Schwab Capital Trust
Schwab Fundamental Global Real Estate Index Fund
Portfolio Holdings as of November 30, 2025 (Unaudited)
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
COMMON STOCKS 99.5% OF NET ASSETS
 
Australia 3.1%
Charter Hall Group
11,508
187,545
Cromwell Property Group
54,223
16,178
Dexus
34,926
163,880
Goodman Group
13,563
263,965
GPT Group
50,072
182,117
Mirvac Group
200,968
284,656
Region Group
41,490
64,978
Scentre Group
169,426
452,960
Stockland
109,147
430,379
Vicinity Ltd.
156,914
252,961
 
2,299,619
 
Belgium 0.4%
Aedifica SA
916
70,618
Cofinimmo SA
1,304
118,138
Warehouses De Pauw CVA
2,850
73,973
 
262,729
 
Brazil 0.2%
Cyrela Brazil Realty SA Empreendimentos e
Participacoes
17,376
116,310
 
Canada 2.2%
Allied Properties Real Estate Investment
Trust
8,250
76,747
Altus Group Ltd.
906
36,073
Artis Real Estate Investment Trust
2,898
13,770
Boardwalk Real Estate Investment Trust
291
13,375
Canadian Apartment Properties REIT
5,400
146,955
Choice Properties Real Estate Investment
Trust
8,898
96,910
Colliers International Group, Inc.
870
126,100
Crombie Real Estate Investment Trust
7,098
78,271
CT Real Estate Investment Trust
1,059
12,330
Dream Industrial Real Estate Investment
Trust
6,757
60,247
First Capital Real Estate Investment Trust
9,905
139,207
FirstService Corp.
800
125,795
Granite Real Estate Investment Trust
2,013
110,326
H&R Real Estate Investment Trust
22,272
164,476
Killam Apartment Real Estate Investment
Trust
3,699
44,257
Northwest Healthcare Properties Real Estate
Investment Trust
13,592
53,300
RioCan Real Estate Investment Trust
17,772
240,868
SmartCentres Real Estate Investment Trust
5,000
93,850
 
1,632,857
 
China 7.3%
Agile Group Holdings Ltd. *
581,000
29,587
A-Living Smart City Services Co. Ltd.,
H Shares
247,000
76,293
C&D International Investment Group Ltd.
49,719
105,751
SECURITY
NUMBER
OF SHARES
VALUE ($)
China Merchants Shekou Industrial Zone
Holdings Co. Ltd., A Shares
69,600
91,360
China Resources Land Ltd.
323,500
1,259,582
China Resources Mixc Lifestyle Services Ltd.
7,600
43,427
China Vanke Co. Ltd., A Shares *
434,800
331,707
China Vanke Co. Ltd., H Shares *(a)
729,200
341,800
CIFI Holdings Group Co. Ltd. *(a)
1,250,000
30,912
Country Garden Services Holdings Co. Ltd.
316,900
260,470
Gemdale Corp., A Shares *
169,300
83,136
Greenland Holdings Corp. Ltd., A Shares *
52,800
12,961
Greentown China Holdings Ltd.
141,000
161,202
Greentown Service Group Co. Ltd.
102,000
58,913
Guangzhou R&F Properties Co. Ltd.,
H Shares *(a)
1,213,822
98,582
Hopson Development Holdings Ltd. *
273,900
106,596
KE Holdings, Inc., ADR
25,021
431,112
Longfor Group Holdings Ltd.
549,000
688,628
Midea Real Estate Holding Ltd. *
7,600
4,381
Onewo, Inc., H Shares
4,900
12,753
Poly Developments & Holdings Group Co.
Ltd., A Shares
259,300
248,515
Red Star Macalline Group Corp. Ltd.,
H Shares *
205,600
34,110
Seazen Group Ltd. *
1,018,000
280,290
Seazen Holdings Co. Ltd., A Shares *
31,700
67,004
Shenzhen Overseas Chinese Town Co. Ltd.,
A Shares *
249,100
93,949
Shui On Land Ltd.
1,224,500
113,493
Sunac China Holdings Ltd. *(a)
1,382,000
244,382
Zhuhai Huafa Properties Co. Ltd., A Shares
92,300
59,805
 
5,370,701
 
France 2.3%
Altarea SCA
112
13,698
Carmila SA *
3,557
70,706
Covivio SA
2,536
163,832
Gecina SA
1,817
168,448
ICADE *
5,015
123,365
Klepierre SA
7,996
311,270
Mercialys SA
4,767
60,638
Nexity SA *
17,182
185,491
Pierre Et Vacances SA *
6,230
11,447
Unibail-Rodamco-Westfield *
5,350
568,277
 
1,677,172
 
Germany 1.4%
LEG Immobilien SE
2,242
168,438
TAG Immobilien AG
7,311
124,674
Vonovia SE
23,874
722,741
 
1,015,853
 
Guernsey 0.0%
Sirius Real Estate Ltd.
10,972
14,262
 
Hong Kong 11.1%
China Jinmao Holdings Group Ltd.
1,279,000
227,340
China Overseas Grand Oceans Group Ltd.
690,000
211,188
  
1
Schwab Fundamental Global Real Estate Index Fund
Portfolio Holdings (Unaudited) continued
SECURITY
NUMBER
OF SHARES
VALUE ($)
China Overseas Land & Investment Ltd.
778,500
1,334,743
CK Asset Holdings Ltd.
173,450
891,828
Fortune Real Estate Investment Trust
93,000
59,440
Hang Lung Group Ltd.
103,000
206,777
Hang Lung Properties Ltd.
112,697
130,521
Henderson Land Development Co. Ltd.
57,866
218,676
Hongkong Land Holdings Ltd.
52,127
331,306
Hysan Development Co. Ltd.
43,500
99,096
Jiayuan International Group Ltd. *(b)
534,000
0
Kerry Properties Ltd.
75,000
203,059
Link REIT
87,300
414,647
New World Development Co. Ltd. *
743,460
658,017
Poly Property Group Co. Ltd.
825,000
203,733
Shanghai Industrial Holdings Ltd.
100,000
196,623
Shenzhen Investment Ltd. *
730,000
83,569
Shinsun Holdings Group Co. Ltd. *(b)
1,290,000
0
Sino Land Co. Ltd.
146,204
196,383
Sun Hung Kai Properties Ltd.
91,342
1,160,075
Swire Pacific Ltd., A Shares
48,000
412,103
Swire Pacific Ltd., B Shares
95,000
144,959
Swire Properties Ltd.
44,800
123,150
Wharf Holdings Ltd.
44,000
133,550
Wharf Real Estate Investment Co. Ltd.
100,400
317,833
Yuexiu Property Co. Ltd.
287,359
166,993
 
8,125,609
 
Israel 0.4%
Alony Hetz Properties & Investments Ltd.
7,413
85,538
Ashtrom Group Ltd.
752
17,047
Azrieli Group Ltd.
554
56,288
Elco Ltd.
1,176
58,580
G City Ltd.
4,956
15,445
Melisron Ltd.
129
16,096
Mivne Real Estate KD Ltd.
14,936
64,341
 
313,335
 
Japan 12.0%
Activia Properties, Inc.
81
74,384
Advance Residence Investment Corp.
82
89,819
AEON REIT Investment Corp.
83
72,237
Daito Trust Construction Co. Ltd.
33,850
647,539
Daiwa House REIT Investment Corp.
154
139,638
Daiwa Office Investment Corp.
23
56,118
Daiwa Securities Living Investments Corp.
74
53,886
Frontier Real Estate Investment Corp.
90
54,747
GLP J-Reit
115
108,959
Heiwa Real Estate Co. Ltd.
700
10,246
Hulic Co. Ltd.
26,900
296,706
Industrial & Infrastructure Fund Investment
Corp.
78
75,382
Invincible Investment Corp.
132
56,483
Japan Excellent, Inc.
52
50,600
Japan Hotel REIT Investment Corp.
93
51,394
Japan Logistics Fund, Inc.
77
51,082
Japan Metropolitan Fund Invest
254
200,214
Japan Prime Realty Investment Corp.
127
86,442
Japan Real Estate Investment Corp.
214
183,249
Japan Wool Textile Co. Ltd.
7,100
82,317
KDX Realty Investment Corp.
71
80,962
Leopalace21 Corp.
11,100
46,216
Mitsubishi Estate Co. Ltd.
64,700
1,526,472
Mitsui Fudosan Accommodations Fund, Inc.
73
62,123
Mitsui Fudosan Co. Ltd.
140,800
1,653,770
Nippon Building Fund, Inc.
224
214,150
Nippon Prologis REIT, Inc.
183
110,279
Nomura Real Estate Holdings, Inc.
43,600
267,538
Nomura Real Estate Master Fund, Inc.
167
182,196
SECURITY
NUMBER
OF SHARES
VALUE ($)
NTT UD REIT Investment Corp.
55
49,312
Orix JREIT, Inc.
197
135,241
Relo Group, Inc.
5,300
58,211
Sekisui House Reit, Inc.
131
66,775
Starts Corp., Inc.
3,500
110,019
Sumitomo Realty & Development Co. Ltd.
15,900
768,356
Token Corp.
1,300
122,328
Tokyo Tatemono Co. Ltd.
13,400
296,188
Tokyu Fudosan Holdings Corp.
56,800
528,006
United Urban Investment Corp.
110
129,979
 
8,849,563
 
Jersey 0.4%
International Workplace Group PLC
108,086
331,285
 
Luxembourg 0.2%
Aroundtown SA *
48,755
167,906
Grand City Properties SA
1,208
15,313
 
183,219
 
Mexico 0.7%
Corp. Inmobiliaria Vesta SAB de CV
11,486
35,812
FIBRA Macquarie Mexico
37,283
64,681
Fibra Uno Administracion SA de CV
231,819
337,196
Prologis Property Mexico SA de CV
10,117
43,158
 
480,847
 
Netherlands 0.4%
CTP NV
2,139
45,565
Eurocommercial Properties NV
2,055
63,329
NEPI Rockcastle NV *
23,544
201,699
 
310,593
 
Philippines 0.7%
Alliance Global Group, Inc.
156,200
18,724
Ayala Corp.
16,810
136,154
Ayala Land, Inc.
344,932
119,825
Megaworld Corp.
1,500,000
51,952
Robinsons Land Corp.
152,600
41,479
SM Prime Holdings, Inc.
299,700
117,651
 
485,785
 
Singapore 1.7%
CapitaLand Ascendas REIT *
97,688
212,176
CapitaLand Ascott Trust
100,680
73,424
CapitaLand Integrated Commercial Trust *
121,175
220,096
City Developments Ltd.
33,700
188,239
Frasers Logistics & Commercial Trust *
112,800
85,379
Mapletree Industrial Trust *
54,244
86,321
Mapletree Logistics Trust *
97,431
99,311
Mapletree Pan Asia Commercial Trust *
78,027
88,019
UOL Group Ltd.
33,580
218,336
 
1,271,301
 
South Africa 0.8%
Fortress Real Estate Investments Ltd.,
Class B
13,729
20,668
Growthpoint Properties Ltd.
266,362
272,414
Hyprop Investments Ltd.
19,842
65,822
Redefine Properties Ltd.
468,268
160,322
2
  
Schwab Fundamental Global Real Estate Index Fund
Portfolio Holdings (Unaudited) continued
SECURITY
NUMBER
OF SHARES
VALUE ($)
Resilient REIT Ltd.
4,190
18,925
Vukile Property Fund Ltd.
12,165
17,360
 
555,511
 
Spain 0.3%
Colonial SFL Socimi SA
11,634
71,213
Merlin Properties Socimi SA
10,877
160,666
 
231,879
 
Sweden 0.7%
Castellum AB
13,431
152,442
Corem Property Group AB, B Shares
18,968
7,984
Fabege AB
7,187
62,422
Fastighets AB Balder, B Shares *
10,724
77,099
Pandox AB
561
11,314
Sagax AB, B Shares
2,095
44,824
Samhallsbyggnadsbolaget i Norden AB *(a)
166,659
74,990
Wihlborgs Fastigheter AB
6,286
61,259
 
492,334
 
Switzerland 0.8%
Allreal Holding AG
503
126,504
Mobimo Holding AG *
162
72,413
PSP Swiss Property AG
685
121,214
Swiss Prime Site AG
1,731
255,257
 
575,388
 
Taiwan 0.1%
Huaku Development Co. Ltd.
17,640
59,042
Ruentex Development Co. Ltd.
42,273
40,655
 
99,697
 
Thailand 0.6%
3BB Internet Infrastructure Fund, Class F
311,600
59,621
Central Pattana PCL NVDR
83,700
139,582
Land & Houses PCL NVDR
808,311
87,984
Pruksa Holding PCL NVDR
38,800
4,555
Sansiri PCL NVDR
1,271,183
55,718
Supalai PCL NVDR
156,682
82,247
 
429,707
 
United Arab Emirates 1.1%
Aldar Properties PJSC
41,003
91,031
Emaar Development PJSC
29,239
117,064
Emaar Properties PJSC
160,358
580,999
 
789,094
 
United Kingdom 1.8%
Big Yellow Group PLC
4,498
69,036
British Land Co. PLC
32,685
175,840
Derwent London PLC
3,501
78,659
Grainger PLC
22,170
54,237
Land Securities Group PLC
31,128
249,182
LondonMetric Property PLC
18,353
45,703
Primary Health Properties PLC
70,997
91,619
Safestore Holdings PLC
7,153
70,208
Savills PLC
12,352
166,447
Segro PLC
22,391
211,547
Tritax Big Box REIT PLC
35,676
70,268
UNITE Group PLC
6,049
42,252
 
1,324,998
 
SECURITY
NUMBER
OF SHARES
VALUE ($)
United States 48.8%
Acadia Realty Trust
2,724
56,033
Agree Realty Corp.
1,299
97,711
Alexander & Baldwin, Inc.
3,463
54,127
Alexandria Real Estate Equities, Inc.
7,078
379,876
American Assets Trust, Inc.
2,841
55,400
American Healthcare REIT, Inc.
1,663
84,447
American Homes 4 Rent, Class A
6,434
206,660
American Tower Corp.
9,428
1,709,014
Americold Realty Trust, Inc.
14,655
158,714
Anywhere Real Estate, Inc. *
43,911
625,732
Apple Hospitality REIT, Inc.
12,207
145,141
AvalonBay Communities, Inc.
3,180
578,569
Brandywine Realty Trust
22,389
76,794
Brixmor Property Group, Inc.
10,516
274,888
Broadstone Net Lease, Inc.
6,063
106,527
BXP, Inc.
8,568
619,981
Camden Property Trust
2,925
311,045
CareTrust REIT, Inc.
1,751
65,715
CBRE Group, Inc., Class A *
11,338
1,834,829
Centerspace
604
40,323
Claros Mortgage Trust, Inc. *
25,897
86,237
Compass, Inc., Class A *
20,382
212,380
COPT Defense Properties
4,876
149,839
CoStar Group, Inc. *
3,150
216,720
Cousins Properties, Inc.
6,781
174,814
Crown Castle, Inc.
15,192
1,386,726
CubeSmart
5,126
190,841
Cushman & Wakefield Ltd. *
21,988
368,299
DiamondRock Hospitality Co.
10,748
97,914
Digital Realty Trust, Inc.
6,645
1,063,997
Diversified Healthcare Trust
31,170
150,551
Douglas Emmett, Inc.
11,469
139,807
Easterly Government Properties, Inc.
2,502
54,544
EastGroup Properties, Inc.
703
127,370
Elme Communities
3,646
63,295
Empire State Realty Trust, Inc., Class A
11,744
82,560
EPR Properties
3,085
161,253
Equinix, Inc.
1,270
956,704
Equity LifeStyle Properties, Inc.
3,372
211,998
Equity Residential
11,592
715,806
Essential Properties Realty Trust, Inc.
2,094
66,296
Essex Property Trust, Inc.
1,528
402,811
eXp World Holdings, Inc.
13,924
158,037
Extra Space Storage, Inc.
2,951
392,985
Federal Realty Investment Trust
2,591
255,809
First Industrial Realty Trust, Inc.
2,796
160,043
Four Corners Property Trust, Inc.
1,960
47,118
Gaming & Leisure Properties, Inc.
6,474
281,813
Global Net Lease, Inc.
10,739
88,167
Healthcare Realty Trust, Inc.
15,097
275,218
Healthpeak Properties, Inc.
25,273
461,485
Highwoods Properties, Inc.
6,674
185,537
Host Hotels & Resorts, Inc.
35,494
625,759
Howard Hughes Holdings, Inc. *
193
17,279
Hudson Pacific Properties, Inc. *
55,175
109,247
Independence Realty Trust, Inc.
4,602
78,924
Innovative Industrial Properties, Inc.
729
36,049
InvenTrust Properties Corp.
2,269
64,757
Invitation Homes, Inc.
13,632
384,422
Iron Mountain, Inc.
6,501
561,361
JBG SMITH Properties
9,143
166,677
Jones Lang LaSalle, Inc. *
3,303
1,075,754
Kennedy-Wilson Holdings, Inc.
10,172
98,974
Kilroy Realty Corp.
6,828
292,853
Kimco Realty Corp.
16,987
350,951
Kite Realty Group Trust
5,502
127,316
Lamar Advertising Co., Class A
2,559
338,786
  
3
Schwab Fundamental Global Real Estate Index Fund
Portfolio Holdings (Unaudited) continued
SECURITY
NUMBER
OF SHARES
VALUE ($)
Lineage, Inc.
1,481
53,049
LTC Properties, Inc.
1,409
51,414
LXP Industrial Trust
2,775
134,588
Macerich Co.
10,664
185,127
Marcus & Millichap, Inc.
1,822
53,385
McGrath RentCorp
852
87,824
Medical Properties Trust, Inc.
60,908
350,830
Mid-America Apartment Communities, Inc.
3,206
435,663
National Health Investors, Inc.
1,120
89,018
National Storage Affiliates Trust
1,946
57,310
Newmark Group, Inc., Class A
6,383
110,937
NNN REIT, Inc.
4,830
199,721
Omega Healthcare Investors, Inc.
6,400
293,888
Outfront Media, Inc.
8,311
195,558
Paramount Group, Inc. *
16,259
107,147
Park Hotels & Resorts, Inc.
21,736
235,184
Peakstone Realty Trust
5,769
78,862
Pebblebrook Hotel Trust
10,330
117,142
Phillips Edison & Co., Inc.
3,193
113,352
Piedmont Realty Trust, Inc., Class A
14,678
128,286
Prologis, Inc.
14,413
1,852,503
Public Storage
2,621
719,569
Realty Income Corp.
11,870
683,831
Regency Centers Corp.
4,445
316,306
Rexford Industrial Realty, Inc.
3,618
150,545
RLJ Lodging Trust
17,143
129,258
Ryman Hospitality Properties, Inc.
1,136
108,408
Sabra Health Care REIT, Inc.
8,880
173,249
SBA Communications Corp.
2,038
395,922
Service Properties Trust (c)
69,419
120,789
Sila Realty Trust, Inc.
1,433
34,277
Simon Property Group, Inc.
6,792
1,265,485
SITE Centers Corp.
102
751
SL Green Realty Corp.
3,841
181,026
STAG Industrial, Inc.
4,563
179,235
Summit Hotel Properties, Inc.
7,168
38,420
Sun Communities, Inc.
3,485
449,007
Sunstone Hotel Investors, Inc.
12,491
116,916
Tanger, Inc.
2,813
94,461
Terreno Realty Corp.
1,242
77,985
UDR, Inc.
8,816
321,079
Uniti Group, Inc.
21,288
135,605
Urban Edge Properties
4,800
92,256
Ventas, Inc.
12,632
1,018,518
Veris Residential, Inc.
3,281
49,412
VICI Properties, Inc.
16,152
465,501
Vornado Realty Trust
7,570
278,727
Welltower, Inc.
7,793
1,622,658
WP Carey, Inc.
6,196
417,425
Xenia Hotels & Resorts, Inc.
6,846
95,707
 
35,860,725
Total Common Stocks
(Cost $53,870,625)
73,100,373
 
RIGHTS 0.0% OF NET ASSETS
 
Philippines 0.0%
Alliance Global Group, Inc.
expires 12/11/25, strike PHP 0.50 *(b)
42,050
4,682
Total Rights
(Cost $0)
4,682
SECURITY
NUMBER
OF SHARES
VALUE ($)
INVESTMENT COMPANIES 0.0% OF NET ASSETS
 
United States 0.0%
iShares Core U.S. REIT ETF
416
24,540
Total Investment Companies
(Cost $23,732)
24,540
 
 
 
 
SHORT-TERM INVESTMENTS 1.2% OF NET ASSETS
 
Money Market Funds 1.2%
State Street Institutional U.S. Government
Money Market Fund, Premier Class
3.94% (d)(e)
874,763
874,763
Total Short-Term Investments
(Cost $874,763)
874,763
Total Investments in Securities
(Cost $54,769,120)
74,004,358
 
 
NUMBER OF
CONTRACTS
NOTIONAL
AMOUNT
($)
CURRENT VALUE/
UNREALIZED
APPRECIATION
(DEPRECIATION)
($)
FUTURES CONTRACTS
Long
Dow Jones U.S. Real Estate
Index, expires 12/19/25
7
256,690
4,874
MSCI Emerging Markets Index,
expires 12/19/25
1
68,880
(152
)
 
4,722
 
*
Non-income producing security.
(a)
All or a portion of this security is on loan. Securities on loan were valued at
$750,098.
(b)
Fair valued using significant unobservable inputs (see notes to portfolio
holdings for additional information).
(c)
Issuer is an affiliated company, as the investment adviser owns at least 5% of
the voting securities of such company.
(d)
The rate shown is the annualized 7-day yield.
(e)
Security purchased with cash collateral received for securities on loan.
 
ADR —
American Depositary Receipt
CVA —
Dutch Certificate
ETF —
Exchange-Traded Fund
NVDR —
Non-Voting Depositary Receipt
REIT —
Real Estate Investment Trust
 
PHP —
Philippine Peso
 
4
  
Schwab Fundamental Global Real Estate Index Fund
Portfolio Holdings (Unaudited) continued
Below is a summary of the fund’s transactions with affiliated issuers and companies which are or were affiliates during the period ended November 30, 2025. An affiliated company is a company in which the investment adviser has or had an ownership of at least 5% of the voting securities of a security issue during the report period. A dash in the Value at February 28, 2025, and/or Value and Balance of Shares Held at November 30, 2025, columns means either the issuer was not held or not held as an affiliate on the stated date. 
SECURITY
VALUE AT
2/28/25
PURCHASES
SALES
NET REALIZED
GAINS (LOSSES)
NET CHANGE
IN UNREALIZED
APPRECIATION
(DEPRECIATION)
VALUE AT
11/30/25
BALANCE
OF SHARES
HELD AT
11/30/25
DIVIDENDS
RECEIVED
COMMON STOCKS 0.2% OF NET ASSETS
 
United States 0.2%
Service Properties Trust
$—
$60,209
($7,466
)
($26,599
)
($59,022
)
$120,789
69,419
$2,005
Total
$—
$60,209
($7,466
)
($26,599
)
($59,022
)
$120,789
$2,005
 
The following is a summary of the inputs used to value the fund’s investments as of November 30, 2025 (see notes to portfolio holdings 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 Stocks 1
$38,105,001
$—
$—
$38,105,001
Australia
—
2,299,619
—
2,299,619
Belgium
—
262,729
—
262,729
China
537,708
4,832,993
—
5,370,701
France
—
1,677,172
—
1,677,172
Germany
—
1,015,853
—
1,015,853
Hong Kong
351,736
7,773,873
0
*
8,125,609
Israel
—
313,335
—
313,335
Japan
249,378
8,600,185
—
8,849,563
Jersey
—
331,285
—
331,285
Luxembourg
—
183,219
—
183,219
Netherlands
201,699
108,894
—
310,593
Philippines
154,878
330,907
—
485,785
Singapore
—
1,271,301
—
1,271,301
South Africa
293,082
262,429
—
555,511
Spain
—
231,879
—
231,879
Sweden
73,736
418,598
—
492,334
Switzerland
—
575,388
—
575,388
Taiwan
—
99,697
—
99,697
Thailand
86,802
342,905
—
429,707
United Arab Emirates
—
789,094
—
789,094
United Kingdom
236,655
1,088,343
—
1,324,998
Rights
Philippines
—
—
4,682
4,682
Investment Companies 1
24,540
—
—
24,540
Short-Term Investments 1
874,763
—
—
874,763
Futures Contracts 2
4,874
—
—
4,874
  
5
Schwab Fundamental Global Real Estate Index Fund
Portfolio Holdings (Unaudited) continued
DESCRIPTION
QUOTED PRICES IN
ACTIVE MARKETS FOR
IDENTICAL ASSETS
(LEVEL 1)
OTHER SIGNIFICANT
OBSERVABLE INPUTS
(LEVEL 2)
SIGNIFICANT
UNOBSERVABLE INPUTS
(LEVEL 3)
TOTAL
Liabilities
Futures Contracts 2
($152
)
$—
$—
($152
)
Total
$41,194,700
$32,809,698
$4,682
$74,009,080
 
*
Level 3 amount shown includes securities determined to have no value at November 30, 2025.
1
As categorized in the Portfolio Holdings.
2
Futures contracts are reported at cumulative unrealized appreciation or depreciation.
6
  
Schwab Fundamental Global Real Estate Index Fund
Notes to Portfolio Holdings (Unaudited)
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended (the 1940 Act), the Board of Trustees (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 net asset value (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: 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 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 generally accepted accounting principles in the United States of America (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. In addition, international securities whose markets close
  
7
Schwab Fundamental Global Real Estate Index Fund
Notes to Portfolio Holdings (Unaudited) (continued)
hours before the valuation of the fund’s holdings may require fair valuations due to significant movement in the U.S. markets occurring after the daily close of foreign markets. The Valuation Designee has approved a vendor that calculates fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets.
● 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 November 30, 2025, are disclosed in the fund’s Portfolio Holdings.
REG84516NOV25
8