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)

 

 

Jonathan de St. Paer

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, 2022

 

 

 

Item 1: Report(s) to Shareholders.

(CHARLES SCHWAB ASSET MANAGMENT LOGO)
Semiannual Report  |  April 30, 2022
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
Schwab U.S. Large-Cap Value
Index Fund
Schwab U.S. Mid-Cap Index Fund
Schwab International Index Fund®

 

Eight cost-efficient ways to tap into the power of the stock market for long-term growth potential.
In This Report
Performance at a Glance 2
The Investment Environment 3
Fund Management 5
Performance and Fund Facts  
Schwab S&P 500 Index Fund 7
Schwab 1000 Index Fund 9
Schwab Small-Cap Index Fund 11
Schwab Total Stock Market Index Fund 13
Schwab U.S. Large-Cap Growth Index Fund 15
Schwab U.S. Large-Cap Value Index Fund 17
Schwab U.S. Mid-Cap Index Fund 19
Schwab International Index Fund 21
Fund Expenses 23
Financial Statements and Portfolio Holdings  
Schwab S&P 500 Index Fund 24
Schwab 1000 Index Fund 34
Schwab Small-Cap Index Fund 48
Schwab Total Stock Market Index Fund 70
Schwab U.S. Large-Cap Growth Index Fund 103
Schwab U.S. Large-Cap Value Index Fund 113
Schwab U.S. Mid-Cap Index Fund 126
Schwab International Index Fund 138
Financial Notes 151
Trustees and Officers 163
Glossary 166
Fund investment adviser: Charles Schwab Investment Management, Inc., dba Schwab Asset ManagementTM
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.
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Table of Contents
Schwab 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, 2022
Schwab S&P 500 Index Fund
(Ticker Symbol: SWPPX) 		-9.66%
S&P 500® Index -9.65%
Fund Category: Morningstar Large Blend1 -9.87%
Performance Details pages 7-8
Schwab 1000 Index Fund
(Ticker Symbol: SNXFX) 		-11.58%
Schwab 1000 Index® -11.56%
Russell 1000® Index -11.29%
Fund Category: Morningstar Large Blend1 -9.87%
Performance Details pages 9-10
Schwab Small-Cap Index Fund
(Ticker Symbol: SWSSX) 		-18.36%
Russell 2000® Index -18.38%
Fund Category: Morningstar Small Blend1 -12.59%
Performance Details pages 11-12
Schwab Total Stock Market Index Fund
(Ticker Symbol: SWTSX) 		-11.97%
Dow Jones U.S. Total Stock Market IndexSM -11.98%
Fund Category: Morningstar Large Blend1 -9.87%
Performance Details pages 13-14
Total Return for the 6 Months Ended April 30, 2022
Schwab U.S. Large-Cap Growth Index Fund
(Ticker Symbol: SWLGX) 		-17.86%
Russell 1000® Growth Index -17.84%
Fund Category: Morningstar Large Growth1 -21.15%
Performance Details pages 15-16
Schwab U.S. Large-Cap Value Index Fund
(Ticker Symbol: SWLVX) 		-3.95%
Russell 1000® Value Index -3.94%
Fund Category: Morningstar Large Value1 -2.30%
Performance Details pages 17-18
Schwab U.S. Mid-Cap Index Fund
(Ticker Symbol: SWMCX) 		-12.53%
Russell Midcap® Index -12.54%
Fund Category: Morningstar Mid-Cap Blend1 -9.48%
Performance Details pages 19-20
Schwab International Index Fund2
(Ticker Symbol: SWISX) 		-12.76%
MSCI EAFE® Index (Net)3 -11.80%
Fund Category: Morningstar Foreign Large Blend1 -12.88%
Performance Details pages 21-22
 
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 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 The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
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Schwab Equity Index Funds
The Investment Environment
For the six-month reporting period ended April 30, 2022, U.S. and international equity markets lost ground. U.S. equity markets ended 2021 with strong gains, with several key U.S. market indices repeatedly hitting record highs through early January 2022, despite persisting COVID-19 pandemic-driven stresses on the global economy and the emergence and spread of the Omicron variant. International developed equity markets also rose during December 2021, although less robustly. However, beginning in early 2022, both U.S. and international equity markets declined in reaction to growing headwinds including accelerating inflation and an increasing likelihood of higher interest rates. In late February 2022, Russia’s invasion of Ukraine drove oil prices above $100 per barrel for the first time since 2014 and roiled stock markets around the world. The U.S. dollar rose against a basket of foreign currencies, ending the reporting period significantly stronger and generally reducing the returns of overseas investments in U.S. dollar terms. For the reporting period, the S&P 500® Index, a bellwether for the overall U.S. stock market, returned -9.65%. U.S. small-cap stocks underperformed U.S. large-cap stocks, with the Russell 2000® Index and the Russell 1000® Index returning -18.38% and -11.29%, respectively. Outside the U.S., the MSCI EAFE® Index (Net)*, a broad measure of developed international equity performance, returned -11.80% for the reporting period.
The U.S. economy continued its recovery from the dramatic impact of the COVID-19 pandemic through the end of 2021, with U.S. gross domestic product (GDP) posting a 6.9% annualized growth rate for the fourth quarter of 2021 due to increasing inventories, exports, and personal consumption expenditures. However, amid fading government stimuli, ongoing supply chain disruptions, persisting inflation, and a widening U.S. trade deficit, GDP decreased at an annualized rate of -1.5% for the first quarter of 2022. The unemployment rate, which has fallen steadily since skyrocketing in April 2020, ended the reporting period at its lowest level since February 2020. Inflation, once thought to be transitory, rose throughout the reporting period, ending March 2022 at its highest level in more than 40 years before dropping slightly in April 2022, due to imbalances in the labor market, supply chain bottlenecks, and soaring energy costs.
Asset Class Performance Comparison % returns during the 6 months ended April 30, 2022    
 
Index figures assume dividends and distributions were reinvested. Index figures do not include trading and management costs, which would lower performance. Indices are unmanaged and cannot be invested in directly. Performance results less than one year are not annualized. Past performance is not an indication of future results.
For index definitions, please see the Glossary.
Data source: Index provider websites and Schwab Asset Management.
Nothing in this report represents a recommendation of a security by the investment adviser.
Management views may have changed since the report date.
* The net version of the index reflects reinvested dividends net of withholding taxes but reflects no deductions for expenses or other taxes.
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Schwab Equity Index Funds
The Investment Environment (continued)
Outside the United States, global economies continued to wrestle with the fallout of the COVID-19 pandemic, including the emergence and spread of the Omicron variant, as well as steepening energy costs, rising inflation, and the war in Ukraine. After spiking to over $120 per barrel in early March 2022 as sanctions were imposed on Russian imports, oil prices ended the reporting period at just under $105 per barrel. The eurozone posted small gains in GDP growth for the fourth quarter of 2021 and the first quarter of 2022 but was heavily impacted by the war in Ukraine and associated spikes in commodity prices. The United Kingdom also posted positive GDP growth in the fourth quarter of 2021 and first quarter of 2022, driven, in part, by increases in COVID-19 testing and tracing and an expansion of its COVID-19 vaccination program. Japan’s economy expanded in the fourth quarter of 2021. Its rising growth was attributed to increases in household consumption and business investment amid a decline in COVID-19 cases and the easing of restrictions. Among emerging markets, China’s GDP growth rate remained positive, increasing slightly for the first quarter of 2022 over the previous quarter. However, China faced multiple headwinds including the political landscape and an emphasis on domestic consumption over globalization, as well as a property downturn, supply chain issues, and growing COVID-19 outbreaks. India posted positive gains in GDP in the final quarter of 2021 on rising consumer demand and a rapid decline in COVID-19 cases.
Monetary policies around the world varied. In the United States, although the U.S. Federal Reserve (Fed) continued to maintain the federal funds rate in a range of 0.00% to 0.25% through much of the reporting period, its stance shifted as inflation continued to rise and indicators of economic activity and employment continued to strengthen. In November 2021, the Fed began scaling back its bond-buying program, subsequently accelerating its wind-down in December 2021, and ending it altogether in early March 2022. After issuing successively stronger signals that interest rates could begin to rise sooner in 2022 than previously anticipated, the Fed increased the federal funds rate by 0.25% in mid-March 2022, to a range of 0.25% to 0.50%, with expectations of multiple rate increases throughout the remainder of 2022 to achieve the Fed’s goal of a return to price stability. The European Central Bank held its policy rate at 0.00%, unchanged since March 2016, but accelerated the pace of reducing its asset purchase program, which it said could end in the third quarter of 2022 if inflation persists. The Bank of Japan upheld its short-term interest rate target of -0.1%, also unchanged since 2016, and indicated that it would maintain its ultra-loose monetary policy despite growing inflation, even as its global counterparts sought to exit from crisis-mode policies. The Bank of England, on the other hand, raised its key official bank rate three times during the reporting period, from 0.1% to 0.75%, citing inflationary pressures. Monetary policies in emerging markets were also mixed. China cut its interest rate twice over the reporting period. Indonesia and India maintained their low policy rates implemented in 2020 and 2021. Central banks in Mexico, Brazil, and Pakistan raised their rates multiple times over the reporting period, as a result of a stronger-than-expected recovery or to counteract the impacts of inflation. Russia, notably, raised its interest rate to 20% in late February 2022 amid the broadening fallout of Western sanctions in retaliation against Russia’s invasion of Ukraine, but subsequently reduced it twice.
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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, portfolio management and implementation, and development of investment strategies for passive equity Schwab Funds and Schwab ETFs. 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, Portfolio Manager, 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.
    
Chuck Craig, CFA, Senior Portfolio Manager, is responsible for the day-to-day co-management of the Schwab International Index Fund. Prior to joining Schwab in 2012, Mr. Craig worked at Guggenheim Funds (formerly Claymore Group), where he spent more than five years as a managing director of portfolio management and supervision, and three years as vice president of product research and development. Prior to that, he worked as an equity research analyst at First Trust Portfolios (formerly Niké Securities), and a trader and analyst at PMA Securities, Inc.
    
Ferian Juwono, CFA, Senior Portfolio Manager, is responsible for the 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.
    
Jane Qin, Portfolio Manager, is responsible for the day-to-day co-management of the Schwab International Index Fund. Prior to joining Schwab in 2012, Ms. Qin spent more than four years at The Bank of New York Mellon Corporation. During that time, Ms. Qin spent more than two years as an associate equity portfolio manager and nearly two years as a performance analyst. She also worked at Wells Fargo Funds Management as a mutual fund analyst and at CIGNA Reinsurance in the risk management group as a risk analyst.
    
David Rios, Portfolio Manager, 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).
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Schwab Equity Index Funds
Fund Management (continued)
Sabya Sinha, Portfolio Manager, is responsible for the day-to-day co-management of the funds, except for the Schwab International Index Fund. Prior to joining Schwab in 2015, Mr. Sinha spent a year at F-Squared Investments on the product development and analytics team. Prior to F-Squared, he worked at IndexIQ Advisors as a senior index portfolio manager for three years and for Bank of America’s Columbia Management subsidiary as a portfolio manager for three years. Mr. Sinha also spent time as a software consultant at DPM Mellon, LLC and an equity trader at Jane Street Capital.
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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) -9.66% 0.19% 13.63% 13.60%
S&P 500® Index -9.65% 0.21% 13.66% 13.67%
Fund Category: Morningstar Large Blend2 -9.87% -1.68% 11.99% 12.20%
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 within the category as of the report date.
3 As stated in the prospectus.
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Schwab S&P 500 Index Fund
Performance and Fund Facts as of April 30, 2022
Statistics1
Number of Holdings 506
Weighted Average Market Cap (millions) $547,942
Price/Earnings Ratio (P/E) 20.1
Price/Book Ratio (P/B) 3.8
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.
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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) -11.58% -2.37% 13.24% 13.23%
Schwab 1000 Index® -11.56% -2.34% 13.27% 13.39%
Russell 1000® Index -11.29% -2.10% 13.44% 13.53%
Fund Category: Morningstar Large Blend2 -9.87% -1.68% 11.99% 12.20%
Fund Expense Ratio3: 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 Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date.
3 As stated in the prospectus.
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Schwab 1000 Index Fund
Performance and Fund Facts as of April 30, 2022
Statistics1
Number of Holdings 992 2
Weighted Average Market Cap (millions) $494,111
Price/Earnings Ratio (P/E) 19.7
Price/Book Ratio (P/B) 3.8
Portfolio Turnover Rate 0% 3,4,5
Sector Weightings % of Investments6
 
    
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 Less than 0.5%.
5 Portfolio turnover rate excludes in-kind transactions.
6 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.
7 This list is not a recommendation of any security by the investment adviser.
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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) -18.36% -16.84% 7.30% 10.11%
Russell 2000® Index -18.38% -16.87% 7.24% 10.06%
Fund Category: Morningstar Small Blend2 -12.59% -9.66% 7.41% 9.91%
Fund Expense Ratio3: 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 Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date.
3 As stated in the prospectus.
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Schwab Small-Cap Index Fund
Performance and Fund Facts as of April 30, 2022
Statistics1
Number of Holdings 2,019
Weighted Average Market Cap (millions) $3,102
Price/Earnings Ratio (P/E) 13.0
Price/Book Ratio (P/B) 2.0
Portfolio Turnover Rate 4% 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.
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 This list is not a recommendation of any security by the investment adviser.
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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) -11.97% -3.37% 12.88% 13.16%
Dow Jones U.S. Total Stock Market IndexSM -11.98% -3.36% 12.92% 13.20%
Fund Category: Morningstar Large Blend2 -9.87% -1.68% 11.99% 12.20%
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 within the category as of the report date.
3 As stated in the prospectus.
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Schwab Total Stock Market Index Fund
Performance and Fund Facts as of April 30, 2022
Statistics1
Number of Holdings 3,436
Weighted Average Market Cap (millions) $462,977
Price/Earnings Ratio (P/E) 19.1
Price/Book Ratio (P/B) 3.5
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.
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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 3 Years Since Inception
Fund: Schwab U.S. Large-Cap Growth Index Fund (12/20/17) -17.86% -5.39% 16.62% 15.61%
Russell 1000® Growth Index -17.84% -5.35% 16.68% 15.67%
Fund Category: Morningstar Large Growth2 -21.15% -12.09% 12.19% N/A
Fund Expense Ratio3: 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 Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date.
3 As stated in the prospectus.
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Schwab U.S. Large-Cap Growth Index Fund
Performance and Fund Facts as of April 30, 2022
Statistics1
Number of Holdings 501
Weighted Average Market Cap (millions) $851,447
Price/Earnings Ratio (P/E) 26.9
Price/Book Ratio (P/B) 9.8
Portfolio Turnover Rate 1% 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 Less than 0.05%.
5 This list is not a recommendation of any security by the investment adviser.
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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 3 Years Since Inception
Fund: Schwab U.S. Large-Cap Value Index Fund (12/20/17) -3.95% 1.28% 9.50% 7.98%
Russell 1000® Value Index -3.94% 1.32% 9.58% 8.07%
Fund Category: Morningstar Large Value2 -2.30% 3.13% 10.25% N/A
Fund Expense Ratio3: 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 Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date.
3 As stated in the prospectus.
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Table of Contents
Schwab U.S. Large-Cap Value Index Fund
Performance and Fund Facts as of April 30, 2022
Statistics1
Number of Holdings 850
Weighted Average Market Cap (millions) $156,308
Price/Earnings Ratio (P/E) 15.7
Price/Book Ratio (P/B) 2.3
Portfolio Turnover Rate 3% 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.
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Table of Contents
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 3 Years Since Inception
Fund: Schwab U.S. Mid-Cap Index Fund (12/20/17) -12.53% -6.13% 10.44% 9.51%
Russell Midcap® Index -12.54% -6.10% 10.48% 9.56%
Fund Category: Morningstar Mid-Cap Blend2 -9.48% -5.53% 9.55% N/A
Fund Expense Ratio3: 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 Source for category information: Morningstar, Inc. The Morningstar Category return represents all active and index mutual funds within the category as of the report date.
3 As stated in the prospectus.
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Table of Contents
Schwab U.S. Mid-Cap Index Fund
Performance and Fund Facts as of April 30, 2022
Statistics1
Number of Holdings 825
Weighted Average Market Cap (millions) $22,176
Price/Earnings Ratio (P/E) 17.3
Price/Book Ratio (P/B) 2.8
Portfolio Turnover Rate 3% 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.
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Table of Contents
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) -12.76% -8.88% 4.64% 5.69%
MSCI EAFE® Index (Net)3 -11.80% -8.15% 4.77% 5.77%
International Spliced Index -11.80% -8.15% 4.77% 5.81%
Fund Category: Morningstar Foreign Large Blend4 -12.88% -10.29% 4.37% 5.34%
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.
The first index listed for the fund is the fund’s primary benchmark, as shown in the prospectus. Additional indices shown are provided for comparative purposes.
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. 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 within the category as of the report date.
5 As stated in the prospectus.
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Table of Contents
Schwab International Index Fund
Performance and Fund Facts as of April 30, 2022
Statistics1
Number of Holdings 841
Weighted Average Market Cap (millions) $78,442
Price/Earnings Ratio (P/E) 13.2
Price/Book Ratio (P/B) 1.7
Portfolio Turnover Rate 2% 2
Sector Weightings % of Investments1
 
    
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 Excludes derivatives.
2 Not annualized.
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, excluding derivatives, whereas the calculation in the Portfolio Holdings is based on a percentage of net assets.
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Table of Contents
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, 2021 and held through April 30, 2022.
Actual Return lines in the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number given for your fund under the heading entitled “Expenses Paid During Period.”
Hypothetical Return lines in the table below provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed return of 5% per year before expenses. Because the return used is not an actual return, it may not be used to estimate the actual ending account value or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in a fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only, and do not reflect any transactional costs. 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 11/1/21 		ENDING
ACCOUNT VALUE
(NET OF EXPENSES)
AT 4/30/22 		EXPENSES PAID
DURING PERIOD
11/1/21-4/30/222
Schwab S&P 500 Index Fund        
Actual Return 0.02% $1,000.00 $ 903.40 $0.09
Hypothetical 5% Return 0.02% $1,000.00 $1,024.70 $0.10
Schwab 1000 Index Fund        
Actual Return 0.05% $1,000.00 $ 884.20 $0.23
Hypothetical 5% Return 0.05% $1,000.00 $1,024.55 $0.25
Schwab Small-Cap Index Fund        
Actual Return 0.04% $1,000.00 $ 816.40 $0.18
Hypothetical 5% Return 0.04% $1,000.00 $1,024.60 $0.20
Schwab Total Stock Market Index Fund        
Actual Return 0.03% $1,000.00 $ 880.30 $0.14
Hypothetical 5% Return 0.03% $1,000.00 $1,024.65 $0.15
Schwab U.S. Large-Cap Growth Index Fund        
Actual Return 0.035% $1,000.00 $ 821.40 $0.16
Hypothetical 5% Return 0.035% $1,000.00 $1,024.62 $0.18
Schwab U.S. Large-Cap Value Index Fund        
Actual Return 0.035% $1,000.00 $ 960.50 $0.17
Hypothetical 5% Return 0.035% $1,000.00 $1,024.62 $0.18
Schwab U.S. Mid-Cap Index Fund        
Actual Return 0.04% $1,000.00 $ 874.70 $0.19
Hypothetical 5% Return 0.04% $1,000.00 $1,024.60 $0.20
Schwab International Index Fund        
Actual Return 0.06% $1,000.00 $ 872.40 $0.28
Hypothetical 5% Return 0.06% $1,000.00 $1,024.50 $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 the 181 days of the period, and divided by the 365 days of the fiscal year.
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Table of Contents
Schwab S&P 500 Index Fund
Financial Statements
FINANCIAL HIGHLIGHTS
  11/1/21–
4/30/22* 		11/1/20–
10/31/21 		11/1/19–
10/31/20 		11/1/18–
10/31/19 		11/1/17–
10/31/18 		11/1/16–
10/31/17
Per-Share Data
Net asset value at beginning of period $71.21 $50.75 $47.17 $42.41 $40.23 $33.38
Income (loss) from investment operations:            
Net investment income (loss)1 0.49 0.90 1.02 0.92 0.80 0.74
Net realized and unrealized gains (losses) (7.25) 20.60 3.52 4.86 2.12 6.99
Total from investment operations (6.76) 21.50 4.54 5.78 2.92 7.73
Less distributions:            
Distributions from net investment income (0.86) (1.04) (0.87) (0.84) (0.72) (0.69)
Distributions from net realized gains (0.07) — (0.09) (0.18) (0.02) (0.19)
Total distributions (0.93) (1.04) (0.96) (1.02) (0.74) (0.88)
Net asset value at end of period $63.52 $71.21 $50.75 $47.17 $42.41 $40.23
Total return (9.66%) 2 42.89% 9.69% 14.30% 7.29% 23.57%
Ratios/Supplemental Data
Ratios to average net assets:            
Total expenses 0.02% 3 0.02% 0.02% 0.02% 4 0.03% 0.05% 5
Net operating expenses N/A N/A N/A N/A N/A 6 0.05% 5
Net investment income (loss) 1.40% 3 1.42% 2.11% 2.11% 1.88% 2.01%
Portfolio turnover rate 1% 2 3% 4% 3% 2% 2%
Net assets, end of period (x 1,000,000) $63,594 $67,401 $44,184 $40,232 $34,410 $29,999
    
* Unaudited.
1 Calculated based on the average shares outstanding during the period.
2 Not annualized.
3 Annualized.
4 Effective December 20, 2018, the annual operating expense ratio was reduced to 0.02%. The ratio presented for period ended 10/31/19 is a blended ratio.
5 Effective March 1, 2017, the annual operating expense ratio was reduced. The ratio presented for period ended 10/31/17 is a blended ratio.
6 Effective March 1, 2017, the fund instituted a new fee structure and the contractual expense limitation was terminated.
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Table of Contents
Schwab S&P 500 Index Fund
Portfolio Holdings  as of April 30, 2022 (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 2.5%
Aptiv plc * 490,290 52,166,856
BorgWarner, Inc. 433,507 15,966,063
Ford Motor Co. 7,126,259 100,907,827
General Motors Co. * 2,632,377 99,793,412
Tesla, Inc. * 1,516,583 1,320,579,813
    1,589,413,971
 
Banks 3.7%
Bank of America Corp. 12,878,135 459,491,857
Citigroup, Inc. 3,595,037 173,316,734
Citizens Financial Group, Inc. 898,098 35,385,061
Comerica, Inc. 236,655 19,382,044
Fifth Third Bancorp 1,240,292 46,548,159
First Republic Bank 325,162 48,520,674
Huntington Bancshares, Inc. 2,597,477 34,156,822
JPMorgan Chase & Co. 5,353,921 639,044,010
KeyCorp 1,679,115 32,423,711
M&T Bank Corp. 324,675 54,103,843
Regions Financial Corp. 1,702,712 35,280,193
Signature Bank 113,531 27,502,885
SVB Financial Group * 106,561 51,963,406
The PNC Financial Services Group, Inc. 760,980 126,398,778
Truist Financial Corp. 2,418,975 116,957,441
U.S. Bancorp 2,446,787 118,815,977
Wells Fargo & Co. 7,039,727 307,143,289
Zions Bancorp NA 273,394 15,449,495
    2,341,884,379
 
Capital Goods 5.2%
3M Co. 1,034,640 149,215,781
A.O. Smith Corp. 237,434 13,873,269
Allegion plc 162,608 18,576,338
AMETEK, Inc. 418,974 52,899,657
Carrier Global Corp. 1,549,875 59,313,716
Caterpillar, Inc. 979,959 206,320,568
Cummins, Inc. 258,075 48,825,209
Deere & Co. 508,078 191,824,849
Dover Corp. 261,197 34,817,560
Eaton Corp. plc 722,064 104,713,721
Emerson Electric Co. 1,076,066 97,039,632
Fastenal Co. 1,043,344 57,707,357
Fortive Corp. 649,522 37,347,515
Fortune Brands Home & Security, Inc. 246,614 17,571,248
Generac Holdings, Inc. * 114,229 25,059,558
General Dynamics Corp. 417,699 98,798,344
General Electric Co. 1,991,451 148,462,672
Honeywell International, Inc. 1,242,410 240,418,759
Howmet Aerospace, Inc. 686,079 23,409,015
Huntington Ingalls Industries, Inc. 72,341 15,389,824
IDEX Corp. 137,428 26,086,583
Illinois Tool Works, Inc. 517,376 101,979,983
SECURITY NUMBER
OF SHARES 		VALUE ($)
Ingersoll Rand, Inc. 739,664 32,515,629
Johnson Controls International plc 1,272,858 76,206,008
L3Harris Technologies, Inc. 355,554 82,580,972
Lockheed Martin Corp. 439,126 189,755,127
Masco Corp. 436,105 22,978,372
Nordson Corp. 97,888 21,113,463
Northrop Grumman Corp. 265,876 116,825,914
Otis Worldwide Corp. 769,942 56,082,575
PACCAR, Inc. 630,292 52,345,751
Parker-Hannifin Corp. 232,710 63,022,522
Pentair plc 299,153 15,182,015
Quanta Services, Inc. 257,420 29,855,572
Raytheon Technologies Corp. 2,703,832 256,620,695
Rockwell Automation, Inc. 210,513 53,190,320
Snap-on, Inc. 97,230 20,660,403
Stanley Black & Decker, Inc. 295,699 35,528,235
Textron, Inc. 397,926 27,556,375
The Boeing Co. * 992,796 147,767,757
Trane Technologies plc 423,058 59,181,584
TransDigm Group, Inc. * 95,468 56,785,321
United Rentals, Inc. * 131,205 41,529,007
W.W. Grainger, Inc. 78,521 39,262,856
Westinghouse Air Brake Technologies Corp. 339,446 30,519,590
Xylem, Inc. 325,948 26,238,814
    3,322,956,035
 
Commercial & Professional Services 0.8%
Cintas Corp. 159,757 63,465,066
Copart, Inc. * 386,797 43,959,479
Equifax, Inc. 221,032 44,984,433
Jacobs Engineering Group, Inc. 233,535 32,356,274
Leidos Holdings, Inc. 253,875 26,278,601
Nielsen Holdings plc 649,679 17,417,894
Republic Services, Inc. 378,572 50,830,862
Robert Half International, Inc. 198,825 19,546,486
Rollins, Inc. 407,384 13,663,659
Verisk Analytics, Inc. 291,971 59,576,683
Waste Management, Inc. 697,256 114,656,777
    486,736,214
 
Consumer Durables & Apparel 0.9%
D.R. Horton, Inc. 585,309 40,731,653
Garmin Ltd. 274,635 30,138,445
Hasbro, Inc. 234,673 20,665,304
Lennar Corp., Class A 472,967 36,177,246
Mohawk Industries, Inc. * 99,648 14,056,347
Newell Brands, Inc. 686,470 15,891,780
NIKE, Inc., Class B 2,312,436 288,360,769
NVR, Inc. * 5,913 25,876,530
PulteGroup, Inc. 452,261 18,886,419
PVH Corp. 125,881 9,161,619
Ralph Lauren Corp. 83,361 8,697,887
Tapestry, Inc. 481,106 15,838,010
Under Armour, Inc., Class A * 342,271 5,257,283
Under Armour, Inc., Class C * 383,679 5,444,405
 
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See financial notes

 

Table of Contents
Schwab S&P 500 Index Fund
Portfolio Holdings  as of April 30, 2022 (Unaudited) (continued)
SECURITY NUMBER
OF SHARES 		VALUE ($)
VF Corp. 584,487 30,393,324
Whirlpool Corp. 106,464 19,325,345
    584,902,366
 
Consumer Services 1.9%
Booking Holdings, Inc. * 74,382 164,407,278
Caesars Entertainment, Inc. * 386,502 25,617,353
Carnival Corp. * 1,470,041 25,431,709
Chipotle Mexican Grill, Inc. * 50,961 74,179,341
Darden Restaurants, Inc. 231,312 30,470,730
Domino’s Pizza, Inc. 65,850 22,257,300
Expedia Group, Inc. * 272,348 47,592,813
Hilton Worldwide Holdings, Inc. * 504,740 78,381,075
Las Vegas Sands Corp. * 621,406 22,016,415
Marriott International, Inc., Class A * 495,445 87,951,396
McDonald’s Corp. 1,353,616 337,266,963
MGM Resorts International 681,820 27,981,893
Norwegian Cruise Line Holdings Ltd. * 758,778 15,198,323
Penn National Gaming, Inc. * 298,292 10,908,538
Royal Caribbean Cruises Ltd. * 406,170 31,571,594
Starbucks Corp. 2,083,687 155,526,398
Wynn Resorts Ltd. * 191,580 13,502,558
Yum! Brands, Inc. 523,448 61,248,651
    1,231,510,328
 
Diversified Financials 5.1%
American Express Co. 1,114,273 194,674,636
Ameriprise Financial, Inc. 200,968 53,354,994
Berkshire Hathaway, Inc., Class B * 3,317,803 1,071,086,343
BlackRock, Inc. 258,329 161,372,960
Capital One Financial Corp. 749,887 93,450,918
Cboe Global Markets, Inc. 193,020 21,807,400
CME Group, Inc. 651,108 142,814,029
Discover Financial Services 521,831 58,685,114
FactSet Research Systems, Inc. 68,554 27,660,854
Franklin Resources, Inc. 507,783 12,486,384
Intercontinental Exchange, Inc. 1,017,919 117,885,199
Invesco Ltd. 622,747 11,446,090
MarketAxess Holdings, Inc. 68,702 18,110,534
Moody's Corp. 293,027 92,737,185
Morgan Stanley 2,568,265 206,976,476
MSCI, Inc. 147,236 62,023,165
Nasdaq, Inc. 212,612 33,458,750
Northern Trust Corp. 376,960 38,845,728
Raymond James Financial, Inc. 338,073 32,948,595
S&P Global, Inc. 641,680 241,592,520
State Street Corp. 663,552 44,438,077
Synchrony Financial 943,470 34,729,131
T. Rowe Price Group, Inc. 415,332 51,102,449
The Bank of New York Mellon Corp. 1,340,403 56,377,350
The Charles Schwab Corp. (a) 2,718,146 180,294,624
The Goldman Sachs Group, Inc. 615,011 187,879,710
    3,248,239,215
 
Energy 4.2%
APA Corp. 655,834 26,843,286
Baker Hughes Co. 1,640,945 50,902,114
Chevron Corp. 3,492,193 547,121,877
ConocoPhillips 2,359,170 225,347,918
Coterra Energy, Inc. 1,473,922 42,434,214
Devon Energy Corp. 1,140,660 66,352,192
Diamondback Energy, Inc. 308,909 38,993,583
EOG Resources, Inc. 1,059,936 123,758,127
Exxon Mobil Corp. 7,669,552 653,829,308
Halliburton Co. 1,627,663 57,977,356
SECURITY NUMBER
OF SHARES 		VALUE ($)
Hess Corp. 499,326 51,465,531
Kinder Morgan, Inc. 3,532,880 64,121,772
Marathon Oil Corp. 1,413,130 35,215,200
Marathon Petroleum Corp. 1,048,801 91,518,375
Occidental Petroleum Corp. 1,607,371 88,550,068
ONEOK, Inc. 808,038 51,173,047
Phillips 66 847,484 73,527,712
Pioneer Natural Resources Co. 411,301 95,615,144
Schlumberger N.V. 2,542,180 99,170,442
The Williams Cos., Inc. 2,200,925 75,469,718
Valero Energy Corp. 740,596 82,561,642
    2,641,948,626
 
Food & Staples Retailing 1.6%
Costco Wholesale Corp. 803,343 427,153,540
Sysco Corp. 919,302 78,581,935
The Kroger Co. 1,212,162 65,408,261
Walgreens Boots Alliance, Inc. 1,298,185 55,043,044
Walmart, Inc. 2,562,909 392,099,448
    1,018,286,228
 
Food, Beverage & Tobacco 3.5%
Altria Group, Inc. 3,303,026 183,549,155
Archer-Daniels-Midland Co. 1,013,725 90,789,211
Brown-Forman Corp., Class B 331,008 22,323,180
Campbell Soup Co. 367,805 17,367,752
Conagra Brands, Inc. 867,255 30,293,217
Constellation Brands, Inc., Class A 297,745 73,272,067
General Mills, Inc. 1,092,811 77,294,522
Hormel Foods Corp. 509,493 26,692,338
Kellogg Co. 464,567 31,822,840
Lamb Weston Holdings, Inc. 264,039 17,452,978
McCormick & Co., Inc. - Non Voting Shares 452,392 45,497,063
Molson Coors Beverage Co., Class B 340,858 18,454,052
Mondelez International, Inc., Class A 2,515,039 162,169,715
Monster Beverage Corp. * 680,543 58,308,924
PepsiCo, Inc. 2,506,240 430,346,470
Philip Morris International, Inc. 2,807,801 280,780,100
The Coca-Cola Co. 7,042,609 455,022,968
The Hershey Co. 263,404 59,468,721
The JM Smucker Co. 195,601 26,783,645
The Kraft Heinz Co. 1,285,976 54,821,157
Tyson Foods, Inc., Class A 529,861 49,361,851
    2,211,871,926
 
Health Care Equipment & Services 6.1%
Abbott Laboratories 3,203,508 363,598,158
ABIOMED, Inc. * 82,436 23,624,509
Align Technology, Inc. * 132,850 38,514,544
AmerisourceBergen Corp. 272,199 41,180,987
Anthem, Inc. 439,703 220,700,127
Baxter International, Inc. 906,986 64,450,425
Becton, Dickinson & Co. 515,896 127,524,332
Boston Scientific Corp. * 2,581,419 108,703,554
Cardinal Health, Inc. 501,889 29,134,656
Centene Corp. * 1,057,062 85,146,344
Cerner Corp. 533,356 49,943,456
Cigna Corp. 585,056 144,380,120
CVS Health Corp. 2,377,752 228,573,300
DaVita, Inc. * 111,012 12,030,370
Dentsply Sirona, Inc. 397,530 15,897,225
DexCom, Inc. * 175,589 71,742,154
Edwards Lifesciences Corp. * 1,131,089 119,646,594
HCA Healthcare, Inc. 433,867 93,086,165
 
26
Schwab Equity Index Funds  |  Semiannual Report
See financial notes

 

Table of Contents
Schwab S&P 500 Index Fund
Portfolio Holdings  as of April 30, 2022 (Unaudited) (continued)
SECURITY NUMBER
OF SHARES 		VALUE ($)
Henry Schein, Inc. * 251,318 20,381,890
Hologic, Inc. * 452,330 32,563,237
Humana, Inc. 232,841 103,511,795
IDEXX Laboratories, Inc. * 153,614 66,127,755
Intuitive Surgical, Inc. * 648,093 155,088,655
Laboratory Corp. of America Holdings * 168,957 40,596,988
McKesson Corp. 271,365 84,017,318
Medtronic plc 2,435,798 254,199,879
Molina Healthcare, Inc. * 105,941 33,207,206
Quest Diagnostics, Inc. 215,741 28,874,775
ResMed, Inc. 264,930 52,978,052
STERIS plc 181,450 40,653,872
Stryker Corp. 608,236 146,743,017
Teleflex, Inc. 84,693 24,190,015
The Cooper Cos., Inc. 89,297 32,239,789
UnitedHealth Group, Inc. 1,706,271 867,724,117
Universal Health Services, Inc., Class B 132,647 16,253,237
Zimmer Biomet Holdings, Inc. 378,402 45,692,041
    3,882,920,658
 
Household & Personal Products 1.7%
Church & Dwight Co., Inc. 439,150 42,843,474
Colgate-Palmolive Co. 1,526,682 117,630,848
Kimberly-Clark Corp. 610,029 84,690,326
The Clorox Co. 222,485 31,919,923
The Estee Lauder Cos., Inc., Class A 421,069 111,187,480
The Procter & Gamble Co. 4,342,579 697,201,059
    1,085,473,110
 
Insurance 2.1%
Aflac, Inc. 1,086,554 62,237,813
American International Group, Inc. 1,504,200 88,010,742
Aon plc, Class A 389,098 112,056,333
Arthur J. Gallagher & Co. 377,524 63,609,019
Assurant, Inc. 103,369 18,800,754
Brown & Brown, Inc. 425,912 26,398,026
Chubb Ltd. 780,276 161,087,980
Cincinnati Financial Corp. 271,819 33,341,318
Everest Re Group Ltd. 71,216 19,563,747
Globe Life, Inc. 169,023 16,577,776
Lincoln National Corp. 302,627 18,203,014
Loews Corp. 353,888 22,238,322
Marsh & McLennan Cos., Inc. 914,557 147,883,867
MetLife, Inc. 1,270,775 83,464,502
Principal Financial Group, Inc. 439,508 29,948,075
Prudential Financial, Inc. 684,739 74,301,029
The Allstate Corp. 508,279 64,317,625
The Hartford Financial Services Group, Inc. 608,046 42,520,657
The Progressive Corp. 1,058,604 113,651,725
The Travelers Cos., Inc. 436,881 74,732,864
W.R. Berkley Corp. 379,393 25,225,841
Willis Towers Watson plc 221,239 47,535,411
    1,345,706,440
 
Materials 2.8%
Air Products & Chemicals, Inc. 401,642 94,012,343
Albemarle Corp. 211,909 40,862,412
Amcor plc 2,740,492 32,502,235
Avery Dennison Corp. 149,845 27,062,007
Ball Corp. 585,636 47,530,218
Celanese Corp. 195,109 28,669,316
CF Industries Holdings, Inc. 387,950 37,565,199
SECURITY NUMBER
OF SHARES 		VALUE ($)
Corteva, Inc. 1,317,019 75,978,826
Dow, Inc. 1,333,035 88,646,828
DuPont de Nemours, Inc. 929,045 61,251,937
Eastman Chemical Co. 234,120 24,037,100
Ecolab, Inc. 451,599 76,473,775
FMC Corp. 230,258 30,518,395
Freeport-McMoRan, Inc. 2,659,574 107,845,726
International Flavors & Fragrances, Inc. 461,288 55,954,234
International Paper Co. 703,154 32,541,967
Linde plc 928,549 289,670,146
LyondellBasell Industries N.V., Class A 476,388 50,511,420
Martin Marietta Materials, Inc. 113,113 40,066,887
Newmont Corp. 1,444,622 105,240,713
Nucor Corp. 492,796 76,274,965
Packaging Corp. of America 171,520 27,643,878
PPG Industries, Inc. 430,526 55,103,023
Sealed Air Corp. 268,852 17,262,987
The Mosaic Co. 671,470 41,913,157
The Sherwin-Williams Co. 436,973 120,150,096
Vulcan Materials Co. 239,895 41,331,510
WestRock Co. 477,397 23,645,473
    1,750,266,773
 
Media & Entertainment 7.4%
Activision Blizzard, Inc. 1,411,417 106,703,125
Alphabet, Inc., Class A * 544,844 1,243,437,528
Alphabet, Inc., Class C * 503,192 1,157,004,461
Charter Communications, Inc., Class A * 215,910 92,515,276
Comcast Corp., Class A 8,195,180 325,840,357
DISH Network Corp., Class A * 453,172 12,919,934
Electronic Arts, Inc. 509,532 60,150,253
Fox Corp., Class A 572,512 20,518,830
Fox Corp., Class B 262,348 8,720,447
Live Nation Entertainment, Inc. * 244,138 25,605,193
Match Group, Inc. * 512,772 40,585,904
Meta Platforms, Inc., Class A * 4,183,129 838,591,871
Netflix, Inc. * 804,270 153,100,837
News Corp., Class A 705,897 14,019,114
News Corp., Class B 216,271 4,305,956
Omnicom Group, Inc. 378,106 28,785,210
Paramount Global, Class B 1,101,391 32,072,506
Take-Two Interactive Software, Inc. * 209,711 25,062,562
The Interpublic Group of Cos., Inc. 713,530 23,275,349
The Walt Disney Co. * 3,298,164 368,174,047
Twitter, Inc. * 1,448,403 71,000,715
Warner Bros Discovery, Inc. * 4,006,075 72,710,261
    4,725,099,736
 
Pharmaceuticals, Biotechnology & Life Sciences 8.0%
AbbVie, Inc. 3,202,642 470,404,057
Agilent Technologies, Inc. 544,134 64,898,862
Amgen, Inc. 1,020,333 237,931,452
Biogen, Inc. * 266,458 55,274,047
Bio-Rad Laboratories, Inc., Class A * 39,032 19,986,726
Bio-Techne Corp. 70,945 26,937,107
Bristol-Myers Squibb Co. 3,948,851 297,230,015
Catalent, Inc. * 324,165 29,356,382
Charles River Laboratories International, Inc. * 91,205 22,026,919
Danaher Corp. 1,152,838 289,512,207
Eli Lilly & Co. 1,438,386 420,195,702
Gilead Sciences, Inc. 2,272,023 134,821,845
Illumina, Inc. * 283,151 83,996,744
 
27
Schwab Equity Index Funds  |  Semiannual Report
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Table of Contents
Schwab S&P 500 Index Fund
Portfolio Holdings  as of April 30, 2022 (Unaudited) (continued)
SECURITY NUMBER
OF SHARES 		VALUE ($)
Incyte Corp. * 342,059 25,640,743
IQVIA Holdings, Inc. * 346,076 75,441,107
Johnson & Johnson 4,769,286 860,665,352
Merck & Co., Inc. 4,576,101 405,854,398
Mettler-Toledo International, Inc. * 41,712 53,288,331
Moderna, Inc. * 639,038 85,893,098
Organon & Co. 460,011 14,872,156
PerkinElmer, Inc. 228,908 33,560,202
Pfizer, Inc. 10,168,525 498,969,522
Regeneron Pharmaceuticals, Inc. * 193,316 127,416,509
Thermo Fisher Scientific, Inc. 713,874 394,715,212
Vertex Pharmaceuticals, Inc. * 461,143 125,993,490
Viatris, Inc. 2,183,095 22,551,371
Waters Corp. * 110,838 33,586,131
West Pharmaceutical Services, Inc. 134,214 42,285,463
Zoetis, Inc. 857,109 151,922,570
    5,105,227,720
 
Real Estate 2.9%
Alexandria Real Estate Equities, Inc. 263,865 48,065,648
American Tower Corp. 824,923 198,822,941
AvalonBay Communities, Inc. 253,136 57,583,377
Boston Properties, Inc. 258,061 30,347,974
Camden Property Trust 185,660 29,128,197
CBRE Group, Inc., Class A * 606,366 50,352,633
Crown Castle International Corp. 782,842 144,990,167
Digital Realty Trust, Inc. 513,905 75,091,799
Duke Realty Corp. 690,126 37,784,398
Equinix, Inc. 163,088 117,273,319
Equity Residential 619,936 50,524,784
Essex Property Trust, Inc. 118,101 38,887,116
Extra Space Storage, Inc. 242,155 46,009,450
Federal Realty Investment Trust 127,759 14,955,469
Healthpeak Properties, Inc. 979,336 32,132,014
Host Hotels & Resorts, Inc. 1,293,115 26,314,890
Iron Mountain, Inc. 526,066 28,265,526
Kimco Realty Corp. 1,120,384 28,379,327
Mid-America Apartment Communities, Inc. 208,961 41,098,449
Prologis, Inc. 1,340,398 214,852,395
Public Storage 276,306 102,647,679
Realty Income Corp. 1,023,906 71,018,120
Regency Centers Corp. 278,937 19,199,234
SBA Communications Corp. 197,214 68,454,952
Simon Property Group, Inc. 595,179 70,231,122
UDR, Inc. 543,060 28,896,223
Ventas, Inc. 723,758 40,204,757
Vornado Realty Trust 286,750 11,100,093
Welltower, Inc. 788,217 71,577,986
Weyerhaeuser Co. 1,353,652 55,797,535
    1,849,987,574
 
Retailing 6.0%
Advance Auto Parts, Inc. 113,013 22,560,785
Amazon.com, Inc. * 792,779 1,970,555,266
AutoZone, Inc. * 37,389 73,113,068
Bath & Body Works, Inc. 467,221 24,711,319
Best Buy Co., Inc. 391,535 35,210,743
CarMax, Inc. * 292,324 25,075,553
Dollar General Corp. 419,821 99,720,082
Dollar Tree, Inc. * 407,570 66,209,746
eBay, Inc. 1,134,239 58,889,689
Etsy, Inc. * 228,896 21,330,818
Genuine Parts Co. 258,445 33,610,772
LKQ Corp. 484,076 24,024,692
Lowe’s Cos., Inc. 1,220,695 241,368,022
SECURITY NUMBER
OF SHARES 		VALUE ($)
O'Reilly Automotive, Inc. * 122,085 74,050,657
Pool Corp. 72,746 29,478,134
Ross Stores, Inc. 640,256 63,878,341
Target Corp. 868,046 198,478,718
The Home Depot, Inc. 1,891,831 568,306,032
The TJX Cos., Inc. 2,161,341 132,446,976
Tractor Supply Co. 206,239 41,546,847
Ulta Beauty, Inc. * 97,886 38,841,165
    3,843,407,425
 
Semiconductors & Semiconductor Equipment 5.3%
Advanced Micro Devices, Inc. * 2,961,617 253,277,486
Analog Devices, Inc. 951,620 146,911,096
Applied Materials, Inc. 1,608,685 177,518,390
Broadcom, Inc. 747,968 414,665,980
Enphase Energy, Inc. * 242,816 39,190,502
Intel Corp. 7,376,798 321,554,625
KLA Corp. 273,035 87,169,154
Lam Research Corp. 252,715 117,704,538
Microchip Technology, Inc. 1,007,160 65,666,832
Micron Technology, Inc. 2,028,564 138,327,779
Monolithic Power Systems, Inc. 78,676 30,859,874
NVIDIA Corp. 4,529,040 840,001,049
NXP Semiconductors N.V. 481,716 82,325,264
Qorvo, Inc. * 196,597 22,368,807
QUALCOMM, Inc. 2,041,703 285,205,492
Skyworks Solutions, Inc. 297,513 33,708,223
SolarEdge Technologies, Inc. * 94,860 23,753,893
Teradyne, Inc. 295,007 31,111,438
Texas Instruments, Inc. 1,673,080 284,841,870
    3,396,162,292
 
Software & Services 13.2%
Accenture plc, Class A 1,144,900 343,882,164
Adobe, Inc. * 854,573 338,368,179
Akamai Technologies, Inc. * 294,976 33,119,905
ANSYS, Inc. * 158,134 43,595,962
Autodesk, Inc. * 398,568 75,440,951
Automatic Data Processing, Inc. 760,893 166,011,635
Broadridge Financial Solutions, Inc. 211,047 30,418,204
Cadence Design Systems, Inc. * 502,190 75,755,362
Ceridian HCM Holding, Inc. * 247,257 13,878,535
Citrix Systems, Inc. 226,197 22,642,320
Cognizant Technology Solutions Corp., Class A 951,364 76,965,348
DXC Technology Co. * 446,068 12,802,152
EPAM Systems, Inc. * 102,728 27,221,893
Fidelity National Information Services, Inc. 1,103,047 109,367,110
Fiserv, Inc. * 1,076,311 105,392,373
FleetCor Technologies, Inc. * 147,350 36,766,772
Fortinet, Inc. * 245,883 71,062,646
Gartner, Inc. * 149,120 43,326,816
Global Payments, Inc. 515,793 70,653,325
International Business Machines Corp. 1,624,567 214,784,003
Intuit, Inc. 513,028 214,830,475
Jack Henry & Associates, Inc. 131,891 25,003,896
Mastercard, Inc., Class A 1,563,509 568,147,900
Microsoft Corp. 13,581,554 3,769,152,866
NortonLifeLock, Inc. 1,050,467 26,303,694
Oracle Corp. 2,854,487 209,519,346
Paychex, Inc. 581,558 73,700,845
Paycom Software, Inc. * 86,923 24,466,217
PayPal Holdings, Inc. * 2,110,428 185,569,934
PTC, Inc. * 190,143 21,716,232
 
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Schwab Equity Index Funds  |  Semiannual Report
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Table of Contents
Schwab S&P 500 Index Fund
Portfolio Holdings  as of April 30, 2022 (Unaudited) (continued)
SECURITY NUMBER
OF SHARES 		VALUE ($)
Roper Technologies, Inc. 191,086 89,795,133
Salesforce, Inc. * 1,784,528 313,969,856
ServiceNow, Inc. * 362,363 173,245,750
Synopsys, Inc. * 278,045 79,740,526
Tyler Technologies, Inc. * 73,981 29,201,041
VeriSign, Inc. * 175,515 31,362,775
Visa, Inc., Class A 3,004,375 640,322,444
    8,387,504,585
 
Technology Hardware & Equipment 8.7%
Amphenol Corp., Class A 1,084,928 77,572,352
Apple Inc. 28,086,621 4,427,855,801
Arista Networks, Inc. * 407,069 47,044,964
CDW Corp. 245,394 40,043,393
Cisco Systems, Inc. 7,640,494 374,231,396
Corning, Inc. 1,354,983 47,681,852
F5, Inc. * 109,784 18,378,940
Hewlett Packard Enterprise Co. 2,338,664 36,038,812
HP, Inc. 1,962,402 71,882,785
IPG Photonics Corp. * 65,107 6,151,309
Juniper Networks, Inc. 589,243 18,572,939
Keysight Technologies, Inc. * 331,570 46,509,324
Motorola Solutions, Inc. 305,928 65,373,753
NetApp, Inc. 402,260 29,465,545
Seagate Technology Holdings plc 364,408 29,896,032
TE Connectivity Ltd. 589,788 73,593,747
Teledyne Technologies, Inc. * 84,606 36,511,719
Trimble, Inc. * 455,740 30,397,858
Western Digital Corp. * 565,251 29,997,871
Zebra Technologies Corp., Class A * 96,056 35,508,061
    5,542,708,453
 
Telecommunication Services 1.2%
AT&T, Inc. 12,937,028 243,992,348
Lumen Technologies, Inc. 1,668,136 16,781,448
T-Mobile US, Inc. * 1,063,577 130,968,872
Verizon Communications, Inc. 7,605,235 352,122,381
    743,865,049
 
Transportation 1.8%
Alaska Air Group, Inc. * 229,163 12,464,176
American Airlines Group, Inc. * 1,175,964 22,072,844
C.H. Robinson Worldwide, Inc. 235,420 24,989,833
CSX Corp. 4,018,040 137,979,494
Delta Air Lines, Inc. * 1,158,323 49,842,639
Expeditors International of Washington, Inc. 307,723 30,486,118
FedEx Corp. 441,498 87,743,313
JB Hunt Transport Services, Inc. 151,852 25,943,914
Norfolk Southern Corp. 434,373 112,016,109
Old Dominion Freight Line, Inc. 168,923 47,318,711
Southwest Airlines Co. * 1,072,282 50,097,015
Union Pacific Corp. 1,153,810 270,326,145
United Airlines Holdings, Inc. * 586,229 29,604,564
United Parcel Service, Inc., Class B 1,320,875 237,731,082
    1,138,615,957
 
Utilities 2.9%
Alliant Energy Corp. 453,985 26,698,858
Ameren Corp. 466,864 43,371,666
SECURITY NUMBER
OF SHARES 		VALUE ($)
American Electric Power Co., Inc. 912,308 90,418,846
American Water Works Co., Inc. 328,987 50,690,317
Atmos Energy Corp. 245,841 27,878,369
CenterPoint Energy, Inc. 1,141,385 34,937,795
CMS Energy Corp. 525,418 36,090,962
Consolidated Edison, Inc. 639,717 59,327,355
Constellation Energy Corp. 592,617 35,088,853
Dominion Energy, Inc. 1,467,120 119,775,677
DTE Energy Co. 351,055 46,002,247
Duke Energy Corp. 1,393,516 153,509,723
Edison International 688,680 47,374,297
Entergy Corp. 364,428 43,312,268
Evergy, Inc. 413,850 28,079,722
Eversource Energy 622,719 54,425,641
Exelon Corp. 1,774,130 82,993,801
FirstEnergy Corp. 1,030,699 44,639,574
NextEra Energy, Inc. 3,554,602 252,447,834
NiSource, Inc. 710,469 20,688,857
NRG Energy, Inc. 442,640 15,890,776
Pinnacle West Capital Corp. 205,351 14,620,991
PPL Corp. 1,361,562 38,545,820
Public Service Enterprise Group, Inc. 916,554 63,847,152
Sempra Energy 578,420 93,333,851
The AES Corp. 1,206,610 24,638,976
The Southern Co. 1,919,860 140,898,525
WEC Energy Group, Inc. 571,749 57,203,487
Xcel Energy, Inc. 975,664 71,477,145
    1,818,209,385
Total Common Stocks
(Cost $28,694,510,181) 		63,292,904,445
    
ISSUER FACE
AMOUNT ($) 		VALUE ($)
SHORT-TERM INVESTMENTS 0.4% OF NET ASSETS
 
Time Deposits 0.4%
BNP Paribas SA
0.13%, 05/02/22 (b) 124,896,220 124,896,220
Skandinaviska Enskilda Banken AB
0.13%, 05/02/22 (b) 94,229,726 94,229,726
    219,125,946
Total Short-Term Investments
(Cost $219,125,946) 		219,125,946
Total Investments in Securities
(Cost $28,913,636,127) 		63,512,030,391
    
  NUMBER OF
CONTRACTS 		NOTIONAL
AMOUNT
($) 		CURRENT VALUE/
UNREALIZED
DEPRECIATION
($)
FUTURES CONTRACTS
Long      
S&P 500 Index, e-mini, expires 06/17/22 1,384 285,623,000 (18,686,779)
    
* Non-income producing security.
(a) Issuer is affiliated with the fund’s investment adviser.
(b) The rate shown is the current daily overnight rate.
 
29
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Table of Contents
Schwab S&P 500 Index Fund
Portfolio Holdings  as of April 30, 2022 (Unaudited) (continued)
Below is a summary of the fund’s transactions with affiliated issuers during the period ended April 30, 2022:
  VALUE AT
10/31/21 		PURCHASES SALES REALIZED
GAINS (LOSSES) 		NET CHANGE
IN UNREALIZED
APPRECIATION
(DEPRECIATION) 		VALUE AT
4/30/22 		BALANCE
OF SHARES
HELD AT
4/30/22 		DIVIDENDS
RECEIVED
COMMON STOCKS 0.3% OF NET ASSETS
 
Diversified Financials 0.3%
The Charles Schwab Corp. $210,537,870 $13,291,123 ($445,373) ($5,215) ($43,083,781) $180,294,624 2,718,146 $1,006,175
The following is a summary of the inputs used to value the fund’s investments as of April 30, 2022 (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 $63,292,904,445 $— $— $63,292,904,445
Short-Term Investments1 — 219,125,946 — 219,125,946
Liabilities        
Futures Contracts2 (18,686,779) — — (18,686,779)
Total $63,274,217,666 $219,125,946 $— $63,493,343,612
    
1 As categorized in the Portfolio Holdings.
2 Futures contracts are reported at cumulative unrealized appreciation or depreciation.
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Table of Contents
Schwab S&P 500 Index Fund
Statement of Assets and Liabilities
As of April 30, 2022; unaudited
Assets
Investments in securities, at value - affiliated (cost $83,576,481)   $180,294,624
Investments in securities, at value - unaffiliated (cost $28,830,059,646)   63,331,735,767
Deposit with broker for futures contracts   22,310,400
Receivables:    
Fund shares sold   81,380,562
Dividends   49,957,403
Interest + 2,374
Total assets   63,665,681,130
Liabilities
Payables:    
Fund shares redeemed   60,846,153
Variation margin on futures contracts   10,043,123
Investment adviser fees + 1,152,379
Total liabilities   72,041,655
Net assets   $63,593,639,475
Net Assets by Source
Capital received from investors   $29,073,542,747
Total distributable earnings + 34,520,096,728
Net assets   $63,593,639,475
    
Net Asset Value (NAV)
Net Assets ÷ Shares
Outstanding 		= NAV
$63,593,639,475   1,001,178,636   $63.52
         
         
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Table of Contents
Schwab S&P 500 Index Fund
Statement of Operations
For the period November 1, 2021 through April 30, 2022; unaudited
Investment Income
Dividends received from securities - affiliated   $1,006,175
Dividends received from securities - unaffiliated (net of foreign withholding tax of $99,561)   483,053,176
Interest received from securities - unaffiliated   52,459
Securities on loan, net + 18,348
Total investment income   484,130,158
Expenses
Investment adviser fees   6,815,726
Total expenses – 6,815,726
Net investment income   477,314,432
REALIZED AND UNREALIZED GAINS (LOSSES)
Net realized losses on sales of securities - affiliated   (5,215)
Net realized losses on sales of securities - unaffiliated   (13,016,693)
Net realized gains on futures contracts + 5,455,094
Net realized losses   (7,566,814)
Net change in unrealized appreciation (depreciation) on securities - affiliated   (43,083,781)
Net change in unrealized appreciation (depreciation) on securities - unaffiliated   (7,171,803,411)
Net change in unrealized appreciation (depreciation) on futures contracts + (33,516,331)
Net change in unrealized appreciation (depreciation) + (7,248,403,523)
Net realized and unrealized losses