772 |
1,360,202 |
| ZIM Integrated Shipping Services Ltd. *(a) |
275,794 |
3,654,270 |
| |
|
158,504,230 |
| | ||
| Utilities 3.5% | ||
| AES Corp. |
319,414 |
5,717,511 |
| Alliant Energy Corp. |
63,246 |
3,149,651 |
| Ameren Corp. |
68,565 |
5,064,897 |
| American Electric Power Co., Inc. |
159,584 |
13,729,011 |
| American Water Works Co., Inc. |
28,266 |
3,457,497 |
| Atmos Energy Corp. |
24,878 |
2,933,116 |
| CenterPoint Energy, Inc. |
183,594 |
5,349,929 |
| CMS Energy Corp. |
82,177 |
4,980,748 |
| Consolidated Edison, Inc. |
113,484 |
10,712,890 |
| Constellation Energy Corp. |
50,761 |
9,438,500 |
| Dominion Energy, Inc. |
298,919 |
15,238,891 |
| DTE Energy Co. |
60,084 |
6,628,467 |
| Duke Energy Corp. |
261,234 |
25,668,853 |
| Edison International |
111,424 |
7,917,789 |
| Entergy Corp. |
76,424 |
8,152,148 |
| Essential Utilities, Inc. |
37,591 |
1,375,079 |
| Evergy, Inc. |
104,679 |
5,490,414 |
| Eversource Energy |
111,584 |
6,764,222 |
| Exelon Corp. |
390,178 |
14,662,889 |
| FirstEnergy Corp. |
206,761 |
7,927,217 |
| National Fuel Gas Co. |
29,939 |
1,589,761 |
| NextEra Energy, Inc. |
311,827 |
20,883,054 |
| NiSource, Inc. |
119,820 |
3,338,185 |
| NRG Energy, Inc. |
129,020 |
9,375,883 |
| OGE Energy Corp. |
67,280 |
2,331,252 |
| PG&E Corp. |
125,716 |
2,151,001 |
| Pinnacle West Capital Corp. |
44,444 |
3,273,301 |
| Portland General Electric Co. |
35,421 |
1,531,250 |
| PPL Corp. |
323,457 |
8,882,129 |
| Public Service Enterprise Group, Inc. |
124,818 |
8,622,427 |
| Sempra |
130,156 |
9,323,074 |
| Southern Co. |
288,297 |
21,189,829 |
| UGI Corp. |
162,879 |
4,163,187 |
| Vistra Corp. |
147,978 |
11,222,651 |
| WEC Energy Group, Inc. |
77,168 |
6,377,164 |
| Xcel Energy, Inc. |
152,116 |
8,173,193 |
| |
|
286,787,060 |
| Total Common Stocks
(Cost $4,957,217,631) |
8,257,403,229 | |
| SECURITY |
NUMBER OF
SHARES |
VALUE ($) |
| SHORT-TERM INVESTMENTS 0.4% OF NET ASSETS | ||
| | ||
| Money Market Funds 0.4% | ||
| State Street Institutional U.S. Government Money Market Fund, Premier Class 5.25% (c) |
28,071,706 |
28,071,706 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 5.25% (c)(d) |
6,924,730 |
6,924,730 |
| |
|
34,996,436 |
| Total Short-Term Investments
(Cost $34,996,436) |
34,996,436 | |
| Total Investments in Securities
(Cost $4,992,214,067) |
8,292,399,665 | |
| |
NUMBER OF CONTRACTS |
NOTIONAL AMOUNT
($) |
CURRENT VALUE/ UNREALIZED
APPRECIATION ($) |
| FUTURES CONTRACTS | |||
| Long |
|
|
|
| S&P 500 Index, e-mini, expires 06/21/24 |
85 |
21,534,750 |
8,628 |
| * |
Non-income producing security. |
| (a) |
All or a portion of this security is on loan. Securities on loan were valued at $6,682,168. |
| (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. |
| ADR — |
American Depositary Receipt |
Below is a summary of the fund’s
transactions with affiliated issuers and companies which are or were affiliates during the period April 30, 2024. 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, 2023, and/or Value at April 30,
2024, columns means either the issuer was not held or not held as an affiliate at the beginning of period and is no longer held at period end or the issuer is held at period end but is no longer an affiliate.
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DIVIDENDS RECEIVED |
| COMMON STOCKS 0.1% OF NET ASSETS | ||||||||
| | ||||||||
| Financial Services 0.1% | ||||||||
| Charles Schwab Corp. |
$5,890,928 |
$2,553,305 |
($66,439 ) |
($10,996 ) |
$2,684,142 |
$11,050,940 |
149,438 |
$61,597 |
| | ||||||||
See financial notes
23
Schwab Fundamental Index Funds | Semiannual ReportSchwab Fundamental US Large Company
Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DIVIDENDS RECEIVED |
| Transportation 0.0% | ||||||||
| Daseke, Inc. |
$— |
$1,516,053 |
($1,525,241 ) |
$9,188 |
$— |
$— |
— |
$— |
| Total |
$5,890,928 |
$4,069,358 |
($1,591,680
) |
($1,808
) |
$2,684,142 |
$11,050,940 |
|
$61,597 |
The following is a summary of the inputs used to value the fund’s investments
as of April 30, 2024 (see financial note 2(a) for additional information):
| DESCRIPTION |
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) |
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) |
TOTAL |
| Assets |
|
|
|
|
| Common Stocks1
|
$8,257,403,229 |
$— |
$— |
$8,257,403,229
|
| Short-Term Investments1
|
34,996,436 |
— |
— |
34,996,436 |
| Futures Contracts2
|
8,628 |
— |
— |
8,628 |
| Total |
$8,292,408,293 |
$— |
$— |
$8,292,408,293 |
| 1 |
As categorized in the Portfolio Holdings.
|
| 2 |
Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
See financial notes
Schwab Fundamental Index Funds | Semiannual Report
24
Schwab Fundamental US Large Company
Index Fund
Statement of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $6,598,357) |
|
$11,050,940
|
| Investments in securities, at value - unaffiliated issuers (cost $4,985,615,710) including securities on loan of $6,682,168 |
|
8,281,348,725 |
| Deposit with broker for futures contracts |
|
1,958,800 |
| Receivables: |
|
|
| Dividends |
|
8,691,944 |
| Fund shares sold |
|
5,943,225 |
| Income from securities on loan |
+ |
25,783 |
| Total assets |
|
8,309,019,417 |
| | ||
| Liabilities | ||
| Collateral held for securities on loan |
|
6,924,730 |
| Payables: |
|
|
| Investments bought |
|
18,920,339 |
| Fund shares redeemed |
|
2,235,508 |
| Investment adviser fees |
|
1,711,375 |
| Variation margin on futures contracts |
+ |
310,897 |
| Total liabilities |
|
30,102,849 |
| Net assets |
|
$8,278,916,568 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$4,845,454,985
|
| Total distributable earnings |
+ |
3,433,461,583 |
| Net assets |
|
$8,278,916,568 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares Outstanding |
= |
NAV |
| $8,278,916,568 |
|
326,945,370 |
|
$25.32 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
25
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental US Large Company
Index Fund
Statement of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $16,206) |
|
$88,891,141
|
| Other interest |
|
65,365 |
| Dividends received from securities - affiliated issuers |
|
61,597 |
| Securities on loan, net |
+ |
101,659 |
| Total investment income
|
|
89,119,762 |
| | ||
| Expenses | ||
| Investment adviser fees |
|
9,829,861 |
| Total expenses |
– |
9,829,861 |
| Net investment income |
|
79,289,901 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized losses on sales of securities - affiliated issuers |
|
(1,808 ) |
| Net realized losses on sales of securities - unaffiliated issuers |
|
(19,840,433 ) |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers |
|
276,923,955 |
| Net realized gains on futures contracts |
+ |
5,363,867 |
| Net realized gains |
|
262,445,581 |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
|
2,684,142 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
|
956,352,585 |
| Net change in unrealized appreciation (depreciation) on futures contracts |
+ |
1,114,400 |
| Net change in unrealized appreciation (depreciation) |
+ |
960,151,127 |
| Net realized and unrealized gains |
|
1,222,596,708 |
| Increase in net assets resulting from operations |
|
$1,301,886,609 |
See financial notes
Schwab Fundamental Index Funds | Semiannual Report
26
Schwab Fundamental US 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 | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$79,289,901 |
$139,705,973
|
| Net realized gains |
|
262,445,581 |
331,984,637 |
| Net change in unrealized appreciation (depreciation) |
+ |
960,151,127 |
(189,595,548 ) |
| Increase in net assets resulting from operations |
|
$1,301,886,609 |
$282,095,062 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($142,700,838
) |
($133,865,719 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
50,329,059 |
$1,246,586,609 |
85,365,922 |
$1,869,192,647
|
| Shares reinvested |
|
4,359,762 |
101,408,064 |
4,461,960 |
94,504,309 |
| Shares redeemed |
+ |
(42,890,822 ) |
(1,064,232,508
) |
(79,488,125 ) |
(1,736,335,999
) |
| Net transactions in fund shares |
|
11,797,999 |
$283,762,165 |
10,339,757 |
$227,360,957 |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
315,147,371 |
$6,835,968,632 |
304,807,614 |
$6,460,378,332
|
| Total increase |
+ |
11,797,999 |
1,442,947,936 |
10,339,757 |
375,590,300 |
| End of period |
|
326,945,370 |
$8,278,916,568 |
315,147,371 |
$6,835,968,632 |
See financial notes
27
Schwab Fundamental Index Funds | Semiannual ReportSchwab Fundamental US Small Company
Index Fund
Financial Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$13.80 |
$15.22 |
$19.32 |
$11.97 |
$13.85 |
$14.68 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.15 |
0.23 |
0.22 |
0.18 |
0.17 |
0.20 |
| Net realized and unrealized gains (losses) |
2.37 |
(0.67 ) |
(2.17 ) |
7.38 |
(1.53 ) |
0.32 |
| Total from investment operations |
2.52 |
(0.44 ) |
(1.95 ) |
7.56 |
(1.36 ) |
0.52 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.23 ) |
(0.17 ) |
(0.24 ) |
(0.21 ) |
(0.20 ) |
(0.22 ) |
| Distributions from net realized gains |
— |
(0.81 ) |
(1.91 ) |
— |
(0.32 ) |
(1.13 ) |
| Total distributions |
(0.23 ) |
(0.98 ) |
(2.15 ) |
(0.21 ) |
(0.52 ) |
(1.35 ) |
| Net asset value at end of period |
$16.09 |
$13.80 |
$15.22 |
$19.32 |
$11.97 |
$13.85 |
| Total return |
18.31
%2 |
(3.04 %) |
(11.37 %) |
63.73 % |
(10.42 %) |
5.61 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Total expenses |
0.25
%3 |
0.25 % |
0.25
%4 |
0.25 % |
0.25 % |
0.25 % |
| Net investment income (loss) |
1.88
%3 |
1.56 % |
1.35 % |
1.02 % |
1.43 % |
1.50 % |
| Portfolio turnover rate |
16
%2,5 |
22
%5 |
35
%5 |
36
%5 |
28 % |
34 % |
| Net assets, end of period (x 1,000,000) |
$1,836 |
$1,524 |
$1,631 |
$1,945 |
$1,394 |
$1,908 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Annualized. |
| 4 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
| 5 |
Portfolio turnover rate excludes in-kind transactions. |
See financial notes
Schwab Fundamental Index Funds | Semiannual Report
28
Schwab Fundamental US Small Company
Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to
orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to
20 days after the end of the month on the fund’s website.
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| COMMON STOCKS 99.7% OF NET ASSETS | ||
| | ||
| Automobiles & Components 1.4% |
||
| American Axle & Manufacturing Holdings, Inc. * |
365,584 |
2,683,387 |
| Cooper-Standard Holdings, Inc. * |
98,541 |
1,520,488 |
| Dorman Products, Inc. * |
20,596 |
1,801,120 |
| Fox Factory Holding Corp. * |
17,469 |
679,893 |
| Gentherm, Inc. * |
31,386 |
1,587,190 |
| LCI Industries |
28,522 |
2,965,718 |
| Modine Manufacturing Co. * |
34,848 |
3,227,970 |
| Patrick Industries, Inc. |
27,157 |
2,837,635 |
| Phinia, Inc. |
67,468 |
2,631,252 |
| Standard Motor Products, Inc. |
40,078 |
1,286,504 |
| Stoneridge, Inc. * |
46,856 |
701,903 |
| Visteon Corp. * |
17,731 |
1,961,580 |
| Winnebago Industries, Inc. |
44,713 |
2,753,426 |
| |
|
26,638,066 |
| | ||
| Banks 8.1% | ||
| 1st Source Corp. |
13,143 |
651,893 |
| Ameris Bancorp |
39,193 |
1,860,884 |
| Associated Banc-Corp. |
173,162 |
3,648,523 |
| Atlantic Union Bankshares Corp. |
12,153 |
386,101 |
| Axos Financial, Inc. * |
31,554 |
1,596,948 |
| BancFirst Corp. |
7,496 |
668,418 |
| Bancorp, Inc. * |
3,462 |
103,652 |
| Bank of Hawaii Corp. |
38,574 |
2,186,760 |
| Bank of NT Butterfield & Son Ltd. |
51,995 |
1,767,830 |
| Bank OZK |
81,142 |
3,622,990 |
| BankUnited, Inc. |
153,492 |
4,102,841 |
| Banner Corp. |
35,005 |
1,527,268 |
| Berkshire Hills Bancorp, Inc. |
8,116 |
173,033 |
| BOK Financial Corp. |
22,263 |
1,975,396 |
| Brookline Bancorp, Inc. |
78,791 |
653,965 |
| Cadence Bank |
120,523 |
3,334,871 |
| Capitol Federal Financial, Inc. |
190,169 |
907,106 |
| Cathay General Bancorp |
64,240 |
2,212,426 |
| Central Pacific Financial Corp. |
38,838 |
774,430 |
| City Holding Co. |
7,454 |
753,003 |
| Columbia Banking System, Inc. |
165,294 |
3,109,180 |
| Commerce Bancshares, Inc. |
62,286 |
3,405,798 |
| Community Bank System, Inc. |
33,411 |
1,444,023 |
| ConnectOne Bancorp, Inc. |
32,433 |
580,875 |
| Cullen/Frost Bankers, Inc. |
31,812 |
3,319,264 |
| Customers Bancorp, Inc. * |
25,049 |
1,143,988 |
| CVB Financial Corp. |
99,364 |
1,623,608 |
| Eagle Bancorp, Inc. |
49,431 |
913,979 |
| Eastern Bankshares, Inc. |
69,723 |
875,721 |
| Enterprise Financial Services Corp. |
19,588 |
744,540 |
| FB Financial Corp. |
4,130 |
151,365 |
| First BanCorp |
110,558 |
1,907,126 |
| First Bancorp/Southern Pines NC |
19,844 |
603,456 |
| First Busey Corp. |
46,488 |
1,038,542 |
| First Commonwealth Financial Corp. |
74,003 |
976,100 |
| First Financial Bancorp |
81,971 |
1,812,379 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| First Financial Bankshares, Inc. |
43,130 |
1,274,923 |
| First Hawaiian, Inc. |
156,687 |
3,304,529 |
| First Interstate BancSystem, Inc., Class A |
62,654 |
1,672,862 |
| First Merchants Corp. |
43,218 |
1,444,346 |
| FNB Corp. |
287,127 |
3,830,274 |
| Fulton Financial Corp. |
146,389 |
2,422,738 |
| Glacier Bancorp, Inc. |
64,299 |
2,326,338 |
| Hancock Whitney Corp. |
73,512 |
3,336,710 |
| Hanmi Financial Corp. |
37,596 |
575,219 |
| Heartland Financial USA, Inc. |
36,519 |
1,537,815 |
| Heritage Financial Corp. |
33,995 |
603,071 |
| Hilltop Holdings, Inc. |
66,780 |
1,953,983 |
| Home BancShares, Inc. |
26,344 |
623,826 |
| HomeStreet, Inc. |
98,105 |
1,201,786 |
| Hope Bancorp, Inc. |
177,148 |
1,775,023 |
| Independent Bank Corp. |
24,052 |
1,208,372 |
| Independent Bank Group, Inc. |
28,606 |
1,065,287 |
| International Bancshares Corp. |
33,516 |
1,865,165 |
| Kearny Financial Corp. |
86,954 |
469,552 |
| Lakeland Bancorp, Inc. |
44,288 |
539,871 |
| Lakeland Financial Corp. |
11,702 |
687,727 |
| Midland States Bancorp, Inc. |
5,664 |
124,042 |
| National Bank Holdings Corp., Class A |
4,506 |
147,481 |
| NBT Bancorp, Inc. |
30,729 |
1,075,822 |
| Nicolet Bankshares, Inc. |
1,744 |
133,468 |
| Northwest Bancshares, Inc. |
111,182 |
1,178,529 |
| NU Holdings Ltd., Class A * |
22,330 |
242,504 |
| OceanFirst Financial Corp. |
49,330 |
728,111 |
| OFG Bancorp |
33,302 |
1,202,535 |
| Old National Bancorp |
151,722 |
2,509,482 |
| Pacific Premier Bancorp, Inc. |
72,557 |
1,559,976 |
| Park National Corp. |
9,535 |
1,255,855 |
| Pathward Financial, Inc. |
17,849 |
899,054 |
| Peoples Bancorp, Inc. |
5,007 |
145,403 |
| Pinnacle Financial Partners, Inc. |
39,771 |
3,050,436 |
| Preferred Bank |
2,116 |
160,160 |
| Premier Financial Corp. |
34,122 |
661,284 |
| Prosperity Bancshares, Inc. |
55,350 |
3,430,040 |
| Provident Financial Services, Inc. |
73,926 |
1,085,234 |
| S&T Bancorp, Inc. |
31,861 |
960,609 |
| Sandy Spring Bancorp, Inc. |
53,201 |
1,087,960 |
| Seacoast Banking Corp. of Florida |
6,645 |
153,300 |
| Simmons First National Corp., Class A |
128,239 |
2,191,605 |
| Southside Bancshares, Inc. |
28,434 |
758,050 |
| Texas Capital Bancshares, Inc. * |
33,075 |
1,898,505 |
| Tompkins Financial Corp. |
12,366 |
543,857 |
| Towne Bank |
49,317 |
1,275,831 |
| TriCo Bancshares |
19,363 |
673,252 |
| Trustmark Corp. |
67,569 |
2,000,042 |
| UMB Financial Corp. |
30,649 |
2,441,499 |
| United Bankshares, Inc. |
90,729 |
2,945,063 |
| United Community Banks, Inc. |
58,522 |
1,476,510 |
| Valley National Bancorp |
347,711 |
2,437,454 |
| Veritex Holdings, Inc. |
42,780 |
833,354 |
| WaFd, Inc. |
89,006 |
2,411,173 |
| Washington Trust Bancorp, Inc. |
22,867 |
582,194 |
| Webster Financial Corp. |
76,263 |
3,342,607 |
See financial
notes
29
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental US Small Company
Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| WesBanco, Inc. |
61,846 |
1,669,842 |
| Westamerica BanCorp |
15,429 |
718,220 |
| Western Alliance Bancorp |
64,757 |
3,680,140 |
| Wintrust Financial Corp. |
36,355 |
3,513,347 |
| WSFS Financial Corp. |
31,846 |
1,360,780 |
| |
|
148,822,309 |
| | ||
| Capital Goods 12.3% | ||
| AAON, Inc. |
13,772 |
1,295,807 |
| AAR Corp. * |
36,349 |
2,513,170 |
| Advanced Drainage Systems, Inc. |
15,489 |
2,431,773 |
| Alamo Group, Inc. |
6,902 |
1,341,611 |
| Albany International Corp., Class A |
20,699 |
1,650,745 |
| Ameresco, Inc., Class A * |
6,200 |
129,766 |
| American Woodmark Corp. * |
29,515 |
2,717,741 |
| API Group Corp. * |
77,251 |
2,979,571 |
| Apogee Enterprises, Inc. |
38,004 |
2,347,887 |
| Applied Industrial Technologies, Inc. |
21,181 |
3,881,418 |
| Arcosa, Inc. |
36,736 |
2,792,671 |
| Argan, Inc. |
15,663 |
943,852 |
| Armstrong World Industries, Inc. |
34,663 |
3,982,085 |
| Astec Industries, Inc. |
38,162 |
1,595,172 |
| Atkore, Inc. |
20,640 |
3,618,192 |
| AZEK Co., Inc., Class A * |
33,464 |
1,527,297 |
| AZZ, Inc. |
30,980 |
2,219,097 |
| Barnes Group, Inc. |
74,190 |
2,575,877 |
| BlueLinx Holdings, Inc. * |
5,103 |
559,646 |
| BWX Technologies, Inc. |
43,839 |
4,198,461 |
| Columbus McKinnon Corp. |
26,035 |
1,074,464 |
| Comfort Systems USA, Inc. |
13,365 |
4,135,265 |
| Construction Partners, Inc., Class A * |
19,332 |
998,304 |
| Core & Main, Inc., Class A * |
37,176 |
2,099,329 |
| Crane Co. |
25,321 |
3,545,193 |
| CSW Industrials, Inc. |
4,205 |
999,192 |
| DNOW, Inc. * |
222,158 |
3,134,649 |
| Douglas Dynamics, Inc. |
23,779 |
538,357 |
| Ducommun, Inc. * |
14,000 |
757,260 |
| DXP Enterprises, Inc. * |
24,138 |
1,176,969 |
| Dycom Industries, Inc. * |
32,632 |
4,569,133 |
| Encore Wire Corp. |
17,076 |
4,770,351 |
| Enerpac Tool Group Corp., Class A |
26,419 |
941,309 |
| EnerSys |
38,977 |
3,525,470 |
| Enpro, Inc. |
11,973 |
1,797,506 |
| Esab Corp. |
28,697 |
3,038,438 |
| ESCO Technologies, Inc. |
12,408 |
1,258,792 |
| Federal Signal Corp. |
27,434 |
2,230,384 |
| Flowserve Corp. |
107,903 |
5,088,705 |
| Franklin Electric Co., Inc. |
23,694 |
2,281,021 |
| FTAI Aviation Ltd. |
42,449 |
2,980,344 |
| Gates Industrial Corp. PLC * |
135,438 |
2,386,418 |
| GATX Corp. |
31,696 |
3,878,323 |
| Gibraltar Industries, Inc. * |
22,551 |
1,611,494 |
| Global Industrial Co. |
3,235 |
124,580 |
| GMS, Inc. * |
42,596 |
3,940,982 |
| GrafTech International Ltd. |
1,237,265 |
2,128,096 |
| Granite Construction, Inc. |
60,736 |
3,370,848 |
| Great Lakes Dredge & Dock Corp. * |
101,861 |
672,283 |
| Greenbrier Cos., Inc. |
70,086 |
3,461,548 |
| Griffon Corp. |
30,686 |
2,010,547 |
| H&E Equipment Services, Inc. |
38,133 |
1,841,443 |
| Hayward Holdings, Inc. * |
21,770 |
295,637 |
| HEICO Corp. |
19,279 |
3,998,465 |
| Helios Technologies, Inc. |
5,961 |
268,841 |
| Herc Holdings, Inc. |
23,835 |
3,409,120 |
| Hexcel Corp. |
54,765 |
3,516,461 |
| Hillenbrand, Inc. |
57,387 |
2,738,508 |
| Hillman Solutions Corp. * |
127,422 |
1,218,154 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Hyster-Yale Materials Handling, Inc. |
1,972 |
115,500 |
| Insteel Industries, Inc. |
6,985 |
224,218 |
| JELD-WEN Holding, Inc. * |
215,277 |
4,413,178 |
| John Bean Technologies Corp. |
18,051 |
1,608,164 |
| Kadant, Inc. |
4,314 |
1,181,130 |
| Kennametal, Inc. |
119,883 |
2,820,847 |
| Kratos Defense & Security Solutions, Inc. * |
47,431 |
845,220 |
| Leonardo DRS, Inc. * |
11,843 |
254,861 |
| Lindsay Corp. |
5,967 |
693,067 |
| Manitowoc Co., Inc. * |
83,661 |
1,012,298 |
| Masonite International Corp. * |
26,982 |
3,576,464 |
| Masterbrand, Inc. * |
55,494 |
925,085 |
| McGrath RentCorp |
14,489 |
1,545,397 |
| Mercury Systems, Inc. * |
31,043 |
875,413 |
| Moog, Inc., Class A |
23,231 |
3,695,355 |
| MRC Global, Inc. * |
150,203 |
1,686,780 |
| Mueller Water Products, Inc., Class A |
114,639 |
1,815,882 |
| MYR Group, Inc. * |
13,000 |
2,161,250 |
| National Presto Industries, Inc. |
8,453 |
693,061 |
| Proto Labs, Inc. * |
30,776 |
938,052 |
| Quanex Building Products Corp. |
44,196 |
1,468,191 |
| RBC Bearings, Inc. * |
5,572 |
1,362,633 |
| REV Group, Inc. |
68,957 |
1,507,400 |
| Shyft Group, Inc. |
65,016 |
707,374 |
| Simpson Manufacturing Co., Inc. |
18,393 |
3,198,359 |
| SiteOne Landscape Supply, Inc. * |
18,645 |
2,925,214 |
| Spirit AeroSystems Holdings, Inc., Class A * |
152,925 |
4,893,600 |
| SPX Technologies, Inc. * |
13,868 |
1,689,261 |
| Standex International Corp. |
7,104 |
1,228,140 |
| Sterling Infrastructure, Inc. * |
13,813 |
1,403,401 |
| Stratasys Ltd. * |
52,687 |
512,118 |
| Sunrun, Inc. * |
9,863 |
101,490 |
| Tennant Co. |
13,885 |
1,617,325 |
| Terex Corp. |
67,244 |
3,769,026 |
| Thermon Group Holdings, Inc. * |
4,978 |
158,948 |
| Titan International, Inc. * |
14,093 |
155,305 |
| Titan Machinery, Inc. * |
38,433 |
855,519 |
| TPI Composites, Inc. *(a) |
186,176 |
592,040 |
| Trex Co., Inc. * |
31,263 |
2,768,339 |
| Trinity Industries, Inc. |
120,063 |
3,124,039 |
| Tutor Perini Corp. * |
314,969 |
5,237,934 |
| Valmont Industries, Inc. |
14,692 |
3,008,922 |
| Vertiv Holdings Co., Class A |
47,544 |
4,421,592 |
| Wabash National Corp. |
74,922 |
1,731,447 |
| Watts Water Technologies, Inc., Class A |
12,520 |
2,484,719 |
| WillScot Mobile Mini Holdings Corp. * |
43,728 |
1,616,187 |
| Woodward, Inc. |
30,234 |
4,908,792 |
| Zurn Elkay Water Solutions Corp. |
31,943 |
999,177 |
| |
|
226,641,736 |
| | ||
| Commercial & Professional Services 6.1% | ||
| ACCO Brands Corp. |
321,061 |
1,547,514 |
| Alight, Inc., Class A * |
64,565 |
582,376 |
| Barrett Business Services, Inc. |
6,440 |
782,460 |
| BrightView Holdings, Inc. * |
142,241 |
1,600,211 |
| Brink's Co. |
32,313 |
2,826,095 |
| Casella Waste Systems, Inc., Class A * |
10,243 |
925,967 |
| CBIZ, Inc. * |
21,898 |
1,558,700 |
| Cimpress PLC * |
20,516 |
1,749,399 |
| Clarivate PLC * |
154,863 |
1,046,874 |
| Clean Harbors, Inc. * |
22,281 |
4,221,135 |
| Concentrix Corp. |
46,888 |
2,563,367 |
| Conduent, Inc. * |
480,257 |
1,512,810 |
| CoreCivic, Inc. * |
292,935 |
4,364,731 |
| CRA International, Inc. |
5,750 |
834,268 |
See financial
notes
Schwab Fundamental Index Funds | Semiannual Report
30
Schwab Fundamental US Small Company
Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| CSG Systems International, Inc. |
27,879 |
1,317,004 |
| Dayforce, Inc. * |
9,432 |
578,842 |
| Deluxe Corp. |
135,818 |
2,682,406 |
| Dun & Bradstreet Holdings, Inc. |
180,565 |
1,643,142 |
| Ennis, Inc. |
41,288 |
821,631 |
| Enviri Corp. * |
199,827 |
1,554,654 |
| ExlService Holdings, Inc. * |
58,582 |
1,698,878 |
| Exponent, Inc. |
13,529 |
1,243,450 |
| FTI Consulting, Inc. * |
19,370 |
4,141,887 |
| GEO Group, Inc. * |
369,025 |
5,483,711 |
| Healthcare Services Group, Inc. * |
199,218 |
2,115,695 |
| Heidrick & Struggles International, Inc. |
23,620 |
696,318 |
| HNI Corp. |
74,460 |
3,123,597 |
| Huron Consulting Group, Inc. * |
8,597 |
801,584 |
| ICF International, Inc. |
11,966 |
1,726,574 |
| Insperity, Inc. |
17,281 |
1,778,733 |
| Interface, Inc., Class A |
120,361 |
1,840,320 |
| Kelly Services, Inc., Class A |
173,384 |
3,977,429 |
| Kforce, Inc. |
24,304 |
1,501,015 |
| Korn Ferry |
58,220 |
3,535,118 |
| Matthews International Corp., Class A |
39,639 |
1,069,460 |
| MillerKnoll, Inc. |
128,207 |
3,260,304 |
| MSA Safety, Inc. |
10,770 |
1,942,908 |
| NV5 Global, Inc. * |
6,578 |
613,333 |
| OPENLANE, Inc. * |
158,357 |
2,720,573 |
| Parsons Corp. * |
21,691 |
1,702,960 |
| Paycom Software, Inc. |
7,019 |
1,319,432 |
| Pitney Bowes, Inc. |
525,045 |
2,236,692 |
| Resources Connection, Inc. |
66,152 |
730,980 |
| Rollins, Inc. |
53,419 |
2,380,351 |
| SP Plus Corp. * |
14,720 |
751,603 |
| Steelcase, Inc., Class A |
260,390 |
3,132,492 |
| Stericycle, Inc. * |
62,054 |
2,775,675 |
| Tetra Tech, Inc. |
20,890 |
4,067,701 |
| TriNet Group, Inc. |
20,278 |
2,035,303 |
| TrueBlue, Inc. * |
138,900 |
1,447,338 |
| TTEC Holdings, Inc. |
31,997 |
232,938 |
| UniFirst Corp. |
16,720 |
2,677,374 |
| Veralto Corp. |
48,282 |
4,523,058 |
| Verra Mobility Corp., Class A * |
40,531 |
955,721 |
| Vestis Corp. |
124,126 |
2,286,401 |
| VSE Corp. |
2,242 |
175,033 |
| |
|
111,415,525 |
| | ||
| Consumer Discretionary Distribution & Retail
4.5% | ||
| 1-800-Flowers.com, Inc., Class A * |
74,213 |
673,112 |
| Aaron's Co., Inc. |
156,479 |
1,081,270 |
| Abercrombie & Fitch Co., Class A * |
73,081 |
8,880,803 |
| America's Car-Mart, Inc. * |
7,990 |
457,348 |
| Arko Corp. |
98,397 |
423,107 |
| Beyond, Inc. * |
88,942 |
1,790,402 |
| Boot Barn Holdings, Inc. * |
15,439 |
1,643,790 |
| Buckle, Inc. |
41,746 |
1,560,883 |
| Caleres, Inc. |
38,541 |
1,419,465 |
| Camping World Holdings, Inc., Class A |
38,057 |
771,415 |
| Children's Place, Inc. *(a) |
43,969 |
306,024 |
| Citi Trends, Inc. * |
37,933 |
813,284 |
| ContextLogic, Inc., Class A * |
200,943 |
1,115,234 |
| Coupang, Inc., Class A * |
42,642 |
959,445 |
| Designer Brands, Inc., Class A |
146,043 |
1,356,740 |
| Dillard's, Inc., Class A |
5,783 |
2,532,896 |
| Etsy, Inc. * |
36,324 |
2,494,369 |
| Five Below, Inc. * |
12,455 |
1,822,665 |
| Floor & Decor Holdings, Inc., Class A * |
23,511 |
2,593,969 |
| GameStop Corp., Class A *(a) |
235,381 |
2,610,375 |
| Genesco, Inc. * |
51,634 |
1,306,857 |
| Guess?, Inc. |
62,394 |
1,670,911 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Haverty Furniture Cos., Inc. |
38,909 |
1,198,397 |
| Hibbett, Inc. |
35,217 |
3,037,114 |
| Leslie's, Inc. * |
84,064 |
330,372 |
| MarineMax, Inc. * |
59,091 |
1,457,775 |
| MercadoLibre, Inc. * |
1,189 |
1,734,394 |
| Monro, Inc. |
47,229 |
1,286,990 |
| National Vision Holdings, Inc. * |
81,388 |
1,417,779 |
| Ollie's Bargain Outlet Holdings, Inc. * |
35,101 |
2,567,287 |
| OneWater Marine, Inc., Class A * |
6,657 |
137,866 |
| Petco Health & Wellness Co., Inc., Class A * |
238,704 |
358,056 |
| PetMed Express, Inc. |
70,858 |
279,889 |
| RH * |
8,719 |
2,154,029 |
| Sally Beauty Holdings, Inc. * |
277,795 |
3,014,076 |
| Shoe Carnival, Inc. |
36,830 |
1,231,595 |
| Signet Jewelers Ltd. |
45,470 |
4,457,424 |
| Sleep Number Corp. * |
152,404 |
2,028,497 |
| Sonic Automotive, Inc., Class A |
50,871 |
2,942,379 |
| Sportsman's Warehouse Holdings, Inc. * |
58,999 |
188,797 |
| Stitch Fix, Inc., Class A * |
270,174 |
572,769 |
| Upbound Group, Inc. |
82,874 |
2,569,923 |
| Urban Outfitters, Inc. * |
95,566 |
3,723,251 |
| Valvoline, Inc. * |
80,409 |
3,418,991 |
| Victoria's Secret & Co. * |
147,742 |
2,603,214 |
| Vroom, Inc. *(a) |
26,877 |
300,216 |
| Wayfair, Inc., Class A * |
21,681 |
1,087,302 |
| Zumiez, Inc. * |
70,571 |
1,213,821 |
| |
|
83,596,567 |
| | ||
| Consumer Durables & Apparel 3.8% |
||
| Acushnet Holdings Corp. |
23,121 |
1,409,919 |
| Beazer Homes USA, Inc. * |
51,814 |
1,452,346 |
| Cavco Industries, Inc. * |
6,208 |
2,261,016 |
| Century Communities, Inc. |
39,467 |
3,130,522 |
| Columbia Sportswear Co. |
41,968 |
3,341,912 |
| Crocs, Inc. * |
30,860 |
3,838,058 |
| Ethan Allen Interiors, Inc. |
35,521 |
1,003,113 |
| G-III Apparel Group Ltd. * |
128,847 |
3,627,043 |
| GoPro, Inc., Class A * |
191,787 |
331,792 |
| Green Brick Partners, Inc. * |
4,237 |
229,349 |
| Helen of Troy Ltd. * |
28,776 |
2,667,823 |
| Hovnanian Enterprises, Inc., Class A * |
1,072 |
158,474 |
| Installed Building Products, Inc. |
9,409 |
2,217,984 |
| iRobot Corp. * |
73,057 |
625,368 |
| Kontoor Brands, Inc. |
36,314 |
2,253,647 |
| La-Z-Boy, Inc. |
74,344 |
2,441,457 |
| LGI Homes, Inc. * |
24,265 |
2,182,152 |
| M/I Homes, Inc. * |
33,668 |
3,912,895 |
| Malibu Boats, Inc., Class A * |
5,870 |
199,697 |
| Mattel, Inc. * |
172,142 |
3,153,641 |
| Movado Group, Inc. |
22,135 |
563,778 |
| Oxford Industries, Inc. |
13,865 |
1,494,370 |
| Peloton Interactive, Inc., Class A * |
139,239 |
433,033 |
| SharkNinja, Inc. |
43,681 |
2,807,815 |
| Skyline Champion Corp. * |
29,475 |
2,210,330 |
| Smith & Wesson Brands, Inc. |
118,209 |
2,006,007 |
| Sonos, Inc. * |
74,912 |
1,266,013 |
| Steven Madden Ltd. |
82,531 |
3,335,078 |
| Sturm Ruger & Co., Inc. |
30,628 |
1,415,932 |
| Topgolf Callaway Brands Corp. * |
100,220 |
1,605,524 |
| Tupperware Brands Corp. *(a)(b) |
942,533 |
999,085 |
| Under Armour, Inc., Class A * |
438,488 |
2,951,024 |
| Vista Outdoor, Inc. * |
69,054 |
2,423,105 |
| Wolverine World Wide, Inc. |
237,476 |
2,550,492 |
| Worthington Enterprises, Inc. |
42,015 |
2,401,577 |
See financial
notes
31
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental US Small Company
Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| YETI Holdings, Inc. * |
33,906 |
1,211,122 |
| |
|
70,112,493 |
| | ||
| Consumer Services 5.1% | ||
| ADT, Inc. |
423,028 |
2,749,682 |
| Adtalem Global Education, Inc. * |
52,741 |
2,617,008 |
| Airbnb, Inc., Class A * |
12,274 |
1,946,288 |
| Arcos Dorados Holdings, Inc., Class A |
83,581 |
901,003 |
| BJ's Restaurants, Inc. * |
25,989 |
846,982 |
| Bloomin' Brands, Inc. |
79,838 |
2,059,022 |
| Boyd Gaming Corp. |
47,642 |
2,549,323 |
| Bright Horizons Family Solutions, Inc. * |
23,443 |
2,431,274 |
| Brinker International, Inc. * |
41,527 |
2,225,847 |
| Carriage Services, Inc., Class A |
21,912 |
560,509 |
| Cheesecake Factory, Inc. |
33,027 |
1,140,092 |
| Chegg, Inc. * |
17,396 |
89,937 |
| Choice Hotels International, Inc. |
9,896 |
1,170,301 |
| Churchill Downs, Inc. |
22,171 |
2,860,059 |
| Cracker Barrel Old Country Store, Inc. |
41,185 |
2,396,555 |
| Dave & Buster's Entertainment, Inc. * |
32,014 |
1,709,548 |
| Denny's Corp. * |
77,075 |
618,141 |
| Dine Brands Global, Inc. |
14,764 |
651,092 |
| DoorDash, Inc., Class A * |
20,456 |
2,644,143 |
| Everi Holdings, Inc. * |
70,993 |
580,013 |
| Frontdoor, Inc. * |
33,492 |
1,027,869 |
| Golden Entertainment, Inc. |
4,612 |
147,815 |
| Graham Holdings Co., Class B |
5,365 |
3,762,850 |
| Grand Canyon Education, Inc. * |
29,617 |
3,850,802 |
| Hilton Grand Vacations, Inc. * |
45,202 |
1,882,211 |
| Hyatt Hotels Corp., Class A |
20,258 |
3,014,188 |
| International Game Technology PLC |
95,278 |
1,880,788 |
| Jack in the Box, Inc. |
35,003 |
1,997,621 |
| Krispy Kreme, Inc. |
11,970 |
151,420 |
| Laureate Education, Inc. |
176,446 |
2,558,467 |
| Light & Wonder, Inc. * |
41,107 |
3,669,211 |
| Papa John's International, Inc. |
11,401 |
703,328 |
| Perdoceo Education Corp. |
78,984 |
1,445,407 |
| Planet Fitness, Inc., Class A * |
27,272 |
1,631,956 |
| Red Rock Resorts, Inc., Class A |
30,582 |
1,624,516 |
| Royal Caribbean Cruises Ltd. * |
55,262 |
7,716,233 |
| Sabre Corp. * |
402,865 |
1,156,223 |
| Six Flags Entertainment Corp. * |
110,620 |
2,608,420 |
| Strategic Education, Inc. |
19,440 |
2,232,490 |
| Stride, Inc. * |
28,702 |
1,915,858 |
| Texas Roadhouse, Inc., Class A |
31,093 |
4,999,133 |
| United Parks & Resorts, Inc. * |
21,546 |
1,094,968 |
| Wendy's Co. |
131,730 |
2,633,283 |
| Wingstop, Inc. |
3,045 |
1,171,686 |
| Wyndham Hotels & Resorts, Inc. |
42,479 |
3,122,631 |
| Wynn Resorts Ltd. |
40,009 |
3,666,825 |
| |
|
94,413,018 |
| | ||
| Consumer Staples Distribution & Retail 0.6%
| ||
| Chefs' Warehouse, Inc. * |
25,996 |
859,948 |
| Grocery Outlet Holding Corp. * |
67,086 |
1,742,223 |
| Ingles Markets, Inc., Class A |
42,618 |
3,057,842 |
| PriceSmart, Inc. |
37,528 |
3,024,382 |
| Weis Markets, Inc. |
44,834 |
2,830,370 |
| |
|
11,514,765 |
| | ||
| Energy 4.2% | ||
| Antero Midstream Corp. |
123,273 |
1,706,098 |
| Archrock, Inc. |
135,370 |
2,597,750 |
| Berry Corp. |
151,636 |
1,287,390 |
| Bristow Group, Inc. * |
5,813 |
152,940 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Cactus, Inc., Class A |
17,425 |
864,977 |
| California Resources Corp. |
56,418 |
2,982,255 |
| ChampionX Corp. |
63,214 |
2,122,094 |
| Chord Energy Corp. |
10,802 |
1,911,738 |
| Civitas Resources, Inc. |
22,098 |
1,590,172 |
| Comstock Resources, Inc. |
78,751 |
792,235 |
| CONSOL Energy, Inc. |
25,796 |
2,134,877 |
| Core Laboratories, Inc. |
43,331 |
684,630 |
| Crescent Energy Co., Class A |
17,420 |
185,349 |
| CVR Energy, Inc. |
47,576 |
1,445,359 |
| DHT Holdings, Inc. |
148,882 |
1,700,232 |
| Diamond Offshore Drilling, Inc. * |
49,157 |
601,682 |
| Dorian LPG Ltd. |
25,536 |
1,055,148 |
| Dril-Quip, Inc. * |
36,497 |
663,515 |
| DT Midstream, Inc. |
49,495 |
3,078,589 |
| Expro Group Holdings NV * |
11,157 |
209,305 |
| Golar LNG Ltd. |
45,150 |
1,107,078 |
| Green Plains, Inc. * |
66,932 |
1,383,484 |
| Helix Energy Solutions Group, Inc. * |
138,597 |
1,488,532 |
| Helmerich & Payne, Inc. |
118,099 |
4,644,834 |
| International Seaways, Inc. |
13,943 |
770,908 |
| Kosmos Energy Ltd. * |
307,055 |
1,741,002 |
| Liberty Energy, Inc., Class A |
126,553 |
2,784,166 |
| Magnolia Oil & Gas Corp., Class A |
53,172 |
1,333,022 |
| Matador Resources Co. |
48,130 |
2,998,499 |
| Nabors Industries Ltd. * |
23,973 |
1,726,775 |
| Newpark Resources, Inc. * |
27,300 |
189,462 |
| Noble Corp. PLC |
5,176 |
229,711 |
| Northern Oil & Gas, Inc. |
8,237 |
335,987 |
| Oceaneering International, Inc. * |
63,347 |
1,451,280 |
| Oil States International, Inc. * |
109,435 |
436,646 |
| Par Pacific Holdings, Inc. * |
28,809 |
887,317 |
| Patterson-UTI Energy, Inc. |
335,468 |
3,629,764 |
| Permian Resources Corp., Class A |
68,093 |
1,140,558 |
| ProPetro Holding Corp. * |
198,028 |
1,726,804 |
| Range Resources Corp. |
63,030 |
2,263,407 |
| REX American Resources Corp. * |
3,929 |
217,392 |
| RPC, Inc. |
103,086 |
689,645 |
| Scorpio Tankers, Inc. |
23,222 |
1,633,900 |
| Select Water Solutions, Inc. |
96,142 |
888,352 |
| SFL Corp. Ltd. |
148,150 |
1,974,840 |
| SilverBow Resources, Inc. * |
6,685 |
205,363 |
| Talos Energy, Inc. * |
118,842 |
1,566,338 |
| Teekay Corp. * |
26,386 |
193,146 |
| Teekay Tankers Ltd., Class A |
17,187 |
1,001,487 |
| Texas Pacific Land Corp. |
2,636 |
1,519,127 |
| Transocean Ltd. * |
402,164 |
2,099,296 |
| Tsakos Energy Navigation Ltd. |
37,672 |
971,184 |
| U.S. Silica Holdings, Inc. * |
22,761 |
351,202 |
| Valaris Ltd. * |
10,721 |
697,508 |
| Viper Energy, Inc. |
5,552 |
211,864 |
| Vital Energy, Inc. * |
7,472 |
396,165 |
| Vitesse Energy, Inc. |
8,884 |
197,136 |
| W&T Offshore, Inc. |
51,183 |
115,162 |
| Weatherford International PLC * |
11,380 |
1,406,796 |
| |
|
76,371,474 |
| | ||
| Equity Real Estate Investment Trusts (REITs) 8.0%
| ||
| Acadia Realty Trust |
75,377 |
1,302,515 |
| Agree Realty Corp. |
17,409 |
996,143 |
| Alexander & Baldwin, Inc. |
95,264 |
1,568,998 |
| American Assets Trust, Inc. |
51,215 |
1,093,440 |
| American Homes 4 Rent, Class A |
92,066 |
3,295,963 |
| Americold Realty Trust, Inc. |
125,578 |
2,758,949 |
| Apartment Income REIT Corp. |
100,621 |
3,861,834 |
| Apple Hospitality REIT, Inc. |
207,459 |
3,062,095 |
| Brandywine Realty Trust |
565,936 |
2,569,349 |
See financial
notes
Schwab Fundamental Index Funds | Semiannual Report
32
Schwab Fundamental US Small Company
Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Broadstone Net Lease, Inc. |
56,509 |
822,771 |
| CareTrust REIT, Inc. |
7,093 |
175,339 |
| CBL & Associates Properties, Inc. |
47,922 |
1,042,303 |
| Centerspace |
11,189 |
752,460 |
| Chatham Lodging Trust |
70,755 |
648,823 |
| COPT Defense Properties |
93,917 |
2,251,190 |
| Cousins Properties, Inc. |
130,057 |
2,983,508 |
| CubeSmart |
72,422 |
2,928,746 |
| DiamondRock Hospitality Co. |
267,013 |
2,376,416 |
| Diversified Healthcare Trust (b) |
1,711,246 |
4,038,541 |
| Douglas Emmett, Inc. |
250,053 |
3,428,227 |
| Easterly Government Properties, Inc., Class A |
78,231 |
914,520 |
| EastGroup Properties, Inc. |
8,757 |
1,360,488 |
| Elme Communities |
81,725 |
1,238,951 |
| Empire State Realty Trust, Inc., Class A |
186,861 |
1,700,435 |
| EPR Properties |
57,953 |
2,352,312 |
| Equity LifeStyle Properties, Inc. |
56,519 |
3,407,530 |
| Essential Properties Realty Trust, Inc. |
29,041 |
764,940 |
| Federal Realty Investment Trust |
41,333 |
4,305,659 |
| First Industrial Realty Trust, Inc. |
38,736 |
1,759,389 |
| Four Corners Property Trust, Inc. |
31,265 |
733,164 |
| Getty Realty Corp. |
19,546 |
529,697 |
| Global Net Lease, Inc. |
209,437 |
1,455,587 |
| Healthcare Realty Trust, Inc., Class A |
201,779 |
2,871,315 |
| Highwoods Properties, Inc. |
147,108 |
3,854,230 |
| HomeBanc Corp. *(c) |
6,875 |
0 |
| Hudson Pacific Properties, Inc. |
492,250 |
2,855,050 |
| Independence Realty Trust, Inc. |
63,654 |
1,003,824 |
| Industrial Logistics Properties Trust |
331,011 |
1,165,159 |
| Innovative Industrial Properties, Inc. |
1,657 |
171,334 |
| InvenTrust Properties Corp. |
9,850 |
249,599 |
| JBG SMITH Properties |
149,394 |
2,242,404 |
| Kilroy Realty Corp. |
107,310 |
3,627,078 |
| Kite Realty Group Trust |
73,079 |
1,593,122 |
| LTC Properties, Inc. |
23,731 |
785,496 |
| LXP Industrial Trust |
179,920 |
1,502,332 |
| Macerich Co. |
326,002 |
4,485,787 |
| National Health Investors, Inc. |
25,867 |
1,631,173 |
| National Storage Affiliates Trust |
30,111 |
1,055,089 |
| NNN REIT, Inc. |
75,392 |
3,055,638 |
| Office Properties Income Trust |
368,753 |
744,881 |
| Omega Healthcare Investors, Inc. |
136,483 |
4,150,448 |
| Outfront Media, Inc. |
190,709 |
3,024,645 |
| Paramount Group, Inc. |
513,588 |
2,383,048 |
| Peakstone Realty Trust (a) |
19,539 |
272,960 |
| Pebblebrook Hotel Trust |
116,467 |
1,692,265 |
| Phillips Edison & Co., Inc. |
55,445 |
1,813,051 |
| Piedmont Office Realty Trust, Inc., Class A |
375,729 |
2,588,773 |
| PotlatchDeltic Corp. |
69,639 |
2,786,256 |
| Rayonier, Inc. |
86,510 |
2,565,887 |
| Retail Opportunity Investments Corp. |
90,303 |
1,108,018 |
| Rexford Industrial Realty, Inc. |
27,423 |
1,173,979 |
| RLJ Lodging Trust |
250,951 |
2,760,461 |
| Ryman Hospitality Properties, Inc. |
17,199 |
1,814,151 |
| Sabra Health Care REIT, Inc. |
215,806 |
3,004,019 |
| Service Properties Trust |
587,408 |
3,600,811 |
| SITE Centers Corp. |
161,392 |
2,177,178 |
| STAG Industrial, Inc. |
56,847 |
1,954,968 |
| Sunstone Hotel Investors, Inc. |
207,945 |
2,121,039 |
| Tanger, Inc. |
66,802 |
1,893,837 |
| Terreno Realty Corp. |
14,714 |
799,706 |
| Uniti Group, Inc. |
706,637 |
4,063,163 |
| Urban Edge Properties |
93,942 |
1,571,650 |
| Veris Residential, Inc. |
61,474 |
885,840 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Xenia Hotels & Resorts, Inc. |
154,820 |
2,147,353 |
| |
|
147,727,299 |
| | ||
| Financial Services 7.3% | ||
| AGNC Investment Corp. |
469,212 |
4,293,290 |
| A-Mark Precious Metals, Inc. |
72,432 |
2,902,350 |
| Apollo Commercial Real Estate Finance, Inc. |
165,230 |
1,591,165 |
| Arbor Realty Trust, Inc. (a) |
113,683 |
1,458,553 |
| ARES Management Corp., Class A |
18,113 |
2,410,659 |
| Artisan Partners Asset Management, Inc., Class A |
62,125 |
2,542,776 |
| B Riley Financial, Inc. (a) |
46,213 |
1,589,727 |
| BGC Group, Inc., Class A |
267,866 |
2,097,391 |
| Blackstone Mortgage Trust, Inc., Class A |
138,406 |
2,441,482 |
| Brightsphere Investment Group, Inc. |
94,537 |
2,102,503 |
| BrightSpire Capital, Inc., Class A |
112,018 |
704,593 |
| Cannae Holdings, Inc. * |
54,605 |
1,062,067 |
| Chimera Investment Corp. |
754,160 |
3,107,139 |
| Claros Mortgage Trust, Inc. |
22,616 |
196,759 |
| Cohen & Steers, Inc. |
16,248 |
1,117,537 |
| Coinbase Global, Inc., Class A * |
43,040 |
8,777,147 |
| Compass Diversified Holdings |
86,725 |
1,905,348 |
| Credit Acceptance Corp. * |
6,974 |
3,582,683 |
| Diamond Hill Investment Group, Inc. |
4,152 |
619,561 |
| Donnelley Financial Solutions, Inc. * |
19,821 |
1,244,362 |
| Encore Capital Group, Inc. * |
46,245 |
1,900,207 |
| Enova International, Inc. * |
41,970 |
2,540,444 |
| Essent Group Ltd. |
56,457 |
2,990,527 |
| Euronet Worldwide, Inc. * |
33,727 |
3,463,088 |
| EVERTEC, Inc. |
32,606 |
1,223,703 |
| FactSet Research Systems, Inc. |
7,937 |
3,308,856 |
| Federal Agricultural Mortgage Corp., Class C |
935 |
174,032 |
| FirstCash Holdings, Inc. |
27,520 |
3,109,210 |
| Franklin BSP Realty Trust, Inc. |
20,967 |
261,878 |
| Granite Point Mortgage Trust, Inc. |
130,073 |
558,013 |
| Green Dot Corp., Class A * |
92,204 |
806,785 |
| Hamilton Lane, Inc., Class A |
1,347 |
150,487 |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. |
24,203 |
605,317 |
| Houlihan Lokey, Inc., Class A |
22,257 |
2,837,545 |
| Interactive Brokers Group, Inc., Class A |
13,337 |
1,535,355 |
| KKR Real Estate Finance Trust, Inc. |
74,381 |
699,925 |
| Ladder Capital Corp., Class A |
131,413 |
1,410,062 |
| MarketAxess Holdings, Inc. |
9,310 |
1,862,838 |
| MFA Financial, Inc. |
180,259 |
1,908,943 |
| Moelis & Co., Class A |
54,662 |
2,682,811 |
| Morningstar, Inc. |
6,609 |
1,868,034 |
| Mr Cooper Group, Inc. * |
45,394 |
3,504,417 |
| Nelnet, Inc., Class A |
12,320 |
1,160,298 |
| New York Mortgage Trust, Inc. |
163,289 |
1,118,530 |
| NMI Holdings, Inc., Class A * |
37,286 |
1,150,646 |
| Pagseguro Digital Ltd., Class A * |
142,048 |
1,768,498 |
| PennyMac Financial Services, Inc. |
33,780 |
2,892,919 |
| PennyMac Mortgage Investment Trust |
128,824 |
1,784,212 |
| Piper Sandler Cos. |
11,587 |
2,268,619 |
| PJT Partners, Inc., Class A |
8,768 |
828,488 |
| PRA Group, Inc. * |
73,401 |
1,746,210 |
| PROG Holdings, Inc. |
117,047 |
3,890,642 |
| Radian Group, Inc. |
152,260 |
4,548,006 |
| Ready Capital Corp. |
29,294 |
249,585 |
| Redwood Trust, Inc. |
158,023 |
873,867 |
| Rocket Cos., Inc., Class A * |
19,699 |
241,904 |
| StepStone Group, Inc., Class A |
21,097 |
760,969 |
| Stifel Financial Corp. |
56,355 |
4,503,892 |
| StoneCo Ltd., Class A * |
96,064 |
1,498,598 |
See financial
notes
33
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental US Small Company
Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| StoneX Group, Inc. * |
2,370 |
172,062 |
| Toast, Inc., Class A * |
9,558 |
225,856 |
| TPG RE Finance Trust, Inc. |
157,130 |
1,151,763 |
| TPG, Inc. |
57,389 |
2,473,466 |
| Tradeweb Markets, Inc., Class A |
15,093 |
1,535,109 |
| Two Harbors Investment Corp. |
100,876 |
1,274,064 |
| Victory Capital Holdings, Inc., Class A |
4,132 |
210,154 |
| Virtu Financial, Inc., Class A |
133,080 |
2,887,836 |
| Walker & Dunlop, Inc. |
28,714 |
2,631,064 |
| WEX, Inc. * |
12,828 |
2,710,043 |
| World Acceptance Corp. * |
9,210 |
1,267,020 |
| XP, Inc., Class A |
64,672 |
1,323,836 |
| |
|
134,297,725 |
| | ||
| Food, Beverage & Tobacco 2.4% |
||
| Adecoagro SA |
151,209 |
1,640,618 |
| B&G Foods, Inc. |
227,920 |
2,529,912 |
| Boston Beer Co., Inc., Class A * |
5,403 |
1,504,249 |
| Brown-Forman Corp., Class B |
62,323 |
2,982,156 |
| Calavo Growers, Inc. |
40,900 |
1,102,255 |
| Cal-Maine Foods, Inc. |
40,343 |
2,232,178 |
| Coca-Cola Consolidated, Inc. |
2,180 |
1,800,680 |
| Dole PLC |
215,760 |
2,625,799 |
| Fresh Del Monte Produce, Inc. |
120,237 |
3,074,460 |
| Hain Celestial Group, Inc. * |
255,507 |
1,568,813 |
| J & J Snack Foods Corp. |
9,560 |
1,312,492 |
| John B Sanfilippo & Son, Inc. |
10,917 |
1,088,425 |
| Lancaster Colony Corp. |
10,779 |
2,056,741 |
| MGP Ingredients, Inc. |
1,709 |
134,054 |
| Mission Produce, Inc. * |
65,124 |
739,157 |
| National Beverage Corp. * |
13,887 |
617,972 |
| Nomad Foods Ltd. |
174,569 |
3,152,716 |
| Pilgrim's Pride Corp. * |
69,031 |
2,486,497 |
| Seneca Foods Corp., Class A * |
21,946 |
1,274,843 |
| Simply Good Foods Co. * |
24,802 |
904,033 |
| TreeHouse Foods, Inc. * |
73,194 |
2,748,435 |
| Universal Corp. |
57,053 |
2,934,236 |
| Vector Group Ltd. |
143,087 |
1,480,950 |
| WK Kellogg Co. |
71,773 |
1,675,182 |
| |
|
43,666,853 |
| | ||
| Health Care Equipment & Services 4.2% | ||
| Acadia Healthcare Co., Inc. * |
44,805 |
3,312,882 |
| AdaptHealth Corp., Class A * |
96,758 |
953,066 |
| Addus HomeCare Corp. * |
8,607 |
827,563 |
| agilon health, Inc. * |
37,867 |
208,269 |
| Amedisys, Inc. * |
25,766 |
2,371,760 |
| AMN Healthcare Services, Inc. * |
41,221 |
2,472,436 |
| Astrana Health, Inc. * |
4,445 |
165,132 |
| Avanos Medical, Inc. * |
41,153 |
744,046 |
| Brookdale Senior Living, Inc. * |
286,164 |
1,943,054 |
| Clover Health Investments Corp., Class A * |
220,397 |
138,850 |
| CONMED Corp. |
11,781 |
800,872 |
| CorVel Corp. * |
562 |
134,234 |
| Cross Country Healthcare, Inc. * |
39,620 |
697,312 |
| Dexcom, Inc. * |
16,761 |
2,135,184 |
| Embecta Corp. |
162,334 |
1,644,443 |
| Enhabit, Inc. * |
167,702 |
1,692,113 |
| Enovis Corp. * |
39,080 |
2,158,388 |
| Ensign Group, Inc. |
18,379 |
2,175,339 |
| Envista Holdings Corp. * |
135,746 |
2,671,481 |
| Evolent Health, Inc., Class A * |
4,935 |
136,897 |
| Fulgent Genetics, Inc. * |
24,243 |
493,345 |
| Globus Medical, Inc., Class A * |
48,258 |
2,402,766 |
| Haemonetics Corp. * |
21,527 |
1,979,408 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| HealthEquity, Inc. * |
13,067 |
1,031,117 |
| ICU Medical, Inc. * |
15,451 |
1,512,962 |
| Inmode Ltd. * |
7,803 |
134,134 |
| Insulet Corp. * |
3,172 |
545,394 |
| Integer Holdings Corp. * |
20,202 |
2,255,149 |
| Integra LifeSciences Holdings Corp. * |
37,172 |
1,084,307 |
| LivaNova PLC * |
17,036 |
949,757 |
| Masimo Corp. * |
18,240 |
2,451,638 |
| Merit Medical Systems, Inc. * |
17,307 |
1,282,449 |
| ModivCare, Inc. * |
20,193 |
473,930 |
| Multiplan Corp. * |
1,165,270 |
757,193 |
| National HealthCare Corp. |
17,023 |
1,546,880 |
| Neogen Corp. * |
52,240 |
644,119 |
| OmniAb, Inc., Class A *(c) |
2,660 |
0 |
| OmniAb, Inc., Class B *(c) |
2,660 |
0 |
| Omnicell, Inc. * |
27,237 |
730,224 |
| OPKO Health, Inc. *(a) |
479,315 |
584,764 |
| Option Care Health, Inc. * |
56,861 |
1,699,575 |
| Owens & Minor, Inc. * |
209,420 |
5,181,051 |
| Patterson Cos., Inc. |
134,007 |
3,413,158 |
| Pediatrix Medical Group, Inc. * |
217,199 |
1,926,555 |
| Penumbra, Inc. * |
2,436 |
478,601 |
| Premier, Inc., Class A |
155,841 |
3,253,960 |
| Privia Health Group, Inc. * |
9,194 |
169,170 |
| QuidelOrtho Corp. * |
41,197 |
1,670,538 |
| RadNet, Inc. * |
19,108 |
926,738 |
| Select Medical Holdings Corp. |
127,144 |
3,607,075 |
| Surgery Partners, Inc. * |
7,885 |
196,731 |
| Teladoc Health, Inc. * |
60,936 |
776,934 |
| U.S. Physical Therapy, Inc. |
6,334 |
642,964 |
| Varex Imaging Corp. * |
39,081 |
635,066 |
| Veeva Systems, Inc., Class A * |
13,023 |
2,585,847 |
| Zimvie, Inc. * |
80,861 |
1,229,087 |
| |
|
76,635,907 |
| | ||
| Household & Personal Products 1.2% |
||
| BellRing Brands, Inc. * |
14,495 |
799,689 |
| Central Garden & Pet Co., Class A * |
47,343 |
1,677,363 |
| Coty, Inc., Class A * |
148,995 |
1,704,503 |
| Edgewell Personal Care Co. |
58,499 |
2,200,732 |
| Energizer Holdings, Inc. |
56,650 |
1,626,988 |
| Herbalife Ltd. * |
269,068 |
2,327,438 |
| Inter Parfums, Inc. |
4,921 |
572,706 |
| Medifast, Inc. |
21,655 |
596,162 |
| Nu Skin Enterprises, Inc., Class A |
190,037 |
2,234,835 |
| Reynolds Consumer Products, Inc. |
42,674 |
1,221,757 |
| Spectrum Brands Holdings, Inc. |
52,705 |
4,314,958 |
| USANA Health Sciences, Inc. * |
27,267 |
1,132,126 |
| WD-40 Co. |
4,410 |
997,233 |
| |
|
21,406,490 |
| | ||
| Insurance 2.5% | ||
| Ambac Financial Group, Inc. * |
56,227 |
812,480 |
| AMERISAFE, Inc. |
5,060 |
230,736 |
| Assured Guaranty Ltd. |
74,195 |
5,690,756 |
| Axis Capital Holdings Ltd. |
57,601 |
3,532,669 |
| CNA Financial Corp. |
33,472 |
1,470,760 |
| Employers Holdings, Inc. |
36,902 |
1,571,656 |
| Enstar Group Ltd. * |
7,022 |
2,038,978 |
| Horace Mann Educators Corp. |
36,736 |
1,354,089 |
| James River Group Holdings Ltd. |
62,849 |
558,728 |
| Kemper Corp. |
94,051 |
5,484,114 |
| Kinsale Capital Group, Inc. |
327 |
118,783 |
| Mercury General Corp. |
51,126 |
2,671,845 |
| ProAssurance Corp. * |
91,128 |
1,217,470 |
| RenaissanceRe Holdings Ltd. |
20,464 |
4,486,732 |
See financial
notes
Schwab Fundamental Index Funds | Semiannual Report
34
Schwab Fundamental US Small Company
Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| RLI Corp. |
12,469 |
1,762,493 |
| Safety Insurance Group, Inc. |
19,033 |
1,514,456 |
| Selective Insurance Group, Inc. |
28,987 |
2,946,529 |
| Stewart Information Services Corp. |
55,999 |
3,472,498 |
| United Fire Group, Inc. |
36,870 |
814,458 |
| Universal Insurance Holdings, Inc. |
53,060 |
1,035,731 |
| White Mountains Insurance Group Ltd. |
1,916 |
3,406,916 |
| |
|
46,192,877 |
| | ||
| Materials 6.5% | ||
| AdvanSix, Inc. |
49,369 |
1,247,061 |
| Alpha Metallurgical Resources, Inc. |
8,722 |
2,853,141 |
| Alto Ingredients, Inc. * |
506,358 |
957,017 |
| American Vanguard Corp. |
46,535 |
530,034 |
| Ardagh Metal Packaging SA |
38,181 |
150,815 |
| Ashland, Inc. |
43,364 |
4,133,890 |
| ATI, Inc. * |
27,412 |
1,636,496 |
| Avient Corp. |
93,126 |
3,950,405 |
| Balchem Corp. |
11,089 |
1,567,763 |
| Cabot Corp. |
43,860 |
4,001,348 |
| Carpenter Technology Corp. |
38,598 |
3,307,849 |
| Clearwater Paper Corp. * |
39,043 |
1,758,497 |
| Coeur Mining, Inc. * |
323,481 |
1,462,134 |
| Compass Minerals International, Inc. |
59,321 |
738,546 |
| Constellium SE, Class A * |
139,951 |
2,755,635 |
| Ecovyst, Inc. * |
96,741 |
912,268 |
| Element Solutions, Inc. |
156,872 |
3,628,449 |
| Ferroglobe PLC |
27,467 |
144,202 |
| Greif, Inc., Class A |
37,459 |
2,295,487 |
| Hawkins, Inc. |
13,319 |
1,009,181 |
| Haynes International, Inc. |
2,345 |
141,052 |
| HB Fuller Co. |
44,012 |
3,288,136 |
| Hecla Mining Co. |
297,542 |
1,407,374 |
| Ingevity Corp. * |
46,208 |
2,363,077 |
| Innospec, Inc. |
20,386 |
2,446,320 |
| Kaiser Aluminum Corp. |
29,364 |
2,657,148 |
| Knife River Corp. * |
44,501 |
3,479,533 |
| Koppers Holdings, Inc. |
32,921 |
1,688,189 |
| LSB Industries, Inc. * |
21,510 |
200,043 |
| Materion Corp. |
12,282 |
1,411,693 |
| Mativ Holdings, Inc. |
109,972 |
2,008,089 |
| Mercer International, Inc. |
141,041 |
1,428,745 |
| Metallus, Inc. * |
68,217 |
1,402,542 |
| Minerals Technologies, Inc. |
39,205 |
2,857,652 |
| Myers Industries, Inc. |
40,109 |
878,387 |
| NewMarket Corp. |
4,877 |
2,569,789 |
| Olympic Steel, Inc. |
23,455 |
1,491,034 |
| Orion SA |
65,944 |
1,560,235 |
| Pactiv Evergreen, Inc. |
126,182 |
1,923,014 |
| Perimeter Solutions SA * |
23,973 |
167,811 |
| Quaker Chemical Corp. |
6,270 |
1,169,543 |
| Radius Recycling, Inc., Class A |
90,901 |
1,583,495 |
| Rayonier Advanced Materials, Inc. * |
75,977 |
283,394 |
| Royal Gold, Inc. |
18,867 |
2,266,493 |
| Ryerson Holding Corp. |
46,474 |
1,326,833 |
| Scotts Miracle-Gro Co. |
61,810 |
4,236,457 |
| Sensient Technologies Corp. |
39,976 |
2,927,043 |
| Silgan Holdings, Inc. |
20,252 |
944,958 |
| Southern Copper Corp. |
43,290 |
5,050,644 |
| Stepan Co. |
29,696 |
2,464,471 |
| Summit Materials, Inc., Class A * |
79,304 |
3,084,926 |
| SunCoke Energy, Inc. |
168,616 |
1,738,431 |
| Sylvamo Corp. |
77,809 |
4,863,062 |
| TriMas Corp. |
44,555 |
1,157,984 |
| Trinseo PLC |
365,952 |
955,135 |
| Tronox Holdings PLC |
219,047 |
3,721,609 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Warrior Met Coal, Inc. |
97,161 |
6,640,954 |
| |
|
118,825,513 |
| | ||
| Media & Entertainment 3.6% | ||
| AMC Entertainment Holdings, Inc., Class A *(a) |
59,896 |
175,495 |
| AMC Networks, Inc., Class A * |
239,160 |
2,539,879 |
| Bumble, Inc., Class A * |
43,485 |
439,198 |
| Cable One, Inc. |
5,414 |
2,132,304 |
| Cargurus, Inc. * |
39,887 |
895,862 |
| Cars.com, Inc. * |
34,572 |
577,698 |
| Cinemark Holdings, Inc. * |
113,608 |
1,947,241 |
| Clear Channel Outdoor Holdings, Inc. * |
1,288,947 |
1,791,636 |
| EchoStar Corp., Class A * |
581,458 |
9,297,513 |
| EW Scripps Co., Class A * |
168,335 |
632,940 |
| Gannett Co., Inc. * |
486,052 |
1,176,246 |
| Gray Television, Inc. |
336,038 |
1,932,218 |
| IAC, Inc. * |
43,640 |
2,075,518 |
| iHeartMedia, Inc., Class A * |
667,836 |
1,402,456 |
| John Wiley & Sons, Inc., Class A |
60,342 |
2,267,049 |
| Liberty Broadband Corp., Class C * |
11,591 |
576,420 |
| Liberty Media Corp.-Liberty Formula One, Class C * |
36,263 |
2,537,322 |
| Lions Gate Entertainment Corp., Class A * |
210,910 |
2,128,082 |
| Live Nation Entertainment, Inc. * |
1,899 |
168,840 |
| Match Group, Inc. * |
78,218 |
2,410,679 |
| New York Times Co., Class A |
68,523 |
2,948,545 |
| Pinterest, Inc., Class A * |
55,338 |
1,851,056 |
| Roku, Inc. * |
19,206 |
1,107,418 |
| Scholastic Corp. |
42,872 |
1,527,101 |
| Shutterstock, Inc. |
15,398 |
657,649 |
| Sinclair, Inc. |
97,144 |
1,194,871 |
| Sirius XM Holdings, Inc. (a) |
570,553 |
1,677,426 |
| Spotify Technology SA * |
18,972 |
5,320,508 |
| Taboola.com Ltd. * |
170,995 |
718,179 |
| Thryv Holdings, Inc. * |
80,125 |
1,843,676 |
| TKO Group Holdings, Inc. |
1,973 |
186,784 |
| Trade Desk, Inc., Class A * |
12,153 |
1,006,876 |
| TripAdvisor, Inc. * |
83,361 |
2,194,895 |
| WideOpenWest, Inc. * |
157,887 |
563,657 |
| Yelp, Inc., Class A * |
70,201 |
2,824,888 |
| Ziff Davis, Inc. * |
43,181 |
2,163,800 |
| ZoomInfo Technologies, Inc., Class A * |
44,717 |
709,212 |
| |
|
65,601,137 |
| | ||
| Pharmaceuticals, Biotechnology & Life Sciences
2.2% | ||
| Alkermes PLC * |
30,384 |
745,623 |
| Amphastar Pharmaceuticals, Inc. * |
2,676 |
110,385 |
| Azenta, Inc. * |
19,580 |
1,027,167 |
| BioMarin Pharmaceutical, Inc. * |
21,685 |
1,751,281 |
| Bio-Rad Laboratories, Inc., Class A * |
9,148 |
2,467,673 |
| Bio-Techne Corp. |
27,322 |
1,727,024 |
| Bruker Corp. |
34,209 |
2,668,644 |
| Corcept Therapeutics, Inc. * |
36,912 |
860,788 |
| Elanco Animal Health, Inc. * |
289,711 |
3,812,597 |
| Emergent BioSolutions, Inc. *(b) |
700,389 |
1,316,731 |
| Exact Sciences Corp. * |
10,847 |
643,769 |
| Exelixis, Inc. * |
112,798 |
2,646,241 |
| Halozyme Therapeutics, Inc. * |
22,423 |
854,316 |
| Incyte Corp. * |
47,948 |
2,495,693 |
| Innoviva, Inc. * |
83,702 |
1,264,737 |
| Ironwood Pharmaceuticals, Inc., Class A * |
12,037 |
93,287 |
| Ligand Pharmaceuticals, Inc. * |
2,080 |
145,371 |
| Medpace Holdings, Inc. * |
4,089 |
1,587,963 |
See financial
notes
35
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental US Small Company
Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Myriad Genetics, Inc. * |
37,177 |
727,554 |
| Neurocrine Biosciences, Inc. * |
9,530 |
1,310,756 |
| Pacira BioSciences, Inc. * |
4,718 |
123,847 |
| Prestige Consumer Healthcare, Inc. * |
28,700 |
2,059,512 |
| Repligen Corp. * |
4,494 |
737,915 |
| Royalty Pharma PLC, Class A |
123,370 |
3,417,349 |
| Supernus Pharmaceuticals, Inc. * |
27,117 |
816,222 |
| United Therapeutics Corp. * |
17,896 |
4,193,570 |
| Vir Biotechnology, Inc. * |
16,312 |
138,000 |
| |
|
39,744,015 |
| | ||
| Real Estate Management & Development 1.1%
| ||
| Compass, Inc., Class A * |
84,113 |
264,956 |
| CoStar Group, Inc. * |
41,411 |
3,790,349 |
| Cushman & Wakefield PLC * |
281,747 |
2,718,859 |
| DigitalBridge Group, Inc. |
310,660 |
5,107,250 |
| eXp World Holdings, Inc. |
62,642 |
623,914 |
| Howard Hughes Holdings, Inc. * |
15,915 |
1,037,021 |
| Kennedy-Wilson Holdings, Inc. |
143,427 |
1,232,038 |
| Marcus & Millichap, Inc. |
27,068 |
857,244 |
| Newmark Group, Inc., Class A |
191,524 |
1,832,885 |
| Opendoor Technologies, Inc. * |
505,683 |
1,006,309 |
| Zillow Group, Inc., Class C * |
60,853 |
2,590,512 |
| |
|
21,061,337 |
| | ||
| Semiconductors & Semiconductor Equipment 2.4%
| ||
| Allegro MicroSystems, Inc. * |
4,455 |
132,269 |
| Alpha & Omega Semiconductor Ltd. * |
6,399 |
139,946 |
| Amkor Technology, Inc. |
118,776 |
3,842,404 |
| Axcelis Technologies, Inc. * |
6,514 |
674,329 |
| Cirrus Logic, Inc. * |
47,258 |
4,185,641 |
| Cohu, Inc. * |
26,068 |
790,382 |
| Diodes, Inc. * |
32,838 |
2,397,502 |
| Enphase Energy, Inc. * |
8,554 |
930,333 |
| Entegris, Inc. |
32,070 |
4,262,744 |
| FormFactor, Inc. * |
33,793 |
1,506,830 |
| GLOBALFOUNDRIES, Inc. * |
20,212 |
987,963 |
| Ichor Holdings Ltd. * |
27,995 |
1,085,646 |
| Kulicke & Soffa Industries, Inc. |
43,425 |
2,009,709 |
| Lattice Semiconductor Corp. * |
11,361 |
779,365 |
| MaxLinear, Inc. * |
10,645 |
221,309 |
| Monolithic Power Systems, Inc. |
3,830 |
2,563,534 |
| Onto Innovation, Inc. * |
8,742 |
1,621,554 |
| Photronics, Inc. * |
56,326 |
1,543,896 |
| Power Integrations, Inc. |
20,997 |
1,400,920 |
| Rambus, Inc. * |
3,566 |
195,488 |
| Semtech Corp. * |
71,309 |
2,682,645 |
| Silicon Laboratories, Inc. * |
24,070 |
2,924,264 |
| SMART Global Holdings, Inc. * |
45,249 |
826,699 |
| SolarEdge Technologies, Inc. * |
14,305 |
838,988 |
| Synaptics, Inc. * |
19,431 |
1,748,013 |
| Ultra Clean Holdings, Inc. * |
43,585 |
1,823,160 |
| Universal Display Corp. |
7,678 |
1,212,970 |
| Wolfspeed, Inc. * |
22,064 |
596,390 |
| |
|
43,924,893 |
| | ||
| Software & Services 2.8% | ||
| ACI Worldwide, Inc. * |
75,863 |
2,586,928 |
| Alarm.com Holdings, Inc. * |
11,609 |
771,998 |
| AppLovin Corp., Class A * |
27,894 |
1,968,480 |
| Bentley Systems, Inc., Class B |
23,078 |
1,212,287 |
| Blackbaud, Inc. * |
13,365 |
1,041,401 |
| Cerence, Inc. * |
38,083 |
346,936 |
| CommVault Systems, Inc. * |
21,244 |
2,176,873 |
| Consensus Cloud Solutions, Inc. * |
28,695 |
334,010 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Dolby Laboratories, Inc., Class A |
31,789 |
2,468,734 |
| Dynatrace, Inc. * |
3,321 |
150,474 |
| Envestnet, Inc. * |
20,572 |
1,276,904 |
| Fair Isaac Corp. * |
3,785 |
4,289,654 |
| Globant SA * |
6,781 |
1,211,019 |
| Guidewire Software, Inc. * |
8,062 |
890,045 |
| InterDigital, Inc. |
16,972 |
1,675,646 |
| LiveRamp Holdings, Inc. * |
51,593 |
1,656,651 |
| Manhattan Associates, Inc. * |
8,431 |
1,737,292 |
| NCR Voyix Corp. * |
188,021 |
2,303,257 |
| Okta, Inc. * |
2,246 |
208,833 |
| Palantir Technologies, Inc., Class A * |
54,766 |
1,203,209 |
| Pegasystems, Inc. |
13,478 |
800,863 |
| Perficient, Inc. * |
12,443 |
588,056 |
| Progress Software Corp. |
15,499 |
772,160 |
| PTC, Inc. * |
11,718 |
2,079,242 |
| Qualys, Inc. * |
7,400 |
1,212,934 |
| RingCentral, Inc., Class A * |
51,426 |
1,523,238 |
| Snowflake, Inc., Class A * |
3,826 |
593,795 |
| SPS Commerce, Inc. * |
3,478 |
604,720 |
| Teradata Corp. * |
74,957 |
2,780,905 |
| Twilio, Inc., Class A * |
31,112 |
1,862,987 |
| Tyler Technologies, Inc. * |
4,822 |
2,225,594 |
| Unisys Corp. * |
239,947 |
1,302,912 |
| Verint Systems, Inc. * |
24,678 |
747,250 |
| Workday, Inc., Class A * |
7,732 |
1,892,252 |
| Zoom Video Communications, Inc., Class A * |
45,011 |
2,750,172 |
| |
|
51,247,711 |
| | ||
| Technology Hardware & Equipment 3.7% | ||
| ADTRAN Holdings, Inc. |
98,234 |
430,265 |
| Advanced Energy Industries, Inc. |
17,698 |
1,696,176 |
| Badger Meter, Inc. |
6,561 |
1,200,138 |
| Belden, Inc. |
27,752 |
2,255,405 |
| Benchmark Electronics, Inc. |
110,764 |
3,346,180 |
| Calix, Inc. * |
5,060 |
140,314 |
| Cognex Corp. |
68,093 |
2,828,583 |
| CommScope Holding Co., Inc. * |
944,314 |
844,217 |
| Comtech Telecommunications Corp. * |
67,150 |
126,242 |
| Crane NXT Co. |
27,246 |
1,656,829 |
| CTS Corp. |
20,139 |
921,359 |
| ePlus, Inc. * |
29,203 |
2,245,127 |
| Fabrinet * |
17,818 |
3,083,761 |
| IPG Photonics Corp. * |
27,366 |
2,298,197 |
| Itron, Inc. * |
26,064 |
2,401,016 |
| Kimball Electronics, Inc. * |
12,969 |
271,441 |
| Knowles Corp. * |
85,491 |
1,353,323 |
| Littelfuse, Inc. |
12,627 |
2,912,291 |
| Lumentum Holdings, Inc. * |
51,155 |
2,238,543 |
| Methode Electronics, Inc. |
61,320 |
747,491 |
| NETGEAR, Inc. * |
100,386 |
1,483,705 |
| NetScout Systems, Inc. * |
81,977 |
1,578,877 |
| Novanta, Inc. * |
5,480 |
857,620 |
| OSI Systems, Inc. * |
12,251 |
1,610,271 |
| PC Connection, Inc. |
24,758 |
1,534,253 |
| Plexus Corp. * |
33,737 |
3,407,774 |
| Pure Storage, Inc., Class A * |
20,200 |
1,018,080 |
| Rogers Corp. * |
11,475 |
1,366,558 |
| ScanSource, Inc. * |
77,222 |
3,213,980 |
| Super Micro Computer, Inc. * |
10,052 |
8,632,658 |
| TTM Technologies, Inc. * |
207,634 |
3,099,976 |
| Viasat, Inc. * |
104,920 |
1,669,277 |
| Viavi Solutions, Inc. * |
166,798 |
1,317,704 |
| Vontier Corp. |
85,614 |
3,478,497 |
| |
|
67,266,128 |
| | ||
See financial
notes
Schwab Fundamental Index Funds | Semiannual Report
36
Schwab Fundamental US Small Company
Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Telecommunication Services 0.3% | ||
| ATN International, Inc. |
17,406 |
332,106 |
| Cogent Communications Holdings, Inc. |
19,186 |
1,231,357 |
| Consolidated Communications Holdings, Inc. * |
333,939 |
1,442,617 |
| GCI Liberty, Inc. *(c) |
14,650 |
0 |
| Iridium Communications, Inc. |
40,028 |
1,232,462 |
| Shenandoah Telecommunications Co. |
64,325 |
824,647 |
| |
|
5,063,189 |
| | ||
| Transportation 2.4% | ||
| Air Transport Services Group, Inc. * |
117,931 |
1,511,875 |
| Alaska Air Group, Inc. * |
38,827 |
1,670,337 |
| American Airlines Group, Inc. * |
136,958 |
1,850,303 |
| ArcBest Corp. |
30,476 |
3,380,093 |
| Costamare, Inc. |
71,586 |
857,600 |
| Covenant Logistics Group, Inc., Class A |
16,267 |
735,106 |
| Danaos Corp. |
12,285 |
939,925 |
| Forward Air Corp. |
36,638 |
806,769 |
| Genco Shipping & Trading Ltd. |
47,065 |
1,004,367 |
| Global Ship Lease, Inc., Class A |
12,169 |
276,966 |
| Heartland Express, Inc. |
69,520 |
691,029 |
| JetBlue Airways Corp. * |
229,896 |
1,305,809 |
| Kirby Corp. * |
34,208 |
3,733,119 |
| Lyft, Inc., Class A * |
96,119 |
1,503,301 |
| Marten Transport Ltd. |
67,188 |
1,136,821 |
| Matson, Inc. |
10,978 |
1,183,209 |
| RXO, Inc. * |
166,412 |
3,146,851 |
| Saia, Inc. * |
7,808 |
3,098,449 |
| Schneider National, Inc., Class B |
93,945 |
1,942,783 |
| SkyWest, Inc. * |
27,219 |
1,987,804 |
| Star Bulk Carriers Corp. |
59,797 |
1,454,263 |
| United Airlines Holdings, Inc. * |
93,547 |
4,813,929 |
| XPO, Inc. * |
47,343 |
5,087,479 |
| |
|
44,118,187 |
| | ||
| Utilities 3.0% | ||
| ALLETE, Inc. |
53,120 |
3,145,766 |
| American States Water Co. |
14,037 |
994,381 |
| Atlantica Sustainable Infrastructure PLC |
88,738 |
1,736,603 |
| Avangrid, Inc. |
82,360 |
3,008,611 |
| Avista Corp. |
85,323 |
3,069,922 |
| Black Hills Corp. |
73,560 |
4,038,444 |
| California Water Service Group |
28,818 |
1,415,540 |
| Chesapeake Utilities Corp. |
10,035 |
1,062,405 |
| Clearway Energy, Inc., Class C |
55,093 |
1,288,074 |
| Hawaiian Electric Industries, Inc. |
245,934 |
2,422,450 |
| IDACORP, Inc. |
36,065 |
3,418,241 |
| MGE Energy, Inc. |
19,418 |
1,520,818 |
| New Jersey Resources Corp. |
68,717 |
3,002,246 |
| Northwest Natural Holding Co. |
37,044 |
1,413,229 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Northwestern Energy Group, Inc. |
59,339 |
2,993,059 |
| ONE Gas, Inc. |
48,759 |
3,145,931 |
| Ormat Technologies, Inc. |
23,141 |
1,477,090 |
| Otter Tail Corp. |
22,484 |
1,919,234 |
| PNM Resources, Inc. |
78,620 |
2,913,657 |
| SJW Group |
14,650 |
797,692 |
| Southwest Gas Holdings, Inc. |
73,173 |
5,460,169 |
| Spire, Inc. |
55,173 |
3,409,140 |
| Unitil Corp. |
15,754 |
802,509 |
| |
|
54,455,211 |
| Total Common Stocks
(Cost $1,504,322,269) |
1,830,760,425 | |
| |
|
|
| SHORT-TERM INVESTMENTS 0.9% OF NET ASSETS | ||
| | ||
| Money Market Funds 0.9% | ||
| State Street Institutional U.S. Government Money Market Fund, Premier Class 5.25% (d) |
5,263,305 |
5,263,305 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 5.25% (d)(e) |
10,797,191 |
10,797,191 |
| |
|
16,060,496 |
| Total Short-Term Investments
(Cost $16,060,496) |
16,060,496 | |
| Total Investments in Securities
(Cost $1,520,382,765) |
1,846,820,921 | |
| |
NUMBER OF CONTRACTS |
NOTIONAL AMOUNT
($) |
CURRENT VALUE/ UNREALIZED
APPRECIATION ($) |
| FUTURES CONTRACTS | |||
| Long |
|
|
|
| Russell 2000 Index, e-mini, expires 06/21/24 |
68 |
6,751,040 |
2,245 |
| * |
Non-income producing security. |
| (a) |
All or a portion of this security is on loan. Securities on loan were valued at $9,821,311. |
| (b) |
Issuer is an affiliated company, as the investment adviser owns at least 5% of the voting securities of such company. |
| (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. |
| REIT — |
Real Estate Investment Trust |
See financial notes
37
Schwab Fundamental Index Funds | Semiannual ReportSchwab Fundamental US Small Company
Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
Below is a summary of the fund’s transactions
with affiliated issuers and companies which are or were affiliates during the period April 30, 2024. 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, 2023, and/or Value at April 30, 2024, columns means either the issuer was not held or not held as an affiliate at the beginning of period and is no longer held at period end or the issuer is held at period end but is no longer an affiliate.
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DIVIDENDS RECEIVED |
| COMMON STOCKS 0.3% OF NET ASSETS | ||||||||
| | ||||||||
| Consumer Durables & Apparel 0.0% |
||||||||
| Fossil Group, Inc. |
$— |
$253,853 |
($454,922 ) |
($957,917 ) |
$618,925 |
$— |
— |
$— |
| Tupperware Brands Corp. |
— |
428,140 |
(27,240 ) |
(257,359 ) |
(616,465 ) |
999,085 |
942,533 |
— |
| |
|
|
|
|
|
999,085 |
|
|
| | ||||||||
| Equity Real Estate Investment Trusts (REITs) 0.2%
| ||||||||
| Ashford Hospitality Trust, Inc. |
— |
211,574 |
(485,265
) |
(818,022 ) |
574,820 |
— |
— |
— |
| Diversified Healthcare Trust |
— |
898,324 |
(4,487,337 ) |
1,342,349 |
1,374 |
4,038,541 |
1,711,246 |
42,012 |
| |
|
|
|
|
|
4,038,541 |
|
|
| | ||||||||
| Pharmaceuticals, Biotechnology & Life Sciences
0.1% | ||||||||
| Emergent BioSolutions, Inc. |
— |
1,130,615 |
(32,518
) |
(496,935 ) |
212,140 |
1,316,731 |
700,389 |
— |
| | ||||||||
| Transportation 0.0% | ||||||||
| Daseke, Inc. |
— |
571,318 |
(4,179,656 ) |
878,111 |
912,606 |
— |
— |
— |
| Total |
$— |
$3,493,824 |
($9,666,938
) |
($309,773
) |
$1,703,400 |
$6,354,357 |
|
$42,012 |
The following is a summary of the inputs used to value the fund’s investments
as of April 30, 2024 (see financial note 2(a) for additional information):
| DESCRIPTION |
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) |
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) |
TOTAL |
| Assets |
|
|
|
|
| Common Stocks1
|
$1,601,334,030 |
$— |
$— |
$1,601,334,030
|
| Equity Real Estate Investment Trusts (REITs) |
147,727,299 |
— |
0 * |
147,727,299 |
| Health Care Equipment & Services |
76,635,907 |
— |
0 * |
76,635,907 |
| Telecommunication Services |
5,063,189 |
— |
0 * |
5,063,189 |
| Short-Term Investments1
|
16,060,496 |
— |
— |
16,060,496 |
| Futures Contracts2
|
2,245 |
— |
— |
2,245 |
| Total |
$1,846,823,166 |
$— |
$0
* |
$1,846,823,166 |
| * |
Level 3 amount shown includes securities determined to have no value at April 30, 2024. |
| 1 |
As categorized in the Portfolio Holdings.
|
| 2 |
Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
See financial notes
Schwab Fundamental Index Funds | Semiannual Report
38
Schwab Fundamental US Small Company
Index Fund
Statement of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $8,529,571) including securities on loan of $877,177 |
|
$6,354,357
|
| Investments in securities, at value - unaffiliated issuers (cost $1,511,853,194) including securities on loan of $8,944,134 |
|
1,840,466,564 |
| Deposit with broker for futures contracts |
|
539,500 |
| Receivables: |
|
|
| Fund shares sold |
|
1,301,836 |
| Dividends |
|
1,097,897 |
| Income from securities on loan |
+ |
84,296 |
| Total assets |
|
1,849,844,450 |
| | ||
| Liabilities | ||
| Collateral held for securities on loan |
|
10,797,191 |
| Payables: |
|
|
| Fund shares redeemed |
|
2,450,416 |
| Investment adviser fees |
|
383,648 |
| Variation margin on futures contracts |
+ |
145,554 |
| Total liabilities |
|
13,776,809 |
| Net assets |
|
$1,836,067,641 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$1,499,883,599
|
| Total distributable earnings |
+ |
336,184,042 |
| Net assets |
|
$1,836,067,641 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares Outstanding |
= |
NAV |
| $1,836,067,641 |
|
114,095,181 |
|
$16.09 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
39
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental US Small Company
Index Fund
Statement of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $5,136) |
|
$18,684,949
|
| Dividends received from securities - affiliated issuers |
|
42,012 |
| Other interest |
|
18,771 |
| Securities on loan, net |
+ |
691,883 |
| Total investment income
|
|
19,437,615 |
| | ||
| Expenses | ||
| Investment adviser fees |
|
2,282,007 |
| Total expenses |
– |
2,282,007 |
| Net investment income |
|
17,155,608 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized losses on sales of securities - affiliated issuers |
|
(1,205,118 ) |
| Net realized losses on sales of securities - unaffiliated issuers |
|
(3,788,756 ) |
| Net realized gains on sales of in-kind redemptions - affiliated issuers |
|
895,345 |
| Net realized gains on sales of in-kind redemptions - unaffiliated issuers |
|
95,906,489 |
| Net realized gains on futures contracts |
+ |
1,323,331 |
| Net realized gains |
|
93,131,291 |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
|
1,703,400 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
|
169,328,550 |
| Net change in unrealized appreciation (depreciation) on futures contracts |
+ |
246,940 |
| Net change in unrealized appreciation (depreciation) |
+ |
171,278,890 |
| Net realized and unrealized gains |
|
264,410,181 |
| Increase in net assets resulting from operations |
|
$281,565,789 |
See financial notes
Schwab Fundamental Index Funds | Semiannual Report
40
Schwab Fundamental US 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 | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$17,155,608 |
$25,716,416
|
| Net realized gains |
|
93,131,291 |
108,225,267 |
| Net change in unrealized appreciation (depreciation) |
+ |
171,278,890 |
(184,006,297 ) |
| Increase (decrease) in net assets resulting from operations |
|
$281,565,789 |
($50,064,614 ) |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($25,436,316
) |
($105,778,873 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
25,913,027 |
$417,299,692 |
35,632,360 |
$523,918,723
|
| Shares reinvested |
|
1,165,225 |
17,979,415 |
5,548,590 |
78,789,982 |
| Shares redeemed |
+ |
(23,364,542 ) |
(379,125,743 ) |
(37,952,579 ) |
(554,276,467 ) |
| Net transactions in fund shares |
|
3,713,710 |
$56,153,364 |
3,228,371 |
$48,432,238 |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
110,381,471 |
$1,523,784,804 |
107,153,100 |
$1,631,196,053
|
| Total increase (decrease) |
+ |
3,713,710 |
312,282,837 |
3,228,371 |
(107,411,249 ) |
| End of period |
|
114,095,181 |
$1,836,067,641 |
110,381,471 |
$1,523,784,804 |
See financial notes
41
Schwab Fundamental Index Funds | Semiannual ReportSchwab Fundamental International Large
Company Index Fund
Financial Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$9.59 |
$8.41 |
$10.56 |
$7.51 |
$8.98 |
$8.69 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.17 |
0.33 |
0.34 |
0.31 |
0.21 |
0.30 |
| Net realized and unrealized gains (losses) |
1.37 |
1.11 |
(2.10 ) |
2.96 |
(1.35 ) |
0.27 |
| Total from investment operations |
1.54 |
1.44 |
(1.76 ) |
3.27 |
(1.14 ) |
0.57 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.34 ) |
(0.26 ) |
(0.39 ) |
(0.22 ) |
(0.33 ) |
(0.28 ) |
| Net asset value at end of period |
$10.79 |
$9.59 |
$8.41 |
$10.56 |
$7.51 |
$8.98 |
| Total return |
16.29
%2 |
17.40 % |
(17.25 %) |
44.03 % |
(13.29 %) |
7.04 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Total expenses |
0.25
%3 |
0.25
%4 |
0.25
%4 |
0.25 % |
0.25 % |
0.25 % |
| Net investment income (loss) |
3.24
%3 |
3.40 % |
3.56 % |
3.10 % |
2.60 % |
3.51 % |
| Portfolio turnover rate |
6
%2 |
15 % |
13 % |
21 % |
14 % |
28 % |
| Net assets, end of period (x 1,000,000) |
$2,572 |
$2,085 |
$1,565 |
$1,406 |
$966 |
$1,327 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Annualized. |
| 4 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
Schwab Fundamental Index Funds | Semiannual Report
42
Schwab Fundamental International Large
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to
orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to
20 days after the end of the month on the fund’s website.
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| COMMON STOCKS 98.1% OF NET ASSETS | ||
| | ||
| Australia 4.9% | ||
| AGL Energy Ltd. |
278,152 |
1,694,104 |
| Amcor PLC |
197,166 |
1,753,090 |
| Ampol Ltd. |
69,373 |
1,638,160 |
| ANZ Group Holdings Ltd. |
430,328 |
7,764,806 |
| APA Group |
155,806 |
831,456 |
| Aristocrat Leisure Ltd. |
32,531 |
830,191 |
| Aurizon Holdings Ltd. |
450,371 |
1,106,224 |
| BHP Group Ltd. |
694,199 |
19,039,179 |
| BlueScope Steel Ltd. |
136,631 |
1,994,186 |
| Brambles Ltd. |
171,762 |
1,615,877 |
| Coles Group Ltd. |
185,277 |
1,932,294 |
| Commonwealth Bank of Australia |
145,136 |
10,634,047 |
| Computershare Ltd. |
37,244 |
654,316 |
| CSL Ltd. |
16,476 |
2,927,391 |
| Downer EDI Ltd. |
307,622 |
923,498 |
| Endeavour Group Ltd. |
223,521 |
768,667 |
| Fortescue Ltd. |
252,778 |
4,189,655 |
| Goodman Group |
44,443 |
897,732 |
| Incitec Pivot Ltd. |
361,976 |
649,960 |
| Insurance Australia Group Ltd. |
258,775 |
1,072,099 |
| James Hardie Industries PLC * |
20,124 |
691,822 |
| JB Hi-Fi Ltd. |
23,779 |
927,906 |
| Lendlease Corp. Ltd. |
248,045 |
1,022,949 |
| Macquarie Group Ltd. |
27,103 |
3,245,273 |
| Medibank Pvt Ltd. |
398,975 |
914,394 |
| Metcash Ltd. |
317,570 |
805,321 |
| Mineral Resources Ltd. |
13,931 |
631,942 |
| Mirvac Group |
494,020 |
647,299 |
| National Australia Bank Ltd. |
360,110 |
7,806,292 |
| Northern Star Resources Ltd. |
54,652 |
518,032 |
| Orica Ltd. |
61,398 |
710,911 |
| Origin Energy Ltd. |
224,132 |
1,414,590 |
| QBE Insurance Group Ltd. |
120,438 |
1,377,686 |
| Ramsay Health Care Ltd. |
22,289 |
747,132 |
| Rio Tinto Ltd. |
83,331 |
6,935,167 |
| Santos Ltd. |
281,271 |
1,380,299 |
| Scentre Group |
584,652 |
1,183,949 |
| Sims Ltd. |
56,368 |
432,020 |
| Sonic Healthcare Ltd. |
61,571 |
1,058,139 |
| South32 Ltd. |
899,295 |
2,051,724 |
| Stockland |
307,677 |
871,685 |
| Suncorp Group Ltd. |
207,854 |
2,219,967 |
| Telstra Group Ltd. |
812,429 |
1,919,455 |
| Transurban Group |
149,309 |
1,198,721 |
| Treasury Wine Estates Ltd. |
81,520 |
632,204 |
| Viva Energy Group Ltd. |
268,053 |
586,900 |
| Wesfarmers Ltd. |
123,608 |
5,295,271 |
| Westpac Banking Corp. |
528,910 |
8,783,261 |
| Whitehaven Coal Ltd. |
98,471 |
487,085 |
| Woodside Energy Group Ltd. |
131,469 |
2,355,531 |
| Woolworths Group Ltd. |
119,432 |
2,450,400 |
| Worley Ltd. |
56,537 |
545,763 |
| |
|
124,766,022 |
| | ||
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Austria 0.3% | ||
| BAWAG Group AG |
14,592 |
871,300 |
| Erste Group Bank AG |
50,022 |
2,332,780 |
| OMV AG |
48,862 |
2,318,571 |
| Raiffeisen Bank International AG |
49,022 |
905,380 |
| voestalpine AG |
51,769 |
1,382,495 |
| Wienerberger AG |
23,944 |
855,646 |
| |
|
8,666,172 |
| | ||
| Belgium 0.7% | ||
| Ageas SA |
42,044 |
1,929,885 |
| Anheuser-Busch InBev SA |
111,457 |
6,662,206 |
| Colruyt Group NV |
15,531 |
719,673 |
| Groupe Bruxelles Lambert NV |
22,826 |
1,694,374 |
| KBC Group NV |
35,124 |
2,609,157 |
| Proximus SADP |
100,292 |
740,124 |
| Syensqo SA * |
12,155 |
1,126,667 |
| UCB SA |
12,372 |
1,640,652 |
| Umicore SA |
63,720 |
1,411,412 |
| |
|
18,534,150 |
| | ||
| Canada 7.4% | ||
| Agnico Eagle Mines Ltd. |
31,638 |
2,003,560 |
| Algonquin Power & Utilities Corp. (a) |
104,531 |
638,583 |
| Alimentation Couche-Tard, Inc. |
110,797 |
6,140,857 |
| AltaGas Ltd. |
38,077 |
834,754 |
| ARC Resources Ltd. |
48,109 |
871,214 |
| Atco Ltd., Class I |
23,369 |
637,761 |
| B2Gold Corp. |
196,901 |
497,741 |
| Bank of Montreal |
67,033 |
5,987,759 |
| Bank of Nova Scotia |
189,584 |
8,698,017 |
| Barrick Gold Corp. |
243,338 |
4,044,291 |
| Bausch Health Cos., Inc. * |
104,986 |
918,956 |
| BCE, Inc. |
54,052 |
1,775,885 |
| Brookfield Asset Management Ltd., Class A |
1 |
38 |
| Brookfield Corp. |
48,607 |
1,949,717 |
| Brookfield Infrastructure Corp., Class A |
15,208 |
463,316 |
| Canadian Imperial Bank of Commerce |
121,781 |
5,684,558 |
| Canadian National Railway Co. |
41,164 |
4,996,254 |
| Canadian Natural Resources Ltd. |
117,627 |
8,913,557 |
| Canadian Pacific Kansas City Ltd. |
35,545 |
2,788,552 |
| Canadian Tire Corp. Ltd., Class A |
13,387 |
1,293,239 |
| Cenovus Energy, Inc. |
118,359 |
2,431,404 |
| CGI, Inc. * |
19,848 |
2,011,112 |
| CI Financial Corp. |
67,472 |
796,931 |
| Constellation Software, Inc. |
297 |
764,647 |
| Crescent Point Energy Corp. |
96,968 |
855,113 |
| Dollarama, Inc. |
11,862 |
989,527 |
| Emera, Inc. |
37,610 |
1,268,465 |
| Enbridge, Inc. |
278,722 |
9,910,611 |
| Fairfax Financial Holdings Ltd. |
2,373 |
2,579,953 |
| Finning International, Inc. |
29,588 |
928,272 |
| First Quantum Minerals Ltd. |
86,650 |
1,100,238 |
| Fortis, Inc. |
61,221 |
2,404,102 |
See financial
notes
43
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental International Large
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Franco-Nevada Corp. |
4,476 |
538,817 |
| George Weston Ltd. |
15,310 |
2,014,828 |
| Gildan Activewear, Inc. |
25,256 |
875,470 |
| Great-West Lifeco, Inc. |
28,105 |
831,115 |
| Hydro One Ltd. |
30,243 |
847,107 |
| iA Financial Corp., Inc. |
10,640 |
645,055 |
| Imperial Oil Ltd. |
30,556 |
2,100,843 |
| Intact Financial Corp. |
9,360 |
1,538,436 |
| Interfor Corp. * |
27,670 |
351,139 |
| Keyera Corp. |
31,972 |
820,289 |
| Kinross Gold Corp. |
249,273 |
1,607,921 |
| Linamar Corp. |
15,137 |
712,840 |
| Loblaw Cos. Ltd. |
25,780 |
2,826,970 |
| Lundin Mining Corp. |
103,072 |
1,176,982 |
| Magna International, Inc. |
101,972 |
4,873,975 |
| Manulife Financial Corp. |
242,366 |
5,653,123 |
| MEG Energy Corp. * |
27,902 |
634,592 |
| Methanex Corp. |
14,459 |
692,360 |
| Metro, Inc. |
35,040 |
1,792,407 |
| National Bank of Canada |
28,816 |
2,313,820 |
| Northland Power, Inc. |
29,867 |
455,821 |
| Nutrien Ltd. |
99,737 |
5,259,077 |
| Onex Corp. |
33,739 |
2,393,701 |
| Open Text Corp. |
22,999 |
812,103 |
| Parkland Corp. |
28,050 |
864,127 |
| Pembina Pipeline Corp. |
58,863 |
2,071,205 |
| Power Corp. of Canada |
76,983 |
2,051,165 |
| Restaurant Brands International, Inc. |
16,733 |
1,269,455 |
| RioCan Real Estate Investment Trust |
37,109 |
470,113 |
| Royal Bank of Canada |
128,692 |
12,450,868 |
| Russel Metals, Inc. |
16,594 |
467,330 |
| Saputo, Inc. |
45,507 |
875,001 |
| SNC-Lavalin Group, Inc. |
22,697 |
871,509 |
| Stelco Holdings, Inc. |
12,562 |
364,181 |
| Sun Life Financial, Inc. |
54,357 |
2,775,399 |
| Suncor Energy, Inc. |
290,834 |
11,097,599 |
| TC Energy Corp. |
132,763 |
4,756,381 |
| Teck Resources Ltd., Class B |
63,600 |
3,127,218 |
| TELUS Corp. |
59,467 |
955,083 |
| TFI International, Inc. |
6,338 |
825,393 |
| Thomson Reuters Corp. |
7,987 |
1,206,361 |
| Toromont Industries Ltd. |
5,970 |
546,413 |
| Toronto-Dominion Bank |
179,318 |
10,638,071 |
| Tourmaline Oil Corp. |
17,802 |
870,024 |
| Vermilion Energy, Inc. |
42,564 |
490,368 |
| Waste Connections, Inc. |
10,459 |
1,695,746 |
| West Fraser Timber Co. Ltd. |
25,331 |
1,940,145 |
| Wheaton Precious Metals Corp. |
13,637 |
710,453 |
| WSP Global, Inc. |
7,014 |
1,064,290 |
| |
|
191,401,673 |
| | ||
| Denmark 0.9% | ||
| AP Moller - Maersk AS, Class A |
1,253 |
1,776,990 |
| AP Moller - Maersk AS, Class B |
2,199 |
3,186,501 |
| Carlsberg AS, Class B |
9,212 |
1,239,132 |
| Coloplast AS, Class B |
6,248 |
753,291 |
| Danske Bank AS |
76,680 |
2,207,386 |
| DSV AS |
12,987 |
1,845,055 |
| Novo Nordisk AS, Class B |
60,034 |
7,698,892 |
| Orsted AS * |
20,147 |
1,107,245 |
| Pandora AS |
7,821 |
1,190,355 |
| Svitzer AS * |
6,904 |
231,997 |
| Vestas Wind Systems AS * |
71,742 |
1,922,588 |
| |
|
23,159,432 |
| | ||
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Finland 1.0% | ||
| Elisa OYJ |
15,687 |
707,317 |
| Fortum OYJ |
102,265 |
1,347,586 |
| Huhtamaki OYJ |
15,359 |
589,425 |
| Kesko OYJ, B Shares |
60,286 |
1,029,225 |
| Kone OYJ, B Shares |
31,054 |
1,513,789 |
| Neste OYJ |
58,577 |
1,327,889 |
| Nokia OYJ |
981,175 |
3,566,916 |
| Nordea Bank Abp |
459,462 |
5,384,094 |
| Outokumpu OYJ |
170,529 |
689,586 |
| Sampo OYJ, A Shares |
56,650 |
2,299,051 |
| Stora Enso OYJ, R Shares |
145,385 |
1,936,619 |
| UPM-Kymmene OYJ |
94,066 |
3,296,554 |
| Valmet OYJ |
19,907 |
496,700 |
| Wartsila OYJ Abp |
57,287 |
1,056,801 |
| |
|
25,241,552 |
| | ||
| France 8.5% | ||
| Accor SA |
15,766 |
690,956 |
| Air Liquide SA |
36,796 |
7,196,512 |
| Airbus SE |
23,762 |
3,910,221 |
| ALD SA |
83,752 |
550,796 |
| Alstom SA |
59,419 |
936,923 |
| Arkema SA |
16,922 |
1,746,126 |
| Atos SE *(a) |
156,170 |
334,099 |
| AXA SA |
244,900 |
8,461,681 |
| BNP Paribas SA |
218,043 |
15,690,780 |
| Bollore SE |
135,013 |
876,335 |
| Bouygues SA |
75,930 |
2,798,422 |
| Bureau Veritas SA |
22,244 |
648,760 |
| Capgemini SE |
12,654 |
2,659,630 |
| Carrefour SA |
257,231 |
4,327,455 |
| Cie de Saint-Gobain SA |
100,487 |
7,946,777 |
| Cie Generale des Etablissements Michelin SCA |
156,005 |
5,993,501 |
| Credit Agricole SA |
217,497 |
3,365,382 |
| Danone SA |
83,793 |
5,244,381 |
| Dassault Systemes SE |
15,409 |
604,833 |
| Edenred SE |
9,092 |
431,432 |
| Eiffage SA |
18,374 |
1,960,477 |
| Elis SA |
38,114 |
855,712 |
| Engie SA * |
384,649 |
6,677,741 |
| EssilorLuxottica SA |
16,251 |
3,465,227 |
| Eurazeo SE * |
10,347 |
932,033 |
| Eurofins Scientific SE |
10,924 |
669,518 |
| Forvia SE * |
76,368 |
1,215,370 |
| Hermes International SCA |
486 |
1,163,479 |
| Kering SA |
6,469 |
2,267,185 |
| Klepierre SA |
24,843 |
667,094 |
| Legrand SA |
18,388 |
1,889,672 |
| L'Oreal SA |
11,907 |
5,582,634 |
| LVMH Moet Hennessy Louis Vuitton SE |
9,612 |
7,895,643 |
| Orange SA |
698,908 |
7,779,044 |
| Pernod Ricard SA |
12,474 |
1,886,594 |
| Publicis Groupe SA |
25,531 |
2,817,264 |
| Renault SA |
102,928 |
5,098,367 |
| Rexel SA |
62,887 |
1,630,021 |
| Rubis SCA |
34,581 |
1,196,719 |
| Safran SA |
17,565 |
3,808,656 |
| Sanofi SA |
132,665 |
13,106,381 |
| Schneider Electric SE |
35,813 |
8,165,843 |
| SCOR SE |
34,990 |
1,141,645 |
| SES SA, Class A |
131,998 |
640,386 |
| Societe Generale SA |
269,483 |
7,261,233 |
| Sodexo SA |
9,992 |
870,038 |
| STMicroelectronics NV |
42,050 |
1,664,544 |
See financial
notes
Schwab Fundamental Index Funds | Semiannual Report
44
Schwab Fundamental International Large
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Teleperformance SE * |
7,803 |
706,833 |
| Thales SA |
7,155 |
1,202,522 |
| TotalEnergies SE |
503,200 |
36,531,695 |
| Unibail-Rodamco-Westfield * |
11,697 |
974,746 |
| Valeo SE |
127,925 |
1,621,258 |
| Veolia Environnement SA |
104,514 |
3,249,099 |
| Vinci SA |
58,691 |
6,877,183 |
| Vivendi SE |
87,310 |
888,265 |
| Wendel SE |
7,966 |
812,339 |
| |
|
219,587,462 |
| | ||
| Germany 7.4% | ||
| adidas AG |
20,896 |
5,035,583 |
| Allianz SE |
54,594 |
15,492,960 |
| Aurubis AG |
19,208 |
1,529,989 |
| BASF SE |
298,211 |
15,625,228 |
| Bayer AG |
178,586 |
5,209,476 |
| Bayerische Motoren Werke AG |
89,536 |
9,754,884 |
| Beiersdorf AG |
5,415 |
813,894 |
| Brenntag SE |
23,299 |
1,859,339 |
| Commerzbank AG |
94,431 |
1,403,447 |
| Continental AG |
39,766 |
2,577,286 |
| Covestro AG * |
67,860 |
3,398,723 |
| Daimler Truck Holding AG |
69,994 |
3,156,465 |
| Deutsche Bank AG |
275,594 |
4,401,929 |
| Deutsche Boerse AG |
7,590 |
1,463,291 |
| Deutsche Lufthansa AG * |
109,282 |
782,091 |
| Deutsche Post AG |
191,604 |
8,022,446 |
| Deutsche Telekom AG |
707,056 |
16,195,516 |
| E.ON SE |
382,005 |
5,058,498 |
| Evonik Industries AG |
64,053 |
1,334,907 |
| Freenet AG |
29,307 |
814,687 |
| Fresenius Medical Care AG |
62,410 |
2,627,630 |
| Fresenius SE & Co. KGaA |
158,608 |
4,732,922 |
| GEA Group AG * |
20,818 |
840,214 |
| Hannover Rueck SE |
5,190 |
1,287,348 |
| Heidelberg Materials AG |
37,108 |
3,734,388 |
| Henkel AG & Co. KGaA |
17,507 |
1,258,903 |
| Infineon Technologies AG |
69,527 |
2,412,798 |
| K&S AG |
60,801 |
909,579 |
| KION Group AG |
24,621 |
1,134,730 |
| Kloeckner & Co. SE |
62,174 |
440,670 |
| Knorr-Bremse AG |
9,463 |
702,207 |
| Lanxess AG |
38,167 |
1,078,715 |
| Mercedes-Benz Group AG |
209,246 |
15,827,553 |
| Merck KGaA |
8,444 |
1,341,766 |
| METRO AG |
93,493 |
500,161 |
| MTU Aero Engines AG |
3,633 |
875,251 |
| Muenchener
Rueckversicherungs-Gesellschaft AG
in Muenchen
|
11,290 |
4,965,439 |
| ProSiebenSat.1 Media SE |
83,520 |
648,688 |
| Puma SE |
10,863 |
501,555 |
| Rheinmetall AG |
3,064 |
1,688,401 |
| RWE AG |
57,917 |
2,017,570 |
| Salzgitter AG |
20,911 |
537,017 |
| SAP SE |
60,543 |
10,932,076 |
| Siemens AG |
67,477 |
12,640,702 |
| Siemens Energy AG * |
118,845 |
2,440,298 |
| Siemens Healthineers AG |
16,770 |
930,022 |
| Symrise AG, Class A |
7,758 |
831,593 |
| thyssenkrupp AG |
312,603 |
1,568,855 |
| United Internet AG |
40,714 |
984,825 |
| Volkswagen AG |
16,169 |
2,282,627 |
| Vonovia SE |
85,887 |
2,481,793 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Zalando SE * |
25,310 |
662,243 |
| |
|
189,749,178 |
| | ||
| Hong Kong 1.6% | ||
| AIA Group Ltd. |
775,800 |
5,682,233 |
| BOC Hong Kong Holdings Ltd. |
532,500 |
1,632,162 |
| CK Asset Holdings Ltd. |
377,500 |
1,610,255 |
| CK Hutchison Holdings Ltd. |
1,097,088 |
5,328,307 |
| CLP Holdings Ltd. |
277,000 |
2,178,899 |
| Galaxy Entertainment Group Ltd. |
122,000 |
547,401 |
| Hang Seng Bank Ltd. |
100,300 |
1,322,613 |
| Hong Kong & China Gas Co. Ltd. |
1,299,676 |
988,211 |
| Hong Kong Exchanges & Clearing Ltd. |
28,906 |
918,471 |
| Hongkong Land Holdings Ltd. |
192,111 |
613,829 |
| Jardine Matheson Holdings Ltd. |
94,846 |
3,639,241 |
| Lenovo Group Ltd. |
1,806,000 |
2,031,316 |
| Link REIT |
171,400 |
734,413 |
| MTR Corp. Ltd. |
174,147 |
572,323 |
| New World Development Co. Ltd. |
753,422 |
800,097 |
| Orient Overseas International Ltd. |
48,000 |
700,081 |
| Pacific Basin Shipping Ltd. |
1,582,000 |
547,780 |
| PCCW Ltd. |
1,145,000 |
572,493 |
| SITC International Holdings Co. Ltd. |
243,000 |
526,968 |
| Sun Hung Kai Properties Ltd. |
263,064 |
2,426,754 |
| Swire Pacific Ltd., A Shares |
162,800 |
1,378,706 |
| Techtronic Industries Co. Ltd. |
102,206 |
1,412,414 |
| WH Group Ltd. |
4,424,999 |
3,216,266 |
| Wharf Real Estate Investment Co. Ltd. |
177,000 |
549,145 |
| Xinyi Glass Holdings Ltd. |
474,894 |
507,475 |
| |
|
40,437,853 |
| | ||
| Ireland 0.1% | ||
| Bank of Ireland Group PLC |
81,343 |
867,884 |
| Glanbia PLC |
30,242 |
575,773 |
| Kerry Group PLC, Class A |
13,998 |
1,204,645 |
| Kingspan Group PLC |
10,244 |
911,179 |
| |
|
3,559,481 |
| | ||
| Israel 0.2% | ||
| Bank Hapoalim BM |
134,052 |
1,207,598 |
| Bank Leumi Le-Israel BM |
194,845 |
1,518,254 |
| ICL Group Ltd. |
143,688 |
674,467 |
| Israel Corp. Ltd. |
1,582 |
377,003 |
| Israel Discount Bank Ltd., A Shares |
127,369 |
653,304 |
| Oil Refineries Ltd. |
1,031,113 |
298,747 |
| Teva Pharmaceutical Industries Ltd. * |
84,365 |
1,179,850 |
| |
|
5,909,223 |
| | ||
| Italy 3.0% | ||
| A2A SpA |
388,904 |
766,978 |
| Assicurazioni Generali SpA |
218,952 |
5,338,584 |
| Banco BPM SpA |
209,009 |
1,372,278 |
| BPER Banca SpA |
162,481 |
843,796 |
| Enel SpA |
1,742,658 |
11,453,517 |
| Eni SpA |
675,047 |
10,842,394 |
| Ferrari NV |
2,585 |
1,063,145 |
| Hera SpA |
195,202 |
704,773 |
| Intesa Sanpaolo SpA |
2,726,245 |
10,204,349 |
| Iveco Group NV |
65,831 |
825,437 |
| Leonardo SpA |
69,274 |
1,592,058 |
| Mediobanca Banca di Credito Finanziario SpA |
67,280 |
955,921 |
| Moncler SpA |
7,701 |
524,301 |
| Pirelli & C SpA |
103,589 |
654,988 |
See financial
notes
45
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental International Large
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Poste Italiane SpA |
64,491 |
819,237 |
| Prysmian SpA |
28,239 |
1,532,201 |
| Snam SpA |
235,198 |
1,076,095 |
| Stellantis NV |
581,733 |
12,871,713 |
| Telecom Italia SpA *(a) |
8,075,052 |
1,914,396 |
| Tenaris SA |
48,633 |
807,658 |
| Terna - Rete Elettrica Nazionale |
111,544 |
893,681 |
| UniCredit SpA |
238,546 |
8,755,680 |
| Unipol Gruppo SpA |
112,827 |
1,011,460 |
| |
|
76,824,640 |
| | ||
| Japan 26.5% | ||
| Advantest Corp. |
26,100 |
816,947 |
| Aeon Co. Ltd. |
143,100 |
2,991,977 |
| AGC, Inc. |
64,700 |
2,392,232 |
| Air Water, Inc. |
57,200 |
858,870 |
| Aisin Corp. |
88,400 |
3,362,403 |
| Ajinomoto Co., Inc. |
41,100 |
1,528,158 |
| Alfresa Holdings Corp. |
103,900 |
1,539,744 |
| Alps Alpine Co. Ltd. |
131,900 |
1,190,630 |
| Amada Co. Ltd. |
68,200 |
744,885 |
| Asahi Group Holdings Ltd. |
80,500 |
2,753,821 |
| Asahi Kasei Corp. |
499,800 |
3,484,671 |
| Astellas Pharma, Inc. |
242,800 |
2,330,369 |
| Bandai Namco Holdings, Inc. |
68,800 |
1,285,540 |
| Bridgestone Corp. |
136,876 |
6,039,925 |
| Brother Industries Ltd. |
79,200 |
1,400,966 |
| Canon, Inc. |
201,500 |
5,453,656 |
| Central Japan Railway Co. |
139,000 |
3,178,649 |
| Chubu Electric Power Co., Inc. |
258,585 |
3,319,186 |
| Chugai Pharmaceutical Co. Ltd. |
37,000 |
1,176,742 |
| Chugoku Electric Power Co., Inc. |
122,600 |
841,674 |
| Coca-Cola Bottlers Japan Holdings, Inc. |
68,100 |
953,437 |
| COMSYS Holdings Corp. |
32,800 |
767,767 |
| Cosmo Energy Holdings Co. Ltd. |
41,500 |
1,983,927 |
| Dai Nippon Printing Co. Ltd. |
63,400 |
1,846,595 |
| Daicel Corp. |
69,300 |
643,665 |
| Daido Steel Co. Ltd. |
64,200 |
707,902 |
| Daifuku Co. Ltd. |
32,870 |
673,303 |
| Dai-ichi Life Holdings, Inc. |
173,500 |
4,018,439 |
| Daiichi Sankyo Co. Ltd. |
67,460 |
2,270,547 |
| Daikin Industries Ltd. |
25,600 |
3,494,177 |
| Daito Trust Construction Co. Ltd. |
16,700 |
1,790,145 |
| Daiwa House Industry Co. Ltd. |
192,181 |
5,407,762 |
| Daiwa Securities Group, Inc. |
179,600 |
1,319,891 |
| Daiwabo Holdings Co. Ltd. |
37,470 |
650,856 |
| Denka Co. Ltd. |
38,500 |
570,474 |
| Denso Corp. |
327,800 |
5,586,734 |
| Dentsu Group, Inc. |
34,601 |
936,067 |
| DIC Corp. |
45,200 |
844,769 |
| Disco Corp. |
2,900 |
826,053 |
| Dowa Holdings Co. Ltd. |
18,370 |
687,901 |
| East Japan Railway Co. |
193,054 |
3,538,479 |
| Ebara Corp. |
14,200 |
1,170,563 |
| EDION Corp. |
57,900 |
598,153 |
| Eisai Co. Ltd. |
28,100 |
1,154,040 |
| Electric Power Development Co. Ltd. |
80,200 |
1,362,356 |
| ENEOS Holdings, Inc. |
2,012,550 |
9,298,406 |
| EXEO Group, Inc. |
66,402 |
723,731 |
| FANUC Corp. |
86,000 |
2,547,258 |
| Fast Retailing Co. Ltd. |
7,100 |
1,856,430 |
| Fuji Electric Co. Ltd. |
22,000 |
1,368,486 |
| FUJIFILM Holdings Corp. |
169,600 |
3,607,812 |
| Fujikura Ltd. |
77,900 |
1,338,658 |
| Fujitsu Ltd. |
355,600 |
5,493,359 |
| Furukawa Electric Co. Ltd. |
40,000 |
856,435 |
| Hakuhodo DY Holdings, Inc. |
78,400 |
729,221 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Hankyu Hanshin Holdings, Inc. |
30,700 |
804,900 |
| Hanwa Co. Ltd. |
23,900 |
919,586 |
| Haseko Corp. |
86,900 |
1,049,861 |
| Hino Motors Ltd. * |
240,865 |
703,126 |
| Hitachi Construction Machinery Co. Ltd. |
27,050 |
772,610 |
| Hitachi Ltd. |
151,100 |
13,940,587 |
| Honda Motor Co. Ltd. |
1,754,000 |
19,956,270 |
| Hoya Corp. |
17,550 |
2,034,744 |
| Idemitsu Kosan Co. Ltd. |
719,245 |
4,872,969 |
| IHI Corp. |
42,200 |
1,010,443 |
| Iida Group Holdings Co. Ltd. |
65,800 |
839,997 |
| INFRONEER Holdings, Inc. |
54,200 |
479,978 |
| Inpex Corp. |
209,100 |
3,132,276 |
| Isetan Mitsukoshi Holdings Ltd. |
71,000 |
997,206 |
| Isuzu Motors Ltd. |
157,800 |
1,999,775 |
| ITOCHU Corp. |
227,000 |
10,241,044 |
| Iwatani Corp. |
15,051 |
854,633 |
| Japan Exchange Group, Inc. |
28,500 |
667,485 |
| Japan Post Bank Co. Ltd. |
71,600 |
726,762 |
| Japan Post Holdings Co. Ltd. |
541,400 |
5,199,225 |
| Japan Post Insurance Co. Ltd. |
59,800 |
1,122,690 |
| Japan Tobacco, Inc. |
177,800 |
4,783,107 |
| JFE Holdings, Inc. |
248,100 |
3,703,070 |
| JGC Holdings Corp. |
55,100 |
531,118 |
| JSR Corp. * |
4,400 |
120,703 |
| JTEKT Corp. |
122,300 |
946,699 |
| Kajima Corp. |
118,400 |
2,268,199 |
| Kaneka Corp. |
34,000 |
880,669 |
| Kansai Electric Power Co., Inc. |
227,100 |
3,401,826 |
| Kao Corp. |
80,447 |
3,318,616 |
| Kawasaki Heavy Industries Ltd. |
43,600 |
1,349,771 |
| Kawasaki Kisen Kaisha Ltd. |
75,000 |
1,056,741 |
| KDDI Corp. |
311,500 |
8,643,744 |
| Kewpie Corp. |
35,300 |
711,752 |
| Keyence Corp. |
4,892 |
2,151,353 |
| Kikkoman Corp. |
73,500 |
875,782 |
| Kinden Corp. |
39,600 |
755,612 |
| Kintetsu Group Holdings Co. Ltd. |
21,000 |
539,880 |
| Kirin Holdings Co. Ltd. |
155,400 |
2,268,466 |
| Kobe Steel Ltd. |
139,200 |
1,699,011 |
| Koito Manufacturing Co. Ltd. |
71,400 |
960,382 |
| Komatsu Ltd. |
179,000 |
5,344,250 |
| Konica Minolta, Inc. |
335,100 |
1,114,252 |
| K's Holdings Corp. |
93,100 |
893,688 |
| Kubota Corp. |
191,200 |
3,066,795 |
| Kuraray Co. Ltd. |
109,100 |
1,208,731 |
| Kurita Water Industries Ltd. |
15,153 |
600,121 |
| Kyocera Corp. |
212,900 |
2,594,961 |
| Kyushu Electric Power Co., Inc. |
266,500 |
2,472,289 |
| Kyushu Railway Co. |
29,400 |
632,568 |
| Lixil Corp. |
120,700 |
1,296,405 |
| LY Corp. |
307,500 |
738,809 |
| Makita Corp. |
44,390 |
1,285,129 |
| Marubeni Corp. |
291,600 |
5,195,247 |
| MatsukiyoCocokara & Co. |
47,500 |
673,585 |
| Mazda Motor Corp. |
302,700 |
3,426,405 |
| Medipal Holdings Corp. |
81,272 |
1,274,592 |
| MEIJI Holdings Co. Ltd. |
77,600 |
1,736,250 |
| Minebea Mitsumi, Inc. |
80,400 |
1,505,919 |
| MISUMI Group, Inc. |
40,900 |
664,946 |
| Mitsubishi Chemical Group Corp. |
562,200 |
3,279,800 |
| Mitsubishi Corp. |
670,500 |
15,334,045 |
| Mitsubishi Electric Corp. |
508,200 |
8,857,889 |
| Mitsubishi Estate Co. Ltd. |
179,200 |
3,283,787 |
| Mitsubishi Gas Chemical Co., Inc. |
61,987 |
1,096,811 |
| Mitsubishi Heavy Industries Ltd. |
595,000 |
5,319,961 |
| Mitsubishi Materials Corp. |
77,500 |
1,514,549 |
| Mitsubishi Motors Corp. |
212,800 |
674,329 |
See financial
notes
Schwab Fundamental Index Funds | Semiannual Report
46
Schwab Fundamental International Large
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Mitsubishi UFJ Financial Group, Inc. |
1,251,334 |
12,464,977 |
| Mitsui & Co. Ltd. |
243,100 |
11,735,818 |
| Mitsui Chemicals, Inc. |
59,500 |
1,693,542 |
| Mitsui Fudosan Co. Ltd. |
394,600 |
4,015,869 |
| Mitsui Mining & Smelting Co. Ltd. |
25,400 |
796,465 |
| Mitsui OSK Lines Ltd. |
60,800 |
1,929,767 |
| Mizuho Financial Group, Inc. |
336,521 |
6,504,651 |
| Morinaga Milk Industry Co. Ltd. |
28,768 |
563,720 |
| MS&AD Insurance Group Holdings, Inc. |
232,770 |
4,184,980 |
| Murata Manufacturing Co. Ltd. |
204,800 |
3,742,138 |
| Nagase & Co. Ltd. |
48,300 |
835,606 |
| Nagoya Railroad Co. Ltd. |
39,900 |
520,442 |
| NEC Corp. |
60,500 |
4,380,320 |
| NGK Insulators Ltd. |
72,700 |
990,340 |
| NH Foods Ltd. |
46,800 |
1,539,542 |
| NHK Spring Co. Ltd. |
69,400 |
703,358 |
| Nichirei Corp. |
26,600 |
665,973 |
| NIDEC Corp. |
51,400 |
2,407,208 |
| Nikon Corp. |
79,400 |
820,942 |
| Nintendo Co. Ltd. |
90,200 |
4,398,961 |
| NIPPON EXPRESS HOLDINGS, Inc. |
7,000 |
358,108 |
| Nippon Paint Holdings Co. Ltd. |
67,700 |
433,349 |
| Nippon Paper Industries Co. Ltd. |
90,600 |
629,903 |
| Nippon Sanso Holdings Corp. |
17,600 |
522,762 |
| Nippon Steel Corp. |
264,500 |
5,929,802 |
| Nippon Telegraph & Telephone Corp. |
6,536,325 |
7,057,022 |
| Nippon Yusen KK |
109,200 |
3,100,239 |
| Nissan Chemical Corp. |
13,764 |
469,190 |
| Nissan Motor Co. Ltd. |
1,163,500 |
4,258,065 |
| Nisshin Seifun Group, Inc. |
68,830 |
897,879 |
| Nissin Foods Holdings Co. Ltd. |
19,700 |
525,705 |
| Nissui Corp. |
115,457 |
692,769 |
| Niterra Co. Ltd. |
41,600 |
1,364,389 |
| Nitori Holdings Co. Ltd. |
8,700 |
1,164,348 |
| Nitto Denko Corp. |
26,800 |
2,215,975 |
| NOK Corp. |
50,800 |
735,179 |
| Nomura Holdings, Inc. |
427,500 |
2,432,467 |
| Nomura Research Institute Ltd. |
31,000 |
750,134 |
| NSK Ltd. |
194,100 |
1,067,430 |
| NTT Data Group Corp. |
108,000 |
1,688,884 |
| Obayashi Corp. |
235,502 |
2,628,388 |
| Oji Holdings Corp. |
437,500 |
1,713,694 |
| Olympus Corp. |
94,700 |
1,319,144 |
| Omron Corp. |
32,383 |
1,111,461 |
| Ono Pharmaceutical Co. Ltd. |
49,400 |
711,526 |
| ORIX Corp. |
169,800 |
3,475,027 |
| Osaka Gas Co. Ltd. |
122,000 |
2,712,776 |
| Otsuka Corp. |
36,800 |
731,883 |
| Otsuka Holdings Co. Ltd. |
67,700 |
2,894,638 |
| PALTAC Corp. |
19,300 |
584,152 |
| Pan Pacific International Holdings Corp. |
36,000 |
845,497 |
| Panasonic Holdings Corp. |
737,050 |
6,433,304 |
| Persol Holdings Co. Ltd. |
461,000 |
637,706 |
| Recruit Holdings Co. Ltd. |
109,400 |
4,711,569 |
| Renesas Electronics Corp. |
67,300 |
1,092,666 |
| Rengo Co. Ltd. |
93,417 |
700,428 |
| Resona Holdings, Inc. |
259,458 |
1,640,746 |
| Resonac Holdings Corp. |
67,900 |
1,472,271 |
| Ricoh Co. Ltd. |
266,200 |
2,296,522 |
| Rohm Co. Ltd. |
47,900 |
688,555 |
| Ryohin Keikaku Co. Ltd. |
53,400 |
860,222 |
| Sankyu, Inc. |
19,100 |
662,189 |
| Sanwa Holdings Corp. |
40,530 |
661,891 |
| SBI Holdings, Inc. |
41,100 |
1,000,708 |
| Secom Co. Ltd. |
26,000 |
1,806,024 |
| Seiko Epson Corp. |
76,400 |
1,256,779 |
| Seino Holdings Co. Ltd. |
49,800 |
667,177 |
| Sekisui Chemical Co. Ltd. |
99,500 |
1,447,530 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Sekisui House Ltd. |
149,483 |
3,435,172 |
| Seven & i Holdings Co. Ltd. |
464,200 |
5,998,018 |
| SG Holdings Co. Ltd. |
92,900 |
1,087,403 |
| Shimadzu Corp. |
28,700 |
779,723 |
| Shimamura Co. Ltd. |
13,400 |
660,578 |
| Shimano, Inc. |
7,700 |
1,251,350 |
| Shimizu Corp. |
208,200 |
1,289,686 |
| Shin-Etsu Chemical Co. Ltd. |
170,100 |
6,584,391 |
| Shionogi & Co. Ltd. |
27,600 |
1,288,941 |
| Shiseido Co. Ltd. |
42,500 |
1,137,650 |
| SMC Corp. |
3,800 |
1,996,393 |
| SoftBank Corp. |
564,300 |
6,806,409 |
| SoftBank Group Corp. |
217,800 |
10,711,534 |
| Sojitz Corp. |
65,760 |
1,693,113 |
| Sompo Holdings, Inc. |
171,400 |
3,392,026 |
| Sony Group Corp. |
125,407 |
10,365,056 |
| Stanley Electric Co. Ltd. |
41,975 |
742,831 |
| Subaru Corp. |
220,800 |
4,930,240 |
| SUMCO Corp. |
59,500 |
887,342 |
| Sumitomo Chemical Co. Ltd. |
966,500 |
2,064,889 |
| Sumitomo Corp. |
230,100 |
6,050,974 |
| Sumitomo Electric Industries Ltd. |
326,600 |
5,048,032 |
| Sumitomo Forestry Co. Ltd. |
33,000 |
1,016,719 |
| Sumitomo Heavy Industries Ltd. |
45,900 |
1,279,082 |
| Sumitomo Metal Mining Co. Ltd. |
59,300 |
1,981,132 |
| Sumitomo Mitsui Financial Group, Inc. |
166,610 |
9,464,077 |
| Sumitomo Mitsui Trust Holdings, Inc. |
94,300 |
1,982,641 |
| Sumitomo Realty & Development Co. Ltd. |
59,000 |
2,041,630 |
| Sumitomo Rubber Industries Ltd. |
92,200 |
1,119,109 |
| Sundrug Co. Ltd. |
19,662 |
570,930 |
| Suntory Beverage & Food Ltd. |
27,000 |
878,451 |
| Suzuken Co. Ltd. |
47,730 |
1,409,645 |
| Suzuki Motor Corp. |
482,200 |
5,615,595 |
| Sysmex Corp. |
42,900 |
685,987 |
| T&D Holdings, Inc. |
57,850 |
943,957 |
| Taiheiyo Cement Corp. |
63,042 |
1,441,928 |
| Taisei Corp. |
59,000 |
2,160,013 |
| Taiyo Yuden Co. Ltd. |
25,600 |
599,618 |
| Takeda Pharmaceutical Co. Ltd. |
245,721 |
6,458,056 |
| TDK Corp. |
56,000 |
2,498,215 |
| Teijin Ltd. |
118,500 |
1,156,047 |
| Terumo Corp. |
94,200 |
1,598,020 |
| TIS, Inc. |
33,000 |
704,767 |
| Tobu Railway Co. Ltd. |
27,800 |
551,565 |
| Toho Gas Co. Ltd. |
37,400 |
960,450 |
| Tohoku Electric Power Co., Inc. |
299,000 |
2,308,298 |
| Tokio Marine Holdings, Inc. |
198,500 |
6,273,868 |
| Tokyo Electric Power Co. Holdings, Inc. * |
1,093,300 |
6,800,631 |
| Tokyo Electron Ltd. |
27,500 |
6,032,008 |
| Tokyo Gas Co. Ltd. |
124,700 |
2,796,678 |
| Tokyu Corp. |
81,600 |
965,945 |
| Tokyu Fudosan Holdings Corp. |
136,700 |
1,001,499 |
| TOPPAN Holdings, Inc. |
78,900 |
1,871,819 |
| Toray Industries, Inc. |
531,300 |
2,428,424 |
| Tosoh Corp. |
121,000 |
1,668,121 |
| TOTO Ltd. |
32,800 |
887,715 |
| Toyo Seikan Group Holdings Ltd. |
55,200 |
853,245 |
| Toyo Suisan Kaisha Ltd. |
13,447 |
840,898 |
| Toyoda Gosei Co. Ltd. |
32,700 |
633,095 |
| Toyota Industries Corp. |
28,000 |
2,660,750 |
| Toyota Motor Corp. |
1,968,190 |
44,891,609 |
| Toyota Tsusho Corp. |
62,500 |
3,973,744 |
| Tsuruha Holdings, Inc. |
10,000 |
631,239 |
| UBE Corp. |
54,800 |
1,001,836 |
| Unicharm Corp. |
26,600 |
790,369 |
| West Japan Railway Co. |
76,126 |
1,444,982 |
| Yakult Honsha Co. Ltd. |
25,800 |
504,641 |
See financial
notes
47
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental International Large
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Yamada Holdings Co. Ltd. |
421,500 |
1,206,581 |
| Yamaha Corp. |
27,700 |
583,727 |
| Yamaha Motor Co. Ltd. |
259,900 |
2,424,144 |
| Yamato Holdings Co. Ltd. |
113,400 |
1,497,637 |
| Yamazaki Baking Co. Ltd. |
33,700 |
815,654 |
| Yaskawa Electric Corp. |
20,100 |
828,172 |
| Yokogawa Electric Corp. |
34,000 |
751,257 |
| Yokohama Rubber Co. Ltd. |
40,500 |
1,060,055 |
| |
|
680,394,341 |
| | ||
| Netherlands 2.7% | ||
| Aalberts NV |
15,350 |
729,828 |
| ABN AMRO Bank NV, GDR |
88,948 |
1,424,819 |
| Aegon Ltd. |
362,123 |
2,255,246 |
| Akzo Nobel NV |
48,831 |
3,221,964 |
| Aperam SA |
18,808 |
546,873 |
| ArcelorMittal SA |
262,594 |
6,560,345 |
| ASM International NV |
1,008 |
634,071 |
| ASML Holding NV |
10,162 |
8,851,231 |
| ASR Nederland NV |
27,537 |
1,377,937 |
| EXOR NV |
43,493 |
4,748,369 |
| Heineken Holding NV |
19,975 |
1,606,869 |
| Heineken NV |
23,827 |
2,318,835 |
| IMCD NV * |
3,348 |
505,128 |
| ING Groep NV |
533,133 |
8,428,974 |
| Koninklijke Ahold Delhaize NV |
317,763 |
9,645,438 |
| Koninklijke KPN NV |
534,535 |
1,942,571 |
| Koninklijke Philips NV |
185,247 |
4,919,455 |
| NN Group NV |
84,872 |
3,915,220 |
| Prosus NV |
31,924 |
1,068,176 |
| Randstad NV |
41,061 |
2,059,248 |
| SBM Offshore NV |
44,290 |
654,323 |
| Signify NV |
39,235 |
1,069,996 |
| Universal Music Group NV |
5,165 |
151,929 |
| Wolters Kluwer NV |
10,643 |
1,593,326 |
| |
|
70,230,171 |
| | ||
| New Zealand 0.1% | ||
| Fletcher Building Ltd. |
280,288 |
627,345 |
| Spark New Zealand Ltd. |
253,023 |
711,177 |
| |
|
1,338,522 |
| | ||
| Norway 0.7% | ||
| Aker BP ASA |
30,340 |
735,840 |
| DNB Bank ASA |
134,913 |
2,351,418 |
| Equinor ASA |
213,020 |
5,668,114 |
| Mowi ASA |
62,401 |
1,095,568 |
| Norsk Hydro ASA |
340,564 |
2,092,896 |
| Orkla ASA |
127,844 |
869,647 |
| Subsea 7 SA * |
50,468 |
811,917 |
| Telenor ASA |
193,818 |
2,231,564 |
| Yara International ASA |
50,469 |
1,438,626 |
| |
|
17,295,590 |
| | ||
| Poland 0.3% | ||
| KGHM Polska Miedz SA |
33,459 |
1,150,309 |
| ORLEN SA |
150,640 |
2,456,092 |
| PGE Polska Grupa Energetyczna SA * |
314,681 |
469,030 |
| Powszechna Kasa Oszczednosci Bank Polski SA |
68,459 |
1,016,419 |
| Powszechny Zaklad Ubezpieczen SA |
104,637 |
1,316,950 |
| |
|
6,408,800 |
| | ||
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Portugal 0.2% | ||
| EDP - Energias de Portugal SA * |
538,613 |
2,022,582 |
| Galp Energia SGPS SA |
117,420 |
2,522,318 |
| Jeronimo Martins SGPS SA |
33,847 |
696,291 |
| |
|
5,241,191 |
| | ||
| Republic of Korea 6.1% | ||
| BNK Financial Group, Inc. |
121,789 |
735,297 |
| CJ CheilJedang Corp. |
4,088 |
990,878 |
| CJ Corp. |
15,381 |
1,410,487 |
| Coway Co. Ltd. |
16,926 |
678,165 |
| DB Insurance Co. Ltd. |
13,232 |
928,157 |
| DL E&C Co. Ltd. |
33,501 |
898,064 |
| Doosan Enerbility Co. Ltd. * |
55,481 |
669,898 |
| E-MART, Inc. |
21,334 |
978,415 |
| GS Engineering & Construction Corp. * |
58,862 |
697,758 |
| GS Holdings Corp. |
40,637 |
1,313,865 |
| Hana Financial Group, Inc. |
83,756 |
3,532,561 |
| Hankook Tire & Technology Co. Ltd. |
28,168 |
1,195,232 |
| Hanwha Corp. |
50,644 |
993,850 |
| Hanwha Solutions Corp. |
23,912 |
435,203 |
| HD Hyundai Co. Ltd. |
21,743 |
1,052,643 |
| HMM Co. Ltd. |
66,299 |
756,944 |
| Hyundai Engineering & Construction Co. Ltd. |
36,634 |
933,258 |
| Hyundai Glovis Co. Ltd. |
7,637 |
999,761 |
| Hyundai Marine & Fire Insurance Co. Ltd. |
29,237 |
659,997 |
| Hyundai Mobis Co. Ltd. |
23,313 |
3,813,990 |
| Hyundai Motor Co. |
38,995 |
7,014,260 |
| Hyundai Steel Co. |
63,489 |
1,474,273 |
| Industrial Bank of Korea |
86,300 |
867,619 |
| KB Financial Group, Inc. |
90,715 |
4,920,099 |
| Kia Corp. |
72,186 |
6,115,783 |
| Korea Electric Power Corp. |
210,598 |
3,215,043 |
| Korea Gas Corp. * |
31,556 |
627,806 |
| Korea Zinc Co. Ltd. |
2,305 |
767,828 |
| Korean Air Lines Co. Ltd. |
43,019 |
648,734 |
| KT&G Corp. |
20,980 |
1,351,863 |
| Kumho Petrochemical Co. Ltd. |
6,824 |
678,731 |
| LG Chem Ltd. |
7,174 |
2,061,436 |
| LG Corp. |
10,719 |
611,604 |
| LG Display Co. Ltd. * |
212,611 |
1,609,263 |
| LG Electronics, Inc. |
51,807 |
3,450,453 |
| LG H&H Co. Ltd. |
2,990 |
900,910 |
| LG Innotek Co. Ltd. |
4,135 |
657,269 |
| LG Uplus Corp. |
138,500 |
983,696 |
| Lotte Chemical Corp. |
10,725 |
828,799 |
| Lotte Shopping Co. Ltd. |
10,581 |
530,528 |
| NAVER Corp. |
7,163 |
944,796 |
| POSCO Holdings, Inc. |
27,658 |
7,984,334 |
| Samsung C&T Corp. |
19,686 |
2,122,806 |
| Samsung Electro-Mechanics Co. Ltd. |
12,363 |
1,379,012 |
| Samsung Electronics Co. Ltd. |
928,952 |
51,637,319 |
| Samsung Fire & Marine Insurance Co. Ltd. |
8,322 |
1,862,676 |
| Samsung Life Insurance Co. Ltd. |
19,469 |
1,226,797 |
| Samsung SDI Co. Ltd. |
3,711 |
1,148,439 |
| Samsung SDS Co. Ltd. |
9,042 |
1,038,739 |
| Shinhan Financial Group Co. Ltd. |
127,425 |
4,281,134 |
| SK Hynix, Inc. |
100,470 |
12,398,560 |
| SK Innovation Co. Ltd. * |
20,988 |
1,665,007 |
| SK, Inc. |
27,053 |
3,223,702 |
| S-Oil Corp. |
14,854 |
775,521 |
See financial
notes
Schwab Fundamental Index Funds | Semiannual Report
48
Schwab Fundamental International Large
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Woori Financial Group, Inc. |
196,950 |
2,018,291 |
| |
|
156,697,553 |
| | ||
| Singapore 0.7% | ||
| ComfortDelGro Corp. Ltd. |
665,100 |
723,441 |
| DBS Group Holdings Ltd. |
174,508 |
4,442,521 |
| Golden Agri-Resources Ltd. |
692,400 |
139,489 |
| Jardine Cycle & Carriage Ltd. |
28,000 |
540,351 |
| Olam Group Ltd. |
445,300 |
383,387 |
| Oversea-Chinese Banking Corp. Ltd. |
330,044 |
3,426,373 |
| Singapore Airlines Ltd. |
133,770 |
638,300 |
| Singapore Telecommunications Ltd. |
1,120,786 |
1,943,750 |
| United Overseas Bank Ltd. |
121,152 |
2,688,458 |
| Venture Corp. Ltd. |
57,500 |
609,226 |
| Wilmar International Ltd. |
706,266 |
1,660,129 |
| |
|
17,195,425 |
| | ||
| Spain 3.0% | ||
| Acciona SA |
3,743 |
432,714 |
| Acerinox SA |
59,520 |
641,246 |
| ACS Actividades de Construccion y Servicios SA |
53,018 |
2,123,395 |
| Aena SME SA |
4,669 |
850,877 |
| Amadeus IT Group SA |
18,497 |
1,174,077 |
| Banco Bilbao Vizcaya Argentaria SA |
1,072,603 |
11,599,100 |
| Banco de Sabadell SA |
1,174,753 |
2,244,017 |
| Banco Santander SA (a) |
4,277,649 |
20,813,466 |
| CaixaBank SA |
198,575 |
1,047,196 |
| Cellnex Telecom SA * |
11,590 |
383,104 |
| Enagas SA |
38,250 |
560,975 |
| Endesa SA |
66,692 |
1,216,171 |
| Ferrovial SE |
22,981 |
826,520 |
| Grifols SA * |
46,985 |
430,028 |
| Iberdrola SA |
807,010 |
9,895,215 |
| Industria de Diseno Textil SA |
78,275 |
3,563,934 |
| Mapfre SA |
277,346 |
669,115 |
| Naturgy Energy Group SA |
23,687 |
599,124 |
| Redeia Corp. SA |
54,026 |
901,889 |
| Repsol SA |
408,155 |
6,406,433 |
| Telefonica SA |
2,664,867 |
11,937,527 |
| |
|
78,316,123 |
| | ||
| Sweden 2.0% | ||
| Alfa Laval AB |
23,467 |
999,102 |
| Assa Abloy AB, B Shares |
76,668 |
2,025,676 |
| Atlas Copco AB, A Shares |
130,743 |
2,290,105 |
| Atlas Copco AB, B Shares |
78,636 |
1,179,085 |
| Boliden AB (a) |
64,767 |
2,128,547 |
| Electrolux AB, B Shares *(a) |
78,440 |
682,054 |
| Epiroc AB, A Shares |
37,942 |
701,447 |
| Epiroc AB, B Shares |
25,879 |
428,970 |
| Essity AB, B Shares |
87,329 |
2,178,836 |
| H & M Hennes & Mauritz AB, B Shares (a) |
116,377 |
1,849,789 |
| Hexagon AB, B Shares |
106,323 |
1,112,242 |
| Investor AB, A Shares |
54,152 |
1,318,953 |
| Investor AB, B Shares |
179,593 |
4,398,725 |
| Sandvik AB |
116,213 |
2,316,536 |
| Securitas AB, B Shares (a) |
128,271 |
1,285,481 |
| Skandinaviska Enskilda Banken AB, A Shares |
155,084 |
2,031,045 |
| Skanska AB, B Shares |
111,373 |
1,913,200 |
| SKF AB, B Shares |
80,117 |
1,647,050 |
| SSAB AB, A Shares |
62,736 |
352,271 |
| SSAB AB, B Shares |
186,986 |
1,046,291 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Svenska Cellulosa AB SCA, B Shares |
56,036 |
821,222 |
| Svenska Handelsbanken AB, A Shares |
189,314 |
1,623,429 |
| Swedbank AB, A Shares |
132,634 |
2,536,262 |
| Tele2 AB, B Shares |
134,446 |
1,253,986 |
| Telefonaktiebolaget LM Ericsson, B Shares |
573,975 |
2,912,857 |
| Telia Co. AB |
950,740 |
2,174,795 |
| Trelleborg AB, B Shares |
23,535 |
829,431 |
| Volvo AB, A Shares |
37,570 |
989,453 |
| Volvo AB, B Shares |
252,543 |
6,428,022 |
| Volvo Car AB, B Shares * |
164,384 |
510,286 |
| |
|
51,965,148 |
| | ||
| Switzerland 4.5% | ||
| ABB Ltd. |
109,644 |
5,327,431 |
| Adecco Group AG |
59,995 |
2,098,773 |
| Alcon, Inc. |
20,616 |
1,580,768 |
| ams-OSRAM AG * |
176,190 |
211,614 |
| Baloise Holding AG |
5,162 |
780,045 |
| Barry Callebaut AG |
373 |
602,758 |
| Chocoladefabriken Lindt & Spruengli AG |
4 |
461,611 |
| Chocoladefabriken Lindt & Spruengli AG, Participation Certificates |
50 |
575,948 |
| Cie Financiere Richemont SA, Class A |
27,482 |
3,798,755 |
| DKSH Holding AG |
8,657 |
564,171 |
| Galenica AG |
6,237 |
477,244 |
| Geberit AG |
2,280 |
1,217,021 |
| Georg Fischer AG |
9,116 |
636,256 |
| Givaudan SA |
398 |
1,702,154 |
| Holcim AG |
82,043 |
6,867,631 |
| Julius Baer Group Ltd. |
17,535 |
940,899 |
| Kuehne & Nagel International AG (a) |
4,217 |
1,114,538 |
| Logitech International SA |
10,636 |
828,089 |
| Lonza Group AG |
2,881 |
1,590,292 |
| Nestle SA |
199,374 |
20,017,181 |
| Novartis AG |
140,797 |
13,665,401 |
| Partners Group Holding AG |
873 |
1,123,172 |
| Roche Holding AG |
77,730 |
18,625,211 |
| Roche Holding AG, Bearer Shares |
3,411 |
897,292 |
| Sandoz Group AG * |
34,131 |
1,160,007 |
| Schindler Holding AG |
1,746 |
425,419 |
| Schindler Holding AG, Participation Certificates |
3,166 |
789,145 |
| SGS SA |
12,631 |
1,112,231 |
| Sika AG |
5,580 |
1,587,295 |
| Sonova Holding AG |
2,758 |
762,400 |
| Swatch Group AG |
8,329 |
345,316 |
| Swatch Group AG, Bearer Shares |
4,558 |
957,687 |
| Swiss Life Holding AG |
3,041 |
2,051,932 |
| Swiss Prime Site AG |
5,915 |
546,149 |
| Swiss Re AG |
29,399 |
3,195,829 |
| Swisscom AG |
3,504 |
1,922,317 |
| UBS Group AG |
348,367 |
9,149,256 |
| Zurich Insurance Group AG |
14,988 |
7,254,886 |
| |
|
116,964,124 |
| | ||
| United Kingdom 15.3% | ||
| 3i Group PLC |
58,289 |
2,082,517 |
| abrdn PLC |
598,681 |
1,091,743 |
| Admiral Group PLC |
28,063 |
955,184 |
| Anglo American PLC |
338,308 |
11,055,046 |
| Antofagasta PLC |
45,278 |
1,242,056 |
| Ashtead Group PLC |
34,946 |
2,537,495 |
| Associated British Foods PLC |
62,880 |
2,081,182 |
| AstraZeneca PLC |
61,737 |
9,337,651 |
| Aviva PLC |
604,853 |
3,511,866 |
See financial
notes
49
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental International Large
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| B&M European Value Retail SA |
129,060 |
832,898 |
| BAE Systems PLC |
273,711 |
4,552,421 |
| Balfour Beatty PLC |
156,956 |
711,792 |
| Barclays PLC |
3,728,125 |
9,399,693 |
| Barratt Developments PLC |
285,928 |
1,615,527 |
| Bellway PLC |
33,502 |
1,052,826 |
| Berkeley Group Holdings PLC |
19,110 |
1,122,246 |
| BP PLC |
4,381,892 |
28,244,086 |
| British American Tobacco PLC |
483,976 |
14,207,731 |
| BT Group PLC |
3,142,332 |
4,018,425 |
| Bunzl PLC |
36,075 |
1,383,397 |
| Burberry Group PLC |
49,971 |
715,017 |
| Centrica PLC |
942,370 |
1,504,279 |
| Coca-Cola HBC AG |
25,172 |
812,520 |
| Compass Group PLC |
145,491 |
4,046,644 |
| CRH PLC |
91,052 |
7,051,138 |
| Croda International PLC |
10,082 |
577,462 |
| Currys PLC * |
1,648,667 |
1,272,041 |
| DCC PLC |
29,235 |
1,996,478 |
| Diageo PLC |
127,350 |
4,401,174 |
| Direct Line Insurance Group PLC |
542,695 |
1,259,977 |
| Dowlais Group PLC |
278,122 |
282,676 |
| DS Smith PLC |
337,223 |
1,469,123 |
| Entain PLC |
61,104 |
596,143 |
| Experian PLC |
43,166 |
1,741,055 |
| Ferguson PLC |
18,741 |
3,951,649 |
| Firstgroup PLC |
379,863 |
769,528 |
| Flutter Entertainment PLC * |
4,362 |
808,099 |
| Glencore PLC |
4,006,288 |
23,310,828 |
| Grafton Group PLC |
46,742 |
549,790 |
| GSK PLC |
501,079 |
10,395,842 |
| Haleon PLC |
620,945 |
2,622,462 |
| Harbour Energy PLC |
147,952 |
528,703 |
| Hays PLC |
626,354 |
719,272 |
| HSBC Holdings PLC |
2,280,239 |
19,764,999 |
| IG Group Holdings PLC |
58,762 |
548,323 |
| Imperial Brands PLC |
213,445 |
4,877,250 |
| Inchcape PLC |
99,055 |
987,273 |
| Informa PLC |
73,103 |
723,712 |
| InterContinental Hotels Group PLC |
6,485 |
632,508 |
| International Distributions Services PLC * |
544,678 |
1,835,343 |
| Intertek Group PLC |
16,545 |
1,018,287 |
| ITV PLC |
1,017,701 |
892,908 |
| J Sainsbury PLC |
797,621 |
2,616,338 |
| John Wood Group PLC * |
526,537 |
976,375 |
| Johnson Matthey PLC |
86,044 |
1,887,986 |
| Kingfisher PLC |
939,725 |
2,894,657 |
| Legal & General Group PLC |
959,312 |
2,816,060 |
| Lloyds Banking Group PLC |
13,806,152 |
8,910,251 |
| London Stock Exchange Group PLC |
9,547 |
1,052,462 |
| M&G PLC |
870,139 |
2,178,417 |
| Man Group PLC |
212,855 |
682,605 |
| Marks & Spencer Group PLC |
565,000 |
1,800,057 |
| Melrose Industries PLC |
132,986 |
1,044,782 |
| Mondi PLC |
118,793 |
2,254,770 |
| National Grid PLC |
504,658 |
6,619,677 |
| NatWest Group PLC |
846,390 |
3,194,599 |
| Next PLC |
11,179 |
1,253,814 |
| Pearson PLC |
114,021 |
1,383,512 |
| Persimmon PLC |
141,532 |
2,291,832 |
| Phoenix Group Holdings PLC |
109,492 |
666,883 |
| Prudential PLC |
223,196 |
1,941,213 |
| Reckitt Benckiser Group PLC |
45,064 |
2,519,393 |
| RELX PLC |
86,330 |
3,547,030 |
| Rentokil Initial PLC |
103,643 |
523,187 |
| Rio Tinto PLC |
246,317 |
16,665,987 |
| RS Group PLC |
52,382 |
479,861 |
| Sage Group PLC |
54,446 |
789,516 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Severn Trent PLC |
27,101 |
835,369 |
| Shell PLC |
1,847,417 |
65,673,081 |
| Smith & Nephew PLC |
94,101 |
1,140,094 |
| Smiths Group PLC |
40,934 |
825,228 |
| Smurfit Kappa Group PLC |
49,802 |
2,164,020 |
| Spectris PLC |
12,911 |
534,040 |
| SSE PLC |
169,556 |
3,524,458 |
| St. James's Place PLC |
63,167 |
341,815 |
| Standard Chartered PLC |
326,633 |
2,806,280 |
| Tate & Lyle PLC |
79,726 |
656,507 |
| Taylor Wimpey PLC |
1,046,343 |
1,714,561 |
| Tesco PLC |
2,332,501 |
8,611,753 |
| Travis Perkins PLC |
93,457 |
874,786 |
| Unilever PLC |
259,544 |
13,426,421 |
| United Utilities Group PLC |
79,281 |
1,033,441 |
| Vodafone Group PLC |
15,221,010 |
12,835,899 |
| Whitbread PLC |
13,501 |
532,112 |
| WPP PLC |
192,017 |
1,924,618 |
| |
|
394,144,032 |
| Total Common Stocks
(Cost $1,999,528,051) |
2,524,027,858 | |
| | ||
| PREFERRED STOCKS 1.2% OF NET ASSETS | ||
| | ||
| Germany 0.7% | ||
| Bayerische Motoren Werke AG |
17,728 |
1,821,582 |
| FUCHS SE |
15,573 |
727,248 |
| Henkel AG & Co. KGaA |
28,260 |
2,245,024 |
| Volkswagen AG |
107,467 |
13,165,256 |
| |
|
17,959,110 |
| | ||
| Italy 0.1% | ||
| Telecom Italia SpA * |
4,579,314 |
1,127,285 |
| | ||
| Republic of Korea 0.4% | ||
| Hyundai Motor Co. |
6,144 |
699,126 |
| Hyundai Motor Co. 2nd |
9,334 |
1,066,575 |
| LG Chem Ltd. |
1,008 |
193,457 |
| Samsung Electronics Co. Ltd. |
172,464 |
8,052,533 |
| |
|
10,011,691 |
| | ||
| Spain 0.0% | ||
| Grifols SA, B Shares * |
46,124 |
294,320 |
| Total Preferred Stocks
(Cost $28,031,095) |
29,392,406 | |
| | ||
| WARRANTS 0.0% OF NET ASSETS | ||
| | ||
| Canada 0.0% | ||
| Constellation Software, Inc. | ||
| expires 03/31/40 *(b) |
290 |
1,462 |
| Total Warrants
(Cost $0) |
1,462 |
|
See financial notes
Schwab Fundamental Index Funds | Semiannual Report
50
Schwab Fundamental International Large
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF
SHARES |
VALUE ($) |
| SHORT-TERM INVESTMENTS 1.1% OF NET ASSETS | ||
| | ||
| Money Market Funds 1.1% | ||
| State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.25% (c)(d) |
29,138,682 |
29,138,682 |
| Total Short-Term Investments
(Cost $29,138,682) |
29,138,682 | |
| Total Investments in Securities
(Cost $2,056,697,828) |
2,582,560,408 | |
| |
NUMBER OF CONTRACTS |
NOTIONAL AMOUNT
($) |
CURRENT VALUE/ UNREALIZED
DEPRECIATION ($) |
| FUTURES CONTRACTS | |||
| Long |
|
|
|
| MSCI EAFE Index, expires 06/21/24 |
162 |
18,366,750 |
(122,117 ) |
| * |
Non-income producing security. |
| (a) |
All or a portion of this security is on loan. Securities on loan were valued at $26,328,208. |
| (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. |
| GDR — |
Global Depositary Receipt |
| REIT — |
Real Estate Investment Trust |
See financial notes
51
Schwab Fundamental Index Funds | Semiannual ReportSchwab Fundamental International Large
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
The following is a summary of the inputs used to
value the fund’s investments as of April 30, 2024 (see financial note 2(a) for additional
information):
| DESCRIPTION |
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) |
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) |
TOTAL |
| Assets |
|
|
|
|
| Common Stocks1
|
$— |
$1,111,325,807 |
$— |
$1,111,325,807
|
| Belgium |
1,459,797 |
17,074,353 |
— |
18,534,150 |
| Canada |
191,401,673 |
— |
— |
191,401,673 |
| Denmark |
231,997 |
22,927,435 |
— |
23,159,432 |
| Finland |
589,425 |
24,652,127 |
— |
25,241,552 |
| Hong Kong |
3,639,241 |
36,798,612 |
— |
40,437,853 |
| Ireland |
575,773 |
2,983,708 |
— |
3,559,481 |
| Japan |
711,752 |
679,682,589 |
— |
680,394,341 |
| New Zealand |
711,177 |
627,345 |
— |
1,338,522 |
| Norway |
2,231,564 |
15,064,026 |
— |
17,295,590 |
| Singapore |
139,489 |
17,055,936 |
— |
17,195,425 |
| United Kingdom |
5,775,638 |
388,368,394 |
— |
394,144,032 |
| Preferred Stocks1
|
— |
29,392,406 |
— |
29,392,406 |
| Warrants |
|
|
|
|
| Canada |
— |
— |
1,462 |
1,462 |
| Short-Term Investments1
|
29,138,682 |
— |
— |
29,138,682 |
| Liabilities |
|
|
|
|
| Futures Contracts2
|
(122,117 ) |
— |
— |
(122,117 ) |
| Total |
$236,484,091 |
$2,345,952,738 |
$1,462 |
$2,582,438,291 |
| 1 |
As categorized in the Portfolio Holdings.
|
| 2 |
Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
See financial notes
Schwab Fundamental Index Funds | Semiannual Report
52
Schwab Fundamental International Large
Company Index Fund
Statement of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - unaffiliated issuers (cost $2,056,697,828) including securities on loan of $26,328,208 |
|
$2,582,560,408
|
| Cash |
|
7,099,660 |
| Foreign currency, at value (cost $4,876,920) |
|
4,860,676 |
| Deposit with broker for futures contracts |
|
1,457,207 |
| Receivables: |
|
|
| Dividends |
|
13,000,675 |
| Foreign tax reclaims |
|
3,097,770 |
| Fund shares sold |
|
1,555,552 |
| Investments sold |
|
145,655 |
| Income from securities on loan |
+ |
24,342 |
| Total assets |
|
2,613,801,945 |
| | ||
| Liabilities | ||
| Collateral held for securities on loan |
|
29,138,682 |
| Payables: |
|
|
| Investments bought |
|
8,945,705 |
| Fund shares redeemed |
|
2,875,946 |
| Investment adviser fees |
|
529,755 |
| Variation margin on futures contracts |
+ |
320,571 |
| Total liabilities |
|
41,810,659 |
| Net assets |
|
$2,571,991,286 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$2,223,422,067
|
| Total distributable earnings |
+ |
348,569,219 |
| Net assets |
|
$2,571,991,286 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares Outstanding |
= |
NAV |
| $2,571,991,286 |
|
238,302,301 |
|
$10.79 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
53
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental International Large
Company Index Fund
Statement of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $5,388,094) |
|
$41,642,662
|
| Other interest |
|
150,453 |
| Securities on loan, net |
+ |
92,277 |
| Total investment income
|
|
41,885,392 |
| | ||
| Expenses | ||
| Investment adviser fees |
|
3,001,089 |
| Professional fees |
+ |
35,066 1 |
| Total expenses |
|
3,036,155 |
| Expense reduction |
– |
35,066 1 |
| Net expenses |
– |
3,001,089 |
| Net investment income |
|
38,884,303 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized gains on sales of securities - unaffiliated issuers |
|
7,447,518 |
| Net realized gains on futures contracts |
|
1,283,067 |
| Net realized gains on foreign currency transactions |
+ |
77,818 |
| Net realized gains |
|
8,808,403 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
|
297,150,928 |
| Net change in unrealized appreciation (depreciation) on futures contracts |
|
219,765 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations |
+ |
(228,332 ) |
| Net change in unrealized appreciation (depreciation) |
+ |
297,142,361 |
| Net realized and unrealized gains |
|
305,950,764 |
| Increase in net assets resulting from operations |
|
$344,835,067 |
| 1 |
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 4 for additional information). |
See financial notes
Schwab Fundamental Index Funds | Semiannual Report
54
Schwab Fundamental International 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 | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$38,884,303 |
$66,540,909
|
| Net realized gains (losses) |
|
8,808,403 |
(33,699,131 ) |
| Net change in unrealized appreciation (depreciation) |
+ |
297,142,361 |
224,552,707 |
| Increase in net assets resulting from operations |
|
$344,835,067 |
$257,394,485 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($75,574,529
) |
($49,119,207 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
34,467,907 |
$361,423,633 |
71,601,319 |
$703,060,604
|
| Shares reinvested |
|
5,098,704 |
52,057,764 |
3,661,238 |
32,731,464 |
| Shares redeemed |
+ |
(18,659,790 ) |
(196,160,544 ) |
(43,832,250 ) |
(423,334,845 ) |
| Net transactions in fund shares |
|
20,906,821 |
$217,320,853 |
31,430,307 |
$312,457,223 |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
217,395,480 |
$2,085,409,895 |
185,965,173 |
$1,564,677,394
|
| Total increase |
+ |
20,906,821 |
486,581,391 |
31,430,307 |
520,732,501 |
| End of period |
|
238,302,301 |
$2,571,991,286 |
217,395,480 |
$2,085,409,895 |
See financial notes
55
Schwab Fundamental Index Funds | Semiannual ReportSchwab Fundamental International Small
Company Index Fund
Financial Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$11.35 |
$10.66 |
$15.42 |
$11.46 |
$12.57 |
$12.67 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.16 |
0.30 |
0.30 |
0.27 |
0.22 |
0.29 |
| Net realized and unrealized gains (losses) |
1.45 |
0.95 |
(4.21 ) |
3.96 |
(0.97 ) |
0.25 |
| Total from investment operations |
1.61 |
1.25 |
(3.91 ) |
4.23 |
(0.75 ) |
0.54 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.40 ) |
(0.23 ) |
(0.41 ) |
(0.27 ) |
(0.36 ) |
(0.30 ) |
| Distributions from net realized gains |
— |
(0.33 ) |
(0.44 ) |
— |
— |
(0.34 ) |
| Total distributions |
(0.40 ) |
(0.56 ) |
(0.85 ) |
(0.27 ) |
(0.36 ) |
(0.64 ) |
| Net asset value at end of period |
$12.56 |
$11.35 |
$10.66 |
$15.42 |
$11.46 |
$12.57 |
| Total return |
14.22
%2 |
11.76 % |
(26.61 %) |
37.25 % |
(6.28 %) |
5.13 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Total expenses |
0.39
%3 |
0.39 % |
0.39
%4 |
0.39 % |
0.39 % |
0.39 % |
| Net investment income (loss) |
2.55
%3 |
2.48 % |
2.37 % |
1.84 % |
1.89 % |
2.44 % |
| Portfolio turnover rate |
15
%2 |
23 % |
36 % |
35 % |
25 % |
38 % |
| Net assets, end of period (x 1,000) |
$566,142 |
$524,292 |
$530,184 |
$708,349 |
$576,948 |
$775,258 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Annualized. |
| 4 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
Schwab Fundamental Index Funds | Semiannual Report
56
Schwab Fundamental International Small
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to
orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to
20 days after the end of the month on the fund’s website.
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| COMMON STOCKS 99.1% OF NET ASSETS | ||
| | ||
| Australia 5.3% | ||
| Accent Group Ltd. |
18,651 |
22,661 |
| Adbri Ltd. * |
206,988 |
419,899 |
| ALS Ltd. |
58,218 |
486,762 |
| AMP Ltd. |
987,096 |
694,752 |
| Ansell Ltd. |
40,748 |
669,942 |
| ARB Corp. Ltd. |
7,092 |
174,105 |
| ASX Ltd. |
12,996 |
530,888 |
| Austal Ltd. |
189,230 |
279,887 |
| Bank of Queensland Ltd. |
151,766 |
599,499 |
| Bapcor Ltd. (a) |
77,356 |
289,643 |
| Beach Energy Ltd. |
501,055 |
513,072 |
| Bega Cheese Ltd. |
120,697 |
319,974 |
| Bendigo & Adelaide Bank Ltd. |
121,545 |
761,859 |
| Boral Ltd. |
102,697 |
377,892 |
| Breville Group Ltd. |
14,551 |
239,578 |
| Brickworks Ltd. |
1,666 |
28,694 |
| CAR Group Ltd. |
13,863 |
300,598 |
| Challenger Ltd. |
87,422 |
376,649 |
| Champion Iron Ltd. |
73,653 |
333,783 |
| Charter Hall Group |
41,621 |
316,079 |
| Charter Hall Retail REIT |
49,369 |
105,341 |
| Cleanaway Waste Management Ltd. |
309,301 |
535,082 |
| Cochlear Ltd. |
2,751 |
573,881 |
| Collins Foods Ltd. |
24,987 |
160,179 |
| Coronado Global Resources, Inc. |
316,063 |
251,188 |
| Credit Corp. Group Ltd. |
10,795 |
112,968 |
| Cromwell Property Group |
358,806 |
93,203 |
| CSR Ltd. |
142,405 |
812,247 |
| Deterra Royalties Ltd. |
8,159 |
25,827 |
| Dexus |
125,570 |
570,365 |
| Domino's Pizza Enterprises Ltd. |
7,365 |
185,785 |
| Eagers Automotive Ltd. |
56,565 |
455,667 |
| Elders Ltd. |
57,581 |
312,848 |
| Evolution Mining Ltd. |
333,007 |
858,753 |
| EVT Ltd. |
19,746 |
151,124 |
| FleetPartners Group Ltd. * |
128,820 |
298,278 |
| Flight Centre Travel Group Ltd. |
14,286 |
194,176 |
| G8 Education Ltd. |
356,075 |
280,259 |
| GPT Group |
188,400 |
506,689 |
| GrainCorp Ltd., Class A |
103,678 |
569,675 |
| GUD Holdings Ltd. |
19,633 |
128,925 |
| Harvey Norman Holdings Ltd. |
203,551 |
597,791 |
| Healius Ltd. * |
258,070 |
198,803 |
| Helia Group Ltd. |
82,753 |
212,406 |
| HomeCo Daily Needs REIT |
44,069 |
34,552 |
| IDP Education Ltd. |
3,404 |
35,493 |
| IGO Ltd. |
42,978 |
214,060 |
| Iluka Resources Ltd. |
59,162 |
287,682 |
| Inghams Group Ltd. |
69,958 |
165,582 |
| Insignia Financial Ltd. |
193,230 |
302,400 |
| IRESS Ltd. * |
41,077 |
224,500 |
| Johns Lyng Group Ltd. |
6,377 |
22,868 |
| Link Administration Holdings Ltd. |
143,504 |
207,096 |
| Lottery Corp. Ltd. |
118,609 |
370,000 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Lynas Rare Earths Ltd. * |
30,810 |
128,827 |
| Magellan Financial Group Ltd. |
55,100 |
312,865 |
| McMillan Shakespeare Ltd. |
14,919 |
178,080 |
| Monadelphous Group Ltd. |
28,203 |
242,261 |
| Myer Holdings Ltd. |
56,233 |
27,560 |
| National Storage REIT |
73,982 |
102,016 |
| New Hope Corp. Ltd. |
28,780 |
83,722 |
| nib holdings Ltd. |
78,390 |
374,354 |
| Nickel Industries Ltd. |
81,459 |
48,925 |
| Nine Entertainment Co. Holdings Ltd. |
284,064 |
276,881 |
| NRW Holdings Ltd. |
211,615 |
377,724 |
| Nufarm Ltd. |
128,652 |
425,231 |
| oOh!media Ltd. |
151,005 |
163,850 |
| Orora Ltd. |
344,023 |
482,215 |
| Perenti Ltd. |
501,217 |
307,646 |
| Perpetual Ltd. |
16,734 |
254,428 |
| Perseus Mining Ltd. |
148,569 |
217,315 |
| Pilbara Minerals Ltd. |
11,345 |
28,883 |
| Platinum Asset Management Ltd. |
233,520 |
160,723 |
| Premier Investments Ltd. |
12,261 |
235,848 |
| Qantas Airways Ltd. * |
147,100 |
554,994 |
| Qube Holdings Ltd. |
227,177 |
483,266 |
| Ramelius Resources Ltd. |
183,334 |
243,194 |
| REA Group Ltd. |
1,607 |
184,207 |
| Reece Ltd. |
21,372 |
379,132 |
| Region RE Ltd. |
112,083 |
157,124 |
| Regis Resources Ltd. * |
269,509 |
379,624 |
| Reliance Worldwide Corp. Ltd. |
121,935 |
400,231 |
| Resolute Mining Ltd. * |
131,824 |
35,812 |
| Sandfire Resources Ltd. * |
77,854 |
468,916 |
| SEEK Ltd. |
25,724 |
397,380 |
| Seven Group Holdings Ltd. |
16,252 |
394,909 |
| Sigma Healthcare Ltd. |
570,693 |
464,705 |
| Silver Lake Resources Ltd. * |
215,584 |
198,939 |
| Star Entertainment Group Ltd. * |
1,107,596 |
285,517 |
| Steadfast Group Ltd. |
51,480 |
187,357 |
| Super Retail Group Ltd. |
47,582 |
442,435 |
| Tabcorp Holdings Ltd. |
344,428 |
161,611 |
| TPG Telecom Ltd. |
78,336 |
226,410 |
| Ventia Services Group Pty. Ltd. |
26,327 |
61,272 |
| Vicinity Ltd. |
582,638 |
713,480 |
| Virgin Australia Holdings Pty. Ltd. *(a) |
176,214 |
0 |
| Washington H Soul Pattinson & Co. Ltd. |
16,282 |
340,743 |
| Waypoint REIT Ltd. |
72,393 |
108,627 |
| West African Resources Ltd. * |
55,623 |
47,132 |
| Westgold Resources Ltd. |
99,743 |
142,496 |
| Xero Ltd. * |
400 |
31,055 |
| Yancoal Australia Ltd. |
78,919 |
281,736 |
| |
|
29,993,567 |
| | ||
| Austria 0.5% | ||
| ANDRITZ AG |
13,430 |
733,057 |
| AT&S Austria Technologie & Systemtechnik AG |
7,910 |
175,648 |
| EVN AG |
7,932 |
243,779 |
| Lenzing AG * |
6,520 |
210,680 |
| Mayr Melnhof Karton AG |
2,684 |
321,195 |
See financial
notes
57
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental International Small
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Oesterreichische Post AG |
8,307 |
264,638 |
| Schoeller-Bleckmann Oilfield Equipment AG |
596 |
28,990 |
| UNIQA Insurance Group AG |
27,800 |
243,852 |
| Verbund AG |
4,806 |
367,136 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe |
10,020 |
311,928 |
| |
|
2,900,903 |
| | ||
| Belgium 1.1% | ||
| Ackermans & van Haaren NV |
4,098 |
704,394 |
| Aedifica SA |
2,527 |
161,469 |
| Azelis Group NV |
3,465 |
83,257 |
| Barco NV |
12,942 |
179,544 |
| Bekaert SA |
13,558 |
678,384 |
| bpost SA |
103,747 |
409,106 |
| Cofinimmo SA * |
4,176 |
276,625 |
| Deme Group NV |
367 |
58,263 |
| D'ieteren Group |
2,727 |
588,275 |
| Elia Group SA |
4,523 |
435,482 |
| Fagron |
7,658 |
148,578 |
| KBC Ancora |
4,446 |
214,242 |
| Lotus Bakeries NV |
15 |
150,956 |
| Melexis NV |
2,150 |
179,667 |
| Ontex Group NV * |
51,076 |
515,649 |
| Recticel SA |
12,915 |
170,093 |
| Sofina SA |
2,306 |
539,791 |
| Solvay SA |
20,030 |
647,039 |
| Tessenderlo Group SA |
1,634 |
41,932 |
| Warehouses De Pauw CVA |
6,751 |
178,526 |
| |
|
6,361,272 |
| | ||
| Canada 7.0% | ||
| ADENTRA, Inc. |
6,551 |
202,623 |
| Advantage Energy Ltd. * |
22,277 |
173,795 |
| Aecon Group, Inc. |
39,592 |
486,326 |
| Ag Growth International, Inc. |
3,019 |
116,251 |
| Air Canada * |
22,794 |
336,450 |
| Alamos Gold, Inc., Class A |
29,333 |
431,477 |
| Algoma Steel Group, Inc. |
70,415 |
538,093 |
| Allied Properties Real Estate Investment Trust |
25,580 |
314,582 |
| Altus Group Ltd. |
3,926 |
144,076 |
| Aritzia, Inc. * |
7,550 |
195,461 |
| Artis Real Estate Investment Trust |
42,083 |
198,699 |
| Athabasca Oil Corp. * |
10,864 |
37,880 |
| ATS Corp. * |
4,414 |
145,215 |
| AutoCanada, Inc. * |
15,432 |
270,829 |
| Badger Infrastructure Solution |
6,097 |
199,078 |
| Baytex Energy Corp. |
103,197 |
382,308 |
| Birchcliff Energy Ltd. |
60,090 |
247,056 |
| BlackBerry Ltd. * |
34,820 |
97,379 |
| Boardwalk Real Estate Investment Trust |
3,376 |
173,797 |
| Bombardier, Inc., Class B * |
12,385 |
564,259 |
| Boralex, Inc., Class A |
7,561 |
151,753 |
| Boyd Group Services, Inc. |
1,682 |
314,530 |
| Brookfield Renewable Corp., Class A |
13,481 |
313,168 |
| BRP, Inc. |
5,614 |
377,706 |
| CAE, Inc. * |
31,160 |
601,176 |
| Cameco Corp. |
12,585 |
574,194 |
| Canaccord Genuity Group, Inc. |
32,808 |
208,051 |
| Canada Goose Holdings, Inc. * |
7,627 |
86,096 |
| Canadian Apartment Properties REIT |
15,527 |
483,298 |
| Canadian Western Bank |
19,415 |
372,462 |
| Canfor Corp. * |
48,027 |
506,208 |
| Capital Power Corp. |
22,174 |
578,732 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Capstone Copper Corp. * |
12,465 |
86,290 |
| Cardinal Energy Ltd. |
6,982 |
35,806 |
| Cascades, Inc. |
66,589 |
446,942 |
| Celestica, Inc. * |
33,671 |
1,457,980 |
| Centerra Gold, Inc. |
114,125 |
694,706 |
| CES Energy Solutions Corp. |
85,638 |
352,717 |
| Chartwell Retirement Residences |
37,416 |
339,466 |
| Chemtrade Logistics Income Fund |
41,830 |
267,087 |
| Choice Properties Real Estate Investment Trust |
25,140 |
237,768 |
| Chorus Aviation, Inc. * |
66,789 |
104,309 |
| Cineplex, Inc. * |
21,818 |
137,724 |
| Cogeco Communications, Inc. |
4,328 |
171,561 |
| Cogeco, Inc. |
5,700 |
212,531 |
| Colliers International Group, Inc. |
2,144 |
223,269 |
| Crombie Real Estate Investment Trust |
24,259 |
226,440 |
| Definity Financial Corp. |
5,278 |
175,940 |
| Descartes Systems Group, Inc. * |
2,169 |
201,200 |
| Doman Building Materials Group Ltd. |
37,373 |
208,495 |
| Dream Industrial Real Estate Investment Trust |
13,582 |
122,437 |
| Dundee Precious Metals, Inc. |
29,962 |
226,785 |
| Eldorado Gold Corp. * |
26,851 |
382,680 |
| Element Fleet Management Corp. |
37,759 |
602,597 |
| Enerflex Ltd. |
58,131 |
339,923 |
| Enerplus Corp. |
27,702 |
541,906 |
| Enghouse Systems Ltd. |
5,497 |
119,032 |
| Ensign Energy Services, Inc. * |
118,727 |
219,921 |
| EQB, Inc. |
2,247 |
135,654 |
| Equinox Gold Corp. * |
34,985 |
189,328 |
| ERO Copper Corp. * |
8,116 |
165,486 |
| Exchange Income Corp. |
4,309 |
145,172 |
| Fiera Capital Corp., Class A |
27,736 |
138,212 |
| First Capital Real Estate Investment Trust |
43,095 |
462,677 |
| First Majestic Silver Corp. |
6,587 |
43,925 |
| FirstService Corp. |
2,299 |
337,673 |
| Fortuna Silver Mines, Inc. * |
51,083 |
231,917 |
| GFL Environmental, Inc. |
10,004 |
319,236 |
| Gibson Energy, Inc. |
44,615 |
731,781 |
| goeasy Ltd. |
1,418 |
181,328 |
| Granite Real Estate Investment Trust |
3,872 |
191,399 |
| H&R Real Estate Investment Trust |
80,738 |
527,834 |
| Hudbay Minerals, Inc. |
71,918 |
605,477 |
| IAMGOLD Corp. * |
158,745 |
563,878 |
| IGM Financial, Inc. |
16,890 |
422,173 |
| Innergex Renewable Energy, Inc. |
29,253 |
170,633 |
| International Petroleum Corp. * |
19,995 |
247,205 |
| Kelt Exploration Ltd. * |
26,585 |
120,696 |
| Killam Apartment Real Estate Investment Trust |
12,330 |
153,963 |
| Labrador Iron Ore Royalty Corp. |
1,669 |
36,456 |
| Laurentian Bank of Canada |
12,818 |
239,572 |
| Major Drilling Group International, Inc. * |
4,727 |
32,826 |
| Maple Leaf Foods, Inc. |
21,178 |
374,901 |
| Martinrea International, Inc. |
54,076 |
449,766 |
| Mattr Corp. * |
17,305 |
205,023 |
| MDA Ltd. * |
2,522 |
26,051 |
| Mullen Group Ltd. |
28,086 |
260,734 |
| NFI Group, Inc. * |
42,871 |
351,899 |
| North American Construction Group Ltd. |
1,072 |
22,582 |
| North West Co., Inc. |
14,407 |
408,354 |
| NorthWest Healthcare Properties Real Estate Investment Trust |
49,861 |
182,906 |
| NuVista Energy Ltd. * |
26,390 |
238,471 |
| Obsidian Energy Ltd. * |
20,321 |
174,330 |
| OceanaGold Corp. |
183,025 |
396,190 |
| Pan American Silver Corp. |
39,465 |
727,866 |
| Paramount Resources Ltd., Class A |
7,200 |
163,179 |
See financial
notes
Schwab Fundamental Index Funds | Semiannual Report
58
Schwab Fundamental International Small
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Parex Resources, Inc. |
34,383 |
599,420 |
| Pason Systems, Inc. |
13,302 |
151,219 |
| Peyto Exploration & Development Corp. |
32,052 |
358,319 |
| PrairieSky Royalty Ltd. |
10,236 |
195,032 |
| Precision Drilling Corp. * |
5,508 |
386,178 |
| Premium Brands Holdings Corp., Class A |
7,037 |
461,074 |
| Primo Water Corp. |
32,300 |
609,093 |
| Quebecor, Inc., Class B |
13,637 |
282,220 |
| RB Global, Inc. |
11,706 |
837,570 |
| Richelieu Hardware Ltd. |
8,478 |
239,255 |
| Secure Energy Services, Inc. |
53,387 |
452,179 |
| Shopify, Inc., Class A * |
8,893 |
624,348 |
| Sienna Senior Living, Inc. |
17,978 |
174,994 |
| Sleep Country Canada Holdings, Inc. |
9,736 |
193,284 |
| SmartCentres Real Estate Investment Trust |
22,835 |
369,567 |
| Spartan Delta Corp. |
15,973 |
46,759 |
| SSR Mining, Inc. |
46,624 |
249,944 |
| Stantec, Inc. |
9,841 |
783,548 |
| Stella-Jones, Inc. |
10,829 |
629,138 |
| Superior Plus Corp. |
53,020 |
359,334 |
| Tamarack Valley Energy Ltd. |
16,494 |
44,690 |
| TMX Group Ltd. |
17,685 |
468,251 |
| Torex Gold Resources, Inc. * |
34,427 |
485,152 |
| TransAlta Corp. |
64,020 |
424,583 |
| Transcontinental, Inc., Class A |
54,002 |
535,842 |
| Trican Well Service Ltd. |
57,768 |
175,404 |
| Tricon Residential, Inc. |
21,161 |
237,027 |
| Westshore Terminals Investment Corp. |
7,602 |
146,225 |
| Whitecap Resources, Inc. |
41,903 |
317,777 |
| Winpak Ltd. |
5,863 |
182,579 |
| |
|
39,355,278 |
| | ||
| Denmark 1.9% | ||
| Alm Brand AS |
101,032 |
175,186 |
| Ambu AS, Class B * |
1,586 |
25,359 |
| D/S Norden AS |
9,063 |
382,139 |
| Demant AS * |
8,726 |
416,683 |
| Dfds AS |
11,062 |
337,962 |
| FLSmidth & Co. AS |
13,248 |
661,118 |
| Genmab AS * |
1,803 |
500,567 |
| GN Store Nord AS * |
22,384 |
603,832 |
| H Lundbeck AS |
69,999 |
340,379 |
| ISS AS |
47,883 |
896,533 |
| Jyske Bank AS |
7,640 |
618,151 |
| Matas AS |
10,266 |
165,370 |
| NKT AS * |
4,769 |
395,609 |
| Novonesis (Novozymes) B, Class B |
28,106 |
1,556,418 |
| Per Aarsleff Holding AS |
7,251 |
339,762 |
| Ringkjoebing Landbobank AS |
1,227 |
206,205 |
| Rockwool AS, B Shares |
1,580 |
515,062 |
| Royal Unibrew AS * |
6,431 |
484,302 |
| Scandinavian Tobacco Group AS, A Shares |
19,017 |
306,932 |
| Schouw & Co. AS |
4,610 |
369,830 |
| Solar AS, B Shares |
2,720 |
127,261 |
| Spar Nord Bank AS |
8,853 |
156,633 |
| Sydbank AS |
8,351 |
424,644 |
| Topdanmark AS |
6,791 |
283,343 |
| TORM PLC, Class A |
1,009 |
34,855 |
| Tryg AS |
31,617 |
625,771 |
| |
|
10,949,906 |
| | ||
| Finland 1.1% | ||
| Cargotec OYJ, B Shares * |
10,725 |
845,881 |
| Kemira OYJ |
29,777 |
648,416 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Kojamo OYJ * |
25,688 |
283,771 |
| Konecranes OYJ |
17,342 |
911,415 |
| Mandatum OYJ * |
86,958 |
402,988 |
| Metsa Board OYJ, B Shares |
45,033 |
323,836 |
| Metso OYJ |
50,423 |
571,651 |
| Nokian Renkaat OYJ (b) |
102,674 |
895,212 |
| Orion OYJ, B Shares |
14,408 |
550,315 |
| TietoEVRY OYJ |
25,190 |
475,362 |
| Tokmanni Group Corp. |
14,047 |
213,172 |
| YIT OYJ |
161,079 |
334,373 |
| |
|
6,456,392 |
| | ||
| France 3.8% | ||
| Aeroports de Paris SA |
3,589 |
455,856 |
| Air France-KLM *(b) |
40,274 |
410,663 |
| Alten SA |
4,031 |
473,724 |
| Amundi SA |
13,102 |
914,053 |
| Beneteau SACA |
11,321 |
146,597 |
| BioMerieux |
4,384 |
466,037 |
| Carmila SA |
10,308 |
173,179 |
| CGG SA * |
834,956 |
349,353 |
| Chargeurs SA |
1,189 |
14,928 |
| Cie Plastic Omnium SE |
39,485 |
480,926 |
| Clariane SE (b) |
179,783 |
429,292 |
| Coface SA |
24,308 |
374,066 |
| Covivio SA |
10,817 |
538,428 |
| Dassault Aviation SA |
2,094 |
448,218 |
| Derichebourg SA |
59,620 |
252,701 |
| Elior Group SA * |
157,406 |
432,182 |
| Eramet SA (b) |
3,388 |
328,174 |
| Euroapi SA * |
4,283 |
13,435 |
| Euronext NV |
5,592 |
503,564 |
| Eutelsat Communications SACA *(b) |
127,267 |
511,240 |
| Fnac Darty SA |
19,409 |
682,827 |
| Gaztransport Et Technigaz SA |
2,240 |
312,212 |
| Gecina SA |
5,560 |
567,686 |
| Getlink SE |
24,535 |
417,676 |
| ICADE |
13,685 |
363,849 |
| ID Logistics Group SACA * |
72 |
26,563 |
| Imerys SA |
18,402 |
591,325 |
| Ipsen SA |
4,017 |
488,613 |
| IPSOS SA |
9,362 |
626,483 |
| JCDecaux SE * |
21,894 |
456,980 |
| La Francaise des Jeux SAEM |
8,906 |
335,620 |
| Mercialys SA |
30,384 |
328,881 |
| Mersen SA |
1,193 |
44,063 |
| Metropole Television SA |
29,623 |
418,331 |
| Nexans SA |
7,322 |
779,769 |
| Nexity SA |
40,067 |
449,395 |
| Quadient SA |
17,530 |
335,446 |
| Remy Cointreau SA |
2,083 |
197,614 |
| Sartorius Stedim Biotech |
872 |
187,800 |
| SEB SA |
6,531 |
770,817 |
| SMCP SA * |
34,656 |
83,442 |
| Societe BIC SA |
8,123 |
571,234 |
| SOITEC * |
1,008 |
98,565 |
| Sopra Steria Group |
2,963 |
648,773 |
| SPIE SA |
24,266 |
882,328 |
| Technip Energies NV |
8,113 |
191,061 |
| Television Francaise 1 SA |
57,225 |
522,548 |
| Trigano SA |
2,036 |
309,514 |
| Ubisoft Entertainment SA * |
24,581 |
578,868 |
| Vallourec SACA * |
20,701 |
356,404 |
| Verallia SA |
13,176 |
507,477 |
| Vicat SACA |
9,562 |
353,012 |
| Virbac SACA |
535 |
197,712 |
See financial
notes
59
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental International Small
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Worldline SA * |
34,397 |
356,783 |
| |
|
21,756,287 |
| | ||
| Germany 3.3% | ||
| 1&1 AG |
26,709 |
466,767 |
| AIXTRON SE |
3,761 |
87,390 |
| Aroundtown SA * |
268,409 |
556,430 |
| Auto1 Group SE * |
36,476 |
185,711 |
| Bechtle AG |
14,555 |
702,419 |
| Befesa SA |
7,586 |
216,884 |
| Bilfinger SE * |
12,435 |
578,793 |
| BRANICKS Group AG *(b) |
36,111 |
63,577 |
| CANCOM SE |
11,933 |
372,621 |
| Carl Zeiss Meditec AG, Bearer Shares |
2,610 |
275,389 |
| Ceconomy AG * |
169,681 |
390,860 |
| CompuGroup Medical SE & Co. KGaA |
3,252 |
97,417 |
| CTS Eventim AG & Co. KGaA |
2,677 |
236,724 |
| Delivery Hero SE * |
7,308 |
204,460 |
| Deutsche Pfandbriefbank AG (b) |
54,992 |
260,834 |
| Deutsche Wohnen SE |
6,323 |
119,286 |
| Deutz AG * |
71,932 |
415,560 |
| Duerr AG |
17,020 |
435,398 |
| DWS Group GmbH & Co. KGaA |
8,772 |
370,126 |
| Encavis AG * |
8,172 |
147,120 |
| Evotec SE * |
7,295 |
75,176 |
| Fielmann Group AG |
3,880 |
180,918 |
| Fraport AG Frankfurt Airport Services Worldwide * |
6,718 |
336,358 |
| Gerresheimer AG |
4,444 |
478,605 |
| Grand City Properties SA * |
31,821 |
355,367 |
| Grenke AG |
6,181 |
143,895 |
| Heidelberger Druckmaschinen AG * |
104,626 |
105,399 |
| HelloFresh SE * |
29,817 |
199,922 |
| Hensoldt AG |
3,202 |
126,149 |
| HOCHTIEF AG |
5,519 |
581,147 |
| Hornbach Holding AG & Co. KGaA |
7,521 |
590,172 |
| Hugo Boss AG |
9,353 |
503,984 |
| Jenoptik AG |
7,468 |
200,219 |
| Kontron AG |
7,563 |
152,247 |
| Krones AG |
3,096 |
408,151 |
| LEG Immobilien SE * |
9,364 |
794,895 |
| Mutares SE & Co. KGaA |
1,390 |
62,298 |
| Nemetschek SE |
1,608 |
142,098 |
| Nordex SE * |
17,987 |
253,187 |
| Norma Group SE |
19,004 |
376,310 |
| Qiagen NV * |
14,142 |
590,452 |
| Rational AG |
300 |
255,899 |
| RTL Group SA |
18,055 |
556,542 |
| SAF-Holland SE |
16,160 |
311,314 |
| Sartorius AG |
47 |
10,971 |
| Scout24 SE |
5,506 |
404,458 |
| Siltronic AG |
5,813 |
453,033 |
| Sixt SE |
4,161 |
398,397 |
| Stabilus SE |
5,084 |
315,452 |
| Stroeer SE & Co. KGaA |
5,555 |
356,219 |
| Suedzucker AG |
23,081 |
329,426 |
| Synlab AG |
10,559 |
118,162 |
| TAG Immobilien AG * |
40,273 |
572,588 |
| Talanx AG |
9,897 |
744,398 |
| TeamViewer SE * |
6,870 |
90,634 |
| Traton SE |
5,256 |
186,662 |
| Varta AG *(b) |
1,702 |
16,911 |
| Verbio SE |
1,509 |
31,457 |
| Vitesco Technologies Group AG, Class A |
3,182 |
216,721 |
| Wacker Chemie AG |
3,793 |
406,033 |
| |
|
18,615,992 |
| | ||
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Hong Kong 2.6% | ||
| AAC Technologies Holdings, Inc. |
298,000 |
948,425 |
| ASMPT Ltd. |
69,600 |
864,967 |
| BOC Aviation Ltd. |
40,500 |
322,126 |
| Brightoil Petroleum Holdings Ltd. *(a) |
1,150,000 |
0 |
| Budweiser Brewing Co. APAC Ltd. |
191,300 |
266,135 |
| Cafe de Coral Holdings Ltd. |
40,000 |
41,486 |
| Cathay Pacific Airways Ltd. |
261,363 |
281,370 |
| Chow Tai Fook Jewellery Group Ltd. |
298,600 |
406,290 |
| CITIC Telecom International Holdings Ltd. |
502,000 |
170,245 |
| CK Infrastructure Holdings Ltd. |
35,500 |
200,544 |
| Cowell e Holdings, Inc. * |
84,000 |
190,576 |
| ESR Group Ltd. |
33,800 |
37,040 |
| Fortune Real Estate Investment Trust |
254,000 |
124,785 |
| Giordano International Ltd. |
142,000 |
36,238 |
| Hang Lung Properties Ltd. |
345,000 |
380,781 |
| Henderson Land Development Co. Ltd. |
272,000 |
820,031 |
| HKBN Ltd. |
436,500 |
131,304 |
| Hong Kong Resources Holdings Co. Ltd. * |
5,781 |
702 |
| Hysan Development Co. Ltd. |
122,000 |
190,147 |
| IGG, Inc. * |
654,900 |
273,009 |
| Jinchuan Group International Resources Co. Ltd. |
4,024,000 |
393,047 |
| Kerry Properties Ltd. |
396,500 |
768,661 |
| L'Occitane International SA |
60,250 |
248,773 |
| Luk Fook Holdings International Ltd. |
141,000 |
338,028 |
| Man Wah Holdings Ltd. |
417,600 |
304,785 |
| Melco International Development Ltd. * |
334,000 |
250,891 |
| MMG Ltd. * |
1,344,000 |
609,402 |
| Nexteer Automotive Group Ltd. |
618,000 |
325,752 |
| NWS Holdings Ltd. |
298,000 |
252,184 |
| Powerlong Real Estate Holdings Ltd. *(b) |
5,222,000 |
436,053 |
| PRADA SpA |
41,800 |
340,892 |
| Samsonite International SA * |
103,457 |
363,720 |
| Sands China Ltd. * |
232,000 |
547,205 |
| Sino Land Co. Ltd. |
690,000 |
737,747 |
| SJM Holdings Ltd. * |
491,500 |
180,383 |
| Swire Properties Ltd. |
164,600 |
340,420 |
| Texhong International Group Ltd. * |
389,500 |
211,612 |
| Theme International Holdings Ltd. |
560,000 |
42,952 |
| United Energy Group Ltd. |
1,874,000 |
133,677 |
| United Laboratories International Holdings Ltd. |
146,000 |
172,265 |
| Vitasoy International Holdings Ltd. |
176,000 |
131,359 |
| VSTECS Holdings Ltd. |
652,000 |
415,174 |
| VTech Holdings Ltd. |
80,100 |
462,994 |
| Wharf Holdings Ltd. |
235,000 |
756,079 |
| Wynn Macau Ltd. * |
207,600 |
192,787 |
| |
|
14,643,043 |
| | ||
| Ireland 0.2% | ||
| AIB Group PLC |
127,256 |
658,699 |
| Cairn Homes PLC |
226,364 |
381,292 |
| Dalata Hotel Group PLC |
30,291 |
136,224 |
| Glenveagh Properties PLC * |
21,536 |
29,327 |
| Irish Continental Group PLC |
24,642 |
131,678 |
| |
|
1,337,220 |
| | ||
| Israel 1.4% | ||
| Alony Hetz Properties & Investments Ltd. |
20,375 |
131,531 |
| Ashtrom Group Ltd. * |
7,925 |
108,963 |
| Azrieli Group Ltd. |
2,802 |
180,282 |
| Bezeq The Israeli Telecommunication Corp. Ltd. |
445,614 |
553,556 |
| Cellcom Israel Ltd. * |
43,229 |
180,545 |
See financial
notes
Schwab Fundamental Index Funds | Semiannual Report
60
Schwab Fundamental International Small
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Clal Insurance Enterprises Holdings Ltd. * |
15,164 |
252,860 |
| Danel Adir Yeoshua Ltd. |
324 |
29,355 |
| Delek Automotive Systems Ltd. |
27,744 |
156,281 |
| Delek Group Ltd. |
2,466 |
289,641 |
| Delta Galil Ltd. |
653 |
29,053 |
| Elbit Systems Ltd. |
2,176 |
442,942 |
| Electra Ltd. |
83 |
31,561 |
| Fattal Holdings 1998 Ltd. * |
196 |
23,780 |
| FIBI Holdings Ltd. |
5,257 |
218,946 |
| First International Bank Of Israel Ltd. |
6,951 |
275,906 |
| Formula Systems 1985 Ltd. |
2,298 |
167,274 |
| Fox Wizel Ltd. |
413 |
32,792 |
| G City Ltd. * |
54,402 |
157,470 |
| Harel Insurance Investments & Financial Services Ltd. |
33,076 |
301,547 |
| Isracard Ltd. |
39,930 |
146,075 |
| Melisron Ltd. |
525 |
36,015 |
| Migdal Insurance & Financial Holdings Ltd. |
25,550 |
32,442 |
| Mivne Real Estate KD Ltd. |
56,024 |
134,667 |
| Mizrahi Tefahot Bank Ltd. |
15,906 |
579,205 |
| Nice Ltd. * |
3,032 |
677,986 |
| Nova Ltd. * |
207 |
35,031 |
| Partner Communications Co. Ltd. * |
31,753 |
148,427 |
| Paz Oil Co. Ltd. |
3,944 |
392,933 |
| Phoenix Holdings Ltd. |
30,967 |
295,816 |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. |
1,932 |
109,933 |
| Shikun & Binui Ltd. * |
58,985 |
126,857 |
| Shufersal Ltd. |
104,078 |
685,255 |
| Strauss Group Ltd. |
8,279 |
152,082 |
| Tower Semiconductor Ltd. * |
17,100 |
553,363 |
| |
|
7,670,372 |
| | ||
| Italy 2.5% | ||
| ACEA SpA |
18,389 |
318,983 |
| Alitalia - Linee Aeree Italiane SpA *(a) |
14,782 |
0 |
| Amplifon SpA |
8,380 |
279,777 |
| Anima Holding SpA |
87,155 |
408,352 |
| Ariston Holding NV |
5,380 |
27,778 |
| Azimut Holding SpA |
21,098 |
555,984 |
| Banca Generali SpA |
8,389 |
328,563 |
| Banca Mediolanum SpA |
39,539 |
427,874 |
| Banca Monte dei Paschi di Siena SpA * |
72,626 |
350,295 |
| Banca Popolare di Sondrio SpA |
74,039 |
618,578 |
| BFF Bank SpA |
23,481 |
301,323 |
| Brembo NV |
30,558 |
388,755 |
| Brunello Cucinelli SpA |
231 |
23,576 |
| Buzzi SpA |
20,576 |
741,360 |
| Cementir Holding NV |
15,351 |
162,542 |
| Credito Emiliano SpA |
14,136 |
149,325 |
| Danieli & C Officine Meccaniche SpA |
1,972 |
68,186 |
| Davide Campari-Milano NV |
27,153 |
272,312 |
| De' Longhi SpA |
13,565 |
444,830 |
| DiaSorin SpA |
2,238 |
226,032 |
| doValue SpA (b) |
35,344 |
78,613 |
| Enav SpA |
54,190 |
222,861 |
| ERG SpA |
9,264 |
249,476 |
| Esprinet SpA * |
41,620 |
227,415 |
| FinecoBank Banca Fineco SpA |
41,408 |
634,361 |
| Infrastrutture Wireless Italiane SpA |
16,388 |
175,629 |
| Interpump Group SpA |
8,920 |
388,553 |
| Iren SpA |
304,061 |
611,230 |
| Italgas SpA |
127,684 |
707,772 |
| Maire Tecnimont SpA |
37,413 |
309,842 |
| MFE-MediaForEurope NV, Class A |
157,907 |
463,603 |
| MFE-MediaForEurope NV, Class B |
48,798 |
196,435 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Nexi SpA * |
37,056 |
215,598 |
| OVS SpA |
96,740 |
252,735 |
| Piaggio & C SpA |
45,546 |
132,785 |
| Recordati Industria Chimica e Farmaceutica SpA |
9,388 |
499,567 |
| Reply SpA |
1,971 |
257,332 |
| Saipem SpA * |
134,772 |
309,265 |
| Salvatore Ferragamo SpA |
11,462 |
113,736 |
| Saras SpA |
408,795 |
767,647 |
| Sesa SpA |
225 |
23,398 |
| SOL SpA |
1,296 |
49,855 |
| Technogym SpA |
16,443 |
155,066 |
| Unieuro SpA |
18,822 |
183,833 |
| UnipolSai Assicurazioni SpA |
114,682 |
328,370 |
| Webuild SpA |
94,518 |
237,245 |
| |
|
13,886,647 |
| | ||
| Japan 36.0% | ||
| 77 Bank Ltd. |
11,700 |
330,763 |
| ABC-Mart, Inc. |
17,600 |
350,562 |
| Acom Co. Ltd. |
131,000 |
337,786 |
| Activia Properties, Inc. |
73 |
181,182 |
| Adastria Co. Ltd. |
10,880 |
236,905 |
| ADEKA Corp. |
39,600 |
822,916 |
| Advance Residence Investment Corp. |
105 |
227,011 |
| Aeon Delight Co. Ltd. |
10,600 |
250,714 |
| AEON Financial Service Co. Ltd. |
51,000 |
424,533 |
| Aeon Hokkaido Corp. |
23,000 |
135,286 |
| Aeon Mall Co. Ltd. |
40,730 |
465,663 |
| AEON REIT Investment Corp. |
223 |
195,019 |
| Ahresty Corp. |
7,400 |
29,726 |
| Ai Holdings Corp. |
7,200 |
110,740 |
| Aica Kogyo Co. Ltd. |
18,700 |
433,452 |
| Aichi Steel Corp. |
13,300 |
291,705 |
| Aida Engineering Ltd. |
23,400 |
132,466 |
| Aiful Corp. |
67,700 |
196,650 |
| Ain Holdings, Inc. |
14,000 |
529,851 |
| Aisan Industry Co. Ltd. |
4,900 |
45,772 |
| Alconix Corp. |
25,600 |
223,094 |
| Alpen Co. Ltd. |
12,300 |
162,126 |
| Amano Corp. |
18,700 |
449,759 |
| ANA Holdings, Inc. |
29,200 |
554,566 |
| Anritsu Corp. |
49,200 |
375,108 |
| AOKI Holdings, Inc. |
24,400 |
171,895 |
| Aoyama Trading Co. Ltd. |
37,100 |
381,063 |
| Aozora Bank Ltd. (b) |
31,300 |
486,306 |
| Arata Corp. |
31,400 |
695,698 |
| ARCLANDS Corp. |
15,800 |
194,502 |
| Arcs Co. Ltd. |
35,300 |
692,826 |
| ARE Holdings, Inc. |
25,300 |
327,017 |
| Ariake Japan Co. Ltd. |
3,400 |
110,784 |
| Artience Co. Ltd. |
23,300 |
431,807 |
| As One Corp. |
8,360 |
137,733 |
| Asahi Intecc Co. Ltd. |
9,300 |
136,270 |
| Asanuma Corp. |
7,000 |
166,432 |
| Asics Corp. |
17,200 |
737,232 |
| ASKUL Corp. |
12,900 |
194,820 |
| Autobacs Seven Co. Ltd. |
35,100 |
354,900 |
| Avex, Inc. |
18,500 |
152,313 |
| Awa Bank Ltd. |
8,500 |
144,824 |
| Axial Retailing, Inc. |
10,800 |
72,181 |
| Azbil Corp. |
22,500 |
628,425 |
| Bando Chemical Industries Ltd. |
4,200 |
47,537 |
| BayCurrent Consulting, Inc. |
5,500 |
117,079 |
| Belc Co. Ltd. |
4,700 |
224,299 |
| Bell System24 Holdings, Inc. |
10,500 |
103,167 |
| Belluna Co. Ltd. |
40,200 |
161,867 |
See financial
notes
61
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental International Small
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Benesse Holdings, Inc. |
4,700 |
77,146 |
| Bic Camera, Inc. |
88,900 |
863,243 |
| BIPROGY, Inc. |
15,300 |
445,099 |
| BML, Inc. |
10,400 |
192,097 |
| Bunka Shutter Co. Ltd. |
27,600 |
297,465 |
| C Uyemura & Co. Ltd. |
2,100 |
137,459 |
| Calbee, Inc. |
24,000 |
524,198 |
| Canon Electronics, Inc. |
9,100 |
129,879 |
| Canon Marketing Japan, Inc. |
20,400 |
560,538 |
| Capcom Co. Ltd. |
16,600 |
273,276 |
| Casio Computer Co. Ltd. |
86,700 |
722,321 |
| Cawachi Ltd. |
13,400 |
241,825 |
| Central Glass Co. Ltd. |
14,900 |
264,598 |
| Chiba Bank Ltd. |
78,300 |
661,405 |
| Chori Co. Ltd. |
2,200 |
49,088 |
| Chudenko Corp. |
12,800 |
258,271 |
| Chugin Financial Group, Inc. |
8,000 |
67,370 |
| Chugoku Marine Paints Ltd. |
15,600 |
204,162 |
| Citizen Watch Co. Ltd. |
94,200 |
625,769 |
| CKD Corp. |
19,000 |
355,091 |
| Colowide Co. Ltd. |
8,900 |
121,251 |
| Comforia Residential REIT, Inc. |
55 |
119,061 |
| Concordia Financial Group Ltd. |
182,500 |
983,335 |
| Cosmos Pharmaceutical Corp. |
4,970 |
458,507 |
| Create SD Holdings Co. Ltd. |
9,400 |
203,146 |
| Credit Saison Co. Ltd. |
45,300 |
836,200 |
| CTI Engineering Co. Ltd. |
700 |
21,280 |
| CyberAgent, Inc. |
110,400 |
687,854 |
| Dai-Dan Co. Ltd. |
3,500 |
62,023 |
| Daihen Corp. |
6,300 |
382,960 |
| Daiho Corp. |
4,600 |
96,355 |
| Daiichikosho Co. Ltd. |
20,200 |
235,782 |
| Daiki Aluminium Industry Co. Ltd. |
23,200 |
195,819 |
| Daikokutenbussan Co. Ltd. |
3,000 |
153,392 |
| Daio Paper Corp. |
56,400 |
403,797 |
| Daiseki Co. Ltd. |
6,960 |
132,275 |
| Daishi Hokuetsu Financial Group, Inc. |
9,100 |
260,827 |
| Daiwa House REIT Investment Corp. |
194 |
325,877 |
| Daiwa Office Investment Corp. |
29 |
105,731 |
| Daiwa Securities Living Investments Corp. |
176 |
119,506 |
| DCM Holdings Co. Ltd. |
63,800 |
590,680 |
| DeNA Co. Ltd. |
25,586 |
258,064 |
| Descente Ltd. |
5,552 |
125,183 |
| Dexerials Corp. |
7,100 |
265,942 |
| DMG Mori Co. Ltd. |
24,600 |
657,620 |
| Doshisha Co. Ltd. |
10,600 |
146,106 |
| Doutor Nichires Holdings Co. Ltd. |
12,300 |
164,715 |
| DTS Corp. |
9,500 |
259,167 |
| Duskin Co. Ltd. |
16,600 |
345,079 |
| DyDo Group Holdings, Inc. |
8,900 |
154,047 |
| Eagle Industry Co. Ltd. |
16,400 |
190,230 |
| Earth Corp. |
7,100 |
197,600 |
| Eizo Corp. |
6,550 |
210,463 |
| Elecom Co. Ltd. |
12,927 |
122,335 |
| Elematec Corp. |
2,400 |
29,290 |
| en Japan, Inc. |
6,800 |
113,050 |
| eRex Co. Ltd. * |
21,400 |
112,208 |
| Exedy Corp. |
26,900 |
492,505 |
| Ezaki Glico Co. Ltd. |
22,800 |
588,604 |
| Fancl Corp. |
12,900 |
150,667 |
| FCC Co. Ltd. |
26,800 |
381,333 |
| Ferrotec Holdings Corp. |
13,100 |
248,724 |
| Food & Life Cos. Ltd. |
12,700 |
240,041 |
| Foster Electric Co. Ltd. |
24,798 |
196,475 |
| FP Corp. |
13,660 |
219,795 |
| Frontier Real Estate Investment Corp. |
56 |
162,797 |
| F-Tech, Inc. |
6,700 |
30,707 |
| Fuji Co. Ltd. |
15,400 |
187,777 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Fuji Corp. |
30,138 |
505,577 |
| Fuji Media Holdings, Inc. |
23,200 |
275,741 |
| Fuji Oil Co. Ltd. |
78,300 |
238,189 |
| Fuji Oil Holdings, Inc. |
24,200 |
356,176 |
| Fuji Seal International, Inc. |
25,500 |
327,660 |
| Fuji Soft, Inc. |
8,200 |
320,897 |
| Fujimi, Inc. |
6,100 |
132,307 |
| Fujitec Co. Ltd. |
15,700 |
387,218 |
| Fujitsu General Ltd. |
15,210 |
196,199 |
| Fukuda Denshi Co. Ltd. |
800 |
33,173 |
| Fukuoka Financial Group, Inc. |
26,500 |
703,907 |
| Fukuoka REIT Corp. |
110 |
118,152 |
| Fukushima Galilei Co. Ltd. |
700 |
27,989 |
| Fukuyama Transporting Co. Ltd. |
16,399 |
396,247 |
| Furukawa Co. Ltd. |
4,400 |
55,775 |
| Furuno Electric Co. Ltd. |
2,000 |
26,578 |
| Fuso Chemical Co. Ltd. |
4,400 |
113,006 |
| Futaba Industrial Co. Ltd. |
13,800 |
80,930 |
| Fuyo General Lease Co. Ltd. |
2,745 |
235,410 |
| Gakken Holdings Co. Ltd. |
21,000 |
122,053 |
| Geo Holdings Corp. |
22,100 |
277,952 |
| GLOBERIDE, Inc. |
11,000 |
140,008 |
| Glory Ltd. |
23,300 |
419,825 |
| GLP J-Reit |
322 |
261,887 |
| GMO internet group, Inc. |
10,200 |
167,475 |
| Godo Steel Ltd. |
5,000 |
167,625 |
| Goldwin, Inc. |
3,000 |
181,969 |
| GS Yuasa Corp. |
41,200 |
777,338 |
| G-Tekt Corp. |
23,100 |
315,168 |
| GungHo Online Entertainment, Inc. |
9,750 |
143,340 |
| Gunma Bank Ltd. |
81,400 |
495,413 |
| Gunze Ltd. |
9,400 |
318,606 |
| H.U. Group Holdings, Inc. |
29,200 |
443,874 |
| H2O Retailing Corp. |
59,500 |
672,305 |
| Hachijuni Bank Ltd. |
70,200 |
468,299 |
| Hagiwara Electric Holdings Co. Ltd. |
1,300 |
35,732 |
| Hakuto Co. Ltd. |
3,300 |
113,955 |
| Halows Co. Ltd. |
900 |
26,385 |
| Hamamatsu Photonics KK |
12,100 |
443,364 |
| Happinet Corp. |
13,500 |
261,471 |
| Harmonic Drive Systems, Inc. |
4,300 |
107,392 |
| Hazama Ando Corp. |
80,300 |
598,721 |
| Heiwa Corp. |
16,000 |
200,432 |
| Heiwa Real Estate Co. Ltd. |
5,300 |
146,524 |
| Heiwado Co. Ltd. |
29,600 |
456,429 |
| Hikari Tsushin, Inc. |
3,750 |
609,457 |
| Hirata Corp. |
2,500 |
111,846 |
| Hirogin Holdings, Inc. |
10,200 |
73,403 |
| Hirose Electric Co. Ltd. |
5,239 |
556,098 |
| Hisamitsu Pharmaceutical Co., Inc. |
13,700 |
332,384 |
| Hitachi Zosen Corp. |
77,800 |
602,163 |
| Hogy Medical Co. Ltd. |
5,100 |
120,525 |
| Hokkaido Electric Power Co., Inc. |
207,500 |
1,474,435 |
| Hokkoku Financial Holdings, Inc. |
1,100 |
35,311 |
| Hokuetsu Corp. (b) |
58,400 |
492,535 |
| Hokuhoku Financial Group, Inc. |
39,100 |
479,638 |
| Hokuriku Electric Power Co. |
125,300 |
733,046 |
| Horiba Ltd. |
8,800 |
853,768 |
| Hoshizaki Corp. |
17,800 |
613,365 |
| Hosiden Corp. |
38,000 |
474,492 |
| Hosokawa Micron Corp. |
4,300 |
120,189 |
| House Foods Group, Inc. |
25,600 |
504,392 |
| Hulic Co. Ltd. |
71,700 |
660,691 |
| Hulic Reit, Inc. |
119 |
113,732 |
| Hyakugo Bank Ltd. |
43,200 |
177,664 |
| Hyakujushi Bank Ltd. |
7,500 |
137,401 |
| Ibiden Co. Ltd. |
15,200 |
577,805 |
| Ichikoh Industries Ltd. |
8,700 |
29,444 |
See financial
notes
Schwab Fundamental Index Funds | Semiannual Report
62
Schwab Fundamental International Small
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Idec Corp. |
6,900 |
121,793 |
| IDOM, Inc. |
30,700 |
271,738 |
| Iino Kaiun Kaisha Ltd. |
23,600 |
189,700 |
| Inaba Denki Sangyo Co. Ltd. |
26,300 |
613,593 |
| Inabata & Co. Ltd. |
31,200 |
636,010 |
| Inageya Co. Ltd. |
5,100 |
41,237 |
| Industrial & Infrastructure Fund Investment Corp. |
172 |
142,223 |
| Integrated Design & Engineering Holdings Co. Ltd. |
7,700 |
228,449 |
| Internet Initiative Japan, Inc. |
16,500 |
279,163 |
| Invincible Investment Corp. |
335 |
150,094 |
| Iriso Electronics Co. Ltd. |
5,800 |
113,417 |
| Ishihara Sangyo Kaisha Ltd. |
21,100 |
244,429 |
| Ito En Ltd. |
15,200 |
368,832 |
| Itochu Enex Co. Ltd. |
43,500 |
421,036 |
| Itoham Yonekyu Holdings, Inc. |
28,500 |
743,733 |
| Itoki Corp. |
2,600 |
31,060 |
| Iyogin Holdings, Inc. |
9,200 |
70,213 |
| Izumi Co. Ltd. |
29,500 |
685,358 |
| J Front Retailing Co. Ltd. |
74,600 |
649,679 |
| Jaccs Co. Ltd. |
8,300 |
298,276 |
| JAFCO Group Co. Ltd. |
19,000 |
214,427 |
| Japan Airlines Co. Ltd. |
34,400 |
609,525 |
| Japan Airport Terminal Co. Ltd. |
3,400 |
120,153 |
| Japan Aviation Electronics Industry Ltd. |
17,600 |
282,746 |
| Japan Excellent, Inc. |
188 |
153,576 |
| Japan Hotel REIT Investment Corp. |
322 |
169,210 |
| Japan Lifeline Co. Ltd. |
20,700 |
151,932 |
| Japan Logistics Fund, Inc. |
71 |
126,594 |
| Japan Metropolitan Fund Invest |
762 |
460,041 |
| Japan Petroleum Exploration Co. Ltd. |
11,600 |
489,326 |
| Japan Prime Realty Investment Corp. |
98 |
212,059 |
| Japan Real Estate Investment Corp. |
133 |
451,022 |
| Japan Steel Works Ltd. |
20,300 |
492,759 |
| Japan Wool Textile Co. Ltd. |
28,000 |
241,721 |
| Jeol Ltd. |
5,300 |
209,983 |
| JM Holdings Co. Ltd. |
1,700 |
28,499 |
| J-Oil Mills, Inc. |
3,400 |
42,622 |
| Joshin Denki Co. Ltd. |
27,800 |
448,444 |
| Joyful Honda Co. Ltd. |
31,000 |
440,884 |
| Juki Corp. |
34,100 |
116,157 |
| Juroku Financial Group, Inc. |
1,700 |
51,059 |
| JVCKenwood Corp. |
86,700 |
440,734 |
| Kadokawa Corp. |
12,900 |
235,789 |
| Kaga Electronics Co. Ltd. |
7,700 |
303,332 |
| Kagome Co. Ltd. |
15,000 |
383,443 |
| Kakaku.com, Inc. |
17,700 |
203,595 |
| Kaken Pharmaceutical Co. Ltd. |
12,482 |
271,322 |
| Kameda Seika Co. Ltd. |
4,900 |
129,027 |
| Kamei Corp. |
7,400 |
95,290 |
| Kamigumi Co. Ltd. |
33,300 |
719,133 |
| Kanamoto Co. Ltd. |
21,600 |
363,290 |
| Kandenko Co. Ltd. |
67,500 |
752,942 |
| Kanematsu Corp. |
53,400 |
868,274 |
| Kansai Paint Co. Ltd. |
42,560 |
554,054 |
| Kanto Denka Kogyo Co. Ltd. |
25,400 |
173,334 |
| Katitas Co. Ltd. |
9,061 |
109,166 |
| Kato Sangyo Co. Ltd. |
19,800 |
574,199 |
| Kawada Technologies, Inc. |
1,800 |
34,267 |
| KDX Realty Investment Corp. |
367 |
361,986 |
| Keihan Holdings Co. Ltd. |
18,700 |
391,104 |
| Keikyu Corp. |
54,900 |
436,425 |
| Keio Corp. |
22,700 |
555,407 |
| Keisei Electric Railway Co. Ltd. |
11,100 |
413,507 |
| Keiyo Bank Ltd. |
31,000 |
152,415 |
| KH Neochem Co. Ltd. |
15,000 |
230,321 |
| Kissei Pharmaceutical Co. Ltd. |
6,000 |
137,483 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Kitz Corp. |
37,500 |
319,191 |
| Kiyo Bank Ltd. |
15,700 |
180,358 |
| Koa Corp. |
10,600 |
109,327 |
| Kobayashi Pharmaceutical Co. Ltd. |
9,400 |
333,229 |
| Kobe Bussan Co. Ltd. |
11,400 |
246,209 |
| Koei Tecmo Holdings Co. Ltd. |
12,960 |
120,546 |
| Kohnan Shoji Co. Ltd. |
16,200 |
457,495 |
| Kojima Co. Ltd. |
26,200 |
135,162 |
| Kokuyo Co. Ltd. |
33,900 |
579,153 |
| Komeri Co. Ltd. |
18,400 |
446,127 |
| Komori Corp. |
3,800 |
29,683 |
| Konami Group Corp. |
12,100 |
730,081 |
| Konishi Co. Ltd. |
4,300 |
36,518 |
| Konoike Transport Co. Ltd. |
18,200 |
263,868 |
| Kose Corp. |
6,500 |
335,166 |
| KPP Group Holdings Co. Ltd. |
36,500 |
171,695 |
| Kumagai Gumi Co. Ltd. |
24,300 |
640,625 |
| Kumiai Chemical Industry Co. Ltd. |
26,200 |
133,536 |
| Kura Sushi, Inc. |
5,000 |
155,198 |
| Kureha Corp. |
22,800 |
406,462 |
| Kusuri No. Aoki Holdings Co. Ltd. |
10,800 |
201,359 |
| KYB Corp. |
10,900 |
372,114 |
| Kyoei Steel Ltd. |
16,800 |
239,169 |
| Kyokuto Kaihatsu Kogyo Co. Ltd. |
16,700 |
272,368 |
| Kyorin Pharmaceutical Co. Ltd. |
16,900 |
196,925 |
| Kyoritsu Maintenance Co. Ltd. |
5,800 |
123,689 |
| Kyoto Financial Group, Inc. |
23,600 |
420,060 |
| Kyowa Kirin Co. Ltd. |
36,300 |
609,617 |
| Kyudenko Corp. |
17,900 |
742,919 |
| Kyushu Financial Group, Inc. |
58,500 |
391,426 |
| LaSalle Logiport REIT |
110 |
110,328 |
| Lasertec Corp. |
800 |
172,564 |
| Lawson, Inc. |
11,883 |
777,935 |
| Life Corp. |
16,000 |
399,700 |
| Lintec Corp. |
27,100 |
540,265 |
| Lion Corp. |
81,300 |
729,097 |
| M3, Inc. |
26,300 |
278,206 |
| Mabuchi Motor Co. Ltd. |
29,700 |
459,990 |
| Macnica Holdings, Inc. |
16,400 |
723,126 |
| Makino Milling Machine Co. Ltd. |
8,250 |
330,930 |
| Mandom Corp. |
17,500 |
144,382 |
| Marubun Corp. |
14,500 |
133,440 |
| Maruha Nichiro Corp. |
34,200 |
667,088 |
| Marui Group Co. Ltd. |
33,900 |
517,784 |
| Maruichi Steel Tube Ltd. |
18,600 |
478,922 |
| MARUKA FURUSATO Corp. |
6,600 |
101,312 |
| Maruwa Co. Ltd. |
700 |
147,509 |
| Matsuda Sangyo Co. Ltd. |
13,100 |
228,004 |
| Max Co. Ltd. |
9,900 |
220,915 |
| Maxell Ltd. |
20,700 |
204,232 |
| McDonald's Holdings Co. Japan Ltd. |
13,600 |
598,246 |
| MCJ Co. Ltd. |
31,400 |
274,108 |
| Mebuki Financial Group, Inc. |
223,376 |
790,220 |
| Megachips Corp. |
6,200 |
143,745 |
| Megmilk Snow Brand Co. Ltd. |
42,500 |
686,366 |
| Meidensha Corp. |
22,200 |
491,928 |
| Meiko Electronics Co. Ltd. |
7,000 |
228,387 |
| Meisei Industrial Co. Ltd. |
3,500 |
29,752 |
| MEITEC Group Holdings, Inc. |
15,000 |
279,750 |
| Menicon Co. Ltd. |
10,000 |
96,486 |
| METAWATER Co. Ltd. |
8,100 |
100,763 |
| Mimasu Semiconductor Industry Co. Ltd. |
6,000 |
138,394 |
| Mirait One Corp. |
55,200 |
673,992 |
| Mirarth Holdings, Inc. |
46,800 |
143,500 |
| Mitsuba Corp. |
6,400 |
58,763 |
| Mitsubishi HC Capital, Inc. |
81,100 |
525,207 |
| Mitsubishi Logisnext Co. Ltd. |
30,300 |
298,837 |
| Mitsubishi Logistics Corp. |
18,400 |
610,442 |
See financial
notes
63
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental International Small
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Mitsubishi Paper Mills Ltd. |
8,400 |
30,547 |
| Mitsubishi Pencil Co. Ltd. |
11,300 |
172,375 |
| Mitsubishi Shokuhin Co. Ltd. |
26,500 |
939,646 |
| Mitsuboshi Belting Ltd. |
4,500 |
138,018 |
| Mitsui DM Sugar Holdings Co. Ltd. |
1,300 |
25,265 |
| Mitsui E&S Co. Ltd. |
44,600 |
483,493 |
| Mitsui High-Tec, Inc. |
2,270 |
101,641 |
| Mitsui Matsushima Holdings Co. Ltd. |
7,100 |
142,803 |
| Mitsui-Soko Holdings Co. Ltd. |
11,400 |
336,264 |
| Miura Co. Ltd. |
16,800 |
264,319 |
| MIXI, Inc. |
19,000 |
289,975 |
| Mizuho Leasing Co. Ltd. |
30,000 |
214,303 |
| Mizuno Corp. |
9,500 |
461,071 |
| Mochida Pharmaceutical Co. Ltd. |
9,600 |
193,662 |
| Modec, Inc. |
14,100 |
278,184 |
| MonotaRO Co. Ltd. |
16,900 |
202,544 |
| Mori Hills REIT Investment Corp. |
117 |
101,816 |
| Morinaga & Co. Ltd. |
24,700 |
399,170 |
| MOS Food Services, Inc. |
6,000 |
132,708 |
| Musashi Seimitsu Industry Co. Ltd. |
25,800 |
273,386 |
| Musashino Bank Ltd. |
7,800 |
152,734 |
| Nabtesco Corp. |
39,000 |
643,186 |
| Nachi-Fujikoshi Corp. |
14,100 |
304,785 |
| Nakanishi, Inc. |
8,100 |
124,431 |
| Nankai Electric Railway Co. Ltd. |
24,200 |
421,382 |
| Nanto Bank Ltd. |
8,800 |
169,134 |
| NEC Networks & System Integration Corp. |
19,600 |
325,596 |
| NET One Systems Co. Ltd. |
21,748 |
364,524 |
| Nexon Co. Ltd. |
34,322 |
535,126 |
| Nextage Co. Ltd. |
7,700 |
135,187 |
| Nichias Corp. |
23,300 |
638,646 |
| Nichicon Corp. |
23,200 |
196,394 |
| Nichiha Corp. |
13,100 |
305,454 |
| Nichireki Co. Ltd. |
2,000 |
30,511 |
| Nifco, Inc. |
23,700 |
572,910 |
| Nihon Kohden Corp. |
19,200 |
522,018 |
| Nihon M&A Center Holdings, Inc. |
30,700 |
168,031 |
| Nihon Parkerizing Co. Ltd. |
33,900 |
260,695 |
| Nikkiso Co. Ltd. |
32,900 |
262,746 |
| Nikkon Holdings Co. Ltd. |
21,900 |
429,856 |
| Nippn Corp. |
27,400 |
422,834 |
| Nippon Accommodations Fund, Inc. |
39 |
162,416 |
| Nippon Building Fund, Inc. |
142 |
542,553 |
| Nippon Carbon Co. Ltd. |
3,700 |
130,460 |
| Nippon Chemi-Con Corp. * |
17,600 |
177,879 |
| Nippon Denko Co. Ltd. |
63,700 |
125,629 |
| Nippon Densetsu Kogyo Co. Ltd. |
19,100 |
262,157 |
| Nippon Electric Glass Co. Ltd. |
40,700 |
1,007,085 |
| Nippon Gas Co. Ltd. |
22,000 |
358,803 |
| Nippon Kanzai Holdings Co. Ltd. |
6,600 |
108,498 |
| Nippon Kayaku Co. Ltd. |
69,300 |
564,478 |
| Nippon Light Metal Holdings Co. Ltd. |
72,800 |
863,844 |
| Nippon Prologis REIT, Inc. |
156 |
269,636 |
| NIPPON REIT Investment Corp. |
51 |
115,186 |
| Nippon Road Co. Ltd. |
10,400 |
124,671 |
| Nippon Seiki Co. Ltd. |
9,200 |
83,659 |
| Nippon Sheet Glass Co. Ltd. * |
108,400 |
361,339 |
| Nippon Shinyaku Co. Ltd. |
10,100 |
279,470 |
| Nippon Shokubai Co. Ltd. |
78,584 |
746,947 |
| Nippon Soda Co. Ltd. |
10,000 |
366,836 |
| Nippon Thompson Co. Ltd. |
33,000 |
136,747 |
| Nippon Yakin Kogyo Co. Ltd. |
7,010 |
207,391 |
| Nipro Corp. |
64,700 |
523,481 |
| Nishimatsu Construction Co. Ltd. |
12,700 |
367,218 |
| Nishimatsuya Chain Co. Ltd. |
15,900 |
220,488 |
| Nishi-Nippon Financial Holdings, Inc. |
31,800 |
402,030 |
| Nishi-Nippon Railroad Co. Ltd. |
27,600 |
429,981 |
| Nishio Holdings Co. Ltd. |
10,300 |
263,183 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Nissha Co. Ltd. |
24,100 |
259,406 |
| Nisshin Oillio Group Ltd. |
14,600 |
469,019 |
| Nisshinbo Holdings, Inc. |
85,600 |
648,934 |
| Nitta Corp. |
7,200 |
185,773 |
| Nittetsu Mining Co. Ltd. |
7,200 |
226,306 |
| Nitto Boseki Co. Ltd. |
7,600 |
272,400 |
| Nitto Kogyo Corp. |
9,700 |
260,184 |
| Noevir Holdings Co. Ltd. |
3,400 |
112,497 |
| NOF Corp. |
36,600 |
491,023 |
| Nojima Corp. |
55,500 |
663,112 |
| Nomura Co. Ltd. |
29,100 |
156,628 |
| Nomura Real Estate Holdings, Inc. |
33,900 |
949,102 |
| Nomura Real Estate Master Fund, Inc. |
496 |
474,136 |
| Noritake Co. Ltd. |
13,400 |
351,770 |
| Noritz Corp. |
23,100 |
260,860 |
| North Pacific Bank Ltd. |
70,800 |
203,619 |
| NPR-RIKEN Corp. |
2,600 |
47,836 |
| NS Solutions Corp. |
8,500 |
276,859 |
| NS United Kaiun Kaisha Ltd. |
5,400 |
163,401 |
| NSD Co. Ltd. |
10,600 |
207,187 |
| NTN Corp. |
309,403 |
614,018 |
| NTT UD REIT Investment Corp. |
163 |
124,966 |
| Obic Co. Ltd. |
2,700 |
346,860 |
| Odakyu Electric Railway Co. Ltd. |
49,700 |
558,761 |
| Ogaki Kyoritsu Bank Ltd. |
10,700 |
153,257 |
| Oiles Corp. |
10,500 |
158,818 |
| Okamura Corp. |
28,900 |
437,668 |
| Oki Electric Industry Co. Ltd. |
78,100 |
558,159 |
| Okinawa Cellular Telephone Co. |
6,800 |
146,111 |
| Okinawa Electric Power Co., Inc. |
43,782 |
326,629 |
| OKUMA Corp. |
10,000 |
449,139 |
| Okumura Corp. |
14,100 |
441,132 |
| Onoken Co. Ltd. |
23,600 |
276,105 |
| Onward Holdings Co. Ltd. |
55,000 |
211,710 |
| Open House Group Co. Ltd. |
18,800 |
571,712 |
| Open Up Group, Inc. |
2,000 |
25,336 |
| Oracle Corp. |
4,300 |
322,692 |
| Organo Corp. |
4,100 |
188,085 |
| Orient Corp. |
28,760 |
187,698 |
| Oriental Land Co. Ltd. |
21,700 |
598,740 |
| Oriental Shiraishi Corp. |
10,200 |
24,475 |
| Orix JREIT, Inc. |
300 |
316,224 |
| Osaka Soda Co. Ltd. |
4,900 |
287,377 |
| OSG Corp. |
27,600 |
355,938 |
| Outsourcing, Inc. * |
6,500 |
71,776 |
| Pacific Industrial Co. Ltd. |
31,900 |
329,024 |
| Pack Corp. |
6,000 |
139,345 |
| PAL GROUP Holdings Co. Ltd. |
1,800 |
21,481 |
| Paramount Bed Holdings Co. Ltd. |
11,900 |
202,758 |
| Park24 Co. Ltd. * |
21,900 |
235,854 |
| Pasona Group, Inc. |
11,100 |
155,764 |
| Penta-Ocean Construction Co. Ltd. |
140,400 |
704,597 |
| PHC Holdings Corp. |
12,600 |
90,907 |
| Pigeon Corp. |
31,900 |
290,769 |
| Pilot Corp. |
10,600 |
283,706 |
| Piolax, Inc. |
8,900 |
151,198 |
| Pola Orbis Holdings, Inc. |
25,200 |
231,239 |
| Press Kogyo Co. Ltd. |
75,100 |
369,508 |
| Pressance Corp. |
2,500 |
28,970 |
| Prima Meat Packers Ltd. |
26,400 |
386,166 |
| Qol Holdings Co. Ltd. |
13,600 |
152,557 |
| Raito Kogyo Co. Ltd. |
17,800 |
231,288 |
| Rakuten Group, Inc. * |
133,883 |
643,903 |
| Relo Group, Inc. |
17,700 |
153,859 |
| Resorttrust, Inc. |
12,188 |
201,716 |
| Restar Corp. |
3,500 |
66,230 |
| Retail Partners Co. Ltd. |
29,500 |
315,556 |
| Riken Technos Corp. |
6,100 |
39,005 |
See financial
notes
Schwab Fundamental Index Funds | Semiannual Report
64
Schwab Fundamental International Small
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Rinnai Corp. |
33,800 |
732,361 |
| Rohto Pharmaceutical Co. Ltd. |
21,800 |
425,327 |
| Round One Corp. |
32,000 |
140,567 |
| Ryobi Ltd. |
20,300 |
352,609 |
| Ryoyo Ryosan Holdings, Inc. |
23,980 |
422,689 |
| S Foods, Inc. |
15,500 |
299,223 |
| Saibu Gas Holdings Co. Ltd. |
14,500 |
180,801 |
| Saizeriya Co. Ltd. |
5,200 |
175,591 |
| Sakai Chemical Industry Co. Ltd. |
14,100 |
183,417 |
| Sakai Moving Service Co. Ltd. |
6,700 |
117,938 |
| Sakata INX Corp. |
6,800 |
69,064 |
| Sakata Seed Corp. |
6,100 |
140,546 |
| SAMTY Co. Ltd. |
6,900 |
117,706 |
| San-A Co. Ltd. |
9,400 |
282,107 |
| San-Ai Obbli Co. Ltd. |
71,400 |
936,677 |
| Sangetsu Corp. |
17,200 |
365,650 |
| San-In Godo Bank Ltd. |
30,900 |
240,694 |
| Sanken Electric Co. Ltd. |
4,200 |
181,328 |
| Sanki Engineering Co. Ltd. |
31,200 |
437,976 |
| Sankyo Co. Ltd. |
30,400 |
330,205 |
| Sanoh Industrial Co. Ltd. |
20,452 |
146,645 |
| Santen Pharmaceutical Co. Ltd. |
87,000 |
840,340 |
| Sanyo Chemical Industries Ltd. |
7,450 |
194,819 |
| Sanyo Denki Co. Ltd. |
3,500 |
165,021 |
| Sanyo Special Steel Co. Ltd. |
12,500 |
169,090 |
| Sapporo Holdings Ltd. |
14,000 |
506,039 |
| Sato Holdings Corp. |
11,700 |
162,124 |
| Sawai Group Holdings Co. Ltd. |
2,700 |
100,617 |
| SBS Holdings, Inc. |
6,900 |
118,939 |
| SCREEN Holdings Co. Ltd. |
11,000 |
1,134,949 |
| Scroll Corp. |
20,000 |
118,765 |
| SCSK Corp. |
26,528 |
482,258 |
| Sega Sammy Holdings, Inc. |
39,700 |
519,632 |
| Seibu Holdings, Inc. |
44,755 |
696,571 |
| Seiko Group Corp. |
12,900 |
341,220 |
| Seiren Co. Ltd. |
13,600 |
226,549 |
| Sekisui House Reit, Inc. |
347 |
177,803 |
| Sekisui Jushi Corp. |
10,100 |
165,074 |
| Senko Group Holdings Co. Ltd. |
70,400 |
515,937 |
| Senshu Ikeda Holdings, Inc. |
65,700 |
167,249 |
| Seria Co. Ltd. |
22,800 |
386,488 |
| Seven Bank Ltd. |
155,100 |
277,253 |
| Sharp Corp. * |
124,100 |
651,421 |
| Shibaura Machine Co. Ltd. |
7,200 |
161,182 |
| Shiga Bank Ltd. |
7,700 |
199,137 |
| Shikoku Electric Power Co., Inc. |
109,500 |
907,497 |
| Shinagawa Refractories Co. Ltd. |
2,000 |
24,372 |
| Shindengen Electric Manufacturing Co. Ltd. |
6,200 |
116,150 |
| Shin-Etsu Polymer Co. Ltd. |
12,300 |
120,065 |
| Shinko Electric Industries Co. Ltd. |
8,700 |
305,459 |
| Shinmaywa Industries Ltd. |
35,400 |
269,897 |
| Shinnihon Corp. |
3,500 |
35,131 |
| Shinsho Corp. |
1,000 |
43,547 |
| Ship Healthcare Holdings, Inc. |
32,900 |
489,483 |
| Shizuoka Financial Group, Inc. |
14,700 |
137,208 |
| Shizuoka Gas Co. Ltd. |
38,600 |
236,189 |
| SHO-BOND Holdings Co. Ltd. |
5,200 |
200,808 |
| Shoei Foods Corp. |
4,900 |
133,797 |
| Showa Sangyo Co. Ltd. |
3,300 |
73,984 |
| Siix Corp. |
21,700 |
223,711 |
| Sinfonia Technology Co. Ltd. |
12,300 |
261,014 |
| Sintokogio Ltd. |
5,500 |
43,781 |
| SKY Perfect JSAT Holdings, Inc. |
51,700 |
304,239 |
| Skylark Holdings Co. Ltd. |
43,500 |
619,904 |
| Socionext, Inc. |
3,100 |
90,630 |
| Sodick Co. Ltd. |
30,400 |
140,762 |
| Sohgo Security Services Co. Ltd. |
135,100 |
751,390 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Sotetsu Holdings, Inc. |
18,200 |
290,120 |
| Square Enix Holdings Co. Ltd. |
16,100 |
581,969 |
| Star Micronics Co. Ltd. |
12,900 |
153,170 |
| Starts Corp., Inc. |
12,900 |
291,011 |
| Sugi Holdings Co. Ltd. |
47,300 |
693,998 |
| Sumida Corp. |
13,126 |
103,677 |
| Sumitomo Bakelite Co. Ltd. |
17,200 |
489,906 |
| Sumitomo Densetsu Co. Ltd. |
1,600 |
35,938 |
| Sumitomo Mitsui Construction Co. Ltd. |
153,980 |
396,562 |
| Sumitomo Osaka Cement Co. Ltd. |
23,200 |
576,013 |
| Sumitomo Pharma Co. Ltd. * |
161,331 |
407,152 |
| Sumitomo Riko Co. Ltd. |
7,600 |
63,275 |
| Sumitomo Seika Chemicals Co. Ltd. |
5,800 |
184,705 |
| Sumitomo Warehouse Co. Ltd. |
18,500 |
306,361 |
| Sun Frontier Fudousan Co. Ltd. |
10,200 |
126,862 |
| Suruga Bank Ltd. |
48,000 |
292,747 |
| SWCC Corp. |
12,100 |
319,041 |
| Systena Corp. |
55,000 |
91,643 |
| Tachibana Eletech Co. Ltd. |
2,700 |
51,508 |
| Tachi-S Co. Ltd. |
25,600 |
324,761 |
| Tadano Ltd. |
40,500 |
324,991 |
| Taikisha Ltd. |
12,700 |
374,582 |
| Taiyo Holdings Co. Ltd. |
7,600 |
154,875 |
| Takamatsu Construction Group Co. Ltd. |
11,600 |
195,328 |
| Takara Holdings, Inc. |
70,663 |
464,214 |
| Takara Standard Co. Ltd. |
25,400 |
309,858 |
| Takasago Thermal Engineering Co. Ltd. |
21,100 |
707,359 |
| Takashimaya Co. Ltd. |
53,600 |
759,796 |
| Takeuchi Manufacturing Co. Ltd. |
9,000 |
341,399 |
| Takuma Co. Ltd. |
23,700 |
296,576 |
| Tama Home Co. Ltd. |
4,110 |
113,727 |
| Tamura Corp. |
37,200 |
152,936 |
| Tanseisha Co. Ltd. |
27,400 |
152,971 |
| TBS Holdings, Inc. |
10,300 |
268,436 |
| TechnoPro Holdings, Inc. |
14,800 |
252,094 |
| T-Gaia Corp. |
15,200 |
204,792 |
| THK Co. Ltd. |
36,500 |
796,397 |
| TKC Corp. |
5,800 |
133,475 |
| Toa Corp. |
30,800 |
212,807 |
| TOA ROAD Corp. |
4,500 |
37,044 |
| Toagosei Co. Ltd. |
53,300 |
536,164 |
| Tobishima Corp. |
3,600 |
31,256 |
| Tocalo Co. Ltd. |
14,500 |
167,085 |
| Toda Corp. |
107,300 |
700,832 |
| Toei Co. Ltd. |
6,500 |
154,295 |
| Toho Co Ltd./Kobe |
1,400 |
28,399 |
| Toho Co. Ltd. |
15,300 |
512,586 |
| Toho Holdings Co. Ltd. |
41,200 |
987,040 |
| Toho Zinc Co. Ltd. * |
17,100 |
112,858 |
| Tokai Carbon Co. Ltd. |
81,700 |
542,029 |
| TOKAI Holdings Corp. |
59,600 |
366,579 |
| Tokai Rika Co. Ltd. |
39,169 |
533,340 |
| Tokai Tokyo Financial Holdings, Inc. |
43,400 |
159,040 |
| Token Corp. |
6,150 |
421,995 |
| Tokuyama Corp. |
49,100 |
1,013,135 |
| Tokyo Century Corp. |
48,900 |
486,718 |
| Tokyo Kiraboshi Financial Group, Inc. |
1,100 |
32,652 |
| Tokyo Ohka Kogyo Co. Ltd. |
16,700 |
442,855 |
| Tokyo Seimitsu Co. Ltd. |
7,200 |
468,524 |
| Tokyo Steel Manufacturing Co. Ltd. |
24,700 |
262,013 |
| Tokyo Tatemono Co. Ltd. |
54,100 |
900,222 |
| Tokyo Tekko Co. Ltd. |
900 |
26,269 |
| Tokyu Construction Co. Ltd. |
54,400 |
292,744 |
| Tomen Devices Corp. |
900 |
38,200 |
| Tomy Co. Ltd. |
25,500 |
407,723 |
| Topcon Corp. |
28,900 |
339,438 |
| Topre Corp. |
35,200 |
568,187 |
| Topy Industries Ltd. |
3,300 |
55,969 |
See financial
notes
65
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental International Small
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Toridoll Holdings Corp. |
1,000 |
24,030 |
| Toshiba TEC Corp. |
11,900 |
239,356 |
| Totetsu Kogyo Co. Ltd. |
14,700 |
293,664 |
| Towa Pharmaceutical Co. Ltd. |
10,800 |
194,403 |
| Toyo Construction Co. Ltd. |
29,400 |
238,213 |
| Toyo Tire Corp. |
46,400 |
877,846 |
| Toyobo Co. Ltd. |
90,700 |
643,635 |
| Toyota Boshoku Corp. |
41,600 |
615,194 |
| TPR Co. Ltd. |
27,100 |
400,489 |
| Trancom Co. Ltd. |
4,100 |
149,085 |
| Transcosmos, Inc. |
14,100 |
304,803 |
| Trend Micro, Inc. |
15,600 |
768,740 |
| Trusco Nakayama Corp. |
19,100 |
315,958 |
| TS Tech Co. Ltd. |
62,100 |
764,646 |
| TSI Holdings Co. Ltd. |
51,000 |
284,617 |
| Tsubaki Nakashima Co. Ltd. |
25,800 |
138,494 |
| Tsubakimoto Chain Co. |
20,100 |
692,003 |
| Tsugami Corp. |
18,800 |
162,317 |
| Tsumura & Co. |
20,790 |
500,970 |
| TV Asahi Holdings Corp. |
13,790 |
180,857 |
| UACJ Corp. |
23,230 |
709,691 |
| Uchida Yoko Co. Ltd. |
4,400 |
195,010 |
| Ulvac, Inc. |
13,200 |
789,304 |
| Unipres Corp. |
51,400 |
380,276 |
| United Arrows Ltd. |
15,600 |
179,781 |
| United Super Markets Holdings, Inc. |
67,200 |
383,542 |
| United Urban Investment Corp. |
338 |
323,870 |
| Ushio, Inc. |
29,200 |
384,093 |
| USS Co. Ltd. |
55,746 |
425,860 |
| UT Group Co. Ltd. |
6,300 |
132,110 |
| V Technology Co. Ltd. |
8,100 |
130,133 |
| Valor Holdings Co. Ltd. |
42,200 |
646,530 |
| Valqua Ltd. |
4,400 |
122,988 |
| VT Holdings Co. Ltd. |
57,600 |
190,642 |
| Wacoal Holdings Corp. |
16,900 |
369,884 |
| Wacom Co. Ltd. |
47,600 |
182,809 |
| Wakita & Co. Ltd. |
4,000 |
39,690 |
| Warabeya Nichiyo Holdings Co. Ltd. |
14,500 |
220,667 |
| Welcia Holdings Co. Ltd. |
36,500 |
536,652 |
| Workman Co. Ltd. |
6,600 |
162,146 |
| World Co. Ltd. |
13,600 |
179,377 |
| Xebio Holdings Co. Ltd. |
26,614 |
170,558 |
| YAMABIKO Corp. |
20,600 |
272,610 |
| Yamaguchi Financial Group, Inc. |
36,700 |
370,729 |
| Yamaichi Electronics Co. Ltd. |
1,800 |
31,043 |
| Yamato Kogyo Co. Ltd. |
6,300 |
338,494 |
| Yamazen Corp. |
56,900 |
499,722 |
| Yaoko Co. Ltd. |
7,792 |
421,254 |
| Yellow Hat Ltd. |
18,200 |
236,582 |
| Yodogawa Steel Works Ltd. |
13,800 |
433,126 |
| Yokogawa Bridge Holdings Corp. |
13,500 |
244,855 |
| Yokorei Co. Ltd. |
5,300 |
34,951 |
| Yokowo Co. Ltd. |
13,600 |
144,407 |
| Yoshinoya Holdings Co. Ltd. |
12,100 |
221,598 |
| Yuasa Trading Co. Ltd. |
13,000 |
475,056 |
| Zenkoku Hosho Co. Ltd. |
5,900 |
207,160 |
| Zensho Holdings Co. Ltd. |
9,200 |
356,585 |
| Zeon Corp. |
62,500 |
622,883 |
| ZERIA Pharmaceutical Co. Ltd. |
8,000 |
106,096 |
| Zojirushi Corp. |
13,200 |
128,759 |
| ZOZO, Inc. |
11,200 |
241,231 |
| |
|
204,044,958 |
| | ||
| Luxembourg 0.0% | ||
| Espirito Santo Financial Group SA *(a) |
69,773 |
0 |
| | ||
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Netherlands 1.8% | ||
| Adyen NV * |
486 |
582,228 |
| Allfunds Group PLC |
28,828 |
181,169 |
| AMG Critical Materials NV |
5,062 |
118,807 |
| Arcadis NV |
11,722 |
723,939 |
| Basic-Fit NV *(b) |
4,444 |
97,279 |
| BE Semiconductor Industries NV |
3,843 |
509,866 |
| Corbion NV |
14,320 |
311,006 |
| DSM-Firmenich AG |
26,253 |
2,944,392 |
| Eurocommercial Properties NV |
9,665 |
219,820 |
| Flow Traders Ltd. |
2,975 |
61,244 |
| Fugro NV |
19,976 |
484,523 |
| JDE Peet's NV |
15,995 |
355,402 |
| Just Eat Takeaway.com NV * |
23,658 |
345,584 |
| Koninklijke BAM Groep NV |
163,460 |
666,328 |
| Koninklijke Heijmans NV * |
16,088 |
301,935 |
| Koninklijke Vopak NV |
13,572 |
538,965 |
| OCI NV |
20,002 |
537,985 |
| PostNL NV |
245,895 |
330,837 |
| TKH Group NV * |
10,916 |
470,196 |
| Van Lanschot Kempen NV |
5,240 |
185,622 |
| Wereldhave NV |
11,143 |
154,703 |
| |
|
10,121,830 |
| | ||
| New Zealand 0.8% | ||
| a2 Milk Co. Ltd. * |
102,703 |
404,864 |
| Auckland International Airport Ltd. |
63,230 |
292,477 |
| Contact Energy Ltd. |
148,442 |
758,360 |
| EBOS Group Ltd. |
31,533 |
651,443 |
| Fisher & Paykel Healthcare Corp. Ltd. |
42,065 |
704,494 |
| Genesis Energy Ltd. |
43,722 |
59,906 |
| Infratil Ltd. |
38,724 |
248,637 |
| Mainfreight Ltd. |
12,144 |
485,362 |
| Mercury NZ Ltd. |
85,812 |
322,603 |
| Meridian Energy Ltd. |
176,061 |
622,464 |
| Ryman Healthcare Ltd. * |
42,535 |
101,528 |
| |
|
4,652,138 |
| | ||
| Norway 1.6% | ||
| Aker ASA, A Shares |
3,180 |
176,540 |
| Aker Solutions ASA |
53,552 |
201,853 |
| Austevoll Seafood ASA |
45,150 |
360,521 |
| Bakkafrost P |
5,472 |
332,337 |
| Bluenord ASA * |
753 |
38,570 |
| Borregaard ASA |
13,504 |
231,459 |
| BW LPG Ltd. |
20,994 |
304,464 |
| DNO ASA |
362,795 |
335,843 |
| Elkem ASA |
205,174 |
358,504 |
| Europris ASA * |
36,040 |
226,825 |
| Frontline PLC |
3,516 |
83,312 |
| Gjensidige Forsikring ASA |
27,364 |
438,735 |
| Golden Ocean Group Ltd. |
7,991 |
112,832 |
| Grieg Seafood ASA |
16,814 |
108,980 |
| Hafnia Ltd. |
8,136 |
61,343 |
| Hoegh Autoliners ASA |
2,555 |
26,818 |
| Kongsberg Gruppen ASA |
6,025 |
425,324 |
| Leroy Seafood Group ASA |
94,640 |
417,173 |
| MPC Container Ships ASA |
41,263 |
66,326 |
| Nordic Semiconductor ASA * |
4,688 |
51,252 |
| Norske Skog ASA |
17,027 |
56,970 |
| Odfjell Drilling Ltd. |
35,376 |
161,244 |
| PGS ASA * |
343,843 |
264,232 |
| Protector Forsikring ASA |
1,272 |
25,713 |
| Salmar ASA |
7,910 |
497,627 |
| Scatec ASA * |
4,441 |
32,411 |
See financial
notes
Schwab Fundamental Index Funds | Semiannual Report
66
Schwab Fundamental International Small
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Schibsted ASA, A Shares |
8,954 |
256,163 |
| Schibsted ASA, B Shares |
11,129 |
311,774 |
| SpareBank 1 Nord Norge |
27,506 |
248,553 |
| SpareBank 1 SMN |
26,844 |
352,797 |
| SpareBank 1 SR-Bank ASA |
28,571 |
345,953 |
| Stolt-Nielsen Ltd. |
7,640 |
326,687 |
| Storebrand ASA |
68,239 |
655,067 |
| TGS ASA |
31,313 |
353,220 |
| TOMRA Systems ASA |
23,252 |
284,851 |
| Var Energi ASA |
111,175 |
360,932 |
| Wallenius Wilhelmsen ASA |
27,340 |
275,383 |
| |
|
9,168,588 |
| | ||
| Poland 1.3% | ||
| Alior Bank SA * |
22,226 |
566,213 |
| Allegro.eu SA * |
19,364 |
161,421 |
| Asseco Poland SA |
23,781 |
467,368 |
| Bank Handlowy w Warszawie SA |
914 |
25,185 |
| Bank Polska Kasa Opieki SA |
24,207 |
1,002,177 |
| Budimex SA |
227 |
38,400 |
| CCC SA * |
10,486 |
243,065 |
| CD Projekt SA |
3,605 |
104,878 |
| Cyfrowy Polsat SA * |
158,843 |
391,457 |
| Dino Polska SA * |
2,105 |
201,664 |
| Enea SA * |
214,177 |
446,820 |
| Eurocash SA |
10,382 |
34,904 |
| Grupa Azoty SA * |
44,999 |
243,053 |
| Grupa Kety SA |
2,080 |
431,006 |
| Jastrzebska Spolka Weglowa SA * |
36,030 |
271,248 |
| KRUK SA |
1,536 |
174,598 |
| LPP SA |
95 |
366,053 |
| mBank SA * |
1,367 |
229,572 |
| Orange Polska SA |
292,017 |
564,481 |
| Pepco Group NV * |
24,284 |
114,493 |
| Santander Bank Polska SA |
3,499 |
479,478 |
| Tauron Polska Energia SA * |
716,526 |
514,908 |
| |
|
7,072,442 |
| | ||
| Portugal 0.3% | ||
| Banco Comercial Portugues SA, Class R * |
268,749 |
93,834 |
| EDP Renovaveis SA |
16,380 |
224,245 |
| Navigator Co. SA |
77,474 |
342,187 |
| NOS SGPS SA |
91,929 |
317,866 |
| REN - Redes Energeticas Nacionais SGPS SA |
101,841 |
245,896 |
| Sonae SGPS SA |
545,790 |
546,481 |
| |
|
1,770,509 |
| | ||
| Republic of Korea 7.9% | ||
| Amorepacific Corp. |
8,493 |
1,035,171 |
| AMOREPACIFIC Group |
16,771 |
404,868 |
| Asia Paper Manufacturing Co. Ltd. |
19,945 |
122,519 |
| Asiana Airlines, Inc. * |
30,929 |
244,695 |
| BGF retail Co. Ltd. |
2,920 |
275,285 |
| BH Co. Ltd. |
7,458 |
93,189 |
| Binggrae Co. Ltd. |
751 |
38,667 |
| Celltrion, Inc. |
5,471 |
742,876 |
| Cheil Worldwide, Inc. |
25,775 |
351,547 |
| Chong Kun Dang Pharmaceutical Corp. |
2,231 |
167,459 |
| CJ ENM Co. Ltd. * |
8,051 |
440,465 |
| CJ Logistics Corp. |
6,859 |
605,071 |
| Com2uSCorp |
3,777 |
108,419 |
| Cosmax, Inc. |
1,471 |
148,411 |
| Daeduck Electronics Co. Ltd. |
9,627 |
159,740 |
| Daesang Corp. |
19,193 |
303,673 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Daesang Holdings Co. Ltd. |
19,794 |
123,883 |
| Daewoo Engineering & Construction Co. Ltd. * |
158,084 |
435,575 |
| Daou Data Corp. |
4,694 |
42,147 |
| Daou Technology, Inc. |
20,240 |
287,890 |
| DB HiTek Co. Ltd. |
7,841 |
231,706 |
| DGB Financial Group, Inc. |
96,209 |
587,678 |
| DL Holdings Co. Ltd. |
7,017 |
269,265 |
| Dongjin Semichem Co. Ltd. |
3,981 |
123,080 |
| Doosan Bobcat, Inc. |
9,264 |
346,241 |
| Doosan Co. Ltd. |
5,446 |
594,893 |
| E1 Corp. |
1,009 |
50,077 |
| Ecopro BM Co. Ltd. * |
172 |
29,237 |
| Ecopro Co. Ltd. * |
465 |
35,149 |
| F&F Co. Ltd. |
1,260 |
59,644 |
| Fila Holdings Corp. |
18,254 |
537,354 |
| Gradiant Corp. |
13,728 |
160,765 |
| Green Cross Corp. |
1,345 |
110,506 |
| Green Cross Holdings Corp. |
11,593 |
134,103 |
| GS Global Corp. |
60,823 |
108,046 |
| GS Retail Co. Ltd. |
29,871 |
428,193 |
| Handsome Co. Ltd. |
12,131 |
171,764 |
| Hanjin Transportation Co. Ltd. |
4,167 |
62,561 |
| Hanmi Pharm Co. Ltd. |
605 |
137,821 |
| Hanon Systems |
58,252 |
233,291 |
| Hansol Chemical Co. Ltd. |
1,169 |
162,145 |
| Hanwha Aerospace Co. Ltd. |
4,557 |
692,192 |
| Hanwha General Insurance Co. Ltd. |
105,489 |
383,649 |
| Hanwha Life Insurance Co. Ltd. |
293,355 |
622,264 |
| Hanwha Systems Co. Ltd. |
2,130 |
30,098 |
| Harim Holdings Co. Ltd. |
57,812 |
274,678 |
| HD Hyundai Construction Equipment Co. Ltd. |
6,187 |
243,244 |
| HD Hyundai Heavy Industries Co. Ltd. * |
1,480 |
146,372 |
| HD Hyundai Infracore Co. Ltd. |
42,993 |
255,777 |
| HD HYUNDAI MIPO * |
3,902 |
210,111 |
| HD Korea Shipbuilding & Offshore Engineering Co. Ltd. * |
11,517 |
1,087,394 |
| HDC Hyundai Development Co-Engineering & Construction, Class E |
46,723 |
592,574 |
| Hite Jinro Co. Ltd. |
10,332 |
156,651 |
| HL Mando Co. Ltd. |
19,784 |
557,950 |
| Hotel Shilla Co. Ltd. |
5,671 |
242,934 |
| HYBE Co. Ltd. |
205 |
29,737 |
| Hyosung Advanced Materials Corp. |
833 |
219,783 |
| Hyosung Corp. |
5,223 |
226,798 |
| Hyosung Heavy Industries Corp. |
1,796 |
400,785 |
| Hyosung TNC Corp. |
2,507 |
664,247 |
| HYUNDAI Corp. |
10,390 |
128,450 |
| Hyundai Department Store Co. Ltd. |
9,186 |
347,467 |
| Hyundai Elevator Co. Ltd. |
5,981 |
174,362 |
| Hyundai Green Food |
23,912 |
210,024 |
| Hyundai Rotem Co. Ltd. |
6,923 |
185,612 |
| Hyundai Wia Corp. |
13,602 |
566,190 |
| Innocean Worldwide, Inc. |
8,876 |
145,572 |
| INTOPS Co. Ltd. |
5,749 |
110,292 |
| IS Dongseo Co. Ltd. |
7,043 |
136,136 |
| JB Financial Group Co. Ltd. |
56,694 |
543,970 |
| Kakao Corp. |
14,189 |
492,768 |
| Kangwon Land, Inc. |
21,485 |
237,412 |
| KCC Corp. |
2,043 |
369,826 |
| KCC Glass Corp. |
5,970 |
173,212 |
| KEPCO Plant Service & Engineering Co. Ltd. |
8,171 |
207,328 |
| KG Chemical Corp. |
25,184 |
103,453 |
| KG Dongbusteel |
8,010 |
40,828 |
See financial
notes
67
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental International Small
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| KISWIRE Ltd. |
9,048 |
167,929 |
| KIWOOM Securities Co. Ltd. |
3,563 |
338,355 |
| Kolmar Korea Co. Ltd. |
3,371 |
121,698 |
| Kolon Industries, Inc. |
15,354 |
441,954 |
| Korea Aerospace Industries Ltd. |
5,966 |
222,144 |
| Korea Electric Terminal Co. Ltd. |
3,258 |
151,097 |
| Korea Investment Holdings Co. Ltd. |
14,314 |
691,846 |
| Korea Line Corp. * |
77,760 |
100,597 |
| Korea Petrochemical Ind Co. Ltd. |
2,905 |
284,823 |
| Korean Reinsurance Co. |
63,386 |
374,653 |
| Krafton, Inc. * |
2,353 |
404,967 |
| Kukdo Chemical Co. Ltd. |
3,534 |
94,831 |
| Kumho Tire Co., Inc. * |
36,086 |
182,721 |
| Kwang Dong Pharmaceutical Co. Ltd. |
25,534 |
125,807 |
| L&F Co. Ltd. * |
256 |
29,947 |
| LG Energy Solution Ltd. * |
1,448 |
402,861 |
| LIG Nex1 Co. Ltd. |
269 |
31,142 |
| Lotte Chilsung Beverage Co. Ltd. |
1,420 |
129,926 |
| Lotte Corp. |
13,786 |
274,789 |
| LOTTE Fine Chemical Co. Ltd. |
7,886 |
255,962 |
| Lotte Rental Co. Ltd. |
11,375 |
223,164 |
| LS Corp. |
9,608 |
949,343 |
| LS Electric Co. Ltd. |
5,120 |
646,030 |
| LX Hausys Ltd. |
8,748 |
271,998 |
| LX International Corp. |
29,307 |
589,700 |
| LX Semicon Co. Ltd. |
3,316 |
174,563 |
| Mcnex Co. Ltd. |
6,369 |
117,155 |
| Meritz Financial Group, Inc. |
19,546 |
1,117,590 |
| Mirae Asset Securities Co. Ltd. |
71,809 |
391,365 |
| Namyang Dairy Products Co. Ltd. |
67 |
24,998 |
| NCSoft Corp. |
3,544 |
447,785 |
| Netmarble Corp. * |
3,180 |
127,326 |
| Nexen Tire Corp. |
22,805 |
153,218 |
| NH Investment & Securities Co. Ltd.
|
43,545 |
391,408 |
| NHN Corp. |
7,825 |
133,535 |
| NongShim Co. Ltd. |
1,049 |
301,209 |
| OCI Holdings Co. Ltd. |
4,342 |
295,830 |
| Orion Corp. |
4,548 |
304,370 |
| Orion Holdings Corp. |
14,456 |
153,665 |
| Ottogi Corp. |
167 |
50,202 |
| Pan Ocean Co. Ltd. |
91,073 |
269,245 |
| Partron Co. Ltd. |
28,550 |
165,073 |
| Poongsan Corp. |
13,892 |
649,132 |
| POSCO Future M Co. Ltd. |
462 |
92,944 |
| Posco International Corp. |
20,712 |
683,114 |
| S-1 Corp. |
8,212 |
353,704 |
| Samchully Co. Ltd. |
2,787 |
185,074 |
| Samsung Biologics Co. Ltd. * |
56 |
31,475 |
| Samsung Card Co. Ltd. |
13,070 |
368,151 |
| Samsung E&A Co. Ltd. * |
30,202 |
572,609 |
| Samsung Heavy Industries Co. Ltd. * |
70,555 |
478,042 |
| Samsung Securities Co. Ltd. |
16,718 |
457,336 |
| SAMT Co. Ltd. |
63,682 |
168,544 |
| Samyang Corp. |
3,492 |
127,284 |
| SD Biosensor, Inc. * |
18,221 |
138,290 |
| SeAH Besteel Holdings Corp. |
10,489 |
167,733 |
| SeAH Steel Corp. |
1,054 |
104,287 |
| Sebang Global Battery Co. Ltd. |
4,186 |
307,574 |
| Seegene, Inc. |
9,414 |
150,244 |
| Seohee Construction Co. Ltd. |
168,184 |
169,170 |
| Seoul Semiconductor Co. Ltd. |
20,901 |
147,334 |
| Seoyon Co. Ltd. |
3,101 |
20,833 |
| Seoyon E-Hwa Co. Ltd. |
8,696 |
114,435 |
| SFA Engineering Corp. |
9,436 |
175,113 |
| Shinsegae, Inc. |
4,681 |
560,556 |
| SIMMTECH Co. Ltd. |
4,845 |
105,691 |
| SK Chemicals Co. Ltd. |
4,352 |
189,137 |
| SK Discovery Co. Ltd. |
11,445 |
375,385 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| SK Gas Ltd. |
2,131 |
254,561 |
| SK Networks Co. Ltd. |
149,262 |
541,824 |
| SK Square Co. Ltd. * |
3,356 |
184,387 |
| SKC Co. Ltd. * |
3,701 |
292,518 |
| SL Corp. |
5,928 |
142,937 |
| SNT Motiv Co. Ltd. |
3,708 |
123,752 |
| Songwon Industrial Co. Ltd. |
8,620 |
89,341 |
| Soulbrain Co. Ltd. |
992 |
214,155 |
| Sungwoo Hitech Co. Ltd. |
35,196 |
238,096 |
| TKG Huchems Co. Ltd. |
9,120 |
130,127 |
| Unid Co. Ltd. |
2,582 |
178,743 |
| WONIK IPS Co. Ltd. * |
7,178 |
191,169 |
| Young Poong Corp. |
448 |
131,613 |
| Youngone Corp. |
11,457 |
317,049 |
| Youngone Holdings Co. Ltd. |
3,887 |
238,838 |
| Yuhan Corp. |
5,977 |
310,908 |
| |
|
44,515,239 |
| | ||
| Singapore 1.3% | ||
| AEM Holdings Ltd. |
13,400 |
22,933 |
| CapitaLand Ascendas REIT |
268,121 |
507,880 |
| CapitaLand Ascott Trust |
238,404 |
158,346 |
| CapitaLand China Trust |
186,700 |
90,692 |
| CapitaLand Integrated Commercial Trust |
317,101 |
452,026 |
| CapitaLand Investment Ltd. * |
214,998 |
415,774 |
| City Developments Ltd. |
80,500 |
360,796 |
| ESR-LOGOS REIT |
116,900 |
24,835 |
| First Resources Ltd. |
131,900 |
135,885 |
| Frasers Logistics & Commercial Trust |
176,100 |
127,564 |
| Genting Singapore Ltd. |
729,600 |
486,913 |
| Geo Energy Resources Ltd. |
95,900 |
21,427 |
| Keppel DC REIT |
21,500 |
26,818 |
| Keppel Infrastructure Trust |
763,615 |
264,909 |
| Keppel Ltd. |
216,000 |
1,080,412 |
| Manulife U.S. Real Estate Investment Trust * |
1,584,300 |
113,024 |
| Mapletree Industrial Trust |
128,266 |
212,387 |
| Mapletree Logistics Trust |
189,132 |
185,596 |
| Mapletree Pan Asia Commercial Trust |
133,492 |
122,328 |
| Netlink NBN Trust |
292,400 |
183,145 |
| SATS Ltd. * |
104,549 |
192,003 |
| Seatrium Ltd. * |
1,505,460 |
107,543 |
| Sembcorp Industries Ltd. |
112,500 |
439,658 |
| Sheng Siong Group Ltd. |
26,100 |
29,587 |
| Singapore Exchange Ltd. |
66,800 |
455,678 |
| Singapore Technologies Engineering Ltd. |
220,400 |
647,421 |
| Suntec Real Estate Investment Trust |
186,300 |
146,876 |
| Thai Beverage PCL |
463,000 |
167,659 |
| UOL Group Ltd. |
85,801 |
366,349 |
| |
|
7,546,464 |
| | ||
| Spain 1.1% | ||
| Abengoa SA, B Shares *(a) |
66,135,341 |
71 |
| Almirall SA |
12,448 |
113,608 |
| Applus Services SA |
32,139 |
434,908 |
| Atresmedia Corp. de Medios de Comunicacion SA |
29,943 |
150,377 |
| Bankinter SA |
92,733 |
732,976 |
| Caja de Ahorros del Mediterraneo *(a) |
5,382 |
0 |
| Cia de Distribucion Integral Logista Holdings SA |
11,649 |
316,846 |
| CIE Automotive SA |
10,150 |
268,294 |
| Construcciones y Auxiliar de Ferrocarriles SA |
5,634 |
192,862 |
| Corp. ACCIONA Energias Renovables SA |
6,148 |
124,849 |
| Ence Energia y Celulosa SA |
33,576 |
119,586 |
See financial
notes
Schwab Fundamental Index Funds | Semiannual Report
68
Schwab Fundamental International Small
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Faes Farma SA |
55,957 |
203,041 |
| Fluidra SA |
14,539 |
307,764 |
| Gestamp Automocion SA |
90,513 |
271,213 |
| Indra Sistemas SA |
20,208 |
386,313 |
| Inmobiliaria Colonial Socimi SA |
33,991 |
198,803 |
| Melia Hotels International SA * |
20,724 |
161,157 |
| Merlin Properties Socimi SA |
61,687 |
693,926 |
| Obrascon Huarte Lain SA * |
280,346 |
100,990 |
| Prosegur Compania de Seguridad SA |
119,272 |
211,471 |
| Sacyr SA |
121,119 |
421,110 |
| Unicaja Banco SA |
192,235 |
251,108 |
| Vidrala SA |
2,902 |
305,158 |
| Viscofan SA |
6,865 |
436,472 |
| |
|
6,402,903 |
| | ||
| Sweden 4.2% | ||
| AAK AB |
24,201 |
622,487 |
| AddLife AB, B Shares |
13,031 |
119,880 |
| AddTech AB, B Shares |
10,705 |
222,554 |
| AFRY AB |
31,435 |
493,803 |
| Alleima AB |
15,952 |
99,147 |
| Ambea AB |
34,422 |
198,185 |
| Arjo AB, B Shares |
57,501 |
241,332 |
| Avanza Bank Holding AB |
6,105 |
130,830 |
| Axfood AB |
19,181 |
496,202 |
| Beijer Alma AB * |
6,580 |
124,524 |
| Beijer Ref AB (b) |
17,646 |
248,691 |
| Betsson AB, Class B |
26,492 |
292,826 |
| BHG Group AB * |
17,562 |
21,807 |
| Bilia AB, A Shares |
41,082 |
515,988 |
| Billerud Aktiebolag |
81,890 |
679,166 |
| Bonava AB, B Shares * |
328,273 |
298,530 |
| Bravida Holding AB |
53,232 |
359,949 |
| Castellum AB * |
40,203 |
477,690 |
| Clas Ohlson AB, B Shares |
14,863 |
179,371 |
| Cloetta AB, B Shares |
82,749 |
123,222 |
| Coor Service Management Holding AB |
46,799 |
203,496 |
| Corem Property Group AB, B Shares |
29,290 |
21,761 |
| Dometic Group AB |
82,061 |
586,418 |
| Dustin Group AB * |
137,805 |
156,570 |
| Electrolux Professional AB, B Shares |
29,071 |
187,709 |
| Elekta AB, B Shares |
59,891 |
426,474 |
| Embracer Group AB *(b) |
40,946 |
102,243 |
| EQT AB |
11,116 |
299,902 |
| Evolution AB |
4,036 |
445,918 |
| Fabege AB |
25,789 |
197,242 |
| Fastighets AB Balder, B Shares * |
45,364 |
285,943 |
| Getinge AB, B Shares |
37,567 |
790,876 |
| Granges AB |
34,428 |
406,539 |
| Hexpol AB |
48,621 |
550,153 |
| Holmen AB, B Shares |
16,047 |
624,987 |
| Husqvarna AB, B Shares |
107,260 |
870,008 |
| Industrivarden AB, A Shares |
13,039 |
419,902 |
| Industrivarden AB, C Shares |
16,757 |
538,735 |
| Indutrade AB |
21,155 |
486,684 |
| Instalco AB (b) |
29,039 |
102,246 |
| Intrum AB (b) |
94,488 |
221,019 |
| Investment AB Latour, B Shares |
8,193 |
197,415 |
| Inwido AB |
16,362 |
201,521 |
| JM AB |
35,481 |
600,864 |
| Kinnevik AB, B Shares * |
56,710 |
590,238 |
| KNOW IT AB |
1,948 |
25,277 |
| L E Lundbergforetagen AB, B Shares |
9,056 |
446,351 |
| Lagercrantz Group AB, B Shares |
10,823 |
158,810 |
| Lifco AB, B Shares |
11,668 |
282,699 |
| Lindab International AB |
15,612 |
313,618 |
| Loomis AB |
21,493 |
549,291 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Munters Group AB |
1,822 |
36,326 |
| Mycronic AB |
6,509 |
226,539 |
| NCAB Group AB (b) |
6,336 |
41,191 |
| NCC AB, B Shares |
49,336 |
600,042 |
| New Wave Group AB, B Shares |
16,774 |
152,749 |
| Nibe Industrier AB, B Shares (b) |
87,177 |
402,254 |
| Nolato AB, B Shares |
40,202 |
197,271 |
| Nordnet AB publ |
1,785 |
31,735 |
| Nyfosa AB |
3,758 |
32,510 |
| Pandox AB |
11,651 |
180,176 |
| Peab AB, B Shares |
146,032 |
890,261 |
| Ratos AB, B Shares |
103,646 |
359,737 |
| Resurs Holding AB |
95,529 |
143,895 |
| Saab AB, B Shares |
10,198 |
807,363 |
| Sagax AB, B Shares |
5,277 |
132,147 |
| Samhallsbyggnadsbolaget i Norden AB |
484,859 |
173,900 |
| Samhallsbyggnadsbolaget i Norden AB, D Shares * |
4,738 |
2,489 |
| Scandic Hotels Group AB *(b) |
37,325 |
195,691 |
| Sinch AB * |
67,178 |
151,888 |
| Stillfront Group AB * |
33,083 |
31,440 |
| Storskogen Group AB, B Shares |
408,636 |
218,929 |
| Sweco AB, B Shares |
32,090 |
343,739 |
| Swedish Orphan Biovitrum AB * |
16,490 |
427,049 |
| Thule Group AB |
15,357 |
433,525 |
| Wihlborgs Fastigheter AB |
28,211 |
236,285 |
| |
|
23,686,224 |
| | ||
| Switzerland 2.5% | ||
| Accelleron Industries AG |
7,281 |
283,076 |
| Allreal Holding AG |
2,098 |
338,832 |
| ALSO Holding AG |
1,115 |
274,644 |
| Aryzta AG * |
103,548 |
196,041 |
| Autoneum Holding AG |
1,187 |
189,603 |
| Avolta AG * |
15,724 |
594,632 |
| Banque Cantonale Vaudoise |
2,338 |
244,495 |
| Belimo Holding AG |
616 |
285,015 |
| BKW AG |
1,868 |
277,282 |
| Bucher Industries AG |
1,373 |
527,581 |
| Burckhardt Compression Holding AG |
227 |
144,582 |
| Cembra Money Bank AG |
4,691 |
358,628 |
| Clariant AG * |
51,014 |
763,211 |
| Comet Holding AG |
448 |
141,367 |
| Daetwyler Holding AG |
774 |
160,820 |
| dormakaba Holding AG |
674 |
358,721 |
| Emmi AG |
312 |
303,533 |
| EMS-Chemie Holding AG |
646 |
515,402 |
| Flughafen Zurich AG |
1,743 |
348,950 |
| Forbo Holding AG |
212 |
244,858 |
| Helvetia Holding AG |
5,385 |
704,388 |
| Huber & Suhner AG |
3,763 |
299,345 |
| Implenia AG |
4,441 |
162,392 |
| Inficon Holding AG |
140 |
194,656 |
| Interroll Holding AG |
50 |
160,914 |
| Kardex Holding AG |
534 |
141,287 |
| Komax Holding AG |
537 |
92,381 |
| Landis & Gyr Group AG |
4,041 |
298,969 |
| Mobilezone Holding AG |
1,585 |
22,673 |
| Mobimo Holding AG |
757 |
211,917 |
| OC Oerlikon Corp. AG |
90,453 |
391,346 |
| PSP Swiss Property AG |
2,611 |
322,775 |
| Schweiter Technologies AG |
426 |
191,393 |
| SFS Group AG |
2,870 |
340,402 |
| Siegfried Holding AG |
243 |
232,207 |
| SIG Group AG |
29,083 |
581,176 |
| Softwareone Holding AG |
15,196 |
258,404 |
| St. Galler Kantonalbank AG |
244 |
125,543 |
See financial
notes
69
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental International Small
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Stadler Rail AG |
6,930 |
205,593 |
| Straumann Holding AG |
3,070 |
408,118 |
| Sulzer AG |
2,805 |
339,742 |
| Tecan Group AG |
724 |
255,417 |
| Temenos AG |
5,107 |
317,693 |
| u-blox Holding AG |
1,110 |
102,683 |
| Valiant Holding AG |
2,035 |
237,758 |
| VAT Group AG |
968 |
481,929 |
| Vontobel Holding AG |
4,260 |
239,123 |
| Zehnder Group AG |
2,496 |
145,525 |
| |
|
14,017,022 |
| | ||
| United Kingdom 9.6% | ||
| 4imprint Group PLC |
2,552 |
197,239 |
| 888 Holdings PLC * |
117,577 |
124,587 |
| Airtel Africa PLC |
384,732 |
531,297 |
| Ashmore Group PLC |
91,445 |
220,989 |
| ASOS PLC *(b) |
77,609 |
324,289 |
| Assura PLC |
224,307 |
114,838 |
| Auto Trader Group PLC |
45,082 |
390,837 |
| Babcock International Group PLC |
38,413 |
243,079 |
| Bank of Georgia Group PLC |
4,065 |
272,189 |
| Beazley PLC |
58,208 |
481,599 |
| Big Yellow Group PLC |
12,632 |
169,930 |
| Bodycote PLC |
49,952 |
429,672 |
| Breedon Group PLC |
18,760 |
84,295 |
| British Land Co. PLC |
142,028 |
684,880 |
| Britvic PLC |
41,343 |
455,920 |
| C&C Group PLC |
148,684 |
304,770 |
| Capita PLC * |
715,951 |
120,236 |
| Capricorn Energy PLC |
19,392 |
41,193 |
| Card Factory PLC * |
146,417 |
200,153 |
| Carnival PLC * |
17,494 |
234,568 |
| Centamin PLC |
489,465 |
739,128 |
| Chemring Group PLC |
44,468 |
208,369 |
| Clarkson PLC |
3,516 |
170,684 |
| Close Brothers Group PLC |
62,466 |
355,460 |
| Coats Group PLC |
325,063 |
331,039 |
| Computacenter PLC |
16,493 |
528,773 |
| Conduit Holdings Ltd. |
5,604 |
34,866 |
| ConvaTec Group PLC |
193,645 |
602,490 |
| Cranswick PLC |
15,066 |
809,124 |
| Crest Nicholson Holdings PLC |
145,741 |
336,424 |
| Deliveroo PLC, Class A *(b) |
105,607 |
176,564 |
| Derwent London PLC |
11,112 |
285,476 |
| Diploma PLC |
7,088 |
320,382 |
| DiscoverIE Group PLC |
14,293 |
124,743 |
| Diversified Energy Co. PLC (b) |
7,523 |
104,740 |
| Domino's Pizza Group PLC |
33,325 |
135,095 |
| Dr Martens PLC |
146,957 |
139,450 |
| Drax Group PLC |
118,248 |
765,380 |
| Dunelm Group PLC |
16,970 |
213,784 |
| easyJet PLC |
72,009 |
482,320 |
| Elementis PLC * |
143,325 |
252,013 |
| Endeavour Mining PLC |
22,301 |
472,182 |
| EnQuest PLC * |
1,606,805 |
336,103 |
| Essentra PLC |
153,599 |
338,948 |
| FDM Group Holdings PLC |
18,921 |
81,686 |
| Ferrexpo PLC * |
581,057 |
369,564 |
| Forterra PLC |
85,159 |
175,152 |
| Frasers Group PLC * |
25,379 |
258,271 |
| Fresnillo PLC |
49,837 |
345,160 |
| Future PLC |
14,055 |
116,030 |
| Games Workshop Group PLC |
2,508 |
309,974 |
| Genuit Group PLC |
52,503 |
283,765 |
| Genus PLC |
7,154 |
160,886 |
| Georgia Capital PLC * |
2,263 |
38,570 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Grainger PLC |
71,158 |
228,068 |
| Greencore Group PLC * |
257,356 |
420,991 |
| Greggs PLC |
13,412 |
453,888 |
| Gulf Keystone Petroleum Ltd. * |
86,368 |
127,239 |
| Halfords Group PLC |
148,731 |
279,304 |
| Halma PLC |
26,577 |
728,392 |
| Hammerson PLC |
471,667 |
160,545 |
| Hargreaves Lansdown PLC |
47,433 |
479,326 |
| Hikma Pharmaceuticals PLC |
31,289 |
751,267 |
| Hill & Smith PLC |
12,003 |
281,737 |
| Hilton Food Group PLC |
29,695 |
339,885 |
| Hiscox Ltd. |
28,290 |
433,852 |
| Hochschild Mining PLC * |
181,138 |
349,662 |
| Howden Joinery Group PLC |
81,796 |
890,326 |
| Hunting PLC |
67,841 |
301,523 |
| Ibstock PLC |
107,982 |
199,155 |
| IMI PLC |
39,568 |
861,898 |
| Intermediate Capital Group PLC |
32,042 |
835,140 |
| International Consolidated Airlines Group SA * |
236,362 |
515,116 |
| Investec PLC |
85,040 |
538,667 |
| IWG PLC * |
312,881 |
722,371 |
| J D Wetherspoon PLC * |
17,566 |
159,025 |
| JD Sports Fashion PLC |
386,152 |
552,844 |
| Jupiter Fund Management PLC |
311,049 |
299,832 |
| Just Group PLC |
371,559 |
477,812 |
| Keller Group PLC |
46,102 |
632,566 |
| Kenmare Resources PLC |
11,792 |
47,740 |
| Kier Group PLC |
236,985 |
396,464 |
| Lancashire Holdings Ltd. |
19,351 |
147,498 |
| Land Securities Group PLC |
98,374 |
795,064 |
| Liontrust Asset Management PLC |
3,750 |
31,629 |
| LondonMetric Property PLC |
58,433 |
142,630 |
| Mapeley Ltd. *(a) |
2,199 |
0 |
| Marshalls PLC |
56,818 |
189,938 |
| Mears Group PLC |
9,664 |
43,714 |
| Mitchells & Butlers PLC * |
82,306 |
247,814 |
| Mitie Group PLC |
270,979 |
396,164 |
| Mobico Group PLC |
528,324 |
365,733 |
| Moneysupermarket.com Group PLC |
87,036 |
233,186 |
| Morgan Advanced Materials PLC |
83,928 |
329,299 |
| Morgan Sindall Group PLC |
17,149 |
483,527 |
| Ninety One PLC |
53,887 |
112,075 |
| Ocado Group PLC * |
40,365 |
176,727 |
| OSB Group PLC |
82,023 |
420,015 |
| Oxford Instruments PLC |
4,807 |
134,920 |
| Pagegroup PLC |
95,948 |
533,186 |
| Paragon Banking Group PLC |
39,964 |
356,403 |
| PayPoint PLC |
4,460 |
29,374 |
| Pennon Group PLC |
79,044 |
657,311 |
| Petrofac Ltd. *(b) |
410,864 |
53,906 |
| Pets at Home Group PLC |
117,733 |
429,865 |
| Pinewood Technologies Group PLC |
6,813 |
28,349 |
| Playtech PLC * |
72,961 |
483,193 |
| Plus500 Ltd. |
31,569 |
853,933 |
| Premier Foods PLC |
153,257 |
309,851 |
| Primary Health Properties PLC |
100,544 |
115,082 |
| PZ Cussons PLC |
24,346 |
30,715 |
| QinetiQ Group PLC |
98,937 |
422,232 |
| Quilter PLC |
372,229 |
510,700 |
| Rathbones Group PLC |
7,635 |
155,453 |
| Reach PLC |
193,818 |
178,248 |
| Redde Northgate PLC |
120,497 |
576,216 |
| Redrow PLC |
105,815 |
850,747 |
| Renewi PLC * |
25,948 |
182,543 |
| Renishaw PLC |
3,623 |
186,808 |
| RHI Magnesita NV |
6,561 |
296,778 |
| Rightmove PLC |
41,759 |
267,500 |
See financial
notes
Schwab Fundamental Index Funds | Semiannual Report
70
Schwab Fundamental International Small
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Rolls-Royce Holdings PLC * |
251,771 |
1,291,088 |
| Rotork PLC |
117,861 |
473,793 |
| Safestore Holdings PLC |
15,455 |
148,953 |
| Savills PLC |
38,533 |
520,971 |
| Schroders PLC |
136,499 |
598,423 |
| Segro PLC |
55,108 |
579,633 |
| Senior PLC |
27,111 |
55,152 |
| Serco Group PLC |
340,526 |
779,524 |
| Sirius Real Estate Ltd. |
139,843 |
170,086 |
| Softcat PLC |
10,628 |
208,025 |
| Spirax-Sarco Engineering PLC |
5,540 |
609,607 |
| Spire Healthcare Group PLC |
62,106 |
190,876 |
| Spirent Communications PLC |
128,584 |
310,823 |
| SSP Group PLC |
128,806 |
315,149 |
| SThree PLC |
54,616 |
288,617 |
| Synthomer PLC * |
113,093 |
365,999 |
| TBC Bank Group PLC |
6,550 |
283,186 |
| Telecom Plus PLC |
11,497 |
249,331 |
| THG PLC * |
215,108 |
169,578 |
| TI Fluid Systems PLC |
226,131 |
389,065 |
| TP ICAP Group PLC |
283,995 |
735,160 |
| Tritax Big Box REIT PLC |
110,693 |
209,081 |
| TUI AG * |
83,336 |
585,236 |
| Tullow Oil PLC * |
495,619 |
224,806 |
| Tyman PLC |
71,652 |
337,539 |
| UNITE Group PLC |
14,959 |
172,934 |
| Vanquis Banking Group PLC |
126,984 |
76,004 |
| Vesuvius PLC |
84,228 |
502,905 |
| Victrex PLC |
18,530 |
293,132 |
| Virgin Money U.K. PLC |
176,823 |
470,151 |
| Vistry Group PLC * |
61,694 |
916,441 |
| Watches of Switzerland Group PLC * |
32,185 |
135,003 |
| Weir Group PLC |
33,929 |
865,779 |
| WH Smith PLC |
11,703 |
160,077 |
| Wickes Group PLC |
135,094 |
245,783 |
| Workspace Group PLC |
19,747 |
122,057 |
| |
|
54,302,083 |
| Total Common Stocks
(Cost $470,675,711) |
561,227,279 | |
| | ||
| PREFERRED STOCKS 0.1% OF NET ASSETS | ||
| | ||
| Germany 0.1% | ||
| Sartorius AG |
772 |
230,794 |
| | ||
| Italy 0.0% | ||
| Danieli & C Officine Meccaniche SpA
|
7,832 |
201,051 |
| Total Preferred Stocks
(Cost $282,859) |
431,845 | |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| WARRANTS 0.0% OF NET ASSETS | ||
| | ||
| Italy 0.0% | ||
| Webuild SpA | ||
| expires 08/02/30 *(a) |
9,173 |
23,025 |
| Total Warrants
(Cost $0) |
23,025 | |
| |
|
|
| SHORT-TERM INVESTMENTS 1.1% OF NET ASSETS | ||
| | ||
| Money Market Funds 1.1% | ||
| State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.25% (c)(d) |
5,900,613 |
5,900,613 |
| Total Short-Term Investments
(Cost $5,900,613) |
5,900,613 | |
| Total Investments in Securities
(Cost $476,859,183) |
567,582,762 | |
| |
NUMBER OF CONTRACTS |
NOTIONAL AMOUNT
($) |
CURRENT VALUE/ UNREALIZED
DEPRECIATION ($) |
| FUTURES CONTRACTS | |||
| Long |
|
|
|
| MSCI EAFE Index, expires 06/21/24 |
46 |
5,215,250 |
(125,933 ) |
| * |
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 $5,385,051. |
| (c) |
The rate shown is the annualized 7-day yield. |
| (d) |
Security purchased with cash collateral received for securities on loan. |
| CVA — |
Dutch Certificate |
| REIT — |
Real Estate Investment Trust |
See financial notes
71
Schwab Fundamental Index Funds | Semiannual ReportSchwab Fundamental International Small
Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
The following is a summary of the inputs used to
value the fund’s investments as of April 30, 2024 (see financial note 2(a) for additional
information):
| DESCRIPTION |
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) |
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) |
TOTAL |
| Assets |
|
|
|
|
| Common Stocks1
|
$— |
$43,273,182 |
$— |
$43,273,182
|
| Australia |
444,109 |
29,259,815 |
289,643 * |
29,993,567 |
| Belgium |
1,075,711 |
5,285,561 |
— |
6,361,272 |
| Canada |
39,355,278 |
— |
— |
39,355,278 |
| Denmark |
590,275 |
10,359,631 |
— |
10,949,906 |
| Finland |
550,315 |
5,906,077 |
— |
6,456,392 |
| Hong Kong |
928,488 |
13,714,555 |
0 * |
14,643,043 |
| Ireland |
29,327 |
1,307,893 |
— |
1,337,220 |
| Israel |
890,637 |
6,779,735 |
— |
7,670,372 |
| Italy |
519,814 |
13,366,833 |
0 * |
13,886,647 |
| Japan |
2,565,029 |
201,479,929 |
— |
204,044,958 |
| Luxembourg |
— |
— |
0 * |
0 |
| Netherlands |
61,244 |
10,060,586 |
— |
10,121,830 |
| New Zealand |
3,052,211 |
1,599,927 |
— |
4,652,138 |
| Norway |
1,939,482 |
7,229,106 |
— |
9,168,588 |
| Poland |
514,908 |
6,557,534 |
— |
7,072,442 |
| Portugal |
317,866 |
1,452,643 |
— |
1,770,509 |
| Republic of Korea |
774,772 |
43,740,467 |
— |
44,515,239 |
| Singapore |
229,407 |
7,317,057 |
— |
7,546,464 |
| Spain |
434,908 |
5,967,924 |
71 * |
6,402,903 |
| Sweden |
1,000,391 |
22,685,833 |
— |
23,686,224 |
| Switzerland |
589,971 |
13,427,051 |
— |
14,017,022 |
| United Kingdom |
12,932,670 |
41,369,413 |
0 * |
54,302,083 |
| Preferred Stocks1
|
— |
431,845 |
— |
431,845 |
| Warrants |
|
|
|
|
| Italy |
— |
— |
23,025 |
23,025 |
| Short-Term Investments1
|
5,900,613 |
— |
— |
5,900,613 |
| Liabilities |
|
|
|
|
| Futures Contracts2
|
(125,933 ) |
— |
— |
(125,933 ) |
| Total |
$74,571,493 |
$492,572,597 |
$312,739 |
$567,456,829 |
| * |
Level 3 amount shown includes securities determined to have no value at April 30, 2024. |
| 1 |
As categorized in the Portfolio Holdings.
|
| 2 |
Futures contracts are reported at cumulative unrealized appreciation or depreciation. |
See financial notes
Schwab Fundamental Index Funds | Semiannual Report
72
Schwab Fundamental International Small
Company Index Fund
Statement of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - unaffiliated issuers (cost $476,859,183) including securities on loan of $5,385,051 |
|
$567,582,762
|
| Foreign currency, at value (cost $804,726) |
|
800,954 |
| Deposit with broker for futures contracts |
|
225,740 |
| Receivables: |
|
|
| Dividends |
|
3,348,984 |
| Foreign tax reclaims |
|
873,374 |
| Investments sold |
|
561,773 |
| Fund shares sold |
|
167,228 |
| Income from securities on loan |
+ |
47,425 |
| Total assets |
|
573,608,240 |
| | ||
| Liabilities | ||
| Collateral held for securities on loan |
|
5,900,613 |
| Payables: |
|
|
| Fund shares redeemed |
|
1,015,298 |
| Due to sub-custodian |
|
291,158 |
| Investment adviser fees |
|
183,776 |
| Variation margin on futures contracts |
|
74,847 |
| Investments bought |
+ |
584 |
| Total liabilities |
|
7,466,276 |
| Net assets |
|
$566,141,964 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$510,463,802
|
| Total distributable earnings |
+ |
55,678,162 |
| Net assets |
|
$566,141,964 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $566,141,964 |
|
45,060,608 |
|
$12.56 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
73
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental International Small
Company Index Fund
Statement of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $1,268,987) |
|
$8,226,880
|
| Other interest |
|
4,581 |
| Securities on loan, net |
+ |
157,420 |
| Total investment income
|
|
8,388,881 |
| | ||
| Expenses | ||
| Investment adviser fees |
|
1,111,001 |
| Professional fees |
+ |
6,591
1 |
| Total expenses |
|
1,117,592 |
| Expense reduction |
– |
6,591
1 |
| Net expenses |
– |
1,111,001 |
| Net investment income |
|
7,277,880 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized gains on sales of securities - unaffiliated issuers |
|
11,340,255 |
| Net realized gains on futures contracts |
|
333,702 |
| Net realized losses on foreign currency transactions |
+ |
(42,699 ) |
| Net realized gains |
|
11,631,258 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
|
55,534,441 |
| Net change in unrealized appreciation (depreciation) on futures contracts |
|
13,289 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations |
+ |
(70,298 ) |
| Net change in unrealized appreciation (depreciation) |
+ |
55,477,432 |
| Net realized and unrealized gains |
|
67,108,690 |
| Increase in net assets resulting from operations |
|
$74,386,570 |
| 1 |
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 4 for additional information). |
See financial notes
Schwab Fundamental Index Funds | Semiannual Report
74
Schwab Fundamental International 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 | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$7,277,880 |
$14,358,842
|
| Net realized gains (losses) |
|
11,631,258 |
(1,668,214 ) |
| Net change in unrealized appreciation (depreciation) |
+ |
55,477,432 |
52,273,567 |
| Increase in net assets resulting from operations |
|
$74,386,570 |
$64,964,195 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($18,018,592
) |
($26,973,296 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
3,004,684 |
$37,509,393 |
6,830,988 |
$81,876,035
|
| Shares reinvested |
|
1,128,372 |
13,946,682 |
1,831,459 |
20,622,221 |
| Shares redeemed |
+ |
(5,282,712 ) |
(65,974,328 ) |
(12,204,707 ) |
(146,380,570 ) |
| Net transactions in fund shares |
|
(1,149,656
) |
($14,518,253
) |
(3,542,260
) |
($43,882,314 ) |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
46,210,264 |
$524,292,239 |
49,752,524 |
$530,183,654
|
| Total increase (decrease) |
+ |
(1,149,656 ) |
41,849,725 |
(3,542,260 ) |
(5,891,415 ) |
| End of period |
|
45,060,608 |
$566,141,964 |
46,210,264 |
$524,292,239 |
See financial notes
75
Schwab Fundamental Index Funds | Semiannual ReportSchwab Fundamental Emerging Markets
Large Company Index Fund
Financial Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$8.02 |
$7.35 |
$10.24 |
$7.51 |
$9.25 |
$8.60 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.11 |
0.39 |
0.52 |
0.36 |
0.27 |
0.35 |
| Net realized and unrealized gains (losses) |
1.18 |
0.71 |
(2.96 ) |
2.63 |
(1.65 ) |
0.54 |
| Total from investment operations |
1.29 |
1.10 |
(2.44 ) |
2.99 |
(1.38 ) |
0.89 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.43 ) |
(0.43 ) |
(0.45 ) |
(0.26 ) |
(0.36 ) |
(0.24 ) |
| Net asset value at end of period |
$8.88 |
$8.02 |
$7.35 |
$10.24 |
$7.51 |
$9.25 |
| Total return |
16.44
%2 |
15.14 % |
(24.86 %) |
40.39 % |
(15.68 %) |
10.73 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Total expenses |
0.39
%3 |
0.39 % |
0.39
%4 |
0.39 % |
0.39 % |
0.39 % |
| Net investment income (loss) |
2.54
%3 |
4.75 % |
5.83 % |
3.75 % |
3.32 % |
3.93 % |
| Portfolio turnover rate |
10
%2 |
20 % |
24 % |
32 % |
32 % |
38 % |
| Net assets, end of period (x 1,000) |
$824,496 |
$695,445 |
$604,159 |
$707,652 |
$550,134 |
$670,910 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Annualized. |
| 4 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
Schwab Fundamental Index Funds | Semiannual Report
76
Schwab Fundamental Emerging Markets
Large Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to
orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to
20 days after the end of the month on the fund’s website.
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| COMMON STOCKS 95.8% OF NET ASSETS | ||
| | ||
| Brazil 7.1% | ||
| Ambev SA |
785,122 |
1,837,082 |
| B3 SA - Brasil Bolsa Balcao |
476,048 |
989,207 |
| Banco Bradesco SA |
404,704 |
963,321 |
| Banco do Brasil SA |
535,944 |
2,830,101 |
| Banco Santander Brasil SA |
147,601 |
821,490 |
| Centrais Eletricas Brasileiras SA |
228,101 |
1,663,118 |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP |
72,396 |
1,126,804 |
| Cia Energetica de Minas Gerais |
81,121 |
178,721 |
| Cia Siderurgica Nacional SA |
313,651 |
840,816 |
| Companhia Paranaense de Energia |
23,531 |
37,159 |
| Equatorial Energia SA |
126,549 |
745,510 |
| Itau Unibanco Holding SA |
92,992 |
489,262 |
| JBS SA |
1,173,729 |
5,298,349 |
| Klabin SA |
162,241 |
719,877 |
| Natura & Co. Holding SA |
261,521 |
835,542 |
| Petroleo Brasileiro SA |
1,650,642 |
14,069,525 |
| Suzano SA |
125,438 |
1,412,222 |
| Telefonica Brasil SA |
154,242 |
1,406,197 |
| Ultrapar Participacoes SA |
381,508 |
1,899,238 |
| Vale SA |
1,371,702 |
16,718,988 |
| Vibra Energia SA |
837,998 |
3,786,048 |
| |
|
58,668,577 |
| | ||
| Chile 0.6% | ||
| Banco de Chile |
7,478,198 |
829,569 |
| Cencosud SA |
658,733 |
1,128,776 |
| Empresas CMPC SA |
477,543 |
943,098 |
| Empresas Copec SA |
245,435 |
1,751,446 |
| |
|
4,652,889 |
| | ||
| China 34.1% | ||
| Agile Group Holdings Ltd. *(a) |
7,832,000 |
593,723 |
| Agricultural Bank of China Ltd., A Shares |
2,142,800 |
1,298,413 |
| Agricultural Bank of China Ltd., H Shares |
11,461,600 |
5,110,852 |
| Alibaba Group Holding Ltd. |
1,887,292 |
17,670,830 |
| Aluminum Corp. of China Ltd., A Shares |
332,800 |
339,204 |
| Aluminum Corp. of China Ltd., H Shares |
1,530,000 |
1,014,716 |
| Anhui Conch Cement Co. Ltd., A Shares |
170,000 |
537,559 |
| Anhui Conch Cement Co. Ltd., H Shares |
845,000 |
1,960,454 |
| ANTA Sports Products Ltd. |
87,800 |
993,983 |
| BAIC Motor Corp. Ltd., H Shares |
5,380,000 |
1,525,767 |
| Baidu, Inc., A Shares * |
275,700 |
3,571,853 |
| Bank of China Ltd., A Shares |
1,065,100 |
672,753 |
| Bank of China Ltd., H Shares |
29,844,234 |
13,384,842 |
| Bank of Communications Co. Ltd., A Shares |
1,057,800 |
1,001,617 |
| Bank of Communications Co. Ltd., H Shares |
3,130,000 |
2,253,784 |
| Beijing Enterprises Holdings Ltd. |
218,000 |
697,938 |
| BYD Co. Ltd., A Shares |
6,100 |
182,826 |
| BYD Co. Ltd., H Shares |
37,500 |
1,027,971 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| China CITIC Bank Corp. Ltd., A Shares |
303,000 |
286,757 |
| China CITIC Bank Corp. Ltd., H Shares |
4,347,000 |
2,543,140 |
| China Coal Energy Co. Ltd., A Shares |
416,500 |
675,064 |
| China Coal Energy Co. Ltd., H Shares |
685,000 |
690,027 |
| China Communications Services Corp. Ltd., H Shares |
1,984,000 |
948,445 |
| China Construction Bank Corp., A Shares |
273,400 |
268,013 |
| China Construction Bank Corp., H Shares |
44,703,960 |
28,923,046 |
| China Everbright Bank Co. Ltd., A Shares |
1,665,000 |
722,751 |
| China Everbright Bank Co. Ltd., H Shares |
1,606,000 |
486,547 |
| China Everbright Environment Group Ltd. |
2,539,000 |
1,029,532 |
| China Gas Holdings Ltd. |
1,331,400 |
1,246,631 |
| China Hongqiao Group Ltd. |
1,346,500 |
1,858,007 |
| China Jinmao Holdings Group Ltd. |
7,686,000 |
651,291 |
| China Life Insurance Co. Ltd., H Shares |
744,000 |
979,790 |
| China Mengniu Dairy Co. Ltd. |
521,000 |
1,079,239 |
| China Merchants Bank Co. Ltd., A Shares |
327,100 |
1,540,703 |
| China Merchants Bank Co. Ltd., H Shares |
947,150 |
4,101,971 |
| China Minsheng Banking Corp. Ltd., A Shares |
1,627,700 |
885,985 |
| China Minsheng Banking Corp. Ltd., H Shares |
4,339,910 |
1,587,892 |
| China National Building Material Co. Ltd., H Shares |
8,410,000 |
3,254,148 |
| China Overseas Land & Investment Ltd. |
2,010,500 |
3,697,053 |
| China Pacific Insurance Group Co. Ltd., A Shares |
104,000 |
367,987 |
| China Pacific Insurance Group Co. Ltd., H Shares |
638,400 |
1,398,783 |
| China Petroleum & Chemical Corp., A Shares |
1,855,700 |
1,619,981 |
| China Petroleum & Chemical Corp., H Shares |
21,730,400 |
12,970,910 |
| China Railway Group Ltd., A Shares |
752,800 |
678,788 |
| China Railway Group Ltd., H Shares |
2,344,000 |
1,156,667 |
| China Resources Building Materials Technology Holdings Ltd. |
3,052,000 |
515,117 |
| China Resources Gas Group Ltd. |
255,000 |
801,458 |
| China Resources Land Ltd. |
881,000 |
3,167,931 |
| China Resources Power Holdings Co. Ltd. |
632,000 |
1,571,692 |
| China Shenhua Energy Co. Ltd., A Shares |
147,200 |
807,143 |
| China Shenhua Energy Co. Ltd., H Shares |
897,500 |
3,725,045 |
| China State Construction Engineering Corp. Ltd., A Shares |
1,837,900 |
1,355,237 |
| China Taiping Insurance Holdings Co. Ltd. |
924,400 |
845,193 |
| China Tower Corp. Ltd., H Shares |
15,578,000 |
1,823,550 |
| China United Network Communications Ltd., A Shares |
1,153,750 |
742,797 |
| China Vanke Co. Ltd., A Shares |
471,500 |
479,112 |
| China Vanke Co. Ltd., H Shares |
1,628,900 |
955,327 |
| China Yongda Automobiles Services Holdings Ltd. |
1,926,500 |
522,042 |
| CITIC Ltd. |
3,080,000 |
2,914,918 |
| COSCO SHIPPING Holdings Co. Ltd., A Shares |
347,700 |
564,185 |
| COSCO SHIPPING Holdings Co. Ltd., H Shares |
1,236,000 |
1,599,178 |
See financial
notes
77
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental Emerging Markets
Large Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Country Garden Holdings Co. Ltd. *(a)(b) |
36,101,289 |
1,776,752 |
| CRRC Corp. Ltd., A Shares |
499,130 |
479,767 |
| CRRC Corp. Ltd., H Shares |
1,124,000 |
620,440 |
| CSPC Pharmaceutical Group Ltd. |
1,286,000 |
1,055,976 |
| Dongfeng Motor Group Co. Ltd., H Shares |
2,225,000 |
806,880 |
| ENN Energy Holdings Ltd. |
179,200 |
1,526,853 |
| Fosun International Ltd. |
1,835,000 |
1,082,634 |
| GCL Technology Holdings Ltd. |
5,185,000 |
767,965 |
| Geely Automobile Holdings Ltd. |
1,755,000 |
2,112,245 |
| Guangzhou R&F Properties Co. Ltd., H Shares * |
7,846,946 |
954,009 |
| Haier Smart Home Co. Ltd., A Shares |
79,000 |
328,094 |
| Haier Smart Home Co. Ltd., H Shares |
440,000 |
1,629,770 |
| Hengan International Group Co. Ltd. |
248,000 |
832,578 |
| Huaneng Power International, Inc., A Shares * |
158,300 |
203,921 |
| Huaneng Power International, Inc., H Shares * |
1,338,000 |
851,638 |
| Industrial & Commercial Bank of China Ltd., A Shares |
1,913,600 |
1,430,909 |
| Industrial & Commercial Bank of China Ltd., H Shares |
31,311,172 |
16,789,928 |
| Industrial Bank Co. Ltd., A Shares |
523,000 |
1,212,705 |
| JD.com, Inc., A Shares |
652,321 |
9,398,883 |
| Jiangxi Copper Co. Ltd., A Shares |
119,800 |
428,811 |
| Jiangxi Copper Co. Ltd., H Shares |
993,000 |
2,022,374 |
| Kingboard Holdings Ltd. |
671,000 |
1,474,706 |
| Kunlun Energy Co. Ltd. |
2,260,000 |
2,190,796 |
| Kweichow Moutai Co. Ltd., A Shares |
3,300 |
772,394 |
| Li Ning Co. Ltd. |
208,000 |
544,516 |
| Longfor Group Holdings Ltd. |
1,210,000 |
1,792,185 |
| Lufax Holding Ltd., ADR |
200,077 |
878,338 |
| Meituan, B Shares * |
138,170 |
1,886,646 |
| NetEase, Inc. |
132,443 |
2,482,594 |
| Nine Dragons Paper Holdings Ltd. * |
1,516,000 |
669,780 |
| People's Insurance Co. Group of China Ltd., A Shares |
163,900 |
118,068 |
| People's Insurance Co. Group of China Ltd., H Shares |
1,952,000 |
640,695 |
| PetroChina Co. Ltd., A Shares |
879,200 |
1,238,261 |
| PetroChina Co. Ltd., H Shares |
10,464,000 |
9,749,739 |
| PICC Property & Casualty Co. Ltd., H Shares |
2,276,000 |
2,827,662 |
| Ping An Bank Co. Ltd., A Shares |
491,100 |
728,673 |
| Ping An Insurance Group Co. of China Ltd., A Shares |
243,600 |
1,382,353 |
| Ping An Insurance Group Co. of China Ltd., H Shares |
2,197,500 |
9,959,245 |
| Postal Savings Bank of China Co. Ltd., A Shares |
384,400 |
253,952 |
| Postal Savings Bank of China Co. Ltd., H Shares |
2,864,000 |
1,483,989 |
| Seazen Group Ltd. * |
6,090,000 |
1,050,807 |
| Shanghai Pharmaceuticals Holding Co. Ltd., A Shares |
243,900 |
601,879 |
| Shanghai Pudong Development Bank Co. Ltd., A Shares |
1,196,800 |
1,266,547 |
| Shenzhou International Group Holdings Ltd. |
89,400 |
878,731 |
| Sino Biopharmaceutical Ltd. |
1,623,000 |
554,577 |
| Sinopharm Group Co. Ltd., H Shares |
817,600 |
2,064,735 |
| Sunny Optical Technology Group Co. Ltd. |
106,200 |
513,765 |
| Tencent Holdings Ltd. |
464,000 |
20,361,797 |
| Tingyi Cayman Islands Holding Corp. |
615,768 |
679,621 |
| Vipshop Holdings Ltd., ADR |
104,066 |
1,565,153 |
| Weichai Power Co. Ltd., A Shares |
124,000 |
296,976 |
| Weichai Power Co. Ltd., H Shares |
588,000 |
1,201,497 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Xiaomi Corp., B Shares * |
2,263,600 |
4,934,481 |
| Yankuang Energy Group Co. Ltd., A Shares |
32,850 |
104,469 |
| Yankuang Energy Group Co. Ltd., H Shares |
670,000 |
1,453,479 |
| Yum China Holdings, Inc. |
50,400 |
1,886,748 |
| Zhongsheng Group Holdings Ltd. |
421,000 |
767,813 |
| Zijin Mining Group Co. Ltd., A Shares |
157,500 |
378,538 |
| Zijin Mining Group Co. Ltd., H Shares |
628,000 |
1,369,964 |
| |
|
281,197,459 |
| | ||
| Colombia 0.2% | ||
| Ecopetrol SA |
2,359,077 |
1,371,067 |
| | ||
| Czech Republic 0.1% | ||
| CEZ AS |
26,346 |
972,499 |
| | ||
| Greece 0.4% | ||
| Alpha Services & Holdings SA * |
866,065 |
1,462,452 |
| Eurobank Ergasias Services & Holdings SA, Class H * |
431,893 |
926,442 |
| National Bank of Greece SA * |
92,448 |
745,874 |
| |
|
3,134,768 |
| | ||
| Hungary 0.5% | ||
| MOL Hungarian Oil & Gas PLC |
250,141 |
2,052,809 |
| OTP Bank Nyrt |
37,359 |
1,851,723 |
| |
|
3,904,532 |
| | ||
| India 12.8% | ||
| Axis Bank Ltd. |
152,047 |
2,122,285 |
| Bharat Petroleum Corp. Ltd. |
565,472 |
4,114,703 |
| Bharti Airtel Ltd. |
167,493 |
2,651,193 |
| Bharti Airtel Ltd. - Partly Paid Shares |
9,049 |
101,418 |
| Coal India Ltd. |
406,056 |
2,207,703 |
| GAIL India Ltd. |
892,963 |
2,230,727 |
| Grasim Industries Ltd. |
64,834 |
1,869,368 |
| HCL Technologies Ltd. |
99,790 |
1,628,072 |
| HDFC Bank Ltd. |
65,059 |
1,181,509 |
| Hero MotoCorp Ltd. |
26,626 |
1,445,048 |
| Hindalco Industries Ltd. |
432,427 |
3,325,697 |
| Hindustan Petroleum Corp. Ltd. |
577,170 |
3,423,611 |
| Hindustan Unilever Ltd. |
41,987 |
1,121,352 |
| ICICI Bank Ltd. |
75,196 |
1,036,122 |
| Indian Oil Corp. Ltd. |
2,607,887 |
5,266,320 |
| Infosys Ltd. |
379,798 |
6,412,706 |
| ITC Ltd. |
241,497 |
1,259,222 |
| JSW Steel Ltd. |
159,681 |
1,682,390 |
| Larsen & Toubro Ltd. |
55,415 |
2,382,064 |
| Mahindra & Mahindra Ltd. |
99,921 |
2,577,351 |
| Maruti Suzuki India Ltd. |
12,478 |
1,914,365 |
| NTPC Ltd. |
891,851 |
3,875,925 |
| Oil & Natural Gas Corp. Ltd. |
1,923,982 |
6,494,892 |
| Petronet LNG Ltd. |
283,561 |
1,052,522 |
| Power Finance Corp. Ltd. |
421,682 |
2,222,791 |
| Power Grid Corp. of India Ltd. |
570,763 |
2,058,615 |
| Rajesh Exports Ltd. * |
413,595 |
1,569,424 |
| REC Ltd. |
269,056 |
1,629,859 |
| Reliance Industries Ltd. |
327,609 |
11,500,473 |
| State Bank of India |
195,621 |
1,932,335 |
| Steel Authority of India Ltd. |
783,712 |
1,534,232 |
| Sun Pharmaceutical Industries Ltd. |
62,755 |
1,127,404 |
| Tata Consultancy Services Ltd. |
91,929 |
4,195,648 |
See financial
notes
Schwab Fundamental Index Funds | Semiannual Report
78
Schwab Fundamental Emerging Markets
Large Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Tata Motors Ltd. |
274,793 |
3,313,744 |
| Tata Motors Ltd., A Shares, DVR |
49,516 |
403,895 |
| Tata Steel Ltd. |
2,794,303 |
5,508,080 |
| Tech Mahindra Ltd. |
87,035 |
1,311,069 |
| UltraTech Cement Ltd. |
7,380 |
880,171 |
| UPL Ltd. |
118,982 |
722,104 |
| Vedanta Ltd. |
609,405 |
2,908,483 |
| Wipro Ltd. |
190,155 |
1,047,206 |
| |
|
105,242,098 |
| | ||
| Indonesia 1.4% | ||
| Adaro Energy Indonesia Tbk. PT |
4,803,200 |
798,281 |
| Astra International Tbk. PT |
5,970,700 |
1,884,086 |
| Bank Central Asia Tbk. PT |
2,539,700 |
1,527,082 |
| Bank Mandiri Persero Tbk. PT |
4,685,200 |
1,980,325 |
| Bank Rakyat Indonesia Persero Tbk. PT |
6,413,996 |
1,941,539 |
| Telkom Indonesia Persero Tbk. PT |
11,108,600 |
2,153,495 |
| United Tractors Tbk. PT |
641,600 |
977,859 |
| |
|
11,262,667 |
| | ||
| Kuwait 0.5% | ||
| Kuwait Finance House KSCP |
501,046 |
1,168,828 |
| Mobile Telecommunications Co. KSCP |
704,762 |
1,113,805 |
| National Bank of Kuwait SAKP |
758,292 |
2,125,134 |
| |
|
4,407,767 |
| | ||
| Malaysia 1.6% | ||
| Axiata Group Bhd. |
1,923,613 |
1,139,029 |
| CIMB Group Holdings Bhd. |
1,278,553 |
1,766,998 |
| Genting Bhd. |
884,500 |
836,013 |
| Malayan Banking Bhd. |
1,398,640 |
2,849,959 |
| Petronas Chemicals Group Bhd. |
619,800 |
880,512 |
| Public Bank Bhd. |
1,769,525 |
1,526,228 |
| Sime Darby Bhd. |
1,937,300 |
1,134,179 |
| Tenaga Nasional Bhd. |
1,391,500 |
3,487,133 |
| |
|
13,620,051 |
| | ||
| Mexico 3.3% | ||
| Alfa SAB de CV, A Shares |
2,172,577 |
1,597,973 |
| America Movil SAB de CV, Series B |
6,617,889 |
6,300,820 |
| Cemex SAB de CV, Series CPO * |
3,898,674 |
3,088,307 |
| Fomento Economico Mexicano SAB de CV |
272,538 |
3,188,380 |
| Grupo Bimbo SAB de CV, Series A |
284,524 |
1,192,191 |
| Grupo Financiero Banorte SAB de CV, O Shares |
363,471 |
3,597,420 |
| Grupo Mexico SAB de CV, Series B |
616,259 |
3,807,832 |
| Grupo Televisa SAB, Series CPO |
2,210,427 |
1,307,101 |
| Ollamani SAB * |
110,243 |
225,753 |
| Orbia Advance Corp. SAB de CV |
517,731 |
850,456 |
| Wal-Mart de Mexico SAB de CV |
674,445 |
2,516,558 |
| |
|
27,672,791 |
| | ||
| Qatar 0.7% | ||
| Ooredoo QPSC |
293,182 |
804,419 |
| Qatar Fuel QSC |
309,559 |
1,229,394 |
| Qatar Islamic Bank SAQ |
192,888 |
968,668 |
| Qatar National Bank QPSC |
650,779 |
2,477,702 |
| |
|
5,480,183 |
| | ||
| Saudi Arabia 2.3% | ||
| Al Rajhi Bank |
94,606 |
2,012,199 |
| Riyad Bank |
130,558 |
962,660 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| SABIC Agri-Nutrients Co. |
17,764 |
547,405 |
| Saudi Arabian Mining Co. * |
54,867 |
739,622 |
| Saudi Arabian Oil Co. |
320,136 |
2,565,157 |
| Saudi Awwal Bank |
71,764 |
778,776 |
| Saudi Basic Industries Corp. |
228,035 |
5,137,700 |
| Saudi Electricity Co. |
294,434 |
1,458,728 |
| Saudi National Bank |
210,762 |
2,109,824 |
| Saudi Telecom Co. |
298,566 |
2,995,894 |
| |
|
19,307,965 |
| | ||
| South Africa 4.3% | ||
| Absa Group Ltd. |
268,430 |
2,074,561 |
| Anglo American Platinum Ltd. (a) |
24,347 |
848,127 |
| Anglogold Ashanti PLC |
86,452 |
1,988,274 |
| Bid Corp. Ltd. |
63,688 |
1,460,395 |
| Bidvest Group Ltd. |
72,601 |
949,845 |
| Exxaro Resources Ltd. |
96,849 |
927,918 |
| FirstRand Ltd. |
949,867 |
3,279,083 |
| Gold Fields Ltd. |
128,217 |
2,074,251 |
| Impala Platinum Holdings Ltd. |
395,832 |
1,762,067 |
| MTN Group Ltd. |
775,298 |
3,731,234 |
| Naspers Ltd., N Shares |
10,595 |
2,030,688 |
| Nedbank Group Ltd. (a) |
135,169 |
1,643,542 |
| Old Mutual Ltd. |
1,551,736 |
908,555 |
| Sanlam Ltd. |
345,436 |
1,249,573 |
| Sappi Ltd. |
442,677 |
1,189,208 |
| Sasol Ltd. |
204,815 |
1,438,889 |
| Shoprite Holdings Ltd. |
105,149 |
1,402,930 |
| Sibanye Stillwater Ltd. |
2,095,357 |
2,391,536 |
| Standard Bank Group Ltd. |
318,574 |
2,991,653 |
| Vodacom Group Ltd. |
198,474 |
953,814 |
| |
|
35,296,143 |
| | ||
| Taiwan 20.6% | ||
| Acer, Inc. |
909,496 |
1,251,424 |
| ASE Technology Holding Co. Ltd. |
922,000 |
4,147,706 |
| Asia Cement Corp. |
699,000 |
937,504 |
| Asustek Computer, Inc. |
251,041 |
3,291,836 |
| AUO Corp. |
4,789,440 |
2,678,060 |
| Catcher Technology Co. Ltd. |
241,000 |
1,609,802 |
| Cathay Financial Holding Co. Ltd. |
1,710,622 |
2,645,228 |
| Chailease Holding Co. Ltd. |
146,353 |
771,904 |
| China Development Financial Holding Corp. * |
2,885,000 |
1,206,056 |
| China Steel Corp. |
3,741,198 |
2,850,126 |
| Chunghwa Telecom Co. Ltd. |
601,956 |
2,287,935 |
| Compal Electronics, Inc. |
2,587,305 |
2,822,125 |
| CTBC Financial Holding Co. Ltd. |
2,645,201 |
2,760,845 |
| Delta Electronics, Inc. |
219,590 |
2,150,509 |
| E.Sun Financial Holding Co. Ltd. |
1,227,988 |
1,031,881 |
| Evergreen Marine Corp. Taiwan Ltd. |
567,000 |
3,299,751 |
| Far Eastern New Century Corp. |
1,376,817 |
1,373,433 |
| First Financial Holding Co. Ltd. |
1,102,147 |
923,955 |
| Formosa Chemicals & Fibre Corp. |
1,210,442 |
2,057,317 |
| Formosa Petrochemical Corp. |
429,330 |
948,751 |
| Formosa Plastics Corp. |
843,732 |
1,772,627 |
| Fubon Financial Holding Co. Ltd. |
1,492,335 |
3,157,062 |
| Hon Hai Precision Industry Co. Ltd. |
6,579,572 |
31,321,049 |
| Innolux Corp. |
6,086,604 |
2,647,068 |
| Inventec Corp. |
974,639 |
1,563,533 |
| Largan Precision Co. Ltd. |
16,050 |
1,069,860 |
| Lite-On Technology Corp., ADR |
373,167 |
1,129,494 |
| MediaTek, Inc. |
167,838 |
5,060,512 |
| Mega Financial Holding Co. Ltd. |
1,133,916 |
1,389,513 |
| Micro-Star International Co. Ltd. |
161,000 |
783,380 |
| Nan Ya Plastics Corp. |
1,477,622 |
2,565,749 |
See financial
notes
79
Schwab Fundamental Index Funds | Semiannual
ReportSchwab Fundamental Emerging Markets
Large Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Novatek Microelectronics Corp. |
95,000 |
1,795,045 |
| Pegatron Corp. |
1,325,264 |
3,952,500 |
| Pou Chen Corp. |
1,555,267 |
1,721,479 |
| Powertech Technology, Inc. |
271,000 |
1,443,175 |
| President Chain Store Corp. |
94,237 |
792,498 |
| Quanta Computer, Inc. |
448,500 |
3,519,934 |
| Realtek Semiconductor Corp. |
55,000 |
867,633 |
| Shin Kong Financial Holding Co. Ltd. * |
2,775,000 |
733,317 |
| Synnex Technology International Corp. |
591,850 |
1,446,630 |
| Taiwan Cement Corp. |
1,405,926 |
1,381,953 |
| Taiwan Cooperative Financial Holding Co. Ltd. |
938,155 |
753,927 |
| Taiwan Mobile Co. Ltd. |
271,196 |
865,551 |
| Taiwan Semiconductor Manufacturing Co. Ltd. |
1,621,803 |
38,832,053 |
| Unimicron Technology Corp. |
118,000 |
652,543 |
| Uni-President Enterprises Corp. |
1,088,678 |
2,553,609 |
| United Microelectronics Corp. |
2,157,965 |
3,315,546 |
| Walsin Lihwa Corp. |
865,420 |
977,546 |
| Wan Hai Lines Ltd. |
396,000 |
615,093 |
| Wistron Corp. |
733,682 |
2,512,171 |
| WPG Holdings Ltd. |
828,880 |
2,238,659 |
| Yageo Corp. |
66,714 |
1,272,536 |
| Yang Ming Marine Transport Corp. |
1,127,000 |
1,801,830 |
| Yuanta Financial Holding Co. Ltd. |
1,696,070 |
1,590,974 |
| Zhen Ding Technology Holding Ltd. |
255,000 |
902,591 |
| |
|
170,044,788 |
| | ||
| Thailand 2.5% | ||
| Advanced Info Service PCL NVDR |
180,175 |
957,277 |
| Bangkok Dusit Medical Services PCL NVDR |
852,000 |
665,311 |
| Banpu PCL NVDR |
3,637,000 |
542,606 |
| Charoen Pokphand Foods PCL NVDR |
2,796,300 |
1,491,389 |
| CP ALL PCL NVDR |
771,400 |
1,192,208 |
| Kasikornbank PCL NVDR |
496,900 |
1,744,267 |
| Krung Thai Bank PCL NVDR |
1,639,500 |
741,482 |
| PTT Exploration & Production PCL NVDR
|
281,400 |
1,177,180 |
| PTT Global Chemical PCL NVDR |
1,352,500 |
1,333,999 |
| PTT PCL NVDR |
7,700,970 |
6,979,182 |
| SCB X PCL NVDR |
484,400 |
1,387,167 |
| Siam Cement PCL NVDR |
274,500 |
1,838,970 |
| Thai Oil PCL NVDR |
605,785 |
882,660 |
| |
|
20,933,698 |
| | ||
| Turkey 1.7% | ||
| Akbank TAS |
1,331,612 |
2,450,954 |
| BIM Birlesik Magazalar AS |
100,193 |
1,197,001 |
| Eregli Demir ve Celik Fabrikalari TAS |
818,981 |
1,088,898 |
| Haci Omer Sabanci Holding AS * |
437,440 |
1,248,729 |
| KOC Holding AS |
215,954 |
1,507,652 |
| Turk Hava Yollari AO * |
121,383 |
1,221,841 |
| Turkcell Iletisim Hizmetleri AS |
530,563 |
1,323,694 |
| Turkiye Is Bankasi AS, Class C |
3,032,883 |
1,283,904 |
| Turkiye Petrol Rafinerileri AS |
221,139 |
1,336,957 |
| Yapi ve Kredi Bankasi AS |
1,214,989 |
1,216,658 |
| |
|
13,876,288 |
| | ||
| United Arab Emirates 1.1% | ||
| Abu Dhabi Commercial Bank PJSC |
462,552 |
1,050,309 |
| Dubai Islamic Bank PJSC |
496,202 |
751,146 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Emaar Properties PJSC * |
991,768 |
2,216,890 |
| Emirates NBD Bank PJSC |
54,294 |
251,300 |
| Emirates Telecommunications Group Co. PJSC |
554,877 |
2,568,246 |
| First Abu Dhabi Bank PJSC |
603,897 |
2,051,957 |
| |
|
8,889,848 |
| Total Common Stocks
(Cost $633,652,920) |
789,936,078 | |
| | ||
| PREFERRED STOCKS 4.5% OF NET ASSETS | ||
| | ||
| Brazil 4.3% | ||
| Banco Bradesco SA |
1,397,692 |
3,768,380 |
| Centrais Eletricas Brasileiras SA, B Shares |
45,214 |
361,879 |
| Cia Energetica de Minas Gerais |
458,807 |
863,256 |
| Companhia Paranaense de Energia, B Shares |
524,190 |
917,630 |
| Gerdau SA |
610,069 |
2,145,334 |
| Itau Unibanco Holding SA |
982,554 |
5,934,001 |
| Metalurgica Gerdau SA |
680,132 |
1,385,779 |
| Petroleo Brasileiro SA |
2,431,205 |
19,674,004 |
| |
|
35,050,263 |
| | ||
| Chile 0.1% | ||
| Sociedad Quimica y Minera de Chile SA, Class B |
15,067 |
688,181 |
| | ||
| Colombia 0.1% | ||
| Bancolombia SA
|
150,865 |
1,234,455 |
| Total Preferred Stocks
(Cost $23,411,673) |
36,972,899 | |
| |
|
|
| SHORT-TERM INVESTMENTS 0.7% OF NET ASSETS | ||
| | ||
| Money Market Funds 0.7% | ||
| State Street Institutional U.S. Government
Money Market Fund, Premier Class
5.25% (c)(d) |
5,436,845 |
5,436,845 |
| Total Short-Term Investments
(Cost $5,436,845) |
5,436,845 | |
| Total Investments in Securities
(Cost $662,501,438) |
832,345,822 | |
| * |
Non-income producing security. |
| (a) |
All or a portion of this security is on loan. Securities on loan were valued at $4,089,789. |
| (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. |
| ADR — |
American Depositary Receipt |
| DVR — |
Differential Voting Rights |
| NVDR — |
Non-Voting Depositary Receipt |
See financial
notes
Schwab Fundamental Index Funds | Semiannual Report
80
Schwab Fundamental Emerging Markets
Large Company Index Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
The following is a summary of the inputs used to
value the fund’s investments as of April 30, 2024 (see financial note 2(a) for additional
information):
| DESCRIPTION |
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) |
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) |
TOTAL |
| Assets |
|
|
|
|
| Common Stocks1
|
$— |
$161,154,195 |
$— |
$161,154,195
|
| Brazil |
58,668,577 |
— |
— |
58,668,577 |
| Chile |
4,652,889 |
— |
— |
4,652,889 |
| China |
3,007,676 |
276,413,031 |
1,776,752 |
281,197,459 |
| Colombia |
1,371,067 |
— |
— |
1,371,067 |
| Czech Republic |
972,499 |
— |
— |
972,499 |
| Greece |
1,672,316 |
1,462,452 |
— |
3,134,768 |
| Hungary |
2,052,809 |
1,851,723 |
— |
3,904,532 |
| Malaysia |
4,367,645 |
9,252,406 |
— |
13,620,051 |
| Mexico |
27,672,791 |
— |
— |
27,672,791 |
| Qatar |
2,033,813 |
3,446,370 |
— |
5,480,183 |
| South Africa |
12,109,092 |
23,187,051 |
— |
35,296,143 |
| Taiwan |
3,299,751 |
166,745,037 |
— |
170,044,788 |
| Turkey |
7,762,946 |
6,113,342 |
— |
13,876,288 |
| United Arab Emirates |
7,839,539 |
1,050,309 |
— |
8,889,848 |
| Preferred Stocks1
|
36,972,899 |
— |
— |
36,972,899 |
| Short-Term Investments1
|
5,436,845 |
— |
— |
5,436,845 |
| Total |
$179,893,154 |
$650,675,916 |
$1,776,752 |
$832,345,822 |
| 1 |
As categorized in the Portfolio Holdings. |
See financial notes
81
Schwab Fundamental Index Funds | Semiannual ReportSchwab Fundamental Emerging Markets
Large Company Index Fund
Statement of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - unaffiliated issuers (cost $662,501,438) including securities on loan of $4,089,789 |
|
$832,345,822
|
| Cash |
|
5,029,647 |
| Foreign currency, at value (cost $1,255,944) |
|
1,254,653 |
| Deposit with broker for futures contracts |
|
72,411 |
| Receivables: |
|
|
| Dividends |
|
2,153,596 |
| Fund shares sold |
|
199,619 |
| Investments sold |
|
53,407 |
| Income from securities on loan |
+ |
36,451 |
| Total assets |
|
841,145,606 |
| | ||
| Liabilities | ||
| Collateral held for securities on loan |
|
5,436,845 |
| Payables: |
|
|
| Fund shares redeemed |
|
5,598,136 |
| Foreign capital gains tax |
|
5,351,976 |
| Investment adviser fees |
+ |
262,280 |
| Total liabilities |
|
16,649,237 |
| Net assets |
|
$824,496,369 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$814,946,664
|
| Total distributable earnings |
+ |
9,549,705 |
| Net assets |
|
$824,496,369 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $824,496,369 |
|
92,806,677 |
|
$8.88 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab Fundamental Index Funds | Semiannual Report
82
Schwab Fundamental Emerging Markets
Large Company Index Fund
Statement of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $1,109,811) |
|
$11,186,118
|
| Other interest |
|
77,885 |
| Securities on loan, net |
+ |
108,272 |
| Total investment income
|
|
11,372,275 |
| | ||
| Expenses | ||
| Investment adviser fees |
|
1,511,348 |
| Total expenses |
– |
1,511,348 |
| Net investment income |
|
9,860,927 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized gains on sales of securities - unaffiliated issuers (net of foreign capital gains tax paid of $1,212,915) |
|
7,109,934 |
| Net realized gains on futures contracts |
|
434,953 |
| Net realized losses on foreign currency transactions |
+ |
(169,661 ) |
| Net realized gains |
|
7,375,226 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers (net of change in foreign capital gains tax of
($2,818,754)) |
|
100,430,597 |
| Net change in unrealized appreciation (depreciation) on futures contracts |
|
88,056 |
| Net change in unrealized appreciation (depreciation) on foreign currency translations |
+ |
(26,282 ) |
| Net change in unrealized appreciation (depreciation) |
+ |
100,492,371 |
| Net realized and unrealized gains |
|
107,867,597 |
| Increase in net assets resulting from operations |
|
$117,728,524 |
See financial notes
83
Schwab Fundamental Index Funds | Semiannual ReportSchwab Fundamental Emerging Markets
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 | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$9,860,927 |
$33,974,624
|
| Net realized gains (losses) |
|
7,375,226 |
(3,536,349 ) |
| Net change in unrealized appreciation (depreciation) |
+ |
100,492,371 |
60,740,349 |
| Increase in net assets resulting from operations |
|
$117,728,524 |
$91,178,624 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($37,187,563
) |
($35,727,633 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
12,623,919 |
$105,582,703 |
22,274,568 |
$182,839,887
|
| Shares reinvested |
|
3,008,395 |
24,789,176 |
2,947,877 |
22,698,652 |
| Shares redeemed |
+ |
(9,577,632 ) |
(81,861,312 ) |
(20,616,360 ) |
(169,703,400 ) |
| Net transactions in fund shares |
|
6,054,682 |
$48,510,567 |
4,606,085 |
$35,835,139 |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
86,751,995 |
$695,444,841 |
82,145,910 |
$604,158,711
|
| Total increase |
+ |
6,054,682 |
129,051,528 |
4,606,085 |
91,286,130 |
| End of period |
|
92,806,677 |
$824,496,369 |
86,751,995 |
$695,444,841 |
See financial notes
Schwab Fundamental Index Funds | Semiannual Report
84
Schwab Fundamental Index
Funds
Financial Notes, unaudited
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 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 Fundamental US Large Company Index Fund |
Schwab Target 2015 Fund |
| Schwab Fundamental US Small Company Index Fund |
Schwab Target 2020 Fund |
| Schwab Fundamental International Large Company Index Fund |
Schwab Target 2025 Fund |
| Schwab Fundamental International Small Company Index Fund |
Schwab Target 2030 Fund |
| Schwab Fundamental Emerging Markets Large Company 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 in this report 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 US Large Company Index Fund seeks investment results that correspond generally (before fees and expenses) to the total return of the Russell RAFITM US Large Company Index.
The
Schwab Fundamental US Small Company Index Fund seeks investment results that correspond
generally (before fees and expenses) to the total return of the Russell
RAFITM US Small Company Index.
The
Schwab Fundamental International Large Company Index Fund seeks investment results that
correspond generally (before fees and expenses) to the total return of the Russell RAFITM Developed ex US Large Company Index.
The
Schwab Fundamental International Small Company Index Fund seeks investment results that
correspond generally (before fees and expenses) to the total return of the Russell RAFITM Developed ex US Small Company Index.
The
Schwab Fundamental Emerging Markets Large Company Index Fund seeks investment results that
correspond generally (before fees and expenses) to the total return of the Russell RAFITM Emerging Markets Large Company Index.
85
Schwab Fundamental Index Funds | Semiannual ReportSchwab Fundamental Index
Funds
Financial Notes, unaudited (continued)
2. Significant Accounting Policies:
The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB)
Accounting Standard Codification Topic 946 Financial Services — Investment
Companies. The accounting policies are in conformity with accounting principles generally accepted in the United
States of America (GAAP).
The funds may invest in mutual funds and
exchange-traded funds (ETFs), which are referred to as "underlying funds". For more information about the underlying funds’ operations and policies, please refer to those
funds’ semiannual and annual reports, which are filed with the U.S. Securities and Exchange Commission (SEC) and are available on the SEC’s website at www.sec.gov.
(a) Security Valuation:
Pursuant to Rule 2a-5 under the 1940 Act, the Board 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:
● 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.
● 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.
● Futures contracts: Futures
contracts are valued at their settlement prices as of the close of their exchanges.
● Mutual funds: Mutual funds
are valued at their respective NAVs.
● 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
Schwab Fundamental Index Funds | Semiannual Report
86
Schwab Fundamental Index
Funds
Financial Notes, unaudited (continued)
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:
● 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.
● 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
● 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, 2024, 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.
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
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Financial Notes, unaudited (continued)
2. Significant Accounting
Policies (continued):
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, 2024, Schwab Fundamental US Large Company Index Fund, Schwab Fundamental US Small Company Index Fund, Schwab
Fundamental International Large Company Index Fund, Schwab Fundamental International Small Company Index Fund and Schwab Fundamental Emerging Markets Large Company 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, 2024, are disclosed in each
fund’s Portfolio Holdings and Statement of Assets and Liabilities.
Cash Investments: The funds, except for the Schwab Fundamental US Large
Company Index Fund and Schwab Fundamental US 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.
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. The Schwab Fundamental International Large Company Index Fund, Schwab Fundamental International Small
Company Index Fund and Schwab Fundamental Emerging Markets Large Company Index 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 the net realized gains (losses) on sales of securities 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 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 gains 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.
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Schwab Fundamental Index
Funds
Financial Notes, unaudited (continued)
2. Significant Accounting
Policies (continued):
(d) Investment Income:
Interest income is recorded as it accrues. Dividends, in the form of cash or non-cash income
such as in the form of additional securities, 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 is confirmed. 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 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 Large Company Index Fund and Schwab Fundamental International Small Company 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 4 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 Large Company Index Fund and Schwab Fundamental International Small Company 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, 2024,
the Schwab Fundamental International Large Company Index Fund and Schwab Fundamental International Small Company Index Fund did not incur any compliance fees.
(e) Expenses:
Pursuant to the Amended and Restated Advisory Agreement (Advisory Agreement) between the
investment adviser and the trust, the investment adviser will pay the operating expenses of each fund, excluding taxes, any brokerage expenses, and extraordinary or non-routine expenses. Taxes, any brokerage expenses and extraordinary or non-routine expenses that are specific to a fund are
charged directly to the fund. The Advisory Agreement excludes paying acquired fund fees and expenses, which are indirect expenses incurred by a fund through its investments in underlying funds. Acquired fund fees and expenses are indirect expenses incurred by a fund through its investments in underlying funds. Such expenses are reflected in the net asset values 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.
(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 respective shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.
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Funds
Financial Notes, unaudited (continued)
2. Significant Accounting
Policies (continued):
(i) Foreign Taxes:
The 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, 2024, if any, are reflected in each fund’s Statement of Assets and Liabilities.
(j) Indemnification:
Under the funds’ organizational documents, the officers and trustees are indemnified
against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business the funds enter into contracts with their
vendors and others that provide general indemnifications. The funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. However, based on experience, the funds expect the risk of
loss attributable to these arrangements to be remote.
(k) Regulatory Update:
Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for
retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a
semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time,
management is evaluating the impact of these rule and form amendment changes on the content of the current shareholder report and the newly created annual and semiannual streamlined shareholder reports.
Investing in the funds may involve certain risks, as discussed in the funds’ prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.
Market Risk. Financial markets rise and fall in response to a variety of factors, sometimes rapidly and
unpredictably. Markets may be impacted by economic, political, regulatory and other conditions, including economic sanctions and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may
also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in a fund will fluctuate, which means that an investor could lose money over short or long periods.
Equity Risk. The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual
companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.
Investment Style Risk. The funds are index funds. Therefore, each fund follows the securities included in its
respective index during upturns as well as downturns. Because of its indexing strategy, a fund does not take steps to reduce market exposure or to lessen the effects of a declining market. In addition, because of a fund’s expenses, a fund’s performance may be below that of the index. Errors relating to the index may occur from time to time and may not be identified by the index provider for a period of time. In addition, market disruptions could cause delays in an index’s rebalancing schedule. Such errors and/or market disruptions may result in losses for a fund.
Market Capitalization Risk. Securities issued by companies of different market capitalizations tend to go in
and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, a fund’s performance could be impacted.
Large-Cap Company Risk. Large-cap companies are generally more mature and the securities issued by these
companies may not be able to reach the same levels of growth as the securities issued by small- or mid-cap companies.
Small-Cap Company Risk. Securities issued by small-cap companies may be riskier than those issued by larger companies, and their prices may move
sharply, especially during market upturns and downturns.
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Schwab Fundamental Index
Funds
Financial Notes, unaudited (continued)
3. Risk
Factors (continued):
Tracking Error Risk. As index funds, each fund seeks to track the performance of its respective index,
although it may not be successful in doing so. The divergence between the performance of a fund and the index, positive or negative, is called “tracking error.” Tracking error can be caused by many factors and it may be significant.
Concentration Risk. To the extent that a fund’s or its respective index’s portfolio is concentrated in the securities of issuers in a
particular market, industry, group of industries, sector, country or asset class, the fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to adverse economic,
market, political or regulatory occurrences affecting that market, industry, group of industries, sector, country or asset class.
Foreign Investment Risk. A fund’s investments in securities of foreign issuers involve certain risks that may be greater than those associated
with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange
rates or exchange control regulations (including limitations on currency movements and exchanges); the imposition of economic sanctions or other government restrictions; differing
accounting, auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may negatively impact the value or liquidity of a fund’s investments, and could impair the fund’s ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar. Foreign securities may also include American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs) and European Depositary Receipts (EDRs), which may be
less liquid than the underlying shares in their primary trading market, and GDRs, in particular, many of which are issued by companies in emerging markets, may be more volatile. Foreign securities may also include investments in variable interest entities (VIEs) structures, which are created by China-based operating companies in jurisdictions outside of China to obtain indirect
financing due to Chinese regulations that prohibit non-Chinese ownership of those companies. To the extent a fund’s investments in a single country or a limited number of countries represent a large percentage of the fund’s assets, the fund’s performance may be adversely affected by the economic, political, regulatory and social conditions in those countries, and the fund’s price may be more volatile than the price of a fund that is geographically diversified.
Emerging Markets Risk. Emerging market countries may be more likely to experience political turmoil or rapid
changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements and greater risk associated with the custody of securities. In addition, the
financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with a fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be
difficult to value such investments.
Derivatives Risk. Each fund may use derivatives to enhance returns or hedge against market declines. Examples
of derivatives are options, futures, options on futures and swaps. An option is the right to buy or sell an instrument at a specific price before a specific date. A future is an agreement to buy or sell a financial instrument at a specific price on a specific day. A swap is an agreement whereby two parties agree to exchange payment streams calculated in relation to a rate, index, instrument or certain securities and a predetermined amount. A fund’s use of derivatives that are subject to regulation by the Commodity Futures Trading Commission (CFTC) could cause the fund to become a commodity pool, which would require the fund to comply with certain CFTC rules.
A fund’s use of derivative instruments involves risks different from, or possibly
greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, such as liquidity risk and market risk, are
discussed elsewhere in this section. A fund’s use of derivatives is also subject to lack of availability risk, credit risk, leverage risk, valuation risk, correlation risk and tax risk. Lack of availability risk is the risk that suitable derivative transactions may not be available in all circumstances for risk management or other purposes. Credit risk is the risk that the counterparty to a derivatives transaction may not fulfill its obligations. Leverage risk is the risk that a small percentage of assets invested in derivatives can have a
disproportionately large impact on the fund. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause the fund to realize higher amounts of short-term capital gains. A fund’s use of derivatives could reduce the fund’s performance, increase the fund’s volatility, and could cause the fund to lose more than the initial amount invested. A fund’s use of derivatives also could create a risk of counterparty default under certain transactions, risks that the fund would need to liquidate portfolio positions when it may not be advantageous to do so in order to meet margin and payment obligations, and legal risks relating to insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract.
Liquidity Risk. A fund may be unable to sell certain securities, such as illiquid securities, readily at a
favorable time or price, or the fund may have to sell them at a loss.
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Funds
Financial Notes, unaudited (continued)
3. Risk
Factors (continued):
Sampling Index Tracking Risk. To the extent a fund uses a sampling method, the fund may not fully replicate
its respective index and may hold securities not included in the index. As a result, the fund is subject to the risk that the investment adviser’s investment management strategy, the implementation of which is subject to a number of constraints, may not produce the intended
results. If a fund utilizes a sampling approach, it may not track the return of the index as well as it would if the fund purchased all of the securities in the index.
Securities Lending Risk. Securities lending involves the risk of loss of rights in, or delay in recovery of,
the loaned securities if the borrower fails to return the security loaned or becomes insolvent.
Exchange Traded Funds (ETFs) Risk. Certain funds may purchase shares of ETFs to gain exposure to a particular portion of the market while awaiting an
opportunity to purchase securities directly. When a fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a
proportionate share of the ETF’s expenses. Therefore, it may be more costly to own an ETF than to own the underlying securities directly. In addition, while the risks of
owning shares of an ETF generally reflect the risks of owning the underlying securities the ETF holds, lack of liquidity in the market for an ETF’s shares can result in its
value being more volatile than the underlying portfolio securities.
Please refer to the funds’ prospectus for a more complete description of the principal risks of investing in the funds.
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 the trust.
For its advisory and administrative services to the funds, the investment adviser is entitled to receive an annual fee, payable
monthly, based on a percentage of each fund’s average daily net assets as follows:
| SCHWAB
FUNDAMENTAL
US LARGE
COMPANY
INDEX FUND |
SCHWAB
FUNDAMENTAL
US SMALL
COMPANY
INDEX FUND |
SCHWAB
FUNDAMENTAL
INTERNATIONAL
LARGE COMPANY
INDEX FUND |
SCHWAB
FUNDAMENTAL
INTERNATIONAL
SMALL COMPANY
INDEX FUND |
SCHWAB
FUNDAMENTAL
EMERGING
MARKETS
LARGE COMPANY
INDEX FUND |
| 0.25 % |
0.25 % |
0.25 % |
0.39 % |
0.39 % |
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Financial Notes, unaudited (continued)
4. Affiliates and Affiliated
Transactions (continued):
Investments from Affiliates
Certain funds in the Fund Complex may own shares of other funds in the Fund Complex. The table below reflects the percentages of
shares of each fund in this report that are owned by other funds in the Fund Complex as of April 30, 2024, as applicable:
| |
UNDERLYING FUNDS | ||||
| |
SCHWAB
FUNDAMENTAL
US LARGE
COMPANY
INDEX FUND |
SCHWAB
FUNDAMENTAL
US SMALL
COMPANY
INDEX FUND |
SCHWAB
FUNDAMENTAL
INTERNATIONAL
LARGE COMPANY
INDEX FUND |
SCHWAB
FUNDAMENTAL
INTERNATIONAL
SMALL COMPANY
INDEX FUND |
SCHWAB FUNDAMENTAL
EMERGING MARKETS LARGE COMPANY
INDEX FUND |
| Schwab MarketTrack All Equity Portfolio |
1.4 % |
1.6 % |
2.3 % |
7.5 % |
5.2 % |
| Schwab MarketTrack Balanced Portfolio |
0.6 % |
0.5 % |
0.9 % |
2.5 % |
1.7 % |
| Schwab MarketTrack Conservative Portfolio |
0.1 % |
0.1 % |
0.2 % |
0.6 % |
0.4 % |
| Schwab MarketTrack Growth Portfolio |
1.3 % |
1.3 % |
1.8 % |
5.3 % |
3.6 % |
| Schwab Target 2010 Fund |
0.0 %* |
— % |
0.0 %* |
— % |
— % |
| Schwab Target 2015 Fund |
0.0 %* |
— % |
0.0 %* |
— % |
— % |
| Schwab Target 2020 Fund |
0.1 % |
— % |
0.1 % |
— % |
— % |
| Schwab Target 2025 Fund |
0.1 % |
— % |
0.1 % |
— % |
— % |
| Schwab Target 2030 Fund |
0.3 % |
— % |
0.3 % |
— % |
— % |
| Schwab Target 2035 Fund |
0.3 % |
— % |
0.2 % |
— % |
— % |
| Schwab Target 2040 Fund |
0.6 % |
— % |
0.5 % |
— % |
— % |
| Schwab Target 2045 Fund |
0.2 % |
— % |
0.1 % |
— % |
— % |
| Schwab Target 2050 Fund |
0.2 % |
— % |
0.1 % |
— % |
— % |
| Schwab Target 2055 Fund |
0.1 % |
— % |
0.1 % |
— % |
— % |
| Schwab Target 2060 Fund |
0.1 % |
— % |
0.0 %* |
— % |
— % |
| Schwab Target 2065 Fund |
0.0 %* |
— % |
0.0 %* |
— % |
— % |
| * |
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.
For the
period ended April 30, 2024, the professional fees incurred by the Schwab Fundamental International Large Company Index Fund and Schwab Fundamental International Small Company Index
Fund and paid by the investment adviser were $35,066 and $6,591, respectively, as shown as Professional fees in each fund’s Statement of Operations.
During the period ended April 30, 2024, the Schwab Fundamental International Large Company
Index Fund and Schwab Fundamental International Small Company Index Fund did not recover any previously withheld foreign withholding tax claims and made no reimbursements to the investment adviser.
As of April 30, 2024, the balance of professional fees related to foreign withholding tax claims subject to future reimbursement by the Schwab Fundamental International Large Company Index Fund and Schwab Fundamental International Small Company Index Fund to
the investment adviser were $138,949 and $8,655, 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 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
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Funds
Financial Notes, unaudited (continued)
4. Affiliates and Affiliated
Transactions (continued):
transaction at the current market price. This practice is limited to funds that share the same investment adviser, trustees and/or officers 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, 2024, each fund’s purchases and sales of securities with other funds in the Fund Complex as well as any realized gains (losses) were as
follows:
| |
PURCHASE COST |
SALE PROCEEDS |
REALIZED GAINS (LOSSES) |
| Schwab Fundamental US Large Company Index Fund |
$133,451,844 |
$95,194,646 |
($5,783,673 ) |
| Schwab Fundamental US Small Company Index Fund |
35,138,318 |
58,343,044 |
10,590,699 |
| Schwab Fundamental International Large Company Index Fund |
41,085,022 |
40,922,981 |
2,800,469 |
| Schwab Fundamental International Small Company Index Fund |
27,835,817 |
16,005,747 |
5,593,520 |
| Schwab Fundamental Emerging Markets Large Company Index Fund |
6,732,034 |
3,444,165 |
783,629 |
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.
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. For information regarding the trustees, please refer to the Trustees and Officers table at the end of this report.
During the period, the funds were participants with other funds in the Fund Complex in a joint, syndicated, committed $1 billion line of credit (the Syndicated Credit Facility), maturing on September 26, 2024. 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 26, 2024. 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.
Certain funds entered into futures contracts during the report period to equitize available cash. Refer to financial note 2(b) for the funds’ accounting policies with respect to futures contracts and financial note 3 for disclosures concerning the risks of investing in futures contracts.
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Schwab Fundamental Index
Funds
Financial Notes, unaudited (continued)
7. Derivatives (continued):
As of April 30, 2024, 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 US Large Company Index Fund |
|
|
| Futures Contracts1
|
$8,628 |
$8,628 |
| Schwab Fundamental US Small Company Index Fund |
|
|
| Futures Contracts1
|
2,245 |
2,245 |
| |
|
| 1 |
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. |
| Liability Derivatives |
|
|
| Schwab Fundamental International Large Company Index Fund |
|
|
| Futures Contracts1
|
($122,117 ) |
($122,117 ) |
| Schwab Fundamental International Small Company Index Fund |
|
|
| Futures Contracts1
|
(125,933 ) |
(125,933 ) |
| |
|
| 1 |
Includes cumulative unrealized depreciation of futures contracts as reported in each fund’s Portfolio Holdings. Only current day’s variation margin on
futures contracts is reported in the Statement of Assets and
Liabilities. |
The effects of the derivative
contracts in the Statement of Operations for the period ended April 30, 2024, were:
| |
EQUITY CONTRACTS |
TOTAL |
| Net Realized Gains (Losses) |
|
|
| Schwab Fundamental US Large Company Index Fund |
|
|
| Futures Contracts1
|
$5,363,867 |
$5,363,867 |
| Schwab Fundamental US Small Company Index Fund |
|
|
| Futures Contracts1
|
1,323,331 |
1,323,331 |
| Schwab Fundamental International Large Company Index Fund |
|
|
| Futures Contracts1
|
1,283,067 |
1,283,067 |
| Schwab Fundamental International Small Company Index Fund |
|
|
| Futures Contracts1
|
333,702 |
333,702 |
| Schwab Fundamental Emerging Markets Large Company Index Fund |
|
|
| Futures Contracts1
|
434,953 |
434,953 |
| |
|
| 1 |
Statement of Operations location: Net realized gains (losses) on futures contracts. |
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Schwab Fundamental Index Funds | Semiannual ReportSchwab Fundamental Index
Funds
Financial Notes, unaudited (continued)
7. Derivatives (continued):
| Net Change in Unrealized Appreciation (Depreciation) |
|
|
| Schwab Fundamental US Large Company Index Fund |
|
|
| Futures Contracts1
|
$1,114,400 |
$1,114,400 |
| Schwab Fundamental US Small Company Index Fund |
|
|
| Futures Contracts1
|
246,940 |
246,940 |
| Schwab Fundamental International Large Company Index Fund |
|
|
| Futures Contracts1
|
219,765 |
219,765 |
| Schwab Fundamental International Small Company Index Fund |
|
|
| Futures Contracts1
|
13,289 |
13,289 |
| Schwab Fundamental Emerging Markets Large Company Index Fund |
|
|
| Futures Contracts1
|
88,056 |
88,056 |
| |
|
| 1 |
Statement of Operations location: Net change in unrealized appreciation (depreciation) on futures contracts. |
During the period ended April 30, 2024, 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 US Large Company Index Fund |
$31,603,459 |
133 |
| Schwab Fundamental US Small Company Index Fund |
8,033,229 |
83 |
| Schwab Fundamental International Large Company Index Fund |
17,269,511 |
156 |
| Schwab Fundamental International Small Company Index Fund |
4,353,711 |
39 |
| Schwab Fundamental Emerging Markets Large Company Index Fund |
4,317,201 |
87 |
For the period ended April 30, 2024, purchases and sales of securities (excluding in-kind transactions and short-term obligations) were as follows:
| |
PURCHASES
OF SECURITIES |
SALES
OF SECURITIES |
| Schwab Fundamental US Large Company Index Fund |
$962,202,253 |
$339,924,846 |
| Schwab Fundamental US Small Company Index Fund |
487,788,212 |
280,420,771 |
| Schwab Fundamental International Large Company Index Fund |
324,380,220 |
145,150,413 |
| Schwab Fundamental International Small Company Index Fund |
86,928,406 |
112,010,981 |
| Schwab Fundamental Emerging Markets Large Company Index Fund |
103,736,558 |
78,799,802 |
During the period ended April 30, 2024, the following funds had
transactions in connection with in-kind transactions:
| |
IN-KIND PURCHASES
OF SECURITIES |
IN-KIND SALES
OF SECURITIES |
| Schwab Fundamental US Large Company Index Fund |
$— |
$371,746,416 |
| Schwab Fundamental US Small Company Index Fund |
— |
137,948,341 |
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 in-kind gains or losses on sales of in-kind redemptions for the period ended April 30, 2024, are disclosed in the funds’ Statements of Operations, if any.
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96
Schwab Fundamental Index
Funds
Financial Notes, unaudited (continued)
9. Federal Income Taxes:
As of April 30, 2024, the tax basis cost of the funds’ investments and gross unrealized appreciation and depreciation were as follows:
| |
TAX COST |
GROSS UNREALIZED
APPRECIATION |
GROSS UNREALIZED
DEPRECIATION |
NET UNREALIZED
APPRECIATION (DEPRECIATION) |
| Schwab Fundamental US Large Company Index Fund |
$5,137,367,939 |
$3,297,069,086 |
($142,028,732 ) |
$3,155,040,354 |
| Schwab Fundamental US Small Company Index Fund |
1,613,692,479 |
402,594,247 |
(169,463,560 ) |
233,130,687 |
| Schwab Fundamental International Large Company Index Fund |
2,206,013,919 |
464,219,942 |
(87,795,570 ) |
376,424,372 |
| Schwab Fundamental International Small Company Index Fund |
515,935,096 |
96,929,332 |
(45,407,599 ) |
51,521,733 |
| Schwab Fundamental Emerging Markets Large Company Index Fund |
722,714,978 |
171,680,718 |
(62,049,874 ) |
109,630,844 |
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, 2023, the funds had capital loss carryforwards available as follows:
| |
|
| Schwab Fundamental US Large Company Index Fund |
$43,802,035 |
| Schwab Fundamental US Small Company Index Fund |
10,918,954 |
| Schwab Fundamental International Large Company Index Fund |
52,818,527 |
| Schwab Fundamental International Small Company Index Fund |
2,216,460 |
| Schwab Fundamental Emerging Markets Large Company Index Fund |
102,902,372 |
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, 2024. The tax basis components of
distributions paid during the fiscal year ended October 31, 2023 were as follows:
| |
PRIOR FISCAL YEAR END DISTRIBUTIONS | |
| |
ORDINARY
INCOME
|
LONG-TERM
CAPITAL
GAINS
|
| Schwab Fundamental US Large Company Index Fund |
$133,865,719 |
$— |
| Schwab Fundamental US Small Company Index Fund |
18,239,275 |
87,539,598 |
| Schwab Fundamental International Large Company Index Fund |
49,119,207 |
— |
| Schwab Fundamental International Small Company Index Fund |
11,013,851 |
15,959,445 |
| Schwab Fundamental Emerging Markets Large Company Index Fund |
35,727,633 |
— |
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, 2023, 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, 2023, the funds did not incur any interest or penalties.
At a meeting held on February 28, 2024, the Board approved changes to each fund’s comparative index from a Russell RAFI Index to a RAFI Fundamental High Liquidity Index as well as changes to each fund’s investment objective, which is nonfundamental, and each fund’s name. These changes are scheduled to be effective on June 21, 2024. For more information, please visit
schwabassetmanagement.com/schwabfunds_prospectus.
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Funds
Financial Notes, unaudited (continued)
10. Subsequent
Events (continued):
Other than the planned changes discussed above, 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 Report
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Schwab Fundamental Index
Funds
Trustees and Officers
The tables below give information about the trustees and officers of Schwab Capital
Trust, which includes the funds covered in this report. The “Fund Complex” includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab
Annuity Portfolios, Schwab Strategic Trust and Laudus Trust. The Fund Complex includes 106 funds.
The address for all trustees and officers is 211 Main Street, San Francisco, CA 94105. You
can find more information about the trustees and officers in the funds’ Statement of Additional Information, which is available free by calling 1-877-824-5615.
| Independent Trustees | |||
| Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) |
Principal Occupations
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee |
Other Directorships |
| Michael J. Beer 1961
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022) |
Retired. Director, President and Chief Executive Officer
(Dec. 2016 – Sept. 2019), Principal Funds (investment
management). |
106 |
Director (2016 – 2019), Principal Funds, Inc. |
| Robert W. Burns 1959
Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) |
Retired/Private Investor. |
106 |
None |
| Nancy F. Heller 1956
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) |
Retired. |
106 |
None |
| David L. Mahoney 1954
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) |
Private Investor. |
106 |
Director (2004 – present), Corcept Therapeutics Incorporated
Director (2009 – 2021),
Adamas Pharmaceuticals, Inc. Director (2003 – 2019), Symantec Corporation |
| Jane P. Moncreiff 1961
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2019) |
Consultant (2018 – present), Fulham Advisers LLC (management consulting); Chief Investment Officer (2009 – 2017), CareGroup Healthcare System, Inc. (healthcare). |
106 |
None |
99
Schwab Fundamental Index Funds | Semiannual ReportSchwab Fundamental Index
Funds
| Independent Trustees (continued) | |||
| Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) |
Principal Occupations
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee |
Other Directorships |
| Kimberly S. Patmore 1956
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) |
Consultant (2008 – present), Patmore Management Consulting
(management consulting). |
106 |
None |
| J. Derek Penn 1957
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021) |
Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial
services). |
106 |
None |
| Interested Trustees | |||
| Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) |
Principal Occupations
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee |
Other Directorships |
| Walter W. Bettinger II2 1960
Chairman and Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust
and Schwab Annuity Portfolios since
2008; Schwab Strategic Trust since
2009; Laudus Trust since 2010) |
Co-Chairman of the Board (July 2022 – present), Director and Chief
Executive Officer (Oct. 2008 – present) and President
(Feb. 2007 – Oct. 2021), The Charles Schwab Corporation;
President and Chief Executive Officer (Oct. 2008 – Oct. 2021)
and Director (May 2008 – Oct. 2021), Charles Schwab &
Co., Inc.; Co-Chairman of the Board (July 2022 – present) and
Director (Apr. 2006 – present), Charles Schwab Bank, SSB;
Co-Chairman of the Board (July 2022 – present) and Director
(Nov. 2017 – present), Charles Schwab Premier Bank, SSB;
Co-Chairman of the Board (July 2022 – present) and Director
(July 2019 – present), Charles Schwab Trust Bank; Director
(May 2008 – present), Chief Executive Officer (Aug. 2017 – present)
and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.;
Manager (Sept. 2023 – present), TD Ameritrade Holding LLC;
Director (Oct. 2020 – Aug. 2023), TD Ameritrade Holding
Corporation; Director (July 2016 – Oct. 2021), Charles Schwab
Investment Management, Inc. |
106 |
Director (2008 – present), The Charles Schwab Corporation |
| Richard A. Wurster2 1973
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022) |
President (Oct. 2021 – present) and Executive Vice President – Schwab
Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles
Schwab Corporation; President, Director (Oct. 2021 –
present), Executive Vice President – Schwab Asset Management
Solutions (July 2019 – Oct. 2021) and Senior Vice President
– Advisory (May 2016 – July 2019), Charles Schwab &
Co., Inc.; President (Nov. 2021 – present), Schwab Holdings,
Inc.; Director (Oct. 2021 – present) and Chief Executive
Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment
Management, Inc.; Director, Chief Executive Officer and President
(Mar. 2018 – Oct. 2022), Charles Schwab Investment Advisory,
Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and
President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive
Officer (July 2016 – Apr. 2018), Windhaven Investment
Management, Inc. |
106 |
None |
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| Officers of the Trust | |
| Name, Year of Birth, and Position(s) with the
trust (Terms of office, and length of Time Served3) |
Principal Occupations During the Past Five
Years |
| Omar Aguilar 1970
Chief Executive Officer, President and Chief Investment
Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) |
Chief Executive Officer (Jan. 2022 – present), President (Oct. 2023 – present), (Chief
Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Jan.
2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer
and President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.;
Chief Executive Officer (Sept. 2023 – present), President (Oct. 2023 –
present), Chief Investment Officer (June 2011 – present) and Vice President
(June 2011 – Sept. 2023), Schwab Funds, Laudus Trust and Schwab
ETFs. |
| Mark Fischer 1970
Chief Operating Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2013) |
Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer
(Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial
Officer (Mar. 2020 – present), Chief Operating Officer (Oct. 2023 –
present), Managing Director (Mar. 2023 – present) and Vice President (Oct.
2013 – Mar. 2023), Charles Schwab Investment Management, Inc.
|
| Dana Smith 1965
Treasurer and Chief Financial Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2023) |
Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer (Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director
(Mar. 2023 – present), Vice President (Mar. 2022 – Mar. 2023) and Director
(Oct. 2015 – Mar. 2022), Charles Schwab Investment Management, Inc.; Managing
Director (May 2022 – present) and Vice President (Apr. 2022 – May 2022),
Charles Schwab & Co., Inc. |
| Patrick Cassidy 1964
Vice President and Chief Investment Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2018) |
Chief Investment Officer (Oct. 2023 – present) and Vice President (Feb. 2018 – present),
Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present),
Chief Investment Officer (Oct. 2023 – present), and Senior Vice President
(Oct. 2012 – Mar. 2023), Charles Schwab Investment Management,
Inc. |
| William P. McMahon, Jr. 1972
Vice President and Chief Investment Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2021) |
Managing Director (Mar. 2023 – present), Senior Vice President (Jan. 2020 – Mar. 2023) and
Chief Investment Officer (Jan. 2020 – present) Charles Schwab Investment
Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present),
Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief
Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019),
Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment
Officer (May 2001 – Apr. 2018), ThomasPartners, Inc. |
| Catherine MacGregor 1964
Chief Legal Officer and Secretary, Schwab Funds and
Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Trust (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009) |
Chief Legal Officer (Mar. 2022 – present), Managing Director (Mar. 2023 – present) and Vice
President (Sept. 2005 – Mar. 2023), Charles Schwab Investment Management, Inc.;
Managing Director (May 2022 – present) and Vice President (Aug. 2005 –
May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 –
present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus
Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President
(Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021),
Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and
Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs. |
1
Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first.
2
Mr. Bettinger and Mr. Wurster are Interested Trustees. Mr. Bettinger and Mr. Wurster are
Interested Trustees because each owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser
for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust.
3
The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.
101
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Glossary
asset
allocation The practice of dividing a portfolio among different asset classes, with each asset class
assigned a particular percentage.
asset class A group of securities with similar structure and basic characteristics. Stocks, bonds and cash are the three main
examples of asset classes.
bond A security representing a loan from the investor to the issuer. A bond typically pays interest at a fixed rate (the coupon rate) until a specified date (the maturity date), at which time the
issuer returns the money borrowed (principal or face value) to the bondholder. Because of their structure, bonds
are sometimes called “fixed-income securities” or “debt securities.”
An individual bond is subject to the credit risk of the issuer. Changes in interest rates
can affect a bond’s market value prior to call or maturity. There is no guarantee that a bond’s yield to call or maturity will provide a positive return over the rate of inflation.
bond fund A bond fund is subject to the same credit, interest rate, and inflation risks as bonds. In addition, a bond fund incurs ongoing fees and expenses. A bond fund’s net asset value will
fluctuate with the price of the underlying bonds and the portfolio turnover activity; return of principal is not
guaranteed.
cap, capitalization See “market cap.”
capital gain, capital loss the difference between the amount paid for an investment and its value at a later time. If the investment has been sold, the capital gain or loss is considered a
realized gain or loss. If the investment is still held, the capital gain or loss is considered unrealized
appreciation or depreciation.
expense ratio The amount that is taken from a mutual fund’s assets each year to cover the fund’s operating expenses. An expense ratio of 0.50% means that a fund’s expenses amount to
half of one percent of its average net assets a year.
market cap, market capitalization The value of a company as determined by the total value of all shares of its stock outstanding.
MSCI EAFE Index (Net) A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets in Europe, Australasia, and the Far East.
The Net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions
for expenses or other taxes; returns are calculated applying dividend withholding rates applicable to
non-resident persons who do not benefit from double taxation treaties.
MSCI Emerging Markets Index (Net) A free float-adjusted market
capitalization weighted index that is designed to measure equity market performance in the global emerging
markets. This series approximates the minimum possible dividend reinvestment. The returns are calculated applying
dividend withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.
net asset value (NAV) The value of one share of a mutual fund. NAV is calculated by taking the fund’s total assets, subtracting
liabilities, and dividing by the number of shares outstanding.
outstanding shares, shares outstanding When speaking of a company or mutual fund, indicates all shares currently held by investors.
price-to-book ratio (P/B) The market price of a company’s stock compared with its “book value.” A mutual fund’s P/B is the weighted average of the P/B of all stocks in the
fund’s portfolio.
price-to-earnings ratio (P/E) The market price
of a company’s stock compared with earnings over the past year. A mutual fund’s P/E is the weighted
average of the P/E of all stocks in the fund’s portfolio.
restricted and illiquid securities Restricted securities are
securities that are subject to legal restrictions on their sale. Restricted securities generally can be sold in
privately negotiated transactions, pursuant to an exemption from registration under the Securities Act of 1933 (the
1933 Act), or in a registered public offering. Certain restricted securities, such as Section 4(a)(2) commercial
paper and Rule 144A securities under the 1933 Act, may be considered to be liquid if they meet the criteria for
liquidity established by the Board. Illiquid securities generally are any securities that cannot be disposed of promptly and in the ordinary course of business at approximately the amount at which a fund has valued the instruments. The liquidity of a
fund’s investments is monitored under the supervision and direction of the Board. Investments currently not
considered liquid include repurchase agreements not maturing within seven days and certain restricted
securities.
return on equity (ROE) The average yearly rate of return for each dollar of investors’ money, measured over the past five years.
Russell 1000 Index An index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, and represents approximately 92% of the total market capitalization of the
Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies
representing approximately 98% of the investable U.S. equity market.
Russell 2000 Index An index that measures the performance of the
2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the
largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
Russell RAFI Developed ex US Large Company Index (Net) An index that ranks developed ex-U.S. companies in the FTSE Global Total Cap Index by fundamental measures of size and tracks the performance of those companies whose fundamental scores are in the top
87.5%. The index uses a partial quarterly reconstitution methodology in which the index is split into four equal
segments at the annual reconstitution and each segment is then rebalanced on a rolling quarterly basis. The Net
series reduces index performance by adjusting for local taxes. Selecting the developed ex-U.S. companies in the
FTSE Global Total Cap Index measures the performance of the largest investable securities in developed countries
globally, excluding companies assigned to the United States.
Russell RAFI Developed ex US Small Company Index (Net) An index that ranks developed ex-U.S. companies in the FTSE Global Total Cap Index by fundamental measures of size and tracks the
performance of those companies whose fundamental scores rank below the 87.5% threshold. The index uses a partial
quarterly reconstitution methodology in which the index is split into four equal segments at the annual
reconstitution and each segment is then rebalanced on a rolling quarterly basis. The Net series reduces index performance by adjusting for local taxes. Selecting the developed ex-U.S. companies in the FTSE Global Total Cap Index measures the performance of the
smallest investable securities in developed countries globally, excluding companies assigned to the United
States.
Russell RAFI Emerging Markets Large Company Index
(Net) An index that ranks emerging market companies in the FTSE Global Total Cap Index by measures of fundamental size and tracks the performance of those companies whose fundamental scores are in the top
87.5%. The index uses a partial quarterly reconstitution methodology in which the
Schwab Fundamental Index Funds | Semiannual Report
102
Schwab Fundamental Index
Funds
index is split into four equal segments at the annual reconstitution and each segment is then rebalanced on a rolling
quarterly basis. The Net series reduces index performance by adjusting for local taxes. Selecting the emerging
companies in the FTSE Global Total Cap Index measures the performance of the investable securities in emerging markets globally.
Russell RAFI US Large Company Index An index that ranks U.S. companies in the FTSE Global Total Cap Index. The Russell RAFI US Large Company Index includes only those securities that are
members of the U.S. portion whose fundamental scores are in the top 87.5%. The index uses a partial quarterly
reconstitution methodology in which the index is split into four equal segments at the annual reconstitution and
each segment is then rebalanced on a rolling quarterly basis.
Russell RAFI US Small Company Index An index that ranks U.S. companies in the FTSE Global Total Cap Index. The Russell RAFI US Small Company Index includes only those securities that are
members of the U.S. portion and rank below the 87.5% fundamental score threshold. The index uses a partial
quarterly reconstitution methodology in which the index is split into four equal segments at the annual
reconstitution and each segment is then rebalanced on a rolling quarterly basis.
S&P 500 Index An index that is designed to measure the performance of 500 leading publicly traded companies from a broad range of
industries.
S&P Developed ex-U.S. Small Cap Index (Net) An index composed of the stocks representing the lowest 15% of float-adjusted market cap in each developed market country, excluding the U.S. The
returns are calculated applying dividend withholding rates applicable to non-resident persons who do not benefit
from double taxation treaties.
stock A share of ownership, or equity, in the issuing company.
total return The percentage that an investor would have earned or lost on an investment in the fund assuming dividends and distributions were reinvested.
weighted average For mutual funds, an average that gives the same weight to each security as the security represents in the fund’s
portfolio.
yield The income paid out by an investment, expressed as a percentage of the investment’s market value.
103
Schwab Fundamental Index Funds | Semiannual ReportSchwab Fundamental Index
Funds
Schwab Asset Management
With a straightforward lineup of core products and solutions for building the
foundation of a portfolio, Schwab Asset Management advocates for investors of all sizes with a steadfast focus on lowering costs and reducing unnecessary complexity. The list
below shows all currently available Schwab Funds®.
Investors should carefully consider information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges and expenses before investing. Please call 1-877-824-5615 for a prospectus for any Schwab Fund. Please read the prospectus carefully before you invest. This report must be preceded or accompanied by a current prospectus.
Proxy Voting Policies, Procedures and Results
A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available without charge, upon request, by visiting the Schwab Funds’ website at
www.schwabassetmanagement.com/schwabfunds_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/schwabfunds_prospectus or the SEC’s website at www.sec.gov.
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
Schwab International Opportunities Fund
Schwab Select Large Cap Growth Fund
Schwab Fundamental US Large Company Index Fund
Schwab Fundamental US Small Company Index Fund
Schwab Fundamental International Large Company Index Fund
Schwab Fundamental International Small Company Index Fund
Schwab Fundamental Emerging Markets Large Company Index Fund
Schwab Fundamental Global Real Estate
Index Fund
Schwab Global Real Estate Fund
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 Growth Index Fund
Schwab U.S.
Large-Cap Value Index Fund
Schwab U.S. Mid-Cap Index Fund
Schwab International Index Fund®
Asset Allocation Funds
Schwab
Balanced Fund
Schwab MarketTrack Portfolios®
Schwab Target
Funds
Schwab Target Index Funds
Schwab Monthly Income Funds
Bond Funds
Schwab Treasury Inflation Protected Securities Index Fund
Schwab U.S. Aggregate Bond Index Fund
Schwab
Short-Term Bond Index Fund
Schwab Tax-Free Bond Fund1
Schwab California
Tax-Free Bond Fund1
Schwab Opportunistic Municipal Bond Fund
Schwab Money Funds2
Schwab provides a broad choice of taxable and tax-exempt money market funds for both retail and institutional client types.
Investment Adviser
Charles Schwab Investment Management, Inc., dba Schwab Asset Management
211 Main Street, San Francisco, CA 94105
Funds
Schwab Funds
1-877-824-5615
© 2024 Charles Schwab & Co., Inc. All rights reserved.
Member SIPC®
Printed on recycled paper.
Member SIPC®
Printed on recycled paper.
¹
State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation.
²
You could lose money by investing in the Schwab Money Funds. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares if the Fund’s Board determines that the fee is in the best interests of the Fund. An investment in the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.
Semiannual Report | April 30, 2024
Schwab International Opportunities Fund
| No Action Required – Notice Regarding Shareholder Report Delivery |
| Beginning on July 24, 2024, fund shareholder reports will be streamlined to highlight key information deemed important for investors to assess
and monitor their fund investments. Other information, including financial
statements, will not appear in the streamlined shareholder reports
but will available online and delivered free of charge upon
request. |
| • If you already receive the full shareholder reports, you
will receive the streamlined shareholder reports in the same way that you currently receive the full shareholder reports (either in paper or electronically). |
| • If you currently receive a notification when a shareholder
report is available on a fund’s website, beginning July 24, 2024, you will begin to receive the streamlined shareholder report (in paper). |
Schwab International Opportunities Fund
In
This Report
Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management®
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 Report
1
Schwab International
Opportunities Fund
Performance at a Glance
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/schwabfunds_prospectus.
| Total Return for the 6 Months
Ended April 30, 2024 | |
| Schwab International Opportunities Fund1 (Ticker Symbol:
SWMIX) |
16.38% |
| MSCI EAFE® Index (Net)2
|
18.63% |
| Fund Category: Morningstar Foreign Large
Growth3 |
18.78% |
| Performance Details |
pages 4-5 |
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
Fund expenses may have been partially absorbed by the investment adviser and its
affiliates. Without these reductions, the fund’s total return would have been lower. Performance does not reflect the deduction of taxes that a shareholder would pay on
fund distributions or on the redemption of fund shares.
Foreign
securities can involve risks such as political and economic instability and currency risk. These risks may be greater in emerging markets.
1
The fund’s performance relative to the index may be affected by fair-value pricing
and timing differences in foreign exchange calculations. See financial note 2 for more information.
2
The net version of the index reflects reinvested dividends net of withholding taxes but
reflects no deductions for expenses or other taxes.
3
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
2
Schwab International Opportunities
Fund | Semiannual ReportSchwab International
Opportunities Fund
Fund Management
 |
John Greves, CFA, Managing Director and Head of Multi-Asset Strategies
for Schwab Asset Management, is responsible for the day-to-day co-management of the fund.
Prior to joining Schwab in 2016, Mr. Greves worked at Russell Investment Management
Company (Russell Investments) for 13 years, most recently as a portfolio manager for
multi-asset solutions where he managed multiple target date funds, chaired the multi-asset
advisory team, and co-authored papers on glide path methodology and benchmarking. Prior to
that, he served in several roles for Russell Investments including associate portfolio manager for
multi-asset solutions and senior portfolio analyst for multi-asset solutions.
|
 |
Tony Creasy, CFA, Senior Portfolio Manager for Schwab Asset Management,
is responsible for the day-to-day co-management of the fund. Prior to his current role, he
was a portfolio manager on the Multi-Asset Strategies Team, responsible for the daily
management of several multi-asset portfolios. He also spent eight years as lead analyst on
the Schwab Asset Management Investment Manager Research Team. Mr. Creasy started his
tenure at Schwab in 2005 as an institutional investment analyst for the firm’s retirement investment services group, providing mutual fund analysis. |
 |
David Rios, Portfolio Manager for Schwab Asset Management, is responsible
for the day-to-day management of the portion of the fund that is invested
in accordance with a particular index. Prior to this role, Mr. Rios was an associate
portfolio manager on the equity index strategies team for four years. His first role with Schwab Asset Management was as a trade operations specialist. Prior to joining Schwab in 2008, Mr. Rios was a
senior fund accountant at Investors Bank & Trust (subsequently acquired by State Street
Corporation). |
Schwab International Opportunities Fund | Semiannual Report
3
Schwab International
Opportunities Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1,2
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab International Opportunities Fund (4/2/04)3 |
16.38% |
2.44% |
3.65% |
3.56% |
| MSCI EAFE® Index (Net) 4
|
18.63% |
9.28% |
6.18% |
4.38% |
| Fund Category: Morningstar Foreign Large Growth 5 |
18.78% |
7.07% |
5.57% |
5.24% |
| Fund Expense Ratio6:
0.85% | ||||
INVESTMENT MANAGERS AND ALLOCATIONS7
| Investment Managers |
Investment Style |
% of Net Assets |
| Charles Schwab Investment Management, Inc., dba Schwab Asset Management8 |
International Large-Cap Developed |
26.3% |
| American Century Investment Management, Inc. |
International Small-Cap Growth |
23.1% |
| Harris Associates L.P |
International Large-Cap Value |
20.3% |
| Columbia Management Investment Advisers, LLC |
International All-Cap Blend |
18.9% |
| Baillie Gifford Overseas Limited |
International Growth |
7.9% |
| Cash and other assets9
|
|
3.5% |
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which
would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
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.
2
The fund’s performance relative to the index may be affected by fair-value pricing
and timing differences in foreign exchange calculations. See financial note 2 for more information.
3
The fund commenced operations on October 16, 1996 which became the Schwab International Opportunities Fund (formerly Laudus International MarketMasters 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.
4
The net version of the index reflects reinvested dividends net of withholding taxes but
reflects no deductions for expenses or other taxes.
5
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
6
As stated in the prospectus. Reflects the total annual fund operating expenses without
contractual fee waivers. For actual expense ratios during the period, refer to the financial highlights section of the financial statements.
7
For more information about each of the investment manager’s investment styles, refer to the fund’s prospectus.
8
Schwab Asset Management manages a portion of the fund by primarily investing in stocks that are included in the FTSE Developed ex US Quality Factor Index. The Schwab International Opportunities Fund has been developed solely by Schwab Asset Management. Index Ownership – The fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the LSE Group). FTSE Russell is a trading name of certain of the LSE Group companies. All rights in the FTSE Developed ex US Quality Factor Index (the Index) vest in the relevant LSE Group company which owns the Index. “FTSE®” is a trade mark of the relevant LSE Group company and is used by any other LSE Group company under license.
9
Schwab Asset Management can allocate a portion of the fund to particular market sectors,
such as emerging markets, utilizing securities, exchange-traded funds (ETFs) and/or other registered investment companies and may also directly manage additional portions of
the fund during transitions between investment managers. Schwab Asset Management also manages the cash portion of the fund.
4
Schwab International Opportunities
Fund | Semiannual ReportSchwab International Opportunities
Fund
Performance and Fund Facts as of April 30, 2024
Statistics1
| Number of Holdings |
935 |
| Weighted Average Market Cap (millions) |
$91,051 |
| Price/Earnings Ratio (P/E) |
18.4 |
| Price/Book Ratio (P/B) |
2.2 |
| Portfolio Turnover Rate |
26% 2 |
Sector Weightings % of Investments1
Top Equity Holdings % of Net Assets4
Top Country Weightings % of Investments5
Portfolio holdings may have changed since the report date.
Source of Sector Classification: S&P and MSCI.
International investments are subject to additional risks such as currency fluctuation, geopolitical risk and the potential for illiquid markets. Investing in emerging markets may accentuate these risks.
1
Excludes derivatives.
2
Not annualized.
3
Includes the fund’s position(s) in money market mutual funds registered under the
Investment Company Act of 1940, as amended.
4
This list is not a recommendation of any security by the investment
adviser.
5
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
Schwab International Opportunities Fund | Semiannual Report
5
Schwab International
Opportunities Fund
Fund Expenses (Unaudited)
Examples for a $1,000 Investment
As a fund shareholder, you may incur two types of costs: (1) transaction costs; and (2) ongoing costs, including
management fees, transfer agent and shareholder services fees, and other fund expenses.
The expense examples below are intended to help you understand your ongoing cost (in dollars) of investing in the fund and to compare this cost with the ongoing cost of investing
in other mutual funds. These examples are based on an investment of $1,000 invested for six months beginning
November 1, 2023 and held through April 30, 2024.
The Actual Return line in the table below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to
estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000
(for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number given for
the fund under the heading entitled “Expenses Paid During Period.”
The Hypothetical Return line in the table below provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense ratio and an assumed return of 5% per year before expenses. Because
the return used is not an actual return, it may not be used to estimate the actual ending account value or
expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare
this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the
other funds.
Please note that the expenses shown in the table are
meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the
hypothetical return line of the table is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| |
EXPENSE RATIO
(ANNUALIZED) 1,2 |
BEGINNING ACCOUNT
VALUE AT 11/1/23 |
ENDING ACCOUNT
VALUE (NET OF EXPENSES)
AT 4/30/24 |
EXPENSES PAID DURING PERIOD
11/1/23-4/30/24 3 |
| Schwab International Opportunities Fund |
|
|
|
|
| Actual Return |
0.84% |
$1,000.00
|
$1,163.80
|
$4.52
|
| Hypothetical 5% Return |
0.84% |
$1,000.00
|
$1,020.69
|
$4.22
|
| 1 |
Based on the most recent six-month expense ratio.
|
| 2 |
Excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. Acquired fund fees and expenses
were less than 0.01% during the period November 1, 2023 through April 30, 2024 (see financial
note 4, Expense Limitation, for additional information). |
| 3 |
Expenses for the fund are equal to its annualized expense ratio, multiplied by the average account value over the
period, multiplied by 182 days in the period, and divided by 366 days in the fiscal
year. |
6
Schwab International Opportunities Fund | Semiannual ReportSchwab International Opportunities
Fund
Financial Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/191 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$17.49 |
$16.90 |
$30.60 |
$24.37 |
$22.89 |
$22.89 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)2
|
0.14 |
0.33 |
0.26 |
0.01 |
0.00
3
|
0.31 |
| Net realized and unrealized gains (losses) |
2.71 |
0.91 |
(9.58 ) |
7.94 |
1.95 |
1.74 |
| Total from investment operations |
2.85 |
1.24 |
(9.32 ) |
7.95 |
1.95 |
2.05 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.34 ) |
(0.20 ) |
(0.28 ) |
— |
(0.43 ) |
(0.29 ) |
| Distributions from net realized gains |
— |
(0.45 ) |
(4.10 ) |
(1.72 ) |
(0.04 ) |
(1.76 ) |
| Total distributions |
(0.34 ) |
(0.65 ) |
(4.38 ) |
(1.72 ) |
(0.47 ) |
(2.05 ) |
| Net asset value at end of period |
$20.00 |
$17.49 |
$16.90 |
$30.60 |
$24.37 |
$22.89 |
| Total return |
16.38
%4 |
7.09 % |
(34.79 %) |
33.50 % |
8.56 % |
10.50 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses |
0.84
%5,6 |
0.85
%6 |
0.99
%7,8 |
1.25 % |
1.25 % |
1.25 % |
| Gross operating expenses |
0.84
%5,6 |
0.85
%6 |
1.08
%8 |
1.47 % |
1.51 % |
1.50 % |
| Net investment income (loss) |
1.40
%5 |
1.70 % |
1.24 % |
0.05 % |
0.00
%9 |
1.43 % |
| Portfolio turnover rate |
26
%4 |
63 % |
81 % |
59 % |
65 % |
54 % |
| Net assets, end of period (x 1,000,000) |
$1,002 |
$927 |
$982 |
$1,495 |
$1,243 |
$1,413 |
| * |
Unaudited. |
| 1 |
Effective February 26, 2019, the Investor Share class, and the Select Share class were consolidated into a single class of shares of the fund. The financial history as
shown in the financial highlights is that of the former Select Shares. |
| 2 |
Calculated based on the average shares outstanding during the period. |
| 3 |
Per-share amount was less than $0.005. |
| 4 |
Not annualized. |
| 5 |
Annualized. |
| 6 |
Ratio excludes less than 0.01% of acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds and are
subject to a contractual expense limitation (see financial note 4, Expense Limitation, for
additional information). |
| 7 |
Effective February 25, 2022, the net operating expense limitation was lowered from 1.25% to 0.86%. The ratio presented for the period ended October 31, 2022, is a
blended ratio. |
| 8 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
| 9 |
Less
than 0.005% |
See financial notes
Schwab International Opportunities Fund | Semiannual Report
7
Schwab International Opportunities
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date.
The fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email request to
orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio holdings 15 to
20 days after calendar quarters on the fund’s website.
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| COMMON STOCKS 94.9% OF NET ASSETS | ||
| | ||
| Australia 3.8% | ||
| AGL Energy Ltd. |
14,149 |
86,175 |
| ALS Ltd. |
7,059 |
59,020 |
| Altium Ltd. |
3,252 |
137,396 |
| Alumina Ltd. * |
54,255 |
55,738 |
| Amcor PLC |
26,375 |
234,512 |
| BHP Group Ltd. |
84,533 |
2,318,411 |
| BlueScope Steel Ltd. |
9,036 |
131,884 |
| Boral Ltd. |
6,053 |
22,273 |
| Brambles Ltd. |
118,937 |
1,118,917 |
| CAR Group Ltd. |
125,357 |
2,718,179 |
| Charter Hall Group |
9,814 |
74,530 |
| Cleanaway Waste Management Ltd. |
33,947 |
58,727 |
| Cochlear Ltd. |
1,802 |
375,912 |
| Coles Group Ltd. |
27,645 |
288,316 |
| Computershare Ltd. |
34,148 |
599,925 |
| CSR Ltd. |
11,803 |
67,322 |
| Deterra Royalties Ltd. |
11,613 |
36,760 |
| Downer EDI Ltd. |
13,233 |
39,726 |
| Flight Centre Travel Group Ltd. |
2,700 |
36,698 |
| Fortescue Ltd. |
41,375 |
685,768 |
| Goodman Group |
55,100 |
1,112,999 |
| Harvey Norman Holdings Ltd. |
10,475 |
30,763 |
| IDP Education Ltd. |
5,650 |
58,912 |
| IGO Ltd. |
15,709 |
78,241 |
| Iluka Resources Ltd. |
11,773 |
57,247 |
| Incitec Pivot Ltd. |
32,434 |
58,238 |
| Insurance Australia Group Ltd. |
78,178 |
323,890 |
| James Hardie Industries PLC * |
10,586 |
363,925 |
| JB Hi-Fi Ltd. |
2,973 |
116,013 |
| Lottery Corp. Ltd. |
40,251 |
125,563 |
| Lovisa Holdings Ltd. |
74,504 |
1,501,558 |
| Magellan Financial Group Ltd. |
8,083 |
45,896 |
| Medibank Pvt Ltd. |
168,852 |
386,985 |
| Megaport Ltd. * |
159,589 |
1,366,481 |
| Metcash Ltd. |
18,646 |
47,284 |
| New Hope Corp. Ltd. |
14,746 |
42,896 |
| NEXTDC Ltd. * |
315,938 |
3,353,835 |
| Northern Star Resources Ltd. |
420,689 |
3,987,600 |
| Origin Energy Ltd. |
36,068 |
227,640 |
| Orora Ltd. |
23,052 |
32,312 |
| Paladin Energy Ltd. * |
383,316 |
3,401,832 |
| Pilbara Minerals Ltd. |
83,672 |
213,021 |
| Pro Medicus Ltd. |
29,907 |
2,136,708 |
| Qantas Airways Ltd. * |
24,339 |
91,829 |
| Qube Holdings Ltd. |
28,355 |
60,319 |
| REA Group Ltd. |
1,462 |
167,586 |
| Reece Ltd. |
4,685 |
83,110 |
| Region RE Ltd. |
36,474 |
51,131 |
| Rio Tinto Ltd. |
8,392 |
698,419 |
| Santos Ltd. |
660,704 |
3,242,315 |
| Seven Group Holdings Ltd. |
105,381 |
2,560,664 |
| Star Entertainment Group Ltd. * |
30,008 |
7,735 |
| Steadfast Group Ltd. |
41,365 |
150,545 |
| Tabcorp Holdings Ltd. |
34,380 |
16,132 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Transurban Group |
47,586 |
382,042 |
| Wesfarmers Ltd. |
30,611 |
1,311,352 |
| Whitehaven Coal Ltd. |
20,669 |
102,239 |
| Woolworths Group Ltd. |
24,779 |
508,393 |
| Worley Ltd. |
7,327 |
70,729 |
| Yancoal Australia Ltd. |
4,549 |
16,240 |
| |
|
37,736,808 |
| | ||
| Austria 0.1% | ||
| ANDRITZ AG |
1,633 |
89,135 |
| Kontron AG |
45,288 |
911,672 |
| Mondi PLC |
9,192 |
174,470 |
| OMV AG |
4,003 |
189,948 |
| Telekom Austria AG |
2,982 |
25,618 |
| Verbund AG |
1,843 |
140,789 |
| voestalpine AG |
2,431 |
64,920 |
| |
|
1,596,552 |
| | ||
| Belgium 0.3% | ||
| Anheuser-Busch InBev SA |
43,200 |
2,582,227 |
| Elia Group SA |
635 |
61,139 |
| Lotus Bakeries NV |
8 |
80,510 |
| Solvay SA |
1,551 |
50,103 |
| Syensqo SA * |
1,609 |
149,141 |
| Warehouses De Pauw CVA |
2,812 |
74,361 |
| |
|
2,997,481 |
| | ||
| Brazil 1.4% | ||
| Direcional Engenharia SA |
287,700 |
1,292,063 |
| Embraer SA, ADR * |
76,622 |
1,957,692 |
| JBS SA |
182,322 |
823,023 |
| MercadoLibre, Inc. * |
6,255 |
9,124,168 |
| YDUQS Participacoes SA |
297,800 |
836,749 |
| |
|
14,033,695 |
| | ||
| Canada 5.8% | ||
| Alamos Gold, Inc., Class A |
179,335 |
2,637,950 |
| Alimentation Couche-Tard, Inc. |
20,875 |
1,156,984 |
| Aritzia, Inc. * |
42,541 |
1,101,341 |
| ATS Corp. * |
14,898 |
490,125 |
| BCE, Inc. |
6,234 |
204,819 |
| Boyd Group Services, Inc. |
6,016 |
1,124,976 |
| Brookfield Asset Management Ltd., Class A |
16,241 |
620,429 |
| Cameco Corp. |
56,544 |
2,580,103 |
| Canadian National Railway Co. |
15,359 |
1,864,189 |
| Canadian Natural Resources Ltd. |
27,881 |
2,112,771 |
| Canadian Pacific Kansas City Ltd. |
15,089 |
1,183,752 |
| Capstone Copper Corp. * |
353,593 |
2,447,784 |
| Cargojet, Inc. |
14,591 |
1,303,667 |
| Celestica, Inc. * |
63,695 |
2,759,904 |
| Cenovus Energy, Inc. |
37,597 |
772,341 |
| CGI, Inc. * |
3,941 |
399,324 |
| Constellation Software, Inc. |
288 |
741,476 |
See financial
notes
8
Schwab International Opportunities
Fund | Semiannual ReportSchwab International Opportunities
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Descartes Systems Group, Inc. * |
26,096 |
2,420,702 |
| Dollarama, Inc. |
6,194 |
516,703 |
| Energy Fuels, Inc. * |
143,400 |
742,812 |
| ERO Copper Corp. * |
83,289 |
1,698,269 |
| FirstService Corp. |
7,486 |
1,100,442 |
| Franco-Nevada Corp. |
2,857 |
343,923 |
| Hydro One Ltd. |
4,784 |
134,000 |
| Imperial Oil Ltd. |
5,101 |
350,713 |
| Loblaw Cos. Ltd. |
2,619 |
287,193 |
| Lundin Gold, Inc. |
130,341 |
1,771,460 |
| Magna International, Inc. |
5,455 |
260,734 |
| Metro, Inc. |
4,227 |
216,224 |
| Nutrien Ltd. (a) |
9,667 |
509,736 |
| Nutrien Ltd. (a) |
19,038 |
1,004,635 |
| Open Text Corp. |
90,051 |
3,179,733 |
| Pan American Silver Corp. |
59,381 |
1,094,986 |
| Primo Water Corp. |
195,988 |
3,698,294 |
| Saputo, Inc. |
4,635 |
89,121 |
| Shopify, Inc., Class A * |
21,439 |
1,505,018 |
| SNC-Lavalin Group, Inc. |
77,205 |
2,964,484 |
| Stantec, Inc. |
30,909 |
2,461,000 |
| Suncor Energy, Inc. |
33,607 |
1,282,371 |
| TELUS Corp. |
7,612 |
122,254 |
| Thomson Reuters Corp. |
7,191 |
1,086,133 |
| Tourmaline Oil Corp. |
6,732 |
329,008 |
| Vermilion Energy, Inc. |
71,336 |
822,504 |
| Waste Connections, Inc. |
4,087 |
662,636 |
| Wheaton Precious Metals Corp. |
7,576 |
394,690 |
| Whitecap Resources, Inc. |
424,534 |
3,219,507 |
| |
|
57,771,220 |
| | ||
| China 1.7% | ||
| Alibaba Group Holding Ltd. |
421,440 |
3,945,968 |
| Bosideng International Holdings Ltd. |
1,016,000 |
588,129 |
| Kanzhun Ltd., ADR |
104,674 |
2,071,499 |
| Meituan, B Shares * |
219,690 |
2,999,763 |
| PDD Holdings, Inc., ADR * |
11,787 |
1,475,497 |
| Silergy Corp. |
91,000 |
1,208,582 |
| Tencent Holdings Ltd. |
58,400 |
2,562,778 |
| Tongcheng Travel Holdings Ltd. * |
742,000 |
1,952,854 |
| |
|
16,805,070 |
| | ||
| Denmark 3.0% | ||
| Ambu AS, Class B * |
75,231 |
1,202,908 |
| AP Moller - Maersk AS, Class A |
81 |
114,873 |
| AP Moller - Maersk AS, Class B |
134 |
194,175 |
| Carlsberg AS, Class B |
2,698 |
362,916 |
| DSV AS |
24,370 |
3,462,231 |
| Genmab AS * |
7,590 |
2,107,211 |
| H Lundbeck AS |
5,437 |
26,438 |
| NKT AS * |
33,341 |
2,765,781 |
| Novo Nordisk AS, Class B |
129,892 |
16,657,635 |
| Novonesis (Novozymes) B, Class B |
7,232 |
400,484 |
| Orsted AS * |
4,113 |
226,044 |
| Pandora AS |
2,322 |
353,408 |
| Rockwool AS, B Shares |
253 |
82,475 |
| Royal Unibrew AS * |
16,869 |
1,270,361 |
| Svitzer AS * |
430 |
14,450 |
| Zealand Pharma AS * |
9,695 |
870,082 |
| |
|
30,111,472 |
| | ||
| Finland 0.5% | ||
| Elisa OYJ |
3,358 |
151,410 |
| Kesko OYJ, B Shares |
4,807 |
82,067 |
| Kone OYJ, B Shares |
9,974 |
486,202 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Metso OYJ |
10,398 |
117,883 |
| Neste OYJ |
10,992 |
249,179 |
| Nokia OYJ |
85,325 |
310,186 |
| Orion OYJ, B Shares |
3,207 |
122,492 |
| UPM-Kymmene OYJ |
93,863 |
3,289,440 |
| |
|
4,808,859 |
| | ||
| France 9.9% | ||
| Accor SA |
70,211 |
3,077,045 |
| Aeroports de Paris SA |
491 |
62,364 |
| Air Liquide SA |
9,628 |
1,883,031 |
| Airbus SE |
15,968 |
2,627,658 |
| ArcelorMittal SA |
14,159 |
353,732 |
| AXA SA |
74,503 |
2,574,196 |
| BioMerieux |
1,031 |
109,599 |
| BNP Paribas SA |
113,603 |
8,175,083 |
| Bollore SE |
16,303 |
105,819 |
| Bureau Veritas SA |
5,841 |
170,357 |
| Capgemini SE |
12,304 |
2,586,067 |
| Cie de Saint-Gobain SA |
41,304 |
3,266,430 |
| Cie Generale des Etablissements Michelin SCA |
42,533 |
1,634,060 |
| Danone SA |
51,087 |
3,197,399 |
| Dassault Aviation SA |
500 |
107,024 |
| Edenred SE |
64,144 |
3,043,752 |
| Eiffage SA |
31,786 |
3,391,517 |
| Elis SA |
178,856 |
4,015,563 |
| Engie SA * |
35,021 |
607,986 |
| EssilorLuxottica SA |
4,918 |
1,048,673 |
| Eurofins Scientific SE |
47,427 |
2,906,741 |
| Gaztransport Et Technigaz SA |
16,121 |
2,246,949 |
| Hermes International SCA |
2,350 |
5,625,877 |
| Ipsen SA |
960 |
116,771 |
| JCDecaux SE * |
1,170 |
24,421 |
| Kering SA |
23,957 |
8,396,190 |
| La Francaise des Jeux SAEM |
2,602 |
98,056 |
| Legrand SA |
4,109 |
422,268 |
| L'Oreal SA |
9,560 |
4,482,236 |
| LVMH Moet Hennessy Louis Vuitton SE |
5,964 |
4,899,044 |
| Publicis Groupe SA |
17,892 |
1,974,325 |
| Remy Cointreau SA |
410 |
38,897 |
| Rexel SA |
5,538 |
143,544 |
| Safran SA |
6,904 |
1,497,009 |
| Sanofi SA |
68,287 |
6,746,281 |
| Sartorius Stedim Biotech |
422 |
90,885 |
| Schneider Electric SE |
12,728 |
2,902,154 |
| SOITEC * |
461 |
45,078 |
| STMicroelectronics NV |
17,021 |
673,774 |
| Teleperformance SE * |
1,160 |
105,078 |
| Thales SA |
2,004 |
336,807 |
| TotalEnergies SE |
94,312 |
6,846,934 |
| Valeo SE |
119,673 |
1,516,676 |
| Vinci SA |
8,752 |
1,025,525 |
| VusionGroup * |
10,675 |
1,742,053 |
| Worldline SA * |
183,200 |
1,900,242 |
| |
|
98,841,170 |
| | ||
| Germany 8.1% | ||
| adidas AG |
11,480 |
2,766,486 |
| Allianz SE |
15,035 |
4,266,708 |
| BASF SE |
16,053 |
841,122 |
| Bayer AG |
241,723 |
7,051,225 |
| Bayerische Motoren Werke AG |
43,431 |
4,731,777 |
| Beiersdorf AG |
2,696 |
405,218 |
| BioNTech SE, ADR * |
10,848 |
963,519 |
| Brenntag SE |
32,170 |
2,567,275 |
See financial
notes
Schwab International Opportunities Fund | Semiannual Report
9
Schwab International Opportunities
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Carl Zeiss Meditec AG, Bearer Shares |
827 |
87,259 |
| Continental AG |
75,227 |
4,875,559 |
| Covestro AG * |
4,088 |
204,745 |
| CTS Eventim AG & Co. KGaA |
21,408 |
1,893,082 |
| Daimler Truck Holding AG |
80,831 |
3,645,173 |
| Delivery Hero SE * |
89,541 |
2,505,138 |
| Deutsche Lufthansa AG * |
13,548 |
96,958 |
| Deutsche Post AG |
21,515 |
900,832 |
| Duerr AG |
34,083 |
871,897 |
| DWS Group GmbH & Co. KGaA |
1,221 |
51,519 |
| E.ON SE |
174,982 |
2,317,106 |
| Evonik Industries AG |
3,866 |
80,570 |
| Fielmann Group AG |
464 |
21,636 |
| Fresenius Medical Care AG |
140,500 |
5,915,430 |
| Fresenius SE & Co. KGaA |
170,600 |
5,090,768 |
| FUCHS SE |
1,104 |
40,358 |
| GEA Group AG * |
4,315 |
174,153 |
| Gerresheimer AG |
17,530 |
1,887,927 |
| Heidelberg Materials AG |
2,348 |
236,293 |
| Henkel AG & Co. KGaA |
31,058 |
2,233,335 |
| HOCHTIEF AG |
408 |
42,962 |
| Hugo Boss AG |
13,687 |
737,521 |
| KION Group AG |
84,980 |
3,916,549 |
| Mercedes-Benz Group AG |
71,694 |
5,422,998 |
| MTU Aero Engines AG |
1,105 |
266,213 |
| Nemetschek SE |
1,479 |
130,698 |
| Rational AG |
153 |
130,509 |
| RTL Group SA |
1,131 |
34,863 |
| SAP SE |
25,495 |
4,603,559 |
| Scout24 SE |
24,673 |
1,812,421 |
| Siemens AG |
16,200 |
3,034,803 |
| TeamViewer SE * |
75,442 |
995,286 |
| thyssenkrupp AG |
239,500 |
1,201,974 |
| Wacker Chemie AG |
316 |
33,827 |
| Zalando SE * |
67,129 |
1,756,448 |
| |
|
80,843,699 |
| | ||
| Greece 0.6% | ||
| Jumbo SA |
78,941 |
2,458,295 |
| National Bank of Greece SA * |
452,702 |
3,652,416 |
| |
|
6,110,711 |
| | ||
| Guernsey 0.2% | ||
| Burford Capital Ltd. |
153,784 |
2,351,357 |
| | ||
| Hong Kong 0.6% | ||
| AAC Technologies Holdings, Inc. |
14,000 |
44,557 |
| ASMPT Ltd. |
5,800 |
72,081 |
| Budweiser Brewing Co. APAC Ltd. |
48,600 |
67,612 |
| Cathay Pacific Airways Ltd. |
15,000 |
16,148 |
| Chow Tai Fook Jewellery Group Ltd. |
31,600 |
42,996 |
| CK Asset Holdings Ltd. |
38,000 |
162,092 |
| CK Infrastructure Holdings Ltd. |
11,000 |
62,140 |
| CLP Holdings Ltd. |
33,500 |
263,513 |
| ESR Group Ltd. |
63,000 |
69,040 |
| First Pacific Co. Ltd. |
44,000 |
20,578 |
| Hong Kong & China Gas Co. Ltd. |
221,000 |
168,038 |
| Johnson Electric Holdings Ltd. |
9,500 |
12,960 |
| Lenovo Group Ltd. |
128,000 |
143,969 |
| Link REIT |
70,300 |
301,221 |
| L'Occitane International SA |
10,250 |
42,322 |
| Man Wah Holdings Ltd. |
40,800 |
29,778 |
| NagaCorp Ltd. * |
26,000 |
13,626 |
| Nexteer Automotive Group Ltd. |
32,000 |
16,867 |
| NWS Holdings Ltd. |
24,000 |
20,310 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Orient Overseas International Ltd. |
4,000 |
58,340 |
| Power Assets Holdings Ltd. |
38,500 |
220,842 |
| PRADA SpA |
9,800 |
79,922 |
| Samsonite International SA * |
611,400 |
2,149,479 |
| Sino Land Co. Ltd. |
53,069 |
56,741 |
| SITC International Holdings Co. Ltd. |
37,000 |
80,238 |
| Sun Hung Kai Properties Ltd. |
23,500 |
216,786 |
| Techtronic Industries Co. Ltd. |
22,500 |
310,934 |
| United Energy Group Ltd. |
168,000 |
11,984 |
| Vitasoy International Holdings Ltd. |
22,000 |
16,420 |
| VTech Holdings Ltd. |
4,500 |
26,011 |
| WH Group Ltd. |
1,496,650 |
1,087,825 |
| Xinyi Glass Holdings Ltd. |
43,839 |
46,847 |
| Yue Yuen Industrial Holdings Ltd. |
17,500 |
30,985 |
| |
|
5,963,202 |
| | ||
| India 2.2% | ||
| Axis Bank Ltd. |
111,332 |
1,553,982 |
| Honasa Consumer Ltd. * |
222,162 |
1,139,274 |
| Kalyan Jewellers India Ltd. |
434,860 |
2,149,554 |
| KEI Industries Ltd. |
51,237 |
2,452,372 |
| Lemon Tree Hotels Ltd. * |
924,760 |
1,687,067 |
| Max Financial Services Ltd. * |
242,986 |
2,940,343 |
| Max Healthcare Institute Ltd. |
383,198 |
3,850,736 |
| Phoenix Mills Ltd. |
52,655 |
1,985,894 |
| Prestige Estates Projects Ltd. |
102,048 |
1,684,270 |
| Rainbow Children's Medicare Ltd. |
80,402 |
1,322,457 |
| Varun Beverages Ltd. |
68,241 |
1,207,169 |
| |
|
21,973,118 |
| | ||
| Indonesia 0.3% | ||
| Ace Hardware Indonesia Tbk. PT |
23,514,400 |
1,349,973 |
| Bank Mandiri Persero Tbk. PT |
1,093,100 |
462,028 |
| Bank Rakyat Indonesia Persero Tbk. PT |
5,185,900 |
1,569,790 |
| |
|
3,381,791 |
| | ||
| Ireland 0.8% | ||
| Bank of Ireland Group PLC |
193,627 |
2,065,890 |
| Glanbia PLC |
110,125 |
2,096,654 |
| Kerry Group PLC, Class A |
2,454 |
211,187 |
| Kingspan Group PLC |
2,869 |
255,191 |
| Ryanair Holdings PLC, ADR |
18,521 |
2,522,560 |
| Smurfit Kappa Group PLC |
21,100 |
914,254 |
| |
|
8,065,736 |
| | ||
| Israel 1.5% | ||
| Airport City Ltd. * |
1,274 |
19,575 |
| Amot Investments Ltd. |
4,605 |
19,314 |
| Azrieli Group Ltd. |
715 |
46,003 |
| Bank Hapoalim BM |
222,896 |
2,007,942 |
| Bezeq The Israeli Telecommunication Corp. Ltd. |
55,141 |
68,498 |
| Big Shopping Centers Ltd. * |
217 |
22,323 |
| Camtek Ltd. |
29,392 |
2,379,870 |
| Check Point Software Technologies Ltd. * |
23,899 |
3,570,989 |
| CyberArk Software Ltd. * |
13,968 |
3,341,844 |
| Delek Group Ltd. |
224 |
26,312 |
| Elbit Systems Ltd. |
594 |
120,913 |
| Electra Ltd. |
42 |
15,971 |
| Fattal Holdings 1998 Ltd. * |
113 |
13,710 |
| ICL Group Ltd. |
22,046 |
103,483 |
| Israel Corp. Ltd. |
100 |
23,831 |
| Melisron Ltd. |
643 |
44,110 |
| Mivne Real Estate KD Ltd. |
18,607 |
44,726 |
See financial
notes
10
Schwab International Opportunities
Fund | Semiannual ReportSchwab International Opportunities
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Nice Ltd. * |
1,784 |
398,921 |
| Nova Ltd. *(a) |
805 |
136,231 |
| Nova Ltd. *(a) |
14,013 |
2,380,809 |
| SolarEdge Technologies, Inc. * |
7,125 |
417,881 |
| Strauss Group Ltd. |
1,100 |
20,206 |
| Teva Pharmaceutical Industries Ltd. * |
21,877 |
305,951 |
| Tower Semiconductor Ltd. * |
3,282 |
106,207 |
| |
|
15,635,620 |
| | ||
| Italy 1.8% | ||
| A2A SpA |
44,431 |
87,625 |
| Brembo NV |
103,627 |
1,318,330 |
| Buzzi SpA |
1,705 |
61,432 |
| Enel SpA |
172,646 |
1,134,706 |
| Eni SpA |
58,123 |
933,553 |
| Ferrari NV |
18,217 |
7,492,190 |
| Hera SpA |
20,682 |
74,672 |
| Interpump Group SpA |
1,468 |
63,946 |
| Intesa Sanpaolo SpA |
1,349,600 |
5,051,560 |
| Moncler SpA |
5,505 |
374,792 |
| Prysmian SpA |
5,286 |
286,810 |
| Reply SpA |
482 |
62,930 |
| Stellantis NV |
54,449 |
1,204,765 |
| Terna - Rete Elettrica Nazionale |
26,399 |
211,506 |
| |
|
18,358,817 |
| | ||
| Japan 14.0% | ||
| ABC-Mart, Inc. |
2,100 |
41,828 |
| Acom Co. Ltd. |
12,600 |
32,489 |
| Advantest Corp. |
16,900 |
528,981 |
| AGC, Inc. |
2,900 |
107,225 |
| Aica Kogyo Co. Ltd. |
1,200 |
27,815 |
| Air Water, Inc. |
3,000 |
45,046 |
| Aisin Corp. |
3,100 |
117,912 |
| Amada Co. Ltd. |
8,300 |
90,653 |
| Amano Corp. |
2,000 |
48,103 |
| Amvis Holdings, Inc. |
45,500 |
620,755 |
| ANA Holdings, Inc. |
3,700 |
70,270 |
| Anritsu Corp. |
3,500 |
26,685 |
| As One Corp. |
1,000 |
16,475 |
| Asahi Intecc Co. Ltd. |
3,500 |
51,284 |
| Asics Corp. |
53,100 |
2,275,990 |
| Astellas Pharma, Inc. |
35,200 |
337,846 |
| Azbil Corp. |
3,500 |
97,755 |
| Bandai Namco Holdings, Inc. |
16,100 |
300,831 |
| BayCurrent Consulting, Inc. |
57,221 |
1,218,073 |
| Bridgestone Corp. |
10,500 |
463,333 |
| Calbee, Inc. |
2,000 |
43,683 |
| Canon Marketing Japan, Inc. |
1,000 |
27,477 |
| Canon, Inc. |
14,700 |
397,860 |
| Capcom Co. Ltd. |
10,400 |
171,209 |
| Chubu Electric Power Co., Inc. |
16,200 |
207,943 |
| Chugai Pharmaceutical Co. Ltd. |
13,400 |
426,171 |
| Chugoku Electric Power Co., Inc. |
5,600 |
38,445 |
| Coca-Cola Bottlers Japan Holdings, Inc. |
165,500 |
2,317,089 |
| COMSYS Holdings Corp. |
2,800 |
65,541 |
| Cosmo Energy Holdings Co. Ltd. |
1,500 |
71,708 |
| Cosmos Pharmaceutical Corp. |
300 |
27,677 |
| CyberAgent, Inc. |
404,300 |
2,519,017 |
| Dai Nippon Printing Co. Ltd. |
4,300 |
125,242 |
| Daicel Corp. |
4,000 |
37,152 |
| Daifuku Co. Ltd. |
7,726 |
158,258 |
| Daiichikosho Co. Ltd. |
2,000 |
23,345 |
| Daito Trust Construction Co. Ltd. |
1,800 |
192,950 |
| Denso Corp. |
43,900 |
748,193 |
| Dentsu Soken, Inc. |
500 |
16,564 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Descente Ltd. |
1,000 |
22,547 |
| Disco Corp. |
2,100 |
598,176 |
| Electric Power Development Co. Ltd. |
3,600 |
61,153 |
| ENEOS Holdings, Inc. |
72,200 |
333,579 |
| Fancl Corp. |
2,000 |
23,359 |
| FANUC Corp. |
28,300 |
838,226 |
| Food & Life Cos. Ltd. |
1,700 |
32,131 |
| FP Partner, Inc. |
68,500 |
2,181,472 |
| Fuji Electric Co. Ltd. |
2,800 |
174,171 |
| Fujikura Ltd. |
5,500 |
94,514 |
| Fujitsu Ltd. |
185,300 |
2,862,541 |
| GMO Payment Gateway, Inc. |
23,600 |
1,079,491 |
| Goldwin, Inc. |
1,000 |
60,657 |
| GS Yuasa Corp. |
1,100 |
20,754 |
| Hakuhodo DY Holdings, Inc. |
4,200 |
39,065 |
| Hamamatsu Photonics KK |
2,800 |
102,597 |
| Harmonic Drive Systems, Inc. |
1,000 |
24,975 |
| Hirose Electric Co. Ltd. |
800 |
84,917 |
| Hitachi Ltd. |
41,678 |
3,845,240 |
| Honda Motor Co. Ltd. |
81,600 |
928,410 |
| Horiba Ltd. |
15,400 |
1,494,094 |
| Hoshizaki Corp. |
55,900 |
1,926,241 |
| House Foods Group, Inc. |
1,500 |
29,554 |
| Hoya Corp. |
8,200 |
950,706 |
| Idemitsu Kosan Co. Ltd. |
30,500 |
206,641 |
| INFRONEER Holdings, Inc. |
3,800 |
33,652 |
| Inpex Corp. |
25,200 |
377,491 |
| Internet Initiative Japan, Inc. |
2,800 |
47,373 |
| Isetan Mitsukoshi Holdings Ltd. |
6,200 |
87,080 |
| Isuzu Motors Ltd. |
12,600 |
159,678 |
| ITOCHU Corp. |
103,120 |
4,652,231 |
| Iwatani Corp. |
1,334 |
75,748 |
| Japan Airlines Co. Ltd. |
3,900 |
69,103 |
| Japan Airport Terminal Co. Ltd. |
900 |
31,805 |
| Japan Aviation Electronics Industry Ltd. |
700 |
11,246 |
| Jeol Ltd. |
800 |
31,696 |
| JFE Holdings, Inc. |
10,700 |
159,705 |
| JGC Holdings Corp. |
6,300 |
60,727 |
| JSR Corp. * |
800 |
21,946 |
| JTEKT Corp. |
4,100 |
31,737 |
| Justsystems Corp. |
22,265 |
387,825 |
| Kakaku.com, Inc. |
3,600 |
41,409 |
| Kamigumi Co. Ltd. |
2,800 |
60,468 |
| Kandenko Co. Ltd. |
2,600 |
29,002 |
| Kansai Electric Power Co., Inc. |
11,900 |
178,255 |
| Kansai Paint Co. Ltd. |
4,400 |
57,280 |
| Kawasaki Kisen Kaisha Ltd. |
17,100 |
240,937 |
| KDDI Corp. |
32,100 |
890,736 |
| Kewpie Corp. |
1,800 |
36,293 |
| Keyence Corp. |
5,300 |
2,330,779 |
| Kikkoman Corp. |
22,000 |
262,139 |
| Kinden Corp. |
64,227 |
1,225,523 |
| Kintetsu Group Holdings Co. Ltd. |
4,400 |
113,118 |
| Kobayashi Pharmaceutical Co. Ltd. |
1,500 |
53,175 |
| Kobe Bussan Co. Ltd. |
2,200 |
47,514 |
| Koei Tecmo Holdings Co. Ltd. |
3,900 |
36,275 |
| Koito Manufacturing Co. Ltd. |
5,800 |
78,014 |
| Kokuyo Co. Ltd. |
1,300 |
22,209 |
| Komatsu Ltd. |
153,500 |
4,582,919 |
| Konami Group Corp. |
1,600 |
96,540 |
| Kose Corp. |
700 |
36,095 |
| Kotobuki Spirits Co. Ltd. |
3,000 |
30,890 |
| Kurita Water Industries Ltd. |
2,500 |
99,010 |
| Kyoritsu Maintenance Co. Ltd. |
52,300 |
1,115,331 |
| Kyowa Kirin Co. Ltd. |
4,700 |
78,931 |
| Kyudenko Corp. |
700 |
29,053 |
| Kyushu Electric Power Co., Inc. |
7,300 |
67,721 |
| Lasertec Corp. |
1,800 |
388,270 |
See financial
notes
Schwab International Opportunities Fund | Semiannual Report
11
Schwab International Opportunities
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Lion Corp. |
5,200 |
46,634 |
| M3, Inc. |
83,500 |
883,277 |
| Mabuchi Motor Co. Ltd. |
2,600 |
40,269 |
| Macnica Holdings, Inc. |
66,601 |
2,936,641 |
| Mani, Inc. |
1,200 |
13,902 |
| Marubeni Corp. |
28,400 |
505,984 |
| Maruichi Steel Tube Ltd. |
1,700 |
43,772 |
| MatsukiyoCocokara & Co. |
189,703 |
2,690,126 |
| Mazda Motor Corp. |
9,900 |
112,063 |
| McDonald's Holdings Co. Japan Ltd. |
2,200 |
96,775 |
| Mebuki Financial Group, Inc. |
286,837 |
1,014,721 |
| Medipal Holdings Corp. |
3,100 |
48,617 |
| MEIJI Holdings Co. Ltd. |
5,800 |
129,771 |
| MISUMI Group, Inc. |
7,300 |
118,682 |
| Mitsubishi Chemical Group Corp. |
23,100 |
134,762 |
| Mitsubishi Corp. |
74,100 |
1,694,635 |
| Mitsubishi Electric Corp. |
30,900 |
538,585 |
| Mitsubishi Gas Chemical Co., Inc. |
3,200 |
56,622 |
| Mitsubishi Logistics Corp. |
1,100 |
36,494 |
| Mitsubishi Motors Corp. |
12,600 |
39,927 |
| Mitsubishi UFJ Financial Group, Inc. |
432,844 |
4,311,711 |
| Mitsui & Co. Ltd. |
31,500 |
1,520,684 |
| Mitsui Chemicals, Inc. |
2,900 |
82,542 |
| Mitsui Mining & Smelting Co. Ltd. |
800 |
25,086 |
| Mitsui OSK Lines Ltd. |
7,100 |
225,351 |
| Miura Co. Ltd. |
2,500 |
39,333 |
| Money Forward, Inc. * |
56,200 |
1,956,959 |
| MonotaRO Co. Ltd. |
6,900 |
82,696 |
| Murata Manufacturing Co. Ltd. |
26,100 |
476,903 |
| Nabtesco Corp. |
1,900 |
31,335 |
| Nagase & Co. Ltd. |
1,600 |
27,681 |
| NET One Systems Co. Ltd. |
1,800 |
30,170 |
| Nexon Co. Ltd. |
11,700 |
182,419 |
| NGK Insulators Ltd. |
4,600 |
62,663 |
| NHK Spring Co. Ltd. |
2,500 |
25,337 |
| Nifco, Inc. |
1,900 |
45,930 |
| Nihon M&A Center Holdings, Inc. |
153,100 |
837,967 |
| Nintendo Co. Ltd. |
29,300 |
1,428,931 |
| Nippon Kayaku Co. Ltd. |
4,600 |
37,469 |
| Nippon Sanso Holdings Corp. |
2,700 |
80,197 |
| Nippon Shinyaku Co. Ltd. |
800 |
22,136 |
| Nippon Shokubai Co. Ltd. |
3,600 |
34,218 |
| Nippon Steel Corp. |
15,200 |
340,767 |
| Nippon Telegraph & Telephone Corp. |
458,600 |
495,133 |
| Nippon Yusen KK |
12,600 |
357,720 |
| Nishi-Nippon Railroad Co. Ltd. |
1,100 |
17,137 |
| Nissan Chemical Corp. |
55,914 |
1,906,006 |
| Nisshin Seifun Group, Inc. |
4,000 |
52,180 |
| Nissin Foods Holdings Co. Ltd. |
5,100 |
136,096 |
| Niterra Co. Ltd. |
4,100 |
134,471 |
| Nitori Holdings Co. Ltd. |
1,400 |
187,366 |
| Nitto Denko Corp. |
4,000 |
330,742 |
| Noevir Holdings Co. Ltd. |
400 |
13,235 |
| NOF Corp. |
5,700 |
76,471 |
| NOK Corp. |
1,900 |
27,497 |
| NS Solutions Corp. |
600 |
19,543 |
| NSK Ltd. |
7,200 |
39,596 |
| Obayashi Corp. |
15,900 |
177,457 |
| OBIC Business Consultants Co. Ltd. |
600 |
24,517 |
| Obic Co. Ltd. |
1,700 |
218,393 |
| OKUMA Corp. |
900 |
40,423 |
| Omron Corp. |
3,100 |
106,399 |
| Ono Pharmaceutical Co. Ltd. |
8,600 |
123,869 |
| Open House Group Co. Ltd. |
2,200 |
66,903 |
| Oracle Corp. |
900 |
67,540 |
| Oriental Land Co. Ltd. |
24,800 |
684,275 |
| Osaka Gas Co. Ltd. |
7,400 |
164,545 |
| OSG Corp. |
1,700 |
21,924 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Otsuka Corp. |
166,814 |
3,317,617 |
| PAL GROUP Holdings Co. Ltd. |
72,300 |
862,839 |
| PALTAC Corp. |
600 |
18,160 |
| Panasonic Holdings Corp. |
33,300 |
290,657 |
| Persol Holdings Co. Ltd. |
51,000 |
70,549 |
| Pigeon Corp. |
2,400 |
21,876 |
| Pola Orbis Holdings, Inc. |
1,800 |
16,517 |
| Rakus Co. Ltd. |
2,600 |
26,281 |
| Rakuten Bank Ltd. * |
108,700 |
2,202,922 |
| Recruit Holdings Co. Ltd. |
70,700 |
3,044,862 |
| Relo Group, Inc. |
3,200 |
27,816 |
| Resonac Holdings Corp. |
3,300 |
71,554 |
| Resorttrust, Inc. |
900 |
14,895 |
| Rinnai Corp. |
2,600 |
56,335 |
| Rohm Co. Ltd. |
5,600 |
80,499 |
| Rohto Pharmaceutical Co. Ltd. |
3,300 |
64,384 |
| Round One Corp. |
108,956 |
478,614 |
| Ryohin Keikaku Co. Ltd. |
147,500 |
2,376,081 |
| Sankyo Co. Ltd. |
389,020 |
4,225,542 |
| Sankyu, Inc. |
1,000 |
34,670 |
| Sanrio Co. Ltd. |
156,332 |
2,635,827 |
| Santen Pharmaceutical Co. Ltd. |
192,900 |
1,863,237 |
| Sanwa Holdings Corp. |
26,916 |
439,562 |
| SCREEN Holdings Co. Ltd. |
1,500 |
154,766 |
| Secom Co. Ltd. |
5,000 |
347,312 |
| Sega Sammy Holdings, Inc. |
4,200 |
54,974 |
| Seino Holdings Co. Ltd. |
3,200 |
42,871 |
| Sekisui Chemical Co. Ltd. |
6,700 |
97,472 |
| SG Holdings Co. Ltd. |
12,300 |
143,973 |
| SHIFT, Inc. * |
300 |
27,596 |
| Shikoku Electric Power Co., Inc. |
2,700 |
22,377 |
| Shimadzu Corp. |
7,300 |
198,327 |
| Shimamura Co. Ltd. |
46,010 |
2,268,148 |
| Shimano, Inc. |
2,200 |
357,529 |
| Shimizu Corp. |
9,800 |
60,706 |
| Shin-Etsu Chemical Co. Ltd. |
59,600 |
2,307,053 |
| Shinko Electric Industries Co. Ltd. |
1,400 |
49,154 |
| Shionogi & Co. Ltd. |
6,600 |
308,225 |
| Ship Healthcare Holdings, Inc. |
104,395 |
1,553,180 |
| SHO-BOND Holdings Co. Ltd. |
1,000 |
38,617 |
| SMC Corp. |
1,500 |
788,050 |
| SMS Co. Ltd. |
1,400 |
19,372 |
| Socionext, Inc. |
53,200 |
1,555,335 |
| Sohgo Security Services Co. Ltd. |
6,000 |
33,370 |
| Sojitz Corp. |
3,900 |
100,413 |
| Square Enix Holdings Co. Ltd. |
2,300 |
83,138 |
| Stanley Electric Co. Ltd. |
3,900 |
69,018 |
| Subaru Corp. |
17,800 |
397,456 |
| Sugi Holdings Co. Ltd. |
2,400 |
35,213 |
| SUMCO Corp. |
7,200 |
107,376 |
| Sumitomo Bakelite Co. Ltd. |
1,200 |
34,180 |
| Sumitomo Chemical Co. Ltd. |
24,500 |
52,343 |
| Sumitomo Electric Industries Ltd. |
14,300 |
221,025 |
| Sundrug Co. Ltd. |
1,100 |
31,941 |
| Suntory Beverage & Food Ltd. |
42,854 |
1,394,265 |
| Suzuken Co. Ltd. |
1,500 |
44,301 |
| Suzuki Motor Corp. |
37,600 |
437,881 |
| Sysmex Corp. |
9,000 |
143,913 |
| Taiheiyo Cement Corp. |
60,900 |
1,392,935 |
| Takara Holdings, Inc. |
3,500 |
22,993 |
| Takeda Pharmaceutical Co. Ltd. |
106,543 |
2,800,170 |
| TBS Holdings, Inc. |
25,800 |
672,393 |
| TechnoPro Holdings, Inc. |
32,300 |
550,179 |
| THK Co. Ltd. |
2,200 |
48,002 |
| TIS, Inc. |
5,500 |
117,461 |
| Toei Animation Co. Ltd. |
1,000 |
16,550 |
| Toho Co. Ltd. |
3,000 |
100,507 |
| Toho Gas Co. Ltd. |
2,400 |
61,633 |
See financial
notes
12
Schwab International Opportunities
Fund | Semiannual ReportSchwab International Opportunities
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Tohoku Electric Power Co., Inc. |
10,300 |
79,517 |
| Tokai Carbon Co. Ltd. |
3,300 |
21,893 |
| Tokyo Electric Power Co. Holdings, Inc. * |
28,700 |
178,522 |
| Tokyo Electron Ltd. |
11,000 |
2,412,803 |
| Tokyo Gas Co. Ltd. |
11,800 |
264,642 |
| Tokyo Ohka Kogyo Co. Ltd. |
68,600 |
1,819,153 |
| TOPPAN Holdings, Inc. |
148,989 |
3,534,606 |
| Toyo Suisan Kaisha Ltd. |
32,000 |
2,001,096 |
| Toyo Tire Corp. |
132,600 |
2,508,673 |
| Toyoda Gosei Co. Ltd. |
1,300 |
25,169 |
| Toyota Boshoku Corp. |
1,300 |
19,225 |
| Toyota Tsusho Corp. |
5,400 |
343,331 |
| Trend Micro, Inc. |
2,400 |
118,268 |
| TS Tech Co. Ltd. |
2,900 |
35,708 |
| U-Next Holdings Co. Ltd. |
43,100 |
1,204,411 |
| Unicharm Corp. |
9,300 |
276,332 |
| USS Co. Ltd. |
217,152 |
1,658,888 |
| Visional, Inc. * |
26,200 |
1,195,460 |
| WealthNavi, Inc. * |
106,000 |
960,779 |
| West Japan Railway Co. |
7,400 |
140,463 |
| Workman Co. Ltd. |
1,200 |
29,481 |
| Yakult Honsha Co. Ltd. |
6,000 |
117,358 |
| Yamato Holdings Co. Ltd. |
8,800 |
116,219 |
| Yamato Kogyo Co. Ltd. |
1,000 |
53,729 |
| Yokogawa Electric Corp. |
5,500 |
121,527 |
| Zenkoku Hosho Co. Ltd. |
2,500 |
87,780 |
| Zensho Holdings Co. Ltd. |
1,900 |
73,643 |
| Zeon Corp. |
2,300 |
22,922 |
| ZOZO, Inc. |
2,800 |
60,308 |
| |
|
140,284,090 |
| | ||
| Jersey 0.3% | ||
| Arcadium Lithium PLC * |
185,318 |
815,399 |
| TP ICAP Group PLC |
874,909 |
2,264,822 |
| |
|
3,080,221 |
| | ||
| Luxembourg 0.0% | ||
| Tenaris SA |
13,902 |
230,873 |
| | ||
| Mexico 0.6% | ||
| BBB Foods, Inc., Class A * |
61,755 |
1,417,277 |
| Corp. Inmobiliaria Vesta SAB de CV, ADR |
64,178 |
2,278,961 |
| Vista Energy SAB de CV, ADR * |
61,409 |
2,649,798 |
| |
|
6,346,036 |
| | ||
| Netherlands 6.6% | ||
| Adyen NV * |
5,204 |
6,234,392 |
| Akzo Nobel NV |
34,000 |
2,243,386 |
| ASM International NV |
1,076 |
676,846 |
| ASML Holding NV |
22,383 |
19,495,877 |
| ASR Nederland NV |
77,756 |
3,890,871 |
| BE Semiconductor Industries NV |
9,833 |
1,304,584 |
| CTP NV |
2,603 |
44,156 |
| DSM-Firmenich AG |
2,687 |
301,359 |
| EXOR NV |
31,738 |
3,465,011 |
| Heineken Holding NV |
2,182 |
175,529 |
| Heineken NV |
28,191 |
2,743,538 |
| IMCD NV * |
1,335 |
201,418 |
| ING Groep NV |
277,625 |
4,389,325 |
| InPost SA * |
155,819 |
2,501,636 |
| JDE Peet's NV |
2,275 |
50,549 |
| Koninklijke Ahold Delhaize NV |
127,501 |
3,870,189 |
| Koninklijke KPN NV |
56,658 |
205,903 |
| OCI NV |
3,030 |
81,497 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Prosus NV |
293,327 |
9,814,709 |
| Randstad NV |
3,313 |
166,150 |
| Redcare Pharmacy NV * |
18,867 |
2,551,930 |
| Universal Music Group NV |
20,388 |
599,717 |
| Wolters Kluwer NV |
6,273 |
939,109 |
| |
|
65,947,681 |
| | ||
| New Zealand 0.1% | ||
| a2 Milk Co. Ltd. * |
21,909 |
86,367 |
| Air New Zealand Ltd. |
44,364 |
14,378 |
| EBOS Group Ltd. |
3,825 |
79,021 |
| Fisher & Paykel Healthcare Corp. Ltd. |
16,477 |
275,953 |
| Mainfreight Ltd. |
2,085 |
83,332 |
| Mercury NZ Ltd. |
12,904 |
48,511 |
| Meridian Energy Ltd. |
19,055 |
67,369 |
| SKYCITY Entertainment Group Ltd. |
17,073 |
17,907 |
| Spark New Zealand Ltd. |
40,644 |
114,239 |
| |
|
787,077 |
| | ||
| Norway 0.7% | ||
| Aker ASA, A Shares |
1,472 |
81,719 |
| AutoStore Holdings Ltd. * |
200,035 |
283,422 |
| Bakkafrost P |
28,837 |
1,751,389 |
| Equinor ASA |
27,738 |
738,063 |
| Norsk Hydro ASA |
38,219 |
234,870 |
| Salmar ASA |
27,743 |
1,745,342 |
| Schibsted ASA, A Shares |
865 |
24,747 |
| Schibsted ASA, B Shares |
1,613 |
45,188 |
| Seadrill Ltd. * |
30,953 |
1,502,768 |
| TOMRA Systems ASA |
3,593 |
44,016 |
| Var Energi ASA |
10,818 |
35,121 |
| Yara International ASA |
4,621 |
131,722 |
| |
|
6,618,367 |
| | ||
| Poland 0.0% | ||
| Dino Polska SA * |
1,423 |
136,327 |
| | ||
| Portugal 0.1% | ||
| EDP - Energias de Portugal SA * |
57,554 |
216,125 |
| Galp Energia SGPS SA |
14,223 |
305,526 |
| Jeronimo Martins SGPS SA |
7,330 |
150,791 |
| |
|
672,442 |
| | ||
| Republic of Korea 3.1% | ||
| BGF retail Co. Ltd. |
224 |
21,118 |
| Cheil Worldwide, Inc. |
2,093 |
28,547 |
| CosmoAM&T Co. Ltd. * |
381 |
41,147 |
| Coupang, Inc., Class A * |
122,646 |
2,759,535 |
| Dentium Co. Ltd. |
11,013 |
1,027,497 |
| Doosan Bobcat, Inc. |
1,263 |
47,205 |
| Douzone Bizon Co. Ltd. |
14,351 |
615,815 |
| E-MART, Inc. |
259 |
11,878 |
| Eugene Technology Co. Ltd. |
70,692 |
2,689,057 |
| F&F Co. Ltd. |
548 |
25,941 |
| GS Holdings Corp. |
1,127 |
36,438 |
| GS Retail Co. Ltd. |
725 |
10,393 |
| Hankook Tire & Technology Co. Ltd. |
42,835 |
1,817,586 |
| Hanmi Pharm Co. Ltd. |
139 |
31,665 |
| Hanwha Aerospace Co. Ltd. |
565 |
85,822 |
| HD Hyundai Infracore Co. Ltd. |
2,184 |
12,993 |
| HD HYUNDAI MIPO * |
549 |
29,562 |
| HMM Co. Ltd. |
7,851 |
89,636 |
| Hotel Shilla Co. Ltd. |
821 |
35,170 |
See financial
notes
Schwab International Opportunities Fund | Semiannual Report
13
Schwab International Opportunities
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| HYBE Co. Ltd. |
319 |
46,273 |
| Hyundai Engineering & Construction Co. Ltd. |
1,199 |
30,545 |
| Hyundai Glovis Co. Ltd. |
474 |
62,051 |
| Hyundai Mobis Co. Ltd. |
1,526 |
249,652 |
| Hyundai Wia Corp. |
276 |
11,489 |
| Kangwon Land, Inc. |
3,463 |
38,267 |
| KEPCO Plant Service & Engineering Co. Ltd. |
654 |
16,594 |
| Kia Corp. |
7,188 |
608,986 |
| Korea Aerospace Industries Ltd. |
2,010 |
74,842 |
| Korean Air Lines Co. Ltd. |
3,906 |
58,903 |
| Krafton, Inc. * |
549 |
94,487 |
| KT&G Corp. |
3,079 |
198,398 |
| Kumho Petrochemical Co. Ltd. |
14,626 |
1,454,737 |
| LG Corp. |
1,768 |
100,878 |
| LG Electronics, Inc. |
1,988 |
132,405 |
| LG H&H Co. Ltd. |
4,363 |
1,314,606 |
| LG Innotek Co. Ltd. |
286 |
45,460 |
| LG Uplus Corp. |
3,806 |
27,032 |
| LOTTE Fine Chemical Co. Ltd. |
408 |
13,243 |
| NAVER Corp. |
25,535 |
3,368,052 |
| NCSoft Corp. |
485 |
61,280 |
| NongShim Co. Ltd. |
84 |
24,120 |
| OCI Holdings Co. Ltd. |
297 |
20,235 |
| Orion Corp. |
618 |
41,359 |
| Pan Ocean Co. Ltd. |
6,331 |
18,717 |
| S-1 Corp. |
463 |
19,942 |
| Samsung C&T Corp. |
2,190 |
236,155 |
| Samsung E&A Co. Ltd. * |
4,726 |
89,602 |
| Samsung Electronics Co. Ltd. |
177,806 |
9,883,638 |
| Samsung SDI Co. Ltd. |
1,337 |
413,760 |
| Samsung SDS Co. Ltd. |
1,034 |
118,785 |
| Shinsegae, Inc. |
119 |
14,250 |
| S-Oil Corp. |
689 |
35,972 |
| Soop Co. Ltd. |
14,345 |
1,161,107 |
| Youngone Corp. |
40,923 |
1,132,459 |
| Yuhan Corp. |
1,578 |
82,083 |
| |
|
30,717,369 |
| | ||
| Singapore 0.7% | ||
| CapitaLand Ascendas REIT |
64,800 |
122,746 |
| City Developments Ltd. |
10,500 |
47,060 |
| ComfortDelGro Corp. Ltd. |
53,500 |
58,193 |
| DBS Group Holdings Ltd. |
125,436 |
3,193,275 |
| DFI Retail Group Holdings Ltd. |
5,300 |
10,291 |
| Frasers Logistics & Commercial Trust |
85,800 |
62,152 |
| Genting Singapore Ltd. |
150,600 |
100,506 |
| Hutchison Port Holdings Trust, Class U |
74,900 |
9,578 |
| Jardine Cycle & Carriage Ltd. |
2,500 |
48,246 |
| Jardine Matheson Holdings Ltd. |
3,200 |
122,784 |
| Keppel DC REIT |
29,800 |
37,170 |
| Keppel REIT |
40,300 |
25,876 |
| Mapletree Industrial Trust |
29,400 |
48,682 |
| Mapletree Logistics Trust |
58,500 |
57,406 |
| Mapletree Pan Asia Commercial Trust |
36,400 |
33,356 |
| Netlink NBN Trust |
43,900 |
27,497 |
| Olam Group Ltd. |
19,600 |
16,875 |
| Seatrium Ltd. * |
564,300 |
40,311 |
| Singapore Airlines Ltd. |
33,900 |
161,758 |
| Singapore Exchange Ltd. |
48,100 |
328,115 |
| Singapore Telecommunications Ltd. |
127,600 |
221,293 |
| Suntec Real Estate Investment Trust |
36,200 |
28,539 |
| Venture Corp. Ltd. |
207,136 |
2,194,654 |
| Wilmar International Ltd. |
37,700 |
88,617 |
| |
|
7,084,980 |
| | ||
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| South Africa 0.3% | ||
| Aspen Pharmacare Holdings Ltd. |
201,632 |
2,402,604 |
| Impala Platinum Holdings Ltd. |
73,465 |
327,033 |
| |
|
2,729,637 |
| | ||
| Spain 1.0% | ||
| ACS Actividades de Construccion y Servicios SA |
3,527 |
141,258 |
| Aena SME SA |
1,559 |
284,112 |
| Amadeus IT Group SA |
50,670 |
3,216,224 |
| Corp. ACCIONA Energias Renovables SA |
1,339 |
27,191 |
| Endesa SA |
7,134 |
130,093 |
| Fluidra SA |
54,750 |
1,158,957 |
| Iberdrola SA |
118,139 |
1,448,570 |
| Indra Sistemas SA |
98,112 |
1,875,590 |
| Industria de Diseno Textil SA (b) |
31,307 |
1,425,437 |
| International Consolidated Airlines Group SA * |
27,755 |
60,488 |
| Naturgy Energy Group SA |
3,723 |
94,167 |
| Repsol SA |
34,834 |
546,757 |
| |
|
10,408,844 |
| | ||
| Sweden 2.8% | ||
| Assa Abloy AB, B Shares |
17,961 |
474,555 |
| Atlas Copco AB, A Shares |
56,902 |
996,700 |
| Atlas Copco AB, B Shares |
113,430 |
1,700,794 |
| Axfood AB |
2,777 |
71,839 |
| Beijer Ref AB |
48,164 |
678,792 |
| Boliden AB |
7,912 |
260,025 |
| Epiroc AB, A Shares |
10,759 |
198,905 |
| Epiroc AB, B Shares |
6,972 |
115,568 |
| Evolution AB |
5,495 |
607,116 |
| Fortnox AB |
107,054 |
623,797 |
| H & M Hennes & Mauritz AB, B Shares |
14,763 |
234,655 |
| Hemnet Group AB |
39,400 |
1,023,954 |
| Holmen AB, B Shares |
2,011 |
78,323 |
| Kinnevik AB, B Shares * |
86,398 |
899,231 |
| Lifco AB, B Shares |
4,159 |
100,767 |
| Saab AB, B Shares |
32,763 |
2,593,805 |
| Sandvik AB |
92,132 |
1,836,516 |
| Sinch AB * |
298,464 |
674,822 |
| SKF AB, B Shares |
211,419 |
4,346,365 |
| Spotify Technology SA * |
21,590 |
6,054,700 |
| SSAB AB, A Shares |
6,952 |
39,036 |
| SSAB AB, B Shares |
20,063 |
112,264 |
| Sweco AB, B Shares |
4,205 |
45,043 |
| Swedish Orphan Biovitrum AB * |
3,229 |
83,623 |
| Tele2 AB, B Shares |
14,309 |
133,461 |
| Telefonaktiebolaget LM Ericsson, B Shares |
54,880 |
278,510 |
| Trelleborg AB, B Shares |
31,167 |
1,098,401 |
| Volvo AB, A Shares |
3,347 |
88,147 |
| Volvo AB, B Shares |
100,592 |
2,560,386 |
| Volvo Car AB, B Shares * |
14,182 |
44,024 |
| |
|
28,054,124 |
| | ||
| Switzerland 5.1% | ||
| ABB Ltd. |
32,574 |
1,582,720 |
| Avolta AG * |
2,533 |
95,790 |
| Bachem Holding AG |
802 |
69,583 |
| Barry Callebaut AG |
54 |
87,262 |
| Belimo Holding AG |
266 |
123,075 |
| BKW AG |
419 |
62,195 |
| Chocoladefabriken Lindt & Spruengli AG |
3 |
346,208 |
See financial
notes
14
Schwab International Opportunities
Fund | Semiannual ReportSchwab International Opportunities
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Chocoladefabriken Lindt & Spruengli AG, Participation Certificates |
27 |
311,012 |
| Cie Financiere Richemont SA, Class A |
18,191 |
2,514,488 |
| Clariant AG * |
4,159 |
62,222 |
| Emmi AG |
34 |
33,077 |
| EMS-Chemie Holding AG |
218 |
173,928 |
| Geberit AG |
988 |
527,376 |
| Georg Fischer AG |
1,783 |
124,445 |
| Holcim AG |
34,181 |
2,861,213 |
| Kuehne & Nagel International AG |
1,510 |
399,088 |
| Landis & Gyr Group AG |
22,522 |
1,666,268 |
| Logitech International SA |
4,198 |
326,844 |
| Lonza Group AG |
1,214 |
670,120 |
| Nestle SA |
78,368 |
7,868,160 |
| Novartis AG |
77,568 |
7,528,554 |
| Partners Group Holding AG |
1,397 |
1,797,333 |
| Roche Holding AG |
38,146 |
9,140,323 |
| Roche Holding AG, Bearer Shares |
742 |
195,189 |
| Sandoz Group AG * |
9,544 |
324,371 |
| Schindler Holding AG |
384 |
93,563 |
| Schindler Holding AG, Participation Certificates |
5,105 |
1,272,453 |
| SGS SA |
3,363 |
296,131 |
| Siegfried Holding AG |
1,504 |
1,437,196 |
| Sika AG |
3,106 |
883,537 |
| Sonova Holding AG |
1,226 |
338,906 |
| Swatch Group AG |
1,484 |
61,526 |
| Swatch Group AG, Bearer Shares |
11,710 |
2,460,403 |
| Swisscom AG |
527 |
289,116 |
| Swissquote Group Holding SA |
7,179 |
1,941,735 |
| Tecan Group AG |
5,045 |
1,779,806 |
| UBS Group AG |
41,793 |
1,097,621 |
| VAT Group AG |
750 |
373,395 |
| |
|
51,216,232 |
| | ||
| Taiwan 1.9% | ||
| Airtac International Group |
65,000 |
2,301,379 |
| ASPEED Technology, Inc. |
21,000 |
1,966,335 |
| Elan Microelectronics Corp. |
240,000 |
1,207,976 |
| Gold Circuit Electronics Ltd. * |
418,000 |
2,497,047 |
| Lotes Co. Ltd. |
51,000 |
2,234,009 |
| Nien Made Enterprise Co. Ltd. |
106,000 |
1,238,753 |
| Phison Electronics Corp. |
122,000 |
2,604,237 |
| Taiwan Semiconductor Manufacturing Co. Ltd. |
149,000 |
3,567,619 |
| Wiwynn Corp. |
20,000 |
1,422,781 |
| |
|
19,040,136 |
| | ||
| United Kingdom 12.7% | ||
| 3i Group PLC |
59,822 |
2,137,287 |
| Admiral Group PLC |
12,723 |
433,054 |
| Airtel Africa PLC |
23,954 |
33,079 |
| Anglo American PLC |
18,982 |
620,284 |
| Ashtead Group PLC |
44,924 |
3,262,017 |
| AstraZeneca PLC |
26,614 |
4,025,337 |
| AstraZeneca PLC, ADR |
84,137 |
6,384,316 |
| Auto Trader Group PLC |
23,543 |
204,106 |
| B&M European Value Retail SA |
22,829 |
147,329 |
| Barratt Developments PLC |
25,405 |
143,541 |
| Berkeley Group Holdings PLC |
2,353 |
138,181 |
| BP PLC |
414,072 |
2,668,958 |
| BT Group PLC |
98,710 |
126,231 |
| Bunzl PLC |
15,618 |
598,916 |
| Burberry Group PLC |
9,842 |
140,826 |
| Centrica PLC |
151,144 |
241,267 |
| Coca-Cola HBC AG |
3,129 |
101,000 |
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Compass Group PLC |
89,978 |
2,502,622 |
| ConvaTec Group PLC |
580,696 |
1,806,726 |
| CRH PLC |
15,003 |
1,161,844 |
| Croda International PLC |
2,882 |
165,071 |
| Darktrace PLC * |
92,980 |
694,082 |
| DCC PLC |
47,354 |
3,233,837 |
| Diageo PLC |
44,133 |
1,525,222 |
| Diploma PLC |
56,672 |
2,561,607 |
| DS Smith PLC |
31,428 |
136,917 |
| Endeavour Mining PLC |
4,333 |
91,743 |
| Experian PLC |
20,255 |
816,964 |
| Ferguson PLC |
3,549 |
748,327 |
| Flutter Entertainment PLC * |
16,860 |
3,123,465 |
| Glencore PLC |
1,043,485 |
6,071,580 |
| Greggs PLC |
34,392 |
1,163,893 |
| GSK PLC |
114,955 |
2,384,961 |
| Haleon PLC |
115,900 |
489,485 |
| Halma PLC |
5,676 |
155,561 |
| Hargreaves Lansdown PLC |
23,744 |
239,941 |
| Hikma Pharmaceuticals PLC |
2,541 |
61,011 |
| Howden Joinery Group PLC |
15,038 |
163,684 |
| IMI PLC |
4,155 |
90,507 |
| Informa PLC |
110,297 |
1,091,928 |
| InterContinental Hotels Group PLC |
4,227 |
412,276 |
| Intermediate Capital Group PLC |
172,798 |
4,503,790 |
| Intertek Group PLC |
3,122 |
192,148 |
| J Sainsbury PLC |
37,348 |
122,508 |
| JD Sports Fashion PLC |
1,894,487 |
2,712,289 |
| John Wood Group PLC * |
167,569 |
310,729 |
| Just Group PLC |
713,858 |
917,997 |
| Liberty Global Ltd., Class A * |
113,712 |
1,807,452 |
| Liberty Global Ltd., Class C * |
141,784 |
2,321,004 |
| Lloyds Banking Group PLC |
10,870,810 |
7,015,832 |
| Melrose Industries PLC |
299,408 |
2,352,248 |
| Next PLC |
2,864 |
321,220 |
| Ocado Group PLC * |
284,806 |
1,246,944 |
| Persimmon PLC |
61,637 |
998,090 |
| Prudential PLC |
692,600 |
6,023,783 |
| Reckitt Benckiser Group PLC |
65,731 |
3,674,823 |
| RELX PLC |
40,151 |
1,649,679 |
| Rightmove PLC |
25,143 |
161,061 |
| Rio Tinto PLC |
28,162 |
1,905,461 |
| Rolls-Royce Holdings PLC * |
135,581 |
695,263 |
| RS Group PLC |
10,590 |
97,013 |
| Schroders PLC |
845,441 |
3,706,482 |
| Shell PLC |
303,633 |
10,793,727 |
| Smith & Nephew PLC |
106,200 |
1,286,682 |
| Smiths Group PLC |
70,597 |
1,423,233 |
| Smurfit Kappa Group PLC |
6,564 |
285,222 |
| Softcat PLC |
89,608 |
1,753,925 |
| Spectris PLC |
5,999 |
248,138 |
| SSE PLC |
16,717 |
347,486 |
| Taylor Wimpey PLC |
96,500 |
158,127 |
| TechnipFMC PLC |
65,404 |
1,675,650 |
| Tesco PLC |
173,136 |
639,230 |
| Unilever PLC |
48,207 |
2,493,787 |
| UNITE Group PLC |
7,808 |
90,265 |
| United Utilities Group PLC |
10,359 |
135,031 |
| Vodafone Group PLC |
3,446,914 |
2,906,787 |
| Weir Group PLC |
106,855 |
2,726,658 |
| Wise PLC, Class A * |
145,660 |
1,399,857 |
| WPP PLC |
382,100 |
3,829,851 |
| |
|
127,228,455 |
| | ||
| United States 2.3% | ||
| ACADIA Pharmaceuticals, Inc. * |
5,395 |
90,150 |
| CNH Industrial NV * |
568,992 |
6,486,509 |
See financial
notes
Schwab International Opportunities Fund | Semiannual Report
15
Schwab International Opportunities
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| Ginkgo Bioworks Holdings, Inc. * |
180,171 |
160,550 |
| Insmed, Inc. * |
18,815 |
465,107 |
| Jazz Pharmaceuticals PLC * |
18,962 |
2,100,041 |
| JFrog Ltd. * |
14,712 |
586,715 |
| Moderna, Inc. * |
30,002 |
3,309,521 |
| NVIDIA Corp. |
7,909 |
6,833,534 |
| Parade Technologies Ltd. |
92,000 |
2,088,637 |
| Sage Therapeutics, Inc. * |
6,555 |
91,377 |
| Tesla, Inc. * |
6,629 |
1,214,963 |
| |
|
23,427,104 |
| Total Common Stocks
(Cost $834,839,104) |
951,396,373 | |
| | ||
| PREFERRED STOCKS 0.5% OF NET ASSETS | ||
| | ||
| Germany 0.0% | ||
| Bayerische Motoren Werke AG |
1,071 |
110,047 |
| FUCHS SE |
1,665 |
77,754 |
| Henkel AG & Co. KGaA |
2,820 |
224,026 |
| |
|
411,827 |
| | ||
| Republic of Korea 0.5% | ||
| Hyundai Motor Co. |
334 |
38,006 |
| Hyundai Motor Co. 2nd |
551 |
62,962 |
| Samsung Electronics Co. Ltd. |
95,479 |
4,458,019 |
| |
|
4,558,987 |
| Total Preferred Stocks
(Cost $5,361,230) |
4,970,814 | |
| | ||
| WARRANTS 0.0% OF NET ASSETS | ||
| | ||
| Canada 0.0% | ||
| Constellation Software, Inc. | ||
| expires 03/31/40 *(c) |
344 |
1,734 |
| Total Warrants
(Cost $0) |
1,734 |
|
| SECURITY |
NUMBER OF SHARES |
VALUE ($) |
| INVESTMENT COMPANIES 1.8% OF NET ASSETS | ||
| | ||
| United States 1.8% | ||
| iShares MSCI EAFE ETF |
8,568 |
662,049 |
| Schwab Emerging Markets Equity ETF (d) |
664,906 |
16,928,507 |
| |
|
17,590,556 |
| Total Investment Companies
(Cost $20,050,972) |
17,590,556 | |
| |
|
|
| SHORT-TERM INVESTMENTS 2.3% OF NET ASSETS | ||
| | ||
| Money Market Funds 2.3% | ||
| State Street Institutional U.S. Government Money Market Fund, Premier Class 5.25% (e) |
21,943,427 |
21,943,427 |
| State Street Institutional U.S. Government Money Market Fund, Premier Class 5.25% (e)(f) |
1,233,750 |
1,233,750 |
| |
|
23,177,177 |
| Total Short-Term Investments
(Cost $23,177,177) |
23,177,177 | |
| Total Investments in Securities
(Cost $883,428,483) |
997,136,654 | |
| |
NUMBER OF CONTRACTS |
NOTIONAL AMOUNT
($) |
CURRENT VALUE/ UNREALIZED
DEPRECIATION ($) |
| FUTURES CONTRACTS | |||
| Long |
|
|
|
| MSCI EAFE Index, expires 06/21/24 |
175 |
19,840,625 |
(678,081 ) |
See financial notes
16
Schwab International Opportunities Fund | Semiannual ReportSchwab International Opportunities
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SETTLEMENT DATE |
COUNTERPARTY |
CURRENCY TO
BE RECEIVED |
AMOUNT OF
CURRENCY
TO BE
RECEIVED |
CURRENCY TO
BE DELIVERED |
AMOUNT OF
CURRENCY
TO BE
DELIVERED |
UNREALIZED APPRECIATION
(DEPRECIATION) ($) |
| FORWARD FOREIGN CURRENCY EXCHANGE
CONTRACTS | ||||||
| 05/13/24 |
UBS AG |
AUD |
6,100,000 |
USD |
4,048,570 |
(95,680 ) |
| 05/13/24 |
Barclays Bank PLC |
AUD |
1,491,000 |
USD |
972,103 |
(5,913 ) |
| 05/13/24 |
Morgan Stanley & Co. |
CAD |
1,561,000 |
USD |
1,154,202 |
(20,076 ) |
| 05/13/24 |
Barclays Bank PLC |
CHF |
3,692,000 |
USD |
4,220,610 |
(199,812 ) |
| 05/13/24 |
HSBC Bank USA |
DKK |
11,775,000 |
USD |
1,730,270 |
(44,520 ) |
| 05/13/24 |
Citibank N.A. |
EUR |
9,831,000 |
USD |
10,781,933 |
(286,164 ) |
| 05/13/24 |
Citibank N.A. |
EUR |
543,000 |
USD |
583,953 |
(4,236 ) |
| 05/13/24 |
HSBC Bank USA |
GBP |
1,504,000 |
USD |
1,924,285 |
(44,862 ) |
| 05/13/24 |
Wells Fargo Bank NA |
GBP |
310,000 |
USD |
388,885 |
(1,504 ) |
| 05/13/24 |
Citibank N.A. |
JPY |
58,018,000 |
USD |
384,735 |
(16,265 ) |
| 05/13/24 |
Morgan Stanley & Co. |
NOK |
12,626,000 |
USD |
1,167,032 |
(30,130 ) |
| 05/13/24 |
Morgan Stanley & Co. |
NOK |
4,028,000 |
USD |
384,688 |
(21,989 ) |
| 05/13/24 |
UBS AG |
NZD |
5,315,000 |
USD |
3,278,079 |
(146,232 ) |
| 05/13/24 |
Morgan Stanley & Co. |
SEK |
47,125,000 |
USD |
4,610,524 |
(332,532 ) |
| 05/13/24 |
Citibank N.A. |
SEK |
12,301,000 |
USD |
1,158,111 |
(41,430 ) |
| 05/13/24 |
Barclays Bank PLC |
USD |
965,693 |
AUD |
1,469,000 |
13,759 |
| 05/13/24 |
HSBC Bank USA |
USD |
583,732 |
CAD |
798,000 |
3,955 |
| 05/13/24 |
Citibank N.A. |
USD |
10,595,687 |
CAD |
14,253,000 |
240,344 |
| 05/13/24 |
HSBC Bank USA |
USD |
1,355,385 |
ILS |
4,908,000 |
43,056 |
| 05/13/24 |
Barclays Bank PLC |
USD |
5,387,697 |
JPY |
789,497,000 |
373,631 |
| 05/13/24 |
Wells Fargo Bank NA |
USD |
561,423 |
NOK |
6,165,000 |
6,298 |
| 05/13/24 |
UBS AG |
USD |
579,461 |
NOK |
6,206,000 |
20,645 |
| 05/13/24 |
Wells Fargo Bank NA |
USD |
2,726,784 |
SEK |
29,199,000 |
76,108 |
| 05/13/24 |
HSBC Bank USA |
USD |
1,155,880 |
SGD |
1,556,000 |
15,470 |
| 05/13/24 |
HSBC Bank USA |
USD |
4,621,041 |
SGD |
6,140,000 |
120,964 |
| Net Unrealized Depreciation on Forward Foreign Currency Exchange Contracts |
(377,115
) | |||||
| * |
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 $1,138,274. |
| (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. |
See financial notes
Schwab International Opportunities Fund | Semiannual Report
17
Schwab International Opportunities
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| ADR — |
American Depositary Receipt |
| CVA — |
Dutch Certificate |
| ETF — |
Exchange-Traded Fund |
| REIT — |
Real Estate Investment Trust |
| AUD — |
Australian Dollar |
| CAD — |
Canadian Dollar |
| CHF — |
Swiss Franc |
| DKK — |
Danish Krone |
| EUR — |
Euro |
| GBP — |
British Pound |
| ILS — |
Israeli Shekel |
| JPY — |
Japanese Yen |
| NOK — |
Norwegian Krone |
| NZD — |
New Zealand Dollar |
| SEK — |
Swedish Krona |
| SGD — |
Singapore Dollar |
| USD — |
U.S. Dollar |
Below is a summary of the fund’s transactions with affiliated issuers during the period ended April 30,
2024:
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| INVESTMENT COMPANIES 1.7% OF NET ASSETS | ||||||||
| | ||||||||
| United States 1.7% | ||||||||
| Schwab Emerging Markets Equity ETF |
$35,333,880 |
$— |
($21,252,972 ) |
($4,486,837 ) |
$7,334,436 |
$16,928,507 |
664,906 |
$1,254,147 |
| (a) |
Distributions received include distributions from net investment income and capital gains, if any, from the underlying fund. |
See financial notes
18
Schwab International Opportunities Fund | Semiannual ReportSchwab International Opportunities
Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
The following is a summary of the inputs used to
value the fund’s investments as of April 30, 2024 (see financial note 2(a) for additional
information):
| DESCRIPTION |
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1) |
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2) |
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3) |
TOTAL |
| Assets |
|
|
|
|
| Common Stocks1
|
$— |
$327,944,239 |
$— |
$327,944,239
|
| Austria |
200,088 |
1,396,464 |
— |
1,596,552 |
| Belgium |
80,510 |
2,916,971 |
— |
2,997,481 |
| Brazil |
14,033,695 |
— |
— |
14,033,695 |
| Canada |
57,771,220 |
— |
— |
57,771,220 |
| China |
3,546,996 |
13,258,074 |
— |
16,805,070 |
| Denmark |
14,450 |
30,097,022 |
— |
30,111,472 |
| Finland |
122,492 |
4,686,367 |
— |
4,808,859 |
| Germany |
963,519 |
79,880,180 |
— |
80,843,699 |
| Greece |
6,110,711 |
— |
— |
6,110,711 |
| Guernsey |
2,351,357 |
— |
— |
2,351,357 |
| Hong Kong |
62,632 |
5,900,570 |
— |
5,963,202 |
| Ireland |
4,619,214 |
3,446,522 |
— |
8,065,736 |
| Israel |
12,159,891 |
3,475,729 |
— |
15,635,620 |
| Japan |
94,140 |
140,189,950 |
— |
140,284,090 |
| Jersey |
815,399 |
2,264,822 |
— |
3,080,221 |
| Mexico |
6,346,036 |
— |
— |
6,346,036 |
| New Zealand |
427,792 |
359,285 |
— |
787,077 |
| Norway |
1,572,703 |
5,045,664 |
— |
6,618,367 |
| Republic of Korea |
2,759,535 |
27,957,834 |
— |
30,717,369 |
| Singapore |
150,281 |
6,934,699 |
— |
7,084,980 |
| South Africa |
2,402,604 |
327,033 |
— |
2,729,637 |
| Sweden |
6,138,323 |
21,915,801 |
— |
28,054,124 |
| United Kingdom |
12,499,151 |
114,729,304 |
— |
127,228,455 |
| United States |
21,338,467 |
2,088,637 |
— |
23,427,104 |
| Preferred Stocks1
|
— |
4,970,814 |
— |
4,970,814 |
| Warrants |
|
|
|
|
| Canada |
— |
— |
1,734 |
1,734 |
| Investment Companies1
|
17,590,556 |
— |
— |
17,590,556 |
| Short-Term Investments1
|
23,177,177 |
— |
— |
23,177,177 |
| Forward Foreign Currency Exchange
Contracts2 |
— |
914,230 |
— |
914,230 |
| Liabilities |
|
|
|
|
| Forward Foreign Currency Exchange
Contracts2 |
— |
(1,291,345 ) |
— |
(1,291,345 ) |
| Futures Contracts2
|
(678,081 ) |
— |
— |
(678,081 ) |
| Total |
$196,670,858 |
$799,408,866 |
$1,734 |
$996,081,458 |
| 1 |
As categorized in the Portfolio Holdings.
|
| 2 |
Futures contracts and forward foreign currency exchange contracts are reported at cumulative unrealized appreciation or depreciation. |
See financial notes
Schwab International Opportunities Fund | Semiannual Report
19
Schwab International Opportunities
Fund
Statement of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $19,426,891) |
|
$16,928,507
|
| Investments in securities, at value - unaffiliated issuers (cost $864,001,592) including securities on loan of $1,138,274 |
|
980,208,147 |
| Foreign currency, at value (cost $487,145) |
|
484,344 |
| Deposit with broker for futures contracts |
|
4,561,920 |
| Receivables: |
|
|
| Investments sold |
|
3,874,462 |
| Dividends |
|
3,124,768 |
| Foreign tax reclaims |
|
1,060,518 |
| Fund shares sold |
|
7,902 |
| Income from securities on loan |
|
3,317 |
| Unrealized appreciation on forward foreign currency exchange contracts |
|
914,230 |
| Prepaid expenses |
+ |
14,651 |
| Total assets |
|
1,011,182,766 |
| | ||
| Liabilities | ||
| Collateral held for securities on loan |
|
1,233,750 |
| Payables: |
|
|
| Investments bought |
|
3,435,332 |
| Foreign capital gains tax |
|
1,052,460 |
| Investment adviser and administrator fees |
|
526,347 |
| IRS compliance fee for foreign withholding tax claims |
|
341,863 |
| Variation margin on futures contracts |
|
273,000 |
| Shareholder service fees |
|
119,336 |
| Fund shares redeemed |
|
55,413 |
| Independent trustees’ fees |
|
59 |
| Unrealized depreciation on forward foreign currency exchange contracts |
|
1,291,345 |
| Accrued expenses |
+ |
400,937 |
| Total liabilities |
|
8,729,842 |
| Net assets |
|
$1,002,452,924 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$960,740,631
|
| Total distributable earnings |
+ |
41,712,293 |
| Net assets |
|
$1,002,452,924 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares Outstanding |
= |
NAV |
| $1,002,452,924 |
|
50,116,020 |
|
$20.00 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
20
Schwab International Opportunities
Fund | Semiannual ReportSchwab International Opportunities
Fund
Statement of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - unaffiliated issuers (net of foreign withholding tax of $1,077,090) |
|
$9,682,784
|
| Dividends received from securities - affiliated issuers |
|
1,254,147 |
| Other interest |
|
406,719 |
| Securities on loan, net |
+ |
7,152 |
| Total investment income
|
|
11,350,802 |
| | ||
| Expenses | ||
| Investment adviser and administrator fees |
|
3,188,865 |
| Shareholder service fees |
|
735,478 |
| Portfolio accounting fees |
|
143,217 |
| Custodian fees |
|
103,369 |
| Professional fees |
|
23,375 1 |
| Shareholder reports |
|
15,728 |
| Registration fees |
|
15,632 |
| Independent trustees’ fees |
|
4,010 |
| Transfer agent fees |
|
1,679 |
| Other expenses |
+ |
30,621 |
| Total expenses |
|
4,261,974 |
| Expense reduction |
– |
1,500
1 |
| Net expenses |
– |
4,260,474 |
| Net investment income |
|
7,090,328 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized losses on sales of securities - affiliated issuers |
|
(4,486,837 ) |
| Net realized gains on sales of securities - unaffiliated issuers (net of foreign capital gains tax paid of $712,052) |
|
18,887,346 |
| Net realized gains on futures contracts |
|
2,278,743 |
| Net realized gains on forward foreign currency exchange contracts |
|
659,014 |
| Net realized losses on foreign currency transactions |
+ |
(107,676 ) |
| Net realized gains |
|
17,230,590 |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
|
7,334,436 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers (net of change in foreign capital gains tax of
($356,666)) |
|
118,840,058 |
| Net change in unrealized appreciation (depreciation) on futures contracts |
|
708,509 |
| Net change in unrealized appreciation (depreciation) on forward foreign currency exchange contracts |
|
(404,374 ) |
| Net change in unrealized appreciation (depreciation) on foreign currency translations |
+ |
(39,194 ) |
| Net change in unrealized appreciation (depreciation) |
+ |
126,439,435 |
| Net realized and unrealized gains |
|
143,670,025 |
| Increase in net assets resulting from operations |
|
$150,760,353 |
| 1 |
Includes professional
fees of $1,500 associated with the filing of foreign withholding tax claims in the European Union deemed to be non-contingent and non-routine expenses of the fund (see financial notes 2(d) and 4 for additional information). |
See financial notes
Schwab International Opportunities Fund | Semiannual Report
21
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 | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$7,090,328 |
$17,835,889
|
| Net realized gains (losses) |
|
17,230,590 |
(63,619,083 ) |
| Net change in unrealized appreciation (depreciation) |
+ |
126,439,435 |
133,225,332 |
| Increase in net assets resulting from operations |
|
$150,760,353 |
$87,442,138 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($18,123,990
) |
($37,690,344 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
941,992 |
$18,603,682 |
3,756,655 |
$68,666,016
|
| Shares reinvested |
|
734,414 |
14,225,597 |
1,624,978 |
30,354,599 |
| Shares redeemed |
+ |
(4,563,494 ) |
(90,269,314 ) |
(10,451,780 ) |
(203,167,707 ) |
| Net transactions in fund shares |
|
(2,887,088
) |
($57,440,035
) |
(5,070,147
) |
($104,147,092 ) |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
53,003,108 |
$927,256,596 |
58,073,255 |
$981,651,894
|
| Total increase (decrease) |
+ |
(2,887,088 ) |
75,196,328 |
(5,070,147 ) |
(54,395,298 ) |
| End of period |
|
50,116,020 |
$1,002,452,924 |
53,003,108 |
$927,256,596 |
See financial notes
22
Schwab International Opportunities Fund | Semiannual ReportSchwab International
Opportunities Fund
Financial Notes, unaudited
1. Business
Structure of the Fund:
Schwab International Opportunities Fund 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 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 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 US Large Company Index Fund |
| Schwab U.S. Mid-Cap Index Fund |
Schwab Fundamental US Small Company Index Fund |
| Schwab International Index Fund® |
Schwab Fundamental International Large Company Index Fund |
| Schwab MarketTrack All Equity Portfolio™ |
Schwab Fundamental International Small Company Index Fund |
| Schwab MarketTrack Growth Portfolio™ |
Schwab Fundamental Emerging Markets Large Company 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.
The following is a summary of the significant accounting policies the fund uses in its preparation of financial statements. The fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting
Standard Codification Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America
(GAAP).
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, which are filed with the U.S. Securities and Exchange Commission (SEC) and are available on the SEC’s website at www.sec.gov.
Schwab International Opportunities Fund | Semiannual Report
23
Schwab International Opportunities
Fund
Financial Notes, unaudited (continued)
2. Significant Accounting
Policies (continued):
(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:
● 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.
● 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.
● 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.
● Mutual funds: Mutual funds are valued at their respective NAVs.
● 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.
24
Schwab International Opportunities Fund | Semiannual ReportSchwab International Opportunities
Fund
Financial Notes, unaudited (continued)
2. Significant Accounting
Policies (continued):
The three levels of the fair value hierarchy are as follows:
● 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.
● 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 the 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.
● 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, 2024, 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 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
Schwab International Opportunities Fund | Semiannual Report
25
Schwab International Opportunities
Fund
Financial Notes, unaudited (continued)
2. Significant Accounting
Policies (continued):
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, 2024, the fund had a security on loan, which was classified as common stock. The value of the security on loan and the related collateral as of April 30, 2024, if any, 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 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 gains 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.
(d) Investment Income:
Interest income is recorded as it accrues. Dividends, in the form of cash or non-cash income such as in the form of additional
securities, 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. Any distributions from underlying funds are recorded in accordance with the character of the distributions as designated by the
underlying funds.
26
Schwab International Opportunities Fund | Semiannual ReportSchwab International Opportunities
Fund
Financial Notes, unaudited (continued)
2. Significant Accounting
Policies (continued):
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 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 fees which are subject to repayment to the investment adviser (see financial note 4 for additional information).
For U.S. income tax purposes, European Union reclaims received reduce the amounts of
foreign taxes that the fund passes through to its shareholders. If European Union reclaims received exceed foreign withholding taxes paid, the fund will evaluate the requirements for entering into a closing agreement with the Internal Revenue Service (IRS) to address any prior years’ U.S. income tax liabilities attributable to fund shareholders resulting from the recovery of foreign taxes. The closing agreement would result in the fund paying a compliance fee to the IRS, on behalf of its shareholders, representing the estimated tax savings generated from foreign tax credits claimed by fund shareholders on their tax returns in prior years. During the period ended April 30, 2024, the fund filed a closing agreement with the IRS and its status for acceptance is under review with the IRS.
The fund will pay 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. The fund recorded contra income in the
October 31, 2023 annual report for the estimated IRS compliance fee for foreign withholding tax claims and a corresponding liability to be paid to the IRS, which is disclosed in the fund’s Statement of Assets and Liabilities. The actual IRS compliance fee may differ from the estimate and that difference may be material. Professional fees related to the preparation of the closing agreement filed with the IRS were expensed in the prior period and paid in the current period, those fees are non-routine expenses and were paid by the fund and not the adviser.
(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, 2024, if any, are reflected in the fund’s Statement of Assets and Liabilities.
Schwab International Opportunities Fund | Semiannual Report
27
Schwab International Opportunities
Fund
Financial Notes, unaudited (continued)
2. Significant Accounting
Policies (continued):
(j) Indemnification:
Under the fund’s organizational documents, the officers and trustees are indemnified
against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business the fund enters into contracts with its vendors
and others that provide general indemnifications. The fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the fund. However, based on experience, the fund expects the risk of loss
attributable to these arrangements to be remote.
(k) Regulatory Update:
Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for
retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a
semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time,
management is evaluating the impact of these rule and form amendment changes on the content of the current shareholder report and the newly created annual and semiannual streamlined shareholder reports.
Investing in the fund may involve certain risks, as discussed in the fund’s prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.
Market Risk. Financial markets rise and fall in response to a variety of factors, sometimes rapidly and
unpredictably. Markets may be impacted by economic, political, regulatory and other conditions, including economic sanctions and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may
also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in the fund will fluctuate, which means that an investor could lose money over short or long periods.
Investment Style Risk. Schwab Asset Management may attempt to reduce the impact of the performance of any given investment style by allocating to
investment managers who invest in both value and growth style stocks. But whenever value stocks fall out of favor with investors, they may underperform growth stocks, and vice
versa.
The portion of the fund that is invested in accordance with a
particular index follows the securities included in that index during upturns as well as downturns. The fund does not take steps to reduce market exposure or to lessen the effects
of a declining market with respect to this portion. In addition, because of the fund’s expenses, the fund’s performance with respect to this portion may be below that of the index. Errors relating to the index may occur from time to time and may not be identified by the index provider for a period of time. In addition, market disruptions could cause delays in the index’s rebalancing schedule. Such errors and/or market disruptions may result in losses for the fund.
Multi-Manager Risk. Schwab Asset Management and each investment manager makes investment decisions
independently, and it is possible that the investment styles of Schwab Asset Management and the investment managers may not complement one another. As a result, the fund’s exposure to a given stock, industry or investment style could unintentionally be smaller or larger than if the fund had a single manager.
Management Risk. The portion of the fund that is actively managed is subject to the risk that its investment
adviser and investment managers will select investments or allocate assets in a manner that could cause the fund to underperform or otherwise not meet its investment objective. Poor stock selection or a focus on securities in a particular sector may cause the fund to underperform its benchmark or other funds with a similar investment objective.
Equity Risk. The prices of equity securities rise and fall daily. These price movements may result from
factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.
Market Capitalization Risk. Securities issued by companies of different market capitalizations tend to go in
and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, the fund’s performance could be impacted.
Large-Cap Company Risk. Large-cap companies are generally more mature and the securities issued by these
companies may not be able to reach the same levels of growth as the securities issued by small- or mid-cap companies.
28
Schwab International Opportunities Fund | Semiannual ReportSchwab International Opportunities
Fund
Financial Notes, unaudited (continued)
3. Risk
Factors (continued):
Mid-Cap Company Risk. Mid-cap companies may be more vulnerable to adverse business or economic events than
larger, more established companies and the value of securities issued by these companies may move sharply.
Small-Cap Company Risk. Securities issued by small-cap companies may be riskier than those issued by larger companies, and their prices may move
sharply, especially during market upturns and downturns.
Foreign Investment Risk. The fund’s investments in securities of
foreign issuers involve certain risks that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign
economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); the imposition of economic sanctions or other government restrictions; differing accounting,
auditing, financial reporting and legal standards and practices; differing securities market structures; and higher transaction costs. These risks may negatively impact the value or liquidity of the fund’s investments, and could impair the fund’s ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency hedged, resulting in the dollar value of the fund’s investment being adversely affected. Foreign securities may also include investments in variable interest entities (VIEs) structures, which are created by China-based operating companies in jurisdictions outside of China to obtain indirect financing due to Chinese regulations that prohibit non-Chinese ownership of those companies. To the extent the fund’s investments in a single country or a limited number of countries represent a large percentage of the fund’s assets, the fund’s performance may be adversely affected by the economic, political, regulatory and social conditions in those countries, and the fund’s price may be more volatile than the price of a fund that is geographically diversified.
Emerging Markets Risk. Emerging market countries may be more likely to experience political turmoil or rapid
changes in market or economic conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements and greater risk associated with the custody of securities. In addition, the
financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with the fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be
difficult to value such investments.
Currency Risk. As a result of the fund’s investments in securities denominated in, and/or receiving
revenues in, foreign currencies, the fund will be subject to currency risk. This is the risk that those currencies will decline in value relative to the U.S. dollar. If such an event occurs, the dollar value of an investment in the fund would be adversely affected.
Sampling Index Tracking Risk. The portion of the fund that is invested in
accordance with a particular index may not fully replicate the index and may hold securities not included in the index. As a result, the fund is subject to the risk that Schwab
Asset Management’s investment management strategy, the implementation of which is subject to a number of constraints, may not produce the intended results. Because Schwab Asset Management utilizes a sampling approach the portion of the fund it manages
may not track the return of the index as well as it would if the fund purchased all of the securities in the index.
Derivatives Risk. The fund may use derivatives to enhance returns or hedge against market declines. Examples of derivatives are options,
futures, options on futures, forward contracts and swaps. An option is the right, but not the obligation, to buy or sell an instrument at a specific price on or before a specific
date. A future is an agreement to buy or sell a financial instrument at a specific price on a specific day. A forward contract is an over-the-counter derivative transaction between
two parties to buy or sell a specified amount of an underlying reference at a specified price (or rate) on a specified date in the future. A forward foreign currency contract is a derivative (forward contract) in which the underlying reference is a country’s or region’s currency. A swap is an agreement whereby two parties agree to exchange payment streams calculated in relation to a rate, index, instrument or certain securities and a predetermined amount. A credit default swap is an agreement in which the seller agrees to make a payment to the
buyer in the event of a specified credit event in exchange for a fixed payment or series of fixed payments.
The fund’s use of derivative instruments involves risks different from, or possibly
greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, such as liquidity risk, market risk and
management risk are discussed elsewhere in this section. The fund’s use of derivatives is also subject to credit risk, leverage risk, counterparty risk, lack of availability risk, valuation risk, correlation risk and tax risk. Credit risk is the risk that the counterparty to a derivatives transaction may not fulfill its obligations. Leverage risk is the risk that a small percentage of assets invested in derivatives can have a disproportionately large impact on the fund. Counterparty risk is the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations either because the financial condition of the counterparty declines, or because the counterparty is otherwise unable or unwilling to perform under the contract. Lack of availability risk is the risk that suitable derivative transactions
Schwab International Opportunities Fund | Semiannual Report
29
Schwab International Opportunities
Fund
Financial Notes, unaudited (continued)
3. Risk
Factors (continued):
may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular
derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause the fund to realize higher amounts of short-term capital gains. The fund’s use of derivatives could reduce the fund’s performance, increase its volatility, and could cause the fund to lose more than the initial amount invested. The use of derivatives, that are subject to regulation by the Commodity Futures Trading Commission (CFTC), could cause the fund to become a commodity pool, which would require the fund to comply
with certain CFTC rules.The fund’s use of derivatives also could create a risk of counterparty default under certain transactions, risks that the fund would need to liquidate portfolio positions when it may not be advantageous to do so in order to meet margin and
payment obligations, and legal risks relating to insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract.
Liquidity Risk. The fund may be unable to sell certain securities, such as illiquid securities, readily at a
favorable time or price, or the fund may have to sell them at a loss.
Securities Lending Risk. Securities lending involves the risk of loss of
rights in, or delay in recovery of, the loaned securities if the borrower fails to return the security loaned or becomes insolvent.
Please refer to the fund’s prospectus for a more complete description of the
principal risks of investing in the fund.
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 trust. The fund’s subadvisers also provide day-to-day portfolio management service to the fund, subject to the supervision of the investment adviser.
For its advisory and administrative services to the fund, the investment adviser is entitled to receive an annual fee, payable monthly, equal to 0.63% of the fund’s average daily net assets. The investment adviser (not the fund) pays a portion of the advisory fees it receives to the subadvisers in return for their portfolio management services.
Shareholder Servicing
The Board 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
Although these agreements specify certain fees for these services, 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%.
30
Schwab International Opportunities Fund | Semiannual ReportSchwab International Opportunities
Fund
Financial Notes, unaudited (continued)
4. Affiliates and Affiliated
Transactions (continued):
Investments from Affiliates
Certain 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 are owned by other funds in the Fund Complex as of April 30, 2024, as applicable:
| Schwab Balanced Fund |
6.2 % |
| Schwab Target 2010 Fund |
0.2 % |
| Schwab Target 2015 Fund |
0.2 % |
| Schwab Target 2020 Fund |
1.7 % |
| Schwab Target 2025 Fund |
2.9 % |
| Schwab Target 2030 Fund |
8.3 % |
| Schwab Target 2035 Fund |
5.8 % |
| Schwab Target 2040 Fund |
12.5 % |
| Schwab Target 2045 Fund |
3.4 % |
| Schwab Target 2050 Fund |
3.7 % |
| Schwab Target 2055 Fund |
2.7 % |
| Schwab Target 2060 Fund |
1.0 % |
| Schwab Target 2065 Fund |
0.3 % |
Investments in Affiliates
The fund may engage in certain transactions involving related parties. Pursuant to an exemptive order issued by the SEC, the fund may invest in other related funds. As of April 30, 2024, the fund’s ownership percentage of other related fund’s shares is as follows:
| Schwab Emerging Markets Equity ETF |
0.2 % |
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.
For the
period ended April 30, 2024, the professional fees incurred by the fund and paid by the investment adviser were $1,500, as shown as Professional fees within the fund’s
Statement of Operations.
During the period ended April 30, 2024, the
fund did not recover any previously withheld foreign taxes and made no reimbursement to the investment adviser.
As of April 30, 2024, the balance of professional fees related to foreign withholding tax
claims subject to future reimbursement by the fund to the investment adviser was $3,179.
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 certain other funds they manage in accordance with procedures adopted by the Board pursuant to Rule 17a-7 under the 1940 Act. When a 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, subadviser, trustees and/or officers. The net realized gains or losses on sales of interfund transactions are recorded within Net realized gains (losses) on sales of securities — unaffiliated issuers in the Statement of Operations. For the period ended April 30, 2024, the fund’s purchases and sales of securities with other funds managed by the investment adviser or subadvisers was
$1,205,984 and $313,863 respectively, and includes realized losses of $168,583.
Schwab International Opportunities Fund | Semiannual Report
31
Schwab International Opportunities
Fund
Financial Notes, unaudited (continued)
4. 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.
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. For information regarding the trustees, please refer to the Trustees and Officers table at the end of this report.
During the period, the fund was a participant with other funds in the Fund Complex in a joint, syndicated, committed $1 billion line of credit (the Syndicated Credit Facility), maturing on September 26, 2024. 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 26, 2024. 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.
For the period ended April 30, 2024, purchases and sales of securities (excluding short-term obligations) were as
follows:
| PURCHASES
OF SECURITIES |
SALES
OF SECURITIES |
| $252,561,412 |
$307,076,789 |
The fund entered into futures contracts during the report period to equitize available cash. The fund also invested in forwards in connection with the purchase and sale of portfolio securities to minimize the uncertainty of changes in future foreign currency
exchange rates and to hedge exposure to certain currencies. Refer to financial note 2(b) for the fund’s accounting policies with respect to futures contracts and forwards and financial note 3 for disclosures concerning the risks of investing in futures contracts and forwards.
32
Schwab International Opportunities Fund | Semiannual ReportSchwab International Opportunities
Fund
Financial Notes, unaudited (continued)
8. Derivatives (continued):
As of April 30, 2024, the
Statement of Assets and Liabilities included the following financial derivative instrument fair values held at period end:
| |
EQUITY CONTRACTS |
FOREIGN
EXCHANGE
CONTRACTS |
TOTAL |
| Asset Derivatives |
|
|
|
| Forward Foreign Currency Exchange
Contracts1 |
$— |
$914,230 |
$914,230 |
| Liability Derivatives |
|
|
|
| Futures Contracts2
|
($678,081 ) |
$— |
($678,081 ) |
| Forward Foreign Currency Exchange
Contracts1 |
— |
(1,291,345 ) |
(1,291,345 ) |
| |
|
| 1 |
Statement of Assets and Liabilities location: Unrealized appreciation on forward foreign currency exchange contracts and Unrealized depreciation on forward foreign
currency exchange contracts. |
| 2 |
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, 2024, were:
| |
EQUITY CONTRACTS |
FOREIGN
EXCHANGE
CONTRACTS |
TOTAL |
| Net Realized Gains (Losses) |
|
|
|
| Futures Contracts1
|
$2,278,743 |
$— |
$2,278,743 |
| Forward Foreign Currency Exchange
Contracts1 |
— |
659,014 |
659,014 |
| Net Change in Unrealized Appreciation (Depreciation) |
|
|
|
| Futures Contracts2
|
$708,509 |
$— |
$708,509 |
| Forward Foreign Currency Exchange
Contracts2 |
— |
(404,374 ) |
(404,374 ) |
| |
|
| 1 |
Statement of Operations location: Net realized gains on futures contracts and net realized gains on forward foreign currency exchange contracts. |
| 2 |
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, 2024, 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 |
| $20,605,595 |
188 |
| |
|
During the period ended April 30, 2024, 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) |
| $68,885,771 |
$7,395 |
| |
|
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
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33
Schwab International Opportunities
Fund
Financial Notes, unaudited (continued)
8. Derivatives (continued):
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, 2024.
| COUNTERPARTY |
GROSS AMOUNTS OF ASSETS
PRESENTED IN THE
STATEMENT OF ASSETS AND LIABILITIES |
FINANCIAL
INSTRUMENTS
AVAILABLE FOR OFFSET |
CASH COLLATERAL
PLEDGED |
NET
AMOUNT(a) |
| HSBC Bank USA |
$183,445 |
($89,382 ) |
$— |
$94,063 |
| Citibank N.A. |
240,344 |
(240,344 ) |
— |
— |
| UBS AG |
20,645 |
(20,645 ) |
— |
— |
| Wells Fargo Bank NA |
82,406 |
(1,504 ) |
— |
80,902 |
| Barclays Bank PLC |
387,390 |
(205,725 ) |
— |
181,665 |
| Total |
$914,230 |
($557,600 ) |
$— |
$356,630 |
| COUNTERPARTY |
GROSS AMOUNTS OF LIABILITIES
PRESENTED IN THE
STATEMENT OF ASSETS AND LIABILITIES |
FINANCIAL
INSTRUMENTS
AVAILABLE FOR OFFSET |
CASH COLLATERAL
RECEIVED |
NET
AMOUNT(a) |
| HSBC Bank USA |
($89,382 ) |
$89,382 |
$— |
$— |
| Citibank N.A. |
(348,095 ) |
240,344 |
— |
(107,751 ) |
| UBS AG |
(241,912 ) |
20,645 |
— |
(221,267 ) |
| Wells Fargo Bank NA |
(1,504 ) |
1,504 |
— |
— |
| Barclays Bank PLC |
(205,725 ) |
205,725 |
— |
— |
| Morgan Stanley & Co. |
(404,727 ) |
— |
— |
(404,727 ) |
| Total |
($1,291,345 ) |
$557,600 |
$— |
($733,745 ) |
| (a) |
Represents the net amount due from/due to the counterparty in the event of default. |
As of April 30, 2024, the tax basis cost of the fund’s investments and gross unrealized appreciation and depreciation were as follows:
| |
TAX COST |
GROSS UNREALIZED
APPRECIATION |
GROSS UNREALIZED
DEPRECIATION |
NET UNREALIZED
APPRECIATION
(DEPRECIATION) |
| |
$899,574,845 |
$172,522,975 |
($76,016,362 ) |
$96,506,613 |
| |
|
|
|
|
| |
|
|
|
|
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, 2023, the fund had capital loss carryforwards of $75,359,635.
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, 2024. The tax basis components of distributions paid during the fiscal year ended October 31, 2023 were as follows:
| |
PRIOR FISCAL YEAR END DISTRIBUTIONS | |
| |
ORDINARY
INCOME |
LONG-TERM
CAPITAL
GAINS |
| |
$11,433,730 |
$26,256,614 |
34
Schwab International Opportunities Fund | Semiannual ReportSchwab International Opportunities
Fund
Financial Notes, unaudited (continued)
9. Federal Income
Taxes (continued):
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, 2023, 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, 2023, the fund did not incur any interest or penalties.
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 Report
35
Schwab International
Opportunities Fund
Trustees and Officers
The tables below give information about the trustees and officers of Schwab Capital
Trust, which includes the fund covered in this report. The “Fund Complex” includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab
Annuity Portfolios, Schwab Strategic Trust and Laudus Trust. The Fund Complex includes 106 funds.
The address for all trustees and officers is 211 Main Street, San Francisco, CA 94105. You
can find more information about the trustees and officers in the fund’s Statement of Additional Information, which is available free by calling 1-877-824-5615.
| Independent Trustees | |||
| Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) |
Principal Occupations
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee |
Other Directorships |
| Michael J. Beer 1961
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022) |
Retired. Director, President and Chief Executive Officer
(Dec. 2016 – Sept. 2019), Principal Funds (investment
management). |
106 |
Director (2016 – 2019), Principal Funds, Inc. |
| Robert W. Burns 1959
Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) |
Retired/Private Investor. |
106 |
None |
| Nancy F. Heller 1956
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) |
Retired. |
106 |
None |
| David L. Mahoney 1954
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) |
Private Investor. |
106 |
Director (2004 – present), Corcept Therapeutics Incorporated
Director (2009 – 2021),
Adamas Pharmaceuticals, Inc. Director (2003 – 2019), Symantec Corporation |
| Jane P. Moncreiff 1961
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2019) |
Consultant (2018 – present), Fulham Advisers LLC (management consulting); Chief Investment Officer (2009 – 2017), CareGroup Healthcare System, Inc. (healthcare). |
106 |
None |
36
Schwab International Opportunities Fund | Semiannual ReportSchwab International
Opportunities Fund
| Independent Trustees (continued) | |||
| Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) |
Principal Occupations
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee |
Other Directorships |
| Kimberly S. Patmore 1956
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) |
Consultant (2008 – present), Patmore Management Consulting
(management consulting). |
106 |
None |
| J. Derek Penn 1957
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021) |
Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial
services). |
106 |
None |
| Interested Trustees | |||
| Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) |
Principal Occupations
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee |
Other Directorships |
| Walter W. Bettinger II2 1960
Chairman and Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust
and Schwab Annuity Portfolios since
2008; Schwab Strategic Trust since
2009; Laudus Trust since 2010) |
Co-Chairman of the Board (July 2022 – present), Director and Chief
Executive Officer (Oct. 2008 – present) and President
(Feb. 2007 – Oct. 2021), The Charles Schwab Corporation;
President and Chief Executive Officer (Oct. 2008 – Oct. 2021)
and Director (May 2008 – Oct. 2021), Charles Schwab &
Co., Inc.; Co-Chairman of the Board (July 2022 – present) and
Director (Apr. 2006 – present), Charles Schwab Bank, SSB;
Co-Chairman of the Board (July 2022 – present) and Director
(Nov. 2017 – present), Charles Schwab Premier Bank, SSB;
Co-Chairman of the Board (July 2022 – present) and Director
(July 2019 – present), Charles Schwab Trust Bank; Director
(May 2008 – present), Chief Executive Officer (Aug. 2017 – present)
and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.;
Manager (Sept. 2023 – present), TD Ameritrade Holding LLC;
Director (Oct. 2020 – Aug. 2023), TD Ameritrade Holding
Corporation; Director (July 2016 – Oct. 2021), Charles Schwab
Investment Management, Inc. |
106 |
Director (2008 – present), The Charles Schwab Corporation |
| Richard A. Wurster2 1973
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022) |
President (Oct. 2021 – present) and Executive Vice President – Schwab
Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles
Schwab Corporation; President, Director (Oct. 2021 –
present), Executive Vice President – Schwab Asset Management
Solutions (July 2019 – Oct. 2021) and Senior Vice President
– Advisory (May 2016 – July 2019), Charles Schwab &
Co., Inc.; President (Nov. 2021 – present), Schwab Holdings,
Inc.; Director (Oct. 2021 – present) and Chief Executive
Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment
Management, Inc.; Director, Chief Executive Officer and President
(Mar. 2018 – Oct. 2022), Charles Schwab Investment Advisory,
Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and
President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive
Officer (July 2016 – Apr. 2018), Windhaven Investment
Management, Inc. |
106 |
None |
Schwab International Opportunities Fund | Semiannual Report
37
Schwab International
Opportunities Fund
| Officers of the Trust | |
| Name, Year of Birth, and Position(s) with the
trust (Terms of office, and length of Time Served3) |
Principal Occupations During the Past Five
Years |
| Omar Aguilar 1970
Chief Executive Officer, President and Chief Investment
Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) |
Chief Executive Officer (Jan. 2022 – present), President (Oct. 2023 – present), (Chief
Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Jan.
2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer
and President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.;
Chief Executive Officer (Sept. 2023 – present), President (Oct. 2023 –
present), Chief Investment Officer (June 2011 – present) and Vice President
(June 2011 – Sept. 2023), Schwab Funds, Laudus Trust and Schwab
ETFs. |
| Mark Fischer 1970
Chief Operating Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2013) |
Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer
(Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial
Officer (Mar. 2020 – present), Chief Operating Officer (Oct. 2023 –
present), Managing Director (Mar. 2023 – present) and Vice President (Oct.
2013 – Mar. 2023), Charles Schwab Investment Management, Inc.
|
| Dana Smith 1965
Treasurer and Chief Financial Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2023) |
Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer (Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director
(Mar. 2023 – present), Vice President (Mar. 2022 – Mar. 2023) and Director
(Oct. 2015 – Mar. 2022), Charles Schwab Investment Management, Inc.; Managing
Director (May 2022 – present) and Vice President (Apr. 2022 – May 2022),
Charles Schwab & Co., Inc. |
| Patrick Cassidy 1964
Vice President and Chief Investment Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2018) |
Chief Investment Officer (Oct. 2023 – present) and Vice President (Feb. 2018 – present),
Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present),
Chief Investment Officer (Oct. 2023 – present), and Senior Vice President
(Oct. 2012 – Mar. 2023), Charles Schwab Investment Management,
Inc. |
| William P. McMahon, Jr. 1972
Vice President and Chief Investment Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2021) |
Managing Director (Mar. 2023 – present), Senior Vice President (Jan. 2020 – Mar. 2023) and
Chief Investment Officer (Jan. 2020 – present) Charles Schwab Investment
Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present),
Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief
Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019),
Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment
Officer (May 2001 – Apr. 2018), ThomasPartners, Inc. |
| Catherine MacGregor 1964
Chief Legal Officer and Secretary, Schwab Funds and
Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Trust (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009) |
Chief Legal Officer (Mar. 2022 – present), Managing Director (Mar. 2023 – present) and Vice
President (Sept. 2005 – Mar. 2023), Charles Schwab Investment Management, Inc.;
Managing Director (May 2022 – present) and Vice President (Aug. 2005 –
May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 –
present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus
Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President
(Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021),
Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and
Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs. |
1
Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first.
2
Mr. Bettinger and Mr. Wurster are Interested Trustees. Mr. Bettinger and Mr. Wurster are
Interested Trustees because each owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser
for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust.
3
The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.
38
Schwab International Opportunities Fund | Semiannual ReportSchwab International
Opportunities Fund
Glossary
asset
allocation The practice of dividing a portfolio among different asset classes, with each asset class
assigned a particular percentage.
asset class A group of securities with similar structure and basic characteristics. Stocks, bonds and cash are the three main
examples of asset classes.
bond A security representing a loan from the investor to the issuer. A bond typically pays interest at a fixed rate (the coupon rate) until a specified date (the maturity date), at which time the
issuer returns the money borrowed (principal or face value) to the bondholder. Because of their structure, bonds
are sometimes called “fixed-income securities” or “debt securities.”
An individual bond is subject to the credit risk of the issuer. Changes in interest rates
can affect a bond’s market value prior to call or maturity. There is no guarantee that a bond’s yield to call or maturity will provide a positive return over the rate of inflation.
bond fund A bond fund is subject to the same credit, interest rate, and inflation risks as bonds. In addition, a bond fund incurs ongoing fees and expenses. A bond fund’s net asset value will
fluctuate with the price of the underlying bonds and the portfolio turnover activity; return of principal is not
guaranteed.
cap, capitalization See “market cap.”
capital gain, capital loss the difference between the amount paid for an investment and its value at a later time. If the investment has been sold, the capital gain or loss is considered a
realized gain or loss. If the investment is still held, the capital gain or loss is considered unrealized
appreciation or depreciation.
expense ratio The amount that is taken from a mutual fund’s assets each year to cover the fund’s operating expenses. An expense ratio of 0.50% means that a fund’s expenses amount to
half of one percent of its average net assets a year.
market cap, market capitalization The value of a company as determined by the total value of all shares of its stock outstanding.
MSCI EAFE Index (Net) A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets in Europe, Australasia, and the Far East.
The Net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions
for expenses or other taxes; returns are calculated applying dividend withholding rates applicable to
non-resident persons who do not benefit from double taxation treaties.
net asset value (NAV) The value of one share of a
mutual fund. NAV is calculated by taking the fund’s total assets, subtracting liabilities, and dividing by
the number of shares outstanding.
outstanding shares, shares
outstanding When speaking of a company or mutual fund, indicates all shares currently held by
investors.
price-to-book ratio (P/B) The market price of a company’s stock compared with its “book value.” A mutual fund’s P/B is
the weighted average of the P/B of all stocks in the fund’s portfolio.
price-to-earnings ratio (P/E) The market price of a company’s
stock compared with earnings over the past year. A mutual fund’s P/E is the weighted average of the P/E of
all stocks in the fund’s portfolio.
restricted
and illiquid securities Restricted securities are securities that are subject to legal restrictions on
their sale. Restricted securities generally can be sold in privately negotiated transactions, pursuant to an
exemption from registration under the Securities Act of 1933 (the 1933 Act), or in a registered public offering. Certain restricted securities, such as Section 4(a)(2) commercial paper and Rule 144A securities under the 1933 Act, may be considered to be
liquid if they meet the criteria for liquidity established by the Board. Illiquid securities generally are any
securities that cannot be disposed of promptly and in the ordinary course of business at approximately the amount at which a fund has valued the instruments. The liquidity of a fund’s investments is monitored under the supervision and direction
of the Board. Investments currently not considered liquid include repurchase agreements not maturing within seven
days and certain restricted securities.
return on equity (ROE) The average yearly rate of return for each dollar of investors’ money, measured over the past five years.
stock A share of ownership, or equity, in the issuing company.
total return The percentage that an investor would have earned or lost on an investment in the fund assuming dividends and
distributions were reinvested.
weighted average For mutual funds, an average that gives the same weight to each security as the security represents in the fund’s portfolio.
yield The income paid out by an investment, expressed as a percentage of the investment’s market value.
Schwab International Opportunities Fund | Semiannual Report
39
Schwab International
Opportunities Fund
Schwab Asset Management
With a straightforward lineup of core products and solutions for building the
foundation of a portfolio, Schwab Asset Management advocates for investors of all sizes with a steadfast focus on lowering costs and reducing unnecessary complexity. The list
below shows all currently available Schwab Funds®.
Investors should carefully consider information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges and expenses before investing. Please call 1-877-824-5615 for a prospectus for any Schwab Fund. Please read the prospectus carefully before you invest. This report must be preceded or accompanied by a current prospectus.
Proxy Voting Policies, Procedures and Results
A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available without charge, upon request, by visiting the Schwab Funds’ website at
www.schwabassetmanagement.com/schwabfunds_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/schwabfunds_prospectus or the SEC’s website at www.sec.gov.
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
Schwab International Opportunities Fund
Schwab Select Large Cap Growth Fund
Schwab Fundamental US Large Company Index Fund
Schwab Fundamental US Small Company Index Fund
Schwab Fundamental International Large Company Index Fund
Schwab Fundamental International Small Company Index Fund
Schwab Fundamental Emerging Markets Large Company Index Fund
Schwab Fundamental Global Real Estate
Index Fund
Schwab Global Real Estate Fund
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 Growth Index Fund
Schwab U.S.
Large-Cap Value Index Fund
Schwab U.S. Mid-Cap Index Fund
Schwab International Index Fund®
Asset Allocation Funds
Schwab
Balanced Fund
Schwab MarketTrack Portfolios®
Schwab Target
Funds
Schwab Target Index Funds
Schwab Monthly Income Funds
Bond Funds
Schwab Treasury Inflation Protected Securities Index Fund
Schwab U.S. Aggregate Bond Index Fund
Schwab
Short-Term Bond Index Fund
Schwab Tax-Free Bond Fund1
Schwab California
Tax-Free Bond Fund1
Schwab Opportunistic Municipal Bond Fund
Schwab Money Funds2
Schwab provides a broad choice of taxable and tax-exempt money market funds for both retail and institutional client types.
Investment Adviser
Charles Schwab Investment Management, Inc., dba Schwab Asset Management
211 Main Street, San Francisco, CA 94105
Funds
Schwab Funds
1-877-824-5615
© 2024 Charles Schwab & Co., Inc. All rights reserved.
Member SIPC®
Printed on recycled paper.
Member SIPC®
Printed on recycled paper.
¹
State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation.
²
You could lose money by investing in the Schwab Money Funds. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares if the Fund’s Board determines that the fee is in the best interests of the Fund. An investment in the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.
Semiannual Report | April 30, 2024
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
| No Action Required – Notice Regarding Shareholder Report Delivery |
| Beginning on July 24, 2024, fund shareholder reports will be streamlined to highlight key information deemed important for investors to assess
and monitor their fund investments. Other information, including financial
statements, will not appear in the streamlined shareholder reports
but will available online and delivered free of charge upon
request. |
| • If you already receive the full shareholder reports, you
will receive the streamlined shareholder reports in the same way that you currently receive the full shareholder reports (either in paper or electronically). |
| • If you currently receive a notification when a shareholder
report is available on a fund’s website, beginning July 24, 2024, you will begin to receive the streamlined shareholder report (in paper). |
Schwab Target Funds
In
This Report
| 2 | |
| 4 | |
| | |
| 5 | |
| 7 | |
| 9 | |
| 11 | |
| 13 | |
| 15 | |
| 17 | |
| 19 | |
| 21 | |
| 23 | |
| 25 | |
| 27 | |
| 29 | |
| | |
| 31 | |
| 37 | |
| 43 | |
| 49 | |
| 55 | |
| 61 | |
| 67 | |
| 73 | |
| 79 | |
| 85 | |
| 91 | |
| 97 | |
| 103 | |
| 112 | |
| 115 |
Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management®
Distributor: Charles
Schwab & Co., Inc. (Schwab)
| |
1
Schwab Target
Funds | Semiannual ReportSchwab Target Funds
Performance
at a Glance
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/schwabfunds_prospectus.
| Total Return for the 6 Months
Ended April 30, 2024 | |
| Schwab Target 2010 Fund (Ticker Symbol: SWBRX)
|
9.90% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
| Target 2010 Composite Index |
9.74% |
| Fund Category: Morningstar Target-Date 2000-20101 |
9.06% |
| Performance Details |
pages 5-6 |
| |
|
| Schwab Target 2015 Fund (Ticker Symbol: SWGRX)
|
10.48% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
| Target 2015 Composite Index |
10.34% |
| Fund Category: Morningstar Target-Date
20151 |
10.04% |
| Performance Details |
pages 7-8 |
| |
|
| Schwab Target 2020 Fund (Ticker Symbol: SWCRX)
|
10.91% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
| Target 2020 Composite Index |
10.74% |
| Fund Category: Morningstar Target-Date
20201 |
10.91% |
| Performance Details |
pages 9-10 |
| |
|
| Schwab Target 2025 Fund (Ticker Symbol: SWHRX)
|
11.85% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
| Target 2025 Composite Index |
11.72% |
| Fund Category: Morningstar Target-Date
20251 |
11.73% |
| Performance Details |
pages 11-12 |
| |
|
| Schwab Target 2030 Fund (Ticker Symbol: SWDRX)
|
13.93% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
| Target 2030 Composite Index |
13.78% |
| Fund Category: Morningstar Target-Date
20301 |
13.30% |
| Performance Details |
pages 13-14 |
| |
|
| Schwab Target 2035 Fund (Ticker Symbol: SWIRX)
|
15.40% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
| Target 2035 Composite Index |
15.28% |
| Fund Category: Morningstar Target-Date
20351 |
15.01% |
| Performance Details |
pages 15-16 |
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.
The components that make up each of the composite indices may vary over time. For index
definitions, please see the Glossary.
Fund expenses may have been
partially absorbed by the investment adviser and its affiliates. Without these reductions, a fund’s total return would have been lower. Performance does not reflect the
deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.
1
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report
date.
Schwab Target Funds | Semiannual Report
2
Schwab Target Funds
Performance at a Glance (continued)
| Total Return for the 6 Months
Ended April 30, 2024 | |
| Schwab Target 2040 Fund (Ticker Symbol: SWERX)
|
16.54% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
| Target 2040 Composite Index |
16.46% |
| Fund Category: Morningstar Target-Date
20401 |
16.51% |
| Performance Details |
pages 17-18 |
| |
|
| Schwab Target 2045 Fund (Ticker Symbol: SWMRX)
|
17.52% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
| Target 2045 Composite Index |
17.44% |
| Fund Category: Morningstar Target-Date
20451 |
17.64% |
| Performance Details |
pages 19-20 |
| |
|
| Schwab Target 2050 Fund (Ticker Symbol: SWNRX)
|
18.22% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
| Target 2050 Composite Index |
18.06% |
| Fund Category: Morningstar Target-Date
20501 |
18.27% |
| Performance Details |
pages 21-22 |
| |
|
| Schwab Target 2055 Fund (Ticker Symbol: SWORX)
|
18.50% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
| Target 2055 Composite Index |
18.42% |
| Fund Category: Morningstar Target-Date
20551 |
18.47% |
| Performance Details |
pages 23-24 |
| |
|
| Schwab Target 2060 Fund (Ticker Symbol: SWPRX)
|
18.73% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
| Target 2060 Composite Index |
18.70% |
| Fund Category: Morningstar Target-Date
20601 |
18.66% |
| Performance Details |
pages 25-26 |
| |
|
| Schwab Target 2065 Fund (Ticker Symbol: SWQRX)
|
18.90% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
| Target 2065 Composite Index |
18.90% |
| Fund Category: Morningstar Target-Date
2065+1 |
18.70% |
| Performance Details |
pages 27-28 |
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.
The components that make up each of the composite indices may vary over time. For index
definitions, please see the Glossary.
Fund expenses may have been
partially absorbed by the investment adviser and its affiliates. Without these reductions, a fund’s total return would have been lower. Performance does not reflect the
deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.
1
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
3
Schwab Target Funds | Semiannual
ReportSchwab Target Funds
Fund
Management
 |
Zifan Tang, Ph.D., CFA, Senior Portfolio Manager for Schwab Asset
Management, is responsible for the day-to-day co-management of the funds. Prior to joining
Schwab in 2012, Ms. Tang was a product manager at Thomson Reuters and from 1997 to 2009
worked as a portfolio manager at Barclays Global Investors (now known as
BlackRock). |
 |
Drew Hayes, CFA, Portfolio Manager for Schwab Asset Management, is
responsible for the day-to-day co-management of the funds. Mr. Hayes has been with Schwab
since 2006. Before becoming a portfolio manager, he spent seven years as a senior fixed
income specialist for Schwab Wealth Advisory, Inc. Prior to that, he worked as a bond
investment specialist for two years and as a registered representative for two years for
Charles Schwab & Co., Inc. |
 |
Patrick Kwok, CFA, Portfolio Manager for Schwab Asset Management, is
responsible for the day-to-day co-management of the funds. Previously, Mr. Kwok served as
an associate portfolio manager from 2012 to 2016. Prior to that, he worked as a fund
administration manager, where he was responsible for oversight of sub-advisers, trading,
cash management, and fund administration supporting the Charles Schwab Trust Bank
Collective Investment Trusts and multi-asset Schwab Funds. Prior to joining Schwab Asset Management in
2008, Mr. Kwok spent two years as an asset operations specialist at Charles Schwab Trust
Company. He also worked for one year at State Street Bank & Trust as a portfolio
accountant and pricing specialist. |
Schwab Target Funds | Semiannual Report
4
Schwab Target 2010
Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab Target 2010 Fund (7/1/05)
|
9.90% |
6.15% |
3.91% |
4.19% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
22.42% |
12.32% |
11.73% |
| Bloomberg US Aggregate Bond Index |
4.97% |
-1.47% |
-0.16% |
1.20% |
| Target 2010 Composite Index |
9.74% |
5.81% |
4.02% |
4.40% |
| Fund Category: Morningstar Target-Date 2000-2010 2 |
9.06% |
5.41% |
3.65% |
4.08% |
| Fund Expense Ratios3: Net
0.26%; Gross 0.40% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
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.
2
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
3
As stated in the prospectus. Includes 0.26% of acquired fund fees and expenses (AFFE),
which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so
long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios
during the period, not including AFFE, refer to the financial highlights section of the financial statements.
5
Schwab Target Funds | Semiannual
ReportSchwab Target 2010
Fund
Performance and Fund Facts as of April 30, 2024
Statistics
| Number of Holdings |
21 |
| Portfolio Turnover Rate |
6% 1 |
Asset Class Weightings % of Investments2,3
Top Holdings % of Net Assets3,4
Portfolio holdings may have changed since the report date.
1
Not annualized.
2
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
3
The fund intends to invest in a combination of the underlying funds; however, the fund
may also invest directly in equity and fixed-income securities and money market securities.
4
This list is not a recommendation of any security by the investment
adviser.
Schwab Target Funds | Semiannual Report
6
Schwab Target 2015
Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab Target 2015 Fund (3/12/08)
|
10.48% |
6.65% |
4.14% |
4.38% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
22.42% |
12.32% |
11.73% |
| Bloomberg US Aggregate Bond Index |
4.97% |
-1.47% |
-0.16% |
1.20% |
| Target 2015 Composite Index |
10.34% |
6.44% |
4.32% |
4.63% |
| Fund Category: Morningstar Target-Date 2015
2 |
10.04% |
6.14% |
4.21% |
4.58% |
| Fund Expense Ratios3: Net
0.28%; Gross 0.40% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
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.
2
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
3
As stated in the prospectus. Includes 0.28% of acquired fund fees and expenses (AFFE),
which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so
long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios
during the period, not including AFFE, refer to the financial highlights section of the financial statements.
7
Schwab Target Funds | Semiannual
ReportSchwab Target 2015
Fund
Performance and Fund Facts as of April 30, 2024
Statistics
| Number of Holdings |
21 |
| Portfolio Turnover Rate |
5% 1 |
Asset Class Weightings % of Investments2,3
Top Holdings % of Net Assets3,4
Portfolio holdings may have changed since the report date.
1
Not annualized.
2
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
3
The fund intends to invest in a combination of the underlying funds; however, the fund
may also invest directly in equity and fixed-income securities and money market securities.
4
This list is not a recommendation of any security by the investment
adviser.
Schwab Target Funds | Semiannual Report
8
Schwab Target
2020 Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab Target 2020 Fund (7/1/05)
|
10.91% |
7.10% |
4.31% |
4.76% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
22.42% |
12.32% |
11.73% |
| Bloomberg US Aggregate Bond Index |
4.97% |
-1.47% |
-0.16% |
1.20% |
| Target 2020 Composite Index |
10.74% |
6.86% |
4.53% |
5.07% |
| Fund Category: Morningstar Target-Date 2020
2 |
10.91% |
6.81% |
4.46% |
4.92% |
| Fund Expense Ratios3: Net
0.29%; Gross 0.32% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
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.
2
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
3
As stated in the prospectus. Includes 0.29% of acquired fund fees and expenses (AFFE),
which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so
long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios
during the period, not including AFFE, refer to the financial highlights section of the financial statements.
9
Schwab Target Funds | Semiannual
ReportSchwab Target
2020 Fund
Performance and Fund Facts as of April 30, 2024
Statistics
| Number of Holdings |
21 |
| Portfolio Turnover Rate |
5% 1 |
Asset Class Weightings % of Investments2,3
Top Holdings % of Net Assets3,4
Portfolio holdings may have changed since the report date.
1
Not annualized.
2
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
3
The fund intends to invest in a combination of the underlying funds; however, the fund
may also invest directly in equity and fixed-income securities and money market securities.
4
This list is not a recommendation of any security by the investment
adviser.
Schwab Target Funds | Semiannual Report
10
Schwab Target
2025 Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab Target 2025 Fund (3/12/08)
|
11.85% |
8.14% |
5.11% |
5.50% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
22.42% |
12.32% |
11.73% |
| Bloomberg US Aggregate Bond Index |
4.97% |
-1.47% |
-0.16% |
1.20% |
| Target 2025 Composite Index |
11.72% |
7.92% |
5.44% |
5.90% |
| Fund Category: Morningstar Target-Date 2025
2 |
11.73% |
7.49% |
4.88% |
5.29% |
| Fund Expense Ratios3: Net
0.34%; Gross 0.36% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
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.
2
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
3
As stated in the prospectus. Includes 0.34% of acquired fund fees and expenses (AFFE),
which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so
long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios
during the period, not including AFFE, refer to the financial highlights section of the financial statements.
11
Schwab Target Funds | Semiannual
ReportSchwab Target
2025 Fund
Performance and Fund Facts as of April 30, 2024
Statistics
| Number of Holdings |
22 |
| Portfolio Turnover Rate |
7% 1 |
Asset Class Weightings % of Investments2,3
Top Holdings % of Net Assets3,4
Portfolio holdings may have changed since the report date.
1
Not annualized.
2
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
3
The fund intends to invest in a combination of the underlying funds; however, the fund
may also invest directly in equity and fixed-income securities and money market securities.
4
This list is not a recommendation of any security by the investment
adviser.
Schwab Target Funds | Semiannual Report
12
Schwab Target 2030 Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab Target 2030 Fund (7/1/05)
|
13.93% |
10.47% |
6.04% |
6.21% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
22.42% |
12.32% |
11.73% |
| Bloomberg US Aggregate Bond Index |
4.97% |
-1.47% |
-0.16% |
1.20% |
| Target 2030 Composite Index |
13.78% |
10.15% |
6.42% |
6.66% |
| Fund Category: Morningstar Target-Date 2030
2 |
13.30% |
9.17% |
5.81% |
6.04% |
| Fund Expense Ratios3: Net
0.41%; Gross 0.42% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
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.
2
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
3
As stated in the prospectus. Includes 0.41% of acquired fund fees and expenses (AFFE),
which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so
long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios
during the period, not including AFFE, refer to the financial highlights section of the financial statements.
13
Schwab Target Funds | Semiannual
ReportSchwab Target 2030 Fund
Performance and Fund Facts as of April 30, 2024
Statistics
| Number of Holdings |
22 |
| Portfolio Turnover Rate |
7% 1 |
Asset Class Weightings % of Investments2,3
Top Holdings % of Net Assets3,4
Portfolio holdings may have changed since the report date.
1
Not annualized.
2
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
3
The fund intends to invest in a combination of the underlying funds; however, the fund
may also invest directly in equity and fixed-income securities and money market securities.
4
This list is not a recommendation of any security by the investment
adviser.
Schwab Target Funds | Semiannual Report
14
Schwab Target 2035 Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab Target 2035 Fund (3/12/08)
|
15.40% |
12.08% |
6.65% |
6.70% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
22.42% |
12.32% |
11.73% |
| Bloomberg US Aggregate Bond Index |
4.97% |
-1.47% |
-0.16% |
1.20% |
| Target 2035 Composite Index |
15.28% |
11.71% |
7.13% |
7.22% |
| Fund Category: Morningstar Target-Date 2035
2 |
15.01% |
11.15% |
6.73% |
6.71% |
| Fund Expense Ratios3: Net
0.46%; Gross 0.48% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
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.
2
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
3
As stated in the prospectus. Includes 0.46% of acquired fund fees and expenses (AFFE),
which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so
long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios
during the period, not including AFFE, refer to the financial highlights section of the financial statements.
15
Schwab Target Funds | Semiannual
ReportSchwab Target 2035
Fund
Performance and Fund Facts as of April 30, 2024
Statistics
| Number of Holdings |
21 |
| Portfolio Turnover Rate |
6% 1 |
Asset Class Weightings % of Investments2,3
Top Holdings % of Net Assets3,4
Portfolio holdings may have changed since the report date.
1
Not annualized.
2
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
3
The fund intends to invest in a combination of the underlying funds; however, the fund
may also invest directly in equity and fixed-income securities and money market securities.
4
This list is not a recommendation of any security by the investment
adviser.
Schwab Target Funds | Semiannual Report
16
Schwab Target
2040 Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab Target 2040 Fund (7/1/05)
|
16.54% |
13.42% |
7.15% |
7.10% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
22.42% |
12.32% |
11.73% |
| Bloomberg US Aggregate Bond Index |
4.97% |
-1.47% |
-0.16% |
1.20% |
| Target 2040 Composite Index |
16.46% |
12.89% |
7.67% |
7.68% |
| Fund Category: Morningstar Target-Date 2040
2 |
16.51% |
13.06% |
7.54% |
7.29% |
| Fund Expense Ratios3: Net
0.50%; Gross 0.51% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
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.
2
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
3
As stated in the prospectus. Includes 0.50% of acquired fund fees and expenses (AFFE),
which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so
long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios
during the period, not including AFFE, refer to the financial highlights section of the financial statements.
17
Schwab Target Funds | Semiannual
ReportSchwab Target
2040 Fund
Performance and Fund Facts as of April 30, 2024
Statistics
| Number of Holdings |
21 |
| Portfolio Turnover Rate |
6% 1 |
Asset Class Weightings % of Investments2,3
Top Holdings % of Net Assets3,4
Portfolio holdings may have changed since the report date.
1
Not annualized.
2
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
3
The fund intends to invest in a combination of the underlying funds; however, the fund
may also invest directly in equity and fixed-income securities and money market securities.
4
This list is not a recommendation of any security by the investment
adviser.
Schwab Target Funds | Semiannual Report
18
Schwab Target
2045 Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab Target 2045 Fund (1/23/13)
|
17.52% |
14.49% |
7.57% |
7.41% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
22.42% |
12.32% |
11.73% |
| Bloomberg US Aggregate Bond Index |
4.97% |
-1.47% |
-0.16% |
1.20% |
| Target 2045 Composite Index |
17.44% |
13.85% |
8.14% |
8.03% |
| Fund Category: Morningstar Target-Date 2045
2 |
17.64% |
14.43% |
8.09% |
7.60% |
| Fund Expense Ratios3: Net
0.53%; Gross 0.57% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
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.
2
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
3
As stated in the prospectus. Includes 0.53% of acquired fund fees and expenses (AFFE),
which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so
long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios
during the period, not including AFFE, refer to the financial highlights section of the financial statements.
19
Schwab Target Funds | Semiannual
ReportSchwab Target
2045 Fund
Performance and Fund Facts as of April 30, 2024
Statistics
| Number of Holdings |
21 |
| Portfolio Turnover Rate |
3% 1 |
Asset Class Weightings % of Investments2,3
Top Holdings % of Net Assets3,4
Portfolio holdings may have changed since the report date.
1
Not annualized.
2
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
3
The fund intends to invest in a combination of the underlying funds; however, the fund
may also invest directly in equity and fixed-income securities and money market securities.
4
This list is not a recommendation of any security by the investment
adviser.
Schwab Target Funds | Semiannual Report
20
Schwab Target
2050 Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab Target 2050 Fund (1/23/13)
|
18.22% |
15.13% |
7.86% |
7.62% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
22.42% |
12.32% |
11.73% |
| Bloomberg US Aggregate Bond Index |
4.97% |
-1.47% |
-0.16% |
1.20% |
| Target 2050 Composite Index |
18.06% |
14.44% |
8.40% |
8.23% |
| Fund Category: Morningstar Target-Date 2050
2 |
18.27% |
15.11% |
8.28% |
7.75% |
| Fund Expense Ratios3: Net
0.56%; Gross 0.60% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
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.
2
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
3
As stated in the prospectus. Includes 0.56% of acquired fund fees and expenses (AFFE),
which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so
long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios
during the period, not including AFFE, refer to the financial highlights section of the financial statements.
21
Schwab Target Funds | Semiannual
ReportSchwab Target
2050 Fund
Performance and Fund Facts as of April 30, 2024
Statistics
| Number of Holdings |
21 |
| Portfolio Turnover Rate |
1% 1 |
Asset Class Weightings % of Investments2,3
Top Holdings % of Net Assets3,4
Portfolio holdings may have changed since the report date.
1
Not annualized.
2
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
3
The fund intends to invest in a combination of the underlying funds; however, the fund
may also invest directly in equity and fixed-income securities and money market securities.
4
This list is not a recommendation of any security by the investment
adviser.
Schwab Target Funds | Semiannual Report
22
Schwab Target
2055 Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab Target 2055 Fund (1/23/13)
|
18.50% |
15.29% |
7.92% |
7.70% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
22.42% |
12.32% |
11.73% |
| Bloomberg US Aggregate Bond Index |
4.97% |
-1.47% |
-0.16% |
1.20% |
| Target 2055 Composite Index |
18.42% |
14.77% |
8.55% |
8.37% |
| Fund Category: Morningstar Target-Date 2055
2 |
18.47% |
15.34% |
8.38% |
7.78% |
| Fund Expense Ratios3: Net
0.57%; Gross 0.62% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
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.
2
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
3
As stated in the prospectus. Includes 0.57% of acquired fund fees and expenses (AFFE),
which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so
long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios
during the period, not including AFFE, refer to the financial highlights section of the financial statements.
23
Schwab Target Funds | Semiannual
ReportSchwab Target
2055 Fund
Performance and Fund Facts as of April 30, 2024
Statistics
| Number of Holdings |
20 |
| Portfolio Turnover Rate |
1% 1 |
Asset Class Weightings % of Investments2,3
Top Holdings % of Net Assets3,4
Portfolio holdings may have changed since the report date.
1
Not annualized.
2
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
3
The fund intends to invest in a combination of the underlying funds; however, the fund
may also invest directly in equity and fixed-income securities and money market securities.
4
This list is not a recommendation of any security by the investment
adviser.
Schwab Target Funds | Semiannual Report
24
Schwab Target
2060 Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
Since Inception |
| Fund: Schwab Target 2060 Fund (8/25/16)
|
18.73% |
15.60% |
8.05% |
8.85% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
22.42% |
12.32% |
12.89% |
| Bloomberg US Aggregate Bond Index |
4.97% |
-1.47% |
-0.16% |
0.34% |
| Target 2060 Composite Index |
18.70% |
15.05% |
8.70% |
9.45% |
| Fund Category: Morningstar Target-Date 2060
2 |
18.66% |
15.60% |
8.50% |
N/A |
| Fund Expense Ratios3: Net
0.58%; Gross 0.73% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
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.
2
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
3
As stated in the prospectus. Includes 0.58% of acquired fund fees and expenses (AFFE),
which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so
long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios
during the period, not including AFFE, refer to the financial highlights section of the financial statements.
25
Schwab Target Funds | Semiannual
ReportSchwab Target
2060 Fund
Performance and Fund Facts as of April 30, 2024
Statistics
| Number of Holdings |
19 |
| Portfolio Turnover Rate |
1% 1 |
Asset Class Weightings % of Investments2,3
Top Holdings % of Net Assets3,4
Portfolio holdings may have changed since the report date.
1
Not annualized.
2
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
3
The fund intends to invest in a combination of the underlying funds; however, the fund
may also invest directly in equity and fixed-income securities and money market securities.
4
This list is not a recommendation of any security by the investment
adviser.
Schwab Target Funds | Semiannual Report
26
Schwab Target
2065 Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
3 Years |
Since Inception |
| Fund: Schwab Target 2065 Fund (2/25/21)
|
18.90% |
15.79% |
2.44% |
4.38% |
| Dow Jones U.S. Total Stock Market
IndexSM |
21.22% |
22.42% |
6.21% |
8.60% |
| Bloomberg US Aggregate Bond Index |
4.97% |
-1.47% |
-3.54% |
-3.23% |
| Target 2065 Composite Index |
18.90% |
15.25% |
3.75% |
5.36% |
| Fund Category: Morningstar Target-Date 2065+
2 |
18.70% |
15.71% |
3.07% |
N/A |
| Fund Expense Ratios3: Net
0.59%; Gross 1.29% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
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.
2
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
3
As stated in the prospectus. Includes 0.59% of acquired fund fees and expenses (AFFE),
which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so
long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios
during the period, not including AFFE, refer to the financial highlights section of the financial statements.
27
Schwab Target Funds | Semiannual
ReportSchwab Target
2065 Fund
Performance and Fund Facts as of April 30, 2024
Statistics
| Number of Holdings |
18 |
| Portfolio Turnover Rate |
3% 1 |
Asset Class Weightings % of Investments2,3
Top Holdings % of Net Assets3,4
Portfolio holdings may have changed since the report date.
1
Not annualized.
2
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
3
The fund intends to invest in a combination of the underlying funds; however, the fund
may also invest directly in equity and fixed-income securities and money market securities.
4
This list is not a recommendation of any security by the investment
adviser.
Schwab Target Funds | Semiannual Report
28
Schwab Target Funds
Fund Expenses (Unaudited)
Examples for a $1,000 Investment
As a fund shareholder, you may incur two types of costs: (1) transaction costs; and (2) ongoing costs, including
transfer agent fees and other fund expenses.
The expense examples below are intended to help you understand your ongoing cost (in dollars) of investing in a fund and
to compare this cost with the ongoing cost of investing in other mutual funds. These examples are based on an
investment of $1,000 invested for six months beginning November 1, 2023 and held through April 30,
2024.
Actual Return lines in the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so,
simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then
multiply the result by the number given for your fund under the heading entitled “Expenses Paid During
Period.”
Hypothetical Return lines in the table below provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed
return of 5% per year before expenses. Because the return used is not an actual return, it may not be used to
estimate the actual ending account value or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in a fund and
other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in
the shareholder reports of the other funds.
Please note that the
expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any
transactional costs. Therefore, the hypothetical return lines of the table are useful in comparing ongoing
costs only and will not help you determine the relative total costs of owning different funds. In addition,
if these transactional costs were included, your costs would have been higher.
| |
EXPENSE RATIO
(ANNUALIZED)1,2 |
EFFECTIVE EXPENSE
RATIO (ANNUALIZED)3,4 |
BEGINNING ACCOUNT
VALUE AT 11/1/23 |
ENDING ACCOUNT
VALUE (NET OF EXPENSES)
AT 4/30/242 |
EXPENSES PAID
DURING PERIOD
11/1/23-4/30/242,5 |
EFFECTIVE EXPENSES PAID
DURING PERIOD 11/1/23-4/30/244,5 |
| Schwab Target 2010 Fund |
|
|
|
|
|
|
| Actual Return |
0.00% |
0.25% |
$1,000.00
|
$1,099.00
|
$0.00
|
$1.30
|
| Hypothetical 5% Return |
0.00% |
0.25% |
$1,000.00 |
$1,024.86 |
$0.00 |
$1.26
|
| Schwab Target 2015 Fund |
|
|
|
|
|
|
| Actual Return |
0.00% |
0.27% |
$1,000.00
|
$1,104.80
|
$0.00
|
$1.41
|
| Hypothetical 5% Return |
0.00% |
0.27% |
$1,000.00 |
$1,024.86 |
$0.00 |
$1.36
|
| Schwab Target 2020 Fund |
|
|
|
|
|
|
| Actual Return |
0.00% |
0.28% |
$1,000.00
|
$1,109.10
|
$0.00
|
$1.47
|
| Hypothetical 5% Return |
0.00% |
0.28% |
$1,000.00 |
$1,024.86 |
$0.00 |
$1.41
|
| Schwab Target 2025 Fund |
|
|
|
|
|
|
| Actual Return |
0.00% |
0.32% |
$1,000.00
|
$1,118.50
|
$0.00
|
$1.69
|
| Hypothetical 5% Return |
0.00% |
0.32% |
$1,000.00 |
$1,024.86 |
$0.00 |
$1.61
|
| Schwab Target 2030 Fund |
|
|
|
|
|
|
| Actual Return |
0.00% |
0.40% |
$1,000.00
|
$1,139.30
|
$0.00
|
$2.13
|
| Hypothetical 5% Return |
0.00% |
0.40% |
$1,000.00 |
$1,024.86 |
$0.00 |
$2.01
|
| Schwab Target 2035 Fund |
|
|
|
|
|
|
| Actual Return |
0.00% |
0.45% |
$1,000.00
|
$1,154.00
|
$0.00
|
$2.41
|
| Hypothetical 5% Return |
0.00% |
0.45% |
$1,000.00 |
$1,024.86 |
$0.00 |
$2.26
|
| Schwab Target 2040 Fund |
|
|
|
|
|
|
| Actual Return |
0.00% |
0.49% |
$1,000.00
|
$1,165.40
|
$0.00
|
$2.64
|
| Hypothetical 5% Return |
0.00% |
0.49% |
$1,000.00 |
$1,024.86 |
$0.00 |
$2.46
|
| Schwab Target 2045 Fund |
|
|
|
|
|
|
| Actual Return |
0.00% |
0.53% |
$1,000.00
|
$1,175.20
|
$0.00
|
$2.87
|
| Hypothetical 5% Return |
0.00% |
0.53% |
$1,000.00 |
$1,024.86 |
$0.00 |
$2.66
|
| Schwab Target 2050 Fund |
|
|
|
|
|
|
| Actual Return |
0.00% |
0.55% |
$1,000.00
|
$1,182.20
|
$0.00
|
$2.98
|
| Hypothetical 5% Return |
0.00% |
0.55% |
$1,000.00 |
$1,024.86 |
$0.00 |
$2.77
|
| Schwab Target 2055 Fund |
|
|
|
|
|
|
| Actual Return |
0.00% |
0.57% |
$1,000.00
|
$1,185.00
|
$0.00
|
$3.10
|
| Hypothetical 5% Return |
0.00% |
0.57% |
$1,000.00 |
$1,024.86 |
$0.00 |
$2.87
|
29
Schwab Target
Funds | Semiannual ReportSchwab Target Funds
Fund Expenses (Unaudited) (continued)
| |
EXPENSE RATIO
(ANNUALIZED)1,2 |
EFFECTIVE
EXPENSE RATIO
(ANNUALIZED)3,4 |
BEGINNING
ACCOUNT VALUE
AT 11/1/23 |
ENDING
ACCOUNT VALUE
(NET OF EXPENSES)
AT 4/30/242 |
EXPENSES PAID
DURING PERIOD
11/1/23-4/30/242,5 |
EFFECTIVE EXPENSES PAID
DURING PERIOD 11/1/23-4/30/244,5 |
| Schwab Target 2060 Fund |
|
|
|
|
|
|
| Actual Return |
0.00% |
0.58% |
$1,000.00 |
$1,187.30 |
$0.00 |
$3.15
|
| Hypothetical 5% Return |
0.00% |
0.58% |
$1,000.00 |
$1,024.86 |
$0.00 |
$2.92 |
| Schwab Target 2065 Fund
|
|
|
|
|
|
|
| Actual Return |
0.00% |
0.58% |
$1,000.00 |
$1,189.00 |
$0.00 |
$3.16
|
| Hypothetical 5% Return |
0.00% |
0.58% |
$1,000.00 |
$1,024.86 |
$0.00 |
$2.92
|
| 1 |
Based on the most recent six-month expense ratio.
|
| 2 |
Excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
| 3 |
Based on the most recent six-month acquired fund fees and expenses and the expense ratio; may differ from the acquired fund fees and expenses and the expense ratio in
the prospectus. |
| 4 |
Includes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
| 5 |
Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the
period, multiplied by 182 days in the period, and divided by 366 days in the fiscal
year. |
Schwab Target Funds | Semiannual Report
30
Schwab Target 2010 Fund
Financial
Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$12.19 |
$12.23 |
$15.21 |
$13.76 |
$13.57 |
$13.06 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.22 |
0.35 |
0.28 |
0.22 |
0.27 |
0.30 |
| Net realized and unrealized gains (losses) |
0.99 |
0.16 |
(2.55 ) |
1.61 |
0.57 |
0.97 |
| Total from investment operations |
1.21 |
0.51 |
(2.27 ) |
1.83 |
0.84 |
1.27 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.38 ) |
(0.30 ) |
(0.30 ) |
(0.27 ) |
(0.34 ) |
(0.34 ) |
| Distributions from net realized gains |
(0.18 ) |
(0.25 ) |
(0.41 ) |
(0.11 ) |
(0.31 ) |
(0.42 ) |
| Total distributions |
(0.56 ) |
(0.55 ) |
(0.71 ) |
(0.38 ) |
(0.65 ) |
(0.76 ) |
| Net asset value at end of period |
$12.84 |
$12.19 |
$12.23 |
$15.21 |
$13.76 |
$13.57 |
| Total return |
9.90
%2 |
4.24 % |
(15.69 %) |
13.46 % |
6.38 % |
10.42 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses3
|
0.00
%4 |
0.00 % |
0.00
%5 |
0.00 % |
0.00 % |
0.00 % |
| Gross operating expenses3
|
0.15
%4 |
0.14 % |
0.14
%5 |
0.12 % |
0.14 % |
0.17 % |
| Net investment income (loss) |
3.41
%4 |
2.76 % |
2.04 % |
1.50 % |
2.03 % |
2.33 % |
| Portfolio turnover rate |
6
%2 |
14 % |
24 % |
21 % |
27 % |
13 % |
| Net assets, end of period (x 1,000) |
$43,244 |
$43,307 |
$46,359 |
$65,477 |
$55,507 |
$51,106 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
| 4 |
Annualized. |
| 5 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
31
Schwab Target Funds | Semiannual ReportSchwab Target 2010 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period.
The
fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT
Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also
obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email
request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio
holdings 15 to 20 days after the end of the month on the fund’s website.
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| AFFILIATED UNDERLYING FUNDS 74.5% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 20.2% | ||||||||
| Large-Cap 17.7% | ||||||||
| Schwab Core Equity Fund |
$696,522 |
$21,896 |
($151,708 ) |
$39,152 |
$65,817 |
$671,679 |
31,594 |
$21,896 |
| Schwab Fundamental US Large Company Index Fund |
864,797 |
17,978 |
(196,251
) |
14,337 |
126,188 |
827,049 |
32,664 |
17,978 |
| Schwab S&P 500 Index Fund |
5,404,074 |
122,968 |
(1,279,471
) |
655,558 |
330,351 |
5,233,480 |
67,529 |
82,968 |
| Schwab Select Large Cap Growth Fund * |
922,814 |
158,966 |
(231,664 ) |
(50,633 ) |
127,755 |
927,238 |
40,297 |
158,966 |
| |
|
|
|
|
|
7,659,446 |
|
|
| Mid-Cap 1.2% | ||||||||
| Schwab U.S. Mid-Cap Index Fund |
545,289 |
8,855 |
(152,246
) |
16,636 |
89,495 |
508,029 |
8,374 |
8,855 |
| Small-Cap 1.3% | ||||||||
| Schwab Small-Cap Equity Fund |
615,495 |
42,283 |
(186,387 ) |
29,271 |
80,187 |
580,849 |
29,425 |
2,284 |
| |
|
|
|
|
|
8,748,324 |
|
|
| | ||||||||
| International Stocks 7.6% | ||||||||
| Developed Markets 7.6% | ||||||||
| Schwab Fundamental International Large Company Index Fund |
129,077 |
4,613 |
— |
— |
16,413 |
150,103 |
13,911 |
4,613 |
| Schwab International Core Equity Fund |
1,307,705 |
38,553 |
(225,647
) |
21,089 |
187,107 |
1,328,807 |
115,649 |
38,553 |
| Schwab International Opportunities Fund
|
1,872,303 |
34,660 |
(370,000 ) |
(25,521 ) |
286,109 |
1,797,551 |
89,878 |
34,660 |
| |
|
|
|
|
|
3,276,461 |
|
|
| | ||||||||
| Real Estate 2.3% | ||||||||
| Global Real Estate 2.3% | ||||||||
| Schwab Global Real Estate Fund |
1,033,398 |
52,208 |
(195,491
) |
(42,518 ) |
127,272 |
974,869 |
165,794 |
17,209 |
| | ||||||||
| Fixed Income 41.9% | ||||||||
| Inflation-Protected Bond 6.7% | ||||||||
| Schwab Treasury Inflation Protected Securities Index Fund |
2,904,874 |
79,105 |
(130,000
) |
(15,574 ) |
77,463 |
2,915,868 |
291,005 |
43,498 |
| Intermediate-Term Bond 26.9% | ||||||||
| Schwab U.S. Aggregate Bond Index Fund |
11,197,786 |
677,436 |
(581,000
) |
(75,482 ) |
409,153 |
11,627,893 |
1,350,510 |
213,094 |
| Short-Term Bond 8.3% | ||||||||
| Schwab Short-Term Bond Index Fund |
3,530,392 |
199,975 |
(160,000 ) |
(10,160 ) |
34,879 |
3,595,086 |
383,271 |
67,120 |
| |
|
|
|
|
|
18,138,847 |
|
|
| | ||||||||
| Money Market Funds 2.5% | ||||||||
| Schwab Variable Share Price Money Fund, Ultra Shares, 5.27% (b)
|
1,790,671 |
38,808 |
(750,000 ) |
235 |
(104 ) |
1,079,610 |
1,079,286 |
37,075 |
| Total Affiliated Underlying Funds (Cost $28,511,914) |
$32,815,197 |
$1,498,304 |
($4,609,865
) |
$556,390 |
$1,958,085 |
$32,218,111 |
|
$748,769 |
| | ||||||||
See financial notes
Schwab Target Funds | Semiannual Report
32
Schwab Target 2010 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| UNAFFILIATED UNDERLYING FUNDS 24.9% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 5.7% | ||||||||
| Large-Cap 5.2% | ||||||||
| ClearBridge Large Cap Growth Fund, Class IS * |
|
|
|
|
|
$1,067,005 |
16,270 |
|
| Dodge & Cox Stock Fund, Class I |
|
|
|
|
|
1,194,124 |
4,790 |
|
| |
|
|
|
|
|
2,261,129 |
|
|
| Small-Cap 0.5% | ||||||||
| ClearBridge Small Cap Growth Fund, Class IS * |
|
|
|
|
|
193,293 |
4,999 |
|
| |
|
|
|
|
|
2,454,422 |
|
|
| | ||||||||
| Fixed Income 19.2% | ||||||||
| Intermediate-Term Bond 17.2% | ||||||||
| Baird Aggregate Bond Fund, Institutional Class |
|
|
|
|
|
6,443,030 |
681,081 |
|
| Loomis Sayles Investment Grade Bond Fund, Class Y |
|
|
|
|
|
320,962 |
33,503 |
|
| Western Asset Core Plus Bond Fund, Class I
|
|
|
|
|
|
652,389 |
72,407 |
|
| |
|
|
|
|
|
7,416,381 |
|
|
| International Bond 2.0% | ||||||||
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class
|
|
|
|
|
|
883,036 |
90,198 |
|
| |
|
|
|
|
|
8,299,417 |
|
|
| Total Unaffiliated Underlying Funds (Cost $10,888,307) |
|
|
|
|
|
$10,753,839 |
|
|
| Total Investments in Securities (Cost $39,400,221) |
|
|
|
|
|
$42,971,950 |
|
|
| * |
Non-income producing security. |
| (a) |
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). |
| (b) |
The rate shown is the annualized 7-day yield. |
At April 30, 2024, all of the fund’s investment securities were classified as Level 1 (see financial note 2(a) for additional information).
See financial notes
33
Schwab Target Funds | Semiannual ReportSchwab Target 2010 Fund
Statement
of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $28,511,914) |
|
$32,218,111
|
| Investments in securities, at value - unaffiliated issuers (cost $10,888,307) |
|
10,753,839 |
| Cash |
|
334,044 |
| Receivables: |
|
|
| Dividends |
|
56,906 |
| Fund shares sold |
|
25,432 |
| Due from investment adviser |
|
5,213 |
| Prepaid expenses |
+ |
5,832 |
| Total assets |
|
43,399,377 |
| | ||
| Liabilities | ||
| Payables: |
|
|
| Investments bought |
|
134,480 |
| Fund shares redeemed |
|
698 |
| Accrued expenses |
+ |
19,880 |
| Total liabilities |
|
155,058 |
| Net assets |
|
$43,244,319 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$39,653,038
|
| Total distributable earnings |
+ |
3,591,281 |
| Net assets |
|
$43,244,319 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $43,244,319 |
|
3,368,683 |
|
$12.84 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab Target Funds | Semiannual Report
34
Schwab Target 2010 Fund
Statement
of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - affiliated issuers |
|
$575,737
|
| Dividends received from securities - unaffiliated issuers
|
|
172,572 |
| Other interest |
+ |
3,928 |
| Total investment income
|
|
752,237 |
| | ||
| Expenses | ||
| Professional fees |
|
11,412 |
| Registration fees |
|
9,992 |
| Portfolio accounting fees |
|
5,587 |
| Independent trustees’ fees |
|
2,945 |
| Shareholder reports |
|
1,212 |
| Transfer agent fees |
|
552 |
| Other expenses |
+ |
1,235 |
| Total expenses |
|
32,935 |
| Expense reduction |
– |
32,935 |
| Net expenses |
– |
— |
| Net investment income |
|
752,237 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Realized capital gain distributions received from underlying funds - affiliated issuers |
|
173,032 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers |
|
147,165 |
| Net realized gains on sales of securities - affiliated
issuers |
|
556,390 |
| Net realized losses on sales of securities - unaffiliated issuers |
+ |
(33,426 ) |
| Net realized gains |
|
843,161 |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
|
1,958,085 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
+ |
682,170 |
| Net change in unrealized appreciation (depreciation) |
+ |
2,640,255 |
| Net realized and unrealized gains |
|
3,483,416 |
| Increase in net assets resulting from operations |
|
$4,235,653 |
See financial notes
35
Schwab Target Funds | Semiannual ReportSchwab Target 2010 Fund
Statement
of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
| OPERATIONS | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$752,237 |
$1,291,642
|
| Net realized gains |
|
843,161 |
263,818 |
| Net change in unrealized appreciation (depreciation) |
+ |
2,640,255 |
557,010 |
| Increase in net assets resulting from operations |
|
$4,235,653 |
$2,112,470 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($1,890,752
) |
($2,099,711 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
75,084 |
$967,967 |
387,660 |
$4,816,480
|
| Shares reinvested |
|
116,816 |
1,503,428 |
154,395 |
1,854,287 |
| Shares redeemed |
+ |
(376,780 ) |
(4,878,541 ) |
(778,380 ) |
(9,735,905 ) |
| Net transactions in fund shares |
|
(184,880
) |
($2,407,146
) |
(236,325
) |
($3,065,138 ) |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
3,553,563 |
$43,306,564 |
3,789,888 |
$46,358,943
|
| Total decrease |
+ |
(184,880 ) |
(62,245 ) |
(236,325 ) |
(3,052,379 ) |
| End of period |
|
3,368,683 |
$43,244,319 |
3,553,563 |
$43,306,564 |
See financial notes
Schwab Target Funds | Semiannual Report
36
Schwab Target 2015 Fund
Financial
Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$10.29 |
$10.48 |
$13.36 |
$12.18 |
$12.07 |
$11.49 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.18 |
0.29 |
0.23 |
0.19 |
0.25 |
0.27 |
| Net realized and unrealized gains (losses) |
0.90 |
0.17 |
(2.24 ) |
1.54 |
0.50 |
0.86 |
| Total from investment operations |
1.08 |
0.46 |
(2.01 ) |
1.73 |
0.75 |
1.13 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.31 ) |
(0.26 ) |
(0.28 ) |
(0.24 ) |
(0.31 ) |
(0.30 ) |
| Distributions from net realized gains |
(0.34 ) |
(0.39 ) |
(0.59 ) |
(0.31 ) |
(0.33 ) |
(0.25 ) |
| Total distributions |
(0.65 ) |
(0.65 ) |
(0.87 ) |
(0.55 ) |
(0.64 ) |
(0.55 ) |
| Net asset value at end of period |
$10.72 |
$10.29 |
$10.48 |
$13.36 |
$12.18 |
$12.07 |
| Total return |
10.48
%2 |
4.53 % |
(16.15 %) |
14.54 % |
6.41 % |
10.48 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses3
|
0.00
%4 |
0.00 % |
0.00
%5 |
0.00 % |
0.00 % |
0.00 % |
| Gross operating expenses3
|
0.13
%4 |
0.12 % |
0.11
%5 |
0.08 % |
0.10 % |
0.11 % |
| Net investment income (loss) |
3.36
%4 |
2.71 % |
1.97 % |
1.47 % |
2.07 % |
2.35 % |
| Portfolio turnover rate |
5
%2 |
7 % |
19 % |
14 % |
15 % |
10 % |
| Net assets, end of period (x 1,000) |
$49,412 |
$49,402 |
$57,879 |
$81,399 |
$77,274 |
$81,139 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
| 4 |
Annualized. |
| 5 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
37
Schwab Target Funds | Semiannual ReportSchwab Target 2015 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period.
The
fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT
Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also
obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email
request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio
holdings 15 to 20 days after the end of the month on the fund’s website.
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| AFFILIATED UNDERLYING FUNDS 74.7% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 22.2% | ||||||||
| Large-Cap 19.4% | ||||||||
| Schwab Core Equity Fund |
$898,561 |
$26,800 |
($218,185 ) |
$77,102 |
$59,842 |
$844,120 |
39,705 |
$26,800 |
| Schwab Fundamental US Large Company Index Fund |
1,070,958 |
21,318 |
(227,917
) |
20,544 |
156,159 |
1,041,062 |
41,116 |
21,318 |
| Schwab S&P 500 Index Fund |
6,649,359 |
103,610 |
(1,436,529
) |
1,037,359 |
201,736 |
6,555,535 |
84,588 |
103,610 |
| Schwab Select Large Cap Growth Fund * |
1,106,101 |
191,888 |
(250,000 ) |
(48,137 ) |
146,857 |
1,146,709 |
49,835 |
191,888 |
| |
|
|
|
|
|
9,587,426 |
|
|
| Mid-Cap 1.3% | ||||||||
| Schwab U.S. Mid-Cap Index Fund |
640,834 |
11,149 |
(131,697
) |
12,167 |
118,547 |
651,000 |
10,730 |
11,149 |
| Small-Cap 1.5% | ||||||||
| Schwab Small-Cap Equity Fund |
715,135 |
2,932 |
(130,000 ) |
32,242 |
101,272 |
721,581 |
36,554 |
2,932 |
| |
|
|
|
|
|
10,960,007 |
|
|
| | ||||||||
| International Stocks 8.8% | ||||||||
| Developed Markets 8.8% | ||||||||
| Schwab Fundamental International Large Company Index Fund |
185,282 |
6,621 |
— |
— |
23,560 |
215,463 |
19,969 |
6,621 |
| Schwab International Core Equity Fund |
1,765,110 |
50,313 |
(358,359
) |
40,888 |
243,048 |
1,741,000 |
151,523 |
50,313 |
| Schwab International Opportunities Fund
|
2,343,895 |
44,318 |
(316,000 ) |
20,809 |
315,059 |
2,408,081 |
120,404 |
44,318 |
| |
|
|
|
|
|
4,364,544 |
|
|
| | ||||||||
| Real Estate 2.5% | ||||||||
| Global Real Estate 2.5% | ||||||||
| Schwab Global Real Estate Fund |
1,279,836 |
22,154 |
(186,000
) |
(4,276 ) |
110,207 |
1,221,921 |
207,810 |
22,154 |
| | ||||||||
| Fixed Income 39.1% | ||||||||
| Inflation-Protected Bond 6.5% | ||||||||
| Schwab Treasury Inflation Protected Securities Index Fund |
3,129,036 |
162,220 |
(160,000
) |
(15,671 ) |
81,124 |
3,196,709 |
319,033 |
47,220 |
| Intermediate-Term Bond 24.9% | ||||||||
| Schwab U.S. Aggregate Bond Index Fund |
11,920,212 |
787,170 |
(740,000
) |
(108,869 ) |
454,768 |
12,313,281 |
1,430,114 |
228,207 |
| Short-Term Bond 7.7% | ||||||||
| Schwab Short-Term Bond Index Fund |
3,780,174 |
210,094 |
(195,000 ) |
(13,036 ) |
39,108 |
3,821,340 |
407,392 |
71,890 |
| |
|
|
|
|
|
19,331,330 |
|
|
| | ||||||||
| Money Market Funds 2.1% | ||||||||
| Schwab Variable Share Price Money Fund, Ultra Shares, 5.27% (b)
|
2,002,488 |
40,500 |
(1,020,000 ) |
449 |
(290 ) |
1,023,147 |
1,022,841 |
38,137 |
| Total Affiliated Underlying Funds (Cost $32,020,970) |
$37,486,981 |
$1,681,087 |
($5,369,687
) |
$1,051,571 |
$2,050,997 |
$36,900,949 |
|
$866,557 |
| | ||||||||
See financial notes
Schwab Target Funds | Semiannual Report
38
Schwab Target 2015 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| UNAFFILIATED UNDERLYING FUNDS 24.8% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 6.1% | ||||||||
| Large-Cap 5.7% | ||||||||
| ClearBridge Large Cap Growth Fund, Class IS * |
|
|
|
|
|
$1,331,740 |
20,307 |
|
| Dodge & Cox Stock Fund, Class I |
|
|
|
|
|
1,465,096 |
5,877 |
|
| |
|
|
|
|
|
2,796,836 |
|
|
| Small-Cap 0.4% | ||||||||
| ClearBridge Small Cap Growth Fund, Class IS * |
|
|
|
|
|
214,947 |
5,558 |
|
| |
|
|
|
|
|
3,011,783 |
|
|
| | ||||||||
| Fixed Income 18.7% | ||||||||
| Intermediate-Term Bond 16.6% | ||||||||
| Baird Aggregate Bond Fund, Institutional Class |
|
|
|
|
|
6,584,612 |
696,048 |
|
| Loomis Sayles Investment Grade Bond Fund, Class Y |
|
|
|
|
|
513,800 |
53,633 |
|
| Western Asset Core Plus Bond Fund, Class I
|
|
|
|
|
|
1,120,757 |
124,390 |
|
| |
|
|
|
|
|
8,219,169 |
|
|
| International Bond 2.1% | ||||||||
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class
|
|
|
|
|
|
1,050,768 |
107,331 |
|
| |
|
|
|
|
|
9,269,937 |
|
|
| Total Unaffiliated Underlying Funds (Cost $12,477,330) |
|
|
|
|
|
$12,281,720 |
|
|
| Total Investments in Securities (Cost $44,498,300) |
|
|
|
|
|
$49,182,669 |
|
|
| * |
Non-income producing security. |
| (a) |
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). |
| (b) |
The rate shown is the annualized 7-day yield. |
At April 30, 2024, all of the fund’s investment securities were classified as Level 1 (see financial note 2(a) for additional information).
See financial notes
39
Schwab Target Funds | Semiannual ReportSchwab Target 2015 Fund
Statement
of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $32,020,970) |
|
$36,900,949
|
| Investments in securities, at value - unaffiliated issuers (cost $12,477,330) |
|
12,281,720 |
| Cash |
|
228,210 |
| Receivables: |
|
|
| Dividends |
|
62,170 |
| Due from investment adviser |
|
5,241 |
| Fund shares sold |
|
352 |
| Prepaid expenses |
+ |
13,925 |
| Total assets |
|
49,492,567 |
| | ||
| Liabilities | ||
| Payables: |
|
|
| Investments bought |
|
59,922 |
| Accrued expenses |
+ |
20,242 |
| Total liabilities |
|
80,164 |
| Net assets |
|
$49,412,403 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$43,539,601
|
| Total distributable earnings |
+ |
5,872,802 |
| Net assets |
|
$49,412,403 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $49,412,403 |
|
4,610,458 |
|
$10.72 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab Target Funds | Semiannual Report
40
Schwab Target 2015 Fund
Statement
of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - affiliated issuers |
|
$657,453
|
| Dividends received from securities - unaffiliated issuers
|
|
197,103 |
| Other interest |
+ |
2,824 |
| Total investment income
|
|
857,380 |
| | ||
| Expenses | ||
| Professional fees |
|
11,424 |
| Registration fees |
|
9,213 |
| Portfolio accounting fees |
|
5,612 |
| Independent trustees’ fees |
|
2,953 |
| Shareholder reports |
|
1,175 |
| Transfer agent fees |
|
767 |
| Other expenses |
+ |
1,254 |
| Total expenses |
|
32,398 |
| Expense reduction |
– |
32,398 |
| Net expenses |
– |
— |
| Net investment income |
|
857,380 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Realized capital gain distributions received from underlying funds - affiliated issuers |
|
209,104 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers |
|
179,984 |
| Net realized gains on sales of securities - affiliated
issuers |
|
1,051,571 |
| Net realized gains on sales of securities - unaffiliated issuers |
+ |
53,291 |
| Net realized gains |
|
1,493,950 |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
|
2,050,997 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
+ |
741,624 |
| Net change in unrealized appreciation (depreciation) |
+ |
2,792,621 |
| Net realized and unrealized gains |
|
4,286,571 |
| Increase in net assets resulting from operations |
|
$5,143,951 |
See financial notes
41
Schwab Target Funds | Semiannual ReportSchwab Target 2015 Fund
Statement
of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
| OPERATIONS | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$857,380 |
$1,514,051
|
| Net realized gains |
|
1,493,950 |
1,489,316 |
| Net change in unrealized appreciation (depreciation) |
+ |
2,792,621 |
(155,511 ) |
| Increase in net assets resulting from operations |
|
$5,143,951 |
$2,847,856 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($3,052,801
) |
($3,520,737 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
74,228 |
$814,957 |
104,249 |
$1,110,701
|
| Shares reinvested |
|
258,525 |
2,771,391 |
317,518 |
3,213,282 |
| Shares redeemed |
+ |
(524,577 ) |
(5,667,291 ) |
(1,141,958 ) |
(12,128,296 ) |
| Net transactions in fund shares |
|
(191,824
) |
($2,080,943
) |
(720,191
) |
($7,804,313 ) |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
4,802,282 |
$49,402,196 |
5,522,473 |
$57,879,390
|
| Total increase (decrease) |
+ |
(191,824 ) |
10,207 |
(720,191 ) |
(8,477,194 ) |
| End of period |
|
4,610,458 |
$49,412,403 |
4,802,282 |
$49,402,196 |
See financial notes
Schwab Target Funds | Semiannual Report
42
Schwab Target 2020 Fund
Financial
Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$12.38 |
$12.55 |
$16.14 |
$14.55 |
$14.46 |
$13.87 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.22 |
0.34 |
0.28 |
0.23 |
0.30 |
0.32 |
| Net realized and unrealized gains (losses) |
1.13 |
0.24 |
(2.72 ) |
1.94 |
0.58 |
1.04 |
| Total from investment operations |
1.35 |
0.58 |
(2.44 ) |
2.17 |
0.88 |
1.36 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.38 ) |
(0.31 ) |
(0.35 ) |
(0.29 ) |
(0.36 ) |
(0.35 ) |
| Distributions from net realized gains |
(0.53 ) |
(0.44 ) |
(0.80 ) |
(0.29 ) |
(0.43 ) |
(0.42 ) |
| Total distributions |
(0.91 ) |
(0.75 ) |
(1.15 ) |
(0.58 ) |
(0.79 ) |
(0.77 ) |
| Net asset value at end of period |
$12.82 |
$12.38 |
$12.55 |
$16.14 |
$14.55 |
$14.46 |
| Total return |
10.91
%2 |
4.68 % |
(16.35 %) |
15.27 % |
6.33 % |
10.58 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses3
|
0.00
%4 |
0.00 % |
0.00
%5 |
0.00 % |
0.00 % |
0.00 % |
| Gross operating expenses3
|
0.03
%4 |
0.03 % |
0.03
%5 |
0.02 % |
0.02 % |
0.03 % |
| Net investment income (loss) |
3.34
%4 |
2.67 % |
1.97 % |
1.47 % |
2.13 % |
2.28 % |
| Portfolio turnover rate |
5
%2 |
7 % |
17 % |
10 % |
17 % |
14 % |
| Net assets, end of period (x 1,000) |
$321,561 |
$323,339 |
$383,963 |
$531,012 |
$525,444 |
$548,690 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
| 4 |
Annualized. |
| 5 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
43
Schwab Target Funds | Semiannual ReportSchwab Target 2020 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period.
The
fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT
Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also
obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email
request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio
holdings 15 to 20 days after the end of the month on the fund’s website.
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| AFFILIATED UNDERLYING FUNDS 74.9% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 23.6% | ||||||||
| Large-Cap 20.7% | ||||||||
| Schwab Core Equity Fund |
$6,574,804 |
$191,570 |
($1,570,618 ) |
$461,830 |
$514,972 |
$6,172,558 |
290,337 |
$191,570 |
| Schwab Fundamental US Large Company Index Fund |
6,754,892 |
140,423 |
(851,986
) |
91,697 |
1,052,549 |
7,187,575 |
283,869 |
140,423 |
| Schwab S&P 500 Index Fund |
46,319,918 |
1,063,554 |
(10,697,793
) |
7,955,007 |
648,283 |
45,288,969 |
584,374 |
713,554 |
| Schwab Select Large Cap Growth Fund * |
7,895,948 |
1,354,415 |
(2,053,153 ) |
(437,217 ) |
1,104,467 |
7,864,460 |
341,784 |
1,354,415 |
| |
|
|
|
|
|
66,513,562 |
|
|
| Mid-Cap 1.4% | ||||||||
| Schwab U.S. Mid-Cap Index Fund |
4,482,021 |
77,974 |
(944,436
) |
93,679 |
827,736 |
4,536,974 |
74,781 |
77,974 |
| Small-Cap 1.5% | ||||||||
| Schwab Small-Cap Equity Fund |
4,782,101 |
20,914 |
(850,000 ) |
181,963 |
740,113 |
4,875,091 |
246,965 |
20,914 |
| |
|
|
|
|
|
75,925,627 |
|
|
| | ||||||||
| International Stocks 9.9% | ||||||||
| Developed Markets 9.9% | ||||||||
| Schwab Fundamental International Large Company Index Fund |
1,687,098 |
60,289 |
(200,000
) |
6,932 |
198,288 |
1,752,607 |
162,429 |
60,289 |
| Schwab International Core Equity Fund |
12,544,720 |
349,505 |
(2,272,739
) |
258,660 |
1,773,745 |
12,653,891 |
1,101,296 |
349,505 |
| Schwab International Opportunities Fund
|
16,743,158 |
572,477 |
(2,527,251 ) |
178,995 |
2,226,979 |
17,194,358 |
859,718 |
322,477 |
| |
|
|
|
|
|
31,600,856 |
|
|
| | ||||||||
| Real Estate 2.7% | ||||||||
| Global Real Estate 2.7% | ||||||||
| Schwab Global Real Estate Fund |
8,684,495 |
153,669 |
(830,000
) |
(176,525 ) |
876,492 |
8,708,131 |
1,480,975 |
153,669 |
| | ||||||||
| Fixed Income 36.9% | ||||||||
| Inflation-Protected Bond 6.1% | ||||||||
| Schwab Treasury Inflation Protected Securities Index Fund |
19,638,546 |
911,698 |
(1,450,000
) |
(152,337 ) |
569,645 |
19,517,552 |
1,947,860 |
300,647 |
| Intermediate-Term Bond 23.6% | ||||||||
| Schwab U.S. Aggregate Bond Index Fund |
73,955,359 |
2,920,215 |
(2,930,000
) |
(452,112 ) |
2,618,167 |
76,111,629 |
8,839,910 |
1,413,981 |
| Short-Term Bond 7.2% | ||||||||
| Schwab Short-Term Bond Index Fund |
23,322,277 |
1,221,017 |
(1,625,000 ) |
(98,092 ) |
266,967 |
23,087,169 |
2,461,319 |
444,814 |
| |
|
|
|
|
|
118,716,350 |
|
|
| | ||||||||
| Money Market Funds 1.8% | ||||||||
| Schwab Variable Share Price Money Fund, Ultra Shares, 5.27% (b)
|
12,045,067 |
240,599 |
(6,450,000 ) |
2,773 |
(1,710 ) |
5,836,729 |
5,834,979 |
225,655 |
| Total Affiliated Underlying Funds (Cost $204,049,378) |
$245,430,404 |
$9,278,319 |
($35,252,976
) |
$7,915,253 |
$13,416,693 |
$240,787,693 |
|
$5,769,887 |
| | ||||||||
See financial notes
Schwab Target Funds | Semiannual Report
44
Schwab Target 2020 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| UNAFFILIATED UNDERLYING FUNDS 24.7% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 6.3% | ||||||||
| Large-Cap 5.8% | ||||||||
| ClearBridge Large Cap Growth Fund, Class IS * |
|
|
|
|
|
$9,062,770 |
138,194 |
|
| Dodge & Cox Stock Fund, Class I |
|
|
|
|
|
9,830,498 |
39,432 |
|
| |
|
|
|
|
|
18,893,268 |
|
|
| Small-Cap 0.5% | ||||||||
| ClearBridge Small Cap Growth Fund, Class IS * |
|
|
|
|
|
1,560,068 |
40,343 |
|
| |
|
|
|
|
|
20,453,336 |
|
|
| | ||||||||
| Fixed Income 18.4% | ||||||||
| Intermediate-Term Bond 16.3% | ||||||||
| Baird Aggregate Bond Fund, Institutional Class |
|
|
|
|
|
39,150,748 |
4,138,557 |
|
| Loomis Sayles Investment Grade Bond Fund, Class Y |
|
|
|
|
|
4,085,484 |
426,460 |
|
| Western Asset Core Plus Bond Fund, Class I |
|
|
|
|
|
9,008,150 |
999,795 |
|
| |
|
|
|
|
|
52,244,382 |
|
|
| International Bond 2.1% | ||||||||
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class |
|
|
|
|
|
6,821,626 |
696,795 |
|
| |
|
|
|
|
|
59,066,008 |
|
|
| Total Unaffiliated Underlying Funds (Cost $80,934,563) |
|
|
|
|
|
$79,519,344 |
|
|
| Total Investments in Securities (Cost $284,983,941) |
|
|
|
|
|
$320,307,037 |
|
|
| * |
Non-income producing security. |
| (a) |
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). |
| (b) |
The rate shown is the annualized 7-day yield. |
At April 30, 2024, all of the fund’s investment securities were classified as Level 1 (see financial note 2(a) for additional information).
See financial notes
45
Schwab Target Funds | Semiannual ReportSchwab Target 2020 Fund
Statement
of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $204,049,378) |
|
$240,787,693
|
| Investments in securities, at value - unaffiliated issuers (cost $80,934,563) |
|
79,519,344 |
| Cash |
|
25,018 |
| Receivables: |
|
|
| Investments sold |
|
1,280,000 |
| Dividends |
|
394,241 |
| Fund shares sold |
|
8,817 |
| Due from investment adviser |
|
7,007 |
| Prepaid expenses |
+ |
6,618 |
| Total assets |
|
322,028,738 |
| | ||
| Liabilities | ||
| Payables: |
|
|
| Investments bought |
|
381,682 |
| Fund shares redeemed |
|
54,378 |
| Independent trustees’ fees |
|
1 |
| Accrued expenses |
+ |
31,849 |
| Total liabilities |
|
467,910 |
| Net assets |
|
$321,560,828 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$276,640,735
|
| Total distributable earnings |
+ |
44,920,093 |
| Net assets |
|
$321,560,828 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $321,560,828 |
|
25,074,392 |
|
$12.82 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab Target Funds | Semiannual Report
46
Schwab Target 2020 Fund
Statement
of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - affiliated issuers |
|
$4,292,405
|
| Dividends received from securities - unaffiliated issuers
|
|
1,279,635 |
| Other interest |
+ |
15,588 |
| Total investment income
|
|
5,587,628 |
| | ||
| Expenses | ||
| Professional fees |
|
11,930 |
| Registration fees |
|
10,999 |
| Portfolio accounting fees |
|
10,983 |
| Shareholder reports |
|
4,867 |
| Independent trustees’ fees |
|
3,275 |
| Transfer agent fees |
|
1,038 |
| Other expenses |
+ |
2,018 |
| Total expenses |
|
45,110 |
| Expense reduction |
– |
45,110 |
| Net expenses |
– |
— |
| Net investment income |
|
5,587,628 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Realized capital gain distributions received from underlying funds - affiliated issuers |
|
1,477,482 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers |
|
1,220,824 |
| Net realized gains on sales of securities - affiliated
issuers |
|
7,915,253 |
| Net realized gains on sales of securities - unaffiliated issuers |
+ |
493,796 |
| Net realized gains |
|
11,107,355 |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
|
13,416,693 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
+ |
4,837,733 |
| Net change in unrealized appreciation (depreciation) |
+ |
18,254,426 |
| Net realized and unrealized gains |
|
29,361,781 |
| Increase in net assets resulting from operations |
|
$34,949,409 |
See financial notes
47
Schwab Target Funds | Semiannual ReportSchwab Target 2020 Fund
Statement
of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
| OPERATIONS | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$5,587,628 |
$9,844,122
|
| Net realized gains |
|
11,107,355 |
11,876,218 |
| Net change in unrealized appreciation (depreciation) |
+ |
18,254,426 |
(2,087,434 ) |
| Increase in net assets resulting from operations |
|
$34,949,409 |
$19,632,906 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($22,957,254
) |
($21,994,178 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
782,193 |
$10,158,947 |
965,580 |
$12,253,161
|
| Shares reinvested |
|
1,663,818 |
21,313,508 |
1,686,974 |
20,530,467 |
| Shares redeemed |
+ |
(3,480,141 ) |
(45,243,217 ) |
(7,129,103 ) |
(91,046,134 ) |
| Net transactions in fund shares |
|
(1,034,130
) |
($13,770,762
) |
(4,476,549
) |
($58,262,506 ) |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
26,108,522 |
$323,339,435 |
30,585,071 |
$383,963,213
|
| Total decrease |
+ |
(1,034,130 ) |
(1,778,607 ) |
(4,476,549 ) |
(60,623,778 ) |
| End of period |
|
25,074,392 |
$321,560,828 |
26,108,522 |
$323,339,435 |
See financial notes
Schwab Target Funds | Semiannual Report
48
Schwab Target 2025 Fund
Financial
Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$13.40 |
$13.43 |
$17.30 |
$14.81 |
$14.74 |
$14.10 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.24 |
0.35 |
0.27 |
0.22 |
0.31 |
0.30 |
| Net realized and unrealized gains (losses) |
1.34 |
0.37 |
(3.09 ) |
2.74 |
0.55 |
1.10 |
| Total from investment operations |
1.58 |
0.72 |
(2.82 ) |
2.96 |
0.86 |
1.40 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.38 ) |
(0.30 ) |
(0.39 ) |
(0.28 ) |
(0.35 ) |
(0.34 ) |
| Distributions from net realized gains |
(0.35 ) |
(0.45 ) |
(0.66 ) |
(0.19 ) |
(0.44 ) |
(0.42 ) |
| Total distributions |
(0.73 ) |
(0.75 ) |
(1.05 ) |
(0.47 ) |
(0.79 ) |
(0.76 ) |
| Net asset value at end of period |
$14.25 |
$13.40 |
$13.43 |
$17.30 |
$14.81 |
$14.74 |
| Total return |
11.85
%2 |
5.46 % |
(17.39 %) |
20.25 % |
5.98 % |
10.79 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses3
|
0.00
%4 |
0.00 % |
0.00
%5 |
0.00 % |
0.00 % |
0.00 % |
| Gross operating expenses3
|
0.02
%4 |
0.02 % |
0.03
%5 |
0.02 % |
0.02 % |
0.03 % |
| Net investment income (loss) |
3.33
%4 |
2.53 % |
1.82 % |
1.33 % |
2.14 % |
2.10 % |
| Portfolio turnover rate |
7
%2 |
10 % |
19 % |
16 % |
16 % |
15 % |
| Net assets, end of period (x 1,000) |
$450,730 |
$445,714 |
$494,852 |
$662,236 |
$571,738 |
$577,095 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
| 4 |
Annualized. |
| 5 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
49
Schwab Target Funds | Semiannual ReportSchwab Target 2025 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period.
The
fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT
Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also
obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email
request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio
holdings 15 to 20 days after the end of the month on the fund’s website.
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| AFFILIATED UNDERLYING FUNDS 74.2% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 25.4% | ||||||||
| Large-Cap 22.3% | ||||||||
| Schwab Core Equity Fund |
$11,017,365 |
$334,698 |
($3,228,142 ) |
$749,570 |
$864,171 |
$9,737,662 |
458,027 |
$334,698 |
| Schwab Fundamental US Large Company Index Fund |
9,970,719 |
207,275 |
(762,531
) |
90,767 |
1,607,187 |
11,113,417 |
438,919 |
207,275 |
| Schwab S&P 500 Index Fund |
70,842,643 |
1,079,557 |
(17,361,396
) |
9,446,587 |
3,565,303 |
67,572,694 |
871,906 |
1,079,557 |
| Schwab Select Large Cap Growth Fund * |
12,088,560 |
2,102,243 |
(3,321,618 ) |
(950,388 ) |
1,993,361 |
11,912,158 |
517,695 |
2,102,243 |
| |
|
|
|
|
|
100,335,931 |
|
|
| Mid-Cap 1.4% | ||||||||
| Schwab U.S. Mid-Cap Index Fund |
5,210,346 |
90,645 |
— |
— |
1,054,619 |
6,355,610 |
104,757 |
90,645 |
| Small-Cap 1.7% | ||||||||
| Schwab Small-Cap Equity Fund |
8,210,775 |
35,910 |
(1,941,120 ) |
427,111 |
1,127,569 |
7,860,245 |
398,189 |
35,910 |
| |
|
|
|
|
|
114,551,786 |
|
|
| | ||||||||
| International Stocks 11.9% | ||||||||
| Developed Markets 11.9% | ||||||||
| Schwab Fundamental International Large Company Index Fund |
2,897,948 |
103,559 |
(467,311
) |
18,844 |
329,322 |
2,882,362 |
267,133 |
103,559 |
| Schwab International Core Equity Fund |
23,027,458 |
634,936 |
(6,131,031
) |
679,308 |
2,956,080 |
21,166,751 |
1,842,189 |
634,936 |
| Schwab International Opportunities Fund
|
29,379,192 |
978,512 |
(5,210,451 ) |
(642,853 ) |
4,838,455 |
29,342,855 |
1,467,143 |
578,513 |
| |
|
|
|
|
|
53,391,968 |
|
|
| | ||||||||
| Real Estate 3.0% | ||||||||
| Global Real Estate 3.0% | ||||||||
| Schwab Global Real Estate Fund |
14,866,550 |
252,071 |
(2,789,684
) |
(663,606 ) |
1,950,138 |
13,615,469 |
2,315,556 |
252,071 |
| | ||||||||
| Fixed Income 32.4% | ||||||||
| Inflation-Protected Bond 5.0% | ||||||||
| Schwab Treasury Inflation Protected Securities Index Fund |
18,662,483 |
4,346,019 |
(700,000
) |
(153,343 ) |
449,291 |
22,604,450 |
2,255,933 |
307,319 |
| Intermediate-Term Bond 20.9% | ||||||||
| Schwab U.S. Aggregate Bond Index Fund |
85,090,151 |
7,944,021 |
(1,125,000
) |
(225,161 ) |
2,495,801 |
94,179,812 |
10,938,422 |
1,683,126 |
| Short-Term Bond 6.5% | ||||||||
| Schwab Short-Term Bond Index Fund |
26,893,365 |
3,778,937 |
(1,570,000 ) |
(103,623 ) |
246,448 |
29,245,127 |
3,117,817 |
530,439 |
| |
|
|
|
|
|
146,029,389 |
|
|
| | ||||||||
| Money Market Funds 1.5% | ||||||||
| Schwab Variable Share Price Money Fund, Ultra Shares, 5.27% (b)
|
13,377,675 |
275,633 |
(6,960,000 ) |
1,443 |
(242 ) |
6,694,509 |
6,692,501 |
259,525 |
| Total Affiliated Underlying Funds (Cost $282,250,876) |
$331,535,230 |
$22,164,016 |
($51,568,284
) |
$8,674,656 |
$23,477,503 |
$334,283,121 |
|
$8,199,816 |
| | ||||||||
See financial notes
Schwab Target Funds | Semiannual Report
50
Schwab Target 2025 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| UNAFFILIATED UNDERLYING FUNDS 25.4% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 6.9% | ||||||||
| Large-Cap 6.4% | ||||||||
| ClearBridge Large Cap Growth Fund, Class IS * |
|
|
|
|
|
$13,887,244 |
211,760 |
|
| Dodge & Cox Stock Fund, Class I |
|
|
|
|
|
14,938,196 |
59,921 |
|
| |
|
|
|
|
|
28,825,440 |
|
|
| Small-Cap 0.5% | ||||||||
| ClearBridge Small Cap Growth Fund, Class IS * |
|
|
|
|
|
2,434,322 |
62,951 |
|
| |
|
|
|
|
|
31,259,762 |
|
|
| | ||||||||
| International Stocks 0.1% | ||||||||
| Emerging Markets 0.1% | ||||||||
| Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class |
|
|
|
|
|
424,185 |
49,439 |
|
| | ||||||||
| Fixed Income 18.4% | ||||||||
| Intermediate-Term Bond 15.7% | ||||||||
| Baird Aggregate Bond Fund, Institutional Class |
|
|
|
|
|
46,871,211 |
4,954,673 |
|
| Loomis Sayles Investment Grade Bond Fund, Class Y |
|
|
|
|
|
7,792,016 |
813,363 |
|
| Western Asset Core Plus Bond Fund, Class I |
|
|
|
|
|
16,148,619 |
1,792,300 |
|
| |
|
|
|
|
|
70,811,846 |
|
|
| International Bond 2.7% | ||||||||
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class |
|
|
|
|
|
12,086,118 |
1,234,537 |
|
| |
|
|
|
|
|
82,897,964 |
|
|
| Total Unaffiliated Underlying Funds (Cost $115,671,206) |
|
|
|
|
|
$114,581,911 |
|
|
| Total Investments in Securities (Cost $397,922,082) |
|
|
|
|
|
$448,865,032 |
|
|
| * |
Non-income producing security. |
| (a) |
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). |
| (b) |
The rate shown is the annualized 7-day yield. |
At April 30, 2024, all of the fund’s investment securities were classified as Level 1 (see financial note 2(a) for additional information).
See financial notes
51
Schwab Target Funds | Semiannual ReportSchwab Target 2025 Fund
Statement
of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $282,250,876) |
|
$334,283,121
|
| Investments in securities, at value - unaffiliated issuers (cost $115,671,206) |
|
114,581,911 |
| Cash |
|
1,288,094 |
| Receivables: |
|
|
| Investments sold |
|
800,000 |
| Dividends |
|
517,956 |
| Fund shares sold |
|
67,583 |
| Due from investment adviser |
|
7,874 |
| Prepaid expenses |
+ |
16,904 |
| Total assets |
|
451,563,443 |
| | ||
| Liabilities | ||
| Payables: |
|
|
| Investments bought |
|
504,141 |
| Fund shares redeemed |
|
294,620 |
| Independent trustees’ fees |
|
5 |
| Accrued expenses |
+ |
34,448 |
| Total liabilities |
|
833,214 |
| Net assets |
|
$450,730,229 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$388,391,044
|
| Total distributable earnings |
+ |
62,339,185 |
| Net assets |
|
$450,730,229 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $450,730,229 |
|
31,624,028 |
|
$14.25 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab Target Funds | Semiannual Report
52
Schwab Target 2025 Fund
Statement
of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - affiliated issuers |
|
$5,882,557
|
| Dividends received from securities - unaffiliated issuers
|
|
1,825,185 |
| Other interest |
+ |
26,020 |
| Total investment income
|
|
7,733,762 |
| | ||
| Expenses | ||
| Professional fees |
|
12,150 |
| Registration fees |
|
11,651 |
| Portfolio accounting fees |
|
11,396 |
| Shareholder reports |
|
5,958 |
| Independent trustees’ fees |
|
3,411 |
| Transfer agent fees |
|
2,695 |
| Other expenses |
+ |
2,491 |
| Total expenses |
|
49,752 |
| Expense reduction |
– |
49,752 |
| Net expenses |
– |
— |
| Net investment income |
|
7,733,762 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Realized capital gain distributions received from underlying funds - affiliated issuers |
|
2,317,259 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers |
|
1,959,917 |
| Net realized gains on sales of securities - affiliated
issuers |
|
8,674,656 |
| Net realized gains on sales of securities - unaffiliated issuers |
+ |
1,017,038 |
| Net realized gains |
|
13,968,870 |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
|
23,477,503 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
+ |
7,128,916 |
| Net change in unrealized appreciation (depreciation) |
+ |
30,606,419 |
| Net realized and unrealized gains |
|
44,575,289 |
| Increase in net assets resulting from operations |
|
$52,309,051 |
See financial notes
53
Schwab Target Funds | Semiannual ReportSchwab Target 2025 Fund
Statement
of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
| OPERATIONS | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$7,733,762 |
$12,451,806
|
| Net realized gains |
|
13,968,870 |
9,700,474 |
| Net change in unrealized appreciation (depreciation) |
+ |
30,606,419 |
6,553,982 |
| Increase in net assets resulting from operations |
|
$52,309,051 |
$28,706,262 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($23,623,785
) |
($27,021,252 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
1,218,708 |
$17,522,747 |
1,826,540 |
$25,160,840
|
| Shares reinvested |
|
1,558,816 |
22,135,186 |
1,957,997 |
25,630,179 |
| Shares redeemed |
+ |
(4,410,385 ) |
(63,327,133 ) |
(7,373,494 ) |
(101,613,524 ) |
| Net transactions in fund shares |
|
(1,632,861
) |
($23,669,200
) |
(3,588,957
) |
($50,822,505 ) |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
33,256,889 |
$445,714,163 |
36,845,846 |
$494,851,658
|
| Total increase (decrease) |
+ |
(1,632,861 ) |
5,016,066 |
(3,588,957 ) |
(49,137,495 ) |
| End of period |
|
31,624,028 |
$450,730,229 |
33,256,889 |
$445,714,163 |
See financial notes
Schwab Target Funds | Semiannual Report
54
Schwab Target 2030 Fund
Financial
Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$14.36 |
$14.39 |
$18.88 |
$15.67 |
$15.79 |
$15.24 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.25 |
0.33 |
0.27 |
0.22 |
0.33 |
0.30 |
| Net realized and unrealized gains (losses) |
1.75 |
0.58 |
(3.53 ) |
3.54 |
0.57 |
1.21 |
| Total from investment operations |
2.00 |
0.91 |
(3.26 ) |
3.76 |
0.90 |
1.51 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.37 ) |
(0.29 ) |
(0.45 ) |
(0.27 ) |
(0.37 ) |
(0.37 ) |
| Distributions from net realized gains |
(0.30 ) |
(0.65 ) |
(0.78 ) |
(0.28 ) |
(0.65 ) |
(0.59 ) |
| Total distributions |
(0.67 ) |
(0.94 ) |
(1.23 ) |
(0.55 ) |
(1.02 ) |
(0.96 ) |
| Net asset value at end of period |
$15.69 |
$14.36 |
$14.39 |
$18.88 |
$15.67 |
$15.79 |
| Total return |
13.93
%2 |
6.52 % |
(18.51 %) |
24.38 % |
5.81 % |
10.94 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses3
|
0.00
%4 |
0.00 % |
0.00
%5 |
0.00 % |
0.00 % |
0.00 % |
| Gross operating expenses3
|
0.01
%4 |
0.01 % |
0.02
%5 |
0.01 % |
0.02 % |
0.02 % |
| Net investment income (loss) |
3.22
%4 |
2.26 % |
1.65 % |
1.21 % |
2.15 % |
2.00 % |
| Portfolio turnover rate |
7
%2 |
9 % |
16 % |
14 % |
13 % |
17 % |
| Net assets, end of period (x 1,000) |
$953,102 |
$884,929 |
$901,007 |
$1,166,390 |
$965,288 |
$998,681 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
| 4 |
Annualized. |
| 5 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
55
Schwab Target Funds | Semiannual ReportSchwab Target 2030 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period.
The
fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT
Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also
obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email
request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio
holdings 15 to 20 days after the end of the month on the fund’s website.
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| AFFILIATED UNDERLYING FUNDS 72.9% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 31.6% | ||||||||
| Large-Cap 27.4% | ||||||||
| Schwab Core Equity Fund |
$30,597,308 |
$921,469 |
($5,295,266 ) |
$1,227,581 |
$3,358,860 |
$30,809,952 |
1,449,198 |
$921,469 |
| Schwab Fundamental US Large Company Index Fund |
22,808,021 |
474,142 |
— |
— |
3,859,102 |
27,141,265 |
1,071,930 |
474,142 |
| Schwab S&P 500 Index Fund |
163,455,782 |
2,574,955 |
(28,022,617
) |
14,400,751 |
16,222,196 |
168,631,067 |
2,175,885 |
2,574,955 |
| Schwab Select Large Cap Growth Fund * |
35,523,998 |
6,129,004 |
(9,859,158 ) |
(2,595,487 ) |
5,647,892 |
34,846,249 |
1,514,396 |
6,129,004 |
| |
|
|
|
|
|
261,428,533 |
|
|
| Mid-Cap 1.5% | ||||||||
| Schwab U.S. Mid-Cap Index Fund |
11,573,644 |
201,347 |
— |
— |
2,342,605 |
14,117,596 |
232,695 |
201,347 |
| Small-Cap 2.7% | ||||||||
| Schwab Small-Cap Equity Fund |
24,722,458 |
108,124 |
(4,397,976 ) |
911,131 |
3,870,471 |
25,214,208 |
1,277,315 |
108,124 |
| |
|
|
|
|
|
300,760,337 |
|
|
| | ||||||||
| International Stocks 16.0% | ||||||||
| Developed Markets 16.0% | ||||||||
| Schwab Fundamental International Large Company Index Fund |
7,671,890 |
274,156 |
(870,843
) |
32,175 |
905,485 |
8,012,863 |
742,619 |
274,156 |
| Schwab International Core Equity Fund |
57,973,490 |
1,709,157 |
(8,487,202
) |
790,025 |
8,766,465 |
60,751,935 |
5,287,375 |
1,709,157 |
| Schwab International Opportunities Fund
|
74,970,383 |
1,476,261 |
(3,729,286 ) |
(581,735 ) |
11,431,870 |
83,567,493 |
4,178,375 |
1,476,261 |
| |
|
|
|
|
|
152,332,291 |
|
|
| | ||||||||
| Real Estate 4.0% | ||||||||
| Global Real Estate 4.0% | ||||||||
| Schwab Global Real Estate Fund |
35,934,062 |
659,148 |
(1,200,000
) |
(369,076 ) |
3,224,609 |
38,248,743 |
6,504,888 |
659,148 |
| | ||||||||
| Fixed Income 20.3% | ||||||||
| Inflation-Protected Bond 1.8% | ||||||||
| Schwab Treasury Inflation Protected Securities Index Fund |
12,655,801 |
4,902,468 |
— |
— |
168,023 |
17,726,292 |
1,769,091 |
229,716 |
| Intermediate-Term Bond 14.2% | ||||||||
| Schwab U.S. Aggregate Bond Index Fund |
115,450,990 |
18,068,390 |
(1,100,000
) |
(259,507 ) |
3,103,212 |
135,263,085 |
15,709,998 |
2,364,019 |
| Short-Term Bond 4.3% | ||||||||
| Schwab Short-Term Bond Index Fund |
35,929,245 |
7,116,386 |
(2,600,000 ) |
(166,267 ) |
322,488 |
40,601,852 |
4,328,556 |
727,561 |
| |
|
|
|
|
|
193,591,229 |
|
|
| | ||||||||
| Money Market Funds 1.0% | ||||||||
| Schwab Variable Share Price Money Fund, Ultra Shares, 5.27% (b)
|
18,056,147 |
393,431 |
(8,670,000 ) |
2,094 |
(404 ) |
9,781,268 |
9,778,335 |
373,410 |
| Total Affiliated Underlying Funds (Cost $528,307,905) |
$647,323,219 |
$45,008,438 |
($74,232,348
) |
$13,391,685 |
$63,222,874 |
$694,713,868 |
|
$18,222,469 |
| | ||||||||
See financial notes
Schwab Target Funds | Semiannual Report
56
Schwab Target 2030 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| UNAFFILIATED UNDERLYING FUNDS 26.7% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 8.9% | ||||||||
| Large-Cap 8.0% | ||||||||
| ClearBridge Large Cap Growth Fund, Class IS * |
|
|
|
|
|
$34,882,086 |
531,901 |
|
| Dodge & Cox Stock Fund, Class I |
|
|
|
|
|
41,525,307 |
166,568 |
|
| |
|
|
|
|
|
76,407,393 |
|
|
| Small-Cap 0.9% | ||||||||
| ClearBridge Small Cap Growth Fund, Class IS * |
|
|
|
|
|
8,541,390 |
220,879 |
|
| |
|
|
|
|
|
84,948,783 |
|
|
| | ||||||||
| International Stocks 1.0% | ||||||||
| Emerging Markets 1.0% | ||||||||
| Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class |
|
|
|
|
|
9,494,994 |
1,106,643 |
|
| | ||||||||
| Fixed Income 16.8% | ||||||||
| Intermediate-Term Bond 12.8% | ||||||||
| Baird Aggregate Bond Fund, Institutional Class |
|
|
|
|
|
60,361,538 |
6,380,712 |
|
| Loomis Sayles Investment Grade Bond Fund, Class Y |
|
|
|
|
|
24,590,816 |
2,566,891 |
|
| Western Asset Core Plus Bond Fund, Class I |
|
|
|
|
|
36,961,747 |
4,102,303 |
|
| |
|
|
|
|
|
121,914,101 |
|
|
| International Bond 4.0% | ||||||||
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class |
|
|
|
|
|
37,973,843 |
3,878,840 |
|
| |
|
|
|
|
|
159,887,944 |
|
|
| Total Unaffiliated Underlying Funds (Cost $251,115,298) |
|
|
|
|
|
$254,331,721 |
|
|
| Total Investments in Securities (Cost $779,423,203) |
|
|
|
|
|
$949,045,589 |
|
|
| * |
Non-income producing security. |
| (a) |
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). |
| (b) |
The rate shown is the annualized 7-day yield. |
At April 30, 2024, all of the fund’s investment securities were classified as Level 1 (see financial note 2(a) for additional information).
See financial notes
57
Schwab Target Funds | Semiannual ReportSchwab Target 2030 Fund
Statement
of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $528,307,905) |
|
$694,713,868
|
| Investments in securities, at value - unaffiliated issuers (cost $251,115,298) |
|
254,331,721 |
| Cash |
|
2,499,481 |
| Receivables: |
|
|
| Investments sold |
|
2,100,000 |
| Dividends |
|
872,849 |
| Fund shares sold |
|
111,585 |
| Due from investment adviser |
|
9,706 |
| Prepaid expenses |
+ |
12,401 |
| Total assets |
|
954,651,611 |
| | ||
| Liabilities | ||
| Payables: |
|
|
| Investments bought |
|
854,022 |
| Fund shares redeemed |
|
652,927 |
| Independent trustees’ fees |
|
15 |
| Accrued expenses |
+ |
43,124 |
| Total liabilities |
|
1,550,088 |
| Net assets |
|
$953,101,523 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$761,857,716
|
| Total distributable earnings |
+ |
191,243,807 |
| Net assets |
|
$953,101,523 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $953,101,523 |
|
60,750,577 |
|
$15.69 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab Target Funds | Semiannual Report
58
Schwab Target 2030 Fund
Statement
of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - affiliated issuers |
|
$11,501,500
|
| Dividends received from securities - unaffiliated issuers
|
|
3,926,271 |
| Other interest |
+ |
56,833 |
| Total investment income
|
|
15,484,604 |
| | ||
| Expenses | ||
| Registration fees |
|
14,594 |
| Professional fees |
|
12,919 |
| Portfolio accounting fees |
|
12,886 |
| Shareholder reports |
|
11,388 |
| Independent trustees’ fees |
|
3,917 |
| Transfer agent fees |
|
1,285 |
| Other expenses |
+ |
3,884 |
| Total expenses |
|
60,873 |
| Expense reduction |
– |
60,873 |
| Net expenses |
– |
— |
| Net investment income |
|
15,484,604 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Realized capital gain distributions received from underlying funds - affiliated issuers |
|
6,720,969 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers |
|
4,925,762 |
| Net realized gains on sales of securities - affiliated
issuers |
|
13,391,685 |
| Net realized gains on sales of securities - unaffiliated issuers |
+ |
1,406,286 |
| Net realized gains |
|
26,444,702 |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
|
63,222,874 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
+ |
17,619,212 |
| Net change in unrealized appreciation (depreciation) |
+ |
80,842,086 |
| Net realized and unrealized gains |
|
107,286,788 |
| Increase in net assets resulting from operations |
|
$122,771,392 |
See financial notes
59
Schwab Target Funds | Semiannual ReportSchwab Target 2030 Fund
Statement
of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
| OPERATIONS | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$15,484,604 |
$21,227,359
|
| Net realized gains |
|
26,444,702 |
15,564,500 |
| Net change in unrealized appreciation (depreciation) |
+ |
80,842,086 |
23,329,152 |
| Increase in net assets resulting from operations |
|
$122,771,392 |
$60,121,011 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($40,462,010
) |
($57,998,012 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
2,981,887 |
$46,674,139 |
3,870,873 |
$57,220,365
|
| Shares reinvested |
|
2,477,182 |
38,421,086 |
3,996,448 |
55,590,589 |
| Shares redeemed |
+ |
(6,327,342 ) |
(99,231,738 ) |
(8,851,702 ) |
(131,012,136 ) |
| Net transactions in fund shares |
|
(868,273
) |
($14,136,513
) |
(984,381
) |
($18,201,182 ) |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
61,618,850 |
$884,928,654 |
62,603,231 |
$901,006,837
|
| Total increase (decrease) |
+ |
(868,273 ) |
68,172,869 |
(984,381 ) |
(16,078,183 ) |
| End of period |
|
60,750,577 |
$953,101,523 |
61,618,850 |
$884,928,654 |
See financial notes
Schwab Target Funds | Semiannual Report
60
Schwab Target 2035 Fund
Financial
Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$14.49 |
$14.51 |
$19.05 |
$15.34 |
$15.46 |
$14.94 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.25 |
0.31 |
0.25 |
0.20 |
0.31 |
0.28 |
| Net realized and unrealized gains (losses) |
1.97 |
0.70 |
(3.73 ) |
3.99 |
0.53 |
1.19 |
| Total from investment operations |
2.22 |
1.01 |
(3.48 ) |
4.19 |
0.84 |
1.47 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.34 ) |
(0.27 ) |
(0.48 ) |
(0.24 ) |
(0.34 ) |
(0.36 ) |
| Distributions from net realized gains |
(0.20 ) |
(0.76 ) |
(0.58 ) |
(0.24 ) |
(0.62 ) |
(0.59 ) |
| Total distributions |
(0.54 ) |
(1.03 ) |
(1.06 ) |
(0.48 ) |
(0.96 ) |
(0.95 ) |
| Net asset value at end of period |
$16.17 |
$14.49 |
$14.51 |
$19.05 |
$15.34 |
$15.46 |
| Total return |
15.40
%2 |
7.22 % |
(19.41 %) |
27.76 % |
5.51 % |
10.90 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses3
|
0.00
%4 |
0.00 % |
0.00
%5 |
0.00 % |
0.00 % |
0.00 % |
| Gross operating expenses3
|
0.02
%4 |
0.02 % |
0.03
%5 |
0.02 % |
0.03 % |
0.03 % |
| Net investment income (loss) |
3.13
%4 |
2.06 % |
1.55 % |
1.11 % |
2.06 % |
1.87 % |
| Portfolio turnover rate |
6
%2 |
10 % |
13 % |
14 % |
12 % |
15 % |
| Net assets, end of period (x 1,000) |
$565,772 |
$498,614 |
$482,594 |
$612,195 |
$476,911 |
$483,191 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
| 4 |
Annualized. |
| 5 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
61
Schwab Target Funds | Semiannual ReportSchwab Target 2035 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period.
The
fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT
Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also
obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email
request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio
holdings 15 to 20 days after the end of the month on the fund’s website.
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| AFFILIATED UNDERLYING FUNDS 72.9% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 36.0% | ||||||||
| Large-Cap 30.9% | ||||||||
| Schwab Core Equity Fund |
$19,214,257 |
$586,798 |
($2,372,941 ) |
$219,628 |
$2,698,512 |
$20,346,254 |
957,020 |
$586,798 |
| Schwab Fundamental US Large Company Index Fund |
21,285,325 |
442,488 |
(2,620,633
) |
234,073 |
3,317,775 |
22,659,028 |
894,906 |
442,488 |
| Schwab S&P 500 Index Fund |
95,209,261 |
1,532,017 |
(8,212,125
) |
2,069,486 |
16,124,168 |
106,722,807 |
1,377,068 |
1,532,017 |
| Schwab Select Large Cap Growth Fund * |
23,044,554 |
4,048,250 |
(3,759,032 ) |
(1,023,114 ) |
3,060,731 |
25,371,389 |
1,102,624 |
4,048,250 |
| |
|
|
|
|
|
175,099,478 |
|
|
| Mid-Cap 1.7% | ||||||||
| Schwab U.S. Mid-Cap Index Fund |
7,830,282 |
136,223 |
— |
— |
1,584,917 |
9,551,422 |
157,432 |
136,223 |
| Small-Cap 3.4% | ||||||||
| Schwab Small-Cap Equity Fund |
16,703,087 |
73,050 |
(889,334 ) |
129,971 |
3,085,778 |
19,102,552 |
967,708 |
73,050 |
| |
|
|
|
|
|
203,753,452 |
|
|
| | ||||||||
| International Stocks 18.9% | ||||||||
| Developed Markets 18.9% | ||||||||
| Schwab Fundamental International Large Company Index Fund |
4,885,973 |
174,601 |
— |
— |
621,302 |
5,681,876 |
526,587 |
174,601 |
| Schwab International Core Equity Fund |
38,431,082 |
1,133,015 |
(3,420,799
) |
287,207 |
6,184,248 |
42,614,753 |
3,708,856 |
1,133,015 |
| Schwab International Opportunities Fund
|
50,227,617 |
989,044 |
— |
— |
7,240,363 |
58,457,024 |
2,922,851 |
989,044 |
| |
|
|
|
|
|
106,753,653 |
|
|
| | ||||||||
| Real Estate 4.6% | ||||||||
| Global Real Estate 4.6% | ||||||||
| Schwab Global Real Estate Fund |
23,523,708 |
435,919 |
— |
— |
1,831,005 |
25,790,632 |
4,386,162 |
435,919 |
| | ||||||||
| Fixed Income 12.7% | ||||||||
| Intermediate-Term Bond 9.7% | ||||||||
| Schwab U.S. Aggregate Bond Index Fund |
45,364,622 |
8,685,111 |
— |
— |
1,054,684 |
55,104,417 |
6,400,048 |
944,651 |
| Short-Term Bond 3.0% | ||||||||
| Schwab Short-Term Bond Index Fund |
14,351,870 |
2,613,612 |
— |
— |
67,370 |
17,032,852 |
1,815,869 |
295,556 |
| |
|
|
|
|
|
72,137,269 |
|
|
| | ||||||||
| Money Market Funds 0.7% | ||||||||
| Schwab Variable Share Price Money Fund, Ultra Shares, 5.27% (b)
|
7,366,320 |
159,706 |
(3,610,000 ) |
477 |
227 |
3,916,730 |
3,915,555 |
151,368 |
| Total Affiliated Underlying Funds (Cost $322,597,236) |
$367,437,958 |
$21,009,834 |
($24,884,864
) |
$1,917,728 |
$46,871,080 |
$412,351,736 |
|
$10,942,980 |
| | ||||||||
See financial notes
Schwab Target Funds | Semiannual Report
62
Schwab Target 2035 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| UNAFFILIATED UNDERLYING FUNDS 26.6% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 10.3% | ||||||||
| Large-Cap 9.3% | ||||||||
| ClearBridge Large Cap Growth Fund, Class IS * |
|
|
|
|
|
$24,809,304 |
378,306 |
|
| Dodge & Cox Stock Fund, Class I |
|
|
|
|
|
27,679,828 |
111,030 |
|
| |
|
|
|
|
|
52,489,132 |
|
|
| Small-Cap 1.0% | ||||||||
| ClearBridge Small Cap Growth Fund, Class IS * |
|
|
|
|
|
5,979,549 |
154,630 |
|
| |
|
|
|
|
|
58,468,681 |
|
|
| | ||||||||
| International Stocks 1.9% | ||||||||
| Emerging Markets 1.9% | ||||||||
| Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class |
|
|
|
|
|
10,888,392 |
1,269,043 |
|
| | ||||||||
| Fixed Income 14.4% | ||||||||
| Intermediate-Term Bond 10.3% | ||||||||
| Baird Aggregate Bond Fund, Institutional Class |
|
|
|
|
|
22,423,710 |
2,370,371 |
|
| Loomis Sayles Investment Grade Bond Fund, Class Y |
|
|
|
|
|
16,300,242 |
1,701,487 |
|
| Western Asset Core Plus Bond Fund, Class I |
|
|
|
|
|
19,763,752 |
2,193,535 |
|
| |
|
|
|
|
|
58,487,704 |
|
|
| International Bond 4.1% | ||||||||
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class |
|
|
|
|
|
23,027,602 |
2,352,155 |
|
| |
|
|
|
|
|
81,515,306 |
|
|
| Total Unaffiliated Underlying Funds (Cost $147,042,749) |
|
|
|
|
|
$150,872,379 |
|
|
| Total Investments in Securities (Cost $469,639,985) |
|
|
|
|
|
$563,224,115 |
|
|
| * |
Non-income producing security. |
| (a) |
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). |
| (b) |
The rate shown is the annualized 7-day yield. |
At April 30, 2024, all of the fund’s investment securities were classified as Level 1 (see financial note 2(a) for additional information).
See financial notes
63
Schwab Target Funds | Semiannual ReportSchwab Target 2035 Fund
Statement
of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $322,597,236) |
|
$412,351,736
|
| Investments in securities, at value - unaffiliated issuers (cost $147,042,749) |
|
150,872,379 |
| Cash |
|
2,619,589 |
| Receivables: |
|
|
| Dividends |
|
399,711 |
| Fund shares sold |
|
113,933 |
| Due from investment adviser |
|
8,836 |
| Prepaid expenses |
+ |
18,621 |
| Total assets |
|
566,384,805 |
| | ||
| Liabilities | ||
| Payables: |
|
|
| Investments bought |
|
392,676 |
| Fund shares redeemed |
|
185,027 |
| Accrued expenses |
+ |
35,150 |
| Total liabilities |
|
612,853 |
| Net assets |
|
$565,771,952 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$464,138,058
|
| Total distributable earnings |
+ |
101,633,894 |
| Net assets |
|
$565,771,952 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $565,771,952 |
|
34,983,134 |
|
$16.17 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab Target Funds | Semiannual Report
64
Schwab Target 2035 Fund
Statement
of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - affiliated issuers |
|
$6,517,763
|
| Dividends received from securities - unaffiliated issuers
|
|
2,188,995 |
| Other interest |
+ |
34,531 |
| Total investment income
|
|
8,741,289 |
| | ||
| Expenses | ||
| Registration fees |
|
14,150 |
| Professional fees |
|
12,217 |
| Portfolio accounting fees |
|
11,538 |
| Shareholder reports |
|
7,158 |
| Independent trustees’ fees |
|
3,469 |
| Transfer agent fees |
|
3,185 |
| Other expenses |
+ |
2,623 |
| Total expenses |
|
54,340 |
| Expense reduction |
– |
54,340 |
| Net expenses |
– |
— |
| Net investment income |
|
8,741,289 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Realized capital gain distributions received from underlying funds - affiliated issuers |
|
4,425,217 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers |
|
3,185,611 |
| Net realized gains on sales of securities - affiliated
issuers |
|
1,917,728 |
| Net realized losses on sales of securities - unaffiliated issuers |
+ |
(229,162 ) |
| Net realized gains |
|
9,299,394 |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
|
46,871,080 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
+ |
11,955,090 |
| Net change in unrealized appreciation (depreciation) |
+ |
58,826,170 |
| Net realized and unrealized gains |
|
68,125,564 |
| Increase in net assets resulting from operations |
|
$76,866,853 |
See financial notes
65
Schwab Target Funds | Semiannual ReportSchwab Target 2035 Fund
Statement
of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
| OPERATIONS | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$8,741,289 |
$10,668,180
|
| Net realized gains |
|
9,299,394 |
6,150,686 |
| Net change in unrealized appreciation (depreciation) |
+ |
58,826,170 |
18,167,515 |
| Increase in net assets resulting from operations |
|
$76,866,853 |
$34,986,381 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($18,716,572
) |
($33,982,796 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
1,823,503 |
$29,252,414 |
3,295,271 |
$49,254,475
|
| Shares reinvested |
|
1,135,743 |
18,046,967 |
2,360,849 |
32,957,455 |
| Shares redeemed |
+ |
(2,379,714 ) |
(38,292,172 ) |
(4,502,542 ) |
(67,194,797 ) |
| Net transactions in fund shares |
|
579,532 |
$9,007,209 |
1,153,578 |
$15,017,133 |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
34,403,602 |
$498,614,462 |
33,250,024 |
$482,593,744
|
| Total increase |
+ |
579,532 |
67,157,490 |
1,153,578 |
16,020,718 |
| End of period |
|
34,983,134 |
$565,771,952 |
34,403,602 |
$498,614,462 |
See financial notes
Schwab Target Funds | Semiannual Report
66
Schwab Target 2040 Fund
Financial
Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$15.26 |
$15.33 |
$20.52 |
$16.24 |
$16.61 |
$16.27 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.26 |
0.30 |
0.26 |
0.20 |
0.32 |
0.28 |
| Net realized and unrealized gains (losses) |
2.25 |
0.84 |
(4.10 ) |
4.68 |
0.56 |
1.28 |
| Total from investment operations |
2.51 |
1.14 |
(3.84 ) |
4.88 |
0.88 |
1.56 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.34 ) |
(0.27 ) |
(0.54 ) |
(0.24 ) |
(0.35 ) |
(0.39 ) |
| Distributions from net realized gains |
(0.30 ) |
(0.94 ) |
(0.81 ) |
(0.36 ) |
(0.90 ) |
(0.83 ) |
| Total distributions |
(0.64 ) |
(1.21 ) |
(1.35 ) |
(0.60 ) |
(1.25 ) |
(1.22 ) |
| Net asset value at end of period |
$17.13 |
$15.26 |
$15.33 |
$20.52 |
$16.24 |
$16.61 |
| Total return |
16.54
%2 |
7.79 % |
(20.10 %) |
30.57 % |
5.31 % |
10.90 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses3
|
0.00
%4 |
0.00 % |
0.00
%5 |
0.00 % |
0.00 % |
0.00 % |
| Gross operating expenses3
|
0.01
%4 |
0.01 % |
0.02
%5 |
0.01 % |
0.02 % |
0.02 % |
| Net investment income (loss) |
3.05
%4 |
1.90 % |
1.49 % |
1.05 % |
2.01 % |
1.78 % |
| Portfolio turnover rate |
6
%2 |
9 % |
10 % |
14 % |
10 % |
15 % |
| Net assets, end of period (x 1,000) |
$1,106,202 |
$981,571 |
$959,722 |
$1,235,538 |
$985,325 |
$1,011,558 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
| 4 |
Annualized. |
| 5 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
67
Schwab Target Funds | Semiannual ReportSchwab Target 2040 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period.
The
fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT
Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also
obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email
request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio
holdings 15 to 20 days after the end of the month on the fund’s website.
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| AFFILIATED UNDERLYING FUNDS 74.1% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 39.1% | ||||||||
| Large-Cap 33.3% | ||||||||
| Schwab Core Equity Fund |
$42,905,831 |
$1,348,801 |
($6,622,229 ) |
$848,791 |
$5,531,737 |
$44,012,931 |
2,070,223 |
$1,348,801 |
| Schwab Fundamental US Large Company Index Fund |
42,471,374 |
882,911 |
— |
— |
7,186,128 |
50,540,413 |
1,996,067 |
882,911 |
| Schwab S&P 500 Index Fund |
196,624,321 |
3,163,889 |
(22,311,143
) |
8,602,348 |
28,821,762 |
214,901,177 |
2,772,918 |
3,163,889 |
| Schwab Select Large Cap Growth Fund * |
55,208,972 |
9,736,058 |
(10,527,810 ) |
(2,783,259 ) |
7,500,500 |
59,134,461 |
2,569,946 |
9,736,058 |
| |
|
|
|
|
|
368,588,982 |
|
|
| Mid-Cap 1.7% | ||||||||
| Schwab U.S. Mid-Cap Index Fund |
15,551,496 |
270,550 |
— |
— |
3,147,756 |
18,969,802 |
312,672 |
270,550 |
| Small-Cap 4.1% | ||||||||
| Schwab Small-Cap Equity Fund |
38,654,439 |
169,056 |
(781,389 ) |
106,972 |
7,237,114 |
45,386,192 |
2,299,199 |
169,056 |
| |
|
|
|
|
|
432,944,976 |
|
|
| | ||||||||
| International Stocks 21.4% | ||||||||
| Developed Markets 21.4% | ||||||||
| Schwab Fundamental International Large Company Index Fund |
10,780,472 |
385,242 |
— |
— |
1,370,848 |
12,536,562 |
1,161,869 |
385,242 |
| Schwab International Core Equity Fund |
84,354,423 |
2,486,912 |
(2,435,073
) |
86,913 |
14,155,091 |
98,648,266 |
8,585,576 |
2,486,912 |
| Schwab International Opportunities Fund |
107,881,670 |
2,124,325 |
— |
— |
15,551,254 |
125,557,249 |
6,277,862 |
2,124,325 |
| |
|
|
|
|
|
236,742,077 |
|
|
| | ||||||||
| Real Estate 4.9% | ||||||||
| Global Real Estate 4.9% | ||||||||
| Schwab Global Real Estate Fund |
48,984,436 |
907,734 |
— |
— |
3,812,781 |
53,704,951 |
9,133,495 |
907,734 |
| | ||||||||
| Fixed Income 8.3% | ||||||||
| Intermediate-Term Bond 6.3% | ||||||||
| Schwab U.S. Aggregate Bond Index Fund |
59,127,698 |
10,317,673 |
(1,000,000
) |
(249,710 ) |
1,662,045 |
69,857,706 |
8,113,555 |
1,199,454 |
| Short-Term Bond 2.0% | ||||||||
| Schwab Short-Term Bond Index Fund |
18,999,539 |
4,226,033 |
(1,000,000 ) |
(69,516 ) |
143,734 |
22,299,790 |
2,377,376 |
380,026 |
| |
|
|
|
|
|
92,157,496 |
|
|
| | ||||||||
| Money Market Funds 0.4% | ||||||||
| Schwab Variable Share Price Money Fund, Ultra Shares, 5.27% (b)
|
8,510,295 |
188,579 |
(3,800,000 ) |
1,030 |
(290 ) |
4,899,614 |
4,898,145 |
179,812 |
| Total Affiliated Underlying Funds (Cost $586,900,712) |
$730,054,966 |
$36,207,763 |
($48,477,644
) |
$6,543,569 |
$96,120,460 |
$820,449,114 |
|
$23,234,770 |
| | ||||||||
See financial notes
Schwab Target Funds | Semiannual Report
68
Schwab Target 2040 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| UNAFFILIATED UNDERLYING FUNDS 25.4% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 11.7% | ||||||||
| Large-Cap 10.4% | ||||||||
| ClearBridge Large Cap Growth Fund, Class IS * |
|
|
|
|
|
$52,979,350 |
807,858 |
|
| Dodge & Cox Stock Fund, Class I |
|
|
|
|
|
61,566,984 |
246,959 |
|
| |
|
|
|
|
|
114,546,334 |
|
|
| Small-Cap 1.3% | ||||||||
| ClearBridge Small Cap Growth Fund, Class IS * |
|
|
|
|
|
14,533,517 |
375,834 |
|
| |
|
|
|
|
|
129,079,851 |
|
|
| | ||||||||
| International Stocks 2.8% | ||||||||
| Emerging Markets 2.8% | ||||||||
| Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class |
|
|
|
|
|
31,044,948 |
3,618,292 |
|
| | ||||||||
| Fixed Income 10.9% | ||||||||
| Intermediate-Term Bond 7.9% | ||||||||
| Baird Aggregate Bond Fund, Institutional Class |
|
|
|
|
|
30,216,395 |
3,194,122 |
|
| Loomis Sayles Investment Grade Bond Fund, Class Y |
|
|
|
|
|
32,448,483 |
3,387,107 |
|
| Western Asset Core Plus Bond Fund, Class I |
|
|
|
|
|
25,109,042 |
2,786,797 |
|
| |
|
|
|
|
|
87,773,920 |
|
|
| International Bond 3.0% | ||||||||
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class |
|
|
|
|
|
32,795,095 |
3,349,857 |
|
| |
|
|
|
|
|
120,569,015 |
|
|
| Total Unaffiliated Underlying Funds (Cost $266,679,700) |
|
|
|
|
|
$280,693,814 |
|
|
| Total Investments in Securities (Cost $853,580,412) |
|
|
|
|
|
$1,101,142,928 |
|
|
| * |
Non-income producing security. |
| (a) |
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). |
| (b) |
The rate shown is the annualized 7-day yield. |
At April 30, 2024, all of the fund’s investment securities were classified as Level 1 (see financial note 2(a) for additional information).
See financial notes
69
Schwab Target Funds | Semiannual ReportSchwab Target 2040 Fund
Statement
of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $586,900,712) |
|
$820,449,114
|
| Investments in securities, at value - unaffiliated issuers (cost $266,679,700) |
|
280,693,814 |
| Cash |
|
4,778,341 |
| Receivables: |
|
|
| Dividends |
|
522,214 |
| Fund shares sold |
|
404,335 |
| Due from investment adviser |
|
10,827 |
| Prepaid expenses |
+ |
11,604 |
| Total assets |
|
1,106,870,249 |
| | ||
| Liabilities | ||
| Payables: |
|
|
| Investments bought |
|
513,452 |
| Fund shares redeemed |
|
105,187 |
| Independent trustees’ fees |
|
1 |
| Accrued expenses |
+ |
49,742 |
| Total liabilities |
|
668,382 |
| Net assets |
|
$1,106,201,867 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$841,326,061
|
| Total distributable earnings |
+ |
264,875,806 |
| Net assets |
|
$1,106,201,867 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares Outstanding |
= |
NAV |
| $1,106,201,867 |
|
64,566,698 |
|
$17.13 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab Target Funds | Semiannual Report
70
Schwab Target 2040 Fund
Statement
of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - affiliated issuers |
|
$12,632,224
|
| Dividends received from securities - unaffiliated issuers
|
|
3,967,253 |
| Other interest |
+ |
71,264 |
| Total investment income
|
|
16,670,741 |
| | ||
| Expenses | ||
| Registration fees |
|
17,380 |
| Shareholder reports |
|
15,934 |
| Portfolio accounting fees |
|
13,198 |
| Professional fees |
|
13,073 |
| Independent trustees’ fees |
|
4,027 |
| Transfer agent fees |
|
1,487 |
| Other expenses |
+ |
4,140 |
| Total expenses |
|
69,239 |
| Expense reduction |
– |
69,239 |
| Net expenses |
– |
— |
| Net investment income |
|
16,670,741 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Realized capital gain distributions received from underlying funds - affiliated issuers |
|
10,602,546 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers |
|
7,019,224 |
| Net realized gains on sales of securities - affiliated
issuers |
|
6,543,569 |
| Net realized losses on sales of securities - unaffiliated issuers |
+ |
(129,324 ) |
| Net realized gains |
|
24,036,015 |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
|
96,120,460 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
+ |
25,273,113 |
| Net change in unrealized appreciation (depreciation) |
+ |
121,393,573 |
| Net realized and unrealized gains |
|
145,429,588 |
| Increase in net assets resulting from operations |
|
$162,100,329 |
See financial notes
71
Schwab Target Funds | Semiannual ReportSchwab Target 2040 Fund
Statement
of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
| OPERATIONS | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$16,670,741 |
$19,466,074
|
| Net realized gains |
|
24,036,015 |
17,490,445 |
| Net change in unrealized appreciation (depreciation) |
+ |
121,393,573 |
38,170,415 |
| Increase in net assets resulting from operations |
|
$162,100,329 |
$75,126,934 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($40,800,665
) |
($75,174,911 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
2,896,609 |
$49,188,213 |
3,880,454 |
$61,126,903
|
| Shares reinvested |
|
2,371,619 |
39,724,621 |
5,022,820 |
73,483,874 |
| Shares redeemed |
+ |
(5,044,989 ) |
(85,581,382 ) |
(7,173,346 ) |
(112,713,878 ) |
| Net transactions in fund shares |
|
223,239 |
$3,331,452 |
1,729,928 |
$21,896,899 |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
64,343,459 |
$981,570,751 |
62,613,531 |
$959,721,829
|
| Total increase |
+ |
223,239 |
124,631,116 |
1,729,928 |
21,848,922 |
| End of period |
|
64,566,698 |
$1,106,201,867 |
64,343,459 |
$981,570,751 |
See financial notes
Schwab Target Funds | Semiannual Report
72
Schwab Target 2045 Fund
Financial
Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$13.59 |
$13.54 |
$17.97 |
$13.83 |
$13.88 |
$13.35 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.23 |
0.24 |
0.22 |
0.16 |
0.25 |
0.22 |
| Net realized and unrealized gains (losses) |
2.14 |
0.83 |
(3.76 ) |
4.36 |
0.46 |
1.09 |
| Total from investment operations |
2.37 |
1.07 |
(3.54 ) |
4.52 |
0.71 |
1.31 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.29 ) |
(0.23 ) |
(0.49 ) |
(0.18 ) |
(0.28 ) |
(0.31 ) |
| Distributions from net realized gains |
(0.16 ) |
(0.79 ) |
(0.40 ) |
(0.20 ) |
(0.48 ) |
(0.47 ) |
| Total distributions |
(0.45 ) |
(1.02 ) |
(0.89 ) |
(0.38 ) |
(0.76 ) |
(0.78 ) |
| Net asset value at end of period |
$15.51 |
$13.59 |
$13.54 |
$17.97 |
$13.83 |
$13.88 |
| Total return |
17.52
%2 |
8.24 % |
(20.76 %) |
33.13 % |
5.10 % |
10.91 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses3
|
0.00
%4 |
0.00 % |
0.00
%5 |
0.00 % |
0.00 % |
0.00 % |
| Gross operating expenses3
|
0.03
%4 |
0.04 % |
0.05
%5 |
0.04 % |
0.05 % |
0.08 % |
| Net investment income (loss) |
2.98
%4 |
1.73 % |
1.46 % |
0.96 % |
1.87 % |
1.65 % |
| Portfolio turnover rate |
3
%2 |
5 % |
7 % |
12 % |
6 % |
8 % |
| Net assets, end of period (x 1,000) |
$274,121 |
$234,114 |
$206,203 |
$252,294 |
$177,992 |
$162,017 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
| 4 |
Annualized. |
| 5 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
73
Schwab Target Funds | Semiannual ReportSchwab Target 2045 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period.
The
fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT
Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also
obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email
request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio
holdings 15 to 20 days after the end of the month on the fund’s website.
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| AFFILIATED UNDERLYING FUNDS 76.3% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 42.5% | ||||||||
| Large-Cap 36.0% | ||||||||
| Schwab Core Equity Fund |
$10,062,252 |
$316,320 |
$—
|
$— |
$1,555,156 |
$11,933,728 |
561,323 |
$316,320 |
| Schwab Fundamental US Large Company Index Fund |
11,448,767 |
238,001 |
— |
— |
1,937,124 |
13,623,892 |
538,068 |
238,001 |
| Schwab S&P 500 Index Fund |
47,875,368 |
765,832 |
(3,566,584
) |
307,578 |
8,792,236 |
54,174,430 |
699,025 |
765,832 |
| Schwab Select Large Cap Growth Fund * |
16,926,076 |
2,998,810 |
(2,531,769 ) |
(839,553 ) |
2,244,887 |
18,798,451 |
816,969 |
2,998,810 |
| |
|
|
|
|
|
98,530,501 |
|
|
| Mid-Cap 1.9% | ||||||||
| Schwab U.S. Mid-Cap Index Fund |
4,245,948 |
73,867 |
— |
— |
859,417 |
5,179,232 |
85,367 |
73,867 |
| Small-Cap 4.6% | ||||||||
| Schwab Small-Cap Equity Fund |
10,622,768 |
46,459 |
— |
— |
2,010,698 |
12,679,925 |
642,347 |
46,459 |
| |
|
|
|
|
|
116,389,658 |
|
|
| | ||||||||
| International Stocks 22.8% | ||||||||
| Developed Markets 22.8% | ||||||||
| Schwab Fundamental International Large Company Index Fund |
2,589,862 |
92,549 |
— |
— |
329,327 |
3,011,738 |
279,123 |
92,549 |
| Schwab International Core Equity Fund |
21,403,189 |
631,003 |
— |
— |
3,641,929 |
25,676,121 |
2,234,649 |
631,003 |
| Schwab International Opportunities Fund
|
28,878,682 |
918,657 |
— |
— |
4,166,071 |
33,963,410 |
1,698,171 |
568,657 |
| |
|
|
|
|
|
62,651,269 |
|
|
| | ||||||||
| Real Estate 5.6% | ||||||||
| Global Real Estate 5.6% | ||||||||
| Schwab Global Real Estate Fund |
13,017,321 |
1,244,013 |
— |
— |
982,178 |
15,243,512 |
2,592,434 |
244,012 |
| | ||||||||
| Fixed Income 5.2% | ||||||||
| Intermediate-Term Bond 3.9% | ||||||||
| Schwab U.S. Aggregate Bond Index Fund |
8,561,779 |
2,427,771 |
(450,000
) |
(119,832 ) |
310,272 |
10,729,990 |
1,246,224 |
174,983 |
| Short-Term Bond 1.3% | ||||||||
| Schwab Short-Term Bond Index Fund |
2,915,054 |
914,862 |
(300,000 ) |
(31,536 ) |
38,958 |
3,537,338 |
377,115 |
58,013 |
| |
|
|
|
|
|
14,267,328 |
|
|
| | ||||||||
| Money Market Funds 0.2% | ||||||||
| Schwab Variable Share Price Money Fund, Ultra Shares, 5.27% (b)
|
1,455,186 |
25,796 |
(840,000 ) |
135 |
(39 ) |
641,078 |
640,886 |
23,843 |
| Total Affiliated Underlying Funds (Cost $175,684,278) |
$180,002,252 |
$10,693,940 |
($7,688,353
) |
($683,208
) |
$26,868,214 |
$209,192,845 |
|
$6,232,349 |
| | ||||||||
See financial notes
Schwab Target Funds | Semiannual Report
74
Schwab Target 2045 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| UNAFFILIATED UNDERLYING FUNDS 23.2% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 11.8% | ||||||||
| Large-Cap 10.4% | ||||||||
| ClearBridge Large Cap Growth Fund, Class IS * |
|
|
|
|
|
$11,644,056 |
177,555 |
|
| Dodge & Cox Stock Fund, Class I |
|
|
|
|
|
17,011,671 |
68,238 |
|
| |
|
|
|
|
|
28,655,727 |
|
|
| Small-Cap 1.4% | ||||||||
| ClearBridge Small Cap Growth Fund, Class IS * |
|
|
|
|
|
3,792,511 |
98,074 |
|
| |
|
|
|
|
|
32,448,238 |
|
|
| | ||||||||
| International Stocks 3.8% | ||||||||
| Emerging Markets 3.8% | ||||||||
| Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class |
|
|
|
|
|
10,459,866 |
1,219,099 |
|
| | ||||||||
| Fixed Income 7.6% | ||||||||
| Intermediate-Term Bond 5.6% | ||||||||
| Baird Aggregate Bond Fund, Institutional Class |
|
|
|
|
|
4,255,782 |
449,871 |
|
| Loomis Sayles Investment Grade Bond Fund, Class Y |
|
|
|
|
|
7,167,206 |
748,143 |
|
| Western Asset Core Plus Bond Fund, Class I |
|
|
|
|
|
3,948,326 |
438,216 |
|
| |
|
|
|
|
|
15,371,314 |
|
|
| International Bond 2.0% | ||||||||
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class |
|
|
|
|
|
5,387,173 |
550,273 |
|
| |
|
|
|
|
|
20,758,487 |
|
|
| Total Unaffiliated Underlying Funds (Cost $60,155,585) |
|
|
|
|
|
$63,666,591 |
|
|
| Total Investments in Securities (Cost $235,839,863) |
|
|
|
|
|
$272,859,436 |
|
|
| * |
Non-income producing security. |
| (a) |
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). |
| (b) |
The rate shown is the annualized 7-day yield. |
At April 30, 2024, all of the fund’s investment securities were classified as Level 1 (see financial note 2(a) for additional information).
See financial notes
75
Schwab Target Funds | Semiannual ReportSchwab Target 2045 Fund
Statement
of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $175,684,278) |
|
$209,192,845
|
| Investments in securities, at value - unaffiliated issuers (cost $60,155,585) |
|
63,666,591 |
| Cash |
|
1,231,170 |
| Receivables: |
|
|
| Dividends |
|
80,731 |
| Fund shares sold |
|
54,017 |
| Due from investment adviser |
|
7,354 |
| Prepaid expenses |
+ |
15,696 |
| Total assets |
|
274,248,404 |
| | ||
| Liabilities | ||
| Payables: |
|
|
| Investments bought |
|
79,618 |
| Fund shares redeemed |
|
17,203 |
| Accrued expenses |
+ |
30,095 |
| Total liabilities |
|
126,916 |
| Net assets |
|
$274,121,488 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$233,650,837
|
| Total distributable earnings |
+ |
40,470,651 |
| Net assets |
|
$274,121,488 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $274,121,488 |
|
17,671,799 |
|
$15.51 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab Target Funds | Semiannual Report
76
Schwab Target 2045 Fund
Statement
of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - affiliated issuers |
|
$3,030,331
|
| Dividends received from securities - unaffiliated issuers
|
|
893,948 |
| Other interest |
+ |
19,031 |
| Total investment income
|
|
3,943,310 |
| | ||
| Expenses | ||
| Registration fees |
|
12,155 |
| Professional fees |
|
11,736 |
| Portfolio accounting fees |
|
10,636 |
| Shareholder reports |
|
4,986 |
| Independent trustees’ fees |
|
3,160 |
| Transfer agent fees |
|
1,709 |
| Other expenses |
+ |
1,746 |
| Total expenses |
|
46,128 |
| Expense reduction |
– |
46,128 |
| Net expenses |
– |
— |
| Net investment income |
|
3,943,310 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Realized capital gain distributions received from underlying funds - affiliated issuers |
|
3,202,018 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers |
|
1,557,351 |
| Net realized losses on sales of securities - affiliated issuers |
|
(683,208 ) |
| Net realized losses on sales of securities - unaffiliated issuers |
+ |
(137,453 ) |
| Net realized gains |
|
3,938,708 |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
|
26,868,214 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
+ |
6,095,728 |
| Net change in unrealized appreciation (depreciation) |
+ |
32,963,942 |
| Net realized and unrealized gains |
|
36,902,650 |
| Increase in net assets resulting from operations |
|
$40,845,960 |
See financial notes
77
Schwab Target Funds | Semiannual ReportSchwab Target 2045 Fund
Statement
of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
| OPERATIONS | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$3,943,310 |
$4,014,127
|
| Net realized gains |
|
3,938,708 |
2,428,479 |
| Net change in unrealized appreciation (depreciation) |
+ |
32,963,942 |
10,270,242 |
| Increase in net assets resulting from operations |
|
$40,845,960 |
$16,712,848 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($7,761,646
) |
($15,583,985 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
1,489,994 |
$22,723,706 |
2,884,713 |
$40,305,680
|
| Shares reinvested |
|
502,206 |
7,593,347 |
1,176,879 |
15,287,654 |
| Shares redeemed |
+ |
(1,547,111 ) |
(23,393,736 ) |
(2,066,030 ) |
(28,811,539 ) |
| Net transactions in fund shares |
|
445,089 |
$6,923,317 |
1,995,562 |
$26,781,795 |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
17,226,710 |
$234,113,857 |
15,231,148 |
$206,203,199
|
| Total increase |
+ |
445,089 |
40,007,631 |
1,995,562 |
27,910,658 |
| End of period |
|
17,671,799 |
$274,121,488 |
17,226,710 |
$234,113,857 |
See financial notes
Schwab Target Funds | Semiannual Report
78
Schwab Target 2050 Fund
Financial
Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$13.79 |
$13.74 |
$18.48 |
$14.03 |
$14.03 |
$13.49 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.22 |
0.24 |
0.22 |
0.16 |
0.25 |
0.21 |
| Net realized and unrealized gains (losses) |
2.28 |
0.89 |
(3.90 ) |
4.66 |
0.45 |
1.11 |
| Total from investment operations |
2.50 |
1.13 |
(3.68 ) |
4.82 |
0.70 |
1.32 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.29 ) |
(0.23 ) |
(0.53 ) |
(0.17 ) |
(0.27 ) |
(0.31 ) |
| Distributions from net realized gains |
(0.23 ) |
(0.85 ) |
(0.53 ) |
(0.20 ) |
(0.43 ) |
(0.47 ) |
| Total distributions |
(0.52 ) |
(1.08 ) |
(1.06 ) |
(0.37 ) |
(0.70 ) |
(0.78 ) |
| Net asset value at end of period |
$15.77 |
$13.79 |
$13.74 |
$18.48 |
$14.03 |
$14.03 |
| Total return |
18.22
%2 |
8.62 % |
(21.22 %) |
34.83 % |
4.96 % |
10.87 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses3
|
0.00
%4 |
0.00 % |
0.00
%5 |
0.00 % |
0.00 % |
0.00 % |
| Gross operating expenses3
|
0.04
%4 |
0.04 % |
0.05
%5 |
0.04 % |
0.06 % |
0.08 % |
| Net investment income (loss) |
2.90
%4 |
1.66 % |
1.44 % |
0.93 % |
1.83 % |
1.54 % |
| Portfolio turnover rate |
1
%2 |
5 % |
6 % |
19 % |
5 % |
7 % |
| Net assets, end of period (x 1,000) |
$282,091 |
$235,323 |
$203,896 |
$245,059 |
$181,391 |
$161,003 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
| 4 |
Annualized. |
| 5 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
79
Schwab Target Funds | Semiannual ReportSchwab Target 2050 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period.
The
fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT
Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also
obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email
request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio
holdings 15 to 20 days after the end of the month on the fund’s website.
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| AFFILIATED UNDERLYING FUNDS 78.3% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 45.5% | ||||||||
| Large-Cap 38.5% | ||||||||
| Schwab Core Equity Fund |
$10,771,769 |
$338,625 |
$—
|
$— |
$1,664,814 |
$12,775,208 |
600,903 |
$338,625 |
| Schwab Fundamental US Large Company Index Fund |
12,648,413 |
517,746 |
— |
— |
2,160,465 |
15,326,624 |
605,317 |
267,747 |
| Schwab S&P 500 Index Fund |
45,964,192 |
739,611 |
— |
— |
8,887,308 |
55,591,111 |
717,305 |
739,611 |
| Schwab Select Large Cap Growth Fund * |
20,644,563 |
3,699,860 |
(1,337,118 ) |
(542,560 ) |
2,316,248 |
24,780,993 |
1,076,966 |
3,699,860 |
| |
|
|
|
|
|
108,473,936 |
|
|
| Mid-Cap 1.9% | ||||||||
| Schwab U.S. Mid-Cap Index Fund |
4,510,975 |
78,478 |
— |
— |
913,060 |
5,502,513 |
90,696 |
78,478 |
| Small-Cap 5.1% | ||||||||
| Schwab Small-Cap Equity Fund |
12,038,788 |
52,651 |
— |
— |
2,278,726 |
14,370,165 |
727,972 |
52,651 |
| |
|
|
|
|
|
128,346,614 |
|
|
| | ||||||||
| International Stocks 24.0% | ||||||||
| Developed Markets 24.0% | ||||||||
| Schwab Fundamental International Large Company Index Fund |
2,712,446 |
296,929 |
— |
— |
354,025 |
3,363,400 |
311,715 |
96,930 |
| Schwab International Core Equity Fund |
22,664,587 |
976,464 |
— |
— |
3,884,922 |
27,525,973 |
2,395,646 |
676,464 |
| Schwab International Opportunities Fund
|
30,970,472 |
1,409,848 |
— |
— |
4,465,084 |
36,845,404 |
1,842,270 |
609,847 |
| |
|
|
|
|
|
67,734,777 |
|
|
| | ||||||||
| Real Estate 5.7% | ||||||||
| Global Real Estate 5.7% | ||||||||
| Schwab Global Real Estate Fund |
13,950,532 |
965,592 |
— |
— |
1,075,408 |
15,991,532 |
2,719,648 |
265,591 |
| | ||||||||
| Fixed Income 3.0% | ||||||||
| Intermediate-Term Bond 2.2% | ||||||||
| Schwab U.S. Aggregate Bond Index Fund |
5,428,219 |
656,458 |
— |
— |
157,892 |
6,242,569 |
725,037 |
105,923 |
| Short-Term Bond 0.8% | ||||||||
| Schwab Short-Term Bond Index Fund |
1,847,955 |
337,827 |
— |
— |
7,550 |
2,193,332 |
233,831 |
38,589 |
| |
|
|
|
|
|
8,435,901 |
|
|
| | ||||||||
| Money Market Funds 0.1% | ||||||||
| Schwab Variable Share Price Money Fund, Ultra Shares, 5.27% (b)
|
632,912 |
13,064 |
(370,000 ) |
106 |
(34 ) |
276,048 |
275,966 |
12,209 |
| Total Affiliated Underlying Funds (Cost $186,929,702) |
$184,785,823 |
$10,083,153 |
($1,707,118
) |
($542,454
) |
$28,165,468 |
$220,784,872 |
|
$6,982,525 |
| | ||||||||
See financial notes
Schwab Target Funds | Semiannual Report
80
Schwab Target 2050 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| UNAFFILIATED UNDERLYING FUNDS 21.2% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 11.4% | ||||||||
| Large-Cap 9.8% | ||||||||
| ClearBridge Large Cap Growth Fund, Class IS * |
|
|
|
|
|
$10,537,824 |
160,687 |
|
| Dodge & Cox Stock Fund, Class I |
|
|
|
|
|
17,062,308 |
68,441 |
|
| |
|
|
|
|
|
27,600,132 |
|
|
| Small-Cap 1.6% | ||||||||
| ClearBridge Small Cap Growth Fund, Class IS * |
|
|
|
|
|
4,491,286 |
116,144 |
|
| |
|
|
|
|
|
32,091,418 |
|
|
| | ||||||||
| International Stocks 4.6% | ||||||||
| Emerging Markets 4.6% | ||||||||
| Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class |
|
|
|
|
|
12,990,124 |
1,514,001 |
|
| | ||||||||
| Fixed Income 5.2% | ||||||||
| Intermediate-Term Bond 3.9% | ||||||||
| Baird Aggregate Bond Fund, Institutional Class |
|
|
|
|
|
2,540,469 |
268,549 |
|
| Loomis Sayles Investment Grade Bond Fund, Class Y |
|
|
|
|
|
5,865,959 |
612,313 |
|
| Western Asset Core Plus Bond Fund, Class I |
|
|
|
|
|
2,623,381 |
291,163 |
|
| |
|
|
|
|
|
11,029,809 |
|
|
| International Bond 1.3% | ||||||||
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class |
|
|
|
|
|
3,722,949 |
380,281 |
|
| |
|
|
|
|
|
14,752,758 |
|
|
| Total Unaffiliated Underlying Funds (Cost $55,660,253) |
|
|
|
|
|
$59,834,300 |
|
|
| Total Investments in Securities (Cost $242,589,955) |
|
|
|
|
|
$280,619,172 |
|
|
| * |
Non-income producing security. |
| (a) |
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). |
| (b) |
The rate shown is the annualized 7-day yield. |
At April 30, 2024, all of the fund’s investment securities were classified as Level 1 (see financial note 2(a) for additional information).
See financial notes
81
Schwab Target Funds | Semiannual ReportSchwab Target 2050 Fund
Statement
of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $186,929,702) |
|
$220,784,872
|
| Investments in securities, at value - unaffiliated issuers (cost $55,660,253) |
|
59,834,300 |
| Cash |
|
1,426,831 |
| Receivables: |
|
|
| Fund shares sold |
|
55,302 |
| Dividends |
|
50,421 |
| Due from investment adviser |
|
7,623 |
| Prepaid expenses |
+ |
14,978 |
| Total assets |
|
282,174,327 |
| | ||
| Liabilities | ||
| Payables: |
|
|
| Investments bought |
|
50,050 |
| Fund shares redeemed |
|
2,064 |
| Accrued expenses |
+ |
31,110 |
| Total liabilities |
|
83,224 |
| Net assets |
|
$282,091,103 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$241,220,406
|
| Total distributable earnings |
+ |
40,870,697 |
| Net assets |
|
$282,091,103 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $282,091,103 |
|
17,891,959 |
|
$15.77 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab Target Funds | Semiannual Report
82
Schwab Target 2050 Fund
Statement
of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - affiliated issuers |
|
$3,065,128
|
| Dividends received from securities - unaffiliated issuers
|
|
851,977 |
| Other interest |
+ |
20,781 |
| Total investment income
|
|
3,937,886 |
| | ||
| Expenses | ||
| Registration fees |
|
12,144 |
| Professional fees |
|
11,736 |
| Portfolio accounting fees |
|
10,629 |
| Shareholder reports |
|
6,190 |
| Independent trustees’ fees |
|
3,162 |
| Transfer agent fees |
|
1,897 |
| Other expenses |
+ |
1,747 |
| Total expenses |
|
47,505 |
| Expense reduction |
– |
47,505 |
| Net expenses |
– |
— |
| Net investment income |
|
3,937,886 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Realized capital gain distributions received from underlying funds - affiliated issuers |
|
3,917,397 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers |
|
1,479,078 |
| Net realized losses on sales of securities - affiliated issuers |
|
(542,454 ) |
| Net realized losses on sales of securities - unaffiliated issuers |
+ |
(9,820 ) |
| Net realized gains |
|
4,844,201 |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
|
28,165,468 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
+ |
6,040,438 |
| Net change in unrealized appreciation (depreciation) |
+ |
34,205,906 |
| Net realized and unrealized gains |
|
39,050,107 |
| Increase in net assets resulting from operations |
|
$42,987,993 |
See financial notes
83
Schwab Target Funds | Semiannual ReportSchwab Target 2050 Fund
Statement
of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
| OPERATIONS | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$3,937,886 |
$3,837,199
|
| Net realized gains |
|
4,844,201 |
2,463,370 |
| Net change in unrealized appreciation (depreciation) |
+ |
34,205,906 |
10,828,600 |
| Increase in net assets resulting from operations |
|
$42,987,993 |
$17,129,169 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($8,896,272
) |
($16,148,300 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
1,555,868 |
$24,108,864 |
3,268,068 |
$46,529,735
|
| Shares reinvested |
|
563,280 |
8,635,082 |
1,194,885 |
15,724,675 |
| Shares redeemed |
+ |
(1,291,826 ) |
(20,067,174 ) |
(2,239,251 ) |
(31,808,554 ) |
| Net transactions in fund shares |
|
827,322 |
$12,676,772 |
2,223,702 |
$30,445,856 |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
17,064,637 |
$235,322,610 |
14,840,935 |
$203,895,885
|
| Total increase |
+ |
827,322 |
46,768,493 |
2,223,702 |
31,426,725 |
| End of period |
|
17,891,959 |
$282,091,103 |
17,064,637 |
$235,322,610 |
See financial notes
Schwab Target Funds | Semiannual Report
84
Schwab Target 2055 Fund
Financial
Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$14.00 |
$13.97 |
$18.74 |
$14.11 |
$14.15 |
$13.60 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.23 |
0.23 |
0.23 |
0.15 |
0.24 |
0.21 |
| Net realized and unrealized gains (losses) |
2.35 |
0.92 |
(4.05 ) |
4.83 |
0.45 |
1.10 |
| Total from investment operations |
2.58 |
1.15 |
(3.82 ) |
4.98 |
0.69 |
1.31 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.29 ) |
(0.23 ) |
(0.54 ) |
(0.16 ) |
(0.27 ) |
(0.31 ) |
| Distributions from net realized gains |
(0.23 ) |
(0.89 ) |
(0.41 ) |
(0.19 ) |
(0.46 ) |
(0.45 ) |
| Total distributions |
(0.52 ) |
(1.12 ) |
(0.95 ) |
(0.35 ) |
(0.73 ) |
(0.76 ) |
| Net asset value at end of period |
$16.06 |
$14.00 |
$13.97 |
$18.74 |
$14.11 |
$14.15 |
| Total return |
18.50
%2 |
8.62 % |
(21.54 %) |
35.79 % |
4.86 % |
10.73 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses3
|
0.00
%4 |
0.00 % |
0.00
%5 |
0.00 % |
0.00 % |
0.00 % |
| Gross operating expenses3
|
0.04
%4 |
0.05 % |
0.07
%5 |
0.06 % |
0.09 % |
0.13 % |
| Net investment income (loss) |
2.90
%4 |
1.59 % |
1.43 % |
0.88 % |
1.78 % |
1.53 % |
| Portfolio turnover rate |
1
%2 |
4 % |
4 % |
11 % |
6 % |
6 % |
| Net assets, end of period (x 1,000) |
$198,289 |
$161,654 |
$135,741 |
$158,223 |
$107,401 |
$93,743 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
| 4 |
Annualized. |
| 5 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
85
Schwab Target Funds | Semiannual ReportSchwab Target 2055 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period.
The
fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT
Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also
obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email
request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio
holdings 15 to 20 days after the end of the month on the fund’s website.
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| AFFILIATED UNDERLYING FUNDS 79.6% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 46.2% | ||||||||
| Large-Cap 39.0% | ||||||||
| Schwab Core Equity Fund |
$7,498,275 |
$235,718 |
$—
|
$— |
$1,158,886 |
$8,892,879 |
418,292 |
$235,718 |
| Schwab Fundamental US Large Company Index Fund |
9,454,173 |
396,537 |
— |
— |
1,609,764 |
11,460,474 |
452,625 |
196,537 |
| Schwab S&P 500 Index Fund |
31,364,164 |
1,655,883 |
(676,000
) |
56,210 |
6,138,000 |
38,538,257 |
497,268 |
515,883 |
| Schwab Select Large Cap Growth Fund * |
15,261,893 |
2,735,193 |
(800,000 ) |
(373,329 ) |
1,658,773 |
18,482,530 |
803,239 |
2,735,193 |
| |
|
|
|
|
|
77,374,140 |
|
|
| Mid-Cap 1.9% | ||||||||
| Schwab U.S. Mid-Cap Index Fund |
3,157,764 |
54,936 |
— |
— |
639,158 |
3,851,858 |
63,489 |
54,936 |
| Small-Cap 5.3% | ||||||||
| Schwab Small-Cap Equity Fund |
8,507,687 |
483,551 |
(123,000 ) |
(18,856 ) |
1,671,027 |
10,520,409 |
532,949 |
38,551 |
| |
|
|
|
|
|
91,746,407 |
|
|
| | ||||||||
| International Stocks 24.9% | ||||||||
| Developed Markets 24.9% | ||||||||
| Schwab Fundamental International Large Company Index Fund |
1,995,714 |
271,317 |
— |
— |
261,876 |
2,528,907 |
234,375 |
71,317 |
| Schwab International Core Equity Fund |
15,984,339 |
1,802,644 |
(630,000
) |
(40,456 ) |
2,792,660 |
19,909,187 |
1,732,740 |
482,644 |
| Schwab International Opportunities Fund
|
21,742,468 |
2,129,950 |
— |
— |
3,133,248 |
27,005,666 |
1,350,283 |
434,950 |
| |
|
|
|
|
|
49,443,760 |
|
|
| | ||||||||
| Real Estate 6.3% | ||||||||
| Global Real Estate 6.3% | ||||||||
| Schwab Global Real Estate Fund |
10,063,672 |
1,831,224 |
(200,000
) |
(63,886 ) |
801,897 |
12,432,907 |
2,114,440 |
196,223 |
| | ||||||||
| Fixed Income 2.2% | ||||||||
| Intermediate-Term Bond 1.6% | ||||||||
| Schwab U.S. Aggregate Bond Index Fund |
2,893,538 |
258,808 |
— |
— |
76,671 |
3,229,017 |
375,031 |
58,523 |
| Short-Term Bond 0.6% | ||||||||
| Schwab Short-Term Bond Index Fund |
936,183 |
159,964 |
— |
— |
4,188 |
1,100,335 |
117,306 |
19,875 |
| |
|
|
|
|
|
4,329,352 |
|
|
| Total Affiliated Underlying Funds (Cost $136,227,253) |
$128,859,870 |
$12,015,725 |
($2,429,000
) |
($440,317
) |
$19,946,148 |
$157,952,426 |
|
$5,040,350 |
| | ||||||||
See financial notes
Schwab Target Funds | Semiannual Report
86
Schwab Target 2055 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| UNAFFILIATED UNDERLYING FUNDS 19.8% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 11.0% | ||||||||
| Large-Cap 9.3% | ||||||||
| ClearBridge Large Cap Growth Fund, Class IS * |
|
|
|
|
|
$6,300,367 |
96,071 |
|
| Dodge & Cox Stock Fund, Class I |
|
|
|
|
|
12,117,853 |
48,608 |
|
| |
|
|
|
|
|
18,418,220 |
|
|
| Small-Cap 1.7% | ||||||||
| ClearBridge Small Cap Growth Fund, Class IS * |
|
|
|
|
|
3,427,915 |
88,645 |
|
| |
|
|
|
|
|
21,846,135 |
|
|
| | ||||||||
| International Stocks 5.2% | ||||||||
| Emerging Markets 5.2% | ||||||||
| Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class |
|
|
|
|
|
10,302,856 |
1,200,799 |
|
| | ||||||||
| Fixed Income 3.6% | ||||||||
| Intermediate-Term Bond 2.7% | ||||||||
| Baird Aggregate Bond Fund, Institutional Class |
|
|
|
|
|
635,173 |
67,143 |
|
| Loomis Sayles Investment Grade Bond Fund, Class Y |
|
|
|
|
|
3,263,358 |
340,643 |
|
| Western Asset Core Plus Bond Fund, Class I |
|
|
|
|
|
1,391,116 |
154,397 |
|
| |
|
|
|
|
|
5,289,647 |
|
|
| International Bond 0.9% | ||||||||
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class |
|
|
|
|
|
1,773,107 |
181,114 |
|
| |
|
|
|
|
|
7,062,754 |
|
|
| Total Unaffiliated Underlying Funds (Cost $36,598,681) |
|
|
|
|
|
$39,211,745 |
|
|
| Total Investments in Securities (Cost $172,825,934) |
|
|
|
|
|
$197,164,171 |
|
|
| * |
Non-income producing security. |
| (a) |
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, 2024, all of the fund’s investment securities were classified as Level 1 (see financial note 2(a) for additional information).
See financial notes
87
Schwab Target Funds | Semiannual ReportSchwab Target 2055 Fund
Statement
of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $136,227,253) |
|
$157,952,426
|
| Investments in securities, at value - unaffiliated issuers (cost $36,598,681) |
|
39,211,745 |
| Cash |
|
1,448,242 |
| Receivables: |
|
|
| Fund shares sold |
|
79,435 |
| Dividends |
|
25,136 |
| Due from investment adviser |
|
6,494 |
| Prepaid expenses |
+ |
13,628 |
| Total assets |
|
198,737,106 |
| | ||
| Liabilities | ||
| Payables: |
|
|
| Investments bought |
|
425,257 |
| Fund shares redeemed |
|
541 |
| Accrued expenses |
+ |
22,603 |
| Total liabilities |
|
448,401 |
| Net assets |
|
$198,288,705 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$171,771,289
|
| Total distributable earnings |
+ |
26,517,416 |
| Net assets |
|
$198,288,705 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $198,288,705 |
|
12,346,762 |
|
$16.06 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab Target Funds | Semiannual Report
88
Schwab Target 2055 Fund
Statement
of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - affiliated issuers |
|
$2,153,728
|
| Dividends received from securities - unaffiliated issuers
|
|
573,137 |
| Other interest |
+ |
15,788 |
| Total investment income
|
|
2,742,653 |
| | ||
| Expenses | ||
| Professional fees |
|
11,605 |
| Registration fees |
|
11,335 |
| Shareholder reports |
|
5,984 |
| Portfolio accounting fees |
|
5,972 |
| Independent trustees’ fees |
|
3,078 |
| Transfer agent fees |
|
1,493 |
| Other expenses |
+ |
1,549 |
| Total expenses |
|
41,016 |
| Expense reduction |
– |
41,016 |
| Net expenses |
– |
— |
| Net investment income |
|
2,742,653 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Realized capital gain distributions received from underlying funds - affiliated issuers |
|
2,886,622 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers |
|
933,013 |
| Net realized losses on sales of securities - affiliated issuers |
|
(440,317 ) |
| Net realized losses on sales of securities - unaffiliated issuers |
+ |
(19,893 ) |
| Net realized gains |
|
3,359,425 |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
|
19,946,148 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
+ |
4,084,484 |
| Net change in unrealized appreciation (depreciation) |
+ |
24,030,632 |
| Net realized and unrealized gains |
|
27,390,057 |
| Increase in net assets resulting from operations |
|
$30,132,710 |
See financial notes
89
Schwab Target Funds | Semiannual ReportSchwab Target 2055 Fund
Statement
of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
| OPERATIONS | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$2,742,653 |
$2,493,786
|
| Net realized gains |
|
3,359,425 |
2,134,732 |
| Net change in unrealized appreciation (depreciation) |
+ |
24,030,632 |
6,629,845 |
| Increase in net assets resulting from operations |
|
$30,132,710 |
$11,258,363 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($6,096,130
) |
($10,946,566 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
1,430,951 |
$22,566,847 |
2,251,549 |
$32,480,869
|
| Shares reinvested |
|
381,713 |
5,958,540 |
801,400 |
10,714,714 |
| Shares redeemed |
+ |
(1,008,527 ) |
(15,926,849 ) |
(1,223,651 ) |
(17,594,557 ) |
| Net transactions in fund shares |
|
804,137 |
$12,598,538 |
1,829,298 |
$25,601,026 |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
11,542,625 |
$161,653,587 |
9,713,327 |
$135,740,764
|
| Total increase |
+ |
804,137 |
36,635,118 |
1,829,298 |
25,912,823 |
| End of period |
|
12,346,762 |
$198,288,705 |
11,542,625 |
$161,653,587 |
See financial notes
Schwab Target Funds | Semiannual Report
90
Schwab Target 2060 Fund
Financial
Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$12.58 |
$12.26 |
$16.42 |
$12.21 |
$12.16 |
$11.53 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.20 |
0.20 |
0.19 |
0.12 |
0.20 |
0.16 |
| Net realized and unrealized gains (losses) |
2.14 |
0.85 |
(3.61 ) |
4.34 |
0.38 |
0.99 |
| Total from investment operations |
2.34 |
1.05 |
(3.42 ) |
4.46 |
0.58 |
1.15 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.26 ) |
(0.20 ) |
(0.47 ) |
(0.13 ) |
(0.22 ) |
(0.26 ) |
| Distributions from net realized gains |
(0.20 ) |
(0.53 ) |
(0.27 ) |
(0.12 ) |
(0.31 ) |
(0.26 ) |
| Total distributions |
(0.46 ) |
(0.73 ) |
(0.74 ) |
(0.25 ) |
(0.53 ) |
(0.52 ) |
| Net asset value at end of period |
$14.46 |
$12.58 |
$12.26 |
$16.42 |
$12.21 |
$12.16 |
| Total return |
18.73
%2 |
8.82 % |
(21.88 %) |
36.89 % |
4.73 % |
10.85 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses3
|
0.00
%4 |
0.00 % |
0.00
%5 |
0.00 % |
0.00 % |
0.00 % |
| Gross operating expenses3
|
0.11
%4 |
0.15 % |
0.20
%5 |
0.22 % |
0.41 % |
0.67 % |
| Net investment income (loss) |
2.85
%4 |
1.51 % |
1.35 % |
0.80 % |
1.67 % |
1.42 % |
| Portfolio turnover rate |
1
%2 |
4 % |
15 % |
11 % |
8 % |
13 % |
| Net assets, end of period (x 1,000) |
$70,965 |
$54,261 |
$39,741 |
$40,077 |
$21,509 |
$15,765 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
| 4 |
Annualized. |
| 5 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
91
Schwab Target Funds | Semiannual ReportSchwab Target 2060 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period.
The
fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT
Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also
obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email
request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio
holdings 15 to 20 days after the end of the month on the fund’s website.
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| AFFILIATED UNDERLYING FUNDS 80.9% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 47.4% | ||||||||
| Large-Cap 39.7% | ||||||||
| Schwab Core Equity Fund |
$2,513,046 |
$361,942 |
$—
|
$— |
$410,216 |
$3,285,204 |
154,525 |
$81,942 |
| Schwab Fundamental US Large Company Index Fund |
3,252,899 |
372,622 |
— |
— |
551,289 |
4,176,810 |
164,961 |
67,622 |
| Schwab S&P 500 Index Fund |
10,798,358 |
1,181,303 |
(50,000
) |
1,805 |
2,097,231 |
14,028,697 |
181,015 |
176,303 |
| Schwab Select Large Cap Growth Fund * |
5,231,858 |
1,135,712 |
(140,000 ) |
(77,707 ) |
545,047 |
6,694,910 |
290,957 |
930,712 |
| |
|
|
|
|
|
28,185,621 |
|
|
| Mid-Cap 2.0% | ||||||||
| Schwab U.S. Mid-Cap Index Fund |
1,088,306 |
133,934 |
— |
— |
223,094 |
1,445,334 |
23,823 |
18,933 |
| Small-Cap 5.7% | ||||||||
| Schwab Small-Cap Equity Fund |
2,964,767 |
633,512 |
(150,000 ) |
(9,941 ) |
587,646 |
4,025,984 |
203,951 |
13,512 |
| |
|
|
|
|
|
33,656,939 |
|
|
| | ||||||||
| International Stocks 25.4% | ||||||||
| Developed Markets 25.4% | ||||||||
| Schwab Fundamental International Large Company Index Fund |
638,893 |
134,498 |
— |
— |
86,007 |
859,398 |
79,648 |
24,498 |
| Schwab International Core Equity Fund |
5,604,520 |
649,230 |
— |
— |
961,820 |
7,215,570 |
627,987 |
165,231 |
| Schwab International Opportunities Fund
|
7,319,619 |
1,567,816 |
— |
— |
1,070,267 |
9,957,702 |
497,885 |
148,816 |
| |
|
|
|
|
|
18,032,670 |
|
|
| | ||||||||
| Real Estate 6.4% | ||||||||
| Global Real Estate 6.4% | ||||||||
| Schwab Global Real Estate Fund |
3,465,840 |
877,608 |
(60,000
) |
(26,769 ) |
260,056 |
4,516,735 |
768,152 |
69,608 |
| | ||||||||
| Fixed Income 1.7% | ||||||||
| Intermediate-Term Bond 1.2% | ||||||||
| Schwab U.S. Aggregate Bond Index Fund |
619,239 |
189,882 |
— |
— |
13,756 |
822,877 |
95,572 |
13,821 |
| Short-Term Bond 0.5% | ||||||||
| Schwab Short-Term Bond Index Fund |
281,318 |
71,287 |
— |
— |
824 |
353,429 |
37,679 |
6,260 |
| |
|
|
|
|
|
1,176,306 |
|
|
| Total Affiliated Underlying Funds (Cost $51,542,311) |
$43,778,663 |
$7,309,346 |
($400,000
) |
($112,612
) |
$6,807,253 |
$57,382,650 |
|
$1,717,258 |
| | ||||||||
See financial notes
Schwab Target Funds | Semiannual Report
92
Schwab Target 2060 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| UNAFFILIATED UNDERLYING FUNDS 18.6% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 10.9% | ||||||||
| Large-Cap 9.0% | ||||||||
| ClearBridge Large Cap Growth Fund, Class IS * |
|
|
|
|
|
$1,941,630 |
29,607 |
|
| Dodge & Cox Stock Fund, Class I |
|
|
|
|
|
4,457,926 |
17,882 |
|
| |
|
|
|
|
|
6,399,556 |
|
|
| Small-Cap 1.9% | ||||||||
| ClearBridge Small Cap Growth Fund, Class IS * |
|
|
|
|
|
1,330,226 |
34,399 |
|
| |
|
|
|
|
|
7,729,782 |
|
|
| | ||||||||
| International Stocks 5.7% | ||||||||
| Emerging Markets 5.7% | ||||||||
| Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class |
|
|
|
|
|
4,042,688 |
471,176 |
|
| | ||||||||
| Fixed Income 2.0% | ||||||||
| Intermediate-Term Bond 1.4% | ||||||||
| Loomis Sayles Investment Grade Bond Fund, Class Y |
|
|
|
|
|
823,922 |
86,004 |
|
| Western Asset Core Plus Bond Fund, Class I
|
|
|
|
|
|
146,085 |
16,214 |
|
| |
|
|
|
|
|
970,007 |
|
|
| International Bond 0.6% | ||||||||
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class
|
|
|
|
|
|
453,322 |
46,305 |
|
| |
|
|
|
|
|
1,423,329 |
|
|
| Total Unaffiliated Underlying Funds (Cost $12,333,712) |
|
|
|
|
|
$13,195,799 |
|
|
| Total Investments in Securities (Cost $63,876,023) |
|
|
|
|
|
$70,578,449 |
|
|
| * |
Non-income producing security. |
| (a) |
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, 2024, all of the fund’s investment securities were classified as Level 1 (see financial note 2(a) for additional information).
See financial notes
93
Schwab Target Funds | Semiannual ReportSchwab Target 2060 Fund
Statement
of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $51,542,311) |
|
$57,382,650
|
| Investments in securities, at value - unaffiliated issuers (cost $12,333,712) |
|
13,195,799 |
| Cash |
|
588,896 |
| Receivables: |
|
|
| Fund shares sold |
|
47,222 |
| Dividends |
|
5,982 |
| Due from investment adviser |
|
5,726 |
| Prepaid expenses |
+ |
7,546 |
| Total assets |
|
71,233,821 |
| | ||
| Liabilities | ||
| Payables: |
|
|
| Investments bought |
|
245,996 |
| Fund shares redeemed |
|
1,893 |
| Accrued expenses |
+ |
21,359 |
| Total liabilities |
|
269,248 |
| Net assets |
|
$70,964,573 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$64,277,822
|
| Total distributable earnings |
+ |
6,686,751 |
| Net assets |
|
$70,964,573 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $70,964,573 |
|
4,908,331 |
|
$14.46 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab Target Funds | Semiannual Report
94
Schwab Target 2060 Fund
Statement
of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - affiliated issuers |
|
$733,904
|
| Dividends received from securities - unaffiliated issuers
|
|
187,034 |
| Other interest |
+ |
5,912 |
| Total investment income
|
|
926,850 |
| | ||
| Expenses | ||
| Professional fees |
|
11,419 |
| Registration fees |
|
10,174 |
| Portfolio accounting fees |
|
5,603 |
| Shareholder reports |
|
4,082 |
| Independent trustees’ fees |
|
2,954 |
| Transfer agent fees |
|
482 |
| Other expenses |
+ |
1,261 |
| Total expenses |
|
35,975 |
| Expense reduction |
– |
35,975 |
| Net expenses |
– |
— |
| Net investment income |
|
926,850 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Realized capital gain distributions received from underlying funds - affiliated issuers |
|
983,354 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers |
|
304,351 |
| Net realized losses on sales of securities - affiliated issuers |
|
(112,612 ) |
| Net realized losses on sales of securities - unaffiliated issuers |
+ |
(8,319 ) |
| Net realized gains |
|
1,166,774 |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
|
6,807,253 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
+ |
1,374,290 |
| Net change in unrealized appreciation (depreciation) |
+ |
8,181,543 |
| Net realized and unrealized gains |
|
9,348,317 |
| Increase in net assets resulting from operations |
|
$10,275,167 |
See financial notes
95
Schwab Target Funds | Semiannual ReportSchwab Target 2060 Fund
Statement
of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
| OPERATIONS | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$926,850 |
$744,958
|
| Net realized gains |
|
1,166,774 |
551,162 |
| Net change in unrealized appreciation (depreciation) |
+ |
8,181,543 |
1,905,393 |
| Increase in net assets resulting from operations |
|
$10,275,167 |
$3,201,513 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($2,026,592
) |
($2,434,558 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
817,394 |
$11,629,261 |
1,409,211 |
$18,306,037
|
| Shares reinvested |
|
141,021 |
1,978,525 |
197,532 |
2,368,404 |
| Shares redeemed |
+ |
(364,771 ) |
(5,152,940 ) |
(533,948 ) |
(6,921,007 ) |
| Net transactions in fund shares |
|
593,644 |
$8,454,846 |
1,072,795 |
$13,753,434 |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
4,314,687 |
$54,261,152 |
3,241,892 |
$39,740,763
|
| Total increase |
+ |
593,644 |
16,703,421 |
1,072,795 |
14,520,389 |
| End of period |
|
4,908,331 |
$70,964,573 |
4,314,687 |
$54,261,152 |
See financial notes
Schwab Target Funds | Semiannual Report
96
Schwab Target 2065 Fund
Financial
Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
2/26/211–
10/31/21 |
|
|
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$8.94 |
$8.63 |
$11.33 |
$10.00 |
|
|
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)2
|
0.14 |
0.12 |
0.11 |
0.03 |
|
|
| Net realized and unrealized gains (losses) |
1.54 |
0.61 |
(2.51 ) |
1.30 |
|
|
| Total from investment operations |
1.68 |
0.73 |
(2.40 ) |
1.33 |
|
|
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.18 ) |
(0.13 ) |
(0.30 ) |
— |
|
|
| Distributions from net realized gains |
(0.15 ) |
(0.29 ) |
— |
— |
|
|
| Total distributions |
(0.33 ) |
(0.42 ) |
(0.30 ) |
— |
|
|
| Net asset value at end of period |
$10.29 |
$8.94 |
$8.63 |
$11.33 |
|
|
| Total return |
18.90
%3 |
8.75 % |
(21.78 %) |
13.30
%3 |
|
|
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses4
|
0.00
%5 |
0.00 % |
0.00
%6 |
0.00
%5 |
|
|
| Gross operating expenses4
|
0.39
%5 |
0.70 % |
1.10
%6 |
1.90
%5 |
|
|
| Net investment income (loss) |
2.76
%5 |
1.32 % |
1.17 % |
0.35
%5 |
|
|
| Portfolio turnover rate |
3
%3 |
4 % |
26 % |
34
%3 |
|
|
| Net assets, end of period (x 1,000) |
$18,677 |
$12,391 |
$6,611 |
$4,489 |
|
|
| * |
Unaudited. |
| 1 |
Commencement of operations. |
| 2 |
Calculated based on the average shares outstanding during the period. |
| 3 |
Not annualized. |
| 4 |
Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
| 5 |
Annualized. |
| 6 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
97
Schwab Target Funds | Semiannual ReportSchwab Target 2065 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period.
The
fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT
Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also
obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email
request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio
holdings 15 to 20 days after the end of the month on the fund’s website.
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| AFFILIATED UNDERLYING FUNDS 81.6% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 48.5% | ||||||||
| Large-Cap 40.5% | ||||||||
| Schwab Core Equity Fund |
$582,206 |
$190,200 |
$—
|
$— |
$95,400 |
$867,806 |
40,819 |
$20,200 |
| Schwab Fundamental US Large Company Index Fund |
748,089 |
273,555 |
(30,000
) |
776 |
133,972 |
1,126,392 |
44,486 |
16,555 |
| Schwab S&P 500 Index Fund |
2,486,454 |
811,652 |
(100,000
) |
361 |
499,747 |
3,698,214 |
47,719 |
41,652 |
| Schwab Select Large Cap Growth Fund * |
1,244,400 |
591,371 |
(90,000 ) |
(30,971 ) |
149,625 |
1,864,425 |
81,027 |
229,370 |
| |
|
|
|
|
|
7,556,837 |
|
|
| Mid-Cap 2.0% | ||||||||
| Schwab U.S. Mid-Cap Index Fund |
261,864 |
64,556 |
— |
— |
53,709 |
380,129 |
6,266 |
4,556 |
| Small-Cap 6.0% | ||||||||
| Schwab Small-Cap Equity Fund |
706,178 |
263,369 |
— |
— |
140,417 |
1,109,964 |
56,229 |
3,368 |
| |
|
|
|
|
|
9,046,930 |
|
|
| | ||||||||
| International Stocks 25.9% | ||||||||
| Developed Markets 25.9% | ||||||||
| Schwab Fundamental International Large Company Index Fund |
156,185 |
77,980 |
— |
— |
20,792 |
254,957 |
23,629 |
5,980 |
| Schwab International Core Equity Fund |
1,260,255 |
462,693 |
(40,000
) |
(98 ) |
235,248 |
1,918,098 |
166,936 |
39,693 |
| Schwab International Opportunities Fund
|
1,737,438 |
752,260 |
(90,000 ) |
(39,150 ) |
297,878 |
2,658,426 |
132,921 |
36,261 |
| |
|
|
|
|
|
4,831,481 |
|
|
| | ||||||||
| Real Estate 6.5% | ||||||||
| Global Real Estate 6.5% | ||||||||
| Schwab Global Real Estate Fund |
791,831 |
376,118 |
— |
— |
48,941 |
1,216,890 |
206,954 |
18,120 |
| | ||||||||
| Fixed Income 0.7% | ||||||||
| Intermediate-Term Bond 0.2% | ||||||||
| Schwab U.S. Aggregate Bond Index Fund |
63,104 |
22,436 |
(40,000
) |
(1,602 ) |
4,029 |
47,967 |
5,571 |
1,429 |
| Short-Term Bond 0.5% | ||||||||
| Schwab Short-Term Bond Index Fund |
69,925 |
16,546 |
— |
— |
258 |
86,729 |
9,246 |
1,540 |
| |
|
|
|
|
|
134,696 |
|
|
| Total Affiliated Underlying Funds (Cost $14,523,398) |
$10,107,929 |
$3,902,736 |
($390,000
) |
($70,684
) |
$1,680,016 |
$15,229,997 |
|
$418,724 |
| | ||||||||
See financial notes
Schwab Target Funds | Semiannual Report
98
Schwab Target 2065 Fund
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| UNAFFILIATED UNDERLYING FUNDS 17.9% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 10.6% | ||||||||
| Large-Cap 8.8% | ||||||||
| ClearBridge Large Cap Growth Fund, Class IS * |
|
|
|
|
|
$443,605 |
6,764 |
|
| Dodge & Cox Stock Fund, Class I |
|
|
|
|
|
1,193,682 |
4,788 |
|
| |
|
|
|
|
|
1,637,287 |
|
|
| Small-Cap 1.8% | ||||||||
| ClearBridge Small Cap Growth Fund, Class IS * |
|
|
|
|
|
347,618 |
8,989 |
|
| |
|
|
|
|
|
1,984,905 |
|
|
| | ||||||||
| International Stocks 6.0% | ||||||||
| Emerging Markets 6.0% | ||||||||
| Goldman Sachs Emerging Markets Equity Insights Fund, Institutional Class |
|
|
|
|
|
1,122,162 |
130,788 |
|
| | ||||||||
| Fixed Income 1.3% | ||||||||
| Intermediate-Term Bond 0.9% | ||||||||
| Loomis Sayles Investment Grade Bond Fund, Class Y |
|
|
|
|
|
165,911 |
17,318 |
|
| International Bond 0.4% | ||||||||
| PIMCO International Bond Fund (U.S. Dollar-Hedged), Institutional Class
|
|
|
|
|
|
74,349 |
7,594 |
|
| |
|
|
|
|
|
240,260 |
|
|
| Total Unaffiliated Underlying Funds (Cost $3,273,323) |
|
|
|
|
|
$3,347,327 |
|
|
| Total Investments in Securities (Cost $17,796,721) |
|
|
|
|
|
$18,577,324 |
|
|
| * |
Non-income producing security. |
| (a) |
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, 2024, all of the fund’s investment securities were classified as Level 1 (see financial note 2(a) for additional information).
See financial notes
99
Schwab Target Funds | Semiannual ReportSchwab Target 2065 Fund
Statement
of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $14,523,398) |
|
$15,229,997
|
| Investments in securities, at value - unaffiliated issuers (cost $3,273,323) |
|
3,347,327 |
| Cash |
|
216,078 |
| Receivables: |
|
|
| Fund shares sold |
|
33,400 |
| Due from investment adviser |
|
5,301 |
| Dividends |
|
710 |
| Prepaid expenses |
+ |
13,838 |
| Total assets |
|
18,846,651 |
| | ||
| Liabilities | ||
| Payables: |
|
|
| Investments bought |
|
134,709 |
| Fund shares redeemed |
|
14,421 |
| Accrued expenses |
+ |
20,054 |
| Total liabilities |
|
169,184 |
| Net assets |
|
$18,677,467 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$17,952,331
|
| Total distributable earnings |
+ |
725,136 |
| Net assets |
|
$18,677,467 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $18,677,467 |
|
1,815,081 |
|
$10.29 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab Target Funds | Semiannual Report
100
Schwab Target 2065 Fund
Statement
of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - affiliated issuers |
|
$176,377
|
| Dividends received from securities - unaffiliated issuers
|
|
44,895 |
| Other interest |
+ |
1,774 |
| Total investment income
|
|
223,046 |
| | ||
| Expenses | ||
| Professional fees |
|
11,351 |
| Registration fees |
|
8,731 |
| Portfolio accounting fees |
|
5,462 |
| Independent trustees’ fees |
|
2,908 |
| Shareholder reports |
|
1,718 |
| Transfer agent fees |
|
409 |
| Other expenses |
+ |
1,151 |
| Total expenses |
|
31,730 |
| Expense reduction |
– |
31,730 |
| Net expenses |
– |
— |
| Net investment income |
|
223,046 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Realized capital gain distributions received from underlying funds - affiliated issuers |
|
242,347 |
| Realized capital gain distributions received from underlying funds - unaffiliated issuers |
|
71,192 |
| Net realized losses on sales of securities - affiliated issuers |
|
(70,684 ) |
| Net realized gains on sales of securities - unaffiliated issuers |
+ |
901 |
| Net realized gains |
|
243,756 |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
|
1,680,016 |
| Net change in unrealized appreciation (depreciation) on securities - unaffiliated issuers |
+ |
323,384 |
| Net change in unrealized appreciation (depreciation) |
+ |
2,003,400 |
| Net realized and unrealized gains |
|
2,247,156 |
| Increase in net assets resulting from operations |
|
$2,470,202 |
See financial notes
101
Schwab Target Funds | Semiannual ReportSchwab Target 2065 Fund
Statement
of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
| OPERATIONS | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$223,046 |
$133,312
|
| Net realized gains |
|
243,756 |
94,869 |
| Net change in unrealized appreciation (depreciation) |
+ |
2,003,400 |
221,731 |
| Increase in net assets resulting from operations |
|
$2,470,202 |
$449,912 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($492,579
) |
($358,283 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
595,906 |
$6,042,338 |
751,424 |
$6,932,354
|
| Shares reinvested |
|
47,498 |
474,024 |
40,172 |
342,268 |
| Shares redeemed |
+ |
(214,532 ) |
(2,207,754 ) |
(171,622 ) |
(1,585,540 ) |
| Net transactions in fund shares |
|
428,872 |
$4,308,608 |
619,974 |
$5,689,082 |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
1,386,209 |
$12,391,236 |
766,235 |
$6,610,525
|
| Total increase |
+ |
428,872 |
6,286,231 |
619,974 |
5,780,711 |
| End of period |
|
1,815,081 |
$18,677,467 |
1,386,209 |
$12,391,236 |
See financial notes
Schwab Target Funds | Semiannual Report
102
Schwab Target Funds
Financial Notes, unaudited
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 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 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 US Large Company Index Fund |
| Schwab Target 2040 Fund |
Schwab Fundamental US Small Company Index Fund |
| Schwab Target 2045 Fund |
Schwab Fundamental International Large Company Index Fund |
| Schwab Target 2050 Fund |
Schwab Fundamental International Small Company Index Fund |
| Schwab Target 2055 Fund |
Schwab Fundamental Emerging Markets Large Company 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 of the Schwab Target Funds 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 primarily in a combination of other affiliated Schwab mutual funds. Each fund may also invest in affiliated Schwab ETFs and unaffiliated third party mutual funds and ETFs (referred to herein as unaffiliated funds and, together with Schwab Funds and Schwab ETFs, as the underlying funds). Each fund invests in the
underlying funds in accordance with its target portfolio allocation.
Each fund in this report 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
Each of the Schwab Target Funds seek to
provide capital appreciation and income consistent with its current asset allocation.
The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB)
Accounting Standard Codification Topic 946 Financial Services — Investment
Companies. The accounting policies are in conformity with accounting principles generally accepted in the United
States of America (GAAP).
103
Schwab Target
Funds | Semiannual ReportSchwab Target Funds
Financial Notes, unaudited (continued)
2. Significant Accounting
Policies (continued):
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, which are filed with the U.S. Securities and Exchange Commission (SEC) and are available on the SEC’s website at www.sec.gov.
(a) Security Valuation:
Pursuant to Rule 2a-5 under the 1940 Act, the Board 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:
● 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.
● Mutual funds: Mutual funds are valued at their respective NAVs.
● 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:
● 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.
● 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.
● 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
Schwab Target Funds | Semiannual Report
104
Schwab Target Funds
Financial Notes, unaudited (continued)
2. Significant Accounting
Policies (continued):
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, 2024, 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. 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 net asset values 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.
(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 respective 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.
105
Schwab Target Funds | Semiannual ReportSchwab Target Funds
Financial Notes, unaudited (continued)
2. Significant Accounting
Policies (continued):
(j) Regulatory Update:
Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for
retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a
semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time,
management is evaluating the impact of these rule and form amendment changes on the content of the current shareholder report and the newly created annual and semiannual streamlined shareholder reports.
Investing in the funds may involve certain risks, as discussed in the funds’ prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.
Asset Allocation Risk. The funds are subject to the risk that the selection of the underlying funds and the allocation of a fund’s assets
among the various asset classes and market segments may cause the funds to underperform other funds with a similar investment objective. The funds are not managed to maximize tax
efficiency for taxable shareholder accounts. Investors should consider whether the funds are an appropriate investment in light of their current financial position and retirement
needs.
Conflicts of Interest Risk. The investment adviser’s authority to select and substitute underlying
funds from a variety of affiliated and unaffiliated mutual funds and ETFs may create a conflict of interest because the fees paid to it and its affiliates by some underlying funds are higher than the fees paid by other underlying funds. The investment adviser also may have an incentive to
select an affiliated underlying fund for other reasons, including to increase assets under management or to support new investment strategies. In addition, other conflicts of interest may exist where the best interests of the affiliated underlying fund may not be aligned with those of a fund. However, the investment adviser is a fiduciary to each fund and is legally obligated to act in each fund’s best interests when selecting underlying funds.
Market Risk. Financial markets rise and fall in response to a variety of factors, sometimes rapidly and
unpredictably. Markets may be impacted by economic, political, regulatory and other conditions, including economic sanctions and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may
also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in the fund will fluctuate, which means that an investor could lose money over short or long periods.
Exchange-Traded Fund (ETF) Risk. When a fund invests in an ETF, it will bear a proportionate share of the ETF’s expenses. In addition, lack of liquidity
in the market for an ETF’s shares can result in its value being more volatile than the underlying portfolio of securities.
Direct Investment Risk. The funds may invest directly in cash, cash equivalents and equity and fixed-income securities, including money market
securities, to maintain their allocations. A fund’s direct investment in these securities is subject to the same or similar risks as an underlying fund’s investment in
the same securities.
Underlying Fund Investment
Risk. Before investing in the funds, investors should assess the risks associated with the underlying funds in
which the funds may invest, which include any combination of the risks described below.
● Investment Risk. The funds may experience losses with respect to their investment in an underlying fund.
Further, there is no guarantee that an underlying fund will be able to achieve its objective.
● Management Risk. Generally, the underlying funds are actively managed mutual funds. Any actively managed
mutual fund is subject to the risk that its investment adviser (or subadviser(s)) will make poor security selections. An underlying fund’s adviser applies its own investment techniques and risk analyses in making investment decisions for the underlying fund, but
there can be no guarantee that they will produce the desired results.
● Fixed-Income Risk. Interest rates rise and fall over time, which will affect an underlying fund’s yield
and share price. A change in a central bank’s monetary policy or economic conditions, among other things, may result in a change in interest rates. A rise in interest rates could cause an underlying fund’s share price to fall. The credit quality of a portfolio investment could also cause an underlying fund’s share price to fall. An underlying fund could lose money if the issuer or guarantor of a portfolio investment or the counterparty to a derivatives contract fails to make timely principal or interest payments or otherwise honor
its obligations. Fixed-income securities may be paid off earlier or later than expected. Either situation could cause an
Schwab Target Funds | Semiannual Report
106
Schwab Target Funds
Financial Notes, unaudited (continued)
3. Risk
Factors (continued):
underlying fund to hold securities paying lower-than-market rates of interest, which could hurt an underlying fund’s yield or share price. Below investment-grade bonds (junk bonds) involve greater credit risk, are more volatile, involve greater risk of price declines and may be more susceptible to economic downturns than investment-grade securities.
● Equity Risk. The prices of equity securities rise and fall daily. These price movements may result from
factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time.
● Market Capitalization Risk. Securities issued by companies of different market capitalizations tend to go in and out of favor based on market and
economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, an underlying fund’s performance could be
impacted.
● Money Market Fund Risk. The funds may invest in underlying money market funds that either seek to maintain a
stable $1.00 net asset value (“stable share price money market funds”) or that have a share price that fluctuates (“variable share price money market funds”). Although an underlying stable share price money market fund seeks to maintain a stable $1.00 net
asset value, it is possible to lose money by investing in such a money market fund. Because the share price of an underlying variable share price money market fund will fluctuate, when a fund sells the shares it owns they may be worth more or less
than what the fund originally paid for them. In addition, neither type of money market fund is designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares under certain circumstances.
● ETF Risk. When an underlying fund invests in an ETF, it will bear a proportionate share of the ETF’s
expenses. In addition, lack of liquidity in the market for an ETF’s shares can result in its value being more volatile than the underlying portfolio of securities.
● Foreign Investment Risk. An underlying fund’s investments in securities of foreign issuers involve certain risks that may be greater than those
associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in
currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market
structures; and higher transaction costs. These risks may negatively impact the value or liquidity of an underlying fund’s investments, and could impair the underlying fund’s ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign
currencies will decline in value relative to the U.S. dollar.
● Emerging Markets Risk. Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic
conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recording requirements and greater
risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with an
underlying fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments.
● Derivatives Risk. An underlying fund may use derivatives to enhance returns or hedge against market declines. Examples of derivatives are
options, futures, options on futures, forward contracts and swaps. An option is the right, but not the obligation, to buy or sell an instrument at a specific price on or before
a specific date. A future is an agreement to buy or sell a financial instrument at a specific price on a specific day. A forward contract is an over-the-counter derivative
transaction between two parties to buy or sell a specified amount of an underlying reference at a specified price (or rate) on a specified date in the future. A forward foreign currency contract is a derivative (forward contract) in which the underlying reference is a country’s or region’s currency. A swap is an agreement whereby two parties agree to exchange payment streams calculated in relation to a rate, index, instrument or certain securities and a predetermined amount. A credit default swap is an agreement in which the
seller agrees to make a payment to the buyer in the event of a specified credit event in exchange for a fixed payment or series of fixed payments.
An underlying fund’s use of derivative instruments involves risks
different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, such as leverage
risk, liquidity risk, market risk, counterparty risk and management risk are discussed elsewhere in this section. An underlying fund’s use of derivatives is also subject to lack of availability risk, valuation risk, correlation risk and tax risk. Counterparty risk is the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations either because the financial condition of the counterparty declines, or because the counterparty is otherwise unable or unwilling to perform under the contract. Lack of
107
Schwab Target Funds | Semiannual ReportSchwab Target Funds
Financial Notes, unaudited (continued)
3. Risk
Factors (continued):
availability risk is the risk that suitable derivative transactions may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause an underlying fund to realize higher amounts of short-term capital gains. An underlying
fund’s use of derivatives could reduce the underlying fund’s performance, increase its volatility, and could cause the underlying fund to lose more than the initial amount invested. The use of derivatives that are subject to regulation by the Commodity
Futures Trading Commission (CFTC) by an underlying fund could cause a fund to become a commodity pool, which would
require the fund to comply with certain CFTC rules. An underlying fund’s use of derivatives also could create a risk of counterparty default under certain transactions, risks that a fund would need to liquidate portfolio positions when it may not
be advantageous to do so in order to meet margin and payment obligations, and legal risks relating to insufficient
documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract.
● Leverage Risk. Certain underlying fund transactions, such as derivatives transactions, short sales, reverse
repurchase agreements, and mortgage dollar rolls, may give rise to a form of leverage and may expose an underlying fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the value of an underlying fund’s portfolio securities, which means even a small amount of leverage can have a disproportionately large impact on the underlying fund.
● Liquidity Risk. An underlying fund may be unable to sell certain securities, such as illiquid securities,
readily at a favorable time or price, or the underlying fund may have to sell them at a loss.
● Portfolio Turnover Risk. Certain of the underlying funds may buy and sell portfolio securities actively. If
they do, their portfolio turnover rate and transaction costs will rise, which may lower the underlying fund’s performance and may increase the likelihood of capital gains distributions.
● Securities Lending Risk. An underlying fund may lend its portfolio securities to brokers, dealers, and other financial institutions. Securities
lending involves the risk of loss of rights in, or delay in recovery of, the loaned securities if the borrower fails to return the security loaned or becomes insolvent.
Please refer to the funds’ prospectus for a more complete description of the
principal risks of investing in the funds.
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 the trust. 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.
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., 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. The funds are not subject to any fee under the Plan.
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 Report
108
Schwab Target Funds
Financial Notes, unaudited (continued)
4. 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, the funds may invest in other affiliated funds. As of April 30, 2024, each Schwab Target Fund’s ownership percentages of other affiliated funds’ shares are as follows:
| UNDERLYING 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 |
| Schwab Core Equity Fund |
0.1 % |
0.1 % |
0.5 % |
0.7 % |
2.3 % |
1.5 % |
3.3 % |
0.9 % |
1.0 % |
0.7 % |
0.2 % |
0.1 % |
| Schwab Fundamental International Large Company Index Fund |
0.0 %* |
0.0 %* |
0.1 % |
0.1 % |
0.3 % |
0.2 % |
0.5 % |
0.1 % |
0.1 % |
0.1 % |
0.0 %* |
0.0 %* |
| Schwab Fundamental US Large Company Index Fund |
0.0 %* |
0.0 %* |
0.1 % |
0.1 % |
0.3 % |
0.3 % |
0.6 % |
0.2 % |
0.2 % |
0.1 % |
0.1 % |
0.0 %* |
| Schwab Global Real Estate Fund |
0.4 % |
0.4 % |
3.1 % |
4.9 % |
13.8 % |
9.3 % |
19.4 % |
5.5 % |
5.8 % |
4.5 % |
1.6 % |
0.4 % |
| Schwab International Core Equity Fund |
0.2 % |
0.3 % |
2.2 % |
3.6 % |
10.4 % |
7.3 % |
16.9 % |
4.4 % |
4.7 % |
3.4 % |
1.2 % |
0.3 % |
| Schwab International Opportunities Fund |
0.2 % |
0.2 % |
1.7 % |
2.9 % |
8.3 % |
5.8 % |
12.5 % |
3.4 % |
3.7 % |
2.7 % |
1.0 % |
0.3 % |
| Schwab S&P 500 Index Fund |
0.0 %* |
0.0 %* |
0.1 % |
0.1 % |
0.2 % |
0.1 % |
0.2 % |
0.1 % |
0.1 % |
0.0 %* |
0.0 %* |
0.0 %* |
| Schwab Select Large Cap Growth Fund |
0.0 %* |
0.1 % |
0.4 % |
0.6 % |
1.7 % |
1.2 % |
2.9 % |
0.9 % |
1.2 % |
0.9 % |
0.3 % |
0.1 % |
| Schwab Short-Term Bond Index Fund |
0.2 % |
0.3 % |
1.6 % |
2.0 % |
2.8 % |
1.2 % |
1.5 % |
0.2 % |
0.2 % |
0.1 % |
0.0 %* |
0.0 %* |
| Schwab Small-Cap Equity Fund |
0.1 % |
0.1 % |
0.9 % |
1.4 % |
4.5 % |
3.4 % |
8.2 % |
2.3 % |
2.6 % |
1.9 % |
0.7 % |
0.2 % |
| Schwab Treasury Inflation Protected Securities Index Fund |
0.1 % |
0.1 % |
0.8 % |
0.9 % |
0.7 % |
— % |
— % |
— % |
— % |
— % |
— % |
— % |
| Schwab U.S. Aggregate Bond Index Fund |
0.3 % |
0.3 % |
1.7 % |
2.1 % |
3.0 % |
1.2 % |
1.5 % |
0.2 % |
0.1 % |
0.1 % |
0.0 %* |
0.0 %* |
| Schwab U.S. Mid Cap Index Fund |
0.0 %* |
0.0 %* |
0.3 % |
0.5 % |
1.0 % |
0.7 % |
1.4 % |
0.4 % |
0.4 % |
0.3 % |
0.1 % |
0.0 %* |
| Schwab Variable Share Price Money Fund, Ultra Shares |
0.0 %* |
0.0 %* |
0.1 % |
0.1 % |
0.2 % |
0.1 % |
0.1 % |
0.0 %* |
0.0 %* |
— % |
— % |
— % |
| * |
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.
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 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. For information regarding the trustees, please refer to the Trustees and Officers table at the end of this report.
109
Schwab Target Funds | Semiannual ReportSchwab Target Funds
Financial Notes, unaudited (continued)
6. Borrowing from Banks:
During the period, the funds were participants with other funds in the Fund Complex in a joint, syndicated, committed $1 billion line of credit (the Syndicated Credit Facility), maturing on September 26, 2024. 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 26, 2024. 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.
For the period ended April 30, 2024, purchases and sales of securities (excluding short-term obligations) were as
follows:
| |
PURCHASES
OF SECURITIES |
SALES
OF SECURITIES |
| Schwab Target 2010 Fund |
$2,477,984 |
$5,766,158 |
| Schwab Target 2015 Fund |
2,698,493 |
6,776,038 |
| Schwab Target 2020 Fund |
15,832,789 |
45,255,098 |
| Schwab Target 2025 Fund |
33,977,707 |
69,820,897 |
| Schwab Target 2030 Fund |
68,478,428 |
95,904,951 |
| Schwab Target 2035 Fund |
36,888,908 |
31,161,312 |
| Schwab Target 2040 Fund |
63,442,320 |
66,848,931 |
| Schwab Target 2045 Fund |
16,487,321 |
9,218,157 |
| Schwab Target 2050 Fund |
15,234,036 |
2,747,118 |
| Schwab Target 2055 Fund |
15,547,062 |
2,729,000 |
| Schwab Target 2060 Fund |
9,017,754 |
520,000 |
| Schwab Target 2065 Fund |
4,772,824 |
460,000 |
As of April 30, 2024, the tax basis cost of the funds’ investments and gross unrealized appreciation and depreciation were as follows:
| |
TAX COST |
GROSS UNREALIZED
APPRECIATION |
GROSS UNREALIZED
DEPRECIATION |
NET UNREALIZED
APPRECIATION (DEPRECIATION) |
| Schwab Target 2010 Fund |
$40,695,603 |
$5,249,921 |
($2,973,574 ) |
$2,276,347 |
| Schwab Target 2015 Fund |
45,297,886 |
7,383,259 |
(3,498,476 ) |
3,884,783 |
| Schwab Target 2020 Fund |
289,261,927 |
54,471,471 |
(23,426,361 ) |
31,045,110 |
| Schwab Target 2025 Fund |
404,050,183 |
73,301,251 |
(28,486,402 ) |
44,814,849 |
| Schwab Target 2030 Fund |
789,907,596 |
209,978,497 |
(50,840,504 ) |
159,137,993 |
| Schwab Target 2035 Fund |
472,952,110 |
116,256,750 |
(25,984,745 ) |
90,272,005 |
| Schwab Target 2040 Fund |
863,699,468 |
275,838,955 |
(38,395,495 ) |
237,443,460 |
| Schwab Target 2045 Fund |
237,141,471 |
46,167,298 |
(10,449,333 ) |
35,717,965 |
| Schwab Target 2050 Fund |
245,072,824 |
45,013,836 |
(9,467,488 ) |
35,546,348 |
| Schwab Target 2055 Fund |
174,518,725 |
29,210,174 |
(6,564,728 ) |
22,645,446 |
| Schwab Target 2060 Fund |
65,170,795 |
6,887,112 |
(1,479,458 ) |
5,407,654 |
| Schwab Target 2065 Fund |
18,163,266 |
699,409 |
(285,351 ) |
414,058 |
Schwab Target Funds | Semiannual Report
110
Schwab Target Funds
Financial Notes, unaudited (continued)
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, 2024. The tax basis components of distributions paid during the fiscal year ended October 31, 2023 were as follows:
| |
PRIOR FISCAL YEAR END DISTRIBUTIONS | |
| |
ORDINARY
INCOME
|
LONG-TERM
CAPITAL
GAINS
|
| Schwab Target 2010 Fund |
$1,132,493 |
$967,218 |
| Schwab Target 2015 Fund |
1,400,648 |
2,120,089 |
| Schwab Target 2020 Fund |
9,076,587 |
12,917,591 |
| Schwab Target 2025 Fund |
10,833,138 |
16,188,114 |
| Schwab Target 2030 Fund |
17,801,309 |
40,196,703 |
| Schwab Target 2035 Fund |
8,906,155 |
25,076,641 |
| Schwab Target 2040 Fund |
16,978,583 |
58,196,328 |
| Schwab Target 2045 Fund |
3,497,260 |
12,086,725 |
| Schwab Target 2050 Fund |
3,437,553 |
12,710,747 |
| Schwab Target 2055 Fund |
2,250,258 |
8,696,308 |
| Schwab Target 2060 Fund |
660,373 |
1,774,185 |
| Schwab Target 2065 Fund |
122,241 |
236,042 |
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, 2023, 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, 2023, the funds did not incur any interest or penalties.
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.
111
Schwab Target Funds | Semiannual ReportSchwab Target Funds
Trustees and Officers
The tables below give information about the trustees and officers of Schwab Capital Trust, which includes the funds covered in this report. The “Fund Complex” includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust. The Fund Complex includes 106 funds.
The address for all trustees and officers is 211 Main Street, San Francisco, CA 94105. You can find more information about the trustees and officers in the funds’ Statement of Additional Information, which is available free by calling
1-877-824-5615.
| Independent Trustees | |||
| Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) |
Principal Occupations
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee |
Other Directorships |
| Michael J. Beer 1961
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022) |
Retired. Director, President and Chief Executive Officer
(Dec. 2016 – Sept. 2019), Principal Funds (investment
management). |
106 |
Director (2016 – 2019), Principal Funds, Inc. |
| Robert W. Burns 1959
Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) |
Retired/Private Investor. |
106 |
None |
| Nancy F. Heller 1956
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) |
Retired. |
106 |
None |
| David L. Mahoney 1954
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) |
Private Investor. |
106 |
Director (2004 – present), Corcept Therapeutics Incorporated
Director (2009 – 2021),
Adamas Pharmaceuticals, Inc. Director (2003 – 2019), Symantec Corporation |
| Jane P. Moncreiff 1961
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2019) |
Consultant (2018 – present), Fulham Advisers LLC (management consulting); Chief Investment Officer (2009 – 2017), CareGroup Healthcare System, Inc. (healthcare). |
106 |
None |
Schwab Target Funds | Semiannual Report
112
Schwab Target Funds
| Independent Trustees (continued) | |||
| Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) |
Principal Occupations
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee |
Other Directorships |
| Kimberly S. Patmore 1956
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) |
Consultant (2008 – present), Patmore Management Consulting
(management consulting). |
106 |
None |
| J. Derek Penn 1957
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021) |
Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial
services). |
106 |
None |
| Interested Trustees | |||
| Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) |
Principal Occupations
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee |
Other Directorships |
| Walter W. Bettinger II2 1960
Chairman and Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust
and Schwab Annuity Portfolios since
2008; Schwab Strategic Trust since
2009; Laudus Trust since 2010) |
Co-Chairman of the Board (July 2022 – present), Director and Chief
Executive Officer (Oct. 2008 – present) and President
(Feb. 2007 – Oct. 2021), The Charles Schwab Corporation;
President and Chief Executive Officer (Oct. 2008 – Oct. 2021)
and Director (May 2008 – Oct. 2021), Charles Schwab &
Co., Inc.; Co-Chairman of the Board (July 2022 – present) and
Director (Apr. 2006 – present), Charles Schwab Bank, SSB;
Co-Chairman of the Board (July 2022 – present) and Director
(Nov. 2017 – present), Charles Schwab Premier Bank, SSB;
Co-Chairman of the Board (July 2022 – present) and Director
(July 2019 – present), Charles Schwab Trust Bank; Director
(May 2008 – present), Chief Executive Officer (Aug. 2017 – present)
and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.;
Manager (Sept. 2023 – present), TD Ameritrade Holding LLC;
Director (Oct. 2020 – Aug. 2023), TD Ameritrade Holding
Corporation; Director (July 2016 – Oct. 2021), Charles Schwab
Investment Management, Inc. |
106 |
Director (2008 – present), The Charles Schwab Corporation |
| Richard A. Wurster2 1973
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022) |
President (Oct. 2021 – present) and Executive Vice President – Schwab
Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles
Schwab Corporation; President, Director (Oct. 2021 –
present), Executive Vice President – Schwab Asset Management
Solutions (July 2019 – Oct. 2021) and Senior Vice President
– Advisory (May 2016 – July 2019), Charles Schwab &
Co., Inc.; President (Nov. 2021 – present), Schwab Holdings,
Inc.; Director (Oct. 2021 – present) and Chief Executive
Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment
Management, Inc.; Director, Chief Executive Officer and President
(Mar. 2018 – Oct. 2022), Charles Schwab Investment Advisory,
Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and
President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive
Officer (July 2016 – Apr. 2018), Windhaven Investment
Management, Inc. |
106 |
None |
113
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| Officers of the Trust | |
| Name, Year of Birth, and Position(s) with the
trust (Terms of office, and length of Time Served3) |
Principal Occupations During the Past Five
Years |
| Omar Aguilar 1970
Chief Executive Officer, President and Chief Investment
Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) |
Chief Executive Officer (Jan. 2022 – present), President (Oct. 2023 – present), (Chief
Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Jan.
2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer
and President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.;
Chief Executive Officer (Sept. 2023 – present), President (Oct. 2023 –
present), Chief Investment Officer (June 2011 – present) and Vice President
(June 2011 – Sept. 2023), Schwab Funds, Laudus Trust and Schwab
ETFs. |
| Mark Fischer 1970
Chief Operating Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2013) |
Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer
(Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial
Officer (Mar. 2020 – present), Chief Operating Officer (Oct. 2023 –
present), Managing Director (Mar. 2023 – present) and Vice President (Oct.
2013 – Mar. 2023), Charles Schwab Investment Management, Inc.
|
| Dana Smith 1965
Treasurer and Chief Financial Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2023) |
Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer (Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director
(Mar. 2023 – present), Vice President (Mar. 2022 – Mar. 2023) and Director
(Oct. 2015 – Mar. 2022), Charles Schwab Investment Management, Inc.; Managing
Director (May 2022 – present) and Vice President (Apr. 2022 – May 2022),
Charles Schwab & Co., Inc. |
| Patrick Cassidy 1964
Vice President and Chief Investment Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2018) |
Chief Investment Officer (Oct. 2023 – present) and Vice President (Feb. 2018 – present),
Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present),
Chief Investment Officer (Oct. 2023 – present), and Senior Vice President
(Oct. 2012 – Mar. 2023), Charles Schwab Investment Management,
Inc. |
| William P. McMahon, Jr. 1972
Vice President and Chief Investment Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2021) |
Managing Director (Mar. 2023 – present), Senior Vice President (Jan. 2020 – Mar. 2023) and
Chief Investment Officer (Jan. 2020 – present) Charles Schwab Investment
Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present),
Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief
Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019),
Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment
Officer (May 2001 – Apr. 2018), ThomasPartners, Inc. |
| Catherine MacGregor 1964
Chief Legal Officer and Secretary, Schwab Funds and
Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Trust (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009) |
Chief Legal Officer (Mar. 2022 – present), Managing Director (Mar. 2023 – present) and Vice
President (Sept. 2005 – Mar. 2023), Charles Schwab Investment Management, Inc.;
Managing Director (May 2022 – present) and Vice President (Aug. 2005 –
May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 –
present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus
Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President
(Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021),
Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and
Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs. |
1
Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first.
2
Mr. Bettinger and Mr. Wurster are Interested Trustees. Mr. Bettinger and Mr. Wurster are
Interested Trustees because each owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser
for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust.
3
The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.
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Schwab Target Funds
Glossary
asset allocation The practice of dividing a portfolio among different asset classes, with each asset class assigned a particular
percentage.
asset class A group of securities with similar structure and basic characteristics. Stocks, bonds and cash are the three main
examples of asset classes.
Bloomberg US Aggregate Bond Index An index that is a broad-based benchmark measuring the performance of the U.S. investment grade, taxable bond market, including U.S. Treasuries,
government-related and corporate bonds, mortgage pass-through securities, commercial mortgage-backed securities,
and asset-backed securities that are publicly available for sale in the United States. To be eligible for
inclusion in the index, securities must be fixed rate, non-convertible, U.S. dollar-denominated with at least
$300 million or more of outstanding face value and have one or more years remaining to maturity. The index
excludes certain types of securities, including tax-exempt state and local government series bonds, structured notes embedded with swaps or other special features, private placements, floating rate securities, inflation-linked bonds and
Eurobonds. The index is market capitalization weighted and the securities in the index are updated on the last
business day of each month.
Bloomberg US
Government/Credit 1–5 Year Index An index that is a broad-based benchmark measuring the performance
of U.S. dollar-denominated U.S. Treasury bonds, government related bonds (i.e., U.S. and non-U.S. agencies,
sovereign, quasi-sovereign, supranational and local authority debt) and investment grade U.S. corporate bonds
that have a remaining maturity of greater than or equal to one year and less than five years. To be eligible for inclusion in the index, securities must be fixed rate, non-convertible, U.S. dollar-denominated with at least $300 million or more of
outstanding face value and have a remaining maturity greater than or equal to one year and less than five years.
The index excludes certain types of securities, including, bonds with equity type features (e.g., warrants,
convertibles and preferreds), tax-exempt municipal securities, inflation-linked bonds, floating rate issues, strips, private placements, U.S. dollar-denominated 25 and 50 par retail bonds, structured notes and pass-through certificates. The index is market
capitalization weighted and the securities in the index are updated on the last business day of each
month.
Bloomberg US Treasury Bills 1–3 Month
Index An index that includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining
maturity of less than 3 months but more than 1 month, are rated investment grade and have $300 million or more of
outstanding face value. It excludes zero-coupon STRIPS.
Bloomberg US Treasury Inflation-Linked Bond Index (Series-L) An index which includes all publicly-issued U.S. Treasury Inflation-Protected Securities (TIPS) that have at least one year
remaining to maturity, are rated investment grade and have $500 million or more of outstanding face value. The
TIPS in the index must be denominated in U.S. dollars and must be fixed-rate and non-convertible. The index is
market capitalization weighted and the TIPS in the index are updated on the last business day of each month. TIPS
are publicly issued, dollar denominated U.S. Government securities issued by the U.S. Treasury that have principal and interest payments linked to an official inflation measure (as measured by the Consumer Price Index, or CPI) and their payments are
supported by the full faith and credit of the United States.
bond A security representing a loan from the
investor to the issuer. A bond typically pays interest at a fixed rate (the coupon rate) until a specified date
(the maturity date), at which time the issuer returns the money borrowed (principal or face value) to the bondholder. Because of their structure, bonds are sometimes called “fixed-income securities” or “debt
securities.”
An individual bond is subject to the credit risk of the
issuer. Changes in interest rates can affect a bond’s market value prior to call or maturity. There is no
guarantee that a bond’s yield to call or maturity will provide a positive return over the rate of inflation.
bond
fund A bond fund is subject to the same credit, interest rate, and inflation risks as bonds. In addition, a
bond fund incurs ongoing fees and expenses. A bond fund’s net asset value will fluctuate with the price of
the underlying bonds and the portfolio turnover activity; return of principal is not guaranteed.
cap, capitalization See “market cap.”
capital gain, capital loss the difference between the amount paid for an investment and its value at a later time. If the investment has been
sold, the capital gain or loss is considered a realized gain or loss. If the investment is still held, the
capital gain or loss is considered unrealized appreciation or depreciation.
Dow Jones U.S. Total Stock Market Index An index which includes all
U.S. equity issues with readily available prices. The index is a float-adjusted market capitalization weighted
index that reflects the shares of securities actually available to investors in the marketplace.
expense ratio The amount that is taken from a mutual fund’s
assets each year to cover the fund’s operating expenses. An expense ratio of 0.50% means that a
fund’s expenses amount to half of one percent of its average net assets a year.
FTSE EPRA Nareit Global Index (Net) An index that provides a diverse
representation of publicly traded equity real estate investment trusts (REITs) and listed property companies
worldwide. The index constituents are free-float adjusted, and screened on liquidity, size and revenue. The index
is comprised of countries in developed and emerging markets. The Net of Tax Index is calculated based on the
maximum withholding tax rates applicable to dividends received by institutional investors who are not resident in
the same country as the remitting company and who do not benefit from double taxation treaties.
FTSE non-US Dollar World Government Bond Index A market capitalization index that measures the total rate of return performance for the government bonds of 22 countries, excluding the U.S., with a remaining maturity of at least 1 year.
market cap, market capitalization The value of a company as determined by the total value of all shares of its stock outstanding.
MSCI EAFE Index (Net) A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets in Europe, Australasia, and the Far East. The Net version of the index reflects reinvested dividends net of
withholding taxes, but reflects no deductions for expenses or other taxes; returns are calculated applying
dividend withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.
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Schwab Target Funds | Semiannual ReportSchwab Target Funds
MSCI Emerging Markets Index (Net) A free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets. This
series approximates the minimum possible dividend reinvestment. The returns are calculated applying dividend
withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.
net asset value (NAV) The value of one share of a mutual fund. NAV is calculated by taking the fund’s total assets, subtracting
liabilities, and dividing by the number of shares outstanding.
outstanding shares, shares outstanding When speaking of a company or mutual fund, indicates all shares currently held by investors.
Russell 1000 Index An index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, and represents approximately 92% of the total market capitalization of the
Russell 3000 Index. The Russell 3000 Index measures the performance of the largest 3,000 U.S. companies
representing approximately 98% of the investable U.S. equity market.
Russell 2000 Index An index that measures the performance of the
2,000 smallest companies in the Russell 3000 Index. The Russell 3000 Index measures the performance of the
largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity market.
Russell Midcap Index An index that measures the performance of the mid-cap segment of the U.S. equity universe. The Russell Midcap Index
is a subset of the Russell 1000 Index. It includes approximately 800 of the smallest securities based on a
combination of their market cap and current index membership.
S&P 500 Index An index that is designed to measure the performance of 500 leading publicly traded companies from a broad range of industries.
stock A share of ownership, or equity, in the issuing
company.
Target 2010 Composite Index A custom blended index developed by Schwab Asset Management based on the 2010 fund’s asset allocation glide schedule and will become more conservative as time elapses. Effective March 1, 2014, the Dow Jones U.S. Total Stock
Market Index was replaced by a combination of the S&P 500 Index and the Russell 2000 Index. Effective August
24, 2018, the FTSE non-US Dollar World Government Bond Index was replaced by the Bloomberg Global Aggregate ex-US
Hedged Index. Effective February 1, 2024, the Bloomberg US Government/Credit Index has been removed. Effective
February 1, 2024, the composite is derived using the following portion allocations: 22.5% S&P 500 Index, 1.2%
Russell Midcap Index, 1.8% Russell 2000 Index, 7.6% MSCI EAFE Index (Net), 44.4% Bloomberg US Aggregate Bond
Index, 2.5% FTSE EPRA Nareit Global Index (Net), 6.8% Bloomberg US Treasury Inflation-Linked Bond Index (Series-L),
2.1% Bloomberg Global Aggregate ex-US Hedged Index, 8.1% Bloomberg US Government/Credit 1-5 Year Index, and 3.1%
Bloomberg US Treasury Bills 1-3 Month Index. The components that make up the composite index may vary over time.
The composite index represents target allocations for 2024. Percentages listed may not total to 100% due to
rounding.
Target 2015 Composite Index A custom blended index developed by Schwab Asset Management based on the 2015 fund’s asset allocation glide schedule and will become more conservative as time elapses. Effective March 1, 2014, the Dow Jones U.S. Total Stock
Market Index was replaced by a combination of the S&P 500 Index and the Russell 2000 Index. Effective August
24, 2018, the FTSE non-US Dollar World Government Bond Index was replaced by the Bloomberg Global Aggregate ex-US
Hedged Index. Effective February 1, 2024, the Bloomberg US Government/Credit Index has been removed. Effective
February 1, 2024, the composite is derived using the following portion allocations: 24.8% S&P 500 Index, 1.4%
Russell Midcap Index, 2.0%
Russell 2000 Index, 8.8% MSCI EAFE Index (Net), 41.7% Bloomberg US Aggregate Bond Index, 2.8% FTSE EPRA Nareit Global Index
(Net), 6.4% Bloomberg US Treasury Inflation-Linked Bond Index (Series-L), 2.2% Bloomberg Global Aggregate ex-US
Hedged Index, 7.5% Bloomberg US Government/Credit 1-5 Year Index, and 2.5% Bloomberg US Treasury Bills 1-3 Month
Index. The components that make up the composite index may vary over time. The composite index represents target
allocations for 2024. Percentages listed may not total to 100% due to rounding.
Target 2020 Composite Index A custom blended index developed by
Schwab Asset Management based on the 2020 fund’s asset allocation glide schedule and will become more
conservative as time elapses. Effective March 1, 2014, the Dow Jones U.S. Total Stock Market Index was replaced
by a combination of the S&P 500 Index and the Russell 2000 Index. Effective August 24, 2018, the FTSE non-US Dollar World Government Bond Index was replaced by the Bloomberg Global Aggregate ex-US Hedged Index. Effective February 1, 2024, the
Bloomberg US Government/Credit Index has been removed. Effective February 1, 2024, the composite is derived using
the following portion allocations: 26.2% S&P 500 Index, 1.5% Russell Midcap Index, 2.1% Russell 2000 Index,
9.8% MSCI EAFE Index (Net), 39.9% Bloomberg US Aggregate Bond Index, 3.0% FTSE EPRA Nareit Global Index (Net),
6.1% Bloomberg US Treasury Inflation-Linked Bond Index (Series-L), 2.2% Bloomberg Global Aggregate ex-US Hedged
Index, 7.1% Bloomberg US Government/Credit 1-5 Year Index, and 2.2% Bloomberg US Treasury Bills 1-3 Month Index.
The components that make up the composite index may vary over time. The composite index represents target
allocations for 2024. Percentages listed may not total to 100% due to rounding.
Target 2025 Composite Index A custom blended index developed by
Schwab Asset Management based on the 2025 fund’s asset allocation glide schedule and will become more
conservative as time elapses. Effective March 1, 2014, the Dow Jones U.S. Total Stock Market Index was replaced
by a combination of the S&P 500 Index and the Russell 2000® Index. Effective August 24, 2018, the FTSE non-US Dollar World Government Bond Index was replaced by the Bloomberg Global
Aggregate ex-US Hedged Index. Effective February 1, 2024, the Bloomberg US Government/Credit Index has been
removed. Effective February 1, 2024, the composite is derived using the following portion allocations: 28.3%
S&P 500 Index, 1.4% Russell Midcap Index, 2.4% Russell 2000 Index, 11.8% MSCI EAFE Index (Net), 36.6% Bloomberg
US Aggregate Bond Index, 3.3% FTSE EPRA Nareit Global Index (Net), 0.1% MSCI Emerging Markets Index (Net), 5.0%
Bloomberg US Treasury Inflation-Linked Bond Index (Series-L), 2.7% Bloomberg Global Aggregate ex-US Hedged Index,
6.3% Bloomberg US Government/Credit 1-5 Year Index, and 1.9% Bloomberg US Treasury Bills 1-3 Month Index. The
components that make up the composite index may vary over time. The composite index represents target allocations
for 2024. Percentages listed may not total to 100% due to rounding.
Target 2030 Composite Index A custom blended index developed by
Schwab Asset Management based on the 2030 fund’s asset allocation glide schedule and will become more
conservative as time elapses. Effective March 1, 2014, the Dow Jones U.S. Total Stock Market Index was replaced
by a combination of the S&P 500 Index and the Russell 2000 Index. Effective August 24, 2018, the FTSE non-US Dollar World Government Bond Index was replaced by the Bloomberg Global Aggregate ex-US Hedged Index. Effective February 1, 2024, the
Bloomberg US Government/Credit Index has been removed. Effective February 1, 2024, the composite is derived using
the following portion allocations: 35.0% S&P 500 Index, 1.6% Russell Midcap Index, 3.6% Russell 2000 Index,
15.8% MSCI EAFE Index (Net), 27.2% Bloomberg US Aggregate Bond Index, 4.3% FTSE EPRA Nareit Global Index (Net),
0.9% MSCI Emerging Markets Index (Net), 1.8% Bloomberg US Treasury Inflation-Linked Bond Index (Series-L), 4.0%
Bloomberg
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Schwab Target Funds
Global
Aggregate ex-US Hedged Index, 4.2% Bloomberg US Government/Credit 1-5 Year Index, and 1.5% Bloomberg US Treasury
Bills 1-3 Month Index. The components that make up the composite index may vary over time. The composite index
represents target allocations for 2024. Percentages listed may not total to 100% due to rounding.
Target 2035 Composite Index A custom blended index developed by Schwab Asset Management based on the 2035 fund’s asset allocation glide schedule and will become more conservative as time elapses. Effective March 1, 2014, the Dow Jones U.S. Total Stock
Market Index was replaced by a combination of the S&P 500 Index and the Russell 2000 Index. Effective August
24, 2018, the FTSE non-US Dollar World Government Bond Index was replaced by the Bloomberg Global Aggregate ex-US
Hedged Index. Effective February 1, 2024, the Bloomberg US Government/Credit Index has been removed. Effective
February 1, 2024, the composite is derived using the following portion allocations: 39.6% S&P 500 Index, 1.7%
Russell Midcap Index, 4.6% Russell 2000 Index, 18.7% MSCI EAFE Index (Net), 20.5% Bloomberg US Aggregate Bond
Index, 5.0% FTSE EPRA Nareit Global Index (Net), 1.8% MSCI Emerging Markets Index (Net), 4.1% Bloomberg Global
Aggregate ex-US Hedged Index, 2.9% Bloomberg US Government/Credit 1-5 Year Index, and 1.2% Bloomberg US Treasury
Bills 1-3 Month Index. The components that make up the composite index may vary over time. The composite index
represents target allocations for 2024. Percentages listed may not total to 100% due to rounding.
Target 2040 Composite Index A custom blended index developed by Schwab Asset Management based on the 2040 fund’s asset allocation glide schedule and will become more conservative as time elapses. Effective March 1, 2014, the Dow Jones U.S. Total Stock
Market Index was replaced by a combination of the S&P 500 Index and the Russell 2000 Index. Effective August
24, 2018, the FTSE non-US Dollar World Government Bond Index was replaced by the Bloomberg Global Aggregate ex-US
Hedged Index. Effective February 1, 2024, the Bloomberg US Government/Credit Index has been removed. Effective
February 1, 2024, the composite is derived using the following portion allocations: 43.0% S&P 500 Index, 1.8%
Russell Midcap Index, 5.4% Russell 2000 Index, 21.0% MSCI EAFE Index (Net), 14.7% Bloomberg US Aggregate Bond
Index, 5.6% FTSE EPRA Nareit Global Index (Net), 2.7% MSCI Emerging Markets Index (Net), 3.0% Bloomberg Global
Aggregate ex-US Hedged Index, 1.9% Bloomberg US Government/Credit 1-5 Year Index, and 0.9% Bloomberg US Treasury
Bills 1-3 Month Index. The components that make up the composite index may vary over time. The composite index
represents target allocations for 2024. Percentages listed may not total to 100% due to rounding.
Target 2045 Composite Index A custom blended index developed by Schwab Asset Management based on the 2045 fund’s asset allocation glide schedule and will become more conservative as time elapses. Effective March 1, 2014, the Dow Jones U.S. Total Stock
Market Index was replaced by a combination of the S&P 500 Index and the Russell 2000 Index. Effective August
24, 2018, the FTSE non-US Dollar World Government Bond Index was replaced by the Bloomberg Global Aggregate ex-US
Hedged Index. Effective February 1, 2024, the Bloomberg US Government/Credit Index has been removed. Effective
February 1, 2024, the composite is derived using the following portion allocations: 45.7% S&P 500 Index, 1.9%
Russell Midcap Index, 6.2% Russell 2000 Index, 22.9% MSCI EAFE Index (Net), 9.7% Bloomberg US Aggregate Bond
Index, 6.0% FTSE EPRA Nareit Global Index (Net), 3.6% MSCI Emerging Markets Index (Net), 2.0% Bloomberg Global
Aggregate ex-US Hedged Index, 1.2% Bloomberg US
Government/Credit 1-5 Year Index, and 0.7% Bloomberg US Treasury Bills
1-3 Month Index. The components that make up the composite index may vary over time. The composite index represents target allocations for 2024. Percentages listed may not total to 100% due to rounding.
Target 2050 Composite Index A custom blended index developed by Schwab Asset Management based on the 2050 fund’s asset allocation glide schedule and will become more conservative as time elapses. Effective March 1, 2014, the Dow Jones U.S. Total Stock
Market Index was replaced by a combination of the S&P 500 Index and the Russell 2000 Index. Effective August
24, 2018, the FTSE non-US Dollar World Government Bond Index was replaced by the Bloomberg Global Aggregate ex-US
Hedged Index. Effective February 1, 2024, the Bloomberg US Government/Credit Index has been removed. Effective
February 1, 2024, the composite is derived using the following portion allocations: 47.0% S&P 500 Index, 1.9%
Russell Midcap Index, 6.9% Russell 2000 Index, 24.1% MSCI EAFE Index (Net), 6.4% Bloomberg US Aggregate Bond
Index, 6.4% FTSE EPRA Nareit Global Index (Net), 4.5% MSCI Emerging Markets Index (Net), 1.4% Bloomberg Global
Aggregate ex-US Hedged Index, 0.8% Bloomberg US Government/Credit 1-5 Year Index, and 0.6% Bloomberg US Treasury
Bills 1-3 Month Index. The components that make up the composite index may vary over time. The composite index
represents target allocations for 2024. Percentages listed may not total to 100% due to rounding.
Target 2055 Composite Index A custom blended index developed by Schwab Asset Management based on the 2055 fund’s asset allocation glide schedule and will become more conservative as time elapses. Effective March 1, 2014, the Dow Jones U.S. Total Stock
Market Index was replaced by a combination of the S&P 500 Index and the Russell 2000 Index. Effective August
24, 2018, the FTSE non-US Dollar World Government Bond Index was replaced by the Bloomberg Global Aggregate ex-US
Hedged Index. Effective February 1, 2024, the Bloomberg US Government/Credit Index has been removed. Effective
February 1, 2024, the composite is derived using the following portion allocations: 47.8% S&P 500 Index, 2.0%
Russell Midcap Index, 7.3% Russell 2000 Index, 24.8% MSCI EAFE Index (Net), 4.5% Bloomberg US Aggregate Bond
Index, 6.5% FTSE EPRA Nareit Global Index (Net), 5.0% MSCI Emerging Markets Index (Net), 1.0% Bloomberg Global
Aggregate ex-US Hedged Index, 0.6% Bloomberg US Government/Credit 1-5 Year Index, and 0.5% Bloomberg US Treasury
Bills 1-3 Month Index. The components that make up the composite index may vary over time. The composite index
represents target allocations for 2024. Percentages listed may not total to 100% due to rounding.
Target 2060 Composite Index A custom blended index developed by Schwab Asset Management based on the 2060 fund’s asset allocation glide schedule and will become more conservative as time elapses. Effective August 24, 2018, the FTSE non-US Dollar World
Government Bond Index was replaced by the Bloomberg Global Aggregate ex-US Hedged Index. Effective February 1,
2024, the Bloomberg US Government/Credit Index has been removed. Effective February 1, 2024, the composite is
derived using the following portion allocations: 48.3% S&P 500 Index, 2.0% Russell Midcap Index, 7.6% Russell
2000 Index, 25.4% MSCI EAFE Index (Net), 2.9% Bloomberg US Aggregate Bond Index, 6.7% FTSE EPRA Nareit Global Index (Net), 5.5% MSCI Emerging Markets Index (Net), 0.7% Bloomberg Global Aggregate ex-US Hedged Index, 0.5% Bloomberg US Government/Credit 1-5 Year Index, and 0.5% Bloomberg US Treasury Bills 1-3 Month Index. The components that make up the
composite index may vary over time. The composite index represents target allocations for 2024. Percentages
listed may not total to 100% due to rounding.
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Target 2065 Composite Index A custom blended index developed by Schwab Asset Management based on the 2065 fund’s asset allocation glide schedule and will become more conservative as
time elapses. Effective February 1, 2024, the Bloomberg US Government/Credit Index has been removed. Effective
February 1, 2024, the composite is derived using the following portion allocations: 48.7% S&P 500 Index, 2.1%
Russell Midcap Index, 7.8% Russell 2000 Index, 25.8% MSCI EAFE Index (Net), 1.5% Bloomberg US Aggregate Bond
Index, 6.8% FTSE EPRA Nareit Global Index (Net), 5.8% MSCI Emerging Markets Index (Net), 0.5% Bloomberg Global
Aggregate ex-US Hedged Index, 0.5% Bloomberg US Government/Credit 1-5 Year Index, and 0.5% Bloomberg US Treasury
Bills 1-3 Month Index. The components that make up the composite index may vary over time. The composite index
represents target allocations for 2024. Percentages listed may not total to 100% due to rounding.
total return The percentage that an investor would have earned or lost on an investment in the fund assuming dividends and
distributions were reinvested.
weighted average For mutual funds, an average that gives the same weight to each security as the security represents in the fund’s portfolio.
yield The income paid out by an investment, expressed as a percentage of the investment’s market value.
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Schwab Target Funds
Schwab
Asset Management
With a straightforward lineup of core products and solutions for building the foundation of
a portfolio, Schwab Asset Management advocates for investors of all sizes with a steadfast focus on lowering costs and reducing unnecessary complexity. The list below shows all
currently available Schwab Funds®.
Investors should carefully consider information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges and expenses before investing. Please call 1-877-824-5615 for a prospectus for any Schwab Fund. Please read the prospectus carefully before you invest. This report must be preceded or accompanied by a current prospectus.
Proxy Voting Policies, Procedures and Results
A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available without charge, upon request, by visiting the Schwab Funds’ website at
www.schwabassetmanagement.com/schwabfunds_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/schwabfunds_prospectus or the SEC’s website at www.sec.gov.
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
Schwab International Opportunities Fund
Schwab Select Large Cap Growth Fund
Schwab Fundamental US Large Company Index Fund
Schwab Fundamental US Small Company Index Fund
Schwab Fundamental International Large Company Index Fund
Schwab Fundamental International Small Company Index Fund
Schwab Fundamental Emerging Markets Large Company Index Fund
Schwab Fundamental Global Real Estate
Index Fund
Schwab Global Real Estate Fund
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 Growth Index Fund
Schwab U.S.
Large-Cap Value Index Fund
Schwab U.S. Mid-Cap Index Fund
Schwab International Index Fund®
Asset Allocation Funds
Schwab
Balanced Fund
Schwab MarketTrack Portfolios®
Schwab Target
Funds
Schwab Target Index Funds
Schwab Monthly Income Funds
Bond Funds
Schwab Treasury Inflation Protected Securities Index Fund
Schwab U.S. Aggregate Bond Index Fund
Schwab
Short-Term Bond Index Fund
Schwab Tax-Free Bond Fund1
Schwab California
Tax-Free Bond Fund1
Schwab Opportunistic Municipal Bond Fund
Schwab Money Funds2
Schwab provides a broad choice of taxable and tax-exempt money market funds for both retail and institutional client types.
Investment Adviser
Charles Schwab Investment Management, Inc., dba Schwab Asset Management
211 Main Street, San Francisco, CA 94105
Funds
Schwab Funds
1-877-824-5615
© 2024 Charles Schwab & Co., Inc. All rights reserved.
Member SIPC®
Printed on recycled paper.
Member SIPC®
Printed on recycled paper.
¹
State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation.
²
You could lose money by investing in the Schwab Money Funds. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares if the Fund’s Board determines that the fee is in the best interests of the Fund. An investment in the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.
Semiannual Report | April 30, 2024
Schwab Balanced Fund
| No Action Required – Notice Regarding Shareholder Report Delivery |
| Beginning on July 24, 2024, fund shareholder reports will be streamlined to highlight key information deemed important for investors to assess
and monitor their fund investments. Other information, including financial
statements, will not appear in the streamlined shareholder reports
but will available online and delivered free of charge upon
request. |
| • If you already receive the full shareholder reports, you
will receive the streamlined shareholder reports in the same way that you currently receive the full shareholder reports (either in paper or electronically). |
| • If you currently receive a notification when a shareholder
report is available on a fund’s website, beginning July 24, 2024, you will begin to receive the streamlined shareholder report (in paper). |
Schwab Balanced Fund
In
This Report
Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management®
Distributor: Charles
Schwab & Co., Inc. (Schwab)
| |
Schwab Balanced Fund | Semiannual
Report
1
Schwab Balanced Fund
Performance
at a Glance
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/schwabfunds_prospectus.
| Total Return for the 6 Months
Ended April 30, 2024 | |
| Schwab Balanced Fund (Ticker Symbol: SWOBX)
|
14.04% |
| S&P 500® Index |
20.98% |
| Balanced Blended Index |
14.05% |
| Fund Category: Morningstar Moderate
Allocation1 |
13.00% |
| Performance Details |
pages 4-5 |
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.
The components that make up the composite index may vary over time. For index
definition, please see the Glossary.
Fund expenses may have been
partially absorbed by the investment adviser and its affiliates. Without these reductions, the fund’s total return would have been lower. Performance does not reflect
the deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.
1
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
2
Schwab Balanced Fund | Semiannual
ReportSchwab Balanced Fund
Fund
Management
 |
Zifan Tang, Ph.D., CFA, Senior Portfolio Manager for Schwab Asset
Management, is responsible for the day-to-day co-management of the fund. Prior to joining
Schwab in 2012, Ms. Tang was a product manager at Thomson Reuters and from 1997 to 2009
worked as a portfolio manager at Barclays Global Investors (now known as
BlackRock). |
 |
Drew Hayes, CFA, Portfolio Manager for Schwab Asset Management, is
responsible for the day-to-day co-management of the fund. Mr. Hayes has been with Schwab
since 2006. Before becoming a portfolio manager, he spent seven years as a senior fixed
income specialist for Schwab Wealth Advisory, Inc. Prior to that, he worked as a bond
investment specialist for two years and as a registered representative for two years for
Charles Schwab & Co., Inc. |
 |
Patrick Kwok, CFA, Portfolio Manager for Schwab Asset Management, is
responsible for the day-to-day co-management of the fund. Previously, Mr. Kwok served as
an associate portfolio manager from 2012 to 2016. Prior to that, he worked as a fund
administration manager, where he was responsible for oversight of sub-advisers, trading,
cash management, and fund administration supporting the Charles Schwab Trust Bank
Collective Investment Trusts and multi-asset Schwab Funds. Prior to joining Schwab Asset Management in
2008, Mr. Kwok spent two years as an asset operations specialist at Charles Schwab Trust
Company. He also worked for one year at State Street Bank & Trust as a portfolio
accountant and pricing specialist. |
Schwab Balanced Fund | Semiannual Report
3
Schwab Balanced
Fund
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab Balanced Fund (11/18/96)
|
14.04% |
11.16% |
6.44% |
6.90% |
| S&P 500® Index |
20.98% |
22.66% |
13.19% |
12.41% |
| Bloomberg US Aggregate Bond Index |
4.97% |
-1.47% |
-0.16% |
1.20% |
| Balanced Blended Index |
14.05% |
10.83% |
7.38% |
7.57% |
| Fund Category: Morningstar Moderate Allocation
2 |
13.00% |
10.46% |
6.28% |
6.07% |
| Fund Expense Ratios3: Net
0.50%; Gross 0.52% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
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.
2
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
3
As stated in the prospectus. Includes 0.50% of acquired fund fees and expenses (AFFE),
which are indirect expenses incurred by the fund through its investments in the underlying funds. Net Expense: Expenses reduced by a contractual fee waiver in effect for so
long as Schwab Asset Management serves as the investment adviser to the fund. Gross Expense: Does not reflect the effect of contractual fee waivers. For actual expense ratios
during the period, not including AFFE, refer to the financial highlights section of the financial statements.
4
Schwab Balanced Fund | Semiannual
ReportSchwab Balanced Fund
Performance and Fund Facts as of April 30, 2024
Statistics
| Number of Holdings |
7 |
| Portfolio Turnover Rate |
6% 1 |
Asset Class Weightings % of Investments2
Top Holdings % of Net Assets3,4
Portfolio holdings may have changed since the report date.
Small-company stocks are subject to greater volatility than many other asset
classes.
1
Not annualized.
2
The percentage may differ from the Portfolio Holdings because the above calculation is
based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
3
This list is not a recommendation of any security by the investment adviser.
4
The holdings listed exclude any temporary liquidity investments.
Schwab Balanced Fund | Semiannual Report
5
Schwab Balanced Fund
Fund Expenses (Unaudited)
Examples for a $1,000 Investment
As a fund shareholder, you may incur two types of costs: (1) transaction costs; and (2) ongoing costs, including
transfer agent fees and other fund expenses.
The expense examples below are intended to help you understand your ongoing cost (in dollars) of investing in
the fund and to compare this cost with the ongoing cost of investing in other mutual funds. These
examples are based on an investment of $1,000 invested for six months beginning November 1, 2023 and held
through April 30, 2024.
The Actual Return line in the table below provides information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so,
simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then
multiply the result by the number given for the fund under the heading entitled “Expenses Paid
During Period.”
The Hypothetical Return line in the table below provides information about hypothetical account values and hypothetical expenses based on the fund’s actual expense
ratio and an assumed return of 5% per year before expenses. Because the return used is not an actual return,
it may not be used to estimate the actual ending account value or expenses you paid for the
period.
You may use this information to compare the ongoing costs of investing in the fund
and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear
in the shareholder reports of the other funds.
Please note that the
expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any
transactional costs. Therefore, the hypothetical return line of the table is useful in comparing ongoing
costs only and will not help you determine the relative total costs of owning different funds. In addition,
if these transactional costs were included, your costs would have been higher.
| |
EXPENSE RATIO
(ANNUALIZED)1,2 |
EFFECTIVE EXPENSE
RATIO (ANNUALIZED)3,4 |
BEGINNING ACCOUNT
VALUE AT 11/1/23 |
ENDING ACCOUNT
VALUE (NET OF EXPENSES)
AT 4/30/24 |
EXPENSES PAID
DURING PERIOD
11/1/23-4/30/242,5 |
EFFECTIVE EXPENSES PAID
DURING PERIOD 11/1/23-4/30/244,5 |
| Schwab Balanced Fund |
|
|
|
|
|
|
| Actual Return |
0.00% |
0.51% |
$1,000.00
|
$1,140.40
|
$0.00
|
$2.71
|
| Hypothetical 5% Return |
0.00% |
0.51% |
$1,000.00
|
$1,024.86
|
$0.00
|
$2.56
|
| 1 |
Based on the most recent six-month expense ratio.
|
| 2 |
Excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
| 3 |
Based on the most recent six-month acquired fund fees and expenses and the expense ratio; may differ from the acquired fund fees and expenses and the expense ratio in
the prospectus. |
| 4 |
Includes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
| 5 |
Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the
period, multiplied by 182 days in the period, and divided by 366 days in the fiscal
year. |
6
Schwab Balanced Fund | Semiannual ReportSchwab Balanced Fund
Financial
Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$14.64 |
$15.11 |
$19.74 |
$16.50 |
$15.99 |
$15.41 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.19 |
0.27 |
0.21 |
0.19 |
0.20 |
0.24 |
| Net realized and unrealized gains (losses) |
1.85 |
0.68 |
(3.62 ) |
3.58 |
1.13 |
1.32 |
| Total from investment operations |
2.04 |
0.95 |
(3.41 ) |
3.77 |
1.33 |
1.56 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.33 ) |
(0.24 ) |
(0.85 ) |
(0.19 ) |
(0.22 ) |
(0.37 ) |
| Distributions from net realized gains |
(0.55 ) |
(1.18 ) |
(0.37 ) |
(0.34 ) |
(0.60 ) |
(0.61 ) |
| Total distributions |
(0.88 ) |
(1.42 ) |
(1.22 ) |
(0.53 ) |
(0.82 ) |
(0.98 ) |
| Net asset value at end of period |
$15.80 |
$14.64 |
$15.11 |
$19.74 |
$16.50 |
$15.99 |
| Total return |
14.04
%2 |
6.74 % |
(18.51 %) |
23.20 % |
8.58 % |
11.19 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses3
|
0.00
%4 |
0.00 % |
0.00
%5 |
0.00 % |
0.00 % |
0.00 % |
| Gross operating expenses3
|
0.02
%4 |
0.02 % |
0.03
%5 |
0.02 % |
0.03 % |
0.04 % |
| Net investment income (loss) |
2.44
%4 |
1.78 % |
1.25 % |
1.01 % |
1.26 % |
1.55 % |
| Portfolio turnover rate |
6
%2 |
10 % |
31 % |
6 % |
18 % |
32 % |
| Net assets, end of period (x 1,000) |
$637,537 |
$585,145 |
$619,501 |
$803,812 |
$577,427 |
$526,174 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
| 4 |
Annualized. |
| 5 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
Schwab Balanced Fund | Semiannual Report
7
Schwab Balanced Fund
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period.
The
fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT
Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also
obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email
request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio
holdings 15 to 20 days after the end of the month on the fund’s website.
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| AFFILIATED UNDERLYING FUNDS 99.4% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 50.3% | ||||||||
| Large-Cap 41.8% | ||||||||
| Schwab Core Equity Fund |
$158,280,693 |
$5,505,568 |
($18,335,026 ) |
($1,358,432 ) |
$25,440,433 |
$169,533,236 |
7,974,282 |
$4,860,201 |
| Schwab Select Large Cap Growth Fund * |
89,425,993 |
15,445,807 |
(15,648,778 ) |
1,515,141 |
6,520,856 |
97,259,019 |
4,226,815 |
15,445,807 |
| |
|
|
|
|
|
266,792,255 |
|
|
| Small-Cap 8.5% | ||||||||
| Schwab Small-Cap Equity Fund |
47,248,487 |
1,106,491 |
(3,390,873 ) |
401,729 |
8,578,846 |
53,944,680 |
2,732,760 |
206,641 |
| |
|
|
|
|
|
320,736,935 |
|
|
| | ||||||||
| International Stocks 9.8% | ||||||||
| Developed Markets 9.8% | ||||||||
| Schwab International Opportunities Fund
|
54,828,909 |
1,079,650 |
(1,240,786
) |
(216,412 ) |
8,088,735 |
62,540,096 |
3,127,005 |
1,079,650 |
| | ||||||||
| Fixed Income 36.9% | ||||||||
| Intermediate-Term Bond 36.9% | ||||||||
| Schwab U.S. Aggregate Bond Index Fund |
217,828,565 |
13,862,941 |
(2,972,036
) |
(779,290 ) |
6,928,662 |
234,868,842 |
27,278,611 |
4,233,722 |
| | ||||||||
| Money Market Funds 2.4% | ||||||||
| Schwab Variable Share Price Money Fund, Ultra Shares, 5.27% (b)
|
15,527,816 |
410,883 |
(400,000 ) |
(120 ) |
86 |
15,538,665 |
15,534,005 |
410,119 |
| Total Affiliated Underlying Funds (Cost $612,539,670) |
$583,140,463 |
$37,411,340 |
($41,987,499
) |
($437,384
) |
$55,557,618 |
$633,684,538 |
|
$26,236,140 |
| | ||||||||
| UNAFFILIATED UNDERLYING FUNDS 0.6% OF NET ASSETS | ||||||||
| | ||||||||
| Money Market Funds 0.6% | ||||||||
| State Street Institutional U.S. Government Money Market Fund, Premier Class, 5.25% (b)
|
|
|
|
|
|
$4,158,046 |
4,158,046 |
|
| Total Unaffiliated Underlying Funds (Cost $4,158,046) |
|
|
|
|
|
$4,158,046 |
|
|
| Total Investments in Securities (Cost $616,697,716) |
|
|
|
|
|
$637,842,584 |
|
|
| * |
Non-income producing security. |
| (a) |
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). |
| (b) |
The rate shown is the annualized 7-day yield. |
At April 30, 2024, all of the fund’s investment securities were classified as Level 1 (see financial note 2(a) for additional information).
See financial notes
8
Schwab Balanced Fund | Semiannual ReportSchwab Balanced Fund
Statement
of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $612,539,670) |
|
$633,684,538
|
| Investments in securities, at value - unaffiliated issuers (cost $4,158,046) |
|
4,158,046 |
| Receivables: |
|
|
| Dividends |
|
801,284 |
| Fund shares sold |
|
463,850 |
| Due from investment adviser |
|
10,077 |
| Prepaid expenses |
+ |
15,445 |
| Total assets |
|
639,133,240 |
| | ||
| Liabilities | ||
| Payables: |
|
|
| Fund shares redeemed |
|
806,438 |
| Investments bought |
|
747,701 |
| Accrued expenses |
+ |
41,901 |
| Total liabilities |
|
1,596,040 |
| Net assets |
|
$637,537,200 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$614,072,204
|
| Total distributable earnings |
+ |
23,464,996 |
| Net assets |
|
$637,537,200 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $637,537,200 |
|
40,357,658 |
|
$15.80 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab Balanced Fund | Semiannual Report
9
Schwab Balanced Fund
Statement
of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - affiliated issuers |
|
$7,668,073
|
| Dividends received from securities - unaffiliated issuers
|
+ |
85,544 |
| Total investment income
|
|
7,753,617 |
| | ||
| Expenses | ||
| Registration fees |
|
16,014 |
| Shareholder reports |
|
14,096 |
| Professional fees |
|
12,224 |
| Portfolio accounting fees |
|
11,771 |
| Independent trustees’ fees |
|
3,570 |
| Transfer agent fees |
|
3,244 |
| Custodian fees |
|
989 |
| Other expenses |
+ |
2,958 |
| Total expenses |
|
64,866 |
| Expense reduction |
– |
64,866 |
| Net expenses |
– |
— |
| Net investment income |
|
7,753,617 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Realized capital gain distributions received from underlying funds - affiliated issuers |
|
18,568,067 |
| Net realized losses on sales of securities - affiliated issuers |
+ |
(437,384 ) |
| Net realized gains |
|
18,130,683 |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
+ |
55,557,618 |
| Net realized and unrealized gains |
|
73,688,301 |
| Increase in net assets resulting from operations |
|
$81,441,918 |
See financial notes
10
Schwab Balanced Fund | Semiannual ReportSchwab Balanced Fund
Statement
of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
| OPERATIONS | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$7,753,617 |
$11,081,371
|
| Net realized gains |
|
18,130,683 |
17,355,733 |
| Net change in unrealized appreciation (depreciation) |
+ |
55,557,618 |
13,050,280 |
| Increase in net assets resulting from operations |
|
$81,441,918 |
$41,487,384 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($34,752,458
) |
($56,655,490 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
3,960,755 |
$62,811,319 |
4,280,755 |
$64,732,121
|
| Shares reinvested |
|
1,945,108 |
30,324,232 |
3,536,115 |
49,470,251 |
| Shares redeemed |
+ |
(5,522,121 ) |
(87,433,178 ) |
(8,843,149 ) |
(133,389,812 ) |
| Net transactions in fund shares |
|
383,742 |
$5,702,373 |
(1,026,279
) |
($19,187,440 ) |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
39,973,916 |
$585,145,367 |
41,000,195 |
$619,500,913
|
| Total increase (decrease) |
+ |
383,742 |
52,391,833 |
(1,026,279 ) |
(34,355,546 ) |
| End of period |
|
40,357,658 |
$637,537,200 |
39,973,916 |
$585,145,367 |
See financial notes
Schwab Balanced Fund | Semiannual Report
11
Schwab Balanced Fund
Financial Notes, unaudited
1. Business
Structure of the Fund:
Schwab Balanced Fund 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 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 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 US Large Company Index Fund |
| Schwab U.S. Mid-Cap Index Fund |
Schwab Fundamental US Small Company Index Fund |
| Schwab International Index Fund® |
Schwab Fundamental International Large Company Index Fund |
| Schwab MarketTrack All Equity Portfolio™ |
Schwab Fundamental International Small Company Index Fund |
| Schwab MarketTrack Growth Portfolio™ |
Schwab Fundamental Emerging Markets Large Company 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 Schwab Balanced 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 by generally investing in a diversified group of other affiliated Schwab Funds but may also invest in other unaffiliated mutual funds or ETFs (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.
Investment Objective
The Schwab Balanced Fund seeks capital
growth and income.
The following is a summary of the significant accounting policies the fund uses in its preparation of financial statements. The fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting
Standard Codification Topic 946 Financial Services — Investment Companies. The accounting policies are in conformity with accounting principles generally accepted in the United States of America
(GAAP).
12
Schwab Balanced Fund | Semiannual
ReportSchwab Balanced Fund
Financial Notes, unaudited (continued)
2. Significant Accounting
Policies (continued):
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, which are filed with the U.S. Securities and Exchange Commission (SEC) and are available on the SEC’s website at www.sec.gov.
(a) Security Valuation:
Pursuant to Rule 2a-5 under the 1940 Act, the Board 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:
● Mutual funds: Mutual funds
are valued at their respective NAVs.
● 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:
● 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.
● 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.
● 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
Schwab Balanced Fund | Semiannual Report
13
Schwab Balanced Fund
Financial Notes, unaudited (continued)
2. Significant Accounting
Policies (continued):
flows. Level 3 prices may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated in the absence of market information. Assumptions used due to the lack of observable inputs may significantly impact the resulting fair value and therefore 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, 2024, 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 net asset values 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 respective shareholders each year. As long as the fund meets the tax requirements, it is not required to pay federal income tax.
(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.
(i) Regulatory Update:
Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for
retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a
14
Schwab Balanced Fund | Semiannual ReportSchwab Balanced Fund
Financial Notes, unaudited (continued)
2. Significant Accounting
Policies (continued):
semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management
is evaluating the impact of these rule and form amendment changes on the content of the current shareholder report and the newly created annual and semiannual streamlined
shareholder reports.
Investing in the fund may involve certain risks, as discussed in the fund’s prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.
Asset Allocation Risk. The fund is subject to the risk that the selection of the underlying funds and the allocation of the fund’s assets
among the various asset classes and market segments may cause the fund to underperform other funds with a similar investment objective. The fund is not managed to maximize tax
efficiency for taxable shareholder accounts. Investors should consider whether the fund is an appropriate investment in light of their current financial position and retirement
needs.
Conflicts of Interest Risk. The investment adviser’s authority to select and substitute underlying funds from a variety of affiliated and
unaffiliated mutual funds and ETFs may create a conflict of interest because the fees paid to it and its affiliates by some underlying funds are higher than the fees paid by other
underlying funds. The investment adviser also may have an incentive to select an affiliated underlying fund for other reasons, including to increase assets under management or to
support new investment strategies. In addition, other conflicts of interest may exist where the best interests of the affiliated underlying fund may not be aligned with those of the fund. However, the investment adviser is a fiduciary to the fund and is legally obligated to act in the fund’s best interests when selecting underlying funds.
Market Risk. Financial markets rise and fall in response to a variety of factors, sometimes rapidly and
unpredictably. Markets may be impacted by economic, political, regulatory and other conditions, including economic sanctions and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may
also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in the fund will fluctuate, which means that an investor could lose money over short or long periods.
Direct Investment Risk. The fund may invest directly in cash, cash equivalents and equity and fixed-income securities, including money market
securities, to maintain its allocations. The fund’s direct investment in these securities is subject to the same or similar risks as an underlying fund’s investment in
the same securities.
Underlying Fund Investment
Risk. Before investing in the fund, investors should assess the risks associated with the underlying funds in
which the fund may invest, which include any combination of the risks described below.
● Investment Risk. The fund may experience losses with respect to its investment in an underlying fund. Further, there is no guarantee that an
underlying fund will be able to achieve its objective.
● Management Risk. Generally, the underlying funds are actively managed mutual funds. Any actively managed mutual fund is subject to the risk
that its investment adviser (or subadviser(s)) will select or allocate assets that could cause the fund to underperform or otherwise not meet its objective. An underlying
fund’s adviser applies its own investment techniques and risk analyses in making investment decisions for the underlying fund, but there can be no guarantee that they will
produce the desired results.
● Equity Risk. The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual
companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of
time.
● Market Capitalization Risk. Securities issued by companies of different market capitalizations tend to go in
and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, an underlying fund’s performance could be impacted.
● Growth Investing Risk. An underlying fund’s investments in growth stocks can be volatile. Growth companies usually invest a high portion of
earnings in their businesses and may lack the dividends of value stocks that can cushion stock prices in a falling market. The prices of growth stocks are based largely on
projections of the issuer’s future earnings and revenues. If a company’s earnings or revenues fall short of expectations, its stock price may fall dramatically. Growth
stocks may also be more expensive relative to their earnings or assets compared to value or other stocks.
Schwab Balanced Fund | Semiannual Report
15
Schwab Balanced Fund
Financial Notes, unaudited (continued)
3. Risk
Factors (continued):
● Fixed-Income Risk. Interest rates rise and fall over time, which will affect an underlying fund’s yield and share price. A change in a
central bank’s monetary policy or economic conditions, among other things, may result in a change in interest rates. A rise in interest rates could cause an underlying
fund’s share price to fall. The credit quality of a portfolio investment could also cause an underlying fund’s share price to fall. An underlying fund could lose money
if the issuer or guarantor of a portfolio investment or the counterparty to a derivatives contract fails to make timely principal or interest payments or otherwise honor its obligations. Fixed-income securities may be paid off earlier or later than expected. Either situation could cause an
underlying fund to hold securities paying lower-than-market rates of interest, which could hurt an underlying fund’s yield or share price. Below investment-grade bonds (junk bonds) involve greater credit risk, are more volatile, involve greater risk of
price declines and may be more susceptible to economic downturns than investment-grade securities.
● ETF Risk. When an underlying fund invests in an ETF, it will bear a proportionate share of the ETF’s
expenses. In addition, lack of liquidity in the market for an ETF’s shares can result in its value being more volatile than the underlying portfolio of securities.
● Money Market Fund Risk. The fund may invest in underlying money market funds that either seek to maintain a stable $1.00 net asset value
(“stable share price money market funds”) or that have a share price that fluctuates (“variable share price money market funds”). Although an underlying
stable share price money market fund seeks to maintain a stable $1.00 net asset value, it is possible to lose money by investing in such a money market fund. Because the share price
of an underlying variable share price money market fund will fluctuate, when the fund sells the shares it owns they may be worth more or less than what the fund originally paid for them. In addition, neither type of money market fund is designed to offer capital
appreciation. Certain underlying money market funds may impose a fee upon the sale of shares under certain circumstances.
● Foreign Investment Risk. An underlying fund’s investments in securities of foreign issuers involve
certain risks that may be greater than those associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in currency exchange rates or exchange control regulations
(including limitations on currency movements and exchanges); the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market
structures; and higher transaction costs. These risks may negatively impact the value or liquidity of an underlying fund’s investments, and could impair the underlying fund’s ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign
currencies will decline in value relative to the U.S. dollar.
● Emerging Markets Risk. Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic
conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements and
greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with an underlying fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments.
● Derivatives Risk. An underlying fund may use derivatives to enhance returns or hedge against market declines. Examples of derivatives are
options, futures, options on futures, forward contracts and swaps. An option is the right, but not the obligation,to buy or sell an instrument at a specific price on or before a
specific date. A future is an agreement to buy or sell a financial instrument at a specific price on a specific day. A forward contract is an over-the-counter derivative transaction
between two parties to buy or sell a specified amount of an underlying reference at a specified price (or rate) on a specified date in the future. A forward foreign currency contract is a derivative (forward contract) in which the underlying reference is a country’s or region’s currency. A swap is an agreement whereby two parties agree to exchange payment streams calculated in relation to a rate,index, instrument or certain securities and a predetermined amount. A credit default swap is an agreement in
which the seller agrees to make a payment to the buyer in the event of a specified credit event in exchange for a fixed payment or series of fixed payments.
An underlying fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, such as leverage risk, liquidity risk, market risk and management risk are discussed elsewhere in this section. An underlying fund’s use of derivatives is also
subject to counterparty risk, lack of availability risk, valuation risk, correlation risk and tax risk. Counterparty risk is the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations either because the financial condition of the counterparty declines, or because the counterparty is otherwise unable or unwilling to perform under the contract. Lack of availability risk is the risk that suitable derivative transactions may not be available in all circumstances for risk management
16
Schwab Balanced Fund | Semiannual ReportSchwab Balanced Fund
Financial Notes, unaudited (continued)
3. Risk
Factors (continued):
or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause an underlying fund to realize higher amounts of short-term capital gains. An underlying
fund’s use of derivatives could reduce the underlying fund’s performance, increase its volatility, and could cause the underlying fund to lose more than the initial amount invested. The use of derivatives that are subject to regulation by the Commodity
Futures Trading Commission (CFTC) by an underlying fund could cause the fund to become a commodity pool, which would require the fund to comply with certain CFTC rules. An underlying fund’s use of derivatives also could create a risk of
counterparty default under certain transactions, risks that the fund would need to liquidate portfolio positions when it may not be advantageous to do so in order to meet margin and payment obligations, and legal risks relating to insufficient
documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract.
● Leverage Risk. Certain underlying fund transactions, such as derivatives transactions, short sales, reverse repurchase agreements, and
mortgage dollar rolls, may give rise to a form of leverage and may expose an underlying fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the
value of an underlying fund’s portfolio securities, which means even a small amount of leverage can have a disproportionately large impact on the underlying fund.
● Liquidity Risk. An underlying fund may be unable to sell certain securities, such as illiquid securities,
readily at a favorable time or price, or the underlying fund may have to sell them at a loss.
● Portfolio Turnover Risk. Certain of the underlying funds may buy and sell portfolio securities actively. If
they do, their portfolio turnover rate and transaction costs will rise, which may lower the underlying fund’s performance and may increase the likelihood of capital gains distributions.
● Securities Lending Risk. An underlying fund may lend its portfolio securities to brokers, dealers, and other financial institutions. Securities
lending involves the risk of loss of rights in, or delay in recovery of, the loaned securities if the borrower fails to return the security loaned or becomes insolvent.
● Mortgage-Backed and Mortgage Pass-Through Securities Risk. Mortgage-backed securities tend to increase in
value less than other debt securities when interest rates decline, but are subject to similar or greater risk of decline in market value during periods of rising interest rates. Certain of the mortgage-backed securities in which an underlying fund may invest are
issued or guaranteed by agencies or instrumentalities of the U.S. government but are not backed by the full faith and credit of the U.S. government. There can be no assurance that the U.S. government would provide financial support to its agencies or
instrumentalities where it was not obligated to do so which can cause an underlying fund to lose money or underperform. The risks of investing in mortgage-backed securities include, among others, interest rate risk, credit risk, prepayment risk and
extension risk. Transactions in mortgage pass-through securities often occur through to-be-announced (TBA) transactions. An underlying fund could lose money or underperform if a TBA counterparty defaults or goes bankrupt.
● Mortgage Dollar Rolls Risk. Mortgage dollar rolls are transactions in which an underlying fund sells
mortgage-backed securities to a dealer and simultaneously agrees to repurchase similar securities in the future at a predetermined price. An underlying fund’s mortgage dollar rolls could lose money if the price of the mortgage-backed securities sold falls below the agreed upon repurchase price, or if the counterparty is unable to honor the agreement.
Please refer to the fund’s prospectus for a more complete description of the principal risks of investing in the fund.
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 trust. 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.
Schwab Balanced Fund | Semiannual Report
17
Schwab Balanced Fund
Financial Notes, unaudited (continued)
4. Affiliates and Affiliated
Transactions (continued):
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., 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. The fund is not subject to any fee under the Plan.
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, 2024, the fund’s ownership percentages of other affiliated funds’ shares are as follows:
| Schwab Core Equity Fund |
12.8 % |
| Schwab International Opportunities Fund |
6.2 % |
| Schwab Select Large Cap Growth Fund |
4.7 % |
| Schwab Small-Cap Equity Fund |
9.7 % |
| Schwab U.S. Aggregate Bond Index Fund |
5.2 % |
| Schwab Variable Share Price Money Fund, Ultra Shares |
0.3 % |
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.
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. For information regarding the trustees, please refer to the Trustees and Officers table at the end of this report.
During the period, the fund was a participant with other funds in the Fund Complex in a joint, syndicated, committed $1 billion line of credit (the Syndicated Credit Facility), maturing on September 26, 2024. 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 26, 2024. Under the terms of the Uncommitted Credit Facility, the fund pays interest on the amount it borrows. There were no borrowings by the
fund from either line of credit during the period.
18
Schwab Balanced Fund | Semiannual ReportSchwab Balanced Fund
Financial Notes, unaudited (continued)
6. Borrowing from
Banks (continued):
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.
For the period ended April 30, 2024, purchases and sales of securities (excluding short-term obligations) were as
follows:
| PURCHASES
OF SECURITIES |
SALES
OF SECURITIES |
| $37,411,340 |
$41,987,499 |
As of April 30, 2024, the tax basis cost of the fund’s investments and gross unrealized appreciation and depreciation were as follows:
| |
TAX COST |
GROSS UNREALIZED
APPRECIATION |
GROSS UNREALIZED
DEPRECIATION |
NET UNREALIZED
APPRECIATION
(DEPRECIATION) |
| |
$634,481,233 |
$43,267,868 |
($39,906,517 ) |
$3,361,351 |
| |
|
|
|
|
| |
|
|
|
|
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, 2024. The tax basis components of distributions paid during the fiscal year ended October 31, 2023 were as follows:
| |
PRIOR FISCAL YEAR END DISTRIBUTIONS | |
| |
ORDINARY
INCOME |
LONG-TERM
CAPITAL
GAINS |
| |
$9,522,266 |
$47,133,224 |
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, 2023, 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, 2023, the fund did not incur any interest or penalties.
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 Balanced Fund | Semiannual Report
19
Schwab Balanced Fund
Trustees and Officers
The tables below give information about the trustees and officers of Schwab Capital Trust, which includes the fund covered in this report. The “Fund Complex” includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust. The Fund Complex includes 106 funds.
The address for all trustees and officers is 211 Main Street, San Francisco, CA 94105. You can find more information about the trustees and officers in the fund’s Statement of Additional Information, which is available free by calling
1-877-824-5615.
| Independent Trustees | |||
| Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) |
Principal Occupations
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee |
Other Directorships |
| Michael J. Beer 1961
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022) |
Retired. Director, President and Chief Executive Officer
(Dec. 2016 – Sept. 2019), Principal Funds (investment
management). |
106 |
Director (2016 – 2019), Principal Funds, Inc. |
| Robert W. Burns 1959
Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) |
Retired/Private Investor. |
106 |
None |
| Nancy F. Heller 1956
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) |
Retired. |
106 |
None |
| David L. Mahoney 1954
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) |
Private Investor. |
106 |
Director (2004 – present), Corcept Therapeutics Incorporated
Director (2009 – 2021),
Adamas Pharmaceuticals, Inc. Director (2003 – 2019), Symantec Corporation |
| Jane P. Moncreiff 1961
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2019) |
Consultant (2018 – present), Fulham Advisers LLC (management consulting); Chief Investment Officer (2009 – 2017), CareGroup Healthcare System, Inc. (healthcare). |
106 |
None |
20
Schwab Balanced Fund | Semiannual ReportSchwab Balanced Fund
| Independent Trustees (continued) | |||
| Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) |
Principal Occupations
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee |
Other Directorships |
| Kimberly S. Patmore 1956
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) |
Consultant (2008 – present), Patmore Management Consulting
(management consulting). |
106 |
None |
| J. Derek Penn 1957
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021) |
Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial
services). |
106 |
None |
| Interested Trustees | |||
| Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) |
Principal Occupations
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee |
Other Directorships |
| Walter W. Bettinger II2 1960
Chairman and Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust
and Schwab Annuity Portfolios since
2008; Schwab Strategic Trust since
2009; Laudus Trust since 2010) |
Co-Chairman of the Board (July 2022 – present), Director and Chief
Executive Officer (Oct. 2008 – present) and President
(Feb. 2007 – Oct. 2021), The Charles Schwab Corporation;
President and Chief Executive Officer (Oct. 2008 – Oct. 2021)
and Director (May 2008 – Oct. 2021), Charles Schwab &
Co., Inc.; Co-Chairman of the Board (July 2022 – present) and
Director (Apr. 2006 – present), Charles Schwab Bank, SSB;
Co-Chairman of the Board (July 2022 – present) and Director
(Nov. 2017 – present), Charles Schwab Premier Bank, SSB;
Co-Chairman of the Board (July 2022 – present) and Director
(July 2019 – present), Charles Schwab Trust Bank; Director
(May 2008 – present), Chief Executive Officer (Aug. 2017 – present)
and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.;
Manager (Sept. 2023 – present), TD Ameritrade Holding LLC;
Director (Oct. 2020 – Aug. 2023), TD Ameritrade Holding
Corporation; Director (July 2016 – Oct. 2021), Charles Schwab
Investment Management, Inc. |
106 |
Director (2008 – present), The Charles Schwab Corporation |
| Richard A. Wurster2 1973
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022) |
President (Oct. 2021 – present) and Executive Vice President – Schwab
Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles
Schwab Corporation; President, Director (Oct. 2021 –
present), Executive Vice President – Schwab Asset Management
Solutions (July 2019 – Oct. 2021) and Senior Vice President
– Advisory (May 2016 – July 2019), Charles Schwab &
Co., Inc.; President (Nov. 2021 – present), Schwab Holdings,
Inc.; Director (Oct. 2021 – present) and Chief Executive
Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment
Management, Inc.; Director, Chief Executive Officer and President
(Mar. 2018 – Oct. 2022), Charles Schwab Investment Advisory,
Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and
President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive
Officer (July 2016 – Apr. 2018), Windhaven Investment
Management, Inc. |
106 |
None |
Schwab Balanced Fund | Semiannual Report
21
Schwab Balanced Fund
| Officers of the Trust | |
| Name, Year of Birth, and Position(s) with the
trust (Terms of office, and length of Time Served3) |
Principal Occupations During the Past Five
Years |
| Omar Aguilar 1970
Chief Executive Officer, President and Chief Investment
Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) |
Chief Executive Officer (Jan. 2022 – present), President (Oct. 2023 – present), (Chief
Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Jan.
2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer
and President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.;
Chief Executive Officer (Sept. 2023 – present), President (Oct. 2023 –
present), Chief Investment Officer (June 2011 – present) and Vice President
(June 2011 – Sept. 2023), Schwab Funds, Laudus Trust and Schwab
ETFs. |
| Mark Fischer 1970
Chief Operating Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2013) |
Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer
(Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial
Officer (Mar. 2020 – present), Chief Operating Officer (Oct. 2023 –
present), Managing Director (Mar. 2023 – present) and Vice President (Oct.
2013 – Mar. 2023), Charles Schwab Investment Management, Inc.
|
| Dana Smith 1965
Treasurer and Chief Financial Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2023) |
Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer (Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director
(Mar. 2023 – present), Vice President (Mar. 2022 – Mar. 2023) and Director
(Oct. 2015 – Mar. 2022), Charles Schwab Investment Management, Inc.; Managing
Director (May 2022 – present) and Vice President (Apr. 2022 – May 2022),
Charles Schwab & Co., Inc. |
| Patrick Cassidy 1964
Vice President and Chief Investment Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2018) |
Chief Investment Officer (Oct. 2023 – present) and Vice President (Feb. 2018 – present),
Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present),
Chief Investment Officer (Oct. 2023 – present), and Senior Vice President
(Oct. 2012 – Mar. 2023), Charles Schwab Investment Management,
Inc. |
| William P. McMahon, Jr. 1972
Vice President and Chief Investment Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2021) |
Managing Director (Mar. 2023 – present), Senior Vice President (Jan. 2020 – Mar. 2023) and
Chief Investment Officer (Jan. 2020 – present) Charles Schwab Investment
Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present),
Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief
Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019),
Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment
Officer (May 2001 – Apr. 2018), ThomasPartners, Inc. |
| Catherine MacGregor 1964
Chief Legal Officer and Secretary, Schwab Funds and
Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Trust (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009) |
Chief Legal Officer (Mar. 2022 – present), Managing Director (Mar. 2023 – present) and Vice
President (Sept. 2005 – Mar. 2023), Charles Schwab Investment Management, Inc.;
Managing Director (May 2022 – present) and Vice President (Aug. 2005 –
May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 –
present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus
Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President
(Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021),
Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and
Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs. |
1
Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first.
2
Mr. Bettinger and Mr. Wurster are Interested Trustees. Mr. Bettinger and Mr. Wurster are
Interested Trustees because each owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser
for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust.
3
The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.
22
Schwab Balanced Fund | Semiannual ReportSchwab Balanced Fund
Glossary
asset allocation The practice of dividing a portfolio among different asset classes, with each asset class assigned a particular
percentage.
asset class A group of securities with similar structure and basic characteristics. Stocks, bonds and cash are the three main
examples of asset classes.
Balanced Blended Index A custom blended index developed by Schwab Asset Management that, effective February 1, 2022, is composed of 41.5% S&P 500 Index, 8.5% Russell 2000 Index,
10.0% MSCI EAFE Index (Net), 37.0% Bloomberg US Aggregate Bond Index, and 3.0% Bloomberg US Treasury Bills 1-3
Month Index. From January 29, 2019 through January 31, 2022, the composite was composed of 50% S&P 500 Index,
10% Russell 2000 Index, 37% Bloomberg US Aggregate Bond Index, and 3% Bloomberg US Treasury Bills 1-3 Month
Index. From August 1, 2013 through January 28, 2019, the composite was composed of 50% S&P 500 Index, 10% Russell 2000 Index, 25% Bloomberg US Aggregate Bond Index, 12% Bloomberg US Intermediate Aggregate Bond Index and 3% Bloomberg US Treasury Bills 1-3 Month Index. Prior to August 1, 2013 the Balanced Blended Index was composed of 60% S&P 500 Index
and 40% Bloomberg US Aggregate Bond Index. Percentages listed may not total to 100% due to rounding.
Bloomberg US Aggregate Bond Index An index that is a broad-based benchmark measuring the performance of the U.S. investment grade, taxable bond market, including U.S. Treasuries, government-related and corporate bonds, mortgage pass-through securities,
commercial mortgage-backed securities, and asset-backed securities that are publicly available for sale in the
United States. To be eligible for inclusion in the index, securities must be fixed rate, non-convertible, U.S.
dollar-denominated with at least $300 million or more of outstanding face value and have one or more years remaining to maturity. The index excludes certain types of securities, including tax-exempt state and local government series bonds,
structured notes embedded with swaps or other special features, private placements, floating rate securities,
inflation-linked bonds and Eurobonds. The index is market capitalization weighted and the securities in the index are updated on the last business day of each month.
Bloomberg US Intermediate Aggregate Bond Index An index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade
fixed rate bond market, with index components for government and corporate securities, mortgage pass-through
securities, and asset-backed securities.
Bloomberg US Treasury Bills 1–3 Month Index An index that includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining maturity of less than 3 months but more than 1
month, are rated investment grade and have $300 million or more of outstanding face value. It excludes
zero-coupon STRIPS.
bond A security representing a loan from the investor to the issuer. A bond typically pays interest at a fixed rate (the
coupon rate) until a specified date (the maturity date), at which time the issuer returns the money borrowed
(principal or face value) to the bondholder. Because of their structure, bonds are sometimes called “fixed-income securities” or “debt securities.”
An individual bond is subject to the credit risk of the issuer. Changes in interest rates can affect a bond’s market
value prior to call or maturity. There is no guarantee that a bond’s yield to call or maturity will provide
a positive return over the rate of inflation.
bond fund A bond fund is subject to the same
credit, interest rate, and inflation risks as bonds. In addition, a bond fund incurs ongoing fees and expenses. A
bond fund’s net asset value will fluctuate with the price of the underlying bonds and the portfolio turnover activity; return of principal is not guaranteed.
cap, capitalization See “market cap.”
capital gain, capital loss the difference between the amount paid for an investment and its value at a later time. If the investment has been
sold, the capital gain or loss is considered a realized gain or loss. If the investment is still held, the
capital gain or loss is considered unrealized appreciation or depreciation.
expense ratio The amount that is taken from a mutual fund’s
assets each year to cover the fund’s operating expenses. An expense ratio of 0.50% means that a
fund’s expenses amount to half of one percent of its average net assets a year.
market cap, market capitalization The value of a company as determined by the total value of all shares of its stock outstanding.
MSCI EAFE Index (Net) A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets in Europe, Australasia, and the Far East.
The Net version of the index reflects reinvested dividends net of withholding taxes, but reflects no deductions
for expenses or other taxes; returns are calculated applying dividend withholding rates applicable to
non-resident persons who do not benefit from double taxation treaties.
net asset value (NAV) The value of one share of a mutual fund. NAV
is calculated by taking the fund’s total assets, subtracting liabilities, and dividing by the number of
shares outstanding.
outstanding shares, shares
outstanding When speaking of a company or mutual fund, indicates all shares currently held by
investors.
price-to-book ratio (P/B) The market price of a company’s stock compared with its “book value.” A mutual fund’s P/B is
the weighted average of the P/B of all stocks in the fund’s portfolio.
price-to-earnings ratio (P/E) The market price of a company’s
stock compared with earnings over the past year. A mutual fund’s P/E is the weighted average of the P/E of
all stocks in the fund’s portfolio.
return on
equity (ROE) The average yearly rate of return for each dollar of investors’ money, measured over the
past five years.
Russell 2000 Index An index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000
Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the
investable U.S. equity market.
S&P 500 Index An index that is designed to measure the performance of 500 leading publicly traded companies from a broad range of
industries.
stock A share of ownership, or equity, in the issuing company.
total
return The percentage that an investor would have earned or lost on an investment in the fund assuming
dividends and distributions were reinvested.
weighted average For mutual funds, an average that gives the same weight to each security as the security represents in the fund’s portfolio.
yield The income paid out by an investment, expressed as a percentage of the investment’s market value.
Schwab Balanced Fund | Semiannual Report
23
Schwab Balanced Fund
Schwab
Asset Management
With a straightforward lineup of core products and solutions for building the foundation of
a portfolio, Schwab Asset Management advocates for investors of all sizes with a steadfast focus on lowering costs and reducing unnecessary complexity. The list below shows all
currently available Schwab Funds®.
Investors should carefully consider information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges and expenses before investing. Please call 1-877-824-5615 for a prospectus for any Schwab Fund. Please read the prospectus carefully before you invest. This report must be preceded or accompanied by a current prospectus.
Proxy Voting Policies, Procedures and Results
A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available without charge, upon request, by visiting the Schwab Funds’ website at
www.schwabassetmanagement.com/schwabfunds_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/schwabfunds_prospectus or the SEC’s website at www.sec.gov.
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
Schwab International Opportunities Fund
Schwab Select Large Cap Growth Fund
Schwab Fundamental US Large Company Index Fund
Schwab Fundamental US Small Company Index Fund
Schwab Fundamental International Large Company Index Fund
Schwab Fundamental International Small Company Index Fund
Schwab Fundamental Emerging Markets Large Company Index Fund
Schwab Fundamental Global Real Estate
Index Fund
Schwab Global Real Estate Fund
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 Growth Index Fund
Schwab U.S.
Large-Cap Value Index Fund
Schwab U.S. Mid-Cap Index Fund
Schwab International Index Fund®
Asset Allocation Funds
Schwab
Balanced Fund
Schwab MarketTrack Portfolios®
Schwab Target
Funds
Schwab Target Index Funds
Schwab Monthly Income Funds
Bond Funds
Schwab Treasury Inflation Protected Securities Index Fund
Schwab U.S. Aggregate Bond Index Fund
Schwab
Short-Term Bond Index Fund
Schwab Tax-Free Bond Fund1
Schwab California
Tax-Free Bond Fund1
Schwab Opportunistic Municipal Bond Fund
Schwab Money Funds2
Schwab provides a broad choice of taxable and tax-exempt money market funds for both retail and institutional client types.
Investment Adviser
Charles Schwab Investment Management, Inc., dba Schwab Asset Management
211 Main Street, San Francisco, CA 94105
Funds
Schwab Funds
1-877-824-5615
© 2024 Charles Schwab & Co., Inc. All rights reserved.
Member SIPC®
Printed on recycled paper.
Member SIPC®
Printed on recycled paper.
¹
State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation.
²
You could lose money by investing in the Schwab Money Funds. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares if the Fund’s Board determines that the fee is in the best interests of the Fund. An investment in the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.
Semiannual Report | April 30, 2024
Schwab MarketTrack Portfolios®
Schwab MarketTrack
All Equity Portfolio™
All Equity Portfolio™
Schwab MarketTrack
Growth Portfolio™
Growth Portfolio™
Schwab MarketTrack
Balanced Portfolio™
Balanced Portfolio™
Schwab MarketTrack
Conservative Portfolio™
Conservative Portfolio™
| No Action Required – Notice Regarding Shareholder Report Delivery |
| Beginning on July 24, 2024, fund shareholder reports will be streamlined to highlight key information deemed important for investors to assess
and monitor their fund investments. Other information, including financial
statements, will not appear in the streamlined shareholder reports
but will available online and delivered free of charge upon
request. |
| • If you already receive the full shareholder reports, you
will receive the streamlined shareholder reports in the same way that you currently receive the full shareholder reports (either in paper or electronically). |
| • If you currently receive a notification when a shareholder
report is available on a fund’s website, beginning July 24, 2024, you will begin to receive the streamlined shareholder report (in paper). |
Schwab MarketTrack Portfolios
In
This Report
| 2 | |
| 3 | |
| | |
| 4 | |
| 6 | |
| 8 | |
| 10 | |
| 12 | |
| | |
| 13 | |
| 18 | |
| 24 | |
| 30 | |
| 36 | |
| 46 | |
| 49 |
Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset Management®
Distributor: Charles
Schwab & Co., Inc. (Schwab)
| |
Schwab MarketTrack Portfolios | Semiannual
Report
1
Schwab MarketTrack
Portfolios
Performance at a Glance
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/schwabfunds_prospectus.
| Total Return for the 6 Months
Ended April 30, 2024 | |
| Schwab MarketTrack All Equity Portfolio (Ticker Symbol:
SWEGX) |
18.50% |
| S&P 500® Index |
20.98% |
| All Equity Composite Index |
19.29% |
| Fund Category: Morningstar Aggressive Allocation1 |
17.57% |
| Performance Details |
pages 4-5 |
| |
|
| Schwab MarketTrack Growth Portfolio (Ticker Symbol:
SWHGX) |
15.81% |
| S&P 500® Index |
20.98% |
| Growth Composite Index |
16.44% |
| Fund Category: Morningstar Moderately Aggressive Allocation1 |
15.76% |
| Performance Details |
pages 6-7 |
| |
|
| Schwab MarketTrack Balanced Portfolio (Ticker Symbol:
SWBGX) |
12.96% |
| S&P 500® Index |
20.98% |
| Balanced Composite Index |
13.48% |
| Fund Category: Morningstar Moderate
Allocation1 |
13.00% |
| Performance Details |
pages 8-9 |
| |
|
| Schwab MarketTrack Conservative Portfolio (Ticker Symbol:
SWCGX) |
10.08% |
| S&P 500® Index |
20.98% |
| Conservative Composite Index |
10.57% |
| Fund Category: Morningstar Moderately Conservative Allocation1 |
10.44% |
| Performance Details |
pages 10-11 |
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.
The components that make up each of the composite indices may vary over time. For index
definitions, please see the Glossary.
Fund expenses may have been
partially absorbed by the investment adviser and its affiliates. Without these reductions, a fund’s total return would have been lower. Performance does not reflect the
deduction of taxes that a shareholder would pay on fund distributions or on the redemption of fund shares.
1
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
2
Schwab MarketTrack Portfolios | Semiannual
ReportSchwab MarketTrack
Portfolios
Fund Management
 |
Zifan Tang, Ph.D., CFA, Senior Portfolio Manager for Schwab Asset
Management, is responsible for the day-to-day co-management of the funds. Prior to joining
Schwab in 2012, Ms. Tang was a product manager at Thomson Reuters and from 1997 to 2009
worked as a portfolio manager at Barclays Global Investors (now known as
BlackRock). |
 |
Drew Hayes, CFA, Portfolio Manager for Schwab Asset Management, is
responsible for the day-to-day co-management of the funds. Mr. Hayes has been with Schwab
since 2006. Before becoming a portfolio manager, he spent seven years as a senior fixed
income specialist for Schwab Wealth Advisory, Inc. Prior to that, he worked as a bond
investment specialist for two years and as a registered representative for two years for
Charles Schwab & Co., Inc. |
 |
Patrick Kwok, CFA, Portfolio Manager for Schwab Asset Management, is
responsible for the day-to-day co-management of the funds. Previously, Mr. Kwok served as
an associate portfolio manager from 2012 to 2016. Prior to that, he worked as a fund
administration manager, where he was responsible for oversight of sub-advisers, trading,
cash management, and fund administration supporting the Charles Schwab Trust Bank
Collective Investment Trusts and multi-asset Schwab Funds. Prior to joining Schwab Asset Management in
2008, Mr. Kwok spent two years as an asset operations specialist at Charles Schwab Trust
Company. He also worked for one year at State Street Bank & Trust as a portfolio
accountant and pricing specialist. |
Schwab MarketTrack Portfolios | Semiannual Report
3
Schwab MarketTrack All
Equity Portfolio
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab MarketTrack All Equity Portfolio (5/19/98)
|
18.50% |
15.37% |
8.90% |
8.25% |
| S&P 500® Index |
20.98% |
22.66% |
13.19% |
12.41% |
| All Equity Composite Index |
19.29% |
16.33% |
9.46% |
8.84% |
| Fund Category: Morningstar Aggressive Allocation 2 |
17.57% |
14.29% |
7.74% |
7.29% |
| Fund Expense Ratio3:
0.51% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
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.
2
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
3
As stated in the prospectus. Includes 0.12% of acquired fund fees and expenses (AFFE),
which are indirect expenses incurred by the fund through its investments in the underlying funds. Reflects the total annual fund operating expenses without contractual fee
waivers. For actual expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements.
4
Schwab
MarketTrack Portfolios | Semiannual ReportSchwab MarketTrack All Equity
Portfolio
Performance and Fund Facts as of April 30, 2024
Statistics
| Number of Holdings |
10 |
| Portfolio Turnover Rate |
13% 1 |
Asset Class Weightings % of Investments2
Top Holdings % of Net Assets3
Portfolio holdings may have changed since the report date.
Small-company stocks are subject to greater volatility than many other asset
classes.
International investments are subject to additional risks
such as currency fluctuation, geopolitical risk and the potential for illiquid markets.
1
Not annualized.
2
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
3
This list is not a recommendation of any security by the investment
adviser.
Schwab MarketTrack Portfolios | Semiannual Report
5
Schwab MarketTrack
Growth Portfolio
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab MarketTrack Growth Portfolio (11/20/95)
|
15.81% |
12.53% |
7.50% |
7.18% |
| S&P 500® Index |
20.98% |
22.66% |
13.19% |
12.41% |
| Bloomberg US Aggregate Bond Index |
4.97% |
-1.47% |
-0.16% |
1.20% |
| Growth Composite Index |
16.44% |
13.36% |
8.06% |
7.74% |
| Fund Category: Morningstar Moderately Aggressive Allocation 2 |
15.76% |
12.74% |
7.07% |
6.69% |
| Fund Expense Ratio3:
0.50% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
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.
2
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
3
As stated in the prospectus. Includes 0.11% of acquired fund fees and expenses (AFFE),
which are indirect expenses incurred by the fund through its investments in the underlying funds. Reflects the total annual fund operating expenses without contractual fee
waivers. For actual expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements.
6
Schwab
MarketTrack Portfolios | Semiannual ReportSchwab MarketTrack Growth
Portfolio
Performance and Fund Facts as of April 30, 2024
Statistics
| Number of Holdings |
12 |
| Portfolio Turnover Rate |
13% 1 |
Asset Class Weightings % of Investments2
Top Holdings % of Net Assets3
Portfolio holdings may have changed since the report date.
Small-company stocks are subject to greater volatility than many other asset
classes.
International investments are subject to additional risks
such as currency fluctuation, geopolitical risk and the potential for illiquid markets.
1
Not annualized.
2
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
3
This list is not a recommendation of any security by the investment
adviser.
Schwab MarketTrack Portfolios | Semiannual Report
7
Schwab MarketTrack Balanced Portfolio
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab MarketTrack Balanced Portfolio (11/20/95)
|
12.96% |
9.02% |
5.67% |
5.68% |
| S&P 500® Index |
20.98% |
22.66% |
13.19% |
12.41% |
| Bloomberg US Aggregate Bond Index |
4.97% |
-1.47% |
-0.16% |
1.20% |
| Balanced Composite Index |
13.48% |
9.76% |
6.21% |
6.24% |
| Fund Category: Morningstar Moderate Allocation
2 |
13.00% |
10.46% |
6.28% |
6.07% |
| Fund Expense Ratio3:
0.48% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
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.
2
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
3
As stated in the prospectus. Includes 0.09% of acquired fund fees and expenses (AFFE),
which are indirect expenses incurred by the fund through its investments in the underlying funds. Reflects the total annual fund operating expenses without contractual fee
waivers. For actual expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements.
8
Schwab
MarketTrack Portfolios | Semiannual ReportSchwab MarketTrack Balanced
Portfolio
Performance and Fund Facts as of April 30, 2024
Statistics
| Number of Holdings |
13 |
| Portfolio Turnover Rate |
11% 1 |
Asset Class Weightings % of Investments2
Top Holdings % of Net Assets3
Portfolio holdings may have changed since the report date.
Small-company stocks are subject to greater volatility than many other asset
classes.
International investments are subject to additional risks
such as currency fluctuation, geopolitical risk and the potential for illiquid markets.
1
Not annualized.
2
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
3
This list is not a recommendation of any security by the investment
adviser.
Schwab MarketTrack Portfolios | Semiannual Report
9
Schwab MarketTrack
Conservative Portfolio
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/schwabfunds_prospectus.
Average Annual Total Returns1
| Fund and Inception Date |
6 Months |
1 Year |
5 Years |
10 Years |
| Fund: Schwab MarketTrack Conservative Portfolio
(11/20/95) |
10.08% |
5.36% |
3.64% |
4.03% |
| S&P 500® Index |
20.98% |
22.66% |
13.19% |
12.41% |
| Bloomberg US Aggregate Bond Index |
4.97% |
-1.47% |
-0.16% |
1.20% |
| Conservative Composite Index |
10.57% |
6.06% |
4.20% |
4.62% |
| Fund Category: Morningstar Moderately Conservative Allocation 2 |
10.44% |
6.33% |
3.80% |
3.95% |
| Fund Expense Ratio3:
0.50% | ||||
All total returns on this page assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized.
For index definitions, please see the Glossary.
1
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.
2
Source for category information: Morningstar, Inc. The Morningstar Category return
represents all active and index mutual funds and ETFs within the category as of the report date.
3
As stated in the prospectus. Includes 0.08% of acquired fund fees and expenses (AFFE),
which are indirect expenses incurred by the fund through its investments in the underlying funds. Reflects the total annual fund operating expenses without contractual fee
waivers. For actual expense ratios during the period, not including AFFE, refer to the financial highlights section of the financial statements.
10
Schwab
MarketTrack Portfolios | Semiannual ReportSchwab MarketTrack Conservative
Portfolio
Performance and Fund Facts as of April 30, 2024
Statistics
| Number of Holdings |
13 |
| Portfolio Turnover Rate |
8% 1 |
Asset Class Weightings % of Investments2
Top Holdings % of Net Assets3
Portfolio holdings may have changed since the report date.
Small-company stocks are subject to greater volatility than many other asset
classes.
International investments are subject to additional risks
such as currency fluctuation, geopolitical risk and the potential for illiquid markets.
1
Not annualized.
2
The percentage may differ from the Portfolio Holdings because the above calculation is based on a percentage of total investments, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
3
This list is not a recommendation of any security by the investment
adviser.
Schwab MarketTrack Portfolios | Semiannual Report
11
Schwab MarketTrack
Portfolios
Fund Expenses (Unaudited)
Examples for a $1,000 Investment
As a fund shareholder, you may incur two types of costs: (1) transaction costs; and (2) ongoing costs, including
management fees, transfer agent and shareholder services fees, and other fund expenses.
The expense examples below are intended to help you understand your ongoing cost (in dollars) of investing in a fund and to compare this cost with the ongoing cost of investing in other
mutual funds. These examples are based on an investment of $1,000 invested for six months beginning November
1, 2023 and held through April 30, 2024.
Actual Return lines in the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to
estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000
(for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number given for
your fund under the heading entitled “Expenses Paid During Period.”
Hypothetical Return lines in the table below provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed return of 5% per year before expenses. Because the return used
is not an actual return, it may not be used to estimate the actual ending account value or expenses you paid
for the period.
You may use this information to compare the ongoing costs of
investing in a fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical
examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing
costs only and do not reflect any transactional costs. Therefore, the hypothetical return lines of the table
are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
| |
EXPENSE RATIO
(ANNUALIZED)1,2 |
EFFECTIVE EXPENSE
RATIO (ANNUALIZED)3,4 |
BEGINNING ACCOUNT
VALUE AT 11/1/23 |
ENDING ACCOUNT
VALUE (NET OF EXPENSES)
AT 4/30/24 |
EXPENSES PAID
DURING PERIOD
11/1/23-4/30/242,5 |
EFFECTIVE EXPENSES PAID
DURING PERIOD 11/1/23-4/30/244,5 |
| Schwab MarketTrack All Equity Portfolio |
|
|
|
|
|
|
| Actual Return |
0.38% |
0.50% |
$1,000.00
|
$1,185.00
|
$2.06
|
$2.72
|
| Hypothetical 5% Return |
0.38% |
0.50% |
$1,000.00 |
$1,022.97 |
$1.91 |
$2.51
|
| Schwab MarketTrack Growth Portfolio |
|
|
|
|
|
|
| Actual Return |
0.39% |
0.50% |
$1,000.00
|
$1,158.10
|
$2.09
|
$2.68
|
| Hypothetical 5% Return |
0.39% |
0.50% |
$1,000.00 |
$1,022.92 |
$1.96 |
$2.51
|
| Schwab MarketTrack Balanced Portfolio |
|
|
|
|
|
|
| Actual Return |
0.39% |
0.48% |
$1,000.00
|
$1,129.60
|
$2.07
|
$2.54
|
| Hypothetical 5% Return |
0.39% |
0.48% |
$1,000.00 |
$1,022.92 |
$1.96 |
$2.41
|
| Schwab MarketTrack Conservative Portfolio |
|
|
|
|
|
|
| Actual Return |
0.42% |
0.50% |
$1,000.00
|
$1,100.80
|
$2.19
|
$2.61
|
| Hypothetical 5% Return |
0.42% |
0.50% |
$1,000.00
|
$1,022.77
|
$2.11
|
$2.51
|
| 1 |
Based on the most recent six-month expense ratio.
|
| 2 |
Excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
| 3 |
Based on the most recent six-month acquired fund fees and expenses and the expense ratio; may differ from the acquired fund fees and expenses and the expense ratio in
the prospectus. |
| 4 |
Includes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
| 5 |
Expenses for each fund are equal to its annualized expense ratio, multiplied by the average account value over the
period, multiplied by 182 days in the period, and divided by 366 days in the fiscal
year. |
12
Schwab MarketTrack Portfolios | Semiannual ReportSchwab MarketTrack All Equity
Portfolio
Financial Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$19.55 |
$19.11 |
$23.89 |
$17.73 |
$19.15 |
$18.33 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.41 |
0.32 |
0.37 |
0.29 |
0.37 |
0.31 |
| Net realized and unrealized gains (losses) |
3.19 |
1.04 |
(4.23 ) |
7.21 |
(0.54 ) |
1.30 |
| Total from investment operations |
3.60 |
1.36 |
(3.86 ) |
7.50 |
(0.17 ) |
1.61 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.40 ) |
(0.30 ) |
(0.45 ) |
(0.21 ) |
(0.53 ) |
(0.36 ) |
| Distributions from net realized gains |
(0.29 ) |
(0.62 ) |
(0.47 ) |
(1.13 ) |
(0.72 ) |
(0.43 ) |
| Total distributions |
(0.69 ) |
(0.92 ) |
(0.92 ) |
(1.34 ) |
(1.25 ) |
(0.79 ) |
| Net asset value at end of period |
$22.46 |
$19.55 |
$19.11 |
$23.89 |
$17.73 |
$19.15 |
| Total return |
18.50
%2 |
7.32 % |
(16.89 %) |
43.90 % |
(1.35 %) |
9.58 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses3
|
0.38
%4 |
0.39 % |
0.39
%5 |
0.38 % |
0.40 % |
0.40 % |
| Gross operating expenses3
|
0.38
%4 |
0.39 % |
0.39
%5 |
0.38 % |
0.40 % |
0.40 % |
| Net investment income (loss) |
3.77
%4 |
1.60 % |
1.75 % |
1.33 % |
2.08 % |
1.72 % |
| Portfolio turnover rate |
13
%2 |
10 % |
7 % |
6 % |
18 % |
6 % |
| Net assets, end of period (x 1,000) |
$844,611 |
$730,571 |
$698,899 |
$861,267 |
$623,095 |
$690,801 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
| 4 |
Annualized. |
| 5 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
Schwab MarketTrack Portfolios | Semiannual Report
13
Schwab MarketTrack All Equity
Portfolio
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period.
The
fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT
Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also
obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email
request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio
holdings 15 to 20 days after the end of the month on the fund’s website.
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| AFFILIATED UNDERLYING FUNDS 99.7% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 61.3% | ||||||||
| Large-Cap 49.8% | ||||||||
| Schwab Fundamental US Large Company Index Fund |
$98,702,616 |
$3,925,735 |
($5,193,115 ) |
$597,193 |
$16,108,437 |
$114,140,866 |
4,507,933 |
$2,053,890 |
| Schwab S&P 500 Index Fund |
229,385,364 |
7,534,168 |
(50,365,010 ) |
32,460,251 |
11,779,303 |
230,794,076 |
2,977,988 |
3,660,709 |
| Schwab U.S. Large-Cap Growth Index Fund |
36,628,897 |
34,797,923 |
(2,994,310 ) |
634,535 |
6,659,274 |
75,726,319 |
792,282 |
278,926 |
| |
|
|
|
|
|
420,661,261 |
|
|
| Small-Cap 11.5% | ||||||||
| Schwab Fundamental US Small Company Index Fund |
32,760,298 |
1,808,979 |
(11,726,893 ) |
2,036,587 |
3,744,808 |
28,623,779 |
1,778,979 |
538,646 |
| Schwab Small-Cap Index Fund |
75,238,626 |
6,784,163 |
(27,819,389 ) |
2,500,021 |
11,877,761 |
68,581,182 |
2,157,319 |
1,339,213 |
| |
|
|
|
|
|
97,204,961 |
|
|
| |
|
|
|
|
|
517,866,222 |
|
|
| | ||||||||
| International Stocks 33.4% | ||||||||
| Developed Markets 28.3% | ||||||||
| Schwab Fundamental International Large Company Index Fund |
43,820,399 |
12,813,794 |
(2,281,744 ) |
63,866 |
5,726,200 |
60,142,515 |
5,573,912 |
1,565,928 |
| Schwab Fundamental International Small Company Index Fund |
36,120,894 |
3,923,351 |
(1,412,893 ) |
14,650 |
3,869,235 |
42,515,237 |
3,384,971 |
1,263,436 |
| Schwab International Index Fund |
101,336,125 |
24,124,184 |
(2,726,714 ) |
30,769 |
13,573,135 |
136,337,499 |
5,902,056 |
3,697,321 |
| |
|
|
|
|
|
238,995,251 |
|
|
| Emerging Markets 5.1% | ||||||||
| Schwab Fundamental Emerging Markets Large Company Index Fund |
36,509,949 |
5,062,230 |
(3,151,934 ) |
140,431 |
4,010,928 |
42,571,604 |
4,794,100 |
1,963,775 |
| |
|
|
|
|
|
281,566,855 |
|
|
| | ||||||||
| Real Estate 5.0% | ||||||||
| U.S. REITs 5.0% | ||||||||
| Schwab U.S. REIT ETF |
36,755,173 |
4,908,691 |
(2,625,283 ) |
(245,378 ) |
3,446,834 |
42,240,037 |
2,252,802 |
691,992 |
| Total Affiliated Underlying Funds (Cost $478,810,484) |
$727,258,341 |
$105,683,218 |
($110,297,285
) |
$38,232,925 |
$80,795,915 |
$841,673,114 |
|
$17,053,836 |
| Total Investments in Securities (Cost $478,810,484) |
|
|
|
|
|
$841,673,114 |
|
|
| (a) |
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). |
| ETF — |
Exchange-Traded Fund |
| REIT — |
Real Estate Investment Trust |
At April 30, 2024, all of the fund’s investment securities were classified as Level 1 (see financial note 2(a) for additional information).
See financial notes
14
Schwab MarketTrack Portfolios | Semiannual ReportSchwab MarketTrack All Equity
Portfolio
Statement of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $478,810,484) |
|
$841,673,114
|
| Cash |
|
3,983,618 |
| Receivables: |
|
|
| Investments sold |
|
5,434,026 |
| Fund shares sold |
|
220,956 |
| Prepaid expenses |
+ |
22,289 |
| Total assets |
|
851,334,003 |
| | ||
| Liabilities | ||
| Payables: |
|
|
| Investments bought |
|
4,814,266 |
| Fund shares redeemed |
|
1,610,259 |
| Shareholder service fees |
|
167,059 |
| Investment adviser and administrator fees |
|
91,470 |
| Accrued expenses |
+ |
40,167 |
| Total liabilities |
|
6,723,221 |
| Net assets |
|
$844,610,782 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$454,055,937
|
| Total distributable earnings |
+ |
390,554,845 |
| Net assets |
|
$844,610,782 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $844,610,782 |
|
37,598,301 |
|
$22.46 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab MarketTrack Portfolios | Semiannual Report
15
Schwab MarketTrack All Equity
Portfolio
Statement of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - affiliated issuers |
|
$17,053,836
|
| Other interest |
+ |
53,805 |
| Total investment income
|
|
17,107,641 |
| | ||
| Expenses | ||
| Shareholder service fees |
|
972,327 |
| Investment adviser and administrator fees |
|
536,174 |
| Shareholder reports |
|
20,635 |
| Registration fees |
|
15,731 |
| Portfolio accounting fees |
|
12,296 |
| Professional fees |
|
11,395 |
| Independent trustees’ fees |
|
3,741 |
| Transfer agent fees |
|
1,947 |
| Other expenses |
+ |
3,376 |
| Total expenses |
– |
1,577,622 |
| Net investment income |
|
15,530,019 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized gains on sales of securities - affiliated issuers |
|
38,232,925 |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
+ |
80,795,915 |
| Net realized and unrealized gains |
|
119,028,840 |
| Increase in net assets resulting from operations |
|
$134,558,859 |
See financial notes
16
Schwab MarketTrack Portfolios | Semiannual ReportSchwab 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 | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$15,530,019 |
$12,121,922
|
| Net realized gains |
|
38,232,925 |
9,231,924 |
| Net change in unrealized appreciation (depreciation) |
+ |
80,795,915 |
30,496,738 |
| Increase in net assets resulting from operations |
|
$134,558,859 |
$51,850,584 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($25,564,421
) |
($33,442,416 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
1,753,278 |
$38,884,464 |
3,710,311 |
$74,403,438
|
| Shares reinvested |
|
1,021,261 |
22,447,317 |
1,577,571 |
29,611,009 |
| Shares redeemed |
+ |
(2,552,082 ) |
(56,286,033 ) |
(4,493,650 ) |
(90,750,860 ) |
| Net transactions in fund shares |
|
222,457 |
$5,045,748 |
794,232 |
$13,263,587 |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
37,375,844 |
$730,570,596 |
36,581,612 |
$698,898,841
|
| Total increase |
+ |
222,457 |
114,040,186 |
794,232 |
31,671,755 |
| End of period |
|
37,598,301 |
$844,610,782 |
37,375,844 |
$730,570,596 |
See financial notes
Schwab MarketTrack Portfolios | Semiannual Report
17
Schwab MarketTrack Growth
Portfolio
Financial Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$22.64 |
$22.39 |
$27.84 |
$22.42 |
$23.54 |
$22.67 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.45 |
0.43 |
0.40 |
0.35 |
0.43 |
0.41 |
| Net realized and unrealized gains (losses) |
3.11 |
0.81 |
(4.49 ) |
7.03 |
(0.20 ) |
1.62 |
| Total from investment operations |
3.56 |
1.24 |
(4.09 ) |
7.38 |
0.23 |
2.03 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.50 ) |
(0.38 ) |
(0.44 ) |
(0.39 ) |
(0.47 ) |
(0.45 ) |
| Distributions from net realized gains |
(0.49 ) |
(0.61 ) |
(0.92 ) |
(1.57 ) |
(0.88 ) |
(0.71 ) |
| Total distributions |
(0.99 ) |
(0.99 ) |
(1.36 ) |
(1.96 ) |
(1.35 ) |
(1.16 ) |
| Net asset value at end of period |
$25.21 |
$22.64 |
$22.39 |
$27.84 |
$22.42 |
$23.54 |
| Total return |
15.81
%2 |
5.68 % |
(15.52 %) |
34.32 % |
0.74 % |
9.86 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses3
|
0.39
%4 |
0.39
%5 |
0.39
%5 |
0.39 % |
0.39 % |
0.40 % |
| Gross operating expenses3
|
0.39
%4 |
0.39
%5 |
0.39
%5 |
0.39 % |
0.40 % |
0.40 % |
| Net investment income (loss) |
3.61
%4 |
1.86 % |
1.63 % |
1.33 % |
1.92 % |
1.82 % |
| Portfolio turnover rate |
13
%2 |
10 % |
8 % |
8 % |
19 % |
7 % |
| Net assets, end of period (x 1,000) |
$897,444 |
$811,692 |
$801,906 |
$982,246 |
$748,492 |
$816,532 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
| 4 |
Annualized. |
| 5 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
18
Schwab MarketTrack Portfolios | Semiannual ReportSchwab MarketTrack Growth
Portfolio
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period.
The
fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT
Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also
obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email
request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio
holdings 15 to 20 days after the end of the month on the fund’s website.
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| AFFILIATED UNDERLYING FUNDS 99.5% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 51.8% | ||||||||
| Large-Cap 43.1% | ||||||||
| Schwab Fundamental US Large Company Index Fund |
$97,777,220 |
$2,905,141 |
($9,642,774 ) |
$3,179,005 |
$13,251,502 |
$107,470,094 |
4,244,474 |
$2,006,066 |
| Schwab S&P 500 Index Fund |
227,523,315 |
5,003,780 |
(61,643,253 ) |
48,859,517 |
(5,143,907 ) |
214,599,452 |
2,769,025 |
3,591,807 |
| Schwab U.S. Large-Cap Growth Index Fund |
26,965,098 |
36,901,485 |
(3,877,857 ) |
1,081,120 |
3,989,363 |
65,059,209 |
680,678 |
201,026 |
| |
|
|
|
|
|
387,128,755 |
|
|
| Small-Cap 8.7% | ||||||||
| Schwab Fundamental US Small Company Index Fund |
30,747,212 |
1,652,834 |
(14,522,753 ) |
2,776,050 |
2,718,577 |
23,371,920 |
1,452,574 |
497,507 |
| Schwab Small-Cap Index Fund |
72,026,718 |
4,871,062 |
(36,366,174 ) |
9,916,899 |
4,181,769 |
54,630,274 |
1,718,474 |
1,274,556 |
| |
|
|
|
|
|
78,002,194 |
|
|
| |
|
|
|
|
|
465,130,949 |
|
|
| | ||||||||
| International Stocks 24.1% | ||||||||
| Developed Markets 20.7% | ||||||||
| Schwab Fundamental International Large Company Index Fund |
32,386,077 |
13,654,747 |
(3,557,103 ) |
221,572 |
4,085,214 |
46,790,507 |
4,336,470 |
1,134,825 |
| Schwab Fundamental International Small Company Index Fund |
26,792,630 |
2,109,516 |
(1,797,744 ) |
29,919 |
2,848,354 |
29,982,675 |
2,387,156 |
918,314 |
| Schwab International Index Fund |
75,982,989 |
28,577,547 |
(5,702,731 ) |
131,456 |
10,020,220 |
109,009,481 |
4,719,025 |
2,729,888 |
| |
|
|
|
|
|
185,782,663 |
|
|
| Emerging Markets 3.4% | ||||||||
| Schwab Fundamental Emerging Markets Large Company Index Fund |
27,161,846 |
2,531,925 |
(2,698,629 ) |
140,802 |
2,896,757 |
30,032,701 |
3,382,061 |
1,442,020 |
| |
|
|
|
|
|
215,815,364 |
|
|
| | ||||||||
| Real Estate 4.0% | ||||||||
| U.S. REITs 4.0% | ||||||||
| Schwab U.S. REIT ETF |
32,647,783 |
3,445,243 |
(3,304,790 ) |
(295,260 ) |
3,299,180 |
35,792,156 |
1,908,915 |
603,770 |
| | ||||||||
| Fixed Income 16.1% | ||||||||
| Intermediate-Term Bond 16.1% | ||||||||
| Schwab U.S. Aggregate Bond Index Fund |
129,720,084 |
16,677,322 |
(5,174,898 ) |
(990,646 ) |
4,592,975 |
144,824,837 |
16,820,539 |
2,607,300 |
| | ||||||||
See financial notes
Schwab MarketTrack Portfolios | Semiannual Report
19
Schwab MarketTrack Growth
Portfolio
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| Money Market Funds 3.5% | ||||||||
| Schwab Variable Share Price Money Fund, Ultra Shares, 5.27% (b)
|
$30,139,471 |
$815,726 |
$— |
$— |
($69 ) |
$30,955,128 |
30,945,844 |
$816,075 |
| Total Affiliated Underlying Funds (Cost $568,414,515) |
$809,870,443 |
$119,146,328 |
($148,288,706
) |
$65,050,434 |
$46,739,935 |
$892,518,434 |
|
$17,823,154 |
| Total Investments in Securities (Cost $568,414,515) |
|
|
|
|
|
$892,518,434 |
|
|
| (a) |
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). |
| (b) |
The rate shown is the annualized 7-day yield. |
| ETF — |
Exchange-Traded Fund |
| REIT — |
Real Estate Investment Trust |
At April 30, 2024, all of the fund’s investment securities were classified as Level 1 (see financial note 2(a) for additional information).
See financial notes
20
Schwab MarketTrack Portfolios | Semiannual ReportSchwab MarketTrack Growth
Portfolio
Statement of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $568,414,515) |
|
$892,518,434
|
| Cash |
|
5,119,173 |
| Receivables: |
|
|
| Investments sold |
|
4,429,858 |
| Dividends |
|
536,692 |
| Fund shares sold |
|
97,989 |
| Prepaid expenses |
+ |
15,365 |
| Total assets |
|
902,717,511 |
| | ||
| Liabilities | ||
| Payables: |
|
|
| Investments bought |
|
4,821,016 |
| Shareholder service fees |
|
180,868 |
| Fund shares redeemed |
|
133,637 |
| Investment adviser and administrator fees |
|
97,121 |
| Accrued expenses |
+ |
41,126 |
| Total liabilities |
|
5,273,768 |
| Net assets |
|
$897,443,743 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$511,215,680
|
| Total distributable earnings |
+ |
386,228,063 |
| Net assets |
|
$897,443,743 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $897,443,743 |
|
35,592,489 |
|
$25.21 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab MarketTrack Portfolios | Semiannual Report
21
Schwab MarketTrack Growth
Portfolio
Statement of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - affiliated issuers |
|
$17,823,154
|
| Other interest |
+ |
58,997 |
| Total investment income
|
|
17,882,151 |
| | ||
| Expenses | ||
| Shareholder service fees |
|
1,075,171 |
| Investment adviser and administrator fees |
|
581,657 |
| Shareholder reports |
|
19,742 |
| Registration fees |
|
16,093 |
| Portfolio accounting fees |
|
12,568 |
| Professional fees |
|
11,537 |
| Independent trustees’ fees |
|
3,831 |
| Transfer agent fees |
|
1,846 |
| Other expenses |
+ |
3,634 |
| Total expenses |
– |
1,726,079 |
| Net investment income |
|
16,156,072 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized gains on sales of securities - affiliated issuers |
|
65,050,434 |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
+ |
46,739,935 |
| Net realized and unrealized gains |
|
111,790,369 |
| Increase in net assets resulting from operations |
|
$127,946,441 |
See financial notes
22
Schwab MarketTrack Portfolios | Semiannual ReportSchwab MarketTrack Growth
Portfolio
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
| OPERATIONS | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$16,156,072 |
$15,787,804
|
| Net realized gains |
|
65,050,434 |
15,467,744 |
| Net change in unrealized appreciation (depreciation) |
+ |
46,739,935 |
14,791,410 |
| Increase in net assets resulting from operations |
|
$127,946,441 |
$46,046,958 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($35,285,077
) |
($35,300,600 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
1,404,394 |
$35,077,030 |
2,520,611 |
$58,610,427
|
| Shares reinvested |
|
1,282,352 |
31,904,899 |
1,468,211 |
32,256,601 |
| Shares redeemed |
+ |
(2,947,582 ) |
(73,891,827 ) |
(3,945,752 ) |
(91,827,581 ) |
| Net transactions in fund shares |
|
(260,836
) |
($6,909,898
) |
43,070 |
($960,553 ) |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
35,853,325 |
$811,692,277 |
35,810,255 |
$801,906,472
|
| Total increase (decrease) |
+ |
(260,836 ) |
85,751,466 |
43,070 |
9,785,805 |
| End of period |
|
35,592,489 |
$897,443,743 |
35,853,325 |
$811,692,277 |
See financial notes
Schwab MarketTrack Portfolios | Semiannual Report
23
Schwab MarketTrack Balanced
Portfolio
Financial Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$17.42 |
$17.36 |
$21.53 |
$18.38 |
$18.75 |
$18.24 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.33 |
0.38 |
0.32 |
0.28 |
0.35 |
0.36 |
| Net realized and unrealized gains (losses) |
1.92 |
0.38 |
(3.45 ) |
4.11 |
0.10 |
1.32 |
| Total from investment operations |
2.25 |
0.76 |
(3.13 ) |
4.39 |
0.45 |
1.68 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.42 ) |
(0.31 ) |
(0.33 ) |
(0.32 ) |
(0.39 ) |
(0.39 ) |
| Distributions from net realized gains |
(0.37 ) |
(0.39 ) |
(0.71 ) |
(0.92 ) |
(0.43 ) |
(0.78 ) |
| Total distributions |
(0.79 ) |
(0.70 ) |
(1.04 ) |
(1.24 ) |
(0.82 ) |
(1.17 ) |
| Net asset value at end of period |
$18.88 |
$17.42 |
$17.36 |
$21.53 |
$18.38 |
$18.75 |
| Total return |
12.96
%2 |
4.47 % |
(15.32 %) |
24.66 % |
2.37 % |
10.14 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses3
|
0.39
%4 |
0.39 % |
0.40
%5 |
0.39 % |
0.40 % |
0.40 % |
| Gross operating expenses3
|
0.39
%4 |
0.39 % |
0.40
%5 |
0.39 % |
0.40 % |
0.40 % |
| Net investment income (loss) |
3.54
%4 |
2.10 % |
1.67 % |
1.39 % |
1.91 % |
1.99 % |
| Portfolio turnover rate |
11
%2 |
11 % |
11 % |
10 % |
22 % |
11 % |
| Net assets, end of period (x 1,000) |
$562,592 |
$519,615 |
$519,474 |
$654,876 |
$517,619 |
$544,554 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
| 4 |
Annualized. |
| 5 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
24
Schwab MarketTrack Portfolios | Semiannual ReportSchwab MarketTrack Balanced
Portfolio
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period.
The
fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT
Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also
obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email
request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio
holdings 15 to 20 days after the end of the month on the fund’s website.
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| AFFILIATED UNDERLYING FUNDS 99.4% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 38.8% | ||||||||
| Large-Cap 32.8% | ||||||||
| Schwab Fundamental US Large Company Index Fund |
$46,872,358 |
$1,586,415 |
($5,846,398 ) |
$1,985,346 |
$5,811,786 |
$50,409,507 |
1,990,897 |
$949,680 |
| Schwab S&P 500 Index Fund |
109,155,717 |
2,692,986 |
(29,168,716
) |
22,560,105 |
(1,778,332 ) |
103,461,760 |
1,334,990 |
1,701,788 |
| Schwab U.S. Large-Cap Growth Index Fund |
15,816,681 |
13,516,649 |
(1,735,851 ) |
612,184 |
2,506,522 |
30,716,185 |
321,366 |
114,928 |
| |
|
|
|
|
|
184,587,452 |
|
|
| Small-Cap 6.0% | ||||||||
| Schwab Fundamental US Small Company Index Fund |
13,986,352 |
805,590 |
(7,187,078
) |
1,719,839 |
756,548 |
10,081,251 |
626,554 |
223,469 |
| Schwab Small-Cap Index Fund |
32,640,716 |
2,680,087 |
(18,173,002 ) |
6,415,367 |
(38,697 ) |
23,524,471 |
739,996 |
570,349 |
| |
|
|
|
|
|
33,605,722 |
|
|
| |
|
|
|
|
|
218,193,174 |
|
|
| | ||||||||
| International Stocks 18.0% | ||||||||
| Developed Markets 15.5% | ||||||||
| Schwab Fundamental International Large Company Index Fund |
15,479,171 |
6,285,467 |
(1,788,503
) |
89,994 |
1,945,009 |
22,011,138 |
2,039,957 |
543,557 |
| Schwab Fundamental International Small Company Index Fund |
13,044,211 |
973,761 |
(1,355,008
) |
19,945 |
1,379,349 |
14,062,258 |
1,119,607 |
443,125 |
| Schwab International Index Fund |
36,384,271 |
13,043,779 |
(3,190,000 ) |
89,129 |
4,746,806 |
51,073,985 |
2,210,995 |
1,298,379 |
| |
|
|
|
|
|
87,147,381 |
|
|
| Emerging Markets 2.5% | ||||||||
| Schwab Fundamental Emerging Markets Large Company Index Fund |
13,042,032 |
995,879 |
(1,387,535 ) |
85,063 |
1,365,148 |
14,100,587 |
1,587,904 |
675,259 |
| |
|
|
|
|
|
101,247,968 |
|
|
| | ||||||||
| Real Estate 3.0% | ||||||||
| U.S. REITs 3.0% | ||||||||
| Schwab U.S. REIT ETF |
15,606,837 |
1,360,232 |
(1,634,636
) |
(151,910 ) |
1,607,233 |
16,787,756 |
895,347 |
285,394 |
| | ||||||||
| Fixed Income 36.2% | ||||||||
| Intermediate-Term Bond 35.2% | ||||||||
| Schwab U.S. Aggregate Bond Index Fund |
181,663,514 |
18,271,077 |
(6,954,446
) |
(1,301,828 ) |
6,445,784 |
198,124,101 |
23,010,929 |
3,584,961 |
| Short-Term Bond 1.0% | ||||||||
| Schwab Short-Term Bond Index Fund |
5,200,206 |
458,458 |
— |
— |
31,315 |
5,689,979 |
606,608 |
105,018 |
| |
|
|
|
|
|
203,814,080 |
|
|
| | ||||||||
See financial notes
Schwab MarketTrack Portfolios | Semiannual Report
25
Schwab MarketTrack Balanced
Portfolio
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| Money Market Funds 3.4% | ||||||||
| Schwab Variable Share Price Money Fund, Ultra Shares, 5.27% (b)
|
$18,788,174 |
$508,503 |
$— |
$— |
($43 ) |
$19,296,634 |
19,290,847 |
$508,720 |
| Total Affiliated Underlying Funds (Cost $417,612,736) |
$517,680,240 |
$63,178,883 |
($78,421,173
) |
$32,123,234 |
$24,778,428 |
$559,339,612 |
|
$11,004,627 |
| Total Investments in Securities (Cost $417,612,736) |
|
|
|
|
|
$559,339,612 |
|
|
| (a) |
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). |
| (b) |
The rate shown is the annualized 7-day yield. |
| ETF — |
Exchange-Traded Fund |
| REIT — |
Real Estate Investment Trust |
At April 30, 2024, all of the fund’s investment securities were classified as Level 1 (see financial note 2(a) for additional information).
See financial notes
26
Schwab MarketTrack Portfolios | Semiannual ReportSchwab MarketTrack Balanced
Portfolio
Statement of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $417,612,736) |
|
$559,339,612
|
| Cash |
|
3,901,796 |
| Receivables: |
|
|
| Investments sold |
|
2,228,336 |
| Dividends |
|
697,913 |
| Fund shares sold |
|
247,542 |
| Prepaid expenses |
+ |
13,756 |
| Total assets |
|
566,428,955 |
| | ||
| Liabilities | ||
| Payables: |
|
|
| Investments bought |
|
3,529,114 |
| Shareholder service fees |
|
113,600 |
| Fund shares redeemed |
|
101,068 |
| Investment adviser and administrator fees |
|
60,747 |
| Accrued expenses |
+ |
32,920 |
| Total liabilities |
|
3,837,449 |
| Net assets |
|
$562,591,506 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$394,525,121
|
| Total distributable earnings |
+ |
168,066,385 |
| Net assets |
|
$562,591,506 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $562,591,506 |
|
29,801,254 |
|
$18.88 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab MarketTrack Portfolios | Semiannual Report
27
Schwab MarketTrack Balanced
Portfolio
Statement of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - affiliated issuers |
|
$11,004,627
|
| Other interest |
+ |
41,305 |
| Total investment income
|
|
11,045,932 |
| | ||
| Expenses | ||
| Shareholder service fees |
|
680,149 |
| Investment adviser and administrator fees |
|
364,993 |
| Registration fees |
|
16,119 |
| Portfolio accounting fees |
|
11,566 |
| Shareholder reports |
|
11,249 |
| Professional fees |
|
11,090 |
| Independent trustees’ fees |
|
3,489 |
| Transfer agent fees |
|
1,273 |
| Other expenses |
+ |
2,719 |
| Total expenses |
– |
1,102,647 |
| Net investment income |
|
9,943,285 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized gains on sales of securities - affiliated issuers |
|
32,123,234 |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
+ |
24,778,428 |
| Net realized and unrealized gains |
|
56,901,662 |
| Increase in net assets resulting from operations |
|
$66,844,947 |
See financial notes
28
Schwab MarketTrack Portfolios | Semiannual ReportSchwab MarketTrack Balanced
Portfolio
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
| OPERATIONS | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$9,943,285 |
$11,385,744
|
| Net realized gains |
|
32,123,234 |
8,525,472 |
| Net change in unrealized appreciation (depreciation) |
+ |
24,778,428 |
3,746,756 |
| Increase in net assets resulting from operations |
|
$66,844,947 |
$23,657,972 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($23,345,576
) |
($20,946,171 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
1,460,340 |
$27,652,811 |
2,705,855 |
$48,665,734
|
| Shares reinvested |
|
1,111,767 |
20,934,579 |
1,106,066 |
18,946,912 |
| Shares redeemed |
+ |
(2,601,617 ) |
(49,110,568 ) |
(3,904,221 ) |
(70,183,048 ) |
| Net transactions in fund shares |
|
(29,510
) |
($523,178
) |
(92,300
) |
($2,570,402 ) |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
29,830,764 |
$519,615,313 |
29,923,064 |
$519,473,914
|
| Total increase (decrease) |
+ |
(29,510 ) |
42,976,193 |
(92,300 ) |
141,399 |
| End of period |
|
29,801,254 |
$562,591,506 |
29,830,764 |
$519,615,313 |
See financial notes
Schwab MarketTrack Portfolios | Semiannual Report
29
Schwab MarketTrack Conservative
Portfolio
Financial Statements
FINANCIAL HIGHLIGHTS
| |
11/1/23–
4/30/24* |
11/1/22–
10/31/23 |
11/1/21–
10/31/22 |
11/1/20–
10/31/21 |
11/1/19–
10/31/20 |
11/1/18–
10/31/19 |
| Per-Share Data | ||||||
| Net asset value at beginning of period |
$14.68 |
$14.90 |
$18.47 |
$16.50 |
$16.43 |
$15.63 |
| Income (loss) from investment operations: |
|
|
|
|
|
|
| Net investment income (loss)1
|
0.27 |
0.36 |
0.29 |
0.26 |
0.30 |
0.35 |
| Net realized and unrealized gains (losses) |
1.22 |
0.10 |
(2.97 ) |
2.27 |
0.27 |
1.18 |
| Total from investment operations |
1.49 |
0.46 |
(2.68 ) |
2.53 |
0.57 |
1.53 |
| Less distributions: |
|
|
|
|
|
|
| Distributions from net investment income |
(0.27 ) |
(0.36 ) |
(0.30 ) |
(0.27 ) |
(0.31 ) |
(0.36 ) |
| Distributions from net realized gains |
(0.64 ) |
(0.32 ) |
(0.59 ) |
(0.29 ) |
(0.19 ) |
(0.37 ) |
| Total distributions |
(0.91 ) |
(0.68 ) |
(0.89 ) |
(0.56 ) |
(0.50 ) |
(0.73 ) |
| Net asset value at end of period |
$15.26 |
$14.68 |
$14.90 |
$18.47 |
$16.50 |
$16.43 |
| Total return |
10.08
%2 |
3.01 % |
(15.23 %) |
15.50 % |
3.57 % |
10.31 % |
| Ratios/Supplemental Data | ||||||
| Ratios to average net assets: |
|
|
|
|
|
|
| Net operating expenses3
|
0.42
%4 |
0.42 % |
0.42
%5 |
0.41 % |
0.42 % |
0.43 % |
| Gross operating expenses3
|
0.42
%4 |
0.42 % |
0.42
%5 |
0.41 % |
0.42 % |
0.43 % |
| Net investment income (loss) |
3.48
%4 |
2.35 % |
1.73 % |
1.45 % |
1.84 % |
2.19 % |
| Portfolio turnover rate |
8
%2 |
9 % |
11 % |
13 % |
35 % |
26 % |
| Net assets, end of period (x 1,000) |
$196,423 |
$195,092 |
$227,991 |
$335,110 |
$278,883 |
$263,373 |
| * |
Unaudited. |
| 1 |
Calculated based on the average shares outstanding during the period. |
| 2 |
Not annualized. |
| 3 |
Ratio excludes acquired fund fees and expenses, which are indirect expenses incurred by the fund through its investments in underlying funds. |
| 4 |
Annualized. |
| 5 |
Ratio includes less than 0.005% of non-routine proxy expenses. |
See financial notes
30
Schwab MarketTrack Portfolios | Semiannual ReportSchwab MarketTrack Conservative
Portfolio
Portfolio Holdings as of April 30, 2024 (Unaudited)
This section shows all the securities in the
fund’s portfolio and their values as of the report date, including a summary of the fund’s transactions with its affiliated underlying funds during the period.
The
fund files its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Form N-PORT
Part F. The fund’s Form N-PORT Part F is available on the SEC’s website at www.sec.gov. You can also
obtain this information at no cost on the fund’s website at www.schwabassetmanagement.com/schwabfunds_prospectus, by calling 1-866-414-6349, or by sending an email
request to orders@mysummaryprospectus.com. The fund also makes available its complete schedule of portfolio
holdings 15 to 20 days after the end of the month on the fund’s website.
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| AFFILIATED UNDERLYING FUNDS 99.6% OF NET ASSETS | ||||||||
| | ||||||||
| U.S. Stocks 25.8% | ||||||||
| Large-Cap 21.8% | ||||||||
| Schwab Fundamental US Large Company Index Fund |
$11,723,493 |
$303,179 |
($2,234,880 ) |
$760,591 |
$1,160,018 |
$11,712,401 |
462,575 |
$232,503 |
| Schwab S&P 500 Index Fund |
27,459,098 |
733,239 |
(7,988,438
) |
6,216,161 |
(1,106,034 ) |
25,314,026 |
326,633 |
418,588 |
| Schwab U.S. Large-Cap Growth Index Fund |
3,892,867 |
1,824,224 |
(650,497 ) |
209,229 |
596,158 |
5,871,981 |
61,435 |
28,447 |
| |
|
|
|
|
|
42,898,408 |
|
|
| Small-Cap 4.0% | ||||||||
| Schwab Fundamental US Small Company Index Fund |
3,502,371 |
172,738 |
(1,977,510
) |
516,417 |
101,820 |
2,315,836 |
143,930 |
55,015 |
| Schwab Small-Cap Index Fund |
8,173,746 |
655,229 |
(4,951,965 ) |
2,681,080 |
(1,091,755 ) |
5,466,335 |
171,951 |
140,410 |
| |
|
|
|
|
|
7,782,171 |
|
|
| |
|
|
|
|
|
50,680,579 |
|
|
| | ||||||||
| International Stocks 12.0% | ||||||||
| Developed Markets 10.3% | ||||||||
| Schwab Fundamental International Large Company Index Fund |
3,884,808 |
1,398,600 |
(796,835
) |
61,251 |
446,953 |
4,994,777 |
462,908 |
134,501 |
| Schwab Fundamental International Small Company Index Fund |
3,247,055 |
363,799 |
(641,745
) |
42,816 |
309,550 |
3,321,475 |
264,449 |
105,901 |
| Schwab International Index Fund |
9,109,825 |
2,969,469 |
(1,310,558 ) |
182,140 |
1,012,460 |
11,963,336 |
517,893 |
319,595 |
| |
|
|
|
|
|
20,279,588 |
|
|
| Emerging Markets 1.7% | ||||||||
| Schwab Fundamental Emerging Markets Large Company Index Fund |
3,266,669 |
168,296 |
(516,234 ) |
37,630 |
306,916 |
3,263,277 |
367,486 |
168,296 |
| |
|
|
|
|
|
23,542,865 |
|
|
| | ||||||||
| Real Estate 2.0% | ||||||||
| U.S. REITs 2.0% | ||||||||
| Schwab U.S. REIT ETF |
3,910,611 |
320,358 |
(701,060
) |
(70,382 ) |
441,523 |
3,901,050 |
208,056 |
69,733 |
| | ||||||||
| Fixed Income 56.2% | ||||||||
| Intermediate-Term Bond 55.2% | ||||||||
| Schwab U.S. Aggregate Bond Index Fund |
107,231,219 |
6,864,949 |
(8,832,093
) |
(1,301,374 ) |
4,521,576 |
108,484,277 |
12,599,800 |
2,038,055 |
| Short-Term Bond 1.0% | ||||||||
| Schwab Short-Term Bond Index Fund |
1,953,161 |
37,976 |
— |
— |
14,274 |
2,005,411 |
213,797 |
37,782 |
| |
|
|
|
|
|
110,489,688 |
|
|
| | ||||||||
See financial notes
Schwab MarketTrack Portfolios | Semiannual Report
31
Schwab MarketTrack Conservative
Portfolio
Portfolio Holdings as of April 30, 2024 (Unaudited) (continued)
| SECURITY |
VALUE AT
10/31/23 |
PURCHASES |
SALES |
REALIZED GAINS
(LOSSES) |
NET CHANGE IN
UNREALIZED
APPRECIATION
(DEPRECIATION) |
VALUE AT
4/30/24 |
BALANCE OF
SHARES HELD AT
4/30/24 |
DISTRIBUTIONS RECEIVED(a) |
| Money Market Funds 3.6% | ||||||||
| Schwab Variable Share Price Money Fund, Ultra Shares, 5.27% (b)
|
$7,629,375 |
$187,736 |
($800,000 ) |
($240 ) |
$224 |
$7,017,095 |
7,014,990 |
$185,934 |
| Total Affiliated Underlying Funds (Cost $168,011,325) |
$194,984,298 |
$15,999,792 |
($31,401,815
) |
$9,335,319 |
$6,713,683 |
$195,631,277 |
|
$3,934,760 |
| Total Investments in Securities (Cost $168,011,325) |
|
|
|
|
|
$195,631,277 |
|
|
| (a) |
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). |
| (b) |
The rate shown is the annualized 7-day yield. |
| ETF — |
Exchange-Traded Fund |
| REIT — |
Real Estate Investment Trust |
At April 30, 2024, all of the fund’s investment securities were classified as Level 1 (see financial note 2(a) for additional information).
See financial notes
32
Schwab MarketTrack Portfolios | Semiannual ReportSchwab MarketTrack Conservative
Portfolio
Statement of Assets and Liabilities
As of April 30, 2024; unaudited
| Assets | ||
| Investments in securities, at value - affiliated issuers (cost $168,011,325) |
|
$195,631,277
|
| Cash |
|
818,407 |
| Receivables: |
|
|
| Investments sold |
|
494,216 |
| Dividends |
|
371,913 |
| Fund shares sold |
|
48,674 |
| Prepaid expenses |
+ |
9,397 |
| Total assets |
|
197,373,884 |
| | ||
| Liabilities | ||
| Payables: |
|
|
| Investments bought |
|
773,874 |
| Fund shares redeemed |
|
88,374 |
| Shareholder service fees |
|
40,192 |
| Investment adviser and administrator fees |
|
21,328 |
| Accrued expenses |
+ |
27,312 |
| Total liabilities |
|
951,080 |
| Net assets |
|
$196,422,804 |
| | ||
| Net Assets by Source | ||
| Capital received from investors |
|
$164,711,312
|
| Total distributable earnings |
+ |
31,711,492 |
| Net assets |
|
$196,422,804 |
| Net Asset Value (NAV)
| ||||
| Net Assets
|
÷ |
Shares
Outstanding |
= |
NAV |
| $196,422,804 |
|
12,867,566 |
|
$15.26 |
| |
|
|
|
|
| |
|
|
|
|
See financial
notes
Schwab MarketTrack Portfolios | Semiannual Report
33
Schwab MarketTrack Conservative
Portfolio
Statement of Operations
| For the period November 1, 2023 through April 30, 2024; unaudited | ||
| Investment Income | ||
| Dividends received from securities - affiliated issuers |
|
$3,934,760
|
| Other interest |
+ |
13,041 |
| Total investment income
|
|
3,947,801 |
| | ||
| Expenses | ||
| Shareholder service fees |
|
246,235 |
| Investment adviser and administrator fees |
|
131,842 |
| Registration fees |
|
11,238 |
| Professional fees |
|
10,588 |
| Portfolio accounting fees |
|
10,490 |
| Shareholder reports |
|
5,069 |
| Independent trustees’ fees |
|
3,123 |
| Transfer agent fees |
|
688 |
| Other expenses |
+ |
1,655 |
| Total expenses |
– |
420,928 |
| Net investment income |
|
3,526,873 |
| | ||
| REALIZED AND UNREALIZED GAINS (LOSSES) | ||
| Net realized gains on sales of securities - affiliated issuers |
|
9,335,319 |
| Net change in unrealized appreciation (depreciation) on securities - affiliated issuers |
+ |
6,713,683 |
| Net realized and unrealized gains |
|
16,049,002 |
| Increase in net assets resulting from operations |
|
$19,575,875 |
See financial notes
34
Schwab MarketTrack Portfolios | Semiannual ReportSchwab MarketTrack Conservative
Portfolio
Statement of Changes in Net Assets
For the current and prior report periods
Figures for the current period are unaudited
| OPERATIONS | |||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |
| Net investment income |
|
$3,526,873 |
$5,193,590
|
| Net realized gains |
|
9,335,319 |
6,476,963 |
| Net change in unrealized appreciation (depreciation) |
+ |
6,713,683 |
(3,716,909 ) |
| Increase in net assets resulting from operations |
|
$19,575,875 |
$7,953,644 |
| | |||
| DISTRIBUTIONS TO SHAREHOLDERS | |||
| Total distributions |
|
($11,808,826
) |
($9,825,182 ) |
| TRANSACTIONS IN FUND SHARES | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
VALUE |
SHARES |
VALUE |
| Shares sold |
|
540,231 |
$8,416,872 |
839,172 |
$12,876,136
|
| Shares reinvested |
|
652,590 |
10,109,124 |
567,726 |
8,497,016 |
| Shares redeemed |
+ |
(1,615,096 ) |
(24,961,987 ) |
(3,421,970 ) |
(52,400,401 ) |
| Net transactions in fund shares |
|
(422,275
) |
($6,435,991
) |
(2,015,072
) |
($31,027,249 ) |
| | |||||
| SHARES OUTSTANDING AND NET ASSETS | |||||
| |
11/1/23-4/30/24 |
11/1/22-10/31/23 | |||
| |
|
SHARES |
NET ASSETS |
SHARES |
NET ASSETS |
| Beginning of period |
|
13,289,841 |
$195,091,746 |
15,304,913 |
$227,990,533
|
| Total increase (decrease) |
+ |
(422,275 ) |
1,331,058 |
(2,015,072 ) |
(32,898,787 ) |
| End of period |
|
12,867,566 |
$196,422,804 |
13,289,841 |
$195,091,746 |
See financial notes
Schwab MarketTrack Portfolios | Semiannual Report
35
Schwab MarketTrack
Portfolios
Financial Notes, unaudited
1. Business
Structure of the Funds:
Schwab MarketTrack All Equity Portfolio, Schwab
MarketTrack Growth Portfolio, Schwab MarketTrack Balanced Portfolio, and Schwab MarketTrack Conservative Portfolio (the funds) are each 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 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 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 US Large Company Index Fund |
| Schwab Total Stock Market Index Fund®
|
Schwab Fundamental US Small Company Index Fund |
| Schwab U.S. Large-Cap Growth Index Fund |
Schwab Fundamental International Large Company 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 Large Company 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 in this report 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.
36
Schwab MarketTrack Portfolios | Semiannual ReportSchwab MarketTrack
Portfolios
Financial Notes, unaudited (continued)
2. Significant Accounting Policies:
The following is a summary of the significant accounting policies the funds use in their preparation of financial statements. The funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB)
Accounting Standard Codification Topic 946 Financial Services — Investment
Companies. The accounting policies are in conformity with accounting principles generally accepted in the United
States of America (GAAP).
The 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, which are filed with the U.S. Securities and Exchange Commission (SEC) and are available on the SEC’s website at
www.sec.gov.
(a) Security Valuation:
Pursuant to Rule 2a-5 under the 1940 Act, the Board 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:
● 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.
● Mutual funds: Mutual funds
are valued at their respective NAVs.
● 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:
● 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.
● 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.
Schwab MarketTrack Portfolios | Semiannual Report
37
Schwab MarketTrack
Portfolios
Financial Notes, unaudited (continued)
2. Significant Accounting
Policies (continued):
● 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, 2024, 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 net asset values 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, 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 respective shareholders each year. As long as a fund meets the tax requirements, it is not required to pay federal income tax.
38
Schwab MarketTrack Portfolios | Semiannual ReportSchwab MarketTrack
Portfolios
Financial Notes, unaudited (continued)
2. Significant Accounting
Policies (continued):
(i) Indemnification:
Under the funds’ organizational documents, the officers and trustees are indemnified
against certain liabilities arising out of the performance of their duties to the funds. In addition, in the normal course of business the funds enter into contracts with their
vendors and others that provide general indemnifications. The funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the funds. However, based on experience, the funds expect the risk of
loss attributable to these arrangements to be remote.
(j) Regulatory Update:
Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for
retail investors to assess and monitor their fund investments. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a
semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time,
management is evaluating the impact of these rule and form amendment changes on the content of the current shareholder report and the newly created annual and semiannual streamlined shareholder reports.
Investing in the funds may involve certain risks, as discussed in the funds’ prospectus, including, but not limited to, those described below. Any of these risks could cause an investor to lose money.
Asset Allocation Risk. The funds are subject to the risk that the selection of the underlying funds and the
allocation of a fund’s assets among the various asset classes and market segments may cause the funds to underperform other funds with a similar investment objective. The funds are not managed to maximize tax efficiency for taxable shareholder accounts. Investors should
consider whether the funds are appropriate investments in light of their current financial position and retirement needs.
Conflicts of Interest Risk. The investment adviser’s authority to select and substitute underlying funds from a variety of affiliated and
unaffiliated mutual funds and ETFs may create a conflict of interest because the fees paid to it and its affiliates by some underlying funds are higher than the fees paid by other
underlying funds. The investment adviser also may have an incentive to select an affiliated underlying fund for other reasons, including to increase assets under management or to
support new investment strategies. In addition, other conflicts of interest may exist where the best interests of the affiliated underlying fund may not be aligned with those of a fund. However, the investment adviser is a fiduciary to each fund and is legally obligated to act in each fund’s best interests when selecting underlying funds.
Market Risk. Financial markets rise and fall in response to a variety of factors, sometimes rapidly and
unpredictably. Markets may be impacted by economic, political, regulatory and other conditions, including economic sanctions and other government actions. In addition, the occurrence of global events, such as war, terrorism, environmental disasters, natural disasters and epidemics, may
also negatively affect the financial markets. As with any investment whose performance is tied to these markets, the value of an investment in a fund will fluctuate, which means that an investor could lose money over short or long periods.
Exchange-Traded Fund (ETF) Risk. When a fund invests in an ETF, it will bear a proportionate share of the ETF’s expenses. In addition, lack of liquidity
in the market for an ETF’s shares can result in its value being more volatile than the underlying portfolio of securities.
Direct Investment Risk. The funds may invest directly in cash, cash equivalents and equity and fixed-income securities, including money market
securities, to maintain their allocations. A fund’s direct investment in these securities is subject to the same or similar risks as an underlying fund’s investment in
the same securities.
Securities Lending Risk. Securities lending involves the risk of loss of rights in, or delay in recovery of, the loaned securities if the borrower
fails to return the security loaned or becomes insolvent.
Underlying Fund Investment Risk. Before investing in the funds, investors should assess the risks associated
with the underlying funds in which the funds may invest, which include any combination of the risks described below.
● Investment Risk. The funds may experience losses with respect to their investment in an underlying fund.
Further, there is no guarantee that an underlying fund will be able to achieve its objective.
Schwab MarketTrack Portfolios | Semiannual Report
39
Schwab MarketTrack
Portfolios
Financial Notes, unaudited (continued)
3. Risk
Factors (continued):
● Investment Style Risk. Certain underlying funds seek to track the performance of various segments of the stock market, as measured by their
respective indices. Such underlying funds follow these stocks during upturns as well as downturns. Because of their indexing strategy, these underlying funds do not take steps to
reduce market exposure or to lessen the effects of a declining market. In addition, because of an underlying fund’s expenses, the underlying fund’s performance is
normally below that of the index. Errors relating to an index may occur from time to time and may not be identified by the underlying fund’s index provider for a period of time. In addition, market disruptions could cause delays in an underlying fund’s index’s rebalancing schedule. Such errors and/or market disruptions may result in losses for an underlying fund.
● Tracking Error Risk. Each underlying index fund seeks to track the performance of its respective index,
although it may not be successful in doing so. The divergence between the performance of an underlying fund and its index, positive or negative, is called "tracking error." Tracking error can be caused by many factors and it may be significant. If an underlying fund utilizes a sampling approach, it may not track the return of the index as well as it would if the underlying fund purchased all of the
securities in the index.
● Equity Risk. The prices of equity securities rise and fall daily. These price movements may result from factors affecting individual
companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of
time.
● Fixed-Income Risk. Interest rates rise and fall over time, which will affect an underlying fund’s yield
and share price. A change in a central bank’s monetary policy or economic conditions, among other things, may result in a change in interest rates. A rise in interest rates could cause an underlying fund’s share price to fall. The credit quality of a portfolio investment could also cause an underlying fund’s share price to fall. An underlying fund could lose money if the issuer or guarantor of a portfolio investment or the counterparty to a derivatives contract fails to make timely principal or interest payments or otherwise honor
its obligations. Fixed-income securities may be paid off earlier or later than expected. Either situation could cause an underlying fund to hold securities paying lower-than-market rates of interest, which could hurt an underlying fund’s yield or share price. Below investment-grade bonds (junk bonds) involve greater credit risk, are more volatile, involve greater risk of
price declines and may be more susceptible to economic downturns than investment-grade securities.
● Market Capitalization Risk. Securities issued by companies of different market capitalizations tend to go in
and out of favor based on market and economic conditions. During a period when securities of a particular market capitalization fall behind other types of investments, an underlying fund’s performance could be impacted.
● Real Estate Investment Risk. An underlying fund that has a policy of concentrating its investments in real estate companies and companies related to the
real estate industry is subject to risks associated with the direct ownership of real estate securities. These risks include, among others, declines in the value of (or income
generated by) real estate; risks related to general and local economic conditions; possible lack of availability of mortgage funds or other limits to accessing the credit or capital markets; defaults by borrowers or tenants, particularly during an economic downturn; and changes in interest rates.
● Money Market Fund Risk. The funds may invest in underlying money market funds that either seek to maintain a
stable $1.00 net asset value (“stable share price money market funds”) or that have a share price that fluctuates (“variable share price money market funds”). Although an underlying stable share price money market fund seeks to maintain a stable $1.00 net
asset value, it is possible to lose money by investing in such a money market fund. Because the share price of an underlying variable share price money market fund will fluctuate, when a fund sells the shares it owns they may be worth more or less
than what the fund originally paid for them. In addition, neither type of money market fund is designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares under certain circumstances.
● Concentration Risk. To the extent that an underlying fund’s or the index’s portfolio is
concentrated in the securities of issuers in a particular market, industry, group of industries, sector, country or asset class, the underlying fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more vulnerable to
adverse economic, market, political, or regulatory occurrences affecting that market, industry, group of industries, sector, country or asset class.
● Foreign Investment Risk. An underlying fund’s investments in securities of foreign issuers involve certain risks that may be greater than those
associated with investments in securities of U.S. issuers. These include risks of adverse changes in foreign economic, political, regulatory and other conditions; changes in
currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges); the imposition of economic sanctions or other government restrictions; differing accounting, auditing, financial reporting and legal standards and practices; differing securities market
40
Schwab MarketTrack Portfolios | Semiannual ReportSchwab MarketTrack
Portfolios
Financial Notes, unaudited (continued)
3. Risk
Factors (continued):
structures; and higher transaction costs. These risks may negatively impact the value or liquidity of an underlying fund’s investments, and could impair the underlying fund’s ability to meet its investment objective or invest in accordance with its investment strategy. There is a risk that investments in securities denominated in, and/or receiving revenues in, foreign currencies will decline in value relative to the U.S. dollar.
● Emerging Markets Risk. Emerging market countries may be more likely to experience political turmoil or rapid changes in market or economic
conditions than more developed countries. Emerging market countries often have less uniformity in accounting, auditing, financial reporting and recordkeeping requirements and
greater risk associated with the custody of securities. In addition, the financial stability of issuers (including governments) in emerging market countries may be more precarious than in developed countries. As a result, there may be an increased risk of illiquidity and price volatility associated with an underlying fund’s investments in emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar, and, at times, it may be difficult to value such investments.
● Derivatives Risk. An underlying fund may use derivatives to enhance returns or hedge against market declines. Examples of derivatives are
options, futures, options on futures, forward contracts and swaps. An option is the right, but not the obligation, to buy or sell an instrument at a specific price on or before a
specific date. A future is an agreement to buy or sell a financial instrument at a specific price on a specific day. A forward contract is an over-the-counter derivative transaction
between two parties to buy or sell a specified amount of an underlying reference at a specified price (or rate) on a specified date in the future. A forward foreign currency contract is a derivative (forward contract) in which the underlying reference is a country’s or region’s currency. A swap is an agreement whereby two parties agree to exchange payment streams calculated in relation to a rate, index, instrument or certain securities and a predetermined amount. A credit default swap is an agreement in which the seller agrees to make a payment to the buyer in the event of a specified credit event in exchange for a fixed payment or series of fixed payments.
An underlying fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. Certain of these risks, such as leverage risk, liquidity risk and market risk are discussed elsewhere in this section. An underlying fund’s use of derivatives is also subject to counterparty risk, lack of availability risk, valuation risk, correlation risk and tax risk. Counterparty risk is the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations either because the financial condition of the counterparty declines, or because the counterparty is otherwise unable or unwilling to perform under the contract. Lack of availability risk is the risk that suitable derivative transactions may not be available in all circumstances for risk management or other purposes. Valuation risk is the risk that a particular derivative may be valued incorrectly. Correlation risk is the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Tax risk is the risk that the use of derivatives may cause an underlying fund to realize higher amounts of short-term capital gains. An underlying fund’s use of derivatives could reduce the underlying fund’s performance, increase its volatility, and could cause the underlying fund to lose more than the initial amount invested. The use of derivatives that are subject to regulation by the Commodity Futures Trading
Commission (CFTC) by an underlying fund could cause a fund to become a commodity pool, which would require the fund to comply with certain CFTC rules. An underlying fund’s use of derivatives also could create a risk of counterparty default under certain transactions, risks that a fund would need to liquidate portfolio positions when it may not be advantageous to do so in
order to meet margin and payment obligations, and legal risks relating to insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract.
● Leverage Risk. Certain underlying fund transactions, such as derivatives transactions, short sales, reverse repurchase agreements, and
mortgage dollar rolls, may give rise to a form of leverage and may expose an underlying fund to greater risk. Leverage tends to magnify the effect of any decrease or increase in the
value of an underlying fund’s portfolio securities, which means even a small amount of leverage can have a disproportionately large impact on the underlying fund.
● Liquidity Risk. An underlying fund may be unable to sell certain securities, such as illiquid securities,
readily at a favorable time or price, or the underlying fund may have to sell them at a loss.
● Portfolio Turnover Risk. Certain of the underlying funds may buy and sell portfolio securities actively. If
they do, their portfolio turnover rate and transaction costs will rise, which may lower the underlying fund’s performance and may increase the likelihood of capital gains distributions.
Please refer to the funds’ prospectus for a more complete description of the principal risks of investing in the funds.
Schwab MarketTrack Portfolios | Semiannual Report
41
Schwab MarketTrack
Portfolios
Financial Notes, unaudited (continued)
4. Affiliates and Affiliated Transactions:
Investment Adviser
Charles Schwab Investment Management, Inc., dba Schwab Asset Management, a wholly owned
subsidiary of The Charles Schwab Corporation, serves as each fund’s investment adviser and administrator pursuant to an Investment Advisory and Administration Agreement between the investment adviser and the trust.
For its advisory and administrative services to the funds, the investment adviser is entitled to receive an annual fee 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.
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
MARKETTRACK
ALL EQUITY
PORTFOLIO |
SCHWAB
MARKETTRACK
GROWTH
PORTFOLIO |
SCHWAB
MARKETTRACK
BALANCED
PORTFOLIO |
SCHWAB
MARKETTRACK
CONSERVATIVE
PORTFOLIO |
| 0.50 % |
0.50 % |
0.50 % |
0.50 % |
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.
42
Schwab MarketTrack Portfolios | Semiannual ReportSchwab MarketTrack
Portfolios
Financial Notes, unaudited (continued)
4. 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, the
funds may invest in other affiliated funds. As of April 30, 2024, each Schwab MarketTrack Portfolio’s ownership percentages of other affiliated funds’ shares are as follows:
| UNDERLYING FUNDS |
SCHWAB
MARKETTRACK
ALL EQUITY
PORTFOLIO |
SCHWAB
MARKETTRACK
GROWTH
PORTFOLIO |
SCHWAB
MARKETTRACK
BALANCED
PORTFOLIO |
SCHWAB MARKETTRACK
CONSERVATIVE PORTFOLIO |
| Schwab Fundamental Emerging Markets Large Company Index Fund |
5.2 % |
3.6 % |
1.7 % |
0.4 % |
| Schwab Fundamental International Large Company Index Fund |
2.3 % |
1.8 % |
0.9 % |
0.2 % |
| Schwab Fundamental International Small Company Index Fund |
7.5 % |
5.3 % |
2.5 % |
0.6 % |
| Schwab Fundamental US Large Company Index Fund |
1.4 % |
1.3 % |
0.6 % |
0.1 % |
| Schwab Fundamental US Small Company Index Fund |
1.6 % |
1.3 % |
0.5 % |
0.1 % |
| Schwab International Index Fund |
1.5 % |
1.2 % |
0.6 % |
0.1 % |
| Schwab S&P 500 Index Fund |
0.3 % |
0.2 % |
0.1 % |
0.0 %* |
| Schwab Short-Term Bond Index Fund |
— % |
— % |
0.4 % |
0.1 % |
| Schwab Small-Cap Index Fund |
1.2 % |
1.0 % |
0.4 % |
0.1 % |
| Schwab U.S. Aggregate Bond Index Fund |
— % |
3.2 % |
4.4 % |
2.4 % |
| Schwab U.S. Large-Cap Growth Index Fund |
3.4 % |
3.0 % |
1.4 % |
0.3 % |
| Schwab U.S. REIT ETF |
0.7 % |
0.6 % |
0.3 % |
0.1 % |
| Schwab Variable Share Price Money Fund, Ultra Shares |
— % |
0.5 % |
0.3 % |
0.1 % |
| * |
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.
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, trustees and/or officers. The net realized 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, 2024, each fund’s purchases and sales of securities with other funds in the Fund Complex as well as any realized gains (losses) were as follows:
| |
PURCHASE COST |
SALE PROCEEDS |
REALIZED GAINS (LOSSES) |
| Schwab MarketTrack All Equity Portfolio |
$39,282 |
$— |
$— |
| Schwab MarketTrack Growth Portfolio |
21,777 |
— |
— |
| Schwab MarketTrack Balanced Portfolio |
9,628 |
— |
— |
| Schwab MarketTrack Conservative Portfolio |
2,835 |
103,655 |
(5,866 ) |
Schwab MarketTrack Portfolios | Semiannual Report
43
Schwab MarketTrack
Portfolios
Financial Notes, unaudited (continued)
5. 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. For information regarding the trustees, please refer to the Trustees and Officers table at the end of this report.
During the period, the funds were participants with other funds in the Fund Complex in a joint, syndicated, committed $1 billion line of credit (the Syndicated Credit Facility), maturing on September 26, 2024. 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), maturing on September 26, 2024. 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.
For the period ended April 30, 2024, purchases and sales of securities (excluding short-term obligations) were as
follows:
| |
PURCHASES
OF SECURITIES |
SALES
OF SECURITIES |
| Schwab MarketTrack All Equity Portfolio |
$105,683,218 |
$110,297,285 |
| Schwab MarketTrack Growth Portfolio |
119,146,328 |
148,288,706 |
| Schwab MarketTrack Balanced Portfolio |
63,178,883 |
78,421,173 |
| Schwab MarketTrack Conservative Portfolio |
15,999,792 |
31,401,815 |
As of April 30, 2024, the tax basis cost of the funds’ investments and gross unrealized appreciation and depreciation were as follows:
| |
TAX COST |
GROSS UNREALIZED
APPRECIATION |
GROSS UNREALIZED
DEPRECIATION |
NET UNREALIZED
APPRECIATION (DEPRECIATION) |
| Schwab MarketTrack All Equity Portfolio |
$491,789,669 |
$353,056,904 |
($3,173,459 ) |
$349,883,445 |
| Schwab MarketTrack Growth Portfolio |
573,100,648 |
339,846,644 |
(20,428,858 ) |
319,417,786 |
| Schwab MarketTrack Balanced Portfolio |
425,813,407 |
159,801,391 |
(26,275,186 ) |
133,526,205 |
| Schwab MarketTrack Conservative Portfolio |
174,442,106 |
35,068,282 |
(13,879,111 ) |
21,189,171 |
44
Schwab MarketTrack Portfolios | Semiannual
ReportSchwab MarketTrack
Portfolios
Financial Notes, unaudited (continued)
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, 2024. The tax basis components of distributions paid during the fiscal year ended October 31, 2023 were as follows:
| |
PRIOR FISCAL YEAR END DISTRIBUTIONS | |
| |
ORDINARY
INCOME
|
LONG-TERM
CAPITAL
GAINS
|
| Schwab MarketTrack All Equity Portfolio |
$10,865,426 |
$22,576,990 |
| Schwab MarketTrack Growth Portfolio |
13,427,485 |
21,873,115 |
| Schwab MarketTrack Balanced Portfolio |
9,217,623 |
11,728,548 |
| Schwab MarketTrack Conservative Portfolio |
5,105,118 |
4,720,064 |
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, 2023, 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, 2023, the funds did not incur any interest or penalties.
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 Report
45
Schwab MarketTrack
Portfolios
Trustees and Officers
The tables below give information about the trustees and officers of Schwab Capital
Trust, which includes the funds covered in this report. The “Fund Complex” includes The Charles Schwab Family of Funds, Schwab Capital Trust, Schwab Investments, Schwab
Annuity Portfolios, Schwab Strategic Trust and Laudus Trust. The Fund Complex includes 106 funds.
The address for all trustees and officers is 211 Main Street, San Francisco, CA 94105. You
can find more information about the trustees and officers in the funds’ Statement of Additional Information, which is available free by calling 1-877-824-5615.
| Independent Trustees | |||
| Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) |
Principal Occupations
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee |
Other Directorships |
| Michael J. Beer 1961
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022) |
Retired. Director, President and Chief Executive Officer
(Dec. 2016 – Sept. 2019), Principal Funds (investment
management). |
106 |
Director (2016 – 2019), Principal Funds, Inc. |
| Robert W. Burns 1959
Trustee (Trustee of Schwab Strategic Trust since 2009; The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2016) |
Retired/Private Investor. |
106 |
None |
| Nancy F. Heller 1956
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2018) |
Retired. |
106 |
None |
| David L. Mahoney 1954
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2011; Schwab Strategic Trust since 2016) |
Private Investor. |
106 |
Director (2004 – present), Corcept Therapeutics Incorporated
Director (2009 – 2021),
Adamas Pharmaceuticals, Inc. Director (2003 – 2019), Symantec Corporation |
| Jane P. Moncreiff 1961
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2019) |
Consultant (2018 – present), Fulham Advisers LLC (management consulting); Chief Investment Officer (2009 – 2017), CareGroup Healthcare System, Inc. (healthcare). |
106 |
None |
46
Schwab MarketTrack Portfolios | Semiannual ReportSchwab MarketTrack
Portfolios
| Independent Trustees (continued) | |||
| Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) |
Principal Occupations
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee |
Other Directorships |
| Kimberly S. Patmore 1956
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2016) |
Consultant (2008 – present), Patmore Management Consulting
(management consulting). |
106 |
None |
| J. Derek Penn 1957
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2021) |
Head of Equity Sales and Trading (2006 – 2018), BNY Mellon (financial
services). |
106 |
None |
| Interested Trustees | |||
| Name, Year of Birth, and Position(s) with the trust (Terms of office, and length of Time Served1) |
Principal Occupations
During the Past Five Years |
Number of
Portfolios in
Fund Complex
Overseen by
the Trustee |
Other Directorships |
| Walter W. Bettinger II2 1960
Chairman and Trustee
(Trustee of The Charles Schwab
Family of Funds, Schwab
Investments, Schwab Capital Trust
and Schwab Annuity Portfolios since
2008; Schwab Strategic Trust since
2009; Laudus Trust since 2010) |
Co-Chairman of the Board (July 2022 – present), Director and Chief
Executive Officer (Oct. 2008 – present) and President
(Feb. 2007 – Oct. 2021), The Charles Schwab Corporation;
President and Chief Executive Officer (Oct. 2008 – Oct. 2021)
and Director (May 2008 – Oct. 2021), Charles Schwab &
Co., Inc.; Co-Chairman of the Board (July 2022 – present) and
Director (Apr. 2006 – present), Charles Schwab Bank, SSB;
Co-Chairman of the Board (July 2022 – present) and Director
(Nov. 2017 – present), Charles Schwab Premier Bank, SSB;
Co-Chairman of the Board (July 2022 – present) and Director
(July 2019 – present), Charles Schwab Trust Bank; Director
(May 2008 – present), Chief Executive Officer (Aug. 2017 – present)
and President (Aug. 2017 – Nov. 2021), Schwab Holdings, Inc.;
Manager (Sept. 2023 – present), TD Ameritrade Holding LLC;
Director (Oct. 2020 – Aug. 2023), TD Ameritrade Holding
Corporation; Director (July 2016 – Oct. 2021), Charles Schwab
Investment Management, Inc. |
106 |
Director (2008 – present), The Charles Schwab Corporation |
| Richard A. Wurster2 1973
Trustee (Trustee of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2022) |
President (Oct. 2021 – present) and Executive Vice President – Schwab
Asset Management Solutions (Apr. 2019 – Oct. 2021), The Charles
Schwab Corporation; President, Director (Oct. 2021 –
present), Executive Vice President – Schwab Asset Management
Solutions (July 2019 – Oct. 2021) and Senior Vice President
– Advisory (May 2016 – July 2019), Charles Schwab &
Co., Inc.; President (Nov. 2021 – present), Schwab Holdings,
Inc.; Director (Oct. 2021 – present) and Chief Executive
Officer (Nov. 2019 – Jan. 2022), Charles Schwab Investment
Management, Inc.; Director, Chief Executive Officer and President
(Mar. 2018 – Oct. 2022), Charles Schwab Investment Advisory,
Inc.; Chief Executive Officer (July 2016 – Apr. 2018) and
President (Mar. 2017 – Apr. 2018), ThomasPartners, Inc.; Chief Executive
Officer (July 2016 – Apr. 2018), Windhaven Investment
Management, Inc. |
106 |
None |
Schwab MarketTrack Portfolios | Semiannual Report
47
Schwab MarketTrack
Portfolios
| Officers of the Trust | |
| Name, Year of Birth, and Position(s) with the
trust (Terms of office, and length of Time Served3) |
Principal Occupations During the Past Five
Years |
| Omar Aguilar 1970
Chief Executive Officer, President and Chief Investment
Officer (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios, Schwab Strategic Trust and Laudus Trust since 2011) |
Chief Executive Officer (Jan. 2022 – present), President (Oct. 2023 – present), (Chief
Investment Officer (Apr. 2011 – present) and Senior Vice President (Apr. 2011 – Jan.
2022), Charles Schwab Investment Management, Inc.; Director, Chief Executive Officer
and President (Oct. 2022 – present), Charles Schwab Investment Advisory, Inc.;
Chief Executive Officer (Sept. 2023 – present), President (Oct. 2023 –
present), Chief Investment Officer (June 2011 – present) and Vice President
(June 2011 – Sept. 2023), Schwab Funds, Laudus Trust and Schwab
ETFs. |
| Mark Fischer 1970
Chief Operating Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2013) |
Chief Operating Officer (Dec. 2020 – present) and Treasurer and Chief Financial Officer
(Jan. 2016 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Chief Financial
Officer (Mar. 2020 – present), Chief Operating Officer (Oct. 2023 –
present), Managing Director (Mar. 2023 – present) and Vice President (Oct.
2013 – Mar. 2023), Charles Schwab Investment Management, Inc.
|
| Dana Smith 1965
Treasurer and Chief Financial Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2023) |
Treasurer and Chief Financial Officer (Jan. 2023 – present) and Assistant Treasurer (Dec. 2015 – Dec. 2022), Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director
(Mar. 2023 – present), Vice President (Mar. 2022 – Mar. 2023) and Director
(Oct. 2015 – Mar. 2022), Charles Schwab Investment Management, Inc.; Managing
Director (May 2022 – present) and Vice President (Apr. 2022 – May 2022),
Charles Schwab & Co., Inc. |
| Patrick Cassidy 1964
Vice President and Chief Investment Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2018) |
Chief Investment Officer (Oct. 2023 – present) and Vice President (Feb. 2018 – present),
Schwab Funds, Laudus Trust and Schwab ETFs; Managing Director (Mar. 2023 – present),
Chief Investment Officer (Oct. 2023 – present), and Senior Vice President
(Oct. 2012 – Mar. 2023), Charles Schwab Investment Management,
Inc. |
| William P. McMahon, Jr. 1972
Vice President and Chief Investment Officer
(Officer of The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity
Portfolios, Schwab Strategic Trust and Laudus Trust since
2021) |
Managing Director (Mar. 2023 – present), Senior Vice President (Jan. 2020 – Mar. 2023) and
Chief Investment Officer (Jan. 2020 – present) Charles Schwab Investment
Management, Inc.; Vice President and Chief Investment Officer (June 2021 – present),
Schwab Funds, Laudus Trust and Schwab ETFs; Senior Vice President and Chief
Investment Officer – ThomasPartners Strategies (Apr. 2018 – Dec. 2019),
Charles Schwab Investment Advisory, Inc.; Senior Vice President and Chief Investment
Officer (May 2001 – Apr. 2018), ThomasPartners, Inc. |
| Catherine MacGregor 1964
Chief Legal Officer and Secretary, Schwab Funds and
Schwab ETFs Chief Legal Officer, Vice President and Clerk, Laudus Trust (Officer of The Charles Schwab Family of Funds, Schwab Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust since 2005; Schwab Strategic Trust since 2009) |
Chief Legal Officer (Mar. 2022 – present), Managing Director (Mar. 2023 – present) and Vice
President (Sept. 2005 – Mar. 2023), Charles Schwab Investment Management, Inc.;
Managing Director (May 2022 – present) and Vice President (Aug. 2005 –
May 2022), Charles Schwab & Co., Inc.; Vice President (Dec. 2005 –
present) and Chief Legal Officer and Clerk (Mar. 2007 – present), Laudus
Trust; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President
(Nov. 2005 – Oct. 2021) and Assistant Secretary (June 2007 – Oct. 2021),
Schwab Funds; Chief Legal Officer and Secretary (Oct. 2021 – present), Vice President and
Assistant Secretary (Oct. 2009 – Oct. 2021), Schwab ETFs. |
1
Each Trustee shall hold office until the election and qualification of his or her successor, or until he or she dies, resigns or is removed. The retirement policy requires that each independent trustee retire by December 31 of the year in which the Trustee turns 74 or the Trustee’s twentieth year of service as an independent trustee on any trust in the Fund Complex, whichever occurs first.
2
Mr. Bettinger and Mr. Wurster are Interested Trustees. Mr. Bettinger and Mr. Wurster are
Interested Trustees because each owns stock of The Charles Schwab Corporation (CSC), the parent company of Charles Schwab Investment Management, Inc., the investment adviser
for the trusts in the Fund Complex, and is an employee of Charles Schwab & Co., Inc. (Schwab), the principal underwriter for The Charles Schwab Family of Funds, Schwab
Investments, Schwab Capital Trust, Schwab Annuity Portfolios and Laudus Trust.
3
The President, Treasurer and Secretary/Clerk hold office until their respective successors are chosen and qualified or until he or she sooner dies, resigns, is removed or becomes disqualified. Each of the other officers serves at the pleasure of the Board.
48
Schwab MarketTrack Portfolios | Semiannual ReportSchwab MarketTrack
Portfolios
Glossary
All Equity
Composite Index A custom blended index developed by Schwab Asset Management based on a comparable portfolio
asset allocation. Effective March 1, 2024, the index is composed of 27.34% S&P 500 Index, 9.0% Russell 1000
Growth Index, 13.5% Russell RAFI US Large Company Index, 8.09% Russell 2000 Index, 3.42% Russell RAFI US Small
Company Index, 16.07% MSCI EAFE Index (Net), 7.08% Russell RAFI Developed ex US Large Company Index (Net), 5.0%
Russell RAFI Developed ex US Small Company Index (Net), 5.0% Russell RAFI Emerging Markets Large Company Index
(Net), 5.0% Dow Jones Equity All REIT Capped Index, and 0.5% Bloomberg US Treasury Bills 1-3 Month Index. From
February 28, 2020 to February 29, 2024, the index was composed of 31.33% S&P 500 Index, 5.0% Russell 1000
Growth Index, 13.5% Russell RAFI US Large Company Index, 10.33% Russell 2000 Index, 4.5% Russell RAFI US Small
Company Index, 13.83% MSCI EAFE Index (Net), 6.0% Russell RAFI Developed ex US Large Company Index (Net), 5.0%
Russell RAFI Developed ex US Small Company Index (Net), 5.0% Russell RAFI Emerging Markets Large Company Index
(Net), 5.0% Dow Jones U.S. Select REIT Index, and 0.5% Bloomberg US Treasury Bills 1-3 Month Index. From December 1, 2014 through February 27, 2020, the index was composed of 31.33% S&P 500 Index, 17.33% Russell 2000 Index, 13.50% Russell
RAFI US Large Company Index, 7.50% Russell RAFI US Small Company Index, 13.83% MSCI EAFE Index (Net), 6% Russell
RAFI Developed ex US Large Company Index (Net), 5% Russell RAFI Developed ex US Small Company Index (Net), 5%
Russell RAFI Emerging Markets Large Company Index (Net), and 0.5% Bloomberg US Treasury Bills 1-3 Month Index.
From March 1, 2014 through November 30, 2014, the index was composed of 45% S&P 500 Index, 25% Russell 2000 Index and 30% MSCI EAFE Index (Net). On March 1, 2014, the combination of the S&P 500 Index and Russell 2000 Index replaced the
Dow Jones U.S. Total Stock Market Index in the custom index. Prior to March 1, 2014, the index was composed of
70% Dow Jones U.S. Total Stock Market Index and 30% MSCI EAFE Index (Net). Percentages listed may not total to
100% due to rounding.
asset allocation The practice of dividing a portfolio among different asset classes, with each asset class assigned a particular
percentage.
asset class A group of securities with similar structure and basic characteristics. Stocks, bonds and cash are the three main
examples of asset classes.
Balanced Composite Index A custom blended index developed by Schwab Asset Management based on a comparable portfolio asset allocation. Effective March 1, 2024, the index is composed of
18.5% S&P 500 Index, 5.5% Russell 1000 Growth Index, 9.0% Russell RAFI US Large Company Index, 4.2% Russell
2000 Index, 1.8% Russell RAFI US Small Company Index, 9.1% MSCI EAFE Index (Net), 3.9% Russell RAFI Developed ex
US Large Company Index (Net), 2.5% Russell RAFI Developed ex US Small Company Index (Net), 2.5% Russell RAFI
Emerging Markets Large Company Index (Net), 3.0% Dow Jones All REIT Capped Index, 35.0% Bloomberg US Aggregate
Bond Index, 1.0% Bloomberg US Government/Credit 1-5 Year Index, and 4.0% Bloomberg US Treasury Bills 1-3 Month
Index. From February 28, 2020 to February 29, 2024, the index was composed of 21% S&P 500 Index, 3.0% Russell
1000 Growth Index, 9.0% Russell RAFI US Large Company Index, 6.3% Russell 2000 Index, 2.7% Russell RAFI US Small
Company Index, 7.0% MSCI EAFE Index (Net), 3.0% Russell RAFI Developed ex US Large Company Index (Net), 2.5%
Russell RAFI Developed ex US Small Company Index (Net), 2.5% Russell RAFI Emerging Markets Large Company Index
(Net), 3.0% Dow Jones U.S. Select REIT Index, 35.0% Bloomberg US Aggregate Bond Index, 1.0% Bloomberg US
Government/Credit 1-5 Year Index, and 4.0% Bloomberg US Treasury Bills 1-3 Month Index. From December 1, 2014
through February 27, 2020, the Balanced Composite Index was composed of 21% S&P 500 Index, 10.5% Russell 2000 Index, 9% Russell RAFI US Large Company Index, 4.5% Russell RAFI US
Small Company Index, 7% MSCI EAFE Index (Net), 3% Russell RAFI Developed ex US Large Company Index (Net), 2.5%
Russell RAFI Developed ex US Small Company Index (Net), 2.5% Russell RAFI Emerging Markets Large Company Index
(Net), 35% Bloomberg US Aggregate Bond Index, and 5% Bloomberg US Treasury Bills 1-3 Month Index. From March 1,
2014 through November 30, 2014, the index was composed of 30% S&P 500 Index, 15% Russell 2000 Index, 15% MSCI
EAFE Index (Net), 35% Bloomberg US Aggregate Bond Index, and 5% Bloomberg US Treasury Bills 1-3 Month Index. On
March 1, 2014, the combination of the S&P 500 Index and Russell 2000 Index replaced the Dow Jones U.S. Total
Stock Market Index in the custom index. Prior to March 1, 2014, the index was composed of 45% Dow Jones U.S. Total
Stock Market Index, 15% MSCI EAFE Index (Net), 35% Bloomberg US Aggregate Bond Index, and 5% Bloomberg US
Treasury Bills 1-3 Month Index. Percentages listed may not total to 100% due to rounding.
Bloomberg US Aggregate Bond Index An index that is a broad-based
benchmark measuring the performance of the U.S. investment grade, taxable bond market, including U.S. Treasuries,
government-related and corporate bonds, mortgage pass-through securities, commercial mortgage-backed securities,
and asset-backed securities that are publicly available for sale in the United States. To be eligible for
inclusion in the index, securities must be fixed rate, non-convertible, U.S. dollar-denominated with at least
$300 million or more of outstanding face value and have one or more years remaining to maturity. The index
excludes certain types of securities, including tax-exempt state and local government series bonds, structured notes embedded with swaps or other special features, private placements, floating rate securities, inflation-linked bonds and
Eurobonds. The index is market capitalization weighted and the securities in the index are updated on the last
business day of each month.
Bloomberg US
Government/Credit 1–5 Year Index An index that is a broad-based benchmark measuring the performance
of U.S. dollar-denominated U.S. Treasury bonds, government related bonds (i.e., U.S. and non-U.S. agencies,
sovereign, quasi-sovereign, supranational and local authority debt) and investment grade U.S. corporate bonds
that have a remaining maturity of greater than or equal to one year and less than five years. To be eligible for inclusion in the index, securities must be fixed rate, non-convertible, U.S. dollar-denominated with at least $300 million or more of
outstanding face value and have a remaining maturity greater than or equal to one year and less than five years.
The index excludes certain types of securities, including, bonds with equity type features (e.g., warrants,
convertibles and preferreds), tax-exempt municipal securities, inflation-linked bonds, floating rate issues, strips, private placements, U.S. dollar-denominated 25 and 50 par retail bonds, structured notes and pass-through certificates. The index is market
capitalization weighted and the securities in the index are updated on the last business day of each
month.
Bloomberg US Treasury Bills 1–3 Month
Index An index that includes all publicly issued zero-coupon U.S. Treasury Bills that have a remaining
maturity of less than 3 months but more than 1 month, are rated investment grade and have $300 million or more of
outstanding face value. It excludes zero-coupon STRIPS.
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bond A security representing a loan from the investor to the issuer. A bond typically pays interest at a fixed rate (the coupon rate) until a specified date (the maturity date), at which time the
issuer returns the money borrowed (principal or face value) to the bondholder. Because of their structure, bonds
are sometimes called “fixed-income securities” or “debt securities.”
An individual bond is subject to the credit risk of the issuer. Changes in interest rates
can affect a bond’s market value prior to call or maturity. There is no guarantee that a bond’s yield to call or maturity will provide a positive return over the rate of inflation.
bond fund A bond fund is subject to the same credit, interest rate, and inflation risks as bonds. In addition, a bond fund incurs ongoing fees and expenses. A bond fund’s net asset value will
fluctuate with the price of the underlying bonds and the portfolio turnover activity; return of principal is not
guaranteed.
cap, capitalization See “market cap.”
capital gain, capital loss the difference between the amount paid for an investment and its value at a later time. If the investment has been sold, the capital gain or loss is considered a
realized gain or loss. If the investment is still held, the capital gain or loss is considered unrealized
appreciation or depreciation.
Conservative Composite Index A custom blended index developed by Schwab Asset Management based on a comparable portfolio asset allocation. Effective March 1, 2024, the index is composed of
13.0% S&P 500 Index, 3.0% Russell 1000 Growth Index, 6.0% Russell RAFI US Large Company Index, 6.07% MSCI
EAFE Index (Net), 2.8% Russell 2000 Index, 1.2% Russell RAFI US Small Company Index, 2.6% Russell RAFI Developed
ex US Large Company Index (Net), 1.67% Russell RAFI Developed ex US Small Company Index (Net), 1.66% Russell RAFI
Emerging Markets Large Company Index (Net), 2.0% Dow Jones Equity All REIT Capped Index, 55.0% Bloomberg US
Aggregate Bond Index, 1.0% Bloomberg US Government/Credit 1-5 Year Index, and 4.0% Bloomberg US Treasury Bills
1-3 Month Index. From February 28, 2020 to February 29, 2024, the index was composed of 14.0% S&P 500 Index,
2.0% Russell 1000 Growth Index, 6.0% Russell RAFI US Large Company Index, 4.67% MSCI EAFE Index (Net), 4.2% Russell 2000 Index, 1.8% Russell RAFI US Small Company Index, 2.0% Russell RAFI Developed ex US Large Company Index (Net), 1.67% Russell
RAFI Developed ex US Small Company Index (Net), 1.67% Russell RAFI Emerging Markets Large Company Index (Net),
2.0% Dow Jones U.S. Select REIT Index, 55.0% Bloomberg US Aggregate Bond Index, 1.0% Bloomberg US
Government/Credit 1-5 Year Index, and 4.0% Bloomberg US Treasury Bills 1-3 Month Index. From December 1, 2014,
through February 27, 2020, the index was composed of 14.0% S&P 500 Index, 7.0% Russell 2000 Index, 6.0% Russell RAFI US Large Company Index, 3.0% Russell RAFI US Small Company Index, 4.67% MSCI EAFE Index (Net), 2.0% Russell RAFI Developed ex US Large
Company Index (Net), 1.67% Russell RAFI Developed ex US Small Company Index (Net), 1.67% Russell RAFI Emerging
Markets Large Company Index (Net), 55.0% Bloomberg US Aggregate Bond Index, and 5.0% Bloomberg US Treasury Bills
1-3 Month Index. From March 1, 2014 through November 30, 2014, the index was composed of 20% S&P 500 Index,
10% Russell 2000 Index, 10% MSCI EAFE Index (Net), 55% Bloomberg US Aggregate Bond Index, and 5% Bloomberg US
Treasury Bills 1-3 Month Index. On March 1, 2014, the combination of the S&P 500 Index and Russell 2000 Index
replaced the Dow Jones U.S. Total Stock Market Index in the custom index. Prior to March 1, 2014, the index was
composed of 30% Dow Jones U.S. Total Stock Market Index, 10% MSCI EAFE Index (Net), 55% Bloomberg US Aggregate
Bond Index, and 5% Bloomberg US Treasury Bills 1-3 Month Index. Percentages listed may not total to 100% due to rounding.
Dow Jones Equity All REIT Capped
Index A float-adjusted market cap weighted index that is designed to measure all equity real estate investment trusts (REITs) in the Dow Jones U.S. Total Stock Market Index, as defined by the S&P Dow Jones Indices
REIT/RESI Industry Classification Hierarchy, that meet the minimum float market capitalization (FMC) and
liquidity thresholds. The aggregate weight of all companies weighing more than 4.5% cannot exceed 22.5%, and no
single company’s weight can exceed 10%. The index is reviewed daily based on each company’s capped
market capitalization weight. Daily capping is only performed when the sum of companies with weights greater than
5% exceeds 25%.
Dow Jones U.S. Select REIT Index An index that is a float-adjusted market-capitalization weighted index comprised of income-producing commercial and/or residential real estate investment trusts (REITs). The index excludes mortgage REITs, net-lease REITs, real
estate finance companies, mortgage brokers and bankers, commercial and residential real estate brokers and estate
agents, homebuilders, large landowners and sub-dividers of unimproved land, hybrid REITs, timber REITs and
companies that have more than 25% of their assets in direct mortgage investments.
Dow Jones U.S. Total Stock Market Index An index which includes all U.S. equity issues with readily available prices. The index is a float-adjusted market capitalization weighted index that reflects the shares of securities actually available to investors in
the marketplace.
expense ratio The amount that is taken from a mutual fund’s assets each year to cover the fund’s operating expenses. An
expense ratio of 0.50% means that a fund’s expenses amount to half of one percent of its average net assets
a year.
Growth Composite Index A custom blended index developed by Schwab Asset Management based on a comparable portfolio asset allocation. Effective March 1, 2024, the index is composed of 24.0% S&P 500 Index, 7.3% Russell 1000 Growth Index, 12.0%
Russell RAFI US Large Company Index, 6.1% Russell 2000 Index, 2.61% Russell RAFI US Small Company Index, 12.13%
MSCI EAFE Index (Net), 5.2% Russell RAFI Developed ex US Large Company Index (Net), 3.33% Russell RAFI Developed
ex US Small Company Index (Net), 3.33% Russell RAFI Emerging Markets Large Company Index (Net), 4.0% Dow Jones Equity All REIT Capped Index, 16.0% Bloomberg US Aggregate Bond Index, and 4.0% Bloomberg US Treasury Bills 1-3 Month Index. From
February 28, 2020 to February 29, 2024, the index was composed of 28.0% S&P 500 Index, 3.3% Russell 1000
Growth Index, 12.0% Russell RAFI US Large Company Index, 8.9% Russell 2000 Index, 3.8% Russell RAFI US Small
Company Index, 9.33% MSCI EAFE Index (Net), 4.0% Russell RAFI Developed ex US Large Company Index (Net), 3.33%
Russell RAFI Developed ex US Small Company Index (Net), 3.33% Russell RAFI Emerging Markets Large Company Index
(Net), 4.0% Dow Jones U.S. Select REIT Index, 16.0% Bloomberg US Aggregate Bond Index, and 4.0% Bloomberg US
Treasury Bills 1-3 Month Index. From December 1, 2014 through February 27, 2020, the Growth Composite Index was
composed of 28% S&P 500 Index, 14% Russell 2000 Index, 12% Russell RAFI US Large Company Index, 6% Russell RAFI US Small Company Index, 9.33% MSCI EAFE Index (Net), 4% Russell RAFI Developed ex US Large Company Index (Net), 3.33% Russell RAFI
Developed ex US Small Company Index (Net), 3.33% Russell RAFI Emerging Markets Large Company Index (Net), 15%
Bloomberg US Aggregate Bond Index, and 5% Bloomberg US Treasury Bills 1-3 Month Index. From March 1, 2014 through
November 30, 2014, the index was composed of 40% S&P 500 Index, 20% Russell 2000 Index, 20% MSCI EAFE Index
(Net), 15% Bloomberg US Aggregate Bond Index, and 5% Bloomberg US Treasury Bills 1-3 Month Index. On March 1, 2014, the combination of the S&P 500 Index and Russell 2000 Index replaced the Dow Jones U.S. Total Stock Market Index in the custom
index. Prior to
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Schwab MarketTrack
Portfolios | Semiannual ReportSchwab MarketTrack
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March 1, 2014 the index was composed of 60% Dow Jones U.S. Total Stock Market Index, 20% MSCI EAFE Index (Net), 15% Bloomberg
US Aggregate Bond Index, and 5% Bloomberg US Treasury Bills 1-3 Month Index. Percentages listed may not total to
100% due to rounding.
market cap, market capitalization The value of a company as determined by the total value of all shares of its stock outstanding.
MSCI EAFE Index (Net) A free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets in Europe, Australasia, and the Far East. The Net version of the index reflects reinvested dividends net of
withholding taxes, but reflects no deductions for expenses or other taxes; returns are calculated applying
dividend withholding rates applicable to non-resident persons who do not benefit from double taxation treaties.
net asset value (NAV) The value of one share of a mutual fund. NAV is calculated by taking the fund’s total assets, subtracting
liabilities, and dividing by the number of shares outstanding.
outstanding shares, shares outstanding When speaking of a company or mutual fund, indicates all shares currently held by investors.
price-to-book ratio (P/B) The market price of a company’s stock compared with its “book value.” A mutual fund’s P/B is the weighted average of the P/B of all stocks in the
fund’s portfolio.
price-to-earnings ratio
(P/E) The market price of a company’s stock compared with earnings over the past year. A mutual
fund’s P/E is the weighted average of the P/E of all stocks in the fund’s portfolio.
return on equity (ROE) The average yearly rate of return for each
dollar of investors’ money, measured over the past five years.
Russell 1000 Growth Index An index that measures the performance
of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth
values.
Russell 1000 Index An index that measures the performance of the 1,000 largest companies in the Russell 3000 Index, and represents approximately 92% of the total market capitalization of the Russell 3000 Index. The Russell 3000 Index measures the
performance of the largest 3,000 U.S. companies representing approximately 98% of the investable U.S. equity
market.
Russell 2000 Index An index that measures the performance of the 2,000 smallest companies in the Russell 3000 Index. The Russell 3000
Index measures the performance of the largest 3,000 U.S. companies representing approximately 98% of the
investable U.S. equity market.
Russell RAFI Developed ex
US Large Company Index (Net) An index that ranks developed ex-U.S. companies in the FTSE Global Total Cap
Index by fundamental measures of size and tracks the performance of those companies whose fundamental scores are
in the top 87.5%. The index uses a partial quarterly reconstitution methodology in which the index is split into
four equal segments at the annual reconstitution and each segment is then rebalanced on a rolling quarterly basis. The Net series reduces index performance by adjusting for local taxes. Selecting the developed ex-U.S. companies in the FTSE Global
Total Cap Index measures the performance of the largest investable securities in developed countries globally,
excluding companies assigned to the United States.
Russell RAFI Developed ex US Small Company Index
(Net) An index that ranks developed ex-U.S. companies in the FTSE Global Total Cap Index by fundamental measures of size and tracks the performance of those companies whose fundamental scores rank below the
87.5% threshold. The index uses a partial quarterly reconstitution methodology in which the index is split into
four equal segments at the annual reconstitution and each segment is then rebalanced on a rolling quarterly
basis. The Net series reduces index performance by adjusting for local taxes. Selecting the developed ex-U.S. companies in the FTSE Global Total Cap Index measures the performance of the smallest investable securities in developed countries globally,
excluding companies assigned to the United States.
Russell RAFI Emerging Markets Large Company Index (Net) An index that ranks emerging market companies in the FTSE Global Total Cap Index by measures of fundamental size and tracks the
performance of those companies whose fundamental scores are in the top 87.5%. The index uses a partial quarterly
reconstitution methodology in which the index is split into four equal segments at the annual reconstitution and
each segment is then rebalanced on a rolling quarterly basis. The Net series reduces index performance by
adjusting for local taxes. Selecting the emerging companies in the FTSE Global Total Cap Index measures the
performance of the investable securities in emerging markets globally.
Russell RAFI US Large Company Index An index that ranks U.S. companies in the FTSE Global Total Cap Index. The Russell RAFI US Large Company Index includes only those securities that are
members of the U.S. portion whose fundamental scores are in the top 87.5%. The index uses a partial quarterly
reconstitution methodology in which the index is split into four equal segments at the annual reconstitution and
each segment is then rebalanced on a rolling quarterly basis.
Russell RAFI US Small Company Index An index that ranks U.S. companies in the FTSE Global Total Cap Index. The Russell RAFI US Small Company Index includes only those securities that are
members of the U.S. portion and rank below the 87.5% fundamental score threshold. The index uses a partial
quarterly reconstitution methodology in which the index is split into four equal segments at the annual
reconstitution and each segment is then rebalanced on a rolling quarterly basis.
S&P 500 Index An index that is designed to measure the
performance of 500 leading publicly traded companies from a broad range of industries.
stock A share of ownership, or equity, in the issuing
company.
total return The percentage that an investor would have earned or lost on an investment in the fund assuming dividends and
distributions were reinvested.
weighted average For mutual funds, an average that gives the same weight to each security as the security represents in the fund’s portfolio.
yield The income paid out by an investment, expressed as a percentage of the investment’s market value.
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Schwab Asset Management
With a straightforward lineup of core products and solutions for building the
foundation of a portfolio, Schwab Asset Management advocates for investors of all sizes with a steadfast focus on lowering costs and reducing unnecessary complexity. The list
below shows all currently available Schwab Funds®.
Investors should carefully consider information contained in the prospectus, or if available, the summary prospectus, including investment objectives, risks, charges and expenses before investing. Please call 1-877-824-5615 for a prospectus for any Schwab Fund. Please read the prospectus carefully before you invest. This report must be preceded or accompanied by a current prospectus.
Proxy Voting Policies, Procedures and Results
A description of the proxy voting policies and procedures used to determine how to vote proxies on behalf of the funds is available without charge, upon request, by visiting the Schwab Funds’ website at
www.schwabassetmanagement.com/schwabfunds_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/schwabfunds_prospectus or the SEC’s website at www.sec.gov.
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
Schwab International Opportunities Fund
Schwab Select Large Cap Growth Fund
Schwab Fundamental US Large Company Index Fund
Schwab Fundamental US Small Company Index Fund
Schwab Fundamental International Large Company Index Fund
Schwab Fundamental International Small Company Index Fund
Schwab Fundamental Emerging Markets Large Company Index Fund
Schwab Fundamental Global Real Estate
Index Fund
Schwab Global Real Estate Fund
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 Growth Index Fund
Schwab U.S.
Large-Cap Value Index Fund
Schwab U.S. Mid-Cap Index Fund
Schwab International Index Fund®
Asset Allocation Funds
Schwab
Balanced Fund
Schwab MarketTrack Portfolios®
Schwab Target
Funds
Schwab Target Index Funds
Schwab Monthly Income Funds
Bond Funds
Schwab Treasury Inflation Protected Securities Index Fund
Schwab U.S. Aggregate Bond Index Fund
Schwab
Short-Term Bond Index Fund
Schwab Tax-Free Bond Fund1
Schwab California
Tax-Free Bond Fund1
Schwab Opportunistic Municipal Bond Fund
Schwab Money Funds2
Schwab provides a broad choice of taxable and tax-exempt money market funds for both retail and institutional client types.
Investment Adviser
Charles Schwab Investment Management, Inc., dba Schwab Asset Management
211 Main Street, San Francisco, CA 94105
Funds
Schwab Funds
1-877-824-5615
© 2024 Charles Schwab & Co., Inc. All rights reserved.
Member SIPC®
Printed on recycled paper.
Member SIPC®
Printed on recycled paper.
¹
State, local, and the Federal Alternative Minimum Tax may apply. Capital gains are not exempt from Federal Taxation.
²
You could lose money by investing in the Schwab Money Funds. All Schwab Money Funds with the exception of Schwab Variable Share Price Money Fund seek to preserve the value of your investment at $1.00 per share, but cannot guarantee they will do so. Because the share price of Schwab Variable Share Price Money Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. All Schwab Money Funds with the exception of Schwab Government Money Fund, Schwab Retirement Government Money Fund, Schwab U.S. Treasury Money Fund, Schwab Treasury Obligations Money Fund and Schwab Government Money Market Portfolio may impose a fee upon the sale of your shares if the Fund’s Board determines that the fee is in the best interests of the Fund. An investment in the Schwab Money Funds is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Schwab Money Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.
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 as part of the report to shareholders filed under Item 1 of this Form.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
The financial statements and financial highlights are included as part of the report to shareholders filed under Item 1 of this Form.
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 as part of the report to shareholders filed under Item 1 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) Code of ethics – not applicable to this semi-annual report. |
| (2) | Not applicable. |
| (3) |
| (b) |
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) Schwab Capital Trust
| By: | /s/ Omar Aguilar | |
| Omar Aguilar Principal Executive Officer | ||
| Date: June 17, 2024 | ||
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By: | /s/ Omar Aguilar | |
| Omar Aguilar Principal Executive Officer | ||
| Date: June 17, 2024 | ||
| By: | /s/ Dana Smith | |
| Dana Smith Principal Financial Officer | ||
| Date: June 17, 2024 | ||